In 2025, the global energy storage industry officially entered the 100 GW era. The wave of energy transition drove the industry to achieve breakthroughs in both scale and quality. China continued to lead with a 58.6% share of global new installations, serving as the core engine of global energy storage development. From accelerating technological iteration and breakthroughs to explosive expansion of market size, from comprehensive upgrades in enterprise strategies to sustained capital inflows, the energy storage industry is embracing unprecedented development opportunities and industry transformation. At the launch of the survey for the " 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings, " we comprehensively reviewed the development trajectory of the global and Chinese energy storage industry in 2025, summarizing core highlights and development trends to provide comprehensive and authoritative decision-making references for industry participants including energy storage enterprises, industry investors, upstream and downstream suppliers, and related institutions, facilitating high-quality industry development. Global Energy Storage: Breakthroughs in Both Scale and Structure, with China Dominating the Supply Chain In 2025, global electricity ESS new installations reached 113.3 GW/323.5 GWh, up 48.2%/65.7% YoY, with cumulative installations exceeding 496.2 GW, demonstrating strong growth momentum. China contributed 66.4 GW/189.5 GWh of new installations, ranking first globally for four consecutive years. The US and Europe followed with 22.5 GW and 15.8 GW respectively, forming a stable "one dominant, multiple strong" global energy storage market landscape. In terms of technology routes, lithium-ion batteries remained mainstream with a 92.3% share. Meanwhile, long duration energy storage (LDES) technologies accelerated breakthroughs, with commercialization of flow batteries, compressed air energy storage, and gravity energy storage advancing rapidly. The share of global new LDES projects rose from 12.5% in 2024 to 18.7%. Sodium-ion battery technology maturity continued to rise, with top-tier enterprises achieving mass-produced battery cell energy density exceeding 160 Wh/kg and costs 20%-25% lower than LFP, offering new possibilities for cost reduction in the energy storage industry. At the supply chain level, Chinese enterprises held an absolutely dominant position. In 2025, global ESS battery shipments reached 651.5 GWh, up 76.2% YoY. Chinese enterprises shipped a combined 614.7 GWh, accounting for 94.4% of the global total. From upstream materials to downstream system integration, Chinese enterprises have built a complete and globally competitive supply chain system. China Energy Storage: Accelerating Market-Oriented Transformation with an Increasingly Mature Industrial Ecosystem Amid the rapid development of the global energy storage industry, China, as a core force, demonstrated a positive trajectory of accelerating market-oriented transformation and an increasingly mature industrial ecosystem. As of the end of 2025, China's cumulative electricity ESS installations reached 213.3 GW, accounting for 43.0% of the global total, up 54% YoY. Among them, new-type energy storage cumulative installations reached 144.2 GW, with its share rising to 67.6%, indicating continuous optimization of the industrial structure. In 2025, the global energy storage industry officially entered the 100-GW era. The wave of energy transition drove the industry to achieve dual breakthroughs in scale and quality. China continued to lead with 58.6% of global new installations, serving as the core engine of global energy storage development. From accelerated technological iteration breakthroughs to explosive market size expansion, from comprehensive upgrades in enterprise strategies to sustained capital inflows, the energy storage industry is embracing unprecedented development opportunities and industry transformation. At the launch of the " 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings " survey, we comprehensively reviewed the development trajectory of the global and Chinese energy storage industry in 2025, summarized core industry highlights and development trends, and provided comprehensive and authoritative decision-making references for industry participants including energy storage enterprises, industry investors, upstream and downstream suppliers, and related institutions, facilitating high-quality industry development. Global Energy Storage: Dual Breakthroughs in Scale and Structure, with China Dominating the Supply Chain In 2025, global electricity ESS new installations reached 113.3 GW/323.5 GWh, up 48.2%/65.7% YoY, with cumulative installations exceeding 496.2 GW, demonstrating strong industry growth momentum. China contributed 66.4 GW/189.5 GWh of new installations, ranking first globally for four consecutive years. The US and Europe followed with 22.5 GW and 15.8 GW respectively, forming a stable "one dominant leader with multiple strong players" pattern in the global energy storage market. In terms of technology routes, lithium-ion batteries remained the mainstream, accounting for 92.3%. Meanwhile, long duration energy storage (LDES) technologies accelerated breakthroughs, with the commercialization of flow batteries, compressed air energy storage, and gravity energy