Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The non - ferrous metals industry is influenced by macro - economic factors such as global GDP growth, China's economic trends, and the Fed's monetary policy. The industry shows strong cyclicality, and there are opportunities and challenges in different segments like gold and copper [14][24][30] - The industry is experiencing several development trends, including digital transformation, globalization of resource allocation, and safety upgrades [65][70][75] - The performance of benchmark non - ferrous metal enterprises has generally improved, with growth in revenue, profit, and efficiency indicators [84][88] Group 3: Summaries by Relevant Catalogs 3.1 Macro - economic Analysis - Global GDP growth was about 3.9% in 2024, with the top ten countries accounting for 45% and a weighted growth rate of 4%. In 2025Q1, China's economy maintained rapid growth, and the full - year outlook is positive, providing a core driving force for industrial demand [11] - In 2025, the global GDP is expected to continue growing, but the growth rate may slow down. China's local governments are confident in economic growth, with most provincial GDP targets set above 5% [14] - China's CPI showed a mild decline in June 2025, but there are positive signals. The PPI of non - ferrous metal mining and smelting industries maintained positive year - on - year growth [18] - In 2025, China's manufacturing and infrastructure investment maintained growth, while real estate investment declined. High - tech manufacturing and infrastructure investment in areas like water conservancy and transportation are strong [21] - The Fed's expected interest rate cuts in the second half of 2024 led to a rise in non - ferrous metal prices, especially gold, which had a significant annual increase [24] 3.2 Industry Competition Pattern - Non - ferrous metals are basic materials for the national economy, and China has a wide variety of non - ferrous metal mineral resources. The industry is at the upstream of the manufacturing chain and is highly cyclical [25][27] - In 2024, the non - ferrous metal industry in China had good development, with total revenue of 9.0 trillion yuan and a profit of 423.9 billion yuan, both increasing by 14% year - on - year [32] - The production of ten non - ferrous metals in China reached 7,919 tons in 2024, a record high, and is expected to reach 100 million tons in 2026, with aluminum accounting for 56% [38] - The concentration of the non - ferrous metal industry is increasing, with the CR5 of listed companies' revenue and net profit rising to 45% and 49% respectively [42] 3.3 Development Trend Prediction - The digital transformation of the non - ferrous metal industry is promoted by policies, aiming to cultivate more than 15 digital transformation benchmark factories by 2026 [65] - Chinese non - ferrous metal enterprises are accelerating the "going - out" strategy, extending the industrial chain overseas from "mining" to "smelting" [70] - With the rise in metal prices, the industry's production capacity is being released. However, deep - mining safety risks are increasing, and new regulations are promoting enterprise safety standardization [75] 3.4 Industry Organization Efficiency Analysis - The "Five - Efficiency" analysis model is used to analyze the organizational efficiency of non - ferrous metal enterprises from five dimensions: human efficiency, yuan efficiency, cost efficiency, asset efficiency, and market efficiency [82] - The performance of benchmark enterprises has generally improved, with revenue and net profit increasing by 25% and 52% respectively in 2024 [84] - In terms of human efficiency, per - capita revenue and per - capita net profit increased by 23% and 46% respectively year - on - year, and the 3 - year CAGR was 12% and 25% respectively [88] - In terms of yuan efficiency, the labor cost efficiency of benchmark enterprises continued to improve, and there was a gradient differentiation pattern among enterprises [95] - In terms of cost efficiency, the gross profit margin and net profit margin of benchmark enterprises increased by 30% and 27% respectively year - on - year [101]

关注后期政策走向。 铅 ： 日期 现货升贴水 上海河南价差 上海广东价差 1#再生铅价差 社会库存 上期所库存 2025/07/31 -145 0 -75 -25 7 63254 2025/08/01 -150 0 -75 -50 - 63283 2025/08/04 -150 25 -25 -25 7 63283 2025/08/05 -155 25 -75 0 - 63283 2025/08/06 -160 -25 -50 -25 - 63283 变化 -5 -50 25 -25 - 0 日期 现货进口收益 期货进口收益 保税库premium LME C-3M LME库存 LME注销仓单 2025/07/31 -525.73 -630.66 105 -41 276500 72350 2025/08/01 -549.50 -540.50 105 -41 275325 73900 2025/08/04 -367.60 -557.42 105 -48 274225 72525 2025/08/05 -486.97 -513.99 105 -42 272975 71275 2025/08/06 -567.51 - ...

