[SMM Tin Midday Review: US Fed Expected to Hold June FOMC Meeting, the Most-Traded SHFE Tin Contract Consolidates at Highs Above 420,000]

People's Daily published an article titled "PV Industry Moving Toward a More Rational, Stable, and Sustainable New Stage," and the National Development and Reform Commission (NDRC) held an expert symposium, once again stressing the need to thoroughly rectify "involution-style" competition. It is rumored that the new round of exit standards for energy consumption and efficiency are about to be released, which could drive a 20-30% capacity rationalization in the PV sector, thereby leading the industry to quickly cross the inflection point of a new cycle. From an industry pattern perspective, as a typical asset-heavy sector, supply-side rationalization is the fastest way for the PV industry to enter a new cycle and also the most crucial anchor for the "reversal" logic traded in capital markets. The pace and intensity of policy implementation will serve as a key catalyst for the subsequent market trend.

SMM June 10 news: Metal markets: The domestic base metals market mostly fell overnight. SHFE copper fell 0.34%. SHFE aluminum fell 0.67%, and SHFE lead fell 0.4%. SHFE zinc rose 0.14%. SHFE tin fell 1.1%. SHFE nickel fell 1.34%. In addition, the most-traded alumina futures contract rose 0.68%, and the most-traded cast aluminum contract closed flat at 22,995 yuan/mt. Overnight, ferrous metals showed mixed performance, with iron ore up 0.26%, HRC flat at 3,360 yuan/mt, stainless steel down 0.69%, and rebar up 0.19%. Coking coal and coke: The most-traded coking coal futures contract fell 0.58%, and the most-traded coke futures contract rose 0.38%. On the overseas metals market overnight, LME base metals mostly fell. LME copper fell 0.23%. LME aluminum fell 2.08%, and LME lead fell 0.38%. LME zinc rose 0.33%. LME tin rose 0.16%. LME nickel fell 2.2%. Overnight precious metals market : Overnight COMEX gold fell 1.8%, and COMEX silver fell 4.56%. Overnight, the most-traded SHFE gold futures contract fell 1.51%, and the most-traded SHFE silver futures contract fell 4.06%. Bob Haberkorn, Senior Market Strategist at RJO Futures, stated: "Traders are slightly uneasy about the current market situation... A broad risk-off mode has taken hold across all markets. I believe this risk-off sentiment is what drove gold prices down." Haberkorn added: "Until the US Fed provides clearer guidance, gold and silver prices remain under downward pressure." (Jinshi Data APP) Analysts at Saxo Bank stated that gold futures prices closed below their 200-day moving average for the first time since October 2023, following last Friday's non-farm payrolls report and a broad deterioration in risk sentiment that also weighed on stock markets. The combination of a resilient US economy and rising inflation expectations is creating a challenging environment for gold, overshadowing long-term supportive factors such as central bank purchases, fiscal concerns, and reserve diversification. (Jinshi Data APP) As of 7:19 on June 10, overnight closing prices: Macro front China: [Guangdong: Over 3 million charging facilities to be built province-wide by the end of 2027, meeting the charging demand of more than 8 million NEVs] The Guangdong Provincial Development and Reform Commission and other departments recently issued the "Guangdong Province EV Charging Facility High-Quality Development Action Plan." The plan proposes to build a high-quality charging facility system where super-charging, fast charging, and slow charging complement each other by continuously innovating application scenarios, improving charging networks, enhancing charging efficiency, optimizing service quality, and innovating the industrial ecosystem. This aims to promote the balanced development of charging facilities in eastern, western, and northern Guangdong alongside the Pearl River Delta region, and facilitate the wider purchase and use of EVs. By the end of 2027, the province will have cumulatively built over 3 million charging facilities to meet the charging demand of more than 8 million NEVs; the province will achieve "super-charging coverage in every county," with the number of super-charging stations no fewer than the number of gas stations. (Jinshi Data APP) [CPCA: Retail sales in China's domestic narrow PV market reached 1.51 million units in May 2026] According to the latest retail sales statistics from the China Passenger Car Association (CPCA), retail sales in China's domestic narrow passenger vehicle (PV) market reached 1.51 million units in May 2026, down 22.1% YoY, but up 9.2% MoM. Cumulative sales from January to May totaled 7.099 million units, down 19.5% YoY. US Dollar: The overnight US dollar index fell 0.07% to 99.95. Data: The weekly change in US ADP employment for the week ending May 23 was 29,000, compared to the previous figure of 35,750. Jay Woods, Chief Global Strategist at Freedom Capital Markets, stated that the US May headline CPI YoY rate is expected to jump from 3.8% to 4.2%, which would be the highest level since March 2023. But the real concern isn't the headline number; it's the potentially entrenched "sticky" items like housing, insurance, and services. These categories could keep inflation persistently above the US Fed's comfort zone, as they may remain elevated for longer. Woods noted that high inflation driven by gasoline is typically less worrying, whereas sustained price increases in housing and services could be a trend that takes time to reverse. According to CME "FedWatch": The probability that the US Fed will keep interest rates unchanged through June is 98.2%, with a cumulative probability of a 25 basis point cut at 1.8%. The probability that the Fed will keep rates unchanged through July is 85.8%, with a cumulative probability of a 25 basis point hike at 12.6% and a cumulative 25 basis point cut at 1.6%. (Jinshi Data APP) China Securities pointed out that in the short term, the probability of a US Fed interest rate hike remains low, and market concerns about Fed tightening are mainly at the expectations level, based on assumptions of sticky domestic US inflation and a persistently hot job market. CME FedWatch data indicates that the most likely timing for a Fed rate hike expected by markets outside China begins in late October 2026. The current tightening of global liquidity and market adjustments represent a front-running reaction to expectations of a Q4 Fed rate hike. Regarding the domestic bond market, increased expectations for Fed tightening are not bearish. China's bond market is relatively independent and has a small correlation with US Treasuries. Furthermore, given ample domestic liquidity, the anticipated tightening of overseas liquidity and adjustments in equity markets could potentially drive capital flows into the bond market, supporting the current level of long-term bonds. Subsequently, China's 10-year government bond yield is expected to continue oscillating around the 1.70% level; a break below 1.70% still requires the emergence of new incremental information from domestic sources. Data: Today will see the release of China's May CPI YoY, the US May unadjusted CPI YoY, the US May seasonally adjusted CPI MoM, the US May seasonally adjusted core CPI MoM, the US May unadjusted core CPI YoY, the Bank of Canada interest rate decision as of June 10, and China's May M2 money supply YoY (date TBD), among other data points. Also, attention should be paid to: the Bank of Canada's announcement of its interest rate decision; and the monetary policy press conference held by Bank of Canada Governor Macklem and Senior Deputy Governor Rogers. Crude Oil: Overnight, both oil futures fell, with US crude oil down 2.85% and Brent crude oil down 2.03%. Oil prices were volatile on Tuesday. Trump stated earlier in the day that negotiations with Iran were "in the final stages of a very, very good deal," pushing Brent crude lower. However, Trump subsequently posted on social media stating that Iran had shot down a US Apache helicopter patrolling the Strait of Hormuz and declared "the US must respond," causing oil prices to jump immediately. Iranian officials further warned afterward that "foreign military forces near Iran face risks," briefly lifting oil prices further. Despite this, crude oil closed lower. (Wall Street CN) Data: The US API crude oil inventory for the week ending June 5 fell by 9.119 million barrels, compared to an expected draw of 3.421 million barrels, with the prior figure showing a draw of 6.757 million barrels. The US API gasoline inventory for the week ending June 5 fell by 1.191 million barrels, compared to an expected draw of 614,000 barrels, with the prior figure showing a build of 3.454 million barrels. (Jinshi Data APP) The US Energy Information Administration (EIA) stated on Tuesday local time that due to crude oil production losses exceeding 11 million barrels per day in the Middle East caused by the Iran war, major consumer nations are drawing down inventories to bridge supply shortfalls at an unprecedented rate. Consequently, oil inventories among OECD members are heading toward their lowest levels since at least 2003. The EIA stated that under its current assumptions, where maritime shipping activity through the Strait of Hormuz is unlikely to return to pre-conflict levels before the beginning of 2027, total oil inventories held by OECD member nations will fall to just under 2.3 billion barrels by December. (Jinshi Data APP)

