Report Industry Investment Rating - No investment rating information is provided in the report. Core View - On September 3, the main contract of lithium carbonate futures declined, with trading volume at 442,800 lots (-177,641) and open interest at 346,048 lots (-2,061). The spot market had average trading, and the basis premium narrowed. In terms of cost, spodumene concentrate prices and mica prices both decreased. On the supply side, last week's lithium carbonate production slightly declined, and the production of lithium carbonate from different raw materials changed little. Among downstream customers, last week, the production of lithium iron phosphate and ternary materials increased. In September, the production schedule of lithium cobalt oxide and lithium manganate increased, and last week, the production of power batteries increased. In terms of terminal demand, in August, the year - on - year growth rate of new energy vehicle production slowed down; 3C shipments were average; in September, the production schedule of energy - storage batteries increased. In terms of inventory, registered warehouse receipts were 34,118 tons (+2,111), social inventory decreased, smelter inventory decreased, while downstream and other inventories increased. Overall, with good profits, high lithium carbonate production, rising downstream demand, and decreasing social inventory, short - term supply and demand both strengthened. The disturbance at the Jiangxi mine end was eliminated, the short - term fundamentals changed little, and the market was still affected by news. It is expected that the lithium carbonate price will fluctuate widely. It is not advisable to be overly bearish. In terms of operation, it is recommended to conduct short - term range trading, and use options to protect positions. Appropriate profit - taking is advised for the previously bought straddle options. (View score: 0) [1] Summary by Relevant Data Futures Market Data - On September 3, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 72,080 yuan/ton, 71,860 yuan/ton, 72,000 yuan/ton, and 72,000 yuan/ton respectively, all showing a decline compared to the previous day. The overall closing price was 71,880 yuan/ton, down 740 yuan. The trading volume was 442,800 lots (-177,641), and the open interest of the active contract was 346,048 lots (-2,061). The inventory was 34,118 tons (+2,111). The spreads between different contracts also changed, such as the near - month - consecutive - one spread narrowing by 400 yuan [1]. Spot Market Data - The prices of various lithium - related products in the spot market showed different trends. For example, the average price of battery - grade lithium carbonate was 75,900 yuan/ton (-1,600), and the average price of industrial - grade lithium carbonate was 73,600 yuan/ton (-1,600). The prices of lithium ore, including spodumene concentrate and lithium mica, decreased. The prices of some lithium compounds like lithium hydroxide and lithium hexafluorophosphate also changed to some extent [1]. Production and Inventory Data - Last week, the production of lithium carbonate slightly declined, and the production of lithium carbonate from different raw materials changed little. The production of lithium iron phosphate and ternary materials increased last week. In September, the production schedule of lithium cobalt oxide and lithium manganate increased, and last week, the production of power batteries increased. The SMM lithium carbonate inventory data showed that the total inventory decreased by 407 tons compared to the previous week, with different trends among smelters, downstream, and other sectors [1]. Industry News - Chile's customs data showed that in August, the country's lithium export volume was 20,114 tons, including 16,902 tons of lithium carbonate, and 1,298 tons were exported to China. Sichuan Energy Power's 30,000 - ton lithium project in Sichuan Energy De'ao Industrial Co., Ltd. successfully produced qualified battery - grade lithium carbonate products, which is expected to have an annual output value of 2.4 billion yuan and drive local employment. After commissioning, it will form a mining - smelting integration linkage with the company's Lijiagou lithium mine project [1]

Report Industry Investment Ratings No relevant content provided. Core Views Copper - Macro方面,美联储表态偏鸽,市场预计9月降息概率提升,提振铜价,但后续降息幅度不确定,铜价上方空间仍面临压制 - 基本面呈现"弱现实+稳预期"状态,中长期供需矛盾提供底部支撑,铜价至少维持震荡,后续步入新的上行周期需等待铜的商品属性及金融属性共振,主力参考78500 - 81000 [1] Zinc - 上游海外矿企步入投产复产上行周期,矿端供应宽松逻辑逐步传导至冶炼端,7月国内精锌产量大增 - 需求端即将步入旺季,锌价重心下移后,现货成交好转,全球库存绝对值水平偏低给予价格支撑 - 供应端宽松预期仍存,对锌价持续上冲提供的弹性不足,短期锌价或仍以震荡运行为主,主力参考21500 - 23000 [4] Aluminum Alumina - 市场呈现"高供应、高库存、弱需求"格局,当前期价已逼近国内主流成本带,下方空间相对有限,上方驱动需等待几内亚供应扰动或情绪催化,主力合约参考区间2900 - 3200元/吨 [7] Aluminum - 宏观层面美联储降息预期升温对铝价形成外部支撑,基本面供应端产能高位但成本上升,需求端下游消费边际回暖,社会库存虽小幅累库但同比仍处低位 - 整体呈现宏观预期与基本面改善共振格局,但高价对下游采购有抑制,短期预计维持20400 - 21000元/吨区间震荡 [7] Aluminum Alloy - 供应端废铝市场供应趋紧,对成本形成支撑,近期多地税收政策调整使部分再生铝厂减产或停产 - 需求端终端消费仍偏弱,累库趋势延续,9月起市场将迎来淡旺季转换,部分压铸企业订单已出现边际回暖迹象 - 