关于CuNi1铜镍电阻合金熔炼工艺的深入探讨，涵盖从原材料选择到熔炼流程的每一个细节，是实现性能稳定、形状尺寸 一、技术参数分析 CuNi1铜镍电阻合金的熔炼工艺是一个涉及多方面的系统工程。从原料的选择、工艺参数的合理设定，到市场行情的精准把控，每一环都需要精准分析和经 验积累。行业内部在熔炼条件、温度控制与时间把控上的争议和误区，提醒我们不断优化工艺，确保产品的性能指标符合标准要求，为电子、仪表等行业提 供稳定可靠的铜镍电阻合金材料。 在熔炼工艺中，有一项争议点是关于保温时间的长短。一些工厂倾向延长保温时间，试图确保合金的完全均匀。过长的熔炼时间反而会引起铜镍的晶粒粗 大，导致热稳定性下降，因此，保持最佳的操作窗口——大约45分钟左右，既可以确保充分融合，又不至于导致晶粒增长，这成为行业内部讨论的焦点。 在熔炼过程中，严格按照国际标准（如ASTMB170）与国内标准（如GB/T25189）制定工艺参数，能有效规避生产中的变异。对于工艺流程的每一步，都要 结合LME铜价（现价约在7000美元/吨左右）以及上海有色网的市场动态，调整投入量，避免原料过度浪费或供应风险。特别是在价格波动剧烈时期，合理 的原材料库存 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The report presents the price changes of various commodities on October 29, 2025, compared to October 28, 2025, including chemicals, agricultural products, and more. It also covers macro - economic news and provides trading strategies for different commodities and financial products based on their fundamentals and market trends [4]. - Macroeconomic news shows positive developments in China - ASEAN cooperation, potential progress in Sino - EU trade talks, and China's stance on financial opening - up and economic policies. The performance of the A - share market and international stock markets is also analyzed [7][8][20][21]. 3. Summary by Category 3.1 Commodity Price Changes - **Chemicals**: On October 29, 2025, among chemicals, glass had the highest increase rate of 1.348% (from 1,113.00 to 1,128.00), while crude oil had the largest decline rate of - 0.994% (from 462.70 to 458.10) [4]. - **Agricultural Products**: Among agricultural products, soybean meal had the highest increase rate of 0.538% (from 2,975.00 to 2,991.00), and palm oil had the largest decline rate of - 1.496% (from 8,958.00 to 8,824.00) [4]. 3.2 Macroeconomic News - China and ASEAN signed the FTA 3.0 upgrade protocol, expanding cooperation in emerging fields [7]. - There will be a Sino - EU talk on rare earths, and China hopes for dialogue to solve trade differences [7]. - China is committed to financial opening - up, and the central bank will implement a moderately loose monetary policy [7]. - The revised Network Security Law will take effect on January 1, 2026, and the Environmental Protection Tax Law will include volatile organic compounds in the tax scope [8]. - The number of overseas travelers for tax - free shopping and the tax - free amount in China have increased significantly this year [8]. - The 8th China International Import Expo will be held from November 5th to 10th, with an expanded scale [8]. - China's soybean area and output are expected to remain high, and the number of breeding sows has decreased [8]. - China's wholesale and retail industries have shown growth in the first three quarters [8]. - The 2025 Hurun Rich List was announced, with Zhong Shanshan becoming the richest man in China [9]. 3.3 Commodity Trading Strategies - **Agricultural Products** - **Peanuts**: The price is expected to fluctuate between 7700 - 7900, and it is recommended to wait and see [13]. - **Sugar**: Consider selling call options at high prices, with a support level at 5450 yuan/ton [13]. - **Corn**: Observe the support in the 2100 - 2120 range [14]. - **Pigs**: The near - term futures are expected to be strong, and the long - term futures will remain weak [14]. - **Eggs**: Short - sell on the futures and conduct inter - month reverse arbitrage [16]. - **Cotton**: Wait and see, and consider going long if it breaks through 13600 yuan/ton [16]. - **Energy and Chemicals** - **Urea**: The UR2601 contract is expected to operate in the 1580 - 1670 yuan/ton range [16]. - **Caustic Soda**: The 2601 contract is under pressure [16]. - **Coking Coal and Coke**: They are expected to remain strong, with coking coal facing pressure around 1300 and coke around 1800 [16]. - **Industrial Metals** - **Copper and Aluminum**: Prices are expected to remain high, but beware of macro - risks [17]. - **Alumina**: The 2601 contract is operating at a low level [17]. - **Steel Products**: Steel prices are expected to fluctuate strongly, with rebar facing pressure around 3200 and hot - rolled coils around 3400 [17]. - **Ferroalloys**: They will maintain a wide - range fluctuating follow - up trend, and the industrial rebound hedging idea remains unchanged [19]. - **Lithium Carbonate**: Adopt a bullish strategy, with a support level at 80000 and a pressure level at 84000 [19]. - **Options and Finance** - **Stock Index Futures**: Trend investors can focus on inter - variety spread arbitrage opportunities, and volatility investors can consider buying straddles or wide straddles after the HO volatility decline [19]. - **Stock Index**: Although the Shanghai Composite Index broke through 4000 points, there is still a need for consolidation. Pay attention to the performance of the third - quarter reports of listed companies [20][21].

