On July 6, it was learned from the Ministry of Emergency Management that the Office of the Work Safety Committee of the State Council, together with the Political and Legal Affairs Commission of the CPC Central Committee, the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, and the Ministry of Justice, recently issued a notice, deploying all regions and relevant departments to earnestly implement the guiding principles of General Secretary Xi Jinping's important instructions on work safety, strictly enforce the spirit of the national work safety video conference, and, in conjunction with the three-year action to address the root causes of work safety and the investigation and rectification of major accident hazards, focus on key industry sectors such as mines, chemical industry, fire protection, and industrial and trade, and deeply carry out the "crackdown on illegal activities and violations" in work safety.

★ Macro ★ 01 ★★ [Central Bank Net Injection of 10 Billion Yuan via Open Market Government Bond Trading in June] The People's Bank of China (PBOC) recently released data on liquidity injections through various tools in June 2026, showing a net injection of 10 billion yuan through open market government bond trading during the month. According to statistics, net injections via open market government bond trading totaled 300 billion yuan in the first six months of this year. The PBOC’s Q1 2026 monetary policy implementation report stated that since the beginning of the year, the PBOC has conducted regular government bond trading operations, flexibly adjusting the scale of operations based on the need for base money injection and bond market conditions. The June injection data also showed a net injection of 200 billion yuan through the medium-term lending facility (MLF) and a net withdrawal of 137.2 billion yuan through other structural monetary policy tools. In addition, net injections through 7-day reverse repos amounted to 582.6 billion yuan, while other-maturity reverse repos saw a net injection of 300 billion yuan. 02 ★★ Oil Prices Post Biggest Single Drop of the Year Oil prices experienced a "three consecutive decline." According to the National Development and Reform Commission (NDRC), starting from 24:00 on July 3, the retail prices of gasoline and diesel (standard grade) will be cut by 950 yuan and 915 yuan per mt, respectively. This adjustment marks the largest single reduction this year. Based on calculations by institutions, the price cut is equivalent to a decrease of 0.73 yuan per liter for 92-octane gasoline, 0.77 yuan per liter for 95-octane gasoline, and 0.78 yuan per liter for 0# diesel. For a typical private car with a 50-liter fuel tank, filling up a full tank of 92-octane gasoline will save about 36.5 yuan. ★ Industry and Downstream ★ 01 ★★ [Chinese Passenger Vehicle Market Share in Europe Surpasses Japan for the First Time] According to the latest data from the European Automobile Manufacturers' Association (ACEA), China's passenger vehicle market share in Europe surpassed that of Japan for the first time in May. Data shows that in May, five Chinese automakers sold a total of 138,400 vehicles in 31 European countries, up 65% YoY, while six Japanese automakers sold 130,400 vehicles in the same 31 countries, down 3% YoY. 02 ★★ [All 200 Billion Yuan in Funding for the Program of Large-Scale Equipment Upgrades and Consumer Goods Trade-Ins Has Been Disbursed This Year] Recently, the National Development and Reform Commission (NDRC) has issued the third batch of equipment upgrade project lists and funding allocations this year, supporting equipment renewals in fields such as energy and power, logistics, education, elderly care institutions, offline consumer commercial facilities, old operating trucks, residential old elevators, and the installation of elevators in old residential communities. Since the beginning of this year, the NDRC, together with relevant departments, has optimized the scope of support, improved the application process, strengthened review and approval, accelerated the pace of work, and disbursed equipment upgrade funds in three batches. At present, the full-year 200 billion yuan equipment renewal funds have been fully allocated, supporting about 11,000 projects across 22 sectors, providing strong support for accelerating industrial upgrading, promoting green development, improving people’s well-being, and strengthening security safeguards. From January to May this year, investment in equipment and tool purchases increased by 9.3% YoY, accounting for 17.5% of total investment, up 2.2 percentage points from the same period last year. 03 ★★ [CISA: Monthly Report on Main Steel-Using Industries, January-May] From January to May, the construction sector among main steel-using industries remained sluggish, while manufacturing continued its overall growth. Specifically, the real estate market continued its adjustment, and infrastructure investment slowed compared with earlier periods. The value added of the machinery industry and export value of electromechanical products maintained growth, automobile production continued to edge down slightly, all three major shipbuilding indicators in the shipbuilding industry grew rapidly, production of the three major white goods in the home appliance industry all maintained growth, and container production continued to decline. 