[SMM Steel] Tata Steel Limited announced on March 18, 2026, the merger of its wholly-owned subsidiary, Nilachal Ispat Nigam Limited (NINL), to consolidate its long products business. The merger aims to enhance management efficiency and accelerate capacity expansion at the Odisha mill from 0.98 million mt to 4.8 million mt. Additionally, the board approved a $2 billion investment in its Singapore-based subsidiary, T Steel Holdings Pte Ltd (TSHP), starting in FY 2026-27 to support overseas operations, fund capex, and restructure existing debts.

[POSCO and SK On Form Lithium Alliance for Battery Cooperation] POSCO and SK On have signed a long-term lithium supply agreement, aiming to stabilize the battery materials supply chain. According to a statement released by the two companies on Wednesday, POSCO will supply up to 25,000 mt of lithium from this year until 2028 under the agreement. This supply is sufficient to produce batteries for approximately 400,000 EVs. The lithium will be produced by POSCO Argentina at the Salar del Hombre Muerto salt flat in Salta Province, Argentina, and supplied to SK On's EV battery projects in Europe and North America. SK On is also considering using the material for ESS. Source: https://pulse.mk.co.kr/ [Cornwall's Geothermal Revolution: Extracting Green Energy and Lithium from Granite] The UK's renewable energy sector has achieved a significant leap forward, with a pioneering mini power station in Cornwall officially commencing operation, successfully using underground hot granite to produce zero-carbon electricity and extract high-value battery-grade lithium. Led by Geothermal Engineering Ltd., the project innovatively combines green power generation with critical minerals extraction, is expected to revitalize the region's historic mining economy and supply electricity to thousands of households via the power grid. For East Africa, a region rich in geothermal potential (particularly the Kenyan Rift Valley), the dual extraction technology provides an attractive model. If African energy producers can adopt this approach, simultaneously obtaining electricity and high-profit minerals from geothermal wells, it will significantly enhance the economic feasibility of green energy projects across the continent. Source: https://streamlinefeed.co.ke/ [Zimbabwe Bans Lithium Exports: Global Supply Chain Crisis Emerges] Zimbabwe's recent decision to implement a comprehensive ban on lithium exports marks a watershed moment for the global critical minerals market, highlighting the growing influence of resource nationalism on international supply chains. This policy shift reflects a broader trend: mineral-rich countries are prioritizing domestic value creation over raw material exports, fundamentally altering the landscape of the global battery metals market. The impact extends far beyond a single country; its ripple effects will run through international supply chains, from EVs to renewable energy infrastructure. When countries with significant mineral reserves impose export restrictions, the resulting market dynamics can permanently alter the entire industry's price structures, investment flows, and strategic planning. Zimbabwe's recent decision to suspend mineral exports is a prominent example of this phenomenon. This southern African country, which supplied approximately 10% of the world's lithium resources in 2024, has effectively cut off external supply of its battery metal resources, forcing international buyers to scramble for alternative sources, while domestic processing capacity remains severely underdeveloped. Source: https://discoveryalert.com.au/ [Atlantic Lithium Acquisition Proposal Rejected: 2026 Strategic Value Preservation Strategy] When mature miners pursue mergers and acquisitions during market recovery periods, the core of their strategy shifts from acquiring distressed assets to preserving strategic value. The lithium industry exemplifies this dynamic—during phases of rebounding commodity prices, pre-production developers increasingly tend to reject acquisition proposals, prioritizing long-term value creation over immediate liquidity events. Furthermore, understanding broader critical minerals strategies is essential when assessing these complex market dynamics. Market participants observed that spodumene concentrate prices rebounded from a cyclical low of $800/mt in October 2025 to approximately $1,900/mt by February 2026, a 137.5% increase