◼ At the beginning of 2026, Musk’s SpaceX plan for 100 GW of annual space PV capacity ignited the A-share market, with multiple concept stocks rising by more than 30 in a single month. At the same time, however, earnings previews from leading PV companies generally showed losses for 2025, and industry fundamentals remained in a deep winter. Behind the stark divergence between the speculative frenzy around the Musk-SpaceX concept and the earnings trough, is the market overly expecting a “second growth curve,” or is this a genuine signal of industrial transformation? ◼ As the global PV industry moves from rapid expansion into a new stage of rational development, its value has gone beyond that of clean energy alone: Against the backdrop of explosive growth in AI computing power driving massive electricity demand, compounded by energy security anxiety triggered by geopolitical conflict in the Middle East, developing PV may become a core strategic choice for countries to achieve their “dual-carbon” goals, build autonomous and controllable energy systems, and reduce electricity costs for end-users. ◼ Since the escalation of the U.S.-Iran conflict at the end of February, the world’s four major benchmark crude oil prices have entered a rapid upward trajectory. Before the outbreak of the conflict, oil prices had remained broadly stable; however, starting on March 2, as the fighting expanded and spread to the Persian Gulf, oil prices immediately entered a sharp uptrend. Note: Shanghai crude oil prices are converted based on the settlement-date exchange rate of 1:0.15. Source: Public information, SMM. ◼ Although the impact borne by different regions varies due to differences in energy mix, geopolitical location, and policy response, the surge in imported crude oil costs driving a broad rise in energy prices has become a common challenge facing all countries. Europe is a case in point. Although Europe’s direct dependence on Middle Eastern crude oil was not high, at only about 5 according to data from energy market intelligence firm Kpler, it remained highly dependent on the region for refined products such as diesel and aviation kerosene, as well as liquefied natural gas. Disruptions in the Strait of Hormuz caused by the conflict directly pushed up Europe’s terminal energy prices—fuel prices at gas stations across the region surged, and natural gas prices broke above EUR 60 per megawatt hour on the 9th, reaching a new high since 2022. The continued rise in energy prices is bound to transmit into broader areas of the economy, increasing overall inflationary pressure and once again underscoring the importance of building secure and controllable energy systems. Accelerating the Clean Transition of the Global Energy Mix, the PV Industry Advances Toward High-Quality Development ◼ The International Energy Agency (IEA) forecasts that, despite economic pressure, global electricity demand momentum remains strong in 2025, with growth rates in 2025 and 2026 expected to be 3.3% and 3.7%, respectively. Data from 2020 to 2025 showed that the global power market followed a trajectory of continued overall growth alongside structural transition toward cleaner energy , with the share of renewable energy sources such as solar rising significantly, although fossil fuels still accounted for the dominant share. ◼ According to the IEA’s Net Zero Emissions Scenario, solar power’s share in the energy mix is expected to rise from less than 2% at present to 12% in 2035 and 28% in 2050. This means PV installations are still far from reaching their ceiling, with substantial room for future growth. ◼ The past five years marked a critical period in which the global PV market shifted from rapid expansion toward rational development. The IEA forecasts that total global new PV installations over the next five years will reach about 3.68 TW, accounting for nearly 80% of new renewable energy additions over the same period, and are expected to become the world’s largest renewable energy source by the end of 2030. This is mainly due to its widening economic advantages—by 2024, the cost of solar PV power generation had already fallen 41% below the cheapest fossil fuel alternative, and these cost advantages are driving rapid growth in both PV installations and power generation share. Source: IEA, public information, SMM. ◼ As a key carrier of PV installations, especially the backbone of utility-scale power plants, solar panel mounting bracket installations are expected to maintain annual average growth of 5%-6% alongside installation growth. Specifically, to achieve annual average new PV installations of 500-600 GW, corresponding module demand is estimated at about 550-700 GW based on the capacity ratio. Assuming a conventional 1:1 module-to-bracket configuration, the annual average installation scale of brackets required for utility-scale PV plants alone would reach at least 250-300 GW. Source: public information, SMM. Escalating Challenges Reshape the Development Logic of the Global PV Market ◼ The PV industry is undergoing resonating internal and external pressures. Internally, the global economic slowdown has become intertwined with social issues, while the industry itself has entered a rational development stage after rapid expansion, making slower installation growth a certain trend. Externally, global trade frictions continue to intensify, with the US, Europe, and other regions erecting nearly insurmountable cost gaps through barriers such as anti-dumping and countervailing duties as well as local content requirements. Challenge 1: Global Trade Frictions and Escalating Trade Barriers ◼ In recent years, countries have introduced a series of policies to build PV trade barriers and reshape the global competitive landscape of the industry. The US imposed “double anti-” duties of as much as 3,403.96% on PV products from four Southeast Asian countries, South Africa raised module tariffs to 10%, and Brazil increased out-of-quota tariffs sharply from 9.6% to 25% through a quota system. Market access requirements for PV in India and Türkiye have also become increasingly stringent. Meanwhile, new supply chain control rules represented by the EU’s Net-Zero Industry Act (NZIA) have extended trade barriers deeper into the industry chain. By setting red lines on “third-country dependence,” they have established quantitative standards for supply chain restructuring. This series of changes has reshaped the competitive dimensions of the international PV industry and significantly raised the threshold for PV product imports and exports. Source: public information, SMM. Challenge 2: New Dynamics in the PV Market, with Incentive and Restrictive Policies Coexisting Source: public information, SMM. Outside China Enterprises Pursue Multi-Dimensional Breakthroughs Through Internal and External Efforts ◼ The practices of solar panel mounting bracket enterprises in the US, India, and other countries show that the key to coping with policy shifts overseas lies in combining “service-oriented” and “high-value” strategies. First, vertically extending from single-equipment