Following the Chinese New Year holiday, the electrolytic copper market has entered its traditional post-holiday resumption validation period. The Yangtze River Delta region, as the national core for copper processing and consumption, serves as a bellwether for assessing supply-demand dynamics through the operating rates and raw material procurement pace of its leading enterprises. Our survey indicates that the region is currently characterized by "excessively high inventory accumulation, a divergence in resumption rates, and cautiously recovering procurement sentiment," leading to a downward revision of market expectations for the start of the peak season in March. According to SMM research, as of February 26, 2026, social inventories of electrolytic copper stood at 531,700 metric tons, an increase of 178,100 metric tons from February 12. This pace of inventory buildup significantly exceeds levels seen in previous years. The Yangtze River Delta region contributed the bulk of this increase: inventories in Shanghai rose to 305,800 metric tons, while Jiangsu Province reached 93,100 metric tons, up by 97,500 metric tons and 45,200 metric tons respectively from February 12. This round of inventory accumulation is characterized as "passive delivery into warehouses." As the first trading day after the holiday (February 25) coincided with the last trading day for the SHFE 2602 contract, smelters concentrated their deliverable cargoes into exchange-designated warehouses just before the holiday. This led to an increase of 80,400 metric tons in SHFE copper warrants, bringing the total to 277,100 metric tons, a portion temporarily locked in the form of warrants. Concurrently, with the narrowing of import losses and the emergence of a profit window before the holiday, arrivals of imported copper in March are expected to increase, putting dual pressure on domestic social inventories from both domestic production and imported supply. Based on operational feedback from enterprises, downstream processing sectors in the Yangtze River Delta exhibit significant contrasting dynamics: The battery materials sector maintains robust performance. Copper foil producers either had short production stoppages or operated continuously during the holiday. Downstream battery manufacturers are running at high utilization rates, with some reporting that their March production schedules already display peak-season characteristics. This sustains rigid demand for purchasing electrolytic copper. In contrast, the resumption of operations in the traditional cable and copper processing sectors is sluggish. Performance in traditional copper-consuming segments like wire and cable, copper rod, and copper tube is relatively weak. In the first week after the holiday, leading cable companies saw a decline in new orders. Apart from high copper prices dampening downstream acceptance, the fact that end-user projects have not yet fully commenced is a major constraint. According to enterprise feedback, construction and infrastructure projects typically resume gradually after the Lantern Festival (which falls after the standard holiday), and the market is currently in a lull for new orders. Copper rod processors generally have high finished goods inventory, and some orders from before the holiday are still pending delivery. Consequently, their procurement of electrolytic copper primarily focuses on consuming existing inventory and making ad-hoc spot purchases based on immediate needs, showing a weak willingness to stock up on raw materials. Overall, downstream consumption in the region currently presents a pattern of rigid demand from the battery sector versus pending demand from the cable sector. The transmission of genuine end-user consumption to the electrolytic copper procurement stage will still require time. According to information obtained by SMM through communication with enterprises: Enterprise 1: Normal operations resumed on the 6th day of the first lunar month. The downstream battery industry is operating at a high utilization rate; current copper foil production has increased from 20% to approximately 50% compared to previous levels. However, the wire and cable sector has seen relatively few new orders recently. The main reasons are persistently high copper prices, and, consistent with previous years, end-user projects typically do not fully commence until after the Lantern Festival, leading to a temporary lag in demand transmission. Enterprise 2: The company reached full production capacity immediately after resuming work on the 6th day of the first lunar month, requiring approximately 1,000 tons of electrolytic copper daily. Raw material inventory is maintained at a reasonable level, adopting a cautious procurement strategy of daily spot purchases. However, finished goods inventory is higher than before the holiday, with some pre-holiday orders still pending delivery. Regarding downstream orders, pre-holiday withdrawals were relatively concentrated, while the performance of new orders after the holiday is weak, as some downstream customers have yet to restart operations. Enterprise 3: Production workshops ran continuously during the Chinese New Year. Recently, production has remained stable, with orders from key clients holding steady. Raw material inventory is kept at a low level, and electrolytic copper purchases are made based on order volume. However, the volume of recent spot purchases has decreased compared to the previous period. Enterprise 4: Recently, there has been a decrease in new downstream orders, resulting in sluggish market transactions. Pressure from finished goods inventory is not significant, but some pre-holiday orders are still awaiting delivery. Raw material inventory is maintained within a