Core Viewpoint - The report highlights the strong performance of certain stocks in October, with a focus on Chongqing Bank, which has significant upside potential according to recent analyst targets [1][7]. Stock Performance - As of October 31, 262 stocks received initial attention from brokerages, with 22 stocks showing a monthly increase of over 15%. Notable performers include: - Dazhong Mining: +53.66% - Chuanjiang New Materials: +37.85% - Yahua Group: +36.58% - Hehe Information: +35.80% - Jinlong Automobile: +33.93% [1][2]. Analyst Ratings - Dazhong Mining received an "Overweight" rating from Zhongyou Securities, citing the maturity of its lithium business and stable iron ore operations, with improving lithium prices driven by demand in energy storage and solid-state batteries [4]. - Chuanjiang New Materials and Yahua Group were rated "Buy" by Huaxi Securities and Changjiang Securities, respectively [4]. Potential Stocks - Among the 22 stocks with over 15% monthly gains, four have not yet reached the target prices set by brokerages: - Chongqing Bank: Current price 10.67, target price 12.30 to 14.40, upside potential 15.28% to 34.96% [6][7]. - Rabbit Baby: Current price 12.62, target price 16.31, upside potential 29.24% [6]. - Zhongxing Junye: Current price 13.06, target price 15.12, upside potential 15.77% [6]. - Huipang Technology: Current price 68.48, target price 75.34, upside potential 10.02% [6].

Core Viewpoint - Luoyang Molybdenum's Q3 2025 financial report shows record revenue and net profit, indicating strong growth momentum despite management changes and market challenges [2][4][9]. Financial Performance - The company achieved a revenue of 145.485 billion yuan and a net profit of 14.28 billion yuan in Q3 2025, marking a year-on-year profit increase of 72.61% [2][4]. - Year-to-date, the company's A-share price has risen by 166.25%, while its Hong Kong stock has increased by over 230% [4]. - Despite a 5.99% year-on-year decline in revenue, net profit increased significantly, with Q3 net profit reaching 5.608 billion yuan, a 96.40% year-on-year growth [4][5]. Operational Highlights - Copper remains the main revenue driver, with production reaching 543,400 tons, a 14.14% increase year-on-year [5]. - The company reported a gross profit margin of 54.07% for its copper business, reflecting a 1.73 percentage point increase year-on-year [5]. - The cobalt segment, despite a 36% drop in sales volume, saw a significant increase in gross margin to 63.46%, up 26.97 percentage points year-on-year [5]. Management Changes - Luoyang Molybdenum appointed Peng Xuhui as the new President and CEO, following the resignation of former President Sun Ruiwen [2][11]. - The new management team includes executives with extensive experience in mining and international acquisitions, indicating a strategic shift towards global expansion [10][11]. Strategic Initiatives - The company is pursuing a strategic transformation, including a recent acquisition of Lumina Gold for approximately 3.07 billion yuan, marking a return to the gold sector [2][4]. - A planned investment of 1.084 billion USD for the KFM Phase II project aims to add 100,000 tons of copper capacity annually [8][12]. Market Challenges - The recent changes in Congo's export policies, including a shift to annual export quotas, may impact Luoyang Molybdenum's overall shipment pace and revenue [13][14]. - The company faces challenges in cash flow efficiency, with a net cash ratio dropping to 0.96, indicating potential issues in converting profits into cash [6][8].

