Core Viewpoint - Hunan YN (301358) has obtained mining licenses for the Huangjiapo Phosphate Mine and Dashichang Phosphate Mine, with production expected to ramp up starting in Q4 2025 [1] Group 1 - The company’s subsidiary, Guizhou YN Mining Co., Ltd., has secured the mining licenses for the mentioned phosphate mines in 2024 [1] - The Huangjiapo Phosphate Mine is set to begin production in Q4 2025, although it will undergo a ramp-up period before reaching full capacity [1]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The domestic arrival volume at 47 ports has rebounded from a low level, with the increase mainly coming from Brazilian ore, while Australian and non - Australian - Brazilian ores have decreased. Overseas ore shipments have continued to rise, and the total global ore shipment volume has increased. According to the shipping schedule, the arrival volume of Australian and Brazilian ores at domestic ports is expected to rise, and overseas supply has started to stabilize [2]. 3. Summary by Relevant Catalogs 3.1. Brief Review - The domestic arrival volume at 47 ports is 26.692 million tons, a week - on - week increase of 437,000 tons. The increase is mainly from Brazilian ore, which increased by 3.419 million tons week - on - week, while Australian and non - Australian - Brazilian ores decreased by 1.231 million tons and 1.761 million tons respectively. Overseas ore shipments have continued to rise, with the total global ore shipment volume at 30.946 million tons, a week - on - week increase of 1.1626 million tons. Most of the shipments from major miners have continued to rise, and the shipments from the four major miners increased by 719,000 tons week - on - week. In terms of regions, Brazilian ore shipments increased by 1.4377 million tons, starting to rebound from a low level, while Australian and non - Australian - Brazilian ore shipments decreased slightly by 170,400 tons and 104,700 tons respectively. It is expected that the arrival volume of Australian and Brazilian ores at domestic ports will rise according to the shipping schedule, and overseas supply has started to stabilize [2]. 3.2. Ore Arrival and Shipment Data Arrival Volume - Northern six ports: The arrival volume is 1.2888 million tons, a week - on - week increase of 507,000 tons (4.09%), a monthly increase of 507,000 tons (4.09%), and a year - on - year increase of 415,900 tons (47.65%) [3]. - National 45 ports: The arrival volume is 24.847 million tons, a week - on - week decrease of 453,000 tons (-1.79%), a monthly decrease of 453,000 tons (-1.79%), and a year - on - year increase of 7.227 million tons (41.02%) [3]. - National 47 ports: The arrival volume is 26.692 million tons, a week - on - week increase of 437,000 tons (1.66%), a monthly increase of 437,000 tons (1.66%), and a year - on - year increase of 8.166 million tons (44.08%) [3]. - National 47 ports: Australian ore: The arrival volume is 14.521 million tons, a week - on - week decrease of 1.231 million tons (-7.81%), a monthly decrease of 1.231 million tons (-7.81%), and a year - on - year increase of 3.337 million tons (29.84%) [3]. - National 47 ports: Brazilian ore: The arrival volume is 8.383 million tons, a week - on - week increase of 3.419 million tons (68.88%), a monthly increase of 3.419 million tons (68.88%), and a year - on - year increase of 3.584 million tons (74.68%) [3]. - National 47 ports: Other ores: The arrival volume is 3.788 million tons, a week - on - week decrease of 1.751 million tons (-31.61%), a monthly decrease of 1.751 million tons (-31.61%), and a year - on - year increase of 1.245 million tons (48.96%) [3]. Shipment Volume - Australian shipments (original caliber): The shipment volume is 16.159 million tons, a week - on - week decrease of 378,000 tons (-2.29%), a monthly decrease of 378,000 tons (-2.29%), and a year - on - year decrease of 2.308 million tons (-12.50%) [3]. - Shipments to China: The shipment volume is 14.4 million tons, a week - on - week increase of 254,000 tons (1.80%), a monthly increase of 254,000 tons (1.80%), and a year - on - year decrease of 1.443 million tons (-9.11%) [3]. - Brazilian shipments (original caliber): The shipment volume is 6.177 million tons, a week - on - week increase of 1.325 million tons (27.31%), a monthly increase of 1.325 million tons (27.31%), and a year - on - year decrease of 395,000 tons (-6.01%) [3]. - Global shipment volume: The shipment volume is 30.946 million tons, a week - on - week increase of 1.1626 million tons (3.90%), a monthly increase of 1.1626 million tons (3.90%), and a year - on - year decrease of 3.5268 million tons (-10.23%) [3]. - Australian shipments: The shipment volume is 18.204 million tons, a week - on - week decrease of 170,400 tons (-0.93%), a monthly decrease of 170,400 tons (-0.93%), and a year - on - year decrease of 170,400 tons (-0.93%) [3]. - Brazilian shipments: The shipment volume is 7.006 million tons, a week - on - week increase of 1.4377 million tons (25.82%), a monthly increase of 1.4377 million tons (25.82%), and a year - on - year increase of 1.4377 million tons (25.82%) [3]. - Other shipments: The shipment volume is 5.736 million tons, a week - on - week decrease of 104,700 tons (-1.79%), a monthly decrease of 104,700 tons (-1.79%), and a year - on - year decrease of 104,700 tons (-1.79%) [3]. - VALE: The shipment volume is 5.102 million tons, a week - on - week increase of 1.3335 million tons (35.38%), a monthly increase of 1.3335 million tons (35.38%), and a year - on - year increase of 368,100 tons (7.78%) [3]. - RIO: The shipment volume is 5.854 million tons, a week - on - week increase of 164,200 tons (2.89%), a monthly increase of 164,200 tons (2.89%), and a year - on - year decrease of 1.1177 million tons (-16.03%) [3]. - RIO shipments to China: The shipment volume is 5.095 million tons, a week - on - week increase of 273,000 tons (5.66%), a monthly increase of 273,000 tons (5.66%), and a year - on - year decrease of 1.051 million tons (-17.10%) [3]. - BHP: The shipment volume is 5.893 million tons, a week - on - week increase of 66,200 tons (1.14%), a monthly increase of 66,200 tons (1.14%), and a year - on - year decrease of 726,600 tons (-10.98%) [3]. - BHP shipments to China: The shipment volume is 5.558 million tons, a week - on - week increase of 750,000 tons (15.60%), a monthly increase of 750,000 tons (15.60%), and a year - on - year decrease of 290,000 tons (-4.96%) [3]. - FMG: The shipment volume is 3.463 million tons, a week - on - week decrease of 844,800 tons (-19.61%), a monthly decrease of 844,800 tons (-19.61%), and a year - on - year decrease of 619,500 tons (-15.17%) [3]. - FMG shipments to China: The shipment volume is 2.799 million tons, a week - on - week decrease of 1.334 million tons (-32.28%), a monthly decrease of 1.334 million tons (-32.28%), and a year - on - year decrease of 406,000 tons (-12.67%) [3]. 3.3. Related Charts - The report includes charts on domestic port arrival volume, global iron ore shipment volume, shipments of the four major miners, and estimated domestic arrival volume of iron ore [4][7][9][11].

