Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations are imposing higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standard-setting. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. IKOI S.p.A will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us to witness and participate in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! IKOI, established in 1977, is a global leader in pyrometallurgical processes for precious metal refineries, mints, and jewelry markets. Currently, it has 3 major product lines: COMPACT integrated fully automatic gold and silver ingot casting systems, FCC FLAMELESS CASTING CHAMBER® fully automatic delivery bar systems, and the acid-free separation technology ALS system that physically separates gold and silver. IKOI's vision is to create safe, efficient, and green precious metal processing methods. IKOI's mission is to bring innovative and sustainable technologies to the precious metal industry. Contact Information Ni Yong 187 0185 9684 Long press to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

Against the backdrop of the global energy transition and the accelerating development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound transformation across its industry chain. On one hand, demand for silver from emerging sectors such as PV, NEVs, and 5G communications continues to climb, driving the industry toward higher value-added and greener development. On the other hand, resource constraints, technological barriers, and market fluctuations impose higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, recycling, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue on three core topics: technological R&D, supply chain optimization, and market expansion. Through the release of an industry white paper, the establishment of an innovation alliance, and the signing of major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Quanda New Materials (Ningbo) Co., Ltd. / Ningbo Haoshun Precious Metals Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Quanda New Materials (Ningbo) Co., Ltd. was founded in December 2023 by Mr. Chen Yongda, who has over twenty years of experience in the silver industry, building upon his existing silver distribution business to align with the major trend of silver consumption upgrading in the new era. With a registered capital of 15 million yuan, the company is located in the scenic Xiangshan Chemical Economic and Technological Development Zone in Ningbo. It is a fully automated factory enterprise specializing in the production of silver nitrate using silver as the primary raw material, with a designed capacity of 5,000 mt/year, and is a key supported enterprise of the Xiangshan Chemical Economic and Technological Development Zone in Ningbo. The company boasts strong technical capabilities and an experienced professional team, with advanced production processes and equipment. Relying on five management systems, it maintains strict quality detection procedures and has established an internal R&D center staffed with dozens of mid-to-senior-level professional and technical personnel. The company's product quality is consistently among the leading levels in the domestic peer industry, with products widely applied in military enterprises, the electronics industry, the PV industry, aerospace, and other fields. We are committed to providing clients with more value-added services through quality products, efficient services, and reasonable prices. Contact Information Ms. Shi 13566055239 Address: No. 52 Wentao Road, (Baiyanshan) Park, Xiangshan County, Ningbo City, Zhejiang Province Ningbo Haoshun Precious Metals Co., Ltd. is an innovative modern commercial distribution enterprise primarily engaged in the supply of precious metal silver raw materials in China and customized silver crafts services. It is a standing council member of the China General Chamber of Commerce and a vice president unit of the Gold and Silver Branch of the China Nonferrous Metals Industry Association (CNIA). Since its establishment and operation, the company has consistently adhered to the business philosophy of "being down-to-earth, operating with integrity, and achieving mutual benefit." It upholds the business cooperation principle of "creating value together, sharing results together, and winning the future together." After years of development and growth, the company has established long-term and stable cooperative relationships with multiple well-known silver mine enterprises in China. Its supply and sales channels have become stable, and it has selected a group of strategic partners with strength, credibility, quality, and service orientation. It has cultivated a dedicated, responsible, pragmatic, and efficient business team, providing a strong guarantee for the company's steady and high-quality development. Its industry reputation, market influence, and corporate soft power are all gradually strengthening. Its spot silver trading volume has been at the industry-leading level for consecutive years. A modern commercial distribution enterprise with a maturing management mechanism is emerging. Looking ahead, Ningbo Haoshun Precious Metals Co., Ltd. is expected to align with the major trend of silver consumption upgrading in the new era, proactively innovate and adapt, employ flexible and elastic trading models, adopt a strict risk control system, and leverage timely and efficient services. The company will strive to anticipate clients' needs and fulfill their requirements, endeavoring to provide clients with diversified and more value-added services. As the ancients said, " When one calls with the wind at his back, his voice is no louder, yet it is heard more clearly. Ningbo Haoshun Precious Metals Co., Ltd. will stay true to its original mission of serving the National Silver Enterprise Annual Conference. On the road ahead, it will willingly serve as a practitioner of honest and trustworthy trading in the silver industry market, a driver of integrated coexistence and win-win cooperation among enterprises, and a contributor to the steady, prosperous, and sustainable development of the industry. Contact Information Mr. Yao 13817213537 Tel: 0574-88053076 Fax: 0574-88053796 Address: Room 151, Building 22, No. 818 Qiming Road, Yinzhou District, Ningbo, Zhejiang Province Press and hold to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

This week, the operating rate of China's leading downstream aluminum processing enterprises was 64.1%, down 0.3 percentage points WoW.

