Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [3]. Core Insights - The ongoing geopolitical tensions in the Middle East, particularly the US-Iran conflict, are exerting downward pressure on metal prices due to inflationary concerns and a shift towards stagflation trading [1][9]. - The report highlights a strong expectation for aluminum prices to remain robust due to supply tightening from geopolitical risks, despite a cautious demand outlook [9]. - The copper market is experiencing fluctuations due to macroeconomic uncertainties and geopolitical tensions, with expectations for prices to remain within a defined range [9][44]. - The report emphasizes the importance of monitoring the recovery of downstream demand and the impact of geopolitical events on supply chains across various metals [9][66]. Summary by Sections 1. Industry and Stock Performance - The report provides a detailed analysis of stock performance for key companies in the non-ferrous metals sector, indicating a general upward trend in stock prices despite recent market volatility [12]. 2. Base Metals - **Aluminum**: Prices are expected to remain high due to geopolitical tensions affecting supply, with LME prices projected to range between $3,400 and $3,600 per ton [25][26]. - **Copper**: The market is characterized by short-term fluctuations influenced by geopolitical events and macroeconomic indicators, with prices expected to oscillate between $12,800 and $13,200 per ton [44][45]. - **Zinc**: Prices are under pressure due to increasing domestic inventories and geopolitical uncertainties, with LME prices recorded at $3,293.5 per ton [52][53]. 3. Precious and Minor Metals - **Gold**: The report maintains a bullish outlook on gold prices in the medium to long term, driven by central bank purchases and weakening US dollar credit [9]. - **Silver**: Industrial demand for silver may face challenges due to the impact of lower photovoltaic material costs, which could suppress prices [9]. - **Nickel**: Prices are expected to fluctuate due to supply constraints from Indonesia and geopolitical risks, with a projected range of 135,000 to 145,000 yuan per ton [66]. 4. Rare Earths - The report does not provide specific insights on rare earths in this section, focusing instead on the broader trends in base and precious metals [9].

Core Viewpoint - The mining ETF (561330) opened with a decline of 1.01%, indicating a negative market sentiment towards the mining sector on March 13 [1] Group 1: ETF Performance - The mining ETF (561330) opened at 2.253 yuan, reflecting a decrease in value [1] - Since its establishment on October 19, 2022, the ETF has achieved a return of 127.74%, while its return over the past month has been -0.69% [1] Group 2: Major Holdings Performance - Key stocks within the mining ETF showed varied performance: Zijin Mining down 1.50%, Luoyang Molybdenum down 1.74%, Northern Rare Earth down 1.10%, and China Aluminum down 0.41% [1] - Conversely, Ganfeng Lithium increased by 0.99%, Yunnan Aluminum rose by 0.28%, and Tianqi Lithium gained 0.67% [1] - Zhongjin Gold experienced a decline of 1.47%, while Shandong Gold fell by 0.72% [1]

Core Viewpoint - The article discusses the performance of the Silverhua ETF (159871) and its major holdings, highlighting a general decline in the prices of key stocks within the non-ferrous metals sector on March 13, 2023 [1] Group 1: ETF Performance - The Silverhua ETF (159871) opened down by 0.79%, priced at 1.126 yuan [1] - Since its inception on March 10, 2021, the fund has achieved a return of 127.30%, while its return over the past month is -0.27% [1] Group 2: Major Holdings Performance - Major holdings in the Silverhua ETF include: - Zijin Mining: down 1.50% - Luoyang Molybdenum: down 1.74% - Northern Rare Earth: down 1.10% - Huayou Cobalt: down 0.67% - China Aluminum: down 0.41% - Ganfeng Lithium: up 0.99% - Shandong Gold: down 0.72% - Yun Aluminum: up 0.28% - Zhongjin Gold: down 1.47% - Zhongmin Resources: up 0.80% [1]

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]

Summary of China Basic Materials Monitor - March 2026 Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting changes post-Chinese New Year (CNY) amid elevated commodity prices and geopolitical tensions in the Middle East [1] Key Points Demand Trends - **Mixed Demand Post-CNY**: Demand is strong for energy-related items such as power grid cables, ESS batteries, and export solar modules, but weaker than expected in construction, appliances, automotive, and traditional hardware [1] - **Demand Destruction**: Elevated metal prices have led to a **15-20% demand destruction** pre-CNY, although this has been accepted by the end market for now [1] - **Export Orders Impact**: Producers expect a **5-15% impact on export orders** from the Middle East, particularly in steel, electric vehicles (EV), and energy storage systems (ESS) [1] - **High Energy Prices**: The outlook for high energy prices has made copper traders cautious, leading to increased prices for seaborne and domestic coal [1] Supply Dynamics - **Cement Production Cuts**: Top cement producers are closing **5-15% of their capacity** due to depressed demand [1] - **Carbon Trading Impact**: The inclusion of steel in the national carbon trading platform imposes limited discipline on steel production in 2026 [1] Demand Metrics - **High-Frequency Data**: In the first week of March, Chinese demand was reported to be **50-60% lower year-on-year (YoY)** for cement and construction steel, and **2-8% lower YoY** for aluminum, copper, and flat steel [1] - **Margin and Pricing Trends**: Margins/pricing for coal, aluminum, and lithium improved, while steel and cement prices softened, with copper prices remaining stable [1] Producer Feedback - **Order Book Trends**: A proprietary survey indicated that **95% of respondents** reported a month-on-month (MoM) pickup in March for downstream sectors, and **86% for commodities** [2] Additional Insights - **Cautious Outlook**: The overall cautious sentiment in the market is reflected in the mixed demand and the adjustments in production capacities across various sectors [1][2] Conclusion - The China Basic Materials industry is currently navigating a complex landscape characterized by mixed demand, elevated prices, and strategic adjustments in production. The ongoing geopolitical tensions and energy price fluctuations are critical factors influencing market dynamics.

