Looking back at 2025, as the transitional implementation year for the "reverse invoicing" policy, the National Development and Reform Commission's "Document No. 770" explicitly required the termination of local governments' non-compliant investment promotion cooperation. Under the policy guidance of building a unified national market, the copper scrap industry has been gradually moving toward a standardized and compliant development track.

[Guotai Haitong Securities: Multiple Automakers Shorten Payment Terms for Suppliers, Improvement Expected in the Automotive Parts Industry Landscape] According to a research report by Guotai Haitong Securities, if automakers can strictly shorten payment terms for parts suppliers, the price differences of parts will become more pronounced, which will be beneficial for the improvement of the competitive landscape in the long run. The firm maintains an "overweight" rating for the industry and recommends high-quality parts companies that are expected to benefit from the improvement in the industry landscape. (Cailian Press) [Leap Motor's Zhu Jiangming: Least Favors and Hopes to Avoid "Price Wars"] On June 11, Zhu Jiangming, Chairman and CEO of Leap Motor, shared his views on the recent "price wars" in the automotive industry during a media interview: "In fact, the so-called price wars are not as intense as everyone imagines. Many companies are simply combining various discounts that were previously offered separately. This is a promotional strategy aimed at attracting more attention. We cannot arbitrarily reduce prices. We are the least inclined and hope to avoid engaging in 'price wars'." Li Tengfei, Vice President of Leap Motor, added: "Firstly, we do not participate in (price wars), nor do we initiate them; secondly, our cost control capabilities enable us to respond to such market changes, ensuring sustained profitability while maintaining product competitiveness." [Zhongtong Bus: Expected to Continue Positive Growth Trend in 2025] Zhongtong Bus (000957) stated during an institutional survey on June 12 that, based on industry and company operations, 2025 is expected to align with the initial forecasts and continue a positive growth trend, though there will be no significant changes compared to 2024. There will be certain adjustments in the product mix. In 2025, the domestic trade-in subsidy policy will continue with increased subsidy amounts. The integration of urban and rural areas will continue to drive the growth in demand for passenger, freight, and postal services, and the domestic bus market will continue to release incremental demand. After experiencing explosive growth in the previous year, the tourist bus segment will undergo adjustments. The proportion of new energy vehicle sales in exports is expected to increase significantly. [Guangxi: Intensifies and Expands Support for Trade-in Subsidies for Automobiles, Home Appliances, Home Furnishings, Kitchen and Bathroom Products, E-bikes, as Well as Purchase Subsidies for New 3C Digital Products] The General Office of the People's Government of the Guangxi Zhuang Autonomous Region recently issued the "Implementation Plan for Special Actions to Boost Consumption in Guangxi." The plan mentions intensifying and expanding support for trade-in subsidies for automobiles, home appliances, home furnishings, kitchen and bathroom products, and e-bikes, as well as purchase subsidies for new 3C digital products. The scope of subsidies for vehicle scrappage and renewal will be expanded to include eligible China IV vehicle emission standards fuel-powered passenger vehicles. The categories of subsidized home appliances and home furnishings, kitchen and bathroom products will be expanded to 24 and 48 categories, respectively, and the process for subsidy application and review will be optimized. In 2025, the sales of key commodities are expected to be boosted to exceed RMB 38 billion, driving the scrappage and renewal of 4,700 old commercial freight vehicles, the renewal of 400 new energy urban buses, the replacement of power batteries in 700 new energy urban buses, and the scrappage and renewal of 2,500 sets of old agricultural machinery. [Xinhongye: Early payments from downstream automakers will have a positive impact on the company] Xinhongye stated on an interactive platform that early payments from downstream automakers will have multiple positive impacts on the company, such as improving cash flow, reducing financial costs, and enhancing financial flexibility. While ensuring the provision of high-quality products and services, the company will explore win-win payment arrangements with customers. [Chervon Auto: No material information that should be disclosed but has not been disclosed] Chervon Auto (603982.SH) announced that the cumulative deviation in the closing prices of its shares over two consecutive trading days