Group 1 - The company received an administrative regulatory measure decision from the Shandong Securities Regulatory Bureau due to the failure to complete the re-election of independent directors within the stipulated time frame, resulting in a violation of regulations [1][2] - The company has acknowledged the issues raised in the decision and is committed to improving compliance with relevant laws and regulations, including the Securities Law and the Management Measures for Independent Directors of Listed Companies [4][5] - The company held a board meeting on November 14, 2025, and approved the nomination of two candidates for independent directors, which were subsequently elected by the shareholders [3] Group 2 - The company announced the early redemption of its convertible bonds, "Hengbang Convertible Bonds," with the last conversion date set for November 27, 2025 [8][9] - The redemption price for the bonds is set at 100.28 yuan per bond, including accrued interest, with a current annual interest rate of 0.6% [9][18] - The company has triggered the conditional redemption clause due to the stock price meeting the required thresholds over a specified period, leading to the decision to redeem all unconverted bonds [15][16] Group 3 - The company will stop trading the "Hengbang Convertible Bonds" on November 25, 2025, and the redemption date is scheduled for November 28, 2025 [20][21] - The company will ensure that all bondholders are informed of the redemption process and timelines through regular announcements [20][21] - After the redemption is completed, the "Hengbang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [21]

Report Summary 1. Report Industry Investment Rating - Unilateral: Cautiously bullish. - Arbitrage: Inter - period positive spread [6] 2. Report's Core View - The domestic spot premium is showing a stable and improving trend, with the spread between different months narrowing, while the overseas premium remains high for a long time, and the export window remains open. The TC at home and abroad continues to decline, and the smelting comprehensive cost begins to face losses. The social inventory center continues to decline. The fundamental data has turned from bearish to bullish, and the current zinc valuation is low. Although there are fluctuations in the expectation of a US interest rate cut in December, the future consumption is optimistic, and the expectation of an interest rate cut remains unchanged, with re - inflation not yet reflected [5] 3. Summary by Relevant Catalogs 3.1 Important Data - **Spot**: The LME zinc spot premium is $140.20 per ton. The SMM Shanghai zinc spot price is 22,400 yuan per ton, with a change of 20 yuan per ton from the previous trading day, and the spot premium is 40 yuan per ton. The SMM Guangdong zinc spot price is 22,350 yuan per ton, with a change of 30 yuan per ton from the previous trading day, and the spot premium is - 20 yuan per ton. The Tianjin zinc spot price is 22,350 yuan per ton, with a change of 10 yuan per ton from the previous trading day, and the spot premium is - 10 yuan per ton [2] - **Futures**: On November 25, 2025, the main SHFE zinc contract opened at 22,335 yuan per ton, closed at 22,360 yuan per ton, with a change of 10 yuan per ton from the previous trading day. The trading volume for the whole trading day was 84,904 lots, and the position was 99,591 lots. The highest intraday price reached 22,420 yuan per ton, and the lowest reached 22,275 yuan per ton [3] - **Inventory**: As of November 25, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 151,000 tons, with a change of - 17,000 tons from the previous period. As of November 25, 2025, the LME zinc inventory was 48,000 tons, with a change of 575 tons from the previous trading day [4]

Group 1: Report Overview - Report Title: Five Minerals Futures Morning Report | Non-ferrous Metals [1][31][78] - Date: November 26, 2025 Group 2: Industry Investment Rating - Not provided in the content Group 3: Core Views - Copper prices are expected to fluctuate and strengthen due to dovish Fed statements, reduced geopolitical risks, tight raw material supply, and strong downstream demand [5] - Aluminum prices are likely to strengthen after adjustment as global visible inventory is low and supply disruptions are expected, despite the approaching off - season [8] - Lead prices are expected to be weak in the short term due to increased supply, stable domestic demand, and rising inventory [10] - Zinc prices are predicted to be weak in the short term as the zinc industry is in an over - supply cycle, and recent financial assets are performing weakly [12] - Tin