1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Short - term macro atmosphere is positive, and the rising expectation of interest rate cuts may drive the overall strength of non - ferrous metals including nickel. Although the oversupply pattern of refined nickel remains unchanged, in the medium and long term, the US easing expectation and China's anti - involution policy will strongly support nickel prices. The new - year RKAB approval also potentially benefits nickel prices, limiting the downside space. In the short term, the traditional peak season expectation of stainless steel in "Golden September and Silver October" is hard to be falsified, which may support nickel - iron prices. If the macro - interest - rate - cut narrative strengthens, there may be a phased restocking cycle leading to a stronger nickel - price market. It is recommended to mainly go long on dips in the future. The price range of the main SHFE nickel contract in September is expected to be 115,000 - 128,000 yuan/ton, and the LME 3M contract is expected to be 14,500 - 16,500 US dollars/ton [11]. 3. Summary According to the Directory 3.1 Monthly Assessment and Strategy Recommendation - **Resource end**: Nickel ore prices are stable. In the Philippines, mines are strongly inclined to hold prices, and ferrous - nickel prices are rising this week, so iron plants can accept the ore prices. In Indonesia, the Halmahera region is still affected by the rainy season, but the weather in Sulawesi Island has improved. Overall, the supply of Indonesian nickel ore is sufficient, and downstream smelters do not face raw - material shortages. In the future, although the short - term ore supply is abundant, ore prices are expected to remain stable under the background of the firm - to - rising nickel - iron prices [11]. - **Nickel - iron**: In terms of supply, the profit losses of domestic iron plants have been repaired but are still in the red, and the supply increase is limited. In the spot market, suppliers' quotes are firm, and low - price resources are scarce. On the demand side, the stainless - steel futures prices have stabilized this week, inventories have slightly decreased, market activity has increased, and with the approaching traditional consumption season of "Golden September and Silver October", stainless - steel plants are expected to increase production in September, supporting the demand for nickel - iron. Overall, nickel - iron prices are expected to continue to be firm - to - rising in the short term [11]. - **Intermediate products**: The spot inventory on the supply side is in short supply. Some traders have stopped quoting due to exhausted available goods, while some electric - nickel and nickel - sulfate producers on the demand side still have purchasing needs, supporting the prices. Generally, the market - circulating spot of intermediate products is tight. Meanwhile, as a key auxiliary material for MHP, the price of sulfur has been rising recently, increasing the MHP cost. Driven by cost and supply - demand factors, the prices of intermediate products are expected to continue to strengthen [11]. - **Refined nickel**: In the short term, nickel prices will fluctuate. At the macro level, the September Fed interest - rate meeting is approaching, and the market has high expectations for interest - rate cuts in September and later, making the non - ferrous metals sector perform strongly. In the spot market, the downstream purchasing power is average, inventories have not significantly increased, and the spot premium and discount are fluctuating [11]. 3.2 Futures and Spot Market - **Price changes**: The spot price of Jinchuan nickel increased by 250 yuan/ton to 123,010 yuan/ton, and the price of Russian nickel rose by 420 yuan/ton to 121,340 yuan/ton. The LME closing price decreased by 27 US dollars to 15,236 US dollars, and the SHFE closing price dropped by 140 yuan to 120,850 yuan. The spot price ratio increased by 0.09 to 8.06, and the import profit - loss improved from - 6.20% to - 4.80%. The Russian - nickel premium remained at 350 yuan/ton, and the LME nickel premium decreased by 3.8 US dollars/ton [15]. - **Position and inventory changes**: The LME position decreased by 0.68 million lots to 32.91 million lots, and the SHFE position increased by 0.31 million lots to 20.69 million lots. The LME inventory increased by 0.56 million tons to 21.53 million tons, the SHFE inventory decreased by 0.05 million tons to 2.64 million tons, the bonded - area inventory remained unchanged at 0.51 million tons, the nickel - plate spot inventory decreased by 0.14 million tons to 3.51 million tons, and the nickel - bean spot inventory remained unchanged at 0.26 million tons [15]. - **Other price information**: In August, nickel - iron prices rebounded from the bottom. On September 4, the domestic high - nickel pig - iron ex - factory price was 938 - 953 yuan/nickel point, with the average price up 30 yuan/nickel point from the same period last month. In August, nickel - sulfate prices were firm - to - rising. On September 4, the domestic nickel - sulfate spot price was 27,770 - 27,970 yuan/ton, with the average price up 490 yuan/ton from the same period last month [24]. 3.3 Cost End - **Nickel ore**: Domestic port inventories continued to increase. As of September 5, the nickel - ore port inventory was 13.0823 million tons, a 3.8% increase from the same period last week. Nickel - ore prices were stable. On September 4, the delivered price of 1.6% - grade Indonesian domestic red - soil nickel ore was 52.2 US dollars/wet ton, basically unchanged from the same period last month; the delivered price of 1.2% - grade ore was 24.5 US dollars/wet ton, down 0.3 US dollars/wet ton from last month; the CIF price of 1.5% - grade Philippine - produced nickel ore was 57 US dollars/wet ton, the same as last week [31][34]. - **Nickel - iron**: In July, Indonesia's MHP production was 40,000 nickel tons, and high - grade nickel matte production was 25,000 nickel tons, both basically unchanged from the previous month [41]. - **Intermediate products**: As of August 29, the FOB price of Indonesian MHP was 13,097 US dollars/metal ton, and the MHP coefficient relative to LME nickel was 0.87, up 0.05 from last month; the high - grade nickel matte was 13,391 US dollars/metal ton, and the coefficient relative to LME nickel was 0.9, up 0.05 from last month [46]. 