Company Performance - China Ping An reported a total operating profit of 134.415 billion yuan for 2025, a year-on-year increase of 10.3%. The net profit attributable to shareholders, excluding non-recurring items, was 143.773 billion yuan, up 22.5% [7] - CITIC Securities achieved an operating revenue of 74.854 billion yuan in 2025, representing a year-on-year growth of 28.79%. The net profit attributable to shareholders was 30.076 billion yuan, up 38.58% [8] - SMIC reported revenue of 9.327 billion USD in 2025, with a profit of 685 million USD, both reaching historical highs. The monthly production capacity exceeded one million wafers, with a utilization rate of 93.5% [8] - China Mobile's operating revenue for 2025 was 1,050.2 billion yuan, a slight increase of 0.9%. The net profit attributable to shareholders was 137.1 billion yuan, down 0.9% [8] - Muxi Co., Ltd. reported an operating revenue of 1.644 billion yuan in 2025, a significant increase of 121.26%, but incurred a net loss of 789 million yuan [8] - Haier Smart Home achieved an operating revenue of 302.347 billion yuan in 2025, a growth of 5.71%, with a net profit of 19.553 billion yuan, up 4.39% [9] - Haitian Flavoring reported an operating revenue of 28.873 billion yuan in 2025, a year-on-year increase of 7.32%, with a net profit of 7.038 billion yuan, up 10.95% [9] - Shandong Gold reported an operating revenue of 104.287 billion yuan in 2025, a growth of 26.38%, with a net profit of 4.739 billion yuan, up 60.57% [9] Industry Insights - The optical fiber and cable industry is experiencing significant demand growth due to rapid advancements in artificial intelligence, leading to substantial price increases [6] - The solid-state battery sector is strategically positioned in China, with a well-established domestic supply chain and ongoing efforts to capture technological leadership [6] - The first industry standard for embodied intelligence was officially released on March 26, marking a new phase in the evaluation of AI technologies [6] - The National Healthcare Security Administration and other departments issued a plan to establish a long-term care insurance system, aiming for comprehensive coverage and sustainable implementation [6] - The coal industry is expected to see improved demand due to geopolitical tensions affecting oil supply, potentially leading to a resurgence in coal prices [6]

Summary of Hainan Mining Conference Call Company Overview - **Company**: Hainan Mining - **Industry**: Mining and Natural Resources Key Financial Performance (2025) - **Revenue**: 4.416 billion CNY, up 8.62% YoY - **Net Profit**: 431 million CNY, down 38.99% YoY, primarily due to falling iron ore and crude oil prices and increased financial costs from acquisitions [2][3][4] - **Iron Ore Revenue**: 1.346 billion CNY, down 10.52% YoY, affected by a 6.5% decline in the Platts index price [3] - **Oil and Gas Revenue**: 2.616 billion CNY, up 32.92% YoY, benefiting from Tethys consolidation and increased production [3] - **Debt Levels**: Total liabilities reached 6.843 billion CNY, up 32.09% YoY, with a debt-to-asset ratio of 46.9% [3][4] Business Segment Performance Iron Ore - **Production**: 2.1875 million tons, slight increase YoY, with a gross margin maintained above 50% [4][5] - **Resource Reserves**: 59.52 million tons with an average grade of 44.85% [4] Oil and Gas - **Production**: 12.99 million barrels of oil equivalent, up 60.5% YoY [4][5] - **Net Equity Production**: 8.1385 million barrels, up 32.77% YoY [5] - **Government Revenue Sharing**: Increased share from 28% to nearly 50% for certain projects, impacting profit margins [10] New Energy - **Lithium Production**: 45,000 tons from Mali lithium mine, with a target of 118,000 tons for 2026 [5][12] - **Hydroxide Production**: 2,600 tons produced, with a focus on high-tier customers in Japan and South Korea [5][12] Capital Expenditure and Financial Strategy - **2026 Capital Expenditure**: Estimated at 1.5 to 1.6 billion CNY, focusing on oil, iron ore, and new energy projects [13] - **Funding Sources**: Combination of operating cash flow and diversified financing methods, including equity and debt [11][13] Dividend Policy - **2025 Dividend**: 218 million CNY, with a commitment to maintain dividends at no less than 30% of net profit for the next three years [2][12] Strategic Outlook - **2026 Goals**: - Iron Ore: 2 million tons production target - Oil and Gas: 12.66 million barrels of equity production - New Energy: Full production of lithium projects [7][17] - **Long-term Vision**: Focus on strategic mineral resources, leveraging geopolitical advantages and expanding international influence [7][16] Sustainability and ESG Initiatives - **Environmental Investment**: 30.8847 million CNY in 2025, with a focus on pollution control and ecological restoration [8] - **ESG Reporting**: Improved coverage from 89% to 93% in line with Shanghai Stock Exchange guidelines [8] Market Conditions and Risks - **Commodity Prices**: Anticipated fluctuations in oil and lithium prices, with strategies in place to mitigate risks [10][17] - **Geopolitical Risks**: Monitoring political stability in Mali and surrounding regions, with a focus on maintaining a favorable investment environment [15][16] Conclusion - **Company**: Hainan Mining is positioned for growth in the mining sector, with a strong focus on iron ore, oil and gas, and new energy resources, while navigating financial challenges and market dynamics. The strategic emphasis on sustainability and shareholder returns reflects a commitment to long-term value creation.

