Core Viewpoint - Shandong Province has announced the list of leading enterprises in the new materials sector for 2025, with Nanshan Aluminum and Nanshan Zhishang being recognized for their technological advancements and industry leadership in new materials [1][12]. Group 1: Company Achievements - Nanshan Aluminum has been included in the Shandong Province's new materials leading enterprise cultivation list and has retained its position in the "Top 50 Leading New Materials Enterprises" [1]. - The company focuses on high-quality aluminum alloy new materials, including automotive sheets, aerospace plates, and battery foil, and is a key supplier for major manufacturers like COMAC, Airbus, and Boeing [2]. - Nanshan Zhishang has made significant strides in new materials, particularly in ultra-high molecular weight polyethylene fibers and nylon fibers, achieving large-scale production and international performance standards [4]. Group 2: Industry Context - The new materials industry is recognized globally as a crucial and rapidly developing high-tech sector, essential for gaining competitive advantages and is a key focus area for Shandong Province [1]. - The cultivation list aims to support enterprises in increasing R&D investment, promoting technological innovation, and expanding industrial scale, thereby enhancing the core competitiveness of Shandong's new materials industry [12]. Group 3: Future Directions - Both Nanshan Aluminum and Nanshan Zhishang plan to leverage provincial resources to deepen collaborative innovation in production, education, and research, aiming to solidify their technological leadership and contribute to the development of a strong manufacturing province [11].

逆势方向：AI应用、部分消费链条 周二A股整体延续调整格局，临近尾盘跌幅有所收窄，但三大指数仍集体收跌。 截至收盘，上证指数报 3939.81 点，跌 0.81%；深成指报 13080.49 点，跌 0.92%；创业板指报 3069.22 点，跌 1.16%。从技术形态看，上证指数已明显跌破 30 日均线，盘中最低一度探至约 3925 点。 成交方面，沪深京三市全天成交额约 19460 亿元，较前一交易日放量约 156 亿元，但在放量的同时，资金呈现明显的净流出态势，全市场资金净流出规模接 近 1238 亿元，个股方面则出现超过 4100 只下跌的普跌格局。 一、盘面结构：强弱分化显著，资金"弃旧拥新" 从盘面结构看，周二市场呈现典型的"指数中阴、结构剧烈分化"的特征。 AI应用板块全天强势，多只个股走出独立行情。 福石控股、宣亚国际均录得 20cm 涨停； 部分数字营销、内容生产、云服务等细分方向出现资金持续追捧。 美容护理板块尾盘拉升： 敷尔佳、芭薇股份等多股上涨，资金明显在弱市中寻找"景气度+高成长"的方向。 这类板块的共同特征是： 与政策导向、产业升级相关（AI应用、数字经济、医美消费升级）； 具备中 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 17, 2025 [1][3][4] Group 3: Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: Spot price is 87050 in domestic and 10881 in LME with a ratio of 8.05; March price is 86900 in domestic and 10878 in LME with a ratio of 8.01. Spot import equilibrium ratio is 8.06 with a profit of - 920.93, and spot export profit is 134.77 [1] - **Zinc**: Spot price is 22480 in domestic and 3201 in LME with a ratio of 7.02; March price is 22465 in domestic and 3026 in LME with a ratio of 5.82. Spot import equilibrium ratio is 8.48 with a profit of - 4661.65 [1] - **Aluminum**: Spot price is 21910 in domestic and 2832 in LME with a ratio of 7.73; March price is 21840 in domestic and 2861 in LME with a ratio of 7.69. Spot import equilibrium ratio is 8.31 with a profit of - 1639.17 [1] - **Nickel**: Spot price is 121550 in domestic and 14696 in LME with a ratio of 8.27. Spot import equilibrium ratio is 8.16 with a profit of - 2326.46 [1] - **Lead**: Spot price is 17400 in domestic and 2044 in LME with a ratio of 8.52; March price is 17505 in domestic and 2068 in LME with a ratio of 10.90. Spot import equilibrium ratio is 8.70 with a profit of - 352.43 [3] Cross - period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 620, - 620, - 610, - 620 respectively, while theoretical spreads are 540, 977, 1424, 1870 [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 305, - 265, - 225, - 200 respectively, while theoretical spreads are 217, 339, 462, 585 [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 175, - 135, - 130, - 125 respectively, while theoretical spreads are 221, 343, 465, 587 [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 135, - 125, - 115, - 100 respectively, while theoretical spreads are 213, 322, 431, 541 [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 1420, - 1220, - 990, - 740 respectively [4] - **Tin**: 5 - 1 spread is - 480 with a theoretical spread of 6028 [4] Spot - futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 475 and - 145 respectively [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 250 and - 55 respectively [4][5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 230 and 95 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 3.87, 3.98, 4.96, 0.97, 1.25, 0.78 respectively; in London (triple - continuous) are 3.59, 3.80, 5.26, 0.95, 1.38, 0.68 respectively [5]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.73%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.55% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 20,657 billion yuan, an increase of 1,009 billion yuan compared to the previous day [1] - Nearly 4,000 stocks in the market experienced gains [1] Sector Performance - The battery industry chain, non-ferrous metals, organic silicon, Fujian, storage chips, photovoltaic equipment, and liquid cooling server sectors saw significant gains [1] - Conversely, the oil and gas extraction and services, as well as the transportation and banking sectors, underperformed [1] Notable Stocks - The battery industry chain experienced a strong rally, particularly in the electrolyte segment, with stocks such as Haike Xinyuan, Huasheng Lithium Battery, and Enjie Co., Ltd. hitting the daily limit [1] - Contemporary Amperex Technology Co., Ltd. (CATL) saw a peak increase of 9% during the trading session [1] - The non-ferrous metals sector also performed well, with stocks like Xingye Silver Tin and Guocheng Mining reaching the daily limit [1] - Alibaba Cloud-related stocks rose towards the end of the trading session, with Data Port hitting the daily limit and other stocks like Hangang Co., Ltd. and Tongniu Information also gaining [1] - Other sectors such as storage chips, photovoltaic equipment, and organic silicon also experienced intraday surges [1] - On the downside, oil and gas stocks faced localized adjustments, with companies like Quanyou Co., China National Offshore Oil Corporation, and Tongyuan Petroleum seeing declines [1] - The banking sector also retreated, with stocks such as Chongqing Rural Commercial Bank, Changsha Bank, and Postal Savings Bank of China experiencing drops [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Economics** sector, focusing on inflation trends and economic indicators in the Asia Pacific region. Core Insights and Arguments 1. **Consumer Price Index (CPI) Trends**: - CPI increased to **0.2% YoY** in October 2025, rebounding from **-0.3%** in September, attributed to a "super Golden Week" which boosted food and service prices [8][6][4] - Core CPI rose to **1.2% YoY**, up from **1.0%** in September, driven by higher gold prices and a low base effect [8][6][4] 2. **Producer Price Index (PPI) Developments**: - PPI showed a slight increase of **0.1% MoM**, compared to **0%** previously, influenced by higher imported prices in non-ferrous metals, particularly copper [8][6][4] - Overall, producer prices remained stable, with commodity prices supported by disciplined production practices [8][6][4] 3. **Inflation Outlook**: - The outlook for inflation remains stable yet lukewarm, with expectations of largely stable inflation data for November and December as the low base effect diminishes [4][8][6] - Anti-involution measures are expected to provide a floor for sequential momentum in inflation [4][8][6] 4. **Sector-Specific Insights**: - Non-ferrous metals, particularly copper, are experiencing strong demand due to supply constraints and global demand driven by AI advancements [3][8] - Prices for daily sundry articles reached a **15-year high of 0.7% MoM**, likely due to transient demand from promotional events [3][8] Additional Important Information - The report includes a detailed summary table of CPI and PPI changes over recent months, highlighting significant fluctuations in various categories such as food, non-food, and core indices [6][8] - The analysis emphasizes the impact of seasonal effects and promotional events on price movements, which may not be sustainable in the long term [2][3][8] This summary encapsulates the key points discussed in the conference call, providing insights into the current economic landscape in China and the broader Asia Pacific region.

