Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Hong Kong metal and non-ferrous metal industry, highlighting its growth potential and defensive characteristics, making it a quality investment sector [1][2]. Key Insights and Arguments General Market Sentiment - Anticipation of interest rate cuts is driving capital into non-ferrous metals with financial attributes, leading to increased investment interest in the sector [1][2]. - Many mid-cap non-ferrous metal companies in Hong Kong are undervalued and exhibit high elasticity, enhancing their investment appeal [2]. Cobalt Industry - A projected shortage of approximately 30,000 tons in the cobalt industry is expected post-2026, with prices potentially rising to around 400,000 CNY/ton from the current 280,000-290,000 CNY/ton [3][4]. - Li Qun Resources is expected to benefit significantly from its wet smelting capacity in Indonesia, with nickel profits projected to exceed 4 billion CNY by 2026 [4]. Gold Market - The gold market outlook remains positive, driven by interest rate cuts and de-dollarization, with prices expected to approach 4,000 USD/oz [5]. - Zijin Mining International is anticipated to be undervalued, with a potential market capitalization exceeding 300 billion HKD post-listing [5][6]. Copper Market - A tightening supply of copper is expected, with several companies lowering production forecasts. The period from 2025 to mid-2026 is anticipated to be the tightest for global copper supply, with prices potentially exceeding 12,000 USD/ton [1][9]. - AI technology is expected to significantly boost copper demand, with an estimated increase of 100,000 tons by 2027 due to data center construction [30]. Tungsten Market - The tungsten market is facing a supply-demand gap due to quota reductions and policy restrictions, with prices expected to remain high from 2025 to 2027 [14][15]. - Jiaxin International is highlighted as a promising investment in the tungsten sector, with significant profit potential due to rising tungsten prices [16]. Additional Important Insights Investment Recommendations - Key stocks to watch include Li Qun Resources and Zijin Mining International, both of which are expected to see substantial profit growth and are currently undervalued [6][8]. - China Hanwang is noted for its potential growth, with expected gold production of 6 to 7 tons by 2027-2028, suggesting a market cap increase to around 200 billion HKD [8]. Market Dynamics - The copper market is experiencing a gradual increase in downstream acceptance of higher prices, with a shift in procurement behavior noted as prices fluctuate [13]. - The aluminum market is expected to see stable prices due to limited supply growth and strong demand, particularly from the construction and photovoltaic sectors [24][27]. Future Trends - The overall sentiment towards the non-ferrous metal sector remains optimistic, with a focus on growth and defensive attributes, making it a differentiated investment choice [32][33]. - Emerging sectors such as innovative pharmaceuticals, VR, AI, and hard technology are also recommended for investment consideration in the Hong Kong market [33].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Hong Kong stock market's non-ferrous metal industry, highlighting its growth potential and defensive characteristics, making it a quality investment sector [1][2][32]. Key Insights and Arguments Non-Ferrous Metal Sector - Anticipated interest rate cuts are expected to drive funds into non-ferrous metals with financial attributes, leading to increased investment in small to mid-cap companies within this sector [1][2]. - The cobalt industry is projected to face a shortage of approximately 30,000 tons by 2026, with prices potentially rising to nearly 400,000 CNY per ton [1][3]. - Gold prices are expected to rise towards 4,000 USD per ounce, driven by the interest rate cycle and de-dollarization trends [1][5]. - Copper supply is tightening, with several companies lowering production forecasts, leading to expectations of record-high copper prices, potentially exceeding 12,000 USD per ton in the first half of 2026 [1][9]. - Tungsten supply is constrained due to quota reductions and policy restrictions, with a sustained supply-demand gap expected from 2025 to 2027, supporting high tungsten prices [1][14][15]. Company-Specific Insights - **Li Qun Resources**: Expected to benefit from Indonesian wet smelting capacity, with nickel profits projected to reach over 4 billion CNY by 2026 [1][4][6]. - **Zijin Mining International**: Valuation is considered low, with potential market capitalization exceeding 300 billion HKD post-listing [1][5][6]. - **Jiaxin International**: Positioned as a rare tungsten mining stock, with significant investment potential due to its low valuation compared to peers [1][16][18]. - **China Hanwang**: Anticipated to achieve gold production of 6 to 7 tons by 2027-2028, with a projected market capitalization of 200 billion HKD [1][8]. Market Dynamics - The copper market is expected to experience a significant tightening phase, with global supply constraints and increasing demand from AI technology driving future growth [1][30]. - The aluminum market is projected to see a demand growth of 1.5% in 2025, with supply growth slowing, leading to a tighter market and upward pressure on prices [1][27]. - The lithium carbonate market faces uncertainties due to regulatory issues affecting production, but demand remains strong, particularly in the energy storage sector [1][28][29]. Additional Important Insights - The overall sentiment towards the non-ferrous metal sector remains positive, with a focus on both growth and defensive attributes, making it a differentiated investment choice [1][32]. - The call emphasizes the importance of monitoring specific stocks within the sector, particularly those with strong fundamentals and growth potential [1][33]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the non-ferrous metal industry and specific companies within the Hong Kong stock market.

