Report Industry Investment Rating - Not provided in the content Core Views of the Report - **Rebar**: The main contract futures price oscillated with a daily increase of 0.03%, and both trading volume and open interest decreased. In the current situation of weak supply and demand, the fundamentals of rebar are weakly stable, with continuous inventory growth and prices remaining under pressure. However, policy expectations are strengthening, and the operating logic of the steel market switches between reality and expectations. It is expected to maintain an oscillatory trend, and attention should be paid to domestic policies [5]. - **Hot-rolled Coil**: The main contract futures price trended weakly with a daily decline of 0.25%, and both trading volume and open interest decreased. Currently, the demand for hot-rolled coils has begun to recover, but its resilience needs to be monitored, and supply pressure persists. The fundamentals are weakly stable, and prices will still be under pressure. The relatively positive factor is policy expectations. It is expected to maintain an oscillatory bottom-finding trend under the game between expectations and reality, and attention should be paid to demand performance [5]. - **Iron Ore**: The main contract futures price oscillated with a daily increase of 0.27%, trading volume decreased, and open interest increased. Currently, the improvement of iron ore demand is limited, while supply has returned to a high level. The fundamentals of iron ore are relatively weak, and concerns about medium-term oversupply remain. Ore prices will still be under pressure. The relatively positive factor is the strengthening of policy expectations. It is expected to continue the low-level oscillatory trend, and attention should be paid to steel mill resumptions [5]. Summary by Relevant Catalogs Industry Dynamics - **Macro Policy**: The Political Bureau of the CPC Central Committee emphasized the implementation of more proactive fiscal policies and moderately loose monetary policies, aiming to expand domestic demand, optimize supply, and promote various aspects of economic development [7]. - **Air-conditioning Market**: In early 2026, the air-conditioning market showed a complex picture. In January, stimulated by the continuation of national subsidy policies, the retail market had a "good start" with a 12.7% year-on-year increase in retail volume and a 6.3% increase in retail sales. However, the short-term recovery was not transmitted to the production side, and the domestic sales production schedule for March only increased by 3.6% year-on-year [8]. - **Iron Ore Project**: Australian mining company Alien Metals announced significant progress in the exploration of its Pilbara iron ore projects in Western Australia. Multiple projects have great potential for iron ore formation and good exploration prospects [9]. Spot Market - **Steel Products**: The spot prices of rebar and hot-rolled coils in Shanghai, Tianjin, and the national average showed some fluctuations. The price of Tangshan steel billet was 2,910, and the price of Zhangjiagang heavy scrap was 2,160. The volume spread between hot-rolled coils and rebar was 50, and the spread between rebar and scrap was 1,020 [10]. - **Iron Ore**: The price of PB fines at Shandong ports was 747, and the price of Tangshan iron concentrate was 752. The sea freight from Australia was 9.85, and from Brazil was 23.74. The SGX swap (current month) was 99.05, and the iron ore price index (61% FE, CFR) was 99.30 [10]. Futures Market - **Rebar**: The closing price of the main contract was 3,067, with a daily increase of 0.03%. The trading volume was 595,003, a decrease of 97,921, and the open interest was 1,948,194, a decrease of 4,226 [12]. - **Hot-rolled Coil**: The closing price of the main contract was 3,215, with a daily decline of 0.25%. The trading volume was 277,047, a decrease of 43,993, and the open interest was 1,492,009, a decrease of 791 [12]. - **Iron Ore**: The closing price of the main contract was 750.5, with a daily increase of 0.27%. The trading volume was 175,649, a decrease of 14,745, and the open interest was 546,682, an increase of 6,109 [12]. Relevant Charts - **Steel Inventory**: Included charts of weekly changes and total inventory (steel mills + social inventory) for rebar and hot-rolled coils, showing inventory trends over time [14][15][20]. - **Iron Ore Inventory**: Included charts of 45-port iron ore inventory, 247 steel mill iron ore inventory, and domestic mine iron concentrate inventory, reflecting inventory levels and changes [22][23][26]. - **Steel Mill Production**: Included charts of the blast furnace operating rate, capacity utilization rate, and profitability of 247 sample steel mills, as well as the operating rate and profitability of 94 independent electric furnace steel mills, showing the production and profit status of steel mills [30][32][33]. 后市研判 - **Rebar**: Supply and demand have changed. The weekly output of rebar decreased by 5.28 tons, and inventory is at a high level. Demand is weak and the recovery has a time lag. Policy expectations are strengthening. It is expected to maintain an oscillatory trend, and attention should be paid to domestic policies [38]. - **Hot-rolled Coil**: The supply-demand pattern has changed little. The weekly output decreased slightly by 0.20 tons, and inventory is accumulating at a high level. Demand has recovered, but its resilience needs to be monitored. Policy expectations are positive. It is expected to maintain an oscillatory bottom-finding trend, and attention should be paid to demand performance [38]. - **Iron Ore**: Supply and demand have changed. Ore demand has improved but with limited growth space, and supply will return to a high level. Policy expectations are strengthening. It is expected to continue the low-level oscillatory trend, and attention should be paid to steel mill resumptions [39].

