Recently, GAC Aion's 2027 model RT was officially launched. The new car is equipped with the world's first mass-produced amorphous alloy electric drive system, and all variants come standard with CATL power batteries. A total of four configuration versions are offered, with a CLTC driving range of up to 710 km and energy consumption as low as 8.571 kWh per 100 km. This three-electric combination, previously only used in high-end car models priced above 300,000 RMB, has now trickled down, marking that amorphous alloy has officially launched an industrial-level substitution challenge against the mainstream new energy non-oriented silicon steel used in NEV motors. Driving range and energy consumption have always been the core pain points for NEV users. In the past, almost all NEV drive motors in China used NEV-specific non-oriented silicon steel as the stator core material, with mainstream thin gauge grades of 0.20-0.35 mm, such as B25AV1300 and B30AV1500. The industry continuously reduced the strip thickness and optimized smelting and annealing processes to lower iron loss, pushing motor efficiency to the material ceiling. However, iron loss and heat generation under high-frequency and high-speed conditions remained difficult to completely solve, and every 0.5% improvement in energy efficiency required huge R&D costs. The amorphous alloy electric drive system in the 2027 Aion RT uses an aerospace-derived amorphous alloy strip, commonly known as "hand-tearable steel", with a thickness of only 0.025 mm, which is just one-tenth of the mainstream 0.2-0.35 mm NEV non-oriented silicon steel sheets. Paired with a carbon fiber rotor, it achieves a 75% reduction in core loss and a peak motor efficiency of 99%. This allows the vehicle to travel one more kilometer per kWh of electricity consumed. Amorphous Alloy VS High-grade Non-oriented Silicon Steel for NEV: Core Comparison Data Source: Compiled from public data In terms of performance, NEV non-oriented silicon steel has advantages in higher saturation magnetic induction, mature lamination process, and easier scalability of power density, making it the absolute mainstream for current NEV motors. On the other hand, the biggest advantage of amorphous alloy lies in the high-frequency and high-speed range, where iron loss is greatly reduced and motor heat generation is significantly lowered, directly improving the high-speed driving range achievement rate. However, constrained by saturation magnetic flux density and stacking factor, power density is compromised at the same volume, and the processing difficulty is much higher than that of non-oriented silicon steel. In the past, amorphous alloy was widely used in the field of distribution transformers. Constrained by the complete set of process difficulties in core cutting, stacking, and annealing, it had been difficult to achieve mass production and installation in automotive drive motors, remaining mostly in the laboratory and prototype stage. GAC Aion has achieved mass production, opening up the industrialisation chain of amorphous alloy motors from materials to complete vehicles. However, in the short term, it will not completely replace non-oriented silicon steel; instead, it will form a technological complementarity: in high-frequency, high-speed scenarios prioritizing low energy consumption, amorphous alloy has significant advantages; in high-overload, high-power-density scenarios, high-grade non-oriented silicon steel will still maintain its dominant position. The energy efficiency competition in new energy motors has shifted from structural design to underlying material competition. In the past, the industry has continuously iterated toward higher grades and thinner specifications of non-oriented silicon steel, pushing the limits of the silicon steel system; amorphous alloys have been mass-produced and installed in vehicles, opening a second technological route. Looking ahead, if production lines are scaled up and released, the cost of manufacturing amorphous alloy iron cores will continue to decline, gradually leading to partial substitution for thin-gauge new energy non-oriented silicon steel, reshaping the downstream demand structure of non-oriented silicon steel. For China's industry chain, this means that the soft magnetic material track has opened a new dimension of competition, providing a new path for further breakthroughs in China's three-electric technology. Data Source Statement: (Other than public information, all data in this report are derived from public sources (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, National Bureau of Statistics (NBS) data, customs import/export data, and various data released by major associations and institutions), market communication, and rely on SMM's internal database models. They are obtained through comprehensive analysis and reasonable inference by the research team, for reference only, and do not constitute decision-making advice. SMM reserves the final right of interpretation for this statement and the right to adjust and modify the content of the statement based on actual circumstances.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Stable This Week (August 17-20, 2026)] From August 17 to 20, 2026, electrolyte prices remained stable. The subsequent market price trend of electrolyte still requires continuous tracking of its raw material price fluctuations and transmission.

