1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Tin - Short - term tin prices may show a weakening oscillation due to the Middle - East war situation suppressing market risk appetite. However, the medium - to - long - term bullish logic remains. If the conflict shows signs of ending, long positions can be established at low prices [1]. Nickel - The Indonesian export tax news has brought short - term sentiment boost, but the macro - economic outlook is uncertain. The raw material supply is tight, and the inventory digestion is insufficient. The nickel price is expected to run in a relatively strong range, with the main contract referring to 134,000 - 142,000 [2]. Stainless Steel - The cost logic of stainless steel is strong recently. The news and the tight raw material supply provide support. The steel mill production is increasing, and the demand is gradually recovering but the terminal acceptance is still weak. The price is expected to maintain a relatively strong oscillation, with the main contract referring to 14,200 - 14,800 [5]. Lithium Carbonate - The supply disturbance has boosted market sentiment. The fundamental reality has weakened marginally in the short - term but still has resilience. The price is expected to run in a relatively strong range, with the main contract referring to 160,000 - 172,000 [7]. Aluminum - The alumina market is in an over - capacity stage, and the price is expected to fluctuate around the cost line. The short - term main contract is expected to run in the range of 2,800 - 3,100 yuan/ton. The electrolytic aluminum price is supported by supply - side constraints. The domestic market is expected to enter the de - stocking cycle in April, and the core operating range of Shanghai aluminum this week is expected to be 24,000 - 26,000 yuan/ton [9]. Aluminum Alloy - The casting aluminum alloy price is driven by the cost of electrolytic aluminum. It may show a pattern of weak supply and demand in the second quarter, and the short - term price is expected to run in the range of 23,000 - 24,500 yuan/ton, following the fluctuation of electrolytic aluminum [11]. Copper - The copper price is in an adjustment phase. The supply - demand fundamentals have improved slightly, and the inventory pressure has weakened. But the price is still suppressed. In the long - term, the long - cycle logic of copper supply - demand contradiction remains unchanged, and there may be opportunities for long - term long positions. The main contract should pay attention to the pressure at 97,000 - 98,000 [13]. Zinc - Zinc is in a cycle of weak supply and demand. The contradiction lies between the mine and smelting ends. The smelting cost supports the zinc price. The downstream may replenish inventory in the peak season, and the export space may be opened. The zinc price is expected to have limited room for further decline, and opportunities for price rebound on the right - hand side can be arranged [15]. Industrial Silicon - Industrial silicon has cost support at the bottom and hedging and arbitrage pressure at the top. The supply is expected to increase seasonally in the second quarter, and the demand is expected to be stable. The price is expected to oscillate around 8,000 - 9,000 yuan/ton [16]. Polysilicon - Polysilicon is in a cycle of oversupply, and the price will continue to be under pressure. It is recommended to wait and see for the time being [17]. 3. Summaries According to Relevant Catalogs Tin - **Spot Price and Basis**: SMM 1 tin price increased by 0.17%, and SMM 1 tin premium decreased by 10%. The import loss decreased by 19.10% [1]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 and 2605 - 2606 decreased, while those of 2606 - 2607 and 2607 - 2608 increased [1]. - **Fundamental Data**: In February, tin ore imports decreased by 3.69%, SMM refined tin production decreased by 23.91%, and refined tin imports increased by 96.91% [1]. - **Inventory Changes**: SHEF inventory, social inventory, and SHEF warehouse inventory decreased, while LME inventory remained unchanged [1]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price decreased by 0.25%, and the import loss of futures decreased by 23.75% [2]. - **Cost of Electrolytic Nickel Production**: The cost of integrated MHP production of electrolytic nickel decreased by 0.69%, while that of integrated high - grade nickel matte production increased by 11.34% [2]. - **New Energy Material Prices**: The average price of battery - grade nickel sulfate decreased by 0.03%, and that of battery - grade lithium carbonate increased by 0.95% [2]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 remained unchanged, 2605 - 2606 increased by 10, and 2606 - 2607 decreased by 80 [2]. - **Supply, Demand, and Inventory**: Chinese refined nickel production decreased by 7.45%, and imports increased by 84.63%. SHFE inventory and social inventory increased, while bonded area inventory decreased [2]. Stainless Steel - **Price and Basis**: The prices of 304/2B stainless steel coils remained unchanged, and the basis remained unchanged [5]. - **Raw Material Prices**: The prices of raw materials such as nickel ore and high - nickel pig iron remained unchanged [5]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 increased by 10, 2605 - 2606 increased by 20, and 2606 - 2607 decreased by 10 [5]. - **Fundamental Data**: Chinese 300 - series stainless steel production increased by 44.07%, and stainless steel net exports increased significantly [5]. - **Inventory**: 300 - series social inventory and cold - rolled social inventory increased slightly [5]. Lithium Carbonate - **Price and Basis**: The average prices of SMM battery - grade lithium carbonate and industrial - grade lithium carbonate increased by 0.96% and 0.98% respectively. The basis decreased by 1391.43% [7]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 decreased by 1860, 2605 - 2606 decreased by 380, and 2606 - 2607 increased by 380 [7]. - **Fundamental Data**: In February, lithium carbonate production decreased by 15.13%, and demand decreased by 10.57% [7]. - **Inventory**: Total lithium carbonate inventory, downstream inventory, and smelter inventory decreased [7]. Aluminum - **Price and Spread**: SMM A00 aluminum price increased by 1.28%, and the import loss of electrolytic aluminum increased by 286.2 [9]. - **Month - to - Month Spread**: The spreads of AL 2604 - 2605 decreased by 15, AL 2605 - 2606 increased by 5, and AL 2606 - 2607 increased by 15 [9]. - **Fundamental Data**: In February, alumina production decreased by 10.63%, and domestic electrolytic aluminum production decreased by 8.91% [9]. - **Inventory**: Chinese electrolytic aluminum social inventory increased by 0.75%, and LME inventory decreased by 0.52% [9]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 increased by 0.41%, and the spreads of 2604 - 2605 decreased by 75 [11]. - **Fundamental Data**: In February, the production of recycled aluminum alloy ingots decreased by 41.31%, and the production of primary aluminum alloy ingots decreased by 30.99% [11]. - **Inventory**: The social inventory of recycled aluminum alloy ingots decreased by 12.24% [11]. Copper - **Price and Basis**: SMM 1 electrolytic copper price decreased by 0.01%, and the refined - scrap price difference increased by 316.57% [13]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 increased by 50, 2605 - 2606 increased by 40, and 2606 - 2607 decreased by 20 [13]. - **Fundamental Data**: In February, electrolytic copper production decreased by 3.13%, and imports decreased by 24.95% [13]. - **Inventory**: Domestic social inventory, bonded area inventory, and SHFE inventory decreased, while LME inventory increased slightly [13]. Zinc - **Price and Spread**: SMM 0 zinc ingot price increased by 1.62%, and the import loss decreased by 80.83 [15]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 decreased by 20, 2605 - 2606 increased by 5, and 2606 - 2607 increased by 5 [15]. - **Fundamental Data**: In February, refined zinc production decreased by 9.99%, and imports decreased by 81.26% [15]. - **Inventory**: Chinese zinc ingot seven - region social inventory decreased by 6.24%, and LME inventory decreased by 0.24% [15]. Industrial Silicon - **Spot Price and Basis**: The prices of various industrial silicon products remained unchanged, and the basis increased [16]. - **Month - to - Month Spread**: The spreads of the main contract decreased by 1.26%, and the spreads of the near - month to the first - continuous contract decreased by 30% [16]. - **Fundamental Data**: In February, national industrial silicon production decreased by 26.58%, and the export volume decreased by 27.44% [16]. - **Inventory Changes**: Xinjiang factory inventory decreased by 4.90%, and social inventory increased by 1.27% [16]. Polysilicon - **Spot Price and Basis**: The average prices of N - type polysilicon products remained unchanged, and the N - type material basis decreased by 3.33% [17]. - **Futures Price and Month - to - Month Spread**: The main contract increased by 0.39%, and the spreads of the near - month to the first - continuous contract decreased by 242.86% [17]. - **Fundamental Data**: In February, polysilicon production decreased by 23.61%, and the export volume increased by 20.51% [17]. - **Inventory Changes**: Polysilicon inventory decreased by 3.49%, and silicon wafer inventory decreased by 2.42% [17].

