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

The 2026 SMM Hong Kong Metals Forum , organized by Shanghai Metals Market (SMM) and sponsored by China Securities International as platinum sponsor, wrapped up successfully at Novotel Hong Kong Century on May 6. With over 300 registrations and 200 on-site attendees, the forum focused on the theme "New Metals Cycle: Prices, Power & Global Wrestling". The event featured keynote speeches by industry experts and SMM analysts, covering base metals, new energy materials, and strategic revaluation of minor and precious metals. Two high-level panel sessions were held, exploring hot topics such as geopolitics, supply-demand fluctuations, CBAM impacts, and market opportunities. It also served as an efficient platform for networking and cooperation across entire industry chains. SMM Opening Address SMM Chairman Adam Fan SMM Chairman Adam Fan stated in the opening address that it was a great honor to gather with elites from all sectors of the industry at this forum. The world is currently at a critical development period, and the exchange of industry ideas is not only an industry necessity but also an inevitable requirement for global development. Adam reviewed the century-long legacy of the London Metal Exchange, which has weathered nearly 150 years of global changes and industry evolution, fully demonstrating that although market structures may change, the fundamental need for risk management and reliable price discovery remains constant. At the same time, Adam candidly acknowledged that global markets are currently mired in a pattern of deep fluctuations. Geopolitical conflicts, supply chain fragmentation, and the compounding crises of energy and food, overlaid with de-globalization and rising trade protectionism, have intensified market uncertainty and inflationary pressures, posing severe challenges to global economic growth and industrial cooperation. Against this backdrop, SMM has steadfastly upheld its mission, refusing to be a bystander to the trend of industry fragmentation, and is committed to serving as a bridge for global industrial connectivity amid a landscape of division. SMM is dedicated to promoting dialogue and exchange, breaking down industry and regional barriers, and bringing together regulators, traders, and producers from around the world to discuss industry development. SMM upholds the principle of information transparency, continuously providing accurate, real-time market data to help the industry see through market fog and clarify market distortions. SMM deepens pragmatic cooperation by building a neutral and professional platform for exchange and matchmaking, driving all parties to pursue collaborative development based on shared interests and transcending political differences. Adam emphasized that information sharing and open collaboration would be leveraged to mitigate market risks and strengthen overall industry resilience, and called on the industry to seize the opportunity of this forum to jointly explore solutions, transforming current challenges into momentum for driving integrated and robust development of the global metals industry. Speech by Platinum Sponsor Wang Guangxue, Member of the Executive Committee of China Securities Co., Ltd. and Chairman of China Securities Futures Co., Ltd. Wang stated that as a vital bridge connecting the capital market and the real economy, China Securities has always been committed to serving the high-quality development of the metals industry. Leveraging the comprehensive financial strengths of CITIC Group, the company has built a full-chain integrated service system covering securities, futures, investment, and research. The company has been deeply engaged in the commodities sector, continuously providing forward-looking research to anticipate market trends, utilizing futures instruments to build robust risk barriers, and empowering industrial upgrading through capital services. It will fully leverage CITIC Group's full-license resource advantages and the strategic value of Hong Kong as an international financial center to continuously strengthen its cross-border comprehensive financial services capabilities. The company aims to tailor integrated risk management and asset allocation solutions at home and abroad for enterprises across the metals industry chain, precisely helping enterprises hedge against price fluctuation risks, and enabling them to operate steadily and advance with high quality in complex market environments. Structural Shifts: Rethinking Commodity Benchmarks in an Era of Persistent Inflation and Rivalry Speaker: Tian Yaxiong, Co-Head of R&D Department, China Securities Futures Tian shared professional research findings and cutting-edge market insights on hot topics including the market outlook for global metals and the deep impact of geopolitics on commodity trends. SMM Industry Analysis: Market Outlook and Pre-seminar Sharing for Base Metals and New Energy Materials (Copper, Aluminum, Nickel, Cobalt, Lithium, and Tin) & How SMM Empowers Your Commodity Trading & Analysis Speakers: Dr. Yanchen Wang, Managing Director of SMM Global UK Ltd.; Thomas Feng, Head of Industry Analysis at SMM Dr. Wang first analyzed the macroeconomic landscape. At the beginning of this year, the manufacturing PMIs of major economies performed quite well, actually exceeding 50%. Without the conflict, demand this year would have been quite strong. However, at the end of February, the US-Iran conflict broke out, and the International Monetary Fund subsequently revised down its global economic growth expectations. He pointed out that China's exports remain one of the three pillars that are still functioning well to date. Regarding automobile consumption, he noted that for the EV market, the positive factor for the auto industry also lies in exports. In Q1 this year, export performance was indeed very strong. If you look at EV exports alone, they actually grew nearly 160% YoY. Driven mainly by growth in global markets, he remains optimistic about the auto industry this year. In Europe, gasoline and diesel prices have risen significantly due to the US-Iran conflict, and EV demand is expected to benefit from this factor. He believes the power sector continues to maintain strong growth. Based on power grid and power generation investment data from the first two months, combined with State Grid Corporation of China's earlier announcement that fixed asset investment during the "15th Five-Year Plan" period is expected to reach 4 trillion yuan, this indicates that electricity demand will drive strong growth. State Grid Corporation of China will build more ultra-high voltage transmission projects, which will undoubtedly support aluminum demand and also copper demand. Aluminum: Wang noted that base metal prices experienced wild swings since the beginning of this year. He also discussed that China's aluminum smelters continued to raise operating rates due to favorable profitability; aluminum demand pulled back in Q1, and high prices drove inventory higher; approximately 950,000 mt of new aluminum smelting capacity in Indonesia may come online in 2026, with some investors watching Angola; and aluminum semis and wheel hub exports maintained growth in Q1. Copper: After copper prices experienced a pullback and adjustment in March, downstream procurement demand in China was rapidly released, providing strong support for copper prices to rebound. Copper prices rose sharply, with the market downplaying geopolitical risks. China's copper cathode demand was robust, and inventory continued to decline. China's copper scrap market was not truly facing a spot shortage issue. The outlook for copper cathode demand is positive. China remains dependent on copper concentrate imports. Spot copper concentrate TCs showed no signs of bottoming out. By-product revenue sustained smelter profits. He also analyzed the DRC sulphuric acid market conditions, the expected slowdown in global refined production growth, and how a refined market supply deficit should support higher copper prices. He also mentioned that the AI industry maintained strong development momentum, bringing new growth