Entering the Emergency Command and Production Monitoring Center at the headquarters of Shaanxi Nonferrous Metals Group, one saw data converging like streams on a giant LCD screen: robotic arms in the titanium processing workshop were moving with precision, and the current parameters of the aluminum electrolysis cells were fluctuating in real time... The production and operational status of more than a dozen subsidiaries, spanning hundreds of kilometers, was condensed into a limited space and transformed into vivid strings of numbers. “In the past, dispatching relied on phone calls, inspections relied on walking, and emergency response took at least two hours; now, with a click of the mouse, real-time conditions at the site are instantly displayed. We no longer depend on verbal descriptions from personnel, the scenarios are more realistic, command is more precise, and contingency plans can be activated within minutes.” The words of the person in charge of the Enterprise Management and Operations Information Department of Shaanxi Nonferrous Metals Group conveyed a sense of composure and confidence. That composure stemmed from a profound digital transformation. In 2025, Shaanxi Nonferrous Metals Group fully launched its “Year for Enhancing Digitalized Management and Control,” placing information technology development at the core of efforts to drive high-quality transformation and upgrading. Over the past year, with the overall objective of “vertical integration, horizontal connectivity, real-time online operations, coordinated action across all levels, and precise, effective execution,” Shaanxi Nonferrous Metals Group systematically advanced work across multiple dimensions, including business process reengineering, information system integration, and unified data standards, gradually building a digital system covering all areas of business operation and management, and injecting strong momentum into the enterprise’s modern governance and industrial upgrading. Top-Level Planning Seeing One Blueprint Through to the End In 2025, the information technology work of Shaanxi Nonferrous Metals Group closely focused on the annual goal of “initial visible results” in high-quality transformation and upgrading, serving the development of a modern industrial system and governance system. By building a management and control business system featuring “vertical integration and horizontal connectivity,” it established three major implementation paths: first, comprehensively reviewing and redesigning business processes to achieve standardized management; second, joining forces with leading technology companies in the industry to build a vertically integrated management and control system spanning all levels of the group; and third, unifying the standards and coding for eight categories of master data, including organization, personnel, materials, and accounting subjects, breaking through horizontal business barriers and focusing on in-depth digital development in key business areas such as investment, procurement, safety, finance, human resources, and Party building. To ensure effective implementation, Shaanxi Nonferrous Metals Group innovatively established a promotion mechanism featuring “three meetings, three lists, and three services.” It strengthened overall planning and coordination through the monthly meeting of the information technology leadership group, special project meetings, and work promotion meetings; relied on demand, project, and progress lists to achieve refined and period-based management; and ensured the solid implementation and sustained operation of information technology projects through full-cycle services covering consulting, development, and operations and maintenance. Building on Systems Constructing a Solid “Digital Tower” Shaanxi Nonferrous Metals Group used a major push in digital and intelligent transformation and upgrading to strengthen the foundation of its industrial reform and transformation, focusing on building a “big digital intelligence” empowerment system and using new models, new business forms, and new tools to amplify reform results. Consolidate the digital foundation. Strengthen digital infrastructure development across all industry chain clusters and all affiliated enterprises, accelerate the enhancement of data collection, processing, management, and application capabilities across the entire industry chain of “exploration, research, construction; mining, beneficiation, smelting; materials, equipment, trade,” and build a solid foundation for digital transformation. Focus on building a robust and reliable digital foundation and establish the overall “5 Ones + N” information architecture: “one foundation,” the Shaanxi Nonferrous enterprise cloud platform and a high-speed broadband network covering the Group’s information applications; “one platform,” a digital empowerment platform; “one portal,” the Group’s unified portal (external portal + internal portal); “one safeguard,” an information security and operations and maintenance support system; “one standard,” a standards and specifications system; and “N applications,” N business application systems covering the three levels of strategic decision-making, business management, and production operations. Improve data connectivity. Build a network interconnection environment and data flow mechanism covering all affiliated enterprises, accelerate information interconnection and computing power support, break down “data silos” across different links such as R&D, production, management, and marketing, and improve the level of internal business data integration and collaboration across the entire system. Through five major measures, including strict implementation of the “top leader accountability system,” the use of domestically developed and controllable products for basic software and hardware, PTN dedicated lines plus zero-trust technology to provide data exchange channels, the implementation of classified cybersecurity protection assessments for important information systems, and regular attack-and-defense drills, Shaanxi Nonferrous Metals Group built a multi-dimensional cybersecurity defense line to firmly safeguard the enterprise’s digital assets. At the same time, guided by the core objectives of “unified standards, unified platform, unified interfaces, and unified operations and maintenance,” supported by three major systems—the master data standards system, master data management system, and master data integration system—and carried by one intelligent master data management platform, it established a “1+3+1” data resource management system to achieve the aggregation, governance, and value mining of dispersed data. Strengthen intelligent integration. Focus on all links of “exploration, design, mining, ore dressing, smelting, processing, and trade,” vigorously advance the development of digital and intelligent demonstration scenarios, and build demonstration projects for advanced green digital and intelligent technologies. Centered on the entire value chain, all asset elements, and the full life cycle, make every effort to build an intelligent collaboration platform to support high-end upgrading, underpin green development, ensure production safety, and achieve efficient operations. Breakthroughs on Multiple Fronts Key Projects Demonstrate Digital Results The implementation of a series of key projects has become vivid testimony to the transformation and upgrading of Shaanxi Nonferrous Metals Group. Party-building informatization turned “soft tasks” into “hard indicators.” In response to the characteristics of primary-level Party organizations being “numerous in points, extended in lines, and broad in coverage,” the “Nonferrous Pioneer” Party-building informatization platform launched in 2025 integrated big data and artificial intelligence technologies to build a management matrix covering 6 major modules, 35 core businesses, and 80 detailed items, moving Party-building work from “paper” to “online.”Since the platform began operation, the efficiency of Party affairs processing has increased by 80, the incidence of overdue tasks has fallen by more than 50, the error rate in manual reporting has decreased by 80, and work traceability has achieved 100 digital coverage. By transforming Party-building assessment indicators into value-output dimensions such as strategic enforcement and risk prevention and control capability, a closed-loop mechanism of “push-execute-supervise-feedback” has been established, enabling deep integration between Party-building work and production and operations, with visible data and tangible results. Human Resources Informatization, Unlocking the Potential of the “Primary Resource.” Human resources informatization has entered a new stage of process-based and collaborative management, realizing full-process online and standardized management across organization management, personnel management, compensation and benefits, and performance management. It has not only addressed the problems of low efficiency and long processing times for procedures such as onboarding, confirmation of employment, job transfer, and resignation, but also resolved pain points such as non-standard approvals, inconsistent policy enforcement, and error-prone data verification. The effectiveness of operations management, compliance management, and data management has been improved in parallel, making human resources a true core driver of enterprise development. Financial Informatization, Building a Strong “Embankment” for Risk Prevention and Control. By implementing a decentralized, penetrative, group-wide financial control model, Shaanxi Nonferrous Metals Group established a three-in-one risk prevention system covering “operational risk-business risk-financial risk,” achieving end-to-end penetrative management “from business to statements, and from statements to funds,” and providing intelligent decision-making support throughout the full cycle of “post-event review-in-process optimization-pre-event predictive simulation.” The finance-supply chain integration project launched in January 2026 will further connect key links such as procurement, accounting, and capital, providing real-time and accurate data support for decision-making. Safety and Environmental Protection Informatization, Building a “Dual Line of Defense” Through Whole-Chain Intelligent Control. Taking the development of safety and