On March 31, 2026, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released China’s PMI. In response, Huo Lihui, Chief Statistician of the Service Industry Survey Center of the National Bureau of Statistics, provided an interpretation. In March, the manufacturing PMI, the non-manufacturing business activity index, and the composite PMI output index all returned to expansion territory, registering 50.4%, 50.1%, and 50.5%, respectively, up 1.4, 0.6, and 1 percentage points MoM, indicating a rebound in the level of economic prosperity in China. China PMI Performance in March 2026 I. Performance of China’s Manufacturing PMI In March, the manufacturing PMI stood at 50.4%, up 1.4 percentage points MoM and above the threshold, indicating a rebound in the prosperity level of the manufacturing sector. By enterprise size, the PMI of large enterprises was 51.6%, up 0.1 percentage points MoM and above the threshold; the PMI of medium-sized and small enterprises was 49.0% and 49.3%, respectively, up 1.5 and 4.5 percentage points MoM, but still below the threshold. By sub-index, among the five sub-indices comprising the manufacturing PMI, the production index and the new orders index were both above the threshold, while the raw material inventory index, the employment index, and the supplier delivery time index were all below the threshold. The production index was 51.4%, up 1.8 percentage points MoM, indicating faster manufacturing production activity. The new orders index was 51.6%, up 3.0 percentage points MoM, indicating a marked improvement in the prosperity level of market demand in the manufacturing sector. The raw material inventory index was 47.7%, up 0.2 percentage points MoM, indicating that the decline in inventories of major raw materials in the manufacturing sector narrowed somewhat. The employment index was 48.6%, up 0.6 percentage points MoM, indicating a rebound in the employment climate of manufacturing enterprises. The supplier delivery time index was 49.5%, up 0.4 percentage points MoM and below the threshold, indicating that delivery times of raw material suppliers in the manufacturing sector lengthened compared with the previous month. II. Performance of China’s Non-Manufacturing PMI In March, the non-manufacturing business activity index was 50.1%, up 0.6 percentage points MoM and above the threshold, indicating some improvement in the prosperity level of the non-manufacturing sector. By industry, the business activity index of the construction sector was 49.3%, up 1.1 percentage points MoM; the business activity index of the services sector was 50.2%, up 0.5 percentage points MoM. From the perspective of the services sector, the business activity index for industries such as railway transportation, telecommunications, radio, television and satellite transmission services, monetary and financial services, and insurance all remained in the relatively high expansion territory above 55.0%; the business activity index for industries such as retail, accommodation, catering, and real estate all stayed below the critical point. The new orders index was 45.0%, down 0.2 percentage points from the previous month, indicating that market demand in the non-manufacturing sector pulled back somewhat. By industry, the new orders index for construction was 43.5%, up 1.3 percentage points from the previous month; the new orders index for services was 45.3%, down 0.4 percentage points from the previous month. The input price index was 52.3%, up 1.4 percentage points from the previous month, indicating that the overall price level of inputs used in the operating activities of non-manufacturing enterprises continued to rise. By industry, the input price index for construction was 52.7%, up 3.6 percentage points from the previous month; the input price index for services was 52.2%, up 1.0 percentage points from the previous month. The selling price index was 49.9%, up 1.1 percentage points from the previous month, but still below the critical point, indicating that the decline in the overall selling price level in the non-manufacturing sector narrowed. By industry, the selling price index for construction was 49.3%, up 1.7 percentage points from the previous month; the selling price index for services was 50.0%, up 1.0 percentage points from the previous month. The employment index was 45.2%, down 0.8 percentage points from the previous month, indicating that employment conditions among non-manufacturing enterprises pulled back. By industry, the employment index for construction was 39.1%, down 3.4 percentage points from the previous month; the employment index for services was 46.2%, down 0.4 percentage points from the previous month. The business activity expectations index was 54.2%, down 0.8 percentage points from the previous month, but still above the critical point, indicating that non-manufacturing enterprises remained optimistic about market development. By industry, the business activity expectations index for construction was 50.5%, down 