香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致的任何損 失承擔任何責任。 Shanjin International Gold Co., Ltd. 山 金 國 際 黃 金 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向山金國際黃金股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司的聯席保薦人、整 體協調人、顧問及包銷團成員表示同意： 本申請版本不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記，且在根據 1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本申請版本及當中所載資料均不構成於美國或任何其他禁 ...

I. Overall Investment Rating The report does not provide an overall industry investment rating. II. Core Viewpoints - The current global market's core pricing line is affected by the geopolitical situation between the US and Iran, leading to a "Mutually Assured Destruction (MAD)" situation overseas, while in China, assets have a triple - safety premium. The core investment strategy in 2026 is defensive counter - attack, and blindly following the 2025 investment ideas will face significant risks [2]. - Various industries are influenced by the US - Iran conflict, Fed policies, and seasonal factors, with different trends and investment opportunities [2][5][7]. III. Summary by Industry 1. Financial Futures Macro - The US - Iran deadlock may enter a critical change period. The central bank will maintain liquidity, and the situation in Iran involves multiple measures and responses, including the threat to close the Strait of Hormuz [1]. - The global market is influenced by the US - Iran conflict, with the risk of secondary inflation from oil price shocks reversing global liquidity expectations. The Fed's policy path is changing, and A - shares are in a risk - release stage [2]. RMB Exchange Rate - After the global central bank meetings, the market's hawkish expectations have risen. The US dollar index may remain strong in the short - term, but its upward space is limited. The RMB exchange rate may fluctuate within a range [3]. - Short - term strategies suggest that export enterprises lock in forward exchange settlement at around 6.93, and import enterprises adopt a rolling purchase strategy at the 6.85 level [3]. Stock Index - The stock index was affected by external disturbances last week, with a decline in major indices. The short - term is expected to continue to adjust, but the long - term basis is strong [5]. Treasury Bonds - Last week, treasury bonds showed a bottom - hunting and rebounding trend, but weakened on Friday. The short - term strategy is grid operation, and low - position long positions can be sold at high prices [6]. 2. Commodities New Energy - **Carbonate Lithium**: The price of carbonate lithium futures decreased last week. It is expected to fluctuate widely between 120,000 - 150,000 yuan/ton in the short - term, with long - term demand support [13][14]. - **Industrial Silicon & Polysilicon**: The futures prices of industrial silicon and polysilicon decreased this week. The current market has a supply - demand imbalance, but the long - term development logic is clear [15][16]. Non - ferrous Metals - **Aluminum Industry Chain**: The price of aluminum is affected by geopolitics and concerns about economic recession and liquidity. It is expected to fluctuate and consolidate. Alumina has a mixed fundamental situation, and casting aluminum alloy follows the trend of aluminum [19][20]. - **Copper**: The copper price fell last week. In the short - term, it will continue to be weak, and long - term opportunities can be considered. Industrial customers can focus on low - price restocking, and speculative customers can use short - selling and long - buying strategies [21][24]. - **Zinc**: The zinc price has support at the lower end of the price range, but is affected by inventory and the macro - environment, and is expected to be weak in the short - term [26]. - **Nickel - Stainless Steel**: The prices of nickel and stainless steel fluctuated this week, following the macro - guidance. The fundamentals are in a game state, and the short - term trend is uncertain [27][28]. - **Tin**: The tin price is under pressure from both the macro - environment and fundamentals, with a short - term weak trend and a long - term upward trend [28][29]. - **Lead**: The lead price is expected to fluctuate and adjust [30]. 3. Oils and Fats, and Feeds Oilseeds - The external market of oilseeds fell, and the domestic market followed. The supply of imported soybeans is expected to increase, and the domestic soybean meal inventory is decreasing. The rapeseed meal has a demand recovery expectation, but also faces supply pressure [31]. - The strategy is to exit the positive spread between monthly contracts [31]. Oils - The supply pressure of Malaysian palm oil has eased, and the market is waiting for the progress of bio - fuel policies. The domestic oil inventory is different, and the short - term is expected to fluctuate [32]. 