Recently, 30 hydrogen fuel cell sanitation vehicles, powered by hydrogen power systems provided by Weishi Energy, were delivered to Baoding Gaoxin Environmental Technology Co., Ltd. These vehicles will mainly be used for road washing and sweeping, water spraying and dust suppression on main roads in the Baoding High-tech Zone, further promoting the green upgrading of urban sanitation equipment in the area. The vehicles delivered this time include two types: hydrogen-powered water sprinklers and hydrogen-powered washing and sweeping vehicles, jointly developed by Weishi Energy, Dongfeng Special Vehicle Co., Ltd., and Changsha Yingfeng Environmental Industry Co., Ltd. The vehicles are respectively equipped with Weishi Energy’s self-developed commercial vehicle fuel cell systems and hydrogen storage systems, featuring zero emission, pollution-free, and low noise , suitable for continuous operation on urban roads, in parks, and in public areas. Compared with purely electric sanitation vehicles, hydrogen fuel cell sanitation vehicles have advantages in refueling efficiency and environmental adaptability. These vehicles take approximately 5 to 8 minutes to refuel, and a single refueling can support continuous operation for more than 10 hours, meeting the heavy-load, high-frequency, and long-duration operational requirements of sanitation vehicles. Sanitation operations typically involve fixed routes, centralized parking, and continuous duty, which align well with the hydrogen refueling infrastructure and maintenance management conditions required for promoting hydrogen-powered vehicles. Therefore, hydrogen-powered sanitation vehicles have become one of the important scenarios for the large-scale deployment of fuel cell commercial vehicles. Previously, Weishi Energy had promoted the implementation of several hydrogen demonstration projects in Baoding, including the country's first "hundred-unit-level" hydrogen heavy-duty truck demonstration line, Hebei province's first 200-unit hydrogen-powered cold chain transport vehicle project, and the country's first 406-unit hydrogen-powered sanitation vehicle demonstration project. With this delivery, the scale of hydrogen vehicle promotion in Baoding has further expanded, moving toward the **"thousand-unit-level" application stage**. After these vehicles are put into operation, they will expand the scale of the hydrogen sanitation fleet in Baoding's core areas, improve sanitation operation efficiency and cleanliness levels, and provide a demonstration reference for the commercial application of hydrogen-powered commercial vehicles in the field of urban public services. As an important city in the Beijing-Tianjin-Hebei fuel cell vehicle demonstration city cluster, Baoding has continued to promote the demonstration operation of hydrogen vehicles and the coordinated development of the industry chain in recent years. The delivery of hydrogen sanitation vehicles by Weishi Energy this time will further consolidate the local first-mover advantage in the large-scale application of hydrogen vehicles. In the future, Weishi Energy will continue to deepen collaboration around fuel cell systems, hydrogen storage systems, and vehicle application scenarios, promote the expanded application of hydrogen-powered commercial vehicles in sanitation, logistics, cold chain, heavy-duty trucks, and other fields, and contribute to the construction of urban green transportation and low-carbon public service systems.

The National Energy Administration (NEA) recently released the "Guidelines for Data Classification and Grading in the Energy Sector (2026 Edition)," which took effect on July 1, 2026. The guidelines apply to the classification and grading of non-confidential data in the energy sector within the territory of the People's Republic of China, aiming to standardize data processing activities in the energy sector and strengthen data security management. According to the document, the classification dimensions for energy sector data include energy types, energy activities, and others. Specifically, by energy type, the first-level data classification includes coal, oil, natural gas, nuclear energy, hydropower, wind energy, solar energy, biomass energy, geothermal energy, ocean energy, electricity, hydrogen energy , etc. This means hydrogen energy has been formally incorporated into the first-level data classification system of the energy sector. By energy activity, the second-level data classification includes planning, design, construction, production, storage and transportation, consumption, scientific research, etc. Data processors in the energy sector may further implement third-level and fourth-level classification management based on data content and characteristics. In terms of data grading, the guidelines specify that energy sector data is classified into three levels—general data, important data, and core data—based on factors such as importance, accuracy, scale, and security