Market Performance - A-shares continued strong performance with the Shanghai Composite Index reaching a high of 3879.05 points during the session, closing at 3862.65 points, up 0.12% [1] - The Shenzhen Component Index and the ChiNext Index rose by 0.11% and 0.55%, respectively [1] Gold Market - The precious metals sector saw significant gains, with international gold prices reaching new highs; COMEX gold futures peaked at $3552 per ounce, marking a year-to-date increase of approximately 35% [4][5] - London spot gold prices also rose, reaching $3486.16 per ounce, just shy of the historical high of $3500 from April 22 [5] - Domestic gold futures in China saw a rise of over 2%, hitting a new high of 802 yuan per gram [5] - Major stocks in the gold sector, such as Western Gold and Xiaocheng Technology, saw substantial increases, with Western Gold hitting the daily limit [5][6] AI Computing Sector - The AI computing sector exhibited mixed performance; stocks like Xuanji Information and Liyang Chip reached daily limits, while Cambrian Technology experienced a decline of nearly 3% [3][9] - Cambrian Technology's stock fluctuated significantly, dropping over 8% at one point but stabilizing to a decrease of 2.98% by midday [11] - Reports indicated that Alibaba's procurement rumors regarding Cambrian Technology were unfounded, but the company continues to advance its AI chip development [13] Alibaba's Market Activity - Alibaba's stock surged over 16% in Hong Kong, with a market capitalization increase of approximately 400 billion HKD, reaching a total market value of 2.59 trillion HKD [14] - The company reported a revenue of 247.65 billion yuan for Q1 of the 2026 fiscal year, with a net profit of 43.12 billion yuan, reflecting a year-on-year growth of 76% [16] - Alibaba's investment in AI and cloud infrastructure reached 38.6 billion yuan, a 220% increase year-on-year, indicating a strong commitment to expanding its AI capabilities [16] Innovative Drug Sector - The innovative drug sector saw significant activity, with stocks like MicroPort Medical rising over 14% and achieving a year-to-date increase of over 109% [17] - The approval of 43 innovative drugs in the first half of the year, a 59% increase year-on-year, highlights the growing focus on drug development in China [17] - The Hang Seng Biotechnology Index has seen a year-to-date increase of over 101%, reflecting strong investor interest in the pharmaceutical sector [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the supply of platinum and palladium is expected to decline, with platinum's mineral supply dropping by 4% to 529.5 million ounces and palladium's by 5% to 616.5 million ounces. However, the global palladium recycling volume is expected to rise to 270.5 million ounces [21][24]. - The demand for platinum is expected to slightly increase to 720.5 million ounces in 2025, while the demand for palladium is expected to decline to 862.5 million ounces, mainly due to the decline in automotive industry demand [41]. - In 2025, the supply - demand pattern of platinum and palladium is expected to show a differentiated trend, mainly due to the relative low price of platinum compared to palladium and the impact of the Russia - Ukraine conflict on palladium circulation [48]. 3. Summary by Relevant Catalogs 3.1 Platinum and Palladium Industry Chain Introduction - Platinum group metals include six elements: ruthenium (Ru), rhodium (Rh), palladium (Pd), osmium (Os), iridium (Ir), and platinum (Pt). Platinum and palladium are important industrial precious metals with wide applications in industry and jewelry [3][5]. - The mining and purification of platinum and palladium are complex. They are often symbiotic with copper - nickel sulfides and chromite, and the average grade of primary ore is only 2 - 10 g/t. Recycling accounts for about 30% of platinum supply and 20% of palladium supply. After refining, they are mainly used in automotive exhaust catalysts, as well as in chemical, electronic, glass, petroleum, medical, and other fields [12]. 3.2 Platinum and Palladium Supply Situation 3.2.1 Reserve Distribution and Major Production Enterprises - In 2024, the total proven reserves of platinum - group metals globally exceeded 81,000 tons, concentrated in southern Africa, North America, and the Far East of Europe. China's reserves are less than 1% of the global total [18]. - The top 10 global suppliers of platinum and palladium are mainly concentrated in South Africa, Russia, and North America [18]. 3.2.2 Platinum Supply - In 2025, the platinum mineral supply is expected to decline by 4% to 529.5 million ounces, with South Africa's supply expected to decrease by 170,000 ounces. The recycling supply in 2025 is expected to slightly recover [21]. 3.2.3 Palladium Supply - In 2025, the palladium mineral supply is expected to decline by 5% to 616.5 million ounces, mainly affected by the production decline in South Africa and North America. The global palladium recycling volume is expected to rise to 270.5 million ounces [24]. 