SMM News, May 28: Recently, multiple regions across China released policies to promote the stable and healthy development of the real estate market. Provinces and cities including Guangzhou, Shenzhen, Xiamen, Hunan, and Suzhou successively optimized property market regulation details, including measures such as relaxing provident fund loan conditions, raising loan limits, advancing state-owned enterprise acquisition of existing second-hand housing, and implementing housing "trade-in" policies, which are expected to gradually activate housing replacement demand and revitalize existing housing stock. As policy effects gradually materialized, transaction activity in core cities such as Beijing, Shanghai, Guangzhou, and Shenzhen recovered, real estate enterprises' financing environment showed marginal improvement, and industry fundamentals saw slight repair. Boosted by both policies and fundamentals, coupled with some capital reallocation, the real estate sector posted a counter-trend rally. As of the market close on May 28, the real estate development sector rose 0.99%, and real estate services rose 1.39%. In terms of individual stocks: Beichen Property, Tianjian Group, Xiangjiang Holdings, Vantone Development and other stocks hit the daily limit, while Xinhuangpu, Jintou Chengkai, Black Peony, Yue Hong Yuan A, and Worldunion all ranked among the top gainers. News [The Political Bureau of the CPC Central Committee Held a Meeting to Analyze and Study the Current Economic Situation and Economic Work] The Political Bureau of the CPC Central Committee held a meeting on April 28 to analyze and study the current economic situation and economic work. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting. The meeting noted that since the beginning of this year, the CPC Central Committee with Comrade Xi Jinping at its core has strengthened overall leadership over economic work, taking a holistic and forward-looking approach. All regions and departments have acted proactively and adopted comprehensive measures. China's economy got off to a strong start, with major indicators performing better than expectations, demonstrating strong resilience and vitality. At the same time, there are some difficulties and challenges, and the foundation for sustained and steady economic improvement needs to be further consolidated. Confidence should be strengthened, and economic work should be pursued with greater intensity and more practical measures. The meeting pointed out the need to effectively prevent and defuse risks in key areas. Efforts should be made to stabilize the real estate market and solidly advance urban renewal. Local government debt risks should be resolved in an orderly manner, with a focus on addressing the issue of overdue payments to enterprises. Reform of small and medium-sized financial institutions should be promoted, and confidence in the capital market should be stabilized and strengthened. [Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government: Confident in Further Consolidating the Stabilizing and Improving Trend of Guangzhou's Property Market] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government, stated that going forward, Guangzhou will continue to improve the two major systems of the housing market and housing security, and continuously optimize property market regulation measures. Departments including the Municipal Bureau of Planning and Natural Resources, the Municipal Bureau of Housing and Urban-Rural Development, and the Municipal Provident Fund Center have issued supporting rules on matters such as land supply, special subsidies for "sell-old-buy-new," and "commercial-to-provident fund loan conversion." Huadu District responded swiftly by launching the "Huadu Eight Measures" as specific initiatives. State-owned enterprises represented by Guangzhou Anju Group are accelerating the launch of pilot work on second-hand housing acquisition and revitalization. We believe that as these detailed rules are fully implemented and various sectors advance in coordination, we are confident in further consolidating the stabilizing and improving trend of Guangzhou's property market. (Jin10 Data APP) [Guangzhou's Real Estate Market Activity Has Been Continuously Rising Since May] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, introduced that on April 30, Guangzhou issued the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market" (known as the "Sui Eight Measures"). As the policy effects continued to release, market activity has been continuously rising. Since May, weekly visits, subscriptions, and online signings at key new residential projects citywide increased by 26.9%, 36.9%, and 11.4% WoW respectively; weekly signing volume of second-hand residential properties rose 9.3% WoW, while new listing volume decreased 16.7% YoY. The new housing provident fund policy has taken effect, with 4,484 loan applications accepted totaling 4.746 billion yuan, up 47.05% and 56.43% YoY respectively. [Guangzhou: Removes Restrictions on "Only Housing in the City" and Number of Provident Fund Loan Uses] On May 26, 2026, the Guangzhou Housing Provident Fund Management Center issued the normative document "Implementation Measures for Converting Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Provisional)." It proposed expanding the scope of commercial loan banks by removing the restriction that "the original commercial loan bank must be a housing provident fund entrusted bank," allowing commercial loans from non-housing provident fund handling banks to be converted to pure housing provident fund loans. It relaxed requirements on loan types, terms, and provident fund contribution duration. For commercial-to-provident-fund conversion business handled by housing provident fund loan handling banks, applicants whose convertible loan amount is not enough to fully repay the original commercial loan principal and interest may choose to convert to a combination loan. The requirement for account opening and cumulative housing provident fund contribution duration was reduced from "60 months" to "36 months." The original commercial loan disbursement period was shortened from "more than 3 years" to "more than 2 years." The restrictions on "only housing in the city" and the number of provident fund loan uses were removed, no longer requiring that "the loan property is the applicant's family's only housing in the city," supporting applications for first and second improved housing. Applicants who "have never used or have only used housing provident fund loans once" may also apply for commercial-to-provident-fund conversion, no longer subject to the restriction of "never having used housing provident fund loans." (Jin10 Data) [Xiong'an New Area: Maximum Housing Provident Fund Loan Amount Raised to 800,000 Yuan] Notice from the Xiong'an New Area Housing Management Center on Optimizing and Adjusting Housing Provident Fund Withdrawal and Loan Policies. The policy stated that for