3.4 Refined Nickel - **Supply**: In July 2025, the national refined - nickel production reached 36,000 tons, remaining at a historically high level [51]. - **Demand**: No specific demand - change data was provided, but it is related to stainless - steel production, manufacturing, and real - estate industries [53][55]. - **Import and export**: No specific import - export data was provided, but the import - profit - loss situation was presented in the graph [57]. - **Inventory**: In August, the global refined - nickel inventory slightly increased. According to Mysteel data, on September 4, the domestic + LME visible inventory was 247,000 tons, a slight increase of 840 tons from the same period last month [60]. - **Cost**: No specific cost data was provided, but the production - cost and profit - rate graphs of different raw materials and processes were presented [62]. 3.5 Nickel Sulfate - **Supply**: No specific supply - change data was provided, but the production and net - import graphs were presented [67]. - **Demand**: No specific demand - change data was provided, but the demand is related to ternary power - battery loading and ternary precursor production [70]. - **Cost and price**: No specific cost - and - price data was provided, but the cost, price, and profit - rate graphs of different processes were presented [72]. 3.6 Supply - Demand Balance - **Historical data**: In 2023, the total demand was 3.23 million nickel tons, and the total supply was 3.3129 million nickel tons, with a supply - demand surplus of 82,900 nickel tons. In 2024, the total demand was 3.37 million nickel tons, and the total supply was 3.3972 million nickel tons, with a surplus of 27,200 nickel tons [77]. - **Forecast data**: In 2025, it is expected that the total demand will be 3.6024 million nickel tons, and the total supply will be 3.7688 million nickel tons, with a surplus of 166,400 nickel tons [77].

1. Report Industry Investment Rating No information provided in the document. 2. Core View of the Report - This week, the main contract of Shanghai Tin fell from a high, with a weekly decline of 2.22% and an amplitude of 2.86%. As of the end of this week, the closing price of the main contract was 272,460 yuan/ton. - Macroeconomically, the expansion speed of the US ISM Services PMI reached the fastest in half a year, with weak employment and high prices. The ADP employment growth in the US in August slowed down significantly to 54,000 people. The number of initial jobless claims in the US last week was 237,000, reaching the highest level since June. - Fundamentally, although Wa State in Myanmar has restarted the approval of mining licenses, actual ore production will not occur until the fourth quarter. The Bisie mine in Congo plans to resume production in phases, and currently, the tin ore processing fee remains at a historical low. - On the smelting side, the increase in production in July was mainly due to multiple factors such as the resumption of production by some enterprises and the cleaning of intermediate products. However, the shortage of raw materials in the Yunnan production area remains severe, and the waste recycling system in the Jiangxi production area is under pressure, with the operating rate remaining at a low level. - On the demand side, downstream processing enterprises are in the recovery period of the peak season, and the recovery of orders is relatively slow. Recently, the tin price has oscillated downward, but most downstream and end - user enterprises still adopt a wait - and - see attitude, and some downstream enterprises make small - scale purchases. The spot premium has rebounded to 200 yuan/ton, and domestic inventories have increased. LME inventories have rebounded, and the spot premium has been adjusted downward. - Technically, as the position decreases and the price falls, the bullish sentiment is cautious. Attention should be paid to the competition around the MA10. - Operationally, it is recommended to wait and see temporarily, and pay attention to the range of 270,000 - 276,000 yuan/ton. [5] 3. Summary According to Relevant Catalogs 3.1 Week - to - Week Summary - **Market Review**: The main contract of Shanghai Tin fell from a high this week, with a weekly decline of 2.22% and an amplitude of 2.86%. The closing price of the main contract was 272,460 yuan/ton [5]. - **Market Outlook**: Macroeconomic data in the US shows mixed signals. Fundamentally, there are issues in both supply and demand. Technically, the market is cautious [5]. - **Strategy Recommendation**: It is recommended to wait and see temporarily and pay attention to the price range of 270,000 - 276,000 yuan/ton [5]. 3.2 Futures and Spot Market - **Price Movement**: As of September 5, 2025, the closing price of Shanghai Tin was 272,030 yuan/ton, a decrease of 6,270 yuan/ton or 2.25% from August 29. As of September 4, 2025, the closing price of LME Tin was 34,425 US dollars/ton, a decrease of 400 US dollars/ton or 1.15% from August 29 [10]. - **Ratio Changes**: As of September 5, 2025, the current ratio of Shanghai Tin to Shanghai Nickel was 2.25, an increase of 0.02 from August 29. As of September 4, 2025, the Shanghai - LME Tin ratio was 7.9, an increase of 0.08 from August 28 [14]. - **Position Changes**: As of September 5, 2025, the net position of the top 20 in Shanghai Tin was - 14 lots, an increase of 1,212 lots from September 1, 2025. The position of Shanghai Tin was 59,035 lots, a decrease of 15,494 lots or 20.79% from August 29 [20]. 