In times of peace, oil and gas are cost variables; in a war context, traditional energy becomes a security variable. The escalation of conflict in the Middle East at the end of February led to a high opening for oil prices on the first trading day of March. During peacetime, energy prices fluctuate around the supply-demand gap, with the market focusing on production, inventory, and cost curves. However, in a war environment, the market first trades not on production but on deliverability. Whether key shipping routes are open, whether insurance costs soar, and whether sanctions spread, all quickly translate into risk premiums. As a result, oil prices exhibit high fluctuations, even if actual supply has not significantly decreased, as prices are pushed up by delivery uncertainties. Energy thus transforms from a commodity into a strategic resource. As an analyst in the new energy sector, I believe that this change does not simply benefit new energy. Rising oil prices reinforce the logic of electrification, making EVs and renewable energy more economically attractive. However, the macroeconomic uncertainty brought about by war may also dampen consumer and investment confidence. If high oil prices drive inflation and slow growth, overall demand for cars and industry will slow down, and new energy will not be immune. Therefore, the investment logic for new energy is no longer unidirectional, but depends on the balance between substitution effects and macroeconomic contraction effects. A deeper change lies in the fact that capital is beginning to re-evaluate energy security. The traditional oil and gas system is highly dependent on cross-border transportation and continuous fuel supply, with its vulnerabilities lying in shipping and geopolitics. In contrast, wind and PV do not require continuous fuel input during operation, and energy storage can enhance the stability of the power system, giving new energy strategic value in a war environment. They are not only low-carbon tools but also a path to reducing external dependence. The security attributes of new energy are thus being revalued. However, it must be recognized that this security attribute is not absolute. The manufacturing of new energy is highly dependent on critical minerals such as lithium, nickel, and cobalt, with their mining and processing concentrated and heavily reliant on transportation. If upstream resource policies tighten or logistics are disrupted, risks will also propagate through the industry chain. Therefore, the security of new energy is operational security, not supply security. This means that future investment logic will shift from simply pursuing the lowest cost to focusing on supply chain control capabilities and regional diversification. In a war environment, the allocation of risk premiums by capital changes. Transportation premiums, geopolitical premiums, and supply chain concentration premiums all rise. The volatility of traditional energy intensifies; new energy generation assets gain a security bonus; and critical minerals and midstream processing capabilities become new strategic nodes. Efficiency is no longer the sole criterion, with redundancy and controllability becoming important components of the valuation system. Deglobalization and supply chain restructuring may push up the cost center of the industry, but they also enhance the strategic position of assets. In this context, the value of energy storage and power grid assets stands out. If conflicts persist, the core goal of the energy system will shift from cost optimization to system resilience. Distributed energy, microgrids, and energy storage have insurance-like attributes, and their value becomes more evident in extreme scenarios. Even if high raw material prices increase project costs, an elevated policy priority may still provide long-term support. Over the past five to ten years, the narrative of the energy transition has largely focused on new energy as a tool for decarbonization to ensure sustainable development of the planet. However, geopolitical tensions in the last two to three years have redefined new energy as part of the energy security framework. Within new energy, it is not just the power generation assets that are being repriced, but also energy storage and the power grid. 1) In a war environment, the core issue of the energy system shifts from efficiency to resilience During peacetime, the goal of the energy system is to maximize efficiency: lowest cost, highest utilization rate, and optimal allocation. Cross-border trade and centralized power generation have made the global energy structure highly globalized and scaled. War exposes the vulnerabilities of such a system. Maritime transport routes, natural gas pipelines, tanker insurance, key ports, and large power plants can all become risk nodes. At this point, the system's priority is no longer efficiency but resilience – the ability to maintain basic operational capacity under shocks. Energy storage and the power grid are at the core of a resilient system. 