The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

As the world places increasing emphasis on the sustainable use of resources and environmental protection, the status of the secondary metal market within the global metal industry has become increasingly prominent.

Driven by the dual goals of "carbon peaking and carbon neutrality" and resource scarcity, the global circular economy is thriving. Africa, with its abundant primary mineral reserves and potential for secondary metals, has emerged as a crucial link in the global metal industry chain. Relevant data shows that Africa accounts for 15% and 8% of global copper and aluminum ore reserves, respectively. Countries such as the DRC and Zambia consistently rank among the top copper producers globally, providing ample raw materials for the secondary metals industry. Meanwhile, in recent years, African countries have taken proactive measures. The DRC revised its Mining Code, significantly streamlining the foreign investment approval process, reducing the approval time from months to weeks, and attracting substantial Chinese and European capital to establish secondary metal processing plants. South Africa launched the "Green Minerals Initiative," offering tax incentives of up to 30% for secondary metal enterprises, encouraging them to expand capacity and upgrade technology. Furthermore, technological innovation is key to the transformation and upgrading of Africa's secondary copper and aluminum industries. Advanced technologies such as digital mines and automated sorting equipment are rapidly gaining popularity in Africa, significantly enhancing production efficiency and resource recovery rates. As a front-runner in PV deployment, Africa saw a 25% YoY increase in new installations in 2023, driving an annual increase of 150,000 mt in demand for secondary copper. Overall, the combination of Africa's resource endowments, policies, and technologies is injecting strong momentum into the thriving development of the secondary metals industry, making this golden land highly promising in the future wave of green development. In this context, from June 12-13, 2025, SMM will host the 2025 SMM 2nd Global Secondary Metal Industry Chain Summit Forum in Thailand, inviting Yousef Al Sharif, Manager of Sharif Metals Group, to participate in a keynote speech on the theme of "Exploring Africa: Opportunities for Sustainable Expansion and Raw Material Investment," prospectively exploring new opportunities for the development of Africa's secondary metal industry from key elements such as industrial foundations and policy support, technological innovation and industrial development advantages, as well as market demand boost and investment cases. Guest speaker Yousef Al Sharif is the Manager of Sharif Metals Group, a company specializing in metal recycling and manufacturing. He is also a Young Trader of the African Recycling Association and a board member of the Electronic and Electrical Equipment Batteries (EEEVB) Steering Committee of the Bureau of International Recycling (BIR). He actively participates in international recycling conferences organized by ReMa, BIR, BMR, CMRA, and MRA, delivering influential speeches on the importance of sustainable recycling practices. Confirmed guest speaker Agenda June 12 Main Agenda ·9:00-12:00 Company Visits ·10:00-12:00 Registration ·10:00-12:00 Free Networking ·12:00-13:00 Buffet Lunch ·13:30-13:45 Opening Remarks ·13:45-14:00 Green Transformation and Sustainable Development Prospects of Thailand's Secondary Metal Industry Guest speaker: Dr. Somthai Wongcharoen, Secretary General of the ASEAN Institution of Recycling (AIR) ·14:00-14:20 From Policy to Market: The Impact of EU Waste Shipment Regulations on the Global Secondary Metal Industry Guest speaker (pending): Susie Burrage OBE, President of the European Recycling Association ·14:20-15:10 Roundtable Discussion: Interviews with Top-Tier Entrepreneurs in the Secondary Metal Industry 1. Future Trends in Recycled Raw Material Supply Based on the Development of Thailand's Industry Chain 2. Investment Risks in the Southeast Asian Recycled Metal Industry 3. International Trade Flows and Consumption Trends in the Recycled Metal Industry Amid Geopolitical Changes Moderator: Li Shilong, President of China National Alliance for Recycling Industry Technology Innovation Guest Speakers: Zhou Xiangchun, General Manager of Da Zheng Da Ji Metal (Thailand) Co., Ltd. Kittipot Thanalertlap, Vice President of Metalcom Ltd. Zhang Junbing, Global Sourcing Director of Hailiang Group Co., Ltd. Liu Qingcheng, Deputy General Manager and Director of Thai-China Nonferrous Metals International Co., Ltd. ·15:10-15:25 Tea Break ·15:25-15:40 The Path to Global Recycled Metal Industry Development Driven by the ESG Background Guest Speaker (pending): Lionel Lai, Head of Sales and Procurement, Majestic Corporation PLC (AUS) ·15:40-16:00 Changes in the Global Supply-Demand Pattern of the Recycled Metal Industry Guest Speaker: Fei Changyun, Senior Consulting Manager of SMM Information & Technology Co., Ltd. ·16:00-16:20 Global Recycled Metal Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Treasurer and Executive Committee Member of the Middle East Recycling Bureau ·16:20-17:10 Roundtable Discussion: Exploring the Global Recycled Metal Market: An In-depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Logan Lu, CEO of SMM Information & Technology Co., Ltd. Guest Speakers: Qin Xinghong, Chairman of GSC Metal Co., Ltd Thailand Guest Speaker (pending): Anurag Sharma, Director of the Aluminum Division of Hindalco Xavier, Chairman of Comercial Riba Farre S.A. C ·18:30-20:00 Award Ceremony and Banquet Recommendations for High-Quality Overseas Material Yards and Trustworthy Traders in Copper and Aluminum, and High-Quality Equipment Enterprises in Batteries June 13 Sub-forum ·Battery Forum ·9:00-9:20 Strategic Layout of Thailand's Battery Recycling Industry: A Blueprint for the Development of the Electric Vehicle Industry in the Next Five Years Guest Speaker: Dusit, Chairman Advisor of the Ministry of Industry of Thailand ·9:20-10:20 Roundtable Discussion: Southeast Asian Battery Resource Market: Supply Chain Dynamics Guest Speakers: Chen Wenkai, President of the Malaysia Nonferrous Metals Association Sujin Kim, Global Business Development Director of BatX Energies ·10:10-10:30 Current Status and Path to Transformation of the Southeast Asian Waste Lead-Acid Battery Market Guest Speaker: Wu Xiaoyun, Chairman of Japan Gaoxing Industrial Co., Ltd. ·10:30-10:50 Tea Break ·10:50-11:10 Improving the Battery Recycling System Driven by the Market Growth of Two-Wheeled Electric Vehicles in Southeast Asia Guest Speaker: Yadea Technology Group Co., Ltd. ·11:10-12:00 Roundtable Discussion: Current Status and Future Development Trends of Battery Recycling in New Energy Vehicles Guest Speakers: Nicholas Assef, President of the Australian Battery Industry Recycling Association ·12:00-13:30 Buffet Lunch ·Copper and Aluminum Forum ·14:00-14:20 New Dynamics in Global Recycled Copper and Aluminum Supply and Demand from a North American Perspective Guest Speaker: Robin Wiener, President of the Recycled Materials Association ·14:20-14:40 SMM Serving the Global Recycled Copper and Aluminum Metal Market Guest Speaker: Zhang Xiaoyao, Project Leader of the Recycling Division of SMM Information & Technology Co., Ltd. ·14:40-15:00 Global Recycled Metal Supply-Demand Pattern Development from an Indian Perspective Guest Speaker: Amar Singh, Secretary General of the Indian Recycling Bureau ·15:00-15:20 Building a New Cambodia-China Metal Hub: Inviting You to Co-establish an Overseas Demonstration Industrial Park for Recycled Nonferrous Metal Processing Guest Speaker: Cao Zhuo, General Manager of International Business in the Americas Region of the Cambodia-China Metal Materials Industrial Park ·15:00-15:20 Tea Break ·15:20-16:20 Roundtable Discussion: Recycled Copper and Aluminum Yards: Innovative Recycling and Sorting Technologies Paving the Way for Green Carbon Reduction in the Industry Guest Speakers: Liang Jiali, Deputy General Manager of Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Ross Gunther, Cimco Resources, Inc. President ·16:20-16:40 Exploring Africa: Sustainable Expansion and Raw Material Investment Opportunities Guest Speaker: Yousef Al Sharif, Manager of Sharif Metals Group Sneak Peek at the List of Participating Enterprises

Since entering Q2 2025, the DRAM market has seen continuous price increases, with some segments experiencing tight supply. "Some models have increased by nearly 50% in a month!" a senior executive from a domestic memory producer revealed. Recently, media reports have also stated that Samsung raised the price of DDR4 by 20% and DDR5 by approximately 5% at the beginning of this month. Several industry chain interviewees stated to Caixin reporters in recent days that this round of market fluctuations primarily stems from strategic capacity adjustments by mainstream original manufacturers such as Samsung and SK Hynix, following the incremental demand for HBM and server DRAM brought about by AI. "Recently, original manufacturers have successively issued DDR4 EOL (End of Life) notifications. Considering the long-tail demand for D4 products from terminals such as servers and PCs, downstream companies have urgently built up DDR4 inventory, leading to tight supply of DDR4 products in the near term," Yang Yiting, an analyst from CFM Flash Market, told reporters. Under these circumstances, both original memory manufacturers and module manufacturers with sufficient inventory are expected to benefit. More notably, with the strategic capacity adjustments by international manufacturers and changes in the supply chain environment, domestic memory producers are also embracing structural opportunities. DRAM Price Surge: AI "Fever" and Original Manufacturers' "Control" At the beginning of 2025, the trend of tightening DRAM market supply gradually