Group 1: Gold Price Forecast - Wells Fargo raised its gold price forecast for the end of 2026 from a previous range of $3,900 to $4,100 per ounce to a new range of $4,500 to $4,700 per ounce [1] - Despite recent price corrections, UOB analysts maintain a positive long-term outlook for gold, citing ongoing central bank purchases and diversification needs amid de-dollarization narratives [7] Group 2: Copper Price Outlook - Goldman Sachs indicated that copper prices may struggle to maintain levels above $10,000 per ton unless there is a significant reduction in inventory, as recent price increases were driven by global supply concerns [2] - The firm does not foresee a genuine supply shortage in the next six months, predicting a slight surplus in the copper market by 2026 [2] Group 3: Interest Rate Predictions - Morgan Stanley's CIO suggested that a slowdown in the labor market could justify a rate cut in December, although uncertainty remains regarding future rate trajectories [3] - MUFG analysts believe that the recent rebound in the dollar is unlikely to last, with expectations for a Fed rate cut in December still on the table, contingent on labor market data [4] - Société Générale's strategist noted that market expectations for Fed rate cuts may be overly optimistic, as the economy remains relatively strong with persistent inflation concerns [5] - BNY Mellon highlighted potential volatility in market expectations for the Fed's December rate decision due to a lack of data [6] Group 4: European Central Bank Outlook - Deutsche Bank analysts noted that ECB President Lagarde signaled that interest rates are likely to remain unchanged for the foreseeable future, reinforcing the current policy stance [3] - The resilience of the Eurozone economy is suppressing dovish tendencies within the ECB, allowing for a pause in current monetary policy [8] Group 5: Capital Market Trends - CITIC Securities reported that the U.S. stock market is driven by corporate fundamentals, with a favorable environment for technology and manufacturing sectors amid improved U.S.-China relations [4] - The report also indicated that while bank stocks have experienced increased volatility, the fundamental landscape remains stable, suggesting potential for absolute return opportunities [5] - China Merchants Securities noted that the capital market's various business lines are expected to improve due to strong investor confidence and sufficient funds [6]

Core Viewpoint - The company has shown significant improvement in its third-quarter performance, with a notable recovery in profitability driven by lithium price rebounds and operational enhancements in its multi-metal platform strategy [1][3]. Financial Performance - In Q3, the company achieved revenue of 1.551 billion, representing a year-on-year increase of 35.19% but a quarter-on-quarter decrease of 10.34% [1]. - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of 204 million, down 62.58% year-on-year, primarily due to the impact of lithium prices and losses from the Tsumeb smelter [1]. - The net profit for Q3 was 115 million, marking a turnaround from losses, aided by a reversal of asset impairment losses amounting to 58 million [1]. Multi-Metal Platform Development - The Kitumba copper project in Zambia commenced construction of its concentrator in July, with a designed raw ore processing capacity of 3.5 million tons and a cathode copper smelting capacity of 60,000 tons [2]. - The Tsumeb project in Namibia is progressing well with the installation of the first rotary kiln for pyrometallurgical processing, designed to produce 33 tons/year of germanium ingots, 11 tons/year of industrial gallium, and 10,900 tons/year of zinc ingots [2]. - An investment of 120 million is being made in a lithium salt production line in Jiangxi, expected to be completed by the end of the year, which will increase lithium salt production capacity to 71,000 tons, with spodumene concentrate capacity projected to reach 4.18 million [2]. Lithium Price Recovery and Profitability Improvement - The average price of lithium carbonate for the first three quarters of 2025 was 76,000, 66,000, and 73,000 respectively, with Q3 showing a quarter-on-quarter increase of 11.3%, largely due to supply disruptions in Yichun [3]. - The company's gross margin for the first three quarters was 19.66%, with Q3 gross margin at 23.24%, reflecting a quarter-on-quarter increase of 9.12 percentage points [3]. - Future performance may see significant recovery potential if lithium prices stabilize and germanium production capacity is released [3]. Investment Outlook - The lithium industry is entering a recovery phase, with expectations for a reversal in fundamentals, as lithium is anticipated to gain value as a core energy metal [3]. - The company maintains a multi-metal platform development strategy, with short-term performance supported by cesium and rubidium, and long-term growth expected from germanium and copper projects [3]. - Projected net profits attributable to shareholders for 2025-2027 are estimated at 370 million, 790 million, and 1.07 billion respectively, indicating growth potential [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The terminal demand continues to decline, and the iron ore price should be treated bearishly [1]. 3. Summary by Relevant Catalogs 3.1 Iron Ore Market Data Review - The report presents multiple charts including the 62% Platts iron ore price, PB powder price, price spreads between different iron ore products, steel mill cash profit and price spreads of high - medium - low grade ores, and basis and spreads of different contracts [9][11][14]. 3.2 Iron Ore Supply and Demand Analysis Supply - Import volume charts show the import quantities of iron ore from different countries and regions such as Australia, Brazil, and India, as well as the global shipping volume of major iron ore producers like VALE, Rio Tinto, BHP, and FMG [23][29]. - A table shows the incremental global seaborne iron ore supply (shipment basis) from 2020 to 2026E. Some companies are expected to increase their supply, while others may see a decrease. For example, FMG's supply is expected to increase by 5 million tons in 2025 compared to 2024, while India's supply is expected to decrease by 6 million tons [42]. - Domestic refined powder production charts display the production in different regions of China, including North China, Northeast China, and East China [47][49]. Demand - Charts related to downstream demand include real estate new construction area, infrastructure investment growth rate (excluding electricity), domestic manufacturing inventory cycle, manufacturing investment sub - items, 247 steel mill hot metal production, domestic steel demand, overseas iron ore consumption, and global iron ore consumption [59][63][73]. - Inventory charts show the total inventory of imported iron ore at ports, trade ore, and the total iron element inventory in the entire industrial chain [83][85]. 3.3 Iron Ore Market Outlook No specific content about the outlook is provided in the text other than the overall bearish view on iron ore prices due to declining terminal demand.