risks. Derivative data generated through processing such as statistics, correlation, mining, and aggregation of important data or core data, if still recoverable or restorable to important or core data, shall in principle be managed at the original level. The document also proposes that if data, after desensitization processing, cannot be recovered or restored to important or core data, the relevant data may be downgraded in accordance with the rules. Specifically, core data may be downgraded to important data or general data, and important data may be downgraded to general data. The guidelines provide explicit provisions on the identification rules for important data and core data in the energy sector. Geographic location coordinates data with an accuracy better than or equal to 100 meters for certain important energy infrastructure, as well as materials containing such coordinates data, are classified as important data in the energy sector. Such infrastructure includes coal mines with an annual output of 10 million mt or more, thermal power stations, hydropower stations, and nuclear power stations of specific scales, and substations, switching stations, and converter stations above 750 kV. Real-time command data for the production and operation of certain energy infrastructure are also included in the scope of important data, including those from hydropower stations of specific scales, substations and converter stations above 750 kV, and relevant data from the dispatch and control system of the Oil & Gas Control Center of PipeChina. In terms of power consumption data, the raw power consumption data of super important power users, first-level and second-level important power users in the national defense and military category, as well as the raw power consumption data of 10 million or more power users, are recognized as important data in the energy sector. The raw power consumption data of super important power users for a continuous period of one year or more, and the raw power consumption data of 100 million or more power users, are classified as core data in the energy sector. A relevant official of the NEA stated that the guidelines were issued to promote the implementation of the Data Security Law of the People's Republic of China in the energy sector, and together with the "Data Security Management Measures for the Energy Sector (Trial)," they form the basic management system for data security in the energy sector. The guidelines will guide data processors in classifying and grading the non-confidential data they hold in the energy sector, accurately identifying important data and core data, and strengthening management and security protection as required. Regarding the follow-up work for energy sector data processors, the NEA proposed that they should identify and compile a catalogue of important data for their organization in the energy sector in accordance with the guidelines, and submit it as required to the provincial energy regulatory authorities at the location of the data carrier. If significant changes occur to the catalogue, it should be resubmitted within three months. At the same time, relevant entities shall establish and improve data security management systems, define data lifecycle management requirements, adopt necessary technical measures, and implement institutional requirements such as graded protection of cybersecurity, security protection of critical information infrastructure, cryptographic protection, and confidentiality, to ensure that important data and core data in the energy sector are in a state of effective protection and lawful utilization. The document also requires that processors of important data and core data conduct at least one risk assessment of their data processing activities each year, which may be carried out by themselves or commissioned to third-party institutions with risk assessment capabilities, and submit the assessment reports as required by provincial energy regulatory authorities. Where cross-border transfer of important data or cross-entity transfer of core data is involved, a risk assessment shall be applied for in accordance with relevant regulations. The NEA stated that the identification rules for important data and core data in the energy sector are not fixed. Going forward, they will be continuously analyzed and assessed in light of developments in the national security situation and data security management needs, and will be revised and improved when appropriate.

Can Peru’s new government improve copper project execution? Fujimori’s government plan does not seek to redesign Peru’s mining regime, but rather to strengthen execution tools, including permitting, infrastructure, reinvestment incentives and revenue distribution. However, unless key constraints around communities, permitting, infrastructure and mature-mine depletion are materially addressed, Peru’s copper supply is unlikely to increase significantly in the short term.

