Core Viewpoint - The company reported a significant decline in revenue and a net loss for the first half of 2025, indicating financial challenges ahead [1] Financial Performance - The company achieved an operating revenue of 521 million yuan, representing a year-on-year decrease of 25.97% [1] - The net profit attributable to shareholders of the listed company was -92.19 million yuan, marking a shift from profit to loss compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -65.46 million yuan [1] - The basic earnings per share were -0.29 yuan [1]

Report Industry Investment Ratings - Copper: ★★☆ (Red, indicating a bullish trend) [1] - Aluminum: ★★★ (Red, indicating a stronger bullish trend) [1] - Alumina: ★☆☆ (Red, indicating a bullish but less operable trend) [1] - Cast Aluminum Alloy: ★★★ (Red, indicating a stronger bullish trend) [1] - Zinc: ★★★ (Red, indicating a stronger bullish trend) [1] - Lead and Stainless Steel: ★☆☆ (Red, indicating a bullish but less operable trend) [1] - Tin: ★☆☆ (Red, indicating a bullish but less operable trend) [1] - Lithium Carbonate: ★★★ (Red, indicating a stronger bullish trend) [1] - Industrial Silicon: ★★★ (Red, indicating a stronger bullish trend) [1] - Polysilicon: ★★★ (Red, indicating a stronger bullish trend) [1] Core Views - The prices of various non - ferrous metals are affected by multiple factors including macro - economic events, supply - demand fundamentals, and policy changes. Different metals show different trends such as upward, downward, or oscillatory movements, and corresponding investment strategies are provided based on these trends [2][3][4] Summary by Metal Copper - On Monday, SHFE copper rose above 79,500 yuan due to the probability of Fed rate cut in September, domestic refined copper consumption substitution effect, and the expiration of 2509 options. The spot copper price reached 79,395 yuan, with Shanghai premium at 140 yuan and Guangdong premium at 60 yuan. SMM copper inventory decreased by 8,700 tons to 123,000 tons over the weekend. The refined - scrap copper price difference widened to 1,550 yuan. Attention should be paid to the resistance at 80,000 yuan and the opportunity to sell call options [2] Aluminum - SHFE aluminum oscillated strongly. The spot premium in East China was 20 yuan. Aluminum ingot social inventory increased by 20,000 tons and aluminum rod inventory increased by 9,000 tons compared to last Thursday. Downstream开工率 increased seasonally, and inventory is likely to remain low this year, but the inflection point of inventory accumulation is not clear. SHFE aluminum will oscillate in the short - term, with resistance in the 20,800 - 21,000 yuan area. Cast aluminum alloy follows SHFE aluminum. The supply of scrap aluminum is tight, and the spot - SHFE aluminum cross - variety price difference may further narrow [3] Alumina - The operating capacity of alumina is at a historical high, with industry inventory and SHFE warehouse receipts rising. Supply surplus is emerging, and spot indices are falling. The price in Henan was 3,200 yuan today. Alumina is in a weak oscillation, with support at 3,000 yuan [3] Zinc - Due to Powell's dovish remarks, the expectation of a US rate cut in September increased. The fundamental situation is supply increase and demand weakness. The price rebounded, but downstream acceptance of high - price zinc ingots is low. The spot is at a discount to the futures, and holders tend to deliver to the warehouse. SMM zinc social inventory rose to 138,500 tons. The market is dominated by short - covering, and long - entry is cautious. In the medium - term, SHFE zinc is expected to face resistance on rebounds, and short - selling opportunities above 23,500 yuan/ton are preferred [4] Lead - The expectation of primary and secondary lead production cuts is strengthening, and SMM lead social inventory decreased to 68,300 tons, supporting the price rebound. Although the consumption peak season is not prosperous, downstream purchasing sentiment has improved. In September, the new national standard for electric two - wheelers and the anti - dumping tariff on Chinese starting lead - acid batteries in the Middle East will be implemented, and SHFE lead is expected to oscillate [6] Nickel and Stainless Steel - SHFE nickel rebounded slightly, with dull trading. Traders are reluctant to lower prices, and the premium of mainstream electrowon nickel remained in the range of - 100 - 300 yuan/ton this week. Downstream purchases increased due to the price decline. Pure nickel inventory decreased by 1,000 tons to 41,000 tons, nickel - iron inventory remained at 33,000 tons, and stainless steel inventory remained at 934,000 tons. Technically, nickel price has the intention to rebound, but the fundamentals are weak, and short - selling positions are sought [7] Tin - SHFE tin increased positions slightly