[Live Broadcast of Minor Metal Industry Conference: Where Will Global Economy and Trade Head? Long-term Impact of "Dual-use Items" Outlook for Minor Metals, Precious Metals, and PV Markets] ► Intertwined bullish and bearish factors in the Sino-US game, where will global economy and trade head? ► Strategic significance and long-term impact of "Dual-use Items" ► Current situation of minor metal enterprises - the chill of trade war policies and the dawn of prices ► Review of gold and silver market in 2025 and future outlook ► Summary of minor metal market in 2025 and future forecast ► Summary of PV market in 2025 and future forecast

[Live Broadcast of Rare Earth Forum | Outlook for Rare Earth Market, Comprehensive Analysis of Industrial Opportunities in Wind Power, Humanoid Robots, etc., Latest Technology Sharing] ►Analysis of the Situation in the Rare Earth Industry ►In-situ Short-process Regeneration Technology and Application of Sintered NdFeB Magnetic Sludge ►Recent Developments in the Overseas Rare Earth Industry ►Research Progress on Hot-pressed and Hot-deformed Rare Earth Permanent Magnet Materials ►Interpretation of China's Rare Earth Industry Data and Outlook for Market Development Trends, 2024-2025 ►Outlook for the Latest Technology and Application Market of Cerium-containing Permanent Magnets ►Outlook and Technical Discussion on the EVTOL Propeller Motor Industry ►Industry Trends and Industry Chain Analysis of Humanoid Robots ►Rare Earths & Wind Power: Contributing to Carbon Neutrality

[Rare Earth Forum Live Stream | Outlook for Rare Earth Market, Development Opportunities in Wind Power, Humanoid Robots, and Other Industries, Latest Technology Sharing] ►Analysis of the Current Situation in the Rare Earth Industry ►In-situ Short-process Regeneration Technology and Application of Sintered NdFeB Magnetic Sludge ►Recent Developments in the Overseas Rare Earth Industry ►Research Progress in Hot-pressed and Hot-deformed Rare Earth Permanent Magnet Materials ►Interpretation of China's Rare Earth Industry Data and Market Outlook for 2024-2025 ►Outlook for the Latest Technology and Application Market of Cerium-containing Permanent Magnets ►Outlook and Technical Discussion on the EVTOL Propeller Motor Industry ►Trends and Industry Chain Analysis of the Humanoid Robot Industry ►Rare Earths & Wind Power: Contributing to Carbon Neutrality

[At least six rare earth magnetic material enterprises have been granted export licenses! Industry insiders: It is expected that the increase in rare earth mining quotas this year will be approximately 3.7%] ①As of May 18, Zhongke Sanhuan, Ningbo Yunsheng, Zhenghai Magnetic Material, Tianhe Magnetic Material, Insteel, and Earth-Panda had obtained rare earth export licenses; ②Before the introduction of rare earth export control measures, export orders could confirm revenue within a relatively short period, but now this cycle will be prolonged; ③SMM forecasts that the combined rare earth mining quotas for the two batches in 2025 will reach 280,000 mt, up approximately 3.7% YoY. (Cailian Press)

It has been 45 days since export control measures were implemented on seven categories of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. A reporter from Cailian Press learned from the industry that at least six enterprises have already obtained the export licenses for dual-use rare earth substances (hereinafter referred to as "rare earth export licenses") issued by the Ministry of Commerce. Additionally, the approval process for rare earth export licenses of several publicly listed firms is continuously progressing. As of May 18, enterprises that have obtained rare earth export licenses include at least six rare earth magnetic material enterprises, such as Zhongke Sanhuan (000970.SZ), Ningbo Yunsheng (600366.SH), Zhenghai Magnetic Material (300224.SZ), Tianhe Magnetic Material (603072.SH), Instar (301622.S), and Earth Panda (688077.SH). In addition, the rare earth export licenses of companies such as China Northern Rare Earth (600111.SH), Guangsheng Nonferrous Metals (600259.SH), and Yinluo Hua (000795.SZ) are currently under application. Due to restrictions imposed by policies, market conditions, production and transportation factors, the supply of rare earths on the supply side may experience a certain degree of reduction in the short term. However, at the same time, downstream demand has entered the off-season. The industry expects that rare earth prices will not experience significant fluctuations throughout the year. At least six rare earth magnetic material enterprises have obtained individual licenses In April this year, the Ministry of Commerce and the General Administration of Customs jointly implemented export controls on seven categories of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, dysprosium, etc., covering various