The 2025 2nd SMM Southeast Asia Automotive Supply Chain Conference was successfully held, featuring the on-site launch of 10 new car models, Southeast Asia brand strategies from three automakers, and SMM Thailand local steel prices. The event facilitated efficient matchmaking between 12+ buyers and 60+ suppliers, preliminarily establishing a communication platform for the entire industry chain of Southeast Asian automotive. Currently, the Southeast Asian NEV industry is entering a critical development phase, with Thailand, Indonesia, and Vietnam each making their own strategic deployments and breakthroughs, while the industry also faces challenges such as supply chain restructuring, competition among technology routes, and localization compliance. Thanks to the support from all parties, SMM's Thailand and Indonesia local pricing systems have been implemented and adopted by core enterprises, establishing a credible cost benchmark for the industry. The 2026 3rd Conference will focus on three core themes: exploring the NEV auto sales potential in Southeast Asia; connecting the last mile of the supply chain and integrating regional industry chain resources; and advancing SMM Southeast Asia metal pricing from a price reference to a transaction benchmark, implementing procurement applications for electrification materials and establishing an executable pricing system. We firmly believe that true progress comes from turning consensus into action. At this conference, BEST sincerely invites you to gather again in Bangkok, to jointly transform strategic blueprints into market competitive advantages, to witness and participate in this extraordinary and far-reaching industry event, and to co-create a brilliant new chapter! Click the to register now. Booth No.: B04 BEST (300580), founded in 1997, is a national-level high-tech enterprise. With total corporate assets exceeding 3.9 billion yuan and more than 2,000 employees, it stands as a leading enterprise in the field of intelligent precision manufacturing. Wuxi Best Precision Machinery Co., Ltd. (Stock Code: 300580), founded in 1997, is a national-level high-tech enterprise. With corporate total assets exceeding 3.9 billion yuan and more than 2,000 employees, standing as a leading enterprise in the field of intelligent precision manufacturing. With nearly 30 years of in-depth dedication to precision intelligent manufacturing, BEST has established three key business segments: First, R&D and manufacturing of precision parts, intelligent equipment, and tooling fixtures; Second, core components for NEVs, hydrogen fuel cells, energy storage systems, and liquid cooling systems of computing power centers; Third, linear motion functional components for industrial machine tools, humanoid robots, and other industries, fully covering core high-end manufacturing tracks. With nearly 30 years of in-depth dedication to precision intelligent manufacturing, Wuxi Best have established three key business segments: first, the R&D and manufacturing of precision components, intelligent equipment and tooling fixtures; second, key parts for new energy vehicles, hydrogen fuel cells, energy storage systems and liquid cooling systems of computing power centers; third, linear motion functional components for industrial machine tools, humanoid robots and other industries, fully covering core high-end manufacturing tracks. The company has established three modern production sites in Wuxi, Anhui, and Thailand. Leveraging the coordinated development of four major industry chain sectors—tooling, casting, precision processing, and intelligent manufacturing—it has built competitive advantages across the entire industry chain, with annual revenue exceeding 1.5 billion yuan. Its clients span the globe, including renowned enterprises such as Garrett, Cummins, and BMW. In 2024, BEST invested and established BYH New Technology Co., Ltd. in Amata City Industrial Estate, Chon Buri, Thailand, covering an area of 80,000 m², with a focus on high-end casting and precision processing to accelerate its expansion outside China. The company has built three modern production bases in Wuxi, Anhui and Thailand. Supported by the coordinated development of four major industrial sectors including tooling, casting, precision processing and intelligent manufacturing, it has formed full-industry-chain competitive advantages with annual operating revenue exceeding 1.5 billion yuan. Its global clients include renowned enterprises such as Garrett, Cummins and BMW. In 2024, Best invested and established BYH New Technology Co., Ltd. in Amata City Industrial Estate, Chon Buri, Thailand. Covering an area of 80,000 square meters, the subsidiary focuses on high-end casting and precision processing to accelerate overseas business expansion. Main Products Adhering to the philosophy of precision craftsmanship and intelligent manufacturing, and backed by mature processes, stringent quality control, and intelligent production lines, the company offers customized products and integrated intelligent manufacturing solutions. We sincerely invite global clients to discuss cooperation for mutual development! Adhering to the philosophy of exquisite craftsmanship and intelligent manufacturing, the company provides customized products and integrated intelligent manufacturing solutions backed by mature technologies, strict quality control and intelligent production lines. We sincerely welcome global business partners to discuss cooperation and seek win-win development! Contact Information Contact Contact Us Yan Caowei 15618581967