environmental protection informatization as a starting point, Shaanxi Nonferrous Metals Group continuously deepened its intelligent monitoring and early warning capabilities and accelerated the construction of a whole-chain, visualized intelligent safety and environmental protection control system, thereby reinforcing the safety foundation for high-quality transformation and upgrading. Deepening intelligent monitoring to improve the precision of early warning. After the Group’s dual-prevention informatization platform went online, it established three-dimensional data coordinate models for major hazard sources such as mines, tailings ponds, and hazardous chemicals, accurately mapped key risk monitoring points onto the models, and visually presented hidden disaster-causing factors, thereby enabling intelligent risk analysis, assessment, and early warning. At the same time, it comprehensively promoted an informatized management platform for hazard identification and rectification, achieving full-process closed-loop management of issues and hazards from discovery and rectification to closure through real-time entry, dynamic updating, and whole-process tracking, and strictly preventing “omitted hazards and delayed rectification.” Strengthening process control to reinforce the on-site safety line of defense. Tianhong Ruike, through linkage with the digital dual-prevention system, achieved precise positioning of workers, real-time risk monitoring, and intelligent early warning, building a visualized safety assurance system deeply integrating “human-based prevention + technology-based prevention,” and driving on-site safety management from “passive response” to “proactive prevention.”Empowering outsourced operations oversight to achieve penetrative management. Relying on its safety and environmental protection information management and control platform and the Safety Assistant app, the Smelting Branch of Jinduicheng Molybdenum Group has established a model of “full-process online supervision + dynamic data empowerment” for contractors, enabling real-time tracking and closed-loop management across multiple links, and advancing outsourced operations oversight from “blurred control” to “precise penetration,” with both the penetrative strength and timeliness of supervision improved in tandem. In addition, a number of key projects, including the private cloud platform, the group-wide backbone network, and the electronic tendering and procurement platform, were completed and put into operation one after another, playing an important role in improving resource utilization rates, ensuring safety and compliance, and strengthening risk prevention and control. The outline of “Digital Nonferrous” is becoming increasingly clear. Intelligence Ushers In the Future Embarking on a New Journey Toward “AI+” Looking ahead to the 15th Five-Year Plan period, Shaanxi Nonferrous Metals Group’s information technology development will deepen the transformation toward “penetrative” management, use the “AI+” initiative as a key driver, and promote the intelligent upgrading of the traditional “mining, beneficiation, smelting, and processing” industries. Adhering to the approach of “building benchmarks, focusing on exemplars, and leading through demonstration,” the group will advance, in a coordinated and step-by-step manner, the full-chain work of “construction, trial operation, and acceptance” for more than 20 information technology projects currently under implementation. It will create typical application scenarios in fields such as mine exploration, mining and beneficiation, metal smelting, processing and manufacturing, and design and construction, so as to drive quality improvement and efficiency gains across the entire industrial chain from key points to the broader whole, and inject new vitality into traditional industries. Starting from applications in production scenarios, it will also build foundational computing power platforms in parallel, and gradually establish a working path for the fine-tuning and deployment of industry-specific large models. Ultimately, it will realize a shift from “experience-driven” to “data- and AI-driven,” move from single-point breakthroughs to system-wide empowerment, advance the intelligent upgrading of industry, and comprehensively enhance enterprises’ core competitiveness in such areas as resource security, production efficiency, cost control, green development, and decision-making capability. The surging tide spurs us forward, and the wind is just right for setting sail. Shaanxi Nonferrous Metals Group will take information technology and intelligent technology as its oars, lead with innovation, strive for excellence through solid work, ride the waves on the voyage toward high-quality transformation and upgrading and tangible improvement in quality and performance, and press ahead at full speed toward the goal of building a world-class enterprise.

The National Financial Regulatory Administration and the Shanghai Municipal People's Government have issued the Action Plan for Supporting the Construction of Shanghai as an International Financial Center. The plan proposes to promote the concentration of financial institutions and enhance the quality and strength of financial services. It encourages further concentration of banking and insurance institutions in Shanghai, urges the head offices of commercial banks to increase their support for the construction of Shanghai as an international financial center through the establishment of specialized institutions and the delegation of authority to their branches in Shanghai, supports foreign financial institutions in playing a greater role in the construction of Shanghai as an international financial center, promotes the priority landing of key opening-up projects in Shanghai, supports the establishment of more international financial organizations, international financial industry associations, and new-type multilateral financial organizations in Shanghai, optimizes and enhances the service functions of financial institutions in Shanghai, and guides financial institutions in Shanghai to strengthen collaborative cooperation. National Financial Regulatory Administration and Shanghai Municipal People's Government Issue Action Plan for Supporting the Construction of Shanghai as an International Financial Center To thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council on accelerating the construction of Shanghai as an international financial center, further enhance the competitiveness and influence of Shanghai as an international financial center, and promote high-quality economic development through high-level financial opening-up, the National Financial Regulatory Administration, in conjunction with the Shanghai Municipal People's Government, has jointly issued the Action Plan for Supporting the Construction of Shanghai as an International Financial Center (hereinafter referred to as the "Action Plan"). The Action Plan mainly consists of five aspects: First, promote the concentration of financial institutions and enhance the quality and strength of financial services. Encourage further concentration of banking and insurance institutions in Shanghai, urge the head offices of commercial banks to increase their support for the construction of Shanghai as an international financial center through the establishment of specialized institutions and the delegation of authority to their branches in Shanghai, support foreign financial institutions in playing a greater role in the construction of Shanghai as an international financial center, promote the priority landing of key opening-up projects in Shanghai, support the establishment of more international financial organizations, international financial industry associations, and new-type multilateral financial organizations in Shanghai, optimize and enhance the service functions of financial institutions in Shanghai, and guide financial institutions in Shanghai to strengthen collaborative cooperation. Second, focus on the "five major tasks" to improve the quality and efficiency of financial services for the real economy. Enhance the quality and efficiency of technology finance work, support Shanghai in actively exploring financial service models suitable for technology enterprises under the premise of legal compliance and effective control of substantive risks, and provide better financial services for technological innovation. Encourage financial institutions in Shanghai to prudently and orderly carry out carbon finance-related businesses, support Shanghai in participating in the competition for international carbon finance pricing power, and build Shanghai into an international green finance hub. Vigorously develop inclusive finance, pension finance, and digital finance. Third, expand institutional opening-up and enhance the internationalization level of Shanghai's financial industry. We will persist in benchmarking against high-standard international economic and trade rules to explore institutional financial opening-up, and explore the development of non-resident loan businesses, such as cross-border syndicated loans based on international best practices, in the Shanghai Pilot Free Trade Zone. We will continue to optimize cross-border financial services, enhance the international operations of financial institutions, vigorously promote the construction of the Shanghai International Reinsurance Center and the development of shipping insurance, research and explore offshore financial innovation, and encourage institutions to actively participate in the construction of financial markets. Fourth, we will improve regulatory standards and coordinate financial development with security. We will encourage financial institutions in Shanghai to enhance their proactive risk management capabilities and promote prudent operations. We will adhere to the principle of inclusive and prudent supervision, support the organization and implementation of financial innovation pilot projects focusing on key areas such as serving the real economy and opening-up to the outside world, and explore the implementation of a due diligence exemption mechanism for financial innovation pilot projects. We will strengthen the collaboration between central and local governments to jointly build a safety net, promote the establishment and improvement of the working mechanism for financial risk prevention and