Report Industry Investment Rating - No information about the industry investment rating is provided in the content. Core Viewpoints of the Report - The report provides an in - depth analysis of the industrial silicon and polysilicon markets, including supply, demand, cost, inventory, and price trends. It also offers expectations for the future price ranges of industrial silicon 2605 and polysilicon 2605 [3][8]. - The main logic for the market is capacity clearance, cost support, and demand increment. There are both positive and negative factors in the market, such as cost - rising support and slow post - holiday demand recovery [11][12]. Summary by Directory 1. Daily Viewpoint Industrial Silicon - **Supply**: Last week, the industrial silicon supply was 78,000 tons, remaining flat compared to the previous week. The supply production schedule is expected to increase, but it remains at a low level [3][6]. - **Demand**: Last week, the industrial silicon demand was 69,000 tons, a 1.47% increase compared to the previous week. The demand recovery is at a low level. Polysilicon inventory is at a high level, silicon wafers are in a loss state, while battery cells and components are in a profitable state. The organic silicon inventory is at a low level, with a production profit of 2,503 yuan/ton and a comprehensive operating rate of 68.6% (flat compared to the previous week and lower than the historical average). The aluminum alloy ingot inventory is at a high level, and the recycled aluminum operating rate is at a high level [6]. - **Cost**: The production cost of sample oxygen - passing 553 in Xinjiang is 9,769.7 yuan/ton, remaining flat compared to the previous week. The cost support increases during the dry season [6]. - **Basis**: On March 25th, the spot price of non - oxygen - passing silicon in East China was 9,150 yuan/ton, and the basis of the 05 contract was 380 yuan/ton, with the spot price at a premium to the futures price [6]. - **Inventory**: The social inventory is 553,000 tons, a 0.18% increase compared to the previous week. The sample enterprise inventory is 197,800 tons, a 0.36% increase compared to the previous week. The main port inventory is 136,000 tons, a 1.49% increase compared to the previous week [6]. - **Disk**: MA20 is upward, and the futures price of the 05 contract closes above MA20 [6]. - **Main Position**: The main position is net short, and the short position decreases [6]. - **Expectation**: Industrial silicon 2605 is expected to fluctuate in the range of 8,680 - 8,860 [6]. Polysilicon - **Supply**: Last week, the polysilicon production was 19,000 tons, remaining flat compared to the previous week. The production schedule for March is predicted to be 84,900 tons, a 10.25% increase compared to the previous month [8]. - **Demand**: Last week, the silicon wafer production was 11.78GW, a 1.66% decrease compared to the previous week, and the inventory was 276,500 tons, a 2.46% decrease compared to the previous week. Currently, silicon wafer production is in a loss state. The production schedule for March is 49.01GW, a 10.70% increase compared to the previous month. The battery cell production in February was 37.09GW, a 10.49% decrease compared to the previous month. Last week, the external sales factory inventory of battery cells was 6.79GW, a 16.66% increase compared to the previous week. Currently, battery cell production is in a profitable state. The production schedule for March is 46.36GW, a 24.99% increase compared to the previous month. The component production in February was 29.3GW, a 16.76% decrease compared to the previous month. The expected component production in March is 41.39GW, a 41.26% increase compared to the previous month. The domestic monthly inventory is 24.76GW, a 51.73% decrease compared to the previous month, and the European monthly inventory is 38.41GW, a 12.30% increase compared to the previous month. Currently, component production is in a profitable state [8]. - **Cost**: The average cost of N - type polysilicon in the industry is 40,260 yuan/ton, and the production profit is - 1,260 yuan/ton [8]. - **Basis**: On March 25th, the price of N - type dense material was 39,000 yuan/ton, and the basis of the 05 contract was 3,750 yuan/ton, with the spot price at a premium to the futures price [8]. - **Inventory**: The weekly inventory is 344,000 tons, a 3.64% decrease compared to the previous week, and it is at a high level in the same period of history [8]. - **Disk**: MA20 is downward, and the futures price of the 05 contract closes below MA20 [8]. - **Main Position**: The main position is net long, and the long position decreases [8]. - **Expectation**: Polysilicon 2605 is expected to fluctuate in the range of 35,735 - 37,765 [8]. 2. Market Overview Industrial Silicon - The report shows the price changes of different contracts of industrial silicon futures, spot prices, basis, inventory, production, and other data [14]. Polysilicon - It presents the price changes of different contracts of polysilicon futures, prices of silicon wafers, battery cells, components, and other products, as well as inventory, production, and export data [15]. 3. Price - Basis and Delivery Product Spread Trends - The report shows the historical trends of the basis of industrial silicon and the spread between 421 and 553 silicon [17][18]. 4. Inventory - It shows the historical trends of industrial silicon inventory in delivery warehouses, ports, and sample enterprises, as well as the number of registered warrants [20][21][22]. 5. Production and Capacity Utilization Trends - It shows the historical trends of the weekly production of industrial silicon sample enterprises, monthly production by specification, and the operating rate of sample enterprises [24][25][26]. 6. Component Cost Trends - It shows the historical trends of electricity prices, silicon stone prices, graphite electrode prices, and some reducing agent prices in the main production areas of industrial silicon [29][30]. 7. Cost - Sample Region Trends - It shows the historical cost trends of 421/553 silicon in Sichuan, Xinjiang, and Yunnan [32][33][34]. 8. Weekly and Monthly Supply - Demand Balance Sheets - The weekly and monthly supply - demand balance sheets of industrial silicon show the production, import, export, consumption, and balance of industrial silicon [36][39][40]. 9. Downstream - Organic Silicon - **DMC Price and Production Trends**: It shows the historical trends of DMC capacity utilization, profit, cost, production, and price [42][43]. - **Downstream Price Trends**: It shows the historical price trends of 107 glue, raw rubber, silicone oil, and D4 [44][45][46][47]. - **Import - Export and Inventory Trends**: It shows the historical trends of DMC import, export, and inventory [49][50][52]. 10. Downstream - Aluminum Alloy - **Price and Supply Situation**: It shows the historical trends of waste aluminum recycling volume, waste aluminum social inventory, aluminum scrap import volume, SMM aluminum alloy ADC12 price, and import ADC12 cost - profit [54][55]. - **Inventory and Production Trends**: It shows the historical trends of the monthly production of primary aluminum - based aluminum alloy ingots and recycled aluminum alloy ingots, the weekly operating rates of primary and recycled aluminum alloys, and the social inventory of aluminum alloy ingots [57][58]. - **Demand (Automobiles and Wheel Hubs)**: It shows the historical trends of automobile monthly production, sales, and aluminum alloy wheel hub export [60][61]. 11. Downstream - Polysilicon - **Fundamental Trends**: It shows the historical trends of polysilicon industry cost, price, total inventory, monthly production, monthly operating rate, and monthly demand [64][65]. - **Supply - Demand Balance Sheet**: It shows the monthly supply - demand balance of polysilicon, including consumption, export, import, supply, and balance [67][68]. - **Silicon Wafer Trends**: It shows the historical trends of silicon wafer price, weekly production, weekly inventory, monthly demand, and net export [70][71]. - **Battery Cell Trends**: It shows the historical trends of single - crystal P/N type battery cell price, battery cell production scheduling and actual production, photovoltaic battery external sales factory weekly inventory, photovoltaic battery operating rate, and battery cell export [73][74]. - **Photovoltaic Component Trends**: It shows the historical trends of component price, domestic and European photovoltaic component inventory, monthly production, and component export [76][77]. - **Photovoltaic Accessory Trends**: It shows the historical trends of photovoltaic coating price, photovoltaic film import - export, photovoltaic glass monthly production, export, high - purity quartz sand price, and solder strip import - export [79][80]. - **Component Composition Cost - Profit Trends (210mm)**: It shows the cost and profit trends of silicon materials, silicon wafers, battery cells, and components in 210mm double - sided double - glass components [82]. - **Photovoltaic Grid - Connected Power Generation Trends**: It shows the historical trends of the national new power generation installed capacity, power generation composition and total amount, photovoltaic power station new grid - connected capacity, and solar monthly power generation [83][84].

