The industrialization of solid-state battery anodes follows a clear technological progression, closely linked to the maturity of the electrolyte system: first, compatibility and improvement—silicon-based/composite anodes; second, upgrading and breakthroughs—pre-lithiation/composite lithium metal anodes; and third, the ultimate goal—pure lithium metal anode capacity deployment.

On June 12, at the 2025 SMM (13th) Minor Metal Industry Conference - Main Forum, hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Zhao Wuzhuang, former Deputy Director of the Policy Research Office of the China Nonferrous Metals Industry Association, shared the topic of "Export Controls on Dual-Use Items" with the attendees. He stated that in the past two years, the Chinese government, in accordance with international legal documents such as the conventions on the prohibition of nuclear proliferation and weapons of mass destruction, as well as the management catalog of dual-use items established by these conventions, has introduced measures to strengthen export controls on rare and scattered metals such as indium, germanium, and gallium. As of now, China has implemented export controls on 15 nonferrous metals classified as dual-use items, including four rare and scattered metals (indium, gallium, germanium, and tellurium), four rare metals (tungsten, molybdenum, antimony, and bismuth), and seven rare earth metals (samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium).

According to Mr. Yin, the milestone is expected to be reached around June 20.

Macro News 1. From June 9 to 10 local time, He Lifeng, the Chinese lead negotiator for China-US economic and trade talks and Vice Premier of the State Council, held the first meeting of the China-US economic and trade consultation mechanism with Beth Van Duyne, the US lead negotiator and US Secretary of the Treasury, Gina Raimondo, US Secretary of Commerce, and Katherine Tai, US Trade Representative, in London, UK. Both sides engaged in candid and in-depth dialogue, exchanged in-depth views on economic and trade issues of mutual concern, reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing economic and trade concerns of both sides. 2. Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, said in London, UK, on the evening of June 10 that over the past two days, the Chinese and US teams had conducted in-depth exchanges and reached a framework on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5 and the consensus reached during the Geneva talks. 3. At yesterday's regular press conference of the Ministry of Foreign Affairs, Lin Jian, a spokesperson, introduced that the Ministerial Meeting of Coordinators for the Implementation of the Outcomes of the Forum on China-Africa Cooperation (FOCAC) was held in Changsha, Hunan Province. President Xi Jinping sent a congratulatory letter to the meeting, announcing that China would implement the measure of zero tariffs on 100% of tariff items for products from 53 African countries with diplomatic relations with China. 4. At yesterday's regular press conference of the Ministry of Foreign Affairs, a reporter asked about CK Hutchison Holdings' sale of overseas port assets. Lin Jian stated that China has consistently and resolutely opposed economic coercion, hegemony, and bullying. Lin Jian reiterated that regarding the navigation of vessels from relevant countries, China will, as always, respect Panama's sovereignty over the canal and recognize the canal's status as a permanently neutral international waterway. Industry News 1. From the evening of June 10 to the afternoon of June 11, 15 original equipment manufacturers (OEMs), including BYD, China FAW Group Corporation, Geely Auto, and Xiaomi Auto, have successively issued statements committing to uniformly controlling the payment period for suppliers within 60 days. This move aims to accelerate the efficiency of capital turnover in the industry chain, ensure the stability of the industry chain and supply chain, fulfill the responsibilities of leading enterprises, and promote the high-quality development of the automotive industry. 2. The General Offices of the Ministry of Industry and Information Technology and the National Development and Reform Commission issued a notice on carrying out the cultivation work of pilot-scale production capacity construction platforms for biomanufacturing. The notice proposed that, based on the current status of biomanufacturing industrialisation and the needs of technological development, and focusing on the shortcomings and pain points in the pilot-scale production links of various fields of biomanufacturing, pilot platforms for key product areas such as food and additives, biopharmaceuticals, cosmetics, chemicals, energy, and enzyme preparations should be cultivated according to the characteristics of technological process equipment, effectively driving the coordinated innovation and development of upstream and downstream enterprises in the industry chain. 3. According to informed sources, with the continuous rise in the popularity of IPs, Pop Mart urgently sought workers to resume work after the Chinese New Year to expand its capacity to meet the surging consumer demand. The individual believes that for brands, when market demand far exceeds the supply chain's response speed. 4. Industrial Securities held a cadre conference yesterday, announcing that Su Junliang, the former chairman of Huafu Securities, would assume the role of Party Secretary of Industrial Securities. Due to age limits for the position, Yang Huahui would no longer serve. Yang Huahui had led Industrial Securities for eight years. According to the reporter, Yang Huahui would have other positions arranged for him subsequently. 5. Nine departments, including the Shanghai Headquarters of the People's Bank of China, jointly issued the "Notice on Leveraging the Role of International Green Finance Hub to Support the Construction of a Beautiful Shanghai". The Notice proposed exploring financial support models for ecological and environmental protection projects in Shanghai, continuously building the Shanghai Green Finance Service Platform, and improving the Shanghai Green Project Library. 