04 ★★ [June Heavy-Duty Truck Market Sales Up 18% YoY] According to statistics from cvworld.cn, China’s heavy-duty truck market sold about 115,000 units in June 2026, up about 5% MoM from May and up 18% from 98,000 units in the same period last year, while the YoY growth rate slowed somewhat compared with the March-May period. This was also a record high for June sales in the past five years. In January-June, cumulative heavy-duty truck sales in China reached about 660,000 units, up about 22% YoY. ★ Other Hot Topics ★ ⭕ [Shenzhen Property Market Continues Stable and Positive Momentum] According to the Shenzhen Housing and Construction Bureau, in June, the Shenzhen property market sustained the strong momentum following the April 29 new policy. Total online registrations for new commercial housing and second-hand residential properties in the city reached 8,878 units, up 14.2% YoY, and the real estate market continued its stable and positive trend. In the new home market, online registrations for new commercial residential properties in Shenzhen totaled 3,785 units in June, up 15.6% YoY, with the new home market continuing to improve. High-quality residential projects remained highly sought after. The commercial property market also performed well, with business apartments highlighting cost-effectiveness advantages. In H1, first-hand and second-hand office buildings and business apartments in the city recorded transactions of 6,567 and 6,238 units, respectively, soaring 103.0% and 70.2% YoY, respectively. ⭕ [Shenlong Group’s “Yunnan Strip New Material Base” Fully Put into Operation] On July 2, 2026, the galvanizing workshop of Yunnan Shenlong Tengda New Material Technology Co., Ltd. (hereinafter referred to as “Yunnan Shenlong”) reported another success—the continuous hot-dip galvanizing/aluminum-zinc line with an annual capacity of 250,000 mt, contracted by Huangshi Shanli Technology Co., Ltd. (hereinafter “Shanli Technology”), was successfully put into operation. This was the third line successfully commissioned within a month, following the startup of a continuous hot-dip galvanizing line with an annual capacity of 500,000 mt on June 1 and a continuous hot-dip galvanizing/Zn-Al-Mg line, also with an annual capacity of 500,000 mt, on June 16 of this year. It marks the full commissioning of the three continuous hot-dip galvanizing/aluminum-zinc/Zn-Al-Mg lines built by Shanli Technology for Yunnan Shenlong, injecting strong new momentum into the supply of high-end new coated sheet and strip materials for China’s southwestern region! *This report is an original work and/or a compilation work of SMM Information & Technology Co., Ltd. (hereinafter referred to as “SMM”). SMM lawfully holds the copyright and is protected under the Copyright Law of the People’s Republic of China and other applicable laws, regulations, and international treaties. Without written permission, the content may not be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or otherwise disclosed to any third party, nor may any third party be authorized to use it. 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Without written permission, no institution or individual may reproduce, modify, use, sell, transfer, display, translate, compile, disseminate, or otherwise disclose the above content to any third party, nor may any third party be authorized to use it. Upon discovery of any such act, SMM will pursue legal liability for infringement, including but not limited to requiring the party to bear contractual default liability, return unjust enrichment, and compensate for direct and indirect economic losses. The views expressed in this report are derived from market information gathered and a comprehensive assessment made by SMM’s research team. The information provided in the report is for reference only and is at the reader’s own risk. This report does not constitute direct investment research or decision-making advice. Clients should make decisions prudently and not use it as a substitute for independent judgment. SMM bears no responsibility for any decisions made by clients. Moreover, SMM shall not be liable for any losses or liabilities arising from unauthorized or illegal use of the views expressed in this report. SMM reserves the right to amend and the final interpretation of this statement ​

