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

Notice of the General Office of Yancheng Municipal People's Government on Issuing the Implementation Plan for Promoting the Construction of Yancheng's National Carbon Peak Pilot Project To the People's Governments of all counties (cities, districts), the Administrative Committee of Yancheng Economic and Technological Development Zone, the Administrative Committee of Yannan High-tech Zone, all commissions, offices, and bureaus of the city, and all directly affiliated units of the city: The Implementation Plan for Promoting the Construction of Yancheng's National Carbon Peak Pilot Project is hereby issued to you. Please implement it carefully in light of your actual conditions. General Office of Yancheng Municipal People's Government May 23, 2025 (This document is for public release)Implementation Plan for Promoting the Construction of Yancheng's National Carbon Peak Pilot Project Thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference. Centered around the implementation of Yancheng's national carbon peak pilot project implementation plan, adhere to the comprehensive green transformation of economic and social development as the guide, reform and innovation as the fundamental driving force, the construction of zero-carbon parks to promote the green transformation of production methods, new-type power systems to drive changes in energy production and consumption patterns, and carbon footprint management of products in key industries to actively respond to international green trade barriers. Build a high-quality demonstration zone for green and low-carbon development, contributing the Yancheng approach to achieving the "30·60" goals. I. Explore policy innovations and establish a dual-control management system for carbon emissions Actively promote the transition from dual controls on energy consumption and energy intensity to dual controls on carbon emissions. Explore the construction of the city's carbon emissions statistical accounting system, and establish and improve policy mechanisms for carbon emissions planning, carbon data monitoring, carbon budget management, comprehensive carbon assessment, and product carbon footprint management. (1) Pilot the preparation of carbon emissions planning. Incorporate carbon emissions indicators into the 15th Five-Year Plan for National Economic and Social Development, fully considering factors such as economic development, energy security, and the normal production and life of the masses. Reasonably determine carbon emissions targets for the five-year planning period, and solidify the responsibilities of key counties, districts, and key enterprises for emission control and reduction. During the 15th Five-Year Plan period, carbon emissions intensity reduction will be treated as a binding indicator for national economic and social development, and statistical accounting of total carbon emissions will be carried out. Strive to achieve a stable decline in carbon dioxide emissions by 2030, with some regions making progress in the field of carbon neutrality. [Led by the Yancheng Municipal Development and Reform Commission (NDRC), the Yancheng Municipal Ecology and Environment Bureau, and the Yancheng Municipal Bureau of Statistics, with responsibilities divided among the Yancheng Municipal Industry and Information Technology Bureau, the Yancheng Municipal Transportation Bureau, the Yancheng Municipal Natural Resources and Planning Bureau, etc. The following tasks also require implementation by the People's Governments of all counties (cities, districts), the Administrative Committee of Yancheng Economic and Technological Development Zone, and the Administrative Committee of Yannan High-tech Zone, and will not be listed separately.] (2) Build a "dual carbon" data management platform. In accordance with the principles of data availability, security, and effectiveness, regularly collect and analyze the city's energy consumption and industrial production activities, statistically account for carbon emissions by sector, industry, and enterprise, and construct an intelligent municipal-level carbon peak and carbon neutrality data monitoring, analysis, and management system. By 2026, achieve real-time monitoring and analysis of carbon emissions for five coastal counties (cities, districts) as well as six major energy-intensive industries and enterprises with an annual comprehensive energy consumption exceeding 5,000 mt of standard coal. By 2028, achieve full coverage of monitoring and analysis for key carbon-emitting entities across all industries, with counties (cities, districts) as the unit. (Led by the Municipal Statistics Bureau, Municipal Ecology and Environment Bureau, and Municipal Development and Reform Commission (NDRC), with responsibilities divided among the Municipal Industry and Information Technology Bureau, Municipal Data Bureau, Yancheng Power Supply Company, etc.) (III) Establish a carbon emission budget management system. Keep pace with the national process of constructing a dual control system for carbon emissions, and, in light of Yancheng's actual work situation, conduct research on the topic of carbon budget management for the "15th Five-Year Plan" period, proposing a comprehensive budget management approach covering budget preparation, issuance, execution, evaluation, and assessment. By 2025, take the lead in issuing special carbon budget management plans for key parks, key industries, and key enterprises. By 2030, the energy utilization efficiency of enterprises in the city's key energy-intensive industries will reach advanced international and domestic levels. (Led by the Municipal NDRC and Municipal Ecology and Environment Bureau, with responsibilities divided among the Municipal Statistics Bureau, Municipal Industry and Information Technology Bureau, Municipal Housing and Urban-Rural Development Bureau, Municipal Transportation Bureau, etc.) (IV) Conduct comprehensive evaluations of carbon peak pilot projects. Implement the national and provincial comprehensive evaluation and assessment systems for carbon peak and carbon neutrality. Strengthen the monitoring and analysis of green and low-carbon development levels, and break down the 26 indicators, 24 key tasks, and 39 key projects for the construction of our city's carbon peak pilot project into annual tasks, assigning them to relevant departments and counties (cities, districts). Timely track and coordinate the progress of related work, and provide timely warnings and guidance for projects that are not progressing as expected. (Led by the Municipal NDRC, with responsibilities divided among the Municipal Industry and Information Technology Bureau, Municipal Ecology and Environment Bureau, Municipal Statistics Bureau, etc.) (V) Implement carbon footprint management for key products. Actively promote carbon footprint accounting for PV products and participate in the formulation of provincial or industry standards for carbon footprint quantification methods for PV module products. Encourage enterprises to apply for carbon footprint labeling and certification for their products, and provide certain rewards to eligible certified enterprises. Explore carbon footprint accounting for products in the wind power equipment industry and