Group 1: Report Summary - The report focuses on the platinum and palladium markets, analyzing the current market situation, supply - demand dynamics, and providing investment suggestions [6] Group 2: Investment Rating - Not provided Group 3: Core Viewpoints - The strengthening of the US dollar and crude oil prices has continuously suppressed the precious metals market. The platinum and palladium markets on the GQIEX continued their weak and volatile performance this week [6] - The main contradictions in the market revolve around the repeated situation in the US - Iran conflict, the impact of oil prices and inflation expectations, and the pressure on the Fed's interest - rate cut expectations [6] - Platinum shows stronger price support than palladium, with its support coming from its tight fundamentals. The medium - term tight logic of platinum remains unchanged, while the medium - term logic of palladium is weaker [6] - In the short term, platinum and palladium are likely to follow the fluctuations of gold and silver, remaining under pressure. Short - term funds are advised to wait and see, while long - term investors can gradually buy platinum on dips [6] Group 4: Summary by Directory 4.1 Week - to - Week Summary - The US dollar and crude oil prices have put pressure on the precious metals market. The platinum and palladium markets on the GQIEX continued to be weak and volatile. The main contradictions in the market are related to the US - Iran situation, oil prices, inflation expectations, and Fed's interest - rate cut expectations [6] - Platinum's price support comes from its tight fundamentals. In 2026, the global platinum market is expected to have a shortage of 240,000 ounces, and the above - ground inventory may drop to 2.613 million ounces [6] - Although palladium is supported by Russian supply risks, its medium - term logic is weaker. The Chinese fiberglass industry may be a new source of palladium demand, but currently, palladium demand is highly dependent on gasoline - vehicle catalysts [6] 4.2 Futures and Spot Markets - Due to the repeated US - Iran geopolitical situation, the US dollar and crude oil prices fluctuated at high levels. The main contracts of platinum and palladium on the GQIEX were weak and volatile [7] - As of March 27, 2026, the main palladium contract 2606 on the GQIEX was at 358.20 yuan/gram, down 2.89% for the week; the main platinum contract 2606 was at 493.05 yuan/gram, down 3.28% for the week [11] - The net positions of NYMEX platinum and palladium continued to diverge. The long - position of NYMEX palladium continued to flow out [12] - As of March 17, 2026, the net long - position of NYMEX platinum was 22,917 contracts, a 9.57% increase; the net long - position of NYMEX palladium was - 1,383 contracts, a 1.71% increase but still in a net - outflow state [14] - This week, the basis of the main NYMEX platinum contract strengthened, while that of the main NYMEX palladium contract weakened [15] - As of March 26, 2026, the NYMEX platinum basis was $55.7/ounce (last week: - $38), strengthening; the NYMEX palladium basis was - $33/ounce (last week: $47), weakening [19] - This week, the basis of the main platinum contract on the GQIEX weakened, while that of the main palladium contract strengthened [20] - As of March 26, 2026, the platinum basis was - 2.85 yuan/gram (last week: 3.35 yuan/gram), weakening; the palladium basis was - 14.35 yuan/gram (last week: - 18.45 yuan/gram), strengthening [22] - This week, the NYMEX platinum inventory decreased slightly, while the NYMEX palladium inventory increased [23] - As of March 26, 2026, the NYMEX platinum inventory was 558,767.51 ounces, a 3.54% decrease; the NYMEX palladium inventory was 248,373.69 ounces, a 1.29% increase [26] - The price trends of platinum and gold continued to be highly synchronized, and the gold - platinum ratio weakened slightly this week [27] - As of March 26, 2026, the gold - platinum ratio was 2.41 (last week: 2.44), a slight weakening; the rolling correlation between NYMEX platinum and gold strengthened (N = 40) [31] 4.3 Industry Supply - Demand Situation - As of February 2026, the import and export volume of platinum decreased, while that of palladium increased [33] - Platinum imports were 4,437,146 grams, a 6.11% decrease; exports were 371,067 grams, a 72.15% decrease. Palladium imports were 1,525,418 grams, a 51.77% increase; exports were 2,288 grams, a 25.94% increase [37] - The demand for platinum and palladium in automobile exhaust catalysts has been declining due to the increasing share of new - energy vehicles [39] - The core consumption of platinum and palladium is concentrated in automobile exhaust catalysts, but the trends are different. The proportion of automobile catalysts in global palladium consumption is 83%, and the annual industrial consumption decreased by 6% to 285 tons. For platinum, automobile catalysts account