0.4 percentage points from the previous month; the business activity expectations index for services was 54.8%, down 1.0 percentage points from the previous month. III. Performance of China’s Composite PMI Output Index In March, the composite PMI output index was 50.5%, up 1.0 percentage points from the previous month and above the critical point, indicating that the overall business activity level of production and operations among enterprises in China improved. China’s PMI Returned to Expansion Territory in March — Huo Lihui, Chief Statistician of the Service Industry Survey Center of the National Bureau of Statistics, Interprets China’s PMI for March 2026 On March 31, 2026, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released China’s PMI. In this regard, Huo Lihui, Chief Statistician of the Service Survey Center of the National Bureau of Statistics, provided an interpretation. In March, the manufacturing PMI, the non-manufacturing business activity index, and the composite PMI output index all returned to expansion territory, coming in at 50.4%, 50.1%, and 50.5%, respectively, up 1.4, 0.6, and 1.0 percentage points from the previous month, indicating a rebound in the overall economic prosperity level in China. I. The Manufacturing PMI Rose to Expansion Territory In March, as enterprises accelerated the resumption of work and production after the Chinese New Year and market activity increased, the manufacturing PMI came in at 50.4%, returning to expansion territory. (I) Production and demand expanded simultaneously. The production index and the new orders index stood at 51.4% and 51.6%, respectively, up 1.8 and 3.0 percentage points from the previous month, and both rose into expansion territory. Manufacturing enterprises stepped up production activities, and market demand improved markedly. By industry, the production index and new orders index for such industries as agricultural and sideline food processing, non-ferrous metal smelting and rolling processing were both above 55.0%, and production and demand in related enterprises were released relatively quickly; the two indices for such industries as textile and apparel, chemical fibers, and rubber and plastic products remained below the critical point, with relatively weak market activity. Driven by the recovery in production and demand, enterprises’ purchase willingness strengthened, and the purchasing volume index was 50.9%, up 2.7 percentage points from the previous month. (II) The PMI of large, medium-sized, and small enterprises all rebounded. The PMI of large enterprises was 51.6%, up 0.1 percentage points from the previous month, with the prosperity level rising steadily; the PMI of medium-sized and small enterprises was 49.0% and 49.3%, respectively, up 1.5 and 4.5 percentage points from the previous month, with the prosperity level improving significantly. (III) The three key industries expanded relatively quickly. The PMI of high-tech manufacturing was 52.1%, up 0.6 percentage points from the previous month, and remained above the critical point for 14 consecutive months, indicating continued positive development momentum in the industry; the PMI of equipment manufacturing and the consumer goods industry was 51.5% and 50.8%, respectively, up 1.7 and 2.0 percentage points from the previous month, and both rose to expansion territory; the PMI of high energy-consuming industries was 48.9%, up 1.1 percentage points from the previous month, with the prosperity level showing some rebound. (IV) Price indices rebounded significantly. Affected by factors such as the continued rise in prices of some bulk commodities in the recent period and the acceleration of enterprise procurement activities, the purchase price index of major raw materials and the ex-factory price index stood at 63.9% and 55.4%, respectively, up 9.1 and 4.8 percentage points from the previous month, and the overall price level in the manufacturing market rebounded markedly. By industry, the two price indices for such industries as petroleum, coal and other fuel processing, and chemical raw materials and chemical products were both above 70.0%, and the overall level of purchase and sales prices in related industries rose significantly. (5) Market expectations remained stable with a slight increase. The index of expectations for production and business activities was 53.4%, up 0.2 percentage points MoM, indicating that manufacturing enterprises became somewhat more confident about near-term market developments. By industry, the index of expectations for production and business activities in sectors such as special-purpose equipment, automobiles, railway, shipbuilding, aerospace equipment, and other industries remained in a relatively high expansion range above 56.0%, and the related enterprises were more optimistic about future industry development. The survey results also showed that, affected by factors such as the current geopolitical conflicts in the Middle East, prices of related raw materials such as petroleum