In May, China's aluminum fabrication industry recorded an overall PMI of 50.8%, barely staying above the 50 mark but pulling back significantly by 3.1 percentage points from April. Industry sentiment slid from the edge of expansion territory toward the critical threshold, with structural divergence intensifying further.

On May 27, ProLogium announced that it has entered into a definitive business combination agreement with special purpose acquisition company TDAC. Upon completion of the transaction, ProLogium will go public through the merger. The raised funds will primarily be used for the capacity expansion of fourth-generation solid-state batteries and for the construction of a new gigafactory in Dunkirk, France. This factory project has received up to approximately 1.4 billion euros in subsidy support from the French government. Construction is planned to commence in 2026, with the production line ramp-up phase expected to take place from late 2028 to early 2029, and mass production to be achieved in the second quarter of 2029.

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

Data released by the European Automobile Manufacturers' Association (ACEA) showed that European auto sales climbed for the third consecutive month in April, with new car registrations up 7% YoY to 1.15 million units. Sales grew in major markets including Germany and the UK, with EV deliveries surging 38%. Driven by new subsidy policies, EV sales in Germany, Europe's largest auto market, jumped 41%.

[SMM Titanium Express] With AI eyewear weights compressed to 35-49 grams by Huawei, Xiaomi and others, titanium alloys are shifting from high-end watches to become standard structural components for smart wearables. Smart eyewear was included in China's trade-in subsidy program for the first time in 2026, with annual shipments expected to exceed 4.915 million units, creating rigid demand for lightweight titanium. The titanium industry is pivoting from smelting and purification to precision manufacturing, with high-precision titanium wire, ultra-thin titanium sheets and 3D printed structural parts becoming key competitive areas.