Summary of Key Points from Conference Call Industry Overview - The copper industry is facing significant supply disruptions, with global copper mine supply expected to show no growth in 2025 due to major mining companies reducing output and new projects not compensating for these reductions [1][2][3] - The supply of scrap copper in China is tightening due to policy impacts, with a significant slowdown in import growth observed in the first eight months of 2025 [1][4] Supply and Demand Dynamics - Major mining companies, including Freeport and Glencore, have lowered their production forecasts, leading to a total reduction of approximately 24 million tons [2] - The global copper supply is expected to be extremely tight in the first half of 2026, with a potential shortfall of over 700,000 tons, exceeding market expectations [2][8] - The U.S. has seen a surge in COMEX inventory due to the removal of tariffs on electrolytic copper, but this is expected to peak by the end of September, leading to increased demand pressure outside the U.S. [1][5] Price Forecasts - Copper prices are anticipated to reach historical highs in 2026, potentially between $12,000 and $14,000 per ton, driven by supply constraints and resilient demand [1][11] - High copper prices are expected to impact downstream consumption, but the market is showing an increasing acceptance of higher prices, with strong buying support even at elevated levels [9][10] Demand Segments - The electricity, home appliance, and transportation sectors account for approximately 70% of copper demand, with improvements expected in electricity demand and stable growth in new energy vehicle demand [7] - Despite a slowdown in investment from the State Grid, overall demand in the electricity sector is projected to grow in the coming quarters [7] Company Insights - Tongling Nonferrous Metals is highlighted as a key investment opportunity due to its rapid production growth and commitment to high dividends, with projected profits of 5 to 6 billion yuan [12] - The valuation of the Hong Kong smelting industry has improved from extreme lows, with expectations of better profitability as supply-demand dynamics shift in 2026 [13][15] Regulatory Impact - Domestic anti-dumping policies are expected to restrict new capacity, which could enhance the competitive advantage of leading domestic companies and improve overall industry profitability [19] Investment Opportunities - The copper sector presents significant investment opportunities, particularly with the anticipated tightening of copper supply in late 2025 and early 2026, which is expected to drive prices higher [17][18]

Group 1 - The copper metal concept increased by 1.17%, ranking fifth among concept sectors, with 41 stocks rising, including Naipu Mining at a 20% limit up, and notable gains from Luoyang Molybdenum (9.90%), Tongling Nonferrous Metals (8.12%), and Northern Copper (7.47%) [1][2] - The copper sector saw a net inflow of 1.177 billion yuan, with 41 stocks receiving net inflows, and five stocks exceeding 100 million yuan in net inflow, led by Luoyang Molybdenum with 1.247 billion yuan [2][3] - The top stocks by net inflow ratio included Jingyi Co., Huamao Co., and Naipu Mining, with net inflow ratios of 54.25%, 23.21%, and 16.11% respectively [3][4] Group 2 - The top gainers in the copper sector included Luoyang Molybdenum (9.90%), Northern Copper (7.47%), and Zijin Mining (5.17%), while the biggest losers were Western Gold (down 3.72%), Dezhong Automobile (down 3.64%), and Chifeng Gold (down 3.29%) [1][2][3] - The trading volume and turnover rates for key stocks were significant, with Luoyang Molybdenum having a turnover rate of 3.71% and Northern Copper at 14.72% [3][4] - The overall performance of the copper sector reflects strong investor interest, as evidenced by the substantial net inflows and positive price movements among leading companies [2][3]

Core Viewpoint - The non-ferrous metal sector experienced a significant surge in early trading on September 25, with copper leading the gains, indicating a positive market sentiment towards copper-related companies [1] Company Summary - Northern Copper and Jingyi Co. saw their stock prices hit the daily limit up, reflecting strong investor interest and confidence in these companies [1] - Jiangxi Copper, Electric Alloy, Yunnan Copper, Luoyang Molybdenum, and Tongling Nonferrous also recorded notable price increases, showcasing a broad rally in the copper industry [1]

