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

文字早评 2025/11/20 星期四 宏观金融类 股指 【行情资讯】 1、外交部：如日方拒不撤回涉台错误言论 一切后果由日方承担； 2、中金公司：拟换股吸收合并东兴证券、信达证券 明起停牌； 3、荷兰高官：已暂停对安世半导体的干预； 4、机构：在 2026 年第二季度之前 内存价格预计将再上涨约 50%。 期指基差比例： IF 当月/下月/当季/隔季：-0.11%/-0.50%/-1.22%/-2.16%； IC 当月/下月/当季/隔季：-0.09%/-0.95%/-3.47%/-6.44%； IM 当月/下月/当季/隔季：0.04%/-1.20%/-4.31%/-7.43%； IH 当月/下月/当季/隔季：-0.08%/-0.31%/-0.46%/-0.80%。 【策略观点】 经过前期持续上涨后，近期热点板块快速轮动，科技成长仍是市场主线。从大方向看，政策支持资本市 场的态度未变，中长期仍是逢低做多的思路为主。 国债 【行情资讯】 行情方面：周三，TL 主力合约收于 116.090 ，环比变化-0.38%；T 主力合约收于 108.425 ，环比变 化-0.07%；TF 主力合约收于 105.880 ，环 ...

现日报 投资咨询业务资格:证监许可 【2011】 2025年11月20日 星期四 70015979 价格及基美 | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | SMM 1#电解铜 | 86715 | 86002 | +110.00 | 0.13% | 元/吨 | | SMM 1#电解铜升贴水 | 85 | 70 | +15.00 | - | 元/吨 | | SMM 广东1#电解铜 | 85990 | 85945 | +45.00 | 0.05% | 元/吨 | | SMM 广东1#电解铜升贴水 | 35 | 5 | +30.00 | -- | 元/吨 | | SMM湿法铜 | 85975 | 85880 | +95.00 | 0.11% | 元/吨 | | SMM湿法铜升贴水 | -55 | -55 | 0.00 | | 元/吨 | | 精废价差 | 2974 | 2729 | +245.00 | 8.98% | 元/吨 | | LME 0-3 | -35.33 | -32.62 | -2.71 | - | 美元/ ...

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing up 0.18% at 3946.74 points, while the Shenzhen Component Index slightly declined by 0.04% to 13080.09 points, and the ChiNext Index rose by 0.25% to 3076.85 points. The total trading volume across the Shanghai and Shenzhen markets reached 17,428 billion yuan [1]. Aquaculture Sector - The aquaculture sector saw a significant surge, with the water product index rising by 9.52% by the end of the trading day. Key stocks such as Guolian Aquatic (20% increase), Zhanzi Island, and Dahu Co. all hit the daily limit [2]. - The Chinese government announced a suspension of imports of Japanese seafood due to Japan's failure to provide promised quality assurance materials, which has led to a strong market reaction in the aquaculture sector [2]. - According to a report, China's marine aquaculture production is expected to exceed 37 million tons in 2024, with a per capita consumption of 26.7 kg, indicating a growing demand for high-quality protein [2]. Banking and Insurance Sectors - The banking sector showed strong performance, with China Bank rising nearly 4% to a historical high, and other banks like Everbright Bank and Ping An Bank also seeing increases of nearly 2% [4]. - Financial analysts noted that the banking sector's expansion has slowed, but there is potential for improved profitability due to regulatory support and a focus on liquidity management as the year-end approaches [4]. - The insurance sector also performed well, with major companies like China Life and China Pacific Insurance seeing gains of nearly 3% [4][5]. - A report indicated that A-share listed insurance companies are expected to achieve high growth in earnings by the third quarter of 2025, driven by a recovering capital market and improved operational efficiency [5]. Metals Sector - The metals sector, particularly precious metals, experienced strong gains, with the precious metals index rising by 5.38%. Key stocks such as Zhongjin Gold and Shandong Gold saw significant increases [7]. - International gold prices also rose, with COMEX gold futures up by 0.7% to $4095.1 per ounce, indicating a favorable outlook for the precious metals market [7]. - Analysts are optimistic about the industrial metals market, predicting continued price increases for copper and aluminum, as well as a shift in supply-demand dynamics for lithium due to rising storage demand [7].