Report Industry Investment Rating - No information provided. Report's Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on November 10, 2025 [1][4][5]. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 10, 2025, the domestic spot price was 85925, the LME price was 10697, and the ratio was 8.07. The March ratio was 8.03. The equilibrium ratio for spot import was 8.09, with a profit of - 685.03, and the spot export had a profit of 126.56 [1]. - **Zinc**: The domestic spot price was 22620, the LME price was 3208, and the ratio was 7.05. The March ratio was 5.71. The equilibrium ratio for spot import was 8.50, with a profit of - 4661.59 [1]. - **Aluminum**: The domestic spot price was 21540, the LME price was 2831, and the ratio was 7.61. The March ratio was also 7.61. The equilibrium ratio for spot import was 8.33, with a profit of - 2054.39 [1]. - **Nickel**: The domestic spot price was 122200, the LME price was 14859, and the ratio was 8.22. The equilibrium ratio for spot import was 8.19, with a profit of - 1837.56 [1]. - **Lead**: The domestic spot price was 17275, the LME price was 2023, and the ratio was 8.53. The March ratio was 11.16. The equilibrium ratio for spot import was 8.73, with a profit of - 409.62 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 360, - 340, - 340, and - 350 respectively, while the theoretical spreads were 534, 965, 1406, and 1846 [4]. - **Zinc**: The spreads were 90, 125, 140, and 135, and the theoretical spreads were 216, 338, 460, and 583 [4]. - **Aluminum**: The spreads were - 5, 30, 35, and 55, and the theoretical spreads were 219, 339, 459, and 579 [4]. - **Lead**: The spreads were 50, 75, 45, and 35, and the theoretical spreads were 212, 320, 428, and 535 [4]. - **Nickel**: The spreads were - 40, 130, 320, and 580 [4]. - **Tin**: The 5 - 1 spread was - 550, and the theoretical spread was 5865 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were 310 and - 50, and the theoretical spreads were 249 and 672 [4]. - **Zinc**: The spreads were 10 and 100, and the theoretical spreads were 115 and 247 [4]. - **Lead**: The spreads were 95 and 145, and the theoretical spreads were 117 and 232 [5]. Cross - Variety Arbitrage Tracking - On November 10, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) were 3.78, 3.98, 4.93, 0.95, 1.24, and 0.77 respectively, and in London (triple - continuous) were 3.51, 3.76, 5.24, 0.93, 1.39, and 0.67 [5].

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - The price of Shanghai Zinc's main contract fluctuated weakly last week. The results of the Sino - US high - level meeting were in line with market expectations. The Fed cut interest rates by 25BP in October, but Powell's hawkish stance reduced the expectation of a December rate cut, and the rising US dollar was negative for zinc prices. China's October PMI declined month - on - month, and mild stimulus policies are expected. - Fundamentally, domestic zinc concentrate processing fees continued to fall. In November, zinc smelting output is expected to increase by thousands of tons, with supply remaining high but the growth slowing. On the demand side, the demand for different zinc products varied. Overseas, the LME's new rules on positions may reduce the support for liquidity. - Overall, market risk appetite has cooled. China maintains high supply and weak demand, and social inventories are high, but zinc exports can relieve the pressure. The adjustment of LME's position system will weaken the squeeze - out pressure, and the zinc price will fluctuate weakly in the short term [3][9][10]. 3. Summary by Section 3.1 Transaction Data | Contract | Oct 24 | Oct 31 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Zinc | 22,355 | 22,355 | 0 | Yuan/ton | | LME Zinc | 3019.5 | 3050 | 30.5 | US dollars/ton | | SHFE - LME Ratio | 7.40 | 7.33 | - 0.07 | | | SHFE Inventory | 109168 | 103416 | - 5752 | Tons | | LME Inventory | 37,600 | 35,300 | - 2300 | Tons | | Social Inventory | 16.22 | 16.15 | - 0.07 | Ten thousand tons | | Spot Premium | - 60 | - 40 | 20 | Yuan/ton | [4] 3.2 Market Review - Shanghai Zinc's main contract ZN2512 first rose and then fell last week. It was strong in the early part of the week due to positive macro - expectations and weakened later. The weekly change was flat, and the price moved up on Friday night. - LME Zinc's oscillation center moved up. Despite the rising US dollar, the strong overseas structure supported the price, with a weekly increase of 1.01%. - In the spot market, by October 31, prices and premiums varied in different regions. The supply was limited at the end of the month, and the spot premium increased slightly. Transactions were mainly between traders [5][6]. 