and chemicals rose sharply. Coupled with higher logistics freight rates, the proportion of enterprises reporting high raw material costs and high logistics costs both increased MoM this month. II. The Non-Manufacturing Business Activity Index Rebounded In March, the non-manufacturing business activity index was 50.1%, up 0.6 percentage points MoM, indicating an improvement in the prosperity level of the non-manufacturing sector. (1) The service sector business activity index rose above the threshold. The service sector business activity index was 50.2%, up 0.5 percentage points MoM. By industry, the business activity indexes for railway transportation, telecommunications, broadcasting, television and satellite transmission services, monetary and financial services, and insurance all remained in a relatively high expansion range above 55.0%, with total business volume growing relatively fast; after Chinese New Year, the business activity indexes for retail, accommodation, catering, and other industries related to residents' travel and consumption fell below the threshold, and market activity weakened somewhat. In terms of market expectations, the service sector business activity expectations index was 54.8%, continuing to remain at a relatively high level, indicating that service sector enterprises remained optimistic about near-term market developments. (2) The construction sector business activity index improved. As construction projects across various regions gradually resumed work after the holiday, the construction sector business activity index was 49.3%, up 1.1 percentage points MoM. In terms of market expectations, the construction sector business activity expectations index was 50.5%, above the threshold, indicating that construction enterprises remained confident about future industry development. III. The Composite PMI Output Index Rose Above the Threshold In March, the composite PMI output index was 50.5%, up 1.0 percentage points MoM, indicating that the overall level of production and business activity across China's enterprises continued to improve. The manufacturing production index and the non-manufacturing business activity index, which together constitute the composite PMI output index, were 51.4% and 50.1%, respectively.

SMM March 27 News: Guangxi Yusheng Germanium Industry has issued an external announcement stating that due to significant fluctuations in the non-ferrous metal raw materials market recently, with zinc concentrate processing fees dropping sharply and the supply of germanium concentrate remaining tight, raw material costs have risen substantially, making it difficult for existing pricing to cover production costs. After careful consideration and cost accounting, the company has decided to adjust the sales prices of germanium-containing materials effective April 7 as follows: Germanium Ingot: 20,200, Germanium Dioxide: 13,580.

[SMM Titanium Weekly Review: Titanium Dioxide Showed Signs of Recovery; Diverging Strength Across the Titanium Industry Chain Market This Week] This week, the titanium industry chain in China showed pronounced structural divergence, with the tug-of-war between sellers and buyers across upstream and downstream segments intensifying and cost pass-through facing obstacles. Overall, the sector was characterized by a combination of weak recovery and localized strong support. Trading in upstream titanium ore and titanium slag was sluggish. Downstream processing enterprises tightly controlled costs, with procurement consistently maintained at a pace driven by rigid demand. Coupled with inventory at high levels across the industry, the raw material end remained under pressure, enterprises’ willingness to operate stayed weak, capacity release was constrained, and the supply-demand imbalance continued to stand out. In the midstream titanium dioxide segment, pressure from elevated costs of raw materials and energy sharply increased production-side strain. Enterprises held prices firm and showed a strong willingness to sell, and while domestic trade demand did not see a noticeable increase in volume—relying only on rigid-demand support—overseas markets still demonstrated a certain degree of resilience, leaving the overall market running relatively strong. The downstream sponge titanium and titanium products segments performed impressively: sponge titanium inventories remained low, and, together with robust downstream restocking demand, top-tier enterprises proactively adjusted prices, with enterprises showing strong confidence in holding prices firm. The titanium products market saw stable supply and demand: the supply-side operating rate was steady, while demand-side differentiation was evident. Civilian applications were mainly driven by rigid-demand restocking, while orders in high-end fields such as aerospace and military industries were steady. The market recovered steadily, and differences in the pace across segments of the industry chain also set the tone for subsequent market dynamics.