3.2.4 Introduction of Major Supply Enterprises - Anglo American Platinum Ltd. is the world's largest platinum producer, with 80% of its assets in South Africa's Bushveld Complex. In 2025, its production is expected to be 3.8 million ounces, accounting for 30% of the global supply [29]. - OJSC MMC Norilsk Nickel is a leading global mining and metallurgy group. Its palladium production accounts for nearly 40% of the global total. In the first three quarters of 2024, its palladium production was 2.156 million ounces and platinum production was 521,000 ounces [29]. - Impala Platinum Holdings Ltd is a major global producer of platinum - group metals, with mines in South Africa, Zimbabwe, and Canada. In 2024, its total production of platinum - group metals was 3.65 million ounces, accounting for over 30% of the global supply [30]. - Stillwater Mining Co. is a leading global producer of platinum - group metals. In 2023, its annual production of platinum and palladium was about 408,000 ounces, accounting for about 7% of the global supply [30]. 3.3 Platinum and Palladium Downstream Applications 3.3.1 Automotive Catalysts - Platinum, palladium, and rhodium are key components of automotive catalysts. In the long - term, the demand for platinum and palladium in automotive catalysts is not optimistic due to the development of new energy vehicles. In the short - term, the sales increase of second - hand gasoline vehicles may boost the demand. In 2024, the demand for platinum and palladium in automotive catalysts accounted for 48% and 83% respectively [33]. 3.3.2 Jewelry - Platinum is regarded as a high - end jewelry representative, while palladium is rarely used in jewelry due to its discoloration. In the future, the application of platinum and palladium in jewelry faces a downward risk. In 2024, the demand for platinum and palladium in jewelry accounted for 19% and 1% respectively [34]. 3.3.3 Industry - Platinum's industrial demand is concentrated in glass manufacturing, chemical catalysis, and electronics. Palladium's industrial use is mainly in the chemical and electronic industries. In 2024, the demand for platinum and palladium in industry accounted for 32% and 15% respectively [35]. 3.3.4 Hydrogen Energy - Platinum - group metals play a crucial role in hydrogen energy development. The development of hydrogen energy is in its infancy, and the demand for platinum and palladium may increase in the future. In 2024, the demand for platinum and palladium in hydrogen energy accounted for 1% and 0.3% respectively [38]. 3.4 Price and Futures 3.4.1 Global Platinum and Palladium Supply - Demand Balance - In 2020, the prices of platinum and palladium rose significantly due to the shutdown of mining and smelting in South Africa. In 2021, the supply surplus intensified. In 2025, the supply - demand pattern of platinum and palladium is expected to show a differentiated trend [48]. 3.4.2 Global Platinum and Palladium Futures Market - The Guangzhou Futures Exchange is expected to launch platinum and palladium futures contracts this year. The London Platinum and Palladium Market (LPPM) is the most important global spot trading market, and the New York Mercantile Exchange (NYMEX) is the largest global platinum futures trading market [56][60].

Group 1: Market Overview - The Hang Seng Technology Index rose by 2.71%, marking the largest single-day increase of the week, with a weekly increase of 1.89 [1] - The Hang Seng Index increased by 0.93% to close at 25,339.14 points, while the Hang Seng China Enterprises Index rose by 1.17% to 9,079.93 points [1] - Southbound capital recorded a net inflow of approximately 5.2 billion HKD throughout the day [1] Group 2: Semiconductor Sector - Semiconductor stocks experienced significant gains, with Hua Hong Semiconductor leading with a rise of 17.85% and a trading volume exceeding 7 billion HKD [3][4] - Other notable performers included SMIC, which rose by 9.57% with a trading volume of 16.22 billion HKD, and Mingfa Group, which increased by 6.67% [3][4] - The release of DeepSeek-V3.1 is expected to enhance the efficiency of domestic chips, potentially narrowing the gap with NV chips in terms of efficiency and cost [4] Group 3: Technology and E-commerce Stocks - Major tech stocks saw widespread gains, with Kuaishou rising by 4.39%, and Tencent increasing by 1.18% with a trading volume exceeding 10 billion HKD [5][6] - Xiaomi, Alibaba, and JD.com also experienced upward movements in their stock prices [5] Group 4: Automotive Sector - NIO's new ES8 model was well-received, leading to a stock price increase of 11.12% after a pre-sale price announcement [7][9] - The new ES8's starting price is significantly lower than its predecessor, indicating a strategic move to enhance market competitiveness [8][9] Group 5: Pharmaceutical Sector - Innovative drug stocks continued to rise, with Xiansheng Pharmaceutical and Jingtai Holdings both increasing by over 10% [10][11] - Recent reports indicate a positive outlook for innovative drug opportunities, supported by favorable liquidity conditions [11] Group 6: Precious Metals and Energy Sector - Precious metals experienced a broad decline, with WanGuo Gold leading the drop at over 7% [13][14] - The energy sector also faced declines, with major companies like China Petroleum and Sinopec showing negative performance [15][16]