normal and manageable range. On February 24, the Purchasing Sentiment Index recorded 2.08, remaining in a weak range, indicating low enthusiasm among downstream companies for market inquiries in the first week after the holiday. Subsequently, it recovered day by day to 2.58 on February 26. Over the same period, the Shipment Sentiment Index rose from 2.09 on February 24 to 2.80 on February 26, showing a continuous upward trend and consistently remaining higher than the Purchasing Sentiment Index. H istorical data can be queried in the database. This reflects that, as the resumption of work progresses, some rigid demand has begun to emerge, with certain downstream companies entering the market for inquiries. However, the absolute levels remain low, indicating limited acceptance of current copper prices among downstream users. Their stocking strategy remains predominantly "hand-to-mouth procurement." Holders, under pressure from high inventories, exhibit a strong willingness to liquidate, while market transactions are primarily circulating within the trading sphere, with genuine downstream offtake yet to pick up significantly. Looking ahead, the unexpected inventory accumulation has already triggered a market correction to previous supply-demand expectations. In the short term, social inventories in the Yangtze River Delta region still face pressures from two fronts: first, the arrival of imported copper resources, and second, the need for time to digest high downstream finished goods inventories. Channels for inventory outflow are also obstructed, with LME inventories continuing to climb and maintaining a Contango structure, making it difficult to absorb the domestic surplus. A positive factor on the supply side lies in the concentrated maintenance window for domestic smelters during March-May in the first half of the year, with substantial impacts expected to emerge starting in April. If demand-side support materializes by then, an inventory drawdown cycle could potentially commence between late March and April. However, due to the exceptionally high post-holiday inventory starting point, even entering a destocking phase is unlikely to replicate the high BACK structure and high premiums seen during the same periods in previous years. Overall, the post-holiday resumption in the Yangtze River Delta region is characterized by high inventory levels, cautious procurement, and pending orders. The market is now awaiting the substantive return of end-user orders after the Lantern Festival. The short-term price-driving logic may shift from validation of "expected destocking" to "actual destocking."

1. Procurement Conditions The purchaser of the cable accessories (AGGZZBHGXHD250613217431) for Sections 1 and 2 of the 32,000-mt project of the Electrical Team of Ansteel Construction & Architecture Branch Co., Ltd. for Jilin Daheishan Molybdenum Co., Ltd. is the Tender Management Office of the Procurement and Supply Center of Ansteel Group Engineering & Technology Development Co., Ltd. The funds for this procurement project are self-raised. The project now meets the procurement conditions and is open for public inquiry and comparison. 2. Project Overview and Procurement Scope 2.1 Project Name: Cable accessories for Sections 1 and 2 of the 32,000-mt project of the Electrical Team of Ansteel Construction & Architecture Branch Co., Ltd. for Jilin Daheishan Molybdenum Co., Ltd. 2.2 Alternative Procurement Method in Case of Failed Procurement: Negotiated procurement 2.3 For details on the procurement content, scope, and scale of this project, please refer to the attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Consortium bidding is not allowed for this procurement. 3.2 Bidders for this procurement must meet the following qualification requirements: (1) A circulation business license (2) A production business license 3.3 Bidders for this procurement must meet the following registered capital requirements: Registered capital for production entities: 1 million yuan or above Registered capital for circulation entities: 1 million yuan or above 3.4 Bidders for this procurement must meet the following performance requirements: One copy of scanned relevant contracts and corresponding invoices from 2020-2025. 3.5 Bidders for this procurement must meet the following capability, financial, and other requirements: Financial requirements: Please refer to the attachment for details (if necessary). Capability requirements: Please refer to the attachment for details (if necessary). Other requirements: Enterprise qualification documents that have passed the annual inspection must be provided. (1) Scanned copy of the business license (or duplicate); both producers and dealers are acceptable, with a registered capital of at least 1 million yuan (RMB) and having been established for more than one year. (2) Scanned copy of the tax registration certificate (or duplicate) (except for those with a unified three-in-one certificate). (3) Scanned copy of the organization code certificate (or duplicate) (except for those with a unified three-in-one certificate). 3.6 For projects that must be tendered in accordance with the law, bids from dishonest persons subject to enforcement are invalid. 4. Acquisition of Procurement Documents 4.1 Interested bidders are requested to log in to the Ansteel Smart Tendering and Bidding Platform at http://bid.ansteel.cn from 10:00 on June 16, 2025, to 08:00 on June 24, 2025 (Beijing time, the same hereinafter) to download the electronic procurement documents. Click to view tender details: 》Procurement Announcement for Cable Accessories for Sections I and II of the 32,000 mt Project of the Electrical Team of Ansteel Construction Architecture Branch for Jilin Daheishan Molybdenum Co., Ltd.

