On May 14, the Equipment Industry Division I of the Ministry of Industry and Information Technology, the Quality Development Bureau of the State Administration for Market Regulation, and the Fire Supervision Department of the National Fire and Rescue Administration jointly held a video conference on strengthening NEV safety management. The meeting required vehicle and power battery manufacturers to take primary responsibility for product quality and safety, treat safety management as a top-priority initiative, strengthen risk prevention, and strictly fulfill disclosure obligations. The three departments will enhance coordination to conduct safety hazard inspections and defect investigations, implement a product consistency special action, and strictly investigate and penalize violations.

In mid-May 2026, CAAM and the China Automotive Battery Innovation Alliance successively released data on the auto and power battery markets for April 2026. CAAM stated that in April, auto production and sales declined slightly compared to the same period last year, with the cumulative decline in production and sales narrowing further. Among them, domestic demand still needs improvement and stimulation; exports continued to grow rapidly, providing stable support for the overall market........SMM has compiled relevant data on the auto market and power battery market for April 2026 for readers' reference. Auto Sector CAAM: Auto Production and Sales Reached 2.575 Million and 2.526 Million Units Respectively in April In April, auto production and sales reached 2.575 million and 2.526 million units respectively, down 11.7% and 12.9% MoM, and down 1.7% and 2.5% YoY. From January to April, auto production and sales reached 9.614 million and 9.574 million units respectively, down 5.5% and 4.8% YoY. CAAM: NEV Production and Sales Both Grew in April, with NEV Sales Accounting for 53.2% of Total Auto Sales In April, NEV production and sales reached 1.32 million and 1.344 million units respectively, up 5.5% and 9.7% YoY . NEV sales accounted for 53.2% of total new auto sales. From January to April, NEV production and sales reached 4.285 million and 4.304 million units respectively, with production down 3.2% YoY and sales up 0.1% YoY . NEV sales accounted for 45% of total new auto sales. CAAM: NEV Exports More Than Doubled YoY In April, auto exports reached 901,000 units, up 3% MoM and up 74.4% YoY . From January to April, auto exports reached 3.127 million units, up 61.5% YoY . In April, NEV exports reached 430,000 units, up 16% MoM and up 1.1 times YoY ; traditional fuel vehicle exports reached 472,000 units, down 6.5% MoM and up 49% YoY . From January to April, NEV exports reached 1.384 million units, up 1.2 times YoY; traditional fuel vehicle exports reached 1.743 million units, up 34.6% YoY. CAAM commented that since the beginning of this year, China's economy has started strongly, with major indicators exceeding expectations. China's automotive industry has maintained steady progress in transformation and upgrading, foreign trade has demonstrated strong resilience, and overall competitiveness has continued to improve. The recently concluded Beijing auto show showcased cutting-edge achievements in electrification, intelligence, and cross-industry integration, vividly demonstrating that China has become the core market and innovation hub of the global automotive industry. Regarding the April auto market, CAAM stated that in April, auto production and sales declined slightly compared to the same period last year, with cumulative production and sales declines narrowing further. Specifically, domestic demand still needs improvement and stimulation; exports continued to grow rapidly, providing stable support for the overall market. In detail, the passenger vehicle market declined, the commercial vehicle market maintained growth, and NEVs operated steadily. On April 28, the CPC Central Committee Political Bureau held a meeting to analyze and study the current economic situation and economic work, and made a series of important arrangements. The meeting emphasized the need to fully utilize macro policies, deeply tap domestic demand potential, accelerate the construction of a modern industrial system, and systematically respond to external shocks and challenges. This will help improve the domestic auto market, consolidate foreign trade advantages, and promote stable operation and high-quality development of the industry. CPCA also released data on the April passenger vehicle market. April national passenger vehicle retail sales reached 1.384 million units, down 21.5% YoY and down 16.0% MoM; cumulative retail sales from January to April