1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The alumina futures main contract is fluctuating weakly, with increasing open interest, spot premium, and strengthening basis. It is recommended to trade with a light - position range - bound strategy, controlling rhythm and trading risks [2]. - The Shanghai aluminum main contract opened lower and rebounded slightly, with decreasing open interest, spot premium, and weakening basis. It is advisable to conduct light - position short - term long trading on dips, controlling rhythm and trading risks [2]. - The cast aluminum main contract opened lower and rebounded slightly, with increasing open interest, spot premium, and weakening basis. It is suggested to conduct light - position short - term long trading on dips, controlling rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices and Spreads**: The closing price of the Shanghai aluminum main contract is 20,910 yuan/ton, up 50 yuan; the closing price of the alumina futures main contract is 2,797 yuan/ton, down 8 yuan. The main - second - consecutive contract spread of Shanghai aluminum is - 80 yuan/ton, down 45 yuan; that of alumina is - 6 yuan/ton, up 13 yuan [2]. - **Open Interest**: The open interest of the Shanghai aluminum main contract is 148,539 lots, down 10,640 lots; that of the alumina main contract is 361,466 lots, up 5,093 lots [2]. - **LME Data**: The LME aluminum cancelled warrants are 98,250 tons, unchanged; the LME electrolytic aluminum three - month quotation is 2,739.5 dollars/ton, down 17.5 dollars; the LME aluminum inventory is 503,950 tons, down 2,050 tons [2]. 3.2 Spot Market - **Aluminum Spot Prices**: The Shanghai Non - ferrous Network A00 aluminum price is 20,920 yuan/ton, up 20 yuan; the Yangtze River Non - ferrous Market AOO aluminum price is 20,930 yuan/ton, up 10 yuan [2]. - **Alumina Spot Price**: The alumina spot price of Shanghai Non - ferrous is 2,865 yuan/ton, down 5 yuan [2]. - **Other Spot Data**: The average price of ADC12 aluminum alloy ingots nationwide is 21,050 yuan/ton, up 50 yuan; the Shanghai Wumaotrade aluminum premium is 40 yuan/ton, up 40 yuan; the LME aluminum premium is 10.22 dollars/ton, down 11.03 dollars [2]. 3.3 Upstream Situation - **Alumina Production and Supply**: The alumina production is 792.47 million tons, up 35.98 million tons; the alumina capacity utilization rate is 86.74%, up 1.99 percentage points; the demand for alumina in the electrolytic aluminum part is 725.80 million tons, up 3.73 million tons; the supply - demand balance of alumina is 28.73 million tons, up 12.41 million tons [2]. - **Aluminum Scrap Trade**: The average price of crushed raw aluminum in Foshan metal scrap is 16,650 yuan/ton, up 50 yuan; China's import volume of aluminum scrap is 172,610.37 tons, up 12,115.77 tons; the export volume is 53.23 tons, down 26.16 tons [2]. 3.4 Industry Situation - **Electrolytic Aluminum**: The total electrolytic aluminum capacity is 4,523.20 million tons, unchanged; the electrolytic aluminum production capacity in operation has increased slightly; the electrolytic aluminum open - rate is 98.27%, up 0.16 percentage points; the electrolytic aluminum social inventory is 60.40 million tons, up 1.00 million tons [2]. - **Aluminum Products**: The aluminum products production is 554.82 million tons, up 6.45 million tons; the export volume of unforged aluminum and aluminum products is 52.10 million tons, down 0.90 million tons; the production of recycled aluminum alloy ingots is 65.65 million tons, up 2.06 million tons; the export volume of aluminum alloy is 2.91 million tons, up 0.42 million tons [2]. 3.5 Downstream and Application - **Automobile Production**: The automobile production is 275.24 million vehicles, up 24.21 million vehicles [2]. - **Real Estate Index**: The National Housing Prosperity Index is 93.05, down 0.28 [2]. 3.6 Alumina Viewpoint - **Fundamentals**: Affected by the reduced shipments in Guinea due to climate reasons, the domestic bauxite supply will continue to decline, and the bauxite price is firm. The alumina spot price is weakening, but smelters still have profit margins, so the supply remains stable. The increase in electrolytic aluminum operating capacity has a limited impact on alumina consumption [2]. - **Technical Analysis**: The 60 - minute MACD shows that the double lines are below the 0 - axis, and the red bars are expanding [2]. 3.7 Electrolytic Aluminum Viewpoint - **Fundamentals**: The supply of alumina is excessive, and its price is weakening. The domestic electrolytic aluminum operating capacity has increased slightly. With good profit margins for smelters, the supply of electrolytic aluminum is increasing slightly. The demand for downstream aluminum products is expected to improve after the holidays and due to policies [2]. - **Options**: The put - call ratio is 1.24, up 0.0405, indicating a bullish sentiment in the options market, and the implied volatility has slightly decreased [2]. - **Technical Analysis**: The 60 - minute MACD shows that the double lines are below the 0 - axis, and the red bars have just appeared [2]. 3.8 Casting Aluminum Alloy Viewpoint - **Fundamentals**: The cost of cast aluminum is rising due to the strong aluminum price and tight scrap aluminum supply, but the supply may decrease. The market consumption is gradually recovering after the holidays, but the spot purchase by downstream enterprises is cautious, and the inventory is accumulating [2]. - **Technical Analysis**: The 60 - minute MACD shows that the double lines are below the 0 - axis, and the red bars are slightly converging [2].

