JSL has successfully commissioned a new 1.2 million tonnes per annum (MTPA) stainless steel melt shop (SMS) in Indonesia ahead of schedule through a joint venture. This milestone brings the company's total annual melting capacity to 4.2 MTPA, reinforcing its raw material security and integrated growth strategy. Concurrently, JSL announced a fresh investment of approximately $108 million (₹900 crore) to augment its cold rolling capacities at its Hisar and Kharagpur facilities in India, expected to be operational by Q2 FY28. These combined upstream and downstream expansions are tailored to produce high-value, thinner cold-rolled products, strategically positioning the company to target a global sales volume of 3.5 MTPA by FY29 with a projected double-digit compound annual growth rate.

SMM Morning Meeting Summary: Overnight, LME copper opened at $11,816/mt. After dipping to $11,798/mt in early trading, its center rose sharply to a high of $12,395/mt, then hovered at highs, and finally closed at $12,221/mt, up 3.27%. Trading volume reached 52,000 lots, and open interest stood at 292,000 lots, down 944 lots from the previous trading day, mainly reflecting bears cutting positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,010 yuan/mt. After the opening, its center moved higher to a high of 95,900 yuan/mt, after which copper prices maintained a fluctuating trend at highs. Near the close, it dipped to 94,530 yuan/mt and finally closed at 93,840 yuan/mt, up 2.12%. Trading volume reached 120,000 lots, and open interest stood at 198,000 lots, down 6,741 lots from the previous trading day, mainly reflecting bears cutting positions throughout the day.

[Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in a tug-of-war. Copper prices declined somewhat during the day, and downstream enterprises showed stronger restocking sentiment, but considering the heavy concentrated purchases already made last week, actual incremental buying was relatively limited. Inventory side, according to SMM, combined social inventory in Shanghai and Jiangsu fell by about 41,600 mt, showing a sharp destocking trend. During the day, supplier quotations were steady at first and then declined, with suppliers actively selling as premiums rebounded, and the sell-off put pressure on spot prices. In addition, some suppliers had already quoted against the SHFE copper 2604 contract using cargoes with invoices dated next month during the day, indirectly reflecting moderate sales volume within the month and strong willingness to sell among suppliers. Overall, amid the tug-of-war between faster destocking and supplier sell-offs, Shanghai spot copper premiums are expected to remain at the current level tomorrow.

Vice Minister of Commerce Sheng Qiuping said at the launch ceremony of the 2026 National Home Appliances, Digital and Smart Products Consumption Season held today that since 2024, the implementation of the home appliance trade-in policy and subsidy policies for the purchase of new digital and smart products had achieved remarkable results. Driven by these policies, by the end of 2025, sales volume of the above categories exceeded 280 million units, with sales revenue exceeding 970 billion yuan, driving the market size of both home appliances and mobile phones in 2025 past 1 trillion yuan and setting a new historical high.

Emirates Global Aluminium (EGA) released its 2025 performance report, showing that in 2025, the company's net profit (excluding GAC data) increased by 16% to US$1.34 billion, and core profit increased by 7% to US$2.53 billion, mainly due to the rise in the average real price of aluminum and the increase in total sales volume. EGA's EBITDA in 2025 was AED 9.28 billion (US$2.53 billion), compared to AED 8.69 billion (US$2.37 billion) in 2024. In 2025, EGA's foundry metal production reached a record high of 2.84 million tons, up from 2.77 million tons in 2024. In 2025, EGA's sales volume of low-carbon aluminum products increased by 70%, reaching approximately 196,000 tons.

SQM reported the increase attributing the result to a favorable market pricing environment that boosted average lithium prices and consequently enhanced performance.The world's second-largest lithium producer stated that its net profit for the fourth quarter reached $183.8 million, a 53% increase compared to the same period last year. Revenue for the quarter grew by 23.3% to $1.32 billion, up from $1.07 billion in the year-ago period. Gross profit for the quarter increased by 52.7%, reaching $448.5 million.CEO Ricardo Ramos: "Our Q4 2025 results reflect record sales volumes from both of our lithium businesses." He added that in November, they began seeing early signs of an improving supply-demand balance, driven by stronger-than-expected demand for energy storage systems.