SMM June 3 News: Metals market: Overnight, base metals generally rose across both domestic and overseas markets, with only LME nickel and SHFE nickel declining together. LME nickel fell 0.05%, and SHFE nickel fell 0.28%. SHFE tin and LME tin rose over 2%, with SHFE tin up 2.22% and LME tin up 2.6%. LME lead, LME zinc, SHFE copper, and SHFE zinc all rose over 1%, with LME lead up 1.24% and LME zinc up 1.37%. SHFE zinc rose 1.57%, SHFE copper rose 1.05%, and the remaining metals gained less than 1%. The alumina front-month contract fell 1.23%, while the foundry aluminum front-month contract rose 0.9%. Overnight, ferrous metals generally rose, with iron ore being the only decliner, down 0.13%. The remaining metals gained less than 1%. For coking coal and coke, coking coal rose 0.44% and coke rose 0.88%. Precious metals: Overnight COMEX gold rose 0.29%, and COMEX silver rose 0.25%. In China, SHFE gold rose 0.17% and SHFE silver rose 0.24%. As of 6:44 AM on June 3, overnight closing prices: Macro Front China: [The State Council issued the "15th Five-Year Plan for Accelerating Agricultural and Rural Modernization": Encouraging the establishment of rural revitalization funds through market-oriented approaches and supporting eligible enterprises in bond financing for rural revitalization] The State Council issued the "15th Five-Year Plan for Accelerating Agricultural and Rural Modernization." It mentioned improving the agricultural and rural investment mechanism, establishing a diversified investment structure with fiscal priority guarantees, financial sector focus, and active social participation, ensuring continuously strengthened investment in rural revitalization. Agriculture and rural areas will be prioritized in general public budget guarantees, making good use of central government budgetary investment, local government bonds, and other funding channels, strengthening full-chain supervision of rural revitalization funds, strictly investigating fraud, misappropriation, and other issues, and improving the effectiveness of fiscal policies supporting agriculture and fund efficiency. The rural financial service system will be improved, medium and long-term lending to agriculture and rural areas will be increased, rural digital inclusive finance will be developed, and rural credit system construction will be promoted. The risk protection role of agricultural insurance will be leveraged, development of local specialty agricultural product insurance will be supported, and claims settlement efficiency will be improved. Private investment will be guided to participate in rural revitalization in a lawful, standardized, and orderly manner, capital market services for agriculture-related entities will be enriched, the establishment of rural revitalization funds through market-oriented approaches will be encouraged, and eligible enterprises will be supported in bond financing for rural revitalization. [Unitree Robotics' STAR Market IPO approved] On June 1, the SSE Listing Review Committee held its 31st listing review meeting of 2026. The review results showed that Unitree Robotics Co., Ltd.'s IPO met the issuance conditions, listing conditions, and information disclosure requirements. (Jin10 Data APP) US dollar: As of overnight close, the US dollar rose 0.03% to 99.22. Data from the US Bureau of Labor Statistics (BLS) showed that US job openings in April jumped to their highest level in nearly two years, with professional and business services accounting for nearly all of the gains, and layoffs declined. This further indicated that the labour market remained resilient even as businesses had to cope with rising energy costs triggered by the Iran war. The data suggested that labour demand was stabilizing this year after employment growth nearly stalled in 2025, which could further weaken the case for interest rate cuts, especially as US Fed officials were increasingly discussing the possibility of rate hikes. (Wallstreetcn) According to sources, Fed Chairman Kevin Warsh hired conservative policy analysts Paul Winfree and Daniel Heil as temporary advisors. The two will assist Warsh with policy analysis and special projects, serving in a temporary capacity. (Wallstreetcn APP) Fed Chairman Warsh stated in a memo sent and reviewed by Reuters: "Our top priority will be getting policy right to serve our mandate and the national interest. We will ensure we create an environment that supports our staff in doing their best work and building their careers. We will not rely on past practices when we find better alternatives. In the coming quarters, I hope we can engage together in open, clear-eyed discussions about the Fed's strategy, policy, and operations." (Wallstreetcn APP) According to CME "FedWatch": The probability of the US Fed maintaining rates unchanged through June was 98.6%, with a 1.4% probability of a cumulative 25 basis point cut. The probability of maintaining rates unchanged through July was 92.4%, with a 6.3% probability of a cumulative 25 basis point hike and a 1.3% probability of a cumulative 25 basis point cut. (Jin10 Data APP) Macro: Today will see the release of China's May RatingDog Services PMI, US May ADP employment figures, US May S&P Global Services PMI final reading, US May ISM Non-Manufacturing PMI, US April factory orders month-over-month, France's May Services PMI final reading, Eurozone May Services PMI final reading, Eurozone April PPI month-over-month, Germany's May Services PMI final reading, UK May Services PMI final reading, and Australia's Q1 GDP year-over-year, among other data. In addition, Bank of Japan Governor Ueda Kazuo will deliver a speech, and US Fed Governor Barr will participate in a dialogue at the 2026 Community Development Bankers Association Peer Forum. Crude oil: Overnight, oil prices rose across both markets, with WTI up 1.33% and Brent up 1.01%. The market was still awaiting progress in US-Iran negotiations, and combined with continued declines in global crude oil inventory and expectations of peak summer demand season, multiple factors supported oil price strength. American Petroleum Institute (API) data showed that last week, US API crude oil inventory was -6.757 million barrels, compared to -2.819 million barrels the previous week. Last week, API Cushing crude oil inventory was -279,000 barrels, versus -2.875 million barrels previously. Last week, API gasoline inventory was +3.454 million barrels (previous: -3.199 million barrels), and distillate inventory was -214,000 barrels (previous: +11.03 million barrels). (Wallstreetcn APP) IEA oil head: Rising prices and a weak economic outlook led to declining transport fuel demand. If crude oil shipments through the Strait of Hormuz do not resume, oil inventory drawdowns will continue into the summer. Inventory could reach critical levels before peak summer demand arrives. (Wallstreetcn APP) Tom Baker, Managing Director for Bahrain at global commodities trading giant Vitol, stated that the oil market was underestimating some of the risks from the Iran war. Baker said at the S&P Global Energy Middle East Petroleum and Gas Conference in London: "Crude supply may be able to recover, but from a refined petroleum products perspective, the system may struggle to catch up for the remainder of the year." (Wallstreetcn APP)

SMM News, May 28: Recently, multiple regions across China released policies to promote the stable and healthy development of the real estate market. Provinces and cities including Guangzhou, Shenzhen, Xiamen, Hunan, and Suzhou successively optimized property market regulation details, including measures such as relaxing provident fund loan conditions, raising loan limits, advancing state-owned enterprise acquisition of existing second-hand housing, and implementing housing "trade-in" policies, which are expected to gradually activate housing replacement demand and revitalize existing housing stock. As policy effects gradually materialized, transaction activity in core cities such as Beijing, Shanghai, Guangzhou, and Shenzhen recovered, real estate enterprises' financing environment showed marginal improvement, and industry fundamentals saw slight repair. Boosted by both policies and fundamentals, coupled with some capital reallocation, the real estate sector posted a counter-trend rally. As of the market close on May 28, the real estate development sector rose 0.99%, and real estate services rose 1.39%. In terms of individual stocks: Beichen Property, Tianjian Group, Xiangjiang Holdings, Vantone Development and other stocks hit the daily limit, while Xinhuangpu, Jintou Chengkai, Black Peony, Yue Hong Yuan A, and Worldunion all ranked among the top gainers. News [The Political Bureau of the CPC Central Committee Held a Meeting to Analyze and Study the Current Economic Situation and Economic Work] The Political Bureau of the CPC Central Committee held a meeting on April 28 to analyze and study the current economic situation and economic work. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting. The meeting noted that since the beginning of this year, the CPC Central Committee with Comrade Xi Jinping at its core has strengthened overall leadership over economic work, taking a holistic and forward-looking approach. All regions and departments have acted proactively and adopted comprehensive measures. China's economy got off to a strong start, with major indicators performing better than expectations, demonstrating strong resilience and vitality. At the same time, there are some difficulties and challenges, and the foundation for sustained and steady economic improvement needs to be further consolidated. Confidence should be strengthened, and economic work should be pursued with greater intensity and more practical measures. The meeting pointed out the need to effectively prevent and defuse risks in key areas. Efforts should be made to stabilize the real estate market and solidly advance urban renewal. Local government debt risks should be resolved in an orderly manner, with a focus on addressing the issue of overdue payments to enterprises. Reform of small and medium-sized financial institutions should be promoted, and confidence in the capital market should be stabilized and strengthened. [Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government: Confident in Further Consolidating the Stabilizing and Improving Trend of Guangzhou's Property Market] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government, stated that going forward, Guangzhou will continue to improve the two major systems of the housing market and housing security, and continuously optimize property market regulation measures. Departments including the Municipal Bureau of Planning and Natural Resources, the Municipal Bureau of Housing and Urban-Rural Development, and the Municipal Provident Fund Center have issued supporting rules on matters such as land supply, special subsidies for "sell-old-buy-new," and "commercial-to-provident fund loan conversion." Huadu District responded swiftly by launching the "Huadu Eight Measures" as specific initiatives. State-owned enterprises represented by Guangzhou Anju Group are accelerating the launch of pilot work on second-hand housing acquisition and revitalization. We believe that as these detailed rules are fully implemented and various sectors advance in coordination, we are confident in further consolidating the stabilizing and improving trend of Guangzhou's property market. (Jin10 Data APP) [Guangzhou's Real Estate Market Activity Has Been Continuously Rising Since May] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, introduced that on April 30, Guangzhou issued the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market" (known as the "Sui Eight Measures"). As the policy effects continued to release, market activity has been continuously rising. Since May, weekly visits, subscriptions, and online signings at key new residential projects citywide increased by 26.9%, 36.9%, and 11.4% WoW respectively; weekly signing volume of second-hand residential properties rose 9.3% WoW, while new listing volume decreased 16.7% YoY. The new housing provident fund policy has taken effect, with 4,484 loan applications accepted totaling 4.746 billion yuan, up 47.05% and 56.43% YoY respectively. [Guangzhou: Removes Restrictions on "Only Housing in the City" and Number of Provident Fund Loan Uses] On May 26, 2026, the Guangzhou Housing Provident Fund Management Center issued the normative document "Implementation Measures for Converting Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Provisional)." It proposed expanding the scope of commercial loan banks by removing the restriction that "the original commercial loan bank must be a housing provident fund entrusted bank," allowing commercial loans from non-housing provident fund handling banks to be converted to pure housing provident fund loans. It relaxed requirements on loan types, terms, and provident fund contribution duration. For commercial-to-provident-fund conversion business handled by housing provident fund loan handling banks, applicants whose convertible loan amount is not enough to fully repay the original commercial loan principal and interest may choose to convert to a combination loan. The requirement for account opening and cumulative housing provident fund contribution duration was reduced from "60 months" to "36 months." The original commercial loan disbursement period was shortened from "more than 3 years" to "more than 2 years." The restrictions on "only housing in the city" and the number of provident fund loan uses were removed, no longer requiring that "the loan property is the applicant's family's only housing in the city," supporting applications for first and second improved housing. Applicants who "have never used or have only used housing provident fund loans once" may also apply for commercial-to-provident-fund conversion, no longer subject to the restriction of "never having used housing provident fund loans." (Jin10 Data) [Xiong'an New Area: Maximum Housing Provident Fund Loan Amount Raised to 800,000 Yuan] Notice from the Xiong'an New Area Housing Management Center on Optimizing and Adjusting Housing Provident Fund Withdrawal and Loan Policies. The policy stated that for depositors meeting the rental housing withdrawal conditions in the New Area who have not registered their housing lease contracts, the maximum annual withdrawal amount was raised to 17,000 yuan; for those who have registered their housing lease contracts on the "Hebei Xiong'an New Area Housing Rental Information Service Platform," the maximum annual withdrawal amount was raised to 25,000 yuan. For depositors purchasing owner-occupied housing in the New Area and applying for housing provident fund loans, the maximum loan amount was raised to 800,000 yuan. For employees of entities relocated from Beijing whose housing provident fund contributions are deposited in the New Area, the maximum loan amount for purchasing owner-occupied housing in the New Area was raised to 1.2 million yuan. For families with two or more children purchasing owner-occupied housing in the New Area and applying for housing provident fund loans, the maximum loan amount was increased by an additional 200,000 yuan. For employee households with only one housing provident fund loan record nationwide that has been fully repaid and who have no property in the New Area, the first-home housing provident fund loan policy shall apply. (Xiong'an Provident Fund) [Supreme Court's Liu Guixiang: Preventing and Mitigating Risks in Key Areas Such as Finance and Real Estate] On May 27, Liu Guixiang, Vice-Ministerial-Level Full-Time Member of the Adjudication Committee and Second-Grade Grand Justice of the Supreme People's Court, stated at a press conference held by the State Council Information Office that the people's courts would fully safeguard national security and social stability, lawfully punish criminal acts that endanger national security and public safety and undermine the socialist market economic order, and adhere to the principles of marketization and rule of law, coordinating the functions of administrative, civil, and criminal adjudication to prevent and mitigate risks in key areas such as finance and real estate. [China Index Academy: Property Developer Bond Financing up Nearly 30% YoY in April] The latest data released by the China Index Academy showed that in April, total bond financing in the real estate sector reached 61.48 billion yuan, up 28.8% YoY and up 18.5% MoM. Specifically, credit bond financing in the real estate sector totaled 37.48 billion yuan (up 2.6% YoY, down 9.1% MoM), accounting for 61%; ex-China bond financing was 3.43 billion yuan, accounting for 5.6%; ABS financing was 20.57 billion yuan (up 83.9% YoY, up 93.1% MoM), accounting for 33.5%. [Marco Polo: Q2 Sales Improved QoQ] Marco Polo stated at a recent earnings briefing that in Q1 2026, due to the late Chinese New Year holiday and a slow market start, the industry experienced a certain degree of YoY decline overall. Since Q2, the real estate market in some cities has shown structural stabilization and recovery, with the new housing market broadly stopping its decline. Core cities such as Guangzhou, Shenzhen, and Hangzhou saw second-hand housing prices begin to rise, with active transactions. The company improved its Q2 sales on a QoQ basis through various measures, including building regional empowerment centers, promoting the expansion of its dealer network into lower-tier markets, developing non-residential engineering projects, and strengthening cooperation with whole-house decoration enterprises. [Guangzhou Anju Group to Launch Pilot Work Supporting Residents in "Selling Old and Buying New"] On May 26, Guangzhou held a press conference on the supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, stated that to support residents in improving their housing conditions and facilitate the exchange chain between pre-owned and new housing, Anju Group will immediately launch pilot work supporting residents in "selling old and buying new," with a trial period ending on December 31, 2026. Following the principle of "government guidance, market-based operation, and voluntary participation," the group will acquire pre-owned residential properties through market-oriented approaches. The pilot acquisition targets pre-owned residential properties within Guangzhou's Ring Expressway, with a total price of no more than 3 million yuan, a floor area of less than 70 m², and no restriction on building age. The acquired properties will be prioritized for use as affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and other groups, as well as resident relocation for urban self-renewal projects. [Guangzhou Huadu District Sees "Rising Volume, Stable Prices, and Active Transactions" After New Policy Implementation] On May 26, Guangzhou held a press conference on the supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Head of Huadu District, stated that after the implementation of the "Eight Measures for Guangzhou," Huadu District took the lead in the city by introducing the "Eight Measures for Huadu." Since the new policy took effect, the real estate market in Huadu District has seen a continued rebound in market activity and a steady release of transaction vitality. Project visits, subscriptions, policy inquiries, and pre-owned housing transactions all surged significantly. Policy inquiries focused on core topics such as pre-sale school enrollment eligibility, online contract registration for school enrollment, and trade-in subsidies. The market overall demonstrated a positive trend of "rising volume, stable prices, and active transactions." [Xiamen Introduces Six Housing Provident Fund Measures: "Sell Old, Buy New" Loans to Be Executed at First-Home Interest Rates] On May 19, the Xiamen Housing Provident Fund