SMM July 24 News: Metal Market: As of midday, domestic base metals fell broadly. SHFE copper fell 1.21%, SHFE aluminum and SHFE zinc both fell within 0.5%. SHFE lead fell 0.82%. SHFE tin fell 1.59%. SHFE nickel rose 0.2%. Additionally, casting aluminum most-traded futures fell 0.58%, alumina most-traded rose 0.37%. Lithium carbonate most-traded fell 0.74%. Silicon metal most-traded edged down. Polysilicon most-traded futures fell 1.67%. Ferrous metals mostly fell. Iron ore fell 0.8%, rebar fell 0.68%, HRC fell 0.3%. Stainless steel fell 0.91%. Coking coal and coke: coking coal most-traded contract was flat at 1,282 yuan/mt, coke most-traded contract edged up 0.05%. Overseas base metals, as of 11:40, LME metals fell across the board. LME copper rose 0.43%, LME aluminum, LME tin, and LME nickel all fell within 0.5%. LME lead was flat at $1,887/mt. Precious metals, as of 11:40, COMEX gold fell 0.44%, COMEX silver fell 0.88%. Domestic precious metals: SHFE gold fell 2.65%; SHFE silver most-traded fell 4.82%. Additionally, as of midday, platinum most-traded futures fell 4.94%, palladium most-traded futures fell 5.68%. As of midday, the most-traded Europe container shipping futures fell 1.65% to 2,807.5 points. As of 11:40 on July 24, some futures midday quotes: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper quoted at 190 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 140 yuan/mt, flat from the previous trading day; SX-EW copper quoted at a premium of 80 yuan/mt, flat from the previous trading day. The average price of Guangdong #1 copper cathode was 105,085 yuan/mt, down 1,215 yuan/mt from the previous trading day; the average price of SX-EW copper was 105,000 yuan/mt, down 1,210 yuan/mt from the previous trading day... Macro front Domestic side: [State Grid's fixed-asset investment in H1 up 12.6% YoY] Today, we learned from State Grid Corporation of China that in H1, State Grid completed fixed-asset investment of over 310 billion yuan, up 12.6% YoY. Among them, construction of 15 ultra-high-voltage (UHV) projects and 37 pumped-storage power stations is accelerating. Meanwhile, investment in new energy grid connection projects continues to increase. As of end-June, the new energy grid-connected installed capacity in State Grid's operating area reached 1.55 billion kW. (CCTV) [PBOC net withdrawal of 361.5 billion yuan from the open market today] The PBOC conducted 89 billion yuan of 7-day reverse repo operations today at an interest rate of 1.40%. A total of 450.5 billion yuan of reverse repos matured today. On the dollar front: As of 11:40, the US dollar index fell 0.02 to 101.42. As the threat of escalating war in Iran drove up oil prices, US Treasury yields rose to their highest levels of the year, and markets expected the Fed could raise rates as soon as next week. The two-year Treasury yield, most sensitive to Fed policy expectations, rose about 4 basis points on Thursday to around 4.34%, its highest since early 2025. The 10-year Treasury yield hit a year-to-date high, while the 30-year yield rose to 5.19%, just below its highest level since 2007. As Houthi rebels claimed to have attacked a commercial vessel for the first time in months, Brent crude oil has been slowly rebounding toward $100 per barrel. This rise continues to pressure the US Treasury market and has led traders to increasingly believe that the Fed under Warsh will raise rates soon this year. (Jinshi Data APP) According to the CME FedWatch Tool, the probability that the Fed keeps rates unchanged in July is 65.3%, while the cumulative probability of a 25bp hike is 34.7%. For September, the probability of rates remaining unchanged is 17.6%, the cumulative probability of a 25bp hike is 57%, and the cumulative probability of a 50bp hike is 25.4%. Meanwhile, initial jobless claims in the US fell sharply last week, indicating that the labour market remains stable and that Fed officials need to continue focusing on curbing inflation. The US Labor Department said on Thursday that initial claims for the week ending July 18 fell by 22,000 to 187,000, compared with expectations of 212,000. Thursday's report was the latest signal of sustained stability in the labour market. The unemployment rate unexpectedly fell to 4.2% in June, a one-year low, but the decline was more due to a shrinking labour force rather than job growth. The US labour market is exhibiting an unusual balance: limited labour supply, slow job creation, and limited layoffs have kept the unemployment rate at historically low levels. This situation has led a growing number of Fed policymakers to focus more on inflation, which remains well above the 2% target, rather than express greater concern about the strong labour market. (Jinshi Data APP) Data wise: Today’s data releases include Germany's August GfK Consumer Confidence Index, UK June seasonally adjusted retail sales m/m, France July Flash Manufacturing PMI, Germany July Flash Manufacturing PMI, Eurozone July Flash Manufacturing PMI, UK July Flash Manufacturing PMI, UK July Flash Services PMI, US July S&P Global Flash Manufacturing PMI, US July S&P Global Flash Services PMI, and US June New Home Sales Annualized Total. Also worth watching: the AMD Advancing AI conference was held in San Francisco on July 22-23; Intel’s Q2 earnings were released after the US stock market close on July 23. Crude oil: As of 11:40, oil prices in both markets moved sideways, with WTI up 0.01% and Brent down 0.07%. The US-Iran geopolitical conflict continued to intensify. The Houthis announced this week that they had attacked a Saudi oil tanker, formally turning the Bab el-Mandeb Strait at the southern end of the Red Sea into a new frontline of conflict, putting global oil supply into a “dual chokepoint” predicament. Market analysts warned that if the Strait of Hormuz remained obstructed and a blockade of the Bab el-Mandeb Strait became reality, oil prices risked further surging to $120 or even higher. Rapidan Energy Group President and former White House official Bob McNally said, “The scale of the second round of military conflict will exceed the first, posing enormous risks to shipping and energy infrastructure.” (Wallstreetcn) ANZ: It maintained its forecast of $92/barrel for Brent crude at end-Q3 2026, reflecting an uneven rebound in Persian Gulf oil flows. If regional supply disruptions intensify and market buffers weaken, Brent crude prices could rise to $120/barrel. (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

SMM Nickel July 24: Macro and Market News: (1) PBOC announcement: To keep banking system liquidity ample, on July 24, 2026, the People's Bank of China will conduct MLF operations worth 500 billion yuan via fixed quantity, rate tender, and multiple price bids, with a tenor of 1 year. (2) US President Trump said on the 23rd that he is "seriously considering" resuming large-scale military operations against Iran. Spot Market: On July 24, SMM #1 refined nickel averaged 132,350 yuan/mt, down 200 yuan/mt from the previous trading day. For spot premiums, Jinchuan #1 refined nickel averaged 1,450 yuan/mt, flat from the previous trading day, while domestic mainstream brand electrodeposited nickel ranged from -300 to 500 yuan/mt. Futures Market: The most-traded SHFE nickel 2609 contract plunged sharply in the night session, and by the morning close had modestly recovered to 132,610 yuan/mt, up 0.2%. Nickel inventory continued destocking recently, supporting a rebound in nickel prices. Meanwhile, the US-Iran conflict and the evolving situation in the Strait of Hormuz once again triggered sulfur supply disruption concerns, and short-term nickel prices are expected to hold up well.

