To further strengthen its market coverage and customer service capabilities in Latin America, Shanghai Metals Market (SMM) is pleased to announce the appointment of external consultant Mr. Marcio Goto, a senior mining engineer and mining economics expert, as Regional Manager for Latin America.

Entering the Emergency Command and Production Monitoring Center at the headquarters of Shaanxi Nonferrous Metals Group, one saw data converging like streams on a giant LCD screen: robotic arms in the titanium processing workshop were moving with precision, and the current parameters of the aluminum electrolysis cells were fluctuating in real time... The production and operational status of more than a dozen subsidiaries, spanning hundreds of kilometers, was condensed into a limited space and transformed into vivid strings of numbers. “In the past, dispatching relied on phone calls, inspections relied on walking, and emergency response took at least two hours; now, with a click of the mouse, real-time conditions at the site are instantly displayed. We no longer depend on verbal descriptions from personnel, the scenarios are more realistic, command is more precise, and contingency plans can be activated within minutes.” The words of the person in charge of the Enterprise Management and Operations Information Department of Shaanxi Nonferrous Metals Group conveyed a sense of composure and confidence. That composure stemmed from a profound digital transformation. In 2025, Shaanxi Nonferrous Metals Group fully launched its “Year for Enhancing Digitalized Management and Control,” placing information technology development at the core of efforts to drive high-quality transformation and upgrading. Over the past year, with the overall objective of “vertical integration, horizontal connectivity, real-time online operations, coordinated action across all levels, and precise, effective execution,” Shaanxi Nonferrous Metals Group systematically advanced work across multiple dimensions, including business process reengineering, information system integration, and unified data standards, gradually building a digital system covering all areas of business operation and management, and injecting strong momentum into the enterprise’s modern governance and industrial upgrading. Top-Level Planning Seeing One Blueprint Through to the End In 2025, the information technology work of Shaanxi Nonferrous Metals Group closely focused on the annual goal of “initial visible results” in high-quality transformation and upgrading, serving the development of a modern industrial system and governance system. By building a management and control business system featuring “vertical integration and horizontal connectivity,” it established three major implementation paths: first, comprehensively reviewing and redesigning business processes to achieve standardized management; second, joining forces with leading technology companies in the industry to build a vertically integrated management and control system spanning all levels of the group; and third, unifying the standards and coding for eight categories of master data, including organization, personnel, materials, and accounting subjects, breaking through horizontal business barriers and focusing on in-depth digital development in key business areas such as investment, procurement, safety, finance, human resources, and Party building. To ensure effective implementation, Shaanxi Nonferrous Metals Group innovatively established a promotion mechanism featuring “three meetings, three lists, and three services.” It strengthened overall planning and coordination through the monthly meeting of the information technology leadership group, special project meetings, and work promotion meetings; relied on demand, project, and progress lists to achieve refined and period-based management; and ensured the solid implementation and sustained operation of information technology projects through full-cycle services covering consulting, development, and operations and maintenance. Building on Systems Constructing a Solid “Digital Tower” Shaanxi Nonferrous Metals Group used a major push in digital and intelligent transformation and upgrading to strengthen the foundation of its industrial reform and transformation, focusing on building a “big digital intelligence” empowerment system and using new models, new business forms, and new tools to amplify reform results. Consolidate the digital foundation. Strengthen digital infrastructure development across all industry chain clusters and all affiliated enterprises, accelerate the enhancement of data collection, processing, management, and application capabilities across the entire industry chain of “exploration, research, construction; mining, beneficiation, smelting; materials, equipment, trade,” and build a solid foundation for digital transformation. Focus on building a robust and reliable digital foundation and establish the overall “5 Ones + N” information architecture: “one foundation,” the Shaanxi Nonferrous enterprise cloud platform and a high-speed broadband network covering the Group’s information applications; “one platform,” a digital empowerment platform; “one portal,” the Group’s unified portal (external portal + internal portal); “one safeguard,” an information security and operations and maintenance support system; “one standard,” a standards and specifications system; and “N applications,” N business application systems covering the three levels of strategic decision-making, business management, and production operations. Improve data connectivity. Build a network interconnection environment and data flow mechanism covering all affiliated enterprises, accelerate information interconnection and computing power support, break down “data silos” across different links such as R&D, production, management, and marketing, and improve the level of internal business data integration and collaboration across the entire system. Through five major measures, including strict implementation of the “top leader accountability system,” the use of domestically developed and controllable products for basic software and hardware, PTN dedicated lines plus zero-trust technology to provide data exchange channels, the implementation of classified cybersecurity protection assessments for important information systems, and regular attack-and-defense drills, Shaanxi Nonferrous Metals Group built a multi-dimensional cybersecurity defense line to firmly safeguard the enterprise’s digital assets. At the same time, guided by the core objectives of “unified standards, unified platform, unified interfaces, and unified operations and maintenance,” supported by three major systems—the master data standards system, master data management system, and master data integration system—and carried by one intelligent master data management platform, it established a “1+3+1” data resource management system to achieve the aggregation, governance, and value mining of dispersed data. Strengthen intelligent integration. Focus on all links of “exploration, design, mining, ore dressing, smelting, processing, and trade,” vigorously advance the development of digital and intelligent demonstration scenarios, and build demonstration projects for advanced green digital and intelligent technologies. Centered on the entire value chain, all asset elements, and the full life cycle, make every effort to build an intelligent collaboration platform to support high-end upgrading, underpin green development, ensure production safety, and achieve efficient operations. Breakthroughs on Multiple Fronts Key Projects Demonstrate Digital Results The implementation of a series of key projects has become vivid testimony to the transformation and upgrading of Shaanxi Nonferrous Metals Group. Party-building informatization turned “soft tasks” into “hard indicators.” In response to the characteristics of primary-level Party organizations being “numerous in points, extended in lines, and broad in coverage,” the “Nonferrous Pioneer” Party-building informatization platform launched in 2025 integrated big data and artificial intelligence technologies to build a management matrix covering 6 major modules, 35 core businesses, and 80 detailed items, moving Party-building work from “paper” to “online.”Since the platform began operation, the efficiency of Party affairs processing has increased by 80, the incidence of overdue tasks has fallen by more than 50, the error rate in manual reporting has decreased by 80, and work traceability has achieved 100 digital coverage. By transforming Party-building assessment indicators into value-output dimensions such as strategic enforcement and risk prevention and control capability, a closed-loop mechanism of “push-execute-supervise-feedback” has been established, enabling deep integration between Party-building work and production and operations, with visible data and tangible results. Human Resources Informatization, Unlocking the Potential of the “Primary Resource.” Human resources informatization has entered a new stage of process-based and collaborative management, realizing full-process online and standardized management across organization management, personnel management, compensation