According to industry sources, a key executive from NVIDIA (NVDA.O) was scheduled to hold separate meetings on Wednesday with counterpart executives from Samsung Electronics and SK Hynix to discuss collaboration in physical AI. Madison Huang, Senior Director of Product and Technology Marketing for NVIDIA's physical AI platform, was visiting South Korea to expand partnerships in the field. The team she leads is responsible for Omniverse, NVIDIA's development platform for physical and industrial AI simulation applications, as well as the company's robotics platform that supports its industrial digitalization and physical AI strategy. Samsung Electronics and SK Hynix are major suppliers of memory chips used in NVIDIA's AI chips. NVIDIA also collaborates with these South Korean chipmakers to deploy large-scale GPU clusters to strengthen South Korea's national-level AI infrastructure and promote AI applications in robotics, factories, and industrial platforms.

Precious metals are having a moment. Gold and silver surged to record highs in January, benefiting from an alignment of macroeconomic factors, evolving supply-demand dynamics, and renewed industrial demand.

[SMM Tin Midday Review: SHFE Tin Fluctuates at Highs on First Trading Day After Holiday, Spot Tin Supply Tight but Demand Yet to Pick Up]

Due to potential safety hazards in some models of power banks, Shenzhen Romoss Technology Co., Ltd. (hereinafter referred to as "Romoss"), an established power bank company founded in 2012, has found itself at the center of public controversy. According to an announcement released on June 16 on the official website of the Shenzhen Market Supervision and Administration Bureau, due to the potential combustion risk of some products under extreme scenarios, Shenzhen Romoss Technology Co., Ltd. will recall some mobile power supplies manufactured from June 5, 2023, to July 31, 2024, involving three models: PAC20-272, PAC20-392, and PLT20A-152, totaling 491,745 units. According to product information, the capacity of the three recalled products is 20,000 mAh each. (Image source: Official website of the Shenzhen Market Supervision and Administration Bureau) Public information shows that Romoss, founded in 2012, has nine major product lines, including mobile power supplies, outdoor power supplies, data charging cables, and power adapters. On the afternoon of June 17, one day after the recall announcement was released, a reporter from Caixin Media arrived at the office location indicated on Romoss' official website—Floors 15-18, Tower B, Building 7, Phase III of Shenzhen International Innovation Valley. The reporter found on-site that Romoss' office was enveloped in the atmosphere of the recall incident: the front desk staff continuously received calls and repeatedly told the callers, "You can contact customer service." Multiple staff members were walking while making calls and repeatedly mentioned keywords such as "recall" and "battery cell." Regarding the reporter's interview request, the front desk staff of Romoss stated that they had contacted the brand department on behalf of the reporter, but the other party said it was currently inconvenient to accept interviews. It is worth mentioning that on the afternoon of June 17, the reporter from Caixin Media called the customer service hotline shown in the announcement twice, and the phone prompt said, "The user you dialed has been suspended due to arrears." Two hours later, when the reporter called the hotline again, the prompt changed to, "Sorry, the number you dialed is busy." In addition, the Romoss Tmall flagship store currently sells a new 2025 model of the PAC20 power bank with a capacity of 20,000 mAh, and the battery type is indicated as lithium polymer battery. When the reporter from Caixin Media tried to inquire about the battery cell of the product with customer service, multiple replies stated that the current "recall issue has led to a surge in inquiries." According to previous online news, a student claiming to be from a university in Beijing posted, "The school issued a notice: Recently, it was found that the 20,000 mAh Romoss charger is more prone to explosion during charging compared to other brands and models." In the comment section, multiple netizens also posted screenshots of similar notices, which showed messages like "Received a reminder from the superior competent department" and "Please all faculty and staff promptly check if your power bank is of this brand and model, and it is recommended to discard it immediately to prevent danger." In response, Romoss issued a statement on Weibo on June 14, stating, "Regarding the recent discussions on the incident of 'multiple universities in Beijing banning Romoss power banks,' we sincerely apologize for the inconvenience caused to teachers, students, and the public. We hereby solemnly promise that we will assume full responsibility for any Romoss products identified as defective by authoritative institutions in accordance with the law. Meanwhile, we attach great importance to this matter and have initiated an immediate investigation. We have communicated with relevant departments, including the Beijing Municipal Commission of Education. As of the release of this statement, we have not received any risk notifications from the Beijing Municipal Commission of Education. There have been deviations in the dissemination of relevant information, leading to public misunderstandings. We will keep everyone informed of the subsequent developments of this incident through official channels as soon as possible." On June 17, a reporter from Cailian Press interviewed several teachers and students from the Capital University of Economics and Business, Beijing Union University, and Beijing University of Civil Engineering and Architecture, all of whom stated that they had not noticed the school issuing such a notice. The reporter learned from the interviews that factors such as overcharging, internal short circuits, and poor heat dissipation could potentially lead to bulging or explosion of power banks. Zhang Xiang, Secretary General of the International Intelligent Transport Technology Association and a visiting professor at Huanghe Science & Technology College, told a reporter from Cailian Press that overheating during the use of power banks could cause the product to expand and deform, leading to misalignment of the internal structures such as the positive and negative electrode separators and electrolyte within the battery due to compression. In addition, after prolonged use of power banks, lithium batteries are prone to developing dendritic crystals—lithium dendrites—which can puncture the battery separator. These situations can easily trigger short circuits and lead to explosions. According to information from the website of the Shenzhen Market Supervision and Administration Bureau, the mobile power supply products recalled by Romoss may experience overheating during use in a very small number of cases due to the raw materials of some battery cells, posing a combustion risk under extreme scenarios and presenting safety hazards. Regarding battery cell manufacturers, when asked whether they were involved in supplying products to Romoss, a representative from Sunwoda (300207.SZ) told the reporter, "They did not use our battery cells." A representative from the securities department of Desay Battery (000049.SZ) said, "I don't think so." The securities department of EVE (300014.SZ) stated, "We have not seen any relevant news. Everything is subject to the announcement. We are not really clear about this." "The safety and reliability of power banks can be further enhanced by increasing the functionality of the battery management system and improving the distribution of sensors," Zhang Xiang said. Typically, the explosion of a battery is a cumulative process, and battery safety is basically maintained through detection by relevant sensors. The sensor system measures whether the temperature, current, and voltage of the power bank are within the safe thresholds. If any abnormalities are detected, an alert is issued, which can significantly reduce the likelihood of battery explosion.

