According to Qichacha APP, Guangdong Xiangyu Xinmei New Materials Co., Ltd. was recently established, with a business scope including: sales of high-performance non-ferrous metals and alloy materials; sales of metal materials; sales of metal products; and sales of building materials. Qichacha's equity structure shows that the company is jointly held by Xiamen Xiangyu Nonferrous Metals Co., Ltd., a wholly-owned subsidiary of Xiamen Xiangyu Group, and others.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 28 Jul , 2026

[SMM Stainless Steel Daily Review] SS Futures Continue to Pull Back, Stainless Steel Spot Prices Drop According to SMM on July 28, SS futures moved further downward in a pullback. Dragged down by the overall decline in nonferrous metals futures, SS futures fell in tandem. By the close, the most-traded SS contract settled at 14,515 yuan/mt. In the spot market, impacted by the successive pullback in SS futures, market confidence continued to weaken. Moreover, stainless steel mills that had previously halted production resumed operations, increasing the supply of materials. The market, already with weak consumption, faced mounting absorption pressure, and stainless steel offers also pulled back. The most-traded SS futures contract, SS2609, at 10:15 am, was at 14,540 yuan/mt, down 170 yuan/mt from the previous trading day. Wuxi’s 304/2B spot premiums were in the range of 430-830 yuan/mt. In the spot market, cold-rolled 201/2B coil average price in Wuxi remained flat; cold-rolled unedged 304/2B coil average price in Wuxi (-50 yuan/mt) and Foshan (-50 yuan/mt); cold-rolled 316L/2B coil price in Wuxi (-75 yuan/mt); hot-rolled 316L/NO.1 coil in Wuxi remained flat; cold-rolled 430/2B coil in both Wuxi and Foshan remained flat. This week, macro and industry tailwinds converged, supporting nickel and stainless steel futures to maintain a consolidating on a strong note trend. On the macro front, US inflation expectations pulled back, alongside the ongoing US-Iran geopolitical conflict that continued to disrupt market risk sentiment. On the industrial front, earlier expectations of limited incremental growth in Indonesia's RKAB nickel mine supplementary quotas continued to simmer, effectively stabilizing the bottom of nickel prices and driving SHFE nickel to drift higher...

“Tin” Leading the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. Traditional cycle logic has been completely disrupted, and its strategic value has become fully evident. In 2026, the tin market is exhibiting an unprecedentedly complex landscape and profound changes: I. Deep Restructuring of the Supply-Demand Pattern, with Strategic Attributes Reaching an Unprecedented Level The global tin resource static reserve-to-production ratio is only 14 years, and scarcity is becoming increasingly prominent. The supply side is facing “triple pressure”: repeated setbacks in Myanmar’s production resumptions, continued tightening of Indonesia’s policies, and elevated geopolitical risks in the DRC; resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. The Pricing System Breaks Historical Records, and the Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough is not only a reflection of the supply-demand imbalance, but also a sign of value reassessment in the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transformation Gives Rise to a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. Global green transformation requires the tin industry to upgrade toward low-carbonisation and a circular economy; recycled tin recovery and green smelting processes have become the only way forward. All links of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Guangxi Huaxi Nonferrous Metals Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to drive the tin industry to new heights. Click to register for the conference immediately, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Guangxi Huaxi Nonferrous Metals Co., Ltd. (hereinafter referred to as “Huaxi Nonferrous”: 600301) is a publicly listed firm actually controlled by Guangxi Key Metals Industry Development Group Co., Ltd. (hereinafter referred to as the “Key Metals Group”), a large state-owned enterprise directly under the People’s Government of the Guangxi Zhuang Autonomous Region. It is also the only state-controlled publicly listed entity in Guangxi’s nonferrous metals industry, bearing the core mission of safeguarding the strategic security of the nation’s key metals and promoting high-quality regional industrial development. Guangxi Huaxi Nonferrous Metal Co., Ltd (hereinafter referred to as “GHNM”, stock code: 600301) is a listed company effectively controlled by Guangxi Critical Metals Industry Development