On May 12, the 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum , organized by Shanghai Metals Market (SMM), drew to a successful close at the Sheraton Grande Tokyo Bay Hotel in Tokyo, Japan! Conference Background Driven by global sustainable development and circular economy initiatives, recycled metals and battery recycling have gained growing strategic importance. Facing rising metal demand and dwindling natural resources, recycling stands out as an eco-friendly and cost-effective alternative, backed by supportive policies and investment worldwide. As a major Asian recycling powerhouse, Japan boasts robust secondary metal output and sophisticated recycling technologies. It has also rolled out massive funding plans to expand e-waste recycling infrastructure and scale up relevant processing capacity. Centered on the theme "Low Carbon, Global Echoes", the 2026 GRMI gathered worldwide enterprises, experts and officials to exchange insights on circular economy trends, technological breakthroughs and industry policies. This event comprises three forums ( Main Forum, Recycling Forum, and Renewable Resources Equipment Forum ) and multiple panel sessions. Key Highlights Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Click to view photo gallery Main Forum Opening Remarks Adam Fan, Chairman, SMM Hao Qi Chairman, KINKI SANGYO CO.LTD. May 11 Main Forum Keynote Speeches [Keynote Speech] - Global Recycled Metals Industry Market Analysis: Policy Instruments, Corporate Responses, and Future Challenges Speaker: Rock Ding, Consulting Project Manager, SMM Rock expects that aluminum scrap production will continue to grow in the future, and global aluminum scrap supply and demand will maintain a tight balance before 2030. Regarding the copper scrap market, SMM expects that from 2026 to 2030, global copper scrap market supply and demand will continue to grow, and the market will remain in a state of persistently tight supply. The global recycling industry faces challenges including shortages of recycled raw materials supply, rising resource protectionism, cross-border logistics and transportation restrictions, lack of unified global governance, bottlenecks in recycling technology, and incomplete recycling system development. [Keynote Speech] - From India to the World: Sustainable Growth and Responsibility of a Leading Recycler Speaker: Sanchit Jain, Executive Director, Jain Resource Recycling Limited Developed markets (North America, Europe) generate over 70% of the world's scrap; North America has a recycling input rate of 57%, and Europe's aluminum recycling rate reaches 81% — yet their demand growth has slowed down, with scrap becoming a surplus resource exported abroad; Developing countries are where demand is surging — yet collection rates remain below 5%, dominated by informal operators lacking traceability; Globally, policies and market initiatives promoting traceability of recycled resources and ESG disclosure are accelerating at an increasing pace. Scrap generation and consumption exhibit a regional mismatch, with the resource gap formed by supply-demand misalignment increasingly demonstrating strategic significance; Scrap is no longer simply surplus off-cuts, but a core strategic resource reshaping the global recycled resource trade landscape. Recycling Has Become a Core Pillar for Industrial Incremental Growth Why Does the Recycling Industry Hold Critical Strategic Value Today? Secondary resource supply can cover over 40% of future incremental metal demand; reducing dependence on highly volatile primary ore resources. Recycling is the optimal viable pathway for the industry to achieve sustainable and scalable development. [Keynote Speech] - URBAN MINING India's Non-Ferrous Recycling Decade Opportunities & Challenges from a Smelter's Perspective speaker: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Four Core Drivers in Resonance, Continuously Driving Steady Expansion of India's Non-Ferrous Metal Demand 1. Energy Transition Acceleration India has set a clear target of achieving 500GW of non-fossil energy installed capacity by 2030. Power grid expansion, power transmission line construction, and renewable energy integration infrastructure are advancing comprehensively—all of which are high-consumption areas for copper and aluminum, directly boosting rigid demand for both metals. 2. Accelerating EV Penetration India has set a development target of 30% new energy vehicle penetration rate by 2030. A single EV uses approximately 3–4 times the amount of copper compared to traditional internal combustion engine vehicles. Meanwhile, the development of the power battery industry will give rise to an independent scrap recycling system, further opening up incremental space for non-ferrous metals. 3. Large-Scale Infrastructure Investment Implementation Leveraging the 11.1 billion rupee National Infrastructure Pipeline plan, projects including galvanized steel, power infrastructure, and urban rail transit will continue to be implemented over the next decade, providing sustained long-term support for zinc, copper, and aluminum market demand. 4. Manufacturing PLI Policy Empowerment India's Production Linked Incentive (PLI) scheme covers 14 key industries, focusing on metal-intensive sectors such as electronics, automotive, power battery, and capital goods. With policy support, the share of domestic manufacturing continues to rise, driving steady growth in non-ferrous metal consumption. Panel Discussion: Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Moderator: Adam Fan, Chairman, SMM Panelists: Sanjeev Phadke, The Treasurer of BMR, Bureau of Middle East Recycling (BMR) Amar Singh, Secretary General, Material Recycling Association of India (MRAI) Bin Zhang, Trade Director, TOUCHI INTERNATIONAL CORP. Jawed Ahmed, Founder and CEO, Al Qaryan International DMCC Recycling Forum Ketnoye Speech: Key Issues and Challenges Affecting the US Secondary Metals Industry Speaker: Adam Shaffer, Vice President of International Trade and Global Affairs, REMA Panel Discussion Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Eric Tan, President, Malaysia Nonferrous Metals Association Achirawat Thanasethatokul, Managing Director, Mahanakorn Metalscrap Co., Ltd. Jimin Choi, CEO/Founder, ETREE PTE LTD Michelle Leung, Head of Asia Metals and Mining Sustainability, Bloomberg Intelligence [Keynote Speech] - Analysis of Japan's Recycled Copper Market Speaker: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM AW YONG YI CHEONG noted that the current Japanese copper scrap market is gradually transitioning toward a highly competitive "seller ecosystem." Trading models that rely solely on spot cargo procurement are increasingly exposed to the risk of supply disruptions. To secure long-term resource supply, enterprises purchasing externally from outside China need to move beyond traditional spot trading mindsets and establish structural cooperative relationships through deep-binding approaches such as signing long-term contracts and equity partnerships, in order to adapt to the persistently tight market landscape. Panel Discussion Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Eric