On April 14, Ye Jianhua, Director and Supervisor of the Industry Research Department of SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert of the SMM Industry Research Institute, and Wu Tao, SMM Copper & Tin Overseas Marketing Manager, visited Chambishi Copper Smelter Limited (CCS) for exchange and survey, where they received warm hospitality from CCS leadership. During the visit, both parties engaged in pragmatic communication based on their respective core businesses. Leveraging its core strengths in non-ferrous metal price index R&D, industry chain big data monitoring, copper market analysis, in-depth industry research, and global non-ferrous resource connectivity, SMM shared insights on international copper market operating logic and price trend analysis, in the context of the current global copper smelting supply-demand pattern, raw material procurement landscape, and TC fluctuation trends. As a key copper smelting producer outside China, CCS provided a detailed introduction to its production and operation status, smelting process advantages, capacity release pace, raw material procurement, and product exports layout, elaborating on practical experience of ex-China copper smelters in production management, cost control, green production, and localized operations. Meanwhile, both parties exchanged views on common industry topics including development pain points of copper smelting outside China, raw material supply security, finished product circulation and trade, industry policy changes, and low-carbon smelting development trends. They also reached preliminary consensus on future directions such as industry chain information sharing, market data sharing, joint market analysis, and industry resource coordination, laying a solid foundation for deepening regular exchanges and promoting high-quality collaborative development of the copper smelting industry chain. Introduction to Chambishi Copper Smelter Limited (CCS) Chambishi Copper Smelter Limited (CCS) is the first large-scale modern pyrometallurgy copper smelting enterprise invested, fully independently designed and constructed by China outside China. Located in the Zambia-China Economic and Trade Cooperation Zone, the company has 170 Chinese staff and 1,600 Zambian employees. CCS has consistently focused on its vision of "building an evergreen, world-class smelter," upholding the corporate spirit of "self-transcendence, continuous breakthroughs, and pursuit of excellence," benchmarking against first-class standards with meticulous craftsmanship, and continuously strengthening and optimizing enterprise management, with its comprehensive competitiveness steadily improving. As of the end of 2024, the company had produced over 3.3 million mt of copper products and 8.7 million mt of sulphuric acid, with cumulative sales revenue of approximately $21 billion, effectively driving local economic development in Zambia and becoming a shining pearl along the Belt and Road! Enterprise History and Development Achievements (Pursuing Excellence, Benchmarking Against the Best and Forging Ahead) To extend the industry chain and retain more added value locally, in 2006, China Nonferrous Metal Mining (Group) Co., Ltd. partnered with Yunnan Copper to introduce the advanced ISA copper smelting process to Zambia, with shareholding ratios of 60% and 40%, respectively. From the design stage, the company drew on successful experience in China and combined it with the characteristics of Zambian raw materials to re-optimize and innovate key processes and technologies of the ISASMELT process, strengthening system integration. This resulted in multiple innovative achievements, including "Integration Innovation and Application of ISASMELT Furnace" and "Comprehensive Automated Control System," which were awarded the First Prize for Scientific and Technological Progress by CNIA in 2010. The ISASMELT furnace campaign life broke world records multiple times, with the second campaign reaching 218 weeks and the third campaign reaching 244 weeks, becoming an international benchmark. In 2021 and 2022, the company's copper production exceeded the designed capacity of 250,000 mt for two consecutive years, making history. In 2024, production further surpassed 260,000 mt, setting a new historical record. In September 2013, the company was honored with the title of Advanced Collective of Central State-Owned Enterprises. In July 2021, it was successfully selected as a benchmark enterprise under the management of the State-owned Assets Supervision and Administration Commission of the State Council. Process Flow (Dedicated and Professional, Pursuing Excellence for Development) The company adopted the internationally advanced and mature process of "oxygen-enriched top-blown submerged bath smelting, electric furnace settling and separation, PS converter blowing, and anode furnace pyrometallurgy refining" to produce copper anode, and the "double-conversion double-absorption" process to produce sulphuric acid. Adhering to the concept of sustainable development, the company built a slag flotation recovery system with a daily processing capacity of 1,500 mt of slag and a bismuth recovery system with a daily processing capacity of 6 mt of flue dust, continuing to recover metals such as copper, cobalt, and