Meridian Mining (TSX, LSE: MNO) has successfully commenced trading on the London Stock Exchange’s Main Market after raising £25 million ($34 million), a strategic move aimed at securing future inclusion in the FTSE All-Share and FTSE 250 indices. The capital injection will accelerate the development of its Cabaçal gold-copper project in Mato Grosso, Brazil, an advanced-stage open-pit operation with an estimated post-tax IRR of 61% and a net present value of US$984 million. This London listing expands the company's global footprint beyond Toronto and Frankfurt, positioning the Cabaçal volcanogenic massive sulphide deposit as a scalable platform for the company's South American growth strategy.

SMM April 30: The CPC Central Committee Political Bureau meeting proposed to "effectively prevent and resolve risks in key areas, strive to stabilize the real estate market, and solidly advance urban renewal." On April 29, the Shenzhen Municipal Housing and Construction Bureau issued a notice to further optimize real estate regulation policies. The Guangdong 15th Five-Year Plan outline calls for accelerating the construction of a new model for real estate development, implementing city-specific policies to increase supply of essential and upgrading housing. Six departments including the Zhuhai Municipal Housing and Urban-Rural Development Bureau optimized and adjusted local real estate policy measures... Industry fundamentals simultaneously recovered at the margin: the latest data from the China Index Academy showed that total bond financing in the real estate sector in March was up 5.7% YoY and up 48.4% MoM, with the financing environment continuing to improve. Meanwhile, new home transactions in Guangzhou rose significantly MoM, leading first-tier cities. Multiple policy dividends, financing improvements, and recovering property market transactions resonated together, jointly driving the real estate development sector higher. As of the market close on April 30, the real estate development sector rose 1.52%. In terms of individual stocks: Jintou Chengkai, Jinrongjie, Wantong Development, Quzhou Development, and Beichen Industrial hit the daily limit, while Zhongzhou Holdings, Greenland Holdings, Sanxiang Impression, Hefei Urban Construction, and Jingtou Development led gains. News [CPC Central Committee Political Bureau Held a Meeting to Analyze and Study the Current Economic Situation and Economic Work] The CPC Central Committee Political Bureau held a meeting on April 28 to analyze and study the current economic situation and economic work. CPC Central Committee General Secretary Xi Jinping presided over the meeting. The meeting noted that since the beginning of this year, the CPC Central Committee with Comrade Xi Jinping at its core has strengthened overall leadership over economic work, taking a holistic and forward-looking approach. All regions and departments have acted proactively and implemented comprehensive policies. China's economy got off to a strong start, with major indicators exceeding expectations, demonstrating strong resilience and vitality. At the same time, there are some difficulties and challenges, and the foundation for sustained and steady economic improvement needs further consolidation. Confidence should be strengthened, and economic work should be pursued with greater intensity and more practical measures. The meeting pointed out the need to effectively prevent and resolve risks in key areas. Efforts should be made to stabilize the real estate market and solidly advance urban renewal. Local government debt risks should be resolved in an orderly manner, with focus on addressing the issue of overdue payments to enterprises. Reform of small and medium-sized financial institutions should be promoted, and confidence in the capital market should be stabilized and strengthened. [Shenzhen Municipal Housing and Construction Bureau Issued a Notice on Further Optimizing and Adjusting Local Real Estate-Related Policies] On April 29, the Shenzhen Municipal Housing and Construction Bureau issued a notice to further optimize real estate regulation policies. Purchase restrictions: eligible resident families can purchase one additional housing unit in Futian, Nanshan, and Bao'an Xin'an Subdistrict; non-Shenzhen-hukou families with valid residence permits can also purchase one unit in the above areas. Housing provident fund: the maximum family loan amount was raised to 1.3 million yuan, with first-home buyers and multi-child families eligible for up to 70% upward adjustment. The new policy takes effect from April 30. [Guangdong 15th Five-Year Plan Outline: Accelerating the Construction of a New Model for Real Estate Development, Increasing Rigid and Improvement-oriented Housing Supply Based on City-specific Policies] The Outline of Guangdong Province's 15th Five-Year Plan for National Economic and Social Development was officially released, mentioning accelerating the construction of a new model for real estate development, improving the housing system featuring multi-entity supply, multi-channel guarantee, and both rental and purchase options, striving to stabilize the real estate market and comprehensively enhancing residential quality. City-specific policies will increase rigid and improvement-oriented housing supply, expand supply of both large and small units, appropriately develop high-quality housing meeting the needs of high-net-worth individuals, and better satisfy diversified improvement-oriented housing demand. [China Index Academy: March Real Estate Bond Financing Total Up 48.4% MoM] Latest data from China Index Academy showed that in Q1 2026, financing support policies for real estate enterprises remained accommodative with more diversified financing instruments. Bond financing scale was flat YoY, with credit bonds and ABS remaining the dominant instruments. In March, total real estate bond financing was up 5.7% YoY and up 48.4% MoM. [Guangzhou New Home Transactions Surge MoM, Leading First-tier Cities] Since the beginning of this year, the Guangzhou real estate market has shown clear signs of recovery. In March, new home volume and prices rose simultaneously, and the "mini spring" momentum continued into April. NBS data showed that Guangzhou new home selling prices were up 0.3% MoM in March, with 7,059 new home online signings citywide, up 241% MoM and up 26.67% YoY. Trading volume and price gains led first-tier cities. Entering April, the Guangzhou market maintained a steady upward trend. According to institutional monitoring, mid-April weekly new home transactions rebounded 5.4% WoW, with project visits and subscriptions in core areas remaining at high levels. By district, Tianhe District, as the core of Guangzhou's main urban area, led the city in transaction activity. In March, Tianhe District new home transactions surged over 500% MoM, ranking first among all 11 districts and becoming the strongest support for this round of Guangzhou's "mini spring." Destocking cycles in core district sub-markets continued to shorten, improvement-oriented demand was concentrated in release, and multiple high-grade projects saw strong sales. (Zhitong Finance) [China Index Academy: National Real Estate Market Still Consolidating at Lows in Q1, Floor Space of New Commercial Buildings Sold Continued to Pull Back YoY] Zhitong Finance APP learned that China Index Academy stated that in Q1 2026, the national real estate market was still consolidating at lows, with the floor space of new commercial buildings sold continuing to pull back YoY. Against this backdrop, quality projects in core cities maintained relatively stable sales performance. According to China Index data, the top 20 projects by sales in key cities in Q1 recorded a combined transaction value exceeding 50 billion yuan, with first-tier city projects occupying 12 spots. CITIC City Development·Xinyue Bay in Nanshan District, Shenzhen topped the list with 6.55 billion yuan in signed contract value, followed by Shenzhen Bay Yunxi and Guangzhou Poly Yuexi Bay in second and third place respectively. [Xinhua Commentary: Stabilization Signals Strengthening, Further Consolidating the Foundation for Real Estate High-Quality Development] The property market's "Golden March, Silver April" is showing initial warmth, with market expectations undergoing positive changes. A series of signals indicate that the real estate market, led by first-tier and hot second-tier cities as "bellwethers," is showing a strengthening trend of stabilization, with industry confidence entering a sustained recovery track. This is not a simple stabilization, but rather the real estate market accumulating momentum to consolidate at lows and recover after undergoing deep adjustment. From adjusting and optimizing housing provident fund policies to the normalization of urban real estate financing coordination mechanisms, from housing trade-in policies to intensified efforts in purchasing existing commercial housing for use as affordable housing, the more precise and forceful policy measures since the beginning of this year have consolidated the foundation for real estate high-quality development. The stable and healthy development of the real estate market is related to economic performance and people's well-being. Against the backdrop of continued advancement of new-type urbanization, optimizing and adjusting existing stock and achieving a higher level of "housing for all" is a requirement for sustainable economic and social development. Looking toward the "15th Five-Year Plan" development goals, accelerating transformation with more precise and forceful measures, balancing short-term market stabilization with long-term institutional improvement, is the way to truly drive real estate to achieve high-quality development. [Lujiazui: Residential Sales Contract Value at 9.343 Billion Yuan in 2025, Up 28% YoY] Lujiazui announced that from January to December 2025, the company achieved real estate leasing cash inflows of 3.763 billion yuan, down 10% YoY; equity leasing cash inflows were 3.071 billion yuan, down 10% YoY. Contract sales of residential properties totaled 9.343 billion yuan, up 28% YoY, with equity contract sales of 6.283 billion yuan, up 25% YoY. Cash inflows from residential property sales reached 10.791 billion yuan, up 76% YoY, with equity sales cash inflows of 7.104 billion