1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The 3 - month FOMC maintained the interest rate at 3.50% - 3.75%, and the conflict between the US and Iran escalated, which had a significant impact on the global financial and commodity markets [2]. - A - shares showed a V - shaped rebound, but the risk preference was affected by the external environment, and the short - term market was likely to continue to fluctuate and differentiate among sectors. The bond market also showed a rebound but was restricted by the fundamentals and inflation expectations [3]. - Precious metals were under pressure due to the Fed's hawkish signals and high inflation data, and were expected to maintain a weak trend in the short term [4][5]. - Copper prices were under pressure due to the Fed's policy stance and high PPI data, and were expected to continue to adjust in the short term [6][7]. - Aluminum prices were affected by both positive and negative factors, with the tightening expectation suppressing the upside and the supply - side disturbance providing support, and were expected to remain strong [8][9]. - Alumina was affected by the policy uncertainty of Guinea's bauxite, but the subsequent supply pressure might limit its upside space, and it was expected to be strongly volatile [10]. - Cast aluminum was affected by the cost and supply - demand situation, and was expected to fluctuate within a limited range [11]. - Zinc prices were under pressure due to the Fed's hawkish signals and geopolitical tensions, and the short - term decline was rapid [12][13]. - Lead prices had limited upward momentum due to weak downstream purchases, but the low - level operation of the regenerated lead smelter provided support [14]. - Tin prices were under pressure due to weak macro and micro factors, and were expected to decline to find support [15]. - Nickel prices were affected by the Fed's policy and supply - demand fundamentals, and were expected to fluctuate in the short term [16][17]. - Lithium carbonate prices were under pressure due to the Fed's reduced interest - rate cut expectations, and were expected to be weakly volatile in the short term [18]. - Steel prices were affected by the Fed's policy and the recovery of terminal demand, and were expected to fluctuate [19]. - Iron ore prices were supported by the shipping cost increase and supply - demand situation, and were expected to remain high and volatile [20]. - Coking coal and coke prices were boosted by the rising oil prices, and were expected to continue to rebound in an oscillatory manner [21]. - Bean and rapeseed meal prices were affected by the supply of soybeans and the energy market, and were expected to adjust in an oscillatory manner [22]. - Palm oil prices were affected by the energy market and supply - demand situation, and were expected to adjust in an oscillatory manner [23][25]. 3. Summary by Relevant Catalogs 3.1 Macro - Overseas: The 3 - month FOMC maintained the interest rate at 3.50% - 3.75% with a 11:1 vote, added the statement of "highly uncertain Middle - East situation", and the dot - plot still maintained one interest - rate cut in 2026 - 2027. The SEP slightly revised up the growth and inflation expectations for 2026. The conflict between the US and Iran escalated, affecting the global energy supply. The CME interest - rate futures postponed the next interest - rate cut to July 2027, the 10Y US Treasury yield rose to 4.28%, the US dollar index returned to 100, and the US stocks, gold, and copper fell, while the oil price rose by 5% [2]. - Domestic: A - shares had a V - shaped rebound on Wednesday, with the Shanghai Composite Index closing at 4063 points. The trading volume shrank to 2.06 trillion yuan. The risk preference of A - shares was affected by the external environment, and the short - term market was likely to continue to fluctuate. The bond market rebounded, but was restricted by the fundamentals and inflation expectations [3]. 3.2 Precious Metals - The international precious - metal futures prices fell sharply on Wednesday, with COMEX gold futures down 3.68% to $4823.90 per ounce and COMEX silver futures down 5.63% to $75.42 per ounce. The Fed released hawkish signals, the market's interest - rate cut expectations cooled, and the US inflation data exceeded expectations, putting pressure on precious - metal prices. The Fed's March meeting maintained the interest rate, pointed out the uncertainty of the Middle - East impact, and raised the inflation expectation. The interest - rate futures market expected a 50% probability of an interest - rate cut this year. Precious - metal prices were expected to remain weak in the short term [4][5]. 3.3 Copper - On Wednesday, the main contract of Shanghai copper broke through the support level, and LME copper fell to around $12300. The domestic electrolytic copper spot market had weak transactions. The macro factors included the Fed's policy stance and the high US PPI data in February, which indicated a possible rebound in underlying inflation and limited the Fed's interest - rate cut space. The industry news was that BHP planned to invest $5 billion in a new concentrator project for its Escondida copper mine in Chile. Copper prices were expected to continue to adjust in the short term [6][7]. 3.4 Aluminum - On Wednesday, the main contract of Shanghai aluminum closed at 24800 yuan/ton, down 0.4%. The LME aluminum closed at $3419.5 per ton, up 1.63%. The electrolytic aluminum ingot inventory increased, and the aluminum rod inventory also increased. The Fed maintained the interest rate and raised the inflation expectation. The Middle - East geopolitical conflict continued to escalate, which had both positive and negative impacts on aluminum prices. Aluminum prices were expected to remain strong [8][9]. 