bismuth from smelting slag and flue dust. Social Responsibility (Cooperation and Sharing, Giving Back to Society with Strong Responsibility) The company actively practiced its core values of "dedication, cooperation, and sharing," consistently focusing on its core business of copper pyrometallurgy smelting, cooperating extensively with upstream and downstream clients, and sharing development achievements with employees and local communities. Since its establishment, the company had cumulatively paid over $300 million in various taxes and fees in Zambia, created over 5,000 job opportunities, and cooperated with more than 300 local suppliers, contributing to Zambia's green, harmonious, and shared development. The company actively fulfilled its social responsibilities by increasing investment in social welfare programs for local communities in Zambia, covering infrastructure, education, healthcare, and sanitation. It sponsored the renovation of clinics in Kalulushi, the Bushifire Orphanage, and donated to build classrooms at Buyantashi School, Luato Market, Kankuko Bridge, Chibuluma Community Tennis Court, Chimfunshi Chimpanzee Rescue Center, and Modern Stars Football Club, among others. The cumulative investment exceeded $4 million, earning high praise from the local government and warm welcome from the public, and establishing a positive corporate image. The company actively promoted employee localization and continuously achieved skills transfer. The company invested over 5 million Kwacha, and externally carried out technical and non-technical training programs in electric welding, electrical power, pneumatics, technical control, management supervision, and equipment maintenance through the China-Zambia Vocational and Technical College, TEVETA Fund, and other channels. Internally, through mentorship programs, the company conducted business training in masonry, fitting, and other skills. The localization rate of company employees reached over 92%, local employees' skills were significantly improved, and technical expertise was exported to the DRC. Vision and Outlook (Staying True to Our Mission, Building a Shared Future Together) Innovation-driven development knows no bounds. Over the past decade, the company has upheld a sense of survival crisis and market competition awareness, adhered to innovation-driven development, and achieved high-quality growth. In 2021, the company's IT infrastructure was completed and successfully put into use, committed to building an automated, digitalized, and intelligent factory. In August 2023, the company's anode furnace pyrometallurgy refining system technical renovation project was completed and put into operation. In November 2024, the company's three-year action plan for technology-empowered safety and environmental protection was officially established, focusing on technology empowerment and fostering new quality productive forces, propelling the company's high-quality development to a new level. Through collaborative development, benchmarking against first-class standards, technological innovation, and increased production and efficiency, the company continues to advance toward its enterprise vision of "becoming an evergreen, world-class smelter." is scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. Welcome to participate! Contact Person : Wu Tao: 18270916376 jennywu@smm.cn

On April 16, Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM Overseas Marketing Manager for Copper and Tin, visited Mining Mineral Resources (MMR) for a field trip and exchange, where they received a warm welcome from MMR's leadership. During the exchange, MMR and SMM engaged in in-depth discussions on the current status of the strategic minor metal industry and cross-border supply chain cooperation. MMR has been deeply engaged in compliant mining of critical minerals for over 15 years, with a strategic focus on three key minerals — tin, tantalum, and tungsten. The company holds multiple mining licenses in mineral-rich regions of the DRC, with concentrated resource deployment and exceptional endowment. The enterprise strictly adheres to compliant mining, full-process traceability, and international operational standards, ensuring long-term stable and compliant mine operations. SMM has long been deeply engaged in non-ferrous and rare metals, with core coverage spanning price quotations, industry surveys, and market analysis, comprehensively empowering global mineral trade and industry chain integrated services. Leveraging their respective business strengths, both parties exchanged practical experience on ex-China mineral development, compliance system building, raw material circulation coordination, and industry development trends, laying a solid foundation for subsequent industrial synergy and resource collaboration. Mining Mineral Resources (MMR) Overview Mining Mineral Resources (MMR) has been deeply engaged in compliant mining of critical minerals for over 15 years, with a core focus on the 3T strategic minerals (tin, tantalum, and tungsten). The company holds a portfolio of multiple mining licenses in mineral-rich regions of the DRC: tin (14 licenses covering 2,800 sq km), tantalum (6 licenses covering 400 sq km), and tungsten (1 license covering 300 sq km). The company upholds compliant