Powering the Core Journey! OFweek 2026 (10th Annual) Industry Annual Conference is set for a major upgrade and will make its debut at the AsiaWorld-Expo in Hong Kong (Main Forum, Hall 8) from March 11-12, 2026 . This annual conference will be held concurrently with TBSA 2026 (2026 Asia International and Exhibition), covering an exhibition area of over 22,000 square meters. It will attract more than 350 global exhibitors and over 20,000 international professional visitors. Over 150 industry leaders will gather to explore cutting-edge trends in the battery industry, connect global resources, and jointly create a new industrial landscape. Two major events will also be held concurrently: the Weike Cup·OFweek 2025 (8th Annual) Industry Awards Ceremony, and the launch event of the "Involution Ebbs, Innovation Gathers Strength: 2026 China Lithium Battery Industry Panorama Blue Book" (including the release of rankings), integrating exhibitions, high-end conferences, and industry awards. Global renowned enterprises such as Power, Lead Intelligent Equipment, Materials, BTR, Reasolid New Material, Bosch Rexroth, Jingshi, Zhongke Shenlan Huize, and WELION New Energy will gather at this grand event to share insights and jointly promote a new pattern of high-quality development across the industry chain. Three Special Sessions: Decoding Cutting-Edge Trends and Growth Opportunities As an annual barometer for the lithium battery industry, this conference, centered around the theme of "Technological Breakthroughs - Intelligent Manufacturing Upgrades - Market Outlook," will feature three special sessions on Technology and Applications, "Intelligent Manufacturing," and Solid-State Batteries . It will focus on pathways for technological implementation, delve into intelligent manufacturing and cost-reduction and efficiency-enhancement solutions, and provide insights into solid-state battery technology roadmaps to help secure a leading position in next-generation battery technologies. Two major launch events will be held concurrently: ▲ BTR New Product Launch Event : The anode leader unveils innovative products, showcasing groundbreaking technologies and achievements; ▲ Launch Event of the "2026 Lithium Battery Industry Panorama Blue Book" : Exclusive release of industry data, policy interpretations, and future trend forecasts, providing a comprehensive overview for industrial decision-making. A Top-Tier Lineup Assembled: Sneak Peek at the Agenda Contact Us Business Cooperation: Ms. Jiao Tel: 19168597392 Email: Market Cooperation/Media Cooperation: Ms. Yi Tel: 19925234597 Email: yiguandi@ofweek.com

On November 26, the Shanghai Metals Expo (SME) 2025, organized by SMM Information & Technology Co., Ltd. and SMM Trading Center Co., Ltd., wrapped up successfully in Shanghai, China!

[SMM Analysis: SHFE Tin Expected to Rally Strongly After Holiday, Reviewing the Logic Behind LME Tin's Nearly 3% Surge During National Day] During the 2025 National Day holiday (October 1 to October 8), global commodity markets performed strongly, with the metals sector overall showing an upward trend. In this wave of "metal frenzy," tin prices stood out particularly, becoming the focus of market attention. The London Metal Exchange (LME) tin price rose significantly during this period, with a cumulative increase of 2.71%, closing at $36,370/mt and once hitting a high of $37,600/mt. Similar to tin, other major nonferrous metals also generally rose, with LME copper, zinc, and aluminum rising by 3.38%, 4.25%, and 2.91%, respectively, while the precious metal gold broke through the historical psychological barrier of $4,000/ounce.