and benefits, and performance management. It has not only addressed the problems of low efficiency and long processing times for procedures such as onboarding, confirmation of employment, job transfer, and resignation, but also resolved pain points such as non-standard approvals, inconsistent policy enforcement, and error-prone data verification. The effectiveness of operations management, compliance management, and data management has been improved in parallel, making human resources a true core driver of enterprise development. Financial Informatization, Building a Strong “Embankment” for Risk Prevention and Control. By implementing a decentralized, penetrative, group-wide financial control model, Shaanxi Nonferrous Metals Group established a three-in-one risk prevention system covering “operational risk-business risk-financial risk,” achieving end-to-end penetrative management “from business to statements, and from statements to funds,” and providing intelligent decision-making support throughout the full cycle of “post-event review-in-process optimization-pre-event predictive simulation.” The finance-supply chain integration project launched in January 2026 will further connect key links such as procurement, accounting, and capital, providing real-time and accurate data support for decision-making. Safety and Environmental Protection Informatization, Building a “Dual Line of Defense” Through Whole-Chain Intelligent Control. Taking the development of safety and environmental protection informatization as a starting point, Shaanxi Nonferrous Metals Group continuously deepened its intelligent monitoring and early warning capabilities and accelerated the construction of a whole-chain, visualized intelligent safety and environmental protection control system, thereby reinforcing the safety foundation for high-quality transformation and upgrading. Deepening intelligent monitoring to improve the precision of early warning. After the Group’s dual-prevention informatization platform went online, it established three-dimensional data coordinate models for major hazard sources such as mines, tailings ponds, and hazardous chemicals, accurately mapped key risk monitoring points onto the models, and visually presented hidden disaster-causing factors, thereby enabling intelligent risk analysis, assessment, and early warning. At the same time, it comprehensively promoted an informatized management platform for hazard identification and rectification, achieving full-process closed-loop management of issues and hazards from discovery and rectification to closure through real-time entry, dynamic updating, and whole-process tracking, and strictly preventing “omitted hazards and delayed rectification.” Strengthening process control to reinforce the on-site safety line of defense. Tianhong Ruike, through linkage with the digital dual-prevention system, achieved precise positioning of workers, real-time risk monitoring, and intelligent early warning, building a visualized safety assurance system deeply integrating “human-based prevention + technology-based prevention,” and driving on-site safety management from “passive response” to “proactive prevention.”Empowering outsourced operations oversight to achieve penetrative management. Relying on its safety and environmental protection information management and control platform and the Safety Assistant app, the Smelting Branch of Jinduicheng Molybdenum Group has established a model of “full-process online supervision + dynamic data empowerment” for contractors, enabling real-time tracking and closed-loop management across multiple links, and advancing outsourced operations oversight from “blurred control” to “precise penetration,” with both the penetrative strength and timeliness of supervision improved in tandem. In addition, a number of key projects, including the private cloud platform, the group-wide backbone network, and the electronic tendering and procurement platform, were completed and put into operation one after another, playing an important role in improving resource utilization rates, ensuring safety and compliance, and strengthening risk prevention and control. The outline of “Digital Nonferrous” is becoming increasingly clear. Intelligence Ushers In the Future Embarking on a New Journey Toward “AI+” Looking ahead to the 15th Five-Year Plan period, Shaanxi Nonferrous Metals Group’s information technology development will deepen the transformation toward “penetrative” management, use the “AI+” initiative as a key driver, and promote the intelligent upgrading of the traditional “mining, beneficiation, smelting, and processing” industries. Adhering to the approach of “building benchmarks, focusing on exemplars, and leading through demonstration,” the group will advance, in a coordinated and step-by-step manner, the full-chain work of “construction, trial operation, and acceptance” for more than 20 information technology projects currently under implementation. It will create typical application scenarios in fields such as mine exploration, mining and beneficiation, metal smelting, processing and manufacturing, and design and construction, so as to drive quality improvement and efficiency gains across the entire industrial chain from key points to the broader whole, and inject new vitality into traditional industries. Starting from applications in production scenarios, it will also build foundational computing power platforms in parallel, and gradually establish a working path for the fine-tuning and deployment of industry-specific large models. Ultimately, it will realize a shift from “experience-driven” to “data- and AI-driven,” move from single-point breakthroughs to system-wide empowerment, advance the intelligent upgrading of industry, and comprehensively enhance enterprises’ core competitiveness in such areas as resource security, production efficiency, cost control, green development, and decision-making capability. The surging tide spurs us forward, and the wind is just right for setting sail. Shaanxi Nonferrous Metals Group will take information technology and intelligent technology as its oars, lead with innovation, strive for excellence through solid work, ride the waves on the voyage toward high-quality transformation and upgrading and tangible improvement in quality and performance, and press ahead at full speed toward the goal of building a world-class enterprise.

According to the website of Central Huijin Investment Ltd., the company recently held its 2025 Party Building and Business Work Conference, summarizing the progress of Party building and business management in 2024, and deploying the company's key tasks for the current and upcoming periods. The conference pointed out that over the past year or so, Central Huijin Investment Ltd. has adhered to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Under the leadership of the Party Committee of China Investment Corporation, the company has deeply grasped the political and people-oriented nature of financial work, led high-quality development with the new development philosophy, fulfilled its entrusted management responsibilities for state-owned financial capital with integrity and innovation, fully implemented major special tasks, focused on promoting precise services to the real economy by controlled and shareholding institutions, and prevented and mitigated risks in key areas. New progress and achievements have been made in various aspects of the work. The conference emphasized that 2025 marks the final year of the 14th Five-Year Plan. Central Huijin Investment Ltd. should further strengthen its work coordination, not only by anchoring annual goals and tasks to drive implementation and ensure a successful conclusion to the 14th Five-Year Plan, but also by focusing on key periods and proactively planning the company's 15th Five-Year Plan development strategy. The company should explore and improve the entrusted management model for state-owned financial capital, strengthen the construction of its capability to fulfill its duties, promote the high-quality development of controlled and shareholding institutions, and strive to create a new work landscape. First, it should highlight the leading role of Party building, continuously enhance political capabilities, fulfill political responsibilities, deepen the integration of Party leadership into corporate governance, fully cooperate with the guidance and supervision of the central steering group, and effectively transform the learning and education outcomes of thoroughly implementing the spirit of the Central Party's Eight-Point Regulation into achievements in high-quality development. Second, it should highlight core functions, better fulfill its entrusted management responsibilities for state-owned financial capital, and promote controlled and shareholding institutions to continuously serve as the "main force" in serving the real economy, the "pacesetter" in building first-class financial institutions, and the "anchor" in maintaining financial stability. Third, it should highlight functional coordination, strengthen support and empowerment, rally development synergy, and propel the development of directly managed enterprises to new heights.

