Group 1 - Company Shenhuo Co., Ltd. announced that its 26th meeting of the 9th board of directors was held via communication on February 24, 2026, to review the proposal for the re-election of a non-independent director [1] Group 2 - The article highlights the ongoing conflict between Russia and Ukraine, marking the fourth anniversary with significant casualties reported at 1.8 million [1] - The conflict is described as being in a deadlock regarding negotiations, battlefield conditions, and economic challenges [1]

白银有色公告，近日，白银有色集团股份有限公司及下属白银有色铁路运输 物流有限责任公司获得白 银市商务局下发的2025年中央外经贸提质增效项目补助9,000,000元。其中，公司获得政府补助756.88万 元，铁运公司获得政府补助143.12万元。该政府补助与收益相关，占公司最近一期经审计归母净利润的 比例为11.14%。 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - **Copper**: The current global consumption of copper is strong, and there is significant rigid demand support. The report maintains a bullish outlook on copper prices in the medium - term, and in the short - to - medium term, the stabilization of copper prices depends on whether precious metals stabilize. Attention should be paid to the support levels of 97,000 and 99,000 for SHFE copper [1] - **Aluminum**: After the sharp correction of the aluminum market, wait for the supply - demand negative factors to materialize and then go long. If the Iranian situation deteriorates, it may cause aluminum prices to rise [1] - **Zinc**: The domestic fundamentals of zinc are average, but the market is optimistic about its allocation elasticity. Attention should be paid to reverse arbitrage opportunities [4] - **Nickel**: The short - term real - world fundamentals are weak. The short - term market is dominated by the overall sentiment in the non - ferrous metals sector, affected by the reduction of Indonesian nickel ore quotas [7] - **Stainless Steel**: The fundamentals remain weak, and the short - term market is dominated by the overall sentiment in the non - ferrous metals sector, with continuous disturbances from Indonesian quota news [11] - **Lead**: The supply - demand contradiction has been alleviated, and it is recommended to try short - selling at high prices in the short term [15] - **Tin**: In the short term, it is recommended to mainly observe. In the long - term, if there is a macro turning point, the price may fluctuate downward significantly in the second half of the year [17] - **Industrial Silicon**: In the short term, the price is expected to fluctuate with costs. In the long - term, the price is expected to oscillate at the cycle bottom [21] - **Lithium Carbonate**: In the short - term, the fundamentals are strong, and there is a large space for calendar - spread arbitrage in the positive direction if the intermediate inventory further decreases to a low level [23] 3. Summary by Metal Category Copper - **Market Data**: From February 9 to 13, 2026, the spot premium of SHFE copper changed from - 120 to - 110, the waste - refined copper spread decreased by 359, the SHFE copper inventory increased by 23,564 tons, and the LME copper inventory increased by 7,225 tons [1] - **Analysis**: The US's ability to siphon inventory is disappearing, causing concerns about inventory delivery to the LME. However, global copper consumption is strong, and there is rigid demand support. The industrial end still provides support [1] Aluminum - **Market Data**: From February 9 to 13, 2026, the Shanghai aluminum ingot price decreased by 190 yuan/ton, and the SHFE aluminum social inventory increased by 52,200 tons [1] - **Analysis**: The aluminum market corrected sharply, with weak demand. The supply side had unexpected increases, and it is advisable to go long after the supply - demand negative factors are realized. The deterioration of the Iranian situation may push up aluminum prices [1] Zinc - **Market Data**: From February 9 to 13, 2026, the Shanghai zinc ingot price decreased by 140 yuan/ton, the SHFE zinc exchange inventory increased by 16,336 tons, and the LME zinc inventory decreased by 1,275 tons [1][2][3] - **Analysis**: On the supply side, domestic and imported TC is accelerating downward. On the demand side, domestic demand is seasonally weak, and overseas demand is average. There is an expectation of inventory accumulation, and attention should be paid to reverse arbitrage opportunities [4] Nickel - **Market Data**: From February 9 to 13, 2026, the SHFE nickel spot price decreased by 5,250 yuan/ton, and the LME nickel inventory increased by 702 tons [7] - **Analysis**: The supply of pure nickel decreased slightly month - on - month, demand was weak, and the short - term fundamentals were weak. The market is affected by the reduction of Indonesian nickel ore quotas and overall non - ferrous sentiment [7] Stainless Steel - **Market Data**: From February 9 to 13, 2026, the prices of 304 cold - rolled coils, 304 hot - rolled coils, 201 cold - rolled coils, 430 cold - rolled coils, and scrap stainless steel remained unchanged [11] - **Analysis**: Steel mill production decreased slightly month - on - month, demand entered the off - season, and the fundamentals remained weak. The market is affected by Indonesian quota news and overall non - ferrous sentiment [11] Lead - **Market Data**: From February 9 to 13, 2026, the social inventory increased by 8,715 tons, and the LME lead inventory decreased by 250 tons [14][15] - **Analysis**: On the supply side, production decreased seasonally. On the demand side, battery production decreased, and inventory accumulated. The supply - demand contradiction was alleviated, and it is recommended to try short - selling at high prices in the short term [15] Tin - **Market Data**: From February 9 to 13, 2026, the tin spot import profit increased by 7,169.71, and the LME tin inventory decreased by 50 tons [16][17] - **Analysis**: The supply side has uncertainties, and the demand side has different views on restocking. In the short term, it is recommended to observe, and in the long - term, there may be a large downward fluctuation [17] Industrial Silicon - **Market Data**: From February 9 to 13, 2026, the warehouse receipt quantity increased by 456 [21] - **Analysis**: Production in the southwest region decreased, and a large factory in Xinjiang cut production. In the short term, supply and demand are close to balance, and in the long - term, the price is expected to oscillate at the cycle bottom [21] Lithium Carbonate - **Market Data**: From February 9 to 13, 2026, the SMM electric - grade lithium carbonate price increased by 1,250 yuan/ton, and the warehouse receipt quantity increased by 1,477 [23] - **Analysis**: In the short term, the fundamentals are strong, with upstream maintenance exceeding expectations and downstream maintenance falling short of expectations. There is a large space for calendar - spread arbitrage in the positive direction if the intermediate inventory further decreases [23]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Copper prices are expected to be strongly volatile in the short - term due to continued tight copper ore supply, relatively surplus refined copper supply under high domestic smelting start - up rate and downstream consumption off - season, and emotional support from strong precious metal prices [4][5] - Aluminum prices are expected to rise in the short - term despite large inventory accumulation during the domestic off - season and high delivery pressure on near - month futures contracts, as LME inventory remains at a relatively low level and there are still supports from the industry [6][7] - Lead prices may be supported in the short - term by the expected strategic stockpiling of battery enterprises, but the post - holiday start - up of downstream battery enterprises needs to be observed [9][10] - Zinc prices may follow the rise of copper and aluminum prices based on relative valuation in the short - term due to macro - emotional disturbances, but will likely return to the weak industrial reality after the macro disturbances subside [11][12][13] - Tin prices are expected to be in a wide - range volatile operation in the short - term, with a long - term upward trend, but there is pressure for a sharp rise under the marginal relaxation of tin ingot supply and demand and the recent steady increase in inventory [14][15] - Nickel prices are expected to be in a wide - range volatile operation with the center gradually rising, with a long - term bullish and short - term bearish outlook [16][17] - The short - term supply - demand tight situation of domestic lithium carbonate is expected to continue, and the upstream may have more say in the post - holiday spot game [20][21] - For alumina, it is recommended to wait and see in the short - term, and the future price trend depends on whether the disturbances in the Guinea ore end can materialize and whether the high domestic supply pressure can be effectively alleviated [23][24] - Stainless steel prices are still bullish, with a strong cost support at the bottom and the supply pressure expected to ease after the holiday [26][27] - Casting aluminum alloy prices are expected to stabilize in the short - term due to cost support, improved demand expectations after the holiday, and supply - side disturbances and seasonal tightness of raw material supply [29][30] Group 3: Summary by Metals Copper - **Market Information**: During the Spring Festival, the US Supreme Court ruled that US tariffs based on IEEPA were illegal, but new tariffs added uncertainty. Precious metal prices rebounded, and copper prices fluctuated. As of February 23, LME 3M copper rose slightly by 0.05% to $12,901/ton compared with before the Spring Festival. Overseas copper inventories continued to increase, and the discount of LME near - month contracts narrowed. Satellite data showed that global smelting activities in January were at the lowest level for the same period in a decade. Domestically, the operating rate of primary processing enterprises weakened before the holiday, and inventories increased seasonally but less than the seasonal average [4] - **Strategy**: Short - term copper prices are expected to be strongly volatile. The reference range for the main SHFE copper contract today is 99,500 - 101,500 yuan/ton, and the reference range for LME 3M copper is $12,800 - 13,050/ton [5] Aluminum - **Market Information**: During the Spring Festival, geopolitical risks from US - Iran negotiations remained. The US Supreme Court ruled that tariffs based on IEEPA were illegal, and the White House imposed a 15% temporary tariff on global goods. Aluminum prices fluctuated and recovered. As of February 23, LME 3M aluminum rose 0.9% to $3,091/ton. Before the holiday, domestic aluminum futures positions decreased, and warehouse receipts increased. LME inventory decreased by 0.2 to 47.4 tons, and the discount of Cash/3M narrowed [6] - **Strategy**: Short - term aluminum prices are expected to rise. The reference range for the main SHFE aluminum contract today is 23,000 - 23,600 yuan/ton, and the reference range for LME 3M aluminum is $3,050 - 3,120/ton [7] Lead - **Market Information**: Before the Spring Festival, the domestic SHFE lead index fell 1.39% to 16,700 yuan/ton. During the Spring Festival, the LME 3M lead fell 0.51% to $1,966.5/ton. LME lead inventory increased by 5.42 tons to 28.71 tons. Domestic lead inventory also increased [9] - **Strategy**: The expected strategic stockpiling of battery enterprises may support lead prices in the short - term, but the post - holiday start - up of downstream battery enterprises needs to be observed [10] Zinc - **Market Information**: Before the Spring Festival, the domestic SHFE zinc index fell 5.53% to 24,255 yuan/ton. During the Spring Festival, the LME 3M zinc rose 0.76% to $3,378/ton. LME zinc inventory was 10.17 tons, and domestic zinc inventory increased [11] - **Strategy**: Zinc prices may follow the rise of copper and aluminum prices in the short - term due to macro - emotional disturbances but will return to the weak industrial reality later [12][13] Tin - **Market Information**: On February 13, tin prices fell sharply. The supply was difficult to increase significantly in the short - term due to the high - level stability of the operating rate in Yunnan and low production in Jiangxi. The demand was still weak as downstream enterprises were cautious [14] - **Strategy**: Tin prices are expected to be in a wide - range volatile operation. The reference range for the domestic main contract is 350,000 - 410,000 yuan/ton, and the reference range for LME tin is $46,000 - 50,000/ton. It is recommended to wait and see [15] Nickel - **Market Information**: On February 13, nickel prices fell sharply. The spot market premiums were stable, and raw material prices were also stable. During the Spring Festival, LME 3M nickel rose 1.1% to $17,435/ton, and LME inventory was basically unchanged [16] - **Strategy**: Nickel prices are expected to be in a wide - range volatile operation with the center gradually rising. It is recommended to buy low and sell high. The reference range for SHFE nickel is 120,000 - 160,000 yuan/ton, and the reference range for LME 3M nickel is $16,000 - 20,000/ton [17] Lithium Carbonate - **Market Information**: On February 14, the MMLC lithium carbonate spot index rose 5.11% week - on - week. The LC2605 contract price rose 2.15% on February 13, and the Australian import SC6 lithium concentrate price rose 2.82% week - on - week [20] - **Strategy**: The short - term supply - demand tight situation of domestic lithium carbonate is expected to continue. The reference range for the main contract on the GZFE is 139,000 - 164,000 yuan/ton [21] Alumina - **Market Information**: On February 13, the alumina index rose 1.1% to 2,843 yuan/ton. The trading position decreased, and the basis and overseas prices were stable. The futures inventory increased [23] - **Strategy**: It is recommended to wait and see in the short - term. The reference range for the main contract AO2605 is 2,750 - 2,950 yuan/ton [24] Stainless Steel - **Market Information**: On February 13, the stainless steel main contract fell 0.79% to 13,860 yuan/ton. Spot prices were stable, raw material prices were unchanged, and futures and social inventories increased [26] - **Strategy**: Stainless steel prices are still bullish. The reference range for the main contract is 13,700 - 14,000 yuan/ton [27] Casting Aluminum Alloy - **Market Information**: Before the Spring Festival, the casting aluminum alloy price weakened. The trading volume increased, and the warehouse receipts decreased. The inventory increased [29] - **Strategy**: Casting aluminum alloy prices are expected to stabilize in the short - term [30]

Group 1 - The core viewpoint of the article highlights that China Hongqiao (01378) has seen a significant increase in stock price, rising over 4% amid improving demand for electrolytic aluminum and strong supply constraints [1] - According to Guangfa Securities, the upward elasticity of aluminum prices should not be overlooked, especially with the anticipated demand recovery [1] - As of March 2025, China Hongqiao is expected to have an electrolytic aluminum production capacity of 6.459 million tons, maintaining stable production and sales while reducing costs [1] Group 2 - The company is projected to achieve a net profit attributable to shareholders of 32.74 billion yuan in 2026, assuming an aluminum price of 23,000 yuan per ton [1] - The annual cash dividend payout ratios for the company from 2022 to 2024 are forecasted to be 49%, 48%, and 64% respectively, indicating a strong commitment to shareholder returns [1] - If the high dividend payout ratio continues, the expected dividend yield based on the market capitalization as of February 9 could reach 6.7% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices fluctuated and declined, with the spot import of refined copper in China remaining at a loss. The potential return of Russia to the US dollar settlement system and the sharp drop in US stocks last night have re - raised concerns about market liquidity. The recent trend of copper prices is somewhat consistent with that of overseas financial markets and precious metals, indicating that the current operating logic still depends on financial attributes and market sentiment. Overall, it is regarded as a fluctuating and slightly bullish market. It is recommended to maintain the idea of buying on dips, but due to the upcoming Spring Festival and strong geopolitical disturbances in the overseas market during the holiday, it is advised to hold a light position during the holiday [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all fluctuated weakly. The price of alumina in the spot market declined, and the spot discount of aluminum ingots decreased. Affected by the rise in overseas alumina prices and the early raw material winter storage of domestic electrolytic aluminum plants, the alumina futures price rose against the trend. However, due to large inventory backlogs and the pressure of expiring warehouse receipts cancellation, the upward trend of alumina is difficult to continue. As the Spring Festival approaches, the demand from the processing end is weak, and the social inventory begins to accumulate rapidly. Currently, the market risk premium is being withdrawn, and the center and volatility of aluminum prices are decreasing. Be vigilant about the risk pricing related to the uncertain situation between the US and Iran [1][2]. - **Nickel**: Overnight, LME nickel fell 4.51% to $17,250 per ton, and Shanghai nickel fell 3.74% to 135,070 yuan per ton. The LME inventory increased by 636 tons to 286,386 tons, and the SHFE warehouse receipts remained at 52,027 tons. The approved nickel ore production quota in Indonesia has shrunk significantly compared with the previous year. There are concerns about tight resource supply in the future, which pushes up the boundary cost support. In terms of demand, affected by the Spring Festival in February, the weekly inventory of stainless steel has increased, and the supply side has many maintenance plans. In the new energy sector, the spot procurement and sales of nickel sulfate are relatively sluggish, and the output of ternary materials is also expected to decline month - on - month. Although the phased demand has weakened month - on - month, the cost support is still solid. Pay attention to the opportunity of lightly testing long positions near the cost line. If the subsequent explicit inventory can be significantly reduced, it may have a positive feedback on the price. Be vigilant about the weakening of market sentiment and hold a light position during the holiday [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Copper**: Overnight price decline, influenced by geopolitical and market liquidity factors, overall bullish with a suggestion of buying on dips and light - position holiday holding [1]. - **Aluminum**: Overnight price decline, affected by supply - demand and inventory factors, with a weakening trend and risk concerns [1][2]. - **Nickel**: Overnight price decline, inventory changes, supply - demand situation, cost support, and trading suggestions [3]. 