Core Viewpoint - Zhejiang Hailiang Co., Ltd. plans to use up to 80 million yuan of idle raised funds to temporarily supplement working capital, with a usage period not exceeding twelve months from the board's approval date [1][10][12] Group 1: Fundraising and Usage - The company has raised a total of 315 million yuan through the issuance of convertible bonds, with a net amount of 312.84114 million yuan after deducting issuance costs [1] - The raised funds are allocated for various projects, including the construction of copper and copper alloy rod production and the expansion of precision copper tube production lines [2] - The company has implemented special account management for the raised funds to ensure their proper use [2] Group 2: Previous Fund Usage - In previous instances, the company has used idle raised funds to temporarily supplement working capital, including 125.6 million yuan in 2019 and 99.3 million yuan in 2020, with all funds returned to the special account by the specified deadlines [5][6] - The company has also permanently supplemented working capital with surplus funds from completed projects, including 102.62708 million yuan in 2019 and 58.6 million yuan in 2021 [3][6] Group 3: Current Fund Usage Proposal - The current proposal allows for the use of up to 80 million yuan of idle funds for operational activities, ensuring that the original purpose of the raised funds remains unchanged [10][11] - The estimated savings on financial costs from this temporary fund usage is projected to be 2.4 million yuan based on the current bank loan interest rate [10] - The company commits to not engaging in risk investments or providing financial assistance to entities outside its subsidiaries during the fund usage period [10][11] Group 4: Approval and Verification - The board of directors has approved the proposal for using idle funds, adhering to necessary legal procedures [11][12] - The sponsor institution has verified that the fund usage aligns with regulations and does not harm shareholder interests [11][12]

Core Viewpoint - Hailiang Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive financial performance despite a modest growth in sales [1] Financial Performance - The company achieved an operating revenue of 44.476 billion yuan, representing a year-on-year growth of 1.17% [1] - The net profit attributable to shareholders reached 711 million yuan, showing a year-on-year increase of 15.03% [1] - The net profit excluding non-recurring gains and losses was 812 million yuan, reflecting a year-on-year growth of 30.56% [1] - Basic earnings per share were reported at 0.36 yuan [1] Dividend Distribution - The company proposed a cash dividend of 1.00 yuan (including tax) for every 10 shares to all shareholders [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Copper: Overnight LME copper and domestic copper trended upward. The US Q2 real GDP annualized quarterly growth rate was revised to 3.3%, better than expected. A Fed official supported a 25 - basis - point rate cut in September. China's urban renewal is expected to speed up. LME and Comex copper inventories increased, while SHFE copper warehouse receipts decreased. As the seasonal off - season ends, downstream orders may pick up, and there are expectations of domestic enterprises restocking and inventory depletion, which could support copper prices, but the potential upside in September is limited [1]. - Aluminum: Alumina,沪铝, and aluminum alloy trended weakly. Alumina production resumption increased, but cost support strengthened, limiting deep declines. The inflow of aluminum ingots decreased and downstream stocking increased, and the inflection point of aluminum prices depends on the last week before September [1][2]. - Nickel: LME and SHFE nickel prices rose. LME inventory increased, and SHFE warehouse receipts decreased. The fundamentals improved marginally, and the price may trend upward with low valuation [2]. Group 3: Summary According to the Table of Contents 1. Research Views - **Copper**: Macroeconomic data in the US was positive, and China's urban renewal policy may boost demand. Inventory changes varied in different markets. Seasonal factors and import window conditions may affect future inventory and price trends [1]. - **Aluminum**: Alumina prices declined, and aluminum products showed weak trends. Production resumption and cost factors influenced the market. The change in aluminum ingot inventory needs further observation [1][2]. - **Nickel**: Price increases were accompanied by inventory changes. The improvement in fundamentals was not significant, but the price may be strong in the short - term [2]. 