沪铜早间低开，日内持续偏弱运行，收盘下跌0.91%。美联储降息预期降温，宏观氛围转弱，铜矿端仍 有支撑，但下游需求仍需观察，沪铜偏弱运行。 最近美联储部分官员表态较为鹰派，叠加市场还需根据更多美国经济数据衡量经济表现，美联储12月降 息预期出现回落，风险偏好转弱，贵金属大幅回调，有色也普遍走软。 对于铜价表现，金瑞期货表示，矿山企业财务报告陆续披露，铜矿增量修正不大，原料紧张逻辑延续。 冶炼环节，维持未来产量继续环比下移预期。进出口方面，进入11月到港环比或小幅下降，同时前期出 口打开，国内可能继续有出口安排。消费端，近期下游反馈消费表现有所改善，但幅度和持续性有待观 察，国内平衡暂未明显去库。展望后市，宏观驱动放缓，后续仍需关注潜在流动性风险，以及货币政策 路径。预计短期保持高位震荡，重心暂无大幅下降压力。 （文华综合） 国内铜精矿现货加工费仍然徘徊在-40美元/干吨附近，矿紧局面难以有明显缓解。此前铜价高企，社会 库存去化有限，今日铜价重心回落，现货升水有所扩大，后续仍需关注下游需求表现。 ...

Report Industry Investment Ratings Macro Finance - **Stock Index**: Mid-to-long term bullish, buy on dips [1][5] - **Treasury Bonds**: Range-bound [1][5] Black Building Materials - **Coking Coal**: Range trading [1] - **Rebar**: Range trading [1][7] - **Glass**: Sell call options [1][8] Non-Ferrous Metals - **Copper**: Short-term range trading [1][11] - **Aluminum**: Suggest buying on dips [1][12] - **Nickel**: Suggest waiting and seeing or shorting on rallies [1][17] - **Tin**: Range trading [1][17] - **Gold**: Range trading [1][19] - **Silver**: Range trading [1][18] Energy Chemicals - **PVC**: Range-bound with a weak bias, 01 contract pay attention to the 4700 resistance level [21][23] - **Caustic Soda**: Range-bound with a weak bias, 01 contract pay attention to the 2400 resistance level [24][25] - **Soda Ash**: Bearish strategy for the 01 contract [1][35] - **Styrene**: Range-bound with a weak bias, pay attention to the 6500 resistance level [26][27] - **Rubber**: Range-bound, pay attention to the 15000 support level [27][28] - **Urea**: Range-bound [30][31] - **Methanol**: Range-bound [31][32] - **Polyolefins**: Weak range-bound, L2601 pay attention to the 6800 support level, PP2601 pay attention to the 6500 support level [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range-bound [36] - **PTA**: Low-level range-bound, pay attention to the 4400 - 4700 range [36] - **Apple**: Range-bound with a strong bias [38] - **Red Dates**: Range-bound with a weak bias [38] Agricultural Livestock - **Hogs**: Rebound under pressure [1][40] - **Eggs**: Limited upside [1][43] - **Corn**: Range-bound at the bottom [46][47] - **Soybean Meal**: Range-bound [48] - **Oils and Fats**: Limited rebound [1][48] Core Views The report provides investment strategies and market analyses for various futures products across different industries. Market conditions are influenced by a variety of factors including macroeconomic policies, supply and demand fundamentals, and geopolitical events. Each product's investment strategy is based on its specific market situation and outlook [1][5][7]. Summary by Directory Macro Finance - **Stock Index**: Mid-to-long term bullish, but may range-bound in the short term due to rapid market hot - spot rotation and unclear main lines [5] - **Treasury Bonds**: Range-bound. The third - quarter monetary policy report maintains a moderately loose tone, and the possibility of using aggregate monetary policy tools this year is relatively limited. The market is in a range - bound and wait - and - see state [5][6] Black Building Materials - **Coking Coal and Rebar**: Range trading. Coking coal market has weak demand and price cuts, while rebar is undervalued but has limited upside due to weakening demand and potential production cuts [7][8] - **Glass**: Sell call options. End - of - year demand may weaken further, with high inventory and delivery pressure. Technical indicators show a bearish trend [8] Non - Ferrous Metals - **Copper**: High - level range - bound. The US government's situation and economic data add uncertainty, while the long - term demand outlook is