Core Viewpoint - European stock markets are on track to achieve the longest monthly winning streak since 2013, with a potential eight consecutive months of gains, driven by a shift in investor focus from the US market to Europe due to concerns over high valuations in tech stocks and the impact of AI on the digital economy [1][4]. Group 1: Market Performance - The Stoxx Europe 600 index has risen 3.6% in February and is expected to record strong gains for eight consecutive months, outperforming the S&P 500 by 6 percentage points year-to-date [1][4]. - European stock funds saw an inflow of approximately $3.2 billion this week, marking the fourth consecutive week of significant net inflows, totaling around $18 billion for the year so far [1][8]. Group 2: Sector Performance - Heavy asset sectors such as basic resources, energy, telecommunications, and utilities have shown strong performance, with some sectors experiencing double-digit increases, up to 25%, compared to a 7% rise in the Stoxx 600 index [4][7]. - Mining and healthcare stocks in the European market have performed the best, while tourism and media sectors lagged behind [1]. Group 3: Investment Trends - Investors are increasingly favoring heavy asset companies as a safe haven from the "AI disruption" narrative, leading to a significant rotation of funds into European stocks [5][6]. - The "HALO" (Heavy Assets, Low Obsolescence) stocks are gaining traction, as they are perceived to be less vulnerable to AI disruption, with a notable outperformance of 35% compared to lighter capital stocks since early 2025 [6][7]. Group 4: Economic Outlook - The recent rally in European stocks is attributed to the "heavy asset safe-haven effect" amid AI-related fears, robust corporate earnings growth, and positive economic momentum [8]. - Analysts maintain an overweight rating on European and emerging market stocks, anticipating that global capital will increasingly focus on these regions to mitigate exposure to the high valuations in the US market [8].

Core Viewpoint - The Tokyo stock market experienced a four-day consecutive rise, with both major indices reaching historical highs despite a slight dip influenced by the overnight decline in the Nasdaq index in New York [1] Market Performance - The Nikkei 225 index closed up by 0.16%, while the Tokyo Stock Exchange Price Index (TOPIX) increased by 1.50% [1] - The Nikkei index rose by 96.88 points to close at 58,850.27 points, and the TOPIX gained 58.34 points, closing at 3,938.68 points [1] Market Dynamics - On February 27, the Tokyo stock market opened lower due to the impact of the Nasdaq's decline, with the Nikkei index initially dropping over 600 points before recovering to a slight increase [1] - The majority of the 33 industry sectors on the Tokyo Stock Exchange saw gains, particularly in the oil and coal products, mining, and construction sectors, while only the precision machinery sector experienced a decline [1]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the next six months [26]. Core Insights - The report highlights a significant increase in nickel and lithium production, with nickel ore production reaching 13.303 million wet tons in Q4 2025, an 8% increase quarter-on-quarter, while lithium production from the Centenario plant reached 3,900 