Summary of the Conference Call for Western Mining Company Overview - **Company**: Western Mining - **Industry**: Mining and Metallurgy Key Financial Performance - **2025 Financial Results**: - Revenue: CNY 616.87 billion, up 23% year-on-year [3] - Total profit: CNY 70.69 billion, up 18% year-on-year [3] - Net profit: CNY 61.52 billion, up 16% year-on-year [3] - Net profit attributable to shareholders: CNY 36.43 billion, up 24% year-on-year [3] - Operating cash flow: CNY 102 billion, up 24% year-on-year [3] - **2026 Financial Targets**: - Revenue target: CNY 560 billion [2][10] - Total profit target: CNY 60 billion [10] Production and Resource Management - **Resource Reserves**: - Copper: 8.4346 million tons - Lead: 1.3682 million tons - Zinc: 2.3699 million tons - Molybdenum: 41.39 thousand tons - Iron: 278 million tons - Nickel: 26.83 thousand tons - Gold: 259 tons - Silver: 3,280 tons [3] - **Production Plans for 2026**: - Copper: 172,000 tons - Lead: 63,400 tons - Zinc: 127,600 tons [5][10] Capital Expenditure and Projects - **2026 Capital Expenditure**: CNY 31.5 billion, with CNY 24 billion allocated to the Yulong Copper Mine Phase III project [2][15] - **Yulong Copper Mine Phase III**: Expected to increase processing capacity to 30 million tons/year, with production starting in early 2027 [2][6][14] - **Acquisition of Chating Copper Mine**: CNY 8.6 billion paid in January 2026, with a target to reach full production by 2030 [2][4][9] Profit Distribution and Dividends - **2025 Dividend Distribution**: Total cash dividends of CNY 238.3 million, with a lower distribution ratio due to capital needs for projects [4][7] - **Future Dividend Policy**: Commitment to maintain a minimum payout ratio of 30%, subject to capital expenditure needs [7] Challenges and Risks - **Asset Impairment**: CNY 638 million impairment recorded in 2025 due to falling vanadium prices and economic challenges in mining operations [5][8] - **Market Conditions**: Anticipated stable copper prices around CNY 100,000 per ton, with potential for increases due to geopolitical factors [13] Other Notable Points - **Smelting Operations**: Expected profitability in the smelting segment starting from Q1 2026, with significant improvements noted since September 2025 [12][13] - **Financial Company Performance**: Daily average fund collection reached CNY 10.6 billion in 2025, an increase of CNY 2 billion year-on-year [3] This summary encapsulates the key points from the conference call, highlighting the financial performance, production plans, capital expenditures, and strategic initiatives of Western Mining.