promote carbon footprint labeling and certification for products in the wind power industry. Explore incorporating relevant requirements for carbon footprint management into government procurement demand standards, encouraging and guiding state-owned enterprises and institutions to give priority to purchasing carbon-labeled and certified products under equal conditions. By 2030, carbon footprint labeling and certification for new energy equipment products will be widely applied. (Led by the Municipal Market Supervision Administration and Municipal NDRC, with responsibilities divided among the Municipal Ecology and Environment Bureau, Municipal Industry and Information Technology Bureau, Municipal Finance Bureau, Municipal State-owned Assets Supervision and Administration Commission, etc.) II. Highlight Demonstration and Leadership, and Build a Highland for Green and Low-Carbon Development Parks Adhere to the simultaneous advancement of "five modernizations"—clean energy, green industries, low-carbon facilities, intelligent management, and international certification—accelerate the construction of zero-carbon parks, and promote the local consumption and application of a high proportion of renewable energy. (VI) Develop model zero-carbon industrial parks. Research and formulate evaluation criteria and technical specifications for the construction of zero-carbon parks, and promote the integration of construction specifications for coastal zero-carbon parks into the relevant national standard system. Improve the construction of intelligent energy and carbon management platforms in parks, conduct research on park-level power carbon emission factors, and strive for certification and recognition from international authoritative departments. Annually attract over 30 new domestic and foreign-funded green electricity demand-driven projects that are affected by international carbon-related trade policies. Strengthen alignment with carbon footprint accounting rules in Europe and the United States, and complete carbon footprint accounting and ESG information disclosure for over 30 products each year. Implement energy-saving and carbon-reduction projects for infrastructure such as buildings, transportation, lighting, and heating (cooling), and establish over 10 green factories and zero-carbon factories at or above the provincial level annually. By 2028, the total carbon emissions of three zero-carbon parks will decrease year by year, and at least one national-level zero-carbon park will be basically established. (Led by the Municipal Development and Reform Commission, with responsibilities divided among the Municipal Industry and Information Technology Bureau, Municipal Finance Bureau, Municipal Ecology and Environment Bureau, Municipal Housing and Urban-Rural Development Bureau, Municipal Transportation Bureau, Municipal Commerce Bureau, Municipal Market Supervision Administration, Yancheng Power Supply Company, etc.) (VII) Build a new-type power system with a high proportion of green electricity. Deeply promote the projects of "introducing green electricity into parks" and "introducing green electricity into enterprises," and accelerate the pilot construction of four coastal new-type power system parks in Dafeng Port Economic Development Zone, Sheyang Port Economic Development Zone, Huanghai New Area, and Yancheng Economic and Technological Development Zone. Aiming for green electricity to be sourced locally, consumed locally, at the lowest cost, and traceable, accelerate the formulation and improvement of plans for grid connection and consumption of green electricity in parks, promote the integrated development of generation-grid-load-storage in parks, continuously advance the construction of a high-proportion green electricity supply system in parks, and accelerate the construction of ESS power stations. Support export-oriented power battery enterprises in applying for the "direct green electricity connection" pilot project, and explore forming an electricity price advantage for zero-carbon industrial parks through green electricity trading. (Led by the Municipal Development and Reform Commission, with responsibilities divided among Yancheng Power Supply Company, etc.) (VIII) Promote large-scale development and utilization of new energy. Strengthen the management of new energy resources, and enhance the orderly development and rational utilization of onshore wind power and offshore PV resources. Accelerate the construction of offshore wind power and market-oriented grid-connected PV power generation projects, and promote clean substitution in energy supply and electrification substitution in energy consumption. Establish renewable energy-based hydrogen production, and orderly develop green fuels such as green methanol, green liquid ammonia, bio-natural gas, bio-diesel, and bio-jet fuel. Plan and construct the Yancheng Offshore Energy Island from a high starting point, explore multi-energy conversion application scenarios, and build a regional production, trade, and bunkering center for green hydrogen, ammonia, methanol, and bio-jet fuel. Guide new energy power generation enterprises to sign medium and long-term green electricity agreements with green electricity demand users, and increase the proportion of local green electricity consumption. By 2025, the total installed capacity of renewable energy will exceed 20 million kW. By 2030, the annual power generation from renewable energy sources will exceed 45 billion kWh, and an offshore integrated smart energy island will be initially established, centered around an offshore power hub and integrating multiple functions such as hydrogen production and refueling, and marine ranching. (Led by the Municipal Development and Reform Commission, with responsibilities divided among the Municipal Natural Resources and Planning Bureau, the Municipal Industry and Information Technology Bureau, Yancheng Power Supply Company, etc.) III. Adhere to New Quality Empowerment and Expand Green and Low-Carbon Industrial Clusters Increase green and low-carbon technological innovation, and consolidate and expand the scale of green and low-carbon advantageous industries. Transform traditional industries with green and digital technologies, and promote the renewal and upgrading of technological processes as well as the recycling of resources. (9) Implement demonstration projects for advanced green and low-carbon technologies. Focusing on the seven major themes of "wind, solar, hydrogen, energy storage, carbon, marine, and agriculture," efforts will be made to build the Yancheng Green and Low-Carbon Science and Technology Innovation Park. Plan and construct a zero-carbon and negative-carbon industry (technology) research institute from a high starting point. Organize and implement key R&D plans for carbon peaking and carbon neutrality, focusing on areas such as renewable energy, hydrogen energy, energy storage and smart grids, and the circular economy, to promote breakthroughs in advanced technologies and the application of research outcomes. Support eligible projects to be included in the national demonstration projects for advanced green and low-carbon technologies, and recommend them for inclusion in ultra-long-term special treasury bonds and central budgetary investments. (Led