Tan, President, Malaysia Nonferrous Metals Association Panel Discussion Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Moderator: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM Panelists: Allan Zhang, Head of the Recycled Copper Business Unit, Hailiang Group Co., Ltd. Mr. Vishal Jatia, CEO, GREENLAND AMERICA INC WENCESLAO MANZANO HERNANDEZ, Director, DIMEXA HOLDINGS PTE. LTD. Shunsuke Kuwada, Overseas Manager, Hirata Corporation Co.,Ltd Yoshimichi Murakami, Executive Director, Wakoh Metal Co., Ltd. [Keynote Speech] - Current Status of Lead-Acid Battery in Japan Speaker: Yuji Tanamachi, CEO, IRUNIVERSE The volume of lead-acid battery scrap generated in Japan continues to decline. The reason is the sharp decrease in the number of end-of-life vehicles (ELVs) retired in China. Over a decade ago, the number of ELVs generated in Japan exceeded 5 million units, but now it is approximately 2.7 million units, nearly halved. The chart on the right shows the increase in the average service life of passenger vehicles. The significant decline in ELV numbers was mainly driven by two factors: first, continued decline in new car sales in Japan, directly driven by population decline; second, the climbing scale of used car exports. Since the auction model was popularized in Japan a decade ago, not only ordinary used cars but even retired vehicles could be traded through auctions. Logically, a decrease in total ELV numbers should lead to a corresponding reduction in the number of dismantling enterprises. However, the reality was quite the opposite: the number of dismantling enterprises backed by ex-China capital from Iran, Saudi Arabia, Syria, the Kurdish region, and China continued to grow. Award Ceremony SMM Recycled Metals Industry Premium Scrap Yards SMM Recycled Metals Industry Premium Traders SMM Recycled Metals Industry Premium Equipment Enterprises May 12 Renewable Resources Equipment Forum Panel Discussion Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Moderator: Bo Zhou, EVP, SMM Panelists: Owen Liang, Deputy General Manager, Foshan GreenField Environmental Protection Machinery Equipment Co., Ltd. Xian Lu, Chairman, Shandong Luyou renewable resources equipment Co., Ltd. Haihua Cheng, International Trade Minister, Jiangsu Huahong Technology Stock Co.,Ltd. [Keynote Speech] - Volatility Eats Margins for Breakfast Managing Risk Now That Tariffs, Geopolitics, And Supply Shocks Have Driven Base Metal Prices to Multi-year Extremes Speaker: Harsha Ramesh, CEO & Co-founder, Pillar Hedge Aluminum—Supply Shock From February to April 2026, aluminum prices surged by over 20% at their peak within just two months, driven by the following key factors: Strait of Hormuz Disruption: Iran conflict closes shipping lanes; approximately 9% of global supply at risk Gulf Production Hit: EGA flagship plant shut down for up to one year; Bahrain's ALBA halted Compounding Tariff Impact: US Midwest premiums widened significantly, tariffs reshaped physical trade flows Keynote Speech: Precision Sorting Green Future Speaker: Jianan Li, Overseas Sale, Zhejiang Tianli Equipment Technology Co., Ltd. [Panel Discussion] - Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Networking among medium-to-large-scale scrap yards/traders Conference Check-in The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum has now come to a successful conclusion. We sincerely appreciate the strong support from all industry participants and partners. Looking forward to meeting you again next year!

The 2026 SMM Hong Kong Metals Forum , organized by Shanghai Metals Market (SMM) and sponsored by China Securities International as platinum sponsor, wrapped up successfully at Novotel Hong Kong Century on May 6. With over 300 registrations and 200 on-site attendees, the forum focused on the theme "New Metals Cycle: Prices, Power & Global Wrestling". The event featured keynote speeches by industry experts and SMM analysts, covering base metals, new energy materials, and strategic revaluation of minor and precious metals. Two high-level panel sessions were held, exploring hot topics such as geopolitics, supply-demand fluctuations, CBAM impacts, and market opportunities. It also served as an efficient platform for networking and cooperation across entire industry chains. SMM Opening Address SMM Chairman Adam Fan SMM Chairman Adam Fan stated in the opening address that it was a great honor to gather with elites from all sectors of the industry at this forum. The world is currently at a critical development period, and the exchange of industry ideas is not only an industry necessity but also an inevitable requirement for global development. Adam reviewed the century-long legacy of the London Metal Exchange, which has weathered nearly 150 years of global changes and industry evolution, fully demonstrating that although market structures may change, the fundamental need for risk management and reliable price discovery remains constant. At the same time, Adam candidly acknowledged that global markets are currently mired in a pattern of deep fluctuations. Geopolitical conflicts, supply chain fragmentation, and the compounding crises of energy and food, overlaid with de-globalization and rising trade protectionism, have intensified market uncertainty and inflationary pressures, posing severe challenges to global economic growth and industrial cooperation. Against this backdrop, SMM has steadfastly upheld its mission, refusing to be a bystander to the trend of industry fragmentation, and is committed to serving as a bridge for global industrial connectivity amid a landscape of division. SMM is dedicated to promoting dialogue and exchange, breaking down industry and regional barriers, and bringing together regulators, traders, and producers from around the world to discuss industry development. SMM upholds the principle of information transparency, continuously providing accurate, real-time market data to help the industry see through market fog and clarify market distortions. SMM deepens pragmatic cooperation by building a neutral and professional platform for exchange and matchmaking, driving all parties to pursue collaborative development based on shared interests and transcending political differences. Adam emphasized that information sharing and open collaboration would be leveraged to mitigate market risks and strengthen overall industry resilience, and called on the industry to seize the opportunity of this forum to jointly explore solutions, transforming current challenges into momentum for driving integrated and robust development of the global metals industry. Speech by Platinum Sponsor Wang Guangxue, Member of the Executive Committee of China Securities Co., Ltd. and Chairman of China Securities Futures Co., Ltd. Wang stated that as a vital bridge connecting the capital market and the real economy, China Securities has always been committed to serving the high-quality development of the metals industry. Leveraging the comprehensive financial strengths of CITIC Group, the company has built a full-chain integrated service system covering securities, futures, investment, and research. The company has been deeply engaged in the