and shifted the main contract to 2510. The short - term resistance for the overseas market is at $34,000, and the corresponding weighted price of SHFE tin is 270,000 yuan. The overseas tin market is supported by low inventory and weak Indonesian supply, while the domestic market has low supply and demand. Tin price may rise in the short - term, and long - positions can be held based on the MA60 moving average [8] Lithium Carbonate - The futures price of lithium carbonate declined, and trading volume shrank. Some miners sold during the price increase, and there was sporadic auction supply. After the price drop, there was temporary reluctance to sell. Downstream companies adjusted their psychological price levels and were cautious in restocking. In July, lithium ore imports increased significantly, providing sufficient raw materials for domestic lithium - spodumene smelters. The total market inventory decreased slightly by 700 tons to 142,000 tons, with smelter inventory decreasing by 3,000 tons to 47,000 tons and downstream inventory increasing by nearly 3,000 tons to 52,000 tons. The mid - stream output decreased by 5% week - on - week. In the price decline, the market focus is on the expectation after the shutdown of small - scale enterprises, and the fundamentals have limited guidance on the price. A bullish approach with risk control is recommended [9] Industrial Silicon - The industrial silicon futures oscillated. After the expectation of polysilicon capacity management policy stabilized, there were more news about industrial silicon capacity elimination, but the impact on overall supply is limited. Fundamentally, both supply and demand increased, and the contradiction is not prominent. The weekly social inventory decreased slightly. The price is expected to trade in the range of 8,300 - 9,000 yuan/ton [10] Polysilicon - The polysilicon futures continued to oscillate. After the industry meeting, the price of polysilicon N - type re - feedstock rose to 49,000 yuan/ton. The actual transaction situation is unclear. The current spot price corresponds to the lower end of the oscillation range, and the upside space depends on the implementation progress of capacity - related policies. The price is expected to oscillate within a range, and a buy - on - dips strategy is recommended [11]

（原标题：数据复盘丨稀土永磁、CPO等概念走强 101股获主力资金净流入超1亿元） 8月25日，沪深两市股指集体走强，成交额突破3万亿元。上证指数、深证成指、创业板指早盘震荡上扬，临近午盘有所回落，尾盘再度上扬；科 创50指数早盘冲高回落，尾盘震荡回升。截至收盘，上证指数报3883.56点，涨1.51%，成交额13609亿元；深证成指报12441.07点，涨2.26%，成 交额17802.33亿元；创业板指报2762.99点，涨3%，成交额8749.75亿元；科创50指数报1287.73点，涨3.2%，成交额1345亿元。沪深两市合计成交 31411.33亿元，成交额较上一交易日增加5944.15亿元。 稀土永磁、CPO等概念走强 园林股份6连板 盘面上来看，行业板块、概念涨多跌少。其中，通信、有色金属、房地产、钢铁、商贸零售、食品饮料、建筑材料、电子、医药生物等行业涨幅 靠前；稀土永磁、CPO、卫星互联网、光通信模块、盲盒经济、白酒、小金属、黄金、氟化工、租售同权等概念走势活跃。仅有日用化工、摩托 车等少数几个行业下跌；智能电视、氦气、户外露营、广电等概念走势较弱。涨停个股主要集中在医药生物、建筑装饰、计算 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market risk preference remains high despite the under - performance of domestic economic and financial data. Different metals have different supply - demand situations and price trends. For example, copper may have a small - scale inventory build - up in August but a tight - balance pattern after the off - season; aluminum is expected to have a small inventory build - up in August; zinc is expected to rebound in the short - term and be a short - position configuration in the long - term; nickel can focus on the opportunity of the shrinking ratio of nickel - stainless steel; stainless steel's fundamentals are weak and should pay attention to policy trends; lead prices are expected to remain in low - level oscillation; tin should be observed in the short - term and held near the cost line in the long - term; industrial silicon is expected to be in a tight balance in the short - term and oscillate at the cycle bottom in the long - term; lithium carbonate has large price elasticity when supply - side disturbances are hyped [1][2][5]. Summary by Metal Copper - **Price and Inventory Data**: From August 18th to 22nd, the spot premium of Shanghai copper decreased by 5, the waste - refined copper spread increased by 45, and the Shanghai Futures Exchange inventory decreased by 1009. - **Market Situation**: The risk - preference sentiment continued to rise this week. Although domestic economic and financial data were poor, it did not affect the stock market sentiment. The downstream orders were verified to have support around 7 - 8, and the substitution effect of refined and waste copper continued to appear. The waste copper and recycled copper market was still disturbed, and if the recycled rod production continued to decline, it might stimulate the consumption of refined copper. In August, there may be a small - scale inventory build - up, but the market may focus on the tight - balance pattern after the off - season [1]. Aluminum - **Price and