3.2 Daily Data Monitoring - **Copper**: On February 12, 2026, the price of flat - water copper was 102,030 yuan/ton, up 735 yuan from the previous day. The inventory in LME remained unchanged, while the SHFE warehouse receipts increased by 8,282 tons. The social inventory remained at 40.9 million tons. The active contract import loss decreased by 750 yuan [4]. - **Lead**: The average price of 1 lead in the Yangtze River was 16,740 yuan/ton, up 30 yuan. The warehouse receipts in SHFE increased by 6,501 tons, and the weekly inventory increased by 17,240 tons [4]. - **Aluminum**: The Wuxi quotation was 23,360 yuan/ton, up 90 yuan. The social inventory of electrolytic aluminum increased by 34,000 tons, and the inventory of alumina decreased by 4,000 tons [5]. - **Nickel**: The price of Jinchuan nickel plate was 149,550 yuan/ton, up 2,250 yuan. The inventory of nickel in SHFE increased by 2,061 tons, and the social inventory increased by 2,784 tons [5]. - **Zinc**: The main settlement price was 24,590 yuan/ton, up 0.4%. The weekly inventory in SHFE increased by 793 tons, and the social inventory increased by 10,000 tons [7]. - **Tin**: The main settlement price was 393,120 yuan/ton, up 1.3%. The inventory in SHFE decreased by 1,718 tons [7]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [9][10][11][12][13]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the spread between the first and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2021 - 2026 [15][16][18][19][20][21][22]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [23][24][25][26][27][28]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [29][30][31][32][33][34]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [35][36][37][38][39][40]. - **Smelting Profit**: Charts show the historical 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 - 2026 [42][43][44][45][46][47]. 3.4 Team Introduction - **Zhan Dapeng**: A science master, the current director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, and a gold intermediate investment analyst. He has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. His team has won the award for the best metal industry futures research team by Futures Daily and Securities Times for four consecutive sessions [49]. - **Wang Heng**: A master of finance from the University of Adelaide, Australia, an analyst in non - ferrous metals at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research. He has won relevant industry awards and provides in - depth research and services for clients [49]. - **Zhu Xi**: A master of science from the University of Warwick, UK, an analyst in non - ferrous metals at Everbright Futures Research Institute, mainly focusing on lithium and nickel research. She has won relevant industry awards and serves many leading enterprises in the new energy industry [50].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The sentiment in the precious metals market has a negative impact on the overall market, but the relatively strong manufacturing PMIs in the US and Europe provide some support. The copper market shows a tight supply of copper ore and a relatively sufficient supply of refined copper, with copper prices expected to remain range - bound at high levels during the holiday. Aluminum prices are likely to fluctuate with an upward bias due to stronger overseas supply - demand fundamentals. The lead market is currently in a weak state, and whether lead prices can stabilize depends on the restocking willingness of downstream battery manufacturers after the Spring Festival. The zinc industry is also weak, but zinc prices may rise following the non - ferrous metal sector due to positive macro - economic expectations. Tin prices are expected to trade in a wide range, and short - term operations are recommended to wait and see. Nickel prices are expected to experience wide - range fluctuations. The supply of lithium carbonate is expected to remain tight in the short term, and upstream producers may have more bargaining power. Alumina prices are recommended to be observed, and the key lies in the impact of disruptions in Guinea's mining and the alleviation of high domestic supply pressure. Stainless steel maintains a strategy of buying on dips. Cast aluminum alloy prices have short - term support [5][8][10][12][14][16][19][22][25][28] Summary by Metal Copper - **Market Information**: Overnight silver and US stocks declined, causing copper prices to rise first and then fall. LME copper 3M closed down 2.9% at $12,855/ton, and SHFE copper's main contract closed at 100,030 yuan/ton. LME copper inventories increased by 4,550 tons to 196,650 tons. Domestic electrolytic copper social inventories increased, and bonded - area inventories decreased slightly. The spot in Shanghai and Guangdong was at a discount to futures, and the import of SHFE copper was at a loss of over 900 yuan/ton. The refined - scrap copper price difference was 3,100 yuan/ton, narrowing slightly [4] - **Strategy Viewpoint**: The decline in precious metals dampens market sentiment, but the relatively strong manufacturing PMIs in the US and Europe provide support. The supply of copper ore remains tight, and the supply of refined copper is relatively sufficient. During the long holiday, copper prices are expected to remain range - bound at high levels. Today, the reference range for SHFE copper's main contract is 99,000 - 103,000 yuan/ton, and for LME copper 3M, it is $12,500 - 13,200/ton [5] Aluminum - **Market Information**: The aluminum smelter in Mozambique is expected to shut down for maintenance in March. Precious metals and US stocks declined, causing aluminum prices to rise first and then fall. LME aluminum closed down 0.63% at $3,097/ton, and SHFE aluminum's main contract closed at 23,395 yuan/ton. SHFE aluminum's weighted contract positions decreased by 16,000 to 647,000 lots, and futures warehouse receipts increased by 33,000 to 201,000 tons. Domestic aluminum ingot and aluminum bar inventories increased, the processing fee for aluminum bars continued to rebound, and the market entered a holiday state. The spot in East China was at a discount of 160 yuan/ton to futures, and LME aluminum inventories decreased by 2,200 tons to 484,000 tons [7] - **Strategy Viewpoint**: Domestic aluminum ingot and aluminum bar inventories continue to accumulate, and downstream demand is weak in the off - season. LME aluminum inventories remain at a relatively low level, and the high premium of US aluminum in the spot market provides strong support for aluminum prices. With stronger overseas supply - demand fundamentals, aluminum prices are expected to fluctuate with an upward bias during the long holiday. Today, the reference range for SHFE aluminum's main contract is 23,200 - 23,600 yuan/ton, and for LME aluminum 3M, it is $3,050 - 3,140/ton [8] Lead - **Market Information**: On Thursday, the SHFE lead index closed 0.29% lower at 16,705 yuan/ton, with a total open interest of 120,100 lots. As of 15:00 on Thursday, LME lead 3S rose $8 to $1,986/ton, with a total open interest of 175,900 lots. The average price of SMM1 lead