emerged. Liu Ming, a senior executive from a memory module factory in Shenzhen, provided a vivid market observation to Caixin reporters during a recent market exchange: "DRAM prices have surged sharply recently, especially for some DDR4 models, with a nearly 50% increase in a month. If you ask me about the price today at 4 yuan and think it's expensive, so you wait and see, it might be 4.5 yuan in a few days." She further explained that due to the capacity tilt of the three major original manufacturers—Samsung, Hynix, and Micron—towards high-performance memory, the inventory levels of niche products have decreased. Prices for niche DRAM products, represented by DDR4 and LPDDR4, have rebounded since the end of March. "It is expected that the contract prices of PC DRAM and Mobile DRAM in Q2 2025 will increase by 3%-8% and 0%-5%, respectively. This is mainly due to brand manufacturers actively adjusting production to avoid cost pressures from potential policy adjustments, driving up DRAM procurement demand. Meanwhile, Samsung and SK Hynix are in a process transition period, with capacity prioritized for Server DRAM and HBM production, limiting the bit output of PC DRAM and Mobile DRAM," Xu Jiayuan, an analyst from TrendForce, told Caixin reporters. The spot market has responded more swiftly. According to data from market research firm DRAMeXchange, the fixed transaction price for general-purpose DRAM DDR4 8Gb (gigabyte) products used in personal computers is $1.65, with a 22.22% increase in April. The fixed transaction price for 128Gb MLC NAND flash memory used in memory cards and USBs is $2.79, with an 11.06% increase in April. It can be seen that the core driving force behind this round of price hikes lies in the revolutionary impact of AI on memory demand. Yole Group predicts in its recent report that the revenue of the HBM market, primarily used for AI, will grow from $17 billion in 2024 to $98 billion in 2030, with a compound annual growth rate (CAGR) as high as 33%. SK Hynix expects that by 2025, its HBM sales will account for over 50% of its total memory sales. The company's HBM capacity, along with that of Micron Technology, has been fully allocated for 2025. Micron Technology even achieved HBM revenue exceeding $1 billion in the second quarter of its fiscal year ending February 27, 2025, with its data center DRAM revenue also tripling YoY. Leveraging its high bandwidth and low latency characteristics, HBM has become a standard component for AI servers and high-performance computing. For example, NVIDIA's B200 and H200 series GPUs both require HBM. This robust demand for HBM is significantly squeezing the overall capacity of DRAM and driving up its market value. Against this backdrop, the extent to which different segments of the industry chain benefit shows significant differentiation. Both Xu Jiayuan and Yang Yiting emphasized to Caixin reporters that DRAM original equipment manufacturers (OEMs) are undoubtedly the biggest beneficiaries of this round of price hikes. Financial data also corroborates this point. SK Hynix achieved an operating profit of 7.44 trillion won in the first quarter of 2025, with an operating profit margin as high as 42%. According to Counterpoint Research, its HBM market share in the quarter reached as high as 70%, surpassing Samsung for the first time to become the leader in the DRAM market. Micron Technology also achieved a Non-GAAP gross margin of 37.9% in the second quarter of its fiscal year 2025, with strong HBM revenue. Samsung Electronics' DS (Device Solutions) division also achieved an operating profit of 1.1 trillion won in the first quarter of 2025. In contrast, module producers are generally facing significant operational pressures. Xu Jiayuan pointed out that due to poor transmission of end-use demand, the increase in module retail prices often fails to fully cover the rise in wafer procurement costs. Yang Yiting believes that whether producers can be profitable after the price hikes largely depends on their ability to digest previously purchased low-cost inventories and control costs. Caixin reporters noted that Biwin Storage (688525.SH), a leading A-share memory module producer, disclosed a net loss of 197 million yuan in its first-quarter 2025 performance report. The company explained that the main reasons included the decline in memory chip prices (referring to some non-popular models or products with higher early procurement costs), an increase in inventory impairment provisions, and lower-than-expected actual delivery volumes of AI end-use product modules. Jiangbo Long (301308.SZ) also reported a net loss attributable to shareholders of publicly listed firms of 152 million yuan in the same period, mentioning in its financial report that downstream clients' inventory digestion led to a decline in the company's gross profit margin. The "Engine" of HBM Continues to Roar: Traditional Demand and Localisation Add Variables Looking ahead to the second half of 2025 and