[SMM Aluminum Express] Data from the National Bureau of Statistics (NBS) show that in January-June, national real estate development investment amounted to 3,807.4 billion yuan, a YoY decrease of 18.0%; of this, residential investment was 2,930 billion yuan, down 17.8%. In January-June, the floor space of newly built commercial buildings sold totaled 401.4 million m², a YoY decrease of 11.6%; of this, residential floor space sold declined by 12.4%. The sales revenue of newly built commercial buildings was 3,794.5 billion yuan, down 13.6%; of this, residential sales revenue fell by 13.7%. At end-June, the floor space of commercial buildings pending sale stood at 763.15 million m², a YoY decrease of 0.9%. Of this, the floor space pending sale for less than 3 years was 561.67 million m², a decrease of 3.5%.

On June 30, JL MAG Rare-Earth's stock price rose. As of the close on June 30, JL MAG gained 4.83%, closing at 30.85 yuan per share. On the news front: An announcement released by JL MAG Rare-Earth earlier showed that, in order to implement the company's development strategy and enhance its comprehensive competitiveness, it plans to acquire a 9.24% equity stake in Baotou Rare Earth Products Exchange Co., Ltd. held by China Northern Rare Earth (Group) High-Tech Co., Ltd. through a public listing and transfer on the Inner Mongolia Property Rights Exchange Center. According to the appraisal report issued by North Asia Asset Appraisal Co., Ltd., as of the appraisal base date of December 31, 2025, the total equity value of the Exchange appraised using the market approach was 239 million yuan, representing an increase of 27.8551 million yuan over the net asset book value of 211.1449 million yuan on the base date, reflecting a value-added rate of 13.19%. The expected transaction price for the target equity is 22.0836 million yuan. In accordance with relevant provisions such as the Rules Governing the Listing of Stocks on the ChiNext Board of the Shenzhen Stock Exchange and the Articles of Association, this external investment falls within the approval authority of the company's CEO. This investment does not constitute a related-party transaction, nor does it constitute a major asset restructuring as defined by the Administrative Measures for the Material Asset Restructurings of Listed Companies. Discussing the purpose of the investment and its impact on the company, the JL MAG announcement stated: Rare earths are the core raw material for producing NdFeB permanent magnet materials. The Exchange serves as a specialized trading platform for rare earth (metal) resources. If this equity acquisition is successfully completed, it will further enhance the company's ability to secure rare earth raw material supply, strengthen its overall competitiveness, and consolidate its market position in the rare earth permanent magnet industry. In line with the principles of cooperative, co-construction, and mutual benefit, the company will fully leverage and utilize its own advantages to support the Exchange's efforts to build a national-level rare earth (metal) resource trading platform. Funds for this acquisition of the Exchange's equity will come from the company's own funds and will not have a material adverse impact on the company's financial condition and operating results. It is conducive to achieving the company's strategic objectives and does not compromise the interests of the company and its shareholders. In its announcement, JL MAG Rare-Earth also highlighted existing risks: 1. The company's planned acquisition of a partial stake in the Exchange constitutes a transfer of state-owned assets, requiring strict compliance with statutory procedures such as state-owned asset transaction approvals and public listings. There is uncertainty as to whether this equity transfer will be implemented smoothly. 2. As a domestic spot exchange specializing in various rare earth products, the Exchange provides services to upstream and downstream enterprises in the rare earth industry chain, and its operations will be subject to various factors including macroeconomic conditions, industry cycles, and the market environment. Regarding the main risks of the investment, the company will promptly follow up on and cooperate with the approval process for this state-owned asset transfer, while leveraging its own industrial strengths to strengthen collaborative development with the Rare Earth Exchange and manage post-investment and risk control effectively to mitigate investment risks. The company will fulfill its information disclosure obligations in strict compliance with relevant regulations based on subsequent progress of this equity transfer. Investors are advised to exercise caution regarding investment risks. In terms of performance, JL MAG Rare-Earth’s previously disclosed Q1 2026 report showed that during the quarter, the company achieved total revenue of RMB 2.036 billion, up 16.05% YoY, with a net profit attributable to the parent company of RMB 193 million, up 20.09% YoY. JL MAG Rare-Earth’s Q1 2026 report revealed: In Q1 2026, facing a complex landscape where total NEV sales declined YoY while the price of the key raw material Pr-Nd experienced short-term wild swings, the company’s management upheld the annual operating policy of "adhering to legal and regulatory compliance, maintaining a client-centric approach, focusing on the core magnetic materials business, constructing 20,000 mt of new capacity on schedule, actively deploying embodied robot motor rotors, and scaling new heights." By driving technological innovation, organizational optimization, digital transformation, and lean management initiatives, the company mobilized employee initiative to ensure contract fulfillment and on-time delivery to clients while achieving steady business performance growth. In Q1 2026, the company recorded revenue of RMB 2.036 billion, up 16.05% YoY; net profit attributable to shareholders of the publicly listed firm of RMB 193 million, up 20.09% YoY; and non-recurring gain/loss-adjusted net profit attributable to shareholders of the publicly listed firm of RMB 176 million, up 65.95% YoY. The income statement included equity incentive-related share-based payment expenses of RMB 49.9682 million. Net profit excluding the share-based payment impact was RMB 235 million, up 44.57% YoY, and non-recurring gain/loss-adjusted net profit excluding the share-based payment impact was RMB 219 million, up 106.82% YoY. Robots liberate human productivity and represent a critical direction in the next wave of technological transformation, with broad industry growth prospects. In Q1 2026, the company’s robotics and industrial servo motor segment generated revenue of RMB 118 million, up 81.84% YoY, serving clients that include multiple global industrial robot and servo motor producers. The company is actively collaborating with a world-renowned tech firm on the R&D of embodied robot motor rotors and has delivered small-batch products. Additionally, through direct investments and participation in industry funds, the company is making strategic moves in key nodes of the industry chain to accelerate industrial synergy and commercialization. After the introduction of export control measures on medium-heavy rare earth-related items, the company carried out export declaration work in accordance with relevant national regulations, has successively obtained export licenses issued by the national competent authority, and became one of the first enterprises granted a general license by the state. The company's export business was basically stable. During the reporting period, export sales revenue reached 381 million yuan, accounting for 18.7% of operating revenue, up 22.16% YoY. The company has established long-term strategic partnerships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group, and fully leverages the advantage of its controlled subsidiary Yinhai New Materials' upstream rare earth recycling business to build a diversified rare earth resource supply system. In Q1 2026, the company achieved a consolidated gross margin of 21.83%, an increase of 6.13 percentage points YoY; net cash flow from operating activities was 358 million yuan, a significant improvement from -350 million yuan in the same period last year, with overall operating cash flow remaining healthy; as of the end of the reporting period, the company held cash and cash equivalents of 3.298 billion yuan, certificates of deposit maturing within one year of 860 million yuan, and certificates of deposit maturing beyond one year of 571 million yuan, reflecting a strong cash reserve. In addition, JL MAG Rare-Earth's 2025 annual report shows: In 2025, the company achieved total operating revenue of 7.718 billion yuan and core business revenue of 7.028 billion yuan, up 14.11% and 19.00% YoY, respectively, both hitting record highs. Of this, domestic sales revenue was 6.447 billion yuan, up 16.36% YoY; overseas sales revenue was 1.27 billion yuan, up 3.92% YoY, of which export sales to the US were 501 million yuan, up 39.80% YoY. Net profit attributable to shareholders of the publicly listed firm was 706 million yuan, up 142.44% YoY; net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 620 million yuan, up 264.00% YoY. The consolidated gross margin reached 21.18%, up 10.05 percentage points from 11.13% in the previous year. The income statement included share-based payment expenses from equity incentives and financial expenses for convertible bonds recognized using the effective interest method, totaling approximately 107 million yuan, of which only 5.11 million yuan will require actual cash outflow in the future. Overall operating cash flow remained healthy. Regarding the company's main businesses and product applications, JL MAG Rare-Earth's 2025 annual report describes: The company is a high-tech enterprise integrating R&D, production, and sales of high-performance NdFeB permanent magnet materials, magnetic assemblies, motor rotors for embodied robots, and comprehensive rare earth recycling. It is a leading supplier of rare earth permanent magnet materials in the new energy and energy-saving and environmental protection sectors. The company's products are widely used in NEVs and automotive parts, energy-saving inverter air conditioners, wind power generation, robots and industrial servo motors, 3C, low-altitude aircraft, energy-saving elevators, rail transit, and other fields, and it has established long-term, stable cooperative relationships with industry leaders both in and outside China in each field. The company has actively deployed in the robotics field: on the one hand, it cooperates with internationally renowned technology companies to conduct R&D on motor rotors for embodied robots and capacity building, with small-batch product deliveries already achieved; on the other hand, through direct investments or participation in industry funds, it strategically deploys in key links of the relevant industry chain, accelerating industry synergy and commercialization. JL MAG Rare-Earth, in its annual report, discussed its industry situation during the reporting period and touched on rare earth price trends: In 2025, Pr-Nd alloy prices fluctuated upward overall. According to data from the China Rare Earth Industry Association, the average price of Pr-Nd alloy in 2025 was 601,300 yuan/mt, a YoY increase of 23.8%. Rare earth prices are generally determined by the interplay of multiple factors, including supply, demand, policies, inventory, and market expectations. Meanwhile, compared to short-term fluctuations in rare earth prices, the industry places greater emphasis on medium- and long-term changes, as relatively stable rare earth prices are conducive to the industry's high-quality development. Regarding its outlook for future development, JL MAG Rare-Earth stated: (1) Corporate Development Strategy The company will continue to uphold its vision of "becoming a global leader in the rare earth permanent magnet industry" and its development strategy of "providing clients with full-category magnetic material solutions," centered on rare earth permanent magnets, focusing on application scenarios related to new energy and energy conservation and emission reduction, to continuously enhance product performance and cost efficiency. At the same time, the company adheres to group-oriented operations and collaborative industry chain deployment, guided by client needs and the principle of long-termism, steadily advancing capacity construction and technological upgrades. 1. Commitment to Stable Operations: The company steadfastly upholds intrinsic safety bottom lines, strictly implements national regulations in areas such as export permits, production safety, and environmental protection, solidly pursues compliant operations and comprehensive risk control, and always maintains a prudent financial strategy. It remains focused on its core business, making technological innovation and process improvement long-term core investment priorities, continuously strengthening the automation, digitalization, and intelligent construction of production operations, and gradually building sustainable capabilities for product iteration and lean cost optimization. 2. Collaborative Industry Chain Deployment: The company follows an industry chain layout approach of "upstream recycling collaboration, midstream product diversification, and downstream component extension," comprehensively enhancing collaborative operational efficiency in the industry chain and strengthening its resistance to market fluctuations. Upstream, the company will build a recycling system and deepen resource synergy cooperation, promote the diversification of raw material supply sources, and continuously optimize procurement and inventory management efficiency. Midstream, leveraging existing areas of strength, it will closely target the differentiated needs for magnetic materials across various application scenarios, continuously improve its product portfolio and optimize product structure, steadily transforming from a “single-product supplier” to a “comprehensive solution provider.” Downstream, deeply aligning with core client needs, the company will steadily advance R&D and production capacity building for magnetic assemblies, motor rotors, and other products, continuously enhancing assembly precision and full-process quality control, effectively increasing client stickiness and product added value. 3. Synergistic Strategic Investments In terms of strategic investments, the company will carry out prudent equity investments or partnerships around client needs and key links in the industry chain, adhering to the principle of mutual empowerment between investments and the company’s principal operations. Leveraging industrial funds established in collaboration with professional investment institutions, it will focus on strategic tracks such as high-end manufacturing, embodied AI, and new energy, deepen project layout and value cultivation, and promote industry resource synergy and long-term value enhancement. (II) 2026 Annual Operating Plan The company’s operating policy for 2026: “Adhere to legal and compliant operations, uphold client orientation, focus on the magnetic materials main business, build the 20,000 mt new capacity on schedule, actively position in motor rotors for embodied robots, and reach new heights.” In line with this policy and on the premise of legal and compliant operations, the company will prioritize the following work: 1. Orderly Release of Capacity under Construction In 2026, some of the company’s projects under construction will gradually release capacity. The specific release progress will comprehensively consider factors such as equipment commissioning and market demand, advancing the commissioning and ramp-up of new capacity in an orderly manner. 2. Continuous Enhancement of R&D Capabilities. 