On May 16, at the 2025 SMM (6th) Silver Industry Chain Innovation Conference , hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and supported by sponsors including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgical Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A., Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd., Wu Chao, the Executive Director/Director of the Silver Compounds and Materials Preparation Laboratory at the Nanyang Silver New Materials Engineering Technology Research Center/Tongbai Hongxin New Materials Co., Ltd., shared insights on the theme of "Current Status and Development Trends of China's Silver Nitrate Industry Technology Market." 1. Overview of the Silver Nitrate Industry Basic Properties of Silver Nitrate ► Characteristics and Functions of Silver Nitrate Appearance: Silver nitrate appears as colorless, transparent orthorhombic crystals or white crystals, with unique physical characteristics. Strong Oxidizing Properties: Silver nitrate is a strong oxidizing agent, exhibiting significant oxidizing capabilities in chemical reactions. Solubility: Silver nitrate is highly soluble in water and alkalis, slightly soluble in C₂H₅OC₂H₅. Its solubility characteristics influence its range of applications. Major Application Areas of Silver Nitrate PV Applications: The importance of silver powder in PV silver paste is undeniable, with over 95% of the world's PV silver powder produced using the liquid-phase reduction method with silver nitrate as the raw material. Electronics Applications: Used in various components and electrical contact materials in the microelectronics industry, as well as a common reagent in analytical chemistry. Catalysts: In domestic petrochemical enterprises, thousands of tons of silver catalysts are used annually. Pharmaceutical Industry: Used as anti-inflammatory and corrosive agents, such as burn ointments and medical disinfectant gauzes. Environmental Protection and Resource Recovery: Removes chloride ions from wastewater (forming silver chloride precipitate) or acts as a precipitant for heavy metal ions (such as sulphides); silver recovery technologies for silicon wafer cutting wastewater and electroplating wastewater in the PV industry (e.g., ion exchange, electrolysis). Chemical and Analytical Detection: Serves as a precursor for preparing other silver compounds (e.g., silver ammonium nitrate, silver oxide) and silver nanomaterials (e.g., silver nanoparticles, nanowires). Photographic Materials: Over 50% of the world's silver is used in manufacturing photographic materials. Silver salts, with silver nitrate as the base material, form the photosensitive layer in photographic materials. Mirror Manufacturing: Silver-coated glass has excellent reflectivity, with the best mirrors currently made using silver, with silver nitrate as the base material. 2. Current Status of the Technology Market Current Status of Production Processes Characteristics of Traditional Processes: Traditional silver nitrate production processes are relatively simple to operate and require less sophisticated equipment. However, they suffer from low production efficiency, high energy consumption, and limited product purity. For example, using simple dissolution and evaporation processes results in long production cycles and incomplete removal of impurities. Difficulties in Capacity Expansion: Capacity expansion is constrained by multiple factors, with aging equipment and outdated processes being the main reasons. Existing production lines are difficult to expand on a large scale, and intelligent upgrades are challenging. The high cost and long cycle of building new production lines make it difficult for most enterprises to meet the rapidly growing market demand. Directions for Process Improvement: Process improvement focuses on enhancing production efficiency and product quality while reducing energy consumption and environmental pollution. This can be achieved by introducing automated control systems to precisely control reaction conditions and developing new catalysts to optimize reaction pathways, thereby achieving green and efficient production. Current Status of Quality Control Quality Standard System: China has established a relatively comprehensive quality standard system for silver nitrate, specifying indicators such as purity and impurity content. For example, national standards set clear limits for silver content, chloride, sulfate, and other impurities in different grades of silver nitrate to ensure stable product quality. Detection Technologies: Various technologies are used to detect the quality of silver nitrate, including chemical analysis and spectroscopic analysis. Chemical analysis can accurately determine silver and impurity content, while spectroscopic analysis can quickly and sensitively detect trace impurities, providing a reliable basis for quality control. Quality Improvement Measures: Quality improvement measures include optimizing production processes, strengthening raw material quality control, and improving detection procedures. Strictly screening raw materials to reduce impurity introduction, strengthening monitoring during production to adjust process parameters in a timely manner, and increasing detection frequency and items to ensure products meet high standards. Current Status and Analysis of Patent Applications From 2023 to 2024, patent applications in the silver nitrate field exhibited characteristics of "preparation process dominance, accelerated environmental protection technology, and rising equipment