prices are expected to be in a tight - balance state in the short term and may fluctuate, with support from emerging demand and potential supply increases [14] - Nickel prices are likely to be under pressure in the short term due to supply increases and weak demand [18] - Lithium carbonate prices have significant market differences, and it is recommended to wait and see, focusing on first - quarter cell production and equity market sentiment [21] - Alumina prices are suggested to be observed in the short term as the industry has over - capacity and potential supply - side changes [24] - Stainless steel prices are expected to fluctuate as the market has a mixed situation of price increases and weak demand [27] - Cast aluminum alloy prices are likely to be volatile in the short term with strong cost support and average demand [30] Group 4: Summary by Metal Copper - **行情资讯**: Offshore RMB strengthened, oil prices were pressured, and copper prices rose and then fell. LME copper inventory increased, and domestic warehouse receipts decreased. Spot premiums declined, and import losses widened [4] - **策略观点**: With a high probability of Fed rate cut in December and eased geopolitical risks, copper prices are expected to fluctuate and strengthen. The reference range for SHFE copper is 85,800 - 87,000 yuan/ton, and for LME copper 3M is 10,700 - 10,900 dollars/ton [5] Aluminum - **行情资讯**: Aluminum prices fluctuated and declined. LME aluminum inventory decreased, and domestic futures positions and warehouse receipts decreased. Spot premiums declined, and market activity decreased [7] - **策略观点**: Global visible inventory is low, and supply disruptions are expected. Aluminum prices may strengthen after adjustment. The reference range for SHFE aluminum is 21,300 - 21,600 yuan/ton, and for LME aluminum 3M is 2,780 - 2,830 dollars/ton [8] Lead - **行情资讯**: Lead prices declined. Domestic and overseas inventories changed, and the basis and spreads showed certain trends [9] - **策略观点**: Supply is increasing, domestic demand is stable, and inventory is rising. Lead prices are expected to be weak in the short term [10] Zinc - **行情资讯**: Zinc prices declined slightly. Zinc ore supply is tight due to winter stockpiling, and zinc ingot inventory decreased slightly [11] - **策略观点**: The zinc industry is in an over - supply cycle. Zinc prices are expected to be weak in the short term [12] Tin - **行情资讯**: Tin prices rose. Supply is affected by raw material shortages, and demand from emerging fields provides support. Inventory increased slightly, and there are geopolitical risks in Congo (Kinshasa) [13] - **策略观点**: Tin supply and demand are in a tight - balance state. Tin prices are expected to fluctuate. The reference range for domestic SHFE tin is 280,000 - 300,000 yuan/ton, and for LME tin is 36,000 - 38,000 dollars/ton [14] Nickel - **行情资讯**: Nickel prices rebounded slightly. Spot premiums were stable, nickel ore prices were stable, and nickel iron prices declined [16] - **策略观点**: Nickel supply is increasing, demand is weak, and prices are expected to be under pressure in the short term. The reference range for SHFE nickel is 113,000 - 118,000 yuan/ton, and for LME nickel 3M is 13,500 - 15,500 dollars/ton [18] Lithium Carbonate - **行情资讯**: Lithium carbonate prices rose. The spot index and futures prices increased [20] - **策略观点**: There are differences in the market regarding short - term demand and future supply - demand improvement. It is recommended to wait and see. The reference range for the Guangzhou Futures Exchange's LC2605 contract is 92,200 - 100,600 yuan/ton [21] Alumina - **行情资讯**: Alumina prices declined slightly. The basis, overseas prices, and inventory showed certain trends [23] - **策略观点**: Overseas ore supply is expected to increase, and the industry has over - capacity. It is recommended to wait and see in the short term. The reference range for the domestic AO2601 contract is 2,600 - 2,900 yuan/ton [24] Stainless Steel - **行情资讯**: Stainless steel prices rose slightly. Spot prices increased, and inventory decreased slightly [26] - **策略观点**: Spot prices increased, but demand is weak due to the real - estate market. Stainless steel prices are expected to fluctuate [27] Cast Aluminum Alloy - **行情资讯**: Cast aluminum alloy prices rebounded slightly. The contract price, inventory, and basis changed [29] - **策略观点**: Cost support is strong, and supply is affected by policies. Prices are expected to be volatile in the short term [30]

