Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, China Gold International, and Shandong Gold [4]. Core Insights - The report highlights ongoing inflationary pressures due to geopolitical tensions, particularly the US-Iran conflict, which has led to a significant drop in gold prices, marking the largest weekly decline in 43 years. However, the long-term outlook for gold remains positive due to central bank purchases and weakening US dollar credit [2]. - The report emphasizes the dichotomy in the gold market between short-term panic and mid-term opportunities, suggesting that the demand for safe-haven assets will likely support gold prices in the future [2]. - Industrial demand for silver may continue to be impacted by the trend of cheap metalization in photovoltaic materials, which could lead to increased costs for silver paste and a potential upward shift in the gold-silver ratio [2]. Summary by Sections 1. Industry and Company Performance - The report notes a significant decline in the SW Non-ferrous Index, which fell by 12.29% during the week, alongside a 10.57% drop in COMEX gold and a 15.92% drop in COMEX silver [10]. - Industrial metal prices for aluminum, copper, zinc, lead, nickel, and tin experienced declines of -7.18%, -7.07%, -7.21%, -0.74%, -2.51%, and -11.27% respectively [10]. 2. Base Metals 2.1 Price and Stock Correlation Review - The report provides a detailed analysis of price movements and stock correlations for various base metals, indicating a complex interplay of macroeconomic factors affecting valuations [20]. 2.2 Industrial Metals - Aluminum prices are under pressure due to geopolitical tensions and a strong US dollar, with domestic demand showing signs of recovery as downstream processing rates increase [27]. - Copper prices are experiencing downward pressure from reduced interest rate expectations and geopolitical risks, but there is a notable increase in downstream purchasing activity as prices decline [46]. - Zinc prices are fluctuating due to geopolitical uncertainties and inventory levels, with domestic consumption gradually improving [58]. 3. Precious Metals and Minor Metals 3.1 Precious Metals - The report indicates that gold prices are facing downward pressure due to liquidity risks and inflation expectations, but the long-term outlook remains bullish due to central bank buying [2]. - Silver prices are also under pressure, with industrial demand potentially affected by changes in photovoltaic material production [2]. 3.2 Energy Metals - Lithium prices are expected to remain stable in the short term, while cobalt supply may tighten due to export controls in the Democratic Republic of Congo [10]. - Nickel prices are supported by supply uncertainties in Indonesia, but demand remains cautious due to high prices [10]. 4. Rare Earths - The report does not provide specific insights on rare earths in this section, focusing instead on the broader trends in the non-ferrous metals market [12].

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - The geopolitical tensions have escalated, leading to potential corrections in the market. The SW Non-Ferrous Metals Index has adjusted over 20% since the conflict began, indicating a possible recovery if signs of easing emerge. In the long term, rising inflation levels suggest that both precious and industrial metals are building momentum [3][9] Summary by Sections 1. Cycle Assessment - Geopolitical tensions have intensified, with recent conflicts affecting oil prices and market expectations for the Federal Reserve's interest rate policies. The SW Non-Ferrous Metals Index has seen a decline of over 20%, but a potential recovery is anticipated if easing signals appear. Long-term inflation trends indicate that both precious and industrial metals are poised for growth [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector experienced a decline of 14.20% in the week ending March 20, ranking 28th among all industries. The industrial metals sector faced the largest drop [18][20] 3. Macro Data Tracking - The U.S. February CPI increased by 2.4%, while China's February CPI rose by 1.3%. The U.S. target interest rate stands at 3.8%, with an actual rate of 4.39%. The dollar index has decreased to 99.51 [29][30][37] 4. Precious Metals - Gold prices have been under pressure, with SHFE gold dropping 8.28% to 1,039.22 CNY per gram and COMEX gold falling 8.86% to 4,576.30 USD per ounce. The market is currently pricing in a lack of interest rate cuts by the Federal Reserve, which continues to exert pressure on gold prices [14][26] 5. Copper - Copper prices have seen a decline, with SHFE copper down 5.55% to 94,740 CNY per ton and LME copper down 6.66% to 11,929.5 USD per ton. Supply constraints are expected to impact the market, with a recent increase in copper rod operating rates to 81.51% [17][25] 6. Aluminum - Aluminum prices have also decreased, with SHFE aluminum down 3.77% to 24,020 CNY per ton. The domestic operating capacity for electrolytic aluminum remains stable, while geopolitical tensions continue to pose risks to supply [16][25]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - The geopolitical tensions have escalated, leading to potential corrections in the market. The SW Non-Ferrous Metals Index has adjusted over 20% since the conflict began, indicating a possible recovery if signs of easing emerge. In the long term, rising overall inflation levels suggest that both precious and industrial metals are building momentum [3][9] Summary by Sections 1. Cycle Assessment - Geopolitical tensions have intensified, with recent conflicts affecting oil prices and market expectations for the Federal Reserve's interest rate policies. The SW Non-Ferrous Metals Index has seen a decline of over 20%, but a potential recovery is anticipated if easing signals appear. Long-term inflation trends indicate that precious and industrial metals are gaining strength [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector experienced a decline of 14.20% in the week ending March 20, ranking 28th among all sectors [18][20] 3. Macro Data Tracking - The U.S. February CPI increased by 2.4%, while China's February CPI rose by 1.3%. The U.S. target interest rate stands at 3.8%, with an actual rate of 4.39%. The dollar index has decreased to 99.51 [29][30][37] 4. Precious Metals - Gold prices have been under pressure, with SHFE gold dropping 8.28% to 1,039.22 CNY per gram and COMEX gold falling 8.86% to 4,576.30 USD per ounce. The market is currently pricing in a lack of interest rate cuts by the Federal Reserve, which continues to exert pressure on gold prices [14][26] 5. Copper - Copper prices have seen a decline, with SHFE copper down 5.55% to 94,740 CNY per ton and LME copper down 6.66% to 11,929.5 USD per ton. Supply constraints are expected to impact the market, with a recent increase in copper rod operating rates to 81.51% [17][25] 6. Aluminum - Aluminum prices have also decreased, with SHFE aluminum down 3.77% to 24,020 CNY per ton. The domestic operating capacity remains stable, but geopolitical tensions continue to pose risks to supply [16][25]

