On March 30, the Shenzhen Municipal Commerce Bureau issued the Three-Year Action Plan of Shenzhen to Promote the Improvement of Quality and Efficiency in Foreign Trade—Special Measures for “Export Shenzhen.” It stated that support would be provided for the import of advanced technological equipment and key parts needed for the development of the “20+8” industrial clusters; enterprises would be guided and assisted in actively applying for national import interest subsidy support for technologies and products included in the Catalog of Technologies and Products Encouraged for Import; and “one-on-one” tax reduction and exemption guidance services would be provided for enterprises engaged in related frontier technology products. Personalized regulatory measures would be formulated for the import of important intermediate products required for the development of industries such as integrated circuits and flat-panel display modules, so as to promote the efficient input of key materials and components into R&D and production. Efforts would also be made to explore and advance pilot imports of used key parts for automotive R&D testing.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Slightly Higher in the Night Session and Then Fluctuated Lower, While Trading in the Spot Market Was Relatively Weak]

The Government Work Report stated that over the past year, China’s development moved toward the new and the better, demonstrating vigorous vitality. New quality productive forces developed steadily, with abundant achievements in scientific and technological innovation; the R&D and application of artificial intelligence, biomedicine, robotics, quantum technology, and other fields were at the global forefront. New breakthroughs were made in independent chip R&D; Tianwen-2 embarked on its “star-chasing” journey; the large-scale application of BeiDou was comprehensively expanded; construction began on the hydropower project in the lower reaches of the Yarlung Zangbo River; the first domestically built electromagnetic catapult aircraft carrier, the Fujian, was officially commissioned; and domestically developed large models led the global open-source ecosystem. The industrial structure continued to be optimized: the value added of high-tech manufacturing and equipment manufacturing grew by 9.4 and 9.2, respectively; the production of industrial robots and integrated circuits increased by 28 and 10.9, respectively; annual NEV production exceeded 16 million units; and EV charging facilities surpassed 20 million. Energy consumption per unit of GDP fell by 5.1, and ecological and environmental quality continued to improve.

The State Council Information Office held a press conference at 10 a.m. today. Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and Director of the Department of Comprehensive Statistics of National Economy, introduced the performance of China's national economy in May 2025 and answered questions from journalists. NBS: Economic Performance in May Generally Stable, with Continued Improvement in Some Indicators At the press conference held by the State Council Information Office, Fu Linghui stated that the economy performed generally stable in May, with continued improvement in some indicators. New growth drivers expanded, and the momentum of high-quality development continued, demonstrating the strong resilience and vitality of China's economy. In May, influenced by factors such as the trade-in policy for consumer goods, market sales growth accelerated. Total retail sales of consumer goods in May increased by 6.4% YoY, with the growth rate accelerating by 1.3 percentage points compared to the previous month. From January to May, service retail sales increased by 5.2%, accelerating by 0.1 percentage point compared to the January-April period. The acceleration of consumption growth, especially the expansion of service consumption, is also boosting related service industries. In May, the production indices of the wholesale and retail trade, accommodation and catering industries all accelerated compared to the previous month. Meanwhile, new growth drivers such as high-end manufacturing, the digital economy, and the new energy industry continued to expand, effectively promoting industrial transformation and ensuring stable economic performance. NBS: China's Policy Toolbox is Well-Stocked, with Macro Policies Held in Reserve At the press conference held by the State Council Information Office, Fu Linghui stated that since the beginning of this year, China has implemented more proactive macro policies, intensified counter-cyclical adjustments, and accelerated the implementation of major national strategies and the development of security capabilities in key areas ("two majors") and the program of large-scale equipment upgrades and consumer goods trade-ins ("two news"). These efforts have effectively enhanced the vitality of consumption, driven production growth, and promoted transformation and upgrading, fully demonstrating the important role of macro policies in stabilizing economic performance. In the next stage, China's policy toolbox is well-stocked, with macro policies held in reserve. They can be dynamically adjusted and actively responded to according to changes in the situation, and will continue to safeguard the stable operation