On August 14, Xingye Silver&Tin's share price fell. As of 10:24 on August 14, Xingye Silver&Tin was down 1.58% at RMB37.28/share. In response to the question "What is the construction progress of Atlantic Tin?", Xingye Silver&Tin said on the interactive platform on August 13 when answering an investor's question, the Atlantic Tin project is currently advancing preliminary work such as construction of the explosives magazine, engineering surveys and preparations for equipment transportation. Construction teams have entered the site for preliminary preparations, and the project is expected to officially start construction in Q4. When asked "I have repeatedly suggested that the company's underground mining use tunnel boring machines to transform them into mineral excavation equipment. Does the company have any ideas or plans in this regard? Why has it not logged in on the interactive platform? Thank you!", Xingye Silver&Tin said on the interactive platform on August 13 that the company had carried out early-stage evaluation and feasibility studies on the application of tunnel boring machines and currently has no relevant implementation plan. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company takes deeply cultivating its main business and steady operations to consolidate intrinsic value as the foundation of its market value management, continues to optimize internal control and standardize information disclosure, carries out regular public opinion monitoring and responses to market concerns, promptly clarifies false rumors, keeps online and offline investor communication channels open, objectively conveys the company's long-term development value, and protects the right to information and legitimate rights and interests of minority shareholders in all respects. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company always adheres to a prudent cash dividend policy, continues to reward all shareholders with stable cash returns, and effectively safeguards the long-term interests of minority shareholders. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company will strictly implement its primary responsibility for production safety, strengthen the defense line for safe development, improve its inherent safety level, and address shortcomings in safety management. A progress announcement issued by Xingye Silver&Tin on July 31 regarding a safety incident at its subsidiary showed that on July 30, 2026, Yinman Mining received the On-site Handling Measures Decision ((Xi) Emergency On-site Decision (2026) No. 260) issued by the West Ujimqin Banner Emergency Management Bureau, requiring the simultaneous suspension of Yinman Mining's mineral processing and tailings systems. As of the disclosure of this announcement, both Yinman Mining's mining system and its mineral processing and tailings systems had been suspended. The specific circumstances of the incident disclosed by Xingye Silver&Tin showed that at about 15:30 on July 26, 2026, an accident occurred during underground production and construction at the mine of the company's wholly owned subsidiary, West Ujimqin Banner Yinman Mining Co., Ltd., causing one death and no injuries. After the accident, Yinman Mining suspended production in the underground mining area in accordance with the On-site Handling Measures Decision ((Xi) Emergency On-site Decision (2026) No. 257) issued by the West Ujimqin Banner Emergency Management Bureau. Regarding the impact on the company's production, operations and results: Yinman Mining is mainly engaged in the mining, processing and sale of nonferrous metals including silver, tin, copper, lead and zinc, with a production scale of 1.65 million mt/year. In 2025, Yinman Mining recorded operating revenue of RMB3,062.0434 million, accounting for 55.12% of the company's consolidated operating revenue, and net profit of RMB1,346.2785 million. In Q1 2026, Yinman Mining recorded operating revenue of RMB961.5985 million, accounting for 45.15% of the company's consolidated operating revenue, and net profit of RMB474.7488 million. The cause of the accident and the cause of the death are still under investigation, and Yinman Mining will fully cooperate with the accident investigation and subsequent work. Since the duration of Yinman Mining's production suspension cannot be determined at present, the impact of the suspension on the company's current-period and full-year results cannot be accurately estimated for the time being. The company will perform its information disclosure obligations in a timely manner according to the progress of the accident investigation and relevant regulations, and investors are reminded to pay attention to investment risks. In terms of results, Xingye Silver&Tin earlier disclosed its semi-annual results forecast in the evening, showing that it expects net profit attributable to the parent company of RMB2.14 billion to RMB2.37 billion in H1 2026, up 168.95%-197.86% YoY. Regarding the reasons for the change in results, Xingye Silver&Tin said: 1. Yubang Mining's capacity was gradually released, and ore-derived silver production and sales increased significantly YoY. 2. During the reporting period, affected by factors such as the macroeconomic environment and changes in market demand for products, the selling prices of the company's main mineral products such as silver and tin rose from the year-earlier period. 3. During the reporting period, the company transferred a 60% equity interest in Shuangyuan Nonferrous Metals; the equity transfer resulted in non-recurring gains of RMB454 million. The company realized investment income of RMB321 million. Since Shuangyuan Nonferrous Metals was originally a loss-making enterprise with excessive losses, the equity transfer increased the parent company's deductible losses, which in turn reduced income tax expense by RMB133 million. Xingye Silver&Tin's 2025 annual report showed that in 2025, the company recorded operating revenue of RMB5,555.2536 million, up 30.09% YoY; total profit of RMB2,096.2370 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.2393 million, up 11.40% YoY. An announcement by Xingye Silver&Tin showed that in 2025, the proportions of the company's main mineral product revenue in total operating revenue were as follows: ore-derived silver RMB2,175.7825 million, accounting for 39.17%; ore-derived tin RMB1,649.6398 million, accounting for 29.70%; ore-derived zinc RMB975.8673 million, accounting for 17.57%; ore-derived lead RMB220.9450 million, accounting for 3.98%; ore-derived iron RMB180.3799 million, accounting for 3.25%; ore-derived copper RMB133.0043 million, accounting for 2.39%; ore-derived antimony RMB100.3568 million, accounting for 1.81%; ore-derived gold RMB82.3402 million, accounting for 1.48%; ore-derived bismuth RMB16.6744 million, accounting for 0.30%. Of these, combined revenue from ore-derived tin and ore-derived silver accounted for 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report that the company is a large mining group mainly engaged in the exploration, mining and mineral processing of nonferrous and precious metals. As of the disclosure date of this report, the company has more than 20 subsidiaries, including eight operating mining companies: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining and Bosheng Mining. The Achmmach tin mine of AtlasTinSAS under Atlantic Tin is in the construction phase; Tanghe Shidai Mining is in a construction suspension phase; and Yitong Mining and Yunnan Xigui are in the exploration phase. Hainan Fund is mainly engaged in equity investment management. Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate acquisitions, and is responsible for expanding overseas markets and acquiring high-quality overseas mineral resources. Hainan International Trade and Tianjin International Trade are mainly engaged in the sale of nonferrous metal ore products and the procurement of some raw materials. Xingye Ruijin mainly carries out process research, technology development and upgrading for exploration, mining and mineral processing, and comprehensive recovery and utilization of tailings. Tibet Shannan Antimony-Gold, Tibet Xinda Mining and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% equity interest in Yubang Mining. According to data from the Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranked first in Asia and fifth globally. The acquisition further strengthened the company's resource advantages and laid a solid resource foundation for its sustainable development. Meanwhile, the company, through its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, increased investment in overseas mineral resources and successfully acquired a 100% equity interest in Atlantic Tin. The acquisition was an important step in implementing the company's "going global" strategy. According to the large tin mine classification criteria in the Standards for Classification of Mineral Resource Reserves (DZ/T0400-2022), the Achmmach tin mine held by Atlantic Tin is currently equivalent to five large deposits. Through the integration of overseas tin resources, the company further improved its international tin layout and reserved important strategic resources for its long-term development. The company's main results come from its nonferrous metal mining and processing business. During the reporting period, revenue from the nonferrous metal mining and processing business accounted for 99.64% of total operating revenue in 2025. The main factors affecting the operating results of the mining and processing segment include production and sales volumes of major products, market prices, and costs of the nonferrous and precious metal mining and processing business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report that 2026 is the closing year of the company's "Second Three-Year" plan. The board will focus closely on high-quality development, fully implement the established objectives, continue to deepen the philosophy of trust and collaboration, and make every effort to achieve the final goals of the "Second Three-Year" plan, with the following priorities: 1. Hold the bottom line for safety and environmental protection. With 2026 as the "Year of Implementing Safety Management," comprehensively strengthen safety responsibilities, consolidate the achievements of the "Year of Collective Calm in Safety," enhance risk anticipation and process control, and resolutely prevent all kinds of safety and environmental accidents to achieve safe, stable, green and low-carbon development. 2. Make every effort to advance key project construction; strengthen full-process management of project budgets, schedules and quality; coordinate the implementation of projects such as the 2.97 million mt expansion at Yinman Mining, the 8.25 million mt expansion at Yubang Mining, the Morocco project, and the Budun Yin'gen Mining (trusteeship) project; and ensure they are completed and reach full production on schedule to release capacity benefits. 3. Continue to strengthen exploration and reserve expansion; properly balance production and geological exploration; steadily advance exploration at existing mines and surrounding areas; accelerate the conversion and upgrading of resources into reserves; and steadily strengthen the resource base. 4. Deepen industrial synergy and resource integration; leverage the advantages of the core region of Inner Mongolia; steadily expand the overseas resource layout; maintain silver and tin as the main business direction and enrich and optimize resource types. Solidly advance the follow-up acquisition and integration of Weiling Co., and actively track high-quality mineral project opportunities at home and abroad to enhance overall competitiveness through synergistic industrial M&A. 5. Further strengthen institutional enforcement and internal control management; ensure all systems, processes and control requirements are effectively implemented; improve the company's refined management; strengthen enforcement capacity; ensure production plans, comprehensive budgets and all work arrangements are fully implemented; and promote deep integration of corporate culture and business management. 6. Make every effort to advance preparations for the Hong Kong listing; accelerate the establishment of dual capital market platforms at home and abroad; enhance cross-border capital operation capabilities; provide stronger funding support for the company's resource integration and strategy implementation; and push the company's high-quality sustainable development to a new level. A research report from Huaxin Securities on August 7 showed that key performance drivers included the official start of Yinman Phase II and steady progress in capacity expansion, and a dual-track layout of domestic acquisitions and overseas expansion with the resource map steadily expanding. Silver and tin prices remain high, and the company's long-term capacity growth is expected, so the rating is maintained at "Buy." Risk warnings: 1) downstream demand falls short of expectations; 2) metal price downside risk; 3) the company's expanded capacity is released less than expected; 4) the company's acquisition progress falls short of expectations. A research report from Huaxi Securities on July 25 said that the macro logic for silver is similar to that for gold, while silver has stronger industrial attributes, and its price is driven by the resonance of fundamentals, policy and trading. From the perspective of core support, silver has been included in the US "critical minerals" list, which has triggered sustained attention from funds and a stockpiling effect, serving as an important policy catalyst for price increases. Although short-term demand has pulled back somewhat, the supply-side gap remains prominent, providing the core fundamental support for silver prices. The supply-demand gap for silver is expected to continue widening in the coming years. Coupled with demand improvement from the industrial recovery during the easing cycle, silver's price elasticity is significantly higher than gold's, and silver is expected to rise under the resonance of a loose environment and industrial demand, with a favorable long-term silver price trend. The silver sector is currently in a stage of consolidation at lows after a pullback. Although it is pressured in the short term by a stronger US dollar and delayed interest rate cut expectations, it still has medium and long-term allocation value. Beneficiaries of silver include: [Shengda Resources] and [Xingye Silver&Tin].

