Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 3, 2026 [1][3] Summary by Relevant Catalog Cross - Market Arbitrage Tracking - **Copper**: On March 3, 2026, the domestic spot price was 102375, the LME price was 13322, the ratio was 7.73, the equilibrium ratio for spot import was 7.84, and the profit was - 1054.70; the domestic three - month price was 104190, the LME price was 13396, and the ratio was 7.66 [1] - **Zinc**: The domestic spot price was 24380, the LME price was 3333, the ratio was 7.31, the equilibrium ratio for spot import was 8.23, and the profit was - 3063.93; the domestic three - month price was 24900, the LME price was 3354, and the ratio was 5.00 [1] - **Aluminum**: The domestic spot price was 23620, the LME price was 3215, the ratio was 7.34, the equilibrium ratio for spot import was 8.27, and the profit was - 2976.64; the domestic three - month price was 24540, the LME price was 3226, and the ratio was 7.40 [1] - **Nickel**: The domestic spot price was 135800, the LME price was 17653, the ratio was 7.69, the equilibrium ratio for spot import was 7.98, and the profit was - 808.73 [1] - **Lead**: The domestic spot price was 16575, the LME price was 1929, the ratio was 8.59; the domestic three - month price was 16890, the LME price was 1977, and the ratio was 12.37. The equilibrium ratio for spot import was 8.49, and the profit was 186.64 [3] Cross - Period Arbitrage Tracking - **Copper**: On March 3, 2026, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 530, 870, 980, and 1100 respectively, and the theoretical spreads were 619, 1135, 1661, and 2186 respectively [1][3] - **Zinc**: The spreads were 320, 370, 415, and 440 respectively, and the theoretical spreads were 226, 357, 489, and 621 respectively [3] - **Aluminum**: The spreads were 720, 795, 865, and 915 respectively, and the theoretical spreads were 230, 360, 491, and 622 respectively [3] - **Lead**: The spreads were 95, 90, 135, and 160 respectively, and the theoretical spreads were 209, 314, 419, and 524 respectively [3] - **Nickel**: The spreads were 80, 570, 660, and 850 respectively [3] - **Tin**: The 5 - 1 spread was 810, and the theoretical spread was 9063 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 1125 and 1655 respectively, and the theoretical spreads were 454 and 1096 respectively [3] - **Zinc**: The spreads were 150 and 470 respectively, and the theoretical spreads were 195 and 337 (or 150 and 395) respectively [3] - **Lead**: The spreads were 225 and 320 respectively, and the theoretical spreads were 153 and 264 respectively [3] Cross - Variety Arbitrage Tracking - On March 3, 2026, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.18, 4.25, 6.17, 0.99, 1.45, and 0.68 respectively in Shanghai and 3.95, 4.10, 6.68, 0.96, 1.63, and 0.59 respectively in London [3]

Group 1: Report's Overall Investment Rating - No information provided Group 2: Core Views - The copper price fluctuated significantly this week, with the US's ability to siphon inventory waning, but global copper consumption remains strong, and the copper fundamentals are still supply - constrained and demand - driven. The copper price is expected to rise in the medium - term, and the stabilization time depends on the precious metals' stabilization [1]. - The aluminum price fluctuated sharply this week due to multiple factors. If there is a price correction, consider going long, and a deterioration in the Iran situation may push the price up [1]. - The zinc supply side has issues like declining TC and marginal tightening of domestic ore, while the demand side is seasonally weak. The market is optimistic about zinc's long - term allocation, and attention should be paid to reverse - arbitrage opportunities [2]. - The nickel's short - term fundamentals are weak, with a slight decline in production and weak demand. The Indonesian nickel ore quota reduction is a short - term sentiment factor [3]. - The lead's supply and demand contradiction is easing, and it is recommended to try short - selling at high prices in the short term, focusing on the downstream's Spring Festival stocking enthusiasm after the regeneration maintenance [7]. - The tin price fluctuated sharply this week. In the short term, it is recommended to wait and see due to large macro - sentiment fluctuations. In the long term, the price may decline significantly in the second half of 2026 if the macro situation changes [10]. - The industrial silicon's supply is shrinking, with a de - stocking expectation in February. The price is expected to fluctuate with costs and move in a cycle - bottom range in the long term [11]. - The lithium carbonate's short - term fundamentals are strong with a de - stocking trend. If the intermediate inventory further decreases, there is a large space for positive arbitrage between months [11]. - The stainless steel's fundamentals are weak, with a slight decline in production, entering the demand off - season, and a slight increase in inventory. The Indonesian quota news is a short - term sentiment factor [14]. Group 3: Summary by Metal Copper - The copper price showed two - way large - amplitude fluctuations this week, and the overall consumption is good. The copper price is expected to rise in the medium - term, and the short - term stabilization depends on precious metals [1]. Aluminum - The aluminum price fluctuated sharply due to seasonal factors, external disturbances, and supply increments. Consider going long on price corrections, and the Iran situation may impact the price [1]. Zinc - The zinc supply side has problems like declining TC and marginal tightening of domestic ore. The demand side is seasonally weak, and there are opportunities for reverse - arbitrage [2]. Nickel - The nickel's short - term fundamentals are weak, with a slight decline in production, weak demand, and the Indonesian quota reduction as a sentiment factor [3]. Lead - The lead's supply and demand contradiction is easing, and it is recommended to short - sell at high prices in the short term, focusing on downstream stocking after regeneration maintenance [7]. Tin - The tin price fluctuated sharply. In the short term, it is recommended to wait and see, and in the long term, it may decline significantly in the second half of 2026 if the macro situation changes [10]. Industrial Silicon - The industrial silicon's supply is shrinking, with a de - stocking expectation in February. The price is expected to fluctuate with costs and move in a cycle - bottom range in the long term [11]. Lithium Carbonate - The lithium carbonate's short - term fundamentals are strong with a de - stocking trend. There is a large space for positive arbitrage between months if intermediate inventory decreases [11]. Stainless Steel - The stainless steel's fundamentals are weak, with a slight decline in production, entering the demand off - season, and a slight increase in inventory. The Indonesian quota news is a short - term sentiment factor [14].