within four months. This rapid recovery has created a significant valuation gap between acquirers' offers and target companies' intrinsic value assessments. The case of Atlantic Lithium's rejected acquisition proposal demonstrates how pre-production lithium developers evaluate conditional non-binding acquisition offers based on the medium and long-term demand fundamentals in the EV and BESS sectors. Enterprises in the late-stage permitting phase generally believe that current market conditions do not fully reflect the full potential of their asset portfolios. Source: https://discoveryalert.com.au/ [Indian Company Deploys Non-Lithium Multi-Ion Battery System] Mumbai-based battery technology developer Gegadyne Energy stated that its delivery of the first non-lithium multi-ion chemistry battery packs to two of the world's largest material handling original equipment manufacturers marks a true "inflection point" for the forklift industry. Gegadyne has completed the first commercial deployment of its non-lithium multi-ion chemistry battery packs with Linde Material Handling India and the Godrej & Boyce Group. The company claims that this battery, with a cycle life exceeding 5,000 cycles, can be charged from 0% to 100% in 15 minutes, thereby "completely eliminating" dependence on the lithium supply chain. Designed for forklifts, cranes, and warehouse equipment, the battery operates effectively within a temperature range of -40°C to 65°C. Source: https://www.forkliftaction.com/

[SMM Silicon-Based PV Morning Conference Summary] Silicon Metal: Post-Chinese New Year, the market exhibited strong wait-and-see sentiment, with silicon enterprise offers remaining basically stable compared to pre-holiday levels. Yesterday, SMM assessed oxygen-blown #553 silicon in east China at 9,200-9,400 yuan/mt and #441 silicon at 9,300-9,600 yuan/mt. The most-traded futures contract fluctuated near 8,350-8,450 yuan/mt, while some futures-spot traders saw their spot-futures price spread quotes strengthen slightly. On the first trading day after the holiday, market activity was dominated by inquiries, with limited spot transaction volumes. Silicone: Yesterday's transaction price stood at 13,800-14,000 yuan/mt, holding steady from pre-holiday levels. During the Chinese New Year holiday, demand remained stagnant. Post-holiday, as downstream plants resumed operations and the first wave of rigid restocking demand gradually emerged, coupled with low operating rates on the supply side and the upcoming silicone monomer industry conference in Zhejiang from late February to early March, silicone prices are still expected to rise.

During the "14th Five-Year Plan" period, the steel industry continued to deepen supply-side structural reforms, persistently advanced capacity governance, and achieved a cumulative reduction in production exceeding 100 million mt. Recently, at the 13th Member Congress of the China Iron and Steel Association (CISA), CISA Chairman Zhao Minge made the above statement. He pointed out that during the "15th Five-Year Plan" period, the industry's capacity governance efforts will focus on "controlling increments, optimizing stock, promoting mergers and reorganizations, and facilitating exits," adhering to market-oriented and rule-of-law principles, strictly blocking new capacity additions, smoothing exit channels for outdated capacity......

SMM Morning Meeting Minutes: On Friday, LME copper opened at $13,230/mt, hitting an intraday high of $13,481.5/mt in early trading, after which copper prices fluctuated downward, touching a low of $12,845/mt near the close, and finally settled at $13,070.5/mt, down 4.63%. Trading volume reached 29,000 lots, an increase of 2,143 lots from the previous trading day; open interest stood at 330,000 lots, a decrease of 1,761 lots from the previous trading day, with the overall performance mainly reflecting long liquidation. On Friday evening, the most-traded SHFE copper 2603 contract opened at 104,200 yuan/mt, fluctuated rangebound in early trading before reaching a high of 105,080 yuan/mt, then fluctuated downward, touching a low of 102,700 yuan/mt near the close, and finally settled at 103,190 yuan/mt, down 4.75%. Trading volume reached 183,000 lots, a decrease of 603,000 lots from the previous trading day; open interest stood at 219,000 lots, a decrease of 4,081 lots from the previous trading day, with the overall performance mainly reflecting long liquidation.