beyond, the memory market presents both opportunities and uncertainties. Xu Jiayuan predicts that, against the backdrop of continued constraints on original manufacturers' bit output, DRAM contract prices in 3Q25 are expected to continue their upward trend. However, he also cautions that if cost pressures resulting from upstream policy adjustments significantly affect end-user consumption willingness, there is a possibility that DRAM price increases may fall short of expectations. Yang Yiting, on the other hand, assesses that the overall supply situation for memory this year is relatively healthy. With the peak shipping season arriving in the second half of the year, overall market transactions are expected to become more active. However, "volatile external situations" and "actual changes in demand" remain key variables affecting the market outlook. In addition, as a critical component in the AI era, demand for HBM is expected to remain high. TechInsights, in its latest market forecast, points out that driven by strong demand for HBM and QLC NAND in AI applications, global memory chip sales are expected to grow by 20% in 2025, reaching US$203.1 billion. The NAND Flash market is also gradually showing signs of recovery. TrendForce predicts that, under the combined effects of manufacturers' continued production cuts, the gradual depletion of inventory in the smartphone industry chain, and the growing demand for enterprise SSDs (eSSDs) from AI servers, NAND flash and SSD prices are expected to rise by 10%–15% in the third quarter of 2025 and may further increase by 8%–13% in the fourth quarter. Downstream, in the traditional consumer electronics sector, AI PCs and AI smartphones are highly anticipated by the industry and are seen as new growth points that could disrupt the existing market and stimulate replacement demand. Liu Ming believes that the widespread adoption of AI PCs this year and the penetration of various AI large models into terminals will bring new demand growth for memory. For instance, in the AI glasses sector, which has seen significant interest this year, many domestic memory producers have made promising progress. A reporter from Cailian Press learned from the industry that Kwinon Semiconductor's ePOP embedded memory chip has been successfully integrated into devices, becoming an important solution for lightweight AI glasses design. Biwin Storage recently stated at an earnings briefing that it expects its revenue from AI glasses products to increase by over 500% YoY in 2025. However, the latest data from TrendForce shows that the overall shipment growth expectations for notebook brands in 2025 have been revised downward. Whether the AI concept can quickly translate into large-scale end-user consumption demand remains to be tested by the market. During this period of industrial transformation, "localisation" has brought structural development opportunities for China's domestic memory producers. Liu Ming expressed optimism about this in his conversation with a Cailian Press reporter: "In 2023, the market share of domestically produced memory chips in the global market was less than 7%, but it increased to approximately 12% in 2024, representing a remarkable growth rate. "We anticipate that the proportion of domestically produced chips will continue to rise this year." She further analyzed that international major producers such as Micron and Samsung are gradually withdrawing from the market competition for certain mid-to-low-end or specific types of products, objectively providing valuable market space and customer introduction opportunities for local producers. "Local memory producers represented by YMTC and CXMT have continued to make breakthroughs in product technology and market expansion. YMTC has already mass-produced 128-layer NAND flash memory and has delivered 192-layer 3D NAND flash memory samples to a few customers. CXMT has also made progress in the DRAM field, laying the foundation for the development of the domestic DRAM industry. Domestically produced memory chips are continuously narrowing the technological gap with the international leading level, with significant room for technological catch-up and market substitution." "Meanwhile, after several years of market cultivation and changes in the trade environment, customers' acceptance and willingness to use domestically produced memory chips have significantly increased," Liu Ming further stated. An executive from another domestic memory chip producer also said in a recent interview with a Cailian Press reporter that the validation period for entering high-end product lines such as automotive previously often took 2-3 years, but now the time has been greatly shortened. "We've already had producers approaching us for cooperation even before our new products are launched." GigaDevice (603986.SH) also mentioned in its 2024 annual report that with international major producers gradually exiting the niche DRAM market, it is expected to bring