Report Industry Investment Rating - Not provided in the content Core Viewpoints Tin - The short - term market sentiment is volatile, and it is recommended to be cautious. There is still a long - term bullish logic for tin prices, and short - term adjustments may provide opportunities for long - term long positions [3] Copper - In the short - term, due to multiple factors, copper prices are oscillating around 100,000 yuan/ton. In the long - term, the center of copper prices is expected to rise. Short - term adjustments may provide opportunities for long - term long positions [5] Zinc - The zinc fundamentals are generally good. The price downside space may be limited without significant recession risks at the macro level. However, if the downstream production resumption in the peak season fails to meet expectations, the domestic inventory pressure may suppress the upside space [7] Industrial Silicon - The cost increase may strongly support the bottom of industrial silicon prices. In March, supply and demand are expected to be strong. Attention should be paid to the production and sales recovery and cost fluctuations [9] Polysilicon - The polysilicon market is currently oversupplied, but the low - cost photovoltaic power may be beneficial to the long - term development of photovoltaic demand. It is recommended to wait and see for now [10] Aluminum - Alumina prices are expected to continue wide - range oscillations, and short - selling on rallies is recommended. Aluminum prices are expected to oscillate at high levels in the short - term, and the long - term bullish logic remains unchanged [11] Nickel - The overseas macro uncertainty increases, and the raw material end contradictions support the price. The demand has improved slightly, but high inventory restricts the price increase. The disk is expected to oscillate strongly [12] Stainless Steel - The overseas macro risk uncertainty increases, the raw material end is tight, and the cost supports the price. The supply and demand are in a continuous game, and the short - term is expected to oscillate and adjust [16] Lithium Carbonate - The macro risk persists, and the fundamentals maintain resilience but lack strong drivers. The disk is expected to oscillate widely around the macro expectations, and it is recommended to wait and see for now [19] Aluminum Alloy - The short - term market will continue to oscillate in the context of weak supply and demand. The key turning points of the market lie in the downstream production resumption rhythm, order recovery, and scrap aluminum circulation improvement [21] Summary by Directory Tin Price and Spread - The price of Yangtze River 1 tin is 394,000 yuan/ton, down 1,350 yuan or 0.34%. The LME 0 - 3 spread is 400, up 40.00%. The import profit and loss is - 8,294.19 yuan/ton, up 870.91 yuan or 9.50%. The Shanghai - London ratio is 7.89 [1] Fundamental Data - In December, the tin ore import volume was 17,637 tons, up 16.81% month - on - month. In February, the SMM refined tin output was 11,490 tons, down 23.91% month - on - month [2] Inventory - The SHEF weekly inventory is 11,663 tons, down 4.82%. The social inventory is 13,082 tons, down 0.21%. The SHEF daily warehouse receipt is 12,360 tons, up 23.22%. The LME daily inventory is 8,630 tons, up 0.29% [3] Copper Price and Spread - The SMM 1 electrolytic copper price is 100,670 yuan/ton, down 0.64%. The SMM 1 electrolytic copper spread is 82 yuan/ton, up 40 yuan [5] Fundamental Data - In February, the electrolytic copper output was 114.24 million tons, down 3.13% month - on - month. In December, the electrolytic copper import volume was 26.02 million tons, down 4.02% month - on - month [5] Inventory - The domestic social inventory is 57.39 million tons, down 0.57%. The bonded area inventory is 0 million tons, down 100%. The SHFE inventory is 42.51 million tons, up 8.59% [5] Zinc Price and Spread - The SMM 0 zinc ingot price is 24,310 yuan/ton, up 0.08%. The import profit and loss is - 2,665 yuan/ton, up 82.05 yuan [7] Fundamental Data - In February, the refined zinc output was 50.46 million tons, down 9.99% month - on - month. In December, the refined zinc import volume was 0.88 million tons, down 51.94% month - on - month [7] Inventory - The Chinese zinc ingot seven - region social inventory is 26.88 million tons, up 4.88%. The LME inventory is 0.02 million tons, down 0.15% [7] Industrial Silicon Price and Spread - The price of East China oxygen - passing SI5530 industrial silicon is 9,200 yuan/ton, unchanged. The price of South China SI4210 industrial silicon is 9,600 yuan/ton, unchanged [9] Fundamental Data - The national industrial silicon output is 27.57 million tons, down 26.58% month - on - month. The national operating rate is 38.02%, down 21.33% month - on - month [9] Inventory - The Xinjiang factory warehouse inventory is 13.98 million tons, up 0.58%. The social inventory is 55.20 million tons, down 0.18% [9] Polysilicon Price and Spread - The average price of N - type re -投料 is 46,000 yuan/ton, down 2.65%. The主力 contract price is 42,760 yuan/ton, up 0.40% [10] Fundamental Data - The weekly polysilicon output is 1.90 million tons, up 1.06%. The monthly polysilicon output is 7.70 million tons, down 23.61% [10] Inventory - The polysilicon inventory is 35.70 million tons, up 2.59%. The silicon wafer inventory is 28.35 million tons, down 2.28% [10] Aluminum Price and Spread - The SMM A00 aluminum price is 25,260 yuan/ton, up 0.92%. The import profit and loss of electrolytic aluminum is - 3,974 yuan/ton, down 3368 yuan [11] Fundamental Data - In February, the alumina output was 660.02 million tons, down 10.63% month - on - month. The domestic electrolytic aluminum output was 346.00 million tons, down 8.91% month - on - month [11] Inventory - The Chinese electrolytic aluminum social inventory is 129.40 million tons, up 3.03%. The LME inventory is 44.7 million tons, down 0.63% [11] Nickel Price and Spread - The SMM 1 electrolytic nickel price is 140,950 yuan/ton, up 0.86%. The 1 Jinchuan nickel price is 144,350 yuan/ton, up 0.80% [12] Fundamental Data - The Chinese refined nickel output is 32,600 tons, down 7.45% month - on - month. The refined nickel import volume is 23,394 tons, up 84.63% [12] Inventory - The SHFE inventory is 61,769 tons, up 1.61%. The social inventory is 84,537 tons, up 10.45%. The LME inventory is 286,248 tons, down 0.29% [12] Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 14,450 yuan/ton, unchanged. The price of 304/2B (Foshan Hongwang 2.0 coil) is 14,350 yuan/ton, unchanged [16] Fundamental Data - The Chinese 300 - series stainless steel crude steel output (43 companies) is 190.08 million tons, up 44.07% month - on - month. The stainless steel import volume is 14.50 million tons, up 29.32% [16] Inventory - The 300 - series social inventory (Wuxi + Foshan) is 53.21 million tons, down 1.19%. The SHFE warehouse receipt is 5.13 million tons, down 0.34% [16] Lithium Carbonate Price and Spread - The SMM battery - grade lithium carbonate average price is 158,000 yuan/ton, down 0.63%. The SMM industrial - grade lithium carbonate average price is 154,500 yuan/ton, down 0.80% [19] Fundamental Data - In February, the lithium carbonate output was 83,090 tons, down 15.13% month - on - month. The lithium carbonate demand was 111,503 tons, down 10.57% [19] Inventory - The lithium carbonate total inventory in February was 28,323 tons, down 4.76%. The lithium carbonate downstream inventory was 39,997 tons, down 5.01% [19] Aluminum Alloy Price and Spread - The SMM aluminum alloy ADC12 price is 25,200 yuan/ton, up 0.40%. The Foshan crushed raw aluminum refined - scrap spread is 3,066 yuan/ton, up 11.45% [21] Fundamental Data - In February, the recycled aluminum alloy ingot output was 35.80 million tons, down 41.31% month - on - month. The primary aluminum alloy ingot output was 20.93 million tons, down 30.99% [21] Inventory - The recycled aluminum alloy ingot weekly social inventory is 3.91 million tons, down 5.56%. The recycled aluminum alloy factory finished product inventory is 13.60 million tons, down 8.11% [21]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report Tin - Short - term tin prices fluctuate significantly due to market sentiment. After the sentiment stabilizes, considering the long - term narrative of the AI arms race, a low - buying strategy can be attempted [1]. Copper - In the short term, copper prices may gradually return to fundamental pricing. Pay attention to changes in CL premium and LME inventory, with the main support level at 97,500 - 98,500 [4]. Zinc - Zinc prices will be mainly volatile in the short term. The support comes from the tightening of domestic zinc mines, and the pressure comes from the expected supply of imported mines and negative feedback from the demand side [9]. Industrial Silicon - The price of industrial silicon is expected to fluctuate, with the main price range between 8,200 - 9,200 yuan/ton. Pay attention to changes in production and demand [12]. Polysilicon - The price of polysilicon is supported at 48,000 yuan/ton. In the cooling cycle, it is recommended to wait and see. Downstream enterprises can consider hedging according to orders [13]. Nickel - The nickel market is expected to be in a wide - range oscillation, with the main reference range at 138,000 - 148,000 [14]. Stainless Steel - Stainless steel is expected to oscillate in the short term, with the main reference range at 13,800 - 14,500. Pay attention to mine - end news and downstream stocking [16]. Aluminum - Aluminum prices are expected to oscillate widely around the industry's cash cost line. The main contract reference range is 23,000 - 25,000 yuan/ton [18]. Lithium Carbonate - The short - term lithium carbonate price may be adjusted widely, with the main reference range at 140,000 - 150,000 yuan/ton. Short - term unilateral trading within the range is recommended [19]. Aluminum Alloy - The price of aluminum alloy ADC12 is expected to maintain a high - level oscillation in the short term, with the main reference range at 22,000 - 24,000 yuan/ton [21]. Summary by Relevant Catalogs Tin - **Price and Basis**: SMM 1 tin price decreased by 5.86% to 389,800 yuan/ton; SMM 1 tin premium increased by 33.33% to 200 yuan/ton [1]. - **Fundamentals**: In November, the import of tin ore increased by 29.81% month - on - month; in December, the production of SMM refined tin decreased by 0.06% [1]. - **Inventory**: SHEF inventory increased by 37.69% week - on - week; social inventory increased by 36.07% [1]. Copper - **Price and Basis**: SMM 1 electrolytic copper price decreased by 0.90% to 100,940 yuan/ton; the refined - scrap price difference increased by 1.58% [3]. - **Fundamentals**: In December, the production of electrolytic copper increased by 6.80% month - on - month; in November, the import volume decreased by 3.90% [3]. - **Inventory**: Domestic social inventory increased by 12.27% week - on - week; LME inventory increased by 2.68% day - on - day [4][6]. Zinc - **Price and Basis**: SMM 0 zinc ingot price decreased by 1.53% to 24,420 yuan/ton; the premium increased by 10 yuan/ton [9]. - **Fundamentals**: In December, the production of refined zinc decreased by 7.24% month - on - month; in November, the export volume increased by 402.59% [9]. - **Inventory**: China's seven - region social inventory of zinc ingots increased by 3.13% week - on - week; LME inventory decreased by 1.38% day - on - day [9]. Industrial Silicon - **Price and Basis**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged at 9,250 yuan/ton; the basis decreased by 37.21% [12]. - **Fundamentals**: In December, the national production of industrial silicon decreased by 1.15% month - on - month; Xinjiang's production increased by 6.46% [12]. - **Inventory**: Xinjiang's inventory increased by 2.91% month - on - month; social inventory increased by 0.54% week - on - week [12]. Polysilicon - **Price and Basis**: The average price of N - type polysilicon increased by 0.27% to 55,000 yuan/ton; the basis decreased by 3.33% [13]. - **Fundamentals**: In December, the production of polysilicon increased by 0.79% month - on - month; the import volume decreased by 27.05% [13]. - **Inventory**: Polysilicon inventory increased by 6.29% week - on - week; silicon wafer inventory decreased by 5.53% [13]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel decreased by 2.31% to 145,900 yuan/ton; the premium of 1 Jinchuan nickel increased by 20.77% [14]. - **Fundamentals**: In December, China's refined nickel production decreased by 9.38% month - on - month; the import volume increased by 30.08% [14]. - **Inventory**: SHFE inventory increased by 3.28% week - on - week; social inventory increased by 4.04% [14]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.35% to 14,300 yuan/ton; the premium decreased by 32.65% [16]. - **Fundamentals**: In December, China's 300 - series stainless steel crude steel production decreased by 2.50% month - on - month; the export volume increased by 13.18% [16]. - **Inventory**: The 300 - series social inventory (Wuxi + Foshan) decreased by 1.47% week - on - week; SHFE warehouse receipts remained unchanged [16]. Aluminum - **Price and Basis**: The price of SMM A00 aluminum decreased by 0.67% to 23,870 yuan/ton; the premium increased by 20 yuan/ton [18]. - **Fundamentals**: In December, the production of alumina increased by 1.08% month - on - month; the import volume of electrolytic aluminum decreased by 40.83% in November [18]. - **Inventory**: China's electrolytic aluminum social inventory increased by 2.60% week - on - week; LME inventory decreased by 0.61% day - on - day [18]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery - grade lithium carbonate decreased by 4.43% to 151,000 yuan/ton; the basis decreased by 68.31% [19]. - **Fundamentals**: In December, the production of lithium carbonate increased by 4.04% month - on - month; the demand decreased by 2.50% [19]. - **Inventory**: In December, the total inventory of lithium carbonate decreased by 12.23% month - on - month; the downstream inventory decreased by 7.21% [19]. Aluminum Alloy - **Price and Basis**: The price of SMM aluminum alloy ADC12 remained unchanged at 23,900 yuan/ton; the refined - scrap price difference in Foshan decreased by 6.12% [21]. - **Fundamentals**: In December, the production of recycled aluminum alloy ingots decreased by 6.16% month - on - month; the production of primary aluminum alloy ingots increased by 0.46% [21]. - **Inventory**: The social inventory of recycled aluminum alloy ingots decreased by 1.41% week - on - week; the daily inventory in Foshan decreased by 0.76% [21].

1. Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. 2. Core Views Tin - Short - term price is highly volatile due to market sentiment. After a sharp decline on Friday night, it's advisable to be cautious in the short - term. Consider a low - buying strategy after the sentiment stabilizes [1]. Copper - In the long - term, the price bottom center is expected to rise due to capital expenditure constraints on the supply side. In the short - term, the price is strong because of global inventory structural imbalance and supply concerns. However, real terminal demand is weak. With the cooling of speculative sentiment and easing of tariff expectations, the price may return to fundamental pricing. Pay attention to CL premium and LME inventory changes, with the main contract supported at 97500 - 98500 [3]. Nickel - Recent trading is centered around macro and Indonesian ore RKAB quota. Short - term ore news has limited further driving force. The market is expected to fluctuate widely, with the main contract reference range of 135000 - 145000 [5]. Zinc - The price is supported by domestic ore shortage and pressured by expected imported ore supply and negative demand feedback. It is expected to fluctuate in the short - term. Focus on zinc ore TC and refined zinc inventory changes, with the main contract supported around 23800 [8]. Lithium Carbonate - The fundamentals show some resilience in the off - season. With a loose macro environment and strengthened supervision, there is resistance to further price increases. The market has intensified long - short divergence. The short - term market may adjust widely, with the main contract running between 140,000 - 150,000. Use short - term range trading [11]. Aluminum - Alumina prices lack upward momentum due to loose supply, weakening demand, and high inventory. It is expected to fluctuate widely around the industry cash cost line, with the main contract in the range of 2600 - 2950 yuan/ton. Aluminum prices are expected to maintain a high - level wide - range oscillation in the short - term, with the main contract in the range of 23000 - 25000 yuan/ton. Pay attention to domestic inventory accumulation speed, downstream consumption resilience, and overseas monetary policies and geopolitical events [13]. Aluminum Alloy - The short - term price range is limited. The ADC12 price is expected to continue high - level oscillation, with the main contract in the range of 22000 - 24000 yuan/ton. Focus on raw material price changes, actual inflow of imported goods, and downstream pre - holiday inventory building [15]. Stainless Steel - Raw material news drives sentiment and strengthens cost support. Social inventory is steadily digested, but downstream demand in the off - season is weak. It is expected to oscillate in the short - term, with the main contract in the range of 13800 - 14500. Pay attention to ore news and downstream inventory building [18]. Polysilicon - The demand outlook has improved due to export - grabbing demand, and there is an expectation of supply reduction. The price is supported at 48,000 yuan/ton. Component production may increase, which is beneficial for inventory digestion. In the cooling period, it's advisable to wait and see, and focus on later production cuts and downstream demand recovery [20]. Industrial Silicon - The market remains in a state of weak supply and demand, with low - level oscillation. The price is expected to fluctuate between 8000 - 9000 yuan/ton. Pay attention to supply - side production changes and potential further polysilicon production cuts [21]. 3. Summaries by Relevant Catalogs Tin - **Price and Basis**: SMM 1 tin price decreased by 2.81% to 414050 yuan/ton, and SMM 1 tin premium decreased by 78.57% [1]. - **Fundamentals**: In November, tin ore imports increased by 29.81%, and refined tin imports increased by 127.19%. In December, SMM refined tin production decreased slightly by 0.06% [1]. - **Inventory**: SHEF inventory increased by 37.69% to 9549 tons, and social inventory increased by 36.07% to 10175 tons [1]. Copper - **Price and Basis**: SMM 1 electrolytic copper price decreased by 0.70% to 101855 yuan/ton, and the premium decreased significantly [3]. - **Fundamentals**: In December, electrolytic copper production increased by 6.80% to 117.81 million tons. In November, imports decreased by 3.90% [3]. - **Inventory**: Domestic social inventory increased by 17.20% to 32.09 million tons, and SHFE inventory increased by 18.26% to 21.35 million tons [3]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price decreased by 0.47% to 149350 yuan/ton, and the import profit and loss decreased by 74.48% [5]. - **Cost**: The cost of integrated MHP to produce electrolytic nickel increased by 1.09% to 112237 yuan/ton [5]. - **Inventory**: SHFE inventory increased by 3.28% to 48180 tons, and LME inventory increased by 0.16% to 285732 tons [5]. Zinc - **Price and Basis**: SMM 0 zinc ingot price decreased by 2.40% to 24800 yuan/ton, and the premium decreased [8]. - **Fundamentals**: In December, refined zinc production decreased by 7.24% to 55.21 million tons. In November, exports increased by 402.59% [8]. - **Inventory**: Global visible inventory decreased slightly, and domestic social inventory decreased slightly by 0.08% to 11.84 million tons [8]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price decreased by 0.63% to 158000 yuan/ton, and the basis increased significantly [11]. - **Fundamentals**: In December, lithium carbonate production increased by 4.04% to 99200 tons, and demand decreased by 2.50% [11]. - **Inventory**: Total lithium carbonate inventory decreased by 12.23% to 56664 tons in December [11]. Aluminum - **Price and Basis**: SMM A00 aluminum price decreased by 0.66% to 24030 yuan/ton, and the premium decreased [13]. - **Fundamentals**: In December, alumina production increased by 1.08% to 751.96 million tons, and domestic electrolytic aluminum production increased by 3.97% [13]. - **Inventory**: Chinese electrolytic aluminum social inventory increased by 3.08% to 73.60 million tons, and LME inventory decreased by 0.41% to 48.8 million tons [13]. Aluminum Alloy - **Price and Basis**: SMM aluminum alloy ADC12 price decreased by 0.42% to 23900 yuan/ton, and the scrap - to - refined price difference decreased [15]. - **Fundamentals**: In December, regenerated aluminum alloy ingot production decreased by 6.16% to 64 million tons [15]. - **Inventory**: Social inventory of regenerated aluminum alloy ingots decreased slightly to 4.89 million tons [15]. Stainless Steel - **Price and Basis**: 304/2B (Wuxi Hongwang 2.0 coil) price decreased by 0.35% to 14350 yuan/ton, and the spot - futures price difference increased [18]. - **Fundamentals**: In December, Chinese 300 - series stainless steel crude steel production decreased by 2.50% to 171.93 million tons [18]. - **Inventory**: 300 - series social inventory (Wuxi + Foshan) decreased by 1.47% to 45.07 million tons [18]. Polysilicon - **Price and Basis**: N - type polysilicon average price increased slightly, and the basis of N - type material decreased by 23.52% [20]. - **Fundamentals**: Weekly polysilicon production decreased by 9.66% to 2.15 million tons, and monthly net exports increased significantly [20]. - **Inventory**: Polysilicon inventory increased by 6.29% to 32.1 million tons [20]. Industrial Silicon - **Price and Basis**: East China oxygen - passing SI5530 industrial silicon price remained unchanged, and the basis increased [21]. - **Fundamentals**: In December, national industrial silicon production decreased by 1.15% to 39.71 million tons, and exports increased by 21.78% [21]. - **Inventory**: Social inventory increased by 0.54% to 55.50 million tons [21].

