A spokesperson for the Ministry of Commerce (MOFCOM) made a statement regarding the US's attempt to impose a global ban on China's advanced computing chips. The Chinese side has noted that the US Department of Commerce recently issued guidelines, citing alleged presumptive violations of US export controls, in an attempt to impose a global ban on China's advanced computing chips, including specific Huawei Ascend chips. The US measures are typical examples of unilateral bullying and protectionist practices, seriously undermining the stability of the global semiconductor industry chain and supply chain, and depriving other countries of their rights to develop advanced computing chips and high-tech industries such as artificial intelligence. The Chinese side believes that the US's abuse of export controls to contain and suppress China violates international law and the basic norms of international relations, seriously undermining the legitimate rights and interests of Chinese enterprises and endangering China's development interests. The Chinese side emphasizes that the US measures are suspected of constituting discriminatory restrictive measures against Chinese enterprises. Any organization or individual that implements or assists in implementing the US measures will be suspected of violating laws and regulations such as the Anti-Foreign Sanctions Law of the People's Republic of China and must bear corresponding legal responsibilities. Innovative development and win-win cooperation are the general trend. The Chinese side urges the US to immediately correct its erroneous practices, comply with international economic and trade rules, and respect the rights of other countries to technological development. The Chinese side supports global enterprises in conducting in-depth scientific and technological cooperation in accordance with market principles, achieving mutual benefit and win-win results, and jointly promoting scientific and technological innovation to benefit people around the world. The Chinese side will closely monitor the implementation of the US measures and will take resolute measures to safeguard its own legitimate rights and interests.

Cui Dongshu, Secretary General of the Passenger Car Association, stated in an article on April 26 that China's auto imports have been declining at an average annual rate of around 8% since 2017, when they stood at 1.24 million units, dropping to only 800,000 units in 2023. In 2024, auto imports fell to 700,000 units, down 12% YoY. From January to March 2025, auto imports totaled 95,000 units, down 39% YoY, marking a rare significant decline for the period. In March, imports were 39,000 units, a 27% drop, showing a slight improvement. According to data cited by Cui Dongshu, the top sources of auto imports from January to March 2025 were Japan (30,517 units), Germany (23,695 units), Slovakia (17,733 units), the US (8,871 units), the UK (8,371 units), Mexico (1,443 units), Sweden (1,371 units), Austria (695 units), South Korea (359 units), and Italy (266 units). The largest YoY increases were from Slovakia (1,931 units), Belgium (98 units), Poland (85 units), Vietnam (40 units), and Spain (23 units). Notably, China's auto imports from the US have declined rapidly in recent years, falling from 280,000 units in 2017 to 109,000 units in 2024, a significant drop. From January to March 2025, imports from the US fell to 8,870 units, down 66% YoY, with the decline continuing in March. The article emphasized that, given the increasing complexity of international relations, it is necessary to establish more diversified import models to maintain a reasonable scale of auto imports and ensure the security of the international supply chain. The article also pointed out that the current import market is mainly supported by demand for luxury vehicles, while non-luxury imports have sharply declined. The share of luxury vehicles in total imports has significantly increased. In 2025, Lexus's import retail sales fell by 1%, performing well. BMW, Audi, and Land Rover showed strong overall performance, while Porsche's recent performance was relatively weak. Imported vehicles from joint venture brands have rapidly declined, with Toyota, Volkswagen, Subaru, and others experiencing sharp contractions. It is worth noting that the sharp decline in auto imports in Q1 contrasts sharply with the high growth in China's auto production and sales. According to CAAM data, in Q1, China's passenger car production and sales continued their strong performance, reaching 6.513 million and 6.419 million units, up 16.1% and 12.9% YoY, respectively, with growth rates higher than those of overall auto production and sales. The growth in passenger car sales was driven by the boost from passenger NEVs. CAAM data shows that in Q1, domestic sales of passenger NEVs in China reached 2.484 million units, up 47.6% YoY. Sales of passenger NEVs across all segments increased to varying degrees, with the majority concentrated in the A and B segments, which saw cumulative sales of 881,000 and 785,000 units, up 40.4% and 15.3% YoY, respectively. On the export front, in Q1, China's vehicle exports maintained steady growth, with NEV exports showing particularly strong growth. CAAM data shows that in Q1, China's vehicle exports reached 1.42 million units, up 7.3% YoY. Among the top 10 exporters, Chery, BYD, SAIC, Changan, and Geely each exported over 100,000 units, with Chery leading at 254,000 units, up 0.1% YoY, accounting for 17.9% of total exports. BYD followed with 214,000 units, up 1.2 times YoY, showing the most significant growth. Tesla fell out of the top 10.

