Report Industry Investment Ratings No relevant content provided. Core Views - For copper, the inventory drawdown slope may continue to slow down, and attention should be paid to the consumption inflection point. The upward momentum of the monthly spread requires substantial shortages or a decline in the absolute price. [1] - For aluminum, the supply-demand gap remains in May, and the inventory is expected to decline gently from May to July. The aluminum price may rebound with the inventory drawdown. The monthly spread long position can be held if the absolute price drops. [2] - For zinc, the price fluctuated widely this week. The inventory accumulation acceleration inflection point is expected to occur at the end of May or early June. It is recommended to short at high prices and continue to hold the long position in the domestic and foreign price spread. [5] - For nickel, the short-term fundamental situation is average, but supported by tariff and mine disturbances, opportunities for the contraction of the nickel-stainless steel price ratio can continue to be monitored. [6] - For stainless steel, the short-term is a mix of long and short factors, and the reverse spread position can be rolled over and continued to be held. [8] - For lead, the price is expected to fluctuate between 16,800 and 17,000 next week, and the supply is expected to decrease in May. [9][10] - For tin, the short-term is recommended to wait and see, and the medium- and long-term should focus on shorting opportunities. [12] - For industrial silicon, the short-term shows a pattern of double reduction in supply and demand, and the medium- and long-term price is expected to fluctuate at the bottom. [14] - For lithium carbonate, the short-term downstream demand enters a small peak season, but the price is expected to fluctuate weakly in the medium and long term. [16] Summary by Metal Copper - **Market Data**: From May 16 to May 22, the Shanghai copper spot premium decreased by 140, the waste refined copper spread decreased by 263, and the SHFE inventory decreased by 9,464. [1] - **Market Situation**: The domestic inventory showed an inflection point this week, with high selling pressure. The demand shows strong reality and weak expectations, and the inventory drawdown slope may slow down. [1] Aluminum - **Market Data**: From May 16 to May 22, the Shanghai aluminum ingot price increased by 50, the domestic alumina price increased by 52, and the SHFE social inventory remained unchanged. [1] - **Market Situation**: The supply increased slightly in 1 - 3 months, and the demand decline in May was not obvious. The inventory is expected to decline gently from May to July, and the aluminum price may rebound. [2] Zinc - **Market Data**: From May 16 to May 22, the Shanghai zinc ingot price decreased by 110, the domestic social inventory remained unchanged, and the LME inventory decreased by 1,650. [5] - **Market Situation**: The price fluctuated widely this week. The supply side had a slight decrease in smelting maintenance in May, and the demand side had general domestic demand and a slight recovery in overseas demand. The inventory accumulation acceleration inflection point is expected to occur at the end of May or early June. [5] Nickel - **Market Data**: From May 16 to May 22, the Shanghai nickel spot price decreased by 100, the spot import return decreased by 489.12, and the LME inventory decreased by 876. [6] - **Market Situation**: The pure nickel production remained at a high level, the demand was weak, and the overseas nickel beans had a slight inventory drawdown. The short-term fundamental situation is average, but supported by tariff and mine disturbances. [6] Stainless Steel - **Market Data**: From May 16 to May 22, the price of 304 cold-rolled coil remained unchanged, and the price of waste stainless steel increased by 50. [6] - **Market Situation**: The production may decrease passively in May, the demand is mainly rigid, and the inventory in Xijiao and Foshan increased slightly. The short-term is a mix of long and short factors. [6][8] Lead - **Market Data**: From May 16 to May 22, the spot premium decreased by 5, the LME inventory increased by 13,700, and the LME cancelled warrants decreased by 4,125. [8] - **Market Situation**: The price fluctuated upward this week. The supply side had tight raw materials and concentrated capacity release in the middle reaches, and the demand side had weak overall demand. The price is expected to fluctuate between 16,800 and 17,000 next week. [9][10] Tin - **Market Data**: From May 16 to May 22, the spot import return increased by 2,110.12, the spot export return decreased by 1,586.48, and the LME inventory decreased by 5. [12] - **Market Situation**: The price fluctuated