“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

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

On June 9, the Jiaxing Municipal Development and Reform Commission issued a notice on the issuance of the Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 by the Municipal Development and Reform Commission. The document stated that carbon footprint management should be strengthened. A carbon footprint accounting system for the characteristic industry chains of "chemicals - chemical fibers - textiles" and "hydrogen energy and downstream industries" in Jiaxing City should be established, the construction of a regional characteristic factor database should be improved, and the development of the "carbon footprint labeling" system should be promoted. Priority should be given to purchasing products with local carbon footprint labels in government procurement for large-scale conferences, events, etc. Typical experiences such as the "zero-carbon" Two Sessions in Xiuzhou and Pinghu should be promoted, and more carbon sink absorption channels should be expanded. A comprehensive service platform for carbon footprint management in Jiaxing City should be built and improved to promote the formation of a batch of replicable and scalable carbon reduction technologies and practical achievements. The integrated reform of "dual carbon" certification should be deepened, with the cultivation of more than 10 "dual carbon" certified enterprises, the addition of 25 green product certification certificates, and the addition of 3 "dual carbon" certification certificates. Efforts should be accelerated to optimize and upgrade the industrial structure. Vigorously develop leading emerging industries such as intelligent PV, intelligent IoT, and NEVs, and continuously cultivate and expand the "135N" advanced manufacturing clusters. Focus on the three frontier fields of artificial intelligence, life sciences, and future energy, and actively lay out future industrial directions such as hydrogen energy storage, nuclear medicine and nuclear technology, synthetic biology, and brain-like computing. Continuously carry out support and improvement for enterprises with high energy consumption and low efficiency. The policies are as follows: Notice on the Issuance of the Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 by the Municipal Development and Reform Commission Relevant municipal departments (units), development and reform bureaus of all counties (cities, districts), Economic Development Department of Jiaxing Economic and Technological Development Zone, and Economic Development Department of Zhejiang Zhapu Economic and Technological Development Zone (Jiaxing Port Zone): In order to thoroughly implement the requirements of the Opinions on Promoting the Gradual Shift from Dual Controls on Energy Consumption and Energy Intensity to Dual Controls on Carbon Emissions and Several Measures of Zhejiang Province to Promote Dual Controls on Carbon Emissions, solidly promote the green and low-carbon transformation in the "6+1" fields, and lay a solid foundation for achieving the carbon peak target with high quality during the "15th Five-Year Plan" period, the Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 are hereby issued to you. Please ensure their effective implementation. Attachment: 1. Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 Jiaxing Municipal Development and Reform Commission May 29, 2025 Attachment 1 Key Points for Carbon Peak and Carbon Neutrality Work in Jiaxing City in 2025 2025 is the concluding year of the "14th Five-Year Plan". It is necessary to fully implement the requirements of the Opinions on Promoting the Gradual Shift from Dual Controls on Energy Consumption and Energy Intensity to Dual Controls on Carbon Emissions and Several Measures of Zhejiang Province to Promote Dual Controls on Carbon Emissions, grasp the trend of the comprehensive transformation from dual controls on energy consumption and energy intensity to dual controls on carbon emissions, and solidly promote the comprehensive green transformation of economic and social development around accelerating the formation of a spatial pattern, industrial structure, production mode, and lifestyle that conserve resources and protect the environment. The city aims to reduce carbon emission intensity by at least 4.97%, laying a solid foundation for achieving the carbon peak target with high quality during the "15th Five-Year Plan" period. 1. Establish and Improve the Dual Controls System for Carbon Emissions 1. Compile a high-quality analysis and outlook report on carbon emissions for the city's "15th Five-Year Plan" period, and strive to secure carbon emission targets and tasks that are conducive to the city's development from higher authorities. Conduct preliminary research on carbon emission ideas and initiate the calculation of carbon emissions across the city. (Municipal Development and Reform Commission; the first-mentioned unit is the leading entity, and governments of all counties (cities, districts) are the responsible entities; the same hereinafter) 2. Explore the establishment of a system for realizing the value of ecological products in Jiaxing City, research and formulate methods for calculating the Gross Ecosystem Product (GEP) of Jiaxing City, and initially establish a regular scheduling work system. Plan and implement a batch of projects for realizing the value of ecological products, and manage a dynamic project library. (Municipal Development and Reform Commission) 3. Implement technical guidelines for carbon emission assessments of fixed asset investment projects, and conduct preliminary technical reviews of pilot carbon emission assessments for projects in pilot fields such as chemical fibers. (Municipal Development and Reform Commission) 4. Strengthen carbon footprint management. Establish a carbon footprint accounting system for the characteristic industry chains of "chemicals-chemical fibers-textiles" and "hydrogen energy and downstream industries" in Jiaxing City, improve the construction of a regional characteristic factor library, promote the development of the "carbon footprint labeling" system, take the lead in prioritizing the procurement of products with local carbon footprint labels in government procurements for large-scale conferences, events, etc., promote typical experiences such as the "zero-carbon" Two Sessions in Xiuzhou and Pinghu, and expand more channels for carbon sink absorption. Build and improve a comprehensive service platform for carbon footprint management in Jiaxing City, and promote the formation of a batch of replicable and scalable carbon reduction technologies and practical achievements. (Municipal Development and Reform Commission, Municipal Ecology and Environment Bureau) Deepen the integrated reform of "dual carbon" certification, cultivate more than 10 "dual carbon" certified enterprises, add 25 new green product certification certificates, and add 3 new "dual carbon" certification certificates. (Municipal Market Supervision Administration) 5. File more than 3 widely applicable carbon inclusion methodologies throughout the year and complete more than 2 transactions of carbon inclusion emission reductions. Encourage entities developing emission reductions or individuals holding emission reductions in the municipal carbon inclusion market to voluntarily donate or cancel emission reductions, fostering a positive atmosphere for low-carbon public welfare. Explore the effective integration of carbon inclusion trading with ecological damage compensation to expand carbon sink compensation pathways. (Municipal Ecology and Environment Bureau) 6. Strengthen the formulation of carbon emission standards in the field of residents' lives. Take the lead in or participate in the formulation of more than 6 technical specifications related to "dual carbon" and more than 2 carbon-related measurement standards, and conduct joint review services for optimizing enterprise energy measurement and carbon measurement for more than 50 enterprises. In accordance with the requirements of the "Action Plan for the Construction of a Standard and Measurement System for Carbon Peak and Carbon Neutrality in Zhejiang Province (2025-2027)", strengthen the formulation of key and urgently needed carbon-related measurement standards to enhance enterprises' carbon measurement management capabilities. (Municipal Market Supervision and Administration Bureau) II. Continuously Promote Green and Low-Carbon Transformation in Key Areas 7. Accelerate the optimization and upgrading of the industrial structure. Vigorously develop leading emerging industries such as intelligent PV, intelligent IoT, and NEVs, and continuously cultivate and expand the "135N" advanced