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].

Core Viewpoint - Multiple A-share companies have announced cash dividend plans, indicating a trend of returning profits to shareholders while showcasing their financial performance for 2025 [1][2][3][4]. Group 1: Company Announcements - Zijin Mining (601899) plans to distribute a cash dividend of 3.8 yuan per 10 shares, totaling approximately 101.04 billion yuan, with a revenue of 349.08 billion yuan and a net profit of 51.78 billion yuan for 2025, reflecting a 14.96% and 61.55% year-on-year growth respectively [1]. - Longjing Environmental Protection (600388) aims to distribute a cash dividend of 3.8 yuan per 10 shares, reporting a revenue of 11.87 billion yuan and a net profit of 1.11 billion yuan, with year-on-year growth of 18.49% and 33.95% respectively [2]. - Jinpan Technology (688676) proposes a cash dividend of 6.8 yuan per 10 shares, with a revenue of 7.30 billion yuan and a net profit of 660 million yuan, showing a 5.71% and 14.82% increase year-on-year [2]. - Chifeng Gold (600988) plans to distribute a cash dividend of 0.32 yuan per share, achieving a revenue of 12.64 billion yuan and a net profit of 3.08 billion yuan, with year-on-year growth of 40.03% and 74.7% respectively [3]. - Lexin Technology (688018) intends to distribute a cash dividend of 5 yuan per 10 shares, reporting a revenue of 2.57 billion yuan and a net profit of 498 million yuan, with year-on-year growth of 27.82% and 46.72% respectively [3]. - Shede Spirits (600702) proposes a cash dividend of 3.1 yuan per 10 shares, with a revenue of 4.42 billion yuan and a net profit of 223 million yuan, reflecting a year-on-year decline of 17.51% and 35.51% respectively [3]. - China Resources Sanjiu (000999) plans to distribute a cash dividend of 5.9 yuan per 10 shares, achieving a revenue of 31.60 billion yuan and a net profit of 3.42 billion yuan, with year-on-year growth of 14.43% and 1.58% respectively [4]. Group 2: Financial Performance Highlights - Zijin Mining's basic earnings per share (EPS) is 1.95 yuan, with significant increases in mineral production, including 90 tons of gold and 109,000 tons of copper [1]. - Longjing Environmental Protection's EPS is 0.88 yuan, indicating strong profitability growth [2]. - Jinpan Technology's EPS is 1.44 yuan, reflecting solid financial health [2]. - Chifeng Gold's EPS is 1.69 yuan, with a notable increase in cash flow from operating activities by 69.97% [3]. - Lexin Technology's EPS is 1.44 yuan, showcasing robust growth in both revenue and profit [3]. - Shede Spirits' EPS is 0.6803 yuan, despite a decline in revenue and profit [3]. - China Resources Sanjiu's EPS is 2.06 yuan, with significant investment in R&D amounting to 1.73 billion yuan [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (H股股份代號：6693) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 此乃赤峰吉隆黃金礦業股份有限公司（「本公司」）登載於中華人民共和國上海證券交 易所網頁的公告。 承董事會命 赤峰吉隆黃金礦業股份有限公司 董事長兼執行董事 王建華 中國北京，2026年3月20日 截至本公告日期，本公司執行董事為王建華先生、高波先生、楊宜方女士、呂曉兆先生及趙強先 生；非執行董事為張旭東先生；以及獨立非執行董事為黃一平博士、胡乃連先生、李厚民博士及 蔣琪博士。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发生 变动的，公司拟维持每股分配金额不变， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (H股股份代號：6693) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 此乃赤峰吉隆黃金礦業股份有限公司（「本公司」）登載於中華人民共和國上海證券交 易所網頁的公告。 承董事會命 赤峰吉隆黃金礦業股份有限公司 董事長兼執行董事 王建華 中國北京，2026年3月20日 截至本公告日期，本公司執行董事為王建華先生、高波先生、楊宜方女士、呂曉兆先生及趙強先 生；非執行董事為張旭東先生；以及獨立非執行董事為黃一平博士、胡乃連先生、李厚民博士及 蔣琪博士。 赤峰吉隆黄金矿业股份有限公司 已审财务报表 2025年度 目 录 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (H股股份代號：6693) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 此乃赤峰吉隆黃金礦業股份有限公司（「本公司」）登載於中華人民共和國上海證券交 易所網頁的公告。 承董事會命 赤峰吉隆黃金礦業股份有限公司 董事長兼執行董事 王建華 中國北京，2026年3月20日 截至本公告日期，本公司執行董事為王建華先生、高波先生、楊宜方女士、呂曉兆先生及趙強先 生；非執行董事為張旭東先生；以及獨立非執行董事為黃一平博士、胡乃連先生、李厚民博士及 蔣琪博士。 让更多的人因赤峰黄金的发展而受益 | 1 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在虚假记 载、误导性陈述或重大遗漏，并承 ...

