SMM News, April 23: On April 22, a delegation from SMM Information & Technology Co., Ltd. (SMM), including Long Huachen, General Manager of SMM South China Office, Ma Yao, Deputy General Manager of the Marketing Department & General Manager of the Copper Business Division, and Lin Jiazhi, Senior Client Manager of the Copper Business Division, headed to the Guangxi (Shenzhen) Industrial Cooperation Center and the Economic Liaison and Investment Promotion Center of the People's Government of Guangxi Zhuang Autonomous Region in Shenzhen for a visit and engagement. Relevant officials from the Guangxi (Shenzhen) Industrial Cooperation Center, as well as representatives from the Shenzhen offices of municipal governments including Hechi, Chongzuo, and Beihai, attended the exchange meeting. Both sides conducted in-depth communication and engagement around their respective platform advantages and future needs. During the exchange, both sides first briefly introduced their basic profiles: SMM focused on its core business layout, industry resource advantages, and development overview; representatives from the Guangxi (Shenzhen) Industrial Cooperation Center and various municipal governments provided detailed introductions centered on local industrial development foundations, key investment promotion priorities, and related progress, comprehensively showcasing the positive momentum and cooperation potential of Guangxi's investment attraction efforts. Building on this, both sides engaged in thorough discussions on matters related to investment promotion cooperation in Guangxi, while also conducting preliminary engagement on other potential cooperation directions, further deepening mutual understanding and building consensus on cooperation. This visit aimed to build a communication bridge between the two sides, deepen mutual understanding, and focus on identifying cooperation potential in Guangxi's investment promotion sector, laying a solid foundation for the orderly advancement of various future collaborations. Guangxi (Shenzhen) Industrial Cooperation Center Economic Liaison and Investment Promotion Center of the People's Government of Guangxi Zhuang Autonomous Region in Shenzhen The Guangxi (Shenzhen) Industrial Cooperation Center and the Economic Liaison and Investment Promotion Center of the People's Government of Guangxi Zhuang Autonomous Region in Shenzhen serve as the "Five New Platforms" established by the Autonomous Region's Party Committee and Government in Shenzhen: a new-type investment promotion platform, a new-type industrial investment platform, a new-type technological innovation platform, a new-type talent attraction platform, and a new-type regional cooperation platform. They are innovative platforms created to proactively align with the advanced productive forces of the Pearl River Delta region and the Guangdong-Hong Kong-Macao Greater Bay Area, accelerate the building of a modern industrial system with new quality productive forces, and drive high-quality development in Guangxi, undertaking the "five-in-one" functions of investment promotion, industrial investment, technological innovation, talent attraction, and regional cooperation. The Center adheres to government leadership, with the industrial investment platform company as the main entity, industrial parks as the backbone, and policy services as support. Operating through market-oriented approaches, it firmly grasps the new trends, new characteristics, and new challenges in investment promotion, establishes a new model and new ecosystem of "investment + promotion," and drives the organic integration and virtuous cycle of capital with technology and industry. The center will also fully leverage the innovative environment, talent, and achievements of the Pearl River Delta region and the Guangdong-Hong Kong-Macao Greater Bay Area. Adhering to the principles of industry orientation, market-driven operation, innovative cooperation, and multi-party collaboration, the center will organically integrate into the innovation chain, industry chain, capital chain, and talent chain of developed eastern regions through investment attraction, industrial investment, technological innovation, talent recruitment, and regional cooperation. This will effectively drive the aggregation of various innovation elements toward Guangxi, create a new model of investment attraction under the new circumstances, explore new mechanisms for developing new quality productive forces in Guangxi, and generate new momentum for Guangxi to accelerate the construction of a modern industrial system. SMM Contact Person : Lin Jiazhi: 15017566696

China Northern Rare Earth disclosed its 2025 annual report on April 18, which stated: 2025 was a pivotal year for the reshaping of the global rare earth industry landscape, a pivotal year for the strategic elevation of China's rare earth industry, and a pivotal year for the company to achieve historic breakthroughs in its business development. Over the past year, the company implemented national industrial policies and enhanced its capacity to serve national strategies. Production of major products hit record highs , with operating revenue reaching 42.563 billion yuan, up 29.11% YoY; net profit attributable to shareholders of the publicly listed firm reaching 2.251 billion yuan, up 124.17% YoY. The company maintained its industry-leading position in revenue, profit, output value, and market capitalization, successfully concluding the "14th Five-Year Plan" period. It effectively safeguarded the security and stability of China's rare earth industry chain and supply chain, and elevated China's rare earth industry to a new level of high-quality development. The explanation of operating revenue changes disclosed in China Northern Rare Earth's announcement stated: In 2025, amid an overall rise in rare earth market prices, the company seized market opportunities and coordinated the advancement of the "Five Unifications" scientific production model. Production and sales of major products, including smelting and separation products, rare earth metals, rare earth new materials, and rare earth permanent magnet motors, all achieved YoY growth. The main business disclosed in China Northern Rare Earth's 2025 annual report stated: Adhering to the development philosophy of "optimizing and expanding rare earth raw materials, refining and strengthening rare earth new materials, and specializing and differentiating end-use application products," the company is capable of producing 11 major categories, over 100 varieties, and more than 1,000 specifications of rare earth products. The company's products are mainly divided into rare earth raw material products, rare earth new material products, and rare earth end-use application products. Among them, the company's rare earth raw material products include rare earth salts, rare earth oxides, and rare earth metals, which serve as the primary raw materials for downstream rare earth new material and new material product processing enterprises. Rare earth new material products include rare earth magnetic materials, polishing materials, hydrogen storage materials, catalytic materials, and rare earth alloys. The company's rare earth end-use application products mainly include rare earth permanent magnet high-efficiency energy-saving motors, solid-state hydrogen storage cylinders, and hydrogen-powered two-wheelers. Regarding the business plan for 2026, China Northern Rare Earth stated in its 2025 annual report: 2026 is the opening year of the "15th Five-Year Plan" period and a critical year for the company to advance high-quality development and accelerate its transformation into a world-class leading rare earth enterprise. The company will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, take forging a strong sense of community for the Chinese nation as the main theme, fully implement the spirit of the 20th National Congress of the Communist Party of China and its successive plenary sessions, implement the spirit of General Secretary Xi Jinping's important speeches and instructions on Inner Mongolia and the rare earth industry, as well as the decisions and deployments of the Inner Mongolia Autonomous Region, Baotou Municipality, and other higher-level authorities. The company will maintain the general principle of seeking progress while ensuring stability, fully and accurately implement the new development philosophy, shoulder its responsibilities and mission, steadily improve operational quality and efficiency, build a comprehensive all-element and all-category industrial system, promote the deep integration of technological innovation and industrial innovation, accelerate the pace of deepening reform, enhance the level of modern governance, continuously strengthen core functions and enhance