In mid-February 2026, CAAM and the China Automotive Power Battery Industry Innovation Alliance successively released relevant data on the auto and power battery markets for January 2026. According to CAAM’s analysis, in January 2026, the auto industry overall operated steadily, the passenger vehicle market declined somewhat, the commercial vehicle market continued its positive trend, the NEV market remained stable, and auto exports continued to grow....... SMM compiled the relevant data on the auto market and power battery market for January 2026 for readers’ reference. Automobiles CAAM: In January 2026, Auto Production and Sales Both Exceeded 2 Million Units, Production Edged Up YoY In January, auto production and sales totaled 2.45 million and 2.346 million units, respectively, with production up 0.01% YoY , while sales fell 3.2% YoY, down 25.7% and 28.3% MoM, respectively. CAAM: In January 2026, China’s NEV Production and Sales Reached 1.041 Million and 945,000 Units, Respectively, up 2.5% and 0.1% YoY In January, NEV production and sales reached 1.041 million and 945,000 units, respectively, up 2.5% and 0.1% YoY, respectively , with NEV sales accounting for 40.3% of total new vehicle sales. CAAM: Auto Exports Continued to Grow in January, NEV Exports Posted Rapid Growth In January, auto exports reached 681,000 units, up 44.9% YoY , down 9.5% MoM . NEV exports reached 302,000 units, up 100% YoY and 0.5% MoM ; traditional fuel vehicle exports reached 380,000 units, up 18.8% YoY , down 16.1% MoM. Regarding the auto market in January, CAAM said that the auto industry overall operated steadily in January, the passenger vehicle market declined somewhat, the commercial vehicle market continued its positive trend, the NEV market remained stable, and auto exports continued to grow. The main factors behind the market decline were: first, the transition and adjustment of the NEV purchase tax policy; second, car purchase subsidy policies in many regions were at the turn of the year; and third, some consumer demand was released ahead of schedule in 2025. In the first month of 2026, the country intensively introduced a series of policies benefiting both households and businesses to support livelihoods and economic development. Among them, the program of large-scale equipment upgrades and consumer goods trade-ins was smoothly and orderly carried forward, with various localities successively following up and issuing implementation details; the Work Plan for Accelerating the Cultivation of New Growth Drivers in Service Consumption focused on key areas such as automotive aftermarket services, stimulating market vitality. As relevant policies are further refined and implemented, this will help stabilize and rebound demand in the auto market and support the industry's steady operation. CAAM stated that the 15th Five-Year Plan period is a critical window for China's automotive industry to transition toward high-quality development, requiring the industry to improve quality and efficiency while maintaining stable market operations. Meanwhile, the CPCA also released January passenger vehicle market data. January retail sales in China's passenger vehicle market totaled 1.544 million units, down 13.9% YoY. Due to the complex market factors at play, the pattern of weaker sales in the first half and stronger sales in the second half has become more pronounced in recent years. Since 2020, low YoY retail growth in January has been relatively common, for example, -21% in 2020, 27% in 2021, -5% in 2022, -38% in 2023, 58% in 2024, and -12% in 2025. Therefore, the -13.9% reading in 2026 was a mid-range outcome amid the wild swings in January growth rates over the years. NEV side, January retail sales in the passenger NEV market were 596,000 units, down 20.0% YoY; January retail sales of conventional internal combustion engine passenger vehicles were 948,000 units, down 10% YoY. Export side, January passenger NEV exports reached 286,000 units, up 103.6% YoY . This accounted for 49.6% of passenger vehicle exports, up 12.5 percentage points compared to the same period last year. Of this, pure EVs accounted for 65% of NEV exports (67% in the same period last year), while A00+A0-class pure EVs, the core focus segment, accounted for 50% of pure EV exports (41% in the same period last year). As China's scale advantages in NEVs emerge and market expansion demand grows, more and more China-made new energy brands are going global, with their recognition outside China continuing to rise. Plug-in hybrids accounted for 33% of NEV exports (32% in the same period last year). Although they have recently faced some disruptions from external countries, exports of self-owned plug-in hybrids to developing countries have been growing rapidly, with bright prospects ahead. The CPCA stated that after the NEV purchase tax exemption policy, implemented since September 2014, officially ended at month-end December 2025, the NEV market entered a normal recovery period. Some consumers brought purchases forward to enjoy the policy dividend in December last year, resulting in a certain pull-forward effect in January. This was an expected short-term fluctuation and does not represent the market's long-term trend. Specifically, the characteristics of the January passenger vehicle market were as follows: First, January passenger vehicle producer exports hit a record high for the month, and passenger NEV exports also reached a historic January high, fully demonstrating the rising competitiveness of China's automotive industry in the global market and continued robust demand outside China; second, the retail pullback after the expiration of the vehicle purchase tax exemption was evident, while the share of high-end NEVs rose significantly, reflecting growing consumer demand for high-quality NEVs amid the consumption upgrade trend, which will help drive the industry's transition toward high-quality development; third, new vehicle launches in 2026 were steady, and with anti-involution efforts curbing disorderly price cuts, January NEV sales promotions remained at 10.1%, staying around 10% for five consecutive months. There was no vicious volume discount competition, which helped maintain market order; fourth, the historical pattern of internal combustion engine vehicles outperforming NEVs ahead of Chinese New Year continued again. In January, retail sales of internal combustion engine vehicles in China fell 10% YoY, pure EV retail sales fell 17.0% YoY, range-extended vehicles rose 0.8% YoY, and plug-in hybrids fell 31.2% YoY. As the pull-forward effect from last December weakens in the future, the NEV market is expected to return to a positive growth track; fifth, in January, the penetration rate of NEV retail sales in China was 38.6%, and the export penetration rate was 49.6%; sixth, in January 2026, exports of self-owned internal combustion engine passenger vehicles were 250,000 units, up 17% YoY, while self-owned NEV exports were 226,000 units, up 115% YoY. NEVs accounted for 47.5% of self-owned exports. In particular, the high growth of NEV exports in Europe and Southeast Asia marked the expanding influence of Chinese NEV brands in the international market, laying a solid foundation for future export growth. Power battery In January, China’s cumulative sales of power and ESS batteries reached 148.8 Gwh, up 85.1% YoY In January, China’s sales of power and ESS batteries totaled 148.8 Gwh, down 25.4% MoM , up 85.1% YoY . Of this, power battery sales were 102.7 Gwh, accounting for 69.0% of total sales, down 28.6% MoM and up 63.2% YoY; ESS battery sales were 46.1 Gwh, accounting for 31.0% of total sales, down 17.0% MoM and up 164.0% YoY. In January, China’s combined exports of power and ESS batteries were 24.1 Gwh, down 26.0% MoM and up 38.3% YoY , accounting for 16.2% of sales in the month. Of this, power battery exports were 17.7 Gwh, accounting for 73.3% of total exports, down 7.1% MoM and up 59.3% YoY; ESS battery exports were 6.4 Gwh, accounting for 26.7% of total exports, down 52.6% MoM and up 1.4% YoY. In January, China’s cumulative domestic power battery installations reached 42 Gwh, up 8.4% YoY In January, domestic power battery installations were 42 Gwh, down 57.2% MoM , up 8.4% YoY . Of this, ternary battery installations were 9.4 Gwh, accounting for 22.3% of total installations, down 48.6% MoM and up 9.6% YoY; LFP battery installations were 32.7 Gwh, accounting for 77.7% of total installations, down 59.1% MoM and up 8.1% YoY. In January, the performance of emerging automakers diverged in terms of YoY growth, with Leap Motor continuing to “lead the pack” and Xiaomi Auto’s January deliveries surpassing 39,000 units Statistics compiled by a CLS reporter on the January sales of 15 A/H-share listed automakers showed that 9 automakers achieved YoY growth, accounting for 60%. Higher NEV sales and expansion into overseas markets became important drivers supporting the overall growth of these automakers. SAIC’s January sales reached 327,000 units, up 23.94% YoY, returning to the top spot in sales. Its NEV segment continued to gain momentum. In January 2026, SAIC sold 85,000 NEVs, up 39.7% YoY, with sales volume ranking among the industry leaders. As for second-ranked Geely, its January sales reached 270,200 units, up 1.29% YoY and up 14.08% MoM, making it the only enterprise to achieve positive growth both YoY and MoM. Geely Automobile said, “2026 will be a major product year for Geely Automobile. The company will launch 1-2 brand-new products each quarter, covering multiple new hybrid car models and a new generation of methanol-hydrogen energy car models, in a full push toward its annual sales target of 3.45 million units.” On exports, Geely set its 2026 export sales target at 640,000 units, up more than 50% YoY. As for the NEV startup market in January, judging from the January delivery volumes released by major automakers, all major automakers saw delivery declines of varying degrees MoM versus December 2025. Among them, Leap Motor continued to lead in 2026, ranking first among NEV startups with deliveries of 32,059 units, up 27.37% YoY and down 46.94% MoM. To stabilize the market, Leap Motor accelerated channel development, recently adding 85 stores. As of January 5, its total number of stores nationwide reached 1,068, ensuring that more users could conveniently experience Leap Motor’s products and services. On February 2, Leap Motor announced new car purchase benefits for February: a New Year cash gift of 11,000 yuan in cash discounts, a New Year loyalty gift of up to 10,000 energy points, and a New Year financing gift of up to five years of zero interest. Li Auto regained momentum in January, ranking just behind Leap Motor with 27,668 units, down 7.55% YoY and down 37.47% MoM. As of January 31, 2026, Li Auto’s cumulative historical deliveries reached 1,567,883 units. On February 5, Li Auto Chairman Li Xiang said on a social media platform that Li Auto