Group 1 - The company, Baodi Mining (601121.SH), confirmed its mining capacity on an investor interaction platform, stating that its Hasiatou polymetallic mine has an annual capacity of 1.44 million tons [2] - The breakdown of the mine's capacity includes 1.2 million tons of iron and 240,000 tons of gold, zinc, and copper combined [2]

每周投资策略 产品及投资方案部 ｜2026年2月2日 中信证券财富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 | 上周环球 大类资产表现 | (1) 印度市场焦点 | (2) 英国市场焦点 | (3) 澳大利亚市场焦点 | | --- | --- | --- | --- | | | 宏观环境趋稳， | 預期英伦银行 | 本周议息会议有75%概率 | | | 经济有望复苏 | 本次议息按兵不动 | 加息25个基点 | | | 股票 | 股票 | 股票 | | 本周主要地区 | 等待情绪回暖； | 估值修复驱动，盈利增速向上； | 首选澳大利亚资源股； | | 经济数据公布日程 | Eternal；Vedanta | 巴克莱 ；倫敦交易所 | Northern Star；力拓集团 | | | ETF | ETF | ETF | | | 安硕核心SENSEX印度ETF | iShares MSCI英國ETF | iShares安硕MSCI澳大利亚ETF | | 资料来源：中信证券财富管理 (香港) | | | | 1 上周环球 股市表现 特 ...