reached 5.604 million units, down 18.5% YoY. The April national passenger vehicle market exhibited complex characteristics of "total volume under pressure with structural divergence." NEV side, April passenger NEV retail sales reached 849,000 units, down 6.8% YoY and down 0.3% MoM; January-April passenger NEV retail sales reached 2.758 million units, down 17.2% YoY. April conventional fuel passenger vehicle retail sales were 530,000 units, down 37% YoY and down 33% MoM. NEV export side, as the scale advantages of China's NEVs become apparent and market expansion demand grows, Chinese-manufactured new energy brand products are increasingly going global, with overseas recognition continuing to rise. April passenger NEV exports reached 406,000 units, up 111.8% YoY and up 18.3% MoM, accounting for 52.7% of passenger vehicle exports, up 8 percentage points YoY; among which, BEVs accounted for 57.2% of new energy exports (65.5% in the same period last year), and A00+A0 class BEVs as the core focus accounted for 51.2% of BEV exports (46% in the same period last year). CPCA stated that this year's passenger vehicle market, affected by multiple factors including NEV purchase tax policy adjustments, weak consumer confidence, and high oil prices, has exhibited an operating trend of "China slowing down, exports growing rapidly; fuel vehicles contracting, new energy dominating."High oil prices dealt a heavy blow to domestic retail of internal combustion engine vehicles, directly affecting the domestic retail recovery process. From January to February this year, internal combustion engine vehicle retail declined by 740,000 units YoY, accounting for 40% of the passenger vehicle retail decline; in March, internal combustion engine vehicle sales declined by 345,000 units YoY, accounting for 52% of the passenger vehicle retail decline; in April, internal combustion engine vehicle sales declined by 365,000 units YoY, with the decline share further expanding to 84%. Under the atmosphere of cost anxiety, consumer demand is accelerating its shift from internal combustion engine vehicles to new energy vehicles, and the market's "fuel-electric divergence" pattern is becoming increasingly prominent. However, on the export side, the opposite was true: from January to February, internal combustion engine vehicle exports grew by 100,000 units YoY, accounting for 25% of the passenger vehicle export growth; in March, internal combustion engine vehicle exports grew by 100,000 units, accounting for 32% of the passenger vehicle export growth; in April, internal combustion engine vehicle exports grew by 130,000 units, climbing to 38%. Due to the notable effects of recent anti-involution measures in the auto market, the scale of price cuts was small, promotional levels remained stable, and many consumers' expectations of waiting for price reductions gradually faded, with some users in stalemate beginning to make car purchases. The Beijing Auto Show in April has become the world's largest auto show, with enormous industry chain scale and influence, providing a strong boost to auto sales recovery in late April. Characteristics of the passenger vehicle market in April 2026: First, overall volume was under pressure with significant structural divergence, with "cold fuel, hot new energy" becoming the biggest focal point. The core reason for the domestic retail decline was the "collapse of fuel vehicles," with new energy retail penetration rate reaching 61.4% (breaking through 60% for the first time in history), and the pace of electrification substitution exceeding expectations. Second, domestic brand share continued to strengthen, with traditional domestic brands successfully transforming, while joint venture brands lagged in electrification progress, solidifying the "domestic brand dominance" pattern. Third, exports showed explosive growth, with new energy accounting for 52.7% (breaking through 50% for the first time in history), driven by the "new energy + domestic brands" dual engine, making "going global" the core growth engine. Fourth, passive destocking characteristics were evident, with channel inventory declining rapidly, listed dealers suffering comprehensive losses, and dealer survival pressure continuing to intensify. Fifth, dramatic structural changes within new energy occurred, with B-class EVs surging and economy EVs under pressure, showing "high-end rising, low-end struggling." Sixth, new model contribution declined: April producer sales of new models launched in 2026 reached 108,400 units, accounting for 5.1% of total volume, while new models launched in 2025 sold 130,000 units in April 2025, with some classic car models maintaining