Core Viewpoint - The recent "Work Plan for Stable Growth in the Nonferrous Metal Industry (2025-2026)" aims to enhance the resilience and safety of the industry, targeting an average annual growth of around 5% in value-added output and 1.5% in the production of ten nonferrous metals from 2025 to 2026 [1][2]. Group 1: Resource Utilization - The plan emphasizes the need for a new round of exploration strategies to improve domestic resource supply, particularly for copper, aluminum, lithium, nickel, cobalt, and tin [2]. - It aims to enhance resource recovery rates and support the establishment of recycling bases in suitable regions, with a focus on increasing the efficiency of resource utilization [2]. - The government has allocated 300 billion yuan to support the replacement of old consumer goods, which will contribute to the recycling of nonferrous metals [2]. Group 2: Technological Innovation - The industry faces challenges in providing stable supplies of high-end products, necessitating a focus on high-end product innovation and the development of new materials [4][5]. - Companies like China Aluminum Corporation are committed to advancing research and industrial application of high-performance materials and enhancing their production capabilities [5][6]. - Jiangxi Copper is exploring new technologies and processes to improve resource utilization and develop high-purity metals [5][6]. Group 3: Industry Transformation - The plan highlights the importance of green and digital transformation in the nonferrous metal industry, aiming for a more sustainable and efficient production process [6][7]. - Companies are encouraged to adopt energy-efficient technologies and practices, with a focus on reducing carbon emissions and improving environmental performance [6][7]. - Digital transformation initiatives are being promoted, including the establishment of smart factories and the integration of AI technologies to enhance operational efficiency [7][8].

1. Report Industry Investment Rating - No relevant information provided in the reports. 2. Core Views Aluminum - The short - term market sentiment is cautiously optimistic due to improved macro - atmosphere and peak - season expectations. The aluminum price is expected to fluctuate in the short term, with the main contract reference range of 20400 - 21000 yuan/ton. Attention should be paid to inventory changes and the implementation of macro - policies [1]. Alumina - The market is in an overall oversupply situation, and the spot price is under pressure. The short - term price is expected to have limited upside and downside, with the main contract reference range of 3000 - 3300 yuan/ton. Attention should be paid to policy changes in Guinea and macro - sentiment fluctuations [1]. Aluminum Alloy - The fundamentals are showing marginal improvement. The spot price is expected to remain relatively firm, and the price difference between aluminum alloy and aluminum is expected to converge. The main contract reference operating range is 20000 - 20600 yuan/ton. Attention should be paid to the supply of scrap aluminum and changes in import policies and volumes [3]. Copper - The Fed's dovish stance boosts copper prices, but the upside is still restricted. The fundamentals are in a state of "weak reality + stable expectation". The copper price is expected to at least remain volatile, and the main contract reference range is 78500 - 80500 yuan/ton [4]. Zinc - The supply is loose and the demand is weak. The zinc price is expected to be volatile and slightly stronger in the short term due to improved interest - rate cut expectations. The main contract reference range is 22000 - 23000 yuan/ton [8]. Nickel - The market has digested the sentiment and returned to fundamental pricing. The short - term price is expected to be adjusted within a range, with the main contract reference range of 118000 - 126000 yuan/ton. Attention should be paid to macro - expectations and import - export situations [10]. Stainless Steel - The cost support remains, but the fundamentals are restricted by weak spot demand. The short - term price is expected to fluctuate within a range, with the main contract reference range of 12600 - 13400 yuan/ton. Attention should be paid to policy directions and steel - mill dynamics [12]. Lithium Carbonate - The current fundamentals are in a tight balance. The supply contraction expectation is gradually being fulfilled, and the demand is steadily optimistic. The short - term price is expected to fluctuate around 80,000 yuan/ton [14]. Tin - Affected by the Fed's dovishness, the tin price has risen. If the supply recovers smoothly, a short - selling strategy can be considered; if the supply recovery is less than expected, the tin price is expected to remain high and volatile [17]. 