Report Industry Investment Ratings No information provided regarding the report industry investment ratings. Core Views Tin - Market sentiment has fluctuated recently, causing significant volatility in tin prices. Operation should be cautious, and subsequent attention should be paid to macro - economic conditions and supply - side recovery [2]. Zinc - The lower support for zinc prices comes from the tightening domestic zinc ore supply and low zinc ingot inventory, while the upper pressure comes from the expected supply of imported ores. Short - term prices are likely to fluctuate, and attention should be paid to import profit and loss, TC inflection points, and changes in refined zinc inventory [5]. Copper - The medium - to - long - term fundamentals of copper are good, but in the short term, prices are over - estimated irrationally, yet may remain strong due to high market speculation. Attention should be paid to overseas inventory changes and CL premium changes [7]. Nickel - Recently, the nickel market has been driven by Indonesia's tightening expectations, but the actual fundamentals are weak, restricting the upside of prices. The short - term market is expected to remain strong, and attention should be paid to potential price corrections [10]. Stainless Steel - The fundamentals of stainless steel show slightly eased supply pressure and strengthened cost support, but demand in the off - season is still insufficient. The short - term market is expected to fluctuate strongly, and attention should be paid to news from the ore end and downstream inventory replenishment [12]. Alumina - The market still faces severe oversupply pressure, and alumina prices are expected to fluctuate widely around the industry's cash cost line. The key to a trend - based rebound lies in whether there are specific capacity control policies or large - scale production cuts [14]. Aluminum - Strong macro and policy expectations support aluminum prices, but weakening supply - demand fundamentals and inventory accumulation pressure will limit the upside. Short - term prices are expected to fluctuate widely at high levels [14]. Aluminum Alloy - The cost is the main driving factor for the price of aluminum alloy. The market is in a tight - balance state with both supply and demand being weak. Prices are expected to fluctuate in a high - level range in the short term [15]. Lithium Carbonate - The fundamentals of lithium carbonate remain largely unchanged, with a slight increase in supply expected. The downstream demand has certain resilience but weakens in the off - season. The market is expected to fluctuate strongly, and price volatility may intensify [16]. Industrial Silicon - In January, industrial silicon is expected to maintain a pattern of weak supply and demand. Prices are expected to fluctuate at a low level, and attention should be paid to the implementation of production cuts [17]. Polysilicon - Polysilicon spot prices are stable, and futures are oscillating at a high level. In January, demand is weak, and prices are expected to remain in a high - level oscillation. Attention should be paid to production cuts and price adjustment acceptance [18]. Summary by Related Catalogs Tin - **Price and Spread**: SMM 1 tin price increased by 0.91%, and the SMM 1 tin premium increased by 142.86%. The import loss increased by 9.86%, and some month - to - month spreads changed significantly [2]. - **Fundamentals**: In November, tin ore imports increased by 29.81%, and in December, SMM refined tin production decreased slightly by 0.06%. Exchange inventories decreased [2]. Zinc - **Price and Spread**: SMM 0 zinc ingot price increased slightly by 0.09%, and the import loss decreased by 5.78%. Some month - to - month spreads changed [5]. - **Fundamentals**: In December, refined zinc production decreased by 7.24%, and in November, exports increased significantly by 402.59%. Social inventories decreased [5]. Copper - **Price and Spread**: SMM 1 electrolytic copper price increased by 1.23%, and the import loss decreased by 46.83%. Some month - to - month spreads changed [7]. - **Fundamentals**: In December, electrolytic copper production increased by 6.80%, and in November, imports decreased by 3.90%. Social inventories increased [7]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel price increased by 3.77%, and the import profit increased by 175.35%. Some month - to - month spreads changed [10]. - **Fundamentals**: In December, China's refined nickel production decreased by 9.38%, and in November, imports increased by 30.08%. Some inventories increased slightly [10]. Stainless Steel - **Price and Spread**: The price of 304/2B stainless steel remained unchanged, and some month - to - month spreads changed [12]. - **Fundamentals**: In December, China's 300 - series stainless steel production decreased slightly, and exports increased by 13.18%. Social inventories decreased [12]. Alumina - **Price and Spread**: Alumina prices remained stable, the electrolytic aluminum import loss decreased, and some month - to - month spreads changed [14]. - **Fundamentals**: In December, alumina production increased by 1.08%, and electrolytic aluminum production increased by 3.97%. Some inventories increased [14]. Aluminum - **Price and Spread**: SMM A00 aluminum price increased by 1.26%, the import loss decreased, and some month - to - month spreads changed [14]. - **Fundamentals**: In December, domestic and overseas electrolytic aluminum production increased, and demand weakened. Social inventories increased [14]. Aluminum Alloy - **Price and Spread**: SMM ADC12 price increased by 0.67%, and some month - to - month spreads changed [15]. - **Fundamentals**: In November, the production of regeneration and primary aluminum alloy increased, and some inventories decreased [15]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate price increased by 0.42%, and some month - to - month spreads changed [16]. - **Fundamentals**: In December, lithium carbonate production increased by 4.04%, and demand decreased by 2.50%. Inventories decreased [16]. Industrial Silicon - **Price and Spread**: The prices of some industrial silicon products remained unchanged, and some month - to - month spreads changed [17]. - **Fundamentals**: In December, national industrial silicon production decreased by 1.15%, and exports increased by 21.78%. Some inventories increased slightly [17]. Polysilicon - **Price and Spread**: N - type polysilicon prices increased slightly, and some month - to - month spreads changed [18]. - **Fundamentals**: In December, polysilicon production increased by 0.79%, and net exports increased significantly. Inventories increased [18].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Tin Industry - The market sentiment is overly high recently, and there is a risk of a decline. Attention should be paid to the macro - situation and the supply - side recovery [2]. Aluminum Alloy Industry - The strong cost and weak demand make the price of ADC12 have limited upward and downward space. It is expected to continue to fluctuate in a high - level range in the short term, with the main contract reference range of 20800 - 21800 yuan/ton [4]. Aluminum Industry - For alumina, the policy is more sentiment - driven and difficult to reverse the supply - demand fundamentals in the short term. The price is expected to fluctuate widely around the industry cash cost line. It is recommended to wait and see, with the main contract reference range of 2650 - 2950 yuan/ton. For electrolytic aluminum, the market is dominated by the game between strong macro - expectations and weak fundamentals. The price is expected to remain in a high - level wide - range fluctuation in the short term, with the main contract reference range of 21800 - 22800 yuan/ton [5]. Zinc Industry - The short - term zinc price is expected to fluctuate. The support comes from the tight domestic zinc ore supply and low zinc ingot inventory, while the pressure comes from the expected supply of imported ores. Attention should be paid to the import profit and loss, TC inflection point, and refined zinc inventory changes, with the main contract focusing on the 22850 - 22950 support [7]. Copper Industry - The medium - and long - term fundamentals of copper are good, but the short - term price is over - estimated to some extent. In a market with high speculative sentiment and risk preference, the price may remain strong in the short term. It is not advisable to short on the left side before the bullish logic reverses and the price shows a peak signal. Attention should be paid to overseas inventory changes and CL premium changes [10]. Lithium Carbonate Industry - The short - term supply is expected to increase slightly, and the downstream demand maintains a certain resilience. The destocking has slowed down. The price may remain strong in the short term under the support of capital sentiment, but attention should be paid to the risk of regulatory tightening and profit - taking adjustment of funds [14]. Nickel Industry - The expectation of increased nickel ore control in Indonesia drives the recent sentiment to strengthen, but the short - term reality is still weak, and the medium - term fundamentals are loose, which restricts the upward space of the price. The disk is expected to maintain a strong - side fluctuation in the short term, with the main contract reference range of 123000 - 130000 [15]. Stainless Steel Industry - The supply pressure has eased slightly, and the cost support of ore and ferronickel has strengthened, but the demand boost in the off - season is still insufficient. The short - term market sentiment is boosted, but the supply - demand game continues. It is expected to fluctuate and adjust in the short term, with the main contract reference range of 12500 - 13200 [17]. Industrial Silicon Industry - The supply and demand of industrial silicon are both stable with a downward trend, and the expectation of production reduction is further heating up. The price is expected to fluctuate at a low level, with the main price fluctuation range of 8000 - 9000 yuan/ton. Attention should be paid to the production reduction intensity [20]. Polysilicon Industry - The polysilicon price remains in a high - level shock. In January, under the background of weak demand, there is further production reduction pressure if supply - demand balance is to be achieved. It is recommended to wait and see, paying attention to the production reduction situation and price adjustment acceptance [21]. 3. Summaries According to Relevant Catalogs Tin Industry Price and Spread - SMM 1 tin price increased by 0.60%, SMM 1 tin premium increased by 900.00%, etc. The import profit and loss decreased by 13.49%, and the monthly spread of some contracts changed significantly [2]. Fundamental Data - In November, tin ore imports increased by 29.81%, SMM refined tin production decreased by 0.81%, etc. SHEF inventory increased by 4.72%, and social inventory increased by 2.02% [2]. Aluminum Alloy Industry Price and Spread - SMM aluminum alloy ADC12 price increased by 0.23%, and the refined - scrap price difference of some varieties changed. The monthly spread of some contracts also changed [4]. Fundamental Data - In November, the production of recycled aluminum alloy ingots increased by 5.74%, and the production of primary aluminum alloy ingots increased by 5.84%. The operating rate of recycled aluminum alloy increased by 6.93%, and the social inventory of recycled aluminum alloy decreased by 2.06% [4]. Aluminum Industry Price and Spread - SMM A00 aluminum price increased by 0.18%, and the prices of alumina in different regions decreased to varying degrees. The import profit and loss of electrolytic aluminum decreased by 44.9 yuan/ton, and the monthly spread of some contracts changed [5]. Fundamental Data - In November, alumina production decreased by 4.44%, domestic electrolytic aluminum production decreased by 2.82%, etc. The operating rate of some aluminum products decreased, and the social inventory of electrolytic aluminum increased by 6.75% [5]. Zinc Industry Price and Spread - SMM 0 zinc ingot price increased by 0.52%, the import profit and loss decreased by 177.63 yuan/ton, and the monthly spread of some contracts changed [7]. Fundamental Data - In November, refined zinc production decreased by 3.56%, refined zinc exports increased by 402.59%. The operating rates of galvanizing, die - casting zinc alloy, and zinc oxide increased, and the seven - place social inventory of zinc ingots decreased by 6.14% [7]. Copper Industry Price and Spread - SMM 1 electrolytic copper price increased by 3.14%, the refined - scrap price difference increased by 6.95%, the import profit and loss decreased by 129.00 yuan/ton, and the monthly spread of some contracts changed [10]. Fundamental Data - In November, electrolytic copper production increased by 1.05%, and imports decreased by 3.90%. The operating rates of electrolytic copper rod and recycled copper rod decreased, and the domestic social inventory increased by 16.77% [10]. Lithium Carbonate Industry Price and Spread - SMM battery - grade lithium carbonate average price increased by 6.67%, and the monthly spread of some contracts changed [14]. Fundamental Data - In November, lithium carbonate production increased by 3.35%, demand increased by 5.11%, imports decreased by 7.64%, and exports increased by 208.75%. The total inventory decreased by 23.36% [14]. Nickel Industry Price and Spread - SMM 1 electrolytic nickel price increased by 1.81%, the futures import profit and loss increased by 83.57%, and the monthly spread of some contracts changed [15]. Fundamental Data - In November, China's refined nickel production decreased by 9.38%, and imports decreased by 65.66%. SHFE inventory decreased by 1.82%, and social inventory decreased by 1.43% [15]. Stainless Steel Industry Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) increased by 0.38%, and the monthly spread of some contracts changed [17]. Fundamental Data - In November, the production of 300 - series stainless steel crude steel in China decreased by 0.72%, and exports increased by 13.18%. The social inventory of 300 - series decreased by 1.43% [17]. Industrial Silicon Industry Price and Spread - The price of East China oxygen - containing SI5530 industrial silicon remained unchanged, and the monthly spread of some contracts changed [20]. Fundamental Data - In November, the national industrial silicon production decreased by 11.17%, the organic silicon DMC production increased by 3.82%, and the export volume increased by 21.78%. The Xinjiang inventory increased by 2.33%, and the social inventory increased by 0.36% [20]. Polysilicon Industry Price and Spread - The average price of N - type re - feed increased by 0.10%, and the monthly spread of some contracts changed significantly [21]. Fundamental Data - In November, polysilicon production decreased by 14.48%, imports decreased by 27.05%, and exports increased by 108.68%. The polysilicon inventory increased by 3.41%, and the silicon wafer inventory increased by 0.88% [21].