Inventory Data**: From August 18th to 22nd, the Shanghai aluminum ingot price increased by 30, and the social inventory of Shanghai aluminum decreased. - **Market Situation**: The supply increased slightly from January to June. The demand in August is still in the seasonal off - season, which may improve slightly in the middle and late months. The inventory is expected to increase slightly in August. Pay attention to the demand situation in the short - term and the far - month inter - month and internal - external reverse arbitrage opportunities under the low - inventory pattern [1][2]. Zinc - **Price and Inventory Data**: From August 18th to 22nd, the Shanghai zinc ingot price decreased by 30, the social inventory remained unchanged, and the LME inventory decreased by 1300. - **Market Situation**: The zinc price fluctuated widely this week. The supply of domestic zinc increased in August, and the overseas mine supply in the second quarter exceeded expectations. The domestic demand was seasonally weak but had some resilience, and the overseas demand was average. The domestic social inventory oscillated upwards, and the overseas LME inventory decreased rapidly. In the short - term, it is expected to rebound, and it is recommended to wait and see; in the long - term, it is a short - position configuration. The internal - external positive arbitrage can be held, and attention can be paid to the inter - month positive arbitrage opportunity [5][6]. Nickel - **Price and Inventory Data**: From August 18th to 22nd, the price of 1.5% Philippine nickel ore remained unchanged, and the Shanghai nickel spot price decreased by 450. - **Market Situation**: The supply of pure nickel remained at a high level, the demand was weak overall, and the inventory of domestic and overseas nickel plates remained stable. In the short - term, the fundamental situation is general, and the macro - level is mainly about the game of anti - involution policies. The opportunity of the shrinking ratio of nickel - stainless steel can continue to be concerned [9][10]. Stainless Steel - **Price and Inventory Data**: From August 18th to 22nd, the price of 304 cold - rolled coil decreased by 50, and the price of 304 hot - rolled coil decreased by 75. - **Market Situation**: Some steel mills cut production passively, and the demand was mainly for rigid needs. The prices of nickel - iron and chrome - iron remained stable, and the inventory in Xijiao and Foshan decreased slightly. The fundamentals remained weak, and attention should be paid to the policy trend in the later stage [12][14]. Lead - **Price and Inventory Data**: From August 18th to 22nd, the spot premium remained unchanged, and the LME inventory decreased by 6550. - **Market Situation**: The lead price oscillated this week. The supply side had problems such as weak scrap volume and tight waste batteries. The demand side had high battery finished - product inventory and a "not - prosperous peak season". The inventory was expected to remain at a high level in August, and the lead price was expected to remain in low - level oscillation next week [15]. Tin - **Price and Inventory Data**: From August 18th to 22nd, the spot import profit decreased by 3915.73, and the LME inventory increased by 45. - **Market Situation**: The tin price fluctuated widely this week. The supply side had issues such as low processing fees at the mine end and potential production resumptions overseas. The demand side had limited solder elasticity and different trends in terminal electronics and photovoltaic consumption. The domestic inventory decreased slightly. In the short - term, it is recommended to wait and see; in the long - term, it can be held near the cost line [18]. Industrial Silicon - **Price and Inventory Data**: From August 18th to 22nd, the 421 Yunnan basis decreased by 110, and the 421 Sichuan basis decreased by 110. - **Market Situation**: The resumption of production of Xinjiang's leading enterprises was slower than expected. In August, the supply - demand was in a state of slight inventory reduction. In the short - term, the supply - demand balance may remain tight. In the long - term, the industrial silicon has a large over - capacity, and the price is expected to oscillate at the cycle bottom [22]. Lithium Carbonate - **Price and Inventory Data**: From August 18th to 22nd, the SMM electric - carbon price decreased by 1300, and the SMM industrial - carbon price decreased by 1300. - **Market Situation**: The futures price fluctuated greatly this week due to supply - side disturbances. The spot market had a strong peak - season effect, and the inventory was still high. The core contradiction is the supply - side disturbance under the background of over - supply in the long - term. The price has large elasticity when supply - side disturbances are hyped [23][24].

