As production order fully resumed after the Chinese New Year, the sodium-ion battery industry chain saw a strong recovery in March. Production across the four major segments—cathode, anode, electrolyte, and battery cell—posted substantial growth both YoY and MoM, with industry prosperity rebounding markedly.

February 2026 coincided with the Chinese New Year holiday. Affected by holiday factors, production pace across core segments of China’s sodium-ion battery industry generally slowed, showing an “off-season reset” trend. From cathodes, anodes, and electrolyte to battery cells and end-users, production across all segments declined MoM to varying degrees, while YoY still maintained a certain degree of growth resilience.

SMM News on May 29: In the morning of May 29, the automobile and auto parts sectors surged rapidly at the opening bell. The automobile sector index briefly rose by over 2.6% during the session, while the auto parts sector gained more than 2.3%. Among individual stocks, Dongfeng Motor's share price hit the daily limit, with multiple stocks such as King Long United Automotive Industry and Dongfeng Motor New Energy Technology following suit. The auto parts sector witnessed a wave of stocks hitting the daily limit, with over nine stocks, including Chaojie Technology, Yunnan Inner Power, Tongda Electrical, Zhengyu Industry, Hexing Co., Ltd., and Xingmin Intelligent Transportation, sealing the daily limit during the session. On the news front, the Ministry of Industry and Information Technology (MIIT) released its 2025 regulatory development work plan this morning. Projects to be submitted to the ministerial meeting for review this year include the Interim Measures for the Comprehensive Utilisation Management of Scrap Power Batteries from New Energy Vehicles and the Interim Measures for the Total Volume Control and Management of Rare Earth Mining and Smelting and Separation. Projects to be urgently researched and drafted include the Management Measures for the Recycling and Comprehensive Utilisation of Lithium-ion Batteries from E-bikes and the Implementation Rules for the Approval of Domestic Units Leasing Overseas Satellite Resources. Notably, the price war in the new energy vehicle sector has reignited recently. Last Friday, BYD launched a limited-time "fixed-price" sales promotion, mainly targeting users replacing their old vehicles, and increased the replacement subsidy while reducing prices. It is understood that this promotion involves a total of 22 intelligent driving models from the Wangchao and Ocean networks, with a maximum subsidy of up to 53,000 yuan. The promotion period runs from May 23 to June 30. The Ocean network's intelligent driving models start at 55,800 yuan, and the Haishi 07EV 550 Intelligent Navigation Edition's official guidance price of 189,800 yuan has been directly reduced to 149,800 yuan under the "fixed-price" scheme. Following BYD's move to initiate price cuts, multiple automotive brands, including Geely Galaxy, Leap Motor, and Shanghai GM Buick, have also gradually followed suit with price reductions, offering maximum replacement subsidies ranging from 20,000 to 25,000 yuan. Cui Dongshu, Secretary General of the China Passenger Car Association, stated that BYD's recent price cuts on 22 models would have a certain impact on current car market prices. He also mentioned that compared to 41 models in April last year and 19 models in April 2023, the number of models with price reductions in April this year has significantly decreased, reflecting a notable cooling of the "price-cutting trend." However, as automakers strive to achieve their annual sales targets, competition in the car market will intensify further in the second half of the year. He Xiaopeng, Chairman of XPeng Motors, mentioned on the evening of May 28 that the current "price war" is not yet the most intense, and it may become even fiercer in one of the next five years. Regarding XPeng Motors' future, He Xiaopeng stated that XPeng Motors should first not "compete on price" but rather "compete on technology"; second, it should expand globally beyond China; and third, it should transform new quality productive forces towards embodied intelligence. In addition, recently, trade-in policies across various regions in China have been continuously strengthened. Over the past few trading days, several provinces and cities, including Shanghai, Henan, Fujian, and Harbin, have successively issued car purchase incentive policies. In Shanghai, on May 21, the General Office of the Shanghai Municipal People's Government issued the "Shanghai Special Action Plan to Boost Consumption." It mentioned intensifying and expanding the implementation of trade-in for consumer goods. To promote auto consumption, the plan aims to implement the national vehicle scrappage and renewal subsidy policy and Shanghai's vehicle replacement and renewal subsidy policy. It also seeks to implement the national home appliance trade-in subsidy policy, introduce new subsidies for digital products such as mobile phones, tablets, and smartwatches (or smart bands), and further support green home appliances, home furnishings, and home