According to a recent report by Emirates Global Aluminum (EGA), the company's sales of low-carbon aluminum products reached a record high in 2025. The sales volume of low-carbon aluminum products increased by 70%, reaching 196,000 mt. In 2025, EGA sold 109,000 mt of CelestiAL solar aluminum (including 36,000 mt of CelestiAL-R products containing recycled content), up from 84,000 mt in 2024. During 2025, EGA sold the first-ever batch of MinimAL low-carbon aluminum produced using nuclear power, while sales of RevivAL secondary aluminum rose from 31,000 mt in 2024 to 86,000 mt.

February 25, 2026— AMG Critical Materials Inc. announced adjusted EBITDA of $235 million for the year 2025, representing a 40% increase from $168 million in 2024, primarily driven by strong performance in its antimony and engineering businesses. The company concluded the year with a robust balance sheet, highlighted by total liquidity of $484 million as of December 31, 2025. The refinery in Bitterfeld has continued to ramp up its production, producing in specification battery-grade lithium hydroxide and progressing with customer qualification as planned.AMG has dispatched kilogram samples to all cathode active materials (CAM) manufacturers with a footprint in Europe at the end of 2025, initiating the first stage of qualification. Based on customer feedback, it is anticipateed that it will move on to the next stage of qualification involving the shipment of tons in the first half of 2026, and expect to reach full production capacity in the second half of 2026. AMG Lithium is starting engineering on a 5,000-ton lithium carbonate to lithium hydroxide conversion plant at its Bitterfeld site. This plant will be designed to accept recycled lithium carbonate, and convert it to technical-grade hydroxide for use in Bitterfeld’s main upgrading facility. The plant’s capital cost is expected to be $50 million, and as announced in December 2025, 20% of the costs of the plant will be supported by a funding grant from the German Federal Ministry for Economic Affairs and Energy. The fourth quarter 2025 adjusted EBITDA decreased 87% compared to the fourth quarter of 2024, primarily due to the lower lithium concentrate volumes in the current quarter and higher mining costs related to poor quality ore. Full year 2025 adjusted EBITDA decreased from $24 million to $12 million, driven primarily by the 16% decrease in annual average lithium prices in 2025 compared to 2024, as well as the lower lithium concentrate sales volumes in the current period. During the fourth quarter of 2025, a total of 28,326 dry metric tons (“dmt”) of lithium concentrates were sold, 84% more than the 15,409 dmt in the third quarter of 2025, but 15% less than the 33,492 dmt in the fourth quarter of 2024. During the quarter, poor quality ore caused recoveries to drop, reducing production volumes. During 2025, a total of 69,180 dmt of lithium concentrates were sold, 22% less than the 88,966 dmt in 2024, due primarily to the failure of one piece of equipment in the second quarter of 2025 associated with our expansion project. The average realized sales price was $689/dmt CIF China for the fourth quarter of 2025, and the average realized sales price for the year was $632/dmt CIF China. The average cost per ton for the current quarter was $489/dmt CIF China. The average cost per ton increased from $290/dmt in the fourth quarter of 2024 due to the lower volumes and higher cost of mining activities in the current quarter. The average cost per ton for full year 2025 was $488/dmt CIF China compared to $458/dmt CIF China for 2024.