3.3 Industrial Chain Supply Side - **Tin Ore Imports and Refined Tin Production**: In July 2025, the import of tin ore concentrates was 10,277.61 tons, a month - on - month decrease of 13.71% and a year - on - year decrease of 31.58%. From January to July, the import of tin ore concentrates was 72,406.18 tons, a year - on - year decrease of 32.15%. In July 2025, the refined tin production was 15,448 tons, a month - on - month increase of 8%. From January to July, the cumulative refined tin production was 87,175 tons, a year - on - year decrease of 1.34% [24][25]. - **Tin Ore Processing Fee**: On September 5, 2025, the processing fee for 60% tin concentrate was 6,500 yuan/ton, the same as on September 4, 2025; the processing fee for 40% tin concentrate was 10,500 yuan/ton, also the same as on September 4, 2025 [30]. - **Refined Tin Import and Export and Profit**: As of September 5, 2025, the tin import profit and loss was - 8,105.64 yuan/ton, a decrease of 12,552.71 yuan/ton from August 29, 2025. In July 2025, the refined tin import volume was 2,166.7 million tons, a month - on - month increase of 21.34% and a year - on - year increase of 157.87%. From January to July, the cumulative refined tin import was 15,110.63 million tons, a year - on - year increase of 47.88%. In July 2025, the refined tin export volume was 1,672.77 million tons, a month - on - month decrease of 15.23% and a year - on - year decrease of 3.76%. From January to July, the cumulative refined tin export was 13,463.29 million tons, a year - on - year increase of 32.99% [34][35]. - **Inventory**: As of September 5, 2025, the total LME tin inventory was 2,230 tons, an increase of 220 tons or 10.95% from August 29. The total tin inventory was 7,773 tons, an increase of 207 tons or 2.74% from last week. The tin futures inventory was 7,397 tons, an increase of 124 tons or 1.7% from August 29 [43]. Demand Side - **Semiconductor Index**: On September 4, 2025, the Philadelphia Semiconductor Index was 5,667.86, a decrease of 156.75 or 2.69% from August 27. From January to July 2025, the integrated circuit production was 29,454,570.7 million pieces, an increase of 5,009,313.4 million pieces or 20.49% compared with the same period last year [46]. - **Tin - Coated Plate**: As of July 2025, the tin - coated plate production was 110,000 tons, the same as in June 2025. The tin - coated plate export volume was 206,020.05 tons, an increase of 73,104.23 tons or 55% from June [49].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Overnight copper prices fluctuated weakly. The US service industry data showed mixed signals, with strong orders but a contracting employment index and high prices. Weak employment data strengthened market expectations of a Fed rate cut. LME copper inventory decreased, Comex copper inventory increased, and domestic social copper inventory rose. Despite the "Golden September and Silver October" consumption season, the consumption peak was not well - reflected in inventory performance. Although there are expectations of fundamental improvement, the upward price movement may be limited by the US recession expectations and high copper prices [1]. - Aluminum: Alumina, Shanghai aluminum, and aluminum alloy all fluctuated weakly. Alumina's复产 rhythm increased, and warehouse receipts began to accumulate, intensifying the oversupply expectation. However, due to factors such as the rainy season in Guinea and China's parade period, there were strong disturbances in the ore end. Downstream sectors started stocking up quickly before the "Golden September" peak season, and electrolytic aluminum demand may exceed expectations during the peak season. Aluminum industry profits are shifting from upstream to downstream. Under the dual - drive of the Fed rate cut in September and the domestic peak season, electrolytic aluminum has strong upward momentum, and there is room for the far - month spread of aluminum alloy to continue to repair [1][2]. - Nickel: Overnight LME nickel and Shanghai nickel prices fell. LME nickel inventory increased, and domestic SHFE nickel warehouse receipts decreased. Nickel ore prices were stable. Stainless steel inventory decreased slightly week - on - week, but supply increased, and cost support strengthened. In the new energy sector, ternary demand is strengthening, and the price of nickel sulfate may continue to rise. With the marginal improvement of nickel - iron and new energy, opportunities for buying at low prices can be considered [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Macroeconomic data from the US influenced market expectations. Inventory changes were mixed, and the domestic consumption season may boost refined copper consumption, but there are constraints on price increases [1]. - **Aluminum**: Price trends were weak, with changes in inventory and supply - demand relationships. Ore - end disturbances and downstream stocking behavior affected the market, and there were expectations of price increases for electrolytic aluminum [1][2]. - **Nickel**: Price declines and inventory changes were observed. Different sectors related to nickel, such as stainless steel and new energy, showed different trends, and there were potential investment opportunities [2]. 3.2 Daily Data Monitoring - **Copper**: Prices of various copper products decreased, and inventory changes were diverse. For example, LME copper inventory decreased by 200 tons, while COMEX copper inventory increased by 3016 tons [3]. - **Lead**: Some lead product prices decreased slightly, and inventory changes included a decrease in LME lead inventory by 3350 tons and an increase in上期所 lead inventory by 982 tons [3]. - **Aluminum**: Aluminum prices decreased, and inventory changes were noted, such as an increase in social alumina inventory by 2.1 tons [4]. - **Nickel**: Nickel - related product prices mostly decreased, and inventory changes included an increase in LME nickel inventory by 1080 tons and a decrease in domestic SHFE nickel warehouse receipts by 121 tons [4]. - **Zinc**: Zinc prices decreased, and inventory changes included an increase in上期所 zinc inventory by 793 tons and a decrease in LME zinc inventory by 475 tons [6]. - **Tin**: Tin prices decreased slightly, and inventory changes included an increase in上期所 tin inventory by 75 tons and an increase in LME tin inventory by 30 tons [6]. 3.3 Chart Analysis - **Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][13][14]. - **SHFE Near - Far Month Spread**: Charts display the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][18][22]. - **LME Inventory**: Charts present the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [24][26][28]. - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [31][33][35]. - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [37][39][41]. - **Smelting Profit**: Charts present 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 [44][46][48]. 3.4 Team Introduction - The non - ferrous metals team at Everbright Futures is led by Zhan Dapeng, a science master, who serves as the director of non - ferrous research, a senior precious metals researcher, and has multiple professional titles. The team also includes Wang Heng, a finance master from the University of Adelaide, focusing on aluminum and silicon research, and Zhu Xi, a science master from the University of Warwick, focusing on lithium and nickel research [51][52].

