Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF (516650), which opened down by 1.09% at 2.174 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which fell by 1.50%, and other companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum, which also experienced declines [1] - The fund's performance benchmark is the CSI Sub-industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 119.89% since its establishment on June 9, 2021, and a recent one-month return of -0.86% [1] Group 2 - The article provides specific stock performance data for the ETF's major holdings, indicating mixed results with some stocks like Ganfeng Lithium and Tianqi Lithium showing gains of 0.99% and 0.67% respectively, while others like Shandong Gold and Zhongjin Gold saw declines [1] - The fund manager is identified as Shan Kuan Zhi, emphasizing the management aspect of the ETF [1]

证券代码：601899 股票简称：紫金矿业 编号：临 2026-014 紫金矿业集团股份有限公司 关于全资子公司与专业投资机构共同投资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资标的：福建省紫金矿业隐山双循环股权投资基金合伙企业（有限合伙） 投资金额：人民币 10,000 万元 根据《上海证券交易所上市公司自律监管指引第 5 号—交易与关联交易》 要求，上市公司与专业投资机构共同投资，无论参与金额大小均应当及时披露。 本次投资事项不构成关联交易，亦不构成重大资产重组。 1 / 5 根据《上海证券交易所上市公司自律监管指引第 5 号—交易与关联交易》要 求，上市公司与专业投资机构共同投资，无论参与金额大小均应当及时披露。本 次投资不构成关联交易，亦不构成重大资产重组。 二、合作方的基本情况 （一）普通合伙人基本情况 1、紫金矿业股权投资管理（厦门）有限公司 股权结构：公司间接持有 100%股权。 中国证券投资基金业协会登记的私募基金管理人，登记编号：P1069952。 一、交易概况 紫金矿业集团股 ...

海外監管公告 此乃紫金礦業集團股份有限公司（「本公司」）登載於中華人民共和國上海證券交易所（「上 交所」）網頁的公告。 2026 年 3 月 12 日 中國福建 * 本公司之英文名稱僅供識別 证券代码：601899 股票简称：紫金矿业 编号：临 2026-014 紫金矿业集团股份有限公司 关于全资子公司与专业投资机构共同投资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资标的：福建省紫金矿业隐山双循环股权投资基金合伙企业（有限合伙） 投资金额：人民币 10,000 万元 （一）普通合伙人基本情况 1、紫金矿业股权投资管理（厦门）有限公司 股权结构：公司间接持有 100%股权。 中国证券投资基金业协会登记的私募基金管理人，登记编号：P1069952。 根据《上海证券交易所上市公司自律监管指引第 5 号—交易与关联交易》 要求，上市公司与专业投资机构共同投资，无论参与金额大小均应当及时披露。本 次投资事项不构成关联交易，亦不构成重大资产重组。 一、交易概况 紫金矿业集团股份有限公司（以下简称"公司"）全 ...

Core Viewpoint - The article discusses the performance of the Nonferrous Metals ETF (512400) and its major holdings, highlighting the fluctuations in stock prices of key companies within the sector [1] Group 1: ETF Performance - The Nonferrous Metals ETF (512400) opened with a gain of 0.66%, priced at 2.272 yuan [1] - Since its inception on August 3, 2017, the ETF has achieved a return of 130.66%, with a recent one-month return of 2.76% [1] Group 2: Major Holdings Performance - Key stocks within the ETF include: - Zijin Mining: up 1.59% - Luoyang Molybdenum: up 1.79% - Northern Rare Earth: up 1.15% - Huayou Cobalt: up 1.68% - China Aluminum: down 3.21% - Ganfeng Lithium: up 1.53% - Shandong Gold: up 1.43% - Yun Aluminum: down 3.27% - Zhongjin Gold: up 1.53% - Cangge Mining: up 1.15% [1]