yuan, up 64% YoY. Cash inflows from office project sales were 641 million yuan, with equity sales cash inflows of 353 million yuan. Newly started GFA was 163,900 m², and completed GFA was 410,200 m². [China Merchants Shekou Secured Two Land Parcels in Shanghai in One Day, with the Xuhui Botanical Garden Plot at a 25% Premium] On April 21, during Shanghai's third land auction of 2026, the plot xh290-09 in the S031201 unit of Xuhui District was acquired by Shanghai Zhaohui Qingya Real Estate Development Co., Ltd. for 3.3 billion yuan after 82 rounds of bidding, at a floor price of approximately 87,000/m² and a premium rate of 25%. Excluding the 3,500 m² of mandatory construction, the available-for-sale floor cost was approximately 96,000/m². The plot attracted 9 bidders, including Shanghai Chengtou, China Merchants Shekou, CNOOC, the "C&D+Xiangyu" consortium, Yuexiu, the "Poly+West Bund" consortium, CR Land, Greentown, and the "Jinmao+Qingneng" consortium. [Six Departments Including Zhuhai Municipal Housing and Urban-Rural Development Bureau Optimized and Adjusted Local Real Estate Policy Measures] Six departments including Zhuhai Municipal Housing and Urban-Rural Development Bureau issued a notice on optimizing and adjusting local real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising the maximum housing provident fund loan limits. For those eligible for provident fund loans, the maximum personal housing loan limits for single and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of home purchase support for multi-child families. When multi-child families purchase a second self-use residence and apply for provident fund loans, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the loan amount increase ratio for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing certified as prefabricated construction projects, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit; for commercial housing meeting the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. [Foshan Launched Trade-in Program for Commercial Housing!First batch involving 22 housing projects] Recently, the "Notice on Organizing the First Batch of Commercial Housing 'Trade-in' Program by Foshan Municipal Housing and Urban-Rural Development Bureau" was officially released. This is not a simple encouragement document, but a systematic solution to unblock replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transition from "one-sided transactions" to "a virtuous cycle between existing and incremental housing," achieving a win-win outcome for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as acquisition entities; Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Commerce, Sanshui Chanfa, and Miaohui Real Estate provide new housing sources. This model determines the value of existing homes through negotiation, sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer. [China Real Estate News: Make good and flexible use of policies to strengthen efforts in stabilizing the property market] China Real Estate News published a commentary article. In this opening year, the real estate market achieved encouraging results in its upward and stable trajectory. In terms of transaction data, from Shanghai, Beijing, and Shenzhen, to Nanjing, Hangzhou, Changchun, Yinchuan, and Dalian, and further to Yichang, Ningbo, and Yantai across all city tiers, the property market at the start of this year exuded signs of recovery. Both new and second-hand housing markets showed clear momentum of activity, with cities like Shanghai and Beijing even showing obvious transaction expansion signals. In March, Shanghai's second-hand housing online signed transactions reached 31,215 units, the highest in nearly five years; Beijing's new commercial housing transactions exceeded 3,600 units, more than tripling from February. From the national perspective, the property market also exhibited increasingly strong structural recovery characteristics. Real estate stable development has always been closely linked to financial and tax policy. Every subtle policy optimization and empowerment adds "lubricant" at critical junctures of market operation, reducing the "friction coefficient." Currently, the market has shown a positive "Golden March, Silver April" trend, which is also a critical period for efforts to stabilize the real estate market. Local governments should strive to act where policies can make a difference and intensify efforts where action is warranted. This approach is ultimately anchored in the two short-term and long-term goals of stabilizing the real estate market and promoting high-quality development of real estate, continuously enhancing the certainty and sustainability of China's real estate stability and high-quality development. [Jiangsu Taizhou: Encouraging State-Owned Enterprises and Real Estate Development Enterprises to Launch Shared-Ownership Commercial Housing for Sale to Young People, New Urban Residents and Other Groups] The Notice on Implementing Several Measures to Stabilise the Real Estate Market, jointly issued by the Taizhou Municipal Housing and Urban-Rural Development Bureau and the Municipal Finance Bureau, officially took effect on the 17th. It proposed increasing housing purchase support for "young and new resident groups," implementing loan interest subsidies for "young talents." For young talents who use housing provident fund and commercial loans to purchase their first new commercial housing in the urban area, a 2% fiscal interest subsidy on the loan amount will be provided annually for a period of 2 years. Meanwhile, it supports shared-ownership commercial housing pilot programmes, encouraging state-owned enterprises and real estate development enterprises to launch shared-ownership commercial housing for sale to young people, new urban residents and other groups. [NDRC: Focusing on Expanding Effective Domestic Demand, to Formulate the 2026–2030 Implementation Plan for Expanding Domestic Demand Strategy] On 17 April, the State Council Information Office held a thematic press conference in the series of "Getting Off to a Good Start in the 15th Five-Year Plan Period," introducing the high-quality economic and social development during the 15th Five-Year Plan period. Wang Changlin, Deputy Director of the National Development and Reform Commission (NDRC), stated that since the beginning of this year, the economy has shown positive changes, with notable improvements on both the supply and demand sides, better playing the role of a global economic stabiliser, and performing better than the expectations of many institutions and experts in and outside China. Going forward, efforts will focus on five areas. First, implementing a macro policy package, preparing a batch of comprehensive policy measures in advance and rolling them out in a timely manner as needed; second, focusing on expanding effective domestic demand, formulating the 2026–2030 implementation plan for expanding domestic demand strategy, and promoting the early commencement of qualified major projects; third, strengthening scientific and technological innovation, accelerating the development of emerging industries, deeply implementing the AI+ initiative, fostering new forms of intelligent economy, thoroughly implementing the spirit of the national services industry conference, and advancing the mechanism for expanding the services sector; fourth, intensifying efforts to stabilise employment and boost incomes, implementing the action plan for stabilising jobs, expanding capacity and improving quality, formulating and implementing income growth plans for urban and rural residents, strengthening inclusive and basic livelihood programmes, and enhancing social security for vulnerable groups; fifth, consolidating the foundation for safe development, making every effort to ensure supply and stabilise prices of energy resources, grain and other important livelihood commodities, accelerating the construction of a new-type energy system, and working to stabilise the real estate market. [National New Commercial Housing Sales Reached Approximately 1.73 Trillion Yuan in Q1, with the "Little Spring" Rally Driving Month-on-Month Increases in Both Volume and Price in March] On 16 April, the National Bureau of Statistics (NBS) released the basic situation of the national real estate market for January–March 2026. Data showed that in Q1, the decline in national commercial housing sales narrowed significantly compared to the first two months. Driven by the "mini spring boom," both volume and price rose in March alone. However, supply-side indicators such as development investment and new construction starts remained in a downward range, with the overall market still consolidating at lows and recovering. Wang Xiaoqiang, chief analyst at Linping Residential Big Data Research Institute, noted that in terms of monthly performance, national new commercial housing saw both volume and price rise in March, with sales area and sales revenue up 10.1% and 10.9% YoY respectively, and an average selling price of 8,870 yuan/m², up 0.7% MoM. Driven by the traditional spring peak season, trading volume in March rebounded significantly from February. However, based on cumulative data, Q1 national new housing transactions remained weaker than the same period last year, with the market still in a consolidation phase. [Zhengzhou Introduces 8 New Housing Policies] On April 10, the Zhengzhou Housing Security and Real Estate Administration Bureau issued the "Notice on Further Stabilizing the Real Estate Market." 1. Supporting young people in home purchases. Financial institutions are encouraged to offer specialized financial products and services to young people under 35 who come to Zhengzhou for employment or entrepreneurship, better meeting their diversified housing credit needs. 2. Strengthening home purchase support for multi-child families. Multi-child families that already own one home locally may apply for housing provident fund loans with a maximum loan amount 20% higher than the family's first-home loan cap when purchasing another commercial residence. 3. Implementing down payment ratios for commercial property loans. Financial institutions are guided to implement the policy of a minimum down payment ratio of no less than 30% for commercial property purchase loans. 