6. Data released by the China Association of Automobile Manufacturers (CAAM) showed that in May 2025, China's automobile production and sales reached 2.649 million units and 2.686 million units respectively, up 1.1% MoM and 3.7% MoM, and up 11.6% YoY and 11.2% YoY. From January to May, automobile production and sales reached 12.826 million units and 12.748 million units respectively, up 12.7% YoY and 10.9% YoY. 7. Benefiting from the deep integration of AI large models and augmented reality technology, the smart glasses market has been heating up recently, with strong sales both online and offline. The head of the digital business department of an e-commerce platform introduced that the smart glasses market had shown explosive growth, with trading volume increasing more than eightfold YoY. 8. The General Office of the People's Government of Liaoning Province issued the "Implementation Plan for Promoting Innovative Development of Artificial Intelligence in Liaoning Province". It proposed that by 2027, the province's computing infrastructure construction system would be basically formed, achieving a computing power scale of over 5000 PFLOPS, and the core industry scale of artificial intelligence would reach 100 billion yuan. Corporate News 1. *ST Yazhen announced that due to multiple instances of abnormal fluctuations in stock trading, it would suspend trading for verification starting today. 2. Industrial Securities announced that as of now, it had not received any information regarding a "merger with Huafu Securities". 3. Shuangliang Eco-Energy announced the signing of a 450 million yuan sales contract for green electricity-based hydrogen production systems. 4. *ST Jinbi announced that Yuanyichengwu would become the company's controlling shareholder, and its stock would resume trading. 5. Hesheng New Materials announced plans to invest 250 million yuan in ARM server processor chip company Yizhi Electronics. 6. Junshi Biosciences announced that the clinical trial application for its controlled subsidiary's JT118 injection had been accepted, intended primarily for the prevention of monkeypox virus infection. 7. ST Red Sun announced that it would remove other risk warnings starting from June 13, and its stock abbreviation would be changed to "Red Sun". 8. Aurora Optoelectronics announced that the company has a solid position in the backlight module for Switch 2 and will increase R&D efforts in high-end products in the future. 9. KDLI announced its intention to jointly invest with VEICHI Electric and others to establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 10. Yinlun Machinery announced its intention to contribute 10 million yuan to jointly establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 11. Tinci Materials announced its intention to invest in and construct an integrated production base for electrolytes and raw materials in Morocco. 12. Changshan Pharmaceutical stated on an interactive platform that the suspension of the listing of Abenatide is unrelated to the combined listing approval for weight loss. Global Markets Most European and US stock markets fell, while international crude oil futures settlement prices surged over 4%. US stocks moved downwards after a higher opening, with all three major indices closing lower. The Nasdaq fell 0.5%, the S&P 500 fell 0.27%, and the Dow Jones Industrial Average fell by 1 point. Intel fell over 6%, marking its largest single-day decline in two months. Oklo surged nearly 30%, hitting a record closing high, as the company reached a nuclear power agreement with the US Air Force. Space technology company Voyager Technologies Inc. (VOYG) surged over 82% on its first day of trading in the US IPO. Popular Chinese ADRs had mixed changes, with the Nasdaq Golden Dragon China Index rising 0.08%. Major European stock indices closed with mixed changes, with the German DAX30 rising 0.04%. International crude oil futures settlement prices surged over 4%. WTI crude oil futures for July rose 4.88%, and Brent crude oil futures for August rose 4.33%. COMEX gold futures rose 0.9%, while COMEX silver futures fell 0.76%. Investment Opportunities Reference 1. Officially entering the mass production stage, a key milestone in the construction of a large-scale aviation equipment system On June 11, the large amphibious aircraft AG600, independently developed by the Aviation Industry Corporation of China (AVIC), was awarded the Production Certificate (PC) by the Civil Aviation Administration of China (CAAC) in Zhuhai, Guangdong. This marks the official entry of China's large amphibious aircraft into the mass production stage and is a key milestone in the construction of China's large-scale aviation emergency rescue equipment system. Founder Securities pointed out that the civil aircraft manufacturing industry holds profound strategic significance for the country, directly linked to national economic growth, employment opportunities, and technological progress. This industry not only significantly boosts economic growth but also drives substantial employment and plays a huge role in promoting technological development, particularly in the fields of new materials, new energy, and advanced electronic technologies. The development level of the large aircraft industry has become an important indicator of a country's technological and industrial strength, as well as its international competitiveness. Additionally, the large aircraft industry also holds significant military application value, playing a crucial role in enhancing the quality and level of the national defense industry. 2. Smart dexterous hand developed by Chinese researchers achieves human-like adaptive grasping for the first time According to media reports, the breakthrough bionic dexterous robotic hand, F-TAC Hand, was recently published in the international journal Nature Machine Intelligence. This system integrates high-resolution tactile sensing across 70% of its palm area, achieving human-like adaptive grasping capabilities for the first time and marking a significant leap forward in robotic intelligence and its ability to interact in real dynamic environments. This breakthrough was jointly achieved by the Beijing Institute for General Artificial Intelligence and Peking University. Huaxi Securities believes that dexterous hands are crucial for the practical application of humanoid robots, and subsequent updates and iterations will still present significant technical challenges. Producers with the capability to design and manufacture dexterous hands are expected to have a stronger voice in the industry chain and may lead in profitability. Additionally, to enhance the functionality of dexterous hands, the demand for key components such as lead screws, reducers, motors, tendon cables, and tactile sensors will increase. The firm remains optimistic about technology-leading enterprises with advanced industrial layouts. 