Group Co., Ltd. (hereinafter referred to as the “Critical Metals Group”), a large state-owned enterprise directly under the People’s Government of Guangxi Zhuang Autonomous Region. GHNM is also the only state-owned listed company in the nonferrous metals industry in Guangxi, undertaking the core mission of safeguarding national strategic security of critical metals and promoting high-quality regional industrial development. As a Guangxi-based enterprise with a global reach in the nonferrous critical metals industry, GHNM is headquartered in Nanning and operates more than ten branches and subsidiaries. The Company manages total assets exceeding RMB 12 billion and employs over 6,600 staff. It has established an entire industry chain layout covering exploration, mining, mineral processing, smelting, deep processing, and advanced materials, with its tin smelting business ranking among the top five producers globally. The Company possesses exceptional resource endowments. Its core mining cluster (including Tongkeng Mine, Gaofeng Tin-Antimony Mine, Wuji Lead-Antimony Mine, and Fozichong Lead-Zinc Mine) has proven reserves of six key minerals—tin, antimony, indium, zinc, lead, and silver—all ranking first in Guangxi. Among them, the retained resources of critical metals tin, antimony, and indium rank among the top globally, laying a solid resource foundation for the Company's sustainable development. As a Guangxi-based enterprise with a global reach in the nonferrous critical metals industry, GHNM is headquartered in Nanning and operates more than ten branches and subsidiaries. The Company manages total assets exceeding RMB 12 billion and employs over 6,600 staff. It has established a fully integrated industrial chain covering exploration, mining, mineral processing, smelting, deep processing, and advanced materials, with its tin smelting business ranking among the top five globally. The Company possesses strong resource endowment. Its core mining cluster (including Tongkeng Mine, Gaofeng Tin-Antimony Mine, Wuji Lead-Antimony Mine, and Fozichong Lead-Zinc Mine), has identified reserves of six key minerals including tin, antimony, indium, zinc, lead, and silver, which all rank first in Guangxi. Among them, the critical metals retained reserves of tin, antimony, and indium rank among the top globally, providing a solid resource foundation for the Company’s sustainable development. GHNM is deeply engaged in the high-end manufacturing track. Its main products cover basic metal products such as tin ingots, antimony ingots, indium ingots, lead ingots, zinc ingots, and precious metals, as well as high-end new materials including high-purity metals, solder, and alloys, which are widely used in strategic emerging industries such as new energy, PV, AI chips, aerospace, and intelligent equipment. The “Jin Hai” brand tin ingots are registered on the Shanghai Futures Exchange and the London Metal Exchange, and the product quality is highly recognized by the industry. GHNM is deeply engaged in the high-end manufacturing sector of Critical Metals. Its core products include refined metals such as tin ingots, antimony ingots, indium ingots, lead ingots, zinc ingots, and precious metals, as well as advanced new materials including high-purity metals, solders, and alloys. These products are widely applied in strategic emerging industries such as new energy, photovoltaics, AI chips, aerospace, and intelligent equipment manufacturing. The Company’s “Jinhai” brand tin ingots are registered with the Shanghai Futures Exchange (SHFE) and the London Metal Exchange (LME), and their quality is highly recognized by the industry. Leveraging strong capabilities in technological innovation and green transformation, GHNM has established one of the first national demonstration bases for the comprehensive utilization of mineral resources, a national demonstration base for the comprehensive utilization of indium, tin and antimony resources, and unmanned and intelligent mining demonstration stopes in hazardous operating areas. GHNM has received numerous prestigious honors, including “National Outstanding Unit in Geological Exploration,” “National Green Mine Enterprise,” and “State-owned Enterprise Reform Demonstration Enterprise” recognized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). GHNM has also been recognized as a leading “chain owner” enterprise in Guangxi, ranked among the Top 50 manufacturing enterprises in the region, and selected as an outstanding sustainable development case among Chinese listed companies. Leveraging strong capabilities in technological innovation and green transformation, GHNM has established one of the first national demonstration