4. Clarifying standards for determining the number of homes owned. When purchasing a new home within the city, only the buyer's housing status in the administrative district where the intended property is located will be checked; those with no housing will be recognized as first-home buyers. 5. Optimizing provident fund loan application conditions. Before December 31, 2026, when applicants meet other existing loan conditions and have no outstanding provident fund loan balance, they may apply for housing provident fund loans under first-time loan policies when purchasing upgrade housing. 6. Increasing affordable rental housing supply. Through multiple channels including acquisition, new construction, and conversion, supply will be effectively increased, with 10,000 units allocated in 2026; the application and allocation process will be optimized to improve efficiency and fairness, leveraging housing's role in attracting and retaining talent. 7. Improving supporting public services. Families that have purchased commercial housing and actually moved in may enjoy basic public services such as school district enrollment for school-age children by presenting their online-registered commercial housing sales contracts. 8. Implementing a "one property, one code" system for second-hand housing. Information disclosure in the second-hand housing market will be strengthened, with enhanced property verification and code assignment. Using trading platforms such as "Zheng Hao Fang" and "Zheng Fang Trading Network" to complete ownership verification and generate a unique property verification code, achieving "one property, one code" for second-hand housing. [CRIC Real Estate Research: The top 20 real estate enterprises by new agency construction scale in Q1 saw new contracted construction area up 11% YoY] According to Zhitong Finance, CRIC Real Estate Research reported that in Q1 2026, the top 20 real estate enterprises by new agency construction scale achieved new contracted construction area of 50.437 million m², up 11% YoY. Compared with the 16% growth rate of the top 20 enterprises in 2025, this represented a slowdown of 5 percentage points; however, it was 5 percentage points higher than the growth rate in Q1 2025. Overall, competition in agency construction business expansion remained intense, with deep differentiation emerging among enterprises. [Shanghai Second-hand Home Monthly Transactions Returned to 30,000 Units for the First Time in 5 Years! Multiple New Home Projects Plan to Gradually Reduce Discounts] For the first time in 5 years, Shanghai's monthly second-hand home transactions returned to the 30,000-unit threshold, with the "Golden March" market rally delivering strongly. According to data from the Shanghai Real Estate Transaction Center's official website "Online Real Estate," in March, cumulative online signings of second-hand homes in Shanghai reached 31,215 units, hitting the highest level in nearly 5 years since March 2021. Li Gen, head of Shanghai Lianjia Research Institute, stated that the "mini spring rally" in Shanghai's second-hand housing market in March was robust, with transaction data confirming a strong return of market confidence. Citywide second-hand home trading volume not only grew 6% YoY from March last year but also surged 37% from January this year. The heated second-hand housing market was also gradually transmitting to the new home market. Shanghai Centaline Property data showed that in March, the transaction area of newly built commercial residential properties in Shanghai reached 563,000 m², surging 251.6% MoM, an unprecedented rebound. Notably, as the market recovered, signals of narrowing discounts and stabilizing prices in the new home market began to emerge. Among them, Poly Duhui Hexu had previously announced that transaction prices for townhouse units on sale would be raised by 0.5% across the board starting March 9; starting March 23, discounts were further tightened. In addition, Jinhai Yunshu, Huafa Haishang Duhui, Yijiang Zhendi and other projects also plan to gradually reduce discounts starting April. [China Index Academy: Top 100 Enterprises' Total Land Acquisition Amounted to 146.52 Billion Yuan in January–March] The latest "Top 100 National Real Estate Enterprises by Land Acquisition in January–March 2026" ranking released by China Index Academy showed that in January–March 2026, the total land acquisition amount of the top 100 enterprises was 146.52 billion yuan, down 49.4% YoY, with the decline narrowing by 3.0 percentage points MoM. After the Chinese New Year holiday, land supply and transactions recovered across various regions. Hot topic land parcels were offered in cities such as Shanghai and Hangzhou, and developers' land acquisition intensity rebounded MoM, with the decline in land acquisition value narrowing. In terms of characteristics, premium land parcels in core cities attracted intense competition, with state-owned enterprises remaining the dominant buyers. Voices from Various Parties Rajiv Batra, a strategist at JPMorgan in Singapore, said Hong Kong's property recovery is spreading to major mainland cities, while the lagged wealth effect from China's stock market rebound is helping revive housing demand. "After five years of correction, early signs of recovery have emerged in China's real estate sector in March, potentially approaching a turning point," Batra said. "We are relatively optimistic that China will outperform other emerging markets." Huatai Securities noted in a research report that March real estate data showed marginal improvement in both sales volume and prices, with home prices entering a phase of positive second-order derivative, especially as first-tier cities saw MoM price rebounds, signaling gradual restoration of market confidence. Huatai Securities believes that although the investment side is still hitting bottom, the increasing spontaneity of market recovery has enhanced the sustainability of price improvement and is also expected to bring opportunities for positioning in property stocks. Key recommendations: enterprises with lighter historical burdens or healthier cash flows, preparing for a new round of expansion; enterprises with low valuations and sufficient impairment provisions; enterprises with exposure in regions where the first-order derivative has turned positive; enterprises in existing property transactions and the back-end of the real estate industry chain. CITIC Construction Investment pointed out that in 2025, high-quality development has become the core theme for the property management and commercial management industry. Enterprises have refocused on their core property management service business. As cost reduction and efficiency gains materialize and impairment pressures are gradually released, overall corporate performance has shown positive changes. Enterprise performance has diverged, with some quality property and commercial management companies achieving sustained earnings growth. Against the backdrop of expanding domestic demand, the overall development of the real estate industry continues to be supported by policies. The firm remains optimistic about property management and operational services, recommending leading transaction intermediaries, construction agency service providers, and property enterprises with high service quality and operational efficiency. China Post Securities stated: Overall, the real estate industry is at a critical period of consolidating at lows, structural differentiation, and business model reshaping. The cumulative effect of policies is beginning to emerge, and the worst phase of the market may have passed, but industry recovery will still exhibit structural and gradual characteristics. April to May is a window for trend verification. If a stronger-than-usual off-season with price stabilization materializes, the expectation gap between the "policy bottom" and "earnings bottom" is expected to converge rapidly, improving the risk-reward of positioning for valuation recovery. Conversely, if price pressures intensify, allocation should lean more toward defensive plays and cash flow certainty, with secondary market activity remaining a leading signal. China Chengxin International analyzed in a research report: At the national level, policy guidance in housing and urban construction continues to be strengthened, using "quality housing" construction as the lever to systematically enhance residential quality across standards, design, construction, and operation & maintenance, promoting developers to focus on product quality upgrades. The concurrent urban renewal efforts, leveraging the promotion of mature experience and targeted central fiscal support, have established a standardized and efficient implementation framework, effectively resolving implementation challenges and forming a new development paradigm where housing quality improvement and urban renewal work in synergy. BOC International Securities stated that the property market has seen a "mini spring rally" over the past two months, but its sustainability remains to be observed, with subsequent trends depending on inventory destocking progress and whether prices stabilize. The continuation of the phased recovery also requires stronger policy support. Attention should be paid to the sequence of "late-April Politburo meeting — May ministerial detailed rules — local execution." We expect that the positive stance is likely to continue under the existing "stabilizing real estate" framework, with greater emphasis on implementation and policy coordination. In Q2, attention can be given to high-frequency fundamentals and the pace of local policy implementation, where policy-driven trading opportunities exist. Additionally, a "fundamental inflection point" may emerge around Q4, potentially reflected in a narrowing decline in second-hand housing prices. From an investment perspective, most property developers made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, meaning sector profit margins and earnings could rebound in 2027, thereby driving a reassessment of 27E valuations by the market in Q4 this year. Beyond that, some commercial real estate companies with investment properties have already proactively positioned themselves in new business formats, new models, and new scenarios, making them better equipped to seize opportunities in the new consumption era.