on June 11 and June 12, 2025, reached 20%, constituting abnormal fluctuations in stock trading. After self-inspection and written inquiries to its controlling shareholder, Chervon Precision Technology Holdings Co., Ltd., and the actual controller, Pan Longquan, the company confirmed as of the disclosure date of this announcement that there was no material information that should be disclosed but had not been disclosed. The company's production and operation are proceeding normally and orderly, and there have been no significant changes in its internal and external operating environments, except for the information already disclosed. (Finance News) Related Reading: Weekly Summary of the LFP Market in June [SMM Lithium Battery Market Analysis] [SMM Analysis] Behind the 60-Day Payment Commitment: Suppliers' Wry Smiles and Anticipation Quotations for cobalt-based products continue to fall, with Co3O4 prices dropping by RMB 7,650 in a single week. Will the decline stop next week? [Weekly Observation] [SMM Analysis] Rio Tinto and Codelco Join Forces to Enter the Lithium Triangle, Investing $900 Million to Develop a World-Class Salt Lake Project [SMM Analysis] Separator Prices Remain Stable [SMM Analysis] Raw Material Prices Drag Down Overall Prices, with Potential for a Bottom-Out Rebound During the Policy Window Period The battery and solid-state battery sectors strengthen again, with multiple automakers announcing the latest progress. Lopal shares hit the daily limit for nearly six consecutive trading days. [Hot Stocks] [SMM Analysis] Cathode Material Production Increased MoM in May, with Sluggish Growth in Downstream End-Use Demand [SMM Analysis] Anode Material Production Increased in May Due to Rising Demand [SMM Analysis] Co3O4 Production Increased MoM in May, with Most Industry Players Adopting a Cautious Wait-and-See Attitude Quotations for cobalt-based products collectively "fall," while cobalt chloride smelters maintain firm quotations. Will prices remain high and volatile in the future? [Weekly Observation] [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-Export via Malaysia, and US Domestic Production" (Part I) [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-Export via Malaysia, and US Domestic Production" (Part II) [SMM Analysis] The Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - An Exploration of Three Methods: "Direct Export from China, Re-Export via Malaysia, and US Domestic Production" (Part III) [SMM Analysis] New Breakthrough in Lithium Battery Technology: Can a Single Injection Extend Battery Life? [SMM Analysis] Lithium battery recycling procurement continued to decline in May, potentially marking the sluggishest period of the year [SMM Analysis] In May, the production of ternary cathode material increased by 3.52% MoM [SMM Analysis] In May, the production of ternary cathode precursor decreased by 3.99% MoM

》【Live】Exploring the Transformation of the Global Battery Market, Current Status and Trends of the Low-Altitude Economy Industry, Investment Opportunities in Thailand 》【Live】Opportunities and Challenges in the Global ESS Market, Interpretation of China's Low-Carbon Hydrogen Industry Policies, Outlook for Solid-State Batteries 》【Live】Current Status and Challenges of the Global Lithium Battery Raw Material Supply Chain, LFP Market Forecast, Opportunities and Challenges in Mineral Investment 》【Live】Global Cobalt Market Dynamics, A Decade Review and Outlook of the New Energy Market, Interpretation of the New Mineral Resources Law 【Expert: Impact of Auto Tariffs on Chinese Automakers Relatively Limited】 According to data from the China Passenger Car Association (CPCA), although China is the world's largest automobile producer and exporter, the number of cars directly exported to the US has significantly declined due to US trade policies. In 2024, China exported only 116,000 cars to the US, accounting for just 1.81% of China's total car exports. Dongshu Cui, Secretary General of the CPCA, stated that the proportion of Chinese cars exported to the US is minimal, especially for domestic brands, which will not be affected by the US tariff hike. "The impact of the 25% auto tariff did not exceed expectations," noted Qing Chen, an analyst at BOCOM International. Although the tariff on Chinese cars exported to the US increased by 25%, the overall impact is relatively limited. Prior to this tariff, the US tariff on Chinese NEVs was already 122.5%, and 47.5% for internal combustion engine vehicles. After the new tariffs took effect, the additional tariffs on EVs and internal combustion engine vehicles rose to 145% and 70%, respectively. Under hefty tariffs, most Chinese domestic brands had already announced their withdrawal from the US market. He believes that Chinese automakers will accelerate localization and supply chain regionalization in countries along the "Belt and Road," Southeast Asia, and Europe. 