commodities sector, continuously providing forward-looking research to anticipate market trends, utilizing futures instruments to build robust risk barriers, and empowering industrial upgrading through capital services. It will fully leverage CITIC Group's full-license resource advantages and the strategic value of Hong Kong as an international financial center to continuously strengthen its cross-border comprehensive financial services capabilities. The company aims to tailor integrated risk management and asset allocation solutions at home and abroad for enterprises across the metals industry chain, precisely helping enterprises hedge against price fluctuation risks, and enabling them to operate steadily and advance with high quality in complex market environments. Structural Shifts: Rethinking Commodity Benchmarks in an Era of Persistent Inflation and Rivalry Speaker: Tian Yaxiong, Co-Head of R&D Department, China Securities Futures Tian shared professional research findings and cutting-edge market insights on hot topics including the market outlook for global metals and the deep impact of geopolitics on commodity trends. SMM Industry Analysis: Market Outlook and Pre-seminar Sharing for Base Metals and New Energy Materials (Copper, Aluminum, Nickel, Cobalt, Lithium, and Tin) & How SMM Empowers Your Commodity Trading & Analysis Speakers: Dr. Yanchen Wang, Managing Director of SMM Global UK Ltd.; Thomas Feng, Head of Industry Analysis at SMM Dr. Wang first analyzed the macroeconomic landscape. At the beginning of this year, the manufacturing PMIs of major economies performed quite well, actually exceeding 50%. Without the conflict, demand this year would have been quite strong. However, at the end of February, the US-Iran conflict broke out, and the International Monetary Fund subsequently revised down its global economic growth expectations. He pointed out that China's exports remain one of the three pillars that are still functioning well to date. Regarding automobile consumption, he noted that for the EV market, the positive factor for the auto industry also lies in exports. In Q1 this year, export performance was indeed very strong. If you look at EV exports alone, they actually grew nearly 160% YoY. Driven mainly by growth in global markets, he remains optimistic about the auto industry this year. In Europe, gasoline and diesel prices have risen significantly due to the US-Iran conflict, and EV demand is expected to benefit from this factor. He believes the power sector continues to maintain strong growth. Based on power grid and power generation investment data from the first two months, combined with State Grid Corporation of China's earlier announcement that fixed asset investment during the "15th Five-Year Plan" period is expected to reach 4 trillion yuan, this indicates that electricity demand will drive strong growth. State Grid Corporation of China will build more ultra-high voltage transmission projects, which will undoubtedly support aluminum demand and also copper demand. Aluminum: Wang noted that base metal prices experienced wild swings since the beginning of this year. He also discussed that China's aluminum smelters continued to raise operating rates due to favorable profitability; aluminum demand pulled back in Q1, and high prices drove inventory higher; approximately 950,000 mt of new aluminum smelting capacity in Indonesia may come online in 2026, with some investors watching Angola; and aluminum semis and wheel hub exports maintained growth in Q1. Copper: After copper prices experienced a pullback and adjustment in March, downstream procurement demand in China was rapidly released, providing strong support for copper prices to rebound. Copper prices rose sharply, with the market downplaying geopolitical risks. China's copper cathode demand was robust, and inventory continued to decline. China's copper scrap market was not truly facing a spot shortage issue. The outlook for copper cathode demand is positive. China remains dependent on copper concentrate imports. Spot copper concentrate TCs showed no signs of bottoming out. By-product revenue sustained smelter profits. He also analyzed the DRC sulphuric acid market conditions, the expected slowdown in global refined production growth, and how a refined market supply deficit should support higher copper prices. He also mentioned that the AI industry maintained strong development momentum, bringing new growth momentum to copper demand. Tin: He elaborated from the following perspectives: Myanmar tin production — slow recovery, upward trajectory, 2025-2027E; Indonesia tin ore RKAB quotas — expected to ease slightly in 2026; DRC — major mine production remained stable, but the M23 movement added uncertainty; global tin prices — supply determines the floor, macro factors drive fluctuations; the global tin market is expected to maintain a tight balance, with new mining capacity expected to be concentrated for release in 2028. Thomas Feng shared insights on nickel, cobalt, and lithium: emerging from the trough and entering a new cycle. ►New energy demand landscape: from EV popularization to energy storage deployment. First, he reviewed and provided an outlook on the global NEV market: NEV demand no longer maintains a one-sided high-growth trajectory, but instead exhibits characteristics of regional differentiation, structural divergence, and intensifying cyclical volatility; development paces in China, Europe, and the US have shown notable differences; performance trends of BEVs, PHEVs, and commercial vehicles have diverged; and the impact of inventory and price cycles on industry operations is increasing significantly. Second, in his review and outlook of the global energy storage market, he noted that the global energy storage market will remain concentrated in three key regions: China, the US, and Europe. Driven by 2030 climate goals, emerging markets such as the Middle East, Australia, and Southeast Asia are showing strong growth in demand for large-scale energy storage. Benefiting from cost advantages and improved safety performance, LFP battery market share is expected to continue climbing. ►Lithium: Reshaping the Supply-Demand Pattern in a New Cycle Global lithium carbonate market: shifting from overall surplus to structural tightness, with prices in a post-trough reassessment and recovery phase. Lithium hydroxide supply and demand maintained a tight balance: production on the supply side was driven by demand, the market share of ternary power batteries was squeezed, and room for growth was limited. The concentration of lithium resource supply declined, with marginal growth rates slowing down simultaneously. Significant demand growth drove the continued expansion of resource projects. ►Nickel: Navigating Policy Changes and Narrowing Oversupply Indonesia's nickel ore HPM adjustment: aimed at enhancing the economic value of non-nickel resources. The discussion covered scenario analysis of nickel ore prices following the implementation of the new policy, and the impact analysis of nickel ore benchmark price adjustments on MHP full costs. Indonesia's nickel ore RKAB quota: a tight balance is expected to set