for 44%, and the annual industrial consumption decreased by 3% to 234 tons [41] - The total demand for global platinum and palladium is showing a gentle slowdown trend [42] - WPIC expects the global platinum demand to be 8.297 million ounces in 2025, a 1% increase, and to drop to 7.619 million ounces in 2026. The automobile demand will decline from 3.107 million ounces in 2024 to 2.943 million ounces in 2026 [46] - The supply patterns of platinum and palladium are different. Geopolitical situations have tightened the platinum supply [48] - In 2025, the global platinum mine supply decreased to 5.551 million ounces, a 4% decrease, and is expected to rise slightly to 5.553 million ounces in 2026. The recycling supply increased from 1.664 million ounces to 1.827 million ounces. The global palladium mine production is expected to drop to 190,000 kilograms in 2025, a significant decline from 217,000 kilograms in 2024 [52] 4.4 Macro and Options - This week, the US dollar index and US Treasury yields continued their strong performance [58] - As of March 26, 2026, the US dollar index was 99.90, a 0.70% increase; the 10 - year US Treasury real yield was 2.02%, a 0.16% increase [62] 4.5 Platinum - Palladium Price Difference - This week, the price differences between domestic and foreign markets for both platinum and palladium narrowed [54] - As of March 26, 2026, the platinum price difference between domestic and foreign markets was $86.61/ounce, a week - on - week decrease; the palladium price difference was $45.76/ounce, a week - on - week decrease [56]

Core Viewpoint - Gold prices have fallen below $4,500 an ounce despite geopolitical tensions, primarily influenced by rising oil prices and interest rate considerations [1][2]. Gold Market Analysis - The recent decline in gold prices, approximately $1,000 off the all-time high, is attributed to the impact of oil prices exceeding $100 a barrel, which has led to speculation about potential interest rate hikes by the Federal Reserve [1][2]. - Despite short-term volatility, the long-term outlook for gold remains bullish due to strong fundamentals, including record central bank purchases and ongoing concerns about inflation and debt levels [4][5]. Price Predictions and Investor Sentiment - Major banks are forecasting gold prices to reach between $6,200 and $6,300, with a critical resistance level identified between $4,900 and $5,000 [7]. - Current market conditions are viewed as a favorable buying opportunity for long-term investors, especially after significant price increases in the previous year [8][9]. Mining Profitability - The cost of gold extraction varies by company, ranging from $1,700 to $3,000 an ounce, impacting profitability as gold prices fluctuate [10]. Silver Market Insights - Silver is currently seen as undervalued, with prices significantly lower than recent highs, presenting a potential entry point for investors [12][13].

Core Insights - The mining industry experienced a record year for mergers and acquisitions (M&A) in 2025, with 180 transactions totaling $89 billion, marking the strongest year since the 2010-2012 supercycle [1] - Capital markets also thrived, with 174 companies raising $27.3 billion through 222 public offerings and private placements, indicating robust M&A activity and equity capital market financing [1] Group 1: Precious Metals Overview - Precious metals and base metals companies accounted for approximately 70% of the overall M&A and financing activities in 2025 [3] - Gold prices surged by 65% to over $4,500 per ounce, while silver prices skyrocketed by about 142%, both achieving their best annual performances since 1979 [4] - M&A transactions in the precious metals sector totaled $31 billion, a 4% increase year-on-year, with 84 deals completed, reflecting a 42% rise in transaction volume [4] - Precious metals companies raised $14.5 billion in 2025, significantly exceeding the $4.6 billion raised in 2024 [4] Group 2: M&A Insights - Major transactions in 2025 highlighted two strategic themes: scale consolidation and portfolio optimization [7] - Coeur Mining Inc. acquired New Gold Inc. for $7 billion in stock, creating a North American mining giant valued at $20 billion [7] - Newmont Corp. led the trend by selling eight assets for $3.4 billion after acquiring Newcrest Mining Ltd. in 2023 [8] Group 3: Equity Capital Market Insights - Zijin Mining completed a $3.2 billion IPO in Hong Kong, marking the largest gold mining IPO in history [12] - Barrick Mining Corp. announced plans to spin off its North American assets into a separate publicly traded company, aiming to enhance financing options [12] - Several mid-tier and junior precious metals companies actively pursued strategic equity financing to advance project development and prepare for potential M&A [12] Group 4: Base Metals Overview - Copper emerged as the standout performer in 2025, rising approximately 