of the economy. NBS: Youth Unemployment Rate Declines for Three Consecutive Months, Employment Situation Remains Stable At the press conference held by the State Council Information Office, Fu Linghui stated that the surveyed urban unemployment rate in China was 5.0% in May, a decrease of 0.1 percentage point from the previous month. Among them, the unemployment rate of the main employment group remained stable, and the youth unemployment rate declined for three consecutive months, indicating a continued stable employment situation. NBS: The Decline in China's Goods Imports is the Result of Multiple Factors At the press conference held by the State Council Information Office, Fu Linghui stated that since the beginning of this year, the decline in China's goods imports is the result of multiple factors. Since the beginning of this year, affected by the uncertainty of international trade policies, the growth momentum of the global economy has weakened, and global trade growth has also slowed down, which inevitably affects the growth of China's imports. Meanwhile, some countries have intensified trade restrictive measures, which have also had some adverse impacts on China's imports. In addition, international commodity prices have declined significantly this year, particularly energy prices. As a major importer of energy and raw materials, the decline in commodity prices has affected the growth of China's import value, as seen in the import values of products such as iron ore, crude oil, coal, and soybeans. Fu Linghui stated that while the import value of some commodities has declined, China's imports of major industrial products have maintained growth. In the first five months, the import value of mechanical and electrical products increased by 6% YoY, with imports of automatic data processing equipment and its parts, as well as integrated circuits, increasing by 69% and 7.3%, respectively. In the next stage, with the continuous expansion of domestic demand and the orderly expansion of independent and unilateral opening-up, China's vast market will undoubtedly provide greater opportunities and more choices for the world. National Bureau of Statistics (NBS): The real estate market continues to move towards stabilizing and recovering Fu Linghui stated at a press conference held by the State Council Information Office that since the beginning of this year, with the accelerated implementation of various policies to stabilize the real estate market, the market has continued to move towards stabilizing and recovering. Judging from the situation in May, the real estate market has generally operated smoothly. The YoY decline in housing prices in 70 large and medium-sized cities has continued to narrow, and the inventory of commercial housing has continued to decrease. From the perspective of market transactions, under the influence of various policies to stabilize the real estate market, real estate sales have remained generally stable. From January to May, the sales area and sales volume of newly-built commercial housing decreased by 2.9% and 3.8% YoY, respectively, which was basically flat compared to January-April. Market transactions in some first-tier and second-tier cities have been relatively active, with the sales area and sales volume of commercial housing maintaining growth. From the perspective of market prices, the YoY decline in the selling prices of newly-built commercial residential buildings has continued to narrow. In May, the YoY decline in the selling prices of commercial residential buildings in most of the 70 large and medium-sized cities continued to narrow. Among them, the YoY decline in the selling prices of newly-built commercial residential buildings in first-tier, second-tier, and third-tier cities narrowed by 0.4, 0.4, and 0.5 percentage points, respectively, compared to the previous month. The YoY decline in the selling prices of second-hand residential buildings narrowed by 0.5, 0.4, and 0.5 percentage points, respectively. From the perspective of commercial housing inventory, the area of commercial housing pending sale in May decreased by 7.15 million m² compared to month-end April, marking a decline for three consecutive months. Fu Linghui emphasized that, overall, the policies to promote the stabilization and recovery of the real estate market have continued to show effects, and the real estate market operated generally smoothly in May. However, it should be noted that the real estate market is still in the process of adjustment, market confidence needs to be continuously restored, and the supply-demand relationship in the market still needs to be improved. Continuous efforts are still required to promote the stabilization and recovery of the real estate market. National Bureau of Statistics (NBS): The Fourth National Agricultural Census is currently in the preparation stage Fu Linghui stated that the State Council recently issued a notice, deciding to conduct the Fourth National Agricultural Census in 2026. This is a major national survey of national conditions and national strength conducted on the new journey of comprehensively advancing the great rejuvenation of the Chinese nation with Chinese-style modernization. In accordance with the provisions of the Statistics Law of the People's Republic of