momentum to copper demand. Tin: He elaborated from the following perspectives: Myanmar tin production — slow recovery, upward trajectory, 2025-2027E; Indonesia tin ore RKAB quotas — expected to ease slightly in 2026; DRC — major mine production remained stable, but the M23 movement added uncertainty; global tin prices — supply determines the floor, macro factors drive fluctuations; the global tin market is expected to maintain a tight balance, with new mining capacity expected to be concentrated for release in 2028. Thomas Feng shared insights on nickel, cobalt, and lithium: emerging from the trough and entering a new cycle. ►New energy demand landscape: from EV popularization to energy storage deployment. First, he reviewed and provided an outlook on the global NEV market: NEV demand no longer maintains a one-sided high-growth trajectory, but instead exhibits characteristics of regional differentiation, structural divergence, and intensifying cyclical volatility; development paces in China, Europe, and the US have shown notable differences; performance trends of BEVs, PHEVs, and commercial vehicles have diverged; and the impact of inventory and price cycles on industry operations is increasing significantly. Second, in his review and outlook of the global energy storage market, he noted that the global energy storage market will remain concentrated in three key regions: China, the US, and Europe. Driven by 2030 climate goals, emerging markets such as the Middle East, Australia, and Southeast Asia are showing strong growth in demand for large-scale energy storage. Benefiting from cost advantages and improved safety performance, LFP battery market share is expected to continue climbing. ►Lithium: Reshaping the Supply-Demand Pattern in a New Cycle Global lithium carbonate market: shifting from overall surplus to structural tightness, with prices in a post-trough reassessment and recovery phase. Lithium hydroxide supply and demand maintained a tight balance: production on the supply side was driven by demand, the market share of ternary power batteries was squeezed, and room for growth was limited. The concentration of lithium resource supply declined, with marginal growth rates slowing down simultaneously. Significant demand growth drove the continued expansion of resource projects. ►Nickel: Navigating Policy Changes and Narrowing Oversupply Indonesia's nickel ore HPM adjustment: aimed at enhancing the economic value of non-nickel resources. The discussion covered scenario analysis of nickel ore prices following the implementation of the new policy, and the impact analysis of nickel ore benchmark price adjustments on MHP full costs. Indonesia's nickel ore RKAB quota: a tight balance is expected to set the tone for 2026. Global primary nickel is expected to remain in persistent oversupply. Regarding the logic behind refined nickel price trends, it was noted that policy and macro factors jointly amplified price fluctuations, while cost support elevated the long-term price floor. ►Cobalt: Shifting from Surplus to Shortage after the DRC Export Ban——Long-Term Uncertainty Remains Following the DRC policy announcement, cobalt product prices in China rose rapidly. However, high prices suppressed downstream demand, putting prices under pressure. Starting from H2 2025, the Chinese market continued destocking. Amid raw material shortages, enterprises began using MHP and recycled materials as production substitutes. MHP and recycling are expected to continue growing rapidly, effectively bridging the cobalt hydroxide gap. Cost pressure transmitted in both directions: LCO doping/ternary substitution restarted, and consumer cobalt demand is expected to decline by 10%. As persistently high cobalt prices suppress demand, if China secures 90% of the DRC quota, supplemented by MHP and recycling supply, inventory buildup could occur as early as 2026. Panel Discussion: Global Metals Market Outlook——Geopolitics Disruption, Macro Cycles and the Return of Commodity Volatility •Copper and Aluminum Price Rise, 2024-2026 •Precious Metals Storm: Silver Swung Wildly, Gold Hit Record Highs — Interest Rate Cycles, Safe-Haven Demand, and Industrial Logic •Precious Metals and Industrial Metals: Are Commodities Entering a New Cycle •Focus on Critical Minerals: Emerging Region Supply Rise and Policy Shifts, Green Transition Co-Shaping a New Narrative •Chinese Market: The 15th Five-Year Plan Moderator: Yanchen Wang, Managing Director, SMM Global UK Ltd. Panelists: Yahong Tian, Co-Head of R&D, CITIC Futures Henry Van, Head of Industrial Metals Analysis, Trafigura Sharon Ding, Head of China Basic Materials, UBS Justin William Hughes, Commodity Derivatives Distribution, Optiver Xie Shaobo, Head of China, Appian Mining Fund & independent non-executive Director, Zijin Gold International Panelists noted aluminum has great upside—its 10% price rise lags its 4%-5% supply contraction (vs. oil’s 60% price surge on 10% supply drop), with valuation recovery incomplete. They were more optimistic about copper demand, driven by real downstream demand rather than speculation; aluminum semis’ upside is underappreciated due to high oil prices. Long-term, copper and gold are key for mining investment, with scarce high-quality copper mines and solid gold fundamentals. They also discussed US tariffs, China’s metal demand resilience and overseas mining investment. Overseas mining success hinges on resource-to-reserve certainty; West Africa, Latin America, DRC and Zambia are new hotspots, while Australian/Canadian listed miners are undervalued. Enterprises must plan prudently based on risk tolerance. Geopolitical conflicts (e.g., Iran) may trigger energy crises, but current inflation control and China’s high metal consumption share weaken demand impact. Long-term, energy crises will boost electrification, expanding copper/aluminum demand. Investment depends on risk appetite and fundamental grasp. SMM Industry Analysis: Strategic Re-valuation of Minor Precious and Minor Metals in 2026 — The Case of Silver and Tungsten Silver: Market Supply-Demand Balance and Macroeconomic Volatility: Evolution and Shift in Industrial Demand, Particularly Driven by the PV Sector Tungsten: Strategic Status Upgrade - Supply Constraints and High-End Demand Driving the 2026 Price Rally Speaker: Juno Zhu, Senior Analyst of Minor and Precious Metals, SMM Juno shared insights on the strategic revaluation of tungsten and silver. Tungsten: Tungsten prices have surged over 500% since 2025; China holds over 50% of global tungsten reserves, contributes nearly 80% of global production, and possesses a complete industrial value chain; China's tungsten supply constraints in 2025: H1 mining quotas declined 6.45% YoY; global new project stagnation: limited capacity expansion in 2026, with ex-China mine development cycles of 3–5 years; domestic tungsten downstream applications: significant growth in cutting tools and PV tungsten wire in 2025; European market: persistent raw material shortages, with Rotterdam tungsten prices surging since February 2025; China's tungsten product exports: transitioning from primary products to deep-processed products; SMM analysis: the tungsten market supply-demand gap is expected to persist but narrow in 2026; prices are expected to consolidate at highs after overheating cools. Silver: Silver price fluctuations in 2026: an unexpected surge from Q4 2025 to Q1 2026, where frenzied investment demand and capital liquidity completely overshadowed the impact of the industrial off-season. Shift in trade dynamics in Q1 2026: SGE-LBMA premiums reversal and a surge in imports. Demand spike in Q1 2026: the PV industry started with a recovery, and an investment boom generated a phased demand peak. PV market outlook: policy shifts in 2026 are expected to curb demand growth, with overall silver consumption remaining stable. Silver demand outlook for 2026: industrial fundamentals provide support, while investment surges serve as a tactical highlight. Silver supply outlook for 2026: mild annual growth and an expanding secondary supply share are expected to drive a tight balance in the market. Market outlook: short-term trends are