Reuters, citing three people familiar with the matter, reported that Apple (AAPL.O) has trained a large language model specifically for the Chinese market, a move that differs from its previous strategy of relying mainly on third-party models to power AI features in China. The people said the AI model was developed by Apple in collaboration with Alibaba and trained with the latter's support. The news that Apple has trained a China-specific AI model had never been reported before. Previously, Apple preferred to rely on models provided by local Chinese partners to bring generative AI features to iPhones and other devices sold in China. Neither Apple nor Alibaba responded to requests for comment. The people familiar with the matter said Apple Intelligence, Apple’s suite of AI tools, is expected to launch in China in the coming months after an update to the iOS operating system.

his week, the Chicago Summit clarified the industry timeline: oxide electrolytes will be prioritized for deployment within 2–3 years, while all‑solid‑state sulfide batteries will be delayed until 2028–2030. The Baihu Lake Laboratory achieved a breakthrough in boride‑based solid‑state batteries with 400 Wh/kg, wide temperature range, and low‑pressure operation, targeting low‑altitude economy and robotics applications.

[SMM Solid-State Battery Weekly Analysis: Summit Sets the "Oxide First, Sulphide Delayed" Tone; Capital and Projects Accelerate in Resonance on the Eve of Mass Production] This week, the Chicago summit set the industry pace: oxide electrolytes are expected to be deployed first within 2-3 years, while sulphide all-solid-state batteries are postponed to the period from 2028 to 2030. Baima Lake Laboratory's boride solid-state battery has broken through 400 Wh/kg, operating over a wide temperature range and under low pressure, and targeting low-altitude economy and robotics scenarios. Sichuan Advanced Battery Innovation Center will be delivered at the end of August, Shandong Chuanglu's 100 mt-class production line will enter mass production, and De'er Co., Ltd.'s PACK pilot line was completed. Ruizhi New Energy and Guxin Energy raised a combined total of more than 100 million yuan, a joint laboratory for robot batteries was established, and solid-state batteries have fully transitioned from the laboratory to mass-production-driven development.

[SMM Magnesium Weekly Review: Magnesium Ingot Holds Up Well, Boosting the Market; Weak Demand Caps Downstream Gains] This week, mainstream quotations in major magnesium ingot producing areas were 15,900-16,000 yuan/mt, up 100 yuan/mt WoW, with FOB quotes at $2,250-2,350/mt. This round of magnesium ingot gains was driven by three factors: supply-side maintenance-induced production cuts, cost push from coal and ferrosilicon, and concentrated deliveries and restocking by traders. However, after the price increase, downstream buyers showed fear of high prices and transactions returned to mediocre levels; foreign trade remained weak, constrained by exchange rate fluctuations and the uncertain recovery of summer break orders. Upstream dolomite prices were stable, and supply from multiple channels was sufficient; downstream magnesium powder and magnesium alloy prices followed the rise, but demand follow-through was insufficient. Magnesium alloy processing fees remained under pressure due to ample inventory, the impact of non-standard supply sources, high-temperature maintenance at die-casting enterprises, and plastic substitution in two-wheelers. In the short term, cost support is competing with weak demand, and magnesium prices will continue to move sideways.