SMM July 23 News: Metal markets: As of the midday close, base metals on the domestic market generally rose. SHFE copper edged down, while SHFE aluminum rose 0.45%. SHFE lead rose 1.02%. SHFE zinc rose 1.47%. SHFE tin rose 0.27%. SHFE nickel rose 1.05%. In addition, the most-traded foundry aluminum futures contract rose 0.5%, while the most-traded alumina contract fell 0.66%. The most-traded lithium carbonate contract rose 4.24%. The most-traded silicon metal contract rose 0.67%. The most-traded polysilicon futures contract rose 0.51%. Ferrous metals all rose. Iron ore rose 1.15%, rebar rose 0.52%, and HRC rose 0.46%. Stainless steel rose 0.61%. Coking coal and coke: the most-traded coking coal contract rose 1.3%, and the most-traded coke contract rose 1.4%. Overseas base metals: As of 11:39 AM, LME metals all rose. LME copper rose 0.27%, LME aluminum rose 0.17%, LME lead rose 0.42%, LME zinc rose 0.75%, and LME tin edged up. LME nickel rose 0.58%. Precious metals: As of 11:39 AM, COMEX gold fell 0.46%, and COMEX silver fell 0.3%. Domestic precious metals: SHFE gold rose 0.86%; the most-traded SHFE silver contract rose 1.55%. In addition, as of midday close, the most-traded platinum futures contract fell 0.1%, and the most-traded palladium futures contract fell 0.38%. As of midday close, the most-traded containerized freight index (Europe route) contract rose 0.92% to 2,855 points. Selected futures midday prices as of 11:39 AM, July 23: Spot and Fundamentals Silver: Amid recurring geopolitical risks, silver prices are consolidating around steady levels. End-of-month willingness to sell from smelters is strong, spot transactions are near parity, and overall demand remains weak... Macro Front China: [The National Development and Reform Commission (NDRC) and the National Energy Administration issued the Renewable Energy Development 15th Five-Year Plan] The plan states that by 2030, total renewable energy consumption is expected to reach approximately 1.8 billion mt of standard coal equivalent. By 2030, total installed renewable energy power generation capacity is expected to reach approximately 3.5 billion kW, with annual power generation of approximately 6 trillion kWh; total installed wind and solar power capacity is expected to exceed 2.8 billion kW, accounting for over 50% of total capacity, with annual power generation exceeding 4 trillion kWh and accounting for 30% of total generation. By 2030, the scale of non-electricity renewable energy utilization is expected to grow 1.5 times compared to 2025, equivalent to approximately 150 million mt of standard coal. By 2030, the average firm output of wind and solar PV (including source-side energy storage) nationwide is expected to reach 8% (around 11% for wind and 6% for PV), with wind and solar PV (including source-side energy storage) accounting for over 20% of electricity during the evening peak of summer and winter demand, an increase of approximately 10 percentage points. During the 15th Five-Year Plan period, over 300 million kW of new reliable peak-shaving renewable energy capacity will be added. (from Wall Street News APP) [Beijing Expands Subsidized Products for the 2026 Consumer Goods Trade-in Program] The Beijing Municipal Commerce Bureau issued an announcement on expanding the list of subsidized products for the 2026 consumer goods trade-in program. After obtaining filing confirmation from the Ministry of Commerce, ten additional product categories will be included in the subsidy program. The relevant matters are hereby announced as follows: Subsidies will be provided to individual consumers in Beijing purchasing the following ten categories of products: smart door locks, smart cameras, smart robot vacuums (including smart floor scrubbers and smart vacuum cleaners), smart toilets (including smart toilet seat covers), digital cameras (including action cameras), smart earphones, whole-house smart hosts (including smart home servers and smart gateways), smart beds (including smart mattresses), smart electric wheelchairs, and embodied AI robots (including companion robots, robotic dogs, exoskeleton robots, and elderly care robots). For individual consumers purchasing the above smart home products (including elderly-friendly home products), the subsidy standard is 15% of the final selling price after all discounts, with each person eligible for one subsidized item per category, and the subsidy per item capped at 1,500 yuan. (from Wall Street News APP) [Guangdong: Industrial Robot Production Up 34.2% YoY in H1] According to the Guangdong Statistics Information Network, in H1, the value-added of industrial enterprises above designated size in the province increased by 5.8% YoY. By sector, the value-added of the mining sector was up 8.8% YoY, manufacturing up 5.4%, and power, heat, gas, and water supply up 8.9%. By industry, the value-added of the computer, communication, and other electronic equipment manufacturing industry was up 11.6% YoY, electrical machinery and equipment up 4.2%, and automobile manufacturing up 9.9%. By product, industrial robot production was up 34.2% YoY, and integrated circuits up 29.7%. (from Wall Street News APP) [PBOC Net Drains 422 Billion Yuan from Open Market Today] The PBOC conducted 204 billion yuan of 7-day reverse repo operations today at an interest rate of 1.4%, unchanged from the previous operation. A total of 626 billion yuan of reverse repos matured today. US Dollar: As of 11:39, the US dollar index fell 0.14 to 100.98. On July 22 local time, US President Trump mentioned in a speech in Georgia that a federal government "shutdown" would occur in September due to differences between Republicans and Democrats over spending priorities. On July 21 local time, the Republican-controlled U.S. House of Representatives passed a short-term spending bill that will fund federal government agencies through December 4, avoiding a government shutdown due to funding depletion before the November midterm elections. This temporary funding measure, also known as a "continuing resolution," will now be sent to the Senate for consideration. Republican leaders in the Senate are currently negotiating with Democrats and may propose their own short-term spending bill. If Congress fails to pass an appropriations bill in time, funding for most federal agencies and programs will expire at midnight on September 30, the end of the current fiscal year. (CCTV) As energy prices remain elevated, inflation expectations are heating up, and the market is focused on whether the upcoming Fed meeting next week will release clues about the future rate path. According to CME "FedWatch": the probability of the Fed keeping rates unchanged in July is 65.3%, while the probability of a cumulative 25-basis-point hike is 34.7%. The probability of rates remaining unchanged through September is 22%, a cumulative 25-bp hike is 54.9%, and a cumulative 50-bp hike is 23%. Other currencies: Mizuho Securities economist Yusuke Matsuo said Bank of Japan Governor Kazuo Ueda is expected to reiterate the stance of seeking further rate hikes at next week's press conference, but this is unlikely to reverse the yen's weakness. "The market has largely priced in the expectation that the BOJ will hike rates once every six months, so such comments alone are unlikely to push the yen significantly higher. Given that the market anticipates clarity on the timing and magnitude of the next rate hike, any stance interpreted as dovish could exacerbate the yen's weakness amid broad dollar strength." The market widely expects the BOJ to keep its policy rate unchanged at 1% at next week's meeting as it assesses the impact of the last rate hike. (Jin10 Data APP) Data: Today, data releases include China's June Swift renminbi share in global payments, Australia's June seasonally adjusted unemployment rate, the UK's July CBI industrial orders balance, the eurozone's ECB deposit facility rate as of July 23, the eurozone's ECB main refinancing rate as of July 23, Canada's May retail sales m/m, the US initial jobless claims for the week ending July 18, and the eurozone's July consumer confidence index flash estimate. Also watch for: the ECB announces its interest rate decision; ECB President Christine Lagarde holds a monetary policy press conference; Google and Tesla reported Q2 earnings after the US market close on July 22. Crude oil: As of 11:39, both benchmarks rose, with WTI up 1.88% and Brent up 1.57%. The US-Iran conflict continues to escalate, and global energy markets are repricing for a protracted supply shock. Both the US and Iran have clearly signaled a refusal to negotiate, reducing expectations for a near-term ceasefire to virtually zero. The rise in oil prices is no longer driven purely by supply-demand logic; a geopolitical risk premium is becoming a structural anchor in the pricing system. (Wall Street CN) Phillip Nova analyst Priyanka Sachdeva noted in a report that if tensions continue to escalate, Brent crude could test $100/bbl. She said that while the market is currently bearing mainly logistical risks rather than actual crude losses, this distinction could quickly narrow if attacks persist. Sachdeva pointed out that the greatest risk for energy markets would be prolonged traffic disruptions in both the Bab el-Mandeb Strait and the Strait of Hormuz. She added that the market's flexibility in rerouting cargoes would be very limited at that point, and shipping disruptions could rapidly evolve into broader inflation concerns. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