SMM July 8 News: Metals Market: As of the midday close, domestic base metals broadly rose. SHFE copper and SHFE zinc edged up, SHFE aluminum rose 0.74%. SHFE lead rose 1.57%. SHFE tin rose 0.49%. SHFE nickel fell 0.53%. Additionally, the most-traded cast aluminum futures rose 0.7%, and the most-traded alumina futures rose 0.52%. Lithium carbonate most-traded contract fell 0.93%. Silicon metal most-traded contract edged up. Polysilicon most-traded futures rose 1.43%. Ferrous metals mostly rose. Iron ore rose 0.74%, rebar rose 0.65%, HRC rose 0.27. Stainless steel fell 1.86%. Coking coal and coke: coking coal most-traded contract rose 0.82%, coke most-traded contract rose 0.28%. Overseas base metals market: As of 11:42, LME metals were nearly all rising. LME copper rose 0.34%, LME aluminum rose 0.62%, LME lead rose 0.85%. LME zinc rose 0.1%, LME tin was at parity at $53,000/mt. LME nickel rose 0.18%. Precious metals: As of 11:42, COMEX gold fell 0.43%, COMEX silver fell 0.44%. Domestic precious metals: SHFE gold fell 0.18%; most-traded SHFE silver contract fell 0.96%. Sherilyn Chew, multi-asset strategist at DBS Group Research, stated that gold's medium-term outlook remains slightly more constructive. On one hand, the launch of Hong Kong's gold clearing infrastructure pilot reinforced the broader theme of sustained Asian interest in gold and should help deepen market accessibility across the region over time. On the other hand, amid discussions on de-dollarization, PBOC will continue to increase gold holdings, highlighting sustained official sector demand. Both factors underpin the medium-term demand floor for gold. (Jin10 Data APP) Furthermore, as of the midday close, the most-traded platinum futures rose 0.94%, and the most-traded palladium futures fell 0.23%. As of the midday close, the most-traded European container transportation futures rose 3.34% to 2,540 points. As of July 8, 11:42, some selected futures midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was reported at 90 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was reported at a premium of 20 yuan/mt, up 10 yuan/mt; SX-EW copper was reported at a discount of 50 yuan/mt, up 10 yuan/mt. The average price of Guangdong #1 copper cathode was 102,905 yuan/mt, down 240 yuan/mt from the previous trading day. The average price of SX-EW copper was 102,800 yuan/mt, down 240 yuan/mt. Spot Market: Inventory in Guangdong declined for a fifth straight day, mainly due to persistently low arrivals... Macro Front China: [PBOC reverse repo operations resulted in a net withdrawal of CNY85 billion on the day] The PBOC conducted CNY15 billion of 7-day reverse repo operations today. With CNY100 billion of 7-day reverse repos maturing today, the net withdrawal for the day was CNY85 billion. (Jinshi Data App) [Shanghai: Strengthen key functional areas such as the Three Islands of Chongming, the Upper Reaches of the Huangpu River, the North Bank of Hangzhou Bay, and Northern Shanghai] The Shanghai Municipal People's Government issued the "Shanghai 15th Five-Year Plan for Advancing Comprehensive Rural Revitalization". The plan proposes that by 2030, Shanghai will achieve substantial new results in comprehensive rural revitalization, accelerate agricultural modernization, and speed up the provision of modern living conditions in rural areas. Deep urban-rural integration will reach a new level, laying a solid foundation for comprehensive rural revitalization. Leveraging rural strengths in ensuring the supply of key agricultural products, ecological conservation, cultural heritage, and spatial capacity, Shanghai will adopt tailored approaches based on local conditions, create an urban-rural integration development belt around the metropolitan area, strengthen key functional areas such as the Three Islands of Chongming, the Upper Reaches of the Huangpu River, the North Bank of Hangzhou Bay, and Northern Shanghai, and build core rural revitalization nodes in conjunction with major strategic areas like the "Five New Towns" and the Yangtze River Delta Ecological Green Integrated Development Demonstration Zone. This will form a strategic layout for comprehensive rural revitalization characterized by "one belt, four zones, and multiple nodes". US Dollar: As of 11:42, the US dollar index was flat at 101.09. According to CME FedWatch: The probability of the US Fed keeping rates unchanged in July is 73.3%, and the probability of a cumulative 25-basis-point rate hike is 26.7%. For September, the probability of keeping rates unchanged is 32.4%, cumulative 25bp hike 52.7%, and cumulative 50bp hike 14.9%. Fed's Williams: Given the uncertainty, explicit forward guidance is not appropriate. Energy prices and inflation may decline over the coming months. Swiss private bank Julius Baer: The Fed is unlikely to raise rates and the US dollar may weaken. (Jinshi Data App) Other data: [Reserve Bank of New Zealand raised rates by 25bp as expected, hinting at possible further tightening] The RBNZ Monetary Policy Committee unanimously agreed today to raise the Official Cash Rate (OCR) by 25 basis points to 2.50%. As the Strait of Hormuz partially reopened, global oil prices fell sharply. Prices of other petrochemical products also pulled back. As a result, near-term inflationary pressures eased. However, despite the decline in energy prices, the impact of the energy shock will persist for some time, and