SMM learned that a carrier's intelligent computing center in East China is currently offering Huawei Ascend 910-B2 computing power resources for lease at a monthly rent of approximately 15,000 yuan, which is quite price-competitive in the current domestic computing power leasing market. The resources are of the Ascend 910-B2 specification (64GB video memory/full machine), suitable for mainstream large model training and inference workloads. However, SMM understands that the actual clearance of these resources faces certain obstacles: the prospective lessee's existing computing equipment is deployed in its own IDC computer room, and it needs to integrate the newly leased resources with the existing equipment into a unified computing cluster to achieve coordinated scheduling. But the carrier's resources are located in a remote intelligent computing center, and due to constraints such as network latency, cross-room interconnection bandwidth, and operational consistency, the "device travel" solution (i.e., cross-room remote management of computing power resources to incorporate them into the client's own cluster) is difficult to implement, causing the transaction to stall.

ByteDance's data center construction has seen new progress, with industry sources saying the company is in discussions with Tianshu Zhixin to procure at least 50,000 AI chips, primarily for inference workloads. It is understood that the chips under negotiation are mainly intended for large model inference workloads, corresponding to Tianshu Zhixin's Zhikai series cloud inference GPUs, while the Tiangai series is used for training scenarios. If the deal goes through, Tianshu Zhixin would become ByteDance's third GPU supplier, following Huawei and Cambricon. As of press time, neither ByteDance nor Tianshu Zhixin has publicly responded. The move by Internet giants represented by ByteDance to ramp up self-built data centers is not merely a short-term stopgap to fill a computing power gap, but rather reflects a deep industry transformation: AI computing demand is undergoing a structural shift, enterprises' strategies for self-controlled computing power are continuously escalating, and the separation of training and inference hardware, along with the large-scale substitution of domestic computing power, are synchronously entering the implementation cycle.

SMM June 12 News: Metals market: As of the midday close, domestic base metals nearly all rose. SHFE copper rose 1.51%, SHFE tin rose 2.97%. SHFE nickel rose 0.94%. SHFE aluminum rose 1.06%. SHFE zinc rose 0.43%. SHFE lead fell 0.31%. In addition, casting aluminum linked futures rose 0.45%, alumina most-traded linked futures rose 1.45%. Lithium carbonate most-traded linked futures rose 3.85%. Silicon metal most-traded linked futures rose 0.63%. Polysilicon linked futures rose 5.91%. Ferrous metals all rose, iron ore rose 0.13%, rebar rose 0.66%, hot-rolled coil rose 0.74%, stainless steel rose 2.15%. Coking coal and coke: coking coal most-traded contract rose 3.02%, coke most-traded contract rose 5.63%. Overseas base metals: as of 11:38 AM, LME metals all rose. LME copper rose 1.01%, LME aluminum rose 0.54%, LME lead edged up. LME zinc rose 0.26%, LME tin rose 0.25%, LME nickel rose 0.67%. Precious metals: as of 11:38 AM, COMEX gold rose 2.63%, COMEX silver rose 5.36%. Domestic precious metals: SHFE gold most-traded linked futures rose 1.89%, SHFE silver most-traded linked futures rose 4.36%. Furthermore, as of the midday close, platinum most-traded linked futures rose 3.99%, palladium most-traded linked futures rose 5.69%. As of the midday close, the most-traded Europe container shipping futures contract fell 1.16% to 3,929.5 points. As of 11:38 AM on June 12, some futures midday quotes: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper reported at 270 yuan/mt up 30 yuan/mt from the previous trading day, standard-quality copper reported at a premium of 210 yuan/mt up 30 yuan/mt, SX-EW copper reported at a premium of 150 yuan/mt up 30 yuan/mt. The average price of Guangdong #1 copper cathode was 104,715 yuan/mt up 1,090 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,625 yuan/mt up 1,075 yuan/mt. Spot market: Guangdong inventory has declined for 9 consecutive days and has now hit a new low for the year... Macro front China: [PBOC's open market operations net injected 178 billion yuan on the day, and net injected 885.8 billion yuan this week] PBOC conducted 393 billion yuan of 7-day reverse repo operations today, with 215 billion yuan of 7-day reverse repos maturing, resulting in a net injection of 178 billion yuan on the day. This week, PBOC conducted 1,112 billion yuan of 7-day reverse repo operations, with 226.2 billion yuan