1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views Copper - Overseas inventory is structurally imbalanced, and terminal demand is significantly suppressed. Yesterday, copper prices continued to rise, with short - term price fluctuations intensifying. The high copper price is mainly driven by supply and inventory structural imbalances, and the Fed's actions support the price. SMM expects China's electrolytic copper production to rise in December, but high prices suppress demand, leading to inventory accumulation and weak downstream performance. The upward drive lies in further deterioration of overseas inventory structure and improved interest - rate cut expectations, while the downward drive is from weak demand. The short - term price is volatile, with the main focus on the 95,500 support level [1]. Aluminum - Alumina: The market has a supply - demand imbalance with stable supply growth and peaking demand, causing a negative feedback loop. Supply increases, leading to inventory accumulation and price decline. The price is expected to oscillate around the cash - cost line, with a reference range of 2,450 - 2,650 yuan/ton. Attention should be paid to environmental policies and enterprise production cuts [3]. - Electrolytic aluminum: The market is in a state of high - level oscillation. Macro - level overseas easing expectations and domestic positive policies support the price, but the supply increases, demand enters the off - season, and inventory accumulates. The price is expected to oscillate widely, with a reference range of 21,800 - 22,600 yuan/ton. Attention should be paid to macro - expectations and inventory changes [3]. Aluminum Alloy - The casting aluminum alloy market is in a state of oscillating and strengthening. The core contradiction is the game between strong cost support and weakening demand. The supply of scrap aluminum is tight, pushing up costs, while high aluminum prices suppress downstream demand. The ADC12 price is expected to oscillate in a high - level range of 20,800 - 21,600 yuan/ton. Attention should be paid to scrap - aluminum supply, environmental policies, and downstream orders [5]. Zinc - TC has stopped falling and stabilized, and terminal demand is weak, so zinc prices are oscillating weakly. Domestic zinc - ore production decreases in November, and the import window opens. Smelters cut production due to profit pressure, and refined - zinc production growth is limited. Downstream demand is generally weak at the end of the year, and social inventory is decreasing. The LME inventory increases, and the squeeze - out risk eases. The main support is at 22,850 - 22,950 [9]. Tin - The supply of tin ore is expected to recover, with increased imports in November and exports from Indonesia. The demand in South China shows some resilience, while that in East China is more restricted. The previous long positions should be gradually closed, and attention should be paid to macro - factors and supply - side recovery [11]. Nickel - The nickel market is in a state of short - term oscillation and repair. The market is trading around the expectation of tightened nickel - ore supply due to news from Indonesia. The domestic spot price falls, and the supply of refined nickel is tight. The price of nickel - iron has stronger bottom support. However, the short - term reality is weak, and the medium - term fundamentals are loose, restricting the upward price space. The main reference range is 123,000 - 130,000 [12]. Stainless Steel - The stainless - steel market is oscillating narrowly. The spot - market trading atmosphere is weak. The macro - environment is favorable, but the market has a strong expectation of tightened ore supply. The price of nickel - iron has stronger bottom support, and the supply pressure eases slightly. However, the demand is in the off - season, and high inventory remains a problem. The market is expected to oscillate and adjust, with a main reference range of 12,500 - [14]. Lithium Carbonate - The lithium - carbonate market is in a state of wide - range oscillation. The recent news is abundant, and the fundamentals are in a state of strong supply and demand. The production is expected to increase in December, and the demand has some resilience, but the power - market orders decline in the off - season. The inventory decreases, and the tight - balance fundamentals support the price, but there is limited new driving force [16]. Industrial Silicon - The industrial - silicon market has stable spot prices and oscillating futures prices. The supply and demand are both decreasing steadily, and the expectation of production cuts is rising. The demand from polysilicon is expected to decline significantly. The price is expected to oscillate at a low level, with a main range of 8,000 - 9,000 yuan/ton. Attention should be paid to the production - cut intensity [18]. Polysilicon - The polysilicon market has stable spot prices and a significant increase in futures prices. The exchange has introduced cooling measures. Upstream enterprises try to boost prices, but downstream profits are under pressure. The demand in the first quarter has no bright spots. The price is expected to remain high and oscillate, and attention should be paid to production cuts and price acceptance [19]. 3. Summary by Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper is at 94,760 yuan/ton, up 0.07% from the previous day. The SMM 1 electrolytic copper premium is - 330 yuan/ton, down 20 yuan/ton. The refined - scrap spread is 3,944 yuan/ton, up 11.29% [1]. - **Fundamental Data**: In November, electrolytic - copper production was 110.31 million tons, up 1.05% month - on - month; imports were 27.11 million tons, down 3.90% [1]. Aluminum - **Price and Spread**: SMM A00 aluminum is at 21,980 yuan/ton, down 0.23%. The alumina prices in different regions are all down slightly [3]. - **Fundamental Data**: In November, alumina production was 743.94 million tons, down 4.44% month - on - month; domestic electrolytic - aluminum production was 363.66 million tons, down 2.82% [3]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 is at 21,950 yuan/ton, unchanged. The refined - scrap spreads in different regions have different changes [5]. - **Fundamental Data**: In November, the production of recycled - aluminum alloy ingots was 68.20 million tons, up 5.74% month - on - month; that of primary - aluminum alloy ingots was 30.27 million tons, up 5.84% [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot is at 23,080 yuan/ton, down 0.77%. The import loss is - 2,669 yuan/ton [9]. - **Fundamental Data**: In November, refined - zinc production was 59.52 million tons, down 3.56% month - on - month; imports were 1.82 million tons, down 3.22% [9]. Tin - **Price and Spread**: SMM 1 tin is at 332,750 yuan/ton, down 1.07%. The import loss is - 14,018.67 yuan/ton [11]. - **Fundamental Data**: In October, tin - ore imports were 11,632, up 33.49% month - on - month; SMM refined - tin production was 16,090, up 53.09% [11]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel is at 127,400 yuan/ton, down 2.15%. The 8 - 12% high - nickel pig - iron price is 900 yuan/nickel point, up 0.67% [12]. - **Fundamental Data**: In November, China's refined - nickel production was 33,342, down 9.38% month - on - month; imports were 9,741, down 65.66% [12]. Stainless Steel - **Price and Spread**: 304/2B (Wuxi Hongwang 2.0 roll) is at 13,000 yuan/ton, down 0.38%. The price of 8 - 12% high - nickel pig - iron is 900 yuan/nickel point, up 0.67% [14]. - **Fundamental Data**: In November, China's 300 - series stainless - steel crude - steel production was 178.70 million tons, down 0.72% month - on - month; Indonesia's was 42.35 million tons, up 0.36% [14]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate is at 104,900 yuan/ton, up 3.35%. The lithium - spodumene concentrate CIF average price is 1,440 US dollars/ton, up 0.42% [16]. - **Fundamental Data**: In November, lithium - carbonate production was 95,350, up 3.35% month - on - month; demand was 133,451, up 5.11% [16]. Industrial Silicon - **Price and Spread**: Huale Tongyang SI5530 industrial silicon is at 9,250 yuan/ton, unchanged. The 2601 - 2602 spread is - 20 yuan/ton, unchanged [18]. - **Fundamental Data**: In November, national industrial - silicon production was 40.17 million tons, down 11.17% month - on - month; the national operating rate was 64.82%, down 4.84% [18]. Polysilicon - **Price and Spread**: N - type re - feedstock average price is 52,350 yuan/ton, unchanged. The main - contract price is 60,760 yuan/ton, up 4.22% [19]. - **Fundamental Data**: In November, polysilicon production was 11.46 million tons, down 14.48% month - on - month; imports were 0.11 million tons, down 27.05% [19].