锌：关注宏观指引 锌价或宽幅震荡 研究员：陈寒松 期货从业证号： F03129697 投资咨询证号： Z0020351 目录 第一章 综合分析与交易策略 第二章 市场数据 第三章 基本面数据 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 交易逻辑与策略 ◼ 产业供需： 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ➢ 矿端，近期内外比价持续低位，周内进口锌精矿亏损维持在2000元/金属吨左右；冶炼厂持续积极采购国产锌矿，国内锌精矿偏紧未改，多地加工费继续走低。 SMM Zn50国产周度TC均价下调50元/金属吨至2600元/金属吨 ...

| | 操作评级 | 2025年11月19日 | | --- | --- | --- | | 铜 | ★☆☆ | 肖静 首席分析师 | | | | F3047773 Z0014087 | | 铝 | ★☆☆ | 刘冬博 高级分析师 | | 氧化铝 | ななな | F3062795 Z0015311 | | 铸造铝合金 ★☆☆ | | | | 锌 | な☆☆ | 吴江 高级分析师 | | | | F3085524 Z0016394 | | 能 | な女女 | 张秀睿 中级分析师 | | 镇及不锈钢 ☆☆☆ | | F03099436 Z0021022 | | 锡 | ★☆☆ | | | 碳酸锂 | ★☆☆ | 孙芳芳 中级分析师 | | | | F03111330 Z0018905 | | 工业培 | ななな | | | 多晶硅 | ななな | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【铜】 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 1 有色金属日报 【铝】 周三沪铜收涨，市场再次转而关注美国就业压力,晚间等待相关数据。近期 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices oscillated weakly, with the spot import of refined copper in China remaining at a loss. The market's concern about liquidity persists, and macro factors are unlikely to form an upward driving force. The overall global visible inventory is still in an accumulation trend, close to recent high levels, and the peak - season demand in China has not been effectively realized. High copper prices have shown a restraining effect on terminal copper consumption. Without sudden events, copper volatility may remain at a low level, and copper prices will exhibit a high - level oscillating market [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all oscillated weakly. The alumina market has a narrow - range recovery. With the improvement of the macro - sentiment, the market has broken through the 22,000 - yuan mark. However, due to environmental protection restrictions in the north and the suppressing effect of high prices on demand, the reduction of aluminum ingots is blocked, and the proportion of molten aluminum continues to decline. Aluminum prices continue to be strong but face resistance in rising. Aluminum alloy has more upward momentum, and the price difference between refined and scrap aluminum is expected to narrow [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel both fell by 0.2%. The inventory pressure of primary nickel is becoming more apparent, and the LME inventory remains at 250,000 tons with poor digestion, exerting significant pressure on the market. Nickel prices are still in a weak operation, but be vigilant against macro disturbances and overseas industrial policy adjustments [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: In terms of macro, the number of initial jobless claims in the US for the week ending October 18 was 232,000, and the number of continued jobless claims was 1957,000, slightly up from the previous week. Fundamentally, the acceptance of downstream users has increased, and demand is slowly recovering. In terms of inventory, LME, Comex, and SHFE copper inventories increased, while BC copper warehouse receipts decreased. Overall, the global visible inventory is in an accumulation trend, and high copper prices restrain terminal consumption, which may restrict the upward movement of copper prices in the future [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all oscillated weakly. The mining area in Guinea has a high复产 difficulty, and the expectation of production reduction during the northern heating season remains to be fulfilled. The macro - sentiment is warming up, but high prices suppress demand, and the reduction of aluminum ingots is blocked. Aluminum alloy has more upward momentum due to the tight supply of scrap aluminum and the rush - to - buy stage of new - energy vehicle purchase tax [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel fell. LME inventory increased, and SHFE warehouse receipts decreased. The benchmark price of nickel ore slightly declined, the price of nickel - iron decreased, and the stainless - steel inventory increased. In the new - energy industry chain, the raw material supply is tight, but the production of ternary precursors in November decreased month - on - month. The inventory pressure of primary nickel is significant, and nickel prices are weakly operating [2]. 