Utah paid $30 million for a bankrupt magnesium plant—but not the $100 million cleanup. Its toxic legacy seeps toward the Great Salt Lake, unpaid. Across the Atlantic, Austria’s LKR cracked magnesium’s code: alloy ZAX210 now shapes into wire for medical implants and 3D printing. Two faces of the same metal: one buried in liability, the other alight with possibility.

[SMM Magnesium Express】Austrian research institutes are jointly developing new wire processing technology for ZAX210 magnesium alloy, combining twin-roll casting, continuous rotary extrusion, and wire drawing. The aim is to improve formability by optimizing microstructure and texture, expanding Mg alloy wire applications in medical and 3D printing fields.

To promote the development of the motor industry and facilitate collaboration and cooperation across the upstream and downstream industry chains, on February 27, 2025, Fan Cui, Head of the Motor Division, and Hu Yu, Manager of the Motor Division, from SMM Information & Technology Co., Ltd. (SMM), conducted a field trip to Xiamen Tungsten Motor Industry Co., Ltd. They were warmly received by Liang Junbin, Assistant General Manager and Manager of the Investment Promotion Department, and Gao Ya, Project Manager of the Investment Promotion Department, from Xiamen Tungsten Motor Industry Co., Ltd. During the visit, the SMM team gained an in-depth understanding that Xiamen Tungsten Motor Industry Co., Ltd. had been planning and constructing the Xiamen Shituo Rare Earth Permanent Magnet Motor Industrial Park in Jimei District since 2018. During the tour of the industrial park, both parties engaged in in-depth discussions on the future development of the motor industry and potential cooperation opportunities. This field trip not only deepened mutual understanding but also laid a solid foundation for establishing a strong cooperative relationship between SMM and Xiamen Tungsten Motor. This close partnership will provide both parties with a competitive edge in future market competition. It will also further drive the development of the motor industry and promote collaboration between the two companies in technology, markets, and resources, contributing to the achievement of win-win goals. It is believed that through this exchange, both parties can work together to create an even brighter future. Xiamen Tungsten Motor Industry Co., Ltd., the operating entity of the Xiamen Shituo Rare Earth Permanent Magnet Motor Industrial Park, was established in April 2018 through a joint investment by Fujian Yekong Equity Investment Management Co., Ltd. and Xiamen Tungsten Co., Ltd., with a registered capital of 1 billion yuan. Since its establishment, the company has leveraged the high-quality rare earth resources in Fujian Province and the technological advantages of Xiamen Tungsten in rare earth magnetic materials and motors to construct the Xiamen Shituo Rare Earth Permanent Magnet Motor Industrial Park in Jimei District. Aligning with the national "dual carbon" strategic goals and Xiamen City's "4+4+6" modern industrial system construction objectives, the company has planned and laid out fields such as NEV motors, servo motors, modern industrial and agricultural motors, intelligent manufacturing, and precision manufacturing. It focuses on incubating and introducing rare earth permanent magnet motor enterprises and related industry chain companies, highlighting the energy-efficient and high-performance characteristics of rare earth permanent magnet motors, and contributing to the creation of a world-class high-end intelligent manufacturing industrial cluster. The Xiamen Shituo Rare Earth Permanent Magnet Motor Industrial Park utilizes the high-quality rare earth resources in Fujian and the excellent rare earth permanent magnet materials from Xiamen Tungsten to plan and lay out fields such as NEV motors, servo motors, modern industrial and agricultural motors, intelligent manufacturing, and precision manufacturing. It focuses on incubating and introducing rare earth permanent magnet motor enterprises and related industry chain companies. Combining with the global "dual carbon" strategic goals, it highlights the energy-efficient and high-performance characteristics of rare earth permanent magnet motors, aiming to create an industrial ecosystem cluster based on motors, drives, and controls, extending to product application solutions, and fostering coordinated development across the upstream and downstream sectors. The industrial park is planned to have a total investment of approximately 10 billion yuan and cover an area of 1,500 mu. Phase I of the project commenced construction in December 2018, with a total land area of about 300 mu, and was fully completed and put into operation by 2023. Currently, the park hosts over 20 enterprises, attracting more than 1.8 billion yuan in investment. Its business scope covers NEV power motors, industrial servo motors, various facility motors, motor controllers, 3D printing, precision machining, etc. In the NEV sector, it now has the capacity to produce 300,000 advanced motor stators and rotors annually, and supplies them in bulk to