[7.28 Morning Meeting Minutes] On July 24, Trump ordered a suspension of airstrikes on Iran (following 13 consecutive nights of strikes), primarily due to the depletion of air defense interceptor reserves and to leave room for diplomatic negotiations. Iran announced a suspension of reciprocal strikes on the 26th. Brent crude oil plunged 5% at Monday's open to around $92, and WTI fell to around $84.70. The most-traded SHFE nickel 2609 contract fell in morning trading, closing at 132,170 yuan/mt, down 0.42%. The US-Iran conflict has pressed pause, crude oil prices dropped significantly, and as sulfur cost support weakened, nickel prices pulled back. The US Fed will hold its July FOMC meeting on July 29, and the market widely expects interest rates to remain unchanged, easing macro pressure. The most-traded SHFE nickel contract is expected to trade in a core range of 130,000-137,000 yuan/mt in the near term.

On July 27, shares of China Northern Rare Earth rose, closing up 1.15% at 39.48 yuan per share. In other news, the investor relations activity record for June 2026, announced by China Northern Rare Earth on July 21, showed: Q: What is the progress of the green smelting upgrade and transformation project? What benefits will the project bring to the company upon completion? China Northern Rare Earth responded: The company has invested in and constructed the new-generation rare earth green mining, beneficiation and smelting upgrade and transformation project. Phase I has already been put into production, with the production line fully connected; for Phase II, the main structure of the main process building has been completed, and equipment installation is underway. The project adopts industry-leading new processes, technologies and equipment to build a green, intelligent, intensive and high-end rare earth raw material industrial base. By creating a complete automated production line for rare earth smelting and adopting various intelligent equipment systems, the project enhances the intelligent level of green rare earth smelting equipment, enabling high-quality, high-efficiency, low-consumption and flexible intelligent production. It continuously improves the comprehensive utilization level of Bayan Obo resources, actively fosters a higher-quality, more efficient, better-structured, lower-carbon and safer industrial development landscape, effectively achieves the safe and sustainable development of the industry chain and supply chain, and further strengthens the competitive advantage of China's rare earth industry. Upon completion, the project is expected to reduce acid and alkali unit consumption by over 20%, reduce fresh water usage by 30%, and save approximately 15% of energy, effectively raising the level of intensive, efficient, low-carbon and environmentally sound utilization of rare earth resources. It will significantly promote the sustainable, high-quality development of the rare earth industry and downstream application fields, make positive contributions to regional economic and social development, and deliver favorable social benefits. Q: How large are the medium-heavy rare earth reserves in the Bayan Obo mine? China Northern Rare Earth responded: The total medium-heavy rare earth reserves in the Bayan Obo mine are very substantial. In light of changes in the global rare earth resource supply landscape, the company is committed to the research and application of all rare earth elements and categories. It has recently increased investments in medium-heavy rare earths, continuously pursuing technological innovation and boosting R&D spending to provide downstream clients with cost-effective products or solutions. Q: What is the company's sales model for rare earth products? How are prices determined? China Northern Rare Earth responded: The company's products are mainly divided into rare earth raw material products, rare earth new material products, and rare earth end-use application products. Among these, rare earth raw material products include rare earth salts, rare earth oxides and rare earth metals, which serve as the main production raw materials for downstream rare earth new material and new material product processing enterprises. Rare earth new material products include rare earth magnetic materials, polishing materials, hydrogen storage materials, catalytic materials, and rare earth alloys. The company's rare earth end-use application products primarily consist of rare earth permanent magnet high-efficiency energy-saving motors, solid-state hydrogen storage cylinders, and hydrogen-powered two-wheelers. The company generally adopts sales models such as long-term agreements and retail, with long-term agreements accounting for over 50%. Its selling prices are set based on market demand, market price fluctuations, and actual transactions, with metal prices also referencing those from the Baotou Rare Earth Products Exchange. Question: How does the company view future rare earth product prices? What are the downstream applications of rare earth? China Northern Rare Earth responded: Against the backdrop of global carbon neutrality, the vigorous growth of new energy industries and technological innovation has brought new development opportunities for rare earth as a key element of new quality productive forces. Rare earth, recognized as a critical mineral factor globally, has become a vital pillar for future industries. Rare earth product prices are mainly influenced by a combination of factors such as market supply, demand, and market expectations. In the short term, due to the pace of industry supply and demand and downstream procurement cycles, rare earth prices are expected to remain range-bound and fluctuate. In the medium term, the supply pattern in the rare earth industry will remain orderly and controllable, with prices generally running steadily. In the long term, as incremental demand from new