the tone for 2026. Global primary nickel is expected to remain in persistent oversupply. Regarding the logic behind refined nickel price trends, it was noted that policy and macro factors jointly amplified price fluctuations, while cost support elevated the long-term price floor. ►Cobalt: Shifting from Surplus to Shortage after the DRC Export Ban——Long-Term Uncertainty Remains Following the DRC policy announcement, cobalt product prices in China rose rapidly. However, high prices suppressed downstream demand, putting prices under pressure. Starting from H2 2025, the Chinese market continued destocking. Amid raw material shortages, enterprises began using MHP and recycled materials as production substitutes. MHP and recycling are expected to continue growing rapidly, effectively bridging the cobalt hydroxide gap. Cost pressure transmitted in both directions: LCO doping/ternary substitution restarted, and consumer cobalt demand is expected to decline by 10%. As persistently high cobalt prices suppress demand, if China secures 90% of the DRC quota, supplemented by MHP and recycling supply, inventory buildup could occur as early as 2026. Panel Discussion: Global Metals Market Outlook——Geopolitics Disruption, Macro Cycles and the Return of Commodity Volatility •Copper and Aluminum Price Rise, 2024-2026 •Precious Metals Storm: Silver Swung Wildly, Gold Hit Record Highs — Interest Rate Cycles, Safe-Haven Demand, and Industrial Logic •Precious Metals and Industrial Metals: Are Commodities Entering a New Cycle •Focus on Critical Minerals: Emerging Region Supply Rise and Policy Shifts, Green Transition Co-Shaping a New Narrative •Chinese Market: The 15th Five-Year Plan Moderator: Yanchen Wang, Managing Director, SMM Global UK Ltd. Panelists: Yahong Tian, Co-Head of R&D, CITIC Futures Henry Van, Head of Industrial Metals Analysis, Trafigura Sharon Ding, Head of China Basic Materials, UBS Justin William Hughes, Commodity Derivatives Distribution, Optiver Xie Shaobo, Head of China, Appian Mining Fund & independent non-executive Director, Zijin Gold International Panelists noted aluminum has great upside—its 10% price rise lags its 4%-5% supply contraction (vs. oil’s 60% price surge on 10% supply drop), with valuation recovery incomplete. They were more optimistic about copper demand, driven by real downstream demand rather than speculation; aluminum semis’ upside is underappreciated due to high oil prices. Long-term, copper and gold are key for mining investment, with scarce high-quality copper mines and solid gold fundamentals. They also discussed US tariffs, China’s metal demand resilience and overseas mining investment. Overseas mining success hinges on resource-to-reserve certainty; West Africa, Latin America, DRC and Zambia are new hotspots, while Australian/Canadian listed miners are undervalued. Enterprises must plan prudently based on risk tolerance. Geopolitical conflicts (e.g., Iran) may trigger energy crises, but current inflation control and China’s high metal consumption share weaken demand impact. Long-term, energy crises will boost electrification, expanding copper/aluminum demand. Investment depends on risk appetite and fundamental grasp. SMM Industry Analysis: Strategic Re-valuation of Minor Precious and Minor Metals in 2026 — The Case of Silver and Tungsten Silver: Market Supply-Demand Balance and Macroeconomic Volatility: Evolution and Shift in Industrial Demand, Particularly Driven by the PV Sector Tungsten: Strategic Status Upgrade - Supply Constraints and High-End Demand Driving the 2026 Price Rally Speaker: Juno Zhu, Senior Analyst of Minor and Precious Metals, SMM Juno shared insights on the strategic revaluation of tungsten and silver. Tungsten: Tungsten prices have surged over 500% since 2025; China holds over 50% of global tungsten reserves, contributes nearly 80% of global production, and possesses a complete industrial value chain; China's tungsten supply constraints in 2025: H1 mining quotas declined 6.45% YoY; global new project stagnation: limited capacity expansion in 2026, with ex-China mine development cycles of 3–5 years; domestic tungsten downstream applications: significant growth in cutting tools and PV tungsten wire in 2025; European market: persistent raw material shortages, with Rotterdam tungsten prices surging since February 2025; China's tungsten product exports: transitioning from primary products to deep-processed products; SMM analysis: the tungsten market supply-demand gap is expected to persist but narrow in 2026; prices are expected to consolidate at highs after overheating cools. Silver: Silver price fluctuations in 2026: an unexpected surge from Q4 2025 to Q1 2026, where frenzied investment demand and capital liquidity completely overshadowed the impact of the industrial off-season. Shift in trade dynamics in Q1 2026: SGE-LBMA premiums reversal and a surge in imports. Demand spike in Q1 2026: the PV industry started with a recovery, and an investment boom generated a phased demand peak. PV market outlook: policy shifts in 2026 are expected to curb demand growth, with overall silver consumption remaining stable. Silver demand outlook for 2026: industrial fundamentals provide support, while investment surges serve as a tactical highlight. Silver supply outlook for 2026: mild annual growth and an expanding secondary supply share are expected to drive a tight balance in the market. Market outlook: short-term trends are expected to revert to industrial fundamentals, while the medium and long-term trajectory is expected to fluctuate at highs driven by safe-haven demand. Panel Discussion: Metals in a Fragmented World: Trading Opportunities in the Age of Instability (Physical Trading and Hedging) •Shifting Liquidity Landscape across LME, CME, and SHFE •Shipping Risks and Sanctioned Metals: Implications for LME Inventory Structure •How European CBAM is Reshaping Global Metals Trade Flows •Is the Metals Market Entering an "Era of Geopolitical Risk Premiums" •Internationalization of SHFE & GFEX: Opportunities and Challenges for Global Investors Moderator: Jean Tang, Commercial Director, SMM Panelist: Anant Jatia, Founder and Chief Investment Officer, Greenland Investment Management Bella Yu, General Manager of Marketing Department, Liyang Unilink E-commerce Co., Ltd. David Wilson, Director of Commodity Strategy, BNP Paribas Duncan Hobbs, Research Director, Concord Resources Nicholas Snowdon, Head of Metals and Mining Research, Mercuria Energy Trading SA Sabrina Qian, Director of Geared broking desk, IFCHOR GALBRAITHS Anant Jatia stated: CBAM represents a major policy shift in Europe's metals sector. It is not merely about raising trade costs, but will profoundly reshape global metal trade flows and pricing logic. CBAM officially took effect in January this year, initially covering categories such as steel and aluminum semis, with its core mechanism incorporating carbon emission intensity costs into Europe's metal pricing system. High-carbon-emission producers will need to bear additional carbon allowance costs, significantly weakening their export competitiveness to Europe, while green capacity powered by clean energy will gain a clear