[SMM Analysis: Solid-State Battery Layout of US Nuvvon in the Polymer Electrolyte Track] Nuvvon is a solid-state battery startup based in New Jersey, US, pursuing a pure solid polymer electrolyte (SPE) route that contains no sulphides or oxides and can operate at ambient temperature and pressure without cooling, heating, or pressurization systems. Its 1 Ah/5 Ah pouch cells use NMC811 cathodes and lithium metal anodes, deliver more than 2,000 cycles, operate at -20°C to +60°C, and have passed independent nail penetration tests to verify safety. The company is currently moving from the laboratory toward commercial sample delivery, has raised $5.3 million in seed funding, and its new laboratory is now operational.

Nuvvon is a New Jersey–based solid‑state battery startup pursuing a pure solid polymer electrolyte (SPE) route, free of sulfides or oxides. Its cells operate at ambient temperature and pressure, requiring no cooling, heating, or pressurisation systems. The company's 1Ah and 5Ah pouch cells feature NMC811 cathodes and lithium‑metal anodes, delivering over 2,000 cycles and operating across a temperature range of –20°C to +60°C.

[Cochilco Again Lowers 2026 Chilean Copper Production Forecast; H2 Recovery Still Has Room to Materialize] Cochilco has recently lowered its 2026 Chilean copper production forecast to 5.27 million mt, down 2.6% YoY, mainly due to lower grades at large mines, maintenance, slower project ramp-ups and operational constraints in H1. Over the same period, China imported 4.2808 million mt of copper concentrates from Chile, down 7.9% YoY, with Chile’s share of China’s copper concentrate imports falling to 29.3%; the contribution of Chilean supply to the Chinese market weakened temporarily. However, most miners maintained their full-year production guidance, mainly banking on H2 recovery from the switch to higher-grade ore zones, the completion of maintenance, and project ramp-ups. Going forward, whether Chilean production rebounds on schedule will continue to affect the global copper concentrate supply-demand balance and the TC trend.

Hoa Phat Group (HPG) has incurred more than VND 14,900 billion in interest expenses in its consolidated business results since breaking ground on the Dung Quat 2 steel project in Q1 2022, with actual interest payments exceeding VND 14,700 billion. The group’s financial debt rose 64.5% to nearly VND 100,000 billion by the end of June 2026, while interest expenses reached nearly VND 2,900 billion in H1 2026, roughly equivalent to the full-year 2025 level. Despite rising leverage and financing costs, Dung Quat 2 has strengthened HPG’s production capacity and supported its business recovery, with H1 2026 revenue exceeding VND 108,000 billion, up 47% YoY, while net profit reached nearly VND 15,500 billion.

On August 10, 2026, Ruizhi New Energy announced the completion of a several‑tens‑of‑millions RMB Pre‑A+ exclusive financing round, fully funded by Shanghai Chenyao Yichuang Investment Fund. Founded in 2021, Ruizhi is the first new‑energy‑battery technology commercialisation spin‑off from Northwestern Polytechnical University, focusing on two core products: active functional separators and membrane‑form solid‑state electrolytes.

SMM Africa Chromium Market | 2000–2025 Production Review Introduction South Africa's chrome industry is built on a paradox that has only deepened over the past 25 years. The country holds more than 40% of the world's chrome ore reserves, yet its ability to convert that endowment into higher-value ferrochrome has steadily eroded even as raw ore output has climbed to record levels. Between 2000 and 2025, chrome ore production nearly quadrupled, while ferrochrome output — after peaking mid-cycle — is estimated to end the period below where it started. This report traces that 25-year arc era by era, from the integrated, smelting-led industry of the early 2000s through the financial crisis, the commodity super cycle, a decade of Eskom load-shedding, the COVID-19 shock, and the logistics and power crises of 2022–2025 that have left the domestic ferrochrome sector at its most constrained point on record. The story that emerges is less about geology than about cost structure and infrastructure — and it sets the context for where South Africa's chrome value chain goes from here. Figure 1 Figure 2 2000–2007: An Integrated, Dominant Industry South Africa entered the millennium as the undisputed leader of the global chrome value chain. Chrome ore output rose from 6,662kt in 2000 to 9,665kt in 2007, while ferrochrome production grew from 2,574kt to 3,561kt over the same period. By the early 2000s, roughly 90% of domestically mined chrome ore was smelted locally into ferrochrome, supported by an electricity-intensive refining base built on cheap apartheid-era power. China's urbanization-driven stainless steel boom pulled demand steadily higher through the decade, though early power-supply strain toward the mid-2000s signaled the disruption to come. 2008–2010: Financial Crisis and a Sharp Rebound The global financial crisis cut ferrochrome output from 3,561kt in 2007 to 2,346kt in 2009, a 34% peak-to-trough decline — as furnace shutdowns tied to the 2008 crisis spread across the sector. Chrome ore followed a similar path, falling to 6,865kt in 2009 before both products rebounded sharply in 2010 (10,871kt ore; 3,607kt ferrochrome) on the back of China's stimulus-led steel recovery. This period also marked a structural inflection: South Africa remained the world's dominant ferrochrome producer only until 2010, after which China's rise began reshaping the industry. 2011–2014: Peak Volumes, First Signs of Smelting Strain Chrome ore output climbed from 11,865kt to 14,038kt across this period, while ferrochrome stagnated, dipping to 3,063kt in 2012 after a forced power buy-back agreement curtailed 40% of one major producer's capacity between December 2012 and March 2013. By 2012, China had overtaken South Africa as the world's largest ferrochrome producer, a lead it would not relinquish. Ore mining nonetheless proved resilient through South Africa's five-month platinum strike in 2014, since ferrochrome producers with captive chromite mines saw little disruption to output. 