energy, high-end equipment, humanoid robots, and other sectors continues to be released and steadily develop, rare earth prices will receive strong support. Against the broader backdrop of carbon neutrality, rare earth connects with manufacturing upgrades, technological innovation, global industry chain adjustments, and national development strategies. The long-term development of the rare earth industry is stable and positive. With the advancement of carbon peak and carbon neutrality, the core demand for rare earth is shifting towards green low-carbon new energy and high-end manufacturing. High-performance rare earth permanent magnets are used in new energy vehicle drive motors, new energy ship power systems, electric aircraft, eVTOL, etc. Some MLCC (multilayer ceramic capacitors) also add trace amounts of rare earth oxides for doping modification, driving continuous growth in rare earth demand. Question: What are the company's plans for extending its industry chain? Will it further expand into downstream end-use applications? China Northern Rare Earth responded: After years of development, the company has taken the lead in the industry to become an integrated, group-level publicly listed firm that combines rare earth smelting and separation, functional materials, application products, scientific research, and trade. It has formed an industrial structure based on rare earth resources, centered on smelting and separation, focused on new materials, and oriented towards expanding into end-use applications. Relying on an innovation-driven development strategy, it continuously promotes industrial structure adjustment, transformation and upgrading, achieving integrated development across the upstream, midstream, and downstream of rare earth, and building an industry-leading competitive advantage across the entire industry chain. The company has deployed six major industries: magnetic materials, polishing materials, energy storage materials, catalytic additives, high-purity metals and alloys, and optical functional materials. It has: (1) established the rare earth permanent magnet material–permanent magnet motor industry chain, continuously enhancing the production capacity of permanent magnet motors; (2) established the rare earth hydrogen storage material–solid-state hydrogen storage industry chain, focusing on solid-state hydrogen storage applications such as hydrogen fuel two-wheelers, solid-state hydrogen storage forklifts, and hydrogen refueling stations, to promote industrial application; (3) established the rare earth alloy–intermediate alloys of rare earth iron, rare earth aluminum-magnesium industry chain, constructing a demonstration line for large-scale production of high-purity rare earth metals and targets, driving breakthroughs in applications of rare earth aluminum-magnesium alloys in advanced rail transit and lightweight profiles; (4) consolidated and expanded the leading position of the rare earth polishing materials industry in and outside China, breaking through production technologies for high-end products such as high-performance rare earth polishing powders and polishing for high-grade glass substrates, and breaking foreign monopolies; (5) established the rare earth catalytic material–exhaust purification functional device industry chain, focusing on industrial exhaust gas treatment, automotive exhaust gas purification, volatile organic compound (VOC) treatment, and petrochemicals to achieve industrialization; and (6) expanded the application fields of rare earth optical functional materials, strengthening the commercialization and promotion of rare earth multi-color reflective thermal insulation coatings, rare earth infrared radiation materials, and rare earth infrared heat storage and temperature-rise materials. For example: to address the poor thermal insulation of architectural glass, the company developed a rare-earth nano thermal-barrier coating that significantly reduces air-conditioning energy consumption; to mitigate heat accumulation on building exteriors and metal surfaces, the company developed a rare-earth multi-colour reflective thermal-insulation coating containing over 25% lanthanum-cerium compounds, effectively alleviating the heat-island effect; leveraging the unique photofunctional properties of light rare earths, the company developed polyester-based rare-earth functional fibres that enable smart thermal regulation such as heat storage, thermal insulation and UV shielding. Closely following market demand, the company continuously increases R&D investment, optimises product structure and performance, and meets the differentiated needs of downstream clients. Q: How is the company progressing in the utilisation of rare-earth secondary resources? China Northern Rare Earth responds: In the current context of green and low-carbon development, the prospects for rare-earth secondary resource utilisation are broad. The Rare Earth Regulations explicitly encourage and support enterprises in adopting advanced and applicable technologies and processes to conduct comprehensive utilisation of rare-earth secondary resources. Meanwhile, the continuously climbing demand for rare earths in fields such as NEVs, wind power and consumer electronics is also providing more resources for rare-earth secondary resource utilisation. For a long time, the company has been consistently focusing on secondary resource recycling and recovery. Regarding the return of scrap after the sale of Pr-Nd alloy, since 2022 the company has included a provision when signing supply agreements with downstream magnetic material enterprises: NdFeB enterprises using the company’s Pr-Nd alloy must return the production scrap generated in their own manufacturing processes to the company for resource recycling and recovery in accordance with market principles. At present, the company has established a circular loop spanning from