Financial Data and Key Metrics Changes - Comstock reported a gross proceed of $30 million from a recent offering, with net proceeds of $27.6 million, increasing cash position to over $45 million [8][9][12] - The company eliminated approximately $8.4 million in promissory notes and $2.2 million in convertible notes, enhancing its financial stability [9][10][11] Business Line Data and Key Metrics Changes - The metal recycling business is experiencing rapid growth, with a focus on solar panel recycling, which is projected to scale significantly [7][16] - The company has developed a unique technology for recycling solar panels, achieving a zero landfill solution and high recovery rates of valuable metals [24][26][32] Market Data and Key Metrics Changes - The market for end-of-life solar panels is expected to grow exponentially, with projections of 33 million panels reaching the end of their life in four and a half years [42][43] - The demand for silver is at an all-time high, driven by industrial applications, particularly in electronics and solar panels, with prices rising significantly [37][38] Company Strategy and Development Direction - Comstock aims to establish itself as a leader in the solar panel recycling market, with plans to expand its facilities and increase production capacity [56][58] - The company is also focused on monetizing its mining assets and exploring opportunities in the oil and gas sector following the separation of Biolium [61][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to scale operations and meet growing market demand, emphasizing the importance of securing permits and equipment [56][89] - The company is optimistic about its competitive advantages, including a zero landfill solution and the capacity to handle large volumes of solar panels [95][96] Other Important Information - Comstock has secured land for additional storage capacity to accommodate the anticipated influx of solar panels [40] - The company is preparing to deconsolidate Biolium from its financials, which will provide clearer visibility into its metals and fuels businesses [72] Q&A Session Summary Question: Has the equipment for solar recycling been ordered? - Yes, the company has finalized the design and is ready to purchase the equipment, with deposits being made to ensure timely delivery [79] Question: What are the lead times for the equipment? - Lead times are estimated at four to six months, with all equipment being manufactured domestically to avoid tariffs [80][81] Question: Can the capital for a facility be phased in? - The company plans to deploy the entire system at once rather than phasing it in, as it makes more sense for operational efficiency [82] Question: Can facilities be permitted and built in parallel? - The company is exploring the possibility of permitting multiple sites simultaneously to expedite the process [88] Question: What is the potential market for solar panels? - The market is projected to grow significantly, with millions of panels reaching the end of their life in the coming years, translating to hundreds of thousands of tons of material [92] Question: Will long-term contracts be established for metal recycling? - The company believes that as its capabilities become clearer, longer-term contracts will be negotiated with customers [94][102] Question: Why are asset sales taking so long? - Delays in asset sales are attributed to power grid bottlenecks caused by increased demand from data centers and industrial developments [104][106]

Market Overview - On July 31, major indices experienced a downward trend, with the Shanghai Composite Index falling by 1.18%, the Shenzhen Component Index down by 1.73%, and the ChiNext Index decreasing by 1.66% [1] - The market saw significant declines in sectors such as coal, steel, shipping, oil, chemical fiber, real estate, non-ferrous metals, securities, insurance, aquatic products, and lithium mining [1] - The total market turnover approached 2 trillion yuan, with over 4,200 stocks declining [1] Individual Stocks - Notably, *ST Guangdao, which resumed trading, hit the daily limit up, marking a "30cm" surge after a series of previous limit-up days and a subsequent suspension for investigation [1] - The company faces the risk of being subjected to mandatory delisting due to significant legal violations, as indicated by the China Securities Regulatory Commission's investigation and prior notice of administrative penalties [1] Assisted Reproductive Technology Sector - The assisted reproductive technology sector saw a strong performance, with stocks like A-share Gongtong Pharmaceutical, Lide Man, and Anke Bio hitting the daily limit up [2] - The Beijing Municipal Government issued a notice to enhance reproductive health services and improve maternal and child healthcare resources, which is expected to boost the sector [2] - As of June 2025, 253 million people participated in maternity insurance, with cumulative fund expenditures reaching 438.3 billion yuan, benefiting over 96 million people [2] Precious Metals Sector - The precious metals index continued its downward trend, with significant declines in companies such as Guoyan Platinum and Zijin Mining, which fell by over 4% [3] - The U.S. Federal Reserve maintained the federal funds rate target range at 4.25% to 4.50%, impacting market sentiment [3] - In the first half of 2025, China's gold jewelry consumption decreased by 26%, while investment demand for gold bars and coins increased by 23.69%, indicating a shift in consumer behavior due to high gold prices [3]