Core Viewpoint - The company reported a significant increase in net profit for Q3 2025, driven by rising copper and cobalt prices, alongside increased copper production [1][2]. Group 1: Financial Performance - In Q3 2025, the company's net profit attributable to shareholders reached 5.61 billion yuan, representing a year-on-year increase of 96.4% and a quarter-on-quarter increase of 18.7% [1]. - The non-recurring net profit for the same period was 5.81 billion yuan, showing a year-on-year growth of 98.6% and a quarter-on-quarter growth of 21.2% [1]. - The company produced 190,000 tons of copper in Q3 2025, an increase of 17% year-on-year and 3.7% quarter-on-quarter, with total copper production for the year expected to exceed guidance [1]. Group 2: Cobalt Sales and Pricing - The company's cobalt sales significantly declined due to a cobalt export ban in the Democratic Republic of Congo, with quarterly sales of cobalt recorded at 24,000 tons, 22,000 tons, and 4,800 tons for the first three quarters [2]. - The cobalt production remained stable, with output of 30,000 tons, 31,000 tons, and 27,000 tons in the first three quarters, as production is derived from copper-cobalt ores [2]. - Cobalt prices have surged, with domestic spot prices rising from 191,000 yuan/ton in Q1 to 400,000 yuan/ton recently, which is expected to offset the impact of declining sales volumes [2]. Group 3: Future Outlook and Expansion Plans - The company announced plans for the KFM Phase II project, with an investment of 1.084 billion USD and a construction period of two years, expected to add 100,000 tons of copper production annually starting in 2027 [1]. - The company is projected to achieve net profits of 19.705 billion yuan, 22.868 billion yuan, and 24.116 billion yuan for 2025-2027, with year-on-year growth rates of 45.6%, 16.1%, and 5.5% respectively [3]. - The company is positioned to significantly increase copper production to 800,000 to 1,000,000 tons post-2028, benefiting from high price elasticity in both copper and cobalt markets [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall trend of the non - ferrous metals sector is upward in the short - term, but there are fluctuations. The performance of different varieties within the sector varies significantly. The easing of Sino - US trade relations has led to a recovery in risk appetite, and the non - ferrous metals sector has shown a fluctuating upward trend driven by the strength of copper. However, geopolitical factors such as the G7's establishment of the "key mineral production alliance" may increase the impact on the supply, demand, trade, and investment of non - ferrous metals [11][12]. - The Fed's interest rate decision has an impact on non - ferrous metals. Although the Fed cut interest rates by 25 basis points in October and plans to end balance - sheet reduction in December, the uncertainty of a December rate cut has increased, causing fluctuations in the non - ferrous metals market [11][12]. 3. Summary by Relevant Catalogs 3.1 First Part: Non - Ferrous Metals Operation Logic and Investment Recommendations 3.1.1 Macro Logic - Sino - US trade relations have eased, risk appetite has recovered, and non - ferrous metals have shown a fluctuating upward trend driven by copper. The Fed cut interest rates by 25 basis points in October and will end balance - sheet reduction in December, but Powell's statement dampened the expectation of a year - end rate cut. The Bank of Canada cut interest rates by 25 basis points, and the Bank of Japan maintained its interest rate [11]. - The "15th Five - Year Plan" aims to promote key core technology research and develop emerging industries. China's industrial enterprise profits in September increased year - on - year, which is positive for non - ferrous metals. However, geopolitical factors such as the G7's key mineral production alliance may affect the non - ferrous metals market [12]. 