Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 26, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Data Australian Mainstream Iron Ore - **Price and Change**: Newman powder is priced at 726, down 14 daily and 9 weekly; PB powder is 784, down 14 daily and 9 weekly; Mac powder is 767, down 16 daily and 13 weekly; Jinbuba is 737, down 14 daily and 9 weekly; Mixed powder is 710, down 12 daily and 10 weekly; Super Special powder is 668, down 10 daily and 2 weekly; Carajás powder is 946, down 14 daily and 5 weekly [3] - **Import Profit**: Newman powder has an import profit of -44.82; Mac powder has an import profit of 23.40; Jinbuba has an import profit of 22.49; Mixed powder has an import profit of -29.00; Super Special powder has an import profit of -20.10; Carajás powder has an import profit of 19.94 [3] Brazilian Mainstream Iron Ore - **Price and Change**: Brazilian mixed ore is 825, down 17 daily and 5 weekly; Brazilian coarse IOC6 is 748, down 10 daily and 5 weekly; Brazilian coarse SSFG is 753, down 10 daily and 5 weekly [3] - **Import Profit**: Brazilian mixed ore has an import profit of -10.16 [3] Non - mainstream Iron Ore - **Price and Change**: Ukrainian concentrate powder is 880, down 15 daily and 10 weekly; 61% Indian powder is 726, down 14 daily and 9 weekly; Karara concentrate powder is 883, down 15 daily and 13 weekly; Roy Hill powder is 771, down 14 daily and 9 weekly; KUMBA powder is 843, down 14 daily and 9 weekly; 57% Indian powder is 603, down 10 daily and 2 weekly; Atlas powder is 705, down 12 daily and 10 weekly [3] - **Import Profit**: Roy Hill powder has an import profit of 39.49 [3] Others - **PB Lump/Block Premium**: The price is 895, down 13 daily and 10 weekly, with a premium of 0.1685 (no daily or weekly change) [3] - **Ukrainian Pellet/Pellet Premium**: The price is 880, down 15 daily and 10 weekly, with a premium of 17.35, up 0.05 daily and down 0.20 weekly [3] - **Domestic Ore (Tangshan Iron Concentrate)**: The price is 963, down 6 daily and 6 weekly, with a converted price of 850.0 [3] Group 3: Futures Market Data Dalian Commodity Exchange - **i2701**: The latest price is 757.0, down 9.5 daily and 1.0 weekly, with a monthly spread of 20.5 and a basis/price difference of 65.3, down 4.9 daily and 8.3 weekly [3] - **i2605**: The latest price is 806.5, down 17.5 daily and 4.5 weekly, with a monthly spread of -49.5 and a basis/price difference of 15.8, up 3.1 daily and down 4.8 weekly [3] - **i2609**: The latest price is 777.5, down 13.0 daily and 1.5 weekly, with a monthly spread of 29.0 and a basis/price difference of 44.8, down 1.4 daily and 7.8 weekly [3] Singapore Exchange - **FE01**: The latest price is 101.90, down 0.20 daily and 0.49 weekly, with a monthly spread of 1.81 and a basis/price difference of -27.5, up 5.1 daily and 4.1 weekly [3] - **FE05**: The latest price is 106.56, down 0.46 daily and 0.89 weekly, with a monthly spread of -4.66 and a basis/price difference of -6.4, up 8.1 daily and 7.5 weekly [3] - **FE09**: The latest price is 103.71, down 0.35 daily and 0.68 weekly, with a monthly spread of 2.85 and a basis/price difference of -17.6, up 6.2 daily and 7.0 weekly [3]

Group 1: Energy Sector - The energy market is expected to experience varying impacts based on different scenarios, with oil prices potentially averaging around $80 per barrel in a mild scenario, and rising to $120 in a baseline scenario, leading to significant inflationary pressures [1][2][4] - Energy companies are projected to see their earnings per share (EPS) and valuations increase as the market adjusts to higher long-term oil price expectations, which are currently reflected below $80 per barrel [3][36] - In extreme scenarios where oil prices soar to $140-160 per barrel, the energy sector may face severe challenges, including economic recession and increased inflation, necessitating a shift towards defensive sectors [2][3][29] Group 2: Mining Sector - In a mild scenario, the mining sector may benefit moderately as the market returns to fundamental pricing, with aluminum and copper expected to see positive price movements due to improved demand expectations [27] - In a baseline scenario, rising costs from energy and raw materials will reshape pricing logic for aluminum and nickel, while gold may rise due to