decoration consumption. The General Office of the Henan Provincial Government also recently issued the "Henan Province Special Action Plan to Boost Consumption," which proposed intensifying efforts to promote trade-in. It supports vehicle scrappage and replacement, offering a maximum subsidy of 20,000 yuan for scrapping eligible old passenger cars and purchasing passenger NEVs, and a maximum subsidy of 15,000 yuan for purchasing fuel-powered passenger cars. For transferring old cars and purchasing passenger NEVs, the maximum subsidy is 15,000 yuan, and for fuel-powered passenger cars, it is 13,000 yuan. By 2025, the province aims to complete the scrappage and replacement of approximately 500,000 vehicles and the trade-in of over 8 million home appliances. In Harbin, according to the Harbin Bureau of Commerce, starting from May 28, Harbin will launch the "2025 Harbin Summer Charm Ice City Car Purchase Promotion" campaign. During the event, 48 million yuan in car purchase subsidies will be distributed on a first-come, first-served basis until the funds are exhausted. The subsidies are targeted at individual consumers, with no regional restrictions. Anyone purchasing a new household passenger car (including NEVs) with "China VI" standards and seven seats or fewer from participating merchants can enjoy government subsidy policies in three tiers. For vehicles priced at 150,000 yuan or below (inclusive), a subsidy of 3,000 yuan per car will be provided; for vehicles priced above 150,000 yuan up to 300,000 yuan (inclusive), a subsidy of 4,000 yuan per car will be provided; and for vehicles priced above 300,000 yuan, a subsidy of 5,000 yuan per car will be provided. On May 28, the General Office of the Fujian Provincial Government issued the "Fujian Province Special Action Plan to Boost Consumption," which proposed supporting auto consumption. It aims to promote activities such as car modification, rental, racing, exhibitions, RV camping, and traditional classic car consumption in the automotive aftermarket. It encourages local governments to cultivate and expand used car business entities, promote "reverse invoicing" for used car sales, and accelerate the transition from brokerage to dealership models in the used car market. It also supports local governments in conducting auto consumption promotion activities, stacking car purchase incentive policies for additional support. By the end of 2025, China aims to have built over 80,000 public charging piles in total, achieving full coverage of public charging facilities in every township. The vehicle trade-in subsidy policy has also significantly boosted the automotive market. The China Passenger Car Association (CPCA) has stated that the effects of the "program of large-scale equipment upgrades and consumer goods trade-ins" have continued to emerge this year. From January to April this year, various regions and relevant departments have fully utilized the ultra-long-term special treasury bond funds to promote the continued effectiveness of the policy to expand and strengthen the "program of large-scale equipment upgrades and consumer goods trade-ins". The policy to expand and strengthen the trade-in of consumer goods has yielded remarkable results, with diverse consumption scenarios continuously innovating, driving improved performance in the industries and supply chains of related products. Driven by the vehicle trade-in and replacement subsidy policy, 10.12 million vehicles were produced from January to April 2025, up 11% YoY.

【Camino Minerals Discovers New Copper Resources in Peru】Mining company Camino Minerals reported the exploration results of its Los Chapitos copper mine project in Peru, indicating the potential discovery of new copper-silver resources. The company and its partner, Nittetsu Mining Co., Ltd., have completed drilling activities at Pampero and plan to conduct further exploration in H2 2025. (Webstock Inc.)

Mining company Camino Minerals reported the exploration results of its Los Chapitos copper mine project in Peru, indicating the potential discovery of new copper and silver resources. The company and its partner, Nittetsu Mining Co., Ltd., have completed drilling activities at Pampero and plan to conduct further exploration in the second half (H2) of 2025. In the DCH-118 drill hole at a depth of 157.6 meters, the copper grade reached 0.5%, and the silver grade reached 3.15 parts per million (ppm). Surface rock chip sampling at Pampero also revealed high copper grades, with some samples showing copper content as high as 3.8% and silver content of 4.0 ppm. The Los Chapitos project is located near Chala in the Arequipa region and benefits from its proximity to the mineralized copper-silver belt in northern Chile, which hosts operating mines such as Michilla and Las Luces. The geological conditions in the area suggest a high potential for copper discovery, a sentiment echoed by Camino's CEO, Jay Chmelauskas, who emphasized the importance of continuing drilling to uncover new prospects. Camino is pursuing a dual strategy of developing its permitted Puquios copper mine in Chile and actively exploring for new copper deposits in Peru.