若进口比价维持,进口铝合金锭及废铝补充有限,预计现货价格保持坚挺,铝合金与铝价差有望进一步收敛,主力合约参考运行区间20000 - 20600元/吨 [8] Tin - 供应方面,现实锡矿供应维持紧张,7月国内锡矿进口环比下降,实际出矿预计延至四季度,关注缅甸锡矿恢复情况 - 需求方面,光伏抢装机结束后,部分地区订单和开工率下滑 - 受国家政策指引,市场对于国内Al需求预期向好,同时基本面延续强势,锡价偏强震荡,运行区间参考285000 - 265000 [10] Nickel - 宏观方面,美国宽松预期提振,国内反内卷背景下政策预期偏积极 - 产业层面,精炼镍现货成交尚可,矿价坚挺,镍铁价格偏强,不锈钢需求仍偏弱 - 情绪影响弱化,近期成本有一定支撑,基本面供需变动不大,价格下跌空间有限,中期供给宽松不改制约价格上方空间,短期预计盘面以区间调整为主,主力参考118000 - 126000 [11] Stainless Steel - 宏观方面,美联储降息预期升温,中美关税谈判结果落地出口压力阶段性缓和,国内政策态度偏积极 - 矿价坚挺,镍铁市场议价区间上移,钢厂生产利润修复,对于镍铁压价心态有所缓解 - 季节性和政策窗口之下需求预期改善,但目前终端需求疲软现实未改,不锈钢社会库存去化仍较慢 - 原料价格坚挺成本支撑强化,伴随旺季来临市场持谨慎乐观态度,库存压力放缓,但基本面仍受制于现货需求偏弱,短期盘面区间震荡为主,主力运行区间参考12600 - 13400 [13] Lithium Carbonate - 消息面上,关于大厂复产信息多有发酵,目前官方尚无公告 - 近期碳酸锂基本面维持紧平衡,供应收缩预期逐步兑现,需求表现稳健偏乐观,但材料产业链库存压力之下实际需求尚大幅提振仍需跟踪 - 近期利多出尽演化为情绪利空,期现共振整体交易氛围转弱,但9月底之前供应端消息尚未完全落地,基本面改善仍然为价格提供下方支撑,预计盘面价格中枢下移后宽幅震荡为主,主力区间参考7 - 7.5万 [14] Summary by Relevant Catalogs Copper Price and Basis - SMM 1电解铜现值80160元/吨,日涨260元,涨幅0.33% - 精废价差现值1852元/吨,日涨215元,涨幅13.13%等 [1] Monthly Spread - 2509 - 2510现值20元/吨,日涨30元 [1] Fundamental Data - 8月电解铜产量117.15万吨,月环比下降0.24% - 境内社会库存现值13.21万吨,周环比增长7.40%等 [1] Zinc Price and Basis - SMM 0锌锭现值22150元/吨,日涨50元,涨幅0.23% - 进口盈亏现值 - 2267元/吨,日跌64.32元 [4] Monthly Spread - 2509 - 2510现值 - 45元/吨,日跌20元 [4] Fundamental Data - 8月精炼锌产量62.62万吨,月环比增长3.88% - 中国锌锭七地社会库存现值14.63万吨,周环比增长5.63%等 [4] Aluminum Price and Spread - SMM A00铝现值20710元/吨,日涨90元,涨幅0.44% - 进口盈亏现值 - 1359元/吨,日跌35.7元 [7] Monthly Spread - 2509 - 2510现值15元/吨,日跌5元 [7] Fundamental Data - 8月氧化铝产量773.82万吨,月环比增长1.15% - 中国电解铝社会库存现值62.30万吨,周环比增长1.14%等 [7] Aluminum Alloy Price and Spread - SMM铝合金ADC12现值20750元/吨,日涨幅0.00% - 佛山破碎生铝精废价差现值1608元/吨,日涨幅0.00% [8] Monthly Spread - 2511 - 2512现值 - 10元/吨,日涨5元 [8] Fundamental Data - 7月再生铝合金锭产量62.50万吨,月环比增长1.63% - 再生铝合金锭周度社会库存现值3.75万吨,周环比增长6.84%等 [8] Tin Spot Price and Basis - SMM 1锡现值273500元/吨,日涨1000元,涨幅0.37% - LME 0 - 3升贴水现值148美元/吨,日跌27美元,跌幅15.43% [10] Internal - External Ratio and Import Profit and Loss - 进口盈亏现值 - 20382.26元/吨,日跌5.53元,跌幅0.03% [10] Monthly Spread - 2509 - 2510现值 - 320元/吨,日涨20元,涨幅5.88% [10] Fundamental Data (Monthly) - 7月锡矿进口10278吨,月环比下降13.71% - SMM精锡7月平均开工率66.19%,月涨幅0.00%等 [10] Inventory Changes - SHEF库存周报现值7566吨,周涨75吨,涨幅1.00% [10] Nickel Price and Basis - SMM 1电解镍现值124050元/吨,日跌250元,跌幅0.20% - 期货进口盈亏现值 - 1504元/吨,日跌1055元,涨幅234.97% [11] Electrolytic Nickel Cost - 一体化MHP生产电积镍成本现值118531元/吨,月跌3422元,跌幅2.81% [11] Monthly Spread - 2510 - 2511现值 - 200元/吨,日跌70元 [11] Supply and Demand and Inventory - 中国精炼镍产量现值37800吨,月涨400吨,涨幅1.26% - SHFE库存现值26943吨,周跌19吨,跌幅0.07%等 [11] Stainless Steel Price and Basis - 304/2B (无锡宏旺2.0卷)现值13200元/吨,日涨50元,涨幅0.38% - 期现价差现值410元/吨,日涨40元,涨幅10.81% [13] Raw Material Price - 菲律宾红土镍矿1.5%(CIF)均价现值57美元/湿吨,日涨幅0.00% - 内蒙古高碳铬铁FeCrC1000均价现值8400元/50基吨,日涨100元,涨幅1.20% [13] Monthly Spread - 2510 - 2511现值 - 70元/吨,日跌10元 [13] Fundamental Data - 中国300系不锈钢粗钢产量(43家)现值171.33万吨,月环比下降3.83% - 300系社库(锡 + 佛)现值49.90万吨,周环比下降1.09%等 [13] Lithium Carbonate Price and Basis - SMM电池级碳酸锂均价现值77500元/吨,日跌850元,跌幅1.08% - 锂辉石精矿CIF平均价现值887美元/吨,日跌11美元,跌幅1.22% [14] Monthly Spread - 2509 - 2511现值 - 20元/吨,日涨160元 [14] Fundamental Data - 8月碳酸锂产量85240吨,月环比增长4.55% - 碳酸锂总库存(8月)现值94177吨,月环比下降3.75%等 [14]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Copper - The copper market presents a state of "weak reality + stable expectation." The weak reality lies in the expected decline in demand in the second half of the year, while the stable expectation is that the improvement of interest - rate cut expectations and the intensification of domestic stimulus policies will boost the price. In the absence of a clear recession expectation in the US, copper prices will at least remain volatile, and entering a new upward cycle requires the resonance of the commodity and financial attributes of copper. The reference range for the main contract is 78,000 - 80,000 yuan/ton [1]. Aluminum - **Alumina**: The market is in an overall supply - surplus pattern. Although cost support and some factory overhauls exist, the short - term weakness is hard to change. The reference range for the main contract is 3,000 - 3,300 yuan/ton. Mid - term, one can consider short - selling on rallies [3]. - **Electrolytic Aluminum**: In the short term, the market sentiment is cautiously optimistic. However, supply pressure remains, and cost support is weakening. The short - term is expected to oscillate in the range of 20,400 - 21,000 yuan/ton. If demand does not improve and capital sentiment cools, the price may fall after rising [3]. Aluminum Alloy - The fundamentals are showing marginal improvement. The supply of scrap aluminum is tightening, and costs are under pressure. Demand in the communication die - casting sector is picking up, while that in the automotive sector is still weak. Spot prices are expected to remain relatively firm, and the price difference between aluminum alloy and aluminum is expected to narrow. The reference range for the main contract is 20,000 - 20,600 yuan/ton [4]. Zinc - The supply is loose, and the demand is weak, which is not sufficient to boost the continuous upward movement of zinc prices. However, the