positive but short - term consumption is suppressed [11] - **Aluminum**: Suggest waiting and seeing. Supply and demand fundamentals are complex, and there is a risk of over - trading the market's expectations [12][13] - **Nickel**: Suggest waiting and seeing or shorting on rallies. The new RKAB policy brings supply uncertainty, and the medium - to - long - term supply is in surplus [16][17] - **Tin**: Range trading. Supply is expected to improve, and downstream consumption is weak, but prices are supported [17] - **Gold and Silver**: Range trading. Uncertainty about the Fed's December interest - rate decision and concerns about the US economy support prices in the medium term but are in a short - term adjustment [18][19] Energy Chemicals - **PVC**: Range - bound with a weak bias. High supply, weak domestic demand, and uncertain export growth [23] - **Caustic Soda**: Range - bound with a weak bias. High inventory in the alumina industry and potential negative feedback in the industrial chain [25] - **Soda Ash**: Bearish for the 01 contract. Supply is in surplus, and although cost increases, supply pressure remains high [35] - **Styrene**: Range - bound with a weak bias. Weak chemical fundamentals and uncertain cost factors [27] - **Rubber**: Range - bound. High raw material prices, seasonal inventory accumulation, and weak terminal demand [28] - **Urea**: Range - bound. Supply increases, demand is driven by agriculture and industry, and inventory changes need attention [30][31] - **Methanol**: Range - bound. Supply increases, demand weakens, and inventory accumulates [31][32] - **Polyolefins**: Weak range - bound. Supply pressure increases, demand has no obvious increase, and cost pressure exists [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range - bound. Global cotton supply and demand are both increasing, and the end - of - season inventory is decreasing [36] - **PTA**: Low - level range - bound. Oil prices are weak, supply and demand are in a state of inventory accumulation, and downstream procurement is weak [36] - **Apple**: Range - bound with a strong bias. Production and quality decline, which may support prices [38] - **Red Dates**: Range - bound with a weak bias. Acquisition prices are slightly adjusted, and market sentiment is cautious [38] Agricultural Livestock - **Hogs**: Rebound under pressure. Short - term price fluctuations are limited, and medium - to - long - term supply remains high before the first half of next year [40][42] - **Eggs**: Limited upside. Supply is sufficient in the short term, and long - term supply pressure reduction requires time [43][45] - **Corn**: Range - bound at the bottom. Short - term supply is abundant, and long - term cost support exists, but demand growth is limited [46][47] - **Soybean Meal**: Range - bound. US soybean supply and demand are expected to tighten, but Brazilian production may limit the upside [48] - **Oils and Fats**: Limited rebound. Short - term reports have a neutral impact, and long - term potential factors need attention [54]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 17 日 0 / 47 研究所 期货眼·日迹 | 股指期货：股指再受考验 3 | | --- | | 国债期货：单边暂缺驱动，关注移仓节奏 4 | | 豆粕：利多体现充分 | 盘面回落增加 5 | | --- | --- | | 白糖：巴西制糖比下降 | 国际糖价大涨 5 | | 油脂板块：油脂分化明显，震荡行情延续 7 | | | 玉米/玉米淀粉：玉米和淀粉: 现货继续上涨，盘面偏强震荡 8 | | | 生猪：供应压力增加 | 现货继续回落 8 | | 花生：花生现货偏强，花生短期仍底部震荡 9 | | | 鸡蛋：需求表现一般蛋价稳中有落 10 | | | 苹果：新一期入库量公布 | 果价稳中有涨 11 | | 棉花-棉纱：基本面矛盾不大 | 棉价震荡为主 12 | | 钢材：钢材出现复产，钢价区间震荡 13 | | --- | | 双焦：底部有支撑，等待新的驱动 13 | | 铁矿：偏空思路对待 14 | | 铁合金：供需双弱，成本支撑区间震荡 15 | | 贵金属：美联储再发鹰派信号 贵金属跳水 16 | | --- | | 铜 ...