In mid-April, CATL announced plans to invest 30 billion yuan to establish a wholly-owned subsidiary, Times Resources Group, registered in Xiamen and positioned as a professional investment, operation, and management platform in the new energy minerals sector. This major move is not only a key step for CATL in building a closed-loop entire industry chain of "ore — materials — battery — recycling," but will also inject strong momentum into the extraction and reuse of rare and precious metal resources, driving the battery recycling industry from standardized development toward a new phase of technological breakthroughs and scale expansion. The core mission of Times Resources Group is to integrate global critical minerals resources such as lithium, nickel, and cobalt, while expanding into high-quality rare and precious metal mining projects. From an industry perspective, lithium, nickel, and cobalt are core raw materials for power batteries, while rare and precious metals such as gold, silver, and platinum group metals are indispensable in electronic devices and catalysts. Through this 30 billion yuan capital deployment, CATL can both ensure that its primary lithium resources self-supply rate rises above 35% and keep lithium chemicals costs below 50,000 yuan/mt, while also establishing stable raw material connection channels for rare and precious metal regeneration after battery recycling through full industry chain control of mineral resources. More notably, CATL hired Chen Jinghe, founder of Zijin Mining, as a mining consultant, leveraging his extensive experience in mineral exploration and extraction to further optimize resource development processes. This means the upstream extraction segment will place greater emphasis on green and efficient technology applications, such as adopting efficient leaching technology for low-grade ore and comprehensive recovery processes for rare and precious metal associated ore, improving resource utilization rate from the source, laying the raw material foundation for rare and precious metal regeneration in subsequent battery recycling, and achieving synergy between "primary extraction + secondary recycling."

[Price Review] This week, Middle East geopolitical concerns resurfaced, with the US-Iran standoff continuing to escalate: on April 28, Iran demanded transit fees from vessels passing through the Strait of Hormuz; on April 29, the US explicitly prohibited its individuals and entities from paying such fees to Iran, while warning non-US entities that payment would face significant sanctions risks; on April 30, Trump reiterated that Iran's abandonment of nuclear weapons was the bottom line for negotiations, stating that communication with Iran was underway via phone. Middle East tensions and energy price fluctuations further amplified uncertainties over the global economic outlook, and precious metals remained under pressure. On the US Fed front, the April FOMC meeting maintained interest rates unchanged as expected, with internal policy divergence persisting—one member advocated for an interest rate cut while three members opposed releasing easing signals. Powell broke decades of industry convention by announcing that after stepping down as Fed Chairman, he would remain as a governor until early 2028; he explicitly stated that the Trump administration's legal actions were threatening the independence of the US Fed's monetary policy-making while undermining the institution's own stability. Whether the conflict risks further escalation will continue to dominate global market risk appetite and energy price fluctuations, exerting significant impact on silver price trends. Industrial demand side, sluggish downstream consumption persisted, and as spot silver prices declined, only some downstream enterprises opted to stockpile small quantities on dips. Gold/silver ratio side, as of April 29, the LBMA gold/silver ratio rose to 62. [Key Data] Bearish: Middle East geopolitical conflict continued to escalate, with the US-Iran standoff over Strait of Hormuz transit fees intensifying. Core negotiation demands were completely opposed, and the deadlock over waterway blockade and military confrontation remained unresolved, pushing up sticky inflation expectations and reinforcing the US Fed's stance of maintaining higher interest rates for longer. The US Fed's April FOMC meeting maintained interest rates unchanged as expected, with internal policy divergence hitting a 34-year high. The overall stance was neutral-to-hawkish, with no clear interest rate cut signal released. Market expectations for rate cuts within the year cooled significantly, and the US dollar and US Treasury yields fluctuated at highs, continuously suppressing silver valuations. Inflation stickiness in the US and Europe exceeded expectations. US March CPI rose to the highest YoY and MoM since 2024, and the eurozone March core CPI final reading was unexpectedly revised upward. Persistent inflation further weakened the necessity for central bank easing. US labor market resilience exceeded expectations. Initial jobless claims for the week ending April 11 posted the largest single-week decline since February, significantly below market expectations, completely eliminating market bets on an emergency US Fed interest rate cut. China's silver industrial demand remained weak, with downstream PV and electronics enterprises maintaining only just-in-time procurement. Social inventory of spot silver ingots continued to accumulate, and transaction discounts kept widening. Bullish factors: US March PPI data significantly missed market expectations, with YoY, MoM, and core PPI gains all well below forecasts, releasing signals of marginal inflation easing and preserving room for subsequent Fed interest rate cuts. Dovish divergence within the Fed persisted, with one committee member advocating an immediate rate cut at the April meeting; some officials still believed multiple rate cuts remained possible this year, keeping the rate cut window open and preventing a complete reversal of easing expectations. Concerns over slowing US economic growth emerged, with market expectations for US Q1 GDP growth pulling back sharply from the previous reading; stagflation and recession fears reinforced safe-haven demand for silver. Key data and macro events to watch next week include: May 1: Eurozone April CPI preliminary reading, US April ISM Manufacturing PMI. May 6: US March JOLTs job openings, April ISM Non-Manufacturing PMI. May 7: Bank of England interest rate decision, ECB April monetary policy meeting minutes. May 8: US April non-farm payrolls report. [Price Forecast] Recent precious metals market trading logic continues to revolve around re-escalating Middle East geopolitical concerns, inflation expectations driven by high oil prices, US Fed monetary policy expectations, and Fed Chairman transition and internal divergence. On the China fundamentals side, downstream consumption remained sluggish; as spot silver prices declined, only some downstream enterprises chose to stockpile small quantities on dips. The upward trend in spot silver ingot social inventory has yet to improve, and the market expects mainstream spot transaction discounts to remain within a narrow discount range relative to the SGE TD price. Silver prices are expected to remain under pressure with volatile trading next week.

On April 29, Tibet Huayu Mining released its Q1 2026 production and operation data announcement. The report showed that in Q1 2026, zinc concentrates production totaled 2,070 mt in metal content, lead-antimony concentrates with silver content reached 1,489 mt in metal content, and gold concentrates reached 323.6 kg.