China and the Regulations on National Agricultural Census, the agricultural census is conducted once every ten years, with the year ending in 6 designated as the census year. In 2026, China will conduct its fourth National Agricultural Census. The main objective is to comprehensively understand the current state of "agriculture, rural areas, and farmers" in the new era, objectively reflect new developments in agricultural development, new appearances in rural construction, new changes in rural life, and new achievements in rural reforms. This census is of great significance for formulating scientific policies on "agriculture, rural areas, and farmers," promoting comprehensive rural revitalization, accelerating the modernization of agriculture and rural areas, and building a strong agricultural country. Currently, the preparations for the fourth National Agricultural Census are underway, primarily focusing on establishing census organizations, developing census plans, and conducting pilot censuses. National Bureau of Statistics (NBS): Vigorously Increase the Supply of High-Quality Products and Actively Promote the Improvement and Expansion of Service Consumption Fu Linghui stated at a press conference held by the State Council Information Office that, overall, the economy has maintained stable operation. The effects of the trade-in policy for consumer goods have continued to emerge, and the vitality of the consumer market has gradually strengthened. Looking ahead, new forms and models of consumption, such as live-streaming e-commerce and instant retail, are becoming increasingly mature. The silver-hair economy, first-launch economy, and low-altitude economy are developing rapidly, and new growth points in the consumption economy are constantly emerging. However, it should also be noted that residents' consumption capacity and confidence still need to be improved, and the endogenous momentum of consumption needs to be enhanced. In the next stage, it is necessary to further implement the "Special Action Plan for Boosting Consumption," focus on enhancing residents' consumption capacity and willingness, further improve the consumption environment, vigorously increase the supply of high-quality products, actively promote the improvement and expansion of service consumption, and facilitate the stable development of the consumer market. National Bureau of Statistics (NBS): Continuously Promote Urban Renewal and Renovation of Dilapidated Houses, and Increase the Construction and Supply of "Good Houses" Fu Linghui stated at a press conference held by the State Council Information Office that, in the next stage, it is necessary to conscientiously implement the decisions and deployments of the CPC Central Committee and the State Council, actively adapt to the reality of significant changes in the supply-demand relationship in the real estate market, continuously promote urban renewal and renovation of dilapidated houses, increase the construction and supply of "good houses," facilitate the release of rigid and improvement-oriented housing demand, actively construct a new model for real estate development, and promote the steady and healthy development of the real estate market. National Bureau of Statistics (NBS): Despite Many External Uncertainties and Instabilities, China's Comprehensive Advantages in Foreign Trade Development Remain Evident Fu Linghui stated at a press conference held by the State Council Information Office that in May, China's foreign trade continued to withstand pressure and maintained steady growth. In May, China's total import and export volume of goods increased by 2.7%, and exports increased by 6.3%, maintaining steady and relatively rapid growth. According to data from market institutions, the new export orders index of the global manufacturing PMI in May was below the 50 mark and remained in contraction territory for two consecutive months. The negative impacts of trade protectionism and uncertainties on global trade growth have gradually emerged. Against this backdrop, China's trade in goods has maintained growth, demonstrating the strong international competitiveness and resilience of its foreign trade. Amid a complex and challenging international environment, with the rise of unilateralism and protectionism severely impacting the international economic and trade order, China's foreign trade has maintained steady growth. This is attributable to China's unwavering commitment to expanding opening-up, actively promoting the diversified development of foreign trade, as well as the high-end, intelligent, and green development of its industries, the upgrading of product structures, and the enhancement of market competitiveness. It is also due to China's active support for the development of foreign trade enterprises, creating favorable conditions for foreign trade development through measures such as improving trade facilitation. In the next stage, there will be many external uncertain and unstable factors, which will bring certain pressure to China's foreign trade growth. However, China's comprehensive advantages in foreign trade development remain evident, and the continuous expansion of high-level opening-up based on mutual benefit and win-win results will continue to support the steady development of foreign trade.

