On August 8, CSI Solar Co. issued an announcement on the signing of a major contract for daily operations. The announcement shows that Canadian Solar (USA) Inc., a wholly-owned subsidiary of CSI Solar, sold 7GW photovoltaic modules to an overseas customer, and the products will be supplied to the US market.

[Solid-State Batteries Expected to Be Installed in Vehicles Starting in 2027, Smart Vehicle ETF E Fund (516590) and Auto Parts ETF (159565) Attract Attention] On the 26th, sectors such as reducers and auto parts strengthened. By the close, the CSI Smart Electric Vehicle Index rose 0.6%, and the CSI Auto Parts Theme Index increased by 2.3%. The China EV100 stated that in the NEV sector, solid-state batteries are expected to begin vehicle installation by 2027 and achieve mass production by 2030. Compared to the lithium-ion batteries commonly used in NEVs today, solid-state batteries offer advantages such as higher safety, greater energy density, longer lifespan, and faster charging speeds.

China's semiconductor and tech sectors show growth amid policy support. The STAR Market Semiconductor Index and CSI IT Innovation Index rose 0.79% and 1.20% on April 25. A CPC meeting emphasized boosting tech financing, AI+, and launching a "Technology Board" bond market to fund core tech breakthroughs. Domestic semiconductor equipment and materials firms are advancing, with localization expected to accelerate. Huafu Securities forecasts 35% growth in China's semiconductor equipment investment in 2024. Despite low localization rates (<20%), hard tech sectors remain key investment targets, projected to exceed 80% by 2025. Analysts predict a 10%+ A-share market rebound in 2025.

[SMM Analysis] Freight Rates Surge, Making Deals Difficult for Steel Expor ters Affected by the US-Iran conflict, tight energy supply and sharply higher fuel costs, compounded by exchange rate fluctuations, have continuously pushed up China's export offers in recent days. Compared with the beginning of the month (March 6), SMM HRC prices have been raised by $9/mt; galvanizing prices rose by $11/mt; CRC rose by $5/mt; billet rose by $6/mt; and rebar rose by $6/mt. However, looking back at market transaction performance, deals weakened again recently. According to the SMM survey, ocean freight rates surged sharply, with current freight to the Middle East as high as $50-60. Most outside China clients remained on the sidelines; shipowners also refused to commit tonnage while waiting for the market to stabilize. For China exporters, there were offers but no market, making shipments difficult. Meanwhile, market sources said Hadeed, the GCC's only flat steel producer, raised its May hot-rolled coil (HRC) prices, still related to shipping restrictions in the Strait of Hormuz. HRC cargoes previously booked from China and other origins were also being redirected to the west coast, mainly heading to Jeddah Port, bringing high inland transportation costs. As for global steel prices, in India, in addition to rising raw material costs and rupee depreciation, a sudden LNG energy shortage further pushed up production costs, forcing steel mills to maintain a strong willingness to hold prices firm despite the traditional domestic off-season and blocked exports. In the Southeast Asian market, price increases were accepted entirely passively, mainly due to the rigid pass-through of high ocean freight rates by overseas suppliers. Although Southeast Asian buyers hesitated to take orders, they had no choice but to passively accept the increases against the backdrop of persistently high geopolitical logistics costs. At the same time, CIS export offers also rose significantly, benefiting from the intensifying geopolitical conflict in the Middle East and the resulting short-term global supply tightens. In the Middle East market, meanwhile, as war tensions continued to escalate, the closure of the Strait of Hormuz completely disrupted transportation, while freight rates and delivery uncertainty pushed the sheets & plates import markets in the UAE and Saudi Arabia into a complete standstill. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

Right now the price of gold sits around $5,100 an ounce, which is double where it sat just over one year ago. And the war in Iran could propel the price upwards even further.

[SHFE/LME Price Ratio Pulled Back and Fluctuated Around 7.3]: This week, the SHFE/LME price ratio pulled back and fluctuated around 7.3, and the zinc ingot import window remained closed. Outside China, easing inflation concerns boosted a rebound in zinc prices; subsequently, investors stayed cautious about an escalation of the Middle East conflict, while a stronger US dollar, together with US February CPI coming in line with expectations and still-sticky inflation, drove LME zinc to fluctuate lower.

SMM Nickel, March 12: Macro and Market News: (1) US February CPI rose 2.4% year on year, and core CPI rose 2.5% year on year, in line with market expectations. (2) Trump said Iran had "nothing left to strike," and the war would end soon. The Iranian president proposed three necessary conditions for ending the war: recognizing Iran's legitimate rights, paying war reparations, and providing firm guarantees from the international community to prevent future acts of aggression. Spot Market: On March 12, the SMM price of #1 refined nickel rose by 1,200 yuan/mt from the previous trading day. In terms of spot premiums, the average price of Jinchuan #1 refined nickel was 6,750 yuan/mt, up 100 yuan/mt from the previous trading day; China mainstream brands of electrodeposited nickel were at -300-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) surged in the night session, but fell sharply during the morning session, closing the morning session at 137,400 yuan/mt, up 0.08%. On the macro front, there were signs that the risk-off sentiment stemming from geopolitical conflicts in the Middle East was easing in the short term. Supply side, the core driver remained Indonesia's unchanged policy of tightening nickel ore supply. In the short term, the price of the most-traded SHFE nickel contract is expected to move sideways in the 130,000-140,000 yuan/mt range.

[PV ETF Funds Rise: PV Industry Chain May Usher in a New Round of Favorable Conditions] As of June 11, 2025, the CSI Photovoltaic Industry Index (931151) surged by 1.28%, with individual stocks of some PV enterprises also following suit. The PV ETF Fund (159863) rose by 0.93%, with the latest quote at 0.43 yuan. By implementing strategies such as industry self-regulation through production restrictions and accelerating the elimination of outdated capacity, the PV industry chain is gradually optimizing its supply-demand pattern. The PV industry, particularly top-tier enterprises, has also realized that "short-term profit-chasing and capacity hoarding are not viable strategies," and accelerating capacity exits and implementing "anti-cut-throat competition" have gradually become industry consensus. It is expected that the key window period for PV supply-side reform will be from the second half of this year to the first quarter of next year. Despite the overall valuation of the PV sector remaining at historically low levels, it will possess higher allocation space and investment value in the future, and the PV industry chain is expected to usher in a new round of favorable conditions.

根据埃塞俄比亚财政部长艾哈迈德·希德透露，预计将有五家中国企业在该国投资总计17.5亿美元，主要涉及太阳能电池制造和矿产勘探。由加拿大太阳能公司控股的上海上市公司中信博（CSI Solar）将投资2.5亿美元，用于建设太阳能组件和储能产品工厂；Sequoia Mining & Processing Plc计划投资6亿美元开展煤炭勘探。海南德润达新能源科技有限公司和Toyo Solar Manufacturing One Member Plc也正在推进太阳能制造项目。此外，华业矿业加工公司计划投资5亿美元，用于矿产勘探、加工以及开发以矿产为重点的特区。埃塞俄比亚投资委员会专员Zeleke Temesgen表示，这些公司目前正在进行本地许可申请流程。

[Macro Disturbances Coupled With Rising China Inventory Weighed on the Centers of Both SHFE and LME This Week] At the beginning of the week, Trump stated that the conflict in Iran was basically over, and the US dollar index fell sharply, pushing the center of LME zinc higher; subsequently, market uncertainty intensified, some funds exited, and LME zinc came under pressure......