raw ore to metal, magnetic material, and the recycling of scrap generated from magnetic material production. The company has made deep deployments in both the north and south. In the south, its controlled subsidiary Xinfeng Xinli has completed the main plant construction for its Phase-I NdFeB scrap recycling and utilisation project, and on-site equipment is undergoing orderly installation and commissioning; its rare-earth oxide comprehensive utilisation technological transformation project has received approval from the Department of Industry and Information Technology of Jiangxi Province. In the north, its controlled subsidiary Jinmeng Rare Earth has completed the “NdFeB Scrap Recycling Automated Production Line” project and the automation upgrade and renovation of the rare-earth concentrates separation line; both lines have commenced production, with notable capacity release. The company actively deploys and develops the rare-earth secondary resource utilisation industry, builds a 10kt-scale resource recycling capacity, achieves full-element rare-earth recycling and recovery through effective utilisation of secondary resources, and enhances the economic value of rare-earth elements. Q: What are the future development trends for polishing materials? China Northern Rare Earth responds: The global polishing fluid market is maintaining a steady growth trend. Demand for high-end semiconductor polishing materials, such as those for AI chips and memory-wafer capacity expansion, continues to rise. Going forward, high-end, refined and green development will become the main theme. The localisation rate of specialised polishing fluids for China’s high-end integrated circuits will increase significantly, while demand for polishing in conventional optics and panels will grow at a moderate pace. The company ranks first in the industry in both production and sales volume and market share in the rare earth polishing materials sector, with its three polishing powder production enterprises covering high-end, mid-end, and low-end segments. In the rare earth polishing materials field, the company has multiple advantages in scale, technology, and upstream-downstream industry chain integration, enabling it to quickly respond to demand from various downstream application fields, achieve steady growth in production and sales, and continuously increase the share of high-value products, holding a leading position in the industry. The company is deeply involved in national strategic scientific and technological breakthroughs, has led the formulation of multiple national and industry standards, completed national-level scientific research projects such as the “863 Program” and “Torch Program,” holds 4 invention patents and 6 utility model patents, and its core technical indicators have reached internationally advanced levels. With self-developed cutting-edge technology, its products are renowned in and outside China for uniform particle size, high polishing efficiency, and strong suspension, and are widely used in manufacturing fields such as liquid crystals, hard disk glass substrates, curved and flat cover glass for mobile phones, crystal and rhinestone ornaments, traditional optical and precision optical components, semiconductor photomasks, and integrated circuits. Q: What is the proportion of externally purchased ore in the company’s raw material supply? China Northern Rare Earth responded: The rare earth raw materials required for the company’s production mainly come from the Baiyun Obo mine, the world’s largest co-existing ore containing rare earths and other elements. The company’s proportion of externally purchased ore is very small and is dynamically adjusted based on production line conditions, market prices, downstream client demand, and other factors. China Northern Rare Earth’s semi-annual performance forecast shows: According to preliminary estimates by the company’s financial department, net profit attributable to shareholders of the parent company in H1 2026 is expected to be RMB1.98 billion to RMB2.06 billion, an increase of RMB1.05 billion to RMB1.13 billion compared with the same period last year (statutory disclosed data), up 112.74% to 121.33% YoY. Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses in H1 2026 is expected to be RMB1.99 billion to RMB2.07 billion, an increase of RMB1.093 billion to RMB1.173 billion compared with the same period last year (statutory disclosed data), up 121.90% to 130.82% YoY. The main reasons for the expected year-on-year increase in performance: In H1 2026, the company served the national rare earth resource strategy and fully implemented the requirements for security management and control of the rare earth industry chain. Affected by factors such as constrained raw material supply, multi-point release and sustained growth of downstream demand, rare earth product prices showed an overall strengthening trend and consolidated. Focusing on the annual production and operation targets, the company planned holistically and implemented comprehensive measures, strengthened overall budget management, coordinated cost reduction and efficiency improvement, scientifically arranged production scheduling, intensified marketing operations, deepened reform and innovation, enhanced group management and risk prevention and control, advanced the deep integration of professional management, lean management, and 5S management at a high quality, promoted the construction of key projects, accelerated the development of new quality productive forces through management and scientific research innovation, and provided solid support and assurance for achieving good operating results with strong industry chain value creation capability and core competitiveness. The Company scientifically refined production organization and operations, and the production of rare earth smelting and separation products, rare