depositors meeting the rental housing withdrawal conditions in the New Area who have not registered their housing lease contracts, the maximum annual withdrawal amount was raised to 17,000 yuan; for those who have registered their housing lease contracts on the "Hebei Xiong'an New Area Housing Rental Information Service Platform," the maximum annual withdrawal amount was raised to 25,000 yuan. For depositors purchasing owner-occupied housing in the New Area and applying for housing provident fund loans, the maximum loan amount was raised to 800,000 yuan. For employees of entities relocated from Beijing whose housing provident fund contributions are deposited in the New Area, the maximum loan amount for purchasing owner-occupied housing in the New Area was raised to 1.2 million yuan. For families with two or more children purchasing owner-occupied housing in the New Area and applying for housing provident fund loans, the maximum loan amount was increased by an additional 200,000 yuan. For employee households with only one housing provident fund loan record nationwide that has been fully repaid and who have no property in the New Area, the first-home housing provident fund loan policy shall apply. (Xiong'an Provident Fund) [Supreme Court's Liu Guixiang: Preventing and Mitigating Risks in Key Areas Such as Finance and Real Estate] On May 27, Liu Guixiang, Vice-Ministerial-Level Full-Time Member of the Adjudication Committee and Second-Grade Grand Justice of the Supreme People's Court, stated at a press conference held by the State Council Information Office that the people's courts would fully safeguard national security and social stability, lawfully punish criminal acts that endanger national security and public safety and undermine the socialist market economic order, and adhere to the principles of marketization and rule of law, coordinating the functions of administrative, civil, and criminal adjudication to prevent and mitigate risks in key areas such as finance and real estate. [China Index Academy: Property Developer Bond Financing up Nearly 30% YoY in April] The latest data released by the China Index Academy showed that in April, total bond financing in the real estate sector reached 61.48 billion yuan, up 28.8% YoY and up 18.5% MoM. Specifically, credit bond financing in the real estate sector totaled 37.48 billion yuan (up 2.6% YoY, down 9.1% MoM), accounting for 61%; ex-China bond financing was 3.43 billion yuan, accounting for 5.6%; ABS financing was 20.57 billion yuan (up 83.9% YoY, up 93.1% MoM), accounting for 33.5%. [Marco Polo: Q2 Sales Improved QoQ] Marco Polo stated at a recent earnings briefing that in Q1 2026, due to the late Chinese New Year holiday and a slow market start, the industry experienced a certain degree of YoY decline overall. Since Q2, the real estate market in some cities has shown structural stabilization and recovery, with the new housing market broadly stopping its decline. Core cities such as Guangzhou, Shenzhen, and Hangzhou saw second-hand housing prices begin to rise, with active transactions. The company improved its Q2 sales on a QoQ basis through various measures, including building regional empowerment centers, promoting the expansion of its dealer network into lower-tier markets, developing non-residential engineering projects, and strengthening cooperation with whole-house decoration enterprises. [Guangzhou Anju Group to Launch Pilot Work Supporting Residents in "Selling Old and Buying New"] On May 26, Guangzhou held a press conference on the supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, stated that to support residents in improving their housing conditions and facilitate the exchange chain between pre-owned and new housing, Anju Group will immediately launch pilot work supporting residents in "selling old and buying new," with a trial period ending on December 31, 2026. Following the principle of "government guidance, market-based operation, and voluntary participation," the group will acquire pre-owned residential properties through market-oriented approaches. The pilot acquisition targets pre-owned residential properties within Guangzhou's Ring Expressway, with a total price of no more than 3 million yuan, a floor area of less than 70 m², and no restriction on building age. The acquired properties will be prioritized for use as affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and other groups, as well as resident relocation for urban self-renewal projects. [Guangzhou Huadu District Sees "Rising Volume, Stable Prices, and Active Transactions" After New Policy Implementation] On May 26, Guangzhou held a press conference on the supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Head of Huadu District, stated that after the implementation of the "Eight Measures for Guangzhou," Huadu District took the lead in the city by introducing the "Eight Measures for Huadu." Since the new policy took effect, the real estate market in Huadu District has seen a continued rebound in market activity and a steady release of transaction vitality. Project visits, subscriptions, policy inquiries, and pre-owned housing transactions all surged significantly. Policy inquiries focused on core topics such as pre-sale school enrollment eligibility, online contract registration for school enrollment, and trade-in subsidies. The market overall demonstrated a positive trend of "rising volume, stable prices, and active transactions." [Xiamen Introduces Six Housing Provident Fund Measures: "Sell Old, Buy New" Loans to Be Executed at First-Home Interest Rates] On May 19, the Xiamen Housing Provident Fund Center announced on its website that, in order to implement the spirit of the "Several Opinions on Further Promoting the Stable Development of the Real Estate Market" issued by the Fujian Provincial Department of Housing and Urban-Rural Development, and in light of Xiamen's actual conditions, the city introduced six housing provident fund measures upon approval by the Xiamen Housing Provident Fund Management Committee. Among them, it was proposed that "sell old, buy new" loans be executed at first-home interest rates. Depositors who sell their own residential properties within Fujian Province and purchase a second self-occupied residential property in Xiamen within 12 months and apply for a housing provident fund loan shall, if they meet the provident fund loan conditions, be subject to the first-home housing provident fund loan interest rate. Housing provident fund loans for multi-child families are executed at first-home loan interest rates. For multi-child families purchasing a second owner-occupied home in the city and applying for housing provident fund loans, those meeting the provident fund loan conditions will have loans executed at first-home housing provident fund loan interest rates. [Hunan Issued Policies Supporting Acquisition of Existing Commercial Housing and Housing "Trade-in"] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development, together