Capacity side, according to incomplete statistics, China’s alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market at 2.7 GW. This week, Qinghui Energy’s 15 MW PEM hydrogen production integrated system was officially shipped to a project in Romania, Europe, linking renewable energy electrolysis for hydrogen production; Wenshi Hydrogen’s three AEM hydrogen production units were shipped to the Netherlands, representing the first repeat order from a European client, with this equipment delivered to a local farm. Project-related updates: Henan Shunli Alcohol Hydrogen Energy Technology Co., Ltd. : Henan Shunli Alcohol Hydrogen Energy Technology Co., Ltd. released a public inquiry for the supervision services for an integrated power generation, biomass gasification and green methanol synthesis project. The project is located in the Coal Chemical Park, Tongye Town, Yindu District, Anyang City, with a total investment of about 1.6 billion yuan, and a supporting raw material pretreatment sub-project investment of about 120 million yuan. The tender scope covers full-cycle supervision services for the raw material pretreatment project, with the service period initially planned from early August 2026 to July 2027. The project uses agricultural and forestry waste as raw material, and plans to produce 70,000 mt/year of non-food biomass green ethanol and 244,000 mt/year of green methanol, with construction in phases. Junrui Green Hydrogen Energy (Chahar Right Rear Banner) Co., Ltd. : The 80,000 mt/year green ammonia production site project has been filed. The project is located in the New Materials Industrial Park, Chahar Right Rear Banner, Ulanqab City, Inner Mongolia, with a total investment of 905.6 million yuan. The project plans to build an 80,000 mt/year ammonia synthesis plant and supporting utilities and auxiliary facilities, relying on upstream wind and solar power green hydrogen production, with an air separation unit to supply nitrogen and ammonia synthesis process to produce green ammonia, and a turndown ratio of 30% to 110%. The project covers an area of 509 mu, with a total floor area of 99,188 m². Construction is planned to start in October 2026 and complete in December 2027. Huaneng Xi’an Thermal Power Research Institute : The scientific research project’s alkaline electrolysis hydrogen production equipment and instruments tender has announced the shortlisted candidates. The first candidate is Fuxin Zhongqing Innovation Technology Co., Ltd., with a bid price of 1.1992 million yuan; the second is Shenzhen Ruilin Technology Co., Ltd., at 1.5808 million yuan; the third is Beijing Leidong Zhichuang Technology Co., Ltd., at 1.6334 million yuan. The project is located at the Baotou Third Thermal Power Plant of North United Power in Baotou, Inner Mongolia, and involves the procurement of a complete alkaline electrolysis hydrogen production system and supporting instruments. The supplier shall provide on-site installation guidance and commissioning services to support the development of high-efficiency single-cycle super alkaline electrolysis hydrogen production equipment. The project does not accept consortium bids, and delivery is required within 70 days after contract signing. CSSC (Handan) Peric Hydrogen Energy Technology Co., Ltd. : secured two orders from an Ecuadorian partner, one for equipment renovation and the other for new equipment for production line expansion, extending their strategic cooperation of over 20 years. Reports indicate that the Ecuadorian partner enterprise introduced Peric hydrogen production equipment in 2004. The equipment has operated stably for 22 consecutive years under complex overseas working conditions with zero failures. Long-term field verification highlights the excellent stability, durability, and environmental adaptability of Peric's electrolytic hydrogen production equipment. Maoming City Public Transport Co., Ltd. The inauguration ceremony for Maoming's first hydrogen fuel cell buses was held at the Maoming Railway Station North Square bus terminal. The vehicles deployed are customized Chery Wanda models, suited for urban, urban-rural, and township passenger transport scenarios, and are equipped with the Tianneng Hydrogen Electric Chenxing-T80 fuel cell system. The buses require only 15 minutes for hydrogen refueling, significantly reducing energy replenishment time compared to pure electric buses, extending operating hours and improving vehicle turnover efficiency, supporting the development of green transport in western Guangdong. PowerChina Beijing Engineering Corporation Limited: The Jiuyuan District hydrogen production and storage integration demonstration project has been filed and will be located in the Jiuyuan Industrial Park, Baotou City. The project has a total investment of RMB 1.4695 billion and is planned to include an annual hydrogen production unit of 7,366 mt, a hydrogen storage facility of 168,900 standard cubic meters, along with supporting hydrogen production testing platforms, a hydrogen quality inspection center, a hydrogen R&D center, and a science popularization base. The project is scheduled to start construction in October 2026 and be completed and operational by December 2028. China Energy Engineering Group Bochuang Green Fuel (Shenyang) Co., Ltd. China Energy Engineering Group's East China Institute has secured the EPC contract for the first phase of the Shenyang wind-solar hydrogen production integrated with biomass green methanol oil demonstration project, involving 10kt of green methanol. The project is located in Kangping County, Shenyang, and is a benchmark project among the first domestic initiatives combining wind-solar electrolytic hydrogen production with biomass gasification to methanol. It leverages local wind power and straw resources to establish a complete 'green electricity-green hydrogen-green methanol' industry chain, producing 10kt of green methanol annually. The project can consume local wind power and agricultural/forestry waste, reducing full life-cycle carbon emissions by about 70% compared to traditional coal-to-methanol processes, with significant environmental and economic benefits. Envision Zero-Carbon Technology (Chifeng) Co., Ltd. The 12 electrolytic hydrogen production rectifier transformers independently developed by XD Electric for the Envision Energy Chifeng Zero-Carbon Hydrogen-Ammonia Phase I project have been fully energized. This project is the world's largest green hydrogen-ammonia project, with core equipment fully deployed. It is planned to produce 1.52 million mt of green ammonia annually, making it the world's first commercial green hydrogen-ammonia project. It builds an entire integrated industry chain of wind, solar, storage, hydrogen, ammonia, and methanol, relies on 100% green electricity to produce liquid ammonia, and holds the world's first renewable ammonia certification issued by Bureau Veritas, showcasing outstanding industry demonstration value. Inner Mongolia Energy Group: The winning candidates for the hydrogen production system equipment procurement of the Jinshan Power Plant 2×660MW coal-fired power expansion project have been announced. The tender covers complete hydrogen production equipment for two 660MW high-efficiency ultra-supercritical air-cooled coal-fired units, with an estimated contract value of RMB 5.5 million. The candidates and their quoted prices are as follows: First candidate Beijing Zhongdian Fengye, quoting RMB 2.46 million; Second candidate Shanghai Qingrui Technology, quoting RMB 2.0833 million; Third candidate Changzhou Xingran Technology, quoting RMB 2.1 million. The project is located in Dongtaosuhao Village, Huangheshao Town, Saihan District, Hohhot. Construction started in December 2024, with Unit #1 planned to be commissioned in June 2027 and Unit #2 in October 2027. Zhuzhou CRRC Times Electric Co., Ltd.: has announced a direct procurement notice for the hydrogen power supply container assembly. The procuring entity is the Green Energy Branch of Zhuzhou CRRC Times Electric, with a procurement target of three sets of hydrogen power supply container assemblies. The designated supplier for this project is Guangdong Anpei Electric Power Co., Ltd. Policy Review 1. Scientifically plan the development of green hydrogen, ammonia, and methanol. Coordinate factors such as wind and solar resources, carbon sources, and water sources, integrate infrastructure construction for transportation, refueling, and transshipment, and plan the layout of green hydrogen, ammonia, and methanol production bases according to local conditions. Based on market demand, build integrated wind-solar hydrogen-ammonia-methanol projects for nearby consumption and utilization. Encourage the development of wind-solar hydrogen production in weak-grid or off-grid modes. Large-scale development projects for green hydrogen, ammonia, and methanol. Focus on northeast China, planning to build green hydrogen, ammonia, and methanol production bases primarily for outward transmission. Based on local conditions, plan to build green hydrogen, ammonia, and methanol production bases for nearby utilization in regions such as the 'Jiziwan' area of the Yellow River, northern North China, and the northern foothills of the Tianshan Mountains. 2. The Department of Economy and Information Technology of Zhejiang Province issued a notice on the 'Work Plan for Accelerating Scenario Cultivation and Openness to Promote Large-Scale Demonstration Applications of New Technologies, New Products, and New Scenarios.' Hydrogen energy application scenarios: Leverage the advantage of industrial by-product hydrogen resources to build the Yangtze River Delta Hydrogen Highway and Hydrogen Corridor, promote fuel cell vehicles such as port heavy-duty trucks, cold chain logistics, and bus passenger transport, and develop demonstration application scenarios for hydrogen transportation such as ships, forklifts, two-wheelers, and drones. For industrial application scenarios, advance the integrated construction of renewable energy hydrogen production projects, produce green hydrogen at scale or further synthesize green ammonia and green methanol, and promote the substitution of hydrogen-based chemical raw materials and green fuels. In industrial and civil fields, on the premise of ensuring safety, explore hydrogen-ammonia-methanol co-firing application scenarios. 