sales to a service ecosystem covering the entire life cycle. Second, deepening horizontally by continuously optimizing business structure and extracting value from higher value-added segments. Solution 1: Launch Dedicated Plans Closely Aligned with Government Policies and Local Demand ◼ The global PV industry has now entered a new stage deeply reshaped by both market forces and policy. The growth logic of enterprises is shifting from the past single dimension of relying on technology iteration and cost declines to multi-dimensional competition closely integrating complex policy environments with localized demand. Against this backdrop, the key to corporate success lies in accurately interpreting policy intentions and launching development plans aligned with both market and policy. Tata Power Renewable Energy Limited (TPREL) precisely aligned with India’s “PM Surya Ghar: Muft Bijli Yojana” and launched the dedicated “solar for every home” plan while continuing to provide customized PV solutions. In Q1 FY2026, it added 220 MW of new rooftop PV installations, surging 416% YoY. TPREL also actively responded to local manufacturing policies by establishing 4.3 GW of solar cell and module capacity, ensuring supply while avoiding import tariffs. Through the synergy of “policy response + local capacity + customized services,” TPREL has effectively translated policy dividends into market competitiveness and steadily consolidated its leading position in India’s PV market. Solution 2: Use Acquisitions as a Link to Integrate Resources and Extend from Single Products to the Entire Industry Chain ◼ Competition in the global PV industry has fully escalated into a contest of entire industry chain system integration capabilities, and enterprises’ growth engines are shifting from past reliance on advantages in a single segment to a new model of providing integrated solutions through resource integration. In 2025, Nextracker used acquisitions as the core to integrate resources across the full chain, successively acquiring foundation engineering firms such as Solar Pile International and Ojjo, module supporting firms such as Origami Solar, and electrical system firms such as Bentek, thereby building a full-chain product matrix spanning structural, electrical, and digital solutions. Its performance continued to surge, with revenue rising from $1.9 billion in FY2023 to $3.4 billion in the trailing twelve months ended September 2025. It ultimately announced its transformation into a comprehensive energy solutions provider by renaming itself Nextpower, targeting revenue of more than $5.6 billion in FY2030. This strategy enabled its successful transformation from a single-product supplier into an entire industry chain service provider, solidifying its leading position in the global market. Solution 3: Optimize Business Structure ◼ Trade protectionism in the current PV market continues to intensify, with various trade barriers being layered on one after another. In response to this challenge, PV enterprises can achieve the dual objectives of “compliant operations” and “market retention” through business structure optimization. To avoid the equity constraints on FEOC under the US OBBB Act, Canadian Solar Inc. initiated a US business restructuring with its controlling shareholder CSIQ: it established two new joint ventures to separately manage PV and energy storage businesses, with its own stake set at 24.9% to precisely meet compliance requirements. At the same time, it transferred out 75.1% equity in three overseas plants supplying the US market, receiving a one-off consideration of 352 million yuan. This move enabled Canadian Solar Inc. to retain earnings from the US market through dividends and rental income. In the first three quarters of 2025, it achieved net profit of 990 million yuan, while large-scale energy storage shipments rose 32% YoY. After the adjustment, it focused on strengthening its advantages in non-US markets and successfully stabilized its global business layout with a compliant structure, providing a typical model for the industry in addressing trade barriers. ◼ For Chinese enterprises, in the face of trade frictions and overseas capacity gaps, they need to break through via three paths—“building plants near core markets, reducing costs and improving efficiency through technological innovation, and coordinating both within and outside the industry chain”— by pursuing localized deployment in Southeast Asia, Mexico, and other regions to avoid frequent trade frictions; promoting standardized production and high-end product R&D to enhance competitiveness; and building a “China + overseas” dual-circulation supply chain to stabilize costs. However, overseas expansion still faces challenges such as land and environmental protection costs, talent shortages, and supply chain fluctuations, requiring enterprises to conduct sound risk assessments, leverage policy support, and improve overseas investment service systems. Only by deeply integrating scientific capacity deployment, technological innovation, and industry chain coordination can the mounting bracket industry upgrade from “Made in China” to “Globally Intelligent Manufacturing” and achieve long-term development under the “dual carbon” goals. New Requirements Under the 15th Five-Year Plan, New Topics for PV Enterprises ◼ In a global market full of uncertainties, the consistency and strength of domestic policy have provided fertile ground for the growth of China’s solar panel mounting bracket enterprises. The newly released 15th Five-Year Plan further clarified China’s path for energy and industrial development. On the one hand, the construction of a new-type power system centered on consumption capacity has been listed as a priority task, and green manufacturing and full life cycle management have been formally incorporated into the assessment system. On the other hand, technological self-reliance and self-strengthening together with new quality productive forces have replaced scale competition as the main line of the new development stage. This series of changes signals that the country is driving a profound shift from “competing on capacity” to “competing on system value,” with the core goal of achieving autonomous and controllable energy structure. It is estimated that after the Two Sessions, various departments will successively roll out detailed plans to promote the full implementation of the blueprint. ◼ Key implementation measures include: 1) establishing a “dual controls” system for total carbon emissions and carbon intensity, while improving incentive and restraint mechanisms; 2) vigorously developing non-fossil energy and promoting the efficient use of fossil energy, while strengthening the construction of a new-type power system to ensure stable supply of green electricity; 3) applying both “addition and subtraction” by fostering green and low-carbon industries and promoting energy conservation and carbon reduction in key industry; 4) in addition, accelerating the green transformation of production and lifestyles to consolidate the foundation for green