the outlook for medium-term inflation pressures remains uncertain. The current monetary policy stance aims to bring inflation back to target while avoiding unnecessary economic instability. New Zealand's economy was on a recovery track before the Middle East conflict, but it was dragged down by the oil price shock, and economic momentum weakened in the June quarter. The outlook for medium-term inflation pressures depends on the extent to which recent cost increases are passed through to higher prices. As inflation remains above target and economic activity is expected to strengthen, further reduction in monetary policy stimulus may be needed to bring inflation back to the 2% target midpoint. Future interest rate decisions will depend on newly released economic data, price-setting behaviour, and the impact of the strength of economic activity on medium-term inflation pressures. (Jin10 Data APP) RBA Assistant Governor Hunter said on Wednesday that the recent oil price shock has led to a decline in Australian consumer and business confidence, but so far there have been no signs of a significant slowdown in economic activity. In a speech on supply shocks, Hunter said it is not always correct to simply ignore supply shocks; if inflation expectations start to rise, a period of low inflation and high unemployment may be necessary. "Although supply shocks present difficult policy trade-offs, this does not diminish the importance of maintaining low and stable inflation," Hunter said. "The Board will continue to take the necessary actions to ensure inflation returns to target and the labour market is at a sustainable full employment level." (Jin10 Data APP) On the data front: Today will see the release of US May wholesale sales month-on-month data, among others. Also in focus: the Reserve Bank of New Zealand will announce its interest rate decision and RBNZ Governor Breman will hold a monetary policy press conference. On the crude oil front: As of 11:42, both crude oil benchmarks rose, with WTI up 2.54% and Brent up 2.58%. A new round of US airstrikes on Iran sharply cooled market risk appetite, reigniting the Strait of Hormuz risk premium to support oil prices. (Wallstreetcn) On July 8, according to CCTV News, the US Treasury Department's Office of Foreign Assets Control (OFAC) announced that the US had revoked a general license authorizing the sale of Iranian oil, and related wind-down transactions would be permitted until 12:00 a.m. Eastern Time on July 17. Spot market at a glance: ► ► ► ► ► ► ► ► ► ►

The year 2026 marks the first year of the 15th Five-Year Plan. Against a backdrop of intensifying global macro volatility and the in-depth advancement of China’s high-quality development, the zinc industry is undergoing profound changes: structural tension arises from tight ore supply and the release of smelting capacity, the divergence between domestic and overseas inventories reflects the complex dynamics of supply-demand rebalancing, and technological innovation is becoming a key driving force for resolving contradictions and reshaping the landscape. Key areas of the 15th Five-Year Plan, such as new energy and new-type infrastructure, inject fresh momentum into traditional zinc consumption, while green, low-carbon and circular economy are also accelerating the reshaping of industrial logic driven by technological innovation. With the joint support of upstream and downstream enterprises in the zinc industry, industry associations and relevant parties, the 2026 SMM Zinc Industry Conference and the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, the 14th Zinc Salt, Zinc Oxide and Zinc Secondary Resources Development Forum, and the Cast Zinc Alloy Development Forum will be held on August 6-8 in Qingdao, Shandong. Themed “Gathering Zinc Momentum, Building the Zinc Industry, Embarking on a New Journey,” the conference is driven by the dual wheels of macro perspective and fundamental analysis. It closely follows the main line of high-quality development of the 15th Five-Year Plan, focuses on the four dimensions of macro policies, supply-demand patterns, global trade and technological innovation, and uses technological breakthroughs to drive cost reduction and efficiency gains while leveraging collaborative innovation to respond to market fluctuations, jointly painting a new blueprint for the high-quality and sustainable development of the zinc industry. Huanghua Huixin Weiye FRP Co., Ltd. will grandly attend this grand event to discuss industry development trends with industry peers and jointly push the zinc industry to new heights. Click to register now to attend, and join us in witnessing and participating in this significant and far-reaching industry event to create a brilliant new chapter together! Huanghua Huixin Weiye FRP Co., Ltd., founded in 1971, focuses on the R&D and manufacturing of high-quality FRP products, efficiently serves markets throughout China and outside China, and is your trusted FRP solution provider. The company is located in Huanghua City, Hebei Province, at the core of the Bohai Economic Rim. Leveraging its excellent location adjacent to Beijing-Tianjin, Xiong’an New Area and the 100-million-ton Huanghua Port, the company enjoys convenient sea-land transportation network and vast market hinterland. Over more than 40 years of development since its establishment, the company has accumulated solid strengths in