tons [1][5]. - The overall financial performance of the group showed a decline, with adjusted revenue for 2025 at €3.155 billion, down 7% from 2024, and an adjusted EBITDA of €372 million, a 54% decrease [11]. - The report anticipates continued growth in lithium demand driven by the electric vehicle market, with expected lithium production in 2026 reaching between 17,000 to 20,000 tons of lithium equivalent [15]. Summary by Sections Nickel - In Q4 2025, PT WBN's nickel ore production was 13.303 million wet tons, a quarter-on-quarter increase of 8% and a year-on-year decrease of 4%. Nickel ore sales reached 18.234 million wet tons, up 97% quarter-on-quarter and 8% year-on-year [1]. - The internal consumption of NPI at PT WBN reached 3.4 million tons in 2025 [3]. Lithium - Q4 2025 lithium production (in LCE) was 3,900 tons, significantly up from 2,080 tons in Q3 2025. The total lithium production for 2025 is projected to be 6,690 tons of lithium equivalent [5][7]. - The report notes that the Centenario plant faced technical issues earlier in the year but significantly improved production in the second half, achieving nearly 75% of rated capacity by December [5]. Manganese - Q4 2025 manganese ore and sinter production was 1.68 million tons, a 10% decrease quarter-on-quarter but a 36% increase year-on-year. Manganese ore sales reached 157.2 thousand tons, up 26% quarter-on-quarter and 11% year-on-year [8]. - Manganese alloy production in Q4 2025 was 157 thousand tons, with sales of 174 thousand tons, reflecting a 12% increase quarter-on-quarter [9]. Financial Performance - The group's adjusted revenue for 2025 was €3.155 billion, down 7% from 2024, with an adjusted EBITDA of €372 million, a 54% decrease. The net profit attributable to the group was -€370 million, including an asset impairment of €171 million from the mineral sands business [11]. - The adjusted free cash flow was -€481 million, influenced by capital expenditures for lithium plant construction [11]. 2026 Outlook - For nickel, PT WBN plans to submit an application for a production quota of 12 million tons for 2026, with expectations of increased pricing due to potential structural shortages [12][14]. - The report anticipates that lithium demand will continue to grow, with the average price for battery-grade lithium expected to rise by nearly 70% in 2026 [15]. - Manganese transportation volumes are projected to reach between 6.4 million to 6.8 million tons in 2026, supported by ongoing railway upgrades [17].

Core Viewpoint - The company indicates that the production of the Zabuye Phase II project is currently not stable, and efforts are being made to achieve the targeted production levels [2]. Group 1: Company Operations - The company has stated that the Zabuye Phase II project has not yet reached stable production levels [2]. - The company is actively coordinating with various parties to address challenges and aims to achieve the targeted production as soon as possible [2]. - The company will comply with legal and regulatory requirements for timely information disclosure regarding the Zabuye Phase II project [2]. Group 2: Future Communication - Investors are advised to pay attention to the company's future disclosures, particularly in the 2025 annual report and related announcements [2].