core competitiveness, accelerate the building of a world-class leading rare earth enterprise, achieve a good start for the "15th Five-Year Plan" period, and make new and greater contributions to the construction of the "two rare earth bases." Key production and operating targets for 2026 (these targets are planning targets only; whether they can ultimately be achieved is subject to uncertainty and do not constitute substantive commitments by the Company to investors; investors and relevant parties should maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments): achieve operating revenue of over 44 billion yuan and total profit of over 3.5 billion yuan. On the premise of meeting operating targets, ensure that employee income moves in tandem with the enterprise's economic performance and labor productivity. Centering on the work targets, the following key initiatives will be carried out: 1. Stabilize production, promote sales, and improve quality and efficiency, demonstrating a new outlook of a strong start. Based on the national rare earth total volume control indicators, organize and arrange production schedules scientifically. Make every effort to ensure stable and high output from Phase I of the green smelting upgrade and renovation project. Enhance the capability of full-element rare earth extraction and separation. Optimize rare earth metal production processes to improve product quality and capacity scale. Release newly added magnetic material alloy capacity, with per-mt product costs reaching industry-leading levels. The polishing segment will leverage resource and capacity advantages, implement transformation toward high-end and precision products, and enhance product competitiveness. Rare earth additives will focus on high value-added product development to ensure stable product supply. Monitor mainstream product price trends and maintain market stability. Achieve production-sales balance for rare earth lanthanum-cerium products while actively digesting inventories. Strengthen procurement and sales channel development for rare earth Pr-Nd products to enhance market control. The functional materials segment will seize policy and market opportunities to secure orders. Rare earth permanent magnet motors will target frontier fields to achieve new breakthroughs in sales. Refine cost management and implement comprehensive measures to deepen cost reduction, quality improvement, and efficiency enhancement. Optimize financing methods to provide low-cost funding support for the Company's development. 2. Optimize layout and add momentum, shaping new advantages in industrial development. Efficiently advance the construction of key projects and accelerate the construction of Phase II of the green smelting upgrade and renovation project. Promote the Northern Jinlong separation production line to achieve trial production within the year. Promote stable and smooth production at the Jinmeng rare earth secondary resource project. Build a full-category industrial system and accelerate the implementation of joint venture and cooperation projects. Promote stable production and full production at the Northern Magnetic Material digital green technology empowerment project, and expand segmented application fields of rare earth permanent magnet materials. Strengthen the promotion and application of solid-state hydrogen storage materials and expand new applications in the rare earth catalysis field. Enhance the level of digital and intelligent management, deepen the construction of information management and control systems, continue to advance the in-depth application of business systems such as human resources, discipline inspection, and engineering projects, and further consolidate the digital form of business operations. Build a procurement-sales collaborative management platform to form a closed-loop business process covering "procurement, production, inventory, sales, and finance," achieving business-finance integration. Advance the construction of green smelting smart factories, progressively cultivate major production units to build smart factories, and continuously improve the CNC rate of key processes and the digitalization rate of production equipment. 3. Coordinating internal and external efforts to tackle key challenges, empowering innovation to seek new breakthroughs. Increase high-quality scientific and technological supply and strengthen R&D investment intensity. Focus on project deployment and research breakthroughs in areas such as cost reduction in smelting and separation, quality improvement in metal electrolysis, development of new rare earth materials, and expansion of new rare earth applications, developing new products, new processes, and new equipment. Conduct high-value patent cultivation and standards development and revision in key areas across the entire industry chain. Improve the "1+2+N+4" rare earth industry technology innovation platform system, launch high-level rare earth innovation platform projects, and comprehensively optimize and integrate technology innovation resources. Further leverage the role of the industrial transformation center, streamline the pathway for commercializing research outcomes, and enhance the quality and efficiency of technology transfer. Deepen the integration of industry, academia, and research, and promote the establishment of joint laboratories with renowned universities in China. Carry out "Three Firsts" application work in areas such as NdFeB alloy production equipment, rare earth permanent magnet motors, rare earth polishing fluids, and rare earth functional additives, and achieve substantive results. Further leverage the functions of the company's collaborative innovation centers across various industrial sectors, strengthen resource coordination and centralized management, and implement organized research. Focus on tackling key common technologies, promote close interaction and coordinated development among subsidiaries, and drive the output and transfer incubation of major scientific and technological achievements. Introduce the technology readiness level evaluation system into the entire R&D management process to establish quantitative assessment channels. Continue to strengthen the recruitment and cultivation of scientific and technological talent, providing full support in terms of compensation, research funding, and living benefits. 4. Deepening and substantiating reforms to stimulate new vitality in enterprise development. Enhance the company's management and control effectiveness, improve the board of directors' construction and authorization system, explore the formulation of management systems for the performance of duties by full-time and part-time chairpersons, and elevate the board's standardized performance and scientific decision-making capabilities. Optimize the company's management and control matters, processes, and authorities to improve decision-making efficiency. Promote the optimization and integration of subsidiaries. Implement the requirements of the "doubling" initiative for specialized, refined, distinctive, and innovative enterprises, and cultivate additional such enterprises. Deepen the reform of the three systems, improve the cadre assessment and evaluation system, and strengthen the rigid implementation of assessment results. Optimize the selection and appointment mechanism, intensify competitive recruitment and market-oriented hiring, implement "3+6" contract-based management, and firmly establish a talent selection orientation that prioritizes actual performance and practical contributions. Closely align with the company's development and actual business needs, scientifically evaluate organizational structures, reasonably reduce management layers, and enhance management effectiveness. Leverage new projects and production lines to establish shared employment mechanisms, promoting dynamic position integration and workforce optimization. Deepen the reform of the compensation distribution system, build a "same-level, broad-grade" compensation system based on position value and performance contributions, strengthen the linkage between subsidiary performance and the company's overall profitability, and drive a close connection between employee income and enterprise profitability as well as individual contributions. 