Core Viewpoint - Zhongjin Lingnan announced on November 21 that cathode copper has a wide range of applications across various industries, including electronics, machinery, construction, chemical, aerospace, and food industries [1] Group 1: Product Applications - The company highlighted that cathode copper is utilized in multiple sectors such as electronic industry, mechanical industry, construction industry, chemical industry, aerospace industry, and food industry [1] - Other products from the company include aluminum doors and windows, aluminum profiles, battery zinc powder, flake zinc powder, punched nickel-plated steel strips, composite metal materials, bimetallic components, and electrical contact materials, which are widely used in construction projects, automotive parts, rail transit, and battery materials [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Without sudden events, copper prices are expected to show a high - level oscillating market with relatively low volatility. Attention should be paid to overseas financial market performance and domestic inventory performance. The global visible inventory is in an overall accumulation state, close to recent high levels. The high copper price has a restraining effect on terminal copper use, and the "inventory dam" may restrict future copper prices [1]. - Aluminum: Alumina oscillated strongly overnight, while Shanghai aluminum and aluminum alloy oscillated weakly. The fundamentals support is below the aluminum price. The environmental protection restrictions in the northern region and the high price have an obvious suppressing effect on demand. The aluminum ingot destocking is blocked, and the proportion of molten aluminum continues to decline. The upward momentum of aluminum alloy is more sufficient, and the refined - scrap price difference is expected to narrow [1][2]. - Nickel: The inventory pressure of primary nickel is becoming more obvious. Although the warehouse receipt inventory has decreased slightly recently, the overall digestion is still difficult, which exerts great pressure on the market. Attention should be paid to whether there is support at 115,000 yuan/ton, and be vigilant against macro - disturbances, possible production cuts of primary nickel, and overseas industrial policy adjustments [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight, domestic and foreign copper prices oscillated weakly. The instability of domestic and foreign stock markets reduces the confidence in a sharp rise in copper prices. The overall global visible inventory is in an accumulation state and close to recent high levels. The high copper price restricts terminal copper use, and the inventory may restrict future copper prices. In the absence of sudden events, copper prices will show high - level oscillations with low volatility [1]. - **Aluminum**: Overnight, alumina oscillated strongly, with AO2601 closing at 2,737 yuan/ton, a 0.18% increase, and the position decreased by 420 lots to 412,000 lots. Shanghai aluminum oscillated weakly, with AL2512 closing at 21,550 yuan/ton, a 0.12% decrease, and the position decreased by 5,342 lots to 333,000 lots. The aluminum alloy also oscillated weakly. The fundamentals and market conditions show complex trends [1][2]. - **Nickel**: Overnight, LME nickel fell 1.26% to 14,455 US dollars/ton, and Shanghai nickel fell 0.92% to 115,010 yuan/ton. The inventory decreased, and the price of nickel ore and nickel - iron also showed corresponding changes. The inventory pressure of primary nickel is significant, and it is necessary to pay attention to support levels and various influencing factors [3]. 3.2 Daily Data Monitoring - **Copper**: On November 20, 2025, the price of flat - water copper was 86,395 yuan/ton, up 315 yuan from the previous day. The inventory of LME, COMEX, and SHFE showed different changes, with LME and COMEX inventories increasing and SHFE copper warehouse receipts decreasing [1][4]. - **Lead**: The average price of 1 lead in the Yangtze River was 17,210 yuan/ton, up 50 yuan. The inventory of the previous period increased by 4,208 tons on a weekly basis, and the warehouse receipt decreased by 650 tons [4]. - **Aluminum**: The Wuxi quotation was 21,570 yuan/ton, up 20 yuan; the South China quotation was 21,450 yuan/ton, up 30 yuan. The inventory of the previous period increased by 1,564 tons on a weekly basis, and the warehouse receipt decreased by 76 tons [5]. - **Nickel**: The price of Jinchuan nickel plate was 120,200 yuan/ton, up 600 yuan. The inventory of LME and SHFE decreased, and the inventory of stainless steel warehouse receipts decreased by 253 tons [5]. - **Zinc**: The main settlement price was 22,415 yuan/ton, unchanged from the previous day. The inventory of the previous period increased by 793 tons on a weekly basis, and the social inventory decreased by 0.22 million tons on a weekly basis [7]. - **Tin**: The main settlement price was 293,470 yuan/ton, a 0.4% increase. The inventory of the previous period increased by 266 tons on a weekly basis [7]. 3.3 Chart Analysis - **Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][10][11]. - **SHFE Near - Far Month Spread**: Charts show the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][18]. - **LME Inventory**: Charts show the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25]. - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [27][29][31]. - **Social Inventory**: Charts show the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [33][35][37]. - **Smelting Profit**: Charts show the 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 rate from 2019 - 2025 [39][41][43]. 3.4 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with over a decade of commodity research experience. Wang Heng focuses on aluminum - silicon research, and Zhu Xi focuses on lithium - nickel research [46][47].