SMM News on April 18: From April 16-18, the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo, hosted by SMM Information & Technology Co., Ltd., SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., and co-organized by Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd. and Lezhi Qianrun Investment Service Co., Ltd., was grandly held at Halls E3-F3 of the Suzhou International Expo Center in Jiangsu Province! As a global annual event for the aluminum industry, this conference gathered over a hundred international authoritative experts, academic leaders, leading entrepreneurs, and government representatives. Centered on the themes of "Global Vision, Industry Insights, Green Future," the conference conducted in-depth discussions on topics such as aluminum market trend analysis, price forecast, supply-demand pattern analysis, business opportunity matching, and cutting-edge technology exchange. Participants focused on industry pain points, discussed paths for industrial upgrading, explored new paradigms for green and low-carbon transformation, and drove the aluminum industry towards cleaner, smarter, and more sustainable development through innovation, actively addressing global climate change and environmental governance challenges. The conference established a high-end platform for resource integration and intellectual exchange, injecting strong momentum into the high-quality development of the global aluminum industry and jointly mapping out a new blueprint for the industry's future. On the afternoon of April 18, after the speaking session of the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo concluded, members of the terminal-oriented field trip group visited Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd. for an inspection. Multiple members of the terminal-oriented field trip group of the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo visited the exhibition hall, factory buildings, production workshops, and product exhibition areas of Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd. After the visit, members of the SMM field trip group took a group photo with the leaders of Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd., enhancing mutual understanding and looking forward to deeper exchanges and cooperation. Introduction to Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd. Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd. is a wholly-owned subsidiary of Zhongyi Feng Holding Group, formerly known as Suzhou Mingde Aluminum, founded in 1993, mainly engaged in the R&D, production, and sales of diversified high-quality industrial aluminum semis. The company possesses full industry chain service advantages, including aluminum billet casting, mold manufacturing, precision extrusion, intelligent processing, ultra-precision forging, cold extrusion forming, and oxidation electrophoresis. Its products are widely used in ESS electronics, automotive lightweighting, mechanical equipment, industrial automation, medical devices, aerospace, rail transit, and other fields. The company has adopted SAP and MES production management systems and has passed certifications for IATF16949, ISO9001 quality management systems, ISO14001 environmental management systems, ISO45001 occupational health and safety management systems, ISO50001 energy management systems, and JISH8601 and JISH4100 Japanese industrial standards suitability. It is currently a professional enterprise with significant strength among Chinese aluminum extrusion producers. The company has been awarded honors such as "Top 20 Industrial Aluminum Extrusion Enterprises in China," "Jiangsu Province Specialized and Sophisticated Enterprise," "Jiangsu Province Private Technology Enterprise," "Jiangsu Province Enterprise Technology Center," and "High-Tech Enterprise Certification." Adhering to harmony for long-term development and striving for excellence through innovation, Zhongyi Fengjinyi Technology derives its name. The renamed enterprise is endowed with a new mission and development vision, aiming to upgrade the traditional industry chain and find breakthroughs in professional R&D. The company, based on the "Jinyi Technology R&D Innovation Center," integrates internal and external R&D platforms and detection resources, collaborates with Soochow University to establish an Advanced Materials Research Institute, promotes deep integration of industry, academia, and research, builds a resource aggregation platform, and is committed to creating an industrial innovation highland, injecting new momentum for a new round of high-quality development. Strong Alliances for Joint Development Over the past two decades, Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd. has received numerous honors. Behind its strong technological capabilities, the Jinyi Technology sales team, with remarkable resilience and innovative spirit, achieved a 48% sales growth in 2024 amidst a challenging market environment. This significant achievement is not only based on the existing quality technology, advanced equipment, and efficient personnel management of Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd., showcasing the professional strength of the Jinyi team and its rapid adaptability to market changes, but also the result of strong support from Zhongyi Feng Holding Group and the Manufacturing Business Management Department, as well as the relentless efforts and excellent execution of the team members. Meanwhile, in 2025, Zhongyi Fengjinyi (Suzhou) Technology Co., Ltd., as a co-organizer, joined hands with the AICE Aluminum Industry Expo to build an aluminum industry ecosystem.

In response to the requests of many companies in the copper industry chain and to enhance communication between upstream and downstream enterprises, SMM Information & Technology Co., Ltd. (SMM) has meticulously organized a copper industry field trip to Jiangxi from April 24 to 26.

After the conclusion of the CLNB 2025 (10th) New Energy Industry Chain Expo hosted by SMM, SMM has meticulously organized a field trip, composed of representatives from companies worldwide, including Atlantic Lithium, German Mineral Resources Agency (DERA), ING Wholesale Banking, and LG Energy Solution, etc. to visit multiple enterprises in the new energy industry chain.

The People's Bank of China, the National Financial Regulatory Administration, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government jointly issued the "Action Plan for Further Enhancing Cross-border Financial Service Facilitation in Shanghai International Financial Center." It pointed out that the functions and global network coverage of the Cross-border Interbank Payment System (CIPS) will be enhanced. Cross-border clearing companies will strengthen coordination and linkage with financial institutions to jointly improve the service level for "going global" enterprises. More banks will be encouraged to join CIPS, continuously expanding the network coverage of CIPS. The construction of CIPS will be strengthened, system functions will be improved, and the application of blockchain technology will be researched and promoted to provide safe and efficient settlement and clearing services for global trade, shipping, and investment and financing denominated in RMB. Notice of the People's Bank of China, the National Financial Regulatory Administration, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government on Issuing the "Action Plan for Further Enhancing Cross-border Financial Service Facilitation in Shanghai International Financial Center" To implement the spirit of General Secretary Xi Jinping's inspection in Shanghai and the Central Financial Work Conference, better leverage the special role of the Shanghai International Financial Center in serving the construction of a new development pattern, and support various entities in participating in international competition and cooperation more safely, conveniently, and efficiently, this plan is formulated. I. General Requirements Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, through deepening financial institutional opening, strengthening financial support for "going global" enterprises and the "Belt and Road" construction, a financial system more suitable for an export-oriented economy will be formed, enhancing the competitiveness and influence of the Shanghai International Financial Center. II. Main Content (1) Improve cross-border settlement efficiency and facilitate global fund management for enterprises. 1. Optimize the management model and business processes of foreign exchange operations. Support banks in implementing foreign exchange business management measures, optimizing foreign exchange business processes, and system reengineering, classifying enterprises' foreign exchange compliance risk levels, and providing differentiated and facilitated financial services. Support pilot banks such as Bank of China, China CITIC Bank, China Minsheng Bank, and Citibank (China) Co., Ltd. to conduct business in Shanghai branches according to new regulations, and support more banks in Shanghai to participate. Establish a mechanism for pilot banks to appeal and evaluate due diligence in foreign exchange business, support banks in appealing suspected violations, rely on the self-discipline mechanism of the foreign exchange market to conduct evaluations, reasonably determine the "due diligence" situation of banks, and improve the quality and efficiency of cross-border financial services. 