Investment Rating - The report assigns a "Buy" rating to China Nonferrous Mining Corporation, with a target price of 14.23 HKD based on a 14x PE for 2026 [3]. Core Insights - The company is expected to double its self-owned copper production during the 15th Five-Year Plan, with significant projects planned in Zambia, the Democratic Republic of the Congo, and Kazakhstan [2][4]. - The company anticipates a net profit of 505 million USD in 2026, with a projected growth in net profit of 25% in 2026 and 26% in 2027 [3][5]. - The report highlights the expected copper price range of 9,500 to 11,000 USD per ton in the short term, driven by supply-demand dynamics and cost factors [4]. Financial Performance and Projections - Revenue for 2025 is projected at 3.42 billion USD, with a decline of 10.4% year-on-year, while net profit is expected to increase by 1.5% to 404 million USD [4][5]. - The company plans capital expenditures of approximately 2.5 billion USD during the 15th Five-Year Plan, with 510 million USD earmarked for 2026 [4]. - The expected earnings per share (EPS) for 2026 is 0.13 USD, with a P/E ratio of 11.23 [5].

Investment Rating - The report assigns a "Buy" rating to China Nonferrous Mining Corporation, with a target price of HKD 14.23 based on a 14x PE for 2026 [3]. Core Insights - The company is expected to double its self-owned copper production during the 15th Five-Year Plan, with significant projects planned in Zambia, the Democratic Republic of the Congo, and Kazakhstan [2][4]. - The company anticipates a net profit of USD 5.05 billion, USD 6.35 billion, and USD 7.95 billion for the years 2025, 2026, and 2027 respectively, reflecting a growth trajectory [3][5]. - The report highlights that the company will benefit from rising copper prices, with projections indicating a price range of USD 9,500 to USD 11,000 per ton in the short term [4]. Summary by Sections Latest Developments - The company plans to initiate the Samba copper mine project in the first half of 2026 with an estimated investment of USD 275 million, focusing on the sale of copper concentrate [2]. - The Mwambashi-B copper mine project is also set to commence after investment decisions are made in 2026, with an estimated investment of USD 79 million [2]. Financial Forecast - Revenue is projected to decline by 10.4% in 2025 to USD 3.42 billion, followed by a recovery with an 11% increase in 2026 [5]. - The net profit for 2025 is expected to be USD 583 million, with a growth of 25% in 2026 [5]. Production and Cost Outlook - The company aims for a copper production target of approximately 48,400 tons in 2026, with self-owned mines contributing around 15,500 tons [4]. - Capital expenditures during the 15th Five-Year Plan are estimated at USD 2.5 billion, with USD 510 million planned for 2026 [4]. Acquisition Strategy - The company aims to acquire a world-class project with a resource capacity of 10 million tons during the 15th Five-Year Plan, focusing on regions such as Central and Southern Africa, Central Asia, and South America [4].

Group 1 - The former assistant general manager of Guizhou Lindong Mining Group Co., Ltd. and chairman of Guizhou Lindong Dingzhong Coking Coal Development Co., Ltd., Zhang Shikui, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the discipline inspection and supervision team of the Guizhou Energy Group and the Guanshan Autonomous County Discipline Inspection and Supervision Commission [1]

Market Overview - The A-share market experienced a collective decline on March 26, with the Shanghai Composite Index falling by 1.09%, the Shenzhen Component Index by 1.41%, and the ChiNext Index by 1.34%. The total trading volume across the three markets was 1.957 trillion yuan, a decrease of 235.9 billion yuan from the previous day, with over 4,400 stocks declining [14][19]. Geopolitical Impact - The ongoing conflict in the Middle East, particularly the tensions between Iran and Israel, has led to fluctuations in global risk assets. Reports indicate that Iran has launched missile strikes against Israel, contributing to rising oil prices, with Brent crude exceeding $101.40 per barrel [5][19]. - The International Monetary Fund (IMF) is assessing the potential financing needs of countries heavily reliant on imports and with high debt levels due to the ongoing conflict [4]. Sector Performance - The lithium battery sector showed resilience, with stocks like Rongjie Co. achieving a three-day limit-up due to supply disruptions from Zimbabwe's lithium ore export ban and strong annual report growth [14][21]. - The power sector also saw a rebound, with companies like Huadian Energy and Xineng Taishan hitting their daily limit due to favorable market conditions and government support for clean energy projects [14][22]. Technology Developments - Google has introduced a new compression algorithm, TurboQuant, which significantly reduces memory usage for AI models by six times and increases processing speed by eight times without precision loss. This advancement may negatively impact the demand for storage chips, which had seen prices surge recently [11][12]. Investment Trends - Analysts suggest that the A-share market is undergoing a "high cut low" rebalancing, with technology and resource sectors currently at high positions. The shift in investment strategy is expected due to rising oil prices and a strengthening dollar, leading to a tightening liquidity environment [9][18]. - The market is also witnessing a trend towards new energy and AI-related investments, with significant capital inflows into sectors like AI computing and electric power [8][9].

