On June 26, at the hosted by SMM Information & Technology Co., Ltd. (SMM) with title sponsorship from Guangxi Yusheng Germanium High-Tech Co., Ltd., Ou Haiguang, Chairman of Lianzhou Tuosheng New Energy Co., Ltd., Qingyuan, Guangdong, shared “The Development and Application of Selenium.” I. Global Selenium Market Overview The global selenium market exhibits a combination of steady overall growth and rapid structural upgrading. Global Selenium Market Characteristics The global selenium market presents the dual characteristic of “steady overall volume and structural upgrading.” Growth in traditional sectors is slowing, while high-value-added niche segments show strong potential. ► Overall Market: Moderate Growth It introduced the global selenium market size in 2025 and future compound annual growth rate, among other aspects. ► High-End Market: Rapid Expansion High-purity selenium used in electronics, semiconductors, and solid-state batteries is the core growth driver. The global high-purity selenium market reached $1.8 billion in 2023 and is expected to exceed $3.5 billion by 2030, with a strong CAGR of 10%. Selenium is a key material supporting the development of high-tech industries It is a fundamental material for developing new materials, new devices, and new consumer goods (pharmaceuticals, agriculture, food). Demand for selenium from military, new energy, and medical & health sectors is increasing daily. Ultra-high-purity rare and scattered metals have been designated as key national strategic emerging industries under the “Strategic Research on New Materials Powering the Nation by 2035” (2020). High-purity selenium was included by the National Development and Reform Commission (NDRC) in the “Catalogue for the Guidance of Key Products and Services in Strategic Emerging Industries” issued in Announcement No. 1 (2017). The EU identified selenium as a critical raw material for strategic low-carbon energy technologies (2020). Price Trend Review and Forecast First, it reviewed the selenium price trend in recent years. ► Future Trend Forecast, 2026-2027 The global economic slowdown is weighing on the profitability and operating rates of traditional selenium-consuming industries such as glass, ceramics, and pigments, causing prices of ordinary industrial-grade selenium products to continue falling under pressure. However, high-purity, customized high-end selenium products used in PV, electronics, and other sectors are seeing price support due to high technical barriers and scarce supply, with the market showing a clear divergence in price trends. ► Market Insight: Supply-Demand Pattern Driving Divergence As demand growth in traditional sectors such as PV glass slows, prices of basic products are heavily influenced by capacity. However, the technological barriers in high-value-added fields such as infrared, electronics, and solid-state batteries will support the price resilience of high-end selenium products, making them the core growth driver for future corporate profits. II. In-Depth Analysis of China’s Selenium Industry China is the global center for selenium production and supply, and its industry development trends have a decisive impact on the global market. Production and Supply: The World’s Core Producing Region China is the global center for selenium production and supply, accounting for nearly half of the world’s output, which continues to grow steadily. ► Production Scale and Growth: In 2025, China’s primary selenium production reached 2,030 mt (up 12% YoY), accounting for nearly half of the global total. The growth momentum came from the expansion of domestic copper smelters and their increased focus on the comprehensive recovery of rare and precious metals. ► Core Producing Region Distribution: Influenced by the layout of the copper smelting industry, China’s selenium is primarily produced in four provinces: Yunnan, Jiangxi, Anhui, and Hubei. The high degree of synergy between resources and the processing industry has formed a stable supply chain cluster. ► Industry Leader Landscape: Top-tier players such as Jiangxi Copper Corporation, Tongling Nonferrous Metals, Yunnan Copper, and China Daye Non-Ferrous Metals dominate production and are actively extending their reach into downstream deep processing, continuously refining their industry chain layout. ► Future Production Forecast: Production is expected to maintain an upward trend: it is projected to reach 2,165 mt in 2026 and further increase to 2,340 mt in 2027, continuously solidifying its core global supply position. Consumption Structure and Trends: Replacing Old Growth Drivers with New Ones ► Changes in China’s selenium consumption structure are a microcosm of global trends, with emerging applications rapidly on the rise. ● Metallurgy (32%): A traditional mainstay field, with relatively stable demand. ● Flat Glass (24%): Driven directly by the rapid development of the PV industry, maintaining solid growth. ● Agricultural and Livestock Health (21%): A beneficiary of the upgrade in health consumption, it has become an important growth point. ● Ceramics and Chemicals (13%): A traditional, low-end application affected by environmental protection policies and alternative technologies, with demand continuing to shrink. ★ Electronics, Infrared, and PV (8%): The fastest-growing segment and the core new momentum driving the