3. Another solid-state battery conference is set to take place in June, with institutions affirming the industry's long-term development trend The "5th China International Solid-State Battery Technology Conference & 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition" will be held in Hefei from June 19-20, 2025. The conference will feature six themes covering solid-state batteries, cathode and anode materials, sodium-ion batteries, battery safety, battery recycling, lithium resources, as well as testing instruments and equipment enterprises. It will comprehensively showcase the latest research, technologies, processes, and equipment advancements, and delve into the future development directions of the new energy industry. Recently, CATL's 21C Innovation Lab published its research findings on lithium metal batteries in the international journal Nature Nanotechnology. This research is expected to accelerate the transition of solid-state batteries from laboratory to large-scale application. Yang Rui from Huaxi Securities believes that with the maturation of battery technology and the improvement of the supporting industry chain, new solid-state-related products are expected to be launched successively, capacity construction will continue to progress, and terminal performance is anticipated to be continuously validated, accelerating the industrialisation process. Yao Yao from Sinolink Securities believes that the long-term development trend of solid-state batteries is certain, and attention should be paid to incremental segments. Recent industry changes focus on the fibrillation of raw materials and lithium metal anodes. 4. Industry leader launches AI medical product matrix to meet users' diverse healthcare management needs Recently, at a launch event, Ping An Good Doctor announced the official rebranding of Ping An Health Medical Technology Co., Ltd. to "Ping An Good Doctor." The company unveiled its annual medical and health service brand and introduced a comprehensive "7+N+1" AI medical product matrix that covers all scenarios, cycles, and ecosystems to meet users' diverse healthcare management needs. AI technology can not only assist doctors in identifying fracture lesions but also aid in early disease screening. Nowadays, it is also taking on the crucial task of intelligent patient triage. According to Southwest Securities, statistics show that over 830 hospitals nationwide have successively completed the localized deployment of DeepSeek-R1, driving the digital and intelligent transformation of hospitals. Application scenarios include monitoring medical quality, optimizing hospital resource allocation, assisting in diagnosis, and ensuring data security. The comprehensive open-sourcing and multi-domain adaptation of the domestic large model DeepSeek-R1 marks a new stage of technological integration and industry restructuring in AI healthcare, drawing attention to the accelerated development and investment opportunities in the AI healthcare sector.

The latest "C50 Direction Index" survey by Cailian Press shows that the market consensus forecast for new RMB loans in May stands at 600 billion yuan, down 35 billion yuan YoY from 95 billion yuan in the same period last year. The median forecast for new aggregate financing in May is 2.32 trillion yuan, up 26 billion yuan YoY. Market participants expect M2 growth may pick up in May amid improved liquidity and low base effects. On prices, the market anticipates CPI to remain relatively stable in May while PPI deflation may widen further. The median forecasts for CPI and PPI YoY growth rates are -0.2% and -3.3% respectively. The "C50 Direction Index Survey", initiated by Cailian Press and completed with participation from various research institutions, comprehensively reflects market expectations on macroeconomic trends, monetary policy sentiment and financial data. Nearly 20 institutions participated in this round. Market consensus forecasts median new RMB loans in May at 600 billion yuan In April, new RMB loans totaled 280 billion yuan, down approximately 450 billion yuan YoY. Household loans decreased by 521.6 billion yuan while corporate loans rose by 610 billion yuan, mainly driven by bill financing. For May, the median forecast for new RMB loans is 600 billion yuan, down 35 billion yuan YoY, with projections ranging from 430 billion to 1.25 trillion yuan. Market analysts attribute weak credit expansion in May primarily to constrained corporate loan demand, with future trends heavily dependent on fiscal policy intensity. Corporate loan growth YoY was mainly supported by increased bill financing, reflecting still weak effective loan demand and subdued financing appetite among real-economy enterprises. Data shows bill rates in May first declined then rebounded, maintaining April's sideways trend. Binbin Sun, chief economist at Caitong Securities, noted: "The phased implementation of comprehensive financial support policies announced by the PBOC on May 7, coupled with slightly rising bill rates in late May, both indicate weaker bank demand for bill-based credit expansion. Credit is expected to strengthen MoM but remain weaker YoY." Additionally, weak medium and long-term corporate loans in May were significantly affected by local government debt restructuring. Wenlang Zhang, chief macro analyst at CICC, stated: "New credit in May may remain relatively weak, with our forecast showing a YoY decline. An important factor remains potential reductions in credit stock due to government bond swaps." "Affected by local governments' efforts to resolve debt, some outstanding loans in the hidden debt of urban investment platforms have been replaced or repaid early. New loans are calculated as the difference between newly issued loans and loans repaid in the current period. Therefore, the scale of new loans in the month will be affected to a certain extent," said Liao Bo, the co-chief macro analyst at Zheshang Securities. In the first five months of this year, special refinancing bonds issued by various provinces for debt replacement totaled 160 million yuan, causing technical disruptions to credit. New aggregate financing in May may increase