In mid-March 2026, CAAM and the China Automotive Power Battery Industry Innovation Alliance successively released relevant data on the auto and power battery markets for February 2026. According to CAAM’s analysis, auto production and sales declined YoY under the combined impact of multiple factors, including policy transition adjustments, front-load demand release, the timing shift of the Chinese New Year holiday, insufficient willingness to consume, and a high base in the same period last year. Among them, the passenger vehicle market and NEV market both declined YoY, while the commercial vehicle market continued to improve, and auto exports grew rapidly. .......SMM compiled the relevant data on the auto market and power battery market for February 2026 for readers’ reference. Automobiles CAAM: February Auto Output and Sales Reached 1.672 Million and 1.805 Million Units, Respectively In February, auto output and sales totaled 1.672 million and 1.805 million units, down 31.7% and 23.1% MoM, and down 20.5% and 15.2% YoY, respectively. From January to February, auto output and sales totaled 4.122 million and 4.152 million units, down 9.5% and 8.8% YoY, respectively. CAAM: February NEV Sales Reached 765,000 Units; January-February NEV Output and Sales Reached 1.71 Million Units In February, NEV output and sales totaled 694,000 and 765,000 units, down 21.8% and 14.2% YoY, respectively. NEV sales accounted for 42.4% of total new vehicle sales. From January to February, NEV output and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% YoY, respectively. NEV sales accounted for 41.2% of total new vehicle sales. CAAM: Auto Exports Continued to Grow in February; NEV Exports up 1.1x YoY In February, NEV exports were 282,000 units, down 6.6% MoM, up 1.1x YoY ; traditional fuel vehicle exports were 391,000 units, up 2.8% MoM and up 26.2% YoY . From January to February, NEV exports were 583,000 units, up 1.1x YoY; traditional fuel vehicle exports were 769,000 units, up 22.2% YoY . Regarding the auto market in February, CAAM said that this year’s Chinese New Year fell in mid-to-late February, and the holiday was extended. As a result, there were only 16 effective working days in February, which had a certain impact on enterprise production and operations, and overall market activity declined. Judging from industry performance from January to February, auto production and sales declined YoY under the combined impact of multiple factors, including policy transition adjustments, front-load demand release, the timing shift of the Chinese New Year holiday, insufficient willingness to consume, and a high base in the same period last year. Among them, the passenger vehicle market and NEVs declined YoY, while the commercial vehicle market continued to improve and auto exports grew rapidly. This year’s government work report explicitly proposed to stimulate the endogenous momentum of household consumption and advance consumption-promoting policies in parallel, continue to amplify the effect of the policy package, further rectify “involution-style” competition, and foster a sound market ecosystem. It is believed that, as detailed local subsidy measures are fully implemented after the holiday, spring auto show sales promotions begin, and automakers roll out new models one after another, this will help boost consumer confidence, energize the auto market, and promote the healthy and stable operation of the industry. Subsequently, the CPCA also released data on the passenger vehicle market for February 2026. From February 1 to 28, retail sales in China’s passenger vehicle market reached 1.034 million units, down 25.4% YoY and down 33.1% MoM. Cumulative retail sales since the beginning of the year totaled 2.578 million units, down 18.9% YoY. As market factors have become more complex, the pattern of “low at the beginning and high at the end” in annual sales has become more evident in recent years. Affected by disruptions such as Chinese New Year, February retail sales have seen wild YoY swings over the years, for example: 2019 (-19%), 2020 (-79%), 2021 (373%), 2022 (5%), 2023 (10%), 2024 (-21%), and 2025 (26%). Therefore, the -25.4% in 2026 was at the lower-middle end of the range of sharp fluctuations in February growth rates over the years. NEVs, retail sales in the passenger NEV market were 464,000 units in February, down 32.0% YoY; from January to February, retail sales in the passenger NEV market were 1.06 million units, down 25.7% YoY. Retail sales of conventional fuel passenger vehicles were 570,000 units in February, down 19% YoY. In February, passenger NEV producer exports were 269,000 units, up 