To align with the national strategy for high-quality development of the automotive industry and the policy requirements of initiatives such as Guangdong Province's auto parts industry "Strong Chain Project," with the aim of deepening local matching within the automotive industry chain and promoting the coordinated and integrated development of the Guangdong automotive industry, the Guangdong Automotive Industry Association and GAC Parts Co., Ltd. will jointly host the "2026 Automotive Supply Chain into GAC" event. We sincerely invite relevant units to exhibit and participate. The specific details are as follows: I. Basic Information of the Event Theme: New Quality Empowerment, Smart Drive for the Future Time: August 26, 2026 Venue: GAC Trumpchi Address: No. 633, East Jinshan Avenue, Panyu District, Guangzhou II. Organizational Structure of the Event Guiding Unit: Guangzhou Automobile Group Co., Ltd. Organizers: Guangdong Automotive Industry Association, GAC Parts Co., Ltd. Co-organizers: GAC Group Procurement Headquarters, GAC Group Large R&D (Product Management) System, Guangdong Electronic Information Industry Association, Guangdong Connector Association, Shenzhen Automotive Electronics Industry Association, Guangzhou Automotive Industry Association, Guangzhou Intelligent Connected and NEV Industry Talent Federation, Infocom Conference Exhibition (Shanghai) Co., Ltd., Shanghai Zishen Business Consulting Co., Ltd. III. Main Agenda of the Event (I) Morning Arrangements (Held Concurrently Throughout the Day): 9:00-17:00: Product display and exchange; 9:00-17:00: One-on-one matching negotiations between exhibiting enterprises and GAC Group procurement, R&D, GAC Parts and its subordinate enterprises, and specially invited Tier 1 suppliers (10 companies). (II) Afternoon Arrangements: 13:30-14:00: Check-in for participants 14:00-14:30: Leadership exhibition tour 14:30-14:35: Remarks by government department leaders 14:35-14:40: Remarks by GAC Group leaders 14:40-15:00: Release of requirements by GAC Group's Large R&D System and Procurement Headquarters 15:00-15:10: Release of supplier requirements by GAC Parts (including direction, technology, quality, cost, and delivery requirements) 15:10-16:40: Roadshow by enterprises in the fields of new materials, lightweighting, intelligent connectivity, smart cockpits, and suspension systems 16:00-17:00: Free exchange and matching / factory tour IV. Requirements for Exhibiting Enterprises Fields: Tier 1, Tier 2, and Tier 3 supporting suppliers in the fields of new materials, lightweighting, intelligent connectivity, smart cockpits, and suspension systems. System Requirements: Primarily enterprises outside the GAC system. Qualification Conditions: Annual revenue exceeding 10 million yuan, holding ISO14000 and IATF16949 certifications, and possessing stable supply capabilities. Note: After registration, exhibiting enterprises must be approved by GAC Group and GAC Parts before participating in this product display. V. Fee Standards For more information or if you are interested in exhibiting, please contact: Lou Kexin 190 6801 9380 (The information in this document is sourced from the Guangdong Automotive Industry Association)

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,819.5/mt, touched a session high of $13,883/mt, then pulled back under pressure and dipped to $13,729.5/mt. It recouped some losses near the close and finally settled at $13,803/mt, up 0.03%. Trading volume was 16,800 lots, and open interest increased to 250,200 lots, up 3,988 lots from the previous trading day, indicating bullish additions. Last Friday night, the most-traded SHFE copper 2609 contract opened at 105,460 yuan/mt, rose to a session high of 105,780 yuan/mt, then drifted lower and dipped to 105,140 yuan/mt, and finally settled at 105,360 yuan/mt, down 0.09%.

[Secondary Lead Production Update] A secondary lead smelter in southwest China had average refined lead output in July, with relatively low recycling volume of scrap batteries. In August, there is a possibility of maintenance-related production suspension. If production continues, it will maintain a similar output level. The final production schedule will be adjusted according to the lead price market trend.