On April 18, at the AICE 2025 SMM (20th) Aluminum Industry Conference & Aluminum Industry Expo - Global Secondary Aluminum Industry Development Forum, co-hosted by SMM Information & Technology Co., Ltd., SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi County Qianrun Investment Service Co., Ltd., Zhang Limin, Senior Analyst of Secondary Aluminum at SMM, shared insights on the 2025 China secondary aluminum market analysis and price assessment methodology. 1. Overview of the Aluminum Scrap Industry Chain Supply Side - Explosive Growth in Old Scrap in Recent Years ► SMM Analysis: • The recycling of old aluminum scrap is influenced by multiple factors. Currently, the recycling of old aluminum scrap mainly comes from social scrap collected over an average period of 10-20 years, involving fields such as construction, transportation, power, packaging, and durable goods. Among these, construction and transportation sectors dominate the recycled materials. In recent years, with more aluminum scrap gradually entering the recycling cycle and the introduction of policies like "trade-in," old scrap has entered a phase of explosive growth. • New aluminum scrap mainly comes from aluminum and downstream rolling and casting processes, including off-cuts and defective products. Additionally, some scrap generated during the use of end-use industries is also high-quality aluminum scrap. This portion of aluminum scrap is primarily influenced by the annual aluminum consumption. Supply Side - Increasing Supplement of Imported Raw Materials Since the implementation of the new standards in 2020, with traders' increasing adaptation to the new standards, aluminum scrap imports have been recovering year by year. ► SMM Analysis: • In 2018, other aluminum scrap (760200090) was adjusted to the "Catalog of Solid Wastes Restricted from Import as Raw Materials." From July 1, 2019, the import of aluminum scrap was completely banned. • In 2020, secondary cast aluminum alloy raw materials that comply with the "Secondary Cast Aluminum Alloy Raw Materials" (GB/T 38472-2019) standard are not considered solid waste and can be freely imported. This has been in effect since November 1, 2020. • On October 24, 2024, the Ministry of Ecology and Environment, the General Administration of Customs, and four other departments issued the "Announcement on Regulating the Import Management of Secondary Copper and Copper Alloy Raw Materials, Secondary Aluminum and Aluminum Alloy Raw Materials." Secondary copper and aluminum raw materials that meet the annex requirements are not considered solid waste and can be freely imported. The announcement has been in effect since November 15, 2024. According to customs data, the total imports for 2024 were 1.785 million mt, up 1.65% YoY. • In January-February 2025, aluminum scrap imports were 323,000 mt, up 12% YoY. Driven by relaxed policies and increased demand, imports are expected to show a mild growth trend for the year, but the growth rate may be constrained by international market competition and the inversion of domestic and overseas price spreads. Supply Side - Aluminum Scrap Import Policies from Standardization to Optimization ► SMM Analysis: The "Announcement on Regulating the Import Management of Secondary Copper and Copper Alloy Raw Materials, Secondary Aluminum and Aluminum Alloy Raw Materials" has removed the barriers to the import of secondary aluminum raw materials in China, providing a policy basis for legal and compliant imports. SMM expects that aluminum scrap imports in 2025 may show a restorative growth. However, with the growth of domestic old and new scrap production, the domestic aluminum scrap supply will play a significant role, reducing dependence on overseas aluminum scrap. In addition to the increase in domestic aluminum scrap supply, overseas secondary aluminum processing capacity has also shown a growth trend in recent years, with overseas aluminum scrap resources entering a period of high demand growth. Some overseas aluminum scrap resources are being consumed locally, and the opportunity for them to enter China is expected to decline. Demand Side - Secondary Aluminum Alloy Demand Slows Down, Plate/Sheet and Extrusion Become New Engines ► SMM Analysis: The downstream demand for aluminum scrap in China is mainly for the production of secondary aluminum alloys, the manufacture of remelting billets for extruded aluminum profiles, and the addition of some aluminum scrap in the aluminum plate/sheet and strip industry. In recent years, the capacity expansion in the domestic secondary aluminum industry has been significant, and the supply of aluminum scrap has been tight. According to SMM data, the domestic demand for secondary aluminum in 2024 was approximately 12.79 million mt, with an expected annual compound growth rate of 13% from 2020 to 2025. The growth rate of aluminum scrap consumption for secondary aluminum alloy ingots has slowed down, while the demand for secondary wrought alloys has been increasing year by year, continuing to drive the growth rate of the entire aluminum scrap industry. According to SMM data, in 2024, the consumption of aluminum scrap in the domestic secondary aluminum alloy industry accounted for 59% of the total consumption, down 17 percentage points from 2019, while the consumption of aluminum scrap for remelting billets accounted for about 24%, up 6 percentage points from 2019, and the consumption of secondary plate/sheet increased significantly by 11 percentage points. Policy Empowerment for Green Development, China's Secondary Aluminum Industry Enters a Golden Development Period Since the beginning of the "14th Five-Year Plan," the development of China's secondary aluminum industry has entered a policy golden period, with relevant policies being intensively introduced. The national low-carbon process has accelerated, promoting the carbon peak in the non-ferrous metal industry and accelerating the development of the secondary aluminum industry, while also injecting new momentum into the green and sustainable development of the aluminum industry. It also reviewed some of the secondary aluminum industry promotion policies from 2021 to 2025. 