[Bullish and Bearish Factors Intertwined — Aluminum Prices Maintain LME Outperforms SHFE with Volatile Trend in the Short Term] On the fundamentals side, the supply gap outside China and low inventory continued to provide bottom support, but elevated inventory levels in China remained the core factor suppressing significant price rallies. In addition, weak trading performance in the spot market further limited the upside room for aluminum prices. Aluminum prices are expected to continue the pattern of LME outperforming SHFE and fluctuate at highs in the short term.

2026 marks the first year of the 15th Five-Year Plan. Against the backdrop of intensifying global macro volatility and China’s in-depth advancement of high-quality development, the zinc industry is undergoing profound changes: tightness on the ore side and the release of smelting capacity are creating structural tensions, the divergence between domestic and international inventories reflects the complex supply-demand rebalancing, and technological innovation is emerging as a key driving force to resolve conflicts and reshape the landscape. Key areas under the 15th Five-Year Plan, such as new energy and new-type infrastructure, are injecting new momentum into traditional zinc consumption, while green, low-carbon, and circular economy models are accelerating the reshaping of industrial logic driven by technological innovation. With the joint support of upstream and downstream enterprises in the zinc industry, industry associations, and relevant stakeholders, the 2026 SMM Zinc Industry Conference , concurrently held with the 8th Hot-Dip Galvanizing Industry Development & Technology Innovation Forum, the 14th Zinc Salts, Zinc Oxide & Zinc Secondary Resources Development Forum, and the Foundry Zinc Alloy Development Forum, is about to be held in Qingdao, Shandong from August 6 to 8. Under the theme of “Converging Zinc Momentum, Building the Zinc Industry, Embarking on a New Journey”, the conference is driven by both macro perspectives and fundamental analysis, closely follows the main theme of high-quality development in the 15th Five-Year Plan, and focuses on four dimensions: macro policies, supply-demand pattern, global trade, and technological innovation. It aims to drive cost reduction and efficiency improvement through technological breakthroughs, respond to market fluctuations through collaborative innovation, and jointly paint a new blueprint for the high-quality and sustainable development of the zinc industry. Chongqing Weiyi Electric Power Co., Ltd. will be attending this grand event, discussing industry development trends with industry peers, and jointly propelling the zinc industry to new heights. Click the to register for the conference immediately, witness and participate in this extraordinary and far-reaching industry event together, and create a brilliant new chapter! Brilliant Launch Located in the shining pearl of Chongqing Liangjiang New Area—the Caijia Area of China (Chongqing) Pilot Free Trade Zone, Chongqing Weiyi Electric Power Co., Ltd. was wholly founded by Mr. Wang Zhongcheng with an investment of 20 million yuan and meticulous craftsmanship. The company is unswervingly dedicated to the power industry and committed to becoming a brilliant new star in this field. Core Businesses, Leading the Future The company has an extensive business scope covering power supply, high-end power equipment, environmental protection and energy-saving equipment, non-ferrous metals, metal products, electrical products, office supplies, and labor protection products, precisely aligning with every segment of nationally licensed operations. We are not just dealing in products; we are contributing to the power safety and sustainable development of modern society. Superior Quality, Integrity as Foundation Since its establishment, Chongqing Weiyi Electric Power Co., Ltd. has always adhered to the business philosophy of “Outstanding quality forges brilliance, and integrity wins the future” and, with the vision of becoming an industry benchmark, has gained widespread praise and high recognition from all sectors of society in the hot-dip galvanizing industry and trade sector. We deeply understand that every collaboration is a trust entrusted, and every product is a responsibility delivered. Professional Agency, Service First In the wire and cable field, we join hands with top producers in and outside China, winning the favour and trust of many major projects with excellent product quality, meticulous after-sales service, and efficient logistics distribution, including Chongqing Shapingba Phoenix Plaza, Chongqing International Airport, Chang’an Splendid City, and Chongqing Expressway Service Area. The laying of every cable bears witness to our relentless pursuit of quality and our utmost commitment to service. Non-ferrous Metals, Win-Win Cooperation In the non-ferrous metal sales field, we have established long-term and stable cooperative relationships with well-known enterprises in and outside China such as Chongqing Yuhuang Electric Power Equipment Manufacturing Co., Ltd. and Chongqing Shuntai Steel Tower Manufacturing Co., Ltd., and have successfully joined hands with industry leaders including Anhui Hongyuan Steel Tower Co., Ltd., Jiangsu Huadian Steel Tower Manufacturing Co., Ltd., Zhejiang Shengda Steel Tower Manufacturing Co., Ltd., and Jiangsu Zhenguang Steel Tower Manufacturing Co., Ltd., jointly writing a brilliant chapter of win-win cooperation. Every collaboration is the best testament to Weiyi Electric Power’s strength and reputation. New Energy Exploration, Innovation-Driven Looking ahead, Chongqing Weiyi Electric Power Co., Ltd. is actively engaging in the vast realm of new energy, focusing on cutting-edge fields such as PV and energy storage, and has submitted multiple patent applications to the National Intellectual Property Administration, PRC, leading the company’s future development with technological innovation. We firmly believe that only through continuous exploration and breakthroughs can we inject more green momentum and infinite possibilities into the power industry. Fulfilling Social Responsibilities, Demonstrating Corporate Commitment Under the leadership of the Beibei District Federation of Industry and Commerce, and with the coordinated deployment of the Caijia Chamber of Commerce, the company actively participates in visiting enterprises in difficulty. In 2024, it went to Xiushan County, Chongqing, as part of the paired poverty alleviation program coordinated by the Beibei District, purchasing agricultural and sideline specialty products from Xiushan to support the county’s development. Advancing Together, Creating Brilliance “High quality, high efficiency” is our unremitting pursuit; “walking hand in hand and advancing with you” is our sincere wish; “100% qualified products for your 100% satisfaction” is our solemn commitment to every client. Here, we warmly welcome guests from all directions to visit, conduct field trips, and discuss cooperation. Let us join hands and create an even more brilliant future for the power industry! ◆ Contact Information ◆ Wang Zhongcheng 13500344411 Long press to scan the code and register now 2026 SMM Zinc Conference