124.7% YoY and down 7.0% MoM; from January to February, passenger NEV producer exports were 559,000 units, up 114.7% YoY, while exports of conventional fuel passenger vehicles were 290,000 units in February, up 21% YoY. NEV exports, as the scale advantages of China’s new energy vehicles become more apparent and market expansion demand grows, more and more China-made new energy brand products are going outside China, and their recognition outside China continues to improve. Among them, PHEVs accounted for 38% of NEV exports (38% in the same period last year). Although they have recently been affected by some disruptions from external countries, exports of independently developed PHEVs to developing countries have grown rapidly, with bright prospects. In February, passenger NEV exports were 269,000 units, up 124.7% YoY and down 7.0% MoM. They accounted for 48.5% of passenger vehicle exports, up 14.8 percentage points YoY; BEVs accounted for 58% of NEV exports (59% in the same period last year), and A00- and A0-class EVs, the core focus, accounted for 55% of BEV exports (56% in the same period last year). The CPCA stated that after the NEV purchase tax exemption policy, which had been implemented since September 2014, was formally phased out at the end of December 2025, the NEV market in 2026 entered a recovery period amid adjustments to tax subsidies. Some consumers brought forward purchases to 2025 to benefit from the policy, resulting in a certain pull-forward effect in January-February this year. This was an expected short-term fluctuation and does not represent the market’s long-term trend. However, with Chinese New Year falling later this year, making it a major consumption year, growth in the auto market diverged, and NEVs did not perform strongly, indicating that more policy support is still needed. Key features of the passenger vehicle market in February 2026: 1. In February, passenger vehicle producers’ daily average exports hit a record high for the month, fully demonstrating the steadily improving competitiveness of China’s automotive industry in the global market and continued robust demand outside China; 2. The retail pullback after the expiration of the vehicle purchase tax exemption was evident, but structural changes were also clear, namely a higher share of high-end NEVs and a lower share of entry-level consumption, which is conducive to the industry’s transition toward high-quality development; 3. New vehicle launches were steady in 2026, and together with the advance of anti-involution efforts curbing disorderly price cuts, NEV sales promotions stayed at 10.4% in February, remaining around 10% for six consecutive months. No vicious volume discount competition emerged, helping maintain market order; 4. The historical pattern of internal combustion engine vehicles outperforming NEVs before Chinese New Year continued again. In February, retail sales in China of internal combustion engine vehicles fell 19% YoY, while pure electric vehicle retail sales fell 35% YoY, range-extended vehicles fell 16% YoY, and PHEVs fell 31% YoY. As time goes by, consumers are expected to gradually adapt to the normalization of NEV taxation, and the NEV market is expected to return to a track of positive growth; 5. This February was still a pre-Chinese New Year consumption phase dominated by internal combustion engine vehicles. NEV penetration rate in retail sales in China was 44.9%, and export penetration rate was 48.5%, which was a relatively good performance; 6. In February 2026, exports of self-owned-brand internal combustion engine passenger vehicles reached 247,000, up 21% YoY, while exports of self-owned-brand NEVs reached 231,000, up 110% YoY. NEVs accounted for 48.4% of self-owned-brand exports. In particular, the high growth of NEV exports in Europe, Southeast Asia, and other regions marked the expanding influence of China’s NEV brands in the international market, laying a solid foundation for future export growth. Power Battery In February, China’s cumulative sales of power and ESS batteries reached 113.2 Gwh, up 25.7% YoY In February, China’s sales of power and ESS batteries reached 113.2 Gwh, down 23.9% MoM, up 25.7% YoY . Of this, power battery sales were 74.5 Gwh, accounting for 65.9% of total sales, down 27.4% MoM and up 11.4% YoY; ESS battery sales were 38.6 Gwh, accounting for 34.1% of total sales, down 16.2% MoM and up 67.3% YoY. From January to February, China’s cumulative sales of power and ESS batteries were 262 Gwh, up 53.8% YoY . Of this, cumulative power battery sales were 177.2 Gwh, accounting for 67.6% of total sales and up 36.5% YoY; cumulative ESS battery sales were 