Core Viewpoint - The People's Bank of China (PBOC) has announced the resumption of government bond trading operations in the open market, indicating a shift in monetary policy to ensure smooth transmission and stability in the financial market [1] Group 1: Monetary Policy and Market Operations - The PBOC had previously suspended government bond trading due to imbalances in market supply and demand, but is now resuming operations as the bond market is performing well [1] - The PBOC will conduct flexible operations based on the needs for base currency issuance, considering market conditions and yield curve changes [1] Group 2: Precious Metals and Geopolitical Risks - Precious metals, particularly gold and silver, have seen a decline as geopolitical risks, such as the Russia-Ukraine conflict, have eased [2][19] - Central banks globally continue to increase gold reserves, reflecting a growing recognition of gold as a safe-haven asset amid rising distrust in the financial system [2][19] Group 3: Oil Market Dynamics - The oil market is influenced by new sanctions imposed by the U.S. on major Russian oil companies, which may impact supply but the overall trend remains downward [3][14] - The geopolitical situation has led to fluctuations in oil prices, but the market is currently facing uncertainty regarding the future direction of prices [3][14] Group 4: Stock Market Trends - U.S. stock indices have continued to rise, driven by positive developments in U.S.-China trade negotiations, with significant trading volumes reported [4][12] - The domestic liquidity environment in China is expected to remain loose, potentially leading to increased investment in equity assets [4][12] Group 5: Economic Indicators - China's industrial profits have shown a year-on-year increase of 21.6% in September, indicating robust growth in high-tech and equipment manufacturing sectors [7] - The PBOC's monetary policy stance remains supportive, with expectations of continued liquidity in the market [13]

Core Insights - Fuquan Luanhang New Materials Co., Ltd. is rapidly expanding its production capacity and investment in the molybdenum industry, contributing to high-quality industrial economic development [1][4]. Group 1: Company Overview - Fuquan Luanhang New Materials Co., Ltd. is engaged in the production, processing, and trading of molybdenum metal materials, including molybdenum concentrate roasting and molybdenum iron smelting [4]. - The company has established a stable sales network, with products primarily sold to large steel mills in Fujian, Henan, and Shaanxi provinces [4]. Group 2: Production Capacity - The company currently operates three rotary kiln production lines dedicated to molybdenum oxide production and one production line for molybdenum iron [6]. - In December 2023, the company invested 150 million yuan to build a production line with an annual capacity of 20,000 tons of molybdenum concentrate roasting and a 10,000-ton molybdenum iron smelting processing line [4]. Group 3: Employment and Community Impact - The establishment and expansion of Fuquan Luanhang have created numerous job opportunities for local residents, enabling many to achieve stable employment close to home [6]. Group 4: Future Plans - The company plans to implement new projects to further extend its industrial chain, enhance resource utilization efficiency, and improve overall competitiveness [8]. - Future plans include acquiring over 30 acres of land for an additional molybdenum oxide production line, as well as facilities for material recovery and auxiliary processing [8].