2) Energy storage: from an arbitrage tool to system insurance In normal circumstances, the value of energy storage mainly comes from electricity arbitrage, ancillary services, and peak load regulation, with its return on investment depending on fluctuations in electricity prices and policy subsidies. However, in a wartime context, the value of energy storage is redefined. It is no longer merely an economic optimization tool but a guarantee of power system stability. Energy storage can provide emergency support during fuel supply disruptions or grid shocks, preventing the power system from collapsing due to a single point of failure. This means that energy storage assets have insurance-like attributes. When system risks rise, capital's risk appetite for these assets increases. Even if high raw material prices drive up project costs, there may still be stronger policy support because of the rising strategic value. The valuation logic of energy storage thus transitions from "IRR-driven" to "system safety premium." 3) Power grid: an undervalued strategic hub The impact of war on the energy system often first manifests in the transmission and distribution network. Centralized energy structures rely on a few key periods, and once damaged, the impact is widespread. Therefore, power grid upgrades and digitalization have become the focus of secure investments. Enhancements in smart grids, regional interconnections, grid redundancy, and distributed access capabilities can significantly strengthen the system's resilience to shocks. The investment logic for power grid assets becomes clearer in a wartime context: it is not only infrastructure but also the backbone of national energy security. In the long term, power grid upgrades will be a necessary prerequisite for the expansion of new energy. The fluctuations in new energy generation require more robust transmission, distribution, and dispatching capabilities. When risk environments rise, countries are more inclined to accelerate grid construction to reduce dependence on external energy. 4) Distributed Energy and Microgrids: The Strategic Significance of Decentralization While centralized energy systems are efficient, they are also highly vulnerable. Although distributed PV, community energy storage, and microgrids are relatively small in scale, they possess the capability for independent operation. In a war context, distributed energy has two advantages: first, it reduces the risk of single-point failures; second, it decreases reliance on cross-border fuel transportation. The strategic value of such assets is being re-evaluated in high-risk environments. 5) Deep Changes in Investment Logic The rising value of energy storage and power grids means that new energy investments no longer solely revolve around installation growth and cost reduction, but rather around system security and supply chain control. Key changes include: a. Capital is more focused on localized manufacturing and supply chain diversification; b. The weight of security in investment decisions has increased; c. The cost center may shift upward in stages, but the strategic premium has risen. The valuation system of the new energy industry is transitioning from a growth premium to a strategic premium. What opportunities and risks does geopolitics bring to China's new energy industry? 1) China's Energy Security Structure: From Import Dependence to Electrification Advantage China has long been one of the world's largest crude oil importers, with persistent energy security issues. In a wartime environment, oil price fluctuations and transportation risks increase, directly affecting energy costs and macro expectations. However, unlike before, China has established the most complete new energy manufacturing system globally. The high integration of the PV, wind, energy storage, battery, and EV industry chains gives China a manufacturing and scale advantage during the energy transition. In a war context, this advantage is beginning to translate into security attributes: an increase in electrification means a reduction in dependence on external fuels; an increase in new energy installations means a more resilient energy structure. Thus, China's new energy system has the potential for alternative security. 2) Energy Storage and Power Grid: China's Most Strategic Assets If the war becomes protracted, the core of the energy system will no longer be power generation capacity itself, but system stability. China's layout in energy storage and power grid gives it a relative advantage at this stage. In terms of energy storage, China possesses the world's largest battery manufacturing capacity and cost advantages. Under the logic of energy security, energy storage is no longer solely about economics, but has become an important tool for ensuring the stability and emergency response capability of the power system. At the policy level, there may be an emphasis on increasing the proportion of energy storage in the power system. Regarding the power grid, China has developed the world's largest ultra-high voltage transmission network and grid construction capabilities. The increased redundancy and interconnectivity of the grid help to absorb more new energy installations while enhancing the system's resilience against shocks. In a high-risk environment, investment in the grid may accelerate. This means that, under the security logic, China's energy storage and power grid assets have structural strategic premiums. 