innovation." Optimization of preparation processes and equipment dominated, while environmental protection technology became a competitive focus. Future technological breakthroughs may further concentrate on high-purity production, green synthesis, and new energy applications. Current Major Silver Nitrate Standards in China Chemical Reagent Silver Nitrate Standard: The chemical reagent silver nitrate standard GB/T 670-2007 specifies multiple indicators, including content, appearance, and pH value. For example, it has clear provisions for clarity, chloride, sulfate, and other impurities, providing detailed criteria for quality control of chemical reagent silver nitrate. Industrial Silver Nitrate Standard: The industrial silver nitrate standard GB/T 44758-2024 classifies quality into three grades: first, second, and third. In addition to common indicators such as content and appearance, it also specifies requirements for silver ammonia solution reactions and various impurities such as Cu and Fe to ensure industrial application quality. It will be officially implemented on May 1, 2025. Photographic Silver Nitrate Standard: The photographic silver nitrate standard YS/T 476-2002 is formulated based on the special needs of the photographic industry for silver nitrate. It has specific requirements for content and impurities to meet the strict quality standards of photographic silver nitrate for photographic materials. Market Competition Pressures Supply and Demand Analysis of China's Silver Nitrate Market: China's silver nitrate market entered an investment peak period starting in 2023, with the capacity of 16 key silver nitrate planning projects included in statistics reaching 52,200 mt from 2023 to 2025. Although the market demand for silver nitrate continues to grow, it lags far behind the pace of capacity expansion, leading to increasingly significant overcapacity issues and intensifying competition among enterprises. Significant price fluctuation risks for silver, with an amplitude of ±34% in the past three years. In particular, silver prices have remained high in recent years, leading to a sharp increase in costs and seriously affecting the stability of corporate profits. To avoid risks, enterprises have to be cautious in reinvesting and controlling costs, indirectly affecting R&D progress and delaying technological updates. 3. Development Trends Outlook Demand Analysis in Application Areas With the continuous implementation of new energy policies and the decline in the levelized cost of electricity (LCOE) for PV in countries worldwide, the global PV market continues to expand, and new PV installations continue to increase, driving up the demand for silver nitrate in the solar cell sector. In 2024, the proportion of silver nitrate used in global PV silver paste has already Accounting for 34% of the total production, China, as the world's largest producer of PV modules, contributed 62% of the procurement volume. This proportion is expected to rise from 34% to 45% by 2030. New Energy Penetration Increase: The technological penetration rate of new energy batteries is projected to increase from 12% in 2025 to 28% in 2030. The primary driving force behind this growth is the sharp increase in demand for materials in the battery industry, which will become a major driver for the growth in silver nitrate market demand. Electronics Industry Process Upgrade: In the electronics industry, the upgrade of silver-plating processes for communication devices in 5G base stations and the rapid growth of the AI industry have led to a surge in demand for high-purity silver nitrate. This drives the development of silver nitrate for electronic applications towards higher quality and more advanced technologies. Breakthroughs in Biomedicine: In the biomedical field, due to breakthroughs in antibacterial coating technology, the penetration rate of silver nitrate solutions in antibacterial coating-related products is expected to increase from 18% in 2024 to 35% in 2030. This will drive the average annual growth rate of the market size for pharmaceutical-grade silver nitrate to reach 12.2%. Market-Driven Technological Advancements 1. Green and Environmentally Friendly Technologies: Membrane separation technology is widely applied in silver nitrate production, with nanofiltration membranes removing macromolecular impurities and ion exchange membranes enabling silver ion recovery. New-type enterprises have adopted these technologies on a large scale, reducing silver ion emissions in wastewater from 0.05 mg/L to 0.01 mg/L and achieving a wastewater reuse rate of 85%. 2. Intelligent Production Technologies: Microreactor technology offers significant advantages, utilizing continuous flow reactions with precise temperature control (±1℃). This reduces reaction time from 6 hours to 45 minutes and increases the capacity utilisation rate to 85%. It also reduces energy consumption by 30%, limits impurity residues to ≤5 ppm, and achieves a silver recovery rate of 98.5%. 