top-tier enterprises such as GAC and SAIC. The Huawei project is currently undergoing certification. High-end motorized spindle products are being applied in batches to domestically produced machine tools, breaking foreign monopolies. The integrated PV+ESS low-carbon oil extraction solution is currently negotiating cooperation with Daqing Oilfield and is being promoted to Russia and the Middle East as a BRICS Innovation Center initiative. Modern agricultural motor products have empowered leading agricultural enterprises such as Muyuan and Sunner to achieve digital farming and carbon reduction. Independently developed medical electric transfer vehicles and other products have been applied in large hospitals within and outside the province, as well as in overseas markets. The industrial park is generally developing well, gradually forming a high-quality growth point that leads the development of the rare earth permanent magnet motor industry and drives regional economic takeoff. Exhibition Name: IEMC 2025 Motor Annual Conference & Industry Chain Expo Exhibition Date: November 12-14, 2025 Exhibition Venue: Ningbo, Zhejiang Scan the QR code to reserve your spot at the exhibition and stay updated on the latest industry trends!

[SMM Titanium News] Johns Hopkins researchers revolutionize titanium manufacturing using 3D printing & AI. While titanium boasts the best strength-to-weight ratio (used in golf clubs to rocket engines), conventional production remains costly. The breakthrough aims to enhance production speed and part strength, expanding applications from deep-sea to aerospace.

SMM Cobalt Morning Meeting Summary: This week, the spot price of refined cobalt maintained a fluctuating trend. On the supply side, due to the slightly lower economic efficiency of refined cobalt production, the operating rate of smelters remained low, resulting in a slight decline in the supply of refined cobalt. On the demand side, influenced by the policy-related news from the DRC, some smelters and traders reported an increased willingness of downstream producers to inquire about prices. However, currently, most buyers and sellers are still in the negotiation stage, and overall market transactions remain weak. It is expected that before the official implementation of the policy, the spot price of refined cobalt will likely continue to fluctuate.

The market fluctuated and rebounded throughout the day, with the ChiNext Index leading the gains. Trading volume on the Shanghai and Shenzhen stock exchanges reached 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day. On the futures market, hot topics rotated rapidly, with more stocks rising than falling. Over 3,500 stocks across the market advanced. In terms of sectors, the IP economy concept remained strong throughout the day, with multiple stocks such as Enlight Media hitting the daily limit. The stablecoin concept strengthened again, with stocks like GCL New Energy Holdings and Hundsun Technologies hitting the daily limit. The chemical sector remained active, with stocks like Jinniu Chemical hitting the daily limit. On the downside, the football concept experienced volatile adjustments, with Gongchuang Lawn approaching the daily limit down. By the close, the Shanghai Composite Index rose 0.35%, the Shenzhen Component Index rose 0.41%, and the ChiNext Index rose 0.66%. Sector-wise In the sector, stablecoin concept stocks strengthened further in the afternoon, with stocks like Insigma Technology, Tiansun Technology, Hundsun Technologies, Hengbao, China Finance Online, and Oceanpayment hitting the daily limit. Stocks like Lakala and Feitian Technologies rose over 10%. On the news front, Financial Secretary of the Hong Kong Special Administrative Region Government Paul Chan Mo-po recently wrote that after the Stablecoin Ordinance comes into effect, the Hong Kong Monetary Authority will process license applications as soon as possible to allow eligible applicants to commence their businesses. Additionally, Walmart, the largest retailer in the US, and Amazon, the largest e-commerce platform in the US, have recently been exploring the possibility of issuing stablecoins in the US. This, combined with the continuous surge in Circle, a stablecoin concept stock listed on the US stock market, has also catalyzed positive sentiment for A-shares. However, after the overall volume surge in the stablecoin sector, it remains noteworthy whether there will be sufficient capital inflows to support the sector tomorrow. If the sector can maintain its upward momentum or complete a transition from divergence to consensus within the day, its short-term position may be further strengthened. Conversely, if it returns to consolidation after a sentiment peak, it should be viewed from the perspective of topic rotation, with a focus on front-line core stocks at that time. The IP economy concept remained strong throughout the day, with stocks like Enlight Media, GaoLe, Cuihua Jewelry, Yuanlong Yatu, and Dazzle Fashion hitting the daily limit. Stocks like Rastar Group, Jinghua Laser, Kingwin Laser, and Bona Film Group led the gains. On the news front, on the IP