3) Critical Minerals and Supply Chain: Advantages and Risks Coexist China has advantages in the new energy manufacturing sector, but still relies on overseas layouts for upstream resources. The supply chains for critical minerals such as lithium, nickel, and cobalt are highly internationalized, and wars or geopolitical risks may amplify policy and logistics uncertainties. For China's new energy industry chain, the real challenge lies not in the manufacturing end, but in the stability and cost fluctuations of the resource end. The trend of supply chain deglobalization may push up the cost center, compressing profit margins. The core of future competition will shift from scale expansion to resource control capabilities and the diversification of global layouts. 4) New Energy Vehicles: China's Structural Advantages and Short-term Fluctuations The impact of the war environment on new energy vehicles also has a dual nature. On one hand, rising oil prices reinforce the economic advantages of EVs. In a context of high oil prices, the cost advantages of using EVs become even more evident, which is conducive to increasing the penetration rate among end-users. China has the world's largest EV capacity and supply chain system, with scale and cost advantages. On the other hand, high oil prices may suppress consumer confidence through inflation and macroeconomic uncertainty. If the war continues for a long time, global economic growth may slow down, putting overall car demand under pressure. Although new energy vehicles have a substitution logic, they cannot be completely independent of the macro cycle. Therefore, the short-term performance of China's new energy vehicle industry will depend on the relative strength of the substitution effect and macroeconomic drag. 5) Long-term Structure: Re-stratification of Strategic Assets In the era of energy security, the competitiveness of China's new energy system will be more reflected in three aspects: First, manufacturing scale and cost control capabilities; Second, the system support capacity of the power grid and energy storage; Third, the diversification of upstream resources and supply chain layout. War has accelerated the stratification of the global energy system. Traditional energy bears higher fluctuation risks; new energy power generation and power grid assets gain a safety premium; critical minerals become the focal point of geopolitical competition. For China, the new energy industry is no longer just an engine for growth but also a part of the energy security system. The investment logic will shift from pure growth rate and subsidies to strategic position and supply chain stability. Overall, as energy transitions from a cost variable to a security variable, the strategic value of China's new energy system rises, but it also faces higher supply chain risks and global competitive pressures. Energy storage and the power grid are becoming the core of system stability; new energy vehicles benefit under the substitution logic, but one must be wary of macro cycles; critical minerals will determine the cost center and industrial profit margins. In an era where war reshapes the energy order, stability is more important than growth. SMM New Energy Analyst Yang Le 13916526348

SMM February 28: According to SMM statistics, overseas aluminum production in February 2026 increased 2.5% YoY; new aluminum projects in Indonesia and Angola continued ramping up, with overseas daily average production rising 0.9% MoM. On February 17, 2026, Alba released its Q4 and annual report for 2025. The report showed Alba’s production hit a record high of 1,623,139 mt in 2025, exceeding targets despite a fire incident at year-end. The affected production line is currently in the recovery phase. On February 19, 2026, Century Aluminum announced its Q4 results. The report indicated primary aluminum shipments fell 14% QoQ in Q4 2025, mainly due to production declines caused by equipment failure at its Iceland plant. In 2026, the 50,000 mt idle capacity at Mt. Holly is expected to resume production in April, reaching full capacity by the end of Q2; the Iceland plant is expected to restart earlier than planned, now scheduled to begin production resumptions by the end of April 2026 and approach full capacity by the end of July. South 32’s performance report maintained Mozal aluminum smelter’s FY2026 production guidance at 240,000 mt, with the plant expected to begin maintenance shutdown from March 15. However, foreign media reported the government is taking necessary measures to maintain Mozal’s operations. SMM will continue monitoring. Looking ahead to March 2026, operating capacity at new aluminum projects in Indonesia and Angola is expected to continue climbing, but production cuts or shutdown risks at the Mozambique plant may cause daily average aluminum production to turn negative. Nevertheless, high aluminum prices continue to stimulate global aluminum supply acceleration, with the Iceland plant’s restart expected ahead of schedule and other plants slightly increasing operating rates. Overall, aluminum supply is expected to maintain growth, though global aluminum inventory trends warrant ongoing attention.

