Core Viewpoint - The strategic cooperation agreement between Yongzhen Co., Ltd. and BYD aims to enhance collaboration in energy storage and aluminum components, leveraging each other's strengths for mutual benefit and exploring new opportunities in emerging fields [1][2][3] Group 1: Strategic Cooperation Agreement - Yongzhen Co., Ltd. and BYD have signed a strategic cooperation agreement focusing on energy storage projects and aluminum components required by BYD [1] - The partnership is based on principles of complementary advantages, mutual development, and resource integration, aiming for a win-win outcome [1][2] Group 2: Research and Development - Both companies will engage in joint research activities to develop competitive system products for the energy storage market and participate in the formulation of industry standards [1][2] Group 3: Supply Chain Collaboration - BYD will provide suitable lithium-ion battery systems and technical support to Yongzhen Co., Ltd. for various energy storage projects, while Yongzhen will supply aluminum components that meet BYD's quality requirements [2] - Both parties will negotiate competitive pricing for their products and services through separate agreements [2] Group 4: Market Cooperation - The companies will leverage their resources to explore and develop products that meet market demands, continuously updating and enhancing their core competitiveness [2] - They will also consider establishing a joint after-sales service system to provide efficient support to customers [2] Group 5: Broader Collaboration - The strategic cooperation is not limited to energy storage and automotive sectors; both companies are open to deeper collaboration in renewable energy fields such as photovoltaics and wind power [2] Group 6: Company Growth and Market Position - This agreement is a significant step for Yongzhen Co., Ltd. in expanding its presence in the renewable energy sector, supporting its growth and enhancing its core competitiveness [3] - Yongzhen Co., Ltd. has become a leading manufacturer of aluminum photovoltaic structural components in China, with a year-to-date stock increase of 12.36% [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The price of cast aluminum alloy is oscillating at a high level due to the continuous shortage of scrap aluminum supply, and the ADC12 - A00 spread has converged significantly [2][4]. - In the short term, driven by the gradually recovering demand in the peak season and cost - side support, the price of cast aluminum alloy may continue to oscillate at a high level. Although the downstream demand has slightly improved in the "Golden September and Silver October" season, the increase in enterprise orders is limited, and the performance of the peak season needs further observation. The supply - side start - up rate has slightly increased, but the market is waiting and seeing due to the uncertainty of the tax - refund cancellation policy. Some enterprises are purchasing at high prices across regions to ensure order delivery, and the raw material supply remains tight [6]. - The inventory of aluminum alloy ingots has increased. As of September 12, the combined factory and social inventory of aluminum alloy ingot factories increased by 14,400 tons to 131,300 tons compared with the previous week, and the inventory accumulation rate has increased. The supply shortage of raw materials has intensified due to the tight circulation of domestic and foreign scrap aluminum and increased demand. The domestic automobile sales in the last week of September decreased, but the "trade - in" policy is expected to boost automobile consumption, and the automobile sales are expected to improve month - on - month [6]. 3. Summary by Directory 3.1 Transaction End - Volume and Price - The report presents data on trading volume, open interest, price spreads between different contracts (such as AD00 - 01, AD01 - 02, AD02 - 03), and capital precipitation in the cast aluminum alloy market [9]. 3.2 Transaction End - Arbitrage 3.2.1 Inter - period Positive Arbitrage Cost Calculation - The cost of inter - period positive arbitrage for cast aluminum alloy is calculated. For the AD2511 and AD2512 contracts on September 12, 2025, the fixed cost is 5.28 yuan/ton, mainly including value - added tax on the spread and trading fees. The floating cost is 70.92 yuan/ton, including storage fees, capital costs for holding warehouse receipts, and futures capital costs. The total cost is 76 yuan/ton [12]. 3.2.2 Spot - Futures Arbitrage Cost Calculation - The cost of spot - futures arbitrage is calculated. Based on the reference price of Baotai Group, considering storage fees, capital costs, warehousing fees, inspection fees, trading fees, etc., the warehouse receipt cost is 20,815.9 yuan/ton [14]. 3.3 Supply End - Scrap Aluminum - The production of scrap aluminum is at a high level, and the social inventory is at a medium - high level in history. The import of scrap aluminum is also at a high level, with a relatively fast year - on - year growth rate. The price spread between refined and scrap aluminum has shown a downward trend [16][21][25]. 3.4 Supply End - Recycled Aluminum - The price of Baotai ADC12 has increased, and the spread between recycled and primary aluminum has converged significantly. The regional price spread of cast aluminum alloy has strengthened and shows certain seasonal patterns. The weekly start - up rate of recycled aluminum has rebounded, while the monthly start - up rate has slightly decreased. The production of recycled aluminum alloy has certain regional distribution characteristics. The cost of ADC12 is mainly composed of scrap aluminum, and it is currently estimated to be above the break - even line. The factory inventory of cast aluminum alloy has decreased, while the social inventory accumulation rate has increased. The import window of cast aluminum alloy is currently closed [33][38][43][48][53][58]. - The production and inventory of recycled aluminum rods are also presented. The production and factory inventory of recycled aluminum rods have certain regional distribution characteristics [60][62]. 3.5 Demand End - Terminal Consumption - The production of fuel - powered vehicles has declined, which has affected the die - casting consumption. Data on the production of new energy vehicles, motorcycles, and small household appliances are also provided, as well as the PPI of auto parts manufacturing and the automobile inventory warning index [66][67].

Core Viewpoint - The article highlights the trend of returning workers in Hubei province, showcasing how individuals who previously sought employment in other regions are now returning to their hometowns to start businesses or find jobs, driven by local policies, industry foundations, and emotional ties to their roots [1][2][4]. Group 1: Return of Workers - Hubei province is experiencing a "returning geese" trend, with many former migrant workers coming back to their hometowns for employment and entrepreneurship [1][2]. - In 2024, Yichang is expected to see an increase of 15,400 returning workers, a year-on-year growth of 20.3% [1]. - The total number of new returning entrepreneurial entities in Hubei in the first half of 2025 exceeded 12,000, directly creating 83,000 jobs, with project revenues growing by 23% year-on-year [1]. Group 2: Employment Opportunities - Returning workers are engaging in various sectors, including manufacturing (automobiles, machinery, clothing) and agriculture (crawfish, mushrooms, livestock), as well as modern services like e-commerce and hospitality [2][5]. - The textile and clothing industry in Tianmen has attracted around 100,000 people back to employment and entrepreneurship over the past three years, creating 160,000 jobs [5]. - In the crawfish industry in Qianjiang, workers can earn over 100,000 yuan annually, while seasonal jobs in processing can yield around 40,000 yuan [6]. Group 3: Supportive Policies - Hubei has introduced a "six subsidies and one benefit" policy package to support returning entrepreneurs, covering rent, loans, social security, and entrepreneurship [10]. - The province aims to cultivate 100 "Jingchu Returning Geese" projects, each receiving 100,000 yuan in funding support [10]. - Local governments are also implementing measures to facilitate returning workers, such as job fairs and skills training programs to match local industry needs [11][12]. Group 4: Economic Impact - The return of workers is expected to create a multiplier effect, with 67.7% of returning entrepreneurs engaging in agriculture, tourism, and textile industries [7][8]. - The article emphasizes the need for Hubei to develop a long-term mechanism to sustain economic growth driven by returning workers, focusing on enhancing public services and creating a supportive environment for entrepreneurship [12][13].