Macro News 1. Recently, there have been repeated claims from the US side that China has violated the consensus reached during the China-US Geneva Economic and Trade Talks. The Ministry of Commerce stated that the US has unilaterally and continuously provoked new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations. Instead of reflecting on its own actions, the US has shifted the blame and unjustly accused China of violating the consensus, which is a serious departure from the facts. China firmly rejects these unfounded accusations. If the US continues to act unilaterally and harm China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests. 3. The Office of the United States Trade Representative announced an extension of the exemption period in the Section 301 investigation into China's acts, policies, and practices related to technology transfer, intellectual property, and innovation. The exemption period, originally set to expire on May 31, 2025, has now been extended to August 31, 2025. 4. On June 1 local time, the Investigative Committee of Russia classified the bridge sabotage incidents in Bryansk Oblast and Kursk Oblast as terrorist attacks. 5. On May 30 local time, US President Trump stated that he would raise tariffs on imported steel from 25% to 50%. On February 10, Trump signed an executive order announcing a 25% tariff on all steel and aluminum imported into the US. On March 12 local time, the measure imposing a 25% tariff on all steel and aluminum imported into the US officially took effect. 6. In a statement, the European Commission expressed regret over the US announcement to raise tariffs on imported steel and aluminum, and stated that the EU is prepared to take countermeasures. The statement claimed that the US government's decision further adds uncertainty to the global economy and undermines ongoing efforts to resolve issues through negotiations. It emphasized that the European Commission is currently conducting final consultations on expanding countermeasures. If a mutually acceptable solution cannot be reached, existing and additional EU measures will automatically take effect on July 14 or earlier if necessary. 7. On May 31, the China Federation of Logistics and Purchasing and the Service Industry Survey Center of the National Bureau of Statistics (NBS) released China's Purchasing Managers' Index (PMI) for May. The manufacturing PMI for China in May was 49.5%, an increase of 0.5 percentage points MoM. 8. Starting from June 1, China will implement a visa-free policy for holders of ordinary passports from five countries: Brazil, Argentina, Chile, Peru, and Uruguay. From June 1, 2025, to May 31, 2026, nationals of these five countries holding ordinary passports may enter China without a visa for business, tourism, visiting relatives and friends, exchange visits, or transit for no more than 30 days. Industry News 1. In order to implement the decisions and plans of the CPC Central Committee and the State Council, further reduce business operating costs, optimize the business environment, promote the development of the real economy, and advance the construction of the social credit system, the National Development and Reform Commission (NDRC) recently issued the "Notice on Further Reducing Credit Reporting Service Fees," significantly lowering the fees for credit reporting services. 2. Multiple regions across the country have taken various measures to strengthen control and prevent the illegal outflow of strategic minerals. Among them, the Office of the National Export Control Coordination Mechanism issued and implemented the "Overall Plan for Strengthening the Full-Chain Control of Strategic Mineral Exports" after approval through the established procedures. Guizhou will strictly adhere to the division of responsibilities outlined in the "Overall Plan" and carry out relevant work accordingly. Relevant authorities in Hunan Province have stated that they will earnestly fulfill their local regulatory responsibilities, systematically investigate and establish a ledger for strategic mineral export enterprises in Hunan, guide enterprises in strengthening the construction of compliance systems, enhance their awareness and capabilities in compliance, and ensure the effective implementation of control measures. Guangxi will continue to effectively supervise and manage the exploration and exploitation of national strategic minerals, intensify efforts to investigate and punish illegal mining activities such as unlicensed mining, cross-border mining, and mining under the guise of exploration, and resolutely prevent the illegal outflow of strategically important minerals. Additionally, relevant departments in Jiangxi and Yunnan have also indicated that they will unwaveringly implement all tasks in accordance with their respective responsibilities. 3. China Securities Index Co., Ltd. announced that it will adjust the sample stocks for indices such as the CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500. This adjustment is a regular, periodic revision of the index samples, and the revised scheme will officially take effect after the market closes on June 13. 4. In response to the "Initiative on Maintaining Fair Competition Order and Promoting Healthy Industry Development" issued by the China Association of Automobile Manufacturers (CAAM) on May 31, relevant officials from the Ministry of Industry and Information Technology stated that they will intensify efforts to rectify "cut-throat competition" in the automotive industry and resolutely maintain a fair and orderly market environment. 5. CAAM issued the "Initiative on Maintaining Fair Competition Order and Promoting Healthy Industry Development." For some time, the industry's profitability has declined, with "cut-throat competition" characterized by disorderly "price wars" being a significant factor contributing to the decline in industry benefits. Continuous investment is needed to ensure product after-sales service guarantees and support enterprises' innovative development. However, "price wars" seriously affect the normal operations of enterprises, impact the security of the industry chain and supply chain, and drive the industry into a vicious cycle. 6. A reporter from Cailian Press learned that recently, Ping An Asset Management Co., Ltd. received formal approval from the National Financial Regulatory Administration to establish Hengyi Chiying (Shenzhen) Private Equity Fund Management Co., Ltd. The company has a registered capital of 300 million yuan and will be based in Qianhai, Shenzhen. It is reported that Hengyi Chiyin will act as the fund manager to issue a contractual private securities investment fund exclusively to Ping An Life Insurance, with the initial fund size reaching 30 billion yuan. The fund will focus on investing in high-quality publicly listed firms that align with policy directives and meet the allocation needs of insurance capital. 7. The Hong Kong Special Administrative Region Government gazetted the Stablecoin Ordinance on May 30, signifying its formal enactment as law. 8. Sources revealed that a major state-owned bank branch received notice from its headquarters to halt the "high-interest, high-rebate" model for car purchase installments starting June 1, with the bank no longer accepting applications under this scheme. The "high-interest, high-rebate" model typically refers to businesses where bank commission payment standards exceed 3%. The source also indicated that most financial institutions nationwide are expected to phase out this model within approximately two months, pending unified regulatory guidance. 9. OPEC+ agreed to increase daily oil production by 411,000 barrels, marking the third consecutive month of output growth. Representatives disclosed that major countries led by Saudi Arabia approved this production hike for July during a video conference last Saturday, matching the increases implemented in May and June. Corporate News 1. China Communications Construction announced plans to repurchase its A-share shares with 500 million to 1 billion yuan. 2. *ST Tianyu disclosed that one of its actual controllers, Chunyu Yan, and others are under investigation for suspected embezzlement. 