2015–2019: Load-Shedding Entrenches the Chrome Ore–Ferrochrome Split This is where the divergence between the two products becomes unmistakable. Chrome ore rose almost every year, from 15,656kt to 17,661kt, while ferrochrome fell from 3,650kt to 3,188kt, a 12.7% decline. Eskom's rolling blackouts, which reached stage 4 in February 2019 and a first-ever stage 6 in December 2019, hit smelters hardest, since large industrial users such as smelters were first in line for curtailment and risked furnace damage from unplanned shutdowns. Ore mining, unconstrained by the same continuous-power requirement, kept growing. 2020–2021: Pandemic Shock, V-Shaped Recovery COVID-19 delivered the sharpest single-year contraction on record. Chrome ore fell 25% to 13,197kt and ferrochrome fell 25% to 2,404kt in 2020, as South Africa's 21-day national lockdown forced mines and smelters into care and maintenance and Transnet suspended rail and port operations. It was in this year that government first proposed a chrome ore export tax, in October 2020, aimed at protecting domestic smelting. Both products rebounded sharply in 2021, ore up 39% to 18,381kt, ferrochrome up 29% to 3,110kt — as demand normalized. 2022–2025: Logistics Gridlock, Record Chinese Demand, and a 2025 Power Crisis That Gutted the Smelting Base Chrome ore output extended its run through this period, 19,105kt (2022), 19,669kt (2023), an estimated 23,000kt (2024) and 24,000kt (2025) — as Transnet's rail and port underperformance pushed exporters toward road routes, with Maputo handling more than half of South Africa's chrome exports by 2023. China remained the anchor of demand, sourcing over 80% of its chrome ore imports from South Africa even as its own smelters overtook South Africa's as the world's largest ferrochrome producers. Ferrochrome, by contrast, entered outright collapse. After holding near 2,900–3,300kt through 2022–2024, output is estimated to have fallen to just 1,600kt in 2025 — the lowest level in the 25-year series. The proximate cause was a full-blown power-cost crisis: electricity tariffs for smelters rose more than 900% since 2008, driving South Africa's ferrochrome smelter fleet down from a peak of 66 to just 11 operational units — an 83% shutdown rate — as Glencore-Merafe suspended its Boshoek, Wonderkop and Lion smelters in 2025 and initiated formal retrenchment proceedings. Government has since negotiated a discounted 62c/kWh tariff for major producers in an attempt to bring idled capacity back online, but the scale of 2025's contraction underscores how acute the crisis became. Bottom Line Across 25 years, South Africa's chrome ore output has grown almost fourfold, from 6,662kt to an estimated 24,000kt, while ferrochrome production has round-tripped from 2,574kt to an estimated 1,600kt — below where it started. The divergence is not a resource story: South Africa's reserve base remains the world's largest. It is a cost and infrastructure story — electricity pricing, grid reliability, and rail/port logistics have progressively priced domestic smelting out of the market, shifting the country's role from processor to raw material supplier for China's expanding ferrochrome industry. Whether the new electricity tariff framework can meaningfully reverse this by restoring idled smelter capacity, rather than simply stabilizing what remains, will define the next chapter.

SMM August 11 news: The ADP and non-farm payrolls data in the US fell significantly short of expectations, and the US labour market weakened, causing the market to lower its expectations for US Fed interest rate hikes. After an earlier deep correction in the precious metals market, a certain amount of short positions had accumulated; when the market turned a corner, this triggered concentrated short covering. Meanwhile, gold ETFs saw fund inflows, and investment buying was active on China’s futures market. This round of gains was driven more by financial attributes and derivatives-related funds, while the physical side failed to provide a simultaneous boost. In addition, central banks around the world continued to allocate to gold assets, and the PBOC increased its gold holdings for the 21st consecutive month, building medium and long-term bottom support for gold prices. A confluence of factors pushed precious metals futures prices higher. As of around 13:27 on August 11, COMEX gold extended gains into a third straight session, up 0.89% at $4,459/oz; the most-traded SHFE gold futures extended gains for another session, up 1.887% to 961.86 yuan/g; COMEX silver extended gains into a third straight session, up 0.39% at $65.525/oz; the most-traded SHFE silver futures extended gains for the sixth straight session, up 3.08% to 16,069 yuan/kg; silver T+D extended gains for the sixth straight session, up 1.98% to 15,860 yuan/kg. In addition, the most-traded platinum futures extended gains for a second session, up 0.59% to 437 yuan/g, and the most-traded palladium futures extended gains for the fifth straight session, up 1.92% to 331.05 yuan/g. Currently, the market is focused on US July CPI data, and uncertainties remain for precious metals. With futures prices continuing to rise, what are institutions’ views on the outlook for precious metals? Spot Market Silver On August 11, the SMM #1 silver ex-factory reference average price in the morning was 16,123.5 yuan/kg, up 4.63% from the previous trading day. The continuous rise in silver prices continued to suppress downstream industrial demand, with buyers mostly adopting a wait-and-see attitude. The price spread narrowed today, traders lowered their offer prices, and some suppliers chose to sell at discounts to move inventory. Morning quotes in Shanghai were mainly concentrated between TD-5 and +5 yuan/kg. Reduced purchases by banking institutions weakened the floor support, and only some acceptance demand led to necessary deals, with the overall market leaning toward parity or a slight discount. In Shenzhen, some nationally standardized supplies were concentrated around slight discounts, with both buyers and sellers remaining cautious. Today, market premiums for the most-traded SHFE 2610 contract were quoted at a discount of 65 to 55 yuan/kg. Overall, precious metals drifted higher today, driven by bullish factors and buying. Spot market, after silver prices rose, selling pressure mounted, and transactions gradually shifted to discounts. Platinum On August 11, the average spot price of platinum was 432 yuan/g, up 0.23% from the previous trading day. Mainstream platinum quotations were at discounts of 3.5 yuan/g to 2.5 yuan/g against the