expected to revert to industrial fundamentals, while the medium and long-term trajectory is expected to fluctuate at highs driven by safe-haven demand. Panel Discussion: Metals in a Fragmented World: Trading Opportunities in the Age of Instability (Physical Trading and Hedging) •Shifting Liquidity Landscape across LME, CME, and SHFE •Shipping Risks and Sanctioned Metals: Implications for LME Inventory Structure •How European CBAM is Reshaping Global Metals Trade Flows •Is the Metals Market Entering an "Era of Geopolitical Risk Premiums" •Internationalization of SHFE & GFEX: Opportunities and Challenges for Global Investors Moderator: Jean Tang, Commercial Director, SMM Panelist: Anant Jatia, Founder and Chief Investment Officer, Greenland Investment Management Bella Yu, General Manager of Marketing Department, Liyang Unilink E-commerce Co., Ltd. David Wilson, Director of Commodity Strategy, BNP Paribas Duncan Hobbs, Research Director, Concord Resources Nicholas Snowdon, Head of Metals and Mining Research, Mercuria Energy Trading SA Sabrina Qian, Director of Geared broking desk, IFCHOR GALBRAITHS Anant Jatia stated: CBAM represents a major policy shift in Europe's metals sector. It is not merely about raising trade costs, but will profoundly reshape global metal trade flows and pricing logic. CBAM officially took effect in January this year, initially covering categories such as steel and aluminum semis, with its core mechanism incorporating carbon emission intensity costs into Europe's metal pricing system. High-carbon-emission producers will need to bear additional carbon allowance costs, significantly weakening their export competitiveness to Europe, while green capacity powered by clean energy will gain a clear advantage in the European market and capture greater market share. Following the policy's implementation, the landed cost of metals in the European market will rise, sustaining a long-term regional premium similar to the aluminum premium structure in the US market. Compared with the market differentiation among LME-registered brands following CBAM's implementation, what deserves more attention are the entirely new market opportunities it creates. By sourcing low-carbon, high-quality materials, market participants can potentially capture green premiums, while the mechanism will also transform metal trading models and the global trade flow landscape. The panelists also discussed the changing liquidity landscape across LME, CME, and SHFE. They noted that liquidity in the commodity market is becoming increasingly fragmented, with copper and other products now tradable across multiple global futures exchanges. Price discovery is no longer concentrated in a single market, and the traditional pattern of one market leading gains and others following has reversed, with multi-exchange rotation driving price movements becoming the norm. Factors such as geopolitical policies and tariff adjustments have given rise to regional pricing divergence, with price movements in some markets increasingly driven by capital flows and sentiment. Policy and geopolitical events have also significantly affected the spread between futures and spot prices of metals, creating opportunities for cross-market arbitrage. Meanwhile, policies related to critical minerals supply security, regional supply shocks, and geopolitical disruptions have widened the dislocation between regional fundamentals and price signals. The metals market has entered a window of structural arbitrage opportunities, and this trend is expected to persist. Cross-market arbitrage continues to provide liquidity support to exchanges, a phenomenon broadly observed across both industrial and precious metals. In addition, the panelists engaged in in-depth discussions on the differences between exchange liquidity and industrial liquidity, as well as factors influencing metal price trends, including fundamentals, geopolitical developments, energy costs, and commodity transportation costs. Opening Remarks for Coffee Break Xu Tao, CEO of CSCI In his address, Xu Tao stated that Hong Kong serves as a vital hub in the global metals pricing and trading system, playing a key role in the aggregation of LME delivery resources and the internationalization of RMB-denominated commodities. Going forward, China Securities International will continue to leverage its role as a bridge for cross-border business, deepen collaboration with CSC Futures, and provide clients at home and abroad with efficient and professional comprehensive financial services in commodities, contributing to a higher level of opening-up of China's financial markets. Networking (Coffee Break) Acknowledgments The 2026 SMM Hong Kong Metals Forum was successfully held with special thanks to the Platinum Sponsor, China Securities International, for its strong support, as well as sincere gratitude to Liyang Unilink E-commerce Co., Ltd. for its significant contribution to the forum. Going forward, China Securities and China Securities International will continue to leverage the unique geographical and resource advantages of Hong Kong as an international financial center, deepen strategic cooperation with authoritative industry platforms such as SMM, and continuously improve the "onshore + offshore" integrated bulk commodity comprehensive service system, precisely empowering enterprises to seize market opportunities and hedge operational risks, contributing professional expertise to advancing the internationalization of China's bulk commodity market and enhancing the industry's global competitiveness. Liyang Unilink E-commerce Co., Ltd. (formerly Wuxi Stainless Steel Electronic Trading Center) has been engaged in new energy materials and critical metals supply chain services for over 20 years. Through its digital platform and offline service network, the company provides upstream and downstream clients with full-process online services including price negotiation, contract signing, contract execution, payment settlement, cargo delivery, processing, quality inspection, and after-sales services. With transparent pricing, 100% fulfillment guarantee, and strict quality control, it has established stable cooperation with over 30,000 industrial clients. In the field of critical strategic metal resources, Unilink has built a supply chain service system covering 14 critical metal varieties including indium, bismuth, nickel, cobalt, and lithium. Spot delivery volumes of indium and bismuth each account for over 90% of China's consumption. For new energy materials, spot delivery volumes of nickel, cobalt, and lithium on Zhonglian Jin's platform account for 30%, 90%, and 20% of China's consumption respectively, while daily sulfur trading volume exceeds 80,000 mt. Unilink implements a service model of "payment upon delivery, cargo pick-up upon payment," effectively shortening delivery cycles, reducing enterprise operating costs, and helping upstream and downstream clients achieve stable and efficient material scheduling. Zhonglian Jin strictly adheres to national industrial policies and resource management requirements, consistently focusing on serving the real economy, fully ensuring the security and smooth operation of bulk commodity supply chains, and promoting efficient resource allocation. It has ranked among China's Top 500 Service Enterprises and China's Top 20 Growing Internet Enterprises for two consecutive years. With that, the 2026 SMM Hong Kong Metals Forum came to a successful conclusion! Thank you for your help and support for this forum~