Report Industry Investment Ratings - Not provided in the documents Core Views - This week, copper prices fluctuated within a narrow range. Supported by the precious metals market, copper prices were strong in the first half of the week and adjusted on Friday. The downstream price - fixing volume rebounded significantly. The market has both liquidity easing expectations and AI bubble risks. The price around 85,000 may be the psychological price for downstream price - fixing [1]. - Overseas production halt news and expectations boosted the domestic aluminum price, making it stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods, sheets, and foils slightly reduced inventory. The downstream consumption was acceptable, and the acceptance of high prices increased. It may show a volatile trend in the short term [2]. - Zinc prices fluctuated this week. The domestic and imported TC decreased further. The domestic zinc ore supply will be tight from the fourth quarter to the first quarter of next year. The processing fee has dropped significantly, but the smelter's profit is still acceptable. The demand is seasonally weak domestically, while overseas, European demand is average and Middle - East demand has high growth. The domestic social inventory fluctuates, and the overseas LME inventory is oscillating at a low level. The export window has opened. The price may not fall deeply, and it is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and consider the positive arbitrage opportunity of 01 - 03 for the month - spread [5]. - Nickel's short - term fundamental situation is weak. The price of nickel sulfate is relatively stable, the output of pure nickel decreased slightly, the demand is weak, and the inventory at home and abroad continued to increase. There are continuous disturbances in the Indonesian nickel ore market, and the policy side has the motivation to support prices. It is recommended to consider short - selling opportunities [6]. - The fundamentals of stainless steel remain weak. The steel mill's production in October increased slightly month - on - month, the demand is mainly for rigid needs, the prices of nickel iron and chrome iron are stable, and the inventory remains at a high level. The Indonesian policy side has the motivation to support prices. It is recommended to consider short - selling opportunities [7]. - Lead prices fluctuated at a high level this week. The supply of recycled lead increased, and the social inventory accumulated. The demand for batteries may weaken. It is expected that lead prices will fluctuate within a narrow range next week, and it is recommended to wait and see the resumption of recycled lead production and the increase in warehouse receipts [9]. - The center of tin prices rose this week. The supply has been marginally restored, but there are still uncertainties overseas. The demand is mainly rigid. In the short term, it follows the macro - sentiment, and in the long - term, it is recommended to hold near the cost line or use it as a long - position in the non - ferrous metals portfolio [11]. - The price of industrial silicon is expected to fluctuate in the short term and oscillate at the bottom of the cycle in the long - term. The supply and demand in the fourth quarter are expected to be in a balanced and slightly loose state [15]. - The price of lithium carbonate is running strongly. The raw material supply is tight, the upstream inventory has decreased significantly, and the downstream inventory is relatively sufficient. The trading is light, and the basis has weakened slightly. In the long - term, the pattern may change in the next 1 - 2 years if the energy storage demand remains high and the power demand is stable [17]. Summary by Metal Copper - This week, copper prices fluctuated within a narrow range. The downstream price - fixing volume rebounded significantly. The market has both liquidity easing expectations and AI bubble risks. The price around 85,000 may be the psychological price for downstream price - fixing [1]. Aluminum - Overseas production halt news and expectations boosted the domestic aluminum price, making it stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods, sheets, and foils slightly reduced inventory. The downstream consumption was acceptable, and the acceptance of high prices increased. It may show a volatile trend in the short term [2]. Zinc - Zinc prices fluctuated this week. The domestic and imported TC decreased further. The domestic zinc ore supply will be tight from the fourth quarter to the first quarter of next year. The processing fee has dropped significantly, but the smelter's profit is still acceptable. The demand is seasonally weak domestically, while overseas, European demand is average and Middle - East demand has high growth. The domestic social inventory fluctuates, and the overseas LME inventory is oscillating at a low level. The export window has opened. The price may not fall deeply, and it is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and consider the positive arbitrage opportunity of 01 - 03 for the month - spread [5]. Nickel - Nickel's short - term fundamental situation is weak. The price of nickel sulfate is relatively stable, the output of pure nickel decreased slightly, the demand is weak, and the inventory at home and abroad continued to increase. There are continuous disturbances in the Indonesian nickel ore market, and the policy side has the motivation to support prices. It is recommended to consider short - selling opportunities [6]. Stainless Steel - The fundamentals of stainless steel remain weak. The steel mill's production in October increased slightly month - on - month, the demand is mainly for rigid needs, the prices of nickel iron and chrome iron are stable, and the inventory remains at a high level. The Indonesian policy side has the motivation to support prices. It is recommended to consider short - selling opportunities [7]. Lead - Lead prices fluctuated at a high level this week. The supply of recycled lead increased, and the social inventory accumulated. The demand for batteries may weaken. It is expected that lead prices will fluctuate within a narrow range next week, and it is recommended to wait and see the resumption of recycled lead production and the increase in warehouse receipts [9]. Tin - The center of tin prices rose this week. The supply has been marginally restored, but there are still uncertainties overseas. The demand is mainly rigid. In the short term, it follows the macro - sentiment, and in the long - term, it is recommended to hold near the cost line or use it as a long - position in the non - ferrous metals portfolio [11]. Industrial Silicon - The price of industrial silicon is expected to fluctuate in the short term and oscillate at the bottom of the cycle in the long - term. The supply and demand in the fourth quarter are expected to be in a balanced and slightly loose state [15]. Lithium Carbonate - The price of lithium carbonate is running strongly. The raw material supply is tight, the upstream inventory has decreased significantly, and the downstream inventory is relatively sufficient. The trading is light, and the basis has weakened slightly. In the long - term, the pattern may change in the next 1 - 2 years if the energy storage demand remains high and the power demand is stable [17].