44%, the best annual performance since the 2008 financial crisis [16] - M&A activity in the base metals sector surged, with total deal value reaching $45.7 billion, a 214% increase from $14.5 billion in 2024 [16] - Base metals companies raised about $5.7 billion in 2025, surpassing the $5.4 billion raised in 2024, marking four consecutive years of growth [16] Group 5: Notable Transactions in Base Metals - The most significant transaction was the merger agreement between Anglo American PLC and Teck Resources Ltd., valued at approximately $23.5 billion [20] - Mid-tier companies also showed active participation, with DPM Metals Inc. acquiring Adriatic Metals PLC for high-grade projects [23] - Harmony Gold Mining Co. acquired MAC Copper Ltd. for $1 billion, diversifying its asset portfolio [24] Group 6: Future Outlook - The precious metals sector is expected to see continued differentiation, with large producers likely to acquire development-stage minerals in investor-friendly jurisdictions [33] - The base metals industry faces intensified competition for scale, key mineral acquisition, and strategic partnerships, with ongoing mega-mergers reshaping the competitive landscape [35]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The US February non - farm payroll data showed a decrease of 92,000 people, far lower than expected, and the unemployment rate rose to 4.4%, indicating signs of an economic slowdown. The ongoing Middle - East conflict led to a sharp rise in crude oil prices, increasing market inflation expectations in the US, and the Fed's interest rate cut faced challenges. The precious metals were under pressure and declined. The medium - term bullish logic remains unchanged, but it is in a short - term oscillation, and attention should be paid to the return of the gold - silver ratio [4]. - In the short term, there is limited fundamental data. In the medium term, platinum is in a tight - balance pattern, while palladium is in a relatively surplus pattern. In the medium term, attention should be paid to the guidance of gold prices. Platinum and palladium should be treated with a wide - range oscillation mindset [4]. Group 3: Summary by Directory 01. Market Review - **Gold**: London gold decreased from $5,222.3/oz to $5,127.55/oz; COMEX gold decreased from $5,296.4/oz to $5,181.3/oz; the difference between London gold and COMEX gold increased by $20.35/oz. The prices of Shanghai Gold Exchange Au(T + D) and Shanghai Futures Exchange gold also decreased. COMEX inventory decreased by 239,257 ounces, and COMEX warehouse receipts decreased by 201,242 ounces. The COMEX gold - silver ratio and Shanghai Futures Exchange gold - silver ratio increased [8]. - **Silver**: London silver decreased from $89.975/oz to $82.34/oz; COMEX silver decreased from $94.425/oz to $84.75/oz; the difference between London silver and COMEX silver increased by $2.04/oz. The prices of Shanghai Gold Exchange Ag(T + D) and Shanghai Futures Exchange silver decreased. COMEX inventory decreased by 11,186,608 ounces, and COMEX warehouse receipts decreased by 6,689,997 ounces. The Shanghai Futures Exchange inventory decreased by 50,644 kilograms [8]. - **Platinum**: London platinum decreased from $2,366/oz to $2,109/oz; NYMEX platinum decreased from $2,376.2/oz to $2,151.8/oz; the difference between London platinum and NYMEX platinum increased by $32.6/oz. The prices of Shanghai Gold Exchange Pt9995 and Guangzhou Futures Exchange platinum decreased. NYMEX inventory decreased by 2,622 ounces, and NYMEX warehouse receipts remained unchanged [8]. - **Palladium**: London palladium decreased from $1,793/oz to $1,626/oz; NYMEX palladium decreased from $1,828/oz to $1,657/oz; the difference between London palladium and NYMEX palladium increased by $4/oz. The prices of Shanghai Gold Exchange Pt9995 and Guangzhou Futures Exchange palladium decreased. NYMEX inventory increased by 2,917 ounces, and NYMEX warehouse receipts decreased by 1,951 ounces [8]. 02. Market Analysis - **Market News** - On March 7, the US Treasury's Office of Foreign Assets Control conditionally relaxed sanctions on Venezuela's gold - related transactions [10]. - China's central bank increased its gold reserves for the 16th consecutive month, with 74.22 million ounces (about 2,308.5 tons) at the end of February, an increase of 30,000 ounces (about 0.93 tons) from January [10]. - Due to the Middle - East conflict, Dubai gold was sold at a large discount, and many buyers stopped placing new orders [10]. - In February, global gold ETFs had a net inflow of $5.3 billion, with the total asset management scale reaching a record high of $701 billion, and the global holding volume reaching 4,171 tons [10]. - In 2025, platinum industrial demand decreased by 21% to 60 tons, but is expected to rebound by 11% to 66 tons in 2026. Total investment demand in 2025 increased by 65% to 36 tons but is expected to