PT2610 contract, with a wide disparity in quotations. Downstream consumption remained relatively weak, dominated by just-in-time procurement. The discount on mainstream quotations was basically flat with yesterday. Due to consecutive futures gains, some unhedged goods were offered at lower prices in the market. Today, overall consumption in the platinum spot market remained sluggish. Voices Regarding the future trend of precious metals, some institutions are more optimistic, while others are more cautious. The views of several institutions are as follows: Chaos Tiancheng Futures believes: Precious metals moved in tandem with US Treasury yields, the US dollar index, and oil prices on Monday, reflecting their gradual pricing in of long-term drivers such as debt credit risk, while the increasing possibility of "stagflation" further supported the market. The long-term driver, US Treasury credit, showed some intensification, as the US debt scale further exceeded $40 trillion last week and the US July deficit rate deteriorated, with the twin worries over debt and deficit driving precious metals higher. This week, accompanied by the re-emergence of the "commodity currency logic," precious metals again showed relative strength, while US Treasuries saw some "selling" – the 10-year Treasury yield climbed back to 4.7%, and precious metals also moved higher in tandem with Treasury yields. From the perspective of capital and fundamental resonance, market positioning sentiment and central bank gold purchases provided bottom support. The underlying logic of global central banks' continuous normalization of gold purchases remained unchanged. The PBOC increased gold holdings for 21 consecutive months, with monthly purchases of about 20 mt, creating sentiment resonance in the market. "Stagflation logic" rose further, boosting precious metals. Last week, US non-farm payrolls data showed negative growth, and the AI narrative still faced negative impacts. Monday's news showed Nvidia collaborating with Wall Street giants to advance an AI infrastructure plan worth $500 billion. This further triggered market interpretation of the AI logic and concerns over debt risks, causing US stocks to decline, and economic expectations decreased compared with earlier periods. The geopolitical situation remained volatile. Iran published a "preliminary plan for the management of the Strait of Hormuz" with very strict conditions, restricting US and Israeli vessels, imposing transport limits on some countries, and possible penalties for rule violations. The rebound in oil prices drove inflation expectations higher, US Treasury yields rebounded, and inflation risks increased. Last week, precious metals saw a sharp rebound in sentiment following a period of significant suppression, with the long-term logic of drifting higher continuing on Monday. Going forward, attention should be paid to USD/JPY exchange rate fluctuations; geopolitical developments and whether this week's US CPI data show breakout momentum to the upside. Relatively speaking, gold’s support is more stable than silver’s, while silver exhibits greater elasticity. Scott Rubner, strategist at Citadel Securities, recommended for the first time in 2026 that investors allocate to structural gold positions, and said the precious metals market is forming “one of the most attractive rally opportunities in months.” Rubner believes that gold and silver are seeing multiple tailwinds at the same time, including a shift in Fed policy expectations, continued central bank gold purchases, quantitative funds remaining in a net short position, bullish signals from the options market, and a possible return of retail funds previously drawn to the AI trading frenzy. In his view, a rare confluence of multiple factors is taking shape, and the precious metals market may enter a new phase of upside. UBS: expects gold prices to rise to $5,000/oz in H1 2027. Gold prices may remain relatively volatile in the near term. Matt Simpson, senior analyst at StoneX, said that improving prospects for peace in the Middle East lowered market inflation expectations, driving gold prices further higher from the weeks-long consolidation range above $4,000. The US Labor Department will release the non-farm payrolls report tonight. Simpson added: “Regardless of the non-farm payrolls data, $4,000 has proven to be a solid support level—I suspect the bulls are waiting for a pullback to seize the opportunity and push gold back to $4,600. The non-farm payrolls data may bring some short-term fluctuations, but the price action has already signaled the direction, and gold appears to want to move higher.” World Gold Council: In July, positive momentum factors offset negative risk factors, leaving gold prices flat for the month. Looking ahead, a second wave of high inflation similar to the late 1970s cannot be ruled out. However, this does not by itself mean gold will rally significantly; it depends on real interest rates, the US dollar, growth expectations, Asian investor demand, and how central banks respond. Kelvin Wong, senior market analyst at OANDA, said: “The link between gold and oil prices remains, because oil prices have a huge impact on inflationary pressures in the global economy. If we can see a clear roadmap for further de-escalation in the (Middle East) situation, gold prices could continue to rise.” (Jinshi Data APP) A CITIC Securities research report said that since the beginning of this year, gold prices shot up and then quickly fell, but the bank believes gold is still in a major bull market, with reasons including the accelerating expansion of the US fiscal deficit, geopolitical rifts under deglobalization that are hard to heal, and continued gold purchases by global central banks providing a floor. Therefore, we believe that the current gold price decline is only a temporary correction within a bull market. The current pullback magnitude has approached historical extremes, and the area around $4,000/oz is likely the bottom of this cycle. Looking ahead, the impact of the Strait of Hormuz situation on gold prices is expected to shift from suppressing to boosting, the US Fed's monetary policy may be more optimistic than market expectations, and combined with the surge in US military spending pushing up the deficit, gold prices are expected to return to an upward channel within the year. Everbright Futures' outlook for August: Gold's