procurement, full traceability, and international standard compliance systems, building a solid foundation for business operations. Key Tin Producer in Africa • 11 mechanized mines (including open-pit and underground mines) • Annual tin concentrates capacity: 10,000 mt Annual trading volume: 6,500 mt; annual mechanized mining production: 3,500 mt. Mechanized Mining Operations 8 beneficiation plant areas with a combined feed capacity of over 1,500 mt per hour; monthly tin concentrates production of 300 mt; creating employment opportunities and empowering inclusive community development. Smelting Production and Global Supply LME Grade A tin equivalent; Responsible Minerals Initiative (RMI) certified smelter; annual refined tin capacity: 4,500 mt. Tantalum Mining Operations The only mechanized tantalum ore beneficiation plant in the DRC; capacity: 20 mt per year of high-grade tantalum concentrates (grade 30% and above); equipped with modern laboratory detection and quality assay facilities. Ore-to-Alloy Entire Industry Chain Lead-free and tin-lead solder alloys, available in bars, wires, electrodes, and casting ingots. The only enterprise in Africa with a complete ore-to-alloy entire industry chain. Corporate Social Responsibility MMR is well aware of its significant social responsibility to the communities in the mining areas. The corporate social responsibility system is built on four core pillars: healthcare, education development, infrastructure improvement, and entrepreneurship empowerment. Scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. Welcome to join us~ Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

[SMM Analysis: Anode Material Achieves Track Upgrade Riding the Tailwind of Battery Cell Technology] The material upgrade demand on the battery cell side is effectively driving structural growth in demand for sub-segments such as silicon carbon anode, hard carbon anode, and high-end modified graphite.

On April 13, Ye Jianhua, Director and Supervisor of the Industry Research Department of SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert of the Industry Research Department of SMM, and Wu Tao, Overseas Marketing Manager of SMM's Copper and Tin Division, visited ZCCM INVESTMENTS HOLDINGS PLC (ZCCM-IH). They were warmly received by Chitalu Kabalika, Industrial Metals and Minerals Investment Analyst at ZCCM-IH, Kambole Mwanakatwe, Precious Metals and Minerals Investment Analyst, among others. During this visit, both parties leveraged their respective core business strengths and conducted in-depth discussions on the compilation methodology of SMM's copper price and copper concentrates price indices, their influence on industry pricing, and the transmission mechanisms in international markets, exploring the reference value of these price indices for Zambian copper ore trade and mining project investment. Discussions also covered ZCCM-IH's copper mine asset operations, resource reserves, and capacity planning, among other topics, jointly exploring the local copper mining industry's supply-demand pattern, cost landscape, and medium and long-term development trends. In addition, both parties exchanged views on potential cooperation directions, including information sharing across the copper industry chain, joint analysis of market trends, and collaboration on ex-China mining resources. This exchange effectively connected the business synergies between both parties, deepened mutual understanding and industry consensus, and laid a solid communication foundation for subsequent positive interactions in copper industry data services, market research, and resource collaboration, as well as for exploring diversified cooperation opportunities and pursuing mutual benefits. Introduction to ZCCM INVESTMENTS HOLDINGS PLC ZCCM Investments Holdings Plc is a diversified mining investment holding company with a strategic focus on Zambia's mining and energy sectors. The group's investment portfolio covers commodities including copper, gold, amethyst, manganese, limestone, and electricity/thermal energy. VISION : "To be a world-class mining and energy investment company for the benefit of the Zambian people." MISSION : "To sustainably create tangible wealth for the Zambian people and all stakeholders." TAGLINE : "Unlocking national wealth value for all stakeholders." The above vision and mission reflect the company's renewed focus on the mining sector and the strategic theme of " Investing S.M.A.R.T.L.Y ." "SMARTLY" represents seven strategic pillars: ZCCM-IH is committed to Sustainability , deeply integrating Environmental, Social, and Governance (ESG) principles into its business model; the team proactively Managed related operations, driving portfolio and revenue growth through business Accretive value and agility; while ensuring investments are Risk mitigated , advancing projects in a Timely and efficient manner; upholding the goal of business **Longevity**, and ultimately delivering returns on investment and maximizing shareholder value (Yields). VALUES : The realization of our vision and mission is underpinned by the enterprise's deeply rooted core values. These principles guide all actions of the enterprise. The following values form the cornerstone of our corporate culture. ZCCM-IH Portfolio ZCCM-IH holds a unique