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations impose higher requirements on industry chain resilience, urgently necessitating innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing demands for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Demands and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently require breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry cooperation and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference is expected to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Shanxi Jinwu Energy Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the silver industry to new heights. Click to register immediately, and join us in witnessing and participating in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Shanxi Jinwu Energy Co., Ltd. is a production-oriented enterprise integrating R&D, production, sales, and services, with an annual production capacity of 200kt of high-end foundry briquette coal (briquette coke) and 200kt of carbon products (carburizers). Located in Huayu Town, Jishan County, Shanxi Province, the company was established in October 2005, with a registered capital of 68 million yuan, covering an area of over 300 mu, and employing more than 500 people. Over the years, the company has adhered to the principle and business philosophy of "products reflect character, quality is life, aligning with the world, and creating international brands," and has successively obtained 6 national invention patents and 31 utility model patents, passed ISO triple system certification, and is a Shanxi Province high-tech new-type enterprise, a "single champion in high-end foundry briquette coal" enterprise, and a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise. Foundry briquette coal (briquette coke) is a national " 12th Five-Year Plan" and "13th Five-Year Plan " encouraged project. This technology is a domestic first and world-leading, and fully aligns with the "Six New " strategy currently proposed by the state, serving as a typical representative of carbon-based new materials. After more than a decade of dedicated R&D, the company broke through technical bottlenecks and successfully developed the environmentally friendly Ash-8 and Ash-10-series products, which are "Jinwu Brand" high-end foundry briquette coal (briquette coke) produced with anthracite as the main raw material . This product features high fixed carbon, high strength, high calorific value, excellent hot metal carburizing effect, and high coke reactivity strength. The products have long been leading both international and Chinese markets. Internationally, the products are exported to Germany, Japan, South Korea, and other countries, and the company is a long-term supplier to world-renowned enterprises such as Toyota and Hyundai. Domestic sales cover 18 provinces and cities, and the company is a strategic partner of well-known enterprises such as Meide Group, LONGi Group, Binglun Group, and Sanhuan Group. "Jinwu Brand" foundry briquette coal (briquette coke) has become an essential raw material for high-end equipment manufacturing and was awarded the honorary title of "Quality Foundry Material" by the China Foundry Association. "Jinwu Brand " carburizer is produced using high-quality anthracite and petroleum coke as the main raw materials. Carburizers can be used in steel mills and foundries to adjust the carbon and oxygen content of molten steel, modifying its rigidity and toughness, thereby improving the nucleation capacity of molten steel and the intrinsic quality of steel billets. It is an indispensable auxiliary additive for producing high-quality steel and castings. The products have long been leading both international and Chinese markets. Internationally, products are exported to Japan, South Korea, and various Southeast Asian countries; domestically, the sales network covers more than 20 provinces and cities, with partner steel enterprises including Zhejiang Tsingshan Steel, Jiangsu Binxin Steel, Xuzhou Steel, Jinnan Steel, and other well-known steel enterprises. Contact Information 15582980888 15333598563 Long press to scan the code and register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations are imposing higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standard-setting. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. IKOI S.p.A will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us to witness and participate in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! IKOI, established in 1977, is a global leader in pyrometallurgical processes for precious metal refineries, mints, and jewelry markets. Currently, it has 3 major product lines: COMPACT integrated fully automatic gold and silver ingot casting systems, FCC FLAMELESS CASTING CHAMBER® fully automatic delivery bar systems, and the acid-free separation technology ALS system that physically separates gold and silver. IKOI's vision is to create safe, efficient, and green precious metal processing methods. IKOI's mission is to bring innovative and sustainable technologies to the precious metal industry. Contact Information Ni Yong 187 0185 9684 Long press to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

