Wind统计显示，8月25日，申万31个一级行业中有28个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入113.29亿元；获融资净买入居前的行业还有通信、有色金属、电力设备、计算 机、非银金融、汽车、机械设备等，净买入金额均超10亿元。 个股方面，8月25日有2147只个股获融资净买入，净买入金额在1亿元以上的有86股。其中，16股获融资 净买入额超3亿元。胜宏科技获融资净买入额居首，净买入15.78亿元；融资净买入金额居前的还有北方 稀土、阳光电源、工业富联、新易盛、海光信息、东方财富、寒武纪等股，净买入金额均超6亿元。 ...

Report Overview - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on August 21, 2025 [1][4][8] Cross - Market Arbitrage Tracking Copper - Spot price: domestic 78740, LME 9619, ratio 8.22; March price: domestic 78610, LME 9710, ratio 8.09. Spot import equilibrium ratio 8.17, profit 287.54; spot export profit - 327.67 [1] Zinc - Spot price: domestic 22160, LME 2768, ratio 8.01; March price: domestic 22250, LME 2777, ratio 6.01. Spot import equilibrium ratio 8.66, profit - 1804.06 [1] Aluminum - Spot price: domestic 20520, LME 2566, ratio 8.00; March price: domestic 20500, LME 2568, ratio 7.97. Spot import equilibrium ratio 8.46, profit - 1201.30 [1] Nickel - Spot price: domestic 118750, LME 14825, ratio 8.01. Spot import equilibrium ratio 8.25, profit - 2009.30 [1] Lead - Spot price: domestic 16550, LME 1932, ratio 8.59; March price: domestic 16755, LME 1972, ratio 11.25. Spot import equilibrium ratio 8.86, profit - 513.73 [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 - 260, - 280, - 280, - 310 respectively; theoretical spreads are 496, 891, 1294, 1698 [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 - 20, - 35, - 40, - 45 respectively; theoretical spreads are 214, 335, 455, 576 [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 - 30, - 65, - 90, - 115 respectively; theoretical spreads are 214, 329, 443, 558 [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 - 85, - 70, - 40, - 20 respectively; theoretical spreads are 209, 314, 419, 525 [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 - 270, - 30, 180, 420 respectively [4] Tin - 5 - 1 spread is 2810, theoretical spread is 5556 [4] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.53, 3.83, 4.69, 0.92, 1.22, 0.75 respectively; in London (three - continuous) are 3.49, 3.77, 4.91, 0.92, 1.30, 0.71 respectively [8] Futures - Spot Arbitrage Tracking Copper - Spreads for current - month contract - spot and next - month contract - spot are 155 and - 105 respectively; theoretical spreads are 452 and 850 [4] Zinc - Spreads for current - month contract - spot and next - month contract - spot are 125 and 105 respectively; theoretical spreads are 179 and 298 [5] Lead - Spreads for current - month contract - spot and next - month contract - spot are 275 and 190 respectively; theoretical spreads are 205 and 316 [5]

Market Overview - The market experienced a strong upward trend, with the Shanghai Composite Index breaking the high point from October 8 of last year, reaching a nearly four-year high [2] - The total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, an increase of 269.4 billion yuan compared to the previous trading day, marking a return to above 2 trillion yuan after 114 trading days [2] Focus Stocks - Notable stocks included: - Beiwai Technology: 8 consecutive days of gains, up 10.04% [3] - Great Wall Military Industry: 10 consecutive days of gains, up 10.01% [3] - Zhongma Transmission: 11 consecutive days of gains, up 10.00% [3] - Hongtong Gas: 7 consecutive days of gains, up 10.02% [3] - Jishi Media: 8 consecutive days of gains, up 10.09% [3] - Furi Electronics: 8 consecutive days of gains, up 9.98% [3] - Haili Co.: 6 consecutive days of gains, up 10.01% [3] - Aerospace Science and Technology: 7 consecutive days of gains, up 10.03% [3] Market Trends - The market showed a mixed trend with more stocks rising than falling, with over 2,700 stocks increasing in value [3] - AI hardware stocks continued to perform well, with several stocks, including Industrial Fulian, reaching historical highs [3] - The brokerage sector saw a temporary surge, with Guosheng Financial Holdings achieving two consecutive gains [3] - The non-ferrous metal sector showed strong fluctuations, with Zijin Mining and Luoyang Molybdenum