◼ At the beginning of 2026, Musk’s SpaceX plan for 100 GW of annual space PV capacity ignited the A-share market, with multiple concept stocks rising by more than 30 in a single month. At the same time, however, earnings previews from leading PV companies generally showed losses for 2025, and industry fundamentals remained in a deep winter. Behind the stark divergence between the speculative frenzy around the Musk-SpaceX concept and the earnings trough, is the market overly expecting a “second growth curve,” or is this a genuine signal of industrial transformation? ◼ As the global PV industry moves from rapid expansion into a new stage of rational development, its value has gone beyond that of clean energy alone: Against the backdrop of explosive growth in AI computing power driving massive electricity demand, compounded by energy security anxiety triggered by geopolitical conflict in the Middle East, developing PV may become a core strategic choice for countries to achieve their “dual-carbon” goals, build autonomous and controllable energy systems, and reduce electricity costs for end-users. ◼ Since the escalation of the U.S.-Iran conflict at the end of February, the world’s four major benchmark crude oil prices have entered a rapid upward trajectory. Before the outbreak of the conflict, oil prices had remained broadly stable; however, starting on March 2, as the fighting expanded and spread to the Persian Gulf, oil prices immediately entered a sharp uptrend. Note: Shanghai crude oil prices are converted based on the settlement-date exchange rate of 1:0.15. Source: Public information, SMM. ◼ Although the impact borne by different regions varies due to differences in energy mix, geopolitical location, and policy response, the surge in imported crude oil costs driving a broad rise in energy prices has become a common challenge facing all countries. Europe is a case in point. Although Europe’s direct dependence on Middle Eastern crude oil was not high, at only about 5 according to data from energy market intelligence firm Kpler, it remained highly dependent on the region for refined products such as diesel and aviation kerosene, as well as liquefied natural gas. Disruptions in the Strait of Hormuz caused by the conflict directly pushed up Europe’s terminal energy prices—fuel prices at gas stations across the region surged, and natural gas prices broke above EUR 60 per megawatt hour on the 9th, reaching a new high since 2022. The continued rise in energy prices is bound to transmit into broader areas of the economy, increasing overall inflationary pressure and once again underscoring the importance of building secure and controllable energy systems. Accelerating the Clean Transition of the Global Energy Mix, the PV Industry Advances Toward High-Quality Development ◼ The International Energy Agency (IEA) forecasts that, despite economic pressure, global electricity demand momentum remains strong in 2025, with growth rates in 2025 and 2026 expected to be 3.3% and 3.7%, respectively. Data from 2020 to 2025 showed that the global power market followed a trajectory of continued overall growth alongside structural transition toward cleaner energy , with the share of renewable energy sources such as solar rising significantly, although fossil fuels still accounted for the dominant share. ◼ According to the IEA’s Net Zero Emissions Scenario, solar power’s share in the energy mix is expected to rise from less than 2% at present to 12% in 2035 and 28% in 2050. This means PV installations are still far from reaching their ceiling, with substantial room for future growth. ◼ The past five years marked a critical period in which the global PV market shifted from rapid expansion toward rational development. The IEA forecasts that total global new PV installations over the next five years will reach about 3.68 TW, accounting for nearly 80% of new renewable energy additions over the same period, and are expected to become the world’s largest renewable energy source by the end of 2030. This is mainly due to its widening economic advantages—by 2024, the cost of solar PV power generation had already fallen 41% below the cheapest fossil fuel alternative, and these cost advantages are driving rapid growth in both PV installations and power generation share. Source: IEA, public information, SMM. ◼ As a key carrier of PV installations, especially the backbone of utility-scale power plants, solar panel mounting bracket installations are expected to maintain annual average growth of 5%-6% alongside installation growth. Specifically, to achieve annual average new PV installations of 500-600 GW, corresponding module demand is estimated at about 550-700 GW based on the capacity ratio. Assuming a conventional 1:1 module-to-bracket configuration, the annual average installation scale of brackets required for utility-scale PV plants alone would reach at least 250-300 GW. Source: public information, SMM. Escalating Challenges Reshape the Development Logic of the Global PV Market ◼ The PV industry is undergoing resonating internal and external pressures. Internally, the global economic slowdown has become intertwined with social issues, while the industry itself has entered a rational development stage after rapid expansion, making slower installation growth a certain trend. Externally, global trade frictions continue to intensify, with the US, Europe, and other regions erecting nearly insurmountable cost gaps through barriers such as anti-dumping and countervailing duties as well as local content requirements. Challenge 1: Global Trade Frictions and Escalating Trade Barriers ◼ In recent years, countries have introduced a series of policies to build PV trade barriers and reshape the global competitive landscape of the industry. The US imposed “double anti-” duties of as much as 3,403.96% on PV products from four Southeast Asian countries, South Africa raised module tariffs to 10%, and Brazil increased out-of-quota tariffs sharply from 9.6% to 25% through a quota system. Market access requirements for PV in India and Türkiye have also become increasingly stringent. Meanwhile, new supply chain control rules represented by the EU’s Net-Zero Industry Act (NZIA) have extended trade barriers deeper into the industry chain. By setting red lines on “third-country dependence,” they have established quantitative standards for supply chain restructuring. This series of changes has reshaped the competitive dimensions of the international PV industry and significantly raised the threshold for PV product imports and exports. Source: public information, SMM. Challenge 2: New Dynamics in the PV Market, with Incentive and Restrictive Policies Coexisting Source: public information, SMM. Outside China Enterprises Pursue Multi-Dimensional Breakthroughs Through Internal and External Efforts ◼ The practices of solar panel mounting bracket enterprises in the US, India, and other countries show that the key to coping with policy shifts overseas lies in combining “service-oriented” and “high-value” strategies. First, vertically extending from single-equipment sales to a service ecosystem covering the entire life cycle. Second, deepening horizontally by continuously optimizing business structure and extracting value from higher value-added segments. Solution 1: Launch Dedicated Plans Closely Aligned with Government Policies and Local Demand ◼ The global PV industry has now entered a new stage deeply reshaped by both market forces and policy. The growth logic of enterprises is shifting from the past single dimension of relying on technology iteration and cost declines to multi-dimensional competition closely integrating complex policy environments with localized demand. Against this backdrop, the key to corporate success lies in accurately interpreting policy intentions and launching development plans aligned with both market and policy. Tata Power Renewable Energy Limited (TPREL) precisely aligned with India’s “PM Surya Ghar: Muft Bijli Yojana” and launched the dedicated “solar for every home” plan while continuing to provide customized PV solutions. In Q1 FY2026, it added 220 MW of new rooftop PV installations, surging 416% YoY. TPREL also actively responded to local manufacturing policies by establishing 4.3 GW of solar cell and module capacity, ensuring supply while avoiding import tariffs. Through the synergy of “policy response + local capacity + customized services,” TPREL has effectively translated policy dividends into market competitiveness and steadily consolidated its leading position in India’s PV market. Solution 2: Use Acquisitions as a Link to Integrate Resources and Extend from Single Products to the Entire Industry Chain ◼ Competition in the global PV industry has fully escalated into a contest of entire industry