side, Labubu has gone viral globally, with the overseas expansion of domestic cultural IPs exceeding expectations. Industry insiders commented that its popularity is another vivid manifestation of Chinese creativity and innovative products gaining global recognition. Huachuang Securities remains bullish on the high-growth development of China's IP industry and the progress of cultural exports in the long term. From a market perspective, the overall position of IP economy concept stocks has already risen significantly after the hype. Therefore, amid intensifying market divergence, fluctuations in related stocks during the trading day may be more pronounced. However, as long as the medium-term trend remains intact, the overall risk is relatively controllable. In addition, the market's recent speculation on the IP economy has gradually extended to sub-sectors such as film and television, gaming, and even 3D printing. Therefore, attention can still be paid to the rebound opportunities of newly strengthened stocks in lower-tier sub-sectors. Regarding individual stocks From the perspective of individual stocks, although short-term sentiment showed some recovery today, the feedback from high-level consecutive limit-up stocks remained relatively average. As of the close, only Yuanlong Yatu remained among the stocks with more than two consecutive limit-ups today. However, stocks like Beikong Technology, Nanhua Futures, Yiming Pharmaceutical, and Hengbao Co., although unable to maintain consecutive limit-ups, still managed to sustain a strong upward structure after breaking the streak. Therefore, in terms of the current speculative style, funds are no longer confined to pure consecutive limit-up strategies but are engaging in trend-based speculation combined with industry logic. On the other hand, the number of stocks with two consecutive limit-ups today increased to 16, mainly focusing on sectors such as oil and gas, IP economy, stablecoins, and chemicals. Therefore, which stocks can stand out in the future will also be a key focus, as the themes behind them may still hold certain rebound opportunities. Market Outlook Analysis The market rebounded with fluctuations today, with all three major indices closing in the green and more stocks rising than falling. This reflects that, after last Friday's high-volume adjustment, the market still possesses considerable momentum. However, it is worth noting that today's trading volume shrank significantly (a single-day decrease of over 250 billion yuan). Combined with the recent week's trend of "volume increases during declines and shrinks during rebounds," the market will need to confirm a renewed strength by breaking above the 5-day moving average with increased volume. From the perspective of the futures market, as repeatedly emphasized recently, the current hot topics continue to rotate rapidly, making it difficult for the market to form sufficient buying momentum. Therefore, to further enhance the profitability of the futures market, a more defined leading theme is needed to elevate the market's potential. Market News Focus 1. Goldman Sachs Turns Bullish Again: Global Funds Returning to China, Favoring China's "Top Ten" Stocks According to a report by CLS on June 16, Goldman Sachs' Chief China Equity Strategist, Kenneth Lau, recently released a research report titled "The Return of Chinese Private Enterprises: The Tide Has Turned." Lau pointed out that driven by various macro, policy, and micro factors, the medium-term investment outlook for Chinese private enterprises is improving. Goldman Sachs also emulated the "Magnificent Seven" of U.S. stocks and listed China's "Top Ten," which are the ten Chinese private publicly listed firms that Goldman Sachs particularly favors. They are Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Trip.com, and Anta. The combined market capitalization of the aforementioned ten companies reached US$1.6 trillion, accounting for 42% of the MSCI China Index's weight, with daily trading volume reaching US$11 billion. Goldman Sachs analysts forecast that the earnings of the "Big Ten" will increase by 13% (compound annual growth rate) over the next two years, with a price-to-earnings ratio of 16x. The "Big Ten" will collectively embody the latest economic themes in China, including AI/technology development, "going global," new consumption trends, and enhancing shareholder returns. Additionally, Liu Jinjin specifically noted that investing in private enterprises does not mean excluding state-owned enterprises—Goldman Sachs reiterated its preference for a combination of "high-quality" Chinese state-owned enterprises and shareholder returns. 2. National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% YoY in Real Terms in May Caijing News on June 16: Data from the National Bureau of Statistics (NBS) showed that in May, the industrial added value above designated size grew 5.8% YoY in real terms. On a MoM basis, the industrial added value above designated size increased by 0.61% in May compared to the previous month. From January to May, the industrial added value above designated size grew 6.3% YoY.