inflationary pressures [28] - In extreme scenarios, the mining sector could face significant downturns, with only gold likely to serve as a safe haven asset amidst a broader economic recession [29] Group 3: Pharmaceutical Sector - The pharmaceutical industry is considered a defensive sector, benefiting from a strong dollar and lower sensitivity to oil prices and inflation, making it a diversified investment option during uncertain times [3] Group 4: Semiconductor Sector - The semiconductor industry is expected to experience limited impact from rising oil prices, as the cost of raw materials and electricity constitutes a small portion of overall chip production costs [40] - However, if the geopolitical situation escalates, there may be indirect effects on demand due to macroeconomic downturns, potentially leading to revenue growth pressures [42] Group 5: Agricultural Sector - Agricultural products may face rising costs due to increased fertilizer prices linked to energy costs, with potential price increases for corn and soybeans if fertilizer prices rise significantly [37] - The geopolitical situation may also enhance expectations for biofuel alternatives, although the overall supply-demand balance for major crops remains relatively stable [38] Group 6: Chemical Sector - The chemical industry is experiencing structural disruptions due to rising energy prices and supply chain issues, with significant impacts on production costs and pricing across the entire value chain [31][34] - Regional disparities are evident, with Asia facing more direct risks due to high dependence on Middle Eastern oil and gas, while North America may benefit from higher self-sufficiency [32] Group 7: Industrial Sector - The industrial sector is under pressure from rising costs, but the overall impact is manageable, with a focus on demand-side influences that could affect profitability [50]

Doug Burgum, US secretary of the interior, at the CERAWeek by S&P Global conference in Houston, Texas, US, on Wednesday, March 25, 2026.HOUSTON — Interior Secretary Doug Burgum said Wednesday that the U.S. recently brought back $100 million of gold from Venezuela. Burgum visited Venezuela with oil and mining executives earlier this month to meet with interim President Delcy Rodriguez. "There hadn't been a shipment of precious metals between Venezuela and America in over 20 years," Burgum told energy executi ...

Core Viewpoint - The transition from diesel to renewable energy in mining is driven by economic factors rather than just environmental concerns, marking a significant shift in the industry [6][34]. Group 1: Economic Benefits of Renewable Energy in Mining - The introduction of renewable energy in mining drastically reduces costs, with electricity prices dropping from $0.4 per kWh to $0.1 per kWh, attracting global mining giants [7][8]. - In the Kamoa-Kakula copper mine in the Democratic Republic of Congo, a solar power project is expected to reduce electricity costs from $0.35 to $0.12 per kWh, a decrease of over 60% [8][9]. - A medium-sized mine with an annual electricity consumption of 100 million kWh can save $23 million annually by switching to renewable energy [9]. Group 2: Technological Advancements and Market Dynamics - The cost of battery technology has significantly decreased, with lithium carbonate prices dropping from 600,000 yuan per ton to around 200,000-300,000 yuan for a 700 kWh electric mining truck battery [15][16]. - The market for electric mining trucks is projected to reach nearly 100 billion yuan by 2030, driven by increasing penetration rates and the need for sustainable mining solutions [21][23]. Group 3: Industry Collaborations and Strategic Moves - Strategic partnerships are forming, such as the collaboration between CATL and Rio Tinto, aimed at supporting the electrification of mining operations [18]. - Companies like BYD are also investing in technology for autonomous mining trucks, indicating a competitive landscape for electric mining solutions [21][27]. Group 4: Challenges and Future Outlook - Despite the economic advantages, challenges such as grid stability, battery safety, and initial investment costs remain significant hurdles for the transition to renewable energy in mining [29][30][31]. - The shift towards distributed energy systems is gaining traction, with off-grid mining solutions already being implemented in regions like Africa [33][38].