Group 1 - The core point of the article is that Luoping Zinc & Electric has experienced a significant stock price increase, achieving a limit-up and marking its second consecutive trading day of gains, with a total increase of 20.9% over two days [2] Group 2 - The stock price surge indicates strong market interest and potential investor confidence in Luoping Zinc & Electric [2] - The article highlights the performance of Luoping Zinc & Electric in the context of recent trading activity, suggesting a positive trend in the company's stock [2]

1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, for individual metals, the mid - term outlooks include "oscillating and bullish" for copper, aluminum, aluminum alloy, lead, tin; "oscillating" for zinc, nickel, stainless steel; and "oscillating with pressure" for alumina [6][10][12][18][24][15][20][23][8]. 2. Core Viewpoints - **Overall Base Metals**: Optimistic sentiment has increased, causing base metals to stop falling and rebound. In the short - to - medium term, supply disruptions support prices, and a positive macro - environment drives prices up. In the long term, potential domestic stimulus policies and supply disruptions in copper, aluminum, and tin suggest a positive outlook for their prices [1]. - **Individual Metals**: Each metal has unique supply - demand and macro - related factors influencing its price trend. For example, copper is affected by Fed rate - cut expectations; aluminum by production capacity and demand; zinc by export windows and demand seasons; and tin by supply disruptions and growing demand [6][10][17][24]. 3. Summary by Related Catalogs 3.1行情观点 - **Copper**: Fed rate - cut expectations are volatile, causing copper prices to consolidate at high levels. The market's implied probability of a December rate cut rose from 40% to 70% after Williams' speech. In October, SMM China's electrolytic copper production decreased month - on - month. The mid - term outlook is oscillating and bullish [6]. - **Alumina**: The oversupply situation has not improved significantly, and prices continue to face pressure. High - cost production capacity has fluctuations, and the market awaits more smelter production cuts or new ore - end disturbances. It is expected to oscillate [8]. - **Aluminum**: Macro - sentiment is volatile, and aluminum prices are oscillating at high levels. Domestic production capacity is high, overseas power shortages may tighten supply in the long run, and demand is stable. The short - term outlook is oscillating and bullish, and the mid - term price center may rise [10]. - **Aluminum Alloy**: Warehouse receipts continue to rise, and the price is oscillating at high levels. The cost is supported by tight scrap aluminum supply. Supply has potential production - cut risks, and demand is marginally improving. The short - and mid - term outlooks are oscillating and bullish [12]. - **Zinc**: The export window has opened, and zinc prices are oscillating at high levels. Macro - sentiment is stable but expected to be volatile. Short - term zinc ore supply is loose, and production is high. Demand is entering the off - season. In the short term, prices may fall from high - level oscillations, and there is more downside in the long term [17]. - **Lead**: LME lead warehousing has slowed, and lead prices may stop falling. Spot premiums are stable, supply is affected by environmental protection and maintenance, and demand is at the end of the peak season. The price is expected to oscillate and be bullish [18]. - **Nickel**: Environmental disturbances at Indonesian MHP producers are causing nickel prices to oscillate. Global visible inventories are increasing, and the market sentiment dominates the price, with a weakening industrial fundamental [20]. - **Stainless Steel**: Nickel price rebounds have repaired the stainless - steel market. Cost support is weakening, production may decrease in November, and inventory is accumulating. It is expected to oscillate within a range [23]. - **Tin**: Market sentiment has improved, and tin prices are oscillating at high levels. Supply is constrained by slow复产 in Wa State, reduced Indonesian exports, and unstable African production. Demand is growing in semiconductors, photovoltaics, and new - energy vehicles. The price is expected to oscillate and be bullish [24]. 3.2行情监测 - **Commodity Index**: On November 25, 2025, the comprehensive index, commodity 20 index, industrial product index, and PPI commodity index all showed increases, with gains of 0.46%, 0.57%, 0.19%, and 0.22% respectively [150]. - **Non - ferrous Metal Index**: On November 25, 2025, the non - ferrous metal index had a daily increase of 0.40%, a 5 - day increase of 0.15%, a 1 - month decrease of 0.58%, and a year - to - date increase of 6.82% [151].