[Many "Firsts" in Jiangxi] The first aircraft, the first diesel-wheeled tractor, the first military sidecar motorcycle, the first coastal defense missile, the first artificial satellite of New China, and even the current C919 large passenger aircraft were all born here. [Industrial Advantages] The non-ferrous metal industry is the largest pillar industry in Jiangxi Province. The new connotations of the "dual controls" on energy consumption, the "dual carbon" goals, and high-quality development have set new requirements for the expansion and strengthening of the non-ferrous metal industry. Promoting the further healthy, rapid, and orderly development of the non-ferrous metal industry and enhancing its core competitiveness are inevitable requirements for transforming Jiangxi from a major province of non-ferrous metal resources into a strong province of the non-ferrous metal industry. It is also a crucial measure to facilitate Jiangxi's achievement of carbon peaking by 2030. Relying on Jiangxi Province's abundant non-ferrous mineral resources, the non-ferrous metal industry in Jiangxi has developed rapidly, with its scale continuously expanding and its level steadily improving. It has become the largest pillar industry in Jiangxi, currently a key "trillion-yuan" industry being cultivated in the province, and an undeniable "anchor" of Jiangxi's manufacturing sector. Jiangxi has become an important mining and production site for non-ferrous metals in China. Jiangxi Province boasts superior ore-forming geological conditions and abundant mineral resources, making it one of China's important bases for non-ferrous, rare, rare earth, and uranium minerals, with a relatively high degree of mineral resource complementarity. Jiangxi's seven major types of minerals—copper, tungsten, rare earths, uranium, tantalum-niobium, gold, and silver—are known as the "Seven Golden Flowers." According to Jiangxi Province's "2+6+N" action plan for high-quality and leapfrog development of industries, the province's main business income from the non-ferrous metal industry is expected to reach the trillion-yuan level. To promote the healthy development of Jiangxi Province's non-ferrous metal industry, facilitate foreign economic and trade cooperation, and guide the integration of Jiangxi's non-ferrous metal industry with international standards, the organizing committee, after conducting in-depth market and project analysis surveys at the grassroots level multiple times with government authorities and industry associations, has decided to hold the "2025 China (Jiangxi) International Non-Ferrous Metals and Metallurgical Industry Exhibition" at the Nanchang Greenland International Expo Center from November 23-25, 2025. We look forward to seeing you there! [ Exhibition Schedule ] Registration and Booth Setup: November 21-22, 2025; Opening Ceremony: 9:30 AM, November 23, 2025 Exhibition and Trading: November 23-25, 2025; Dismantling of Booths: 2:00 PM, November 25, 2025 [Scope of Exhibits] Non-Ferrous Metal Raw Materials: Raw materials of non-ferrous metal mineral products such as copper, aluminum, magnesium, titanium, zinc, lead, manganese, zirconium, vanadium, nickel, molybdenum, silicon, antimony, tin, chromium, tungsten, tantalum, and indium; magnetic materials, rare and rare earth materials, precious metal materials, and various alloy materials; Non-Ferrous Metal Products: Copper products, aluminum products, titanium alloy products, magnesium alloy products, powder metallurgy products, etc.; Metallurgical Equipment and Technologies: Smelting furnaces, refining equipment, smelting pumps and valves, conveying equipment, heat exchange equipment, flue gas acid-making equipment, corrosion-resistant equipment, hydrometallurgy equipment, electrolysis equipment, high-power rectifier power supplies, electrolytic cells, extraction equipment, surface treatment equipment, etc.; Metalworking Machine Tools: Lathes, milling machines, sawing machines, drilling machines, grinding machines, punch presses, boring machines, and machining centers. Electrical discharge machines (EDMs), wire-cut EDMs, laser processing equipment, etc.; Metal automation control equipment: frequency converters, fieldbuses, industrial