证券代码：002996 证券简称：顺博合金 公告编号：2025-057 债券代码：127068 债券简称：顺博转债 重庆顺博铝合金股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重庆顺博铝合金股份有限公司（以下简称"公司"）于2025年8月 募集资金进行现金管理的议案》，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准重庆顺博铝合金股份有限 公司公开发行可转换公司债券的批复》(证监许可〔2022〕1467号)的 核准，本公司向社会公开发行面值总额83,000万元可转换公司债券， 每张面值为人民币100元，发行数量为830万张，期限6年。扣除各项发 行费用11,049,122.64元后，实际募集资金净额为818,950,877.36元。 上述募集资金经众华会计师事务所（特殊普通合伙）验证，并于2022 年08月19日出具了众会字〔2022〕第07698号《验资报告》。公司已对 募集资金实行了专户存储，并与开户行、国海证券股份有限公司签订 了募集资金三方监管协议。 二、募集资金投资项目基本情况 根据可转债募集资金使用计划的安排 ...

Summary of Conference Call on Antimony Market Industry Overview - The antimony market is significantly influenced by the demand for photovoltaic (PV) glass, with prices rising from 40,000 RMB per ton in 2020 to 80,000-90,000 RMB in 2021, and stabilizing between 220,000-230,000 RMB due to increased PV installations and inventory depletion [1][2][3]. Key Points Antimony Price Dynamics - Antimony prices have experienced notable fluctuations, primarily driven by three phases: 1. Pre-2020: Prices were influenced by the overall macroeconomic environment, with major applications in flame retardants (50-60%), polyester catalysts (10%), and lead-acid batteries (5-10%) [2]. 2. 2020-2024: Prices surged due to PV glass demand, with a significant increase in installations [2][3]. 3. Post-September 2024: Prices are now heavily impacted by export conditions, with export controls leading to near-zero exports for extended periods, reducing demand by 40% [3][4]. Export Control Impact - Export controls have drastically reduced domestic demand elasticity, with actual exports dropping to 5-10% of last year's levels during May-June [4][5]. - The recent easing of export controls for state-owned enterprises and the lifting of restrictions on private enterprises indicate a potential recovery in exports, which could increase demand by approximately 20% if external demand returns to early 2024 levels [6][7]. PV Glass Production and Demand - PV glass production has decreased from nearly 600,000 tons in early May 2025 to about 510,000 tons, reflecting a 15-16% decline [5]. - Inventory days for PV glass have decreased from 34 days to 29 days, indicating low accumulation of downstream inventory [5]. Supply and Profitability of Antimony Producers - Antimony production has significantly declined due to raw material shortages, with many smelters operating at a loss even at prices of 180,000 RMB [8]. - Environmental regulations are expected to lead to a continued supply contraction over the next two to three years, particularly affecting small to medium-sized enterprises in major production regions like Guangxi, Hunan, Jiangxi, and Yunnan [9]. Companies to Watch - Companies such as Huaxi and Huayu are highlighted as key players in the current antimony market, benefiting from strong tin inventory support and successful gold mining projects [11][14]. - Hunan Gold is also noted for its dual focus on gold and antimony, which positions it well to capitalize on rising antimony prices [11][14]. Market Outlook - Antimony prices are projected to rise from 180,000 RMB to above 200,000 RMB, with expectations of maintaining around 250,000 RMB in the long term [10]. - The macroeconomic sentiment has caused stock fluctuations, but the outlook remains positive due to stable domestic demand and declining supply, with an anticipated annual demand growth of 3-4% [15]. Additional Insights - The ecological environment ministry's five-year heavy metal pollution inspection plan is expected to have long-term impacts on supply [8]. - The overall sentiment in the macro environment is stabilizing, which could lead to a recovery in related stocks, particularly those of Huaxi, Huayu, and Hunan Gold, which are expected to show strong performance [15].