Following review and deliberation, Baosteel hereby announces the adjustments to its domestic sales prices for April 2026 based on March 2026 (unless otherwise specified, all prices are tax-exclusive), as follows: I. Hot-rolled: Base price raised by 200 yuan/mt. II. Plate: Base price raised by 200 yuan/mt. III. Pickling: Base price raised by 200 yuan/mt. IV. Cold-rolled: Base price raised by 200 yuan/mt. V. Hot-dip galvanizing: Base price raised by 200 yuan/mt. VI. Electrogalvanization: Base price raised by 200 yuan/mt. VII. Al-Zn-Al-Mg (medium aluminum): Base price raised by 200 yuan/mt. VIII. Al-Zn-Al-Mg (high aluminum): Base price raised by 200 yuan/mt. IX. Aluzinc: Base price raised by 200 yuan/mt. X. Color-coated: Base price raised by 200 yuan/mt. XI. Non-oriented silicon steel: Base price raised by 200 yuan/mt. XII. Grain-oriented silicon steel: Unchanged. XIII. Seamless pipe: Base price raised by 200 yuan/mt. XIV. Welded pipe: Base price raised by 200 yuan/mt. XV. Wire rod: Base price raised by 200 yuan/mt. XVI. Bar: Base price raised by 200 yuan/mt. XVII. For adjustments to alloy surcharges as well as coating and plating surcharges, please refer to the April 2026 price list. XVIII. The above price adjustment notice shall take effect from the date of publication. XIX. The Marketing Center (Baosteel International) of Baoshan Iron & Steel Co., Ltd. reserves the right of final interpretation of this price adjustment notice. Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) March 9, 2026

Keda Manufacturing stated during an investor relations activity that the company holds 43.58% of shares in Blue Lithium Industry and controls 48.58% of its voting rights. According to the shareholding ratio, the net profit of Blue Lithium Industry is included in the net profit attributable to the parent company. Blue Lithium Industry adopts a market-driven pricing principle for its lithium carbonate products, with sales prices dynamically adjusted according to market conditions. The increase in lithium carbonate prices in the market is expected to positively contribute to the company's performance.

[SMM Nickel Flash] Based on nickel ore prices from 25 days ago, smelter profits for high-grade NPI remained high this week. However, from the current raw material side, ore prices from both the Philippines and Indonesia increased, while auxiliary material prices saw a slight pullback, leading to an increase in the cash cost of producing high-grade NPI from spot ore. At the same time, high-grade NPI prices experienced some pullback, making it difficult for smelter profits to see sustained improvement.

On July 17, polysilicon futures prices opened high and then surged significantly, with multiple contracts rising over 7%, hitting a record high since their listing.

Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and director of the NBS's Department of Comprehensive Statistics of National Economy, stated at a press conference held by the State Council Information Office that China's economy operated generally smoothly in May, with some indicators continuing to improve, new growth momentum expanding, and the trend of high-quality development persisting, demonstrating the strong resilience and vitality of China's economy. In May, influenced by factors such as the trade-in policy for consumer goods, market sales growth accelerated. Total retail sales of social consumer goods in May were up 6.4% YoY, with the growth rate accelerating by 1.3 percentage points compared to the previous month. From January to May, service retail sales grew by 5.2%, accelerating by 0.1 percentage points compared to the period from January to April. The acceleration of consumption growth, particularly the expansion of service consumption, is also evident in its boost to related service industries. In May, the production index growth rates of the wholesale and retail industries, as well as the accommodation and catering industries, all accelerated compared to the previous month. Meanwhile, new growth drivers such as high-end manufacturing, the digital economy, and the new energy industry continued to expand, effectively promoting industrial transformation and the stable operation of the economy.