would launch the all-new Li L9 in 2026, “not just a car, but also a pioneering work of an embodied AI robot.” Cailian Press reporters learned that Li Auto had established an AI company organizational structure for this purpose, including teams for computing power and data, foundation models, and software and hardware bodies, to build system capabilities for “creating silicon-based humans.” As of January 31, 2026, Li Auto had 547 retail centers nationwide, covering 159 cities, as well as 547 after-sales repair centers and authorized service centers, covering 221 cities. Li Auto had put into use 3,966 Li Auto supercharging stations nationwide, with 21,945 charging piles. NIO delivered a total of 27,182 units in January, up 96.08% YoY and down 43.53% MoM. On the afternoon of February 1, NIO completed delivery of the 60,000th all-new ES8 in Guangzhou, taking 134 days. On the same day, the NIO brand launched seven-year ultra-low-interest car purchase plans for the new ET5, ET5T, ES6, and EC6, while the ONVO brand launched the same for the ONVO L60 and L90, featuring a 0.49% annualized rate for seven years, zero financial service fees, and zero penalties for early repayment. The firefly brand launched a seven-year ultra-low-interest car purchase plan, with buyers who place orders receiving a Year of the Horse Chinese New Year Adventure Gift Pack. XPeng Motors delivered 20,011 new vehicles in January, down 34.07% YoY and down 46.65% MoM. In January, the XPeng X9 continued to sell strongly, with monthly deliveries of 4,219 units, up 413.9% YoY. As of month-end January, its cumulative deliveries reached 51,897 units, making it the fastest car model among China's emerging MPV makers to surpass 50,000 deliveries. In the same month, pre-orders opened for the 2026 XPeng X9 BEV version. As the “world’s longest-range 5C pure-electric large seven-seater,” the new model was fully aligned with the hot-selling super extended-range version in terms of product competitiveness. From now until the new model goes on sale, a 2,000-yuan deposit can be used to offset 7,000 yuan of the car purchase price. In addition, according to data from Xiaomi Auto’s official Weibo account, Xiaomi Auto delivered more than 39,000 vehicles in January, even surpassing Leap Motor, which ranked first among emerging EV makers. On the same day, Xiaomi also announced car purchase benefits related to the Xiaomi SU7 and Xiaomi SU7 Ultra. All Xiaomi YU7 variants are eligible for “seven years of low interest”! A new low-monthly-payment option has been added, with down payments starting from 99,900 yuan and monthly payments from less than 2,000 yuan. Orders placed before 24:00 on February 28 also qualify for an optional “three years interest-free” plan, with down payments starting from 74,900 yuan and monthly payments as low as 4,961 yuan. At the same time, buyers can enjoy limited-time car purchase benefits of up to 66,000 yuan. Regarding store expansion progress, Xiaomi Auto said it added nine new stores in January, bringing its total to 484 stores across 139 cities nationwide; six more stores are expected to be added in February, with coverage expected to expand to two new cities, Jiangmen and Zhoukou; as of January 31, it had 270 service outlets nationwide, covering 159 cities across the country. As for BYD, the leader in EVs, its January sales reached 210,051 units, with cumulative NEV sales exceeding 15.3 million. BYD exported a total of 100,482 NEVs in January. Notably, there was also fresh news on BYD’s solid-state battery business. A CLS reporter learned from BYD’s Investor Relations Department that BYD is exploring multiple technology pathways in the solid-state battery field, taking sulphide solid-state batteries as an important technical direction, and has achieved breakthroughs in battery life and fast charging, with small-scale production expected in 2027. In the sodium-ion battery field, it is already at the development stage of its third-generation product technology platform and has developed sodium-ion battery products capable of 10,000 cycles. The mass-production period will be determined based on actual market conditions and client demand. Cui Dongshu, Secretary General of the CPCA, commented that the recent weakness in January auto retail sales was reasonable, given that the vehicle purchase tax exemption policy had just ended and only some provinces and cities had launched trade-in and renewal subsidy policies, while mid-January last year was a peak sales period before Chinese New Year, and the holiday timing shift also weighed on January auto retail performance. It was expected that as local detailed rules for replacement subsidies were gradually refined and subsidy application channels became smoother, together with the gradual release of potential car purchase demand before the Chinese New Year holiday, the auto retail market would gradually recover and improve. At the Beginning of 2026, National and Local Governments Across Many Regions Mentioned Policies to Promote Auto Consumption; More Than 20 Regions Introduced New Trade-in and Car Purchase Subsidy Policies After entering 2026, as national subsidies were scaled back, consumer-stimulus policies to promote consumption were being rolled out intensively at both the national and local levels through multiple measures. According to incomplete statistics, more than 20 provinces, municipalities, and autonomous regions, including Beijing, Shanghai, Chongqing, Zhejiang, and Sichuan, had issued detailed rules for activities such as automobile trade-in, retirement and renewal, or car purchase subsidies. On December 31, 2025, the general offices of eight departments including the Ministry of Commerce issued the Implementation Rules for Automobile Trade-in Subsidies in 2026, which officially took effect on January 1, 2026. It mentioned that in 2026, a one-time subsidy would be granted to individual consumers who retired gasoline passenger vehicles registered on or before June 30, 2013, diesel and other fuel passenger vehicles registered on or before June 30, 2015, or passenger NEVs registered on or before December 31, 2019, and purchased either a passenger NEV included in the Ministry of Industry and Information Technology’s Catalog of NEV Models Eligible for Vehicle Purchase Tax Reduction and Exemption or a fuel passenger vehicle with an engine displacement of 2.0 liters or below. For those who retired the above qualified old vehicles and purchased a passenger NEV, a subsidy of 12% of the new vehicle’s selling price (tax included, the same hereinafter) would be provided, with the subsidy amount (rounded up to the nearest yuan, the same hereinafter) capped at 20,000 yuan; for those who retired the above qualified fuel passenger vehicles and purchased a fuel passenger vehicle with an engine displacement of 2.0 liters or below, a subsidy of 10% of the new vehicle’s selling price would be provided, with the subsidy amount capped at 15,000 yuan. The CPCA analyzed that the key words for the 2026 trade-in policy were not “further escalation,” but “more sustainable, more balanced, and more supervisable.” Changing the subsidy amount to a proportion of vehicle price with a cap was intended to ensure more balanced use of subsidies and avoid situations in which quotas were consumed too quickly in the early stage, forcing subsidies to be suspended later. The adjustment to the calculation method would also have a certain impact on the structure of the automobile market, among which the stimulus for low-priced car models was significantly weakened, while car models priced at 160,000-200,000 yuan could fully enjoy the subsidy, making the policy more friendly to replacement purchases for upgrade demand. Producers needed to meet market demand through product competitiveness and financial solutions, with greater emphasis on “long-term value” such as driving range, intelligence, and recharging experience, rather than relying on one-off subsidies. The China Automobile Dealers Association also stated in an article that the 2026 automobile trade-in policy strengthened overall work coordination and promoted the efficient direct delivery of subsidy funds. This would allow limited funds to benefit more consumers, especially by meeting the needs of rigid-demand groups. The scope of eligible car owners is expected to be further expanded, with support more clearly focused on encouraging the phaseout of old vehicles and the purchase of energy-efficient vehicles and NEVs. Implementation is expected to emphasize the role of market mechanisms, making subsidies better aligned with actual demand. Procedures are clear and convenient, and supervision and management mechanisms are more robust. Overall, the policy is expected to continue stimulating consumer vitality and add new momentum to the transformation, upgrading, and high-quality development of the automotive industry. Since the beginning of 2026, according to incomplete statistics, multiple provinces and cities, including Shanghai, Beijing, Sichuan, and Shandong, have successively released detailed rules related to the automotive trade-in policy, continuously promoting local auto consumption: [Shanghai's 2026 Automotive Trade-In Policy Takes Effect, Maximum Subsidy 20,000 yuan] Shanghai's 2026 automotive trade-in policy has taken effect. Eight departments, including the Shanghai Municipal Commission of Commerce, jointly issued the Implementation Rules for the 2026 Shanghai Automotive Trade-In Subsidy Policy, officially launching subsidy programs for vehicle retirement and renewal and replacement renewal. Individual consumers can receive subsidies of up to 20,000 yuan. The policy has been implemented since January 1, 2026, and applications will be accepted until January 10, 2027. [Hubei's 2026 Detailed Rules for Automotive Trade-In Subsidies Take Effect, Maximum Subsidy 20,000 yuan] The Hubei Provincial Department of Commerce, together with eight departments including the provincial National Development and Reform Commission and the Department of Economy and Information Technology, officially issued the Detailed Rules for the Implementation of Hubei Province's 2026 Automotive Trade-In Subsidies. The rules specify that through two major approaches, retirement and renewal and replacement renewal, special subsidies will be provided to individual consumers purchasing NEV and small-engine gasoline passenger vehicles, with the maximum subsidy amount reaching 20,000 yuan. The policy has been formally implemented since January 1, 2026. [Xi'an's 2026 Detailed Rules for Automotive Trade-In Subsidies Take Effect, Maximum Subsidy for Retiring a Vehicle and Replacing It with a NEV Reaches 20,000 yuan] Xi'an issued the Detailed Rules for the Implementation of Xi'an's 2026 Automotive Trade-In Subsidies, clarifying that through two major models, retirement and renewal and replacement renewal, special subsidies will be provided for individual consumers purchasing new