In mid-February 2026, CAAM and the China Automotive Power Battery Industry Innovation Alliance successively released relevant data on the auto and power battery markets for January 2026. According to CAAM’s analysis, in January 2026, the auto industry overall operated steadily, the passenger vehicle market declined somewhat, the commercial vehicle market continued its positive trend, the NEV market remained stable, and auto exports continued to grow....... SMM compiled the relevant data on the auto market and power battery market for January 2026 for readers’ reference. Automobiles CAAM: In January 2026, Auto Production and Sales Both Exceeded 2 Million Units, Production Edged Up YoY In January, auto production and sales totaled 2.45 million and 2.346 million units, respectively, with production up 0.01% YoY , while sales fell 3.2% YoY, down 25.7% and 28.3% MoM, respectively. CAAM: In January 2026, China’s NEV Production and Sales Reached 1.041 Million and 945,000 Units, Respectively, up 2.5% and 0.1% YoY In January, NEV production and sales reached 1.041 million and 945,000 units, respectively, up 2.5% and 0.1% YoY, respectively , with NEV sales accounting for 40.3% of total new vehicle sales. CAAM: Auto Exports Continued to Grow in January, NEV Exports Posted Rapid Growth In January, auto exports reached 681,000 units, up 44.9% YoY , down 9.5% MoM . NEV exports reached 302,000 units, up 100% YoY and 0.5% MoM ; traditional fuel vehicle exports reached 380,000 units, up 18.8% YoY , down 16.1% MoM. Regarding the auto market in January, CAAM said that the auto industry overall operated steadily in January, the passenger vehicle market declined somewhat, the commercial vehicle market continued its positive trend, the NEV market remained stable, and auto exports continued to grow. The main factors behind the market decline were: first, the transition and adjustment of the NEV purchase tax policy; second, car purchase subsidy policies in many regions were at the turn of the year; and third, some consumer demand was released ahead of schedule in 2025. In the first month of 2026, the country intensively introduced a series of policies benefiting both households and businesses to support livelihoods and economic development. Among them, the program of large-scale equipment upgrades and consumer goods trade-ins was smoothly and orderly carried forward, with various localities successively following up and issuing implementation details; the Work Plan for Accelerating the Cultivation of New Growth Drivers in Service Consumption focused on key areas such as automotive aftermarket services, stimulating market vitality. As relevant policies are further refined and implemented, this will help stabilize and rebound demand in the auto market and support the industry's steady operation. CAAM stated that the 15th Five-Year Plan period is a critical window for China's automotive industry to transition toward high-quality development, requiring the industry to improve quality and efficiency while maintaining stable market operations. Meanwhile, the CPCA also released January passenger vehicle market data. January retail sales in China's passenger vehicle market totaled 1.544 million units, down 13.9% YoY. Due to the complex market factors at play, the pattern of weaker sales in the first half and stronger sales in the second half has become more pronounced in recent years. Since 2020, low YoY retail growth in January has been relatively common, for example, -21% in 2020, 27% in 2021, -5% in 2022, -38% in 2023, 58% in 2024, and -12% in 2025. Therefore, the -13.9% reading in 2026 was a mid-range outcome amid the wild swings in January growth rates over the years. NEV side, January retail sales in the passenger NEV market were 596,000 units, down 20.0% YoY; January retail sales of conventional internal combustion engine passenger vehicles were 948,000 units, down 10% YoY. Export side, January passenger NEV exports reached 286,000 units, up 103.6% YoY . This accounted for 49.6% of passenger vehicle exports, up 12.5 percentage points compared to the same period last year. Of this, pure EVs accounted for 65% of NEV exports (67% in the same period last year), while A00+A0-class pure EVs, the core focus segment, accounted for 50% of pure EV exports (41% in the same period last year). As China's scale advantages in NEVs emerge and market expansion demand grows, more and more China-made new energy brands are going global, with their recognition outside China continuing to rise. Plug-in hybrids accounted for 33% of NEV exports (32% in the same period last year). Although they have recently faced some disruptions from external countries, exports of self-owned plug-in hybrids to developing countries have been growing rapidly, with bright prospects