with the Provincial Development and Reform Commission, the Provincial Department of Finance, and six other departments, issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." This "New Xiang Ten Measures" is an optimization and upgrade based on the 2025 "Several Measures of Hunan Province to Promote Stable and Healthy Development of the Real Estate Market," focusing on formulating relevant support measures in areas such as acquisition of existing commercial housing, housing "trade-in," "quality housing" construction, "three-in-one" housing projects, and optimization of provident fund policies. The "New Xiang Ten Measures" specified that for loans applied for purchasing newly-built commercial housing within the province (including housing provident fund loans and commercial loans), housing unit counts are determined at the county/city/district (park) level, and for those already owning housing in the county/city/district (park) where the intended purchase is located, one housing unit is deducted from the count; the minimum down payment ratio of 30% for commercial property loans is implemented. [Hunan: College Graduates and High-level Talents Staying in or Coming to Hunan for Employment and Entrepreneurship Can Apply for Loans After 1 Month of Provident Fund Contributions] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development and eight other departments issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." The "New Xiang Ten Measures" proposed that for college graduates, young talents, and high-level talents staying in or coming to Hunan who apply for housing provident fund loans for their first home purchase within the province, they can apply after only 1 month of contributions, with maximum preferential down payment ratios, and the maximum loan amount may not be linked to account balances but reasonably determined based on work compensation base and labor (employment) contract duration. Among them, the maximum housing provident fund loan amount for high-level talents can be relaxed to 4 times the standard, and for college graduates and young talents staying in or coming to Hunan for employment and entrepreneurship, it can be relaxed to 2 times. For first-marriage and first-birth families and families with two or more children using housing provident fund loans to purchase newly-built commercial housing, the loan amount cap is further increased by more than 30%. The age limit for housing provident fund personal loans is extended, with a maximum increase of 5 years beyond the statutory retirement age. [A Residential Land Parcel in Nanchang Sold at 12.5% Premium] On May 8, Nanchang sold a residential land parcel with a transfer area of 12.1409 mu and a planned building area of 9,712.72 sqm, with a floor area ratio of 1.1. The starting land price was 4 million yuan/mu, totaling a starting price of 48.56 million yuan, with a starting floor price of 5,000 yuan/sqm. Yingtan Wanjing Real Estate Development Co., Ltd. ultimately won the land parcel at a land price of 4.5 million yuan/mu, equivalent to a total price of 54.63 million yuan, with a transaction floor price of 5,625 yuan/㎡ and a premium rate of 12.5%. [Beijing Real Estate Market Activity Climbs, Pre-owned Home Trading Volume Hits Nearly 5-Year High] During this year's Labour Day holiday, as new real estate policies were intensively implemented in multiple cities, real estate market activity climbed. In Beijing, the pre-owned housing market continued the momentum since April, with trading volume and showing volume rising steadily. The latest data showed that during the first four days of the Labour Day holiday, the number of pre-owned home transactions in Beijing surged 72% YoY, indicating strong market performance. In April, which just passed, Beijing's pre-owned home trading volume reached nearly 18,000 units, hitting the highest level for the same period in nearly 5 years. [Guangzhou Labour Day Holiday New Residential Subscription Volume Up Over 50% YoY] On May 6, it was learned from the Guangzhou Municipal Housing and Urban-Rural Development Bureau that during the Labour Day holiday, Guangzhou's real estate market activity rebounded significantly, with both new and pre-owned residential markets improving in tandem and a clear recovery trend in the property market. Data showed that from May 1 to 5, the new residential market in Guangzhou heated up significantly, with a citywide daily average of 8,692 visitor groups to new residential projects (up 30.8% YoY), and a daily average subscription volume of 634 units (up 50.1% YoY). The pre-owned residential market maintained steady growth. During the holiday, daily average showing visits and daily average subscription volume grew 15.6% and 5.2% respectively compared to April, while subscription volume was up 63.4% YoY. Meanwhile, new listing volume of pre-owned homes pulled back. A spokesperson from the Guangzhou Municipal Housing and Urban-Rural Development Bureau stated that on April 30, Guangzhou issued implementation opinions on further promoting stable and healthy development of the real estate market, proposing multiple measures covering areas such as optimizing housing provident fund usage and facilitating property swap chains. The policy dividends were quickly transmitted, with notable market feedback. [Guangdong Zhongshan: Pre-owned Housing Acquired by Developers Can Be Resold; Minimum Down Payment for Commercial Property Loans Set at 30%] The Housing and Urban-Rural Development Bureau of Zhongshan City, Guangdong Province, issued the "Several Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market in Zhongshan" to further implement the digestion of existing housing inventory and optimize incremental housing supply, better meeting residents' essential and upgrading housing needs. The "Several Measures" comprised 7 articles, including continuing to support residential housing trade-in policies; encouraging market-oriented operation of commodity housing trade-in programs; increasing housing provident fund support for home purchases; optimizing the criteria for determining the number of housing units under provident fund loans; accelerating destocking of commercial properties and encouraging multiple approaches to revitalize existing resources; increasing financial support and lowering the minimum down payment ratio for commercial property purchase loans; and piloting housing voucher-based resettlement compensation. Among them, the Several Measures stipulate that repurchased old housing can be resold, renovated and then sold, or used for market-oriented rental housing, talent apartments, affordable rental housing, etc. The minimum down payment ratio for commercial property purchase loans was adjusted to no less than 30%. [ China Real Estate News: Stabilizing the Property Market Requires Good "Forward Planning" ] On May 4, China Real Estate News published an editorial stating that amid complex and volatile internal