The record of investor relations activities of Yunnan Copper from June 11 to June 13, 2025, recently released by Yunnan Copper, shows: Regarding the company's basic information, Yunnan Copper introduced: Yunnan Copper was listed on the Shenzhen Stock Exchange in 1998. Its main businesses cover copper exploration, mining, beneficiation, smelting, extraction and processing of precious metals and minor metals, sulfur chemical industry, and trade. It is an important production site for copper, gold, silver, and sulfur chemicals in China. Among them, the capacity for copper cathode is 1.4 million mt. The company is the only publicly listed firm in the copper industry of Chalco and China Copper. In Q1 2025, the company produced 348,900 mt of copper cathode, up 48.15% YoY; 5.80 mt of gold, up 95.63% YoY; 128.48 mt of silver, up 54.31% YoY; 1.3872 million mt of sulphuric acid, up 23.61% YoY; and 13,900 mt of copper in copper concentrates, down 15% YoY. At the end of Q1 2025, the company's total assets were 49.256 billion yuan, with an asset-liability ratio of 62.39%. It achieved an operating revenue of 37.754 billion yuan, up 19.71% YoY; a total profit of 922 million yuan, up 14.11% YoY; a net profit attributable to publicly listed firms of 560 million yuan, up 23.97% YoY; and a basic earnings per share of 0.2793 yuan, up 23.97% YoY. II. Q&A Session 1. In the face of the sluggish processing fee situation this year, what measures has the company taken to respond? Yunnan Copper stated: On the one hand, the company has strategically planned for "digital and intelligent transformation, expanding resources, refining mines, optimizing smelting, solidifying secondary (copper), and meticulously managing minor (metals)", and increased the extraction of urban mines and minor metals. On the other hand, in 2025, the company focuses on the key work of extreme operation, striving to promote high-quality development of the company, and advancing cost reduction with iron determination. After several years of cost reduction, quality improvement, and efficiency enhancement, the costs of the company's main products have certain competitiveness. In addition, the company has increased the profit contribution of by-products such as sulphuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to enhance the company's comprehensive competitiveness. 2. What is the expected impact of the current smelting processing fees on the company's profits? Yunnan Copper stated: Since this year, long-term contracts and spot TC have seen significant declines compared to last year. The company has offset the adverse impact of the decline in processing fees through measures such as cost reduction, expanding procurement channels, and increasing direct supply of ore from mines. In addition, the company focuses on the layout of secondary copper and minor metals, while continuing to increase the profit contribution of by-products such as sulphuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to offset the profit pressure caused by the decline in processing fees. 3. What is the approximate sales volume and price of sulphuric acid for the company this year? Yunnan Copper Science & Technology Development Co., Ltd. stated: Sulphuric acid is a by-product of the company's copper smelting process, and its price varies due to regional factors. In Q1 this year, the average price of sulphuric acid in major regions increased significantly YoY. The company actively seized market opportunities, contributing positively to its performance. 4. What efforts has the company made in resource acquisition? Yunnan Copper Science & Technology Development Co., Ltd. stated: The company attaches great importance to the replacement of mine resources and has increased capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. In 2024, the company invested 65 million yuan in exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper resource metal content, achieving the annual target and realizing annual reserve increases greater than mine output consumption for four consecutive years. In addition, on the basis of managing existing mines and smelters well, the company actively focuses on high-quality copper resource projects. 5. The company announced its intention to issue shares to purchase a 40% stake in Liangshan Mining held by Yunnan Copper Group. What is the current progress, and what advantages will it bring to the company? Yunnan Copper Science & Technology Development Co., Ltd. stated: On May 13, 2025, the company issued the "Announcement on Suspension of Trading for the Purpose of Planning to Issue Shares to Purchase Assets and Raise Supporting Funds", indicating that the company is planning to issue shares to purchase a 40% stake in Liangshan Mining Co., Ltd. held by Yunnan Copper (Group) Co., Ltd. and raise supporting funds. Currently, the company and relevant parties are actively promoting various aspects of this transaction. Liangshan Mining is a copper resource production and smelting enterprise spanning the copper mining, beneficiation, and smelting industries, covering copper, iron, and sulphuric acid products. Liangshan Mining owns high-quality copper resources such as the Lala Copper Mine and Hongnipo Copper Mine, currently