by the Municipal Science and Technology Bureau, with responsibilities divided among the Municipal Development and Reform Commission, the Municipal Industry and Information Technology Bureau, etc.) (10) Vigorously develop a green and low-carbon circular economy. Leverage the guiding role of the Yancheng Green and Low-Carbon Industrial Mother Fund to expand and strengthen advantageous industries such as new energy, NEVs and their core parts, and next-generation information technology. Accelerate the development of characteristic industries such as green environmental protection, and proactively plan for future industries such as hydrogen energy and new-type energy storage. Actively promote the development of remanufacturing and second-life application industries, establish a material recycling and circular utilization system with "one product per county," and explore comprehensive utilization models for new types of waste such as retired PV modules, wind turbine blades, and spent power batteries. By 2030, a comprehensive, efficient, and standardized waste material utilization system will be fully established, and the scale of the green and low-carbon industry will reach 500 billion yuan. (Led by the Municipal Development and Reform Commission and the Municipal Industry and Information Technology Bureau, with responsibilities divided among the Municipal Ecology and Environment Bureau, the Municipal Commerce Bureau, etc.) (11) Promote energy conservation, carbon reduction, and efficiency enhancement in key areas. Focus on high-energy-consuming industries such as steel, chemicals, non-ferrous metals, and building materials, as well as key areas such as construction and public institutions, to carry out "diagnosis + transformation" and establish and improve a reserve list for energy conservation and carbon reduction transformation projects and energy-using equipment renewal projects. Implement over 20 key energy-saving technological transformation projects annually, achieving an additional energy savings of over 20,000 mt of standard coal. Strengthen energy conservation reviews for fixed asset investment projects, explore the implementation of project carbon emission assessments, and strictly control the energy consumption and carbon emissions of new projects. Actively promote energy-efficient and low-carbon transportation modes, aiming to achieve a green travel rate of over 75% by 2030. (Led by the Municipal Industry and Information Technology Bureau, with responsibilities shared among the Municipal Development and Reform Commission (NDRC), Municipal Ecology and Environment Bureau, Municipal Housing and Urban-Rural Development Bureau, Municipal Transportation Bureau, Municipal Government Offices Administration Bureau, Municipal Data Bureau, etc., according to their respective duties.) IV. Leverage Ecological Advantages to Expand the Value Conversion Channels of "Lucid Waters and Lush Mountains" Adhere to the integrated protection and systematic governance of mountains, rivers, forests, farmlands, lakes, grasslands, and deserts, enhance the carbon sink increment of ecosystems, establish blue carbon sink ecological function zones, and establish and improve mechanisms for realizing the value of ecological products. (12) Strengthen carbon sink accounting in ecosystems. Explore the technical system for monitoring, assessing, and accounting carbon sinks in ecosystems, and conduct research on carbon sink measurement in forest, marine, wetland, and other ecosystems. Strengthen research and promotion of technologies for enhancing carbon sinks in ecosystems, promote information sharing on carbon sink projects, and drive the development of the carbon sink industry in ecosystems. Actively develop innovative green financial products such as "carbon sink loans" for various ecosystems. By 2030, strive to become a pioneering area for ecosystem carbon sinks with distinctive features, highlights, and achievements nationwide. (Led by the Municipal Natural Resources and Planning Bureau, with responsibilities shared among the Municipal Ecology and Environment Bureau, Municipal Agriculture and Rural Affairs Bureau, Municipal Market Supervision and Administration Bureau, Yancheng Branch of the People's Bank of China, Rare Bird Reserve, Huanghai Financial Holding Group, etc., according to their respective duties.) (13) Explore the construction of a carbon inclusion system. Explore the development of a carbon inclusion mechanism based on scenarios such as green travel, green consumption, and low-carbon lifestyles, establish personal carbon accounts, and incentivize public participation in emission reduction through the exchange of points for commercial coupons or services. Explore the development of methodologies for carbon inclusion in salt marshes, phytoplankton, shellfish, etc., promote the development of carbon inclusion projects with Yancheng characteristics in forests, wetlands, oceans, etc., and encourage the use of verified emission reductions from carbon inclusion to achieve carbon neutrality for large-scale events. (Led by the Municipal Ecology and Environment Bureau, with responsibilities shared among the Municipal Development and Reform Commission (NDRC), Municipal Natural Resources and Planning Bureau, Municipal Market Supervision and Administration Bureau, Municipal Transportation Bureau, Municipal Commerce Bureau, Huanghai Financial Holding Group, etc., according to their respective duties.) (14) Fully integrate into the national carbon market. Actively organize enterprises in key industries such as coal-fired power, steel, and cement to participate in the national carbon emissions trading market, and strengthen compliance and settlement of carbon emission allowances. Implement a reporting system for greenhouse gas emissions from key carbon-emitting entities, and comprehensively improve the quality management level of carbon emission data from key emitting entities. Support the development of eligible forestry carbon sink projects into voluntary greenhouse gas emission reduction projects and participate in the national voluntary greenhouse gas emission reduction trading. (Led by the Municipal Ecology and Environment Bureau, with responsibilities shared among the Municipal Market Supervision and Administration Bureau, Municipal Natural Resources and Planning Bureau, Huanghai Financial Holding Group, etc., according to their respective duties.) The Leading Group for the Construction of the Municipal Green and Low-Carbon Development Demonstration Zone is responsible for coordinating and advancing the pilot construction of carbon peak achievement across the city. A special municipal-level fund for carbon peak and carbon neutrality will be established to support pilot work in carbon emission statistics, carbon data monitoring, carbon budget management, carbon footprint certification, and ecological carbon sink accounting. Events such as the "National Energy Conservation Promotion Week" and "National Ecology Day" will be organized to promote energy-saving, environmentally friendly, and green production and lifestyles, guiding enterprises and the public to participate in carbon peak efforts. The achievements and highlights of the pilot construction work for carbon peak will be promptly summarized and promoted.