Capacity: According to incomplete statistics, China’s alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW. This week, there were no offline public delivery data available. Project updates: Shenzhen Energy Northern (Etuoke Banner) Energy Co., Ltd. : The sub-project of the Shenzhen Energy Etuoke Banner 505 MW wind and solar power integrated hydrogen production and green ammonia synthesis project—the 5 MW off-grid PV power-to-hydrogen project—completed full-process commissioning and successfully produced green hydrogen, with daily output of about 6,000 m³ of high-purity hydrogen. The project relies on direct power supply from PV arrays, operates independently from the main power grid, and achieves stable hydrogen production without large-scale energy storage through intelligent regulation and control. The new model simplifies the system and reduces investment, fully eliminating reliance on the public power grid and ensuring clean, self-supplied electricity throughout the hydrogen production process. Shaanxi Hydrogen Luyuan New Energy Co., Ltd. : The air-compression nitrogen generator for the hydrogen energy demonstration project at the Shaanxi Hydrogen Luyuan Yulin Zero-Carbon Industrial Park completed single-unit trial operation, moving the project from the equipment installation stage into the commissioning and production stage. The air-compression nitrogen generation unit is the core equipment of the project’s utilities. During the trial run, operations and maintenance personnel conducted hands-on learning throughout and completed technical handover in parallel, strengthening operational capabilities. The successful trial run also accumulated experience for subsequent equipment commissioning. Next, the enterprise will orderly advance all commissioning work, strictly control safety and quality, and make every effort to bring the project into operation as soon as possible. Haiyan Zhongda Metal Electronic Materials Co., Ltd. : Haiyan Zhongda Metal Electronic Materials Co., Ltd. issued an announcement stating that the methanol-to-hydrogen 100 Nm³/h + 200 Nm³/h project was officially terminated. The project’s first tender was launched on March 23, and the tender results were announced on April 13. A total of three bidders submitted bids. One bid was rejected, and although the remaining two passed the preliminary review, the bid evaluation was immediately suspended due to a lack of competitiveness. The project was re-tendered on April 21 to procure two sets of methanol-to-hydrogen equipment of different specifications, requiring hydrogen purity ≥99.999% and supply pressure ≤0.8 MPa. It was a turnkey project, with delivery to be completed within three months after the contract took effect. The project under this second tender was ultimately terminated. Hami Hydrogen Storage Xingjian New Energy Technology Co., Ltd. : Xinjiang released two EPC general contracting tender notices related to hydrogen energy storage, to be implemented in Hami and Tacheng, respectively. Among them, the Xinjiang Hami 100 MW/800 MWh hydrogen energy storage peak-shaving power station EPC general contracting project was initiated by Hami Hydrogen Storage Xingjian New Energy Technology Co., Ltd., located in Hami City, with a total land area of about 20 mu. The project includes supporting construction of a 220 kV step-up substation and a 5 km power transmission line. The hydrogen fuel cell has a rated output of 100 MW, with short-term overload capability reaching 110%; the main transformer capacity is 1×150 MVA; the 220 kV side has one outgoing line; and the 35 kV side is expected to have four incoming lines in this phase, with two expansion bays reserved. On the same day, the tender was also officially launched for the EPC general contracting project of the 220 kV step-up substation for the Xinjiang Tacheng Toli County 200 MW/1,600 MWh grid-forming hydrogen energy storage peak-shaving power station. Datang Jingtai Wind Power Co., Ltd.​​​​​​​: The shortlisted candidates for the bid for technical services for compiling the feasibility study report of the Datang Gansu wind and solar power coupled off-grid hydrogen production demonstration project were officially announced. The project is located in Baiyin District, Baiyin City, Gansu Province. The first shortlisted candidate was PowerChina Group Chengdu Engineering Corporation Limited, with a bid price of 1 million yuan; the second shortlisted candidate was China Power Engineering Consulting Group North China Power Engineering Co., Ltd., with a bid price of 1.12 million yuan. The project is expected to build a new 21 MW wind and solar power coupled hydrogen production power station, including 14 MW wind power and 7 MW PV, with a supporting 5 MW/5 MWh grid-forming ESS; and to build a 12 MW hydrogen production station simultaneously, selecting four types of electrolyzer units—ALK, AEM, PEM, and SOEC—with hydrogen output required to meet the national standard for ultra-high-purity hydrogen. The project will also include supporting facilities such as hydrogen storage and transportation, a desalinated water station, and a power distribution room. Shanxi International Energy Group Energy Storage Co., Ltd.: Procurement was launched for services to compile the feasibility study report for the Arong Banner green electricity direct-connection hydrogen production and sustainable aviation fuel project. The project is located in Arong Banner, Hulunbuir City, Inner Mongolia, with a total investment of 11.095 billion yuan. It will build 1 GW of wind power, with supporting construction of 150 MW/600 MWh all-vanadium flow energy storage, 150 MW hydrogen fuel cells, and a hydrogen storage and transportation base with 70 mt of hydrogen storage capacity, producing 47,000 mt of green hydrogen and 350,000 mt of green aviation kerosene annually. The project will be implemented through two sub-projects: off-grid wind power hydrogen production, and grid-connected green hydrogen coupled with biomass for sustainable aviation fuel. The feasibility study report must be prepared in separate volumes by sub-project and include a consolidated volume with key information; meanwhile, a survey of biomass resources within 300 km around the Arong Banner chemical industrial park must be completed. The project allows suppliers to apply in the form of a consortium. Policy review​ 1. MIIT published on its official website the preliminary list of the second batch of key pilot-scale testing platforms to be cultivated, with the public comment period from May 18 to May 22, 2026. The list covered 32 fields, with 111 pilot-scale testing platforms selected. In the hydrogen energy field, there were three pilot-scale testing platforms, including those for hydrogen vehicles, liquid hydrogen, and comprehensive verification of hydrogen energy products, including: the full-chain verification pilot-scale testing platform for hydrogen energy and fuel cell vehicles, hosted by the Beijing Institute of Product Quality Supervision and Inspection; the liquid hydrogen equipment detection pilot-scale testing platform, hosted by the Beijing Aerospace Test Technology Research Institute; and the comprehensive verification pilot-scale testing platform for hydrogen energy products, hosted by China Automotive Engineering Research Institute Co., Ltd. 2. The Hubei Provincial Department of Transportation issued the “Notice on Implementing a Toll Subsidy Policy for Hydrogen Energy Vehicles Using Expressways in Hubei Province.” The notice stated that eligible hydrogen energy vehicles (with hydrogen fuel cells as the sole power source) that legally transport loads, are equipped with and normally use ETC, and travel on expressways within Hubei Province (with entry/exit records and inter-station travel routes all within Hubei Province) will be exempt from expressway tolls. Implementation period: from the date of issuance of this notice to December 31, 2027. 