★Macro★ 01 ★★ [State-owned Major Bank's 5-Year Personal Certificate of Deposit 'Reappears' with Annualized Interest Rate of 1.6%] Although over the past two years, mainstream major state-owned banks and joint-stock banks ceased issuing certificates of deposit with terms over 3 years. But just as H2 began, a state-owned major bank reintroduced them. On July 1, Bank of China announced on its official website that it would issue the first tranche of personal certificates of deposit for 2026, offering seven terms: 1-month, 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year. As long-term certificates of deposit issued by nationwide commercial banks have largely disappeared from the market, the issuance by Bank of China this time means that 5-year certificate of deposit products from state-owned major banks 'reappear.' 02 ★★ [Central Bank: Net Injection of 200 Billion Yuan via Medium-Term Lending Facility (MLF) in June] The People's Bank of China (PBOC) announced on its official website today the liquidity injection through various central bank tools for June 2026. Data showed that in June, net injection via MLF was 200 billion yuan, net injection via standing lending facility (SLF) was 0 yuan, and net injection via other structural monetary policy tools was -137.2 billion yuan. Meanwhile, in open market operations, in June, net injection via government bond trading in the open market was 10 billion yuan, net injection via 7-day reverse repo was 582.6 billion yuan, net injection via central treasury cash management was 0 yuan, and net injection via reverse repos of other tenors was 300 billion yuan. ★Industry and Downstream★ 01 ★★ [NDRC's Liu Gang Leads Team to China Iron and Steel Association for Work Survey] To gain an in-depth understanding of the steel industry's development, on June 29, Liu Gang, Deputy Director of the NDRC Price Monitoring Center, led a team to CISA to conduct a work survey, and held discussions with Diao Li, Deputy Secretary General and Director of the Information and Statistics Department of CISA, as well as Li Xiaochuan and Li Baojun, Deputy Directors of the Information and Statistics Department. The two sides, considering the new characteristics of steel industry development at this stage, conducted in-depth exchanges on aspects such as price trends across the industry chain's upstream and downstream, compilation of price indices, and optimization of monitoring indicators. 02 ★★ [2025 Annual Dual-Credit Calculation Results for Chinese Passenger Vehicle Enterprises Released] Four departments, including the Ministry of Industry and Information Technology, the Ministry of Commerce, the General Administration of Customs, and the State Administration for Market Regulation, recently jointly announced the 2025 average fuel consumption and NEV credit status of Chinese passenger vehicle enterprises. In 2025, a total of 108 passenger vehicle enterprises in China produced/imported 24.629 million passenger vehicles (including passenger NEVs, excluding export passenger vehicles), with an actual average fuel consumption under WLTC conditions of 3.38 liters per 100 kilometers, average carbon dioxide emissions of 80.22 grams per kilometer, positive fuel consumption credits of 53.553 million points, negative fuel consumption credits of 9.412 million points, positive NEV credits of 21.94 million points, and negative NEV credits of 1.599 million points. 03 ★★ [Changsha One Commercial-Residential Plot Sold at Reserve Price of 165 Million Yuan] On July 2, Changsha auctioned one commercial-residential plot in Furong District, with a planned GFA of 28,109.20 sq m (commercial-residential ratio of 1:9), a plot ratio of 5, a starting price of 165 million yuan, and a starting floor price of 5,884 yuan per sq m. Finally, the local private enterprise Hunan Dayou Real Estate Development Co., Ltd. won the plot at the reserve price of 165 million yuan. 04 ★★ [Nanjing One Residential Plot Sold at Reserve Price of 570 Million Yuan] On July 2, Nanjing auctioned one residential plot in the Qilin Area of Jiangning District, with a planned GFA of 56,779 sq m, a plot ratio of 2.4, a starting price of 570 million yuan, and a starting floor price of 10,041 yuan per sq m. Finally, Nanjing Science and Technology Innovation Investment Co., Ltd. won the plot at the reserve price of 570 million yuan. 05 ★★ [South Korea Imposes Anti-Dumping Duties on Carbon Steel and Alloy Steel HRC Involving China] According to China Trade Remedies Information, on June 23, South Korea's Ministry of Economy and Finance issued Order No. 35, officially imposing anti-dumping duties on carbon steel and alloy steel HRC originating from China and Japan, with the duty rate for Chinese products ranging from 28.16% to 33.10%; meanwhile, it approved the price undertakings proposed by three Japanese enterprises and six Chinese enterprises, and will not impose anti-dumping duties on enterprises that comply with the price undertakings. The announcement took effect on the date of its issuance. ★ Other Hot Topics ★ ⭕ [China's State Flood Control and Drought Relief Headquarters Launches Level-IV Emergency Response for Flood and Typhoon Prevention in Hainan, Guangxi, and Guangdong] According to meteorological forecasts, the tropical depression over the South China Sea is expected to develop into a typhoon on July 2, make landfall on the eastern coast of Hainan Island on the afternoon or evening of July 3, and then make a second landfall on the coast of Guangxi or northern Vietnam on the afternoon or evening of July 4. As a result, it is expected that from July 3 to 5, parts of Hainan Island, Guangdong, and Guangxi