short-term trend depends on the evolution of the US-Iran situation. If the conflict persists or spills over and expands, market sentiment may weaken again, and under liquidity risk expectations, gold prices may continue to underperform; however, if there is a substantive breakthrough in negotiations, gold prices may stabilize in the short term and stage a rebound-repair trend, at which point if both domestic and external financial markets show a synchronous recovery, this can be further confirmed. However, it can be expected that, supported by central banks' rigid buying and allocation demand, even if there is another pullback, the room for decline will be relatively limited. Additionally, at the Jackson Hole global central bank symposium at the end of August, Warsh may outline the medium-term policy framework, and before that, the US CPI data on the 12th will be a key validation indicator. Overall, gold may present a bottom-solidifying and sentiment-repair phase, and we are cautiously optimistic. The core risk lies in the US-Iran conflict again causing oil prices to climb above $90/oz, US inflation data rebounding significantly beyond expectations, and the rising probability of a September rate hike continuing to suppress market sentiment. However, judging from the performance of financial markets outside China and oil prices, neither supports a full-scale escalation of the US-Iran conflict. A Reuters survey shows that after gold prices pulled back sharply from the record high in January, analysts cut their gold price forecasts for the first time since the end of 2023, but most still expect central bank buying and concerns about fiscal sustainability to provide support. In the survey of 29 analysts and traders conducted over the past three weeks, the median forecast for gold prices in 2026 is $4,509 per ounce. This figure is lower than $4,916 three months ago and marks the first downward revision in 11 quarters. The average forecast price for 2027 is $4,610, compared with $5,100 in the previous survey. Gold prices hit an all-time high of $5,595 per ounce in January, but in the second quarter, as the Iran war intensified energy inflation and pushed up rate hike expectations, prices suffered a sharp pullback, marking the worst quarterly performance since 2013. Since the outbreak of the war, spot gold has fallen about 22%. (Jin10 Data APP) ING analysts Warren Patterson and Ewa Manthey noted that gold prices rose on Monday, as a sharp drop in oil prices eased inflation concerns and pressured the US dollar and Treasury yields. Oil prices slumped sharply on Monday, easing inflation worries and the prospect of further monetary tightening. The move came on the heels of a pause in US-Iran hostilities. The decline in oil also weighed on the US dollar and US Treasury yields, improving the outlook for non-yielding assets ahead of this week’s Fed meeting. Markets are now focused on the Fed and upcoming US inflation data for further cues on the rate outlook. If yields remain suppressed, gold should continue to find support near current levels. However, any hawkish surprise from the Fed could cap further upside room in the near term. Commerzbank cut its year-end gold price forecast to $4,500 per troy ounce. It now sees platinum at $2,000 per troy ounce at the end of the year, down from an earlier forecast of $2,100. Citi said its base case shows India’s gold imports will stay sluggish in the third quarter, even though the third quarter is historically a seasonal stockpiling peak. The reasons are ample scrap supply, cautious consumer sentiment, and local price discounts that are curbing fresh import demand. Nonetheless, Citi kept its 0–3 month short-term gold target at $4,500. The bank said this target assumes an easing of tensions in the Strait of Hormuz and a shift to a less hawkish Fed; numerous short-term risks could still cause gold to test lower again, including a major re-escalation, AI-driven de-risking, and a persistently hawkish Fed. Analysts at ANZ Research said in a note that physical gold demand and central bank purchases are underpinning the gold market. They added that while prices face short-term headwinds from Fed tightening expectations and a strong US dollar, gold investment positioning looks thin after months of outflows from exchange-traded funds, suggesting further downside could be limited. High interest rates typically weigh on non-yielding assets like gold. (Zhith Finance) Goldman Sachs said that despite pressure from tighter Fed expectations, central bank buying is expected to provide a floor for gold. Demand remains strong; the bank estimates central banks bought 81 mt in May, with a three-month average of 67 mt per month, well above the pre-2022 average of 17 mt. “We believe the trend of central banks adding to gold holdings will persist for years as they diversify reserves to hedge against geopolitical and financial risks,” Goldman analysts said. The bank forecasts monthly central bank purchases will average 50 mt this year and 40 mt next year. (Jinshi Data APP) Kim Soojin, an analyst at MUFG, said: “Recent price action suggests markets are placing more weight on the likelihood that US interest rates will stay high for longer than on gold’s traditional safe-haven demand.”"This leaves gold vulnerable to pressure unless geopolitical risks further translate into a broad deterioration in financial market sentiment.” (Jin10 Data APP) Asset manager Fidelity International said it plans to rebuild the gold positions it reduced earlier this year at an appropriate time in the future, believing that gold's long-term drivers remain robust. Ian Samson, multi-asset portfolio manager at Fidelity International, recently said, “We plan to rebuild our gold position; the question is only about timing.” He said that from January to February this year he reduced his gold allocation to neutral, at a time when gold's multi-year bull market suddenly ended. Samson expects the gold market to re-enter a bull market at some point in 2027. Only if “governments re-embrace fiscal discipline and central banks truly commit to pushing inflation back down” would the case for returning to a bull market be undermined, “but I don’t think we are in that world right now.” Samson also noted that continued central bank gold purchases — a key driver of the previous bull market — will continue to support gold prices. A research report from Guoxin