capable of producing approximately 13,000 mt of copper concentrates, 119,000 mt of copper anodes, and 400,000 mt of industrial sulphuric acid annually. Liangshan Mining is one of the core copper resource production and smelting bases under China Copper Corporation. As of the end of March 2025, the high-quality copper mine resources it holds, including the Hongnipo Copper Mine, Lala Copper Mine, and Hailin Copper Mine, have a copper metal reserve of 779,700 mt, with an average copper grade of 1.16%, higher than the current average copper grade of 0.38% at Yunnan Copper Science & Technology Development Co., Ltd. In 2024, it successfully bid for and obtained the exploration rights to the Hailin Copper Mine in Huili City, Sichuan Province, with a mining area of 48.34 square kilometers, further enhancing the resource reserve potential of Liangshan Mining. In addition, the copper mining costs of the mines owned by Liangshan Mining are relatively low, demonstrating good cost competitiveness. The sulphuric acid sales prices in south-west China, where Liangshan Mining is located, are also relatively favorable. This time, the company intends to acquire a 40% stake in Liangshan Mining held by its controlling shareholder, Yunnan Copper Group, which can further resolve horizontal competition and ensure the faithful implementation of relevant commitments. Meanwhile, Liangshan Mining boasts significant resource advantages and a solid profitability foundation, with a return on net assets higher than the industry average. Upon completion of the Hongnipo Copper Mine, it will reach a medium-to-large scale among copper mines, further enhancing its profitability. After the injection of Liangshan Mining into Yunnan Copper, it can effectively increase the publicly listed firm's equity copper resource reserves, enhance the overall asset and profit scale as well as the industry position of the publicly listed firm, facilitate the full play of business synergies by the publicly listed firm, strengthen the reserve of high-quality resources and capacity layout, enhance comprehensive strength and core competitiveness, and promote the high-quality development of the publicly listed firm. In addition, this acquisition is a specific measure taken by the company to implement the relevant opinions of the SASAC of the State Council on improving and strengthening the market value management of listed firms controlled by central state-owned enterprises, and to carry out M&A and restructuring activities that are conducive to enhancing the investment value of listed firms, which is conducive to safeguarding the rights and interests of the listed firm and all its shareholders. 6. What is the construction status of the Hongnipo Project of Liangshan Mining? Yunnan Copper stated: The Hongnipo Copper Mine is currently in the construction phase. The total identified ore reserves amount to 41.606 million mt, with an average copper grade of 1.42% and a copper metal content of 592,900 mt. The company will closely monitor the project's construction progress and strictly fulfill its information disclosure obligations in accordance with relevant regulations such as the "SZSE Listing Rules". Please stay tuned for the company's announcements. According to the record of Yunnan Copper's investor relations activities on March 26, 2025 (Interpretation Meeting Series I for the 2024 Annual Report) previously announced by Yunnan Copper: In 2024, Yunnan Copper adhered to the guidance of Party building, continued to strive and forge ahead, comprehensively implemented the decisions and deployments of the company's Party committee and board of directors, overcame unfavourable factors such as a significant decline in TC and the shutdown of the old facilities of Xinan Copper, and maintained a stable operating situation. The company produced 1.206 million mt of copper cathode, 12.71 mt of gold, 348.99 mt of silver, and 4.8286 million mt of sulphuric acid throughout the year. As of year-end 2024, its total assets amounted to 43.557 billion yuan, with an asset-liability ratio of 57.66%. It achieved operating revenue of 178.012 billion yuan, total profit of 2.316 billion yuan, net profit attributable to the publicly listed firm of 1.265 billion yuan, and basic earnings per share of 0.6312 yuan. The company intends to distribute a cash dividend of 2.4 yuan (tax included) for every 10 shares to all shareholders, without converting capital reserves into share capital. What is the construction progress of the relocation project of the Xinan Copper Branch previously announced by the company? Yunnan Copper previously responded during an institutional survey: The electrolysis system of the upgrade and renovation project for the relocation of Xinan Copper was commissioned with load at the end of June 2024, and the pyrometallurgy system entered the load commissioning phase in mid-October 2024, successfully producing copper anodes. As of now, the overall project for the relocation and upgrade of Xinan Copper has been fully completed and is currently in the load commissioning phase. This project is conducive to optimizing the company's smelting layout and production processes, achieving efficient comprehensive utilisation of resources, reducing