1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Not provided in the report. 3. Summary by Related Categories Gold (AU) - On August 7, 2025, the closing price of SHFE gold main contract was 785.02 yuan/gram, with a change of 1.34 yuan compared to the previous trading day [1]. - The closing price of COMEX gold main contract was 3431.80 US dollars/ounce, down 3.20 US dollars from the previous day [1]. - The spot price of London gold was -1.93 US dollars/ounce, and the spot price of SGE gold was 779.52 yuan/gram, down 1.44 yuan [1]. Silver (AG) - On August 7, 2025, the closing price of SHFE silver main contract was 9258 yuan/kilogram, up 76 yuan from the previous trading day [1]. - The closing price of COMEX silver main contract was 0.10 US dollars/ounce, and the spot price of London silver was 37.78 US dollars/ounce, up 0.43 US dollars [1]. - The spot price of SGE silver was 96 yuan/kilogram, and the domestic basis (AG(T+D) - main contract) was -11 yuan/gram [1]. Copper (CU, BC) - On August 7, 2025, the closing price of SHFE copper (CU) main contract was 78460 yuan/ton, up 180 yuan from the previous trading day [1]. - The closing price of international copper (BC) main contract was 69630 yuan/ton, up 160 yuan [1]. - The closing price of LME copper 3M (15:00) was 9701.50 US dollars/ton, up 34.00 US dollars [1]. Aluminum and Alumina (AL, AO) - On August 7, 2025, the closing price of SHFE aluminum (AL) main contract was 20750 yuan/ton, up 100 yuan from the previous trading day [1]. - The closing price of alumina (AO) main contract was 3211 yuan/ton, down 30 yuan [1]. - The closing price of LME aluminum 3M (15:00) was 2631.00 US dollars/ton, up 56.00 US dollars [1]. Zinc (ZN) - On August 7, 2025, the closing price of SHFE zinc (ZN) main contract was 22580 yuan/ton, up 200 yuan from the previous trading day [1]. - The LME zinc 0 - 3 spread was -20.97 US dollars/ton, and the domestic regional spot premiums varied in different areas [1]. - The SHFE zinc warehouse receipt inventory was 13822 tons, down 553 tons [1]. Lead (PB) - On August 7, 2025, the closing price of SHFE lead (PB) main contract was 16875 yuan/ton, up 20 yuan from the previous trading day [1]. - The refined lead spot import profit and loss was -524.20 yuan/ton, and the recycled lead smelting profit was 73.50 yuan/ton [1]. Nickel and Stainless Steel (NI, SS) - On August 7, 2025, the closing price of SHFE nickel (NI) main contract was 121850 yuan/ton, up 780 yuan from the previous trading day [1]. - The closing price of stainless steel (SS) main contract was 13000 yuan/ton, up 65 yuan [1]. - The LME nickel 3M closing price (15:00) was 15230 US dollars/ton [1]. Tin (SN) - On August 7, 2025, the closing price of SHFE tin (SN) main contract was 267940 yuan/ton, up 1000 yuan from the previous trading day [1]. - The LME tin 3M closing price (15:00) was 33565 US dollars/ton, up 180 US dollars [1]. - The SHFE tin warehouse receipt inventory was 7332 tons, down 26 tons [1].