3. BYD reported NEV sales of 382,500 units in May. 4. Nationz Technologies proposed issuing H-shares for listing on the Hong Kong Stock Exchange. 5. Maxwell Technologies plans to issue convertible bonds to raise up to 1.967 billion yuan. 6. Aerosun Corporation suspended participation in military material engineering service procurement due to regulatory violations. 7. Fillinger is expected to undergo a change in control, with its shares suspended from trading starting June 3. 8. Emicron announced a private placement to raise no more than 310 million yuan for projects including temperature control products for computing infrastructure. 9. *ST Longyu received a delisting decision and will enter the delisting consolidation period on June 10. 10. *ST Pengbo received a delisting decision and will enter the delisting consolidation period on June 10. 11. Bohai Automobile is expected to acquire equity in BAIC Moulding and other companies, with its shares suspended. 12. ST Dongshi was investigated by the China Securities Regulatory Commission for suspected information disclosure violations. 13. Zhejiang Longsheng plans to purchase a 37.57% stake in DyStar for $697 million. 14. *ST Hengli announced that it was under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosure of financial data. 15. *ST Jinglan announced that it was under investigation by the CSRC for suspected violations of information disclosure laws and regulations. 16. Baili Tianheng announced plans to raise no more than 3.764 billion yuan, all of which will be used for the R&D of innovative drugs. Global Markets 1. The three major U.S. stock indices closed higher collectively, with the Dow Jones Industrial Average rising 0.08%, the Nasdaq Composite Index rising 0.67%, and the S&P 500 Index rising 0.41%. The Nasdaq Golden Dragon China Index rose 0.53%, with most popular Chinese ADRs closing higher. 2. COMEX gold futures closed 2.74% higher at $3,406.4 per ounce, and COMEX silver futures closed 5.76% higher at $34.93 per ounce. 3. WTI crude oil futures closed 2.85% higher at $62.52 per barrel. Brent crude oil futures closed 2.95% higher at $64.63 per barrel. Investment Opportunities 1. The world's first! Zhiyuan Yuanzheng A2 becomes a humanoid robot with certifications from China, the US, and Europe According to media reports, the Yuanzheng A2 humanoid robot under Zhiyuan Robotics has passed four product certifications: China's CR, the EU's CE-MD, the EU's CE-RED, and the US's FCC, becoming the world's first humanoid robot with certifications from China, the US, and Europe, as well as the first humanoid robot in China to obtain CR and CE-MD certifications. As one of the representatives of embodied intelligence, the development of humanoid robots is accelerating towards the critical point of industrialisation. The year 2025 is widely regarded by the industry as the "first year of mass production" for humanoid robots. It is expected that the industry penetration rate will enter an exponential growth trajectory after 2030, with global shipments potentially reaching 4 million to 10 million units by 2035. Cinda Securities pointed out that the industrialisation progress of humanoid robots is accelerating, with domestic and overseas enterprises accelerating the deployment of robots, and it is optimistic about the domestic humanoid robot industry chain. 2. Yushi Space completes nearly 100 million yuan in Angel+ round financing, with 2025 expected to be the first year of accelerated development for satellite internet According to media reports, Yushi Space recently completed nearly 100 million yuan in Angel+ round financing, with Qiansheng Capital as the lead investor and Huacang Capital and Linge Venture Capital as co-investors. Yushi Space focuses on the R&D and manufacturing of large-capacity, low-cost, and rapidly reusable liquid rockets. The company is currently "the only team in China adopting a stainless steel rocket + 'chopstick' capture arm recovery solution," with a technological approach fully comparable to Musk's SpaceX. According to data from Cailian Press Venture Capital Tong - Zhizhong, with May 2025 as the forecast baseline, the financing forecast probability for the next two years is 66.08%. Western Securities believes that the current satellite internet industry is still dominated by thematic investment styles, with a focus on event catalysts brought about by breakthroughs at the industrial level. From a temporal perspective, 2025 is expected to be the first year of accelerated development for the satellite internet industry. As of May, Xingwang has completed the batch networking and orbit insertion of 29 satellites, while Qianfan Constellation has completed the orbit insertion and networking of 90 satellites. Meanwhile, public testing of direct-to-satellite mobile phone terminals will also commence in the second half of the year. It is recommended to continuously monitor investment opportunities in China's domestic low-Earth orbit satellite industry chain, including: 1) communication payloads; 2) phased array and RF components; 3) laser communication; 4) detection; 5) satellite ground stations; 6) satellite terminals; and 7) satellite operations. 3. Large aircraft may enter a stage of rapid development, with a significant boost in market supply capability According to media reports, the domestically produced large aircraft C919 has officially commenced regular commercial operations on the Shanghai-Xiamen route. With Xiamen joining the C919 route network, the C919's service coverage has expanded to 15 cities across the Chinese mainland over the past two years, and it has taken its first international step through the cross-border route from Shanghai to Hong Kong. On March 20, COMAC's 2025 Supplier Conference was grandly held. At the conference, COMAC provided forward-looking production planning guidelines for 2025-2029, explicitly mentioning for the first time that the C919's capacity will reach 200 aircraft per year by 2029. This fully indicates that the C919 will enter a stage of rapid development in the coming years, with a significant boost in market supply capability. Zheshang Securities pointed out that, according to disclosures from the "Aerospace Power Future" official account, COMAC's procurement volume in 2024 approached 20 billion yuan, and the procurement volume in 2025 is expected to increase by 70% compared to 2024. This substantial growth in procurement volume signifies that the C919 is expected to achieve comprehensive mass production acceleration and, at the same time, is expected to vigorously boost the development of the large aircraft industry chain. 4. Institutions claim that this specific industry chain segment will be a core beneficiary of the low-altitude economy's development Recently, reporters learned from a conference that Hubei has initiated the construction of a low-altitude flight service platform. After its launch at the end of the year, it will aggregate information from multiple sources, including low-altitude communications, navigation, surveillance, meteorology, and geographical environments, and provide various services such as flight plan submissions, supporting safe and efficient low-altitude flights. Zhiyan Consulting stated that UAVs are the pillar industry of the low-altitude economy, serving as the primary carriers for low-altitude flights. Currently, China's UAV policies are increasingly being refined, and the industry chain is becoming increasingly complete, providing foundational conditions for the development of the low-altitude economy. With the further implementation of airspace and route planning, existing major application demands in agriculture, forestry, animal husbandry, fisheries, surveying and mapping, and emergency response will be further released, while new application scenarios such as urban logistics, cargo transportation, and passenger transportation will also expand. The UAV industry chain will be the core beneficiary in the development of the low-altitude economy. In recent years, the Chinese government has encouraged the integration of logistics with the low-altitude economy. With a vast market for the low-altitude economy, it will drive the development of the logistics UAV industry. It is expected that by 2030, the market size of China's low-altitude economy will exceed 2 trillion yuan.