production costs, and enhancing the company's overall competitiveness, aligning with the company's development needs for green, low-carbon, large-scale, short-process, low-cost, and digital intelligence. When asked about the company's progress in resource acquisition in 2024, Yunnan Copper previously responded during an institutional survey: The company attaches great importance to the replacement of mine resources, increasing capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. In 2024, the company invested 65 million yuan in exploration, conducting multiple mineral exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper metal resources, achieving the annual target, and achieving annual reserve increases greater than mine production and consumption for four consecutive years. As of the end of 2024, the company held 964 million mt of copper ore resources, with a copper metal content of 3.6509 million mt and an average copper grade of 0.38%. Among them, Diqing Nonferrous held 846 million mt of copper ore resources, with a copper metal content of 2.8037 million mt and an average copper grade of 0.33%. When analyzing the company's core competitiveness, Yunnan Copper mentioned that its good resource reserves are one of its core competitiveness factors: The company attaches great importance to the replacement of mine resources, increasing capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. The company's main mines, including the Pulang Copper Mine, Dahongshan Copper Mine, and Yangla Copper Mine, are mainly distributed in the Sanjiang Metallogenic Belt, with favourable metallogenic geological conditions and potential for further prospecting. In 2024, the company invested 65 million yuan in exploration, conducting multiple mineral exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper metal resources, achieving the annual target, and achieving annual reserve increases greater than mine production and consumption for four consecutive years. As of the end of 2024, the company held 964 million mt of copper ore resources, with a copper metal content of 3.6509 million mt and an average copper grade of 0.38%. Among them, Diqing Nonferrous held 846 million mt of copper ore resources, with a copper metal content of 2.8037 million mt and an average copper grade of 0.33%. The 2025 financial budget plan disclosed by Yunnan Copper in its 2024 annual report indicates the following production plans for the company's main products in 2025: The company expects to produce 54,600 mt of copper in copper concentrates, 1.52 million mt of copper cathode, 16 mt of gold, 680 mt of silver, and 5.364 million mt of sulphuric acid throughout the year. The investment plan for 2025 is 1.617 billion yuan, covering fixed asset investments, digital projects, and geological exploration projects. During a survey, Yunnan Copper stated that in Q1 this year, the average price of sulphuric acid in major regions increased significantly YoY. The company actively seized market opportunities, contributing positively to its performance. 》Click to view SMM spot copper prices 》Subscribe to view historical SMM spot metal price trends Reviewing the sulphuric acid price trend in Q1, it can be seen that: In Q1, both domestic and overseas demand was strong, leading to an increase in the price of smelting acid. As of March 28 (week), the average weekly price of smelting acid (sulphuric acid) in Yunnan was 780 yuan/mt, up 280 yuan/mt from the average weekly price of 500 yuan/mt on December 27, 2024 (week). From the perspective of the average price increase, the Q1 increase was 56%. According to SMM, domestically, in Q1, sulphuric acid prices were supported by "spring ploughing" and the cost of raw materials. Overseas, demand was relatively strong in Q1, with export prices also rising to a relatively high level in recent years. After reaching a high average annual price of 780 yuan/mt, with the end of spring ploughing, the operating rates of downstream fertilizer enterprises declined, and domestic demand weakened. Domestic sulphuric acid prices began to weaken from mid-to-late April. In early May, influenced by the end of the spring ploughing season, sulphuric acid prices in many parts of the country were still in the process of pulling back, with significant declines particularly in the south China market, while prices in the northern market remained relatively stable overall. In mid-May, domestic sulphuric acid prices showed mixed performance, mainly due to the continuous release of fertilizer export information and the gradual implementation of related policies, leading to a gradual rebound in downstream demand. Sulphuric acid prices in the south stopped falling and stabilized. After entering late May, sulphuric acid prices in many parts of the country rose again. Since June, sulphuric acid prices in Yunnan have remained stable at the beginning of the month. However, recently, influenced by the escalating geopolitical conflicts and the resulting uncertainties, domestic sulphur and sulphuric acid prices have both risen significantly in the past week, with sulphuric acid prices showing a 15.38% increase in the week ending June 13, with its average price (as of the week ending June 13) rising to 600 yuan/mt.