strategic position in Zambia's mining and energy sectors, with core interests in both fields. The following is a list of enterprises covered by the ZCCM-IH portfolio: ZCCM-IH Growth Portfolio Future Outlook The ZCCM-IH Strategic Plan, 2020-2026 sets out the core direction for the company's development, helping the enterprise fully unlock asset value, maximize asset returns, and deliver tangible benefits to all shareholders. During this phase, the company focuses on three core strategic priorities: deepening engagement in the mining sector and advancing diversification of mineral product categories; innovating revenue generation models, developing diversified income streams, and unlocking the value of the existing asset portfolio; and strengthening operational management and financial control capabilities to build and continuously enhance long-term core shareholder value. The company is deeply committed to social responsibility, dedicated to creating sound and compliant business performance, sustainable development outcomes, and social benefits for shareholders, local communities, and Zambia as a whole. Leveraging the comprehensive strengths accumulated through over fifty years of deep engagement in the mining industry, combined with a professional and experienced core team, the company is expected to continue driving the implementation of its strategic plans and sustained growth, while consolidating existing development achievements. Scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. You are welcome to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

SMM, April 22: The global new energy and AI industries maintained high prosperity, coupled with traditional consumer electronics entering a seasonal peak, driving a comprehensive recovery in demand for copper foil and high-speed connectivity products. In March 2026, China's copper foil exports hit a single-month record high. The power and ESS sectors maintained high prosperity with steadily growing orders; AI-related orders remained robust, with optimistic demand for copper foil across all specifications, and the operating rate of copper foil enterprises rose both YoY and MoM in March. Supported by these fundamentals, copper cable high-speed connectivity, as a core component of AI computing infrastructure, continued to see improving demand expectations. Combined with resonating capital sentiment in the sector, copper cable high-speed connectivity concept stocks strengthened overall on April 22. As of the close on the 22nd, the copper cable high-speed connectivity concept rose 2.29%. Among individual stocks, Far East Holdings hit the daily limit, while Hengtong Optic-Electric, ZTT, Shenlan Technology, Changxin Bochuang, Zhaolonginterconnect, and Kingsinno led the gains. News [State Council: Advancing Computing Power Layout and Edge Computing Power Development in an Orderly Manner, Improving Intelligent Computing Cloud Service System] The State Council issued the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." It mentioned deepening the implementation of the Industrial Internet innovation and development project, advancing the industrial data foundation initiative, cultivating data cooperation consortia, and building a number of high-quality industry datasets. It also called for developing professional services such as data annotation and certification, exploring the establishment of classified and graded mechanisms for data rights confirmation, evaluation, and pricing. Computing power layout and edge computing power development will be advanced in an orderly manner, and the intelligent computing cloud service system will be improved. The application of urban information modeling platforms and building information modeling technologies will be accelerated. [China's Intelligent Computing Power Scale Reaches 1882 EFLOPS] Zhang Yunming, Vice Minister of the Ministry of Industry and Information Technology, stated on the 21st that computing power infrastructure has become a key foundation driving the development of artificial intelligence. As of month-end in March, China's intelligent computing power scale reached 1882 EFLOPS. At a press conference held by the State Council Information Office on the same day, Zhang Yunming said that recently, the Ministry of Industry and Information Technology has been making sustained efforts in key areas such as enabling small and medium-sized enterprises with inclusive computing power and computing-electricity coordination, and the computing power industry has shown a positive development trend. Industrial innovation has become stronger, with the in-depth implementation of the computing power foundation "open competition" initiative, the conduct of policy research and standard formulation for computing-electricity coordination, and the promotion of accelerated implementation of generation-grid-load-storage and green electricity direct connection. Network transmission has become smoother, with over 70 computing power corridors built around computing power hubs over the past two years, and the implementation of the metropolitan "millisecond computing" special initiative, among others. [National Advanced Computing Industry Innovation Center Qingdao Base Officially Launched] According to Sugon, on April 22, the National