Market Review - In the past five trading days (January 16 to January 22), major indices showed mixed performance; the Shanghai Composite Index rose by 0.24%, while the ChiNext Index fell by 1.17% [5] - The trading volume significantly decreased, with a total turnover of 13.80 trillion yuan, and the average daily turnover dropped to 2.76 trillion yuan, a decrease of 683.69 billion yuan compared to the previous five trading days [10] Economic Growth and Investment - In December 2025, fixed asset investment decreased by 3.8% year-on-year, a decline of 1.2 percentage points compared to the period from January to November 2025; infrastructure investment (excluding electricity, heat, gas, and water production and supply) fell by 2.2% [26] - The manufacturing investment grew by 0.6% year-on-year, while real estate investment saw a significant decline of 17.2% [26] - Overall, the economic growth rate for 2025 showed a pattern of high growth followed by a slowdown, with the annual target being successfully achieved [26] Policy and Strategy - The government is focusing on strengthening domestic circulation as a key macro policy point, with plans to develop a strategy for expanding domestic demand from 2026 to 2030 [31] - The fiscal policy for 2026 will see an increase in total expenditure, with a focus on boosting consumption and ensuring necessary spending intensity [31] - The market is expected to continue its oscillating adjustment, with ETF experiencing continuous net outflows; however, overall trading enthusiasm remains, and market sentiment may fluctuate [32] Industry Opportunities - Investment opportunities are identified in the TMT sector and robotics, driven by the expansion of AI capital and domestic substitution processes [32] - The non-ferrous metals industry presents investment opportunities supported by rising prices of certain commodities [32] - Continued attention is warranted for banking and insurance sectors due to the management's push for long-term capital inflows and a low-interest-rate environment [32]

Core Viewpoint - The current focus of China's economic work is to promote a comprehensive green transition, particularly in energy-intensive sectors like steel, chemicals, and non-ferrous metals, which are crucial for stabilizing growth, employment, and supply chains [1] Group 1: Challenges in Green Transition - The green and low-carbon transition in key industries faces significant challenges, primarily in the willingness and capability to transition [2] - Some enterprises lack motivation to transition due to short-term economic returns from energy-saving and carbon-reduction upgrades, leading to a preference for maintaining existing production models [2] - Regional disparities in regulatory standards and enforcement create opportunities for companies to evade governance, further limiting their willingness to transition [2] - Even willing enterprises may face constraints in capability, as the high capital requirements and technical barriers for energy-saving and carbon-reduction modifications hinder their ability to transition [2] Group 2: Role of Financial Support - Strengthening financial support is crucial for addressing the challenges of green transition, with a focus on the collaboration between green finance and transition finance [3] - Green finance tools, particularly green credit policies, impose strict credit constraints on high-energy-consuming and high-emission enterprises, creating external pressure for them to transition [3] - Transition finance complements green credit by providing inclusive and precise financial support, focusing on key areas and core projects for energy-saving and carbon-reduction, thus helping enterprises overcome initial funding barriers [3] Group 3: Importance of Information Transparency - Addressing information asymmetry in policy execution is essential for effective collaboration between green finance and transition finance [4] - Financial institutions often struggle to accurately assess enterprises' actual emissions, governance effectiveness, and transition progress, which can undermine the effectiveness of green credit policies [4] - Utilizing digital technologies to enhance data integration and analysis can improve the identification of high-pollution enterprises and ensure that financial resources are directed towards those with genuine emission reduction efforts [4] Group 4: Long-term Mechanism for Transition - Establishing a long-term mechanism for energy-saving and carbon-reduction in key industries requires a balance of constraints and incentives, as well as pressure and support [5] - The combination of rigid constraints from green credit and necessary support from transition finance, along with enhanced policy execution through digital technologies, is vital for achieving China's dual carbon goals and ensuring sustainable economic growth [5]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of Yunnan Jinxun Resources Co., Ltd. 雲南金潯資源股份有限公司 (the "Company") (A joint stock c ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Yunnan Jinxun Resources Co., Ltd. 雲南金潯資源股份有限公司 (the "Company") (a joint stock company incorporated in the People's ...