2. Current Status of the Secondary Aluminum Alloy Market Increasing Concentration of Secondary Aluminum Alloy Industry Capacity Enterprises are mainly concentrated in east China, south China, and south-west China. Rising Supply Pressure, Slowing Growth in New Secondary Aluminum Alloy Capacity ► SMM Analysis: According to SMM statistics, in 2024, there were 28 planned and newly built secondary cast aluminum alloy projects in China, involving a capacity of 2.05 million mt. Among them, 16 projects were actually put into production, with a new capacity of 1.32 million mt, and the total existing capacity in the industry reached 17.62 million mt. In terms of the distribution of new capacity, Anhui, Sichuan, and Yunnan ranked in the top three. Among them, Anhui, due to its active development of the NEV industry, has attracted many OEMs and parts companies, leading to the establishment of new secondary aluminum plants and potentially shifting the production center in east China from Jiangsu and Zhejiang to Anhui. Surge in New Secondary Aluminum Projects in Q1 2025, Limited Actual Volume ► SMM Analysis: In Q1 2025, the domestic new secondary aluminum capacity totaled 2.66 million mt, including approximately 560,000 mt of new secondary cast aluminum alloy capacity and 1.7 million mt of new secondary wrought aluminum alloy capacity, with secondary wrought aluminum products being favored. Compared to the same period last year, the number of new projects has increased, but most are in the environmental assessment or new construction phase, with limited actual new capacity. As projects are gradually completed and put into production, the supply in the secondary aluminum market is expected to continue to increase significantly. Raw Material Constraints and New Capacity Expansion Lead to Another Decline in Secondary Aluminum Alloy Operating Rate ► SMM Analysis: Due to factors such as high capacity and insufficient raw materials, the overall operating rate in the secondary aluminum industry has remained low for a long time. According to SMM statistics, the production of secondary aluminum alloys in 2024 is expected to reach 7.05 million mt, with the operating rate dropping by 2 percentage points to 40.0% compared to the previous year. The demand for secondary aluminum alloys in fields such as NEVs is expected to increase in the future, and with the gradual improvement of policies, those secondary aluminum plants that rely excessively on tax incentives may face elimination. In addition, the speed of new capacity expansion may slow down, thereby promoting a rebound in the operating rate of the secondary aluminum alloy industry. Significant Increase in NEV Market Share, Secondary Aluminum Alloy Demand Rises ► SMM Analysis: Automobiles are the largest downstream application of secondary aluminum alloys. In 2024, China's automobile production was 31.282 million units, up 3.7% YoY. Among them, the annual production of NEVs exceeded 10 million units for the first time, up 34.4% YoY, with the market share increasing to 40.9%. Although secondary aluminum alloys are currently mainly used in traditional internal combustion engine vehicles, in recent years, automotive parts companies have accelerated the transition from core components of internal combustion engine vehicles to the three electric systems of NEVs, driving secondary aluminum companies to develop aluminum alloy products that meet new demands. Driven by the "dual carbon" goals, cost control, and technological advancements, the demand for low-carbon secondary aluminum materials continues to rise. According to SMM estimates, the demand for secondary aluminum alloys for automobiles in 2024 increased by 2.3% YoY. In Q1 2025, China's automobile production cumulatively reached 7.561 million units, up 14.5% YoY, with NEV production increasing by 50.4%, continuing the strong production and sales momentum. The demand for secondary aluminum alloys for automobiles in 2025 is expected to grow to 4.46 million mt. Steady Growth in the Motorcycle Industry Drives Slight Increase in Secondary Aluminum Alloy Demand ► SMM Analysis: The application of aluminum alloys in motorcycles is already very extensive, with aluminum castings occupying a core position. The main application components include cylinder heads, cylinder blocks, shock absorbers, brakes, handle covers, and side covers. According to data from the China Chamber of Commerce for Motorcycles, the total production of motorcycles in 2024 was 19.9708 million units, up 2.82% YoY. In addition to complete vehicles, the export of motorcycle engines increased by 22% YoY to 1.15 million units. Overall, the demand for secondary aluminum alloys from motorcycles in 2024 increased by 3.4% YoY to 760,000 mt. With policy support, steady growth in exports, and the development of electrification, the demand for secondary aluminum alloys from motorcycles is expected to further increase. Demand for Secondary Aluminum Alloys in Other Fields Also Grows ► SMM Analysis: Secondary aluminum alloys are also widely used in fields such as communications, machinery equipment, consumer electronics, and appliances. ADC12 Cost Breakdown ► SMM Analysis: The cost of ADC12 is mainly composed of five parts. Specifically, ① Aluminum scrap raw material cost: the largest proportion, with differences in composition and yield rate leading to varying aluminum scrap prices. Additionally, the pre-treatment methods and equipment processes of enterprises also affect the cost of aluminum scrap. ② Silicon raw material cost: enterprises mainly use 553# grade with or without oxygen. ③ Copper raw material cost: for cost reduction, secondary aluminum plants usually add bare bright