Group 1: Report Information - Date: November 21, 2025 [3] - Title: Nonferrous Metals Daily Report [1] Group 2: Copper Market Information - LME copper 3M contract closed down 1.08% at $10,686/ton, and SHFE copper main contract closed at 85,920 yuan/ton [3] - LME copper inventory increased by 50 to 157,925 tons, and the cancellation warrant ratio declined [3] - Domestic electrolytic copper social inventory slightly increased, bonded area inventory slightly decreased, and SHFE warehouse receipts decreased by 0.3 to 55,000 tons [3] - Shanghai spot premium over futures declined to 80 yuan/ton, and bargain - hunting buying was fair [3] - Guangdong inventory decreased, and the spot premium over futures was 55 yuan/ton [3] - Domestic copper spot import loss was about 500 yuan/ton, and the refined - scrap spread widened to 2,940 yuan/ton [3] Strategy View - After the US employment data release, the Fed's probability of a rate cut remained low, and the weakening US stocks pressured market sentiment [4] - Copper raw material supply remained tight, and the pressure of inventory accumulation eased marginally, so copper price support was still strong [4] - The operating range reference for SHFE copper main contract: 85,200 - 87,000 yuan/ton; for LME copper 3M: 10,600 - 10,820 dollars/ton [4] Group 3: Aluminum Market Information - LME aluminum closed down 0.28% at $2,806/ton, and SHFE aluminum main contract closed at 21,550 yuan/ton [6] - SHFE aluminum weighted contract open interest decreased by 1.4 to 654,000 lots, and futures warehouse receipts remained flat at 69,000 tons [6] - Domestic aluminum ingot social inventory decreased by 25,000 tons compared to Monday, and remained flat compared to last Thursday [6] - Aluminum bar social inventory decreased by 8,500 tons compared to Monday and 1,500 tons compared to last Thursday [6] - Aluminum bar processing fees declined, and the market traded on demand [6] - East China electrolytic aluminum spot was at a 10 - yuan discount to futures, and trading was warm [6] - LME aluminum inventory decreased by 0.2 to 544,000 tons, and the cancellation warrant ratio rebounded [6] Strategy View - Domestic aluminum ingot inventory decreased marginally, and overseas aluminum inventory remained low, so aluminum price support was strong [7] - Although there were still headwinds in short - term market risk appetite, if domestic inventory could be effectively reduced, aluminum prices were expected to strengthen further after consolidation [7] - The operating range reference for SHFE aluminum main contract: 21,480 - 21,650 yuan/ton; for LME aluminum 3M: 2,780 - 2,830 dollars/ton [7] Group 4: Lead Market Information - On Thursday, SHFE lead index closed down 0.17% at 17,218 yuan/ton, with a total open interest of 82,800 lots in unilateral trading [8] - As of 15:00 on Thursday, LME lead 3S fell 11 to $2,015/ton compared to the previous day, with a total open interest of 161,100 lots [8] - SMM 1 lead ingot average price was 17,125 yuan/ton, and the refined - scrap spread was 25 yuan/ton [8] - SHFE lead ingot futures inventory was 30,600 tons, and the domestic primary basis was - 110 yuan/ton [8] - LME lead ingot inventory was 264,500 tons, and LME lead ingot cancellation warrants were 87,200 tons [8] - The ex - exchange cash - 3S contract basis was - 27.39 dollars/ton, and the 3 - 15 spread was - 78.3 dollars/ton [8] - The domestic social inventory decreased slightly to 36,400 tons [8] Strategy View - Lead ore inventory increased slightly, but lead concentrate TC continued to decline, and domestic lead raw materials were still in short supply [9] - Primary and secondary smelting profits were good, primary smelting operations remained at a high level, and secondary smelting operations continued to rise [9] - Downstream battery enterprises' operations improved marginally, and domestic lead ingot social inventory increased marginally [9] - Last week, lead prices tried to break through the 17,800 - yuan level again, but with the Fed officials' hawkish remarks, the sentiment in precious metals and nonferrous metals ebbed [9] - The net long position of the top 20 in SHFE lead shifted from long to short, and the SHFE lead index reduced its open interest by 40,000 lots from the high point, returning to the oscillation range [9] - Lead prices are expected to be weak in the short term [9] Group 5: Zinc Market Information - On Thursday, SHFE zinc index closed down 0.21% at 22,390 yuan/ton, with a total open interest of 199,800 lots in unilateral trading [10] - As of 15:00 on Thursday, LME zinc 3S rose 3.5 to $2,990/ton compared to the previous day, with a total open interest of 218,400 lots [10] - SMM 0 zinc ingot average price was 22,430 yuan/ton, Shanghai basis was 30 yuan/ton, Tianjin basis was - 10 yuan/ton, and Guangdong basis was - 40 yuan/ton [10] - SHFE zinc ingot futures inventory was 73,700 tons, and the domestic Shanghai - area basis was 30 yuan/ton [10] - LME zinc ingot inventory was 45,100 tons, and LME zinc ingot cancellation warrants were 3,500 tons [10] - The ex - exchange cash - 3S contract basis was 152.14 dollars/ton, and the 3 - 15 spread was 35.58 dollars/ton [10] - The domestic social inventory decreased slightly to 152,700 tons [10] Strategy View - Zinc ore inventory increased slightly, but zinc ore was still in short supply during the refineries' winter stockpiling period, and zinc concentrate TC continued to decline [11] - Zinc smelting profits were damaged, and zinc ingot supply decreased marginally [11] - Downstream operating rates remained stable, and the accumulation of domestic zinc ingot social inventory slowed down [11] - In the LME market, zinc ingot warrants increased slowly, and the LME zinc spread declined marginally [11] - With the Fed officials' hawkish remarks last Friday, the sentiment in precious metals and nonferrous metals ebbed, and the net long position of the top 20 in SHFE zinc declined rapidly [11] - Zinc prices are expected to be weak in the short term [11] Group 6: Tin Market Information - On November 20, 2025, the closing price of SHFE tin main contract was 292,030 yuan/ton, down 0.46% from the previous day [12] - Upstream Yunnan 40% tin concentrate was quoted at 279,500 yuan/ton, unchanged from the previous day [12] - After the seasonal maintenance of large smelters in Yunnan ended, the operating rates of tin smelters in Yunnan and Jiangxi provinces rebounded and stabilized, but the overall operating level was still at a historical low [12] - Due to the slow actual resumption of production in Myanmar's Wa State, its tin ore exports were still far below the normal level, unable to effectively make up for the supply gap [12] - In September 2025, China's imported tin concentrate physical volume was 8,714 tons, a significant decline from the previous month [12] - Although the consumption in traditional fields such as consumer electronics and tinplate was weak, the long - term demand expectations from emerging fields such as new - energy vehicles and AI servers supported tin prices [12] - In October, the operating rate of domestic tin solder enterprises showed a slight improvement [12] Strategy View - In the short term, tin supply and demand were in a tight balance, and prices were expected to be mainly in a strong oscillation [13] - It is recommended to buy on dips [13] - The operating range reference for domestic main contract: 285,000 - 300,000 yuan/ton; for overseas LME tin: 36,000 - 38,000 dollars/ton [13] Group 7: Nickel Market Information - On Thursday, nickel prices rose and then fell. The closing price of SHFE nickel main contract at 15:00 was 115,380 yuan/ton, up 0.39% from the previous day [14] - In the spot market, the premium of various brands was stable. The average premium of Russian nickel to the near - month contract was 500 yuan/ton, unchanged