Core Viewpoint - The report from Lianhe Securities on July 30 recommends a "buy" rating for Chifeng Gold (600988.SH) based on its strong operational capabilities and favorable market conditions for gold in the upcoming quarters [2] Group 1: Company Operations - Chifeng Gold manages and operates four gold mines domestically, which forms the foundation of its gold supply system [2] - The company also manages and operates two gold mines internationally, representing a strategic attempt at internationalization [2] Group 2: Resource and Cost Management - The company possesses excellent resource endowments and demonstrates outstanding cost control capabilities [2] Group 3: Market Outlook - Although short-term gold prices may face pressure, the expected downside is limited, with potential upward opportunities in the fourth quarter driven by anticipated liquidity easing from a shift in the Federal Reserve's monetary policy [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The global platinum supply is highly concentrated with low elasticity, and there is a supply - demand imbalance in the market [1][4][11] Group 3: Summary by Related Catalogs 1. Global Platinum Supply Pattern 1.1 Global Platinum Supply Concentration and Elasticity - South Africa, Zimbabwe, and Russia are the main suppliers of global platinum. In 2024, South Africa's platinum output decreased by 4% year - on - year to 120 tons, accounting for 71% of the global total. Zimbabwe and Russia each accounted for 11%, and other countries' total output accounted for only 8% [1] - Long - term trends, under - performance of new projects, mine depletion, and shutdowns have continuously restricted supply, resulting in insufficient output elasticity of major global platinum - producing countries. In 2024, factors such as power outages and production restructuring led to a decline in global platinum output [1] - In 2024, global platinum production was 195.9 tons. Global mined platinum output decreased by 567 kg to 155.9 tons, and the proportion of recycled platinum was 20.4%. The global platinum recycling volume increased by 3% year - on - year to 39.97 tons. It is expected that in 2025, global mined platinum output will decrease by 4% year - on - year to 150.1 tons [4] 1.2 Platinum Global Balance - The main consumers of global platinum are China, Europe, North America, and Japan. China's demand accounts for 26% of the global total, with industrial demand being the largest. Western Europe and North America account for 20% and 18% respectively, with automotive catalyst demand being the largest. Japan accounts for 9%, mainly in automotive catalysts and jewelry. India's industrial demand is small, but its automotive catalyst and jewelry demand are increasing, and its future demand is expected to exceed Japan's [6] - In 2024, global platinum group metal demand decreased by 1.6% year - on - year to 198 tons, with a global platinum supply shortage of 1.98 tons. Automotive industry platinum demand decreased by 3% to 63.4 tons, jewelry demand decreased slightly by 0.3 tons to 38.3 tons, industrial demand remained flat at 63.4 tons, and hydrogen energy demand increased slightly by 0.3 tons to 2 tons [11] - The global platinum balance sheet shows trends in mine production, recycling, total demand, and supply - demand differences from 2017 to 2025f [13]

Market Overview - The current market is characterized by volatility, with the Nasdaq reaching a historical high primarily driven by Nvidia, while other sectors remain lackluster, indicating a sentiment-driven market rather than a solid fundamental basis [1] - The Hong Kong stock market experienced a slight decline of 0.29% today, reflecting the overall cooling of market conditions [1] Trade and Tariff Developments - President Trump announced upcoming tariffs on smaller countries, expected to be "slightly above 10%" [1] - NATO Secretary General warned that Brazil, China, and India could face secondary sanctions from the U.S. if Russia does not reach a peace agreement with Ukraine [1] - The Chinese Foreign Ministry stated that there are no winners in a trade war, emphasizing that coercion will not resolve issues [1] Semiconductor and AI Developments - Nvidia's CEO Huang Renxun highlighted the demand for H20 orders, noting its superior ecosystem efficiency compared to domestic alternatives [2] - InnoScience, a leader in GaN power devices, plans to increase its monthly production capacity from 13,000 to 20,000 wafers by the end of 