Group 1 - The stock of Shengtun Mining experienced a limit down, with a trading volume of 3.107 billion yuan and a turnover rate of 6.68% [1] - The Shanghai Stock Connect special seat bought 323 million yuan and sold 81.167 million yuan [1] - Four institutional special seats had a net sell of 391 million yuan [1]

受人工智能领域担忧情绪及贵金属市场剧烈波动冲击全球市场影响，欧洲股市本周首个交易日低开走 弱。 泛欧斯托克600指数开盘后不久下跌0.7%，各板块涨跌不一，矿业股与石油股领跌，分别下跌3%和 2.3%。 欧洲各大主要股指均低开，英国富时指数、德国DAX指数及法国CAC 40指数跌幅均超0.5%。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：李肇孚 欧洲股市周一重挫，全球市场亦同步走低。 亚太市场隔夜普跌，韩国主要股指领跌，投资者持续关注上周五大幅下挫后的黄金白银价格走势；与此 同时，美股期货周日晚间下跌，交易员密切留意周末遭遇抛售的比特币表现。 比特币周六自4月以来首次跌破8万美元关口，凸显上周五贵金属暴跌后，投资者正进一步削减风险敞 口。 过去12个月涨幅超一倍的白银，上周五暴跌约30%，创1980年以来最差单日表现；黄金同期亦下跌约 9%。 华尔街目光转向英伟达，人工智能热潮相关质疑持续发酵。据知情人士称，英伟达计划向OpenAI注资 1000亿美元的方案已陷入停滞，这家芯片巨头高管对该交易持怀疑态度。 欧洲市场今日将迎来宝盛集团财报，数据方面需关注德国零售销 ...

Core Viewpoint - The Tokyo stock market experienced a decline on February 2, with the Nikkei 225 index falling by 1.25% and the Tokyo Stock Exchange index dropping by 0.85% due to a weak yen and external market influences [1][2]. Group 1: Market Performance - The Nikkei index closed down by 667.67 points at 52,655.18 points, while the Tokyo Stock Exchange index fell by 30.19 points to 3,536.13 points [2]. - Most of the 33 industry sectors on the Tokyo Stock Exchange saw declines, particularly in securities and commodity futures trading, mining, and banking, which experienced significant drops [2]. Group 2: Influencing Factors - The Tokyo stock market opened higher due to a weaker yen against the US dollar, but gains were not sustained [1]. - Reports of the ruling Liberal Democratic Party's dominance in the Japanese House of Representatives elections initially boosted the market, but this momentum did not last [1]. - The decline in the semiconductor sector on the New York stock market last Friday negatively impacted Asian markets, leading to a sell-off in Asian tech stocks, which further affected Tokyo's semiconductor-related stocks [1].

在人工智能浪潮席卷全球的今天，我们常常聚焦于芯片、算法和算力的激烈竞争，却忽略了背后一个看 似平凡却至关重要的金属——锡。它，正悄然成为AI算力领域的"隐形冠军"，在科技与资本的交汇点 上，演绎着一场供需博弈的精彩大戏。 锡：AI算力的"基石材料" 锡，这个在地壳中储量稀少的金属，凭借其独特的物理和化学性质，成为了AI算力不可或缺的"基石材 料"。从芯片封装到PCB电路板制造，从光模块到高速连接器，锡的身影无处不在。它如同一位默默奉 献的工匠，用自己微小的身躯，支撑起了AI算力的宏伟大厦。随着AI技术的飞速发展，对算力的需求 呈指数级增长。AI服务器、数据中心等设备的性能不断提升，对锡的需求也日益旺盛。单台AI服务器 的锡用量比传统设备大幅增加，成为推动锡需求增长的重要引擎。可以说，AI算力的每一次突破，都 离不开锡的默默支持。 供应端：结构性紧俏，增量不及预期 价值逻辑重塑：稀缺资源与科技需求的深度绑定 尽管价格短期受挫，但支撑锡市长期向好的核心逻辑依然坚实。供应端的刚性约束日益凸显：全球锡矿 资源稀缺，静态储采年限有限；主要生产国政策调控趋严，新增产能释放缓慢且成本高企；全球显性库 存持续处于历史低位，为 ...