forms such as metals, alloys, and permanent magnet materials. These seven categories of medium-heavy rare earth-related items have also become the first dual-use substances to be explicitly included in export controls. "As the dominant player in the global rare earth supply chain, China controls approximately 85% of the global smelting capacity. These control measures have directly led to an expansion of the supply gap for medium-heavy rare earths in overseas markets, with significant impacts particularly on key varieties such as dysprosium and terbium," Yang Jiawen, a rare earth analyst at Shanghai Metals Market (SMM), told a reporter from Cailian Press. "According to our understanding, as of late April, the prices of dysprosium and terbium in Europe had already doubled or tripled." Industry insiders told a reporter from Cailian Press that under the current circumstances, all export orders for products containing the aforementioned seven categories of medium-heavy rare earth-related items must be reported to the Ministry of Commerce and can only be exported after approval. According to the "Regulations on the Export Control of Dual-Use Items," the current review period for export license applications for dual-use rare earth items is generally 45-60 working days. "If unexpected situations arise, the period may be longer," a relevant person from Tianhe Magnetic Material told a reporter from Cailian Press. "The first batch of goods that our company has obtained approval for is to be delivered to Volkswagen."Currently, a separate application is required for each "formula." If the content of rare earth elements in the product differs, a new application must be submitted. If there are additional new orders subsequently, they will continue to be queued for application submission," said a representative from Insteel to a Caixin reporter. "According to the announcement on export controls for seven categories of medium-heavy rare earths issued by the Ministry of Commerce and the General Administration of Customs on April 4, our company does have some products containing dysprosium and terbium that fall under the control scope. We have applied for dual-use export licenses as required. The licenses are managed on a one-batch-one-license basis, and secondary use is prohibited. Currently, the company has gradually obtained some licenses, and the relevant processes are progressing smoothly," said a representative from Insteel to a Caixin reporter. A representative from Zhongke Sanhuan also stated to a Caixin reporter that the company submitted applications as soon as the export control measures were introduced. Currently, a small number of orders have been approved, and the export licenses for more orders are still under review. "Applications are submitted order by order, and then approved order by order. If the materials are incomplete, they will be rejected, and the submission process will continue, which will extend the entire application cycle," the representative said. It is worth noting that several publicly listed firms in the rare earth permanent magnet sector told Caixin reporters that due to the approval cycle for rare earth export licenses, the companies' performance in the first half of this year may be affected to a certain extent. "Before the introduction of rare earth export control measures, export orders could confirm revenue within a relatively short period. Now, this cycle will be prolonged, which may affect the performance in the first half of the year," they said. A representative from Ningbo Yunsheng stated that currently, only products containing items related to the aforementioned seven categories of medium-heavy rare earths require review. Products from the company that do not contain the aforementioned seven elements are being delivered normally. It is projected that the increase in rare earth mining quotas this year will be around 3.7%. In addition to the implementation of export controls on seven categories of medium-heavy rare earth-related items, this year's domestic total control indicators for rare earth mining are also capturing the attention of the global market. As of now, the first batch of total control indicators for rare earth mining this year has not yet been issued. In contrast, the first batch of total control indicators for rare earth mining and smelting and separation in 2024 was issued on February 7 last year. This year's first batch of rare earth indicators is thus "three months late." The industry believes that the delay in the issuance of this year's first batch of total control indicators for rare earth mining may be related to factors such as the current complex international situation, weak downstream demand, and the inclusion of imported ore in the scope of indicator management. During a recent live broadcast on SMM's rare earth market