disposal in Shanghai, and safeguard the bottom line of financial security under open conditions. Fifth, we will improve supporting policies and enhance the level of professional financial services. We will strengthen the deep integration of Party building with business operations. We will deepen the construction of the financial legal system, strengthen the legal safeguards for the construction of Shanghai as an international financial center, vigorously support the Shanghai Financial Regulatory Bureau in establishing a sound Shanghai Financial Consumer Protection Center, and further improve the business environment for finance in Shanghai. We will enhance the technological level of financial supervision and support the establishment of a data sub-center of the National Financial Regulatory Administration in Shanghai when conditions permit. We will support Shanghai in building a new-type asset management service platform and promoting the high-quality transformation and upgrading of asset management businesses towards risk-driven and data-driven models. We will support Shanghai in attracting and cultivating high-level financial talents. Going forward, the National Financial Regulatory Administration and the Shanghai Municipal People's Government will continue to promote the implementation of the Action Plan, improve policy support, comprehensively enhance the capabilities of Shanghai as an international financial center, better contribute to the construction of a strong financial country, and make greater contributions to advancing the construction of Chinese modernization. Q&A with Officials from the National Financial Regulatory Administration and Relevant Departments of the Shanghai Municipal People's Government on the Action Plan for Supporting the Construction of Shanghai as an International Financial Center To thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council on accelerating the construction of Shanghai as an international financial center, further enhance the competitiveness and influence of Shanghai as an international financial center, and promote high-quality economic development through high-level financial opening-up, the National Financial Regulatory Administration, in conjunction with the Shanghai Municipal People's Government, jointly issued the Action Plan for Supporting the Construction of Shanghai as an International Financial Center (hereinafter referred to as the "Action Plan"). Officials from the National Financial Regulatory Administration and relevant departments of the Shanghai Municipal People's Government answered questions from reporters regarding the Action Plan. 1. What is the background for the issuance of the Action Plan? The CPC Central Committee and the State Council attach great importance to the construction of Shanghai as an international financial center. The 2023 Central Financial Work Conference proposed to "enhance the competitiveness and influence of Shanghai as an international financial center." The Decision of the CPC Central Committee on Further Comprehensively Deepening Reforms to Advance Chinese Modernization, adopted at the Third Plenary Session of the 20th CPC Central Committee, proposed to "accelerate the construction of Shanghai as an international financial center." On April 29, 2025, a symposium was held in Shanghai for central financial institutions based in Shanghai to support the construction of Shanghai as an international financial center. He Lifeng, a member of the Political Bureau of the CPC Central Committee and Director of the Central Financial Commission Office, attended the symposium and delivered a speech, emphasizing the need to earnestly study, deeply understand, and thoroughly implement the important instructions and directives of Xi Jinping on accelerating the construction of Shanghai as an international financial center, fully implement the Opinions on Supporting the Accelerated Construction of Shanghai as an International Financial Center recently issued by the Central Financial Commission, strengthen the coordinated and synergistic development of Shanghai's "five centers," and comprehensively enhance the capabilities of Shanghai as an international financial center. To further thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, support the accelerated construction of Shanghai as an international financial center, better contribute to the construction of a financial powerhouse, and make greater contributions to advancing Chinese modernization, the National Financial Regulatory Administration, in conjunction with the Shanghai Municipal People's Government, jointly issued this plan. 2. What are the main contents of the Action Plan? The Action Plan is divided into six parts. The first part outlines the overall requirements, which are to be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhere to the centralized and unified leadership of the CPC Central Committee over financial work, adhere to the goal of serving high-quality economic development, adhere to steadily expanding institutional opening-up, and coordinate financial development and security. Parts two through six propose a total of 27 specific measures in the following five aspects: First, promote the clustering of financial institutions to optimize and strengthen financial service functions. Encourage further clustering of banking and insurance institutions in Shanghai, encourage the head offices of commercial banks to increase their support for the construction of Shanghai as an international financial center through the establishment of specialized institutions or the delegation of authority to institutions in Shanghai, support foreign financial institutions in playing a greater role in the construction of Shanghai as an international financial center, prioritize the implementation of key opening-up projects in Shanghai, optimize and enhance the service functions of financial institutions in Shanghai, and guide financial institutions in Shanghai to strengthen collaborative cooperation. Second, implement the "five major tasks" to improve the quality and efficiency of financial services for the real economy. Enhance the quality and efficiency of financial services for science and technology. Encourage financial institutions in Shanghai to prudently and orderly carry out carbon finance-related businesses and build Shanghai into an international green finance hub. Vigorously develop inclusive finance, pension finance, and digital finance. Third, expand institutional opening-up to enhance the internationalization level of Shanghai's financial industry. We will persist in aligning with high-standard international economic and trade rules to explore institutional financial opening-up. We will continue to optimize cross-border financial services, enhance the international operations of financial institutions, vigorously promote the construction of the Shanghai International Reinsurance Center and the development of shipping insurance, research and explore offshore financial innovation, and encourage institutions to actively participate in the construction of financial markets. Fourth, we will improve regulatory standards and coordinate financial development with security. We will encourage financial institutions in Shanghai to enhance their proactive risk management capabilities and promote prudent operations. We will adhere to an inclusive and prudent regulatory philosophy, supporting the implementation of financial innovation pilot programs in key areas such as serving the real economy and opening-up to the outside world, and exploring the implementation of a due diligence exemption mechanism for financial innovation pilot programs. We will strengthen central-local coordination to jointly build a safety net, promoting the establishment and improvement of a working mechanism for financial risk prevention and disposal in Shanghai, and safeguarding the bottom line of financial security under opening-up conditions. Fifth, we will improve supporting policies and enhance the level of professional financial services. We will strengthen the deep integration of Party building with business operations. We will deepen the construction of the financial legal system, vigorously support the Shanghai Financial Regulatory Bureau in establishing a sound Shanghai Financial Consumer Protection Center, and further improve the business environment for finance in Shanghai. We will enhance the technological level of financial supervision and support the establishment of a data sub-center of the National Financial Regulatory Administration in Shanghai when conditions permit. We will support Shanghai in building a new-type asset management service platform. We will support Shanghai in attracting and cultivating high-level financial talents. 3. How will the Action Plan better leverage Shanghai's role as a pilot zone for financial reform? First, we will establish and improve a working mechanism for the supervision of financial innovation, supporting the Shanghai Financial Regulatory Bureau in organizing and implementing financial innovation pilot programs in key areas such as serving the real economy and opening-up to the outside world through regulatory interaction mechanisms, under the premise of limiting business scope, setting quotas, restricting institutions, and establishing risk circuit breakers. Second, we will align with high-standard international economic and trade rules, expand institutional financial opening-up, and explore the development of non-resident loan businesses, such as cross-border syndicated loans based on international good practices, in the Shanghai Pilot Free Trade Zone. Third, we will deepen the coordinated construction of Shanghai as an international financial center and an international center for scientific and technological innovation, supporting Shanghai in actively exploring financial service models suited to the characteristics of technology enterprises under the premise of compliance with laws and regulations and effective control of substantive risks. Fourth, we will support Shanghai in building an international green finance hub, encouraging financial institutions in Shanghai to support the construction of the carbon emissions trading market, prudently and orderly carrying out carbon finance-related businesses, and supporting Shanghai in participating in the competition for international carbon finance pricing power.