2. Daily Data Monitoring - **Copper**: Market prices, including those of flat - water copper, scrap copper, and downstream products, changed. Inventory levels in LME, COMEX, and social inventories also changed, along with other indicators such as premiums and import profits [4]. - **Lead**: Prices of lead products decreased slightly, and inventory levels in LME and the Shanghai Futures Exchange decreased [4]. - **Aluminum**: Market prices of aluminum and its raw materials changed. Inventory levels in LME, the Shanghai Futures Exchange, and social inventories also had corresponding changes [5]. - **Nickel**: Prices of nickel products decreased, and inventory levels in LME, the Shanghai Futures Exchange, and social inventories changed [5]. - **Zinc**: The main settlement price decreased, and inventory levels in the Shanghai Futures Exchange and LME changed. Social inventory increased [6]. - **Tin**: The main settlement price increased slightly, and inventory levels in the Shanghai Futures Exchange and LME decreased [6]. 3. Chart Analysis - **3.1 Spot Premiums**: Charts showed the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][10][15] - **3.2 SHFE Near - Far Month Spreads**: Charts presented the historical trends of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [16][20][22] - **3.3 LME Inventory**: Charts displayed the historical trends of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [23][25][27] - **3.4 SHFE Inventory**: Charts showed the historical trends of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [30][32][34] - **3.5 Social Inventory**: Charts presented the historical trends of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [36][38][40] - **3.6 Smelting Profits**: Charts showed the historical trends of copper concentrate index, copper smelting fees, aluminum smelting profits, nickel - iron smelting costs, zinc smelting profits, and stainless - steel 304 smelting profit margins from 2019 - 2025 [43][45][47] 4. Non - research Content (Team Introduction) - The non - research part introduced the members of the non - ferrous metals team, including Zhan Dapeng, Wang Heng, and Zhu Xi, along with their educational backgrounds, positions, research directions, and professional achievements [50][51]

1. Report Industry Investment Rating - Copper: Oscillating [5] - Alumina: Oscillating weakly [7] - Aluminum: Oscillating [7] - Aluminum Alloy: Oscillating [9] - Zinc: Oscillating weakly [12] - Lead: Oscillating [13] - Nickel: Oscillating [16] - Stainless Steel: Oscillating [21] - Tin: Oscillating [22] 2. Core Views of the Report - The market is influenced by the weak US dollar and tariff games, with base metals oscillating. In the short - to - medium term, the weak US dollar supports prices, but the weak demand expectation makes it uncertain whether the inventory will decrease in the peak season in September. In the long term, potential incremental stimulus policies in China and supply disturbances support base metal prices [1]. - For different metals, their prices are affected by various factors such as macro - policies, supply - demand relationships, and inventory changes. 3. Summary by Related Catalogs 3.1行情观点 3.1.1 Copper - Information: Powell's dovish speech increases the probability of a Fed rate cut in September. The consumer confidence index in the US declined in August. China's electrolytic copper production increased in July. The spot copper price had a certain premium, and the inventory increased slightly [5]. - Logic: The dovish Fed speech boosts copper prices. The supply of raw materials is tight, and the downstream demand is in the off - season, but the inventory accumulation is not obvious. Low inventory supports copper prices in the short term [5]. - Outlook: Copper may oscillate due to supply constraints, low inventory, weakening demand, and the impact of US tariffs [6]. 3.1.2 Alumina - Information: The spot price of alumina declined on August 28, and the warehouse receipt increased [6]. - Logic: The smelter's profit is good, the operating capacity is at a high level, the supply - demand balance shows an obvious surplus, and the inventory accumulation trend expands. The price is expected to oscillate under pressure [7]. - Outlook: Oscillate weakly, and consider short - selling opportunities on rallies [7]. 