On June 17, the share price of China Nonferrous Mining Corporation Limited (CNMC) rose. As of 14:29 on June 17, CNMC's shares increased by 2.03%, closing at HK$7.03 per share. On June 16, CNMC (01258) announced that its subsidiary, CNMC (Hong Kong) Holdings Limited, had signed the 2025 Gecamines Copper Cathode Purchase Agreement with Gecamines on June 16, 2025. The total contract value was approximately $67.03 million, involving the purchase of 7,000 metric tons of high-grade copper cathode processed by CNMC Huaxin Hydrometallurgy. CNMC (Hong Kong) Holdings Limited is a subsidiary of the company. Gecamines holds a 40% stake in the company's subsidiary, Kambove Mining, and is considered a connected person at the subsidiary level under the Listing Rules. Therefore, the transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement constitute connected transactions of the company under Chapter 14A of the Listing Rules. According to CNMC's announcement, as one or more of the applicable percentage ratios in relation to the transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement, when considered on a standalone basis, exceed 0.1% but are all below 5%, these transactions are subject to the reporting, annual review, and announcement requirements under Chapter 14A of the Listing Rules and are exempt from the requirement for independent shareholders' approval. Under Rule 14A.81 of the Listing Rules, if a series of connected transactions are all conducted within the same 12-month period or are interrelated, these transactions must be aggregated and treated as a single transaction. The transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement are similar in nature to previous transactions and must be aggregated. When aggregated with previous transactions, all applicable percentage ratios for the transactions proposed under this agreement exceed 0.1% but are below 5%. Therefore, these transactions are subject to the reporting and announcement requirements under Chapter 14A of the Listing Rules and are exempt from the requirement for independent shareholders' approval. The key terms of the agreement include the agreement period from June 16, 2025, to December 31, 2025. Pricing: The price per metric ton for the copper cathode sold under the 2025 Gecamines Copper Cathode Purchase Agreement shall be determined by reference to the average price during the agreed quotation period (i.e., the month following the delivery month, hereinafter referred to as the "Quotation Period"). This price is calculated by deducting a discount of $425 per metric ton from the daily cash seller's quotation for Grade A copper on the London Metal Exchange during the Quotation Period, after fair negotiations between the contracting parties. Therefore, the total market value of the copper cathode is approximately $70,000,000 (before deducting the discount). Payment: The payment for the 2025 Gecamines Copper Cathode Purchase Agreement shall be made by CNMC (Hong Kong) Holdings Limited to Gecamines' designated account via telegraphic transfer within five (5) working days after the delivery of the copper cathode. Delivery Period: CNMC Hong Kong Holdings Limited is required to appoint a carrier to dispatch trucks to Gécamines' plant for cargo loading within ten (10) days from the date Gécamines provides the goods. Regarding the reasons for this transaction, the announcement by China Nonferrous Mining Corporation Limited (CNMC) indicates that the copper cathode purchased under the 2025 agreement will meet the demand for copper cathode from CNMC Hong Kong Holdings Limited and its customers. The Board believes that entering into this agreement is beneficial to the Group and aligns with the Group's business and commercial objectives. The agreement was negotiated on a one-off basis, taking into account the recent demand for copper cathode and the market supply and demand conditions at the time of signing. As of the announcement date, the Group has no plans to purchase copper cathode from Gécamines on an annual basis. If the Company plans to engage in continuous daily transactions with Gécamines in the future, it will comply with all applicable provisions of the Listing Rules. When commenting on CNMC's 2024 annual report and 2025 Q1 results, Minsheng Securities stated: "Historical best annual net profit attributable to shareholders, with expectations for sustained growth in self-produced copper." On April 25, 2025, the Company released its 2024 annual report and 2025 Q1 results. In 2024, the Company achieved revenue of $3.817 billion, up 5.8% YoY, and a net profit attributable to shareholders of $399 million, up 43.6% YoY. On a quarterly basis, the Company achieved a net profit attributable to shareholders of $85 million in 2024Q4, up 273.9% YoY and down 11.1% MoM; in 2025Q1, the Company achieved a net profit attributable to shareholders of $123 million, up 46% YoY and up 46% QoQ. The 2025Q1 results exceeded market expectations. The record-high net profit attributable to shareholders in 2024 was mainly due to the rise in copper prices. ① Production: Affected by the change of service providers and tight power supply in the DRC, the self-produced copper output declined slightly YoY. In 2024, the Company's production of blister copper and copper anode/copper cathode/sulphuric acid was 28.6/12.6/1.056 million mt, with YoY changes of +0.1%, -11.4%, and +10.5%, respectively. Among them, self-produced blister copper and copper anode/copper cathode were 7.77/81,500 mt, down 11.4% and 0.2% YoY, respectively. The total self-produced copper ore was 159,000 mt, down 6% YoY. The decrease in self-produced blister copper and copper anode output was mainly due to a 10.9% YoY decline in CNMC Nonferrous Mining's copper output to 68,000 mt, as the change of underground mining service providers in H1 affected the production of