| 转债代码：113615 | 转债简称：金诚转债 | | | | --- | --- | --- | --- | | 证券代码：603979 转债代码：113699 | 证券简称：金诚信 转债简称：金 25 | 转债 | 公告编号：2026-021 | 4、合同工期：项目总工期 946 日历天，开工日期以招标人下发的正式开工 令为准。 金诚信矿业管理股份有限公司 关于签署日常经营合同的公告 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个别及连带责任。 金诚信矿业管理股份有限公司（以下简称"公司"）承接了成都云图控股股 份有限公司下属雷波凯瑞磷化工有限责任公司牛牛寨北磷矿区东段井巷工程建 设项目并于近日取得了经双方签字盖章的合同文件，项目主要情况如下： 一、工程项目及协议主要情况 1、工程名称：雷波凯瑞磷化工有限责任公司牛牛寨北磷矿区东段井巷工程 建设项目。 2、工程地点：四川省雷波县 3、工程承包范围及内容：雷波凯瑞磷化工有限责任公司牛牛寨北磷矿区东 段井巷工程建设项目所涉及的井巷及安装施工图范围内所有工程，包括但不限于： 胶带运输 ...

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6] Core Viewpoints - Short-term copper prices are volatile, but the outlook for copper prices in 2026 remains positive due to tightening supply and improving demand [1][4] - The report highlights a significant drop in the refined copper price differential, indicating a tightening supply of scrap copper [2][54] - The report anticipates a continued upward trend in copper prices driven by supply constraints and demand recovery [4] Summary by Sections Macro Environment - Geopolitical risks in the Middle East may keep oil prices high, increasing market concerns about "stagflation" and potential interest rate hikes, which could suppress copper prices [1] - As of March 20, 2026, the SHFE copper closing price was 94,740 CNY/ton, down 5.55% from March 13, and the LME copper closing price was 11,835 USD/ton, down 7.07% [1][17] Supply and Inventory - Domestic copper social inventory decreased by 8.9%, while LME copper inventory increased by 9.9% [2] - As of March 20, 2026, domestic mainstream port copper concentrate inventory was 512,000 tons, down 1.3% from the previous week [2] - The refined copper price differential was reported at -417 CNY/ton, indicating a tightening supply of scrap copper [54] Demand - The cable industry, which accounts for approximately 31% of domestic copper demand, saw a week-on-week increase in operating rates by 3.9 percentage points, reaching 70.52% [3][71] - Air conditioning production is projected to decline year-on-year by 6.1%, followed by increases of 2.9% and 4.9% in the subsequent months [3][89] Investment Recommendations - The report recommends stocks such as Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4]

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].

投资建议与投资标的 核心观点：地缘博弈升级，错杀修复可期。滞胀担忧下，贵金属和工业金属金融属性持 续受压制。考虑 SW 有色指数自冲突以来调整幅度超过 20%，若出现边际缓和的信号， 有望迎来修复。远期而言，整体通胀水平抬升意味着远期贵金属乃至工业金属均在蓄势 中。 有色金属行业 行业研究 | 行业周报 有色周报：地缘博弈升级，错杀修复可期 核心观点 投资标的： 相关标的：山东黄金(600547，未评级)、山金国际(000975，未评级)、中金黄金 (600489，未评级)、赤峰黄金(600988，买入)、紫金矿业(601899，买入)、洛阳钼业 (603993，未评级)、中国铝业(601600，未评级)、西部矿业(601168，未评级)、金诚 信(603979，未评级)。 风险提示 下游需求弱于预期、供给端大量释放、美联储降息进程不及预期等。 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 03 月 21 日 看好维持 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec.com.cn | | | 021- ...

有色金属行业 行业研究 | 行业周报 有色周报：地缘博弈升级，错杀修复可期 核心观点 投资建议与投资标的 核心观点：地缘博弈升级，错杀修复可期。滞胀担忧下，贵金属和工业金属金融属性持 续受压制。考虑 SW 有色指数自冲突以来调整幅度超过 20%，若出现边际缓和的信号， 有望迎来修复。远期而言，整体通胀水平抬升意味着远期贵金属乃至工业金属均在蓄势 中。 投资标的： 相关标的：山东黄金(600547，未评级)、山金国际(000975，未评级)、中金黄金 (600489，未评级)、赤峰黄金(600988，买入)、紫金矿业(601899，买入)、洛阳钼业 (603993，未评级)、中国铝业(601600，未评级)、西部矿业(601168，未评级)、金诚 信(603979，未评级)。 风险提示 下游需求弱于预期、供给端大量释放、美联储降息进程不及预期等。 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 03 月 21 日 看好维持 | 于嘉懿 | 执业证书编号：S0860525110005 | | --- | --- | | | yujiayi1@orientsec.com.cn | | | 021- ...