Focus on North China! SMM's brand-new cable conference product is here! 2025 SMM Inaugural North China Cable Industry Conference [Time] August 8, 2025 [Location] Ningjin, Hebei Conference Scale 300+ Gathering Strength in North China, Linking the Future Why Host the North China Cable Conference? August 8, Ningjin, Hebei Focusing on North China, a crucial strategic hub for China's cable industry, the region currently boasts an annual output value of the cable industry exceeding 100 billion yuan, with a solid industrial foundation and immense market potential. However, compared to mature industrial belts like the Yangtze River Delta and Pearl River Delta, the region still faces challenges such as insufficient resource linkage, the need to enhance technological synergy efficiency, and the requirement to strengthen the resilience of the industry chain. How to further stimulate regional synergy, accelerate the flow of innovative elements, and build a more competitive industrial ecosystem has become the core proposition for the North China cable industry as it advances towards a new stage of high-quality development. Against this backdrop, SMM is dedicated to organizing the "2025 SMM (Inaugural) North China Cable Industry Conference"! Time: August 8 Location: Ningjin, Hebei Conference Information 2025 SMM North China Cable Conference 42% Cable Manufacturing Enterprises : Units engaged in wire and cable, magnet wire, etc. 28% Copper and Aluminum Conductor Manufacturing Enterprises : Units engaged in copper rod, aluminum rod, alloy conductors, wire drawing, etc. 15% Supply Chain and Trading Units : Units engaged in raw material trading, copper and aluminum semis trading, supply chain finance, etc. 8% Auxiliary Materials, Consumables, and Equipment Enterprises : Units engaged in wire drawing machines, extruders, stranding machines, irradiation equipment, detection equipment, plastics, rubber, nylon, wire drawing oil, molds, reels, etc. 7% Other Units: Government, associations, universities, futures, warehousing, logistics, etc. What Are the Highlights of the Conference? 2025 SMM North China Cable Conference Conference Agenda August 8 SMM North China Cable Conference 09:00-09:10 Opening Remarks 09:10-10:10 Interpretation of Current Macroeconomic Hot Topics and Their Impact on the Real Economy 10:10-10:55 The Current Situation and Transformation of China's Wire and Cable Market 10:55-11:40 Analysis of Technological Innovation and Transformation Directions in China's Wire and Cable Industry Guest Speaker: Gao Junguo, Vice Dean/Professor/Doctoral Supervisor, School of Electrical and Electronic Engineering, Harbin University of Science and Technology 11:40-12:00 Exhibition Viewing 12:00-13:30 Buffet Lunch 13:30-14:30 Research and Judgment on Copper and Aluminum Metal Prices and Market Trends in 2025 Guest Speaker: Ye Jianhua, General Manager of Industry Research, SMM Information & Technology Co., Ltd. 14:30-15:15 Panel Discussion: Development and Future of the Wire and Cable Industry Chain in North China 15:15-15:45 Supply Chain Empowering the Professional Upgrade of the Real Economy 15:45-16:15 Research on Hedging and Arbitrage Strategies for Metal Processing Enterprises 16:15-16:45 "Sharing Economy" - A New Direction for Breaking Through in the Cable Industry 16:45-17:15 Analysis of Cost and Price Models for Wire and Cable and Raw Materials, and How to Serve Enterprise Decision-Making 17:15-18:15 Exhibition Viewing 18:15-20:00 "North China Wire and Cable Industry Night" - Banquet Dinner Award Ceremony for High-Quality Cooperative Units in the North China Cable Industry

In the long river of history, wires and cables, as the "blood vessels" of modern industry, have played a pivotal role in driving social progress. Since the dawn of electrification pierced the night of industrial civilization, these strands of wire have been like the pulse of the times, delivering vitality and vigor to the global economy. We are in the grand context of the Fourth Industrial Revolution, where emerging fields such as smart cities, NEVs, and 5G communications are rapidly evolving. As an indispensable infrastructure, the technological innovation and ecosystem construction of wires and cables are particularly urgent. To strengthen communication and cooperation among peers in the wire and cable industry and to respond to future industrial changes, it is essential to enhance collaborative exchanges within the industry chain, foster mutual understanding, and gain a more comprehensive understanding of relevant policy directions and market developments. SMM has joined hands with Hangzhou Lin'an Senyuan Cable Co., Ltd. to hold the "2025 SMM (3rd) Wire and Cable Industry Development Conference and Wire and Cable Industry Exhibition" at the DoubleTree by Hilton Suzhou Wuzhong on May 22-23, 2025 . The event will delve into the current status and future trends of the wire and cable industry, promoting cooperation and exchanges