personal computers (IPCs), instruments and meters, automation control, robots, electronic application systems, weighing instruments, and information-based solutions for the equipment manufacturing industry, etc.; Auxiliary materials for metal production: chemicals, solvents, refractory materials, catalysts, gases, lubricating oils, etc.; Powder metallurgy: raw materials, equipment, products, 3D printing, polymer powder materials, ceramic powder materials; Casting, die-casting, and forging: supporting products such as castings, casting equipment, casting materials, casting molds, casting/pouring robots, new casting technologies, various heat treatment furnaces, industrial furnaces, die-castings, die-casting molds, die-casting machines and peripheral equipment, post-processing equipment for die-castings, surface treatment technologies and equipment, die-casting robots, and supporting products for new die-casting technologies, forgings, flanges and ring parts, forging equipment and accessories, surface treatment technology and equipment, automation, forging mold manufacturing technologies and equipment, and forging raw materials. Geological (mine) exploration technology and equipment: geophysical prospecting technology, geochemical prospecting technology, aerial survey and remote sensing technology, surveying and mapping technology, geological data processing, mineral product analysis, and laboratory instruments and meters. Mining technology and equipment: excavation equipment, drilling and rock-breaking equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mine dump trucks), hoisting equipment, drilling rigs, construction machinery, etc. [Media Promotion] 65 authoritative financial media outlets, including Jiangxi Daily, Jiangxi TV's Economic Channel, Dajiang.com's Finance Channel, Jiangxi.com, China.com, China Daily Website, and China Finance Online; 10 popular self-media platforms, including Sohu, NetEase, and Toutiao; 53 leading professional media outlets in industries such as China Mining Network, China Excavator Network, China Foundry Network, China Die Casting Network, China Automotive Manufacturing Network, China Nonferrous Metals Network, Nonferrous Metals Information Network, and metalworking, as well as 180 other relevant professional media outlets in other industries; Comprehensive keyword search customer coverage through online search platforms such as Baidu Promotion and 360 Promotion; [Concurrent Events] 2025 China Foundry Technology Innovation Outstanding Contribution Award Ceremony 2025 China Metallurgical Melting and Casting Technology Seminar 2025 China Recycled Metal Industry Chain Integration and Development Forum 2025 China New Energy Vehicle and Auto Body Lightweight Summit Forum 2025 China Green Mine Development Forum [Exhibition Details] ★Standard booth (3m×3m): Domestic enterprises: RMB 9,800 yuan per booth; Foreign enterprises: RMB 15,800 yuan per booth; ★International brand booth (9 ㎡, with luxury decoration): RMB 12,800 yuan per booth; Foreign enterprises: RMB 18,800 yuan per booth; ★Indoor bare space (minimum rental area of 36㎡): Domestic enterprises: RMB 1,000 yuan per ㎡; Foreign enterprises: RMB 2,000 yuan per ㎡; Booth equipment: Two fluorescent tubes, one waste paper basket, display panels, header boards, one table and two chairs, air conditioning, lighting, security, cleaning, etc. Note: No exhibition equipment or facilities are provided in the open space. The special decoration management fees and {{hydropower}} fees charged by the exhibition hall shall be borne by the exhibitors and their special decoration contractors. [Secretariat of the Organizing Committee] Contact Person: Jia Song 150-3826-2376 (WeChat sync) 138-3921-4033 (WeChat sync)