YoY, and the YoY growth rate of M2 may continue to rebound. In April, new aggregate financing reached 1.16 trillion yuan, with the YoY increase expanding to 1.2 trillion yuan, mainly driven by government bonds. According to this survey, the median forecast for the scale of new aggregate financing in May by market institutions is 2.32 trillion yuan, an increase of 260 billion yuan compared to 2.06 trillion yuan in the same period of 2024. The forecast range of participating institutions is from 2 trillion yuan to 2.74 trillion yuan. Overall, government bonds are expected to remain the main contributor to aggregate financing in May. High-frequency data shows that the net financing scale of government bonds in May was approximately 1.46 trillion yuan, still achieving a YoY increase of nearly 268.8 billion yuan compared to the high base in the same period last year. In addition, the industry expects that with the gradual allocation and use of fiscal funds, it may positively drive M1. Lu Zhengwei, the chief economist at Industrial Bank, said that under the influence of "deposit outflow" in May 2024, the growth rate of M1 significantly pulled back. Given the low base and the continuous advancement of debt resolution policies, the growth rate of M1 in May 2025 is expected to rise significantly. Regarding M2, on May 7, the People's Bank of China announced comprehensive RRR cuts and interest rate cuts. The RRR cuts are expected to supplement liquidity by around 1 trillion yuan, significantly easing the liquidity situation in May. The DR007 benchmark rate in May fell by 14 basis points compared to April. Lu Zhengwei expects that with the improvement in market liquidity and the impact of a low base, M2 in May may rise. In Liao Bo's view, the rebound in the growth rate of M2 in May is mainly related to the rectification of manual interest rate adjustments for deposits in April 2024, hence the impact of a low base. In addition, the shift of deposits to wealth management products may continue. In Q1 2025, the People's Bank of China promoted a moderate rebound in government bond yields through measures such as suspending government bond purchases and withdrawing liquidity, which led to a decline in the net value of some wealth management products. This resulted in some funds flowing back from wealth management products to deposit accounts, also supporting the rise in M2. The YoY growth rate of CPI in May is expected to remain under pressure, while the YoY decline of PPI may continue to widen. In April, CPI decreased by 0.1% YoY, with the growth rate remaining negative for three consecutive months. The core CPI, excluding food and energy prices, maintained a YoY growth rate of 0.5%. From a YoY perspective, market institutions forecast the median CPI in May to be -0.2%, with a forecast range of -0.4% to -0.1%. Notably, nearly 60% of market institutions expect the YoY growth rate of CPI in May to remain flat compared to the previous month. Industry insiders believe that due to abundant seasonal supply, food prices have declined mildly overall, keeping the YoY growth rate of CPI at a low level in May. Data shows that the Shouguang Vegetable Price Index in China fell by 16.3% YoY in May, further widening from the 14.2% YoY decline in April. "Regarding pork, from the supply side, the secondary fattening pigs that were replenished earlier are being marketed in succession, and the replenishment of secondary fattening pigs will continue on a rolling basis, keeping supply strong. Meanwhile, holiday demand is weaker than in previous years, driving the average pork price in 22 provinces down by 0.6% MoM in May. In other aspects, we expect non-food consumer goods driven by the trade-in policy to maintain a volume discount trend, while service prices may recover mildly," said Zhang Wenlang. Looking ahead, Sun Binbin expects vegetable prices to receive some short-term support due to continuous rainfall in many parts of south China, while pork prices are expected to remain in the doldrums due to the pressure from rising marketings. He projects YoY CPI to be -0.2% and -0.4% in June and July, respectively. In terms of PPI, the YoY decline in PPI widened by 0.2 percentage points to 2.7% in April. The median forecast for YoY PPI in May among participating institutions is -3.3%, with a forecast range of -3.5% to -3.0%. Regarding the potential further widening of the YoY decline in PPI in May, Wen Bin, chief economist at China Minsheng Bank, analyzed that from an international perspective, the positive developments in Sino-US negotiations have boosted risk appetite, leading to a slight rebound in commodity prices except for gold. However, commodity prices subsequently pulled back due to renewed tariff threats. Data shows that the monthly average of the CRB Index in May rose by 0.1% MoM, while the monthly average of metal prices fell by 1.6% MoM, the monthly average of industrial raw material prices rose by 0.1% MoM, and the monthly average of Brent crude oil prices fell by 3.7% MoM. Domestically, the monthly average of the Nanhua Industrial Products Index fell by 2.1% MoM in May, marking the third consecutive month of decline. Among them, the decline in domestically priced steel prices dragged down the metal index by 0.4% MoM; the decline in oil and coal prices drove down the energy and chemical index by 3.3% MoM; the monthly average of the Ministry of Commerce's weekly-published producer goods price index fell by 1.7% MoM, the largest MoM decline since September last year. In May, among the sub-indices of the manufacturing PMI, the index for the purchase prices of major raw materials fell by 0.1 percentage points to 46.9%, and the ex-factory price index fell by 0.1 percentage points to 44.7%. In Liao Bo's view, the changes in PPI are mainly influenced by the imported impact of the downward fluctuation in international crude oil prices on China, as well as the accelerated technological progress in some domestic industries and intense market competition pressure. "We believe that there is still uncertainty in the trend of international commodity prices. However, as domestic policies such as large-scale equipment upgrades and trade-in policies for consumer goods gradually take effect, they will provide some support for prices in certain industries. High-frequency data shows that it will be difficult for the MoM growth rate to return to the positive range," said Liao Bo.