ahead. The CPCA stated that after the NEV purchase tax exemption policy, implemented since September 2014, officially ended at month-end December 2025, the NEV market entered a normal recovery period. Some consumers brought purchases forward to enjoy the policy dividend in December last year, resulting in a certain pull-forward effect in January. This was an expected short-term fluctuation and does not represent the market's long-term trend. Specifically, the characteristics of the January passenger vehicle market were as follows: First, January passenger vehicle producer exports hit a record high for the month, and passenger NEV exports also reached a historic January high, fully demonstrating the rising competitiveness of China's automotive industry in the global market and continued robust demand outside China; second, the retail pullback after the expiration of the vehicle purchase tax exemption was evident, while the share of high-end NEVs rose significantly, reflecting growing consumer demand for high-quality NEVs amid the consumption upgrade trend, which will help drive the industry's transition toward high-quality development; third, new vehicle launches in 2026 were steady, and with anti-involution efforts curbing disorderly price cuts, January NEV sales promotions remained at 10.1%, staying around 10% for five consecutive months. There was no vicious volume discount competition, which helped maintain market order; fourth, the historical pattern of internal combustion engine vehicles outperforming NEVs ahead of Chinese New Year continued again. In January, retail sales of internal combustion engine vehicles in China fell 10% YoY, pure EV retail sales fell 17.0% YoY, range-extended vehicles rose 0.8% YoY, and plug-in hybrids fell 31.2% YoY. As the pull-forward effect from last December weakens in the future, the NEV market is expected to return to a positive growth track; fifth, in January, the penetration rate of NEV retail sales in China was 38.6%, and the export penetration rate was 49.6%; sixth, in January 2026, exports of self-owned internal combustion engine passenger vehicles were 250,000 units, up 17% YoY, while self-owned NEV exports were 226,000 units, up 115% YoY. NEVs accounted for 47.5% of self-owned exports. In particular, the high growth of NEV exports in Europe and Southeast Asia marked the expanding influence of Chinese NEV brands in the international market, laying a solid foundation for future export growth. Power battery In January, China’s cumulative sales of power and ESS batteries reached 148.8 Gwh, up 85.1% YoY In January, China’s sales of power and ESS batteries totaled 148.8 Gwh, down 25.4% MoM , up 85.1% YoY . Of this, power battery sales were 102.7 Gwh, accounting for 69.0% of total sales, down 28.6% MoM and up 63.2% YoY; ESS battery sales were 46.1 Gwh, accounting for 31.0% of total sales, down 17.0% MoM and up 164.0% YoY. In January, China’s combined exports of power and ESS batteries were 24.1 Gwh, down 26.0% MoM and up 38.3% YoY , accounting for 16.2% of sales in the month. Of this, power battery exports were 17.7 Gwh, accounting for 73.3% of total exports, down 7.1% MoM and up 59.3% YoY; ESS battery exports were 6.4 Gwh, accounting for 26.7% of total exports, down 52.6% MoM and up 1.4% YoY. In January, China’s cumulative domestic power battery installations reached 42 Gwh, up 8.4% YoY In January, domestic power battery installations were 42 Gwh, down 57.2% MoM , up 8.4% YoY . Of this, ternary battery installations were 9.4 Gwh, accounting for 22.3% of total installations, down 48.6% MoM and up 9.6% YoY; LFP battery installations were 32.7 Gwh, accounting for 77.7% of total installations, down 59.1% MoM and up 8.1% YoY. In January, the performance of emerging automakers diverged in terms of YoY growth, with Leap Motor continuing to “lead the pack” and Xiaomi Auto’s January deliveries surpassing 39,000 units Statistics compiled by a CLS reporter on the January sales of 15 A/H-share listed automakers showed that 9 automakers achieved YoY growth, accounting for 60%. Higher NEV sales and expansion into overseas markets became important drivers supporting the overall growth of these automakers. SAIC’s January sales reached 327,000 units, up 23.94% YoY, returning to the top spot in sales. Its NEV segment continued to gain momentum. In January 2026, SAIC sold 85,000 NEVs, up 39.7% YoY, with sales volume ranking among the industry leaders. As for second-ranked Geely, its January sales reached 270,200 units, up 1.29% YoY and up 14.08% MoM, making it the only enterprise to achieve positive growth both YoY and MoM. Geely Automobile said, “2026 will be a major product year for Geely Automobile. The company will launch 1-2 brand-new products each quarter, covering multiple new hybrid car models and a new generation of methanol-hydrogen energy car models, in a full push toward its annual sales target of 3.45 million units.” On exports, Geely set its 2026 export sales target at 640,000 units, up more than 50% YoY. As for the NEV startup market in January, judging from the January delivery volumes released by major automakers, all major automakers saw delivery declines of varying degrees MoM versus December 2025. Among them, Leap Motor continued to lead in 2026, ranking first among NEV startups with deliveries of 32,059 units, up 27.37% YoY and down 46.94% MoM. To stabilize the market, Leap Motor accelerated channel development, recently adding 85 stores. As of January 5, its total number of stores nationwide reached 1,068, ensuring that more users could conveniently experience Leap Motor’s products and services. On February 2, Leap Motor announced new car purchase benefits for February: a New Year cash gift of 11,000 yuan in cash discounts, a New Year loyalty gift of up to 10,000 energy points, and a New Year financing gift of up to five years of zero interest. Li Auto regained momentum in January, ranking just behind Leap Motor with 27,668 units, down 7.55% YoY and down 37.47% MoM. As of January 31, 2026, Li Auto’s cumulative historical deliveries reached 1,567,883 units. On February 5, Li Auto Chairman Li Xiang said on a social media platform that Li Auto would launch the all-new Li L9 in 2026, “not just a car, but also a pioneering work of an embodied AI robot.” Cailian Press reporters learned that Li Auto had established an AI company organizational structure for this purpose, including teams for computing power and data, foundation models, and software and hardware bodies, to build system capabilities for “creating silicon-based humans.” As of January 31, 2026, Li Auto had 547 retail centers nationwide, covering 159 cities, as well as 547 after-sales repair centers and authorized service centers, covering 221 cities. Li Auto had put into use 3,966 Li Auto supercharging stations nationwide, with 21,945 charging piles. NIO delivered a total of 27,182 units in January, up 96.08% YoY and down 43.53% MoM. On the afternoon of February 1, NIO completed delivery of the 60,000th all-new ES8 in Guangzhou, taking 134 days. On the same day, the NIO brand launched seven-year ultra-low-interest car purchase plans for the new ET5, ET5T, ES6, and EC6, while the ONVO brand launched the same for the ONVO L60 and L90, featuring a 0.49% annualized rate for seven years, zero financial service fees, and zero penalties for early repayment. The firefly brand launched a seven-year ultra-low-interest car purchase plan, with buyers who place orders receiving a Year of the Horse Chinese New Year Adventure Gift Pack. XPeng Motors delivered 20,011 new vehicles in January, down 34.07% YoY and down 46.65% MoM. In January, the XPeng X9 continued to sell strongly, with monthly deliveries of 4,219 units, up 413.9% YoY. As of month-end January, its cumulative deliveries reached 51,897 units, making it the fastest car model among China's emerging MPV makers to surpass 50,000 deliveries. In the same month, pre-orders opened for the 2026 XPeng X9 BEV version. As the “world’s longest-range 5C pure-electric large seven-seater,” the new model was fully aligned with the hot-selling super extended-range version in terms of product competitiveness. From now until the new model goes on sale, a 2,000-yuan deposit can be used to offset 7,000 yuan of the car purchase price. In addition, according to data from Xiaomi Auto’s official Weibo account, Xiaomi Auto delivered more than 39,000 vehicles in January, even surpassing Leap Motor, which ranked first among emerging EV makers. On the same day, Xiaomi also announced car purchase benefits related to the Xiaomi SU7 and Xiaomi SU7 Ultra. All Xiaomi YU7 variants are eligible for “seven years of low interest”! A new low-monthly-payment option has been added, with down payments starting from 99,900 yuan and monthly payments from less than 2,000 yuan. Orders placed before 24:00 on February 28 also qualify for an optional “three years interest-free” plan, with down payments starting from 74,900 yuan and monthly payments as low as 4,961 yuan. At the same time, buyers can enjoy limited-time car purchase benefits of up to 66,000 yuan. Regarding store expansion progress, Xiaomi Auto said it added nine new stores in January, bringing its total to 484 stores across 139 cities nationwide; six more stores are expected to be added in February, with coverage expected to expand to two new cities, Jiangmen and Zhoukou; as of January 31, it had 270 service outlets nationwide, covering 159 cities across the country. As for BYD, the leader in EVs, its January sales reached 210,051 units, with cumulative NEV sales