narrowly this week. The supply side had mine supply disturbances, and the demand side had limited elasticity. The short-term is recommended to wait and see, and the medium- and long-term should focus on shorting opportunities. [12] Industrial Silicon - **Market Data**: From May 16 to May 22, the 553 East China basis decreased by 65, and the warehouse receipt quantity decreased by 355. [14] - **Market Situation**: The northern large factories maintained production cuts this week, and the downstream demand continued to weaken. The short-term shows a pattern of double reduction in supply and demand, and the medium- and long-term price is expected to fluctuate at the bottom. [14] Lithium Carbonate - **Market Data**: From May 16 to May 22, the SMM electric carbon price remained unchanged, the SMM industrial carbon price remained unchanged, and the warehouse receipt quantity decreased by 530. [16] - **Market Situation**: The price fluctuated downward this week. The overall production increased, and the inventory accumulation speed slowed down. The short-term downstream demand enters a small peak season, but the price is expected to fluctuate weakly in the medium and long term. [16]

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月23日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 265400 | 268400 | -3000 | -1.12% | | | SMM 1#锡升贴水 | 750 | 750 | O | 0.00% | 元/吨 | | 长江 1#锡 | 265900 | 268900 | -3000 | -1.12% | | | LME 0-3升贴水 | -107.00 | -35.15 | -71.85 | -204.41% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -8699.22 | -11287.60 | 2588.38 | 22.93% | 元/吨 | | 沪伦比值 | 8.16 | ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Gold is expected to fluctuate and rise in the short - term and has high strategic allocation value in the long - term due to international order changes [1]. - Silver will continue to have range - bound oscillations, influenced by gold and basic metals [1]. - Copper is under pressure in the short - term but is still favored in the long - term [1]. - Zinc may have a short - term rebound but is expected to have a supply - increase and demand - weak situation in the long - term [1]. - Lead is under pressure due to supply and demand factors [1]. - Tin is under pressure with inventory accumulation and supply recovery [1]. - Aluminum's price rebound is under pressure due to factors in the upstream and downstream [1]. - Nickel's price rebound is under pressure because of cost and inventory factors [1]. - Industrial silicon has a bearish outlook due to supply - demand imbalance [1]. - For lithium carbonate, it is recommended to short on rebounds as supply remains high and demand is in the off - season [1]. Summary by Related Catalogs Gold and Silver 行情回顾 - Trump's tax reform was initially passed, and conflicts in Gaza and between Russia and Ukraine flared up again, which may support the price of gold [2]. 基本逻辑 - Trump's tax reform bill narrowly passed the House of Representatives, which will increase the US debt by $4 trillion. CBO estimates that the US fiscal deficit will increase by about $1.77 trillion from 2025 - 2029. China's central bank has been buying a large amount of gold, with last month's import reaching 127.5 metric tons, a 73% month - on - month increase. The Middle East is in turmoil. In the long - term, the global trend of reducing dependence on the US dollar and the dual - easing of fiscal and monetary policies will support gold to attract incremental funds [3]. 策略推荐 - In the short - term, long positions can be arranged in the gold market, and for long - term investment, control the position. Silver may continue to have range - bound oscillations in the range of [8130, 8350] [4]. Copper 行情回顾 - The center of gravity of Shanghai copper has moved down, testing the support of the lower moving average [5]. 产业逻辑 - Overseas copper mine supply is tight, and the copper concentrate processing fee is - $43.05 per ton. With the increase in smelting maintenance, the supply of electrolytic copper in May may decline to 1.1257 million tons. Trump's copper import tariff policy is causing the depletion of copper inventories outside the US. The domestic electrolytic copper social inventory is 139,900 tons, and the high copper price is suppressing demand. However, green copper demand in power, automotive, and home appliances is strong, offsetting the weakness in traditional copper demand in real estate and infrastructure [5]. 策略推荐 - Due to the increasing geopolitical risks in the Middle East and China entering the policy window period, copper has returned to its fundamentals. With continuous inventory accumulation in China, it is recommended to wait and see in the short - term. Hold the remaining long - position bottom positions cautiously and pay attention to the support at the 77,000 level. In the long - term, there is confidence in the rise of copper. The short - term range for Shanghai copper is [77,000, 78,500], and for London copper, it is [9200, 9600] dollars per ton [6]. Zinc 行情回顾 - The rise of London zinc drove Shanghai zinc to have a small rebound [7]. 