5. Striving for Excellence in Management to Elevate Modern Governance to New Heights. Strengthened strategic security management, enhanced information resource integration, and actively participated in the formulation of national industrial policies. Strengthened financial management by rigorously implementing comprehensive budget management, further reinforcing capital control, and establishing a capital risk prevention and control system. Enhanced financial informatization by building a standardized, efficient, and well-adapted financial shared services system. Strengthened risk and compliance management by improving the compliance management system to ensure that business development and compliance management advanced in tandem. Established a legal affairs shared system to reduce legal service costs for subsidiaries and strengthen the company's overall legal risk prevention and control capabilities. Improved the comprehensive risk management system and optimized risk management across the entire process of strategy, operations, and management. Strengthened safety and environmental protection management, guided by the "10000" safety vision, to enhance intrinsic safety levels. Effectively carried out safety management of relevant parties. Rigorously implemented environmental protection accountability, improved integrated traceability management of solid waste across production, sales, transportation, and utilization, and enhanced emergency response capabilities. Strengthened talent management by reinforcing training and empowerment, implementing targeted training by level and category, and improving the competency of key personnel. Deepened specialized cultivation of high-level talent and strengthened the deep integration of talent development with the company's strategic growth. Innovated the training model for industrial workers, built a platform for skills inheritance and innovation, simultaneously consolidated talent reserves, optimized talent structure, and enhanced talent effectiveness. Strengthened market capitalization management by establishing a scientific market capitalization management philosophy, improving the ESG management system, and comprehensively leveraging measures such as information disclosure, investor relations management, cash dividends, mergers and acquisitions, and ESG on the basis of enhancing the company's value creation capabilities, to improve market capitalization management performance and maintain the company's position as the largest by market capitalization in the rare earth industry. When discussing potential risks, China Northern Rare Earth mentioned product price risk: Affected by internal and external factors such as macro economic conditions, cyclical industry fluctuations, changes in rare earth market supply and demand, intensified market competition, and geopolitical disruptions, prices of major rare earth products may fluctuate and decline, posing product price risk. Countermeasures: The company will closely monitor market conditions, strengthen market forecasting and analysis, innovate marketing models, adjust marketing strategies, improve product quality, vigorously expand markets, and increase product market share. While maintaining and expanding the marketing base for Pr-Nd products, the company will intensify marketing efforts for La-Ce products, optimize service quality, and improve client satisfaction. Leveraging the role of a major rare earth group, the company will stabilize confidence, stabilize expectations, and stabilize market operations, adopting comprehensive measures to overcome unfavourable factors and striving to mitigate the impact of product price risk on the company's operating performance. Looking back at the SMM Pr-Nd oxide price trend in 2025: the average price of Pr-Nd oxide on December 31, 2025 was 606,500 yuan/mt, compared with the average price of 398,000 yuan/mt on December 31, 2024, representing an increase of 52.39% in 2025. In comparison, the annual daily average price of Pr-Nd oxide in 2025 was 491,576.13 yuan/mt versus 391,871.9 yuan/mt in 2024, indicating a YoY increase of 25.45% in the daily average price in 2025. Driven by expectations of supply reduction due to partial shutdowns at separation plants, upstream suppliers raised their quotes rapidly, low-priced spot cargo in the market tightened quickly, pushing rare earth prices up for three consecutive days. According to SMM pricing, on April 20, the price of Pr-Nd oxide was 815,000-818,000 yuan/mt, with an average price of 816,500 yuan/mt, up 1.74% from the previous trading day. As the price of Pr-Nd oxide rose, wait-and-see sentiment in the market intensified, while downstream magnetic material enterprises had limited acceptance of high-priced metals, and purchasing enthusiasm declined. In the short term, supported by strong confidence among upstream suppliers to hold prices firm, Pr-Nd product prices are expected to hover at highs. For more information on rare earth fundamentals, technical aspects, and policy developments, please attend the ~ SMM Rare Earth Forum Contact: Wang Haiqiao Contact: 19818727891

Zhangye City in Gansu Province has officially launched an investment promotion for the Zhangye Economic Development Zone ESS Battery Separator Project. With a total estimated investment of 3 billion yuan, the project plans to construct 2–6 ultra-wide high-speed separator production lines and 7–21 coating lines. Located in the Circular Economy Demonstration Park, the facility is expected to reach an annual output value of 3.5 billion yuan upon completion. The Zhangye Municipal Development and Reform Commission is leading the recruitment of industrial partners for this initiative.

[SMM Analysis: Space PV Stimulates Market Sentiment to Heat Up, Yet the Path to PV Commercialization Remains Long] On January 22, Musk strongly endorsed space PV during the World Economic Forum annual meeting in Davos, Switzerland, and disclosed key capacity plans. Musk stated that SpaceX and Tesla are simultaneously advancing solar capacity expansion, aiming to achieve an annual solar manufacturing capacity of 100 GW within the next three years to power ground-based data centers and space AI satellites. Following the earlier visit by Musk's SpaceX team to China to meet with Chinese PV enterprises, market sentiment in the PV sector further rose.

IEMC 2025 SMM (5th) Motor Annual Conference & Industry Chain Expo Concurrently held with the 2025 SMM Intelligent Robot Industry Development Conference Concurrently held with the SMM (7th) Rare Earth Permanent Magnets Industry Forum Concurrently held with the SMM (2nd) Magnet Wire Industry Forum Concurrently held with the 2025 SMM (1st) Power Transformer Industry Chain Conference ⏰ November 12-14, 2025 ? Ningbo, Zhejiang I. Call for Submissions Exhibitor Recruitment: Responsible for organizing and inviting enterprises within the industry to participate in the exhibition, completing booth sales, and promoting the concept and value of the IEMC Motor Expo. Buyer and Purchaser Invitation: Organize professional buyers and potential customers within the industry to visit the exhibition, facilitating communication and conversion. II. Application Requirements 1. No dishonesty or other adverse records on credit reporting websites. 2. Have a deep understanding of the motor industry chain, endorse the concept of the IEMC Motor Expo, and possess strong support, promotion, and service capabilities for the expo. 3. Institutions with successful cases in agency services related to exhibitor and investor recruitment in the vertical fields of the motor industry chain are preferred. 4. Institutions with relevant experience in organizing similar exhibitions, forums, or events are preferred. III. Recruitment Process 1. Registration: Scan the QR code below or click "Read the Original" at the end of the article to fill out the registration form. 2. Qualification Review and Evaluation: The organizer of the IEMC Motor Expo is responsible for reviewing the qualifications and registration materials of the applying institutions or units, and conducting a comprehensive evaluation of potential agents who pass the qualification review (factors considered: team size, corporate resources, past cases). 3. Cooperation Confirmation: The organizer will take the initiative to contact the institutions or units that pass the comprehensive evaluation within 3 working days. After establishing contact, both parties will communicate and confirm the cooperation details. IV. Contact Information Contact Person: Cui Fan Phone: 13816522387 (same as WeChat) Email: fancui@smm.cn V. Notes 1. Exhibitor and investor recruitment agencies must ensure the authenticity and legality of the materials provided. In case of any fraudulent reporting, once verified, the registration qualification will be canceled. 2. The IEMC Motor Expo reserves the final right to interpret this call for submissions and has the right to improve and supplement the content of this call, as well as to request applicants to submit additional materials. Exhibition Name: IEMC 2025 Motor Annual Conference & Industry Chain Expo Exhibition Time: November 12-14, 2025 Exhibition Location: Ningbo, Zhejiang Scan the QR code to reserve your spot at the exhibition and stay updated with the latest industry trends!