2. Improve the global fund management system of enterprise groups. Optimize the integrated RMB and foreign currency fund pool management policy, facilitate the main enterprise to conduct centralized fund collection and payment business on behalf of overseas member units. Optimize and improve the cross-border fund transfer of the full-function fund pool in the Shanghai Free Trade Zone. Encourage banks to gradually achieve automated processing of cross-border fund payments, extend service hours for key enterprise groups' cross-border fund pools and other businesses, and achieve real-time global fund transfers. Support Pudong New Area in taking the lead in formulating fiscal, talent, and other supportive policies conducive to the agglomeration of enterprise group financial centers, enhance the level of headquarters economy such as enterprise group financial centers, and encourage other districts to replicate, promote, and improve supporting policies. Encourage enterprise groups to establish fund pools in Shanghai to achieve convenient and efficient onshore centralized management and use of global funds. Support banks to provide fund pool services that match the business scale and needs of enterprises. 3. Expand the functions and application scenarios of free trade accounts. Support banks to use the information obtained from fulfilling the "three anti" obligations for the authenticity review of cross-border business, achieve no-delay collection and payment between free trade accounts and overseas (across the first line), and handle RMB fund settlement with domestic ordinary accounts (across the second line) for recognized high-quality enterprises according to the business principles. Support banks to develop deposit products based on overseas institutions' free trade accounts, allowing non-resident foreign currency deposit interest rates to be market-priced with reference to international practices. Support banks that meet the requirements for providing foreign exchange settlement and sales and fund collection and payment services for cross-border e-commerce based on transaction electronic information, to provide internationally aligned settlement services for cross-border e-commerce through innovative free trade account services. Optimize the dynamic update mechanism of the free trade account list. 4. Promote financial institutions to improve digital service levels. Encourage banks to carry out cross-border digital identity authentication and electronic identification for individuals and enterprises, and steadily expand the coverage of digital services in cross-border collection and payment business. Support financial institutions to use blockchain technology and other means to optimize the authenticity review of customer electronic documents and information, enhance the "precise profiling" ability, and improve the quality of cross-border financial services for "going global" enterprises. Support pilot banks of digital RMB in Shanghai to actively participate in the multilateral central bank digital currency bridge project and explore innovative characteristic scenarios. Support the Foreign Exchange Trading Center to provide foreign exchange liquidity management and exchange services for the multilateral central bank digital currency bridge. 5. Enhance the functions and global network coverage of the Cross-border Interbank Payment System (CIPS). Cross-border clearing companies will strengthen coordination and linkage with financial institutions to jointly improve the service level for "going global" enterprises. More banks will be encouraged to join CIPS, continuously expanding the network coverage of CIPS. The construction of CIPS will be strengthened, system functions will be improved, and the application of blockchain technology will be researched and promoted to provide safe and efficient settlement and clearing services for global trade, shipping, and investment and financing denominated in RMB. (2) Optimize exchange rate hedging services and improve foreign exchange risk management and response capabilities. 6. Develop diversified exchange rate hedging products and services. Support the Foreign Exchange Trading Center to provide trading facility services for RMB foreign exchange trading in the Free Trade Zone, and improve the foreign exchange trading services for currencies of countries jointly building the "Belt and Road." Attract more enterprises to participate in the "Bank-Enterprise Foreign Exchange Trading Service Platform" of the Foreign Exchange Trading Center, encourage more banks to access the platform for direct quotation, and facilitate various enterprises to conduct foreign exchange business. Encourage banks to actively expand exchange rate hedging "first-time" enterprises, promote enterprises to enhance exchange rate hedging awareness, and reduce the cost of exchange rate hedging for enterprises. Support banks to increase the development of exchange rate hedging products, enrich RMB foreign exchange ordinary American options, European options, Asian options, and their combination products, and continuously increase the types of RMB foreign exchange derivatives in the domestic market. Support the transformation and upgrading of bank outlets, encourage qualified banks to establish special outlets for foreign-related business according to regional and functional positioning, form professional foreign exchange service teams, and provide a full range of foreign-related products, services, and exchange currencies. Strengthen the linkage between financing guarantee institutions and bank business, the Shanghai Financing Guarantee Center and other municipal government financing guarantee institutions and banks jointly develop special guarantee products for exchange rate hedging, with fiscal subsidies for guarantee fees, to reduce the cost of foreign exchange risk management for enterprises. 7. Promote the cross-border use of RMB. Improve the convenience and efficiency of cross-border RMB use, encourage banks to optimize document review and strengthen data sharing under the premise of authenticity and compliance, and enhance the experience of "going global" enterprises in using RMB for investment and financing, project construction and procurement, and income recovery. Encourage banks to build a risk assessment-oriented entity classification management model and adopt various in-process and post-event verification methods. Strengthen the promotion of the "RMB priority" concept and cross-border RMB policy, establish an evaluation mechanism for the cross-border use of RMB by key state-owned enterprises in Shanghai, encourage "going global" central enterprises and state-owned enterprises to prioritize the use of RMB for foreign payment and settlement, and drive the use of RMB by various enterprises in the industrial chain, supply chain, and innovation chain. Research and design professional service plans to promote the increase of the proportion of cross-border RMB settlement in areas such as "Silk Road e-commerce," high-end shipping, large-scale complete equipment export, and overseas employee services. Promote the use of RMB in countries jointly building the "Belt and Road," and rely on Shanghai to build a trade and investment service system that promotes the global circulation of RMB. (3) Strengthen financing services and support global investment and financing of enterprises. 8. Gather cross-border syndicated loan centers and business. Under the premise of legal compliance, carry out pilot projects for cross-border transfer of syndicated loan shares in institutions recognized by the National Financial Regulatory Administration, optimize the management of foreign debt registration and cross-border guarantee processes, and better meet the syndicated loan needs of domestic enterprises in the process of "going global." When conditions are mature, support willing and qualified banks to establish cross-border syndicated loan centers in Shanghai. 9. Pilot trade refinancing business through the rediscount window. Pilot in Shanghai to support RMB cross-border trade financing through the rediscount window, encourage banks in Shanghai to expand cross-border trade credit to reduce the cost of RMB trade financing for enterprises, and promote import and export trade denominated in RMB. 10. Expand two-way financing channels at home and abroad. Support qualified banks to explore and study providing non-resident M&A loan services for "going global" enterprises in the Shanghai Free Trade Zone with reference to international practices, with the loan amount not exceeding 80% of the M&A transaction price and the loan term not exceeding 10 years. Support banks to meet the financing needs of multinational companies' domestic and overseas member units through "overseas direct loans," "domestic guarantees for overseas loans," "overseas guarantees for domestic loans," and other forms under the premise of controllable risk and commercial rationality. Support enterprise group finance companies to carry out "overseas guarantees for domestic loans" business, pool funds from overseas member units and provide financing support, facilitate the overall domestic and overseas financing of enterprise group member units, and reduce financing costs. Improve the development and supervision system of "Yulan Bonds," and further enrich value-added services such as agency interest payment and redemption, and corporate behavior handling. 