both reaching historical highs [3] - Sectors such as electronic chemicals, non-ferrous metals, and biological products led in gains, while coal, banking, ports, and logistics sectors experienced declines [3] Stock Performance - A total of 92 stocks hit the daily limit, with 24 stocks on consecutive gains and 28 stocks failing to maintain their limits, resulting in a limit-hitting rate of 77% [5] - Key stocks in focus included: - Robot concept stocks like Beiwai Technology and Zhongma Transmission [5] - Military sector stocks such as Great Wall Military Industry and Aerospace Science and Technology [5] - Local stocks from Xinjiang like Hongtong Gas [5] - Media stocks like Jishi Media and consumer electronics stocks like Furi Electronics [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, and tin) on August 5, 2025, including domestic and LME prices, price ratios, spreads, equilibrium price ratios, and theoretical spreads [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 5, 2025, the domestic spot price was 78,420, the LME spot price was 9,625, with a price ratio of 8.16. The equilibrium price ratio for spot import was 8.17, with a profit of - 72.83. The domestic three - month price was 78,330, the LME three - month price was 9,678, with a price ratio of 8.08 [1]. - **Zinc**: The domestic spot price was 22,160, the LME spot price was 2,723, with a price ratio of 8.14. The equilibrium price ratio for spot import was 8.67, with a profit of - 1,454.96. The domestic three - month price was 22,250, the LME three - month price was 2,734, with a price ratio of 6.14 [1]. - **Aluminum**: The domestic spot price was 20,480, the LME spot price was 2,579, with a price ratio of 7.94. The equilibrium price ratio for spot import was 8.49, with a profit of - 1,425.36. The domestic and LME three - month prices were both 20,480 and 2,580 respectively, with a price ratio of 7.93 [1]. - **Nickel**: The domestic spot price was 119,150, the LME spot price was 14,849, with a price ratio of 8.02. The equilibrium price ratio for spot import was 8.25, with a profit of - 1,839.75 [1]. - **Lead**: The domestic spot price was 16,650, the LME spot price was 1,925, with a price ratio of 8.67. The equilibrium price ratio for spot import was 8.87, with a profit of - 367.60. The domestic three - month price was 16,760, the LME three - month price was 1,973, with a price ratio of 11.24 [3]. Cross - Period Arbitrage Tracking - **Copper**: On August 5, 2025, the spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 60, - 60, - 140, and - 170 respectively, while the theoretical spreads were 494, 886, 1287, and 1688 respectively [4]. - **Zinc**: The spreads were - 35, - 40, - 45, and - 75 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - **Aluminum**: The spreads were - 55, - 100, - 135, and - 195 respectively, and the theoretical spreads were 214, 329, 444, and 559 respectively [4]. - **Lead**: The spreads were 70, 80, 90, and 115 respectively, and the theoretical spreads were 208, 313, 417, and 522 respectively [4]. - **Nickel**: The spreads were 1160, 1260, 1400, and 1670 respectively [4]. - **Tin**: The 5 - 1 spread was - 350, and the theoretical spread was 5534 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 5 and - 65 respectively, while the theoretical spreads were 221 and 647 respectively [4]. - **Zinc**: The spreads were 130 and 95 respectively, and the theoretical spreads were 127 and 256 respectively [4]. - **Zinc (repeated data)**: The spreads were 130 and 95 respectively, and the theoretical spreads were 130 and 245 respectively [5]. - **Lead**: The spreads were 30 and 100 respectively, and the theoretical spreads were 118 and 229 respectively [5]. Cross - Variety Arbitrage Tracking - On August 5, 2025, the cross - variety price ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.52, 3.82, 4.67, 0.92, 1.22, and 0.75 respectively for the Shanghai (three - continuous) contracts and 3.52, 3.79, 4.94, 0.93, 1.30, and 0.71 respectively for the London (three - continuous) contracts [5].