chain system integration capabilities, and enterprises’ growth engines are shifting from past reliance on advantages in a single segment to a new model of providing integrated solutions through resource integration. In 2025, Nextracker used acquisitions as the core to integrate resources across the full chain, successively acquiring foundation engineering firms such as Solar Pile International and Ojjo, module supporting firms such as Origami Solar, and electrical system firms such as Bentek, thereby building a full-chain product matrix spanning structural, electrical, and digital solutions. Its performance continued to surge, with revenue rising from $1.9 billion in FY2023 to $3.4 billion in the trailing twelve months ended September 2025. It ultimately announced its transformation into a comprehensive energy solutions provider by renaming itself Nextpower, targeting revenue of more than $5.6 billion in FY2030. This strategy enabled its successful transformation from a single-product supplier into an entire industry chain service provider, solidifying its leading position in the global market. Solution 3: Optimize Business Structure ◼ Trade protectionism in the current PV market continues to intensify, with various trade barriers being layered on one after another. In response to this challenge, PV enterprises can achieve the dual objectives of “compliant operations” and “market retention” through business structure optimization. To avoid the equity constraints on FEOC under the US OBBB Act, Canadian Solar Inc. initiated a US business restructuring with its controlling shareholder CSIQ: it established two new joint ventures to separately manage PV and energy storage businesses, with its own stake set at 24.9% to precisely meet compliance requirements. At the same time, it transferred out 75.1% equity in three overseas plants supplying the US market, receiving a one-off consideration of 352 million yuan. This move enabled Canadian Solar Inc. to retain earnings from the US market through dividends and rental income. In the first three quarters of 2025, it achieved net profit of 990 million yuan, while large-scale energy storage shipments rose 32% YoY. After the adjustment, it focused on strengthening its advantages in non-US markets and successfully stabilized its global business layout with a compliant structure, providing a typical model for the industry in addressing trade barriers. ◼ For Chinese enterprises, in the face of trade frictions and overseas capacity gaps, they need to break through via three paths—“building plants near core markets, reducing costs and improving efficiency through technological innovation, and coordinating both within and outside the industry chain”— by pursuing localized deployment in Southeast Asia, Mexico, and other regions to avoid frequent trade frictions; promoting standardized production and high-end product R&D to enhance competitiveness; and building a “China + overseas” dual-circulation supply chain to stabilize costs. However, overseas expansion still faces challenges such as land and environmental protection costs, talent shortages, and supply chain fluctuations, requiring enterprises to conduct sound risk assessments, leverage policy support, and improve overseas investment service systems. Only by deeply integrating scientific capacity deployment, technological innovation, and industry chain coordination can the mounting bracket industry upgrade from “Made in China” to “Globally Intelligent Manufacturing” and achieve long-term development under the “dual carbon” goals. New Requirements Under the 15th Five-Year Plan, New Topics for PV Enterprises ◼ In a global market full of uncertainties, the consistency and strength of domestic policy have provided fertile ground for the growth of China’s solar panel mounting bracket enterprises. The newly released 15th Five-Year Plan further clarified China’s path for energy and industrial development. On the one hand, the construction of a new-type power system centered on consumption capacity has been listed as a priority task, and green manufacturing and full life cycle management have been formally incorporated into the assessment system. On the other hand, technological self-reliance and self-strengthening together with new quality productive forces have replaced scale competition as the main line of the new development stage. This series of changes signals that the country is driving a profound shift from “competing on capacity” to “competing on system value,” with the core goal of achieving autonomous and controllable energy structure. It is estimated that after the Two Sessions, various departments will successively roll out detailed plans to promote the full implementation of the blueprint. ◼ Key implementation measures include: 1) establishing a “dual controls” system for total carbon emissions and carbon intensity, while improving incentive and restraint mechanisms; 2) vigorously developing non-fossil energy and promoting the efficient use of fossil energy, while strengthening the construction of a new-type power system to ensure stable supply of green electricity; 3) applying both “addition and subtraction” by fostering green and low-carbon industries and promoting energy conservation and carbon reduction in key industry; 4) in addition, accelerating the green transformation of production and lifestyles to consolidate the foundation for green development. ◼ From the perspective of regional development layout, during the 15th Five-Year Plan period, China’s PV industry will show characteristics of regional coordination: north-west China will become the strategic focus by virtue of its natural endowments, exporting electricity through cross-provincial green electricity trading and other means to achieve two-way matching between energy resources and power load; eastern regions, by contrast, will focus on local consumption by high-energy-consuming industries and zero-carbon industrial parks. Source: public information, SMM. ◼ SMM forecasts that China’s new PV installations are expected to reach 208 GW in 2025 and continue growing at an annual average rate of 9% over the next five years, exceeding 292 GW by the end of the 15th Five-Year Plan period. Utility-scale PV will remain dominant, with its installation share staying above 50%. Based on the same logic, we estimate that China’s PV installation market will maintain annual incremental growth of at least 100-120 GW. Source: public information, SMM. ◼ Focusing on China’s steel consumption market for solar panel mounting brackets, SMM estimates that annual steel consumption in China’s PV mounting bracket sector will average about 4-4.5 million mt from 2026 to 2030, accounting for about 30% of total steel consumption in the PV industry over the same period (based on 2026 data). Note: only installation demand for utility-scale PV mounting brackets is included, excluding distributed steel structures, replacement from existing asset depreciation, and exports. Source: public information, SMM. SMM Ferrous Consulting Based on its understanding of the global steel industry chain and regional markets, as well as its strong industry database and network resources, SMM is committed to providing clients with consulting services across the upstream, midstream, and downstream industry chain. Services include market supply and demand research and forecasts, market entry strategies, competitor cost research, and more, covering end-use industry from iron ore, coal, coke, and steel. SMM Ferrous has successfully served more than 300 Fortune Global 500 companies, China Top 500 companies, central state-owned enterprises, state-owned enterprises, publicly listed firms, and start-ups. 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Canmax is advancing solid-state battery development with a "sulfide electrolyte + high-nickel/lithium-rich manganese-based cathode" strategy, progressing in mass production and sampling of key materials, supported by CATL's investment, targeting a material capacity of 15,000 mt by 2026. From 2025 to 2027, the company aims to industrialize materials and achieve breakthroughs in all-solid-state battery cells.