Group 1 - The core viewpoint of the article highlights the performance of the Invesco ETF (560290) in the non-ferrous metal sector, showing a slight increase of 0.82% at the opening [1] - Major holdings in the Invesco ETF include Zijin Mining, which rose by 1.59%, and Luoyang Molybdenum, which increased by 1.79%, while China Aluminum saw a decline of 3.21% [1] - The fund's performance benchmark is the CSI Nonferrous Metals Mining Theme Index, with a return of -2.32% since its inception on January 26, 2026, and a return of 3.07% over the past month [1] Group 2 - The fund is managed by Invesco Great Wall Fund Management Co., with the fund manager being Gong Lili [1] - The article provides a detailed overview of the performance of various stocks within the ETF, indicating a mixed performance among its holdings [1]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report The report analyzes the impact of the US-Iran conflict on various financial and commodity markets. Trump's indication that the war against Iran will end soon has led to a recovery in market risk appetite and a weakening of the US dollar index. The conflict has also affected inflation, stock markets, and commodity prices, with different sectors showing varying degrees of response and trends. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Trump believes the war is almost over, and gold is in a volatile consolidation phase. The market risk appetite has recovered, and the pressure on precious metals from rising interest rates has weakened. [11] - Investment advice: Gold and silver are expected to move in a volatile manner. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump's statement that the war against Iran will end soon leads to a recovery in market risk appetite and a weakening of the US dollar index. [13] - Investment advice: The US dollar index is expected to decline. 1.3 Macro Strategy (US Stock Index Futures) - US short - term inflation and wage expectations have decreased. Trump says the war is almost over, and the G7 has not announced an immediate release of oil reserves. [15][16] - Investment advice: Short - term market volatility remains high, and it is recommended to wait and see. 1.4 Macro Strategy (Stock Index Futures) - China's inflation in February exceeded expectations. The A - share market shows resilience, but short - term risk aversion is recommended. [19] - Investment advice: The stock index arbitrage strategy is preferred, with a long IC and short IM combination. 1.5 Macro Strategy (Treasury Bond Futures) - February inflation data exceeded expectations, and the central bank conducted a 48.5 - billion - yuan 7 - day reverse repurchase operation. The probability of a quick end to the US - Iran conflict is decreasing, and the bond market may experience short - term fluctuations and potential long - term upward trends. [22][23] - Investment advice: Consider mid - line long positions in treasury bond futures when the price is low. 2. Commodity News and Comments 2.1 Black Metal (Rebar/Hot - Rolled Coil) - In February, excavator sales decreased year - on - year, and the passenger car market sales in January also declined. Steel prices have rebounded due to rising energy prices, but the fundamentals of the finished product end remain under pressure. [25][26] - Investment advice: Steel prices are expected to be volatile in the short term, and attention should be paid to geopolitical events. 2.2 Black Metal (Steam Coal) - On March 9, the imported steam coal market was in a state of continuous game. Overseas coal prices have risen, while domestic coal prices are relatively stable. The duration of the Middle East conflict is the biggest uncertainty. [29] - Investment advice: Pay attention to the development of the Middle East conflict. Coal prices are expected to be in a volatile market in the short term and have upward risks in the long term. 2.3 Black Metal (Iron Ore) - A Canadian mining company is re - evaluating an iron ore project. Iron ore prices are in a volatile market, with potential upward cost pressure and uncertain demand. [31] - Investment advice: It is recommended to wait and see. 2.4 Black Metal (Coking Coal/Coke) - The coking coal market in Lvliang is oscillating. The price increase is mainly due to the rise in crude oil prices. The supply is increasing, and the demand is gradually recovering. [33] - Investment advice: Pay attention to the downstream inventory replenishment situation. 2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia may resume the B50 biodiesel mixing plan. The price of edible oils has fluctuated greatly, mainly following the trend of crude oil. [35][36] - Investment advice: If international oil prices remain high, palm oil prices may rise, but beware of price drops due to geopolitical uncertainties. 2.6 Agricultural Products (Corn) - Brazil's corn exports in February increased year - on - year. The supply of corn is gradually increasing, and the demand has support. [37][38] - Investment advice: In the short term, the market is in a multi - factor game. In the long term, prices are expected to stabilize and rise, but the increase is limited. 