Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - For copper, short - term prices are expected to remain strong due to supply tightness and pre - holiday stocking demand, despite the Fed's hawkish stance [3][4] - For aluminum, the price has strong downside support as downstream consumption is expected to improve with the approaching National Day holiday [5][6] - For lead, short - term prices of Shanghai lead are expected to be strong, with attention on downstream battery enterprises' holiday arrangements [7][8] - For zinc, short - term prices of Shanghai zinc are expected to be weak due to factors like TC changes and inventory trends, along with Fed's less - than - expected dovish policy [9][10] - For tin, short - term prices are expected to remain in a tight - balance and oscillatory state, with a suggestion of waiting and seeing [11][12] - For nickel, short - term prices may decline if inventory increases, but in the long - run, there is support, and a strategy of buying on dips is recommended [13][14][15] - For lithium carbonate, it is expected to adjust with the commodity market, and attention should be paid to supply and demand factors [17][18] - For alumina, short - term waiting and seeing is recommended, and attention should be paid to multiple policies [20][21][22] - For stainless steel, short - term prices are expected to remain oscillatory due to support from steel mills and weak consumption [24][25] - For cast aluminum alloy, prices are under upward pressure and supported by scrap aluminum costs [27][28] Group 3: Summary by Related Catalogs Copper - **Market Information**: US employment and durable goods data were strong, the US dollar index rebounded, and copper prices rose and then fell. LME copper inventory decreased by 350 tons to 144,425 tons, and domestic copper social inventory decreased by 0.4 tons. The import loss of domestic copper spot widened to 700 yuan/ton, and the refined - scrap price difference expanded to 3,100 yuan/ton [3] - **Strategy Viewpoint**: The Fed's hawkish stance puts short - term pressure on sentiment, but if the interest - rate cut progresses, sentiment may not be significantly suppressed. Copper raw - material supply tightness is expected to intensify, and short - term copper prices are expected to remain strong [4] Aluminum - **Market Information**: Domestic social inventory decreased, and aluminum prices stabilized and rebounded. LME aluminum inventory decreased by 0.1 tons to 51.6 tons. Domestic aluminum ingot social inventory decreased by 2.1 tons to 61.7 tons, and the aluminum rod inventory decreased by 0.7 tons to 12.3 tons [5] - **Strategy Viewpoint**: Although the Fed's stance is not as dovish as expected, the interest - rate cut is not expected to significantly suppress the market. Aluminum's downstream peak - season characteristics are not obvious, but with the approaching National Day holiday, consumption is expected to improve, and the price has strong downside support [6] Lead - **Market Information**: Shanghai lead index rose 0.17% to 17,091 yuan/ton. LME lead 3S rose 3.5 to 2,004 dollars/ton. The domestic social inventory decreased to 4.22 tons [7] - **Strategy Viewpoint**: On the primary side, raw - material shortages suppress smelting. On the secondary side, profits improve, and smelting starts to pick up. Downstream demand is rising, and short - term Shanghai lead is expected to be strong [8] Zinc - **Market Information**: Shanghai zinc index rose 0.84% to 22,050 yuan/ton. LME zinc 3S rose 43 to 2,925 dollars/ton. Domestic social inventory decreased to 15.04 tons [9] - **Strategy Viewpoint**: The surplus of zinc ore has eased. The Fed's less - than - expected dovish policy cools the non - ferrous metal sector, and short - term Shanghai zinc is expected to be weak [10] Tin - **Market Information**: On September 25, 2025, the closing price of Shanghai tin's main contract rose 0.76%. Supply is tight due to slow复产 in Myanmar and smelter maintenance. Demand in traditional sectors is weak, but it has improved marginally in the peak season [11] - **Strategy Viewpoint**: Short - term supply and demand are in a tight balance. Tin prices are expected to remain oscillatory, and a wait - and - see strategy is recommended [12] Nickel - **Market Information**: On Thursday, nickel prices oscillated, and the main contract of Shanghai nickel rose 1.25%. The cost of nickel ore and nickel iron remained stable, and the MHP coefficient price rose slightly [13] - **Strategy Viewpoint**: In the short - term, high refined - nickel inventory may drag down prices, but in the long - run, there is support. A strategy of buying on dips is recommended [14][15] Lithium Carbonate - **Market Information**: The MMLC index rose 0.69%. The closing price of the LC2511 contract rose 1.59% [17] - **Strategy Viewpoint**: Production increased by 0.8% this week, and inventory decreased by 0.5%. The price is expected to adjust with the commodity market, and attention should be paid to supply and demand factors [18] Alumina - **Market Information**: On September 25, 2025, the alumina index rose 1.17%. A strike in Guinea increased ore supply risks. The import window opened [20] - **Strategy Viewpoint**: Short - term impact of the strike may be limited, but it needs continuous monitoring. The over - capacity pattern is hard to change in the short - term. A wait - and - see strategy is recommended [21][22] Stainless Steel - **Market Information**: On Thursday, the main contract of stainless steel rose 0.27%. Spot prices in some markets changed slightly, and social inventory decreased by 0.26% [24] - **Strategy Viewpoint**: Steel mills have a strong willingness to support prices, but consumption has not improved significantly. Short - term prices are expected to remain oscillatory [25] Cast Aluminum Alloy - **Market Information**: As of Thursday afternoon, the AD2511 contract rose 0.32%. Downstream stocking increased before the holiday, and total inventory decreased [27] - **Strategy Viewpoint**: The downstream is transitioning from the off - season, but the peak - season characteristics are not obvious. There is delivery pressure, and prices are under upward pressure with cost support [28]