3.1.2 Non - Ferrous Metals Strategy | Variety | Operation Logic | Support Area | Pressure Area | Market Judgment | Strategy | Recommendation Intensity | | --- | --- | --- | --- | --- | --- | --- | | Copper | Supply pressure persists. A major mine accident has occurred, and domestic electrolytic copper production is expected to decline in Q4. Demand will enter the peak season, and the price center is expected to rise. | 84000 - 85000 yuan/ton | 89000 - 90000 yuan/ton | Oscillate upwards | Buy on dips | +1 | | Zinc | Supply growth is gradually realized, and processing fees have declined. Demand during the peak season is relatively weak, and inventory is at a high level with fluctuations. | 21500 - 21600 yuan/ton | 22400 - 22500 yuan/ton | Fluctuate and rebound | Bullish on dips | +0.5 | | Aluminum Industry Chain | For aluminum, there is a slight outflow of funds, and the demand shows the characteristics of "stable in the peak season and differentiated internally". Alumina production capacity has decreased slightly, and the demand for recycled aluminum alloy is supported by tight scrap supply. | 20500 - 20800 yuan/ton; 2600 - 2700 yuan/ton; 20000 - 20500 yuan/ton | 21500 - 21800 yuan/ton; 3000 - 3200 yuan/ton; 21000 - 21200 yuan/ton | Aluminum oscillates strongly; Alumina oscillates and consolidates; Cast aluminum alloy oscillates strongly | Bullish approach; Short - term short; Bullish approach | +0.5/-0.5/+0.5 | | Tin | The processing fees of domestic tin smelters are temporarily flat, and the start - up rate has increased significantly. However, the raw material shortage problem is still serious. Demand has improved slightly during the peak season. | 260000 - 270000 yuan/ton | 290000 - 300000 yuan/ton | Oscillate strongly | Bullish approach | +0.5 | | Lead | The supply of recycled lead has failed to meet expectations, and the demand for lead - acid batteries has declined after the price increase. The import of crude lead has supplemented the raw material end. | 17300 - 17500 yuan/ton | 17800 - 18000 yuan/ton | Rise and then fall | Reduce long positions on rallies | +0.5 | | Nickel | The supply of nickel ore is strengthening, and the profit of nickel pig iron is declining. The supply of refined nickel is still growing. The demand for nickel pig iron has slowed down, and the price is under pressure. | 118000 - 120000 yuan/ton | 125000 - 128000 yuan/ton | Correct in the range | Slightly bullish on dips | +0.5 | | Stainless Steel | The supply and demand are relatively weak, the cost support has weakened, and the inventory has slightly increased recently. The market continues to oscillate. | 12500 - 12600 yuan/ton | 13000 - 13200 yuan/ton | Oscillate | Bullish on dips | +0.5 |[13][14][15] 3.2 Second Part: Non - Ferrous Metals Market Review | Variety | Closing Price | Change Rate | | --- | --- | --- | | Copper | 87960 | - 0.85% | | Zinc | 22365 | - 0.29% | | Aluminum | 21245 | - 0.23% | | Alumina | 2816 | - 2.19% | | Tin | 283600 | - 1.09% | | Lead | 17350 | - 0.03% | | Nickel | 120980 | - 0.46% | | Stainless Steel | 12725 | - 0.62% | | Cast Aluminum Alloy | 20705 | 0.07% |[16][17] 3.3 Third Part: Non - Ferrous Metals Position Analysis No specific text content provided, only mentioned a chart about the latest position analysis of the non - ferrous metals sector [18]. 3.4 Fourth Part: Non - Ferrous Metals Spot Market | Variety | Name | Price | Change Rate | | --- | --- | --- | --- | | Copper | Yangtze River Non - Ferrous Copper Spot Price | 88070 yuan/ton | 0.30% | | | Wumao 1 Average Price | 87920 yuan/ton | 0.21% | | | Zhongyuan Non - Ferrous 1 Copper Market Price | 88070 yuan/ton | 0.30% | | Zinc | Yangtze River Non - Ferrous 0 Zinc Spot Average Price | 22240 yuan/ton | - 0.27% | | | Yangtze River Non - Ferrous 1 Zinc Spot Average Price | 22140 yuan/ton | - 0.27% | | | Nanchu Foshan 0 Zinc Ingot Average Price | 22110 yuan/ton | - 0.14% | | Aluminum | Yangtze River Non - Ferrous Aluminum Spot Average Price | 21200 yuan/ton | 0.24% | | | Nanchu Foshan A00 Aluminum Ingot Average Price | 21070 yuan/ton | 0.00% | | | LME Aluminum Spot Closing Price | 2886 US dollars/ton | - 0.19% | | Alumina | Antaike Alumina National Average Price | 2906 yuan/ton | 0.00% | | | Monohydrate Bauxite Henan Arrival Price | 535 yuan/ton | 0.00% | | | Alumina Australia FOB Intermediate Price | 318 US dollars/ton | 0.00% | | Nickel | Russian Nickel (Shanghai) | 121810 yuan/ton | 0.38% | | | Premium | 450 yuan/ton | 0.00% | | Stainless Steel | Spot Price | 