[Many "Firsts" in Jiangxi] The first aircraft, the first diesel-wheeled tractor, the first military sidecar motorcycle, the first coastal defense missile, the first artificial satellite of New China, and even the current C919 large passenger aircraft were all born here. [Industrial Advantages] The non-ferrous metal industry is the largest pillar industry in Jiangxi Province. The new connotations of the "dual controls" on energy consumption, the "dual carbon" goals, and high-quality development have set new requirements for the expansion and strengthening of the non-ferrous metal industry. Promoting the further healthy, rapid, and orderly development of the non-ferrous metal industry and enhancing its core competitiveness are inevitable requirements for transforming Jiangxi from a major province of non-ferrous metal resources into a strong province of the non-ferrous metal industry. It is also a crucial measure to facilitate Jiangxi's achievement of carbon peaking by 2030. Relying on Jiangxi Province's abundant non-ferrous mineral resources, the non-ferrous metal industry in Jiangxi has developed rapidly, with its scale continuously expanding and its level steadily improving. It has become the largest pillar industry in Jiangxi, currently a key "trillion-yuan" industry being cultivated in the province, and an undeniable "anchor" of Jiangxi's manufacturing sector. Jiangxi has become an important mining and production site for non-ferrous metals in China. Jiangxi Province boasts superior ore-forming geological conditions and abundant mineral resources, making it one of China's important bases for non-ferrous, rare, rare earth, and uranium minerals, with a relatively high degree of mineral resource complementarity. Jiangxi's seven major types of minerals—copper, tungsten, rare earths, uranium, tantalum-niobium, gold, and silver—are known as the "Seven Golden Flowers." According to Jiangxi Province's "2+6+N" action plan for high-quality and leapfrog development of industries, the province's main business income from the non-ferrous metal industry is expected to reach the trillion-yuan level. To promote the healthy development of Jiangxi Province's non-ferrous metal industry, facilitate foreign economic and trade cooperation, and guide the integration of Jiangxi's non-ferrous metal industry with international standards, the organizing committee, after conducting in-depth market and project analysis surveys at the grassroots level multiple times with government authorities and industry associations, has decided to hold the "2025 China (Jiangxi) International Non-Ferrous Metals and Metallurgical Industry Exhibition" at the Nanchang Greenland International Expo Center from November 23-25, 2025. We look forward to seeing you there! [ Exhibition Schedule ] Registration and Booth Setup: November 21-22, 2025; Opening Ceremony: 9:30 AM, November 23, 2025 Exhibition and Trading: November 23-25, 2025; Dismantling of Booths: 2:00 PM, November 25, 2025 [Scope of Exhibits] Non-Ferrous Metal Raw Materials: Raw materials of non-ferrous metal mineral products such as copper, aluminum, magnesium, titanium, zinc, lead, manganese, zirconium, vanadium, nickel, molybdenum, silicon, antimony, tin, chromium, tungsten, tantalum, and indium; magnetic materials, rare and rare earth materials, precious metal materials, and various alloy materials; Non-Ferrous Metal Products: Copper products, aluminum products, titanium alloy products, magnesium alloy products, powder metallurgy products, etc.; Metallurgical Equipment and Technologies: Smelting furnaces, refining equipment, smelting pumps and valves, conveying equipment, heat exchange equipment, flue gas acid-making equipment, corrosion-resistant equipment, hydrometallurgy equipment, electrolysis equipment, high-power rectifier power supplies, electrolytic cells, extraction equipment, surface treatment equipment, etc.; Metalworking Machine Tools: Lathes, milling machines, sawing machines, drilling machines, grinding machines, punch presses, boring machines, and machining centers. Electrical discharge machines (EDMs), wire-cut EDMs, laser processing equipment, etc.; Metal automation control equipment: frequency converters, fieldbuses, industrial personal computers (IPCs), instruments and meters, automation control, robots, electronic application systems, weighing instruments, and information-based solutions for the equipment manufacturing industry, etc.; Auxiliary materials for metal production: chemicals, solvents, refractory materials, catalysts, gases, lubricating oils, etc.; Powder metallurgy: raw materials, equipment, products, 3D printing, polymer powder materials, ceramic powder materials; Casting, die-casting, and forging: supporting products such as castings, casting equipment, casting materials, casting molds, casting/pouring robots, new casting technologies, various heat treatment furnaces, industrial furnaces, die-castings, die-casting molds, die-casting machines and peripheral equipment, post-processing equipment for die-castings, surface treatment technologies and equipment, die-casting robots, and supporting products for new die-casting technologies, forgings, flanges and ring parts, forging equipment and accessories, surface treatment technology and equipment, automation, forging mold manufacturing technologies and equipment, and forging raw materials. Geological (mine) exploration technology and equipment: geophysical prospecting technology, geochemical prospecting technology, aerial survey and remote sensing technology, surveying and mapping technology, geological data processing, mineral product analysis, and laboratory instruments and meters. Mining technology and equipment: excavation equipment, drilling and rock-breaking equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mine dump trucks), hoisting equipment, drilling rigs, construction machinery, etc. [Media Promotion] 65 authoritative financial media outlets, including Jiangxi Daily, Jiangxi TV's Economic Channel, Dajiang.com's Finance Channel, Jiangxi.com, China.com, China Daily Website, and China Finance Online; 10 popular self-media platforms, including Sohu, NetEase, and Toutiao; 53 leading professional media outlets in industries such as China Mining Network, China Excavator Network, China Foundry Network, China Die Casting Network, China