vehicles. The policy covers the entire year, and subsidy applications will be accepted until January 10, 2027, further reducing residents' car purchase costs and supporting the upgrading of the automotive consumer market. [Beijing's 2026 Automotive Trade-In Subsidy Program Starts on February 9, Maximum Subsidy 20,000 yuan] Beijing's 2026 automotive trade-in subsidy policy has been officially unveiled. Reporters learned on February 6 that Beijing had officially released the Implementation Plan for Beijing's 2026 Automotive Trade-In Subsidies and is about to launch two types of subsidies, "retirement and renewal" and "replacement renewal." The application system will open at 10:00 a.m. on February 9, and eligible car purchase consumers can receive subsidy support of up to 20,000 yuan. Among them, "retirement and renewal" refers to retiring an old vehicle and purchasing a new one. Consumers who purchase a passenger NEV can receive a subsidy of 12% of the new vehicle's selling price, with the subsidy amount capped at 20,000 yuan; those who purchase a fuel passenger vehicle with an engine displacement of 2.0 liters or below can receive a subsidy of 10% of the new vehicle's selling price, with the subsidy amount capped at 15,000 yuan. [Sichuan: Supporting Vehicle Replacement and Renewal, with Subsidies of up to 15,000 yuan] The Sichuan Provincial NDRC and Department of Finance issued a notice on printing and distributing the Policy Measures of Sichuan Province for Implementing Large-Scale Equipment Renewal and Consumer Goods Trade-in in 2026. The notice mentioned support for vehicle replacement and renewal. In 2026, individual consumers who transfer a passenger vehicle registered under their own name through sale and purchase a passenger NEV included in the Ministry of Industry and Information Technology's Catalog of NEV Models Eligible for Vehicle Purchase Tax Reduction and Exemption, or a fuel passenger vehicle with an engine displacement of 2.0 liters or below, will be granted a one-time subsidy. For those replacing with a passenger NEV meeting the above conditions, a subsidy of 8% of the new vehicle's selling price will be granted, with the subsidy amount capped at 15,000 yuan; for those replacing with a fuel passenger vehicle meeting the above conditions, a subsidy of 6% of the new vehicle's selling price will be granted, with the subsidy amount capped at 13,000 yuan. Cui Yan, Deputy Director of Guolian Minsheng Research Institute and Chief Auto Analyst, said that various regions had successively launched 2026 trade-in subsidies and, coupled with the gradual rollout of new models after Chinese New Year and ahead of auto shows, auto sales were expected to stabilize and rebound. Speaking of auto market sales in January, he said overall end-use demand was relatively mediocre in January, mainly because local subsidies on the policy side had not yet been officially launched, while on the supply side few new car models were introduced by automakers. "These two factors are currently improving. Since mid-to-late January, local governments have successively launched trade-in subsidies; supply side, after Chinese New Year and before auto shows, automakers will gradually launch new vehicles or begin pre-launch promotional campaigns." Auto demand is expected to stabilize and rebound after Chinese New Year. According to CCTV News, in 2026, the Ministry of Commerce, together with regional authorities and relevant departments, will further advance the consumer goods trade-in program, with a focus on further optimizing policy implementation in areas such as automobiles and continuously releasing consumption potential. Ministry of Commerce big data showed that as of February 5, 335,000 applications for 2026 auto trade-in subsidies had been filed, driving 53.77 billion yuan in new vehicle sales, strongly supporting the development of the auto market and the recycling and reuse of resources, while promoting industrial quality upgrading and green transformation. In January, the average price of new vehicles participating in trade-in exceeded 160,000 yuan, significantly higher than a year earlier; nationwide, 659,000 retired vehicles were recycled, up 50.2% YoY. On February 9, the Ministry of Commerce held a symposium with automakers to study work related to automobile circulation and consumption. Representatives from relevant automotive industry associations, research institutions, and enterprises attended the meeting. Vice Minister of Commerce Sheng Qiuping attended the symposium and exchanged views with participants. Sheng Qiuping pointed out that China’s ultra-large market had a solid foundation, the automotive consumption chain was long and had great potential, and the continued implementation of policies provided stable support, leaving much room for expanding automobile consumption across the entire value chain. In 2026, the Ministry of Commerce will work with relevant departments to pursue both policy support and reform and innovation, integrate existing measures with incremental policy, optimize the implementation of the automobile trade-in policy, launch pilot reforms for automobile circulation and consumption, improve industry management systems, and take multiple measures to promote both the expansion and upgrading of automobile consumption. On February 12, as Chinese New Year approached, the General Office of the Ministry of Commerce issued the Notice on Properly Carrying Out Trade-in Programs for Consumer Goods During the 2026 Chinese New Year Holiday. It stated that all localities should strengthen funding support for consumer goods trade-in subsidies during the Chinese New Year period, leverage the advantages of different channels, ensure effective policy implementation, and better meet consumer demand. In line with Chinese New Year customs and to create a stronger festive atmosphere, consumers were encouraged to go out for shopping and consumption. During the nine-day 2026 Chinese New Year holiday (February 15–23), consumers will be fully ensured access to apply through offline channels for trade-in subsidies for home appliances and subsidies for purchasing new digital and smart products. Consumers who purchase new cars during the nine-day Chinese New Year holiday will also be eligible to apply for automobile trade-in subsidies in accordance with policy requirements.

Overnight, LME lead opened at $1,981/mt. During the Asian session, it moved sideways around the daily moving average. Entering the European session, it continued its sideways consolidation trend, touching a high of $1,989/mt during the period. Subsequently, it fluctuated downward all the way, probing a low of $1,973.5/mt, and finally closed at this level, down $8/mt, a decrease of 0.40%.

On June 9, the Jiaxing Municipal Development and Reform Commission issued a notice on the issuance of the Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 by the Municipal Development and Reform Commission. The document stated that carbon footprint management should be strengthened. A carbon footprint accounting system for the characteristic industry chains of "chemicals - chemical fibers - textiles" and "hydrogen energy and downstream industries" in Jiaxing City should be established, the construction of a regional characteristic factor database should be improved, and the development of the "carbon footprint labeling" system should be promoted. Priority should be given to purchasing products with local carbon footprint labels in government procurement for large-scale conferences, events, etc. Typical experiences such as the "zero-carbon" Two Sessions in Xiuzhou and Pinghu should be promoted, and more carbon sink absorption channels should be expanded. A comprehensive service platform for carbon footprint management in Jiaxing City should be built and improved to promote the formation of a batch of replicable and scalable carbon reduction technologies and practical achievements. The integrated reform of "dual carbon" certification should be deepened, with the cultivation of more than 10 "dual carbon" certified enterprises, the addition of 25 green product certification certificates, and the addition of 3 "dual carbon" certification certificates. Efforts should be accelerated to optimize and upgrade the industrial structure. Vigorously develop leading emerging industries such as intelligent PV, intelligent IoT, and NEVs, and continuously cultivate and expand the "135N" advanced manufacturing clusters. Focus on the three frontier fields of artificial intelligence, life sciences, and future energy, and actively lay out future industrial directions such as hydrogen energy storage, nuclear medicine and nuclear technology, synthetic biology, and brain-like computing. Continuously carry out support and improvement for enterprises with high energy consumption and low efficiency. The policies are as follows: Notice on the Issuance of the Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 by the Municipal Development and Reform Commission Relevant municipal departments (units), development and reform bureaus of all counties (cities, districts), Economic Development Department of Jiaxing Economic and Technological Development Zone, and Economic Development Department of Zhejiang Zhapu Economic and Technological Development Zone (Jiaxing Port Zone): In order to thoroughly implement the requirements of the Opinions on Promoting the Gradual Shift from Dual Controls on Energy Consumption and Energy Intensity to Dual Controls on Carbon Emissions and Several Measures of Zhejiang Province to Promote Dual Controls on Carbon Emissions, solidly promote the green and low-carbon transformation in the "6+1" fields, and lay a solid foundation for achieving the carbon peak target with high quality during the "15th Five-Year Plan" period, the Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 are hereby issued to you. Please ensure their effective implementation. Attachment: 1. Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 Jiaxing Municipal Development and Reform Commission May 29, 2025 Attachment 1 Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 2025 is the concluding year of the "14th Five-Year Plan". It is necessary to fully implement the requirements of the Opinions on Promoting the Gradual Shift from Dual Controls on Energy Consumption and Energy Intensity to Dual Controls on Carbon Emissions and Several Measures of Zhejiang Province to Promote Dual Controls on Carbon Emissions, grasp the trend of the comprehensive transformation from dual controls on energy consumption and energy intensity to dual controls on carbon emissions, and solidly promote the comprehensive green transformation of economic and social development around accelerating the formation of a spatial pattern, industrial structure, production mode, and lifestyle that conserve resources and protect the environment. The city aims to reduce carbon emission intensity by at least 4.97%, laying a solid foundation for achieving the carbon peak target with high quality during the "15th Five-Year Plan" period. 