of 7-day reverse repos maturing, realizing a net injection of 885.8 billion yuan this week. (Jinshi Data APP) [Guangzhou: Fully Advance the Implementation of Major Projects Such as Intelligent Connected Vehicles and NEVs, Artificial Intelligence, Semiconductors and Integrated Circuits, and Low-Altitude Economy] The “Guangzhou Commerce Development 15th Five-Year Plan (Draft for Public Comments)” was released for public consultation. It highlighted the need to fully advance the implementation of major projects including intelligent connected vehicles and NEVs, ultra-high-definition video and new-type displays, green petrochemicals and new materials, intelligent equipment and robotics, artificial intelligence, semiconductors and integrated circuits, and low-altitude economy, and cultivate a group of leading intermediate product enterprises that are high-tech, manufacturing single champions, and specialized and sophisticated. Promote the accelerated development of intermediate product trade in foreign trade transformation and upgrading bases, and cultivate a number of well-known brands and “chain leader” enterprises. Support enterprises in using technologies such as the industrial internet, big data, and artificial intelligence for digital transformation, improving production efficiency and product quality, and driving the intermediate product trade to leap toward high-end and digital-intelligent development. (Jinshi Data APP) On the US dollar front: As of 11:38, the US dollar index rose 0.06% to 99.75. According to CME “FedWatch”: The probability that the US Fed will keep interest rates unchanged through June is 98.5%, and the probability of a cumulative 25bp rate cut is 1.5%. The probability that the US Fed will keep interest rates unchanged through July is 91.3%, the probability of a cumulative 25bp rate hike is 7.4%, and the probability of a cumulative 25bp rate cut is 1.4%. Market expectations for a US Fed rate hike have been pushed back from December this year to January next year, and the possibility of a rate hike this year is no longer fully priced in. (Jinshi Data APP) Amid sustained inflationary pressure driven by the Iran war, US producer prices in May rose at the fastest pace in more than three years. Data released by the Bureau of Labor Statistics on Thursday showed that the US PPI rose 6.5% YoY in May, the largest increase since November 2022, and rose 1.1% MoM. The core PPI, excluding food and energy, rose 4.9% YoY. The report highlighted the growing damage to the US economy from the energy price shock caused by the closure of the Strait of Hormuz. As the conflict is unlikely to be resolved in the short term, businesses are passing on higher energy and transportation costs, and other goods and services are also becoming more expensive. Combined with data earlier this week showing that consumer prices in May rose at the fastest pace in three years, Thursday's PPI report may further strengthen market expectations for a US Fed rate hike in 2026. As the labour market appears to be regaining growth momentum, the US Fed is shifting its focus to curbing inflation. On the data front: Today will see the release of Germany May CPI MoM Final, UK April Three-Month GDP MoM, UK April Manufacturing Production MoM, UK April Seasonally Adjusted Goods Trade Balance, UK April Industrial Production MoM, France May CPI MoM Final, US June 1-Year Inflation Expectations Prelim, and US June University of Michigan Consumer Sentiment Index Prelim. In addition, watch for: the Huawei Developer Conference on June 12-14; Elon Musk’s commercial space company SpaceX plans to list on the Nasdaq on June 12, 2026. Crude oil: As of 11:38, oil prices in both benchmarks fell, with WTI crude down 1.12% and Brent crude down 1.15%. The US and Iran may reach a preliminary agreement on a memorandum of understanding, causing oil prices to pull back slightly. According to CCTV, on June 11 local time, US President Trump posted on the social media platform “Truth Social” that, given that consultations with Iran had been submitted to the highest leadership of Iran and approved, he had canceled the strike and bombing operation originally planned for that night against Iran. According to the latest OPEC data, Iran’s crude oil production fell 19% last month, as the US blocked the country’s ports amid the ongoing conflict. Data from the monthly report released on Thursday showed that Iran’s daily output dropped by 546,000 barrels to 2.33 million barrels per day. Meanwhile, OPEC’s latest monthly report showed that the organization on Thursday lowered its 2026 global oil demand growth forecast to 970,000 barrels per day, marking its second consecutive downward revision. Since the outbreak