exceeding 15.3 million. BYD exported a total of 100,482 NEVs in January. Notably, there was also fresh news on BYD’s solid-state battery business. A CLS reporter learned from BYD’s Investor Relations Department that BYD is exploring multiple technology pathways in the solid-state battery field, taking sulphide solid-state batteries as an important technical direction, and has achieved breakthroughs in battery life and fast charging, with small-scale production expected in 2027. In the sodium-ion battery field, it is already at the development stage of its third-generation product technology platform and has developed sodium-ion battery products capable of 10,000 cycles. The mass-production period will be determined based on actual market conditions and client demand. Cui Dongshu, Secretary General of the CPCA, commented that the recent weakness in January auto retail sales was reasonable, given that the vehicle purchase tax exemption policy had just ended and only some provinces and cities had launched trade-in and renewal subsidy policies, while mid-January last year was a peak sales period before Chinese New Year, and the holiday timing shift also weighed on January auto retail performance. It was expected that as local detailed rules for replacement subsidies were gradually refined and subsidy application channels became smoother, together with the gradual release of potential car purchase demand before the Chinese New Year holiday, the auto retail market would gradually recover and improve. At the Beginning of 2026, National and Local Governments Across Many Regions Mentioned Policies to Promote Auto Consumption; More Than 20 Regions Introduced New Trade-in and Car Purchase Subsidy Policies After entering 2026, as national subsidies were scaled back, consumer-stimulus policies to promote consumption were being rolled out intensively at both the national and local levels through multiple measures. According to incomplete statistics, more than 20 provinces, municipalities, and autonomous regions, including Beijing, Shanghai, Chongqing, Zhejiang, and Sichuan, had issued detailed rules for activities such as automobile trade-in, retirement and renewal, or car purchase subsidies. On December 31, 2025, the general offices of eight departments including the Ministry of Commerce issued the Implementation Rules for Automobile Trade-in Subsidies in 2026, which officially took effect on January 1, 2026. It mentioned that in 2026, a one-time subsidy would be granted to individual consumers who retired gasoline passenger vehicles registered on or before June 30, 2013, diesel and other fuel passenger vehicles registered on or before June 30, 2015, or passenger NEVs registered on or before December 31, 2019, and purchased either a passenger NEV included in the Ministry of Industry and Information Technology’s Catalog of NEV Models Eligible for Vehicle Purchase Tax Reduction and Exemption or a fuel passenger vehicle with an engine displacement of 2.0 liters or below. For those who retired the above qualified old vehicles and purchased a passenger NEV, a subsidy of 12% of the new vehicle’s selling price (tax included, the same hereinafter) would be provided, with the subsidy amount (rounded up to the nearest yuan, the same hereinafter) capped at 20,000 yuan; for those who retired the above qualified fuel passenger vehicles and purchased a fuel passenger vehicle with an engine displacement of 2.0 liters or below, a subsidy of 10% of the new vehicle’s selling price would be provided, with the subsidy amount capped at 15,000 yuan. The CPCA analyzed that the key words for the 2026 trade-in policy were not “further escalation,” but “more sustainable, more balanced, and more supervisable.” Changing the subsidy amount to a proportion of vehicle price with a cap was intended to ensure more balanced use of subsidies and avoid situations in which quotas were consumed too quickly in the early stage, forcing subsidies to be suspended later. The adjustment to the calculation method would also have a certain impact on the structure of the automobile market, among which the stimulus for low-priced car models was significantly weakened, while car models priced at 160,000-200,000 yuan could fully enjoy the subsidy, making the policy more friendly to replacement purchases for upgrade demand. Producers needed to meet market demand through product competitiveness and financial solutions, with greater emphasis on “long-term value” such as driving range, intelligence, and recharging experience, rather than relying on one-off subsidies. The China Automobile Dealers Association also stated in an article that the 2026 automobile trade-in policy strengthened overall work coordination and promoted the efficient direct delivery of subsidy funds. This would