84.8 Gwh, accounting for 32.4% of total sales and up 108.9% YoY. From January to February, cumulative power battery installations were 68.3 Gwh, with LFP installations accounting for 77.9% In February, China’s power battery installations were 26.3 Gwh, down 37.4% MoM and down 24.6% YoY. Of this, ternary battery installations were 5.7 Gwh, accounting for 21.7% of total installations, down 39.1% MoM and down 11.4% YoY; LFP battery installations were 20.6 Gwh, accounting for 78.3% of total installations, down 36.9% MoM and down 27.5% YoY. From January to February, cumulative power battery installations in China were 68.3 Gwh, down 7.2% YoY. Of this, cumulative ternary battery installations were 15.1 Gwh, accounting for 22.1% of total installations and up 0.6% YoY; cumulative LFP battery installations were 53.3 Gwh, accounting for 77.9% of total installations and down 9.2% YoY. More Than 60% of A/H-Share Automakers Achieved YoY Growth, March Auto Market Production and Sales Will See Rapid MoM Growth Earlier, CLS compiled the January-February sales performance of 14 A/H-share listed automakers, of which 9 achieved YoY growth, accounting for more than 60%, and 3 automakers recorded February sales outside China exceeding those in the Chinese market. Among emerging EV makers, Leap Motor still firmly held the top spot in deliveries, with 28,067 units delivered in February, up 10.99% YoY; cumulative deliveries in 2026 reached 60,126 units, up 19.16% YoY. While releasing its February delivery figures, Leap Motor said its March car purchase incentives had gone live, with discounts of up to 46,000 yuan for in-stock vehicles. Li Auto delivered 26,421 units in February, up 0.6% YoY. Cumulative deliveries in 2026 reached 54,089 units, down 3.74% YoY. As of February 28, 2026, Li Auto’s historical cumulative deliveries totaled 1.594 million units. Li Auto said that as of February 28, 2026, it had 539 retail centers nationwide, covering 160 cities; 548 after-sales repair centers and authorized service centers, covering 223 cities. Li Auto had put into use 4,054 Li Auto supercharging stations nationwide, with 22,447 charging piles. NIO delivered 20,797 new vehicles in February, up 57.65% YoY. Cumulative deliveries in the first two months of 2026 reached 47,979 units, up 77.34% YoY. To date, NIO has delivered a total of 1,045,571 new vehicles. At 22:33:18 on February 6, NIO completed its 100 millionth battery swap; during the 2026 Chinese New Year holiday, NIO provided a cumulative 2,073,500 battery swapping services, with daily average services up 29.4% YoY versus the Chinese New Year holiday last year. From February 15 to February 23, NIO Energy's cumulative highway charging and battery swapping volume exceeded 25.28 million kWh, accounting for 15% of the national highway charging and battery swapping total. Starting from February 18 (the second day of the Chinese New Year), NIO battery swapping set new single-day service records for five consecutive days. XPeng Motors delivered a total of 15,256 new vehicles in February, bringing cumulative deliveries in the first two months of 2026 to 35,267 units, down 42% YoY. In February, the all-new XPeng G6 launched in the UK, with the entire lineup equipped as standard with an 800V high-voltage platform and a new-generation LFP battery, while introducing an all-wheel-drive performance black edition for the first time. The XPeng G6 has now been exported to more than 40 countries and regions worldwide, covering Asia-Pacific, Europe, the Middle East and North Africa, and Latin America, and continues to win favour among an increasing number of overseas consumers. As for Xiaomi Auto, its deliveries exceeded 20,000 units in February, while January deliveries exceeded 39,000 units, bringing cumulative deliveries in the first two months of 2026 to 59,000 units. Notably, the Xiaomi YU7 continued to rank first in sales in February and has now held the top spot for six consecutive months. In February 2026, Xiaomi YU7 sales reached 20,196 units, ranking among the top three passenger vehicle models nationwide for the month. As for BYD, China's "EV king," February sales reached 190,190 units, retaining its position as China's NEV sales champion. In January-February 2026, BYD Group's cumulative sales reached 400,241 units, while cumulative overseas sales of passenger vehicles and pickups totaled 200,160 units, and cumulative new energy vehicle sales exceeded 15.5 million units. On March 5, BYD unveiled the second-generation blade battery. Wang Chuanfu, Chairman of BYD Group, said that the second-generation blade battery can charge from 10% to 70% in 5 minutes, and from 10% to 