[SMM Analysis: An Overview of the Resumption of Work for Aluminum Plate/Sheet, Strip and Foil Enterprises After the 2026 Chinese New Year] Looking ahead, as the industry moves past the holiday impact following the Lantern Festival, coupled with the approaching peak season of "Golden March and Silver April" and the "rush to export" window brought about by adjustments in battery export tax rebate policies, the operating rate of the industry is expected to steadily rebound in late March.

Capacity-wise, according to incomplete statistics, the domestic alkaline electrolyzer market remains at 43.77GW, and the PEM electrolyzer market stays at 2.7GW, with no new capacity added. The "water electrolysis hydrogen production system - oxygen purification unit" produced by Skyreach Hydrogen Technology (Beijing) Co., Ltd. has been successfully delivered to a leading large-scale polysilicon producer in China. Updates on electrolyzer projects: Jinfeng Green Energy Chemical (Xing'an League) Co., Ltd.: The Yujinfeng Xing'an League green hydrogen to green methanol (Phase III) project has been filed, with the construction site located in Xing'an League Economic and Technological Development Zone, Ulanhot City, Xing'an League. Total investment: 2.3 billion yuan, including 460 million yuan of own funds and 1.84 billion yuan of bank loans applied for. The planned construction period is from May 2026 to May 2028. The project will mainly construct biomass gasification, methanol synthesis distillation, and other main production facilities along with supporting public auxiliary works, producing 725,000 tons of green methanol annually. Guohua Investment Guohua (Cangzhou) Integrated Energy Co., Ltd.: The Alashan Large Wind and Solar Base Electrolysis Water Hydrogen Production and Ammonia Synthesis System Integration and Engineering Demonstration Project Cangzhou Green Ammonia Phase II Electrolysis Water Hydrogen Production System Preliminary Design Service has issued a public tender. According to the announcement, the first phase of the Cangzhou green hydrogen and green ammonia electrolysis water hydrogen production and ammonia synthesis facility has already been constructed within the reserved area of the green ammonia plant. Shaanxi Hydrogen Luyuan Technology Co., Ltd.: The shortlisted candidates for the hydrogen power supply equipment and its auxiliary devices procurement (0021GBT rectifier power supply) of the Yulin Zero-Carbon Industrial Park Hydrogen (Hydrogen Production) Demonstration Project have been announced. According to the announcement, the first candidate is Beijing Leidong Zhi Chuang Technology Co., Ltd., with a bid price of 1.3668 million yuan; the second candidate is Zhuzhou CRRC Times Electric Co., Ltd., with a bid price of 1.4661 million yuan; the third candidate is Shenzhen Hopewind Technology Co., Ltd., with a bid price of 1.48 million yuan. North Engineering Design & Research Institute Co., Ltd. : A quotation request has been issued for the process equipment of the hydrogen production unit of the electrolysis water hydrogen production device (including electrolyzers, gas-liquid separation skids, purification skids, centrifugal pumps, canned motor pumps, alkali mixing tanks, demineralized water tanks, and auxiliary facilities). Jiangxi Xinlianxin Chemical Industry Co., Ltd.: The annual 100kt green methanol demonstration project has passed the filing. It is understood that the total investment of the project is 100.96 million yuan, and the construction scale and content do not involve additional land use, partially relying on Jiangxi Xinlianxin Chemical Co., Ltd. Upon project completion, the facility is expected to achieve an annual production of 100kt of green methanol. Construction is scheduled to commence in April 2026 and conclude in April 2027. Jinda Hongjing (Shache) Hydrogen Energy Technology Co., Ltd.: The company issued postponement announcements for the full-process tracking audit service and project supervision service of the Jinda Hongjing Shache County Integrated PV Hydrogen Production Project. The revised bid opening date for both is March 10, 2026. The project involves the construction of a new 250kt/year green methanol production facility, including water electrolysis for hydrogen production, biomass gasification units, and methanol synthesis units, along with storage systems and supporting utilities and auxiliary facilities. The annual output is set at 250kt of green methanol, with by-products including 30kt/year of steam and 179.2 million standard cubic meters/year of oxygen. Ningxia Wangwa Coal Industry Co., Ltd.: The winning bid result was announced for the hydrogen production equipment procurement of the Guyuan Pengyang 2×660MW Unit Project. The winning bidders are Suzhou Xipeiyou Hydrogen Energy Technology Co., Ltd. (bid price: 2.062 million yuan), Wuxi Weifu High-Technology Group Co., Ltd. (bid price: 2.2 million yuan), and Shanghai Hydrogen Sharp Technology Co., Ltd. (bid price: 2.3736 million yuan). The tender was divided into one section, specifically for a 10Nm³/h proton exchange membrane hydrogen production unit. Xinjiang Huadian Weihuliang New Energy Co., Ltd.: The company announced the transaction results for the UPS and EPS of the alkaline water electrolysis hydrogen production system for the Xinjiang Huadian Urumqi Point-to-Point Hydrogen Refueling Station, as well as the results for the hydrogen production system distribution cabinet. The suppliers are Harbin Jiuzhou Group Co., Ltd. and Tengzhou Taiyuan Power Equipment Manufacturing Co., Ltd., respectively. Junrui Green Hydrogen Energy (Chahar Right Rear Banner) Co., Ltd.: A competitive consultation announcement was released for the