Core Insights - The conference focused on the integration of futures tools with the aluminum industry, highlighting the importance of risk management strategies in stabilizing operations and enhancing quality in the aluminum sector [1][2] Group 1: Industry Overview - The aluminum industry faces price volatility from upstream mining to downstream manufacturing, which poses uncertainties for business operations [1] - The introduction of casting aluminum alloy futures and options enhances the variety of futures products available, providing a "risk protection wall" for aluminum companies [1] Group 2: Financial Tools and Strategies - Companies can utilize hedging strategies to lock in production costs and sales profits, allowing them to focus on technological innovation and capacity optimization [1] - Experts discussed how derivative tools like aluminum futures and options can help industry players effectively manage price fluctuations and ensure stable operations [1][2]

1. Report Industry Investment Ratings No relevant information is provided in the reports. 2. Core Views Copper - Due to the easing of tariff concerns and the expectation of the Fed's monetary easing policy, the copper price showed a strong trend. The shortage of copper mine supply will support the copper price in the medium and long term. The follow - up should focus on the marginal changes in demand and the rhythm of Sino - US tariff negotiations, with the main support level at 84,000 - 85,000 [1]. Alumina - The spot price of alumina is under pressure. Although the current futures price is approaching the mainstream cost range, the upside needs external factors such as supply disturbances in Guinea, rising energy costs, or improved macro - sentiment. It is expected that the short - term spot price will remain under pressure, with the main contract oscillating between 2,800 - 3,000 yuan/ton [3]. Aluminum - The macro - level is favorable for the aluminum price, and the fundamentals are in a tight - balance pattern. The high aluminum price restricts downstream procurement, but the low inventory level reflects the resilience of demand. It is expected that the short - term Shanghai aluminum will maintain a high - level oscillation, with the main contract in the range of 20,700 - 21,300 yuan/ton [3]. Aluminum Alloy - The raw material supply and demand contradiction is unresolved, and the post - holiday demand is recovering steadily. The inventory accumulation trend is slowing down, which provides upward momentum for the price. It is expected that the short - term ADC12 price will maintain a high - level oscillation, with the main contract in the range of 20,200 - 20,800 yuan/ton [4]. Zinc - The supply of zinc is in a loose pattern, and the demand has no unexpected performance. The short - term price may rise due to macro - driving, but the fundamentals have limited support for the continuous rise. It is expected to maintain an oscillation, with the main contract in the range of 21,500 - 22,500 yuan/ton [8]. Tin - The supply of tin ore is tight, and the demand is weak. It is expected that the short - term tin price will continue to oscillate. The follow - up should focus on macro - level changes and the supply recovery in Myanmar in the fourth quarter [10]. Nickel - The macro - risk increases, and the cost has support, but the inventory accumulation has certain pressure. It is expected that the nickel price will oscillate strongly, with the main contract in the range of 120,000 - 126,000 yuan/ton [12]. Stainless Steel - The macro - risk is amplified, the raw material price is firm, and the cost support exists. However, the peak - season demand fails to meet expectations, and the inventory removal is under pressure. It is expected that the short - term stainless steel price will oscillate weakly, with the main contract in the range of 12,500 - 13,000 yuan/ton [13]. Lithium Carbonate - The macro - uncertainty increases, and the market atmosphere is weak. The supply path is gradually clear, and the peak - season demand and inventory reduction support the price. It is expected that the short - term lithium carbonate price will oscillate and consolidate, with the main price center in the range of 70,000 - 75,000 yuan [15]. 3. Summary According to Relevant Catalogs Price and Spread - **Copper**: SMM 1 electrolytic copper price dropped to 85,045 yuan/ton, a decrease of 1.89%. The SMM 1 electrolytic copper premium increased by 60 yuan/ton [1]. - **Alumina**: SMM A00 aluminum price dropped to 20,800 yuan/ton, a decrease of 0.86%. The alumina prices in various regions generally declined [3]. - **Aluminum Alloy**: The price of SMM aluminum alloy ADC12 dropped to 21,000 yuan/ton, a decrease of 0.47% [4]. - **Zinc**: SMM 0 zinc ingot price dropped to 22,200 yuan/ton, a decrease of 0.45% [8]. - **Tin**: SMM 1 tin price dropped to 282,400 yuan/ton, a decrease of 1.74% [10]. - **Nickel**: The price of 1 electrolytic nickel dropped, and the 1 Jinchuan nickel premium increased by 100 yuan/ton [12]. - **Stainless Steel**: The price of 304/2B stainless steel coil dropped to 13,000 yuan/ton, a decrease of 0.38% [13]. - **Lithium Carbonate**: The SMM battery - grade lithium carbonate average price dropped to 73,100 yuan/ton, a decrease of 0.61% [15]. Fundamental Data Production and Import/Export - **Copper**: In September, the electrolytic copper production was 1.121 million tons, a decrease of 4.31%. In August, the import volume was 264,300 tons, a decrease of 10.99% [1]. - **Alumina**: In September, the alumina production was 7.6037 million tons, a decrease of 1.74%. The electrolytic aluminum production was 3.6148 million tons, a decrease of 3.16%. In August, the electrolytic aluminum import volume was 217,300 tons, a decrease of 31,000 tons [3]. - **Aluminum Alloy**: In September, the regenerated aluminum alloy ingot production was 661,000 tons, an increase of 7.48%. In August, the un - forged aluminum alloy ingot import volume was 71,000 tons, an increase of 2.60% [4]. - **Zinc**: In September, the refined zinc production was 600,100 tons, a decrease of 4.17%. In August, the import volume was 25,700 tons, an increase of 43.30% [8]. - **Tin**: In September, the SMM refined tin production was 10,510 tons, a decrease of 31.71%. In August, the refined tin import volume was 1,296 tons, a decrease of 40.19% [10]. - **Nickel**: The Chinese refined nickel production was 36,795 tons, an increase of 0.27%. The import volume was 17,010 tons, a decrease of 3.00% [12]. - **Stainless Steel**: The Chinese 300 - series stainless steel crude steel production was 1.7133 million tons, a decrease of 3.83%. The import volume was 117,200 tons, and the export volume was 447,900 tons [13]. - **Lithium Carbonate**: In September, the lithium carbonate production was 87,260 tons, an increase of 2.37%. The demand was 116,801 tons, an increase of 12.28%. In August, the import volume was 21,847 tons, an increase of 57.79% [15]. Inventory - **Copper**: The domestic social inventory increased to 1.72 million tons, an increase of 15.98%. The SHFE inventory increased to 1.097 million tons, an increase of 15.42% [1]. - **Alumina**: The Chinese electrolytic aluminum social inventory increased to 649,000 tons, an increase of 5.19% [3]. - **Aluminum Alloy**: The social inventory of regenerated aluminum alloy ingots increased to 56,400 tons, an increase of 1.26% [4]. - **Zinc**: The Chinese zinc ingot seven - region social inventory increased to 163,100 tons, an increase of 15.35% [8]. - **Tin**: The SHFE inventory decreased to 5,879 tons, a decrease of 8.55%. The social inventory decreased to 7,786 tons, a decrease of 1.32% [10]. - **Nickel**: The SHFE inventory increased to 29,572 tons, an increase of 1.75%. The social inventory increased to 43,694 tons, an increase of 7.02% [12]. - **Stainless Steel**: The 300 - series social inventory (Wuxi + Foshan) increased to 504,600 tons, an increase of 6.93% [13]. - **Lithium Carbonate**: The total lithium carbonate inventory in September was 665,376 tons, an increase of 0.38%. The downstream inventory increased to 60,919 tons, an increase of 15.29% [15].