4. Energy and Oil and Gas SC - The oil price is oscillating at a high level, with upward driving factors due to the continuous escalation of the US - Iran conflict and the risk of the Strait of Hormuz [34][36]. Fuel Oil - The Asian fuel oil market has a short - term correction, but the supply gap will support the spot premium and refinery profits in the short - term [37]. Asphalt - The asphalt price is affected by geopolitical disturbances, with supply reduction and weak demand. The short - term is difficult to reverse, and investors should control positions and consider hedging strategies [38]. 5. Precious Metals Platinum & Palladium - The prices of platinum and palladium fell last week. The core drivers include Fed policies, geopolitical situations, and supply - side factors. The strategy is to be bullish in the long - term and pay attention to position control [40][44]. Gold & Silver - The prices of gold and silver fell due to the reversal of interest - rate hike expectations. The strategy is to be bullish in the long - term, and pay attention to support levels and risk factors [46][48]. 6. Chemicals Pulp - Offset Paper - The pulp spot price followed the futures price to rise. The short - term market is expected to be neutral. The offset paper futures are affected by pulp prices and are expected to fluctuate in a range [50][52]. Pure Benzene - Styrene - The prices of pure benzene and styrene follow the cost - end and are expected to be strong in the short - term, but the geopolitical situation is uncertain, and risks should be noted [53][54]. LPG - The LPG futures price rose, showing an internal - strong and external - weak, futures - strong and spot - weak pattern. The short - term is expected to be in a high - level shock, and the risk of price correction should be vigilant [55][57]. Methanol - The methanol futures price soared. The supply is affected by the Iranian situation, and the strategy is to consider the 5 - 6 reverse spread and 9 - 1 positive spread [58][59]. PP & Propylene - The prices of PP and propylene are expected to be strong in the short - term, with supply support and demand pressure [60][63]. Plastic - The plastic market has a supply - demand imbalance. The supply is expected to decrease, but the spot pressure is increasing. The short - term is expected to be strong if the conflict continues [64][65]. Rubber - The synthetic rubber price rose, and the natural rubber was boosted. The short - term is affected by geopolitical and macro - factors, with a long - term stable trend. Strategies include long - buying at low prices and arbitrage [67][69]. Glass & Soda Ash - Soda ash has high production and stable demand, with limited price space. Glass has a cold - repair expectation and high inventory, and the demand needs to be verified [70][72]. 7. Black Metals Rebar & Hot - Rolled Coil - The steel price is supported by raw material costs, but is affected by inventory and demand. The short - term is expected to rebound, but the height is limited [73][74]. Iron Ore - The iron ore price is supported by cost and tight spot supply, with a near - strong and far - weak pattern. The strategy is to be long in the near - term and short in the far - term [77][79]. Ferrosilicon & Silicomanganese - The prices of ferrosilicon and silicomanganese are supported by costs, and the impact of the Australian hurricane on manganese ore needs to be noted [80][81]. 8. Agricultural and Soft Commodities Live Pigs - The live pig futures price fell. The current supply - demand pattern remains unchanged, and the strategy is to sell call options on the main contract [83]. Cotton - The cotton price is affected by geopolitical conflicts and import policies. The short - term has support, and the long - term demand is resilient [83][85]. Sugar - The sugar price is expected to be in a shock pattern in the short - term due to the geopolitical situation and cautious capital sentiment [86][87]. Eggs - The egg price rebounded. The short - term is expected to be stable with a narrow adjustment, and the strategy is to sell call options on the main contract [87]. Apples - The apple futures price is strong, driven by fundamentals and delivery logic. The 05 contract is expected to be strong in the short - term [91]. Peanuts - The peanut market is in a supply - demand weak situation. The price is affected by the macro - situation of the oils and fats and oilseeds sector [92][94]. Red Dates - The red date price is in a narrow - range shock, with limited driving factors and pressure on the upside [95].