among related enterprises. We hope that this conference will fully leverage the complementary advantages within the industry, jointly promoting the healthy and sustainable development of the wire and cable sector. The conference will feature a series of high-quality forums and exhibitions, not only fostering deep cooperation across the industry chain but also aiming to drive continuous progress in the entire industry through technological innovation. We look forward to working hand in hand with our peers to map out the future development blueprint of the industry! Click registration form to sign up immediately, and we look forward to meeting you at the conference. Booth Number: B18 Focusing on the Cable Market, Shaping the Senyuan Brand Hangzhou Lin'an Senyuan Cable Co., Ltd. , established in 2004, has a registered capital of 30 million yuan. The company has two production sites located at No. 1661, Jiuzhou Street, Linglong Industrial Park, Lin'an District, Hangzhou, and No. 658, Xingyu Street, Linglong Industrial Park, Lin'an District, Hangzhou, with a total production area of 40,000 m² and over 380 employees. The company has passed ISO9001 quality management system, ISO14001 environmental management system, ISO45001 occupational health and safety management system certifications, and has been recognized as a third-level enterprise in safety production standardization. It has also been rated as a national high-tech enterprise and a specialized and innovative enterprise in Zhejiang Province. The company specializes in the production and R&D of wires, cables, and harnesses. Its main products include PVC insulated cables (wires), elevator-specific cables, highly flexible drag chain cables, industrial automation and control cables, low-voltage automotive cables, and elevator power supply and control system products.The cable products have been certified with the "Pin Zi Biao" (Quality Brand) of Made in Zhejiang. These products are widely used in industries such as power grid, escalators and elevators, new energy (PV, ESS), industrial control, and automotive. The company has a comprehensive R&D management system and a professional technical team, equipped with complete and advanced R&D hardware facilities. It has participated in the formulation of multiple product standards in the escalator and industrial control sectors, and holds 4 invention patents and over 40 utility model patents. The company has established an R&D center and a product laboratory, which have been successively recognized as municipal-level and provincial-level R&D centers in Hangzhou. The company has intelligent production lines, adopting advanced industry processes and high-precision equipment, and has established a full-process quality control system to ensure stable, safe, and reliable product performance. Equipped with professional detection equipment, it can conduct specialized tests on product bending resistance, bending and torsion resistance, tensile strength, weather resistance, and flame retardancy, providing solid guarantees for product reliability. The products have passed tests conducted by well-known domestic and overseas certification (testing) institutions, and have successively obtained CCC, CE, TUV, UL, and other certifications. The company has a comprehensive pre-sales and after-sales service system, enabling efficient and rapid responses to customer needs, and has been repeatedly awarded by strategic partners. Contact Person: Shuli Zhao Landline: 0571-63752302 Mobile: 136 0661 6932 Click here to participate immediately 2025 SMM (3rd) Wire and Cable Industry Development Conference SMM Conference Contact Person Lei Hu 137 6103 9625 hulei@smm.cn

On May 23, the winning bidder candidates for the inverter replacement project of Fengshou PV Power Station (Phase I) were announced. Sungrow Power Supply Co., Ltd. ranked first among the winning bidder candidates, with a bid price of RMB 15.2797 million yuan. Fengshou PV Power Station was invested and constructed by Guangxi Xiangzhou Hanggui Energy Co., Ltd., and is located at Fengshou Reservoir between Shilong Town and Maping Town in Xiangzhou County, Laibin City, Guangxi. The PV ground power generation project with an installed capacity of 60MWp for Fengshou PV Power Station (Phase I) was connected to the grid in June 2017. The system of Fengshou PV Power Station (Phase I) mainly consists of key equipment such as PV modules, string inverters, AC cabinet step-up transformers, and AC/DC cables. The string inverters used are equipment produced by Sungrow Power Supply Co., Ltd., with the specification and model SG50KTL and a quantity of 1,165 units. The maximum DC voltage of the SG50KTL string inverter is 1,100V, with a rated output voltage of 540V, a rated output power of 48kW, and air cooling. Among them, 384 SG50KTL string inverters use RS485 for communication, while 781 SG50KTL string inverters use PLC (Power Line Communication) for communication.