SMM August 13: Domestic Bauxite: Domestic Ore Supply Disruptions Linger, Mainstream Prices Remain Stable Affected by coking coal-related events in Shanxi, mining at domestic bauxite main producing areas such as Shanxi and Henan was somewhat disrupted in the short term, and ore supply showed phased changes. Meanwhile, alumina prices remained at relatively high levels, and alumina enterprises had moderate tolerance for rising raw material prices, mainly passively accepting current ore prices in the short term. As of today, in Shanxi, VAT-exclusive EXW transaction prices at crushing plants for bauxite with an Al/Si ratio of 5 and 60% alumina content were around 530-550 yuan/mt; in Henan, VAT-exclusive EXW transaction prices at crushing plants for bauxite with an Al/Si ratio of 5 and 60% alumina content were around 500-540 yuan/mt; in Guiyang, VAT-inclusive EXW prices for bauxite with an Al/Si ratio of 6 and 60% alumina content were 490-540 yuan/mt; in Guangxi, VAT-exclusive EXW transaction prices at crushing plants for bauxite with an Al/Si ratio of 6 and 53% alumina content were 320-335 yuan/mt. Imported Bauxite: August Contract Prices Raised Slightly, Imported Ore Price Divergence Between Upstream and Downstream Intensifies Data as of August 7 showed that total weekly port departures of bauxite at main ports in Guinea were 4.5611 million mt, up 690,800 mt from the previous week, with shipments higher. As US-Iran tensions heated up again, oil prices rebounded, and ocean freight rates from Guinea to China showed an upward trend, with market quotes rising to around $35/dmt; costs at various mines also increased to varying degrees. Coupled with policy uncertainty in Guinea and transport affected by severe weather, mines in Guinea tightened control over bauxite shipments. In Australia, as of August 7, total weekly port departures of bauxite at main Australian ports were 926,700 mt, down 126,000 mt from the previous week, with shipments basically flat. Going forward, attention should be paid to the shipment pace of Australian mines and changes in port departures. As of August 7, China's bauxite port arrivals were 5.2267 million mt, up 1.352 million mt from the previous week. Continuous attention should be paid to the impact of elevated and fluctuating oil prices and ocean freight rates on future port arrival pace and landed costs. Price-wise, Guinea's August bauxite long-term contract prices rose slightly compared with July, settling at $73-74/mt, but downstream price acceptance was relatively limited. Meanwhile, bauxite inventories at alumina refineries in China remained high. This week, alumina refinery bauxite inventories were relatively stable, with days of inventories at around 96 days, capping ore prices to some extent. For Guinean bauxite, with transportation costs from Guinea to China rebounding and shipment reductions caused by the traditional rainy season and severe weather adding to mine costs, offers from upstream sellers and traders remained firm and edged up slightly to a high price range around $73/mt; at Chinese alumina refineries, under the combined impact of persistently high inventory and shrinking margins, intended transaction prices held at $70-71/mt; upstream and downstream participants in the bauxite market diverged sharply on prices, transactions slowed, and the standoff carried over from last week. As of this Thursday, Guinean bauxite FOB quotes were $38-42/mt, with the average price unchanged from last Thursday; Guinean bauxite CIF prices were $70-74/mt, with the average price unchanged from last Thursday; the SMM imported bauxite index price stood at $71.72/mt, up $0.15/mt from last Thursday. Going forward, bauxite prices will still depend on cost conditions at individual mines, the traditional rainy season in Guinea, and the impact of the Guinean government's bauxite export quota policy on overall shipments. SMM will continue to closely monitor bauxite market trends and transaction activity. Overall , domestic ore prices held at current levels; meanwhile, inventory at Chinese alumina refineries remained high (about 96 days), and the bid-offer standoff between buyers and sellers continued; uncertainty over Guinea's quota policy, lower shipments, and the traditional rainy season also put some upward pressure on bauxite costs. In the short term, with shipments reduced by the dual impact of costs and policy, imported ore prices are expected to continue their high-level standoff pattern; afterward, close attention should be paid to the implementation of Guinea's quota policy and ocean freight rate trends.

On August 10, 2026, Ruizhi New Energy announced the completion of a several‑tens‑of‑millions RMB Pre‑A+ exclusive financing round, fully funded by Shanghai Chenyao Yichuang Investment Fund. Founded in 2021, Ruizhi is the first new‑energy‑battery technology commercialisation spin‑off from Northwestern Polytechnical University, focusing on two core products: active functional separators and membrane‑form solid‑state electrolytes.

[Solid-State Battery: Ruizhi New Energy Secures Tens of Millions of Yuan in Pre-A+ Round State-Owned Capital Financing] On August 10, 2026, the official account of Ruizhi New Energy released information. Recently, Ruizhi New Energy completed an exclusive Pre-A+ round financing of tens of millions of yuan, fully funded by Shanghai Chenyao Yichuang Investment Fund. The fund was jointly established by Shanghai Guotou Science and Technology Innovation and Yixing Jingfa, forming part of Yixing's 10-billion-yuan industrial fund matrix, with dual attributes of hard technology investment in the Yangtze River Delta and local industry support. Ruizhi, relying on technology transfer from Northwestern Polytechnical University, focuses on active functional separators and membrane-type solid electrolytes, compatible with liquid, semi-solid, and all-solid-state systems, significantly enhancing battery energy density and safety, covering power, energy storage, and other application scenarios. Its core products have now entered the supply chains of several leading battery producers, achieving large-scale delivery. This round of financing will be used for capacity expansion at the Yixing base, accelerating the localisation of solid-state lithium battery materials.