decrease by 46% to 19 tons in 2026. The physical investment demand for platinum bars and coins is expected to increase by 35% to 23 tons in 2026 [11]. - In 2025, platinum demand in the automotive catalyst field decreased by 2 tons to 94 tons, and is expected to further decrease by 3% to 92 tons in 2026 [11]. - The global platinum market will have a supply shortage of 240,000 troy ounces in 2026, narrowing from 1.1 million ounces in 2025. Total demand is expected to decrease by 8% to 7.6 million ounces, and total supply is expected to increase by 2% to 7.4 million ounces [11]. - The US February non - farm payrolls unexpectedly decreased by 92,000 people, and the market expects the Fed to cut interest rates at least once in 2026, possibly in June [11].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The 2025 annual reports of overseas platinum-palladium mining enterprises have been released. The report mainly sorts out the production data of overseas major mines and mining enterprises. Due to low previous capital expenditures and strong brittle constraints on the supply side, the platinum-palladium ore production of the top 8 mining enterprises decreased by 3% year-on-year in 2025. In 2026, global platinum-palladium growth is weak, and new supply highly depends on the progress of the subsequent projects of the Ivanhoe Platreef mine, with the main increments concentrated after 2027. [1][8] - The platinum and palladium resource is mainly in the hands of four major giants: Norilsk Nickel, Impala Platinum, Sibanye-Stillwater, and Anglo American Platinum. Ivanhoe Mines has become a new force in global platinum-palladium supply due to the commissioning of its Platreef platinum-group polymetallic mine. [2] Summary by Relevant Catalogs Global Main Platinum-Palladium Mines - There are currently 20 major platinum-palladium producing mines globally, concentrated in South Africa, Russia, Zimbabwe, and Canada. [2] - The total platinum production of these mines in 2025 was 153.75 tons, and the total palladium production was 182.72 tons. [3] - The Platreef mine's Phase I project was put into production in October 2025, with an annual capacity of about 3.1 tons of platinum-group metals. Phase II is planned to be completed in Q4 2027, with an annual processing capacity of 3.3 million tons and an annual output of about 14 tons of platinum-group metals plus gold. Phase III will have an annual processing capacity of 10.7 million tons and an annual output of over 31 tons of platinum-group metals plus gold. [4] - The cost of different mines varies significantly, ranging from $800 to $1,350 per ounce. After deducting the by-product revenues of copper and nickel, the total cash cost of the Platreef mine's Phase II project over its entire life cycle is only $599 per ounce of 3PE + Au, and it further drops to $511 per ounce in Phase III. [4] Overseas Platinum-Palladium Enterprises' Production - The production of platinum and palladium is highly concentrated in four companies: Impala Platinum, Sibanye-Stillwater, Anglo American Platinum, and Norilsk Nickel. [8] - In 2025, the platinum ore production of the top 8 mining enterprises decreased by 3% year-on-year, and the palladium ore production decreased by 4% year-on-year. The global platinum supply decreased by 1% year-on-year, and the global palladium supply decreased by 2% year-on-year. [8][9][11] - The oligopoly of overseas platinum-palladium mining enterprises continues, with high industry concentration. In 2026, the growth of global platinum-palladium is weak, and new supply highly depends on the progress of the subsequent projects of the Ivanhoe Platreef mine. [11]

Group 1: Precious Metals Market Overview - The precious metals market is currently in a critical phase, with gold prices consolidating after reaching a resistance level of $5200 per ounce, while trading around $5185.27, reflecting a daily increase of approximately 1.51% [1][2] - The market's long-term expectations for a Federal Reserve easing cycle remain intact despite short-term headwinds from exchange rate factors [1][3] - The Federal Reserve's latest policy signals indicate a more cautious approach to monetary policy, with expectations that the first rate cut window has been pushed to June, while the market anticipates three or more cumulative rate cuts by the end of December [3] Group 2: Industry Fundamentals - High metal prices are reshaping the global mining landscape, with Ghana projected to produce up to 187 tons of gold by 2025, potentially making it the fifth-largest gold producer globally [4] - Ghana's consideration to raise royalties to a maximum of 12% may improve government finances in the short term but could suppress corporate investment in deep exploration, impacting future production potential [4] - In the silver market, there is a notable "price-sensitive" characteristic, with January sales from the Perth Mint surging by 188% month-over-month, reaching the highest monthly level since May 2023, indicating strong retail investor interest [4] - Core producer Hecla's announcement to double its silver exploration spending by 2026 while divesting non-core gold assets is expected to enhance market purity [4] - The strong performance of silver prices after breaking the $88 mark suggests that once rate cut expectations materialize in the second half of the year, silver may exhibit greater explosive potential within the precious metals sector [4]