sulphide ore. From a quarterly production perspective, Q2-Q4 had recovered to a level of 17,000-18,000 mt per quarter. In addition, although self-produced copper cathode production remained basically flat, the production of copper cathode from externally purchased oxide ore decreased, leading to a YoY decline in total copper cathode output, mainly due to production losses at Huaxin Hydrometallurgy and Huaxin Mabende caused by power shortages in the DRC. ② Sales: Production and sales were basically balanced. It is worth noting that cobalt production was only 633 mt, down 49.6% YoY, possibly due to the prolonged downturn in cobalt prices. ③ Unit Price: Rising copper prices contributed to profit growth. ④ Cost: Cost control was strong, with overall costs remaining stable. ⑤ Lightly Equipped with Excellent Asset Quality. In Q1 2025, the company's net profit attributable to shareholders increased significantly both YoY and QoQ, mainly due to the rise in copper prices and the normalization of copper production. ① Production: In Q1 2025, the company's production of blister copper and copper anode/copper cathode/sulphuric acid was 10.97/3.50/271,400 mt respectively. Among them, the production of blister copper and copper anode, and sulphuric acid was basically flat YoY, while the production of copper cathode increased by 8% YoY. This was mainly because the production of copper cathode at Huaxin Mabende and Huaxin Hydrometallurgy, two hydrometallurgical smelters in the DRC, increased by 49% and 20% YoY respectively. The increase in production was due to the company's efforts to ensure power supply through multiple measures such as constructing PV power generation and diesel power generation facilities. The self-produced blister copper and copper anode (CNMC Luanshya + CNMC Nonferrous Mine + Chambishi Hydrometallurgy)/copper cathode (CNMC Luanshya + Chambishi Hydrometallurgy + Gambowe Mining) were 21,400/21,700 mt respectively, increasing by 22.4% and decreasing by 3.7% YoY respectively. The total self-produced copper ore was 43,000 mt, up 7.7% YoY. The increase in self-produced blister copper and copper anode production was mainly due to the 26.7% YoY increase in copper production at Chambishi Copper Mine of CNMC Nonferrous Mine, as the low base caused by the replacement of mine service providers in the same period last year affected production, which has now returned to normal this year. ② Unit Price: In Q1 2025, the prices of copper and cobalt were 77,300 yuan/mt and 170,000 yuan/mt respectively, changing by +11.3% and -17.1% YoY, and increasing by 2.4% and 4.6% QoQ respectively. The long-term contract TC for 2025 was $21.25/mt. The vast majority of the company's smelter raw materials come from copper concentrates locked in through long-term contracts. However, due to successful negotiations on freight sharing, the decline in some of the TC was offset, so the impact of the decline in smelting processing fees on the company was less than that on domestic companies. Core Highlights: ① Endogenous Growth: CNMC Africa Mining, CNMC Luanshya, and Chambishi Hydrometallurgy, subsidiaries of the company, will research and promote the following projects in the next 3-5 years: the expansion of the Chambishi Southeast Orebody, the new mine of CNMC Luanshya, the mining and beneficiation project of the Samba Mine, and the production resumptions of the Gambowe West Orebody and MSESA Orebody, indicating significant endogenous growth potential. ② Outward Mergers and Acquisitions: At the group level, to address horizontal competition issues, the DRC company and Deziwa Copper Mine are expected to be injected into the publicly listed firm. ③ Scarcity of High-Dividend Copper Targets. Risk Warnings: Continuous decline in smelting processing fees, decline in copper prices, and geopolitical risks. Guosen Securities commented on CNMC Mining in its research report, stating: Core Mines: In 2024, CNMC Africa Mining produced approximately 68,200 mt of copper anode, down about 11% YoY; CNMC Luanshya produced approximately 44,400 mt of copper cathode, up about 2% YoY, and 4,159 mt of copper anode, down about 47% YoY; Gambowe Mining produced approximately 34,400 mt of copper cathode, up about 4% YoY. High Dividend Payout Ratio: The company plans to distribute a dividend of 4.2893¢ per share, with a total dividend amount of approximately $167 million, accounting for 42% of the company's net profit attributable to shareholders in 2024. The company has maintained a dividend payout ratio of over 40% for four consecutive years since 2020, with its dividend payout ratio and dividend yield ranking among the leading levels in the industry. The company's captive mine is expected to gradually increase its annual copper production to approximately 300,000 mt in the medium and long term. Risk Warnings: Risk of mineral product selling prices not meeting expectations, risk of the company's project construction progress not meeting expectations, and risk of changes in policies related to mineral resources in overseas countries.

The path for joint mergers and acquisitions (M&A) and restructuring in the highly anticipated polysilicon sector has begun to take shape. During this year's SNEC exhibition, Lan Tianshi, Co-CEO of GCL Technology (03800.HK), revealed in an exchange with media outlets such as Cailian Press that currently, leading enterprises in the industry are taking the lead in establishing a company operated by professional managers through a model of "direct capital contribution + debt". This company aims to achieve capacity exit and controlled output through acquisitions, and then repay liabilities through profits, thereby promoting the orderly exit of industry capacity. "In the future, participants may invest and repay debts with real money through equity or forms such as limited partnerships (LPs)," Lan Tianshi said.