trends, Yang Jiawen stated, "Based on an analysis of the current market situation, SMM expects that the combined total of the two batches of rare earth mining quotas in 2025 will reach 280,000 mt, with a year-on-year increase of approximately 3.7%."Among them, the output of rock-type rare earths was 261,000 mt, representing a YoY increase of approximately 4%; the output of ion-adsorption type rare earths was 19,000 mt, remaining flat YoY." In Yang Jiawen's view, since the beginning of this year, the supply of rare earth raw materials has remained tight. Meanwhile, the rise of industries such as humanoid robots and the low-altitude economy has brought new demand to the rare earth sector. This year, the global supply-demand gap for Pr-Nd oxide is expected to be 3,500 mt. The improvement in the supply-demand relationship will further support the rebound in rare earth prices. With the regulation of a series of rare earth industry policies, it is expected that the price fluctuation range of Pr-Nd alloy will be controlled within 100,000 yuan/mt, which will help ensure the stability of the profit margin of Pr-Nd alloy. Supply side, the ion-adsorption ore in Myanmar has resumed production, but it is currently the rainy season, affecting the transportation of Myanmar ore. Suppliers at the ore end have shown a significant increase in reluctance to sell. At the same time, downstream NdFeB enterprises have entered the off-season for taking orders, and metal plants in some regions have begun to shut down furnaces and cut production. It is expected that there will be no significant increase in short-term end-use demand in the near future. Huang Ping, the general manager of Shenghe Resources, stated at the 2024 Annual Performance Briefing held recently that despite recent concerns about overall consumer demand triggered by factors such as tariff hikes, which have led to a slight correction in the prices of major rare earth products, the decline has been limited. With the gradual clarification of policies, the market outlook is expected to improve. The company's capacity utilisation rate for rare earth smelting and separation, as well as metal processing, remains high.

[Live Broadcast of the Silver Conference: Economic Situation Analysis, Precious Metal Price Interpretation, Prospects for PV Applications, and Sharing of Cutting-Edge Technologies in the Industry] ► Basic Analysis of the Current Economic Situation ► Analysis of China's Copper, Lead, and Zinc Resource Security Capabilities ► Trend Analysis of Silver and Gold Prices ► Current Status and Prospects of Silver Applications in the PV Industry ► Exploring Cutting-Edge Solutions for Innovative PV Silver Recovery Technologies ► Exploring the Innovation-Driven Advancements in Cutting-Edge Technologies and Intelligent Equipment for Precious Metal Recovery and Refining ► Roundtable Discussion: Current Opportunities and Challenges for Silver ► Current Status and Development Trends of China's Silver Nitrate Industry Technology Market ► Global Demand and Trend Prospects for PV Silver Paste ► Research on the Development and Applications of Silver-Based Micro-Nano Conductive Materials ► Current Status and Future Trends of the Silver Market in 2025

[Live Broadcast of Silver Conference: Economic Situation Analysis, Precious Metal Price Interpretation, Prospects for PV Applications, and Sharing of Cutting-Edge Technologies in the Industry] ► Basic Analysis of the Current Economic Situation ► Analysis of China's Copper, Lead, and Zinc Resource Security Capabilities ► Trend Analysis of Silver and Gold Prices ► Current Status and Prospects of Silver Applications in the PV Industry ► Exploring Cutting-Edge Solutions for Innovative PV Silver Recovery Technologies ► Exploring the Innovation-Driven Advancements in Cutting-Edge Technologies and Intelligent Equipment for Precious Metal Recovery and Refining ► Roundtable Discussion: Current Opportunities and Challenges for Silver ► Current Status and Development Trends of China's Silver Nitrate Industry Technology Market ► Global Demand and Trend Prospects for PV Silver Paste

Macro News 1. On May 6, the State Council Information Office announced that it would hold a press conference at 9 a.m. today. Officials from the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission will introduce the "package of financial policies to support market stability and expectations" and answer questions from journalists. 2. From May 4 to 7, the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) was held in Milan, Italy. Lan Fo'an, Minister of Finance and China's Governor to the ADB, attended and delivered a speech, and also held a series of bilateral talks. Lan pointed out that China is both a beneficiary and contributor to economic globalization, with its contribution to global economic growth maintaining at around 30% in recent years. In the first quarter of this year, China's GDP increased by 5.4% YoY, achieving a good start. China will adopt more proactive macro policies and is confident in achieving the growth target of around 5% for 2025. 