Xingye Silver&Tin released a progress announcement on July 31 regarding a safety incident at a subsidiary, showing that: On July 30, 2026, Yinman Mining received the On-site Treatment Measures Decision Letter (No. 260 [West] Emergency Decision [2026]) issued by the Xiwu Banner Emergency Management Bureau, requiring the synchronous suspension of Yinman Mining's mineral processing tailings system. As of the disclosure of this announcement, both the mining system and the mineral processing tailings system of Yinman Mining have been suspended. The details of this accident as announced by Xingye Silver&Tin show that: At around 3:30 PM on July 26, 2026, an accident occurred during underground production construction at the mine of the company's wholly-owned subsidiary, Xiwuzhumuqin Banner Yinman Mining Co., Ltd., resulting in 1 fatality and no injuries. After the accident, Yinman Mining, in accordance with the On-site Treatment Measures Decision Letter (No. 257 [West] Emergency Decision [2026]) issued by the Xiwuzhumuqin Banner Emergency Management Bureau, suspended the underground mining area. Regarding the impact on the company's production, operations, and performance: Yinman Mining is primarily engaged in the mining, processing, and sales of non-ferrous metals such as silver, tin, copper, lead, and zinc, with a production capacity of 1.65 million mt/year. In 2025, Yinman Mining recorded operating revenue of RMB3,062.0434 million, accounting for 55.12% of the company's total consolidated operating revenue, and achieved net profit of RMB1,346.2785 million. In Q1 2026, it recorded operating revenue of RMB961.5985 million, representing 45.15% of the total, with net profit of RMB474.7488 million. Currently, the cause of the accident and the reason for the fatality are still under investigation. Yinman Mining will fully cooperate with the accident investigation and subsequent work. Since the duration of the suspension at Yinman Mining cannot be determined at this time, the impact of this production halt on the company's current and full-year performance cannot be accurately estimated for now. The company will, in accordance with relevant regulations, fulfill its information disclosure obligations in a timely manner based on the progress of the accident investigation. Investors are advised to be cautious about investment risks. Performance: Xingye Silver&Tin's 2025 annual report shows that in 2025, the company realized operating revenue of RMB5,555.2536 million, a YoY increase of 30.09%; total profit of RMB2,096.237 million, up 18.75% YoY; and net profit attributable to shareholders of the publicly listed company of RMB1,704.2393 million, rising 11.40% YoY. Xingye Silver&Tin's announcement shows that in 2025, the breakdown of operating revenue from the company's main mineral products as a share of overall operating revenue was as follows: ore-derived silver (RMB2,175.7825 million, 39.17%); ore-derived tin (RMB1,649.6398 million, 29.70%); ore-derived zinc (RMB975.8673 million, 17.57%); ore-derived lead (RMB220.945 million, 3.98%); ore-derived iron (RMB180.3799 million, 3.25%); ore-derived copper (RMB133.0043 million, 2.39%); ore-derived antimony (RMB100.3568 million, 1.81%); ore-derived gold (RMB82.3402 million, 1.48%); and ore-derived bismuth (RMB16.6744 million, 0.30%). Among these, the combined operating revenue from ore-derived tin and ore-derived silver accounted for 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group primarily engaged in the exploration, mining, and processing of non-ferrous metals and precious metals. As of the disclosure date of this report, the company has over 20 subsidiaries, including 8 producing mining companies: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; Atlantic Tin's Achmmach tin mine under AtlasTinSAS is in the construction phase; Tanghe Era Mining is in suspension; Yitong Mining and Yunnan Xigui are in the exploration stage. Hainan Fund is mainly engaged in equity investment management; Xingye Gold (Hong Kong) focuses on metal and mining trade, corporate mergers and acquisitions, and is responsible for expanding markets outside China and acquiring high-quality overseas mineral resources; Hainan Guomao and Tianjin Guomao mainly handle the sales of non-ferrous metal mineral products and the procurement of some raw materials; Xingye Ruijin conducts process research, technology R&D, and upgrading in areas such as exploration, mining and processing, and comprehensive tailings recycling. Tibet Shannan Antimony-Gold, Tibet Xinda Mining, and Xing'an Meng Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% equity stake in Yubang Mining. According to data from the World Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages, laying a solid resource foundation for sustainable development. Meanwhile, through its subsidiary Xingye Gold (Hong Kong), the company increased investment in overseas mineral resources, successfully acquiring a 100% equity interest in Atlantic Tin. This acquisition was a key step in implementing the company's 'going global' strategy. Based on the tin mine classification criteria for large mines in the Standard for Classification of Mineral Resource/Reserve Scales (DZ/T0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this integration of overseas tin resources, the company has further perfected its international tin layout and secured important strategic resources for long-term development. The company's main performance is derived from non-ferrous metal mining and processing operations. During the reporting period, revenue from this sector accounted for 99.64% of total 2025 operating revenue. Key factors influencing the performance of the mining and processing segment include production