technology, personnel and production equipment. The company covers an area of nearly 70 mu, with a building area of 35,000 m². It has 230 employees, including 8 with senior professional titles, 15 with intermediate titles, and 80 junior technical personnel. Since its inception, the company has maintained long-term collaborations with over a dozen research institutes and universities such as the Chinese Research Academy of Environmental Sciences, boasting strong technical capabilities. The company has 10 filament winding container production lines, 10 filament winding pipe production lines for DN50-4000mm, 15 compression molding machines, 25 pultrusion lines, 40 FRP grating molds, various molds for round and square FRP cooling towers, fans and other products, and complete testing equipment. Main products include: FRP filament-wound containers, flue gas desulfurization equipment, FRP purification equipment, FRP filament-wound pipes, pickling tanks, anti-corrosion engineering, ventilation fans, FRP cooling towers, FRP gratings, water tanks, FRP deodorization and purification equipment, FRP sewage pool cover plates and over ten other categories of FRP products. During its development, the company leadership has placed great emphasis on product quality and corporate reputation. With a people-oriented and technology-pioneering approach, the company survives by quality, strengthening internal management and expanding external markets. Our FRP series products cover more than 20 provinces, municipalities and autonomous regions across China, and are exported to the Americas, Europe, Africa and other regions. They are widely used in petrochemical, gas station, machinery, papermaking, power, food, water supply and drainage, textile dyeing and printing industries, and are highly praised by users. Our company has always strictly controlled every link and every process. The company’s testing system and procedures comply with advanced international industry standards, controlling precision to the strictest, product quality to the most excellent, and every minor detail to the most perfect, allowing customers to deeply feel Huixin’s rigorous and pragmatic quality commitment while using the products...... The company always adheres to the business policy of “Customers First, Reputation Foremost,” and sincerely cooperates with friends from all walks of life with excellent products and comprehensive after-sales service for mutual development. ◆Contact Information◆ Ma Linxing Mobile:15230713888 Tel:0317-5653296 Fax:0317-5653296 Website:www.hxwyblg.cn E-mail:sx-blg@163.com Address:Xidazhuang Industrial Zone, Jiucheng Town, Huanghua City, Hebei Province Long press and scan to register now 2026 SMM Zinc Conference

Guangdong is a core hub of China’s wire and cable industry, with a complete industry chain, significant geographical advantages, and market reach across South China, Hong Kong, Macao, and Southeast Asia. The industry currently faces both opportunities and challenges. While new energy and infrastructure markets outside China broaden the scope for going global, factors such as copper and aluminum raw material fluctuations, capacity homogenization, and low-price-induced involution are squeezing enterprises’ profits, making digital and intelligent upgrades a breakthrough key. will be held on July 14–15, 2026 at the Wyndham Guangzhou Design City Hotel , SMM joins hands with the Guangdong Industrial and Trade Development Promotion Association to invite you to attend. The conference will leverage entire-industry-chain data and resources in and outside China, focusing on market analysis, transformation and upgrading, supply-demand matching, and empowering enterprises to go global, thereby helping local companies improve quality and expand markets and promoting the high-quality international development of the region’s wire and cable industry. Click to attend the conference. We look forward to meeting you at the event. Guangdong Industrial and Trade Development Promotion Association Guangdong Industrial and Trade Development Promotion Association is a service-oriented, non-profit social organization dedicated to promoting the joint development of Guangdong’s industrial and trade economic sectors. It mainly focuses on uniting its members, fully implementing the Scientific Outlook on Development, advancing industrial and trade development, and accelerating the transformation of the economic growth model. It builds platforms for government leaders at various levels and industry elites to exchange information and share resources; provides diagnosis, policies, strategies, and plans for the development of Guangdong’s enterprises and industrial and trade sectors; and conducts research on the current state and trends of industrial and trade enterprise development, offering policy recommendations to fully drive the growth of Guangdong’s industrial and trade enterprises. The Association was jointly initiated by Guangdong Jintian Investment Holding Co., Ltd., Bendakang Holding Group Co., Ltd., Guangdong Baiyun University, Guangzhou Zhujiang Wire Factory Co., Ltd., and several other industrial and trade organizations. It now has nearly 500 member units covering industries such as manufacturing, trade, logistics, financing, guarantee, and consulting. The Association will assist the government in adjusting economic and industrial structures to achieve diversified