development. ◼ From the perspective of regional development layout, during the 15th Five-Year Plan period, China’s PV industry will show characteristics of regional coordination: north-west China will become the strategic focus by virtue of its natural endowments, exporting electricity through cross-provincial green electricity trading and other means to achieve two-way matching between energy resources and power load; eastern regions, by contrast, will focus on local consumption by high-energy-consuming industries and zero-carbon industrial parks. Source: public information, SMM. ◼ SMM forecasts that China’s new PV installations are expected to reach 208 GW in 2025 and continue growing at an annual average rate of 9% over the next five years, exceeding 292 GW by the end of the 15th Five-Year Plan period. Utility-scale PV will remain dominant, with its installation share staying above 50%. Based on the same logic, we estimate that China’s PV installation market will maintain annual incremental growth of at least 100-120 GW. Source: public information, SMM. ◼ Focusing on China’s steel consumption market for solar panel mounting brackets, SMM estimates that annual steel consumption in China’s PV mounting bracket sector will average about 4-4.5 million mt from 2026 to 2030, accounting for about 30% of total steel consumption in the PV industry over the same period (based on 2026 data). Note: only installation demand for utility-scale PV mounting brackets is included, excluding distributed steel structures, replacement from existing asset depreciation, and exports. Source: public information, SMM. SMM Ferrous Consulting Based on its understanding of the global steel industry chain and regional markets, as well as its strong industry database and network resources, SMM is committed to providing clients with consulting services across the upstream, midstream, and downstream industry chain. Services include market supply and demand research and forecasts, market entry strategies, competitor cost research, and more, covering end-use industry from iron ore, coal, coke, and steel. SMM Ferrous has successfully served more than 300 Fortune Global 500 companies, China Top 500 companies, central state-owned enterprises, state-owned enterprises, publicly listed firms, and start-ups. 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SMM News on May 30: To gain an in-depth understanding of the cutting-edge technologies and market trends in the high-end silicon steel sector, promote efficient collaboration among industry chain resources, and empower the green and intelligent upgrading of the power equipment industry, a delegation led by Xu De'an, Director of the Marketing Department, and Fan Cui, Director of the Motor Business Department, from SMM Information & Technology Co., Ltd. (SMM), visited Hunan Hongwang New Material Technology Co., Ltd. (hereinafter referred to as "Hunan Hongwang") on May 26. They were warmly received by Zhan Lugang, Deputy General Manager of Hunan Hongwang. Both sides engaged in in-depth discussions on the silicon steel industry landscape, intelligent manufacturing technology innovation, low-carbon transformation pathways, and strategic cooperation opportunities. Focusing on the core track of silicon steel, intelligent manufacturing strength leads the transformation! Against the backdrop of the explosive growth of new energy vehicles (NEVs), accelerated construction of ultra-high voltage power grids, and iterative upgrades of high-efficiency motors, the market has set extremely high requirements for the performance (high magnetic induction, low iron loss, ultra-thin specifications) and green intelligent manufacturing capabilities of silicon steel products. As a rising force in the domestic silicon steel sector, Hunan Hongwang has established an intelligent production site. This visit and exchange have laid a solid foundation for future cooperation between the two sides and deepened mutual understanding and trust between SMM and Hunan Hongwang. As a platform connecting the upstream and downstream of the industry chain, SMM looks forward to deepening cooperation with outstanding local enterprises like Hunan Hongwang to jointly promote technological progress and market applications of silicon steel materials, contributing to the transformation and upgrading of China's high-end manufacturing industry. Hunan Hongwang New Material Technology Co., Ltd. Hunan Hongwang New Material Technology Co., Ltd. is the first high-end silicon steel project in the strategic layout of Hongwang Group. Established in 2021, as a key construction project for investment attraction in Hunan, it is located in the Louxing Industrial Development Zone, Loudi City. Hongwang Holding Group Co., Ltd. is an enterprise group specializing in the production of cold-rolled stainless steel, silicon steel, and supporting finishing products. It ranks 442nd among the Top 500 Chinese Enterprises, 228th among the Top 500 Chinese Manufacturing Enterprises, 223rd among the Top 500 Chinese Private Enterprises, and 155th among the Top 500 Chinese Private Manufacturing Enterprises in 2024 . The company has been awarded the title of " Advanced Enterprise in China's Stainless Steel Industry ". Relevant subsidiaries are national high-tech enterprises, and the product brand has been honored with the title of " Well-Known Trademark in China ", while product quality has been recognized with the title of " Quality and Integrity Trustworthy Unit ". Silicon steel, hailed as the "artwork" of the steel industry, is a key strategic material that promotes the upgrading and replacement of electrical products. The project covers an area of approximately 420 mu, with over 500 professional technical personnel. It mainly produces high magnetic induction grain-oriented silicon steel (HiB) and high-end silicon steel coils for new energy drive motors . The products are widely used in transformers, EVs, household appliances, industrial motors, construction machinery, power transmission and transformation, and other fields. Against the backdrop of the national "dual carbon" strategy, in September 2021, Hongwang Holding Group signed a strategic cooperation agreement with Loudi Municipal Government and Lianyuan Iron & Steel Group to jointly build the largest "silicon" valley new material base in central China. Adhering to the principles of low carbon and green development, and aiming for high standards, high quality, and high efficiency, Hunan Hongwang is constructing a model intelligent manufacturing factory in the silicon steel sector with an annual production capacity of 960,000 mt, creating a silicon steel deep-processing industrial cluster, and radiating influence across central China. Upholding the group's corporate mission of "focusing on green intelligent manufacturing and continuously creating value for customers," and adhering to the corporate vision of "realizing shared dreams," with "integrity, pragmatism, openness, and innovation" as its core values, Hunan Hongwang provides customers with high-quality products and excellent, stable services. SMM Conference Contact Person: Cui Fan Tel: 13816522387 Email: fancui@smm.cn