Macro News 1. On the afternoon of June 12, Premier Li Qiang met with European Central Bank President Christine Lagarde at the Great Hall of the People in Beijing. Li Qiang pointed out that China and Europe have strong economic complementarity, with China possessing a super-sized market advantage and continuously unleashing market potential. There is significant cooperation potential between China and Europe in many fields. China is willing to strengthen market connectivity and industrial synergy with Europe to add more momentum to their respective development. Lagarde stated that under the current international situation full of uncertainties, maintaining high-level exchanges and dialogue cooperation between Europe and China is crucial. Tariff wars and trade wars only lead to lose-lose outcomes, while adhering to multilateralism and strengthening open cooperation is the right choice. 2. On the afternoon of June 12, the Ministry of Commerce held a regular press conference. A reporter inquired about the first meeting of the China-US economic and trade consultation mechanism. Ministry of Commerce spokesperson He Yadong stated that from June 9 to 10 local time, the China-US economic and trade teams held the first meeting of the consultation mechanism in London, UK. The two sides reached a principled consensus on implementing the important consensus of the June 5 phone call between the two heads of state and the framework of measures to consolidate the outcomes of the Geneva economic and trade talks, making new progress in addressing each other's economic and trade concerns. Regarding the rare earth issue, as a responsible major country, China fully considers the reasonable needs and concerns of various countries in the private sector, reviews applications for export licenses of rare earth-related items in accordance with laws and regulations, has approved a certain number of compliant applications according to law, and will continue to strengthen the approval of compliant applications. 3. On June 11, People's Bank of China Governor Pan Gongsheng held the first annual meeting with European Central Bank President Christine Lagarde. The two sides exchanged in-depth views on topics including the economic and financial situations of China and Europe, reform of the international monetary system, global financial regulation, and key areas of cooperation between the two central banks. After the meeting, the two sides signed the Memorandum of Understanding on Cooperation between the People's Bank of China and the European Central Bank. 4. A passenger plane crashed at Ahmedabad Airport in Gujarat, India, on June 12. According to reports, all 242 people on board were killed. CCTV News learned that local police found one survivor in the Indian plane crash. 5. Foreign Ministry spokesperson Lin Jian presided over the regular press conference yesterday. A foreign media reporter asked about US President Trump's post on his social media platform, claiming that an agreement had been reached with China, such as China providing rare earth magnets. Lin Jian stated that China always honors its words with actions. Since a consensus has been reached, both sides should abide by it, and China hopes the US will work with China to implement the important consensus reached in the phone call between the two heads of state. Industry News 2. Recently, the People's Bank of China and the State Administration of Foreign Exchange jointly issued the "Several Measures on Financial Support for Fujian to Explore a New Path for Cross-Strait Integrated Development and Build a Demonstration Zone for Cross-Strait Integrated Development." TheThe "Several Measures" proposes 12 policy measures in four aspects: optimizing the financial ecosystem of the cross-strait shared "living circle", serving the construction of the first home for Taiwan compatriots and Taiwan-funded enterprises to land on the mainland, supporting the pilot program for high-level opening-up of cross-border trade in Fuzhou, Xiamen, and Quanzhou, supporting the facilitation of cross-border investment and financing under the capital account, comprehensively strengthening financial supervision, and effectively preventing and defusing financial risks. These measures are of great significance for continuously deepening the construction of a demonstration zone for cross-strait integrated development and promoting high-level financial opening-up. The People's Bank of China and the State Administration of Foreign Exchange will promote the detailed implementation of various policy measures outlined in the "Several Measures", further intensify financial support for the integrated development across the Taiwan Strait, and provide strong financial support for the construction of the demonstration zone for cross-strait integrated development. 3. At the Annual Meeting of the Asia Traders Forum & Stock Trading Summit 2025, Tim LUI, Chairman of the Securities and Futures Commission of Hong Kong, stated that the SFC is studying plans to adjust the number of shares per trading lot, thereby enhancing the convenience of trading high-priced stocks and odd lots, and further improving market liquidity. 4. The General Office of the People's Government of the Guangxi Zhuang Autonomous Region recently issued the "Implementation Plan for Special Actions to Boost Consumption in Guangxi". It mentions expanding support for trade-in policies for automobiles, home appliances, home improvement, kitchen and bathroom products, and e-bikes, as well as subsidies for purchasing new 3C digital products. 5. In 2025, Urumqi plans to develop 82 cultural and tourism projects with a total investment of 44.815 billion yuan and an annual planned investment of 5.4116 billion yuan, representing increases of 76%, 181%, and 170% respectively compared to 2024. The focus will be on introducing a batch of high-end hotel cluster projects, creating a number of major construction projects, and building a comprehensive cultural and tourism space integrating cultural experiences, commercial consumption, and leisure and entertainment. 6. With the "Suzhou Super League" gaining widespread popularity, some netizens have called on Sichuan to host similar football events through the "Ask the Government Sichuan" platform. In response, the Sichuan Provincial Sports Bureau stated that the "Bashu Xiongqi Cup" Sichuan Super League will learn from the healthy development experience of the "Suzhou Super League", improve the event system, strengthen supervision, promote fair competition, mobilize social forces to participate, facilitate the development of mass football and campus football, and support nationwide fitness. Company News 1. New China Life Insurance announced its intention to subscribe for private equity fund shares with an investment not exceeding 15 billion yuan. 2. China Vanke Co., Ltd. announced that it sold a total of 72.96 million A-share treasury shares from June 10 to June 12, which will help supplement the company's working capital. 3. *ST Gongzhi announced that the Shenzhen Stock Exchange has decided to terminate the listing of the company's shares. 4. Yidian Technology stated on an interactive platform that POP MART is an important client of the company. 