stable leading sales positions. Power battery segment Power and ESS battery sales up 39.0% YoY in April, up 48.9% YoY cumulatively from January to April In April, China's power and ESS battery sales reached 164.2 Gwh, down 6.2% MoM, up 39.0% YoY . Among them, power battery sales were 108.9 GWh, accounting for 66.4% of total sales, down 5.0% MoM and up 25.8% YoY; ESS battery sales were 55.2 GWh, accounting for 33.6% of total sales, down 8.5% MoM and up 75.5% YoY. From January to April, China's cumulative power and ESS battery sales reached 601.2 GWh, up 48.9% YoY cumulatively . Among them, cumulative power battery sales were 400.9 GWh, accounting for 66.7% of total sales, up 31.9% YoY cumulatively; cumulative ESS battery sales were 200.4 GWh, accounting for 33.3% of total sales, up 100.4% YoY cumulatively. China's Power Battery Installations Up 15.2% YoY in April, Cumulative Installations Up 1.6% YoY from January to April In April, China's power battery installations were 62.4 GWh, up 10.4% MoM and up 15.2% YoY . Among them, ternary battery installations were 11.5 GWh, accounting for 18.5% of total installations, up 7.6% MoM and up 24.2% YoY; LFP battery installations were 50.8 GWh, accounting for 81.5% of total installations, up 11.0% MoM and up 13.4% YoY. From January to April, China's cumulative power battery installations were 187.2 GWh, up 1.6% YoY cumulatively . Among them, cumulative ternary battery installations were 37.4 GWh, accounting for 20.0% of total installations, up 8.9% YoY cumulatively; cumulative LFP battery installations were 149.8 GWh, accounting for 80.0% of total installations, down 0.1% YoY cumulatively. Leap Motor Continued to "Lead" Among New Forces in April, BYD's Overseas Sales Hit a Record High April sales/delivery data for new automaking forces were released. Leap Motor continued to "lead," delivering 71,387 units in April, up 73.9% YoY. Delivery momentum continued to surge, with back-end production running at full capacity simultaneously. Currently, Leap Motor's A10 factory capacity has exceeded 1,000 units/day. Starting from April, Leap Motor's intelligent features also entered a phase of large-scale popularization. Currently, urban navigation-assisted driving has been made available for experience across multiple Leap Motor car models, and in the future, nationwide urban NAP and parking-space-to-parking-space navigation assistance will be rolled out in batches. Leveraging its full-domain self-developed capabilities, Leap Motor has achieved full coverage of assisted driving from the 100,000-yuan-level A10 to the flagship D19, making smarter and safer advanced intelligent assisted driving no longer a privilege of the few, but an accessible part of everyday travel. Li Auto delivered a total of 34,085 new vehicles in April. As of April 30, 2026, Li Auto's cumulative historical deliveries reached 1,669,442 units. As of April 30, 2026, Li Auto had 511 retail centers nationwide, covering 160 cities, and 550 after-sales repair centers and authorized service centers, covering 223 cities. Li Auto had put into use 4,077 Li Auto supercharging stations nationwide, with 22,509 charging piles. XPeng Motors delivered 31,011 new vehicles in April. As of April, cumulative deliveries of the XPeng MONA M03 exceeded 250,000 units, ranking first among pure electric sedans in the 100,000-200,000 yuan segment for 19 consecutive months. As of April 30, XPeng's charging network covered over 430 cities, with over 3,550 cumulative self-operated charging stations, including over 3,000 self-operated ultra-fast charging stations. To ensure smooth travel during the Labour Day holiday, XPeng completed dedicated inspections and maintenance of charging stations along highways and at popular scenic areas. Xiaomi Auto delivered over 30,000 units in April. On May 6, Xiaomi Auto announced that the new-generation SU7 had received over 80,000 locked orders in just 48 days since its launch. The new-generation SU7 Standard Edition was priced at 219,900 yuan, the Pro Edition at 249,900 yuan, and the Max Edition at 303,900 yuan. NIO delivered 29,356 new vehicles in April, up 22.8% YoY. Among them, the NIO brand delivered 19,024 units; the ONVO brand delivered 5,352 units, up 21.6% YoY; and the firefly brand delivered 4,980 units. In the first four months of this year, NIO delivered a total of 112,821 vehicles, up 71.0% YoY. To date, NIO has cumulatively delivered 1,110,413 vehicles. In April 2026, the all-new NIO ES8 achieved 13,020 new vehicle deliveries. To date, the all-new ES8 has accumulated over 100,000 users and set the record for the fastest delivery of 100,000 units among high-end car models priced above 