The profound adjustments in the real estate market and the pullback in property prices have created more opportunities for bulk transaction buyers. Recently, several industry enterprises have made moves to acquire commercial office properties in first-tier cities such as Beijing, Shanghai, and Shenzhen. On May 16, Shanghai Xinhuangpu Industrial (600638.SH) disclosed that the company intends to acquire the Silicon Valley SOHO-Building 2 project in Changping District, Beijing, from Beijing Boxing Zhongye Real Estate Company. The underlying asset is the property rights of Building 2, No. 21 Zhongxing Road, Changping District, Beijing. Silicon Valley SOHO-Building 2 in Changping District is an office building project developed by Boxing Zhongye, a subsidiary of Beijing Zhenghong Real Estate Group, in 2017. It is understood that the consideration for the property rights in this transaction is 215 million yuan. Based on a gross floor area of 21,759 m², the unit price is 9,880 yuan/m². "This asset acquisition transaction will further enhance the company's business scale, expand its regional business layout, strengthen its market development capabilities, and enhance its sustainable operating and profitability capabilities," Xinhuangpu Industrial stated. In addition to Shanghai Xinhuangpu Industrial, industry giants such as an elevator manufacturer, a technology company, and an "ophthalmology leader" have also entered the real estate market in recent times. According to information released by JLL on April 22, a company under Zhejiang's leading private enterprise, Xizi International, acquired the Shanghai Jinglaifang project, but did not disclose the specific price of this transaction. Public information shows that Jinglaifang is located in the Daning business district of Jing'an District, Shanghai, adjacent to the North-South Elevated Road and the Yanchang Road Station of Metro Line 1, and is an office property in the Daning area. The project consists of four independent office buildings with a total gross floor area of approximately 37,000 m². According to information from Xizi International's official website, the company is among China's top 500 private enterprises and has developed into a diversified private enterprise group primarily engaged in elevator and parking equipment manufacturing. While the elevator industry giant was making property purchases in Shanghai, technology enterprises also made their moves. According to information released by Espressif Systems (Shanghai) Co., Ltd. (688018.SH) on April 30, the company intends to purchase the property located at Building 3, No. 3, Lane 235, Yubei Road, Pudong, Shanghai, from Shanghai Lujiazui Group. The gross floor area of the underlying property is 12,996.91 m², with a total price of approximately 437 million yuan. According to Espressif's 2024 annual report, it is not just a chip company but also an ecosystem company covering IoT technologies. It possesses full-stack engineering capabilities, including hardware, operating systems, software solutions, cloud, and AI, providing one-stop AIoT products and services to enterprises and developers worldwide. Regarding the purpose of this property purchase, the company stated that it intends to use it for the construction of projects funded by public offerings and for its R&D and office needs. In addition, Aier Eye Hospital Group Co., Ltd. (300015.SZ) disclosed on May 13 that its wholly-owned subsidiary, Shenzhen Binhai Aier Eye Hospital, successfully acquired, through the Guangdong United Assets and Equity Exchange, a 60% stake in Shenzhen Grand Sun Digital Technology Co., Ltd. and a specific creditor's rights project. The assets of the target company include the "Grand Sun Science and Technology Innovation Building," which Aier Eye plans to use as a long-term medical facility for Shenzhen Binhai Aier. The transaction was paid for with the company's own funds, with a transaction price of approximately 649 million yuan. Given that Shenzhen Liangshi Medical Investment Co., Ltd. holds a 40% stake in Grand Sun Digital, and Shenzhen Liangshi is a wholly-owned subsidiary of Aier Real Estate, which is in turn a wholly-owned subsidiary of the company's controlling shareholder, Aier Medical Investment Group, this transaction constitutes a related-party transaction. Aier Eye stated that Shenzhen, as an economically developed and densely populated city, has a robust demand for ophthalmic medical services. Through this transaction, Shenzhen Binhai Aier will gain control of Grand Sun Digital, and its "Grand Sun Science and Technology Innovation Building" will serve as a long-term medical facility for Shenzhen Binhai Aier, further enhancing Shenzhen's medical service network. Regarding multiple buyers purchasing commercial and office properties in first-tier cities, industry insiders pointed out that manufacturing and technology companies inherently have needs for office space and R&D facilities. These companies' purchases of properties may not necessarily be driven by investment considerations but rather by the need to meet their own office and business development requirements. Taking the large-scale property transactions in Shanghai in the first quarter of this year as an example, Sun Ling, Head of Investment and Capital Markets for JLL East China, stated that from the perspective of transaction purposes, transactions primarily aimed at investment further increased in the first quarter of 2025, accounting for as much as 86%. At the same time, a portion of large-scale transactions were also driven by self-use needs. Analysts believe that, from the perspective of market conditions, it is currently a good time for both self-use and investment buyers to enter the market. "Although the current rental fundamentals and transaction sentiment still need improvement, the property investment market presents a situation of both opportunities and challenges. Buyers should remain vigilant, actively capture market signals, prudently analyze investment opportunities, and strive to seize the initiative as the market gradually recovers," said Wang Jing, Head of Investment and Capital Markets for CBRE East China. In the view of Pang Shudong, Head of Investment and Capital Markets for JLL China, the current prices of real estate assets have become more reasonable after adjustments, and the synergistic effects of monetary policy easing and stimulus policies will become one of the key factors for market recovery. "As the government continues to ramp up policies to boost consumption, we expect market confidence to gradually recover. High-quality retail, commercial, and other properties in prime locations, which offer stable operational income and superior operational performance, will demonstrate strong investment appeal," said Pang Shudong. Wang Jing also believes that policies promoting consumption and industrial upgrading are expected to drive the release of demand for retail, commercial, and industrial real estate, thereby attracting a new round of investment interest.