SMM News on June 11: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE tin led the gains with a 0.54% increase, while SHFE zinc and SHFE aluminum rose by 0.25%, and SHFE nickel fell by 0.25%. The declines in other metals fluctuated slightly. The main alumina contract fell by 0.24%, and the main casting aluminum contract rose by 0.13%. Most ferrous metals series prices rose, with only stainless steel declining by 0.6%. Iron ore rose by 1%, HRC rose by 0.68%, and coking coal and coke collectively rose by over 1%, with coking coal up by 1.68% and coke up by 1.01%. Overseas market base metals also showed mixed performance. LME copper fell by 0.24%, while LME aluminum and LME lead rose, but with relatively small fluctuations in gains. LME aluminum rose by 0.04%, and LME lead rose by 0.03%. In the overnight precious metals market, COMEX gold fell by 0.3%, and COMEX silver fell by 0.38%. Domestically, SHFE gold rose by 0.23%, and SHFE silver fell by 0.43%. As of 8:18 a.m. on June 11, the overnight closing market performance from last Friday 》Click to view SMM Futures Data Dashboard Macro Front Domestic Aspects: [The General Office of the CPC Central Committee and the General Office of the State Council issued the "Opinions on Further Promoting the Shenzhen Comprehensive Reform Pilot to Deepen Reform, Innovation, and Opening-up"] The Opinions propose to advance the integrated reform of the education, science and technology, and talent systems, strengthen industry-university-research collaboration and deep integration, and improve the support and guarantee mechanisms for overseas talent recruitment. The Opinions also propose to promote the high-quality development of the real economy through empowerment by finance, technology, data, etc., establish a new system for a higher-level open economy, and improve a scientific, refined, and rule-of-law governance model. US Dollar Aspects: The US dollar index rose by 0.03% overnight to close at 99.05, as the market awaited the outcome of trade negotiations between China and the US. This week, investors' focus will be on the US May Consumer Price Index (CPI) report to be released on Wednesday. Before the US Fed's policy meeting next week, investors are vigilant for any signs of intensifying inflation, and this report may provide clues on the impact of tariffs. It is expected that the US Fed will also keep interest rates unchanged next week. Traders anticipate nearly two interest rate cuts of 25 basis points each before the end of the year. Other Currency Aspects: The British pound declined against the US dollar due to weak UK employment data indicating a sluggish labour market. At the New York close, the US dollar rose by 0.2% against the Japanese yen to close at 144.92 yen. The US dollar has fallen by about 8.5% against the yen since the beginning of the year. During the market turmoil triggered by Trump's tariffs, the yen has generally benefited from net safe-haven capital flows. In the three months ending April, UK wages rose by 5.2%, slower than expected, pushing the British pound down 0.4% against the US dollar to $1.3496. The Bank of England will hold a meeting next week and is expected to keep interest rates unchanged. Money market traders anticipate around 48 basis points of interest rate cuts by the end of the year, up from 39 basis points before the data release. The euro was flat against the US dollar at $1.1420, while the Australian dollar, often seen as a proxy for risk sentiment, changed relatively little, trading at $0.6519. Data highlights: Today, China's M2 money supply annual rate for May (time uncertain between June 11-17), China's total social financing for the year to date as of May (time uncertain between June 11-17), China's new yuan loans for the year to date as of May (time uncertain between June 11-17), the US May CPI annual rate (unadjusted), the US May core CPI annual rate (unadjusted), the US May energy CPI annual rate (unadjusted), the US June IPSOS Primary Consumer Sentiment Index (PCSI), and Australia's ANZ consumer confidence index for the week ending June 8 will be released. In addition, He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US economic and trade consultation mechanism. Crude oil update: As of the overnight close, oil prices in both markets fell, with US crude down 0.84% and Brent crude down 0.66%. US crude remained near a seven-week high as investors monitored progress in China-US economic and trade consultations. A survey found that OPEC's oil production increase in May was lower than planned, as Iraq further cut production to make up for earlier overproduction, while Saudi Arabia and the UAE also increased production by less than their quotas. According to CCTV News, on June 10 local time, the European Commission officially unveiled a draft of the 18th round of sanctions against Russia, primarily targeting Russia's energy revenues and banking sector, including restrictions on Russia's Nord Stream natural gas pipeline and adding more Russian banks to the sanctions list. The draft also proposes lowering the price cap on Russian crude oil from $60 per barrel to $45 per barrel. EU member states will begin discussing the draft this week. The US Energy Information Administration (EIA) stated in its monthly Short-Term Energy Outlook (STEO) that US crude oil production will decline next year as falling commodity prices force drillers to reduce rig counts faster than expected. The EIA said US crude oil production will fall from about 13.42 million barrels per day this year to about 13.37 million barrels per day in 2026. Previously, the EIA had expected US production to increase to 13.49 million barrels per day next year. Data released by the American Petroleum Institute (API) on Tuesday showed that US crude oil inventories fell last week, while gasoline and distillate inventories rose. The report showed that as of the week ending June 6, US crude oil inventories fell by 370,000 barrels, gasoline inventories increased by 3 million barrels, and distillate inventories increased by 3.7 million barrels. Analysts had previously forecast that US crude oil inventories would fall by 2 million barrels, distillate inventories would increase by approximately 800,000 barrels, and gasoline inventories would increase by 900,000 barrels last week. The US Energy Information Administration (EIA) will release official weekly US oil inventory data on Wednesday. (Wenhua Comprehensive)

To further advance the Shenzhen Comprehensive Reform Pilot and deepen reform, innovation, and opening up, the General Offices of the CPC Central Committee and the State Council issued the "Opinions on Further Advancing the Shenzhen Comprehensive Reform Pilot, Deepening Reform, Innovation, and Expanding Opening Up." The Opinions outline the coordinated promotion of integrated reforms in the education, science and technology, and talent systems and mechanisms, advancing the empowerment of the real economy with high-quality development through finance, technology, data, etc., establishing a new, more open economic system at a higher level, and improving a scientific, refined, and rule-of-law governance model. The Opinions clarify the need to deepen reform and expand opening up from a higher starting point, at a higher level, and with higher goals, creating more replicable and promotable fresh experiences, better leveraging Shenzhen's role as a key engine in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and its radiating and driving role in the national overall plan, contributing to and providing examples for the comprehensive construction of a modern socialist country. Opinions of