advantage in the European market and capture greater market share. Following the policy's implementation, the landed cost of metals in the European market will rise, sustaining a long-term regional premium similar to the aluminum premium structure in the US market. Compared with the market differentiation among LME-registered brands following CBAM's implementation, what deserves more attention are the entirely new market opportunities it creates. By sourcing low-carbon, high-quality materials, market participants can potentially capture green premiums, while the mechanism will also transform metal trading models and the global trade flow landscape. The panelists also discussed the changing liquidity landscape across LME, CME, and SHFE. They noted that liquidity in the commodity market is becoming increasingly fragmented, with copper and other products now tradable across multiple global futures exchanges. Price discovery is no longer concentrated in a single market, and the traditional pattern of one market leading gains and others following has reversed, with multi-exchange rotation driving price movements becoming the norm. Factors such as geopolitical policies and tariff adjustments have given rise to regional pricing divergence, with price movements in some markets increasingly driven by capital flows and sentiment. Policy and geopolitical events have also significantly affected the spread between futures and spot prices of metals, creating opportunities for cross-market arbitrage. Meanwhile, policies related to critical minerals supply security, regional supply shocks, and geopolitical disruptions have widened the dislocation between regional fundamentals and price signals. The metals market has entered a window of structural arbitrage opportunities, and this trend is expected to persist. Cross-market arbitrage continues to provide liquidity support to exchanges, a phenomenon broadly observed across both industrial and precious metals. In addition, the panelists engaged in in-depth discussions on the differences between exchange liquidity and industrial liquidity, as well as factors influencing metal price trends, including fundamentals, geopolitical developments, energy costs, and commodity transportation costs. Opening Remarks for Coffee Break Xu Tao, CEO of CSCI In his address, Xu Tao stated that Hong Kong serves as a vital hub in the global metals pricing and trading system, playing a key role in the aggregation of LME delivery resources and the internationalization of RMB-denominated commodities. Going forward, China Securities International will continue to leverage its role as a bridge for cross-border business, deepen collaboration with CSC Futures, and provide clients at home and abroad with efficient and professional comprehensive financial services in commodities, contributing to a higher level of opening-up of China's financial markets. Networking (Coffee Break) Acknowledgments The 2026 SMM Hong Kong Metals Forum was successfully held with special thanks to the Platinum Sponsor, China Securities International, for its strong support, as well as sincere gratitude to Liyang Unilink E-commerce Co., Ltd. for its significant contribution to the forum. Going forward, China Securities and China Securities International will continue to leverage the unique geographical and resource advantages of Hong Kong as an international financial center, deepen strategic cooperation with authoritative industry platforms such as SMM, and continuously improve the "onshore + offshore" integrated bulk commodity comprehensive service system, precisely empowering enterprises to seize market opportunities and hedge operational risks, contributing professional expertise to advancing the internationalization of China's bulk commodity market and enhancing the industry's global competitiveness. Liyang Unilink E-commerce Co., Ltd. (formerly Wuxi Stainless Steel Electronic Trading Center) has been engaged in new energy materials and critical metals supply chain services for over 20 years. Through its digital platform and offline service network, the company provides upstream and downstream clients with full-process online services including price negotiation, contract signing, contract execution, payment settlement, cargo delivery, processing, quality inspection, and after-sales services. With transparent pricing, 100% fulfillment guarantee, and strict quality control, it has established stable cooperation with over 30,000 industrial clients. In the field of critical strategic metal resources, Unilink has built a supply chain service system covering 14 critical metal varieties including indium, bismuth, nickel, cobalt, and lithium. Spot delivery volumes of indium and bismuth each account for over 90% of China's consumption. For new energy materials, spot delivery volumes of nickel, cobalt, and lithium on Zhonglian Jin's platform account for 30%, 90%, and 20% of China's consumption respectively, while daily sulfur trading volume exceeds 80,000 mt. Unilink implements a service model of "payment upon delivery, cargo pick-up upon payment," effectively shortening delivery cycles, reducing enterprise operating costs, and helping upstream and downstream clients achieve stable and efficient material scheduling. Zhonglian Jin strictly adheres to national industrial policies and resource management requirements, consistently focusing on serving the real economy, fully ensuring the security and smooth operation of bulk commodity supply chains, and promoting efficient resource allocation. It has ranked among China's Top 500 Service Enterprises and China's Top 20 Growing Internet Enterprises for two consecutive years. With that, the 2026 SMM Hong Kong Metals Forum came to a successful conclusion! Thank you for your help and support for this forum~

Policy Intensity Reshaping the Landscape, Costs Returning to Highs, and Structural Tightening of Market Supply

[SMM Steel Export Special Report] Steel exports are projected to increase by 0.9% in 2026, and billets may become the main force of growth through "conflict spillover" 一Review of Steel Exports in 2025 and Forecast for 2026 Looking back at the previous text ( https://mp.weixin.qq.com/s/XRKfmCwJbx6eUBrgJe_xug ), SMM, now combining market research from over 50 customer questionnaires and market analysis, makes a forecast for steel exports in 2026. First, we present the conclusion: the total export volume of steel (steel products + billets) in 2026 is expected to reach 135 million tons, still showing a growth trend year-on-year, with a growth rate of 0.9%. Data sources: SMM, General Administration of Customs Forecast by Variety: Coated and Galvanized Products Continue to Top the List, While Billets Leverage "Conflict Spillover" to Catch Up Data sources: SMM, General Administration of Customs Looking back at the product mix distribution over the past 25 years, coated and plated products ranked first, followed closely by hot-rolled products and steel billets. In addition, products such as pipes and wire rods also performed quite prominently. Data source: Directly compiled from SMM's research on exporters According to the results of the SMM questionnaire