Core Viewpoint - The article maintains a positive outlook on copper prices, anticipating an upward trend due to various macroeconomic and supply-demand factors [4]. Macroeconomic Factors - Following a 25 basis point interest rate cut in the US in September, the dollar index experienced a short-term rebound, leading to a temporary decline in copper prices. However, the interest rate cut cycle is not over, suggesting a potential further weakening of the dollar index [4]. Supply and Demand - The inventory adjustments caused by US copper tariffs are nearing completion, with expectations that the accumulation of inventories on LME and COMEX will gradually end. The supply of copper from mines and scrap remains tight, with a slight decrease in electrolytic copper production in August. Demand for electricity and air conditioning is expected to rebound in Q4, supporting higher copper prices [4]. Inventory Levels - Domestic copper social inventory increased by 3.2%, while LME copper inventory decreased by 3.2%. As of September 19, 2025, domestic port copper concentrate inventory stood at 725,000 tons, up 4.6% from the previous week. Global electrolytic copper inventory totaled 557,000 tons, up 2.6% [5]. Raw Material Prices - The price difference between refined copper and scrap copper decreased by 193 yuan/ton compared to the previous week. In May 2025, China's refined copper production was 158,000 tons, up 22.7% month-on-month and 11.2% year-on-year [6]. Smelting and Processing - In August 2025, China's electrolytic copper production was 1.1715 million tons, down 0.2% month-on-month but up 15.6% year-on-year. The TC spot price as of September 19 was -40.64 USD/ton, reflecting a 0.8 USD/ton increase from the previous week, remaining at historically low levels [7]. Demand Trends - The cable industry's operating rate decreased by 1.8 percentage points week-on-week, while the production of household air conditioners in August exceeded expectations, showing a year-on-year increase of 9.4% [8][9].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [6]. Core Views - The report is optimistic about the upward trend in copper prices, driven by tightening supply and improving demand in the upcoming quarters [4][6]. Supply and Demand Summary - **Supply**: Domestic copper social inventory increased by 3.2%, while LME copper inventory decreased by 3.2%. Domestic port copper concentrate inventory reached 725,000 tons, up 4.6% week-on-week [2][26]. - **Demand**: In August, domestic air conditioning production increased by 9.4% year-on-year, outperforming previous expectations of a 2.8% decline. The cable industry, which accounts for approximately 31% of domestic copper demand, saw a slight decrease in operating rates [3][78][97]. Price and Market Summary - **Copper Prices**: As of September 19, 2025, SHFE copper closed at 79,910 CNY/ton, down 1.42% from September 12, while LME copper closed at 9,997 USD/ton, down 0.71% [1][19]. - **Futures Market**: SHFE copper active contract positions decreased by 35%, while COMEX non-commercial net long positions increased by 11% [4][33]. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while suggesting to pay attention to Tongling Nonferrous Metals [4].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights that the recent interest rate cut by the Federal Reserve may lead to fluctuations in copper prices, with a focus on demand during the peak season of September and October [4] - Cobalt prices are expected to rise due to a potential extension of the export ban from the Democratic Republic of Congo, which could accelerate the depletion of raw material inventories [4] - Lithium prices are anticipated to rebound from the bottom as demand increases during the peak season [4] Summary by Sections 1. Industry Overview - The U.S. retail sales for August exceeded expectations, with a month-on-month increase of 0.6% [8] - The Federal Reserve cut interest rates by 25 basis points, lowering the upper limit of the benchmark rate from 4.5% to 4.25% [8] 2. Market Performance - The non-ferrous metals sector underperformed, with a decline of 4.02% compared to a 1.30% drop in the Shanghai Composite Index [10] - The sector's PE_TTM valuation is 23.96, down by 0.80 from the previous week, while the PB_LF valuation is 2.87, down by 0.09 [19] 3. Copper - Copper prices saw a decline, with LME copper down 0.85% and SHFE copper down 1.42% [24] - Domestic copper inventories increased by 12.50%, indicating a potential oversupply [24] 4. Aluminum - Aluminum prices decreased, with LME aluminum down 0.43% and SHFE aluminum down 1.00% [35] - The aluminum industry is facing a profit margin squeeze, with profits down to 4,793 CNY/ton [35] 5. Lithium - Lithium carbonate prices increased by 1.45% to 73,500 CNY/ton, while lithium spodumene prices rose by 2.02% to 859 USD/ton [74] - The report indicates that lithium prices may have bottomed out and are expected to recover [74] 6. Cobalt - Cobalt prices increased, with MB cobalt rising by 0.93% to 16.30 USD/pound and domestic cobalt prices up by 1.84% to 277,000 CNY/ton [86] - The potential extension of the DRC's cobalt export ban could lead to a significant price rebound [86]