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The mainstream transaction price of Guinea's bulk bauxite decreased by $0.7 per dry ton to $73.3 per dry ton compared to before the holiday. The approaching end of the rainy season in Guinea and the weakening alumina price pressured the ore price down. The operating capacity of alumina remained stable at 98.55 million tons compared to before the holiday, and the national alumina inventory increased by 105,000 tons to 3.902 million tons on a weekly basis. The newly put - into - operation alumina capacity in the first half of the year has entered a stable production state, and the alumina industry is in a high - stable production situation. The operating capacity of electrolytic aluminum increased steadily, rising by 15,000 tons to 44.454 million tons compared to before the holiday. The second - phase 100,000 - ton capacity of the Baise Yinhai technical renovation project was restored, but the increase in the operating capacity of electrolytic aluminum in October was very limited. In terms of demand, the operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.5% to 62.5% compared to before the holiday. Although the double - festivals affected the downstream start - up, the peak demand season remained unchanged, and the operating rates of various downstream processing sectors would continue to rise. In terms of inventory, the accumulation of aluminum ingot social inventory during the double - festivals was within the normal level and did not exceed expectations. For recycled cast aluminum alloys, the demand recovered rapidly after the holiday, leading enterprises had full orders, and the operating rate continued to rise. Trump's signal on China - related tariffs raised market panic, causing declines in the commodity and stock markets. The short - term aluminum price may continue to be under pressure and decline, and long - position holders should pay attention to risk avoidance. However, Trump may be adding bargaining chips for the China - US leaders' APEC meeting in October, and the progress of the event and market sentiment should be monitored [4]. Group 3: Summary by Directory 1. Macro Economic Indicators - The document presents data on the US Treasury yield curve (10 - year and 2 - year yields), the US dollar index, the US 10 - year inflation - adjusted yield, and the exchange rate of the US dollar against the RMB (including the on - shore and off - shore exchange rates) [7][8]. 2. Bauxite - The supply of domestic bauxite is tightening, and the prices in Shanxi and Henan are temporarily stable. Stricter safety production supervision, enhanced environmental inspections, and the rainy season have restricted bauxite mining activities. Since mid - August, after the gradual consumption of domestic ore inventory, it has become a common practice in the industry for alumina plants to increase the use of imported ores. The mainstream transaction price of Guinea's bulk bauxite decreased by $0.7 per dry ton to $73.3 per dry ton. The large Guinea mining enterprises' long - term order quotes for the fourth quarter were slightly adjusted, with the FOB price reduced by $1 per dry ton compared to the third quarter. The sea freight is adjusted according to the oil price fluctuations, and the estimated CIF price is around $73 per dry ton [11]. 3. Alumina - As of last Friday, the built - up capacity of alumina was 114.62 million tons, unchanged from before the holiday, the operating capacity was 98.55 million tons, also unchanged from before the holiday, and the operating rate was 85.9%. The weighted price of domestic alumina spot was 2,937.7 yuan per ton, down 25.3 yuan per ton compared to before the holiday. The national alumina inventory was 3.902 million tons, an increase of 105,000 tons on a weekly basis. Newly put - into - operation capacity in Shandong, Guangxi, and other regions has entered a stable production state [15]. 4. Electrolytic Aluminum - As of last Friday, the built - up capacity of electrolytic aluminum was 45.232 million tons, unchanged from before the holiday, and the operating capacity was 44.454 million tons, an increase of 15,000 tons from before the holiday. Although the operating capacity of electrolytic aluminum increased steadily, the increase in October was expected to be very limited. On September 29, the second - phase 100,000 - ton capacity of the 200,000 - ton electrolytic aluminum energy - saving renovation project of Baise Guangtou Yinhai was successfully restored [24]. 5. Inventory - The document shows the historical data of social inventories of aluminum rods, aluminum ingots, Shanghai Futures Exchange aluminum futures inventories, and LME aluminum inventories from 2021 to 2025 [30][31][32][33]. 6. Cast Aluminum Alloy - The operating rate of leading recycled aluminum alloy enterprises increased by 2.3% to 58.9% compared to before the holiday. Four ministries and commissions jointly issued a notice to clean up local government's illegal tax rebates. The production arrangements of recycled aluminum enterprises during the holiday were relatively stable, and most enterprises did not stop production or only had a short - term shutdown of 1 - 3 days. The market demand recovered rapidly after the holiday, leading enterprises had full orders, especially for aluminum - water - based orders. However, downstream enterprises' procurement was still cautious, mainly focusing on consuming pre - holiday inventory and replenishing stocks as needed. Policy uncertainty and raw material shortage risks still restricted the start - up of some enterprises [38]. 7. Downstream Start - up - The operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.5% to 62.5% compared to before the holiday. For aluminum profiles, the operating rate of leading enterprises decreased by 1% to 53.6%. The resumption of production of some enterprises in East and South China after the holiday was less than expected. In the industrial profile sector, some leading enterprises had good order arrangements for photovoltaic frames in early October; for automotive profiles, new orders remained stable. In the construction profile sector, the market demand was still weak. For aluminum strips, the operating rate of leading enterprises decreased by 1% to 68%. During the double - festivals, most leading enterprises maintained normal production. However, some enterprises producing building curtain wall panels had production line rotations or overhauls due to capital chain pressure and longer payment terms, while the demand for industrial plates such as automotive plates and battery shells was stable, and the production lines were basically operating at full capacity. For aluminum cables, the operating rate of leading enterprises decreased by 3% to 64%. Although leading enterprises maintained normal production during the holiday, most enterprises reduced their operating rates, and the restricted logistics during the double - festivals led to the backlog of finished product inventories. With the end of the holiday and the resumption of logistics, combined with the release of traditional rush - work demand in the fourth quarter, the operating rate is expected to rebound. For primary aluminum alloys, the operating rate of leading enterprises decreased by 0.4% to 58%. Some enterprises reduced their operating rates due to lower - than - expected downstream demand, and some enterprises maintained their original production rhythms due to unclear post - holiday order situations [51][55]. 