Advanced Computing Industry Innovation Center Qingdao Base was officially launched in Laoshan District, Qingdao. The National Advanced Computing Industry Innovation Center is a national-level industrial innovation platform established in 2018 with the approval of the National Development and Reform Commission (NDRC), aimed at achieving breakthroughs in core technologies in the field of advanced computing and fostering internationally competitive industrial clusters. The Qingdao base launched this time, co-built with the participation of Sugon, will leverage regional industrial advantages to create an advanced computing innovation platform integrating technology R&D, commercialization of research outcomes, and industrial incubation, further pooling industry resources, driving regional industrial intelligent upgrading, and injecting strong "computing power momentum" into the digital economy development of Qingdao and even Shandong Province. [Yuandong Holdings: Q1 2026 Net Profit of 96.6284 Million Yuan, up 110.36% YoY] Yuandong Holdings disclosed its Q1 2026 report on April 22. The company achieved total operating revenue of 5.325 billion yuan, up 9.26% YoY; net profit attributable to the parent company was 96.6284 million yuan, up 110.36% YoY. [Rickda: Achieved Small-Batch Delivery of 400G/800G Products and Is Driving Capacity Ramp-Up] Rickda released an investor relations activity record announcement. The company is a quality supplier capable of simultaneously providing comprehensive solutions for optical, electrical, microwave, high-speed data, and fluid connections. It has also deployed multiple products for AI applications, including power supply, high-speed transmission, and liquid cooling categories. High-speed copper cable connector-related products are primarily led by Suzhou Richuang Connection Technology Co., Ltd., with planned products mainly including AEC, DAC, and ACC high-speed copper cable products, high-speed board-to-board connectors, high-speed I/O connectors, and other product series. Currently, Richuang has achieved small-batch delivery of 400G/800G products and is driving capacity ramp-up, while multiple products with even higher speeds are also progressing as planned. [Tongguan Copper Foil: The Company's High-Frequency High-Speed PCB Copper Foil Can Be Widely Used in 5G Communication Equipment, High-Computing-Power Servers, and Other Network Equipment and Network Connectors] Tongguan Copper Foil stated on the investor interaction platform on March 23 that the company's high-frequency high-speed PCB copper foil can be widely used in 5G communication equipment, high-computing-power servers, data centers, switches, and other network equipment and network connectors. [Xinhongye: Dedicated Technical Research Has Been Conducted in the High-Speed Copper Cable Connection Field for Intelligent Computing Scenarios] Xinhongye stated on the interaction platform on March 17 that the company pays close attention to the development trends of computing power data centers and the computing-power-and-electricity synergy industry, and will leverage its core business and technological advantages to continuously track industry dynamics and prudently evaluate opportunities for penetration and deployment in related fields. The current AI intelligent computing industry is trending toward the parallel development and synergy of optical and copper solutions. Leveraging its core copper cable technology advantages, the company has launched dedicated technical research in the high-speed copper cable connectivity domain for intelligent computing scenarios. Meanwhile, in line with the industry's technological evolution, the company maintains forward-looking technical research and market tracking in fiber optic-related fields, and is expected to steadily advance related deployments based on industry demand, technological development, and its own strategic planning. AI-Related Orders Remain Red-Hot with Optimistic Demand across All Copper Foil Specifications According to SMM, the operating rate of Chinese copper foil enterprises rose both YoY and MoM in March 2026. Downstream demand recovered rapidly after Chinese New Year, with both production and sales of lithium battery copper foil and electronic circuit copper foil climbing in March, bringing the overall industry operating rate close to 90%. End-use demand side, the power and ESS sectors maintained high prosperity with steady order growth. The traditional consumer electronics industry transitioned smoothly into peak season, AI-related orders remained red-hot, and demand across all copper foil specifications performed optimistically . Global New Energy and AI Industries Show High Prosperity — March Copper Foil Exports Hit a Single-Month Record High According to data from the General Administration of Customs, China's copper foil (HS codes: 74101100, 74102190) imports in March 2026 totaled 8,220.04 mt, up 11.88% YoY and up 27.59% MoM. China's copper foil exports in March 2026 totaled 6,663.48 mt, up 56.19% YoY and up 38.23% MoM. Statistics showed that both China's copper foil imports and exports rose to elevated levels in March 2026, with exports hitting a single-month record high. Global new energy and AI industries exhibited high prosperity, coupled with optimistic demand during