of the Iran war, the producer group has believed that the conflict’s impact on consumption has been consistently smaller than that estimated by other forecasters such as the US Energy Information Administration and the International Energy Agency, both of which expect demand to decline in 2026. In addition, the report noted that the oil producer group raised its forecast for oil demand growth in 2027. (Jinshi Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM Jun 12 News: Metal markets: Overnight, domestic base metals broadly rose. SHFE copper rose 0.13%. SHFE aluminum rose 0.62%, SHFE lead fell 0.74%, SHFE tin rose 1.91%. SHFE zinc fell 0.19%. SHFE nickel rose 0.25%. In addition, the most-traded alumina futures contract rose 1.18%, and the most-traded cast aluminum contract rose 0.04%. Overnight, ferrous metals showed mixed performance. Iron ore closed flat at 766.5 yuan/mt, hot-rolled coil (HRC) flat at 3,365 yuan/mt, stainless steel rose 1.91%, and rebar fell 0.33%. Coking coal and coke: The most-traded coking coal futures contract fell 0.33%, while the most-traded coke futures contract rose 0.35%. Overnight overseas market: LME base metals nearly all rose. LME copper rose 0.94%. LME aluminum rose 0.87%, LME lead fell 0.25%. LME zinc rose 1.64%. LME tin rose 2.01%. LME nickel rose 0.37%. Overnight precious metals : Overnight COMEX gold rose 2.43%, COMEX silver rose 4.25%. Overnight the most-traded SHFE gold contract rose 0.75%, and the most-traded SHFE silver contract rose 2.41%. As of 7:15 on Jun 12, overnight closing prices: Macro front China: [SAMR Approves Release of a Batch of Important National Standards] Recently, the State Administration for Market Regulation (Standardization Administration of China) approved the release of 389 important national standards, covering high-tech, traditional industries, environmental protection, agricultural production, and people's livelihoods. After publication, these standards will play a vital role in promoting high-quality industrial development, improving people's quality of life, and safeguarding life and property. In the high-tech sector, 33 national standards were released for artificial intelligence, cybersecurity, blockchain, etc., clarifying technical and safety specifications. Six national standards were released for industrial internet and industrial digital twins, promoting smart manufacturing upgrades. Fifteen national standards were released for spacecraft grounding requirements, manned spacecraft markings and usage requirements, and general requirements for parachute systems of civil light and small rotary-wing drones, laying a solid foundation for the large-scale application of China's aerospace equipment. (SAMR) [SHFE: Adjusting Price Limit and Margin Requirements for Gold and Silver Futures Contracts] SHFE announced that for the gold AU2609 contract, the price limit is 17%, the hedging position margin rate is 18%, and the speculative position margin rate is 19%; for the silver AG2706 contract, the price limit is 17%, the hedging position margin rate is 18%, and the speculative position margin rate is 19%. [GFEX: Matters Regarding Polysilicon Futures PS2706 Contract and Lithium Carbonate Futures LC2706 Contract] GFEX announced that for the polysilicon futures PS2706 contract, the trading fee rate is 0.025% of the transaction value, the intraday closing fee rate is 0.025% of the transaction value; the minimum order size per trade is 5 lots for opening and 1 lot for closing; non-futures company members or clients are limited to a maximum daily opening volume of 200 lots. For the lithium carbonate futures LC2706 contract, the trading fee rate is 0.032% of the transaction value, the intraday closing fee rate is 0.032% of the transaction value; the minimum order size per trade is 5 lots for opening and 1 lot for closing; non-futures company members or clients are limited to a maximum daily opening volume of 400 lots. [DCE: Trading Schedule for 2026 Dragon Boat Festival Holiday] DCE announced that the market will be closed from Jun 19 (Friday) to Jun 21 (Sunday) and resume trading on Jun 22 (Monday). There will be no night session on the evening of Jun 18 (Thursday). On Jun 22 (Monday), the call auction for all contracts will take place from 08:55 to 09:00. Night session trading will resume on the evening of Jun 22 (Monday). US dollar: Overnight, the US dollar index fell 0.35% to 99.69. Market expectations for US Fed interest rate hikes were pushed back from December this year to January next year, with markets no longer fully pricing in a rate hike this year. (Jin10 Data APP) According to CME "Fed Watch": The probability that the US Fed will keep rates unchanged through June is 98.5%, and