business development models for enterprises; establish a self-regulatory mechanism to avoid vicious competition in new circumstances; facilitate government-enterprise communication to help enterprises avoid detours in their development; actively support enterprises in engaging in international trade to reduce capital input; assist member enterprises in going abroad and exploring international markets; build a publicity platform for enterprises to enhance their goodwill value; create China’s largest high-level forum on industrial and trade enterprise development, actively exercise the role of social organizations, share the government’s concerns, safeguard enterprises’ rights, pursue development for the industry, serve society, and commit to promoting the sustainable development of industrial and trade enterprises in our province; and guide all member enterprises and practitioners to strengthen industry self-discipline, cultivate strong professional ethics, standardize lawful operations, and contribute to the healthy growth of Guangdong’s industrial and trade enterprises. Cooperation Contact Shenzhen Bendakang Cable Co., Ltd. Shenzhen Bendakang Cable Co., Ltd. Founded in 1997, Shenzhen Bendakang Cable Co., Ltd. is the core subsidiary of Bendakang Group, the largest cable manufacturer in Shenzhen—the national capital of science and technology—and one of the leading large-scale wire and cable producers in China. The company's products cover high- and low-voltage wire and cable series ranging up to 500 kV. It is currently the only enterprise in Shenzhen capable of producing ultra-high-voltage cables of 110 kV and above, and also the only local enterprise that can provide one-stop procurement of high- and low-voltage wires and cables up to 500 kV for users. The company is equipped with leading production lines and high-precision testing instruments, with annual capacity ranking among the top in China; it has established nine laboratories with rigorous quality control, and the pass rate in all past market sampling inspections has been 100%. Bendakang has obtained over a hundred national patents, its products have received multiple domestic and international certifications, and it is a high-quality supplier for the State Grid Corporation of China, China Southern Power Grid, large-scale projects, and multinational new energy giants. Bendakang wires and cables have been honored with titles such as "Guangdong Famous Brand Product", "Guangdong Famous Trademark", "Guangdong Well-Known Brand", and "Shenzhen Well-Known Brand". Meanwhile, the company has been recognized as a national-level specialized and sophisticated "Little Giant" enterprise, a national-level "Green Factory", "National High-tech Enterprise", "Guangdong Province Key Enterprise with Through-Train Service", "Shenzhen Top 100 Industrial Enterprises", "Shenzhen Top 100 Quality Enterprises", and received the "Progress Award" in the 3rd Pingshan New District Quality Award evaluation. Its products are popular in 60% of China's provincial-level regions and exported to over 60 countries and regions. Cooperation Contact Xiao Jingsheng 138 2437 1406 Guangzhou Zhujiang Wire and Cable Factory Co., Ltd. Guangzhou Zhujiang Wire and Cable, look for the [Huanshi] trademark! Founded in 1991, Guangzhou Zhujiang Wire and Cable Factory Co., Ltd. is a long-established Guangzhou-based source manufacturer with 35 years of deep cultivation in the wire and cable industry, integrating R&D, production, sales, and service. Its full range of cable products is suitable for municipal power grids, engineering construction, industrial manufacturing, residential decoration, and other scenarios. The company is a National High-tech Enterprise, Guangdong Province Specialized and Sophisticated Small and Medium-sized Enterprise , with a provincial-level environmentally friendly cable engineering technology research center, equipped with two 35 kV dry-crosslinking production lines, and a complete independent R&D and testing system. All series of products have passed the national 3C compulsory certification and ISO quality system certification, with mature processes and stable quality. It has long-term supply relationships with the State Grid Corporation of China, China Southern Power Grid, and various major key projects, and is a highly reputed source cable manufacturer in South China. The company is the earliest original manufacturer in the South China region to hold the "Zhujiang" brand name , and its official genuine brand is labeled under the [Huanshi] trademark. All original products and outer packaging carry the Huanshi logo, ensuring traceable quality, complete qualifications, and guaranteed after-sales service, thereby eliminating the risks of counterfeit or miscellaneous brands. With 35 years of dedicated craftsmanship, the company adheres to a quality-first principle and operates with integrity, implementing standardized production and meticulous management. Leveraging superior products, stable supply, and a strong reputation, Huanshi-brand cables are widely recognized in the market, consistently providing the industry with safe, environmentally friendly, and reliable national-standard cable products. Cooperation Contact Zhang Qiurui 138 2440 5488 Shenzhen Zhirong Financing Guarantee Co., Ltd. Shenzhen Zhirong Financing Guarantee Co., Ltd. , established in March 2011 with a registered capital of 102.8 