Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The non-ferrous metals industry maintains a strong operational trend due to macroeconomic sentiment and supply disruptions [1][2][3] - The U.S. and China have agreed to pause tariff increases for 90 days, which may positively impact trade relations [1] - Recent U.S. CPI data has increased expectations for a potential interest rate cut by the Federal Reserve, although PPI data suggests inflation may rise in the coming months [2][3] - The U.S. has expanded the range of steel and aluminum import tariffs, affecting hundreds of products [3] - Zambia's copper production has declined, raising concerns about meeting the government's annual production target of 1 million tons [5][19] Summary by Sections 1. Weekly Market Review - The non-ferrous metals sector saw a weekly increase of 3.62%, outperforming the Shanghai Composite Index by 1.92 percentage points [9] - Key stocks that performed well include Bowei Alloy (+39.60%) and Jintian Co. (+34.32%) [9] 2. Key Focus & Metal Prices & Inventory Changes 2.1 Industrial Metals - Copper prices on LME were $9,760/ton, down 0.08% week-on-week, while SHFE prices were ¥79,060/ton, up 0.73% [21][23] - Aluminum prices on LME were $2,603/ton, down 0.46%, and SHFE prices were ¥20,770/ton, up 0.41% [21][23] 2.2 Precious Metals - COMEX gold prices were $3,381.70/oz, down 2.21%, while SHFE gold prices were ¥775.80/g, down 1.52% [35][36] 2.3 Energy Metals - Battery-grade lithium carbonate prices rose to ¥82,000/ton, up 14.69% week-on-week [40][41] 2.4 Strategic Metals - Prices for praseodymium oxide reached ¥568,100/kg, up 5.46% week-on-week [44] 3. Core View Updates and Key Stock Tracking - For industrial metals, companies like Zijin Mining and Western Mining are recommended due to supply constraints and strong price support [54][56] - In precious metals, companies such as Chifeng Jilong Gold and Shandong Gold are favored due to ongoing U.S. tariff policies and debt issues [54] - Strategic metals like tungsten and antimony are expected to see valuation reconstruction opportunities, with recommendations for companies like Bowei Alloy [55]

锡周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年8月17日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锡：海外premium出现回落 强弱分析：偏弱 价格区间：260000-268000元/吨 0 5000 10000 15000 20000 25000 01-03 01-14 01-26 02-10 02-24 03-07 03-18 03-29 04-11 04-22 05-06 05-17 05-28 06-10 06-21 07-04 07-15 07-26 08-06 08-18 09-01 09-15 09-25 10-14 10-25 11-05 11-17 11-27 12-09 12-20 12-31 吨 SMM社会库存 2020 2021 2022 2023 2024 2025 0 500 1000 1500 2000 2500 3000 3500 4000 4500 202 ...

Core Viewpoint - The Supervisory Board of Tongling Nonferrous Metals Group Co., Ltd. has reviewed the company's 2025 semi-annual report and confirmed that the report is prepared in accordance with relevant laws and regulations, accurately reflecting the company's actual situation without any false statements or significant omissions [1] Summary by Relevant Sections - The review process of the 2025 semi-annual report complies with legal and regulatory requirements [1] - The content of the report is deemed true, accurate, and complete [1] - No misleading statements or major omissions were found in the report [1]

Group 1 - The company held its 14th meeting of the 10th Supervisory Board on August 14, 2025, in Tongling City, Anhui Province, with 6 supervisors eligible to attend and 5 present in person [1] - The meeting approved the full and summary report for the first half of 2025, with a unanimous vote of 6 in favor and no opposition or abstentions [1] - The meeting also approved a risk assessment report for Tongling Nonferrous Metals Group Finance Co., Ltd., with the same voting results [1] Group 2 - The company ensures that the disclosed information is true, accurate, and complete, with no false records or misleading statements [1]

Group 1 - The company reported a revenue of 76.079 billion yuan for the first half of 2025, representing a year-on-year increase of 6.39% [1] - The net profit attributable to shareholders of the listed company was 1.441 billion yuan, showing a year-on-year decrease of 33.94% [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. reported a revenue of 76.079 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.39%. However, the net profit attributable to shareholders decreased by 33.94% to 1.441 billion yuan. The company announced that it will not distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]. Financial Performance - The company achieved a revenue of 76.079 billion yuan in the first half of 2025, which is a 6.39% increase compared to the previous year [1]. - The net profit attributable to shareholders was reported at 1.441 billion yuan, showing a significant decline of 33.94% year-on-year [1]. Dividend Policy - The company has decided not to distribute cash dividends, issue bonus shares, or utilize reserves for capital increase [1].

Group 1 - The board meeting of Tongling Nonferrous Metals Group Co., Ltd. was held on August 14, 2025, in Tongling City, Anhui Province, with 8 directors expected to attend, and 4 attending in person while 4 participated via remote voting [1] - The board approved the full and summary report of the company's 2025 semi-annual report, with all directors, supervisors, and senior management signing written confirmation [1] - The board also approved a risk assessment report related to Tongling Nonferrous Metals Group Financial Co., Ltd., with 5 non-related directors voting in favor after 3 related directors abstained from voting [1]

Group 1 - The core viewpoint of the article highlights the growth potential of the aluminum alloy industry in China, with significant production increases projected for the coming years [1][3] - According to data from the National Bureau of Statistics, China's aluminum alloy production is expected to reach 1.67 million tons by June 2025, representing a year-on-year growth of 18.8% [1] - In the first half of 2025, the cumulative production of aluminum alloys in China is reported to be 9.097 million tons, reflecting a cumulative growth of 14.6% [1] Group 2 - The article lists several publicly listed companies in the aluminum industry, including China Aluminum (601600), Nanshan Aluminum (600219), and others, indicating a diverse market landscape [1] - The report referenced is the "2025-2031 China Aluminum Alloy Industry Market Operation Pattern and Prospect Strategic Analysis Report" published by Zhiyan Consulting, which provides insights into market trends and forecasts [1][3] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [3]

Group 1 - The core viewpoint of the article highlights the growth in China's copper material industry, with a projected production of 2.21 million tons by June 2025, representing a year-on-year increase of 6.8% [1] - In the first half of 2025, China's cumulative copper material production reached 11.765 million tons, showing a cumulative growth of 3.7% [1] Group 2 - Listed companies in the copper industry include Yunnan Copper (000878), Bowei Alloys (601137), Baiyin Nonferrous Metals (601212), Jintian Copper (601609), and Zhongyuan New Materials (603527) [1] - The report referenced is the "2025-2031 China Copper Material Industry Market Survey and Investment Strategy Research Report" published by Zhiyan Consulting [1]

Group 1 - The core point of the announcement is the internal transfer of 100% equity of two subsidiaries from Shanxi North Copper Co., Ltd. to the parent company, North Copper Industry Co., Ltd., aimed at optimizing internal management structure and improving management efficiency [1][4]. - The equity transfer does not constitute a related party transaction or a major asset restructuring as defined by regulations [1][4]. - The transfer will not change the scope of the company's consolidated financial statements and does not require approval from the shareholders' meeting [1][4]. Group 2 - The first subsidiary, Shanxi North Copper Recycling Resource Co., Ltd., has net assets of 190.68 million yuan and achieved operating income of 543.11 million yuan in 2024 [2]. - The second subsidiary, Shanxi Copper Blue Testing Technology Co., Ltd., has assets of 5.08 million yuan and achieved operating income of 8.99 million yuan in 2024, with a total profit of 0.98 million yuan [2]. - The equity transfer is expected to enhance the company's internal management efficiency without adversely affecting the financial situation or operational results of the company [4].