Core Viewpoint - The article discusses the recent volatility in the gold market, highlighting a significant drop in gold prices due to external factors such as geopolitical tensions and the U.S. Federal Reserve's monetary policy decisions [1][6][7]. Gold Price Movement - On March 19, the spot gold price experienced sharp fluctuations, hitting a low of $4803 per ounce before recovering slightly to $4835.04, marking a 0.45% increase [1]. - Domestic gold jewelry prices followed the international trend, with brands like Chow Sang Sang seeing a decrease in price from 1547 RMB to 1492 RMB per gram, a drop of 55 RMB [3]. Stock Market Impact - The A-share and Hong Kong stock markets for gold and jewelry sectors faced declines, with companies like Wan Guo Gold Group dropping nearly 18% and Zijin Gold International falling over 8% [3][4]. - A detailed table lists various companies and their respective price changes, indicating significant losses across the board, with Wan Guo Gold Group down 17.82% and Zijin Gold International down 8.48% [5]. Geopolitical and Economic Factors - The article notes rising geopolitical tensions in the Middle East, particularly threats from Iran, which have contributed to increased oil prices and inflation expectations [6][7]. - The U.S. Federal Reserve's decision to maintain interest rates between 3.5% and 3.75% has also influenced market sentiment, aligning with expectations but contributing to a stronger dollar, which pressures precious metal prices [6][7]. Long-term Outlook for Gold - Despite short-term pressures, institutions believe the long-term upward trend for gold remains intact due to ongoing geopolitical risks, inflation concerns, and a shift towards diversification of central bank reserves away from the dollar [8]. - Analysts suggest that the current geopolitical climate and inflationary pressures may lead to a delayed interest rate cut by the Federal Reserve, with potential easing not expected until 2026 [8]. - Historical trends indicate that gold prices tend to rise following geopolitical conflicts, and current valuations for leading companies in the gold sector are at historically low levels, suggesting potential for future growth [8].

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

山東黃金礦業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 六年三月二十六日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司截至二 零二五年十二月三十一日止年度的年度業績及其發佈，並考慮派發末期股息（如有）。 承董事會命 山東黃金礦業股份有限公司 SHANDONG GOLD MINING CO., LTD. 1787 董事會會議通告 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 董事長 韓耀東 中華人民共和國，濟南 二零二六年三月十六日 於本通告日期，本公司執行董事為修國林先生、徐建新先生、湯琦先生和劉延芬女士； 本公司非執行董事為韓耀東先生和劉欽先生；及本公司獨立非執行董事為戰凱先生、劉 懷鏡先生和趙峰女士。 ...

1787 董事會會議通告 山東黃金礦業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 六年三月二十六日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司截至二 零二五年十二月三十一日止年度的年度業績及其發佈，並考慮派發末期股息（如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SHANDONG GOLD MINING CO., LTD. 承董事會命 山東黃金礦業股份有限公司 董事長 韓耀東 中華人民共和國，濟南 二零二六年三月十六日 於本通告日期，本公司執行董事為修國林先生、徐建新先生、湯琦先生和劉延芬女士； 本公司非執行董事為韓耀東先生和劉欽先生；及本公司獨立非執行董事為戰凱先生、劉 懷鏡先生和趙峰女士。 ...