On August 10, the share price of Qinghai Salt Lake Industry Co., Ltd. rose. As of the close on August 10, the stock was up 2.43% at 29.5 yuan per share. In terms of news: On August 7, the company stated on an interactive platform in response to investor inquiries that the company's magnesium resource business layout focuses on upstream resource development, and its subsidiary Teli Magnesium mainly engages in magnesium alloy die-casting. Currently, this segment is still in a cultivation and development stage, with limited business volume and low contribution to the company's overall revenue. According to the survey record disclosed by the company on its participation in a survey from August 5 to 7: 1. Q: Can the company's current industrial water supply meet the release of existing capacity? The company responded: At this stage, the company meets daily production needs through existing industrial water supply, salt lake water recycling, and water recovery systems. It has established a complete intelligent water metering network system and set the water resource management target of "total volume within limits, unit consumption within standards." For total volume control, the company defines red lines based on water permits and requires strict implementation by production workshops. In terms of product water quota, the company strengthens water management and introduces new water-saving technologies and processes, with current water indicators surpassing industry standard requirements. 2. Q: How is the company's Fantasy Salt Lake scenic area, as a new profit growth point, currently operating? The company responded: Its subsidiary Dream Travel Company, as the exclusive operator of the Qarhan scenic area, deeply cultivates local tourism resource development and operations management. Leveraging Qarhan's unique salt lake landscapes and differentiated tourism experiences, the scenic area's appeal continues to strengthen. In recent years, centered on visitor experience, the scenic area has coordinated the dual improvement of infrastructure and service capabilities. Visitor flow and operational data have maintained growth for three consecutive years, exceeding 1 million visits in 2024, reaching 1.43 million visits in 2025, and hitting a single-day peak of 30,000 visits on August 3, 2026, for the first time, up 43% from the highest daily reception of 2025. 3. Q: In the company's H1 earnings forecast, lithium carbonate inventory increased. What are the company's future sales plans, sales model for lithium carbonate, and customer distribution? The company responded: The company currently has total annual lithium salt capacity of about 98,000 mt. Product sales combine market demand and medium and long-term price trends for dynamic inventory management. On the production side, the company implements production scheduling management based on annual production targets, comprehensively considering ore stockpiling, brine quality, seasonal climate, and production support assurance. Currently, production and operations are stable and orderly, with smooth connectivity between production and sales. Market conditions for core potassium and lithium products are improving, with strong industry demand support. On the sales side, the company implements a "long-term contract lock-in + bi-weekly pricing + point-price sales" mechanism, paired with hedging to offset short-term price fluctuations. Going forward, the company will take multiple measures to stabilize production, expand markets, ensure continuous resource supply, strictly control energy costs, promote technological upgrades, and broaden sales channels, striving to complete annual production and sales tasks and drive steady growth in operational performance. The company's lithium carbonate sales are centered on a direct-supply model, with stable and reliable customer resources mainly supplying domestic cathode material producers, accompanied by long-term cooperative trading partners. The stable and smooth direct-supply channel continuously ensures product distribution and solidifies the company's operational foundation. 4. Q: How is the company's current Congo Republic potassium salt mine project progressing, and when can capacity be released? The company responded: While consolidating core potassium and lithium businesses, the company continues to deepen the potash fertilizer field and place high importance on the development of overseas potassium salt resources, firmly implementing the "going global" strategy for potash. It also accelerates cooperation with foreign potassium resource-rich regions, actively expanding external resource acquisition channels. Currently, the company's Congo Republic BMB potassium salt mining right development is in the detailed exploration stage, and the company is fully accelerating related project processes. Given that the project is still in its early stages, subsequent progress remains uncertain. The company will strictly comply with relevant laws, regulations, and regulatory requirements to timely fulfill information disclosure obligations for project developments meeting disclosure standards. Investors are advised to rationally view the project's prospects, make prudent decisions, and be aware of investment risks. 5. Q: What are the company's market value management measures and buyback plans? The company responded: As a publicly listed platform controlled by a central state-owned enterprise, the company strictly implements the relevant arrangements of the State-owned Assets Supervision and Administration Commission's "Several Opinions on Improving and Strengthening Market Value Management of Listed Companies Controlled by Central Enterprises," always placing market value management at the level of long-term strategy and core operational responsibility for coordinated advancement. Since last year, the actual controller has increased its holdings by 248 million shares, the company completed the cancellation of 140 million treasury shares, smoothly implemented the injection of high-quality assets from the Yiliping salt lake, and commissioned the 40,000 mt/year lithium salt project, effectively expanding asset volume and further consolidating core competitive advantages. At this stage, the company has built a value foundation by deeply cultivating its main business, improving quality and efficiency, and strengthening core competitiveness through technological innovation; established a regular investor communication