depletion of overseas inventories provides price support. The short - term may still be dominated by oscillations. The reference range for the main contract is 21,500 - 23,000 yuan/ton [6]. Tin - Affected by national policies, the market has positive expectations for domestic AI demand, which boosts the upward movement of tin prices. If the supply of tin ore from Myanmar recovers smoothly, short - selling on rallies is the main strategy; if the recovery is less than expected, tin prices are expected to remain high and volatile [8]. Nickel - The macro - sentiment is stabilizing, and costs provide certain support. The supply - demand fundamentals have not changed significantly. The short - term is expected to be adjusted within a range, and the reference range for the main contract is 118,000 - 126,000 yuan/ton [10]. Stainless Steel - The cost support remains, but the market sentiment is still cautious due to weak spot demand. The short - term is expected to oscillate within a range, and the reference range for the main contract is 12,600 - 13,400 yuan/ton [12]. Lithium Carbonate - The market sentiment is weak, and the fundamentals are in a tight balance. Supply contraction expectations are gradually being realized, and demand is showing a positive trend. The short - term price has limited downward space, and upward breakthroughs require new drivers. The main contract price is expected to be in the range of 70,000 - 82,000 yuan/ton [16]. 3. Summaries by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price dropped by 0.45% to 79,190 yuan/ton, and its premium increased by 35 yuan/ton to 205 yuan/ton. The import profit and loss increased by 168.48 yuan/ton to 337 yuan/ton [1]. Monthly Data - In July, the electrolytic copper production was 117.43 million tons, a month - on - month increase of 3.47%. The electrolytic copper import volume was 29.69 million tons, a month - on - month decrease of 1.20% [1]. Aluminum Price and Basis - SMM A00 aluminum price dropped by 0.53% to 20,730 yuan/ton, and its premium decreased by 20 yuan/ton. Alumina prices in various regions generally declined [3]. Monthly Data - In July, the alumina production was 765.02 million tons, a month - on - month increase of 5.40%. The electrolytic aluminum production was 372.14 million tons, a month - on - month increase of 3.11% [3]. Aluminum Alloy Price and Basis - SMM aluminum alloy ADC12 prices in most regions remained unchanged, while the price in the southwest region dropped by 0.48% to 20,700 yuan/ton. The refined - scrap price difference in various regions decreased [4]. Monthly Data - In July, the production of recycled aluminum alloy ingots was 62.50 million tons, a month - on - month increase of 1.63%. The production of primary aluminum alloy ingots was 26.60 million tons, a month - on - month increase of 4.31% [4]. Zinc Price and Basis - SMM 0 zinc ingot price dropped by 0.63% to 22,130 yuan/ton, and its premium increased by 15 yuan/ton. The import loss decreased by 145.76 yuan/ton to 1,664 yuan/ton [6]. Monthly Data - In July, the refined zinc production was 60.28 million tons, a month - on - month increase of 3.03%. The refined zinc import volume was 1.79 million tons, a month - on - month decrease of 50.35% [6]. Tin Price and Basis - SMM 1 tin price dropped by 0.07% to 271,800 yuan/ton, and the LME 0 - 3 premium dropped by 4.62% to 165 dollars/ton. The import loss increased by 7.11% to 19,581 yuan/ton [8]. Monthly Data - In July, the tin ore import was 10,278 tons, a month - on - month decrease of 13.71%. The SMM refined tin production was 15,940 tons, a month - on - month increase of 15.42% [8]. Nickel Price and Basis - SMM 1 electrolytic nickel price dropped by 1.14% to 121,750 yuan/ton, and the LME 0 - 3 dropped by 4 dollars/ton to - 189 dollars/ton. The import profit and loss increased by 490 yuan/ton to - 1,430 yuan/ton [10]. Monthly Data - The Chinese refined nickel production decreased by 10.04% to 31,800 tons, while the refined nickel import volume increased by 116.90% to 19,157 tons [10]. Stainless Steel Price and Basis - The prices of 304/2B stainless steel coils in Wuxi and Foshan remained unchanged. The prices of most raw materials remained stable, while the price of 304 waste stainless steel in Wenzhou dropped by 0.52% to 9,650 yuan/ton [12]. Monthly Data - The production of 300 - series stainless steel crude steel in China (43 enterprises) was 171.33 million tons, a month - on - month decrease of 3.83%. The stainless steel import volume decreased by 33.30% to 7.30 million tons, and the export volume increased by 6.74% to 41.63 million tons [12]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price dropped by 1.96% to 80,000 yuan/ton, and the industrial - grade lithium carbonate average price dropped by 2.02% to 77,700 yuan/ton [16]. Monthly Data - In July, the lithium carbonate production was 81,530 tons, a month - on - month increase of 4.41%. The battery - grade lithium carbonate production was 61,320 tons, a month - on - month increase of 6.40% [16].