Automotive Manufacturing Network, China Nonferrous Metals Network, Nonferrous Metals Information Network, and metalworking, as well as 180 other relevant professional media outlets in other industries; Comprehensive keyword search customer coverage through online search platforms such as Baidu Promotion and 360 Promotion; [Concurrent Events] 2025 China Foundry Technology Innovation Outstanding Contribution Award Ceremony 2025 China Metallurgical Melting and Casting Technology Seminar 2025 China Recycled Metal Industry Chain Integration and Development Forum 2025 China New Energy Vehicle and Auto Body Lightweight Summit Forum 2025 China Green Mine Development Forum [Exhibition Details] ★Standard booth (3m×3m): Domestic enterprises: RMB 9,800 yuan per booth; Foreign enterprises: RMB 15,800 yuan per booth; ★International brand booth (9 ㎡, with luxury decoration): RMB 12,800 yuan per booth; Foreign enterprises: RMB 18,800 yuan per booth; ★Indoor bare space (minimum rental area of 36㎡): Domestic enterprises: RMB 1,000 yuan per ㎡; Foreign enterprises: RMB 2,000 yuan per ㎡; Booth equipment: Two fluorescent tubes, one waste paper basket, display panels, header boards, one table and two chairs, air conditioning, lighting, security, cleaning, etc. Note: No exhibition equipment or facilities are provided in the open space. The special decoration management fees and {{hydropower}} fees charged by the exhibition hall shall be borne by the exhibitors and their special decoration contractors. [Secretariat of the Organizing Committee] Contact Person: Jia Song 150-3826-2376 (WeChat sync) 138-3921-4033 (WeChat sync)

On April 23, at the CCIE-2025SMM (20th) Copper Industry Conference and Copper Industry Expo—Low-Carbon Energy Transition Forum for the Copper Industry , hosted by SMM Information & Technology Co., Ltd. (SMM), Shanghai Nonferrous Metals Trading Center, and Shandong Aisi Information Technology Co., Ltd., with Jiangxi Copper Corporation and Yingtan Inland Port Holdings Co., Ltd. as the main sponsors, Shandong Humon Smelting Co., Ltd. as a special co-organizer, and Xinhuang Group and Zhongtiaoshan Nonferrous Metals Group Co., Ltd. as co-organizers , Ding Xiaoli, Marketing Manager of Shanghai Pincheng Jingyao PV Technology Co., Ltd., elaborated on the lightweight energy transition solution for PV applications—"Metal + PV" lightweight energy transition solution for Jingyao PV. Carbon Neutral Energy Structure Transition: New Energy Will Account for Over 80% in the Future ► High Energy Consumption Characteristics of the Copper Industry Nonferrous Metals (Copper)—A Typical Energy-Intensive Industry The smelting process consumes extremely high energy, with electricity consumption per mt of copper reaching 2,500–3,000 kWh. The comprehensive energy consumption for producing 1 mt of copper cathode is approximately 1.2 mt of standard coal, significantly higher than many industrial products (steel energy consumption per mt is about 0.6 mt of standard coal). The total energy consumption of China's nonferrous metals industry accounts for about 5% of the national total, with copper, aluminum, lead, and zinc being the major contributors. The energy intensity (energy consumption per unit GDP) of copper smelting is 3-5 times the average level of the manufacturing industry. ► Carbon Reduction Pathways for the Copper Industry Combining technical feasibility and economic viability, the "Green Electricity + Recycling + Intelligence" model will become mainstream. ►PV Green Electricity: A Key Driver of the Energy Revolution Policy Drivers: Dual controls on energy consumption and carbon emissions, Energy Law of the People's Republic of China. Economic Drivers: Currently, electricity costs account for 15%-40% of the total costs in various operational stages of the copper industry. By adopting PV power generation, electricity costs can be reduced to approximately 0.1 yuan/kWh (taking a 100,000 m² PV rooftop as an example, with a comprehensive system efficiency of 82%, an annual average power generation of 12 million kWh, a total operation period of 25 years, and a unit price of 2.8 yuan/W (including modules & EPC), the electricity cost is approximately 0.1 yuan/kWh). The cost of copper cathode production can be reduced by 250–300 yuan per mt (assuming copper prices are 50,000 yuan/mt: electricity prices decrease by 0.1 yuan/kWh). Industry Green Benchmark: Over 25 years, cumulative power generation of 300 million kWh; saving over 130,000 mt of standard coal; reducing carbon emissions by over 350,000 mt; reducing sulfur dioxide emissions by over 130,000 mt; equivalent to planting 800,000 trees. Three Major Pain Points in the Green Transformation of Copper Plant Facilities Pain Point 1: Load Issues ⇒ What if the roof load is insufficient? The industry developed early, and most early-stage plants have undergone years of production, leading to aging roof structures and insufficient load capacity. Pain Point 2: Adaptation Issues ⇒ Curved roofs and traditional modules are incompatible. Due to production processes, there are many functional zones, with significant differences in roof types and materials across different areas. Pain Point 3: Maintenance Issues ⇒ Dust accumulation affects PV power generation. During operations, the copper industry releases particulates and corrosive gases, increasing operational and maintenance costs. Pain Points of Traditional Modules and Industry Scenario Applications Addressing Pain Points Core Technological Advantages Enhancing water resistance, improving power generation stability, and extending service life. Additionally, the presentation covered unique competitive advantages created by an innovative industry chain, core technological advantages (polymer chain group modification technology, resin-fiber interface strength improvement technology, nano-hybrid modification and surface treatment flame-retardant technology, nano-oxide coating self-cleaning technology), performance advantages of PV modules based on material advantages, authoritative national certifications, the lightweight PV module product system of Pincheng Jingyao, installation solutions, company qualifications and honors, technical patents, and related application cases. » Click to view the special report on the CCIE-2025SMM (20th) Copper Industry Conference and Copper Industry Expo.

