On the morning of March 10, the unveiling ceremony and construction launch meeting for the Shanghai Key Laboratory of Efficient Green Fuel Synthesis Systems Engineering (Preparatory) were successfully held at Shanghai Boiler Works Co., Ltd. Xuan Fuzhen, President of East China University of Science and Technology, and Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, jointly unveiled the laboratory, marking the official entry of the key laboratory’s development into a new stage of substantive progress. Zheng Guanghong, Second-Level Inspector of the Shanghai Municipal Science and Technology Commission, witnessed the ceremony on site. Led by Shanghai Boiler Works Co., Ltd. and jointly established with East China University of Science and Technology, the laboratory focuses on tackling critical “bottleneck” technological challenges in the application field of efficient synthesis of green fuels such as green methanol, green ammonia, and sustainable aviation fuel (SAF). It has precisely laid out three core research directions: efficient synthesis of diversified green fuels, high-efficiency clean power equipment, and AI + digital twin flexible regulation and control. It is committed to building a full-chain innovation system spanning basic R&D, pilot-scale verification, and industrialisation, thereby supporting breakthroughs in green fuel technologies and their industrial application. Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, stated at the event that the high-standard development of the key laboratory for green fuels is an important practice for Shanghai Electric in implementing the national development strategy for new quality productive forces in the energy sector and promoting the deep integration of green fuel technological innovation with industry. Shanghai Electric will use the laboratory’s development as an important lever, providing comprehensive support in policy, resources, funding, and other aspects, fully integrating high-quality internal and external resources, and making every effort to advance technological research, professional talent cultivation, and the commercialisation of scientific research achievements, thereby contributing wisdom and strength to the high-quality development of China’s green fuel industry. Xuan Fuzhen, President of East China University of Science and Technology, pointed out that the university will give full play to its disciplinary strengths, carry out close and pragmatic cooperation with Shanghai Electric, vigorously promote the deep integration of industry, academia, and research, focus on core challenges in green fuel synthesis technologies and equipment, strive to achieve major technological breakthroughs, and work together to build a benchmark for collaborative innovation among industry, academia, and research. Jin Xiaolong, Member of the Party Committee and Vice President of Shanghai Electric Group, Vice President Qiu Jiayou, and relevant leaders from the Shanghai Municipal Science and Technology Commission, East China University of Science and Technology, and Shanghai Electric Power Station Group attended the event.

Guo Shougang, Deputy Director General and First-Level Inspector of the First Department of Equipment Industry at the Ministry of Industry and Information Technology, stated at a special press conference held by the State Administration for Market Regulation on the 4th that the Ministry of Industry and Information Technology will continue to thoroughly implement the requirements of the National Standardization Development Outline and the NEV Industry Development Plan (2021–2035), among others. It will accelerate the development of key standards in areas such as driving automation, crash safety, and control components, promoting the enhancement of automotive safety levels and quality performance through standard upgrades, thereby laying a solid foundation for the high-quality and sustainable development of the industry.

On the 28th local time, OPEC+ held an online meeting. Early this morning, according to the latest news from Bloomberg, based on the statement released after the meeting, OPEC+ has agreed to use the 2025 oil production level as the benchmark for 2027. Meanwhile, OPEC+ will authorize the OPEC Secretariat to develop a mechanism to assess the maximum sustainable production capacity of participating countries, which will serve as a reference for the 2027 production benchmark. The next Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC+ will be held on November 30th. OPEC+ will also hold another round of negotiations this Saturday, when it may decide whether to increase production in July. Representatives said that the eight OPEC+ member countries attending the meeting on Saturday may agree to increase daily production by 411,000 barrels in July, in line with the production increases in May and June. In addition, according to CCTV News, on the 28th local time, US President Trump stated that he had warned Israel to refrain from attacking Iran for the time being, so that the US government could have more time to promote a new nuclear agreement with Iran. Trump said he believed that Iran wanted to reach an agreement, which would "save many lives," and that the agreement could be reached "within the next few weeks." Trump also expressed his desire to bring inspectors to Iran. Overnight and into the early morning, international oil prices continued to rise. WTI crude oil futures rose by 2.5% to $62.41 per barrel, while Brent crude oil futures rose by 2% to $64.85 per barrel. At the close, WTI crude oil futures closed up 1.56% at $61.84 per barrel. Brent crude oil futures closed up 1.26% at $64.90 per barrel. US Fed releases minutes of May interest rate-setting meeting According to CCTV News, on May 28th local time, the US Fed released the minutes of the Federal Open Market Committee's meeting held from May 6th to 7th. The minutes showed that the Fed agreed to maintain the target range for the federal funds rate between 4.25% and 4.5%. Participants unanimously agreed that when considering the magnitude and timing of further adjustments to the target range for the federal funds rate, the Committee would carefully assess subsequent data, the changing economic outlook, and the balance of risks. The minutes stated that when assessing the appropriate stance of monetary policy, the Committee would continue to monitor the impact of future information on the economic outlook. Participants said that the assessment would take into account a wide range of