manufacturing industry clusters. Focus on the three cutting-edge fields of artificial intelligence, life sciences, and future energy, and actively plan for future industries such as hydrogen energy storage, nuclear medicine and nuclear technology, synthetic biology, and brain-like computing. Continue to carry out assistance and improvement programs for high-energy-consuming and low-efficiency enterprises. (Municipal Development and Reform Commission, Municipal Economic and Information Technology Bureau) 8. Further improve the energy system. Make every effort to advance energy project construction, eliminate and upgrade approximately 3,000 sets of various key energy-consuming equipment, and accelerate the construction of major energy infrastructure projects such as the fourth phase of the Jiaxing Power Plant. Vigorously develop non-fossil energy, adding 1 million kW of thermal power and 800,000 kW of PV capacity. By the end of 2025, the installed capacity of renewable energy for power generation will account for over 64%. (Municipal Development and Reform Commission) Expand the consumption of green electricity, achieving approximately 50 billion kWh of market-based electricity consumption throughout the year. (Municipal Development and Reform Commission, State Grid Jiaxing Power Supply Company) 9. Implement the requirements for the transition from dual controls on energy consumption and energy intensity to dual controls on carbon emissions, actively promote cross-regional green electricity certificate and green electricity trading, complete the annual absorption of 8.9 million green electricity certificates, achieve a 3.2% reduction in energy consumption intensity for industries above designated size (excluding projects with separate national energy consumption quotas), comprehensively eliminate coal-fired boilers of 35 steam tons and below, and accomplish the goal of reducing energy consumption intensity during the 14th Five-Year Plan period. (Municipal Development and Reform Commission, State Grid Jiaxing Power Supply Company) 10. Promote the green transformation of the manufacturing industry with improved quality and efficiency, implement 500 key technological transformation projects in the manufacturing industry, and add 12 new provincial-level green factories. (Municipal Economic and Information Technology Bureau) 11. Complete energy-saving renovations for 250,000 m² of existing public buildings and apply renewable energy in 3.37 million m² of buildings. Deepen the construction of future communities and achieve the construction goals for 45 future communities. (Municipal Construction Bureau) 12. Increase the proportion of clean energy vehicles and vessels in transportation, eliminate 449 old commercial freight vehicles of National IV standards and below, add and update 60 NEV buses, 2,000 NEV taxis (including ride-hailing vehicles), eliminate 77 old commercial vessels, and eliminate 1,450 old non-road mobile machinery. Strive to achieve a 100% integration rate of urban and rural public transportation. Build one low-carbon expressway service area and one low-carbon comprehensive water service area. (Municipal Transport Bureau, Municipal Ecology and Environment Bureau) 13. Promote the elimination of over 300 sets of various old agricultural machinery. Continue to build 10 provincial-level demonstration and promotion bases for green prevention and control technologies for crop pests and diseases. (Municipal Agriculture and Rural Affairs Bureau) 14. We will make every effort to accelerate the construction of a beautiful ecological corridor centered on the Beijing-Hangzhou Grand Canal, ensuring the comprehensive completion of tasks during the planning period. We will organize and implement the forest landscape enhancement project, focusing on green corridors between provinces, cities, and counties, as well as forest belts and networks along the Grand Canal, to effectively improve the ecological landscape of forests. The city will increase the area of "multi-field integration" by over 200,000 mu, complete eight comprehensive land improvement projects, and basically achieve the goal of "multi-field integration." (Jiaxing Municipal Bureau of Natural Resources and Planning) 15. Further enhance public awareness of "carbon peaking and carbon neutrality." Led by the goal of building a national demonstration city for household waste classification, we will advocate green and low-carbon production and consumption patterns, promote waste classification as a new fashion for low-carbon living, and aim to achieve an 88% waste classification and treatment rate in Jiaxing by 2025. We will carry out extensive activities to popularize green and low-carbon concepts, as well as initiatives to combat food waste and promote consumption in the catering industry. (Jiaxing Municipal Construction Bureau) 16. Advance breakthroughs in key core technologies. We will optimize the top-level design of science and technology plans, adjust the organization and implementation methods of science and technology plan projects, establish a city-wide integrated work pattern with vertical linkage between cities and counties and horizontal coordination among departments, promote the optimal allocation of scientific and technological innovation resources, and make every effort to advance breakthroughs in key core technologies. We will strive to organize and implement over 10 science and technology projects in the field of green and low-carbon technologies, and apply for the recognition of over 10 high-tech enterprises in the field of green and low-carbon technologies. (Jiaxing Municipal Science and Technology Bureau, Jiaxing Municipal Economic and Information Technology Bureau) III. Strengthen the Platform for "Carbon Peaking and Carbon Neutrality" Work 17. Deepen the pilot demonstration work. We will make every effort to advance the construction of a market mechanism for a new-type power system in Haining, exploring market-oriented means to support the development of new energy, and providing replicable and referential experience models for the efficient utilization of green electricity resources in the national power market. We will actively organize applications for national and provincial pilot demonstrations in areas such as charging infrastructure construction and application, green parks, and green factories, fully leveraging the driving effect of pilot demonstrations to promote the work of "carbon peaking and carbon neutrality" and the realization of the value of ecological products in Jiaxing. (Jiaxing Municipal Development and Reform Commission, Jiaxing Municipal Economic and Information Technology Bureau) 18. Formulate an action plan for the construction of a collaborative innovation zone for pollution reduction and carbon emission reduction, aiming to create over 75 benchmark projects, achieve a 100% completion rate for carbon emission assessment projects, and rank among the top in the province in terms of the collaborative index for pollution reduction and carbon emission reduction. We will formulate "one industry, one policy" action plans to enhance the capacity for pollution reduction and carbon emission reduction in six major industries (power generation, papermaking, chemicals, steel, cement, and petrochemicals). Focusing on key projects with significant pollutant and carbon dioxide emissions and substantial room for improvement in environmental governance performance, we will tailor collaborative solutions for pollution reduction and carbon emission reduction, and provide guidance to cultivate the actual effects of pollution reduction and carbon emission reduction in projects. (Jiaxing Municipal Ecology and Environment Bureau)