3.5 Alumina - On Wednesday, the main contract of alumina futures closed at 3048 yuan/ton, up 0.66%. The spot alumina price rose. The import of bauxite increased. The policy uncertainty of Guinea's bauxite drove the alumina market, but the subsequent supply pressure might limit its upside space. Alumina was expected to be strongly volatile [10]. 3.6 Cast Aluminum - On Wednesday, the main contract of cast - aluminum alloy futures closed at 23570 yuan/ton, down 0.86%. The scrap - aluminum price fluctuated, and the supply of scrap aluminum gradually recovered. The supply of cast aluminum increased slightly, and the consumption increased slightly when the price fell. Cast aluminum was expected to fluctuate within a limited range [11]. 3.7 Zinc - On Wednesday, the main contract of Shanghai zinc showed a weak trend, and LME zinc broke through the support level. The US PPI data exceeded expectations, the Fed maintained the interest rate, and the dot - plot showed a reduced expectation of interest - rate cuts. The geopolitical tension in the Middle - East increased the risk aversion sentiment. Zinc prices were under pressure and were expected to have fluctuations around 23000 [12][13]. 3.8 Lead - On Wednesday, the main contract of Shanghai lead showed a narrow - range oscillation. The terminal consumption recovered limitedly, and the battery export was restricted by tariffs. The downstream battery enterprises reduced their purchases when the lead price rebounded. The regenerated lead smelter had large losses and low operating loads, which provided support. Lead prices were expected to operate in a low - level range [14]. 3.9 Tin - On Wednesday, the main contract of Shanghai tin showed a weak trend. The US PPI data exceeded expectations, the Fed maintained the interest rate, and the geopolitical situation in the Middle - East was tense. The supply of tin ore improved, and the demand was affected by the correction of AI expectations and the under - expected photovoltaic orders. Tin prices were expected to decline to find support [15]. 3.10 Nickel - On Wednesday, the main contract of Shanghai nickel oscillated and declined. The Fed's policy stance suppressed the market risk preference. The supply of nickel ore was restricted by the rainy season in the Philippines, and the cost was supported. The downstream steel mills were in the seasonal procurement period, but the demand was affected by the high - cost raw materials. Nickel prices were expected to fluctuate in the short term [16][17]. 3.11 Lithium Carbonate - On Wednesday, lithium carbonate prices fell significantly, and the spot market also weakened. The raw - material prices decreased. The supply was expected to increase, and the demand in the power - battery and energy - storage fields had different performances. Lithium carbonate prices were under pressure but had some support, and were expected to be weakly volatile in the short term [18]. 3.12 Steel (Screw and Coil) - On Wednesday, steel futures oscillated and adjusted. The Fed maintained the interest rate. The Middle - East situation affected the market sentiment. The terminal demand recovered, and the steel production increased after the Two Sessions. Steel prices were expected to fluctuate [19]. 3.13 Iron Ore - On Wednesday, iron - ore futures oscillated. The spot market had normal transactions. The shipping cost increased due to the Iran conflict, which supported the iron - ore price. The overseas shipment increased, the port inventory decreased slightly, and the demand from steel mills increased. Iron - ore prices were expected to remain high and volatile [20]. 3.14 Coking Coal and Coke - On Wednesday, coking - coal and coke futures rebounded in an oscillatory manner. The Middle - East geopolitical conflict pushed up the oil price, which drove the coal market. The coking - coal price rebounded, and the coke cost was supported. The supply of coking coal was relatively loose, and the demand for coke increased. Coking - coal and coke prices were expected to continue to rebound in an oscillatory manner [21]. 3.15 Bean and Rapeseed Meal - On Wednesday, the bean - meal 05 contract fell 0.26%, and the rapeseed - meal 05 contract fell 1.09%. The Middle - East energy infrastructure was attacked, and the oil price rose, which boosted the soybean and related agricultural - product markets. The domestic short - term supply was expected to be tight, and the downstream purchasing enthusiasm increased. Bean and rapeseed meal prices were expected to adjust in an oscillatory manner [22]. 3.16 Palm Oil - On Wednesday, palm - oil futures fell. The Middle - East situation affected the energy market, and the oil price rose. The B50 biodiesel policy in Indonesia might be restarted, and the US biodiesel policy was to be released. Palm - oil prices were expected to adjust in an oscillatory manner [23][25]. 3.17 Metal Main - Variety Trading Data The report provides the closing prices, price changes, trading volumes, and other data of various metal futures on March 18, including copper, aluminum, zinc, lead, nickel, tin, gold, silver, etc. [26] 3.18 Industry Data Perspective The report provides the price changes, inventory changes, and other data of copper, nickel, zinc, lead, aluminum, alumina, tin, and other metals from March 17 to March 18 [27][30].