storage advancing rapidly. The share of global new LDES projects rose from 12.5% in 2024 to 18.7%. Sodium-ion battery technology maturity continued to rise, with top-tier enterprises achieving mass-produced battery cell energy density exceeding 160 Wh/kg and costs 20%-25% lower than LFP, offering new possibilities for cost reduction in the energy storage industry. At the supply chain level, Chinese enterprises held an absolutely dominant position. In 2025, global ESS battery shipments reached 651.5 GWh, up 76.2% YoY. Chinese enterprises shipped a combined 614.7 GWh, accounting for 94.4% of the global total. From upstream materials to downstream system integration, Chinese enterprises have built a complete and globally competitive supply chain system. China Energy Storage: Accelerating Market-Oriented Transformation and Increasingly Refined Industrial Ecosystem Amid the rapid global development of the energy storage industry, China, as a core force, demonstrates an accelerating market-oriented transformation and an increasingly refined industrial ecosystem. By the end of 2025, China's cumulative electricity ESS installations reached 213.3 GW, accounting for 43.0% of the global total, up 54% YoY. Among them, new-type energy storage cumulative installations reached 144.2 GW, with its share rising to 67.6%, indicating continuous optimization of the industrial structure. Application scenarios , standalone ESS accounted for 63% of new installations, up 2.7 percentage points from 2024. A coordinated development pattern between the power grid side and user side has taken shape, with the core values of energy storage in peak shaving, frequency regulation, and backup being fully released. Market entities, according to Qichacha data, the number of newly registered energy storage-related enterprises in China reached 107,000 in 2025, up 17.0% YoY, hitting a ten-year high. East China and south China demonstrated significant industrial cluster effects, accounting for 32.3% and 20.3% respectively. Meanwhile, industry reshuffle also accelerated, with approximately 50,000 enterprises exiting the market throughout the year, and a "the strong stay strong" industry landscape initially emerged. The dual drivers of policy and market injected sustained momentum into industry development. The NDRC and the National Energy Administration jointly issued the "Guiding Opinions on High-Quality Development of New-Type Energy Storage," setting a clear target of 200 GW for new-type energy storage installations by 2027. At the local level, 12 provinces have introduced standalone ESS support policies. Capacity electricity prices and peak shaving compensation mechanisms have been gradually refined, with the average IRR of standalone ESS reaching 8.5%-10% in 2025. The improvement in market-oriented returns further stimulated investment vitality in the industry. Top-Tier Enterprises Leading: Dual Empowerment of Technological Innovation and Market Expansion In 2025, key enterprises in the energy storage industry continued to intensify technological innovation and market expansion, leading the industry's transformation toward high-quality development. Top-tier enterprises leveraged their technological and scale advantages to continuously consolidate their market positions. CATL , as the industry leader, saw its ESS battery sales up 29.13% YoY in 2025, ranking first globally for five consecutive years. Its ESS revenue reached 62.44 billion yuan, accounting for 14.74% of total revenue. It also launched condensed-state battery technology with an energy density of 500 Wh/kg, and actively deployed sodium-ion batteries, planning to apply them on a large scale in the ESS sector in 2026. Sungrow delivered outstanding performance in the ESS sector, with full-year ESS revenue of 37.287 billion yuan, up 49.39% YoY, accounting for 41.8% of total revenue. Its global ESS shipments exceeded 25 GWh, with markets outside China accounting for 60%, focusing on core markets including the US, Europe, and the Middle East. Beyond technology deployment, major industry contract signings and capacity expansions also occurred frequently. Canadian Solar Inc. had ESS orders on hand worth $3.6 billion, with global ESS shipments hitting a record high. From publicly listed firms' performance, energy storage business has become a core growth driver for many enterprises, with significant performance divergence across the industry and top-tier enterprises further expanding their advantages. CATL, Sungrow, and other leading enterprises achieved steady growth in energy storage business through comprehensive deployment and strong competitiveness. Meanwhile, Sunwoda, Ginlong Technology, and other enterprises also achieved explosive growth in energy storage business. Ginlong Technology's energy storage business grew 185.31% YoY, with significant increases in string-type energy storage inverter shipments. CORUN, leveraging strategic transformation, achieved 1,700% YoY growth in energy storage business and 1,516.64% growth in non-recurring net profit, becoming an industry dark horse. These enterprises' performance fully reflected the strong momentum of the energy storage industry. 