the probability of a cumulative 25bp rate cut is 1.5%. For the meeting through July, the probability that the Fed will keep rates unchanged is 91.3%, the probability of a cumulative 25bp rate hike is 7.4%, and the probability of a cumulative 25bp rate cut is 1.4%. Data released by the US Bureau of Labor Statistics on Thursday showed that the producer price index (PPI) rose 6.5% YoY in May, the largest increase since November 2022 and above the expected 6.4%; it rose 1.1% MoM, also exceeding the market forecast of 0.7%. The data echoed the consumer price index (CPI) released earlier, which also recorded the fastest pace in three years. The combination of these two inflation figures is expected to further cement market expectations that the US Fed will begin raising rates in 2026. With momentum rebuilding in the labor market, taming inflation has become the Fed's top priority for now. (From Wallstreetcn APP) Last week, US initial jobless claims increased slightly, indicating that the labor market retained resilience in early June. The US Department of Labor said on Thursday that in the week ending June 6, initial claims for unemployment benefits rose by 4,000 to a seasonally adjusted 229,000, above market expectations. Claims typically rise at the start of summer, as some states allow non-teaching staff to file for unemployment benefits during long school holidays. However, the government's model for stripping out seasonal fluctuations may not fully capture these changes. Last week, the government reported that the economy added jobs for the third straight month in May. The unemployment rate held at 4.3% for the third consecutive month. Some of the strength in job growth may be due to fewer layoffs. (Jin10 Data APP) Other currencies: [ECB Becomes First Major Central Bank to Raise Rates Since Inflation Reemerged] The European Central Bank raised interest rates for the first time in nearly three years, making it the first major central bank in the developed world to respond to inflation triggered by the Iran war. The bank lifted its main rate from 2% to 2.25%, a move widely expected but also highlighting the challenges faced by major economies due to rising energy prices resulting from the prolonged closure of the Strait of Hormuz. Investors widely expect the ECB to raise rates at least once more this year. The decision also made the ECB the first major central bank to tighten monetary policy in response to rising energy prices, which have pushed eurozone inflation above 3%. The US Fed, under Chair Warsh, is expected to hold rates steady next week as Warsh faces a dilemma between Trump's demand for low rates and mounting inflationary pressure; the Bank of England is also expected to keep rates unchanged next week. (Zhitong Finance) Data: Today will see the release of Germany's final May CPI MoM, the UK's April three-month GDP MoM, UK April manufacturing output MoM, UK April seasonally adjusted goods trade balance, UK April industrial output MoM, France's final May CPI MoM, US June one-year ahead inflation expectations preliminary, and US June University of Michigan consumer sentiment preliminary, among others. Also of note: the Huawei Developer Conference will be held from Jun 12-14; Elon Musk's commercial space company SpaceX is scheduled to list on the Nasdaq on Jun 12, 2026. Crude oil: Overnight, both oil futures fell, with WTI crude down 4.01% and Brent crude down 4.26%. Oil prices tumbled after Trump signaled that the US and Iran are about to reach a peace deal. OPEC's monthly report showed that OPEC lowered its forecast for 2026 global oil demand growth to 970,000 bpd (previously expected at 1.17 million bpd). It raised its 2027 global oil demand growth forecast to 1.73 million bpd (previously 1.54 million bpd). OPEC+ (including former member UAE) crude oil production averaged 33.13 million bpd in May 2026, down 190,000 bpd from April, mainly due to lower Iranian output. (From Wallstreetcn APP) Additionally, CME Group announced that, pending regulatory review, it will offer 24/7 (around the clock) trading for new, smaller crude oil and gold contracts. The new crude oil contract will be one-tenth the size of CME's existing micro WTI crude oil futures contract and will launch on August 30. Around-the-clock trading for the company's existing 1-ounce gold futures contract will begin on July 26. Derek Sammann, Global Head of Commodity Markets at CME Group, said: "In the face of geopolitical uncertainty, offering appropriately sized, regulated products available 24/7 enables traders to manage risk whenever news breaks." (Jin10 Data APP)