Report Industry Investment Rating - Not mentioned in the provided content Report 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 August 1, 2025 [1][3][4] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: 2025/08/01, domestic spot price 78500, LME spot price 9571, spot price ratio 8.26; domestic March price 78050, LME March price 9622, March price ratio 8.14; spot import equilibrium ratio 8.19, spot import profit - 286.39, spot export profit - 294.28 [1] - **Zinc**: 2025/08/01, domestic spot price 22320, LME spot price 2762, spot price ratio 8.08; domestic March price 22365, LME March price 2769, March price ratio 6.07; spot import equilibrium ratio 8.69, spot import profit - 1680.39 [1] - **Aluminum**: 2025/08/01, domestic spot price 20590, LME spot price 2584, spot price ratio 7.96; domestic March price 20500, LME March price 2587, March price ratio 7.95; spot import equilibrium ratio 8.54, spot import profit - 1503.26 [1] - **Nickel**: 2025/08/01, domestic spot price 119050, LME spot price 14765, spot price ratio 8.06; spot import equilibrium ratio 8.27, spot import profit - 1922.67 [1] - **Lead**: 2025/08/01, domestic spot price 16625, LME spot price 1936, spot price ratio 8.61; domestic March price 16755, LME March price 1977, March price ratio 11.30; spot import equilibrium ratio 8.89, spot import profit - 525.73 [3] Cross - Period Arbitrage Tracking - **Copper**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 890, - 880, - 920, - 960 respectively; theoretical spreads are 497, 891, 1295, 1699 respectively [4] - **Zinc**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 10, 10, 25, - 10 respectively; theoretical spreads are 215, 336, 456, 577 respectively [4] - **Aluminum**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 165, - 175, - 220, - 270 respectively; theoretical spreads are 214, 330, 445, 561 respectively [4] - **Lead**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 135, - 115, - 80, - 55 respectively; theoretical spreads are 209, 315, 420, 525 respectively [4] - **Nickel**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 1690, - 1520, - 1300, - 1100 respectively [4] - **Tin**: 2025/08/01, 5 - 1 spread is 880, theoretical spread is 5512 [4] Spot - Futures Arbitrage Tracking - **Copper**: 2025/08/01, spreads for 当月合约 - 现货, 次月合约 - 现货 are 385, - 505 respectively; theoretical spreads are 332, 637 respectively [4] - **Zinc**: 2025/08/01, spreads for 当月合约 - 现货, 次月合约 - 现货 are 35, 25 respectively; theoretical spreads are 130, 260 respectively [4] - **Lead**: 2025/08/01, spreads for 当月合约 - 现货, 次月合约 - 现货 are 245, 110 respectively; theoretical spreads are 160, 271 respectively [5] Cross - Variety Arbitrage Tracking - 2025/08/01, ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.49, 3.81, 4.66, 0.92, 1.22, 0.75 respectively; in London (three - continuous) are 3.48, 3.75, 4.88, 0.93, 1.30, 0.71 respectively [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The macro - situation has marginally improved, but the upside space is limited. Zinc is an oversupplied variety, and inventory accumulation has begun in all links of the industrial chain. The overall outlook for the year is bearish. In July, smelters are actively resuming production. Considering the resumption of production after maintenance and new production, the month - on - month increase may be between 15,000 and 20,000 tons. It is the off - season for consumption, and downstream demand is weak. It is expected that the valuation center of Shanghai zinc will decline, and the month - on - month increase in social inventory will rise [3]. Summary by Relevant Catalogs 1. Qualitative Analysis of Zinc - **Core Viewpoint**: The outlook is oscillating weakly. The macro - situation has marginally improved, but the upside space is limited. Zinc is an oversupplied variety, and inventory accumulation has begun in all links of the industrial chain. The overall outlook for the year is bearish. In July, smelters are actively resuming production. Considering the resumption of production after maintenance and new production, the month - on - month increase may be between 15,000 and 20,000 tons. It is the off - season for consumption, and downstream demand is weak. It is expected that the valuation center of Shanghai zinc will decline, and