3. Continuous Optimization of Product Structure The company will continue to enrich its product matrix for different application scenarios based on client needs, enhancing product structure resilience and client stickiness. At the same time, it will steadily advance the layout of projects such as magnetic assemblies and motor rotors for embodied robots, equip dedicated production lines and specialized teams, and upgrade small-batch production lines to large-scale, standardized manufacturing and quality systems. 4. Continuous Improvement of Operational Capabilities. 5. Strengthening Capital Expenditure Efficiency. 6. Improving Incentive Mechanisms and Shareholder Returns. 7. Advancing the ESG System. Regarding risks the company may face, JL MAG Rare-Earth noted when describing the risk of rare earth raw material price fluctuations: Rare earth metals are the main raw materials for producing NdFeB magnets. China is an important global supplier of rare earth raw materials. Wild swings in rare earth raw material prices will, in the short term, adversely affect the company’s production and sales. Countermeasures: The company has built production plants in Ganzhou, Jiangxi, a major heavy rare earth production area, and Baotou, Inner Mongolia, a major light rare earth production area. It has established long-term cooperative relationships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group. At the same time, through measures such as purchasing rare earth raw materials in advance based on orders on hand, setting up price adjustment mechanisms with major clients, optimizing formulations, and improving processes, the company strives to mitigate the adverse impact of rare earth raw material price fluctuations on its business performance. Looking back at the price performance of Pr-Nd alloy in 2025, : The average price of Pr-Nd alloy on December 31, 2025, was 735,000 yuan/mt, compared with the average price of 489,000 yuan/mt on December 31, 2024, representing a 2025 increase of 50.31%. The annual daily average price of Pr-Nd alloy in 2025 was 602,181.07 yuan/mt, compared with the annual daily average of 484,704.55 yuan/mt in 2024, increasing by 117,476.52 yuan/mt, a YoY increase of 24.24%. According to SMM's quotation display: on June 30, the Pr-Nd alloy price was 900,000~910,000 yuan/mt, with an average price of 905,000 yuan/mt, down 0.56% from the previous trading day. Focusing on the Pr-Nd market, on June 30, the increase in Pr-Nd oxide futures prices drove a synchronized rise in suppliers’ spot offer prices, making low-priced oxide hard to find in the market. However, metal enterprises showed a cautious purchasing attitude due to unsatisfactory metal inquiries, resulting in generally moderate overall trading activity. In the metal market, inquiry activity picked up somewhat in the afternoon of the 30th, mainly driven by tender purchases from large magnetic material enterprises. However, most magnetic material enterprises remained on the sidelines, and overall transaction performance was poor. In the short term, given the lack of significant improvement in downstream demand, Pr-Nd product prices are expected to move sideways. Recommended reading:

On June 29, Xiamen Tungsten's share price declined. As of around 14:04 on the 29th, it had fallen 1.22% to 83.47 yuan per share. In terms of news, an announcement from Xiamen Tungsten on June 27 showed: To concentrate resources and focus on developing its three core businesses—tungsten & molybdenum, new energy materials, and rare earths— the company has decided to exit the real estate business. To gradually achieve this exit, Xiamen Tengwangge plans to publicly list for transfer, in the name of its partner Jianming, the unsold properties from Phases I through IV of the Straits International Community project and certain fixed assets within the Phase II commercial properties on the Fujian Provincial Property Rights Exchange, with a reserve price of 192 million yuan (RMB, the same hereinafter). The Straits International Community project (i.e., the commercial housing project on the north side of the Xiamen International Conference & Exhibition Center) was developed under Jianming's name, with related assets registered under Jianming. Through relevant cooperation agreements, Xiamen Tengwangge holds a 67.285% interest in the project, while Jianming holds a 32.715% interest. Commenting on the transaction’s impact, Xiamen Tungsten stated that this transaction is an optimization and adjustment of the company's resource allocation and asset structure based on its strategic development plans. It will help the company further focus on its core businesses and aligns with its long-term strategic planning. The transaction does not harm the interests of the company and its shareholders, particularly minority shareholders. As this is a listed transfer, whether the transaction will ultimately be completed and the final transaction price remain uncertain, and the impact on company performance is subject to change. It will be determined based on actual completion, and currently cannot be estimated. Performance: Xiamen Tungsten’s 2025 annual report shows that for 2025, the company achieved consolidated operating revenue of 46.265 billion yuan, up 30.79% YoY, and consolidated operating costs of 37.984 billion yuan, up 31.07% YoY. Net profit attributable to shareholders of the parent company reached 2.309 billion yuan, up 34.89% YoY, while net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 2.19 billion yuan, up 44.16% YoY. The revenue and profit of its tungsten & molybdenum, energy new materials, and rare earth businesses all registered solid growth. Market shares for its major competitive products—such as tungsten powder, fine tungsten wire, cemented carbide rods, ammonium molybdate, and LCO—remained at the forefront, while profitability of key products, including cemented carbide, cutting tools, fine tungsten wire, magnetic materials, and LCO, further improved. Regarding its main business, Xiamen Tungsten stated that the company focuses on its three core industries: tungsten & molybdenum, rare earths, and energy new materials. Leveraging deep technological expertise and a strong management culture, the company continuously pursues technological and management innovations. It steadily advances its industrial layout in tungsten, molybdenum, rare earths, and lithium battery cathode materials, actively expanding its tungsten & molybdenum deep-processing, rare earth deep-processing, and energy new materials industries, and accelerating the transformation and upgrading of its industry chain. Regarding the business plan, Xiamen Tungsten stated in its annual report: Overall annual work approach: The company will fully implement the guiding principles of the Fourth Plenary Session of the 20th CPC Central Committee, take the 15th Five-Year Plan as its guide, and embark on a transformation toward "Industrial Services" and "Digital Operations"; pursue internationalization, digitalization, and product-as-a-service while advancing both organic growth and external expansion; promote organizational change and talent development; strengthen industry chain synergy and global footprint; upgrade value across the entire chain covering R&D, production, sales, procurement, and investment; enhance functional management efficiency and risk control, consolidate the foundation for development, and ensure that transformation tasks are implemented effectively. Overall annual target: In 2026, the company plans to achieve YoY growth in operating revenue and total profit. To achieve the above business targets, the company will focus on the following key tasks: 1. Advance the comprehensive development of core businesses. In the tungsten sector, the emphasis is on strengthening resource security, driving the transformation of cemented carbide, cutting tools, and rock drilling tools toward high-end and service-oriented offerings, consolidating the advantages of PV tungsten wire and other products, and incubating new products. In the molybdenum sector, the focus is on raising smelting capacity and powder quality, maintaining the gross margin of wire-cut molybdenum wire, and expanding the market share of molybdenum end-cap assemblies and molybdenum discs. In the rare earth sector, the company will expand overseas raw material sources, scale up the fine chemicals, luminescent materials, alloys, and magnetic materials businesses, accelerate new base construction and overseas deployment, increase R&D investment in motor products, and expand into high-end market segments such as equipment manufacturing. In the energy new materials sector, the company will strengthen supply chain cooperation, expand production of core materials, promote the industrialisation of cutting-edge technologies, and accelerate overseas project construction. 2. Strengthen mine resource security. Stabilize domestic mine operations, with a focus on overcoming challenges such as declining grades and rising costs at operating mines; accelerate the development of new mines, promote the injection of the Dahutang tungsten mine, and advance infrastructure construction at the Bobai tungsten mine in Guangxi in an orderly manner. Promote overseas mine projects, conduct preliminary research on mine planning, develop a global map of non-ferrous metals relevant to Xiamen Tungsten's businesses, explore multiple modes of resource acquisition, and study the boundary conditions and rules for engaging in other strategic metals. 3. Strengthen and supplement chains through global layout. Prioritize deep processing capacity construction projects for tungsten-molybdenum, rare earth, and energy new materials, accelerate overseas industrial deployment, and enhance the coverage of the global manufacturing network. Advance M&A projects in and outside China, deploy functional components and devices related to strategic emerging industry chains, and leverage industrial funds to invest along the upstream and downstream of the company's current and future industries. Promote capital operations of subsidiaries and the disposal of non-performing assets and equity stakes to enhance asset operation efficiency. 4. Pilot the transformation to "Industrial Services" and "Digital Operations". 5. Solidify the Five Pillars for Value Chain Value Enhancement. 6. Deepen the Safe Production and Green Manufacturing System. 7. Annual Function Enhancement and Safeguard Measures. Xiamen Tungsten previously disclosed in its Q1 2026 report that in Q1, the company achieved total operating revenue of 15.743 billion yuan, up 86.99% YoY, and net profit attributable to shareholders of the parent company of 1.107 billion yuan, up 189.14% YoY. Regarding the main reasons for the performance change, Xiamen Tungsten explained in its Q1 report that during the reporting period, the company actively responded to rising prices of major raw materials such as tungsten and cobalt, achieving effective linked increases in selling prices of main products across all segments of the industry chain, while sales of key products including cemented carbides, cutting tools, battery materials, and magnetic materials grew steadily, leading to a significant improvement in overall profitability. Xiamen Tungsten introduced: During the reporting period, the company focused on its core manufacturing business and operated steadily. The main highlights were as follows: 1. Tungsten and Molybdenum Business. In Q1 2026, the tungsten and molybdenum business achieved operating revenue of 7.321 billion yuan, up 83.13% YoY, and total profit of 1.763 billion yuan, up 238.82% YoY. The company proactively responded to the sharp rise in tungsten raw material prices, dynamically adjusted its business strategy, and achieved effective linked increases in selling prices of main products throughout the industry chain, significantly enhancing profitability. Among major products, cemented carbide product sales increased 5% YoY, with sales revenue up 156% YoY; cutting tool product sales grew 69% YoY, with sales revenue up 78% YoY; and fine tungsten wire, due to product mix adjustments, saw a 19% YoY decline in sales volume but a 73% YoY increase in sales revenue. 2. Energy New Materials Business. In Q1 2026, the battery materials business achieved operating revenue of 6.585 billion yuan, up 117.82% YoY, and total profit of 260 million yuan, up 94.24% YoY. The company continuously improved product quality and market development, achieving substantial growth in sales of main products and a significant boost in profitability. In Q1, sales of the company’s power battery cathode materials (including ternary cathode materials, LFP, and others) reached 15,700 mt, up 26% YoY, with sales revenue up 82% YoY; LCO sales volume was 14,700 mt, up 20% YoY, with sales revenue up 154% YoY. 3. Rare Earth Business. In Q1 2026, the rare earth business achieved operating revenue of 1.826 billion yuan, up 31.68% YoY, and total profit of 70 million yuan, up 65.72% YoY. The company optimized its product mix, achieving volume and profit growth for high-value-added products, effectively enhancing profitability. Sales of the main deep-processing product, magnetic materials, rose by 24% YoY, with sales revenue up 50% YoY. 4. Real estate business. In Q1 2026, the real estate business reported revenue of 10 million yuan, down 8.08% YoY, while total profit was -19 million yuan, narrowing losses slightly YoY. Tungsten: Looking back at the 2025 tungsten price trend, taking SMM wolframite concentrates (≥65%) as an example: The average price of wolframite concentrates (≥65%) on December 31, 2025, was 453,500 yuan/standard tonne, up 217.69% compared with 142,750 yuan/standard tonne on December 31, 2024. Reviewing Q1 this year, the average price of wolframite concentrates (≥65%) on March 31 was 992,500 yuan/standard tonne, surging by 539,000 yuan/standard tonne from the 453,500 yuan/standard tonne on December 31, 2025, representing a gain of 118.85%. After the earlier sustained rebound, wolframite concentrates returned to 500,000 yuan/standard tonne and then moved sideways. On June 29, the average price of wolframite concentrates was 507,000 yuan/standard tonne, down 0.98% from the previous trading day. Fundamentals side: Supply-demand wise, upstream mines still hold prices firm, and high-grade tungsten ore supply remains tight. Downstream, affected by the traditional off-season, cemented carbide and mechanical processing enterprises maintain hand-to-mouth restocking, leaving overall market transactions subdued. In the short term, supply and demand remain in a tug-of-war. Outside China, with increasingly stringent export controls and tight primary tungsten supply, European APT prices continue to fluctuate at highs. The price spread between Chinese and overseas markets remains large, providing some support for domestic tungsten prices. Meanwhile, tax policies related to the tungsten scrap recycling sector are being further refined, expected to boost compliant tungsten scrap circulation. This will, in the medium and long term, promote standardized development of the recycled tungsten industry and improve China’s tungsten resource supply structure . The domestic tungsten market is expected to mainly consolidate in the short term, with focus on long-term contract price adjustments, pace of mine shipments, changes in downstream off-season demand, and the impact of overseas export policies on market sentiment. Over the medium and long term, attention should be paid to declining supply during the seasonal mine output gap in Q3, while improving consumption expectations during the September-October peak season will further optimize the supply-demand structure, bringing bullish sentiment to prices. Recommended reading:

Guangdong Chuanhong Industry steadfastly upholds integrity-based operations, builds on a professional team and efficient services, and drives synergistic growth in scale and benefits with a new-era business philosophy.