Group 1: Report Investment Rating - Not provided in the given content Group 2: Core Views - This week, copper prices broke through and moved upward. The market order trading remained resilient, and the copper rod operating rate showed no obvious distinction between peak and off - peak seasons. The supply was continuously disturbed, and there was potential squeeze - out risk. Attention should be paid to the changes in the monthly and internal - external structure from September to October [1]. - For aluminum, supply increased slightly. In August, the demand was in the seasonal off - peak, with improvement in the second half of the month. In September, inventory was expected to decline. In the short term, the downstream was in the off - peak season, and attention should be paid to the long - term monthly and internal - external reverse hedging under the low - inventory pattern [1]. - Zinc prices fluctuated narrowly this week. Supply increased, and demand was seasonally weak. Domestically, social inventory rose, and overseas LME inventory declined rapidly. In the short term, it was expected to rebound, and in the long term, a short - position allocation was recommended [5]. - Nickel prices declined slightly. Supply was at a high level, demand was weak, and domestic inventory decreased slightly while overseas inventory remained stable. Attention should be paid to the development of the riots in Indonesia [6][7]. - Stainless steel prices were relatively stable. Supply decreased due to partial passive production cuts by steel mills, demand was mainly for rigid needs, and the overall fundamentals remained weak. Attention should be paid to the development of the riots in Indonesia [10]. - Lead prices fluctuated. Supply was expected to be tight, and demand was in the peak season but with weak performance. It was expected that lead prices would remain in a low - level shock next week [12]. - Tin prices fluctuated upward. Supply was affected by domestic and overseas factors, and demand had different performances at home and abroad. In the short term, it was recommended to wait and see, and in the long term, buy at low prices near the cost line [15]. - Industrial silicon prices changed. The resumption of production in Xinjiang was stable with an expected acceleration. The current supply - demand balance was in a state of slight inventory decline, and in the long term, it was expected to fluctuate at the cycle bottom [18]. - Lithium carbonate prices declined. The core contradiction was the imbalance between long - term over - capacity and short - term supply disturbances. With the arrival of the downstream peak season, the price had strong downward support [20]. Group 3: Summary by Metal Copper - This week, copper prices broke through and moved upward. The market order trading was resilient, and the copper rod operating rate had no obvious peak - off - peak distinction. The rumor of tax - refund cancellation in some areas affected the scrap copper market, and the supply was disturbed. The electrolytic copper production in September decreased unexpectedly, and there was potential squeeze - out risk [1]. Aluminum - Supply increased slightly. In August, demand was in the seasonal off - peak, with improvement in the second half of the month. In September, inventory was expected to decline. In the short term, the downstream was in the off - peak season, and attention should be paid to the long - term monthly and internal - external reverse hedging under the low - inventory pattern [1]. Zinc - Zinc prices fluctuated narrowly. Domestic TC had difficulty rising, and import TC increased. In August, the smelting output increased, and overseas mine output in the second quarter exceeded expectations. Demand was seasonally weak, and domestic social inventory rose while overseas LME inventory declined rapidly. In the short term, it was expected to rebound, and in the long term, a short - position allocation was recommended [5]. Nickel - Nickel prices declined slightly. Supply was at a high level, demand was weak, and domestic inventory decreased slightly while overseas inventory remained stable. Attention should be paid to the development of the riots in Indonesia [6][7]. Stainless Steel - Stainless steel prices were relatively stable. Supply decreased due to partial passive production cuts by steel mills, demand was mainly for rigid needs, and the overall fundamentals remained weak. Attention should be paid to the development of the riots in Indonesia [10]. Lead - Lead prices fluctuated. Supply was expected to be tight due to various factors such as low scrap battery supply and high inventory of battery products. Demand was in the peak season but with weak performance. It was expected that lead prices would remain in a low - level shock next week [12]. Tin - Tin prices fluctuated upward. Supply was affected by domestic and overseas factors, such as the low processing fee of domestic mines and the potential resumption of production in overseas areas. Demand had different performances at home and abroad, with weak domestic demand and strong overseas demand. In the short term, it was recommended to wait and see, and in the long term, buy at low prices near the cost line [15]. Industrial Silicon - Industrial silicon prices changed. The resumption of production in Xinjiang was stable with an expected acceleration. The current supply - demand balance was in a state of slight inventory decline, and in the long term, it was expected to fluctuate at the cycle bottom [18]. Lithium Carbonate - Lithium carbonate prices declined. The core contradiction was the imbalance between long - term over - capacity and short - term supply disturbances. With the arrival of the downstream peak season, the price had strong downward support [20].