SMM News on May 19: Metal Market: As of the daytime close, domestic market base metals collectively declined. SHFE copper and SHFE nickel both fell by over 0.6%, with SHFE copper down 0.63% and SHFE nickel down 0.67%. The declines of other metals were all within 0.5%, while the main alumina contract surged by 6.25%. In addition, the main lithium carbonate contract fell by 2.27%, the main silicon metal contract dropped by 1.87%, and the main polysilicon contract rose by 0.51%. The main European container shipping contract jumped by 5.84%. In the ferrous metals series, prices collectively fell, with iron ore down 0.89%. Rebar fell by 1%, and HRC declined by 1.02%. In the coking coal and coke sector, coke fell by 1.79%, and coking coal dropped by 2.2%. In the overseas market, as of 15:04, only LME copper and LME tin among overseas base metals rose, with LME copper up 0.4% and LME tin up 0.24%, while the declines of other metals fluctuated slightly. In precious metals, as of 15:04, COMEX gold rose by 1.27%, and COMEX silver increased by 0.82%. Domestically, SHFE gold rose by 0.53%, and SHFE silver increased by 0.35%. Market conditions as of 15:04 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspects: [National Bureau of Statistics (NBS): In the next stage, the significant reduction of tariffs between China and the US will be conducive to trade growth between the two sides] ① Fu Linghui, spokesperson for the NBS, stated that the fundamental aspects of China's economy remaining positive have not changed, and there are many favorable conditions for sustained economic rebound. ② In the next stage, it is necessary to implement special actions to boost consumption, continue to enhance residents' consumption capacity, increase high-quality supply, improve the consumption environment, and better unleash consumption potential. ③ In the next stage, the significant reduction of tariffs between China and the US will be conducive to trade growth between the two sides and also beneficial to the global economic recovery. 》Click to view details [National Bureau of Statistics (NBS): In April, the national economy withstood pressure and maintained stable growth, with the value-added of industrial enterprises above designated size increasing by 6.1% YoY] In April, the national economy withstood pressure and maintained stable growth, continuing the development trend towards innovation and improvement. In April, the value-added of industrial enterprises above designated size nationwide increased by 6.1% YoY and 0.22% MoM. By industry, the value-added of the mining industry increased by 5.7% YoY, manufacturing by 6.6%, and the production and supply of electricity, heat, gas, and water by 2.1%. The value-added of the equipment manufacturing industry increased by 9.8% YoY, and that of the high-tech manufacturing industry increased by 10.0%, which were 3.7 and 3.9 percentage points faster, respectively, than the overall value-added of industrial enterprises above designated size. By economic type, the value-added of state-controlled enterprises increased by 2.9% YoY; joint-stock enterprises increased by 6.6%, foreign-invested enterprises and those invested by Hong Kong, Macao, and Taiwan increased by 3.9%; and private enterprises increased by 6.7%. By product, the production of 3D printing equipment, industrial robots, and NEV products increased by 60.7%, 51.5%, and 38.9% YoY, respectively. From January to April, the seasonally adjusted industrial added value of enterprises above designated size nationwide increased by 6.4% YoY. In April, the total retail sales of consumer goods reached 3,717.4 billion yuan, up 5.1% YoY... 》Click to view details [The CSRC will soon introduce policy measures to deepen the reform of the Science and Technology Innovation Board (STAR Market) and the ChiNext Market. Currently, the valuation level of A-shares remains relatively low.] The Shenzhen Stock Exchange (SZSE) hosted the 2025 Global Investors Conference in Shenzhen for two consecutive days from May 19 to 20. The conference, themed "New Quality Productive Forces: New Investment Opportunities in China - Shenzhen's Open and Innovative Market," showcased the investment value of Chinese assets and the A-share market through keynote speeches, panel discussions, company roadshows, and other formats. Li Ming, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated at the conference that the current valuation level of A-shares remains relatively low, with the CSI 300 price-to-earnings ratio at 12.6, significantly lower than major indices in overseas markets, further highlighting its allocation value. Li Ming said that in the near future, the CSRC will also introduce policy measures to deepen the reform of the STAR Market and the ChiNext Market, providing more suitable and inclusive institutional support for the innovative growth of enterprises. 