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]

Investment Rating - The report maintains a "Recommended" investment rating for the aluminum industry due to supply disruptions caused by geopolitical conflicts in the Middle East [11]. Core Views - Geopolitical tensions are causing disturbances in aluminum supply, which is expected to lead to a continued rise in aluminum prices [6][11]. - The copper market is experiencing tight supply conditions, supporting a positive outlook for copper prices [11]. - The report highlights that the gold industry is also rated as "Recommended" due to the Federal Reserve entering a rate-cutting cycle [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown a performance increase of 2.4% over the last month, 29.6% over the last three months, and 105.2% over the last year, outperforming the CSI 300 index [3]. Price and Inventory Data - Aluminum prices in China are reported at 24,410 CNY/ton, reflecting an increase of 1,060 CNY/ton from the previous week [8]. - LME aluminum inventory decreased by 8,675 tons, while domestic SHFE inventory increased by 38,512 tons [8]. - Copper prices have seen a decline, with LME copper closing at 12,840 USD/ton, down 642 USD/ton from the previous week [6]. Supply and Demand Dynamics - The report notes that the operating rate for domestic copper rod production has increased significantly to 62.47%, up 44.09 percentage points [8]. - The report indicates that the geopolitical situation has led to supply disruptions, particularly affecting aluminum production in Qatar and Bahrain [9]. Recommended Stocks - The report recommends several stocks across different sectors: - Gold: Zhongjin Gold, Shandong Gold, Chifeng Gold, Shandong International, China National Gold International [12]. - Copper: Zijin Mining, Luoyang Molybdenum, Jincheng Mining, Western Mining, Cangge Mining, Wukuang Resources [12]. - Aluminum: Shenhuo Co., Yunnan Aluminum, Tianshan Aluminum, China Hongqiao [12]. - Tin: Xiyang Co., Huaxi Nonferrous [12]. - Antimony: Hunan Gold, Huaxi Nonferrous [12].

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 - The report does not explicitly state an investment rating for the metals and new materials industry, but it suggests a positive outlook for certain companies within the sector based on market conditions and price trends. Core Insights - The report highlights the impact of geopolitical tensions in the Middle East on market dynamics, particularly affecting metal prices and investor sentiment. It notes a significant drop in the Shanghai Composite Index and the Shenzhen Component Index, with the non-ferrous metals index underperforming the broader market [2][3]. - The report indicates that precious metals have seen a substantial increase year-to-date, with gold prices expected to rise due to ongoing central bank purchases and a shift in monetary policy [17]. - Industrial metals are experiencing mixed demand, with copper and aluminum showing different trends in production and pricing, influenced by supply chain dynamics and geopolitical factors [25]. Weekly Market Review - The Shanghai Composite Index fell by 0.93%, while the Shenzhen Component Index dropped by 2.22%. The non-ferrous metals index decreased by 5.47%, underperforming the CSI 300 Index by 4.40 percentage points [3][5]. - Year-to-date, the non-ferrous metals index has increased by 18.37%, outperforming the CSI 300 Index by 17.71 percentage points [6]. Price Changes - Industrial metals and precious metals have shown varied price movements. For instance, copper prices decreased by 3.61%, while aluminum prices increased by 9.75% [12]. - Lithium prices have seen significant declines, with battery-grade lithium carbonate down by 10.40% and industrial-grade lithium carbonate down by 10.59% [14]. Sector Performance - Precious metals have shown strong performance, with gold prices expected to rise due to central bank purchases and a favorable monetary environment. The report suggests that the gold price center will continue to rise, with a focus on silver as well [17]. - In the industrial metals sector, copper demand is expected to grow due to increased investments in power grids and data centers, despite short-term pressures from geopolitical tensions [25]. Key Companies to Watch - The report recommends monitoring companies such as Zijin Mining, Luoyang Molybdenum, and Shandong Gold for potential investment opportunities based on their market positioning and performance metrics [15].