copper wire and other copper scrap. ④ Natural gas cost: secondary aluminum plants mostly use natural gas as fuel in the smelting process, with 60-80 m³ of natural gas consumed per ton of ADC12 production. ⑤ Other costs: mainly include additives and other auxiliary materials used in the smelting process, hydropower, labor, three expenses, and depreciation. Rising Aluminum Prices Drive Up Aluminum Scrap Cost Proportion, Falling Silicon Prices Lead to Significant Decline in Proportion ► SMM Analysis: According to SMM estimates, the national weighted average cost of ADC12 in 2024 was 19,776 yuan/mt (including tax), up 6.9% YoY, with the proportion of aluminum scrap cost increasing by 1.1 percentage points to 88.5%; in 2024, silicon prices continued to decline unilaterally, with the cost proportion continuously decreasing. In Q1 2025, the national weighted average cost of ADC12 reached 20,494 yuan/mt (including tax), with the proportion of aluminum scrap cost increasing by another 0.7 percentage points to 89.2%, continuing to expand in the total cost. Imported Aluminum Alloy Ingots Increased by 7% YoY in 2024, Rebounding Above 1.2 Million mt The import window for aluminum alloy ingots opened after 2020 ► SMM Analysis: Before 2020, China was a net exporter of aluminum alloy ingots, but after 2020, the import window gradually opened. In 2024, imported aluminum alloy ingots were 1.213 million mt, up 7.1% YoY. Policy changes may affect the import situation in 2025. In terms of import sources, Malaysia remained the top source of imported aluminum alloy ingots for the year, reaching 521,300 mt, with the proportion increasing from 42% in 2023 to 43%. The other top sources were Thailand, Vietnam, Russia, and South Korea, with proportions of 14.2%, 7.9%, 7.7%, and 6.1%, respectively. The proportion of the top five import countries increased from 75% in 2023 to 79%.Imports from Thailand saw the largest increase, up 59,000 mt YoY to 172,000 mt. In January-February 2025, aluminum alloy imports exceeded 100,000 mt consecutively, with price inversion and exchange rate impacts leading to shrinking profits. ►SMM Analysis: Cumulative imports in January-February 2025 reached 191,500 mt, down 1.0% YoY. After mid-November last year, domestic aluminum prices began a continuous decline, with ADC12 prices following suit. Meanwhile, overseas prices fluctuated relatively little, and the RMB exchange rate weakened continuously, quickly turning profits into losses, which persisted until mid-January. Additionally, during the Chinese New Year holiday, market activity decreased, and demand declined. Multiple unfavorable factors combined, reducing monthly imports to below 100,000 mt in January and February. Imports in March are expected to rebound slightly to above 100,000 mt, with a potential decline after April. 3. Supply-Demand Balance in the Secondary Aluminum Market. Aluminum Scrap Supply-Demand Balance. Increased imports of aluminum scrap are filling market gaps, potentially balancing aluminum scrap supply and demand. The analysis of the annual aluminum scrap balance (2023-2027E) was conducted from perspectives including domestic new material, domestic old material, imports (aluminum scrap + remelting ingots), secondary aluminum alloy demand, remelting billet demand, secondary aluminum plate/sheet and strip demand, and other demands (cables, aluminum powder, etc.). Secondary Aluminum Alloy Supply-Demand Balance. Slowing capacity release combined with a slight increase in demand maintains a tight balance in the secondary aluminum alloy market. 4. Secondary Aluminum Market Price Outlook and Methodology Introduction. ADC12 Price Trend. ►SMM Analysis: In terms of A00 prices, domestic supply in 2025 is gradually approaching its ceiling, with production growth narrowing to around 2.1%. Meanwhile, the development of new energy and other sectors continues to drive primary aluminum consumption, although traditional construction sector aluminum use is expected to decline. SMM forecasts a 1.5% increase in aluminum consumption for the full year of 2025, maintaining a tight supply-demand balance. Recent unexpected tariff policies have sustained a bearish trading sentiment, putting pressure on future prices. For ADC12, the aluminum scrap market remains tight, and more comprehensive policies may increase cost pressures for companies. Downstream consumption is growing slightly, but the demand rebound in March-April fell short of expectations, intensifying cut-throat competition and dragging down ADC12 prices. On the supply side, new capacities in 2025 continue to expand, increasing supply pressure, while imports may decline, reducing their impact on domestic prices. Overall, aluminum scrap costs still strongly support ADC12 prices, but rising supply and weaker-than-expected demand may limit price increases. SMM strictly adheres to IOSCO price collection standards, facilitating international clients' use of prices. The International Organization of Securities Commissions (IOSCO) is an international cooperative organization of securities and futures regulatory bodies. SMM releases price points through a comprehensive price collection system and price assessment methodology. SMM Secondary Aluminum Price System. SMM secondary aluminum prices cover aluminum scrap and quotes from three major downstream sectors. • Aluminum Scrap: Aluminum scrap prices broadly cover major production and consumption regions in China, involving multiple categories, as well as overseas imports and imported remelting ingot quotes. • Remelting Billet: Covers multiple regions and various models. • Secondary Aluminum Alloy: Common domestic and international alloy grades, such as ADC12, A380, etc. • Secondary Aluminum Plate/Sheet and Strip: Quotes for 1, 3, 5, and 6-series secondary aluminum plate/sheet and strip. SMM ADC12 Price Formation. Click to view the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo Special Report.