earth metal products, and rare earth new materials all reached record highs for the same period; the Company’s subsidiary, Inner Mongolia Northern Rare Earth Magnetic Materials Co., Ltd., achieved revenue of approximately 9.5 billion yuan in H1, up about 107% YoY, maintaining growth for three consecutive years; its subsidiary Inner Mongolia Xi'ao Ke Hydrogen Storage Alloy Co., Ltd. officially put into operation the first batch of 1,000 hydrogen-powered two-wheelers in Baotou, with cumulative safe driving mileage reaching 170,000 km, achieving notable demonstration results. The Company persisted in benchmarking against advanced internal and external practices to tap internal potential, strengthened lean management, and significantly improved multiple economic and technical indicators. Based on precise measures for each business segment: the smelting and separation segment overcame new production cost changes brought by rising prices of raw and auxiliary materials, effectively managed cost fluctuations, scientifically organized production scheduling, and ensured supply to meet new product demand; the rare earth metal segment took the reinforcement of lean production concepts as a starting point, used digital and intelligent means to further strengthen on-site process operation management, and drove new breakthroughs in economic and technical indicators such as quality and material ratios; the rare earth new materials and applications segment fully leveraged the advantages of new capacity, precisely aligned with client needs, and achieved new progress in driving sales through production. Deepening industry chain synergy and coordination, while ensuring stable product supply, it solidified the foundation of downstream client cooperation. The Company closely followed market demand, strengthened marketing management, optimized sales structures, client credit evaluations, and product account period management, adjusted and shortened account periods by category, secured the fundamental base with long-term agreement orders, and met differentiated market demand through retail. Sales of rare earth metals and magnetic materials steadily increased, achieving full coverage of top-tier players in magnetic materials; sales of lanthanum-cerium products increased YoY, further digesting historical inventory; polishing material sales increased YoY; developed 5 new pieces of equipment and 20 customized and specialized new products, continuously expanding product application scenarios. The Company efficiently advanced key project construction, continuously enhancing its intelligent and informatization level. The first phase of the rare earth green smelting upgrade and transformation project has been put into operation, with all production lines fully connected, and the second phase construction progressing in an orderly manner; industry chain projects such as mergers and acquisitions, joint ventures, and capacity expansion for rare earth metals, magnetic material alloys, magnets, and secondary resource utilization are accelerating their implementation. The secondary resource utilization project achieved volume growth and quality-efficiency improvements; the Company's digital and intelligent transformation pace quickened, with its digital and intelligent level continuously improving. Regarding the 2026 business plan, China Northern Rare Earth announced in its 2025 annual report that: 2026 is the opening year of the "15th Five-Year Plan", and is an important year for the Company to advance high-quality development and accelerate building itself into a world-class rare earth leader. The company will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, focus on forging a strong sense of community for the Chinese nation, fully implement the guiding principles of the 20th National Congress of the Communist Party of China and all plenary sessions of the 20th Central Committee, and carry out the important speeches and instructions of General Secretary Xi Jinping on Inner Mongolia and the rare earth industry, as well as the decisions and deployments of higher authorities including the Inner Mongolia Autonomous Region and Baotou City. It will uphold the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively apply the new development philosophy, bravely fulfill its responsibilities and missions, steadily improve operational quality and efficiency, build an industrial system covering all elements and categories, promote the deep integration of technological and industrial innovation, accelerate the pace of deepening reforms, enhance modern governance capabilities, continuously strengthen core functions and improve core competitiveness, speed up the development into a world-leading rare earth enterprise, ensure a good start and solid first steps for the "15th Five-Year Plan" period, and make new and greater contributions to the construction of the "Two Rare Earth Bases." Main production and operation targets for 2026 (these targets are solely planned objectives; whether they can ultimately be achieved is uncertain and does not constitute a substantive commitment to investors; investors and relevant parties should maintain sufficient risk awareness and understand the differences among plans, forecasts, and commitments): achieve operating revenue of over 44 billion yuan and total profit of over 3.5 billion yuan. On the premise of meeting operational targets, employee income will be linked to corporate economic benefits and labor productivity in the same direction. A review of the SMM Pr-Nd oxide price trend in H1 shows that the average price of Pr-Nd oxide on June 30 was 742,500 yuan/mt, up 136,000 yuan/mt from 606,500 yuan/mt on December 31, 2025, representing an H1 increase of 22.42%. The average price of Pr-Nd oxide in H1 this year was 740,530.17 yuan/mt, compared with an average of 430,952.99 yuan/mt in H1 2025, a YoY rise of 309,577.18 