mechanism, continuously deepened comprehensive engagement with the capital market, fully demonstrated development strategies and operational performance, and enhanced market recognition of the company's intrinsic value; simultaneously introduced a special "Market Value Management System," incorporating market value performance into management performance evaluations, achieving institutionalized, normalized, and long-term operation of market value management. Regarding share buybacks, a matter of general concern to investors, the company has always attached importance to it. Share buybacks, as a major capital matter, require prudent study and demonstration in accordance with laws and regulations, considering the company's operational reality, financial condition, and market trends. If an implementable plan is formed, the company will strictly perform relevant internal decision-making procedures and timely and fully disclose it in accordance with regulatory provisions, safeguarding the company's intrinsic value and the long-term interests of all shareholders in a compliant manner. Going forward, the company will continue to deeply cultivate core potassium and lithium businesses, consistently improve quality and efficiency, and enhance operational quality and intrinsic value; strictly adhere to fair and compliant information disclosure requirements, with major matters announced on statutory platforms such as Juchao Information Network; and, when statutory dividend conditions are met, coordinate factors such as cash flow and capital expenditures to study profit distribution arrangements, effectively rewarding all investors with operational results. 6. Q: What measures does the company have to ensure the sustainable development of Qarhan salt lake resources and its own sustainable development? The company responded: Salt lake resources are important national strategic resources, bearing the major mission of ensuring food security and supporting new energy development. Centering on comprehensive utilization and efficient development of salt lake resources, the company actively promotes technologies for continuous potassium resource security, deep processing of lithium resources, diversified high-value development of magnesium resources, efficient extraction of rare elements in brine, cross-industry salt lake integration, and intelligent production. Relying on the Qarhan salt lake, China's largest soluble potassium and magnesium salt deposit, the company takes "comprehensive resource utilization" as its core concept, pioneering the development of all types of associated resources in salt lake brine, including potassium, lithium, magnesium, sodium, etc., building a globally leading cascade utilization system for salt lake resources, achieving comprehensive utilization. First, strengthen salt lake resource exploration, ascertain resource reserves, revitalize existing resource stocks, and effectively strengthen salt lake mine geology and resource reserve management. Utilize advanced applicable green extraction technologies for salt lake resources, iterate dissolution mining technologies such as solid-to-liquid conversion, fully utilize low-grade solid potassium salt resources, focus on increasing reserve resources, and extend the service life of salt lake mines as much as possible. Adopt new technologies, apply new methods, build innovation platforms, enhance the value-added of salt lake products, and create a highland for salt lake industry development with strong innovation capacity, good clustering effects, and superior functional characteristics. Second, improve the management system for salt lake resource development and utilization, promote unified planning, unified development, and unified management of resources, address shortcomings in salt lake mine geology and resource management, scientifically regulate the intensity of salt lake resource development, and comprehensively improve the efficiency of resource development and utilization. 7. Q: The company has achieved significant results in cost reduction and efficiency improvement in recent years, with the full cost of lithium carbonate continuously declining. How does the company view its current cost moat? What specific plans are there to further consolidate cost advantages and enhance risk resistance capabilities in the future? The company responded: The company firmly establishes the concept of "accounting-based operations, lean management, and value creation," strengthens resource supply monitoring and production factor assurance, and builds an integrated operating system for monthly operational scheduling, comprehensive budget management, and performance evaluation benchmarking. Production tasks are successfully completed, and operational performance continues to improve. Leveraging the unique resource endowment of the salt lake, combined with the "adsorption + membrane" lithium extraction process, the company optimizes processes to achieve the best salt lake lithium extraction, building a significant low-energy-cost advantage. The lithium carbonate production costs at Yiliping salt lake and Qarhan salt lake are in the industry-leading tier, with strong risk and cycle resistance capabilities. Going forward, the company will continue to focus on the following: First, always take cost reduction and efficiency improvement as the core leverage of management, fully establish and achieve three-level coverage of the amoeba management system, and implement refined cost control across the entire chain of production, supply, sales, transportation, and operations. Second, persist in empowering industrial upgrades through technological innovation, driving deep integration of the innovation chain with the industry chain. Third, adhere to the synergistic efforts of top-level design and grassroots practices, advancing the modernization of corporate governance systems and governance capabilities in depth. Fourth, closely follow national strategic guidance, improve the overall development plan for the salt lake industry, and continuously strengthen capabilities to support food security and new energy. On July 29, the company stated on an interactive platform in response to investor inquiries that its current total annual lithium salt capacity is about 98,000 mt. Product sales combine market demand and medium and long-term price trends for dynamic inventory management. At this stage, inventory is normal turnover stockpiling after capacity