ingots was 16,575 yuan/ton, and the refined - scrap price difference was 25 yuan/ton. The inventory of lead ingot futures on the Shanghai Futures Exchange was 53,000 tons, and the domestic primary basis was - 60 yuan/ton. The LME lead ingot inventory was 233,000 tons, and the LME lead ingot cancelled warrants were 16,100 tons. The social inventory of lead ingots in major domestic markets was 57,400 tons, an increase of 7,500 tons from February 9 [9] - **Strategy Viewpoint**: The visible inventory of lead ore has declined slightly but is still higher than the same period in previous years. The processing fee for lead concentrates remains at a low level. The inventory of waste batteries continues to rise, higher than in 2025. As the Spring Festival approaches, the operating rate of smelters declines seasonally. Lead ingot social inventories continue to accumulate, and the domestic industry is currently in a weak state. Current lead prices are close to the lower end of the long - term trading range, but downstream consumption is mediocre. Whether lead prices can stabilize depends on the restocking willingness of downstream battery manufacturers after the Spring Festival [10] Zinc - **Market Information**: On Thursday, the SHFE zinc index closed 0.18% higher at 24,678 yuan/ton, with a total open interest of 193,900 lots. As of 15:00 on Thursday, LME zinc 3S rose $8 to $3,424.5/ton, with a total open interest of 235,500 lots. The average price of SMM0 zinc ingots was 24,480 yuan/ton. The inventory of zinc ingot futures on the Shanghai Futures Exchange was 43,100 tons, and the LME zinc ingot inventory was 105,300 tons. The social inventory of zinc ingots in major domestic markets was 138,100 tons, an increase of 10,000 tons from February 9 [11] - **Strategy Viewpoint**: The accumulation of visible zinc ore inventory has slowed down, and the TC of zinc concentrates has stopped falling and stabilized. Domestic zinc ingot social inventories have started to accumulate. The operating performance of downstream enterprises is mediocre, and the finished - product inventories of die - casting zinc alloy and zinc oxide enterprises have increased rapidly. The domestic zinc industry is in a weak state. However, short - term funds are greatly affected by macro - economic sentiment. As the Spring Festival holiday approaches, there is still a risk of abnormal price movements in non - ferrous metals during the holiday. The strong US PMI has boosted market expectations of a recovery in consumption, which may drive zinc prices to rise following the non - ferrous metal sector [12] Tin - **Market Information**: On February 12, tin prices fluctuated. The main SHFE tin contract closed at 391,320 yuan/ton, down 0.86% from the previous day. In terms of supply, the operating rate of smelters in Yunnan remained stable at a high level last week, while the refined tin output in Jiangxi was still low due to the shortage of scrap tin raw materials. However, the upward momentum was insufficient after the two regions resumed from maintenance, and there were constraints on the scrap side and high - price wait - and - see attitudes from downstream. In the short term, supply is difficult to increase significantly. In terms of demand, although the price decline has released some rigid procurement demand and spot trading has improved slightly, the overall price is still at a high level, and downstream restocking willingness before the festival is still not obvious, with most adopting a cautious wait - and - see attitude. Coupled with the cost pressure on end - user industries from the overall rise in the metal sector, the upward transmission speed of demand is slow, and the actual support for the spot market is limited [13] - **Strategy Viewpoint**: After the second decline in precious metals prices, there are signs of stabilization, and tin prices may rebound accordingly. Although tin prices still maintain an upward trend in the medium - to - long - term, in the short term, with the marginal easing of tin ingot supply - demand and the steady increase in inventory recently, there is also pressure for a significant increase. It is expected that tin prices will mainly trade in a wide range. In terms of operation, it is recommended to wait and see. The reference trading range for the domestic main contract is 350,000 - 410,000 yuan/ton, and for overseas LME tin, it is $46,000 - 50,000/ton [14] Nickel - **Market Information**: On February 12, nickel prices fluctuated. The main SHFE nickel contract closed at 139,610 yuan/ton, up 0.18% from the previous day. In the spot market, the premiums of various brands remained stable. The average premium of Russian nickel to the nearby contract was 50 yuan/ton, unchanged from the previous day, and the average premium of Jinchuan nickel was 9,500 yuan/ton, also unchanged. In terms of cost, nickel ore prices remained stable. The ex - factory price of 10 - 12% high - nickel pig iron averaged 1,048 yuan/nickel point, up 0.5 yuan/nickel point from the previous day [15] - **Strategy Viewpoint**: After the second decline in precious metals and risk - asset prices, there are signs of stabilization, with short - term rebound demand. However, nickel still faces fundamental pressure, and short - term nickel prices are expected to mainly trade in a wide range. On the evening of February 10, Tri Winarno, the Director - General of Minerals and Coal at the ESDM Ministry, revealed that the approved nickel ore production quota is between 260 million and 270 million tons, which is close to market expectations and is expected to have a limited impact on nickel prices. The reference trading range for SHFE nickel prices is 120,000 - 150,000 yuan/ton, and for LME nickel 3M contracts, it is $16,000 - 18,000/ton [16] Lithium Carbonate - **Market Information**: The MMLC lithium carbonate spot index closed at 142,316 yuan in the evening session, up 2.30% from the previous working day. The average price of MMLC battery - grade lithium carbonate increased by 3,200 yuan (+2.29%) to 138,800 - 146,700 yuan, and the average price of industrial - grade lithium carbonate increased by 2.31%. The closing price of the LC2605 contract was 149,420 yuan, down 0.56% from the previous day's closing price. The average premium of battery - grade lithium carbonate in the trading market was - 1,200 yuan. The SMM weekly inventory was 102,932 tons, down 2,531 tons (-2.4%) from the previous week, with a decrease of 1,436 tons in the upstream and 1,095 tons in the downstream and other sectors [18] - **Strategy