1. Report Industry Investment Rating - Copper: Cautiously bullish [7] - Arbitrage: On hold [7] - Options: Sell put options [7] 2. Core View of the Report - Despite a significant decline in the global equity market and commodities due to the possible interest rate hike, the prices of most non - ferrous metals, including copper, rebounded last night. With the decline in oil prices, the market's pricing of interest rate hikes may be gradually corrected. Given the high US Treasury debt, interest rate hikes are difficult to implement. Enterprises with hedging needs are advised to buy on dips for hedging, with a hedging volume of about one month [7] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Futures Quotes - On March 25, 2026, the main contract of Shanghai copper opened at 93,600 yuan/ton and closed at 95,590 yuan/ton, a 1.66% increase from the previous trading day's close. Last night, the main contract of Shanghai copper opened at 95,950 yuan/ton and closed at 96,250 yuan/ton, a 0.69% increase from the afternoon close [1] 3.1.2 Spot Situation - Yesterday morning, the 2604 contract of Shanghai copper futures opened with a gap up, reached a high of 96,260 yuan/ton and then fell back, finishing at 95,500 yuan/ton. The spread between months was between Contango 20 yuan/ton and Backwardation 20 yuan/ton, and the import profit was 150 - 240 yuan/ton. The sales and purchase sentiment in Shanghai's electrolytic copper market changed in opposite directions. In the morning, the discount of flat - copper was 80 - 60 yuan/ton, that of good copper was 60 - 50 yuan/ton, and that of non - registered copper was 170 - 150 yuan/ton. Then some holders sold off, widening the discount. In the second period, the discount was further reduced, and trading volume increased. After the copper price jumped, downstream buyers were cautious, and holders were more willing to sell. The price difference between good copper and flat - copper narrowed. It is expected that the current spot discount will continue [2] 3.2 Important Information Summary 3.2.1 Geopolitical Situation - Iran denied the possibility of negotiations with the US. Iran put forward five conditions for a cease - fire. Non - belligerent ships can pass through the Strait of Hormuz safely after coordination. Cosco Shipping Lines resumed new booking business for ordinary containers to some Middle - East countries [3] 3.2.2 Mining End - Bezant Resources acquired an additional 20% stake in the Hope and Gorob Mining joint - venture for 1.11 million pounds, increasing its share to 90%. The project has good resource potential. After the acquisition, the company will accelerate related work. Rio Tinto is promoting the Resolution copper mine to start production, aiming for formal operation in the early to mid - 2030s. The mine is expected to produce over 40 billion pounds (about 18.1 million tons) of copper in its lifetime, but may need to export some copper concentrates due to the poor economic efficiency of the US copper smelting industry. Rio Tinto has obtained land control rights and started a $500 - million drilling activity [4] 3.2.3 Smelting and Import - In January 2026, China imported 64,900 tons of anode copper, a 5.74% increase month - on - month and a 1.48% increase year - on - year. In February, the import volume was 56,900 tons, a 12.33% decrease month - on - month and a 0.81% increase year - on - year. The cumulative import volume from January to February was 121,700 tons, a 1.16% increase year - on - year [5] 3.2.4 Consumption - From January to February 2026, China's cumulative import volume of copper foil was 13,576.44 tons, a 12.73% increase year - on - year, and the cumulative export volume was 10,956.54 tons, a 77.57% increase year - on - year. After the sharp decline in copper prices, downstream purchasing willingness increased, and some enterprises raised processing fees and margin ratios [5][6] 3.2.5 Inventory and Warehouse Receipts - LME warehouse receipts changed by 900 tons to 360,175 tons, SHFE warehouse receipts changed by - 10,599 tons to 252,111 tons. On March 25, the domestic electrolytic copper spot inventory was 467,700 tons, a decrease of 55,400 tons from the previous week [6] 3.3 Price and Basis Data - The report provides data on SMM 1 copper (including different types of copper), LME (0 - 3), inventory of different exchanges, warehouse receipts, spreads between contracts, import profit, and the ratio of copper to other metals at different time points (March 26, 2026; March 25, 2026; March 19, 2026; February 24, 2026) [24][27][28]