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short - term, the market rotation has accelerated, and the risk appetite has decreased. However, policy support for the capital market remains unchanged, and technology and growth are still the main market trends. Index investment should focus on buying on dips in the medium - to - long - term [4]. - In the fourth quarter, the bond market supply - demand pattern may improve, but it will maintain a volatile trend under the background of weak domestic demand recovery and improved inflation expectations. Attention should be paid to the impact of stock - bond linkage and liquidity [7]. - For most commodities, the market situation is complex. Some are expected to strengthen due to factors such as supply disturbances and cost support, while others may face pressure due to factors such as over - supply and weak demand. It is necessary to pay attention to macro - events and industry fundamentals [41][42] 3. Summary by Directory 3.1 Macro - financial Category 3.1.1 Stock Index - **Market Information**: In November, the manufacturing PMI was 49.2%, and the non - manufacturing business activity index was 49.5%. The National Space Administration established the Commercial Space Department. The central bank continued to ban virtual currencies. Metal prices soared on Friday, with silver and copper hitting record highs [2]. - **Strategy Viewpoint**: The market rotation has accelerated, and the risk appetite has decreased. The policy support for the capital market remains unchanged, and the index should be bought on dips in the medium - to - long - term [4]. 3.1.2 Treasury Bonds - **Market Information**: On Friday, the main contracts of TL, T, TF, and TS had different changes. In November, the manufacturing PMI improved, and the non - manufacturing business activity index declined. Japan revised its bond issuance plan. The central bank conducted a 7 - day reverse repurchase operation on Friday, with a net withdrawal of funds [5]. - **Strategy Viewpoint**: In November, the manufacturing PMI data showed an overall improvement in manufacturing sentiment, but the service industry was weak. The social financing growth rate may remain weak at the end of the year. The bond market is expected to maintain a volatile trend in the fourth quarter, and attention should be paid to stock - bond linkage and liquidity [7]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold and silver futures rose. COMEX gold and silver also had certain prices. Silver has entered the accelerated peak - hitting stage, and its technical trend conforms to the characteristics of previous second - stage rises. The current overseas position and inventory levels are not in a state of "delivery difficulties" [8]. - **Strategy Viewpoint**: The silver price is in an accelerated rise, and attention should be paid to the pressure level of 14,500 yuan/kg. If the price weakens during the day, profits should be taken in time. It is risky to open new long positions or short at high prices. Shanghai gold is at the end of a triangular convergence breakthrough pattern, and it is recommended to buy on dips [9]. 3.2 Non - ferrous Metals Category 3.2.1 Copper - **Market Information**: Concerns about smelting production cuts led copper prices to break through historical highs. LME copper inventory increased, and domestic futures exchange inventory decreased. The domestic spot import was at a loss, and the refined - scrap price difference widened [11]. - **Strategy Viewpoint**: Geopolitical factors still exist, but the market focuses on the Fed's interest rate meeting. The supply of copper raw materials is tight, and the expectation of smelting production cuts drives copper prices to rise. The downstream operating rate is stable and strong, so copper prices are expected to continue to strengthen [12]. 3.2.2 Aluminum - **Market Information**: Aluminum prices rebounded on Friday. The inventory of domestic and LME aluminum ingots continued to decline. The aluminum rod processing fee continued to decline, and the trading was average [13]. - **Strategy Viewpoint**: The inventory of domestic and LME aluminum ingots is at a relatively low level. Coupled with supply disturbances, stable downstream operating rates, and rising copper prices, the center of gravity of aluminum prices is expected to rise further [14]. 