yuan/mt, or 71.84%. According to SMM quotes, on July 27, the average price of Pr-Nd oxide was 765,000 yuan/mt, up 0.99% from the previous trading day. For the rare earth market outlook, in the short term, amid a stalemate in the tug-of-war between upstream and downstream, Pr-Nd product prices are expected to move sideways within a narrow range, with limited room for significant upward or downward movement. Supporting factors come from the supply side — recently some raw ore separation enterprises have suspended operations, production at scrap recycling enterprises remains persistently low, and overall oxide supply is relatively tight, forming bottom support for prices. Pressuring factors come from the demand side, as new orders for magnetic material enterprises are unlikely to recover quickly in the short term, buyers have low acceptance of high prices, and the market lacks sustained upward momentum. For heavy rare earths, after experiencing adjustments this week, dysprosium and terbium are expected to gradually stabilize as major players step in to purchase. From a medium-term perspective, most industry participants hold expectations for a demand recovery in the traditional peak season at the end of Q3, and coupled with the likely improvement in new export orders, the rare earth price center still has the potential to edge upward steadily after a period of consolidation. However, in the short term, close attention must be paid to the pace of downstream restocking and the purchasing moves of top-tier players. Recommended reading:

Shanghai Metals Market (SMM) is thrilled to announce that our Net Zero Europe 2026 will officially kick off at the Hilton Barcelona in Barcelona, Spain, on November 2–3, 2026. This event is Europe's premier deal-focused leadership summit, bringing together senior decision-makers, project developers, utilities, investors, and technology innovators shaping the future of solar, energy storage, and grid flexibility. Conference Background Negative power prices, grid congestion, and sharp price volatility have become the new normal in Europe’s energy market. Against this backdrop, energy storage has evolved from an option into a system necessity. Meanwhile, the policy landscape is being reshaped: CfD 2.0 caps renewable revenues, dynamic tariffs expose assets to real-time market signals, and the proposed Industrial Accelerator Act introduces “EU-made” localisation requirements for batteries and inverters. These are not just compliance thresholds—they are redefining competitiveness. Yet within the challenges lie enormous opportunities. GW-scale hybrid plants are moving from ambition to bankable reality, while revenue stacking and co-location are rewriting project profitability. This is the moment to rethink strategies, secure financing, and build resilient assets. Join us in Barcelona to help shape the next decade of European solar-storage. Four Core Values of Net Zero Europe 2026 1. Swiftly Responding to Market Shifts and Capturing Business Opportunities Faced with policy adjustments such as negative electricity prices, dynamic electricity pricing, capacity markets, and CfD 2.0, how can enterprises quickly respond to market changes and find new profit opportunities? The conference will bring together front-line developers, investment institutions, and industry experts from the European market to jointly analyze the latest market trends, business models, and investment opportunities, helping enterprises grasp the development direction of the European PV+ESS market. 2. A Premium Platform for Investment & Cooperation on High-Quality Projects As large-scale PV+ESS projects continue to emerge, how can you find reliable partners, high-quality projects, and investment opportunities? The conference will gather project developers, IPPs, utility companies, EPCs, equipment suppliers, and financial institutions to build an efficient business cooperation platform for participating enterprises, promoting project collaboration, supply chain alignment, and capital exchange. 3. Pooling Industry Resources and Expanding Global Connections The conference will attract key decision-makers from the PV+ESS industry chain in Europe and around the world, including energy company executives, government agencies, industry associations, investment institutions, and technology enterprise representatives. Whether you are looking for partners, expanding overseas clients, or establishing long-term business relationships, you will gain high-value networking resources and face-to-face communication opportunities. 4. Gaining First-hand Information and Insights into the Industry’s Future As European energy policies, market demand, and industry landscape continue to evolve, mastering market information as early as possible is a competitive advantage. The conference will focus on hot topics such as European energy transition, supply chain layout, energy storage market, AI data centers, and power grid upgrades, helping enterprises stay up-to-date with the latest policy orientations, market opportunities, and industry development trends, thereby providing decision-making references for their overseas business layout. Why You Must Not Miss This Event Our Net Zero Europe 2025 delivered expressive results: 500+ senior-level attendees, 20+ countries, and 60+ speakers. Among the attendees, 35% were from project developers, IPPs and large utilities; 25% from financial institutions, investors and ESG funds; 20% from technology providers, EPC and consulting firms; and 20% from government and regulatory bodies. By job title, 25% were C-suite and founders, 35% directors and department heads, and 20% senior managers and project leaders. This year, we have upgraded our confernce by offering more in-depth agendas, more precise matchmaking, and more actionable insights. Attendee Breakdown by Industry The 2026 summit brings together professionals from