Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - No explicit core viewpoints provided; the report mainly presents daily data on non - ferrous and precious metals Group 3: Summary by Metals Gold (AU) - On September 22, 2025, the closing price of SHFE gold main contract was 846.50 yuan/gram, the closing price of SHFE gold near - month contract was 843.00 yuan/gram, the closing price of COMEX gold main contract was 308.70 US dollars/ounce, and the closing price of COMEX gold near - month contract was 319.10 US dollars/ounce [1] - The London gold spot price was 3660.50 US dollars/ounce, and the SGE gold spot price was - 0.97 yuan/gram [1] - The domestic basis (gold T + D - main contract) was - 2.01 yuan/gram, and the overseas basis (LBMA gold spot - COMEX AU01) was 90.80 US dollars/ounce [1] Silver (AG) - On September 22, 2025, the closing price of SHFE silver main contract was 10317 yuan/kilogram, the closing price of SHFE silver near - month contract was 10283 yuan/kilogram, the closing price of COMEX silver main contract was 1.27 US dollars/ounce, and the closing price of COMEX silver near - month contract was 1.33 US dollars/ounce [1] - The London silver spot price was 42.24 US dollars/ounce, and the SGE silver spot price was 129 yuan/kilogram [1] - The domestic basis (AG(T + D) - main contract) was - 3 yuan/gram, and the overseas basis (LBMA silver spot - COMEX AG01) was 0.27 US dollars/ounce [1] Copper (CU, BC) - On September 22, 2025, the closing price of SHFE copper (CU) main contract was 80160 yuan/ton, the closing price of SHFE copper (CU) continuous contract was 80190 yuan/ton, the closing price of international copper (BC) main contract was 260 yuan/ton, and the closing price of international copper (BC) continuous contract was 71070 yuan/ton [1] - The LME copper 3M closing price (15:00) was 17.00 US dollars/ton, and the COMEX copper main contract price was 0.03 US dollars/pound [1] - The SHFE copper monthly spread (CU00 - CU01) was 30 yuan/ton, and the international copper monthly spread (BC00 - BC01) was - 150.00 yuan/ton [1] - The LME copper 0 - 3 premium/discount was 13.48 US dollars/ton, and the SMM1 electrolytic copper price was - 20 yuan/ton [1] - The SHFE copper warehouse receipt inventory was 29893 tons, and the international copper warehouse receipt inventory was - 25 tons [1] - The copper spot import profit and loss was - 114.76 yuan/ton, and the copper 3M import profit and loss was - 240.82 yuan/ton [1] Aluminum and Alumina (AL, AO) - On September 22, 2025, the closing price of SHFE aluminum (AL) main contract was 20745 yuan/ton, the closing price of SHFE aluminum (AL) continuous contract was - 175 yuan/ton, the closing price of alumina (AO) main contract was - 19 yuan/ton, and the closing price of alumina (AO) continuous contract was 2912 yuan/ton [1] - The LME aluminum 3M closing price (15:00) was - 20.00 US dollars/ton, and the COMEX aluminum main contract closing price was 2619.75 US dollars/ton [1] - The SHFE aluminum monthly spread (AL00 - AL01) was 20 yuan/ton, and the alumina - aluminum monthly spread (A000 - A001) was 2 yuan/ton [1] - The LME aluminum 0 - 3 premium/discount was 7 US dollars/ton [1] - The SHFE aluminum warehouse receipt inventory was - 4324 tons, and the alumina warehouse receipt inventory was - 904 tons [1] - The electrolytic aluminum spot import profit and loss was - 130.26 yuan/ton, and the electrolytic aluminum 3M import profit and loss was - 168.29 yuan/ton [1] - The alumina plant profit was - 206.89 yuan/ton, and the electrolytic aluminum plant smelting profit was 4414.71 yuan/ton [1] Zinc (ZN) - On September 22, 2025, the closing price of SHFE zinc (ZN) main contract was 22090 yuan/ton, and the closing price of SHFE zinc (ZN) continuous contract was 35 yuan/ton [1] - The LME zinc 3M closing price (15:00) was 2913 US dollars/ton [1] - The SHFE zinc monthly spread (ZN00 - ZN01) was - 10 yuan/ton, and the LME zinc 0 - 3 premium/discount was 13.64 US dollars/ton [1] - The SHFE zinc warehouse receipt inventory was 2523 tons, and the LME zinc warehouse receipt inventory was 46825 tons [1] - The refined zinc spot import profit and loss was 248.19 yuan/ton, and the