| 日期 | 沪锌现货进口盈利 | 沪锌期货进口盈利 | 锌保税库premium | LME C-3M | LME锌库存 | LME锌注销仓单 | | --- | --- | --- | --- | --- | --- | --- | | 2025/09/19 | -3326.26 | -2684.28 | 130 | 51 | 47825 | 16450 | | 2025/09/22 | -3284.10 | -2610.97 | 130 | 46 | 46825 | 15450 | | 2025/09/23 | -3003.69 | -2494.16 | 130 | 43 | 45775 | 14950 | | 2025/09/24 | -3318.32 | -2606.04 | 130 | 60 | 44400 | 13675 | | 2025/09/25 | -3597.09 | -2807.34 | 130 | 54 | 43800 | 13075 | | 变化 | -278.77 | -201.30 | 0 | -6 | -600 | -600 | 本周锌价震荡下移。供应端，国产TC小幅下降，进口 ...

Group 1: Company Strategy and Market Outlook - The company is actively promoting its capital increase plan disclosed on July 23, 2025, and is preparing for project application [1] - By 2027, the production of recycled aluminum is expected to exceed 15 million tons, driven by green and low-carbon development opportunities [2] - The company aims to enhance its strategic layout by focusing on industry trends and market opportunities for sustainable long-term development [2] Group 2: Financial Performance and Comparisons - In the first half of 2025, the company's gross profit margin for recycled aluminum was below 3%, while the industry average exceeded 6% [2] - The company's gross profit margin is influenced by various factors, including sales and raw material markets, with a slight increase compared to the previous year [2] - Differences in product categories and applications between the company and its peers contribute to variations in gross profit margins [2] Group 3: Capital Expenditure and Project Updates - The main ongoing project is the Anhui Phase II project, which includes an annual production capacity of 500,000 tons of aluminum plates and 630,000 tons of aluminum ingots [2] - The company is committed to enhancing its core competitiveness and operational performance to create long-term value for shareholders [2]

Group 1 - The company, Baiyin Nonferrous Metals, has been under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, as indicated by the notice received on September 10, 2023 [2] - The company reported a short selling of 169,800 shares and a short balance of 7.1989 million yuan as of September 22, 2023, with a remaining short position of 1.9197 million shares [2] - Investors who suffered losses due to the company's delayed or inaccurate information disclosure can file for compensation if they purchased shares within specified time frames [2] Group 2 - On December 26, 2024, Baiyin Nonferrous Metals held its second extraordinary general meeting of shareholders, which was convened by the board of directors [4] - The meeting was attended by 997 shareholders, representing 5.152 billion shares, which accounted for 69.58% of the total voting shares [4] - The meeting approved the proposal for the appointment of the auditing firm for the year 2024, confirming that the meeting's procedures and results complied with relevant laws and regulations [5] Group 3 - Baiyin Nonferrous Metals holds 25 copyright registrations and has obtained 430 administrative licenses according to Tianyancha data [6]