full-process management of the Chahar Right Rear Banner 14,400 t/year Hydrogen Production Project. According to the announcement, the procurement budget for the full-process management is 1.69% (bidders must not quote a rate higher than 1.69%, or the bid will be deemed invalid). Policy Review 1. The Ningxia Hui Autonomous Region Development and Reform Commission published the "Ningxia 2026 First Batch of Project List Recommended to Private Capital." One key project in the hydrogen energy sector is the Integrated Hydrogen Storage, Transportation, and Utilization Zero-Carbon Energy Demonstration Base, located in the Lingzhou Chemical Industry Park in Lingwu City. The project aims to establish a demonstration model covering the entire green hydrogen production chain, including wind and solar power generation, hydrogen production, storage, and transportation. It will be equipped with corresponding facilities, pipelines, and transport fleets to provide logistics services to surrounding chemical enterprises and offer a feasible solution for replacing gray hydrogen with green hydrogen in the Ningdong coal chemical industry. Additionally, the project plans to construct hydrogen refueling stations to support bus operations and distributed fuel cell power generation projects. The total investment in the project amounts to 2.8 billion yuan. 2. The Jilin Provincial Energy Bureau released the "Implementation Plan for the Development and Construction of Green Electricity Direct Connection Projects in Jilin Province (Trial)" (Draft for Comments). The document indicates that new load projects can carry out green electricity direct connections, with priority support for hydrogen-based green energy (green hydrogen, green hydrogen to green ammonia, green hydrogen to green methanol, green hydrogen to sustainable aviation fuel, etc.), steel metallurgy, computing (data) centers, automotive manufacturing, and other industries. Electricity consumption projects that have not been registered with grid enterprises (including expansion parts of existing loads), electricity consumption projects that have been registered but whose supporting grid projects have not yet started construction, and existing projects agreed upon through consultation with grid enterprises are all considered new loads. In principle, new loads (including expansion parts of existing loads) and existing loads should not have direct electrical connections. 3. The European Commission approved a 4 billion euro special fund for electrolyzers, providing a 30% subsidy on equipment costs for projects with an annual capacity of ≥500 MW, and setting a 2030 target for electrolyzer efficiency in green hydrogen projects at ≥60% (LHV basis). Corporate Developments Plug Power : Faces a securities class action lawsuit in the US District Court for the Northern District of New York, accused of making misleading disclosures to investors regarding the progress of a US Department of Energy (DOE) loan guarantee of $1.66 billion (approximately 12 billion yuan), exaggerating the likelihood of obtaining the loan and the project construction capabilities. In November 2025, Plug announced the suspension of the loan-related project, jeopardizing the loan and the plan for six hydrogen plants, leading to consecutive declines in its stock price. Transition Industries : Signed a long-term natural gas supply agreement with Mexico's CFEnergía, securing a daily supply of 160 million cubic feet of US gas for the Pacifico Mexinol ultra-low carbon methanol project in Mexico. This contract marks the final key commercial milestone for the project, which has a total investment of $3.3 billion and is expected to commence operation by the end of 2029 to early 2030, producing 2.15 million mt of ultra-low carbon methanol annually, making it the largest facility of its kind globally. Power2X : Dutch hydrogen-based synthetic fuel developer Power2X acquired green hydrogen enterprise HyCC, with the transaction valuation undisclosed. The acquisition adds five green hydrogen projects in the Netherlands and Germany, with a total developable scale of 1 GW, aiding the company in advancing its 250,000 mt per year green hydrogen-based SAF project in Rotterdam, marking its transition from project development to execution. Robert Bosch GmbH: Conducted workforce optimization in China, with the first round involving nearly 200 employees at the Wuxi plant's internal combustion engine and hydrogen fuel cell projects. This is an economic layoff, with the company offering N+4 compensation, exceeding the statutory standard. China Huadian Corporation Ltd. : Party Secretary and Chairman Jiang Yi held talks in Baotou with Chen Zhichang, Member of the Standing Committee of the Inner Mongolia Autonomous Regional Party Committee and Secretary of the Baotou Municipal Party Committee, and Meng Qingwei, Deputy Secretary of the Baotou Municipal Party Committee and Mayor, where both sides exchanged views on further deepening central-local cooperation. Hebei Province Baoding High-Tech Environment Technology Co., Ltd.: announced the winning bid result for the Baoding High-Tech Environment Technology Co., Ltd. Hydrogen-Powered Sanitation Vehicle Procurement Project. The winning bidder was Changsha Zoomlion Environment Industry Co., Ltd., with a bid price of 37.685 million yuan. Inner Mongolia Ebert Coal Technology Co., Ltd.: The hydrogen refueling, hydrogen swapping, charging and swapping integrated station at Plot 02-02C1 in the Airport Logistics Park was approved for construction by the Yijinhuoluo Banner Energy Bureau. The bid inviter is Inner Mongolia Ebert Coal Technology Co., Ltd., and the construction funds are self-raised. It is