1. Establish and Improve the Dual Controls System for Carbon Emissions 1. Compile a high-quality analysis and outlook report on carbon emissions for the city's "15th Five-Year Plan" period, and strive to secure carbon emission targets and tasks that are conducive to the city's development from higher authorities. Conduct preliminary research on carbon emission ideas and initiate the calculation of carbon emissions across the city. (Municipal Development and Reform Commission; the first-mentioned unit is the leading entity, and governments of all counties (cities, districts) are the responsible entities; the same hereinafter) 2. Explore the establishment of a system for realizing the value of ecological products in Jiaxing City, research and formulate methods for calculating the Gross Ecosystem Product (GEP) of Jiaxing City, and initially establish a regular scheduling work system. Plan and implement a batch of projects for realizing the value of ecological products, and manage a dynamic project library. (Municipal Development and Reform Commission) 3. Implement technical guidelines for carbon emission assessments of fixed asset investment projects, and conduct preliminary technical reviews of pilot carbon emission assessments for projects in pilot fields such as chemical fibers. (Municipal Development and Reform Commission) 4. Strengthen carbon footprint management. Establish a carbon footprint accounting system for the characteristic industry chains of "chemicals-chemical fibers-textiles" and "hydrogen energy and downstream industries" in Jiaxing City, improve the construction of a regional characteristic factor library, promote the development of the "carbon footprint labeling" system, take the lead in prioritizing the procurement of products with local carbon footprint labels in government procurements for large-scale conferences, events, etc., promote typical experiences such as the "zero-carbon" Two Sessions in Xiuzhou and Pinghu, and expand more channels for carbon sink absorption. Build and improve a comprehensive service platform for carbon footprint management in Jiaxing City, and promote the formation of a batch of replicable and scalable carbon reduction technologies and practical achievements. (Municipal Development and Reform Commission, Municipal Ecology and Environment Bureau) Deepen the integrated reform of "dual carbon" certification, cultivate more than 10 "dual carbon" certified enterprises, add 25 new green product certification certificates, and add 3 new "dual carbon" certification certificates. (Municipal Market Supervision Administration) 5. File more than 3 widely applicable carbon inclusion methodologies throughout the year and complete more than 2 transactions of carbon inclusion emission reductions. Encourage entities developing emission reductions or individuals holding emission reductions in the municipal carbon inclusion market to voluntarily donate or cancel emission reductions, fostering a positive atmosphere for low-carbon public welfare. Explore the effective integration of carbon inclusion trading with ecological damage compensation to expand carbon sink compensation pathways. (Municipal Ecology and Environment Bureau) 6. Strengthen the formulation of carbon emission standards in the field of residents' lives. Take the lead in or participate in the formulation of more than 6 technical specifications related to "dual carbon" and more than 2 carbon-related measurement standards, and conduct joint review services for optimizing enterprise energy measurement and carbon measurement for more than 50 enterprises. In accordance with the requirements of the "Action Plan for the Construction of a Standard and Measurement System for Carbon Peak and Carbon Neutrality in Zhejiang Province (2025-2027)", strengthen the formulation of key and urgently needed carbon-related measurement standards to enhance enterprises' carbon measurement management capabilities. (Municipal Market Supervision and Administration Bureau) II. Continuously Promote Green and Low-Carbon Transformation in Key Areas 7. Accelerate the optimization and upgrading of the industrial structure. Vigorously develop leading emerging industries such as intelligent PV, intelligent IoT, and NEVs, and continuously cultivate and expand the "135N" advanced manufacturing industry clusters. Focus on the three cutting-edge fields of artificial intelligence, life sciences, and future energy, and actively plan for future industries such as hydrogen energy storage, nuclear medicine and nuclear technology, synthetic biology, and brain-like computing. Continue to carry out assistance and improvement programs for high-energy-consuming and low-efficiency enterprises. (Municipal Development and Reform Commission, Municipal Economic and Information Technology Bureau) 8. Further improve the energy system. Make every effort to advance energy project construction, eliminate and upgrade approximately 3,000 sets of various key energy-consuming equipment, and accelerate the construction of major energy infrastructure projects such as the fourth phase of the Jiaxing Power Plant. Vigorously develop non-fossil energy, adding 1 million kW of thermal power and 800,000 kW of PV capacity. By the end of 2025, the installed capacity of renewable energy for power generation will account for over 64%. (Municipal Development and Reform Commission) Expand the consumption of green electricity, achieving approximately 50 billion kWh of market-based electricity consumption throughout the year. (Municipal Development and Reform Commission, State Grid Jiaxing Power Supply Company) 9. Implement the requirements for the transition from dual controls on energy consumption and energy intensity to dual controls on carbon emissions, actively promote cross-regional green electricity certificate and green electricity trading, complete the annual absorption of 8.9 million green electricity certificates, achieve a 3.2% reduction in energy consumption intensity for industries above designated size (excluding projects with separate national energy consumption quotas), comprehensively eliminate coal-fired boilers of 35 steam tons and below, and accomplish the goal of reducing energy consumption intensity during the 14th Five-Year Plan period. (Municipal Development and Reform Commission, State Grid Jiaxing Power Supply Company) 10. Promote the green transformation of the manufacturing industry with improved quality and efficiency, implement 500 key technological transformation projects in the manufacturing industry, and add 12 new provincial-level green factories. (Municipal Economic and Information Technology Bureau) 11. Complete energy-saving renovations for 250,000 m² of existing public buildings and apply renewable energy in 3.37 million m² of buildings. Deepen the construction of future communities and achieve the construction goals for 45 future communities. (Municipal Construction Bureau) 12. Increase the proportion of clean energy vehicles and vessels in transportation, eliminate 449 old commercial freight vehicles of National IV standards and below, add and update 60 NEV buses, 2,000 NEV taxis (including ride-hailing vehicles), eliminate 77 old commercial vessels, and eliminate 1,450 old non-road mobile machinery. Strive to achieve a 100% integration rate of urban and rural public transportation. Build one low-carbon expressway service area and one low-carbon comprehensive water service area. (Municipal Transport Bureau, Municipal Ecology and Environment Bureau) 13. Promote the elimination of over 300 sets of various old agricultural machinery. Continue to build 10 provincial-level demonstration and promotion bases for green prevention and control technologies for crop pests and diseases. (Municipal Agriculture and Rural Affairs Bureau) 14. We will make every effort to accelerate the construction of a beautiful ecological corridor centered on the Beijing-Hangzhou Grand Canal, ensuring the comprehensive completion of tasks during the planning period. We will organize and implement the forest landscape enhancement project, focusing on green corridors between provinces, cities, and counties, as well as forest belts and networks along the Grand Canal, to effectively improve the ecological landscape of forests. The city will increase the area of "multi-field integration" by over 200,000 mu, complete eight comprehensive land improvement projects, and basically achieve the goal of "multi-field integration." (Jiaxing Municipal Bureau of Natural Resources and Planning) 15. Further enhance public awareness of "carbon peaking and carbon neutrality." Led by the goal of building a national demonstration city for household waste classification, we will advocate green and low-carbon production and consumption patterns, promote waste classification as a new fashion for low-carbon living, and aim to achieve an 88% waste classification and treatment rate in Jiaxing by 2025. We will carry out extensive activities to popularize green and low-carbon concepts, as well as initiatives to combat food waste and promote consumption in the catering industry. (Jiaxing Municipal Construction Bureau) 16. Advance breakthroughs in key core technologies. We will optimize the top-level design of science and technology plans, adjust the organization and implementation methods of science and technology plan projects, establish a city-wide integrated work pattern with vertical linkage between cities and counties and horizontal coordination among departments, promote the optimal allocation of scientific and technological innovation resources, and make every effort to advance breakthroughs in key core technologies. We will strive to organize and implement over 10 science and technology projects in the field of green and low-carbon technologies, and apply for the recognition of over 10 high-tech enterprises in the field of green and low-carbon technologies. (Jiaxing Municipal Science and Technology Bureau, Jiaxing Municipal Economic and Information Technology Bureau) III. Strengthen the Platform for "Carbon Peaking and Carbon Neutrality" Work 17. Deepen the pilot demonstration work. We will make every effort to advance the construction of a market mechanism for a new-type power system in Haining, exploring market-oriented means to support the development of new energy, and providing replicable and referential experience models for the efficient utilization of green electricity resources in the national power market. We will actively organize applications for national and provincial pilot demonstrations in areas such as charging infrastructure construction and application, green parks, and green factories, fully leveraging the driving effect of pilot demonstrations to promote the work of "carbon peaking and carbon neutrality" and the realization of the value of ecological products in Jiaxing. (Jiaxing Municipal Development and Reform Commission, Jiaxing Municipal Economic and Information Technology Bureau) 18. Formulate an action plan for the construction of a collaborative innovation zone for pollution reduction and carbon emission reduction, aiming to create over 75 benchmark projects, achieve a 100% completion rate for carbon emission assessment projects, and rank among the top in the province in terms of the collaborative index for pollution reduction and carbon emission reduction. We will formulate "one industry, one policy" action plans to enhance the capacity for pollution reduction and carbon emission reduction in six major industries (power generation, papermaking, chemicals, steel, cement, and petrochemicals). Focusing on key projects with significant pollutant and carbon dioxide emissions and substantial room for improvement in environmental governance performance, we will tailor collaborative solutions for pollution reduction and carbon emission reduction, and provide guidance to cultivate the actual effects of pollution reduction and carbon emission reduction in projects. (Jiaxing Municipal Ecology and Environment Bureau)