According to MiningNews.net, in Q1, Australia's exploration sector was experiencing a significant downturn, with key indicators such as financing, exploration investment, and corporate cash reserves showing stagnation or substantial declines. Consulting firm BDO described Q1 as "the most disheartening quarter in recent years" in its latest report. The poor start to 2025 was reflected in a sharp 19% drop in mineral exploration investment to AUD 635 million, the lowest level since Q2 2021. The average investment per company was AUD 860,000, the worst performance since Q1 2021. The average cash surplus of exploration companies fell by 3% to AUD 9.8 million. Only 26 companies were able to raise more than AUD 10 million, collectively raising AUD 1.57 billion, compared to 57 companies raising over AUD 2.17 billion in Q4 of the previous year. This marked the worst period in six years. Additionally, due to mergers and acquisitions, executive appointments, or the delisting of entities that had been suspended for an extended period, the number of companies listed on the Australian Securities Exchange (ASX) decreased by 17, leaving only 747. There were no initial public offerings (IPOs) during this period, the first time since 2020. Sherif Andrawes, Head of Natural Resources and Energy Research at BDO, stated that the company's analysis of the data revealed a "worrying" state of the exploration sector. Signs of capital discipline and cautious spending suggest that the situation may deteriorate further in the future, especially since the federal budget in May abolished support policies such as the Junior Minerals Exploration Incentive (JMEI), which may pose greater challenges for junior exploration companies. "The significant decline in financing and exploration expenditure indicates increased investor caution and rising market uncertainty," Andrawes said. "Our quarterly analysis shows a poor start to 2025. In previous quarters, exploration companies had demonstrated some resilience in the face of weak commodity prices, particularly for uranium and lithium." Financing for lithium companies dropped by 90% to AUD 68.95 million, while financing for uranium miners came to a complete halt. As a safe-haven asset, gold mining companies emerged as a bright spot. Among the 26 companies that raised funds, 16 were gold miners, particularly Predictive Discovery and Black Cat Syndicate. Gold mining companies raised AUD 621 million, more than double the amount raised in the same period last year. Copper mining companies raised AUD 122 million, and silver exploration companies raised AUD 120 million. "M&A activity in the sector has also increased, with major transactions including Gold Fields' acquisition of Gold Road Resources and Ramelius Resources' acquisition of Spartan Resources," Andrawes said. Given the current market volatility, BDO expects gold to continue to dominate the trend in H2 2025.

According to a report on the BNAmericas website, the Vicuña mining district has attracted the attention of junior mining companies. It hosts the Josemaría and Filo del Sol copper-gold-silver projects, as well as the Lunahuasi and Los Helados copper-gold mines. The Vicuña mining district is located in the Andes Mountains, between the Atacama Region of Chile and the San Juan Province of Argentina, at an altitude of 3000-4500 meters. The harsh climate, lack of energy infrastructure, and logistical challenges have not deterred exploration efforts. However, these factors have not stopped Sendero Resources, which is exploring the Peñas Negras project, and Mogotes Metals, which is prospecting in Filo Sur. Mogotes Metals recently secured $7 million from the Braun family of Argentina to strengthen its prospecting efforts in the region. The most advanced project is the Vicuña Group, a joint venture between Lundin Mining and BHP, which owns the Josemaría and Filo del Sol projects. Additionally, there are the Los Helados and Lunahuasi projects of NGEx Minerals, covering an area of approximately 150 square kilometers. There are also hopes for downstream copper processing in the region. "We are trying to convince Argentina to build a copper smelter in San Juan Province," said Juan Rayo, director of local engineering firm JRI. Josemaría Josemaría is the most advanced project in the region. Currently, while awaiting permits, the joint venture is conducting detailed engineering studies and is researching the locations for a processing plant and shared infrastructure, including tailings storage facilities, roads, and power lines, to enable coordinated development with the Filo del Sol project, located 10 kilometers away. On June 3, the Vicuña Group announced that it had awarded a road maintenance contract to local company Zlato for the highway between Angualasto and La Majadita in San Juan Province. This road "will improve the stability of fuel, light vehicle, and critical material supply to remote areas, serving as a reliable and safe alternative to the current route to the field site in Guandacor, La Rioja Province," the company said in a press release. Filo del Sol As one of the company's projects, exploration work at Filo del Sol continues to advance, with the goal of submitting a technical report in Q1 2026. Vicuña Group plans to submit an application to include the Filo del Sol and/or Josemaría projects in the list of large-scale investment incentive plans (Rigi), with