Group 1: Domestic Gold Prices - Domestic gold prices show divergence, with various brands experiencing different price movements. The overall market price range is between 1494 to 1557 CNY per gram, with Laomiao Gold leading at 1557 CNY per gram and Zhou Liufu at the bottom with 1494 CNY per gram. The price difference between high and low has expanded to 63 CNY per gram [1] - Detailed quotes from major gold retailers include: Laomiao Gold at 1557 CNY (up 58), Liufu Gold at 1497 CNY (no change), Chow Tai Fook at 1499 CNY (down 30), Zhou Liufu at 1494 CNY (no change), Lao Fengxiang at 1518 CNY (no change), Chao Hongji at 1499 CNY (no change), Chow Sang Sang at 1533 CNY (up 33), Caibai at 1495 CNY (down 10), Shanghai China Gold at 1556 CNY (up 20), and Zhou Dazheng at 1499 CNY (no change) [1] - Platinum jewelry prices have also seen a slight increase, with Chow Sang Sang reporting a rise of 5 CNY per gram, now priced at 824 CNY per gram [1] Group 2: International Gold Prices - The spot gold price returned to the 5000 USD mark but fell back to 4996.14 USD per ounce due to hawkish comments from Federal Reserve officials, closing with a 0.42% increase. As of the latest update, the spot gold price is at 5004.45 USD per ounce, reflecting a 0.17% increase [4] - The Federal Reserve's meeting minutes indicated that some officials believe a rate cut is possible if inflation decreases as expected, while others suggested that if inflation remains above the 2% target, discussions on rate hikes may resume, which has weakened market expectations for a near-term rate cut and pressured gold prices [4] Group 3: Geopolitical Factors - Recent Geneva talks involving Russia, the U.S., and Ukraine were reported to have made progress, slightly easing market risk sentiment and putting pressure on gold prices. However, tensions regarding Iran's nuclear program have escalated, with President Trump warning of severe consequences if an agreement is not reached within 10 to 15 days, leading to increased market volatility [5] - Overall, spot gold is expected to remain volatile as the market awaits further developments regarding geopolitical situations, while domestic gold prices continue to fluctuate at high levels, suggesting a cautious approach [5]

Investment Rating - The industry maintains a "stronger than the market" rating [6] Core Views - Precious metals prices have retreated due to increased margin requirements and a stronger US dollar, which has suppressed speculative demand [2][14] - Industrial metals, particularly copper, are expected to see price increases supported by government subsidies for old-for-new exchanges, despite current high prices [3][15] - Lithium carbonate prices are expected to remain volatile at high levels due to slowed inventory depletion and moderate demand recovery [4][21] - Rare earth prices are generally strong, while tungsten prices have decreased by 1.1% [4][23] Summary by Sections Precious Metals - Gold prices are limited by a stronger dollar and rising US Treasury yields, with margin requirements for futures contracts being raised to cool speculative activity [2][14] - Key stocks to watch include Zijin Mining, Zhongjin Lingnan, and others in both A-shares and H-shares [2][14] Industrial Metals - The continuation of old-for-new subsidies is expected to stimulate demand for copper and aluminum, with copper prices anticipated to rise despite current high levels [3][15] - Key stocks include Jiangxi Copper, Luoyang Molybdenum, and others [3][15] New Energy Metals - Lithium carbonate prices are expected to remain high due to supply uncertainties and moderate demand recovery, with strategic investment opportunities in lithium stocks [4][21] - Key stocks include Ganfeng Lithium, Tianhua, and others [4][22] Other Minor Metals - Rare earth prices are generally strong, with specific increases in praseodymium and neodymium prices, while tungsten has seen a slight decline [4][23] - Key stocks to monitor include Hunan Gold, China Rare Earth, and others [4][26] Weekly Market Review - The non-ferrous index increased by 0.4%, outperforming the Shanghai and Shenzhen 300 index, with lithium battery materials showing the largest gains [27][28] - Top gainers include Jiangxi Copper and Yinbang [37]