3. Summary by Directory Aluminum Price and Spread - SMM A00 aluminum price is 20780 yuan/ton, with no change. The spread between different months shows certain fluctuations, such as the 2509 - 2510 spread decreasing by 5 yuan/ton to 25 yuan/ton [1]. Fundamental Data - The operating rate of aluminum profiles remains unchanged at 50.5%, while the operating rates of aluminum cables, aluminum sheets, and aluminum foils have increased slightly. The LME inventory decreased by 0.1 tons to 47.9 tons, a decrease of 0.17% [1]. Alumina Price and Spread - The average prices of alumina in Shandong, Henan, and other regions have decreased slightly, with a decline of 0.16% - 0.31%. The import profit and loss is - 1354 yuan/ton [1]. Fundamental Data - The output in July was 765.02 million tons, a year - on - year increase of 5.4%. The static supply surplus is nearly 30,000 tons per day [1]. Aluminum Alloy Price and Spread - The prices of SMM aluminum alloy ADC12 in different regions remain unchanged. The price difference between refined and scrap aluminum in Foshan has increased by 1.28% - 1.06% [3]. Fundamental Data - In July, the output of recycled aluminum alloy ingots increased by 1.63%, and the output of primary aluminum alloy ingots increased by 4.31%. The import volume of unforged aluminum alloy ingots decreased by 10.59% [3]. Copper Price and Spread - The price of SMM 1 electrolytic copper increased by 0.24% to 79585 yuan/ton. The import profit and loss increased to 128 yuan/ton [4]. Fundamental Data - In July, the output of electrolytic copper increased by 3.47% to 117.43 million tons, and the import volume decreased by 1.20% to 29.69 million tons. The domestic social inventory decreased by 8.00% to 12.3 million tons [4]. Zinc Price and Spread - The price of SMM 0 zinc ingot decreased by 0.13% to 22280 yuan/ton. The import profit and loss decreased to - 1825 yuan/ton [8]. Fundamental Data - In July, the output of refined zinc increased by 3.03% to 60.28 million tons, and the import volume decreased by 50.35% to 1.79 million tons. The domestic zinc ingot inventory increased by 2.29% to 13.85 million tons [8]. Nickel Price and Spread - The price of SMM 1 electrolytic nickel increased by 0.16% to 121450 yuan/ton. The cost of integrated MHP production of electrowinning nickel decreased by 2.81% to 118531 yuan/ton [10]. Fundamental Data - The output of Chinese refined nickel products decreased by 10.04% to 31800 tons, and the import volume increased by 116.90% to 19157 tons. The SHFE inventory increased by 2.93% to 26962 tons [10]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 roll) remains unchanged at 13100 yuan/ton. The price of 8 - 12% high - nickel pig iron increased by 0.64% to 937 yuan/nickel point [12]. Fundamental Data - The output of 300 - series stainless steel crude steel in China decreased by 3.83% to 171.33 million tons. The net export volume increased by 22.37% to 34.32 million tons [12]. Lithium Carbonate Price and Spread - The average price of SMM battery - grade lithium carbonate decreased by 0.97% to 81700 yuan/ton. The spread between battery - grade and industrial - grade lithium carbonate remains unchanged [14]. Fundamental Data - In July, the output of lithium carbonate increased by 4.41% to 81530 tons, and the demand increased by 2.50% to 96100 tons. The total inventory decreased by 2.01% to 97846 tons [14]. Tin Price and Spread - The price of SMM 1 tin increased by 0.11% to 270000 yuan/ton. The import profit and loss increased by 9.17% to - 15229.07 yuan/ton [17]. Fundamental Data - In July, the import volume of tin ore decreased by 13.71% to 10278 tons, and the output of SMM refined tin increased by 15.42% to 15940 tons. The SHEF inventory decreased by 3.86% to 7491 tons [17].