the General Offices of the CPC Central Committee and the State Council on Further Advancing the Shenzhen Comprehensive Reform Pilot, Deepening Reform, Innovation, and Expanding Opening Up (August 30, 2024) To further advance the Shenzhen Comprehensive Reform Pilot and deepen reform, innovation, and opening up, with the approval of the CPC Central Committee and the State Council, the following opinions are hereby proposed. I. General Requirements Adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the spirit of the 20th CPC National Congress and the Second and Third Plenary Sessions of the 20th CPC Central Committee, comprehensively and accurately implement the new development philosophy, adhere to the general principle of pursuing progress while ensuring stability, coordinate development and security, uphold the organic integration of top-level design with grassroots exploration, and, in accordance with the working mechanism of studying and formulating lists of authorized matters in batches, introduce another batch of reform measures, implement a batch of innovative experiments, and deepen a batch of opening-up initiatives. Take the lead in making pioneering efforts, forging ahead with innovation, and taking concrete actions in areas such as breaking down institutional and systemic barriers in the fields of education, science and technology, and talent, strengthening the deep integration of the innovation chain, industry chain, capital chain, and talent chain, expanding new approaches, scenarios, and carriers for Guangdong-Hong Kong-Macao cooperation, and building a modern, international, and innovative city. Deepen reform and expand opening up from a higher starting point, at a higher level, and with higher goals, create more replicable and promotable fresh experiences, better leverage Shenzhen's role as a key engine in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and its radiating and driving role in the national overall plan, and contribute to and provide examples for the comprehensive construction of a modern socialist country. II. Coordinate the Promotion of Integrated Reforms in the Education, Science and Technology, and Talent Systems and Mechanisms (1) Strengthen efficient coordination and deep integration among industry, academia, and research. Reinforce the leading role of enterprises in scientific and technological innovation and optimize effective pathways for leading science and technology enterprises to act as "problem setters."Explore market-oriented salary management systems for new-type R&D institutions, and support the Shenzhen Medical Academy of Sciences in pioneering new mechanisms for research management, talent recruitment, and funding utilization. Deepen reforms in research funding management by implementing a "budget + negative list" approach. Pilot a research project manager system, granting greater management authority in project selection, team formation, technology roadmap determination, and budget allocation. Establish and improve mechanisms for the empowerment, transfer, and evaluation of job-related scientific and technological achievements, with long-cycle assessments for state-owned asset preservation and appreciation resulting from such transfers. Explore diversified investment and open-sharing mechanisms for major scientific and technological infrastructure, while facilitating streamlined customs clearance procedures for research equipment and consumables. (2) Coordinate reforms in educational approaches, school operation models, management systems, and support mechanisms. Promote deep integration of engineering education in emerging fields with industrial development, support universities and enterprises in jointly cultivating high-quality interdisciplinary engineering talent, and nurture a cohort of innovation-driven entrepreneurs mastering cutting-edge technologies. Explore specialized, "small yet refined" university models suited to megacities. Integrate vocational skills training with the cultivation and upgrading of advanced manufacturing clusters. Aligning with regional skill demands, allow foreign investors to establish vocational training institutions in Shenzhen in compliance with regulations, introducing advanced curricula, faculty, and teaching methods. Develop effective linkages between the industry chain and vocational training chain, fostering a skilled workforce through the convergence of higher vocational and technical education. Enable course selection and credit recognition between Shenzhen's higher vocational colleges and applied technology universities. Optimize enrollment mechanisms for migrant workers' children. Actively implement the national Silver Age Teacher Action Plan. Explore personalized teaching approaches and new talent cultivation pathways adapted to AI development. (3) Enhance support mechanisms for overseas talent recruitment. Leverage opportunities from building a high-level talent hub in the Guangdong-Hong Kong-Macao Greater Bay Area to attract more urgently needed professionals. Refine supporting talent service policies, granting employers greater autonomy in overseas recruitment and related personnel, research, and foreign affairs management. III. Empowering High-Quality Real Economy Development through Finance, Technology, and Data (4) Improve incentive and constraint mechanisms for financial services to support the real economy. Support Shenzhen in piloting integrated sci-tech industry-finance special projects. Refine practical scenarios and regulatory systems for sci-tech enterprise credit, intellectual property securitization, and transactions of scientific achievements and IP rights. Optimize coordination mechanisms between debt and equity financing for tech firms. Deepen green finance reforms. Support insurance funds in legally establishing private equity and venture capital funds in Shenzhen that primarily target specific sectors. Companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area are permitted to list on the Shenzhen Stock Exchange in accordance with policy provisions. (5) Innovate institutional mechanisms to support the development of emerging industries. Leveraging platforms such as the Shenzhen Stock Exchange's Science and Technology Achievements and Intellectual Property Trading Center, establish a comprehensive service system for the transfer and transformation of scientific and technological achievements. Explore mechanisms for the approval and application of AI-assisted medical devices, and under the premise of safety and controllability, investigate rules and standards for data collection, integration, sharing, and compliant use of such devices. Support Shenzhen in deepening reforms and innovations in the flight management system for unmanned aerial vehicles, improve low-altitude flight supervision rules, and explore general aviation services such as cross-border helicopter flights and public welfare operations. Expand ESS application scenarios and explore integrated generation-grid-load-storage business models. Innovate management systems for international industrial and standards organizations. (6) Deepen market-oriented reforms for the allocation of data elements. Refine trading rules and standard specifications, support Shenzhen in exploring mechanisms for data transactions, trusted circulation, and benefit distribution, and achieve more institutional outcomes in areas such as compliance assessment and certification. Under the premise of security, steadily advance the lawful and compliant hierarchical and classified opening of public data in fields such as transportation, geography, satellite remote