金融期货早评 宏观：关注美国经济数据发布 【市场资讯】1）《求是》杂志发表中共中央总书记重要文章《因地制宜发展新质生产力》。 韩文秀《求是》署名文章：深刻领会因地制宜发展新质生产力的重要论述和决策部署。2） 李强主持召开国务院常务会议，部署增强消费品供需适配性进一步促进消费政策措施。3） 财政部：有力有效实施积极的财政政策，坚持扩大内需，支持建设强大国内市场。4）吴清： 抓紧研究谋划"十五五"时期资本市场战略任务和重大举措，着力推动市场更具韧性、更加 稳健，制度更加包容、更具吸引力。5）中国公布 10 月经济数据，规模以上工业增加值同 比增 4.9%、社会消费品零售同比增 2.9%、1-10 月固定资产投资同比降 1.7%、房地产开发投 资同比降 14.7%，均不同程度不及 9 月；各线城市房价格环比同比下降，一线二手房价格 环比降幅收窄至 0.9%、同比跌幅扩大。6）中国市场监管总局公布《互联网平台反垄断合规 指引（征求意见稿）》，提出八类新型垄断风险场景。7）针对高市早苗发表台湾问题挑衅言 论，央视玉渊谭天称中方已做好对日实质反制准备，首次在中日外交场合提出"迎头痛击"； 文旅部提醒中国游客近期避免前往日 ...

铜 有色金属日报 2025-11-17 五矿期货早报 | 有色金属 【行情资讯】 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 铝 【行情资讯】 周五市场风险偏好走弱，铝价下探，伦铝收跌 0.64%至 2858 美元/吨，沪铝主力合约收至 21795 元/ 吨。沪铝加权合约持仓量减少 4.4 至 78.4 万手，期货仓单持平于 6.5 万吨。国内三地铝锭库存增 加，铝棒库存亦增加，铝棒加工费震荡下滑，市场交投仍不佳。华东电解铝现货平水于期货，下游 刚需采买为主。外盘 LME 铝库存减少 0.1 至 55.2 万吨，注销仓单比例下滑，Cash/3M 贴水扩 ...

Core Insights - The autonomous region has prioritized the investigation and remediation of heavy metal environmental safety risks, achieving significant progress this year [1][2][3] Group 1: Environmental Safety Measures - A leadership group was established to oversee the investigation and remediation of heavy metal risks, with the main leaders of the autonomous region taking charge [1] - An information management system utilizing AI has been developed to enhance decision-making in the remediation process [1] - A comprehensive list of heavy metal pollution sources has been compiled, with ongoing dynamic assessments and risk categorization based on a color-coded system [1][2] Group 2: Progress and Challenges - As of November 10, 3,438 pollution sources related to heavy metals have been identified, with 3,005 issues already rectified [2] - The State Council's inspection report identified 24 issues, with 9 of the 10 immediate rectification tasks completed [2] - There are still challenges such as insufficient awareness, lack of precise risk assessment, and slow implementation of remediation efforts [3][4] Group 3: Future Development Plans - The region is also focusing on the high-quality development of the non-ferrous metal industry, particularly key metals, with a dedicated working group established for strategic planning [2] - A series of development plans, including the "14th Five-Year Plan" for key metal industries, have been introduced to outline the growth trajectory [2] - The aim is to integrate resources and promote the transformation of the non-ferrous metal industry towards higher-end, intelligent, green, and large-scale development [2]

氧化铝周报 2025 年 11 月 17 日 弱现实与减产预期博弈 氧化铝弱势震荡不改 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F031122984 投资咨询号：Z00210404 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 7 ⚫ 矿端，国产矿偏紧，矿价稳定。进口矿AXIS矿业公 司的工业开发许可证被撤销，但对当前进口矿影 响有限，需求端对矿石供应预期充裕，采购谨慎， 矿价依旧承压。供应端广西、山西均有氧化铝厂进 行检修，氧化铝供应略有减少，上周开工产能9590 万吨，减少40万吨。消费端电解铝行业开工产能维 稳，需求变化不大。仓单库存周内增加30282吨， 至25.4万吨，厂库0吨，持平。 ⚫ 整体，氧化铝减产规模有限，供应仍充裕，供需平 ...