2025, with a long-term goal of 70,000 wafers [2] - Huang acknowledged China's AI models as "world-class," suggesting that U.S. restrictions on high-end chips could accelerate China's AI development [2] Pharmaceutical Sector Insights - The pharmaceutical market is currently benefiting from innovative drugs that are not subject to centralized procurement, thus protecting profit margins [3] - Lijun Pharmaceutical's innovative drug H001 has completed its Phase II clinical trials, showing promise in preventing venous thromboembolism after orthopedic surgeries [3] - The latest centralized procurement list includes several Hong Kong-listed pharmaceutical companies, indicating potential market share growth for those that secure bids [4] Entertainment and Media Sector - The summer box office has reached 3.3 billion yuan, with notable films leading the ticket sales [5] - Companies like Huayi Brothers and Maoyan Entertainment are positioned to benefit from the summer film season, with significant contributions expected to their revenues [5] - The short video industry is experiencing explosive growth, with global in-app purchases nearing $700 million in Q1 2025, a nearly fourfold increase year-on-year [6] Precious Metals Investment - Major financial institutions are advising investors to seek refuge in precious metals due to potential tariffs, with gold, silver, and copper identified as favorable investments [7] - Morgan Stanley and Goldman Sachs have raised their gold price targets, predicting prices could reach $3,800 and $3,700 per ounce, respectively, by year-end [7] Travel and Tourism Sector - Tongcheng Travel reported a 13.2% year-on-year revenue growth in Q1 2025, driven by a strong performance in its core OTA business [8] - The company is expanding its international business, with significant growth in international ticket sales and hotel bookings [9] - Tongcheng's acquisition of Wanda Hotels is expected to enhance its high-end hotel management capabilities, contributing to future revenue growth [9]

Core Insights - The surge in precious metal prices is aiding the rebound of several African currencies from earlier weaknesses [1] - The Zambian kwacha has appreciated approximately 8% in June, making it the best-performing currency globally [1] - Other currencies such as the Tanzanian shilling and Nigerian naira have also seen increases of 4% and 3.1% respectively [1] Currency Performance - The significant rise in prices of metals including platinum, palladium, gold, silver, and copper has preceded the appreciation of these currencies [1] - Ghana's currency, the cedi, has shown remarkable performance this year, appreciating over 43% against the US dollar, following a debt default at the end of 2022 [1] - In contrast, many African currencies experienced substantial depreciation last year, exacerbating inflation and leading to a cost-of-living crisis in countries like Nigeria, Ghana, Egypt, and Ethiopia [1] Historical Context - The depreciation of currencies in 2022 varied significantly, with Ghana's currency depreciating by 19% and Ethiopia's by 56% [1]

Market Overview - A-shares opened positively in the first trading week of June, with the Shanghai Composite Index approaching 3400 points and the Shenzhen Component Index showing support near 10,000 points [1] - The ChiNext Index stabilized above the 2000-point mark [1] - Margin trading saw a net purchase of over 10.2 billion yuan, with a total margin balance of 1.8 trillion yuan, marking a new high in nearly two weeks [1] Sector Performance - The pharmaceutical and biotechnology sector received over 2.4 billion yuan in net purchases, while the computer, automotive, and machinery equipment sectors each saw net purchases exceeding 1 billion yuan [1] - Non-bank financials experienced a net sell-off of over 1.1 billion yuan, with slight net selling in electronics, agriculture, forestry, animal husbandry, and communications sectors [1] - Major funds saw a net inflow of over 10 billion yuan in sectors like pharmaceuticals, computers, basic chemicals, and non-ferrous metals, while the automotive sector faced a net outflow exceeding 2.9 billion yuan [1] Precious Metals Market - International silver prices surged recently, reaching a 13-year high, with domestic silver futures also breaking multiple key levels, closing at 8855 yuan per kilogram [2] - The gold-silver ratio has risen to approximately 1:100, significantly above the historical average, indicating a high probability of silver price increases when the ratio exceeds 1:80 [2] - The photovoltaic industry has become a key driver of silver demand, with industrial silver usage exceeding 40%, and the transition to N-type batteries increasing silver consumption by 40%-100% per unit [2] Supply and Demand Dynamics - Global silver supply is expected to maintain a long-term shortage due to stagnant primary mineral growth and the accelerated penetration of N-type batteries [3] - The total global silver supply is projected to reach 31,700 tons in 2024, with a demand of 36,700 tons, resulting in a supply-demand gap of approximately 5,000 tons [2]