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - The report highlights significant stagflation and increased volatility, with recent geopolitical tensions in the Middle East and disappointing U.S. employment data leading to heightened inflation expectations. This environment is expected to support both precious and industrial metals in the medium to long term [3][9] Summary by Sections 1. Cycle Assessment - Stagflation is pronounced, with increased volatility. The ongoing Israel-Iran conflict has escalated, impacting oil prices and inflation expectations. U.S. non-farm employment fell by 92,000 in February, raising concerns about economic prospects. The combination of rising oil prices and weakening employment has led to a surge in stagflation expectations, which may suppress financial attributes in the short term but supports precious and industrial metals in the long run [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector saw a decline of 5.47% in the week ending March 6, ranking 27th among all industries. The performance of individual stocks varied, with some showing significant gains while others faced substantial losses [20][22] 3. Macro Data Tracking - Key macroeconomic indicators include a U.S. CPI increase of 2.4% year-on-year and a PCE increase of 2.9%. The U.S. manufacturing PMI stood at 52.4, indicating stable economic activity, while China's manufacturing PMI was at 49.0, suggesting contraction [41][42][38] 4. Precious Metals - Precious metals are experiencing increased trading activity due to stagflation. As of March 6, SHFE gold prices fell by 0.62% to 1,140.80 CNY per gram, while COMEX gold dropped by 2.70% to 5,137.50 USD per ounce. Gold inventories decreased slightly, and central bank purchases continue to support prices [14][28] 5. Copper - Copper prices fell by 2.76% to 101,050 CNY per ton on SHFE, with supply tightness persisting. The copper processing rate increased to 62.47%, indicating potential demand recovery. Global visible copper inventories rose to approximately 1.5265 million tons [17][71][27] 6. Aluminum - Aluminum prices increased, with SHFE aluminum rising by 3.69% to 24,715 CNY per ton. Supply disruptions in the Middle East are expected to provide strong support for aluminum prices. The average profit for the aluminum industry is around 8,216.85 CNY per ton [16][88][82]

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]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a "Buy" rating for the sector [1]. Core Insights - The report highlights the impact of geopolitical tensions in the Middle East on metal prices, which have shown a mixed performance. Precious metals are expected to experience price fluctuations, while industrial metals are projected to see a gradual price increase due to stable supply-demand dynamics [2][3]. Weekly Market Review - The Shanghai Composite Index fell by 0.93%, while the Shenzhen Component Index decreased by 2.22%. The non-ferrous metals index dropped by 5.47%, underperforming the CSI 300 Index by 4.40 percentage points [3]. - Year-to-date, the non-ferrous metals index has risen by 18.37%, outperforming the CSI 300 Index by 17.71 percentage points [3]. Price Changes - Industrial and precious metals prices have varied, with LME copper down by 3.61%, aluminum up by 9.75%, and lithium prices down by 10.40% for battery-grade carbonate [2][14]. - The report notes significant price changes in various metals, including a 13.27% drop in tin and a 10.27% decrease in silver prices [14]. Precious Metals - The report discusses the U.S. labor market, noting a decrease in non-farm payrolls and an increase in unemployment rates, which may influence precious metal prices. The expectation is for gold prices to trend upwards in the long term due to low central bank reserves in China and ongoing geopolitical tensions [2][22]. - The gold-silver ratio is currently at 62.3, indicating potential for silver demand recovery [23]. Industrial Metals - Copper supply is expected to remain tight, with domestic social inventory increasing to 577,000 tons. The report suggests monitoring companies like Zijin Mining and Luoyang Molybdenum for investment opportunities [31]. - Aluminum production is projected to continue its upward trend, with downstream processing rates increasing to 59.50%. The report recommends companies with integrated operations such as Tianshan Aluminum and Nanshan Aluminum [47][48]. Steel Industry - The steel production has seen a week-on-week increase, with a focus on monitoring supply-side adjustments and seasonal demand. Companies like Baosteel and Nanjing Steel are highlighted for their stable dividend attributes [21]. Small Metals - The report notes tight supply conditions for cobalt and lithium, with companies like Huayou Cobalt and Ganfeng Lithium recommended for investment [18][19]. Growth Cycle Investment Analysis - The report suggests that after interest rate cuts, valuation levels may rise, recommending stable supply-demand dynamics in the new energy manufacturing sector, with companies like Huafeng Aluminum and Baowu Magnesium as potential investment targets [2].