3.2 Daily Data Monitoring - **Copper**: On November 18, 2025, compared with November 17, the price of flat - water copper decreased by 495 yuan/ton, and the premium decreased by 35 yuan/ton. The price of scrap copper decreased by 200 yuan/ton, and the refined - scrap price difference decreased by 356 yuan/ton. The prices of downstream products such as oxygen - free copper rods and low - oxygen copper rods also decreased. In terms of inventory, LME and Comex inventories increased, and the social inventory increased by 0.3 million tons [3]. - **Lead**: The average price of 1 lead decreased by 170 yuan/ton, and the premium of 1 lead ingots in East China increased by 40 yuan/ton. The prices of lead concentrate and recycled lead decreased. The inventory in the LME remained unchanged, and the inventory in the SHFE increased by 4208 tons [3]. - **Aluminum**: On November 18, 2025, compared with November 17, the prices of aluminum in Wuxi and Nanhai decreased, and the spot premium decreased by 30 yuan/ton. The prices of raw materials such as bauxite and alumina remained stable, and the processing fees of some downstream products increased. The inventory in the LME remained unchanged, the inventory in the SHFE increased by 1564 tons, and the social inventory of electrolytic aluminum increased by 2.5 million tons [4]. - **Nickel**: The price of Jinchuan nickel decreased by 1775 yuan/ton, and the price differences between Jinchuan nickel - Wuxi and 1 imported nickel - Wuxi increased. The prices of nickel ore and some nickel - iron products remained stable, and the prices of stainless - steel products decreased slightly. The inventory in the LME remained unchanged, the inventory in the SHFE increased by 3386 tons, and the social inventory increased by 3981 tons [4]. - **Zinc**: The main settlement price decreased by 0.4%, and the prices of SMM 0 and 1 spot zinc decreased by 80 yuan/ton. The TC remained unchanged. The inventory in the SHFE increased by 793 tons, the inventory in the LME remained unchanged, and the social inventory increased by 0.13 million tons [6]. - **Tin**: The main settlement price remained unchanged, and the LmeS3 price decreased by 2.1%. The prices of SMM spot tin and tin concentrate decreased. The inventory in the SHFE increased by 266 tons, and the inventory in the LME remained unchanged [6]. 3.3 Chart Analysis - **Spot Premium**: Charts show the spot premiums of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][10][11]. - **SHFE Near - Far Month Spread**: Charts present the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][18][19]. - **LME Inventory**: Charts display the LME inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][26]. - **SHFE Inventory**: Charts show the SHFE inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32]. - **Social Inventory**: Charts present the social inventories of copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [34][36][38]. - **Smelting Profit**: Charts display the copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2025 [41][43][45]. 3.4 Team Introduction - The research team includes Zhan Dapeng, a senior researcher with over a decade of experience in commodity research, who has won multiple industry awards; Wang Heng, a researcher focusing on aluminum and silicon; and Zhu Xi, a researcher focusing on lithium and nickel [48][49].