2025 (Phase IV) SMM Southeast Asia Industry Field Trip Amidst the ever-changing global economic landscape, manufacturing enterprises worldwide are facing unprecedented challenges. The macroeconomic environment remains volatile, with frequent geopolitical conflicts and rising trade protectionism, leading to sharp fluctuations in industrial material prices and making cost control difficult. The domestic market is experiencing intense competition, with significant overcapacity issues. Enterprises are struggling to survive amid cut-throat competition, with profit margins continuously being squeezed. Meanwhile, the Southeast Asian market is emerging as a rising star, brimming with potential. Its rapid economic growth and accelerated urbanization process, coupled with increasing investments in infrastructure, power engineering, and other sectors, have significantly stimulated demand for industrial products. Southeast Asia's abundant mineral resources also provide a solid raw material foundation for the development of the local manufacturing industry. Additionally, favorable local policies and significant labor cost advantages are attracting global capital and enterprises to establish a presence in the region. To help manufacturing enterprises seize the opportunities of the times and break through development bottlenecks, SMM Information & Technology Co., Ltd. (SMM) has meticulously organized the 2025 (Phase IV) SMM Southeast Asia Industry Field Trip . This field trip will delve deep into Southeast Asia, facilitating face-to-face exchanges with local high-quality enterprises, industrial parks, and industry associations. It will involve on-site visits to enterprises within the industry chain, enabling enterprises to gain a deeper understanding of Southeast Asia's industrial landscape, market dynamics, policies and regulations, as well as the investment environment. The aim is to build a bridge for enterprises to access the Southeast Asian market, explore cooperation opportunities, expand new business territories, tap into new growth momentum for industry development in this vibrant region, and achieve enterprise transformation, upgrading, and leapfrog development. Itinerary Visited Entities 1. Thai-Chinese Rayong Industrial Zone The Thai-Chinese Rayong Industrial Zone is a modern industrial zone developed jointly by China's Holley Group and Thailand's Amata Corporation in Thailand, targeting Chinese investors. With a total planned area of 20 km², it is located in the core area of Thailand's Eastern Economic Corridor. A large number of outstanding enterprises have already settled in the zone (including Zhejiang Zhongce, Zhejiang DunAn, Shenzhen CIMC, Jiangsu Dingsheng, AUX, and Dejinchang, among others). As a highly representative industrial zone in Thailand, we will engage in discussions with zone staff on topics such as the zone's basic information, the operational status of settled enterprises, and investment attraction policies. 2. Dejinchang Optoelectronics Technology (Thailand) Co., Ltd. It is the first overseas branch factory invested by Zhenxiong Copper Group. Established in March 2007 and officially put into operation the same year, it is located in the Amata Thai-Chinese Rayong Industrial Zone, covering an area of approximately 100,000 m² with a building area of about 48,000 m². Its registered capital is 460 million Thai baht, and the total investment is 3 billion Thai baht. The company is primarily engaged in the development and production of new materials for deep processing of various copper conductors (various copper wires). Its main products are copper wires, ranging from copper cathode to various types of copper wires, including bare copper wires, tinned wires, silver-plated wires, nickel-plated wires, alloy wires, as well as various specifications of single wires, stranded wires, and twisted wires. As a typical representative of copper wire drawing enterprises going global, we will exchange experiences and insights with Dejinchang on settling down, taking root, and developing in Southeast Asia, and seek business cooperation opportunities. 3. XINYA ELECTRONIC (THAILAND) CO., LTD The main businesses of Xinya Electronics and its series of subsidiaries include the R&D, manufacturing, and sales of consumer electronics and industrial control cables, automotive cables, communication cables and data cables, new energy series cables and components, etc. The company's end-user clients include well-known domestic and overseas brands such as Hisense, Gree, Midea, Daikin, Canon, Panasonic, Great Wall Motors, General Motors, BYD, NIO, Inspur, Huawei, Dell, HP, ZTE, CHINT, LONGi Group, Hengyineng, East, KUKA, and YASKAWA. We will head to this world-renowned electronic wire manufacturing enterprise. Please look forward to the spark of ideas and business opportunities that will emerge on-site. 4. C&D Inc. Xiamen C&D Inc. (stock code: 600153.SH) is a core member enterprise of Xiamen C&D Group Co., Ltd., a "Fortune Global 500" company. It is a modern service-oriented enterprise with dual main businesses of supply chain operations and real estate development. The company's business began in 1980 and was established and listed on the Shanghai Stock Exchange in June 1998, initiated by Xiamen C&D Group Co., Ltd. In 2024, the company achieved operating revenue of RMB 701.296 billion and after-tax net profit of RMB 5.82 billion. As a supply chain company, C&D Inc. has long-standing presence and extensive resources in Southeast Asia. We will conduct in-depth exchanges with C&D Inc. in Southeast Asia to explore solutions for capital, logistics, and industrial resources in the Southeast Asian industry, and establish effective communication channels for long-term cooperation. 5. WHA Industrial Estates WHA Corporation Public Company Limited develops and operates 12 major industrial estates in Thailand, all of which are strategically located. The group has held the largest market share since 2008. WH currently has 12 operational industrial zones, with 11 in Thailand and 1 in Vietnam, and another 3 industrial zones are still under development. The industrial zones developed and constructed by WHA Group are mainly located in the eastern coastal region of Thailand and have currently formed numerous industrial clusters, including export-oriented industries such as automotive, petrochemical, electronics, and consumer goods. As an industrial estate with a broad scope of operations, WHA Industrial Estates has unique insights into the industrial development and policies of various regions in Southeast Asia. During our exchanges, we will learn about the enterprises that have already settled in the estate, WHA's investment attraction policies, and its insights into industrial development. 6. Malaysia Non-Ferrous Metals Association The Malaysia Non-Ferrous Metals Association (MNMA) was established to integrate the entire non-ferrous metals industry in Malaysia under one entity. Under this unified entity, the objectives are: to coordinate with government authorities and standardize the import codes for non-ferrous metals, particularly in relation to hazardous and non-hazardous waste; to serve as a communication bridge between industry participants and government authorities to promote aligned goals; to educate and self-regulate members in compliance with regulations, especially those related to environmental aspects; to drive the vibrant development of the upstream industry, thereby encouraging downstream investors to invest in Malaysia; to embrace global changes through interactive cooperation and collaborate with other associations worldwide; and to envision Malaysia as the central hub for the non-ferrous metals industry in Southeast Asia. During this exchange, we will listen to the representatives of the association as they introduce Malaysia's industrial blueprint, gain a detailed understanding of Malaysia's industrial planning, and refine each representative's future strategic planning in Malaysia through our exchanges. 