Viewpoint**: On Thursday, the futures market adjusted, and the Wenhua Commodity Index fell 0.22%. On the supply side, the weekly output of domestic lithium carbonate has decreased by about 10.7% from the peak. On the demand side, the demand expectation is strong, and the production schedule of the material sector in March is expected to increase significantly. It is expected that the short - term supply - demand tightness of domestic lithium carbonate will continue. If there is no unexpected supply recovery in the mining sector, upstream producers will have more bargaining power in the post - holiday spot market. In the future, attention should be paid to the atmosphere in the commodity market, the resumption progress of lithium mines in Jiangxi, and the changes in the tradable inventory of salt plants and traders. Today, the reference trading range for the GZCE lithium carbonate 2605 contract is 143,000 - 157,000 yuan/ton [19] Alumina - **Market Information**: On February 12, 2026, as of 15:00, the alumina index fell 0.29% to 2,812 yuan/ton, with a total open interest of 441,800 lots, a decrease of 16,000 lots from the previous trading day. In terms of basis, the spot price in Shandong remained at 2,555 yuan/ton, at a discount of 253 yuan/ton to the main contract [21] - **Strategy Viewpoint**: At the mining end, workers at a mine in the Boké region of Guinea have launched an indefinite strike. This region is the core area for Guinea's bauxite. It is necessary to observe whether the impact of the strike will expand. Currently, production and shipping are normal. The over - capacity situation at the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. Although there have been more capacity maintenance recently, the overall output is still at a high level. In the short term, it is recommended to wait and see. The key to future price trends lies in whether the disturbances at the Guinea mining end can materialize and whether the high domestic supply pressure can be effectively alleviated through policies or market means. The reference trading range for the domestic main contract AO2605 is 2,750 - 3,000 yuan/ton. Attention should be paid to domestic supply - reduction policies, Guinea's ore policies, and the US Federal Reserve's monetary policy [22] Stainless Steel - **Market Information**: At 15:00 on Thursday, the main stainless - steel contract closed at 13,970 yuan/ton, down 1.24% (-174) from the previous day, with an open interest of 198,500 lots, a decrease of 6,938 lots from the previous trading day. In the spot market, the price of Delong 304 cold - rolled coil in the Foshan market remained at 14,000 yuan/ton, and the price of Hongwang 304 cold - rolled coil in the Wuxi market remained at 14,150 yuan/ton. The Foshan basis was - 240 (-300), and the Wuxi basis was - 90 (-300). The price of Hongwang 201 in Foshan was 9,350 yuan/ton, and the price of Hongwang annealed 430 was 7,750 yuan/ton, both unchanged from the previous day. In terms of raw materials, the ex - factory price of high - nickel pig iron in Shandong was 1,040 yuan/nickel, and the recycling price of 304 scrap steel industrial materials in Baoding was 9,000 yuan/ton, both unchanged from the previous day. The high - carbon ferrochrome price in the northern main - producing area was 8,550 yuan/50 - base ton, also unchanged. The futures inventory was 55,253 tons, an increase of 762 tons from the previous day. As of February 6, social inventories increased to 914,200 tons, a 1.07% increase from the previous period, with the 300 - series inventory at 632,000 tons, a 2.49% increase [24] - **Strategy Viewpoint**: From the supply side, although the supply of raw materials has recovered, under the influence of the steel mill's price - limit policy, the shipment rhythm of agents has generally slowed down. On the demand side, restricted by the pre - Spring Festival seasonal off - season, the overall market purchasing willingness is not strong, and the acceptance of high - priced resources is limited. Traders mostly choose to actively sell goods, reduce inventory, and mainly execute previous orders, with weak willingness to actively stock up. Steel mills will cut production collectively in February, and the market generally believes that the subsequent supply will gradually tighten, and the short - term supply pressure is relatively controllable. Overall, the stainless - steel fundamentals still have support, and the strategy of buying on dips remains unchanged. The reference range for the main contract is 13,500 - 14,500 yuan/ton [25] Cast Aluminum Alloy - **Market Information**: Yesterday, the price of cast aluminum alloy rebounded slightly. The main AD2604 contract closed 0.25% higher at 22,260 yuan/ton (as of 15:00). The weighted contract positions decreased to 23,400 lots, and the trading volume was 11,200 lots, with increased trading volume. Warehouse receipts decreased by 200 tons to 66,600 tons. The price difference between the AL2604 and AD2604 contracts was 1,430 yuan/ton, narrowing compared to the previous period. The average price of domestic mainstream ADC12 remained stable, and the

Group 1 - The core activity involves a joint initiative by the Longyan branch of the Fujian Special Inspection Institute and the Shanghang County Market Supervision Bureau to enhance safety knowledge regarding special equipment in the Jiaoyang Industrial Park [1][3] - A specialized training session was organized for over 40 participants, including crane operators and safety management personnel, focusing on safe operation, risk identification, and emergency response related to lifting machinery [3] - On-site guidance was provided to address practical challenges in equipment management, ensuring effective communication and support for enterprises within the industrial park [3] Group 2 - The initiative aims to strengthen the collaboration between the Longyan branch and the Shanghang County Market Supervision Bureau, promoting the integration of party building and business development [3] - This joint activity serves as a practical implementation of safety regulatory responsibilities, enhancing the capabilities and management levels of personnel operating special equipment in the industrial park [3] - The overall goal is to establish a solid safety barrier for the high-quality development of the Jiaoyang Industrial Park [3]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - **Copper**: Overnight, both domestic and international copper prices rose first and then fell, with the spot import of refined copper in China