SMM News on April 18: From April 16-18, the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo, hosted by SMM Information & Technology Co., Ltd. (SMM), SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi County Qianrun Investment Service Co., Ltd., was grandly held at Halls E3-F3 of the Suzhou International Expo Center in Jiangsu Province! As a global annual event for the aluminum industry, this conference gathered over a hundred international authoritative experts, academic leaders, leading entrepreneurs, and government representatives. Centered on the themes of "Global Vision, Industry Insights, Green Future," the conference conducted in-depth discussions on topics such as aluminum market trend analysis, price trend forecasts, supply-demand pattern analysis, business opportunity matching, and cutting-edge technology exchanges. Participants focused on industry pain points, discussed paths for industrial upgrading, and explored new paradigms for green and low-carbon transformation, driving the aluminum industry towards cleaner, smarter, and more sustainable development through innovation, and actively addressing global climate change and environmental governance challenges. This conference established a high-end platform for resource integration and intellectual collision, injecting strong momentum into the high-quality development of the global aluminum industry and jointly mapping out a new blueprint for the industry's future. On the afternoon of April 18, after the speaking session of the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo concluded, members of the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo delegation visited Suzhou Chuangtai Alloy Materials Co., Ltd. for a field trip. Multiple members of the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo delegation visited the exhibition hall, factory buildings, production workshops, and product exhibition areas of Suzhou Chuangtai Alloy Materials Co., Ltd. After the visit, members of the SMM delegation took a group photo with the leaders of Suzhou Chuangtai Alloy Materials Co., Ltd., enhancing mutual understanding and looking forward to deeper exchanges and cooperation. Suzhou Chuangtai Alloy Materials Co., Ltd. Profile: Shandong Innovation Group was established in 2002 and is a large modern comprehensive enterprise covering aluminum alloy material R&D, product design, manufacturing, new energy, carbon, commerce, logistics, and finance. It is currently the world's largest R&D and production manufacturer of aluminum processing products. The group has more than 20 subsidiaries, including the publicly listed firm Innovation New Materials (600361.SH), and has built 16 industrial parks in Shandong, Jiangsu, Inner Mongolia, and Yunnan provinces (autonomous regions) in China, with over 20,000 employees and a comprehensive capacity of more than 5.5 million mt. Its products are widely used in transportation (automobiles, etc.), industrial products, 3C electronics, power, and new energy, making it the largest aluminum alloy material production and R&D base in China, with its aluminum alloy rod market share ranking first in China and globally for many consecutive years. Additionally, the group is planning and constructing production sites in Southeast Asia, North America, the Middle East, and Africa, some of which have already been put into operation to serve local customers. The group has been listed in the "China's Top 500 Enterprises" and "China's Top 500 Manufacturing Enterprises" for many consecutive years, rated as an AAA credit enterprise by financial institutions, and awarded honors such as "Shandong Province Contract and Creditworthy Enterprise," making it a leading and benchmark enterprise in China's aluminum processing industry. Green and Low-Carbon Strategy Drives the Group's Long-Term Development: The group continuously explores green development, covering all aspects from raw material procurement, renewable energy utilization, to equipment selection, striving to build a "green aluminum" industry chain covering the entire process from secondary aluminum to casting, extrusion, and CNC precision processing. It is one of the first companies in the global aluminum processing industry to achieve full-process carbon footprint tracking and the first enterprise in China's aluminum alloy round casting ingot field to carry out international standard carbon footprint certification. Suzhou Chuangtai was established in 2014, located at No. 8 Chunxing Road, Caohu Street, Suzhou City, and is a wholly-owned subsidiary of Shandong Innovation Metal Technology Co., Ltd., with over 700 employees. The company mainly engages in the R&D, manufacturing, and sales of new-type aluminum alloy materials and high-end automotive aluminum alloy products, with main processes including aluminum alloy melting, extrusion, and deep processing. In 2023, the company achieved sales revenue of 5.23 billion yuan, ranking 59th in the "Top 100 Private Enterprises in Suzhou City" in 2023, and is one of the largest aluminum deep processing enterprises in the Yangtze River Delta. The company has been listed in the "Top 100 Private Enterprises in Suzhou" for many consecutive years and has been awarded honors such as "National Green Factory," "Standard Development Innovation Demonstration Base," "Jiangsu Province Green Factory," "Jiangsu Province Private Technology Enterprise," and "Suzhou City Engineering Technology R&D Center."

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 energy 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 the exchange and cooperation among peers in the wire and cable industry and to respond to future industrial changes, it is essential to enhance the collaborative exchange within the industry chain, foster mutual understanding, and gain a more comprehensive understanding of relevant policy directions and market developments. Shanghai Metals Market (SMM) has partnered with Jiangsu Zhongli Group Co., Ltd. to hold the "2025 SMM (3rd) Wire and Cable Industry Development Conference and Wire and Cable Industry Exhibition" on May 22-23, 2025 at the DoubleTree by Hilton Suzhou Wuzhong . The event will delve into the current status and future development trends of the wire and cable industry, promoting cooperation and exchange 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 industry. 