5. ST Jinyi announced that the other risk warnings for the company's shares have been revoked, and trading will resume from June 16. 6. Xiaofang Pharmaceutical announced a collaboration with Shanghai Dermatology Hospital to develop Compound Platycladi Tincture, a Class 1.1 traditional Chinese medicine for treating hair loss. 7. PowerChina secured a 10.77 billion yuan offshore wind power EPC turnkey project. 8. Qingmu Technology clarified that it currently only provides e-commerce agency operation services for Pop Mart's Tmall flagship store. 9. Taiji Co., Ltd. disclosed that its controlling shareholder and actual controller are planning matters related to changes in company control, leading to a trading suspension. 10. Hengbao Co., Ltd. announced that director and vice president Gao Qiang plans to sell no more than 197,500 shares. 11. Jingjin Equipment reported that its actual controller, chairman, and general manager has been placed under retention. 12. Feiliner completed verification work, with its shares resuming trading on June 13. Global Markets US and European stocks showed mixed performance, with both the S&P 500 and Dow Jones hitting at least three-month closing highs. US stocks opened lower but closed higher, with all three major indices posting slight gains. The S&P 500 rose 0.38%, the Dow gained 0.24%, and the Nasdaq advanced 0.24%. The S&P 500 reached its highest closing level since late February, while the Dow achieved its best close since early March. Oracle surged over 13% to a record high after exceeding Q4 earnings expectations. US fintech firm Chime jumped over 37% on its debut. Boeing fell nearly 5% following an Air India Boeing 787 crash. European indices closed mixed, with Germany's DAX30 down 0.48%. International crude oil futures settled slightly lower. WTI July crude dropped 0.16%, while Brent August crude declined 0.59%. COMEX gold futures rose 0.84% to $3,406.8/oz, and silver futures gained 0.41% to $36.41/oz. Investment Opportunities 1. Pop Mart Expanded Capacity Early This Year, But Demand Far Exceeds Supply Chain Response Media reports indicate that since Chinese New Year, Pop Mart has urgently recalled workers and expanded capacity to meet surging demand driven by rising IP popularity. An insider described this as a "sweet trouble" where market demand vastly outpaces supply chain responsiveness, noting "even overworked sewing machines can't keep up." The core appeal of IP collectibles lies in instant emotional gratification. Labubu's distinctive features meet specific demands, amplified through social media. Current supply shortages and product scarcity further elevate circulation premiums, significantly boosting visibility. Zhongtai Securities released a research report stating that it is optimistic about the investment value of the IP industry and anticipates the growth and commercialization of major IPs. Three directions are worth noting: (1) Leading companies in the IP2C model for trendy toys that possess a high-quality IP matrix, strong operational capabilities, and channel strength; (2) Content producers with strong content creation capabilities; (3) IP operators in the IP2B2C model that possess high-quality IPs and B-end customer resources. 2. German nuclear fusion startup ProximaFusion secures record-breaking funding On Wednesday local time, German nuclear fusion startup ProximaFusion announced that it had raised €130 million (equivalent to $148 million) in a record-breaking funding round. Investors have high hopes that the company will be the first to build the world's first commercial nuclear fusion power plant. ProximaFusion's Series A funding round was co-led by CherryVentures and BaldertonCapital, marking the largest private nuclear fusion investment round in Europe to date. In recent years, market interest in nuclear fusion technology has continued to grow. Founder Securities' machinery equipment team is optimistic that the timeline for global nuclear fusion could be advanced. Currently, the European Commission (EC) has officially launched a four-week consultation period, which will help the EU establish a leading position in global nuclear fusion development and accelerate the commercialization of fusion energy. 3. Cumulative financing exceeds 1 billion yuan in the first half of the year; experts say commercial space is experiencing unprecedented development opportunities Media reports indicate that China's commercial space industry in 2025 is accelerating at an unprecedented pace towards industrialization. One of the most telling signs is the "real money" coming from the capital market. According to incomplete statistics by reporters, in the first five months of this year alone, the publicly disclosed and estimable financing amounts in China's commercial space sector have cumulatively exceeded 1 billion yuan. Recently, there have been continuous developments in the commercial space sector. LandSpace Technology Corporation's independently developed ZQ-2 Modification 2 remote sensing launch vehicle successfully started production and lifted off; Beijing CAS Space Technology Co., Ltd.'s KQ-1 remote sensing 7 launch vehicle was successfully launched; and the "Tada Hu Yang No. 1" satellite was successfully launched by the KQ-1 remote sensing 7 launch vehicle. Experts interviewed stated that after several years of cultivation, China's commercial space industry is flourishing, with enterprises in commercial satellites, commercial rockets, commercial monitoring and control, and other sectors emerging like bamboo shoots after a spring rain. The commercialization of the entire industry chain is being prioritized, and the industry chain ecosystem is continuously improving. With the synergy of policies, technology, and the market, commercial space is experiencing unprecedented development opportunities. 4. AI development brings significant changes to the industry, continuously expanding the space for the industry chain Institutions have pointed out that switching networks are the "blood vessels" of AIDC. Since entering the era of large models, as the scale of clusters has accelerated its expansion, the interconnection requirements between computing cards have rapidly increased. As the hardware core supporting the interconnection network, the industry chain space for switches has been continuously expanding. Guojin Securities believes that domestic large models are rapidly advancing from a scale of hundreds of billions of parameters to trillion and ten trillion parameters, and 800G switches will become an important driver for the rapid growth of the industry. Dell'Oro Group predicts that by 2025, the adoption rate of 800G switch ports is expected to exceed that of 400G data center switch ports, accounting for more than 25% of data center switch ports. The development of the AI industry has brought about significant changes to the switch industry. Along with the development of the domestic AI industry, domestic high-speed switches for training-side applications and domestic medium-speed switches for inference-side applications are on the verge of mass production. CPO, OCS, white-box switches, etc., are expected to become strategic highlands in the domestic switch industry, and enterprises with relevant layouts are worthy of close attention.