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved a revenue of 349.08 billion yuan in 2025, representing a year-on-year growth of 14.96%. The net profit attributable to shareholders was 51.78 billion yuan, up 61.55% year-on-year, while the net profit after deducting non-recurring gains and losses was 50.72 billion yuan, reflecting a growth of 60.05% [3][5] - The report highlights that the company's profitability in Q4 2025 was impacted by non-recurring gains and losses, with a quarter-on-quarter revenue growth of 9.70% and a net profit decrease of 4.52% [5][7] - The company is expected to see significant growth in production capacity, with plans to produce 105 tons of gold and 1.2 million tons of copper in 2026, alongside ongoing projects that will contribute to performance increments [9][13] Financial Summary - In 2025, the company reported a revenue of 349.08 billion yuan, with a growth rate of 15.0%. The EBIT was 75.52 billion yuan, showing a growth rate of 63.4%. The net profit attributable to shareholders was 51.78 billion yuan, with a growth rate of 61.5% [15] - The company forecasts a net profit of 81.26 billion yuan in 2026, with an expected EPS of 3.06 yuan per share, and a PE ratio of 10.54X, which is below the average of comparable companies [13][15]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - The report focuses on the copper market. The downward adjustment of the US dollar supports copper prices. It also presents various data on copper fundamentals, including futures prices, trading volumes, inventories, and spreads, as well as macro and industry news [1]. 3. Summary by Related Catalogs 3.1 Copper Fundamentals - **Futures Prices**: The closing price of the Shanghai Copper main contract was 94,030 with a daily increase of 2.10%, and the night - session closing price was 94,670 with a night - session increase of 0.68%. The LME Copper 3M electronic disk closing price was 12,093 with a decrease of 1.05% [1]. - **Trading Volume and Position**: The trading volume of the Shanghai Copper Index was 378,041, a decrease of 63,541 compared to the previous day, and the position was 555,133, a decrease of 20,958. The trading volume of the LME Copper 3M electronic disk was 23,051, a decrease of 28,640, and the position was 293,000, an increase of 406 [1]. - **Inventory**: The Shanghai Copper inventory was 262,710, a decrease of 11,405, and the LME Copper inventory was 359,275, an increase of 11,800. The LME copper注销仓单 ratio was 14.64%, an increase of 1.55% [1]. - **Spreads**: The LME copper spread changed by 5.74, the Shanghai 1 bright copper price increased by 1,200, the spot - to - futures near - month spread decreased by 25, the near - month contract to the first - continuous contract spread increased by 60, and other spreads also had corresponding changes [1]. 3.2 Macro and Industry News - **Macro News**: Trump supports Pakistan in hosting US - Iran talks. About 3,000 soldiers of the US 82nd Airborne Division are reported to go to the Middle East, and Gulf countries may join the action against Iran. Trump said that the US - Iran negotiation "may be quite close to reaching an agreement", and Iran agrees never to have nuclear weapons. The US is reported to intend to cease fire for a month and propose 15 peace - negotiation plans. The US March composite PMI unexpectedly dropped to 51.4, with the manufacturing expansion accelerating and the service - sector growth slowing. The eurozone March composite PMI fell to a 10 - month low, and the French PMI contracted for three consecutive months [1]. - **Industry News**: Zambia aims to more than triple its copper production to 3 million tons by 2031. Rio Tinto suspended the operation of its Kennecott copper mine in Utah, USA, after a worker - death accident on March 12. China's refined copper production from January to February was 2.473 million tons, a year - on - year increase of 9%. China's February 2026 scrap copper imports were 167,937.84 tons, a month - on - month decrease of 27.72% and a year - on - year decrease of 13.13%. Peru's January copper production was 226,256 tons, a year - on - year increase of 3% [3]. 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3].