Group 1: Rare Earths - The price of praseodymium and neodymium oxide reached 622,300 CNY/ton this week, reflecting a week-on-week increase of 11.61% [5] - The recent implementation of the "Interim Measures" marks the official start of supply-side reforms in the rare earth industry [5] - July saw a significant increase in magnetic material exports, with a month-on-month increase of 75% and a year-on-year increase of 6%, indicating substantial recovery potential in exports [5] Group 2: Copper - This week, LME copper prices decreased by 0.26% to 9,734.50 USD/ton, while Shanghai copper fell by 0.47% to 78,700 CNY/ton [2] - Domestic copper inventory decreased by 0.2 million tons to 131,700 tons compared to Monday, but increased by 0.61 million tons from the previous Thursday [2] - The operating rate of domestic anode plate enterprises dropped by 7.39% to 52.1% due to raw material shortages and unclear policies [2] Group 3: Aluminum - LME aluminum prices fell by 0.38% to 2,593.00 USD/ton, and Shanghai aluminum decreased by 0.67% to 20,600 CNY/ton [3] - Domestic electrolytic aluminum ingot inventory decreased by 11,000 tons to 596,000 tons compared to Monday [3] - The operating rate of downstream aluminum processing enterprises increased by 0.5 percentage points to 60.0%, indicating a mild recovery in the market [3] Group 4: Gold - COMEX gold prices increased by 0.05% to 3,383.50 USD/ounce, influenced by complex international situations [4] - SPDR gold holdings decreased by 8.60 tons to 956.77 tons this week [4] - A trade agreement framework was reached between the U.S. and the EU, which may impact market dynamics [4] Group 5: Lithium and Cobalt - The average price of lithium carbonate rose by 6.8% to 85,000 CNY/ton, while lithium hydroxide increased by 8.0% to 82,000 CNY/ton [6] - Cobalt prices decreased by 0.4% to 263,000 CNY/ton, while cobalt intermediate prices increased by 0.4% to 13.2 USD/pound [6] - The total production of lithium carbonate this week was 19,100 tons, reflecting a decrease of 800 tons [6] Group 6: Antimony and Molybdenum - Antimony prices are expected to rebound due to improved export expectations and significant production cuts in domestic smelting plants [5] - Molybdenum prices have risen recently, with steel mills restarting procurement, leading to a recovery in steel procurement volumes [5]

Core Insights - The company reported a revenue of 20.428 billion yuan for the first half of 2025, representing a year-on-year increase of 12.1%, while the net profit attributable to shareholders was 1.904 billion yuan, down 16.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 10.797 billion yuan, up 8% year-on-year and 12.1% quarter-on-quarter, with a net profit of 1.196 billion yuan, which is a slight increase of 0.2% year-on-year and a significant increase of 68.9% quarter-on-quarter [1] Revenue and Profit Analysis - The company’s aluminum production and sales volume for the first half of 2025 reached 871,100 tons and 871,400 tons, respectively, both up 16.2% and 16.3% year-on-year, achieving over 51% of the annual plan [2] - The comprehensive selling price of aluminum was 16,269 yuan per ton, up 4.2% year-on-year, while the sales cost was 12,284 yuan per ton, up 6.4% year-on-year, leading to a gross profit of 3,986 yuan per ton, down 1.8% year-on-year [2] - The coal production and sales volume for the first half of 2025 were 3.7078 million tons and 3.7275 million tons, respectively, up 14.9% and 18.3% year-on-year [2] - The comprehensive selling price of coal was 773 yuan per ton, down 30.6% year-on-year, with a gross profit of 91 yuan per ton, down 72.2% year-on-year [2] Regional Performance - The net profit from the Xinjiang coal power and Yunnan Shenhuo regions was 1.235 billion yuan and 983 million yuan, respectively, with year-on-year increases of 3.2% and 79.1%, indicating significant profit growth in the Yunnan region due to increased production capacity [2] Investment Income and Expenses - Investment income for the first half of 2025 was 332 million yuan, up 116.2% year-on-year, with 240 million yuan coming from joint ventures and associates, an increase of 168 million yuan [3] - Operating expenses rose to 186 million yuan, up 48.8% year-on-year, primarily due to losses from a subsidiary's settlement and fines incurred during the period [3] Future Outlook - The company adjusted its aluminum and coal price assumptions, projecting net profits attributable to shareholders of 5.16 billion yuan, 5.71 billion yuan, and 6.37 billion yuan for 2025, 2026, and 2027, respectively [3] - With improving macroeconomic sentiment and seasonal expectations, aluminum prices are expected to rise, and coal segment profitability may recover in the second half of the year [3]