7. METROD(MALAYSIA) SDN BHD METROD(MALAYSIA) SDN BHD is a leading manufacturer of copper rods, copper pipes & tubes, and copper busbars in Malaysia. The company commenced operations in 1981 and was listed on the Main Board of the Kuala Lumpur Stock Exchange in 1996. Metrod's high-quality copper products are widely used in numerous applications, including power generation, transmission, and distribution, telecommunications, lightning protection, welding, electronic and automotive parts, electromagnetic coils, motors, compressors, transformers, and more. As a typical representative of local copper rod suppliers in Malaysia, we will engage in in-depth exchanges with METROD(MALAYSIA) SDN BHD and strive to reach cooperation in suitable areas for mutual benefit and win-win outcomes. 8. Zhejiang Gang Lian Jie (Malaysia) Logistics Technology Co., Ltd. Zhejiang Gang Lian Jie (Malaysia) Logistics Technology Co., Ltd., established in 2023, is a wholly-owned subsidiary of Zhejiang Gang Lian Jie Logistics Technology Co., Ltd. and falls under the Ningbo Zhoushan Port Group system, making it a state-controlled enterprise. The company primarily engages in international freight forwarding for import and export. It extends the standardized processes and management systems within the recycled metals industry to Malaysia, using Malaysia as a hub to radiate throughout Southeast Asia and carry out related businesses. This encompasses international multimodal transport, covering bulk raw materials such as non-ferrous metals, plastic pellets, cold chain products, pulp, and glycerin. Gang Lianjie will introduce the import and export policies of various Southeast Asian countries during the exchange, with detailed answers provided for areas that differ from China. They can also offer one-stop customs services. (More visiting organizations will be updated continuously...) The following are optional itineraries (participation is voluntary, and a separate conference fee is required for attendance). 1. 2025 SMM (2nd) Global Renewable Metal Industry Chain Summit (An additional conference fee of 5,000 yuan is required). Conference Time: June 12-13, 2025 Conference Venue: Hyatt Regency Suvarnabhumi Airport, Bangkok, Thailand Conference Official Website: https://global-renewable-metal-industry-chain-summit.smm.cn/home The 2024 SMM 1st Global Renewable Metal Industry Forum was held in Malaysia. The conference gathered recycling associations, government officials, and renowned enterprises in the renewable sector from various regions to discuss the current state and future development of the renewable industry. From 2024 to 2025, renewable metal policies have been continuously updated, and the industry has witnessed rapid development. To assist enterprises in navigating the changes in the renewable industry, align with industry standardization requirements, and provide a platform for business exchanges, SMM plans to hold the 2025 SMM 2nd Global Renewable Metal Industry Chain Summit in Thailand from June 12-13, 2025. At this conference, you will efficiently gain access to customer resources, industry reports, and interpretations of renewable policies from various regions globally in the renewable metal and battery recycling industries. It is suitable for organizations and individuals concerned about renewable metals to participate. 2. 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference (An additional conference fee of 7,000 yuan is required). Conference Time: June 16-17, 2025 Conference Venue: Hyatt Regency Suvarnabhumi Airport, Bangkok, Thailand Conference Official Website: https://automotive-supply-chain.smm.cn/home In recent years, Southeast Asia has gradually become a crucial link in the global automotive industry due to its unique geographical advantages, abundant resources, and vast consumer market, offering rich supply and demand opportunities. As a regional leader, Thailand has attracted the attention of numerous Chinese NEV manufacturers. At this conference, SMM will invite experts, scholars, enterprise representatives, and government officials from the domestic and overseas automotive industries to participate, jointly explore new trends and models in the development of the automotive industry, share the latest technologies and innovative achievements, promote collaborative development and cooperation in the automotive industry, and facilitate the improvement and enhancement of the industry chain. Meanwhile, we hope that through this conference, we can help Chinese automotive industry chain enterprises better understand the overseas investment environment, leverage the complementary advantages of different countries and regions within the automotive industry, and jointly promote the healthy and sustainable development of the automotive industry. At this conference, you will efficiently gain access to customer resources, industry reports, and opportunities to discuss new materials, processes, and technologies in the automotive and supply chain industries. It is suitable for organizations and individuals interested in the automotive industry to participate. Note: Assembly point for the inspection tour: Hyatt Regency Bangkok Sukhumvit, Bangkok, Thailand For more information about the 2025 (Phase IV) SMM Southeast Asia Industry Inspection Tour , please contact: De'an Xu: 166.0190.90 Email: xudean@smm.cn

According to the Times, Syrian President Ahmed al-Sharaa proposed a mineral agreement to the US similar to the one reached between the US and Ukraine, in exchange for the lifting of a decade-long sanctions regime. The UK newspaper reported that US President Trump, who was visiting the Middle East this week, was "considering" the proposal. In addition to allowing the US to access its natural resources, Syria also proposed building a Trump Tower in Damascus. The proposal to Washington was one of President al-Sharaa's initiatives to end international sanctions on Syria, which have cut the country off from the global financial system. The 14-year war has devastated the country's economy. Al-Sharaa, who took office in January and is still listed as a terrorist by the US government, has publicly expressed interest in strengthening relations with the West. So far, the Syrian leader has indicated a willingness to join the Abraham Accords and allow a security presence for Israel in parts of southern Syria, a move that could bring the Syrian government closer to US allies in the region. "A New Beginning" According to the Times, Syria's proposal has sparked debate among Trump's advisors. Tulsi Gabbard and Sebastian Gorka have urged caution, while others, including Middle East envoy Steve Witkoff, have expressed support for engagement. Trump himself has publicly stated that Syria should enter a "new beginning" in the post-Assad era and that he would consider easing sanctions if key conditions are met, including cooperation on counterterrorism. Al-Sharaa's proposal to Trump appears to be a comprehensive pivot toward Western investment. The Wall Street Journal reported that Syrian officials are discussing infrastructure cooperation with companies such as AT&T and Boeing. Facilitating a Meeting Reuters, citing sources, said that while the likelihood of a direct face-to-face meeting between Trump and al-Sharaa during Trump's Middle East trip was relatively small, high-level talks between Syria and the US would take place in the region. According to Reuters, pro-Trump activist Jonathan Bass recently met with al-Sharaa in Damascus, along with Syrian activists and Gulf Arab states, as he has been trying to arrange a direct meeting between the two leaders. "Al-Sharaa wants to sign a business deal for the country's future," Bass said. According to the U.S. Geological Survey (USGS), Syria is rich in mineral resources, including crude oil, asphalt, iron ore, manganese, phosphorus (phosphate), marble, rock salt, and gypsum. "There is no doubt that we are driving this process," said Charles Lister, head of the Syria Initiative at the Middle East Institute. "Our thinking is that it would be best to engage directly with Trump." The White House has not yet confirmed whether it will continue to meet with Shaaraa.