and external shocks, the property market's performance since the beginning of this year was hard-won, and will lay a solid foundation and inject firm confidence for efforts to stabilize the real estate market. Therefore, the upcoming months of May and June are crucial, and localities should continue to do good "forward planning." The more detailed and thorough the forward planning work for stabilizing the real estate market, the more solid the foundation for market stability. The stability and vitality of the property market should be reflected in the transformation of "good housing" toward higher quality, and the innovation momentum of "good housing" should be further released and continuously expanded. The stability and vitality of the property market should also be reflected in the overall satisfaction of demand, and the housing replacement cycle should be further facilitated. The core value of the housing trade-in policy is precisely to break this deadlock through institutional innovation. Localities should focus on building bridges between old housing disposal and new housing purchase through government guidance, state-owned enterprise participation, and market-based operations, both facilitating the replacement process and reassuring homebuyers about price stability. Meanwhile, financial support will be increased for converting existing commercial housing into affordable housing, resettlement housing, dormitories, and talent housing. This will both provide stable absorption channels for inventory to accelerate market clearing, and effectively broaden the supply sources of affordable housing, shorten the construction preparation cycle, and solve the housing difficulties of key groups such as low- and middle-income groups, new urban residents, and young people at relatively low social costs, forming an overall favorable pattern where new housing is well managed, second-hand housing is active, and the high-end has a market, the mid-end has support, and the low-end has guarantees, building momentum for the stability and high-quality development of the real estate market. [ Suzhou: Raising Maximum Housing Provident Fund Loan Limits, with Individual Maximum Loan Amount Adjusted to 1.5 Million Yuan ] Suzhou recently issued several measures to further promote the stable and healthy development of the real estate market. Among them, it mentioned optimizing the criteria for determining the number of provident fund loans and housing units. If the applicant has no outstanding provident fund loan balance nationwide at the time of application, the first-home provident fund loan policy applies. The maximum provident fund loan limits were raised, with the individual maximum loan amount adjusted to 1.5 million yuan and the family maximum loan amount adjusted to 2 million yuan. For purchases of newly built green residential buildings rated two-star or above, the provident fund loan amount can be increased by 20%. For purchases of newly built improved-type housing with "two-smart-one-complete" features, the provident fund loan amount can be increased by 50%. For purchases of newly built commercial housing projects sold as completed properties, the provident fund loan amount can be increased by 50%. Provident fund loans can be applied for when purchasing completed property-right apartments sold as existing homes. [ Wuhan Announces New Property Market Policies, Expanding the Scope of Cross-Regional Housing Provident Fund Loans ] On April 30, the Wuhan Housing and Urban Renewal Bureau, the Wuhan Finance Bureau, and the Wuhan Housing Provident Fund Management Center issued the Notice on Further Optimizing and Improving Real Estate Policy Measures in the City. The notice proposed that from May 1 to December 31, 2026, when a resident family applies for a commercial personal housing loan to purchase newly built commercial housing, if no family member owns a complete housing unit in the district where the intended new commercial housing is located, it shall be recognized as the family's first home. Employees contributing to provident funds in cities nationwide who purchase their own housing in Wuhan or have outstanding commercial housing loans may apply for housing provident fund loans from the Wuhan Provident Fund Center, with the restriction requiring the borrower (including spouse) to hold Wuhan household registration being removed. [ Zhanjiang Optimizes Property Market Policies: Housing Purchase Subsidies and Provident Fund Loan Limits Increased ] According to the Zhanjiang Housing and Urban-Rural Development Bureau, to adapt to the new situation in the real estate market, Zhanjiang introduced the "Zhanjiang Seven Measures" policy aimed at promoting housing absorption and optimizing supply. The policy includes raising housing provident fund loan limits, with homebuyers eligible for a maximum loan of 1.2 million yuan, and military families eligible for an additional 200,000 yuan in loans. A housing purchase subsidy was implemented, with buyers eligible for a maximum subsidy of 20,000 yuan. The policy also covers reducing operating costs for real estate enterprises, optimizing residential design, streamlining approval processes, and supporting the healthy development of the real estate industry and urban construction. The policy took effect immediately and is valid for three years. [ Tianjin Optimizes Real Estate Supply to Promote Housing Consumption ] Tianjin issued a notice on optimizing the city's real estate supply to promote housing consumption. It mentioned making good use of special bond funds to reclaim and repurchase existing idle land. Enterprises are supported in advancing the continued development of real estate projects through reasonable optimization of design requirements and other means. Business entities that repurchase existing commercial housing for use as rental housing may enjoy preferential tax policies related to housing rental if they meet the conditions. For cases where existing commercial housing is certified as being converted into allocation-based affordable rental housing, the land use nature will not be changed within the original land use period, no supplementary land price payments will be required, and preferential pricing policies for water, electricity, gas, and heating will be enjoyed in accordance with relevant national and municipal regulations. The national tax policy supporting residents' housing replacement purchases was implemented. From January 1, 2026 to December 31, 2027, taxpayers who sell their own housing within Tianjin and repurchase housing in Tianjin within one year after the sale of their current housing will be eligible for a refund of the individual income tax already paid on the sale of their current housing. [ Shenzhen Housing and Construction Bureau Issues Notice on Further Optimizing and Adjusting Real Estate Policies ] On April 29, the Shenzhen Housing and Construction Bureau issued a notice to further optimize real estate regulatory