According to data from the National Bureau of Statistics (NBS), in May, the selling prices of commercial residential properties in cities at all tiers among the 70 major and medium-sized cities declined MoM, while the YoY decline continued to narrow. In May, the selling prices of newly built commercial residential properties in first-tier cities shifted from being flat MoM to a 0.2% decline MoM. Among them, Shanghai saw a 0.7% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.8%, and 0.4%, respectively. In second-tier cities, the selling prices of newly built commercial residential properties also shifted from being flat MoM to a 0.2% decline MoM. In third-tier cities, the selling prices of newly built commercial residential properties declined by 0.3% MoM, with the decline widening by 0.1 percentage points from the previous month. In May, the selling prices of second-hand residential properties in first-tier cities declined by 0.7% MoM, with the decline widening by 0.5 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen experienced declines of 0.8%, 0.7%, 0.8%, and 0.5%, respectively. In second- and third-tier cities, the selling prices of second-hand residential properties both declined by 0.5% MoM, with the declines widening by 0.1 percentage points each. In May, the YoY decline in the selling prices of commercial residential properties in cities at all tiers continued to narrow. ——Interpretation by Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, on the Statistical Data of Changes in the Selling Prices of Commercial Residential Properties in May 2025 In May 2025, among the 70 major and medium-sized cities, the selling prices of commercial residential properties in cities at all tiers declined MoM, while the YoY decline continued to narrow. I. Selling Prices of Commercial Residential Properties in Cities at All Tiers Declined MoM In May, the selling prices of newly built commercial residential properties in first-tier cities shifted from being flat MoM to a 0.2% decline MoM. Among them, Shanghai saw a 0.7% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.8%, and 0.4%, respectively. In second-tier cities, the selling prices of newly built commercial residential properties also shifted from being flat MoM to a 0.2% decline MoM. In third-tier cities, the selling prices of newly built commercial residential properties declined by 0.3% MoM, with the decline widening by 0.1 percentage points from the previous month. In May, the selling prices of second-hand residential properties in first-tier cities declined by 0.7% MoM, with the decline widening by 0.5 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen experienced declines of 0.8%, 0.7%, 0.8%, and 0.5%, respectively. In second- and third-tier cities, the selling prices of second-hand residential properties both declined by 0.5% MoM, with the declines widening by 0.1 percentage points each. II. YoY Decline in the Selling Prices of Commercial Residential Properties in Cities at All Tiers Continued to Narrow In May, the selling prices of newly built commercial residential properties in first-tier cities declined by 1.7% YoY, with the decline narrowing by 0.4 percentage points from the previous month. Among them, Shanghai saw a 5.9% increase, while Beijing, Guangzhou, and Shenzhen experienced declines of 4.3%, 5.8%, and 2.6%, respectively. The selling prices of newly built commercial residential properties in second- and third-tier cities declined by 3.5% and 4.9% YoY, respectively, with the YoY decline narrowing by 0.4 and 0.5 percentage points, respectively. In May, the selling prices of second-hand residential properties in first-tier cities declined by 2.7% YoY, with the YoY decline narrowing by 0.5 percentage points compared to the previous month. Specifically, Beijing, Shanghai, Guangzhou, and Shenzhen saw declines of 0.7%, 0.1%, 6.6%, and 3.2%, respectively. The selling prices of second-hand residential properties in second- and third-tier cities declined by 6.1% and 6.9% YoY, respectively, with the YoY decline narrowing by 0.4 and 0.5 percentage points, respectively.