The market experienced a downward trend throughout the day, with the ChiNext Index leading the decline. Consumer electronics and stocks with high export ratios collectively suffered heavy losses, with Luxshare Precision and Goertek among the stocks that hit the daily limit down. The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, an increase of 163.1 billion yuan compared to the previous trading day. On the futures market, market hot topics were relatively scattered, with more stocks falling than rising, and over 3,100 stocks declining across the market. From a sector perspective, veterinary drug concept stocks surged against the trend, with Jinhe Biotechnology and others hitting the daily limit up. Logistics and unified market concept stocks showed strength, with Zhongchuang Logistics hitting the daily limit up. Consumer stocks were active, with Dalian Sunasia hitting the daily limit up. At the close, the Shanghai Composite Index fell 0.24%, the Shenzhen Component Index dropped 1.4%, and the ChiNext Index declined 1.86%. In terms of sectors, veterinary drugs led the gains, with core stock Huisheng Biotechnology rising over 10% again, up more than 170% in eight days. Additionally, Yongshun Biology, Haili Biology, Weilan Biology, and Jinhe Biology all hit the daily limit up. According to data from the China Veterinary Drug Association, in Q1 2025, the capacity of top-tier enterprise tylosin was reduced by over 40%, inventory turnover days dropped sharply from 45 days to 5 days, and the supply cycle extended to late June, directly leading to a significant reduction in the supply of tylosin tartrate. Recently, the price of tylosin tartrate reached 290 yuan/kg, hitting a two-year high. Additionally, it is worth noting that funds began to spread to other chemical directions in the afternoon, with Hongbaoli, Shandong Haihua, and Zhongyida all showing unusual movements in the late trading session. It is evident that the price increases in cyclical and chemical sectors remain a logic recognized by funds in the overall weak market environment, and opportunities for individual stock catch-ups can still be found along the "price increase line." Logistics and unified market concept stocks showed strength, with Zhongchuang Logistics, Wanlin Logistics, Tianshun Co., Changjiu Logistics, and Feilida all hitting the daily limit up. According to news, the General Office of the CPC Central Committee and the State Council issued the "Opinions on Improving the Price Governance Mechanism," which mentioned creating an orderly competitive market environment and abolishing price policies that hinder the construction of a unified national market and fair competition. China's logistics market has recently shown strong growth momentum. Data shows that in the first two months of this year, China's total social logistics reached 56.3 trillion yuan, up 5.3% YoY. Additionally, the number of supply chain contract orders from key logistics enterprises maintained rapid growth, indicating continuous optimization of logistics demand structure and accelerated collaborative transformation between producers and logistics enterprises. Overall, China's logistics market size is continuously expanding, showing a good development trend. Consumer stocks were also active, with tourism and retail sectors leading the gains. Dalian Sunasia, Lingnan Holdings, Yonghui Superstores, and Guofang Group all hit the daily limit up. According to news, the "Action Plan to Boost Consumption" issued by the General Office of the CPC Central Committee and the State Council, along with this year's more proactive fiscal policy, requires "leveraging the guiding role of fiscal policy," combining consumption promotion with improving people's livelihoods and addressing shortcomings. Institutions believe that the release of the "Action Plan to Boost Consumption" injects momentum into short-term consumption recovery from both supply and demand sides, laying the foundation for long-term structural upgrades and consolidating the main engine of economic growth. Additionally, the overall valuation level of consumer stocks remains relatively low, with their allocation value gradually becoming prominent. Subsequent attention can be prioritized on companies with better performance disclosures. From an individual stock perspective, stocks with high export ratios (going global) suffered heavy losses, with Jiangxin Home Furnishing, Sailun Tire, Great Star, CFMOTO, and Yinduo all hitting the daily limit down. The closely related consumer electronics sector also led the decline, with core stocks Luxshare Precision and Goertek both hitting the daily limit down. Additionally, core stocks with export logic such as PCB and CPO also saw significant declines. However, it is worth noting that today's sharp declines in related stocks more reflect the concentrated release of negative sentiment, and the substantive impact on their performance still requires further evaluation. Short-term theme speculation continues to be sluggish, with Kaimeite Gas's late-session plunge leaving Zhongqi New Materials as the only stock with more than two consecutive limit-ups. However, Huisheng Biotechnology's continuous positive feedback may indicate that the relatively independent price increase logic still holds high appeal for short-term active funds. Additionally, the unified market and consumer sectors also showed strength against the trend today. It is expected that with the continuous fermentation of public opinion during the holiday, market attention to these two directions may further increase, and there may be opportunities for individual stocks to stand out in the future. Affected by overseas news disturbances, the market continued to consolidate today, with all three major indices closing lower. However, the Shanghai Composite Index showed considerable resilience supported by consumer and dividend stocks, and