policies. Regarding purchase restrictions, eligible resident families may purchase one additional housing unit within Futian, Nanshan, and Xin'an Sub-district of Bao'an. Non-Shenzhen-registered families holding valid residence permits may also purchase one unit in the above areas. Regarding provident fund, the maximum family loan amount was raised to 1.3 million yuan, and first-home buyers and multi-child families may enjoy a maximum increase ratio of 70%. The new policy takes effect from May 28. [ Six Departments Including the Zhuhai Housing and Urban-Rural Development Bureau Optimize and Adjust the City's Real Estate Policy Measures ] Six departments including the Zhuhai Housing and Urban-Rural Development Bureau issued a notice on optimizing and adjusting the city's real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising housing provident fund loan limits. For those eligible for provident fund loans, the maximum housing provident fund personal housing loan amounts for single- and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of home purchase support for multi-child families. When multi-child families apply for provident fund loans to purchase a second self-occupied housing unit, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the increase ratio for loans for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing in projects certified as prefabricated construction, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. For purchases of commercial housing that meets the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. [ Foshan Launches Commercial Housing "Trade-in" Program! First Batch Involves 22 Projects ] Recently, the Notice of the Foshan Housing and Urban-Rural Development Bureau on Organizing the First Batch of Commercial Housing "Trade-in" Program was officially released. This is not a simple encouragement document; it is a solution that systematically unblocks replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transformation from "one-sided transactions" to a "virtuous cycle between existing and incremental housing," achieving a multi-party win for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as the repurchasing entities, while Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Trading, Sanshui Chanfa, and Miaohui Real Estate and other developers provide new housing sources. This model determines old housing value through negotiation, sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer. Voices from Various Parties BOC International Securities believes the real estate industry is at an important window where fundamentals and market expectations are resonating in recovery. Current policies continue to exert force, with first-tier cities optimizing purchase and loan restrictions and core cities optimizing provident fund policies, all of which have had a certain effect on releasing genuine home purchase demand, with some first-tier city property markets showing a sustained two-month recovery. In the short term, the window of policy and high-frequency transaction improvement resonance remains, and it is necessary to track whether the subsequent transaction recovery trend can continue, which will depend on inventory destocking progress and whether prices stabilize. From an investment perspective, most real estate enterprises made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, so sector profit margins and performance may rebound in 2027, leading to improved market views on 27E valuations in Q4 this year. In addition, some commercial property holding companies have already positioned themselves ahead in new business formats, new models, and new scenarios, and are better positioned to seize opportunities in the new consumption era. A China Post Securities research report shows that in the phase where policy and high-frequency transactions are "resonating but not fully," the industry's β remains constrained by the verification progress of "destocking and price stabilization." The pattern of second-hand housing recovering first while new housing lags continues, and capital in the secondary market continues to favor assets with α characteristics (those deeply rooted in core cities, with precise land acquisition, and strong product and operational capabilities). Although there is policy support and improvement in the second-hand housing chain in core cities, land and new construction starts remain weak, and fluctuations in net financing suggest that industry clearing has not concluded, and β rallies remain susceptible to data disturbances. Against this backdrop, China Post Securities recommends focusing on China Resources Land, China Overseas Land & Investment, China Jinmao, Poly Property and China Merchants Shekou. Huayuan Securities research report believes that in 2026, three major trends are worth looking forward to: 1) The real estate adjustment is expected to approach its end: reviewing real estate crises in major global economies, the average decline was 35% with an average adjustment period of 6 years, and the length and depth of China's actual housing price adjustment have already been relatively sufficient. 2) Structural opportunities in "good housing": China's real estate market has entered a phase of structural differentiation, with the central government frequently mentioning the construction of good housing. Under the catalyst of policy orientation and supply-demand structure changes, high-grade residential properties may usher in a wave of development. 3) Hong Kong property market recovery continues: driven by multiple favorable factors, market sentiment in Hong Kong's private residential market has gradually recovered, and it believes Hong Kong-based developers are expected to see a new round of value re-rating. It maintains a "bullish" rating on the real estate sector. A CITIC Securities research report stated that in April, the floor space of commercial buildings sold nationwide fell 9.5% YoY, with the decline widening 2.1 percentage points from March. Sales revenue fell 7.6% YoY, with the decline narrowing 5.7 percentage points from March. New and second-hand housing prices continued to adjust. In April, the MoM declines in the price indices of newly built commercial residential housing and second-hand residential housing across 70 major cities nationwide were flat MoM. Second-hand housing prices in first-tier cities all rose, with second-hand residential prices in Shanghai, Beijing, Shenzhen, and Guangzhou rising 0.7%, 0.4%, 0.3%, and

On May 27, China Huaneng Group Co., Ltd. announced the shortlisted candidates for its 2026 energy storage system framework procurement. As one of China’s major state-owned power generation groups among the “Big Five and Small Six,” Huaneng’s latest framework tender totals 4GWh, with the agreement valid through March 31, 2027. The procurement covers energy storage systems required for infrastructure and operational projects across the group’s subsidiaries and regional companies.