产业逻辑 - In 2025, the supply of zinc ore is expected to be looser. The domestic processing fee for zinc concentrate is reported at 3500 yuan per ton, and the import processing fee has increased by $5 per ton to $45 per ton. In April, China's zinc ingot production was 555,400 tons, with the daily average output increasing by 900 tons month - on - month and a year - on - year increase of 10.1%. The downstream demand has weakened, and the operating rate of zinc - related enterprises has declined [7]. 策略推荐 - Zinc is a short - position variety in the sector. Although it was the only rising variety in the non - ferrous sector when the market sentiment subsided, in the short - term, the inventory reduction at home and abroad supports the price, but with the arrival of the consumption off - season, the terminal demand is weak and the supply continues to increase. It is recommended to hold the previous short positions. In the long - term, take short - selling opportunities on rebounds. The range for Shanghai zinc is [22,000, 22,600], and for London zinc, it is [2650, 2750] dollars per ton [8]. Aluminum 行情回顾 - The price of aluminum rebounded under pressure, and the price of alumina showed a downward trend [9]. 产业逻辑 - For electrolytic aluminum, the overseas macro - trade environment has eased. In mid - May, the inventory of electrolytic aluminum ingots in the domestic mainstream consumption areas was 585,000 tons, a week - on - week decrease of 16,000 tons. The inventory of aluminum rods was 131,600 tons, a decrease of 6600 tons from last Thursday. The operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.3 percentage points to 61.6%, and new orders decreased. For alumina, the news disturbance from the overseas Guinea bauxite end has eased. The overall bauxite supply is at a high level, and the port inventory increased by more than 400,000 tons in April. Domestic alumina enterprises have concentrated on maintenance and production reduction, and the demand for bauxite has weakened. The inventory of alumina has decreased but is still at a relatively high level [10]. 策略推荐 - It is recommended to wait and see for Shanghai aluminum, pay attention to inventory changes, and the main operating range is [19,800 - 20,500]. Alumina is expected to operate stably [10]. Nickel 行情回顾 - The price of nickel rebounded under pressure, and stainless steel was also under pressure [11]. 产业逻辑 - For nickel, the overseas macro - environment has eased. The shipping volume of nickel ore from the Philippines has increased, and the price of Indonesian nickel ore has decreased, weakening the cost support. In April, China's refined nickel production increased by 6% month - on - month and 47% year - on - year. The latest operating rate of refined nickel enterprises is 67%, and the operating rate of leading enterprises remains high. In May, the domestic pure nickel social inventory is about 44,100 tons, with a slight increase week - on - week and still at a relatively high level. For stainless steel, driven by positive trade news, the inventory pressure in the stainless steel spot market has decreased. The total inventory in Wuxi and Foshan markets has dropped to 980,700 tons, a 0.85% week - on - week decrease. Although the social inventory has decreased due to the recovery of consumption, the overall industry still faces the pressure of oversupply [12]. 策略推荐 - It is recommended to short on rebounds for nickel and stainless steel, pay attention to downstream consumption. The main operating range for nickel is [120,000 - 129,000] [12]. Carbonate Lithium 行情回顾 - The main contract LC2507 opened high and went high, with a reduction in positions and a rebound, rising more than 3% during the session [13]. 产业逻辑 - A lithium salt factory in Jiangxi plans to stop production for 4 months, affecting the monthly output by 1500 tons, which has a small impact on the overall supply scale. The price of raw materials has not stopped falling, and the negative feedback between lithium salt and ore still exists, causing the price center of gravity of lithium carbonate to move down. The upstream resource end has not stopped production, and the Australian Finniss project is conducting restart research with reduced operating costs. Domestic smelters have not had large - scale production cuts. The demand is about to enter the off - season, and the Sino - US negotiation has not brought incremental orders to the energy storage market. Downstream enterprises are rushing to ship goods to reduce inventory, and the total inventory has increased again this week, with the inventory pressure concentrated on smelters, and the oversupply may further expand. The main contract is testing the support at the 60,000 integer level [14]. 