industry’s long-term development. Trade Pattern: From Net Importer to Near-Balance China’s selenium trade pattern has undergone a historic transformation, gradually achieving self-sufficiency and control over its resource supply and demand. ► Historic Transformation: Reshaping the Supply-Demand Pattern In the past, as the world’s major selenium consumer, China was in a state of net imports for a long time. In recent years, thanks to the steady growth of domestic primary selenium smelting capacity and significant advances in recovery technologies for secondary resources like copper and selenium scrap, China’s reliance on selenium from outside China has dropped sharply, achieving a fundamental optimization of its trade structure. ► Key Milestone: 2025 Trade Data In 2025, China's selenium trade achieved a historic breakthrough: both imports and exports totaled 728 mt, remaining basically flat. This data marks China's successful shift away from a passive "resource-importing" model, achieving basic self-sufficiency in selenium supply and demonstrating strong risk resilience. ► Future Trend: Moving Toward Net Exporter Status Driven by both production growth and technological strengths, China is expected to continue expanding its selenium resource production scale and technology exports in the coming years. Leveraging its complete industry chain support and cost advantages, China is poised to gradually complete its transformation from a "net importer" to a "net exporter," further enhancing its discourse power in global selenium trade. ► Policy Support: Export Promotion, Brand Certification & Subsidies To support domestic superior resource products in international competition, the nation continues to implement industrial support policies. 1. High-purity selenium and selenium compound targets are included in the new materials export credit insurance support categories. 2. Key equipment imports for high-purity selenium compound synthesis and monocrystalline production are exempted from customs duties and import-stage VAT. This policy effectively strengthens the competitiveness of Chinese selenium products in the international market, providing strong policy support for the industry's "going global" strategy. III. High-Growth Track Analysis Amid broadly steady market growth, which sub-sectors are experiencing explosive expansion? This chapter focuses on three high-growth tracks: nano-selenium, high-purity selenium, and indium selenide. ► Track 1: Nano-Selenium Biomedicine and Healthy Agriculture — One of the fastest-growing sectors in the selenium industry Core Strengths: High bioavailability | Low toxicity It addresses the pain point of balancing effectiveness and safety in traditional selenium agents, offering dual value in nutrition and pharmaceuticals. Sharing also included market size forecasts, diverse application scenarios, and national policy support. ► Track 2: High-Purity Selenium (Semiconductors and PV) • Positioning as a critical basic material: High-purity selenium (purity ≥5N) is a strategic critical material underpinning the development of semiconductor chip manufacturing and PV solar cell industries, holding an irreplaceable position in the advanced manufacturing supply chain. Current Industry Status: Overall market demand is growing rapidly, but exhibits a significant "structural supply-demand mismatch," characterized by low-end overcapacity coexisting with a shortage of high-end products. • Market Demand and Structural Issues Demand Growth: China's total market demand is projected to maintain a 16.8% average annual compound growth rate from 2026 to 2030, indicating enormous potential. Polarization: Relatively surplus capacity in 5N low-end products; severe shortage of 6N and above high-end products, with import dependency reaching as high as 71%. • Technology Barriers and Localisation Substitution Opportunities Core Barriers: The preparation of 6N high-purity selenium involves complex processes, primarily relying on "zone melting" and "chemical vapor transport (CVT)" technologies, posing extremely high technical thresholds. Policy Driver: The National IC Fund has provided targeted capital injection to support breakthroughs, with a clear industrial goal of achieving over 60% localisation rate for high-end high-purity selenium by 2027. ► Track 3: Indium Selenide (Infrared Detection and Advanced Optoelectronics) • Material Overview Indium selenide (In₂Se₃) is a new-type layered semiconductor material with excellent optoelectronic properties. With its unique band structure, high carrier mobility, and good flexibility, it holds tremendous application potential in cutting-edge fields such as infrared detection, flexible optoelectronic devices, and new-type PV, making it a current hot topic in semiconductor material R&D. • Market Size Forecast Chinese market size in 2025: 382 million yuan; expected to reach 429 million yuan in 2026; up 12.3% YoY. • Competitive Landscape: Highly Concentrated Industry barriers are high, with a prominent head effect: the top three enterprises command approximately 68.3% market share. • Core Application Scenarios 01 Infrared focal plane detectors, widely used in security surveillance and industrial temperature measurement, represent the primary downstream demand. 02 Energy and new energy: Used as a buffer layer in CIGS (copper indium gallium selenide) thin-film solar cells, serving as an important raw material for the PV industry. 