8. Strategy Recommendations - Alumina: It is recommended to wait and see. - Shanghai Aluminum: Long - position holders should avoid risks. - Cast Aluminum Alloy: Long - position holders should avoid risks or go long on ADC and short on AL [5].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - Aluminum prices may maintain high - level volatility, but high prices may suppress consumption. Attention should be paid to changes in aluminum ingot inventories and macro - sentiment [62]. - Aluminum alloy shows strong follow - up to Shanghai Aluminum and is expected to be slightly stronger in the short - term. It is recommended to take a long - position on dips [60]. 3. Summary by Directory 3.1 Report Summary - Overseas political fluctuations increase the expectation of the Fed's interest rate cut. The US federal government's "shutdown" affects economic data release, and the ADP employment data shows a decline. The Fed has the intention to cut interest rates further, but is cautious due to inflation concerns. Attention should be paid to whether the US can release CPI data on October 15th and the resulting market sentiment [9][12]. - The domestic economy is slowly recovering. The manufacturing PMI in September increased slightly, and the consumer market during the National Day and Mid - Autumn Festival holidays showed good growth. The upcoming Fourth Plenary Session of the 20th Central Committee may focus on the "15th Five - Year Plan" and become a new market focus [14][16]. - The supply of domestic bauxite has limited growth due to environmental constraints and declining ore quality. The import of bauxite from Guinea is expected to increase after the rainy season, while the import from Australia has decreased [17][18][21]. - The supply of alumina is expected to remain in surplus. Although the operating capacity has not increased significantly, the high production and low overseas prices have opened the import window, and the future surplus pressure may increase [23][24][26]. - The operating rate of aluminum processing decreased slightly in the first week of October, in line with seasonal characteristics. The output of aluminum products increased slightly in August, and the demand is in the transition period between the off - season and the peak season [29][30][32]. - The real estate market's sales and investment continued to decline in August, but the new policies in first - tier cities have supported the market demand to some extent. The investment, new construction, and completion are still under pressure [34][35]. - The new energy vehicle industry maintained strong growth in August, with both production and sales increasing significantly year - on - year and month - on - month [37][38]. - The inventories of domestic and overseas exchanges decreased. The social inventory of aluminum ingots increased during the National Day holiday, and the domestic spot discount and LME aluminum premium both expanded [40][41][44]. - The output of recycled aluminum alloy decreased slightly in August, mainly due to the shortage of scrap and reduced procurement by traders. The operating rate of recycled aluminum has recovered recently, but the overall production is still affected by various factors. The import of aluminum alloy is expected to remain low in the fourth quarter, and the inventory has increased [48][49][59]. 3.2 Multi - Empty Focus - Bullish factors: The expected increase in overseas supply is limited, and the social inventory continues to be at a low level [7]. - Bearish factors: The long - term upward trend of aluminum prices is not clear, and the overseas macro - environment is uncertain [7]. 3.3 Data Analysis - **Bauxite**: In 2025, from January to August, the domestic bauxite output was 4086.1 million tons, a year - on - year increase of 7.8%. The import volume was 14175 million tons, a year - on - year increase of 31.4%, with a dependence of 78.4%. The import from Guinea increased by 38.5%, and the import from Australia decreased by 4.8% [18][21]. - **Alumina**: In August 2025, the output was 792.5 million tons, a year - on - year increase of 7.5%. The operating capacity increased, and the supply surplus pattern remained unchanged [24]. - **Aluminum processing**: In the first week of October, the overall operating rate of aluminum processing decreased to 62.5%. In August, the output of aluminum products was 554.8 million tons, a month - on - month increase of 1% and a year - on - year decrease of 4.2%. From January to August, the output was 4379 million tons, basically the same as the previous year [30][32]. - **Real estate**: In August 2025, the single - month real estate sales area, investment, new construction area, and completion area decreased year - on - year, with the decline in sales expanding. The new policies in first - tier cities have supported the market demand, and the new construction and completion are still under pressure [35]. - **Automobile**: In August 2025, the production and sales of automobiles increased month - on - month and year - on - year. The production and sales of new energy vehicles increased by more than 25% both month - on - month and year - on - year [38]. - **Inventory**: The LME aluminum inventory decreased to 508600 tons, and the SHFE aluminum inventory decreased by 0.83% to 123597 tons in the week of September 30th. As of October 9th, the social inventory of electrolytic aluminum was 63.4 million tons, an increase of 4.7 million tons compared with September 29th [41][44]. - **Aluminum alloy**: In August 2025, the output of recycled aluminum alloy was 61.45 million tons, a month - on - month decrease of 1.7% and a year - on - year increase of 8.6%. The import volume of unforged aluminum alloy in August was 7.10 million tons, a year - on - year decrease of 16.7%. As of October 10th, the weekly social inventory of aluminum alloy was 7.57 million tons, an increase of 0.26 million tons compared with the previous week, and the in - plant inventory was 6.15 million tons, an increase of 0.31 million tons compared with the previous week [49][55][59]. 3.4 Market Outlook - Aluminum prices are expected to maintain high - level volatility, and attention should be paid to changes in aluminum ingot inventories and macro - sentiment [62]. - Aluminum alloy shows strong follow - up to Shanghai Aluminum and is expected to be slightly stronger in the short - term. It is recommended to take a long - position on dips [60].