the number of stocks hitting the daily limit up increased compared to yesterday. Although the overall market has not yet shown clear signs of stabilizing, after experiencing continuous low-volume consolidation, the downward momentum at the current level is relatively small, so there is no need to be overly pessimistic about the future. Patiently waiting for the full digestion of negative market sentiment, there may still be some recovery expectations. From a futures market perspective, as the market remains in a weak consolidation structure, overall risk appetite is still low, so low-position defensive sectors have received more attention from funds. Additionally, with the continuous disclosure of annual and Q1 reports, stocks or industries with performance exceeding expectations may also usher in structural opportunities. Market News Focus: 1. Ministry of Commerce: China is willing to exchange views with the US on important issues in the economic and trade fields. On April 3, the Ministry of Commerce held a regular press conference. When asked about the meeting plans of the China-US economic and trade teams, Ministry of Commerce spokesperson He Yadong stated that on March 26, He Lifeng, the Chinese lead of the China-US economic and trade team and Vice Premier of the State Council, had a video call with US Trade Representative Greer at the request. China has issued a press release. The economic and trade departments of China and the US have maintained communication. China is willing to exchange views with the US on important issues in the economic and trade fields and resolve respective concerns through equal dialogue and consultation. 2. Ministry of Commerce: Accelerating the implementation of foreign investment pilot projects in cloud computing, biotechnology, etc. On April 3, Ministry of Commerce spokesperson He Yadong stated that the Ministry of Commerce will further expand opening-up, accelerate the implementation of foreign investment pilot projects in cloud computing, biotechnology, and wholly foreign-owned hospitals, leverage the role of open platforms such as pilot free trade zones and national service industry opening-up pilots, promote the expansion of open pilots in telecommunications and medical fields, steadily and orderly expand independent opening-up in education and culture, promote the revision and reduction of the negative list for market access, and continue to clean up hidden barriers outside the negative list for foreign investment access, ensuring "both access and operation."

SMM News on March 31, 2025: Dear users, with the development of the aluminum industry, the alumina market is undergoing a series of changes. To adapt to these changes and further reduce transaction risks and costs in different segments of the alumina industry, SMM has continuously improved and deepened its research on alumina. After a period of market research and analysis, SMM plans to introduce the SMM Alumina Regional Index Price Point starting from April 7, 2025. Additionally, "SMM Alumina" will be renamed to "SMM Alumina Regional Index." SMM Price Assessment Methodology General Rules: Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service organization that does not participate in any substantive transactions. Instead, it maintains close communication with buyers and sellers as a market observer or organizer, providing relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and conditions in the industry, and equally valuing transactions that meet the standard specifications. SMM reserves the right to exclude any price information deemed unreliable or unrepresentative from its price assessments. SMM publishes daily metal spot prices (or indices, including the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. SMM has established corresponding methodologies for the SMM prices it publishes (which will be available for reference on SMM's official website www.smm.cn). These methodologies specify the methods and procedures for the generation and publication of SMM prices, which are strictly followed in the production and release of SMM prices. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM price assessment methodology and announce them on the SMM official website before formal implementation. For any questions or suggestions regarding SMM prices and their methodology, please contact SMM customer service (contact information can be found on SMM's official website www.smm.cn). This document specifies the pricing mechanism for the SMM Alumina Regional Index Price. The purpose of establishing this standard by SMM is to create a transparent and verifiable SMM price-setting mechanism. Formation of the SMM Alumina Regional Index Price: Definition: The SMM Alumina Regional Index Price is an indicative price formed and published by SMM according to this methodology, which can be used as a reference for alumina settlement by the alumina industry chain (alumina refineries, traders, and aluminum smelters). This price reflects the most likely widely transacted guidance price for each full business day. The price is based on the actual transactions and indicative quotes of alumina on that day by the alumina industry chain (alumina refineries, traders, and aluminum smelters), and is calculated through a model with different weights assigned to each price submitter. Brief Introduction to the Formation Method: The SMM Alumina Regional Index Price reflects the most representative alumina price on the day the index is published. The index is calculated as a weighted average of the most likely transaction prices provided by enterprises at various stages of the alumina industry chain in different regions of China. This document, in accordance with IOSCO standards, clarifies the method for the calculation model of the SMM Alumina Index Price, the collection and processing of transaction sample data, and establishes an accurate, transparent, and