a combined investment of nearly $6 billion for these two projects. The projects have measured and indicated copper metal content of 13 million mt, 32 million ounces of gold, and 659 million ounces of silver, as well as inferred copper metal content of 25 million mt, 49 million ounces of gold, and 808 million ounces of silver. Los Helados This project, located in the Atacama Region, is the only one with nearby infrastructure, situated approximately 17 kilometers from the Caserones copper mine, which is 70% owned by Lundin Mining Corporation. As of now, the project has inferred copper metal content of 18.4 billion pounds (8.35 million mt), inferred copper metal content of 8.3 billion pounds, inferred gold of 10 million ounces, and inferred silver of 97.5 million ounces, making it another large project in the Vicuña mining district. Lunawasi However, Future Minerals' current focus is on advancing exploration of the Lunawasi project, while the company is considering various options, including mergers or acquisitions. The company estimates that the total transaction value of Lunawasi and Los Helados is comparable to that of Caserones, at approximately $3.3 billion. Last year, Caserones produced 124,761 mt of copper, while Filo del Sol is valued at $4.5 billion and Josemaría at $1.9 billion. However, the region faces significant challenges that require bilateral negotiations. While Argentina lacks infrastructure, Chile has better conditions in terms of mining logistics and infrastructure. Appropriate cross-border cooperation can reduce costs, increase water and energy supply, and enhance the region's competitiveness as a new source of critical minerals.

Macro News 1. From June 9 to 10 local time, He Lifeng, the Chinese lead negotiator for China-US economic and trade talks and Vice Premier of the State Council, held the first meeting of the China-US economic and trade consultation mechanism with Beth Van Duyne, the US lead negotiator and US Secretary of the Treasury, Gina Raimondo, US Secretary of Commerce, and Katherine Tai, US Trade Representative, in London, UK. Both sides engaged in candid and in-depth dialogue, exchanged in-depth views on economic and trade issues of mutual concern, reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing economic and trade concerns of both sides. 2. Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, said in London, UK, on the evening of June 10 that over the past two days, the Chinese and US teams had conducted in-depth exchanges and reached a framework on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5 and the consensus reached during the Geneva talks. 3. At yesterday's regular press conference of the Ministry of Foreign Affairs, Lin Jian, a spokesperson, introduced that the Ministerial Meeting of Coordinators for the Implementation of the Outcomes of the Forum on China-Africa Cooperation (FOCAC) was held in Changsha, Hunan Province. President Xi Jinping sent a congratulatory letter to the meeting, announcing that China would implement the measure of zero tariffs on 100% of tariff items for products from 53 African countries with diplomatic relations with China. 4. At yesterday's regular press conference of the Ministry of Foreign Affairs, a reporter asked about CK Hutchison Holdings' sale of overseas port assets. Lin Jian stated that China has consistently and resolutely opposed economic coercion, hegemony, and bullying. Lin Jian reiterated that regarding the navigation of vessels from relevant countries, China will, as always, respect Panama's sovereignty over the canal and recognize the canal's status as a permanently neutral international waterway. Industry News 1. From the evening of June 10 to the afternoon of June 11, 15 original equipment manufacturers (OEMs), including BYD, China FAW Group Corporation, Geely Auto, and Xiaomi Auto, have successively issued statements committing to uniformly controlling the payment period for suppliers within 60 days. This move aims to accelerate the efficiency of capital turnover in the industry chain, ensure the stability of the industry chain and supply chain, fulfill the responsibilities of leading enterprises, and promote the high-quality development of the automotive industry. 2. The General Offices of the Ministry of Industry and Information Technology and the National Development and Reform Commission issued a notice on carrying out the cultivation work of pilot-scale production capacity construction platforms for biomanufacturing. The notice proposed that, based on the current status of biomanufacturing industrialisation and the needs of technological development, and focusing on the shortcomings and pain points in the pilot-scale production links of various fields of biomanufacturing, pilot platforms for key product areas such as food and additives, biopharmaceuticals, cosmetics, chemicals, energy, and enzyme preparations should be cultivated according to the characteristics of technological process equipment, effectively driving the coordinated innovation and development of upstream and downstream enterprises in the industry chain. 3. According to informed sources, with the continuous rise in the popularity of IPs, Pop Mart urgently sought workers to resume work after the Chinese New Year to expand its capacity to meet the surging consumer demand. The individual believes that for brands, when market demand far exceeds the supply chain's response speed. 