格隆汇11月25日丨云铝股份(000807.SZ)公布，为进一步做优主业，提高公司电解铝权益产能，提升归 母净利润，公司拟通过非公开协议方式收购云南冶金持有的云铝涌鑫28.7425%股权、云铝润鑫 27.3137%股权及云铝泓鑫30%股权。本次股权收购完成后，公司将持有云铝涌鑫96.0766%股权、云铝润 鑫97.4560%股权、云铝泓鑫100%股权。云南冶金将不再持有前述三家公司的股权。根据中联资产评估 集团有限公司（以下简称"中联资产"或"评估机构"）出具的评估报告，扣减云铝涌鑫和云铝润鑫已实施 的2024年度利润分配中支付给云南冶金的分红款后，云铝股份需支付交易对价合计为人民币226,656.37 万元，其中：云铝涌鑫股权交易对价为人民币145,081.95万元，云铝润鑫股权交易对价为人民币 78,756.64万元，云铝泓鑫股权交易对价为人民币2,817.78万元。本次收购的标的正在履行国资备案程 序，公司最终收购价格将按照经国资备案的评估价值确定。 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 有色金属 | 日报 2025 年 11 月 25 日 有色日报 专业研究·创造价值 铜增仓上行 核心观点 沪铜 今日沪铜增仓上行明显，主力期价站上 8.65 万。宏观层面，上周 五纽约联储主席威廉姆斯发表了被市场解读为"鸽派"的讲话，昨 日美联储理事沃勒的讲话也偏鸽，市场降息预期持续升温，12 月降 息概率上升至 80%以上，利好铜价。产业上，内外电解铜库存分化， 海外边际累库，国内边际去库。短期铜价增仓上行，预计维持强 势。 沪铝 今日沪铝早盘增仓上行，随后高位整理，持仓量持续下降。宏观 层面，美联储降 ...

经济观察网郴州钻石钨制品有限公司成立，注册资本3亿元人民币，经营范围包括常用有色金属冶炼、 稀有稀土金属冶炼、有色金属合金制造、有色金属压延加工。股东信息显示，该公司由中钨高新 （000657）材料股份有限公司全资持股。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - **Copper**: Overnight, both domestic and international copper prices fluctuated weakly. The Fed's dovish stance on a December rate - cut has increased market expectations, briefly alleviating liquidity concerns. LME and Comex inventories increased, while SHFE copper warrants decreased. Demand is slowly recovering, but high copper prices are suppressing terminal demand, and the high inventory may restrict future copper prices. Without unexpected events, copper prices will show a high - level oscillating trend with low volatility [1]. - **Aluminum**: Overnight, alumina fluctuated strongly, while Shanghai aluminum and aluminum alloy fluctuated weakly. Northern environmental inspections mainly target the ore end, with some phased maintenance in northern alumina plants. The alumina social inventory has slightly decreased, and downstream raw material inventory is overstocked, pressuring prices. With the decline in the US rate - cut expectation, the macro - sentiment has turned cautious. The aluminum price has a short - term support but is still restricted [1][2]. - **Nickel**: Overnight, LME and Shanghai nickel prices rose. LME inventory decreased, and SHFE warrants increased. The nickel ore benchmark price slightly declined, and the nickel - iron stainless - steel industry chain is weak. In the new - energy industry chain, the raw material end is tight, but the ternary precursor in November decreased month - on - month. The primary nickel inventory pressure is obvious, and investors can consider buying at low prices, but should beware of macro - disturbances [3]. 3. Summary by Related Catalogs 3.1 Research Views - **Copper**: The Fed's dovish attitude on a December rate - cut has raised market expectations. LME inventory increased by 725 tons to 155,750 tons, Comex inventory increased by 5,905 tons to 371,391 tons, SHFE copper warrants decreased by 5,974 tons to 43,816 tons, and BC copper decreased by 25 tons to 6,177 tons. Demand is slowly warming up, but high inventory may limit future prices [1]. - **Aluminum**: Alumina AO2601 closed at 2,733 yuan/ton, up 0.07%, with an increase of 3,099 lots in positions. Shanghai aluminum AL2512 closed at 21,405 yuan/ton, up 0.12%, with a decrease of 4,542 lots in positions. Aluminum alloy AD2512 closed at 20,645 yuan/ton, down 0.02%, with a decrease of 90 lots in positions. The SMM alumina price dropped to 2,834 yuan/ton. Environmental inspections in the north and inventory changes affect the price [1][2]. - **Nickel**: LME nickel rose 0.75% to 14,730 US dollars/ton, and Shanghai nickel rose 0.69% to 116,100 yuan/ton. LME inventory decreased by 468 tons to 253,482 tons, and SHFE warrants increased by 708 tons to 34,493 tons. The nickel - iron stainless - steel industry chain is weak, and the new - energy industry chain has a tight raw - material end [3]. 