[Secondary Lead Production Update] As of January 2026, the main part of the Phase IV technological transformation project of Zhejiang Tianneng Power Supply Materials (Changxing Heping Town) was completed, and the installation progress of core equipment exceeded 90%. The project possesses a complete waste lead-acid battery recycling and disposal industry chain within the province. Upon reaching full production, it will have an annual recycling capacity of 650,000 mt of waste lead-acid batteries, produce approximately 450,000 mt of secondary lead annually, and generate additional annual sales revenue of 3 billion yuan. Entering mid-June, the project's H2 production launch has become a focal point of industry attention.

Northern China serves as a core hub for the domestic wire and cable industry. Leveraging its industrial heritage, full supply chain support, and favorable policies under the Beijing-Tianjin-Hebei coordinated development initiative, it has established an integrated industrial cluster encompassing raw material processing, cable production, new materials R&D, and intelligent equipment manufacturing. The region’s annual cable output value has exceeded RMB 100 billion, underpinned by a solid industrial foundation and vast market potential. Compared with the established industrial clusters in the Yangtze River Delta and Pearl River Delta, the northern cable industry still faces shortcomings such as fragmented industrial resources, weak industry-academia-research collaboration, and insufficient resilience across the industry chain. Breaking down silos and fostering synergy is critical to upgrading the sector. will be held on July 23-24, 2026 at Crowne Plaza Qingdao Jinshui, Shandong , focusing on three key themes: industrial synergy, green intelligence, and globalization. SMM , in partnership with the initiator — Qingdao Hanhe Cable Co., Ltd. , invites participants from across the entire industry chain to gather, explore industry opportunities, and drive the quality upgrade of the northern wire and cable sector. Click to attend. We look forward to meeting you at the conference. Qingdao Hanhe Cable Co., Ltd. was founded in 1982 and has grown into a leading large-scale enterprise providing customers with full-suite solutions and turnkey projects covering cables and accessories, cable materials, power design, transmission and transformation engineering, completion testing, operation and maintenance services, and hydrogen energy application systems, among others. It was listed on the Shenzhen Stock Exchange in 2010 under stock code “002498”. The company currently employs over 3,000 staff, including more than 520 R&D personnel and over 310 with senior or intermediate technical titles. It has established production sites in Qingdao, Jimo, Pingdu, Zibo, Yanggu, Jiaozuo, Xiuwu, Changzhou, Changsha, and Beihai; invested in over 20 domestic subsidiaries such as Huadian High Voltage, Electrical Engineering, and Hanhe Hydrogen Energy; and set up overseas companies in the US, Singapore, the Middle East, and other locations. The company primarily develops and produces power cables up to 750kV, submarine cables, high-voltage cable accessories, specialty conductors, mining cables, nuclear power cables, control cables, PV cables, and high-voltage cable materials. It has participated in the power supply assurance for numerous venue constructions and major celebrations, including the 2008 Beijing Olympics, 2010 Shanghai World Expo, 2018 SCO Qingdao Summit, 2022 Beijing Winter Olympics, as well as the 70th anniversary of the founding of the People’s Republic of China and the 100th anniversary of the founding of the Communist Party of China. The company places great emphasis on R&D investment and building technological innovation capabilities. It allocates no less than 5% of its sales revenue to R&D annually and has established a relatively comprehensive technological innovation system and infrastructure that supports independent innovation. The company has four vertical towers and 13 vertical cross-linking production lines, making it a high-voltage cable manufacturer with relatively large capacity in China. It is home to a nationally recognized enterprise technology center, a postdoctoral research workstation, and the only “National Engineering Technology Research Center for High-Voltage and Extra-High-Voltage Cables” in China’s cable industry. The company has successively participated in the development plans of China’s wire and cable industry from the 11th to the 14th Five-Year Plan periods and has undertaken over 100 various national, provincial, and municipal projects. In 2021, its independently developed and manufactured 110kV and above high-voltage and extra-high-voltage cables were successfully selected as a MIIT Manufacturing Single Champion Product. The company keeps pace with the times, deeply integrates industrial Internet, big data, cloud computing, IoT, and smart terminals, taps into the value of industrial big data, has completed the construction of a smart manufacturing ecosystem for high-voltage and extra-high-voltage cables, and has obtained multiple certifications including “Excellent-Level Smart Factory”, “Equipment Cloud Benchmark Enterprise”, “Digital Workshop”, and “Green Factory”, pioneering a new model of smart manufacturing management in China’s cable industry. The company upholds the corporate spirit of “integrity, diligence, pragmatism, and innovation”, the quality policy of “pursuing quality and credibility, building the Hanhe brand”, and the corporate mission of “building the Hanhe brand, serving the society with sincerity”. It adheres to technological innovation to ensure sustainable development, forming the core development philosophy of “sustainable development, enduring prosperity” and the operation policy of “surpassing the advanced international level in the wire and cable industry”. It has received honors such as “National High-Tech Enterprise”, “Leader in China’s Cable Industry”, and “National Contract-Honoring and Credit-Worthy Enterprise”, and has been successively ranked among the Top 500 Chinese Manufacturing Enterprises, Top 10 Famous Brands in China’s Electrical Industry, Top 100 in China’s Machinery Industry, Top 10 Most Competitive Enterprises in China’s Wire and Cable Industry, and Top 10 Most Competitive Enterprises in the Global Submarine Cable (Energy Sector). Looking ahead, while consolidating its wire and cable business, the company will accelerate expansion into industries such as smart detection and services, power transmission and transformation projects, and high-end cable material manufacturing, striving to build Hanhe into a leading domestic and internationally renowned comprehensive solution provider of wire and cable products and services, and making “Hanhe Manufacturing” shine in the international market! SMM Conference Contact Zhang Guolei 166 0190 0190 zhangguolei@smm.cn

SMM, May 29: Following the State Council's release of the Urban Renewal 15th Five-Year Plan, the real estate industry received new policy catalysts. On May 29, the real estate development sector rose accordingly, with the market optimistic about incremental investment opportunities in areas such as urban village renovation, old residential community upgrades, and municipal infrastructure construction following the plan's implementation. As of the close on May 29, the real estate development sector gained 0.68%, and real estate services rose 0.26%. In terms of individual stocks, Fuxing Co., Sunshine Co., Tianjian Group, Xiangjiang Holdings, Everbright Jiabao, and several others hit the daily limit, while Vanke A, Financial Street, Tefа Services, and China Merchants Shekou led the gains. News [State Council Releases Urban Renewal 15th Five-Year Plan: City-Specific Policies to Increase Supply of Upgraded Housing and Regulate Development of Housing Rental Market] The State Council released the Urban Renewal 15th Five-Year Plan. The plan proposes to comprehensively assess the base of existing urban asset resources, promote classified disposal of land that has been allocated but not yet developed and projects under construction, and revitalize idle and underutilized old factory buildings, commercial and office properties, commodity housing, and public housing. It is expected to accelerate the construction of a new model for real estate development and improve fundamental systems for commodity housing development, financing, and sales. The plan calls for optimizing the supply of affordable housing, strengthening housing security for low-income urban households with housing difficulties, better meeting the basic housing needs of working-class groups facing housing difficulties with modest incomes, and gradually addressing the transitional housing difficulties of new urban residents, young people, and other groups. City-specific policies are expected to increase the supply of upgraded housing and regulate the development of the housing rental market. The plan encourages real estate development enterprises to transform and participate in urban renewal. It is expected to deepen the reform of the housing provident fund system, expand its scope of use, strive to meet the diversified housing needs of contributors at different stages, and support flexible employment workers in participating in the housing provident fund system. The plan also aims to strengthen and regulate the management of existing urban infrastructure assets. [Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government: Confident in Further Consolidating the Stabilizing and Improving Trend of Guangzhou's Property Market] On May 26, Guangzhou held a press conference on the supporting documents for the Implementation Opinions on Further Promoting Stable and Healthy Development of the Real Estate Market. Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, stated that going forward, Guangzhou will continue to improve the two major systems of the housing market and housing security, and continuously optimize property market regulation measures. The Municipal Bureau of Planning and Natural Resources, the Municipal Bureau of Housing and Urban-Rural Development, the Municipal Provident Fund Center, and other departments have issued supporting rules on matters such as land supply, special subsidies for "sell old, buy new," and "commercial-to-provident fund loan conversion." Huadu District responded swiftly by launching eight specific measures. State-owned enterprises represented by Guangzhou Anju Group are accelerating the launch of pilot work on the acquisition and revitalization of second-hand housing. We believe that as these detailed rules are fully implemented and all sectors advance in coordination, we are confident in further consolidating the stabilizing and improving trend of Guangzhou's property market. (Jin10 Data APP) [Guangzhou's Real Estate Market Activity Has Been Continuously Rising Since May] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, noted that on April 30, Guangzhou issued the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market" (known as the "Sui Eight Measures"). As the policy effects continued to release, market activity kept rising. Since May, weekly visits, subscriptions, and online signings at key new residential projects citywide increased by 26.9%, 36.9%, and 11.4% WoW, respectively; weekly signing volume of pre-owned residential properties rose 9.3% WoW, while new listing volume decreased 16.7% YoY. The new housing provident fund policy took effect, with 4,484 loan applications accepted totaling 4.746 billion yuan, up 47.05% and 56.43% YoY, respectively. [Guangzhou: Removing Restrictions on "Only Housing in the City" and Number of Provident Fund Loan Uses] On May 26, 2026, the Guangzhou Housing Provident Fund Management Center issued the normative document "Measures for Converting Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Interim)." It proposed expanding the scope of commercial loan banks by removing the restriction that "the original commercial loan bank must be a housing provident fund entrusted bank," allowing commercial loans from non-housing provident fund handling banks to be converted into pure housing provident fund loans. Requirements on loan types, terms, and provident fund contribution periods were relaxed. For commercial-to-provident-fund conversion handled by housing provident fund loan handling banks, applicants whose convertible provident fund loan amount is not enough to fully repay the original commercial loan principal and interest may choose to convert to a combined loan. The requirement for account opening and cumulative housing provident fund contribution period was reduced from "60 months" to "36 months." The original commercial loan disbursement period was shortened from "more than 3 years" to "more than 2 years." Restrictions on "only housing in the city" and the number of provident fund loan uses were removed, no longer requiring that "the mortgaged property is the applicant's family's only housing in the city," supporting applications for first and second improved housing. Applicants who "have never used or have used housing provident fund loans only once" may also apply for commercial-to-provident-fund conversion, free from the restriction of "never having used housing provident fund loans." (Jin10 Data) [Xiong'an New Area: Maximum Housing Provident Fund Loan Amount Raised to 800,000 Yuan] Notice of the Xiong'an New Area Housing Management Center on Optimizing and Adjusting Housing Provident Fund Withdrawal and Loan Policies. The policy stipulates that for depositors meeting the New Area's rental housing withdrawal conditions, those who have not registered a housing lease contract may withdraw up to 17,000 yuan per year; those who have registered a housing lease contract on the "Hebei Xiong'an New Area Housing Rental Information Service Platform" may withdraw up to 25,000 yuan per year. Depositors purchasing owner-occupied housing in the New Area and applying for housing provident fund loans may borrow up to 800,000 yuan. Employees of Beijing-sourced relocated units whose housing provident fund deposit location is in the New Area may borrow up to 1.2 million yuan when purchasing owner-occupied housing in the New Area and applying for housing provident fund loans. Families with two or more children purchasing owner-occupied housing in the New Area and applying for housing provident fund loans may have their maximum loan amount increased by 200,000 yuan. For employee families who have only one housing provident fund loan record nationwide that has been fully repaid and own no property in the New Area, the first-home housing provident fund loan policy shall apply. (Xiong'an Provident Fund) [Supreme Court's Liu Guixiang: Preventing and Resolving Risks in Key Areas Such as Finance and Real Estate] On May 27, Liu Guixiang, Vice-Ministerial-Level Full-Time Member of the Adjudication Committee and Second-Grade Grand Justice of the Supreme People's Court, stated at a press conference held by the State Council Information Office that the people's courts will fully safeguard national security and social stability, punish criminal acts that endanger national security, public safety, and undermine the socialist market economic order in accordance with the law, and adhere to market-oriented and rule-of-law principles to coordinate administrative, civil, and criminal adjudication functions to prevent and resolve risks in key areas such as finance and real estate. [China Index Academy: Property Developers' Bond Financing in April Up Nearly 30% YoY] The latest data released by the China Index Academy showed that in April, total bond financing in the real estate sector reached 61.48 billion yuan, up 28.8% YoY and up 18.5% MoM. Specifically, credit bond financing in the real estate sector totaled 37.48 billion yuan (up 2.6% YoY, down 9.1% MoM), accounting for 61%; ex-China bond financing was 3.43 billion yuan, accounting for 5.6%; ABS financing was 20.57 billion yuan (up 83.9% YoY, up 93.1% MoM), accounting for 33.5%. [Marco Polo: Q2 Sales Improved QoQ] Marco Polo stated at a recent earnings briefing that in Q1 2026, affected by the late Chinese New Year holiday and slow market activation, the industry overall declined YoY to some extent. Since Q2, the real estate market in some cities has shown structural stabilization and recovery, with new home markets broadly stopping falling, and second-hand housing prices in core cities such as Guangzhou, Shenzhen, and Hangzhou beginning to rise with active transactions. The company adopted multiple measures, including building regional empowerment centers, promoting the sinking of its dealer network, expanding non-residential project business, and strengthening cooperation with whole-house decoration enterprises, resulting in a QoQ improvement in sales in Q2. [Guangzhou Anju Group to Launch Pilot Work Supporting Residents in "Selling Old and Buying New"] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, stated that to support residents in improving their housing conditions and facilitate the exchange chain between pre-owned and new housing, Anju Group will immediately launch pilot work supporting residents in "selling old and buying new," with a trial period ending on December 31, 2026. Following the principle of "government guidance, market-based operation, and voluntary participation," the group will acquire pre-owned residential properties through market-oriented approaches. The pilot acquisition targets pre-owned residential properties within Guangzhou's Ring Expressway, with a total price of no more than 3 million yuan, a floor area of less than 70 m², and no restriction on building age. The acquired old properties will be prioritized for use as affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and other groups, as well as resident relocation for urban self-renewal projects. [Guangzhou Huadu District Sees "Rising Volume, Stable Prices, and Active Transactions" After New Policy Implementation] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Head of Huadu District, Guangzhou, stated that after the implementation of the "Eight Measures for Guangzhou," Huadu District took the lead in the city to introduce the "Eight Measures for Huadu." Since the new policy took effect, the real estate market in Huadu District has seen a sustained rebound in market activity and a continuous release of transaction vitality. Project visits, subscriptions, policy inquiries, and pre-owned housing market transactions all surged significantly. Policy inquiries focused on core topics such as pre-sale school enrollment eligibility, online contract-based school enrollment, and trade-in policy subsidies. The overall market demonstrated a positive trend of "rising volume, stable prices, and active transactions." [Xiamen Introduces Six Housing Provident Fund Measures: "Sell Old, Buy New" Loans to Be Executed at First-Home Interest Rates] On May 19, the Xiamen Housing Provident Fund Center announced on its website that, in order to implement the spirit of the "Several Opinions on Further Promoting the Stable Development of the Real Estate Market" issued by the Fujian Provincial Department of Housing and Urban-Rural Development, and in light of Xiamen's actual conditions, the city introduced six housing provident fund measures upon approval by the Xiamen Housing Provident Fund Management Committee. Among them, it was proposed that "sell old, buy new" loans be executed at first-home interest rates. If a depositor sells a self-owned property within Fujian Province and purchases a second self-occupied property in Xiamen within 12 months, and applies for a housing provident fund loan that meets the lending conditions, the loan will be executed at the first-home housing provident fund loan interest rate. Housing provident fund loans for multi-child families are executed at first-home loan interest rates. For multi-child families purchasing a second owner-occupied home in the city and applying for housing provident fund loans, those meeting the provident fund loan conditions will have loans executed at first-home housing provident fund loan interest rates. [Hunan Issued Policies to Support Acquisition of Existing Commercial Housing and Housing "Trade-in"] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development, together with nine departments including the Provincial Development and Reform Commission and the Provincial Department of Finance, issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." This "New Xiang Ten Measures" is an optimization and upgrade based on the 2025 "Several Measures of Hunan Province to Promote Stable and Healthy Development of the Real Estate Market," focusing on formulating relevant support measures in areas such as acquisition of existing commercial housing, housing "trade-in," "quality housing" construction, "three-in-one" housing projects, and provident fund policy optimization. The "New Xiang Ten Measures" specified that for loans applied for purchasing newly-built commercial housing within the province (including housing provident fund loans and commercial loans), housing unit counts are determined at the county/city/district (park) level; for those already owning housing in the county/city/district (park) where the intended purchase is located, one housing unit is deducted from the count; the minimum down payment ratio of 30% for commercial property loans is implemented. [Hunan: College Graduates and High-level Talents Staying in or Coming to Hunan for Employment and Entrepreneurship Can Apply for Loans After 1 Month of Provident Fund Contributions] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development and eight other departments issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." The "New Xiang Ten Measures" proposed that for college graduates, young talents, and high-level talents staying in or coming to Hunan who apply for housing provident fund loans for their first home purchase within the province, they can apply after only 1 month of contributions, with maximum preferential down payment ratios, and the maximum loan amount may not be linked to account balances but reasonably determined based on work compensation base and labor (employment) contract duration. Among them, the maximum housing provident fund loan amount for high-level talents can be relaxed to 4 times the standard, and for college graduates and young talents staying in or coming to Hunan for employment and entrepreneurship, it can be relaxed to 2 times. For first-marriage and first-birth families and families with two or more children using housing provident fund loans to purchase newly-built commercial housing, the loan amount cap is further increased by more than 30%. The age limit for housing provident fund personal loans is extended, with a maximum of 5 years added beyond the statutory retirement age. [A Residential Land Parcel in Nanchang Sold at 12.5% Premium] On May 8, Nanchang sold a residential land parcel with a transfer area of 12.1409 mu and a planned building area of 9,712.72 sqm, with a floor area ratio of 1.1. The starting land price was 4 million yuan/mu, totaling a starting price of 48.56 million yuan, with a starting floor price of 5,000 yuan/sqm. Ultimately, Yingtan Wanjing Real Estate Development Co., Ltd. won the land parcel at a land price of 4.5 million yuan per mu, equivalent to a total price of 54.63 million yuan, with a transaction floor price of 5,625 yuan/㎡ and a premium rate of 12.5%. [Beijing Real Estate Market Activity Climbs, Pre-owned Home Trading Volume Hits Nearly 5-Year High] During this year's Labour Day holiday, as new real estate policies were intensively rolled out in multiple cities, real estate market activity climbed. In Beijing, the pre-owned housing market continued the momentum since April, with trading volume and showing volume rising steadily. The latest data showed that during the first four days of the Labour Day holiday, the number of pre-owned home transactions in Beijing surged 72% YoY, indicating strong market performance. In April, which just ended, Beijing's pre-owned home trading volume reached nearly 18,000 units, hitting the highest level for the same period in nearly five years. [Guangzhou Labour Day Holiday New Residential Subscription Volume Up Over 50% YoY] On May 6, it was learned from the Guangzhou Municipal Housing and Urban-Rural Development Bureau that during the Labour Day holiday, Guangzhou's real estate market activity rebounded significantly, with both new and pre-owned residential markets improving in tandem and a clear recovery trend in the property market. Data showed that from May 1 to 5, the new residential market in Guangzhou heated up notably, with a citywide daily average of 8,692 visits to new residential projects (up 30.8% YoY) and a daily average subscription volume of 634 units (up 50.1% YoY). The pre-owned residential market maintained steady growth. During the holiday, daily average showings and daily average subscription volume grew 15.6% and 5.2% respectively compared with April, while subscription volume was up 63.4% YoY. Meanwhile, new listing volume of pre-owned homes pulled back somewhat. A spokesperson from the Guangzhou Municipal Housing and Urban-Rural Development Bureau stated that on April 30, Guangzhou issued implementation guidelines on further promoting stable and healthy development of the real estate market, proposing multiple measures covering areas such as optimizing housing provident fund usage and facilitating property swap chains. The policy dividends were quickly transmitted, and market response was evident. [Zhongshan, Guangdong: Pre-owned Housing Acquired by Developers Can Be Resold; Minimum Down Payment for Commercial Property Loans Set at 30%] The Zhongshan Municipal Housing and Urban-Rural Development Bureau of Guangdong Province issued the "Several Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market in Zhongshan" to further implement the digestion of existing housing inventory and optimize incremental housing supply, and to better meet residents' essential and upgrading housing needs. The "Several Measures" comprised seven articles, including continuing to support residential housing trade-in policies; encouraging market-oriented operation of commodity housing trade-in programs; increasing housing provident fund support for home purchases; optimizing the criteria for determining the number of housing units under provident fund loans; accelerating destocking of commercial properties and encouraging multiple approaches to revitalize existing resources; increasing financial support and lowering the minimum down payment ratio for commercial property purchase loans; and piloting housing voucher-based resettlement compensation. Among them, the Several Measures stipulate that repurchased old housing can be resold, renovated and then sold, or used for market-oriented rental housing, talent apartments, affordable rental housing, etc. The minimum down payment ratio for commercial property purchase loans was adjusted to no less than 30%. [China Real Estate News: Stabilizing the Property Market Requires Good "Forward Planning"] On May 4, China Real Estate News published an editorial stating that amid complex and volatile internal and external shocks, the property market's performance since the beginning of this year was hard-won, and will lay a solid foundation and inject firm confidence for efforts to stabilize the real estate market. Therefore, the upcoming months of May and June are crucial, and localities should continue to do good "forward planning." The more detailed and thorough the work on "forward planning" for stabilizing the real estate market, the more solid the foundation for market stability. The stability and vitality of the property market should be reflected in the transformation of "good housing" toward higher quality, and the innovation momentum of "good housing" should be further released and continuously expanded. The stability and vitality of the property market should also be reflected in the overall satisfaction of demand, and the housing replacement cycle should be further facilitated. The core value of the housing trade-in policy lies in breaking this deadlock through institutional innovation. Localities should build bridges between old housing disposal and new housing purchase through government guidance, state-owned enterprise participation, and market-based operations, both facilitating the replacement process and reassuring buyers of price stability. Meanwhile, financial support will be increased for converting existing commercial housing into affordable housing, resettlement housing, dormitories, and talent housing. This will provide stable absorption channels for inventory to accelerate market clearing, effectively broaden the supply sources of affordable housing, shorten construction cycles, and address the housing difficulties of key groups such as low- and middle-income groups, new urban residents, and young people at relatively low social costs, forming an overall favorable landscape where new housing is well managed, second-hand housing is active, and the high-end has a market, the mid-end has support, and the low-end has guarantees, building momentum for real estate market stability and high-quality development. [Suzhou: Raising Maximum Housing Provident Fund Loan Limits, with Individual Maximum Loan Amount Adjusted to 1.5 Million Yuan] Suzhou recently issued several measures to further promote stable and healthy development of the real estate market. Among them, it mentioned optimizing the criteria for determining the number of provident fund loans and housing units, with first-home provident fund loan policies applied when applicants have no outstanding provident fund loan balance nationwide. The maximum provident fund loan limits were raised, with the individual maximum loan amount adjusted to 1.5 million yuan and the family maximum loan amount adjusted to 2 million yuan. For purchases of newly built green residential buildings rated two-star or above, the provident fund loan amount can be increased by 20%; for purchases of newly built "dual-smart and fully-equipped" improved housing, the provident fund loan amount can be increased by 50%. For purchases of newly built commercial housing projects sold as completed properties, the provident fund loan amount can be increased by 50%. Provident fund loans can be applied for when purchasing completed property-right apartments. [Wuhan Announces New Property Market Policies, Expanding the Scope of Cross-City Housing Provident Fund Loans] On April 30, the Wuhan Housing and Urban Renewal Bureau, Wuhan Municipal Finance Bureau, and Wuhan Housing Provident Fund Management Center issued the Notice on Further Optimizing and Improving the City's Real Estate Policy Measures. The notice proposed that from May 1 to December 31, 2026, when resident families apply for commercial personal housing loans to purchase newly built commercial housing, if family members have no complete housing units in the district where the intended new commercial housing is located, the purchase will be recognized as the family's first home. Employees contributing to provident funds in cities nationwide who purchase self-owned housing in Wuhan or have outstanding commercial housing loans may apply for housing provident fund loans from the Wuhan Provident Fund Center, with the restriction requiring borrowers (including spouses) to hold Wuhan household registration removed. [Zhanjiang Optimizes Property Market Policies: Housing Purchase Subsidies and Provident Fund Loan Limits Increased] According to the Zhanjiang Municipal Housing and Urban-Rural Development Bureau, to adapt to the new situation in the real estate market, Zhanjiang introduced the "Zhanjiang Seven Measures" policy aimed at promoting housing absorption and optimizing supply. The policies include raising housing provident fund loan limits, with the maximum loan amount for homebuyers reaching 1.2 million yuan, and military families eligible for an additional 200,000 yuan in loans; implementing housing purchase subsidies, with buyers eligible for subsidies of up to 20,000 yuan. The policies also cover reducing real estate enterprises' operating costs, optimizing residential design, streamlining approval processes, and supporting the sound development of the real estate industry and urban construction. The policies take effect immediately and are valid for three years. [Tianjin Optimizes Real Estate Supply to Promote Housing Consumption] Tianjin issued a notice on optimizing the city's real estate supply to promote housing consumption. It mentioned using special bond funds to reclaim and repurchase existing idle land. Enterprises are supported in advancing the continued development of real estate projects through reasonable optimization of design requirements and other means. Business entities that repurchase existing commercial housing for use as rental housing may enjoy preferential tax policies related to housing rental if they meet the conditions. For cases where existing commercial housing is certified as being converted into allocation-based affordable rental housing, the land use nature will not be changed within the original land use period, no supplementary land price will be required, and preferential pricing policies for water, electricity, gas, and heating will be enjoyed in accordance with national and municipal regulations. The national tax policy supporting residents' housing replacement purchases is implemented. From January 1, 2026 to December 31, 2027, taxpayers who sell self-owned housing within Tianjin and repurchase housing in Tianjin within one year after the sale of their current housing will be eligible for a refund of the individual income tax already paid on the sale of their current housing. [Shenzhen Municipal Housing and Construction Bureau Issues Notice on Further Optimizing and Adjusting the City's Real Estate-Related Policies] On April 29, the Shenzhen Municipal Housing and Construction Bureau issued a notice to further optimize real estate regulatory policies. Regarding purchase restrictions, eligible resident families may purchase one additional housing unit within the areas of Futian, Nanshan, and Xin'an Sub-district in Bao'an; non-Shenzhen-registered families holding valid residence permits may also purchase one unit in the above areas. Regarding provident funds, the maximum family loan amount was raised to 1.3 million yuan, with first-home buyers and multi-child families eligible for a maximum increase of 70%. The new policy takes effect from May 29. [Zhuhai Municipal Housing and Urban-Rural Development Bureau and Five Other Departments Optimize and Adjust the City's Real Estate Policy Measures] The Zhuhai Municipal Housing and Urban-Rural Development Bureau and five other departments issued a notice on optimizing and adjusting the city's real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising housing provident fund loan limits. For those eligible for provident fund loans, the maximum housing provident fund personal housing loan amounts for single- and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of housing purchase support for multi-child families. When multi-child families apply for provident fund loans to purchase a second self-occupied housing unit, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the loan amount increase ratio for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing in certified prefabricated building projects, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit; for purchases of commercial housing meeting the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. [Foshan Launches Commercial Housing "Trade-in" Program! First Batch Involves 22 Projects] Recently, the Notice of the Foshan Municipal Housing and Urban-Rural Development Bureau on Organizing the First Batch of Commercial Housing "Trade-in" Program was officially released. This is not a simple encouragement document; it is a solution that systematically unblocks replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transition from "one-sided transactions" to a "virtuous cycle between existing and incremental housing," achieving multi-party wins for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as repurchasing entities; Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Commerce, Sanshui Chanfa, and Miaohui Real Estate provide new housing sources. This model determines old housing value through negotiation and sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer. Voices from Various Parties BOC International Securities believes the real estate industry is at an important window where fundamentals and market expectations are resonating in recovery. Current policies continue to exert force, with first-tier cities optimizing purchase and loan restrictions and core cities optimizing provident fund policies, all of which have had a certain effect on releasing genuine housing demand, with some first-tier city property markets seeing a sustained two-month recovery. In the short term, the window of resonance between policy and high-frequency transaction improvement remains, and it is necessary to track whether the subsequent transaction recovery trend can continue, which will depend on inventory destocking progress and whether prices stabilize. From an investment perspective, most real estate enterprises made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, so sector profit margins and performance may rebound in 2027, potentially leading to improved market valuations for 27E in Q4 this year. In addition, some commercial property holding companies have already positioned themselves ahead in new business formats, new models, and new scenarios, and are better positioned to seize opportunities in the new consumption era. A China Post Securities research report shows that in the phase where policy and high-frequency transactions are "resonating but not fully," the industry's β remains constrained by the verification progress of "destocking and price stabilization." The pattern of second-hand housing recovering first while new housing lags continues, and capital in the secondary market continues to favor assets with α characteristics (those deeply rooted in core cities, with precise land acquisition, and strong product and operational capabilities). Although there is policy support and improvement in the second-hand housing chain in core cities, land and new construction starts remain weak, and fluctuations in net financing suggest that industry clearing has not concluded, and β rallies remain susceptible to data disturbances. Against this backdrop, China Post Securities recommends focusing on China Resources Land, China Overseas Land & Investment, China Jinmao, Poly Property and China Merchants Shekou. Huayuan Securities' research report believes that in 2026, three major trends are worth anticipating: 1) The real estate adjustment is expected to near its end: reviewing real estate crises in major global economies, the average decline was 35% with an average adjustment period of 6 years, and the length and depth of China's actual housing price adjustment have already been relatively sufficient. 2) Structural opportunities in "good housing": China's real estate market has entered a phase of structural differentiation, with the central government frequently mentioning the construction of good housing. Under the catalyst of policy orientation and changes in supply-demand structure, high-grade residential properties may usher in a development wave. 3) Hong Kong property market recovery continues: driven by multiple favorable factors, market sentiment in Hong Kong's private residential market has gradually recovered, and they believe Hong Kong-based developers are expected to see a new round of value re-rating. They maintain a "bullish" rating on real estate. A CITIC Securities research report stated that in April, the floor space of commercial buildings sold nationwide fell 9.5% YoY, with the decline widening 2.1 percentage points from March; sales revenue fell 7.6% YoY, with the decline narrowing 5.7 percentage points from March. New and second-hand housing prices continued to adjust. In April, the MoM decline in the price indices of newly built commercial residential housing and second-hand residential housing across 70 large and medium-sized cities nationwide remained flat MoM. Second-hand housing prices in first-tier cities all rose, with second-hand residential prices in Shanghai, Beijing, Shenzhen, and Guangzhou up 0.7%, 0.4%, 0.3%, and 0.2% MoM, respectively. First-tier city property markets continued to recover, and the real estate market is gradually stopping its decline and stabilizing. They are bullish on Hong Kong, commercial properties, and quality enterprises focused on core city tracks.

In 2026, global competition for critical minerals enters a white-hot phase, geopolitical maneuvering deepens, and global industry and supply chains are restructured at an accelerated pace. A new round of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is propelling the minor metals industry into a historic period of development opportunities and profound transformation. Globally, the EU’s Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, the Minerals Security Partnership keeps expanding, and the trends of localization and regionalization of critical mineral supply chains intensify. Resource competition, technology barriers, and trade rule restructuring around strategic minor metals—such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium—have become the core focus of global high-end manufacturing competition. As the world’s core supplier of minor metals, China holds a dominant global position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference gathers upstream and downstream enterprises, research institutes, government agencies, financial and investment institutions, and trade service providers across the entire industry chain of antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, and more. It builds a high-standard, full-chain, and in-depth exchange and cooperation platform. The conference will deeply interpret the changing global policy landscape, diagnose supply-demand patterns and price trends, analyze growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities. It will help enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China’s minor metals industry. Hunan Zhenqiang Antimony Co., Ltd. will attend the conference with great honor. We will keep pace with the times, aim at our goals, forge ahead with determination, and march forward courageously! Click to register now. We look forward to meeting you at the conference. Hunan Zhenqiang Antimony Co., Ltd. is located in Xikuangshan, the World Capital of Antimony. It is a large private antimony smelting enterprise and the third producer, after Shining Star Antimony and Chenzhou Mining, to meet the national antimony industry access conditions for refined antimony and gold production. Founded in 2008, the company covers an area of over 50 mu, with a registered capital of RMB 50 million. Its business scope includes: antimony smelting; antimony ore mining and beneficiation. Since producing refined antimony and gold, the company’s annual sales revenue has grown from RMB 400 million to RMB 800 million, doubling its annual output value. Main products: (1) Refined antimony, annual output 6,000 mt; antimony oxide, 3,000 mt. (2) 99% gold, annual output 1,000 kg. Main equipment: (1) 2 m 2 blast furnace, equipped with an 8 m 2 forehearth; (2) 8 refining reverberatory furnaces: including three 17 m 2 refined antimony furnaces, two 12 m 2 precious antimony smelting furnaces, two 8 m 2 low-gold ore processing furnaces, and one 4.5 m 2 precious-antimony converting furnace; (3) newly built 1,000 kg/year gold purification line; (4) newly built 6,000 mt/year antimony-gold ore leaching and electrolysis production line. Main products: Refined antimony, annual output 6,000 mt; antimony oxide, 3,000 mt 99% Gold, Annual Output 1000kg Main Equipment: 2m² Blast Furnace with 8m² Forehearth 8 Refining Reverberatory Furnaces: including 3 units of 17m² Antimony Refining Furnace, 2 units of 12m² Precious Antimony Smelting Furnace, 2 units of 8m² Low-Gold Ore Treatment Furnace, and 1 unit of 4.5m² High-Antimony Blowing Furnace Newly built gold purification production line with an annual capacity of 1000kg gold Newly built leaching and electrolysis production line with an annual capacity of 6,000 mt of antimony-gold ore Environmental Protection Status: 1. The company commenced construction in June 2008 and obtained EIA approval for trial production in October 2011, primarily processing single antimony ore to produce refined antimony. In December 2020, it obtained a second EIA approval for trial production, mainly processing antimony-gold symbiotic ore to produce refined antimony and 99% gold. 2. Flue Gas Treatment System (1) One set of blast furnace flue gas cooling and dust removal equipment and eight sets of reverberatory furnace flue gas cooling and dust removal equipment were built. (2) One set of SO 2 flue gas treatment system was built, featuring three-stage spray, adopting the "lime-gypsum" process, with fully automatic control, and a flue gas treatment capacity of 65,000 m 3 /h. One demister and one 30m high stack were also constructed. (3) Organized waste gas emissions were achieved: after the flue gas passed through facilities including "water cooling + surface cooling + bag dust collection", and after treatment by multi-stage spray towers, SO 2 concentration was ≤200 mg/Nm 3 (meeting national standards), and was then discharged through the demister and stack. 3. Wastewater Treatment and Reuse System Including plant clean-dirty water separation and rainwater-sewage separation systems; a rainwater collection system; and a wastewater treatment system. A rainwater collection pond of 200 m 3 and a wastewater treatment capacity of 2,000 m 3 were built. After treatment, rainwater and wastewater were reused, with no external discharge. For the newly built 1000kg gold per year purification line, wastewater was pumped to the desulfurization workshop, neutralized, and then sent to the absorption tower to treat SO 2 flue gas, with no external discharge. The newly built 6,000 mt per year antimony-gold ore leaching and electrolysis line achieved closed-circuit leaching and electrolysis production, with no wastewater discharge. Meeting Contact: Zhu Wei zhuwei@smm.cn

SMM News, May 28: Recently, multiple regions across China released policies to promote the stable and healthy development of the real estate market. Provinces and cities including Guangzhou, Shenzhen, Xiamen, Hunan, and Suzhou successively optimized property market regulation details, including measures such as relaxing provident fund loan conditions, raising loan limits, advancing state-owned enterprise acquisition of existing second-hand housing, and implementing housing "trade-in" policies, which are expected to gradually activate housing replacement demand and revitalize existing housing stock. As policy effects gradually materialized, transaction activity in core cities such as Beijing, Shanghai, Guangzhou, and Shenzhen recovered, real estate enterprises' financing environment showed marginal improvement, and industry fundamentals saw slight repair. Boosted by both policies and fundamentals, coupled with some capital reallocation, the real estate sector posted a counter-trend rally. As of the market close on May 28, the real estate development sector rose 0.99%, and real estate services rose 1.39%. In terms of individual stocks: Beichen Property, Tianjian Group, Xiangjiang Holdings, Vantone Development and other stocks hit the daily limit, while Xinhuangpu, Jintou Chengkai, Black Peony, Yue Hong Yuan A, and Worldunion all ranked among the top gainers. News [The Political Bureau of the CPC Central Committee Held a Meeting to Analyze and Study the Current Economic Situation and Economic Work] The Political Bureau of the CPC Central Committee held a meeting on April 28 to analyze and study the current economic situation and economic work. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting. The meeting noted that since the beginning of this year, the CPC Central Committee with Comrade Xi Jinping at its core has strengthened overall leadership over economic work, taking a holistic and forward-looking approach. All regions and departments have acted proactively and adopted comprehensive measures. China's economy got off to a strong start, with major indicators performing better than expectations, demonstrating strong resilience and vitality. At the same time, there are some difficulties and challenges, and the foundation for sustained and steady economic improvement needs to be further consolidated. Confidence should be strengthened, and economic work should be pursued with greater intensity and more practical measures. The meeting pointed out the need to effectively prevent and defuse risks in key areas. Efforts should be made to stabilize the real estate market and solidly advance urban renewal. Local government debt risks should be resolved in an orderly manner, with a focus on addressing the issue of overdue payments to enterprises. Reform of small and medium-sized financial institutions should be promoted, and confidence in the capital market should be stabilized and strengthened. [Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government: Confident in Further Consolidating the Stabilizing and Improving Trend of Guangzhou's Property Market] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government, stated that going forward, Guangzhou will continue to improve the two major systems of the housing market and housing security, and continuously optimize property market regulation measures. Departments including the Municipal Bureau of Planning and Natural Resources, the Municipal Bureau of Housing and Urban-Rural Development, and the Municipal Provident Fund Center have issued supporting rules on matters such as land supply, special subsidies for "sell-old-buy-new," and "commercial-to-provident fund loan conversion." Huadu District responded swiftly by launching the "Huadu Eight Measures" as specific initiatives. State-owned enterprises represented by Guangzhou Anju Group are accelerating the launch of pilot work on second-hand housing acquisition and revitalization. We believe that as these detailed rules are fully implemented and various sectors advance in coordination, we are confident in further consolidating the stabilizing and improving trend of Guangzhou's property market. (Jin10 Data APP) [Guangzhou's Real Estate Market Activity Has Been Continuously Rising Since May] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, introduced that on April 30, Guangzhou issued the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market" (known as the "Sui Eight Measures"). As the policy effects continued to release, market activity has been continuously rising. Since May, weekly visits, subscriptions, and online signings at key new residential projects citywide increased by 26.9%, 36.9%, and 11.4% WoW respectively; weekly signing volume of second-hand residential properties rose 9.3% WoW, while new listing volume decreased 16.7% YoY. The new housing provident fund policy has taken effect, with 4,484 loan applications accepted totaling 4.746 billion yuan, up 47.05% and 56.43% YoY respectively. [Guangzhou: Removes Restrictions on "Only Housing in the City" and Number of Provident Fund Loan Uses] On May 26, 2026, the Guangzhou Housing Provident Fund Management Center issued the normative document "Implementation Measures for Converting Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Provisional)." It proposed expanding the scope of commercial loan banks by removing the restriction that "the original commercial loan bank must be a housing provident fund entrusted bank," allowing commercial loans from non-housing provident fund handling banks to be converted to pure housing provident fund loans. It relaxed requirements on loan types, terms, and provident fund contribution duration. For commercial-to-provident-fund conversion business handled by housing provident fund loan handling banks, applicants whose convertible loan amount is not enough to fully repay the original commercial loan principal and interest may choose to convert to a combination loan. The requirement for account opening and cumulative housing provident fund contribution duration was reduced from "60 months" to "36 months." The original commercial loan disbursement period was shortened from "more than 3 years" to "more than 2 years." The restrictions on "only housing in the city" and the number of provident fund loan uses were removed, no longer requiring that "the loan property is the applicant's family's only housing in the city," supporting applications for first and second improved housing. Applicants who "have never used or have only used housing provident fund loans once" may also apply for commercial-to-provident-fund conversion, no longer subject to the restriction of "never having used housing provident fund loans." (Jin10 Data) [Xiong'an New Area: Maximum Housing Provident Fund Loan Amount Raised to 800,000 Yuan] Notice from the Xiong'an New Area Housing Management Center on Optimizing and Adjusting Housing Provident Fund Withdrawal and Loan Policies. The policy stated that for depositors meeting the rental housing withdrawal conditions in the New Area who have not registered their housing lease contracts, the maximum annual withdrawal amount was raised to 17,000 yuan; for those who have registered their housing lease contracts on the "Hebei Xiong'an New Area Housing Rental Information Service Platform," the maximum annual withdrawal amount was raised to 25,000 yuan. For depositors purchasing owner-occupied housing in the New Area and applying for housing provident fund loans, the maximum loan amount was raised to 800,000 yuan. For employees of entities relocated from Beijing whose housing provident fund contributions are deposited in the New Area, the maximum loan amount for purchasing owner-occupied housing in the New Area was raised to 1.2 million yuan. For families with two or more children purchasing owner-occupied housing in the New Area and applying for housing provident fund loans, the maximum loan amount was increased by an additional 200,000 yuan. For employee households with only one housing provident fund loan record nationwide that has been fully repaid and who have no property in the New Area, the first-home housing provident fund loan policy shall apply. (Xiong'an Provident Fund) [Supreme Court's Liu Guixiang: Preventing and Mitigating Risks in Key Areas Such as Finance and Real Estate] On May 27, Liu Guixiang, Vice-Ministerial-Level Full-Time Member of the Adjudication Committee and Second-Grade Grand Justice of the Supreme People's Court, stated at a press conference held by the State Council Information Office that the people's courts would fully safeguard national security and social stability, lawfully punish criminal acts that endanger national security and public safety and undermine the socialist market economic order, and adhere to the principles of marketization and rule of law, coordinating the functions of administrative, civil, and criminal adjudication to prevent and mitigate risks in key areas such as finance and real estate. [China Index Academy: Property Developer Bond Financing up Nearly 30% YoY in April] The latest data released by the China Index Academy showed that in April, total bond financing in the real estate sector reached 61.48 billion yuan, up 28.8% YoY and up 18.5% MoM. Specifically, credit bond financing in the real estate sector totaled 37.48 billion yuan (up 2.6% YoY, down 9.1% MoM), accounting for 61%; ex-China bond financing was 3.43 billion yuan, accounting for 5.6%; ABS financing was 20.57 billion yuan (up 83.9% YoY, up 93.1% MoM), accounting for 33.5%. [Marco Polo: Q2 Sales Improved QoQ] Marco Polo stated at a recent earnings briefing that in Q1 2026, due to the late Chinese New Year holiday and a slow market start, the industry experienced a certain degree of YoY decline overall. Since Q2, the real estate market in some cities has shown structural stabilization and recovery, with the new housing market broadly stopping its decline. Core cities such as Guangzhou, Shenzhen, and Hangzhou saw second-hand housing prices begin to rise, with active transactions. The company improved its Q2 sales on a QoQ basis through various measures, including building regional empowerment centers, promoting the expansion of its dealer network into lower-tier markets, developing non-residential engineering projects, and strengthening cooperation with whole-house decoration enterprises. [Guangzhou Anju Group to Launch Pilot Work Supporting Residents in "Selling Old and Buying New"] On May 26, Guangzhou held a press conference on the supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, stated that to support residents in improving their housing conditions and facilitate the exchange chain between pre-owned and new housing, Anju Group will immediately launch pilot work supporting residents in "selling old and buying new," with a trial period ending on December 31, 2026. Following the principle of "government guidance, market-based operation, and voluntary participation," the group will acquire pre-owned residential properties through market-oriented approaches. The pilot acquisition targets pre-owned residential properties within Guangzhou's Ring Expressway, with a total price of no more than 3 million yuan, a floor area of less than 70 m², and no restriction on building age. The acquired properties will be prioritized for use as affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and other groups, as well as resident relocation for urban self-renewal projects. [Guangzhou Huadu District Sees "Rising Volume, Stable Prices, and Active Transactions" After New Policy Implementation] On May 26, Guangzhou held a press conference on the supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Head of Huadu District, stated that after the implementation of the "Eight Measures for Guangzhou," Huadu District took the lead in the city by introducing the "Eight Measures for Huadu." Since the new policy took effect, the real estate market in Huadu District has seen a continued rebound in market activity and a steady release of transaction vitality. Project visits, subscriptions, policy inquiries, and pre-owned housing transactions all surged significantly. Policy inquiries focused on core topics such as pre-sale school enrollment eligibility, online contract registration for school enrollment, and trade-in subsidies. The market overall demonstrated a positive trend of "rising volume, stable prices, and active transactions." [Xiamen Introduces Six Housing Provident Fund Measures: "Sell Old, Buy New" Loans to Be Executed at First-Home Interest Rates] On May 19, the Xiamen Housing Provident Fund Center announced on its website that, in order to implement the spirit of the "Several Opinions on Further Promoting the Stable Development of the Real Estate Market" issued by the Fujian Provincial Department of Housing and Urban-Rural Development, and in light of Xiamen's actual conditions, the city introduced six housing provident fund measures upon approval by the Xiamen Housing Provident Fund Management Committee. Among them, it was proposed that "sell old, buy new" loans be executed at first-home interest rates. Depositors who sell their own residential properties within Fujian Province and purchase a second self-occupied residential property in Xiamen within 12 months and apply for a housing provident fund loan shall, if they meet the provident fund loan conditions, be subject to the first-home housing provident fund loan interest rate. Housing provident fund loans for multi-child families are executed at first-home loan interest rates. For multi-child families purchasing a second owner-occupied home in the city and applying for housing provident fund loans, those meeting the provident fund loan conditions will have loans executed at first-home housing provident fund loan interest rates. [Hunan Issued Policies Supporting Acquisition of Existing Commercial Housing and Housing "Trade-in"] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development, together with the Provincial Development and Reform Commission, the Provincial Department of Finance, and six other departments, issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." This "New Xiang Ten Measures" is an optimization and upgrade based on the 2025 "Several Measures of Hunan Province to Promote Stable and Healthy Development of the Real Estate Market," focusing on formulating relevant support measures in areas such as acquisition of existing commercial housing, housing "trade-in," "quality housing" construction, "three-in-one" housing projects, and optimization of provident fund policies. The "New Xiang Ten Measures" specified that for loans applied for purchasing newly-built commercial housing within the province (including housing provident fund loans and commercial loans), housing unit counts are determined at the county/city/district (park) level, and for those already owning housing in the county/city/district (park) where the intended purchase is located, one housing unit is deducted from the count; the minimum down payment ratio of 30% for commercial property loans is implemented. [Hunan: College Graduates and High-level Talents Staying in or Coming to Hunan for Employment and Entrepreneurship Can Apply for Loans After 1 Month of Provident Fund Contributions] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development and eight other departments issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." The "New Xiang Ten Measures" proposed that for college graduates, young talents, and high-level talents staying in or coming to Hunan who apply for housing provident fund loans for their first home purchase within the province, they can apply after only 1 month of contributions, with maximum preferential down payment ratios, and the maximum loan amount may not be linked to account balances but reasonably determined based on work compensation base and labor (employment) contract duration. Among them, the maximum housing provident fund loan amount for high-level talents can be relaxed to 4 times the standard, and for college graduates and young talents staying in or coming to Hunan for employment and entrepreneurship, it can be relaxed to 2 times. For first-marriage and first-birth families and families with two or more children using housing provident fund loans to purchase newly-built commercial housing, the loan amount cap is further increased by more than 30%. The age limit for housing provident fund personal loans is extended, with a maximum increase of 5 years beyond the statutory retirement age. [A Residential Land Parcel in Nanchang Sold at 12.5% Premium] On May 8, Nanchang sold a residential land parcel with a transfer area of 12.1409 mu and a planned building area of 9,712.72 sqm, with a floor area ratio of 1.1. The starting land price was 4 million yuan/mu, totaling a starting price of 48.56 million yuan, with a starting floor price of 5,000 yuan/sqm. Yingtan Wanjing Real Estate Development Co., Ltd. ultimately won the land parcel at a land price of 4.5 million yuan/mu, equivalent to a total price of 54.63 million yuan, with a transaction floor price of 5,625 yuan/㎡ and a premium rate of 12.5%. [Beijing Real Estate Market Activity Climbs, Pre-owned Home Trading Volume Hits Nearly 5-Year High] During this year's Labour Day holiday, as new real estate policies were intensively implemented in multiple cities, real estate market activity climbed. In Beijing, the pre-owned housing market continued the momentum since April, with trading volume and showing volume rising steadily. The latest data showed that during the first four days of the Labour Day holiday, the number of pre-owned home transactions in Beijing surged 72% YoY, indicating strong market performance. In April, which just passed, Beijing's pre-owned home trading volume reached nearly 18,000 units, hitting the highest level for the same period in nearly 5 years. [Guangzhou Labour Day Holiday New Residential Subscription Volume Up Over 50% YoY] On May 6, it was learned from the Guangzhou Municipal Housing and Urban-Rural Development Bureau that during the Labour Day holiday, Guangzhou's real estate market activity rebounded significantly, with both new and pre-owned residential markets improving in tandem and a clear recovery trend in the property market. Data showed that from May 1 to 5, the new residential market in Guangzhou heated up significantly, with a citywide daily average of 8,692 visitor groups to new residential projects (up 30.8% YoY), and a daily average subscription volume of 634 units (up 50.1% YoY). The pre-owned residential market maintained steady growth. During the holiday, daily average showing visits and daily average subscription volume grew 15.6% and 5.2% respectively compared to April, while subscription volume was up 63.4% YoY. Meanwhile, new listing volume of pre-owned homes pulled back. A spokesperson from the Guangzhou Municipal Housing and Urban-Rural Development Bureau stated that on April 30, Guangzhou issued implementation opinions on further promoting stable and healthy development of the real estate market, proposing multiple measures covering areas such as optimizing housing provident fund usage and facilitating property swap chains. The policy dividends were quickly transmitted, with notable market feedback. [Guangdong Zhongshan: Pre-owned Housing Acquired by Developers Can Be Resold; Minimum Down Payment for Commercial Property Loans Set at 30%] The Housing and Urban-Rural Development Bureau of Zhongshan City, Guangdong Province, issued the "Several Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market in Zhongshan" to further implement the digestion of existing housing inventory and optimize incremental housing supply, better meeting residents' essential and upgrading housing needs. The "Several Measures" comprised 7 articles, including continuing to support residential housing trade-in policies; encouraging market-oriented operation of commodity housing trade-in programs; increasing housing provident fund support for home purchases; optimizing the criteria for determining the number of housing units under provident fund loans; accelerating destocking of commercial properties and encouraging multiple approaches to revitalize existing resources; increasing financial support and lowering the minimum down payment ratio for commercial property purchase loans; and piloting housing voucher-based resettlement compensation. Among them, the Several Measures stipulate that repurchased old housing can be resold, renovated and then sold, or used for market-oriented rental housing, talent apartments, affordable rental housing, etc. The minimum down payment ratio for commercial property purchase loans was adjusted to no less than 30%. [ China Real Estate News: Stabilizing the Property Market Requires Good "Forward Planning" ] On May 4, China Real Estate News published an editorial stating that amid complex and volatile internal and external shocks, the property market's performance since the beginning of this year was hard-won, and will lay a solid foundation and inject firm confidence for efforts to stabilize the real estate market. Therefore, the upcoming months of May and June are crucial, and localities should continue to do good "forward planning." The more detailed and thorough the forward planning work for stabilizing the real estate market, the more solid the foundation for market stability. The stability and vitality of the property market should be reflected in the transformation of "good housing" toward higher quality, and the innovation momentum of "good housing" should be further released and continuously expanded. The stability and vitality of the property market should also be reflected in the overall satisfaction of demand, and the housing replacement cycle should be further facilitated. The core value of the housing trade-in policy is precisely to break this deadlock through institutional innovation. Localities should focus on building bridges between old housing disposal and new housing purchase through government guidance, state-owned enterprise participation, and market-based operations, both facilitating the replacement process and reassuring homebuyers about price stability. Meanwhile, financial support will be increased for converting existing commercial housing into affordable housing, resettlement housing, dormitories, and talent housing. This will both provide stable absorption channels for inventory to accelerate market clearing, and effectively broaden the supply sources of affordable housing, shorten the construction preparation cycle, and solve the housing difficulties of key groups such as low- and middle-income groups, new urban residents, and young people at relatively low social costs, forming an overall favorable pattern where new housing is well managed, second-hand housing is active, and the high-end has a market, the mid-end has support, and the low-end has guarantees, building momentum for the stability and high-quality development of the real estate market. [ Suzhou: Raising Maximum Housing Provident Fund Loan Limits, with Individual Maximum Loan Amount Adjusted to 1.5 Million Yuan ] Suzhou recently issued several measures to further promote the stable and healthy development of the real estate market. Among them, it mentioned optimizing the criteria for determining the number of provident fund loans and housing units. If the applicant has no outstanding provident fund loan balance nationwide at the time of application, the first-home provident fund loan