3.2.3 Zinc - **Market Information**: The Shanghai zinc index rose slightly. The LME zinc price fell. The domestic social zinc inventory decreased slightly, but the total inventory increased after considering the in - transit and factory inventories. The zinc import was at a loss [15]. - **Strategy Viewpoint**: The visible inventory of zinc ore has increased, but the zinc concentrate TC has continued to decline, and the zinc smelting profit is under pressure. The downstream operating rate has declined marginally. The current situation of the zinc industry is not in resonance with the strong macro - sentiment, so zinc prices are expected to fluctuate widely in the short - term [16]. 3.2.4 Lead - **Market Information**: The Shanghai lead index rose. The LME lead price also rose. The domestic social lead inventory decreased slightly. The refined - scrap price difference was at par [17]. - **Strategy Viewpoint**: The visible inventory of lead ore has increased, the primary smelting operating rate has declined, and the secondary smelting operating rate has continued to rise. The downstream battery enterprise operating rate has increased marginally, and the visible inventory of domestic lead ingots has decreased. In the Fed's interest - rate cut cycle, the sentiment of the non - ferrous metals industry is relatively positive, so lead prices are expected to be strong in the short - term [17]. 3.2.5 Nickel - **Market Information**: Nickel prices fluctuated narrowly on Friday. The spot price premiums of different brands were stable, and the nickel ore price was stable, while the nickel iron price continued to decline [18]. - **Strategy Viewpoint**: The oversupply pressure of nickel is still large, but with the stabilization of nickel iron prices and the warming of the macro - atmosphere, nickel prices may turn to a volatile trend in the short - term. Attention should be paid to the trends of nickel iron and ore prices [19]. 3.2.6 Tin - **Market Information**: The Shanghai tin main contract price rose. The inventory of the futures exchange increased, and the LME tin inventory also increased. The supply of tin concentrate has been slightly relieved, but the conflict in Congo (Kinshasa) has affected transportation. The demand in traditional fields is weak, but emerging fields provide long - term support. The social inventory has decreased [21]. - **Strategy Viewpoint**: Although the demand in the tin market is weak in the short - term, the supply disturbance is the decisive factor for short - term prices. Therefore, tin prices are likely to fluctuate strongly. It is recommended to wait and see [22]. 3.2.7 Lithium Carbonate - **Market Information**: The spot price of lithium carbonate decreased, while the futures price increased. The price of Australian lithium concentrate increased [23]. - **Strategy Viewpoint**: The improvement of fundamentals boosts the bullish sentiment, but there are differences in future demand expectations. The change of the mining permit of Jiaxiawo Mine is a short - term positive for the spot but a long - term negative for supply. It is recommended to wait and see or use options, and pay attention to the cell production schedule in the first quarter and the atmosphere of the equity market [23]. 3.2.8 Alumina - **Market Information**: The alumina index rose. The domestic spot price was at a premium to the futures. The overseas price fell, and the import window was opened. The futures inventory increased [24]. - **Strategy Viewpoint**: The overseas ore shipment will gradually recover, and the alumina smelting capacity is in an over - supply situation. However, the current price is close to the cost line of most manufacturers, and the expectation of production cuts has increased. It is recommended to wait and see in the short - term [26]. 3.2.9 Stainless Steel - **Market Information**: The stainless steel main contract price fell. The spot prices in different markets were stable or decreased. The raw material prices were stable, and the futures and social inventories decreased [27]. - **Strategy Viewpoint**: The steel mill production is at a high level, the demand has improved marginally, but the cost pressure has squeezed the profit, and the inventory pressure is still significant. The market lacks a clear upward momentum, so stainless steel prices are expected to fluctuate widely in the short - term [27]. 3.2.10 Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy rebounded. The trading volume decreased slightly, and the inventory increased. The downstream demand was mainly for rigid needs [28]. - **Strategy Viewpoint**: The cost of cast aluminum alloy is relatively stable, and there are policy disturbances on the supply side. The demand is relatively average, so the price is expected to follow the trend of aluminum prices in the short - term [29]. 3.3 Black Building Materials Category 3.3.1 Steel - **Market Information**: The prices of rebar and hot - rolled coil futures rose. The spot prices in different regions were stable or increased [31]. - **Strategy Viewpoint**: The commodity market adjusted on Friday, and the prices of steel products fluctuated. The supply and demand of rebar decreased, and the inventory continued to decline. The output of hot - rolled coil increased, and the inventory decreased slightly. The anti - dumping tax imposed by South Korea on Chinese steel will affect exports. The demand for steel has entered the off - season, so attention should be paid to the actual progress of production cuts and important meetings [32]. 3.3.2 Iron Ore - **Market Information**: The iron ore main contract price fell. The spot price was at a premium to the futures, and the port inventory increased [33]. - **Strategy Viewpoint**: The overseas iron ore shipment decreased, the demand weakened, the number of blast furnace overhauls increased, and the steel mill profitability was at a low level. The overall inventory of iron ore is still high, but there are structural contradictions, and the spot has certain support. Iron ore prices are expected to operate within an oscillatory range [34]. 3.3.3 Glass and Soda Ash - **Market Information**: The glass main contract price rose, the inventory decreased, and the trading volume of long and short positions decreased. The soda ash main contract price rose slightly, the inventory decreased, and the trading volume of long and short positions also decreased [36][38]. - **Strategy Viewpoint**: For glass, the supply has shrunk, the market sentiment has improved briefly, but the overall trading is still light, and the price is expected to fluctuate widely. It is recommended to try shorting at high prices. For soda ash, the industry operating rate has increased slightly, the inventory has decreased slightly, the price is stable, but it is still recommended to be bearish in the short - term [37][38]. 3.3.4 Manganese Silicon and Ferrosilicon - **Market Information**: The manganese silicon main contract price fell slightly, and the ferrosilicon main contract price was flat. The prices of the two in the spot market were stable, and the spot was at a premium to the futures [39]. - **Strategy Viewpoint**: The market sentiment has improved. The black - building materials sector is still in a weak state, but there is no need to be overly pessimistic. For manganese silicon, the fundamentals are not ideal, and there are no major contradictions. For ferrosilicon, the supply - demand fundamentals have no obvious contradictions, and the operability is low [41][42]. 3.3.5 Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: The industrial silicon futures main contract price rose slightly. The spot price was stable, and the trading volume decreased [43]. - **Strategy Viewpoint**: The short - term trading volume of industrial silicon has decreased, and the trend has become dull. The production has continued to decline, the demand from the polysilicon sector has weakened, and the overall supply - demand pattern is weak. The price is easily affected by the sentiment of other new - energy varieties [44]. - **Polysilicon** - **Market Information**: The polysilicon futures main contract price rose. The spot prices of different types were stable, and the futures was at a premium to the spot [45][46]. - **Strategy Viewpoint**: The production of polysilicon is expected to decline in December, the downstream silicon wafer production is expected to decrease, and the inventory pressure is difficult to relieve. The spot price is stable, and there are risks in the near - month contract due to delivery games. Attention should be paid to the final implementation of the platform company [47]. 