3.1.3 Aluminum - Information: The price of aluminum declined on August 28, the inventory of aluminum rods and electrolytic aluminum ingots increased, and the warehouse receipt decreased slightly. Some aluminum - related companies' performance in the first half of 2025 showed growth [8]. - Logic: The expectation of a US rate cut weakens the US dollar. The supply capacity is high, the demand is expected to improve as the peak season approaches, but the terminal consumption is not strong. The inventory accumulates, and the spot is at a discount. The price is expected to oscillate [9]. - Outlook: Oscillate in the short term, and the consumption and inventory accumulation need to be observed [9]. 3.1.4 Aluminum Alloy - Information: The price of ADC12 remained unchanged on August 28, the price of AOO aluminum declined, and the difference between them increased. The exchange adjusted the margin and price limit of cast aluminum alloy futures [9]. - Logic: The short - term supply - demand is weak. The cost is supported by the price of scrap aluminum. The supply side's production decreased, and the demand side's procurement is cautious. The factory inventory decreased, and the social inventory increased. Consider cross - variety arbitrage opportunities [10]. - Outlook: ADC12 and ADC12 - A00 will oscillate at a low level in the short term and may rise in the future [10]. 3.1.5 Zinc - Information: The spot zinc price had a discount on August 28, and the inventory increased [12]. - Logic: The macro - situation is neutral. The supply of zinc ore is loose, the smelter's profit is good, and the production willingness is strong. The demand is in the off - season, and the overall demand expectation is average. The price may oscillate at a high level in the short term and decline in the long term [12]. - Outlook: The zinc price will oscillate weakly in the long term, and the inventory may continue to accumulate in August [12]. 3.1.6 Lead - Information: The price of waste batteries and lead ingots declined on August 28, and the social inventory decreased slightly. The transportation was restricted, and some regenerative lead enterprises were under maintenance [13]. - Logic: The spot discount is stable, the supply of waste batteries decreases, the production of lead ingots decreases slightly, and the demand for lead - acid batteries increases slightly. The price is expected to oscillate [14]. - Outlook: The lead price will oscillate due to the increase in demand and the possible decrease in supply, but the incomplete recovery of the battery enterprise's operating rate also puts pressure on the price [14]. 3.1.7 Nickel - Information: The LME nickel inventory increased, and the domestic warehouse receipt decreased slightly. There were many events in the nickel industry, such as business sales and policy adjustments [16]. - Logic: The market sentiment dominates the market, the industrial fundamentals are weakening marginally, the supply of raw materials may be loose, the production of intermediate products recovers, the price of nickel salt weakens slightly, and the inventory accumulates. The price should be traded short - term [19]. - Outlook: The nickel price will oscillate in the short term and be observed in the long term [19]. 3.1.8 Stainless Steel - Information: The stainless steel warehouse receipt decreased, the spot price had a premium, and the price of nickel pig iron increased. The price of Indonesian domestic trade ore is expected to decline slightly [21]. - Logic: The price of nickel iron rises, the price of chrome iron is stable, the production of stainless steel decreases, the social inventory accumulates slightly, and the warehouse receipt decreases. The price is expected to oscillate [21]. - Outlook: The stainless steel price may oscillate in the short term, and pay attention to the changes in inventory and cost [21]. 3.1.9 Tin - Information: The warehouse receipt of LME and Shanghai tin decreased, and the spot price declined slightly [22]. - Logic: The supply of tin ore is tight, the production and export of tin in some regions are unstable, the smelting start - up rate is low, and the terminal demand weakens marginally. The price has a support at the bottom but lacks upward momentum [22]. - Outlook: The tin price will oscillate, and the volatility may increase in August [22]. 3.2行情监测 The report only lists the names of different metals for monitoring, but no specific monitoring content is provided [25][39][51]. 3.3 Commodity Index - The comprehensive index, specialty index (including commodity 20 index and industrial product index), and sector index (non - ferrous metal index) of CITIC Futures are presented. The specialty index increased slightly, and the non - ferrous metal index decreased by 0.22% on August 28 but increased by 0.28% in the past 5 days, 0.45% in the past month, and 2.89% since the beginning of the year [137][139].