4. Industrial Securities held a cadre conference yesterday, announcing that Su Junliang, the former chairman of Huafu Securities, would assume the role of Party Secretary of Industrial Securities. Due to age limits for the position, Yang Huahui would no longer serve. Yang Huahui had led Industrial Securities for eight years. According to the reporter, Yang Huahui would have other positions arranged for him subsequently. 5. Nine departments, including the Shanghai Headquarters of the People's Bank of China, jointly issued the "Notice on Leveraging the Role of International Green Finance Hub to Support the Construction of a Beautiful Shanghai". The Notice proposed exploring financial support models for ecological and environmental protection projects in Shanghai, continuously building the Shanghai Green Finance Service Platform, and improving the Shanghai Green Project Library. 6. Data released by the China Association of Automobile Manufacturers (CAAM) showed that in May 2025, China's automobile production and sales reached 2.649 million units and 2.686 million units respectively, up 1.1% MoM and 3.7% MoM, and up 11.6% YoY and 11.2% YoY. From January to May, automobile production and sales reached 12.826 million units and 12.748 million units respectively, up 12.7% YoY and 10.9% YoY. 7. Benefiting from the deep integration of AI large models and augmented reality technology, the smart glasses market has been heating up recently, with strong sales both online and offline. The head of the digital business department of an e-commerce platform introduced that the smart glasses market had shown explosive growth, with trading volume increasing more than eightfold YoY. 8. The General Office of the People's Government of Liaoning Province issued the "Implementation Plan for Promoting Innovative Development of Artificial Intelligence in Liaoning Province". It proposed that by 2027, the province's computing infrastructure construction system would be basically formed, achieving a computing power scale of over 5000 PFLOPS, and the core industry scale of artificial intelligence would reach 100 billion yuan. Corporate News 1. *ST Yazhen announced that due to multiple instances of abnormal fluctuations in stock trading, it would suspend trading for verification starting today. 2. Industrial Securities announced that as of now, it had not received any information regarding a "merger with Huafu Securities". 3. Shuangliang Eco-Energy announced the signing of a 450 million yuan sales contract for green electricity-based hydrogen production systems. 4. *ST Jinbi announced that Yuanyichengwu would become the company's controlling shareholder, and its stock would resume trading. 5. Hesheng New Materials announced plans to invest 250 million yuan in ARM server processor chip company Yizhi Electronics. 6. Junshi Biosciences announced that the clinical trial application for its controlled subsidiary's JT118 injection had been accepted, intended primarily for the prevention of monkeypox virus infection. 7. ST Red Sun announced that it would remove other risk warnings starting from June 13, and its stock abbreviation would be changed to "Red Sun". 8. Aurora Optoelectronics announced that the company has a solid position in the backlight module for Switch 2 and will increase R&D efforts in high-end products in the future. 9. KDLI announced its intention to jointly invest with VEICHI Electric and others to establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 10. Yinlun Machinery announced its intention to contribute 10 million yuan to jointly establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 11. Tinci Materials announced its intention to invest in and construct an integrated production base for electrolytes and raw materials in Morocco. 12. Changshan Pharmaceutical stated on an interactive platform that the suspension of the listing of Abenatide is unrelated to the combined listing approval for weight loss. Global Markets Most European and US stock markets fell, while international crude oil futures settlement prices surged over 4%. US stocks moved downwards after a higher opening, with all three major indices closing lower. The Nasdaq fell 0.5%, the S&P 500 fell 0.27%, and the Dow Jones Industrial Average fell by 1 point. Intel fell over 6%, marking its largest single-day decline in two months. Oklo surged nearly 30%, hitting a record closing high, as the company reached a nuclear power agreement with the US Air Force. Space technology company Voyager Technologies Inc. (VOYG) surged over 82% on its first day of trading in the US IPO. Popular Chinese ADRs had mixed changes, with the Nasdaq Golden Dragon China Index rising 0.08%. Major European stock indices closed with mixed changes, with the German DAX30 rising 0.04%. International crude oil futures settlement prices surged over 4%. WTI crude oil futures for July rose 4.88%, and Brent crude oil futures for August rose 4.33%. COMEX gold futures rose 0.9%, while COMEX silver futures fell 0.76%. Investment Opportunities Reference 1. Officially entering the mass production stage, a key milestone in the construction of a large-scale aviation equipment system On June 11, the large amphibious aircraft AG600, independently developed by the Aviation Industry Corporation of China (AVIC), was awarded the Production Certificate (PC) by the Civil Aviation Administration of China (CAAC) in Zhuhai, Guangdong. This marks the official entry of China's large amphibious aircraft into the mass production stage and is a key milestone in the construction of China's large-scale aviation emergency rescue equipment system. Founder Securities pointed out that the civil aircraft manufacturing industry holds profound strategic significance for the country, directly linked to national economic growth, employment opportunities, and technological progress. This industry not only significantly boosts economic growth but also drives substantial employment and plays a huge role in promoting technological development, particularly in the fields of new materials, new energy, and advanced electronic technologies. The development level of the large aircraft industry has become an important indicator of a country's technological and industrial strength, as well as its international competitiveness. Additionally, the large aircraft industry also holds significant military application value, playing a crucial role in enhancing the quality and level of the national defense industry. 2. Smart dexterous hand developed by Chinese researchers achieves human-like adaptive grasping for the first time According to media reports, the breakthrough bionic dexterous robotic hand, F-TAC Hand, was recently published in the international journal Nature Machine Intelligence. This system integrates high-resolution tactile sensing across 70% of its palm area, achieving human-like adaptive grasping capabilities for the first time and marking a significant leap forward in robotic intelligence and its ability to interact in real dynamic environments. This breakthrough was jointly achieved by the Beijing Institute for General Artificial Intelligence and Peking University. Huaxi Securities believes that dexterous hands are crucial for the practical application of humanoid robots, and subsequent updates and iterations will still present significant technical challenges. Producers with the capability to design and manufacture dexterous hands are expected to have a stronger voice in the industry chain and may lead in profitability. Additionally, to enhance the functionality of dexterous hands, the demand for key components such as lead screws, reducers, motors, tendon cables, and tactile sensors will increase. The firm remains optimistic about technology-leading enterprises with advanced industrial layouts. 3. Another solid-state battery conference is set to take place in June, with institutions affirming the industry's long-term development trend The "5th China International Solid-State Battery Technology Conference & 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition" will be held in Hefei from June 19-20, 2025. The conference will feature six themes covering solid-state batteries, cathode and anode materials, sodium-ion batteries, battery safety, battery recycling, lithium resources, as well as testing instruments and equipment enterprises. It will comprehensively showcase the latest research, technologies, processes, and equipment advancements, and delve into the future development directions of the new energy industry. Recently, CATL's 21C Innovation Lab published its research findings on lithium metal batteries in the international journal Nature Nanotechnology. This research is expected to accelerate the transition of solid-state batteries from laboratory to large-scale application. Yang Rui from Huaxi Securities believes that with the maturation of battery technology and the improvement of the supporting industry chain, new solid-state-related products are expected to be launched successively, capacity construction will continue to progress, and terminal performance is anticipated to be continuously validated, accelerating the industrialisation process. Yao Yao from Sinolink Securities believes that the long-term development trend of solid-state batteries is certain, and attention should be paid to incremental segments. Recent industry changes focus on the fibrillation of raw materials and lithium metal anodes. 4. Industry leader launches AI medical product matrix to meet users' diverse healthcare management needs Recently, at a launch event, Ping An Good Doctor announced the official rebranding of Ping An Health Medical Technology Co., Ltd. to "Ping An Good Doctor." The company unveiled its annual medical and health service brand and introduced a comprehensive "7+N+1" AI medical product matrix that covers all scenarios, cycles, and ecosystems to meet users' diverse healthcare management needs. AI technology can not only assist doctors in identifying fracture lesions but also aid in early disease screening. Nowadays, it is also taking on the crucial task of intelligent patient triage. According to Southwest Securities, statistics show that over 830 hospitals nationwide have successively completed the localized deployment of DeepSeek-R1, driving the digital and intelligent transformation of hospitals. Application scenarios include monitoring medical quality, optimizing hospital resource allocation, assisting in diagnosis, and ensuring data security. The comprehensive open-sourcing and multi-domain adaptation of the domestic large model DeepSeek-R1 marks a new stage of technological integration and industry restructuring in AI healthcare, drawing attention to the accelerated development and investment opportunities in the AI healthcare sector.