and sales volumes of main products, market prices, and the cost of non-ferrous metal and precious metal mining and processing operations. For the business plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the company's '23' plan. The board of directors will closely follow the theme of high-quality development, fully implement the set work targets, continuously deepen the concept of 'trust and synergy,' and go all out to achieve the closing goals of the '23' plan. Key tasks are as follows: 1. Uphold safety and environmental protection bottom lines, use 2026, the 'Year of Safety Management Implementation,' as a lever to fully consolidate safety responsibilities, reinforce the achievements of the 'Year of Collective Safety Calm,' enhance risk anticipation and process control, and strictly prevent safety and environmental accidents to achieve safe, stable, green, and low-carbon development. 2. Comprehensively advance the construction of key projects, strengthen whole-process management of project budgeting, progress, and quality, and coordinate the implementation of projects such as Yinman Mining's 2.97 million mt expansion, Yubang Mining's 8.25 million mt expansion, the Morocco project, and the Budunyin'gen Mining (managed) project to ensure timely completion and full production, releasing capacity benefits. 3. Continuously intensify exploration and reserve expansion efforts, balance production operations with geological exploration, steadily advance exploration at existing mines and surrounding areas, accelerate resource upgrade to reserves, and constantly consolidate the resource base. 4. Deepen industrial synergy and resource integration, leveraging Inner Mongolia's core regional advantages to gradually expand overseas resource deployment; persist in focusing on silver and tin as main business directions, enriching and optimizing resource varieties. Steadily advance subsequent acquisitions and integration of Weiling Co., actively track high-quality mineral project opportunities in China and overseas, and enhance overall competitiveness through synergistic industrial mergers and acquisitions. 5. Further strengthen institutional enforcement and internal control management, ensure that all systems, processes, and management requirements are implemented effectively, and improve the company's refined management level; strengthen enforcement capacity, ensure that production plans, comprehensive budgets, and work deployments are fully carried out, and promote deep integration of corporate culture with business management. 6. Fully promote preparations for Hong Kong stock listing, accelerate the establishment of dual capital market platforms at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy implementation, and elevate the company's high-quality sustainable development to a new level. Xingye Silver&Tin's Q1 report for this year disclosed that in January-March 2026, the company realized operating revenue of RMB2,129.8691 million, an 85.32% YoY increase; net profit attributable to shareholders reached RMB1,337.6722 million, up 257.32% YoY. As of March 31, 2026, total assets were RMB19,688.8316 million, with net assets attributable to shareholders at RMB10,825.4666 million. Revenue breakdown: In January-March 2026, the revenue share of the company's main mineral products was as follows: ore-derived silver (RMB1,410.1104 million, 66.21%); ore-derived tin (RMB234.0354 million, 10.99%); ore-derived zinc (RMB228.1249 million, 10.71%); ore-derived lead (RMB71.8509 million, 3.37%); ore-derived antimony (RMB53.1029 million, 2.49%); ore-derived gold (RMB51.0181 million, 2.40%); ore-derived iron (RMB44.1733 million, 2.07%); ore-derived copper (RMB35.6489 million, 1.67%); and ore-derived indium (RMB524,100, 0.02%). Among these, the combined revenue from ore-derived tin and ore-derived silver accounted for 77.19%. Xingye Silver&Tin's Q1 report announcement stated: Operating profit for the current period increased by 238.16% compared to the previous period, total profit was up by 236.36%, and net profit attributable to the parent company's owners rose by 257.32%. The main reasons: In the reporting period, selling prices of the company's main mineral products such as silver and tin rose YoY; Yubang Mining's capacity gradually released, with a significant YoY increase in the production and sales of ore-derived silver; and a gain of RMB321 million was realized from the transfer of a 60% equity stake in Shuangyuan Nonferrous. Huaxi Securities' July 25 research report believed that: Silver's macro logic is similar to that of gold, while also possessing stronger industrial attributes, and its price is driven by a resonance of fundamental, policy, and market factors. From the core support perspective, silver's inclusion in the US 'critical minerals' list has triggered sustained capital attention and hoarding effects, becoming a key policy catalyst for price increases. Although short-term demand has pulled back, the supply-side gap remains prominent, serving as the core fundamental support for silver prices. It is expected that in the coming years, the silver supply-demand gap will continue to widen. Combined with industrial recovery demand amid an easing cycle, silver's price elasticity is significantly higher than gold's, and it is likely to rise given the resonance of a loose environment and industrial demand, with a bullish long-term outlook on silver prices. The current silver sector is in a phase of pulling back and consolidating at lows; although weighed down in the short term by US dollar strength and delayed rate cut expectations, it still offers value for medium and long-term positioning. Beneficiary stocks of silver: [Shengda Resources], [Xingye Silver&Tin].