3. The Beijing Municipal Administration for Market Regulation, the Tianjin Municipal Market Regulation Commission, and the Hebei Provincial Administration for Market Regulation jointly formulated the 'Technical Specification for Carbon Inclusive Project Emission Reduction Accounting - Hydrogen Fuel Cell Vehicles' (DB11/T 3054-2026), released on July 6, 2026, and will be implemented from October 1, 2026. This standard defines the terms and definitions related to hydrogen fuel cell vehicles in the carbon inclusive project emission reduction accounting for the Beijing-Tianjin-Hebei region, and stipulates the basic requirements, greenhouse gas types, project boundaries and crediting periods, accounting methods, data monitoring and management, and key verification points for hydrogen fuel cell vehicle carbon inclusive projects. This document applies to the design, construction, and operation of hydrogen fuel cell vehicle carbon inclusive projects within the administrative region of Beijing-Tianjin-Hebei. Enterprise Developments Shaanxi Hydrogen Energy (Xianyang) Development Co., Ltd. has settled in the Shaanxi Hydrogen Energy Quality Technology Innovation Base. It will subsequently focus on the layout of liquid hydrogen storage system R&D and industrialization projects within the base. Leveraging the platform advantages of the base in inspection and testing, standard research, and industry-university-research collaboration, it will conduct performance testing, safety verification, and process optimization for liquid hydrogen storage equipment, accelerating product iteration for liquid hydrogen storage tanks and complete refueling systems. China Energy Engineering Group (Jiuquan) New Energy Co., Ltd. is a new energy company established by China Energy Engineering Group with a registered capital of RMB 1 million, located in the Economic and Technological Development Zone, Northwest Street Subdistrict, Suzhou District, Jiuquan City, Gansu Province. Its business scope includes permitted projects: power generation business, power transmission business, power supply (distribution) business; power supply operations (projects subject to legal approval can only be carried out after approval by relevant departments). General projects: contract energy management; engaging in investment activities with its own funds; power generation technical services; sales of hydrogen refueling station and hydrogen storage facilities, etc. Shanghai Hyfun Energy Technology Co., Ltd. : Its Shanghai Standardization Pilot Project has been successfully accepted. Companies in the same hydrogen refueling field can directly reuse the mature model established by Hyfun for this standard system, including grounded verification and iterative optimization, significantly reducing standardization construction costs. The complete set of standardized R&D and production processes for hydrogen refueling station equipment can be transferred and reused in hydrogen refueling production scenarios across various regions nationwide. Shanghai Xinran Compressor Co., Ltd.: has successfully signed a hydrogen compressor procurement project with Shandong Taihe Technology Co., Ltd., with both parties having completed the project signing. This customized equipment is designed for the operating conditions of a large PetroChina hydrogen production station, relying on the group's mature liquid-driven compression technology, with advantages in high-pressure output, stable continuous operation, and convenient maintenance. The equipment has completed full-process simulated operating condition testing before leaving the factory, strictly meeting the standards for hydrogen refueling, storage, and transportation in the oil and gas industry. Jiangsu Huade Hydrogen Energy Technology Co., Ltd.: A set of CarNeu-500 500kW large-power hydrogen power generation system has completed manufacturing and factory acceptance testing, and has been officially shipped to Brazil, marking the first project delivery in the South American market. This system is also the largest single-unit power station product delivered by the company to date. Tianneng Hydrogen Energy Technology Co., Ltd.: The first batch of officially operational hydrogen fuel cell buses in Maoming City, Guangdong Province, are equipped with the Chenxing-T80 fuel cell system independently developed by Tianneng Hydrogen Energy Technology Co., Ltd., aiming to support the construction of the local green public transportation system. Guangzhou Shipbuilding Industry Co., Ltd.: The 2000-ton hydrogen fuel cell powered cargo ship 'Yuntao No.1', undertaken by the company and developed by the 605th Research Institute for Guangdong Yuntao Hydrogen Energy Technology Co., Ltd., has been launched in Zhaoqing, Guangdong. The ship is the largest hydrogen-powered multipurpose cargo vessel in China. The ship has an overall length of 69.3 meters, a beam of 13.7 meters, and a maximumdwt of 2,000 mt. The ship uses hydrogen fuel as its power source, paired with an efficient electric propulsion system, achieving zero carbon emissions. It is equipped with an integrated energy management system that intelligently optimizes and precisely distributes energy to ensure high-efficiency energy utilization. Zaihe Automobile Technology (Suzhou) Co., Ltd.: has teamed up with Jieqing Technology to launch a new hydrogen-electric heavy truck. The two parties have reached a strategic partnership to jointly promote the popularization of hydrogen-powered heavy trucks. Patent Applications 1. The Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test life of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprints / Technical Specifications 1. The latest research achievement of Professor Hu Wenbin's team at Tianjin University has been published online in the international top journal Science. The study overcomes a key challenge in the precise preparation of platinum group catalysts, opening up a new technical pathway for the atomically precise preparation of platinum group catalysts. 2. The teams of Tong Lei and Liang Haiwei from the University of Science and Technology of China (USTC), together with Zhang Liang from Tsinghua University, proposed a Carbon Mesopore Depth Engineering (CMDE) strategy. Based on hollow mesoporous carbon spheres to regulate ionomer penetration depth, it solves the inherent contradiction between kinetic activity and oxygen mass transfer in low-platinum fuel cells, developing a PtCo low-platinum catalyst with poisoning tolerance, high mass transfer, and excellent durability, achieving power, activity, and durability targets set by the US DOE at an ultra-low platinum loading of 0.1 mgPt cm⁻². 3. Professor Li Zhipeng's team at Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics field coupling model for tubular solid oxide fuel cells, systematically revealing the quantitative influence laws of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on the cell's output performance. 4. The National Hydrogen Power Quality Inspection and Testing Center of China Automotive Engineering Research Institute has built a 0-400kW hydrogen-related loaded three-comprehensive vibration test platform and opened it for commercial use, filling the gap in large-power hydrogen-related multi-physics field coupled testing in China. 5. The high specific power cathode closed air-cooled stack technology developed by the team of Academician Chen Zhongwei and Associate Researcher Zhang Meng at the State Key Laboratory of Energy Catalytic Conversion, Dalian Institute of Chemical Physics, has passed the scientific and technological achievement appraisal by the China Petroleum and Chemical Industry Federation. This technology effectively overcomes the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, solving technical challenges including low-humidity performance degradation, carbon corrosion, membrane dry-out/flooding, and high-power thermal management.

SMM, July 22 – In the metals market: As of the midday close, domestic base metals mostly rose. SHFE copper gained 1.34%, SHFE aluminum added 0.72%, SHFE zinc advanced 0.78%, SHFE lead fell 0.85%, SHFE tin climbed 1.11%, and SHFE nickel jumped 1.36%. Furthermore, the most-traded cast aluminum futures contract rose 0.59%, the most-traded alumina contract settled on par with 2,723 yuan/mt. The most-traded lithium carbonate contract fell 0.5%. The most-traded silicon metal contract fell 0.42%. The most-traded polysilicon futures contract rose 0.59%. Ferrous metals showed mixed performance. Iron ore fell 1%, rebar edged lower, and HRC was flat at 3,284 yuan/mt. Stainless steel rose 0.61%. In the coking coal and coke segment, the most-traded coking coal contract gained 1.56%, and the most-traded coke contract advanced 0.66%. In overseas base metals, as of 11:45 AM, LME metals mostly rose. LME copper fell 0.3%, LME aluminum edged up, and LME lead, LME zinc, and LME tin all posted gains within 0.2%. LME nickel rose 0.52%. In precious metals, as of 11:45 AM, COMEX gold rose 1.53% and COMEX silver gained 1.64%. In domestic precious metals, SHFE gold rose 2.8%, and the most-traded SHFE silver contract surged 4.79%. Additionally, as of the midday close, the most-traded platinum futures contract rose 4.2%, and the most-traded palladium futures contract jumped 5.44%. As of the midday close, the most-traded container shipping contract on the European route fell 0.52% to 2,785 points. As of 11:45 AM on July 22, some futures midday market conditions: Spot and Fundamentals Silver: U.S.