opportunities for domestic producers deeply engaged in this field to increase their market share. It is worth noting that the rise of domestically produced memory chips is not without challenges. Local enterprises still face a relatively significant technological generation gap and patent barriers compared to international giants in cutting-edge technology fields such as HBM and the most advanced DRAM processes. In addition, the current business focus of most A-share memory module producers is still on the consumer electronics market, with their performance being significantly affected by the cyclical fluctuations of this market and facing fierce price competition. The self-controllable capability of the supply chain, particularly the stable acquisition of upstream key equipment, materials, and high-end wafers, remains a critical bottleneck restricting the development of some local enterprises. (Liu Ming, the interviewee in the article, is a pseudonym.)

Macro News 1. President Xi Jinping and President Putin signed the "Joint Statement of the People's Republic of China and the Russian Federation on Further Deepening the Comprehensive Strategic Partnership of Coordination for a New Era between China and Russia on the Occasion of the 80th Anniversary of the Victory of the Chinese People's War of Resistance against Japanese Aggression, the Great Patriotic War of the Soviet Union, and the Founding of the United Nations." 2. At the regular press conference held by the Ministry of Commerce (MOFCOM) on the afternoon of May 8, a reporter asked about the high-level economic and trade talks between China and the US. He Yadong, the spokesperson for MOFCOM, stated that if the US side wants to resolve issues through negotiations, it must face up to the serious negative impacts of unilateral tariff measures on itself and the world, respect international economic and trade rules, fairness, justice, and the rational voices of all sectors, and demonstrate sincerity in negotiations. It should be prepared to take actions to correct erroneous practices and cancel unilateral tariff hikes, work in the same direction as China, and resolve mutual concerns through equal consultations. 3. At the regular press conference held by MOFCOM yesterday, a reporter asked whether the "second phase" of the China-US trade agreement would be proposed during the talks. MOFCOM stated that China has repeatedly emphasized that the door to negotiations remains open, but any dialogue or negotiations must be conducted on the premise of mutual respect, equal consultations, and mutual benefit. 4. On the 8th local time, the UK and the US reached an agreement on the terms of a tariff and trade deal. The UK government agreed to make concessions on importing US food and agricultural products in exchange for the US reducing tariffs on British car exports. 5. In response to the US Fed's decision on interest rates, the Hong Kong Monetary Authority (HKMA) stated that the US Fed's decision to maintain interest rates unchanged was in line with market expectations. The HKMA emphasized that it would continue to closely monitor market changes and maintain monetary and financial stability. Industry News 1. Zhang Guoqing, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted research on food safety, market supervision, and other work in Henan from the 7th to the 8th. Zhang Guoqing emphasized the need to strengthen supervision capabilities throughout the entire food safety chain by focusing on daily work and maintaining strict standards at all times. 2. The Shenzhen Securities Regulatory Bureau issued the latest bulletin on the supervision of private equity funds in Shenzhen. The bulletin pointed out that in recent years, during routine supervision, the Shenzhen Securities Regulatory Bureau has discovered that some private equity fund managers in the jurisdiction have engaged in investment operations that violate laws, regulations, and fund contract agreements. The Shenzhen Securities Regulatory Bureau requires that investment operations must comply with regulatory rules and fund contract agreements and must not harm the legitimate rights and interests of investors. 3. The magazine "Qizhi" recently published an article titled "Vigorously Boost Consumption, Expand Domestic Demand in All Aspects, and Promote Sustained Economic Rebound and Improvement" by Wang Wentao, Secretary of the Party Leadership Group and Minister of the Ministry of Commerce.The article points out that efforts should be made to expand service consumption and tap into incremental consumption potential. It also advocates for promoting "AI + consumption" and "IP + consumption" to cultivate a number of AI-driven consumer brands. 4. The Ministry of Industry and Information Technology (MIIT) has publicly solicited opinions, proposing to strengthen the safety logic of automotive exterior door handles in accident scenarios such as collisions and vehicle fires. It calls for the addition of safety redundancy design requirements, such as mechanical or power-off protection, to ensure that the door system can be opened during power outages, collisions, and other accidents, thereby facilitating rescue and escape activities. 