Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The rise of AI computing power has opened up new demand space for non - ferrous metals, and the pricing logic and demand landscape of commodities may be reconstructed. The new development in the AI field is becoming an indispensable new driving force for the growth of non - ferrous metal demand. At present, one should maintain sufficient imagination for the non - ferrous metal demand prospects brought by AI while closely tracking the micro - demand and high - frequency data of each variety [2][3][40] Summary by Relevant Catalogs 1. AI Industry from "Algorithm Economy" to "Industrial Integration" 1.1 AI Industry Development History Review - The AI industry has generally gone through six stages: start, reflection, application, depression, steady and booming development. Before 2011, it was in the exploration and accumulation stage focused on algorithm theory and early model verification. From the 1950s to the 1990s, it experienced two booms and troughs. After the 1990s, new technologies injected new life but had limited impact on hardware and materials [7] - From 2012 - 2023, AI entered the breakthrough and expansion periods driven by deep learning and computing power. It was mainly "algorithm - economy" centered, with capital and technology concentrated on software and chips, indirectly affecting the traditional industrial chain [8] - In 2024, it became a double - inflection point of technology and demand. The AI industry entered the acceleration period of industrial integration and infrastructure construction, with the growth focus shifting from "algorithm dividends" to "computing power bottlenecks", and from "virtual innovation" to "physical expansion" [10][11] 1.2 Current State of AI Commercialization - After the "computing power arms race" and capital frenzy, the AI industry has entered a new stage. Commercialization and verifiable profit models have become key factors, and the global commercialization path shows differences [12][13] - In terms of Sino - US development comparison, although the US still leads in some aspects, China is catching up rapidly. The decline in reasoning costs provides conditions for AI commercialization and large - scale application, and the financial reports of tech giants verify the entry into the second half of AI commercialization [14][20][24] - Tech giants are still increasing capital expenditure on computing power and data centers. It is expected that the total capital expenditure of tech giants will exceed $350 billion in 2025, $450 billion in 2026, and $500 billion in 2027 [26] 2. AI Industry Development Spurs New Demand for Non - Ferrous Metals 2.1 Panoramic Insight into the AI Industry Chain - The AI industry chain is a multi - level system composed of the basic layer, technology layer, and application layer, with non - ferrous metals running through it [28] - The basic layer provides computing power, with chips as the core carrier, and AI servers, optical modules, and data centers as important infrastructure, promoting the coordinated development of related industries [29] - The technology layer transforms basic resources into practical capabilities, with algorithm paradigms evolving, and multi - modal large models emerging. The application layer integrates AI with the real economy, promoting efficiency improvement and industrial transformation, and non - ferrous metals become the cornerstone of AI industrial implementation [30][31][32] 2.2 "AI + Non - Ferrous Metals" Leads the Industry to Higher - end and Intelligent Development - China's non - ferrous metal industry has developed rapidly but faces problems such as insufficient resource security and high - end supply. The "Work Plan" aims to promote high - quality development, emphasizing digital transformation and the "AI + non - ferrous metals" action [34][35][36] 3. Conclusion: Symbiosis of Non - Ferrous Metals and AI Industry, Key Reconstruction Period for the "Demand Map" - AI has opened up new demand space for non - ferrous metals, and the pricing logic and demand landscape may be reconstructed. Copper, aluminum, and tin have broad application prospects in the AI field due to their unique physical and chemical properties [40][41][42] - The next report will focus on evaluating the incremental demand for non - ferrous metals from the development of data centers (computing power centers) [43]

Core Viewpoint - Hunan Gold announced the convening of its 14th meeting of the 7th Board of Directors on October 27, 2025, to review proposals including the election of members for specialized committees [1] Financial Performance - For the first half of 2025, Hunan Gold's revenue composition was as follows: 90.72% from non-standard gold purchases, 6.67% from non-ferrous metal mining, 2.18% from non-ferrous metal smelting, and 0.43% from the trading sector [1] Market Position - As of the report, Hunan Gold's market capitalization stood at 31.9 billion yuan [1]

Core Insights - The Ministry of Industry and Information Technology and eight other departments have issued a plan for the non-ferrous metals industry aimed at stabilizing growth from 2025 to 2026, targeting an average annual growth of around 5% in added value and a 1.5% increase in the production of ten non-ferrous metals [1][2][3][4][5]. Group 1: Industry Growth and Development - The plan anticipates an average annual growth of approximately 5% in the added value of the non-ferrous metals industry from 2025 to 2026 [1]. - Production of ten non-ferrous metals is expected to grow by about 1.5% annually, with significant progress in domestic resource development for copper, aluminum, and lithium [1][2]. - The production of recycled metals is projected to exceed 20 million tons, enhancing the supply capacity of high-end products [1][2]. Group 2: Financial and Policy Support - The plan includes utilizing long-term special government bonds and other funding channels to support resource development, high-end material research, energy conservation, and digital transformation [2]. - It emphasizes the importance of expanding important non-ferrous metal futures trading varieties and financial derivatives [2]. Group 3: Project Management and Infrastructure - The plan advocates for a scientific and reasonable layout of projects related to alumina, copper smelting, and lithium carbonate to avoid redundant low-level construction [3]. - It aims to accelerate the approval processes for mineral resource development projects through the establishment of green channels [3]. Group 4: Innovation and High-End Product Development - The initiative promotes innovation in high-end products, focusing on the needs of key industries such as new-generation information technology and new energy vehicles [4]. - It encourages breakthroughs in high-quality raw materials and advanced rare earth materials, enhancing the performance of aluminum and magnesium alloys [4][5]. Group 5: Application of Rare Metals - The plan aims to elevate the application levels of rare metals in emerging industries such as integrated circuits, industrial mother machines, and artificial intelligence [5]. - It promotes the validation of high-end products like high-purity gallium and tungsten hard alloys, as well as the innovative application of frontier materials [5].