97% in just 9 minutes. The second-generation blade battery offers 5% higher battery energy density than the first-generation blade battery. Car models equipped with the second-generation blade battery include the Yangwang U7, Denza N9, Fangchengbao Tai 3, Seal 07, Datang, Sea Lion 06, Song Ultra, Fangchengbao Tai 7, Denza Z9GT, and Yangwang U8L, among which the Denza Z9GT has a driving range of 1,036 km. Regarding auto industry sales in February 2026, Cailian Press quoted an executive at a new carmaker as saying, "Affected by the longest-ever nine-day Chinese New Year holiday in February, the auto industry's effective production and sales period was significantly shortened, making it a typical off-season for auto consumption. Combined with the phased reduction in the vehicle purchase tax incentive, the auto industry as a whole remained subdued and full of challenges.” Looking ahead to the passenger vehicle market in March, the CPCA said that March this year had 22 working days, one more than the 21 working days in March 2025. As industries across the board rapidly returned to normal operations after the Chinese New Year holiday, production and sales growth in March is expected to rise sharply MoM. The post-Chinese New Year period is an important window for new product launches, and many producers rolled out a large number of new vehicles. Driven by national pro-consumption policies, many provinces and cities introduced corresponding measures to stimulate consumption, while the full resumption of offline activities such as auto shows will also accelerate the return of foot traffic. As prices of lithium carbonate, copper, and other materials have remained high recently, coupled with the continued anti-involution trend, producers are expected to launch relatively few new energy car models offering better-than-expected value for money, leaving limited potential for an explosive rebound in auto consumption. Although the recent Middle East crisis caused some transportation disruptions, China’s complete vehicle enterprises shifted from “chartering vessels and waiting for shipping space” to “building ships and controlling transport,” with rapid expansion of their own fleets, greater autonomy and control over shipping capacity, and significant optimization in cost and efficiency. Our sales support capabilities are stronger than those of other international automakers, and if the crisis does not last long, export transportation will not be significantly affected. As the national trade-in policy is fully implemented, the consumer potential for replacement and upgrade purchases will be gradually released, helping the auto market strengthen steadily in March. In 2026, policy subsidies and structural optimization in the auto industry will become key factors in leveraging overall market prosperity and accelerating the premiumization of new energy vehicles. Although the 2026 consumer goods trade-in subsidy fund of 250 billion yuan was down 50 billion yuan from 2025, the 100 billion yuan in special fiscal and financial coordinated funding to boost domestic demand can reduce financing costs for residents’ car purchases and automakers through loan interest subsidies and financing guarantees, effectively stimulating endogenous consumption momentum and expanding new room for domestic demand. Huachuang Securities pointed out that since March, the passenger vehicle retail market has begun to improve, with foot traffic and transactions gradually recovering, mainly due to the digestion of deferred wait-and-see demand from last year and the launch of new models. Attention should be paid to market acceptance of new vehicles after price increases and to dynamic adjustments by automakers. Although the subsidy amount per vehicle declined this year, coverage may expand. Combined with the low base in H2 last year, industry retail sales growth in H2 is expected to turn positive, with full-year retail growth expected at 1%, including +5% for EVs. Export data for January-February exceeded expectations, and full-year exports are expected to surpass 7.1 million units, boosting wholesale growth by about 3%, including +8% for EVs. In February, due to weaker demand during the Chinese New Year, the new energy penetration rate remained firm at 48%. Current total channel inventory is about 3.4 million units, an increase of about 600,000 units compared to the same period last year. Rising Prices of Memory Chips and Precious Metals, Some Automakers Warn of Cost Pressure It is worth noting that as memory chip and precious metal prices have fluctuated upward recently, some automakers in the market have begun trying to respond to