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings Survey Officially Launched Currently, the Strait of Hormuz blockade crisis continues to escalate, plunging global energy supply into a severely strained situation and posing enormous challenges to energy security. Against this backdrop, energy storage, as the "ballast stone" of new energy power, has seen its core value in stable power supply and peak shaving increasingly highlighted. It has not only met more urgent rigid market demand but also driven the industry to explore more cost-effective and practically applicable technology solutions, providing critical support for alleviating global energy tensions and safeguarding energy security. Standing at a turning point of the era, the energy storage industry is transitioning from rapid growth to high-quality development, with technology innovation, cost reduction, market expansion, and landscape reshaping becoming the core key words of industry development. To comprehensively review China's energy storage industry achievements, objectively assess enterprises' comprehensive strengths, and build bridges for industry exchange and cooperation, 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings Survey Has Officially Launched ! This 2026 China Energy Storage Top 20 will produce the 2026 China Energy Storage Enterprise Top 20 (Comprehensive), 2026 China ESS Battery Enterprise Top 20 , and 2026 China ESS Enterprise Top 20 . Ultimately, an authoritative ranking with industry influence will be established. This ranking will serve as an important reference for energy storage enterprises, industry investors, upstream and downstream suppliers, survey institutions, and others, facilitating optimal allocation of industry resources and driving higher-quality development of the energy storage industry. Relevant enterprises are welcome to actively participate in the survey and jointly witness the beginning of a new chapter in the energy storage industry. When solar panels in Lebanon broke through war and scarcity to sustain the survival hopes of an entire city; when Europe adopted household ESS as the primary alternative amid the energy crisis, fortifying energy security with household ESS; when Chinese energy enterprises erected an energy security shield for the world with core technologies, outstanding quality, and a sense of responsibility — we clearly see that new energy technologies and new forces are rising to safeguard global energy security. This force demonstrates the confidence and commitment of Chinese brands, and carries humanity's aspiration for stable energy. We believe that Chinese brands will ultimately inject lasting Chinese momentum into global energy security amid the global energy transformation. 2026 Global PV Top 20 Rankings NO.1 2026 Global PV Enterprise Top 20 (Comprehensive) *Based on enterprise's 2025 annual global PV-related project, product, and service revenue (1 million) NO.2 2026 China PV Enterprise Top 20 (Comprehensive) *Based on enterprise's 2025 annual global PV-related project, product, and service revenue (1 million) NO.3 2026 China PV Power Plant Investment Enterprise Top 20 *Based on enterprise's 2025 annual global PV power plant investment grid connection installations (MW) NO.4 2026 China PV Power Plant EPC General Contractor Enterprise Top 20 *Based on enterprise's 2025 annual global PV power plant grid connection installations (MW) NO.5 2026 China PV Module Enterprise Top 20 *Based on enterprise's 2025 annual global module shipments (MW) NO.6 2026 China PV Inverter Publicly Listed Enterprise Top 15 *Based on each publicly listed firm's (including the listed company and its subsidiaries) 2025 annual global inverter shipments (MW) NO.7 2026 China Solar Panel Mounting Bracket Enterprise Top 20 *Based on enterprise's 2025 annual global mounting bracket shipments (MW) Note: Ranking revenue is denominated in RMB (exchange rates are based on the local currency to RMB exchange rate as of December 31, 2025) 2026 China Energy Storage Top 20 Rankings NO.1 2026 China Energy Storage Enterprise Top 20 Rankings (Comprehensive) *Based on enterprise's 2025 annual energy storage-related project, product, and service revenue (1 million) NO.2 2026 China ESS Battery Enterprise Top 20 Rankings *Based on enterprise's 2025 annual ESS battery sales (MWh) NO.3 2026 China ESS Enterprise Top 20 Rankings *Based on enterprise's 2025 annual ESS installations (MWh) Contact Us ABOUT US 2026 Global PV Top 20 Rankings Declaration and Conference Inquiry: Ms. Zhou: 18651953272 Email: 772813695@qq.com 2026 China Energy Storage Top 20 Rankings Declaration and Conference Inquiry: Ms. Liu: 13584535579 Email: 343856673@qq.com

[SMM Analysis: Surging Demand for Energy Density Presses the "Fast-Forward Button" on Silicon Carbon Anode Capacity Expansion] As the demand for high energy density from high-end batteries continued to surge, silicon carbon anode products based on the CVD route from top-tier enterprises successively passed downstream client verification and achieved large-scale shipments.

This week (4.17–4.23), solid-state battery industrialization accelerated sharply. GreatPower struck two strategic deals and advanced a 2.8-billion-yuan project; PingAn and Jinghe Energy put all-solid-state pilot lines into operation with energy density over 400Wh/kg. Sinocera Materials launched an automated sulphide electrolyte line, while Gotion signed the world’s first 20,000-ton solid-state key material project. CATL also unveiled its Kirin condensed-state battery.