Report Summary 1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views - **Copper**: In the short term, copper prices are expected to trade in a range of 77,500 - 79,000 yuan/ton. The "stagflation - like" environment in the US restricts the upside of copper prices, but the supply - demand contradiction in the medium - long term provides support. The short - term trading focus is on the US inflation and employment data in August, which will affect the Fed's decision in September [1]. - **Aluminum**: The alumina market is expected to remain in a slight surplus, with the main contract price oscillating between 3,000 - 3,300 yuan/ton. It is advisable to short at high prices. For electrolytic aluminum, the short - term price is under pressure at high levels, with the main contract price between 20,000 - 21,000 yuan/ton, and the 21,000 yuan/ton level is a key resistance [3]. - **Aluminum Alloy**: The supply - demand of the aluminum alloy market remains weak, with the main contract price expected to oscillate between 19,600 - 20,400 yuan/ton. Attention should be paid to the supply and import of scrap aluminum [4]. - **Zinc**: Zinc prices are likely to oscillate in the short term, with the main contract price between 21,500 - 23,000 yuan/ton. The supply - demand fundamentals do not strongly support a continuous rise in zinc prices, but low inventories provide support [6]. - **Tin**: Tin prices will have a wide - range oscillation in the short term. If the supply from Myanmar recovers smoothly, a short - selling strategy is recommended; otherwise, tin prices are expected to remain high and oscillate [9]. - **Nickel**: The nickel market is expected to have an interval adjustment in the short term, with the main contract price between 118,000 - 126,000 yuan/ton. The macro situation is weakening, and the supply of nickel ore is expected to be loose [10]. - **Stainless Steel**: The stainless - steel market will oscillate in the short term, with the main contract price between 12,800 - 13,500 yuan/ton. The cost support is strengthening, but the spot demand is weak [11]. - **Lithium Carbonate**: Lithium carbonate prices are expected to have a wide - range oscillation, with the main contract price having strong support between 75,000 - 80,000 yuan/ton. Although the market sentiment is weak, the fundamentals are in a tight balance [12]. 3. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper price dropped to 78,770 yuan/ton, a decrease of 0.42%. The SMM 1 electrolytic copper premium dropped to 190 yuan/ton. The refined - scrap copper price difference decreased by 10.08% to 944 yuan/ton [1]. - **Fundamentals**: In July, the electrolytic copper production was 117.43 million tons, a month - on - month increase of 3.47%. The domestic mainstream port copper concentrate inventory decreased by 10.01% week - on - week to 55.76 million tons [1]. Aluminum - **Price and Spreads**: SMM A00 aluminum price dropped to 20,520 yuan/ton, a decrease of 0.34%. The import profit and loss improved to - 1,154 yuan/ton [3]. - **Fundamentals**: In July, the alumina production was 765.02 million tons, a month - on - month increase of 5.40%. The electrolytic aluminum production was 372.14 million tons, a month - on - month increase of 3.11% [3]. Aluminum Alloy - **Price and Spreads**: The price of SMM aluminum alloy ADC12 remained unchanged at 20,350 yuan/ton. The month - to - month spread between 2511 - 2512 decreased to - 5 yuan/ton [4]. - **Fundamentals**: In July, the production of recycled aluminum alloy ingots was 62.50 million tons, a month - on - month increase of 1.63%. The production of primary aluminum alloy ingots was 26.60 million tons, a month - on - month increase of 4.31% [4]. Zinc - **Price and Spreads**: SMM 0 zinc ingot price dropped to 22,170 yuan/ton, a decrease of 0.14%. The import profit and loss improved to - 1,644 yuan/ton [6]. - **Fundamentals**: In July, the refined zinc production was 60.28 million tons, a month - on - month increase of 3.03%. The Chinese zinc ingot seven - region social inventory increased by 13.59% week - on - week to 13.54 million tons [6]. Tin - **Price and Spreads**: SMM 1 tin price rose to 267,500 yuan/ton, an increase of 0.49%. The import profit and loss decreased to - 19,038.82 yuan/ton [9]. - **Fundamentals**: In July, the domestic tin ore import decreased by 13.71% month - on - month. The SMM refined tin production was 15,940 tons, a month - on - month increase of 15.42% [9]. Nickel - **Price and Spreads**: SMM 1 electrolytic nickel price dropped to 120,900 yuan/ton, a decrease of 0.62%. The futures import profit and loss decreased to - 1,857 yuan/ton [10]. - **Fundamentals**: In July, the Chinese refined nickel production was 31,800 tons, a month - on - month decrease of 10.04%. The refined nickel import increased by 116.90% month - on - month to 19,157 tons [10]. Stainless Steel - **Price and Spreads**: The price of 304/2B (Wuxi Hongwang 2.0 coil) dropped to 13,050 yuan/ton, a decrease of 0.38%. The futures - spot price difference increased to 400 yuan/ton [11]. - **Fundamentals**: In July, the Chinese 300 - series stainless - steel crude steel production was 171.33 million tons, a month - on - month decrease of 3.83%. The 300 - series social inventory (Wuxi + Foshan) decreased by 1.00% week - on - week to 49.65 million tons [11]. Lithium Carbonate - **Price and Spreads**: The SMM battery - grade lithium carbonate average price remained unchanged at 85,700 yuan/ton. The month - to - month spread between 2509 - 2511 decreased to 40 yuan/ton [12]. - **Fundamentals**: In July, the lithium carbonate production was 93,958 tons, a month - on - month increase of 4.41%. The lithium carbonate total inventory decreased by 2.01% month - on - month to 97,846 tons [12].