Europe and across the global new energy industry chain, covering policy-making, project development, equipment manufacturing, and financial investment, to build a high-quality industry exchange platform. ► Technology Suppliers & Equipment Manufacturers: 35% ► Developers & EPC Contractors: 18% ► Financial Institutions: 17% ► Other Industry Representatives: 17% ► Government & Policy-Making Bodies: 12% Attendee Breakdown by Job Title Attendees are predominantly corporate decision-makers and senior management, providing high-value networking for business cooperation, project matchmaking, and strategic exchange. ► Directors & Department Managers: 33% ► Marketing, Sales & Business Leads: 25% ► Project Managers and Technical Leads: 17% ► Chairpersons and CEOs: 15% ► Policy and Regulatory Experts: 10% ✅ Understand the new revenue logic under CfD 2.0, dynamic electricity prices, and capacity markets ✅ Master the financing and implementation pathways for gigawatt-scale PV+ESS hybrid projects ✅ Understand the changing landscape of the European supply chain and its practical impact on equipment selection and project costs ✅ Connect with 500+ core decision-makers in the European PV+ESS industry chain Senior Speakers 2025 (Partial) Conference Agenda Day 1, Monday, Nov 2 09:10-09:20 Opening Remarks 09:20-09:40 Keynote Speech：Europe's Solar-Storage & Power Market Outlook 2026–2030: Policy Drivers, Market Transformation & Strategic Pathways 09:40-10:00 Keynote Speech：From Cost Center to Grid Backbone： Why Energy Storage Is Europe’s Most Strategic Energy Infrastructure 10:00-10:50 Panel Discussion: From Gigawatt Ambition to Bankable Reality: The Rise of Europe's Massive Solar-Storage Hybrids 10:50-11:20 Coffee Break & Networking 11:20-11:40 Keynote Speech: Safety as Profitability: How High-Reliability Batteries Maximize Long-term Asset Value in Solar-Storage Projects 11:40-12:00 Keynote Speech: Merchant & CFD 2.0: Revenue Model Innovation for Europe's Next-Generation Solar-Storage Projects 12:00-12:20 Keynote Speech: From Market Reform to System Transformation: The Strategic Role of Energy Storage in Europe‘s New Power Landscape 12:20-13:30 Lunch & Networking 13:30-13:50 Keynote Speech: From Passive Monitoring to Predictive Care: How Battery Data Platforms De-risk and De-carbonise Storage Assets 13:50-14:40 Panel Discussion: Powering the AI Revolution: How Data Centres Become the Next Catalyst for Solar-Storage Growth in Europe 14:40-15:00 Keynote Speech: Reserved for SMM 15:00–15:50 Panel Discussion: How Next-Generation Module Technologies (TOPCon, HJT, BC) Reshape Project Profitability in Europe 15:50–16:20 Coffee Break & Networking 16:20–16:40 Keynote Speech: When Prices Speak by the Hour: How Germany‘s Dynamic Tariff Reform Reshapes the Value of Behind-the-Meter (BTM) ESS 16:40–17:00 Keynote Speech: From Reactive to Proactive: Maximising Asset Value Through Advanced O&M Strategies in Europe’s Solar-Storage Era Day 2, Tuesday, Nov 3 09:30-09:50 Keynote Speech: From “Consumer Market” to “Manufacturing Rebalancing”: The New Landscape and Strategic Pathways for the Localisation of Europe‘s Solar-Storage Industry 09:50-10:40 Panel Discussion: A Key Pillar of European Energy Transition: Unlocking the Growth Potential of Distributed Solar-Storage 10:40-11:10 Coffee Break & Networking 11:10-11:30 Keynote Speech: Capturing the Price Spread: How Intelligent Residential Storage Turns Dynamic Tariffs into Daily Revenue 11:30-11:50 Keynote Speech: Reserved for SMM 11:50-13:00 Lunch & Networking 13:00-13:20 Keynote Speech: Reconstructing LCOS: How High‑Efficiency n‑Type Modules Unlock Greater Value in PV‑Storage Hybrids 13:20-14:10 Women Leadership Panel: She Powers the Sun: Women Driving the Next Wave of Solar-Storage Growth in Europe Scan the QR Code Below to Secure your 10% Off Early Bird Price (Available until 31 August 2026)

SMM, July 27: Data Summary: As of Monday, July 27, China's SMM copper cathode social inventory across major regions rose 5,300 mt WoW to 117,200 mt, down 3,100 mt from 120,300 mt in the same period last year, with all regions showing expectations of inventory buildup. In detail, Shanghai saw increased arrivals of domestic copper cathode and minor replenishments of imported cargo, coupled with weak downstream demand, leading to inventory accumulation. Jiangsu saw limited and relatively small inventory changes. Guangdong, with higher arrivals but lackluster end-use consumption, pushed inventories higher. Market outlook: Supply side, short-term arrivals of domestic and imported copper cathode recovered slightly, marginally easing the tightness in market cargo availability. Demand side, copper prices fluctuating at highs suppressed enterprise production enthusiasm, with downstream just-in-time procurement willingness remaining weak. Survey showed that the copper cathode rod operating rate this week was expected to fall to 58.89%, down 3.67 percentage points WoW. Overall supply-demand pattern, China's spot supply marginally loosened, end-user procurement remained persistently sluggish, and the national copper cathode social inventory was expected to continue an inventory buildup trend this week.

[7.27 Morning Briefing] The central bank announced that, to maintain ample liquidity in the banking system, on July 24, 2026, the People's Bank of China conducted 500 billion yuan of MLF operations with a 1-year tenor via fixed quantity, interest rate tender, and multiple price bidding. The most-traded SHFE nickel contract (2609) plunged during the night session, but rebounded slightly by the morning close to 132,610 yuan/mt, up 0.2%. Nickel inventories have continued destocking recently, supporting a rebound in nickel prices; meanwhile, the US-Iran conflict and the evolving situation in the Strait of Hormuz have once again raised concerns over sulfur supply disruptions, and nickel prices are holding up well in the short term.