remaining at a loss. The better - than - expected US non - farm payrolls in January reduced the urgency of the Fed's interest rate cut. Downstream demand slowed as companies began to take holidays, and social inventories increased. Copper prices are still influenced by financial attributes and market sentiment, showing a generally oscillating and bullish trend. It is recommended to buy on dips, but hold light positions during the Spring Festival due to potential geopolitical disturbances in overseas markets [1]. - **Aluminum**: Overnight, alumina oscillated and adjusted, while Shanghai aluminum and aluminum alloy trended weakly. Although alumina prices rose due to overseas price increases and domestic raw material winter storage, the upward trend is difficult to sustain due to inventory backlog and expiring warehouse receipt cancellation pressure. As the Spring Festival approaches, demand remains weak, and social inventories are accumulating. The center of gravity and volatility of aluminum prices are decreasing, but risks related to the US - Iran situation should be watched [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel both rose. The approved nickel ore production quota in Indonesia has shrunk significantly. The premium of nickel ore is strengthening, and the price of ferronickel is oscillating at a high level. There are concerns about tight resource supply in the future. Although the demand is weakening in the short - term, the cost support is strong. It is advisable to pay attention to the opportunity of lightly testing long positions near the cost line. Also, hold light positions during the Spring Festival due to potential overseas disturbances [3]. 3. Summary of Each Section 3.1 Research Views - **Copper**: The US non - farm payrolls in January showed strong data, which reduced the probability of the Fed's interest rate cut. Downstream demand slowed, and social inventories increased. Copper prices are still affected by financial factors and market sentiment, with an overall oscillating and bullish trend. It is recommended to buy on dips and hold light positions during the Spring Festival [1]. - **Aluminum**: Alumina prices rose due to overseas price increases and domestic winter storage, but the upward trend is unsustainable due to inventory and warehouse receipt pressure. As the Spring Festival approaches, demand is weak, and social inventories are increasing. Aluminum prices are trending down, and attention should be paid to the US - Iran situation [1][2]. - **Nickel**: Nickel prices rose overnight. The approved nickel ore production quota in Indonesia has been significantly reduced. There are concerns about tight resource supply. Although short - term demand is weakening, cost support is strong. It is advisable to look for opportunities to test long positions near the cost line and hold light positions during the Spring Festival [3]. 3.2 Daily Data Monitoring - **Copper**: On February 11, 2026, the price of flat - water copper decreased by 420 yuan/ton compared to the previous day, and the premium of flat - water copper decreased by 65 yuan/ton. LME copper inventory remained unchanged, while SHFE copper warehouse receipts increased by 12,958 tons. The active contract import profit increased by 108 yuan/ton [5]. - **Aluminum**: On February 11, 2026, the Wuxi aluminum price decreased by 20 yuan/ton, and the Nanhai price increased by 30 yuan/ton. LME aluminum inventory remained unchanged, while SHFE aluminum warehouse receipts increased by 1,050 tons. The social inventory of electrolytic aluminum increased by 34,000 tons, and the alumina inventory decreased by 19,000 tons [6]. - **Nickel**: On February 11, 2026, the price of Jinchuan nickel increased by 3,400 yuan/ton. LME nickel inventory remained unchanged, while SHFE nickel warehouse receipts decreased by 12 tons. The social inventory of nickel increased by 2,784 tons [6]. - **Zinc**: On February 11, 2026, the main settlement price of zinc increased by 0.2%. LME zinc inventory remained unchanged, while SHFE zinc inventory increased by 793 tons. The social inventory of zinc increased by 0.98 tons [8]. - **Tin**: On February 11, 2026, the main settlement price of tin increased by 1.5%. LME tin inventory remained unchanged, while SHFE tin inventory decreased by 1,718 tons [8]. - **Lead**: On February 11, 2026, the average price of 1 lead increased by 50 yuan/ton. LME lead inventory remained unchanged, while SHFE lead inventory increased by 1007 tons [5]. 3.3 Chart Analysis - **Spot Premium**: The report provides charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026, which can help analyze the premium trends of these metals [10][11][12][13][14]. - **SHFE Near - Far Month Spread**: The report presents charts of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2021 - 2026, which can be used to analyze the spread trends [16][17][19][20][21][22]. - **LME Inventory**: The report shows charts of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026, which can be used to analyze inventory trends [23][24][25][26][27][28]. - **SHFE Inventory**: The report provides charts of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026, which can be used to analyze inventory trends [29][30][31][32][33][34]. - **Social Inventory**: The report offers charts of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026, which can be used to analyze social inventory trends [35][36][37][38][39][40]. - **Smelting Profit**: The report presents charts of copper concentrate index, copper rough processing fee, aluminum smelting profit, ferronickel smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2026, which can be used to analyze smelting profit trends [42][43][44][45][46][47]. 3.4 Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metal researcher, and a gold intermediate investment analyst. He has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles. His team has won the Best Metal Industry Futures Research Team Award from Futures Daily and Securities Times for four consecutive sessions [49]. - **Wang Heng**: A master of finance from the University of Adelaide, Australia, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research. He has won relevant industry awards and provides services such as policy interpretation and risk management for customers [49]. - **Zhu Xi**: A master of science from the University of Warwick, UK, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel research. She has won relevant industry awards and provides services for new energy industry leading enterprises [50].