5. A research team from China has developed a long-lasting and stable in-situ expansion force monitoring technology for lithium-ion batteries. According to the researchers, this technology opens up new avenues for the design of smart batteries, with its low cost, high precision, and long lifespan making it particularly suitable for vehicle battery management systems. 6. According to the Hefei Housing Authority, recent investigations based on netizen reports and patrols have revealed that a small number of self-media accounts on platforms such as Weibo, Douyin, and WeChat Video Accounts have been using exaggerated and sensational headlines to attract followers and drive traffic. These accounts have been illegally publishing false information, misleading the public, and disrupting market order. Multiple departments in Hefei have jointly summoned self-media accounts in the real estate sector to address false statements such as "the money you spend on buying a house this year can buy two houses next year." 7. Caixin reporters have noticed that several banks have recently launched limited-time promotional offers for cash installment services, with some banks offering interest discounts as low as 17%. After the discounts, the annualized interest rates for cash installment products, which traditionally have higher interest rates than general loans, have fallen below 3%, with the lowest rate reported at 2.76%. Corporate News 1. China Merchants Bank announced its intention to establish a financial asset investment company with a capital injection of 15 billion yuan. 2. Semiconductor Manufacturing International Corporation (SMIC) released its Q1 financial report, showing a year-on-year increase of 167% in net profit. It is expected that revenue in Q2 will decline by 4% to 6% QoQ, with a gross profit margin of 18% to 20%. 3. China State Shipbuilding Corporation Limited announced that its application for a major asset restructuring has been accepted. 4. Jinhe Biotechnology stated on an interactive platform that it has increased the terminal selling prices in the US market. 5. Guoke Hengtai announced that four shareholders intend to collectively reduce their holdings by no more than 4.7% of the company's shares. 6. Zhucheng Technology announced that its controlling shareholder and actual controller, Zhang Jianchun, and Shi Lefen have dissolved their marriage and are undergoing property division. 7. Sichuan Changhong announced its intention to repurchase company shares worth 250 million to 500 million yuan for equity incentives. 8. Shandong Molong announced that from May 7 to May 8, Zhimeng Holdings and its concerted actors cumulatively reduced their holdings of the company's H shares by 107 million shares, accounting for 13.3866% of the company's total share capital. 9. Ningbo Huaxiang announced a collaboration with Xiangshan Industrial Investment and Shanghai Zhiyuan to strengthen cooperation in areas such as robotics. 10. China CITIC Bank announced plans to establish a wholly-owned subsidiary, CITIC Financial Asset Investment Co., Ltd., with a registered capital of 10 billion yuan. 11. Donghua Software announced that its actual controller and concerted action parties plan to reduce their holdings by no more than 1% of the company's shares. Global Markets 1. The three major US stock indices closed higher collectively. The Nasdaq rose 1.07%, the Dow Jones Industrial Average rose 0.62%, and the S&P 500 rose 0.58%. Tesla and Intel both rose more than 3%. ARM fell more than 6% as the company's earnings guidance fell short of expectations. Novavax rose approximately 12% after the company issued higher-than-expected sales guidance for fiscal 2025. QBTS surged more than 51%, marking its best single-day performance since May 2023 and leading a group of quantum computing concept stocks. Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index closing up 0.97%. The three major European stock indices closed with mixed results, with the German DAX rising 1.02%. 2. International crude oil futures settlement prices rose approximately 3%. The June contract for WTI crude oil futures rose 3.17%, and the July contract for Brent crude oil futures rose 2.81%. 3. COMEX gold futures fell 2.4% to $3,310.4 per ounce; COMEX silver futures fell 0.58% to $32.6 per ounce. 