》Click to view details ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on May 19 was 7.1916 yuan per US dollar. US dollar: As of 15:04, the US dollar index fell by 0.34% to 100.62. Earlier, US Fed's Bostic stated that he expects the US economy to slow down this year but not fall into a recession, reiterating that an interest rate cut is expected once in 2025. He said that the economic growth rate this year may be around 0.5% or 1%, with uncertainties and concerns surrounding the outlook putting pressure on consumers. He added that fluctuations in trade policies also make enterprises more reluctant to make significant decisions. Currently, market expectations suggest that the US Fed will begin cutting interest rates in October this year. Macro: Today, data such as China's total electricity consumption in April (monthly), the final unadjusted year-on-year rate of the harmonized CPI in the Eurozone in April, and the final unadjusted year-on-year rate of the core harmonized CPI in the Eurozone in April will be released. Attention should also be paid to: NVIDIA CEO Jensen Huang's speech at Computex Taipei, where he will share the latest progress and breakthroughs in "AI and accelerated computing technology"; a speech by US Fed Vice Chair Jefferson; and a speech by FOMC permanent voter and New York Fed President Williams. Crude oil: As of 15:04, oil prices in both markets fell simultaneously, with US crude oil down by 0.81% and Brent crude oil down by 0.76%. In terms of supply, OPEC+ may further ease crude oil production restrictions in July, with the market expecting the production increase to remain within the range of 100,000-400,000 barrels per day. OPEC+ had previously decided to accelerate production increases in May, with a single-month increase of 410,000 barrels per day, equivalent to three months of production growth. In June, the single-month increase of 410,000 barrels per day will continue. The sustained release of supply has raised concerns in the market about a potential supply surplus in the oil market. The main intention behind OPEC+'s unexpected production increase is to penalize member countries such as Kazakhstan and Iraq, which previously failed to strictly adhere to quota regulations. These countries have still not taken the required compensatory production cuts. By raising the overall production level, OPEC+ may exert downward pressure on international oil prices. In this scenario, even if some member countries attempt to overproduce, their actual profits will significantly shrink due to the pullback in oil prices, ultimately making overproduction unprofitable. Demand side, last week, OPEC and IEA successively released their May crude oil market reports, providing the latest assessments of global crude oil demand prospects. While OPEC lowered its global economic growth forecast, it made no significant adjustments to demand. IEA, on the other hand, slightly raised its demand expectations for this year and next year in its monthly report due to positive signals from Sino-US trade negotiations, increasing this year's oil demand growth forecast by 20,000 barrels per day to 740,000 barrels per day. However, IEA expects the demand growth rate for the remainder of this year to slow down from 990,000 barrels per day in the first quarter to 650,000 barrels per day. IEA further warned that global supply in 2025 is expected to significantly exceed demand growth, with inventories increasing by approximately 720,000 barrels per day, reducing the room for further rebound in oil prices. SMM Daily Review ► [SMM MHP Daily Review] May 19, Indonesian MHP prices slightly declined ► [SMM Nickel Sulphate Daily Review] May 19, Nickel salt demand weakened ► Silver prices consolidated, downstream cautious procurement, market transactions slightly weak [SMM Daily Review]