from the previous day [14] - The average premium of Jinchuan nickel was 4,100 yuan/ton, up 50 yuan/ton from the previous day [14] - In the cost aspect, the overall trading atmosphere in the nickel ore market was fair this week. The price of 1.6% grade Indonesian domestic red - laterite nickel ore was 52.02 dollars/wet ton, unchanged from the previous day [14] - The price of 1.2% grade Indonesian domestic red - laterite nickel ore was 23 dollars/wet ton, unchanged from the previous day [14] - The price of 1.5% grade nickel ore from the Philippines was 52.7 dollars/ton, unchanged from last week [14] - The price of domestic high - nickel pig iron continued to fall, with the ex - factory price at 895 yuan/nickel point, down 2 yuan/nickel point from the previous day [14] Strategy View - In the short term, the fundamental pressure on nickel remained significant, but considering that the current profit level of nickel pig iron was at an absolute low, the short - term decline space of nickel prices was expected to be limited [15] - It is necessary to guard against the negative feedback risk caused by the decline in nickel ore prices [15] - In the short term, it is recommended to wait and see. If the nickel pig iron price stabilizes and the nickel price decline is sufficient, consider gradually establishing long positions lightly [15] - The short - term operating range reference for SHFE nickel main contract: 115,000 - 120,000 yuan/ton; for LME nickel 3M contract: 14,500 - 15,000 dollars/ton [15] Group 8: Lithium Carbonate Market Information - The MMLC lithium carbonate spot index closed at 99,011 yuan in the evening session, up 1.71% from the previous working day [17] - The MMLC battery - grade lithium carbonate was quoted at 98,500 - 100,000 yuan, with the average price up 1,700 yuan (+1.74%) from the previous working day [17] - The industrial - grade lithium carbonate was quoted at 97,500 - 98,000 yuan, with the average price up 1.56% from the previous day [17] - The closing price of the LC2601 contract was 98,980 yuan, down 0.32% from the previous closing price [17] - The average premium of battery - grade lithium carbonate in the trading market was - 250 yuan [17] Strategy View - This week, China's lithium carbonate production increased by 2.7% week - on - week to 22,130 tons, with the increment mainly from lithium - spodumene extraction [18] - The weekly inventory reduction narrowed to 118,420 tons, down 2,052 tons (-1.7%) from last week [18] - All links in the industrial chain maintained high operating rates, and strong demand could not be falsified [18] - Continuous price increases may trigger potential disturbances such as supply release and a slowdown in demand growth [18] - Currently, the capital game is intense, and it is necessary to guard against the risk of large price fluctuations [18] - It is recommended to pay attention to changes in the position structure, the atmosphere in the equity market, and the production schedules of lithium - battery materials and cells [18] - The reference operating range for the Guangzhou Futures Exchange's lithium carbonate 2601 contract today: 96,500 - 102,800 yuan/ton [18] Group 9: Alumina Market Information - On November 20, 2025, as of 15:00, the alumina index fell 0.33% to 2,755 yuan/ton, with the unilateral trading total open interest down 0.9 to 574,000 lots from the previous trading day [20] - In terms of the basis, the Shandong spot price fell 5 yuan/ton to 2,775 yuan/ton, at a 70 - yuan premium to the 12 - contract [20] - Overseas, the MYSTEEL Australia FOB remained at 319 dollars/ton, and the import profit and loss was reported at - 39 yuan/ton [20] - In terms of futures inventory, the futures warrants on Thursday were reported at 255,100 tons, down 0.06 to 255,100 tons from the previous trading day [20] - In the ore end, the Guinea CIF price remained at 71.5 dollars/ton, and the Australia CIF price remained at 68 dollars/ton [20] Strategy View - After the rainy season, overseas ore shipments are gradually recovering, and ore prices are expected to oscillate downward [21] - The over - capacity pattern in the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues [21] - However, the current price is close to the cost line of most manufacturers, and the subsequent production - cut expectation is strengthened [21] - And the overall nonferrous sector is trending strongly, so the cost - performance of short - selling is not high [21] - It is recommended to wait and see in the short term [21] - The reference operating range for the domestic main contract AO2601: 2,600 - 2,900 yuan/ton. It is necessary to focus on supply - side policies, Guinea's ore policies, and the Fed's monetary policy [21] Group 10: Stainless Steel Market Information - At 15:00 on Thursday, the stainless - steel main contract closed at 12,285 yuan/ton, down 0.41% (-50) on the day, with the unilateral open interest up 11,517 to 263,300 lots from the previous trading day [23] - In the spot market, Foshan's Delong 304 cold - rolled coil was quoted at 12,500 yuan/ton, unchanged from the previous day [23] - Wuxi's Hongwang 304 cold - rolled coil was quoted at 12,650 yuan/ton, down 50 from the previous day [23] - Foshan's basis was 15 (+50), and Wuxi's basis was 165 (0) [23] - Foshan's Hongwang 201 was quoted at 8,800 yuan/ton, unchanged from the previous day, and Hongwang's annealed 430 was quoted at 7,750 yuan/ton, unchanged from the previous day [23] - In terms of raw materials, Shandong's high - nickel iron ex - factory price was quoted at 900 yuan/nickel, unchanged from the previous day [23] - Baoding's 304 scrap steel industrial material recycling price was quoted at 8,600 yuan/ton, unchanged from the previous day [23] - The northern main - producing area of high - carbon ferrochrome was quoted at 8,000 yuan/50 - base ton, unchanged from the previous day [23] - The futures inventory was 70,365 tons, down 1,726 from the previous day [23] - According to Steel Union data, the social inventory increased to 1.0717 million tons, up 0.11% month - on - month, of which the 300 - series inventory was 65

Group 1 - The board meeting of Tongling Nonferrous Metals Group Co., Ltd. was held on November 20, 2025, in Tongling City, Anhui Province, with a combination of on-site and remote voting [2] - The meeting was attended by 6 directors, with 3 present on-site and 3 independent directors voting via communication [2] - The meeting was chaired by Chairman Ding Shiqi and was compliant with the Company Law and the Articles of Association, making the resolutions legal and effective [2] Group 2 - The board approved the proposal to change the members of the specialized committees to enhance operational efficiency [3] - The board also approved the proposal to formulate and revise several management systems, including the External Investment Management Measures and the External Guarantee Management System [4] - These revised management systems will be disclosed on the company's official information platform [4] Group 3 - The board decided to hold the third extraordinary general meeting of shareholders on December 29, 2025, at 14:30, using a combination of on-site and online voting [7] - The resolution for the shareholder meeting was also passed with unanimous support [9] Group 4 - The minutes of the board meeting will be kept on record for future reference [10] - The announcement was made by Tongling Nonferrous Metals Group Co., Ltd. on November 21, 2025 [11][12]

证券日报网讯 11月20日晚间，江西铜业发布公告称，2025年半年度权益分派方案为A股每股现金红利 0.4元（含税），股权登记日为2025年11月27日，除权（息）日及现金红利发放日均为2025年11月28 日。 （编辑 楚丽君） ...