策略推荐 - Short on rebounds in the range of [61,500 - 63,500] [14].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The copper market shows a mixed situation with positive macro - factors but weakening fundamentals, and the Shanghai copper may maintain a volatile pattern in the near term [1] - The aluminum price is expected to be weak in the second quarter due to factors such as the potential decline in downstream开工率 and economic data [2] - Nickel is expected to run with a weak and volatile trend in the medium - to - long - term due to the supply surplus, although the cost is firm [3] - The price of tin is expected to have increased volatility, and attention should be paid to supply resumption and downstream demand recovery [5] Summary by Metal Types Copper - As of May 22, the Shanghai copper main 06 contract fell 0.22% to 77,920 yuan/ton. The macro - environment is positive, but the fundamentals are weakening. The spot copper price in the domestic market fell, and the market trading was light [1][6] - The SHFE copper futures warehouse receipts decreased by 9,464 tons to 31,754 tons, and the LME copper inventory decreased by 2,300 tons to 166,525 tons [15] Aluminum - As of May 22, the Shanghai aluminum main 07 contract rose 0.20% to 20,210 yuan/ton. The price of alumina increased, and the downstream开工率 may decline. The second - quarter aluminum price is expected to be weak [2] - The spot aluminum market trading was light, with a situation of "having price but no market". The SHFE aluminum futures warehouse receipts decreased by 1,099 tons to 58,422 tons, and the LME aluminum inventory decreased by 2,000 tons to 386,900 tons [2][7][15] Nickel - As of May 22, the Shanghai nickel main 06 contract rose 0.03% to 123,400 yuan/ton. The cost is firm, but there is a medium - to - long - term supply surplus, and it is expected to run weakly and volatilely [3] - The spot nickel market saw merchants maintaining a wait - and - see attitude, and the downstream acceptance was low. The SHFE nickel futures warehouse receipts decreased by 452 tons to 22,562 tons, and the LME nickel inventory decreased by 876 tons to 200,910 tons [3][12][15] Tin - As of May 22, the Shanghai tin main 06 contract fell 0.87% to 264,780 yuan/ton. The price is expected to have increased volatility, and attention should be paid to supply and demand [5] - The spot tin market had active inquiry intentions, and the downstream made rigid - demand replenishment at low prices. The SHFE tin futures warehouse receipts decreased by 14 tons to 8,056 tons, and the LME tin inventory decreased by 5 tons to 2,665 tons [5][13][15] Other Metals (Zinc, Lead, Alumina) - Zinc: The domestic spot zinc price fell, and the consumption was poor. The SHFE zinc futures warehouse receipts remained unchanged at 1,400 tons, and the LME zinc inventory decreased by 1,650 tons to 156,225 tons [9][15] - Lead: The domestic spot lead price fell, and the downstream consumption was low. The SHFE lead futures warehouse receipts decreased by 1,769 tons to 39,327 tons, and the LME lead inventory increased by 13,700 tons to 295,825 tons [10][11][15] - Alumina: The price in different regions increased, and the market trading was warm [8]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report Copper - Overnight LME copper weakened with a 0.71% decline to $9481/ton, SHFE copper主力 dropped 0.41% to 77770 yuan/ton, and domestic spot imports remained in a loss [1]. - Macroeconomic factors such as poor US Treasury auctions and warnings from the ECB have suppressed risk appetite [1]. - LME copper inventory decreased by 1925 tons to 168825 tons, Comex copper inventory increased by 1271 tons to 156965 tons, and SHFE copper warehouse receipts decreased by 4520 tons to 41218 tons [1]. - High copper prices and premiums are constraining downstream procurement. Despite the sharp decline in the US dollar last night, the market's suppressed preference failed to drive up copper prices further [1]. - The market is concerned about a large long - position in copper, and the copper structure is unfavorable for short - positions. The continuous outflow of SHFE warehouse receipts indicates that some investors are conducting positive spread expansion trades, which helps maintain the current copper price. It is still regarded as oscillating with a slight upward trend [1]. Aluminum - Alumina trended slightly upwards, with AO2509 closing at 3243 yuan/ton, a 1.85% increase, and open interest