Against the backdrop of the global energy transition and the accelerating development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound transformation across its industry chain. On one hand, demand for silver from emerging sectors such as PV, NEVs, and 5G communications continues to climb, driving the industry toward higher value-added and greener development. On the other hand, resource constraints, technological barriers, and market fluctuations impose higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, recycling, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue on three core topics: technological R&D, supply chain optimization, and market expansion. Through the release of an industry white paper, the establishment of an innovation alliance, and the signing of major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Quanda New Materials (Ningbo) Co., Ltd. / Ningbo Haoshun Precious Metals Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Quanda New Materials (Ningbo) Co., Ltd. was founded in December 2023 by Mr. Chen Yongda, who has over twenty years of experience in the silver industry, building upon his existing silver distribution business to align with the major trend of silver consumption upgrading in the new era. With a registered capital of 15 million yuan, the company is located in the scenic Xiangshan Chemical Economic and Technological Development Zone in Ningbo. It is a fully automated factory enterprise specializing in the production of silver nitrate using silver as the primary raw material, with a designed capacity of 5,000 mt/year, and is a key supported enterprise of the Xiangshan Chemical Economic and Technological Development Zone in Ningbo. The company boasts strong technical capabilities and an experienced professional team, with advanced production processes and equipment. Relying on five management systems, it maintains strict quality detection procedures and has established an internal R&D center staffed with dozens of mid-to-senior-level professional and technical personnel. The company's product quality is consistently among the leading levels in the domestic peer industry, with products widely applied in military enterprises, the electronics industry, the PV industry, aerospace, and other fields. We are committed to providing clients with more value-added services through quality products, efficient services, and reasonable prices. Contact Information Ms. Shi 13566055239 Address: No. 52 Wentao Road, (Baiyanshan) Park, Xiangshan County, Ningbo City, Zhejiang Province Ningbo Haoshun Precious Metals Co., Ltd. is an innovative modern commercial distribution enterprise primarily engaged in the supply of precious metal silver raw materials in China and customized silver crafts services. It is a standing council member of the China General Chamber of Commerce and a vice president unit of the Gold and Silver Branch of the China Nonferrous Metals Industry Association (CNIA). Since its establishment and operation, the company has consistently adhered to the business philosophy of "being down-to-earth, operating with integrity, and achieving mutual benefit." It upholds the business cooperation principle of "creating value together, sharing results together, and winning the future together." After years of development and growth, the company has established long-term and stable cooperative relationships with multiple well-known silver mine enterprises in China. Its supply and sales channels have become stable, and it has selected a group of strategic partners with strength, credibility, quality, and service orientation. It has cultivated a dedicated, responsible, pragmatic, and efficient business team, providing a strong guarantee for the company's steady and high-quality development. Its industry reputation, market influence, and corporate soft power are all gradually strengthening. Its spot silver trading volume has been at the industry-leading level for consecutive years. A modern commercial distribution enterprise with a maturing management mechanism is emerging. Looking ahead, Ningbo Haoshun Precious Metals Co., Ltd. is expected to align with the major trend of silver consumption upgrading in the new era, proactively innovate and adapt, employ flexible and elastic trading models, adopt