Core Viewpoint - Recent announcements of share reduction plans by major shareholders of Hunan Silver indicate a strategic move following a significant increase in the company's stock price, which has risen over 100% this year [1][6] Shareholder Reduction Plans - China Great Wall Asset Management Co., Ltd. (Great Wall Asset) plans to reduce its holdings by up to 55 million shares, accounting for 1.95% of Hunan Silver's total share capital, from December 11, 2025, to March 10, 2026 [1][2] - The second largest shareholder, Chenzhou State-owned Capital Holding Group Co., Ltd. (Chenzhou Guokong), announced a plan to reduce its holdings by up to 56.46 million shares, representing 2% of the total share capital, from November 10, 2025, to February 9, 2026 [2][3] Shareholding Background - Both Great Wall Asset and Chenzhou Guokong acquired their shares through Hunan Silver's 2020 restructuring plan, with Chenzhou Guokong holding 210 million shares and Great Wall Asset holding 159 million shares [3][4] - The investment amounts for the restructuring were approximately 266.7 million yuan for Chenzhou Guokong and 146.05 million yuan for Great Wall Asset [4] Financial Performance - As of November 19, 2025, Hunan Silver's closing price was 6.34 yuan, with a market capitalization exceeding 17 billion yuan [5] - Chenzhou Guokong's shares are valued at approximately 1.33 billion yuan, about five times its investment, while Great Wall Asset's shares are valued at around 729 million yuan, also about five times its investment [5] - If both shareholders proceed with their planned reductions at the current price, they would realize cash amounts of approximately 358 million yuan and 348.7 million yuan, respectively [5] Business Overview - Hunan Silver's main business includes the smelting and sales of non-ferrous and precious metals such as silver, electrolytic lead, gold, and copper products [6] - The company has seen rapid growth in performance this year, with a revenue of 8.594 billion yuan for the first three quarters of 2025, a year-on-year increase of 59.56%, and a net profit of 159 million yuan, up 28.44% [6] - The company adjusted its share repurchase price limit from 5 yuan to 8 yuan per share due to the rising stock price [6]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report Core Views - This week, copper prices fluctuated narrowly. Supported by the precious metals market, copper prices were strong in the first half of the week and adjusted on Friday. The downstream point - pricing volume rebounded significantly. The price around 85,000 may be the psychological price for downstream point - pricing [1]. - Overseas production suspension news and expectations boosted the domestic aluminum price, which was stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods, sheets, and foils slightly reduced inventory. The downstream consumption was okay, and the acceptance of high prices increased. In the short term, it may show a fluctuating trend [1][2]. - This week, zinc prices fluctuated. The domestic and imported TC decreased further this week. The domestic zinc ore will be tighter from the fourth quarter to the first quarter of next year. The processing fee has dropped significantly. The demand is seasonally weak domestically, while overseas, the demand in Europe is average and the growth rate in the Middle East is high. The price center may be difficult to decline deeply. In the short term, it is recommended to wait and see for unilateral trading; pay attention to the reverse arbitrage opportunity and be cautious when increasing positions; for the month - spread, pay attention to the positive arbitrage opportunity of 01 - 03 [5]. - Nickel prices decreased this week. The supply of pure nickel decreased slightly month - on - month, the demand was weak overall, and the inventory continued to accumulate at home and abroad. There are continuous disturbances at the Indonesian ore end, and the policy side has the motivation to support prices. Pay attention to the short - selling opportunities [6]. - Stainless steel prices were weak. The steel mill's production plan in October increased slightly month - on - month, the demand was mainly for rigid needs, the cost remained stable, and the inventory remained at a high level. The Indonesian policy side has the motivation to support prices. Pay attention to the short - selling opportunities [7]. - This week, lead prices fluctuated at a high level. The supply of primary and recycled lead was tight, and the supply - demand mismatch was serious. Now the resumption of recycled lead production has alleviated some of the contradictions, and the social inventory has increased. The demand is expected to weaken. It is expected that the lead price will fluctuate narrowly next week, and it is recommended to wait and see [9]. - This week, tin prices increased. The processing fee of tin ore remained at a low level, and the supply has been marginally repaired. The overseas output is still controversial. The demand is mainly rigid, and the overseas LME inventory has recovered. In the short term, it follows the macro - sentiment. In the long - term, the supply will increase, but the elasticity is limited. It is recommended to hold at a low price close to the cost or use it as a long - position allocation in non - ferrous metals [11]. - This week, the price of industrial silicon was stable. The production in the northwest region was basically stable, and the overall change was small. In the fourth quarter, the supply and demand of industrial silicon are expected to be in a balanced and slightly loose state. In the short term, the price is expected to fluctuate; in the long - term, the price is expected to fluctuate at the bottom of the cycle [15]. - Affected by the lithium - battery demand expectation and the market's bullish sentiment, the price of lithium carbonate was strong. The upstream inventory has been significantly reduced, and the downstream inventory is still relatively sufficient. The basis has slightly weakened. In the long - term, if the energy - storage demand remains high and the power demand is stable, the pattern of lithium carbonate may change in the next 1 - 2 years [17]. Group 3: Summary According to Related Catalogs Copper - **Price and Inventory**: From November 13th to 19th, the Shanghai copper spot price changed from 55 to 95, the waste - refined copper price difference increased by 130, the LME inventory increased by 17,375, and the LME注销仓单 increased by 800 [1]. - **Market Analysis**: This week, copper prices fluctuated narrowly. Supported by the precious metals market, copper prices were strong in the first half of the week and adjusted on Friday. The downstream point - pricing volume rebounded significantly. The price around 85,000 may be the psychological price for downstream point - pricing [1]. Aluminum - **Price and Inventory**: From November 13th to 19th, the Shanghai aluminum ingot price decreased by 90, the domestic alumina price decreased by 5, the aluminum LME inventory decreased by 2,000, and the aluminum LME注销仓单 increased by 29,450 [1]. - **Market Analysis**: Overseas production suspension news and expectations boosted the domestic aluminum price, which was stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods, sheets, and foils slightly reduced inventory. The downstream consumption was okay, and the acceptance of high prices increased. In the short term, it may show a fluctuating trend [1][2]. Zinc - **Price and Inventory**: From November 13th to 19th, the Shanghai zinc ingot price increased by 100, the zinc social inventory remained unchanged, the LME zinc inventory increased by 1,550, and the LME zinc注销仓单 increased by 100 [5]. - **Supply and Demand**: The domestic