refined zinc 3M import profit and loss was - 2394.02 yuan/ton [1] - The refined zinc plant smelting profit was - 114.00 yuan/ton [1] Lead (PB) - On September 22, 2025, the closing price of SHFE lead (PB) main contract was - 25 yuan/ton, and the closing price of SHFE lead (PB) continuous contract was - 25 yuan/ton [1] - The LME lead 3M closing price (15:00) was - 18.00 US dollars/ton [1] - The SHFE lead monthly spread (PB00 - PB01) was - 20 yuan/ton, and the LME lead 0 - 3 premium/discount was 0.33 US dollars/ton [1] - The SHFE lead warehouse receipt inventory was - 2932 tons, and the LME lead warehouse receipt inventory was 221675 tons [1] - The refined lead spot import profit and loss was - 28.98 yuan/ton, and the refined lead 3M import profit and loss was 229.61 yuan/ton [1] - The recycled lead plant smelting profit was - 120.30 yuan/ton [1] Nickel and Stainless Steel (NI, SS) - On September 22, 2025, the closing price of SHFE nickel (NI) main contract was 121400 yuan/ton, and the closing price of SHFE nickel (NI) continuous contract was - 100 yuan/ton [1] - The closing price of stainless steel (SS) main contract was 50 yuan/ton, and the closing price of stainless steel (SS) continuous contract was - 15 yuan/ton [1] - The LME nickel 3M closing price (15:00) was - 175 US dollars/ton [1] - The SHFE nickel monthly spread (NI00 - NI01) was - 80 yuan/ton, and the stainless steel monthly spread (SS00 - SS01) was 35 yuan/ton [1] - The LME nickel 0 - 3 premium/discount was - 190 US dollars/ton [1] - The SHFE nickel warehouse receipt inventory was - 307 tons, and the stainless steel warehouse receipt inventory was - 769 tons [1] - The refined nickel spot import profit and loss was - 129.10 yuan/ton, and the refined nickel 3M import profit and loss was - 79.83 yuan/ton [1] Tin (SN) - On September 22, 2025, the closing price of SHFE tin (SN) main contract was 272510 yuan/ton, and the closing price of SHFE tin (SN) continuous contract was 2940 yuan/ton [1] - The LME tin 3M closing price (15:00) was 34440 US dollars/ton [1] - The SHFE tin monthly spread (SNOO - SN01) was - 290 yuan/ton, and the LME tin 0 - 3 premium/discount was 22 US dollars/ton [1] - The SHFE tin warehouse receipt inventory was 42 tons, and the LME tin warehouse receipt inventory was 2505 tons [1] - The refined tin spot import profit and loss was 1528.60 yuan/ton, and the tin ore processing fee was 12000 yuan/ton [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][13][17]. Core Insights - The report highlights that the expectation of interest rate cuts has materialized, leading to a slight decline in metal prices. The macroeconomic environment appears favorable, with signs of recovery in the manufacturing sector [7][13][47]. - The industrial metal prices have shown a general decline, with specific weekly changes noted for LME and SHFE metals [5][27]. - The report emphasizes that the basic metals sector is experiencing a seasonal recovery, particularly in aluminum and copper, despite some pressures on prices and demand [11][48]. Summary by Sections Market Overview - The A-share market has declined, with the non-ferrous metal sector underperforming compared to the Shanghai Composite Index, which fell by 1.30% [20][24]. - The non-ferrous metal index closed at 6522.39 points, down 4.02% week-on-week, lagging behind the Shanghai Composite Index by 2.71 percentage points [6][20]. Macroeconomic Factors - China's industrial value-added growth slowed to 5.2% year-on-year in August, down from 5.7% previously, with non-ferrous metal smelting and rolling showing a growth of 9.1% [8][37]. - The U.S. Federal Reserve cut interest rates by 25 basis points to a target range of 4.00%-4.25%, marking the first rate cut of 2025, aimed at addressing weak employment and inflation pressures [7][41]. - The Eurozone's ZEW economic sentiment index rose to 26.10 in September, indicating improved economic outlook [9][45]. - The global manufacturing PMI returned to expansion territory in August, rising to 50.9, the largest increase since June 2024 [10][47]. Basic Metals Analysis - **Aluminum**: The electrolytic aluminum industry maintained production capacity at 44.085 million