will experience heavy to torrential rain, with localized areas seeing extremely heavy downpours. In accordance with the relevant provisions of the National Flood Control and Drought Relief Emergency Plan, the State Flood Control and Drought Relief Headquarters decided to launch a Level-IV emergency response for flood and typhoon prevention in Hainan, Guangxi, and Guangdong at 12:00 on July 2, and dispatched a working group to Hainan for frontline guidance and assistance. ⭕ [US Treasuries Rise as Weak Employment Report Dampens Rate Hike Expectations] US Treasuries rose after a weaker-than-expected US employment report prompted traders to scale back expectations of interest rate hikes by the US Fed in the coming months. The two-year US Treasury yield, which is most sensitive to monetary policy changes, fell 6 basis points to 4.11%, while the 10-year yield fell 2 basis points to 4.46%. Interest rate swaps showed that traders expected the probability of the US Fed raising interest rates at its meeting later this month to be around 20%, down from 33% before the data release. The market was pricing in fewer than two 25-basis-point rate hikes by March 2027. ⭕ [US June Nonfarm Payrolls Increased by 57,000, Far Below Market Expectations] US nonfarm payrolls increased by 57,000 in June (estimate: 113,000; prior: 172,000). Private payrolls rose by 49,000 (prior: 97,000; estimate: 107,000). Manufacturing payrolls increased by 3,000 (prior: a decrease of 2,000), matching expectations; the forecast range of 15 surveyed economists was a decline of 1,000 to an increase of 10,000. ⭕ [Saudi Arabia's Crude Oil Exports Approach Pre-War Levels] Saudi Arabia's crude oil exports are near pre-war levels; as of Wednesday, the kingdom exported 6.3 million barrels per day over a six-day period. *This report is an original work and/or compilation work exclusively created by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys the copyright, protected by the Copyright Law of the People's Republic of China and other applicable laws, regulations, and international treaties. Without written permission, no entity may reproduce, modify, sell, transfer, display, translate, compile, disseminate, or otherwise disclose the above content to any third party or license any third party to use it. Otherwise, once discovered, SMM will pursue legal action for infringement, including but not limited to claims for contractual breach liability, restitution of unjust enrichment, and compensation for direct and indirect economic losses. The content contained in this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all other information, is protected by laws such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and applicable international treaties regarding copyright, trademark rights, domain name rights, commercial data property rights, and other rights, and is owned or held by SMM and its relevant rights holders. Without written permission, no institution or individual may reproduce, modify, use, sell, transfer, display, translate, compile, disseminate, or otherwise disclose the above content to any third party or license any third party to use it. Otherwise, upon discovery, SMM will take legal action to pursue infringement liability, including but not limited to demanding assumption of contractual breach liability, return of unjust enrichment, and compensation for direct and indirect economic losses. The views in this report are based on information gathered from the market and a comprehensive assessment by SMM's research team. The information provided in this report is for reference only, and risks are assumed by the user. This report does not constitute direct investment research advice. Clients should make decisions prudently and not replace their own independent judgment with this report. Any decisions made by clients are unrelated to SMM. Furthermore, any losses and liabilities arising from unauthorized and illegal use of the views in this report are unrelated to SMM. SMM reserves the right to modify and the final interpretation of the terms of this statement. ​

★ Macro ★ 01 ★★ [Oil Prices May Return to the 7-Yuan Era] According to China's refined oil product price adjustment cycle, the 13th adjustment window of the year will open at 24:00 on July 3, with only 3 statistical working days remaining and 70% of the current pricing cycle completed. As reported by Dazhong Daily, the decline in oil prices has continued to widen during this cycle, deepening for six consecutive days from an initial drop of just over 0.4 yuan to the current level exceeding 0.65 yuan. The trend of a substantial cut appears largely irreversible, and this Friday evening may mark the year's first triple consecutive decline in oil prices, as well as the fourth price reduction in 2024. As of the calculation data from the 7th working day, estimated figures show a cut of 820 yuan/mt for gasoline and 790 yuan/mt for diesel. Converted to retail terminal unit prices, estimates show a drop of 0.66 yuan per liter for 92-octane gasoline, 0.7 yuan per liter for 95-octane gasoline, and 0.68 yuan per liter for 0# diesel. The