the seasonal consumption peak. Voices from Various Parties A Huaxi Securities research report stated that external geopolitical risks persist at the current juncture, and market risk appetite may affect short-term market fluctuations. AI remains a key investment theme in the near term, with attention on domestically produced computing power and computing power leasing driven by supply-demand imbalance, as well as optical module and fiber optic cable segments with strong earnings certainty. Computing power supply-demand imbalance is intensifying, with computing power consumption expanding sharply and the three major cloud providers collectively raising prices. On one hand, the current supply-demand imbalance reflects robust demand in upstream chips and computing power leasing industries, with enhanced bargaining power driving price increases, benefiting domestic AI chip and computing power leasing producers. On the other hand, rising AI service costs will be transmitted to downstream application development, potentially accelerating downstream industry consolidation and improving computing power utilization efficiency. Changjiang Securities believed that geopolitical conflicts were accelerating the restructuring of global supply chains, enhancing China's irreplaceability as the "world's factory," and that related export chain and manufacturing leading assets may command a "scarcity premium." In terms of allocation, regardless of whether the Middle East conflict fluctuated, three main themes should be firmly pursued. First, the AI trend that conflicts could hardly alter — focusing on AI infrastructure such as computing power, storage capacity, and power equipment, as well as "HALO" asset opportunities. Second, the urgency of conflicts accelerating the energy revolution — focusing on new energy sectors such as lithium battery and hydrogen energy, as well as resource commodities including non-ferrous metals, oil, and coal. Third, sectors at cyclical bottoms where earnings were expected to gradually improve, such as chemicals, steel, and condiments. Data showed that the CSI A500 Index, closely tracked by A500 ETF South China, covered high-quality large- and mid-cap leading enterprises in A-shares, evenly distributed across core areas such as emerging manufacturing and consumption upgrading, with a focus on new quality productive forces. Investors could gain exposure through A500 ETF South China and its feeder funds in one step. A Huatai Securities research report believed that, with the rapid increase in demand for 800G and 1.6T optical modules in recent years and the approaching 3.2T era, the development opportunities for upstream core materials of optical modules were promising. It systematically reviewed the growth logic of two major industries — InP substrates and thin-film lithium niobate. InP substrates, as upstream core raw materials for optical chips, benefited from the rapid boost in demand from optical chip producers, with the industry showing an undersupply trend. Modulators made from thin-film lithium niobate, leveraging advantages such as low power consumption and high bandwidth, were expected to enter an adoption window in 3.2T pluggable solutions in the future, with broad growth potential across the industry chain. A Shanxi Securities research report indicated that NVIDIA made a $2 billion strategic investment in Marvell to cooperate on expanding the NVLINKFusion ecosystem. On March 31 local time, NVIDIA and Marvell announced a strategic partnership to connect Marvell with NVIDIA's AI factory and AI-RAN ecosystem through NVIDIA NVLINKFusion. Marvell would provide customized XPUs and NVLINKFusion-compatible expansion networks, while NVIDIA would provide supporting technologies, including Vera CPU, ConnectX NICs, Bluefield DPU, NVLINK interconnects, and SpectrumX switches, as well as rack-scale AI computing. Marvell is one of the world's leading ASIC custom service providers, with clients including AWS, Microsoft, and Google. It is a major global supplier of optical module DSP and EIC, and has focused on CPO deployment through the acquisition of CelestialAI. We believe that NVIDIA's strategic investment in Marvell is expected to enhance Marvell's design capabilities in memory semantics, high-speed SERDES, and super-node systems, and to facilitate the expansion of the NVLINKFusion ecosystem. NVIDIA's NVLINK Scaleup technology encompasses an overall solution covering NVLINK SERDES, NVLINK chiplets, NVLINK switches, and rack-scale expansion architecture (including NVLINK SPINE, copper cabling systems, innovative mechanical architecture, power supply, and liquid cooling technologies). NVIDIA unveiled a complete copper-connected rack-scale solution at GTC 2026, including Rubin NVL72, Rubin Ultra NVL144, LPX 256, and ETL 256. Shanxi Securities believed that Marvell's participation is expected to expand the addressable market for copper connectivity. NVIDIA has positioned CPO as one of the most important transformations in Feynman-generation Scaleup technology, and combined with Marvell's silicon photonics technology, we believe the CPO penetration rate is expected to gradually increase. Soochow Securities' research report commenting on Fujida noted: a leading player in China's RF connector industry. The company