Group 1: Citadel's Entry into Industrial Metals - Citadel, a leading hedge fund based in the U.S., is entering the industrial metals market, marking a shift from its previous cautious stance towards this sector [1] - The firm has appointed Ylan Adler as a portfolio manager to oversee commodity allocations, with a focus on metal trading [1] - This move comes amid rising interest in industrial metals and precious metals trading among major investment institutions [1] Group 2: Surge in Metal Prices - Since the second half of 2025, prices for industrial metals like copper, aluminum, tin, and nickel have surged, with copper futures on the LME rising approximately 40% [2] - Gold prices have skyrocketed, with a historic increase of over 2% recently, surpassing $5000 for the first time, and achieving an 18% increase this month, potentially the largest monthly gain in 40 years [2] - Silver also experienced significant volatility, with a peak increase of over 10%, marking the largest intraday gain since the 2008 financial crisis [2] Group 3: Performance of Mining Companies - BHP Group Ltd. has regained its title as Australia's most valuable company, overtaking Commonwealth Bank of Australia, driven by the rising prices of metals [2] - The mining sector, including companies like BHP and Rio Tinto, is becoming a top choice for fund managers due to increased demand for industrial metals driven by AI and supply constraints [3] - The MSCI Metals and Mining Index has risen nearly 90% since 2025, outperforming major indices including those of semiconductor companies and global banks [3] Group 4: Citadel's Previous Success in Commodities - Citadel's commodity business has seen significant profits, earning approximately $8 billion in 2022, which has prompted competitors to follow its lead [5] - The firm has primarily focused on the energy market and has become one of the largest physical natural gas traders in the U.S. [5] - Despite previously avoiding basic metals trading, Citadel's stance has shifted due to market volatility and opportunities arising from geopolitical events [6] Group 5: Competitive Landscape in Metal Trading - Other major commodity trading firms have been expanding their metal trading operations, with competitors like Squarepoint becoming significant players in cobalt and aluminum markets [6] - The hiring spree in the metal trading sector has led to increased compensation packages for metal traders [6] - Citadel's hiring of Adler is seen as a cautious step compared to the aggressive recruitment strategies of its competitors [5]

Group 1 - The global asset market experienced significant volatility on February 2, with precious metals continuing their downward trend, where spot silver saw a drop of nearly 8%, reaching a low of $79 per ounce, and spot gold fell to $4718 per ounce [1] - The international oil market opened lower, with both WTI and Brent crude oil prices dropping over 2%, reported at $63 per barrel and $67 per barrel respectively, following concerns about potential military action by the U.S. against Iran [1] - Major cryptocurrencies also faced declines, with Bitcoin falling below the $77,000 mark, trading at $76,459 per coin, and over 160,000 traders were liquidated in the past 24 hours [1] Group 2 - On February 1, both the Indian and Saudi stock markets experienced notable declines, with India's Nifty 50 index dropping over 700 points, nearly 3%, and the NIFTY metal index falling over 5%, impacting companies like Hindustan Copper and Hindustan Zinc [2] - The Saudi stock market recorded its largest drop in nearly eight months, with the overall index falling close to 2.6%, driven by a global sell-off in metals that affected local mining stocks [2] - Geopolitical tensions were highlighted by U.S. President Trump's comments regarding Iran, expressing hope for an agreement while emphasizing military readiness, while Iranian Foreign Minister Zarif indicated confidence in reaching a nuclear deal [2]