survey, it can be found that the export varieties in 2026 that are more favored by exporters are mainlygalvanized steel, hot-rolled steel, and profiles. It is worth noting that silicon steel also made the list, presumably for two reasons: first, with the global power grid undergoing upgrades, the demand for orientedsilicon steelin transformers has entered a growth phase; second, as the core material for new energy vehicle motors, it is also a major source of profit for China's high-value-added exports. Based on past export data and current market analysis, SMM has estimated and predicted that the main export products in 2026 will be ① Coated and plated products (24%, with positive growth for three consecutive years), As the domestic manufacturing industry transforms towards high-end, industrial transfer, and the booming of home appliance exports, home appliance and automobile factories in regions such as Southeast Asia and North America have all entered the production stage, with rigid demand for high-quality galvanized and color-coated sheets from China. Meanwhile, compared with ordinary hot-rolled, medium and heavy plate, and other deep-processed products, coated and plated products enjoy lower anti-dumping tax rates in some countries, which is also an important means to avoid trade frictions. ② As the product with the greatest development potential this year, billets (14%) currently have obvious advantages. On the one hand, billets in China are low in price and have faced very few trade barriers to date. In the whole year of 2025, the total export volume of billets reached as high as 14.83 million tons, with a year-on-year increase of 134%. According to the latest customs data compiled by SMM, the cumulative export volume of billets from January to February 2026 reached 1.7745 million tons, still achieving a year-on-year increase of 16%. On the other hand, against the backdrop of the US-Iran conflict, Iran's billet exports to Southeast Asia have nearly come to a halt, while China, with fewer overseas trade barriers for billets, will directly fill the market gap left by Iran's exit. The recent SMM Steel Export Weekly Report's research on the booming billet exports has repeatedly confirmed this situation. In summary, it is projected that billet exports will continue to maintain a high-speed growth trend in 2026, with a total volume of 19 million tons, a year-on-year increase of 28%. ③ Hot-rolled (13%) , with the implementation of Vietnam's anti-circumvention measures against Chinese hot-rolled coils this year, the total volume of hot-rolled exports will continue to decline. Meanwhile, in 2025, China's total hot-rolled exports to Saudi Arabia were second only to Vietnam, but now maritime blockades, high insurance costs, and freight rates will all become obstacles to exports to the Middle East, so the outlook for hot-rolled coil exports is not optimistic. However, as the saying goes, "a starved camel is still bigger than a horse." As a necessary product of the "Made in China" machinery and equipment going global (indirect exports), its market dominance remains difficult to shake in the short term. Therefore, even though the decline is significant, its total volume ranking remains relatively high. Data Sources: SMM, General Administration of Customs Regional Forecast: Asia Seeks Change Amid Stability, Africa Mines Potential, and European and American Markets Seek Differentiated Penetration Under "Barriers" Data sources: SMM, General Administration of Customs Reviewing the 25-year steel export data by region, it is clearly evident that the Asian market has a core region and diversified other regions. Regarding the forecast for the flow in 26 years, SMM believes that the general regions will remain unchanged, but in terms of breakdown, ① the Southeast Asian market located in Asia (60%) will see a slight increase in its share in the game between the growth of billets and coated products and the decline of hot-rolled coils, but the share of the Middle East regions such as Saudi Arabia is likely to weaken due to geopolitical conflicts, while the share of the Indian market, which serves as a transit point for transportation to the Middle East, may increase. ② Africa (16%) It is still a blue ocean with huge potential. The promotion of the African Continental Free Trade Area will accelerate the housing and infrastructure building in North Africa and West Africa, and local mineral and energy projects will continue to drive the demand for mining machinery special steel. ③ South America (9%), Europe (8%), and North America (6%) are competing. Among them, under the dual-wheel drive of new infrastructure and resource development, the South American region is expected to continue to expand compared with the same period; while the European market is expected to continue to adjust steel exports to "less but better" under the strict CBAM (carbon border adjustment mechanism) implementation.North America continues to be constrained by high Section 232 tariffs and trade protectionism, and its low share is an objective reality. Data sources: SMM, General Administration of Customs The following figure shows the ranking of export regions preferred by exporters in the SMM questionnaire, which can be used as a reference. Data source: Directly compiled from SMM's research on exporters 70% of merchants are turning to "upholding integrity while seeking innovation": SMM research reveals the compound survival logic of export trade in 2026 Meanwhile, we have also conducted relevant research on the destination countries and their corresponding export varieties. As shown in the figure, the hotspots are concentrated in Latin America, Africa, the Middle East, and Southeast Asia, and the star products remain coated and plated products, hot-rolled products, wire rods, section steels, and steel billets. Data source: Directly compiled from SMM's research on exporters In the current context where the wave of globalization is facing headwinds and the international political and economic landscape is undergoing drastic upheaval, export trade enterprises are standing at an unprecedented crossroads. Faced with the complex external environment of supply chain fluctuations, geopolitical games, and the iteration of consumer demand, waiting for death or passive maintenance is no longer an option. According to the survey data from SMM questionnaires, nearly 70% of exporters, after reviewing their own business maps, have resolutely chosen a compound response strategy of "upholding integrity while seeking innovation": that is, on the basis of ensuring the stable operation of existing advantageous products, they are extending their reach to more forward-looking new product development and new track expansion. We must admit that in the crucible of complex situations, only by continuously iterating the product matrix and responding to the ever-changing market demands with a flexible and adaptable stance can enterprises stand firm in the storm. 