SMM May 27 News: Metal Market: As of the midday close, domestic market base metals were mostly down, with SHFE copper seeing a slight decline. SHFE lead fell by 0.36%, SHFE tin by 0.38%, SHFE zinc by 0.31%, SHFE aluminum rose by 0.35%, and SHFE nickel by 0.37%. In addition, alumina rose by 0.1%. Lithium carbonate fell by 1.55%, silicon metal by 3.59%, and polysilicon rose by 0.39%. The ferrous metals series all fell, with iron ore down by 0.29%, rebar by 1.1%, HRC by 0.9%, and stainless steel by 0.78%. In the coking coal and coke sector, coking coal fell by 1.57%, and coke by 1.58%. In the overseas metal market, as of 11:46 a.m., most LME metals fell, with LME copper down by 0.13%, LME aluminum by 0.32%, LME lead by 0.33%, LME zinc by 0.35%, LME tin up by 0.13%, and LME nickel by 0.73%. In the precious metals sector, as of 11:46 a.m., COMEX gold fell by 0.26%, and COMEX silver rose by 0.07%. Domestically, SHFE gold fell by 0.99%, and SHFE silver by 0.18%. Data from Swiss Customs on Tuesday showed that after precious metals were excluded from US import tariffs, Switzerland's gold imports from the US in April surged to the highest monthly level since at least 2012. As of the midday close, the most-traded contract for the Europe Containerized Freight Index rose by 0.11%, closing at 2034.6 points. As of 11:46 a.m. on May 27, midday futures market movements for some contracts: 》SMM Metal Spot Prices on May 27 Spot and Fundamentals Zinc: The transaction price for mainstream brand 0# zinc in the Ningbo market was around 22,875-22,980 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 270 yuan/mt against the 2506 contract and at a premium of 90 yuan/mt against Shanghai spot. Mainstream quotes in the Ningbo region were against the 2506 contract... 》Click for details Macro Front Domestic: [China-EU Semiconductor Industry Symposium: Firmly Opposing Unilateralism and Bullying, Striving to Maintain Global Semiconductor Supply Chain Security and Stability] According to the Ministry of Commerce website, the China-EU Semiconductor Industry Symposium was held in Beijing on May 27. Relevant departments of the Ministry of Commerce, the China Semiconductor Industry Association, the European Union Chamber of Commerce in China, and representatives from over 40 Chinese and European semiconductor industry enterprises attended the meeting. The meeting focused on deepening economic and trade cooperation in the semiconductor sector between China and the EU. It was emphasized that both China and the EU hold significant positions in the global semiconductor supply chain, and strengthening cooperation aligns with the interests of both sides. Given the complex and severe international situation, with increasing uncertainties, China will continue to expand high-level opening-up, providing enterprises with a fair, stable, transparent, and predictable policy environment. It supports Chinese and European semiconductor enterprises in fully leveraging their complementary advantages, deepening economic and trade cooperation in compliance with laws and regulations, firmly opposing unilateralism and bullying, and striving to maintain the security and stability of the global semiconductor supply chain. Participants at the meeting unanimously agreed that currently, the security and stability of the global semiconductor production and supply chain are facing severe challenges. This symposium has provided a good platform for Chinese and European semiconductor upstream and downstream enterprises to enhance mutual understanding, boost trade confidence, and deepen exchanges and cooperation. Strengthening exchanges and cooperation in the semiconductor field between China and Europe will help inject new impetus into the global economic recovery and growth. (Caijing) [The Ministry of Finance will issue RMB 68 billion in government bonds in Hong Kong this year] With the approval of the State Council, the Ministry of Finance will issue RMB 68 billion in government bonds in the Hong Kong Special Administrative Region in six tranches in 2025. Among them, the first two tranches, totaling RMB 25 billion, have already been issued in February and April, respectively. The third tranche of RMB 12.5 billion in government bonds will be issued through tender on June 4, and the specific issuance arrangements will be announced on the Central Moneymarkets Unit (CMU) system of the Hong Kong Monetary Authority. [Jiangsu: Greater efforts to promote consumption upgrading, expand service consumption in key areas, and accelerate the development of new-type consumption] The Ninth Plenary Session of the 14th Jiangsu Provincial Committee of the Communist Party of China was held in Nanjing on May 27. The plenary session emphasized the need to strive for leadership in advancing deep-level reforms and high-level opening-up, accumulating greater impetus for forward development. Deepen the reform of market-oriented allocation of production factors and serve the construction of a unified national market. Further promote the construction of the "1+3" key functional areas and continuously optimize the provincial productivity layout. Make greater efforts to promote consumption upgrading, expand service consumption in key areas, explore new consumption scenarios, and accelerate the development of new-type consumption. Strengthen the protection of the legitimate rights and interests of various business entities, promote whole-chain approval optimization, whole-process fair supervision, and whole-cycle service optimization, and create a first-class business environment that is market-oriented, rule-of-law-based, and internationalized. Thoroughly implement the strategy of upgrading free trade pilot zones, promote the facilitation of cross-border trade, and steadily expand institutional opening-up. Continuously consolidate traditional markets, tap the potential of emerging markets, develop new forms and models of foreign trade, and actively expand international cooperation space. The People's Bank of China conducted RMB 215.5 billion in 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As RMB 157 billion in 7-day reverse repos matured today, a net injection of RMB 58.5 billion was achieved. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on May 28 was 7.1894 RMB per US dollar. US dollar: As of 11:46, the US dollar index rose by 0.12% to 99.73. Data released on Tuesday showed that US consumer confidence ended a five-month losing streak, with consumer confidence improving in May. Minneapolis Fed President Neel Kashkari called for maintaining interest rates unchanged on Tuesday until the impact of tariff hikes on inflation becomes clearer. Markets await the US core personal consumption expenditures (PCE) price index due later this week for interest rate clues. However, a May 27 opinion poll released by the Detroit Regional Chamber in Michigan showed about 54% of respondents believe the Trump administration's tariff policies will negatively impact the state's economy. Regarding economic expectations, 62% consider the US economy currently weak or heading toward recession. Chamber officials stated these figures indicate widespread pessimism among state residents about the current US economic situation. Additionally, 79% believe tariffs will directly cause US goods prices to rise, increasing living costs. Other currencies: The Reserve Bank of New Zealand cut its official cash rate by 25 basis points to 3.25% on Wednesday (May 28), marking the sixth consecutive interest rate cut, aligning with 23 out of 24 economists' expectations. The decision passed with a 5:1 vote, reflecting committee concerns about economic prospects. (FX678) Data watch: Today's releases include the Eurozone's April ECB 1-year CPI expectations, 3-year CPI expectations, Germany's May seasonally adjusted unemployment rate and unemployment change, Australia's April Bureau of Statistics CPI (seasonally adjusted), New Zealand's May 28 official cash rate decision, France's Q1 GDP (final), and Switzerland's May Credit Suisse/CFA economic expectations index. Additionally, FOMC permanent voter and New York Fed President Williams will participate in a Bank of Japan Institute panel discussion, while the RBNZ will release its rate decision and monetary policy statement, followed by Governor Orr's press conference. Crude oil: As of 11:46, oil futures rose slightly, with WTI up 0.41% and Brent up 0.41%. The US ban on Chevron's Venezuelan crude exports raised supply tightness concerns, supporting prices. Tuesday reports indicated the US government authorized Chevron to retain Venezuelan assets but prohibited oil exports or expanded operations. In recent years, Chevron and other foreign firms received production/export authorizations, helping Venezuela's output rebound to about 1 million barrels/day. The API will release weekly crude inventory data at 04:30 Beijing time Thursday, followed by the EIA's report at 00:00 Friday. The release of both reports was postponed due to the US Memorial Day holiday on Monday. OPEC is scheduled to hold a plenary session on Wednesday. Three OPEC delegates stated that in the latest phase of meeting growing demand and plans to increase market share, OPEC may agree to further accelerate the pace of oil production increases. (Webstock Inc.) Spot Market Overview: ► As month-end approaches, suppliers are proactively reducing prices to sell off inventory, and spot premiums have dropped significantly. [SMM South China Spot Copper] ► Spot premiums and discounts continue to decline, with sluggish market transactions. [SMM North China Spot Copper] ► Ningbo Zinc: Traders continue to refuse to budge on prices, with premiums holding steady. [SMM Midday Review] Midday reviews of other metal spot markets will be updated later. Please refresh to view.