3. On May 6, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. Lin stated that over the past few years, exchanges between China and EU legislative bodies have encountered some setbacks due to well-known reasons. Under the current circumstances, both sides agree that strengthening dialogue and cooperation between China and the EU is of great importance. After mutual consultations, China and the European Parliament have decided to simultaneously and comprehensively lift restrictions on mutual exchanges. 5. According to Indian media reports, India has cut off water flowing to Pakistan from the Baglihar Dam on the Chenab River, claiming that it will not allow "a single drop" of water from the Indus River to flow to Pakistan. The Chenab River has dried up sharply. Industry News 1. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated that the demand for the Hong Kong dollar continues to rise, primarily driven by stock-related demand, and that no abnormal activities have been observed in the Hong Kong dollar. 2. The Shenzhen Stock Exchange recently revised the "Guidelines for the Evaluation of Members' Client Trading Behavior Management at the Shenzhen Stock Exchange." It is understood that this revision adds references to higher-level rules, improves the content of member evaluations, and includes two new evaluation aspects: "members' management of algorithmic trading" and "members' management of margin trading and securities lending." Additionally, the original evaluation of "members' collaborative self-regulatory supervision" has been expanded to include key monitoring of securities management and enhanced risk warnings for client trading. 3. The Ministry of Industry and Information Technology and the Standardization Administration of China recently jointly issued the "Guidelines for the Construction of the National Intelligent Manufacturing Standard System (2024 Edition)." This guideline further focuses on the integrated application of new technologies such as artificial intelligence in the manufacturing industry, adding standardization content in five areas, including intelligent equipment, industrial software, and new models of intelligent manufacturing. 4. It is reported that Apple AI is expected to launch some of its features for the first time in mainland China with the iOS 18.6 system, with technical support provided by Alibaba and Baidu. Specifically, Baidu's ERNIE Bot large model will serve as the core cloud-based intelligent engine for the Chinese version of Apple AI, while Alibaba will be responsible for providing a review mechanism to ensure local compliance of AI-generated content. 5. The Food Safety Office of the State Council and five other departments jointly issued the "Comprehensive Governance Plan for the Abuse of Food Additives". The Plan calls for comprehensive strengthening of source governance in areas such as the production of edible agricultural products, and the import inspection of food and food additives. It also emphasizes the need to strengthen supervision over the production and sales of food additives, as well as their use in food production, processing, and catering services. The Plan aims to crack down on illegal activities where chemical products are passed off as food additives, and to carry out comprehensive governance of the abuse of food additives throughout the entire process from farm to table. 6. Reporters have learned that Pony.ai's Robotaxi fleet will be integrated into the Uber platform in the second half of this year. The cooperation will first be implemented in the Middle East and gradually expanded to the global market. On the same day, WeRide announced an expanded strategic partnership with Uber, planning to add 15 new international cities over the next five years to deploy autonomous driving Robotaxi services, covering international markets in Europe, the Middle East, and other regions. Corporate News 1. CATL announced that it has repurchased 6.641 million shares, using a total of 1.551 billion yuan in funds. 2. Shinhint Group announced that the repeated changes and uncertainties in US tariff policies will adversely affect the company's hair products and textile and apparel export businesses. 3. Huafon Test announced that a shareholder intends to transfer 2.9% of its shares through an inquiry-based transfer. 4. NationalChip Technology announced the successful internal testing of a new anti-quantum cryptographic chip product. 5. Dison announced that its controlling shareholder reduced its stake in the company by 575,300 shares on May 6. 