two previous adjustments in June had already achieved a double consecutive decline, with cumulative cuts of 1,040 yuan/mt and 1,000 yuan/mt for gasoline and diesel respectively, equivalent to a cumulative price drop of between 0.84 and 0.89 yuan per liter. The price of 92-octane gasoline has fallen below 8 yuan, returning to the 7-yuan range. Once this round of cuts takes effect, the national average price for 95-octane gasoline may fall below 8 yuan, re-entering the 7-yuan era. 02 ★★ [US and Iranian Officials to Hold Indirect Talks in Doha] Sources stated on July 1 that officials from the US and Iran will hold indirect talks in the Qatari capital, Doha, later that day. ★ Industry and Downstream ★ 01 ★★ [Shenzhen Real Estate Market Hits New High for June Transactions in Nearly Six Years] According to data released today by the Shenzhen Centaline Research Center, first-hand and second-hand residential transactions in Shenzhen totaled 8,878 units in June, down 11.9% MoM yet up 14.2% YoY. The combined transaction volume was the highest for the same period since 2021. Specifically, online registrations for new housing (pre-sale and existing) amounted to 3,785 units, a decrease of 16.7% MoM but an increase of 15.6% YoY, while second-hand housing transfers reached 5,093 units, down 8% MoM but up 13.1% YoY. Monitoring data indicates that both new home pre-sales and second-hand home transactions in Shenzhen for the month reached record highs for the same period over the past six years, marking the best June performance for the property market in nearly six years. 02 ★★ [China-Made Air Conditioners See Export Orders Surge from Europe] Data shows that only about 20% of European households have air conditioning installed. Due to the concentrated surge in European demand for cooling, export orders for Chinese-made air conditioners have continued to grow. Air conditioning enterprises are working overtime to produce and fulfill these export orders. At an enterprise's air conditioner production workshop in Jiangmen, Guangdong, workers are rushing to assemble air conditioner parts. Since March this year, the enterprise’s export orders to the European market saw a sharp increase, with exports in May exceeding 800,000 units, up 20.3% YoY. The person in charge told the reporter that many residential buildings in Europe were built long ago, building facades are subject to strict controls, and installation procedures for traditional split air conditioners are complicated with high approval thresholds. Mobile air conditioners produced by Chinese enterprises, which require no outdoor unit and no wall drilling, precisely match the usage scenarios of local homes, apartments, and shops. An air conditioner enterprise’s sales in the French market in June surged over 100% YoY, while its Italian market sales rose 30% YoY in June. 03 ★★ [Chongqing: Promoting Housing "Trade-in" and Optimizing Support Policies such as "Selling Smaller to Buy Larger" and "Transfer with Mortgage"] The Chongqing Municipal Housing and Urban-Rural Development Committee is publicly soliciting opinions on the "Chongqing Urban Housing High-Quality Development 15th Five-Year Plan (Draft for Comments)". It proposes to promote a virtuous cycle in the new and second-hand housing markets, advance housing "trade-in", optimize support policies such as "selling smaller to buy larger" and "transfer with mortgage", reduce transaction costs, and foster synergy between the new and second-hand housing markets. Based on the "Yuyue Anju" system, fully implement online contract signing services for existing homes, establish and improve mechanisms for supervision of existing home transaction funds, listing and release of property listings, and price monitoring; simplify the transaction process, strengthen real estate registration information sharing, automatically verify property information, and promote "one-stop acceptance" and full online processing of transaction services. 04 ★★ [TISCO Steel Science & Technology Company Successfully Trials T1100S-Grade Ultra-High-Strength Carbon Fiber in a Single Attempt] According to China Baowu, recently, the TISCO Steel Science & Technology Company under China Baowu successfully trial-produced T1100S-grade ultra-high-strength carbon fiber in a single attempt, with excellent performance across all key indicators, reaching domestic leading and international advanced levels. Carbon fiber is a key strategic material supporting aerospace and high-end equipment manufacturing. From aircraft structural components to rocket casings, breakthroughs in lightweight materials directly determine the performance ceiling of equipment. The T1100S grade, meanwhile, is a top-tier high-modulus, ultra-high-strength carbon fiber in the industry, with extremely high technical barriers, and has long been a key focus of China’s new material breakthroughs. 