Hong Kong is accelerating its drive to become a global gold trading hub, in a move that supports China’s broader ambition to strengthen its influence over international bullion markets amid a shifting geopolitical landscape and record-high prices.

Looking ahead to March, production is expected to rebound as operations resume and the traditional demand recovery period begins. However, due to sluggish auto sales, weak overseas demand for ternary materials, and persistently high raw material prices, the pace of recovery may fall short of pre-holiday expectations.

[SMM Magnesium Morning Meeting Minutes: Magnesium Market Holds Steady Pre-Holiday, Wait-and-See Sentiment Grows] February 10, Raw material side: Dolomite supply tightens as top-tier enterprises in Wutai area remain suspended, prices maintain a firm trend; ferrosilicon futures are in the doldrums, spot transactions sluggish, prices expected to continue consolidating narrowly. Magnesium ingot market offers hold steady, mainstream transaction prices in Fugu area remain at 16,350-16,450 yuan/mt, transactions mainly supported by domestic trade rigid demand and foreign trade March order stockpiling, market expectations for price declines weaken, recent market likely to continue fluctuating rangebound. Magnesium alloy market benchmark prices and processing fees both hold steady, downstream pre-holiday procurement pace slows down, supply-demand tight balance supports processing fees remaining firm. Magnesium powder market operates steadily, enterprises' pre-holiday stockpiling largely completed, both domestic and foreign trade demand show mediocre performance, transactions mainly rigid demand. Overall, pre-Chinese New Year, the market enters a stable wait-and-see phase, cost support and weakening demand counterbalance each other, prices across varieties are expected to see limited fluctuations before the holiday.

Southern Nonferrous Metals in Nandan County Successfully Sells 66 Tons of Cadmium Ingots and 3,000 Kilograms of Indium Ingots

SMM Cobalt Morning Meeting Summary: This week, the spot price of refined cobalt maintained a fluctuating trend. On the supply side, due to the slightly lower economic efficiency of refined cobalt production, the operating rate of smelters remained low, resulting in a slight decline in the supply of refined cobalt. On the demand side, influenced by the policy-related news from the DRC, some smelters and traders reported an increased willingness of downstream producers to inquire about prices. However, currently, most buyers and sellers are still in the negotiation stage, and overall market transactions remain weak. It is expected that before the official implementation of the policy, the spot price of refined cobalt will likely continue to fluctuate.

In recent years, Southeast Asia has gradually become an important period in the global automotive industry, leveraging its unique geographical advantages, abundant resources, and vast consumer market, which contain rich supply and demand opportunities. As a regional leader, Thailand has attracted the attention of many Chinese NEV manufacturers. From June 16-17, 2025, the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference , hosted by SMM, will be grandly held at the Hyatt Regency Bangkok Sukhumvit in Bangkok, Thailand! At this conference, SMM has invited experts, scholars, enterprise representatives, and government officials from the domestic and overseas automotive industries to gather together, jointly explore new trends and models in the development of the automotive industry, and share the latest technologies and innovative achievements. This grand event aims to promote the coordinated development and cooperation of the automotive industry, facilitate the improvement and enhancement of the industry chain, help Chinese automotive industry chain enterprises better understand the overseas investment environment, fully leverage the complementary advantages of various countries and regions in the automotive industry, and jointly drive the healthy and sustainable development of the automotive industry! SMM will provide live video, photo, and text coverage of this summit throughout the event. Stay tuned! 