400,000 yuan in China. In addition, the all-new ES8 has been the sales champion among large SUVs and car models priced above 400,000 yuan for four consecutive months. BYD, China's leading EV maker, recorded auto sales of 321,123 units in April. Exports exceeded 130,000 units, hitting a new all-time high. Cumulative NEV sales surpassed 16.1 million units. On May 9, BYD and China Auto Rental (CAR Inc.) officially signed a Flash Charging China strategic cooperation agreement and a 100,000-unit vehicle procurement framework agreement in Shenzhen. Under the agreement, the two parties will conduct in-depth cooperation around the "Flash Charging China Strategy," deploying BYD flash charging pile facilities at eligible CAR Inc. stores nationwide to build a widely covered, efficient, and convenient charging service network, jointly enhancing user travel experiences. Meanwhile, the two parties signed a 100,000-unit vehicle procurement framework agreement, further consolidating BYD's core position in CAR Inc.'s NEV fleet and supporting its continued expansion of green transportation capacity. The CPCA stated that the current auto market is at a critical stage of smooth transition from "policy-driven" to "market-guided" and "product-driven." Although the market is under pressure in the short term, with multiple heavyweight new car models entering the market around the auto show period, supply-side efforts are expected to gradually drive demand-side recovery, and the overall auto market is expected to see a more robust rebound in Q2. In addition, CPCA Secretary General Cui Dongshu noted that the NEV penetration rate exceeded 60% in April, a "leapfrog" development compared to approximately 52% in March, with a key reason being the sharp decline in internal combustion engine vehicle demand, which in turn pushed up the NEV penetration rate. Recently, some automakers announced raises in optional intelligent driving features pricing, drawing market attention. In response, Cui Dongshu stated that China's auto market currently exhibits significant differentiation in automaker gross margins: high-end automakers maintain relatively high gross margin levels, with many models still sustaining gross margins above 20% supported by pricing, facing relatively small profitability pressure and having no substantive need to raise prices; low and mid-end automakers, however, face notable profitability pressure. Yet as industry competition continues to intensify and the overall market is in a state of volume contraction, broad-based price increases by automakers lack feasibility. Looking ahead to May, the CPCA stated that May this year has 19 working days, consistent with the 19 working days in May 2025. Auto market production and sales are expected to continue the prior gradual rebound trend. From the end-user pace and consumption perspective, the MoM recovery momentum of the May auto market is generally improving. The 2026 truck renewal subsidy standards remain unchanged, while passenger vehicle trade-in subsidies were reduced, and the impact of passenger vehicle sales losses is expected to diminish over time. Sales losses previously caused by the cooling of industry price wars and sales promotions falling short of expectations have been gradually absorbed. The Labour Day holiday combined with local auto shows activated car purchase demand, driving pre-holiday order locking and post-holiday concentrated deliveries, with monthly trends showing strength early and stability later. The surge in fuel prices is an exceptionally significant factor affecting consumption, bringing uncertainty to market sales. Currently, residents' income expectations remain cautious, wait-and-see sentiment toward car purchases persists, and coupled with tightening auto finance and higher credit thresholds, rigid demand is supported only by local subsidies and automaker concessions. China's consumption recovery is mild, with notable structural differentiation. Under the intertwined influence of multiple factors including international oil price fluctuations and intensive new product launches, these will dominate the May auto market performance. The Labour Day long holiday is a dividend driving MoM sales recovery, but consumption shortcomings are difficult to repair quickly, constraining YoY growth. High oil prices have reshaped car purchase preferences and accelerated the electrification transition, while the comprehensive new energy industry chain continues to empower export growth. The overall picture presents a weak recovery pattern of "MoM recovery, YoY pressure, domestic demand differentiation, exports leading, and continuously rising NEV penetration rate."

