Peru’s Ministry of Energy and Mines has published a draft decree to establish a national energy planning framework covering long-, medium- and short-term horizons. The proposal aims to standardize methodologies for energy plans, balances, demand forecasts and related reports. It does not set specific solar or storage targets, but seeks to provide a more structured basis for assessing future demand, generation resources, grid expansion needs and connection constraints. MINEM said the framework is intended to improve planning coordination, reduce regulatory uncertainty and identify future investment priorities.

[Peru Zinc Concentrate Production] According to Peru's Mining Statistical Bulletin, the country's zinc concentrate production totaled 104,700 metric tons in May 2026, down 4.8% month-on-month and 13.6% year-on-year. Cumulative production for January–May 2026 reached 542,500 metric tons, representing a 6.5% decline compared with the same period last year.

[SMM In-Depth Analysis: New Energy Consumption Policy Reshapes Wafer Competitive Landscape: Production Lines Failing to Meet Level 3 Energy Efficiency Standards to Be Shut Down Starting 2027] The State Administration for Market Regulation and the Standardization Administration of China jointly issued the mandatory national standard GB 47835-2026, “Energy Consumption Limits per Unit Product of Monocrystalline Silicon,” in 2026. The standard will officially take effect on January 1, 2027.

According to preliminary statistics from the People's Bank of China, the stock of aggregate financing to the real economy (AFRE) stood at 462.06 trillion yuan at end-June 2026, while the cumulative flow of AFRE in H1 2026 reached 20.84 trillion yuan, up 7.4% YoY. RMB loans increased by 10.72 trillion yuan in H1. At end-June, broad money (M2) balance was 356.71 trillion yuan, up 8% YoY. Narrow money (M1) balance was 118.48 trillion yuan, up 4% YoY. Currency in circulation (M0) balance was 14.74 trillion yuan, up 11.8% YoY. Net cash injection in H1 amounted to 641.7 billion yuan. Financial Statistics Report for H1 2026 I. Stock of AFRE up 7.4% YoY Preliminary statistics show that the stock of AFRE at end-June 2026 reached 462.06 trillion yuan, up 7.4% YoY. Specifically, outstanding RMB loans to the real economy were 279.16 trillion yuan, up 5.3% YoY; outstanding foreign currency loans to the real economy (RMB equivalent) were 1.18 trillion yuan, down 2.9% YoY; entrusted loans were 11.24 trillion yuan, up 0.5% YoY; trust loans were 4.62 trillion yuan, up 4% YoY; undiscounted bankers' acceptances were 2.02 trillion yuan, down 2.8% YoY; corporate bonds outstanding were 36.08 trillion yuan, up 8.9% YoY; government bonds outstanding were 101.36 trillion yuan, up 14.2% YoY; and domestic equity of non-financial enterprises stood at 12.49 trillion yuan, up 5% YoY. In terms of structure, at end-June, outstanding RMB loans to the real economy accounted for 60.4% of the total AFRE stock, down 1.2 percentage points YoY; foreign currency loans (RMB equivalent) accounted for 0.3%, flat YoY; entrusted loans accounted for 2.4%, down 0.2 ppt YoY; trust loans accounted for 1%, flat YoY; undiscounted bankers' acceptances accounted for 0.4%, down 0.1 ppt YoY; corporate bonds accounted for 7.8%, up 0.1 ppt YoY; government bonds accounted for 21.9%, up 1.3 ppt YoY; and domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 ppt YoY. II. Cumulative AFRE Flow in H1 Reached 20.84 Trillion Yuan Preliminary statistics show that the cumulative AFRE flow in H1 2026 was 20.84 trillion yuan, 2.02 trillion yuan less than the same period last year. In detail, new RMB loans to the real economy increased by 10.76 trillion yuan, 1.98 trillion yuan less YoY; foreign currency loans (RMB equivalent) to the real economy increased by 160.9 billion yuan, 224.7 billion yuan more YoY; entrusted loans decreased by 78.8 billion yuan, with the decline widening by 27.5 billion yuan YoY; trust loans decreased by 44.6 billion yuan, with the decline widening by 188.9 billion yuan YoY; undiscounted bankers' acceptances decreased by 125.6 billion yuan, with the decline widening by 69.8 billion yuan YoY; net corporate bond financing was 2.07 trillion yuan, 916.7 billion yuan more YoY; net government bond financing was 6.44 trillion yuan, 1.22 trillion yuan less YoY; and domestic equity financing by non-financial enterprises was 293.3 billion yuan, 122.4 billion yuan more YoY. 3. Broad Money Increased 8% At the end of June, broad money (M2) balance stood at 356.71 trillion yuan, up 8% YoY. Narrow money (M1) balance stood at 118.48 trillion yuan, up 4% YoY. Currency in circulation (M0) balance stood at 14.74 trillion yuan, up 11.8% YoY. In H1, net cash injection into the economy was 641.7 billion yuan. 4. RMB Deposits Increased by 17.76 Trillion Yuan in H1 At the end of June, the balance of domestic and foreign currency deposits stood at 354.33 trillion yuan, up 8.2% YoY. At month-end, the balance of RMB deposits stood at 346.44 trillion yuan, up 8.2% YoY. In H1, RMB deposits increased by 17.76 trillion yuan. Specifically, household deposits increased by 7.58 trillion yuan, non-financial enterprise deposits increased by 3.2 trillion yuan, fiscal deposits increased by 971.5 billion yuan, and deposits of non-banking financial institutions increased by 4.65 trillion yuan. At the end of June, the balance of foreign currency deposits stood at $1.16 trillion, up 13.7% YoY. In H1, foreign currency deposits increased by $98 billion. 