二Core factors influencing steel exports in 2026 Although the forecast for the overall steel exports in 2026 is relatively optimistic, we must also pay attention to some external challenges we are currently facing. Apart from the previously mentioned Chinese export license incident, SMM believes that there are mainly three factors affecting exports this year: the first is the expectation of production restrictions (2026 is the first year of the 15th Five-Year Plan, and the National Development and Reform Commission has clearly stated that it will continue to implement the reduction of crude steel production); the remaining two are the EU CBAM (Carbon Border Adjustment Mechanism) and anti-dumping cases. Below, we will provide an interpretation of these two major factors. 2026: The Inaugural Year of the "Carbon Tax" Kicks Off: With Substantive Imposition Looming, How Can China's Steel Exports to the EU Break the Deadlock? Starting from January 1, 2026, CBAM has officially concluded the transitional period of "only reporting, no payment" and entered the substantial collection phase. This mechanism is regarded as a key piece of the puzzle for the EU to achieve its "2050 Carbon neutrality" goal, with its core logic being to levy taxes equivalent to the EU's internal carbon price on high-carbon products imported into the EU, so as to eliminate the risk of "carbon leakage" and protect the competitiveness of the EU's domestic industries. Data source: SMM compiled from public information According to the latest research by SMM, most traders are currently taking a wait-and-see attitude towards steel exports to the EU region due to the issue of certificate fees. Meanwhile, to provide a buffer period for traders, the EU will not impose 100% fees in 2026, but will instead assess based on the "free allowances" of EU domestic enterprises. That is, at present, only a small portion of emissions need to pay for certificate fees, but this coefficient will decline year by year over time (reaching 0 in 2034, i.e., full fees will be charged). In summary, there is no need to be overly worried in the short term. However, due to the significant differences between China's steel production structure (dominated by long blast furnace processes) and that of the EU (where short electric furnace processes account for a relatively high proportion), the medium- to long-term impact on China's steel industry should not be underestimated. For details, please refer to the analysis in the figure below. Data sources: SMM, public information To maintain steel exports to the EU under the influence of policies, we propose the following optimization suggestions: ① Data compliance: As soon as possible, improve the full life cycle (LCA) carbon footprint accounting of export products, establish a carbon ledger that meets EU standards, and actively prepare all relevant materials. ② Product optimization: Prioritize low-carbon emission production lines (such as electric arc furnace lines with a high proportion of scrap steel) to undertake orders for export to the EU. ③ Premium transfer: Explore the brand premium of "green steel" and attempt to offset part of the carbon tariff cost through environmental premiums. ④ Layout adjustment: Focus on the production capacity layout in regions such as Southeast Asia, and evaluate the feasibility of avoiding or mitigating carbon footprint pressure through overseas bases. Break through the fog of "anti-dumping" and jump out of the trap of "pessimistic expectations" Finally, we have compiled the anti-dumping cases that have been adjudicated for the second half of 2025 and 2026. The main product categories affecting steel exports in 2026 are hot-rolled, coated, silicon steel, and medium and heavy plates, and the markets are mostly concentrated in countries such as South Korea, Brazil, Egypt, and India. Data sources: SMM, General Administration of Customs Considering that there is usually a time period of 1 to 1.5 years from case filing to ruling, we have also compiled the following table for relevant cases that may affect steel exports in 2026 in terms of market and product variety. Summary of anti-dumping cases to be implemented in 2026 Data sources: SMM, China Trade Remedy Information Network It should be noted that although there were also many new anti-dumping cases in 2025, they did not have the expected pessimistic impact on the actual total export volume for that year. Therefore, the proportion of the impact factor of this part in the SMM balance model is not large. So, even when evaluated based on the maximum impact upon implementation, there is still an expected increase in this year's actual export volume, with the growth rate of billets remaining the main driver. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. 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Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

The market rebounded in the afternoon, with all three major indices in positive territory and the ChiNext Index showing a stronger trend. The total trading volume of the Shanghai and Shenzhen stock exchanges reached 269 billion yuan, an increase of 91 billion yuan from the previous trading day. Futures-wise, market hotspots rapidly rotated, with over 3,500 stocks rising across the board. In terms of sectors, the commercial aerospace concept surged, with nearly 20 component stocks hitting the daily limit, including Julisuoju which hit two consecutive daily limits, as well as Shunhao Co., Ltd., Zhongchao Holdings, and Western Materials. The oil and gas concept continued to be strong, with Continental Oil hitting two consecutive daily limits. The coal sector was active, with Dayou Energy hitting two daily limits within three days. The PCB concept quickly rose, with Avary Holding and other stocks hitting the daily limit. On the downside, insurance, semiconductors, and pharmaceuticals were among the leading decliners. Specifically, the innovative drug concept collectively fell, with Adi Pharmaceuticals and Huisheng Bio experiencing significant declines. At the close, the Shanghai Composite Index rose 0.14%, the Shenzhen Component Index rose 0.5%, and the ChiNext Index rose 1.01%. In terms of sectors Commercial aerospace saw a collective rebound today, with Trigon Defense, Keshun Co., Ltd., Julisuoju, Great Wall Electric, Zaisen Technology, Shunhao Co., Ltd., and Western Materials among the stocks hitting the daily limit. On the news front, recently, GalaxySpace, iSpace, and Tianbing Tech, three commercial aerospace enterprises, updated their progress on listing guidance. Coupled with LandSpace's IPO application being accepted and CAS Space completing its guidance filing, five core enterprises mainly operating carrier rockets have all entered the race, vying for the title of "the first commercial aerospace stock." Aijian Securities stated that 2026 is expected to become the inaugural year of prosperity for China's commercial aerospace industry, with the pace of multiple constellation launches accelerating towards large-scale deployment. It is anticipated that the frequency of rocket launches will rise rapidly. The market size of China's commercial rocket launch services is projected to increase from 10.26 billion yuan in 2025 to 47.39 billion yuan in 2030, corresponding to a CAGR of about 35.8%. From a market perspective, after undergoing