3.4 Energy and Chemicals Category 3.4.1 Rubber - **Market Information**: The rubber price rebounded. The flood in the Thai rubber - producing area receded, and the exchange inventory was low. The tire factory operating rate was weak, and the inventory increased [49][50]. - **Strategy Viewpoint**: It is recommended to adopt a neutral strategy, wait and see, or conduct short - term trading. A partial position can be established for the hedging strategy of buying RU2601 and selling RU2609 [52]. 3.4.2 Crude Oil - **Market Information**: The INE crude oil futures price rose, and the prices of related refined oil products also rose. The gasoline and diesel inventories in Singapore decreased, while the fuel oil inventory increased [53]. - **Strategy Viewpoint**: Although the geopolitical premium has disappeared, the OPEC supply has not increased significantly. It is not advisable to be overly bearish on oil prices in the short - term. A range - trading strategy is maintained, and it is recommended to wait and see in the short - term [54]. 3.4.3 Methanol - **Market Information**: The methanol spot and futures prices rose, the basis was negative, and the 1 - 5 spread increased [55]. - **Strategy Viewpoint**: The potential positive factors of Iranian plant shutdowns have been realized, the market has stopped falling and stabilized, and the market expectation has changed. The supply is expected to remain high, and the market is expected to turn to an oscillatory adjustment after the positive factors are realized. It is recommended to wait and see on a single - side trading and pay attention to the positive spread arbitrage opportunity [55]. 3.4.4 Urea - **Market Information**: The urea spot and futures prices rose, the basis was negative, and the 1 - 5 spread was negative [56]. - **Strategy Viewpoint**: The urea price is expected to gradually emerge from the bottom range. The supply is at a relatively high level, the demand has improved, and the inventory has decreased. The price has support from export policies and costs, so it is recommended to consider buying at low prices [57]. 3.4.5 Pure Benzene and Styrene - **Market Information**: The pure benzene spot and futures prices were stable, the basis decreased. The styrene spot price fell, the futures price rose, and the basis weakened [58]. - **Strategy Viewpoint**: The non - integrated profit of styrene is neutral to low, and the valuation has a large upward - repair space. The supply of pure benzene is still wide, the styrene operating rate is rising, and the inventory is accumulating. When the inventory reversal point occurs, the non - integrated profit of styrene can be long [59]. 3.4.6 PVC - **Market Information**: The PVC futures price rose, the spot price rose, the basis was negative, and the 1 - 5 spread was negative. The production cost increased, the operating rate increased, and the inventory increased [60]. - **Strategy Viewpoint**: The enterprise profit is at a low level, the supply is high, the demand is weak, and the export cannot digest the excess capacity. It is recommended to short at high prices in the medium - term [61][62]. 3.4.7 Ethylene Glycol - **Market Information**: The ethylene glycol futures price rose, the spot price fell, the basis decreased, and the 1 - 5 spread decreased. The supply load increased, the downstream load increased slightly, and the port inventory was stable [63]. - **Strategy Viewpoint**: The domestic supply is expected to decrease in December, the import volume will decrease slightly, and the port inventory accumulation may slow down. In the medium - term, the supply - demand pattern is still weak, and it is recommended to short at high prices [64]. 3.4.8 PTA - **Market Information**: The PTA futures price rose, the spot price rose, the basis was negative, and the 1 - 5 spread was negative. The PTA operating rate increased, the downstream load increased slightly, and the inventory decreased [65]. - **Strategy Viewpoint**: The unexpected maintenance of PTA is expected to decrease. The downstream polyester fiber inventory and profit pressure are low, but the bottle - chip load is difficult to increase. The PTA processing fee has limited upward space, and the PX has a risk of a slight valuation correction [66]. 3.4.9 p - Xylene - **Market Information**: The p - xylene futures price rose, the spot price rose, the basis was negative, and the 1 - 3 spread was negative. The p - xylene operating rate decreased, the downstream PTA operating rate increased, the import volume increased, and the inventory increased [67]. - **Strategy Viewpoint**: The p - xylene load is high, the downstream PTA operating rate is low, and the PX inventory is expected to accumulate slightly in November. The valuation is at a neutral level, and there is a risk of a slight valuation correction [68]. 