6. Changchuan Technology announced its intention to jointly invest with a professional investment institution to establish Hangzhou Changyue Technology Co., Ltd., a joint venture primarily engaged in the localisation of high-end packaging and testing equipment. 7. Seres released its production and sales report for April 2025, showing a 12.99% YoY increase in NEV sales in April. 8. Huayi Group announced its intention to acquire a 60% stake in 3F for 4.091 billion yuan in cash, expanding its business in the field of fluorine-containing fine chemicals. 9. Insigma Technology announced its subscription of 33 million yuan to participate in the investment of an equity investment fund, which focuses on investments in areas such as artificial intelligence, robotics, and embodied intelligence. 10. ST Xinchao announced that it was placed under investigation by the China Securities Regulatory Commission for failing to disclose its periodic report (2024 annual report) within the specified time limit. 11. *ST Hengli announced that it was under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports within the prescribed time limit. 12. Zitian Technology announced that it was under investigation by the CSRC for failing to disclose periodic reports within the prescribed time limit. 13. *ST Jingang announced that its shares may be delisted due to the share price falling below 1 yuan. 14. Kangxi Communication announced the termination of the planning for a major asset restructuring, which will be changed to a strategic investment. 15. Xiangshan Share announced that shareholders Zhao Yukun and Chen Bo intend to reduce their holdings by no more than 6% of the company's shares. 16. Tongyu Heavy Industry announced that the actual controller will change from the State-owned Assets Supervision and Administration Commission of Zhuhai Municipality to the State-owned Assets Supervision and Administration Commission of Shandong Province, and its shares will resume trading. 17. Tianmao Group announced that it was under investigation by the CSRC for suspected failure to disclose periodic reports on schedule. 18. Kinlita announced that it was under investigation by the CSRC for failing to disclose its 2024 annual report within the statutory time limit. Global Markets 1. The three major U.S. stock indices closed collectively lower, with the Dow Jones Industrial Average down 0.95%, the Nasdaq down 0.87%, and the S&P 500 down 0.77%. Most large-cap tech stocks declined, with Meta falling over 2%, and Tesla and Intel each dropping over 1%. Pharmaceutical stocks led the declines, with SRPT falling over 26% and Eli Lilly falling over 5%. Palantir fell over 12%, marking its worst single-day performance in a year. Nuclear power concept stock CEG rose over 10%, marking its largest single-day gain since February 21. Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index closing up 0.42%. WeRide rose over 31%, and Pony.ai rose over 47%. The three major European stock indices closed with mixed results, with the German DAX Index down 0.41%. 2. International crude oil futures closed up over 3%, with WTI crude oil futures for June rising 3.43% and Brent crude oil futures for July rising 3.19%. 3. COMEX gold futures closed up 3.53%, hitting a new daily high of $3,440 per ounce; COMEX silver futures rose 2.96%, closing at $33.435 per ounce. Investment Opportunities Reference 1. Another new product is set to launch, with institutions saying this niche sector is expected to become a smart collaborative and computing terminal in the future. Industry media reported that, according to exclusive information from an insider, Zijing Unknown and Star Creation Vision (the parent company of Baodao Optical) signed a strategic cooperation agreement and launched a co-branded product—the NSVExBleeqUp AI sports photography glasses, which will enter mass production and be launched in June. After the launch, the product will be available in Baodao Optical's offline stores under Star Creation Vision. Zijing Unknown is an AR glasses brand invested in by Alibaba. Cinda Securities analyzed that smart glasses products are evolving from the stage of basic hardware stacking to the direction of intelligent assistance and intelligent assistants, and are expected to become smart collaborative and computing terminals in the future.With overseas tech giants such as Meta, Apple, and Amazon, as well as numerous domestic participants like Xiaomi, Huawei, ByteDance, and the "Four Dragons" of AR (PICO, Rokid, XREAL, and INMO) continuously iterating new products; models such as GPT, Llama, Grok, Deepseek, Doubao, and Tongyi Qianwen undergoing continuous updates and upgrades; and waveguide technology continuing to innovate in materials, processes, and technical pathways, the uptake of AI glasses may occur more rapidly than we anticipated. Wellsenn predicts that global sales of AI glasses