3.3 Industry News - By October 31, domestic zinc concentrate processing fees decreased by 400 yuan/metal ton, and imported ore processing fees decreased by 7.71 US dollars/dry ton. - In November, domestic zinc smelting output is expected to increase by thousands of tons. - The LME plans to introduce permanent rules to limit large near - month positions. - An explosion at Australia's Endeavor mine caused two deaths, and the company suspended operations. - A survey of 30 analysts shows that the average LME spot zinc price in 2026 is expected to be 2838 US dollars/ton, up 22% from the previous estimate. The expected supply surplus in 2025 is 80,000 tons, and in 2026 it is 239,000 tons [11][12][13]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 27, 2025, to provide data support for potential arbitrage opportunities [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 27, 2025, the domestic spot price was 86,475, the LME price was 10,922, and the ratio was 7.88; the domestic three - month price was 87,680, the LME price was 10,948, and the ratio was 7.89. The equilibrium ratio for spot import was 8.09 [1]. - **Zinc**: The domestic spot price was 22,190, the LME price was 3,216, and the ratio was 6.90; the domestic three - month price was 22,385, the LME price was 3,029, and the ratio was 5.78. The equilibrium ratio for spot import was 8.51, with a loss of 5,172.40 [1]. - **Aluminum**: The domestic spot price was 21,110, the LME price was 2,884, and the ratio was 7.32; the domestic three - month price was 21,245, the LME price was 2,881, and the ratio was 7.35. The equilibrium ratio for spot import was 8.36, with a loss of 2,991.35 [1]. - **Nickel**: The domestic spot price was 124,100, the LME price was 15,131, and the ratio was 8.20. The equilibrium ratio for spot import was 8.19, with a loss of 1,226.75 [1]. - **Lead**: The domestic spot price was 17,275, the LME price was 1,980, and the ratio was 8.74; the domestic three - month price was 17,550, the LME price was 2,017, and the ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a loss of 158.57 [3]. Cross - Period Arbitrage Tracking - **Copper**: On October 27, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 1,690, 1,650, 1,610, and 1,650 respectively, while the theoretical spreads were 532, 962, 1,401, and 1,841 [4]. - **Zinc**: The spreads were 55, 85, 120, and 135, and the theoretical spreads were 215, 335, 456, and 576 [4]. - **Aluminum**: The spreads were 90, 110, 95, and 80, and the theoretical spreads were 217, 334, 452, and 570 [4]. - **Lead**: The spreads were - 20, - 65, - 75, and - 70, and the theoretical spreads were 213, 322, 431, and 540 [4]. - **Nickel**: The spreads were 1,000, 1,160, 1,330, and 1,600 [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts was 10, and the theoretical spread was 5,878 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 350 and 1,340 respectively, and the theoretical spreads were 338 and 1,063 [4]. - **Zinc**: The spreads were 110 and 165, and the theoretical spreads were 180 and 309 [4]. - **Lead**: The spreads were 340 and 320, and the theoretical spreads were 202 and 317 [5]. Cross - Variety Arbitrage Tracking - On October 27, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.92, 4.13, 5.00, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous) were 3.63, 3.83, 5.43, 0.95, 1.42, and 0.67 [5].

Group 1 - The three major indices opened lower, with the Shanghai Composite Index at 3915.48 points, down 0.47%, the Shenzhen Component Index at 13633.19 points, down 0.67%, and the ChiNext Index at 3230.46 points, down 0.96% [1] - Zhongyuan Securities anticipates that the Federal Reserve has initiated a rate-cutting cycle, leading to a more accommodative global liquidity environment, which may enhance domestic monetary policy flexibility and boost market risk appetite [1] - The crowded midstream manufacturing sector may increase short-term market volatility risks, suggesting a balanced allocation strategy between growth and value styles [1] Group 2 - CICC indicates that the market has shown strong structural characteristics, with hotspots concentrated in growth sectors [2] - The strong demand for overseas AI computing power and China's clear energy transition goals are expected to drive structural opportunities in the stock market, with manufacturing upgrades being a long-term trend [2] - Recommended sectors for October include AI computing and robotics, innovative pharmaceuticals, consumer electronics, batteries, non-ferrous metals, engineering machinery, power grid equipment, and the livestock and feed industries [2]

Group 1 - The overall manufacturing PMI is still affected by external unfavorable conditions, but policies promoting "anti-involution" and the service sector have shown positive effects, leading to improved corporate confidence [1] - As external trade shocks gradually dissipate, the policy tone of expanding domestic demand and its actual effectiveness will be further reflected in the data [1] - The market expects the central bank to introduce further easing measures, which may boost market risk appetite [1] Group 2 - Recent market performance shows strong structural characteristics, with hotspots concentrated in growth sectors [2] - The strong demand for overseas AI computing power continues to be validated, and China's clear energy transition goals position it as a manufacturing powerhouse participating in technological innovation [2] - Recommendations for October include focusing on AI computing and robotics-related industries, innovative pharmaceuticals, consumer electronics, batteries, and non-ferrous metals [2]