Only 1 day left until the countdown ends! 2025 SMM (3rd) Wire and Cable Industry Development Conference Kicks off tomorrow! Conference Name : 2025 SMM (3rd) Wire and Cable Industry Development Conference Conference Time : May 22-23 Conference Venue : DoubleTree by Hilton Suzhou Wuzhong (Note: The venue will be open to delegates 30 minutes before the conference starts. Please arrive on time.) Venue Hotel: DoubleTree by Hilton Suzhou Wuzhong Hotel Address: Building 4, No. 99 Junyi Road, Wuzhong District Hotel Phone: +86-512-66580000 Part.0 1 Reservation Method: Phone Reservation Phone Reservation: Irene 15950017060 Please mention that you are attending the "2025 SMM (3rd) Wire and Cable Industry Development Conference" for accommodation reservation. Part.0 2 Please Note! 1. Due to the approaching date, orders cannot be canceled after reservation is completed. 2. The number of rooms of each type in the hotel is limited and will be allocated on a first-come, first-served basis. 3. The hotel only guarantees accommodation for delegates during the conference period as per the reservation. For any extension requests beyond the reservation period in this form, please contact the hotel directly. 4. The following room rates are the lowest prices our company can secure, but we cannot guarantee they are the special lowest prices offered by the hotel for the current season. Part.0 3 Remarks Venue Hotel: DoubleTree by Hilton Suzhou Wuzhong Hotel Address: Building 4, No. 99 Junyi Road, Wuzhong District Hotel Phone: +86-512-66580000 # Venue Hotel: Room Type Reference and Discounted Prices During the Conference # Reference for Other Nearby Hotels DoubleTree by Hilton Suzhou Wuzhong Garden (Not in the same building as the conference hotel, approximately 20 meters away, 1-minute walk) # Recommended Other Nearby Hotels Sincere thanks to all guests for participating in the 2025 SMM (3rd) Wire and Cable Industry Development Conference hosted by SMM See you in Suzhou tomorrow! Let's enjoy the cable industry feast together!

On May 7, a certain New Energy Co., Ltd. held a groundbreaking ceremony for its new energy solid-state battery materials project at the Huizhou New Materials Industrial Park in Guangdong. It is reported that the company has been crossing over into the solid-state battery sector since 2021, deeply implementing the development concept of "new quality productive forces," leveraging its advantages in the cable industry to focus on the construction of a new-type energy system. The total investment in this new energy solid-state battery materials project exceeds 1.2 billion yuan, with a planned land area of over 79,000 square meters. The company stated that it has made significant progress in battery cells, electrolytes, separators, cathodes, and anodes, sufficiently demonstrating its determination to build a new-type energy industry.