Group 1 - The core viewpoint of the news is that Yantai's industrial economy has shown a strong upward trend in the first half of the year, characterized by rapid growth, stable industries, and robust momentum [1][2] - Yantai's industrial added value for enterprises above designated size increased by 13.4% year-on-year, outperforming the national and provincial averages by 7 and 5.7 percentage points respectively, and ranking first among national trillion-yuan cities [1] - The industrial electricity consumption in Yantai grew by 13.9% year-on-year, leading the province [1] Group 2 - The output value of six major trillion-yuan industries in Yantai increased by 13.9% year-on-year, with a 1.1 percentage point acceleration compared to the first quarter [2] - Key industries such as green petrochemicals, non-ferrous and precious metals, and electronic information maintained growth rates above 10% [2] - The industrial added value of the petroleum, coal, and other fuel processing industries, chemical raw materials and products manufacturing, computer communication and other electronic equipment manufacturing, and non-ferrous metal smelting and rolling industries grew by 7916.8%, 40.7%, 15.7%, and 5.7% respectively, collectively contributing 12.2 percentage points to the overall industrial added value growth [2] Group 3 - Yantai's leading enterprises are experiencing strong growth due to favorable factors such as project launches, capacity releases, and sufficient orders [2] - The city has successfully implemented 100 key technological transformation projects, completing an investment of 13.24 billion yuan, achieving 60.2% of the annual target [2] - Yantai has been recognized as a national pilot city for new-type technological transformation in manufacturing [2]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - No core views are presented in the report. Group 3: Summary by Metal Types Gold (AU) - On July 14, 2025, the closing price of SHFE gold's main contract was 780.40 yuan/gram, a decrease of 1.00 yuan compared to the previous day [1]. - The closing price of COMEX gold's main contract was 3352.10 dollars/ounce, a decrease of 18.20 dollars compared to the previous day [1]. - The spot price of London gold was 3357.35 dollars/ounce, an increase of 13.27 dollars compared to the previous day [1]. Silver (AG) - On July 15, 2025, the closing price of SHFE silver's main contract was 9225 yuan/kilogram, an increase of 272 yuan compared to the previous week [1]. - The closing price of COMEX silver's main contract was 38.41 dollars/ounce, a decrease of 0.67 dollars compared to the previous day [1]. - The spot price of London silver was 2.75 dollars/ounce, an increase of 0.13 dollars compared to the previous day [1]. Copper (CU, BC) - On July 15, 2025, the closing price of SHFE copper's main contract was 78090 yuan/ton, a decrease of 310 yuan compared to the previous day [1]. - The closing price of LME copper 3M was 9646.00 dollars/ton, a decrease of 27.00 dollars compared to the previous day [1]. - The inventory of SHFE copper's warehouse receipts was 50133 tons, a decrease of 4408 tons compared to the previous day [1]. Aluminum and Alumina (AL, AO) - On July 15, 2025, the closing price of SHFE aluminum's main contract was 20430 yuan/ton, a decrease of 95 yuan compared to the previous day [1]. - The closing price of alumina's main contract was 3165 yuan/ton, an increase of 305 yuan compared to the previous day [1]. - The inventory of SHFE aluminum's warehouse receipts was 22610 tons, a decrease of 69828 tons compared to the previous day [1]. Zinc (ZN) - On July 15, 2025, the closing price of SHFE zinc's main contract was 22085 yuan/ton, an increase of 35 yuan compared to the previous day [1]. - The closing price of LME zinc 3M was 2712 dollars/ton, a decrease of 28 dollars compared to the previous day [1]. - The inventory of SHFE zinc's warehouse receipts was 11184 tons, an increase of 3235 tons compared to the previous day [1]. Lead (PB) - On July 15, 2025, the closing price of SHFE lead's main contract was 16930 yuan/ton, a decrease of 230 yuan compared to the previous day [1]. - The closing price of LME lead 3M was 1988.50 dollars/ton, a decrease of 59.00 dollars compared to the previous day [1]. - The inventory of SHFE lead's warehouse receipts was 13265 tons, a decrease of 58768 tons compared to the previous day [1]. Nickel and Stainless Steel (NI, SS) - On July 15, 2025, the closing price of SHFE nickel's main contract was 119380 yuan/ton, a decrease of 990 yuan compared to the previous day [1]. - The closing price of stainless steel's main contract was 12695 yuan/ton, an increase of 215 yuan compared to the previous day [1]. - The inventory of SHFE nickel's warehouse receipts was 722 tons, a decrease of 686 tons compared to the previous day [1]. Tin (SN) - On July 15, 2025, the closing price of SHFE tin's main contract was 263240 yuan/ton, a decrease of 3480 yuan compared to the previous day [1]. - The closing price of LME tin 3M was 33350 dollars/ton, a decrease of 350 dollars compared to the previous day [1]. - The inventory of SHFE tin's warehouse receipts was 242 tons, a decrease of 185 tons compared to the previous day [1].