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Copper - The "stagflation-like" environment of a weakening US economy and commodity inflation restricts the space for interest rate cuts, suppressing the upside of copper prices. The short - term focus is on interest rate cut expectations. In the fundamental aspect, as it approaches the traditional peak season, the spot premium is strong, and domestic social inventories are starting to decline. The "tight mine supply + resilient demand" provides price support. In the short - term, copper prices are expected to fluctuate within a range, with the main contract referring to 78,000 - 79,500 yuan/ton [1]. Aluminum - For alumina, short - term supply disruptions and long - term overcapacity coexist, and the price is expected to range between 3,000 - 3,300 yuan/ton. For electrolytic aluminum, macro factors provide some support, but the supply - demand structure is under pressure. The supply is stable with a slight increase, while the demand is in a seasonal off - peak period. The short - term price is expected to be under pressure at high levels, with the main contract referring to 20,000 - 21,000 yuan/ton [3]. Aluminum Alloy - The market is currently in a situation of weak supply and demand. As it enters the transition period from the off - peak to the peak season in mid - August, demand is expected to improve. If the import situation remains the same, the spot price may remain relatively firm, and the spread between aluminum alloy and aluminum is expected to narrow. The main contract is expected to run in the range of 19,600 - 20,400 yuan/ton [5]. Zinc - The upstream overseas zinc mines are in the up - cycle of production resumption, but the production growth rate of global mines in May and domestic mines in July is lower than expected. The supply at the smelting end is increasing, while the demand is in the seasonal off - peak period. Low global inventories support prices. In the short - term, zinc prices are expected to fluctuate, with the main contract referring to 22,000 - 23,000 yuan/ton [7][8]. Tin - The actual tin ore supply remains tight. If the supply recovery fails to meet expectations, tin prices are expected to continue to oscillate at high levels [9]. Nickel - The macro environment has increased expectations of more aggressive easing. The spot price is basically stable, and the supply of nickel ore is expected to be loose. The stainless steel demand is weak, and the new energy downstream has low acceptance of high - priced nickel sulfate. In the short - term, the nickel price is expected to adjust within a range, with the main contract referring to 118,000 - 126,000 yuan/ton [10]. Stainless Steel - The stainless steel market is oscillating weakly. The export pressure has been temporarily alleviated, and the nickel iron price is stable with a slight upward trend. The supply is expected to increase, but the terminal demand is weak. In the short - term, the price is expected to oscillate within a range, with the main contract referring to 12,800 - 13,500 yuan/ton [13]. Lithium Carbonate - The lithium carbonate futures market is slightly adjusted, and the fundamentals are in a tight balance. Supply is expected to contract in the short - term, while demand is showing a positive trend. The overall inventory has decreased slightly. The price is expected to remain strong in the short - term, with the main contract fluctuating in the range of 85,000 - 90,000 yuan/ton [15]. Summaries According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price is 79,100 yuan/ton, down 0.23% from the previous day. The SMM 1 electrolytic copper premium is 195 yuan/ton, down 30 yuan/ton from the previous day. Other copper prices and premiums also show corresponding changes [1]. Fundamental Data - In July, the electrolytic copper production was 1.1743 million tons, up 3.47% month - on - month; the import volume was 300,500 tons, up 18.74% month - on - month. The import copper concentrate index increased by 0.38 dollars/ton week - on - week, and the domestic mainstream port copper concentrate inventory decreased by 10.01% week - on - week [1]. Aluminum Price and Spread - SMM A00 aluminum price is 20,590 yuan/ton, up 0.19% from the previous day. The import loss is - 1,289 yuan/ton, an improvement of 113.2 yuan/ton from the previous day [3]. Fundamental Data - In July, the alumina production was 7.6502 million tons, up 5.40% month - on - month; the electrolytic aluminum production was 3.7214 million tons, up 3.11% month - on - month. The operating rates of various aluminum products have increased to varying degrees [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price remains stable at 20,350 yuan/ton in most regions. The scrap - to - refined price difference in some regions has changed, such as a 9.38% decrease in the scrap - to - refined price difference of Foshan crushed raw aluminum [5]. Fundamental Data - In July, the production of recycled aluminum alloy ingots was 625,000 tons, up 1.63% month - on - month; the production of primary aluminum alloy ingots was 266,000 tons, up 4.31% month - on - month [5]. Zinc Price and Spread - SMM 0 zinc ingot price is 22,200 yuan/ton, down 0.45% from the previous day. The import loss is - 1,728 yuan/ton, an improvement of 62.92 yuan/ton from the previous day [7]. Fundamental Data - In July, the refined zinc production was 602,800 tons, up 3.03% month - on - month; in June, the import volume was 36,100 tons, up 34.97% month - on - month [7]. Tin Spot Price and Basis - SMM 1 tin price is 266,200 yuan/ton, down 0.22% from the previous day. The LME 0 - 3 premium is 89 dollars/ton, up 41.27% from the previous day [9]. Fundamental Data - In June, the tin ore import volume was 11,911 tons, down 11.44% month - on - month; the SMM refined tin production was 14,840 tons, down 6.94% month - on - month [9]. Nickel Price and Basis - SMM 1 electrolytic nickel price remains stable at 121,650 yuan/ton. The 1 Jinchuan nickel premium is 2,350 yuan/ton, up 6.82% from the previous day [10]. Supply - Demand and Inventory - China's refined nickel production in July was 31,800 tons, down 10.04% month - on - month; the import volume was 19,157 tons, up 116.90% month - on - month [10]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 13,100 yuan/ton, down 0.38% from the previous day. The forward - spot spread is 385 yuan/ton, up 24.19% from the previous day [13]. Fundamental Data - The production of 300 - series stainless steel crude steel in China (43 enterprises) in July was 1.7133 million tons, down 3.83% month - on - month; the import volume was 109,500 tons, down 12.48% month - on - month [13]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price is 85,700 yuan/ton, up 1.30% from the previous day. The SMM battery - grade lithium carbonate - industrial - grade lithium carbonate spread remains stable at 2,300 yuan/ton [15]. Fundamental Data - In July, the lithium carbonate production was 81,530 tons, up 4.41% month - on - month; the demand was 96,275 tons, up 2.62% month - on - month. The total inventory in July was 97,846 tons, down 2.01% month - on - month [15].