Center announced on its website that, in order to implement the spirit of the "Several Opinions on Further Promoting the Stable Development of the Real Estate Market" issued by the Fujian Provincial Department of Housing and Urban-Rural Development, and in light of Xiamen's actual conditions, the city introduced six housing provident fund measures upon approval by the Xiamen Housing Provident Fund Management Committee. Among them, it was proposed that "sell old, buy new" loans be executed at first-home interest rates. Depositors who sell their own residential properties within Fujian Province and purchase a second self-occupied residential property in Xiamen within 12 months and apply for a housing provident fund loan shall, if they meet the provident fund loan conditions, be subject to the first-home housing provident fund loan interest rate. Housing provident fund loans for multi-child families are executed at first-home loan interest rates. For multi-child families purchasing a second owner-occupied home in the city and applying for housing provident fund loans, those meeting the provident fund loan conditions will have loans executed at first-home housing provident fund loan interest rates. [Hunan Issued Policies Supporting Acquisition of Existing Commercial Housing and Housing "Trade-in"] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development, together with the Provincial Development and Reform Commission, the Provincial Department of Finance, and six other departments, issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." This "New Xiang Ten Measures" is an optimization and upgrade based on the 2025 "Several Measures of Hunan Province to Promote Stable and Healthy Development of the Real Estate Market," focusing on formulating relevant support measures in areas such as acquisition of existing commercial housing, housing "trade-in," "quality housing" construction, "three-in-one" housing projects, and optimization of provident fund policies. The "New Xiang Ten Measures" specified that for loans applied for purchasing newly-built commercial housing within the province (including housing provident fund loans and commercial loans), housing unit counts are determined at the county/city/district (park) level, and for those already owning housing in the county/city/district (park) where the intended purchase is located, one housing unit is deducted from the count; the minimum down payment ratio of 30% for commercial property loans is implemented. [Hunan: College Graduates and High-level Talents Staying in or Coming to Hunan for Employment and Entrepreneurship Can Apply for Loans After 1 Month of Provident Fund Contributions] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development and eight other departments issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." The "New Xiang Ten Measures" proposed that for college graduates, young talents, and high-level talents staying in or coming to Hunan who apply for housing provident fund loans for their first home purchase within the province, they can apply after only 1 month of contributions, with maximum preferential down payment ratios, and the maximum loan amount may not be linked to account balances but reasonably determined based on work compensation base and labor (employment) contract duration. Among them, the maximum housing provident fund loan amount for high-level talents can be relaxed to 4 times the standard, and for college graduates and young talents staying in or coming to Hunan for employment and entrepreneurship, it can be relaxed to 2 times. For first-marriage and first-birth families and families with two or more children using housing provident fund loans to purchase newly-built commercial housing, the loan amount cap is further increased by more than 30%. The age limit for housing provident fund personal loans is extended, with a maximum increase of 5 years beyond the statutory retirement age. [A Residential Land Parcel in Nanchang Sold at 12.5% Premium] On May 8, Nanchang sold a residential land parcel with a transfer area of 12.1409 mu and a planned building area of 9,712.72 sqm, with a floor area ratio of 1.1. The starting land price was 4 million yuan/mu, totaling a starting price of 48.56 million yuan, with a starting floor price of 5,000 yuan/sqm. Yingtan Wanjing Real Estate Development Co., Ltd. ultimately won the land parcel at a land price of 4.5 million yuan/mu, equivalent to a total price of 54.63 million yuan, with a transaction floor price of 5,625 yuan/㎡ and a premium rate of 12.5%. [Beijing Real Estate Market Activity Climbs, Pre-owned Home Trading Volume Hits Nearly 5-Year High] During this year's Labour Day holiday, as new real estate policies were intensively implemented in multiple cities, real estate market activity climbed. In Beijing, the pre-owned housing market continued the momentum since April, with trading volume and showing volume rising steadily. The latest data showed that during the first four days of the Labour Day holiday, the number of pre-owned home transactions in Beijing surged 72% YoY, indicating strong market performance. In April, which just passed, Beijing's pre-owned home trading volume reached nearly 18,000 units, hitting the highest level for the same period in nearly 5 years. [Guangzhou Labour Day Holiday New Residential Subscription Volume Up Over 50% YoY] On May 6, it was learned from the Guangzhou Municipal Housing and Urban-Rural Development Bureau that during the Labour Day holiday, Guangzhou's real estate market activity rebounded significantly, with both new and pre-owned residential markets improving in tandem and a clear recovery trend in the property market. Data showed that from May 1 to 5, the new residential market in Guangzhou heated up significantly, with a citywide daily average of 8,692 visitor groups to new residential projects (up 30.8% YoY), and a daily average subscription volume of 634 units (up 50.1% YoY). The pre-owned residential market maintained steady growth. During the holiday, daily average showing visits and daily average subscription volume grew 15.6% and 5.2% respectively compared to April, while subscription volume was up 63.4% YoY. Meanwhile, new listing volume of pre-owned homes pulled back. A spokesperson from the Guangzhou Municipal Housing and Urban-Rural Development Bureau stated that on April 30, Guangzhou issued implementation opinions on further promoting stable and healthy development of the real estate market, proposing multiple measures covering areas such as optimizing housing provident fund usage and facilitating property swap chains. The policy dividends were quickly transmitted, with notable market feedback. [Guangdong Zhongshan: Pre-owned Housing Acquired by Developers Can Be Resold; Minimum Down Payment for Commercial Property Loans Set at 30%] The Housing and Urban-Rural Development Bureau of Zhongshan City, Guangdong Province, issued the "Several Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market in Zhongshan" to further implement the digestion of existing housing inventory and optimize incremental housing supply, better meeting residents' essential and upgrading housing needs. The "Several Measures" comprised 7 articles, including continuing to support residential housing trade-in policies; encouraging market-oriented operation of commodity housing trade-in programs; increasing housing provident fund support for home purchases; optimizing the criteria for determining the number of housing units under provident fund loans; accelerating destocking of commercial properties and encouraging multiple approaches to revitalize existing resources; increasing financial support and lowering the minimum down payment ratio for commercial property purchase loans; and piloting housing voucher-based resettlement compensation. Among them, the Several Measures stipulate that repurchased old housing can be resold, renovated and then sold, or used for market-oriented rental housing, talent apartments, affordable rental housing, etc. The minimum down payment ratio for commercial property purchase loans was adjusted to no less than 30%. [ China Real Estate News: Stabilizing the Property Market Requires Good "Forward Planning" ] On May 4, China Real Estate News published an editorial stating that amid complex and volatile internal and external shocks, the property market's performance since the beginning of this year was hard-won, and will lay a solid foundation and inject firm confidence for efforts to stabilize the real estate market. Therefore, the upcoming months of May and June are crucial, and localities should continue to do good "forward planning." The more detailed and thorough the forward planning work for stabilizing the real estate market, the more solid the foundation for market stability. The stability and vitality of the property market should be reflected in the transformation of "good housing" toward higher quality, and the innovation momentum of "good housing" should be further released and continuously expanded. The stability and vitality of the property market should also be reflected in the overall satisfaction of demand, and the housing replacement cycle should be further facilitated. The core value of the housing trade-in policy is precisely to break this deadlock through institutional innovation. Localities should focus on building bridges between old housing disposal and new housing purchase through government guidance, state-owned enterprise participation, and market-based operations, both facilitating the replacement process and reassuring homebuyers about price stability. Meanwhile, financial support will be increased for converting existing commercial housing into affordable housing, resettlement housing, dormitories, and talent housing. This will both