Macro News 1. A spokesperson for the Ministry of Foreign Affairs announced that He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will visit the UK from June 8 to 13 at the invitation of the UK government. During the visit, he will hold the first meeting of the China-US Economic and Trade Consultation Mechanism with the US side. 2. In response to a reporter's question about China's export control measures on medium-heavy rare earth, a spokesperson for the Ministry of Commerce stated that rare earth-related items have both military and civilian applications, and implementing export controls on them is in line with international common practices. With the development of industries such as robotics and NEVs, the demand for medium-heavy rare earth in civilian applications is growing across countries. As a responsible major country, China fully considers the reasonable demands and concerns of various countries in civilian applications and reviews export license applications for rare earth-related items in accordance with laws and regulations. It has approved a certain number of compliant applications in accordance with the law and will continue to strengthen the review of compliant applications. China is willing to further strengthen communication and dialogue on export controls with relevant countries to facilitate compliant trade. 3. According to PBOC data, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 mt) at the end of May, up 60,000 ounces (approximately 1.86 mt) MoM, marking the seventh consecutive month of gold purchases. 4. Data shows that the PBOC conducted reverse repo operations totaling 930.9 billion yuan in the open market last week, while reverse repos totaling 1,602.6 billion yuan matured in the open market last week. Consequently, the PBOC achieved a net withdrawal of 671.7 billion yuan from the open market on a full-caliber basis last week. This week, reverse repos totaling 930.9 billion yuan will mature in the PBOC's open market operations. 5. According to statistics from the State Administration of Foreign Exchange, as of the end of May 2025, China's foreign exchange reserves stood at $3,285.3 billion, up $3.6 billion from the end of April, representing an increase of 0.11%. 6. In response to a reporter's question about Minister Wang Wentao's talks with European Commission Executive Vice President Valdis Dombrovskis, responsible for Trade and Economic Security, during his visit to France, the Ministry of Commerce stated that Minister Wang Wentao and Executive Vice President Dombrovskis held professional and in-depth discussions on the EV case, making significant progress towards a proper resolution of the case. Currently, price commitment negotiations between China and the EU on the EV case have entered the final stage, but efforts from both sides are still needed. Industry News 1. On June 6, Li Lecheng, Minister of the Ministry of Industry and Information Technology, chaired a meeting of the Ministry's Leading Group for the Integration of Informatization and Industrialization. The meeting called for the implementation of the "AI + Manufacturing" initiative to accelerate the intelligent upgrading of key industries and create an "upgraded version" of smart manufacturing. By focusing on industrial intelligence, the meeting aimed to deepen the industrial application of AI and drive the innovation and iteration of industrial datasets and large industrial models. 2. The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) issued the "Administrative Measures for the Development Planning of Central State-owned Enterprises", placing greater emphasis on industrial orientation. A three-tier planning system has been established, comprising the "Overall Development Plan for Central State-owned Enterprises + Key Task Planning + Enterprise Planning". Industrial optimization and adjustment have been identified as the key focus of this three-tier planning, with the aim of channeling state capital into critical industries and key sectors vital to national security and the lifeline of the national economy, as well as into public services, emergency response capabilities, and public welfare sectors that are crucial to the national economy and people's livelihoods, and further into forward-looking and strategic emerging industries. 3. The Shanghai Stock Exchange (SSE) held a symposium on high dividends, significant returns, and enhancing the value of publicly listed firms. Relevant officials from the SSE stated that in the future, the SSE will encourage publicly listed firms to further increase dividend payouts and frequency, and effectively utilize market value management tools such as share buybacks, mergers and acquisitions, and investor communications to continuously enhance the investment value of companies. 4. Last Saturday, a Boeing 737 MAX aircraft took off from Seattle, US, and landed in Hawaii before continuing its journey to China. This aircraft, originally a new plane awaiting delivery at Boeing's Zhoushan factory, was returned to the US in April. This marks the first time since April that Boeing has resumed aircraft deliveries to China. 5. The People's Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are actively promoting the interconnection of the two regions' fast payment systems. The project is progressing smoothly, with some services expected to be launched by mid-year. Details will be announced in due course. 6. Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), wrote that with the strengthening of national sales promotion subsidies for scrappage and renewal, the market has rebounded, significantly boosting the automotive market. Consequently, the pressure from price wars has relatively eased from January to mid-May. Due to competitive differentiation, the promotional efforts for new energy vehicles (NEVs) in May have rebounded significantly. In May 2025, the promotional discounts for NEVs dropped to a mid-to-high level of 11%, representing an increase of 1.3 percentage points compared to the same period last year and a 1.6 percentage point increase MoM. 7. Hong Kong SAR Chief Executive John Lee Ka-chiu attended and delivered a speech at the opening ceremony of the 16th Cross-Strait and Hong Kong-Macao Economic and Trade Cooperation Symposium hosted by the Chinese Manufacturers' Association of Hong Kong last Saturday. Lee stated that Hong Kong is actively developing the artificial intelligence (AI) industry and will establish a "Technology and Innovation Industry Guidance Fund" with a scale of HK$10 billion to strengthen the guidance of market funds and promote the development of strategic emerging and future industries such as AI and robotics. 8. Amidst the 618 shopping festival promotions, national subsidy policies for home appliances in multiple regions, including Jiangsu, Chongqing, Hubei, and Guangdong, have been suspended or adjusted to a limited supply model. A reporter from Cailian Press learned through on-site visits that in Jiangsu Province, consumers wishing to use national subsidies offline need to queue up at merchants to "snatch" quotas, with digital products being in high demand and quotas hard to come by. Similarly, consumers in Guangdong Province also need to compete for coupons for redemption. According to data from the Ministry of Commerce, sales from trade-in policies have exceeded 1 trillion yuan. Industry analysts believe that the main reason for the current policy adjustment is the rapid depletion of national subsidy funds, which is a temporary phenomenon, and a new round of subsidies may be reintroduced. 9. Recently, a team led by professors Peng Jun and Zhang Xiaohong from Soochow University, in collaboration with the University of New South Wales in Australia and the White Horse Lake Laboratory in Zhejiang Province, achieved a significant breakthrough in the field of single-junction perovskite solar cells. The certified steady-state efficiency of their 0.1 cm² single-junction perovskite cell reached 27.3%, while that of the 1 cm² single-junction perovskite cell reached 26.9%, both setting new world records for their respective sizes. Corporate News 1. LONGi Green Energy announced that shareholder HHLR plans to reduce its stake by no more than 0.5% of the company's shares. 2. Desay SV announced that shareholders Huichuangtou and Shenhua Investment plan to reduce their stakes by 3% and 1.45% of the company's shares, respectively. 3. Royo announced that Langzi plans to reduce its stake by no more than 3% of the company's shares. 4. LB Group announced that it plans to repurchase between 500 million and 1 billion yuan worth of the company's shares. 5. Roborock announced that it plans to issue H shares and list them on the Hong Kong Stock Exchange. 6. *ST Haiyue announced that it has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure regulations. On the same day, the company also announced that it has received a decision to delist its shares, with the expected last trading date being July 4. 7. Vanke A announced that Shenzhen Metro Group plans to provide the company with a loan of no more than 3 billion yuan. 8. Sinowealth Electronics announced that its controlling shareholder is planning changes to the company's control, and trading in its shares has been suspended. 9. BlueFocus announced that it is planning to issue H shares and list them on the main board of the Hong Kong Stock Exchange. 10. Honghui Fruits & Vegetables announced that its controlling shareholder is planning changes to the company's control, and trading in its shares has been suspended. 11. Canadian Solar announced that shareholder Yuanhe Chongyuan plans to reduce its stake by no more than 3% of the company's shares. 