3. High-Performance Product Technologies: Continuous crystallization processes are becoming increasingly popular, employing multi-stage low-temperature vacuum crystallization (-10℃~5℃) to increase single-line capacity by 40%. This process enhances purity from 99.5% to 99.99% and reduces unit energy consumption and production costs. Industrial Policy Constraints and Opportunities Environmental Protection Policy Orientation: Environmental protection policy orientation encourages silver nitrate enterprises to adopt green production processes, reduce pollutant emissions, and improve resource utilization. For instance, in recent years, environmental protection authorities have mandated that enterprises meet heavy metal content standards in wastewater discharge, prompting enterprises to improve their production processes. Related investments in technological transformation have increased average costs for small enterprises by approximately 15%. Policy Support Opportunities Policy support opportunities provide a boost to the development of the silver nitrate industry. The government offers tax incentives, financial support, and other policies to environmentally friendly and high-tech enterprises, providing strong guarantees for the development of the silver nitrate industry. Safety Policy Requirements Safety policy requirements are becoming increasingly stringent, covering aspects such as product quality and production safety. Enterprises need to establish a comprehensive quality management system and a safe production system to ensure that products meet national standards. For example, the issue of dedicated vehicle transportation for silver nitrate products has increased production costs by 5-10%. Finally, it introduced the general situation of Tongbai Hongxin New Materials Co., Ltd., its work in standard formulation, market advantages, and the development of Hongxin New Materials' silver nitrate. 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference

The scrap battery recycling industry has long faced two major price pain points: ▲ High Recycling Costs : The traditional process is cumbersome, leading to high recycling costs and severely compressing the profit margins of enterprises. ▲ Chaotic Pricing Mechanism : Informal channels disrupt the market through low-price competition, making it difficult for legitimate businesses to stand in price wars. How to Eliminate Price Barriers? How Can the Scrap Battery and Secondary Lead Industries Break Through? [This Time, We Will Make a Concession on Price!] GBRC 2025 SMM Battery Recycling and Circular Industry Conference , will be held on August 14-15, 2025 , in Ningbo, Zhejiang . Super Early Bird Price: Register before May 30th and enjoy a super early bird discount, saving 800 yuan! [At Previous Battery Recycling Conferences, These Companies Were All Present (Only Some Listed)!] (Among the previous attendees, 35% were Chairmen and General Managers ; 39% were Sales and Procurement Executives ) ▲Lead Battery Recycling Companies: Zhejiang Tianeng Environmental Technology Co., Ltd. Zhejiang Chilwee Bafang Recycling Industry Co., Ltd. Shanghai Xinyun Guixi Metal Recycling Co., Ltd. Anhui Hongyu Qian Environmental Technology Co., Ltd. Jiangmen Leen Renewable Resources Co., Ltd. Nantong Lishi Environmental Technology Co., Ltd. Chengdu Xupai Environmental Technology Co., Ltd. Suzhou Blue Port Environmental Technology Co., Ltd. Sichuan Rongsheng Changhong Renewable Resources Recycling Co., Ltd. Jiangsu Jieyu Renewable Resources Co., Ltd. Jiangsu Kuaidian New Energy Technology Co., Ltd. ▲Secondary Lead Smelters: Taihe County Dahua Energy Technology Co., Ltd. Anhui Lukong Environmental Protection Co., Ltd. Camel Group (Anhui) Renewable Resources Co., Ltd. Anhui Tianshuo Metal Materials Co., Ltd. Jiangsu New Chunxing Resource Recycling Co., Ltd. Zhejiang Tianeng Resource Recycling Technology Co., Ltd. Henan Yuguang Gold Lead Co., Ltd. Jiyuan Hongda Resource Comprehensive Utilization Co., Ltd. Jiyuan Juxin Resource Comprehensive Utilization Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. ▲Power Battery Recycling Companies: GEM Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Cobalt Co., Ltd. Guangdong Guanghua Sci-Tech Co., Ltd. Ganfeng Lithium Co., Ltd. Jiangxi Miracle Golden Tiger Cobalt Co., Ltd. Ganzhou Hao Peng Technology Co., Ltd. Zhejiang New Era Zhongneng Technology Co., Ltd. CNGR Advanced Materials Co., Ltd. Anhui Xunying Power Energy Technology Co., Ltd. Ganzhou Tengyuan Cobalt Co., Ltd. Xiamen Tungsten Co., Ltd. Shanghai BYD Co., Ltd. Lv Xun New Energy Technology (Foshan) Co., Ltd. ▲Battery Companies: Tianeng Battery Group Co., Ltd. Chilwee Group Leoch International Technology Co., Ltd. Guangzhou Great Power Energy & Technology Co., Ltd. Gotion High-tech Co., Ltd. REPT Battero Energy Co., Ltd. Phylion Battery Co., Ltd. SVOLT Energy Technology Co., Ltd. Zhuhai CosMX Battery Co., Ltd. Desay Battery Technology Co., Ltd. EVE Energy Co., Ltd. Farasis Energy (Ganzhou) Co., Ltd. Ganfeng Lithium Co., Ltd. Contemporary Amperex Technology Co., Limited BYD Company Limited Shenzhen Highpower Technology Co., Ltd. SEVB Sungrow Power Supply Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Xupai Power Supply Co., Ltd. Jingjiu Power Technology Co., Ltd. Fengfan Co., Ltd. Jujiang Power Manufacturing Co., Ltd. Camel Group Co., Ltd. Zhejiang Just Electrical Appliances Co., Ltd. [Detailed Conference Agenda] [ Supply and Demand & Closed-Door Meetings | August 14] 08:00-10:00 Registration 10:00-12:00 Closed-Door Discussion on Secondary Lead, Closed-Door Seminar on Power Battery Recycling 10:00-12:00 Supply and Demand Exchange for the Battery Recycling Industry (Endless Business Opportunities) 12:00-13:30 Buffet Lunch [ Main Forum | August 14] 13:30-13:50 Opening Remarks of the Conference 13:50-14:20 Current Situation and Future Development Trends of the Battery Recycling Market Guest Speaker: Li Shilong, Chairman, China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 14:20-14:50 Competition and Cooperation Between Lead-Acid Batteries and Lithium Batteries Under the "Dual