SMM News on May 19: On May 19, driven by positive macroeconomic expectations, including the National Bureau of Statistics (NBS) making a statement, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council recently issuing the "Opinions on Continuously Promoting Urban Renewal Actions," favorable local policies, market capital inflows, and the stability and increase in housing prices in first-tier cities like Beijing in April, the real estate sector strengthened. By the close of trading on the 19th, the real estate services sector rose by 2.4%, and the real estate development sector increased by 2.66%. In terms of individual stocks, multiple stocks such as Airport Co., Ltd., Shahe Co., Ltd., Huayuan Property Co., Ltd., Haitai Development Co., Ltd., China Fortune Land Development Co., Ltd., and Dianzicheng Co., Ltd., hit their daily limits. Rongsheng Development Co., Ltd., Jingneng Real Estate Co., Ltd., Nandu Property Co., Ltd., and Shenzhen Zhenye Group Co., Ltd. (A-share) were among the top gainers. On the news front: Fu Linghui, spokesperson for the National Bureau of Statistics, stated that the real estate market was basically stable in April, with broad prospects for improving the quality and efficiency of real estate construction! Fu Linghui also mentioned that in the next phase, it is necessary to earnestly implement the decisions and deployments of the Party Central Committee and the State Council, proactively adapt to the reality of significant changes in the supply-demand relationship in the real estate market, strengthen policy coordination, continuously increase the supply of "high-quality housing," actively promote urban renewal actions and the construction of affordable housing, accelerate the establishment of a new model for real estate development, better meet the people's needs for a better living environment, and promote the steady and healthy development of the real estate market. News Front [National Bureau of Statistics: Since the beginning of the year, China's real estate market has continued to move towards halting declines and stabilizing, with transactions in some first- and second-tier cities showing signs of recovery] Fu Linghui, spokesperson for the National Bureau of Statistics, stated that under the effect of various policies aimed at halting declines and stabilizing the real estate market, since the beginning of the year, China's real estate market has continued to move towards halting declines and stabilizing, with transactions in some first- and second-tier cities showing signs of recovery, and housing prices generally stable. However, it should also be noted that the overall real estate market is still in the process of adjustment and transformation. Rigid and improvement-oriented demand remains to be released, and the pressure to sell off real estate in some regions is still relatively high. Continuous efforts are still needed to promote the halting of declines and stabilization of the real estate market. 》Click to view details [YoY decline in sales prices of commercial residential buildings narrows across all city tiers] In April, the sales prices of newly built commercial residential buildings in first-tier cities decreased by 2.1% YoY, with the decline narrowing by 0.7 percentage points from the previous month. Among them, Shanghai saw an increase of 5.9%, while Beijing, Guangzhou, and Shenzhen experienced decreases of 5.0%, 6.3%, and 3.0%, respectively. The sales prices of newly built commercial residential buildings in second- and third-tier cities decreased by 3.9% and 5.4% YoY, respectively, with the declines narrowing by 0.5 and 0.3 percentage points, respectively. In April, the selling prices of second-hand residential properties in first-tier cities decreased by 3.2% YoY, with the decline narrowing by 0.9 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen saw decreases of 1.0%, 0.6%, 7.4%, and 3.7%, respectively. The selling prices of second-hand residential properties in second- and third-tier cities decreased by 6.5% and 7.4% YoY, with the declines narrowing by 0.5 and 0.4 percentage points, respectively. 》Click for details [Beijing Releases 2025 Annual Housing Development Plan] Recently, the Beijing Municipal Commission of Housing and Urban-Rural Development released the "2025 Beijing Annual Housing Development Plan," which clarifies the annual goals and key tasks for housing development. The plan proposes specific tasks, action plans, and work measures around eight aspects, including optimizing housing land supply, supporting reasonable housing demand, and strengthening housing security, to consolidate the real estate market's stable trend, promote high-quality housing development, and achieve higher levels of housing for all. The plan proposes to optimize housing land supply. Adhering to the principle of supply based on demand, it arranges 240 to 300 hectares of land for commercial housing, prioritizing development in areas with relatively complete facilities such as around rail transit stations, to create vibrant centers for work, living, and commerce. It also coordinates the supply of various types of affordable housing land, totaling 475 hectares. [Xinyang, Henan Officially Announces Pre-sale Reform: Industry Insiders Say It May Be Implemented Gradually] On May 13, the Xinyang Municipal Bureau of Housing and Urban-Rural Development released the "Several Measures on Strengthening the Management of Pre-sale Commercial Housing," which mentioned the implementation of pre-sale reform in the central urban area based on the principle of "differentiating between new and old projects." Projects that obtain construction permits after the issuance of the document must reach the main structure's topping-out before applying for pre-sale permits; for newly auctioned land after the document's issuance, pre-sale is no longer allowed. Guojin Securities stated that pre-sale reform means delayed capital recovery, and the accompanying policies, especially financing policies, are not yet clear, which will increase the financial pressure on enterprises in the short term. At the same time, it will raise the threshold for developers to acquire land, increase the difficulty of land auctions, and further increase local fiscal pressure. In the short term, it may be implemented gradually under the framework of "city-specific policies." [Shenzhen's Second-hand Housing Transactions Show Post-Holiday Recovery, Up 107% WoW] According to statistics from the Shenzhen Real Estate Intermediary Association, in the 19th week of 2025, the city recorded 1,407 second-hand housing transactions (including self-service), up 106.6% WoW. The association believes that the weekly transaction volume of second-hand housing was affected by the Labour Day holiday, showing fluctuations in the past two weeks, and the current transaction volume has returned to normal levels. According to statistics on the number of second-hand housing units publicly available for sale, as of May 12, 2025, there were 71,832 valid second-hand housing units for sale in the city, a decrease of 499 units WoW. (Caijing) [PBOC: Expand the Scope of Use for Affordable Housing Refinancing to Continuously Consolidate the Stable Trend of the Real Estate Market] On May 9, the People's Bank of China (PBOC) released the Implementation Report on China's Monetary Policy for the First Quarter of 2025. In the next phase, it will accelerate the establishment and improvement of the pension finance system to support China's pension cause. It will support the boosting and expansion of consumption, guiding financial institutions to actively meet the diversified funding needs of various entities from both the supply and demand sides of consumption. It will expand the scope of use for affordable housing refinancing, continuously consolidate the stable trend of the real estate market, improve the basic real estate finance system, and help build a new model for real estate development. [Pan Gongsheng, Li Yunze, and Wu Qing Make Major Statements! Covering RRR Cuts, Interest Rate Cuts, the Stock Market, the Real Estate Market, and More...] At 9 a.m. on May 7, the State Council Information Office will hold a press conference, inviting the heads of the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission to introduce the situation regarding the "package of financial policies to support market stability and expectations". PBOC Governor Pan Gongsheng, National Financial Regulatory Administration Director Li Yunze, and CSRC Chairman Wu Qing will attend the conference. The PBOC announced that, starting from May 8, it will cut the interest rate on 7-day reverse repo operations in the open market by 0.1 percentage point. Starting from May 15, it will cut the reserve requirement ratio (RRR) for financial institutions by 0.5 percentage point. Starting from May 8, it will cut the interest rate on individual housing provident fund loans by 0.25 percentage point. It will cut the RRR for auto finance companies and financial leasing companies by 5 percentage points. Starting from May 7, it will cut the refinancing rate by 0.25 percentage point. Starting from May 8, it will cut the standing lending facility rate by 10 basis points. It has decided to increase the quota for refinancing to support agriculture and small businesses by 300 billion yuan and increase the quota for refinancing to support technological innovation and technological transformation by 300 billion yuan. Li Yunze stated that eight incremental policies have recently been introduced, including accelerating the introduction of a series of financing systems compatible with the new model for real estate development, further expanding the scope of pilot programs for long-term investment by insurance funds to introduce more incremental funds into the market, adjusting and optimizing regulatory rules, reducing the risk factor for insurance companies' stock investments to support a stable and active capital market, promptly introducing a package of policies to support financing for small and micro enterprises and private enterprises, formulating a series of policy measures for the banking and insurance industries to safeguard the development of foreign trade, providing precise services to market entities significantly affected by tariffs, revising the management measures for merger and acquisition loans, increasing investment in science and technology innovation enterprises, and formulating opinions on the high-quality development of technology insurance. Wu Qing, Chairman of the China Securities Regulatory Commission, stated at a press conference held by the State Council Information Office that every effort would be made to consolidate the momentum of market stabilization and improvement, dynamically improve work plans to address various external risk attacks, and fully support the role of Central Huijin Investment Ltd. as a quasi-stabilization fund. 》Click to view details [Zhuhai: Encourages "trade-in" for housing, with a maximum subsidy amount of no more than 30,000 yuan per unit] Zhuhai recently issued the "Several Measures to Promote High-Quality Development of the Real Estate Market in Zhuhai City," which proposes encouraging "trade-in" for housing. Residents participating in the "trade-in" program for housing will receive a special housing purchase subsidy of 1% of the online contract price of the newly purchased home, with a maximum subsidy amount per unit not exceeding 30,000 yuan. The subsidy policy is valid for one year. A unified platform for "trade-in" housing will be established, synchronously linked with the government's online approval process, enabling "one-stop" online handling of business transaction procedures. The cross-bank handling of "transfer with mortgage" transactions will be vigorously promoted. For taxpayers who sell their own homes in Zhuhai and repurchase a home in the city within one year, the individual income tax paid when selling their own home will be refunded in accordance with national policies. [Wuhan: Families with two or three children purchasing newly built commercial housing within the city will receive housing purchase subsidies of 60,000 yuan and 120,000 yuan, respectively] The Wuhan Housing and Urban Renewal Bureau and other departments issued a notice on continuously consolidating the stable situation of the real estate market, optimizing housing loan services for young people. Commercial banks are encouraged to provide specialized housing loan financial products and diversified repayment methods for young people working and starting businesses in Wuhan. The housing provident fund loan policy will be optimized. The maximum loan amount for the second personal housing provident fund loan will be increased to be consistent with that for the first home. Support for employees who transition from renting to purchasing will be strengthened, allowing the amount withdrawn for rent to be included in the calculation of the loan amount based on the deposit balance. The "trade-in" acquisition efforts will be