The market rebounded with fluctuations throughout the day yesterday, with the three major indices rising slightly. The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, up 2.23 billion yuan from the previous trading day. Sector-wise, beauty and personal care, soccer concepts, innovative drugs, and pet economy sectors led the gains, while automobile manufacturing, steel, baijiu, and coal sectors lagged. At the close, the Shanghai Composite Index rose 0.43%, the Shenzhen Component Index gained 0.16%, and the ChiNext Index advanced 0.48%. In today's brokerage morning meetings, China Securities noted that molybdenum and tungsten prices continue to rise, highlighting investment opportunities in strategic metals. CICC suggested the yuan may still have room to appreciate against the US dollar. Huatai Securities indicated that the imminent reduction in policy interest rates is expected to lower costs for the insurance industry. China Securities: Molybdenum and Tungsten Prices Continue to Rise, Highlighting Strategic Metal Investment Opportunities China Securities stated that since the beginning of the year, strategic metals such as antimony, bismuth, tungsten, and molybdenum have seen successive price increases. In recent years, the price center of strategic minor metals has shown a significant upward trend, primarily due to increasing resource scarcity and supply rigidity, demand-side benefits from new energy, advanced materials, manufacturing upgrades, and military development, coupled with critical mineral resources becoming a new "battleground" in global competition. China Securities remains optimistic about the value reversion and stock valuation reassessment of China's dominant strategic mineral resources, recommending attention to strategic metal investment opportunities. CICC: Yuan May Still Have Room to Appreciate Against the US Dollar CICC noted that, in the medium and long term, the US dollar still holds a pivotal position in global reserves, but geopolitical and economic changes pose challenges. In the short term, the US faces "twin deficits" in fiscal and trade balances, particularly rising pressure from treasury bond issuance, suggesting the depreciation pressure on the US dollar may not be fully released. On the other hand, China's financial cycle adjustment is slowing while technological progress accelerates, and potential US dollar depreciation could strengthen the motivation to settle accumulated foreign exchange from current account surpluses in recent years, supporting the yuan's exchange rate. Huatai Securities: Imminent Policy Interest Rate Reduction Expected to Lower Insurance Industry Costs Huatai Securities believes the recent yuan appreciation expectations and mutual fund reforms have boosted liquidity in both A and H markets, driving up insurance stocks. Fundamentally, under the dynamic adjustment mechanism for policy interest rates, life insurance product rates are expected to be lowered in Q3 this year, improving the cost-profit inversion since early this year and potentially enhancing overall sales momentum. Currently, insurance stock valuations are at historically low levels, with persistently low interest rates remaining the biggest factor suppressing life insurers' valuations. Even though concerns about interest spread losses persist, the insurance sector is still likely to achieve decent returns in H2 amid improved liquidity and fundamentals. Huatai Securities values the importance of asset-liability matching.