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a favorable investment rating [1]. Core Insights - The report highlights a mixed performance in the metals sector, with the non-ferrous metals index declining by 3.69% week-on-week, underperforming the CSI 300 index by 3.88 percentage points [2][3]. - Precious metals are expected to experience price fluctuations due to geopolitical tensions in the Middle East and changes in U.S. monetary policy, with a long-term upward trend anticipated for gold prices [2][18]. - Industrial metals, particularly copper and aluminum, are projected to see price increases driven by stable supply-demand dynamics and growing investments in electric networks and AI data centers [2][29][43]. Summary by Sections Weekly Market Review - The Shanghai Composite Index fell by 0.70%, while the Shenzhen Component Index rose by 0.76%. The non-ferrous metals index decreased by 3.69% [3]. - Year-to-date, the non-ferrous metals index has increased by 14.00%, outperforming the CSI 300 index by 13.15 percentage points [3][6]. Price Changes - Industrial and precious metals saw varied price changes, with copper down by 0.63%, aluminum down by 0.19%, and gold prices down by 3.05% [2][12]. - Lithium carbonate prices increased by 1.94% for battery-grade and 1.97% for industrial-grade [2][14]. Precious Metals - The report notes a decrease in U.S. non-farm employment and an increase in unemployment rates, impacting precious metal prices. The expectation is for gold prices to rise in the long term due to increased central bank purchases [2][18]. - The gold-silver ratio is currently at 60.3, indicating potential for silver demand recovery [19]. Industrial Metals - Copper supply is expected to remain tight, with domestic social inventory at 574,000 tons, a slight decrease from the previous week. The report suggests monitoring companies like Zijin Mining and Luoyang Molybdenum [2][29]. - Aluminum production is projected to remain constrained, with a current operating rate of 98.9% and a social inventory of 1.68 million tons [43][44]. Steel Industry - Steel production has increased week-on-week, with rising demand from downstream sectors. The report emphasizes the importance of monitoring supply adjustments and seasonal demand [2][17]. Small Metals - The cobalt market is experiencing supply constraints, while lithium demand remains robust. Nickel prices have shown an upward trend due to ongoing supply disruptions [2][14]. Growth Cycle Investment Analysis - The report recommends focusing on stable supply-demand dynamics in the new energy manufacturing sector, highlighting companies like Huafeng Aluminum and Baowu Magnesium [2].

Core Viewpoint - The article discusses the recent decline in gold mining stocks compared to gold prices, attributing this to operational issues within companies and the impact of rising oil prices and inflation on monetary policy decisions by central banks, particularly the Federal Reserve [3][5]. Group 1: Gold Prices and Mining Stocks - Gold prices have recently fluctuated around $5,000 per ounce, while gold mining stocks have significantly underperformed, with major companies like Zijin Mining and Shandong Gold experiencing declines of over 25% to 30% since their peak in late January [4][5]. - On March 16, 2026, gold prices briefly fell below $5,000 per ounce, leading to substantial drops in mining stocks, with Zijin Mining and Zijin Gold International seeing declines of over 6% and 7% respectively [3][4]. Group 2: Market Influences - Analysts indicate that the decline in gold mining stocks is influenced not only by gold price fluctuations but also by company-specific operational and debt issues, as well as overall market sentiment [5]. - Rising oil prices have contributed to inflation concerns, making it less likely for the Federal Reserve to lower interest rates, which adds downward pressure on gold prices [5]. - Market expectations suggest that the Federal Reserve may only lower rates once in the second half of the year, or possibly not at all, which could further impact gold prices negatively in the short term [5]. Group 3: Long-term Outlook - Despite the current pressures, there are expectations for a potential recovery in gold prices in the second quarter, driven by ongoing global economic uncertainties and continued purchases of gold by central banks [5]. - The long-term outlook for gold remains positive due to geopolitical risks and monetary expansion, reinforcing gold's status as a safe-haven asset [5].

Market Performance - The Hang Seng Index rose over 1% and the Hang Seng Tech Index increased by more than 2% as of the midday close on March 16 [1] - The Hang Seng Index closed at 25,756.27, up by 290.67 points (1.14%), while the Hang Seng Tech Index reached 5,089.53, gaining 111.45 points (2.24%) [2] Sector Highlights - Technology stocks showed strong performance, with BYD Co. and NIO both rising over 5%, while Xiaomi Group and JD Health increased nearly 5% [2] - Tencent Music rose over 4%, and Tencent Holdings, JD Group, and Trip.com increased by more than 2% [2] - Alibaba and Baidu also saw their stock prices rise [2] Semiconductor Sector - The semiconductor sector experienced significant gains, with Zhaoyi Innovation rising over 10% and Hua Hong Semiconductor increasing by 5.28% [3][4] - Other notable performers included Horizon Robotics and Hongguang Semiconductor, both rising over 3% [3] Precious Metals Sector - The precious metals sector was underperforming, with Chifeng Jilong Gold Mining falling nearly 7% and Shandong Gold dropping close to 6% [5][6] - Other companies in the sector, such as Lingbao Gold and China Gold International, also saw declines exceeding 5% [5]