锡业股份8月24日披露半年报，公司上半年实现营业收入210.93亿元，同比增长12.35%；归属于上市公 司股东的净利润10.62亿元，同比增长32.76%；基本每股收益0.626元。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The prices of most non - ferrous metals showed fluctuations this week. For example, the price of lithium carbonate decreased, while that of some other metals like aluminum had mixed trends. The supply and demand situation in the non - ferrous metal market is complex, affected by factors such as production resumption, policy, and downstream consumption [2][45]. - The market sentiment and price trends of different non - ferrous metals are affected by various factors. For instance, the news of Jiangte Motor's lithium salt plant resuming production alleviated the short - term supply shortage panic in the lithium carbonate market, leading to price adjustments [45]. 3. Summarized by Relevant Catalogs 3.1 Domestic Main Metal Spot Price Trends - The prices of most metals showed fluctuations in the week from August 15th to August 22nd. Copper decreased by 0.51% in futures and 0.43% in spot; aluminum decreased by 0.58% in futures but increased by 0.78% in spot; zinc decreased by 1.13% in futures and 1.11% in spot; lead decreased by 0.44% in futures and 0.30% in spot; nickel decreased by 0.96% in futures and 0.78% in spot; alumina decreased by 2.09% in futures and remained unchanged in spot; industrial silicon decreased by 0.68% in futures and 1.04% in spot; lithium carbonate decreased by 9.14% in futures and increased by 4.885% in spot; polysilicon decreased by 2.53% in futures and increased by 4.26% in spot [2]. 3.2 Copper Inventory in Major Exchanges - As of August 15th, SHFE copper inventory was 86,300 tons, a week - on - week increase of 4,400 tons (5.37%). As of August 22nd, LME copper inventory was 156,000 tons, a week - on - week decrease of 200 tons. As of August 21st, COMEX copper inventory was 271,600 tons, a week - on - week increase of 4,800 tons (1.80%). After the tariff policy, the inventories in the three exchanges tend to be stable [10][15]. 3.3 Processing Fees of Metal Ores - As of August 21st, the spot TC of copper concentrate was - 38.2 dollars/ton, with a slight weekly increase of 0.2 dollars/ton, and the tight supply expectation at the mine end still exists. As of August 15th, the main port TC of zinc concentrate was 75 dollars/ton, with a slight weekly increase of 5 dollars/ton [18][23]. 3.4 Lithium - related Market - The lithium spodumene concentrate (CIF China) index soared this week. As of August 22nd, the latest quote was 934 dollars/ton, up 157 dollars from August 8th, remaining at a high level this year. This week, lithium carbonate first rose and then declined, with the main 2511 contract having a weekly decline of 9.14%. Jiangte Motor's lithium salt plant resuming production will directly increase domestic lithium carbonate supply, alleviating the short - term supply shortage panic [19][20][45]. 3.5 Aluminum - related Market - For aluminum, the supply of bauxite has less disturbance, and the price of imported bauxite is expected to be strong and volatile in the short term. The alumina supply has increased production and inventory. The electrolytic aluminum enterprises maintain a high - level operation, but the available primary aluminum in the market is limited. The inventory of electrolytic aluminum continued to increase this week. The futures prices of alumina and Shanghai aluminum maintained a volatile trend this week [24][27][34]. 3.6 Downstream Demand of Non - ferrous Metals - In July, automobile production and sales decreased month - on - month but increased year - on - year. The production and sales of new energy vehicles also increased year - on - year. From January to July, the new housing construction area decreased year - on - year, and the housing completion area also decreased. In June, the new photovoltaic installation volume decreased year - on - year and month - on - month [40][42][44]. 3.7 Strategy Recommendations - For lithium carbonate, in the short term, the price is volatile due to frequent news disturbances, and the position should not be too heavy. In the long term, the monthly output is still rising, and the oversupply pattern remains unchanged. For alumina and Shanghai aluminum, in the short term, alumina is in a weak volatile trend, and Shanghai aluminum is in a range - bound trend with a strategy of buying on dips. In the long term, when entering the downstream consumption peak season, if consumption recovers, Shanghai aluminum has upward momentum [45][46][49].