supply chain cost pressure through “price increases.”Monitoring data from TrendForce showed that since H2 2025, prices of DDR4 memory used in automotive-grade DRAM have risen by more than 150% cumulatively, while DDR5 memory prices have surged by 300%. Data provided by UBS showed that over the past three months, automotive-grade DRAM prices as a whole increased by 180%. According to incomplete statistics, since the start of 2026, multiple automakers, including NIO, Li Auto, VOYAH, Xiaomi, and Zeekr, have issued warnings or been reported to be facing cost challenges brought by chip price increases. In a livestream, Deepal Chairman Deng Chenghao said that current production costs have risen by several thousand yuan compared with earlier levels, with the pressure mainly coming from wild swings in power battery and in-vehicle memory chip prices; Li Auto Vice President of Supply Chain Meng Qingpeng even warned that the supply fulfillment rate for automotive memory chips in 2026 may be less than 50%; Xiaomi Chairman Lei Jun mentioned in a livestream in January that the new Xiaomi SU7 is facing memory cost pressure that is jumping quarter by quarter, with memory cost per vehicle expected to increase by several thousand yuan. However, according to the latest news from NIO on March 11, NIO founder and chairman Li Bin said that rising prices of memory and other raw materials have impacted the cost of high-end new energy car models by 3,000 to 5,000 yuan respectively, with the total impact nearing 10,000 yuan. At present, NIO’s existing system can support the pressure brought by rising costs, and the company currently has no plan to adjust prices. At the Q4 and full-year 2025 earnings call, Li Auto President Ma Donghui said that in response to the impact brought by the current increase in parts prices, Li Auto will strengthen coordination with supply partners and sign long-term LTA agreements with relevant suppliers to lock in prices or allocations in advance. If there is a price adjustment mechanism, it will be strictly implemented in accordance with the contract; where there is no price adjustment mechanism, the company will also share costs with suppliers. It will absorb as much of the pressure from external price increases internally as possible, including through its self-developed range extender and self-developed chips. “Li Auto will comprehensively consider parts costs and user value in determining the pricing of new car models, and is confident that through a series of measures it can keep the impact of raw materials within a reasonable range,” Ma Donghui said. UBS warned that chip shortages may begin disrupting global auto production as early as Q2 this year, with EV manufacturers that are highly dependent on advanced chips expected to be affected the most.

JPMorgan published a research report stating that BYD (01211.HK) recently launched the second-generation blade battery and announced the expansion of its fast-charging network. Meanwhile, its various brands jointly introduced 10 new all-electric/plug-in hybrid car models, with deliveries expected to begin in April or May. The bank believed that BYD’s sales would rebound quarter-on-quarter from about 700,000 units in the first quarter of this year to 1.1 million to 1.2 million units in the second quarter. The bank believed that investors’ next focus would be on the rebound in store foot traffic around the Beijing auto show on April 24. The bank maintained its target price at HK$110 and its rating at “Overweight”.

[SMM Tin Morning Brief: Macro Sentiment and Spot Trades in a Tug-of-War; Tin Prices Retreat After Rapid Rise and Enter Consolidation]

On May 29, the first batch of YANGWANG U7 sedan's BEV (battery electric vehicle) units for customer delivery officially rolled off the production line, marking a key milestone in the model's delivery ...

Recently, the China Society of Automotive Engineers (China-SAE) released the group standard "Determination Method for All-Solid-State Batteries", which clearly defines all-solid-state batteries for the first time, requiring that ion transport be achieved entirely through solid electrolytes, thus establishing a strict technical demarcation from hybrid solid-liquid electrolyte batteries. The standard was jointly drafted by the China Automotive Technology and Research Center New Energy Vehicle Inspection Center (Tianjin) Co., Ltd., leading a collaboration with over 50 organizations. The introduction of this standard effectively avoids speculative hype around the concept and provides more unified metrics for material development, process optimization, equipment adaptation, and other aspects.