锡产业期现日报 | | | Z0021810 冠帝斯 | 现货价格及基差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 涨跌 | 张跌幅 | 单位 | | SMM 1#锡 | 289400 | 289900 | -500 | -0.17% | | | SMM 1#锡升贴水 | 600 | 600 | O | 0.00% | 元/吨 | | 长江 1#锡 | 289900 | 290400 | -500 | -0.17% | | | LME 0-3升贴水 | -75.00 | -87.50 | 12.50 | 14.29% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -14667.05 | -15173.89 | 506.84 | 3.34% | 元/吨 | | 沪伦比值 | 7.91 | 7.90 | - | - | | | 月间价差 | | | | | | | 合约 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 ...

Group 1: Report Industry Investment Rating - Not provided in the given documents Group 2: Report's Core View - This week, copper prices fluctuated within a narrow range, and 85,000 yuan might be the psychological price for downstream price-fixing. Aluminum prices showed a short - term oscillating trend. Zinc prices fluctuated, and the price center was unlikely to drop significantly. Nickel and stainless - steel fundamentals were weak, and short - term high - selling opportunities could be considered. Lead prices oscillated at a high level and were expected to maintain a narrow - range oscillation next week. Tin prices increased, with short - term observation recommended and long - term low - buying near the cost line. Industrial silicon prices were expected to oscillate in the short - term and at the cycle bottom in the long - term. Carbonate lithium prices were strong, and a pattern change might occur in 1 - 2 years [1][2][5][6][7][8][9][12][16][18] Group 3: Summary by Metal Copper - This week, copper prices fluctuated within a narrow range. Driven by the precious metal market, copper prices were strong in the first half of the week and adjusted on Friday. The downstream price - fixing volume rebounded significantly. The market had both liquidity easing expectations and AI bubble risks. The 85,000 - yuan level might be the psychological price for downstream price - fixing [1] Aluminum - Overseas shutdown news boosted the domestic aluminum price, which was stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods and strips slightly reduced inventory. Downstream consumption was okay, and the acceptance of high prices increased. It might show an oscillating trend in the short - term [1][2] Zinc - This week, zinc prices oscillated. The domestic and imported TC decreased further. The supply of domestic mines would be tight from the fourth quarter to the first quarter of next year. The processing fee decreased significantly, but the smelter's profit was still okay. In November, the Huoshaoyun zinc ingot was officially put into production. Domestic demand was seasonally weak, while overseas demand in the Middle East had high growth. The domestic social inventory oscillated, and the overseas LME inventory was at a low level. The export window was open. It was recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and focus on the positive arbitrage opportunity of 01 - 03 [5] Nickel - The supply of pure nickel decreased slightly, demand was weak, and both domestic and overseas inventories continued to accumulate. With continuous disturbances in the Indonesian nickel ore market and price - support motivation from the policy side, short - term high - selling opportunities could be considered [6] Stainless - steel - The steel mill's production increased slightly in October. Demand was mainly for rigid needs. The prices of nickel - iron and chrome - iron remained stable. Inventory was at a high level. With price - support motivation from the Indonesian policy side, short - term high - selling opportunities could be considered [6][7] Lead - This week, lead prices oscillated at a high level. The scrap rate was weak year - on - year, but the recovery of recycling profit encouraged resumption of production. The supply of refined lead and recycled lead was tight from late September, and the current resumption of recycled lead production had alleviated the supply - demand contradiction. The battery's production rate increased by 1.4% this week, but the finished - product inventory increased, and demand was expected to weaken. It was expected that lead prices would maintain a narrow - range oscillation next week, between 17,300 - 17,700 yuan [8][9] Tin - This week, the center of tin prices increased. The processing fee of tin ore remained low, with limited upward space. The supply marginally recovered after the Yunnan Tin's maintenance ended. Overseas production was still uncertain. Demand was mainly rigid, and the downstream's acceptable price increased. The short - term fundamentals were okay, and it was recommended to wait and see. In the long - term, it was recommended to buy near the cost line [12] Industrial Silicon - The production of the leading enterprise in Xinjiang was stable. In the fourth quarter, the supply and demand of industrial silicon were expected to be in a slightly loose balance. In the short - term, prices were expected to oscillate, and in the long - term, they were expected to oscillate at the cycle bottom [16] Carbonate Lithium - Affected by the expected lithium - battery demand and market bullish sentiment, carbonate lithium prices were strong. The lithium ore was in short supply, and the upstream inventory decreased significantly. The downstream inventory was relatively sufficient, and the market was in a wait - and - see state. In the long - term, the pattern change might occur in 1 - 2 years [18]

Core Points - The company has announced the early redemption of its convertible bonds, "中金转债," due to the triggering of redemption conditions based on stock price performance [6][15] - The last trading day for "中金转债" is set for November 20, 2025, after which trading will cease [2][20] - The final conversion date is November 25, 2025, and any unconverted bonds will be forcibly redeemed [3][22] Redemption Details - The redemption price for "中金转债" is set at 100.70 CNY per bond, including accrued interest [4][17] - The redemption conditions were met as the stock price exceeded 130% of the conversion price for at least 15 trading days [15] - The redemption registration date is November 25, 2025, and the actual redemption will occur on November 26, 2025 [5][22] Bond Issuance Overview - "中金转债" was issued on July 20, 2020, with a total of 38 million bonds at a face value of 100 CNY each, amounting to a total of 3.8 billion CNY [7] - The bond has a maturity of 6 years and a tiered interest rate structure, culminating in a 2.00% rate in the final year [7] Conversion Price Adjustments - The initial conversion price was set at 4.71 CNY per share, with subsequent adjustments due to annual profit distributions [7][8][9][10][11] - The latest conversion price is 4.29 CNY per share, effective from June 26, 2025 [11] Redemption Process - The company will provide daily announcements regarding the redemption process leading up to the redemption date [20] - After the redemption, "中金转债" will be delisted from the Shenzhen Stock Exchange [22]