information, including labour market conditions, inflationary pressures and inflation expectations, as well as financial and international developments. The Committee assessed that uncertainty regarding the economic outlook had further increased. Participants pointed out that if inflation persists while the outlook for economic growth and employment weakens, the Committee may face difficult trade-offs. The final magnitude of adjustments to government policies and their impact on the economy remain highly uncertain. Against this backdrop, all participants agreed that it was appropriate to maintain the target range for the federal funds rate at 4.25% to 4.5%. When considering the outlook for monetary policy, participants unanimously believed that, given the continued resilience of economic growth and the labour market, the Committee was well-positioned to wait for greater clarity on the outlook for inflation and economic activity. It was appropriate to adopt a cautious approach until the net economic effects of a series of government policy adjustments became clearer. Glencore makes significant purchases of Russian copper on the LME On Tuesday, Bloomberg reported market news that over the past three trading days, the London Metal Exchange (LME) Rotterdam warehouse had received delivery requests for approximately 15,000 mt of copper, leading to a significant decline in LME copper inventories. The report stated that Glencore, a global commodity giant, was the main trader behind these cargo pick-up applications and was planning to ship the copper to China. Notably, a substantial amount of Russian copper was involved in the transactions. It is understood that since the full-scale outbreak of the Russia-Ukraine conflict in 2022, escalating sanctions imposed by Europe and the US on Russia have led to a continuous accumulation of Russian copper inventories on the LME. In April 2024, the US and the UK announced new trading restrictions on Russian aluminum, copper, and nickel, including prohibiting the LME and the Chicago Mercantile Exchange (CME) from accepting newly produced Russian metals, while allowing eligible metal inventories. What are the implications? "After the US and the UK imposed sanctions on Russian copper in April 2024, Russian copper accounted for over 50% of the copper inventories in LME European warehouses, while China became one of the major export destinations for Russian copper following the sanctions," Zhang Weixin, a non-ferrous metals researcher at China Securities Futures, told reporters. After Russia and Ukraine resumed negotiations and proposed a ceasefire framework in May this year, Glencore may be betting on a relaxation of US and UK sanctions on Russia. Against the backdrop of warming spot demand in China, high premiums for imported copper, and the potential easing of US and UK sanctions on Russia, if Glencore resumes trading in Russian copper, it is expected to alleviate the "copper shortage" situation in the market. The reporter learned that in March this year, US copper prices surged to $11,633/mt, with a premium over LME copper reaching as high as $1,570/mt. Gu Fengda, chief analyst at Guosen Futures, stated that the high premium for US copper directly spurred a frenzy of "trans-oceanic arbitrage" and attracted a continuous influx of global spot copper into the US, further exacerbating the supply-demand mismatch across regions. Currently, the premium for US copper over LME copper stands at $683/mt, still significantly higher than the historical average for the same period. "With the favorable performance of copper fundamentals and the flow of some spot copper to the US, expectations of tight copper supply in markets outside the US continue to grow, which is also an important reason for Glencore's significant purchases of Russian copper this time."As spot liquidity tightens, LME copper's term structure may remain strong," said Xianfei Ji, a nonferrous metals researcher at Guotai Junan Futures. Data shows that since late April, LME copper inventories have continued to decline. This week, the destocking pace of LME copper inventories accelerated further, currently pulling back to 154,300 mt, hitting new periodic lows. Meanwhile, LME copper registered warrant quantities declined in tandem, now retreating to 83,125 mt. Cancelled warrants stood at 71,175 mt, with the ratio of cancelled warrants at 46.13%, remaining at elevated levels. Domestically, Weixin Zhang noted that due to the US "Section 232 investigation" on critical minerals, global commodity trading giants have diverted copper originally destined for Asia to the US, even relabeling Chilean Antofagasta copper ingots with US standards. This caused delays or cancellations of China's imported copper long-term contracts scheduled for April and May arrivals, driving up spot copper premiums in China and creating tight spot supply conditions. "Glencore's potential import activities could help alleviate China's copper supply tightness," said Yunfei Wang, head of the investment consulting department at ShanJin Futures. Currently, global copper cathode inventories are at median historical levels, while domestic copper inventories remain at historic lows. From price spread performance, the US copper premium over LME copper remains high, but with intensified price volatility, market divergence is gradually emerging. Policy-wise, after the US "reciprocal tariff" policy implementation was postponed, the market expected accelerated US copper scrap exports and increased raw material supply. However, domestic TC prices show no signs of raw material supply improvement yet. Inventory-wise, as of the week ending May 28, the US copper inventory buildup trend paused, while domestic social inventory also showed stabilization signs. Overall, Wang believes the US copper "arbitrage wave" may reverse at some point, creating downside potential for copper prices, though no reversal signals have appeared yet. Ji noted investors should closely monitor whether Trump will impose 25% additional tariffs on imported copper. If tariff hike expectations keep getting priced in, it may sustain high price spreads between US and LME copper, with South American and other regional supplies continuously diverted to the US, leaving other regions persistently undersupplied. "Short-term, under current spread structures, changed global copper trade flows seem only a matter of time," Wang stated. Medium and long-term, the copper market's focus remains on copper ore supply conditions and demand outlook.