Group 1: Report Investment Rating - No information provided regarding the industry investment rating Group 2: Core Views - This week, copper prices fluctuated widely around 80,000 yuan. Before the interest - rate meeting, the market's profit - taking sentiment led to a decline in copper prices. The copper fundamentals remained resilient with increased downstream orders after the price drop. Consider mid - term long positions below 79,000 - 79,500 yuan or selling put options below 78,000 yuan [1] - Aluminum supply increased slightly, downstream开工 improved, and inventory was expected to decline in September. Hold long positions at low prices and pay attention to inter - month and domestic - foreign reverse arbitrage [1][2] - Zinc prices moved down in oscillation. Supply was affected by TC changes, and demand was seasonally weak domestically and faced some resistance overseas. Hold short positions and partially take profits on domestic - foreign positive arbitrage [6] - Nickel's supply remained high, demand was weak, and inventory increased. The short - term fundamentals were weak, but macro - policies and Indonesian policies had some impact [7] - Stainless steel's supply was expected to increase slightly, demand was mainly for rigid needs, and inventory decreased. The fundamentals were weak, and there was some price - supporting motivation from policies [7] - Lead prices rose due to macro factors. Supply was affected by various factors, demand improved slightly, and prices were expected to oscillate between 16,800 - 17,200 yuan next week [9] - Tin prices oscillated widely. Supply was expected to recover marginally, demand was mainly rigid, and short - term supply - demand was weak. Suggest short - term waiting and light - shorting above 275,000 yuan/ton [12] - Industrial silicon production in some regions was expected to adjust, with short - term tight balance and long - term price oscillation at the cycle bottom [15] - Lithium carbonate prices oscillated strongly. Raw - material suppliers were reluctant to sell, and demand was supported by pre - holiday stocking. The market was in an over - capacity stage with some supply disruptions [17] Group 3: Summary by Metal Copper - This week, the spot price of Shanghai copper, the spread between waste and refined copper, inventory, and import profitability showed various changes. The copper price was affected by market sentiment, fundamentals, and macro policies. Consider mid - term long positions below 79,000 - 79,500 yuan or selling put options below 78,000 yuan [1] Aluminum - Aluminum prices, inventory, and import profitability changed. Supply increased slightly, downstream开工 improved, and inventory was expected to decline in September. Hold long positions at low prices and pay attention to inter - month and domestic - foreign reverse arbitrage [1][2] Zinc - Zinc prices, inventory, and import profitability were in flux. Supply was affected by TC changes, and demand was seasonally weak domestically and faced some resistance overseas. Hold short positions and partially take profits on domestic - foreign positive arbitrage [6] Nickel - Nickel prices, import profitability, and inventory changed. Supply remained high, demand was weak, and inventory increased. The short - term fundamentals were weak, but macro - policies and Indonesian policies had some impact [7] Stainless Steel - Stainless steel prices were stable. Supply was expected to increase slightly, demand was mainly for rigid needs, and inventory decreased. The fundamentals were weak, and there was some price - supporting motivation from policies [7] Lead - Lead prices rose due to macro factors. Supply was affected by factors such as scrap battery supply and smelting profit, demand improved slightly, and prices were expected to oscillate between 16,800 - 17,200 yuan next week [9] Tin - Tin prices oscillated widely. Supply was expected to recover marginally, demand was mainly rigid, and short - term supply - demand was weak. Suggest short - term waiting and light - shorting above 275,000 yuan/ton [12] Industrial Silicon - Industrial silicon production in some regions was expected to adjust, with short - term tight balance due to production resumption in Southwest China and Hesheng, and long - term price oscillation at the cycle bottom due to over - capacity [15] Lithium Carbonate - Lithium carbonate prices oscillated strongly. Raw - material suppliers were reluctant to sell, and demand was supported by pre - holiday stocking. The market was in an over - capacity stage with some supply disruptions [17]

Core Viewpoint - The report highlights the growth trajectory of China's primary aluminum (electrolytic aluminum) industry, projecting a production increase and identifying investment opportunities from 2025 to 2031 [1] Industry Summary - According to the National Bureau of Statistics, China's primary aluminum (electrolytic aluminum) production is expected to reach 3.83 million tons in May 2025, reflecting a year-on-year growth of 5% [1] - From January to May 2025, the cumulative production of primary aluminum (electrolytic aluminum) in China is projected to be 18.59 million tons, with a cumulative growth of 4% [1] - The report includes a statistical chart of China's primary aluminum (electrolytic aluminum) production from January to May 2020-2025, indicating a consistent upward trend [1] Company Summary - Listed companies in the aluminum sector include China Aluminum (601600), Nanshan Aluminum (600219), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Shenhuo Co. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Dongyangguang (600673), Tianshan Aluminum (002532), and Minfa Aluminum (002578) [1] - The report by Zhiyan Consulting provides a comprehensive analysis of the development strategy and investment opportunities in the primary aluminum industry in China [1]