Macro Analysis - Consumption continues to recover while investment remains sluggish, with October economic data reflecting significant pressure on year-on-year performance due to last year's "export rush" and policy adjustments [2] - Both goods and service consumption show marginal recovery, corroborated by the October CPI recovery, but manufacturing, real estate, and infrastructure investments continue to decline [2] Market Strategy - The market is expected to maintain a wide fluctuation phase in the short term, despite being in a bull market, with significant room for index growth [3] - Short-term focus should be on defensive and consumer sectors, while mid-term attention should remain on TMT and advanced manufacturing sectors [3] Bond Market Insights - Major indicators in the bond market have seen a decline, with October industrial production growth hitting its lowest for the year [4] - The bond market is expected to become more optimistic as the funding environment remains loose, with a projected 10Y government bond yield fluctuation center at 1.7% [4] - The convertible bond market has seen a new wave of growth, with long-term views on convertible bonds remaining positive due to strong demand [5] Credit Market Overview - The issuance of credit bonds increased by 25.31% week-on-week, with a total of 330 bonds issued amounting to 455.379 billion yuan [7] Banking Sector Analysis - The net profit growth rate of commercial banks improved by 1.2 percentage points compared to the first half of 2025, with state-owned banks showing the highest growth at 2.3% [9] - The overall interest income is expected to remain stable, supported by a recovering capital market, which may sustain the fee income growth trend [9] Real Estate Market Trends - In the first ten months, the new housing transaction area in 30 core cities decreased by 36.9%, while the average transaction price increased by 2% [11] - Recommendations include stable leading companies in core cities and a positive outlook on property service development [11] Steel Industry Developments - The suspension of export restrictions on antimony to the U.S. is expected to boost China's antimony exports [12] Non-Ferrous Metals Sector - The rapid development of data centers in the U.S. is causing power supply tensions, presenting investment opportunities in electrolytic aluminum [13] - Recommendations include companies like Yun Aluminum and China Hongqiao, with a focus on the potential impact of overseas aluminum production capacity [13] Company-Specific Insights - Longxin Group is focusing on digitalization and expanding its business matrix, with projected EPS for 2025, 2026, and 2027 at 0.35, 0.57, and 0.73 yuan respectively [14] - Dama Entertainment's core business is centered on performances and IP derivatives, with net profit forecasts for FY26-FY28 adjusted upwards [15] - Tencent's strong game pipeline and AI strategy are expected to enhance its long-term advertising valuation, with revised net profit forecasts for 2025-2027 [16] - WeRide is positioned as a leader in L4 autonomous driving, with revenue projections for 2025-2027 at 587 million, 1.131 billion, and 2.017 billion yuan [17] - SMIC's Q3 performance exceeded expectations, driven by AI demand and accelerated capacity expansion, with revised profit forecasts for 2025-2027 [18] - Mao Geping's brand growth momentum continues, with significant sales increases during the "Double Eleven" shopping festival [19]

1. Report Industry Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views of the Report - The Fed's hawkish remarks have dampened hopes of a December rate cut, leading to tightened global market liquidity and significant market declines on Friday. The future rate - cut path still has room for debate, and market volatility remains high [2][15]. - In October, most domestic economic indicators showed a slowdown in growth, which has affected various markets such as A - shares and the bond market [3][25]. - Different commodity markets have their own supply - demand and price trends. For example, in the copper market, short - term macro factors may limit copper prices, while fundamentals may turn into a supporting factor [7]. 3. Summary by Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (US Stock Index Futures) - Fed officials continue to make hawkish remarks, and the market is pricing in a pause in rate cuts in December. The future rate - cut path still has room for debate with the release of economic data next week. The US stock market maintains a high - level oscillation [15]. - Investment advice: Due to high market volatility, it is recommended to observe more and act less, waiting for the market to choose a direction [16]. 