1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Macro - level factors, including the stabilization and recovery of PPI and abundant global liquidity, form dual core benefits driving the rise of the natural resources index. The resource ETF Bosera (510410), which tracks the Shanghai Securities Natural Resources Index, can effectively capture investment opportunities through balanced allocation in various resource sectors [3][6]. - Different resource sectors have their own favorable factors. For example, gold benefits from central bank strategic gold purchases, rigid supply, and the interest - rate cut cycle; silver is supported by industrial demand and low inventory; lithium and cobalt face supply contraction and demand growth; rare earths are supported by quota control and strategic attributes; coal supply is tightening while demand shows resilience; and crude oil prices are supported by demand recovery and supply control [3][7][8][9]. 3. Summary by Relevant Catalogs 3.1 Natural Resources Industry Fundamental Analysis - **PPI and Global Liquidity**: PPI and global macro - liquidity are important external factors affecting the natural resources index. During the PPI upward phase, resource product prices rise, improving corporate performance and driving the index up. Global liquidity affects commodity prices through multiple channels, and in a period of abundant liquidity, it can push the index higher [16][18]. - **Gold**: In 2026, gold is in a dual resonance period of "long - term credit reshaping" and "medium - term liquidity easing", showing an upward trend. The recent price adjustment is not a signal of a trend reversal. Central bank gold purchases, investment demand, and supply constraints all support the price of gold [23]. - **Silver**: The sharp fluctuations in the silver market are a necessary process from "speculation - driven" to "value re - evaluation". Industrial demand from "photovoltaic + AI" and low inventory levels form a solid price bottom. It is recommended to pay attention to the key support around $75 per ounce [34][35][38]. - **Copper**: Supply - side rigidities, such as mine production limitations and smelter profit compression, make copper prices prone to rise and difficult to fall. The supply in the first half of 2026 is expected to be tighter [44][45]. - **Aluminum**: Domestic and overseas electrolytic aluminum production capacity is restricted, while demand is expected to improve. The industry is in a tight - balance state, and domestic electrolytic aluminum enterprises' profits are expected to expand [52][55][59]. - **Lithium**: The supply - demand fundamentals of the lithium industry have reversed. Supply growth is slowing down, while demand from energy storage and power is increasing. The lithium market is expected to shift from surplus to shortage, and lithium prices are likely to rise [66][73][75]. - **Cobalt**: Congo - Kinshasa's implementation of export quotas will lead to a shortage of cobalt in the next two years. Enterprises with their own cobalt mines will benefit relatively, and the supply uncertainty is increasing [89][95]. - **Nickel**: The nickel industry is currently at the bottom. Although the supply has been increasing, the downward space of nickel prices is limited. With the improvement of macro - demand and the implementation of Indonesian policies, nickel prices may rise [107][108][124]. - **Rare Earths**: Rare earths have significant strategic attributes. Domestic supply control is strengthening, and global trade frictions have increased their strategic value. Prices and valuations are expected to rise [127][135][136]. - **Tungsten**: Tungsten has strong supply rigidities due to resource and policy constraints. The supply is tight, and the price has increased significantly. In the future, new supply may slow down, and tool price increases will support the tungsten price [146][147][156]. - **Coal**: The supply of coal is tightening in the short and long term, while demand shows resilience. The coal price is expected to rise, but the decline in electricity prices may suppress the long - term price center [158][163][173]. - **Oil**: The supply of U.S. shale oil is limited, and OPEC has a strong willingness to cut production to support prices. Global oil demand is expected to continue to recover, and the oil price center is expected to be between $60 - $65 per barrel in 2026 [178][184][195]. 3.2 Shanghai Securities Natural Resources Index - The Shanghai Securities Natural Resources Index selects resource - related securities in Shanghai Stock Exchange. It has a balanced distribution in various resource sub - sectors, which can capture investment opportunities in different resource sectors and reduce risks [201][206]. - Historically, the index's revenue and net profit growth have fluctuated, but it shows strong resilience. Currently, it shows a bottom - reversal trend, and its revenue and net profit growth are expected to recover in 2026 - 2027 [206][207]. - Compared with other broad - based indexes, the Shanghai Securities Natural Resources Index has advantages in different time intervals [213]. 3.3 Bosera Natural Resources ETF (510410) - Bosera Natural Resources ETF closely tracks the Shanghai Securities Natural Resources Index. It uses a full - replication method for passive investment with strict risk - control targets [214]. - As of February 13, 2026, the ETF has achieved good returns and has a scale of 1.057 billion yuan, with good market liquidity. Its fund manager has rich financial experience, and the fund management company has a large asset - management scale [216].