Core Viewpoint - The recent performance of Likin Resources (02245) shows significant growth in both revenue and profit, driven by increased production and operational efficiency in its projects [1] Financial Performance - For the first half of 2025, Likin Resources reported revenue of approximately 18.1466 billion HKD, representing a year-on-year increase of 66.8% [1] - The profit attributable to the company's shareholders was around 1.426 billion HKD, which is a substantial increase of 143.0% compared to the previous year [1] - Earnings per share stood at 0.92 HKD [1] Production and Operational Efficiency - The growth in revenue and profit is primarily attributed to a significant increase in the production of hydrometallurgical products such as nickel hydroxide and pyrometallurgical products like nickel iron [1] - The increase in production is largely due to the full operational capacity of the ONC project and the production release from the KPS project [1] - The company has optimized its product structure, implemented refined cost control management, and made technological improvements to enhance production processes, further boosting profitability [1]

证券代码：002716 证券简称：湖南白银 公告编号：2025-067 湖南白银股份有限公司关于2025年限制性股票激励计划授予登记完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、深圳证券交易所、中国证券登记结算有 限责任公司深圳分公司的有关规则，经深圳证券交易所、中国证券登记结算有限责任公司深圳分公司审 核确认，湖南白银股份有限公司（以下简称"公司"）完成了2025年限制性股票激励计划（以下简称"激 励计划"）限制性股票的授予登记工作，现将有关事项公告如下： 一、已履行的相关审批程序 1、2025年6月23日，公司第六届董事会第十二次会议审议通过了《湖南白银股份有限公司2025年限制性 股票激励计划（草案）及摘要》等相关议案，董事会薪酬与考核委员会对激励计划是否有利于公司的持 续发展以及是否存在损害公司及全体股东利益的情形出具了相关核查意见。 同日，公司第六届监事会第七次会议审议通过了《关于审议〈湖南白银股份有限公司2025年限制性股票 激励计划（草案）及摘要〉的议案》，公司监事会 ...