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 94.82 CNY, compared to the current price of 78.13 CNY [2]. Core Insights - The company achieved a total revenue of 3.577 billion CNY in 2025, a year-on-year increase of 10.03%, and a net profit attributable to shareholders of 3.852 billion CNY, up 49.32% year-on-year [2]. - The fourth quarter saw significant growth, with revenue reaching 1.175 billion CNY, a 26.76% increase year-on-year and a 62.49% increase quarter-on-quarter [2]. - The company benefits from rising prices in potassium and copper, with the "Giant Dragon" copper mine contributing significantly to profit growth [2][7]. Financial Performance - The company reported a potassium chloride production of 1.03 million tons and sales of 1.08 million tons in 2025, with an average selling price of 2,964 CNY per ton, a 28.57% increase year-on-year [6]. - The average sales cost for potassium chloride decreased by 17.60% to 961.62 CNY per ton, resulting in a gross margin increase of 19.81 percentage points to 64.64% [6]. - The "Giant Dragon" copper mine contributed 2.782 billion CNY in investment income, accounting for 72.23% of the company's net profit [6]. Future Projections - The company expects net profits to reach 7.444 billion CNY, 9.007 billion CNY, and 10.022 billion CNY for the years 2026, 2027, and 2028, respectively, representing year-on-year growth rates of 93.2%, 21%, and 11.3% [7]. - The company plans to produce 1 million tons of potassium chloride and 150,000 tons of industrial salt in 2026, with a long-term goal of increasing potassium chloride production to 1.15-1.25 million tons by 2028 [6]. Cash Flow and Shareholder Returns - The net cash flow from operating activities reached 2.1 billion CNY in 2025, a 128.49% increase year-on-year, marking a recent high [6]. - The company plans to distribute a cash dividend of 15 CNY per 10 shares, totaling 2.353 billion CNY in dividends for 2025, with a payout ratio of 102% [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - External shocks still exist, but there is a short-term window of relief and moderation in the capital market. The probability of a short-term oversold rebound in stock indices has increased. In the long run, stock indices are still bullish. [1] - Bond markets are expected to fluctuate under the influence of multiple factors such as allocation demand, expectations of monetary policy easing, supply pressure from fiscal stimulus, and profit-taking behavior in trading. [1] - The situation in the Middle East remains complex, affecting the prices of various commodities. Different commodities have different trends and investment suggestions based on their specific fundamentals and geopolitical factors. [1] Summary by Related Catalogs Stock Indices - External shocks persist, but short-term oversold rebound probability rises due to marginal changes in US attitude and potential opening of the Strait of Hormuz. Policy support may increase after market decline. In the long run, stock indices are bullish. [1] Bonds - Fluctuate under the influence of multiple factors including allocation demand, monetary policy easing expectations, fiscal supply pressure, and trading profit-taking. [1] Non-ferrous Metals - **Copper**: After an oversold rebound, pay attention to the development of the Middle East situation. [1] - **Aluminum**: Price fluctuations intensify, but supply disruptions support prices. Monitor the production dynamics of Middle Eastern aluminum plants. [1] - **Alumina**: Rising prices are supported by factors such as energy prices, freight, and potential export quotas in Guinea, but the supply surplus limits the upside. [1] - **Zinc**: After a rebound due to improved market sentiment, investors are advised to wait and see due to high uncertainty in the Middle East. [1] - **Nickel**: Prices may be volatile and bullish due to cost concerns from export taxes in Indonesia. Pay attention to RKAB approvals, policies, and macro sentiment. Look for low-buying opportunities while controlling risks. [1] - **Stainless Steel**: Futures prices are volatile and bullish. Pay attention to demand acceptance. Short-term operations with low-buying opportunities and risk control are recommended. [1] - **Tin**: After a rebound, investors are advised to wait and see due to high uncertainty in the Middle East. [1] Precious Metals and New Energy - **Precious Metals**: Prices rebound as oil prices and dollar liquidity tensions ease, but geopolitical risks remain, and prices may fluctuate. [1] - **Platinum and Palladium**: Prices rebound but are limited by geopolitical factors. Short-term wide-range fluctuations are expected. [1] Industrial Silicon - Supply is resuming, demand is weak, and inventories are being reduced. [1] Polysilicon - There are liquidity risks, with strong storage demand but weak power demand. [1] Carbonate Lithium - In the de-stocking cycle, with low total inventory pressure and a certain