Group 1: Report Industry Investment Rating - Copper investment rating: Cautiously bullish [7] - Arbitrage investment rating: On hold [7] - Option investment rating: Short put @ 78,000 yuan/ton [7] Group 2: Core Viewpoints - After the Fed's interest rate meeting, the market's interest rate cut expectation was fulfilled, and copper prices declined. However, the TC price of copper remains low, and the demand outlook is not as pessimistic as in the middle of the year. When the price drops below 80,000 yuan/ton, the downstream restocking sentiment may be stimulated [7] Group 3: Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On September 17, 2025, the opening price of the main Shanghai copper contract was 81,010 yuan/ton, and the closing price was 80,560 yuan/ton, a -0.40% decrease from the previous trading day's close. The opening price of the main Shanghai copper contract in the night session was 79,980 yuan/ton, and the closing price was 79,880 yuan/ton, a 0.84% decrease from the afternoon close [1] Spot Situation - According to SMM, the spot premium of electrolytic copper continued to weaken. The average price of SMM1 copper was 80,410 - 80,790 yuan/ton, with a premium of 60 yuan/ton (down 15 yuan) over the main contract. The market procurement sentiment was low, and holders actively lowered prices to sell [2] Important Information Summary - The Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 4.00% - 4.25%. After the FOMC statement, the market expected a more than 90% chance of a rate cut in October [3] Mining End - Australia's Orion Minerals signed a non - binding term sheet with a Glencore subsidiary to provide $200 million - $250 million in financing for its Prieska copper - zinc project in South Africa. Different countries have introduced different mining regulatory measures [4] Smelting and Import - Canadian miner Highland Copper's Copperwood copper project in the US received a "non - binding interest letter" from the US Export - Import Bank, with a potential financing of up to $250 million [5] Consumption - From January to August 2025, China's automobile production and sales reached 21.051 million and 21.128 million vehicles respectively, with year - on - year increases of 12.7% and 12.6%. New energy vehicle production and sales reached 9.625 million and 9.62 million vehicles respectively, with year - on - year increases of 37.3% and 36.7% [5] Inventory and Warehouse Receipts - LME warehouse receipts decreased by 1,675 tons to 149,775 tons, SHFE warehouse receipts decreased by 401 tons to 33,291 tons. On September 15, the domestic electrolytic copper spot inventory was 154,200 tons, an increase of 9,900 tons from the previous week [6] Table Data - The table shows data on copper prices, premiums, inventories, warehouse receipts, spreads, and arbitrage ratios from different time points (September 18, 2025; September 17, 2025; September 11, 2025; August 19, 2025) [26][27][28]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The copper market is affected by macro - factors and fundamentals. The copper price has corrected due to concerns about the Fed's interest - rate decision, and the supply is tight while the consumption shows a weakening trend [8] - The alumina market has a weakening fundamental trend. The import window has opened narrowly, and the market price reduction may take some time [15] - The electrolytic aluminum market has a tight overseas supply and a marginal recovery in domestic downstream demand. The aluminum price is expected to oscillate and rise after a correction [19][20] - The casting aluminum alloy market is affected by policy changes. The supply is tight, and the alloy ingot price is expected to be stable and slightly stronger [27] - The zinc market has a small reduction in domestic refined zinc supply in September, and the overseas market has some support for the zinc price. The zinc price may fluctuate in the short term [34][39] - The lead market has an upward - moving price center due to downstream pre - holiday stocking. However, there are risks of price decline if the import window opens or the production of recycling enterprises resumes [41] - The nickel market