03 Flexible electronic devices: Leveraging advantages of layered structure, high-performance flexible displays and wearable device sensors can be developed. IV. Cutting-Edge Technologies and Future Trends Technological innovation is the fundamental driving force behind industrial development. Breakthroughs in Cutting-Edge Technologies: Antimony Selenide Sulfide Solar Cells Core Technical Advantages: The material combines excellent photoelectric conversion properties with outstanding chemical stability, featuring low production costs and strong process compatibility, thereby solving the trade-off between performance and stability in traditional PV materials. Industrial Application Prospects: Viewed as a highly promising next-generation PV technology direction, it not only broadens the selection of PV materials but also opens up a completely new path for high-value application of "selenium" resources in the new energy field. Industrial Development Trends 01. Technology-driven high value-addition | The core of industrial competition is shifting from resource acquisition to technological innovation, where technical barriers will become the fundamental foundation for enterprises to thrive. 2. Deep Localisation Substitution | Driven by national strategic support and market demand, the localisation process of key materials will continue to accelerate. 3. The "Materials-as-a-Service" Model Emerges | Upstream producers are no longer limited to mere product supply but are deeply integrated with downstream clients, providing customised solutions. 4. Green, Low-carbon, and Circular Economy | Stricter environmental protection policies are forcing industry upgrades, and green production processes and efficient resource recycling technologies will become increasingly important. 5. Strategic Recommendations Based on the above analysis, it provides some specific strategic recommendations for industry participants and investors. Whether enterprises or investors, in the current complex and volatile market environment, all need clear strategic guidance to seize opportunities and avoid risks. ► Recommendations for Enterprises 1. Focus on High-Growth Sectors: Decisively allocate resources toward high-value-added areas such as nano-selenium and 6N high-purity selenium, and avoid homogeneous competition with low profits. 2. Strengthen Technology R&D and Cooperation: Establish an independent R&D system to maintain core competitiveness, while actively engaging in industry-university-research cooperation with universities and research institutes. 3. Build Industry Chain Synergy: Extend toward upstream raw material sources to ensure stable supply, and expand toward downstream application ends to deeply integrate core clients, enhancing risk resistance capabilities. 4. Enhance Quality and Brand: Establish and strictly enforce a high-standard quality control system, cultivate a high-end, professional brand image, and compete with premium quality and pricing. ► Recommendations for Investors 1. Focus on Technologically Leading Enterprises: Prioritize investment in enterprises with independent intellectual property rights in core technologies to build competitive barriers. 2. Seek Enterprises with Strong Downstream Integration: Choose enterprises that have established long-term and stable cooperation with downstream key clients to ensure robust operational performance. 3. Allocate to Entire Industry Chain Enterprises: Focus on enterprises with a complete industry chain layout from mineral resources to end-use applications to enhance risk resistance capabilities. 4. Beware of Market Fluctuation Risks: Fully assess the impact of periodic selenium price fluctuations on enterprise costs and profits, and implement risk hedging. Furthermore, it also provides an introduction to Lianzhou Tuosheng New Energy Co., Ltd.

Primary Aluminum Imports： Customs data shows domestic primary aluminum imports stood at approximately 208,000 metric tons in May 2026, down 21.6% month-on-month and 6.7% year-on-year. Cumulative domestic primary aluminum imports from January to May 2026 reached around 1.119 million metric tons, rising 5.8% year-on-year. Primary Aluminum Exports： Per customs statistics, domestic primary aluminum exports totaled roughly 22,000 metric tons in May 2026, up 42.4% month-on-month yet falling 31.7% year-on-year. Total cumulative primary aluminum exports between January and May 2026 hit about 76,000 metric tons, with a year-on-year growth of roughly 13.1%.

[SMM Analysis] China's Grain-Oriented Silicon Steel Export Competitiveness Continues to Strengthen, Import Substitution Progress Continues to Advance

According to the latest customs data, China’s zinc oxide imports reached 342.78 tonnes in May, rising 53.16% month-on-month. Cumulative imports from January to May stood at 2,592.66 tonnes, up 1.7% year-on-year.China exported 1,693.81 tonnes of zinc oxide in May, a month-on-month drop of 18.71%. Total exports for the first five months hit 8,831.86 tonnes, surging 51.82% year-on-year. Breakdown of May import and export volumes is as follows:

SMM Analysis: According to data from the General Administration of Customs, China's copper foil (HS codes: 74101100, 74102190) imports 7,135.43 mt in May 2026, down 6.90% YoY and down 7.20% MoM...