increasing by 27721 lots to 385,000 lots. Shanghai aluminum trended slightly downwards, with AL2507 closing at 20135 yuan/ton, a 0.17% decrease, and open interest decreasing by 944 lots to 199,000 lots [1]. - The SMM alumina price rebounded slightly to 3077 yuan/ton, and the aluminum ingot spot premium widened to 70 yuan/ton [1]. - The news of Guinea's withdrawal of mining rights continues to ferment, and domestic alumina supply continues to cut production and conduct maintenance. Demand is generally rigid and shows marginal improvement. With fundamental support and ample speculation space in the news, there is still upward momentum [2]. - The low - expected ingot casting and outward shipment of Yunnan electrolytic aluminum, and the short - term effect of tariff adjustment on export rush continue. Aluminum ingot inventory continues to decline at a low level. With cost support weakening and seasonal off - season pressure, and limited boost from upstream alumina under the interweaving of long and short factors, it may continue to oscillate [2]. Nickel - Overnight LME nickel rose 0.64% to $15630/ton, and Shanghai nickel rose 0.32% to 123760 yuan/ton. LME inventory decreased by 312 tons to 201786 tons, and domestic SHFE warehouse receipts decreased by 128 tons to 23014 tons [2]. - In the stainless - steel industry chain, the weekly transaction price of nickel - iron raw materials remained stable at around 940 yuan/nickel point, with a slight recovery to 955 yuan/nickel point last Friday. The cost support for stainless steel has shifted downwards compared to the previous period. Although there has been some production cut on the supply side, the social inventory level has not shown a significant de - stocking state. The previous price increase was affected by macro - factors and nickel - ore policy disturbances, but actual demand is difficult to sustain, so it will maintain an oscillating state in the short term [2]. - In the new - energy industry chain, raw materials are expected to increase in supply, the supply and demand of nickel sulfate are both weak, and the weekly production of ternary batteries at the cell end has weakened. The production of primary nickel decreased slightly, and inventory increased slightly last week [2]. - Overall, the firm nickel - ore price supports the nickel price, but nickel - iron is trading at extremely low prices. It will maintain the current range - bound oscillation in the short term. Attention should be paid to the primary nickel inventory and the progress of the Philippine government's ore - ban policy in June [2]. 3. Summary by Relevant Catalogs Research Views - The report provides daily reviews of copper, aluminum, and nickel, including price changes, inventory levels, and market trends, and analyzes the influencing factors and future trends of each metal [1][2]. Daily Data Monitoring - **Copper**: Compares prices, inventory, and other data on May 21, 2025, and May 20, 2025, including the price of flat - copper, scrap copper, downstream products, and changes in inventory at different locations [3]. - **Aluminum**: Compares prices, raw material prices, downstream processing fees, and inventory data on May 21, 2025, and May 20, 2025 [4]. - **Nickel**: Compares prices of nickel products, inventory, and import - export data on May 21, 2025, and May 20, 2025 [4]. - **Zinc**: Compares prices, processing fees, inventory, and import - export data on May 21, 2025, and May 20, 2025 [5]. - **Tin**: Compares prices, inventory, and import - export data on May 21, 2025, and May 20, 2025 [5]. Chart Analysis - **Spot Premium**: Presents charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [6][7][9][12]. - **SHFE Near - Far Month Spread**: Presents charts of the spread between the first - and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][18][19]. - **LME Inventory**: Presents charts of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][25]. - **SHFE Inventory**: Presents charts of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [27][29][31]. - **Social Inventory**: Presents charts of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series steel from 2019 - 2025 [34][36][38]. - **Smelting Profit**: Presents charts of copper concentrate index, copper smelting processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2025 [41][43][45]. Non - ferrous Metals Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, a medium - level gold investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial product futures analyst of Futures Daily and Securities Times. The team he leads has won many awards [48]. - 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 research [48]. - 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 research [49].