increased. State-owned enterprises and various market entities are encouraged to acquire individual second-hand homes to promote the "trade-in" program. Active efforts will be made to carry out cross-district "trade-in" for housing, with the city planning to acquire 3,000 individual second-hand homes for various types of rental housing and resettlement housing. Support for improved housing purchase needs will be continuously provided. Before December 31, 2025, families that sell their own homes within this year and purchase newly built commercial housing within six months, or purchase newly built commercial housing and sell their original own homes within 12 months, will receive a full subsidy from the district where the newly purchased home is located based on the actual amount of deed tax paid. The scope of housing purchase support for families with multiple children will be expanded. From May 1 to December 31, 2025, families with two or three children that comply with the national family planning policy and purchase newly built commercial housing within the city will receive housing purchase subsidies of 60,000 yuan and 120,000 yuan, respectively. Support for the purchase of commercial and office properties will be increased. From May 1 to December 31, 2025, individuals purchasing newly built commercial and office residential properties for non-business purposes will receive a 50% subsidy based on the actual amount of deed tax paid. The minimum down payment ratio for commercial loans will be reduced from 50% to 45%, and the loan interest rates will be independently determined by commercial banks based on relevant principles of loan risk management. Voices from All Sides A research report by Sinolink Securities points out that the early-stage monetary policy is expected to alleviate the pressure on the liability side for both residents and enterprises simultaneously, which will drive the transaction of commercial residential properties and the implementation of newly commenced projects. Considering that fiscal funds are clearly identified as the main source of support for urban renewal, it is expected that the implementation speed will accelerate in the future. Developers are recommended to prioritize key layouts in first-tier and core second-tier cities, focusing on improved products, and possess the ability to continuously acquire land. Real estate agencies are recommended to benefit from the continuous implementation of favorable policies, the increased activity in both the primary and secondary housing markets, and to have core competitive advantages in intermediary platforms and property and commercial management. A research report by Kaiyuan Securities points out that the General Office of the CPC Central Committee and the General Office of the State Council recently issued the "Opinions on Continuously Promoting Urban Renewal Actions," proposing that by 2030, significant progress should be made in the implementation of urban renewal actions, the institutional mechanisms for urban renewal should be continuously improved, and initial results should be achieved in the transformation of urban development and construction methods. Hangzhou has witnessed the transfer of three residential plots involving residential land in Qiantang District, with a total land transfer area of 155,058 m², a total planned construction area of 314,743.9 m², and a total starting price of 2.573 billion yuan. Ultimately, all three plots were sold at the base price, generating a total of 2.573 billion yuan. Sales in the first four months of 2025 have initially stabilized, and the April Political Bureau meeting proposed to "continuously consolidate the stable trend of the real estate market," affirming the effectiveness of real estate regulatory policies. It is expected that subsequent policies targeting the real estate sector will remain positive and mild, with more active fiscal and monetary policies expected to be introduced to support the steady development of the industry. Under active fiscal policies and moderately loose monetary policies, the acquisition and storage of existing properties and the renovation of urban villages are expected to accelerate, improving the existing housing supply-demand relationship, speeding up the process of halting declines and stabilizing the market, and maintaining an "overweight" rating for the industry. A research report by China Galaxy Securities states that on May 7, the State Council Information Office held a press conference on "a package of financial policies to support market stability and stabilize expectations," which mentioned "reducing the interest rate on personal housing provident fund loans by 0.25 percentage points" and introduced that a series of financing systems compatible with the new model of real estate development will be accelerated to help continuously consolidate the stable trend of the real estate market. This reduction in loan interest rates related to home purchases, along with the mention of introducing incremental financing support policies, covers aspects such as real estate development, personal housing, and urban renewal. The research report suggests that with the continuous promotion of policies, the threshold for home purchases by residents is expected to decrease, and the rigid and improvement-oriented housing demands of residents are expected to receive further support. With the backing of policies, the allocation value of the real estate sector stands out. The report believes that leading real estate enterprises demonstrate excellent operational management capabilities and financial advantages, and their market share is expected to rise further. The research report of Wanlian Securities states: China's real estate market still has significant room for development. Since the Political Bureau meeting in September last year, the sales end of commercial housing has shown signs of stabilizing after a decline. The recent reduction in the interest rate for housing provident fund loans will further open up room for adjustments in the interest rates for individual housing commercial loans, reducing home purchase costs. Meanwhile, this package of monetary policies will further boost market confidence and improve residents' income expectations. Wanlian Securities expects that subsequent policy measures will remain continuously accommodative, with relevant optimization policies being continuously introduced to consolidate the stable trend of the real estate market. Currently, there is considerable uncertainty in overseas market demand. Against the backdrop of greater efforts to promote consumption, expand domestic demand, and strengthen the domestic economic cycle, promoting housing consumption will be a key focus. It is expected that policies such as urban renewal will continue to be optimized and accelerated in implementation, and more incremental policies are still worth anticipating. The real estate industry is expected to maintain a stable trend with the continuous support of policies. For more information on the fundamentals, policies, and future trends of domestic infrastructure and real estate, please participate in the 2025 SMM (3rd) Wire and Cable Industry Development Conference & Wire and Cable Industry Exhibition .

In mid-May 2025, the China Passenger Car Association (CPCA) and the China Association of Automobile Manufacturers (CAAM) successively released relevant data on the automotive industry and the passenger vehicle market for April 2025. According to CAAM, from January to April 2025, the increment of charging infrastructure reached 1.247 million units, and domestic sales of NEVs totaled 3.658 million units, with both charging infrastructure and NEVs continuing to grow rapidly... SMM has compiled relevant data on the automotive market and the power battery market for April for readers' reference. Automotive Sector CAAM: Auto Production and Sales Both Increased YoY in April, Exceeding 10 Million Units in the First Four Months In April, auto production and sales reached 2.619 million units and 2.59 million units, respectively, down 12.9% MoM and 11.2% MoM, but up 8.9% YoY and 9.8% YoY, respectively. From January to April, auto production and sales totaled 10.175 million units and 10.06 million units, up 12.9% YoY and 10.8% YoY, respectively, with the growth rates of production and sales narrowing by 1.6 and 0.4 percentage points, respectively, compared to January-March. This is the first time in history that production and sales exceeded 10 million units in the first four months. CAAM: NEV Production and Sales Both Increased in April, Up Over 43% YoY In April, NEV production and sales reached 1.251 million units and 1.226 million units, up 43.8% YoY and 44.2% YoY, respectively, with NEV new vehicle sales accounting for 47.3% of total new vehicle sales. From January to April, NEV production and sales totaled 4.429 million units and 4.3 million units, up 48.3% YoY and 46.2% YoY, respectively, with NEV new vehicle sales accounting for 42.7% of total new vehicle sales. CAAM: Auto Exports Continued to Increase YoY in April, NEV Exports Up 52.6% in January-April In April, auto exports reached 517,000 units, up 2% MoM, and up 2.6% YoY. From January to April, auto exports totaled 1.937 million units, up 6% YoY. In April, NEV exports reached 200,000 units, up 27% MoM, and up 76% YoY. Among them, exports of passenger NEVs reached 190,000 units, up 28.2% MoM and 70.6% YoY; exports of new energy commercial vehicles reached 10,000 units, up 6.7% MoM and 3.5 times YoY. From January to April, NEV exports reached 642,000 units, up 52.6% YoY. Among them, exports of passenger NEVs reached 609,000 units, up 48% YoY; exports of new energy commercial vehicles reached 33,000 units, up 2.6 times YoY. The Passenger Vehicle Branch of the China Passenger Car Association (CPCA) also released the passenger vehicle market situation for April 2025. According to CPCA data, retail sales of passenger vehicles nationwide reached 1.755 million units in April, up 14.5% YoY , but down 9.4% MoM. Cumulative retail sales since the beginning of the year totaled 6.872 million units, up 7.9% YoY. In previous years, the domestic auto market retail sales followed a pattern of "low in the first half, high in the second half." This April, retail sales were only slightly lower than the peak of 1.81 million units in April 2018, remaining at a historically high level for April. In terms of new energy vehicles (NEVs), retail sales of passenger NEVs reached 905,000 units in April, up 33.9% YoY , but down 8.7% MoM . Cumulative retail sales from January to April totaled 3.324 million units, up 35.7%. Regarding exports, the CPCA stated that with the emergence of China's NEV scale advantages and market expansion needs, more and more NEV products made in China are going global, with their overseas recognition continuing to rise. Among them, plug-in hybrid electric vehicles (PHEVs) accounted for 33% of NEV exports (19% YoY). Despite recent interference from some external countries, the export of independently developed PHEVs to developing countries has grown rapidly, with promising prospects. In April, 189,000 passenger NEVs were exported, up 44.2% YoY and 31.6% MoM . They accounted for 44.6% of passenger vehicle exports, up 14 percentage points YoY. Among them, battery electric vehicles (BEVs) accounted for 65% of NEV exports (81% YoY), while A00+A0-class BEVs, as the core focus, accounted for 33% of NEV exports (33% YoY). Regarding the passenger vehicle market in April, the CPCA commented that as retail sales in the auto market were still in the recovery phase after the price war in April 2024, the monthly retail sales accounted for only 6.7% of the annual total, slightly lower than the approximately 6.9% share in a normal April. This year, the national trade-in policy was launched early, with subsidies implemented in one go, leading to better market growth at the beginning of the year. As a result, the price war was relatively mild, and the cut-throat competition in the industry improved due to market growth. The YoY retail sales growth rate in April this year was the highest in the same period of normal years over the past decade, reversing the characteristic of low retail sales growth in April over the past decade and further weakening the quarterly cyclical fluctuations in the auto market. As retail sales in the auto market were still in the recovery phase after the price war in April 2024, the monthly retail sales accounted for only 6.7% of the annual total, slightly lower than the approximately 6.9% share in a normal April. This year, the national trade-in policy was launched early, with subsidies implemented in one go, leading to better market growth at the beginning of the year. As a result, the price war was relatively mild, and the cut-throat competition in the industry improved due to market growth. The YoY retail sales growth rate in April this year was the highest in the same period of normal years over the past decade, reversing the characteristic