Report Industry Investment Rating No relevant information provided. Core Views Copper - Yesterday, copper prices continued to rise, driven by a weak US dollar and supply shortages. Macroscopically, the US government's shutdown and weak employment data led to expectations of further monetary easing by the Fed. Fundamentally, supply shortages in copper mines, such as the ongoing shutdown of the Grasberg mine and disruptions in other mines, have strengthened the support for copper prices. The主力 is advised to focus on the support level of 84,000 - 85,000 yuan/ton [1]. Aluminum - Alumina futures prices fluctuated widely, with the main contract closing down 0.28%. Spot prices in various regions generally declined, and the supply was abundant. The supply pressure persisted, with high domestic operating capacity and increasing overseas production. The demand was weak, with electrolytic aluminum plants having high raw material inventories and low procurement enthusiasm. It is expected that the short - term spot price of alumina will remain under pressure, with the main contract oscillating between 2,850 - 3,050 yuan/ton. - Shanghai aluminum futures prices fluctuated strongly, with the main contract moving up to around 21,000 yuan/ton. The market was affected by macro factors such as the US government shutdown and expectations of Fed rate cuts. In terms of supply, domestic electrolytic aluminum production declined slightly in September, and the proportion of molten aluminum increased. The demand showed structural characteristics, with some sectors improving but high aluminum prices suppressing downstream orders. After the holiday, the social inventory of aluminum ingots increased, and the spot premium was under pressure. It is expected that Shanghai aluminum will maintain a high - level oscillation pattern in the short term, with the main contract operating between 20,700 - 21,300 yuan/ton [3]. Aluminum Alloy - Casting aluminum alloy futures prices strengthened with the rise of aluminum prices, and the SMM spot ADC12 price also increased. The cost was supported by the rise of LME aluminum during the holiday and the tight supply of scrap aluminum. The supply was affected by raw material shortages and unclear tax policies, and the demand showed a mild recovery but with limited volume. The domestic social inventory of recycled aluminum alloy ingots increased, and the import loss expanded. It is expected that the short - term ADC12 price will maintain a high - level oscillation, with the main contract operating between 20,200 - 20,800 yuan/ton [4]. Zinc - Zinc prices maintained a strong operation, supported by low inventory and a weak US dollar. The LME zinc inventory continued to decline, and the US government shutdown led to a weak US dollar index. Domestically, the supply was expected to be loose, and the demand was not outstanding. The "strong outside, weak inside" pattern of zinc prices has been obvious since the second half of 2025. The short - term price of Shanghai zinc may rise due to macro - driving factors, but the fundamentals have limited elasticity for continuous upward movement. It may maintain an oscillation pattern, with the main contract between 21,800 - 22,800 yuan/ton [7]. Tin - Tin prices strengthened. The supply of tin ore remained tight, with low processing fees for smelters. Domestic tin ore imports in August were at a low level, and the crackdown on illegal tin mines in Indonesia before the holiday increased supply concerns. The demand was weak, with insufficient orders in the solder industry due to the sluggish consumer electronics and home appliance markets. Although AI computing power and photovoltaic industry growth drove some tin consumption, it was not enough to make up for the decline in traditional consumption. It is expected that tin prices will continue to oscillate strongly in the short term. The follow - up depends on the supply recovery in Myanmar. If the supply recovers, prices may weaken; otherwise, they may remain high [9]. Nickel - After the holiday, the nickel market showed a strong trend, driven by macro - sentiment and the overall boost of the non - ferrous sector. The US government shutdown and the uncertainty of the Fed's rate - cut path affected the market. In the industry, the policy expectations for the Indonesian nickel ore end have increased. The nickel ore price remained firm, but the nickel - iron market was sluggish, and the demand for stainless steel was weak. The demand for nickel sulfate was good in the peak season, but there were concerns about new production capacity and sustainable demand in the medium term. It is expected that the nickel price will oscillate strongly in the short term, with the main contract between 120,000 - 126,000 yuan/ton [11]. Stainless Steel - On the first trading day after the holiday, the stainless steel market rose slightly, affected by macro factors. The nickel ore price was firm, the nickel - iron price was weakly stable, and the chromium - iron market was driven by demand and cost. The supply pressure was increasing, with an expected increase in steel production in September. The demand improvement was not obvious, and the social inventory decline was slow. It is expected that the short - term stainless steel price will oscillate and adjust, with the main contract between 12,600 - 13,200 yuan/ton [12]. Lithium Carbonate - On the first trading day after the holiday, the lithium carbonate market oscillated. The main contract LC2511 rose 0.27%. The supply - side news included the approval of mining reports by Guoxuan High - tech and the acquisition of a mining license by Zangge Mining. The fundamentals were in a tight balance during the peak season. The production increased last week, mainly from new salt - lake projects and increased lithium - spodumene subcontracting. The demand was optimistic, with expected increases in iron - lithium and ternary orders. The whole - chain inventory continued to decline last week, with upstream smelters reducing inventory and downstream seasonal restocking. It is expected that the short - term lithium carbonate price will oscillate, with the main price center between 70,000 - 75,000 yuan/ton [14]. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper rose to 85,740 yuan/ton, up 3.00% from the previous day. The premium/discount of SMM 1 electrolytic copper remained unchanged at 15 yuan/ton. Other copper prices also showed varying degrees of increase, and the refined - scrap price difference increased by 11.13% [1]. Fundamental Data - In September, electrolytic copper production was 1.121 million tons, down 4.31% month - on - month. In August, electrolytic copper imports were 264,300 tons, down 10.99% month - on - month. The inventory of copper concentrates at domestic ports decreased, and the operating rates of copper rod production decreased [1]. Aluminum Price and Spread - SMM A00 aluminum rose to 20,960 yuan/ton, up 1.16%. The premium/discount decreased. Alumina prices in various regions declined. The import loss of aluminum increased, and the monthly spread showed different changes [3]. Fundamental Data - In September, alumina production was 7.6037 million tons, down 1.74% month - on - month, and electrolytic aluminum production was 3.6148 million tons, down 3.16% month - on - month. The operating rates of some aluminum processing industries increased slightly, and the social inventory of electrolytic aluminum increased [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in different regions increased by about 0.95 - 0.96%. The refined - scrap price differences in different regions also increased. The monthly spread showed different changes [4]. Fundamental Data - In August, the production of recycled aluminum alloy ingots decreased slightly, while the production of primary aluminum alloy ingots increased. The import and export of unforged aluminum alloy ingots increased. The operating rates of some enterprises showed different trends, and the social inventory of recycled aluminum alloy ingots increased slightly [4]. Zinc Price and Spread - SMM 0 zinc ingot rose to 22,140 yuan/ton, up 1.42%. The import loss decreased slightly, and the monthly spread changed [7]. Fundamental Data - In September, refined zinc production was 600,100 tons, down 4.17% month - on - month. In August, refined zinc imports increased by 43.30%. The operating rates of zinc - related industries decreased slightly, and the inventory of zinc showed different changes [7]. Tin Spot Price and Basis - SMM 1 tin rose to 284,200 yuan/ton, up 2.53%. The LME 0 - 3 premium/discount decreased significantly [9]. Fundamental Data - In August, tin ore imports decreased slightly. In September, SMM refined tin production decreased by 31.71% month - on - month. The inventory of tin decreased in different markets [9]. Nickel Price and Basis - SMM 1 electrolytic nickel rose to 123,600 yuan/ton, up 0.94%. The import loss increased, and the monthly spread changed [11]. Supply and Inventory - China's refined nickel production increased slightly, while imports decreased. The inventory in different markets showed different trends, with an increase in LME inventory [11]. Stainless Steel Price and Spread - The price of 304/2B stainless steel coils in Wuxi and Foshan showed different trends. The raw material prices were relatively stable, and the monthly spread changed slightly [12]. Fundamental Data - The production of 300 - series stainless steel in China decreased slightly, while imports increased and exports increased slightly. The social inventory of 300 - series stainless steel decreased slightly [12]. Lithium Carbonate Price and Spread - The prices of battery - grade and industrial - grade lithium carbonate remained stable, and the price of lithium - spodumene concentrate decreased. The monthly spread changed [14]. Fundamental Data - In September, lithium carbonate production increased, and the demand also increased. The inventory decreased in different links, with upstream smelters reducing inventory and downstream increasing inventory [14].