Report Industry Investment Rating - Not provided Core Viewpoints - The copper market shows a mixed situation with positive macro - factors but weakening fundamentals, and the Shanghai copper may maintain a volatile pattern in the near term [1] - For aluminum, due to the complex situation of production and demand, it is recommended to wait and see [2] - Nickel is expected to fluctuate weakly in the medium - to - long term with a cost - supported downside limit and a supply surplus situation [3][5] - The price of tin is expected to have increased volatility, and it is necessary to focus on supply resumption and downstream demand [6] Summary by Related Catalogs Basic Metals Copper - As of May 21, the Shanghai copper main 06 contract rose 0.31% to 78,100 yuan/ton. Macro factors are positive, but the demand shows weakening signs, and the support of inventory for copper prices is weakening [1] Aluminum - As of May 21, the Shanghai aluminum main 07 contract rose 0.65% to 20,190 yuan/ton. The alumina price has rebounded, and the electrolytic aluminum production capacity is increasing. The downstream demand may weaken, and it is recommended to wait and see [2] Nickel - As of May 21, the Shanghai nickel main 06 contract fell 0.05% to 123,280 yuan/ton. The cost is firm, but there is a long - term supply surplus, and it is expected to fluctuate weakly [3][5] Tin - As of May 21, the Shanghai tin main 06 contract rose 1.11% to 267,730 yuan/ton. The tin ore supply is tight, and the production resumption expectation is strong. The price volatility is expected to increase [6] Spot Transaction Summary Copper - The domestic spot copper price rose, but the spot market trading was light, and the spot premium decline suppressed the price [7] Aluminum - The spot aluminum price rose, but the market transaction was mediocre, and the high - price supply demand was weak [8] Alumina - The alumina spot price in different regions rose, and the market trading was active with sufficient trading momentum [9] Zinc - The spot zinc price rose, but the downstream procurement was cautious, and the transaction was light [10] Lead - The spot lead price rose, and the market activity increased slightly with mainly rigid - demand procurement [11][12] Nickel - The spot nickel price rose, but the traders were cautious, and the transaction was light [13] Tin - The spot tin price rose, the traders' rigid - demand restocking willingness increased, and there was a phenomenon of reluctant selling [14] Warehouse Receipt and Inventory Report - For copper, SHFE copper futures warehouse receipts decreased by 4,520 tons to 41,218 tons, and LME copper inventory decreased by 1,925 tons to 168,825 tons [16] - For aluminum, SHFE aluminum futures warehouse receipts decreased by 1,625 tons to 59,521 tons, and LME aluminum inventory decreased by 2,025 tons to 388,900 tons [16] - For zinc, SHFE zinc futures warehouse receipts decreased by 126 tons to 1,400 tons, and LME zinc inventory increased by 1,150 tons to 157,875 tons [16] - For lead, SHFE lead futures warehouse receipts decreased by 3,884 tons to 41,096 tons, and LME lead inventory increased by 36,375 tons to 282,125 tons [16] - For nickel, SHFE nickel futures warehouse receipts decreased by 128 tons to 23,014 tons, and LME nickel inventory decreased by 312 tons to 201,786 tons [16] - For tin, SHFE tin futures warehouse receipts increased by 45 tons to 8,070 tons, and LME tin inventory increased by 15 tons to 2,670 tons [16]

| 镇产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月22日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日 涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解键 | 124525 | 124575 | -20 | -0.04% | 元/肥 | | 1#金川嶺 | 125475 | 125525 | -50 | -0.04% | 元/肥 | | 1#金川镍升贴水 | 2100 | 2150 | -50 | -2.33% | 元/吨 | | 1#进口娱 | 123575 | 123575 | 0 | 0.00% | 元/吨 | | 1#进口镍升贴水 | 200 | 200 | 0 | | 元/吨 | | LME 0-3 | -204 | -202 | -3 | 1.27% | 美元/吨 | | 期货进口盈亏 | -2587 | -2726 | 138 | -5.10% | 元/吨 | | 沪伦比值 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For copper, the inventory drawdown slope may continue to slow down, and attention should be paid to the consumption inflection point. For the monthly spread, the subsequent upward momentum requires substantial shortages or a decline in absolute prices [1]. - For aluminum, with the positive progress in Sino - US trade negotiations and the alleviation of global trade tensions, the aluminum price rebounds with inventory drawdown. The monthly spread