With the rapid development of the global NEV industry and the growing embrace of green and low-carbon concepts, the battery recycling industry is transforming from a marginal sector into a "new frontier" in the capital market, demonstrating unprecedented development potential. This industry, once regarded as merely "selling scrap," has now become a core necessity for safeguarding national resource security, implementing the "dual carbon" strategy, and promoting the sustainable development of the new energy industry, ushering in its own golden era. Strong policy support has injected robust momentum into the industry's development. In February 2025, the General Office of the State Council issued the *Action Plan for Improving the NEV Power Battery Recycling and Utilization System*, requiring the acceleration of relevant regulations and rules to standardize recycling and utilization through rule of law. Subsequently, the Ministry of Industry and Information Technology, together with the Ministry of Ecology and Environment, the State Administration for Market Regulation, and other departments, jointly issued the *Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from NEVs*, setting new requirements across multiple dimensions including power battery traceability, recycling and utilization, and supervision. Driven by both policy and market forces, the battery recycling industry has continued to expand in scale, exhibiting an "explosive" growth trajectory. Currently, the number of battery recycling-related enterprises in China exceeded 200,000. In the first ten months of 2025 alone, over 30,000 new battery recycling-related enterprises were registered, representing a YoY increase of over 15% compared to the same period last year. Top-tier enterprises such as GEM and Tianqi Co., Ltd. have ramped up capacity deployment and capital operations, building competitive barriers through technological upgrades and industry chain extensions. GEM possesses a complete "battery recycling—battery cascade reuse—raw material remanufacturing—material remanufacturing—battery reassembly" full life cycle value chain, with industry-leading scale advantages. It operates 9 major lithium battery recycling bases globally, and its lithium battery recycling volume has accounted for 10% of China's total retired battery volume for consecutive years, ranking first nationwide. As early-stage NEVs gradually retire, the lithium battery recycling industry will accelerate over the next 3 to 5 years, with an annualized growth rate exceeding 50%—a market poised for tenfold growth in 5 years. The industry consensus is that this transformation, jointly driven by price, demand, and policy, is propelling the lithium battery recycling industry from extensive development toward a refined, standardized, and globalized development stage.

SMM April 30: Metals market: As of the midday close, domestic base metals mostly fell, with SHFE copper edging up slightly. SHFE aluminum fell 0.41%, SHFE lead fell 0.66%, SHFE zinc fell 0.8%, SHFE tin rose 0.44%, and SHFE nickel edged down 0.02%. In addition, the most-traded casting aluminum futures fell 0.3%, and the most-traded alumina contract fell 0.11%. The most-traded lithium carbonate contract rose 2.52%. The most-traded silicon metal contract fell 0.46%. The most-traded polysilicon futures fell 0.97%. Ferrous metals all rose, with iron ore up 0.89%, rebar up 0.69%, hot-rolled coil up 0.77%, and stainless steel up 1.43%. Coking coal and coke: the most-traded coking coal contract rose 1.42%, and the most-traded coke contract rose 0.66%. Overseas base metals, as of 11:40, LME metals mostly rose. LME copper rose 0.42%, LME aluminum fell 0.32%, LME lead rose 0.26%, LME zinc fell 0.09%, LME tin rose 0.97%, and LME nickel rose 0.86%. Precious metals, as of 11:40, COMEX gold rose 0.28% and COMEX silver rose 0.79%. Domestic precious metals: the most-traded SHFE gold contract fell 0.29%, and the most-traded SHFE silver contract fell 0.29%. In addition, as of the midday close, the most-traded platinum futures fell 0.81%, and the most-traded palladium futures rose 0.89%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.52% to 2,296.2 points. As of 11:40 on April 30, midday futures quotes for selected contracts: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 320 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 240 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 180 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 101,575 yuan/mt, up 35 yuan/mt from the previous trading day; the average price of SX-EW copper was 101,475 yuan/mt, up 35 yuan/mt from the previous trading day. Spot market: Guangdong inventory saw a significant decline today... Macro Front China: [NBS: April Manufacturing PMI at 50.3%, China's Overall Economic Output Remained in Expansion Territory] The NBS Survey Center for Services and the China Federation of Logistics and Purchasing released China's April PMI today. The manufacturing PMI continued to operate in expansion territory after rebounding into expansion territory in March, indicating that the overall manufacturing prosperity level remained stable and the manufacturing sector maintained a sound operating trend. In April, China's manufacturing PMI stood at 50.3%, down 0.1 percentage point MoM, remaining in expansion territory for the second consecutive month. [PBOC reverse repo operations achieved net injection of 125.7 billion yuan for the day and net withdrawal of 197.9 billion yuan for the week] The PBOC conducted 126.2 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, the net injection for the day was 125.7 billion yuan. This week, the PBOC conducted a total of 414.1 billion yuan of 7-day reverse repo operations. As a total of 600 billion yuan of 1-year MLF and 12 billion yuan of reverse repos matured this week, the net withdrawal for the week was 197.9 billion yuan. (Jin10 Data) US dollar: As of 11:40, the US dollar index rose 0.03% to 98.98. The US Fed kept interest rates unchanged as expected, with notable internal divisions emerging. Fed Chairman Powell stated at the press conference that although someone voted against maintaining the dovish language in the statement at the most recent monetary policy meeting, he believed officials were not inclined to raise rates. Powell said: "People are not saying we need to raise rates now; it's more of a discussion about whether the Fed should adopt a neutral stance on the policy outlook." Fed Chairman Powell stated at the press conference that monetary policy may be in a range that is neutral in its impact on the economy. He said: "I think we are very close to the neutral rate, which is probably in the range of 3% to 4%, and the current federal funds target rate range is 3.5% to 3.75%." He added: "If we need to raise rates, we will signal and raise them, and vice versa." Fed Chairman Powell said Wednesday that continuing to serve as a governor after his chairmanship ends is to help stabilize the Fed before political pressure subsides. Powell said at the press conference: "As long as I feel it is appropriate to stay, I will stay." He added: "I don't want to be some kind of high-profile dissenter or anything like that." US President Trump said: "Mr. Too Late" Powell wants to stay at the Fed because he can't find a job anywhere else — nobody wants him. US Treasury Secretary Bessent stated that outgoing Fed Chairman Powell remaining as a Fed governor would be extraordinary. For someone who has always emphasized norms, his unilateral decision runs counter to tradition. Kevin Warsh will bring a new chapter to the US Fed with a clear accountability system, effective governance mechanisms, and sound policymaking. According to the CME "FedWatch": the probability of the US Fed maintaining rates unchanged through June was 99%, with a 1% probability of a cumulative 25 basis point cut. The probability of maintaining rates unchanged through July was 99%, with a 1% probability of a cumulative 25 basis point cut. The probability of maintaining rates unchanged through September was 98.8%, with a 1.2% probability of a