SMM News, June 11: Metals market: As of the midday close, base metals in the domestic market mostly fell: SHFE copper fell 1.4%, SHFE lead rose 0.68%, and SHFE tin fell 1.08%. SHFE nickel fell 1.49%. SHFE aluminum rose 0.33%. SHFE zinc fell 2.48%. In addition, the most-traded cast aluminum futures contract rose 0.46%, and the most-traded alumina contract rose 1.19%. The most-traded lithium carbonate contract rose 3.17%. The most-traded silicon metal contract rose 0.81%. The most-traded polysilicon futures contract rose 4.19%. Ferrous metals mostly fell: iron ore fell 0.46%, rebar fell 0.28%, hot-rolled coil fell 0.3%, and stainless steel fell 0.14%. Coking coal and coke: the most-traded coking coal contract fell 0.41%, while the most-traded coke contract rose 1.27%. Overseas base metals: as of 11:43, LME metals were down nearly across the board. LME copper fell 0.19%, LME aluminum fell 0.31%, and LME lead rose 0.48%. LME zinc fell 0.45%, LME tin fell 0.77%, and LME nickel fell 0.23%. Precious metals: as of 11:43, COMEX gold fell 1.16%, hitting an intraday low of $4,046.2/oz; COMEX silver fell 2.04%. Domestic precious metals: the most-traded SHFE gold contract fell 4.58%, and the most-traded SHFE silver contract fell 3.89%. In addition, as of the midday close, the most-traded platinum futures contract fell 0.77%, while the most-traded palladium futures contract rose 3.7%. As of the midday close, the most-traded European container shipping contract was flat at 3,977.5 points. As of 11:43 on June 11, midday moves in selected futures: Spot and Fundamentals Copper: Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at 240 yuan/mt, up 80 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 180 yuan/mt, up 50 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 120 yuan/mt, up 50 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,625 yuan/mt, down 585 yuan/mt from the previous trading day, while the average price of SX-EW copper was 103,550 yuan/mt, down 585 yuan/mt from the previous trading day. Spot market: Guangdong inventory continued to decline today, marking the eighth consecutive drop... Macro Front China: [China Automotive Power Battery Industry Innovation Alliance: In May, China’s power and energy storage battery sales rose 47.4% YoY] The China Automotive Power Battery Industry Innovation Alliance released monthly power battery information for May 2026. In May, total production of power and energy storage batteries in China was 191.7 Gwh, up 4.2% MoM and up 55.2% YoY. In May, China's sales of power batteries and ESS batteries totaled 182.2 GWh, up 11.0% MoM and 47.4% YoY. Of these, power battery sales were 127.0 GWh, accounting for 69.7% of the total, up 16.6% MoM and 45.2% YoY; ESS battery sales were 55.2 GWh, representing 30.3% of the total, down 0.1% MoM but up 52.7% YoY. [Changchun: Building a World-Class Vehicle Manufacturer Group, Supporting FAW and Huawei to Deepen Strategic Cooperation] The 15th Five-Year Plan for the Automobile Industry Development in Changchun (Draft for Comment) has been released for public comment. It mentions providing full support for vehicle enterprises to transform and upgrade, with the aim of building a world-class vehicle manufacturer group. It focuses on supporting vehicle enterprises to develop new energy and energy-efficient vehicles and to establish a clear brand system. It also supports carriers to strengthen strategic cooperation with domestic cross-industry enterprises in the field of intelligent connected vehicles. In particular, it fully supports China FAW in integrating global innovation resources and deepening strategic technological cooperation with Leap Motor, Huawei, DJI, and other enterprises in areas such as new energy vehicles and intelligent connected vehicles. The plan emphasizes the industrialization application and iterative upgrade of key technologies such as all-solid-state batteries, the 'Hongqi No.1' multi-domain fusion chip, the Sinan Intelligent Driving large model, and the Lingxi Cockpit large model. It supports China FAW in deepening strategic cooperation with leading technology enterprises such as Huawei, Baidu, and iFLYTEK, as well as internet platforms, to jointly establish innovation laboratories, focusing on tackling key technologies such as end-cloud integrated intelligent architecture, Level 3 and above autonomous driving, and multimodal interaction, thereby creating a nationally influential source of intelligent connected vehicle innovation. (From WSJ APP) The PBOC conducted 188.5 billion yuan of 7-day reverse repo operations at an interest rate of 1.4%, unchanged from the previous operation. No reverse repos matured today. As for the US dollar: As of 11:43, the US dollar index fell 0.09% to 99.96. The US Labor Department said on Wednesday that the CPI rose 4.2% YoY in May, accelerating