3. The Guangdong Provincial Administration for Market Regulation issued an announcement soliciting opinions on the Guangdong local standard “Operational Specification for Integrated Hydrogen Production, Storage, and Refueling Devices (Draft for Review).” The document stated that it specifies the basic requirements for operation of integrated hydrogen production, storage, and refueling devices, personnel management, equipment and facility management, hydrogen quality management, hydrogen refueling operation management, safety management, archive management, and data records, among others. Enterprise updates​​ Zhejiang Tianneng Hydrogen Energy Technology Co., Ltd.: The launch event for the “Chenxing” series of new large power fuel cell products was grandly held in Changxing, Zhejiang, officially releasing four products: T-280, N-345, T-200, and N-245. The stack volumetric power density exceeded 4.2 kW/L, and the system gravimetric power density reached 947 W/kg, achieving smaller size, lighter weight, and stronger power output. Zhejiang Lingniu Hydrogen Energy Technology Co., Ltd.: Signed a strategic cooperation framework agreement in Zhejiang Province with Zhizi Automobile Technology Co., Ltd. and Zhejiang Tianneng Hydrogen Energy Technology Co., Ltd. In the future, the three parties will leverage their respective strengths in fuel cell systems, vehicle manufacturing, and hydrogen energy operations to jointly advance the construction of the Yangtze River Delta hydrogen transportation corridor and accelerate the connectivity of the region’s hydrogen logistics arteries. Shaanxi Xingran Technology Co., Ltd.: Formally signed a strategic cooperation agreement with Shidai Hydrogen Source, a core hydrogen energy enterprise in South China. Both parties announced that they will jointly build a leading cooperative alliance in the hydrogen production equipment field, promoting PEM hydrogen production technology toward full-scale and commercial deployment. Tibet Zangjia Automobile Service Co., Ltd. : Thirty methanol electric heavy-duty trucks were delivered and put into operation, and the Tibet Autonomous Region’s first new energy logistics enterprise settled in Sangri County. The project’s total investment was 120 million yuan, helping the local area advance its “dual carbon” efforts and laying an important foundation for building a plateau green logistics system. Zhejiang Geely Farizon New Energy Commercial Vehicle Group Co., Ltd.​​​​​​​: Fifty Farizon Xinghan G methanol electric tractor units were officially delivered to a client in Tibet, and 150 heavy-duty trucks of the same series were signed on-site. The vehicles will serve material transportation for the Sichuan–Tibet Railway and the hydropower project in the lower reaches of the Yarlung Zangbo River, leveraging zero-carbon technologies to adapt to complex plateau road conditions and create a green transportation demonstration route on the snowy plateau. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Signed memoranda of cooperation on hydrogen ecosystem development with nine enterprises including Hyundai Motor, Hong Kong and China Gas, and Veolia. The parties will promote “turning waste into hydrogen,” converting gas from Hong Kong landfills into clean energy, and deploy pilot hydrogen refueling stations and hydrogen fuel cell fleets. The goal is to establish a complete local hydrogen energy industry chain by the end of 2030. Guofu Hydrogen Energy Chairman Wu Pinfang attended the signing. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Together with Thailand’s CP Energy and Water Asia and UPowerLimited, completed the signing in Hong Kong for cooperation on Thailand IDC integrated energy solution projects. Previously, Guofu Hydrogen Energy and UPower had jointly established HydroDataLimited, and Xie Zhan was appointed chairman of the company at the signing ceremony. CP Energy and Water Asia has deep roots in Southeast Asian data center and industrial park projects, and the three parties will jointly advance the local implementation of integrated energy-related businesses. Patent applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences​​ (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifetime of 80,000 hours. ​​2. Johnson Matthey​​ (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology footprint/technical specifications​​ 1. The National Hydrogen Power Quality Inspection and Detection Center of China Automotive Engineering Research Institute built a 0–400 kW hydrogen-related loaded tri-comprehensive vibration test platform and opened it for commercial use, filling China’s gap in large power hydrogen-related multi-physics coupling testing. 2. The high specific power cathode closed air-cooled stack technology developed by Academician Chen Zhongwei and Associate Researcher Zhang Meng’s team at the National Key Laboratory of Energy Catalytic Conversion of the Dalian Institute of Chemical Physics passed the scientific and technological achievement appraisal of the China Petroleum and Chemical Industry Federation. The technology effectively addressed the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, and solved technical challenges such as performance degradation under low humidity, carbon corrosion, dry membrane flooding, and high-power thermal management. 3. Two group standards on hydrogen production via water electrolysis were officially released and implemented: “Safety Technical Specification for Hydrogen Production via Water Electrolysis” and “Calculation Method for Economic Operation Indicators of Hydrogen Production via Water Electrolysis.” 4. Petronor and H2SITE cooperated to promote membrane-based hydrogen production technology, improving high-purity hydrogen supply and low-carbon efficiency in refining. 5. Dalian University of Technology designed an electron-pump catalyst with an asymmetric photoresponse structure to maintain asymmetry in electron distribution.