According to the website of the State Taxation Administration, recently, the Shenzhen Taxation Bureau Inspection Bureau of the State Taxation Administration, based on tax big data and relevant tax-related clues, investigated and handled, in accordance with the law, a case of tax evasion by Shenzhen Kingsda Applied Materials Co., Ltd. through illegally enjoying preferential tax treatment for additional R&D expense deductions. Upon investigation, the company engaged in false tax declarations by falsely listing expenses for gold materials in R&D expenses, illegally enjoying preferential tax treatment for additional R&D expense deductions, and underpaying corporate income tax by 16.2116 million yuan. Additionally, the company was found to have other instances of underpayment of taxes. In response to its illegal activities, the inspection department made a decision to recover the underpaid taxes, impose late fees, and impose fines totaling 36.1815 million yuan in accordance with the law. The "whereabouts unknown" of over 80 million yuan worth of gold invested in R&D In the early stage, through tax big data analysis, the Shenzhen Taxation Bureau Inspection Bureau discovered that Shenzhen Kingsda Applied Materials Co., Ltd. had made significant R&D investments, far exceeding the normal levels within the same industry. In response to this suspicious clue, inspectors compared the company's declared data, financial records, and inventory data, and found that the company had listed over 80 million yuan worth of gold investments in the "R&D expenses - direct materials" account during the inspection period, with neither corresponding finished product output nor records of scrap recovery. In response to the above suspicions, inspectors initially interviewed Zhang, the then-legal representative of the company, who claimed that the over 80 million yuan worth of gold had been lost due to purification processes. According to common knowledge, gold is an element with extremely high chemical stability in nature, easily purified, and possesses monetary attributes, with high value and strong liquidity. The over 80 million yuan worth of gold involved in this case is not a small amount. It is indeed difficult to comprehend that such a significant loss would occur due to purification processes. What is even more suspicious is that, given such a large loss, the company still listed gold expenses for each R&D project. Do all these R&D projects truly require gold investments? Inspectors could not help but raise questions. The claim of "gold loss due to purification" collapses on its own Based on the accounting books and invoices provided by the enterprise, inspectors discovered that two gold purification institutions had provided gold purification services to the company in three separate years. To verify the company's gold R&D purification loss situation, inspectors issued and delivered "Tax Assistance Inspection Notices" to these two institutions in accordance with the law. According to the feedback from the two purification institutions, the first institution had received over 1.3 million grams of gold materials from the company for purification processing, with basically no loss after processing and purification, returning gold of approximately the same weight to the company, and charging a purification fee (including loss) of 517,313 yuan; the other institution had received over 300,000 grams of gold materials from the company, and after processing and purification, returned gold of approximately the same weight to the company, charging a purification fee (including loss) of 171,760 yuan. The purification feedback from these two institutions largely confirmed the inspectors' judgment that the loss of gold during purification was low, which was clearly inconsistent with the substantial loss claimed by the enterprise. Given that the company's financial statements indicated such significant losses of gold, there should have been "traces" of this process. Did the enterprise have any relevant supporting materials? However, the inspectors did not find any records related to the company's R&D finished products or R&D scrap in the relevant materials, account books, and vouchers provided by the company for its R&D projects. Meanwhile, the enterprise was also unable to provide relevant evidence. The substantial loss of gold during purification claimed by the company was simply untenable. The chain of evidence unveiled the "veil" of tax evasion. If the reason for the gold loss was "untenable," was the substantial amount of gold truly invested? After analyzing over 30 R&D projects of the company one by one, the inspectors discovered that there were suspicions of gold usage in multiple projects of the company, with some projects having no process of using gold during R&D. Meanwhile, based on the project appraisal results issued by third-party appraisal institutions, the Inspection Bureau ultimately confirmed that the company had falsely listed expenses for gold materials and illegally enjoyed tax incentives for additional R&D expense deductions in 17 R&D projects, resulting in a total underpayment of corporate income tax of 16,211,600 yuan. In addition, during the inspection process, it was also found