3.4.10 Polyethylene (PE) - **Market Information**: The PE futures price rose, the spot price was stable, the basis weakened, the upstream operating rate decreased slightly, the inventory decreased, and the downstream operating rate increased slightly [69]. - **Strategy Viewpoint**: The OPEC+ plan to suspend production growth may support oil prices. The PE valuation has limited downward space, but the high number of warehouse receipts suppresses the price. The supply is limited, the inventory is decreasing, and it is recommended to short the LL1 - 5 spread at high prices

Report Summary 1. Report Industry Investment Rating - No industry investment rating information provided [1][2] 2. Core Viewpoints - Copper prices may be on the stronger side, while zinc prices may fluctuate within a range [2] 3. Summary by Variety Copper - Night - time copper prices closed lower. Concentrate supply remains tight, and smelting profit is at the break - even point, but smelting output continues to grow rapidly. Grid investment shows positive growth, power source investment slows down, automobile production and sales grow positively, home appliance production is in negative growth, and the real estate sector remains weak. The Indonesian mine accident is likely to turn the global copper supply - demand situation into a deficit, providing long - term support for copper prices. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] Zinc - Night - time zinc prices closed higher. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventory is generally at a high level. Infrastructure investment growth has slowed down, automobile production and sales are growing positively, home appliance output is in negative growth, and the real estate sector remains weak. The overall difference in zinc supply - demand is not obvious, and prices may fluctuate within a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2] 4. Market Data Domestic Futures - Copper's previous closing price was 86,080 yuan/ton with a basis of 50 yuan/ton; aluminum was 21,495 yuan/ton with a basis of - 10 yuan/ton; zinc was 22,380 yuan/ton with a basis of 55 yuan/ton; nickel was 115,250 yuan/ton with a basis of - 3,150 yuan/ton; lead was 17,200 yuan/ton with a basis of - 140 yuan/ton; tin was 292,030 yuan/ton with a basis of - 460 yuan/ton [2] LME Market - Copper's LME 3 - month closing price was 10,686 dollars/ton with a spot premium of - 33.13 dollars/ton and inventory of 157,875 tons (a daily increase of 17,375 tons); aluminum was 2,807 dollars/ton with a spot premium of - 32.88 dollars/ton and inventory of 546,075 tons (a daily decrease of 2,000 tons); zinc was 3,004 dollars/ton with a spot premium of 152.14 dollars/ton and inventory of 45,075 tons (a daily increase of 1,550 tons); nickel was 14,455 dollars/ton with a spot premium of - 197.66 dollars/ton and inventory of 255,846 tons (a daily decrease of 1,986 tons); lead was 2,005 dollars/ton with a spot premium of - 27.39 dollars/ton and inventory of 264,475 tons (a daily decrease of 325 tons); tin was 37,035 dollars/ton with a spot premium of 100 dollars/ton and inventory of 3,115 tons (a daily increase of 60 tons) [2]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on September 17, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data reference for investors [1][5][21][27][40][51]. 3. Summary by Category 3.1 Power Coal - **Base Difference**: On September 16, 2025, the base difference was - 113.4 yuan/ton, showing a narrowing trend compared with previous days [2]. - **Spread**: The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 [2]. 3.2 Energy Chemicals - **Energy Commodities**: The base differences of fuel oil, INE crude oil, and other energy commodities on different dates are presented, such as the base difference of INE crude oil being 16.04 yuan/ton on September 16, 2025 [7]. - **Chemical Commodities** - **Base Difference**: The base differences of rubber, methanol, PTA, etc. on different dates are provided, for example, the base difference of rubber was - 890 yuan/ton on September 16, 2025 [9]. - **Spread**: The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for various chemical products were mostly 0.0. The cross - variety spreads like LLDPE - PVC, LLDPE - PP, etc. on different dates are also given, e.g., the LLDPE - PVC spread was 2296 yuan/ton on September 16, 2025 [10]. 