Recently, it was reported that the two new all-tab production lines at Tianpeng Power's Malaysia facility have both achieved mass production. These production lines cover a range of all-tab products in 18650 and 21700 formats, with a daily production capacity of 500,000 units. This will further enhance Tianpeng's delivery capabilities for all-tab products in overseas markets. The commissioning of the new all-tab production lines in Malaysia will further optimize Tianpeng's global manufacturing layout for all-tab products, strengthening its product delivery capabilities for overseas markets, particularly in high-growth sectors such as AI data centers.

SMM August 7 News: Metal market: As of midday close, domestic market base metals nearly all rose. SHFE copper added 0.56%, SHFE aluminum rose 0.86%, SHFE lead gained 0.48%, SHFE zinc advanced 1.35%, SHFE tin fell 0.3%, and SHFE nickel edged up 0.44%. Additionally, the most-traded cast aluminum futures contract edged up 0.32, while the most-traded alumina contract slipped 0.33%. Lithium carbonate most-traded contract rose 1.23%. Silicon metal most-traded contract surged 2.21%. Polysilicon most-traded futures contract jumped 5.03%. Ferrous metals all rose. Iron ore futures gained 0.28%, rebar edged higher, and hot-rolled coil rose 0.43%. Stainless steel advanced 1.39%. For coking coal and coke: the most-traded coking coal contract rose 2.6%, and the most-traded coke contract jumped 3.22%. In the overseas market, as of 11:40 AM, LME base metals rallied across the board. LME copper gained 0.69%, LME aluminum edged up 0.31%, LME lead rose 0.4%, LME zinc advanced 0.44%, LME tin added 0.42%, and LME nickel surged 1.61%. In the precious metals space, as of 11:40 AM, COMEX gold rose 0.43% and COMEX silver gained 1.45%. For domestic precious metals: SHFE gold edged up 0.28%, and the SHFE silver most-traded contract added 0.11%. Additionally, as of midday close, the most-traded platinum futures contract fell 1.71%, and the most-traded palladium futures contract dropped 1.55%. As of midday close, the most-traded European container shipping futures contract rose 1.79% to 1,682 points. As of 11:40 AM on August 7, here are some futures midday quotes: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 160 yuan/mt, up 70 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 60 yuan/mt, up 50 yuan/mt from the previous trading day; SX-EW copper was quoted at 0 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 108,355 yuan/mt, up 455 yuan/mt from the previous trading day; the average price of SX-EW copper was 108,245 yuan/mt, up 425 yuan/mt from the previous trading day... Macro front Domestic side: [Over 30 trillion yuan! China's goods trade imports and exports continued to grow in the first seven months this year] The General Administration of Customs announced today that in the first seven months, China's goods trade imports and exports totaled 30.13 trillion yuan, up 17.3% YoY, extending a solid growth momentum. Exports were 17.44 trillion yuan, up 14%, while imports were 12.69 trillion yuan, up 22%. In July alone, imports and exports amounted to 4.66 trillion yuan, up 19.2% YoY. Of which, exports stood at 2.71 trillion yuan, up 17.8%, and imports stood at 1.95 trillion yuan, up 21.2%. [National Energy Administration: Boost Independent R&D of Key Power Equipment, Promote Key Technology Breakthroughs in Power Chips and UHV Components] The National Energy Administration issued the "Power Safety Production '15th Five-Year' Action Plan." Among them, it is mentioned to strengthen "AI+" safety governance, innovate high-precision fault prediction and health management methods for equipment, promote the integration of AI technology into intelligent safety tools and equipment, and research AI large model-based auxiliary decision-making technologies for power safety production. Boost independent R&D of key power equipment, strengthen the R&D of new-type protective materials, set up special plans for technical breakthroughs in core components of power equipment, and promote key technology breakthroughs in power chips, UHV components, etc. Promote the innovation of safety and quality control technologies in power construction projects, research and build intelligent supervision systems for power construction projects, and use AI, big data and other means to strengthen off-site supervision and quality supervision of key power projects. (National Energy Administration) [General Administration of Customs: Integrated Circuit Cumulative Exports, January-July, Up 99.5% YoY] Data released by the General Administration of Customs showed that China's integrated circuit export value reached $38.74 billion in July, and the cumulative export value from January to July reached $216 billion, up 99.5% YoY. (Jin10 Data) [PBOC Open Market Operations Net Drain: Today (133 Billion Yuan), This Week (1,225.5 Billion Yuan)] The PBOC conducted 1 billion yuan of 7-day reverse repo operations today. With 134 billion yuan of 7-day reverse repos maturing, this resulted in a net drain of 133 billion yuan on the day. This week, the PBOC carried out 176.5 billion yuan of 7-day reverse repo operations, 300 billion yuan of overnight reverse repo operations, and 500 billion yuan of outright