According to Wells Fargo's mid-2025 outlook report, precious metals will continue to benefit from geopolitical conflicts and economic uncertainties, with gold prices expected to hit a record high of $3,600 per ounce in 2026. Analysts noted in the report that the significant correction in commodity prices presents attractive opportunities later this year and into 2026. Additionally, they anticipate that improvements in the US economic conditions later in 2025 will drive growth in commodity demand. Wells Fargo recommends that investors pivot to sectors that may benefit from an improving macro environment, such as energy or precious metals, and adjust their portfolios to hedge against policy and geopolitical uncertainties. Exercise patience Wells Fargo emphasized in the report that rapid changes in economic policies over the past few months have disrupted investors and capital markets. Since the 2024 US elections, uncertainty surrounding US economic policies has continued to escalate, primarily due to tariff volatility, with recent uncertainties surpassing those during the COVID-19 pandemic. Analysts highlighted that these uncertainties are expected to continue driving gold prices higher over the next two years, as private investors and global central banks will continue to purchase gold. By 2026, central banks alone are expected to account for 21% of global gold demand. Meanwhile, US short-term interest rates are expected to decline in 2026, and the US dollar is also expected to rebound mildly, which will further strengthen the upward trend in precious metal prices. However, analysts also caution that investor optimism about precious metals' rise has reached levels historically preceding significant corrections, leading them to prefer exercising patience and waiting for price dips before buying. The bank expects gold prices to pull back slightly to a range of $3,000 to $3,200 by the end of this year, with the outlook for gold prices rising to $3,600 per ounce by the end of 2026. Analysts also recommend that investors focus on quality factors rather than speculative assets and diversify their portfolios through commodities like precious metals, which may outperform broader market indices. Chantelle Schieven, Managing Director of Capitalight Research, also believes that due to the resilience of the US economy and labour market, gold prices may stagnate throughout the summer but will oscillate near high levels. However, considering the inflationary impact of tariffs, she expects the US to face stagflation risks over the next two years, which will support gold prices.

In the upcoming year of 2025, we foresee that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, bringing new topics to international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions have not shown significant alleviation, which not only poses a threat to global security but also has a significant impact on resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must pay close attention to. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Yingtan Dingchen Technology Co., Ltd. will attend this conference in full force. We will keep pace with the times, aim at our goals, strive diligently, and move forward with courage! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: C9. Φ8 low-oxygen bare bright, only high-quality copper rod. Yingtan Dingchen Technology Co., Ltd., located in the Bailu Science and Technology Park, High-tech Industrial Development Zone, Yingtan City, Jiangxi Province, is a specialized enterprise integrating R&D, production, processing, and sales of copper-based new materials. The main product is Φ8 bare bright copper rod, with an annual production capacity of 225,000 mt. The company has introduced the Shuhong 225,000 mt continuous casting and rolling production line, which is currently the most technologically mature production line in China, achieving continuous production of casting, hot rough rolling, and hot finish rolling, greatly improving production efficiency and energy utilization rate. The equipment adopts shaft furnace melting technology, which preheats the copper cathode plates in the furnace with rising hot air, significantly reducing thermal energy consumption compared to reverberatory furnaces, and is currently the most advanced melting technology in China. The shaft furnace, flow channel, and holding furnace combustion system adopt advanced computer control, automatically adjusting CO values and combustion efficiency, keeping energy consumption at the optimal state, with natural gas consumption significantly lower than the industry average. At the same time, the project adopts AC variable frequency drive technology, greatly reducing power consumption. The copper rod production line of this project has a high degree of automation, excellent equipment, high production efficiency, and stable product quality, with all indicators reaching the first-class level in China. It provides high-quality, high-value-added products to downstream enterprises such as power cables, enamelled wire, automotive wire, and communication cables, with a promising market prospect. The company has unique process technology, an experienced production team, and first-class detection equipment and capabilities in China, meeting the needs of different customers and creating value for them. In the wave of innovation, we stand at the forefront. The company currently has a total investment of 1 billion yuan, and the output value in 2024 has exceeded 10 billion yuan. Currently, we are at a critical stage of development, committed to expanding the market and creating first-class famous and high-quality products. To lead the industry, become a pioneer of innovation, and forge ahead with courage! Contact: Wang Huaqiang, 139 6170 8666. SMM Conference Contact: Li Chongshan, 17349754665, lichongshan@smm.cn.