During the National Day & Mid-Autumn holiday, the domestic and overseas steel market operated stably. On the first day after the holiday, spot prices of ferrous metals series fluctuated slightly compared to before the holiday. By product category: Iron ore Imported ore During the National Day holiday, while domestic futures were suspended, the most-traded Singapore iron ore swap contract played a "bellwether" role. Influenced by US non-farm payrolls data, expectations for US Fed interest rate cuts increased, leading to a slight rise during the holiday, with the Platts 62% index increasing by $0.3. In terms of spot cargoes, as steel mills had already stockpiled before the holiday, traders mainly took time off, resulting in almost no transactions at domestic ports. On the first trading day after the holiday, the most-traded iron ore futures contract held up well, with spot prices rising 5-10 yuan/mt. Among them, PB fines spot prices at Qingdao port in Shandong mostly quoted around 780-790 yuan/mt. Considering the expectation for post-holiday restocking by steel mills, and the high likelihood of another US Fed interest rate cut in October, along with two important meetings domestically, macro sentiment is positive, and it is expected that short-term iron ore prices will continue to hold up well. In the medium and long term, the supply-demand imbalance of iron ore is gradually accumulating, which will put significant pressure on ore prices. Domestic ore Compared to pre-holiday, the comprehensive price of domestic iron ore fines dropped back slightly during the holiday, with regional trends diverging. Affected by the adjustment of the Platts index, prices in east China and Handan and Xingtai regions in Hebei fell 15–20 yuan/mt; whereas prices in Qian'an and Zunhua regions in Hebei, as well as in Liaoning, remained stable with limited fluctuations. Fundamentally, the supply of domestic iron ore resources remains tight, and blast furnace operations at steel mills are generally stable, with overall fundamentals changing relatively little. It is expected that some steel mills will have restocking needs in the early days after the holiday, potentially boosting the trading sentiment in the domestic iron ore market; however, subsequent trends still need to be monitored based on the overall contraction of steel mill profits. Overall, it is anticipated that domestic iron ore prices may show a slight upward trend in the days following the holiday. Coke and coking coal During the National Day holiday, the coke market held up well, with mainstream steel mills in Shandong accepting the first round of coke price increases on October 1st, officially implementing a 50 yuan/mt increase for wet quenched coke and a 55 yuan/mt increase for dry quenched coke. Fundamentally, coke production and supply were normal during the National Day holiday. As both coking coal and coke prices rose, the cost of coking increased, reducing coke enterprise profits and restraining the expansion of coke supply. Additionally, during the holiday, downstream purchasing was active, with most coke enterprises selling as they produced, keeping their coke inventories at low levels. Only in some areas, logistics were affected by the holiday and rainy weather, causing some shipping disruptions. On the raw material coking coal front, most coal mines maintained stable production, while individual mines suspended operations for maintenance, resulting in only a slight overall decline in output, which had limited impact on the market. Downstream coke and steel enterprises showed moderate procurement enthusiasm, and the supply-demand imbalance was not yet pronounced, providing some support for coking coal prices. Looking ahead, from a fundamental perspective, coke producers maintained moderate production enthusiasm, and coke supply remained relatively stable. However, most steel mills' coke inventories were at safe levels, and finished product inventories accumulated, leading to generally subdued restocking willingness after the holiday. On the raw material side, the coking coal market performed moderately after the holiday, with slight corrections in prices for some high-grade coal varieties, while most coal prices held steady, thus maintaining cost support for coke. In summary, the coke market is expected to operate steadily in the short term, but further price increases for coke after the holiday will face significant challenges. Construction Steel During the National Day holiday, national spot prices for construction steel traded within a narrow range, with quotations largely stable in most regions, while individual markets saw fluctuations of 10-20 yuan/mt. On the supply side, blast furnace mills mostly maintained pre-holiday production schedules during the break. Except for some mills where variety steel margins were relatively better, leading to a slight shift in hot metal toward variety steel, construction steel output experienced a minor decline. Additionally, although steel scrap prices declined during the holiday, challenges in scrap collection persisted, and losses at electric furnace mills improved only marginally, prompting them to maintain production rhythms focused on off-peak electricity usage in the short term. Inventory-wise, most merchants took 3-4 days off during the holiday, while some arranged for staff to work on other statutory holidays. However, downstream construction sites were largely semi-idle during the break, with slow progress and relatively limited procurement volumes. Arrivals at markets were normal during the holiday, leading to noticeable accumulation in both producer's warehouses and social inventories. Some resources in producer's warehouses had not yet been transferred to the market, resulting in a faster accumulation rate at producer's warehouses compared to social inventories. Looking ahead, price trends may diverge across regions. Specifically, continued heavy rainfall in southern and northern China may still constrain demand release in the first week after the holiday, making it difficult to quickly alleviate inventory pressure and leading to relatively weak stability in spot prices. However, regions such as east China and southwest China may see significant restocking demand from downstream sectors after the holiday. Previously, downstream players adopted a cautious wait-and-see attitude toward the market outlook and basically stocked up as needed before the holiday. As end-users resume normal construction activities after the holiday, this pent-up demand is expected to be gradually released, potentially driving inventory drawdowns and providing some support to the bottom of spot prices. Overall, short-term construction steel prices still have some upside potential, but medium and long-term performance will depend on the realization of demand during the October peak season. Sheets & Plates During the National Day & Mid-Autumn Festival holiday, HRC prices in major national markets remained stable. On the first trading day after the holiday, in the east China market, quotations in Shanghai and Zhangjiagang edged up slightly by 10-20 yuan/mt compared to pre-holiday levels. However, inquiry activity in the market was weak, and end-users showed a strong wait-and-see attitude. In the Ningbo market, spot prices at the tail end of today were quoted at 3,360-3,370 yuan/mt, up 10-20 yuan/mt from pre-holiday levels. Traders actively sold goods, but the market trading atmosphere was moderate, with some end-users showing average purchasing enthusiasm. In the south China market, on the 9th, offers in the Lecong