》Click to view the live video of the conference 》Click to view the live photos of the conference 》Click to view the special report on the conference Opening Remarks Guest Speaker: Logan Lu, CEO of SMM 08:50-09:00 Latest Policies on the Southeast Asia Automotive Industry 09:00-09:20 Automotive Brand Building and Differentiation Strategies in the Southeast Asia Market Guan Xin, Deputy General Manager of Changan Automobile Southeast Asia Business Unit Zhang Cong, General Manager of Geely Radar Thailand Pichayuth Vongpattanasin, Vice President of Omoda&Jaecoo (Thailand) Co., Ltd. 09:20-09:50 Construction and Optimization Paths for Localized Supply Chains in Southeast Asia Guests: Martin Knoss, Regional President for Passenger Cars, Commercial Vehicles, and Off-Road Vehicles in the ASEAN Market Segment, Powertrain Solutions Division, Robert Bosch Automotive Technology (Thailand) Co., Ltd. Peter Klöpfer, Senior Manager of Rutronik Yoshinobu Egawa, Head of SIIX Corporation in China Ma Ming, General Manager of Joyson Safety Systems (Thailand) Guan Xin, Deputy General Manager of Changan Automobile Southeast Asia Business Unit 10:15-11:00 Speech Topic: SMM Thailand Metal Price Release Conference & Thailand Steel Prices Release - Discovering Fair Prices and Reducing Transaction Costs Guest Speaker: Yao Xinying, Director of Steel Research at SMM 11:00-11:10 Southeast Asia Automotive Supply Chain - Import and Local Matters (Services, Prices, and Landing Support Possibilities) Dong Rujun, Senior Overseas Market Manager of SMM Wu Zhengguo, Operations Director of Thai Chengfa Co., Ltd. Wu Zhongxian, Deputy General Manager of the International Trade Company of CITIC Pacific Special Steel Group Co., Ltd. Bai He, General Manager of the RTM International Aluminum Business Unit under Mitsubishi Corporation Leung Wing Cheung, Head of Asia Pacific Metals & Mining, Sustainability, Bloomberg Intelligence Shine Peng, Sales General Manager of FedEx 11:10-11:45 Speech Topic: Dedicated to EVAT Guest Speaker: Asst. Prof. Uthane Supatti Ph.D., Vice Chairman of the Electric Vehicle Association of Thailand (EVAT) 13:30-13:50 Research on the Acceleration of Electrification and Localization Progress of Core Components in Thailand Xu Xiaolong, Deputy General Manager, Inovance United Power System (Thailand) Co., Ltd. Fu Zhibiao, Factory Director, Shanghai E-Drive (Thailand) Co., Ltd. Tongkarn Kaewchalermtong, Chair of the Transport and Logistics Working Group, ASEAN Federation of Engineering Organizations (AFEO) Chen Sizhan, Chair of the Auto Parts Industry Association, Federation of Thai Industries, and Deputy Secretary General, Thai Auto Parts Manufacturers Association Hao Feng, Business Director, Gotion New Energy (Thailand) Co., Ltd. 13:50-14:35 Speech Topic: Industrialisation Breakthrough of Ultra-thin Soft Magnetic Materials for High-efficiency Drive Motors Guest Speaker: Zhan Lugang, Executive Deputy General Manager, Hunan Hongwang New Material Technology Co., Ltd. 14:35-14:55 Charging Pile Infrastructure: Unlocking the Last Mile of the New Energy Revolution in Southeast Asia Zhao Liming, Overseas Sales Director, Southeast Asia Region, TELD International Soravis Sithicharoen, Head of Charging Pile Business, Gentari Green Mobility Thailand Chavarin Chavarangkul, Head of Charging Pile Business and Sales Director, Innopower Company Limited 15:20-16:05 Speech Topic: Operational Status of Lithium Carbonate Futures Guest Speaker: Leng Bing, Deputy General Manager, Guangzhou Futures Exchange (GFEX) 16:05-16:25 Speech Topic: Eastern Economic Corridor (EEC): Where Prosperity Begins Guest Speaker: Songwut Apirakkhit, Executive Head of the Next-Generation Automotive Sector, Eastern Economic Corridor 16:25-16:45 Selection of Investment and Factory Construction Models in Southeast Asia: Analysis of the Pros and Cons of Joint Ventures and Wholly-owned Enterprises Lin Weien, Deputy General Manager and Director, Tailong United Automobile Co., Ltd. Lin Kuixian, Founder of Jiahu Group and CEO of Sdn Bhd NexV Zhao Bin, President, Thai-Chinese Rayong Industrial Zone Development Co., Ltd. 16:45-17:30 June 17 Main Conference Speech Topic: Rizhao Steel's ESP Automotive Steel Supports Green and Efficient Development of the Automotive Industry Guest Speaker: Zheng Xutao, Deputy Director of the Technical Quality Department and Director of the Technology Center, Rizhao Steel Holding Group Co., Ltd. 09:00-09:20 How Can the Local Supply Chain in Southeast Asia Serve the European and US Markets? Tuan Vi, Vice President of Supply