tons, with a weekly production of 845,500 tons. The current aluminum price is 20,840 CNY/ton, with a slight decrease of 1.00% [11][50]. - **Alumina**: The market remains oversupplied, with spot prices continuing to decline. The current alumina price is 3,033 CNY/ton, down 1.30% [13][14]. - **Copper**: Supply remains stable, but demand is weak, leading to global inventory accumulation. Domestic electrolytic copper production is 238,000 tons, with a slight year-on-year increase [15][16]. - **Zinc**: Processing fees have risen, but domestic inventories continue to accumulate, with a weekly production of 129,600 tons [16][17]. Investment Recommendations - The report maintains an "Overweight" rating for the industry, suggesting that the seasonal recovery in basic metals, particularly in copper and aluminum, is expected to strengthen prices despite current fluctuations [13][17][48].

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Group 2: Core Views of the Reports - This week, copper prices fluctuated widely around 80,000 yuan. The copper fundamentals remained resilient, with downstream开工 increasing month - on - month. Consider laying out medium - term long positions below 79,000 - 79,500 yuan or selling put options below 78,000 yuan [1]. - For aluminum, supply increased slightly from January to July. The downstream开工 improved, and inventory was expected to decline in September. Hold positions at low prices under the low - inventory pattern and pay attention to far - month spreads and internal - external reverse arbitrage [2]. - Zinc prices fluctuated downward this week. The supply side had mixed trends, and demand was seasonally weak domestically and faced some production resistance overseas. Hold short positions and take partial profits on internal - external long arbitrage [5]. - Nickel's short - term fundamentals were weak, but the macro - level policies brought positive sentiment. The Indonesian policy had some price - supporting actions [6]. - Stainless steel's fundamentals were generally weak, with short - term macro - level following the anti - involution expectations, and the Indonesian policy had price - supporting motives [6]. - Lead prices rose due to macro factors. Supply was expected to be flat, demand improved slightly but inventory was at a high level. Next week, lead prices were expected to fluctuate significantly in the range of 16,800 - 17,200 yuan [8]. - Tin prices fluctuated widely. The domestic and overseas supply was expected to improve marginally after October. Short - term, it is recommended to wait and see, and short lightly above 275,000 yuan/ton [11]. - For industrial silicon, the short - term supply - demand was in a tight balance, and the long - term price was expected to oscillate at the cycle bottom [15]. - Carbonate lithium prices fluctuated strongly. The supply was in an expansion cycle, but there were supply - side disturbances. The price had high elasticity after the supply - side disturbance hype landed [17]. Group 3: Summaries by Metal Copper - 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 downstream开工 increased month - on - month, and the scrap - refined substitution effect weakened. The internal - external long arbitrage had space, and copper was driven by the global fiscal and monetary double - loosening [1]. Aluminum - Supply increased slightly from January to July. The downstream开工 improved, with stable photovoltaic module production schedules, but overseas demand declined significantly. Inventory was expected to decline in September. Hold positions at low prices under the low - inventory pattern [2]. Zinc - This week, zinc prices fluctuated downward. The domestic TC decreased slightly, and the imported TC increased significantly. The demand was seasonally weak domestically and faced production resistance overseas. The LME inventory decreased, and the internal - external pattern might further differentiate. Hold short positions and take partial profits on internal - external long arbitrage [5]. Nickel - The supply of pure nickel remained at a high level, demand was weak, and inventory increased both at home and abroad. The short - term fundamentals were weak, but the