Macro News 1. On the 28th, He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with Dan Simkowitz, Co-President of Morgan Stanley in the US, at the Great Hall of the People. He Lifeng stated that China is committed to promoting high-quality development through high-level opening up, and welcomes more US financial institutions, including Morgan Stanley, and long-term capital to continuously deepen mutually beneficial cooperation with China and actively participate in the construction and development of China's capital market. Simkowitz expressed that Morgan Stanley will continue to expand its presence in the Chinese market and provide high-quality services to facilitate investment cooperation between US and Chinese enterprises. 2. From the 27th to the 28th, Zhang Guoqing, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted a survey in Shanghai on promoting the healthy development of the platform economy and market supervision. He emphasized the need to thoroughly implement the important instructions and directives of General Secretary Xi Jinping, implement the decisions and arrangements of the CPC Central Committee and the State Council, focus on promoting high-quality development, comprehensively strengthen governance capabilities in the field of market supervision, promote the construction of a sound ecosystem for the platform economy, and maintain a fair and orderly market environment. 3. On May 28th, Foreign Ministry spokesperson Mao Ning presided over a regular press conference. Mao Ning stated that China has decided to expand the scope of visa-free countries. From June 9, 2025, to June 8, 2026, a visa-free policy will be implemented on a trial basis for holders of ordinary passports from Saudi Arabia, Oman, Kuwait, and Bahrain. Individuals from these four countries holding ordinary passports who come to China for business, tourism, visiting relatives and friends, exchanges, visits, or transit for no more than 30 days may enter the country without a visa. 4. According to the National Disease Control and Prevention Administration, the upward trend of the COVID-19 epidemic nationwide has slowed down, and the epidemic has reached its peak or is showing a downward trend in most provinces. The dominant circulating strain is the sixth-generation sub-lineage NB.1.8.1 of the XDV variant, with no significant changes observed in its pathogenicity or clinical severity of the disease. Industry News 1. It has been learned from multiple informed sources that at a recent symposium on upstream and downstream enterprises in the China-EU semiconductor industry held by the Ministry of Commerce, the policy on rare earth export controls was explained, and communication with China-EU chip enterprises on rare earth export controls was strengthened to maintain the stability of the global industry chain. Another informed source indicated that this move implies that China may relax rare earth export controls targeting the industry chain of China-EU semiconductor enterprises. 2. The Office of the National Healthcare Security Administration conducted an investigation into cases of "ghost pharmacists" (pharmacists whose names are listed but who are not actually present) at designated retail pharmacies. Through screening and analysis, it was found that the names of some pharmacists (corresponding to the same ID numbers) appeared in the drug expense details of multiple designated retail pharmacies, suggesting possible violations such as pharmacist information being falsified or pharmacists engaging in "ghost pharmacist" practices. Designated retail pharmacies found to have engaged in violations such as falsified pharmacist information, "ghost pharmacists," or failure to provide pharmaceutical services as required will be subject to measures such as interviews, rectification within a specified time limit, suspension of the medical insurance service agreement, or termination of the medical insurance service agreement, depending on the severity of the violations. 3. The website of the Shenzhen Municipal Housing and Construction Bureau released the "Administrative Measures for the Allocation and Sale of Affordable Housing in Shenzhen (Draft for Soliciting Opinions)" and the "Administrative Measures for the Planning and Construction of Affordable Housing in Shenzhen (Revised Draft for Soliciting Opinions)". The drafts mention that allocation-and-sale-type affordable housing will be subject to strict closed-loop management, and it is prohibited to convert such housing into commercial housing in any way. 4. It has been learned from informed sources that DJI's robotic vacuum cleaner products have entered mass production and are expected to be launched in June. It is understood that DJI has been engaged in the R&D of robotic vacuum cleaners for more than four years, and the upcoming product is a robotic vacuum and mop combo. 5. The General Office of the People's Government of Fujian Province issued the "Implementation Plan for Special Actions to Boost Consumption in Fujian Province", which proposes supporting automobile consumption. It supports various regions in carrying out automobile consumption promotion activities and providing additional support through preferential car purchase policies. 6. The State Administration for Market Regulation recently issued the "Action Plan for Key Technological Innovations in Metrology and Testing". The Plan proposes that by 2030, more than 50 key metrological core technologies will be achieved, more than 20 new-generation international first-class metrological standards will be established, the self-controllable rate of core devices for newly established metrological standards will reach over 60%, and the leading rate in international metrological comparisons will reach 20%. 7. It was learned from the media briefing on promoting the trade-in of e-bikes in Guangdong that as of May 26, the sales volume of e-bikes traded in in Guangdong Province reached 174,000 units, ranking among the top in the country, with the trade-in volume being approximately three times that of the previous year. The cumulative subsidy funds used amounted to 87.08 million yuan, boosting new e-bike consumption by over 400 million yuan. Corporate News 1. Jiaying Pharmaceutical announced that it is under investigation by the China Securities Regulatory Commission for suspected violations of laws and regulations in information disclosure. 2. China Energy Engineering Group announced that it has won the bid for the 6×660 MW coal-fired power project in the Bingzhun Industrial Park of the China-Kyrgyzstan-Uzbekistan Railway, with a bid amount of approximately 14.586 billion yuan. 3. *ST Jilin Pharmaceutical announced that its shares will be delisted on May 29. 4. *ST Longjin announced that its shares will enter the delisting consolidation period starting from June 6. 5. ST Huaxi announced that it has signed a major contract for daily operations worth approximately 2.084 billion yuan. 6. Fuda Co., Ltd. announced that it plans to invest in the construction of a project for ultra-precision gears for electric drive systems in NEVs and a project for robotic transmission joint components. 7. Longgao Co., Ltd. announced that the restructuring of its controlling shareholder is undergoing the approval process for the assessment report. 8. Jiangsu New Energy announced that its future performance is related to multiple factors such as the natural resources at the project sites, and significant changes may bring about performance fluctuation risks. 