Core Insights - The report highlights a significant increase in the net profit of Baiwei Storage, expected to reach between 1.5 billion to 1.8 billion yuan for January-February 2026, marking a year-on-year increase of 921.77% to 1086.13% [4] - The coal industry is experiencing rising prices, with domestic thermal coal prices increasing and international prices for Australian thermal coal also on the rise [5][7] - The report notes a decrease in daily coal consumption by the six major power generation groups, indicating a potential shift in demand dynamics within the coal sector [6][7] Company-Specific Summaries - Baiwei Storage is projected to achieve a net profit of 1.5 billion to 1.8 billion yuan for the first two months of 2026, a substantial increase compared to the previous year [4] - Pingtan Development plans to apply for bankruptcy liquidation of its controlling subsidiary, indicating potential financial distress [4] - China Petroleum confirms that there are no undisclosed significant matters affecting its stock price, suggesting stability in its operations [4] - Haimer Technology, involved in high-end oil and gas equipment and digital technology services, is affected by geopolitical tensions impacting international oil prices, which may lead to volatility in its business environment [4] - Zhongrun Optics is focusing on the growing interest in "drones" and "optical communication" sectors, although its current revenue from these areas is less than 3% of total revenue [4] Industry-Specific Summaries - The coal industry is witnessing an increase in domestic thermal coal prices, with the Qinhuangdao thermal coal price reaching 747.00 yuan per ton, a rise of 8.10% month-on-month [5] - The monthly production of state-owned key coal mines in Shaanxi and Inner Mongolia has increased, while Shanxi's production has decreased month-on-month [6] - The report indicates that coal inventories at major ports have risen, while the daily coal consumption of the six major power generation groups has decreased, suggesting a potential oversupply situation [6][7]

Core Insights - The report highlights the significant impact of geopolitical tensions, particularly the military conflict involving Iran, on international oil prices, with WTI and Brent crude oil prices experiencing substantial increases of 11.9% and 11.94% respectively as of March 2, 2026 [6][11]. - The report discusses the ongoing developments in the supernode and Scale-up network industry, emphasizing the competitive landscape where companies like NVIDIA, Google, AMD, and Huawei are making strides to challenge NVIDIA's dominance [13][24]. Industry Overview - The oil and gas sector is currently facing volatility due to geopolitical events, with Brent crude oil futures settling at $72.48 per barrel, reflecting a month-over-month increase of 2.50% [7]. - The supernode and Scale-up network industry is identified as a critical area for technological innovation, supporting high-performance AI applications and large-scale models [13][24]. Company Insights - NVIDIA is noted for its leading position in supernode technology, with plans to release advanced solutions like the GH200NVL72 and GB200/GB300NVL72 by 2025, aiming to enhance GPU interconnectivity and bandwidth [14][15]. - Huawei is working on its supernode technology, with the Atlas950 expected to launch in late 2026, showcasing competitive performance metrics against NVIDIA's offerings [18][19]. - Google is establishing a unique competitive edge with its TPU supernodes, leveraging optical circuit switching technology to enhance performance and efficiency [20][21]. - AMD's UALink is emerging as a significant open standard in the supernode space, with expectations for its ecosystem to gain traction by 2027, positioning it as a viable competitor to NVIDIA [22][24].

Group 1 - The A-share market saw a collective decline in lithium mining stocks, with companies such as Huayou Cobalt and Zhongmin Resources dropping over 6% [1] - Other companies like Tibet Summit and Western Mining also experienced significant declines, falling over 5%, while companies including Cangge Mining, Erkang Pharmaceutical, Ganfeng Lithium, Salt Lake Industry, and Tianqi Lithium dropped over 4% [1] - The main contract for lithium carbonate experienced a substantial drop, reaching a maximum decline of 12.99% during the trading session, with a price of 150,860 yuan per ton [1]