macro - level policies brought positive sentiment, and the Indonesian policy had price - supporting actions [6]. Stainless Steel - The steel mills were expected to resume production slightly. Demand was mainly for rigid needs. The cost of nickel - iron remained stable, and that of chrome - iron increased slightly. Inventory decreased in Xifu areas, and the overall fundamentals were weak [6]. Lead - This week, lead prices rose due to macro factors. Supply was expected to be flat, with low -开工 of recycled lead. Demand improved slightly, but inventory was at a high level. Next week, lead prices were expected to fluctuate significantly in the range of 16,800 - 17,200 yuan [8]. Tin - This week, tin prices fluctuated widely. The domestic smelters reduced production, and overseas supply was expected to recover after September. Demand was mainly supported by rigidity, and the LME inventory rebounded from a low level. Short - term, it is recommended to wait and see, and short lightly above 275,000 yuan/ton [11]. Industrial Silicon - The Xinjiang leading enterprises remained stable, and the production in Sichuan and Yunnan was stable. The short - term supply - demand was in a tight balance, and the long - term price was expected to oscillate at the cycle bottom [15]. Carbonate Lithium - This week, carbonate lithium prices fluctuated strongly. The raw - material suppliers had strong price - holding intentions, and the lithium - salt procurement was supported by pre - holiday stocking. The supply was in an expansion cycle, but there were supply - side disturbances, and the price had high elasticity after the supply - side disturbance hype landed [17].

有色金属日报 2025-9-22 五矿期货早报 | 有色金属 铜 有色金属小组 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 周五伦铜收涨 0.51%至 9996 美元/吨，沪铜主力合约收 80080 元/吨，美联储降息预期犹存，铜价有 所修复。周五 LME 铜库存减少 1225 至 147650 吨，注销仓单比例反弹，Cash/3M 贴水 64.9 美元/吨。 国内上期所铜仓单减少 0.1 万吨，上海地区现货升水期货 ...

Summary of Key Points Core Viewpoint - The report highlights the fluctuations in prices and production levels of various metals, including lithium, copper, aluminum, gold, and rare earth elements, indicating a mixed market sentiment influenced by supply and demand dynamics, geopolitical factors, and monetary policy changes [1][2][3][4][5][6]. Group 1: Lithium and Cobalt - The average price of lithium carbonate decreased by 0.69% to 73,100 yuan/ton, while the average price of lithium hydroxide fell by 0.93% to 79,000 yuan/ton. The total production of lithium carbonate increased to 20,400 tons, up by 400 tons week-on-week [1][6]. - The price of cobalt increased by 0.7% to 275,000 yuan/ton, with cobalt intermediate prices rising by 2.3% to $14.45 per pound [6]. Group 2: Copper - LME copper prices fell by 0.68% to $9,996.50/ton, while Shanghai copper prices decreased by 1.42% to 79,900 yuan/ton. The weekly copper inventory in major regions decreased by 5,300 tons to 148,900 tons due to reduced imports and domestic supply [2]. - The operating rate of domestic refined copper rod enterprises rose to 70.49%, a week-on-week increase of 2.96%, driven by pre-holiday stockpiling [2]. Group 3: Aluminum - LME aluminum prices dropped by 0.93% to $2,676.00/ton, and Shanghai aluminum prices fell by 1.54% to 20,800 yuan/ton. Domestic electrolytic aluminum ingot inventory increased by 1,000 tons week-on-week [3]. - The operating rate of downstream aluminum processing enterprises slightly increased to 62.2%, although it still showed a year-on-year decline of 1.3% [3]. Group 4: Gold - COMEX gold prices remained unchanged at $3,719.40/oz, while SPDR gold holdings increased by 17.75 tons to 994.56 tons. The market is experiencing volatility due to the Federal Reserve's interest rate cuts and rising geopolitical risks [4][5]. Group 5: Rare Earths and Antimony - Prices for praseodymium and neodymium oxide have started to recover, attributed to the implementation of new regulations and supply chain improvements. The export volume of magnetic materials surged in July, indicating potential for further price increases [5]. - Antimony demand is expected to rise due to new certification requirements for flame-retardant cables, alongside a global supply decline [5].