Recently, Haiwang (Ningdong) New Materials Co., Ltd. successfully completed the commissioning trial production of its annual 5,000 mt carbazole project, continuously producing high-quality products and achieving batch delivery to clients across multiple sectors, marking a new stage of industrialisation for the world's leading single-unit-scale organic liquid hydrogen storage carrier material production site. It is understood that the site was jointly established by Beijing Haiwang Hydrogen Energy Technology Co., Ltd. and Ningxia Ningdong Science and Technology Venture Capital Co., Ltd., located in the New Materials Park of the Ningxia Ningdong Energy and Chemical Industry Base. Covering 65 mu, the project features an annual 5,000 mt-class continuous carbazole production line, equipped with full-process facilities including raw material pretreatment, synthesis and preparation, and finished product refining, along with comprehensive utility systems, making it the world's leading specialised organic liquid hydrogen storage carrier production site in terms of process route and the largest in single-unit scale . The project's core relies on Haiwang Hydrogen Energy's independently developed original synthesis process , completely abandoning the traditional coal tar extraction route, fundamentally overcoming constraints on raw material supply and capacity expansion bottlenecks, and possessing industrialisation advantages of scalable expansion and continuously declining costs. The base purity of products consistently exceeds 99% , and through parameter adjustment, the line can also produce electronic-grade and pharmaceutical-grade high-end products with purity above 99.5%, with the overall production process being green, low-carbon, and environmentally controllable. This proprietary process represents the first industrial-scale application worldwide , having passed the chemical process safety and reliability assessment by the Ningxia Department of Science and Technology, and was evaluated by the China Petroleum and Chemical Industry Federation as reaching an internationally leading technology level . In terms of industrial value, carbazole and its alkyl derivatives have broad application scenarios. Beyond serving as a core organic liquid hydrogen storage (LOHC) carrier , they are also widely applicable to high-end fine chemical fields such as high-performance dyes, optoelectronic displays, perovskite batteries, and pharmaceutical chemicals, with significant room for industry chain extension and ample market demand potential. The successful trial production of this project will fill the gap in key materials for hydrogen energy storage and transportation, resolve current industry pain points in long-distance and large-scale hydrogen storage and transportation, lay a solid material foundation for the commercialisation and popularization of organic liquid hydrogen storage technology, and facilitate the large-scale, high-quality development of China's entire hydrogen energy industry chain. Haiwang Hydrogen Energy stated that it will take this commissioning trial production as a starting point to steadily advance capacity ramp-up and stable mass production, continuously optimise production processes, reduce energy consumption and costs, further improve the hydrogen storage material industry chain layout, and empower the hydrogen energy industry through independent innovation in core technologies.

[SMM Steel] Hoa Phat Group inaugurated a new steel pipe plant in Tay Ninh with an investment of over VND 2 trillion, adding 400,000 tpa and raising total pipe capacity to 1.2 million tpa. The 15-hectare facility produces black pipes, galvanized pipes, HDG pipes, coils, and large-diameter pipes meeting ASTM, BS EN, and JIS standards. Equipped with a 10 MW rooftop solar system covering over 50% of power demand, the plant supports both capacity expansion and green production goals, with plans to run at full utilization to meet domestic and export demand.

Benefiting from both rising gold prices and increasing volumes, Zijin Mining delivered a stellar report card. In Q1, the company achieved revenue of 98.5 billion yuan, up 24.79% YoY; net profit attributable to shareholders of the publicly listed firm reached 20.1 billion yuan, surging 97.50% YoY, nearly doubling; total profit soared 115% YoY to 31.6 billion yuan, with all core financial metrics hitting record highs across the board. The underlying logic behind the accelerating profitability was clearly identifiable: the historic breakthrough in gold prices served as the most direct catalyst. The unit price of gold ingots jumped from 661.83 yuan/g in the same period last year to 1,089.04 yuan/g, a gain of over 64%, and the gross margin of mine-produced gold expanded from 52.91% to 69.60%; silver prices also surged in tandem, soaring from 5.50 yuan/g to 15.33 yuan/g, with the gross margin of mine-produced silver leaping to a remarkable 85.59%. The company's overall mine enterprise gross margin rose from 59.94% to 71.01%, and the comprehensive gross margin also climbed from 22.89% to 36.33%, with the price dividend fully realized. Meanwhile, the rise of the lithium segment was reshaping the company's profit structure. Lithium carbonate equivalent production reached 16,229 mt in Q1, compared to only 1,376 mt in the same period last year, up over 10 times YoY, with an average selling price of 101,456 yuan/mt and a gross margin as high as 61.44%. The company expects full-year 2026 lithium carbonate production to reach 120,000 mt, and plans to increase it to 270,000–320,000 mt by 2028, at which point it will rank among the world's largest lithium ore producers. The lithium business is evolving from a marginal increment to a core profit engine. Gold Prices Exceeded Expectations, with the Gold Segment Contributing Core Profits Gold was the largest engine of profit growth this quarter. The company's mines produced 23,497 kg of gold, up 23% YoY, benefiting not only from volume growth but also from a price tailwind. The average price of gold ingots reached 1,089.04 yuan/g, and the average price of gold concentrates reached 1,010.55 yuan/g, up approximately 65% and 64% YoY, respectively. The sources of incremental growth also warranted attention. Zijin Gold International's newly acquired Akyem Gold Mine in Ghana and Ridgold