12900 yuan/ton | 0.00% | | | Scrap Stainless Steel (Wuxi) | 9100 yuan/ton | - 0.55% | | Tin | 1 Tin Yangtze River Non - Ferrous Spot Average Price | 284100 yuan/ton | - 0.35% | | | 60% Tin Concentrate Average Price (Guangxi) | 277000 yuan/ton | - 0.45% | | Lead | Lead Ingot (1) | 16921 yuan/ton | - 0.02% | | | Scrap Lead | 10075 yuan/ton | 0.00% | | Cast Aluminum Alloy | Aluminum Alloy ADC12 (Shanghai) | 21150 yuan/ton | 0.00% | | | Scrap Aluminum Crushing Primary Aluminum (Shanghai) | 10120 yuan/ton | 0.10% |[18][19] 3.5 Fifth Part: Non - Ferrous Metals Industry Chain No specific text content provided, only mentioned various charts related to the non - ferrous metals industry chain such as inventory, processing fees, and price trends for each variety [21][22][24] 3.6 Sixth Part: Non - Ferrous Metals Arbitrage No specific text content provided, only mentioned various charts related to non - ferrous metals arbitrage such as RMB - to - foreign - currency ratio changes, basis, and spread trends for each variety [48][49][51] 3.7 Seventh Part: Non - Ferrous Metals Options No specific text content provided, only mentioned various charts related to non - ferrous metals options such as historical volatility, implied volatility, and trading volume and open interest trends for each variety [64][66][69]

Core Insights - The report by Zhiyan Consulting highlights the growth in China's copper ore and concentrate imports, with a notable increase in both quantity and value in August 2025 [1] Import Data Summary - In August 2025, China imported 2.76 million tons of copper ore and concentrates, marking a year-on-year increase of 7.4% [1] - The import value for the same period reached $7.508 billion, reflecting an 18% year-on-year growth [1] Industry Context - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research and providing tailored consulting services [1] - The firm has a strong focus on delivering in-depth industry reports, business plans, feasibility studies, and customized services to empower investment decisions [1]

Group 1: Hot News - The US will suspend the implementation of its Section 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year. In response, China will also suspend its countermeasures against the US for one year [2] - A total of 500 billion yuan in new policy - based financial instruments from the China Development Bank, the Export - Import Bank of China, and the Agricultural Development Bank of China have been fully disbursed, expected to drive over 7 trillion yuan in total project investment [2] - The "Henan Province Steel Industry Quality Improvement and Upgrading Action Plan" was issued, aiming to complete the technological transformation or elimination of steel production capacity below the energy - efficiency benchmark level by the end of 2025 [2] - On the afternoon of October 30, the auction of Albemarle's spodumene concentrate ended, with 16,400 dry tons of 5.21% spodumene concentrate sold at a tax - inclusive price of 7,058 yuan per ton [2] - Indonesia will issue an export quota of about 400,000 tons of copper concentrate to Amman Mineral for six months [2] Group 2: Key Focus - Key commodities to focus on are iron ore, methanol, ethylene glycol, Shanghai copper, and Shanghai gold [3] Group 3: Holiday Performance of Overseas Markets Plate Performance - The plate performance shows various percentage changes, with the precious metals plate having a 28.58% increase, coal - coking and steel - mining plate with a 13.56% increase, and so on [3] Plate Position - The data presents the position changes of commodity futures plates in the past five days [4] Group 4: Performance of Major Asset Classes Equity - Different stock indices have different daily, monthly, and annual percentage changes. For example, the Shanghai Composite Index has a daily decline of 0.73%, a monthly increase of 2.68%, and an annual increase of 18.95% [5] Fixed - Income - Treasury futures of different maturities also show distinct performance in terms of daily, monthly, and annual changes [5] Commodities - Commodity indices and specific commodities like CRB commodity index, WTI crude oil, London spot gold, etc., have their respective daily, monthly, and annual