sensing, meteorology, and healthcare, while improving related management systems, service mechanisms, and standard specifications. Enhance the city information modeling (CIM) foundational platform and prudently conduct pilot applications of 3D territorial spatial model outcomes. Strengthen data security governance and regulatory capabilities, and explore efficient, convenient, and secure mechanisms for cross-border data flows in compliance with laws, regulations, and relevant requirements. IV. Building a New System for a Higher-Level Open Economy (7) Promote the optimization and upgrading of goods trade. Advance trade facilitation and support the development of new trade forms and models. Support Yantai Port in increasing exploration efforts in areas such as customs clearance facilitation and fuel refueling settlement. (8) Innovate and enhance service trade. Under the premise of information sharing among regulatory authorities and controllable risks, support key enterprises outside comprehensive bonded zones in piloting high-value-added, high-tech, and environmentally protection-compliant "two ends abroad" bonded maintenance operations. Study the increase of designated immigration ports and berthing points for Greater Bay Area yacht tourism. Further expand the delegation of approval authority for international express (agency) business licenses. Strengthen innovation in digital RMB pilot application scenarios, participate in multilateral central bank digital currency bridge project research, and explore the applicability of central bank digital currencies in cross-border contexts. Improve policies for customs clearance facilitation, cargo supervision, and warehousing logistics in the international cultural relics trade. (9) Improve supporting mechanisms for facilitating personnel mobility. We will deepen the reform of supporting systems related to international navigation vessels and provide convenient handling services for social insurance registration for crew members from Hong Kong, Macao, and Taiwan. We will pilot a policy allowing eligible Hong Kong tax professionals to register and practice in specific areas of Shenzhen. We will steadily and orderly expand the list of foreign occupational qualifications recognized for convenient practice and optimize the examination mechanism for foreign futures practitioners and others to practice in Shenzhen. V. Improving a Scientific, Refined, and Rule-of-Law-Based Governance Model (10) Enhancing the level of livelihood security and service provision. We will deepen the reform of the drug and medical device evaluation and approval system and enhance the capacity for drug supervision and inspection and testing at ports. We will improve the system for the use and supervision of clinically urgent imported drugs and medical devices and explore feasible paths for using real-world clinical data from international new drugs in the registration and marketing authorization of imported drugs. We will deepen the reform and construction of digital government to enhance the intelligent and professional level of social governance. (11) Improving the management system for land and other natural resources. We will support comprehensive surveys of land, buildings, forest land, wetlands, and sea areas and islands. We will explore a computer-aided review system based on Building Information Modeling (BIM) and pilot three-dimensional registration of real estate in specific areas. We will reform the mechanisms for the disposal and recovery of idle land, improve the policy linking the collection standards for idle land fees to the duration of idleness, and innovate ways to revitalize and utilize land. We will strengthen land use guarantees for major industrial projects. We will improve the management system and supporting policies for the Shenzhen-Shanwei Special Cooperation Zone. We will explore reasonable and effective utilization models for non-core areas of nature reserves and scenic spots. (12) Deepening judicial reform and exchanges and cooperation. We will establish a "one-stop" diversified mechanism for the resolution of international commercial disputes that organically integrates litigation, mediation, and arbitration. Within the framework of the Civil Procedure Law, we will explore the expedited filing and execution of simple enforcement cases and the handling of simple enforcement objection cases by a single judge. We will support the reform of the integrated management system for property-related aspects of criminal judgments. We will deepen the pilot program for the legal protection of new-type intellectual property rights. We will explore the unified registration of commercial mediation organizations by judicial administrative departments and strengthen supervision and management. We will support Shenzhen in legally conducting judicial confirmation and enforcement of mediation agreements issued by specific commercial mediation organizations from Hong Kong and Macao. We will support Shenzhen arbitration institutions and the China Sports Arbitration Commission in researching the resolution of sports disputes, international cooperation in arbitration, and other related work. VI. Strengthening Organizational Implementation (13) Upholding and strengthening the overall leadership of the Party. Under the centralized and unified leadership of the CPC Central Committee, we will improve working mechanisms, strengthen overall coordination, and implement the Party's leadership throughout the entire process of advancing the pilot comprehensive reform in Shenzhen to ensure the effective implementation of pilot tasks. (14) Ensuring the implementation of reform initiatives. The National Development and Reform Commission (NDRC) should strengthen overall coordination, and relevant parties should grant Shenzhen relevant management authorities in accordance with the requirements of this Opinion and the approved list of matters, in accordance with the law. Important projects, major issues, and key reforms should be implemented after being reported and approved in accordance with the prescribed procedures. Guangdong Province should increase its efforts to delegate powers and support Shenzhen in deepening its comprehensive reform pilot. Shenzhen should earnestly assume the main responsibility for the pilot, establish a sound mechanism for promoting and implementing reforms that is efficient, verifiable, and covers the entire process, and ensure that reform measures are implemented on schedule. It should improve the mechanism for identifying major risks and preventing systemic risks, and do a good job in risk assessment, control, and response. Shenzhen should establish and improve laws, regulations, and policy adjustment mechanisms that are compatible with the comprehensive reform pilot. Where adjustments to existing laws or administrative regulations are involved in the implementation of this Opinion, they should be implemented after being authorized by the Standing Committee of the National People's Congress or the State Council in accordance with legal procedures. (15) Strengthen the evaluation and promotion of pilot experiences. Closely track the progress of the comprehensive reform pilot, focus on consolidating the achievements of the comprehensive reform pilot, solidify effective experiences and practices in appropriate forms and promote them on a larger scale, promptly analyze and evaluate new situations and new problems, and timely adjust and improve pilot measures that have not achieved the expected results. Major issues should be promptly reported to the CPC Central Committee and the State Council for instructions.

