Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold: The government shutdown continues to affect liquidity [2]. - Silver: Oscillate and rebound [2]. - Copper: Inventory increases, and prices oscillate [2]. - Zinc: Range-bound oscillation [2]. - Lead: Overseas inventory continues to decrease, supporting prices [2]. - Tin: Pay attention to macro - impacts [2]. - Aluminum: Oscillate with a bullish bias [2]. - Alumina: Run weakly [2]. - Cast aluminum alloy: Follow electrolytic aluminum [2]. - Nickel: Smelting - end inventory accumulation suppresses, while mine - end uncertainties support [2]. - Stainless steel: Steel prices oscillate in a narrow range at low levels [2]. Summary by Related Catalogs Gold - **Price and Trading Volume**: The closing price of Shanghai Gold 2512 yesterday was 917.80, with a daily increase of 0.61%, and the night - session closing price was 915.24, with a night - session increase of 0.06%. The trading volume of Shanghai Gold 25122510 decreased by 99,677 compared to the previous day [4]. - **Inventory**: The inventory of Shanghai Gold was 87,816 kilograms, with no change from the previous day [4]. - **Macro and Industry News**: The Fed's December interest - rate cut is uncertain. This year's voting members are hesitant due to the government shutdown, and next year's voting members are more worried about inflation [4]. - **Trend Intensity**: Gold trend intensity is 0 [6]. Silver - **Price and Trading Volume**: The closing price of Shanghai Silver 2512 yesterday was 11,427, with a daily increase of 1.34%, and the night - session closing price was 11,359.00, with a night - session increase of 0.11%. The trading volume of Shanghai Silver 2512 increased by 3,201 compared to the previous day [4]. - **Inventory**: The inventory of Shanghai Silver decreased by 16,230 kilograms compared to the previous day [4]. - **Trend Intensity**: Silver trend intensity is - 1 [6]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 86,320, with a daily increase of 0.76%, and the night - session closing price was 85,690, with a night - session decrease of 0.73%. The trading volume of the Shanghai Copper index decreased by 72,044 compared to the previous day [8]. - **Inventory**: The inventory of Shanghai Copper increased by 1,332, and the inventory of London Copper increased by 500 [8]. - **Macro and Industry News**: The US October Challenger corporate lay - offs reached a 20 - year high. The Fed's December interest - rate cut direction is unclear. Chile's state - owned mining company ENAMI obtained environmental approval for a new $1.7 - billion copper smelter [8][10]. - **Trend Intensity**: Copper trend intensity is 0 [10]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 22,675, with a 0.11% increase. The trading volume of the Shanghai Zinc main contract decreased by 809 [11]. - **Inventory**: The inventory of Shanghai Zinc decreased by 401 tons, and the inventory of LME Zinc increased by 100 tons [11]. - **News**: The Fed's December interest - rate cut direction is unclear [11]. - **Trend Intensity**: Zinc trend intensity is 0 [11]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 17,430, with a 0.26% decrease. The trading volume of the Shanghai Lead main contract decreased by 2,244 [15]. - **Inventory**: The inventory of Shanghai Lead increased by 199 tons, and the inventory of LME Lead decreased by 3,100 tons [15]. - **News**: The US October Challenger corporate lay - offs reached a 20 - year high, and the Fed's December interest - rate cut direction is unclear [15]. - **Trend Intensity**: Lead trend intensity is 0 [15]. Tin - **Price and Trading Volume**: Similar to gold and silver price and trading - volume data are provided, such as the closing price and trading - volume changes of Shanghai Gold and Shanghai Silver [17]. - **Macro and Industry News**: The Fed's December interest - rate cut is uncertain, and the US October Challenger corporate lay - offs increased significantly [17][18]. - **Trend Intensity**: Tin trend intensity is 1 [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 21,630, with a decrease of 235 compared to T - 1. The trading volume of the Shanghai Aluminum main contract decreased by 14,424 [21]. - **Inventory**: The domestic aluminum ingot social inventory was 607,000 tons, a decrease of 7,000 tons [21]. - **News**: The AI revolution accelerates the lay - off wave, and Dalio warns about the US economic situation [22]. - **Trend Intensity**: Aluminum trend intensity is 1, alumina trend intensity is - 1, and cast aluminum alloy trend intensity is 1 [22]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 119,750, a decrease of 280 compared to T - 1. The closing price of the stainless - steel main contract was 12,590, an increase of 55 [23]. - **News**: The Indonesian forestry working group took over a nickel - mining area, China suspended a non - official subsidy for imported copper and nickel from Russia, and Indonesia imposed sanctions on mining companies [23][24]. - **Trend Intensity**: Nickel trend intensity is 0, and stainless - steel trend intensity is 0 [25].

Report Industry Investment Ratings There is no information provided regarding the report's industry investment ratings in the given content. Core Views of the Report - The report provides daily views and strategies for various commodities, including precious metals, base metals, energy, and agricultural products. It assesses the trends of each commodity, such as price movements, supply - demand relationships, and the impact of macro - economic factors [2]. Summary by Commodity Category Precious Metals - **Gold**: Government shutdown continues to affect liquidity, with a trend intensity of 0 [2][6]. - **Silver**: Expected to have an oscillating rebound, with a trend intensity of - 1 [2][6]. Base Metals - **Copper**: Inventory increases, and the price oscillates, with a trend intensity of 0 [2][10]. - **Zinc**: Ranges within an interval, with a trend intensity of 0 [2][13]. - **Lead**: Overseas inventory continuously decreases, supporting the price, with a trend intensity of 0 [2][16]. - **Tin**: Attention should be paid to macro - impacts, with a trend intensity of 1 [2][20]. - **Aluminum**: Oscillates with a slightly upward trend, with a trend intensity of 1; Alumina runs weakly, with a trend intensity of - 1; Casting aluminum alloy follows electrolytic aluminum [2][22]. - **Nickel**: Accumulated inventory at the smelting end suppresses the price, while uncertainties at the ore end provide support, with a trend intensity of 0; Stainless steel prices oscillate narrowly at a low level, with a trend intensity of 0 [2][24]. Energy and Chemicals - **Carbonate Lithium**: The transfer income is lower than market expectations, leading to a price correction, with a trend intensity of - 1 [2][27]. - **Industrial Silicon**: Attention should be paid to the bottom support, with a trend intensity of 0; Polysilicon's market expectations are unmet, and the market may decline significantly, with a trend intensity of - 2 [2][31]. - **Iron Ore**: Repeats at a high level, with a trend intensity of 0 [2][35]. - **Rebar and Hot - Rolled Coil**: Both oscillate widely, with trend intensities of 0 for both [2][37][38]. - **Silicon Ferrosilicon**: There is an expectation of cost increase, and it oscillates widely, with a trend intensity of 0; Manganese Silico - manganese oscillates widely due to sector sentiment resonance, with a trend intensity of 0 [2][42]. - **Coke and Coking Coal**: Repeat at high levels, with trend intensities of 0 for both [2][45]. Others - **Log**: Oscillates repeatedly [2][47].

Group 1 - Tesla shareholders approved Elon Musk's $1 trillion compensation plan with over 75% voting in favor [1] - The approval came despite previous reports of significant shareholder opposition, leading to cheers at the annual meeting [1] Group 2 - The U.S. government released a revised critical minerals list, marking the first inclusion of copper, along with silver, uranium, and potash [2][3] - This adjustment aims to address supply chain risks, with coal and uranium being added back after not appearing in the draft [3] Group 3 - OpenAI's CFO indicated the company is seeking a banking and private equity ecosystem for infrastructure support, hinting at potential government backing [4] - OpenAI's CEO clarified that the company does not require government guarantees for its data center financing [6][7] Group 4 - Google announced the upcoming launch of its seventh-generation TPU, Ironwood, which boasts a fourfold performance increase over the previous generation [8] - The new TPU will be utilized by AI startup Anthropic, which has received a significant order for custom chips to enhance its language model training [8] Group 5 - Former President Trump announced a deal with Eli Lilly and Novo Nordisk to significantly reduce the prices of GLP-1 weight loss drugs starting in 2026 [9] - Medicare patients will pay a reduced price of approximately $50 per month for these medications, which could expand the market for such drugs [9] Group 6 - Sun Dongxu's departure from Oriental Selection was confirmed by founder Yu Minhong, who expressed support for his decision [10][11] - The separation comes after a 15-year partnership, with Yu emphasizing the importance of Sun's contributions to the company's development [11] Group 7 - Sun Dongxu's divorce settlement resulted in a "divorce fee" of 536 million yuan, following a lengthy legal dispute over asset division [12][13] - The court ruling confirmed the equal division of shares in a controlling investment group, marking a significant financial outcome for both parties [13] Group 8 - Sunac China Holdings announced the approval of a $9.6 billion offshore debt restructuring plan, making it the first major real estate company to achieve a complete debt clearance [18][19] - The restructuring was approved by the Hong Kong High Court, allowing the company to move forward with its financial recovery [19] Group 9 - OpenAI's CEO Sam Altman projected the company's annual revenue to exceed $20 billion this year, with plans to scale sales to several hundred billion by 2030 [14] - The company has signed infrastructure agreements totaling over $1.4 trillion to support its growth and meet increasing demand [14] Group 10 - The 19th Elderly Expo and the first Silver Economy Conference will take place in Chongqing, focusing on elderly care and smart technology [30] - The China International Smart Communication Forum will also be held, addressing AI and urban image communication topics [30]