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 together with our peers to map out the future development of the industry. Click the registration form to sign up immediately. We look forward to meeting you at the conference. Booth Number: B4 Zhongli Smart Cables: Making Green More Efficient Zhongli Group , headquartered in Changshu, Jiangsu, was established in 1988. Through over 30 years of continuous technological innovation, it has grown into a national key high-tech group enterprise, ranking among China's Top 500 Enterprises, China's Top 10 Independent Innovation Enterprises, China's Top 100 Most Competitive Private Enterprise Brands, and the World's Top 20 Most Competitive Cable Companies. Zhongli has developed multiple national high-tech enterprises in provinces and cities such as Jiangsu, Ningxia, Liaoning, and Qinghai. Its business covers cables and new materials, fiber preforms and optical cables, PV new energy, high-end manufacturing of military electronics, ESS, environmental protection, and real estate. Zhongli Group's products are mainly sold to over 30 countries and regions, providing high-quality products and services to the global communication, equipment manufacturing, rail transportation, power, mining, shipbuilding and marine engineering, and new energy industries, and establishing good and stable strategic partnerships with global customers. The group's main products include: flame-retardant flexible cable series for communication rooms, fire-resistant low-smoke halogen-free flexible cable series, communication cable series, UL electronic cable series, railway signal cable series, railway composite optical cable series, marine cable series, power control cable series, data cable series, high and low voltage cross-linked cable series, power cable series, communication optical cable series, PVC compound series, PE compound series, special wires, NEV cables, electronic connector series, and cable connector series products. Zhongli Group continues to increase investment in high-tech fields, currently owning a national laboratory, a national polymer material R&D base, a postdoctoral workstation, an optical cable R&D center, and a new energy PV R&D center. It has developed over 20 high-tech products that "fill domestic gaps" and has independently or jointly drafted more than 10 national and ministerial industry standards, including "YD/T 1173-2001 Flame-Retardant and Fire-Resistant Flexible Cables for Communication Power Supplies," "GB/T 33594-2017 Cables for EV Charging," and "T/CAS 356-2019 High-Voltage Cables for NEVs." Zhongli Group will further accelerate its transformation and upgrading, strengthen and expand the enterprise, and continue to uphold the corporate spirit of "integrity, dedication, unity, and innovation" to provide the global market with safe, reliable products, and efficient and high-quality services to meet customer needs and expectations. The goal is to develop Zhongli Group into an internationally leading technology enterprise. Contact Information Jingyi Gu 139 6252 7594 Click here to join immediately 2025 SMM (3rd) Wire and Cable Industry Development Conference SMM Conference Contact Bo Chen 18370891981 chenbo@smm.cn

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

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

The CLNB 2025 (10th) New Energy Industry Expo, hosted by Shanghai Metals Market (SMM), will be grandly held at the Suzhou International Expo Center from April 16 to 18, 2025. Concurrent with the exhibition, there will be 1 main forum and 11 sub-forums, attended by government leaders, academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries. Join the gathering of experts to discuss core technologies, listen to masters' insights, interpret market trends, and focus on key issues in Suzhou. This year's expo covers 6 major exhibition areas, with over 1,300 domestic and overseas exhibitors showcasing the entire industry chain of batteries, including power batteries, consumer batteries, ESS, raw materials, equipment, battery recycling, and new energy vehicles, power tools, electric drives, and the low-altitude economy in the power exhibition area, offering a one-stop exhibition experience. Click to fill out the registration form and register immediately to discuss the future development of the new energy industry with industry elites. We look forward to your arrival and to opening this feast of the new energy industry with SMM. At this year's New Energy Industry Expo, Shanxi Jingang Intelligent Manufacturing Technology Industrial Co., Ltd. will make a grand appearance, discussing industry cooperation, sharing development opportunities, and jointly painting a beautiful blueprint for the new energy industry with peers. Shanxi Jingang Intelligent Manufacturing Technology Industrial Co., Ltd. booth number: F08-1, cordially invites you to visit the CLNB 2025 New Energy Industry Expo. About Jingang Intelligent Manufacturing: Integrity is the foundation, quality is the first. Shanxi Jincheng Iron and Steel Holding Group Co., Ltd. (referred to as "Jingang Holding Group") is a key steel joint enterprise in Shanxi Province, the main enterprise supported by Shanxi Province for the integration and reorganization of the upstream and downstream of the steel industry, and the chain leader enterprise of the industry chain in Jincheng City. It has successively won the titles of National Green Factory, National Intelligent Manufacturing Demonstration Factory, National AAA-level Industrial Tourism Scenic Spot, and Environmental Protection Performance Grade A Enterprise. The group was founded in 2002 and has now developed into a full industry chain steel joint enterprise integrating coal, coke, steel, materials, and comprehensive recycling of residual energy and high-end thin plate deep processing, with a total area of 7 square kilometers, total assets of 39.1 billion yuan, and a total output value of 62.746 billion yuan and total revenue of 62.974 billion yuan in 2023. The group's main products are building materials and industrial bar and wire rods, pipe products, hot-rolled coils, pickled coils, and cold-rolled thin plates. Among them, the "Xingjingang" brand products have won the "Golden Cup Quality Product" of the national metallurgical product physical quality for many years, and the brand ranked among the top ten brands in Shanxi with a brand value of 21.89 billion yuan. Pipe products mainly include: spiral welded pipes, straight seam welded pipes, ductile iron pipes, etc. Hot-rolled coil products mainly include: hot-rolled high-quality carbon structural steel, automotive steel, pipeline steel, weather-resistant steel, etc. Cold-rolled thin plate products mainly include: pickled plates, cold-rolled plates, galvanized sheets, aluminum-zinc coated sheets, zinc-aluminum-magnesium coated sheets, and color-coated plates. The products are widely used in the automotive, home appliance, electrical control cabinet, fire protection, and PV power generation industries. The zinc-aluminum-magnesium and color-coated products have filled the gap in cold-rolled coated products in Shanxi Province and won the "2024 Home Appliance Material Innovation Application Award". The group is now a council member of the China Iron and Steel Association and has won many honors such as "China's Top 500 Enterprises", "National Advanced Collective of the Iron and Steel Industry", "China's Top 500 Private Enterprises", "China's Top 500 Manufacturing Private Enterprises", "China's Top 500 Foreign Trade Enterprises", "China's Top 200 Manufacturing Comprehensive Strength", "China's Top 100 Equipment Manufacturing Enterprises", "China's Iron and Steel Enterprise Competitiveness A Special Strong", "Top 500 Private Enterprises in R&D Investment", "Shanxi's Top 100 Enterprises", "Shanxi's Top 100 Private Enterprises", "Shanxi's Top 30 Private Manufacturing Enterprises", "Shanxi's Meritorious Enterprise", "Shanxi's Excellent Private Enterprise", and "Advanced Enterprise with Tax Payment Exceeding 100 Million Yuan". Product Introduction: Color Coated Product Introduction: Jingang color-coated plates are based on galvanized, aluminum-zinc coated, and zinc-aluminum-magnesium coated substrates, which are pre-treated on the surface and then coated with one or