bases for the comprehensive utilization of mineral resources, a national demonstration base for the comprehensive utilization of indium, tin and antimony resources, and unmanned and intelligent mining demonstration stopes in hazardous operating areas. GHNM has received numerous prestigious honors, including “National Outstanding Unit in Geological Exploration,” “National Green Mine Enterprise,” and “State-owned Enterprise Reform Demonstration Enterprise” recognized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). GHNM has also been recognized as a leading “chain owner” enterprise in Guangxi, ranked among the Top 50 manufacturing enterprises in the region, and selected as an outstanding sustainable development case among Chinese listed companies. Adhering to the corporate mission of “Sustainably serving society with limited resources through diligence and wisdom,” GHNM, guided by the strategic layout of the critical metals group, is accelerating mine expansion, industry chain extension, and the cultivation of new quality productive forces, and will further improve the industrial ecosystem and release growth potential. Guided by its mission of “leveraging diligence and wisdom to ensure that finite resources sustainably serve society,” GHNM is advancing under the strategic direction of the Critical Metals Group, accelerating mine capacity expansion, extending the industrial chain, and fostering new quality productive forces. The Company will continue to enhance its industrial ecosystem and unlock new growth potential. Going forward, GHNM will continue to deepen its strategy of “strengthening, supplementing, and extending the industrial chain,” drive the transformation of resource advantages into development strengths through technological innovation, and fully build a critical metals industrial chain with national influence and international competitiveness. The Critical Metals Group and GHNM sincerely invite enterprises in and outside China and talented professionals from all sectors to visit Guangxi, discuss cooperation, seek common development, and jointly realize the beautiful vision of “Silver gracing the globe, happiness coalescing in Huaxi.” Looking ahead, GHNM will continue to deepen its strategy of strengthening, complementing, and extending the industrial chain, leveraging technological innovation to transform resource advantages into development strengths, and striving to build a Critical Metals value chain with strong national influence and global competitiveness. The Critical Metals Group and Huaxi Nonferrous sincerely invite partners from across China and around the world, as well as talented professionals from all sectors, to visit Guangxi, explore opportunities, and pursue shared development. Together, we aim to realize the vision of “Silver gracing the globe, happiness coalescing in Huaxi.” Contact Tel: 0771-3160697 15877261682 Email: hxys-yx@china-tin.com Website: https://www.china-tin.com/ Long press or scan to register now 2026 SMM (16th) Tin Industry Chain Conference

The first half of 2026 is already in the past. At the start of H2, industry chain enterprises have begun to release their H1 2026 performance forecasts collectively. Notably, against the backdrop of a significantly higher YoY lithium price center, stable demand in the NEV industry, and a continuously booming energy storage sector, most enterprises in the lithium industry chain expect varying degrees of performance improvement. SMM has compiled the performance forecast situations of some enterprises in the industry chain, as follows:

[SMM Tin Morning Brief: SHFE tin consolidates on a strong note, tin price stands at 418,000 yuan/mt]

On July 27, Chifeng Gold shares rose. As of the close on July 27, the stock was up 4.52% at 38.14 yuan per share. In terms of news: Chifeng Gold disclosed its H1 2026 preliminary earnings after market close on July 14, showing that the company estimates net profit attributable to shareholders of the publicly listed firm for H1 2026 to be between RMB 1,700 million and RMB 1,780 million. Compared with RMB 1,106.9 million in the same period last year, this represents an increase of RMB 593.1 million to RMB 673.1 million, up 54% to 61% YoY. It estimates net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses for H1 2026 to be between RMB 1,710 million and RMB 1,790 million, compared with RMB 1,111.91 million in the year-ago period, an increase of RMB 598.09 million to RMB 678.09 million, up 54% to 61% YoY. Regarding the main reasons for the performance change in the period, Chifeng Gold said the sharp YoY growth in both net profit metrics was primarily driven by a significant rise in gold prices relative to the same period