Core Insights - Recently, Zhongtung High-tech Materials Co., Ltd. (中钨高新) experienced a significant change in its registered capital, increasing from approximately 1.4 billion RMB to about 2.09 billion RMB, representing an increase of around 50% [1]. Company Overview - Zhongtung High-tech Materials Co., Ltd. was established in March 1993 and is legally represented by Li Zhongze. The company's business scope includes the research, development, production, sales, and trade of hard alloys and deep-processed products and equipment made from tungsten, molybdenum, tantalum, niobium, and other non-ferrous metals [2]. - The shareholders of Zhongtung High-tech include China Minmetals Corporation, Minmetals Tungsten Co., Ltd., and State-owned Assets Supervision and Administration Commission of the State Council [2].

中证智能财讯 近日，创新国际实业集团有限公司向香港联交所递交申请书。公司聚焦铝产业链上游，包括氧化铝精炼和电解铝冶炼。公司战略布局内蒙古 和山东，利用当地低成本电力资源，实现高自给率生产，电力自给率约88%，氧化铝自给率约84%。本次募集资金旨在拓展海外产能和绿色能源项目，预计 募集资金用于沙特阿拉伯电解铝厂建设及风能太阳能发电站开发。 值得注意的是，创新国际与关联方创新新材实控人均为崔立新，两家公司关系紧密，后者为2023年、2024年和2025年前五个月最大客户，贡献收入占比分别 为78.8%、76.6%和59.8%，存在客户集中风险。 招股书显示，创新国际计划投资2.77亿美元在沙特阿拉伯建设电解铝冶炼厂以及购买及安装生产设备，该项目计划将于2026年底前开工，预计建设施工期为 24个月，计划增加电解铝产能50万吨/年。此外，创新国际还将投向风能太阳能发电站项目，目标2027年实现清洁能源占比超50%。 据招股书，创新国际产品以电解铝为主，2024年电解铝销售收入占85.0%，其中铝液销售占比76.4%。内蒙古霍林郭勒电解铝厂为华北第四大生产基地，年 产能78.81万吨，产能利用率超95%。氧化铝产品增 ...

智通财经APP获悉，财通证券发布研报称，电解铝是供需格局具备较强确定性的品种，经测算2025- 2026年国内电解铝有望维持紧平衡从而支撑铝价中枢上移，产业链成本有望维持低位推动盈利扩张。当 前电解铝企业普遍具有高分红+低估值的特征，未来估值有望持续修复。同时，我国铝加工产业持续向 高端、绿色化升级。 产业链成本中枢下移，电解铝环节盈利空间凸显 财通证券主要观点如下： 铝土矿方面：我国铝土矿对海外依赖度较高，2025年海外铝土矿产能持续新增，全球主要港口的铝土矿 出港量不断走高，尽管铝土矿作为资源品具有一定的保值属性，但整体价格仍适用于供给-需求框架， 供给端增幅远超需求端增量，带动价格回归低位合理价格。氧化铝方面：SMM预测2025年国内新增氧 化铝产能1340万吨，当前国内氧化铝开工率仍有提升空间，且在电解铝产能限制的背景下，氧化铝下游 需求增速放缓，而供应则相对宽松，整体过剩压力压制氧化铝价格。2025上半年以来铝土矿、氧化铝价 格共同下跌，产业链成本中枢明显下移，根据SMM模型测算2025年Q1-Q2电解铝单吨利润分别为 2376.3/3378.6元/吨，Q2环比Q1提升42.2%，电解铝环节利润走向 ...