The port and shipping sector once again defied the market downturn today, attracting significant attention. As of the time of writing, SITC International Holdings Co., Ltd. (01308.HK) surged by over 5%, while T.S. Lines Limited (02510.HK) rose by more than 4%. Other stocks, including COSCO SHIPPING Development Co., Ltd. (02866.HK), Qingdao Port International Co., Ltd. (06198.HK), and COSCO SHIPPING Holdings Co., Ltd. (01919.HK), also followed suit with gains. On the news front, due to concerns over the uncertainty of tariff risks, there has been a concentrated surge in demand for rush shipments in recent times, which has been beneficial for the shipping sector's prosperity. According to data from the Shanghai Shipping Exchange, as of June 9, 2025, the Shanghai Containerized Freight Index (SCFI) for the Europe route stood at 1,622.81 points, marking a 29.5% increase compared to the previous period. Additionally, news from the Ningbo Shipping Exchange indicates that the South America East Coast route market experienced significant fluctuations last week: there was a substantial shortage of shipping capacity, leading to persistent tightness in cargo space and a continued rise in freight rates. The freight rate index for the South America East Coast route reached 2,324.2 points, up 43.7% from the previous week. Furthermore, data from the General Administration of Customs show that China's exports in May, valued in US dollars, increased by 4.8% YoY, continuing to demonstrate resilience. In a research report issued on June 9, Guosheng Securities stated that while the decline in exports to the US widened in May, exports to the EU increased, and exports to emerging markets remained at a high level. Specifically, exports to ASEAN increased by 14.8% YoY, with exports to Vietnam surging by 22.0% YoY, reflecting a clear re-exporting trend. Guosen Securities also noted that the resilience of exports in May was mainly driven by positive factors such as the marginal strengthening of exports to non-US countries and the upward trend in export growth rates for products like integrated circuits and automobiles, indicating improvements in both the geographical distribution of trade and the composition of exported products.

As a key material in fields such as aerospace, integrated circuits, and high-speed rail transportation, high-end copper alloys are increasingly gaining strategic importance. Despite China's copper semis production and consumption ranking first globally for consecutive years, with a self-sufficiency rate of 96% for general copper semis, high-end copper alloy products still heavily rely on imports. To address this "chokehold" challenge, SMM recently initiated an industry resource integration proposal, collaborating with upstream and downstream enterprises in the industry chain as well as research institutions to meticulously produce the "2026 China Copper Alloy Materials Sourcing Guide" , aiming to advance the localisation process of high-end copper alloy materials and facilitate the transition from a "major material producer" to a "powerful material producer". Ningbo Ouke Metal Materials Co., Ltd., as a partner, actively participated in the joint production of the sourcing guide, jointly promoting the healthy and rapid upgrading of China's copper alloy materials industry chain. Ningbo Ouke Metal Materials Co., Ltd. , established in 2018, spans 30 mu with a construction area of 12,000 square meters and an annual production capacity of 8,000 mt of copper alloy rods and wires. It is a producer specializing in the R&D and production of high-precision copper alloy materials. The company mainly engages in the production and processing of wire and rod materials for alloys such as tin bronze, red copper, tellurium copper, and brass, offering a comprehensive range of copper alloy series grades, advanced production and inspection equipment, and forming advantageous industrial layouts in multiple sectors. The straightness and tolerance of the company's products can meet the processing requirements of various types of automatic lathes and CNC turning machines, with straight bars available in specifications ranging from φ0.8 to φ100mm in diameter. The grades involved include: 1. Tellurium copper C14500, oxygen-free tellurium copper (new energy high-voltage fast charging series), red copper T2, oxygen-free copper TU1, TU2, etc., with coil stock used for cold heading terminal series (500 kg per single coil) 2. Lead-free copper HBi59-1.5 (conventional C6801), HBi59-2 (applied in easy-to-machine e-cigarette through-hole parts, spring pins, etc.) 3. Tin bronze QSn4-3 (military 1.2, 1.3, 1.5, 2.0, etc., diameter stockpiling), C54400, QSn6.5-0.1, C5191, C51000, QSn10-1, C93200 4. Aluminum bronze QAl9-4, QAl10-4-4, C63000, C63200 5. Conventional brass and environmentally friendly national standard copper: 62, H65, H70 copper, HPb59-1, C3604, etc. 6. New-type elastic easy-to-machine materials: C19160, C31400, C18700, C14415, applied in NEV, military, and aerospace fields 7. Agency sales and polishing, beryllium copper C17300, C17200, QBe2, C17510, etc., can provide high-precision ground bars with a tolerance control of 0.005mm Contact Information Wu Yonglin, Deputy General Manager, 13685735155 (same as WeChat) Click here to receive the "2026 China Copper Alloy Materials Sourcing Guide" for free SMM Contact Person Lin Junfeng 183 2622 3112 linjunfeng@smm.cn