12. Jiechuang Intelligence announced that it plans to purchase servers worth no more than 600 million yuan for its intelligent computing cloud services. Global Markets 1. The three major U.S. stock indexes closed higher collectively last Friday, with the Dow Jones Industrial Average rising 1.05% and gaining 1.17% for the week; the Nasdaq Composite rising 1.2% and gaining 2.18% for the week; and the S&P 500 rising 1.03% and gaining 1.5% for the week. Popular tech stocks generally rose, with Google and Tesla gaining over 3%, Amazon rising over 2%, and Nvidia, Apple, and Meta each rising over 1%, while Broadcom fell 5%. Cryptocurrency and automobile manufacturing sectors led the gains. 2. Starting on the morning of the 6th, federal agencies such as the U.S. Immigration and Customs Enforcement (ICE) deployed a large number of law enforcement officers to carry out operations targeting illegal immigrants in multiple locations across Los Angeles County, California, leading to numerous street confrontations, chaos, and clashes. On the 7th local time, law enforcement officers clashed with local residents for the second consecutive day. The most intense conflict on the 7th occurred in Paramount, approximately 30 kilometers south of downtown Los Angeles, an area predominantly inhabited by Latino immigrants. Hundreds of heavily armed federal law enforcement officers confronted and clashed with several hundred protesters. 3. According to a June 7 report by The Washington Post, the US State Department notified embassies and consulates worldwide on June 6 to resume visa processing for international students planning to study at Harvard University. This decision overturned the visa rejection order issued just the day before. Currently, no relevant information has been published on the US State Department's official website. Investment Opportunities Reference 1. Intelligent driving has become a focal point of competition among major automakers, with the demand for such core hardware continuously rising. Samsung has formed partnerships with Infineon and NXP to jointly develop next-generation automotive chip solutions. This collaboration will be based on Samsung's 5-nanometer process, with a focus on optimizing the co-design of memory and processors, and aims to "enhance chip security performance and real-time processing capabilities." Samsung is reportedly developing highly integrated SoC solutions in this field to achieve better energy efficiency ratios. Everbright Securities pointed out that in the era of domain controllers, heterogeneous SoC chips with high computing power, high performance, and high integration will become the core components of intelligent driving. In addition to domain controllers, intelligent driving SoC chips are also core components of front-view integrated machines. By 2025, the penetration rate of urban NOA in car models priced below RMB 150,000 will rapidly increase, driving up the demand for medium-to-high computing power chips. Additionally, from a technological perspective of intelligent driving, by 2025, new end-to-end technologies will focus on VLA and world models, with "parking lot to parking lot" intelligent driving functions becoming a focal point of competition among major automakers, posing higher requirements for chip computing power, solution provider capabilities, and OEM self-research capabilities. Against the backdrop of automotive OEMs such as BYD and Geely implementing "intelligent driving equity" strategies, third-party SoC producers are expected to benefit first, with the trend of "chip pre-embedding" bringing high growth certainty to the industry. 2. Another low-orbit satellite successfully launched, with institutions stating that China's commercial aerospace industry has completed the "from 0 to 1" phase. Recently, China successfully launched the Internet of Satellites Low-Orbit Group 04 satellites into their predetermined orbits using a Long March 6A carrier rocket at the Taiyuan Satellite Launch Center, with the launch mission achieving complete success. Western Securities stated that the progress of the satellite Internet industry is accelerating, with potential for valuation expansion. The satellite Internet industry is a core component of new quality productive forces. From a policy perspective, policies and regulations in areas such as terminal-to-satellite direct connectivity, satellite network coordination, and access for private satellite enterprises have been successively introduced in the past two years, with a relatively complete top-level policy framework for the satellite industry now in place. From the product and user perspectives, the number of Tiantong package subscribers has exceeded 2 million, with over 16 million terminal devices in use. Moreover, Huawei's public testing of satellite internet is expected to commence in the second half of 2025 (H2), with the user base for satellite internet access in China gradually being established. Fu Chenshuo from CITIC Securities stated that with breakthroughs achieved in satellite manufacturing, rocket launches, ground equipment, and operational services, China's commercial aerospace industry has completed the "0 to 1" phase and is on the verge of entering a rapid development stage. 3. Indonesia Considering Procurement of China's J-10 Fighter Jets: Institutions Say China's Military Trade Ushers in a New Cycle According to media reports, on June 5 local time, the Indonesian military announced that the Indonesian government is conducting a feasibility assessment on the procurement of China-made J-10 fighter jets. Taufanto, the Deputy Minister of Defense of Indonesia, stated that this move aims to enhance the modern combat capabilities of the Indonesian Air Force while also considering cost-effectiveness within the national defense budget. Taufanto pointed out that the performance of China's J-10 fighter jets in the India-Pakistan conflict is one of the key factors influencing Indonesia's consideration of this model. Additionally, compared to similar Western fighter jets, the J-10 is more competitively priced and its technical configuration meets Indonesia's demand for "cost-effective advanced equipment." Taufanto revealed that Indonesia is currently focusing on reviewing the compatibility of the J-10 with its existing national defense system, after-sales maintenance support, and specific procurement terms. The procurement scope may not be limited to fighter jets but could also include China-made warships, frigates, and other weaponry. Shenwan Hongyuan stated that amid geopolitical conflicts, the attention on China's military trade will continue to rise. The intense conflict between India and Pakistan has drawn significant attention to China's military-industrial foreign trade products, with their maturity expected to gain high international recognition, thereby continuously promoting the opening up of the international market for China's military trade products and ushering in a new cycle for China's military trade, thus expanding the market space and valuation of the entire industry. 4. Volcano Engine's Motive Power Conference to Be Held, ByteDance Recently Launches Multiple AI Products The 2025 Volcano Engine Motive Power Conference - Spring will be held from June 11 to 12, focusing on cutting-edge fields such as large models and AI cloud-native technologies. Topics include agent development, multimodal understanding, deep thinking, AI cloud-native, and more. Recently, there have been continuous advancements in ByteDance's AI sector. On May 20, Volcano Engine launched the Doubao Voice Podcast Model, enabling the instant conversion of text content into a two-person dialogue-style podcast without complex editing, allowing hot topics to be instantly transformed into engaging podcasts. On the same day, Volcano Engine unveiled the Large Model Ecosystem Square - MCPServers. On May 8, Volcano Engine released the DiskANNRaBitQ vector algorithm engine, which, through the deep integration of the DiskANN algorithm and the ExtendedRaBitQ vector quantization technology, achieves an 115% improvement in query performance compared to the HNSW algorithm in high-performance vector retrieval scenarios, reduces memory resource consumption by 90%, and lowers the overall cost of the user's vector database by 75%, accelerating the application of AI technology across various industries. On May 7, Volcengine launched China's first intelligent database assistant, DBCopilot, which covers three core scenarios of data storage, management, and acquisition through AI technology. Guotai Haitong Securities stated that ByteDance has become a leading force in China's AI development, with its models and applications advancing in tandem, continuously bringing fresh blood to the development of China's AI ecosystem, and also reflecting the current vibrant state of AI development in China.