Core Viewpoint - The company has received notification from the Shanghai Stock Exchange regarding the acceptance of its application for the non-public issuance of corporate bonds for transfer listing, but the final approval is still uncertain [1] Group 1 - The company received a notification from the Shanghai Stock Exchange on August 5, 2025, regarding the acceptance of its application for non-public issuance of corporate bonds [1] - The application documents submitted by the company for the non-public issuance of corporate bonds have been verified and accepted by the Shanghai Stock Exchange [1] - The company must obtain a no-objection letter from the Shanghai Stock Exchange before proceeding with the issuance of the corporate bonds, and the timing of obtaining this letter remains uncertain [1]

Core Viewpoint - Zhongtung High-tech's registered capital increased from approximately 1.4 billion RMB to about 2.09 billion RMB, representing a growth of around 50% [1] Company Overview - Zhongtung High-tech Materials Co., Ltd. was established in March 1993 and is legally represented by Li Zhongze [1] - The company's business scope includes the research, development, production, sales, and trade of hard alloys and deep-processed products and equipment of tungsten, molybdenum, tantalum, niobium, and other non-ferrous metals [1] Shareholder Information - The company is jointly held by China Minmetals Corporation, Minmetals Tungsten Co., Ltd., and Guoxin Investment Co., Ltd. [1]

Research View Copper - Overnight, LME copper rose 0.78% to $9,708.5/ton, and SHFE copper rose 0.19% to CNY 78,370/ton; domestic spot imports remained at a loss [1]. - In June, US factory orders decreased 4.8% month-on-month, slightly better than the expected -5% but significantly lower than the previous value of 8.2%; durable goods orders decreased 9.4% month-on-month, lower than both the expected and previous value of -9.3% [1]. - LME copper inventory decreased by 2,175 tons to 139,575 tons, indicating an end to the phased inventory accumulation; Comex copper inventory increased by 1,360 tons to 236,941 tons; SHFE copper warehouse receipts decreased by 1 ton to 20,348 tons; BC copper warehouse receipts remained at 1,553 tons [1]. - During the off - season, terminal orders slowed down, and the procurement rhythm of the processing end maintained at the level of rigid demand. In early August, the market focused on Trump's deadline for Russia, the results of China - US negotiations, etc., and the macro - performance might be weak. There were also concerns about the market's view on US copper in the future under the 0 - tariff policy for US refined copper, the risk of price inversion and inventory relocation, and the contradictions accumulated in the fundamentals during the off - season. However, the expectation of the peak season in September would limit the decline [1]. Aluminum - Alumina fluctuated strongly. Overnight, AO2509 closed at CNY 3,194/ton, up 0.13%, with an increase of 9,804 lots in positions to 139,000 lots. Shanghai aluminum fluctuated weakly. Overnight, AL2509 closed at CNY 20,440/ton, down 0.07%, with a decrease of 2,632 lots in positions to 224,000 lots. Aluminum alloy also fluctuated weakly. Overnight, the main contract AD2511 closed at CNY 19,865/ton, down 0.08%, with a decrease of 5 lots in positions to 8,241 lots [1]. - The SMM alumina price rebounded to CNY 3,250/ton. The spot discount of aluminum ingots widened to CNY 30/ton. The price of Foshan A00 dropped to CNY 20,490/ton, and the price of Wuxi A00 was at a discount of CNY 20/ton. The processing fees of aluminum rods in Baotou and Henan remained stable, while those in Xinjiang, Nanchang, Linyi, Guangdong, and Wuxi increased by CNY 10 - 50/ton; the processing fees of 1A60 - series aluminum rods remained stable, and the processing fees of 6/8 - series aluminum rods remained stable, while the processing fees of low - carbon aluminum rods decreased by CNY 31/ton [1]. - The relaxation of Guinea's aluminum ore export policy and the return of mining rights of Shunda and Alufa led to an expected increase in supply. With the new production of alumina in Hebei and Guangxi and the impact of imports from Indonesia, the surplus pressure of alumina increased. The production of cast ingots from the replacement capacity of electrolytic aluminum in Yunnan continued to rise, and inventory accumulation might continue, putting downward pressure on the aluminum price center. The aluminum alloy in the off - season might follow the logic of Shanghai aluminum, and there was an expectation of spread repair in the peak season of 2511. In August, the supply - demand pattern of the aluminum industry was expected to shift from the upstream to the downstream [1][2]. Nickel - Overnight, LME nickel rose 