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, bringing new topics to international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions show no significant alleviation, which not only poses threats to global security but also significantly impacts resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is rising, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Jiaozuo Debang Technology Co., Ltd. will attend this conference in full force. We will synchronize with the times, aim at our goals, strive diligently, and move forward courageously! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D38. For 25 years, Jiaozuo Debang Technology Co., Ltd., founded in 2001, has been committed to the R&D, production, and application of anti-wear products for mining equipment and belt conveyor supporting products. Currently, the company has advanced production lines for rubber, polyurethane, ceramics, and complete experimental testing equipment, capable of skillfully solving various anti-wear working condition problems by utilizing the wear-resistant advantages of different materials. The company's main products include: drum lagging, cleaners, skirting boards, impact beds, wear-resistant ceramic liners, ceramic rubber composite liners, etc., and can design different wear-resistant products and solutions according to customer needs. The products are exported to Australia, Canada, Russia, Europe, the US, Chile, Southeast Asia, and other countries and regions, and have occupied a certain market share domestically, winning customer praise for reliable quality over the years. "Honesty and innovation, pursuit of excellence" is the tenet we have always adhered to, and we look forward to friendly cooperation with friends from all walks of life. Contact: Qingyu Meng, 18939131899.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, presenting new issues for international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions show no significant signs of easing, posing threats not only to global security but also significantly impacting resource allocation and industrial layout. Against this macro backdrop, industrial relocation and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. IKOI will attend this conference in full force, keeping pace with the times, aiming at our goals, striving diligently, and moving forward with courage! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D12. Bringing innovation and sustainable technology to the precious metals industry. IKOI, established in 1977, is a global leader in thermal metallurgical processes for precious metal refineries, mints, and jewelry markets. Currently, it has three main product series: the COMPACT integrated fully automatic gold and silver ingot casting system, the FCC Flameless Casting Chamber® fully automatic delivery ingot system, and the ALS system, which uses physical methods for gold and silver separation without acid. IKOI's vision is to create safe, efficient, and green methods for precious metal processing, and its mission is to bring innovation and sustainable technology to the precious metals industry. Contact: Yong Ni, 187 0185 9684.

In the upcoming 2025, we foresee that the global economy will face a series of complex and variable challenges. With the US election settled, the uncertainty of global trade policies will further increase, presenting new issues for international trade cooperation. In the realm of geopolitics, ongoing conflicts and tensions show no significant signs of easing, posing not only a threat to global security but also having a significant impact on resource allocation and industrial layout. Against this macro backdrop, industrial relocation and supply chain restructuring have become key topics that we must closely monitor. At the industry level, the protectionist trend in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. As global primary smelting capacity rapidly expands, the profit margins of copper smelters are being further squeezed, with the challenges facing the industry becoming increasingly severe. In the field of secondary copper raw materials, the advancement of environmental, social, and governance (ESG) standards and the "dual carbon" goals have significantly increased market attention on secondary copper. However, the "reverse invoicing" policy and the Fair Competition Regulations implemented in 2024 have had a profound impact on the secondary copper industry. Looking ahead to 2025, changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, as tax subsidies and other incentives are phased out, the space for copper cathode trade will further narrow. We expect that there will be a more pronounced differentiation in the procurement ratios of copper processing materials between traders and smelters. Against this backdrop, SMM has meticulously prepared the "CCIE 2025SMM (20th) Copper Industry Conference and Expo," which will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Qingdao Haoyu Graphite Products Co., Ltd. will attend this conference in full regalia. We will keep pace with the times, aim at our goals, strive forward, and move courageously ahead! Click the registration form to sign up immediately; we look forward to meeting you at the conference. Booth Number: C18. Covering top-quality, casting superior performance. Haoyu copper melting cover agent, your wise choice! Qingdao Haoyu Graphite Products Co., Ltd. traces its development back to the early 1990s when Shengtai Graphite Co., Ltd. was established, inheriting nearly three decades of deep heritage and industry