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Alloy Imports and Exports Diverge in May, Prices Fluctuate amid Narrowing Price Difference between A00 Aluminum and Aluminum Scrap] Overnight, the aluminum alloy 2608 contract opened at its session high of 23,650 yuan/mt. Subsequently, bulls' momentum gradually faded, and prices fluctuated and pulled back overall. The contract dipped to a session low of 23,490 yuan/mt, then edged up slightly toward the close to finally settle at 23,545 yuan/mt, edging down 105 yuan/mt from the settlement price.

In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively implemented the new development philosophy, accelerated the creation of a new development pattern, earnestly carried out more proactive macro policies, and effectively responded to external shocks and challenges. Production and supply rose steadily, employment and prices remained generally stable, the resilience of foreign trade continued to manifest, new driving forces grew stronger, and the national economy sustained a generally stable development trajectory with improvement and upgrading. Data from the National Bureau of Statistics (NBS) showed that in May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms, 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. For January-May, it grew by 5.4% YoY. Value Added of Industrial Enterprises Above Designated Size Grew by 4.5% in May 2026 In May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms (the real growth rates of value added are calculated after deducting price factors), 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. From January to May, it rose by 5.4% YoY. By sector, in May, the value added of the mining industry grew by 2.3% YoY, manufacturing by 4.4%, and the production and supply of electricity, heat, gas and water by 7.6%. By ownership, in May, the value added of state-holding enterprises grew by 3.7% YoY; joint-stock enterprises by 5.2%, enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan by 1.9%; and private enterprises by 2.7%. By industry, in May, the value added of 28 out of the 41 major industries registered YoY growth. Among them, coal mining and washing grew by 3.5%, petroleum and natural gas extraction by 1.5%, agricultural and sideline food processing by 1.5%, wine, beverages and refined tea manufacturing fell by 2.7%, the textile industry grew by 2.6%, chemical raw materials and chemical products manufacturing by 0.3%, non-metallic mineral products fell by 5.6%, ferrous metals smelting and rolling processing grew by 1.6%, non-ferrous metals smelting and rolling processing fell by 4.5%, general equipment manufacturing grew by 6.7%, special equipment manufacturing by 9.1%, automobile manufacturing by 8.3%, railway, shipbuilding, aerospace and other transport equipment manufacturing by 7.4%, electrical machinery and equipment manufacturing by 4.7%, computer, communication and other electronic equipment manufacturing by 17.0%, and electricity and heat production and supply by 8.7%. By product, in May, among the 626 products of industrial enterprises above designated size, 300 saw YoY output growth. Specifically, steel output was 123.03 million mt, down 2.8% YoY; cement 149.91 million mt, down 8.1%; ten non-ferrous metals 6.98 million mt, up 2.2%; ethylene 3.38 million mt, up 2.1%; automobiles 2.582 million units, down 3.2%, of which NEVs 1.489 million units, up 17.8%; power generation 784.3 billion kWh, up 4.2%; crude oil processing volume 53.72 million mt, down 9.1%. In May, the product sales ratio of industrial enterprises above designated size was 96.0%, down 0.1 percentage point YoY; the export delivery value of industrial enterprises above designated size reached 1,388.4 billion yuan, a nominal YoY increase of 10.1%. In May, National Economy Operated Generally Stable, with New and Quality Development In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and plans of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the creation of a new development pattern, effectively implemented more proactive macro policies, and effectively responded to external shocks and challenges. Production supply was stable with an upward trend, employment and prices were generally stable, the resilience of foreign trade continued to be demonstrated, and new growth drivers grew stronger. The national economy continued its development trend of overall stability with new and quality improvements. 