more layers of paint, baked and cured. Using internationally renowned brand coatings, it can produce polyester, silicon-modified, high-weather-resistant, fluorocarbon and other systems. Product Advantages: 1. The first domestic development of super-conductive color-coated plates, achieving a breakthrough from zero and breaking the international monopoly; 2. Using a two-coat two-bake process, it can form a thicker paint film at one time, increasing the sealing effect and thus protecting the substrate; 3. With rich and gorgeous colors, it has excellent color retention ability, keeping the color-coated plates bright and beautiful for a long time; 4. Excellent chemical resistance, superior mechanical properties, and excellent coating adhesion, it can meet processing and use requirements and play a good decorative role. Product Applications: Widely used in industrial plants, public buildings, logistics parks, indoor and outdoor venues, high-end residences, light steel villa decoration, and PV roofs. Zinc-Aluminum-Magnesium Product Introduction: Zinc-aluminum-magnesium is Jingang's new generation of high-end coating products. Jingang has completed the construction of the zinc-aluminum-magnesium spectrum, forming a layout of hot-based zinc-aluminum-magnesium and cold-based zinc-aluminum-magnesium complementing each other. The coating composition is 6% aluminum, 3% magnesium, and the balance is zinc. The internal alloy composition forms a ternary eutectic structure, forming a barrier layer that prevents corrosion factors from penetrating and thus protecting the substrate. The corrosion resistance is 2-3 times that of aluminum-zinc coated products. Product Advantages: 1. Excellent corrosion resistance, unique surface treatment process, zinc-aluminum-magnesium 275g products provide a 30-year warranty; 2. Excellent self-repairing ability at the cut, forming a dense protective film composed of zinc hydroxide, alkaline zinc chloride, and magnesium hydroxide; 3. The surface is coated with a fingerprint-resistant coating, further enhancing the product's chemical resistance, maintaining a beautiful appearance and corrosion resistance for a long time. Product Applications: Widely used in the PV industry, animal husbandry, home appliances, external maintenance, highway guardrails, and building structures. Aluminum-Zinc Coated Product Introduction: Shanxi's finest - Jingang aluminum-zinc coated products are based on cold-rolled plates, with a layer of aluminum-zinc-silicon alloy hot-dipped on the surface. The coating composition is 55% aluminum, 1.6% silicon, and the balance is zinc. The alloy composition combines the physical properties of aluminum and the electrochemical properties of zinc, with corrosion resistance 3-4 times that of galvanized products. Product Advantages: 1. Excellent corrosion resistance, unique surface treatment process, AZ150g products provide a 20-year service life warranty; 2. The surface has uniform and dense small zinc flowers, with a strong three-dimensional sense, combined with a thermal reflection effect, good heat dissipation performance reduces energy consumption; 3. The surface is coated with a variety of colors of fingerprint-resistant coating, further enhancing the product's chemical resistance, maintaining a beautiful appearance and rich colors. Product Applications: Widely used in module backplanes, light steel villas, transportation, industrial buildings, external maintenance, and electrical cabinets. Non-Flowered Galvanized Product Introduction: Based on cold-rolled steel plates, double-sided hot-dip galvanized steel plates. The zinc content of the coating is more than 99%, and the rest is the balance of chemical components. Zinc is an active metal, more active than iron, and combines with the steel plate, protecting the steel substrate through the principle of sacrificial anode, achieving the corrosion resistance of the steel plate. Product Advantages: 1. The surface is smooth, with excellent adhesion, facilitating subsequent processing and application; 2. The best zinc layer composition ratio is selected to increase the product's corrosion resistance; 3. The application of passivation film surface treatment technology greatly improves the product's corrosion resistance. Product Applications: Widely used in automobile manufacturing, electrical products, hardware stamping, home appliance manufacturing, and building materials. Cold-Rolled Plate Product Introduction: Jingang cold-rolled plates are based on cold-hardened plates, produced through annealing and leveling processes. Product Advantages: 1. Certified by IATF16949 for automotive steel; 2. Excellent plate shape, with high flatness through intelligent production line control; 3. Good surface quality, high surface smoothness, more convenient for processing and cleaning, improving post-processing adhesion; 4. Stable mechanical properties, small thickness fluctuation range, and high consistency. Product Applications: Widely used in automotive parts, home appliance manufacturing, high-end door industry, cabinet processing, packaging containers, and building construction. Hot-Rolled Coil Product Introduction: Using controlled rolling and controlled cooling technology, the deformation temperature, deformation degree, deformation speed during the rolling process and the cooling process after rolling are controlled to obtain the required structure and strength, and customized production is carried out according to industry applications. Product Advantages: 1. Certified by IATF16949 for automotive steel; 2. Stable material, complete specifications, can be "tailor-made" according to on-site use; 3. Alloy is added to the raw material, and the controlled rolling and controlled cooling production process is adopted to ensure product performance; 4. Uniform composition, less oxide layer, excellent welding performance and mechanical processing performance, convenient to use. Product Applications: Widely used in automobiles, new energy, home appliances, welding bottles, PV industry, highway guardrails, building structures, welding, riveting, and bolting components. Liquid-Cooled Battery Pack Lithium-Manganese Battery [CLNB 2025 - Hot Registration] CLNB 2025 (10th) New Energy Industry Expo April 16 to 18, 2025 Suzhou International Expo Center