Group 1: Report's Overall Information - Report authors include Yang Lina, Hu Bin, and Liang Haikuan [1] - Report is a daily strategy for non - ferrous metals issued on August 21, 2025 [1][3] Group 2: Report's Core View - The non - ferrous metal sector continues to oscillate. The market is in a state of sorting and repeating under the situation of strong expectations and weak reality. The focus remains on changes in interest - rate cut expectations. If hawkish information persists, there is a risk of the non - ferrous metal sector weakening further [11] - For specific metals: Copper is expected to see an upward shift in its price center; zinc has a mid - term short - selling opportunity; the aluminum industry chain is generally bearish; tin is suitable for high - selling and low - buying; lead can be bought slightly at low prices; nickel and stainless steel are bearish in the mid - term [3][4][5][7][8] Group 3: Investment Ratings (Not Mentioned in the Report) Group 4: Summary by Section Part 1: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous metal sector continues to oscillate. The market is affected by China's monetary policy, real - estate policies, geopolitical issues, and the Fed's interest - rate cut expectations. The market remains cautious before the geopolitical situation becomes clear [11] - **Investment Recommendations for Specific Metals** - **Copper**: With the improvement of supply and demand fundamentals and the approaching of the peak season and Fed rate cuts, the price center is expected to rise. It is recommended to buy on dips [3][13] - **Zinc**: With increasing supply and weak demand, it is recommended to short on rallies in the mid - term [4][13] - **Aluminum Industry Chain**: The supply of electrolytic aluminum has increased slightly this week. It is recommended to short on rallies or wait and see [5][13][14] - **Tin**: With a pattern of weak supply and demand, it is suitable for high - selling and low - buying [6][14] - **Lead**: With weak prices and slow recovery of demand, it is recommended to buy slightly at low prices and use a wide - range option double - selling strategy [7][15] - **Nickel and Stainless Steel**: Nickel has an oversupply situation, and stainless steel has weak demand. It is recommended to short on rallies in the mid - term [8][15] Part 2: Non - ferrous Metals Market Review - **Futures Closing Prices and Changes**: Copper closed at 78,540 yuan/ton with a 0.13% decline; zinc at 22,240 yuan/ton with a 0.11% decline; aluminum at 20,590 yuan/ton with a 0.27% increase; etc. [16] Part 3: Non - ferrous Metals Position Analysis - Different non - ferrous metal varieties have different net long - short positions and changes. For example, TV (SI2511) has a strong short - position of the main force, and its net short - position is 46,925, with the short - position of the main force decreasing [18] Part 4: Non - ferrous Metals Spot Market - **Spot Prices and Changes**: Copper's Yangtze River spot price is 78,850 yuan/ton with a 0.09% increase; zinc's Yangtze River 0 zinc spot average price is 22,240 yuan/ton with a 0.27% increase; etc. [19][21] Part 5: Non - ferrous Metals Industry Chain - **Copper**: The report provides charts on inventory changes, copper concentrate smelting fees, and the relationship between the US dollar index and copper prices [23][25] - **Zinc**: Charts on inventory changes, zinc concentrate processing fees, etc. are presented [27] - **Aluminum and Alumina**: Charts on inventory and price relationships, spot premium and discount trends are provided [29][35] - **Other Metals**: Similar industry - chain - related charts are provided for tin, lead, nickel, stainless steel, and casting aluminum alloy [37][41][44] Part 6: Non - ferrous Metals Arbitrage - The report presents charts on the ratio of domestic to foreign prices, premium and discount relationships, and price differences between different contracts for various non - ferrous metals, such as copper, zinc, aluminum, tin, etc. [56][57][59] Part 7: Non - ferrous Metals Options - For different non - ferrous metals like copper, zinc, and aluminum, the report provides charts on historical volatility, weighted implied volatility, option trading volume and open - interest changes, and the ratio of call to put open - interest [72][74][77]