discount in futures prices, but demand is average. Prices are mainly supported by costs. [1] Black Metals - **Rebar**: In the de-stocking cycle, with low demand. Prices are mainly supported by costs. Treat it as a volatile market. [1] - **Hot-rolled Coil**: Supply and demand are strong, in the de-stocking cycle, but inventory levels are high. Test the de-stocking pressure. Use a volatile mindset and consider positive arbitrage positions. [1] - **Iron Ore**: Short-term supply and demand are weak, but geopolitical conflicts and cost support are positive factors. [1] - **Silicon Iron**: Short-term supply and demand are weak, and prices fluctuate due to geopolitical conflicts. [1] Glass and Soda Ash - **Glass**: Prices are volatile. [1] - **Soda Ash**: Follows glass. In the short term, affected by geopolitical conflicts; in the medium term, supply is more abundant, and prices are under pressure. [1] Coking Coal and Coke - Coking coal may have a rapid and sharp rebound, but the development of the war is uncertain. If the Strait of Hormuz is navigable, many varieties may reach their peak, and long positions should be closed in time. [1] Oils and Fats - After a high and then a fall, the expected driving force from crude oil weakens. Be wary of profit-taking and potential callbacks. Long-term bullish view remains. Pay attention to factors such as Indonesian biodiesel production, US biodiesel policies, and Middle East geopolitical conflicts. [1] Agricultural Products - **Cotton**: Internationally, global cotton inventory is expected to tighten in the 2026/27 season. Domestically, high inventory, weak restocking willingness, and import substitution pressure exist. Prices are expected to rise in the long run with demand recovery and reduced planting expectations. [1] - **Sugar**: Globally, there is a structural surplus in the 2025/26 season. Domestically, supply is abundant, and the market is shifting from tight balance to slight surplus. Zheng sugar is expected to have limited fluctuations with an internal-strong and external-weak pattern. [1] - **Corn**: With increased supply and reduced trading sentiment, the short-term market is expected to fluctuate and correct, but the correction range is limited. [1] - **Soybean and Soybean Meal**: In May, soybean arrivals are sufficient, and the market is expected to reflect delivery pressure. Wait for a correction to layout long positions in the far month. The M5 - M9 spread may fluctuate with the basis, but the overall trend is expected to be in a reverse spread. [1] - **Paper Pulp**: The fundamental situation is weak, and short-term weak fluctuations are expected. [1] Energy and Chemicals - **Crude Oil**: Affected by geopolitical factors, expectations are strong. Northeast Asian refineries face supply shortages and have reduced production. [1] - **Fuel Oil**: Supply is affected by the Middle East situation, and there are concerns about supply interruptions. [1] - **Asphalt**: The impact of Iranian imports is limited, but the price of crude oil affects asphalt. [1] - **Natural Rubber**: The climate in the production area is normal, and normal tapping is expected. The futures-spot price difference is at a relatively high level. [1] - **BR Rubber**: The cost of butadiene has strong support, and there are expectations of increased exports. The profit of private cis-butadiene rubber plants is in deficit, and there are expectations of reduced production. [1] - **PTA**: Affected by crude oil fluctuations and PX supply shortages, the supply risk is significant, and the polyester industry chain may face production decline. [1] - **Ethylene Glycol**: The market is affected by the Middle East situation, with shortages of raw materials and increased prices. [1] - **Styrene**: The market is affected by geopolitical factors, with supply shortages of ethylene and benzene, and non-integrated producers face profit losses. [1] - **Urea**: Export sentiment is weak, and there is limited upside. There is support from cost and anti-inversion. [1] - **Methanol**: Iranian imports are affected, but domestic production is high, and inventory is at a historical high. [1] - **PE and PVC**: Affected by geopolitical factors, raw material supply is limited, and the fundamentals are weak. PVC has a more optimistic future outlook with potential capacity reduction. [1] - **LPG**: The price is affected by the Middle East situation, with a strong trend. The domestic PDH operating rate is declining, and the demand is short-term bearish. There is a divergence between the domestic and international markets. [1] Shipping - The container shipping market on the European route is affected by war sentiment. After the off-season in March, there are expectations of price increases. [1]