of low retail sales growth in April over the past decade and further weakening the quarterly cyclical fluctuations in the auto market. The Passenger Car Branch of CPCA stated that the characteristics of the passenger car market in April 2025 are as follows: 1. Both wholesale and production volumes of passenger car producers in April reached record highs for the month. ; 2. Domestic retail sales of passenger cars from January to March 2025 achieved a positive growth of 6%, with the growth rate reaching 14.5% in April, a net increase of 220,000 units YoY, achieving an unexpected "strong start" with a 7.9% growth from January to April 2025; 3. This year's price wars with direct price reductions have been relatively mild, but hidden incentives such as model year upgrades and adjustments to owner benefits have emerged in abundance. Only 14 car models had price reductions in April, a significant decrease from 41 models in April last year and 19 models in April 2023, reflecting a clear cooling trend in price reductions. The sales promotion margin for traditional internal combustion engine vehicles in April was 22.2%, an increase of 0.1 percentage point MoM, with sales promotions for internal combustion engine vehicles remaining stable at around 22% for 10 consecutive months; 4. The wholesale share of domestic brands in the passenger car market in April was 70.3%, and the domestic retail share was 65.5%, both showing an increase of around 8 percentage points YoY; 5. Producer inventory levels remained generally stable from January to April 2025. From January to April, producer inventory increased by 80,000 units, channel inventory increased by 40,000 units, and the overall circulation system inventory increased by 120,000 units, while producer inventory decreased by 410,000 units from January to April last year; 6. The domestic retail penetration rate of new energy vehicles rebounded to 51.5%, demonstrating strong growth of new energy vehicles supported by inclusive policies such as scrappage and renewal, trade-in policies, and the exemption of purchase tax for new energy vehicles; 7. From January to April 2025, exports of domestic brand internal combustion engine passenger cars reached 830,000 units, a 13% decline from 960,000 units in the same period last year, while exports of domestic brand new energy vehicles reached 480,000 units, an 86% increase, with new energy vehicles accounting for 37% of domestic brand exports. Although domestic brands actively destocked in Russia at the beginning of the year, leading to a decline in exports to Russia, the market share of domestic brands in Russia still remained above 55%. Exports in April gradually stabilized. Considering the current situation of the Russian automotive industry, Chinese automotive exports to Russia are expected to recover to a certain level; 8. The contribution of incremental and replacement purchases continues to increase. As of 24:00 on April 24, 2.705 million vehicles nationwide had participated in the trade-in program, with the number of applications increasing by 1.2 million from 1.5 million on March 24. Considering the retail sales volume of around 1.72 million private passenger cars in March, approximately 70% of private car buyers in April were beneficiaries of the trade-in program, with the proportion of first-time private car buyers dropping to around 31%. Incremental and replacement purchases driven by consumption upgrades have become the absolute mainstream of car purchases. In terms of power batteries, the cumulative sales volume of power and other batteries from January to April 2025 was 403.9 GWh, representing a cumulative YoY increase of 73.7%. In April, the sales volume of power and other batteries in China was 118.1 GWh, up 2.3% MoM and 73.5% YoY. Among them, power battery sales reached 86.6 GWh, accounting for 73.4% of total sales, down 1.0% MoM and up 72.8% YoY. Sales of other batteries were 31.5 GWh, accounting for 26.6% of total sales, up 12.5% MoM and up 75.5% YoY. From January to April, cumulative sales of power and other batteries in China reached 403.9 GWh, with a cumulative year-on-year increase of 73.7% . Among them, cumulative sales of power batteries were 303.9 GWh, accounting for 75.2% of total sales, with a cumulative year-on-year increase of 56.8%. Cumulative sales of other batteries were 100.0 GWh, accounting for 24.8% of total sales, with a cumulative year-on-year increase of 157.8%. From January to April 2025, power battery installations in China reached 184.3 GWh, with a cumulative year-on-year increase of 52.8% . In April, power battery installations in China were 54.1 GWh, down 4.3% MoM, with a year-on-year increase of 52.8% . Among them, ternary battery installations were 9.3 GWh, accounting for 17.2% of total installations, down 7.0% MoM and down 6.3% YoY. LFP battery installations were 44.8 GWh, accounting for 82.8% of total installations, down 3.8% MoM and up 75.9% YoY. From January to April, cumulative power battery installations in China were 184.3 GWh, with a cumulative year-on-year increase of 52.8% . Among them, cumulative ternary battery installations were 34.3 GWh, accounting for 18.6% of total installations, with a cumulative year-on-year decrease of 15.9%. Cumulative LFP battery installations were 150.0 GWh, accounting for 81.4% of total installations, with a cumulative year-on-year increase of 88.0%. Regarding charging piles, according to statistics from the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA), the number of public charging piles increased by 92,000 units in April 2025 compared to March 2025, with a year-on-year increase of 34.1% in April . As of April 2025, member units of the alliance reported a total of 3.992 million public charging piles, including 1.834 million DC charging piles and 2.157 million AC charging piles. From May 2024 to April 2025, an average of approximately 85,000 public charging piles were added each month. From January to April 2025, the increment of charging infrastructure was 1.247 million units, and domestic sales of NEVs were 3.658 million units. Both charging infrastructure and NEVs continued to grow rapidly. The ratio of charging pile increment to vehicle sales was 1:2.9, indicating that the construction of charging infrastructure can basically meet the rapid development of NEVs. BYD Continues to Dominate, XPeng Motors Leads New Energy Vehicle Deliveries in the First Four Months Cailian Press reporters compiled the sales performance of 13 A/H-share listed automakers in April. Among them, 10 automakers saw a year-on-year increase, accounting for 76.9%. All 13 automakers achieved double-digit high-speed growth in NEV sales in April. Reviewing the sales performance of the automotive market in April, BYD sold a total of 380,089 units in April, up 21.34% YoY. From January to April, cumulative sales reached 1.3809 million units, up 46.98% YoY. BYD had previously set a sales target of 5.5 million units for 2025, and it has currently achieved approximately 25% of its annual sales target. Among the new automotive forces, Leap Motor continued its outstanding performance from March, securing the top spot in deliveries among new forces once again. In April, it delivered 41,039 units, a significant increase of 173.5% YoY. From January to April 2025, cumulative deliveries reached 128,591 units, up 165.6% YoY. Public information indicates that Leap Motor's sales target for 2025 is 500,000 units, and it has currently achieved 25.71% of this target. XPeng Motors' deliveries in April once again surpassed those of Li Auto, with cumulative deliveries of 35,045 units in April, up 273.1% YoY. XPeng Motors is currently the only new automotive force to have delivered over 30,000 units for six consecutive months. From January to April, cumulative deliveries reached 129,053 units, up 313.45% YoY. In April, XPeng Motors reached a delivery milestone of 700,000 units. Driven by consistently high delivery volumes, XPeng Motors ranked first in cumulative deliveries among new forces from January to April. It is reported that XPeng Motors' sales target for 2025 is over 380,000 units, and it has currently achieved 33.96% of this target. Li Auto delivered 33,939 units in April, up 31.61% YoY. From January to April, Li Auto delivered 126,623 units, up 19.41% YoY, achieving approximately 18.09% of its previously set target of 700,000 units. As of April 30, 2025, Li Auto's cumulative deliveries reached 1.2607 million units. It is reported that Li Auto has secured the sales championship for SUVs priced above 200,000 yuan for three consecutive quarters. The Li L6 model ranked first in sales among mid-to-large-sized SUVs priced between 200,000 and 300,000 yuan. The cumulative sales of the Li L7 and Li L8 models topped the sales list for mid-to-large-sized SUVs priced between 300,000 and 400,000 yuan, while the Li L9 model won the sales championship for large SUVs priced between 400,000 and 500,000 yuan. NIO delivered 23,900 units in April, up over 53.01% YoY. From January to April, cumulative deliveries reached 65,994 units, up 44.49% YoY. NIO's sales target for 2025 is 440,000 units, and it has currently achieved approximately 15% of this target. Meanwhile, Xiaomi Motors, which had previously emerged as a strong contender, delivered over 28,000 units in April, experiencing a pullback from the 29,000 units delivered the previous month, possibly due to the impact of previous public opinion incidents. Additionally, deliveries of the Xiaomi SU7 Ultra with a dual-airflow front hood have begun. Previously, Xiaomi Motors announced new progress in store openings, adding 34 stores in April, bringing the total number of stores nationwide to 269 across 74 cities. In May, it plans to open 29 new stores, expected to cover 8 additional cities including Yichang and Wuhu. As of April 30, there are 132 service outlets nationwide, covering 79 cities. The China Association of Automobile Manufacturers (CAAM) commented that, in April, the overall performance of the automotive market was good, with production and sales achieving steady growth YoY. Among them, the potential of domestic demand was released at an accelerated pace, providing strong support; exports remained stable amidst rapidly changing external environments; and NEVs performed actively, with production and sales continuing to grow rapidly. On April 25, the Political Bureau of the CPC Central Committee held a meeting to analyze and study the current economic situation and deploy the next steps of economic work. The meeting pointed out that it is necessary to continuously improve the policy toolkit for stabilizing employment and the economy, forming a continuation with the package of incremental policies introduced in September last year, as well as the tasks deployed at the Central Economic Work Conference and the national "Two Sessions", which will provide strong support for the economy, help further boost the domestic automotive demand market, assist in coping with the negative impact of exports, and consolidate and expand the steady and positive development trend of the automotive industry. Looking ahead to May, the China Passenger Car Association (CPCA) stated that there will be 19 working days in May 2025, two fewer days than in May last year. In particular, the Dragon Boat Festival falls on May 31, which is not conducive to the steady growth of production and sales in the automotive market. With the launch of the scrappage and renewal policy in 2024, the market gradually recovered in May 2024, and the base for this May will be relatively high. Driven by national policies to promote consumption and corresponding policies in multiple provinces and cities, offline activities at auto shows in May will continue to energize the market atmosphere and accelerate the boost in popularity. Against the backdrop of an increasingly diverse brand product matrix, the new vehicle launches at this year's Shanghai Auto Show were mild in intensity. Independent new energy brands mostly unveiled high-end and mid-range car models, while joint venture models took the lead in launching new energy vehicles at surprise prices. It is expected that the automotive market growth in May will be relatively stable. As for the automotive export situation, which has attracted significant market attention, the CPCA believes that the proportion of Chinese automotive exports to the US is negligible, especially since independent brands are not sold in the US at all. Therefore, independently-branded vehicles produced in China will not be affected by the US tariff increases. Currently, China's market share of independently-branded vehicle sales in Russia remains at a high level of 55%, and the pressure to reduce exports is not significant. However, the "two less and one more" phenomenon at this year's Shanghai Auto Show—too few new internal combustion engine vehicle models, too few new small car models, and a large number of new large EV models—is not conducive to China's sustainable development strategy for the automotive industry.