On April 22, at the CCIE-2025SMM (20th) Copper Industry Conference and Copper Industry Expo - Copper Industry Innovation Forum, co-hosted by SMM Information & Technology Co., Ltd., SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., with Jiangxi Copper Corporation and Yingtan Land Port Holding Co., Ltd. as the main sponsors, Shandong Humon Smelting Co., Ltd. as the special co-sponsor, and Xinhuang Group and Zhongtiaoshan Nonferrous Metals Group Co., Ltd. as co-sponsors , , Weng Zhantu, head of the Marketing and Product Department of the Derivatives Division of Jinrui Futures Co., Ltd., shared insights on how over-the-counter derivatives can promote high-quality development in the copper industry. Overview of Over-the-Counter Derivatives Business Growth in Notional Principal of Over-the-Counter Derivatives Business of Risk Management Subsidiaries Over-the-Counter Derivatives Business in the Nonferrous Metals Sector (Market Share) (Data Source: China Futures Market Monitoring Center) Development of Copper On-Exchange Futures and Options In 2024, the daily average open interest of SHFE copper futures was 389,900 lots, with a cumulative trading volume of 50.8647 million lots; the daily average open interest of SHFE copper options was 58,000 lots, with a cumulative trading volume of 23.2471 million lots. Enhancing Industry Risk Management Capabilities Enhancing Industry Risk Management Capabilities - Buy Insurance Strategy (Buying Options) • Enterprise Demand: On March 29, 2024, after a copper processing enterprise priced its raw material procurement, downstream customers did not fix the price due to rising prices, resulting in an unhedged exposure of 1,000 mt. According to the company's policy, strict hedging was required, but the enterprise believed that the market was likely to continue rising. They sought a better way to comply with the strict hedging policy while still benefiting from the rise in copper prices. • Traditional Operation: Hedging with a short futures position on the 05 contract at 72,500, requiring an initial futures margin of 6.525 million yuan. • Hedging Optimization: Purchasing 1,000 mt of at-the-money put options on CU2405 from Jinrui Capital, with an entry price of 72,500, a strike price of 72,500, and an expiration date of April 30, paying a total premium of 1.015 million yuan. • Option Strategy - Buy Insurance (Buying Options) On March 29, 2024: The enterprise purchased 1,000 mt of at-the-money put options on CU2405 from Jinrui Capital, with an entry price of 72,500, a strike price of 72,500, and an expiration date of April 30. The initial premium paid was 1,015 yuan/mt, with a premium rate of approximately 1.40%, totaling 1.015 million yuan initially. April 30, 2024: The closing price of CU2405 was 82,340 yuan/mt, with the options not exercised. The loss at expiration was equal to the initial premium of 1,015 yuan/mt. In a sharply rising market, buying put options for short hedging means that, on one hand, after paying an initial 1.015 million yuan, there is no need for additional margin calls; on the other hand, the inventory at expiration is sold at 82,340 yuan/mt. Combining futures and spot, the enterprise's earnings increase by 8,825 yuan/mt, totaling 8.825 million yuan, effectively capturing the benefits of rising spot prices. • Advantages of buying OTC options: Compared with futures hedging, it can avoid margin calls in a volatile market and effectively capture the benefits of rising spot prices. Compared with exchange-traded options, it allows for flexible selection of strike prices and expiration dates. Enhancing Industrial Risk Management Capabilities - Income-Enhancing Strategies (Selling Options) • Enterprise Needs: On November 26, 2024, copper prices were quoted at around 74,300 yuan. A wire and cable enterprise, based on its business plan and market expectations, planned to establish a raw material inventory reserve. It intended to purchase 1,000 mt at a copper price of around 73,000 yuan and 2,000 mt at around 72,000 yuan through fixed-price procurement. • Traditional Operations: The enterprise placed daily orders for 1,000 mt of long positions in 73,000 futures on the futures market, waiting for execution. ► Option Strategy - Income Enhancement (Selling Options) November 26, 2024: The cable enterprise chose to sell 1,000 mt of out-of-the-money put options with CU2501 as the underlying asset, with an entry price of 74,000, a strike price of 73,000, an expiration date of December 25, a premium of 600 yuan/mt, and a margin of 4,012 yuan/mt, totaling an initial 4.012 million yuan. December 25, 2024: The closing price of CU2501 was 74,140 yuan/mt, with the options not exercised. The enterprise received a premium of 600 yuan/mt at expiration, totaling 600,000 yuan. Upon the expiration of the options, as CU2501 never fell below 73,000 during the period, the enterprise did not purchase additional inventory but still achieved an income increase of 600,000 yuan through selling the options. • Summary of Scenarios for Selling Options: The enterprise has a clear strategic inventory purchase price (or strategic hedging selling price); within the scope of risk