cumulative 25 basis point cut. (Jin10 Data) A CITIC Securities research report maintained its previous view, expecting one 25bps interest rate cut in H2 under the baseline scenario after Warsh assumes the chairmanship. We believe close attention should be paid to speeches by the 12 sitting voting members going forward, as the US Fed's monetary policy path will depend more on the vote balance among FOMC members, while the guiding role of the Fed Chairman's personal remarks on markets has diminished compared to the past. A CICC research report stated that from a fundamental theoretical perspective, the US Fed should still and needs to cut interest rates approximately twice, which is one reason we are more optimistic than the market on rate cuts. As long as oil prices do not stay persistently above $100 through year-end, the high base effect driving inflation to pull back can provide room for the US Fed to cut interest rates. However, in practice, this will require cooperation from oil prices and Trump. The stalemate over the Iran situation keeping oil prices staying high, and Powell's reluctance to fully step back due to concerns over the investigation causing divisions within the US Fed, are not problems Warsh can single-handedly resolve after taking over in June. The key lies with Trump — if a compromise is reached swiftly and the investigation into Powell is conclusively ended, the prospects for interest rate cuts will gradually open up. On the data front: Data to be released today include: France Q1 GDP year-on-year preliminary, France April CPI month-on-month preliminary, Switzerland April KOF Leading Economic Indicator, Germany April seasonally adjusted unemployment change, Germany April seasonally adjusted unemployment rate, Germany Q1 non-seasonally adjusted GDP year-on-year preliminary, Eurozone April CPI year-on-year preliminary, Eurozone April CPI month-on-month preliminary, Eurozone Q1 GDP year-on-year preliminary, Eurozone March unemployment rate, UK Bank of England interest rate decision as of April 30, Eurozone ECB deposit facility rate as of April 30, Eurozone ECB main refinancing rate as of April 30, US initial jobless claims for the week ending April 25, US March core PCE price index year-on-year, US March personal spending month-on-month, US Q1 Employment Cost Index quarter-on-quarter, US Q1 real GDP annualized quarter-on-quarter preliminary, US Q1 real personal consumption expenditure quarter-on-quarter preliminary, US Q1 core PCE price index annualized quarter-on-quarter preliminary, US March core PCE price index month-on-month, and US April Chicago PMI. Also worth watching: the US Fed FOMC interest rate decision; Fed Chairman Powell's monetary policy press conference; Google's earnings call; earnings calls from Microsoft, Amazon, and Meta; Samsung Electronics' earnings call; the Bank of England's interest rate decision, meeting minutes, and monetary policy report; Bank of England Governor Bailey's monetary policy press conference; the ECB's interest rate decision; ECB President Lagarde's monetary policy press conference. Notably, the Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and DCE had no night session trading on April 30 ahead of Labour Day holiday. Crude oil: As of 11:40, oil prices in both markets continued the previous trading day's rally, with WTI up 1.96% and Brent up 2.16%. The Strait of Hormuz standoff is pushing the oil market from a short-term shock toward lasting repricing. Brent crude rose for consecutive sessions as Trump insisted on a maritime "blockade" against Iran. Traders' optimism that a three-week ceasefire could restore Gulf energy flows was fading. (Wallstreetcn) Bloomberg reported on the 29th that, according to a senior White House official, the US government was seeking to "seize" two Iran-linked oil tankers recently intercepted by the US Navy. The official said the DOJ had initiated "seizure" proceedings but did not elaborate on what the process entailed, nor whether it indicated the US planned to "seize" the crude oil aboard. The official, speaking on condition of anonymity citing "operational security," declined to disclose how the vessels would ultimately be handled or comment on their current routes. According to the US Department of Defense, the US Navy intercepted and boarded two tankers "transporting oil from Iran" in the Indian Ocean on the 20th and 22nd respectively. The two tankers continued sailing in the Indian Ocean over the following days and appeared to have changed course multiple times. (Xinhua) (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ►

The 2026 SMM Tier1 List was officially unveiled at the banquet of the CLNB 2026 (the 11th New Energy Industry Chain Expo) , organized by Shanghai Metals Market (SMM). This conference, held at Suzhou International Expo Center, China from April 8-10, 2026, served as the premier platform for advancing the global clean energy ecosystem. SMM Global Tier 1 Supplier Rankings In 2022, China's new energy industry chain accelerated its expansion, while overseas automakers and energy storage enterprises saw surging demand for Chinese supply chains. Coupled with information barriers caused by the pandemic, the international market urgently needed an objective and fair benchmark to bridge the two-way needs between Chinese enterprises going global and overseas clients optimizing their supply chains. Leveraging long-term data accumulation and professional research on the entire new energy industry chain, the SMM TIER 1 list emerged to meet this demand and was officially launched for the first time in 2023 . SMM Global Tier 1 Supplier Rankings , launched by SMM , serves as a global benchmark for the new energy industry. Centered on "transparent methodology + independent auditing," it incorporates third-party verification from institutions like Dun & Bradstreet and SGS to establish globally comparable industry standards. After years of refinement, the list now covers 10+ sub-sectors , including energy storage, lithium battery, and PV, etc., gaining widespread recognition from global industry chain clients. It has become a core reference for international market collaboration, serving as both a "golden benchmark" for industrial strength and a vital bridge for global resource alignment. 2026 SMM Global Tier 1 Supplier Rankings (The following enterprises are listed in no particular order) Analyst Views on Energy Storage Battery Cells Utility Storage Flourishes, Chinese Players Dominate BTM (Behind-the-Meter) Storage Storage Unlocks a Second Growth Curve for the Energy Storage Market Fast-Growing Enterprises Make Breakthrough, New and Established Players Jointly Form a Positive Market Landscape Representative Enterprises of Utility Energy Storage Battery Cell Contemporary Amperex Technology Co., Limited BYD Company Limited EVE Energy Co., Ltd. REPT Battero Energy Co., Ltd. Gotion High-tech Co., Ltd. Xiamen Hithium Energy Storage Technology Co., Ltd. CORNEX New Energy Co., Ltd. Zhejiang Narada Power Source Co., Ltd. CALB Technology Group Co., Ltd. Guangzhou Great Power Energy Technology Co., Ltd. SEVB Guangzhou Rongjie Energy Technology Co., Ltd. Jiangxi Ganfeng LiEnergy Technology Co., Ltd. Shenzhen Pengcheng Unlimited New Energy Co., Ltd. Envision Dynamics Technology(Jiangsu) Co., Ltd. SVOLT Energy Technology Co., Ltd. China Automotive New Energy Battery Technology Co., Ltd. Representative Companies for BTM (Behind-the-Meter) Storage Cells REPT Battero Energy Co., Ltd. Guangzhou Great Power Energy Technology Co., Ltd. EVE Energy Co., Ltd. Pylon Technologies Co., Ltd Xiamen Ampace Technology Co., Ltd. Gotion High-tech Co., Ltd. Representatives of Fast-Growing Battery Cell Enterprises Guangzhou Great Power Energy Technology Co., Ltd. Guoke Energy (Chuzhou) Co., Ltd. CORNEX New Energy Co., Ltd. China Automotive New Energy Battery Technology Co., Ltd. Analyst Views on Energy Storage Integration Grid-Forming Technology Consolidates the Foundation of New-Type Power Systems Power Generation and Grid Side Forge the Global Benchmark Echelon for Utility-Scale Energy Storage Integration Expansion