verifiable mechanism for the reporting of the alumina index price. Method of Price Collection: SMM will, in accordance with the price submitter agreement, have price analysts regularly collect relevant data on battery-grade lithium hydroxide prices from the price collection contacts of price submitters via phone, QQ, WeChat, fax, and email. All instant messaging content, email communication, and any face-to-face communication records will be archived; details of phone communications will be summarized and entered into a database. The price data must be typical, repeatable transactions between non-affiliated market participants (financially and legally completely independent). SMM price analysts must adhere to the code of business ethics when reporting to their supervisors any communication content from market participants that is coerced or threatened, or any inducement offers that attempt to influence the assessment results. The price data provided by price submitters to SMM should include at least the following content. SMM price analysts should encourage price submitters to submit as many relevant details as possible, not just the minimum required: Alumina product standard: Alumina must meet the requirements for "alumina (AL2O3)" as specified in GB/T 24487-2022. Quotation unit: yuan/mt. Delivery location and method: Mainstream domestic trading locations. Buyer self-pickup, with transportation by truck or train. Payment method: Bank wire transfer, same-day settlement (based on the most mainstream settlement method in the market as surveyed by SMM, other payment methods are standardized to this standard). Derivation of the Price Index and Outlier Handling: The SMM Alumina Regional Index Price is derived by weighting the standardized data and the weights of each enterprise after standardizing the collected qualified data. The initial weights of each enterprise are calculated based on the enterprise's participation in alumina production equivalent. SMM regularly or irregularly reviews the weights of enterprises and the industry chain, adjusting or maintaining the weights based on changes in market supply and demand structure and after consulting with price submitters and the market. After collecting all prices each day, SMM analyzes the daily price collection and index results, retaining the right to adjust weights. The adjusted weights are then weighted with the data collected that day to obtain the final index for the day. The regressed weights will be used as the initial weights for the next business day. For enterprises whose quotes deviate significantly over the long term, in addition to the above-mentioned weight reduction measures, SMM will investigate to determine if there is any misleading behavior in the SMM Alumina Regional Index Price quotes. Once verified, the enterprise will be disqualified as a price submitter. Evaluation (Calculation) of the Published Index: Between 10:45 and 11:00 each trading day, the price derived from the complete collection, standardization, and weighted calculation is published in the form of an index. Price Publication: SMM will form the SMM Alumina Regional Index Price according to the following standards and regulations and publish it on the SMM official website www.smm.cn. The publication time is between 11:00 and 11:15 each business morning (excluding Chinese legal holidays and weekends). The deadline for price collection, which is the 15 minutes between 10:45 and the publication time at 11:00, is used to verify data and evaluate the final published alumina index price. The publication time may also be affected by various emergencies and force majeure factors, such as power outages and natural disasters. If this occurs, SMM will make every effort to inform the market of the delayed publication time as early as possible. Pricing Unit and Presentation: Price (Product) Standard: Alumina must meet the requirements for "alumina (AL2O3)" as specified in GB/T 24487-2022. Payment Method: Bank wire transfer, same-day settlement. Delivery Locations: Shanxi, Henan, Shandong, Guangxi, Guizhou. Delivery Method: Buyer self-pickup. Pricing Unit: yuan/mt. Presentation: Presented in index form (retaining two decimal places), including tax (currently including 13% VAT). Online Update Time: Each trading day from 11:00 to 11:15. We welcome more relevant enterprises in the industry chain to participate and support SMM in better serving alumina-related enterprises. For any questions, please feel free to contact Mingxin Guo at guomingxin@smm.cn; Xiaolei Liu at frankliu@smm.cn; Shaoxue Yu at yushaoxue@smm.cn; Cong Wang at wangcong@smm.cn. Shanghai Metals Market Aluminum Department

Hunan Yuneng's main products are lithium battery cathode materials, currently dominated by LFP. However, LFMP, as a new-type phosphate cathode material, has the same specific capacity as LFP, higher comprehensive charge-discharge voltage, and thus higher battery energy density. At the same time, LFMP also possesses the same safety performance as LFP batteries. Due to these characteristics, LFMP will be suitable for different application scenarios compared to LFP and ternary cathode materials.

【Is the Sodium-Ion Battery Merely the "Hot Cake" of the Mixed Market?】 Sodium-ion batteries have once again become the darling of the capital market. Over the past month, several sodium-ion battery startups have secured new rounds of financing. In December 2024, sodium-ion battery technology developer Yingong Technology announced the completion of a nearly 100 million yuan Pre-A round of financing. This round was led by IDG Capital, with co-investment from Xianghe Capital and local state-owned capital, while existing shareholder Lightspeed China Partners increased its investment. This financing provides solid financial support for Yingong Technology's continuous innovation and large-scale expansion in the new cycle. (Gasgoo)