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - Gold is recommended for long - term strategic allocation. After adjustment, it can be bought on dips. The long - term value is supported by central bank purchases and geopolitical uncertainties [1]. - Silver's short - term trading is difficult. It is advisable to wait for volatility to subside, although there is a long - term supply - demand gap [1]. - For copper, it is recommended to take profits on long positions and hold cash during the holiday. In the long run, it is still optimistic due to its strategic importance [1][7]. - Zinc is under pressure. It is recommended to hold cash and be out of the market during the holiday, but consider buying on dips in the long term [1][11]. - Lead, tin, aluminum, and nickel prices are under short - term upward pressure, and appropriate measures should be taken according to market conditions [1]. - Industrial silicon is in a wide - range shock. It is recommended to be out of the market during the holiday [1]. - Polysilicon is under pressure. Participation should be cautious, mainly influenced by policy expectations [1]. - Lithium carbonate is expected to rebound. It is recommended to hold a light position during the holiday and go long after stabilization [1][23]. 3. Summary by Variety Gold and Silver - **Core View**: Gold is to be bought on dips after stabilization; silver is to wait for volatility to subside [1]. - **Market Performance**: Gold and silver ignored the better - than - expected non - farm payrolls and rose. COMEX gold futures rose 1.53% to 5107, and COMEX silver futures rose 4.60% to 84.08 [2]. - **Supporting Factors**: Three pillars support the gold price, including central bank purchases, de - dollarization, and global policy uncertainty. Future trends depend on the Fed's policy, Trump's policy, and AI technology progress [3]. - **Strategy**: Domestic gold should pay attention to the support around 1060, and silver around 19000 [4]. Copper - **Core View**: Take profits on long positions in the short term and hold cash during the holiday. Be optimistic in the long run [1][7]. - **Market Performance**: Overnight copper prices rose first and then fell [6]. - **Industry Logic**: The global copper mine is in short supply. The growth of copper smelting capacity has been curbed. However, inventory is at a high level, and demand is weak during the holiday [6]. - **Strategy**: Short - term, focus on the range of 100000 - 105000 yuan/ton for SHFE copper and 12800 - 13500 dollars/ton for LME copper [7]. Zinc - **Core View**: Be under pressure in the short term, hold cash during the holiday, and consider buying on dips in the long run [1][11]. - **Market Performance**: Zinc prices are under pressure [10]. - **Industry Logic**: Global zinc mine supply may shrink in 2026. As the holiday approaches, demand is weak, and inventory is accumulating [10]. - **Strategy**: Short - term, focus on the range of 24000 - 25000 yuan/ton for SHFE zinc and 3380 - 3480 dollars/ton for LME zinc [11]. Aluminum - **Core View**: The price rebound is under pressure, and it is recommended to take profits and wait and see [1][15]. - **Market Performance**: Aluminum prices rebound is under pressure, and alumina is also under pressure [13]. - **Industry Logic**: The inventory of electrolytic aluminum and aluminum rods is increasing, and downstream demand is weak. The alumina market is in an oversupply situation [14]. - **Strategy**: The main operating range of SHFE aluminum is 22500 - 25100 yuan/ton [15]. Nickel - **Core View**: The price rebound is under pressure, and it is recommended to take profits and wait and see [1][19]. - **Market Performance**: Nickel prices rebound, and stainless steel also rebounds [17]. - **Industry Logic**: Indonesia will reduce nickel ore production quotas in 2026. Domestic pure nickel inventory is accumulating, and stainless steel inventory is also increasing [18]. - **Strategy**: The main operating range of nickel is 120000 - 150000 yuan/ton [19]. Lithium Carbonate - **Core View**: It is expected to rebound. Go long after stabilization [1][23]. - **Market Performance**: The main contract LC2605 rose more than 9% [21]. - **Industry Logic**: The market atmosphere has improved. The inventory is decreasing in the off - season, but there are concerns about inventory accumulation in the peak season [22]. - **Strategy**: Go long with a light position in the range of 146000 - 156000 yuan/ton after stabilization [23].