a strict risk control system, and leverage timely and efficient services. The company will strive to anticipate clients' needs and fulfill their requirements, endeavoring to provide clients with diversified and more value-added services. As the ancients said, " When one calls with the wind at his back, his voice is no louder, yet it is heard more clearly. Ningbo Haoshun Precious Metals Co., Ltd. will stay true to its original mission of serving the National Silver Enterprise Annual Conference. On the road ahead, it will willingly serve as a practitioner of honest and trustworthy trading in the silver industry market, a driver of integrated coexistence and win-win cooperation among enterprises, and a contributor to the steady, prosperous, and sustainable development of the industry. Contact Information Mr. Yao 13817213537 Tel: 0574-88053076 Fax: 0574-88053796 Address: Room 151, Building 22, No. 818 Qiming Road, Yinzhou District, Ningbo, Zhejiang Province Press and hold to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

According to online query data from the General Administration of Customs, China's copper cathode imports in April totaled 315,798 mt, up 5.2% YoY and up 13.04% MoM, the highest since October last year. The main increase was contributed by the Congo, whose monthly shipments surged by nearly 50%, while Kazakhstan's supply also increased and Russia's supply pulled back. Previously, China's import window opened intermittently. Demand was already strong in the traditionally robust April, and with domestic copper prices hovering below the 100,000 mark, downstream procurement demand warmed overall. Among them, non-registered and non-standard brand cargoes from the Congo had price advantages and good liquidity, making them popular in the market, with increased inflows. In addition, Q2 is the peak maintenance season for domestic smelters, and the market had expectations of a decline in China's copper cathode production. NBS data showed that China's copper cathode production in April fell 4.6% MoM to 1.269 million mt, confirming the pullback in production, and China's import demand picked up. Recently, domestic demand has cooled somewhat, and the copper cathode import window has opened intermittently. However, affected by geopolitical tensions in the Middle East, sulfur imports in African countries such as the Congo have been impacted. Attention should be paid to the subsequent effects on local SX-EW copper production and whether it will impact their copper cathode exports. Data source: General Administration of Customs Meanwhile, online query data from the General Administration of Customs showed that China's copper cathode exports in April totaled 25,605.82 mt, marking a fifth consecutive monthly decline since November 2025, down 56% MoM and down 67% YoY. In April, the domestic export window was largely closed, and domestic smelters began deploying maintenance plans, limiting export enthusiasm. Data source: General Administration of Customs (Wenhua Composite)

[SMM Aluminum Alloy Daily Review] Futures side, the most-traded aluminum alloy 2607 contract opened at 23,080 yuan/mt today, reaching a high of 23,190 yuan/mt and a low of 23,075 yuan/mt during the session, and closed at 23,130 yuan/mt at midday, up 70 yuan/mt or 0.30% from the previous settlement price. Spot side, the ADC12 market overall continued a stable-price wait-and-see pattern today, with the SMM ADC12 price holding steady from the previous day at 23,700 yuan/mt. Overall, the market remained in a tug-of-war between "high cost support" and "weak demand suppression," and ADC12 prices were expected to continue moving sideways in the short term.

[Lacking Drivers for Wild Swings, GO Silicon Steel Prices Expected to Run Steadily Next Week] Cold-rolled grain-oriented silicon steel spot prices ran steadily this week, with mainstream quotations remaining firm and overall transactions proceeding in a stable and orderly manner. According to market feedback, although ferrous metals futures fluctuated downward, exerting some pressure on market sentiment, Baosteel's price-firming policy for June—raising the base price of GO silicon steel by 200 yuan/mt and adding an additional 100 yuan/mt for high-grade products rated 75 and above—effectively supported the spot price floor. Traders' quotations were generally stable, with limited willingness to sell at low prices.

SMM News, May 21： Since mid-March, China's tungsten market has ended a year-long sharp rally and entered a high-level correction phase with prices trending steadily lower. Market sentiment has shifted from exuberance to caution, with periodic supply-demand adjustments and fading market mood becoming core drivers of price movements.

[Chery Automobile: Hopes to Enter US Market at the "Right Time"] On May 20, a senior executive in charge of international business at Chery Automobile, China's largest auto exporter, said the company was considering entering the US market at the right time but did not provide a specific timetable.