continuous adjustments, the short-term selling pressure in the commercial aerospace sector has been relatively fully released. As short-term sentiment continues to recover, it once again attracts concentrated capital inflows for recovery. However, it should be noted that the current market still revolves around rotation and also faces the test of earlier trapped positions. The difficulty for the commercial aerospace sector to initiate a new round of momentum in the short term remains high. After the initial broad-based recovery, only a few individual stocks may manage to sustain a breakout performance. The oil and gas concept remained strong, with Continental Oil and PT. Blue Flame Ruilong hitting the daily limit, and Sinopec Oilfield Services, Potential Energy, Zhongman Petroleum, and New Natural Gas among the top gainers. On the news front, on January 22, the Brent crude oil benchmark price by Business Society stood at $64.92 per barrel, up 5.85% from the beginning of the month ($61.33 per barrel). In a recent research report, West Securities reviewed the past three Kondratiev depression periods and found that super cycles of commodities exhibited distinct rotation patterns. Gold led the way in rising, and industrial metals also enjoyed a "safety premium," while energy prices, such as oil, may lag slightly. Given that the strategic oil inventories of the US and OECD have sharply pulled back to historical lows, and the gold-to-oil and copper-to-oil ratios have rapidly risen to historical highs, oil is now significantly undervalued compared to other commodities. The PCB sector strengthened again, with Shenzhen Chongda Technology, Shanghai Jinan Guoji, Avary Holding, and Honghe Technology hitting the daily limit, while Sihui Fushi, Zhongjing Electronics, Shennan Circuit, and Shengyi Technology were among the top gainers. On the news front, it was reported that due to tight supply and soaring prices of raw materials like fiberglass cloth, Japanese semiconductor material manufacturer Resonac announced an increase in the selling price of copper clad laminate (CCL), adhesive films, and other printed circuit board (PCB) materials by over 30% starting from March 1st. GF Securities pointed out that robust AI demand has driven both volume and price increases for PCBs, with AI-PCB companies seeing strong orders, full production, and capacity expansion. The demand for AI CCL is robust, and leading mainland producers are expected to benefit. In terms of individual stocks, from an individual stock perspective, short-term sentiment further recovered today. In the high-standard direction, Fenglong Co., Ltd. rarely achieved 17 consecutive daily limits, and Jiamai Packaging, after another daily limit today, recorded 17 daily limits in 25 days. Additionally, stocks that previously experienced A-shaped declines also saw anti-nuclear recovery, with Guosheng Technology being the most typical, performing a ground-to-ceiling move in the afternoon. Other stocks like Galaxy Electronics, Western Materials, Shunhao Co., and Zaisheng Technology also hit the daily limit, indicating that the previous round of short-term correction has largely concluded. However, it should be noted that during the rapid adjustment, related stocks accumulated significant overhang, and it may be challenging to fully resolve this in the short term. Focus on active stocks with relatively intact chip structures. Additionally, computing hardware stocks also rebounded, with Tengjing Technology and Avary Holding hitting the daily limit, while ZJX Innovations, Shengyi Electronics, Yuanjie Technology, and Eoptolink also saw notable gains. Late January is a period of intensive annual report previews for major publicly listed firms, and performance will once again become a key factor influencing the market. More funds are choosing to flow back into growth tracks with better earnings certainty, and there are still opportunities to find low-entry points during the upward oscillation. Market outlook, today's market showed a rebound, with all three major indices in positive territory, and the ChiNext Index performed strongly, with a slight increase in trading volume. Short-term sentiment also further recovered, with over a hundred stocks hitting the daily limit or rising more than 10% for two consecutive days, and the number of stocks experiencing sharp declines further decreased. It is expected that there is still momentum for short-term recovery, but it is likely to face oscillation and volatility. From the index perspective, the high points left on January 14th remain a key focus. If these can be effectively surpassed during the upward oscillation, with sufficient turnover of chips, it would be more conducive to the continuation of the market trend. From the perspective of the futures market, although short-term sentiment has recovered, the overall market is still dominated by rotation. Various hot topics often experience a certain degree of short-term divergence and consolidation after reaching a climax within a single day. Therefore, keeping pace accurately in response may be key, with a focus on seeking buying opportunities during pullbacks in popular sectors, which often yields a higher win rate. Market Highlights 1. SpaceX's Second-Generation Starlink System Scheduled for 2027, Aiming to Provide Faster Internet Services SpaceX plans to launch its second-generation Starlink system in 2027, aiming to provide faster internet services. The second-generation system is expected to offer 5G-like connectivity, with an overall capacity more than 100 times greater than the first generation and a throughput increase of over 20 times. Based on current progress, the US Federal Communications Commission (FCC) approved SpaceX's application this month to deploy an additional 7,500 second-generation Starlink satellites, further enhancing its global internet service capabilities. 2. Beijing Chuanyuezhe Company Books First Batch of Over 20 Space Tourists, Manned Maiden Flight Expected in 2028 Beijing Chuanyuezhe Manned Space Technology Co., Ltd. held a "Global Space Tourism Launch Event," where the full-scale test module of China's first commercial manned spacecraft, "Chuanyuezhe Yi Hao (CYZ1)," was publicly displayed for the first time. The technical team of "Chuanyuezhe Yi Hao (CYZ1)" stated before the event that over three spacecraft have been booked, totaling more than 20 space tourists, with the manned maiden flight expected to take place in 2028. During the event, the first batch of space tourists was introduced, including Li Licheng, academician of the Chinese Academy of Engineering; Qiu Heng, CMO of Agibot; Wang Jing, founder of the Toread brand; Fu Zhekuan, chairman of Qifu Capital; and additionally, one silicon-based lifeform, the PM01 from Zhongqing Robot. Previously, on January 18, Chuanyuezhe announced that the test module of the manned spacecraft had completed comprehensive verification tests of the landing buffer system, with all indicators meeting expected targets. This signifies that Chuanyuezhe has become the third commercial aerospace enterprise globally to develop and validate manned spacecraft landing buffer technology.