0.57% to $15,105/ton, and SHFE nickel rose 0.61% to CNY 120,640/ton. Yesterday, LME inventory remained at 209,082 tons, and domestic SHFE warehouse receipts decreased by 204 tons to 21,170 tons [2]. - In terms of nickel ore, the domestic trade price of nickel ore slightly decreased, and the premium of Indonesian nickel ore slightly decreased. For stainless steel, the raw material prices were differentiated. The transaction price center of nickel iron moved up to CNY 920/nickel point. Due to the previous slowdown in production and the strengthening of prices, the inventory decreased slightly month - on - month, and the stainless - steel crude steel output in August was expected to increase month - on - month [2]. - For primary nickel, the domestic inventory decreased slightly on a weekly basis, and the output in August was expected to increase 2% month - on - month to 33,000 tons. In general, in the short term, nickel and stainless - steel prices were affected by market sentiment and weakened. The fundamentals changed little overall, with support from the prices of nickel iron and intermediate products below and demand suppression above, and the prices continued to fluctuate [2]. Daily Data Monitoring Copper - Market prices: The price of flat - water copper on August 4, 2025, was CNY 78,395/ton, up CNY 90 from August 1; the flat - water copper premium was CNY 155, up CNY 5 from August 1. The price of 1 bright scrap copper in Guangdong remained at CNY 73,000/ton, and the refined - scrap price difference in Guangdong increased by CNY 10 to CNY 60 [3]. - Inventory: LME registered + cancelled inventory decreased by 2,175 tons to 139,575 tons; SHFE warehouse receipts decreased by 1 ton to 20,348 tons; total inventory decreased by 880 tons to 72,543 tons. Comex inventory increased by 1,602 tons to 235,579 tons. The domestic + bonded area social inventory decreased by 0.2 million tons to 20.0 million tons [3]. - Other data: The LME0 - 3 premium decreased by $9.3 to - $49.8/ton; the CIF bill of lading price remained at $59.0/ton; the active contract import loss increased by CNY 50 to CNY - 53.6/ton [3]. Lead - Market prices: The average price of 1 lead in the Yangtze River was CNY 16,750/ton, up CNY 150 from August 1; the premium of 1 lead ingots in East China remained at - CNY 150; the price difference between the first and second consecutive contracts of SHFE lead remained at - CNY 10. The price of tax - included recycled refined lead (≥pb99.97) and recycled lead (≥pb98.5) increased by CNY 125 to CNY 16,725/ton, and the price of tax - included reduced lead in Shandong decreased by CNY 50 to CNY 14,350/ton [3]. - Inventory: LME registered + cancelled inventory decreased by 1,100 tons to 274,225 tons; SHFE warehouse receipts decreased by 941 tons to 59,007 tons; weekly inventory increased by 29 tons to 63,283 tons [3]. - Premium: The 3 - cash premium was - $7.2, the CIF bill of lading price was $105.00, and the active contract import loss decreased by CNY 120 to CNY - 302/ton [3]. Aluminum - Market prices: The Wuxi quotation was CNY 20,470/ton, down CNY 60 from August 1; the Nanhai quotation was CNY 20,490/ton, down CNY 30 from August 1; the Nanhai - Wuxi price difference increased by CNY 30 to CNY 20; the spot premium was - CNY 30, down CNY 10 from August 1. The price of low - grade bauxite in Shanxi remained at CNY 600/ton, and the price of high - grade bauxite in Shanxi remained at CNY 640/ton. The FOB price of alumina remained at $377/ton, and the price of Shandong alumina remained at CNY 3,220/ton; the domestic - foreign price difference of alumina remained at CNY 202; the price of pre - baked anodes remained at CNY 6,332/ton [4]. - Inventory: LME registered + cancelled inventory increased by 925 tons to 463,725 tons; SHFE warehouse receipts decreased by 2,009 tons to 46,649 tons; total inventory increased by 1,737 tons to 117,527 tons. The electrolytic aluminum social inventory remained at 0.0 million tons, and the alumina social inventory decreased by 1.2 million tons to 4.6 million tons [4]. - Premium: The 3 - cash premium was - $49.65, the CIF bill of lading price was $107.50, and the active contract import loss increased by CNY 20 to CNY - 1171/ton [4]. Nickel - Market prices: The price of Jinchuan nickel plates was CNY 122,500/ton, up CNY 650 from August 1; the Jinchuan nickel - Wuxi price difference increased by CNY 300 to CNY 2,550; the 1 imported nickel - Wuxi price difference increased by CNY 250 to CNY 750. The price of low - nickel iron (1.5 - 1.8%) remained at CNY 3,200/ton, and the price of Indonesian nickel iron (10 - 15%) remained at $0. The price of 1.4% - 1.6% nickel ore at Rizhao Port remained at CNY 465/ton, and the price of 1.8% nickel ore from the Philippines at Lianyungang decreased by CNY 2 to