At the CLNB 2025 (10th) New Energy Industry Chain Expo - Battery Raw Material Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Mr. Daniel Abdo, Director of International Relations and Business Development at Sigma Lithium, shared insights on the topic "Unlocking Green Energy: Responsible Mineral Strategies in the Energy Transition."

Coordinating Domestic and International Relations Enhancing the Security of Aluminum Resource Supply — Excerpt from a Speech at the Symposium on Chinese Enterprises' Investment in Guinea's Aluminum Industry China Nonferrous Metals Industry Association Party Secretary and President, Honglin Ge Just now, everyone shared valuable opinions and suggestions. The association will carefully absorb and actively study these inputs. For matters related to national policies, the association will convey them to relevant national departments and provide recommendations. For example, regarding the elimination of blind spots, establishing Chinese banks, insurance, accounting, and law firms in Guinea. For industry-related association work, we will actively study and adopt suggestions, such as collaborating with Chinese enterprises to research the development plan for Guinea's aluminum industry and the conversion of Chinese standards for the aluminum industry. This is my second visit to Guinea. The first was in September 2015, when I came for the development of the Simandou iron ore project. However, Guinea's abundant bauxite resources deeply attracted me, sparking the idea of Chalco's investment. After 10 years, Guinea's economy has undergone tremendous changes, with GDP growing nearly 200% from $8.778 billion in 2014 to $25.808 billion in 2024. I personally believe that Chinese enterprises' large-scale investment and development of bauxite in Guinea not only effectively supplement China's bauxite resource gap but also significantly drive the construction of infrastructure such as roads, railways, ports, and energy in Guinea, promoting its economic and social development. The past decade has proven that Chinese enterprises' investment in Guinea's aluminum industry is the right direction with remarkable achievements. The enterprises and entrepreneurs present here have made significant contributions. In this regard, our international publicity, including in Guinea, has been insufficient. Proper publicity will help gain further understanding and support from the Guinean government and society. Taking this opportunity, I would like to share five points on Chinese enterprises' investment in Guinea's aluminum industry for your reference. ➤ I. Fully Understand the "Ceiling" of China's Bauxite Demand As is well known, the aluminum industry chain is divided into four segments: bauxite, alumina, aluminum, and aluminum processing. Producing 1 mt of aluminum requires approximately 2 mt of alumina and 4 mt (50%) of bauxite. In 2016, facing overcapacity and severe losses in aluminum production, some insightful individuals in the nonferrous metals industry proposed regulatory judgments on aluminum capacity. From a legal perspective, the "Guiding Opinions on Resolving Severe Overcapacity Contradictions" issued by the State Council on October 6, 2013, explicitly prohibited new aluminum capacity projects, setting the compliance capacity at that time to around 45 million mt. From a market perspective, aluminum production was absolutely oversupplied. Based on developed countries' aluminum demand, 45 million mt of aluminum capacity, along with the use of secondary aluminum and strict control of aluminum exports, can fully meet China's demand for the next 15 years. Therefore, a report titled "Urgent Need to Strictly Control New Aluminum Capacity" was submitted to central authorities, receiving high attention and four important instructions from central leaders. Nationwide, supply-side structural reforms in the aluminum industry were carried out, establishing a self-regulated "ceiling" of 45 million mt. According to raw material ratios, this also formed ceilings of approximately 90 million mt of alumina and 200 million mt of bauxite (45% aluminum content). ➤ II. Fully Understand the "Ceiling" of Bauxite Imports from Guinea Due to China's significantly lower bauxite resource endowment compared to Guinea, whether in terms of quality, reserves, or extractability, many Chinese enterprises have actively invested in bauxite mining in Guinea, leading to a surge in Guinea's bauxite imports over the past decade. This raises two questions: First, should a reasonable ratio between domestic and imported bauxite be established for China's alumina production? Second, should a reasonable distribution of bauxite import sources be established? The answer is clearly yes. In terms of domestic and overseas supply ratios, the bottom line for domestic ore needs to be determined—whether it is 20%, 30%, or 40%. For imported ore, the bottom line for Guinea's share needs to be determined—whether it is 70%, 60%, or 50%. Assuming an extreme scenario of 20% domestic ore and 70% Guinea bauxite, Guinea would only need to supply 112 million mt (2.0*0.8*0.7). This figure already exceeds China's 2024 Guinea bauxite imports of 110 million mt and is lower than the 2024 production of 120.5 million mt by enterprises such as Chalco Boffa, SMB-Winning Consortium, SPIC, Henan International, and Zibo Rundi Jinbo, and even lower than the 140 million mt expected after new projects in Guinea in 2025. The surplus will force us to redirect sales to other regions worldwide. Even if we partially convert to producing alumina locally in Guinea, transporting alumina back to China will directly reduce domestic bauxite demand. ➤ III. Fully Understand and Coordinate Domestic and International Supply To enhance the security of international resource development and acquisition, it is essential to balance domestic, international, and country-specific supply ratios. Currently, we face two major issues: the rapid decline in domestic ore supply and the excessive concentration of imported ore sources. We must not recognize these