allow limited funds to benefit more consumers, especially by meeting the needs of rigid-demand groups. The scope of eligible car owners is expected to be further expanded, with support more clearly focused on encouraging the phaseout of old vehicles and the purchase of energy-efficient vehicles and NEVs. Implementation is expected to emphasize the role of market mechanisms, making subsidies better aligned with actual demand. Procedures are clear and convenient, and supervision and management mechanisms are more robust. Overall, the policy is expected to continue stimulating consumer vitality and add new momentum to the transformation, upgrading, and high-quality development of the automotive industry. Since the beginning of 2026, according to incomplete statistics, multiple provinces and cities, including Shanghai, Beijing, Sichuan, and Shandong, have successively released detailed rules related to the automotive trade-in policy, continuously promoting local auto consumption: [Shanghai's 2026 Automotive Trade-In Policy Takes Effect, Maximum Subsidy 20,000 yuan] Shanghai's 2026 automotive trade-in policy has taken effect. Eight departments, including the Shanghai Municipal Commission of Commerce, jointly issued the Implementation Rules for the 2026 Shanghai Automotive Trade-In Subsidy Policy, officially launching subsidy programs for vehicle retirement and renewal and replacement renewal. Individual consumers can receive subsidies of up to 20,000 yuan. The policy has been implemented since January 1, 2026, and applications will be accepted until January 10, 2027. [Hubei's 2026 Detailed Rules for Automotive Trade-In Subsidies Take Effect, Maximum Subsidy 20,000 yuan] The Hubei Provincial Department of Commerce, together with eight departments including the provincial National Development and Reform Commission and the Department of Economy and Information Technology, officially issued the Detailed Rules for the Implementation of Hubei Province's 2026 Automotive Trade-In Subsidies. The rules specify that through two major approaches, retirement and renewal and replacement renewal, special subsidies will be provided to individual consumers purchasing NEV and small-engine gasoline passenger vehicles, with the maximum subsidy amount reaching 20,000 yuan. The policy has been formally implemented since January 1, 2026. [Xi'an's 2026 Detailed Rules for Automotive Trade-In Subsidies Take Effect, Maximum Subsidy for Retiring a Vehicle and Replacing It with a NEV Reaches 20,000 yuan] Xi'an issued the Detailed Rules for the Implementation of Xi'an's 2026 Automotive Trade-In Subsidies, clarifying that through two major models, retirement and renewal and replacement renewal, special subsidies will be provided for individual consumers purchasing new vehicles. The policy covers the entire year, and subsidy applications will be accepted until January 10, 2027, further reducing residents' car purchase costs and supporting the upgrading of the automotive consumer market. [Beijing's 2026 Automotive Trade-In Subsidy Program Starts on February 9, Maximum Subsidy 20,000 yuan] Beijing's 2026 automotive trade-in subsidy policy has been officially unveiled. Reporters learned on February 6 that Beijing had officially released the Implementation Plan for Beijing's 2026 Automotive Trade-In Subsidies and is about to launch two types of subsidies, "retirement and renewal" and "replacement renewal." The application system will open at 10:00 a.m. on February 9, and eligible car purchase consumers can receive subsidy support of up to 20,000 yuan. Among them, "retirement and renewal" refers to retiring an old vehicle and purchasing a new one. Consumers who purchase a passenger NEV can receive a subsidy of 12% of the new vehicle's selling price, with the subsidy amount capped at 20,000 yuan; those who purchase a fuel passenger vehicle with an engine displacement of 2.0 liters or below can receive a subsidy of 10% of the new vehicle's selling price, with the subsidy amount capped at 15,000 yuan. [Sichuan: Supporting Vehicle Replacement and Renewal, with Subsidies of up to 15,000 yuan] The Sichuan Provincial NDRC and Department of Finance issued a notice on printing and distributing the Policy Measures of Sichuan Province for Implementing Large-Scale Equipment Renewal and Consumer Goods Trade-in in 2026. The notice mentioned support for vehicle replacement and renewal. In 2026, individual consumers who transfer a passenger vehicle registered under their own name through sale and purchase a passenger NEV included in the Ministry of Industry and Information Technology's Catalog of NEV Models Eligible for Vehicle Purchase Tax Reduction and Exemption, or a fuel passenger vehicle with an engine displacement of 2.0 liters or below, will be granted a one-time