The investor relations activity record of Yunnan Copper for May 26–27, 2026 shows: 1 What is the company's planned copper concentrate production from captive mines this year, and what is the approximate cost level of the mining enterprises? According to the company's 2026 financial budget and production plan, full-year self-produced copper concentrates are expected to contain 69,800 mt of copper metal content. The company's current mining enterprises mainly include Diqing Nonferrous, Liangshan Mining, Yuxi Mining, and Diqing Mining. Due to differences in resource endowment and the life cycle stage of each mine, cost levels vary, with Diqing Nonferrous, Liangshan Mining, and Yuxi Mining having relatively lower costs. Meanwhile, the company strives to maintain overall cost stability through measures such as lean operations and increasing mining volumes. 2 What is the progress of the Hongnipo copper mine construction project of Liangshan Mining? The Hongnipo copper mine is currently under construction, with cumulative verified resource reserves of 16.06 million mt of ore, an average copper grade of 1.42%, and copper metal content of 592,900 mt. The project is progressing in an orderly manner as planned and is expected to be completed and ready for commissioning in 2026. 3 Will the mine resources under the company's major shareholder be injected into the publicly listed firm? Asset injection involves complex systematic work that requires comprehensive consideration of development strategy, asset conditions, regulatory requirements, and shareholder interests. The company will continue to focus on and strive to enhance the quality of the publicly listed firm, and if there are any new relevant arrangements, it will strictly follow prescribed decision-making and disclosure procedures. 4 Has the company set a target for resource self-sufficiency rate? The company regards improving resource self-sufficiency rate as an important long-term strategic task, relying primarily on three paths: commissioning of projects under construction, tapping potential of existing mines, and external resource acquisitions. Regarding projects under construction, the company successfully completed the acquisition of 40% equity in Liangshan Mining in December 2025, and the Hongnipo project is expected to be completed and ready for commissioning in 2026. Regarding tapping potential of existing mines, the company leverages its major mines to continuously intensify deep and peripheral exploration efforts, steadily advancing resource succession and reserve additions. Regarding external resource acquisitions, while managing existing mines and smelters well, the company actively monitors quality mineral resource projects and prudently conducts field trips and evaluations based on strategic positioning and market demand. 5 What proportion can the company's copper smelting TC long-term contracts approximately reach? The company follows the principles of marketization and maximization of comprehensive benefits in externally purchasing raw materials. As one of the larger copper concentrate purchasers in China, the company has long maintained good, stable, long-term cooperative relationships with major suppliers, and actively negotiates with copper concentrate suppliers to stabilize long-term contract supply and ensure orderly production. 6 What were the company's sulphuric acid selling price and production in Q1 2026? According to the company's 2026 production plan, planned annual sulphuric acid production is 5.76 million mt. In Q1 2026, sulphuric acid production progressed in an orderly manner as planned. Price side, as a by-product of copper smelting, sulphuric acid selling prices are influenced by multiple factors including regional market supply and demand, transportation conditions, and industry prosperity. Since the beginning of this year, driven by robust downstream demand and tight supply in some producing areas, sulphuric acid selling prices have stayed high. The company seized market opportunities, reasonably arranged production and sales, and made positive contributions to operating performance. Meanwhile, the company will continue to monitor price changes and dynamically optimize production and sales pace. 7 Does the company have further cost reduction plans? The company's mining and smelting enterprises continuously pursue lean cost reduction to build low-cost competitive advantages. For example, the company is comprehensively advancing the "Three-Year Cost Reduction 3.0" initiative, continuously promoting cost reduction and efficiency improvement, and lowering unit production costs through technological upgrades, process optimization, and improved management efficiency. 8 What major capital expenditures are expected in the future? The company's future major capital expenditures will primarily focus on the following strategic directions: first, resource acquisition—continuously strengthening exploration and acquisition of quality copper mineral resources in and outside China to enhance resource security capabilities; second, intelligent manufacturing—advancing automation, digitalization, and intelligent upgrades of mines and smelting plants to improve production efficiency and safety levels; third, green and low-carbon development—increasing investment in environmental protection, energy conservation, and other areas to promote sustainable development. Performance side: Yunnan Copper's Q1 2026 report disclosed on April 24 showed that the company achieved total operating revenue of 52.959 billion yuan, up 49.62% YoY; net profit attributable to the parent was 675 million yuan, up 7.93% YoY. Regarding the reasons for the increase in operating revenue, Yunnan Copper stated that it was mainly due to higher product prices compared to the same period last year and increased sales volumes compared to the same period last year. Yunnan Copper's 2025 annual report showed that in 2025, the company firmly established market entity awareness, strengthened its lean operations system, and solidly carried out production organization, cost control, indicator optimization, marketing value creation, and other work, with main product production reaching record highs and key technical and economic indicators continuously optimized. Full-year production included copper cathode of 1.6411 million mt, gold of 26.04 mt, silver of 735.38 mt, and sulphuric acid of 6.189 million mt, with copper cathode, gold, and silver production all reaching record highs. Full-year operating revenue reached 79.542 billion yuan and net profit attributable to the parent