SMM May 22 update: Metals market: As of the midday close, domestic market base metals mostly fell. SHFE copper dropped 0.19%. SHFE aluminum fell 0.1%. SHFE lead rose 0.54%, and SHFE zinc edged up. SHFE tin gained 0.09%. SHFE nickel declined 0.59%. In addition, the most-traded foundry aluminum futures fell 0.11%, and the most-traded alumina contract rose 0.04%. The most-traded lithium carbonate contract dropped 1.28%. The most-traded silicon metal contract fell 0.59%. The most-traded polysilicon futures declined 1.38%. Ferrous metals mostly fell. Iron ore rose 0.19%, rebar dropped 0.38%, hot-rolled coil fell 0.76%, and stainless steel gained 0.4%. Coking coal and coke: the most-traded coking coal contract fell 3.07%, and the most-traded coke contract dropped 1.78%. Overseas market base metals: as of 11:41, LME metals mostly rose. LME copper dipped 0.06%. LME aluminum gained 0.15%, and LME lead edged up. LME zinc rose 0.35%. LME tin gained 0.34%. LME nickel rose 0.16%. Precious metals: as of 11:41, COMEX gold fell 0.43%, and COMEX silver dropped 0.33%. Domestic market precious metals: the most-traded SHFE gold contract fell 0.13%, and the most-traded SHFE silver contract rose 0.61%. In addition, as of the midday close, the most-traded platinum futures rose 0.34%, and the most-traded palladium futures gained 0.57%. As of the midday close, the most-traded Europe containerized freight index contract rose 4.51% to 3,032.5 points. As of 11:41 on May 22, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 210 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, down 25 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 70 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,570 yuan/mt, down 955 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,465 yuan/mt, down 950 yuan/mt from the previous trading day... Macro Front China: [NDRC: The supply-demand relationship is expected to further improve, and prices are expected to continue operating within a stable range] Li Chao, Deputy Director of the Policy Research Office of the National Development and Reform Commission (NDRC), stated that prices in April continued the mild rebound trend since H2 last year, releasing positive signals of improving supply-demand dynamics and optimized market order. Despite the continued uncertainty in international energy price trends, China has a solid foundation for maintaining overall price stability. As a series of macro policies are implemented in depth, the supply-demand relationship in the market is expected to further improve, and prices are projected to continue operating within a stable range. [NDRC: During the 15th Five-Year Plan period, investment of over 5 trillion yuan is expected for new-type power grid construction] The Political Bureau of the CPC Central Committee proposed strengthening the planning and construction of "six networks," including water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipe networks, and logistics networks. On May 22, the NDRC held a press conference. At the conference, Li Chao, Deputy Director of the Policy Research Office of the NDRC, stated that during the 15th Five-Year Plan period, investment of over 5 trillion yuan is expected to be allocated for the planning and construction of a number of power transmission corridors and inter-provincial power supply projects, optimizing ultra-high voltage and extra-high voltage AC networks by layer and zone, and implementing a number of urban distribution network renewal projects, power grid renovation projects in weak areas, and rural grid frequent outage remediation projects. Li Chao stated that based on comprehensive analysis, the national peak electricity load this summer is expected to reach approximately 1.6 billion kW , an increase of about 90 million kW over last year, equivalent to adding the electricity load of an entire Henan Province. [NDRC: Guiding domestic large models to intensify efforts in adapting to domestic computing chips] Li Chao, Deputy Director of the Policy Research Office of the NDRC, stated at a press conference on May 22 that core technologies and application demands in the artificial intelligence sector are both exhibiting rapid growth. We have consistently adhered to systematic planning, sector-specific policies, openness and sharing, and safe and controllable development, promoting the broad and deep integration of artificial intelligence with all industries and sectors of the economy and society, guiding domestic large models to intensify efforts in adapting to domestic computing chips, and ensuring independent controllability, development for good, and steady long-term progress while maintaining rapid development, so that all people can share the fruits