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - On October 24, 2025, most domestic futures main contracts rose. Some commodities like fuel oil, container shipping European routes, and eggs had significant increases, while others like red dates and polysilicon declined. Stock index futures generally rose, and treasury bond futures mostly fell. Different commodities have different market trends and influencing factors, with some showing upward trends but facing pressure, some in a state of supply - demand balance, and others with uncertain outlooks due to various factors such as macro - economic data, supply - demand fundamentals, and geopolitical events [7]. 3) Summary According to Relevant Catalogs Commodity Performance - Futures Market Overview - As of the close on October 24, domestic futures main contracts showed more gains than losses. Fuel oil, container shipping European routes, and eggs rose over 3%, international copper nearly 3%, and Shanghai copper and SC crude oil over 2%. Red dates fell over 4%, polysilicon over 1%, and rebar nearly 1%. Stock index futures rose, with CSI 1000 rising 2.41% leading the way, while treasury bond futures mostly fell, with the 30 - year treasury bond futures falling 0.24% the most. In terms of capital flow, Shanghai copper 2512 had an inflow of 2.504 billion yuan, while CSI 1000 2512 had an outflow of 5.183 billion yuan [7]. Market Analysis - **Shanghai Copper**: Opened high and went high, rising during the day. September 2025 refined copper production was 1.266 million tons, up 10.1% year - on - year and down 2.7% month - on - month. 1 - 9 months cumulative production was 11.125 million tons, up 10.0% year - on - year. Copper price is supported by rigid demand and expected tight supply, but the high price is hard for downstream to accept. The price trend is still upward but with pressure, so be cautious about chasing the rise [9][10]. - **Lithium Carbonate**: Opened high and went high, oscillating strongly. Battery - grade and industrial - grade prices both rose 600 yuan/ton. Supply is growing steadily, and demand from the downstream battery industry is strong. The inventory in September was significantly reduced, and the price is supported by fundamentals [11]. - **Crude Oil**: OPEC + will increase production in November, increasing supply pressure. The demand peak season is over, but US refinery operations rebounded, and inventories decreased. The price is expected to rebound at a low level, and attention should be paid to Sino - US trade negotiations and the Russia - Ukraine peace talks [12][13]. - **Asphalt**: Supply decreased slightly in October. Downstream industry operations mostly rose, and national shipments increased. The inventory - to - sales ratio decreased slightly. With the rebound of crude oil prices, the basis in Shandong has dropped significantly. It is recommended to observe the asphalt futures price cautiously [14]. - **PP**: Downstream operations rebounded slightly, and the enterprise operation rate was around 80%. New production capacity was put into operation, and recent maintenance increased. Cost rose due to the rebound of crude oil prices. The demand in the peak season was less than expected, and it is expected to oscillate weakly [15][16]. - **Plastic**: The operation rate was around 86.5%, and downstream operations rose. New production capacity was put into operation. The demand in the peak season was less than expected, and it is expected to oscillate weakly [17]. - **PVC**: The upstream calcium carbide price rose. Supply decreased slightly, and downstream operations continued to rise. Export expectations weakened in the fourth quarter, and social inventory was high. New production capacity was put into operation. It is expected to oscillate in the near future [19]. - **Coking Coal**: Opened high and went high, oscillating strongly. Mongolian coal imports decreased, and domestic supply was short. Demand from coke enterprises supported the price, but downstream steel mills' profits shrank. Pay attention to major conferences and Mongolian coal imports [20][21]. - **Urea**: The futures price rose, and the spot market followed. Daily production decreased slightly, and the cost increased. Demand from compound fertilizer factories increased, and inventory accumulation was slow. The market is expected to be strong, and attention should be paid to policy changes [22].