are expected to reach 5.5 million units in 2025, up 135% YoY. 2. Lenovo Tech World Focuses on Super Agents, Ushering in a Wave of Large-Scale Deployment of AI Agents Lenovo Tech World is about to be unveiled! The conference features a 12-hour, all-day live broadcast, including a highly informative main forum that unveils the "grand" world of super agents, and four sub-forums with a super-high AI content focus on cutting-edge technologies such as computing power, agents, and embodied intelligence. Immerse yourself in hands-on experiences at the AI-themed exhibition, gain a comprehensive understanding of hybrid AI, and delve into the world of super agents. As interactive AI products, agents are beginning to rapidly land in the market. First-generation products like Cursor and Glean have already achieved annual recurring revenue (ARR) exceeding 100 million US dollars, demonstrating significant growth potential and introducing new pricing models based on actual delivery outcomes, task completion rates, and other indicators. AI agent products are forming an evolutionary path of infrastructure and application synergy characterized by "upgrades in underlying model capabilities + prosperity of intermediate tools + commercial scenario deployment." In the future, AI agent applications will need to further enhance planning capabilities, possess better memory, and have stronger multimodal understanding capabilities to unlock their monetization potential. According to grandviewresearch's estimates, the global AI agent market size was approximately 5.4 billion US dollars in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 45.8% from 2025 to 2030. Increased demand for automation, advancements in natural language processing (NLP) technology, and the growing need for personalized customer experiences are key factors driving the development of the AI agent industry. Additionally, the widespread adoption of cloud computing enables enterprises to deploy AI agents at lower costs. Cloud computing allows enterprises to scale AI agent applications with lower infrastructure investments, thereby promoting their widespread deployment across various industries. 3. Say Goodbye to Windows for Good! Huawei's HarmonyOS PC Version to Be Released This Month At Huawei's PuraX launch event in March, Yu Chengdong, Executive Director of Huawei, Chairman of the Terminal BG, and Chairman of the Intelligent Automotive Solution BU, announced that Huawei's terminal products are fully entering the HarmonyOS era, with HarmonyOS PCs to be launched in May this year. It was also reported that after April, all Huawei laptops shipped may adopt the HarmonyOS operating system, replacing the previous Microsoft Windows operating system used in Huawei laptops. The official launch of HarmonyOS PC is expected to take the lead in opening the door to the government and enterprise market. Unlike the traditional X86 computer architecture, HarmonyOS PC may have the comprehensive capability of self-developed chips and self-developed systems working in tandem. Zheshang Securities believes that the operating system, as a fundamental software, supports the operation of application software. As the world's third-largest mobile operating system and a distributed operating system that supports multiple terminals, HarmonyOS is expected to take the lead in breaking through the market. 4. News suggests WHO plans to officially recommend anti-obesity drugs for the first time to treat adult obesity, with institutions optimistic about the rising penetration of anti-obesity drugs According to media reports, a draft memorandum indicates that the World Health Organization (WHO) plans to officially recommend the use of anti-obesity drugs for the first time to treat adult obesity. This move marks a significant policy shift for the global health agency in addressing the growing obesity crisis. Caitong Securities expressed optimism about the rising market penetration of anti-obesity drugs. With the significant price reductions of anti-obesity drugs from Eli Lilly and Novo Nordisk, the market accessibility of GLP-1 drugs has improved notably, making these drugs more affordable for a larger number of patients. This will directly drive the rapid growth in demand for GLP-1 active pharmaceutical ingredients (APIs), especially among self-paying patient groups. Despite recent plans by both Novo Nordisk and Eli Lilly to expand their capacities, due to the enormous clinical demand in the anti-obesity drug market and the rising patient penetration brought about by price reductions from top-tier enterprises, the demand for GLP-1 drug APIs is expected to continue growing. In terms of market size, Founder Securities estimates that the domestic GLP-1 anti-obesity drug market is expected to exceed 37.852 billion yuan by 2030, indicating a broad market prospect.