the month - on - month increase in social inventory will rise [3]. - **Smelting Profit**: Bearish. The weekly domestic processing fee is 3,800 yuan/metal ton; the weekly imported TC is 65 US dollars/dry ton, with a small month - on - month increase. The average smelting profit without considering by - products has risen to around - 200 yuan/ton [3]. - **Spot Premium/Discount**: Bearish. Shanghai has a premium of 30 yuan/ton over the 2508 contract; Guangdong has a discount of - 45 yuan/ton over the 2509 contract; Tianjin has a discount of 20 yuan/ton over the 2508 contract [3]. - **Galvanized Steel Pipe开工率**: Bearish. The weekly production capacity utilization rate of galvanized steel pipes is 49.91%, a month - on - month decrease of 0.61% [3]. - **Alloy开工率**: Bearish. The weekly alloy production capacity utilization rate is 58.45%, a month - on - month decrease of 0.65% [3]. - **Domestic Inventory**: Bearish. The inventory in the original three regions has increased by 500 tons, and the inventory in the seven regions has increased by 400 tons [3]. - **LME Premium/Discount**: Bullish. The LME zinc 0 - 3 premium/discount has risen to around - 10 US dollars/ton [3]. - **Import Profit**: Bullish. The import window is closed. The LME zinc ingot has a loss of 1,300 yuan/ton compared to the Shanghai zinc spot and a loss of 1,400 yuan/ton compared to the Shanghai zinc 2508 futures [3]. - **LME Inventory**: Bearish. The total LME zinc inventory is 121,500 tons, with a weekly inventory increase of 15,800 tons [3]. 2. Monthly Balance Sheet of Zinc - **Total Production**: Varies from month to month, with 546,900 tons in March 2025 and 595,100 tons in July 2025 [4]. - **Import**: Ranges from 26,700 tons to 39,700 tons from January to December 2025, with a decrease in some months [4]. - **Export**: Remains relatively stable at around 1,000 tons per month [4]. - **Total Supply**: Fluctuates between 515,100 tons and 626,100 tons throughout the year [4]. - **Total Consumption**: Ranges from 485,600 tons to 618,200 tons, showing different trends in different months [4]. - **Surplus Quantity**: There are periods of surplus and deficit, with a surplus of 261,000 tons in July 2025 [4]. 3. Weekly Fundamental Situation - **Production News**: Australian copper miner 29Metals reported a decline in both copper and zinc production in the second quarter. Vedanta's zinc concentrate production in the second quarter of 2025 increased by 7% year - on - year. EmSulliden Mining Capital Inc. obtained a 48% stake in a nickel, zinc, and lead exploration project in Poland. Hudbay Minerals suspended operations in the Snow Lake area due to wildfires [7]. 4. Zinc Concentrate Processing Fees - **Domestic Processing Fee**: The 50% grade zinc concentrate processing fee is in the range of 3,600 - 4,300 yuan/metal ton, with a national average of 3,800 yuan/metal ton, unchanged month - on - month [9]. - **Imported Processing Fee**: The imported zinc concentrate processing fee ranges from 50 to 80 US dollars/dry ton, with an average of 65 US dollars/dry ton, unchanged month - on - month. The long - term tender price of overseas zinc concentrates has not increased significantly, but the container bulk cargo transaction price has increased, and the overall trend of imported ores is upward [9]. 5. Zinc Concentrate Import and Inventory - **Import Volume**: In May 2025, the import volume of zinc ore and concentrates was 491,500 tons, a month - on - month decrease of 0.63%. The cumulative import volume from January to May was 2.204 million tons [10]. - **Import Source Countries**: Mainly from Australia, Peru, Russia, and South Africa, with Peru and Australia being the major ones [12]. - **Port Inventory**: As of July 11, the total port inventory was 333,000 tons, including 80,000 tons in Lianyungang and 140,000 tons in Fangchenggang. Recent port transactions have decreased, and traders are waiting to sell [15]. 