Carbon" Goals Invited Company: Leoch International Technology Co., Ltd. 14:50-15:20 Market Prospects Analysis of the Dual Drive of "Old-for-New" Policy on Battery Consumption and Recycling Invited Company: Zhejiang Tianeng Resource Recycling Technology Co., Ltd. 15:20-15:50 Comparison of China's "Whitelist" System and Germany's Dual-Track System (GRS and PRO Systems) on Recycling Efficiency Invited Guest: Wang Qi, Chinese Academy of Environmental Sciences 15:50-16:20 The "Technological Watershed" in Lithium Battery Recycling: Commercial Competition Between Pyrometallurgy and Hydrometallurgy Invited Company: Guangdong Brunp Recycling Technology Co., Ltd. 16:20-16:50 Roundtable: Lead-Acid vs. Lithium: Full Life Cycle Tracking 1. Current Status of Lead-Acid and Lithium Battery Recycling Market 2. Impact of Trade-In Policy on the Battery Recycling Market Proposed Companies to Invite: Zhejiang Chilwee Bafang Recycling Industry Co., Ltd., Zhejiang Tianneng Resource Recycling Technology Co., Ltd., Jiangsu New Chunxing Resource Recycling Co., Ltd., Anhui Lukong Environmental Protection Co., Ltd., Tianqi Lithium Corporation, GEM Co., Ltd., Guangdong Brunp Recycling Technology Co., Ltd., Lvxun New Energy Industry (Guangdong) Co., Ltd. 16:50-17:20 Interpretation of the Impact of Increased China-US Tariffs on the Battery Import and Export Market Proposed Company to Invite: China Industrial Association of Power Sources [ Secondary Lead Forum| August 15, Morning] 09:00-09:25 Policies, Regulations, and Reverse Invoicing: A Policy Framework for Promoting the Development of the Circular Economy Proposed Guest Speaker: He Yi, Hazardous Waste Department, Solid Waste and Chemicals Management Technology Center, Ministry of Ecology and Environment 09:25-09:50 Breakthrough Strategies for Enterprises Amidst Overcapacity in the Secondary Lead Industry Proposed Company to Invite: China Nonferrous Metals Recycling Industry Association 09:50-10:15 Extraction Technologies for By-Products from Comprehensive Polymetallic Recycling and Smelting: Antimony, Bismuth, Tin, etc. Proposed Company to Invite: Central South University 10:15-10:35 Analysis of the Supply-Demand Pattern of Lead-Containing Scrap in the Next 3-5 Years Guest Speaker: Wang Meili, SMM Information & Technology Co., Ltd. 10:35-11:00 Interpretation of Policies and Market for Secondary Lead Going Global Proposed Guest Speaker: Chen Wenkai, President, Malaysia Non-Ferrous Metals General Chamber of Commerce 11:00-11:25 Current Status of the Waste Lead-Acid Battery Recycling Market: A Case Study of Yunnan, Guizhou, and Sichuan Regions Proposed Guest Speaker: Dong Chenglin, Chengdu Xinjuxin Environmental Protection Technology Co., Ltd. 11:25-11:50 2025-2026 Fundamentals and Price Analysis of Lead Ingot Consumption Guest Speaker: Xia Wenming, Senior Analyst, Lead and Zinc Industry Research Group, SMM Information & Technology Co., Ltd. 12:00-13:30 Buffet Lunch [ Power Battery Recycling Forum| August 15, Morning] 09:00-09:25 Global Analysis of the Power Battery Recycling and Reuse Market Proposed Company to Invite: Hydrometallurgy Branch, China National Resources Recycling Association 09:25-09:50 New Approaches to Building the Lithium Battery Recycling System from the "Guidelines for the Construction of a Recycling System for Lithium-Ion Batteries from Electric Bicycles" Proposed Guest Speaker: Zan Xiangming, Secretary General, Anhui Province New Energy Vehicle Power Battery Recycling Industry Alliance 09:50-10:15 Demand Analysis and Market Entry Strategies for Lithium Battery Recycling in Overseas Emerging Markets Proposed Guest Speaker: Zhou Jiang, Vice President, International Business Department, Contemporary Amperex Technology Co., Limited 10:15-10:35 Technological Breakthroughs and Applications of Targeted Leaching Strategies Based on Primary Cell Effects in Lithium Battery Recycling Proposed Guest Speaker: Li Jinhui, Professor, Tsinghua University 10:35-11:00 Practical Applications of Artificial Intelligence in Intelligent Sorting and Process Optimization for Lithium Battery Recycling Proposed Guest Speaker: Dou Dejing, Professor, Fudan University 11:00-11:25 Industry Dynamics and Trends Following the Implementation of Black Mass Import Policies Guest Speaker: Lin Ziya, Lithium Battery Recycling Industry Analyst, SMM Information & Technology Co., Ltd. 11:25-11:50 Roundtable: The New Ecosystem of Lithium Battery Recycling: How Can Automakers, Battery Manufacturers, and Recycling Enterprises Break Through in the Billion-Dollar Market? Proposed Invited Enterprises: BYD Auto Industry Co., Ltd., Contemporary Amperex Technology Co., Limited, Tianqi Lithium Corporation, Jiangxi Ganfeng Lithium Group Co., Ltd., Hefei Gotion High-tech Power Energy Co., Ltd. 12:00-13:30 Buffet Lunch

On April 18, the AICE 2025 SMM (20th) Aluminum Industry Conference & Expo, hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Zhongyifeng Jinyi Technology (Suzhou) Co., Ltd. and Lezhi County Qianrun Investment Promotion Service Co., Ltd., and sponsored by Shangli County Keyuan Metallurgical Materials Co., Ltd., Press Metal International Ltd., Delta Metal (Holdings) Limited, Jinqiao Light Alloy Technology (Jiangmen) Co., Ltd., and other entities as forum title sponsors, Sunstone Development Co., Ltd. and Shanghai Jialang Industrial Co., Ltd. as forum co-organizers, and supported by various specially invited supporters, conference supporters, conference acknowledgment units, and media partners, successfully concluded at the Suzhou International Expo Center in Jiangsu!