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 viewpoint of the article highlights the performance of the Nonferrous Metals ETF (招商) which opened with a gain of 2.04% at 2.548 yuan on March 2 [1] - The top holdings of the Nonferrous Metals 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 ETF's performance benchmark is the CSI Nonferrous Metals Mining Theme Index return, managed by China Merchants Fund Management Co., Ltd., with a return of 149.70% since its establishment on June 21, 2023, and a 0.93% return over the past month [1] Group 2 - The article provides specific stock performance data for major companies within the ETF, including Shandong Gold rising by 3.57% and Zhongjin Gold increasing by 6.16% [1] - The article notes that the fund manager is Wang Ningyuan, indicating a leadership role in the ETF's management [1] - The article emphasizes the importance of market awareness and caution in investment decisions, reflecting the inherent risks in the financial market [1]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that the supply disruptions in Indonesia are raising expectations for tighter market conditions, which may support nickel prices. As of February 27, the LME nickel spot price was $17,685 per ton, up 3.09% from February 20, with total LME nickel inventory at 287,976 tons, an increase of 0.09% [1] - The cobalt raw material supply remains tight, with expectations for continued price increases. As of February 27, electrolytic cobalt was priced at 440,000 yuan per ton, up 2.92% from February 13 [2] - The report indicates that the overall supply of antimony is slightly contracting, which may support antimony prices. The average price of domestic antimony ingots was 167,500 yuan per ton as of February 26, up 1.82% from February 12 [6] - The report notes that the supply of lithium carbonate is expected to remain tight, with prices rising to 176,000 yuan per ton as of February 27, an increase of 17.82% from February 13 [8] - The report emphasizes that the supply of praseodymium and neodymium is likely to remain short, which may support prices in the rare earth magnetic materials sector. As of February 27, the average price of praseodymium oxide was 955 yuan per kilogram, up 6.70% from February 14 [9] - The report discusses the ongoing tensions in northern Myanmar, which are raising concerns about the supply chain for tin, with the LME tin spot price reaching $57,425 per ton, up 26.21% from February 20 [11] - The report indicates that the supply shortage of tungsten is worsening, with white tungsten concentrate priced at 796,000 yuan per ton as of February 28, up 14.86% from February 13 [13] - The report highlights that expectations for tight uranium supply are continuing to develop, with the global uranium market price at $69.71 per pound as of January, remaining high despite some fluctuations [14] Summary by Sections Nickel and Cobalt Industry - Nickel prices are expected to find support due to supply constraints from Indonesia, with a significant reduction in approved mining quotas [1][16] - Cobalt supply is projected to remain structurally tight, with potential for further price increases benefiting cobalt resource companies [2][17] Antimony Industry - Antimony supply is tightening, with domestic prices expected to rise as export controls and supply chain issues persist [6][19] Lithium Industry - Lithium carbonate prices are expected to remain strong due to supply constraints and increased demand from battery manufacturers [8][20] Rare Earth Industry - The supply of praseodymium and neodymium is expected to remain tight, with price support anticipated due to regulatory changes and supply chain disruptions [9][21] Tin Industry - Ongoing geopolitical tensions in Myanmar and supply chain uncertainties are expected to support tin prices [11][22] Tungsten Industry - The tungsten market is facing supply shortages, with prices expected to rise further due to production constraints and regulatory measures [13][23] Uranium Industry - The uranium market is experiencing tight supply conditions, with prices remaining elevated due to geopolitical factors and production delays [14][24]

Investment Rating - The report maintains a "Buy" rating for the sector, with specific recommendations for various companies in the precious and base metals sectors [2][4]. Core Views - The military conflict between the US and Iran has heightened geopolitical tensions, leading to increased demand for precious metals as safe-haven assets. The report anticipates a significant rise in gold prices driven by central bank purchases and a weakening dollar [2][4]. - Industrial metal prices are expected to experience short-term fluctuations due to the ongoing geopolitical situation and domestic recovery post-holiday. The report highlights a steady recovery in production and demand for aluminum and copper, while also noting potential supply constraints for lithium and cobalt [2][4]. Summary by Sections 1. Industry and Stock Performance - The SW Nonferrous Index increased by 9.77% during the reporting period, indicating strong performance in the nonferrous metals sector [8]. - Key companies such as Zijin Mining, China Molybdenum, and Huayou Cobalt are highlighted for their strong earnings forecasts and favorable valuations [2][4]. 2. Base Metals - Aluminum prices are projected to stabilize post-holiday, with expected trading ranges between 22,800 and 24,000 CNY/ton. The report notes a slight decrease in production due to the holiday but anticipates a recovery as downstream processing resumes [29][30]. - Copper prices are expected to fluctuate between 12,800 and 13,500 USD/ton, influenced by macroeconomic factors and domestic inventory levels. The report indicates a cautious market sentiment with weak demand impacting prices [49][50]. 3. Precious Metals - Gold prices are forecasted to rise significantly due to increased safe-haven demand amid geopolitical tensions. The report emphasizes the role of central bank purchases in supporting gold prices [2][4]. - Silver's industrial demand may face challenges due to the impact of cheaper materials in photovoltaic applications, potentially affecting its price trajectory [2][4]. 4. Energy Metals - The report highlights supply constraints for lithium and cobalt, with Zimbabwe's policy changes affecting lithium prices and ongoing delays in cobalt shipments from the Democratic Republic of Congo [2][4]. - Nickel prices are expected to rise due to tightening supply from Indonesia, with the report noting a significant reduction in export quotas [2][4]. 5. Key Company Recommendations - The report recommends several companies for investment, including Zijin Mining, China Gold International, and Western Mining, based on their strong earnings potential and market positioning [2][4].