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Copper - The current high copper prices are mainly driven by the structural imbalance of supply and inventory. The COMEX - LME premium has led the US to continuously attract non - US copper resources, and the Fed's actions have boosted market risk appetite. - Concerns about the tightness of the ore end persist, and the tightness may be transmitted to the smelting end. High copper prices have suppressed terminal demand. - In the future, the imbalance of global copper supply and inventory and the tight ore end will limit the downside space of copper prices. Short - term price fluctuations may intensify, and the main support is at 90,000 - 91,000 yuan/ton [1]. Zinc - Domestic zinc mines are entering the production - reduction season, and the supply of refined zinc is gradually shifting from loose to tight. The export of zinc ingots has improved the market, and domestic spot zinc ingots remain at a premium. - The LME inventory has been accumulating, but the LME 0 - 3 premium remains high. The Fed's actions have boosted zinc prices. - In the future, the tightness of the ore end may lead to the tightness of zinc ingots. The short - term Shanghai zinc price may be stronger than the London zinc price. Pay attention to the inflection point of TC and the change in refined zinc inventory, with the main support at 23,000 - 23,200 yuan/ton [5]. Nickel - After the Fed's interest rate cut, the macro - sentiment has been digested, and there is limited further driving force after the valuation repair. The fundamentals are under pressure, and the nickel price is facing adjustment. - The spot nickel price has declined, and downstream demand is weak. Overseas inventory accumulation has slowed down, while domestic social inventory pressure has increased. - In the short term, the nickel price is expected to fluctuate weakly, with the main reference range of 114,000 - 118,000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policies [6]. Stainless Steel - The stainless - steel market has certain support from the supply and cost sides, but the off - season demand limits the upside space. - The nickel ore market is stable, and the nickel - iron and chromium - iron prices have different trends. The supply pressure is slightly relieved, but the demand is weak, and the inventory reduction is limited. - In the short term, stainless steel is expected to fluctuate and adjust, with the main operating range of 12,400 - 12,800 yuan/ton. Pay attention to the implementation of steel - mill production reduction and the marginal improvement of demand [9]. Tin - The supply of tin ore remains tight, and it is expected that the improvement of tin ore supply within the year will be limited. The demand in the South China region shows certain resilience, especially in the new - energy - related fields. - The market sentiment is positive, and the fundamentals are strong. It is expected that the tin price will maintain a strong trend within the year. Hold long positions and consider buying on dips [11]. Aluminum - The alumina market has a structural surplus, with stable supply growth and peak demand. The inventory has accumulated to a historical high, and the cost support has shifted downward. The short - term price may be volatile, and the reference range for the main contract is 2,500 - 2,700 yuan/ton. - The electrolytic aluminum market is in a high - level wide - range shock under the interweaving of macro - sentiment and fundamentals. It is expected to maintain a high - level shock pattern, with the main contract reference range of 21,500 - 22,300 yuan/ton. Pay attention to the Fed's policies and domestic inventory changes [12]. Aluminum Alloy - The price of cast aluminum alloy has remained high and volatile. The supply of scrap aluminum is tight, and the increase in the price of primary aluminum has increased the cost pressure on recycled aluminum plants. - The demand shows a marginal weakening trend, and the social inventory has decreased slightly. The ADC12 price is restricted by strong costs and weak demand, and it is expected to continue to fluctuate in a high - level range. The reference range for the main contract is 20,600 - 21,400 yuan/ton. Pay attention to scrap - aluminum supply, downstream orders, and macro - sentiment [13]. Industrial Silicon - The price of industrial silicon has weakened under the pressure of cost decline expectations, significant demand decline expectations, and continuous inventory increase. - It is expected that the supply - demand situation in December will remain weak. The price is expected to fluctuate at a low level, with the main price range of 8,000 - 9,000 yuan/ton. If production decreases significantly, it may reach 10,000 yuan/ton; otherwise, it may fall to 7,500 yuan/ton [15]. Polysilicon - The polysilicon price has shown a large - amplitude shock. Although the production has decreased, the demand has decreased more, resulting in an oversupply situation and continuous inventory accumulation. - After the registration of the platform company, the price may be strong under the influence of positive news. Pay attention to the substantial progress of capacity storage and production control. The futures price is strongly rising and at a large premium to the spot market. Pay attention to the production - reduction amplitude and price - decline pressure [16]. Lithium Carbonate - The futures price center of lithium carbonate has moved up, and there are more news disturbances in the market. The fundamentals remain in a situation of both supply and demand being strong. - The downstream demand is relatively optimistic, but the sustainability of the improvement in the off - season demand at the end of the year needs to be noted. The social inventory is stably decreasing, but the off - balance - sheet implicit inventory may bring pressure. - In the short term, the market may maintain a strong shock, with the main reference range of 95,000 - 100,000 yuan [17]. 3. Summaries According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price is 93,222 yuan/ton, up 1.00% from the previous day. The SMM 1 electrolytic copper premium has decreased by 25 yuan/ton. - The SMM Guangdong 1 electrolytic copper price is 93,650 yuan/ton, up 0.93% from the previous day. The SMM Guangdong 1 electrolytic copper premium has increased by 30 yuan/ton. - The SMM wet - process copper price is 93,505 yuan/ton, up 0.99% from the previous day. The SMM wet - process copper premium has decreased by 35 yuan/ton [1]. Fundamental Data - In November, the electrolytic copper output was 1.1031 million tons, up 1.05% from the previous month. In October, the electrolytic copper import volume was 282,100 tons, down 15.61% from the previous month. - The import copper concentrate index is - 43.08 dollars/ton, down 0.51% from the previous week. The domestic mainstream port copper concentrate inventory is 763,900 tons, up 1.83% from the previous week. - The electrolytic copper rod - making start - up rate is 64.54%, down 1.87% from the previous week. The recycled copper rod - making start - up rate is 9.15%, down 9.14% from the previous week [1]. Zinc Price and Spread - The SMM 0 zinc ingot price is 23,700 yuan/ton, up 2.55% from the previous day. The SMM 0 zinc ingot (Guangdong) price is 23,620 yuan/ton, up 2.56% from the previous day. - The import loss is - 4,588 yuan/ton, down 320.15 yuan from the previous day. The Shanghai - London ratio is 7.39, down 0.06 from the previous day [5]. Fundamental Data - In November, the refined zinc output was 595,200 tons, down 3.56% from the previous month. In October, the refined zinc import volume was 18,800 tons, down 16.94% from the previous month, and the export volume was 8,500 tons, up 243.79% from the previous month. - The galvanized start - up rate is 58.39%, up 0.19% from the previous week. The die - cast zinc alloy start - up rate is 49.56%, down 1.52% from the previous week. The zinc oxide start - up rate is 55.67%, down 0.78% from the previous week [5]. Nickel Price and Basis - The SMM 1 electrolytic nickel price is 118,200 yuan/ton, down 0.55% from the previous day. The 1 Jinchuan nickel price is 120,800 yuan/ton, down 0.49% from the previous day. - The 1 Jinchuan nickel premium is 5,200 yuan/ton, up 1.96% from the previous day. The 1 imported nickel price is 116,000 yuan/ton, down 0.60% from the previous day [6]. Fundamental Data - The Chinese refined nickel output is 33,345 tons, down 9.38% from the previous month. The refined nickel import volume is 9,741 tons, down 65.66% from the previous month. - The SHFE inventory is 44,677 tons, up 5.10% from the previous week. The social inventory is 58,970 tons, up 3.73% from the previous week. The bonded - area inventory is 2,200 tons, unchanged from the previous week [6]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) and 304/2B (Foshan Hongwang 2.0 coil) is 12,800 yuan/ton, unchanged from the previous day. The basis difference between futures and spot is 405 yuan/ton, down 13.83% from the previous day [9]. Fundamental Data - The Chinese 300 - series stainless - steel crude - steel output (43 enterprises) is 1.787 million tons, down 0.72% from the previous month. The Indonesian 300 - series stainless - steel crude - steel output (Qinglong) is 423,500 tons, up 0.36% from the previous month. - The stainless - steel import volume is 124,100 tons, up 3.18% from the previous month. The export volume is 358,100 tons, down 14.43% from the previous month. The net export volume is 234,000 tons, down 21.54% from the previous month [9]. Tin Spot Price and Basis - The SMM 1 tin price is 329,900 yuan/ton, up 3.09% from the previous day. The SMM 1 tin premium is - 50 yuan/ton, down 200.00% from the previous day. - The Yangtze River 1 tin price is 330,400 yuan/ton, up 3.09% from the previous day. The LME 0 - 3 premium is 17 dollars/ton, down 22.73% from the previous day [11]. Fundamental Data - In October, the tin ore import volume was 11,632 tons, up 33.49% from the previous month. The SMM refined tin output in October was 16,090 tons, up 53.09% from the previous month. - The refined tin import volume in October was 526 tons, down 58.55% from the previous month. The export volume was 1,480 tons, down 15.33% from the previous month [11]. Aluminum Price and Spread - The SMM A00 aluminum price is 22,050 yuan/ton, up 0.73% from the previous day. The SMM A00 aluminum premium is - 50 yuan/ton, up 10 yuan from the previous day. - The electrolytic aluminum import loss is - 1,977 yuan/ton, down 39.5 yuan from the previous day. The Shanghai - London ratio is 7.62, up 0.01 from the previous day [12]. Fundamental Data - In November, the alumina output was 7.4394 million tons, down 4.44% from the previous month. The domestic electrolytic aluminum output was 3.6366 million tons, down 2.82% from the previous month. The overseas electrolytic aluminum output was 2.4992 million tons, down 3.50% from the previous month [12]. Aluminum Alloy Price and Spread - The SMM aluminum alloy ADC12 price is 21,750 yuan/ton, up 0.69% from the previous day. The SMM