As a critical material in fields such as aerospace, integrated circuits, and high-speed rail transportation, high-end copper alloys have increasingly prominent strategic significance. Despite China's copper semis production and consumption ranking first globally for consecutive years, with a self-sufficiency rate of 96% for general copper semis, high-end copper alloy products still heavily rely on imports. To address this "chokepoint" challenge, SMM recently launched an initiative for industrial resource integration. Collaborating with upstream and downstream enterprises in the industry chain, as well as research institutions, it meticulously compiled the "2026 China Copper Alloy Materials Sourcing Guide" , aiming to advance the localisation process of high-end copper alloy materials and facilitate the transition from a "major material producer" to a "leading material powerhouse." Jiangsu Xingcheng New Materials Co., Ltd. actively participated in the joint compilation of the sourcing guide as a partner, jointly promoting the healthy and rapid upgrading of China's copper alloy materials industry chain. Jiangsu Xingcheng New Materials Co., Ltd. , located in Xinghua City, Jiangsu Province, renowned as the "Land of Fish and Rice," is a private technology enterprise integrating the R&D, production, processing, and sales of alloy products. It has been recognized as a high-tech enterprise and a specialized, sophisticated, unique, and innovative enterprise. Situated in the Diduozhen Industrial Concentration Zone, the company has a registered capital of 58 million yuan, a factory area spanning over 20,000 m², and a total investment of several hundred million yuan. It produces 10,000 mt of various high-precision copper alloy materials annually. Currently, it employs over a hundred staff members, with technical and managerial personnel accounting for approximately 30% of the workforce. Over the years, the company has consistently adhered to the principle of "pursuing development through technology and survival through quality," continuously optimizing its products. Simultaneously, it emphasizes the recruitment and nurturing of various professional and technical talents, establishing a high-caliber R&D team. It increases investment in training to enhance employee quality and adopts modern management concepts to provide the driving force for the company's development. The company strictly adheres to the ISO9001 quality management standard and upholds the quality policy of "building Xingcheng with quality and achieving the future with innovation." In its future development, it will continue to provide superior products to domestic and foreign customers with an honest and pragmatic approach. The company is a professional enterprise primarily engaged in the R&D and production of copper-based alloy materials, boasting a professional technical service team. It has been successively recognized as a national high-tech enterprise, a national-level technology-based small and medium-sized enterprise, a provincial specialized, sophisticated, unique, and innovative small giant enterprise, a provincial enterprise technology center, and a provincial private technology enterprise, among others. It offers high-quality materials and after-sales services to customers. Main products: copper strip, copper foil, copper plate, copper billet, copper wire, etc. The company maintains a substantial inventory throughout the year, providing high-precision slitting, film coating, electroplating, and other services. It possesses various precision detection instruments, and its production standards comply with technical standards such as European, Japanese, and American standards. Main equipment: melting furnace, milling machine, annealing furnace, cold rolling mill, slitting machine, laminating machine, etc.; equipment for quality detection: microhardness tester, high-temperature test chamber, conductivity meter, surface roughness tester, salt spray test chamber, tensile elongation machine, direct-reading spectrometer, etc. Product Introduction Cultural Philosophy Contact Information Wang Minglong 138 0142 3955 Click here to get the "2026 China Copper Alloy Material Procurement Guide" for free SMM Contact Person Huang Yizhe 139 5899 2666 huangyizhe@smm.cn

From May 19 to 20, the 2025 Global Investors Conference, hosted by the Shenzhen Stock Exchange, was held in Shenzhen. Nearly 400 representatives from domestic and overseas exchanges and asset management institutions participated in the event. During interviews, several foreign institutions, including Ningxia Ruiyin Lead Resource Recycling Co., Ltd. {{company}}, Bank of America, Morgan Stanley, and Mirae Asset Global Investments, expressed that global investors' confidence in the Chinese market is growing, and they are gradually increasing their allocation to Chinese assets. A foreign institution pointed out that over the past few years, the market capitalization of artificial intelligence (AI) and big tech companies in A-shares has been steadily increasing. Comprehensive policy easing is facilitating a revaluation of the Chinese stock market. During this process, overseas investors generally have a positive outlook on the growth potential of companies in sectors related to technology or AI R&D, new consumption, and high-end manufacturing, and they are beginning to further actively deploy capital in these areas. In their view, sustained high-level opening-up, especially in the financial sector, has laid a solid foundation for attracting high-quality overseas long-term capital to China's capital markets, and foreign institutions are also embracing new development opportunities. Some foreign institutions have stated that they will continue to seize the opportunities presented by China's two-way financial opening-up and look forward to further expanding their businesses in areas such as derivatives and ETFs. Global investors' confidence in the Chinese market is growing Recently, through communication with overseas investors, many foreign institutions have sensed that global investors' confidence in the Chinese market is growing. More and more investors are seeking investment opportunities in China, and foreign institutions are gradually increasing their allocation to Chinese assets. "Global investors' confidence in the Chinese market is growing," said Joohee An, Chief Investment Officer of Mirae Asset Global Investments (Hong Kong) Limited. She pointed out that recent technological breakthroughs in AI and robotics in China indicate significant progress in independent technological innovation. This technological breakthrough has boosted the confidence of private enterprises and consumers. Meanwhile, due to the government's continued support for private enterprises, a large number of private enterprises with ample cash flow are expected to expand their capital expenditures and talent recruitment, thereby forming a positive cycle that drives consumption recovery and ultimately improves corporate profits. In addition, compared to the past, China is now better equipped to handle trade frictions with the US. Despite fluctuations in the external environment, the RMB exchange rate has demonstrated greater stability. "Therefore, foreign institutions are gradually increasing their allocation to Chinese assets, expecting limited downside risks to corporate profits and anticipating a market revaluation," said Joohee An. "At the recently concluded Morgan Stanley China BEST Conference, over 80% of investors indicated that they are likely to increase their exposure to Chinese stocks in the near future."Shen Li, Managing Director and Head of China Onshore Equities at Morgan Stanley, said. She observed that overseas markets have recently experienced significant volatility, and global asset allocation is facing a new landscape. Regarding the Chinese market, at the State Council Information Office press conference on May 7, the key leaders of the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange implemented a series of "stimulus policy package" measures to stabilize the market from the perspectives of policy hedging, capital hedging, and expectation hedging, significantly boosting the confidence of investors and the market. Offshore investors, particularly long-term capital, have also demonstrated high patience and enthusiasm, with an overall net inflow of capital since Q4 2024. From a survey of Asian fund managers, Wang Wei, CEO of Bank of America China and Head of Fixed Income, Currencies, and Commodities Sales for Greater China, observed that an increasing number of investors are seeking investment opportunities in China, with only 16% of investors exploring other opportunities, down from 26% the previous month, and 10% of investors already fully invested in China. "Market interest in China has rebounded: In the past week, we met with many investors at our 'China Investment