Fixed Income Research - The overall yield of credit bonds has declined, with credit spreads showing differentiation across various types, particularly widening in the short to medium term while narrowing in the long term [2] - The issuance scale of credit bonds has significantly increased due to a low base effect, while corporate bonds have seen zero issuance; net financing for credit bonds has increased, with corporate bonds showing negative net financing [2] - The secondary market has experienced a rise in transaction volume, with all types of credit bonds seeing increased trading activity [2] - Despite fluctuations, the overall conditions for a bear market in credit bonds are not sufficient, and a long-term downward trend in yields is expected, suggesting a strategy of increasing allocations during adjustments [2] Real Estate Industry - Continuous optimization of real estate policies by central and local governments is positively impacting the stabilization of the real estate market, transitioning from a phase of large-scale expansion to one focused on quality improvement [3] - The recovery in sales will significantly influence bond valuations, and investors with higher risk tolerance may consider early positioning in companies showing strong performance in new financing and sales recovery [3] - The focus for investment should remain on historically stable valuations of high-performing state-owned enterprises and quality private enterprises with strong guarantees, while also considering opportunities in undervalued real estate bonds [3] Metal Industry - The supply of aluminum is expected to tighten due to export disruptions in the Middle East, which may support aluminum prices in the short term [6] - The geopolitical situation, particularly the conflict involving Iran, is influencing various metal prices, with copper prices facing downward pressure due to rising oil prices and a strong dollar [6] - The upcoming disclosure of corporate earnings in March may lead to a verification phase for industry fundamentals, with a focus on sectors supported by geopolitical factors and demand for strategic resources [6][7]

关于对外担保的进展公告 股票代码：603799 股票简称：华友钴业 公告编号：2026-013 浙江华友钴业股份有限公司 关于对外担保的进展公告 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： 被担保人名称及是否为上市公司关联人：被担保人包括 5 家公司，不存在关 联担保； 本次担保金额及累计担保余额：2026 年 2 月担保金额合计 105,100.00 万元； 截至 2026 年 2 月 28 日，浙江华友钴业股份有限公司（以下简称"公司"）对外 提供担保余额为 9,533,720.95 万元，主要为对控股子公司及其下属企业、参股公司 的担保； 对外担保逾期的累计数量：无； 特别风险提示：公司及控股子公司对外担保总额超过最近一期经审计净资产 100%；2026 年 2 月为资产负债率超过 70%的子公司提供的担保金额为 104,000.00 万元，敬请投资者注意相关风险。 一、担保情况概述 | | | 关于对外担保的进展公告 | 华友钴业 | 浙江巴莫科技有限责任公司 | 20,000.00 | 2029/ ...

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [2][7]. Core Views - The report highlights that geopolitical tensions are likely to support aluminum prices due to expected supply tightening, while the gold market faces increased volatility due to rising oil prices and geopolitical developments [3][6][49]. - The report emphasizes the importance of monitoring the ongoing conflict in the Middle East, particularly its impact on market sentiment and commodity prices [7][19]. Industry Summary Steel - Supply and demand have shown some recovery post-holiday, but demand is recovering slower than supply, leading to increased inventory levels. As of March 6, total steel inventory was 19.27 million tons, up 5.54% from the previous period [20][26]. - The production of five major steel products was 7.97 million tons, a slight increase of 0.06% from the previous week, but down 4.44% year-on-year [21][26]. Copper - Copper inventories continue to accumulate, with geopolitical tensions affecting market demand. As of March 6, LME copper prices were $12,800 per ton, down 4.70% from the previous period [44][42]. - The report notes that the ongoing conflict is expected to keep pressure on copper prices due to rising oil prices and a stronger dollar [9][41]. Aluminum - The report indicates that the Middle East's electrolytic aluminum exports are hindered, leading to a tightening supply situation that may support aluminum prices. As of March 6, LME aluminum prices were $3,400 per ton, up 7.21% from the previous period [47][49]. - Domestic electrolytic aluminum production capacity is expected to face challenges due to policy constraints [10][49]. Precious Metals - The report discusses the impact of geopolitical tensions on gold prices, which have been under pressure due to inflation concerns and a stronger dollar. As of March 6, gold prices were $5,181.30 per ounce, down 2.17% from the previous period [53][54]. - The report suggests that investors should closely monitor developments in the Iranian conflict as it may influence market dynamics [53][54]. Lithium and New Energy Metals - The report notes that lithium prices are under pressure due to concerns over energy storage demand amid geopolitical tensions. As of March 6, battery-grade lithium carbonate prices were 157,000 yuan per ton, down 8.99% from the previous period [59][58]. - The report highlights the potential for price weakness in lithium due to rising oil prices and market uncertainties [58][59]. Rare Earths and Minor Metals - The report indicates that rare earth prices have declined due to poor demand data from the electric vehicle sector and geopolitical tensions. As of March 6, light rare earth oxide prices were 850,000 yuan per ton, down 4.49% from the previous period [65][66]. - The report emphasizes the need to monitor geopolitical developments and downstream demand data for potential impacts on rare earth prices [65][66].

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]