Group 1 - Gansu Province's Federation of Industry and Commerce released the 2025 list of the top 100 private enterprises, with eight companies from Baiyin City making the list, three of which are in the top 10, ranking third among all cities [1][2] - Among the listed companies, they have shown significant growth in scale and profitability, contributing to the high-quality development of the local private economy [1] Group 2 - China Nuclear Huayuan Titanium Dioxide Co., Ltd. is recognized as a leading enterprise in the titanium dioxide industry, known as the "Whampoa Military Academy" of titanium dioxide in China, ranking 7th on the list [1] - Gansu Zhongrui Aluminum Industry Co., Ltd. is a key project in Gansu's "12th Five-Year Plan," with an expected annual output value of 27.413 billion yuan, ranking 8th [1] - Gansu Zhongheng Industrial Investment Group Co., Ltd. is a comprehensive private enterprise group involved in real estate, education, modern agriculture, and trade, ranking 9th [2] Group 3 - Gansu Dongfang Titanium Industry Co., Ltd., a wholly-owned subsidiary of China Nuclear Titanium Dioxide, focuses on the production and R&D of titanium dioxide and lithium iron phosphate, ranking 26th [2] - Jingyuan High Energy Environmental New Materials Technology Co., Ltd. specializes in the recycling of valuable metals, with an annual production of 20,000 tons of electrolytic lead, ranking 32nd [2] - Baiyin Zhongtian New Materials Co., Ltd. is a national high-tech enterprise with a market share of approximately 12% in aluminum fluoride, ranking 41st [3] Group 4 - Gansu Pingao Food Co., Ltd. has developed into a comprehensive import-export trade enterprise in the meat processing industry, ranking 53rd [3] - Gansu Xinjiji Engineering Construction Co., Ltd. focuses on quality engineering projects and has set benchmarks in urban renovation projects, ranking 86th [3]

Report Summary of the Metal Industry 1. Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views - **Copper**: The copper price may rise in the short - term due to mine - end disturbances, and the medium - to long - term supply - demand contradiction provides bottom support. The price center may gradually increase. The main price range to watch is 81000 - 81500 yuan/ton [1]. - **Aluminum and Alumina**: Alumina is in a "high - supply, high - inventory, weak - demand" situation. The spot price is expected to be under pressure, with the main contract oscillating between 2850 - 3150 yuan/ton. For aluminum, the macro environment is relatively warm, and the price is supported by peak - season demand and inventory inflection points, with the main contract expected to oscillate between 20600 - 21000 yuan/ton [3]. - **Aluminum Alloy**: The price of ADC12 is expected to maintain a high - level oscillation, with the main contract's operating range between 20200 - 20600 yuan/ton, supported by cost and pre - holiday stocking but restricted by weak demand recovery and inventory accumulation [5]. - **Zinc**: The supply of zinc is in a loose situation, and the price may be driven up in the short - term by the macro environment but lacks upward momentum from the fundamentals. The main price range is 21500 - 22500 yuan/ton [9]. - **Tin**: If the supply in Myanmar recovers smoothly, the tin price may weaken; otherwise, it is expected to maintain a high - level oscillation in the range of 265000 - 285000 yuan/ton [11]. - **Nickel**: The nickel price is expected to oscillate in the range of 120000 - 125000 yuan/ton. The macro situation is stable, and there are more disturbances at the mine end, with cost support, but the medium - term supply is loose [12]. - **Stainless Steel**: The stainless - steel price is expected to oscillate in the range of 12600 - 13200 yuan/ton. The raw material price provides cost support, but the peak - season demand has not been fully realized, and inventory de - stocking is under pressure [14]. - **Lithium Carbonate**: The lithium carbonate price is expected to oscillate and consolidate, with the main price center in the range of 70000 - 75000 yuan/ton, supported by strong peak - season demand [16]. 3. Summary by Catalog Copper - **Price and Basis**: SMM 1 electrolytic copper price dropped to 82210 yuan/ton, a decrease of 0.33%. The SMM 1 electrolytic copper premium remained unchanged at - 5 yuan/ton [1]. - **Monthly Spread**: The spread between 2510 - 2511 contracts increased by 50 yuan/ton [1]. - **Fundamental Data**: In August, the electrolytic copper production was 117.15 million tons, a decrease of 0.24% compared to the previous month, and the import volume was 26.43 million tons, a decrease of 10.99% [1]. Aluminum and Alumina - **Price and Spread**: SMM A00 aluminum price dropped to 20690 yuan/ton, a decrease of 0.39%. The monthly spread between 2510 - 2511 contracts increased by 5 yuan/ton [3]. - **Fundamental Data**: In August, the alumina production was 773.82 million tons, an increase of 1.15% compared to the previous month, and the electrolytic aluminum production was 373.26 million tons, a slight increase [3]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 remained unchanged at 20900 yuan/ton. The monthly spread between 2511 - 2512 contracts increased by 15 yuan/ton [5]. - **Fundamental Data**: In August, the production of recycled aluminum alloy ingots was 61.50 million tons, a decrease of 1.60% compared to the previous month [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot price dropped to 21630 yuan/ton, a decrease of 1.46%. The monthly spread between 2510 - 2511 contracts decreased by 15 yuan/ton [9]. - **Fundamental Data**: In August, the refined zinc production was 62.62 million tons, an increase of 3.88% compared to the previous month, and the import volume was 2.57 million tons, an increase of 43.30% [9]. Tin - **Spot Price and Basis**: SMM 1 tin price dropped to 271400 yuan/ton, a decrease of 0.84%. The LME 0 - 3 premium remained unchanged at - 50 dollars/ton [11]. - **Fundamental Data (Monthly)**: In August, the tin ore import was 10267 tons, a decrease of 0.11% compared to the previous month, and the SMM refined tin production was 15390 tons, a decrease of 