understood that this project is an integrated station for hydrogen refueling, hydrogen swapping, and charging. The hydrogen refueling station is classified as a Level III station with a hydrogen refueling capacity of 500 kg/d. The main facilities of the hydrogen refueling station include 1 unloading column, 2 units of 45 MPa hydrogen compressors, 1 unit of 90 MPa hydrogen compressor, 1 set of 45 MPa hydrogen storage cylinder bundle, 1 set of 90 MPa hydrogen storage cylinder bundle, 1 unit of HB5/H70 hydrogen refueling integrated machine, 3 units of compressor chiller units, 1 unit of hydrogen refueling machine chiller unit, 1 set of nitrogen cylinder bundle, 1 unit of nitrogen cabinet, 2 units of sequential control cabinets, 1 unit of heat exchanger, etc. The facilities for the hydrogen swapping and battery swapping station include 1 set of integrated hydrogen swapping and battery swapping skid, etc. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprints/Technical Specifications 1. The team of Liu Qingju from Yunnan University constructed a superwetting Pt/NF@CF graded heterojunction electrocatalyst for low-energy consumption and high-efficiency hydrogen production. 2. Teams from Hunan Normal University and Central South University (AM) revealed the effects of compressive strain and oxygen vacancies on iridium oxide in proton exchange membrane water electrolyzers. 3. Relevant research teams from the School of Electrical Engineering, Xi'an Jiaotong University, and the State Key Laboratory of Electrical Insulation and Electrical Materials successfully developed a Ru/Ti3C2Ox@NF bifunctional seawater electrolysis electrocatalyst. 4. The group standard "Technical Specification for Wind-Solar-Storage Green Electricity Coupled Electrolysis Hydrogen Production" (Number T/CIEP 0272—2025) was released and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-level PEM electrolyzer hydrogen production multi-field coupling test equipment. 5. GKN Powder Metallurgy announced the development of a new generation of high-performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

Artificial intelligence has once again captured traders' attention. Although Nvidia's performance exceeded expectations, its stock price remained sluggish throughout the day, ultimately closing down more than 5%, dampening market sentiment. Influenced by the weak performance of the U.S. semiconductor sector, benchmark index contracts in Japan and South Korea, where technology stocks hold a relatively high weight, declined, while contracts in Australia and Hong Kong saw slight gains. These fluctuations further indicate the market's high sensitivity to AI-related news, as participants strive to comprehend the long-term implications of this rapidly advancing technology. According to Hardika Singh, an analyst at Fundstrat Global Advisors, the market's mediocre reaction to Nvidia's better-than-expected earnings report is partly because investors now take such exceptional performance for granted.

Dianke Lantian officially listed on the Shanghai Stock Exchange's STAR Market, with its stock price surging 750.05% at opening and closing at 65.94 yuan per share (up 596.3%), reaching a total market capitalization of 114.5 billion yuan.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Maintained a Fluctuating Upward Trend During the Night Session, with Market Transactions Dominated by Scattered Orders for Immediate Needs]

According to a report by Bloomberg on Mining.com, the US Department of Defense (DoD) invested $18 million in Canada's 5N Plus Inc. to help the company expand its germanium metal refining capacity. Germanium is used in night vision systems and other application fields. Mike Cadenazzi, a Pentagon official, stated in an announcement regarding the deal, "Our warfighters rely on next-generation optical technologies for surveillance, reconnaissance, and targeting, and germanium is a critical material for manufacturing these devices." The US has been seeking secure supplies of critical minerals to reduce risks and external dependencies. Since 2024, the US has invested over $60 million in Canadian small and medium-sized enterprises producing these materials, including Nano One Materials Corp, which produces LFP battery cathode materials, and other enterprises producing graphite and tungsten. Since 2020, the DoD has been collaborating with the company to improve semiconductor production processes needed for space programs and to produce germanium wafers for solar cells used in defense and commercial satellites. Over the past three years, the stock price of Montreal-based 5N Plus has increased by more than 650%. In November last year, management discussed several demand trends with analysts, including accelerated developments in solar energy and artificial intelligence, which are expected to drive demand growth this year. The company, which began supplying materials for medical imaging in 2000, currently has a market capitalization exceeding C$2 billion ($1.5 billion). 5N Plus sources its germanium from Canada's Teck Resources Ltd., Europe's Umicore SA and Nyrstar NV, as well as scrap recyclers in the US. These materials are used to produce germanium wafers at the company's facility in St. George, Utah. "This funding will enable 5N Plus to significantly increase its germanium metal refining capacity and support its plan to procure germanium from underutilized and previously untapped domestic sources," said Gervais Jacques, the company's CEO. In September last year, Jacques revealed to Montreal's La Presse that the company plans to make a medium-sized acquisition in the US, followed by a smaller acquisition, to expand its manufacturing capacity.