specializes in the R&D, sales, and services of connectors, cables, cable assemblies, and microwave components, holding a leading position in China and non-China markets. Since its establishment in 1998, the company has been deeply engaged in the RF interconnect field. Backed by AVIC Optronics (its controlling shareholder), it has gradually expanded from traditional general-purpose RF connectors to high-end new product categories, including RF cables (aerospace applications), advanced ceramic products (chip integrated packaging applications), and RF links (active and passive microwave components). In 2025, the company achieved revenue of 881 million yuan and net profit attributable to the parent company of 78 million yuan, up 15.5% and 52.0% YoY, respectively. The company has positioned itself in five core tracks, with broad prospects for high-end connectors: 1) Demand in the defense informatization sector remained strong, with new products showing considerable potential. 2) The civil aerospace satellite sector has become a new growth engine. 3) The semiconductor equipment industry urgently needs high-end RF/electrical connectors. 4) The domestic supply chain for high-end electronic measurement instruments is embracing opportunities. 5) High-speed copper cables and quantum communication cable products are benefiting from the data center construction boom. Large-scale growth in data center infrastructure is boosting high-speed transmission products to gradually evolve toward system-level solutions. The company's high-speed copper cables have achieved product category expansion around 400G components, reaching an internationally leading level; meanwhile, in the quantum communication field, the company has deployed cryogenic superconducting cables, achieved initial small-batch supply, and is expected to gradually achieve commercialization. Recommended Reading:

SMM April 21: As the anti-involution policy continued to advance, the second round of coke price hikes was officially implemented. This, combined with persistently tight spot supply and demand, capacity constraints caused by Daqin Railway maintenance, the highlighted coal substitution advantage driven by high oil prices, and incremental demand from continued increases in hot metal production, created multiple positive factors that drove the coal mining sector to a two-day winning streak. Specifically, on the supply side, the Daqin Railway spring concentrated maintenance restricted north-to-south coal transportation capacity, inventories continued to decline, and the implementation of coke price hikes further transmitted cost support, pushing coal prices steadily upward. On the demand side, a stronger-than-usual off-season pattern emerged, with hot metal production continuing to edge up, coupled with significant YoY and MoM increases in daily consumption at coastal power plants. Restocking demand from the construction materials and other industries was released ahead of the Labour Day holiday, and with power plant inventories at low levels, seasonal restocking demand was activated early. In addition, tensions in the Middle East pushed up international oil prices, highlighting the economic advantage of coal-fired power, while the defensive attributes of the coal sector attracted some capital inflows, jointly driving the sector higher. As of the close on April 21, the sector gained 2.27%, with individual stocks performing actively. Gansu Energy Chemical, Huayang New Material Technology, Yankuang Energy, Shaanxi Coal Industry, and Lu'an Clean Energy led the gains. Futures market: As of the daytime close on April 21, ferrous metals mostly rose, with coking coal up 1.53% and coke up 2.42%. Spot market Hot metal production is expected to continue edging up this week On April 15, the blast furnace operating rate of the 242 steel mills tracked by SMM rose WoW. The sample steel mills' daily average hot metal production increased WoW. Last week, according to the latest SMM survey, no new blast furnace maintenance was reported, and a total of 2 blast furnaces resumed production, mainly concentrated in Shanxi. Currently, blast furnace profits were under pressure, and most steel mills produced normally as planned. The pace of maintenance and production resumptions remained generally stable, with hot metal production staying relatively steady. Looking ahead to this week, hot metal production is expected to continue edging up. Spot market: On April 21, the Linfen low-sulphur coking coal price was quoted at 1,530 yuan/mt. The Tangshan low-sulphur coking coal price was quoted at 1,550 yuan/mt. The nationwide average price of first-grade metallurgical coke (dry quenching) was 1,845 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) was 1,705 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet quenching) was 1,490 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (wet quenching) was 1,400 yuan/mt. Coking coal market: Production at some mines that had previously cut production recovered somewhat, but major mines were still affected by safety inspections, and the incremental supply of coking coal remained limited. Moreover, futures rallied, market sentiment warmed notably, stimulating some coal grades to stabilize and rebound. In the short term, coking coal prices may hold