market were 3,330-3,340 yuan/mt, up 10 yuan/mt from pre-holiday levels. Overall trading conditions were moderate, with some end-users conducting restocking; most traders were on holiday during the break, and sales performance was average. In the northern market, on the 9th, overall trading performance of hot-rolled coil (HRC) in mainstream northern markets was average. Among them, spot offers in the Tangshan market were 3,300 yuan/mt, up 20 yuan/mt from pre-holiday levels, with a moderate trading atmosphere and average downstream purchasing initiative; offers in the Shenyang market were 3,320 yuan/mt, up 20 yuan/mt from pre-holiday levels, and HRC trading performance was average. In the cold-rolled market, on the 9th, Bensteel Group's cold-rolled DC01 1.0 in Shanghai was quoted at 3,830 yuan/mt, down slightly by 10 yuan/mt from pre-holiday levels. Market prices fluctuated relatively little compared to pre-holiday, trading was average, with no significant improvement. Looking ahead, on the first day after the holiday, the social inventory of HRC in 86 warehouses nationwide (large sample) as surveyed by SMM totaled 4.0965 million mt, up 457,900 mt MoM, an increase of 12.58% MoM, and down 5.45% YoY. By region, south China and north China saw the largest accumulations, both exceeding 15%, while east China, central China, and north-east China had accumulations below 10%. Social inventory accumulated significantly nationwide during the holiday, with the accumulation rate higher than the same period last year, and inventory levels approaching last year's. Attention will be paid to the start of demand and inventory destocking speed in the first one to two weeks after the holiday. In the short term, HRC prices are expected to fluctuate within a weak range, with focus on the most-traded contract range of 3,230-3,330 yuan. Export and Overseas Markets During China's National Day holiday, most domestic export traders were on holiday and stopped offering quotes. Today is the first working day after the holiday. In terms of export offers, FOB prices for sheets & plates remained stable compared to pre-holiday levels, while long product prices saw a slight decrease MoM. In terms of export order-taking, market inquiries were not active today, and overall trading was weak. Regarding the new income tax payment announcement effective from October 1, which had attracted widespread attention previously, according to SMM surveys, there have been no new implementation progress reports at northern ports currently. MD quotes seem to be emerging again, while southern ports continue to mainly handle tax-included exports due to more complicated procedures. SMM will continue to monitor further developments. On October 7, the EU officially announced the strictest steel import ban in history, reducing the duty-free import quota to 18.3 million mt per year, down 47% from 2024; the tariff rate for excess steel import products increased from 25% to 50%; simultaneously, new traceability requirements for origin (smelting and pouring) were added. The bill aims to replace the steel safeguard measures set to expire in June 2026 and may be implemented by July 1, 2026, at the latest. While the actual impact cannot be estimated for now, barriers facing Chinese steel products exported to the EU are expected to increase. In major global markets, Chinese traders maintained stable export offers. During the National Day holiday, market sales enthusiasm was weak. Indian market sentiment remained sluggish, with weak demand for finished products. Due to the impact of the Dussehra holiday (October 2), trader procurement activities slowed down, and steel prices remained in the doldrums. Russia's Ministry of Finance postponed tax payment deadlines for metallurgical enterprises, including the indexation of the steel excise tax and an increase in its zero threshold, as well as exempting electric furnace metallurgical enterprises from this tax. Steel prices temporarily stabilized, with expectations of future increases. Southeast Asian prices followed fluctuations in the Chinese market, with pre-holiday declines being slightly larger, falling by $3–5/mt, and market transactions were weak. Japan's Daiwa Steel plans to upgrade its section steel rolling mill, expected to be completed by summer 2028. Market traders, considering the short-term supply contraction due to equipment upgrades, have slightly raised steel prices. The European Commission has confirmed a proposal to halve quotas and impose a 50% tariff, leading to rising import prices. Due to increased barrier risks, imported resources have sharply decreased. Overview of Important Holiday News [EU Plans to Impose 50% Tariff on Extra-Quota Steel Imports] On the 7th, the EU announced steel import restriction measures, proposing to significantly reduce the quota for steel imports eligible for tariff exemptions and raising the steel tariff from 25% to 50%. According to the announcement issued by the European Commission that day, the EU plans to set the annual steel import quota at 18.3 million mt, a 47% reduction compared to the 2024 steel import quota. For steel imports beyond the quota, the EU intends to impose a 50% tariff, doubling the current 25% tariff. The announcement also indicated that the EU will take measures to strengthen origin tracing for melted and cast steel products to prevent so-called "circumvention" practices. The announcement stated that the EU's move aims to address the negative impacts of global steel overcapacity and ensure the long-term development of the EU steel industry as a strategic sector. According to the EU agenda, after the European Commission announced the restriction measures on the 7th, the European Parliament and the Council of the EU will conduct reviews. If approved, these measures will take effect after the current EU measures expire in June 2026. [BHP Accepts Yuan Settlement Requirement!] In October 2025, BHP accepted the yuan settlement requirement for some iron ore trades with Chinese customers. This resulted from China's concentrated procurement strategy and market forces, marking a breakthrough for the yuan in commodity settlement. BHP, after multiple rounds of negotiations with China Mineral Resources Group (CMRG) and related steel enterprises, officially implemented yuan-denominated settlements starting in Q4 2025. The scope of coverage includes: Remaining spot cargoes: accounting for approximately 30% of BHP's total iron ore exports to China (long-term contracts continue to be priced in US dollars, but an "observation period" has been established; if the market acceptance of China's iron ore index, such as the Northern Iron Ore Index, meets the standard by 2026, negotiations for yuan-denominated settlements of long-term contracts may be initiated); Port spot cargoes and CFR transactions: for spot iron ore at Chinese ports, yuan-denominated CFR settlements are adopted, mitigating the impact of US dollar exchange rate fluctuations on enterprise costs. [EU to Cut Import Quotas for Flat Products by 8.5 Million mt] On October 7, the EU announced it would reduce import quotas for flat products by 8.5 million mt. The import cap for hot-rolled coil (HRC) will be 5.2 million mt, the quota for cold-rolled coil will be 1.5 million mt per year, and the quota for hot-dip galvanized products will be 2.85 million mt per year. Quotas will be allocated quarterly, with unused amounts not carried over. All countries, including Ukraine, will be subject to the new measures, meaning any imports exceeding these levels will face a 50% tariff, although the tariff will