On April 18, at the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo - Industrial Aluminum Extrusion Forum, co-hosted by SMM Information & Technology Co., Ltd., SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi County Qianrun Investment Service Co., Ltd., Yao Kexin, Senior Analyst of Aluminum Products at SMM, analyzed the Chinese industrial aluminum extrusion market. **Supply and Demand of Aluminum Extrusions in China** China's aluminum extrusion industry has experienced rapid development over the past decade, with promising prospects for lightweight extrusions for NEVs and aluminum extrusions for PV applications. While demand for construction extrusions is expected to decline due to the slowdown in the real estate sector, demand for industrial extrusions is set to increase, driven by growth in PV, automotive, machinery equipment, and durable goods sectors. **SMM Analysis:** China's aluminum extrusion industry has seen rapid growth over the past decade, and it is expected to experience a slight increase from 2024 to 2028. By sector, construction extrusions are projected to decline slightly. Since 2022, the real estate industry has faced a severe downturn, with many domestic real estate companies grappling with credit contraction from multiple creditors, frequent project delays, and declining consumer confidence in home purchases. This has led to a sharp drop in the production of construction extrusions. Under the macro policy adjustments in the real estate sector, downstream demand is expected to remain weak. Looking ahead, SMM predicts a slight decline in the production of construction extrusions, from 10.96 million mt in 2023 to 8.69 million mt in 2028, with an annual compound growth rate of -4.5%. The PV industry has a bright future. After 2018, with the significant increase in aluminum usage in the automotive, PV, and rail transportation sectors, many outdated capacities have actively transitioned to industrial extrusions, revitalizing the aluminum extrusion industry. From 2023 to 2028, SMM expects a substantial increase in the production of industrial extrusions, from 9.88 million mt to 15.91 million mt, with an annual compound growth rate of 10%. **Demand Analysis of Aluminum Extrusions in China** The overall trend for downstream demand for aluminum extrusions in China is upward. While demand for construction extrusions is expected to decline due to the slowdown in the real estate sector, demand for industrial extrusions is set to increase, driven by growth in PV, automotive, machinery equipment, and durable goods sectors. **SMM Analysis:** In the construction extrusion sector, dragged down by the real estate industry, the next two years will still be a period of recovery and repair. The usage of construction extrusions continues to decline. Although many construction extrusion companies have expanded into high-value-added orders such as system doors and windows, the overall proportion remains relatively small. While there is some potential in niche markets, the impact on the overall demand for construction extrusions is limited. In the future, although the construction extrusion industry will see market exits, with many small enterprises reducing or halting production and new capacity investments decreasing. In the industrial extrusion sector, PV extrusions and transportation extrusions are the main demand areas, while general industrial demand is expected to grow slowly. Since the introduction of China's "carbon peak and carbon neutrality" goals, the PV industry has entered a policy environment of strong support and long-term friendliness. Both domestic and overseas PV demand is expected to remain robust in the coming years. With the urgent need for environmental protection and energy efficiency, internal combustion engine vehicles need to reduce fuel consumption and emissions to improve efficiency, while NEVs need to reduce weight and power consumption to increase driving range and enhance competitiveness. Due to their high specific strength, weight reduction rate, and excellent corrosion resistance, aluminum alloy extrusions are increasingly used in the automotive sector. The demand for general industrial extrusions is expected to slow in the coming years. General industrial extrusion products are relatively scattered, covering various fields. High-end sectors such as aerospace and military have higher requirements for alloy raw materials and extrusion processes, creating certain technical barriers. There are few domestic producers, and some demand still relies on imports, leading to a tight supply-demand balance. **New Energy-Related Demand Remains the Main Growth Driver** **Transformation of Chinese Aluminum Extrusion Enterprises** Dragged down by the real estate industry, some extrusion companies originally focused on construction materials are attempting to transition to industrial extrusions, with PV extrusions becoming the first choice. Recently, due to the slowdown in PV growth, some companies have adopted new CNC and extrusion equipment and engaged with end customers to attempt a transition to other industrial extrusion sectors. **SMM Analysis:** Considering the downturn in the construction industry, some extrusion manufacturers have started transitioning to industrial extrusions in recent years. Due to the lower technical barriers in PV extrusions, they have become the preferred choice for many manufacturers. However, with the slowdown in the PV industry, many extrusion companies face the challenge of transitioning again to other industrial extrusion sectors, such as automotive, ESS, and military. In terms of equipment, some transitioning extrusion companies have installed new CNC machining centers and industrial extrusion machines. In terms of customers, extrusion manufacturers with transition intentions have also established connections with automakers, but becoming a supplier to