Macro Strategy - The core viewpoint indicates that the recent escalation in the Middle East has led to hawkish signals from major central banks during a "super central bank week," resulting in a significant rise in long-term government bond yields and pressure on gold and silver prices [1][22] - The report highlights that the current environment suggests that the Federal Reserve's interest rate decisions will be influenced by oil prices and inflation, rather than following a baseline scenario [1][4] Industry Analysis: Shipbuilding - China's shipbuilding industry has transformed from "scale expansion" to "quality and quantity improvement," maintaining its position as the world's leading shipbuilding nation for 16 consecutive years [2][23] - The report states that China has become the largest shipbuilding exporter globally, with its share increasing from 16.8% in 2017 to 32.0% in 2024, particularly excelling in commercial ship exports [2][24] - China's shipbuilding sector is noted for its technological advancements, being the only country capable of constructing aircraft carriers, large cruise ships, and large LNG carriers, which are considered the highest levels of shipbuilding [2][24] Company Insights: Zijin Mining - The report projects an increase in Zijin Mining's net profit for 2026-2027 to 77.9 billion and 95.4 billion CNY, respectively, due to rising prices of gold, copper, and lithium carbonate [10] - The company is rated as a "buy" based on its leadership in the mining sector and the expected growth in earnings per share [10] Company Insights: Top Group - Top Group's net profit forecast for 2026-2027 has been adjusted down to 3.276 billion and 4.070 billion CNY due to declining gross margins and increased R&D investments [11] - Despite the adjustments, the company maintains a "buy" rating due to its potential in robotics and automotive sectors [11] Company Insights: Nvidia - Nvidia's net profit forecast for FY2027-2028 has been raised to 201.3 billion and 262.9 billion USD, reflecting the expected contributions from new product lines [10] - The company is rated as a "buy" based on its strong growth potential in the computing power sector [10] Company Insights: Ado Hotel - Ado Hotel's net profit for 2026-2028 is projected to be 1.95 billion CNY, with a "buy" rating maintained due to its strategic expansion and growth potential in retail [18]

Group 1 - Xiaomi Group reported a record revenue of 116.917 billion yuan for Q4 2025, a year-on-year increase of 7.3%, with adjusted net profit of 6.349 billion yuan, down 23.7% [2] - For the full year 2025, Xiaomi's total revenue reached 457.287 billion yuan, up 25% year-on-year, and adjusted net profit was 39.2 billion yuan, an increase of 43.8%, both hitting new highs [2] - Xiaomi's automotive business achieved annual profitability for the first time, with an operating profit of 900 million yuan [2] - The company plans to invest over 200 billion yuan in R&D over the next five years, and there may be potential product price increases due to unexpected memory price hikes [2] Group 2 - ARM plans to sell its own chips for the first time, aiming for annual sales of $15 billion in the AI sector within five years [3] - Li Auto's board approved a share repurchase plan of up to $1 billion, reflecting strong confidence in its strategic roadmap and future value creation [3] - Apple is upgrading its Siri voice assistant and testing a standalone Siri app, with a new version expected to be unveiled at the June 8 global developer conference [3] Group 3 - Alibaba's DAMO Academy launched the new flagship CPU, Xuantie C950, which achieved a score of over 70 in the SPECint2006 benchmark, setting a new record for RISC-V CPUs [6] - Nongfu Spring reported a total revenue of 52.553 billion yuan for 2025, a year-on-year increase of 22.5%, with net profit attributable to shareholders of 15.868 billion yuan, up 30.9% [6] - China Telecom achieved a net profit of 33.2 billion yuan for 2025, a slight increase of 0.5%, with strong growth in its digital industry business [6] Group 4 - Haidilao reported a revenue of 43.225 billion yuan for 2025, a year-on-year increase of 1.1%, but core operating profit decreased by 13.3% [8] - JD.com made progress in AI research and development, open-sourcing its foundational model JoyAI-LLM Flash, which performed well in 19 authoritative benchmark tests [7] Group 5 - OpenAI's valuation reached $730 billion after a new round of financing, with plans to raise an additional $10 billion from investors [10] - Microsoft partnered with NVIDIA to develop AI tools for the nuclear energy sector and expanded its AI infrastructure by leasing data centers [10] - Amazon acquired Fauna Robotics to enter the consumer humanoid robot market and plans to launch Robotaxi services later this year [11] Group 6 - Nintendo reduced its production target for the Switch 2 game console to 4 million units due to lower-than-expected sales, particularly in the U.S. market [13] - Samsung Electronics achieved over 60% yield in its 2nm process technology, comparable to TSMC [13] - Toyota completed its acquisition of Toyota Industries, which will accelerate its electrification transformation [13]