last year, with the average gold selling price up about 43% YoY, alongside the company's continuous strengthening of production organization and operational management, which boosted results. Regarding its main business, Chifeng Gold described in its 2025 annual report: The company belongs to the nonferrous metal mining and beneficiation industry, with principal products including precious metals such as gold and nonferrous metals like copper cathode. Its core business is gold mining, mineral processing and sales, while also engaging in polymetallic mining and comprehensive resource recovery. The company operates six gold mines and one polymetallic mine globally, with a footprint covering China, Southeast Asia and West Africa. Among them, domestic subsidiaries Jilong Mining, Wulong Mining, Huatai Mining and Jintai Mining focus on gold mining and beneficiation; Hanfeng Mining focuses on zinc, lead, copper and molybdenum polymetallic mining; the controlled subsidiary Laos Vientiane Mining is engaged in gold mining and copper mining and smelting; and the controlled subsidiary Ghana Wassa focuses on gold mining. In addition, the controlled subsidiary Guangyuan Technology specializes in comprehensive resource recovery, focusing on the dismantling of waste electrical and electronic products and other environmental protection business. A review of Gold 99's price trend in H1 2026 shows: The average price of Gold 99 on June 30 this year was 866.2 yuan/g, down 110.79 yuan/g from 976.99 yuan/g on December 31, 2025, a decline of 11.34% in H1 2026. The daily average price of Gold 99 in H1 2026 was 1,037.71 yuan/g, up 315.43 yuan/g from 722.28 yuan/g in H1 2025, an increase of 43.67%. Gold price movements have been extremely sharp since the start of 2026. On January 29, COMEX gold hit an all-time high of $5,626.8 per ounce, but subsequently, pressured by factors such as heightened expectations for US Fed interest rate hikes, it fell to an intra-year low of $3,955.4 per ounce on June 30. Recently, easing US-Iran tensions have alleviated market concerns about inflation and interest rates staying high for longer, leading to a gold rebound. As of 19:12 on July 27, COMEX gold had risen 0.74% to $4,101.4 per ounce, with a year-to-date loss of 5.53%. Regarding the outlook for precious metals, views from some institutions are as follows: Teves Joni, gold strategist at UBS, remains positive on gold’s medium and long-term outlook. In her commentary, she noted that gold prices have risen since the start of this week, with gold stocks in Mainland China and Hong Kong gaining around 20% cumulatively over three days, a positive signal. "We think sentiment in gold is starting to improve and continue to expect gold prices to rebound from current levels before year-end," she said. The UBS global team stays upbeat about gold's medium-term picture and forecasts that gold will reach $4,675 per ounce by end-2026 and $4,800 per ounce by end-2027. Key events to watch ahead, she added, are the policy tone from the US Fed at the late-July FOMC meeting and further developments in the Middle East situation. (Jinshi Data App) Analysts at ANZ Research said in a report that physical gold demand and central bank buying are supporting the gold market. They added that while gold faces near-term headwinds from expectations of further US Fed tightening and a firm US dollar, investment positioning in gold looks thin after months of ETF outflows, suggesting limited room for further declines. The high interest-rate environment typically weighs on non-yielding assets like gold. (Zhitoong Finance) Goldman Sachs said that despite pressure from the US Fed’s tightening expectations, central bank buying is expected to provide a floor for gold. Demand remains strong, with the bank estimating that central banks purchased 81 mt in May, and the three-month average stood at 67 mt, well above the average of 17 mt before 2022. Goldman analysts noted, "We believe the trend of central banks adding gold will persist for years as they diversify reserves to hedge geopolitical and financial risks." The bank forecasts monthly average purchases of 50 mt this year and 40 mt next year. (Jinshi Data APP) Kim Soojin, analyst at MUFG, said, "Recent price action suggests the market is placing more weight on the likelihood of U.S. rates staying higher for longer, rather than gold’s traditional safe-haven demand. This leaves gold vulnerable to stress unless geopolitical risks translate into a broader deterioration in financial market sentiment." (Jinshi Data APP) Fidelity International said it plans to rebuild its gold position, which was trimmed earlier this year, at the right opportunity, believing that gold’s