6. Zinc Futures Prices - **Shanghai Zinc Futures**: Last week, the main contract of Shanghai zinc opened at 22,340 yuan/ton, with a weekly high of 22,475 yuan/ton, a low of 21,865 yuan/ton, and closed at 22,380 yuan/ton, with a weekly decline of 0.13%. The monthly spread has fallen below 100 yuan, and the cost - effectiveness of the monthly spread ratio is not high, so it is currently advisable to wait and see [18]. - **LME Zinc Futures**: Last week, LME zinc opened at 2,733.5 US dollars/ton, with a weekly high of 2,785 US dollars/ton, a low of 2,675.5 US dollars/ton, and closed at 2,738 US dollars/ton, with a weekly increase of 0.09%. The outer market maintains a backwardation structure, and the LME zinc 0 - 3 discount is around - 10 US dollars/ton [20]. 7. Zinc Import Profit and Ratio - **Shanghai - London Ratio**: As of this Tuesday, the Shanghai - London ratio of zinc has dropped to 8.15, and the exchange - adjusted ratio has dropped to 1.14. The import window is closed, and the current spot import loss is 900 yuan/ton [25]. 8. Refined Zinc Production and Consumption - **Production**: In July, many smelters are resuming or starting production. Yunnan, Guangxi, Qinghai, and Henan smelters contribute to the increase, while Inner Mongolia and Gansu smelters contribute to the decrease. It is expected that the refined zinc production in July 2025 will increase by about 20,000 tons month - on - month [33]. - **Import**: In May 2025, China imported 26,700 tons of refined zinc, a year - on - year decrease of 39.85%. The main import countries are Kazakhstan, Australia, and Spain, with Kazakhstan and Australia accounting for 58.7% and 13.56% respectively. The main import provinces are Shanghai and Zhejiang [35]. - **Downstream Consumption**: The production capacity utilization rate of galvanized pipes is 49.91%, a month - on - month decrease of 0.61%. The alloy production capacity utilization rate is 58.45%, a month - on - month decrease of 0.65%. The terminal consumption has not improved, and the market order transactions are not good [3][40][42]. 9. Zinc Inventory - **SHFE Inventory**: As of July 11, the total SHFE refined zinc inventory was 49,500 tons, with a weekly inventory increase of about 4,000 tons [53]. - **LME Inventory**: As of July 11, the total LME zinc inventory was 121,500 tons, with a weekly inventory increase of 15,800 tons [53]. - **Seven - Region Inventory**: As of July 17, the total inventory of zinc ingots in seven regions was 93,500 tons, an increase of 3,300 tons compared to July 10, with significant inventory increases in Guangdong and Tianjin [60]. 10. Lead - Zinc Ratio - The lead - zinc ratio has risen slightly. As of this Tuesday, the domestic lead - zinc ratio is 0.77, and the outer - market lead - zinc ratio is 0.74 [61].

1. Report Industry Investment Rating - No relevant information provided 2. Core View - The report presents cross - market, cross - period, spot - futures and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 29, 2025, including domestic and LME prices, price ratios, spreads and theoretical spreads, as well as import/export profitability [1][3][4] 3. Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 79080, LME price is 9746, ratio is 8.13; March domestic price is 79010, LME price is 9801, ratio is 8.07; equilibrium ratio for spot import is 8.17, profit is - 615.05; spot export profit is 161.91 [1] - **Zinc**: Spot domestic price is 22650, LME price is 2819, ratio is 8.03; March domestic price is 22650, LME price is 2821, ratio is 6.00; equilibrium ratio for spot import is 8.65, profit is - 1744.32 [1] - **Aluminum**: Spot domestic price is 20660, LME price is 2627, ratio is 7.87; March domestic price is 20590, LME price is 2628, ratio is 7.85; equilibrium ratio for spot import is 8.51, profit is - 1702.22 [1] - **Nickel**: Spot domestic price is 121200, LME price is 15012, ratio is 8.07; equilibrium ratio for spot import is 8.25, profit is - 1995.62 [1] - **Lead**: Spot domestic price is 16750, LME price is 1992, ratio is 8.42; March domestic price is 16925, LME price is 2019, ratio is 11.24; equilibrium ratio for spot import is 8.85, profit is - 843.94 [3] Cross - Period Arbitrage Tracking - **Copper**: Sub - month - spot month spread is - 170, March - spot month spread is - 160, April - spot month spread is - 210, May - spot month spread is - 230; theoretical spreads are 498, 894, 1299, 1703 respectively [4] - **Zinc**: Sub - month - spot month spread is - 200, March - spot month spread is - 195, April - spot month spread is - 205, May - spot month spread is - 250; theoretical spreads are 217, 340, 464, 587 respectively [4] - **Aluminum**: Sub - month - spot month spread is - 160, March - spot month spread is - 185, April - spot month spread is - 240, May - spot month spread is - 295; theoretical spreads are 215, 331, 447, 563 respectively [4] - **Lead**: Sub - month - spot month spread is - 10, March - spot month spread is 0, April - spot month spread is 25, May - spot month spread is 50; theoretical spreads are 210, 315, 421, 527 respectively [4] - **Nickel**: Sub - month - spot month spread is - 2590, March - spot month spread is - 2430, April - spot month spread is - 2310, May - spot month spread is - 1980 [4] - **Tin**: 5 - 1 spread is 1030, theoretical spread is 5547 [4] Spot - Futures Arbitrage Tracking - **Copper**: Current month contract - spot spread is 125, sub - month contract - spot spread is - 45; theoretical spreads are 328 and 741 respectively [4] - **Zinc**: Current month contract - spot spread is 195, sub - month contract - spot spread is - 5; theoretical spreads are 139 and 271 respectively [4] - **Lead**: Current month contract - spot spread is 175, sub - month contract - spot spread is 165; theoretical spreads are 161 and 273 respectively [5] Cross - Variety Arbitrage Tracking - **Cross - variety ratios**: Copper/zinc (Shanghai, three - continuous) is 3.49, copper/aluminum is 3.84, copper/lead is 4.67, aluminum/zinc is 0.91, aluminum/lead is 1.22, lead/zinc is 0.75; Copper/zinc (LME, three - continuous) is 3.48, copper/aluminum is 3.72, copper/lead is 4.86, aluminum/zinc is 0.93, aluminum/lead is 1.30, lead/zinc is 0.72 [5]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on July 9, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to provide information for potential arbitrage opportunities [1][3][4]. 3. Summary by Category Cross - market Arbitrage Tracking - **Copper**: On July 9, 2025, the domestic spot price was 79,800, the LME spot price was 9,903, with a ratio of 8.04; the three - month domestic price was 79,450, the LME price was 9,852, with a ratio of 8.07. The equilibrium ratio for spot import was 8.15, with a loss of 844.96, and a profit of 665.89 for spot export [1]. - **Zinc**: The domestic spot price was 22,020, the LME spot price was 2,679, with a ratio of 8.22; the three - month domestic price was 21,960, the LME price was 2,689, with a ratio of 6.35. The equilibrium ratio for spot import was 8.68, with a loss of 1,226.55 [1]. - **Aluminum**: The domestic spot price was 20,610, the LME spot price was 2,584, with a ratio of 7.97; the three - month domestic price was 20,470, the LME price was 2,585, with a ratio of 7.93. The equilibrium ratio for spot import was 8.51, with a loss of 1,397.68 [1]. - **Nickel**: The domestic spot price was 119,300, the LME spot price was 14,917, with a ratio of 8.00. The equilibrium ratio for spot import was 8.25, with a loss of 2,643.68 [1]. - **Lead**: The domestic spot price was 16,875, the LME spot price was 2,023, with a ratio of 8.35; the three - month domestic price was 17,190, the LME price was 2,047, with a ratio of 10.73. The equilibrium ratio for spot import was 8.84, with a loss of 983.40 [3]. Cross - period Arbitrage Tracking - **Copper**: On July 9, 2025, the spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were 70, - 100, - 340, and - 550 respectively, while the theoretical spreads were 500, 898, 1304, and 1711 [4]. - **Zinc**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 85, - 175, - 245, and - 300 respectively, and the theoretical spreads were 214, 333, 453, and 573 [4]. - **Aluminum**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 90, - 145, - 225, and - 300 respectively, and the theoretical spreads were 214, 329, 444, and 559 [4]. - **Lead**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 5, 25, 10, and 5 respectively, and the theoretical spreads were 211, 318, 424, and 531 [4]. - **Nickel**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were 130, 250, 370, and 600 respectively [4]. - **Tin**: The 5 - 1 spread was - 1030, and the theoretical spread was 5483 [4]. Cross - variety Arbitrage Tracking - On July 9, 2025, the ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.62, 3.88, 4.62, 0.93, 1.19, and 0.78 respectively; in London (three - continuous) were 3.60, 3.79, 4.76, 0.95, 1.26, and 0.76 respectively [5].