release. The company maintains long-term cooperation with downstream clients, with sales flexibly allocated based on market conditions. Going forward, it will coordinate and optimize inventory turnover based on market conditions. On the performance front: On the evening of July 2, the company released its 2026 H1 earnings forecast, showing that it expects net profit attributable to shareholders of the publicly listed firm for H1 2026 to be between 6 billion yuan and 6.3 billion yuan, up 131.38% to 142.95% YoY. A research report from Huaxin Securities commenting on the company's 2025 annual report showed: The company released its 2025 annual performance report: In 2025, the company achieved total revenue of 15.501 billion yuan, up 2.43% YoY; and net profit attributable to shareholders of 8.476 billion yuan, up 81.76% YoY. Among this, in Q4 2025 alone, the company achieved revenue of 4.391 billion yuan, down 6.29% YoY but up 1.40% QoQ; and net profit of 3.973 billion yuan, up 161.05% YoY and up 99.87% QoQ. Investment highlights: Price recovery combined with cost optimization fully unleashed profitability elasticity. Expense optimization and ample cash flow. Solid resource reserves lay the foundation, with diversified layout opening growth space: The company's resource reserves are solid, and the new 40,000 mt lithium salt project was completed and put into trial production at the end of September 2025, integrating the self-developed "adsorption + membrane" lithium extraction process. Currently, the company's potash capacity reaches 5 million mt/year and lithium carbonate capacity reaches 40,000 mt/year, with scale advantages continuously consolidated. Looking ahead, the company will deeply integrate into the strategic layout of China Minmetals, fully implement the "three-step" strategy for China's salt lake industry, and focus on efficient and comprehensive development of salt lake resources. It is expected that by 2030, it will form capacities of 10 million mt/year potassium fertilizer, 200,000 mt/year lithium salt, and over 30,000 mt/year magnesium and magnesium-based materials. As a core enterprise in building China's world-class salt lake industry base, the company will fully benefit from resource integration and industrial upgrading, with broad growth space. Risk warnings: Risks such as fluctuations in potassium and lithium prices, project commissioning falling short of expectations, demand falling short of expectations, and changes in industry policies.

On August 6, SMM published market news based on exclusive information that a major nickel mine was expected to receive an additional RKAB quota of around 25 million wmt. Following SMM’s market news, nickel prices reacted quickly and reversed from intraday gains to losses. The news weakened the market’s previous expectation that Indonesia’s nickel ore quota policy would remain tightly constrained, leading to softer short-term sentiment in nickel prices. In the near term, nickel prices may remain under pressure, while the market will continue to monitor whether other mining companies receive supplementary RKAB approvals and the scale of any additional quota releases. On August 7, Indonesia’s Ministry of Energy and Mineral Resources (ESDM) denied that the additional 25 million wmt production quota had been approved. However, SMM believes the latest clarification from ESDM does not necessarily mean that RKAB revisions will not happen. In Indonesia’s RKAB approval process, market participants may sometimes see early signs or system notifications of the quota before final official approval document is formally released. Therefore, there may be a time gap between market circulation, system-level indication, internal review progress, and the release of the final official approval document. In this context, ESDM’s denial may mainly reflect that the final official approval had not yet been issued or publicly confirmed at the time of the statement. From SMM’s market understanding, expectations of a quota increase for the major nickel mine had already been widely discussed among miners, traders, and smelters since the first week of August. This suggests that the market had already paid close attention to the possibility of further RKAB revision. However, the final result still depends on the government’s approval process and official documentation. More broadly, RKAB revision remains a key variable for Indonesia’s nickel ore market in H2 2026. Any additional RKAB volume should not be interpreted as a broad-based relaxation of Indonesia’s nickel ore supply policy. Instead, it is more likely to be assessed on a case-by-case basis, depending on downstream demand, smelter raw material requirements, mine compliance, production capability, and the government’s intention to maintain supply-demand balance. This assessment is also consistent with Bahlil Lahadalia’s recent remarks. Bahlil previously mentioned that RKAB relaxation would prioritize companies with higher royalty contributions. He also indicated that production quota adjustments through RKAB revisions would be carried out in a measured manner, while the government would avoid directly disclosing the exact revised quota volume to prevent unnecessary commodity price volatility. This further supports SMM’s view that RKAB revisions remain possible, but the approval process is likely to be selective and policy-driven rather than a broad-based quota relaxation. From SMM’s perspective, there are two possible scenarios ahead. First, the RKAB revision could be approved in a volume sufficient to cover the raw material requirements of associated smelters, which would help ease local ore tightness and improve feedstock security for downstream operations. Second, the approval may still be delayed, adjusted, or issued at a lower volume than market expectations, depending on the government’s final review. Therefore, SMM believes the market should continue to monitor further updates on RKAB revisions. Considering that the news has already been widely heard by miners, traders, and smelters, and that the need to secure smelter feedstock remains real, the probability of further RKAB revision remains relatively high. However, the timing and final approved volume still depend on ESDM’s official approval pace and final documentation. Until the official approval document is released, the market should treat the 25 million wmt figure as a potential revision expectation rather than a confirmed final quota.