【Live Broadcast of the Copper Industry Conference: Current Status of Downstream Consumption of Secondary Copper, Outlook for Copper Anode and Copper Foil, Analysis of Copper Alloy Application Prospects】 ►Copper Anode Made from Scrap Becomes a Key Supplement to Copper Smelting Raw Materials Amid Copper Ore Shortage ►Application of Secondary Copper in Copper Foil Enterprises ►Case Study on the Empowerment of Nonferrous Metal Industry Development by National Land Port Logistics Hubs—Taking Yingtan International Land Port as an Example ►Roundtable Discussion: How to Better Promote the High-Quality Development of the Secondary Copper Industry—Supply and Consumption ►Global Copper Foil Industry Landscape and Market Outlook for 2025 ►Roundtable Discussion: How to Enhance New Quality Productive Forces and Promote High-Quality Development of Copper Processing Enterprises?

SMM April 22 News: In the metal market, as of the midday close, base metals in the domestic market mostly fell, with SHFE copper up 0.61%. SHFE tin fell 0.78%, SHFE nickel rose 0.34%. SHFE aluminum fell 0.4%, SHFE lead rose 0.3%, SHFE zinc rose 0.36%. Additionally, alumina fell 0.92%. Lithium carbonate fell 1.27%, silicon metal rose 0.34%, polysilicon edged up. The ferrous metals series mostly fell, with iron ore up 0.56%, rebar fell 0.13%, HRC fell 0.22%, stainless steel fell 0.39%. In the coking coal and coke sector, coking coal fell 1.94%, coke fell 1.67. In overseas metals, as of 11:43, base metals in the overseas market all rose. LME tin rose 1.43%. LME nickel rose 0.47%. LME lead rose 0.75%, LME copper rose 1.25%, LME aluminum rose 0.82%, LME zinc rose 0.85%. In precious metals, as of 11:52, COMEX gold rose 2.05%, hitting a record high of $3,504.2/oz during the session. As of 11:43, COMEX silver rose 0.53%; domestically, SHFE gold rose 4.39%, hitting a record high of 834.12 yuan/gram during the session; SHFE silver edged down 0.01%. KCM Trade Chief Market Analyst Tim Waterer said: "Investors have been shying away from US assets due to tariff concerns and tensions between Trump and Powell, keeping gold in a prime position to benefit from the dollar's woes. Given the rapid rise so far this month, prices could still pull back. But given that high economic uncertainty remains the dominant theme in the market, it is reasonable to believe that buyers will be eager to buy gold once prices pull back." (Webstock Inc.) As of the midday close, the most-traded contract for European container shipping fell 2.16% to 1,488.5 points. As of 11:43 on April 22, some futures midday quotes: SMM Metal Spot Prices on April 22 Spot and fundamentals Copper: Copper prices returned to 77,000 yuan/mt, the spot market did not show sluggishness due to the rush for exports and stockpiling for the May Day holiday, and spot quotes are expected to remain firm during the SMM meeting tomorrow... Click for details Macro front Domestically: [PBOC injects net 56 billion yuan in open market operations] The PBOC conducted 220.5 billion yuan in 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from before. As 164.5 billion yuan in 7-day reverse repos matured today, a net injection of 56 billion yuan was achieved. [Cui Dongshu: China's auto exports reached 1.54 million units from January to March 2025, up 16% YoY] Cui Dongshu, Secretary General of the CPCA, posted on his personal official account that China's auto exports reached 1.54 million units from January to March 2025, up 16% YoY from January to March 2024. In March, China's auto exports reached 570,000 units, up 16% YoY, with both YoY and MoM trends generally strong; the main drivers this year remain the improvement in the competitiveness of Chinese products and the slight growth in the markets of global south countries. [Hangzhou: Employees who purchase affordable housing can withdraw housing provident funds to pay for down payments and other home purchase costs] Recently, the Hangzhou Housing Provident Fund Management Committee issued a notice on optimizing and improving several policies on housing provident fund withdrawals. It mentioned strong support