Group 1 - The core opinion of the article is that Tongling Nonferrous Metals Group Co., Ltd. has met the necessary conditions for the early redemption of its convertible bonds, and the legal opinion confirms the compliance with relevant regulations [1][2][4] - The convertible bonds were issued with a total amount not exceeding 2.146 billion yuan, with a maturity period of 6 years from September 21, 2023, to September 20, 2029 [1][2] - The initial conversion price of the bonds was set at 3.38 yuan per share, which was adjusted to 3.30 yuan on June 7, 2024, and further adjusted to 3.20 yuan on June 23, 2025, due to equity distribution [1][2] Group 2 - The company has triggered the conditional redemption clause as its stock price has been above 130% of the conversion price for at least 15 trading days within a 30-day period [2] - The redemption process has received necessary approvals from the board and is in compliance with the relevant management regulations [2][3] - The company is required to fulfill subsequent information disclosure obligations regarding the redemption [2][3]

Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views Copper - Macro: Fed's dovish stance boosts copper prices, but concerns about "stagflation" limit upside. Future price depends on smoothness of rate - cut expectations and impact of tariff - induced inflation. - Fundamentals: "Weak reality + stable expectations". Weak reality is due to potential decline in copper demand in H2, but limited supply elasticity restricts supply - demand deterioration. Stable expectations come from improved rate - cut expectations and domestic stimulus policies. Copper prices will at least oscillate without a clear US recession, and an upward cycle needs the resonance of commodity and financial attributes. The reference range for the main contract is 79,000 - 81,000 yuan/ton [1]. Aluminum - Alumina: Market shows "high supply, high inventory, low demand". Supply is affected by rainy - season bauxite imports and new capacity, while demand from electrolytic aluminum is limited. Current prices are near the cost zone, with limited downside. The reference range for the main contract is 2900 - 3200 yuan/ton. - Electrolytic Aluminum: Macro expectations and fundamental improvements resonate. Supply is at a high level, demand is marginally improving, and inventory is low. However, high prices suppress downstream purchases. The price is expected to oscillate between 20,400 - 21,000 yuan/ton, and may fall if demand does not improve [2]. Aluminum Alloy - Fed's rate - cut expectations boost the commodity atmosphere. Supply of scrap aluminum is tight, and some plants have reduced production due to tax policy adjustments. Demand is still weak but shows signs of improvement. If imports are limited, the price will remain firm, and the price difference with aluminum may narrow. The reference range for the main contract is 20,000 - 20,600 yuan/ton [3]. Zinc - Supply: Overseas mines are in an up - cycle, and high TC encourages smelters. August refined zinc output exceeded expectations. - Demand: Entering the peak season, spot trading has improved. The decline in the three primary processing industries' operating rates is limited. - Outlook: Supply is expected to be loose, providing limited upward impetus. Low and declining inventory provides support. Zinc prices may oscillate, with the main contract reference range of 21,500 - 23,000 yuan/ton [6]. Tin - Supply: Tin ore supply is tight, and imports decreased in July. Although Myanmar's production is expected to resume in Q4, it may be delayed. - Demand: Demand from the photovoltaic and electronics sectors is weak. - Outlook: Fundamentals are strong, and prices are oscillating at a high level. If supply recovers smoothly, short - selling is recommended; otherwise, prices will continue to oscillate between 265,000 - 285,000 yuan/ton [8]. Nickel - Macro: US rate - cut expectations and positive domestic policies. - Industry: Nickel prices fell, and spot trading was okay. Nickel ore prices are firm, and nickel - iron prices are strong. Stainless - steel demand is weak, and short - term supply - demand mismatch in nickel sulfate has pushed up prices. - Outlook: Cost provides support, and supply is expected to be loose in the medium - term. Prices are expected to adjust within the range of 118,000 - 126,000 yuan/ton [10]. Stainless Steel - Macro: Fed's rate - cut expectations and positive domestic policies ease export pressure and boost demand expectations. - Industry: Ore prices are firm, nickel - iron prices have increased, and chromium - iron supply has news disturbances. Supply pressure may increase, but terminal demand is still weak. - Outlook: Raw material prices support costs, and the market is cautiously optimistic. Prices are expected to oscillate between 12,600 - 13,400 yuan/ton [12]. Lithium Carbonate - Market: Prices continue to decline, with support around 72,000 yuan/ton. - Fundamentals: Supply contraction is gradually realized, with some reduction in production and imports. Demand is robust, but actual demand growth needs further tracking due to inventory pressure in the material industry. - Outlook: After a decline in the price center, it will oscillate widely, with the main contract reference range of 70,000 - 75,000 yuan/ton [13]. Summary by Relevant Catalogs Price and Basis Copper - SMM 1 electrolytic copper price rose 0.45% to 80,520 yuan/ton, and the premium decreased by 30 yuan/ton. - Import loss was - 53 yuan/ton, a decrease of 369.24 yuan/ton