1. Report Industry Investment Ratings No industry investment ratings were provided in the reports. 2. Core Views of the Reports Copper - Macroscopically, the "stagflation - like" environment in the US restricts the space for interest - rate cuts, suppressing the upside potential of copper prices. The short - term focus is on the US inflation and employment data in August, which will influence the Fed's decision in September. - Fundamentally, as it approaches the traditional peak season, the spot premium is strong, and domestic social inventories are starting to decline. With "tight mine supply + resilient demand," there is support for prices. In the future, copper pricing will return to macro trading. The price is expected to range between 78,000 - 79,500 yuan/ton [1]. Aluminum - For alumina, short - term supply disruptions such as the crackdown on bauxite theft in Shanxi and the demonstration in Guinea have raised concerns, but mid - term production capacity is expected to increase, and the market will remain slightly oversupplied. The price of the main contract is expected to range between 3,000 - 3,300 yuan/ton. - For electrolytic aluminum, although there is some support from domestic consumption - stimulating policies and expectations of Fed rate cuts, the supply is stable with a slight increase, and demand is still in the off - season. The price of the main contract is expected to range between 20,000 - 21,000 yuan/ton, with a focus on the 21,000 yuan/ton resistance level [3]. Aluminum Alloy - The current market is in a situation of weak supply and demand. However, as it enters the transition period from the off - season to the peak season in mid - August, demand is expected to improve. If the import price ratio remains the same, the supply of imported aluminum alloy ingots and scrap will be limited. The price of the main contract is expected to range between 19,600 - 20,400 yuan/ton [5]. Zinc - The upstream overseas zinc mines are in an up - cycle of production resumption, but the production growth rate in May globally and in July domestically fell short of expectations. The smelter's production enthusiasm is high, and the supply of refined zinc increased in July. Demand is in the off - season, and the price is expected to range between 22,000 - 23,000 yuan/ton [7][8]. Tin - Supply of tin ore remains tight, and the resumption of production in Myanmar is expected to be delayed until the fourth quarter. Demand is weak after the end of the photovoltaic rush - installation period and the entry of the electronics industry into the off - season. If supply recovers smoothly, short - selling opportunities may arise; otherwise, the price will remain high and volatile [9]. Nickel - Macroscopically, the US inflation pressure has eased, and the market expects more aggressive easing policies. Industrially, the supply of nickel ore is expected to be loose, and the price of ferronickel is rising, but there is still an oversupply pressure. Stainless steel demand is weak, and the downstream of the new energy sector has a low acceptance of high - priced nickel sulfate. The price of the main contract is expected to range between 118,000 - 126,000 yuan/ton [10]. Stainless Steel - The stainless - steel market is weak, with low procurement enthusiasm from downstream enterprises. Although the export pressure has been alleviated, the terminal demand is still weak. The price of ferronickel is rising, and the supply of stainless steel is expected to increase in August. The price of the main contract is expected to range between 12,800 - 13,500 yuan/ton [13]. Lithium Carbonate - The fundamentals are in a tight balance. Supply is expected to contract in the short term, while demand is entering the peak season and is showing a positive trend. Although the actual demand has not significantly increased due to inventory pressure in the material industry chain, the overall market atmosphere is strong. The price of the main contract is expected to range between 85,000 - 90,000 yuan/ton [15]. 3. Summary by Relevant Catalogs Copper - **Price and Basis**: The prices of various types of copper decreased slightly, with the SMM 1 electrolytic copper at 79,100 yuan/ton, down 0.23%. The refined - scrap price difference increased by 3.59% to 1,020 yuan/ton. - **Monthly Spread**: The 2509 - 2510 spread decreased by 20 yuan/ton to 20 yuan/ton. - **Fundamental Data**: In July, electrolytic copper production was 117.43 million tons, up 3.47%, and imports were 30.05 million tons, up 18.74%. Domestic mainstream port copper concentrate inventories decreased by 10.01% [1]. Aluminum - **Price and Spread**: The SMM A00 aluminum price was 20,590 yuan/ton, up 0.19%. The import loss decreased by 113.2 yuan/ton to 1,289 yuan/ton. - **Monthly Spread**: The 2509 - 2510 spread decreased by 20 yuan/ton to 25 yuan/ton. - **Fundamental Data**: In July, alumina production was 765.02 million tons, up 5.40%, and electrolytic aluminum production was 372.14 million tons, up 3.11%. The social inventory of electrolytic aluminum increased by 3.41% [3]. Aluminum Alloy - **Price and Spread**: The SMM aluminum alloy ADC12 price remained unchanged at 20,350 yuan/ton. The 2511 - 2512 spread increased by 30 yuan/ton to 25 yuan/ton. - **Fundamental Data**: In July, the production of recycled aluminum alloy ingots was 62.50 million tons, up 1.63%, and the production of primary aluminum alloy ingots was 26.60 million tons, up 4.31%. The social inventory of recycled aluminum alloy ingots increased by 2.03% [5]. Zinc - **Price and Basis**: The SMM 0 zinc ingot price was 22,200 yuan/ton, down 0.45%. The import loss decreased by 62.92 yuan/ton to 1,728 yuan/ton. - **Monthly Spread**: The 2509 - 2510 spread increased by 35 yuan/ton to 15 yuan/ton. - **Fundamental Data**: In July, refined zinc production was 60.28 million tons, up 3.03%. The social inventory of zinc ingots in seven regions in China increased by 13.59% [7]. Tin - **Spot Price and Basis**: The SMM 1 tin price was 266,200 yuan/ton, down 0.22%. The LME 0 - 3 premium increased by 41.27% to 89.00 dollars/ton. - **Monthly Spread**: The 2509 - 2510 spread increased by 40 to - 230. - **Fundamental Data**: In June, tin ore imports decreased by 11.44% to 11,911 tons, and SMM refined tin production decreased by 6.94% to 14,840 tons [9]. Nickel - **Price and Basis**: The SMM 1 electrolytic nickel price remained unchanged at 121,650 yuan/ton. The 1 Jinchuan nickel premium increased by 6.82% to 2,350 yuan/ton. - **Supply and Inventory**: In July, China's refined nickel production decreased by 10.04% to 31,800 tons, while imports increased by 116.90% to 19,157 tons. SHFE inventory increased by 1.72% [10]. Stainless Steel - **Price and Basis**: The 304/2B (Wuxi Hongwang 2.0 coil) price was 13,100 yuan/ton, down 0.38%. The 2510 - 2511 spread decreased by 15 yuan/ton to - 70 yuan/ton. - **Fundamental Data**: In July, the production of 300 - series stainless - steel crude steel in China decreased by 3.83% to 171.33 million tons. The 300 - series social inventory in Wuxi and Foshan decreased by 1.00% [13]. Lithium Carbonate - **Price and Basis**: The SMM battery - grade lithium carbonate price was 85,700 yuan/ton, up 1.30%. The 2509 - 2511 spread increased by 40 yuan/ton to 60 yuan/ton. - **Fundamental Data**: In July, lithium carbonate production was 81,530 tons, up 4.41%, and demand was 96,275 tons, up 2.62%. The total inventory decreased by 2.01% [15].