3.1.2 Macro Strategy (Gold) - The US adjusts agricultural product tariffs and reduces tariffs on Swiss products. Gold prices fell significantly on Friday, remaining in a short - term consolidation range. - Investment advice: Gold prices are expected to continue to fluctuate in the short term, and attention should be paid to the risk of decline [20]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Fed officials' hawkish statements have led to tightened global market liquidity, significant market declines on Friday, and the US dollar index is oscillating. - Investment advice: The US dollar is expected to oscillate in the short term [23]. 3.1.4 Macro Strategy (Stock Index Futures) - Three factors are disturbing the A - share market: increased domestic economic pressure, tense Sino - Japanese relations, and overseas companies' demand for supply - chain localization. The probability of a high - level adjustment in the market is increasing. - Investment advice: It is recommended to evenly allocate long positions in various stock indexes [27]. 3.1.5 Macro Strategy (Treasury Bond Futures) - Economic data in October was generally weaker than expected. The bond market is in a narrow - range oscillation as it has already anticipated weak data, and there is a lack of new positive drivers. - Investment advice: It is recommended to approach the market with an oscillation mindset [31]. 3.2 Commodity News and Reviews 3.2.1 Black Metals (Steam Coal) - The price of Indonesian low - calorie steam coal was stable on November 14. The overall coal price is oscillating around 850 yuan. Supply is tight, and demand is at a seasonal high, so the price has strong support but is unlikely to break through 900 yuan. - Investment advice: The coal price is expected to be strongly supported but difficult to break through 900 yuan [34]. 3.2.2 Black Metals (Iron Ore) - Norwegian iron ore producer Rana Gruber plans to produce 67% high - grade iron ore by 2029. The iron ore market has weak demand, and the price is expected to oscillate. - Investment advice: The price is expected to remain flat in the second half of November and decline slightly in December, maintaining an oscillating market [36]. 3.2.3 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia plans to test B50 biodiesel in December. The US is urged to finalize biofuel policies. Palm oil prices may be weak due to policy uncertainties, while soybean oil prices are expected to remain firm. - Investment advice: For palm oil, do not prematurely trade potential positive expectations. For soybean oil, wait for the result of US biofuel policies [40]. 3.2.4 Agricultural Products (Sugar) - In October, Brazilian sugar production data was higher than expected, and the Brazilian sugar - making ratio is decreasing. The domestic sugar market is expected to have a strong start to the new season, but the upside is limited. - Investment advice: Zhengzhou sugar futures are expected to be strongly oscillating in the short term, and the 1 - 5 contract long - spread can be held [45]. 3.2.5 Agricultural Products (Cotton) - The USDA November report is bearish for cotton, but the market has already priced it in. The domestic cotton market has sufficient supply and weak demand, and the price is expected to be weakly oscillating. - Investment advice: Zhengzhou cotton futures are expected to be weakly oscillating in the short term [50]. 3.2.6 Agricultural Products (Soybean Meal) - The USDA lowered the ending inventory of US soybeans in the 25/26 season. US soybean crushing demand is strong, but the improvement in exports is uncertain. The domestic soybean meal supply is sufficient, and the price is in an oscillating state. - Investment advice: The futures price is expected to oscillate, and attention should be paid to China's actual purchases of US soybeans and South American production expectations [54]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - In early November, the daily output of key steel enterprises increased. Steel prices are oscillating without a clear trend. The market needs more steel mill production cuts. - Investment advice: Approach steel prices with an oscillating mindset [60]. 3.2.8 Agricultural Products (Corn Starch) - The price difference between corn starch and tapioca starch has widened. The starch market has positive profits, and the inventory has slightly decreased. - Investment advice: The 01 futures price difference is expected to oscillate, and it is recommended to conduct band trading [62]. 3.2.9 Agricultural Products (Corn) - The selling progress of corn in Northeast and North China is relatively fast, but the actual supply - demand situation is still tight. The price is expected to be affected by selling pressure in the future. - Investment advice: It is recommended to wait and see in the short term, and there may be opportunities to short at high prices after the situation becomes clear [64]. 