[Zhao Chengfeng from NDRC: The 2025 Central Budget Investment Plan for Urban Renewal Projects to Be Released by Month-End] Zhao Chengfeng, head of the Fixed Asset Investment Department of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will continue to advance various urban renewal initiatives and increase central investment support. This year, a dedicated central budget investment has been established for urban renewal projects to support the construction of public welfare infrastructure and public service facilities related to urban renewal. In addition to supporting projects such as the renovation of old urban residential communities and urban villages, the scope of support has been expanded to include projects for the transformation and upgrading of dilapidated urban housing, old neighborhoods, and old factory districts. Currently, the NDRC is organizing plan submissions and project evaluations, and will release the 2025 Central Budget Investment Plan for Urban Renewal Projects by month-end this year.

Since the tariff reduction, multiple foreign institutions, including Goldman Sachs and Ningxia Ruiyin Lead Resource Recycling Co., Ltd., have expressed optimism about China's stock market. In a recent research report, Goldman Sachs raised its 12-month targets for the MSCI China Index and the CSI 300 Index to 84 and 4,600 points, respectively, implying potential upside of 11% and 17%. At the 2025 Global Investors Conference hosted by the Shenzhen Stock Exchange, Xing Ziqiang, Chief China Economist at Morgan Stanley, delivered a keynote speech titled "China's Economy Amidst Technological and Geopolitical Changes." In Xing's view, the US is experiencing an extremely rare "triple hit" in stocks, bonds, and currency, with the US dollar, as the global reserve currency, depreciating. This chain reaction has prompted the world to reconsider the long-held "US economic exceptionalism" and the absolute dominance of the US dollar over the past decades. Turning to Chinese assets, technological innovation has brought about a narrative shift. The cluster scale advantages of upstream and downstream industries in the industry chain, the demographic dividend, vast market demand, and the resilient spirit of private enterprises will all drive China to play an indispensable and important role in the next phase of the global technological revolution. During the on-site interview session at the conference, Shen Li, Managing Director and Head of China Onshore Equities at Morgan Stanley, stated that the progress of Sino-US trade negotiations has exceeded expectations, which is conducive to boosting international investors' risk appetite. At Morgan Stanley's China BEST Conference, over 80% of investors indicated that they are likely to increase their investment exposure to Chinese stocks in the near future. In a recent exclusive interview with Cailian Press, Wang Ying, Chief China Equity Strategist, expressed confidence in the market. She believes that the Hong Kong market is a crucial platform for global institutional investors to price Chinese assets. Currently, the pricing power of Hong Kong stocks has shown signs of gradually stabilizing, which is of great significance for rebuilding global investors' confidence in Chinese assets. Why are foreign investors bullish on Chinese assets? After a month of tariff frictions, a significant turning point has emerged. However, there may still be uncertainties in future tariffs, and the rise of trade protectionism globally cannot be ignored, as the global economic development still faces uncertainties. Xing Ziqiang stated that against this backdrop, China has ample room to maneuver in responding to shocks. There are four reasons: first, there is room for domestic policy stimulus to be intensified; second, the overall social livelihood still has the capacity to withstand pressures; third, the cluster advantages of the industry chain are difficult to replace in the short term; fourth, China has enormous potential for scientific and technological innovation in the next phase of the technological revolution. The intensification of policies has attracted particular market attention, especially in boosting domestic demand and consumption. Xing Ziqiang pointed out that the People's Bank of China has already taken the lead in introducing a package of monetary policies that will play a role in boosting confidence. During the Two Sessions held in March this year, stimulus policies were also formulated and announced for areas such as consumer goods subsidies, infrastructure, and technology. Since the beginning of the year, there has been active issuance of government bonds, which has strongly supported the overall growth of total social financing. It is expected that supplementary fiscal policies will be further introduced in the future. Xing Ziqiang also observed that China has expanded the opening-up of its service sector to many first- and second-tier cities, covering various fields such as healthcare, elderly care, and even culture. It has reduced entry barriers, allowing more private and foreign-funded enterprises to enter, which has also brought about new developments. A series of measures have been taken in the social security system since the beginning of the year, including gradually increasing the expenses for rural elderly care and medical insurance. The consolidation and reform of the crucial social security system are expected to gradually boost China's domestic consumption market. China's narrative on technological innovation has changed The emergence of DeepSeek has once again demonstrated China's advantages in the new round of global high-tech fields represented by artificial intelligence, which is also a focus of attention for foreign institutions. Recently, Morgan Stanley Research Department released a report elaborating on China's industrial advantages in artificial intelligence: Firstly, the "Report on China's Top 28 Frontier Industries" systematically sorts out 28 emerging enterprises in frontier industries ranging from intelligent driving, AI applications, to humanoid robots. These enterprises are expected to possess strong global competitiveness in the future. Secondly, according to Morgan Stanley's "China AI Hardware Self-Sufficiency Rate Index," it is projected that China will achieve a self-sufficiency rate of over 80% by 2027, including GPU chips. "The advantages of cluster scale in the upstream and downstream of the industry chain, the demographic dividend of talent, as well as the vast market demand and the resilient spirit of private enterprises are China's strengths in the technological field, which will drive China to play an indispensable and important role in the next phase of the global technological revolution," Xing Ziqiang pointed out. The talent advantage is particularly evident in the AI industry, stemming from China's years of demographic dividend of engineers. AI has always been supported by four main components, namely computing power, algorithms, data, and scenarios. Xing Ziqiang believes that China's current advantages in algorithms, data, and scenarios can compensate for its deficiencies in computing power—that is, by improving efficiency through algorithms, data, and scenarios, and accumulating more advantages in other aspects to make up for the lack of computing power. On the other hand, China has also made positive progress in computing power. For example, domestically produced chips and servers are being used for AI training. The current domestic self-sufficiency rate has reached 34%, and it is expected to rise to 82% by 2027. Xing Ziqiang believes that since last year, China's narrative logic in the global technological innovation landscape has undergone significant changes. Affected by the US technology containment policies, the development prospects of China's private enterprises experienced periodic fluctuations, and market confidence was once impacted. However, the industrial advantages and technological innovation capabilities in the next phase are inseparable from China, which has become a global consensus. Wang Ying is optimistic about the technology and internet sectors in Hong Kong stocks. She stated that for a long time, global investors' attention to China's technology and AI sectors has been relatively limited. The emergence of DeepSeek has made investors realize that China possesses a vast pool of engineering talent, data availability, and a well-established ecosystem in the social networking and e-commerce sectors, and may receive further government support to accelerate the application of AI. Now, global investors are beginning to reassess the investability of China in the technology and AI sectors. In addition, Wang Ying is also optimistic about China's new consumption sector, believing that it has the potential to gain more favour from investors in the global market's blue ocean. "Morgan Stanley released a report on the theme of Chinese enterprises going global in 2023. Since then, we have been paying close attention to companies related to the new consumption sector," Wang Ying said. Improved Confidence Among Foreign Investors Wang Ying observed that the talks with private entrepreneurs in mid-February this year further helped global