2.7 Agricultural Products (Soybean Meal) - Last week, the inventory of soybean meal in oil mills increased, and the production of soybeans in Argentina is expected to be stable. The supply and demand of soybean meal are weak, but it may be strong in the short term. [40][42] - Investment advice: Pay close attention to the Middle East situation, crude oil, and CBOT soybean futures prices. Be cautious when chasing up. 2.8 Non - Ferrous Metals (Lithium Carbonate) - CATL's performance in 2025 was excellent. The supply of lithium carbonate has disturbances, and the demand has short - term support. [43][44] - Investment advice: In the short term, it is advisable to be bullish. In the long term, there is support from the new energy narrative. Look for opportunities to go long at low prices. 2.9 Non - Ferrous Metals (Lead) - The LME lead has a large discount, and the domestic social inventory has increased. The lead price is expected to be in a low - level oscillation. [45][46] - Investment advice: Look for mid - line callback buying opportunities on the long side. Wait and see for arbitrage. 2.10 Non - Ferrous Metals (Zinc) - The LME zinc has a discount, and the domestic inventory has increased. The zinc price may rise first and then fall, and it is recommended to wait and see. [48][49] - Investment advice: Wait and see in the short term. Take profit on long positions at high prices. Consider mid - line positive arbitrage. 2.11 Non - Ferrous Metals (Copper) - Citi is optimistic about Zijin Mining's production growth. The IEA suggests using aluminum to replace copper. The copper price may be in a high - level oscillation in the short term. [50][52] - Investment advice: Wait and see in the short term. Observe positive arbitrage opportunities. 2.12 Non - Ferrous Metals (Platinum) - Some companies are increasing platinum production. The global platinum market will be in short supply in 2026. The platinum price is expected to be in a short - term oscillation. [53][54][56] - Investment advice: Wait and see in the short term. Consider mid - line reverse arbitrage for the month spread. Look for opportunities to go long platinum and short palladium. 2.13 Non - Ferrous Metals (Tin) - The LME tin has a discount. The supply of tin may increase in the short term, and the demand is weak. The tin price is expected to be in a wide - range oscillation. [57][58] - Investment advice: The short - term supply - demand pattern is weak, and the price is expected to oscillate with limited downward space. 2.14 Energy Chemicals (Crude Oil) - Trump says the military action against Iran will end soon, and the oil price has fluctuated sharply. [59][60] - Investment advice: The risk premium will be reversed after the market sentiment reaches its peak. 2.15 Energy Chemicals (Liquefied Petroleum Gas) - The price of LPG has fluctuated due to market panic and subsequent news. The situation in the Strait of Hormuz remains uncertain. [62] - Investment advice: Wait and see and track the situation in the Strait of Hormuz. 2.16 Energy Chemicals (Asphalt) - The inventory of asphalt has decreased. The asphalt price may decline due to the fall in international oil prices. [63] - Investment advice: The asphalt price will be volatile in the short term. 2.17 Energy Chemicals (LLDPE) - The inventory of LLDPE has increased, and the price is expected to rise due to rising oil prices. [66] - Investment advice: Buy on dips and expand the 5 - 9 spread. 2.18 Energy Chemicals (Urea) - The price of urea in Shandong has increased. The Iran conflict has affected the overseas urea market, and the domestic market may see a pulse - type upward movement. [67][68] - Investment advice: Do not be overly aggressive in going long. Focus on potential reverse arbitrage opportunities for the 5 - 9 spread. 2.19 Energy Chemicals (Styrene) - The inventory of styrene in East China ports has decreased. The trading logic of styrene has evolved, and it is still recommended to be bullish. [70][71] - Investment advice: Maintain a bullish view. 2.20 Energy Chemicals (Soda Ash) - The soda ash market in North China is firm. The soda ash price is supported by cost and supply disturbances. [73] - Investment advice: The soda ash price has short - term support. 2.21 Energy Chemicals (Float Glass) - The price of float glass in Guangdong is stable. The glass price may be volatile due to the rise in oil prices. [74][75] - Investment advice: The glass price may be volatile in the short term. 2.22 Shipping Index (Container Freight Rate) - Ningbo Port's container throughput in February increased year - on - year. The shipping market is affected by geopolitical factors, and the price is in a high - level oscillation. [76][77] - Investment advice: Pay attention to the opening of MSK W13 and the price adjustment of other shipping companies.