and imported TC decreased further this week. The domestic zinc ore will be tighter from the fourth quarter to the first quarter of next year. The demand is seasonally weak domestically, while overseas, the demand in Europe is average and the growth rate in the Middle East is high. The export window has opened [5]. - **Strategy**: The domestic consumption of zinc is weak, but there will be a phased reduction in supply at the end of the year. The price center may be difficult to decline deeply. In the short term, it is recommended to wait and see for unilateral trading; pay attention to the reverse arbitrage opportunity and be cautious when increasing positions; for the month - spread, pay attention to the positive arbitrage opportunity of 01 - 03 [5]. Nickel - **Price and Inventory**: From November 13th to 19th, the price of 1.5% Philippine nickel ore decreased by 1, the Shanghai nickel spot price decreased by 700, the LME inventory decreased by 1,986, and the LME注销仓单 decreased by 2,238 [6]. - **Supply and Demand**: The supply of pure nickel decreased slightly month - on - month, the demand was weak overall, and the inventory continued to accumulate at home and abroad. There are continuous disturbances at the Indonesian ore end, and the policy side has the motivation to support prices [6]. Stainless Steel - **Price and Inventory**: From November 13th to 19th, the price of 304 cold - rolled coil decreased by 100, the price of waste stainless steel increased by 50 [7]. - **Supply and Demand**: The steel mill's production plan in October increased slightly month - on - month, the demand was mainly for rigid needs, the cost remained stable, and the inventory remained at a high level. The Indonesian policy side has the motivation to support prices [7]. Lead - **Price and Inventory**: From November 13th to 19th, the lead spot price increased by 10, the LME inventory decreased by 325, and the LME注销仓单 decreased by 2,500 [8][9]. - **Supply and Demand**: The supply of primary and recycled lead was tight, and the supply - demand mismatch was serious. Now the resumption of recycled lead production has alleviated some of the contradictions, and the social inventory has increased. The demand is expected to weaken [9]. - **Strategy**: It is expected that the lead price will fluctuate narrowly next week, and it is recommended to wait and see [9]. Tin - **Price and Inventory**: From November 13th to 19th, the tin spot import profit decreased by 236.31, the LME inventory increased by 60, and the LME注销仓单 decreased by 10 [10][11]. - **Supply and Demand**: The processing fee of tin ore remained at a low level, and the supply has been marginally repaired. The overseas output is still controversial. The demand is mainly rigid, and the overseas LME inventory has recovered [11]. - **Strategy**: In the short term, it follows the macro - sentiment. In the long - term, the supply will increase, but the elasticity is limited. It is recommended to hold at a low price close to the cost or use it as a long - position allocation in non - ferrous metals [11]. Industrial Silicon - **Price and Inventory**: From November 13th to 19th, the 421 Yunnan basis decreased by 410, the 421 Sichuan basis decreased by 410, the 553 East China basis decreased by 410, the 553 Tianjin basis decreased by 410, and the warehouse receipt increased by 10 [15]. - **Supply and Demand**: The production in the northwest region was basically stable, and the overall change was small. In the fourth quarter, the supply and demand of industrial silicon are expected to be in a balanced and slightly loose state [15]. - **Price Trend**: In the short term, the price is expected to fluctuate; in the long - term, the price is expected to fluctuate at the bottom of the cycle [15]. Lithium Carbonate - **Price and Inventory**: From November 13th to 19th, the SMM electric - grade lithium carbonate price increased by 1,500, the SMM industrial - grade lithium carbonate price increased by 1,450, the main - contract basis decreased by 4,280, the near - month contract basis increased by 1,500, and the warehouse receipt increased by 155 [17]. - **Supply and Demand**: The upstream inventory has been significantly reduced, and the downstream inventory is still relatively sufficient. The basis has slightly weakened [17]. - **Price Trend**: In the long - term, if the energy - storage demand remains high and the power demand is stable, the pattern of lithium carbonate may change in the next 1 - 2 years [17].

Report Industry Investment Rating No relevant content provided. Core View of the Report After a previous continuous rise, recent hot sectors have shown rapid rotation, with technology growth remaining the market's main theme. The policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips. In the bond market, the supply - demand pattern may improve in the fourth quarter, and it is expected to oscillate and recover. For various commodities, strategies vary based on their specific fundamentals and market conditions [4][8]. Summary by Category Macro - Financial Index Futures - **Market Information**: News includes diplomatic statements, potential mergers in the securities industry, changes in semiconductor intervention, and expected memory price increases. The basis ratios of IF, IC, IM, and IH for different contract periods are provided [2][3]. - **Strategy View**: After the previous rise, hot sectors rotate rapidly, with technology growth as the main theme. The policy supports the capital market, and the medium - to long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: Wednesday's futures contract prices showed declines. There are upcoming treasury cash management deposit tenders, and the Japanese 10 - year bond yield reached a high. The central bank conducted reverse repurchase operations with a net injection [5]. - **Strategy View**: The 10 - month economic data is weak, and the social financing growth rate may remain weak at the end of the year. The bond market is expected to oscillate and recover, considering the supply - demand pattern, inflation expectations, and the stock - bond seesaw effect [8]. Precious Metals - **Market Information**: Prices of gold and silver in domestic and overseas markets rose. The US 10 - year bond yield and the US dollar index are given. Fed officials' statements and meeting minutes influenced market expectations [9]. - **Strategy View**: It is recommended to go long on silver on dips. The reference operating ranges for Shanghai gold and silver futures are provided [10]. Non - Ferrous Metals Copper - **Market Information**: Copper prices rebounded. LME and domestic warehouse inventory changes, price differentials, and import losses are presented [12]. - **Strategy View**: Despite geopolitical headwinds, copper prices are supported by tight raw material supply and improved spot conditions. Reference operating ranges for Shanghai and LME copper are given [13]. Aluminum - **Market Information**: Aluminum prices stabilized and rose. Changes in inventory, positions, and price differentials are provided [14]. - **Strategy View**: With relatively low overseas inventory and potential domestic inventory reduction, aluminum prices are expected to strengthen after oscillation. Reference operating ranges for Shanghai and LME aluminum are given [15]. Zinc - **Market Information**: Zinc prices showed changes. Inventory, positions, and price differentials at home and abroad are presented [16]. - **Strategy View**: Zinc ore is in short supply during the refinery's winter stockpiling. Zinc prices are expected to be weak in the short term [17]. Lead - **Market Information**: Lead prices changed slightly. Inventory, positions, and price differentials are provided [18]. - **Strategy