3.45% [11]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price dropped to 122000 yuan/ton, a decrease of 0.37%. The LME 0 - 3 decreased to - 187 dollars/ton [12]. - **Supply and Inventory**: China's refined nickel production in August was 32200 tons, an increase of 1.26% compared to the previous month, and the import volume was 17536 tons, a decrease of 8.46% [12]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 roll) dropped to 13050 yuan/ton, a decrease of 0.38%. The monthly spread between 2511 - 2512 contracts increased by 15 yuan/ton [14]. - **Fundamental Data**: In August, the production of 300 - series stainless - steel crude steel in China was 171.33 million tons, a decrease of 3.83% compared to the previous month [14]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price dropped to 73550 yuan/ton, a decrease of 0.07%. The monthly spread between 2510 - 2511 contracts increased by 100 yuan/ton [16]. - **Fundamental Data**: In August, the lithium carbonate production was 85240 tons, an increase of 4.55% compared to the previous month, and the demand was 104023 tons, an increase of 8.25% [16].

Industry Investment Ratings No investment ratings for the industries are provided in the reports. Core Views Copper - Short - term copper prices may rise due to mine - end disturbances, and in the medium - long term, the supply - demand contradiction provides a bottom support. The price center may gradually rise. Pay attention to whether the macro - market style switches to recovery trading and the marginal changes in the demand side. The main contract is supported at 81000 - 81500 [1]. Aluminum - The short - term alumina spot price will remain under pressure, with the main contract oscillating between 2850 - 3150 yuan/ton. The short - term aluminum price will oscillate at a high level after a decline, with the main contract in the range of 20600 - 21000 yuan/ton [4]. Aluminum Alloy - The short - term ADC12 price will maintain a high - level oscillation, with the main contract running in the range of 20200 - 20600 yuan/ton [6]. Zinc - The supply - relaxation logic has spread from the zinc - mine end to the zinc - ingot end. The zinc price will continue to be under pressure, but the impact of interest - rate cuts on the macro - trading logic needs to be noted [10]. Tin - If the supply from Myanmar recovers smoothly, the tin price is expected to weaken; if the supply recovery is poor, the tin price will continue to oscillate at a high level, in the range of 265000 - 285000 [13]. Nickel - The short - term nickel price will maintain an interval oscillation, with the main contract in the range of 120000 - 125000 [15]. Stainless Steel - The short - term stainless - steel price will oscillate and adjust, with the main contract running in the range of 12600 - 13200 [17]. Lithium Carbonate - The short - term lithium - carbonate price will oscillate and sort out, with the main - contract price center in the range of 70000 - 75000 yuan/ton [19]. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper was at 82485 yuan/ton, down 0.02% from the previous value. SMM Guangdong 1 electrolytic copper was at 82490 yuan/ton, up 0.13%. SMM wet - process copper was at 82385 yuan/ton, down 0.04% [1]. Monthly Spread - The spread between 2510 - 2511 was 0 yuan/ton, up 50 yuan/ton from the previous value [1]. Fundamental Data - In August, the electrolytic copper production was 117.15 million tons, down 0.24% month - on - month; the import volume was 26.43 million tons, down 10.99% [1]. Aluminum Price and Spread - SMM A00 aluminum was at 20770 yuan/ton, up 0.44%. The average price of alumina in Shandong was 2905 yuan/ton, down 0.17% [4]. Monthly Spread - The spread between 2510 - 2511 was 10 yuan/ton, down 5 yuan/ton from the previous value [4]. Fundamental Data - In August, the alumina production was 773.82 million tons, up 1.15% month - on - month; the electrolytic aluminum production was 373.26 million tons, up 0.30% [4]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 was at 20900 yuan/ton, up 0.24%. The refined - scrap price difference of Foshan crushed primary aluminum was 1460 yuan/ton, down 4.58% [6]. Monthly Spread - The spread between 2511 - 2512 was - 55 yuan/ton, down 35 yuan/ton from the previous value [6]. Fundamental Data - In August, the production of recycled aluminum - alloy ingots was 61.50 million tons, down 1.60% month - on - month; the production of primary aluminum - alloy ingots was 27.10 million tons, up 1.88% [6]. Zinc Price and Spread - SMM 0 zinc ingot was at 21950 yuan/ton, up 0.37%. The import profit and loss was - 3556 yuan/ton, up 7.35 yuan/ton from the previous value [10]. Monthly Spread - The spread between 2510 - 2511 was - 30 yuan/ton, down 15 yuan/ton from the previous value [10]. Fundamental Data - In August, the refined zinc production was 62.62 million tons, up 3.88% month - on - month; the import volume was 2.57 million tons, up 43.30% [10]. Tin Spot Price and Basis - SMM 1 tin was at 273700 yuan/ton, up 0.85%. The LME 0 - 3 premium was - 105 dollars/ton, down 7.14% [13]. Monthly Spread - The spread between 2510 - 2511 was - 470 yuan/ton, down 20.51% from the previous value [13]. Fundamental Data - In July, the tin - ore import was 10278 tons, down 13.71% from the previous value; the SMM refined - tin production was 15940 tons, up 15.42% [13]. Nickel Price and Basis - SMM 1 electrolytic nickel was at 122450 yuan/ton, down 1.29%. The 8 - 12% high - nickel pig - iron price was 855 yuan/ton, unchanged [15]. Monthly Spread - The spread between 2511 - 2512 was - 220 yuan/ton, down 50 yuan/ton from the previous value [15]. Supply - Demand and Inventory - The domestic refined - nickel production was 32200 tons, up 1.26% month - on - month; the import volume was 17536 tons, down 8.46% [15]. Stainless Steel Price and Basis - The 304/2B (Wuxi Hongwang 2.0 coil) was at 13100 yuan/ton, down 0.38%. The Philippine laterite nickel ore 1.5% (CIF) average price was 51 dollars/wet ton, unchanged [17]. Monthly Spread - The spread between 2511 - 2512 was - 40 yuan/ton, unchanged from the previous value [17]. Fundamental Data - The production of 300 - series stainless - steel crude steel in China was 171.33 million tons, down 3.83% month - on - month; the import volume was 11.72 million tons, up 60.48% [17]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price was 73600 yuan/ton, down 0.20%. The lithium - spodumene concentrate CIF average price was 857 dollars/ton, up 0.12% [19]. Monthly Spread - The spread between 2510 - 2511 was - 200 yuan/ton, up 100 yuan/ton from the previous value [19]. Fundamental Data - In August, the lithium - carbonate production was 85240 tons, up 4.55% month - on - month; the demand was 104023 tons, up 8.25% [19].