3.2.10 Agricultural Products (Red Dates) - The price of red dates in Xinjiang is weakly stable. The futures price has declined, and the inventory has increased. - Investment advice: It is recommended to observe carefully until the harvesting is completed and pay attention to price negotiations and purchase progress in the production area [67]. 3.2.11 Non - Ferrous Metals (Copper) - Polish copper producer KGHM's Q3 net profit increased by 80%. Short - term macro factors may limit copper prices, while fundamentals may turn into a supporting factor. - Investment advice: It is recommended to buy on dips for single - side trading and wait and see for arbitrage [71]. 3.2.12 Non - Ferrous Metals (Polysilicon) - The first TOPCon + perovskite tandem solar cell was launched. The polysilicon spot price is expected to be stable, and the futures price is expected to oscillate between 51,000 - 56,000 yuan/ton. - Investment advice: Pay attention to range - trading opportunities [74]. 3.2.13 Non - Ferrous Metals (Industrial Silicon) - Organic silicon monomer manufacturers are jointly raising prices and considering production cuts. Industrial silicon prices are expected to have a clear lower limit, and it is recommended to buy on dips [77]. 3.2.14 Non - Ferrous Metals (Lead) - The LME lead spread is at a discount. The supply side is in the early stage of repair, and the demand side is weak. There is a risk of low inventory in the long - term. - Investment advice: The industrial side can look for opportunities to short on rallies, and wait and see for arbitrage and cross - border trading [79]. 3.2.15 Non - Ferrous Metals (Zinc) - Peruvian zinc concentrate production decreased in September. The LME zinc market has a risk of a short - squeeze, and the domestic zinc market is expected to enter a high - level oscillating adjustment stage. - Investment advice: Hold short positions in the short - term, look for long - spread opportunities in the medium - term, and pay attention to cross - border arbitrage opportunities [83]. 3.2.16 Non - Ferrous Metals (Lithium Carbonate) - The lithium price has risen recently, but short - term upward movement is limited. In the medium - term, demand may weaken. - Investment advice: Conduct range - trading in the short - term and look for opportunities to short on rallies in the medium - term [86]. 3.2.17 Non - Ferrous Metals (Nickel) - Indonesia may restrict nickel smelting investment. The nickel market has weak fundamentals, and the price may continue to be weak in the short - term. - Investment advice: In the short - term, the price may continue to decline or rebound based on production cuts. In the medium - term, pay attention to Indonesia's policies [89]. 3.2.18 Energy and Chemicals (Carbon Emissions) - The EU carbon price is oscillating. The increase in heating demand in winter will support the carbon price. - Investment advice: The EU carbon price is expected to be oscillating and strengthening in the short - term [92]. 3.2.19 Energy and Chemicals (Crude Oil) - The number of US oil rigs has increased, and the Russian Black Sea port was attacked, affecting oil exports. Geopolitical conflicts may support oil prices in the short - term. - Investment advice: Geopolitical conflicts may support oil prices in the short - term [95]. 3.2.20 Energy and Chemicals (Methanol) - International methanol production and capacity utilization have increased. The methanol price fell due to the decline in coking coal futures. The theoretical downward space is at least 100 yuan/ton. - Investment advice: The price is expected to reach 2000 yuan/ton [99]. 3.2.21 Energy and Chemicals (Bottle Chips) - Bottle chip factories have increased export quotes. The market is in a seasonal off - season, and there is a risk of supply - demand deterioration in the future. - Investment advice: Look for opportunities to short the far - month processing margin and follow the movement of polyester raw material prices [102]. 3.2.22 Shipping Index (Container Freight Rates) - ONE has cooperated with Chinese ports to promote green shipping. The EC2602 contract's delivery date has been adjusted, and its valuation may be revised. - Investment advice: The 12 - 02 contract spread is expected to return to par or a slight premium [105].

Group 1 - The core point of the article is that Electric Power Investment Energy (SZ 002128) held its 13th temporary board meeting on November 14, 2025, to discuss the proposal regarding the capital increase from undistributed profits of Inner Mongolia Hohhot Coal Hongjun Aluminum Power Co., Ltd. and related transactions [1] - For the first half of 2025, the revenue composition of Electric Power Investment Energy is as follows: non-ferrous metal smelting accounts for 55.85%, coal industry accounts for 31.02%, new energy power generation accounts for 7.58%, and coal-fired electricity and heat supply accounts for 5.54% [1] - As of the report date, the market capitalization of Electric Power Investment Energy is 64.2 billion yuan [1]