The significant price increase in spot rare earth cargo in Q1 drove positive Q1 performance for several rare earth enterprises, including China Northern Rare Earth and China Rare Earth Holdings. The rare earth permanent magnets concept sector performed remarkably after the Labour Day holiday. As of 10:53 on May 6, the rare earth permanent magnets concept sector rose by 4.45%. In terms of individual stocks, Jingyuntong, Shenghe Resources, and Tianhe Magnetic Material hit the daily limit up, Jiuling Technology rose nearly 25%, Xici Technology and Earth-Panda Advanced Magnetic Material rose over 10%, and GSHC Rare Earth, Longi Magnet, and Galaxy Magnets were among the top gainers.

SMM May 6 Report: The significant rise in rare earth spot prices in Q1 drove positive earnings reports for several rare earth companies, including China Northern Rare Earth and China Rare Earth, in the first quarter. The rare earth permanent magnets concept sector performed exceptionally well after the Labour Day holiday. As of 10:53 on May 6, the rare earth permanent magnets concept sector rose by 4.45%. Among individual stocks, Jingyuntong, Shenghe Resources, and Tianhe Magnetic Materials hit the daily limit, Jiuling Technology surged nearly 25%, while Xici Technology, Earth Panda, and others rose over 10%. Guangsheng Nonferrous Metals, Longmag Technology, and Galaxy Magnets were among the top gainers. Market News 【Grinm Advanced Materials: Q1 net profit surged 14,698% YoY】 Grinm Advanced Materials announced that in Q1, it achieved revenue of 1.84 billion yuan, down 18.67% YoY. Net profit attributable to shareholders of listed companies was 67.3847 million yuan, up 14,698.12% YoY. The main reason was the increase in net profit of its subsidiary Grinm Yijin and its holding subsidiary Grinm Rare Earth. 【China Northern Rare Earth: Q1 net profit surged 727% YoY, driven by higher sales volumes and prices of major rare earth products】 China Northern Rare Earth announced that in Q1, it achieved revenue of 9.287 billion yuan, up 61.19% YoY. Net profit attributable to shareholders of listed companies was 431 million yuan, up 727.3% YoY. The main reasons were the year-on-year increase in the average selling price of the company's major rare earth products and the increase in gross profit. Meanwhile, the net cash flow generated from operating activities was 410 million yuan, up 371.14% YoY. Additionally, the production and sales volumes of rare earth oxides, rare earth salts, rare earth metals, magnetic materials, and other products increased in Q1. 【China Rare Earth: Prices of some products in the rare earth market rebounded, turning Q1 net profit around YoY】 China Rare Earth disclosed its 2025 Q1 report on April 28, showing that the company achieved total operating revenue of 728 million yuan, up 141.32% YoY. Net profit attributable to shareholders of the listed company was 72.6181 million yuan, turning around from a loss YoY. Net profit excluding extraordinary items was 66.224 million yuan, also turning around from a loss YoY. The net cash flow generated from operating activities was -119 million yuan, compared to -504 million yuan in the same period last year. During the reporting period, the company's basic earnings per share were 0.0684 yuan, and the weighted average return on net assets was 1.55%. Regarding the increase in operating revenue, China Rare Earth stated that it was mainly due to the rebound in prices of some products in the rare earth market, prompting the company to adjust its sales strategy, thereby increasing operating revenue. Pr-Nd oxide prices rose significantly in Q1 》Click to view SMM Metal Rare Earth Spot Prices 》Subscribe to view SMM Metal Spot Historical Price Trends On May 6, the first trading day after the Labour Day holiday, prices of some rare earth products, including Pr-Nd oxide, rose slightly. The increase in prices of rare earth products such as Pr-Nd oxide in Q1 improved the operating performance of many rare earth companies. Reviewing the price trend of SMM Pr-Nd oxide in Q1, it can be seen that the average price of Pr-Nd oxide on March 31 was 444,500 yuan/mt, up 46,500 yuan/mt from the average price of 398,000 yuan/mt on December 31, 2024, representing a Q1 increase of 11.68%. Comparing the daily average price of Pr-Nd oxide in Q1 2025 (429,605.26 yuan/mt) with that in Q1 2024 (381,646.55 yuan/mt), it can be seen that the daily average price in Q1 2025 rose 12.57% YoY. Looking at the price performance of rare earth carbonate in Q1, the average price on March 31 was 35,950 yuan/mt, up 3,340 yuan/mt from the average price of 32,250 yuan/mt on December 31, 2024, representing a 10.36% increase. The daily average price of rare earth carbonate in Q1 2025 was 34,792.98 yuan/mt, up 3,825.04 yuan/mt from the daily average price of 30,967.24 yuan/mt in Q1 2024, representing a 12.35% YoY increase. Market Sentiment 【China Northern Rare Earth: Total imports of ore significantly reduced this year, further improving the supply-demand relationship】 On April 25, Qu Yedong, General Manager of China Northern Rare Earth, stated at the 2024 Annual Performance and Cash Dividend Briefing that, "In 2025, the total imports of ore will be significantly reduced. Meanwhile, under the stimulus of a series of national consumption policies, consumption orders in key downstream sectors will continue to be released, further improving the supply-demand relationship. This is expected to have a positive impact on the company's product sales and prices." (Financial News Agency) China Securities stated that in 2024, China imported 133,000 mt of rare earths, including 77,300 mt of rare earth metal compounds, mainly from Myanmar, Laos, and Malaysia, and 55,600 mt of rare earth metal ore, almost entirely from the US. Baichuan calculated that the actual conversion of Pr-Nd oxide was approximately 4,500 mt. On the supply side, it is expected that US rare earth concentrate exports to China will stall in 2025, and there is a possibility of tightening rare earth supply in Southeast Asia. Domestically, China is strengthening dual controls on rare earth production and exports. On the demand side, 2025 is the first year of significant demand growth for humanoid robots. The rare earth sector offers both offensive and defensive characteristics, and it is recommended to maintain close attention. TF Securities believes that due to the scarcity of medium-heavy rare earths and their high-end applications, export controls will further solidify China's position in the rare earth industry chain. Currently, it is a time of resonance between the fundamentals and sentiment of the rare earth sector, with the price center of rare earths rising, while equity values have not fully reflected this. Investment opportunities in the sector should be emphasized.