5. RMB Loans Increased by 10.72 Trillion Yuan in H1 At the end of June, the balance of domestic and foreign currency loans stood at 286.43 trillion yuan, up 5.1% YoY. At month-end, the balance of RMB loans stood at 282.63 trillion yuan, up 5.2% YoY. In H1, RMB loans increased by 10.72 trillion yuan. By sector, household loans decreased by 366.8 billion yuan, with short-term loans decreasing by 588.1 billion yuan and medium and long-term loans increasing by 221.2 billion yuan; loans to enterprises (including public institutions) increased by 11.13 trillion yuan, with short-term loans increasing by 4.59 trillion yuan, medium and long-term loans increasing by 5.55 trillion yuan, and bill financing increasing by 814.3 billion yuan; loans to non-banking financial institutions decreased by 422.3 billion yuan. At the end of June, the balance of foreign currency loans stood at $557.7 billion, down 0.6% YoY. In H1, foreign currency loans increased by $12.7 billion. 6. In June, the monthly weighted average interest rate for interbank RMB lending was 1.41%, and the monthly weighted average rate for pledged bond repos was 1.43% In H1, the interbank RMB market saw a total transaction volume of 1,169.05 trillion yuan through lending, outright bond trading, and repos, with a daily average turnover of 9.74 trillion yuan, up 20% YoY. Of this, the daily average turnover for interbank lending increased 36% YoY, for outright bond trading increased 6.9% YoY, and for pledged repos increased 22.5% YoY. In June, the weighted average interest rate for interbank lending was 1.41%, 0.1 percentage points higher than the previous month and 0.05 percentage points lower than the same period last year; the weighted average rate for pledged repos was 1.43%, 0.1 percentage points higher than the previous month and 0.07 percentage points lower than the same period last year. VII. Balance of Foreign Exchange Reserves at $3.42 Trillion At end-June, the balance of foreign exchange reserves stood at $3.42 trillion. At end-June, the RMB exchange rate was 6.8109 yuan per US dollar. VIII. Cross-border RMB Settlement under the Current Account in H1 Amounted to 9.83 Trillion Yuan, and Direct Investment Cross-border RMB Settlement Reached 4.17 Trillion Yuan In H1, cross-border RMB settlement under the current account amounted to 9.83 trillion yuan, of which goods trade and services trade & other current account items were 7.71 trillion yuan and 2.12 trillion yuan, respectively. Direct investment cross-border RMB settlement amounted to 4.17 trillion yuan, of which outward direct investment and foreign direct investment were 1.5 trillion yuan and 2.67 trillion yuan, respectively. Recommended Reading: Latest Financial Data Released: End-February M2 and Outstanding Aggregate Financing Up 8.7% and 9.0% YoY; Here's What Authoritative Experts Say! Aggregate Financing and New RMB Loans in First Two Months Hit Second-Highest on Record for Same Period; February M2 Up 8.7% YoY January 2024 New Aggregate Financing 6.5 Trillion Yuan, New Loans 4.92 Trillion Yuan, M2 Up 8.7% YoY PBoC: December Aggregate Financing Increment 1.94 Trillion Yuan, New RMB Loans 1.17 Trillion Yuan, M2 Up 9.7% YoY PBoC: November Aggregate Financing Increment 2.45 Trillion Yuan, New RMB Loans 1.09 Trillion Yuan, M2 Up 10% YoY November Financial Data Released: Aggregate Financing Continued to Grow YoY; Credit Support for Real Economy Remains Solid Will Trillion-Yuan Government Bonds "Prop Up" October Money and Credit Data? Market Expects Strong Aggregate Financing but Weak Lending; RRR Cut Expectations Still Brewing PBoC: October Aggregate Financing Increment 1.85 Trillion Yuan, New RMB Loans 738.4 Billion Yuan, M2 Up 10.3% YoY PBoC: September Aggregate Financing Increment 4.12 Trillion Yuan, New RMB Loans 2.31 Trillion Yuan, M2 Up 10.3% YoY PBoC Makes Major Announcement! Discusses China-U.S. Interest Rate Spread, September Financial Data, Existing Home Loan Rates... General Administration of Customs: China's Foreign Trade in First Three Quarters Improved; September Posted Highest Monthly Figure This Year PPI and CPI Improve for Third Month in a Row; Experts Say Price Recovery Further Confirmed, PPI YoY Improvement Expected to Persist NBS: September CPI Stable, PPI Decline Narrows for Third Straight Month, Both Up MoM September Phone Exports Value Doubled MoM; Auto Exports YoY Growth Continued to Lead PBoC: August Aggregate Financing Increment 3.12 Trillion Yuan, New RMB Loans 1.36 Trillion Yuan, M2 Up 10.6% YoY PBoC: Will Act Decisively to Prevent Exchange Rate Overshooting! Dollar Plunges Against Offshore Yuan PBoC: August Aggregate Financing 528.2 Billion Yuan, New RMB Loans 345.9 Billion Yuan, M2 Up 10.7% YoY PBoC: June Aggregate Financing, New RMB Loans Far Exceed Expectations; M2 Up 11.3% YoY PBoC: May Aggregate Financing Increment 1.56 Trillion Yuan, Up 331.2 Billion Yuan From Previous Month PBoC: May RMB Loans Rose 1.36 Trillion Yuan, Previous 718.8 Billion Yuan PBoC: May RMB Deposits Rose 1.46 Trillion Yuan, Down 1.58 Trillion Yuan YoY PBoC: April Aggregate Financing Increment 1.22 Trillion Yuan, New RMB Loans 718.8 Billion Yuan, M2 Up 12.4% YoY PBoC: Q1 RMB Deposits Rose 15.39 Trillion Yuan, Loans Rose 10.6 Trillion Yuan