Investment Rating - The investment rating for the company is positioned at 2.25 points, placing it in the 30.5% percentile of the AHP model, indicating a mid-to-upper level performance in the industry [4][7]. Core Insights - The company holds the largest single mine in China, with a focus on molybdenum mining and processing, and is enhancing its production capacity through technological upgrades and deep processing initiatives [4][10]. - The scarcity of resources is increasingly evident, with an expected rise in demand for molybdenum driven by the upgrade of special steel [4][17]. - The company is expected to benefit from the transformation of the steel industry and the demand gap, leading to significant growth in revenue and net profit [4][21]. Summary by Sections AHP Score and Expected Allocation Ratio - The company has an AHP score of 2.25, which is in the 30.5% percentile, indicating a mid-to-upper level performance [4][7]. Company Fundamentals Highlights - The company is a leading player in the molybdenum industry, with a molybdenum metal reserve of 710,500 tons, accounting for 9.10% of the national total [8][10]. - The main mine, Nanni Lake, is the largest single operating molybdenum mine in China, with a projected daily processing capacity of 55,000 tons [4][10]. - The company is expanding its processing capabilities through the establishment of a new project that will add 20,000 tons of high-performance molybdenum materials annually [10][33]. Comparable Company Financial Metrics - The company’s revenue and net profit are projected to grow at a CAGR of 22.40% and 48.35% respectively from 2022 to 2024, driven by capacity release and rising molybdenum prices [20][21]. - The company’s profit margins are significantly higher than those of comparable companies, primarily due to lower processing costs and a focus on mining [23][26]. - Cash flow quality is improving, with a decreasing debt ratio, indicating a stable financial position [26][27]. Fundraising Projects and Development Vision - The company plans to raise approximately 1.53 billion yuan through the issuance of new shares, with funds allocated to mining projects and technology development [33][36]. - The main project involves the development of a multi-metal mining project in Henan Province, expected to significantly enhance production capacity [33][36].

Investment Rating - The investment rating for the company is positioned at 2.25 points, placing it in the 30.5% percentile of the AHP model, indicating a mid-to-upper tier status within the industry [4][9]. Core Insights - The company holds the largest single molybdenum mine in China, with a significant resource advantage and plans for capacity expansion and deep processing to strengthen its market position [4][10]. - The scarcity of resources is increasingly evident, with an expected rise in demand for molybdenum driven by the upgrade of special steel [4][12]. - The company is actively extending its industrial chain, aiming to establish a complete production chain from mining to deep processing, which is expected to enhance its competitive edge [4][12]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 2.25, ranking in the 30.5% percentile, with expected allocation ratios for offline investors set at 0.0126% and 0.0118% for classes A and B, respectively [9][10]. 2. Fundamental Highlights and Features 2.1 Leading Molybdenum Reserves and Capacity - The company possesses 71.05 million tons of molybdenum metal, accounting for 9.10% of national reserves, and ranks fourth in domestic molybdenum concentrate production [10][12]. - The main mine, Nanni Lake, is the largest operational molybdenum mine in China, with plans to increase processing capacity to 55,000 tons per day [10][11]. 2.2 Increasing Resource Scarcity and Demand from Special Steel - Global molybdenum supply is tightening, with projected shortages of 36,400 tons and 44,300 tons in 2025 and 2026, respectively [12][16]. - The transition of the steel industry towards special steel is expected to increase molybdenum demand, with a 5.03% year-on-year growth in domestic molybdenum steel bidding volumes [12][19]. 3. Comparable Company Financial Metrics 3.1 Earnings Growth Potential - The company is projected to achieve a revenue CAGR of 22.40% and a net profit CAGR of 48.35% from 2022 to 2024, benefiting from capacity release and rising molybdenum prices [22][23]. 3.2 Profitability Compared to Peers - The company maintains higher profit margins than comparable firms, with sales gross margins of 49.14% to 59.84% from 2022 to 2025H1, primarily due to lower operational costs [25][27]. 3.3 Improving Cash Flow Quality and Debt Levels - The cash collection ratio has improved steadily, reaching 1.00 in 2025H1, while the debt-to-asset ratio has decreased from 49.46% in 2022 to 31.35% in 2025H1 [29][30]. 3.4 Low Turnover Ratios - The company's total asset turnover ratio was 0.40 to 0.62 times from 2022 to 2025H1, indicating lower efficiency compared to peers [31][32]. 3.5 Increasing R&D Investment - R&D expenses as a percentage of revenue have been consistently above industry averages, reflecting the company's commitment to innovation and technology development [34][38]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for the An'gou molybdenum multi-metal mining project and a mining technology R&D center, with total investments of 1.725 billion yuan and 1.530 billion yuan, respectively [36][39].