long - short arbitrage can be held if the absolute price drops [2]. - For zinc, attention should be paid to the inflection point from inventory drawdown to accumulation. It is recommended to short at high prices, and the domestic - foreign long - short arbitrage can be continued [5]. - For nickel, opportunities for the contraction of the nickel - stainless steel price ratio can continue to be monitored [6]. - For stainless steel, in the short term, with long and short factors intertwined, the reverse arbitrage can be rolled over and held [7]. - For lead, it is expected to oscillate in the range of 16,800 - 17,000 next week, and the supply is expected to decrease in May [8]. - For tin, it is recommended to wait and see in the short term and pay attention to short - selling opportunities in the medium - long term [9]. - For industrial silicon, in the medium - long term, the price trend is expected to be mainly bottom - oscillating, anchored to the cash - flow cost of leading large enterprises [11]. - For lithium carbonate, in the medium - long cycle, if the operating rate of leading mining - smelting integrated enterprises does not significantly decline, the price will still oscillate weakly [13]. 3. Summary by Metals Copper - **Market Data**: From May 15 - 21, the spot premium decreased by 125, the waste - refined copper price difference decreased by 221, and the LME inventory decreased by 1,925 [1]. - **Supply and Demand**: Domestic inventory showed an inflection point this week. The smelting plants were eager to sell under high monthly spreads, and downstream orders slowed down. The demand has strong current reality but weak future expectations [1]. Aluminum - **Market Data**: From May 15 - 21, the Shanghai aluminum ingot price increased by 100, and the domestic alumina price increased by 42 [1]. - **Supply and Demand**: Supply increased slightly, and the demand in May did not decline significantly. The inventory is expected to be drawn down gently from May to July [2]. Zinc - **Market Data**: From May 15 - 21, the Shanghai zinc ingot price increased by 150, and the LME inventory decreased by 1,150 [5]. - **Supply and Demand**: The domestic TC remained unchanged this week, and the import TC increased slightly. The demand at home has general elasticity, and overseas demand has slightly recovered. The inventory accumulation inflection point is expected to appear at the end of May or early June [5]. Nickel - **Market Data**: From May 15 - 21, the沪镍现货 price decreased by 150, and the LME inventory decreased by 312 [6]. - **Supply and Demand**: The pure nickel production remained at a high level, and the overall demand was weak. The overseas nickel beans inventory decreased slightly, and the domestic inventory remained stable [6]. Stainless Steel - **Market Data**: From May 15 - 21, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, 430 cold - rolled, and scrap stainless steel remained unchanged [6]. - **Supply and Demand**: The production increased seasonally in April, and steel mills may cut production passively in May. The demand is mainly for rigid needs [7]. Lead - **Market Data**: From May 15 - 21, the lead spot premium increased by 10, and the LME inventory decreased by 36,375 [8]. - **Supply and Demand**: The supply side has tight raw materials, and the demand side has limited overall demand. The price is expected to oscillate between 16,800 - 17,000 next week [8]. Tin - **Market Data**: From May 15 - 21, the spot import gain increased by 5,126.89, and the LME inventory increased by 15 [9]. - **Supply and Demand**: The supply side has some alleviation of long - term ore shortages, but there are still domestic supply disturbances. The demand side has limited elasticity, and the downstream lacks consumption power [9]. Industrial Silicon - **Market Data**: From May 15 - 21, the 553 East China basis decreased by 55, and the warehouse receipt quantity decreased by 596 [11]. - **Supply and Demand**: In the short term, there is a pattern of double - reduction in supply and demand. In the medium - long term, the price is expected to oscillate at the bottom [11]. Lithium Carbonate - **Market Data**: From May 15 - 21, the SMM electric carbon price decreased by 200, and the warehouse receipt quantity decreased by 152 [13]. - **Supply and Demand**: The overall production increased this week, and the inventory accumulation speed slowed down. In the medium - long term, the price may oscillate weakly [13].