4. On the 8th, US President Trump announced at the White House that the US and the UK had reached a new trade agreement, partially withdrawing tariffs in specific areas and further expanding market access for each other's products. Investment Opportunities Reference 1. Another company launches AI agent products; institutions say the commercialization of AI agents both domestically and internationally continues to evolve. Media reports indicate that IBM recently unveiled a series of hybrid cloud technology innovations at its annual Think conference, which are expected to break the long-standing barriers to the large-scale application of enterprise-grade artificial intelligence (AI) and help enterprises build and deploy advanced AI agents using their own data. IBM has developed a comprehensive, enterprise-ready agent toolkit based on watsonxOrchestrate to achieve this goal. An agent is a system capable of autonomous perception, decision-making, and execution, with characteristics such as autonomy, interactivity, reactivity, and adaptability, enabling it to independently complete tasks in complex and dynamic environments. The emergence of agents marks a step forward for AI towards higher levels of autonomous intelligence. Shanghai Securities believes that the commercialization of AI agents both domestically and internationally continues to evolve, with a broad market space. On the enterprise (B2B) side, Microsoft, Google, Salesforce, Zoom, Baidu, Alibaba, Tencent, ByteDance, and others continue to increase their investments, driving the commercialization of AI agents.C-side, domestic and overseas Agents have emerged impressively. OpenAI released AI agents Operator and DeepResearch; Zhipu launched two major systems, AutoGLM and GLM-PC, covering mobile devices and desktops, and introduced AutoGLM Meditation; Anthropic released the Computeruse feature. The AI Agent market has vast potential. According to MarketsandMarkets, the global AI Agent market is expected to grow from $5.1 billion in 2024 to $47.1 billion in 2030, with a compound annual growth rate of 44.8%. 2. MIIT stated that China's software and information technology service industry revenue in Q1 increased by 10.6% YoY According to media reports, data from the Ministry of Industry and Information Technology shows that in Q1 this year, China's software and information technology service industry revenue reached 3,147.9 billion yuan, up 10.6% YoY, with total profit maintaining double-digit growth, and software export growth turning from negative to positive. Information technology service revenue maintained double-digit growth. In Q1, information technology service revenue was 2,082 billion yuan, up 11.0% YoY, accounting for nearly 70% of the industry's total revenue. Among them, cloud computing and big data services generated 354 billion yuan, up 11.1% YoY, and integrated circuit design revenue was 90.6 billion yuan, up 19.7% YoY. Additionally, information security revenue growth accelerated. In Q1, information security product and service revenue was 48.1 billion yuan, up 8.6% YoY. According to the First New Voice Research Institute, the market size of the domestic innovation industry is expected to accelerate in the future, reaching 2,655.9 billion yuan by 2026. Dongguan Securities stated that in recent years, the Chinese government has continuously strengthened policy support and financial guarantees in the domestic innovation field, and the accelerated pace of publishing safety and reliability evaluation results is expected to boost downstream customers' purchasing enthusiasm. Under the catalysis of multiple factors, China's domestic innovation industry is expected to usher in new development opportunities. 3. Domestic and overseas industrial sectors have seen intensive catalysts, and the humanoid robot industry chain has entered a stage of "a hundred flowers blooming and a hundred schools of thought contending" It is reported that in the first working week after the Labour Day holiday, humanoid robots made in Foshan will also start "working" in factories. On May 6, a special "send-off ceremony" was held at Midea's global packaging center, with the main character being the company's self-developed humanoid robot, which will head to Midea's washing machine factory in Jingzhou, Hubei, to "start work" and begin its labor journey. Shanghai Securities believes that recently, domestic and overseas industrial sectors have seen intensive catalysts, with a significant increase in industry entrants. Domestic automakers and tech producers such as Huawei, ByteDance, BYD, Xiaomi, GAC, and Ant have increased their investments in embodied intelligence, while overseas companies like Tesla, 1X, and Figure AI have accelerated the pace of commercial mass production. The emergence of DeepSeek Artificial Intelligence Company has promoted the development of general-purpose robot models, helping humanoid robots achieve embodied intelligence. The humanoid robot industry chain has entered a stage of "a hundred flowers blooming and a hundred schools of thought contending." Currently, humanoid robots entering industrial scenarios have become a highly certain application trend both domestically and overseas, and the commercial landing of humanoid robots is promising. It is recommended to pay attention to the benefiting domestic parts producers. 