• Sigma Lithium announces the sale of an additional 100,000 tons of high-purity lithium ore fines based on the SMM lithium concentrate price, at a price higher than the previous sale. • The company confirms that mine restart activities are progressing as planned and are expected to be completed by January 2026, consistent with its announcement on January 13, 2026. • Sigma Lithium strongly refutes recent media reports that inaccurately described an administrative procedure initiated by Brazil's Ministry of Labor and Employment regarding the company's waste piles as an "operational ban," labeling such reports as "fake news," and states it has notified relevant authorities. On January 23, Sigma Lithium announced the sale of another 100,000 tons of high-purity lithium ore fines. In its statement, the company reiterated that the remobilization of contractor equipment and personnel at the mine site is progressing according to plan and is expected to be completed in January 2026. The company firmly denied recent media reports that mischaracterized an administrative procedure initiated by the Ministry of Labor and Employment as an "operational ban," calling them "fake news." Regarding speculative reporting by some media based on this procedure about the safety of the company's waste piles, Sigma Lithium clarified that such claims are completely false and emphasized that this administrative procedure does not constitute a material event. High-Purity Lithium Ore Fines Sales Details The transaction was conducted based on the Shanghai Metals Market (SMM) lithium concentrate price, equivalent to an adjusted net price of USD 140 per ton for each 1% Li₂O content (the current SMM price quotation for 1.35% Li₂O content is USD 195 per ton). Sigma Lithium pointed out that the revenue from these high-purity fines sales represents a "green dividend" for its shareholders, made possible by the company's investment in environmental "cutting-edge technology" at its Greentech Plant. This technology enables dry-stacking of tailings and allows for the recovery of lithium by selling high-purity fines. Consequently, Sigma Lithium possesses one of the most environmentally sustainable lithium processing facilities in the industry, integrating dry-stacking, 100% water recirculation, zero use of toxic chemicals in lithium processing, and 100% renewable power supply. Clarification Regarding Inaccurate Media Reports Sigma Lithium has recently been the subject of multiple inaccurate reports. The company stated that this is part of an organized, funded online defamation campaign that has repeatedly disseminated false, inaccurate, and misleading information about the company and its management. The latest reports containing false statements about the Ministry of Labor and Employment's administrative inquiry into the company's waste piles and their safety align with the tactics of this ongoing "fake news cyber-smear campaign": approximately one month after the inquiry's initiation and merely two days after the company's positive operational update on January 13, 2026, several "paid-writer" style online media outlets suddenly published a flood of defamatory articles claiming the company had been shut down by the Ministry or even the "Brazilian Government." These allegations were primarily published by certain Brazilian online media outlets that publish sponsored content and were subsequently republished by some international mainstream online media and news agencies lacking rigorous fact-checking practices. This defamation campaign led to significant volatility in Sigma Lithium's share price on January 16, with trading volume exceeding four times the Nasdaq daily average and the stock price dropping approximately 30%, potentially benefiting short-sellers. The company has reported the matter to relevant authorities, including FINRA (under the U.S. SEC). The Brazilian Ministry of Labor and Employment initiated an administrative inquiry regarding the company's waste piles in mid-December, following a routine health and safety inspection. During this inspection, the Ministry acknowledged the company's outstanding safety record—over two years without a lost-time injury. Sigma Lithium's management believes that this inquiry did not, at its initiation nor does it currently, constitute material information requiring disclosure, and it does not affect the company's operations, including the ongoing mine restart plan. The company's restart plan is expected to sustain approximately 19,000 direct and indirect jobs in the Jequitinhonha Valley region. This objective aligns closely with the purposes of the Brazilian Ministry of Labor and Employment, the Brazilian Government, and Sigma Lithium. Sigma Lithium's commercial success significantly enhances Brazil's leadership in critical minerals, positioning the country as a key player in the global supply chain for Li₂O materials produced in an environmentally and socially sustainable manner, thereby supporting the energy transition.

As reminded by a Caixin article on Tuesday evening, overnight and into the morning, overseas markets have been busy reassessing the prospects of the Middle East conflict, with the three major US stock indices collectively under pressure and declining. As of Tuesday's close, the S&P 500 fell 0.84% to 5,982.72 points; the Nasdaq Composite Index fell 0.91% to 19,521.09 points; and the Dow Jones Industrial Average fell 0.7% to 42,215.8 points. As a bellwether for the Middle East conflict, international oil prices surged again. (Daily chart of Brent crude oil, source: TradingView) According to CCTV News, as the military conflict between Israel and Iran continues, the market's focus has shifted to whether the US military will intervene. According to reports, US President Trump met with his national security team in the White House Situation Room on Tuesday to weigh whether to further intervene in the ongoing conflict between Israel and Iran. US Treasury bond prices also rose simultaneously, though this was also related to weak US retail, housing, and industrial output data. Later on Wednesday (early Thursday Beijing time), the US Fed will announce its latest interest rate decision and hold a press conference. The market generally expects that before a series of uncertainties that could trigger inflation are resolved, Fed officials will have no room to cut interest rates. Meanwhile, Andrew Tyler, head of global market intelligence at JPMorgan Chase, who successfully predicted the April rebound, said this week that despite the success of investors' strategy of buying the dip in the US stock market this year, with negative news always being rewarded after fading away, it is now best to reduce risk exposure. Regardless of the Israel-Iran situation, the US stock market itself is already ripe for a correction. The latest Bank of America Fund Manager Survey also shows that about 54% of institutional investors expect international stocks to be the best-performing asset class over the next five years, while only 23% choose US stocks. Performance of Popular Stocks Tech giants generally fell on Tuesday, with Apple down 1.4%, Microsoft down 0.23%, Amazon down 0.59%, Nvidia down 0.39%, Google-A down 0.46%, Tesla down 3.88%, and Meta down 0.7%. Chinese ADRs also weakened due to market sentiment, with the Nasdaq Golden Dragon China Index closing down 1.77%. As of the close, Alibaba was down 0.8%, JD.com was down 0.93%, Baidu was down 1.42%, Pinduoduo was down 0.25%, Bilibili was down 2.6%, NIO was down 2.27%, NetEase was down 1.12%, and Futu Holdings was down 1.47%. The "Traditional Chinese Medicine + Brain-Computer Interface" concept stock that captured market attention yesterday, Brain Regeneration Technology, continued to rise by 30%, reaching a market capitalization of $38.5 billion, with a cumulative increase of 59,900% since the beginning of the year. It should be emphasized that the core reason for the stock's speculative surge lies in its extremely small free float. Company News [Amazon CEO Issues Warning on "AI Taking Jobs"] On Tuesday local time, Andy Jassy, CEO of Amazon, the world's largest e-commerce and cloud computing platform, publicly wrote that as the company widely adopts AI to enhance efficiency, it is expected that the overall workforce will be reduced. [US Energy Giant Chevron Officially Enters Lithium Industry] US energy giant Chevron announced on Tuesday its entry into the lithium industry. The company acquired two oilfield areas with the intention of building a "commercial-scale" lithium business in the US. Chevron stated that in the future, it will utilize the "Direct Lithium Extraction" (DLE) process at oilfields to extract lithium from brine. [Coinbase to Seek SEC Approval for Tokenized Equities] Paul Grewal, Chief Legal Officer of Coinbase, a cryptocurrency exchange and newly added member of the S&P 500 Index, revealed that the company is seeking approval from the US Securities and Exchange Commission (SEC) to launch a "tokenized equities" service. [Eli Lilly to Acquire Gene-Editing Startup Verve for $1.3 Billion] On Tuesday Eastern Time, US pharmaceutical giant Eli Lilly announced that it would acquire gene-editing startup Verve Therapeutics for up to $1.3 billion. In response to this news, Verve's stock price closed up 81.50% on Tuesday. [JPMorgan Chase Launches Deposit Token JPMD, Emphasizing It's Different from Stablecoins] JPMorgan Chase stated on Tuesday that it plans to launch a so-called deposit token, JPMD, on Coinbase's public blockchain Base, which is built on the Ethereum network. The token will provide customers with 24/7 settlement services and the ability to pay interest to holders. The Wall Street giant stated that this is a so-called "permissioned token," meaning it is limited to JPMorgan Chase's institutional clients only—different from most publicly circulating stablecoins. [Tesla's Stock Falls Due to Temporary Production Halt News] Tesla's stock price fell by 3.88% on Tuesday amid news that the company would suspend production of the Cybertruck and Model Y car models at its Austin, Texas, factory for a week. It is reported that the production halt for maintenance will begin on June 30, marking the third similar shutdown at the Austin factory in the past year. [Meta to Launch AI Glasses in Collaboration with Prada and Oakley] Market news on Tuesday reported that Meta and its AI glasses partner EssilorLuxottica plan to launch new AI glasses products under the Prada and Oakley brands. Meta had already announced on Monday that it would unveil a new collaboration with Oakley this week, focusing on sports scenarios. [Intel Reportedly to Cut Up to 20% of Employees in Its Foundry Division] An internal memo disclosed by the media on Tuesday revealed that Intel plans to reduce its workforce in the foundry business unit by 15% to 20% starting from July. It remains unclear how many employees will be directly affected by this move. Regulatory filings indicate that as of the end of last year, Intel had a total of 108,900 employees.

Macro News 1. The spokesperson of the Ministry of Foreign Affairs announced that, at the invitation of President Kassym-Jomart Tokayev of the Republic of Kazakhstan, President Xi Jinping will attend the second China-Central Asia Summit in Astana, Kazakhstan, from June 16 to 18. 2. Li Qiang chaired a State Council executive meeting to deploy the replication and promotion of pilot measures in the China (Shanghai) Pilot Free Trade Zone, hear reports on the construction of a new model for real estate development and the promotion of high-quality housing, and study measures to optimize the centralised procurement of pharmaceuticals and medical consumables. 3. According to data from the People's Bank of China, at the end of May, the balance of broad money (M2) was 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months was 306.4 billion yuan. The increase in aggregate social financing in January-May was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year. RMB loans increased by 10.68 trillion yuan in the first five months. 4. On June 13, the People's Bank of China announced again that it would conduct 400 billion yuan of outright reverse repo operations on June 16 with a term of six months (182 days), indicating that the central bank would achieve a net injection for the entire month. 5. The World Trade Organization held the second annual meeting of the Council for Trade in Services in Geneva, Switzerland, on June 13. China pointed out the misleading narrative and erroneous logic of the US's "reciprocal tariff" and urged the US to comply with WTO rules, resolve differences through multilateral cooperation rather than unilateral measures, and jointly maintain the stability of the global trading system with all parties. 6. The New Zealand government's official website announced that starting from November 2025, Chinese passport holders entering New Zealand from Australia with valid Australian tourist, work, student, or family visas will be exempt from visa requirements for stays of up to three months. Industry News 1. Eight departments, including the Ministry of Industry and Information Technology, are soliciting public comments on the "Guidelines for the Security of Outbound Automobile Data (2025 Edition)". Automobile data processors shall declare a security assessment for outbound data if they provide automobile data overseas under any of the following circumstances: (1) providing important data overseas; (2) cumulatively providing personal information (excluding sensitive personal information) of more than 1 million individuals overseas since January 1 of the current year; (3) cumulatively providing sensitive personal information of more than 10,000 individuals overseas since January 1 of the current year; (4) operators of critical information infrastructure providing personal information overseas; (5) other circumstances requiring a security assessment for outbound data as specified by relevant state regulations. 2. On the 15th, the official WeChat account of the Shenzhen Municipal Committee of the Revolutionary Committee of the Chinese Kuomintang (RCCCK) published an article by He Jie, Chairman of the Shenzhen Municipal Committee of the RCCCK, discussing Shenzhen's new mission in comprehensive reform. He Jie stated that relevant departments in Shenzhen are currently formulating relevant listing rules, with the expectation of piloting the secondary listing of red-chip stocks, which will provide more convenient and efficient listing channels for science and technology innovation enterprises. He Jie emphasized that the blueprint for comprehensive reform "2.0" has already been drawn up, and the key lies in effective implementation. Many reforms are still framework-based and directional in nature, requiring integration with practical needs, particularly achieving an organic combination of "top-level design and local initiatives." 3. According to statistics from Choice, as of June 14th, 105 public offering products (with multiple share classes combined) have been liquidated since the beginning of this year. In terms of termination reasons, 83 products were terminated due to the net asset value of the fund falling below contractual limits, 21 products were terminated with the consent of the fund holders' meeting, and 1 product was terminated due to contract expiration. Among these, equity liquidations accounted for 70%, with industry-themed funds in sectors such as new energy, pharmaceuticals, and consumption becoming the "hardest-hit areas." 4. The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision. During the period in question, the account group controlled by Tu Wenbin had significant capital advantages, manipulating the prices of multiple stocks through continuous trading, driving up stock prices, large-volume limit-up orders, and false order placements and cancellations. The CSRC decided to impose penalties, with the total amount of fines and confiscations reaching nearly 77 million yuan. 5. On June 15th, a reporter learned from China National Nuclear Corporation (CNNC) that yttrium-90 glass microspheres irradiated by Qinshan Nuclear Power's "Hefu No. 1" reactor were successfully removed from the reactor and passed relevant detections, marking China's successful mastery of the technology for producing yttrium-90 in commercial reactors, enabling mass production. 6. The opening forum of the Golden Goblet Film Forum at the 27th Shanghai International Film Festival was held on June 15th. Participants unanimously agreed that the current film market has reached a moment for a fresh start. Facing industry challenges, chairmen and executives of multiple listed film companies discussed solutions, with directions such as increasing non-ticket revenue, reducing the number of films produced, and lowering production costs emerging as potential solutions. Corporate News 1. Kweichow Moutai announced an adjustment to its 2024 annual profit distribution plan, increasing the dividend per share to 27.673 yuan/share. 2. On June 14th, POP MART Korea issued an announcement stating that due to concerns about potential safety accidents at recent offline sales venues, the company has decided to temporarily suspend offline sales of the entire LABUBU plush toy and LABUBU plush keychain series. 3. GAC Group issued a commitment announcement, stating that it will ensure the fulfillment of dealer rebates within two months from today. 4. Guotai Haitong Securities announced that it has received an administrative licensing decision from the People's Bank of China (PBOC) for the issuance of 15 billion yuan in science and technology innovation bonds. 5. Yong'an Pharmaceutical announced that the company's stock price has risen significantly in the short term, severely deviating from the overall market trend, and there is a high risk of speculation. 6. *ST Tongzhou announced that the company's stock will be suspended for one day on June 16, and starting from June 17, the delisting risk warning and other risk warnings will be revoked, with the stock abbreviation changing to Tongzhou Electronics. 7. Haimo Technologies announced that the controlling shareholder and actual controller are proposed to be changed to Fan Zhonghua, and the stock will resume trading from June 16. 8. *ST Haiyue announced that it will repurchase company shares worth 30 million to 50 million yuan during the delisting consolidation period. 9. Huayang New Materials issued a stock trading risk warning announcement, stating that the company does not possess the attributes of rare earth permanent magnets. 10. Honghui Fruits & Vegetables announced that the controlling shareholder is proposed to be changed to Shenze Ruitai, and the company's stock and convertible bonds will resume trading from the opening of the market on June 16. 