up well. Coke market: In terms of supply, coke enterprises' per-mt profitability has recovered, production enthusiasm was moderate, shipments were relatively smooth, and in-plant coke inventory remained at low levels. Demand side, steel mills maintained strong production enthusiasm, hot metal production edged up, providing solid just-in-time procurement support for coke. Additionally, with the Labour Day holiday approaching, some steel mills released pre-holiday restocking demand. Overall, the coke supply-demand structure remained tight, and the coke market may hold up well in the short term. Institutional Views A Datong Securities research report showed: on coking coal, driven by downstream restocking and coke price hike expectations, port coking coal prices rose, while mine-mouth coal prices showed some divergence. At ports, Shanxi-origin coking coal warehouse-pickup prices at Jingtang Port rose WoW, while mine-mouth prices generally showed a stable-to-declining trend. Internationally, Australian Peak Downs hard coking coal CFR China prices were flat WoW. In the short term, with continued growth in hot metal production, sentiment boost from coke price hikes being implemented, and downstream restocking demand release, the coking coal market may see slight upward momentum. A Shanxi Securities research report noted: currently, Daqin Line maintenance-related destocking and high landed costs of imported coal supported coal prices. Power plant daily consumption was at seasonal lows, while chemicals, steel mills, and other industries drove coal demand. Attention should be paid to the sustainability of just-in-time procurement from non-power industries and the summer electricity consumption peak after May. Investment recommendation: high uncertainty from US-Iran conflicts corresponds to high volatility, but oil prices are unlikely to decline significantly in the short term. Recovery signals have been confirmed, coal PPI is about to turn positive, coal prices are expected to rise, and coal stocks are poised for a Davis Double Play. A Guohai Securities research report suggested that, from a broader perspective, the supply-side constraint logic for the coal mining industry remains unchanged, while demand may experience periodic fluctuations, with prices also showing certain oscillations and dynamic rebalancing. From the long-term industry development trend, the aforementioned driving factors still exist, and coal prices still have upward momentum over the long term. The process may be tortuous, but the direction should be clear. Leading coal enterprises have high asset quality, abundant cash flows on their books, exhibiting "five highs" — high profitability, high cash flow, high barriers, high dividends, and high margin of safety. Since 2025, multiple central and state-owned coal enterprises have initiated share buyback and asset injection plans for their publicly listed firms, also releasing positive signals, demonstrating confidence in coal enterprise development, and enhancing corporate growth potential and stability. A Guangda Futures research report analyzed: Coking coal: supply side, most mines at production areas operated largely normally. There were reports that Mongolian coal throughput decreased due to factors such as fuel shortages. Recently, downstream buyers moderately restocked raw material coal, and overall inventory continued destocking. Demand side, steel mills maintained high hot metal production, with a preference for coke procurement. The second round of coke price increases was implemented, and coking enterprises restocked some coal grades with higher cost-effectiveness. Coking coal futures are expected to hold up well in the short term. Coke: Supply side, coking enterprises in some regions were constrained in operations due to government ultra-low emission retrofit requirements. Coking enterprises saw good shipments, and coke inventory mostly remained at low levels. Demand side, steel mills had a relatively strong willingness to produce, and mainstream steel mills accepted the second round of coke price increases. Transportation restrictions emerged in some regions, and steel mills experienced continuous destocking, with high procurement enthusiasm. Coke futures are expected to fluctuate upward in the short term. Southwest Futures stated: In the short term, changes in the Middle East situation may still have sentiment impact on futures prices, but the impact on the actual supply-demand pattern of coking coal and coke is relatively small. Coking coal side, production at some mines in major producing areas was affected, but the impact on production was limited. Demand side, the online auction atmosphere improved recently, and quotes for some coal grades were raised. Coke side, some coking enterprises currently cut production, but the change in supply was relatively small; demand side, national daily hot metal production may continue to rebound, and demand expansion provides support for coke prices; the second round of spot coke price increases is being implemented. From a technical perspective, coking coal and coke futures may continue to move sideways in the medium term. Strategy-wise, investors may watch for buying opportunities at low levels and pay attention to position management. Recommended reading: