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

[Zinc Concentrates Tender] According to SMM, the tender results for zinc concentrates from a mine in North China were released this week. The mine's self pick-up tender price was around 1,450 yuan/mt in metal content (including a 20/80 profit-sharing arrangement), with by-product metals not priced separately. SMM will continue to monitor subsequent changes in TCs.

[SMM Platinum and Palladium Weekly Review] This week (May 18 – May 22), the most-traded platinum futures contract PT2606 on China's GFEX opened at 490.1 yuan/gram and closed at 485 yuan/gram, down 17.4 yuan/gram or 3.46% from last week's settlement price, with a highest price of 496.4 yuan/gram and a lowest price of 474.35 yuan/gram; the most-traded palladium futures contract PD2606 opened at 340.35 yuan/gram and closed at 332.2 yuan/gram, down 13.85 yuan/gram or 4.00% from last week's settlement price, with a highest price of 343.95 yuan/gram and a lowest price of 327.65 yuan/gram. In terms of futures trading volume: the most-traded platinum contract PT2606 recorded a total weekly trading volume of 18,633 lots with a total turnover of 9.074 billion yuan and open interest of 7,283 lots, down 2,687 lots WoW. The most-traded palladium contract PD2606 recorded a total weekly trading volume of 14,380 lots with a total turnover of 4.824 billion yuan and open interest of 5,213 lots, down 1,352 lots WoW. Platinum and palladium were in the doldrums this week. Both saw significant declines at the beginning of the week, mainly due to repeated Middle East geopolitical tensions with slow progress in US-Iran negotiations, critically low global crude oil inventories driving oil prices higher, coupled with rising rate hike expectations and rising US Treasury yields, which continued to weigh on precious metals valuations. After Wednesday, as US-Iran tensions eased somewhat, falling oil prices combined with pullbacks in medium- and long-term US Treasury yields led precious metals futures to rebound slightly, but the rebound was limited and failed to recover the ground lost at the beginning of the week. US Fed: Key focus should be on the swearing-in speech to be delivered tonight. Based on Warsh's previous policy stance, if he insists on prioritizing inflation fighting and releases rate hike expectations, precious metals are expected to remain under sustained pressure in the short term. Trade and tariffs: A constructive strategic stability relationship between China and the US was established, with the 10% fentanyl tariff on China removed, the 24% punitive tariff on China extended for another 18-month suspension, and the Section 301 investigation on China's shipbuilding, logistics, and maritime sectors suspended for 18 months, reducing trade and tariff uncertainties. In the near term, key areas to watch remain changes in US-Iran dynamics, GFEX platinum and palladium registered warrants, Warsh's inaugural speech, and trial results of palladium applications in the fiberglass sector.

[Zinc Concentrate TCs in and Outside China Continued to Decline, with Attention on Subsequent June Pricing]: Looking at weekly data, the SMM Zn50 domestic weekly average TC decreased 150 yuan/mt Zn WoW to 400 yuan/mt Zn, and the SMM imported zinc concentrate index fell $2.05/dmt WoW to -$56.25/dmt.

[OPmobility Q1 Revenue at 2.834 Billion Euros] On May 21, OPmobility released its Q1 2026 financial results. During the quarter, the company achieved economic revenue of 2.834 billion euros, remaining stable YoY. Among its segments, joint ventures delivered strong performance, up 18.2% YoY. By regional market, the Asian market demonstrated solid results, with revenue up 7.3% YoY, serving as a key growth engine for the group.

Aluminium Bahrain announced its Q1 2026 financial results, showing a profit attributable to shareholders of 75.3 million Bahraini dinars (approximately US$200.3 million), a 316% year-on-year increase, compared to 18.1 million Bahraini dinars (approximately US$48.2 million) in the same period of 2025. Total comprehensive income attributable to shareholders for Q1 was 76.1 million Bahraini dinars (approximately US$202.4 million), a 353% year-on-year increase, compared to 16.8 million Bahraini dinars (approximately US$44.7 million) in the same period of 2025. In Q1, Aluminium Bahrain's sales volume reached 312,563 tons (a 17% year-on-year decrease), mainly due to regional disruptions to shipping routes, such as restrictions on passage through the Strait of Hormuz.

Novelis released its Q4 and full-year fiscal 2026 results, showing that net sales increased by 4% year-over-year to $4.8 billion in Q4, primarily driven by higher average aluminum prices, but partially offset by a 12% decrease in total rolled product shipments to 844,000 tonnes. The decline in shipments was attributed to production disruptions at the Oswego plant and geopolitical tensions leading to weakness in certain specialty aluminum markets. The company reported a net loss attributable to common shareholders of $84 million in Q4, compared to a net profit attributable to common shareholders of $294 million in the same period last year.