SMM News, May 12: Metals market: Overnight, domestic market base metals mostly rose. SHFE copper was up 2.35%. SHFE aluminum was up 0.57%, SHFE lead was down 0.24%. SHFE zinc was up 1.33%. SHFE tin was up 1.8%. SHFE nickel was up 0.83%. In addition, the most-traded alumina futures were up 0.53%, and the most-traded foundry aluminum futures were up 0.82%. Overnight, ferrous metals mostly fell. Iron ore was down 0.24%, stainless steel edged down, rebar was down 0.18%, and hot-rolled coil edged up. Coking coal and coke: coking coal was down 0.65%, coke was up 0.19%. Overnight, overseas market metals saw LME base metals rise across the board. LME copper was up 2.84%. LME aluminum was up 2.27%, LME lead was up 0.56%. LME zinc was up 1.19%. LME tin was up 2.31%. LME nickel was up 1.64%. Overnight precious metals : COMEX gold was up 0.31%, COMEX silver was up 7.35%. Overnight, the most-traded SHFE gold contract was up 0.45%, and the most-traded SHFE silver contract was up 6.47%. Gandharv Walia, a columnist for India's Economic Times, said that on Monday, gold prices fell as geopolitical tensions sparked inflation concerns and shifted interest rate expectations. Silver performed differently — silver typically benefits from both industrial and investment demand, and traders increased purchases on expectations of industrial use and price momentum. The market currently expects fluctuations in the precious metals market. US April inflation data will be released this week. Strong inflation data could delay interest rate cuts, which could put pressure on gold again; lower inflation could support gold prices. Global diplomatic efforts on the Iran issue are equally important, as any outcome could affect market sentiment and precious metals prices. On the other hand, silver benefits from industrial demand. The manufacturing and technology sectors require silver for electronic devices and energy systems. If economic activity remains stable, silver may continue to outperform gold. (Jin10) As of 7:18 AM, May 12, overnight closing prices: Macro front China: [The General Office of the State Council Issued the "State Council 2026 Annual Legislative Work Plan"] The State Council Legislative Plan emphasized promoting high-quality development, maintaining high-level security through high-quality legislation, and ensuring the smooth achievement of economic and social development goals during the 15th Five-Year Plan period. First, to build a high-level socialist market economic system and accelerate the construction of a new development pattern, it listed the draft Financial Law, the draft amendment to the Tendering and Bidding Law, and the formulation of regulations on building a unified national market. Second, to strengthen the rule-of-law government and optimize the business environment, it will revise the implementation regulations of the Administrative Reconsideration Law and the procedures for formulating administrative regulations. Third, to accelerate high-level scientific and technological self-reliance and stimulate cultural innovation, it listed the draft amendment to the Teachers Law and the revision of the Internet Information Service Management Measures. Fourth, to strengthen people's livelihood and accelerate green transformation, it listed the draft amendment to the Road Traffic Safety Law, the formulation of water supply regulations, and the revision of the Drug Administration Law implementation regulations. Fifth, to modernize the national security system and build a safer China, it listed the draft amendment to the Earthquake Disaster Prevention and Mitigation Law and the formulation of regulations on production safety hazard investigation and management. Sixth, to strengthen foreign-related legal systems and expand high-level opening-up, it listed the draft amendment to the Customs Law, the formulation of State Council provisions on industry chain and supply chain security, and the revision of the regulations on origin of import and export goods. Meanwhile, the State Council Legislative Plan made arrangements for accelerating comprehensive legislation on the healthy development of artificial intelligence, and outlined plans for legislation urgently needed for further comprehensive deepening of reform, accelerating government function transformation, developing new quality productive forces, safeguarding national security, strengthening foreign-related rule of law, and advancing national defense and military modernization. (Xinhua) [PBOC Q1 Monetary Policy Implementation Report: Continue to Implement Moderately Accommodative Monetary Policy] The People's Bank of China released its Q1 2026 China Monetary Policy Implementation Report. The report stated: continue to implement a moderately accommodative monetary policy. Enhance the foresight, flexibility, and precision of policies, grasp the intensity, pace, and timing of policy implementation based on economic and financial conditions in and outside China and financial market operations, strengthen coordination between monetary and fiscal policies, smooth monetary policy transmission mechanisms, and promote stable economic growth and reasonable price rebound. Flexibly use various monetary policy tools, maintain ample liquidity and relatively accommodative social financing conditions, guide reasonable growth in aggregate financial volume and balanced credit allocation, so that the growth of aggregate social financing and money supply matches economic growth and overall price level targets. [China Automotive Battery Innovation Alliance: Combined Power Battery and ESS Battery Exports Reached 31.7 Gwh in April, up 42% YoY] The latest monthly data from the China Automotive Battery Innovation Alliance showed that in April, affected by the new export tax rebate policy, China's combined power battery and ESS battery exports reached 31.7 Gwh, down 12.3% MoM and up 42.0% YoY, accounting for 19.3% of monthly sales. Among them, power battery exports were 20.2 Gwh, accounting for 63.9% of total exports, down 9.0% MoM and up 40.1% YoY; ESS battery exports were 11.4 Gwh, accounting for 36.1% of total exports, down 17.4% MoM and up 45.4% YoY. [China Chamber of Commerce for Import and Export of Machinery and Electronic Products Submitted Comments on the EU Cybersecurity Act Amendment Draft] Recently, the EU has been pushing to amend the Cybersecurity Act, adding an "ICT Supply Chain Security" chapter to the amendment draft, which introduces numerous restrictive and exclusionary provisions for market access of overseas suppliers. Once implemented, this could seriously hinder fair competition for Chinese enterprises in the EU market. The China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) noted the high level of industry concern and fully utilized the EU's legislative review opportunity to submit comments to the European Commission from an industry organization perspective. CCCME also noted that recent EU measures — including the Industrial Accelerator Act and other legislative initiatives, as well as the designation of China as a "high-risk country" in inverter projects at the implementation level — could seriously affect Chinese machinery and electronics enterprises' exports to and operations in the EU. CCCME will closely monitor developments on all fronts and assist domestic enterprises in actively addressing related risks and challenges. (Wallstreetcn) [Baotou Released 16 New Housing Market Policies, to Optimize Housing Provident Fund Support] Baotou officially issued the "Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market." Among the measures, it will optimize housing provident fund support by raising the maximum loan amount for families with two or more children purchasing owner-occupied housing by 10% above the current level (currently, the maximum loan for a single contributor is 700,000 yuan, and for dual-contributor couples, 1.2 million yuan); and support flexible employment workers in voluntarily participating in the housing provident fund system with equal access to housing provident fund policies. US dollar: Overnight, the US dollar index was up 0.08%, closing at 97.94. The US "inflation week" officially kicked off, with CPI (Tuesday), PPI (Wednesday), and import prices (Thursday) all to be released this week, directly affecting judgments on the US Fed's policy path. According to the CME FedWatch tool: the probability of the US Fed keeping rates unchanged through June was 97.7%, with a 2.3% probability of a cumulative 25-basis-point cut. The probability of rates remaining unchanged through July was 94.6%, with a 5.4% probability of a cumulative 25-basis-point cut and a 0.1% probability of a cumulative 50-basis-point cut. Kevin Warsh, Trump's nominee for the next Fed Chairman, cleared a key procedural hurdle in the Senate on Monday local time. Powell's chairmanship will end this Friday. The Senate is expected to vote as early as Tuesday, following Monday's so-called "cloture vote," to confirm Warsh as a Fed Governor for a 14-year term. Senators will then initiate the confirmation process for his concurrent four-year term as Fed Chairman, with a vote possible as early as Wednesday. The Republican-controlled Senate is expected to approve Warsh as the next Fed leader. The US Fed's next meeting — potentially Warsh's first as chairman — is scheduled for June 16-17 local time. (Jin10) Macro: Data to be released today include Germany's April CPI monthly rate final reading, Germany's May ZEW Economic Sentiment Index, Eurozone May ZEW Economic Sentiment Index, US April NFIB Small Business Optimism Index, US weekly ADP employment change for the week ending April 25, US April non-seasonally adjusted CPI annual rate, US April seasonally adjusted CPI monthly rate, US April seasonally adjusted core CPI monthly rate, and US April non-seasonally adjusted core CPI annual rate. In addition, attention should be paid to: the Bank of Japan's release of the summary of opinions from the April monetary