[SMM Analysis: 2026 H1 Galvanized Sheet Import and Export Review and H2 Outlook] According to customs data, from January to June 2026, China's cumulative exports of galvanized sheet reached 6.7066 million mt, down 3.13% YoY; cumulative imports reached 327,500 mt, down 14.78% YoY. Overall, although China's galvanized sheet exports in H1 pulled back compared to the same period last year, the decline was relatively limited...

Grupo México expects the global copper market to remain in a slight deficit in 2026, supported by a resilient US economy and accelerating demand across decarbonization technologies, artificial intelligence, and electric vehicles. Speaking during an analyst call on Wednesday, Leonardo Contreras, head of the company's mining unit, emphasized that current supply and demand dynamics lean toward a tight global market. The constructive market outlook follows the conglomerate's quarterly financial results released on Tuesday, which revealed a 79% jump in net profit fueled by higher benchmark copper prices. Rapid expansion in energy transition initiatives, EV production, and power-intensive AI data center infrastructure continues to absorb refined copper supply at a robust pace. Simultaneously, steady industrial activity in the United States provides a solid macro floor for physical consumption. Given the extended lead times and operational hurdles involved in bringing new mine capacity online, fundamental demand growth is set to outpace mine supply additions heading into 2026.

[Import Growth Masks Supply-Demand Tightening – Review and Outlook of China's Imported Zinc Concentrates Market in H1 2026]: According to customs data, China's zinc concentrates imports from January to June 2026 totaled 2.7616 million mt, up 8.98% YoY, with overall imports edging up YoY......

Non-oriented Silicon Steel Price Dynamics Shanghai, grade B50A800: 4,380-4,380 yuan/mt Guangzhou, grade B50A800: 4,200-4,200 yuan/mt Wuhan, grade 50WW800: 4,280-4,280 yuan/mt Shanghai market: This week, spot prices of cold-rolled non-oriented silicon steel in Shanghai remained in the doldrums, with no improvement in overall transactions. Market feedback indicates that current demand remains weak, downstream motor enterprises have weak ordering demand and mainly make just-in-time procurement in small batches, traders exhibit strong wait-and-see sentiment, low willingness to stockpile, and not high inventory levels, maintaining a cautious wait-and-see attitude toward the market outlook. Overall, it is expected that spot prices of cold-rolled non-oriented silicon steel in Shanghai will continue to remain in the doldrums next week. Guangzhou market: This week, the cold-rolled non-oriented silicon steel market in Guangzhou was in the doldrums, and transactions were sluggish. Market feedback indicates that, dragged by weak off-season demand, there is still some room for price decline in non-oriented silicon steel, and traders focused on securing sales. Overall, it is expected that prices of cold-rolled non-oriented silicon steel in Guangzhou will continue to remain in the doldrums next week. Wuhan market: This week, the cold-rolled non-oriented silicon steel market in Wuhan was in the doldrums, with poor transactions. Market feedback indicates that traders actively sold and actual transactions were negotiable; downstream purchasing enthusiasm was moderate; currently, circulation of state-owned resources in the market is limited, but low-to-medium grades have not yet adjusted their prices. Overall, it is expected that spot prices of cold-rolled non-oriented silicon steel in Wuhan will continue to remain in the doldrums next week. Data Source Statement: (In this report, data other than public information come from public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics data, customs import and export data, and various data released by major associations and institutions), market communication, and SMM's internal database model, and are obtained through comprehensive analysis and reasonable inference by the research team. They are for reference only and do not constitute decision-making advice. SMM reserves the right of final interpretation of the terms of this statement and the right to adjust and modify the content of the statement according to actual circumstances.