long-term drivers remain robust. Samson Ian, multi-asset portfolio manager at Fidelity International, recently said, "We plan to add back to gold, it’s just a matter of timing." He reduced gold allocation to neutral between January and February this year, when the multi-year bull run in gold ended. Samson expects gold to re-enter a bull market sometime in 2027, and only a scenario in which "governments return to fiscal discipline and central banks genuinely commit to bringing inflation back down" would undermine the case for a renewed bull market. "I don’t think we’re in that world right now," he added. Samson also said that sustained central bank gold buying, a key driver of the previous gold bull market, will continue to support prices. Last Thursday, Bank of America technical strategists warned that gold’s pullback this year may have room to go much further, potentially resembling the devastating bear markets that followed the massive gold rallies in 1980 and 2011. They proposed a phased buying strategy, suggesting full allocation only when gold falls to the $3,450-$3,250 range. In a technical research note, BofA analysts pointed out that gold has gathered a series of bearish signals, with rising risks of a sustained drop: a death cross pattern, elevated net long open interest, a warning top candlestick, a TD Sequential exhaustion signal, and an RSI reading of 90 at the recent peak―a level consistent with the gold tops in 1980 and 2011. UBP lowered its year-end gold target to $4,800 per ounce, and while it remains bullish on gold in the long term, it is not adding to positions for now. Its gold allocation stands at a neutral roughly 5%, down from an overweight position earlier this year, according to Gupta Paras, head of discretionary portfolio management for Asia at UBP, in an interview. Gupta said the previous overweight position "posed the biggest risk to our portfolio." UBP wants to see Middle East ceasefire agreements maintained, along with greater clarity on inflation and interest rate trends, before increasing its position. Gupta said that for investors with no gold exposure, a dip below $4,000 per ounce would be a highly attractive entry point. (Zhitoong Finance)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 27 Jul , 2026

[SMM Morning Meeting Summary: Tug-of-War in High Range, Awaiting a Breakout Signal Amid the Tug-of-War Between Sellers and Buyers]

As the global green transition and the "dual carbon" goals advance further, the nonferrous metals industry is accelerating its shift toward low-carbon, smart, and high-end development. South China, as a core industry hub, boasts a well-established industry chain, outstanding resource endowments, and strong policy support, generating robust development momentum. Hosted by SMM, the is scheduled to be held from September 9 to 11 in Nanning, Guangxi. Centered on five key topics—price trends, market outlook, trade environment, policy direction, and low-carbon technology—the conference serves as a high-end industry platform for exchange and collaboration. Geely Baikuang Group Co., Ltd. sincerely invites colleagues from all sectors to gather in Nanning, join in this grand event, and jointly promote technological innovation and digital-intelligent transformation, helping enterprises seize opportunities and tackle challenges, and driving the high-quality development of the nonferrous metals industry. Click the to sign up and attend now! Booth No.: B6 Unleashing the Value of Resources for Sustainable Social Development Geely Technology Group was founded in 2017 and is affiliated with Geely Holding Group. It consistently adheres to the development philosophy of "innovation-driven, industry-based," advancing the transformation and upgrading of traditional industries and the growth of strategic emerging industries through technological innovation. The Group has four core industries: new materials (resources), motorcycle smart manufacturing, the low-altitude economy, and power and AI semiconductors, with strategic investments in commercial aerospace, new energy, and other businesses. It continues to strengthen its industry ecosystem advantages and consistently delivers valuable products and services to society. Currently, the Group's annual output value exceeds 100 billion yuan, with a workforce of more than 20,000. Geely Baikuang Group is an important member of the Fortune Global 500 company Geely Holding Group and one of the core enterprises in the new materials (resources) sector of Geely Technology Group. Its business spans multiple fields, including coal, electric power, aluminum, carbon, deep aluminum processing, and ecological manganese. Guangxi Baiming New Materials Co., Ltd. 