With the rapid development of the global economy and technological progress, rare earth elements (REEs), as indispensable key materials in modern high-tech industries, are increasingly receiving significant attention from governments, enterprises, and research institutions worldwide. The distribution of global rare earth resources is highly uneven, with China, as the largest producer and consumer of rare earths, playing a crucial role in supplying the global market. However, with increasingly stringent environmental protection policies and rising resource extraction costs, the rare earth industry is facing significant challenges in sustainable development and transformation and upgrading. Meanwhile, other countries are accelerating the development of rare earth resources and the layout of supply chains, striving to gain more influence and market share in this strategic industry. Against this backdrop, the 2025 SMM (2nd) Rare Earth Industry Forum will be held. The forum aims to gather the wisdom and strength of governments, enterprises, academia, and investors to jointly explore the future development trends, technological innovations, market dynamics, and policy environments of the rare earth industry. In-depth discussions will be held on these topics. It is expected that through this forum, all sectors will reach a consensus to jointly address the opportunities and challenges facing the rare earth industry and promote its healthy and stable development. Leveraging the platform of the 2025 SMM (2nd) Rare Earth Industry Forum, we will witness the new opportunities and challenges facing the rare earth industry, formulate strategies, work together, contribute to the sustainable development of the global economy, and shape a bright future for the rare earth industry. At this conference, the Jiangxi Tungsten and Rare Earth Product Quality Supervision and Inspection Center (Jiangxi Tungsten and Rare Earth Research Institute) will participate in full force. Along with colleagues from upstream and downstream sectors of the rare earth industry, they will engage in in-depth discussions on the pain points and challenges of industry development, jointly explore business opportunities for win-win cooperation, and discuss strategies to promote high-quality development of the industry. Click on the registration form to register for the conference immediately. Let's gather momentum, plan for the future, and embark on a new journey. See you in Ningbo! National Tungsten and Rare Earth Product Quality Inspection and Testing Center (Jiangxi Tungsten and Rare Earth Research Institute) is a public institution directly under the Jiangxi Provincial Market Supervision and Administration Bureau at the departmental level, approved for establishment in September 2009. In 2023, it was approved to establish the Jiangxi Provincial Rare Metal New Material Product Quality Supervision and Inspection Center. The center currently has 75 staff members, including 1 doctoral degree holder, 2 doctoral candidates, 21 master's degree holders, and 30 with intermediate or senior professional titles. It also collaborates extensively with research institutions such as the Institute of Metal Research, Chinese Academy of Sciences, Ganjiang Innovation Academy, Chinese Academy of Sciences, Central South University, Jiangxi University of Science and Technology, and Gannan Normal University, flexibly introducing over 30 experts with doctoral degrees or above. The center has established two experimental bases in Ganzhou Economic and Technological Development Zone and Ganzhou High-tech Zone, with a total laboratory area of 15,000 m². The total value of its major instruments and equipment exceeds 80 million yuan. It has established eight detection laboratories for rare earth tungsten, high-purity materials, magnetic materials, etc.; seven R&D laboratories, including the Rare Earth New Materials Research and Application Laboratory and the Ion-adsorption Type Rare Earth Green Mining and Metallurgy Laboratory; and three pilot production lines for the transformation of research achievements, such as the powder metallurgy pilot production incubation line, to carry out the transformation of new material product achievements and enterprise incubation. The center actively responds to the arrangements of Jiangxi Province's "1269" Action Plan and Ganzhou City's "7,510" Action Plan, undertaking the important responsibility of serving as the promoter organization for Ganzhou City's rare earth new materials and applications cluster (the first national-level advanced manufacturing cluster in Jiangxi Province) and Ganzhou City's tungsten new materials and applications cluster (the first batch of provincial-level advanced manufacturing clusters ). It plans and coordinates the cultivation and enhancement efforts for both clusters in an integrated manner. Currently, the center has become a comprehensive public technology service platform integrating inspection and testing, cluster cultivation, technology R&D, pilot production incubation, standard formulation, industrial metrology, talent training, and forensic expertise . Contact Information 0797-8308061/15570011606 (Business Department) No. 68, Huajian South Road, Ganzhou City, Jiangxi Province www.jxwxt.com Long press to scan the QR code and register immediately 2025 SMM (2nd) Rare Earth Industry Forum

With the rapid development of the global economy and technological progress, rare earth elements, as indispensable key materials in modern high-tech industries, are increasingly receiving significant attention from governments, enterprises, and research institutions worldwide. The distribution of global rare earth resources is highly uneven, with China, as the largest producer and consumer of rare earths, playing a crucial role in supplying the global market. However, with increasingly stringent environmental protection policies and rising resource extraction costs, the rare earth industry is facing significant challenges in sustainable development and transformation and upgrading. Meanwhile, other countries are also accelerating the development of rare earth resources and the layout of supply chains, striving to gain more influence and market share in this strategic industry. Against this backdrop, the 2025 SMM (2nd) Rare Earth Industry Forum will be held. The forum aims to gather the wisdom and strength of governments, enterprises, academia, and investors to jointly explore the future development trends, technological