-Iran ceasefire negotiations and technical corrections drove a silver price rebound, which may maintain a fluctuating trend in the short term. Spot market demand was sluggish, with transactions near parity, and the pattern of weak supply and demand persists... Macro Front China: [GAC: Accelerate Implementation of 57 Port Facility Renovation Projects under the 15th Five-Year Plan] This morning (July 22), the State Council Information Office held a press conference to introduce the implementation of the 15th Five-Year Plan, accelerating customs modernization, and serving the building of a trade power. Ports are the gateway to opening-up. During the 15th Five-Year Plan period, the customs will accelerate the implementation of major projects and key border port projects under the national 15th Five-Year Plan, simultaneously carry out 57 port facility renovation projects under the plan, and speed up the construction of railway ports such as Turugart and Ganqimaodu. This will help further optimize the layout of port opening. (CCTV News) [Beijing Rolls Out "Ten Go-Global Measures" to Reduce Burden and Empower Digital Economy Enterprises Going Global] On July 21, the Beijing Municipal Bureau of Economy and Information Technology held a press conference on the H1 2026 economic performance of Beijing's industrial and information software industry. It was introduced at the meeting that at the end of last year, Beijing issued the "Three-Year Action Plan for the Construction of the Beijing Digital Economy Enterprise Go-Global Innovation Service Base (2026–2028)", setting out the goals and tasks for Beijing enterprises going global over the next three years. Drawing on the operational practices of the Beijing Go-Global Base and the core needs of nearly a hundred digital economy enterprises, Beijing recently issued the "Several Measures to Accelerate the Promotion of Digital Economy Enterprises Going Global" (referred to as the "Ten Go-Global Measures"), complementarily, providing ten financial and resource support measures to comprehensively reduce burdens and empower enterprises’ international development. The policy mainly focuses on the following three aspects: first, broadening overseas connection channels to overcome market expansion challenges; second, improving full-process supporting services to reduce cross-border compliance costs; third, fostering an international digital ecosystem to build a capital go-global brand. (Jin10 Data APP) [Guangzhou: plans to steadily and orderly advance the completed home sales system and promote the reform of real estate development financing methods] During the 15th Five-Year Plan period, Guangzhou plans to actively and prudently plan pilot projects for the completed home sales system, selecting suitable land parcels for pilot implementation at an appropriate time. It will strengthen financial service support, encourage commercial banks to increase development loan quotas for completed home sales projects and offer preferential interest rates. For completed home sales land parcels, support such as installment payment of land premiums and public resource allocation will be provided. For projects that continue to use the presale system, supervision of presale funds for commodity housing will be standardized to regulate fund usage. At the same time, financial coordination will be strengthened to advance the reform of real estate development financing methods, driving a shift in real estate development enterprise financing from reliance on the creditworthiness of the entity to meeting the reasonable financing needs of real estate projects. For each project, one bank or a banking syndicate will be designated as the lead bank. Funds from project development, construction, and sales will be deposited with the lead bank, which will ensure that the project company’s reasonable financing needs are met, forming a virtuous cycle mechanism where the lead bank and the project company share interests and risks. Closed management requirements for real estate project funds will be implemented. Before project delivery, it is strictly prohibited for investors to illegally withdraw or divert the project company’s sales and financing funds, and capital withdrawal or early dividend distribution is strictly prohibited. The Guangzhou Housing and Urban-Rural Development Bureau is publicly soliciting opinions on the "Guangzhou Housing Development 15th Five-Year Plan (Draft for Comments)." It will optimize the supply scale and pace of commercial residential land to promote market supply-demand balance. High-quality urban design and "good housing" construction requirements will be incorporated into land transfer conditions to enhance residential building quality. Real estate development enterprises are encouraged to shift from "scale-oriented" to "quality-oriented" approaches, continuously optimize standards, and build more livable high-quality housing. Support for housing will be steadily advanced for newly introduced talent, newly employed university graduates, newly married or first-time childbearing families, families with multiple children, and families supporting elderly members, so as to reduce the burden of purchasing a first home. Increase policy support for "selling old and buying new" homes, and implement relevant tax incentives. Standardize real estate brokerage services, and guide all types of real estate agencies to operate in accordance with the law, compete fairly, and clearly mark prices. Strengthen oversight of existing-home transactions, and establish and improve regulatory systems for transaction funds for existing homes. (Jin10 Data APP) [PBOC reverse repo operation resulted in a net withdrawal of 350.5 billion yuan today] The PBOC conducted 76 billion yuan in 7-day reverse repo operations today, and with 426.5 billion yuan in 7-day reverse repos maturing, a net withdrawal of 350.5 billion yuan was realized on the day. US Dollar: As of 11:45, the US dollar index fell 0.07 to 101.14. Markets await next week's Fed meeting for clues on the interest rate outlook and are closely monitoring developments in the Middle East conflict. According to the CME FedWatch Tool, the probability of the Fed keeping rates unchanged in July is 74.9%, with a 25.1% chance of a cumulative 25-basis-point hike. For September, the probability of holding rates steady is 28.9%, while the odds of a cumulative 25-bp hike are 55.7% and a 50-bp hike are 15.4%. (Jin10 Data APP) Furthermore, according to Politico, House Republicans on Tuesday passed a procedural vote 241–211, clearing the way for a short-term government funding bill and the "budget reconciliation 3.0" package. The stopgap funding measure aims to keep the federal government operating through December, while the budget framework provides the basis for a $95 billion partisan policy package. House Republican leadership hopes to pass the temporary funding bill later Tuesday. The House is then expected to vote on the budget resolution on Wednesday. Republicans intend to use this budget framework to begin drafting and passing a third conservative policy bill this Congress without any Democratic support. Other Currencies: Driven by a weak yen and surging oil prices, Japan's import value was up 25.4% YoY in June to a record 11.3 trillion yen (approx. $69.25 billion). This gain exceeded the market's previous expectation of a 21% rise and marked the fastest pace since November 2022, resulting in a trade deficit of 406.9 billion yen (approx. $2.49 billion) in June, far above the forecast of 120 billion yen. Although crude oil imports fell 13.7% YoY in volume terms, their value soared 59.3%, with the yen-denominated unit price also hitting a record high, underscoring that current inflationary pressures are largely driven by exchange-rate factors rather than demand growth. This means that compared to possible short-term changes in oil demand, the yen's appreciation plays a more significant role in easing import cost pressure. On the export side, the resilience brought by AI-related data center demand provides the Bank of Japan with actual economic growth support that can offset inflation risks. This combination of factors suggests that the Bank of Japan is more likely to adopt a cautious, gradual rate hike path rather than a sudden sharp tightening. Currently, the market expects the Bank of Japan to keep interest rates unchanged next week, while still maintaining a hawkish policy bias. (Jin10 Data APP) The Reserve Bank of Australia stated that a latest survey result shows inflation remains the top economic concern for Australians, while a "fundamental gap" still exists in the public's understanding of how monetary policy works. The survey is part of the RBA's efforts to enhance transparency and respond to the 2023 independent review recommendations. Since early last year, the bank has conducted three rounds of surveys, collecting opinions from approximately 9,000 Australians, and uses the results to improve communication with the public. The survey results showed: "Public trust in the RBA is comparable to other Australian and international institutions and has remained stable since early 2025," although trust levels vary across different groups. "Those with higher trust levels tend to have lower inflation expectations, underscoring the importance of trust itself and also its key role in the transmission of monetary policy." (Jin10 Data APP) Data: Today will see the release of the UK June CPI MoM, UK June Retail Price Index MoM, and other data. Crude oil: As of 11:45, both oil benchmarks rose, with WTI crude up 1.03% and Brent crude up 1.15%. Trump downplayed the possibility of immediate negotiations with Iran, and heightened US-Iran tensions pushed oil prices higher. The rise in oil prices directly exacerbated inflation concerns. (Wall Street Insights) Data: Last week, US crude oil inventories increased. API crude oil inventories for the week ending July 17: +2.603 million barrels, vs. expected -500,000 barrels and prior -564,000 barrels. API gasoline inventories for the week ending July 17: -1.379 million barrels, vs. expected -1.81 million barrels and prior -1.664 million barrels. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