's 50kt annual capacity project for electrical round aluminum rod represents a critical strategic initiative by Geely Baikuang Group, leveraging its existing liquid aluminum capacity to extend the aluminum industry chain and enhance product added value. It is also a concrete practice of the Group's active response to the strategic deployment for the "second entrepreneurial push" of the aluminum industry by the Autonomous Region and Baise City, while deepening supply-side structural reform. As a vital link in the circular development of Baise's eco-aluminum industry, this project will further optimize the regional aluminum industry layout, promote the efficient local conversion of resources, and strengthen the industry's overall competitiveness. The project is situated within the Longlin Aluminum Plant, part of the Gui-Qian (Longlin) Economic and Industrial Cooperation Park in Mugu Village, Pingban Town, Longlin Various Ethnic Groups Autonomous County. There, it fully leverages the raw material advantage of the Longlin Aluminum Plant's existing liquid aluminum capacity, facilitating the direct supply and conversion of nearby liquid aluminum, thereby significantly reducing remelting energy consumption and production costs. Total project investment is approximately 14.2 million yuan. Once completed and in operation, it is expected to form a production capacity of 50,000 mt per year of electrical round aluminum rod, achieve an annual output value of about 1 billion yuan, and generate annual tax revenue of approximately 2 million yuan. Company's Main Products The electrical round aluminum rods cover mainstream alloy designations such as 1A60, 1370, 1350, 8030, 8R76, 6201, and 8A07 high-conductivity rod, and specifications include wire diameters of Ø9.5, Ø12, Ø15, etc. They are widely used in conductor manufacturing for power cables and fiber optic cables, as well as in electromagnetic wire, enamelled wire, and air-conditioning condenser tubes, providing high-performance materials for motors, transformers, electronic components, and NEV parts, thereby strengthening the foundation for power and signal transmission. The project introduces smart integrated equipment, integrates multiple processes, and precisely controls aluminum semis processing, practicing the principles of high quality, low energy consumption, high efficiency, and sustainability, breaking through traditional limitations, and supporting the green and low-carbon development of China’s aluminum industry. Aluminum Processing Industry The aluminum processing industry is a key breakthrough sector for Geely Baikuang Group to achieve transformation and upgrading. It shoulders the major mission of extending Guangxi’s aluminum industry “second startup” toward advanced aluminum processing. Currently, it includes aluminum wheel hubs, refined aluminum, etc. The aluminum wheel hub project relies on Geely’s systematic advantages in the automotive industry and enjoys huge market demand. For the 10-million-unit-per-year aluminum alloy wheel hub project, Phase I with 5.2 million wheel hubs was launched into production in 2021. Refined aluminum has completed construction of 10,000 mt capacity, with aluminum purity reaching 99.99%, mainly applied in high-tech fields such as electronics and aerospace. At the same time, Geely Baikuang Group is establishing an integrated system covering R&D, production, and sales, and advancing the construction of the aluminum plate/sheet, strip and foil project and the production base for NEV all-aluminum vehicle-supporting aluminum products and parts, to meet the huge demand for aluminum-based composite materials from the NEV industry, enrich Baise’s aluminum industry structure, and promote the high-quality development of Guangxi’s aluminum industry second startup. Manganese Industry The manganese industry is an emerging industry of Geely Baikuang Group, currently including manganese carbonate ore, electrolytic manganese metal, etc. The Geely Baikuang Jingxi Ecological Manganese Industry Integrated Park is one of the important manganese ore industrial bases in Guangxi and even China, with existing manganese carbonate ore resources of 20 million mt, Envision reserves of 40 million mt, and an annual output of 330,000 mt of manganese carbonate ore; electrolytic manganese metal capacity of 60,000 mt has been completed and put into operation. Geely is vigorously promoting NEV production, and Geely Baikuang will actively transform and upgrade toward new energy battery manganese-based materials, providing raw materials to new energy battery enterprises. Aluminum Smelting Industry Contact Information Huang Xiaoma 18177800977 SMM Conference Contact Ding Weiquan 18029344837