11. Use blockchain technology to standardize the development of supply chain finance. Leverage the role of key industrial chain leading enterprises, use blockchain, big data, and other technologies to achieve information on key links such as orders, logistics, and warehousing on the chain, carry out carbon footprint certification pilots, gradually build a green and low-carbon supply chain system, implement differentiated credit management for supply chain finance, improve the supply chain finance product system, standardize the development of financing products such as accounts receivable, order financing, and warehouse receipts and inventory pledge, and increase credit support for upstream and downstream enterprises in the industrial chain. Support banks in Shanghai to better serve "going global" enterprises in the Yangtze River Delta and other regions through supply chain finance. Support financial institutions to rely on the landing application of "Shipping and Trade Digital Chain," through the on-chain storage and cross-matching of electronic documents, to provide auxiliary verification for trade settlement, trade financing, cross-border insurance (cargo insurance, ship insurance, etc.) for entities on the chain. Support the Shanghai Clearing House to enrich the participation group and clearing products of the "Clearing Link" for bulk commodities, promote the landing of cross-border RMB clearing and settlement services, and support financial institutions to steadily expand the application scenarios of supply chain finance and extend to areas such as carbon emission rights. 12. Facilitate cross-border financing of financial leasing companies and others. Explore and support financial leasing companies to carry out parent-subsidiary foreign debt quota sharing business. Facilitate the use of foreign currency rents collected by financial leasing companies (including financial leasing companies) in China, allowing them to be used for repaying foreign currency debts, paying overseas rents, and paying for leased goods overseas and other compliant purposes. Support financial leasing companies (including financial leasing companies) and subsidiaries to carry out overseas financial leasing business and serve "going global" enterprises. Support overseas branches of financial institutions to actively provide financing support for overseas sales of automobile groups. (4) Strengthen insurance protection and improve risk management level. 13. Increase insurance support for export enterprises. Increase insurance protection for key export enterprises such as domestic commercial aircraft, new energy vehicles, and large-scale complete equipment, promote cooperation between insurance companies and reinsurance companies, establish insurance communities, and enhance the ability to protect special risks. Support insurance companies to provide insurance services for shipping and other related fields according to China's new export advantages, new trends, and industry characteristics, and continuously optimize insurance products.Support insurance companies in developing overseas clinical trial and high-end medical equipment liability insurance for biopharmaceutical enterprises, and provide support to insured enterprises. Strengthen insurance coverage for cross-border personnel in areas such as accidental injury, medical treatment, and diseases, and support insurance companies in developing cross-border personnel insurance products. Encourage airports, ports, travel agencies, and other units to facilitate the purchase of insurance products for cross-border personnel. The Shanghai Financial Regulatory Bureau will guide relevant institutions to deepen the construction of the "Belt and Road" global inspection service network, enhance network functions, and expand coverage areas. Support the Shanghai Shipping Insurance Association in formulating internationally compliant, globally influential shipping insurance underwriting, claims, and recovery operation guidelines and standardized document templates. 14. Enhance the service level of export credit insurance policies. Support insurance institutions in optimizing and improving export credit insurance products and comprehensive service plans based on enterprise operations, project countries, and financing models, and continuously optimize claims conditions under the premise of meeting risk control standards to better provide risk protection for small and micro enterprises. Rely on the China (Shanghai) International Trade "Single Window" to actively provide "fully online, collateral-free, low-cost" convenient financial services to eligible small and medium-sized enterprises. Upgrade the "credit insurance + guarantee + bank" financing model, optimize the Shanghai foreign trade high-quality development tripartite cooperation list for credit insurance financing services, and provide batch active credit to cross-border e-commerce, service trade, and customs advanced certification enterprises. Encourage banks to dynamically adjust country risk ratings and limits in a timely manner based on the "National Risk Analysis Report" issued by policy export credit insurance institutions. 15. Provide high-quality reinsurance services. Support the establishment of insurance companies, reinsurance companies, and insurance brokerage companies specializing in reinsurance business in the Lingang New Area, and steadily promote online transactions for cross-border reinsurance and domestic reinsurance businesses. Focus on key areas such as the joint construction of the "Belt and Road," aerospace, and green shipping, and study the feasibility of piloting new risk transfer product issuance and trading to enhance the global underwriting capacity for "going global" enterprises and projects. Strengthen central and local support for the Shanghai International Reinsurance Registration and Trading Center, and improve supporting policies such as supervision and local financial support. Support the electronic circulation of VAT invoices for reinsurance through the Shanghai International Reinsurance Registration and Trading Center. Implement cross-border reinsurance premium statistics and release rules, and conduct statistics and release of cross-border reinsurance premium income through the registration and trading center based on the principles of domestic addition and non-repetition. (5) Improve comprehensive financial services and enhance global allocation capabilities. 16. Enhance the function of important financial platforms in allocating global resources. High-level preparation of the international financial asset trading platform, aiming to become an important functional platform for allocating global financial resources and facilitating international investors' deep participation in China's financial market. Support the Shanghai Gold Exchange and other exchanges in conducting product authorization cooperation with overseas exchanges, and expand the application of RMB benchmark prices in international mainstream markets. Explore the internationalization of specific product deliveries at the Shanghai Gold Exchange and set up overseas delivery warehouses. 17. Improve the convenience of global asset management. Support Qualified Domestic Limited Partner (QDLP) pilot enterprises in reasonably improving the efficiency of fund use under the premise of compliance, allowing the subscription of domestic low-risk level (R2 and below) money funds, cash management wealth management products, and time deposits, and subscribing to overseas cash management products based on the characteristics of the main fund's openness. Support QDLP pilot enterprises in completing domestic fund raising and fund establishment, and then remitting funds abroad in batches according to the needs of the main fund. Support the expansion of QDLP fundraising sources and explore raising funds in both local and foreign currencies. 18. Improve the functions of various comprehensive service platforms. Enhance the "online + offline" comprehensive service capabilities, upgrade the "Belt and Road" comprehensive service center, iteratively upgrade the "Silk Road e-Travel" mini-program and financial service functions, promote the integration and docking of bank and enterprise resources, and achieve seamless integration of online traffic and offline professional services. Promote the cross-border sharing and exchange of international trade-related documents, port logistics, and other data between offshore trade service platforms such as Offshore Connect and Cross-border Connect and major trading regions. III. Safeguard Measures (1) Establish a promotion mechanism and jointly promote implementation. The Shanghai Municipal Party Committee Financial Office, the People's Bank of China Shanghai Headquarters, the Shanghai Financial Regulatory Bureau, the Shanghai Securities Regulatory Bureau, the State Administration of Foreign Exchange Shanghai Branch, the Shanghai Development and Reform Commission, the Shanghai Commerce Commission, the Shanghai Economic and Information Commission, the Shanghai State-owned Assets Supervision and Administration Commission, and financial institutions will form a task force to provide a "financial service package" for "going global" enterprises and encourage Shanghai-based financial institutions to "go global." (2) Strengthen publicity and promotion, and refine and implement services. Carry out the "Hundred Parks and Thousand Enterprises Deliver Finance" activity, and comprehensively use network releases, counter guidance, and other methods to promote policies. Relevant departments, key districts, and financial institutions will designate personnel to organize and provide services. Establish an expert database, form professional teams, set up demonstration outlets, and provide integrated services in local and foreign currencies, offshore and onshore, and corporate and individual services. (3) Strengthen the supply of legal services and create a good environment. Improve financial legislation, supervision, and dispute resolution mechanisms, and support Shanghai in exploring the offshore financial system. Focus on the integrated development of finance with data, talent, and technology. People's Bank of China Financial Regulatory Authority State Administration of Foreign Exchange Shanghai Municipal People's Government March 25, 2025