appetite, as long as the market logic remains unchanged, continuous rolling operations can be conducted. ► Summary of Characteristics of OTC Options and Exchange-Traded Options: Enhancing Industrial Risk Management Capabilities - Accumulation Structures It lists relevant cases and summarizes the advantages of knock-out enhanced accumulation options: the opportunity to obtain a better position-building price than the entry price; if the price is volatile enough to trigger a knock-out and terminate the option, although the enterprise can no longer continue to acquire long positions at a lower price, it will receive a one-time position for the remaining tonnage at the entry price, which is at least the same as the cost of direct futures position-building and meets the initial hedging quantity. International Development of the Service Industry International Development of the Service Industry - Exporter's Overseas Market Hedging Strategy It lists and summarizes relevant cases of the international development of the service industry - exporter's overseas market hedging strategy. Overseas Commodity Return Swaps: Products linked to commodity futures in overseas markets are traded and settled in RMB domestically. Business Advantages: More convenient settlement in RMB, improving transaction efficiency; Trading Varieties: LME metals, COMEX copper and precious metals, SGX iron ore, ICE cotton, and energy products, etc.; Note: Specific varieties, transaction limits, etc., are subject to actual inquiries. In addition, it also lists and summarizes relevant cases of the international development of the service industry - importer's price ratio locking strategy. Discussion on Optimizing Industrial Financing Models The integration of warrant service business and OTC derivatives business of risk management subsidiaries can provide industrial clients with richer spot financing models. For example: To meet the financing needs of industrial clients for spot purchases, risk management subsidiaries can provide zero-interest warrant service business. 》Click to view the special report on the 20th CCIE-2025SMM Copper Industry Conference & Copper Industry Expo

On the night of April 28, Dawn Polymer released an announcement stating that the board of directors approved the acquisition of Shandong Dawn Titanium Industry Co., Ltd. (hereinafter referred to as "Dawn Titanium"). Earlier, on April 24, Dawn Polymer also announced the acquisition of Anhui Bost New Material Co., Ltd. (hereinafter referred to as "Anhui Bost"). The acquisition of 100% equity in these two companies marks a new step in Dawn Polymer's capital operations, accelerating its layout in the new titanium industry track and deepening its focus on the polymer materials segment for cables. As a domestic A-share publicly listed firm specializing in thermoplastic elastomers, Dawn Polymer is recognized as a national high-tech enterprise and a national single champion product enterprise. It is committed to providing solutions for elastomers, modified plastics, masterbatches, and polyester materials. Its products are mainly applied in automotive transportation, home appliances, communication, medical and health, aerospace, mass consumption, and new energy sectors. Several core products lead industry standards and compete on the global stage. According to reports, Dawn Polymer currently has an annual capacity of 7 million mt, with thermoplastic elastomers (TPV) holding approximately 50% of the domestic market share. Its market share for imported substitute products has ranked first nationwide for 15 consecutive years. On April 24, Dawn Polymer's financial report revealed that the company achieved a 16.65% YoY increase in operating revenue in 2024, reaching a record high. In Q1 2025, the company's operating revenue grew 6.58% YoY, while net profit attributable to shareholders rose 25.44% YoY, demonstrating strong momentum for high-quality development. Dawn Titanium is a top performer in China's titanium dioxide industry. Industry experts pointed out that Dawn Titanium's core products, such as titanium dioxide and ferrous sulphate, are new inorganic chemical materials that complement Dawn Polymer's existing polymer new materials business. After the acquisition, resource integration and enhanced synergy will drive Dawn Polymer's progress in technological innovation and product optimization, improve its risk resistance, reserve more momentum for future performance growth, and accelerate the realization of its strategic vision. According to data from the China Electrical Equipment Industry Association, China's wire and cable market has a trillion-level market size, with steadily growing demand driving continuous growth in downstream demand for polymer materials used in cables. With the construction of new-type power systems, the performance requirements for cable materials, such as voltage resistance, high-temperature resistance, wear resistance, oil resistance, weather resistance, flame retardancy, environmental protection, ultra-thinness, flexibility, and resistance to rodents and termites, are continuously increasing. The material system has gradually evolved to