Meeting Overview - The annual general meeting was held on May 21, 2025, at 14:30 in the conference room of the company's office building in Tongling, Anhui Province [3][5] - A total of 1,868 shareholders attended the meeting, representing 6,892,475,165 shares, which is 53.9967% of the total voting shares [8][47] Voting Method - The meeting utilized a combination of on-site and online voting [6][11] - Online voting was conducted through the Shenzhen Stock Exchange trading system and internet voting system on the same day [4] Proposal Review and Voting Results - The following proposals were approved during the meeting: 1. **2024 Annual Board Work Report** - Votes in favor: 6,830,195,526 (99.0964%) [12][52] - Votes against: 55,550,623 (0.8060%) [12][52] 2. **2024 Annual Supervisory Board Work Report** - Votes in favor: 6,867,551,838 (99.6384%) [14][53] - Votes against: 18,284,311 (0.2653%) [14][53] 3. **2024 Financial Budget Execution and 2025 Financial Budget Arrangement Report** - Votes in favor: 6,869,585,415 (99.6679%) [16][56] - Votes against: 17,941,550 (0.2603%) [16][56] 4. **2024 Profit Distribution Plan** - Votes in favor: 6,873,596,684 (99.7261%) [18][58] - Votes against: 15,045,181 (0.2183%) [18][58] 5. **2024 Annual Report Full Text and Summary** - Votes in favor: 6,868,096,038 (99.6463%) [20][60] - Votes against: 17,049,211 (0.2474%) [20][60] 6. **2024 Director Remuneration Proposal** - Votes in favor: 6,867,364,596 (99.6357%) [21][62] - Votes against: 20,801,969 (0.3018%) [21][62] 7. **2024 Supervisor Remuneration Proposal** - Votes in favor: 6,867,880,196 (99.6432%) [23][65] - Votes against: 20,240,569 (0.2937%) [23][65] 8. **Proposal for Asset Impairment Provision** - Votes in favor: 6,862,825,296 (99.5698%) [24][67] - Votes against: 24,912,269 (0.3614%) [24][67] 9. **Amendment to the Articles of Association** - Votes in favor: 6,759,748,653 (98.0743%) [25][69] - Votes against: 127,113,812 (1.8442%) [25][69] 10. **Change of Accounting Firm Proposal** - Votes in favor: 6,870,720,496 (99.6844%) [27][72] - Votes against: 16,750,569 (0.2430%) [27][72] 11. **Comprehensive Credit Limit Application for 2025** - Votes in favor: 6,863,560,183 (99.5805%) [29][74] - Votes against: 23,459,682 (0.3404%) [29][74] 12. **Foreign Exchange Fund Trading Business for 2025** - Votes in favor: 6,869,826,196 (99.6714%) [31][78] - Votes against: 17,213,469 (0.2497%) [31][78] 13. **Expected Daily Related Transactions for 2025** - Votes in favor: 754,419,041 (96.6780%) [33][34] - Votes against: 21,151,267 (2.7105%) [33][34] 14. **Expected Financial Related Transactions for 2025** - Votes in favor: 639,647,448 (81.9702%) [36][36] - Votes against: 136,101,460 (17.4413%) [36][36] 15. **Adjustment of Investment Control Financial Company Implementation Method** - Votes in favor: 676,325,173 (86.6704%) [38][38] - Votes against: 99,586,035 (12.7619%) [38][38] 16. **Financial Service Agreement with the Group** - Votes in favor: 640,212,461 (82.0426%) [40][41] - Votes against: 135,511,547 (17.3657%) [40][41] Legal Opinion - The entire process of the meeting was witnessed by lawyers from Anhui Chengyi Law Firm, confirming that the meeting complied with relevant laws and regulations [41][41]

Group 1 - International copper futures fell by 0.55% in the night session, while Shanghai copper dropped by 0.41% [1] - Shanghai aluminum decreased by 0.17%, and Shanghai zinc fell by 0.75% [1] - Shanghai lead declined by 0.36%, whereas Shanghai nickel increased by 0.32% [1] Group 2 - Shanghai tin experienced a decrease of 0.36%, while alumina rose by 1.85% in the night session [1] - Stainless steel saw a slight decline of 0.04% [1]