policy meeting; permanent FOMC voter and New York Fed President Williams participating in a panel discussion on monetary policy; and Vice Premier He Lifeng leading a delegation to South Korea from May 12-13 for trade consultations with the US side. Crude oil: Overnight, both oil futures rose, with WTI up 2.97% and Brent up 3.25%. US-Iran ceasefire negotiations reached an impasse, and the near-standstill of traffic through the Strait of Hormuz continued to intensify market concerns over energy supply disruptions, pushing oil prices higher. (Wallstreetcn) The US Strategic Petroleum Reserve (SPR) allocated 53.5 million barrels of crude oil to companies including commodity trader Trafigura Group and US refiner Marathon Petroleum to help ease the oil price surge triggered by the Iran war. Ahead of the US summer driving peak, the US government is releasing near-record levels of crude oil to the market to bring down oil prices. The crude oil will be released from June to August, when refineries will ramp up capacity to meet peak gasoline demand. This sale, the second-largest SPR release in history, is also part of a global effort led by the International Energy Agency to bring down oil prices. Last week, the US had already released a record daily average of 1.22 million barrels of crude oil under this framework. The Trump administration pledged to release 172 million barrels of crude oil through a so-called "exchange program." Under this mechanism, crude oil is lent to companies and must later be returned in kind. To date, the US has agreed to release 133.1 million barrels of crude oil. (Jin10)

According to customs data, China's aluminum foil (tariff codes 76071110, 76071120, 76071190, 76071900, 76072000) total exports in March 2026 reached 103,500 mt, up 10% MoM but down 13% YoY. The share of exports to the UAE plunged from 6.8% in January-February to 2.5% in March, with the Middle East trade chain nearly severed.

With the rapid development of the global NEV industry and the growing embrace of green and low-carbon concepts, the battery recycling industry is transforming from a marginal sector into a "new frontier" in the capital market, demonstrating unprecedented development potential. This industry, once regarded as merely "selling scrap," has now become a core necessity for safeguarding national resource security, implementing the "dual carbon" strategy, and promoting the sustainable development of the new energy industry, ushering in its own golden era. Strong policy support has injected robust momentum into the industry's development. In February 2025, the General Office of the State Council issued the *Action Plan for Improving the NEV Power Battery Recycling and Utilization System*, requiring the acceleration of relevant regulations and rules to standardize recycling and utilization through rule of law. Subsequently, the Ministry of Industry and Information Technology, together with the Ministry of Ecology and Environment, the State Administration for Market Regulation, and other departments, jointly issued the *Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from NEVs*, setting new requirements across multiple dimensions including power battery traceability, recycling and utilization, and supervision. Driven by both policy and market forces, the battery recycling industry has continued to expand in scale, exhibiting an "explosive" growth trajectory. Currently, the number of battery recycling-related enterprises in China exceeded 200,000. In the first ten months of 2025 alone, over 30,000 new battery recycling-related enterprises were registered, representing a YoY increase of over 15% compared to the same period last year. Top-tier enterprises such as GEM and Tianqi Co., Ltd. have ramped up capacity deployment and capital operations, building competitive barriers through technological upgrades and industry chain extensions. GEM possesses a complete "battery recycling—battery cascade reuse—raw material remanufacturing—material remanufacturing—battery reassembly" full life cycle value chain, with industry-leading scale advantages. It operates 9 major lithium battery recycling bases globally, and its lithium battery recycling volume has accounted for 10% of China's total retired battery volume for consecutive years, ranking first nationwide. As early-stage NEVs gradually retire, the lithium battery recycling industry will accelerate over the next 3 to 5 years, with an annualized growth rate exceeding 50%—a market poised for tenfold growth in 5 years. The industry consensus is that this transformation, jointly driven by price, demand, and policy, is propelling the lithium battery recycling industry from extensive development toward a refined, standardized, and globalized development stage.

In 2025, the global NEV and new-type energy storage markets continued to boom. Chinese lithium battery enterprises, leveraging their technological expertise and scale advantages, continued to dominate the global supply chain.