Group 1 - The core point of the article highlights the performance of the Nonferrous Metals ETF (512400), which opened down by 2.33% at 2.226 yuan on March 9 [1] - Major holdings in the Nonferrous Metals ETF experienced varied performance, with Zijin Mining down 3.15%, Luoyang Molybdenum down 4.18%, and Northern Rare Earth down 2.21%, while China Aluminum rose by 2.36% [1] - The Nonferrous Metals ETF's performance benchmark is the CSI Shenwan Nonferrous Metals Index return, managed by Southern Fund Management Co., Ltd., with a return of 132.75% since its inception on August 3, 2017, and a return of 5.79% over the past month [1]

Core Viewpoint - The Invesco ETF for non-ferrous metals (560290) opened with a decline of 1.01%, priced at 0.978 yuan, indicating a negative market sentiment towards the sector [1] Group 1: ETF Performance - The Invesco non-ferrous metals ETF (560290) has a performance benchmark of the CSI Non-ferrous Metals Mining Theme Index return [1] - Since its establishment on January 26, 2026, the fund has recorded a return of -1.40% [1] - Over the past month, the fund has achieved a return of 6.15% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - Zijin Mining: down 3.15% - Luoyang Molybdenum: down 4.18% - Northern Rare Earth: down 2.21% - China Aluminum: up 2.36% - Huayou Cobalt: down 3.33% - Zhongjin Gold: down 3.20% - Shandong Gold: down 2.22% - Xingye Silver Tin: down 4.15% - Ganfeng Lithium: down 2.87% - Tongling Nonferrous Metals: down 2.95% [1]

Investment Rating - The report maintains a "Buy" rating for the industry [7] Core Views - The geopolitical situation has intensified, leading to opportunities in precious metals during a stagflation cycle. The report emphasizes the importance of positioning in precious metals due to supply disruption risks and low employment data indicating potential economic stagnation [1] - For copper, demand remains resilient despite short-term geopolitical disturbances, with expectations of improved production in downstream markets. The report suggests a cautious outlook on inventory levels and pricing trends [2] - Aluminum prices have reached historical highs amid political unrest, with stable supply and increasing demand as production resumes post-holiday [3] - Nickel prices have declined due to geopolitical disturbances, but supply constraints provide some support. The report notes a sluggish demand recovery in stainless steel and a cautious outlook for battery-grade nickel [4] - Tin prices are expected to experience strong fluctuations due to supply tightness and cautious purchasing behavior from downstream enterprises [5] - Lithium prices have seen a downward trend due to geopolitical and import disturbances, but demand is expected to improve as production resumes in the battery sector [6] Summary by Sections Precious Metals - The report highlights the potential for precious metals as a hedge against geopolitical risks and economic stagnation, recommending companies such as Xinyi Silver and Zijin Mining [1] Industrial Metals - **Copper**: Demand is expected to recover as production ramps up, with a focus on companies like Zijin Mining and Western Mining [2] - **Aluminum**: The report notes stable supply and increasing demand, recommending companies such as China Hongqiao and Nanshan Aluminum [3] - **Nickel**: Supply constraints are noted, with a focus on companies like Huayou Cobalt and Greenmech [4] - **Tin**: The report suggests monitoring supply and demand dynamics, recommending companies like Yunnan Tin and Xinyi Silver [5] Energy Metals - **Lithium**: The report indicates a downward price trend but anticipates a recovery in demand, recommending companies such as Ganfeng Lithium and Tianqi Lithium [6] - **Cobalt**: The report notes stable supply and demand, with a focus on companies like Huayou Cobalt and Tianqi Lithium [10]

Investment Rating - Industry rating: Recommended [4] Core Views - The escalation of the Iran situation has led to increased oil prices, which in turn raises inflation expectations and suppresses precious metal prices. Gold prices on COMEX fell by 2.17% to $5,181.30 per ounce, while silver dropped by 10.27% to $84.70 per ounce [1] - The geopolitical tensions in the Middle East are expected to continue affecting oil prices, with WTI crude oil rising from $67.02 per barrel to $90.90 per barrel, a weekly increase of 35.6% [5][10] - The long-term bullish trend for gold is supported by the declining status of the US dollar, driven by both government policy preferences and global distrust in the dollar [6][28] Summary by Sections Precious Metals - Gold and silver prices have been under pressure due to rising inflation expectations linked to oil price increases. SPDR Gold ETF holdings decreased by 900,540.93 ounces, while SLV Silver ETF holdings fell by 7,419,587.30 ounces [1] - The gold-silver ratio increased by 9.02% to 61.18, indicating a shift in market dynamics [1] Base Metals - Copper prices have been affected by macroeconomic factors, with a decline of 3.21% to $12,869.00 per ton on the LME. The overall market sentiment remains cautious due to geopolitical tensions [8][10] - Aluminum prices increased by 9.22% to $3,431.00 per ton, driven by supply constraints and rising production costs due to higher energy prices [9][14] Small Metals - Molybdenum prices remain stable at 282,500 CNY per ton, supported by strong demand from the military sector and supply constraints [22][24] - Vanadium prices have seen an increase due to recovering demand from the steel industry and energy storage applications, with prices rising to 82,300 CNY per ton [25][26] Market Dynamics - The overall market is experiencing a tightening supply situation, particularly in copper and aluminum, due to geopolitical tensions and production disruptions in the Middle East [30][31] - The demand for precious metals is expected to remain strong in the long term, driven by ongoing inflation concerns and the potential for further monetary easing by the Federal Reserve [28][30]