automakers requires a lengthy certification process, which is time-consuming. A typical example is Huajian Aluminum, which has expanded into the automotive extrusion market while collaborating with wind power companies to produce wind turbine component housings and operation platforms. **Import and Export Analysis of Aluminum Extrusions in China** China is a net exporter of aluminum extrusions, with an overall increasing trend in exports, albeit with slight fluctuations due to overseas anti-dumping policies. In 2023, China's total aluminum extrusion exports reached 916,000 mt, with Vietnam, the Philippines, Israel, Australia, and Malaysia being the main export destinations. **SMM Analysis:** On the import side, before 2016, China's aluminum extrusion imports remained at a relatively high level, mainly due to the lag in high-end aluminum extrusion processing technology compared to foreign countries. High-end aluminum extrusions for machinery equipment, aerospace, and other sectors relied on imports. In recent years, with increased R&D investment in industrial extrusions and the updating of extrusion equipment, the self-sufficiency rate of high-end industrial aluminum extrusions has been continuously improving, leading to a decline in overall import dependence. It is worth noting that recent overseas negative policies towards China have intensified, with many countries imposing additional tariffs on Chinese aluminum extrusions, which has had a certain negative impact on domestic aluminum exports. Additionally, from the perspective of aluminum export profits, in H2 2024, the domestic aluminum market outperformed the overseas market, leading to rangebound aluminum extrusion export profits and insufficient willingness among export enterprises and overseas orders to increase. In 2024, it will be difficult to find incremental growth in extrusion exports, and the trend is likely to remain downward. **Domestic: Escalation of the US-China Trade War May Lead to a Decline in China's Aluminum Exports** **Aluminum Exports: Tariff War Resurfaces, Short-Term Aluminum Exports May Weaken** In February 2025, China's cumulative exports of unwrought aluminum and aluminum products reached 408,000 mt, down 9.53% MoM and 12.70% YoY. From January to February 2025, cumulative exports reached 859,000 mt, down 11.0% YoY. **SMM Analysis:** Currently, the price spread between domestic and overseas markets is narrowing rapidly, coupled with the impact of domestic and overseas tax policies, leading to a weakening trend in export orders for domestic aluminum processing enterprises. It is expected that aluminum exports will decline in the short term. SMM has learned that China's direct exports to the US are limited, but there are many indirect exports, such as aluminum products or parts processed and assembled in third countries before entering the US. Therefore, it is necessary to be vigilant about tariff increases, which could lead to an overall weakening of overseas demand and a decline in China's indirect exports. **Supply-Demand Balance Table: Limited Global Supply Growth in 2025, Impact of Overseas Demand Recovery May Be Felt** **SMM Analysis:** For the full year of 2025, domestic supply is gradually approaching its ceiling, with production growth narrowing to around 2.1%. Meanwhile, the development of new energy and other sectors will continue to drive primary aluminum consumption, but traditional construction sector aluminum usage is still expected to decline. SMM expects a 1.5% increase in aluminum consumption for the full year of 2025. As the LME outperforms SHFE, net imports may decline this year, putting pressure on the supply side, and the domestic supply-demand balance will remain tight. Overseas, the pressure from new capacity in Southeast Asia remains, and the recovery in overseas supply is evident. Overseas demand is also in a recovery phase. It is expected that the global supply-demand balance will be tight in 2025, and it is necessary to be vigilant about global policy adjustments on carbon emissions in the aluminum industry. **Mature Market for Low-Carbon Aluminum End-Use Demand Forces Enterprises to Reform Raw Material Structure** According to SMM surveys, enterprises represented by OEMs and 3C companies have increasingly demanded "green and low-carbon raw materials" in recent years, forcing aluminum processing enterprises to use green electricity and low-carbon aluminum. The requirements for "energy saving and carbon reduction" are having an increasing impact on aluminum processing. **Common Methods for Aluminum Processing Enterprises to "Save Energy and Reduce Carbon":** 1. Use aluminum ingots produced with green electricity. 2. Use aluminum scrap. 3. Use green electricity. **Expanded Use of Aluminum Scrap** The demand for aluminum scrap in the aluminum processing sector is increasing due to end-use carbon reduction requirements. The proportion of domestic old scrap is rising, and the tight supply of old scrap may ease in the future. The surge in new capacity for wrought alloy recycling and the layout of new projects in aluminum scrap concentration areas are also discussed. **Appendix: Introduction to the Aluminum Industry Chain** **Click to view the special report on AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo.**