SMM, July 21 – Metal market: As of the midday close, base metals on the domestic market rose broadly. SHFE tin rose 0.77%. SHFE copper rose 0.99%, while SHFE aluminum fell 0.34%. SHFE zinc rose 0.27%. SHFE lead edged down, and SHFE nickel edged up. Additionally, the most-traded casting aluminum futures contract fell 0.3%, the most-traded alumina contract rose 0.78%, the most-traded lithium carbonate contract fell 4.45%, the most-traded silicon metal contract fell 0.36%, and the most-traded polysilicon futures contract rose 0.22%. Ferrous metals mostly fell. Iron ore fell 1.39%, while rebar and hot-rolled coil fell 0.84% and 0.73% respectively. Stainless steel rose 0.48%. Coking coal and coke: the most-traded coking coal contract fell 2.58%, and the most-traded coke contract fell 2.76%. Overseas base metals, as of 11:44, LME metals all rose. LME copper rose 0.14%, LME aluminum rose 0.51%, and LME lead rose 0.45%. LME zinc and LME tin rose 0.6% and 0.35% respectively. LME nickel rose 0.59%. Precious metals, as of 11:44, COMEX gold rose 0.83%, and COMEX silver rose 1.61%. Domestic precious metals: SHFE gold rose 1.03%; the most-traded SHFE silver contract rose 3.27%. Additionally, as of the midday close, the most-traded platinum futures contract rose 1.03%, and the most-traded palladium futures contract rose 1.53%. As of the midday close, the most-traded European route shipping contract fell 0.73% to 2,792 points. As of 11:44 on July 21, midday futures market conditions: Spot and fundamentals Silver: US-Iran ceasefire negotiations showed a turning point; silver saw a technical rebound but lacked substantial positive catalysts, with limited rebound strength. The spot market experienced weak supply and demand, deals were near parity, and wait-and-see sentiment was strong... Macro front China: [Ministry of Transport: 15th Five-Year Plan period to focus on promoting low-carbon substitution in transport power and advancing green transformation of transport infrastructure] Cai Tuanjie, Director-General of the Safety Supervision Department and concurrently head of the Transport Services Department of the Ministry of Transport, stated at a State Council Information Office press conference that during the 15th Five-Year Plan period, the country will vigorously promote low-carbon substitution of transport power, advance the green transformation of transport infrastructure, accelerate the optimization and adjustment of the transport structure, continue to deepen pollution prevention and control efforts, improve the carbon emission statistics, accounting, and monitoring system for transportation, and with greater efforts drive the green and low-carbon transformation in the transport sector, laying a solid foundation for building a strong transport country and a beautiful China. (Jin10 Data APP) [China to Allocate 22 Billion Yuan to Support Retirement and Renewal of Old Operating Trucks] On July 21, Cai Tuanjie, Chief Safety Officer and Director-General of the Department of Transport Services at the Ministry of Transport, said at a State Council Information Office press conference that China will continue to implement the campaign for the retirement and renewal of old operating trucks in 2026, allocating 22 billion yuan from ultra-long special government bonds to support this effort, with a focus on replacing them with new energy heavy-duty trucks, and to step up efforts to boost consumption in the new energy heavy-duty truck market through the program of large-scale equipment upgrades and consumer goods trade-ins. (Xinhua News Agency) [China to Build Over 3,000 Charging and Battery Swapping Stations for Electric Heavy-Duty Trucks] On July 21, Cai Tuanjie, Chief Safety Officer and Director-General of the Department of Transport Services at the Ministry of Transport, said at a State Council Information Office press conference that, with a focus on busy freight sections of national expressways and regular national and provincial highways, city clusters and metropolitan areas such as the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and the Chengdu-Chongqing region, as well as key nodes like freight hubs, ports, mining areas, factory zones and industrial parks, China plans to build over 3,000 charging and battery swapping stations for electric heavy-duty trucks, advancing the networking of energy replenishment facilities by connecting points to form lines and networks. (Xinhua News Agency) [PBOC Achieves Net Injection of 16.5 Billion Yuan via Reverse Repo Operations Today] The PBOC conducted 253 billion yuan in 7-day reverse repo operations today. With 236.5 billion yuan of reverse repos maturing today, this resulted in a net injection of 16.5 billion yuan for the day. On the dollar side: As of 11:44, the US dollar index was flat at 100.97. "Fed Whisperer" Nick Timiraos: Based on estimates that convert PPI and CPI data into PCE terms, U.S. core PCE for June is expected to rise mildly by 0.18% (up 3.3% YoY), which would mark the lowest monthly increase since November last year. The overall PCE for June is expected to decline 0.07%, bringing the 12-month YoY increase down to 3.7%. According to the CME "FedWatch": The probability of the Fed keeping rates unchanged in July is 84.5%, while the probability of a cumulative 25-basis-point rate hike is 15.5%. The probability of unchanged rates by the September meeting is 36%, that of a cumulative 25bp hike is 55.1%, and that of a cumulative 50bp hike is 8.9%. On other currencies: A forex strategist at Commerzbank said that, given escalating tensions in the Middle East and rising energy prices, the euro should benefit if the European Central Bank strongly signals its willingness to raise rates further. The ECB is expected to keep rates unchanged this week but to hike again in September. If the U.S.-Iran conflict escalates further, how clearly the ECB signals its readiness to continue raising rates beyond September will be a decisive factor in limiting downside room for EUR/USD. Mitsubishi UFJ strategists noted that a consecutive rate hike by the European Central Bank this week was highly unlikely, with even hawkish officials such as Bundesbank President Joachim Nagel indicating a preference for holding rates steady. The continued rebound in energy prices supports expectations for a further 25bp hike in September. Eurozone interest rate markets have almost fully priced in two more ECB rate hikes by year-end, pushing short-term rates back near their highs for the year. Softer US inflation data has weakened the impact of rising energy prices on expectations for US Fed interest rate tightening, shifting the price spread in favor of the euro. (Jin10 Data APP) Data-wise: On the day, data including Switzerland's June trade balance, the UK's May ILO unemployment rate for the three months to May, UK June public sector net borrowing, UK June unemployment rate, UK June claimant count change, Germany's July ZEW economic sentiment index, the Eurozone's July ZEW economic sentiment index, and the US weekly ADP employment change for the week ending July 4 are due for release. Crude Oil: As of 11:44, both oil benchmarks traded lower, with WTI down 0.34% and Brent down 0.68%. Market hopes for US-Iran conflict negotiations weighed on oil prices. Despite a pullback on Tuesday, Middle East tensions remained a potential market disruption. Threats from Houthi forces to blockade Red Sea export routes kept the market focused on whether Saudi Arabian exports would be impacted. BlackRock strategists believe there is currently no evidence that an escalation in the Middle East would cause a severe enough shock to economic growth to alter the market's risk appetite stance. (Wall Street CN) Spot Market Roundup: ► ► ► ► ► ► ► ► ► ► ►

SMM, July 20: Metals market: As of the midday close, base metals on the domestic market showed mixed performance. SHFE tin rose 1.65%. SHFE copper edged up 0.29%, while SHFE aluminum fell 0.32%. SHFE lead edged up, while SHFE zinc fell 0.63%. SHFE nickel fell 0.13%. In addition, the most-traded cast aluminum futures contract fell 0.3%, while the most-traded alumina contract rose 1.23%. The most-traded lithium carbonate contract fell 1.69%. The most-traded silicon metal contract fell 0.72%. The most-traded polysilicon futures contract fell 1.26%. Ferrous metals mostly fell. Iron ore fell 0.33%, while rebar and hot-rolled coil (HRC) fell 0.45% and 0.54%, respectively. Stainless steel fell 0.27%. Coke and coking coal: the most-traded coking coal contract rose 0.2%, while the most-traded coke contract fell 0.99%. Overseas base metals market, as of 11:45, LME metals mostly rose. LME copper rose 0.2%, LME aluminum fell 0.16%, and LME lead fell 0.21%. LME zinc and LME tin both rose 0.31%. LME nickel rose 0.21%. Precious metals, as of 11:45, COMEX gold rose 0.2%, and COMEX silver rose 1.85%. Domestic precious metals market: SHFE gold rose 0.7%; the most-traded SHFE silver contract rose 2.47%. Additionally, as of the midday close, the most-traded platinum futures contract fell 0.33%, and the most-traded palladium futures contract fell 0.84%. As of the midday close, the most-traded containerized freight (European route) contract rose 6.4% to 2,809 points. As of 11:45 on July 20, midday market overview for some futures: Spot Prices and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at 170 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 80 yuan/mt, up 30 yuan/mt from the previous trading day; and SX-EW copper was quoted at a premium of 20 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,180 yuan/mt, up 350 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,075 yuan/mt, up 340 yuan/mt from the previous trading day. Spot market: Guangdong inventories saw a significant decline after the weekend, mainly driven by a sharp increase in warehouse withdrawals... Macro Front Domestic front: [MIIT: Continuously Implement the New Round of Work Plans for Stable Growth in Sectors Such as Machinery and Automobiles, While Expanding High-Quality Supply and Effective Demand Across the Board] The State Council Information Office held a press conference to present the industrial and information technology development situation in H1 2026. Wang Weiming, chief engineer of the Ministry of Industry and Information Technology, stated that in H1, the export delivery value of the equipment industry rose 18.2% YoY, contributing nearly 50% to the growth of industrial exports. Next, MIIT will make every effort to promote the transformation and upgrading of the equipment industry. [MIIT: From January to May, new shipbuilding orders accounted for 81.2% of the global total, firmly ranking first in global market share] At a press conference held by the State Council Information Office, Wang Weiming, Chief Engineer of the Ministry of Industry and Information Technology, said that in the ship and offshore engineering equipment sector, from January to May, China’s new shipbuilding orders accounted for 81.2% of the global total, firmly ranking first in global market share. [MIIT: To issue guidelines for building a systematic computing power standards framework, and promote standards such as market-based pricing for computing power] The State Council Information Office held a press conference to brief on industrial and information technology development in 2026 H1. Xie Cun, spokesperson for the Ministry of Industry and Information Technology and Director-General of the Information and Communications Development Department, said that next, MIIT will continue to follow a systematic work approach focused on points, chains, networks, surfaces, and systems, optimize the deployment of computing