investors understand the decision-making direction of the Chinese government, and foreign investors' confidence in China's investment environment has further improved. "The team has adjusted the index rating for Chinese stocks from underweight to neutral," Wang Ying further stated. Three major factors—clear policy signals turning positive, improvements in the geopolitical landscape, and renewed confidence shaped by technological breakthroughs—are propelling the Chinese market into a new phase, with the return on equity (ROE) of the MSCI China Index expected to continue improving. Wang Ying indicated that during the period from mid-January to April 2 this year, when reciprocal tariffs were implemented, nearly $8 billion in passive funds flowed into Chinese stocks. Although after April 2, due to the escalation of extreme tariffs, funds showed an outflow trend, this period was very short. Starting from late April, passive funds began to flow back into Chinese stocks. Wang Ying believes that with the stabilization of market sentiment, coupled with investors' rational analysis of the macro and capital market investment environment, foreign investors have reached a consensus that, in the context of global trade frictions, the investability, relative attractiveness, and the extent of impact on China's stock market are much smaller compared to other markets. From the perspective of global capital flow allocation, Wang Ying observed that global investors are actively changing their overweight positions in US dollar assets. As the world's second-largest stock market, China boasts unique advantages in terms of size and liquidity, and domestic policy support will further highlight its advantages in liquidity and economic cycle stability. What room is there for policy adjustments? Xing Ziqiang believes that despite certain progress in the Sino-US tariff dispute, China still needs to further leverage its fiscal power to boost domestic demand. Boosting domestic demand requires not only policy support but also reforms to the social security system. To achieve this goal, it is necessary to address the issue of funding support. He proposes three measures: First, increase the fiscal deficit, including issuing more government bonds. With the current dominance of US dollar assets being challenged, global capital is seeking new investment directions. If China increases the supply of RMB assets and expands the fiscal deficit, using the funds to stimulate consumption and improve social security and welfare, it will help break the cycle of low prices and enhance the yield of RMB assets. Second, advance the reform of state-owned enterprises (SOEs) and inject more dividends from state-owned assets into the social security system. This will not only provide strong support for the social security system but also promote the market-oriented operation of SOEs. Third, promote the transformation of overall fiscal expenditure, shifting from a fiscal model that previously focused on construction to one that emphasizes social welfare and social services. He further points out that, in the medium and long-term, China should seize the strategic opportunity period to enhance the attractiveness of RMB assets and strengthen the competitiveness of the Chinese market by deepening reforms and expanding opening-up. He recommends implementing the "2030 Major Strategy." Specifically, this means achieving two "three zeros" by 2030, focusing on the strategy of expanding domestic demand and significantly opening up to the outside world. By establishing a unified national market, consolidating the social security system, and advancing fiscal transformation reforms, China aims to achieve a 30% growth in its domestic consumption market over the next five years, and this 30% increase in the domestic consumption market will be open to countries around the world. During this process, China will gradually reduce external tariffs to "zero," lower market access thresholds for foreign-funded enterprises and Chinese private enterprises to "zero," and reduce subsidies to "zero" over the next five years.

SMM Alumina Morning Comment on May 8 Futures Market: Overnight, the most-traded al2509 futures contract opened at 2,707 yuan/mt, with a high of 2,707 yuan/mt, a low of 2,686 yuan/mt, and closed at 2,700 yuan/mt, down 7 yuan/mt or 0.24%, with open interest at 299,000 lots. Ore: As of May 7, the SMM Import Bauxite Index stood at $78.24/mt, down $0.32/mt from the previous trading day, mainly due to some lower quotes in the market. Meanwhile, the buyer's target price was below $75/mt, with some enterprises reporting target prices below $70/mt. The SMM Guinea Bauxite CIF average price was reported at $77/mt, unchanged from the previous trading day. The SMM Australia Low-Temperature Bauxite CIF average price was at $80/mt, also unchanged, while the SMM Australia High-Temperature Bauxite CIF average price was at $72/mt, unchanged as well. Industry News: According to a PTI report on May 6, 2025, several experts attending the launch of a mining white paper organized by the social welfare organization AIDENT in Bhubaneswar, Odisha, pointed out that Odisha should seize the critical "now or never" moment to systematically develop its abundant mineral resources to achieve inclusive prosperity. The white paper noted that Odisha holds 35% of India's iron ore reserves, 59% of its bauxite reserves, and abundant coal resources, but the current level of development of these resources is far from adequate, with issues such as institutional barriers, resource outflows, and missed historical opportunities. The report proposed a phased reform path: advancing regulatory reforms in the short term, building mineral corridors and manufacturing clusters in the medium term, and creating industrial hubs for green aluminum, steel, and critical minerals in the long term. Experts noted that fully unlocking the potential of bauxite could drive the development of over 10,000 small and medium-sized enterprises, create 2.4 million jobs, and attract billions of dollars in investment. According to a South China Morning Post report on May 7, an alumina refinery in Shanxi Province is introducing technology developed by France's IB2 company to enable the utilization of locally produced high-silicon, low-grade bauxite in China. The traditional Bayer process struggles to efficiently process bauxite with high silica content, but IB2 has developed a process to neutralize silicon and sulfur through a decade of R&D, allowing such ores to be refined into alumina using the Bayer process. In 2023, IB2 signed a 22-year cooperation agreement with China's Liulin Senze Coal & Aluminum Company to advance the implementation of this technology. The first set of industrial-scale equipment at the refinery is expected to commence production in July 2025. Spot-Futures Price Spread Daily Report: According to SMM data, on May 7, the SMM Alumina Index had a premium of 202 yuan/mt against the latest transaction price of the most-traded contract at 11:30 a.m. Warrant Daily Report: On May 7, the total registered alumina warrants decreased by 323 mt from the previous trading day to 259,700 mt. In Shandong, the total registered alumina warrants remained unchanged from the previous trading day at 601 mt. In Henan, the total registered alumina warrants decreased by 1,200 mt from the previous trading day to 3,001 mt. In Guangxi, the total registered alumina warrants decreased by 2,701 mt from the previous trading day to 27,900 mt. In Gansu, the total registered alumina warrants decreased by 1,198 mt from the previous trading day to 16,800 mt. In Xinjiang, the total registered alumina warrants increased by 4,776 mt from the previous trading day to 211,400 mt. Overseas Market: As of May 7, 2025, the FOB Western Australia alumina price was $348/mt, with an ocean freight rate of $20.50/mt. The USD/CNY exchange rate selling price hovered around 7.24. This price translates to approximately 3,097 yuan/mt at major domestic ports, which is 201 yuan/mt higher than the domestic alumina price. The alumina import window remained closed. Summary: With the commissioning of new capacity and the resumption of production from maintenance, the operating capacity of alumina has rebounded significantly. In the final week before the holiday, the weekly operating capacity increased by 3.48 million mt/year on a WoW basis. In the short term, some alumina refineries have plans for maintenance and production cuts, but at the same time, new alumina capacity will further ramp up production, and the operating capacity of alumina may exhibit slight fluctuations. On the cost side, caustic soda prices have remained largely stable overall, while bauxite prices have decreased, leading to a pullback in alumina costs and alleviating the loss pressure on alumina refineries. Overall, the tightening of spot alumina supplies caused by the concentration of maintenance and production cuts in the early stage is expected to ease, and short-term prices are expected to fluctuate. [The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make cautious decisions and should not rely on this information to replace their own independent judgment. Any decisions made by clients are not related to SMM.]