reverse repo operations. With 116.5 billion yuan of 7-day reverse repos and 900 billion yuan of overnight reverse repos maturing, the weekly net drain amounted to 1,225.5 billion yuan. (Jin10 Data) As of 11:40, the US dollar index edged up 0.02% to 99.96. The market focused on the US non-farm payrolls data for clues on the interest rate outlook. According to the CME FedWatch Tool, the probability of the Fed keeping rates unchanged in September was 45%, while the chance of a cumulative 25bp rate hike stood at 55%. For October, the probability of rates staying unchanged was 31%, with a 51.9% chance of a cumulative 25bp hike and a 17.1% chance of a cumulative 50bp hike. (Jin10 Data APP) US Fed’s Musalem: Currently, inflation is far above the Fed’s 2% target. Monetary policy must effectively curb underlying inflation, rather than tolerating current high inflation in hope of future productivity gains. US Q2 labour productivity grew faster than expected, mainly as enterprises sought to ease pressure from rising costs. Data released on Thursday showed that nonfarm productivity grew at an annualized rate of 1.4% in Q2, up from an upwardly revised 0.8% increase in Q1, a result that also exceeded general market forecasts. Unit labour costs, however, rose 1.3%, below expectations. Fed officials, investors, and economists have been looking for signs of whether hundreds of billions of dollars in AI investments are boosting labour productivity. However, given the large quarterly fluctuations in official data, it will still take time to observe a clear trend. Labour costs are one of the largest expense items for many enterprises, and efficiency improvements can allow wages to rise without pushing up inflation. In the long term, higher productivity helps improve living standards, but some economists worry that if AI-driven productivity gains persist, some enterprises may delay hiring or even cut staff. The Q2 productivity growth was supported by the strongest output growth since Q3 2025, alongside a relatively mild increase in hours worked. (Jin10 Data APP) Data: Today will see the release of France's Q2 ILO unemployment rate, Germany’s June seasonally adjusted industrial output m/m, Germany’s June seasonally adjusted trade balance, the UK’s July Halifax seasonally adjusted house price index m/m, France’s June trade balance, Switzerland’s July consumer confidence index, Canada’s July employment change, the US July unemployment rate, the US July seasonally adjusted nonfarm payrolls, the US July average hourly earnings y/y, the US July average hourly earnings m/m, the US July New York Fed 1-year inflation expectations, China’s July trade balance in USD terms, China’s July foreign exchange reserves, and China’s July trade balance. Attention: 2028 FOMC voter, St. Louis Fed President Musalem will speak on the US economy and monetary policy; 2027 FOMC voter, Richmond Fed President Barkin will speak. Crude oil: As of 11:40, oil prices in both markets rose, with WTI up 1.01% and Brent up 1.06%. Market concerns over navigation prospects in the Strait of Hormuz supported oil prices. According to preliminary US government data, US crude oil imports from Saudi Arabia fell to zero in July this year, the first time since 1985 that no Saudi crude was imported in an entire month. Data released by the US Department of Energy (DOE) on Wednesday local time showed that Saudi crude oil shipments to the US completely ceased in July. This drop is particularly striking given that US refineries were purchasing an average of over 800,000 barrels per day of Saudi crude earlier this year. As the closure of the Strait of Hormuz and other war-related supply disruptions pushed up crude prices linked to global benchmarks, US refineries have been seeking alternative supplies for Saudi crude. Saudi crude deliveries to the US have historically fallen to zero in individual weeks, but July marked the first time in over 40 years that deliveries were at the lowest level for an entire month. According to Kpler data, US crude imports from Saudi Arabia are expected to recover to around 300,000 barrels per day this month, in line with recent historical norms. (Jin10 Data APP) Saudi Arabia lowered its key crude prices for Asia, while negotiations were underway on an agreement aimed at easing shipping pressures in the Strait of Hormuz. The price cut came despite threats from Houthi militants that jeopardized the alternative route for eastbound crude shipments through the Red Sea. A price list showed that Saudi Aramco, the state oil company, lowered the price of Arab Light crude for delivery to Asian customers next month by 50¢ per barrel, to a level $2 below the regional benchmark. A previous survey showed that traders had expected Saudi Aramco to keep the price of its flagship crude unchanged. This week, the global benchmark Brent crude price fell sharply and is now trading near $80 per barrel. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

India's steel market presented a mixed picture in July, with domestic consumption continuing to outpace production while exports rebounded sharply, nearly matching imports for the month. However, strong import volumes earlier in the fiscal year kept the country a net importer through April-July.