Investment Rating - The investment rating for Shenglong Co., Ltd. is assessed at 2.25 points, placing it in the 30.5% percentile of the non-innovation system AHP model, indicating a mid-to-upper tier position in the industry [4][10]. Core Insights - Shenglong Co., Ltd. holds the largest single molybdenum mine in China, with a metal reserve of 710,500 tons, accounting for 9.10% of the national total. The company is positioned at the forefront of the molybdenum industry chain, with plans to enhance its processing capacity through technological upgrades and expansion projects [4][10]. - The scarcity of molybdenum resources is becoming increasingly pronounced, with a projected global supply gap of 36,400 tons in 2025 and 44,300 tons in 2026, driven by the transition of the steel industry towards high-performance steel, which will increase molybdenum demand [4][10]. - The company is actively extending its industrial chain by establishing a new project for high-performance molybdenum materials, which will add an annual production capacity of 20,000 tons, thereby creating a complete industrial chain from mining to deep processing [4][10]. Summary by Sections AHP Score and Expected Allocation Ratio - Shenglong Co., Ltd. is expected to have an offline allocation ratio of 0.0126% for Class A and 0.0118% for Class B investors under a neutral scenario, with AHP scores of 2.25 and 2.18 respectively [9][10]. Company Fundamentals Highlights - The company is a leading player in the molybdenum mining sector, with a production capacity expected to reach 55,000 tons per day following the completion of its investment projects [4][10]. - Shenglong Co., Ltd. is enhancing its self-processing capabilities through technological upgrades, aiming to reduce reliance on external processing and lower production costs [4][10]. - The company has established partnerships with major state-owned and private steel enterprises to increase direct supply to steel mills, reflecting a shift towards a dual-driven customer structure [4][10]. Comparable Company Financial Metrics - The revenue and net profit CAGR for Shenglong Co., Ltd. from 2022 to 2024 is projected at 22.40% and 48.35% respectively, benefiting from capacity release and rising molybdenum prices [22][23]. - The company’s average sales gross margin and net margin are significantly higher than those of comparable companies, primarily due to its focus on molybdenum mining, which avoids processing costs [25][29]. - Cash flow quality is improving, with a cash collection ratio that has shown a steady upward trend, while the debt ratio is decreasing, indicating a strengthening financial position [29][30]. Investment Projects and Development Vision - The company plans to raise funds through an IPO to finance the An'gou molybdenum multi-metal mining project and a mining technology research center, with a total investment of 1.725 billion yuan [36][39]. - The An'gou project is expected to produce significant quantities of molybdenum and lead concentrates, contributing to the company's growth and resource utilization efficiency [36][39].

Group 1 - Investment rating for copper remains strong with a slight price decrease of 1.04% to $12,735.5 per ton on LME and 0.73% to ¥100,300 per ton on SHFE [1][13] - The report indicates a steady recovery in copper cable enterprises' operating rates, driven by a slight price adjustment and increased orders from the power sector and renewable energy [1][13] - The aluminum market shows a positive trend with LME aluminum price increasing by 0.23% to $3,439.0 per ton and SHFE aluminum price up by 0.99% to ¥25,000 per ton, indicating a recovery in downstream processing rates [2][14] Group 2 - Gold prices have decreased by 2.44% to $5,023.1 per ounce, influenced by geopolitical risks and market fluctuations, with SPDR gold holdings increasing by 0.85 tons [3][15] - The rare earth sector is experiencing upward momentum, with prices for praseodymium and neodymium oxide decreasing by 5.58%, while the overall price center is rising due to ongoing supply-side reforms [4][33] - Tungsten prices have surged by 15.80%, supported by increased demand from both civilian and military sectors, indicating a strong supply-demand resonance [4][36] Group 3 - Lithium carbonate average price decreased by 1.2% to ¥157,800 per ton, while hydroxide lithium average price fell by 0.6% to ¥161,000 per ton, with production showing a slight increase [5][56] - Cobalt prices remained stable with a slight decrease of 0.1% to ¥432,000 per ton, while demand from downstream sectors remains cautious [5][57] - Nickel prices on LME decreased by 0.7% to $17,320 per ton, with domestic nickel prices showing a slight increase, indicating market volatility [5][56]

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].