Report Industry Investment Rating - Not provided in the given content Core Views - This week, the macro - sentiment continued to show an increase in risk appetite. Although domestic economic and financial data were poor, the stock market sentiment remained high. In the copper market, downstream orders had support around 7.8, and there were some disturbances in the scrap copper and recycled copper markets. An 8 - month supply - full pattern was expected to lead to a small inventory build - up, but the market might focus more on the tight - balance pattern after the off - season [1]. - For aluminum, supply increased slightly, and the demand in August was in the seasonal off - season, with a possible slight improvement in the middle and late stages. An inventory build - up was expected in August. Attention should be paid to demand and low - inventory situations [2]. - Zinc prices fluctuated widely this week. Supply - side issues included difficulties in the increase of domestic TC and an increase in imported TC. Demand was seasonally weak but had some resilience. Overseas, there might be a phased supply shortage. Short - term strategy was to wait and see, long - term was a short - position configuration, and there were opportunities for positive spreads in different aspects [3]. - Nickel's supply remained high, demand was weak, and inventories were stable. Opportunities for narrowing the nickel - stainless steel price ratio could be continuously monitored [6]. - Stainless steel's supply decreased due to some passive production cuts, demand was mainly for rigid needs with some increased restocking, costs were stable, and inventories decreased slightly. Attention should be paid to future policies [9]. - Lead prices fluctuated this week. Supply - side issues included weak scrap production and high recycled lead costs. Demand was not strong enough to cover the supply increase, and lead prices were expected to remain low and volatile next week [10]. - Tin prices fluctuated widely. Supply - side saw domestic smelter production cuts and uncertain overseas复产. Demand was weak in some areas and there was a risk of squeezing stocks in the LME. Short - term strategy was to short at high prices, and long - term was to hold at low prices near the cost line [12]. - Industrial silicon's production in Xinjiang was less than expected, while that in Sichuan and Yunnan increased slightly. In the short term, there was a small inventory reduction, and in the long term, it was expected to oscillate at the cycle bottom [13]. - Carbonate lithium prices were strong this week due to factors such as inventory reduction and production disturbances. The core contradiction was the long - term over - capacity and short - term resource - side disturbances. In the short term, prices had a large upward elasticity and strong downward support [15]. Summaries by Metals Copper - The spot price, premium, inventory, and import profit data of copper from August 13th to 19th were presented, showing changes in these indicators. The macro - sentiment and fundamental conditions of the copper market were analyzed, and the inventory situation was predicted [1]. Aluminum - Data on aluminum prices, inventory, and import profit from August 15th to 19th were provided. Supply, demand, and inventory trends in August were analyzed [2]. Zinc - Zinc price data from August 13th to 19th were given, including spot price, inventory, and import profit. Supply - side and demand - side situations were analyzed, and strategies for different time horizons were proposed [3]. Nickel - Nickel price data from August 13th to 19th were shown, including spot price, premium, and inventory. Supply, demand, and inventory conditions were analyzed, and investment opportunities were mentioned [6]. Stainless Steel - Price data of different types of stainless steel from August 13th to 19th were provided. Supply, demand, cost, and inventory conditions were analyzed, and policy attention was emphasized [9]. Lead - Lead price data from August 13th to 19th were presented, including spot price, inventory, and import profit. Supply - side and demand - side situations were analyzed, and price trends were predicted [10]. Tin - Tin price data from August 13th to 19th were given, including import and export profits, inventory, and position. Supply - side and demand - side situations were analyzed, and investment strategies were proposed [12]. Industrial Silicon - Industrial silicon price data from August 13th to 19th were provided, including basis and warehouse receipts. Production and inventory situations were analyzed, and short - term and long - term trends were predicted [13]. Carbonate Lithium - Carbonate lithium price data from August 13th to 19th were shown, including spot price, basis, and warehouse receipts. Market factors affecting prices were analyzed, and price trends were predicted [13][15]

Report Industry Investment Ratings No relevant information provided. Core Views Nickel - Recently, the macro situation is temporarily stable, the psychological price of nickel ore has decreased, and the cost support for refined nickel has slightly weakened. In the medium term, the supply remains loose, which restricts the upside potential. In the short term, the fundamentals have not changed significantly, and the news from the ore end still affects short - term market trends. The nickel market is expected to be weak and volatile, with the main contract price ranging from 118,000 to 126,000 yuan/ton [1]. Stainless Steel - The stainless - steel market is affected by the weak operation of nickel. The spot market trading atmosphere is weak, and the terminal purchases mainly for rigid demand. The overall supply surplus pattern remains unchanged, and the demand is slowly recovering. The inventory has decreased slightly, and the inventory pressure has eased. The market is expected to be weak and volatile, with the main contract price ranging from 12,600 to 13,200 yuan/ton [4]. Lithium Carbonate - The lithium carbonate futures market is bearish. The supply pressure is obvious, and the demand is difficult to boost. The raw material cost support is weakening, and the fundamental supply - demand contradiction is clear. The market is expected to be weak in the short term, with the main contract price ranging from 56,000 to 60,000 yuan/ton [5]. Zinc - The zinc supply side shows a long - term loosening trend, but the short - term TC increase is weak. The demand side is stable, but there is a weakening expectation after the peak season. The inventory decline supports the price. In the long - term, a short - selling strategy can be considered. The main contract price is expected to range from 21,500 to 23,500 yuan/ton [8]. Aluminum - For alumina, the current inventory reduction and tight spot supply support the price, with a short - term support level of 2,900 - 3,000 yuan/ton. For aluminum, the low inventory supports the price, but the lack of macro - positive factors and the pressure on the demand side limit the upside. The aluminum price is expected to fluctuate between 19,500 and 21,000 yuan/ton [11]. Copper - The copper market shows a combination of "strong reality and weak expectation". The strong fundamentals limit the downside, while the weak macro - expectations restrict the upside. The price is expected to fluctuate in the short term, with the main contract price focusing on the range of 78,000 - 79,000 yuan/ton [12]. Tin - The tin supply is expected to be restored, while the demand outlook is pessimistic. It is recommended to hold short positions and pay attention to the supply - side raw material recovery rhythm [14]. Summary by Directory Nickel Price and Basis - SMM 1 electrolytic nickel price decreased by 1.40% to 121,525 yuan/ton, and 1 Jinchuan nickel decreased by 1.31% to 122,625 yuan/ton. The 1 Jinchuan nickel premium increased by 13.64% to 2,500 yuan/ton [1]. Cost - The cost of integrated MHP production of electrowinning nickel decreased by 0.49% to 126,132 yuan/ton, while the cost of integrated high - grade nickel matte production of electrowinning nickel increased by 1.05% to 133,478 yuan/ton [1]. Supply and Demand and Inventory - China's refined nickel production increased by 6.08% to 36,300 tons, and imports decreased by 68.84% to 8,164 tons. SHFE inventory decreased by 0.24% to 27,742 tons, and social inventory increased by 0.14% to 44,151 tons [1]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 13,100 yuan/ton, and the price of 304/2B (Foshan Hongwang 2.0 coil) decreased by 0.38% to 13,050 yuan/ton [4]. Supply and Demand and Inventory - China's 300 - series stainless - steel crude - steel production increased by 11.37% to 344.01 million tons, and Indonesia's production decreased by 6.67% to 42 million tons. The 300 - series social inventory decreased by 3.80% to 51.08 million tons [4]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price decreased by 0.98% to 60,900 yuan/ton, and industrial - grade lithium carbonate decreased by 1.00% to 59,300 yuan/ton [5]. Supply and Demand and Inventory - In April, lithium carbonate production decreased by 6.65% to 73,810 tons, and demand increased by 3.02% to 89,627 tons. The total inventory increased by 6.81% to 96,202 tons [5]. Zinc Price and Basis - SMM 0 zinc ingot price remained unchanged at 22,830 yuan/ton, and the premium decreased by 10 yuan/ton to 170 yuan/ton [8]. Supply and Demand and Inventory - In April, refined zinc production increased by 1.55% to 55.54 million tons, and exports increased by 75.76% to 0.25 million tons. China's zinc ingot seven - region social inventory decreased by 6.72% to 7.50 million tons [8]. Aluminum Price and Basis - SMM A00 aluminum price increased by 0.15% to 20,380 yuan/ton, and the premium increased by 10 yuan/ton to 110 yuan/ton [11]. Supply and Demand and Inventory - In April, alumina production decreased by 6.17% to 708.35 million tons, and electrolytic aluminum production decreased by 2.91% to 360.60 million tons. China's electrolytic aluminum social inventory decreased by 8.26% to 51.10 million tons [11]. Copper Price and Basis - SMM 1 electrolytic copper price decreased by 0.03% to 78,485 yuan/ton, and the premium remained unchanged at 150 yuan/ton [12]. Supply and Demand and Inventory - In April, electrolytic copper production increased by 0.32% to 112.57 million tons, and imports decreased by 19.06% to 25 million tons. The domestic mainstream port copper concentrate inventory decreased by 4.81% to 78.03 million tons [12]. Tin Price and Basis - SMM 1 tin price decreased by 2.23% to 259,000 yuan/ton, and the premium remained unchanged at 650 yuan/ton [14]. Supply and Demand and Inventory - In April, tin ore imports increased by 18.48% to 9,861 tons, and SMM refined tin production decreased by 0.52% to 15,200 tons. SHEF inventory increased by 0.33% to 8,445 tons [14].