Chain and Logistics, Asia-Pacific Region, Schaeffler Vietnam Xu Xinyang, Assistant General Manager, IKD Co., Ltd. Sridhar Ramakrishna, Director of Applications and Engineering, Tenneco 09:20-10:05 Possibility of Linkage of Battery Cell Chemical Materials in Southeast Asia Logan Lu, CEO, SMM Tony, General Manager, Sunwoda Automotive Energy Technology (Thailand) Co., Ltd. Liu Rui, Chairman, Innoway (Malaysia) New Material Technology Co., Ltd. Kim Chang-seok, Sales Director for Japan, South Korea, and Southeast Asia Region, Electrolyte Business Division, Guangzhou Tinci Materials Technology Co., Ltd. Yang Shuzhan, Deputy General Manager of BTR New Material Group Co., Ltd., Chairman of BTR Indonesia 10:30-11:15 Automaker Demand Matchmaking Meeting 14:00-17:30 》Click to View the Special Report on the 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference

According to Mining Weekly, precious metals consultancy Metals Focus (MF) stated in its latest report, Gold Focus 2025, that growth in gold production will drive a 1% increase in global gold supply this year. The annual report, released last week, provides in-depth analysis of the global gold market, including historical supply and demand data from 2016 to 2024, as well as detailed forecasts for the current year. The report projects a 9% decline in total demand this year, primarily due to a double-digit drop in jewelry consumption. Gold prices are expected to reach new all-time highs later this year, driven by economic uncertainty stemming from US policies and geopolitical tensions, portfolio diversification, growing concerns about US debt, and robust central bank demand for gold. The average gold price in 2025 is expected to surge by 35% to a record level of $3,210 per ounce. According to MF's data, official net purchases of gold reached 1,086 mt in 2024, a historic high. This trend is attributed to "de-dollarization," prompting central banks to increase their gold reserves. Total sales also declined significantly last year, partly due to the absence of large-scale disposals like those seen in Turkey in 2023. MF found that macroeconomic uncertainty will keep central bank gold purchases at elevated levels, with net purchases projected at 1,000 mt in 2025. Mine production is also a key factor in supply changes. Global gold production from mines reached 3,661 mt in 2024, a 0.6% increase and a new record high. Growth was primarily driven by Mexico, Canada, and Ghana. The increase in production was accompanied by rising costs, with global all-in sustaining costs (AISC) increasing by 8% to $1,399 per ounce. This is attributed to inflationary pressures from rising gold prices and increased royalty fees. This year, mine gold production is expected to grow by 1% to 3,694 mt, thanks to the commissioning of new mining projects. Gold recycling surged to 1,368 mt in 2024, an 11% increase and a 12-year high. The vast majority of this growth came from China, which saw a 26% increase. Most regions experienced double-digit growth, driven by rising prices. However, India saw a decline in gold scrap production due to increased gold credit availability. In other regions, limited near-market stocks, widespread risk aversion, and persistent bullish price expectations constrained growth. MF expects gold recycling volumes to remain flat in 2025, as the factors that limited growth in 2024 are expected to persist despite rising gold prices. Jewelry demand is expected to decline significantly, with global manufacturing gold use falling by 9% in 2024. This is mainly due to weak demand in China. Excluding China, demand only fell by 1%, indicating resilience in other regions despite the increase in average prices. Net demand for gold in the jewelry industry dropped significantly by 34%, primarily due to an 11% increase in recycling volume. In 2025, it is expected that the decline in manufacturing usage will widen to 16% as rising gold prices exert severe pressure on price-sensitive markets such as India. In terms of investment, institutional demand continued to grow in 2024. This was driven by expectations of interest rate cuts and actual interest rate reductions, while heightened geopolitical instability, concerns over US debt, and the strong performance of the US stock market all supported continued portfolio diversification into gold. Overall, retail investment remained stable, with