锡周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年9月21日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锡：矛盾并不突出，触及区间下沿或有反弹 强弱分析：中性 价格区间：267000-275000元/吨 0 5000 10000 15000 20000 25000 01-03 01-14 01-26 02-10 02-24 03-07 03-18 03-29 04-11 04-22 05-06 05-17 05-28 06-10 06-21 07-04 07-15 07-26 08-06 08-18 08-29 09-09 09-20 10-11 10-25 11-05 11-17 11-27 12-09 12-20 12-31 吨 SMM社会库存 2020 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 1500 2000 01-02 01-14 0 ...

Core Viewpoint - The company has announced the early redemption of its convertible bond "Tongling Ding 02" due to the triggering of conditional redemption clauses, with a redemption price set at 100.063 yuan per bond, including accrued interest [1][4][11]. Group 1: Redemption Details - The redemption price for "Tongling Ding 02" is 100.063 yuan per bond, which includes accrued interest calculated at an annual interest rate of 1.1% [1][12]. - The redemption conditions were met as the company's stock price was above 130% of the conversion price for 15 trading days [3][8]. - The redemption schedule includes the redemption registration date on October 10, 2025, and the actual redemption date on October 13, 2025 [2][15]. Group 2: Bond Issuance Information - The company issued 21,460,000 convertible bonds with a face value of 100 yuan each, raising a total of 2.146 billion yuan [21]. - The bonds were approved for listing on the Shenzhen Stock Exchange starting March 6, 2024 [5][21]. - The conversion period for the bonds is from March 27, 2024, to September 20, 2029 [6]. Group 3: Conversion Price Adjustments - The initial conversion price was adjusted from 3.38 yuan to 3.30 yuan on June 7, 2024, and further adjusted to 3.20 yuan on June 23, 2025, due to annual profit distributions [7][8]. Group 4: Shareholder Information - The company confirmed that major shareholders, including the actual controller and board members, did not trade "Tongling Ding 02" within six months prior to the redemption conditions being met [16].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000612 证券简称：焦作万方 公告编号：2025-077 焦作万方铝业股份有限公司 关于发行股份购买资产申请文件获得深圳证券交易所受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 焦作万方铝业股份有限公司（以下简称"公司"）拟以发行股份的方式购买杭州锦江集团有限公司等交易 对方持有的开曼铝业（三门峡）有限公司99.4375%股权（以下简称"本次交易"）。 公司于2025年9月18日收到深圳证券交易所（以下简称"深交所"）出具的《关于受理焦作万方铝业股份 有限公司发行股份购买资产申请文件的通知》（深证上审〔2025〕169号）。深交所依照相关规定对公 司报送的本次交易申请文件进行了核对，认为申请文件齐备，决定予以受理。 本次交易尚需经深交所审核通过以及中国证券监督管理委员会（以下简称"中国证监会"）同意注册后方 可实施。最终能否通过深交所审核，并获得中国证监会同意注册的决定以及通过审核、获得同意注册决 定的时间均存在不确定性。公司将根据该事项的进展情况，按照有关法律法规的规定和要求及时履行 ...