from 3.8% in the previous month. This marked the highest year-on-year increase since April 2023, indicating that high energy costs due to the conflict with Iran continue to drive up price pressures. Since the US and Israel launched attacks against Iran in late February, Americans have been feeling the pain of rising oil prices. Rising energy costs have weakened consumer confidence. Currently, there is little sign that oil tankers can obtain sustained permission to transit the Strait of Hormuz, meaning that supply pressure in the global energy market is expected to persist. According to the CME FedWatch tool, the probability of the US Fed holding interest rates steady through June was 98.4%, with a cumulative 25-basis-point rate cut seen at just 1.6%. The probability of the Fed maintaining the current rate through July stood at 89.1%, a cumulative 25-bp hike at 9.5%, and a cumulative 25-bp cut at 1.5%. Art Hogan, Chief Market Strategist at B. Riley Wealth Management, described the latest CPI report as a “tale of two cities.” While the data was highly consistent with expectations, the overall trend remained negative. This did not alter the policy path for the Fed’s next meeting. However, the prevailing consensus is that the Fed will hold steady, and Fed funds futures are currently pricing in only one hike. In summary, after significant profit-taking pressure on semiconductor stocks and the broader tech sector, these factors were likely instrumental in helping the market recover some lost ground in early trading today. A CICC research note argued that US inflation remains dominated by structural factors, such as energy shocks, with cyclical inflation not yet evident. However, it warned of the risks of a rebound in aggregate demand driven by AI capex expansion and improving employment. On monetary policy, the firm maintained its baseline call of no cuts and no hikes by the Fed this year. It expects the Fed’s stance to stay hawkish, noting that Fed Chair Warsh’s top priority upon taking office would be to rebuild policy credibility, likely demonstrating resolve by signaling stronger expectations for balance sheet reduction rather than hinting at rate hikes. A scenario of “balance sheet reduction first, delayed rate cuts” could not be ruled out, posing sustained pressure on assets that conflict with Warsh’s philosophy, those reliant on liquidity, and those benefiting from dollar over-issuance. (Jin10 Data App) On the Data Front: Releases due today include the Eurozone’s ECB Deposit Facility Rate and ECB Main Refinancing Rate as of June 11, US Initial Jobless Claims for the week ending June 6, and the US PPI year-over-year and month-over-month figures for May. Additionally, attention will be on the Ministry of Commerce’s second regular press briefing for June; the ECB’s interest rate decision; and the monetary policy press conference held by ECB President Christine Lagarde. In Crude Oil: As of 11:43, oil prices were up across both benchmarks, with WTI gaining 1.94% and Brent crude rising 1.65%. Prices climbed amid escalating military conflict between the US and Iran. The US Department of Energy (DOE) stated on Wednesday local time that the US is seeking to lend up to 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to energy enterprises to help lower fuel prices. This plan is part of a previous agreement to release 172 million barrels from the SPR. To date, the US has lent approximately 133 million barrels of crude oil under that agreement. In March this year, after the US and Israel launched a war against Iran on February 28, the US reached an agreement with about 30 member countries of the International Energy Agency (IEA) to jointly release approximately 400 million barrels of strategic reserves to help stabilize the global oil market. At that time, the US SPR inventory stood at 349.2 million barrels, the lowest level since August 2023. Enterprises that borrowed crude oil had to return an equal amount and pay a premium of up to 24% in the form of additional crude oil. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

[SMM Titanium Express] With AI eyewear weights compressed to 35-49 grams by Huawei, Xiaomi and others, titanium alloys are shifting from high-end watches to become standard structural components for smart wearables. Smart eyewear was included in China's trade-in subsidy program for the first time in 2026, with annual shipments expected to exceed 4.915 million units, creating rigid demand for lightweight titanium. The titanium industry is pivoting from smelting and purification to precision manufacturing, with high-precision titanium wire, ultra-thin titanium sheets and 3D printed structural parts becoming key competitive areas.