of AI development. This is also a prominent characteristic of China's AI development. The PBOC conducted 153 billion yuan of 7-day reverse repo operations in the open market, with the operation rate at 1.40%, unchanged from the previous day. Today, 500 million yuan of reverse repos matured. US dollar: As of 11:41, the US dollar index rose 0.05% to 99.25. The White House stated that the swearing-in ceremony for new Fed Chairman Warsh will be held at 11:00 AM on May 22 (23:00 Beijing time). Fed's Barkin stated that the ability of enterprises and consumers to absorb the latest round of supply shocks will determine whether the US central bank can continue to "look through" higher inflation without choosing to raise interest rates. In remarks prepared for a speech in Raleigh, North Carolina on Thursday, Barkin stated: "After inflation has been above our 2% target for more than five consecutive years, we need to consider whether the cumulative effect of so many rounds of shocks could cause the 'anchor' of inflation expectations to loosen."He also stated: "For me, the key question is how much more pressure enterprises, consumers, and inflation expectations can withstand." Barkin also expressed growing concern that the US may have entered a "new phase" in which supply shocks will become more frequent. These shocks could stem from multiple factors, including escalating geopolitical tensions, fragmentation of the trade system, more extreme weather events, rising government debt, and other structural forces. He also noted that, for now, the US Fed's monetary policy stance is "in a good place" to address risks on both the employment and inflation fronts. According to the CME "FedWatch": the probability of the US Fed holding rates unchanged through June was 96.8%, with a 3.2% probability of a cumulative 25-basis-point rate hike. The probability of the US Fed holding rates unchanged through July was 85.4%, with a 14.2% probability of a cumulative 25-basis-point rate hike and a 0.4% probability of a cumulative 50-basis-point rate hike. In addition, Nomura Securities expects the US Fed to keep rates unchanged in 2026, having previously forecast interest rate cuts in September and December this year. (Jin10 Data) On the data front: Data to be released today include the US May University of Michigan Consumer Sentiment Index final reading, the US May one-year inflation expectations final reading, the US April Conference Board Leading Index month-over-month, the UK May GfK Consumer Confidence Index, UK April public sector net borrowing, UK April seasonally adjusted retail sales month-over-month, the Germany June GfK Consumer Confidence Index, Germany Q1 non-seasonally adjusted GDP year-over-year final reading, Germany May IFO Business Climate Index, Japan April core CPI year-over-year, and Canada March retail sales month-over-month. In addition, 2027 FOMC voter and Richmond Fed President Barkin will deliver a speech, and US Fed Governor Waller will deliver a speech. On crude oil: As of 11:41, oil prices in both markets rose, with WTI up 1.21% and Brent up 1.7%. Fluctuating US-Iran developments affected oil price movements, with market doubts over whether US-Iran negotiations could make progress supporting oil prices. Four sources said that seven major OPEC+ producing countries will most likely agree to a modest raise in the July production target when they meet on June 7, although supply from several of them remains disrupted by the Iran war. The sources said the monthly production target set by the seven core OPEC+ members is expected to be raised by approximately 188,000 barrels per day. In Q1 2026, OPEC+ maintained production unchanged, but since April, the group has raised its monthly production target despite the ongoing war. However, since the UAE's exit from the organization in May, the monthly production increase has been scaled back. Analysts and delegates believe that while the UAE's departure has weakened the organization's influence over the market, it may strengthen its internal cohesion. Additionally, sources said that two other OPEC+ meetings scheduled for June 7 are not expected to result in any policy adjustments. IEA Executive Director Birol said on Thursday that the arrival of the summer fuel demand peak, combined with the lack of new oil exports from the Middle East and continued inventory drawdowns, could push the oil market into a "danger zone" during July-August, though he did not elaborate further. In his speech, Birol said the world was in a state of oil surplus when the supply crisis triggered by the Iran war broke out, which helped cushion the impact, but inventories are now steadily declining. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►