experience. The company is located in Pingdu City, Qingdao, Shandong Province, and is a comprehensive private enterprise. In terms of business scope, it integrates the processing and production of natural flake graphite, copper melting cover agents, and graphite carbon additives, along with the sales of refractory materials. These business segments work together, organically integrated, effectively promoting the company's steady development within the industry and gradually building its competitive advantages and market position. The company possesses a complete and scientific quality management system, high-end technical talent, a high-quality workforce, and advanced production equipment. Its products include medium-carbon graphite, high-carbon graphite, and various graphite products, with an annual production capacity of over 50,000 mt. Over the years, the company's products have been exported to more than ten countries and regions, including the US, Australia, Vietnam, South Korea, and Japan. The company can customize production, processing, packaging, and shipping according to customer requirements. Qingdao Haoyu Graphite Products Co., Ltd. adheres to the business philosophy of integrity, pragmatism, innovation, and win-win, always upholding the principle of "striving for excellence, integrity first" and the goal of "keeping pace with the times, daring to innovate," aiming to become an internationally excellent producer of natural flake graphite and graphite products. Contact Information SMM Conference Contact Jiazhi Lin 15017566696 linjiazhi@smm.cn

In the upcoming year of 2025, we foresee that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, bringing new topics to international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions have not shown significant alleviation, which not only poses a threat to global security but also has a significant impact on resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must pay close attention to. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processed materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. The Jin-Tong Industry of Shanghang County will attend this conference in full force. We will keep pace with the times, aim at our goals, strive diligently, and move forward with courage! Click the registration form to sign up for the conference immediately. We look forward to meeting you at the conference. Shanghang County Jin-Tong Industry Development Center. As a characteristic and dominant industry of Shanghang County, the Jin-Tong industry is one of the 100-billion-yuan industrial clusters in Fujian Province and one of the two major industrial leading industries in Longyan City. There are currently 61 Jin-Tong industry enterprises, including 27 above-scale enterprises and 12 enterprises with an output value of over 100 million yuan, among which there are 2 enterprises with an output value of over 10 billion yuan and 3 enterprises with an output value of 1-10 billion yuan. It has attracted 7 Fortune 500 companies such as Geely Group and GAC Group, and 4 China 500 companies such as Transfar Group and Guizhou Phosphate Chemical to join the Shanghang Jin-Tong industry, extending the development of high-value-added new material production projects, forming a diversified, rich, and technologically complex Jin-Tong smelting industry chain, copper deep processing industry chain, and rare and precious metals industry chain, gradually building a Jin-Tong industrial cluster. In 2024, the output value of above-scale enterprises in the Jin-Tong industry reached 121.5 billion yuan, up 5.8% YoY, achieving counter-trend growth under complex and severe international and domestic situations. 1. Jin-Tong Smelting Industry Chain. There are currently 5 enterprises including Zijinshan Gold-Copper Mine and Zijin Copper Industry. Led by Zijin Copper Industry, following the principle of "thorough utilization and green development," with copper cathode, phosphate, hydrofluoric acid, fertilizer, gypsum building materials, and fluorosilicon materials as the main products, the focus is on developing sulfur-phosphorus chemical, sulfur-fluorine chemical, and building materials industries for comprehensive utilization of resources, achieving green and circular development in smelting. 2. Copper Deep Processing Industry Chain. There are currently 45 enterprises including Min Tong Copper Industry, Rui Long Copper Industry, and Yintong Superconductor. With copper rod, copper strip, copper pipe & tube, copper foil, medium and low voltage cables, communication cables, and power equipment as the main products, the focus is on extending and expanding in the fields of power transmission and distribution, electronic information, home appliances, and sanitary ware, vigorously developing special wires and cables, high-end copper alloy strips, copper alloy pipes, high-precision copper foil, new conductive materials, enamelled wire, ultra-fine copper wire, and 5G communication accessories as end-use products. 3. Rare and Precious Metals Industry Chain. There are currently 3 enterprises including Gold Smelting and Jiujiu Gold. Led by Gold Smelting, with gold, silver, jewelry, gold wire, gold salt, silver salt, and electronic silver paste as the main products, the focus is on developing downstream rare and precious metal material processing, gold and jewelry processing, and extending the development of high-value-added products such as high-purity gold photosensitive materials, catalytic functional materials, electrical contact materials, precious metal coatings, bonding gold wire, precious metal targets, nano silver wire, and gold strip. SMM Conference Contact: Jie Ren, 18655033505, renjie@smm.cn.