issues early but act slowly. For the former, we must rely on a new round of domestic mineral exploration to increase bauxite reserves and production. Leveraging reforms in national mining rights policies, we should intensify bauxite resource surveys and exploration, enhance domestic resource reserves, especially promoting resources like coal-underlying bauxite and high-alumina fly ash, to ensure the security of bauxite supply in China's aluminum industry chain. For the latter, we must pay high attention to country-specific risks. Mining in a single country is not necessarily better with higher quantities. Without a comprehensive balance between domestic and non-Guinea ore, leading to disproportionate ratios, reliance can turn into dependence, planting future security risks. Everyone must think calmly. Additionally, with some enterprises committing to second and even third phases, and other Chinese enterprises attempting to join, the risk of concentration will further intensify. Numerous past examples show that excessive concentration in a single country inevitably leads to tighter government policies and controls. If enterprises fail to fulfill commitments made to secure resources, they can easily become targets of sanctions. From our survey, Chinese enterprises' bauxite development in Guinea has formed distinct characteristics. One category includes industry enterprises developing bauxite resources to extend and improve their aluminum industry chain, strengthening their core business. Another category includes cross-industry enterprises leveraging international trade and infrastructure construction advantages to engage in bauxite resource development. It is important to note that enterprises entering bauxite development solely for profit must fully understand domestic and international market changes, especially long-term demand trends, and formulate development plans. In summary, we must highly prioritize country-specific risks to enhance the security of international resource development and acquisition. ➤ IV. Fully Understand and Fulfill Social Responsibilities in Overseas Investment Yesterday, we visited the SMB-Winning Consortium's Emerald Renhe Hospital, which left a very positive impression with its excellent medical conditions and environment. It is a good project that integrates into local society and benefits the local population. In the future, Chinese enterprises investing and developing in Guinea must fully recognize and enhance the fulfillment of corporate social responsibilities. First, lead by example in green and low-carbon development. Actively participate in the investment and construction of green and low-carbon projects, introduce advanced low-carbon technologies and equipment, improve resource utilization efficiency, reduce carbon emissions, and ensure no pollution incidents, harmonizing project construction with the local ecological environment. Establish an internationally aligned carbon footprint management system from a strategic development perspective, which is not only socially responsible but also a crucial measure to enhance corporate international competitiveness. Second, enhance corporate image and deepen friendly community building. Chinese enterprises have established good development relationships with local communities during bauxite development. We must fully summarize past experiences and continue to deepen friendly community building. By listening to community needs and participating in community development, we can better integrate into the local area and strengthen trust relationships with the community. While providing employment opportunities and local talent development to improve livelihoods, we must also fully consider community welfare and development, which not only enhances corporate image but also ensures the long-term stable operation of our projects locally. Third, form synergies and strengthen government-enterprise communication. Chinese enterprises must establish communication with local governments to gain high-level understanding and support. Central state-owned enterprises and state-owned enterprises should play a leading role, forming a community of shared destiny between state-owned and private enterprises. ➤ V. Fully Understand and Strengthen Unity, Cooperation, and Mutual Benefit Chinese enterprises investing abroad must unite, cooperate, be inclusive, and share benefits. From our survey, some enterprises have further established cooperation channels and methods for information sharing and material assistance. In the future, we must further deepen unity and cooperation for mutual benefit. First, further deepen collaborative sharing. Make more efforts in the standardization and collaborative storage of transportation channels and infrastructure construction such as railways and roads, alumina projects, and materials, equipment, and spare parts, enhancing the shared support capabilities among enterprises in Guinea. This will not only improve individual enterprise operational capabilities and cost efficiency but also maximize the collective interests of Chinese enterprises. Second, further strengthen joint problem-solving. Through regular exchanges and symposiums, identify common challenges encountered in local mining, transportation, and other practical work processes, and resolve them through joint scientific and technological efforts. This can achieve collective wisdom and resource synergy. Third, further avoid overseas "cut-throat competition." "Cut-throat competition" is highly detrimental to the healthy development of the industry. Once it occurs, it is often difficult to self-repair or eliminate, with some repairs taking a long time and others incurring significant costs. Currently, domestic efforts are being made to address industry "cut-throat competition." We must learn from domestic experiences and lessons, effectively avoiding overseas "cut-throat competition" among Chinese enterprises in Guinea, which could weaken their position and bargaining power, resulting in overall interest losses.