Against the backdrop of global economic recovery, the silver industry chain is ushering in new development opportunities. As one of the important precious metals, silver not only plays a role in value preservation and investment in the financial market, but is also widely used in various fields such as the electronics industry, healthcare, solar cells, and automotive manufacturing due to its excellent conductivity, thermal conductivity, and antibacterial properties. To further promote the sustainable development of the silver industry and strengthen communication and cooperation within the industry, the 2025SMM (6th) Silver Industry Chain Innovation Conference is scheduled to be held in May 2025. In recent years, with the global demand for renewable energy and high-tech products increasing, the industrial application demand for silver has significantly risen. At the same time, global economic uncertainties and changes in monetary policies have also prompted more investors to pay attention to silver's safe-haven attributes. As an important global commodity market, the attention to the silver industry chain in Asia, North America, and Europe has gradually increased, with local policies, technological innovations, and market demand changes having a profound impact on the entire industry chain. At this conference, Kunshan Hongfutai Environmental Protection Technology Co., Ltd. will make a grand appearance, focusing on the mining, processing, trade, investment, and application of silver with upstream and downstream peers, comprehensively discussing the challenges faced by the industry and future development opportunities. Click the registration form to sign up immediately, join us in Ningbo to shape the silver future, gain insights into market trends, and collaborate on chain innovation. Kunshan Hongfutai Environmental Protection Technology Co., Ltd. was established in 1999. Located in the High-tech Industrial Park of Kunshan City, Jiangsu Province, it is 60km east of Shanghai and 30km west of Suzhou, with convenient transportation. The company currently has 98 employees, including 5 national-level engineers and 10 related technical personnel. The company has established technical and talent exchange cooperation with Tongji University, Soochow University, and Jiangsu University of Technology. The company's main business projects include: disposal, utilization, recycling, and processing of waste materials containing precious metals (gold, silver, platinum, palladium, rhodium, osmium, ruthenium, iridium), wipes, slurries, silver contacts, off-cuts, catalysts, waste liquids, adsorption materials, etc., and it can process materials provided by customers. The company has advanced incineration, purification, processing, and wastewater and waste gas treatment equipment, and holds the "Jiangsu Province Hazardous Waste Business License." The company has established a technology center and has obtained more than 20 technical patents. In 2014, it was awarded the "Jiangsu Province High-tech Enterprise." The company has obtained certifications for quality, environment, and occupational safety management systems, and undergoes annual compliance audits. In 2005 and 2007, it was rated as the "Kunshan Circular Economy Demonstration Enterprise" and the "Suzhou Circular Economy Pilot Enterprise." In 2012 and 2013, it was successively rated as the "Clean Production Unit," "Outstanding External Supporting Unit," and "Work Safety Standardization Unit" in Kunshan. In 2015, it obtained the "Kunshan Technology R&D Center" and "Jiangsu Private Technology Enterprise." In March 2024, it was awarded the "Top Ten Green and Safe Enterprises" in Kunshan High-tech Zone. The company's production equipment, "Short Process Platinum, Palladium, Rhodium Clean and Efficient Separation and Refining Technology and Equipment," won the "First Prize" of the China Nonferrous Metals Industry Science and Technology Award. In 2011, the company established the "Kunshan Charity Foundation 'Hongfutai Care Fund'," contributing its modest love and organizing employees for public welfare activities. Corporate Vision: Committed to the "zero waste" utilization of precious metals, creating a better environmental life! Corporate Mission: Reduce the environmental burden, continuously create value for customers! Corporate Values: Customer-centric, results-oriented, diligent and responsible, innovative and efficient! Let us all do our part for the environmental protection cause, making our home more comfortable, harmonious, and beautiful! Contact Information Address: No. 89, Changyang Branch Road, Kunshan High-tech Zone General Manager: Zhenzhong Guo Phone: 18915750888 Marketing Department: Jinsheng Mao Phone: 18915750818 Customer Service Department: Jiehua Zhan Phone: 18915750846 Fax: 0512-57799189-0 Email: 18915750818@163.com Website: http://www.chinahft.com.cn Long press to scan the code and sign up immediately 2025SMM (6th) Silver Industry Chain Innovation Conference

SMM April 27 News: Metal Market: Overnight Friday, both domestic and overseas metal markets mostly declined, with only LME tin and SHFE aluminum rising, up 0.67% and 0.08% respectively. LME nickel led the losses with a 2.09% drop, followed by SHFE nickel (down 1.22%), LME zinc (down 1.56%), while other metals fell less than 1%. Alumina main contract dropped 0.42%. Ferrous metals series showed mixed performance, with iron ore down 1.33% and stainless steel down 0.31%. HRC and rebar both rose over 1%, gaining 2.21% and 1.67% respectively. For coking coal and coke, coking coal fell 0.42% while coke dipped 0.25%. Precious metals: COMEX gold fell 0.55% overnight Friday but edged up 0.05% weekly, pressured by a stronger US dollar and weaker safe-haven demand. COMEX silver dropped 1.43% overnight but rose 1.71% weekly. Domestically, SHFE gold declined 0.77% overnight Friday but gained 0.22% weekly, while SHFE silver fell 0.93%. TD Securities commodity strategist Daniel Ghali noted that tariff tensions easing negatively impacted gold prices, but large-scale position unwinding hasn’t been observed yet. However, he added that investors continued bargain-hunting in recent sessions, suggesting gold could resume its upward trajectory. Overnight Friday closing prices as of 9:04 AM April 27: 》Click to view SMM futures dashboard Macro Front: Domestic: 【CPC Politburo Holds Meeting to Analyze Current Economic Situation and Work】 The meeting emphasized adhering to the general principle of seeking progress while maintaining stability, fully and accurately implementing the new development philosophy, accelerating the establishment of a new development paradigm, balancing domestic economic work and international trade struggles, resolutely managing China’s own affairs, expanding high-level opening-up, stabilizing employment, enterprises, markets, and expectations, and responding to external uncertainties with the certainty of high-quality development. 