CNY 659/ton. The price of 304 No1 in Foshan and Wuxi increased by CNY 25 to CNY 12,425/ton; the price of 304/2B coils (both rough - edged and trimmed) in Wuxi and Foshan remained unchanged. The price of domestic nickel sulfate (≥22%) decreased by CNY 300 to CNY 32,300/ton, and the prices of domestic 523 and 622 ordinary products decreased by CNY 2,000 to CNY 213,000/ton and CNY 227,000/ton respectively [4]. - Inventory: LME registered + cancelled inventory remained at 209,082 tons; SHFE nickel warehouse receipts decreased by 204 tons to 21,170 tons; weekly nickel inventory increased by 299 tons to 25,750 tons; stainless - steel warehouse receipts decreased by 253 tons to 45,451 tons. The nickel social inventory (SHFE + Nanchu + hidden) decreased by 795 tons to 39,486 tons, and the stainless - steel social inventory data was invalid [4]. - Premium: The 3 - cash premium was - $228, the CIF bill of lading price was $85.00, and the active contract import loss increased by CNY 70 to CNY - 1085/ton [4]. Zinc - Market prices: The main contract settlement price on August 4, 2025, was CNY 22,205/ton, down 0.6% from August 1; the LmeS3 price was $2,505.5/ton, unchanged from August 1; the Shanghai - London ratio was 8.86, down from 8.92 on August 1; the near - far month price difference increased by CNY 15 to CNY 5. The SMM 0 and 1 spot prices decreased by CNY 130 to CNY 22,170/ton and CNY 22,100/ton respectively; the domestic spot premium average increased by CNY 30 to CNY 20; the imported zinc premium average increased by CNY 30 to - CNY 10. The LME0 - 3 premium decreased by $1.75 to $2.5. The prices of zinc alloys Zamak3 and Zamak5 decreased by CNY 130 to CNY 22,795/ton and CNY 23,345/ton respectively, and the price of zinc oxide (ZnO≥99.7%) decreased by CNY 100 to CNY 21,200/ton [5]. - Inventory: SHFE weekly inventory increased by 793 tons to 6,268 tons; LME inventory decreased by 3,825 tons to 97,000 tons; the social inventory increased by 0.28 million tons to 8.72 million tons. SHFE registered warehouse receipts decreased by 75 tons to 14,907 tons, and LME registered warehouse receipts decreased by 5,725 tons to 51,350 tons [5]. - Import profit and loss: The active contract import profit was CNY 0, up from - CNY 1,558 on August 1; the CIF bill of lading price was $135 [5]. Tin - Market prices: The main contract settlement price on August 4, 2025, was CNY 266,150/ton, up 0.7% from August 1; the LmeS3 price was $27,540/ton, down 2.1% from August 1; the Shanghai - London ratio was 9.66, up from 9.39 on August 1; the near - far month price difference increased by CNY 140 to - CNY 240. The SMM spot price increased by CNY 1,200 to CNY 265,800/ton. The prices of 60% and 40% tin concentrates decreased by CNY 2,600 to CNY 257,500/ton and CNY 253,500/ton respectively. The domestic spot premium average remained at CNY 700, and the LME0 - 3 premium increased by $15.5 to - $0.5 [5]. - Inventory: SHFE weekly inventory increased by 254 tons to 7,671 tons; LME inventory decreased by 50 tons to 1,900 tons. SHFE registered warehouse receipts increased by 7 tons to 7,293 tons, and LME registered warehouse receipts decreased by 25 tons to 1,390 tons [5]. - Import profit and loss: The active contract import profit was CNY 0, up from - CNY 25,128 on August 1; the tariff was 3% [5]. Chart Analysis The report provides multiple charts, including those related to spot premiums, SHFE near - far month price differences, LME inventory, SHFE inventory, social inventory, and smelting profits of various non - ferrous metals such as copper, aluminum, nickel, zinc, lead, and tin, spanning from 2019 to 2025 [6 - 48]. Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher of precious metals, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily & Securities Times. With more than a decade of commodity research experience, he has served many leading spot enterprises, published dozens of professional articles in public newspapers and magazines, and has been interviewed by many media. His team has won the awards of the 16th and 15th Best Metal Industry Futures Research Teams of Futures Daily & Securities Times and the title of Excellent Non - Ferrous Metal Industry Team of the Shanghai Futures Exchange in 2016 [50]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon. He has in - depth research on the domestic non - ferrous industry, tracks the dynamics of the new energy industry chain, provides timely hot - spot and policy interpretations for customers, and has written many in - depth reports [50]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel. She focuses on the integration of non - ferrous metals and new energy, tracks the dynamics of the new energy industry chain, and provides timely hot - spot and policy interpretations for customers [51].