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Fundamentally, the mainstream transaction price of Guinea's bulk ore decreased by $0.7 per dry ton to $74.2 per dry ton week - on - week. The alumina operating capacity increased by 600,000 tons to 98.55 million tons, and the national alumina inventory increased by 78,000 tons to 3.797 million tons. The electrolytic aluminum operating capacity increased steadily by 10,000 tons to 44.439 million tons. The domestic downstream aluminum processing leading enterprises' operating rate rose by 0.8% to 63%. The aluminum ingot social inventory decreased significantly, and the orders of large recycled cast aluminum alloy enterprises increased steadily. Macroscopically, the Fed cut interest rates as expected, and there is still room for reserve requirement ratio and interest rate cuts in China. It is recommended to go long on dips and consider the arbitrage strategy of going long on AD and short on AL [4]. - For strategies, it is recommended to wait and see for alumina, go long on dips for Shanghai aluminum, and go long on dips or adopt the strategy of going long on AD and short on AL for cast aluminum alloy [5]. Summaries According to Relevant Catalogs 1. Macro Economic Indicators - The report presents graphs of the US Treasury yield curve (10 - year and 2 - year), the US dollar index, the US 10 - year Treasury yield, real yield, inflation expectation, and the exchange rate of the US dollar against the RMB [7][8]. 2. Bauxite - The supply of domestic bauxite is tightening, and the prices in Shanxi and Henan are stable. Due to strengthened safety production supervision, environmental inspections, and the rainy season, bauxite mining activities are restricted. Since mid - August, alumina plants have increasingly used imported ore. - The mainstream transaction price of Guinea's bulk ore decreased by $0.7 per dry ton to $74.2 per dry ton week - on - week. The long - term order quotes of large Guinean mining enterprises in the fourth quarter were slightly adjusted, with the FOB price reduced by $1 per dry ton compared to the third quarter. The estimated CIF price is around $73 per dry ton [11]. 3. Alumina - As of last Friday, the alumina's built - in capacity remained unchanged at 114.62 million tons week - on - week, the operating capacity increased by 600,000 tons to 98.55 million tons, and the operating rate was 85.9%. - The weighted price of domestic alumina spot was 2,963 yuan per ton, a week - on - week decrease of 47.2 yuan per ton. - The national alumina inventory was 3.797 million tons, a week - on - week increase of 78,000 tons. Newly put - into - production capacities in Shandong, Guangxi, and the north are gradually reaching stable production. Some southern enterprises have completed maintenance, and a Henan enterprise's partial roasting furnace will resume normal operation on October 5 [14]. 4. Electrolytic Aluminum - As of last Friday, the built - in capacity of electrolytic aluminum remained unchanged at 45.232 million tons week - on - week, and the operating capacity increased by 10,000 tons to 44.439 million tons. The remaining capacity of Baise Yinhai's technological transformation project continued to resume production [21]. 5. Inventory - The report shows the historical inventory data of aluminum rods, aluminum ingots, SHFE aluminum futures, and LME aluminum from 2021 to 2025 [28][29][30][31]. 6. Cast Aluminum Alloy - The operating rate of leading recycled aluminum alloy enterprises increased by 0.7% to 56.6% week - on - week. - Four ministries and commissions jointly issued a notice to clean up local governments' illegal tax rebate policies. - The orders of large recycled aluminum enterprises increased steadily, driving up the operating rate. Typhoons affected production and transportation, but they have gradually returned to normal. During the National Day holiday, the production arrangements of the recycled aluminum industry are diversified, and the overall operating rate is expected to decline [34]. 7. Downstream Operating Rate - The operating rate of domestic leading downstream aluminum processing enterprises increased by 0.8% to 63% week - on - week [42]. - Aluminum profiles: The operating rate of leading aluminum profile enterprises remained stable at 54.6% week - on - week. The orders of photovoltaic profile enterprises are limited to the end of September, and the orders of automotive profile enterprises are improving, but the processing fees are decreasing. The construction profile market is sluggish [47]. - Aluminum strips: The operating rate of leading aluminum strip enterprises increased by 0.8% to 69% week - on - week. Some enterprises increased production after the aluminum price bottomed out. Typhoons affected production in the Pearl River Delta, but production has resumed. Leading enterprises will maintain normal production during the National Day, while small and medium - sized enterprises will slow down [47]. - Aluminum cables: The operating rate of domestic leading cable enterprises increased by 1.8% to 67% week - on - week. The State Grid's tender for 130,000 tons of aluminum conductors has been launched, and the orders for the fourth quarter and next year are guaranteed. Leading enterprises are stocking up before the National Day, mainly for rigid demand [52]. - Primary aluminum alloy: The operating rate of leading primary aluminum alloy enterprises increased by 1% to 58.4% week - on - week. Some enterprises increased inventory after the aluminum price bottomed out. Most enterprises will maintain normal production during the National Day, but the production rhythm may slow down slightly [52].