million yuan, is a company serving construction enterprises, focusing on engineering guarantees as its core business and engaging in guarantee and related risk management consulting. Adhering to the business philosophy of "operating with integrity, managing risks, innovating business, and pursuing sustainable development," it was established under a modern enterprise system, with a risk management philosophy embedded throughout its corporate culture. To date, it has established strategic partnerships with several thousand special-grade, first-grade, and second-grade enterprises nationwide, underwriting numerous key investment projects and infrastructure initiatives for both national and various provincial and municipal governments. The company currently holds credit lines with banks such as China Construction Bank, Industrial and Commercial Bank of China, and Fumin Bank. It possesses a robust risk control evaluation system and a professional operations team dedicated to efficiently and promptly addressing clients' guarantee needs. Continuously adapting to market demands and innovating financial services, the company fully leverages its scientific internal management and risk control mechanisms. Through its professional and resource advantages, it delivers efficient, convenient, and thorough services to meet the growing demand among small and medium-sized enterprises for financing guarantee services, helping outstanding SMEs develop steadily amid intense market competition. It has cumulatively connected with and integrated over fifty public resource trading centers, third-party bidding and procurement platforms, and central state-owned enterprise group bidding platforms. Currently, it is committed to further advancing strategic cooperation on electronic guarantees with numerous public resource trading centers across the country, positioning itself as an outstanding and professional guarantee institution in the development and application of nationwide online electronic guarantees. Cooperation Contact SMM Conference Contact Chen Bo 183 7089 1981 chenbo@smm.cn

In the medium to long term, the reverse-charging invoice policy will reshape the secondary copper circulation system, accelerating industry consolidation, and high-precision copper billet for new energy and AI computing power will become the core growth driver for the copper billet industry in the future.

In H1 2026, the copper rod industry experienced significant divergence amid high copper price fluctuations and limited secondary supply: periodic corrections in copper prices drove a notable YoY rise in copper cathode rod operating rates, while secondary copper output remained constrained by compliance policies, pushing industry operating rates and processing fees into a high-then-low trend. Downstream wire & cable and enamelled wire operating rates were mixed, reflecting differing demand across subsectors. Meanwhile, overseas power infrastructure and the energy transition generated substantial rigid procurement demand, and China’s copper wire rod exports surged, nearly doubling. Looking to H2, high copper prices and overcapacity are expected to persist, widening the gap between copper cathode rod and secondary copper rod. (I) Copper Price Fluctuations and Secondary Supply Shortage Lead to Significant YoY Increase in Copper Cathode Rod Operating Rate in March From the H1 copper cathode price trend, it is clear that the full-year average copper price in 2026 was significantly higher than that in the same period of 2025. Since last year, copper prices have generally drifted higher, and downstream wire and cable enterprises have gradually adapted to high raw material costs, with price acceptance continually increasing. In March this year, copper prices underwent a notable correction. Combined with the prolonged low operating rate of secondary copper rod, market demand was concentrated on copper cathode rod, leading to a concentrated release of purchasing demand that was previously suppressed by high prices. By contrast, in the same period of 2025, copper prices were in a continuous upward channel, and downstream stockpiling willingness was weak. These factors collectively drove the copper cathode rod operating rate in March up by 5.41 percentage points YoY. (II) Compliance constraints suppress secondary copper output, and copper cathode rod operating rate and processing fees rise then fall. Compliance policies for the secondary copper industry continued to be implemented, restricting the circulation of tax-included copper scrap supplies. The price difference between copper cathode and copper scrap swung wildly, and the cost advantages of secondary copper rod disappeared intermittently. Secondary copper capacity could not be fully released; only top-tier compliant enterprises maintained stable production, and operating rates remained low for an extended period. Demand shifted towards copper cathode rod, driving copper rod enterprises’ operating rates to show a high-then-low pattern. From January to March, concentrated downstream stocking by cable and wire companies and the two major power grids kept operating rates above 75%, pushing copper rod processing fees higher YoY. From April to June, copper prices surged again, curbing downstream stocking interest. Copper rod processing fees gradually pulled back from high levels, and the industry average operating rate retreated to the 