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - The fundamentals of the non - ferrous metals sector are strengthening. It is recommended to have more long - positions in copper and aluminum and short - positions in zinc, nickel, and tin [173][202] - In the second half of 2025, copper and aluminum are expected to be relatively strong, lead to fluctuate, and zinc, nickel, and tin to be weak [173] Group 3: Summary by Directory 01. Review of the Non - Ferrous Metals Sector in the First Half of the Year - Since the beginning of 2025, the trends of CRB metal and the composite index are similar, with narrowing volatility. The domestic and international prices of non - ferrous and precious metals are also similar. After adjusting for exchange rates, the prices of LME copper and SHFE copper show the same trend [7] - The price fluctuations of non - ferrous and precious metals vary. As of June 20, the order from strong to weak is: gold > silver > tin > copper > lead > aluminum > nickel > zinc, with gold rising by 28% and zinc falling by 11.38% [7] - Macroeconomic factors still have a strong impact on prices. The consumption of non - ferrous metals is highly positively correlated with the economic cycle [14][26] - The relationship between overseas inventories of non - ferrous metals and prices is negative. Different metals show different price and inventory change characteristics [34] - There are correlations between the prices of mining ends and the overall metal prices, as well as between processing fees and prices for different metals [60] 02. Outlook on Allocation Strategies - Volatility indicators of gold, aluminum, tin, etc. provide trading opportunities. Different metals have different volatility trends, such as the volatility of COMEX gold falling but remaining at a high level, and the volatility of COMEX silver rising rapidly [74][86] - Through term spreads, it is found that gold and silver may follow macro - logic, while copper, aluminum and other varieties follow fundamental logic. Different metals have different price change rates, positive - spread annualized returns, and logical points [92] - The uncertainty of the US economy and tariff policies has not strongly influenced prices yet. The US economic data shows mixed signals, and tariff policies affect the export of non - ferrous metal - related products [95][107] - The consumption potential of South Asia, Southeast Asia and other regions is being released. Although affected by US tariff policies, some countries in these regions are implementing economic stimulus measures, and the copper consumption in some countries is increasing [115][123] - The domestic demand for non - ferrous metals is distributed in construction, power, transportation, home appliances, etc. Different metals have different end - use distributions [124][125] - In terms of power grid investment, the policy supports the development of the power grid, with increasing investment growth rates. Power investment is inclined towards the power grid, especially the distribution network [127][132] - In terms of durable goods consumption, policies support home appliance replacement and new - energy vehicle sales. The sales of traditional fuel vehicles are declining, while the sales of air - conditioners are expected to maintain growth [139][147] - The real estate market in China is showing signs of stabilization. Although still in a downward trend, the decline rates of investment, construction area, and completion area are narrowing [148] 03. Conclusions and Recommendations - The fundamentals of the non - ferrous metals sector are strengthening. It is recommended to have more long - positions in copper and aluminum and short - positions in zinc, nickel, and tin [173][202] - In the second half of 2025, copper and aluminum are expected to be relatively strong, lead to fluctuate, and zinc, nickel, and tin to be weak. Specific trading ideas and driving logics are provided for each metal [173] - The simulated yield curves of non - ferrous metal prices show different trends for different metals. Copper and aluminum are in a large Back structure, which is beneficial for long - position roll - overs [174][176] - For copper, in 2025, the global copper mine supply shortage is expected to intensify, and the refined copper supply may have a shortage in the second half of the year. The market trading atmosphere is still bullish, and inventories are at a relatively low level [189][192]