05 ★★ [In H1, New Home Prices in 100 Chinese Cities Edge Up Cumulatively, While Second-Hand Home Prices Fall] In the first half of this year, new home prices in 100 Chinese cities continued a structural uptrend. In June, the average new home price in the 100 cities was 17,184 yuan per m², up 0.16% MoM and up 2% YoY. Second-hand home prices in the 100 cities fell cumulatively. In June, the average second-hand home price in the 100 cities was 12,639 yuan per m², down 0.42% MoM and down 7.68% YoY. Core cities were the first to show positive signals: Shenzhen’s second-hand home prices turned to a month-on-month increase in June, while Shanghai’s second-hand home prices rose MoM for four consecutive months. ★Other Hot Topics★ ⭕ [China Fully Enters Main Flooding Season Today] Starting July 1, China fully entered the main flooding season. According to forecasts and comprehensive assessments, during the main flooding season (July–August), both northern and southern China will see areas of heavy rainfall, with the north facing relatively severe flooding, more frequent localized extreme rainstorms and floods, and stronger typhoons moving northward to affect inland areas. Meanwhile, parts of the southwest and northwest may experience periodic droughts due to high temperatures and low rainfall. The flood control and drought relief situation is severe and complex. On the morning of July 1, the Ministry of Water Resources organized a rolling consultation to analyze and assess the current and near-term development of rainfall, water conditions, flooding, and drought, and deployed targeted key preventive measures accordingly. Based on the 24-hour rainfall forecast, the ministry issued province-specific targeted early warnings to 14 provinces (autonomous regions and municipalities), including Liaoning, Shanghai, Zhejiang, Anhui, Jiangxi, Hubei, Hunan, Guangxi, Sichuan, Guizhou, Yunnan, Gansu, Qinghai, and Xinjiang. These warnings detailed lists of counties (cities and districts) under heavy rainfall coverage, reservoir lists, and flash flood disaster risk areas and locations, and reminded relevant parties to ensure safe reservoir operation during flooding, and to guard against small and medium river floods and flash flood disasters. ⭕ [Domestic Route Fuel Surcharges to Be Sharply Cut from July 5] 9 Air issued a notice today stating that effective July 5, 2026 (ticket issuance date), domestic route fuel surcharges will be reduced. For routes over 800 kilometers, each passenger will be charged 100 yuan, and for routes of 800 kilometers or less, each passenger will be charged 50 yuan, representing cuts of 50 yuan and 30 yuan, respectively, from the previous levels. In April and May this year, domestic fuel surcharges were raised significantly for consecutive months. Starting June 5, they were reduced by 20 yuan and 10 yuan for the two categories. With the decline in fuel prices, the fuel surcharge reduction in July is much larger. ⭕ ["US ADP Employment Data" Lower Than Expected] US ADP employment for June was 98,000, the lowest increase since March, below the expected 118,000. The prior reading was 122,000. *This report is an original work and/or compilation produced exclusively by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally holds the copyright and is protected by the Copyright Law of the People's Republic of China and other applicable laws and international treaties. No reproduction, modification, sale, transfer, display, translation, compilation, dissemination, or any other form of disclosure of the above content to third parties or licensing thereof is permitted without written authorization. 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In June the aluminum processing industry exhibited a pronounced divergence pattern of "external demand outperforming domestic demand, with the aluminum wire and cable industry unable to sustain the market on its own." Export orders, energy storage, UHV, and other areas provided structural support, but a combination of weak domestic consumption, wild swings in aluminum prices, and policy disruptions made it difficult for the overall industry sentiment to recover markedly in the short term.

SMM learned that a carrier's intelligent computing center in East China is currently offering Huawei Ascend 910-B2 computing power resources for lease at a monthly rent of approximately 15,000 yuan, which is quite price-competitive in the current domestic computing power leasing market. The resources are of the Ascend 910-B2 specification (64GB video memory/full machine), suitable for mainstream large model training and inference workloads. However, SMM understands that the actual clearance of these resources faces certain obstacles: the prospective lessee's existing computing equipment is deployed in its own IDC computer room, and it needs to integrate the newly leased resources with the existing equipment into a unified computing cluster to achieve coordinated scheduling. But the carrier's resources are located in a remote intelligent computing center, and due to constraints such as network latency, cross-room interconnection bandwidth, and operational consistency, the "device travel" solution (i.e., cross-room remote management of computing power resources to incorporate them into the client's own cluster) is difficult to implement, causing the transaction to stall.