from the previous day [1]. Aluminum - SMM A00 aluminum price rose 0.10% to 20,730 yuan/ton, and the premium decreased by 10 yuan/ton. - Alumina prices in different regions decreased slightly [2]. Aluminum Alloy - SMM ADC12 prices remained stable at 20,750 yuan/ton. - The scrap - refined price difference in different regions increased [3]. Zinc - SMM 0 zinc ingot price rose 0.41% to 22,240 yuan/ton, and the premium remained unchanged. - Import loss was - 2479 yuan/ton, a decrease of 212.63 yuan/ton [6]. Tin - SMM 1 tin price fell 0.15% to 273,100 yuan/ton, and the premium decreased by 200 yuan/ton. - Import loss was - 20,238.59 yuan/ton, a 0.70% decrease [8]. Nickel - SMM 1 electrolytic nickel price fell 1.29% to 122,450 yuan/ton. - The cost of producing electrolytic nickel from integrated MHP and high - grade nickel matte decreased [10]. Stainless Steel - 304/2B (Wuxi and Foshan) prices fell 0.38% to 13,150 yuan/ton. - The spot - futures price difference decreased by 5 yuan/ton [12]. Lithium Carbonate - SMM battery - grade lithium carbonate price fell 2.06% to 75,900 yuan/ton. - The price of lithium spodumene concentrate decreased [13]. Month - to - Month Spreads - Copper, aluminum, zinc, tin, nickel, stainless steel, and lithium carbonate all have corresponding month - to - month spread data, with different changes in each case [1][2][3][6][8][10][12][13]. Fundamental Data Copper - August electrolytic copper production was 117.15 million tons, a 0.24% decrease. - July import volume was 29.69 million tons, a 1.20% decrease [1]. Aluminum - August alumina production was 773.82 million tons, a 1.15% increase. - August electrolytic aluminum production was 373.26 million tons, a 0.30% increase [2]. Aluminum Alloy - July recycled aluminum alloy ingot production was 62.50 million tons, a 1.63% increase. - July primary aluminum alloy ingot production was 26.60 million tons, a 4.31% increase [3]. Zinc - August refined zinc production was 62.62 million tons, a 3.88% increase. - July import volume was 1.79 million tons, a 50.35% decrease [6]. Tin - July tin ore import was 10,278 tons, a 13.71% decrease. - July refined tin production was 15,940 tons, a 15.42% increase [8]. Nickel - China's refined nickel production in August was 32,200 tons, a 1.26% increase. - July import volume was 17,536 tons, an 8.46% decrease [10]. Stainless Steel - China's 300 - series stainless - steel crude steel production (43 companies) in August was 171.33 million tons, a 3.83% decrease. - July import volume was 7.30 million tons, a 33.30% decrease [12]. Lithium Carbonate - August lithium carbonate production was 85,240 tons, a 4.55% increase. - July import volume was 13,845 tons, a 21.77% decrease [13].

Report Industry Investment Ratings - Not provided in the given content Core Viewpoints - The copper price broke through and rose this week. With supply disturbances and expected decline in electrolytic copper production in September, there is obvious support at the bottom, and potential squeezing risks should be noted [1]. - For aluminum, supply slightly increased, and demand is expected to improve seasonally in September with inventory depletion. Attention should be paid to reverse spreads between distant months and inside - outside in the low - inventory pattern [1]. - The zinc price fluctuated narrowly this week. In the short term, it is expected to rebound and is recommended for observation; in the medium - to - long - term, it is suitable for short - side allocation. Inside - outside positive spreads can be held, and opportunities for positive spreads between months can be noted [5][6]. - The nickel market has high - level pure nickel production, weak overall demand, and stable premiums. With the situation in Indonesia to be continuously monitored, the short - term fundamental situation is average [7]. - The stainless - steel market has weak fundamentals with partial passive production cuts by steel mills, mainly rigid demand, and stable inventory in Xifu areas. Attention should be paid to the development of the situation in Indonesia [10]. - The lead price oscillated this week. Supply is expected to be tight, demand has a slight improvement, but inventory is at a high level. It is expected that the lead price will maintain a low - level oscillation next week [12]. - The tin price oscillated upward this week. The domestic market is in a situation of weak supply and demand in the short term. It is recommended to observe in the short term and hold at low prices near the cost line in the medium - to - long - term [15]. - For industrial silicon, the short - term supply - demand balance depends on the resumption rhythm of Hesheng. In the medium - to - long - term, it is expected to oscillate at the cycle bottom due to over - capacity [18]. - The lithium carbonate price declined this week. The core contradiction is the excess supply in the medium - to - long - term and the short - term compliance disturbances at the resource end. With the arrival of the peak season, the price has strong downward support [20][21]. Summary by Metal Copper - **Price and Market Data**: From August 28 to September 3, the spot premium of Shanghai copper decreased by 25, the waste - refined copper price difference increased by 39, and the LME inventory decreased by 200 [1]. - **Fundamentals**: Market orders remained resilient, and the copper rod operating rate showed no obvious distinction between peak and off - peak seasons. The rumor of tax rebate cancellation in some areas led to a tight waste - refined price difference, and the production of anode copper may be affected in September and October. The planned production of electrolytic copper in September decreased unexpectedly [1]. Aluminum - **Price and Market Data**: From August 28 to September 3, the prices of Shanghai, Yangtze River, and Guangdong aluminum ingots all increased by 20, and the domestic alumina price decreased by 12. The LME inventory remained unchanged [1]. - **Fundamentals**: Supply slightly increased, and demand was in the seasonal off - peak season in August with a slight improvement in the middle and late stages. The inventory is expected to deplete in September [1]. Zinc - **Price and Market Data**: From August 28 to September 3, the Shanghai zinc ingot price increased by 90, the domestic social inventory remained unchanged, and the LME inventory decreased by 375 [5]. - **Fundamentals**: The domestic TC of zinc ore has limited upward movement, and the import TC increased. The smelting increment in August was further realized. Domestic demand is seasonally weak but has certain resilience, and overseas demand has some resistance in production due to processing fees [5]. Nickel - **Price and Market Data**: From August 28 to September 3, the Shanghai nickel spot price decreased by 1550, and the LME inventory increased by 3996 [6][7]. - **Fundamentals**: Pure nickel production remained at a high level, demand was weak, and premiums were stable. The situation in Indonesia needs continuous monitoring [7]. Stainless Steel - **Price and Market Data**: From August 28 to September 3, the 304 cold - rolled coil price increased by 50, and the 430 cold - rolled coil price increased by 100 [10]. - **Fundamentals**: Steel mills had partial passive production cuts, demand was mainly rigid, and inventory in Xifu areas remained stable [10]. Lead - **Price and Market Data**: From August 28 to September 3, the spot premium increased by 5, and the LME inventory decreased by 3475 [12]. - **Fundamentals**: Supply is expected to be tight, demand has a slight improvement, but inventory is at a high level. It is expected that the lead price will maintain a low - level oscillation next week [12]. Tin - **Price and Market Data**: From August 28 to September 3, the spot import profit increased by 874.40, and the LME inventory increased by 20 [15]. - **Fundamentals**: The domestic market is in a situation of weak supply and demand in the short term. Supply is affected by smelter maintenance and overseas production resumption difficulties, and demand has a peak - season expectation but also a decline in photovoltaic growth [15]. Industrial Silicon - **Price and Market Data**: From August 28 to September 3, the 421 Yunnan basis decreased by 20, and the 553 East China basis decreased by 20 [18]. - **Fundamentals**: The resumption of production in Xinjiang is progressing steadily, and the production in Sichuan and Yunnan is stable. The short - term supply - demand balance depends on the resumption rhythm of Hesheng, and there is over - capacity in the medium - to - long - term [18]. Lithium Carbonate - **Price and Market Data**: From August 28 to September 3, the SMM electric - grade lithium carbonate price decreased by 1600, and the number of warehouse receipts increased by 2111 [20]. - **Fundamentals**: The price declined this week due to multiple factors. The core contradiction is the excess supply in the medium - to - long - term and the short - term compliance disturbances at the resource end. With the arrival of the peak season, the price has strong downward support [20][21].

1. Report Industry Investment Ratings - Gold: ★★★ (Bullish) [1] - Silver: ★★ (Bullish) [1] - Copper: ★★ (Bullish) [1] - Zinc: ★ (Bearish) [1] - Lead: ★ (Bearish) [1] - Tin: ★ (Bearish) [1] - Aluminum: ★ (Bearish) [1] - Nickel: ★ (Bearish) [1] - Industrial Silicon: ★ (Bullish) [1] - Polysilicon: ★★★ (Bullish) [1] - Lithium Carbonate: ★ (Cautiously Bearish) [1] 2. Core Views of the Report - Gold and silver are expected to continue their upward trend in the long - term due to global monetary easing, declining dollar credit, and geopolitical restructuring. In the short - term, they are also strong [1][2][3]. - Copper is expected to maintain a tight supply - demand balance. With the arrival of the peak season, demand will pick up. It is recommended to hold long positions and some can take profits [1][5][6]. - Zinc has insufficient demand and increasing inventory in the short - term. In the long - term, supply will increase while demand decreases, so it is recommended to short on rebounds [1][9][10]. - Aluminum price rebounds are under pressure due to inventory overhang. It is recommended to go long at low prices in the short - term [1][13][14]. - Nickel prices are under pressure as the impact of mine - end disturbances weakens. It is recommended to wait and see after taking profits [1][17][18]. - Lithium carbonate prices are in a wide - range shock. It is recommended to wait and see for stabilization [1][21][22]. 3. Summary by Related Catalogs Gold and Silver Market Review - Due to factors such as interest rate cuts, tariff disputes, and concerns about the Fed's independence, gold has reached a new high, and silver has also broken through historical highs [2][3] Fundamental Logic - Weak economic data in the US and Germany, Fed officials' support for interest rate cuts, and the Fed's economic beige - book report indicating economic stagnation and reduced inflation concerns. In the long - term, gold will benefit from global monetary easing, declining dollar credit, and geopolitical restructuring [2] Strategy Recommendation - Gold has support around 804 in the short - term, and attention should be paid to the performance around the recent high of 838. Silver has support around 9700. In the long - term, the upward trend remains unchanged [3] Copper Market Review - Shanghai copper has been consolidating at a high level and has firmly stood above the 80,000 - yuan mark [5] Industrial Logic - Tight supply of copper concentrates, with processing fees still in deep inversion. Production may decline in September. With the arrival of the peak season, demand will gradually pick up. Overseas inventory is increasing, but domestic exchange inventory is decreasing, and social inventory is at a low level [5] Strategy Recommendation - It is recommended to hold existing long positions, and some can take profits at high prices. Enterprises can actively arrange short - hedging positions near the previous high. In the long - term, copper is optimistic due to its strategic importance and asset - allocation value [6] Zinc Market Review - Shanghai zinc has been oscillating under pressure [9] Industrial Logic - Abundant supply of zinc concentrates, rising processing fees, and increased smelter production enthusiasm. However, it is the off - season for demand, and domestic inventory is increasing while overseas inventory is decreasing [9] Strategy Recommendation - In the short - term, zinc is weak domestically and strong overseas. Pay attention to the support at 22,000 yuan. In the long - term, it is recommended to short on rebounds [10] Aluminum Market Review - Aluminum prices have rebounded under pressure, and alumina has shown a relatively weak trend [12] Industrial Logic - For electrolytic aluminum, there are obvious expectations of interest rate cuts overseas. Production is increasing slightly, and inventory is rising. The demand side has shown some improvement. For alumina, the supply of bauxite in Guinea is abundant, and domestic production capacity is increasing, with inventory gradually accumulating [13] Strategy Recommendation - It is recommended to go long at low prices in the short - term, paying attention to the changes in the downstream processing enterprises' operating rates [14] Nickel Market Review - Nickel prices have fallen under pressure, and stainless steel has also shown a downward trend [16] Industrial Logic - There are expectations of interest rate cuts overseas. The supply of refined nickel in the domestic market is excessive, while the supply of nickel sulfate is relatively tight. Stainless steel inventory has decreased slightly, but the effect of production cuts is weakening [17] Strategy Recommendation - It is recommended to wait and see after taking profits, paying attention to changes in downstream inventory [18] Lithium Carbonate Market Review - The main contract LC2511 has opened low and gone lower, falling more than 3% [20] Industrial Logic - Rumors of CATL's resumption of production have eased supply concerns. Production remains stable, and inventory has decreased for three consecutive weeks. Terminal demand is approaching the peak season [21] Strategy Recommendation - It is recommended to wait and see for stabilization in the range of 71,300 - 73,000 yuan [22]

敬请投资者重点关注本次发行流程、网上网下申购及缴款、弃购股份处理等方面，并认真阅读同日披露 于上交所网站和符合中国证监会规定条件网站上的《上海友升铝业股份有限公司首次公开发行股票并在 主板上市发行安排及初步询价公告》。 ■ 保荐人（主承销商）：国泰海通证券股份有限公司 上海友升铝业股份有限公司（以下简称"友升股份""发行人"或"公司"）首次公开发行股票并在主板上市 的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券监督管理 委员会（以下简称"中国证监会"）证监许可〔2025〕1616号文同意注册。《上海友升铝业股份有限公司 首次公开发行股票并在主板上市招股意向书》及附录在上海证券交易所网站（www.sse.com.cn）和符合 中国证监会规定条件网站（中国证券网，网址www.cnstock.com；中证网，网址www.cs.com.cn；证券时 报网，网址www.stcn.com；证券日报网，网址www.zqrb.cn；经济参考网，网址www.jjckb.cn）披露，并 置备于发行人、本次发行保荐人（主承销商）国泰海通证券股份有限公司的住所，供公众查阅。 发行人：上海友升铝业 ...

Core Points - The legal opinion letter was issued by Shanghai Jintiancheng Law Firm regarding the second extraordinary general meeting of shareholders of Ningbo Bowei Alloy Materials Co., Ltd. scheduled for 2025 [1][2] - The law firm confirmed that the meeting was convened by the company's board of directors and that the notice was published in accordance with legal requirements [2][3] - The meeting took place on September 3, 2025, and utilized both on-site and online voting methods [3][4] Group 1 - The convening of the meeting was verified to be legal and valid, with the notice published 15 days prior to the meeting date [2][3] - A total of 196 shareholders and their proxies attended the meeting, representing 328,310,253 shares, which accounted for 39.9679% of the total voting shares [4][5] - The online voting system recorded participation from 191 shareholders, representing 3,833,725 shares, or 0.4667% of the total voting shares [4][5] Group 2 - The meeting's agenda was consistent with the items listed in the notice, and no modifications were made to the proposed resolutions during the meeting [5][6] - The voting results showed overwhelming support for the resolutions, with approval rates exceeding 99% for multiple proposals [6][8] - The participation of minority investors was noted, with 16,406,180 shares voted in favor, representing 96.5292% of the votes from this group [9] Group 3 - The law firm concluded that all aspects of the meeting, including the convening, attendance, voting procedures, and results, complied with relevant laws and the company's articles of association [9][10] - The legal opinion letter was issued in triplicate, each having equal legal effect [10]