Financial Performance - In the first half of 2025, the company achieved revenue of $1.752 billion and a net profit of $371 million, representing a year-on-year increase of 22.5% compared to the same period in 2024 [1] - The profit attributable to shareholders was $263 million, up 20.2% year-on-year, with basic earnings per share of approximately 6.75 cents, an increase of about 17.4% from 5.75 cents in 2024 [1] Production Metrics - From January to June 2025, the company produced 111,283 tons of crude copper and anode copper, a decrease of 30.4% year-on-year; however, cathode copper production increased by 15.6% to 72,192 tons [1] - Cobalt hydroxide production reached 481 tons, up 1.7% year-on-year, while sulfuric acid production was 538,433 tons, down 1.9% [1] - The company processed 102,708 tons of copper products for external enterprises, marking a significant increase of 152.9% [1] Project Development - Major ongoing projects are progressing well, with geological surveys and engineering investigations completed for the slope road of the non-ferrous Africa mining project [2] - The company is on track to complete the construction of the main western selection plant renovation project by the end of September 2025 [2] - The new copper smelting project in Luanshya is a key focus for sustainable and high-quality development, with significant progress in water drainage work [3] Environmental and Operational Challenges - The company faced increased external uncertainties, including fluctuating international copper prices due to U.S. tariff policies and domestic instability in the Democratic Republic of Congo [6] - Despite these challenges, the company maintained strong production performance, achieving historical highs in key economic indicators [7] Strategic Initiatives - The company has strengthened investor relations and maintained a high dividend payout ratio to reward shareholders, which has positively impacted its market performance [7] - In June, the company announced the acquisition of a stake in the Balkhash copper mine in Kazakhstan, marking a breakthrough in its external acquisition strategy [7]

证券日报网讯 8月28日晚间，江西铜业发布公告称，2025年半年度公司实现营业收入256，958，886， 885元，同比下降4.94%；归属于上市公司股东的净利润为4，174，546，475元，同比增长15.42%。 （编辑 何成浩） ...

格隆汇8月28日丨江西铜业(600362.SH)披露半年报，公司上半年实现营业收入2569.59亿元，同比下降 4.94%；归属于上市公司股东的净利润41.75亿元，同比增长15.42%；基本每股收益1.21元/股。公司拟向 全体股东每10股派发现金红利4元（含税），预计总派发金额为13.81亿元。 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - **Copper**: Overnight LME copper fluctuated weakly, and domestic copper opened lower and fluctuated narrowly with the domestic spot import window continuously open. Concerns about the Fed's independence may increase expectations of monetary policy easing. Seasonal off - peak is ending, downstream orders may improve, and scrap copper substitution is favorable. There is a possibility of inventory replenishment in China, which may drive LME copper into a destocking phase and support price stabilization, but the potential upside in September is limited [1]. - **Aluminum**: Alumina, Shanghai aluminum, and aluminum alloy all fluctuated weakly. Alumina's resumption of production increases, with accumulating warehouse receipts and over - supply expectations. Cost support is strengthening, so it is in a weak but limited - decline pattern. The inflow of aluminum ingots in main sales areas in China is decreasing, and downstream stocking is increasing. Whether it is a cyclical inflection point needs verification [2]. - **Nickel**: Overnight LME nickel and Shanghai nickel both declined. Overall, the fundamentals have little change, the contradictions in the industrial chain are not prominent, and prices are likely to fluctuate [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Copper**: The price of flat - water copper decreased by 75 yuan/ton, and the inventory of LME and COMEX copper changed. The total social inventory increased by 0.8 tons. The LME0 - 3 premium decreased by 9.3 dollars/ton, and the active contract import profit decreased by 110 yuan/ton [3]. - **Lead**: The average price of 1 lead remained unchanged, and the inventory of LME decreased by 4075 tons, while the warehouse receipt of the Shanghai Futures Exchange increased by 74 tons [3]. - **Aluminum**: The prices of Wuxi and Nanhai aluminum increased by 60 yuan/ton. The inventory of LME and the Shanghai Futures Exchange increased, and the social inventory of alumina decreased by 2.2 tons. The active contract import loss decreased [4]. - **Nickel**: The price of Jinchuan nickel increased by 1650 yuan/ton. The LME inventory increased by 72 tons, and the Shanghai Futures Exchange warehouse receipt decreased by 61 tons. The social inventory increased by 1319 tons [4]. - **Zinc**: The主力结算 price increased by 0.2%. The LME inventory decreased by 5500 tons, and the social inventory increased by 0.74 tons. The active contract import loss changed [5]. - **Tin**: The主力结算 price increased by 0.8%. The LME inventory increased by 145 tons, and the Shanghai Futures Exchange inventory decreased by 301 tons [5]. 3.2 Chart Analysis - **Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2021 - 2025 [7][8][11]. - **SHFE Near - Far Month Spread**: Charts display the spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][17][19]. - **LME Inventory**: Charts present the inventory trends of copper, aluminum, nickel, zinc, lead, and tin on the LME from 2019 - 2025 [21][23][25]. - **SHFE Inventory**: Charts show the inventory trends of copper, aluminum, nickel, zinc, lead, and tin on the SHFE from 2019 - 2025 [28][30][32]. - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [34][36][38]. - **Smelting Profit**: Charts show the trends of 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]. 3.3 Team Introduction - **Zhan Dapeng**: A master of science, the director of non - ferrous research at Everbright Futures Research Institute, with over a decade of commodity research experience, and his team has won many awards [48]. - **Wang Heng**: A master of finance from the University of Adelaide, mainly researching aluminum and silicon, providing in - depth reports and risk management services [48]. - **Zhu Xi**: A master of science from the University of Warwick, focusing on the integration of non - ferrous metals and new energy, and providing timely market information [49].