3.2 Daily Data Monitoring - **Copper**: On November 24, 2025, the price of flat - copper was 86,185 yuan/ton, up 415 yuan from November 21. The LME registered + cancelled inventory remained unchanged, while SHFE warrants decreased by 5,974 tons [4]. - **Lead**: The average price of 1 lead in the Yangtze River was 17,140 yuan/ton on November 24, down 20 yuan from November 21. SHFE lead inventory decreased by 3,869 tons on a weekly basis [4]. - **Aluminum**: On November 24, the Wuxi aluminum price was 21,350 yuan/ton, down 30 yuan from November 21. The electrolytic aluminum social inventory decreased by 0.8 million tons on a weekly basis [5]. - **Nickel**: On November 24, the price of Jinchuan nickel plate was 119,850 yuan/ton, up 1,150 yuan from November 21. The SHFE nickel inventory decreased by 778 tons on a weekly basis [5]. - **Zinc**: The main settlement price on November 24 was 22,350 yuan/ton, down 0.7% from November 21. The social inventory decreased by 0.81 million tons on a weekly basis [7]. - **Tin**: The main settlement price on November 24 was 293,460 yuan/ton, up 0.5% from November 21. The SHFE tin inventory decreased by 29 tons on a weekly basis [7]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][14]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][17][19]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [27][29][31]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series steel from 2019 - 2025 [33][35][37]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2025 [40][42][44]. 4. Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher of precious metals, a gold intermediate investment analyst, and has won many awards. He has more than a decade of commodity research experience [47]. - **Wang Heng**: A master of finance from the University of Adelaide, Australia, an analyst mainly researching aluminum and silicon at Everbright Futures Research Institute [47]. - **Zhu Xi**: A master of science from the University of Warwick, UK, an analyst mainly researching lithium and nickel at Everbright Futures Research Institute [48].

Report Industry Investment Ratings No investment ratings were provided in the reports. Core Views Tin - Short - term macro fluctuations are large, but considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and monitor macro changes and the recovery of supply from Myanmar [3]. Zinc - The downward pressure on the domestic supply side has eased. The price is likely to fluctuate, with the main contract reference range of 22,200 - 22,800 [7]. Copper - In the medium - to - long - term, supply - demand contradictions support the upward movement of the copper price bottom. Pay attention to macro drivers such as overseas interest - rate cut expectations, with the main contract reference range of 85,500 - 86,800 [9]. Nickel - The macro situation is stable, and the fundamentals are weak. However, due to upstream production cuts and low valuations, the price may fluctuate and recover. In the medium term, the supply glut restricts the upside potential, with the main contract reference range of 116,000 - 120,000 [13]. Stainless Steel - Policy - driven factors are difficult to have an immediate impact. The cost support is weakening, and the fundamentals have not improved significantly. The short - term price is expected to be weak, with the main contract reference range of 12,200 - 12,600 [15][16]. Aluminum - The alumina price is expected to remain in a bottom - range oscillation, with the main contract reference range of 2,700 - 2,850 yuan/ton. The electrolytic aluminum price is expected to maintain a high - level oscillation, with the main contract reference range of 21,100 - 21,700 yuan/ton [17]. Aluminum Alloy - The ADC12 price is expected to maintain an oscillating pattern in the short term, with the main contract reference range of 20,300 - 20,900 yuan/ton [18]. Industrial Silicon - The price of industrial silicon is expected to remain in a low - level oscillation. The market is likely to face inventory accumulation pressure in November, with the main price fluctuation range of 8,500 - 9,500 yuan/ton [19]. Lithium Carbonate - The short - term market may maintain a weak and oscillating adjustment, with the main contract reference range of 86,000 - 90,000 yuan/ton [20]. Polysilicon - The price is expected to remain in a high - level range oscillation, maintaining a forward market structure. For trading strategies, consider going long around 50,000 yuan/ton in the futures market and holding or closing profitable positions for sell put options in the options market [22]. Summary by Related Catalogs Tin - **Spot Price and Basis**: SMM 1 tin increased by 0.76% to 293,500 yuan/ton, and the LME 0 - 3 spread rose by 0.71% to 95.67 dollars/ton [2]. - **Fundamentals**: In October, tin ore imports increased by 33.49% to 11,632 tons, and SMM refined tin production increased by 53.09% to 16,090 tons [2]. - **Inventory**: SHEF inventory decreased by 0.46% to 6,229 tons, while social inventory increased by 2.83% to 7,654 tons [3]. Zinc - **Price and Spreads**: SMM 0 zinc ingot decreased by 0.27% to 22,380 yuan/ton, and the import loss was 4,280 yuan/ton [7]. - **Fundamentals**: In October, refined zinc production increased by 2.85% to 61.72 million tons, and the export volume increased by 243.79% to 0.85 million tons [7]. - **Inventory**: China's seven - region zinc ingot social inventory decreased by 3.58% to 15.10 million tons, and LME inventory increased by 0.21% to 4.7 million tons [7]. Copper - **Price and Basis**: SMM 1 electrolytic copper increased by 0.49% to 86,235 yuan/ton, and the import loss was 858 yuan/ton [9]. - **Fundamentals**: In October, electrolytic copper production decreased by 2.62% to 109.16 million tons, and the import volume decreased by 15.61% to 28.21 million tons [9]. - **Inventory**: Domestic mainstream port copper concentrate inventory increased by 8.80% to 70.49 million tons, and SHFE inventory increased by 1.09% to 11.06 million tons [9]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel increased by 0.90% to 117,750 yuan/ton, and the 1 Jinchuan nickel premium increased by 3.57% to 4,350 yuan/ton [13]. - **Cost**: The cost of integrated MHP - produced electrolytic nickel decreased by 4.84% to 110,810 yuan/ton [13]. - **Inventory**: SHFE inventory decreased by 1.92% to 39,795 tons, and LME inventory decreased by 0.18% to 253,482 tons [13]. Stainless Steel - **Price and Spreads**: The 304/2B (Wuxi Hongwang 2.0 coil) price remained unchanged at 12,700 yuan/ton, and the futures - spot spread decreased by 7.76% to 235 yuan/ton [15]. - **Fundamentals**: China's 300 - series stainless steel crude steel production decreased by 0.72% to 178.70 million tons, and the export volume decreased by 14.43% to 35.81 million tons [15]. - **Inventory**: The 300 - series social inventory (Wuxi + Foshan) decreased by 0.89% to 49.29 million tons, and SHFE inventory decreased by 0.83% to 6.44 million tons [15]. Aluminum - **Price and Spreads**: SMM A00 aluminum decreased by 0.09% to 21,360 yuan/ton, and the import loss was 1,868 yuan/ton [17]. - **Fundamentals**: In October, alumina production increased by 2.39% to 778.53 million tons, and electrolytic aluminum production increased by 3.52% to 374.21 million tons [17]. - **Inventory**: China's electrolytic aluminum social inventory decreased by 5.11% to 61.30 million tons, and LME inventory decreased by 0.37% to 54.6 million tons [17]. Aluminum Alloy - **Price and Spreads**: SMM aluminum alloy ADC12 remained unchanged at 21,350 yuan/ton, and the Foshan broken primary aluminum scrap - to - refined spread remained unchanged at 1,749 yuan/ton [18]. - **Fundamentals**: In October, regenerated aluminum alloy ingot production decreased by 2.42% to 64.50 million tons, and the import volume decreased by 7.06% to 7.64 million tons [18]. - **Inventory**: The regenerated aluminum alloy weekly social inventory increased by 1.44% to 5.65 million tons [18]. Industrial Silicon - **Price and Spreads**: The price of industrial silicon decreased by 50 - 100 yuan/ton, and the 2512 - 2601 spread decreased by 100% to 0 [19]. - **Fundamentals**: National industrial silicon production increased by 7.46% to 45.22 million tons, and the export volume decreased by 35.82% to 4.51 million tons [19]. - **Inventory**: The social inventory increased by 0.37% to 54.80 million tons, and the warehouse receipt inventory decreased by 2.02% to 20.76 million tons [19]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate decreased by 0.16% to 92,150 yuan/ton, and the lithium spodumene concentrate CIF average price decreased by 1.65% to 1,071 dollars/ton [20]. - **Fundamentals**: In October, lithium carbonate production increased by 5.73% to 92,260 tons, and the demand increased by 8.70% to 126,961 tons [20]. - **Inventory**: The total lithium carbonate inventory decreased by 10.90% to 84,234 tons in October [20]. Polysilicon - **Price and Spreads**: The N - type polysilicon spot price decreased by 0.10% to 52,250 yuan/ton, and the futures main contract decreased by 0.08% to 23,315 yuan/ton [22]. - **Fundamentals**: Weekly polysilicon production increased by 1.12% to 2.71 million tons, and the import volume increased by 11.96% to 0.14 million tons in October [22]. - **Inventory**: Polysilicon inventory increased by 1.50% to 27.10 million tons, and the polysilicon warehouse receipt decreased by 3.07% to 7,270 [22].