innovations, market dynamics, and policy environment of the rare earth industry. In-depth discussions will be held on these topics. It is expected that through this forum, all sectors will reach a consensus to jointly address the opportunities and challenges facing the rare earth industry and promote its healthy and stable development. Leveraging the platform of the 2025 SMM (2nd) Rare Earth Industry Forum, we will witness the new opportunities and challenges facing the rare earth industry, formulate strategies together, and move forward hand in hand to contribute to the sustainable development of the global economy and shape a bright future for the rare earth industry. At this conference, Shijiazhuang Rongxin Technology Co., Ltd. will make a grand appearance. Along with colleagues from upstream and downstream sectors of the rare earth industry, they will engage in in-depth discussions on the pain points and challenges of industry development, jointly explore business opportunities for win-win cooperation, and discuss strategies to promote high-quality development of the industry. Click on the registration form to register for the conference immediately. Let's gather momentum, plan for the future, and embark on a new journey. See you in Ningbo! Shijiazhuang Rongxin Technology Co., Ltd. was established in 2007 with a registered capital of 50 million yuan. Headquartered in Shijiazhuang, the central city of the Beijing-Tianjin-Hebei region, it is a specialized and innovative high-tech enterprise with independent intellectual property rights, integrating the design, R&D, manufacturing, sales support, and after-sales service of feeding, conveying, batching, mixing, and packaging equipment! Our main products include positive pressure pneumatic conveying systems, negative pressure pneumatic conveying systems, tube chain conveyors, dust-free feeding stations, ton bag feeding stations, automatic batching systems, ton bag packaging machines, etc. These products are widely used in multiple fields such as new energy, rare earths, chemicals, powders, and new materials. The vacuum suction feeder is composed of a vacuum pump or blower, conveying hose, filter, back-blowing device, discharge valve device, and automatic control device. The main body material is 304 or 316L stainless steel, enabling closed conveying of materials. Its unique flat-membrane filtration system allows for online cleaning and drying. It supports online sterilization without disassembly under vacuum conditions. It is widely used for conveying granular materials in industries such as pharmaceuticals, food, and fine chemicals. The tube chain conveyor is the preferred solution for the continuous conveying of powdery, granular, fibrous, or fragile block materials with good or poor liquidity. It is suitable for conveying cold, hot, wet, dry, flammable, or explosive materials. It operates gently, with high dust prevention efficiency, and is flexible in three-dimensional space. It has low energy consumption, a simple and compact structure, and a small footprint. The conveying distance for materials can be selected from 3 to 60 meters horizontally, and from 0 to 40 meters vertically, with a combination of horizontal inclination and vertical conveying to meet diverse conveying requirements. The dust-free feeding station is suitable for the feeding and discharging processes of powdery and granular material packaging. It is a medium-to-small-sized negative-pressure dust collection device for bagged materials, featuring a unique back-blowing mechanism that effectively suppresses dust, improves the working environment, and avoids material waste. It can automatically clean filter elements without dead zones, has a simple structure, and is easy to clean and maintain. It is equipped with vibration devices that facilitate material unloading. Contact Information Jia Xuefeng: 19932888565 Long press to scan the QR code and register immediately 2025 SMM (2nd) Rare Earth Industry Forum

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a crucial pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the resource utilization technology of secondary zinc and the construction of a circular economy system are becoming strategic pivots for reshaping the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference & the 7th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Secondary Zinc Resources Development Forum are set to be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrading, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes with technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! Weifang Aolong Zinc Industry Co., Ltd., as the title sponsor of the sub-forum, hereby extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! ◆ About Us ◆ Weifang Aolong Zinc Industry Co., Ltd., located in Beihai Industrial Park, Hanting District, Weifang City, Shandong Province, has a registered capital of 150 million yuan. Its main business scope is the production and sales of zinc oxide by the indirect method, with an annual production capacity of 100,000 mt. ◆ Production Equipment ◆ After years of accumulation, the Aolong Zinc Industry team boasts leading technical strength and outstanding industry contributions. The company consistently adheres to leading industry development through technological progress, continuously updating and upgrading product technologies, and emphasizing clean production, energy conservation, and environmental protection in its process equipment. Its main process technology indicators have reached the advanced international industry standards. ◆ Quality Assurance ◆ The company has a comprehensive management and guarantee system for quality, environmental protection, safety, and health. It has established laboratories at the advanced industry level, equipped with advanced detection and testing equipment, ensuring the reliability of technical testing and product detection data. ◆ Product Series ◆ The zinc oxide products of Aolong Zinc Industry cover a wide range of fields, including rubber tires, zinc salts, surface treatment, glass fiber, soft magnetic materials, surge arresters, varistors, ceramics, paints and coatings, cosmetics, feed, and compound fertilizers. The company regards quality as the lifeblood of its products and integrity as the foundation of its business, forging a corporate image of "professionalism, focus, integrity, and action." Aolong Zinc Industry will continue to promote industry self-regulation and market standardization from a new height, providing customers with continuously improved excellent products and services. ◆ Contact Information ◆ Sales Hotline: Wang Chao 13455619491 Fax: 0536-7572710 Website: www.orlon.cn Email: orlon@orlon.cn Address: No. 00008, Zhujiangnan Street, Beihai Industrial Park, Hanting District, Weifang City, Shandong Province Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