Group 1: Copper - The risk appetite sentiment continued to rise this week. Although domestic economic and financial data were poor, the stock market sentiment remained high. The downstream orders were verified to have support around 7.8, and the copper rod开工率 showed resilience at the end of the off - season. The scrap - refined substitution effect was evident. The domestic tax subsidy policy for scrap copper might be restricted. In August, a small inventory build - up was expected under full supply, but the market might focus on the tight - balance pattern after the off - season [1] Group 2: Aluminum - From January to June, aluminum ingot imports increased supply. In August, demand was in the seasonal off - season, with a possible slight improvement in the middle and late months. Aluminum product exports improved month - on - month, while photovoltaic demand declined, and overseas demand dropped significantly. An inventory build - up was expected in August. In the short - term off - season, attention should be paid to demand. In the low - inventory pattern, attention should be paid to far - month spreads and reverse arbitrage between domestic and overseas markets [1][2] Group 3: Zinc - This week, zinc prices fluctuated widely. On the supply side, domestic TC had difficulty rising, while imported TC increased. In August, smelting output increased. Overseas, the mine output in the second quarter exceeded expectations, and zinc ore imports in July were over 500,000 tons, the highest in nearly three years. On the demand side, domestic demand was seasonally weak but had some resilience; overseas, European demand was average, and some smelters had production resistance due to processing fees. Domestic social inventory increased, and overseas LME inventory decreased rapidly. In the short - term, zinc prices were expected to rebound, and it was recommended to wait and see; in the long - term, a short - position configuration was suggested. Long - short arbitrage between domestic and overseas markets could be continued, and positive spreads between months could be noted [5] Group 4: Nickel - The supply of pure nickel remained at a high level, while demand was weak overall, and the premium was stable recently. Domestic and overseas nickel plate inventories remained unchanged. In the short - term, the fundamental situation was average, and the macro - environment was mainly about anti - involution policy games. The opportunity to shrink the nickel - stainless steel price ratio could continue to be monitored [6] Group 5: Stainless Steel - On the supply side, some steel mills cut production passively, and some in the north were affected by the military parade. On the demand side, it was mainly for rigid needs, and some restocking increased due to the macro - environment. The prices of nickel iron and chrome iron remained stable. Inventories in Xifu decreased slightly, and exchange warehouse receipts remained unchanged. The fundamentals were generally weak, and short - term macro - factors followed anti - involution expectations. Attention should be paid to future policy directions [6] Group 6: Lead - This week, lead prices fluctuated. On the supply side, the scrap volume was weak year - on - year, and the supply of scrap batteries was tight. The recycling volume of recyclers was low, and the TC quotation was in a mess. On the demand side, the battery finished - product inventory was high, and the battery operating rate increased this week, but the market was not prosperous in the peak season. The refined - scrap price difference was +25, and the LME registered warehouse receipts increased by 10,000 tons. In August, primary supply was expected to increase, and recycled lead production might decrease. Demand improved slightly, but the inventory was still expected to be at a high level. Lead prices were expected to remain in a low - level fluctuation next week [8] Group 7: Tin - This week, tin prices fluctuated widely. On the supply side, the processing fee for tin ore was at a low level, and some domestic smelters cut production. Yunnan smelters would start maintenance in early September. Overseas, there were signals of production resumption in Wa State, but large - scale exports were difficult before October. African tin ore might increase in the long - term but was unstable in the short - term. There was a risk of mine inspections in Indonesia. On the demand side, the demand for solder was limited, and the terminal electronic consumption had peak - season expectations, but the photovoltaic growth rate was expected to decline. Domestic inventory decreased slightly, and overseas consumption was strong. The domestic fundamentals were in a short - term supply - demand double - weak