4. Another AI event hosted by Volcengine is about to kick off. AI is expected to reshape the gaming industry in terms of development, interaction, and commercialization. The 2025 Volcengine ForceLink AI Innovation Tour - Shanghai Station will commence on May 13. Ding Chaofan, General Manager of Giant AI Business Unit, will deliver a speech titled "AI Reshaping the Boundaries of Gaming, Unlocking Infinite Possibilities for Innovation." AI is expected to reshape gaming in terms of development, interaction, and commercialization. Specifically, Kaiyuan Securities believes that: (1) From auxiliary tools to core drivers, AI is reshaping the game development process: AI technology has been widely applied in various aspects of game development, from auxiliary tasks such as early-stage art asset generation and code-assisted writing, gradually penetrating into core creative areas such as gameplay design, narrative architecture, and intelligent NPCs. This is expected to continuously improve game R&D efficiency and expand content supply. (2) Intelligent NPCs, dynamic narratives, and personalized gameplay bring about interaction innovation: Intelligent NPCs can make the narrative development more immersive and random. AI-driven dynamic narrative generation systems can automatically generate subsequent narratives based on players' real-time decisions, breaking the limitations of linear storytelling, greatly enhancing game replayability, and further expanding the game's revenue potential. (3) New opportunities may arise for business models such as subscription, in-app purchases, and advertising monetization: Based on AI's ability to continuously update high-quality content, the subscription-based business model may become more feasible. AI can accurately recommend in-app purchase items to players, increasing their willingness to pay. Additionally, AI can achieve precise matching of advertising content with players' interests, improving ad click-through rates and conversion rates.

On Wednesday this week, Samsung Electronics stated during the announcement of its Q1 financial results that due to the US tariff policy, market demand for its electronic products may decline, forcing it to abandon its outlook for Q2 performance. Samsung Electronics said that under tariff pressure, it expects its semiconductor business to face greater uncertainty throughout the year, while its smartphone shipments will face downward pressure in Q2. Trump's Tariffs Impact Samsung's Performance Outlook The financial results showed that Samsung's operating profit for Q1 was 6.7 trillion Korean won (approximately $4.68 billion), an increase of 1.2% year-on-year, in line with previous expectations. Despite Samsung's slight increase in profitability, this is not something for investors to cheer about—because the reason for this profit growth is that customers, worried about US tariffs, rushed to buy smartphones and chips in advance. However, this also means that product demand for Samsung in the remaining months of the year may be suppressed. Earlier this month, US President Trump announced that he would impose hefty tariffs on Chinese goods, while the US restrictions on selling AI chips to China have become increasingly stringent. Samsung said that this may curb demand in the Chinese market for some electronic components produced by Samsung, such as chips and smartphone displays. China is Samsung Electronics' largest market. In addition, Trump had previously announced that he would impose so-called "reciprocal tariffs" on many countries, including South Korea and Vietnam, which are important production sites for Samsung's smartphones and displays. Although these reciprocal tariffs have been temporarily postponed, they may still shake the stability of Samsung's supply chain. Samsung said that in response to the tariffs, it is considering relocating the production sites of its TVs and home appliances. Uncertainty in H2 Demand Increases Again The company added that driven by customers' demand for early stockpiling, chip demand is expected to remain stable in Q2, but some customers' early stockpiling of chips may have a negative impact on demand later this year. "We believe that due to recent changes in tariff policies in major countries and the strengthening of export controls on AI chips, uncertainty in demand in H2 is increasing," said Kim Jae-jun, vice president of Samsung's memory division, during the earnings conference call. Samsung said that it has provided samples of enhanced HBM3E products to major customers and expects HBM chip sales to rise "gradually" starting from Q2, but Samsung did not provide specific targets. Analysts estimate that about one-third of Samsung's HBM revenue comes from China. Mehdi Hosseini, an analyst at Susquehanna, pointed out that Samsung's operating profit this quarter exceeded expectations, partly due to customers' early stockpiling ahead of the new round of tariffs. Currently, Samsung's HBM chip business mainly caters to the demand for low and mid-end AI chips from non-Nvidia customers, but this type of demand may be difficult to sustain.