Group 1 - International crude oil prices continued to decline, with West Texas Intermediate (WTI) closing at $65.56 per barrel, down 0.79%, and Brent crude at $70.79 per barrel, down 0.32% [1] - Prices of non-ferrous metals generally increased, with tin experiencing a significant rise of 6.98% to $53,810 per ton [3] - Precious metals prices saw a comprehensive increase, with platinum rising by 6.60% to $2,331.7 per ounce [3] Group 2 - Uranium (U3O8) price decreased to $88.20 per pound, down 0.84% [2] - Iron ore prices showed a slight increase, with 62% grade iron ore at $99.03 per ton, up 0.39%, and 58% grade at $86.09 per ton, up 0.20% [3] - Other base metals also saw price increases, including copper at $13,337.50 per ton, up 1.08%, and aluminum at $3,173.50 per ton, up 2.09% [3]

Group 1 - The core viewpoint of the news is that Xingye Silver Tin has seen a significant increase in stock price, rising by 5.01% to reach 54.75 yuan per share, with a trading volume of 3.699 billion yuan and a turnover rate of 3.90%, resulting in a total market capitalization of 97.216 billion yuan [1] - Xingye Silver Tin Mining Co., Ltd. is located in Chifeng City, Inner Mongolia, and was established on August 23, 1996, with its listing date on August 28, 1996. The company's main business involves the mining and smelting of non-ferrous and ferrous metal resources [1] - The revenue composition of Xingye Silver Tin includes: silver (34.80%), tin (30.81%), zinc (19.32%), lead (5.12%), iron (3.34%), antimony (2.90%), copper (2.01%), other (0.72%), gold (0.66%), and bismuth (0.32%) [1] Group 2 - From the perspective of fund holdings, one fund under Dongcai Fund has a significant position in Xingye Silver Tin. The CSI 500 ETF Fund (159337) held 87,500 shares in the fourth quarter, accounting for 0.53% of the fund's net value, ranking as the tenth largest holding [2] - The CSI 500 ETF Fund (159337) was established on September 2, 2024, with a latest scale of 585 million yuan. Year-to-date returns are 14.65%, ranking 618 out of 5574 in its category; the one-year return is 43.74%, ranking 1042 out of 4326; and since inception, the return is 91.77% [2]

Group 1 - The core viewpoint of the news is that Xingye Silver Tin has seen a significant increase in stock price, with a rise of 5.01% to 54.75 CNY per share, and a total market capitalization of 97.216 billion CNY [1] - Xingye Silver Tin Mining Co., Ltd. is located in Chifeng City, Inner Mongolia, and was established on August 23, 1996. The company primarily engages in the mining and smelting of non-ferrous and ferrous metal resources [1] - The main revenue composition of the company includes silver (34.80%), tin (30.81%), zinc (19.32%), lead (5.12%), iron (3.34%), antimony (2.90%), copper (2.01%), gold (0.66%), bismuth (0.32%), and other minerals (0.72%) [1] Group 2 - From the perspective of fund holdings, one fund under CITIC Prudential has a significant position in Xingye Silver Tin, with 46,500 shares held, representing 0.51% of the fund's net value, ranking as the tenth largest holding [2] - The CITIC Prudential CSI 500 Index (LOF) A fund has a total scale of 204 million CNY and has achieved a year-to-date return of 13.9%, ranking 743 out of 5,574 in its category [2] - The fund has a one-year return of 40.88%, ranking 1,250 out of 4,326, and a cumulative return since inception of 202.72% [2]

Market Performance - The London Stock Exchange's FTSE 100 index closed at 10,846.70 points on the 26th, up by 40.29 points, representing a gain of 0.37% [1] - All major European stock indices experienced gains on the same day [1] Top Gainers - The top five gainers in the London stock market included: - Houghton Mifflin Harcourt Group, with a stock price increase of 10.75% - London Stock Exchange Group, up by 9.06% - Relx Group, rising by 4.55% - Experian, increasing by 4.36% - Reckitt Benckiser, up by 4.31% [1] Top Losers - The top five losers in the London stock market included: - Hikma Pharmaceuticals, with a stock price decrease of 16.89% - Fresnillo, a precious metals producer, down by 5.13% - Antofagasta, a mining company, down by 4.38% - Anglo American, down by 3.55% - Metinvest, down by 3.45% [1] Other European Indices - The CAC 40 index in Paris closed at 8,620.93 points, up by 61.86 points, a