On August 6, SMM reported, based on exclusive sources, that a major nickel mine was expected to receive approximately 25 million wmt of additional RKAB quota. Influenced by SMM's market news, nickel prices reacted swiftly, turning from gains to losses intraday. The news weakened earlier market expectations of continued tightening of Indonesia's nickel ore quotas, dampening short-term nickel price sentiment. In the short term, nickel prices may remain in the doldrums, and the market will still need to watch whether other miners obtain supplementary RKAB approvals and the scale of any subsequent additional quota releases. On August 7, Indonesia’s Ministry of Energy and Mineral Resources (ESDM) denied that the 25 million wmt additional production quota had been approved. However, SMM believes that the ESDM’s latest clarification does not necessarily mean that subsequent RKAB adjustments will not occur. In Indonesia’s RKAB approval process, market participants may sometimes first see preliminary indications or approval progress at the system level, while the final official approval documents may not yet have been issued. Therefore, a certain time lag may exist between the circulation of market news, system-level indications, internal review progress, and the release of final official documents. In this context, the ESDM’s denial may reflect more that, as of the time of its statement, the final official approval documents had not been issued or publicly confirmed. According to SMM’s market understanding, since the first week of August, news about the possible increase in the major nickel mine’s quota has been widely circulated among mines, traders, and smelters. This indicates that the market has been paying close attention to the possibility of subsequent RKAB adjustments. However, the final outcome still depends on the Indonesian government’s approval process and the release of official documents. From a broader perspective, RKAB adjustments remain a key variable in Indonesia’s nickel ore market in H2 2026. Any additional RKAB quotas should not be simply interpreted as a full relaxation of Indonesia’s nickel ore supply policy, but are more likely assessed on a case-by-case basis, depending on downstream demand, smelter raw material requirements, mine compliance, actual capacity, and the government’s policy intent to maintain a supply-demand balance. This assessment also echoes recent remarks by Bahlil Lahadalia. Bahlil previously mentioned that RKAB relaxation would prioritize enterprises with higher royalty contributions, and that production quota adjustments would be implemented in a relatively prudent manner through RKAB revisions. The government would also avoid directly disclosing the specific scale of revised quotas to prevent unnecessary fluctuations in commodity prices. This further supports SMM’s view that subsequent RKAB revisions remain possible, but the approval process is more likely to involve selective, policy-driven adjustments rather than a blanket relaxation of quotas. From SMM’s perspective, two scenarios may unfold going forward. First, the RKAB adjustment is eventually approved, and the approved volume is sufficient to cover the raw material needs of relevant smelters, which would help alleviate localized tightness in ore supply and enhance raw material supply security for downstream enterprises. Second, the approval may still be postponed or adjusted, or the final approved volume may fall short of market expectations, contingent on the government’s final review outcome. Therefore, SMM believes the market still needs to closely monitor the progress of subsequent RKAB adjustments. Given that related news has been widely circulated among mines, traders, and smelters, and that there remains a real need to secure raw material supply for smelters, the likelihood of subsequent RKAB revisions remains relatively high. However, the final approval timing and specific quota scale still depend on the ESDM’s official approval pace and final documents. Before the official approval documents are released, the market should regard the 25 million wmt figure as a potential quota adjustment expectation, rather than a confirmed final quota.