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 various non - ferrous metals on July 2, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 2, 2025, the domestic spot price was 80190, the LME spot price was 10083, with a spot import equilibrium ratio of 8.14 and a loss of 1085.77. The domestic three - month price was 80390, the LME three - month price was 9967, and the ratio was 8.00 [1]. - **Zinc**: The domestic spot price was 22290, the LME spot price was 2721, with a spot import equilibrium ratio of 8.65 and a loss of 1256.15. The domestic three - month price was 22195, the LME three - month price was 2740, and the ratio was 6.25 [1]. - **Aluminum**: The domestic spot price was 20780, the LME spot price was 2606, with a spot import equilibrium ratio of 8.51 and a loss of 1396.28. The domestic three - month price was 20545, the LME three - month price was 2607, and the ratio was 7.88 [1]. - **Nickel**: The domestic spot price was 119250, the LME spot price was 15021, with a spot import equilibrium ratio of 8.23 and a loss of 2691.60 [1]. - **Lead**: The domestic spot price was 16900, the LME spot price was 2010, with a spot import equilibrium ratio of 8.83 and a loss of 810.93. The domestic three - month price was 17130, the LME three - month price was 2042, and the ratio was 10.86 [1][3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 540, 290, 0, and - 230 respectively, while the theoretical spreads were 503, 903, 1313, and 1722 [4]. - **Zinc**: The spreads were - 325, - 385, - 440, and - 490, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were - 95, - 185, - 295, and - 410, and the theoretical spreads were 215, 330, 446, and 562 [4]. - **Lead**: The spreads were - 70, - 40, - 45, and - 60, and the theoretical spreads were 211, 318, 425, and 531 [4]. - **Nickel**: The spreads were 100, 250, 410, and 580 [4]. - **Tin**: The 5 - 1 spread was - 1830, and the theoretical spread was 5527 [4]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (continuous three - month contracts) were 3.62, 3.91, 4.69, 0.93, 1.20, and 0.77 respectively, and in London (continuous three - month contracts) were 3.66, 3.82, 4.87, 0.96, 1.28, and 0.75 [8]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 70 and 470, and the theoretical spreads were 261 and 784 [4]. - **Zinc**: The spreads were 290 and - 35, and the theoretical spreads were 121 and 232 [4][5]. - **Lead**: The spreads were 270 and 200, and the theoretical spreads were 164 and 277 [5].

Core View - Positive factors: Declines in zinc inventories at LME and SHFE support market sentiment, and China's zinc consumption is growing steadily with relatively stable demand [3] - Negative factors: Global zinc consumption is polarized, with a significant decline in Western countries, and zinc inventories remain high due to the slowdown of the world economy [3] - Trading advisory view: Futures institutions have divergent views, with some bullish on short - term macro sentiment and others bearish due to weak fundamentals of increasing supply and decreasing demand [3] Processing and End - User Demand Galvanized Steel Coils - Market sentiment index (weekly) data from 2023/06 to 2025 is presented [5] - Weekly inventory, seasonal data from 2021 - 2025 is shown [5] - Steel mill weekly production, seasonal data from 2021 - 2025 is provided [5] Net Exports and Imports - Galvanized sheet (strip) net export seasonal data from 2021 - 2025 is given [6] - Die - cast zinc alloy net import seasonal data from 2021 - 2025 is presented [6] - Color - coated sheet (strip) net export seasonal data from 2021 - 2025 is shown [8][9] - Zinc oxide net export seasonal data from 2021 - 2025 is provided [8][10] Real Estate - Real estate development investment and project progress cumulative year - on - year data from 2015/12 to 2023/12 is shown [11][12] - Sales area cumulative year - on - year and unsold area cumulative year - on - year data from 2020/12 to 2024/12 is presented [13][14] - 30 large - and medium - sized cities' commercial housing transaction volume seasonal data from 2021 - 2025 is given [16][17] Infrastructure - Infrastructure fixed - asset investment (excluding rural households) completion data from 2020/06 to 2024/12 is provided [18][19] Futures and Spot Market Review Zinc Prices - Domestic and foreign zinc price trends from 2023/06 to 2025 are presented [22] - LME zinc closing price vs. US dollar index data from 2022/04 to 2025/04 is shown [23][26] Futures Market - SHFE zinc main contract trading volume and open interest data from 2023/06 to 2025 are given [22] - LME zinc (spot/three - month) premium and discount data from 2023/03 to 2025/03 is presented [24] - LME term structure data from 2021 - 2025 is shown [27] Basis - Three - location zinc ingot basis trends from 2023/03 to 2025/03 are provided [28][29] - Tianjin zinc ingot basis seasonal data from 2021 - 2025 is given [30][31] Supply and Supply - Side Profits Zinc Concentrate - Zinc concentrate monthly import volume seasonal data from 2021 - 2025 is presented [33] - Zinc concentrate TC data from 2022/04 to 2025/04 is shown [34][35] Zinc Ingot - SMM zinc ingot monthly production seasonal data from 2021 - 2025 is given [36] - China zinc ingot monthly production + import volume seasonal data from 2021 - 2025 is presented [37] Production and Inventory - Zinc concentrate raw material inventory days data from 2021 - 2025 is shown [38] - LME zinc total inventory seasonal data from 2021 - 2025 is given [38] - SHFE zinc inventory futures seasonal data from 2021 - 2025 is presented [39][40] Profits - Refined zinc enterprise production profit and processing fee data from 2022/06 to 2024/12 is provided [36]