Group 1 - International copper futures rose by 0.38% in the night session, while Shanghai copper increased by 0.33% [1] - Shanghai aluminum decreased by 0.29%, and Shanghai zinc fell by 0.70% [1] - Shanghai lead dropped by 0.09%, and Shanghai nickel saw a slight decline of 0.02% [1] Group 2 - Shanghai tin experienced a significant increase of 1.12% [1] - Alumina futures fell by 0.10%, and aluminum alloy decreased by 0.20% [1] - Stainless steel futures rose by 0.27% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 4.00%-4.25%. The meeting was generally in line with expectations, but the attitude was neutral and slightly hawkish. After the interest rate cut was realized, the US dollar rebounded after hitting a low, and commodities adjusted overall. The expectation of multiple interest rate cuts within the year was confirmed, and liquidity growth would continue [5][11]. - The copper price is expected to be weakly volatile in the short term. Pay attention to the support around 79,200. The mid - term strategy of buying on dips remains unchanged [5][57]. 3. Summary According to the Directory 3.1 Report Summary - The Fed cut interest rates by 25 basis points, the first rate cut this year and the resumption of rate cuts after 9 months. Most Fed officials expect two more rate cuts this year and one next year [11]. - From January to August, the national industrial added - value above designated size increased by 6.2% year - on - year, with the growth rate falling. Infrastructure investment, manufacturing investment growth rates declined, and real estate development investment decreased [14]. - The copper price is expected to be weakly volatile in the short term, and the mid - term strategy of buying on dips remains unchanged [5]. 3.2 Multi - and Short - Focus 3.2.1 Bullish Factors - There is an expectation that the smelting output center will shift downward [8]. - The spot processing fee remains at a low level, and the tightness at the mine end still exists [8]. - Social inventory has decreased [8]. 3.2.2 Bearish Factors - The interest rate cut has been realized, and the bullish news is exhausted [8]. - The spot premium continues to decline [8]. 3.3 Data Analysis 3.3.1 Copper Ore Imports - In August, China's imports of copper ore and concentrates were 275.9 tons, and the cumulative imports from January to August were 20.054 million tons, a year - on - year increase of 7.9% [17]. 3.3.2 Copper Concentrate TC - As of the week of September 12, the Mysteel standard clean copper concentrate TC weekly index was - 40.68 US dollars per dry ton, up 0.17 US dollars per dry ton from the previous week. The spot TC of copper concentrate increased slightly, but the overall sentiment was cautious, and spot transactions remained light [21]. 3.3.3 Copper Production - In August 2025, China's refined copper (electrolytic copper) output was 1.301 million tons, a year - on - year increase of 14.8%. In September, it is expected that the output will decline due to smelter maintenance and anode copper supply shortages [25]. 3.3.4 Scrap Copper Imports - In July, China's scrap copper imports were 183,200 tons, a month - on - month increase of 3.73% and a year - on - year decrease of 1.98%. The main driving factor was strong domestic demand [29]. 3.3.5 Copper Products Output - In August 2025, China's copper products output was 2.222 million tons, a year - on - year increase of 9.8%, a month - on - month increase of 2%, and a multi - year high for the same period [33]. 3.3.6 Premium between Refined and Scrap Copper - As of September 18, the premium between refined and scrap copper was around - 530 yuan per ton, which was beneficial to refined copper consumption [37]. 3.3.7 Social Inventory - Last week, LME copper inventory continued to decline. SHFE copper inventory increased by 14.9% to 94,054 tons in the week of September 12. COMEX copper inventory reached a new high since January 2004. On September 18, the domestic electrolytic copper spot inventory decreased by 0.13 tons compared with September 15 [50]. 3.3.8 Copper Spot Premium - On September 18, the spot premium of Shanghai Wumaotrade 1 copper was around 30 yuan per ton, with the premium narrowing. The LME 0 - 3 spot discount was around - 71.09 US dollars per ton, with the discount widening [54]. 3.4 Market Outlook - The copper price is expected to be weakly volatile in the short term. Pay attention to the support around 79,200. The mid - term strategy of buying on dips remains unchanged [57].