3 Moon 22 Day, 2017 A market analysis report on mineral products was held in Beijing. The experts attending the meeting summarized... 2016 The operational status of annual mineral products, to 2017 An analysis and forecast of trends in annual mineral production, demand, and prices were conducted.

　　Regarding China’s mining situation and the trends in major mineral products, Chen Jiabin, Director of the Resource Economics and Management Research Office at the Institute of Land and Resources Economics of China, stated that the current supply-and-demand dynamics for China’s key mineral resources are undergoing a significant structural shift. Demand growth is transitioning from high-speed to medium-to-low-speed growth, and in the future... 5 year to 10 This year, China has become the world’s largest consumer of energy and mineral resources, and is now facing dual pressures: meeting peak resource demand and undergoing industrial transformation. Under the new economic normal, ensuring resource security and addressing issues such as excessive resource consumption, ecological damage, overcapacity, low efficiency, and overshooting peak demand have become the core missions of the mining industry. At the same time, the mining industry is moving away from an era of high profits and becoming a highly competitive, high-barrier-entry sector. In the future, the mining industry will enter the era of the Internet. + In this era, building smart mines will be the way forward.

　　Peng Tao, Secretary-General of the Lead and Zinc Branch of the China Nonferrous Metals Industry Association, stated that... 2016 Annual non-ferrous metal production remained stable with a steady increase, and lead production... 466.5 Ten thousand tons, growth 5.7% ; Zinc production 627.3 Ten thousand tons, growth 1.96% , total 1093.9 Ten thousand tons, accounting for China 10 Total output of non-ferrous metals 20.7% , the proportion has increased 1% The industry’s economic benefits are experiencing a recovery-driven growth, yet it still faces prominent structural contradictions, low industry concentration, increasing resource and environmental constraints, intense domestic competition characterized by product homogeneity, and weak competitiveness in the international market.

　　 “ The peak in copper supply has passed, and consumption will become the determining factor. ” Che Hongyun, chief nonferrous metals analyst at CITIC Anxin Futures, pointed out that the bottom of the copper market has already appeared, but a bull market still requires the economy to enter an upward cycle. While tight supply remains a long-term supporting factor, slowing consumption growth means that copper prices will likely continue to fluctuate in the future. Consumption and the economy are key factors.

　　2017 Global primary nickel production is rebounding, and China is investing in Indonesia. NPI The project is gradually reaching full capacity, and it is expected that... 2017 Annual increase in nickel metal supply 10 Over 10,000 tons; estimated 2017 Global nickel production for the year was 210 Ten thousand tons, 2017 The incremental demand for stainless steel this year will primarily focus on the resumption of production at QingShan Indonesia and Delong. Global nickel consumption is expected to be... 209 Tens of thousands of tons—production may once again fall into a surplus situation. 2017 Global nickel supply continued to increase this year, but the growth rate of consumption has明显 slowed down. 2017 The global nickel market will be in a tight balance this year; nickel prices are expected to gradually recover along with the overall rebound of the mining market, with a general range of... 9000 U.S. dollar / ton ~13,000 U.S. dollar / within the range of tons, according to Xu Aidong, chief analyst at Beijing Antaike Information Development Co., Ltd.

　　2017 At the beginning of the year, cobalt prices surged dramatically. Xu Aidong pointed out that this price increase was the result of a confluence of factors: tightening supply-side measures (including stockpiling and storage), demand-side drivers (such as the development plan for new-energy vehicles and premium subsidies for ternary batteries), enthusiastic pursuit by speculative capital, and reluctance to sell on the part of major domestic and international players. Xu Aidong forecasts that... 2017 Global refined cobalt consumption will reach... 11.3 10,000 tons, an increase year-on-year. 6% Among these, the largest increase will still come from the battery sector; however, due to the involvement of various sources of capital, cobalt prices still face a range of possible scenarios.

　　Regarding the analysis of the gold industry, Wang Lixin, Managing Director of the China Region at the World Gold Council, pointed out that: 2016 In the year, the total supply of gold increased by approximately. 5% , the total ground inventory reaches 186.7 Ten thousand tons, equivalent to approximately 6.6 Hundreds of millions of dollars—net hedging by refiners and producers showed significant growth. Demand for gold investment surged to nearly... 4 The highest point in years has driven up gold prices and boosted annual demand, leading to an approximate decline in global demand for gold jewelry. 15% , to 7 the lowest point in years; meanwhile, China’s demand for gold investment has reached 2013 The highest level since [year].

　　Zhang Yongtao, Vice President and Secretary-General of the China Gold Association, emphasized that mining companies must pay close attention to the gold market. Some large enterprises have their own specialized market teams that forecast gold prices and develop hedging strategies. Even those companies without their own teams should hire professional teams to maximize their corporate interests.