[Destocking Inflection Point Largely Confirmed; Aluminum Prices Continue LME Outperforms SHFE Pattern] On the macro front, the US and Iran plan to sign a letter of intent to formally end hostilities and launch 30-day negotiations, though the trajectory of geopolitical risks remains to be seen. The US Fed meeting minutes were far more hawkish than expectations, with most policymakers supporting policy tightening, and expectations of liquidity tightening are overall bearish for metal prices. Recently, the heads of state of the US and Russia have made concentrated visits to China, which is expected to yield preliminary outcomes in trade and economic areas. On the fundamentals side, the supply gap and low inventory outside China still provide bottom support, but elevated inventory levels in China remain the core factor suppressing significant price rallies. Coupled with weak trading performance in the spot market, this further limits the upside room for aluminum prices. In the short term, aluminum prices are expected to continue the LME outperforms SHFE pattern, fluctuating at highs.

On the evening of April 28, Guangzhou Great Power Energy and Technology Co., Ltd. (hereinafter short as Great Power) released its 2025 annual report and Q1 2026 quarterly report. The company's revenue and profit rose significantly, with its energy storage business delivering outstanding performance. Impressive Results: Revenues sustained high growth, up nearly 200% YoY in 2026 Q1 Its financial report showed that in full-year 2025, the company achieved total revenue of 11.943 billion yuan, up 50.04% YoY; net profit attributable to shareholders of the publicly listed firm reached 206 million yuan, up 181.61% YoY. Entering 2026, Great Power's performance continued its high growth trajectory. According to its Q1 financial data, the company achieved total revenue of 4.768 billion yuan, up 182.14% YoY. The company's energy storage business shipments and revenue both grew QoQ, demonstrating strong growth resilience, with Q1 profit alone already surpassing the full-year figure of last year. Great Power's 2025 performance growth momentum stemmed from the synergistic contribution of three major businesses — energy storage, consumer, and power battery : The energy storage business, leveraging its leading product competitiveness and global expansion advantages, became the core growth engine; The consumer battery business consolidated its fundamental position, maintaining steady operations; The power battery business focused on differentiated niche segments, continuously broadening incremental space, forming a well-balanced development pattern. Meanwhile, based on its three-year capacity plan and R&D progress of downstream popular products, the company expects its capacity utilization rate to stay high over the next three years, with performance expected to maintain strong growth momentum. Impressive Household ESS Performance: Battery Cell Shipments Ranked Second Globally, User-Side ESS Ranked Top Two in China As one of the earliest industry leaders in China to enter the ESS sector, Great Power has achieved remarkable results in the household ESS field. In 2025, the company's household ESS battery cell shipments ranked second globally , and its user-side ESS shipments ranked top two in China and top five worldwide ; in the commercial and industrial segment, ESS shipments ranked top two in China; its full-scenario energy storage deployment yielded significant results. In addition, the company's large-scale overseas energy storage orders achieved breakthrough growth, with full-year 2025 revenue reaching 1.793 billion yuan, up 72.98% YoY, demonstrating clear results from its globalization strategy. ESS Battery Cell QoQ Growth Tops the List, Consolidating Its Position in the Global Tier 1 With undeniable strength, Great Power was shortlisted in the 2026 SMM Global Tier 1 ESS battery cell list, ranking first in terms of QoQ growth in ESS battery cell shipments. The company's ESS battery shipments have remained in the global top eight for multiple consecutive years, with a solid industry position. Production and Sales Boom: Orders Booked Through Q2 2026, Core Energy Storage Lines Operating at Full Capacity As early as the end of 2025, an executive of Great Power stated that the company's overall production and operations were showing positive trend, with all energy storage product lines maintaining full production and sales, and orders booked through Q2 2026. On the core energy storage product manufacturing side, the 314Ah large-scale ESS battery cell line as well as the 100Ah and 50Ah small-scale ESS battery cell lines all operated at full capacity. The company is steadily expanding capacity in line with market demand. Currently, the Phase II plant at the Quzhou base has been completed, with mass production of 587Ah large-capacity battery cells expected in 2026. Orders from domestic clients have already been secured, and ex-China demand is expected to be gradually released in 2027.

[SMM Coking Coal and Coke Daily Brief] Supply side, coke enterprises still maintained profits with overall stable production, primarily focused on active shipments. However, downstream purchase enthusiasm declined, and coke inventory at some coke enterprises accumulated. Demand side, daily average hot metal production at steel mills remained at high levels, sustaining rigid demand for coke. However, steel prices fluctuated downward, steel mill profits contracted, and suppressed steel mills' production enthusiasm. In summary, the tight fundamentals of coke eased somewhat, and finished steel prices were under pressure. Steel mills showed low willingness to accept the fourth round of coke price increase, and the coke market may operate steadily in the short term.