policy applies. The maximum provident fund loan limits were raised, with the individual maximum loan amount adjusted to 1.5 million yuan and the family maximum loan amount adjusted to 2 million yuan. For purchases of newly built green residential buildings rated two-star or above, the provident fund loan amount can be increased by 20%. For purchases of newly built improved-type housing with "two-smart-one-complete" features, the provident fund loan amount can be increased by 50%. For purchases of newly built commercial housing projects sold as completed properties, the provident fund loan amount can be increased by 50%. Provident fund loans can be applied for when purchasing completed property-right apartments sold as existing homes. [ Wuhan Announces New Property Market Policies, Expanding the Scope of Cross-Regional Housing Provident Fund Loans ] On April 30, the Wuhan Housing and Urban Renewal Bureau, the Wuhan Finance Bureau, and the Wuhan Housing Provident Fund Management Center issued the Notice on Further Optimizing and Improving Real Estate Policy Measures in the City. The notice proposed that from May 1 to December 31, 2026, when a resident family applies for a commercial personal housing loan to purchase newly built commercial housing, if no family member owns a complete housing unit in the district where the intended new commercial housing is located, it shall be recognized as the family's first home. Employees contributing to provident funds in cities nationwide who purchase their own housing in Wuhan or have outstanding commercial housing loans may apply for housing provident fund loans from the Wuhan Provident Fund Center, with the restriction requiring the borrower (including spouse) to hold Wuhan household registration being removed. [ Zhanjiang Optimizes Property Market Policies: Housing Purchase Subsidies and Provident Fund Loan Limits Increased ] According to the Zhanjiang Housing and Urban-Rural Development Bureau, to adapt to the new situation in the real estate market, Zhanjiang introduced the "Zhanjiang Seven Measures" policy aimed at promoting housing absorption and optimizing supply. The policy includes raising housing provident fund loan limits, with homebuyers eligible for a maximum loan of 1.2 million yuan, and military families eligible for an additional 200,000 yuan in loans. A housing purchase subsidy was implemented, with buyers eligible for a maximum subsidy of 20,000 yuan. The policy also covers reducing operating costs for real estate enterprises, optimizing residential design, streamlining approval processes, and supporting the healthy development of the real estate industry and urban construction. The policy took effect immediately and is valid for three years. [ Tianjin Optimizes Real Estate Supply to Promote Housing Consumption ] Tianjin issued a notice on optimizing the city's real estate supply to promote housing consumption. It mentioned making good use of special bond funds to reclaim and repurchase existing idle land. Enterprises are supported in advancing the continued development of real estate projects through reasonable optimization of design requirements and other means. Business entities that repurchase existing commercial housing for use as rental housing may enjoy preferential tax policies related to housing rental if they meet the conditions. For cases where existing commercial housing is certified as being converted into allocation-based affordable rental housing, the land use nature will not be changed within the original land use period, no supplementary land price payments will be required, and preferential pricing policies for water, electricity, gas, and heating will be enjoyed in accordance with relevant national and municipal regulations. The national tax policy supporting residents' housing replacement purchases was implemented. From January 1, 2026 to December 31, 2027, taxpayers who sell their own housing within Tianjin and repurchase housing in Tianjin within one year after the sale of their current housing will be eligible for a refund of the individual income tax already paid on the sale of their current housing. [ Shenzhen Housing and Construction Bureau Issues Notice on Further Optimizing and Adjusting Real Estate Policies ] On April 29, the Shenzhen Housing and Construction Bureau issued a notice to further optimize real estate regulatory policies. Regarding purchase restrictions, eligible resident families may purchase one additional housing unit within Futian, Nanshan, and Xin'an Sub-district of Bao'an. Non-Shenzhen-registered families holding valid residence permits may also purchase one unit in the above areas. Regarding provident fund, the maximum family loan amount was raised to 1.3 million yuan, and first-home buyers and multi-child families may enjoy a maximum increase ratio of 70%. The new policy takes effect from May 28. [ Six Departments Including the Zhuhai Housing and Urban-Rural Development Bureau Optimize and Adjust the City's Real Estate Policy Measures ] Six departments including the Zhuhai Housing and Urban-Rural Development Bureau issued a notice on optimizing and adjusting the city's real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising housing provident fund loan limits. For those eligible for provident fund loans, the maximum housing provident fund personal housing loan amounts for single- and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of home purchase support for multi-child families. When multi-child families apply for provident fund loans to purchase a second self-occupied housing unit, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the increase ratio for loans for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing in projects certified as prefabricated construction, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. For purchases of commercial housing that meets the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. [ Foshan Launches Commercial Housing "Trade-in" Program! First Batch Involves 22 Projects ] Recently, the Notice of the Foshan Housing and Urban-Rural Development Bureau on Organizing the First Batch of Commercial Housing "Trade-in" Program was officially released. This is not a simple encouragement document; it is a solution that systematically unblocks replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transformation from "one-sided transactions" to a "virtuous cycle between existing and incremental housing," achieving a multi-party win for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as the repurchasing entities, while Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Trading, Sanshui Chanfa, and Miaohui Real Estate and other developers provide new housing sources. This model determines old housing value through negotiation, sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer. Voices from Various Parties BOC International Securities believes the real estate industry is at an important window where fundamentals and market expectations are resonating in recovery. Current policies continue to exert force, with first-tier cities optimizing purchase and loan restrictions and core cities optimizing provident fund policies, all of which have had a certain effect on releasing genuine home purchase demand, with some first-tier city property markets showing a sustained two-month recovery. In the short term, the window of policy and high-frequency transaction improvement resonance remains, and it is necessary to track whether the subsequent transaction recovery trend can continue, which will depend on inventory destocking progress and whether prices stabilize. From an investment perspective, most real estate enterprises made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, so sector profit margins and performance may rebound in 2027, leading to improved market views on 27E valuations in Q4 this year. In addition, some commercial property holding companies have already positioned themselves ahead in new business formats, new models, and new scenarios, and are better positioned to seize opportunities in the new consumption era. A China Post Securities research report shows that in the phase where policy and high-frequency transactions are "resonating but not fully," the industry's β remains constrained by the verification progress of "destocking and price stabilization." The pattern of second-hand housing recovering first while new housing lags continues, and capital in the secondary market continues to favor assets with α characteristics (those deeply rooted in core cities, with precise land acquisition, and strong product and operational capabilities). Although there is policy support and improvement in the second-hand housing chain in core cities, land and new construction starts remain weak, and fluctuations in net financing suggest that industry clearing has not concluded, and β rallies remain susceptible to data disturbances. Against this backdrop, China Post Securities recommends focusing on China Resources Land, China Overseas Land & Investment, China Jinmao, Poly Property and China Merchants Shekou. Huayuan Securities research report believes that in 2026, three major trends are worth looking forward to: 1) The real estate adjustment is expected to approach its end: reviewing real estate crises in major global economies, the average decline was 35% with an average adjustment period of 6 years, and the length and depth of China's actual housing price adjustment have already been relatively sufficient. 2) Structural opportunities in "good housing": China's real estate market has entered a phase of structural differentiation, with the central government frequently mentioning the construction of good housing. Under the catalyst of policy orientation and supply-demand structure changes, high-grade residential properties may usher in a wave of development. 3) Hong Kong property market recovery continues: driven by multiple favorable factors, market sentiment in Hong Kong's private residential market has gradually recovered, and it believes Hong Kong-based developers are expected to see a new round of value re-rating. It maintains a "bullish" rating on the real estate sector. A CITIC Securities research report stated that in April, the floor space of commercial buildings sold nationwide fell 9.5% YoY, with the decline widening 2.1 percentage points from March. Sales revenue fell 7.6% YoY, with the decline narrowing 5.7 percentage points from March. New and second-hand housing prices continued to adjust. In April, the MoM declines in the price indices of newly built commercial residential housing and second-hand residential housing across 70 major cities nationwide were flat MoM. Second-hand housing prices in first-tier cities all rose, with second-hand residential prices in Shanghai, Beijing, Shenzhen, and Guangzhou rising 0.7%, 0.4%, 0.3%, and

On May 12, the 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum , organized by Shanghai Metals Market (SMM), drew to a successful close at the Sheraton Grande Tokyo Bay Hotel in Tokyo, Japan! Following the event, SMM arranged an overseas field trip for delegates. The delegation paid visits to renowned local recycling enterprises in Japan to learn about operational practices and technological advancements in Japan's recycled non-ferrous metal sector. On the morning of May 15, the delegation visited Toyo Trading Co., Ltd. and received a warm welcome from the firm’s management. Company Profile Toyo Trading , officially established in 2009, has consistently upheld "resource recycling to promote sustainable development" as its core mission. Steadily cultivating its presence in Japan's metal recycling and trading sector over sixteen years, the Group has built a large-scale operation covering the entire industry chain. Today, it has developed an integrated full-chain service capability encompassing "collection — processing — sales — export," with its business footprint spanning all of Japan. The Group now owns over 20 specialized subsidiaries, each focusing on specific segments such as copper scrap and aluminum scrap recycling, refining, processing, and international trade. Meanwhile, the Group has assembled 300 professionals with extensive industry experience, ensuring efficient operations and consistent service quality across all aspects from supply chain management to international trade negotiations. Annual output includes copper (25,000 mt), aluminum (25,000 mt), iron (100,000 mt), and others (250,000 mt). Annual sales revenue reached 70 billion yen, making it one of the largest and most reputable enterprise groups in Japan's metal recycling industry. Toyo Trading has established a quality management system in strict accordance with international standards and has successfully obtained ISO9001 international quality management system certification. This signifies that the Group has reached internationally advanced levels in quality management, process control, and client service, providing clients with solid quality assurance. Looking ahead, Toyo Trading will continue to build on its core business of metal recycling and trading, further deepening its industry chain layout: on one hand, continuously optimizing its service network and processing technologies to enhance resource recovery efficiency and raw material quality; on the other hand, actively exploring green and low-carbon development pathways to drive the industry's transformation toward a greener, more efficient, and sustainable direction, enabling the infinite circulation of finite resources. Toyo Group will continue to uphold the philosophy of integrity-based management, deepen collaboration with clients and partners, and sincerely welcome business partners from around the world to discuss cooperation, pursue mutual development, achieve win-win collaboration, protect the planet, and co-create a sustainable future. This visit was an important practice of SMM's efforts to build an international recycled metals industry exchange platform, serving as a bridge for direct dialogue and experience sharing between Chinese and Japanese enterprises. Through on-site observation and face-to-face exchanges, attendees gained in-depth understanding of Toyo Trading's technological advantages, operational management experience, and market layout strategies in the recycled metals sector. They particularly benefited from insights into refined processing of scrap metals and collaborative operations across the entire industry chain, providing valuable references for Chinese enterprises to optimize production models and enhance technological capabilities.