》Click for details Xinhua Commentary published an article titled "Q1 China Economic Observation｜Implementing More Proactive Fiscal Policy Effectively". It stressed ensuring fiscal funds are deployed swiftly and effectively, optimizing expenditure structure, strengthening performance management, and directing every yuan toward critical areas of national welfare. 【Pan Gongsheng: Implementing Appropriately Accommodative Monetary Policy to Promote High-Quality Economic Growth】 Per the PBOC website, the second G20 Finance Ministers and Central Bank Governors Meeting of 2025 was held in Washington, DC on April 23-24, discussing global economic outlook, international financial architecture reform, and Africa’s development challenges. PBOC Governor Pan Gongsheng attended and spoke, with Deputy Governor Xuan Changneng also present. Participants acknowledged ongoing global recovery but highlighted rising downside risks from trade tensions, tighter financing conditions, and structural challenges. Concerns were voiced over trade friction escalation, calling for enhanced dialogue, policy coordination, and multilateral trade system improvements. Support was expressed for a more stable, efficient, and resilient international financial framework, including multilateral development banks’ financing capacity. Pan stressed that economic fragmentation and trade tensions disrupt supply chains and weaken growth momentum, noting trade wars have no winners. Major economies should strengthen macroeconomic policy coordination and take concrete steps to safeguard global stability. China’s economy started 2025 well, maintaining recovery momentum with stable financial markets. The PBOC will implement appropriately accommodative monetary policy to advance high-quality growth. US Dollar: The US dollar index rose 0.33% overnight Friday and 0.38% weekly, marking its first weekly gain since mid-March. Contradictory signals on tariff tensions caused volatility. On Monday, Trump’s criticism of Fed Chairman Powell triggered dollar asset sell-offs, pushing it to a low near 97.92—its weakest since April 8, 2022. However, Trump’s shifting rhetoric later lifted it above 99, though resistance at 100 persisted. The Fed warned asset valuations remained elevated post-April sell-offs, with housing prices still high. Next week brings key US data and earnings. Q1 GDP, the Fed’s preferred inflation gauge, and April jobs data may influence rate-cut decisions. Employment figures will be pivotal as the nonfarm payrolls report reveals tariff and tightening impacts on the labor market. (Wenhua Composite) Other Currencies: USD/JPY rose 0.67% to 143.555 yen, while USD/CHF gained 0.09% to 0.827 francs. EUR/USD fell 0.11% to 1.1377. Despite strong UK retail sales, GBP/USD dipped 0.1% to 1.3325. BOJ Governor Ueda stated Thursday that rate hikes would continue if underlying inflation trends toward 2%, but US tariff effects require careful assessment. GBP/USD declined 0.1% to 1.3325 despite March retail sales growing 0.4% (vs. expected -0.4%). Q1 sales rose 1.6%, the strongest in four years. MPC member Greene noted tariffs’ downward pressure on UK inflation, bolstering rate-cut bets. Markets now price in two cuts over the next three meetings and at least one more by year-end. Macro Outlook: Next week, China releases April official manufacturing PMI; the US reports ADP employment, Q1 GDP (annualized q/q), core PCE, consumer spending, Chicago PMI, personal spending, core PCE (y/y), pending home sales, jobless claims, SPGI/ISM manufacturing PMIs, nonfarm payrolls, unemployment, durable goods, factory orders, wholesale inventories, and consumer confidence; the eurozone publishes M3 money supply, industrial/economic sentiment, consumer confidence, Q1 GDP, SPGI PMI, core CPI, and unemployment; Germany issues Gfk consumer confidence, retail sales, unemployment, Q1 GDP, CPI, and SPGI PMI; Australia reports Q1 CPI, trade data; the UK shares CBI retail sales and SPGI PMI; France discloses Q1 GDP and SPGI PMI; Switzerland releases official reserves and economic expectations. Japan’s May 1 policy rate, March unemployment, Canada’s February GDP, and manufacturing PMIs for Mexico, Malaysia, and Brazil are also due. Additionally, Canada holds federal elections; the BoC releases April meeting minutes; BOJ Governor Ueda holds a press conference and issues the outlook report. Notably, due to China’s Labor Day holiday, SHFE, DCE, CZCE, and GFEX will suspend night trading on April 30. On May 1, exchanges in China (including Taiwan), South Korea, Germany, France, Italy, Spain, and the UK will close. Hong Kong operates normally but suspends northbound/southbound trading. On May 5, Chinese mainland exchanges remain closed, while LME halts for the Early May Bank Holiday. South Korea observes Buddha’s Birthday, Japan celebrates Children’s Day, and Hong Kong closes for Buddha’s Birthday, with trading resuming May 6. Crude Oil: Oil prices rose overnight—WTI up 0.61%, Brent up 0.27%—but posted weekly losses (WTI -1.31%, Brent -1.75%) on surplus concerns and tariff uncertainty. Prices hit four-year lows earlier this month as tariffs sparked demand worries and financial sell-offs. Weak growth may curb demand, while supply could rise if Russia-Ukraine conflict ends, freeing more Russian oil. Baker Hughes reported US rig counts increased for the second straight week, the first since February. (Wenhua Composite)

On April 25, 2025, it was reported that the Youth Miners Foundation (YMF) of Zimbabwe launched the "Chrome Processing Initiative" project in collaboration with the Zimbabwe Artisanal Miners Association (Zama) to lay the foundation for the development of Zimbabwe's chrome industry. It is understood that YMF has acquired 300 hectares of chrome-bearing land provided by Zim Alloys Chrome Company, promoting the structured and professional beneficiation of chrome ore in Zimbabwe...