The Shanghai Municipal Government held a press conference today, inviting relevant responsible comrades from the Financial Affairs Office of the Shanghai Municipal Committee of the CPC, the General Office of the People's Bank of China (PBOC), the Shanghai Financial Regulatory Bureau, and the Shanghai Securities Regulatory Bureau to attend. They introduced the relevant details of the 2025 Lujiazui Forum and answered questions from reporters. Several major financial policies will be released at the 2025 Lujiazui Forum. At the press conference, Zhou Xiaoquan, Executive Deputy Director of the Financial Affairs Office of the Shanghai Municipal Committee of the CPC, stated that during the 2025 Lujiazui Forum, the central financial regulatory authorities will release several major financial policies. PBOC Governor Pan Gongsheng will attend the opening ceremony of this year's Lujiazui Forum and deliver a keynote speech. Li Kexin, Deputy Director of the General Office of the PBOC, stated at the press conference that the PBOC is accelerating the formulation of policies to support the construction of Shanghai as an international financial center. Since the beginning of this year, the PBOC and the Shanghai Municipal Government have jointly studied and introduced a series of policy measures to support the construction of Shanghai as an international financial center, with some policies having been released recently. For example, they jointly issued the "Action Plan for Further Enhancing the Convenience of Cross-border Financial Services in Shanghai's International Financial Center" and held a press conference. They support the establishment of a "Technology Board" in Shanghai's bond market, conduct pilot programs for cross-border capital pool businesses of multinational corporations in Shanghai, and support Shanghai in introducing the "Several Provisions on Promoting the Development of Free Trade Account Business in the China (Shanghai) Pilot Free Trade Zone in the Pudong New Area of Shanghai Municipality," among others. "There are also some other policies that we are vigorously accelerating the formulation of," Li Kexin said. He also stated that PBOC Governor Pan Gongsheng will attend the opening ceremony of the forum, deliver an opening speech, and give a keynote address. In addition, Zhu Hexin, Deputy Governor of the PBOC and Director of the State Administration of Foreign Exchange, will also attend and deliver a keynote speech. Shanghai: Will Establish More Financial Trading Mechanisms and Regulatory Systems Aligned with International Rules in the Pudong Leading Zone, Pilot Free Trade Zone, and Lingang Special Area At the press conference, Zhou Xiaoquan, Executive Deputy Director of the Financial Affairs Office of the Shanghai Municipal Committee of the CPC, stated that in the next step, they will also cooperate with the central financial regulatory authorities to steadily expand high-level financial opening-up. First, they will better leverage the role of finance as a "pilot field." Focusing on institutional opening-up, they will establish more financial trading mechanisms and regulatory systems aligned with international rules in the Pudong Leading Zone, Pilot Free Trade Zone, and Lingang Special Area, to test institutions and explore new paths for the country. Second, they will better expand the achievements of two-way opening-up. Adhering to the principles of "bringing in" and "going global," on the one hand, they will continuously enhance the internationalization level of the financial market and attract more foreign-funded financial institutions to operate and develop in Shanghai. On the other hand, they will implement the action plan for facilitating cross-border financial services and strengthen the financial sector's ability to support "going global" enterprises and high-quality joint construction of the "Belt and Road."Third, we will better coordinate opening-up and security. We will actively participate in international financial regulatory exchanges and cooperation, effectively enhance our capacity to prevent and control financial risks, and firmly hold the bottom line of preventing systemic financial risks. Shanghai: Accelerating the Construction of an International Reinsurance Center and Enriching International Financial Products Zhou Xiaoquan, Executive Deputy Director of the Shanghai Municipal Financial Services Office, stated at the press conference that international financial organizations and foreign-funded financial institutions are accelerating their concentration in Shanghai, with a total of 1,782 licensed financial institutions of various types, of which foreign-funded financial institutions account for approximately one-third. The construction of Shanghai's international reinsurance center is accelerating, enriching international financial products. Six international varieties, including crude oil, No. 20 rubber, low-sulfur fuel oil, international copper, container freight index futures, and crude oil options, are available for overseas traders to directly participate in trading. The cumulative issuance scale of "Yulan Bonds" has surpassed the 10 billion yuan mark, with the Luxembourg Stock Exchange becoming the first exchange in Europe to list "Yulan Bonds."

》[Live] Research and Analysis on Macroeconomy, Electric Power, Infrastructure, Real Estate, and PV Markets; Outlook on Copper and Aluminum Prices; Insights into Cable Technology Trends SMM News on May 22: Metal Market: As of the daytime close, overseas base metals generally declined, with only SHFE aluminum and SHFE nickel rising together. SHFE aluminum rose by 0.2%, and SHFE nickel rose by 0.03%. SHFE lead led the losses with a decline of 1.21%, while SHFE tin fell by 0.87%. The main alumina contract rose by 1.01%, recording four consecutive gains. In addition, the main lithium carbonate contract rose by 1.67%, the main polysilicon contract rose by 1.14%, the main silicon metal contract fell by 0.19%, and the main European container shipping contract fell by 0.95%. The ferrous metals series showed mixed performance. Iron ore led the gains with a rise of 0.14%, stainless steel rose by 0.04%, and HRC rose by 0.09%. In the coking coal and coke sector, coking coal fell by 0.85%, and coke fell by 1.66%. In the overseas market, as of 15:02, only LME aluminum rose, up by 0.4%. The rest of the metals recorded varying degrees of decline, with LME lead falling by 0.91% and LME tin falling by 0.62%. The declines in other metals fluctuated slightly. In the precious metals sector, as of 15:02, COMEX gold rose by 0.49%, and COMEX silver rose by 0.12%. Domestically, SHFE gold rose by 1.22%, recording five consecutive gains, and SHFE silver rose by 1.06%. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic: [State Administration for Market Regulation Seeks Public Comments on Renewal of Old Residential Elevators] According to today's official website news from the State Administration for Market Regulation, in order to thoroughly implement the relevant decisions and deployments of the CPC Central Committee and the State Council, systematically promote the use of ultra-long-term special treasury bond funds to support the renewal of old residential elevators, and ensure the safety of residents using elevators, the "Notice on Further Improving the Renewal of Old Residential Elevators (Draft for Comments)" has been drafted and is now open for public comments. It mentions that local market regulatory authorities should urge elevator manufacturing units to earnestly fulfill their production responsibilities and provide elevator products with high quality, reasonable prices, and excellent after-sales service for the renewal of old residential elevators. The safety performance indicators of the drive units, control systems, door systems, suspension devices, and deflector sheaves selected by the manufacturing units for the renewed elevators must not be lower than those of the original elevators in use, ensuring sufficient safety margins. [Total Installed Power Generation Capacity Nearly 3.5 Billion kW in the First Four Months of This Year] Statistics released by the National Energy Administration show that as of the end of April, the total installed power generation capacity nationwide was 3.49 billion kW, up 15.9% YoY. Among them, the installed power generation capacity for solar energy was 990 million kW, up 47.7% YoY; the installed capacity for wind power was 540 million kW, up 18.2% YoY. From January to April this year, the total investment in power supply projects by major power generation enterprises nationwide reached 193.3 billion yuan, up 1.6% YoY; the total investment in power grid projects reached 140.8 billion yuan, up 14.6% YoY. [Shanghai Municipal Financial Regulatory Bureau: Supporting SHFE, CFFEX, and other financial markets in Shanghai to build world-class exchanges] Zhou Xiaoquan, Executive Deputy Director of the Shanghai Municipal Financial Regulatory Bureau, stated at the "2025 Shanghai Derivatives Market Forum" that Shanghai is further strengthening the functions