1. Industrial Production Accelerated, with Equipment and High-Tech Manufacturing Growing Rapidly In May, the value added of industrial enterprises above designated size increased by 4.5% YoY, 0.4 percentage points faster than the previous month; it grew 0.40% MoM. By the three major categories, the value added of mining grew 2.3% YoY, manufacturing grew 4.4%, and production and supply of electricity, heat, gas, and water grew 7.6%. The value added of equipment manufacturing grew 9.5% YoY, and high-tech manufacturing grew 15.1%, accelerating by 1.2 and 2.3 percentage points respectively from the previous month. By type of ownership, the value added of state-controlled enterprises grew 3.7% YoY; joint-stock enterprises grew 5.2%, foreign, Hong Kong, Macau, and Taiwan invested enterprises grew 1.9%; private enterprises grew 2.7%. By product, the output of 3D printing equipment, lithium-ion batteries, and industrial robots grew 54.4%, 40.0%, and 27.9% YoY respectively. In the January-May period, the value added of industrial enterprises above designated size grew 5.4% YoY. In May, the manufacturing PMI was 50.0%, and the index of enterprise production and operation expectations was 53.9%. In the first four months, the total profits of industrial enterprises above designated size reached 2,435.8 billion yuan, up 18.2% YoY. II. Services Grew Steadily, Modern Services Developed Soundly In May, the national services production index grew 4.4% YoY, 0.1 percentage point faster than the previous month. By sector, the production indices of information transmission, software and IT services, leasing and business services, financial services, and transport, storage and postal services grew 11.3%, 10.9%, 7.0%, and 4.8% YoY, respectively. In January-May, the national services production index rose 4.8% YoY. In January-April, the operating revenue of service enterprises above the designated size increased 6.4% YoY. In May, the business activity index for services stood at 50.3%, and the business activity expectations index for services was 55.4%. Among them, the business activity indices for railway transport, telecommunications, radio and television, and satellite transmission services, and insurance were in the relatively high prosperity range of above 55.0%. III. Market Sales Maintained Growth, Service Retail Maintained Sound Momentum In January-May, total retail sales of consumer goods and services grew 2.8% YoY, with retail sales of services up 5.4% and retail sales of goods up 1.2%. In January-May, total retail sales of consumer goods reached 20,603.1 billion yuan, up 1.4% YoY. In January-May, nationwide online retail sales of goods and services reached 8,317.7 billion yuan, up 5.9% YoY, of which online retail sales of goods were 5,271.8 billion yuan, up 5.0%, and online retail sales of services were 3,045.9 billion yuan, up 7.6%. In May, total retail sales of consumer goods amounted to 4,109 billion yuan, down 0.6% YoY and down 0.38% MoM. By location of business establishments, retail sales of consumer goods in urban areas came in at 3,574.1 billion yuan, down 0.9% YoY; retail sales in rural areas were 534.9 billion yuan, up 1.5% YoY. By type of consumption, retail sales of goods stood at 3,648.5 billion yuan, down 0.7% YoY; catering revenue was 460.5 billion yuan, up 0.6% YoY. Sales of daily necessities and some upgraded goods maintained growth. Retail sales of beverages, clothing, footwear, hats and textiles, and cosmetics by enterprises above the designated size increased 6.1%, 3.8%, and 2.5% YoY, respectively. IV. Infrastructure Investment Maintained Growth, Investment in Intellectual Property Products Accelerated In January-May, national fixed-asset investment (excluding rural households) reached 17,851.2 billion yuan, down 4.1% YoY; excluding real estate development, fixed-asset investment fell 1.2%. Among this, investment in intellectual property products grew 9.3% YoY, 0.4 percentage points faster than in January-April. By sector, infrastructure investment rose 0.6% YoY, manufacturing investment fell 0.4%, and real estate development investment dropped 16.2%. The floor space of newly built commercial buildings sold nationwide was 313.2 million m², down 10.8% YoY; the sales value of newly built commercial buildings was 2,936.6 billion yuan, down 13.5% YoY. By industry, investment in the primary sector rose 5.9% YoY, investment in the secondary sector edged up 0.1% YoY, and investment in the tertiary sector fell 6.8% YoY. Private investment declined 7.1% YoY; excluding real estate development, private investment dropped 3.5% YoY. Investment in high-tech industries grew 4.5% YoY, with investment in computer and office equipment manufacturing, aviation and spacecraft and equipment manufacturing, and information services up 18.3%, 16.7%, and 13.8%, respectively. In May, fixed asset investment (excluding rural households) fell 1.91% MoM. V. Rapid Growth in Goods Imports and Exports with Continued Optimization of Trade Structure In May, total goods imports and exports reached 4,451.6 billion yuan, up 16.9% YoY, accelerating 2.7 percentage points from the previous month. Exports stood at 2,587.8 billion yuan, up 13.8% YoY, while imports totaled 1,863.8 billion yuan, up 21.5% YoY. From January to May, total goods imports and exports amounted to 20,682.7 billion yuan, up 15.3% YoY. Exports came to 11,913.7 billion yuan, up 11.8% YoY, and