Core Insights - The report from CITIC Securities indicates that market volatility has increased since October, but the success rate of market timing remains low due to changes in the underlying structure of incremental capital [1] - The stability of the overseas business environment and the progress of AI infrastructure investment are identified as crucial variables impacting the market [1] Group 1: Market Trends - The report highlights that not only the TMT sector but also non-ferrous metals, chemicals, and new energy sectors have seen price increases influenced directly or indirectly by AI narratives [1] - These sectors collectively account for over 60% of institutional holdings, suggesting a significant impact on investment strategies [1] Group 2: Investment Strategy - The recommended adjustment strategy is not to deliberately avoid AI narratives but to select stocks with a rising trend in return on equity (ROE) from a low base [1] - AI narratives are seen as affecting the slope of market trends rather than the overall trend itself [1]

Core Insights - The Guangxi Investment Promotion Center is actively engaging with key enterprises in Guangdong to promote the gathering of upstream and downstream companies in key industrial parks [1][2] - A high-quality development conference for the non-ferrous metal industry is scheduled for early November in Nanning, aiming to attract strategic investments [1] - The focus is on building an industrial cooperation ecosystem that integrates R&D from the Guangdong-Hong Kong-Macao Greater Bay Area with manufacturing in Guangxi and markets in ASEAN [2][5] Group 1 - The Guangxi Investment Promotion Center's delegation visited Shenzhen to connect with major enterprises, including Zhongjin Lingnan Nonfemet Company, to discuss investment opportunities in the non-ferrous metal sector [1] - Zhongjin Lingnan's chairman expressed alignment between the company's international resource strategy and Guangxi's new industrial development plans, highlighting potential collaboration in resource integration and new materials [1][3] - The delegation also explored the advantages of the Guangxi border port industrial park, including location, policies, and market reach, to attract manufacturing enterprises [2] Group 2 - The delegation assessed various AI companies, such as Qingtian Intelligent and Leju Intelligent, emphasizing Guangxi's strategic advantages for AI industry development [5] - Companies showed interest in the "North-South R&D + Guangxi Integration + ASEAN Application" model, indicating a willingness to establish manufacturing operations in Guangxi [5][7] - The Guangxi Investment Promotion Center plans to focus on AI and non-ferrous metals, enhancing collaboration through policy and funding support to accelerate project implementation [7]

Core Insights - Barter trade activities between Chery Automobile and Iran have increased due to U.S. sanctions, allowing Chery to supply vehicles in exchange for Iranian metal ores [1][2][4] Group 1: Barter Trade Dynamics - Chery, the largest vehicle exporter in China, has engaged in barter trade with Iran, supplying semi-knocked-down vehicles in exchange for access to Iranian metal ores, which constituted over half of Chery's exports by 2016 [3] - The trade is facilitated through a separate company that routes the vehicles to Chery's local partner in Iran, MVM, for assembly [3] - Chery's approach of not trading in U.S. dollars allows it to operate without violating the sanctions imposed on Iran [4] Group 2: Impact of Sanctions - The U.S. sanctions, intensified after the abandonment of the Iran Nuclear Deal in 2018, have restricted Iran's access to the global financial system, prompting the barter trade [2] - Iran supplies metal ores such as Copper and Zinc to Tongling Nonferrous Metals Group Holdings, which then distributes them to other companies in China [4] Group 3: Chery's Financial Activities - Chery's recent IPO on the Hong Kong stock exchange raised $1.2 billion, with its share price increasing by 11% to HK$34.16 from an initial price of HK$30.75 [7] - Other companies, such as Contemporary Amperex Technology Co. Ltd. (CATL), also saw significant financial success, raising over $4.6 billion and experiencing a 12.5% surge in share price [7]

Core Viewpoint - The market experienced fluctuations in early trading, with the Shanghai Composite Index showing narrow movements while the ChiNext Index rebounded to reach a three-year high [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion, an increase of 134.8 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.14%, and the ChiNext Index surged by 2.22% [1] Sector Performance - AI hardware and applications saw a collective surge, with Inspur Information hitting the daily limit and reaching a historical high, while Huajin Technology also touched the daily limit and set a new high [1] - The non-ferrous metal sector was active, with several stocks, including Northern Copper Industry, reaching the daily limit [1] - Controlled nuclear fusion concept stocks experienced fluctuations, with Hezhong Intelligent achieving two daily limits in four days, and Haheng Huaton hitting the daily limit [1] Declining Sectors - The port and shipping sector collectively declined, with Ningbo Port dropping over 8% during the session [1] - Sectors such as gaming, AI applications, and controlled nuclear fusion showed significant gains, while the port and shipping, precious metals, and tourism sectors faced notable declines [1]