of Behind-the-Meter (BTM) Scenarios Pioneer New Growth Space for Distributed Energy Storage Representative Enterprises of Grid-Forming ESS Technology Nanjing NR Electric Co., Ltd. Huawei Digital Power Technologies Co., Ltd. Sungrow Power Supply Co., Ltd. Xiamen Kehua Digital Energy Technology Co., Ltd. Power Generation and Grid-Side ESS Integrators Canadian Solar Inc. Xyz Storage Technology Corp. Ltd. RCT POWER Sungrow Power Supply Co., Ltd. Beijing HyperStrong Technology Co., Ltd. CRRC ZHUZHOU ELECTRIC LOCOMOTIVE RESEARCH INSTITUTE CO.,LTD. Envision Energy Co., Ltd. Risen Energy Co., Ltd. China Electric Equipment Group Energy Storage Technology Co., Ltd Guangzhou Zhiguang Electric Co., Ltd. BYD Energy Storage Co., Ltd. Huawei Digital Power Technologies Co., Ltd. Jinko Solar Co., Ltd. Sieyuan Electric Co., Ltd. Shanghai Robestec Energy Co., Ltd. Contemporary Amperex Technology Co., Limited Nanjing NR Protection Electric Co., Ltd. TrinaSolar Co., Ltd. Behind-the-Meter (BTM) ESS Integrators Weiheng Intelligent Technology Co., Ltd. Shanghai Hoenergy Power Technology Co. Ltd. Xi'an JD Energy Co., Ltd. Huawei Digital Power Technologies Co., Ltd. Fox Ess Co.,Ltd Sungrow Power Supply Co., Ltd. Shanghai Robestec Energy Co., Ltd. Sigenergy Technology Co., Ltd. Xiamen Ampace Technology Co., Ltd. Pylon Technologies Co., Ltd. Suzhou PotisEdge Co., Ltd. Wanbang Digital Energy Co., Ltd. Ningbo Deye Technology Co., Ltd. Shenzhen ATESS Power Technology Co., Ltd. Analyst Viws on PV Industry Technology Leadership, Global Benchmark Full-Chain Layout, Scale-Driven Leadership Inverter Suppliers Sungrow Power Supply Co., Ltd. Huawei Digital Power Technologies Co., Ltd. Zhuzhou CRRC Times Electric Co., Ltd. TBEA Co., Ltd. Shanghai Chint Power Systems Co., Ltd. Ginlong Technologies Co., Ltd. GoodWe Technologies Co., Ltd. Xiamen Kehua Digital Energy Technology Co., Ltd. Shenzhen Kstar Science & Technology Co., Ltd. Shandong Huadian Energy Saving Technology Co., Ltd. Beijing SOJO Electric Co., Ltd. SolaX Power Network Technology (Zhejiang) Co., Ltd. Sigenergy Technology Co., Ltd. PV Module Suppliers LONGi Green Energy Technology Co., Ltd. Jinko Solar Co., Ltd. TrinaSolar Co., Ltd. JA Solar Technology Co., Ltd. Tongwei Co., Ltd. Chint New Energy Technology Co., Ltd. GCL SI Technology Co., Ltd. Hengdian Group DMEGC Magnetics Co., Ltd. Canadian Solar Inc. TCL Zhonghuan Energy Technology (Jiangsu) Co., Ltd. Yingli Solar Energy Development Co., Ltd. Risen Energy Co., Ltd. Shanghai AIKO New Energy Co., Ltd. Suzhou Jolywood Solar Technology Co., Ltd. DAS Solar Energy Technology Co., Ltd. SolarSpace Ningbo Ulica Solar Co., Ltd. ZNShine PV-Tech Co., Ltd. AE Solar Solar Tracker Suppliers Jiangsu Guoqiang Xingsheng Energy Technology Co., Ltd. Arctech Solar Antai New Energy ESET Solar Trina Tracker VG Solar Array Technologies Antai New Energy Versol Solar Hangzhou Huading New Energy Co., Ltd. Analyst Views on Advanced Equipment Battery manufacturing equipment enterprises forge core process for lithium battery mass production Material manufacturing equipment manufacturers build a solid foundation for efficient production across the industry chain Battery Manufacturing Equipment Enterprises Wuxi Lead Intelligent Equipment Co., Ltd. Suzhou Maxwell Technologies Co., Ltd. Shenzhen Yinghe Technology Co., Ltd. Shenzhen S.C New Energy Technology Co., Ltd. Zhejiang Hangke Technology Co., Ltd. Wuxi Autowell Technology Co., Ltd. Guangdong Lyric Robot Automation Co., Ltd. Yingkou Jinchen Machinery Co., Ltd. Shenzhen Colibri Technologies Co., Ltd. Shenzhen Kstar Science & Technology Co., Ltd. Fujian Nebula Electronics Co., Ltd. Mikrouna (Shanghai) Intelligent Technology Ltd. Shenzhen Manst Technology Co., Ltd. Ningde Sike Qi Intelligent Equipment Technology Co., Ltd. Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Shenzhen Geesun Intelligent Technology Co., Ltd. Material Manufacturing Equipment Enterprises Jiangsu Myande Energy-saving Evaporation Equipment Co., Ltd. Jiangsu Huahong Environmental Protection Equipment Co., Ltd. Hengli Eletek Co.,Ltd Enerpat (Jiangsu) Environmental Co., Ltd. Energy Digital Manufacturing (Xi'an) Technology Co., Ltd EFALI Pump Industry(Guangdong) Co.,Ltd Guangdong Yifu Intelligent Equipment Co., Ltd. Ningbo Kio Flow Instruments Co., Ltd. Shijiazhuang Dingwei Chemical Equipment Engineering Co., Ltd. Gaodao Sealing Technology (Suzhou) Co., Ltd. RIGHTLEDER (Shanghai) Technology Co., Ltd. Guizhou micro-chemical Technology Co., Ltd. Zhongyu (Tianjin) New Energy Technology Co., Ltd. Changzhou Primary Equipment Co., Ltd. Jiangxi RONT Environmental Protection Equipment Co., Ltd. Ningbo Souwest Magnetech Development Co., Ltd. Hebei Yanming Chemical Equipment Co., Ltd. Analyst Views on Iron Phosphate LFP Core Precursor, Cornerstone of the Lithium Battery Industry Chain Ammonium Process for Market Stability, Iron Process for Cost Reduction, Multiple Processes in Parallel Technology Iteration Drives Cost Reduction, Consolidating a Stable Supply Chain Foundation Representative Enterprises of the Ammonium Process Route Guangzhou Tinci Materials Technology Co., Ltd. Guizhou Hention New Energy Materials Co., Ltd. Guizhou Yayou New Materials Co., Ltd. Hubei Xingyou New Energy Technology Co., Ltd. CNGR Advanced Material Co., Ltd. Guizhou Phosphate Chemical New Energy Technology Co., Ltd. Hunan Yacheng New Energy Co., Ltd. Representative Enterprises of the Iron Process Route Shandong Tsaker New Material Co., Ltd. Yuntu New Energy Materials (Jingzhou) Co., Ltd. Tangshan Hengkun New Energy Materials Co., Ltd. Representative Enterprises of the Sodium Process Route Henan Baili New Energy Materials Co., Ltd. Tongling Nayuan Materials Technology Co., Ltd. Analyst Views on LFP The Dominant Material in Both Energy Storage and NEV Markets Leading Across Multiple Technology Routes, Chinese Enterprises Setting Global Benchmarks Supporting the Scaling and High-Quality Development of the New Energy Industry Representative Enterprises of the Iron Phosphate Process Hunan Yuneng New Energy Battery Materials Co., Ltd. Hubei Wanrun New Energy Technology Co., Ltd. Zhejiang Youshan New Material Technology Co., Ltd. Shandong Fengyuan Lithium Energy Technology Co., Ltd. Changzhou Liyuan New Energy Technology (LBM) Co., Ltd. Guizhou Anda Technology Energy Co., Ltd. Hubei Rongtong High-tech Advanced Materials Group Co., Ltd. Gotion High-tech Co., Ltd. Representative Enterprises of Ferrous Oxalate Method Fulin Precision Machining Co., Ltd. Hunan Pengbo New Material Co., Ltd. Representative Enterprises of Liquid-Phase Method Shenzhen Dynanonic Co., Ltd. Representative Enterprises of Iron Oxide Red Method Sichuan GCL Lithium Battery Technology Co., Ltd. Analyst Views in Ternary Cathode Core Material for High-End Power, Accelerating High-Nickel Technology Iteration Deepening Integrated Resource Layout, Leading Global Industry Direction Enabling Long Driving Range and High-End Upgrades for NEVs Representative Enterprises of Ternary Cathode Material Gansu Jinchuan Reshine New Material Co., Ltd. Tianjin B&M Science and Technology Co., Ltd. Ningbo Ronbay New Energy Technology Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Minmetals New Energy Materials (Hunan) Co., Ltd. Tianjin Guoan Mengguli New Materials Science&Technology Co., Ltd. Yibin Libao New Materials Co., Ltd. Analyst Views on Anode Materials Industry Leaders Drive Iteration More New Players Emerge Industry Upgrades Accelerate Anode Material Enterprises Tianmulake Excellent Anode Materials Co., Ltd. Lanxi Zed New Energy Materials Co., Ltd. Anhui Iametal New Energy Technology Co., Ltd. BTR New Material Group Co., Ltd. Shanghai Shanshan Technology Co., Ltd. Shijiazhuang Shangtai Technology Co., Ltd. Guangdong Kaijin New Energy Technology Co., Ltd. Hunan Zhongke Shinzoom Co., Ltd. Jiangxi Zichen Technology Co., Ltd. Shinghwa Advanced Material Technology (Meishan) Co., Ltd. Analyst Views on Solid-State Battery Industry Next-Generation Battery Technology, Semi-Solid-State Mass Production Accelerates Full Supply Chain Matrix Takes Initial Shape, Ushering in a New Era of Diversified