Securities shows: After a deep pullback in H1, gold prices near $4,000 are gradually showing signs of a bottom, awaiting only event catalysts to drive a rally. It suggests building positions in tranches on dips near $4,000 and avoiding chasing highs. Core allocation logic: First, valuations are at historical lows, offering a notable margin of safety. After the deep pullback in H1, valuations of gold mining companies have dropped significantly from the start of the year to low levels, providing high odds. Going forward, apart from a valuation repair rally, there is potential to also capture the price elasticity from rising gold prices. Second, earnings elasticity is a significant advantage. Gold stocks act as an amplifier of gold prices — mining costs are rigid, so higher gold prices translate directly into profit growth, and earnings elasticity far exceeds the gold price increase itself. A research report from Huayuan Securities points out: Over the medium term, the market's core trading logic has anchored on the pricing chain of “inflation stickiness and resilience exceeding expectations → prolonged period of high Fed rates → repeated flare-ups of rate hike expectations within the year.” Gold’s pricing anchor remains dominated by real US Treasury yields and the US dollar index, and the overall market is likely to continue consolidating on a subdued note. Currently, Middle East ceasefire negotiations are mired in repeated wrangling, with the two sides holding significant differences on core demands such as withdrawal arrangements, nuclear facility verification mechanisms, and control over the Strait of Hormuz shipping lane as well as transit fee rules. The recurrent nature of geopolitical conflicts continues to unsettle global crude oil supply expectations, and upside risks to energy prices could further entrench inflation stickiness, in turn supporting the Fed’s tightening stance. Meanwhile, the concurrent rise in the US dollar index and US Treasury yields is creating a double drag, and with gold’s safe-haven attribute temporarily giving way to interest-rate pricing logic, upside room for gold prices is likely to remain constrained. Key events to watch over the next two weeks include: 1) developments in the Middle East conflict and the navigation situation in the Strait of Hormuz; 2) the Fed's interest rate decision to be released on July 30; 3) the US PCE for June to be released on July 30. In the long term, gold's bullish logic has not weakened but rather strengthened amid shifts in global macro and geopolitical landscapes. 1) Constraints from US fiscal deficits, debt expansion, rising trade protectionism, and intensifying major-power rivalry are undermining the stability of the dollar's credit anchor, driving a reallocation of global reserve assets toward diversification. Gold is gradually evolving into a key asset for hedging sovereign credit risks, geopolitical fragmentation risks, and risks from the restructuring of the global monetary system. 2) Continued gold purchases by global central banks are still providing solid bottom support for gold prices, and the PBOC's sustained purchases further validate the official sector's long-term allocation demand. 3) The late stage of the US economic cycle faces multiple constraints from high interest rates, credit contraction, and slowing growth. Looking ahead, whether the Fed cuts interest rates due to economic slowdown or is forced to maintain high rates for longer due to sticky inflation, gold holds strong long-term allocation value: the former supports a decline in real interest rates, while the latter reinforces demand for safe-haven and credit-risk hedging. Overall, gold remains in a favorable window over the medium and long term, with its price center expected to continue moving higher amid the reshaping of global macro and geopolitical landscapes. Recommended reading:

Recently, Yihuatong's independently developed "An Online Activation Method and Device for a Fuel Cell System" passed the review of the Australian Intellectual Property Office and officially obtained an Australian standard patent grant, with the patent number AU 2022350248. This achievement is the first Australian invention patent obtained by the company in the core technology field of fuel cells, indicating that its relevant innovative technology has further gained recognition from authoritative institutions outside China. The patent entered the Australian national phase through the Patent Cooperation Treaty (PCT) international application system. After completing international search, patentability assessment, and local examination procedures, it was ultimately granted. The related technology is a core achievement formed by Yihuatong's R&D team through three years of continuous research and development, primarily aimed at proposing solutions to issues such as long activation times for fuel cells and performance degradation and reduced service life caused by impurities. According to reports, this technology can improve the activation efficiency of fuel cell systems and enhance product operational stability. Currently, related results have been applied to fuel cell commercial vehicles in Australia and the Brisbane distributed generation project, further verifying the technology's application capability in real-world scenarios. As a technology enterprise in the hydrogen energy field, Yihuatong continuously promotes independent R&D of core technologies and global intellectual property layout, and focuses on application scenarios such as transportation, energy storage, and comprehensive carbon neutrality to improve the green technology system across the entire chain of "production, storage, and utilization." The company has also built a multidisciplinary R&D team covering directions such as hydrogen production, energy storage, and fuel cells, as well as innovation platforms including the Beijing Engineering Technology Research Center, Beijing Key Laboratory, and Beijing Enterprise Technology Center. As of the end of June 2026, Yihuatong had cumulatively obtained over 1,200 granted patents, including over 480 invention patents. These patents cover fields such as fuel cell system design, control strategies, and structural design, and extend to technology directions like energy storage scheduling, energy balancing, and thermal safety, further improving the company's independent intellectual property system.