percentage changes [5] Others - The US dollar index and CBOE volatility index have their own performance data [5] Group 5: Main Commodity Trends - The report shows the trends of various commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, etc., as well as related ratios like the gold - oil ratio and copper - gold ratio, and stock market risk premiums [6]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - On October 30, 2025, Chinese President Xi Jinping met with US President Trump in Busan. The China - US economic and trade teams reached consensus on issues such as the 301 measures on China's maritime, logistics, and shipbuilding industries, the extension of the suspension period of reciprocal tariffs, fentanyl tariffs and law - enforcement cooperation, agricultural product trade, and export controls. Overall, it's a "one - year truce" between the two countries, and the long - term competition and game between China and the US are certain [6]. - Glass is short - term weak and medium - term in a volatile market. In the short term, due to the industry meeting falling short of expectations, the market's expectation of supply - side contraction in the glass industry has significantly decreased, and with the real - estate market not improving significantly, the price is weak. In the medium term, the market may fluctuate repeatedly [7]. Summary by Relevant Catalogs Gold and Silver - **Core Viewpoint**: Gold should focus on US bank risks, and silver is in an oscillating rebound. Gold's trend strength is 1, and silver's is also 1 [10][13][15]. - **Fundamental Data**: Provided data on prices, trading volumes, positions, inventories, and spreads of gold and silver futures and spot in domestic and international markets, as well as exchange - rate data [13]. - **Macro and Industry News**: Included news such as the China - US leaders' meeting, the European Central Bank's "holding steady", the Bank of Japan's maintaining interest rates, and corporate earnings reports [13][16]. Copper - **Core Viewpoint**: The number of disturbing factors for copper has increased, and the price is oscillating. The trend strength is 0 [10][17][18]. - **Fundamental Data**: Presented data on copper futures prices, trading volumes, positions, inventories, and spreads, as well as spot prices and spreads [17]. - **Macro and Industry News**: Covered news like the China - US leaders' meeting, the European Central Bank's "holding steady", Indonesia's possible permission for copper concentrate exports, and changes in copper production of some companies [17][18][19]. Zinc - **Core Viewpoint**: Zinc is in a range - bound oscillation. The trend strength is 0 [10][20][22]. - **Fundamental Data**: Showed data on zinc futures prices, trading volumes, positions, spot premiums, and import and export profits and losses [20]. - **News**: Included the news of the China - US economic and trade teams reaching consensus [20]. Lead - **Core Viewpoint**: The continuous reduction of domestic and foreign lead inventories supports the price. The trend strength is 0 [10][23]. - **Fundamental Data**: Provided data on lead futures prices, trading volumes, positions, spot premiums, and import and export profits and losses, as well as inventory data [23]. - **News**: Mentioned the China - US leaders' meeting [23]. Tin - **Core Viewpoint**: Tin should focus on macro - level impacts. The trend strength is 0 [10][25][28]. - **Fundamental Data**: Offered data on tin futures prices, trading volumes, positions, inventories, and spreads, as well as spot prices and spreads [25]. - **Macro and Industry News**: Included news such as the China - US leaders' meeting, the European Central Bank's "holding steady", and corporate earnings reports [25][26]. Aluminum, Alumina, and Cast Aluminum Alloy - **Core Viewpoint**: Aluminum's price fluctuation is converging, alumina is slightly declining, and cast aluminum alloy follows electrolytic aluminum. Aluminum's trend strength is 0, alumina's is - 1, and cast aluminum alloy's is 0 [10][29][31]. - **Fundamental Data**: Presented data on prices, trading volumes, positions, inventories, and spreads of aluminum, alumina, and cast aluminum alloy futures and spot, as well