provide stable absorption channels for inventory to accelerate market clearing, and effectively broaden the supply sources of affordable housing, shorten the construction preparation cycle, and solve the housing difficulties of key groups such as low- and middle-income groups, new urban residents, and young people at relatively low social costs, forming an overall favorable pattern where new housing is well managed, second-hand housing is active, and the high-end has a market, the mid-end has support, and the low-end has guarantees, building momentum for the stability and high-quality development of the real estate market. [ Suzhou: Raising Maximum Housing Provident Fund Loan Limits, with Individual Maximum Loan Amount Adjusted to 1.5 Million Yuan ] Suzhou recently issued several measures to further promote the stable and healthy development of the real estate market. Among them, it mentioned optimizing the criteria for determining the number of provident fund loans and housing units. If the applicant has no outstanding provident fund loan balance nationwide at the time of application, the first-home provident fund loan policy applies. The maximum provident fund loan limits were raised, with the individual maximum loan amount adjusted to 1.5 million yuan and the family maximum loan amount adjusted to 2 million yuan. For purchases of newly built green residential buildings rated two-star or above, the provident fund loan amount can be increased by 20%. For purchases of newly built improved-type housing with "two-smart-one-complete" features, the provident fund loan amount can be increased by 50%. For purchases of newly built commercial housing projects sold as completed properties, the provident fund loan amount can be increased by 50%. Provident fund loans can be applied for when purchasing completed property-right apartments sold as existing homes. [ Wuhan Announces New Property Market Policies, Expanding the Scope of Cross-Regional Housing Provident Fund Loans ] On April 30, the Wuhan Housing and Urban Renewal Bureau, the Wuhan Finance Bureau, and the Wuhan Housing Provident Fund Management Center issued the Notice on Further Optimizing and Improving Real Estate Policy Measures in the City. The notice proposed that from May 1 to December 31, 2026, when a resident family applies for a commercial personal housing loan to purchase newly built commercial housing, if no family member owns a complete housing unit in the district where the intended new commercial housing is located, it shall be recognized as the family's first home. Employees contributing to provident funds in cities nationwide who purchase their own housing in Wuhan or have outstanding commercial housing loans may apply for housing provident fund loans from the Wuhan Provident Fund Center, with the restriction requiring the borrower (including spouse) to hold Wuhan household registration being removed. [ Zhanjiang Optimizes Property Market Policies: Housing Purchase Subsidies and Provident Fund Loan Limits Increased ] According to the Zhanjiang Housing and Urban-Rural Development Bureau, to adapt to the new situation in the real estate market, Zhanjiang introduced the "Zhanjiang Seven Measures" policy aimed at promoting housing absorption and optimizing supply. The policy includes raising housing provident fund loan limits, with homebuyers eligible for a maximum loan of 1.2 million yuan, and military families eligible for an additional 200,000 yuan in loans. A housing purchase subsidy was implemented, with buyers eligible for a maximum subsidy of 20,000 yuan. The policy also covers reducing operating costs for real estate enterprises, optimizing residential design, streamlining approval processes, and supporting the healthy development of the real estate industry and urban construction. The policy took effect immediately and is valid for three years. [ Tianjin Optimizes Real Estate Supply to Promote Housing Consumption ] Tianjin issued a notice on optimizing the city's real estate supply to promote housing consumption. It mentioned making good use of special bond funds to reclaim and repurchase existing idle land. Enterprises are supported in advancing the continued development of real estate projects through reasonable optimization of design requirements and other means. Business entities that repurchase existing commercial housing for use as rental housing may enjoy preferential tax policies related to housing rental if they meet the conditions. For cases where existing commercial housing is certified as being converted into allocation-based affordable rental housing, the land use nature will not be changed within the original land use period, no supplementary land price payments will be required, and preferential pricing policies for water, electricity, gas, and heating will be enjoyed in accordance with relevant national and municipal regulations. The national tax policy supporting residents' housing replacement purchases was implemented. From January 1, 2026 to December 31, 2027, taxpayers who sell their own housing within Tianjin and repurchase housing in Tianjin within one year after the sale of their current housing will be eligible for a refund of the individual income tax already paid on the sale of their current housing. [ Shenzhen Housing and Construction Bureau Issues Notice on Further Optimizing and Adjusting Real Estate Policies ] On April 29, the Shenzhen Housing and Construction Bureau issued a notice to further optimize real estate regulatory policies. Regarding purchase restrictions, eligible resident families may purchase one additional housing unit within Futian, Nanshan, and Xin'an Sub-district of Bao'an. Non-Shenzhen-registered families holding valid residence permits may also purchase one unit in the above areas. Regarding provident fund, the maximum family loan amount was raised to 1.3 million yuan, and first-home buyers and multi-child families may enjoy a maximum increase ratio of 70%. The new policy takes effect from May 28. [ Six Departments Including the Zhuhai Housing and Urban-Rural Development Bureau Optimize and Adjust the City's Real Estate Policy Measures ] Six departments including the Zhuhai Housing and Urban-Rural Development Bureau issued a notice on optimizing and adjusting the city's real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising housing provident fund loan limits. For those eligible for provident fund loans, the maximum housing provident fund personal housing loan amounts for single- and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of home purchase support for multi-child families. When multi-child families apply for provident fund loans to purchase a second self-occupied housing unit, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the increase ratio for loans for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing in projects certified as prefabricated construction, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. For purchases of commercial housing that meets the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. [ Foshan Launches Commercial Housing "Trade-in" Program! First Batch Involves 22 Projects ] Recently, the Notice of the Foshan Housing and Urban-Rural Development Bureau on Organizing the First Batch of Commercial Housing "Trade-in" Program was officially released. This is not a simple encouragement document; it is a solution that systematically unblocks replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transformation from "one-sided transactions" to a "virtuous cycle between existing and incremental housing," achieving a multi-party win for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as the repurchasing entities, while Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Trading, Sanshui Chanfa, and Miaohui Real Estate and other developers provide new housing sources. This model determines old housing value through negotiation, sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer. Voices from Various Parties BOC International Securities believes the real estate industry is at an important window where fundamentals and market expectations are resonating in recovery. Current policies continue to exert force, with first-tier cities optimizing purchase and loan restrictions and core cities optimizing provident fund policies, all of which have had a certain effect on releasing genuine home purchase demand, with some first-tier city property markets showing a sustained two-month recovery. In the short term, the window of policy and high-frequency transaction improvement resonance remains, and it is necessary to track whether the subsequent transaction recovery trend can continue, which will depend on inventory destocking progress and whether prices stabilize. From an investment perspective, most real estate enterprises made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, so sector profit margins and performance may rebound in 2027, leading to improved market views on 27E valuations in Q4 this year. In addition, some commercial property holding companies have already positioned themselves ahead in new business formats, new models, and new scenarios, and are better positioned to seize opportunities in the new consumption era. A China Post Securities research report shows that in the phase where policy and high-frequency transactions are "resonating but not fully," the industry's β remains constrained by the verification progress of "destocking and price stabilization." The pattern of second-hand housing recovering first while new housing lags continues, and capital in the secondary market continues to favor assets with α characteristics (those deeply rooted in core cities, with precise land acquisition, and strong product and operational capabilities). Although there is policy support and improvement in the second-hand housing chain in core cities, land and new construction starts remain weak, and fluctuations in net financing suggest that industry clearing has not concluded, and β rallies remain susceptible to data disturbances. Against this backdrop, China Post Securities recommends focusing on China Resources Land, China Overseas Land & Investment, China Jinmao, Poly Property and China Merchants Shekou. Huayuan Securities research report believes that in 2026, three major trends are worth looking forward to: 1) The real estate adjustment is expected to approach its end: reviewing real estate crises in major global economies, the average decline was 35% with an average adjustment period of 6 years, and the length and depth of China's actual housing price adjustment have already been relatively sufficient. 