The National Financial Regulatory Administration issued guidelines on promoting the high-quality development of financial asset management companies and enhancing regulatory effectiveness. The guidelines mentioned guiding financial asset management companies to base themselves on their functional positioning, optimize and strengthen non-performing asset business, carry out orderly and standardized distressed enterprise relief business, explore models for serving and resolving financial and real economy risks under new circumstances, and promote the optimal allocation of economic and social resources. Deepen reform and transformation. Promote financial asset management companies to adhere to connotative, professional, and differentiated development, gradually build a high-quality development path that is legal, compliant, risk-controllable, and commercially sustainable, strengthen policy support and resource guarantees for high-quality development, and promote healthy market competition and sustainable development. Strengthen risk prevention and control. Make risk prevention and control the eternal theme of financial work, comprehensively strengthen corporate governance and risk management, strengthen the "five major regulations," identify, warn, expose, and dispose of risks early, and firmly hold the bottom line of preventing systemic financial risks. Guidelines of the National Financial Regulatory Administration on Promoting the High-Quality Development of Financial Asset Management Companies and Enhancing Regulatory Effectiveness To all financial regulatory bureaus and financial asset management companies: In order to thoroughly implement the decisions and deployments of the Party Central Committee on financial work, further strengthen the supervision of financial asset management companies, effectively prevent and resolve risks, promote the high-quality development of financial asset management companies, and better play the role of financial rescue and counter-cyclical adjustment of financial asset management companies under new circumstances, the following opinions are proposed. I. General Requirements (1) Guiding Ideology Adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the spirit of the 20th National Congress of the Communist Party of China, the Second and Third Plenary Sessions of the 20th Central Committee, the Central Economic Work Conference, and the Central Financial Work Conference, fully, accurately, and comprehensively implement the new development concepts, practice the political and people-oriented nature of financial work, and unswervingly follow the path of financial development with Chinese characteristics. Adhere to strong and strict supervision, continuously improve the regulatory system of financial asset management companies, focus on preventing substantive risks and solving practical problems, and continuously improve regulatory effectiveness. Guide financial asset management companies to focus on their main responsibilities and businesses, deepen reform and transformation development, balance the relationship between functionality and profitability, prioritize functionality, continuously improve the quality and effectiveness of serving and resolving financial and real economy risks, assist in the construction of a financial powerhouse, and better serve the overall situation of Chinese-style modernization. (2) Basic Principles First, strengthen the Party's leadership. Adhere to the centralized and unified leadership of the Party Central Committee over financial work, integrate the strengthening of the Party's leadership and Party building throughout the entire process of the reform and development of financial asset management companies, and ensure that financial asset management companies always maintain the correct development direction. Second, focus on main responsibilities and businesses. Guide financial asset management companies to base themselves on their functional positioning, optimize and strengthen non-performing asset business, carry out orderly and standardized distressed enterprise relief business, explore models for serving and resolving financial and real economy risks under new circumstances, and promote the optimal allocation of economic and social resources. Third, deepen reform and transformation. Promote financial asset management companies to adhere to connotative, professional, and differentiated development, gradually build a high-quality development path that is legal, compliant, risk-controllable, and commercially sustainable, strengthen policy support and resource guarantees for high-quality development, and promote healthy market competition and sustainable development. Fourth, strengthen risk prevention and control. Make risk prevention and control the eternal theme of financial work, comprehensively strengthen corporate governance and risk management, strengthen the "five major regulations," identify, warn, expose, and dispose of risks early, and firmly hold the bottom line of preventing systemic financial risks. II. Strengthen the Party's Leadership and Continuously Improve the Effectiveness of Corporate Governance (3) Continuously Strengthen the Party's Leadership and Party Building. Adhere to Party building as the guide, continuously strengthen the Party's leadership and Party building, effectively play the leading role of the Party Committee in setting the direction, managing the overall situation, and ensuring implementation, and accurately grasp the basic positioning and development direction of financial asset management companies. Adhere to and improve the "two-way entry, cross-appointment" leadership system, integrate the Party's leadership into all aspects of corporate governance, and promote the establishment of a modern financial enterprise system with Chinese characteristics. Seriously implement the "three major and one big" decision-making system, major business management matters must be pre-researched and discussed by the Party Committee before being decided by relevant governance bodies according to their authority and prescribed procedures. Promote the deep integration and mutual promotion of Party building and business, and promote high-quality development with high-quality Party building. Adhere to the standards of political competence, ability competence, and style competence, and forge a high-quality and professional financial cadre and talent team that is loyal, clean, and responsible. (4) Improve the Construction of Corporate Governance Mechanisms. Optimize and improve the organizational structure of corporate governance in combination with the business characteristics and actual situation of financial asset management companies, clarify the boundaries of responsibilities, fully play the role of governance bodies such as the shareholders' meeting, the board of directors, and the senior management, and build a corporate governance mechanism with clear powers and responsibilities, each performing its own duties, coordinated operation, and effective checks and balances. Compress the responsibilities of shareholders, directors, and senior management, improve the performance evaluation mechanism, urge and promote diligence and due diligence, exercise powers and fulfill obligations in accordance with the law, and effectively participate in corporate governance. Adhere to honesty and trustworthiness, profit by righteousness, prudence and caution, integrity and innovation, and legal compliance, and practice financial culture with Chinese characteristics. (5) Establish and Improve Incentive and Constraint Mechanisms. Adhere to problem orientation and goal orientation, establish and improve incentive and constraint mechanisms that are compatible with the company's development strategy and business characteristics, stimulate the endogenous motivation to adhere to positioning and operate steadily, and resolutely avoid blindly pursuing scale, disorderly expansion, and deviation from the main business. Play the guiding role of performance appraisal, optimize the performance evaluation mechanism, improve relevant assessment indicators, focus on long-term and counter-cyclical assessment, highlight compliance management and risk management, and strengthen the evaluation of the effectiveness of serving and resolving financial and real economy risks. Seriously implement the deferred payment and clawback system of performance compensation for executive directors, senior management, and key personnel, and prevent the weakening of risk prevention and control caused by improper incentives. Strictly implement the accountability system, strengthen the accountability for dereliction of duty and improper performance of duties, and at the same time adhere to the "three distinctions," and implement the system of due diligence and exemption from liability. III. Base on Functional Positioning and Promote the Resolution of Financial and Real Economy Risks (6) Focus on Leveraging Special