According to Choice data, as of today, a total of 275 publicly listed firms in the Shanghai and Shenzhen stock markets accepted institutional surveys this week. By industry, the electronics, pharmaceutical and biological, and machinery equipment sectors had the highest frequency of institutional surveys. In addition, the public utilities and light industry manufacturing sectors saw increased attention. From a segmented perspective, the automotive parts, chemical pharmaceuticals, and general equipment sectors ranked the top three in institutional attention. Additionally, the medical devices and power industries experienced increased institutional attention. In terms of specific publicly listed firms, according to Choice data, Zhongke Information accepted the most surveys, reaching four times. From the statistics of institutional visits, 14 companies had institutional visit receptions exceeding 100, with Hikvision, Ninebot, and East China Pharmaceutical ranking the top three, with institutional visit receptions reaching 273, 248, and 203 respectively. From a market performance perspective, gold concept stocks were active this week. Teli A released a performance briefing summary on Tuesday, stating that the company will focus on the following aspects to create future profit growth points: product innovation and optimization in the gold sector, the construction of a digital platform for the jewelry trading sector, operational optimization of commercial complexes, quality improvement of traditional properties, and efficiency improvements brought by management enhancements. In addition, based on business demand analysis, the company uses hedging tools to cope with the impact of gold price fluctuations. In the secondary market, Teli A recorded three consecutive limit-ups on Friday. Wushang Group released a performance briefing summary on Friday, stating that the company focuses on the retail main business, develops new quality productive forces, optimizes core businesses, promotes self-operated projects such as gold, small meals, and new energy, develops new tracks such as the second-hand economy and low-altitude economy, closely monitors "event economy," "pet economy," "baby economy," and "silver economy," innovates marketing models and scenarios, and further enhances operational quality and efficiency. Xiaocheng Technology released a performance briefing summary on Friday, stating that the company's gold mine operations in Ghana were not affected by new control measures. The FGM beneficiation plant invested and constructed by the company is currently accelerating its construction and is expected to be put into operation in Q4 2025, with a significant increase in daily ore processing speed. The planned gold mine production for 2025 is 500-700 kilograms.

Recently, the Qingdao Municipal Housing and Urban-Rural Development Bureau, in conjunction with six departments including the Qingdao Municipal Finance Bureau, introduced 12 new policies to stimulate consumption, benefit talents, and invigorate the real estate market. Among these, the support for multi-child families purchasing homes has been enhanced. For families in Qingdao recognized by the health department as complying with the national policy of fully opening up to two and three children, who purchase newly built commercial housing in Qingdao from April 1, 2025, to June 30, 2026, a housing purchase subsidy of 50,000 yuan and 100,000 yuan will be provided for two-child and three-child families respectively, with the subsidy disbursed in monetary form. The rental costs for college graduates seeking employment and entrepreneurship will be reduced. Full-time college graduates with a junior college degree or above within three years of graduation will be provided with rent-free accommodation, effective from July 1 this year. Among them, those coming to Qingdao for job hunting can apply for a cumulative maximum of six months of rent-free accommodation; those who achieve employment or entrepreneurship in Qingdao can apply for an extension of up to 12 months. The full text of the notice is as follows: To the Housing and Urban-Rural Development Bureaus, Finance Bureaus, Human Resources and Social Security Bureaus, Natural Resources and Planning Bureaus, Health Bureaus of each district (city), and relevant units: In order to further expand domestic demand, stimulate consumption, optimize supply, and benefit the people, and to continuously promote the healthy development of the real estate market, the "Notice on Several Measures to Further Promote the Stable and Healthy Development of the Real Estate Market" is hereby formulated, and all are requested to comply with and implement it. 1. Launch a "low monthly payment" housing loan financial product for the youth group. Relevant banks are encouraged to introduce "low monthly payment" housing loan financial products for young people under the age of 35 who come to Qingdao for employment and entrepreneurship, with the first 10 years only requiring interest payments. New home buyers can apply for this financial product, and existing home buyers can switch their mortgage to this financial product. 2. Provide housing purchase subsidies for multi-child families. Two-child and three-child families with household registration in our city who purchase newly built commercial housing in our city from April 1, 2025, to June 30, 2026, will be given housing purchase subsidies of 50,000 yuan and 100,000 yuan respectively, with the subsidy disbursed in monetary form. 3. Implement rent-free accommodation support to promote employment and entrepreneurship of college graduates. Full-time college graduates with a junior college degree or above within three years of graduation (including the graduation year) (including graduates from technical colleges with advanced technician qualifications or above) will be provided with rent-free accommodation support. Among them, those coming to Qingdao for job hunting can apply for a cumulative maximum of six months of rent-free accommodation; if they achieve employment or entrepreneurship in Qingdao, they can apply for an extension, with the extension period combined with the previous accommodation period, up to a maximum of 12 months. Those who are already employed or have started a business in Qingdao at the time of initial application can apply for a maximum of 12 months of rent-free accommodation support. The "first come, first served" method will be adopted, and the accommodation standard of "one person, one room" will be provided. 