still be calculated proportionally at the start of the new quota period. [Six Departments Jointly Issue the "Work Plan for Stabilizing Growth in the Machinery Industry (2025-2026)"] Recently, six departments including the Ministry of Industry and Information Technology jointly issued the "Work Plan for Stabilizing Growth in the Machinery Industry (2025-2026)". It proposes that the average annual revenue growth rate of the machinery industry should reach around 3.5% during 2025-2026, with revenues exceeding 10 trillion yuan by 2026, and aims to cultivate a number of competitive characteristic industrial clusters of small and medium-sized enterprises and internationally competitive industrial clusters. [Loudi, Hunan to Add a 5 Billion Yuan Silicon Steel Project] Loudi, Hunan, aiming to build a "Material Valley" in central China and focusing on the "three steels, three electricals, and one titanium" industry chain, has attracted over 80 projects each with investment exceeding 100 million yuan, totaling 36.839 billion yuan in investment. Local enterprises' technological transformation and expansion investments exceeded 10 billion yuan, with Hongwang Group adding a 5 billion yuan silicon steel and titanium materials industry chain project. Since the beginning of this year, Loudi City has thoroughly implemented the decisions and deployments of the CPC Central Committee and the State Council on promoting the development of the private economy. Through three core measures—policy empowerment, industrial concentration, and service efficiency enhancement—the city has promoted high-quality development of private investment. From January to August, the city's private investment grew by 9.1%, with the growth rate ranking among the top in the province, and five enterprises from Loudi were listed among China's Top 500 Private Enterprises. [Fatal Accident at Winning Consortium Simandou (WCS) Iron Ore Project in Simandou, Guinea] A fatal accident occurred at Blocks 1 and 2 of the Winning Consortium Simandou (WCS) iron ore project in Simandou, Guinea, resulting in the deaths of three foreign workers. The project has suspended operations and initiated a comprehensive safety review. This is the second work stoppage at the Simandou mine due to an accident in less than two months. [Hainan: Suspension of Hainan Province's 2025 Vehicle Replacement and Renewal Subsidy Policy Effective October 6] The Hainan Provincial Department of Commerce issued an "Announcement on Further Adjusting Relevant Matters of the 2025 Trade-in Policy for Consumer Goods in the Commercial Sector" on October 4. The announcement stated that the 2025 Hainan Province Vehicle Replacement and Renewal Subsidy Policy will be suspended starting from 00:00 on October 6, 2025. Consumers whose new vehicle "Motor Vehicle Sales Uniform Invoice" was issued before 00:00 on October 6, 2025, can apply for the subsidy as normal; subsidy applications for invoices issued on or after 00:00 October 6 will no longer be accepted. Eligible consumers should submit their applications and upload the required documents via the "2025 Hainan Province Vehicle Replacement and Renewal Subsidy Application Platform" before 24:00 on October 31, 2025; any supplementary information must be completed by 24:00 on November 15, 2025. Failure to submit or supplement information by the deadline will be deemed an automatic waiver of the subsidy eligibility. The announcement stated that subsidies for products such as home appliances, home furnishings, mobile phones, and digital products will continue to be implemented according to the current policy. The vehicle retirement and renewal, and e-bike trade-in subsidy policies remain unchanged. [Vietnam's Capital Hanoi Paralyzed by Heavy Rain Again Within Two Weeks, Triggering Flood Warnings in Multiple Areas] Vietnam's national meteorological agency has issued flash flood warnings for 13 provinces, including Thanh Hoa, Hai Phong, and Bac Ninh. Among them, Bac Ninh is an important manufacturing hub for global electronics suppliers that produce products for companies like Apple and Samsung Electronics. This storm comes one week after Typhoon Bualoi swept through northern Vietnam, causing at least 56 deaths and estimated economic losses of 18.8 trillion Vietnamese dong. Bualoi was the 10th tropical storm to make landfall in Vietnam this year. The meteorological agency predicts that up to four typhoons or tropical depression systems may enter the South China Sea before the end of the year, with one or two potentially affecting Vietnam. [Egypt Launches New Incentive Plan to Support the Steel Industry] Egypt's Ministry of Industry announced the launch of a new incentive package to revitalize industrial growth, with a focus on supporting strategic steel enterprises. The plan includes priority access to competitively priced industrial land, flexible payment terms, loans for working capital and production lines, 24-hour fast-track licensing, and accelerated provision of supporting infrastructure. The Egyptian government aims to reduce import dependency, expand domestic capacity, and establish Egypt as a regional steel export hub. The incentive program offers a series of preferential policies designed to attract and retain industrial investors. Data Source Statement: Except for publicly available information, all other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice. Note: This article is an original work of this official account. For requirements such as reprinting, reprinting authorization, or cooperation, please contact us. Without permission, it is prohibited to reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose the above content to third parties in any other form, or permit third parties to use it. Otherwise, once discovered, SMM will pursue legal action against infringement, including but not limited to claiming contractual breach liability, restitution of unjust enrichment, and compensation for direct and indirect economic losses.

Aiming to build a "Materials Valley" in central China, Loudi in Hunan province focused on the "three steels, three electronics, and one titanium" industry chain, attracting 80 projects each valued at over 100 million yuan, with a total investment of 36.839 billion yuan. Local enterprises carried out technological transformation and expansion investments exceeding 10 billion yuan, including Hongwang Group's new 5 billion yuan silicon steel and titanium materials industry chain project. Since the beginning of this year, Loudi has thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council on promoting the development of the private economy. Through three core measures—policy empowerment, industrial concentration, and service efficiency improvements—the city has driven high-quality growth in private investment. From January to August, private investment in the city grew by 9.1%, with the growth rate ranking among the top in the province, and five enterprises from Loudi were listed among China's Top 500 Private Enterprises.

[SMM Domestic Manufacturing Market Data Update] Recently, the China Enterprise Confederation released the "2025 Top 500 Chinese Enterprises" list. Data shows that the total operating revenue of the listed enterprises reached 110.15 trillion yuan, with manufacturing enterprises accounting for 40.48% of the revenue, while service enterprises accounted for 40.29%. It is worth mentioning that the proportion of corporate R&D expenses to operating revenue has been increasing for eight consecutive years, demonstrating the steady improvement in the quality of enterprise development.