Group 1 - The core viewpoint of the article highlights the performance of the Huatai-PineBridge ETF (159652) in the non-ferrous metals sector, which opened down by 2.86% at 1.968 yuan on March 4 [1] - Major holdings within the ETF experienced varied performance, with Zijin Mining down 2.99%, Luoyang Molybdenum down 4.00%, and Northern Rare Earth down 3.29%, while China Aluminum saw an increase of 1.43% [1] - The ETF's performance benchmark is the CSI Sub-Industry Non-Ferrous Metals Theme Index return, managed by Huatai-PineBridge Fund Management Co., Ltd., with a return of 103.23% since its inception on January 16, 2023, and a 4.21% return over the past month [1]

Core Viewpoint - The A-share gold and jewelry index experienced a significant decline, with major companies like Mankalon and Western Gold seeing drops of over 10% and 6% respectively, reversing the strong performance of previous trading days [1][2]. Market Performance - As of March 4, the gold and jewelry index was at 2928.49, down 3.03% [2]. - Mankalon (300945.SZ) was priced at 19.61, down 10.42%, while Western Gold (601069.SH) was at 38.35, down 6.35% [2]. - Other companies such as Sichuan Gold (001337.SZ) and Zhao Jin Gold (000506.SZ) also saw declines of over 4% [2][3]. Price Fluctuations - On March 3, gold prices saw a sharp drop, with COMEX gold futures falling over 5% and spot gold dropping more than 6%, breaking below the critical $5000 per ounce mark [3]. - By March 4, there was a recovery, with spot gold rising over 1% to $5159.19 per ounce [4]. Market Analysis - The recent volatility in gold and silver prices is attributed to profit-taking after a surge in response to geopolitical tensions, alongside expectations of potential changes in monetary policy due to rising oil prices [4][5]. - Analysts suggest that if oil prices continue to rise, it could push U.S. inflation above 3%, leading to a tightening of monetary policy by the Federal Reserve, which would negatively impact gold and silver prices [4][5]. Geopolitical Factors - The situation in the Middle East, particularly regarding Iran's control over the Strait of Hormuz, is causing concerns about oil supply disruptions, which could further influence inflation expectations and monetary policy [5][6]. - The uncertainty surrounding U.S. military involvement in Iran and its implications for global oil prices is a critical factor for the gold market [7][8]. Long-term Outlook - Despite short-term pressures, the long-term outlook for gold remains positive due to ongoing geopolitical uncertainties and the potential for continued central bank demand for gold [8]. - Analysts caution that while gold prices may experience high volatility in the short term, the fundamental drivers for gold's value, such as geopolitical risks and monetary policy shifts, remain intact [8].

Group 1 - The mining ETF (561330) opened down 5.08%, priced at 2.280 yuan [1] - Major holdings in the mining ETF saw varied performance: Zijin Mining down 2.99%, Luoyang Molybdenum down 4.00%, Northern Rare Earth down 3.29%, and others [1] - The ETF's performance benchmark is the CSI Nonferrous Metals Mining Theme Index, managed by Guotai Fund Management Co., with a return of 139.95% since its inception on October 19, 2022, and a 5.27% return over the past month [1]

编辑丨瑜见 3月4日，香港恒生指数开盘跌1.16%，恒生科技指数跌1.24%。 | 名称 | 涨跌幅 ▲ | 珊介 | | --- | --- | --- | | 赤峰黄金 | -5.37% | 39.800 | | AURA MINERALS | -4.44% | 84.210 | | 灵宝黄金 | -4.37% | 24.100 | | 招金矿业 | -3.62% | 33.000 | | 万国黄金集团 | -3.54% | 16.090 | | 紫等处,不 | -3.29% | 41.800 | | 山东黄金 | -3.24% | 40.600 | | 紫金黄金国际 | -3.13% | 217.000 | | 中国黄金国际 | | -2.23% 188.800 | | 潼关黄金 | -2.13% | 3.680 | | 大唐黄金 | -1.47% | 0.670 | | 老铺黄金 | | -1.17% 675.000 | 科网股集体下跌，小鹏汽车跌近3%，阿里巴巴、百度集团、中芯国际、京东健康跌超2%，比亚迪股 份、华虹半导体、京东集团、美团等跌超1%，腾讯控股、同程旅行等低开。 | 名称 | 涨跌幅 ...