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

| 转债代码：113615 | 转债简称：金诚转债 | | | | --- | --- | --- | --- | | 证券代码：603979 转债代码：113699 | 证券简称：金诚信 转债简称：金 25 | 转债 | 公告编号：2026-020 | 金诚信矿业管理股份有限公司 关于使用闲置募集资金进行现金管理到期赎回并继续 进行现金管理的公告 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： 已履行的审议程序：公司于 2025 年 11 月 28 日召开第五届董事会第二 十九次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。 本议案提交董事会审议前，已经审计与风险管理委员会审议通过。 特别风险提示：尽管公司本次使用闲置募集资金购买的现金管理产品为 安全性高、流动性好的保本型产品，属于低风险投资品种，但金融市场受宏观经 济、财政及货币政策的影响较大，不排除该项投资可能受到市场波动的影响。敬 请广大投资者注意防范投资风险。 金诚信矿业管理股份有限公司（以下简称"公司"）于 2025 年 11 月 ...

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - Financial attributes are under pressure, returning to supply and demand support. The ongoing Iran-Israel conflict is prolonging, leading to significant oil price increases and raising concerns about persistent inflation. In the short term, the compression of interest rate cuts is suppressing overall financial attributes, but the rising inflation level indicates that precious metals and industrial metals are gaining momentum for the long term. The actual supply and demand of various metals may determine the price floor during the fluctuation period [3][9] Summary by Sections 1. Cycle Judgment: Financial Attributes Under Pressure, Returning to Supply and Demand Support - The Iran-Israel conflict is escalating, causing oil prices to rise sharply and triggering market concerns about uncontrollable inflation. The FedWatch indicates that the market is pricing in only a 25 basis point rate cut in December 2026. The core PCE in the U.S. rose by 3.1% year-on-year and 0.4% month-on-month in January. The overall financial attributes are under pressure due to the compressed rate cut space, but the elevated inflation level suggests that precious and industrial metals are building momentum for the future [9][13] 2. Industry and Individual Stock Performance - The non-ferrous metals sector saw a decline of 3.69% in the week ending March 13, ranking 26th among all industries [19][20] 3. Precious Metals: Deepening Stagflation Expectations, Gold Prices May Fluctuate and Accumulate - As of March 13, the SHFE gold price fell by 0.68% to 1,133.00 CNY per gram, while COMEX gold dropped by 2.27% to 5,021.00 USD per ounce. The inventory of SHFE gold increased by 0.38 tons to 105 tons, while COMEX gold inventory decreased by 15.03 tons to 923 tons. The net long position of non-commercial COMEX gold increased by 0.30 thousand contracts, and SPDR gold holdings decreased by 56,500 ounces [14][27] 4. Copper: Financial Attributes Under Pressure, Seasonal Demand Still to be Tested - As of March 13, the SHFE copper price fell by 0.73% to 100,310 CNY per ton, and LME copper decreased by 0.63% to 12,780.5 USD per ton. The domestic refined copper operating rate was 72.92%, up 10.45 percentage points from the previous week. Global visible copper inventory totaled approximately 1.5416 million tons, an increase of 15,100 tons from the previous week [16][24][77] 5. Aluminum: Supply Disturbance Premium Continues, Aluminum Prices Remain Supported - As of March 13, the SHFE aluminum price rose by 0.99% to 24,960 CNY per ton, while LME aluminum fell by 0.19% to 3,439.5 USD per ton. The domestic electrolytic aluminum operating capacity was stable at 44.325 million tons, with concerns about supply disturbances in the Middle East still present. The average profit for the aluminum industry was approximately 8,822.36 CNY per ton [16][85][87]

Investment Rating - Maintain "Buy" rating for the sector [5] Core Views - The geopolitical situation in the Middle East continues to disrupt bullish sentiment, but there is sustained optimism for precious metals during the stagflation cycle [1] - Copper demand remains resilient despite short-term geopolitical disturbances, with a positive long-term outlook [2] - Aluminum prices are experiencing significant volatility due to ongoing overseas conflicts, while domestic demand is gradually transitioning towards a consumption peak [3] - Nickel prices are under pressure from geopolitical disturbances, but supply constraints provide some support [4] - Tin prices are fluctuating due to a tug-of-war between supply and demand factors, with a lack of strong driving forces [8] - The lithium market is seeing increases in both supply and demand, maintaining a trend of inventory reduction [9] - Cobalt prices are experiencing fluctuations due to weak downstream purchasing [10] Summary by Sections Precious Metals - The ongoing geopolitical crisis in the Middle East has led to sustained high oil prices, impacting investor sentiment towards precious metals. However, concerns are seen as short-term, with a bullish outlook for the medium term [1][41] Industrial Metals - **Copper**: Demand remains strong with a recovery in market transactions as production resumes. Recent expectations for downstream production have improved, indicating a healthy demand base [2] - **Aluminum**: Supply has slightly increased, but high prices are suppressing some demand. The market is transitioning towards a consumption peak, with ongoing geopolitical factors influencing prices [3] - **Nickel**: Prices have decreased due to geopolitical tensions, but supply constraints from Indonesia are providing support [4] - **Tin**: Supply is stable, but demand is weak, leading to a lack of strong price movements [8] Energy Metals - **Lithium**: Both supply and demand are increasing, with a focus on inventory reduction. The market is expected to remain active due to rising demand from the electric vehicle sector [9] - **Cobalt**: Prices are fluctuating with weak demand from downstream sectors, leading to a cautious purchasing environment [10]

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].