11. Ruifeng Gaocai issued an announcement in response to rumors about the board secretary being placed under investigation, stating that the investigation does not involve the company's stock trading and that current production and operations are normal. 12. Haers stated on an interactive platform that its past cooperation with POP MART has been terminated, and the scope of the previous cooperation did not include Labubu. Global Markets 3. According to CCTV News, US President Trump stated on social media in the early hours of the 15th (Eastern Time) that "the United States has nothing to do with tonight's attacks on Iran" and warned that if Iran attacks the US in any form, the US armed forces will "respond with full force on an unprecedented scale." In addition, Trump claimed that the US could "easily facilitate an agreement to end this bloody conflict," but did not elaborate on how the agreement would be reached. 4. On Friday last week, US stocks opened lower and continued to decline, with all three major indices falling more than 1%. The Dow Jones Industrial Average fell 1.32% for the week; the Nasdaq Composite fell 0.63% for the week; and the S&P 500 index fell 0.39% for the week. Most large-cap tech stocks declined, with Intel falling more than 3% and Nvidia falling more than 2%; Tesla rose approximately 2%. The energy sector bucked the trend and surged, with Houston Energy rising more than 119% and US Energy rising more than 55%. Drone manufacturer Airo's US IPO closed up 140% on its first day. Oracle rose more than 7% for the week, nearly 24%, marking its best weekly performance since 2001. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 2.74%. Fangdd Network fell more than 9%, WeRide fell more than 7%, Kingsoft Cloud fell more than 6%, XPeng Motors fell more than 5%, Alibaba, Bilibili, and Li Auto all fell more than 3%, and JD.com, Pinduoduo, and Baidu all fell more than 2%. Investment Opportunities Reference 1. Xiaomi Auto unveils solid-state battery patent; institutions say eVTOL + humanoid robots open up incremental space for solid-state batteries Intellectual property information from Tianyancha shows that recently, Xiaomi Auto Technology Co., Ltd. applied for a patent titled "Solid-state battery composite electrode, preparation method, and solid-state battery comprising the composite electrode," which has been made public. The abstract indicates that the solid-state battery composite electrode disclosed in the patent effectively shortens the transmission path of metal ions in thick electrodes and accelerates the transmission rate of metal ions between electrodes, featuring high electrode loading and C-rate performance. Dongxing Securities stated that with the gradual entry of fields such as eVTOL and humanoid robots into a phase of rapid growth, along with the release of technological solutions and industrialisation application timelines for all-solid-state batteries by various enterprises, driven by sustained new demand, the application and implementation of solid-state battery technology is expected to accelerate, with the industrialisation process already showing an accelerating trend. Battery enterprises with a first-mover advantage in solid-state battery technology and leading application deployment will primarily benefit. Sihan Industry Research Institute believes that AI is empowering industrial transformation, with eVTOL and humanoid robots opening up incremental space for solid-state batteries. 2. AI inference demand is accelerating, and this solution has become a focus for self-development among major cloud providers According to media reports, while GPUs have advantages in general-purpose accelerated computing scenarios, they face challenges such as high costs and power consumption in specific scenarios, prompting buyers to seek alternative types of chips for support. Customised ASIC chips have become a focal point of attention. Recently, NVIDIA introduced NVLink Fusion, directly targeting Broadcom's high-growth market: AI custom chips. This also means there are new entrants in the ASIC chip market. As AI models become increasingly powerful, the demand for AI inference is accelerating, with ASIC customised solutions offering better energy efficiency and cost advantages becoming a focus for self-development among major cloud providers, with upgraded versions typically released every 1-2 years. Guojin Securities believes that compared to GPUs, ASICs can be custom-developed for specific business scenarios, and the substantial demand for inference computing power and cost reduction will effectively drive the growth of ASIC demand. They are optimistic about ASIC design service companies, Ethernet white-box switch producers, Ethernet switching chip producers, AEC producers, and PCB producers. 3. Against the backdrop of strong supply constraints and a concentrated industry structure, these chemicals are currently in a price upcycle Institutions have pointed out that as temperatures rise, the demand for refrigerant maintenance is gradually becoming robust, with genuine sales boosting channel price confidence. Downstream air conditioner production schedules from June to August remain high on a YoY basis, with the demand side continuing to provide positive feedback. The long-term bullish trend for refrigerants remains unchanged. Against the backdrop of equal domestic and international trade quotes for mainstream refrigerants, the performance release certainty of refrigerant-related producers has strengthened. Founder Securities pointed out that refrigerants are one of the largest and most widely applied segments in the fluorochemical industry. The Montreal Protocol has driven the generational transition of refrigerants. Currently, the refrigerant industry is in a phase of accelerated reduction of second-generation refrigerants, quota freezing of third-generation refrigerants, and patent protection for fourth-generation refrigerants. Against the backdrop of strong supply constraints and a concentrated industry structure, second- and third-generation refrigerants are currently in a price upcycle. The downstream air conditioning and automotive industries are expected to maintain growth trends, with third-generation refrigerants expected to see both volume and price increases. In addition, fluorine-containing fine chemicals are a niche but high-quality segment within the fluorine chemical industry, characterized by high product barriers and added value, with significant growth in market demand in recent years. With the development of emerging industries such as new energy and electronics, their market size continues to expand. 4. Institutions Say Defense and Military Demand Expected to Recover, with Long-Term Growth Certainty in Relevant Sectors Research reports from institutions indicate that, as 2025 marks the final year of the "14th Five-Year Plan" and the planning year for the "15th Five-Year Plan," demand in the defense and military sector is expected to recover. Research reports from Northeast Securities point out that, at the current juncture, as the "14th Five-Year Plan" enters its final year, disruptive factors in the military industry have largely been eliminated, and downstream demand is showing restorative growth. Meanwhile, with the impending 2027 construction target, medium and long-term goals also provide clear guidance for the industry's development: to basically achieve the modernization of national defense and the military by 2035, and to comprehensively build the People's Liberation Army into a world-class military by 2050. Along with the recovery in demand and the gradual optimization of capacity structure, the defense and military sector is expected to see significant improvement, with high safety margins and long-term growth certainty.