power infrastructure resources, build interconnected and interoperable computing power periods, and improve the efficiency of computing power resource utilization. In terms of strengthening efforts at the “point” level, it will optimize the supply-side deployment of computing power resources, coordinate factors such as industrial development and energy supply, promote the development of intelligent computing clusters and coordinated development between computing power and electricity, create a tiered computing power layout, and strengthen overall monitoring of computing power. In addition, it will issue guidelines for building a systematic computing power standards framework, and promote standards such as evaluation of computing power service capabilities and market-based pricing for computing power. [Unchanged for the 14th consecutive month! July LPR quotes released: 3.5% for 5-year and above, 3% for 1-year] China’s July Loan Prime Rate (LPR) was released on July 20, with both the 1-year and 5-year and above LPR left unchanged. An announcement authorized by the PBOC and released by the National Interbank Funding Center showed that the LPR on July 20, 2026 was: 3.0% for the 1-year LPR and 3.5% for the 5-year and above LPR. The above LPRs are valid until the next LPR release. The 7-day reverse repo rate, the main policy rate, has remained unchanged for 14 consecutive months since it was cut in May 2025; therefore, the pricing basis for this month’s LPR quotes did not change. The last LPR adjustment was in May 2025, when both the 1-year and 5-year and above LPR were lowered by 10 basis points. [PBOC net injected 174.5 billion yuan into the open market today] The PBOC conducted 398.5 billion yuan of 7-day reverse repo operations today at an operating rate of 1.4%, unchanged from the previous level. Reverse repos worth 224 billion yuan matured today. US dollar: As of 11:45, the US dollar index fell 0.04% to 100.71. Oil prices have risen by over 20% this month, reigniting inflation concerns. Fed Chairman Warsh has made it clear that curbing inflation is the top priority. The market is now focused on the upcoming July PMI data this week to judge whether the resilience of the US economy is sufficient to support the Fed's interest rate hikes in September or October. (Wall Street View) According to CME “FedWatch”: the probability of the Fed keeping rates unchanged in July is 85.6%, with a 14.4% probability of a cumulative 25bp hike. The probability of no change in September is 38.5%, with a 53.5% probability of a cumulative 25bp hike and a 7.9% probability of a cumulative 50bp hike. (Jinshi Data APP) Data: Today will see the release of Canada June CPI MoM, US June CB Leading Index MoM, China June year-to-date installed power generation capacity, China June year-to-date installed power generation capacity yearly rate, and more. Crude Oil: As of 11:45 am, oil prices on both exchanges extended gains from the previous trading day, with WTI up 2.24% and Brent up 2.41%. The US-Iran conflict escalated further over the weekend, pushing oil prices higher. According to CCTV News reports, on July 19 local time, US Energy Secretary Wright stated that military operations against Iran will continue until President Trump achieves his military objectives. According to CCTV News, Iranian sources said on the 19th that navigational traffic through the Strait of Hormuz has dropped to zero, and the strait will remain closed as long as the US continues its provocative actions. Furthermore, Morgan Stanley pointed out that Europe faces a diesel supply crunch as a series of significant supply challenges coincide, with refining margins in the region hitting record highs while inventories continue to decline. “The current situation is indeed very tight,” analysts including Martin Ratz said in a July 19 report. “Our supply-demand model shows that European diesel inventories will fall to multi-year lows by year-end.” The analysts stated, “The true bottleneck in the oil system at the moment lies in refining, not crude oil,” noting that some African oil cargoes remain unsold and forward prices in certain parts of the market are trending bearish. “At the center of all this is the diesel market, particularly in Europe.” (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

SMM July 17 News: Metals Market: As of the midday close, domestic base metals mostly fell. SHFE copper slipped 0.44%, SHFE aluminum rose 0.37%. SHFE lead jumped 2.02%, SHFE zinc edged down 0.26%. SHFE tin dropped 0.78%. SHFE nickel slid 1.14%. In addition, the most-traded casting aluminum futures contract rose 0.54%, the most-traded alumina contract fell 1.22%. The most-traded lithium carbonate contract gained 1.81%. The most-traded silicon metal contract edged down 0.36%. The most-traded polysilicon futures contract dropped 2.12%. Ferrous metals all rose. Iron ore gained 0.73%, rebar and HRC both rose within 0.4%. Stainless steel added 0.78%. Coking coal and coke: the most-traded coking coal contract rose 0.32%, and the most-traded coke contract gained 0.13%. Overseas base metals: As of 11:40 a.m., LME metals mostly fell. LME copper slipped 0.37%, LME aluminum edged higher, and LME lead rose 0.35%. LME zinc fell 0.4%, LME tin dropped 0.72%. LME nickel slid 1.64%. Precious metals: As of 11:40 a.m., COMEX gold gained 0.3%, and COMEX silver lost 0.63%. Domestic precious metals: SHFE gold fell 1.03%; the most-traded SHFE silver contract dropped 3.83%. Additionally, as of the midday close, the most-traded platinum futures contract fell 3.15%, and the most-traded palladium futures contract dropped 3.87%. As of the midday close, the most-traded container shipping (Europe route) futures contract rose 2.36% to 2,628 points. As of 11:40 a.m. on July 17, selected futures midday quotes: Spot and Fundamentals Lead: This week, Pb50 domestic TC (weekly) remained flat at 150 yuan/mt in metal content, and Pb60 import TC (weekly) stayed flat at -$170/dmt. TCs were largely stable during the week... Macro Front China: [SAFE: Will strengthen counter-cyclical adjustment and expectations guidance when necessary to maintain stable operation of the foreign exchange market] Li Bin, deputy head of the State Administration of Foreign Exchange, said at a press conference of the State Council Information Office that the SAFE always adheres to combining facilitation with risk prevention, resolutely safeguards the security baseline under open conditions, continuously improves the "macro-prudential plus micro-supervision" two-in-one management framework, and will strengthen counter-cyclical adjustment and expectations guidance when necessary to maintain stable operation of the foreign exchange market and prevent systemic risks. [PBOC's reverse repo operations resulted in a net injection of 430.5 billion yuan today] The PBOC conducted 450.5 billion yuan of 7-day reverse repo operations today. As 20 billion yuan of 7-day reverse repos matured, a net injection of 430.5 billion yuan was achieved on the day. US dollar: As of 11:40, the US dollar index rose 0.05% to 100.78. Federal Reserve’s Logan said the US Fed should raise interest rates to tackle elevated inflation — a remark hinting she may be prepared to oppose a decision to hold rates steady later this month. Logan said the June inflation data released on Tuesday showed price increases were slowing, but not enough to convince her that inflation has returned to the Fed’s 2% target path. “The June CPI data do indicate that inflation is likely to return to target, and the outlook is more optimistic,” Logan said, “but this path remains fragile. I currently believe that moderately raising rates would help better balance the outlook and risks.” Fed Vice Chair Jefferson: If the demand effects from AI infrastructure construction and consumption materialize before the productivity gains from AI, then AI could put upward pressure on inflation. According to CME “FedWatch”: The probability of the Fed keeping rates unchanged in July is 88.8%, while the probability of a cumulative 25 bp hike is 11.2%. For September, the probabilities are: unchanged 48.8%, cumulative 25 bp hike 46.2%, and cumulative 50 bp hike 5.1%. (Jin10 Data APP) Data-wise: Today will see the release of US June housing starts (annualized), building permits, June import price index m/m, June industrial production m/m, July one-year inflation expectations (preliminary), July University of Michigan consumer sentiment (preliminary), as well as Eurozone May seasonally adjusted current account, June CPI final y/y, and June CPI final m/m. In addition, China’s refined oil products will kick off a new price adjustment window. The 2026 World AI Conference and High-level Meeting on Global AI Governance runs from July 17 to 20 in Shanghai, and President Xi Jinping will attend the opening ceremony and deliver a keynote speech. 2026 FOMC voting member and Dallas Fed President Logan speaks, 2028 FOMC voting member and Kansas City Fed President Schmid speaks, Fed Vice Chair Jefferson speaks on the economy and monetary policy, and US President Trump delivers a national address. Crude oil: As of 11:40, both crude oil benchmarks rose, with WTI up 0.92% and Brent up 0.82%. The US escalated its strikes against Iran further on Thursday, with reports indicating that the US military attacked an oil tanker near Iran’s main export port, causing a notable contraction in shipping traffic through the Strait of Hormuz. (Wall Street News) IEA Executive Director Fatih Birol: If oil and natural gas flows through the Strait of Hormuz do not improve in the coming weeks, we should be concerned about energy security. (Jin10 Data) Canada’s export credit agency said that global oil inventories continue to decline, making the energy market more vulnerable. Export Development Canada (EDC) expects international oil prices to average around $96/bbl this year and around $84/bbl in 2027. This forecast reflects ongoing market uncertainty and the need to rebuild depleted inventories to cope with potential future shocks. EDC Chief Economist Stuart Bergman said that oil storage facilities located around the world have now become the “marginal producer” of the oil market. Bergman noted that the pre-crisis inventory buildup and the release of strategic reserves helped offset the impact of supply reductions, but at the cost of global inventories falling below normal seasonal levels. He stated that if a permanent agreement could be reached to end the war and restore shipping through the Strait of Hormuz to pre-crisis levels, it would help ease tight supply. However, Bergman believes that the oil market remains under-supplied, and once geopolitical risks escalate, the market is highly vulnerable to further disruptions and wild price swings. (Jin10 Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ►