growth in demand from Asian investors offsetting significant declines in Western markets, as rising prices led to reduced consumption. Industrial gold demand showed mixed results, with gold demand in electronics increasing by 9% in 2024, mainly due to a rebound in electronic goods deliveries, manufacturing expansion, and growing demand for AI-related technologies. MF forecasts a further 3% increase in gold demand for electronics this year, despite facing tariff challenges. In 2024, demand for decorative and other industrial uses contracted by 1%, with declines observed in major markets such as India and Italy. Affected by structural adjustments in the industry, dental gold demand continued its long-term downward trend, declining by 5%. MF concludes that the fundamentals of gold were robust in 2024. This was supported by strong central bank gold-buying intentions, growth in mine production, increased recycling, and the resilience of Asian retail investment. Although jewelry demand declined, after adjusting for the extent of price increases, it still indicated ongoing consumer interest. Meanwhile, manufacturing gold demand continued to grow, driven by the electronics sector. Looking ahead, MF analyzed the risk factors and trends supporting gold prices in 2025. These include the trade policies of the current US administration, concerns over trade wars, fiscal uncertainty in the US, and expectations of further monetary easing by the US Fed. MF forecasts that gold prices will reach new highs this year, supported by investor caution and rising interest from government sectors. Company manager Philip Newman emphasized that central banks are turning to gold to hedge against geopolitical and currency risks. He also highlighted regional differences in bar and coin investment, the resilience of Asian retail demand, and the overall potential of gold as a non-yielding safe-haven asset. Newman stated that despite potential market volatility and corrections, the outlook remains generally optimistic, with an average price forecast of $3,210 per ounce this year, a level that will surpass the inflation-adjusted peak of 1980.

The port and shipping sector once again defied the market downturn today, attracting significant attention. As of the time of writing, SITC International Holdings Co., Ltd. (01308.HK) surged by over 5%, while T.S. Lines Limited (02510.HK) rose by more than 4%. Other stocks, including COSCO SHIPPING Development Co., Ltd. (02866.HK), Qingdao Port International Co., Ltd. (06198.HK), and COSCO SHIPPING Holdings Co., Ltd. (01919.HK), also followed suit with gains. On the news front, due to concerns over the uncertainty of tariff risks, there has been a concentrated surge in demand for rush shipments in recent times, which has been beneficial for the shipping sector's prosperity. According to data from the Shanghai Shipping Exchange, as of June 9, 2025, the Shanghai Containerized Freight Index (SCFI) for the Europe route stood at 1,622.81 points, marking a 29.5% increase compared to the previous period. Additionally, news from the Ningbo Shipping Exchange indicates that the South America East Coast route market experienced significant fluctuations last week: there was a substantial shortage of shipping capacity, leading to persistent tightness in cargo space and a continued rise in freight rates. The freight rate index for the South America East Coast route reached 2,324.2 points, up 43.7% from the previous week. Furthermore, data from the General Administration of Customs show that China's exports in May, valued in US dollars, increased by 4.8% YoY, continuing to demonstrate resilience. In a research report issued on June 9, Guosheng Securities stated that while the decline in exports to the US widened in May, exports to the EU increased, and exports to emerging markets remained at a high level. Specifically, exports to ASEAN increased by 14.8% YoY, with exports to Vietnam surging by 22.0% YoY, reflecting a clear re-exporting trend. Guosen Securities also noted that the resilience of exports in May was mainly driven by positive factors such as the marginal strengthening of exports to non-US countries and the upward trend in export growth rates for products like integrated circuits and automobiles, indicating improvements in both the geographical distribution of trade and the composition of exported products.