Report Industry Investment Rating No relevant content provided. Report's Core View Copper - In the short - term, copper prices are expected to range - bound between 78,000 - 79,500 yuan/ton. Macro factors like US economic data and tariff policies, along with fundamental supply - demand and inventory conditions, will influence the price. The market is in a state of short - term supply - demand weakness during the off - season, but "tight mining end + demand resilience" provides price support [1]. Aluminum - Alumina prices are expected to oscillate widely between 3,000 - 3,400 yuan/ton this week. The market will experience a game between short - term supply disturbances and over - capacity. Aluminum prices are expected to face pressure at high levels in the short - term, with the main contract price ranging from 20,000 - 21,000 yuan/ton. Key factors include supply and demand fundamentals, macroeconomic factors, and inventory changes [3]. Aluminum Alloy - Aluminum alloy prices are expected to oscillate widely, with the main contract reference range of 19,400 - 20,400 yuan/ton. The market is affected by factors such as tight scrap aluminum supply and weak terminal demand [5]. Zinc - Zinc prices may continue to oscillate in the short - term. Upward rebound requires continuous inventory reduction and improved interest - rate cut expectations without overseas economic recession. Downward breakthrough needs stronger TC and refined zinc inventory accumulation. The current supply - demand situation provides limited support for continuous price increase, but low inventory provides price support [9]. Tin - If the supply of Burmese tin ore recovers smoothly, a short - selling strategy is recommended. If the supply recovery is less than expected, tin prices are expected to remain high and oscillate. Supply is currently tight, and demand is expected to be weak [12]. Nickel - Nickel prices are expected to adjust within a range in the short - term, with the main contract reference range of 120,000 - 126,000 yuan/ton. The mid - term supply is expected to be loose, which restricts the upward price space [14]. Stainless Steel - Stainless steel prices are expected to oscillate strongly in the short - term, with the main contract operating range of 13,000 - 13,500 yuan/ton. Cost support is strengthening, but the weak spot demand restricts the fundamentals [16]. Lithium Carbonate - Lithium carbonate prices are expected to oscillate widely in a relatively strong range, around 85,000 yuan/ton. The market is affected by short - term news, and the fundamentals are improving. It is recommended to observe in the short - term and consider light - position long - entry at low prices [19]. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price decreased by 40 yuan/ton to 79,435 yuan/ton, with a daily decline of 0.05%. The SMM 1 electrolytic copper premium increased by 10 yuan/ton to 210 yuan/ton [1]. - The refined - scrap price difference decreased by 53.62 yuan/ton to 65TT yuan/ton, a decline of 4.54%. The import profit and loss increased by 119.85 yuan/ton to 45 yuan/ton [1]. Fundamentals - In July, electrolytic copper production was 117.43 million tons, a month - on - month increase of 3.47%. The import volume was 30.05 million tons, a month - on - month increase of 18.74% [1]. - The domestic mainstream port copper concentrate inventory increased by 9.80 million tons to 61.96 million tons, a week - on - week increase of 18.79% [1]. Aluminum Price and Spread - SMM A00 aluminum price decreased by 50 yuan/ton to 20,710 yuan/ton, a daily decline of 0.24%. The SMM A00 aluminum premium increased by 30 yuan/ton to 10 yuan/ton [3]. Fundamentals - In July, alumina production was 765.02 million tons, a month - on - month increase of 5.40%. Electrolytic aluminum production was 372.14 million tons, a month - on - month increase of 3.11% [3]. - The Chinese electrolytic aluminum social inventory increased by 2.4 million tons to 58.80 million tons, a week - on - week increase of 4.26% [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices remained unchanged at 20,350 yuan/ton. The 2511 - 2512 month - to - month spread increased by 35 yuan/ton to 50 yuan/ton [5]. Fundamentals - In July, the production of recycled aluminum alloy ingots was 62.50 million tons, a month - on - month increase of 1.63%. The production of primary aluminum alloy ingots was 26.60 million tons, a month - on - month increase of 4.31% [5]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 50 yuan/ton to 22,510 yuan/ton, a daily decline of 0.22%. The import profit and loss increased by 80.61 yuan/ton to - 1,813 yuan/ton [9]. Fundamentals - In July, refined zinc production was 60.28 million tons, a month - on - month increase of 3.03%. In June, the import volume was 3.61 million tons, a month - on - month increase of 34.97% [9]. - The Chinese zinc ingot seven - region social inventory increased by 1.60 million tons to 12.92 million tons, a week - on - week increase of 14.13% [9]. Tin Price and Spread - SMM 1 tin price decreased by 700 yuan/ton to 269,500 yuan/ton, a daily decline of 0.26%. The import profit and loss decreased by 717.98 yuan/ton to - 16,507.39 yuan/ton [12]. Fundamentals - In June, tin ore imports were 11,911 tons, a month - on - month decrease of 11.44%. SMM refined tin production was 13,810 tons, a month - on - month decrease of 6.94% [12]. Nickel Price and Basis - SMM 1 electrolytic nickel price decreased by 450 yuan/ton to 123,350 yuan/ton, a daily decline of 0.36%. The 1 Jinchuan nickel premium increased by 50 yuan/ton to 2,100 yuan/ton [14]. Fundamentals - China's refined nickel production in the reference period decreased by 3,220 tons to 31,800 tons, a month - on - month decrease of 10.04%. The import volume increased by 10,325 tons to 19,157 tons, a month - on - month increase of 116.90% [14]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 50 yuan/ton to 13,200 yuan/ton, a daily decline of 0.38%. The 2509 - 2510 month - to - month spread increased by 5 yuan/ton to - 80 yuan/ton [16]. Fundamentals - China's 300 - series stainless steel crude steel production (43 companies) decreased by 6.83 million tons to 171.33 million tons, a month - on - month decrease of 3.83% [16]. - The 300 - series social inventory (Wuxi + Foshan) decreased by 0.50 million tons to 49.65 million tons, a week - on - week decrease of 1.00% [16]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price increased by 1,000 yuan/ton to 82,000 yuan/ton, a daily increase of 1.23%. The 2509 - 2511 month - to - month spread decreased by 100 yuan/ton to - 60 yuan/ton [19]. Fundamentals - In July, lithium carbonate production was 81,530 tons, a month - on - month increase of 4.41%. The demand was 96,275 tons, a month - on - month increase of 2.62% [19]. - The total lithium carbonate inventory in July decreased by 2,012 tons to 97,846 tons, a month - on - month decrease of 2.01% [19].