Polymetallic Mine in Kazakhstan, acquired in 2025, had begun contributing production, with the benefits of external M&A gradually being released. Under the resonance of high gold prices and volume growth, the gross margin of mine-produced gold business surged significantly: the gold ingot gross margin rose from 52.91% to 69.60%, and the gold concentrates gross margin climbed from 71.05% to 80.89%, delivering a notable boost to overall profits. Copper: Kamoa-Kakula Production Cuts Dragged Down Output, While Other Mines Advanced Steadily The copper segment produced 259,214 mt of mine-produced copper in Q1, down from 287,571 mt in the same period last year, primarily due to a sharp decline in equity production at the Kamoa-Kakula copper mine — plunging from 59,163 mt in the same period last year to 27,361 mt, a drop of over 50%. Excluding this disruption, the company's other copper mines all advanced in an orderly manner as planned. Of particular note was the Julong Copper Mine Phase II, which was officially commissioned in late January 2026 and contributed 60,000 mt of mine-produced copper in Q1. The capacity was still in the ramp-up stage, with further incremental output expected going forward. Rising copper prices also effectively offset the volume pressure. The average price of copper concentrates rose from 60,179 yuan/mt to 81,543 yuan/mt, with the gross margin further improving from 65.05% to 70.84%; the gross margins of electrodeposition copper and copper cathode also expanded to 61.61% and 56.20%, respectively. The smelting copper business had a gross margin of only 0.32% due to thin processing profits, but scale effects still enabled it to contribute a considerable absolute profit amount. Lithium Segment: A Leap from Zero to One, Targeting the World's Largest by 2028 The lithium business was the segment with the most dramatic changes in this quarterly report. Lithium carbonate equivalent production reached 16,229 mt (with Q1 sales of 13,329 mt), achieving an order-of-magnitude expansion from the base of 1,376 mt in the same period last year, driven by the capacity ramp-up following the successive commissioning of multiple projects including the 3Q Salt Lake lithium mine, the Lagocuo Salt Lake lithium mine, and the Xiangyuan hard-rock lithium mine. Profitability was equally impressive — lithium carbonate had an average selling price of 101,456 yuan/mt and a gross margin of 61.44%, second only to silver and ranking as the second highest among all products, reflecting the inherent cost advantages of salt lake lithium resources. In stark contrast, the lithium carbonate gross margin in Q4 last year was only 24.59%, surging nearly 37 percentage points within just one quarter, benefiting from both improved product mix and a cyclical recovery in lithium prices. Of greater strategic significance was the long-term plan: the main mining and processing workflow of the Manono lithium mine northeast project had been fully connected, and is expected to be completed and commissioned in June this year; the company plans to achieve lithium carbonate equivalent production of 270,000–320,000 mt by 2028, at which point it will become one of the world's largest lithium ore producers. Management has explicitly positioned the lithium segment as the "third pillar" core profit source after copper and gold. Cash Flow and Balance Sheet: Ample Ammunition, Strong Foundation for Expansion Financial structure side, total assets reached 549.9 billion yuan at the end of Q1, up 7.41% from the beginning of the year; the cash and bank balance was 99.4 billion yuan, a significant increase of 33.8 billion yuan from 65.6 billion yuan at the beginning of the year, with cash and cash equivalents reaching 90.3 billion yuan at period-end. The ample cash reserves provided sufficient ammunition for the company to pursue global mine M&A opportunities and fund capital expenditures on projects under construction. Net assets side, equity attributable to shareholders of the publicly listed firm reached 200.4 billion yuan, up 8.02% from the beginning of the year; the weighted average return on equity (ROE) reached 10.35%, up 3.23 percentage points from 7.12% in the same period last year, with capital return efficiency continuing to improve. The liability side saw some expansion, with short-term borrowings increasing from 32.3 billion yuan to 41.2 billion yuan, bonds payable rising from 47.4 billion yuan to 56.3 billion yuan, and total liabilities amounting to 282.5 billion yuan, an increase of approximately 21.5 billion yuan from the beginning of the year, primarily to support project construction and capacity expansion. Although the absolute scale of debt rose, the company's debt-servicing capacity was not under pressure given the significant improvement in operating cash flow, with the asset-liability ratio at approximately 51.4%, remaining well under control overall.

The blockade of the Strait of Hormuz has delivered a direct and material external shock to Southeast Asia’s energy supply structure. Solar (PV) is emerging as the main alternative for reducing exposure to fossil fuel price volatility. However, the structural tension between accelerating PV penetration and entrenched electricity market models will be the decisive factor governing the region’s energy transition pace.

【SMM Steel】Vietnam's Vingal received EIA approval for a capacity expansion at Bien Hoa II Industrial Park. Total capacity will rise from 40,000 t/y to 60,000 t/y to meet growing demand for galvanized steel in construction, power transmission, and transport infrastructure. Galvanizing capacity will sharply increase from 15,000 t/y to 45,000 t/y. Output for safety shields, transmission towers, and power poles will remain at 6,000 t/y, 6,000 t/y, and 3,000 t/y, respectively. The development uses nearly 4 hectares of land.

Sodium-ion battery cathode material enterprise Jiana Energy announced the completion of a Series A+ funding round of several hundred million yuan, with investors including Shenzhen Energy Storage Fund and EVE, among others. The company focuses on the polyanion (NFPP) route, with construction completed on a 10kt-level cathode production line, and its products have a cycle life exceeding 20,000 cycles. The funds from this round will be used for capacity expansion, R&D iteration, and market development.