SMM July 31: In July 2026, China's metallurgical-grade alumina production edged up 2.18% MoM but fell 2.48% YoY. As of end-July, China's existing capacity stood at around 118.42 million mt/year, and overall operating capacity fell 1.18% MoM, with a YoY decline of 2.48%. The month's operating capacity decline was mainly due to multiple regional factors, with operating rates diverging among enterprises: In south China, after previous boiler failures forced production suspensions, some lines in Guangxi gradually resumed operations in July, with operating capacity recovering to around 3 million mt/year by month-end, providing some support to regional production. However, another alumina refinery in Guangxi proactively cut production due to technical issues, capping the recovery pace in the region. In Guizhou, tighter domestic bauxite ore supply led enterprises to flexibly adjust production plans, coupled with routine maintenance, resulting in a slight production decline; however, one enterprise in the region steadily ramped up production after earlier stoppages, lifting Guizhou's production slightly. In north China, an enterprise in Shanxi failed to resume production this month due to problems at its red mud pond, becoming the main drag on regional output. Meanwhile, many areas in the north faced tighter bauxite ore supply, further curbing operating rates and causing an overall production decline in the region. Looking ahead to August, China's metallurgical-grade alumina production is expected to recover somewhat. On one hand, maintenance and boiler issues in Guangxi are likely to be largely resolved, allowing production to return to normal levels; the red mud pond issue in Shanxi is expected to be dealt with by mid-August, enabling the restart of related capacity; additionally, domestic bauxite ore supply may also improve modestly, providing raw material support for production growth. Although maintenance shutdowns are still expected in some regions, the overall production additions from restarts are anticipated to exceed the losses from maintenance. The operating capacity of metallurgical-grade alumina in China is projected to remain at around 89.2 million mt/year in August. (The above information is based on market data and comprehensive assessments by the SMM research team and is provided for reference only. This article does not constitute direct investment advice. Clients should make prudent decisions and not rely solely on this information in place of independent judgment. Any decisions made by clients are at their own risk and unrelated to SMM.) Source: SMM