As copper prices continue reaching new all-time highs, markets are revisiting previous commodity supercycle rallies. Analysts said the current surge is being driven not only by AI infrastructure, power-grid expansion, and clean-energy demand, but also by structurally constrained mine supply and tightening global supply chains. Unlike earlier rallies led mainly by Chinese construction demand, this cycle is increasingly tied to energy transition and strategic resource security. Industry participants now see copper evolving from a traditional industrial metal into a critical strategic asset.

[Ex-China Supply Disruptions Combined with Macro Recovery Strengthen Upside Momentum for Aluminum Prices] The risk of ex-China aluminum supply disruptions has not yet subsided, and the ex-China aluminum ingot supply-demand gap will continue to provide support for aluminum prices. Meanwhile, tightened invoicing has restricted aluminum ingot spot liquidity, and a weakening spot market will limit upside room for domestic aluminum prices. However, since April, China's export orders have remained positive, and combined with recent macro tailwinds, a turning point in China's social inventory is expected to emerge, boosting upside momentum for aluminum prices.

[Macro Policy and Tug-of-War Between Sellers and Buyers: Aluminum Prices Move Sideways] The risk of supply disruptions to aluminum outside China has not yet subsided, and there remains a supply gap in ex-China aluminum, with the strong LME market transmitting to China and providing support for aluminum prices. However, the continuation of inventory buildup exceeding expectations in China will weigh on domestic aluminum prices. Meanwhile, tightened invoicing regulations may lead to structural tightness in spot cargo, and the weakening spot market further limits the upside room for domestic aluminum prices. Close attention should be paid to the potential turning point in China's social inventory, which could drive a rebound and rise in aluminum prices.

According to industry sources, a key executive from NVIDIA (NVDA.O) was scheduled to hold separate meetings on Wednesday with counterpart executives from Samsung Electronics and SK Hynix to discuss collaboration in physical AI. Madison Huang, Senior Director of Product and Technology Marketing for NVIDIA's physical AI platform, was visiting South Korea to expand partnerships in the field. The team she leads is responsible for Omniverse, NVIDIA's development platform for physical and industrial AI simulation applications, as well as the company's robotics platform that supports its industrial digitalization and physical AI strategy. Samsung Electronics and SK Hynix are major suppliers of memory chips used in NVIDIA's AI chips. NVIDIA also collaborates with these South Korean chipmakers to deploy large-scale GPU clusters to strengthen South Korea's national-level AI infrastructure and promote AI applications in robotics, factories, and industrial platforms.