Recently, the 250 MW PV hydrogen production project of Shenzhen Energy Group Beikong Company in Otog Front Banner passed the special acceptance and successfully obtained the mobile pressure vessel filling license, marking that the project has operational capabilities and can carry out hydrogen filling and external sales. This project is one of the first batch of wind and solar power hydrogen production demonstration projects in Inner Mongolia Autonomous Region. It uses new energy PV power generation for hydrogen production, adopts alkaline water electrolysis technology, with an annual hydrogen production capacity of over 6,700 mt, and is equipped with corresponding green hydrogen storage and transportation equipment. The produced green hydrogen product has reached an excellent purity level. Project Basic Information Project Legal Entity: Shenergy North (Otog Front Banner) Energy Development Co., Ltd. Project Name: Otog Front Banner Shanghai Temple Economic Development Zone PV Hydrogen Production Project in Ordos City. Project Address: Shanghai Temple Economic Development Zone, Otog Front Banner, Ordos City, Inner Mongolia. Project Designed Capacity The project is designed with an annual hydrogen production capacity of about 6,000 mt. After the completion of the first and second phases, the annual hydrogen production capacity will exceed 6,700 mt, with a hydrogen purity of 99.999%. Project Construction Content and Scale Including the construction of a new PV power station with an installed capacity of 250 MW and an average annual power generation of 470 million kWh, as well as a water electrolysis hydrogen production plant with an annual capacity of 6,000 mt and supporting facilities. A hydrogen production and refueling integrated station and corresponding hydrogen energy storage and transportation equipment will also be constructed. Total Project Investment The total investment is 1.62 billion yuan, of which 317 million yuan is self-owned funds, and the remaining investment is planned to be solved through financing. Project Construction Significance and Impact After the project is put into operation, the average annual power generation will be about 470 million kWh, which can replace about 146,000 mt of standard coal and reduce carbon dioxide emissions by 390,000 mt. The energy-saving and emission-reduction effects are significant. It is of great significance for promoting the implementation of the dual controls on energy consumption and energy intensity in Ordos City, achieving the renewable energy consumption weight target, improving people's livelihood and expanding employment, and promoting high-quality economic development in the region.

The market bottomed out yesterday, with the three major indices showing mixed changes. The total trading volume of the Shanghai and Shenzhen stock exchanges for the day was 1.08 trillion yuan, a decrease of 200.3 billion yuan compared to the previous trading day. In terms of sectors, beauty care, e-commerce, food, and banking led the gains, while duty-free, ports, Hainan, and rail transit sectors led the declines. As of yesterday's close, the Shanghai Composite Index rose 0.15%, the Shenzhen Component Index fell 0.27%, and the ChiNext Index fell 0.13%. At today's brokerage morning meetings, China Securities suggested that the rare earth sector is both offensive and defensive, recommending active attention; Huatai Securities stated that the AI healthcare industry trend is accelerating; CICC believes that the total telecom capital expenditure in 2025 will be under pressure, with attention on structural growth opportunities such as computing power and 5G-A. China Securities: The Rare Earth Sector Is Both Offensive and Defensive, Recommend Active Attention China Securities stated that recently, two ministries issued an announcement on export control measures for seven types of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. Driven by both export control policies and the release of end-use demand, downstream performance has been strong, with increased procurement activity pushing prices slightly higher. Trump's aggressive tariff policies, combined with China's control of about 70% of global rare earth mines, about 90% of rare earth smelting and separation, and about 90% of rare earth magnet capacity, give China a complete industry chain and strong self-control capabilities. The introduction of dual controls on production and exports provides a strong countermeasure to US tariff policies. On the demand side, rare earth magnets are essential materials for high-performance, energy-efficient motors. A single humanoid robot uses over 2kg of rare earth permanent magnets, comparable to the amount used in a NEV. Musk predicts that the demand for humanoid robots will reach the level of 10 billion units in the future, far exceeding the demand for NEVs, indicating a very broad future space. The rare earth sector is both offensive and defensive, and active attention is recommended. Huatai Securities: The AI Healthcare Industry Trend Is Accelerating Huatai Securities stated that on April 10, the US FDA announced a series of methods to reduce, improve, or replace animal testing requirements in the R&D of monoclonal antibody therapies and other drugs, including AI-based toxicity calculation models and cell line and organoid toxicity tests conducted in laboratory environments. A pilot project is planned to launch in 2025, allowing some pharmaceutical companies to completely skip animal experiments under FDA supervision, with a full policy update expected to be completed by 2026. This FDA policy will further promote the coverage of AI in new drug development, accelerating from chemical synthesis to preclinical and clinical trial biological stages, driving innovative drug companies to increase investment in AI drug discovery platforms. It is reiterated that 2025 will see a leap in "AI + healthcare," and related investment opportunities should be valued. CICC: Total Telecom Capital Expenditure in 2025 Under Pressure, Focus on Structural Growth Opportunities Such as Computing Power and 5G-A CICC stated that the 2024 financial reports of the three major telecom operators show that their total capital expenditure for 2024 was 318.9 billion yuan, down 9.7% YoY, a decline higher than the 4.5% guidance at the beginning of 2024. Looking ahead to 2025, the total capital expenditure guidance for the three operators is down 9.1% YoY to 288.9 billion yuan, with the investment scale continuing to narrow. Structurally, the investment focus of operators is further tilting towards computing power networks, with China Mobile/Telecom/Unicom guiding computing power investments up 0.5%/22%/28% YoY, while traditional mobile & fixed network construction has entered a period of high-quality and steady development focusing on investment efficiency. Future upgrades in 5G-A, 400G OTN, and 50G PON are expected to boost incremental investment in wireless/wired networks.