9. China Flag Chemical announced that the company currently has the project approval procedures for chlorantraniliprole, but it has not yet officially commenced production. 10. ST United announced its intention to acquire 100% equity in Jiangxi Runtian Industry, a packaged drinking water company, and its stock will resume trading. 11. Shangwei Cable announced that the company's actual controller has been changed to Zhang Hua. 12. At the earnings briefing, executives of Huguang stated that the first prototype line for the humanoid robot project has been successfully implemented. 13. IntSig Information announced its intention to plan for the issuance of H shares and list them on the Hong Kong Stock Exchange. 14. China National Gold Group announced that its controlling shareholder intends to increase its stake in the company by 168 million to 335 million yuan. 15. Lier Chemical stated on its interactive platform that the 5,000 mt/year chlorantraniliprole production facility is under accelerated construction. Global Markets 1. The three major U.S. stock indices closed lower collectively, with the Dow Jones falling 0.58%, the Nasdaq declining 0.51%, and the S&P 500 index dropping 0.56%. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 0.71%. 2. WTI crude oil futures prices closed up 1.56% at $61.84 per barrel. Brent crude oil futures closed up 1.26% at $64.9 per barrel. 3. COMEX gold futures closed down 0.48% at $3,312.4 per ounce, and COMEX silver futures closed down 0.65% at $33.095 per ounce. 4. Nvidia reported revenues of $44.1 billion in the first fiscal quarter, up 69% YoY, and a net profit of $18.78 billion in the first fiscal quarter, up 26% YoY. Investment Opportunities Reference 1. Xiaomi YU7's pre-booking inquiries exceed those of SU7 during the same period, with the number of users leaving their information being about three times higher. According to media reports, Lu Weibing, Partner and President of Xiaomi Group, stated at the earnings call that Xiaomi YU7 has been well-received by users since its pre-release, becoming more popular and well-known than when Xiaomi SU7 was first unveiled. Lu Weibing revealed that after the technical release of YU7, the number of pre-booking inquiries exceeded those of SU7 during the same period. As of May 25, the number of users leaving their information for the "YU7 Technical Launch Event" was about three times that of the "SU7 Technical Launch Event" during the same period. YU7 has a broader audience than SU7, and we are very confident in YU7. YU7 is expected to be officially launched in July this year. Previously, Xiaomi Auto announced that it had raised its delivery target for 2025 to 350,000 units (up from 300,000 units). Driven by factors such as strong product competitiveness and the launch of new models, Xiaomi Auto's sales are expected to continue to accelerate. Guotai Haitong Securities stated that Xiaomi Group's YU7 was launched on May 22, and its sales after the new model's launch are worth looking forward to, with the industry chain expected to continue benefiting. 2. WeRide Enters Saudi Arabian Market, with Three Major Products Deployed Recently, WeRide, a global leader in autonomous driving technology, announced its market expansion strategy in Saudi Arabia, marking a further expansion of the company's global commercial footprint. As the first step in entering the Saudi market, WeRide has tested and deployed autonomous driving products such as Robotaxi, Robobus, and Robosweeper in key Saudi cities including Riyadh and AlUla, laying the foundation for subsequent large-scale commercial operations across Saudi Arabia. With the rapid development of artificial intelligence (AI) technology, autonomous driving is undergoing unprecedented changes. From intelligent perception to precise decision-making, and from efficient control to data-driven operations, AI has injected strong momentum into autonomous driving. Haitong Securities pointed out that previously, the main barriers to the development of large-scale autonomous driving models included computing power, data loops, etc., with leading autonomous driving enterprises mostly being top-tier technology companies. Following the release of Deepseek's faster inference model, latecomers (including vehicle manufacturers and solution providers) are expected to gain new opportunities, and the autonomous driving algorithm sector is expected to witness a flourishing landscape. Therefore, 2025 is expected to be a year of rapid penetration of high-level intelligent driving, with numerous opportunities emerging across the industry chain. 3. Three Departments, Including MIIT, Coordinate to Promote the Development of Advanced Computing Industry According to media reports, the Ministry of Industry and Information Technology (MIIT), the National Development and Reform Commission (NDRC), and the National Data Administration jointly issued the "Implementation Plan for the Digital Transformation of the Electronic Information Manufacturing Industry" to strengthen the construction of new-type information infrastructure. The plan coordinates the promotion of the development of the advanced computing industry, accelerates the integration of networks, data, computing power, and algorithms, drives innovative development in high-performance computing, intelligent computing, and cloud-edge-end collaborative computing, improves the network layout of edge computing centers, and builds a new-type information infrastructure that is highly reliable, high-performance, and widely connected. It promotes the deep empowerment of new-type information infrastructure in electronic information manufacturing applications, accelerating the large-scale application of advanced computing, 5G-A, gigabit optical networks, industrial internet, and AI in the electronic information manufacturing industry. Advanced computing encompasses three major areas: computing power, algorithms, and data, covering various computing methods such as cloud, edge, and end computing. As the core productivity in the digital economy era, computing power plays a crucial role in driving technological and industrial progress, accelerating the deep integration of digital technologies with the real economy, and its strategic and supportive roles are becoming increasingly prominent. Shanxi Securities believes that the demand for AI computing power from two major downstream sectors, the internet and intelligent computing centers, will continue to experience high growth, with rapid progress in localization procurement. 4. Musk's Brain-Computer Interface Company Completes New Round of Financing It is reported that Musk's brain-computer interface company, Neuralink, has raised $600 million in a round of financing, bringing the company's valuation to $9 billion. In recent years, the global brain-computer interface (BCI) technology has witnessed rapid development, with its application areas gradually expanding from the medical field to non-medical fields such as education and gaming. Meanwhile, the rapid evolution of emerging technologies like artificial intelligence (AI) is driving more breakthroughs in the application of BCI technology. According to PrecedenceResearch, the global BCI market size was approximately $2.62 billion in 2024 and is expected to reach $12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17.4% from 2025 to 2034.