East - China ADC12, South - China ADC12, and Northeast ADC12 prices are all 21,750 yuan/ton, up 0.69% from the previous day. The SMM Southwest ADC12 price is 21,800 yuan/ton, up 0.46% from the previous day [13]. Fundamental Data - In November, the recycled aluminum alloy ingot output was 682,000 tons, up 5.74% from the previous month. The primary aluminum alloy ingot output was 302,700 tons, up 5.84% from the previous month. The scrap - aluminum output was 876,000 tons, up 11.45% from the previous month [13]. Industrial Silicon Spot Price and Basis - The price of East - China oxygen - permeable S15530 industrial silicon is 9,200 yuan/ton, unchanged from the previous day. The price of East - China SI4210 industrial silicon is also unchanged from the previous day. - The basis of oxygen - permeable SI5530 is 765 yuan/ton, down 16.39% from the previous day. The basis of SI4210 is 472 yuan/ton, down 26.55% from the previous day [15]. Fundamental Data - The national industrial silicon output is 401,700 tons, down 11.17% from the previous month. The Xinjiang industrial silicon output is 237,600 tons, up 0.83% from the previous month. The Yunnan and Sichuan industrial silicon outputs have decreased significantly [15]. Polysilicon Spot Price and Basis - The average price of N - type re - feeding material is 52,300 yuan/kg, unchanged from the previous day. The average price of N - type granular silicon is 50,000 yuan/kg, unchanged from the previous day. - The basis of N - type silicon is - 4,890 yuan, down 41.13% from the previous day [16]. Fundamental Data - The polysilicon output in the week is 25,100 tons, down 2.71% from the previous week. The monthly polysilicon output is 114,600 tons, down 14.48% from the previous month. The polysilicon import volume is 14,000 tons, up 11.96% from the previous month, and the export volume is 15,000 tons, down 27.99% from the previous month [16]. Lithium Carbonate Price and Basis - The SMM battery - grade lithium carbonate average price is 94,500 yuan/ton, up 1.07% from the previous day. The SMM industrial - grade lithium carbonate average price is 92,000 yuan/ton, up 1.10% from the previous day. - The SMM battery - grade lithium hydroxide average price is 83,030 yuan/ton, up 0.85% from the previous day. The SMM industrial - grade lithium hydroxide average price is 77,530 yuan/ton, up 0.91% from the previous day [17]. Fundamental Data - In November, the lithium carbonate output was 53,500 tons, up 3.35% from the previous month. The battery - grade lithium carbonate output was 70,300 tons, up 2.84% from the previous month. The industrial - grade lithium carbonate output was 25,050 tons, up 4.81% from the previous month. - In November, the lithium carbonate demand was 133,451 tons, up 5.11% from the previous month

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Copper - The high copper price is driven by supply - inventory imbalance and macro factors. Despite concerns about tight supply at the mine end, high prices suppress terminal demand. The price is expected to have limited downside but may experience short - term volatility [1]. Zinc - As domestic zinc mines enter the production - reduction season, the supply of zinc ingots may tighten. Refined zinc exports boost the domestic price, and the short - term Shanghai zinc price may be stronger than the London zinc price [5]. Nickel - After the Fed's interest rate cut, the macro - driven force is limited. The fundamental pressure leads to a weakening of the nickel price, and it is expected to be weakly volatile in the short term [6]. Stainless Steel - The stainless - steel market is in a game of weak supply and demand. Although the macro - expectation improves slightly and there is cost support, the off - season demand is weak, and it is expected to fluctuate and adjust [9]. Tin - The tin market has strong fundamentals and positive market sentiment. It is expected that the tin price will maintain a strong trend this year [11]. Aluminum - The alumina market has a structural surplus, and the price is under pressure. The electrolytic aluminum market is expected to remain in a high - level shock pattern [12]. Aluminum Alloy - The casting aluminum alloy market has high costs and weakening demand. The price is expected to continue to fluctuate in a high - level range [13]. Industrial Silicon - The industrial silicon market is expected to remain weakly balanced. The price is expected to fluctuate at a low level, with the possibility of rising or falling depending on production changes [15]. Polysilicon - The polysilicon market has weak demand and oversupply. The price may be strong under the influence of production - reduction news, and the futures price may remain high - level volatile [16]. Lithium Carbonate - The lithium carbonate market maintains a situation of strong supply and demand. The price may fluctuate due to news interference, and the short - term trend is expected to be strongly volatile [17]. 3. Summaries by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price increased by 1.00% to 93222 yuan/ton, and the premium changed from 5 to - 20 yuan/ton. The price of other copper products also showed different degrees of increase [1]. Month - to - Month Spread - The spreads of different contracts changed, such as the 2512 - 2601 spread decreasing by 30 yuan/ton to - 60 yuan/ton [1]. Fundamental Data - In November, the electrolytic copper production increased by 1.05% to 110.31 million tons, and the import volume in October decreased by 15.61% to 28.21 million tons [1]. Zinc Price and Spread - SMM 0 zinc ingot price increased by 2.55% to 23700 yuan/ton, and the import loss increased by 320.15 yuan/ton to - 4588 yuan/ton [5]. Month - to - Month Spread - The spreads of different contracts changed, such as the 2512 - 2601 spread increasing by 5 yuan/ton to - 20 yuan/ton [5]. Fundamental Data - In November, the refined zinc production decreased by 3.56% to 59.52 million tons, and the import volume in October decreased by 16.94% to 1.88 million tons [5]. Nickel Price and Basis - SMM 1 electrolytic nickel price decreased by 0.55% to 118200 yuan/ton, and the LME 0 - 3 spread increased by 1 to - 186 dollars/ton [6]. Month - to - Month Spread - The spreads of different contracts changed, such as the 2601 - 2602 spread increasing by 40 to - 150 yuan/ton [6]. Supply and Inventory - China's refined nickel production decreased by 9.38% to 33345 tons, and the import volume decreased by 65.66% to 9741 tons [6]. Stainless Steel Price and Spread - The price of 304/2B stainless steel remained unchanged at 12800 yuan/ton, and the basis decreased by 13.83% to 405 yuan/ton [9]. Month - to - Month Spread - The spreads of different contracts changed, such as the 2601 - 2602 spread increasing by 5 to - 120 yuan/ton [9]. Fundamental Data - China's 300 - series stainless - steel crude - steel production decreased by 0.72% to 178.70 million tons, and the export volume decreased by 14.43% to 35.81 million tons [9]. Tin Spot Price and Basis - SMM 1 tin price increased by 3.09% to 329900 yuan/ton, and the premium decreased by 200% to - 50 yuan/ton [11]. Month - to - Month Spread - The spreads of different contracts changed, such as the 2512 - 2601 spread increasing by 1610 to - 280 yuan/ton [11]. Fundamental Data - In October, the tin ore import increased by 33.49% to 11632 tons, and the SMM refined tin production increased by 53.09% to 16090 tons [11]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.73% to 22050 yuan/ton, and the alumina price in different regions decreased [12]. Month - to - Month Spread - The spreads of different contracts changed, such as the AL 2512 - 2601 spread remaining unchanged at - 35 yuan/ton [12]. Fundamental Data - In November, the alumina production decreased by 4.44% to 743.94 million tons, and the domestic electrolytic aluminum production decreased by 2.82% to 363.66 million tons [12]. Aluminum Alloy Price and Spread - The price of SMM aluminum alloy ADC12 increased by 0.69% to 21750 yuan/ton, and the price difference between refined and scrap aluminum changed [13]. Month - to - Month Spread - The spreads of different contracts changed, such as the 2601 - 2602 spread increasing by 15 to - 40 yuan/ton [13]. Fundamental Data - In November, the regenerated aluminum alloy ingot production increased by 5.74% to 68.20 million tons, and the import volume of unforged aluminum alloy ingots decreased by 7.06% to 7.64 million tons [13]. Industrial Silicon Spot Price and Basis - The price of East - China oxygen - permeable S15530 industrial silicon remained unchanged at 9200 yuan/ton, and the basis decreased [15]. Month - to - Month Spread - The spreads of different contracts changed, such as the 2601 - 2602 spread decreasing by 30 to - 50 yuan/ton [15]. Fundamental Data - The national industrial silicon production decreased by 11.17% to 40.17 million tons, and the export volume decreased by 35.82% to 4.51 million tons [15]. Polysilicon Spot Price and Basis - The price of N - type re -投料 remained unchanged at 52300 yuan/kg, and the basis decreased by 41.13% to - 4890 yuan [16]. Month - to - Month Spread - The spreads of different contracts changed, such as the main contract price increasing by 2.56% to 57190 yuan [16]. Fundamental Data - The polysilicon production decreased by 14.48% to 11.46 million tons, and the import volume increased by 11.96% to 0.14 million tons [16]. Lithium Carbonate Price and Basis - The SMM battery - grade lithium carbonate average price increased by 1.07% to 94500 yuan/ton, and the lithium - spodumene concentrate CIF average price increased by 0.83% to 1220 dollars/ton [17]. Month - to - Month Spread - The spreads of different contracts changed, such as the 2601 - 2602 spread decreasing by 200 to - 380 yuan/ton [17]. Fundamental Data - In November, the lithium carbonate production increased by 3.35% to 95350 tons, and the demand increased by 5.11% to 133451 tons [17].