Group 1 - The core viewpoint of the article highlights the performance of the Nonferrous Metals ETF (512400), which opened down by 1.80% at 2.453 yuan [1] - Major holdings in the Nonferrous Metals ETF include Zijin Mining, which opened down by 1.03%, and other companies like Luoyang Molybdenum down by 2.02%, Northern Rare Earth down by 0.58%, and Huayou Cobalt down by 1.05% [1] - The ETF's performance benchmark is the CSI Shenwan Nonferrous Metals Index return, managed by Southern Fund Management Co., Ltd., with a return of 154.70% since its inception on August 3, 2017, and a return of 14.07% over the past month [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東黃金礦業股份有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | -- ...

Group 1 - The core viewpoint of the article highlights the performance of the Silver Hua ETF (159871), which opened with a gain of 2.38% at 1.247 yuan on March 2 [1] - Major holdings in the Silver Hua ETF include Zijin Mining, which rose by 2.15%, and Northern Rare Earth, which increased by 1.86%, while Ganfeng Lithium saw a decline of 0.51% [1] - The performance benchmark for the Silver Hua ETF is the CSI Nonferrous Metals Index return, managed by Silver Hua Fund Management Co., with a return of 142.96% since its inception on March 10, 2021, and a return of 0.88% over the past month [1]

Group 1 - The core point of the article highlights the performance of the Nonferrous Metals ETF Fund (516650), which opened with a gain of 3.57%, priced at 2.435 yuan [1] - Major holdings in the fund include Zijin Mining, which rose by 2.15%, and Northern Rare Earth, which increased by 1.86%, while Ganfeng Lithium saw a decline of 0.51% [1] - The fund's performance benchmark is the CSI Sub-Industry Nonferrous Metals Theme Index, managed by Huaxia Fund Management Co., with a return of 135.00% since its inception on June 9, 2021, and a recent one-month return of 0.50% [1]

Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The geopolitical tensions in the Middle East, particularly the US-Iran conflict, are expected to sustain a bullish trend in commodity prices, especially gold, which is projected to maintain an upward trajectory due to currency depreciation and geopolitical fragmentation narratives [2][12] - Copper and aluminum are experiencing seasonal inventory accumulation post-Chinese New Year, but prices are expected to remain stable due to potential increases in export activities following a recent court ruling in the US [3][13] - The lithium sector is seeing positive production trends with ongoing inventory depletion, and supply disruptions are anticipated, particularly from Zimbabwe, which has banned lithium exports [4][14] Summary by Sections Gold Market - The gold price is expected to remain strong in the short term due to ongoing military confrontations and geopolitical instability, with a long-term upward trend anticipated [2][12] - Related stocks include Zijin Mining International, Shandong Gold, and others [2] Copper and Aluminum Market - Seasonal demand is improving, but inventory levels are still rising; however, this is not significantly impacting prices [3][13] - The geopolitical situation in the Middle East poses risks to supply, particularly from Iran, which is a key player in the copper market [3][13] - Recommended stocks include Zijin Mining, Luoyang Molybdenum, and others [3] Lithium Market - The current spot price for lithium carbonate is 172,000 RMB/ton, with expectations of continued inventory depletion and increased demand [4][14] - Supply disruptions are likely to exacerbate the tight supply situation, particularly due to export bans from Zimbabwe [4][14] - Recommended stocks include Guocheng Mining [4] Market Performance - The non-ferrous metals index has outperformed the market, with a 9.74% increase, ranking second among 30 sub-industries [16] - Notable individual stock performances include Feilihua and Yunnan Zhenye, which saw significant price increases [16][20]