include special PVC, PE, XLPE, halogen-free low-smoke polyolefins, PP materials, special rubber, thermoplastic elastomers, and other polymer materials. Anhui Bost, headquartered in Xuancheng, Anhui province, is a company specializing in the production of cable insulation materials. Through this acquisition, Dawn Polymer will deepen its focus on the cable new materials segment, particularly in markets such as power cables, control cables, airport runway cables, marine cables, heating cables, nuclear power insulation, and PV insulation. This will create synergy with the company's existing R&D in high-filled PP materials. "The wire and cable industry is a 'material-heavy, labor-light' industry, with raw materials accounting for over 80% of costs. We are optimistic about the future cable market, where demand will be substantial," said a relevant representative from Dawn Polymer. Currently, Dawn Polymer is also expanding into the recycled materials industry and developing nylon materials, alloy materials for robotic arms, and human-like elastomer materials. Following the acquisition of Anhui Bost, the company will intensify R&D efforts in silane cross-linked materials with electrical tracking resistance, thin-wall silane cross-linked polyethylene, medium- and high-voltage flexible cable materials, halogen-free flame-retardant TPU cable materials, such as low-smoke halogen-free sheath materials meeting Bl-level combustion characteristics, ultra-clean insulation materials and ultra-smooth shielding materials for 110kV, 220kV, and 500kV AC/DC applications, next-generation environmentally friendly medium- and high-voltage polypropylene (PP) materials, and high-performance elastomer materials (TPE, TPU) for high-frequency motion in robotics and industrial automation equipment, continuously enhancing product competitiveness and corporate profitability. (Produced by | Dawn Media Studio)

On the evening of April 28, Jinbei Electric (002533.SZ) released its Q1 2025 report, revealing that the company achieved operating revenue of RMB 4.097 billion in Q1, up 16.32% YoY, and net profit attributable to shareholders of RMB 136 million, up 1.84% YoY. The financial report showed that, as of the end of Q1, excluding orders that had been awarded but not yet signed, the company's orders on hand exceeded RMB 3.3 billion. A company executive told a reporter from Cailian Press that the company's dual main businesses of magnetic wire and wire and cable had achieved economies of scale. Additionally, through copper semis hedging and production process optimization, the company maintained stable profitability amidst sharp fluctuations in raw material prices. Benefiting from power grid upgrades and the robust new energy vehicle (NEV) industry, there is currently robust demand for flat magnetic wire and wire and cable both domestically and overseas. In terms of business segments, for Jinbei Electric's cable business, the company secured eight packages in State Grid tenders in Q1, achieving full-category awards for ground wires, control cables, overhead insulated conductors, and power cables. The company's other main business, magnetic wire, experienced rapid growth. Its Wuxi base secured a 34,500-mt order for flat magnetic wire for transformers in the "China Electric Equipment Group's Concentrated Procurement Project for Magnetic Wire," accounting for 70% of the Wuxi base's 2024 sales. The estimated value of the order, based on copper prices at the time of award, reached RMB 2.754 billion. The Q1 report indicated that the company's construction in progress at the end of the period increased by 30.14% compared to the end of the previous year, primarily due to the addition of plant and equipment for the third-phase expansion project of Jinbei Electric Magnetic Wire's dedicated flat magnetic wire for NEV motors, as well as the plant and equipment for the intelligent cable workshop of Jinbei Electric Hengyang Cable's intelligent equipment line. The aforementioned company executive stated that the overall progress of the third-phase expansion project for flat magnetic wire for NEV drive motors at the Xiangtan base is going smoothly, with the first batch of 6,000 mt of capacity expected to be gradually released in Q2 2025. Once the base reaches full production, the annual capacity for flat magnetic wire for NEVs will reach 50,000 mt. He also noted that due to early electrification in developed regions of Europe and the United States, the previous round of power investments was concentrated in the 1970s-1990s, resulting in widespread aging of existing power grid equipment and significant demand for upgrades. Coupled with the increasing share of new energy power generation, this has jointly driven a concentrated surge in overseas power equipment demand. This year, the company is intensifying its overseas business expansion. In Q1, the company's direct export shipments of magnetic wire increased by 10% YoY, covering markets in Europe, the Middle East, and East Asia. The cable business has opened up market space through mining projects in Central Asia, PV projects in the Middle East, and power transmission projects in Southeast Asia.