3.3 Black Metals - **Spread** - **Cross - Period**: The cross - period spreads of rebar, iron ore, etc. are shown, for example, the 5 - 1 month spread of rebar was 68.0 yuan/ton [20]. - **Cross - Variety**: The cross - variety spreads such as screw/ore, screw/coke on different dates are presented, e.g., the screw/ore ratio was 3.93 on September 16, 2025 [20]. - **Base Difference**: The base differences of rebar, iron ore, etc. on different dates are provided, like the base difference of rebar was 114.0 yuan/ton on September 16, 2025 [21]. 3.4 Non - Ferrous Metals - **Domestic Market**: The domestic base differences of copper, aluminum, etc. on different dates are given, for example, the base difference of copper was - 80 yuan/ton on September 16, 2025 [28]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 16, 2025 are presented, such as the LME spread of copper being (59.26) [34]. 3.5 Agricultural Products - **Base Difference**: The base differences of soybeans, soybean meal, etc. on different dates are provided, for example, the base difference of soybeans was 136 yuan/ton on September 16, 2025 [40]. - **Spread** - **Cross - Period**: The cross - period spreads of various agricultural products are shown, e.g., the 5 - 1 month spread of soybeans was 47 [40]. - **Cross - Variety**: The cross - variety spreads such as soybean/corn, soybean oil/soybean meal on different dates are presented, like the soybean/corn ratio was 1.81 on September 16, 2025 [40]. 3.6 Stock Index Futures - **Base Difference**: On September 16, 2025, the base differences of CSI 300, SSE 50, etc. were 6.54, - 2.78, etc. respectively [52]. - **Spread**: The cross - period spreads of CSI 300, SSE 50, etc. are given, for example, the next - month - current - month spread of CSI 300 was - 10.0 [52].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Copper prices may fluctuate within a short - term range. Weekend night - session copper prices dropped 0.31%. With tight concentrate supply and pressured smelting profits, smelting output still shows high growth. Multiple factors such as power industry growth, possible slowdown in PV growth, positive growth in auto production and sales, slowing home appliance output growth, and weak real estate make the copper market have both positive and negative factors [2]. - Zinc prices may have a short - term wide - range and weak - trend fluctuation. Weekend night - session zinc prices dropped 0.02%. Zinc concentrate processing fees are rising, and smelting profits are turning positive, with smelting output expected to continue rising. Short - term supply - demand differences may tilt towards surplus [2]. 3. Summary by Relevant Information Metal Price Performance - Copper: The domestic previous - day futures closing price was 81,360 yuan/ton, with a basis of 40 yuan/ton. The previous - day LME 3 - month contract closing price was 10,068 dollars/ton, and the LME现货升贴水 was - 73.42 dollars/ton. LME inventory was 154,175 tons, with a daily decrease of 875 tons [2]. - Aluminum: The domestic previous - day futures closing price was 21,285 yuan/ton, with a basis of - 40 yuan/ton. The previous - day LME 3 - month contract closing price was 2,701 dollars/ton, and the LME现货升贴水 was 6.35 dollars/ton. LME inventory was 485,275 tons, with no change [2]. - Zinc: The domestic previous - day futures closing price was 22,250 yuan/ton, with a basis of - 75 yuan/ton. The previous - day LME 3 - month contract closing price was 2,956 dollars/ton, and the LME现货升贴水 was 30.17 dollars/ton. LME inventory was 50,625 tons, with a daily decrease of 200 tons [2]. - Nickel: The domestic previous - day futures closing price was 121,800 yuan/ton, with a basis of - 2,330 yuan/ton. The previous - day LME 3 - month contract closing price was 15,391 dollars/ton, and the LME现货升贴水 was - 171.20 dollars/ton. LME inventory was 223,152 tons, with a daily increase of 2,058 tons [2]. - Lead: The domestic previous - day futures closing price was 17,000 yuan/ton, with a basis of - 125 yuan/ton. The previous - day LME 3 - month contract closing price was 2,018 dollars/ton, and the LME现货升贴水 was - 41.16 dollars/ton. LME inventory was 232,625 tons, with a daily decrease of 4,375 tons [2]. - Tin: The domestic previous - day futures closing price was 273,180 yuan/ton, with a basis of - 2,300 yuan/ton. The previous - day LME 3 - month contract closing price was 34,955 dollars/ton, and the LME现货升贴水 was - 34.98 dollars/ton. LME inventory was 2,385 tons, with a daily decrease of 25 tons [2].