8 June 2026 | 11:00PM HKT Equity Research CHINA BASIC MATERIALS China commodities: Refreshing earnings estimates; Downgrade Yankuang-A to Sell We refresh our earnings estimates for our China commodities coverage, including both basic materials and agriculture to reflect mark to market price changes YTD. We have made downward revisions for steel, cement, gold and paper sectors, upwards for copper and coal sectors. Our target price changes are -12% to 20%. Our preferred commodities remain coal and copper, and ...