SMM August 7 News: Metal Markets: Overnight, base metals on the domestic market broadly rose. SHFE copper edged up 0.1%. SHFE aluminum gained 0.38%. SHFE lead edged up 0.1%. SHFE zinc rose 1.11%, while SHFE tin fell 0.98%. SHFE nickel dropped 1.22%. Additionally, the most-traded alumina futures contract edged up 0.09%, while the most-traded foundry aluminum contract fell 0.52%. Overnight, ferrous metals all rose. Stainless steel edged up, iron ore gained 0.35%, and rebar rose 0.17%. Hot-rolled coil (HRC) increased 0.59%. For coking coal and coke: the most-traded coking coal futures contract rose 1.54%, and the most-traded coke contract gained 2.48%. Overnight, on the overseas market, LME base metals mostly fell. LME copper shot up to an intraday high of $14,369.5/mt, a level not seen since January 29, before eventually closing with a 0.4% decline. LME aluminum gained 0.65%. LME lead fell 0.29%. LME zinc rose 0.64%. LME tin dropped 1.43%. LME nickel fell 2.45%. Overnight Precious Metals : COMEX gold fell 0.15%, and COMEX silver dropped 0.81%. Overnight, the most-traded SHFE gold futures contract fell 0.01%, and the most-traded SHFE silver contract declined 0.93%. Closing prices as of 7:03 AM, August 7: Macro Front Domestic (China) News: [Guangdong: Promote the Integration of Futures and Spot Markets for Key Commodities like Iron Ore, Crude Oil, and Rubber to Enhance Pricing Influence on Bulk Commodities] The "15th Five-Year Plan for the Development of the China (Guangdong) Pilot Free Trade Zone (Draft for Comments)" was released for public comment. It mentioned plans to expand financial opening-up in an orderly manner. International financial institutions will be encouraged to set up headquarters in the zone, promoting the development of cross-border finance, innovative finance, venture capital and investment, wealth management, futures trading, asset management, specialty finance, and offshore services. The Plan aims to accelerate the implementation of projects like the Guangdong-Hong Kong-Macao Greater Bay Area International Commercial Bank and the GBA Insurance Service Center. It supports expanding the scale of commodity trading and promoting the integration of futures and spot markets for key commodities like iron ore, crude oil, and rubber to enhance their pricing influence. The Plan will promote the quality improvement and upgrade of fintech regulatory pilots and expand digital yuan application scenarios. It supports pilot programs for cross-border financial innovations such as offshore finance and green finance, and will promote the expansion of pilot programs like cross-border Wealth Management Connect and digital yuan cross-border payments. Institutions within the zone will be supported in developing specialty products like cross-border supply chain finance and intellectual property-pledged financing, and market entities will be guided to develop composite financial products. Pilots for cross-border credit asset transfers and multi-currency integrated accounts will be deepened to promote wider mutual recognition and connectivity of cross-border financial products. (Guangdong Department of Commerce) [CAAM: June Auto Commodity Import and Export Value Hits $31.82 Billion, Up 35.5% YoY] According to data from the General Administration of Customs compiled by the China Association of Automobile Manufacturers (CAAM), the total import and export value of auto commodities in June 2026 was $31.82 billion, up 8.0% MoM and up 35.5% YoY. The import value was $3.39 billion, down 6.1% MoM and down 18.7% YoY; the export value was $28.43 billion, up 10.0% MoM and up 47.2% YoY. From January to June 2026, the cumulative import and export value of national auto commodities totaled $164.74 billion, up 25.5% YoY. The import value was $19.25 billion, down 11.8% YoY; the export value was $145.49 billion, up 33.0% YoY. (Jin10 Data APP) US Dollar: Overnight, the US dollar index rose 0.26% to 99.95. Escalating geopolitical tensions weighed on both US stocks and bonds, causing them to fall. Oil prices jumped, reigniting inflation concerns ahead of the key US employment report. Market focus now turns to Friday's US employment report for new clues on the Federal Reserve's policy path. Stronger-than-expected jobs data could reinforce the case for higher-for-longer interest rates, while any escalation of tensions in the Middle East could push up energy prices and intensify market fluctuations. UBS analyst Ulrike Hoffmann noted: "Short-term risks remain, especially if US data remains firm, oil prices continue to fuel inflation concerns, or the market continues pricing in a more hawkish Fed rate path." Interactive Brokers Senior Economist José Torres stated: "Wall Street reversed again from recent strong gains as the lack of clarity concerning the Strait of Hormuz led investors to question whether the robust rally early this week was justified." (Jin10 Data APP) According to the CME "FedWatch" tool: The probability of the US Fed keeping rates unchanged by September is 45%, while the probability of a cumulative 25 basis point hike is 55%. The probability of the Fed keeping rates unchanged through October