2) Structural opportunities in "good housing": China's real estate market has entered a phase of structural differentiation, with the central government frequently mentioning the construction of good housing. Under the catalyst of policy orientation and supply-demand structure changes, high-grade residential properties may usher in a wave of development. 3) Hong Kong property market recovery continues: driven by multiple favorable factors, market sentiment in Hong Kong's private residential market has gradually recovered, and it believes Hong Kong-based developers are expected to see a new round of value re-rating. It maintains a "bullish" rating on the real estate sector. A CITIC Securities research report stated that in April, the floor space of commercial buildings sold nationwide fell 9.5% YoY, with the decline widening 2.1 percentage points from March. Sales revenue fell 7.6% YoY, with the decline narrowing 5.7 percentage points from March. New and second-hand housing prices continued to adjust. In April, the MoM declines in the price indices of newly built commercial residential housing and second-hand residential housing across 70 major cities nationwide were flat MoM. Second-hand housing prices in first-tier cities all rose, with second-hand residential prices in Shanghai, Beijing, Shenzhen, and Guangzhou rising 0.7%, 0.4%, 0.3%, and

The minutes of Xingye Silver&Tin's investor briefing announced on May 27 show: 1. Question: Mr. Sun! After the commissioning of Yinman Phase II, the plan is to mainly process lead-zinc-silver series ore, and the ore type and grade are expected to show relatively small changes compared to the Phase I lead-zinc system. Simply put, Zone 1 and Zone 4 are important resource replacement areas for Yinman Mining in the future, but currently they still belong to "potential zones" and cannot be directly classified into the "core rich ore" category like Orebody No. 17. Xingye Silver&Tin's response: Thank you for your attention! As of now, Orebody No. 17 is the main orebody that has been proven at Yinman. 2. Question: Hello, could you share the company's outlook on its own resources going forward and its assessment of the future market? Xingye Silver&Tin's response: Thank you for your attention! As an important participant in China's mineral resources sector and one of the world's leading silver-tin polymetallic mining enterprises, the company is firmly optimistic about its strategic layout, resource reserves, and industry prospects. 3. Question: Mr. Sun, over the past two years, the company has continuously pursued project acquisitions with an expanding financing scale. Can talent and technology be guaranteed? Can timely operations and safety be ensured? Xingye Silver&Tin's response: Thank you for your attention! In recent years, the company has prudently conducted project acquisitions and financing activities centered on its core business, with the overall expansion pace being controllable. Currently, the company has a complete talent pipeline and mature core technologies, and has established a standardized operational management and safety and environmental protection-related controls system, which can fully ensure the stable operation of all acquired projects and effectively prevent various risks. 4. Question: Mr. Sun, was your increase in shareholding in 2026 because you are optimistic about the company's several major projects this year? Xingye Silver&Tin's response: Thank you for your attention! Like other small and medium investors of the company, I am firmly optimistic about the company's potential investment value and plan to hold for the long term. 5. Question: @Director, Vice President and Board Secretary Sun Kai. Dear Secretary Sun, the company's Hong Kong IPO prospectus disclosed a 2026 tin production guidance of 5,500 mt, but Q1 production was only 777 mt, annualized at only 3,100 mt, far below the full-year guidance. May I ask: 1) Was the low Q1 production due to the technological transformation ramp-up of Yinman's copper-tin system, equipment commissioning, or low recovery rates? 2) What is the capacity release pace in subsequent quarters, and can the full-year guidance of 5,500 mt be achieved? 3) What are the timetable for reaching full production after technological transformation and the recovery rate improvement targets? Xingye Silver&Tin's response: Thank you for your attention! Based on the principles of comprehensive resource recovery and safe and efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published on the company's designated information disclosure media. 6. Question: After the acquisition of Weiling Co., the company's related resources will inevitably be tilted toward that company. Please terminate the acquisition of Weiling Co. Xingye Silver&Tin's response: Thank you for your attention! Regarding the progress of the Weiling Co. project, please follow the relevant announcements disclosed by the company on designated media. 7. Question: What are the respective positioning of Xingye Silver&Tin A-shares, Xingye Silver&Tin H-shares, and Weiling Co.? Xingye Silver&Tin's response: Thank you for your attention! Regarding the progress of the Weiling Co. project, please follow the relevant announcements disclosed by the company on designated media. 8. Question: Dear Board Secretary, is the Q1 performance sustainable? What are the current capacity and inventory of silver and tin respectively? Xingye Silver&Tin's response: Thank you for your attention! In Q1 2026, the company's mined silver production was 78.95 mt and mined tin production was 777.33 mt. As of the end of Q1 2026, silver inventory was 15.04 mt and tin inventory was 83.67 mt. 9. Question: Is there a preliminary timetable for the Hong Kong listing? Can it be completed before the end of December this year? Among the company's plans, no projects have been implemented in Xinjiang yet. What kind of resources is the company planning for in the Xinjiang segment? Xingye Silver&Tin's response: Thank you for your attention! The company will release progress announcements on designated media in a timely manner based on project developments. Please stay tuned! 10. Question: Dear Board Secretary, how does the company view the sustained growth in silver and tin demand driven by AI and new energy? Tin production was 8,900 mt in 2024, but the 2026 guidance was lowered to 5,500 mt. What is the core reason? What is the pace of subsequent capacity release for the Yinman technological transformation and the Morocco project? Xingye Silver&Tin's response: Thank you for your attention! The materials related to the Hong Kong listing adopt the JORC Code, a technical standard developed by Australia. For example, the JORC Code defines "ore reserves" as the economically mineable part of measured and/or indicated mineral resources. The above standard differs to some extent from China's standards, resulting in certain deviations between the relevant data under planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 11. Question: Has the land certificate and construction permit for Yinman Phase II been obtained? Please do not respond with "please follow the relevant announcements disclosed by the company on designated media." Xingye Silver&Tin's response: Thank you for your attention! Yinman Phase II is expected to commence construction on July 1. After construction begins, the company will promptly disclose relevant progress announcements. Please stay tuned! 12. Question: Last year, the company was bullish on silver prices continuing to rise and chose to stockpile. Now silver prices are under pressure and the company did not hedge. Is the company still bullish on silver?The stock price has been continuously under pressure. Will the company proactively manage this? Xingye Silver&Tin replied: Thank you for your attention! As of now, the company has not conducted any futures hedging business. The company's hedging is carried out prudently at appropriate times based on actual production and operations as well as market conditions, with strict control over transaction risks. 13. Question: What is the current tin recovery rate at Yinman? The report for the Hong Kong listing shows a significant decline in grade. Is this in line with the company's current situation? If based on that report, it seems the company does not need to proceed with the Phase II expansion of Yinman, which appears somewhat contradictory. When will all of the company's capacity reach full production? After all capacity reaches full production, what will be the approximate production of silver and tin? Atlantic Tin has a gold exploration right. Could you briefly introduce the situation of that mine? Does the company have any plans to increase its equity stake in Far East Gold in the future? Xingye Silver&Tin replied: Thank you for your attention! The technical standards used in the Hong Kong listing materials are based on the JORC Code formulated by Australia. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 14. Question: Hello, Secretary of the Board. The resource volumes and capacity plans for Yinman and Yubang Mining disclosed in the Hong Kong IPO prospectus are lower than the company's previous communication figures. What is the core reason? Is it due to differences in the JORC Code methodology (only including Measured and Indicated Resources, excluding Inferred Resources)? Does it involve resource reductions, grade downgrades, or mining plan adjustments? Is there room for future resource additions or upward revisions? Xingye Silver&Tin replied: Thank you for your attention! The technical standards used in the Hong Kong listing materials are based on the JORC Code formulated by Australia. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 15. Question: Mr. Sun, based on the materials disclosed for the company's Hong Kong listing, the company's production of silver and especially tin is significantly lower than previous expectations. Is this estimate, this guidance, the company's true guidance, or a theoretical guidance made by SRK based on their assessment? Does the company plan to issue a medium and long-term guidance that is in line with the company's actual production plans to clarify these expectations?Otherwise, these expectations may have a significant negative impact on the company and noticeably undermine investor confidence. In fact, this is also unfavorable for the company's listing on international capital markets for financing and further development. Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 16. Question: Mr. Sun, hello. The prospectus explains that there will be discrepancies between the Competent Person's planned mineral processing production schedule and the enterprise's actual situation. Could Mr. Sun please introduce the production plan for silver and tin from 2028 to 2030? Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 17. Question: Specifically regarding Yinman Mining: according to SRK's data, there will be significant grade decline in the future. In addition, the feed grade differs considerably from the company's disclosures in the 2025 annual report and previous annual reports. Is it necessary to issue a specific announcement to provide an explanation based on the different mining standards? Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 18. Question: Have the specific construction commencement dates been confirmed for Yinman Phase II, Yubang Phase II, the Morocco tin mine, and the Budun Yingen mine managed by the controlling shareholder? Could you also provide the commissioning and full production timelines? Thank you. Xingye Silver&Tin's response: Thank you for your attention! Yinman Phase II is expected to commence construction on July 1; the Yubang 8.25 million mt/year project is expected to commence construction in Q3; the Atlantic Tin project has obtained all construction permits and is currently carrying out preliminary preparation work including contractor tender and equipment transportation, with construction expected to commence in mid-July; all the above projects are expected to achieve commissioning with feed materials in Q4 2028. The managed company Budun Yingen plans to commence construction in Q4, with production expected to begin in 2029. 19. Question: Director Sun, in a previous institutional survey, you clearly stated that the company's quarterly tin production of 3,600 mt can be achieved on a regular basis. Is there an opportunity to achieve this quarterly target this year? Xingye Silver&Tin's response: Thank you for your attention! Adhering to the principles of comprehensive resource recovery and safe, efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published by the company on designated information disclosure media. 20. Question: Does the company have the right to abandon the acquisition of the relevant equity in Weiling Shares? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 21. Question: Director Sun, in the records of a previous institutional survey, the company responded that Yinman's quarterly tin production of 3,600 mt can be achieved on a regular basis, but it seems this has not been realized subsequently. Is there a possibility of attempting to reach this record this year? Xingye Silver&Tin's response: Thank you for your attention! Adhering to the principles of comprehensive resource recovery and safe, efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published by the company on designated information disclosure media. 22. Question: Is there a plan to spin off minor metals other than silver and tin to Weiling Shares? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 23. Question: Has the matter of acquiring Weiling been terminated? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 24. Question: Has the company already dispatched personnel to take over the production and operations of Jiayu Mining? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 25. Question: After acquiring Weiling Shares, our company will become an AAH (Xingye Weiling H) publicly listed firm. What is the company's positioning for the three listing platforms? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 26. Question: In the company's 2025 annual report, the company stated "solidly advancing the subsequent acquisition and integration of Weiling Shares," but Weiling Shares has been subject to a delisting risk warning. What is the purpose of our acquisition of Weiling? Xingye Silver&Tin's response: Thank you for your attention!For updates on the progress of Weiling shares project, please refer to the relevant announcements disclosed by the company on designated media. Xingye Silver&Tin's Q1 report showed that from January to March 2026, the company achieved operating revenue of 2.13 billion yuan, up 85.32% YoY; net profit attributable to shareholders of the publicly listed firm was 1.338 billion yuan, up 257.32% YoY. As of March 31, 2026, the company's total assets were 19.689 billion yuan, and net assets attributable to shareholders of the publicly listed firm were 10.825 billion yuan. Operating revenue breakdown: From January to March 2026, the proportion of operating revenue from the company's main mineral products to total operating revenue was as follows: ore-derived silver (1.41 billion yuan, 66.21%), ore-derived tin (234 million yuan, 10.99%), ore-derived zinc (228.12 million yuan, 10.71%), ore-derived lead (71.85 million yuan, 3.37%), ore-derived antimony (53.1 million yuan, 2.49%), ore-derived gold (51.02 million yuan, 2.40%), ore-derived iron (44.17 million yuan, 2.07%), ore-derived copper (35.65 million yuan, 1.67%), and ore-derived indium (524,100 yuan, 0.02%). Among them, ore-derived tin and ore-derived silver combined accounted for 77.19% of total operating revenue. Xingye Silver&Tin's Q1 report stated that operating profit for the current period increased 238.16% compared with the previous period, total profit increased 236.36%, and net profit attributable to the parent company's shareholders increased 257.32%. The main reasons were: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose YoY; Yubang Mining's capacity was gradually released, with ore-derived silver production and sales increasing significantly YoY; and the transfer of 60% equity in Shuangyuan Non-ferrous realized investment income of 321 million yuan. Xingye Silver&Tin's 2025 annual report showed that in 2025, the company achieved operating revenue of 5.555 billion yuan, up 30.09% YoY; total profit of 2.096 billion yuan, up 18.75% YoY; and net profit attributable to shareholders of the publicly listed firm of 1.704 billion yuan, up 11.40% YoY. Xingye Silver&Tin's announcement showed that in 2025, the proportion of operating revenue from the company's main mineral products to total operating revenue was as follows: ore-derived silver (2.176 billion yuan, 39.17%), ore-derived tin (1.65 billion yuan, 29.70%), ore-derived zinc (975.87 million yuan, 17.57%), ore-derived lead (220.95 million yuan, 3.98%), ore-derived iron (180.38 million yuan, 3.25%), ore-derived copper (133 million yuan, 2.39%), ore-derived antimony (100.36 million yuan, 1.81%), ore-derived gold (82.34 million yuan, 1.48%), and ore-derived bismuth (16.67 million yuan, 0.30%). Among them, ore-derived tin and ore-derived silver combined accounted for 68.86% of total operating revenue. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group primarily engaged in the exploration, mining, and ore processing of non-ferrous metals and precious metals. As of the disclosure date of this report, the company had over 20 subsidiaries, of which 8 were operating mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. Atlas Tin SAS under Atlantic Tin was in the construction phase for the Achmmach tin mine. Tanghe Times Mining was in a suspended construction phase, while Yitong Mining and Yunnan Xigui were in the exploration phase. Hainan Fund was primarily engaged in equity investment management; Xingye Gold (Hong Kong) was primarily engaged in metals and mining trading, corporate M&A, and was responsible for expanding markets outside China and acquiring quality mineral resources ex-China; Hainan Guomao and Tianjin Guomao were primarily engaged in non-ferrous metal mineral product sales and partial raw material procurement; Xingye Ruijin was primarily engaged in process research, technology R&D and upgrading in areas such as exploration, mining and processing, and comprehensive tailings recovery and utilization. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining served as the company's regional resource integration platforms. During the reporting period, the company successfully acquired 85% equity in Yubang Mining. According to data compiled by the Silver Institute as of the end of 2023, Yubang Mining's monomer silver mine ranked first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for sustainable development. Meanwhile, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company increased investment in mineral resources outside China and successfully acquired 100% equity in Atlantic Tin. This acquisition was an important step in implementing the company's "going global" strategy. According to the classification standards for large-scale tin mines in the "Standards for Classification of Mineral Resource Reserve Scales" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin currently amounts to the equivalent of 5 large deposits. Through this integration of tin ore resources outside China, the company further improved its international tin ore layout and also reserved important strategic resources for long-term development. The company's main performance was derived from non-ferrous metal mining and processing operations. During the reporting period, revenue from non-ferrous metal mining and processing accounted for 99.64% of total operating revenue in 2025. Key factors affecting the operating performance of the mining and processing segment included production and sales volumes of major products, market prices, and costs of non-ferrous metal and precious metal mining and processing operations. Regarding the business plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the concluding year of the company's "Second Three-Year" plan. The Board of Directors will closely focus on the theme of high-quality development, fully implement established work objectives, continue to deepen the philosophy of "Trust and Collaboration," and make an all-out push to achieve the closing targets of the "Second Three-Year" plan, with emphasis on the following areas of work: 1. Uphold the bottom line of safety and environmental protection. Using 2026 as the "Year of Safety Management Implementation," the company will comprehensively enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Vigilance," strengthen risk anticipation and process control, resolutely prevent all types of safety and environmental protection incidents, and achieve safe, steady, green, and low-carbon development. 2. Advance key project construction at full speed, strengthen full-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt expansion of Yinman Mining, the 8.25 million mt expansion of Yubang Mining, the Morocco project, and the Budun Yingen Mining (under trusteeship) project, ensuring on-schedule completion, reaching full production, and releasing capacity benefits. 3. Continue to intensify exploration and reserve expansion efforts, properly balance production operations with geological exploration, steadily advance exploration of existing mines and surrounding areas, accelerate the conversion and upgrading of resource volumes, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration. Leveraging the core regional advantages in Inner Mongolia, the company will steadily expand its resource layout outside China; adhering to silver and tin as the main business direction, it will enrich and optimize resource varieties. The company will solidly advance the subsequent acquisition and integration of Weiling shares, actively track quality mineral project opportunities in and outside China, and enhance overall competitiveness through synergistic industrial M&A. 5. Further strengthen institutional enforcement and internal control management, drive the effective implementation of various systems, processes, and control requirements, and enhance the company's refined management capabilities; strengthen enforcement capacity building to ensure production plans, comprehensive budgets, and various work deployments are fully implemented, and promote deep integration of corporate culture with business management. 6. Advance Hong Kong stock listing preparations at full speed, accelerate the establishment of a dual capital market platform at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for the company's resource integration and strategy implementation, and drive the company's high-quality sustainable development to new heights. Reviewing the 2025 price performance of spot silver: the average price of SMM 1# silver (Ag99.99%) on December 31, 2025 was 18,430 yuan/kg, compared with 7,440 yuan/kg on December 31, 2024, representing an increase of 10,990 yuan/kg, or 147.71%. Recently, spot silver prices have been fluctuating. On May 27, the morning quote for SMM 1# silver (Ag99.99%) was 18,654–18,684 yuan/kg, with an average price of 18,669 yuan/kg, up 0.54% from the previous trading day. Compared with the average price of 18,430 yuan/kg on December 31, 2025, the price edged up by 239 yuan/kg, a gain of 1.3%. Regarding the outlook for precious metals, some institutions' views are as follows: FXTM Senior Research Analyst Lukman Otunuga stated: "As hopes for a US-Iran peace deal waver, gold prices have pulled back and are approaching the $4,450 support level. In addition, market expectations for a US Fed rate hike are steadily building amid conflict-driven price pressures, which is also exerting further downward pressure on gold prices." "Ultimately, if more signs emerge that price pressures are rising, it could further reinforce market bets that the US Fed will keep interest rates higher for longer, which would expose gold to greater downside risk." (Jin10 Data APP) CITIC Futures stated: Renewed tensions in US-Iran geopolitics have dampened risk appetite, while rising oil prices have reignited inflation concerns and strengthened market bets on a US Fed rate hike within the year, with multiple factors dragging silver prices lower. On one hand, US economic data still showed resilience, with the latest Chicago Fed National Activity Index for April at 0.14, significantly better than the previous reading of -0.15. The US May Conference Board Consumer Confidence Index and Present Situation Index both pulled back from prior readings, but the confidence index still beat market expectations. Combined with renewed US-Iran tensions pushing oil prices higher and sparking inflation concerns, market pricing for a year-end US Fed rate hike has strengthened. On the other hand, spot silver's fundamental drivers remained weak, with London market silver lease rates running at persistently low levels. In the short term, silver is expected to maintain a fluctuating trend, with overall capital interest still relatively low. Attention should be paid to US-Iran negotiation progress and strait navigation resumption. If US-Iran negotiations progress smoothly, this could drive a short-term silver rebound, but interest rate expectations will continue to suppress the trend. If geopolitical tensions escalate again and push oil prices higher, caution is warranted regarding further medium-term suppression of silver's industrial products elasticity and potential supply disruptions. Over the long term, weakening US dollar credibility, safe-haven demand, and investment demand provide solid support for silver prices. (Jin10 Data APP) A CITIC Securities research report noted that the resilience of the global economy is being tested by the Middle East conflict, with a glimmer of hope for the resumption of navigation through the Strait of Hormuz. The US economy may continue to grow mildly but unevenly this year, the pace of the EU's weak recovery is being delayed, and Japan's private-sector demand will inevitably be disrupted by energy shortages. High oil prices are already pushing up global inflation, with headline inflation rates in Europe and the US likely to fluctuate at highs this year, while Japan's headline inflation rate may continue its mild performance. The US Fed may not cut interest rates at all this year, while potential rate hikes by the ECB and BOJ are imminent, and the "unrestrained" fiscal stance of Japanese and European political circles may constitute a source of market risk this year. We maintain our view that US equities will outperform US bonds and that the US dollar index has support, and gold prices are expected to break free from their predicament as tail risks of inflation dissipate. ANZ analyst Kumar, Soni recently stated that inflation expectations, rising US Treasury yield, and a stronger US dollar are unfavourable factors putting gold prices under pressure. These factors will persist until we can clearly determine how long this conflict will last. Gold has fallen more than 14% since the outbreak of war in late February. OANDA Senior Market Analyst Kelvin Wong stated that since early March, the overall trend of the 10-year US Treasury yield has remained in a medium-term upward phase. Therefore, at this juncture, gold bulls may not be as aggressive in pushing prices higher. Gold is expected to continue weakening over the next few trading days, with resistance at $4,645 and support at $4,456. (Jin10 Data) Goldman Sachs stated that central banks are expected to increase gold purchases, helping gold prices rebound by year-end. Analysts Thomas, Lina and Struyven, Daan stated in a research report published on May 15 that the average monthly central bank gold purchases in 2026 are expected to rise to 60 mt. Based on the revised accumulation model, the 12-month average of central bank gold purchases in March reached 50 mt, compared with a previous figure of 29 mt. Citing internal surveys, the analysts noted that central banks have long-term rigid allocation demand for gold, and recent changes in the geopolitical landscape are likely to continue driving countries to accelerate asset diversification. JPMorgan lowered its 2026 average gold price forecast from $5,708 per ounce to $5,243 per ounce. As demand is expected to re-accelerate in H2 2026, the base case still projects gold prices reaching $6,000/ounce by year-end.