of its financial markets, supporting SHFE, CFFEX, and other financial markets in Shanghai to build world-class exchanges, accelerating the construction of a center for RMB financial asset allocation and risk management, and better serving national strategies and safeguarding national security. First, it will continue to deepen the opening up of financial markets and enhance their internationalization. It will deepen the interconnection and interoperability of financial markets and accelerate the launch of international-oriented financial products. Second, it will continue to improve the layout of the derivatives system and expand the breadth and depth of services to the real economy. It will support the further enrichment of commodity and financial futures products, empowering the development of new quality productive forces with a more comprehensive product system. Third, it will enhance the ability to prevent and resolve financial risks and safeguard national strategic security. It will leverage the functions of the futures market to help real enterprises better manage risks and safeguard the security of China's industry and supply chains. It will support financial markets in seizing opportunities in digitalization, intelligence, and green development, enhancing their capabilities for independent and controllable system operations and secure maintenance. (Caijing) [SHFE: Accelerating the R&D and listing of varieties such as cast aluminum alloy and LNG] Tian Xiangyang, Chairman of SHFE, stated at the 2025 Shanghai Derivatives Market Forum that SHFE will establish a first-class product system that meets the needs of new quality productive forces, accelerating the R&D and listing of varieties such as cast aluminum alloy, LNG, offset printing paper, and corrugated base paper. It will create a first-class institutional mechanism that combines international standards with Chinese characteristics, steadily promoting portfolio margining, launching new trading instructions, and deepening the market's functions. The People's Bank of China conducted 154.5 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 64.5 billion yuan of 7-day reverse repos matured today, a net injection of 90 billion yuan was achieved. ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on May 22 was 7.1903 yuan per US dollar. US dollar: As of 15:02, the US dollar index fell by 0.01% to 99.6. Increased market concerns over the growing US debt, coupled with weak demand for 20-year US Treasury bonds, highlighted the market's low appetite for US assets. US House Speaker Johnson stated that a vote on a massive tax cut and spending bill could take place as early as Wednesday evening. The US Treasury Department sold $16 billion worth of 20-year bonds on Wednesday, but demand was weak. Investors are concerned that as Congress continues to debate the tax cut bill, the US debt burden will continue to grow. Later this week, several US Fed officials will deliver speeches that may provide further clues about the economy and the central bank's policy path. The market is currently pricing in at least a 50 basis point interest rate cut this year, with the first cut expected in October. Macro Aspects: Today, the preliminary SPGI Manufacturing PMI for France in May, the preliminary SPGI Manufacturing PMI for Germany in May, the preliminary SPGI Manufacturing PMI for the Eurozone in May, the Germany May IFO Business Climate Index, the preliminary SPGI Services PMI for the UK in May, the preliminary SPGI Manufacturing PMI for the UK in May, the CBI Industrial Trends Orders in the UK in May, the CFIB Business Barometer in Canada in May, the initial jobless claims in the US for the week ending May 17, the continued jobless claims in the US for the week ending May 10, the preliminary SPGI Manufacturing PMI for the US in May, and the annualized total of existing home sales in the US in April, among other data, will be released. Additionally, it is worth noting that Thomas Barkin, the 2027 FOMC voter and president of the Federal Reserve Bank of Richmond, will attend an event titled "Fed Listens." The State Council Information Office will hold a press conference, where Qiu Yong, Vice Minister of the Ministry of Science and Technology, Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, and relevant officials from the National Administration of Financial Regulation and the China Securities Regulatory Commission will introduce the situation regarding science and technology finance policies and answer questions from reporters. The European Central Bank will release the minutes of its April monetary policy meeting. Crude Oil Aspects: As of 15:02, oil prices in both markets fell simultaneously, with US oil down 1.61% and Brent oil down 1.63%. Kazakhstan continues to overproduce, and OPEC+ may adopt a more aggressive production increase strategy to enforce discipline. Kazakhstan has repeatedly exceeded its OPEC+ production quota, with its oil output further increasing by 2% in May to reach 1.86 million barrels per day, far exceeding its quota of 1.486 million barrels per day. This country, which has significantly overproduced, is becoming a headache for cooperation within OPEC+, undermining the credibility of OPEC+'s compensatory production cut agreement. OPEC+ may still consider a more aggressive production increase strategy on June 1 to warn member countries within the organization to strengthen production cut discipline, thereby putting greater supply pressure on the oil market. As Saudi Arabia shifts towards increasing production and demand slows down, the risk of inventory buildup in the oil market is gradually intensifying. According to the IEA's latest monthly report, it is expected that the increase in global crude oil supply in 2025 will far exceed the increase in demand, which is also the mainstream view of the vast majority of research institutions. The International Energy Agency (IEA) significantly raised its forecast for global supply growth in 2025 by 380,000 barrels per day (bpd) to 1.6 million bpd, primarily due to Saudi Arabia's shift from adhering to production cuts to accelerating production increases. The IEA also sharply lowered its forecast for global crude oil demand growth in 2025 from 1.03 million bpd to 730,000 bpd, and further reduced its projection for global crude oil demand growth in 2026 to 690,000 bpd, citing a global economic slowdown leading to a slowdown in oil product consumption. Meanwhile, OPEC lowered its forecast for global crude oil demand growth in 2025 from 1.45 million bpd to 1.3 million bpd. While the organization remains more optimistic from a seller's perspective, it has to admit that the demand outlook is deteriorating. (Wenhua Comprehensive) SMM Daily Review ► [SMM MHP Daily Review] May 22: Indonesian MHP prices slightly decline ► [SMM Nickel Sulphate Daily Review] May 22: Nickel salt prices remain stable

》[Live] Research and Analysis on Macroeconomy, Electric Power, Infrastructure, Real Estate, and PV Markets; Outlook on Copper and Aluminum Prices; Insights into Cable Technology Trends SMM, May 22: Metal Market: As of the midday close, domestic base metals generally fell. SHFE tin dropped 0.67%, SHFE zinc fell 0.6%, SHFE aluminum rose 0.27%, and SHFE nickel increased slightly. SHFE lead fell 0.83%, and SHFE copper dropped 0.14%. In addition, alumina rose 1.48%. Lithium carbonate increased 0.56%, silicon metal fell 0.25%, and polysilicon dropped 0.55%. The ferrous metals series mostly fell, with iron ore increasing slightly and HRC rising 0.22%. Stainless steel and rebar fell slightly, with declines both within 0.1%. For coking coal and coke: coking coal fell 1.19%, and coke dropped 1.09%. In overseas metal markets, as of 11:42 a.m., LME metals generally fell. LME copper rose 0.18%, LME aluminum increased 0.59%, LME zinc and LME nickel fell slightly, LME tin dropped 0.32%, and LME lead fell 0.43%. In precious metals, as of 11:42 a.m., COMEX gold rose 0.81%, and COMEX silver increased 0.4%. Domestically, SHFE gold rose 1.72%, and SHFE silver increased 1.4%. As of the midday close, the most-traded contract for the European Containerized Freight Index fell 3.55%, closing at 2148.1 points. As of 11:42 a.m. on May 22, midday futures market movements for some metals: 》SMM Metal Spot Prices on May 22 Spot and Fundamentals Aluminum: Inventory: According to SMM's domestic aluminum ingot inventory data, as of May 22, domestic aluminum ingot inventory stood at 557,000 mt, a destocking of 28,000 mt from Monday. In the short term, the lower arrival of aluminum in east China is conducive to the rise in premiums and discounts. Follow-up attention should be paid to changes in demand... 