Market Status: Core Manifestation of Supply-Demand Imbalance Supply-Side Pressure Domestic calcined coke capacity was affected by environmental protection policies, dual controls on energy consumption and energy intensity, and fluctuations in raw material (petroleum coke) prices, leading to production cuts or restrictions in some enterprises and limited supply capability. In the international market, geopolitical conflicts (such as the Russia-Ukraine war) caused instability in the energy supply chain, driving up the cost of imported petroleum coke and further squeezing the profit margins of calcined coke. Demand-Side Divergence Prebaked Anode for Aluminum Production Industry: As the main downstream sector of calcined coke, the demand growth slowed due to capacity adjustments in the aluminum industry (capacity relocation or phase-out in some regions). Steel Industry: The demand for graphite electrodes remained relatively stable, but the push for low-carbon transformation in the steel industry (increased proportion of electric furnace steel) drove the demand for high-quality calcined coke. New Energy Sector: The demand for low-sulfur calcined coke from lithium battery anode materials grew rapidly, becoming an emerging growth point, but the high technical barriers led to increased market concentration. Expert Insights The calcined coke industry is undergoing structural adjustments, and enterprises need to closely follow policy, technological, and demand trends. By strengthening the supply chain, accelerating innovation, and globalizing their layout, they can balance short-term pressures and long-term opportunities. Future Market Trend Forecast 1. Short-Term (1-2 Years) The tight balance between supply and demand will persist, with prices fluctuating at high levels, and the premium ability of low-sulfur, high-value-added products will strengthen. Enterprises need to flexibly adjust procurement strategies and strengthen long-term agreement cooperation with upstream refineries and downstream customers. 2. Medium and Long-Term (3-5 Years) The demand share from the new energy sector (e.g., lithium battery anodes) will increase, driving the calcined coke industry toward refinement and high-end transformation. Enterprises with high technical barriers and compliance with environmental standards will dominate, and industry concentration will further improve. Strategic Recommendations 1. Optimize supply chain management, establish diversified raw material procurement channels to hedge against geopolitical and price fluctuation risks, and explore equity cooperation or long-term agreements with high-quality overseas petroleum coke suppliers. 2. Technological upgrades and product differentiation, increase R&D investment in low-sulfur calcined coke and high-end graphite electrode coke to enhance product value-added, and promote energy-saving transformation of calcination processes to reduce carbon emission intensity and meet domestic and international green trade requirements. 3. Adjust market layout, deepen presence in emerging aluminum markets such as Southeast Asia and the Middle East to expand export share, and establish strategic partnerships with top-tier lithium battery anode enterprises to seize opportunities in the new energy sector. More in-depth analysis will be unveiled at the Alumina & Aluminum Raw Materials Forum on April 16, 2025! Expert Introduction Topic: Supply-Demand Imbalance, Calcined Coke Market Trend Analysis With 18 years of experience in the import and export of carbon used in aluminum production, familiar with the production processes of carbon materials such as petroleum coke, calcined petroleum coke, coal tar pitch, and prebaked anode, understanding the demand for carbon used in aluminum production and the market, proficient in import and export trade operations, and familiar with port logistics and chartering. AICE 2025 SMM (20th) Aluminum Conference & Aluminum Industry Expo Deeply rooted in the upstream and downstream of the industry, as an industrial exchange platform integrating aluminum mining and smelting, metal processing, and end-use consumption, it will kick off at the Suzhou International Expo Center from April 16-18, 2025. Alumina & Aluminum Raw Materials Forum As one of the most important forums of AICE 2025, on April 16, 2025, it will focus on overseas bauxite layout, the global alumina market, energy-saving and carbon reduction in the aluminum industry, Chinese aluminum enterprises going global, fluid delivery systems, green transformation of the aluminum industry, aluminum price changes, prebaked anode supply structure, graphitized cathode technology, carbon footprint of the aluminum industry, domestic petroleum coke market, and calcined coke market, bringing an unparalleled event to the aluminum industry in the spring of the year.