Over the past year, a notable shift has emerged in China’s new energy vehicle (NEV) export mix: plug-in hybrid electric vehicles (PHEVs) are growing significantly faster than battery electric vehicles (BEVs). This divergence is not a short-term anomaly, nor a simple reflection of consumer preference. Instead, it is the result of structural factors spanning policy, infrastructure, cost dynamics, and end-user behavior in overseas markets.

Currently, the export of ternary precursors and ternary cathode materials enjoys a 13% VAT export rebate. A noticeable surge in concentrated "pre-rebate" exports is anticipated in the first quarter.

The demand center is shifting upward, structural differentiation is deepening, and the logic of global competition is being reconfigured.

[SMM Flash: EU Invites China to Europe for Rare Earth Talks] Minister of Commerce Wang Wentao held a video call with European Commission Executive Vice President for Trade and Economic Security Maroš Šefčovič at the latter's request. During the meeting, the two sides exchanged in-depth views on key economic and trade issues between China and the EU, including export controls and the EU’s anti-subsidy investigation into Chinese EVs. Both sides agreed to hold an "upgraded" China-EU export control dialogue mechanism meeting in Brussels as soon as possible, based on the consensus reached at the 25th China-EU Summit. In addition, the European side invited senior Chinese economic and trade officials to head to Europe for a meeting this week.

[SMM Aluminum Morning Meeting Minutes: Limited Room for Demand Growth, Aluminum Prices Face Resistance to Further Gains] On the night of October 21, the most-traded SHFE aluminum contract opened at 21,000 yuan/mt, reaching a highest price of 21,045 yuan/mt and a lowest price of 20,955 yuan/mt, before finally closing at 20,970 yuan/mt, up 0.03%. The night session overall showed a pattern of retreat after rapid rise. From a technical perspective, insufficient volume constrained the rebound momentum, and the MACD 60-minute candlestick level red bars did not show sustained expansion. Although currently in a golden cross state, further upward movement still faces resistance. Considering recent highs and lows (monthly low of 20,640, high around 21,200), the resistance level is expected to be in the range of 21,280–21,480, while the support level is projected between 20,530 and 20,750.

[smm zinc morning meeting summary: us dollar index rises, lme zinc records a small bearish candlestick]: overnight, lme zinc opened at $2,799/mt. at the beginning of the session, lme zinc briefly rose to $2,805.5/mt. subsequently, with increased short positions, lme zinc fluctuated downward, reaching a low of $2,773/mt during european trading hours. it finally closed down at $2,784/mt, falling by $12.5/mt, or 0.45%. trading volume decreased to 8,911 lots, while open interest increased by 3,010 lots to 194,000 lots.