Global energy transition is imperative: In response to climate change, countries worldwide are setting carbon neutrality targets and promoting the transformation of energy structures towards clean energy. The intermittency and volatility of renewable energy sources have raised higher requirements for energy storage. As a key technology for energy storage, battery technology is becoming increasingly important. Rapid advancements in battery technology: In recent years, new-type battery technologies such as lithium-ion batteries, solid-state batteries, and sodium-ion batteries have continuously emerged, with continuous improvements in key indicators such as energy density, safety, and cycle life. These advancements have provided strong momentum for the development of electric vehicles (EVs), energy storage system (ESS) power stations, consumer electronics, and other fields. Global cooperation and win-win outcomes have become a consensus: The battery industry chain involves multiple links, including resources, materials, manufacturing, and applications. It requires the concerted efforts of experts from various countries and fields worldwide to jointly overcome technical challenges and promote the healthy development of the industry. The 2025 SMM Global Battery Technology Conference is expected to be held in Xuzhou from August 21-22. With the theme of "Innovation-Driven, Green Future," the conference will focus on discussions and exchanges on cutting-edge battery technologies, the latest progress in new battery equipment, solid-state battery technology materials and equipment, sodium-ion battery application technologies and implementation prospects, and research progress in lightweight, high-energy-density materials for batteries. SMM and its co-organizer, Jiangsu New Chunxing Resource Recycling Co., Ltd., sincerely invite battery manufacturing enterprises and their related supporting enterprises to discuss collaborative development mechanisms, address trade changes through technological breakthroughs, and jointly draw up a blueprint for the high-quality and sustainable development of the battery industry! Jiangsu New Chunxing Resource Recycling Co., Ltd. hereby extends a warm invitation to gather at this industry summit event. Let us stand shoulder to shoulder, jointly draw up a development blueprint, and work together to propel the battery industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Jiangsu New Chunxing Resource Recycling Co., Ltd. (hereinafter referred to as New Chunxing) is an enterprise with a 46-year history specializing in the recycling and utilization of waste lead-acid batteries to produce secondary lead. Its main products include secondary refined lead, cable sheath alloy lead, and lead-acid battery series alloy lead. New Chunxing has over 10 enterprises in Xuzhou, Wuxi, and Chongqing in China, as well as in Thailand, Pakistan, and the UAE abroad, becoming the world's largest single entity in the comprehensive utilization of waste lead-acid batteries. The Xuzhou company alone has the capacity to recycle and dispose of 850,000 mt of waste lead-acid batteries annually and produce 550,000 mt of secondary lead. The company has been successively listed as one of the first batch of national pilot demonstration units for circular economy, a national demonstration base for "urban mines", a national torch characteristic industrial base, a key project construction unit for the national "12th Five-Year Plan" on Hazardous Waste Pollution Prevention and Control, and a national "green factory". Jiangsu New Chunxing Resource Recycling Co., Ltd. was the first to pass the environmental protection inspections conducted by the Ministry of Ecology and Environment (MEE) and meet the Access Conditions for the Secondary Lead Industry jointly issued by the Ministry of Industry and Information Technology (MIIT) and the MEE. It also complies with the MIIT's announcement on the Standard Conditions for the Secondary Lead Industry. The company boasts a national-level enterprise technology center and a provincial-level engineering technology research center. In 2020, it was awarded the title of "National Advanced Collective in the Non-Ferrous Metals Industry" by the Ministry of Human Resources and Social Security and the China Non-Ferrous Metals Industry Association. It is the only enterprise in the secondary lead industry to have been selected for several consecutive years as an "energy efficiency leader" among key energy-consuming industries by the MIIT and as a Grade A enterprise in the performance classification of key industries during heavy pollution weather by the Ministry of Ecology and Environment. In 2021, it was recognized by the National Development and Reform Commission (NDRC) as a key enterprise for the comprehensive utilization of bulk solid waste. In 2022, it won two first prizes and one second prize for provincial and ministerial-level scientific and technological progress. The independently developed "Green and Low-Carbon Recycling Technology for Waste Lead-Acid Batteries" was included in the "National Catalogue of Advanced and Applicable Process Technologies and Equipment for Comprehensive Utilization of Industrial Resources (2023 Edition)" by the MIIT and three other ministries and commissions. In 2023, it once again earned the title of "energy efficiency leader" in the secondary lead industry and was awarded the title of Leading Enterprise for Green Development in Jiangsu Province (the highest level of environmental credit in Jiangsu) in the same year. Jiangsu New Chunxing Resource Recycling Co., Ltd. is a vice president unit of the China Association of Circular Economy, a vice president unit of the Recycled Metals Branch of the China Non-Ferrous Metals Industry Association, a vice chairman unit of the Battery Branch of the China Electrical Equipment Industry Association, and a vice president unit of the Jiangsu Association of Circular Economy. ◆ Contact Information ◆ Gong Wei 15152014103 Long press to scan the QR code and register immediately 2025 SMM Global Battery Technology Conference