Application Scenarios Representative Enterprises of Solid-State Battery Technology Contemporary Amperex Technology Co., Limited Qingtao (Kunshan) Energy Development Group Co., Ltd. Beijing WELION New Energy Technology Co., Ltd. China Automotive New Energy Battery Technology Co., Ltd. Zhejiang FunLithium New Energy Technology Co., Ltd. Hytzer New Energy (Changzhou) Co., Ltd. Representative Enterprises of Solid-State Electrolyte Shanghai Emperor of Cleaning Hi-Tech Co., Ltd. Liyang CASOL Energy Technology Co., Ltd Zhejiang FunLithium New Energy Technology Co., Ltd. LionGo (Changzhou) New Energy Co., Ltd. Guangzhou Tinci Materials Technology Co., Ltd. Analyst Views on Sodium-Ion Battery Industry An Emerging Force in Energy Storage and Low-Speed Mobility, with Prominent Cost Advantages Self-Controlled Entire Industry Chain, Scaled Capacity Release Forging a Globally Leading Sodium-Ion Battery Industry Landscape Representative Enterprises of Sodium-Ion Battery Cells Shanxi Huana Xinneng Technology Co., Ltd. Highstar Sodium Battery (Guangdong) Co., Ltd. Veken Technology.,Ltd. Jiangsu Pylon Battery Co., Ltd. Jiangsu Yingong Technology Co., Ltd. Shuangdeng Group Co., Ltd. Beijing Zhongke Hai Na Technology Co., Ltd. Chaowei Power Group Co., Ltd Representative Enterprises of Sodium-Ion Battery Anode Chengdu Best Technology Co., Ltd. Guangdong Rongna New Energy Technology Co., Ltd. Wuhan Tianna Technology Co., Ltd. Zhuhai Nagan New Energy Technology Co., Ltd. Hunan Nake New Materials Co., Ltd. Representative Enterprises of Sodium-Ion Battery Cathode Materials Ningbo Ronbay New Energy Technology Co., Ltd. Jiangsu Zoolnasm Energy Technology Co., Ltd. Shenzhen Jiana Energy Technology Co., Ltd. Xiamen Xingrong New Energy Technology Development Co., Ltd. Huzhou Yingna New Energy Materials Co., Ltd. Yibin Tianyuan Lithium Battery New Materials Co., Ltd. Anhui Xinna New Materials Technology Co., Ltd. Zhejiang NaTRIUM Energy Co., Ltd. Representative Enterprises of Sodium-Ion Battery Electrolyte Zhuhai Smoothway Electronic Materials Co., Ltd. LionGo (Changzhou) New Energy Co., Ltd. Huzhou Kunlun Power Battery Materials Co., Ltd. Analyst Views on Recycling Industry Core Carrier of Lithium Battery Green Recycling, Key Support for Dual-Carbon Strategy Full Value Chain Taking Shape, Integrated Leaders Driving Closed-Loop Development Facilitating Sustainable Development Across the Full Life Cycle of the Lithium Battery Industry Representative Enterprises in Lithium Battery Recycling Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Recycling Technology Co., Ltd. GEM Co., Ltd. Shenzhen Sunwoda Recycled Materials Co., Ltd. Anhui Nandu Huabo New Materials Technology Co., Ltd. Anhui Xunying New Energy Group Co., Ltd. Wuhan Power Battery Regeneration Technology Co., Ltd. Shenzhen Jiecheng New Energy Technology Co., Ltd. Anhui Hengchuangruineng Environmental Protection Technology Group Co., Ltd. Jiujiang Tinci Resource Recycling Technology Co., Ltd. Jiangxi Ganfeng Circular Technology Co., Ltd. Ganzhou Longkai Technology Co., Ltd. Shangrao Huanli Circular Technology Co., Ltd. Ganzhou Tengyuan Cobalt New Materials Co., Ltd. Zhejiang Tianneng New Materials Co., Ltd. Guangdong Fangyuan New Material Group Co., Ltd. Guizhou CNGR New Energy Technology Co., Ltd. Hunan Keyking Recycling Technology Co., Ltd. Shandong Meiduo Technology Co., Ltd. Anhui Nandu Huabo New Materials Technology Co., Ltd. Shanxi Yaxin Green Qingyuan Circular Technology Co., Ltd. Henan Zhongxin New Materials Co., Ltd. At the banquet on the first day of the CLNB 2026 (The 11th New Energy Industry Chain Expo), Zhengyong Huang, Deputy General Manager of the Iron Phosphate Division of Guangzhou Tinci Materials Technology Co., Ltd., and Liang Liu, Deputy General Manager of the Energy Storage Division of REPT Battero Energy Co., Ltd., took the stage to receive the awards on behalf of the award winning enterprises. Shirley Wang, Vice President of SMM, presented awards to the winners! SMM congratulates the above award-winning enterprises and thanks all industry peers for their support!

Futures: Overnight, LME lead opened at $1,953/mt. During the Asian session, LME lead fluctuated upward, touching a high of $1,963/mt. Entering the European session, LME lead moved sideways within $1,955.5-1,961.5/mt, then shifted to fluctuate downward, eventually closing at a low of $1,945/mt, down 0.33%. Overnight, the most-traded SHFE lead 2606 contract opened lower with a gap at 16,710 yuan/mt. Prices briefly dipped before rebounding slightly in the early session, but encountered resistance above. Subsequently, the overall trend shifted to fluctuate downward, probing a low of 16,645 yuan/mt near the session end, eventually closing at 16,650 yuan/mt, down 95 yuan/mt or 0.57%. Open interest stood at 63,800 lots, down 1,254 lots from the previous trading day. Macro front: The US Fed kept interest rates unchanged as expected, and Powell will remain as governor. Warsh's Fed Chairman nomination passed a Senate committee vote. Trump: now is a good time to cut interest rates; Powell stays at the Fed because no one else wants him. Trump: believes the Russia-Ukraine and Iran conflicts will end at roughly the same time; negotiations with Iran are being conducted by phone, very conveniently. Iran stated that if the US continues to seize ships, it will respond with "unprecedented military action." Putin proposed a "Victory Day" temporary ceasefire with Ukraine and put forward suggestions on Iran's nuclear program; Trump suggested a temporary ceasefire in Ukraine. World Gold Council: global central banks increased gold holdings at the fastest pace in over a year in Q1. Liu Haoling was appointed as CSRC vice chairman. China discovered 13 new 100-million-mt oil fields and 26 new 100-billion-m³ gas fields. Spot fundamentals: Yesterday, SHFE lead maintained narrow-range fluctuations. Ahead of the holiday, suppliers actively made shipments, but warrant quotations in Jiangsu, Zhejiang, Shanghai remained scarce, with cargoes self-picked up from production site of primary lead smelters as the main source. Some quotations were lowered from the previous day, with mainstream production areas quoted at premiums of -20~+30 yuan/mt against SMM #1 lead average price on an ex-factory basis, while a few regions maintained quotations at premiums of +100 yuan/mt. Secondary lead side, regional tight supply persisted. Secondary lead smelters in North China, Southwest China and other regions made shipments following the market. Secondary refined lead was quoted at premiums of -50~+50 yuan/mt against SMM #1 lead average price on an ex-factory basis. Downstream enterprises successively went on holiday, procurement demand weakened notably, inquiries were also scarce, and spot market transactions were sluggish. Inventory: As of April 29, LME lead inventory decreased by 500 mt to 268,700 mt. As of April 27, SMM lead ingot social inventory saw slight destocking. Lead price forecast for today: Consumption side, as the Labour Day holiday approached, battery factories' periodic restocking largely concluded last week. Downstream just-in-time procurement follow-through was weak, and overall demand remained subdued. Supply side, constrained by tight raw material inventory, some secondary lead smelters adopted production cuts or halted operations, and spot cargo availability in the market continued to tighten; meanwhile, lead ingot destocking outside China continued, and China's primary lead social inventory also pulled back slightly. Currently, the lead market presents a weak supply-demand pattern, and lead prices are highly likely to maintain fluctuating trend in the short term.

[SMM Morning Meeting Minutes: Poor Macro Sentiment, LME Zinc Posted Three Consecutive Losses] Overnight LME zinc posted three consecutive losses, with the daily candlestick center shifting downward and the 40-day average line providing support below. Overnight the US Fed kept interest rates unchanged, the US dollar index strengthened, and market concerns over economic growth intensified. Non-ferrous metals were in the doldrums, LME zinc......