Group 1 - The A-share market showed mixed performance on August 14, 2025, with the ChiNext New Energy ETF Huaxia (159368) experiencing a slight adjustment after four consecutive days of gains, down 0.28% at midday [1] - The China Nonferrous Metals Industry Association's Lithium Industry Branch issued a proposal on August 12, advocating for a rational layout of new capacity, long-term cooperation agreements to stabilize market supply, and promoting optimization and collaboration within the industry chain [1] - The proposal calls for industry-related enterprises to take action against "involutionary" competition, aiming to create a fair, just, and orderly market environment, and to advance the lithium industry towards high-end, intelligent, and sustainable high-quality development [1] Group 2 - China Galaxy Securities noted that the "anti-involution" policy is being continuously promoted, with the National Development and Reform Commission and the State Administration for Market Regulation drafting a revised price law, which is expected to guide price order regulation [1] - As a result of these policies, prices for polysilicon, silicon wafers, and battery cells have significantly rebounded, with a slight increase in module prices, indicating initial success in price transmission from the silicon material end [1] - The photovoltaic industry is expected to undergo necessary consolidation and clearing, with projections indicating a stable development phase by 2027, highlighting the comparative advantages of the silicon material segment in terms of capacity and cost [1] Group 3 - The ChiNext New Energy ETF Huaxia (159368) is the first ETF in the market tracking the ChiNext New Energy Index, covering various sectors within the new energy and electric vehicle industries, including batteries and photovoltaics, characterized by high elasticity and strong growth potential [2] - The fund has a management fee rate of 0.15% and a custody fee rate of 0.05%, totaling only 0.2%, making it the lowest fee product in its category, facilitating quick investment opportunities for investors [2] - Investors are encouraged to continuously monitor potential investment opportunities in the future development of the new energy sector [2]

Report Industry Investment Rating - The investment rating for the lithium carbonate industry is "Range-bound" [1] Core Viewpoints - The trend intensity of lithium carbonate is 0, indicating a neutral outlook [4] Summary by Relevant Catalogs Fundamental Tracking - **2509 Contract**: The closing price was 82,560, with a volume of 162,667 and an open interest of 117,650. Compared to previous periods, there were significant changes in volume and open interest [2] - **2511 Contract**: The closing price was 82,520, with a large volume of 1,417,704 and an open interest of 356,998. Volume and open interest also showed notable fluctuations [2] - **Warehouse Receipts**: The warehouse receipt volume was 20,829 hands, with changes compared to previous periods [2] - **Basis**: The basis between different contracts and product grades showed various changes [2] - **Raw Materials**: Lithium concentrate prices and other raw material prices changed compared to previous periods [2] - **Lithium Salts**: Prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and other lithium salts increased compared to the previous day [2][3] - **Downstream Products**: Prices of products such as lithium iron phosphate and ternary materials also had different degrees of change [2] Macro and Industry News - SMM's battery - grade lithium carbonate index price was 78,124 yuan/ton, up 3,557 yuan/ton from the previous day. The average price of battery - grade lithium carbonate was 78,000 yuan/ton, and that of industrial - grade lithium carbonate was 75,800 yuan/ton, both up 3,500 yuan/ton [3] - The Lithium Industry Branch of the China Nonferrous Metals Industry Association issued an initiative to relevant enterprises in the lithium industry chain to strengthen upstream - downstream collaboration, maintain industrial safety, and resist "involution - style" vicious competition [4]

Core Viewpoint - The China Nonferrous Metals Industry Association Lithium Branch has issued a proposal to promote healthy and orderly development in the lithium industry, emphasizing the importance of industry self-discipline and collaboration to prevent "involution" and ensure supply chain security [1][2][3]. Group 1: Industry Self-Discipline and Collaboration - The proposal calls for strengthening upstream and downstream collaboration to maintain industry safety, adhering to the principle of fair market competition, and resisting disorderly competition, market monopolies, and false advertising [2][3]. - Companies are encouraged to actively assess market trends and rationally plan new production capacities while enhancing strategic cooperation and information transparency within the industry [2][3]. Group 2: Innovation and Sustainable Development - The initiative emphasizes increasing research and development investments to foster innovation, improve product quality, and avoid homogenized competition through technological, managerial, and model innovations [3]. - It advocates for green production practices, promoting sustainable development by optimizing mining and refining processes to reduce pollution and carbon emissions [3]. Group 3: Compliance and Standardization - Companies are urged to comply with statistical regulations, ensuring accurate reporting of production and sales data, and to establish a self-regulatory supervision mechanism within the industry [3]. - The proposal encourages participation in the formulation of international and national standards to enhance the international competitiveness and influence of the lithium industry [3].