[BYD's Power Battery Passes New National Standard Certification] Li Yunfei, the head of BYD's public relations, announced that BYD's blade battery and flash-charging blade battery both passed the new national standard's omnidirectional detection for batteries ahead of schedule, obtaining certification from the authoritative organization, China Automotive Technology & Research Center (CATARC).

[Jinyang Share: Plans to Issue Convertible Bonds to Raise No More Than 980 Million Yuan] Jinyang Share (301210.SZ) announced in a public notice that it plans to issue convertible bonds to raise no more than 980 million yuan. The funds raised will be used for the Jinyang Share Lithium Battery Precision Structural Components Project (Xiamen), the Jinyang Share Lithium Battery Precision Structural Components Project (Xiaogan), and to supplement working capital. (Financial Associated Press) [Jinlongyu: Related Businesses of Solid-State Batteries and Their Key Materials Have Not Yet Formed Long-Term Stable Revenue] Jinlongyu (002882.SZ) issued a public notice regarding abnormal fluctuations in stock trading, stating that the company's research and development of technologies related to solid-state batteries and their key materials constitute cross-border investments. Although orders have been received, the related businesses have not yet formed long-term stable revenue and do not currently have a significant impact on the company's overall performance. Investors are advised to make cautious decisions and be aware of investment risks. (Financial Associated Press) [BYD's Blade Battery Passes New National Standard Ahead of Schedule] Li Yunfei, General Manager of BYD Group's Brand and Public Relations Department, posted on Weibo that BYD's Blade Battery and Flash-Charging Blade Battery have both passed all tests of the new national standard for batteries ahead of schedule, obtaining certification from the authoritative institution, China Automotive Technology and Research Center. (Financial Associated Press) [Yinglian Share: 2-Day Consecutive Limit-Up; Conducted On-Site Investor Survey on May 22, Introducing Development of FMCG Metal Packaging Business and Composite Current Collector Business] Yinglian Share (002846.SZ) issued a public notice regarding abnormal fluctuations in stock trading, stating that the company conducted an on-site investor survey on May 22, 2025, introducing the development of its FMCG metal packaging business and composite current collector business to investors: The easy-open end segment of FMCG metal packaging products has developed steadily, with the company accumulating profound experience in intelligent production and lean management. The industrialisation progress of the composite current collector segment continues to advance, with the company continuously expanding its capacity, gradually securing small-batch orders in downstream market development, and advancing cooperation with leading battery clients. Meanwhile, the company is accelerating its R&D process, developing lithium metal/composite current collector anode integrated materials for solid-state batteries, and continuously expanding applications in various types of batteries. (Financial Associated Press) [Xiaomi Group: Delivered 75,869 New Xiaomi SU7 Series Vehicles in Q1, with Smart EV Revenue Reaching 18.1 Billion Yuan] Xiaomi Group announced that in the first quarter of 2025, it delivered 75,869 new Xiaomi SU7 series vehicles. Meanwhile, the company will expand its capacity, with the cumulative deliveries of the Xiaomi SU7 series exceeding 258,000 units. In the first quarter of 2025, the total revenue of the innovative business segment, including smart EVs and AI, was 18.6 billion yuan, of which smart EV revenue was 18.1 billion yuan and other related business revenue was 500 million yuan. This quarter, the gross profit margin of the innovative business segment, including smart EVs and AI, was 23.2%. In Q1 2025, the operating loss of the innovative business segment, including smart EVs and AI, was RMB 500 million. [The automotive price war has put significant pressure on suppliers, with profits falling below 10% and payment terms extending up to 120 days. Industry insiders: This may directly impact automotive safety.] Automakers such as BYD, Geely Galaxy, and SAIC GM have successively launched price cuts and sales promotions, sparking market attention and potentially igniting a new round of price wars in China's automotive market. Previously, reporters visited multiple suppliers and found that as the "price war" intensifies