is 31%, while the probability of a cumulative 25 basis point hike is 51.9%, and a cumulative 50 basis point hike is 17.1%. (Jin10 Data APP) According to a report by the UK's Financial Times, even after a decision not to reveal too many details on rate strategy triggered a sharp sell-off in government bonds, Fed Chairman Warsh is sticking with his usual concise communication style. People close to Warsh say he acknowledges making some mistakes during his first 10 weeks at the helm of the world's most important central bank, including failing to reinforce his key message on price stability and creating confusion over whether his long-term plan to reform the Fed could influence near-term policy decisions. However, they insisted those mistakes were not enough to derail Warsh's reform plans for the Fed. People familiar with the matter also revealed that Warsh is prepared to raise interest rates at the September meeting if upcoming inflation data proves strong and market expectations for higher borrowing costs rise accordingly. The sources added that while the Fed Chairman raised the possibility of shrinking the central bank's $6.7 trillion balance sheet to tighten monetary policy, interest rates remain the primary tool for now and will be used at upcoming meetings if necessary. (Jin10 Data APP) Macro Events: Data releases today include France's Q2 ILO unemployment rate, Germany's June seasonally adjusted industrial output MoM, Germany's June seasonally adjusted trade balance, the UK's July Halifax seasonally adjusted house price index MoM, France's June trade balance, Switzerland's July consumer confidence index, Canada's July employment change, the US July unemployment rate, US July seasonally adjusted non-farm payrolls, US July average hourly earnings YoY, US July average hourly earnings MoM, US July New York Fed 1-year inflation expectations, China's July US dollar-denominated trade balance, China's July foreign exchange reserves, and China's July trade balance data. Watches: 2028 FOMC voter and St. Louis Fed President Musalem speaks on the US economy and monetary policy; 2027 FOMC voter and Richmond Fed President Barkin delivers remarks. Crude Oil: Overnight, both oil futures rose, with US oil gaining 4% and Brent oil surging 4.57%. Geopolitical risks rekindled, causing oil prices to spike sharply. Wall Street CN mentioned that the new navigation agreement for the Strait of Hormuz, proposed to be signed by Iran and Oman, revealed significant details again, indicating Iran's bid to control the strait. Furthermore, Iran has taken action, striking "enemy targets" near the strait. Iran's Fars News Agency (FARS) reported on Thursday, August 6, local time, that Iran's parliament is reviewing this agreement. Under the agreement, US and Israeli vessels will be barred from transiting the Strait of Hormuz, and nations that have "caused harm to Iran" will also be denied passage permits. Following this news, concerns over risks to global energy transportation rapidly intensified in the market. (Wall Street CN) Saudi Arabia cut its main crude oil price for Asia as negotiations proceed on an agreement aimed at easing shipping pressure in the Strait of Hormuz. The price cut came despite Houthi threats jeopardizing the alternative eastbound crude route via the Red Sea. According to a price list, state oil company Saudi Aramco reduced the price of its Arab Light crude for delivery to Asian clients next month by $0.50 per barrel, setting it at a $2/bbl discount to the regional benchmark. A prior survey showed traders expected Saudi Aramco to keep its flagship crude price unchanged. Global benchmark Brent crude prices fell sharply this week and are now trading near $80/bbl. (Jin10 Data APP) Over the past two months, the UAE has transported more crude oil through the Strait of Hormuz than any other producer, providing a critical supply buffer to a global market suffering from a historic energy crisis. According to energy data firm Kpler, a Very Large Crude Carrier (VLCC) loaded with Emirati cargo appeared in the Gulf of Oman on Tuesday after turning off its Automatic Identification System (AIS) signal at the end of July. The tanker carries crude from the Abu Dhabi National Oil Company. This is just one of dozens of similar tankers that have departed the Persian Gulf since the Abu Dhabi National Oil Company (ADNOC) began implementing a new sales strategy. According to trading sources familiar with the matter, since early June, ADNOC has sold over 130 million barrels of crude oil through seven unprecedented tenders. (Jin10 Data APP)

[SMM Zinc Morning Comment: SHFE Zinc Opens Higher with a Gap in Night Session, Expected to Stay High] Overnight, the most-traded SHFE zinc 2609 contract opened at 25,780 yuan/mt. After opening, SHFE zinc consolidated around the daily average line, hitting a session high of 25,960 yuan/mt and dipping to a low of 25,770 yuan/mt near the end. It finally closed up at 25,890 yuan/mt, up 305 yuan/mt or 1.19%, with trading volume increasing to 86,747 lots..

[SMM Analysis]Cost Support and Demand Constraints Coexist, ADC12 Consolidates at Highs, Awaiting Peak Season Breakthrough