SMM April 11 News: Metals market: Last Friday's overnight domestic market base metals showed mixed performance. SHFE copper rose 1.04%. SHFE aluminum rose 0.32%, SHFE lead fell 0.54%. SHFE zinc fell 0.59%. SHFE tin fell 0.09%. SHFE nickel fell 0.04%. In addition, the most-traded alumina futures contract rose 0.15%, and the most-traded foundry aluminum continuous contract rose 0.59%. Last Friday's overnight ferrous metals mostly rose. Iron ore rose 0.27%, stainless steel rose 2.01%, rebar fell 0.03%, and hot-rolled coil rose 0.06%. Coking coal and coke: coking coal rose 0.19%, coke fell 0.18%. Last Friday's overnight overseas market metals: LME base metals rose across the board. LME copper rose 1.27%. LME aluminum rose 1.8%, LME lead rose 0.26%. LME zinc rose 0.3%. LME tin rose 0.89%. LME nickel rose 0.44%. Last Friday's overnight precious metals : COMEX gold fell 0.98%, posting a two-week winning streak on a weekly basis with a 1.95% weekly gain; COMEX silver fell 0.54%, posting a three-week winning streak on a weekly basis with a 4.25% weekly gain. Last Friday's overnight SHFE gold fell 0.12%, posting a two-week winning streak on a weekly basis with a 1.22% weekly gain; SHFE silver rose 1.47%, posting a three-week winning streak on a weekly basis with a 3.65% weekly gain. Institutions including ANZ and Goldman Sachs stated that even as Middle East conflicts disrupted markets, gold is still likely to rebound in the long term. Analysts at these institutions believe that resilient central bank demand, persistent geopolitical uncertainty, expectations of US Fed interest rate cuts, and diversification away from US dollar-denominated assets all provide reasons for long-term bullishness. ANZ analysts Soni Kumari and Daniel Hynes said prices are expected to eventually rebound, as the deteriorating macro combination of economic growth and inflation paves the way for central banks to resume cutting interest rates. ANZ maintained its outlook, forecasting gold prices to reach $5,800 by year-end. Analysts wrote that central bank gold purchases are expected to remain a key support pillar, with official purchases in 2026 estimated at around 850 mt. ANZ's bullish stance echoes similar forecasts from Goldman Sachs and RBC made in early March. Goldman Sachs maintained its $5,400 forecast, citing continued central bank gold purchases and expectations of a 50-basis-point US Fed interest rate cut this year. Goldman Sachs analysts previously stated that if disruptions in the Strait of Hormuz persist, gold still faces tactical downside risks in the short term. However, prolonged conflict could accelerate diversification away from traditional Western assets, supporting gold prices in the long term. (Jin10 Data) As of 8:31 AM on April 11, last Friday's overnight closing prices: Macro front China: [Li Qiang Chairs Symposium on Economic Situation with Experts and Entrepreneurs] Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, chaired a symposium on the economic situation with experts and entrepreneurs on the afternoon of April 10, hearing opinions and suggestions on the current economic situation and the next steps for economic work. Li Qiang emphasized the need to promote high-quality and efficient development of the service industry, catering to people's needs throughout their entire life cycle and enterprises' needs across the entire process of production and operation. He called for thorough implementation of the service industry capacity expansion and quality improvement initiative, coordinating development and regulation, and cultivating more "China Services" brands. At the same time, he stressed the need to deepen and expand "AI+," accelerate the digital and intelligent transformation of manufacturing, and support the overall upgrading of the industrial system through deep integration and mutual empowerment of advanced manufacturing and modern services. Greater efforts should be made to promote employment and income growth for urban and rural residents, tap into employment potential across various channels and sectors, vigorously cultivate new occupations and positions, promote shifts in employment concepts and enhancement of vocational skills, formulate and implement income growth plans for urban and rural residents, and strengthen the virtuous cycle of resident income growth, domestic demand expansion, and economic development. (Xinhua News Agency) [Preview: The State Council Information Office Will Hold a Press Conference on April 14 to Brief on Import and Export Performance in Q1 2026] The State Council Information Office will hold a press conference at 10:00 a.m. on April 14, 2026 (Tuesday), inviting Wang Jun, Deputy Commissioner of the General Administration of Customs, to brief on import and export performance in Q1 2026 and answer questions from reporters. [MIIT: Accelerate Building an Efficient and Unified AI Chip Computing Interconnection Ecosystem and Resolutely Eliminate "Involution-style" Competition in the PV Industry] The Ministry of Industry and Information Technology held the 2026 National High-Quality Development Conference for the Electronic Information Manufacturing Industry on April 10 in Wuhan, Hubei Province. The conference emphasized adhering to a value-oriented approach, promoting high-quality development of the advanced computing industry, accelerating the building of an efficient and unified AI chip computing interconnection ecosystem, and driving the industry chain toward higher-value segments. It also stressed adhering to a problem-oriented approach, carefully analyzing the current challenges facing the industry, proposing targeted development roadmaps, resolutely eliminating "involution-style" competition in the PV industry, and enhancing the resilience and security of key industry chains and supply chains. [CSRC: Launch More ChiNext-related ETFs and Options, and Introduce ChiNext Stock Index Futures in Due Course] A spokesperson of the China Securities Regulatory Commission answered reporters' questions on the Opinions on Deepening ChiNext Reform to Better Serve the Development of New Quality Productive Forces, which mentioned enriching the product and service system. This includes optimizing the compilation of ChiNext-related indices, launching more ChiNext-related ETFs and options, introducing ChiNext stock index futures in due course, supporting fund advisory services in allocating ChiNext ETFs, incorporating ChiNext ETFs into the fund platform for transfer, better meeting the asset allocation and risk management needs of different investors, and enhancing investment convenience and attractiveness. [The Nationwide Mine Safety Risk Monitoring and Early Warning "Single Network" Has Been Basically Established] According to the Q1 regular press conference held by the National Mine Safety Administration, the nationwide mine safety risk monitoring and early warning "single network" has been basically established. Safety sensing data from all coal mines in normal production and construction, open-pit mines with high and steep slopes, tailings ponds, and 84% of non-coal underground mines in normal production and construction have been fully integrated into the national mine safety risk monitoring and early warning system. (Xinhua News Agency) [SSE: The Price Limit Ratio for Risk-Flagged Stocks on the Main Board Adjusted from 5% to 10%] The Shanghai Stock Exchange (SSE) publicly solicited opinions on the revision of the Shanghai Stock Exchange Trading Rules. The revision mainly includes the following: First, the scope of securities eligible for after-hours fixed-price trading was expanded from STAR Market stocks to all A-shares and exchange-traded open-end funds. The adjustment helps meet investors' demand for trading at closing prices, extends trading hours for related products, and facilitates the entry of medium and long-term capital into the market. Second, the trading method during the closing session for funds was changed from continuous auction to closing call auction, with the closing price determined through call auction, consistent with SSE-listed stocks. Third, adaptive revisions were made in line with rule changes and business needs, adjusting the price limit ratio for risk-flagged stocks on the main board from 5% to 10%, refining rule language, and optimizing provisions on disciplinary actions. (Jin10 Data) [New Energy Power and Generation in Five Southern Provinces Hit Record Highs] According to China Southern Power Grid, new energy power and generation across the five provinces of Guangdong, Guangxi, Yunnan, Guizhou, and Hainan recently hit record highs. The maximum power generation capacity exceeded 100 million kW for the first time, with daily power generation reaching 1.4 billion kWh, accounting for 30% of total daily power generation. (Xinhua News Agency) US Dollar: Last Friday, the US dollar index extended its decline from the previous four trading days, falling another 0.11% to close at 98.69. On a weekly basis, the US dollar index posted a second consecutive weekly decline, down 1.49% for the week. US inflation surged sharply in March, with the war with Iran driving gasoline prices to their largest single-month gain since 1967, significantly intensifying overall price pressures. Data released Friday by the US Bureau of Labor Statistics showed that the March Consumer Price Index (CPI) rose 0.9% MoM, in line with market expectations, marking the largest single-month increase since June 2022; it rose 3.3% YoY, accelerating significantly from February's 2.4% and hitting the highest level since 2024. Gasoline prices posted their largest single-month gain on record since 1967, almost single-handedly driving the overall monthly increase , contributing nearly three-quarters of the monthly gain. Core CPI, excluding food and energy, rose only 0.2% MoM, below the market expectation of 0.3%, offering some relief to the market and boosting short-term interest rate cut bets. However, economists warned that the second-round effects of this energy shock had not yet been fully reflected in core inflation, and April data faced the risk of further increases. The US dollar fell after the data release. The preliminary reading of the University of Michigan Consumer Sentiment Index for April plunged from 53.3 in March to 47.6, hitting a record low. The current conditions index fell to 50.1, hitting a record low; the expectations index dropped to its weakest level since 1980; and the perception of current financial conditions tied the worst reading since 2009. Consumers expected prices to rise at an annual rate of 4.8% over the next year. This figure surged 1 percentage point from March, marking the largest single-month increase since Trump announced sweeping tariff hikes a year ago. San Francisco Fed President Daly (2027 FOMC voter): Bringing inflation down to 2% is critically important, but doing so at the expense of employment would put households in a difficult position. US economic fundamentals are "solid," and the labour market is more stable. Risks to the US Fed's goals of full employment and inflation are balanced. It is necessary to watch how the conflict evolves and how enterprises pass through price increases. Policy is sufficiently restrictive to exert downward pressure on inflation, while also sufficiently balanced to support a stable labour market. Policy is in a good