Functions and Accelerate the Cultivation of Core Competitiveness. Support financial asset management companies to base themselves on leveraging the functions of financial rescue and counter-cyclical adjustment, explore business model innovation in accordance with laws and regulations, enrich risk resolution and rescue relief methods, deepen professional and differentiated development, and cultivate core competitiveness with comparative advantages. Improve the capabilities of non-performing asset due diligence, valuation and pricing, ongoing management, restructuring and value-added operations, and asset disposal. Strengthen the construction of the non-performing asset disposal ecosystem. Expand intermediary businesses such as consulting, entrusted asset disposal, and bankruptcy management, and explore the development of light asset business models. Strengthen investment research capabilities, enhance the ability to analyze and judge the macro economy, related industries, industries, and enterprises, and grasp investment opportunities. Explore the use of big data, artificial intelligence, etc., to improve the quality and efficiency of business management, and promote technological empowerment and digital transformation. (7) Strengthen and Optimize Non-Performing Asset Acquisition and Disposal Business, and Serve the Resolution of Risks in Small and Medium Financial Institutions, Real Estate, and Other Fields. On the premise of controllable risks and commercial sustainability, actively increase the acquisition, management, and disposal of non-performing assets of commercial banks and non-bank financial institutions, and serve the reform and risk resolution of local small and medium financial institutions. Prudently and cautiously carry out the acquisition of non-performing assets through structured transactions, adhere to the real and clean transfer of assets, and do not provide support for financial institutions to use structured transactions to illegally cover up non-performing assets and beautify statements. Standardize the reverse entrusted disposal of non-performing assets, continuously do a good job in monitoring and management during the entrusted period, strengthen the construction of self-disposal capabilities, and avoid "entrusting and forgetting." Encourage financial asset management companies to leverage their professional advantages in knowledge, technology, and law, and explore various ways to participate in the risk resolution of small and medium financial institutions. Actively implement national real estate policies, support the relief and risk resolution of distressed real estate projects, and promote the stable and healthy development of the real estate market. (8) Leverage Expertise in Risk Resolution and Asset Disposal to Promote the Healthy Development of the Real Economy. Carry out distressed enterprise relief business in accordance with laws and regulations, prudently and orderly, focus on the effective financial needs of distressed enterprises, implement relief through bridge financing, co-benefit debt investment, mezzanine investment, and temporary equity holding, promote the optimization of asset and liability structure, restore the production and operation capabilities and debt repayment capabilities of enterprises, and achieve the organic unity of economic and social benefits. Reasonably and prudently determine the objects of distressed enterprise relief, and do not implement relief for enterprises that violate national policy directions and are obviously not worth relieving. In combination with the positioning and resource endowment of financial asset management companies, do a good job in the "five major articles" of finance according to local conditions, promote the development and growth of technological innovation and new quality productive forces, and support the high-quality development of the capital market. IV. Strengthen Risk Prevention and Control and Firmly Hold the Bottom Line of Risks (9) Continuously Strengthen Risk Management and Internal Control Mechanism Construction. Focus on key areas and weak links of risk prevention and control, continuously improve the comprehensive risk management system, ensure coverage of all types of business, all institutions, positions, and risk types, and improve the effectiveness of risk management. Strengthen the construction of the "three lines of defense," and strengthen the control of risk sources. Strengthen the management and supervision of key positions, key personnel, and key business links such as non-performing asset acquisition and disposal, and asset valuation, implement the system of job avoidance and rotation, strictly prevent moral hazards, and deeply investigate and examine clues of corruption behind business violations and large risk projects. Strengthen internal authorization management, scientifically and prudently determine the business authority of branches and subsidiaries. Strengthen compliance management, establish the concept of full compliance and compliance creating value. Improve the construction of the internal audit system, explore the implementation of centralized or vertical management of audits. Improve information technology governance and data governance, strengthen network security, data security, business continuity, and information technology outsourcing management, and prevent the risks of new technology applications. (10) Strengthen the Disposal of Existing Risk Assets and Strictly Control the Risks of Incremental Business. Continuously promote the disposal of endogenous non-performing assets, and continuously improve the quality and efficiency of disposal through collection, restructuring, and debt-for-asset swaps. Pay equal attention to optimizing increments and revitalizing stock, strengthen the due diligence and review of new business, and strengthen post-investment management. Strengthen concentration risk management, prevent excessive concentration of asset investment. Strengthen asset classification management, accurately classify financial assets that bear credit risks, truly reflect asset quality, fully provision in accordance with laws and regulations, and enhance risk resistance capabilities. Strengthen the valuation management of financial assets that bear market risks, and accurately reflect the changes in fair value in accordance with accounting standards and other regulations. (11) Strengthen Asset and Liability and Liquidity Management. Reasonably determine business investment based on their own business management capabilities and liabilities, and do not blindly drive asset scale growth with liability expansion. Balance the relationship between safety, liquidity, and profitability, appropriately increase the proportion of medium and long-term liability funds, improve the degree of asset and liability term matching, and hold the bottom line of liquidity safety. Support financial asset management companies to supplement capital through the issuance of financial bonds, asset securitization products, preferred shares, secondary capital bonds, and perpetual capital bonds, and further broaden the sources of funds in accordance with laws and regulations. (12) Continuously Promote Slimming and Strengthening. Adhere to returning to the origin and focusing on the main business, abandon the extensive development model, prudently and orderly promote the optimization and integration of subsidiaries, further highlight the main responsibilities and businesses, and continuously improve the efficiency of resource use.Strengthen the management of existing subsidiaries, effectively fulfill the group's control responsibilities, and implement consolidated and penetration management. Strengthen the management of overseas non-financial subsidiaries, prudently control the deployment of new businesses, and enhance the management of country and exchange rate risks. V. Adhere to strong and strict supervision, continuously improve the quality and efficiency of supervision. (13) Continuously improve the regulatory system. Strengthen the construction of regulatory systems, formulate or revise regulations that adapt to the business and risk characteristics of financial asset management companies, including institutional management, capital supervision, and asset classification, and gradually build a multi-level, wide-coverage, and differentiated regulatory system. Improve the risk early warning mechanism, implement early risk intervention, and prevent risk accumulation. Establish and improve a hierarchical and classified regulatory mechanism, reasonably match regulatory resources and measures according to the company's risk status, and strengthen differentiated supervision. (14) Strengthen supervision in key areas. Strengthen corporate governance supervision, enhance continuous supervision of key areas such as shareholder behavior, director and executive performance, risk management, and internal control. Strengthen supervision of key business segments such as non-performing asset valuation, acquisition and transfer, and asset disposal. Strengthen the monitoring and evaluation of distressed enterprise relief businesses, and take timely regulatory measures for emerging risk issues. Implement penetration supervision on businesses conducted through special purpose vehicles. Strictly implement relevant regulatory policies for local government financing platforms, and strictly prohibit financial asset management companies from adding any form of local government hidden debt. Strengthen the supervision of related-party transactions