Report Industry Investment Ratings - Copper: Neutral (represented by white stars, indicating short - term equilibrium and low operability) [1] - Aluminum: Neutral (represented by white stars) [1] - Alumina: Bearish (represented by green stars) [1] - Cast Aluminum Alloy: Not clearly rated in terms of stars [1] - Zinc: Bearish (represented by green stars) [1] - Lead: Neutral (represented by white stars) [1] - Nickel and Stainless Steel: Bearish (represented by green stars) [1] - Tin: Neutral (represented by white stars) [1] - Lithium Carbonate: Bullish (represented by red stars) [1] - Industrial Silicon: Not clearly rated in terms of stars [1] - Polysilicon: Bullish (represented by red stars) [1] Core Views - The performance of the non - ferrous metals market is diverse, with different metals facing different supply - demand situations and price trends. Some metals are affected by seasonal factors, policy changes, and macro - economic conditions [2][3][4] - There are differences in price trends among metals, with some in a bullish or bearish state, and some in a state of short - term equilibrium, requiring different investment strategies such as observation, holding, or partial profit - taking [2][7][11] Summaries by Metals Copper - Wednesday saw a narrow - range shock in Shanghai copper with reduced positions. Spot copper was reported at 80,045 yuan, and the Shanghai copper premium remained at 55 yuan. With mediocre manufacturing performance in Europe and the US in September, there was pre - holiday stocking, but concerns about copper - related consumption indicators remained, and social inventory was still accumulating this month. It is recommended to wait and see [2] Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum had limited fluctuations, and the spot premium and discount in various regions rebounded slightly. Downstream开工 continued to pick up seasonally, but the apparent demand in September was lower than expected. There were signs of inventory reduction in aluminum ingots due to pre - holiday replenishment, and Shanghai aluminum was expected to fluctuate between 20,500 - 21,000 yuan. Cast aluminum alloy followed Shanghai aluminum's fluctuations, and the Baotai spot price remained at 20,300 yuan. The supply of scrap aluminum was tight, and the expected tax policy adjustment increased enterprise costs. Alumina's operating capacity reached a record high of nearly 98 million tons, and industry inventory continued to rise. With obvious supply surplus, prices were falling. The current price still allowed profit for production capacity in Shanxi and Henan, so it was difficult to trigger production cuts, and the support level was around 2,800 yuan in June [3] Zinc - The import loss of zinc ingots exceeded 3,000 yuan/ton, and the expectation of zinc exports strengthened. LME zinc fell from a high. In China, the consumption peak season was not prosperous. Affected by tariffs, the export of galvanized sheets weakened in August. Under the influence of Super Typhoon "Hagupit", consumption in the Pearl River Delta region shrank temporarily, and the expectation of zinc ingot inventory accumulation strengthened. Shanghai zinc continued to decline with increasing positions, and the lower support level was at 21,500 yuan/ton [4] Lead - The profit of recycled lead was repaired, and the expectation of resuming production strengthened. The price difference between refined and scrap lead was 75 yuan/ton. Downstream enterprises made rigid and selective purchases, and the pre - holiday stocking demand was coming to an end. High - price lead ingot transactions were weak. Some long - position holders in the futures market took profits at high prices. Shanghai lead felt obvious pressure at 17,200 yuan/ton. There were still plans for primary lead smelters to conduct maintenance in late September, and the overall increase in recycled lead supply was limited. The supply - demand of lead was weak on both sides, and the contradiction was limited. It was expected to consolidate between 17,000 - 17,300 yuan [6] Nickel and Stainless Steel - Shanghai nickel fluctuated with dull market trading. Short - term macro - favorable factors were basically exhausted, and the cost - side had insufficient upward momentum, so the rising trend of stainless steel spot prices was difficult to sustain. However, the pre - National Day stocking demand was gradually emerging, and stainless steel mills were still in a state of cost inversion, showing cost - side support. The pure nickel inventory increased by 430 tons to 41,500 tons, the nickel - iron inventory decreased by 600 tons to 28,700 tons, and the stainless steel inventory decreased by 5,000 tons to 897,000 tons. The long - position themes of Shanghai nickel were exhausted, and nickel prices were in a weak state and about to start a downward trend [7] Tin - Shanghai tin closed up with a shock. Today's spot tin was 271,400 yuan, and the delivery month was at par with the spot in real - time. Overnight, LME tin fluctuated above the key support level of $34,000. There were still supply - side themes in the market, including the slow resumption of Burmese ore supply and the uncertainty of mining certificates for Indonesian coal mines and various ore types. It is recommended to wait and see in the short term [8] Lithium Carbonate - Lithium prices fluctuated strongly in the short term, and market trading was active. The total market inventory decreased by 1,000 tons to 137,500 tons, the smelter inventory decreased by 1,800 tons to 34,000 tons, and the downstream inventory increased by 1,200 tons to 59,500 tons. The lower support for lithium prices was evident, but the selling actions in the industrial chain were basically completed. After the interest rate cut and the ebb of anti - involution, the price was pressured by expectations [9] Industrial Silicon - The industrial silicon futures price strengthened, mainly due to the spread of the overall market up - trend sentiment. The average price of SMM East China oxygen - containing 553 silicon remained at 9,500 yuan/ton. Fundamentally, the operating rate in Xinjiang continued to increase slightly, while Sichuan and Yunnan continued their high operating rates during the wet season. On the demand side, the incremental release of polysilicon and organic silicon was insufficient, and the SMM latest industrial silicon social inventory increased by 4,000 tons week - on - week. Although the market sentiment and cost expectations drove the short - term strengthening of the futures price, the support for continuous rise was insufficient, and it was expected to continue to fluctuate [10] Polysilicon - The polysilicon futures price strengthened today, mainly due to a technical rebound and the spread of the overall market up - trend sentiment. On the spot side, the quoted price range of N - type re -投料 was stable at 50,300 - 55,000 yuan/ton (SMM). In September, the polysilicon industry's production plan was about 130,000 tons (SMM), with limited month - on - month changes. In October, due to industry self - discipline, the production plans of silicon wafers and polysilicon were expected to be adjusted down synchronously, and there was still a slight pressure of inventory accumulation for polysilicon. On the policy side, the elimination of production capacity continued to be advanced gradually, and the current supply - demand pattern did not provide strong support. Without substantial new favorable factors, the short - term futures price was expected to fluctuate within a range, and it was recommended to take partial profits during the technical rebound [11]

| 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年9月24日 星期三 | | | | 周敏波 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解铜 | 80010 | 80225 | -215.00 | -0.27% | 元/吨 | | SMM 1#电解铜升贴水 | 55 | 60 | -5.00 | - | 元/吨 | | SMM 广东1#电解铜 | 80030 | 80265 | -235.00 | -0.29% | 元/吨 | | SMM 广东1#电解铜升贴水 | 70 | 70 | 0.00 | - | 元/吨 | | SMM湿法铜 | 79920 | 80130 | -210.00 | -0.26% | 元/吨 | | SMM湿法铜升贴水 | -35 | -35 | 0.00 | - | 元/吨 | | 精废价差 | 1799 | 1872 | -73.62 | -3 ...