View**: Lead raw materials are in short supply, and lead prices are expected to be weak in the short term [18]. Nickel - **Market Information**: Nickel prices rebounded slightly. Spot prices, cost, and inventory changes are presented [19]. - **Strategy View**: Nickel prices are under pressure from fundamentals. Short - term decline space may be limited, and short - term trading strategies are recommended [19]. Tin - **Market Information**: Tin prices rose. Supply is affected by mine shortages, and demand has long - term support from emerging sectors [20]. - **Strategy View**: Tin supply and demand are in a tight balance, and it is recommended to go long on dips. Reference operating ranges are given [21]. Carbonate Lithium - **Market Information**: Carbonate lithium prices rose. Futures contract prices and spot price changes are presented [22]. - **Strategy View**: The market is dominated by bulls. Attention should be paid to potential price fluctuations, and a reference operating range is given [22]. Alumina - **Market Information**: Alumina prices fell. Inventory, positions, and price differentials are provided [23]. - **Strategy View**: Overseas mine prices may decline, and alumina has a surplus. It is recommended to wait and see, and a reference operating range is given [25]. Stainless Steel - **Market Information**: Stainless steel prices fell. Spot prices, positions, and inventory changes are presented [26]. - **Strategy View**: The supply - demand imbalance persists, and prices are expected to continue to decline [27]. Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices stabilized. Inventory, positions, and price differentials are provided [28]. - **Strategy View**: The cost has support, and prices are expected to follow aluminum prices [29]. Black Building Materials Steel - **Market Information**: Steel prices fell. Futures contract prices, positions, and spot price changes are presented [31]. - **Strategy View**: Steel demand is in the off - season. Prices are expected to be weak in the short term but may improve with policy implementation [32]. Iron Ore - **Market Information**: Iron ore prices changed slightly. Futures contract prices, positions, and spot price changes are presented [33]. - **Strategy View**: Supply is increasing, and demand has a marginal increase. Prices are expected to oscillate in the short term [34]. Glass and Soda Ash - **Market Information**: Glass and soda ash prices fell. Inventory, positions, and spot price changes are presented [35][37]. - **Strategy View**: Glass supply exceeds demand, and prices are expected to be weak. Soda ash prices are expected to oscillate at a low level [36][38]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon and ferrosilicon prices fell. Futures contract prices, positions, and spot price changes are presented [39]. - **Strategy View**: For the black sector, it may be more cost - effective to look for rebound opportunities. Manganese silicon and ferrosilicon have different fundamentals and trading suggestions [41][42]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices rose, and polysilicon prices also changed. Futures contract prices, positions, and spot price changes are presented [43][45]. - **Strategy View**: Industrial silicon may have a "supply - demand double - weak" pattern. Polysilicon prices are expected to oscillate in a wide range [44][46]. Energy and Chemicals Rubber - **Market Information**: Rubber prices oscillated and rebounded. Supply and demand factors, inventory, and spot prices are presented [48][50][51]. - **Strategy View**: A short - term long - biased trading strategy is recommended, and a hedging suggestion is provided [52]. Crude Oil - **Market Information**: Crude oil prices rose, and related refined oil prices changed. Inventory changes are presented [53]. - **Strategy View**: Oil prices are not recommended to be overly shorted in the short term. A wait - and - see strategy is suggested [54]. Methanol - **Market Information**: Methanol prices fell. Futures contract prices, positions, and spot price changes are presented [55]. - **Strategy View**: High port inventory and supply - demand imbalance put pressure on prices. A wait - and - see strategy is recommended [55]. Urea - **Market Information**: Urea prices changed slightly. Futures contract prices, positions, and spot price changes are presented [56]. - **Strategy View**: The market is sensitive to news. Urea prices are expected to oscillate and bottom out [57]. Pure Benzene and Styrene - **Market Information**: Pure benzene and styrene prices changed. Cost, supply, demand, and inventory factors are presented [58]. - **Strategy View**: Benzene supply is under pressure, and styrene prices may stop falling [59]. PVC - **Market Information**: PVC prices fell. Futures contract prices, positions, and spot price changes are presented [60]. - **Strategy View**: Supply exceeds demand, and export expectations are weak. A short - selling strategy is recommended [61]. Ethylene Glycol - **Market Information**: Ethylene glycol prices fell. Futures contract prices, positions, and spot price changes are presented [62]. - **Strategy View**: Supply is high, and inventory is expected to accumulate. A short - selling strategy is recommended [63]. PTA - **Market Information**: PTA prices rose. Futures contract prices, positions, and spot price changes are presented [64]. - **Strategy View**: Supply may accumulate, and demand has limited improvement. Attention should be paid to potential upward trends [65]. p - Xylene - **Market Information**: p - Xylene prices rose. Futures contract prices, positions, and spot price changes are presented [66]. - **Strategy View**: p - Xylene inventory may accumulate slightly in November. Attention should be paid to potential upward trends [68]. Polyethylene (PE) - **Market Information**: PE prices changed. Futures contract prices, positions, and spot price changes are presented [69]. - **Strategy View**: PE prices are expected to oscillate at a low level [70]. Polypropylene (PP) - **Market Information**: PP prices rose. Futures contract prices, positions, and spot price changes are presented [71]. - **Strategy View**: PP prices may be supported in the first quarter of next year [72]. Agricultural Products Live Pigs - **Market Information**: Pig prices rose slightly. Supply and demand factors are presented [75]. - **Strategy View**: Supply is expected to be high before the Spring Festival. A short - selling strategy is recommended, and an anti - arbitrage strategy is preferred [76]. Eggs - **Market Information**: Egg prices were stable or fell. Supply and demand factors are presented [77]. - **Strategy View**: Egg prices are expected to oscillate in the short term and a short - selling strategy is recommended in the medium term [78]. Soybean and Rapeseed Meal - **Market Information**: Soybean and rapeseed meal prices changed. Supply and demand factors are presented [79]. - **Strategy View**: Import costs have a bottom, and meal prices are expected to oscillate [82]. Oils and Fats - **Market Information**: Oil and fat prices changed. Supply and demand factors are presented [83]. - **Strategy View**: Palm oil prices are expected to oscillate, and a long - biased strategy can be considered if production declines [84]. Sugar - **Market Information**: Sugar prices fell. Supply and demand factors are presented [85]. - **Strategy View**: Sugar prices are expected to be weak, and a short - selling strategy is recommended [87]. Cotton - **Market Information**: Cotton prices rebounded slightly. Supply and demand factors are presented [88]. - **Strategy View**: Cotton prices are expected to oscillate in the short term due to weak demand and high supply [90].