Core Viewpoint - Hecla Mining (HL) has experienced significant stock price fluctuations, primarily influenced by changes in the precious metals market sentiment, including macro factors such as the nomination of the Federal Reserve Chairman [1] Financial Performance - The company's Q3 2025 financial report indicates a revenue increase of 43.31% year-over-year, with a substantial rise in net profit and cash reserves reaching an all-time high [1]

Core Viewpoint - The prices of spot gold and silver have increased significantly, with gold rising over 1% to $5050.83 and silver rising over 3% to $81.1, indicating a positive trend in precious metals [1] Group 1: Precious Metals Market - Spot gold has increased by more than 1%, reaching $5050.83 [1] - Spot silver has increased by more than 3%, reaching $81.1 [1] Group 2: Mining Stocks Performance - Barrick Mining (B.US) has slightly decreased by 0.46% [1] - Newmont Corporation (NEM.US) has dropped by over 1% [1] - Agnico Eagle Mines (AEM.US) has increased by over 1.6% [1] - First Majestic Silver (AG.US) has risen by over 2.4% [1] - Fortuna Silver Mines (FSM.US) has increased by over 4.6% [1] - Pan American Silver (PAAS.US) has risen by over 1.8% [1]

Group 1 - The most active gold futures for April 2026 fell by $116.90, closing at $4896.20 per ounce, with a decline of 2.33% [1] - Short-term futures traders closed long positions, leading to significant declines in gold and silver prices, influenced by a rising US dollar index and falling crude oil prices [1] - The second round of nuclear talks between Iran and the US in Geneva is impacting the precious metals market [2] Group 2 - The CEO of a Pacific mining company stated that the gold pullback is a reset rather than the end of a bull market, emphasizing that prices do not always rise continuously [2] - UBS wealth analysts noted that despite significant volatility in late January, precious metals, oil, and industrial metals all saw price increases, with expectations for gold prices to recover and potentially reach $6200 per ounce by mid-year [2] - Technical analysis indicates that the next bullish target for April gold futures is to break through the strong resistance level of $5250, while the next bearish target for shorts is to drop below the technical support level of $4670 [2]

Market Performance - On February 13, U.S. stock indices closed mixed, with the Dow Jones up 0.1%, the Nasdaq down 0.22%, and the S&P 500 up 0.05% [1] - Major tech stocks mostly declined, with Nvidia and Apple both dropping over 2%, resulting in Nvidia's market value decreasing by $100.4 billion (approximately 693.6 billion RMB) [1] Sector Performance - In the cryptocurrency and precious metals sectors, significant gains were observed, with Coinbase rising over 16%, Coeur Mining up over 7%, Pan American Silver up over 6%, HUT 8 up over 5%, and Royal Gold and Kinross Gold both up over 4% [4] - Conversely, the gambling and cruise sectors faced notable declines, with Norwegian Cruise Line down over 7%, Penn National Gaming down over 5%, and Carnival Cruise Line down over 2% [4] Chinese Stocks - The Livermore Chinese stock index fell by 0.27%, closing at 10,125.69 points. Among its components, Tencent Music rose over 4% and Yum China over 3%, while New Oriental and Alibaba both dropped over 2%, and Li Auto, JD.com, and iQIYI fell over 1% [4] Commodity Prices - The FTSE A50 futures index rose by 0.27%, closing at 14,722 points [5] - Gold and silver prices surged significantly due to rising geopolitical tensions, with COMEX gold futures up 2.33% to $5063.8 per ounce and COMEX silver futures up 2.1% to $77.27 per ounce [5] - WTI crude oil futures increased by 0.08% to $62.89 per barrel, while Brent crude oil futures rose by 0.34% to $67.75 per barrel [5] Inflation Data - The latest inflation data from the U.S. Labor Department indicated a slight overall slowdown in price increases for January, with the Consumer Price Index (CPI) rising 0.2%, slightly below market expectations of 0.3% [6] - Core CPI, excluding food and energy, increased by 2.5% year-over-year, matching market expectations but down from the previous 2.6%. Month-over-month, core CPI rose by 0.3%, indicating a rebound in core inflation [6] - Despite a decrease in rate cut expectations, many investors still anticipate two rate cuts this year, with the next one potentially in June [6]