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies, highlighting strong potential for growth in precious metals and industrial metals due to geopolitical tensions and market dynamics [2][4]. Core Insights - The report emphasizes that the recent military conflict between the US and Iran has heightened risk aversion, positively impacting gold prices. The long-term outlook remains bullish for gold and silver due to central bank purchases and weakening dollar credit [2][4]. - Industrial metal prices are expected to experience fluctuations in the short term, influenced by supply chain dynamics and post-holiday recovery in demand. The report notes that the aluminum market is stabilizing, while copper prices are under pressure due to increased inventories and slow recovery in domestic demand [2][4][28]. Summary by Sections 1. Industry and Stock Performance - The report indicates a significant increase in the SW Nonferrous Index, which rose by 9.77% during the reporting period [8]. - Key companies in the nonferrous metals sector are recommended for investment, including Zijin Mining, China Molybdenum, and Huayou Cobalt, all of which are expected to benefit from the current market conditions [2][4]. 2. Base Metals - Aluminum prices are projected to stabilize around 23,000-24,000 RMB/ton, with LME aluminum expected to trade between 3,080-3,180 USD/ton [29][30]. - Copper prices are anticipated to fluctuate between 12,800-13,500 USD/ton, with domestic prices ranging from 98,000-104,000 RMB/ton due to weak demand and high inventories [49][50]. 3. Precious Metals - Gold prices are expected to rise, with current COMEX gold trading at 5,015.50 USD/ounce, reflecting a slight decline of 0.95% recently but a strong long-term outlook [15][16]. - Silver prices are also projected to increase, driven by industrial demand and investment interest, with current prices at 78.44 USD/ounce [15][16]. 4. Energy Metals - Lithium prices are expected to remain strong due to supply constraints from Zimbabwe, while cobalt supply may tighten due to slow shipments from the Democratic Republic of Congo [2][4]. - Nickel prices are projected to rise, supported by supply tightening from Indonesia and strong demand from the stainless steel sector [2][4].

Investment Rating - The industry investment rating is "Positive" [1][11] Core Insights - The report anticipates a significant increase in lithium production from key companies such as Ganfeng Lithium, Tianqi Lithium, and others from 2025 to 2027, driven by various projects coming online [4] - The global demand for lithium is expected to grow rapidly, particularly due to the increasing sales of electric vehicles and energy storage solutions, leading to a potential supply-demand imbalance in 2026 [6][8] - The report suggests focusing on industry leaders with high growth rates and substantial production volumes, including Ganfeng Lithium, Tianqi Lithium, and others [8] Summary by Sections Lithium Production Forecast - Ganfeng Lithium is expected to see production growth from projects like Goulamina and Cauchari-Olaroz [4] - Tianqi Lithium's growth will be driven by the expansion of the Greenbushes mine and the commissioning of the Cauchari-Olaroz project [4] - Other companies like Dazhong Mining and Zijin Mining are also projected to increase production significantly through various projects [4] Demand Projections - Global electric vehicle sales are projected to reach 2.9 million units by 2027, with corresponding lithium demand increasing to 248.7 thousand tons LCE [7] - The demand for lithium from energy storage solutions is expected to rise significantly, contributing to overall demand growth [7] Supply Analysis - The report estimates global lithium supply to reach 164.5 thousand tons LCE in 2025, with a slight surplus of 2.5 thousand tons in 2026, but potential tightness due to low inventory levels [8] - The supply-demand balance indicates a potential shortage in 2026, which could drive lithium prices higher [8]