situation. Attention should be paid to the possible supply - demand mismatch from September to October and the impact of interest - rate cut expectations on non - ferrous metals. In the short - term, it was recommended to wait and see; in the long - term, it was advisable to hold positions near the cost line when the price was low [11] Group 8: Industrial Silicon - The resumption of production in Xinjiang, Sichuan, and Yunnan was slower than expected. In August, there was a small inventory reduction. The core of supply - demand balance was the resumption rhythm of Hesheng. In the short - term, if Hesheng's eastern production remained around 40 units, the supply - demand balance would be tight. In the long - term, the industrial silicon production capacity was still in serious over - supply, and the operating rate was low, so the price would fluctuate at the cycle bottom [14] Group 9: Lithium Carbonate - This week, the futures price fluctuated greatly due to the expected production resumption of salt lakes and mica mines. On the spot side, the peak - season effect was obvious, and the downstream procurement volume increased. The core contradiction of lithium carbonate was that under the background of over - supply in the long - term, the resource side faced periodic compliance disturbances. In the current peak - season approaching, the monthly balance turned to continuous inventory reduction after the production cut of CATL's smelters, and the price elasticity was large when supply - side disturbances were hyped up [16]

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core Views - Today, copper prices showed a trend of increasing positions and declining. The macro - level atmosphere cooled, the equity market declined from a high level, and commodities generally weakened. In the industrial sector, market trading sentiment further weakened near the end of the month. With the weakening of the domestic macro - atmosphere and the rebound of the overseas US dollar index, copper prices are under pressure. Attention should be paid to the support at the 79,000 mark of Shanghai copper [4]. - Last night, Shanghai aluminum significantly increased positions and rose. During the day, the main contract price fluctuated narrowly above 20,800. Although the domestic commodity atmosphere cooled today, aluminum prices showed strength. In the industrial sector, as reported by SMM, with aluminum prices remaining at a high level, the downstream's purchasing fear of high prices is increasing. Technically, aluminum prices face technical pressure at the previous high [5]. - Last night, nickel prices stabilized and rebounded. During the day, they rose first and then fell. The main contract price generally fluctuated above 122,000. The cooling domestic atmosphere has little impact on nickel. In the industrial sector, the trading of nickel ore is fair, and ore prices remain stable. The continuous increase in domestic nickel ore port inventories and refined nickel inventories suppresses nickel prices. Technically, attention should be paid to the technical pressure at the 122,000 mark [6]. Group 3: Summary of Industry Dynamics - **Copper**: Zijin Mining produced 570,000 tons of mined copper and 41 tons of mined gold in the first half of the year [8]. - **Aluminum**: Starting from the settlement on August 28, 2025 (Thursday), the trading margin ratio and daily limit range of cast aluminum alloy futures contracts will be adjusted. The daily limit range will be adjusted to 5%, the hedging position trading margin ratio to 6%, and the general position trading margin ratio to 7%. As of August 26, the total daily social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi was 32,373 tons, an increase of 405 tons from the previous trading day and 914 tons from last Tuesday (August 19) [9]. - **Nickel**: Today, the price of SMM1 electrolytic nickel is in the range of 121,700 - 124,600 yuan/ton, with an average price of 123,150 yuan/ton, a rise of 1,700 yuan/ton from the previous trading day. The mainstream spot premium quotation range of Jinchuan No. 1 nickel is 2,400 - 2,600 yuan/ton, with an average premium of 2,500 yuan/ton, a decrease of 100 yuan/ton from the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel is - 100 - 300 yuan/ton [9]. Group 4: Summary of Related Charts - **Copper**: The report includes charts of copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [10][14][12]. - **Aluminum**: The report includes charts of aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum rod inventory [22][28][24]. - **Nickel**: The report includes charts of nickel basis, LME inventory, Shanghai nickel monthly spread, SHFE inventory, nickel ore port inventory, and LME nickel trend [34][36][40].