60%-65% range. Many small and medium-sized processing plants faced insufficient orders and experienced periodic production cuts. (III) Copper Wire and Cable and Enamelled Wire Exhibit Phase-Based Operating Trends, With Clear Divergence in Downstream Demand In H1 2026, both the copper wire and cable and enamelled wire industries experienced an operating pattern of rapid post-Chinese New Year recovery, peaking in the high season, and then pulling back month by month. The monthly operating rate of copper wire and cable recovered from the weekly low during the Chinese New Year to a peak in April, then consolidated and stabilized in May and June, with investment at the start of the power grid’s 15th Five-Year Plan and exports providing core support, while orders from the construction and real estate sectors continued to be a drag. The monthly operating rate of enamelled wire hit its seasonal bottom after the Chinese New Year and surged to the annual high in March, but as home appliance demand weakened more than expected in Q2, the Q2 operating rate declined month by month, with the new energy, industrial motor, and export sectors acting as a floor. Both industries faced the challenges of high copper prices suppressing downstream purchase willingness and pulse-style demand releases causing frequent fluctuations in production schedule pace. (4) Multiple Positive Factors Resonate, H1 2026 Copper Wire Rod Exports Experience Explosive Growth In H1 2026, China’s copper wire rod exports continued their strong growth momentum, emerging as the most outstanding segment in the copper processing industry. In terms of export pace, the first half was characterized by a pattern of “month-on-month climb followed by stabilization at highs.” In Q1, despite the impact of the Chinese New Year holiday, exports maintained consecutive MoM growth. In Q2, driven by the concentrated release of backlog orders and sustained robust overseas demand, monthly exports continued to rise and stayed high. From January to May, China’s cumulative copper wire rod exports reached 134,000 mt, surging 97.93% YoY. Export markets were highly concentrated in Southeast Asia, the Middle East, and South Asia. Countries such as Thailand, Malaysia, Vietnam, and Saudi Arabia, with their power infrastructure upgrades, new energy project construction, and manufacturing relocation, generated rigid import demand for copper wire rod. In terms of trade structure, processing trade with imported materials was the mainstream export model, accounting for over 50%, supplemented by processing trade with supplied materials. Following adjustments to export tax rebate policies, China’s export enterprises have fully shifted to processing trade channels, with related business operating models reaching maturity. (V) High Copper Prices Alongside Overcapacity, with the Landscape of Copper Cathode Rod and Secondary Copper Rod Continuing to Diverge Looking ahead to H2 2026, the copper rod industry is expected to remain in a complex landscape of sustained high copper prices, deepening overcapacity, and continued strong export performance, with the divergence between copper cathode rod and secondary copper rod widening further. Copper cathode rod enterprises are under the dual pressures of elevated raw material costs and insufficient new orders. Prior backlog orders are gradually being delivered and fulfilled, and combined with overseas markets entering a seasonal off-season for consumption, the industry’s operating rate is likely to pull back MoM. However, the core contradiction of overcapacity persists, and overall copper rod processing fees will continue to be in the doldrums. The operating rate on the secondary copper rod side is unlikely to see a sustained uptrend, as the narrowing price difference between copper cathode rod and secondary copper rod has largely eliminated its substitution advantage, with market share continuing to concentrate toward copper cathode rod. Demand continues to shift to copper cathode rod. On the demand side, power grid, new energy, and computing power cables provide stable rigid demand, while demand from real estate and home appliances is weak, limiting overall incremental growth. On the export front, Chinese enterprises continue to develop markets in Southeast Asia and the Middle East, but overseas local capacity expansion and a high base will weigh on subsequent growth rates. Overall, the industry faces multiple contradictions, and the copper cathode rod segment must still rely on expanding both domestic and external demand channels.

In H1 2026, China's enamelled wire industry overall exhibited a phased pattern of 'post-holiday rebound and surge, followed by a steady pullback in Q2,' with its operational characteristics heavily focused on structural differentiation.

Jan Frederik Slijkerman of ING wrote in a report that with tech giants developing their own chips, there is uncertainty over Nvidia's ability to sustain its profit margins. He pointed out that major clients such as Microsoft, Alphabet, and Amazon are developing their own custom chips to help control AI infrastructure costs (capital expenditure efficiency). He said that, as a result, Nvidia's pricing power could face stiffer competition than in recent years, which will make it harder to maintain its currently exceptionally high margins over the long term, even as the company expands into new business lines.