Hosted by Shanghai Metals Market (SMM), CLNB 2025 (10th) New Energy Industry Expo will be held from April 16 to 18, 2025 at Suzhou International Expo Center . During the exhibition, 1 main forum and 11 sub-forums will be held, with government leaders, academicians from the Chinese Academy of Sciences and Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries attending the event! Witness the gathering of industry leaders, explore core technologies, listen to experts' insights, interpret market trends, gather in Suzhou, focus on key issues, and join us in dissecting industry development. This exhibition covers 6 major exhibition areas , with 1,300+ domestic and overseas exhibiting and participating companies showcasing the entire industry chain of batteries, including power batteries, consumer batteries, ESS, raw materials, materials, equipment, battery recycling, as well as NEVs, power tools, electric drives, and low-altitude economy in the power exhibition area, providing you with a one-stop exhibition experience. Click to fill out the registration form and register immediately to discuss the future development of the new energy industry with industry elites. We look forward to your arrival and joining SMM in opening this feast of the new energy industry. At this New Energy Industry Expo, Liyang Zhonglianjin E-commerce Co., Ltd. will make a grand appearance, discussing industry cooperation, sharing development opportunities, and jointly painting a beautiful blueprint for the new energy industry with peers. Liyang Zhonglianjin E-commerce Co., Ltd. Booth Number: F92 cordially invites you to visit the CLNB 2025 New Energy Industry Expo About • Zhonglianjin Liyang Zhonglianjin E-commerce Co., Ltd. is a supply chain service enterprise serving the entire industry chain. Through digital tools and offline service networks, it provides upstream and downstream customers with full-process online services, including price negotiation, contract signing, contract execution, payment, warehousing, delivery, transfer, outflows from warehouses, processing, inspection, and after-sales service. Currently, Liyang Zhonglianjin has established 30 delivery warehouses in China, serving over 30,000 industrial customers. In 2022, the Jiangsu Provincial Development and Reform Commission approved the "Zhonglianjin New Materials Smart Logistics Base Project" as a key construction project in Jiangsu Province. Liyang Zhonglianjin has been awarded multiple honors, including "Jiangsu Province E-commerce Demonstration Enterprise" and "China's Top 500 Service Enterprises". Selection System Market Software—Global industrial customers participate, authoritative prices displayed in real-time Industrial Silver Index: Sales & Procurement Hall—One-stop service, high-grade product selection [CLNB 2025—Hot Registration in Progress] CLNB 2025 (10th) New Energy Industry Expo April 16 to 18, 2025 Suzhou International Expo Center

AICE 2025 SMM (20th) Aluminum Industry Conference and Expo is one of the most influential events in China's aluminum industry and will be grandly held at Suzhou International Expo Center from April 16-18, 2025 . This exhibition is not only an annual event for the aluminum industry but also serves as a high-quality platform that gathers global leading enterprises, experts, scholars, and industry elites, focusing on high-level dialogues, industry exchanges, and product showcases. AICE 2025 focuses on the hot topics of global aluminum industry development, deeply explores cutting-edge technologies and trends in the aluminum industry, and showcases and exchanges the latest research achievements and practical experiences in upstream aluminum, aluminum rolling - aluminum plate/sheet, strip and foil, aluminum extrusion - tubes, rods, wires and profiles, recycling and die-casting, aluminum melting and casting equipment, and auxiliary materials . Click to Register At this Aluminum Industry Conference and Expo, Sunstone Development Co., Ltd. will attend and exchange with the latest products and practical experiences, working with industry peers to create an innovative, high-quality, efficient, and sustainable aluminum industry chain, promoting new leaps in the aluminum industry. AICE 2025 SMM (20th) Aluminum Industry Conference and Expo will discuss, build, and share with global elites, empowering the entire aluminum industry chain. AICE 2025 will leverage the organizer's influence to integrate the three key tracks of industry, academia, and research, stimulate innovation in the aluminum industry, and contribute to the industry's development and progress, playing its part in the prosperity and success of the aluminum industry. We look forward to meeting you on-site! Sunstone Development Co., Ltd. Booth Number: E65+E57 Committed to Low-Carbon Intelligent Manufacturing Providing Excellent Solutions for Customers Becoming a Global Leader in Green Carbon Materials Sunstone was founded in 1998, starting with trade and focusing on prebaked anode products, extending into the carbon materials industry, and pursuing diversified development as a modern enterprise group. Sunstone Development Co., Ltd. (referred to as "Sunstone Development," stock code: 603612) is a mainboard-listed enterprise, established on August 27, 2003, and the first and only publicly listed firm in the industry. It has been selected as one of China's Top 500 Manufacturing Private Enterprises for two consecutive years since 2023. It is also a China Top 500 Credit Enterprise, a high-tech enterprise, a national-level green factory, and a member of the Aluminium Stewardship Initiative (ASI). After more than 20 years of development, Sunstone has initially formed a mid-to-high-end carbon materials product supply and service system based on integrated green energy supply of wind, solar, storage, and hydrogen, with prebaked anode and negative electrode industries as pillars, and coordinated development of global trade, industrial technical services, electronic components, and new industry incubation. Among them, prebaked anode products, with their high density, high strength, low resistance, and low consumption, have become excellent suppliers for domestic and overseas aluminum enterprises. By the end of 2024, the company's prebaked anode existing capacity reached 3.46 million mt, with an export market share of over 40%. Products are exported to more than a dozen countries and regions in Europe, the Middle East, and Southeast Asia, and export volume has consistently ranked first in the country since 2008. Sunstone Development, through innovative practices of "technology + quality + low-carbon," has redefined the value dimensions of the prebaked anode industry. Adhering to the development direction of "green carbon reduction in the aluminum industry chain," it provides customers with a "multi-product + service" "comprehensive carbon reduction and energy-saving solution for electrolytic cells." In the future, with the advancement of the company's 5 million mt signed capacity target, Sunstone Development will continue to promote high-quality development in the aluminum industry through technological innovation and green intelligent manufacturing. Sunstone Development Co., Ltd. Development History 1998 Sunstone (SUNSTONE) was founded. 2003 Sunstone (SUNSTONE) transitioned from trade to physical operations. 2008 Prebaked anode export volume ranked first in the country for the first time. 2010 Obtained high-tech enterprise qualification, simultaneously initiating a new model of cooperation with downstream high-quality aluminum enterprises to build factories. 2017 Sunstone Development (stock code: 603612) was listed on the Shanghai Stock Exchange. 2020 Sunstone Development was selected as a national-level "Green Factory," and the total prebaked anode capacity reached 1.92 million mt. 2022 Sunstone Development opened a new track in lithium battery negative electrodes, started the low-carbon industrial park project, and the total prebaked anode capacity reached 2.82 million mt. 2023 Sunstone Development gradually established an ESG governance system and released its first ESG report. Digital transformation entered a new stage: the pilot construction of the intelligent factory at the Shandong Linyi base was launched. The global development layout of prebaked anode and petroleum coke steadily advanced.