4. Meet the demand for improved housing by deepening the "trade-in" policy. State-owned enterprises and various market entities are encouraged to purchase second-hand housing from individuals for trade-in. Home exchangers can sell their old homes while purchasing newly built commercial housing, with the proceeds from the sale of the old home used to offset the purchase price of the new home, supporting residents in "selling old homes and buying new homes" to improve their living conditions. For entities purchasing second-hand housing from individuals for use as affordable rental housing or long-term rental housing, the municipal finance will provide a one-time purchase subsidy of 30,000 yuan per unit, and the district (city) where the newly built commercial housing is located will provide a loan interest subsidy of 2% per year for five consecutive years. 5. Accelerate the revitalization of state-owned enterprises' stock properties. After evaluation, state-owned enterprises can flexibly adjust the sales floor price of stock real estate projects for promotion; state-owned enterprises are encouraged to convert eligible idle stock properties into long-term rental apartments, short-term rental apartments, city homestays, etc., to achieve revitalization and utilization. 6. Promote the rational use of underground space resources. Reasonably adjust the land price standard for supporting underground parking spaces (garages) in residential construction projects (including the residential part of commercial-residential construction projects), and implement a phased land price support policy. From March 28, 2025, to December 31, 2026, the land price will be executed at 1/5 of the existing standard; from January 1, 2027, the land price will be executed at 1/2 of the existing standard, and the land transfer fee for underground parking spaces (garages) must be paid before the pre-sale of commercial housing. 7. Trial a pre-application system for commercial residential land. The pre-application announcement can specify the reference transfer price, or the relevant land price can be determined through inquiry. Intended units submitting land pre-applications must commit to the land price they are willing to pay. If the transferor accepts the intended unit's offer, it will be a valid pre-applicant, and a pre-application deposit of 2 million yuan per parcel will be paid. The transferor organizes the transfer activity, and if the pre-applicant participates in the bidding as required, the pre-application deposit will be refunded after the transfer is completed. Pre-applicants who win the parcel will enjoy the policy benefits of installment payment and extended payment deadlines for the transfer price, as well as other policy benefits specified in the announcement. 8. Increase the supply of "good houses". Enterprises are encouraged to create safe, comfortable, green, and intelligent "good houses" through meticulous design, lean construction, promotion of new technologies, application of green building materials, and high-quality service guarantees, fully implementing the concept of green, low-carbon, and energy-saving, strictly controlling the quality process, strengthening the construction of supporting facilities, and ensuring property services, with more than 15 pilot projects cultivated throughout the year. 9. Promote development and construction according to local conditions. Based on the analysis results of the real estate model, the annual housing development plan will be released, strengthening demand-driven construction and district guidance, focusing on creating high-quality residential projects in prime locations along the coast and in the core urban areas, leveraging the natural advantages of mountainous and coastal tourism in Laoshan District and West Coast New District, increasing the supply of cultural tourism and health-themed housing projects, and leveraging the advantages of river and lake pastoral scenery in Pingdu City and Laixi City to build leisure and vacation housing. 10. Strengthen financing support for real estate projects. Optimize and improve the real estate financing coordination mechanism, make good use of the "white list", treat all enterprises equally in meeting the reasonable financing needs of projects under construction and for sale, ensure that loans are granted and extended as much as possible, strive for a total credit of 200 billion yuan, and ensure that 150 billion yuan of funds are in place. 11. Intensify promotional activities such as "group buying". Regularly hold promotional activities, set up mobile sales offices, dynamically update the "online housing supermarket", and create a never-ending housing fair. Targeting employee groups in government agencies, enterprises, institutions, and industrial parks, strengthen housing demand analysis, and organize real estate development enterprises and state-owned enterprises to actively carry out "group buying" activities. Accurately promote high-quality housing in our city to cities inside and outside the province. 12. Strengthen the basic work of real estate. Strengthen the application of AI big data, and build a real estate element analysis model. Regularly carry out precise guidance, implement one district (city) one policy for supervision and assistance, and help real estate enterprises overcome difficulties. Strengthen real estate credit management, implement diversified encouragement and support measures, and take multiple measures to promote the healthy development of the real estate industry. Qingdao Municipal Housing and Urban-Rural Development Bureau Qingdao Municipal Finance Bureau Qingdao Municipal Human Resources and Social Security Bureau Qingdao Municipal Natural Resources and Planning Bureau Qingdao Municipal Health Commission Qingdao Municipal State-owned Assets Supervision and Administration Commission April 9, 2025