【Hyundai Plans to Suspend Some EV Production Lines Again】 Hyundai plans to suspend some production lines again due to slowing overseas demand for EVs and the impact of US import tariffs. The company will halt operations at Line 12 of Plant 1 in the Ulsan factory from April 24 to 30, which is responsible for producing the Ioniq 5 and Kona EVs. This is the second time Hyundai has temporarily suspended EV production this year, following a five-day shutdown in February due to slowing global EV demand. The latest suspension reflects a significant decline in global orders for EVs, particularly from major export markets such as Europe, Canada, and the US. 【Sinomine Resource Group: Tariff Policy Changes Have Not Significantly Impacted Company Operations】 Sinomine Resource Group stated on an interactive platform that its overseas revenue mainly comes from subsidiaries such as Bikita in Zimbabwe, Tanco in Canada, and SSF Ltd in the UK. The company's cesium, rubidium, and lithium chemicals businesses have a strong market reputation, with downstream clients including several domestic and international publicly listed firms and top-tier enterprises. Tariff policy changes have not significantly impacted the company's operations. 【Hainan Mining: Transfer of Mining Rights for Bougouni Lithium Project Completed】 Hainan Mining (601969.SH) announced that its subsidiary, Kodal Mining UK, signed a Memorandum of Understanding with the Malian government regarding the transfer of mining rights for the Bougouni lithium project. Recently, the transfer was approved, and the certificate was registered under Le Mines de Lithium de Bougouni SA, with an initial validity period of 10 years. The company will proceed with government equity participation and project commissioning. 【Fangyuan Co., Ltd.: Termination of Battery-Grade Lithium Carbonate Production and Comprehensive Utilisation of Waste LFP Battery Project】 Fangyuan Co., Ltd. (688148.SH) announced that due to changes in the market environment and the company's business development strategy, it has decided to terminate the investment of up to 3 billion yuan in the "Battery-Grade Lithium Carbonate Production and Comprehensive Utilisation of Waste LFP Battery Project." The project was originally planned to be constructed in two phases, with the first phase including an annual production of 30,000 mt of battery-grade lithium carbonate and 46,000 mt of iron phosphate precursor, and the second phase including an annual production of 40,000 mt of LFP cathode material. The company has already invested 97 million yuan in the project and has returned the project land. The company will proceed with the deregistration of Fangyuan Lithium and other follow-up matters. This decision aims to optimize resource allocation, reduce operational risks, and improve operational efficiency, and will not adversely affect the company's business development. 【EVE: 2024 Net Profit Up 0.63% YoY, Plans to Distribute 5 Yuan per 10 Shares】 EVE (300014.SZ) announced its 2024 annual report, with revenue of 48.615 billion yuan, down 0.35% YoY, and net profit attributable to shareholders of 4.076 billion yuan, up 0.63% YoY. The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included). Note: Q3 2024 net profit was 1.051 billion yuan, and Q4 2024 net profit was 887 million yuan, down 15.64% QoQ. Related Readings: 【SMM Analysis】Weekly Review of the Lithium Carbonate Market: Prices Remain Stable, Buyers and Sellers in Stalemate 【SMM Analysis】Lithium Hydroxide Weekly Market Review, 4.14-4.18 【SMM Analysis】Ternary Cathode Material Prices Slightly Pulled Back This Week 【SMM Analysis】Ternary Cathode Precursor Prices Slightly Corrected This Week 【SMM Analysis】Dry Separator Prices Expected to Bottom Out 【SMM Analysis】Anode Material Prices Remained Stable This Week 【SMM Analysis】Weekly Update on the LFP Material Market 【SMM Analysis】ESS Battery Cell Price Trends, 4.11-4.17 【SMM Analysis】Dry Separator Prices Showed an Upward Trend This Week 【SMM Analysis】Power Battery Cell Prices Remained Stable with Slight Fluctuations 【SMM Analysis】Lithium Mine Weekly Market Review, 4.14-4.18 【SMM Analysis】Graphitisation Tolling Services Prices Remained Stagnant This Week 【SMM Analysis】Recent Electrolyte Prices, 4.14-4.17 【SMM Analysis】Petroleum Coke Prices Held Steady, Needle Coke Prices Slightly Declined This Week 【SMM Analysis】A Review of Waste Battery for Cascade Utilisation Price Trends This Week, 4.14-4.17 【SMM Analysis】Spot Prices of Refined Cobalt Rose 【SMM Analysis】Spot Prices of Cobalt Intermediate Products Remained Stable 【SMM Analysis】Spot Prices of Cobalt Sulphate Remained Temporarily Stable 【SMM Analysis】Cobalt Chloride Market Showed a Stable Trend This Week 【SMM Analysis】Co3O4 Market Prices Showed Relative Stability This Week

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