gain of 0.72% [1] - The DAX index in Frankfurt closed at 25,289.02 points, up by 113.08 points, representing a gain of 0.45% [1]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - After the holiday, the mid - stream industry continued to recover. In the upstream, liquefied natural gas prices declined while international crude oil prices rose, and egg prices continued to fall. In the mid - stream, PX operating rate was at a high level, power plant coal consumption was at a high level, and road asphalt operating rate increased. In the downstream, the sales of commercial housing in first - and second - tier cities declined seasonally, and the number of domestic flights remained stable at a high level [1][3]. 3. Summary by Relevant Catalog Production Industry - Zimbabwe's Ministry of Mines announced a suspension of all exports of raw ore and lithium concentrate (including goods in transit). It is a phased measure, expected to resume within 1 to 4 weeks. Companies like Zhongkuang Resources and Yahua Group have sufficient raw material inventories, and the impact on production and operation is limited. Yahua Group is preparing to submit supplementary materials for export application, and Zhongkuang Resources estimates the ban may last less than a month, depending on the approval process [1]. Service Industry - The People's Bank of China issued a notice on RMB cross - border inter - bank financing business of banking financial institutions, supporting domestic banks to carry out RMB cross - border inter - bank financing business in line with market demand, with relevant management and risk control requirements [1]. Upstream - Energy: Liquefied natural gas prices declined, and international crude oil prices rose. - Agriculture: Egg prices continued to fall [3]. Mid - stream - Chemical: PX operating rate was at a high level. - Energy: Power plant coal consumption was at a high level. - Infrastructure: Road asphalt operating rate increased [3]. Downstream - Real Estate: The sales of commercial housing in first - and second - tier cities declined seasonally. - Service: The number of domestic flights remained stable at a high level [3]. Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Daily | Yuan/ton | 2/26 | 2278.6 | 0.19% | | | | Spot price: Egg | Daily | Yuan/kg | 2/26 | 6.1 | - 3.34% | | | | Spot price: Palm oil | Daily | Yuan/ton | 2/26 | 8650.0 | - 0.46% | | | | Spot price: Cotton | Daily | Yuan/ton | 2/26 | 16680.7 | 3.69% | | | | Average wholesale price: Pork | Daily | Yuan/kg | 2/26 | 17.9 | - 1.27% | | | Non - ferrous Metals | Spot price: Copper | Daily | Yuan/ton | 2/26 | 101981.7 | 0.62% | | | | Spot price: Zinc | Daily | Yuan/ton | 2/26 | 24450.0 | 0.03% | | | | Spot price: Aluminum | Daily | Yuan/ton | 2/26 | 23443.3 | 3.38% | | | | Spot price: Nickel | Daily | Yuan/ton | 2/26 | 143833.3 | - 1.01% | | | | Spot price: Aluminum | Daily | Yuan/ton | 2/26 | 16656.3 | - 0.22% | | | | Spot price: Rebar | Daily | Yuan/ton | 2/26 | 3138.7 | - 0.99% | | | Ferrous Metals | Spot price: Iron ore | Daily | Yuan/ton | 2/26 | 763.7 | - 2.27% | | | | Spot price: Wire rod | Daily | Yuan/ton | 2/26 | 3325.0 | - 1.26% | | | | Spot price: Glass | Daily | Yuan/square meter | 2/26 | 13.4 | 0.98% | | | Non - metals | Spot price: Natural rubber | Daily | Yuan/ton | 2/26 | 17000.0 | 3.61% | | | | China Plastic City Price Index | Daily | - | 2/26 | 784.4 | - 0.11% | | | | Spot price: WTI crude oil | Daily | US dollars/barrel | 2/26 | 74.4 | 4.11% | | | Energy | Spot price: Brent crude oil | Daily | US dollars/barrel | 2/26 | 70.7 | 4.69% | | | | Spot price: Liquefied natural gas | Daily | Yuan/ton | 2/26 | 2882.0 | - 12.45% | | | | Coal price: Coal | Daily | Yuan/ton | 2/26 | 798.0 | - 0.25% | | | | Spot price: PTA | Daily | Yuan/ton | 2/26 | 5319.4 | 2.06% | | | Chemical | Spot price: Polyethylene | Daily | Yuan/ton | 2/26 | 6736.7 | - 0.79% | | | | Spot price: Urea | Daily | Yuan/ton | 2/26 | 1830.0 | 2.38% | | | | Spot price: Soda ash | Daily | Yuan/ton | 2/26 | 1202.9 | 0.12% | | | | Cement price index: National | Daily | - | 2/26 | 129.5 | - 0.92% | | | Real Estate | Building materials composite index | Daily | Points | 2/26 | 113.8 | 0.03% | | | | Concrete price index: National index | Daily | Points | 2/26 | 89.8 | 0.00% | | [35]