Group 1: Report Industry Investment Ratings - No information provided in the report regarding industry investment ratings Group 2: Report Core Views - **Copper**: Market sentiment is cautious, with prices oscillating. In the long - term, supply - demand contradictions support a gradual upward shift of the price floor. Pay attention to demand changes and overseas interest - rate cut expectations, with the main contract reference range of 85500 - 87500 yuan/ton [1] - **Zinc**: Fundamental changes are limited, with prices oscillating. Supply is expected to face less pressure, and demand shows no significant upside. The LME inventory is increasing, and the risk of a short squeeze has eased. Zinc exports may boost domestic prices. In the short term, prices will likely continue to oscillate, with the main contract reference range of 22200 - 22800 yuan/ton [3] - **Aluminum**: Alumina prices are expected to remain weak and oscillate, with the main contract reference range of 2700 - 2900 yuan/ton. The price of Shanghai aluminum will fluctuate between macro - positive factors and weak fundamentals. The medium - term supply shortage remains [4] - **Tin**: The tin ore supply is tight, and demand shows regional differences. With positive semiconductor sentiment, long positions can be held. Monitor macro - level changes and the recovery of supply from Myanmar [6] - **Aluminum Alloy**: The price of ADC12 will remain strong in the short term, with the main contract reference range of 20400 - 21000 yuan/ton. Focus on the improvement of scrap aluminum supply, downstream procurement, and inventory reduction [9] - **Nickel**: Macro - factors are exerting some pressure, and the fundamentals are improving marginally. The medium - term supply is abundant, restricting upward price movement. The price is expected to be weak, with the main contract reference range of 113000 - 118000 yuan/ton [11] - **Stainless Steel**: Policy and macro - drivers are insufficient, and the fundamentals are not significantly improved. Supply and inventory pressures remain, and demand is weak. The price is expected to oscillate weakly, with the main contract reference range of 12300 - 12600 yuan/ton [13] - **Lithium Carbonate**: The market sentiment is high, and the price is expected to remain strong in the short term, followed by wide - range fluctuations. Be cautious when chasing long positions, and consider partial profit - taking for existing long positions [15] - **Polysilicon**: Prices are expected to oscillate in a high - level range. Futures may decline, and attention should be paid to production control and demand changes [16] - **Industrial Silicon**: Prices are expected to oscillate at a low level, with the main fluctuation range of 8500 - 9500 yuan/ton. Consider short - selling or hedging at high prices [17] Group 3: Summaries by Relevant Catalogs Copper - **Price and Spread**: SMM 1 electrolytic copper price is 86715 yuan/ton, up 0.13% [1] - **Fundamental Data**: In October, electrolytic copper production was 109.16 million tons, down 2.62%. In September, imports were 33.43 million tons, up 26.50% [1] Zinc - **Price and Spread**: SMM 0 zinc ingot price is 22420 yuan/ton, up 0.45% [3] - **Fundamental Data**: In October, refined zinc production was 61.72 million tons, up 2.85%. In September, imports were 2.27 million tons, down 11.61%, and exports were 0.25 million tons, up 696.78% [3] Aluminum - **Alumina** - **Price and Spread**: Aluminum oxide prices in different regions are mostly stable [4] - **Fundamental Data**: In October, alumina production was 778.53 million tons, up 2.39% [4] - **Aluminum** - **Price and Spread**: SMM A00 aluminum price is 21550 yuan/ton, up 0.42% [4] - **Fundamental Data**: In October, electrolytic aluminum production was 374.21 million tons, up 3.52%. In September, imports were 24.68 million tons, up 13.57%, and exports were 2.90 million tons, up 13.07% [4] Tin - **Price and Spread**: SMM 1 tin price is 291500 yuan/ton, up 0.73% [6] - **Fundamental Data**: In September, tin ore imports were 8714 tons, down 15.13%. In October, SMM refined tin production was 16090 tons, up 53.09% [6] Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 price is 21450 yuan/ton, unchanged [9] - **Fundamental Data**: In October, recycled aluminum alloy ingot production was 64.50 million tons, down 2.42%. The production of primary aluminum alloy ingots was 28.60 million tons, up 1.06% [9] Nickel - **Price and Spread**: SMM 1 electrolytic nickel price is 117600 yuan/ton, up 0.56% [11] - **Fundamental Data**: China's refined nickel production was 35900 tons, up 0.84%. Imports were 38164 tons, up 124.36% [11] Stainless Steel - **Price and Spread**: The price of 304/2B (Wuxi Hongwang 2.0 coil) is 12700 yuan/ton, unchanged [13] - **Fundamental Data**: China's 300 - series stainless steel crude steel production (43 companies) was 182.17 million tons, up 0.38%. Indonesia's 300 - series stainless steel crude steel production (Qinglong) was 42.35 million tons, up 0.36% [13] Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate average price is 88900 yuan/ton, up 1.72% [15] - **Fundamental Data**: In October, lithium carbonate production was 92260 tons, up 5.73%. Demand was 126961 tons, up 8.70% [15] Polysilicon - **Price and Spread**: The average price of N - type re - feedstock remains at 52300 yuan/kg [16] - **Fundamental Data**: Weekly polysilicon production was 2.68 million tons, down 0.74%. Monthly production was 13.40 million tons, up 3.08% [16] Industrial Silicon - **Price and Spread**: The price of East China oxygen - containing S15530 industrial silicon is 8450 yuan/ton, unchanged [17] - **Fundamental Data**: National industrial silicon production was 45.22 million tons, up 7.46%. The national operating rate was 68.12%, up 9.98% [17]