As the global green transition and the "dual carbon" goals advance further, the nonferrous metals industry is accelerating its shift toward low-carbon, smart, and high-end development. South China, as a core industry hub, boasts a well-established industry chain, outstanding resource endowments, and strong policy support, generating robust development momentum. Hosted by SMM, the is scheduled to be held from September 9 to 11 in Nanning, Guangxi. Centered on five key topics—price trends, market outlook, trade environment, policy direction, and low-carbon technology—the conference serves as a high-end industry platform for exchange and collaboration. Geely Baikuang Group Co., Ltd. sincerely invites colleagues from all sectors to gather in Nanning, join in this grand event, and jointly promote technological innovation and digital-intelligent transformation, helping enterprises seize opportunities and tackle challenges, and driving the high-quality development of the nonferrous metals industry. Click the to sign up and attend now! Booth No.: B6 Unleashing the Value of Resources for Sustainable Social Development Geely Technology Group was founded in 2017 and is affiliated with Geely Holding Group. It consistently adheres to the development philosophy of "innovation-driven, industry-based," advancing the transformation and upgrading of traditional industries and the growth of strategic emerging industries through technological innovation. The Group has four core industries: new materials (resources), motorcycle smart manufacturing, the low-altitude economy, and power and AI semiconductors, with strategic investments in commercial aerospace, new energy, and other businesses. It continues to strengthen its industry ecosystem advantages and consistently delivers valuable products and services to society. Currently, the Group's annual output value exceeds 100 billion yuan, with a workforce of more than 20,000. Geely Baikuang Group is an important member of the Fortune Global 500 company Geely Holding Group and one of the core enterprises in the new materials (resources) sector of Geely Technology Group. Its business spans multiple fields, including coal, electric power, aluminum, carbon, deep aluminum processing, and ecological manganese. Guangxi Baiming New Materials Co., Ltd. 's 50kt annual capacity project for electrical round aluminum rod represents a critical strategic initiative by Geely Baikuang Group, leveraging its existing liquid aluminum capacity to extend the aluminum industry chain and enhance product added value. It is also a concrete practice of the Group's active response to the strategic deployment for the "second entrepreneurial push" of the aluminum industry by the Autonomous Region and Baise City, while deepening supply-side structural reform. As a vital link in the circular development of Baise's eco-aluminum industry, this project will further optimize the regional aluminum industry layout, promote the efficient local conversion of resources, and strengthen the industry's overall competitiveness. The project is situated within the Longlin Aluminum Plant, part of the Gui-Qian (Longlin) Economic and Industrial Cooperation Park in Mugu Village, Pingban Town, Longlin Various Ethnic Groups Autonomous County. There, it fully leverages the raw material advantage of the Longlin Aluminum Plant's existing liquid aluminum capacity, facilitating the direct supply and conversion of nearby liquid aluminum, thereby significantly reducing remelting energy consumption and production costs. Total project investment is approximately 14.2 million yuan. Once completed and in operation, it is expected to form a production capacity of 50,000 mt per year of electrical round aluminum rod, achieve an annual output value of about 1 billion yuan, and generate annual tax revenue of approximately 2 million yuan. Company's Main Products The electrical round aluminum rods cover mainstream alloy designations such as 1A60, 1370, 1350, 8030, 8R76, 6201, and 8A07 high-conductivity rod, and specifications include wire diameters of Ø9.5, Ø12, Ø15, etc. They are widely used in conductor manufacturing for power cables and fiber optic cables, as well as in electromagnetic wire, enamelled wire, and air-conditioning condenser tubes, providing high-performance materials for motors, transformers, electronic components, and NEV parts, thereby strengthening the foundation for power and signal transmission. The project introduces smart integrated equipment, integrates multiple processes, and precisely controls aluminum semis processing, practicing the principles of high quality, low energy consumption, high efficiency, and sustainability, breaking through traditional limitations, and supporting the green and low-carbon development of China’s aluminum industry. Aluminum Processing Industry The aluminum processing industry is a key breakthrough sector for Geely Baikuang Group to achieve transformation and upgrading. It shoulders the major mission of extending Guangxi’s aluminum industry “second startup” toward advanced aluminum processing. Currently, it includes aluminum wheel hubs, refined aluminum, etc. The aluminum wheel hub project relies on Geely’s systematic advantages in the automotive industry and enjoys huge market demand. For the 10-million-unit-per-year aluminum alloy wheel hub project, Phase I with 5.2 million wheel hubs was launched into production in 2021. Refined aluminum has completed construction of 10,000 mt capacity, with aluminum purity reaching 99.99%, mainly applied in high-tech fields such as electronics and aerospace. At the same time, Geely Baikuang Group is establishing an integrated system covering R&D, production, and sales, and advancing the construction of the aluminum plate/sheet, strip and foil project and the production base for NEV all-aluminum vehicle-supporting aluminum products and parts, to meet the huge demand for aluminum-based composite materials from the NEV industry, enrich Baise’s aluminum industry structure, and promote the high-quality development of Guangxi’s aluminum industry second startup. Manganese Industry The manganese industry is an emerging industry of Geely Baikuang Group, currently including manganese carbonate ore, electrolytic manganese metal, etc. The Geely Baikuang Jingxi Ecological Manganese Industry Integrated Park is one of the important manganese ore industrial bases in Guangxi and even China, with existing manganese carbonate ore resources of 20 million mt, Envision reserves of 40 million mt, and an annual output of 330,000 mt of manganese carbonate ore; electrolytic manganese metal capacity of 60,000 mt has been completed and put into operation. Geely is vigorously promoting NEV production, and Geely Baikuang will actively transform and upgrade toward new energy battery manganese-based materials, providing raw materials to new energy battery enterprises. Aluminum Smelting Industry Contact Information Huang Xiaoma 18177800977 SMM Conference Contact Ding Weiquan 18029344837