was 1.301 billion yuan, with operating efficiency steadily improving. Cost and technical indicators were continuously optimized, with mine concentrate copper content and smelting copper cathode unit full cost outperforming annual cost reduction targets. Key technical indicators for smelting and mining remained stable with improvement. In 2025, the copper smelting total recovery rate exceeded the target by 0.07 percentage points, and slag flotation tailings copper content was optimized by 0.01 percentage points versus the target, both reaching industry-leading levels. Yunnan Copper announced that in 2025, the company's concentrate copper content production, on a consolidated statement basis, was 69,400 mt, up 26.64% YoY from 2024, mainly because the company issued shares to acquire 40% equity in Liangshan Mining held by Yunnan Copper Group during 2025, and Liangshan Mining was included in the consolidated statements as of December 31, 2025, with its full-year production included in the statistics. Regarding the company's main businesses, Yunnan Copper introduced in its 2025 annual report: The company's main businesses cover copper exploration, mining and beneficiation, smelting, extraction of precious metals and rare scattered metals, sulphur chemicals, and trading. It is an important copper, gold, silver, and sulphur chemical production site in China. The company has established a relatively complete industry chain in copper and related nonferrous metals and is a copper enterprise with deep industry heritage. Main products include copper cathode, gold, silver, industrial sulphuric acid, and rare and scattered metal products such as molybdenum, platinum, palladium, selenium, and tellurium. The company's main products are all produced according to international standardization organization standards, operating effectively under the international ISO9001 quality management system to ensure strict quality control. The company's main product, copper cathode, is widely used in electrical, light industry, machinery manufacturing, construction, national defense, and other fields; gold and silver are used in finance, jewelry, electronic materials, etc.; industrial sulphuric acid is used as raw material for chemical products and in other sectors of the national economy. The company's "Tiefeng" brand copper cathode is registered on the Shanghai Futures Exchange and the London Metal Exchange; "Tiefeng" brand gold is registered on the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange; "Tiefeng" brand silver is registered on the Shanghai Gold Exchange (SGE), the Shanghai Futures Exchange, and the London Bullion Market Association. Regarding the company's future development outlook, Yunnan Copper introduced in its 2025 annual report: Yunnan Copper adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implements the spirit of the 20th National Congress of the Communist Party of China and its successive plenary sessions, and upholds and strengthens the Party's overall leadership. The company actively serves major national strategies, adheres to promoting high-quality development as the theme, fully, accurately, and comprehensively implements the new development philosophy, continuously enhances core functions and improves core competitiveness, and better plays its role in scientific and technological innovation, industrial control, and security support in building a modern industrial system and constructing a new development pattern. The company emphasizes "two guarantees" (important mineral resource guarantee and important metal material guarantee), "two innovations" (scientific and technological innovation and management innovation), "two constructions" (strengthening Party building, especially cadre team building), and "three unwavering commitments" (unwavering in accelerating structural adjustment, unwavering in deepening enterprise reform, and unwavering in international operations and increasing "going global" efforts). The company focuses on "digital-intelligent transformation, expanding resources, refining mines, optimizing smelting, solidifying recycled (copper), and detailing rare scattered (metals)," accelerating the construction of a world-class excellent copper company, and continuously opening new prospects for Yunnan Copper's high-quality development. Guosen Securities' research report commenting on Yunnan Copper on April 11 showed: Quality asset consolidation. Production side, the company's copper ore production was close to 70,000 mt, with major mines maintaining stable production. Copper smelting side, after Southwest Copper reached full production, the company's 2025 copper cathode production was 1.64 million mt, up 440,000 mt or 36% YoY. During the reporting period, the company purchased 40% equity in Liangshan Mining through share issuance to its major shareholder, achieving consolidation. Liangshan Mining is a quality asset, with its mines featuring open-pit mining, abundant reserves, higher grade than the publicly listed firm's existing copper mines, and lower costs than the publicly listed firm's existing copper mines. In H2 2025, profitability of major subsidiaries generally declined. Although copper, gold, and silver prices rose significantly in H2 2025, the company's mining operations saw profit decline QoQ. Smelting operations also declined significantly in H2 2025, which was related to the sharp drop in copper concentrate TCs. As sulphuric acid prices are expected to stay high, the company's smelting business profitability is expected to improve. Gross profit by product side, the company produces over 6 million mt of sulphuric acid annually. Benefiting from sulphuric acid price increases, sulphuric acid business gross profit in 2025 was 2.03 billion yuan, up 1.5 billion yuan YoY, representing a performance highlight. Since early 2026, sulphuric acid prices have continued to rise, and this is expected to further boost earnings. Leveraging the copper industry's high-prosperity cycle in recent years, the company's asset quality has improved, and during the reporting period it achieved consolidation of Liangshan Mining, a quality asset. As the sole copper publicly listed platform under Chalco Group, injection of other quality assets from the major shareholder is anticipated. Although the copper smelting business is under pressure in the short term, the government has issued policies to strictly control new copper smelting capacity, and the company benefits from global copper smelting capacity rationalization, with a favorable long-term industry landscape. Maintain "Outperform" rating.