imports hit 8,769.1 billion yuan, up 20.5% YoY. From January to May, imports and exports under Ordinary Trade rose 8.3% YoY. Imports and exports with Belt and Road partner countries grew 13.6% YoY. Imports and exports by private enterprises increased 15.5% YoY. Exports of mechanical and electrical products expanded 18.4% YoY. VI. Generally Stable Employment with a Decline in the Surveyed Urban Unemployment Rate From January to May, the surveyed urban unemployment rate averaged 5.2%. In May, the surveyed urban unemployment rate was 5.1%, down 0.1 percentage points MoM. The surveyed unemployment rate for the local household labor force was 5.2%, and that for the non-local household labor force was 4.9%, with the rate for the non-local agricultural household labor force at 4.9%. The surveyed urban unemployment rate across 31 major cities was 5.1%, down 0.1 percentage points MoM. The average weekly working hours of employees in enterprises nationwide was 48.2 hours. VII. Mild Rise in Consumer Prices and Widening YoY Increase in Producer Prices In May, the national consumer price index (CPI) rose 1.2% YoY, the same growth as the previous month, and fell 0.1% MoM. By category, prices for food, tobacco, alcohol, and dining out fell 0.9% YoY, clothing prices rose 1.4% YoY, housing prices edged down 0.2% YoY, prices for household articles and services increased 1.8% YoY, transportation and communication prices climbed 5.4% YoY, education, culture, and entertainment prices went up 1.3% YoY, healthcare prices grew 2.1% YoY, and prices for other goods and services surged 9.9% YoY. Among food, tobacco, alcohol, and dining-out prices, pork prices fell 16.1%, fresh fruit prices dropped 2.2%, grain prices edged down 0.3%, while fresh vegetable prices rose 1.6%. Core CPI, which excludes food and energy prices, posted a 1.1% YoY increase. For January–May, national consumer prices rose 1.0% YoY. In May, national industrial producer EXW prices rose 3.9% YoY, with the growth rate widening by 1.1 percentage points from the previous month, and rose 0.5% MoM. National industrial producer purchasing prices rose 5.8% YoY and 1.3% MoM. For January–May, national industrial producer EXW prices and purchasing prices rose 1.0% and 1.6% YoY, respectively. Overall, the national economy operated stably in May, with development resilience continuing to show. However, it should also be noted that the external environment has become more complex and volatile, the contradiction of strong domestic supply and weak demand remains pronounced, some enterprises face considerable operating pressure, and the foundation for sustained economic improvement still needs consolidation. In the next stage, efforts should focus on adhering to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, maintaining the principle of pursuing progress while ensuring stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, continuously expanding domestic demand and optimizing supply, enhancing increments and revitalizing existing assets, developing new quality productive forces according to local conditions, deepening the building of a unified national market, working to stabilize employment, enterprises, markets, and expectations, and promoting effective qualitative improvement and reasonable quantitative growth of the economy. Recommended reading:

According to preliminary central bank statistics, the cumulative increase in total social financing (TSF) in the first five months of 2026 was 17.48 trillion yuan, a decrease of 1.16 trillion yuan from the same period last year. Of which, new renminbi loans to the real economy increased by 9 trillion yuan, a YoY decrease of 1.38 trillion yuan; foreign-currency loans to the real economy converted into renminbi increased by 115.3 billion yuan, a YoY increase of 211.6 billion yuan; entrusted loans decreased by 103.1 billion yuan, a further YoY decrease of 91.8 billion yuan; trust loans increased by 5.7 billion yuan, a YoY decrease of 57 billion yuan; undiscounted bankers' acceptances decreased by 17.2 billion yuan, a further YoY decrease of 151.4 billion yuan; net financing of corporate bonds was 1.67 trillion yuan, a YoY increase of 757.7 billion yuan; net financing of government bonds was 5.67 trillion yuan, a YoY decrease of 634 billion yuan; and domestic equity financing of non-financial enterprises amounted to 230.5 billion yuan, a YoY increase of 79.9 billion yuan. In the first five months, renminbi loans increased by 9.11 trillion yuan. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans decreased by 694.2 billion yuan, and medium and long-term loans increased by 62.8 billion yuan; enterprise sector loans increased by 9.63 trillion yuan, of which short-term loans increased by 3.77 trillion yuan, medium and long-term loans increased by 4.99 trillion yuan, and bill financing increased by 699.9 billion yuan; loans to non-bank financial institutions decreased by 279.7 billion yuan. Central bank data show that at end-May, the broad money (M2) balance was 353.67 trillion yuan, up 8.6% YoY. The narrow money (M1) balance was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) balance was 14.69 trillion yuan, up 11.9% YoY. In the first five months, net cash injection was 590.7 billion yuan. Financial Statistics Report for May 2026 I. Outstanding Total Social Financing (TSF) Stock Increased by 7.7% YoY Preliminary statistics show that at end-May 2026, outstanding TSF stood at 458.81 trillion yuan, up 7.7% YoY. Of which, outstanding renminbi loans to the real economy were 277.4 trillion yuan, up 5.5% YoY; outstanding foreign-currency loans to the real economy converted into renminbi were 1.14 trillion yuan, down 4.3% YoY; outstanding entrusted loans were 11.22 trillion yuan, unchanged YoY; outstanding trust loans were 4.67 trillion yuan, up 7.1% YoY; outstanding undiscounted bankers' acceptances were 2.13 trillion yuan, down 6.2% YoY; outstanding corporate bonds were 35.69 trillion yuan, up 8.4% YoY; outstanding government bonds were 100.6 trillion yuan, up 15.1% YoY; outstanding domestic equity of non-financial enterprises stood at 12.43 trillion yuan, up 4.7% YoY. In terms of structure, at end-May, outstanding renminbi loans to the real economy accounted for 60.5% of outstanding TSF, down 1.2 percentage points YoY; foreign-currency loans to the real economy converted into renminbi accounted for 0.2%, down 0.1 percentage points YoY; entrusted loans accounted for 2.4%, down 0.2 percentage points YoY; trust loans accounted for 1%, unchanged YoY; undiscounted bankers' acceptances accounted for 0.5%, unchanged YoY; corporate bonds accounted for 7.8%, up 0.1 percentage points YoY; government bonds accounted for 21.9%, up 1.4 percentage points YoY; domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage points YoY. II. In the first five months, the cumulative increase in aggregate social financing was 17.48 trillion yuan Preliminary statistics show that in the first five months of 2026, the cumulative increase in aggregate social financing was 17.48 trillion yuan, representing a decrease of 1.16 trillion yuan compared with the same period last year. Specifically, RMB loans extended to the real economy increased by 9 trillion yuan, a decrease of 1.38 trillion yuan YoY; foreign currency loans to the real economy converted into RMB increased by 115.3 billion yuan, an increase of 211.6 billion yuan YoY; entrusted loans decreased by 103.1 billion yuan, with the decline widening by 91.8 billion yuan YoY; trust loans increased by 5.7 billion yuan, a decrease of 57 billion yuan YoY; undiscounted bankers' acceptances decreased by 17.2 billion yuan, with the decline widening by 151.4 billion yuan YoY; net financing of corporate bonds was 1.67 trillion yuan, an increase of 757.7 billion yuan YoY; net financing of government bonds was 5.67 trillion yuan, a decrease of 634 billion yuan YoY; domestic equity financing by non-financial enterprises amounted to 230.5 billion yuan, an increase of 79.9 billion yuan YoY. III. Broad money (M2) increased by 8.6% At the end of May, broad money (M2) outstanding was 353.67 trillion yuan, up 8.6% YoY. Narrow money (M1) outstanding was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) outstanding was 14.69 trillion yuan, up 11.9% YoY. In the first five months, net cash injection amounted to 590.7 billion yuan. IV. RMB deposits increased by 15.77 trillion yuan in the first five months At the end of May, outstanding deposits in domestic and foreign currencies reached 352.38 trillion yuan, up 8.7% YoY. At month-end, RMB deposit outstanding was 344.45 trillion yuan, up 8.7% YoY. RMB deposits increased by 15.77 trillion yuan in the first five months. Specifically, household deposits rose by 5.63 trillion yuan, deposits of non-financial enterprises by 1.26 trillion yuan, fiscal deposits by 1.91 trillion yuan, and deposits of non-bank financial institutions by 5.64 trillion yuan. At the end of May, foreign currency deposit outstanding was $1.16 trillion, up 17.5% YoY. In the first five months, foreign currency deposits rose by $103.2 billion. V. RMB loans increased by 9.11 trillion yuan in the first five months At the end of May, outstanding loans in domestic and foreign currencies stood at 284.79 trillion yuan, up 5.4% YoY. At month-end, RMB loan outstanding was 281.02 trillion yuan, up 5.5% YoY. RMB loans increased by 9.11 trillion yuan in the first five months. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans fell by 694.2 billion yuan while medium and long-term loans rose by 62.8 billion yuan; loans to enterprises and public institutions increased by 9.63 trillion yuan, including a 3.77 trillion yuan rise in short-term loans, a 4.99 trillion yuan increase in medium and long-term loans, and a 699.9 billion yuan expansion in bill financing; loans to non-bank financial institutions declined by 279.7 billion yuan. At the end of May, the outstanding foreign currency loan balance stood at $553.2 billion, up 2.6% YoY. Foreign currency loans increased by $8.2 billion in the first five months. VI. In May, the monthly weighted average interest rate for interbank lending in the interbank RMB market was 1.31%, and the monthly weighted average rate for pledged repo was 1.33%. In May, total trading volume in the interbank RMB market, comprising lending, cash bonds, and repos, reached 180.45 trillion yuan, with a daily average of 9.5 trillion yuan, up 7.9% YoY. Specifically, the daily average interbank lending volume grew 18.5% YoY, cash bond trading rose 4.7% YoY, and pledged repo trading increased 8% YoY. In May, the weighted average interbank lending rate was 1.31%, up 0.02 percentage points MoM but down 0.24 percentage points YoY; the weighted average pledged repo rate was 1.33%, up 0.02 percentage points MoM but down 0.23 percentage points YoY. VII. In May, cross-border RMB settlement under the current account amounted to 1.67 trillion yuan, and under direct investment, it was 0.58 trillion yuan. In May, cross-border RMB settlement under the current account totaled 1.67 trillion yuan, of which goods trade, services trade, and other current account items were 1.28 trillion yuan and 0.39 trillion yuan, respectively; cross-border RMB settlement under direct investment totaled 0.58 trillion yuan, consisting of 0.22 trillion yuan in outward direct investment and 0.36 trillion yuan in foreign direct investment. Recommended Reading: ] Latest financial data released: M2 and outstanding aggregate financing at end-February grew 8.7% and 9.0% YoY respectively. See how authoritative experts interpret this! ] Aggregate financing and new RMB loans hit second-highest level for the same period in history in the first two months; February M2 up 8.7% YoY ] In January 2024, new aggregate financing was 6.5 trillion yuan, new loans were 4.92 trillion yuan, and M2 grew 8.7% YoY ] PBOC: December aggregate financing increment was 1.94 trillion yuan, new RMB loans were 1.17 trillion yuan, M2 up 9.7% YoY ] PBOC: November aggregate financing increment was 2.45 trillion yuan, new RMB loans were 1.09 trillion yuan, M2 up 10% YoY ] November financial data released: The volume of aggregate financing continued to grow more YoY, and credit support for the real economy remained solid ] Will trillion-yuan government bonds "prop up" October money and credit data? Market expects overall strong aggregate financing but weak credit; RRR cut expectations still building ] PBOC: October aggregate financing increment was 1.85 trillion yuan, new RMB loans were 738.4 billion yuan, M2 up 10.3% YoY ] PBOC: September aggregate financing increment was 4.12 trillion yuan, new RMB loans were 2.31 trillion yuan, M2 up 10.3% YoY ] PBOC makes heavy-hitting remarks! Talking about China-US interest rate differentials, September financial data, mortgage rates on existing home loans... ] General Administration of Customs: China's imports and exports showed positive trends in the first three quarters; September hit a new single-month high for the year ] PPI and CPI data improved for three consecutive months; experts say price improvement further confirmed, expect the YoY improvement in PPI to continue ] NBS explains: September CPI was stable, PPI YoY decline narrowed for three consecutive months, both rose MoM ] September mobile phone export value doubled MoM; automobile export YoY growth continued to lead ] PBOC: August aggregate financing increment was 3.12 trillion yuan, new RMB loans were 1.36 trillion yuan, M2 up 10.6% YoY ] PBOC: Act when it's time to act, resolutely guard against the risk of exchange rate overshooting! USD/CNH plunged ] PBOC: August aggregate financing scale was 528.2 billion yuan, new RMB loans were 345.9 billion yuan, M2 up 10.7% YoY ] PBOC: June aggregate financing and new RMB loans far exceeded expectations, M2 up 11.3% YoY ] PBOC: May aggregate financing increment was 1.56 trillion yuan, 331.2 billion yuan more than the previous month ] PBOC: May RMB loans increased by 1.36 trillion yuan, with the previous figure at 718.8 billion yuan ] PBOC: May RMB deposits increased by 1.46 trillion yuan, 1.58 trillion yuan less than the same period last year ] PBOC: April aggregate financing increment was 1.22 trillion yuan, new RMB loans were 718.8 billion yuan, M2 up 12.4% YoY ] PBOC: Q1 RMB deposits increased by 15.39 trillion yuan, loans increased by 10.6 trillion yuan

In April 2026, SMM Indonesia's sulfur imports in April 2026 reached 267,299.22 mt in physical content, down 28.6% MoM and up 79.2% YoY. SMM Indonesia's sulfur exports were 0.00204 mt in physical content.

In April 2026, SMM Indonesia sulfur imports reached 267,299.22 mt in physical content, down 28.6% MoM and up 79.2% YoY. In April 2026, SMM Indonesia sulfur exports were 0.00204 mt in physical content.