Core Insights - The Atlantic Council report highlights the "gallium shortage" faced by the U.S. following China's export controls on gallium and related materials, emphasizing the need for the U.S. to explore "waste-to-gallium" recovery methods [2][3][4] Global Gallium Supply Dependence - China is the largest holder of gallium reserves, with approximately 190,000 tons, accounting for about 68% of global reserves, while the U.S. holds only 4,500 tons [3] - China's production of gallium exceeds 90% of global output, significantly impacting the global tech industry due to recent export controls [4] Strategic Importance and Supply Challenges - Gallium is critical for advanced electronic systems, including military applications, yet the U.S. lacks domestic production and government stockpiles to mitigate the impact of China's export restrictions [4][5] - The U.S. consumes about 20 tons of gallium annually for defense, but its reliance on imports has created vulnerabilities in its supply chain [5][6] Waste-to-Gallium Recovery Solutions - The report suggests that the U.S. should focus on recovering gallium from existing industrial processes rather than seeking new mining opportunities [7] - Potential recovery methods include extracting gallium from aluminum refining, zinc smelting, and semiconductor waste, which could help diversify and stabilize the supply chain [8][10] Recommendations for Increasing Domestic Gallium Supply - The U.S. can enhance gallium supply through various strategies, such as improving recovery processes at aluminum and zinc plants, and collaborating with allies for gallium recycling [9][10] - Establishing more facilities for recycling semiconductor waste could provide high-purity gallium, essential for defense applications [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overnight night - market showed mixed trends in various commodity futures and financial markets. Positive factors in supply and demand drove up oil prices, while the LME zinc market faced a severe squeeze. In the financial market, A - shares and some international stock markets had positive performances, and different industries had their own development trends and news [4][30]. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - **Energy Futures**: The US crude oil main contract rose 0.98% to $57.58 per barrel, and Brent crude oil main contract rose 1.07% to $61.66 per barrel. The decrease in API crude oil inventory and the US energy department's procurement tender for strategic reserves were positive factors [4]. - **London Base Metals**: Most London base metals rose, with LME zinc up 0.50% at $2993.50 per ton, LME tin up 0.48% at $35475.00 per ton, etc. However, LME nickel and copper declined [4]. - **Domestic Futures**: Domestic futures main contracts were mixed. SC crude oil, etc. rose slightly, while precious metals like gold and silver, and some agricultural products futures declined [6]. Important News Macroeconomic News - There was speculation about Trump's possible visit to China next year, but the Chinese foreign ministry had no information to provide. Economists expected the Fed to cut interest rates in the coming weeks and December, with disagreements on the end - of - next - year rate. A possible trade agreement between Canada and the US might be signed during the APEC summit, and Trump mentioned military actions against Hamas [8]. Energy Futures News - The 2026 fertilizer import tariff quota was set at 13.65 million tons, with 3.3 million tons for urea. The natural gas market had a stable supply and slowing consumption growth. Goldman Sachs predicted a decline in Brent crude oil prices next year [11][12]. Metal Futures News - In September 2025, China's primary aluminum production was 3.6804 million tons, with a 2.67% year - on - year increase. The LME zinc market faced a severe supply squeeze, with a high spot premium [14]. Black - Series Futures News - South Africa's UMK raised the price of manganese ore for China in November. The inventory of imported iron ore in 47 Chinese ports increased, while the inventory in Australian and Brazilian ports decreased. BHP's iron ore production declined in Q3 2025, and Rio Tinto planned to ship high - grade iron ore from Guinea [17][18]. Agricultural Futures News - As of October 17, 2025, the US soybean crushing profit decreased. The national soybean oil port inventory decreased. Malaysian palm oil production and exports increased in October 1 - 20, and the price was expected to remain above a certain level. Indonesia aimed to increase sugar production in 2026, and Brazil was expected to increase exports of soybeans, etc. [20][23][27]. Financial Markets Financial - A - shares rose significantly, with technology and some concept sectors leading. The Hong Kong stock market also had positive performances. Many A - share companies had mid - term dividend plans. Some companies had important news, such as possible IPOs and expected revenue growth [30][34]. Industry - The state drug administration promoted the development of the medical device industry. The trust industry's asset management scale exceeded 30 trillion yuan. Some cities announced future industry plans, and a large - scale AIC mother fund was launched in Shenzhen [35][36]. Overseas - European leaders supported a cease - fire in the Russia - Ukraine conflict. Japan had a new prime minister, and the Japanese central bank considered interest rate hikes. Argentina's loan plan faced problems, and the EU's financial situation deteriorated [38]. International Stock Markets - US, Japanese, and European stock markets had different performances. Some companies' financial reports were released, and an option exchange planned to extend trading hours [41][42]. Commodities - Oil prices rose, and most London base metals showed mixed trends. The LME zinc market was severely squeezed [45]. Bonds - The domestic bond market was strong, and the real - estate bond financing showed growth. US and Japanese bond yields had different trends [46][47]. Foreign Exchange - The on - shore and offshore RMB had different trends against the US dollar, and the US dollar index rose. The Japanese new finance minister hoped for stable exchange rates [48][49]. Upcoming Events - There were various economic data releases and important events such as press conferences, product launches, and interest - rate decisions in different regions [52][54].