that the company had other acts of underpayment of taxes. The inspectors once again interviewed the company's legal representative, Zhang XX, and conducted legal education for him, informing him of the corresponding legal responsibilities that might arise. In the face of various evidence presented by the inspectors, Zhang XX still refused to admit the relevant illegal facts and was unable to provide reasonable explanations. However, in the face of conclusive evidence, the company's illegal acts could not be concealed and would ultimately be subject to legal punishment. According to the first paragraph of Article 63 of the Law of the People's Republic of China on the Administration of Tax Collection: Where a taxpayer forges, alters, conceals, or unlawfully destroys account books or accounting vouchers, or overstates expenses or fails to record or understates income in the account books, or refuses to file tax returns or makes false tax returns after being notified by the tax authorities to do so, and fails to pay or underpays the tax payable, it constitutes tax evasion. For taxpayers who evade taxes, the tax authorities shall recover the unpaid or underpaid tax, surcharge for overdue payment, and impose a fine of not less than 50% but not more than five times the amount of the unpaid or underpaid tax; if the act constitutes a crime, criminal responsibility shall be investigated according to law. The Inspection Bureau of Shenzhen Municipal Tax Service, State Taxation Administration, classified the relevant illegal acts of Shenzhen Kingstar Advanced Materials Co., Ltd. as tax evasion and made a decision to recover the unpaid tax, impose a surcharge for overdue payment, and impose a fine in accordance with the law.

【Shanghai Economic and Information Commission: Promoting Transformation of Auto Manufacturers】At the "Intelligent Connection for a Shared Future" 2025 Yangtze River Delta New Energy Auto Industry Chain and Supply Chain Innovation Cooperation Conference held at the National Convention and Exhibition Center (Shanghai), Han Daodong, deputy inspector of the Shanghai Municipal Commission of Economy and Informatization and head of the automotive industry division, said in his speech that the automotive industry is one of Shanghai's key industries. During the current global automotive industry transformation and adjustment period, Shanghai is committed to solving the pain points and blockages in the automotive industry's transformation and upgrading, accelerating the creation of a world-class automotive industry center, and promoting the integrated development of the Yangtze River Delta region, which has achieved certain results in recent years. Han emphasized that the global automotive competition is shifting towards electrification, intelligence, and AI, with trends of integration, light-weighting, and modularization of parts. Coupled with the impact of international trade frictions and tariff barriers, the automotive industry chain is facing reshaping and transformation.

According to the WeChat official account "Customs Release," on April 15, the General Administration of Customs held a symposium with import and export enterprises and industry associations. Leaders including Sun Meijun, Lv Weihong, Wu Haiping, Zhao Zenglian, and Zhang Baofeng attended the meeting. At the meeting, representatives from import and export enterprises and industry associations introduced the production and operation status of their enterprises and industries, as well as efforts to stabilize orders and expand markets. They also proposed policy measures and suggestions. All participants unanimously expressed their firm support for the country's countermeasures against the United States, demonstrating determination and confidence to overcome difficulties, respond to impacts, dynamically adjust business strategies, turn challenges into opportunities, and achieve greater and better development. Sun Meijun engaged in in-depth communication with the participants. She stated that under the strong leadership of the CPC Central Committee with Xi Jinping at its core, the economy has started smoothly, with the scale and quality of foreign trade imports and exports growing in Q1. She encouraged entrepreneurs to remain confident, face challenges head-on, think globally, seek breakthroughs, further optimize industrial layouts, diversify markets, accelerate product transformation and upgrading, explore new trade channels and methods, and leverage both domestic and international markets to address external uncertainties with their own development certainty. Customs will focus on improving the level of customs clearance facilitation, strengthening policy supply, optimizing the business environment, innovating regulatory systems, promoting open cooperation, and supporting enterprises in going global. Regular communication between customs and enterprises will be enhanced, integrating supervision into services to help enterprises solve problems, overcome difficulties, stabilize orders, expand markets, and further promote the stable development of foreign trade. The Chief Inspector of the General Administration of Customs and responsible officials from relevant departments and units attended the meeting.