SMM August 20 news: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 110-180 yuan/mt against the front-month contract, with an average premium of 145 yuan/mt, up 25 yuan/mt from the previous session. SX-EW copper was quoted at a premium of 30-50 yuan/mt, with an average premium of 40 yuan/mt, up 30 yuan/mt from the previous session. The average price of #1 copper cathode in Guangdong was 107,235 yuan/mt, up 360 yuan/mt from the previous session, and the average price of SX-EW copper was 107,130 yuan/mt, up 365 yuan/mt from the previous session. Spot market: Copper prices stopped falling and stabilized. As the traditional peak season approached, end-user stockpiling demand recovered, coupled with social inventory destocking in Guangdong; traders maintained high premium quotes, and with end-users ensuring delivery of peak-season orders, transaction volumes increased from yesterday. Today, purchase sentiment for copper cathode in Guangdong was 2.53, up 0.14 from the previous session, and shipment sentiment was 3.09, up 0.14 from the previous session (historical data can be checked in the database). As of 11:00, the front-month contract high-quality copper reported a premium of 160 yuan/mt, standard-quality copper reported a premium of 80 yuan/mt, and SX-EW copper reported a premium of 10 yuan/mt. Overall, with downstream demand recovering and low inventory, suppliers offered high premiums, and transaction conditions were moderate due to increased stockpiling demand. > Order to view SMM metal spot historical prices > View SMM database

This week, ternary cathode precursor prices weakened; within the week, nickel sulphate and cobalt sulphate prices declined, while manganese sulphate prices edged up. Discount side, for September and Q3 orders, due to the relatively high sulphate raw material costs in the earlier period, some producers still have the intention to hold prices firm. Long-term contract side, some producers' long-term agreements were already concluded at the beginning of the year, and most producers' coefficients have not yet been raised. Downstream enterprises for quarterly orders also have weak acceptance of coefficient increases. Except for some top-tier producers that have certain bargaining power, most producers overall are stable compared to Q2. Spot order side, as nickel and cobalt salt prices have performed relatively weakly recently, some downstream enterprises seek raw material toll processing or increase their own production scale. The coefficient for September orders is expected to remain under pressure. Production side, export orders for top-tier producers continue to perform well this month, with production schedules at a relatively high level. Domestic top-tier producers also have relatively high production loads, but some small and medium producers still have relatively low production schedules due to the off-season. Looking ahead, sulphate prices have not yet shown a significant rebound. The prices for subsequent new orders need to pay attention to the actual downstream demand during the "September-October peak season".

[SMM Silicon-based PV Morning Brief: Solar Cell Market Diverges, EVA Prices Move Sideways] The solar cell market showed divergence, with quotes for different sizes moving in different trends. For 210N cells sold to the Chinese market, earlier high prices lacked support from actual orders, so producers lowered their quotes, and prices pulled back slightly to 0.327-0.343 yuan/W. Quotes for 183 and 210R cells were largely stable, as producers stopped pushing up high prices. Affected by price adjustments by some enterprises, the high end of the price range narrowed, while the low end moved up simultaneously. Currently, the 210R price range is 0.327-0.356 yuan/W, and the 183 price range is 0.325-0.361 yuan/W. Overall, demand outside China supported 183 and 210R cells, while weak domestic procurement weighed on 210N. In the short term, the futures market diverged, and changes in actual order transactions need to be closely tracked.

SMM, August 19 – Intraday, the SHFE lead 2610 contract swung wildly, opening at 15,950 yuan/mt, briefly dipping to the day’s low of 15,870 yuan/mt before rebounding, then moving sideways in the range of 15,905-15,935 yuan/mt, and finally closing at 15,930 yuan/mt, up 25 yuan/mt from the previous trading day’s closing price, a gain of 0.16%. Total trading volume for the day was 64,045 contracts, an increase of 16,920 contracts from the previous trading day, while open interest decreased by 207 contracts to 79,974 contracts. The SMM #1 lead average price also rose 25 yuan/mt, with futures and spot prices moving largely in sync. Downstream demand was dominated by just-in-time procurement. Primary lead suppliers sold at market prices, with a clear north-south divergence; secondary lead suppliers also sold at market prices, but circulating supply was limited. Overall, in the short term, SHFE lead continues to consolidate at highs, drifting higher. Going forward, attention should be paid to the improvement in spot transactions between the north and south, the impact of smelter operating rate changes on inventory, and changes in fund open interest for the SHFE lead 2610 contract.