has a relatively optimistic macro - atmosphere, but the LME inventory increase indicates an oversupply of refined nickel in China, and the price is expected to fluctuate widely [47] - The stainless - steel market is expected to remain high and oscillate due to the approaching Fed's interest - rate cut, positive domestic policies, and the approaching consumption peak season [53] - The tin market is affected by the Fed's interest - rate decision. The supply is tight, and the demand may be postponed. The price is expected to oscillate within a range [60] - The industrial silicon market may turn into a supply - surplus state if the rumored production resumption occurs. The price is at a relatively low valuation with a bottom support, and long positions can be considered at low prices [67] - The polysilicon market has a long - term upward price trend, but there is a short - term weakening due to the slow progress of capacity integration. The price of the 11 - contract may return to the spot price [72] - The lithium carbonate market has an optimistic atmosphere due to the Fed's interest - rate cut. The short - term supply and demand are both strong, and the price has support from the spot market [77] Group 3: Summary by Related Catalogs Copper - **Market Review**: The Shanghai copper 2510 contract closed at 80,560 yuan/ton, down 0.65%, and the open interest of the Shanghai copper index decreased by 11,113 lots to 510,000 lots. The downstream purchasing sentiment was poor, and the spot premiums in different regions showed different trends [2] - **Important Information**: In August, the production and sales of new - energy vehicles increased significantly. Anglo American and Codelco will jointly operate mines in Chile, and Australia's Orion Minerals may get funds for its project. China's copper product output in August reached a multi - year high [3][4][5] - **Logic Analysis**: Macro - factors and supply - demand fundamentals affect the copper price. The supply is tight, and the consumption shows a weakening trend [8] - **Trading Strategy**: The copper price has fallen from a high level. Hold long positions in cross - market arbitrage and wait and see for options [13] Alumina - **Market Review**: The alumina 2511 contract fell 48 yuan to 2,916 yuan/ton. The spot prices in different regions showed a downward trend [10] - **Related Information**: Guinea's Ningba Mining Company may resume production. The industry's average profit in August increased, and the operating capacity and开工 rate of alumina in China changed [11][12] - **Logic Analysis**: The alumina market has a weakening fundamental trend, and the market price reduction may take some time [15] - **Trading Strategy**: After the "anti - involution" sentiment fades, the price will return to a bearish fundamental pattern [16] Electrolytic Aluminum - **Market Review**: The Shanghai aluminum 2510 contract fell 80 yuan to 20,910 yuan/ton. The spot prices in different regions decreased [18] - **Related Information**: The market expects the Fed to cut interest rates by 75 basis points by the end of the year. The electrolytic aluminum inventory remained unchanged, and some capacity replacement plans were announced [18] - **Trading Logic**: The market is cautious before the Fed's interest - rate meeting. The overseas supply is tight, and the domestic downstream demand is recovering marginally [19] - **Trading Strategy**: The aluminum price is expected to oscillate, and long positions can be considered after a correction. Wait and see for arbitrage and options [20][21] Casting Aluminum Alloy - **Market Review**: The casting aluminum alloy 2511 contract fell 70 yuan to 20,435 yuan/ton. The spot prices in different regions were stable, and the import price decreased [24] - **Related Information**: Policy changes have affected the recycling aluminum industry, and the average cost and profit of the casting aluminum alloy industry in August changed. The casting aluminum alloy futures standard - warehouse receipt generation business will start on September 22 [24][25][26] - **Trading Logic**: Policy changes have affected the supply, and the downstream demand is increasing. The supply is tight, and the price is expected to be stable and slightly stronger [27] - **Trading Strategy**: The price is expected to oscillate at a high level, and long positions can be considered after a correction. Wait and see for arbitrage and options [28][29] Zinc - **Market Review**: The Shanghai zinc 2511 contract fell 0.13% to 22,285 yuan/ton. The downstream purchasing sentiment was weak, and the spot premium increase was limited [32] - **Related Information**: The construction of the Zhugongtang lead - zinc mine project in Hezhang County has made breakthroughs [33] - **Logic Analysis**: The domestic refined zinc supply may decrease slightly in September, and the overseas market has some support for the zinc price. Pay attention to the impact of macro - factors [34] - **Trading Strategy**: The zinc price may fluctuate in the short term. Wait and see for arbitrage and options [39] Lead - **Market Review**: The Shanghai lead 2510 contract rose 0.12% to 17,100 yuan/ton. The market purchasing activity increased, and the supply of recycled refined lead was scarce [37] - **Related Information**: The scrap battery price is expected to remain firm, and the lead ingot inventory increased [40] - **Logic Analysis**: The lead price has moved upward due to downstream pre - holiday stocking, but there are risks of price decline [41] - **Trading Strategy**: The Shanghai lead price may operate within a range in the short term, and beware of the price decline risk [42] Nickel - **Market Review**: The main Shanghai nickel contract NI2511 fell 940 yuan to 121,990 yuan/ton. The spot premiums remained unchanged [43] - **Related Information**: The Tatty nickel mine will restart, and some companies have investment or acquisition plans [44] - **Logic Analysis**: The macro - atmosphere is relatively optimistic, but the LME inventory increase indicates an oversupply of refined nickel in China [47] - **Trading Strategy**: The price is expected to fluctuate widely. Wait and see for arbitrage and options [48][49][50] Stainless Steel - **Market Review**: The main SS2511 contract fell 120 yuan to 12,935 yuan/ton. The spot prices of cold - rolled and hot - rolled products are given [52] - **Important Information**: Taiwan's Yieh United is applying for an anti - dumping investigation, and Japan has launched an anti - dumping investigation on stainless - steel products [53] - **Logic Analysis**: The approaching Fed's interest - rate cut, positive domestic policies, and the approaching consumption peak season support the stainless - steel price [53] - **Trading Strategy**: The price is expected to remain high and oscillate. Wait and see for arbitrage [55] Tin - **Market Review**: The main Shanghai tin 2510 contract closed at 272,540 yuan/ton, down 200 yuan/ton or 0.07%. The spot market atmosphere was average [57] - **Related Information**: The market expects the Fed to cut interest rates, and the production and sales of new - energy vehicles increased in August [58][59] - **Logic Analysis**: The supply is tight, and the demand may be postponed. Pay attention to the Fed's interest - rate decision [60] - **Trading Strategy**: The price is expected to oscillate within a range. Wait and see for options [61][62] Industrial Silicon - **Market Review**: The main industrial silicon futures contract oscillated strongly and closed at 8,965 yuan/ton, down 0.06%. The spot price increased [64][65] - **Related Information**: An important article mentioned measures to promote the construction of a unified national market [66] - **Comprehensive Analysis**: The supply and demand situation may change if the rumored production resumption occurs. The price has a bottom support [67] - **Strategy**: Long positions can be considered at low prices [68] Polysilicon - **Market Review**: The main polysilicon futures contract oscillated narrowly and closed at 53,490 yuan/ton, down 2.09%. The spot price range moved up [69][71] - **Related Information**: The national standard committee has completed the solicitation of opinions on relevant standards [71] - **Comprehensive Analysis**: The long - term price trend is upward, but there is a short - term weakening. The 11 - contract price may return to the spot price [72] - **Strategy**: Buy at low prices and set stop - loss and take - profit points. Conduct reverse arbitrage on the 2511 and 2512 contracts. Take profit on selling out - of - the - money put options [73] Lithium Carbonate - **Market Review**: The main 2511 contract rose 20 yuan to 73,640 yuan/ton. The spot prices of battery - grade and industrial - grade lithium carbonate increased [74] - **Important Information**: BYD launched a new electric - bus platform, and a new lithium - powder production project was proposed [75] - **Logic Analysis**: The market atmosphere is optimistic due to the Fed's interest - rate cut. The short - term supply and demand are both strong [77] - **Trading Strategy**: The price is expected to oscillate and strengthen. Wait and see for arbitrage. Sell out - of - the - money put options [78][79][80]