Summit' in Shenzhen. The record-breaking attendance at the event demonstrated strong investor interest, with some overseas investors heading to China for the first time in years," Wang Wei said. Many investors praised China's recent policy consistency and clarity and were optimistic about China's continued technological progress. Some investors noted that the confidence of onshore investors and consumers also seems to have recovered to its highest level since 2021. "Through frequent communication with overseas investors, I sense that, whether they are quantitative funds or market makers, some overseas investors hope to better participate in the Chinese market due to needs such as liquidity," said Fang Dongming, Head of China at UBS's Global Financial Markets Division. He added that China's regulators are also actively responding to the concerns of global investors and providing them with practical assistance. He understands that overseas investors are particularly concerned about topics such as the short- to medium-term economic trajectory of China, including the scale of fiscal stimulus, the state of real estate activity, and the pace of consumer spending recovery. Artificial intelligence and related industries (including humanoid/industrial robots, AI glasses, etc.) remain key investment themes of interest to international investors. Comprehensive Policy Easing is Aiding the Revaluation of China's Stock Market When discussing the unique appeal of China's new quality productive forces to overseas long-term capital, many foreign investors mentioned key words such as artificial intelligence, robotics, high value-added, precision manufacturing, innovation, and revaluation. Taking Shen Li as an example, she stated that overseas investors are generally optimistic about the growth potential of companies in sectors related to technology or AI R&D, new consumption, and high-end manufacturing, and have begun to further actively deploy capital in these areas. In Fang Dongming's view, the development of AI and DeepSeek's boost to risk appetite for technology investments are among the narrative changes driving up the valuation of Chinese stocks this year, and have also strongly bolstered the confidence of domestic investors and international investors' attention to the Chinese stock market. Considering that the development of AI is not a short-term process, its impact on profits will gradually manifest over the next two to three years. He believes that in the next phase, A-share listed companies should actively innovate while balancing their core businesses, in response to the regulatory emphasis and calls for exploring the development of new quality productive forces since the introduction of the new "nine guidelines." "We have observed that in recent years, the market capitalization of AI and big tech in A-shares has been continuously increasing. Comprehensive policy easing is helping the Chinese stock market undergo valuation restructuring." "The A-share market has already attained greater strategic importance. From a diversification perspective, Chinese stocks are valued at more than 10% lower than other emerging markets." Fang Dongming stated that in specific industries, some self-reliant and controllable sectors, such as consumer staples, may actually benefit from overseas policy disruptions. China can still provide opportunities for excess returns to its clients globally in many aspects. Joohee An emphasized innovation and high value-added. She believes that in recent years, multinational corporations have been accelerating the implementation of supply chain diversification strategies such as "China + 1." In this context, the significant difference between China and major regions receiving "+1" capacity transfers, such as India and ASEAN, lies in China's ability to deeply integrate disruptive innovative technologies into production processes. "Although low value-added segments of the industry chain will continue to relocate to other countries, more high value-added and precision manufacturing industries are more likely to choose to stay in China due to its unique advantages of high technology, high efficiency, high quality, and high cost-effectiveness." Joohee An pointed out that this trend is particularly evident in emerging fields such as AI, robotics, clean energy, and biotechnology. New Opportunities for Foreign Institutions in China On the one hand, foreign institutions are gradually increasing their allocation of Chinese assets; on the other hand, with the steady advancement of the high-level opening-up of China's capital market, foreign institutions are also embracing new development opportunities in China. "Sustained high-level opening-up, especially in the financial sector, has laid a solid foundation for China's capital market to attract high-quality overseas long-term funds."Ming Fang, the landlord, stated. Ningxia Ruiyin Lead Resource Recycling Co., Ltd. has always been a significant broker participating in A-shares through QFII and the northbound funds of the Shanghai-Shenzhen-Hong Kong Stock Connect, maintaining a leading position in market share. Ming Fang revealed that, through continuous efforts to enhance trading capabilities and service quality, the company's daily average northbound trading volume via the Shanghai-Shenzhen-Hong Kong Stock Connect has increased 12-fold compared to 2017. "Ningxia Ruiyin will continue to seize the opportunities of China's two-way financial opening, promoting more overseas investors to understand the changes in the Chinese market and participate in it to a greater extent," said Ming Fang. On one hand, the company will continue to serve short- and medium-term trading investors well, and on the other hand, it will focus on serving medium- and long-term investment investors, while also looking forward to further developing business in the derivatives and ETF fields. Li Shen also believes that in recent years, the high-level opening of China's capital market has been steadily advancing, with the space for institutional opening of the capital market led by the new "National Nine Articles" continuously expanding, and the attractiveness of the Chinese market to foreign capital has been continuously increasing, bringing new development opportunities for foreign institutions. These opportunities are mainly manifested in: China has continuously introduced high-level institutional opening policies—clearly supporting qualified foreign institutions to establish institutions in China, continuously improving the openness of financial markets, including removing foreign shareholding ratio restrictions, relaxing the entry conditions for foreign institutions and businesses, and expanding the business scope of foreign institutions, thereby continuously expanding the breadth and depth of opening up, allowing foreign capital to enter and stay. At the same time, China has continuously improved and refined the QFII system, and the deepening of the interconnection mechanism has attracted more foreign financial institutions and long-term capital to operate and invest in China. As one of the first QFIIs to enter China in 2003, Morgan Stanley has been continuously investing in the Chinese capital market for over 20 years. In addition to the continuous development and improvement of the QFII/RQFII system, the launch of the interconnection mechanism 10 years ago has provided overseas investors with a more convenient way to participate in the Chinese capital market. "We see that the relevant systems are still in the process of continuous optimization and deepening, providing more convenient conditions for attracting more long-term and patient capital," said Li Shen. She observed from a micro level that exchanges have also been continuously improving the management of trading rules and trading behaviors in recent years, with the overall idea of "seeking benefits and avoiding harm, highlighting fairness, strict supervision, and standardized development," injecting more transparency and fairness into the market, which has laid a solid foundation for foreign institutions to make long-term arrangements in the Chinese market.

May 15 marked the last trading day for the SHFE copper 2505 contract, with the spot market generally starting to quote prices against the SHFE copper 2506 contract. As the price spread between futures contracts mainly fluctuated within a BACK range of 420-450 yuan/mt on the last trading day, spot prices against the SHFE copper 2506 contract were at a premium of 400-450 yuan/mt. As the delivery of the SHFE copper 2505 contract approached, the open interest corresponding to the delivery volume was originally significantly different from the existing delivery warrants. On May 14, amid favourable macro front and fundamental support, SHFE copper surged above 79,500 yuan/mt, only to see selling pressure increase on the futures market, erasing the gains.