as cost and profit data [29]. - **Comprehensive News**: Included news such as the Bank of Japan's maintaining interest rates and the US Senate's passing a resolution to terminate Trump's comprehensive tariff policy [31]. Nickel and Stainless Steel - **Core Viewpoint**: Nickel is in a narrow - range oscillation due to the game between smelting inventory accumulation and nickel - ore concerns. Stainless steel has limited downward potential and lacks upward drivers. The trend strength of both is 0 [10][32][34]. - **Fundamental Data**: Provided data on nickel and stainless - steel futures prices, trading volumes, positions, and prices and spreads in the industrial chain [32]. - **Macro and Industry News**: Included news such as Indonesia's taking over a nickel - ore mining area, China's suspension of a non - official subsidy for imported copper and nickel from Russia, and Indonesia's sanctions on mining companies [32][33]. Lithium Carbonate - **Core Viewpoint**: After the absolute price of lithium carbonate rises, attention should be paid to the switching of expectations between the Q1 off - season and lithium - ore resumption of work. The trend strength is 0 [10][35][37]. - **Fundamental Data**: Presented data on lithium carbonate futures prices, trading volumes, positions, basis, and prices in the industrial chain [35]. - **Macro and Industry News**: Included news such as the increase in lithium - carbonate prices, changes in production and inventory, a lithium - ore auction, and the G7's plan to establish a critical - mineral production alliance [36][37]. Industrial Silicon and Polysilicon - **Core Viewpoint**: Industrial silicon should focus on subsequent warehouse - receipt registration, and polysilicon is in a high - level oscillating state. The trend strength of both is 0 [10][38][40]. - **Fundamental Data**: Provided data on prices, trading volumes, positions, spreads, and inventories of industrial silicon and polysilicon futures and spot, as well as cost and profit data [38]. - **Macro and Industry News**: Included news about the release of the list of enterprises meeting the photovoltaic manufacturing industry's standard conditions [38][40]. Iron Ore - **Core Viewpoint**: Iron ore is in a relatively strong oscillation. The trend strength is 0 [10][42][43]. - **Fundamental Data**: Presented data on iron - ore futures prices, positions, spot prices, and spreads [42]. - **Macro and Industry News**: Included news of the China - US leaders' meeting [42]. Rebar and Hot - Rolled Coil - **Core Viewpoint**: Due to the repeated macro - level sentiment, rebar and hot - rolled coil are in a wide - range oscillation. The trend strength of both is 0 [10][45][46][48]. - **Fundamental Data**: Provided data on rebar and hot - rolled coil futures prices, trading volumes, positions, spot prices, and spreads [46]. - **Macro and Industry News**: Included news such as changes in production, inventory, and apparent demand, policies supporting commercial real - estate REITs, and the release of the 15th Five - Year Plan's suggestions [47][48]. Ferrosilicon and Silicomanganese - **Core Viewpoint**: Due to the repeated market sentiment, ferrosilicon and silicomanganese are in a wide - range oscillation. The trend strength of both is 0 [10][50][53]. - **Fundamental Data**: Presented data on ferrosilicon and silicomanganese futures prices, trading volumes, positions, spot prices, and spreads [50]. - **Macro and Industry News**: Included news such as price quotes of ferrosilicon and silicomanganese, changes in production and capacity utilization in different regions, and steel - mill procurement prices [50][52][53]. Coke and Coking Coal - **Core Viewpoint**: Coke is in a relatively strong oscillation, and coking coal is in a relatively strong oscillation due to the resonance of macro - level and sector - theme factors. The trend strength of both is 0 [10][54][55][56]. - **Fundamental Data**: Provided data on coke and coking - coal futures prices, trading volumes, positions, spot prices, and spreads [55]. - **Macro and Industry News**: Included news of the China - US leaders' meeting [56]. Logs - **Core Viewpoint**: Logs are in an oscillating and repeated state [57].