Core Insights - The zinc market on the London Metal Exchange (LME) is experiencing one of the most severe squeezes in decades, with traders scrambling to purchase increasingly scarce zinc inventories to fulfill contracts on the exchange [1] - The current spot zinc price has a premium of $323 per ton over the three-month contract, marking the highest price differential since 1997, indicating strong spot demand exceeding supply [1] - Zinc inventories in the LME's storage network have plummeted to near historical lows, with only 24,425 tons available for buyers, which is insufficient to meet even one day's demand in a global market of 14 million tons [1] Group 1 - The pressure from buyers has been mounting as several Western smelters have cut production due to collapsing processing profits [1] - Six institutions hold long positions in LME inventories and contracts expiring in the next two days, amounting to at least 300% of the immediately available inventory [1] Group 2 - The spot premium may lead to significant losses for sellers who do not hold physical metal, with the Tom/next zinc price spread rising to $30 per ton, the highest level since the historic squeeze in 2022 [4] - The LME's backwardation has not attracted substantial inventory inflows, as noted by a senior strategist at Marex [4] - Chinese smelters continue production, creating a significant price gap between LME zinc prices and those on the Shanghai Futures Exchange (SHFE), with some Chinese companies planning to export zinc to exploit the arbitrage opportunity [4]

Core Viewpoint - The company is facing low profit margins in its smelting operations, with a reported gross profit margin of only 3.88%, primarily due to high costs and external sourcing of raw materials [1]. Group 1: Company Challenges - The company has been impacted by the continuous expansion of global metal smelting capacity and the release of domestic non-ferrous metal production, leading to low processing fees for zinc and copper concentrates [1]. - The absence of self-owned mines means the company relies entirely on external procurement for its raw materials, contributing to its low gross profit margin [1]. Group 2: Company Strategies - To address the unfavorable market conditions, the company is implementing several measures, including dynamically adjusting production structures and innovating raw material usage to reduce energy and auxiliary material costs [1]. - The company is conducting market trend research to align with demand, aiming to increase the procurement of high-value-added raw materials by deepening relationships with resource suppliers [1]. - The company is expanding its sales channels by developing new quality customers and exploring direct sales markets for zinc ingots, which helps to capitalize on price increases for gold, silver, and sulfuric acid, thereby enhancing overall profitability [1].

Core Viewpoint - The company predicts that tin prices will likely remain in a range-bound fluctuation due to mixed macroeconomic factors and supply-demand dynamics [1] Group 1: Macroeconomic Factors - There is an increasing expectation of interest rate cuts by the Federal Reserve [1] - Ongoing trade tensions between China and the U.S. contribute to cautious market sentiment [1] Group 2: Supply Dynamics - Domestic large smelters in China are expected to resume tin ingot production in October [1] - However, raw material supply remains tight, providing support for supply [1] Group 3: Demand Dynamics - Demand appears weak, with no improvement in orders noted [1] - Downstream inventory replenishment is cautious due to high tin prices, resulting in limited transactions [1]