Financial Data and Key Metrics Changes - In 2025, Comstock doubled its asset base and strengthened its balance sheet by eliminating legacy debt and obligations, positioning the company for growth [3][4] - Cash and cash equivalents were approximately $56 million as of March 20, 2026, with common shares outstanding at 74 million [4] - Revenues for Comstock Metals in 2025 were approximately $1.4 million, down from $4.4 million in 2024, with additional billings of about $2.2 million [7][8] Business Line Data and Key Metrics Changes - The company reported a significant transformation in its capital structure, which is now clean and strong, allowing for the monetization of non-core assets [3][4] - The first industry-scale metals recycling facility is set to be operational in Q2 2026, with plans for a second facility in Clark County, Nevada [6][28] Market Data and Key Metrics Changes - The U.S. has over 1.3 billion solar panels deployed, with a significant portion reaching end-of-life rapidly, creating a substantial market opportunity for recycling [12][29] - The company aims to capture a large share of the end-of-life solar panel market, particularly in the Southwest region, which represents half of the U.S. market [22][28] Company Strategy and Development Direction - Comstock's strategy focuses on monetizing non-core legacy mining assets and expanding its metals recycling operations to establish a dominant position in the market [17][19] - The company is enhancing its governance structure by adding new independent directors with extensive experience in finance and the solar industry [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for growth, citing strong institutional investor support and a robust pipeline of customer agreements [10][11] - The outlook for 2026 includes expectations of increasing revenues from $100,000 to $2 million per month as operations ramp up [28][59] Other Important Information - The company has engaged with serious mining counterparties for monetizing its mining assets, with potential values estimated between $50 million and $60 million [38][39] - Comstock is also focused on monetizing its non-core real estate assets, with significant interest from third parties [20][21] Q&A Session Summary Question: How do you allocate your time, versus Judd's time, versus the rest of the team's time? - Management allocates approximately 40%-50% of their time to monetizing non-core assets, while the metals team dedicates 110% of their time to metals operations [54] Question: What is the pipeline of solar panels that will be available to recycle through the Silver Springs facility once it is open? - The company is signing master service agreements with major utilities and e-recyclers, aiming for a revenue run rate of $24 million-$25 million once fully operational [56][59] Question: Where do we stand with the delivery of the first recycling facility in terms of timing and cost? - All equipment has been received, and installation is underway, with the facility expected to be operational in Q2 2026 [63][64] Question: Please review the timetable for the second recycling project. - The second facility is planned for Clark County, with permits submitted and equipment orders anticipated to be placed soon [66][68]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a significant revenue increase of 150.60% year-on-year, reaching 4.806 billion RMB in 2025, and achieved a net profit of 1.076 billion RMB, marking a substantial turnaround from losses [2][5] - The acquisition of a 60% stake in Guocheng Real Estate significantly improved the financial statements, while the titanium dioxide business continued to be a drag on performance [3] - The company is focusing on increasing molybdenum production and reducing costs in lithium mining, with plans to expand mining capacity from 5 million tons to 8 million tons per year [4] Financial Summary - Revenue projections for 2026, 2027, and 2028 are estimated at 5.873 billion RMB, 6.410 billion RMB, and 18.348 billion RMB, respectively, with corresponding net profits of 1.970 billion RMB, 3.445 billion RMB, and 5.303 billion RMB [5][9] - The company expects earnings per share (EPS) to grow from 0.908 RMB in 2025 to 4.475 RMB by 2028, with price-to-earnings (P/E) ratios decreasing from 35.89 to 7.29 over the same period [5][9]