[SMM Nickel Flash] July 31 news: Recently, due to Indonesia's rare earth-related detection policies, shipments of high-grade NPI from Indonesian ports have been restricted. According to SMM, LS inspection reports are currently being issued in batches, and high-grade NPI at the ports has been gradually released since mid-week. This shipping suspension only briefly disrupted the pace of shipments, with limited impact on overall supply and demand in the high-grade NPI market.

On July 30, 2026, Vale announced that it had started trial operation of the long-distance conveyor belt for the Serra Sul 20 million tonnes per year (mtpy) capacity expansion project, marking the project's official entry into the operational phase. This expansion project, combined with a compact ore crushing system planned to be put into use in Q4 2026, is expected to add 20 million mt of annual iron ore production to the S11D mine (Canaã dos Carajás, Pará, Brazil), improving the mine’s capacity and operational flexibility. The Serra Sul 20 mtpy capacity expansion project is a key component of Vale’s corporate strategy, aimed at reinforcing the S11D mine’s competitive edge in the market. The project will not only enhance operational efficiency in iron ore operations but also strengthen Vale's ability to supply high-grade iron ore to the market. As an important part of the ‘New Carajás Plan,’ this plan aims to ensure the continued stability of iron ore capacity while expanding the supply of high-quality iron ore products and critical minerals, thereby consolidating Brazil’s position in the global energy transition and creating long-term value for society and stakeholders. The expansion project has further boosted the capacity of the S11D mine and production facilities by replicating the existing long-distance conveyor system, developing new mining areas, installing semi-mobile crushing equipment, and constructing a new production line at the beneficiation plant. The project obtained the relevant mining operating license in September 2025. In addition, the Capanema project, the Vargem Grande 1 Plant (VGR1) project, and the Serra Sul 20 mtpy capacity expansion project are all key milestones in the company’s iron ore capacity enhancement plan. The company plans to increase annual iron ore production to approximately 360 million mt by 2030, while continuously enriching and optimizing its iron ore product portfolio to achieve sustainable growth and competitive advantage. In Q2 2026, Vale’s iron ore production reached the highest level for a second quarter since 2018. Total iron ore production was 84.3 million mt, up 1% YoY (700,000 mt). This growth was driven by record production at S11D, as well as incremental volumes from the Capanema and Vargem Grande 1 (VGR1) projects. Iron ore pellet production totaled 7.3 million mt, down 7% YoY (500,000 mt), due to the temporary suspension of production at the Oman plant during part of the quarter. Iron ore sales reached 79.7 million mt, up 3% YoY (2.4 million mt), supported by the sale of inventory and higher production.

At around 15:30 on July 26, a safety incident occurred during production and construction at the underground Area 3 of Yinman Mining, a wholly-owned subsidiary of Xingye Silver&Tin, resulting in one fatality and no other injuries. On July 28, Xingye Silver&Tin announced for the first time that the underground mining areas of Yinman Mining had been suspended, while the beneficiation plant remained in normal operation. At that time, Yinman Mining had approximately 350,000 mt of surface ore, which was expected to support the beneficiation plant's production for about two and a half months. On July 30, Yinman Mining further received an "On-site Disposition Decision" (Xi) Yingji Xianjue [2026] No. 260 issued by the Xiwu Banner Emergency Management Bureau, requiring the simultaneous suspension of the beneficiation and tailings systems. As of the announcement disclosure, Yinman Mining's mining system, beneficiation and tailings systems had all been suspended. The previous plan to sustain beneficiation production using ore inventory could no longer be implemented, directly impacting mineral product production. Yinman Mining has an existing mining and beneficiation capacity of 1.65 million mt per year and is the core tin-silver mine under Xingye Silver&Tin. Xingye Silver&Tin did not separately disclose Yinman Mining's actual copper metal production in 2025. According to the original project design, Yinman Mining's copper concentrates contain approximately 1,100 mt of copper metal per year; Xingye Silver&Tin's consolidated mine-produced copper output in 2025 was 2,380.89 mt. As Yinman Mining's copper production scale is relatively small, this suspension will have limited impact on China's overall supply of copper concentrates, with the impact expected to be mainly concentrated on products such as tin and silver. Going forward, attention needs to be paid to the progress of accident investigation, tailings system rectification, and production resumption acceptance.

Recently, the EPC general contracting for the 100MW/200MWh standalone ESS power station project in Xigang Town, Tengzhou City, Shandong Province, issued a termination notice, just one day after the tender announcement was released. The reason for termination was "significant changes." Also in July, the EPC for the 200MW/800MWh standalone ESS project in Usu City, Xinjiang, once again issued a tender termination notice, citing "significant adjustments to the construction content." This was already the third termination of the project's tender process. Looking back at the tender history of the Usu project, its first tender was in November 2025, with a budget of 730 million yuan, equating to a unit price of 0.91 Yuan/Wh. It was later terminated due to significant changes in the technical specifications. After resumption, the budget was raised to approximately 807 million yuan, with the unit price rising to 1.01 Yuan/Wh. In January 2026, the project announced the winning bid result, with PowerChina Jiangxi Electric Power winning the bid at a unit price of 0.94 Yuan/Wh.

Nickel Industries reported a 4% year-on-year increase in nickel ore production to 4.13 million wmt during the quarter despite an eight-day mining suspension in April. Ore sales declined 5% to 2.88 million wmt, while the average realised selling price rose 50% to US$37.8/wmt following Indonesia's revised nickel ore HPM pricing mechanism. Higher realised prices lifted adjusted EBITDA by 58% to a record US$45.7 million despite increased royalty payments and operating costs. Following the quarter, the company submitted an application to increase its 2026 RKAB sales quota to 19 million wmt, which is currently awaiting approval from the Indonesian government.