》Click for details Macro Front Domestic: [SAMR Publicly Solicits Opinions on the Renewal of Old Residential Elevators] According to today's official website news of the State Administration for Market Regulation (SAMR), in order to thoroughly implement the relevant decisions and deployments of the CPC Central Committee and the State Council, orderly promote the use of ultra-long-term special treasury bond funds to support the renewal of old residential elevators, and ensure the safety of residents using elevators, the SAMR has drafted the "Notice on Further Improving the Renewal of Old Residential Elevators (Draft for Public Comments)" and is now publicly soliciting opinions from society. It mentions that local market regulation departments should urge elevator manufacturing units to earnestly fulfill their production responsibilities and provide elevator products with high quality, reasonable prices, and excellent after-sales service for the renewal of old residential elevators. The safety performance indicators of drive units, control systems, door systems, suspension devices, and deflector sheaves selected by manufacturing units for the renewed elevators must not be lower than those of the original elevators in use, ensuring sufficient safety margins. [China's cumulative installed power generation capacity reached nearly 3.5 billion kW in the first four months of this year] According to statistics released by the National Energy Administration, as of the month-end of April, China's cumulative installed power generation capacity was 3.49 billion kW, up 15.9% YoY. Among this, the installed capacity of solar power generation was 990 million kW, up 47.7% YoY, and the installed capacity of wind power was 540 million kW, up 18.2% YoY. From January to April this year, China's major power generation enterprises completed investments of 193.3 billion yuan in power supply projects, up 1.6% YoY, and investments of 140.8 billion yuan in power grid projects, up 14.6% YoY. [Shanghai Municipal Financial Regulatory Bureau: Supporting SHFE, CFFEX, and other financial markets in Shanghai to build world-class exchanges] Zhou Xiaoquan, Executive Deputy Director of the Shanghai Municipal Financial Regulatory Bureau, stated at the "2025 Shanghai Derivatives Market Forum" that Shanghai is further strengthening the functions of its financial markets, supporting SHFE, CFFEX, and other financial markets in Shanghai to build world-class exchanges, accelerating the construction of a center for the allocation and risk management of RMB financial assets, and better serving national strategies and safeguarding national security. First, it will continue to deepen the opening up of financial markets and enhance their internationalization. It will deepen the interconnection and interoperability of financial markets and accelerate the launch of international-oriented financial products. Second, it will continue to improve the layout of the derivatives system and expand the breadth and depth of services to the real economy. It will support the further enrichment of commodity and financial futures products, empowering the development of new quality productive forces with a more comprehensive product system. Third, it will enhance the ability to prevent and resolve financial risks and safeguard national strategic security. It will leverage the functions of the futures market to help real enterprises better manage risks and safeguard the security of China's industry and supply chains. It will support financial markets in seizing opportunities in digitalization, intelligence, and green development, enhancing their capabilities for autonomous control, secure operation, and maintenance. (Caijing) [SHFE: Accelerating the R&D and listing of varieties such as cast aluminum alloy and LNG] Tian Xiangyang, Chairman of SHFE, stated at the 2025 Shanghai Derivatives Market Forum that SHFE will improve a first-class product system tailored to the needs of new quality productive forces, accelerating the R&D and listing of varieties such as cast aluminum alloy, LNG, offset printing paper, and corrugated base paper. It will establish a first-class institutional mechanism that combines international standards with Chinese characteristics, steadily advancing the implementation of portfolio margins, introducing new trading instructions, and deepening the market's functions. The People's Bank of China conducted 154.5 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 64.5 billion yuan of 7-day reverse repos matured today, a net injection of 90 billion yuan was achieved. ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market was 7.1903 RMB per US dollar on May 22 US dollar: The US dollar index continued its downward trend from the previous three trading sessions, remaining in the doldrums. As of 11:42, the US dollar index fell by 0.1% to 99.51. Mounting concerns over the US's ever-increasing debt, coupled with weak demand for 20-year US Treasury bonds, underscore the market's low appetite for US assets. US House Speaker Johnson stated that a vote on a massive tax cut and spending bill could take place as early as Wednesday evening. The US Treasury Department sold $16 billion in 20-year bonds on Wednesday, but demand was sluggish. Investors are worried that as Congress continues to debate the tax cut bill, the US's debt burden will continue to grow. Later this week, several US Fed officials are scheduled to speak, potentially offering further clues about the economic outlook and the central bank's policy path. The market is currently pricing in at least a 50 basis point interest rate cut this year, with the first cut expected in October. In other currency news: Bank of Japan (BOJ) Policy Board Member Asahi Noguchi said that the BOJ should not preset a terminal interest rate during the process of raising interest rates; instead, it should take time to assess the impact of each rate hike on the economy, carefully review the associated risks, and then consider the next rate increase. In his view, there is no need to make significant adjustments to the existing central bank's tapering plan. (Caijing) On the macro front: Today, the following data will be released: flash France May S&P Global Manufacturing PMI, flash Germany May S&P Global Manufacturing PMI, flash Eurozone May S&P Global Manufacturing PMI, Germany May IFO Business Climate Index, flash UK May S&P Global Services PMI, flash UK May S&P Global Manufacturing PMI, UK May CBI Industrial Trends Orders, Canada May CFIB Business Barometer, US initial jobless claims for the week ending May 17, US continuing jobless claims for the week ending May 10, flash US May S&P Global Manufacturing PMI, and US existing home sales annualized total for April. In addition, it is worth noting that: Thomas Barkin, the 2027 FOMC voter and president of the Federal Reserve Bank of Richmond, will attend an event titled "Fed Listens"; the State Council Information Office will hold a press conference, where Qiu Yong, Vice Minister of the Ministry of Science and Technology, Zhu Hexin, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, and relevant officials from the National Financial Regulatory Administration and the China Securities Regulatory Commission will introduce the relevant situation of science and technology finance policies and answer questions from reporters; and the European Central Bank (ECB) will publish the minutes of its April monetary policy meeting. In the crude oil market: As of 11:42, crude oil futures fluctuated rangebound. US crude oil was flat at $61.57 per barrel, while Brent crude oil fell by 0.05%. Oil prices came under pressure due to unexpected increases in US crude oil and fuel inventories, raising demand concerns. Additionally, the market remained cautious, keeping an eye on the resumed negotiations between Iran and the US. The US Energy Information Administration (EIA) said on Wednesday that US crude oil and fuel inventories rose unexpectedly last week, as crude oil imports hit a six-week high and gasoline and distillate demand declined. In the week ending May 16, US crude oil inventory increased by 1.3 million barrels to 443.2 million barrels. Gasoline inventory rose by 816,000 barrels to 225.5 million barrels. Distillate inventory increased by 580,000 barrels to 104.1 million barrels. Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, said, "Although the increase in US inventory has raised concerns, some investors expect that the summer driving season will arrive after the Memorial Day weekend, which is expected to destock inventory and limit further downside room for oil prices." (Webstock Inc.) Spot Market Overview: ► Suppliers' sentiment to sell off inventory is evident, with the premium center continuing to move lower [SMM Shanghai spot copper] ► Both inventory and copper prices are declining, with suppliers refusing to budge on prices while selling [SMM South China spot copper] ► The aftermath of the trade war lingers, with China's secondary copper import structure accelerating its reconfiguration [SMM Analysis] ► Destocking in east China exceeds expectations, with suppliers showing strong willingness to refuse to budge on prices [SMM Spot Aluminum Midday Review] ► [SMM Nickel Midday Review] Nickel prices changed relatively little on May 22, with the 20-year US Treasury auction being the worst in five years Other metal spot midday reviews will be updated later. Please refresh to view~