An operator quoted 100,000 per month per unit for H100, including rack and electricity, while another operator received a quote of 78,000 and considered the price spread too large; a colleague from an internet company referred the needs of two clients (outright purchase of H20/L20 units plus leasing of 12 high-end complete computing servers), but matching high-end computing power proved difficult; a leading non-ferrous metals company has locked in a long-term computing power agreement, with demand steady and firming; liquid-cooling stainless steel materials have achieved mass production and supply, yet they have not reached the threshold for capacity expansion; for domestic GPUs, official supply is ample while channel supply remains tight, with capacity tilted toward large clients.

SMM News, July 14: Dealers in Hunan report that end-use consumption in the automotive battery market is sluggish, battery inventory is at high levels, and currently, the selling price in the battery wholesale market remains unchanged, with the main model 6-QW-45Ah wholesale price quoted at 160-170 yuan per unit. Manufacturers in Hebei report that since July, automotive battery orders have been performing poorly, with the factory operating rate dropping to around 60%, and long-term contract purchases of lead ingot can meet production needs. Manufacturers in Zhejiang report that replacement demand in the automotive battery market is weak, dealer purchases are limited, and export orders have been performing average, and currently, the factory operating rate is maintained at 70-80%.

Silver Mountain Resources has commenced commissioning activities at its Reliquias silver-zinc-lead polymetallic mine in Peru’s Huancavelica district. Rehabilitation of the concentrator plant is approximately 95% complete, and the company remains on track to achieve first production in the third quarter of 2026. The crushing circuit is now operational, while the grinding and flotation circuits have completed no-load testing. Low-grade ore is currently being used for industrial trials to fine-tune operating parameters ahead of commercial throughput. Silver Mountain has completed more than 3,000 metres of underground development and stockpiled approximately 12,000 tonnes of ore at surface, providing a feed buffer during the initial ramp-up. The tailings facility, water treatment plants and power infrastructure are also operational and permitted. Reliquias hosts silver-zinc-lead-gold-copper vein mineralization. Following the expected production restart in Q3, the company plans to release an updated mineral resource estimate and preliminary economic assessment in Q4 2026 to evaluate the mine’s longer-term production and expansion potential.

July 13: About 20 near-spot units of high-end computing power sold out within two to three days; China data centers dismantling H100s to upgrade high-end computing power boosted secondary distribution supply; another high-end eight-card server’s per-unit price rose from about 9 million to about 13 million, with incoming stock absorbed within no more than a week; transactions were dominated by trust rather than going to the highest bidder, and intermediaries commonly added layer-upon-layer markups.

SMM, July 13: Dealers in Jiangsu report that end-use consumption in the e-bike lead-acid battery market is sluggish, with battery sales focused on digesting inventories. Currently, the wholesale price for the main model, 48V12Ah, is 280-300 yuan per unit, and there is no demand for restocking in the short term. Manufacturers in Zhejiang report that demand in the e-bike lead-acid battery market is sluggish, with dealers purchasing less and finished product orders performing poorly. To reduce inventory pressure, factories are maintaining an operating rate of 60-70%. Manufacturers in Jiangxi report that overall demand in the e-bike lead-acid battery market is weak, with both OEM and replacement demand showing sluggish performance. Currently, the production line operating rate at the factory is around 60%, and raw material lead is only purchased as needed.

SMM has learned that a dealer disclosed that the current price per unit of a high-end computing eight-card server has risen from about 9 million yuan to approximately 13 million yuan, an increase of over 44%. High-end computing power can be absorbed within a week of arrival, and three to four prospective buyers negotiate price and contract details, with delivery going to whoever signs the contract and has funds ready first. The dealer stated that high-end computing transactions are dominated by trust relationships rather than simply going to the highest bidder; buyers must first agree to the quotation before inspecting the goods. The practice of intermediaries adding layers of price markups is common, and it is not uncommon for a purchase at 9 million yuan to be resold through multiple hands to 13 million yuan.