I. Policy Environment: Dual Impact of Regulation and Incentives 1.1 Environmental Protection Policy: A "Double-Edged Sword" for Demand Positive Drivers : China's National VI b and the EU's Euro 6d standards increased palladium usage in gasoline vehicles from 1.2g/unit to 1.5g/unit and platinum usage in diesel vehicles from 2.0g/unit to 2.5g/unit. Long-Term Suppression : Environmental policies accelerate electrification, with the EU banning internal combustion engine vehicles by 2035 and China's "dual credit" policy weakening long-term demand for traditional automotive catalysts. 1.2 New Energy Policy: Global Competition in the Hydrogen Sector China : The 2023 "Medium and Long-Term Plan for the Hydrogen Energy Industry" provides purchase subsidies for fuel cell vehicles (up to 300,000 yuan/unit), covering 16 provinces and cities in hydrogen demonstration clusters. EU : The "Hydrogen Strategy" targets 20GW of green hydrogen capacity by 2030, with platinum-based catalysts included in the critical materials list. US : If Republicans repeal the hydrogen tax credit ($3/kg) under the Inflation Reduction Act (IRA), US hydrogen projects may be delayed, reducing platinum demand by 1.5mt in 2025. 1.3 Futures Market Policy: A "Breakthrough" for Domestic Markets Innovation by GFEX : Sponge platinum/palladium was included in deliveries for the first time (accounting for 70% of domestic industrial demand), with a contract size of 1,000g/lot to match enterprise procurement scales. Market Impact : Post-launch, annual trading volume is expected to reach 500mt, with open interest at 20mt, enhancing domestic price influence. Enterprises can hedge raw material costs for 6-12 months, reducing price volatility risks. II. Market Outlook and Investment Opportunities 2.1 Price Trend Forecast, 2025-2026E Category 2025 Target Price 2026 Target Price Core Logic Platinum $1,250-1,350/oz $1,350-1,450/oz Supported by sustained shortages and rising hydrogen demand Palladium $1,050-1,150/oz $950-1,050/oz Pressured by surplus expectations but underpinned by supply fragility 2.2 Key Investment Opportunities 2.2.1 Recycling Sector: A "Must-Have" for Resource Autonomy Rationale : Domestic recycling self-sufficiency was only 15% (2023), with a target of 45% by 2027. Recycling volume is projected to grow from 10mt in 2023 to 70mt, with a 40% CAGR. Related Enterprises : Sino-Platinum Metals (China's only entire industry chain recycler) and Haotong Technology (high market share in automotive catalyst recycling). 2.2.2 Hydrogen Energy Catalysis: The "Golden Track" of Long-Term Growth Logical Support : The localisation rate of PEMFC catalysts increased from 10% (2023) to 30% (2025E), with platinum-based catalysts accounting for 30% of the total fuel cell cost. Enterprises achieving technological breakthroughs will enjoy premium pricing. Related Enterprises : Sino-Platinum Metals (mass production of fuel cell catalysts), Dongyue Group (proton exchange membrane solutions). 2.2.3 Midstream Processing: The "Beneficiary" Empowered by Futures Tools Logical Support : After the launch of platinum and palladium futures on the Guangzhou Futures Exchange, midstream processing enterprises can lock in profits through the "spot + futures" model, with qualified delivery enterprises gaining liquidity premiums. Related Enterprises : Sino-Platinum Metals (LPPM-certified delivery provider), Kaili New Materials (leading catalytic material processor). 2.2.4 Resource Deployment: The "Pioneer" of Overseas M&A Logical Support : Domestic enterprises are accelerating overseas resource deployment (e.g., Jinchuan Group's acquisition of shares in South African platinum mines), securing stable ore sources to mitigate supply risks. Related Enterprises : Jinchuan Group (overseas platinum-palladium reserves exceeding 50 mt), Yunnan Copper (stake in Zimbabwean platinum mines). III. Conclusions and Risk Warnings Key Conclusions Supply-Demand Pattern Divergence : Platinum faces "chronic shortages," while palladium transitions from "tight balance to weak surplus," leading to a "platinum-strong, palladium-weak" price divergence by 2025. Demand Structure Reshaping : Hydrogen energy drives platinum's long-term growth, automotive substitution dominates palladium's short-term demand, and industrial upgrades support structural opportunities for both. China's Emerging Opportunities : Recycling system development, futures market refinement, and hydrogen energy policy support position domestic enterprises to enhance their global industry chain influence.