[Head of National Energy Administration Meets with Chief Executive of Singapore Energy Market Authority] Jinshi Data reported on May 21 that on May 19, Wang Hongzhi, Director of the National Energy Administration, met in Beijing with Pan Guoqiang, Chief Executive of the Singapore Energy Market Authority, who was visiting China. The two sides had an in-depth exchange of views on advancing cooperation in new energy between China and Singapore. Wang Hongzhi stated that energy is an important area of pragmatic cooperation between China and Singapore. The two countries maintain close communication on bilateral and multilateral platforms, with mutual investments by enterprises from both sides. They have conducted extensive cooperation in power, oil and gas, energy storage systems (ESS), and renewable energy. There is significant potential for future cooperation, with broad prospects. The National Energy Administration of China is willing to build on past achievements with Singapore, further leverage the role of existing cooperation mechanisms, strengthen dialogue and communication, and jointly advance cooperation in new energy to new heights. (Jinshi Data APP)

As the sell-off in US Treasuries took a temporary pause, the US stock market made several attempts to rebound overnight and this morning, but ultimately closed nearly flat after a late-session dive. By the close, the S&P 500 fell 0.04% to 5,842.01 points, marking its third consecutive session of losses; the Nasdaq Composite Index rose 0.28% to 18,925.73 points; and the Dow Jones Industrial Average dipped slightly by 1.35 points to 41,859.09 points. As background, although Trump's "Big Beautiful Bill" was narrowly approved by the House of Representatives with just one vote, the market generally believes that the Senate is unlikely to easily accept the bill. From now until the self-imposed July 4 deadline set by the White House, wrangling over the bill will continue. Therefore, although the US Treasury storm has temporarily abated for a day, the core issues remain unresolved. Louis Navellier, Chief Investment Officer of Navellier & Associates, stated that, "although the pressure in the Treasury market has eased somewhat, the stock market may need a 'substantial decline' in bond yields to get the 'green light' to return to recent highs." Jamie Dimon, the "Wall Street King" visiting China and CEO of JPMorgan Chase, also took time to tell US media that the US must "address the deficit issue." He also said he was not concerned about short-term fluctuations in the US dollar, but he could understand why people might want to reduce their holdings of US dollar assets. Dimon also mentioned trade issues, stating, "I don't think the US government wants to decouple from China. I hope the two countries can engage in a second, third, or fourth round of negotiations to ultimately reach a good outcome." Federal Reserve Governor Christopher Waller also said on Thursday that if the Trump administration can reduce tariffs to near 10% and finalize and implement all matters by July, the Federal Reserve could gradually implement interest rate cuts in the second half of the year. If Trump goes in the opposite direction and restores higher tariff levels, it will severely limit the Federal Reserve's room for maneuver in short-term interest rate policy. Performance of Popular Stocks US tech giants showed mixed performance on Thursday. Apple fell 0.36%, Microsoft rose 0.51%, Amazon rose 0.98%, NVIDIA rose 0.78%, Alphabet (Google-A) rose 1.37%, Tesla rose 1.92%, Meta rose 0.17%, and Advanced Micro Devices fell 1.2%. The Nasdaq Golden Dragon China Index fell 1.18% on Thursday. By the close, Alibaba fell 1.71%, JD.com rose 0.12%, Baidu fell 1.65%, Pinduoduo rose 3.1%, Bilibili rose 0.71%, NIO fell 1.52%, NetEase fell 1.25%, Futu Holdings rose 2.06%, Li Auto fell 1.55%, XPeng Motors fell 7.87%, EHang Holdings rose 1.58%, Xiaomi Corporation fell 0.90%, and Weibo rose 7.18%. Company News [Fannie Mae, Freddie Mac Shares Surge After Trump Mentioned Privatization Plan] Shares of Fannie Mae and Freddie Mac, two institutions under government control for nearly two decades, surged on the Pink Sheets market after US President Trump mentioned on social media after market close on Wednesday that he was considering privatizing the two entities. Fannie Mae shares rose by 50.60%, while Freddie Mac shares rose by 41.98%. [PV Sector Plunges Due to "Big Beautiful Bill"] Due to the significant reduction in green energy subsidies under the "Big Beautiful Bill" passed by the US House of Representatives, Sunrun, the largest residential solar company in the US, fell by 37.05% on Thursday. Equipment suppliers SolarEdge Technologies fell by 24.67%, and Enphase Energy fell by 19.63%. Additionally, Maxeon Solar Technologies fell by 9.42%, and NextEra Energy fell by 6.43%. [Latest Scoop: Apple to Launch Smart Glasses Next Year] Renowned tech journalist Mark Gurman revealed on Thursday that Apple plans to release smart glasses by the end of next year, while shelving its R&D plans for a smartwatch with a built-in camera capable of analyzing the surrounding environment. He stated that Apple's smart glasses will compete with the joint product of Meta and Ray-Ban, with plans to mass-produce prototypes by the end of this year. Apple's glasses will be equipped with cameras, microphones, and speakers, but the company is still "several years away" from launching AR glasses with built-in displays. [UAE Collaborates with AI Giants like NVIDIA to Build "Stargate"] G42, the state-owned AI company of the UAE, announced on Thursday that it will jointly develop the "Stargate UAE" project with OpenAI, NVIDIA, Cisco, and SoftBank, with a project scale of 1 gigawatt. The first 200-megawatt AI cluster is expected to become operational in 2026. According to estimates, this is equivalent to 100,000 of the most advanced NVIDIA computing chips. [BYD's EV Sales in Europe Surpass Tesla for the First Time] According to data from market research firm Jato Dynamics, BYD registered 7,231 new EV sales in Europe in April, representing a 169% increase compared to the same period last year. Tesla's registered sales plummeted by 49% to 7,165 units, marking the first time that BYD's EV sales in Europe have surpassed those of Tesla.