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core Viewpoints - This week, the macro sentiment continued to show a rise in risk appetite. Although domestic economic and financial data were poor, the stock market sentiment remained high. In August, there may be a small accumulation of inventory under the full - supply pattern, but the market may focus more on the tight - balance pattern after the off - season [1] - Aluminum supply increased slightly, and the demand in August was expected to be in the seasonal off - season, with a possible slight improvement in the middle and late stages. An inventory increase was expected in August. Attention should be paid to the demand situation and potential arbitrage opportunities [5] - Zinc prices fluctuated widely this week. Supply increased, while domestic demand was seasonally weak but had some resilience, and overseas demand was average. The strategy was to wait and see in the short term, hold a short position in the long - term, and consider positive arbitrage opportunities [8] - Nickel supply remained at a high level, demand was weak, and inventories were stable. Opportunities for narrowing the nickel - stainless steel price ratio could be continued to be observed [9] - The fundamentals of stainless steel remained weak. Supply was partially reduced, demand was mainly for rigid needs, costs were stable, and inventories decreased slightly. Attention should be paid to future policy trends [12] - Lead prices fluctuated this week. Supply was affected by various factors, demand was lackluster, and it was expected that lead prices would remain in a low - level oscillation next week [13] - Tin prices fluctuated widely. Supply was affected by domestic production cuts and overseas复产 signals, demand was weak, and the short - term supply - demand situation was weak. Short - term short - selling and long - term long - holding strategies were recommended [15] - Industrial silicon production in Xinjiang, Sichuan, and Yunnan showed different trends. The current balance was in a state of slight inventory reduction, and the long - term outlook was for bottom - level oscillation [16] - Lithium carbonate prices were strong this week. The core contradiction was the long - term over - capacity and short - term resource - end disturbances. The price had a large upward elasticity and strong downward support in the short term [18] Group 3: Summary by Metal Copper - From August 15th to 21st, the spot premium of Shanghai copper decreased by 40, the waste - refined copper spread increased by 40, and other indicators showed corresponding changes. The downstream orders had support around 7 - 8, and the spot market trading was okay. The potential impact of the decline in recycled rod production on refined copper consumption should be noted [1] Aluminum - From August 15th to 21st, Shanghai, Yangtze River, and Guangdong aluminum ingot prices increased, while the domestic and imported alumina prices remained unchanged. The supply increased slightly, demand was in the off - season, and an inventory increase was expected in August [5] Zinc - From August 15th to 21st, the spot premium of zinc increased by 10, and zinc prices in different regions showed an upward trend. Supply increased, domestic demand was seasonally weak, and overseas demand was average. Short - term observation and long - term short - position strategies were recommended [8] Nickel - From August 15th to 21st, the price of 1.5 - grade Philippine nickel ore remained unchanged, and the Shanghai nickel spot price decreased by 100. Supply remained high, demand was weak, and inventories were stable [9] Stainless Steel - From August 15th to 21st, the price of 201 cold - rolled stainless steel decreased by 50, and other prices remained unchanged. Supply was partially reduced, demand was mainly for rigid needs, and inventories decreased slightly [12] Lead - From August 15th to 21st, the lead spot premium decreased by 5, and other indicators changed accordingly. Supply was affected by various factors, demand was lackluster, and lead prices were expected to remain low - level oscillating [13] Tin - From August 15th to 21st, the tin spot import and export earnings, positions, and other indicators changed. Supply was affected by domestic production cuts and overseas复产 signals, demand was weak, and short - term short - selling and long - term long - holding strategies were recommended [15] Industrial Silicon - From August 15th to 21st, the basis of different grades of industrial silicon changed, and the number of warehouse receipts increased by 553. The current balance was in a state of slight inventory reduction, and the long - term outlook was for bottom - level oscillation [16] Lithium Carbonate - From August 15th to 21st, the SMM electric and industrial lithium carbonate prices decreased by 500, and the basis and other indicators changed. The price was strong this week, with large upward elasticity and strong downward support in the short term [16][18]