in China's automotive market, the profit margins of upstream enterprises have been continuously compressed to 10%, with payment terms extending up to 120 days. Industry insiders believe that the "price war" may lead suppliers into losses and pose risks to automotive quality and safety. Related Reading: [SMM Analysis] China's domestic lithium carbonate imports in April 2025 released April battery materials import and export data released: Both spodumene and lithium carbonate imports increased, with the latter's exports surging! [SMM Special Report] Cobalt product quotes collectively decline: Refined cobalt drops by RMB 6,200; cobalt intermediate product smelters' willingness to sell increases [Weekly Observation] Spot price of refined cobalt falls [SMM Weekly Review of Refined Cobalt Market] [SMM Weekly Review] Lithium carbonate prices continue to decline; short-term market remains under pressure [SMM Analysis] Can titanium-doped iron phosphate be the perfect upgrade for the high-end market? [SMM Analysis] China's lithium hydroxide exports reached 4,222 mt in April, basically flat MoM [SMM Analysis] China's cobalt intermediate product imports slightly increased in April [SMM Analysis] Both China's unwrought cobalt exports and imports surged in April 2025 [SMM Analysis] China's domestic spodumene imports totaled 623,000 mt in April, up 16.5% MoM [SMM Analysis] Both imports and exports of artificial graphite increased MoM in April [SMM Data] LiPF6 import and export data for April 2025 [SMM Analysis] Analysis of ternary cathode precursor exports in April [SMM Analysis] April ternary cathode import and export data released: Imports up 37% MoM, exports up 13% MoM [SMM Announcement] Adjustments to weekly lithium carbonate data points around the Labour Day holiday Driven by multiple positive factors! The auto parts sector experiences a "limit-up" rally, with over 12 stocks hitting their daily limits! [Hot Stocks] Refined cobalt quotes slightly recover, while Co3O4 continues to decline; the market awaits the aftermath of the June DRC ban [Weekly Observation] [SMM Industry Insights] Global cobalt industry chain changes and Chinese market outlook following the DRC's cobalt export ban: Key points from Wang Cong, General Manager of SMM's Industry Research Department Tariff suspension stimulates LiPF6 futures to rise over 3%; can the expectation of a rush in exports help lithium carbonate "stand up"? [[SMM News] Retail sales growth of passenger vehicles in April hit a new high in nearly a decade, with automobile production and sales exceeding 10 million units in the first four months! [SMM Special Report]

[5.28 Lithium Battery News] ►Jinyang Share: Plans to issue convertible bonds to raise no more than 980 million yuan ►Jinlongyu: The solid-state battery and its key materials-related businesses have not yet generated long-term and stable revenue ►BYD's blade battery passes new national standard ahead of schedule ►Yinglian Share: Two consecutive daily limit-ups in 3 days. Conducted an on-site investor survey on May 22, introducing the development of fast-moving consumer goods metal packaging business and composite current collector business ►Xiaomi Group: Delivered 75,869 new vehicles of the Xiaomi SU7 series in Q1, with revenue from smart EVs reaching 18.1 billion yuan

[BYD's Power Battery Passes New National Standard Certification] On May 27, Li Yunfei, the head of public relations at BYD, announced on Weibo that BYD's blade battery and flash-charging blade battery had both passed the omnidirectional detection of the new national standard for batteries ahead of schedule, and obtained the certification certificates from the authoritative institution of the China Automotive Technology & Research Center (CATARC).

[BYD's Major Foray into the Electric Two-Wheeler Market] Recently, BYD held a global launch event for its lithium batteries for electric two-wheelers and three-wheelers. Meanwhile, BYD has opened stores in Chengdu for its lithium batteries for electric vehicles (EVs) and will host the BYD Mileage Challenge. These two major moves by BYD indicate a sudden acceleration in its entry into the electric two-wheeler/three-wheeler market. According to sources, the new batteries BYD is applying to two-wheelers and three-wheelers are derived from the blade battery technology used in new energy vehicles (NEVs). These batteries do not emit smoke when punctured, leave no marks after a 3-meter drop, have a cycle life of 6,000 cycles with an 8-year warranty, and maintain their performance at minus 30 degrees Celsius.