On April 16, the 2025 (10th) New Energy Industry Expo, hosted by SMM Information & Technology Co., Ltd. (SMM), was grandly held at Halls F3-G3 of the Suzhou International Expo Center in Jiangsu, from April 16-18.

To thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and the requirements of the 2025 Government Work Report, and to implement the guiding opinions and implementation plans for promoting medium and long-term capital into the market, the Shenzhen Stock Exchange organized a medium and long-term capital investment strategy meeting in Beijing on April 11. Experts from various fields were invited to share their views on macroeconomics, international relations, investment strategies, and asset allocation. More than 200 representatives from national ministries, central state-owned enterprises, insurance asset management companies, bank wealth management, trust companies, public funds, securities companies, and news media attended the meeting. The head of the Shenzhen Stock Exchange stated that the recent global stock market volatility has once again highlighted the role of medium and long-term capital as the "ballast" and "stabilizer" for maintaining the stable and healthy operation of the market. The CPC Central Committee and the State Council have attached great importance to the entry of medium and long-term capital into the market and have made clear deployments on this matter multiple times. With the implementation of relevant policies and systems, the capital market's support for medium and long-term capital has gradually transitioned from blueprint to practice. As a market organizer and frontline regulator, the Shenzhen Stock Exchange, under the unified leadership of the China Securities Regulatory Commission, has refined relevant work plans in light of new situations and requirements, focusing on key areas such as product supply, environmental optimization, and service integration to help remove obstacles for medium and long-term capital entering the market. This includes improving the supply of equity, bond, fund, and derivative products at the product end, optimizing mechanisms to enhance trading convenience at the institutional end, and building a service matrix through targeted measures at the service end. The Shenzhen Stock Exchange will continue to work with various entities to continuously optimize the promotion of medium and long-term capital into the market, illuminating the path of "value investment" with the light of "long-termism," and jointly driving the market towards stability and improvement. The meeting focused on two themes: macro policies and investment practices, featuring keynote speeches and strategy sharing sessions. Experts from the government, academia, and market institutions engaged in discussions, actively addressing concerns in the process of medium and long-term capital investment. The keynote speech session focused on policy issues of concern to medium and long-term capital. Experts in macroeconomic policy, the insurance industry, and international relations delivered speeches on three topics: the shift in economic work priorities, the characteristics and trends of insurance capital as "long-term money" entering the market, and the international situation and Sino-US relations, enhancing the understanding of macro policies among participating institutions. The strategy sharing session focused on the trading practices of institutional investors. Experts from securities companies and fund companies shared insights on macroeconomics and investment strategies, asset selection and absolute return realization paths, and the application of ETFs in asset allocation, broadening the investment practices of medium and long-term capital participants. Participating institutions unanimously stated that in the face of the current complex international situation and an increasingly uncertain market environment, they will remain confident, maintain composure, adhere to long-termism and professionalism, continuously improve professional investment research capabilities, strive to enhance reasonable returns for investors, and fully leverage the role of the market as a "stabilizer" and an "accelerator" for economic development, contributing to the stable and healthy development of the capital market.