to prevent interest transfer and regulatory arbitrage. Strengthen the supervision of branches, and promote the improvement of risk prevention and internal control compliance management levels of branches. Closely monitor the business and risk status of subsidiaries, and strengthen consolidated supervision. Cooperate with relevant industry authorities to strengthen the supervision of intermediary institutions providing accounting, auditing, asset valuation, credit rating, and legal consulting services to financial asset management companies. (15) Strengthen the investigation and punishment of illegal and non-compliant behaviors. Adhere to the principles of "long teeth and thorns" and "edges and corners", seriously investigate and punish illegal and non-compliant behaviors according to law, and effectively increase the cost of illegal and non-compliant behaviors. At the same time, adhere to the principle of appropriate punishment, accurately distinguish between institutional and individual responsibilities for illegal and non-compliant behaviors, and improve the accuracy and effectiveness of administrative penalties. For clues of disciplinary violations, crimes, and other illegal activities discovered in regulatory work involving staff of financial asset management companies, promptly transfer them to disciplinary inspection and supervision authorities or judicial authorities according to law, and jointly promote the "three no's" (no corruption, no bribery, no misconduct), and severely crack down on financial crimes. Urge financial asset management companies to establish and improve long-term mechanisms for warning education, strengthen the reflection and reporting of typical cases of illegal and non-compliant behaviors, and use cases as a mirror, promote governance, and promote reform. (16) Strengthen the construction of the regulatory team, and enhance the integration and linkage of various types of supervision. Adhere to the principles of law-based supervision and supervision for the people, cultivate a regulatory spirit of dedication, courage, expertise, and strict accountability, and form a serious regulatory atmosphere. Strengthen the professional construction of the regulatory team, and continuously improve regulatory capabilities. Strengthen the connection and information sharing between off-site supervision and on-site inspections, investigations, and market access, and enhance regulatory linkage. Strengthen communication and linkage with the superior party committees, disciplinary inspection and supervision departments, and audit departments of financial asset management companies, and form a collaborative force.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the conclusion of the US election, the uncertainty of global trade policies is expected to further increase, presenting new topics for international trade cooperation. In the realm of geopolitics, ongoing conflicts and tensions show no significant signs of easing, posing threats not only to global security but also significantly impacting resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "Dual Carbon" goals have significantly increased market attention to secondary copper. However, the "Reverse Invoice" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade is expected to further narrow. We predict that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025SMM (20th) Copper Industry Conference and Copper Industry Expo," meticulously prepared by SMM, will be grandly held in Nanchang, Jiangxi, from April 22-25, 2025. Shenzhen Smart Industry Chain Technology Co., Ltd. will make a splendid appearance at this conference. We will synchronize with the times, aim at our goals, strive diligently, and move forward courageously! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D10. The Smart Industry Chain Enterprise Credit Management Platform, developed by Shenzhen Smart Industry Chain Technology Co., Ltd., is a high-tech enterprise that provides industrial chain data analysis, accounts receivable credit management, and digital invoice management through artificial intelligence, big data technology, and best practice methods for large and medium-sized enterprises (manufacturing enterprises, supply chain enterprises, trading enterprises, industrial internet platforms, etc.). The Smart Industry Chain Enterprise Credit Management Platform can provide evaluation reports, credit access, credit verification, risk warnings, AI intelligent monitoring, and other model rules. By evaluating thousands of indicator factors, it meets the actual credit business management needs of various types of enterprise customers. The platform can help partner companies assess the business status, credit risk, financial status, and debt repayment ability of customer enterprises. Through credit evaluation, credit verification, credit control, monitoring and warning, risk disposal, and accounts receivable monitoring, it achieves full-process closed-loop management. The Smart Industry Chain Enterprise Credit Management Platform is flexible in application, offering both SaaS platform application mode, supporting registration for immediate use, and providing API interfaces for calling to support partner companies in achieving fast and scientific approval of credit orders. It can also provide customers with private deployment and customized development to meet personalized functional requirements, integrate with customer business systems, and support fast or automatic approval. The Smart Industry Chain Enterprise Credit Management Platform applies the latest artificial intelligence and big data technologies, draws on the experience of financial institution credit risk control models, absorbs the practical exploration experience of many excellent enterprises, and deeply understands the domestic enterprise credit business scenarios and the operational risks of small and medium-sized enterprises. After years of R&D and optimization iterations, it can effectively solve the pain points of enterprise credit customer evaluation and accounts receivable risk control. It has been widely tested and proven effective by dozens of enterprise and institutional customers such as Chongqing Machinery & Electric Group, Colorful, Qianhai Guoxin Technology, Eighth Element, and Chuangdongfang Investment, exceeding the expectations of the majority of enterprise customers for credit control. We welcome friends from all walks of life to consult, exchange, negotiate cooperation, and test and try! Contact: Mr. Li, 13510955859. SMM Conference Contact: Bao Jinyong, 131 5933 8158, baojinyong@smm.cn.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the conclusion of the US election, the uncertainty of global trade policies is expected to further increase, presenting new topics for international trade cooperation. In the realm of geopolitics, ongoing conflicts and tensions show no significant signs of easing, posing threats not only to global security but also significantly impacting resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade is expected to further narrow. We predict that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Anhui Changzhong Brush Industry Co., Ltd. will attend this conference in full force. We will keep pace with the times, aim for our goals, strive diligently, and move forward courageously! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D3. Anhui Changzhong Brush Industry Co., Ltd., a manufacturer of cleaning and polishing brush rollers, is located at the foot of the beautiful Tianzhu Mountain (ancient Nanyue), a national AAAA-level tourist attraction, north of the Shanghai-Chengdu Expressway and Yuewu Expressway exit, east of the Hejiu High Road Station, and south of National Highway 318, with very convenient transportation. Our company specializes in the production of industrial brush rollers, including single and double steel band wound, laminated, tufted disc, sealed (strip brushes), non-woven 3M brush rollers, rubber rollers, sponge water absorption rollers, sisal sandpaper strips, wire brushes, deburring grinding brushes, polishing cloth rollers, etc. The main materials include imported and domestic pig bristles, mountain palm, white palm (sisal), horsehair, wool, plastic filaments, nylon filaments (PP, PU, PA, PPT, 610, 612, 1010), carbon fiber (silicon carbide abrasive filaments), alumina fiber filaments, copper wire, stainless steel wire, etc. The company's employees are mainly engineering and technical personnel, including 1 senior engineer, 2 engineers, and 4 technical personnel. Most of the engineering and technical personnel come from key domestic research institutes and have rich engineering practical experience. The company has several imported and domestic brush-making machines, CNC extended lathes, CNC wire cutting, CNC drilling, tufting machines, CNC tube drawing machines, high-precision extended balancing machines, large injection molding machines, and other advanced equipment, effectively ensuring the quality of the products. Anhui Changzhong Brush Industry Co., Ltd. actively advocates and strives to practice modern business management concepts, focusing on people, striving for progress, and building a modern enterprise with technological advancement, scientific management, prosperous business, and first-class talent. We will develop together with new and old friends with higher quality and better after-sales service, and higher commercial credibility. Contact: Wang Changqi 13705560258. SMM Conference Contact: Lin Junfeng 18326223112 linjunfeng@smm.cn.