place, giving us more time to observe how the conflict resolves and how oil prices change. High CPI data would not surprise anyone. The real question is whether the ceasefire can hold — if it does, the high CPI will become "old news." (Wallstreetcn) On the macro front: Data to be released this week include: US March existing home sales annualized total, US March NFIB Small Business Optimism Index, US March PPI YoY, US March PPI MoM, China March trade balance in US dollars, China March trade balance, France March CPI MoM final, Eurozone February industrial output MoM, Canada February wholesale sales MoM, US April NY Fed Manufacturing Index, US March import price index MoM, US April NAHB Housing Market Index, Australia March seasonally adjusted unemployment rate, China March total retail sales of consumer goods, China March industrial value added of enterprises above designated size, UK February three-month GDP MoM, UK February manufacturing output MoM, UK February seasonally adjusted goods trade balance, UK February industrial output MoM, Eurozone March CPI YoY final, Eurozone March CPI MoM final, US initial jobless claims for the week ending April 11, US April Philadelphia Fed Manufacturing Index, US March industrial output MoM, Eurozone February seasonally adjusted current account, and Eurozone February seasonally adjusted trade balance. In addition, other events to watch this week included: the State Council Information Office held a press conference at 10:00 a.m. on Tuesday, April 14, 2026, where Vice Minister of the General Administration of Customs Wang Jun briefed on Q1 2026 import and export performance and answered questions from reporters; the International Monetary Fund (IMF) and the World Bank held their Spring Meetings, running through April 17; Bank of Japan Governor Ueda Kazuo visited the US from April 13 to 18 to attend the G20 and International Monetary and Financial Committee meetings; the IMF released its World Economic Outlook report; the US Fed Board of Governors hosted "Strengthening the US Economy Through Rural Investment: A Working Forum"; Bank of England Governor Bailey participated in a panel discussion at Columbia University; 2027 FOMC voter and Chicago Fed President Goolsbee participated in a panel discussion ahead of the Semafor 2026 World Economy Conference; US Fed Governor Barr delivered opening remarks at the working forum hosted by the US Fed Board of Governors; Philadelphia Fed President Paulsen, Richmond Fed President Barkin, Boston Fed President Collins, and US Fed Governor Barr participated in a fireside chat at the US Fed Board of Governors' working forum; European Central Bank President Lagarde delivered a speech; the National Energy Administration released total electricity consumption data around the 15th of the month; US Fed Governor Bowman delivered a speech at the Institute of International Finance forum; the US Fed released the Beige Book on economic conditions; Bank of England Governor Bailey delivered a speech on global economic imbalances on the sidelines of the IMF meetings; the National Bureau of Statistics (NBS) released the monthly report on residential selling prices in 70 large and medium-sized cities; the State Council Information Office held a press conference on the performance of the national economy; permanent FOMC voter and New York Fed President Williams delivered a speech; the Group of Twenty (G20) Finance Ministers and Central Bank Governors Meeting was held; 2027 FOMC voter and Richmond Fed President Barkin delivered a speech. (Jin10 Data) Crude oil: Last Friday, both oil futures fell overnight, with WTI down 2.29% and Brent down 1.73%. On a weekly basis, WTI futures declined 14.26% for the week, while Brent fell 13.55%. The market focused on progress in US-Iran peace talks. , crude oil futures prices saw relatively small changes as traders were about to head into the weekend, while the US and Iran plan to hold talks that could determine whether a ceasefire in the Middle East can be sustained. Scott Shelton of TP ICAP said: "Traders have basically pulled out of the market. The $7 fluctuations like yesterday seem to have occurred with very few human traders involved. All they were doing was necessary hedging or cleaning up positions to further reduce risk exposure." He also said: "Maybe after this weekend, we'll have a clearer picture of whether the gap between Iran and the US is too wide to reach a deal." (Jinshi Data) Islamic Republic of Iran Broadcasting (IRIB) said on its social media on the 10th that only 4 ships passed through the Strait of Hormuz in the past 24 hours, including one Iranian tanker and one Russian tanker. (Xinhua) Baker Hughes data showed that US drilling companies cut oil and gas rigs for the third time in four weeks. A senior White House official said that skepticism pervaded the White House. The official said that Trump appeared to have acknowledged in recent conversations with advisors that the Strait of Hormuz was unlikely to fully reopen in the short term. However, at the same time, Trump posted on social media on Thursday that oil supply would be restored soon, but he did not elaborate further. The US Department of Energy (DOE) will lend 8.5 million barrels of crude oil from the Strategic Petroleum Reserve to four companies. Hassett, Director of the White House National Economic Council: Gasoline prices are very high at present. I hope the surge in gasoline prices will not affect other areas. The Commodity Futures Trading Commission (CFTC): As of the week ending April 7, speculative net long positions in WTI crude oil futures increased by 5,520 contracts to 109,227 contracts. (Jinshi Data) Recommended Reading: