中国材料：铜、铝、黄金上涨；盟友保证金下滑；钢价走高-Copper_Aluminum_Gold Lifted; Ally Margin Slides; Steel Prices Rose

Summary of Key Points from the Conference Call Industry Overview - Basic Materials Sector: The report covers the basic materials sector in China, focusing on metals, steel, cement, paper, glass, and solar materials [1][2][3]. Metals - Copper: LME copper price increased by 2.0% WoW to US$11,764/t, while China's price decreased by 1.4% to RMB 92,640/t [1][32]. - Aluminum: LME aluminum rose by 1.3% WoW to US$2,872/t; however, China's price fell by 1.0% to RMB 21,820/t, leading to a margin squeeze of RMB 170/t WoW to RMB 5,915/t [1][15]. - Gold: COMEX gold price increased by 0.7% WoW to US$4,330/oz [1][11]. - Lithium: Domestic battery-grade lithium carbonate (99.5%) averaged RMB 97,650/t, up 3.3% WoW [1][55]. - Uranium: U₃O₈ spot price rose by 1.8% WoW to US$77.2/lb [1][65]. - Cobalt: Shanghai Changjiang cobalt price increased by 1.2% WoW to RMB 417,000/t [1][63]. - Tungsten: Prices accelerated due to supply shortages and import uncertainties [1]. Steel - Price Recovery: Rebar prices rose by 1.5% WoW to RMB 3,322/t, and HRC gained 1.2% to RMB 3,312/t [2][66]. - Consumption: Apparent consumption decreased by 0.5% WoW to 8.4 million tons, while inventories edged down by 0.15% to 13.3 million tons [2][66]. - Iron Ore: Price climbed by 3.2% WoW to USD 108.4/t [2][71]. - Margins: Negative margins persisted, with rebar falling to -RMB 292/t and HRC to -RMB 360/t [2][76]. Cement - Price Trends: National average cement price pulled back by 0.3% WoW to RMB 348/t, with regional variations [3][89]. - Shipment Ratio: Nationwide shipment ratio dropped by 1.4 percentage points WoW to 32.8% [3][22]. - Inventory Ratio: Inventory ratio decreased by 2.4 percentage points to 62.3% [3][22]. Paper and Glass - Paper Prices: Paper prices edged down by 0.89% WoW to RMB 3,751/t, influenced by cautious market sentiment [3][99]. - Glass Prices: National average float glass price declined by 1.2% WoW to RMB 1,151/t due to limited demand [3][98]. Solar Materials - Polysilicon Prices: Prices for N-type polysilicon and granular silicon remained stable at RMB 53/kg and RMB 51/kg, respectively [3][112]. - Solar Glass Prices: Prices for coated solar glass declined to RMB 18.5/sqm and RMB 11.5/sqm [3][121]. - Inventory Days: Solar glass inventory days expanded by 8.7% WoW to 35.92 [3][123]. Additional Insights - Market Sentiment: The report indicates a shift in market sentiment from traditional off-season to anti-involution expectations, impacting pricing and consumption dynamics [2][66]. - Utilization Rates: Blast furnace utilization rates decreased by 0.99 percentage points WoW to 85% [2][78]. This summary encapsulates the key points from the conference call, highlighting trends and data across various sectors within the basic materials industry in China.