On Monday (June 9), US stocks pulled back in the final trading session, with the three major indices closing with mixed changes. By the close, the Dow Jones Industrial Average fell slightly by 1.11 points to close at 42,761.76 points. The S&P 500 rose 0.09% to close at 6,005.88 points, last closing above 6,000 points on February 21. The Nasdaq Composite Index rose 0.31% to close at 19,591.24 points, also marking a new closing high since late February. Chinese ADRs and semiconductor stocks generally rose, with the Nasdaq Golden Dragon China Index closing up 2.07% and the Philadelphia Semiconductor Index up 1.96%, both outperforming the broader market. Among semiconductor stocks, Entegris rose 7.61%, AMD rose 4.77%, and Qualcomm rose 4.13%. On the afternoon of June 9 local time, the first meeting of the China-US Economic and Trade Consultation Mechanism was held in London, UK. CCTV News reporters learned that the meeting would continue on June 10 local time. Larry Tentarelli, founder of Blue Chip Daily Trend Report, commented that investors were bullish on popular Chinese ADRs and US semiconductor stocks today, as both are beneficiaries of trade negotiations. The US CPI report is scheduled to be released on Wednesday and is expected to be a key topic this week. Sam Stovall, an analyst at CFRA, said that if inflation continues to decline, it should help make the recent rebound in the stock market more pronounced and sustained. During the trading session, Apple held its 2025 Worldwide Developers Conference (WWDC). Despite the impressive debut of the new system, the market reaction was unusually lukewarm. By the close, Apple's stock price fell 1.21%, and at one point during the session, it approached the $200 mark. Performance of Popular Stocks Large-cap tech stocks closed with mixed changes. (Ranked by market capitalization) Microsoft rose 0.5%, NVIDIA rose 0.64%, Apple fell 1.21%, Amazon rose 1.6%, Alphabet Class C rose 1.67%, Meta fell 0.52%, and Broadcom fell 1.07%. Tesla rose 4.55%, after falling as much as 4.5% during the session. Most popular Chinese ADRs rose, with Kingsoft Cloud up 9.69%, XPeng Motors up 3.38%, Baidu up 3.32%, Tencent Music up 3.06%, JD.com up 2.48%, Li Auto up 2.13%, TAL Education Group up 1.98%, Alibaba up 1.76%, and New Oriental up 1.11%. NIO fell 0.83%, and Pony.ai fell 0.93%. Company News [Apple: Is Expected to Launch Apple Intelligence Models for Developers] Apple said it is expected to launch Apple Intelligence models for developers and confirmed that the operating system is set for a redesign. This year, Apple Intelligence will support more languages, and Apple will allow direct access to the large language model on the device at the core of Apple Intelligence. [Apple reiterated that the personalized Siri feature will be launched within the next year.] Apple reiterated that the personalized Siri feature will be launched within the next year, but it will not be included in the first betas of iOS 26, iPadOS 26, or macOS 26. Apple will launch macOS Tahoe, which includes many iOS features, and enhance the calling experience by bringing the Phone app to the Mac. [Google announced the launch of the memory-optimized machine series COMPUTE ENGINE M4.] Google announced the launch of the memory-optimized machine series COMPUTE ENGINE M4, the most powerful memory-optimized virtual machine with memory configurations below 6TB. [Strategy raises $112 million for Bitcoin purchases, does not sell any MSTR shares.] From June 2 to June 8, Strategy successfully sold 626,639 STRK preferred shares and 432,679 STRF preferred shares through its at-the-market (ATM) offering program, raising a total of $112.2 million in net proceeds. It is worth noting that this fundraising was entirely from the sale of preferred shares, and the company did not sell any common shares (MSTR). As of June 8, the company still had $18.631 billion available for issuance under its Common ATM program, $20.617 billion under the STRK ATM program, and $2.005 billion under the STRF ATM program.