for employees to purchase affordable housing. Employees who purchase affordable housing can withdraw housing provident funds to pay for down payments and other home purchase costs, with the cumulative withdrawal not exceeding the home purchase cost; for those using housing provident fund loans to purchase homes, the cumulative withdrawal and loan amount shall not exceed the total price of the home purchased. The housing provident fund rental withdrawal efforts will be increased. Employees renting public rental housing and affordable rental housing can withdraw housing provident funds based on actual rent expenses. Housing provident fund management centers are encouraged to cooperate with housing rental agencies to provide employees with stable rental sources and more preferential conveniences, and withdrawals can be made based on actual rent expenses according to housing rental contract information. If actual rent expenses exceed the rental withdrawal limit standard by 50%, withdrawals can be made at the rental withdrawal limit standard increased by 50%. The conditions for employees to withdraw housing provident funds upon resignation will be relaxed. Employees who have their personal housing provident fund accounts sealed for half a year after termination or termination of labor relations with their units and do not continue to pay in other places can withdraw the balance of their personal housing provident fund accounts. On April 22, the central parity rate of the RMB in the interbank foreign exchange market was 7.2074 yuan per US dollar. In the US dollar: As of 11:43, the US dollar index continued its decline from the previous two trading days, falling another 0.27% to 98.09. The US dollar hovered near its lowest level in three years as confidence in the US economy waned. Trump said on Monday that the US economy could slow unless interest rates are cut immediately, and again criticized Fed Chairman Powell. Powell said that interest rates should not be cut until the situation becomes clearer that Trump's tariff plan will not lead to a sustained surge in inflation. Asian stocks struggled to hold their ground on Tuesday after a wild flight from US assets hit US stocks and the dollar, while concerns about the Fed's independence put new pressure on US Treasuries. The market is focusing on speeches by several Fed officials later this week, hoping to gain insights into future monetary policy amid concerns about the Fed's independence. In data: The preliminary value of the eurozone's April consumer confidence index will be released today. Additionally, it is worth noting that Fed Vice Chairman Jefferson will speak at the Economic Liquidity Summit; the IMF will release the "World Economic Outlook" report; ECB President Lagarde will be interviewed by CNBC. In crude oil: As of 11:43, crude oil futures all rose, with US oil up 0.56%, Brent oil up 0.44%. The market used the previous day's decline to cover short positions, although concerns that tariffs and US monetary policy could curb fuel demand remain, regional instability, economic and seasonal factors could limit oil price gains. Hiroyuki Kikukawa, Chief Strategist at Nissan Securities Investment under Nissan Securities, said: "There was some short covering after Monday's sharp decline. However, concerns that tariffs could lead to a recession persist. With tariff-related uncertainties continuing, US crude oil may temporarily trade in the $55 to $65 range." Spot market overview: [Live broadcast of the Copper Industry Conference] New power systems, copper wire rod, copper billet outlook, latest technology sharing, copper industry production and financing innovation discussion [SHFE copper spot] SHFE copper rose, spot tightened, SHFE copper suppliers stood firm on quotes to sell [SMM South China copper spot] Copper prices and premiums both rose, downstream purchasing intention decreased compared to yesterday [SMM analysis] March copper plate/sheet and strip exports were generally optimistic, exports to the US halved YoY Other metal spot midday reviews will be updated later, please refresh to view~