subsidy. For those replacing with a passenger NEV meeting the above conditions, a subsidy of 8% of the new vehicle's selling price will be granted, with the subsidy amount capped at 15,000 yuan; for those replacing with a fuel passenger vehicle meeting the above conditions, a subsidy of 6% of the new vehicle's selling price will be granted, with the subsidy amount capped at 13,000 yuan. Cui Yan, Deputy Director of Guolian Minsheng Research Institute and Chief Auto Analyst, said that various regions had successively launched 2026 trade-in subsidies and, coupled with the gradual rollout of new models after Chinese New Year and ahead of auto shows, auto sales were expected to stabilize and rebound. Speaking of auto market sales in January, he said overall end-use demand was relatively mediocre in January, mainly because local subsidies on the policy side had not yet been officially launched, while on the supply side few new car models were introduced by automakers. "These two factors are currently improving. Since mid-to-late January, local governments have successively launched trade-in subsidies; supply side, after Chinese New Year and before auto shows, automakers will gradually launch new vehicles or begin pre-launch promotional campaigns." Auto demand is expected to stabilize and rebound after Chinese New Year. According to CCTV News, in 2026, the Ministry of Commerce, together with regional authorities and relevant departments, will further advance the consumer goods trade-in program, with a focus on further optimizing policy implementation in areas such as automobiles and continuously releasing consumption potential. Ministry of Commerce big data showed that as of February 5, 335,000 applications for 2026 auto trade-in subsidies had been filed, driving 53.77 billion yuan in new vehicle sales, strongly supporting the development of the auto market and the recycling and reuse of resources, while promoting industrial quality upgrading and green transformation. In January, the average price of new vehicles participating in trade-in exceeded 160,000 yuan, significantly higher than a year earlier; nationwide, 659,000 retired vehicles were recycled, up 50.2% YoY. On February 9, the Ministry of Commerce held a symposium with automakers to study work related to automobile circulation and consumption. Representatives from relevant automotive industry associations, research institutions, and enterprises attended the meeting. Vice Minister of Commerce Sheng Qiuping attended the symposium and exchanged views with participants. Sheng Qiuping pointed out that China’s ultra-large market had a solid foundation, the automotive consumption chain was long and had great potential, and the continued implementation of policies provided stable support, leaving much room for expanding automobile consumption across the entire value chain. In 2026, the Ministry of Commerce will work with relevant departments to pursue both policy support and reform and innovation, integrate existing measures with incremental policy, optimize the implementation of the automobile trade-in policy, launch pilot reforms for automobile circulation and consumption, improve industry management systems, and take multiple measures to promote both the expansion and upgrading of automobile consumption. On February 12, as Chinese New Year approached, the General Office of the Ministry of Commerce issued the Notice on Properly Carrying Out Trade-in Programs for Consumer Goods During the 2026 Chinese New Year Holiday. It stated that all localities should strengthen funding support for consumer goods trade-in subsidies during the Chinese New Year period, leverage the advantages of different channels, ensure effective policy implementation, and better meet consumer demand. In line with Chinese New Year customs and to create a stronger festive atmosphere, consumers were encouraged to go out for shopping and consumption. During the nine-day 2026 Chinese New Year holiday (February 15–23), consumers will be fully ensured access to apply through offline channels for trade-in subsidies for home appliances and subsidies for purchasing new digital and smart products. Consumers who purchase new cars during the nine-day Chinese New Year holiday will also be eligible to apply for automobile trade-in subsidies in accordance with policy requirements.

The domestic sales market for refrigerators and freezers in China experienced a volatile trend in 2025. Due to pressure from the high base of the previous year, coupled with factors such as overdrawn demand and weak end-use consumption, the total annual domestic sales volume reached 58.27 million units, down 2.7% YoY. Among them, refrigerator products performed slightly better than freezers, aided by the continuation of the trade-in policy.