SMM Jul 16: Metal market: As of the midday close, base metals on the domestic market generally declined. SHFE copper slipped 0.22%, SHFE aluminum edged down. SHFE lead rose 0.1%, SHFE zinc fell 0.72%. SHFE tin dropped 1.34%. SHFE nickel surged 2.94%. Additionally, the most-traded cast aluminum futures rose 0.26%, the most-traded alumina futures fell 0.52%. The most-traded lithium carbonate contract slid 2.36%. The most-traded silicon metal contract edged up 0.18%. The most-traded polysilicon futures dropped 0.48%. Ferrous metals showed mixed performance. Iron ore fell 0.46%, rebar and hot-rolled coil edged up. Stainless steel rose 1.13%. For coking coal and coke: the most-traded coking coal contract fell 0.43%, and the most-traded coke contract fell 0.56%. Overseas base metals, as of 11:43, LME metals rose across the board. LME copper gained 0.31%, LME aluminum added 0.44%, LME lead advanced 0.68%. LME zinc rose 0.55%, LME tin climbed 0.46%. LME nickel jumped 2.47%. Precious metals, as of 11:43, COMEX gold fell 0.33%, COMEX silver dipped 0.08%. In the domestic precious metals market: SHFE gold dropped 0.82%; the most-traded SHFE silver contract tumbled 3.22%. Additionally, as of the midday close, the most-traded platinum futures rose 1.95%, and the most-traded palladium futures gained 0.29%. As of the midday close, the most-traded Europe container shipping futures contract fell 0.79% to 2,573.5 points. As of 11:43 on July 16, midday futures market snapshot: Spot and Fundamentals Copper: Spot #1 copper cathode in Guangdong against the front-month contract today: high-quality copper was quoted at a premium of 180 yuan/mt, up 100 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 100 yuan/mt, up 120 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 40 yuan/mt, up 120 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 104,180 yuan/mt, down 1,025 yuan/mt from the previous trading day, while the average price of SX-EW copper was 104,080 yuan/mt, down 1,015 yuan/mt. Spot market: Guangdong inventories fell for two consecutive days, mainly due to reduced arrivals... Macro Front On the domestic front: [China's power and ESS battery sales up 49.1% YoY in June] The China Automotive Power Battery Industry Innovation Alliance released June 2026 power battery data, showing that in June, China's power and ESS battery sales were 196.0 GWh, up 7.6% MoM and up 49.1% YoY. Power battery sales were 133.4 GWh, accounting for 68.1% of total sales, up 5.0% MoM and up 41.8% YoY; ESS battery sales were 62.6 GWh, accounting for 31.9% of total sales, up 13.4% MoM and up 67.5% YoY. January-June, China's cumulative sales of power and ESS batteries reached 979.4 GWh, up 48.6% YoY. Power battery sales totaled 661.3 GWh, accounting for 67.5% of total sales, up 36.2% YoY; ESS battery sales totaled 318.1 GWh, accounting for 32.5% of total sales, up 83.4% YoY. (Jin10 Data App) [PBOC Reverse Repo Operations Achieve Net Injection of 616 Billion Yuan Today] The PBOC conducted 626 billion yuan of 7-day reverse repo operations today. With 10 billion yuan of 7-day reverse repo maturing today, the day's net injection stood at 616 billion yuan. (Jin10 Data App) US dollar side: As of 11:43, the US dollar index fell 0.02% to 100.5. During his appearance before a Senate hearing, Fed Chairman Warsh frequently expressed dissatisfaction with inflation, stating: "Recent inflation data does not perfectly reflect underlying inflation conditions. The labour market looks quite good, but the inflation side is less optimistic. I am not satisfied with any inflation metric. We will review our tools, including the balance sheet and interest rates, to see if adjustments are needed to address inflation." The Fed's Beige Book showed that from late May through June, US economic activity expanded at a slight to mild pace in 11 of the 12 Fed districts, with the overall pace roughly on par with the prior period. The report noted that factors such as high oil prices dampened some consumption, with consumers cutting back on discretionary spending and shifting to cheaper goods. Tourism rebounded, with World Cup-related traffic providing a boost for some regions. Manufacturing maintained mild growth, with orders rising in data centers, machinery, and national defense. Construction and real estate activity improved modestly, with data center construction a highlight. Drilling activity in the energy sector increased, financial conditions were generally stable, and commercial and consumer loan volumes rose modestly. However, agriculture was affected by lower commodity prices, rising costs, and tighter credit. Most surveyed contacts expect the economy to continue expanding in the coming months, though significant uncertainty remains over the fuel cost outlook. Fed Governor Cooke stated on Wednesday that it is prudent to wait for inflation to slow for some time, but she is prepared to act if inflation does not slow soon. Cooke noted: "I believe we should give more time from now on to observe how inflation develops. However, looking ahead, I still see risks as primarily concentrated on the upside for inflation, driven by the investment boom in artificial intelligence, tariffs, and price pressures from the Iran war.""If we do not see signs of slowing inflation soon, I am prepared to act. I am fully committed to achieving our inflation target—that commitment is unwavering." Cook contrasted the current situation with a year ago, when inflation was well above the Fed's 2% target and the labor market appeared stable but ran the risk of both labor market and inflation slowdowns. "I note that the balance of risks has shifted markedly compared to about a year ago, and now inflation risks outweigh employment risks," she said. According to the CME FedWatch Tool: The probability of the Fed leaving rates unchanged in July is 88.8%, with an 11.2% chance of a cumulative 25bp hike. For September, the odds of rates staying on hold stand at 51.2%, while the chance of a cumulative 25bp hike is 44% and a cumulative 50bp hike is 4.7%. (Jin10 Data App) Other Currencies: On July 16, the Bank of Korea announced it would raise the 7-day repo rate from 2.50% to 2.75%, with all seven monetary policy board members voting unanimously for the 25-basis-point hike. This is the first rate hike by the Bank of Korea since January 2023 and marks the start of a new tightening cycle. The move was fully within market expectations. All economists surveyed by Bloomberg and all but one of the 37 economists polled by Reuters had predicted a July hike. A Korea Financial Investment Association poll of 100 fixed-income experts showed 66% forecast a rate increase this month. The rise from 2.50% to 2.75% appeared modest, but the signaling effect far outweighs the number itself. The Bank of Korea had cut rates four times since October 2024, reducing them by a cumulative 100 basis points, then held the benchmark rate steady for eight consecutive meetings. This rate hike may signal the formal end of the easing cycle. (Wall Street CN) Data: Data due today include US initial jobless claims for the week ending July 11, US monthly retail sales for June, the Philadelphia Fed manufacturing index for July, the NAHB housing market index for July, US business inventories for May, the US pending home sales index for June, UK three-month GDP growth for May, UK manufacturing output for May, the UK seasonally adjusted goods trade balance for May, and UK industrial production for May. Additionally, the Ministry of Commerce will hold its second regular press conference of July. Fed Governor Cook Lisa will speak on the economic outlook. US Vice President Vance will deliver remarks. The Federal Reserve will release its Beige Book on economic conditions. US President Trump will give a speech. 2028 FOMC voting member and St. Louis Fed President Musalem will speak. TSMC will hold its 2026 Q2 earnings conference. Crude Oil: As of 11:43, oil prices in both benchmarks fell, with WTI down 0.23% and Brent down 0.52%. Concerns over geopolitical conflicts persisted, keeping oil prices moving sideways. US President Trump said oil prices would fluctuate for some time. For the week ended July 10, US EIA crude oil inventories dropped 1.692 million barrels, compared with expectations of a 2.594 million barrel decline and a prior build of 2.998 million barrels. EIA gasoline inventories fell 1.533 million barrels, versus expectations for a 760,000 barrel decline and a prior drop of 1.904 million barrels. (Jin10 Data) A research report from Tianfeng Securities noted that the international crude oil market went through a "roller coaster" ride dominated by geopolitical risks in H1, with international oil prices surging to near $120/barrel before pulling back quickly. Recently, although tensions flared up again in the Strait of Hormuz, overall risks remain manageable. The core pricing logic for the crude market is shifting from "extreme geopolitical risks" to a three-way game among "geopolitical tail risk, political intervention, and fundamental equilibrium." In H2, oil prices are likely to see wild swings with resistance on the upside and support on the downside, with a general trend of "strength first, then weakness." The Brent price center is expected to trade within the $70/bbl–$75/bbl range. (Jin10 Data App) Spot Market Overview: ► ► ► ► ► ► ► ► ►

[SMM Zinc Morning Meeting Summary: Market Demand Worries Resurface, LME Zinc Retreats from Highs] Overnight, LME zinc opened at $3,590.5/mt, briefly rose after the open to touch a high of $3,614/mt, then continuously pulled back from highs, hitting a low of $3,542.5/mt near the end of the session, and finally closed down at $3,551.5/mt, falling $27.5/mt, down 0.77%.··.