SMM August 11: Metals market: Overnight, most base metals on both domestic and overseas markets rose, with only LME nickel, SHFE tin, and SHFE nickel falling; SHFE tin fell 0.46%, SHFE nickel fell 0.42%, and LME nickel fell 0.15%. LME aluminum, LME zinc, and LME tin all gained over 1%, with LME aluminum up 1.99%, LME zinc up 1.01%, and LME tin up 1.08%, while the rest of the metals rose within 1%. Alumina main contract fell 0.59%, and cast aluminum main contract rose 0.28%. Overnight, ferrous metals mostly fell, with iron ore up 0.7%, stainless steel down 0.62%, and hot-rolled coil and rebar both down around 0.2%. In the coking coal and coke segment, coking coal rose 1.14% and coke fell 0.11%. Overnight, in precious metals, COMEX gold rose 1.11% and COMEX silver jumped 3.75%. On the domestic market, SHFE gold rose 0.66% and SHFE silver gained 1.89%. As of 6:43 AM, August 11, overnight closing prices: Macro Front Domestic: [National Bureau of Statistics (NBS): July CPI up 0.5% YoY, PPI up 3.5% YoY] NBS data showed: In July, affected by international imported factors, the Consumer Price Index (CPI) fell 0.1% MoM and rose 0.5% YoY. Excluding food and energy prices, the core CPI rose 0.3% MoM and 0.9% YoY, with the overall CPI maintaining a mild increase. Domestic demand in some sectors increased, but affected by imported and seasonal factors, the Producer Price Index (PPI) fell 0.7% MoM and rose 3.5% YoY, with the growth slowing by 0.6 percentage points from the previous month. In July 2026, the national PPI rose 3.5% YoY, down 0.7% MoM. The purchasing price index of industrial producers rose 5.5% YoY, down 1.0% MoM. From January to July on average, the PPI rose 1.8% from a year earlier, and the purchasing price index of industrial producers rose 2.8%. NBS chief statistician Dong Lijuan interpreted the July CPI and PPI data. US Dollar: As of the overnight close, the US dollar index rose 0.21% to 99.81, and markets now look to Wednesday's July CPI report. Cleveland Fed President Hammack said inflation has yet to return to target and the Fed may need to raise rates multiple times. She said a single 25bp rate hike "would not have much impact on the economy," but she was reluctant to prejudge the exact number of hikes or the terminal rate. Hammack believed the current 3.50%-3.75% rate range had not exerted significant restraint on the economy, and firms were not yet cutting growth investment due to high rates, so "it's time to act." She said the longer they wait, the harder it will be to get inflation back to 2%. Hammack also stressed that the job market had no obvious issues and the July employment data would not change her focus on inflation. She argued that markets can only assist the Fed, not replace the Fed in taking action. At the Fed's July meeting, Hammack dissented against holding rates steady, preferring a 25bp hike. (Jin10 Data APP) According to the CME FedWatch Tool: The probability that the Fed will hold rates unchanged in September is 48.8%, while the probability of a cumulative 25bp rate hike is 51.2%. For October, the probability of holding rates steady is 34.7%, that of a cumulative 25bp hike is 50.5%, and that of a cumulative 50bp hike is 14.7%. (Jin10 Data APP) On the macro front: Today will see the release of China's July M2 money supply YoY (TBD), the US July NFIB Small Business Optimism Index, the US ADP employment change for the week ended July 25, US July existing home sales annualized, and the Reserve Bank of Australia rate decision on August 11, among others. In addition, the RBA will release its rate decision and monetary policy statement, and RBA Governor Bullock will hold a monetary policy press conference. Crude Oil: Overnight, oil prices surged on both sides of the Atlantic, with WTI up 5.27% and Brent up 5.18%. In news, Iran's Foreign Ministry reiterated that the US naval blockade against Iran is an act of aggression against Iran. (Jin10 Data APP) The key backdrop to Monday's oil rally was shaken market expectations for a return to normal shipping in the Strait of Hormuz. Reports said Iran claimed its agreement with Oman on a new shipping lane in the Strait of Hormuz had entered its final stage, but Iran also raised other conditions, leaving uncertainty over when normal commercial shipping would resume. Analysts said traders would not fully unwind the geopolitical risk premium priced into oil prices until they see "verifiable evidence" such as actual tanker transits or a formal deal. Reports pointed out that Iran had made demands including a US military withdrawal, sanctions relief, and war reparations for the reopening of Hormuz, leading the market to reassess the likelihood of a near-term return to normal shipping. This shifted the trading logic in the oil market. (Wall Street News) Additionally, the US Strategic Petroleum Reserve (SPR) hit a record low again last week, falling below 300 million barrels for the first time since 1983. Data from the US Department of Energy (DOE) showed that for the week ended August 7, the US SPR fell by about 6.1 million barrels to 298.3 million barrels, not only breaching the 300-million-barrel mark but also setting a new low since 1983, continuing to approach the record low around 270 million barrels set in April 1982. This drawdown occurred against the backdrop of continued SPR releases by the US in recent years. The US released large volumes from the SPR in 2022 amid energy supply concerns triggered by the Russia-Ukraine conflict, and inventories have since stayed near historical lows. Although refilling began in recent years, the pace has not been enough to reverse the previous massive drawdown. Therefore, the significance of the current inventory level lies not merely in the loss of a few million barrels, but in the shrinking policy buffer that US strategic oil reserves can provide against future supply shocks. (Wall Street News)