SMM May 19: Metal Market: As of the midday close, domestic base metals closed lower across the board, with SHFE zinc, SHFE aluminum, SHFE lead, and SHFE tin all falling within 0.4%. SHFE copper dropped 0.87%, and SHFE nickel fell 0.47%. In addition, alumina rose 5.06%. Lithium carbonate fell 2.17%, silicon metal declined 1.69%, and polysilicon remained flat at 36,960 yuan/mt. The ferrous metals series all closed in the red, with iron ore down 1.17% and stainless steel down 0.19%. Both rebar and HRC fell over 1%. For coking coal and coke: coking coal dropped 2.31%, and coke fell 2.27%. In overseas metal markets, as of 11:52 a.m., LME metals showed mixed performance. LME copper, LME lead, and LME tin all rose within 0.2%, while LME aluminum fell 0.4%, LME zinc dropped 0.15%, and LME nickel declined 0.12%. In precious metals, as of 11:52 a.m., COMEX gold rose 1.11%, and COMEX silver increased 0.51%. Domestically, SHFE gold rose 0.46%, and SHFE silver gained 0.3%. As of the midday close, the most-traded contract for the Europe-to-Asia container shipping futures rose 2.19% to 2,305.7 points. As of 11:52 a.m. on May 19, midday futures market movements for some contracts: 》SMM Metal Spot Prices on May 19 Spot and Fundamentals Aluminum: In terms of inventory, according to SMM's domestic aluminum ingot inventory data, domestic aluminum ingot inventory stood at 585,000 mt on May 19, up 4,000 mt from the previous day. In the short term, with high aluminum prices and an increase in inventory arrivals, market transactions have slowed, and there is insufficient upward momentum for premiums. It is expected that premiums and discounts will remain in the doldrums in the following period... 》Click for details Macro Front Domestic Aspects: [National Bureau of Statistics (NBS): In the next stage, a significant reduction in tariffs between China and the US will benefit trade growth for both sides] ① Fu Linghui, spokesperson for the NBS, stated that the fundamental factors supporting China's economic improvement remain unchanged, and there are many favorable conditions for sustained economic recovery. ② In the next stage, it is necessary to implement special actions to boost consumption, continue to enhance residents' consumption capacity, increase the supply of high-quality goods and services, improve the consumption environment, and better unleash consumption potential. ③ In the next stage, a significant reduction in tariffs between China and the US will benefit trade growth for both sides and also contribute to the global economic recovery. 》Click for details [NBS: China's national economy withstood pressure and maintained stable growth in April, with industrial added value above designated size up 6.1% YoY] In April, China's national economy withstood pressure and maintained stable growth, continuing the trend of new and positive developments. In April, the value-added industrial output of enterprises above designated size nationwide increased by 6.1% YoY and 0.22% MoM. By industry sector, the value-added output of the mining industry increased by 5.7% YoY, that of the manufacturing sector grew by 6.6%, and that of the production and supply of electricity, heat, gas, and water rose by 2.1%. The value-added output of the equipment manufacturing sector increased by 9.8% YoY, and that of the high-tech manufacturing sector grew by 10.0%, which were 3.7 and 3.9 percentage points faster, respectively, than the growth rate of the value-added industrial output of all enterprises above designated size. By economic type, the value-added output of state-controlled enterprises increased by 2.9% YoY; that of joint-stock enterprises grew by 6.6%, that of foreign-invested enterprises and enterprises invested in by Hong Kong, Macao, and Taiwan increased by 3.9%; and that of private enterprises grew by 6.7%. By product, the production of 3D printing equipment, industrial robots, and NEVs increased by 60.7%, 51.5%, and 38.9% YoY, respectively. From January to April, the value-added industrial output of enterprises above designated size nationwide increased by 6.4% YoY. In April, the total retail sales of consumer goods reached 3,717.4 billion yuan, up 5.1% YoY... 》Click for details [The CSRC will soon introduce policy measures to deepen reforms of the STAR Market and ChiNext. Currently, the valuation level of A-shares remains relatively low.] The Shenzhen Stock Exchange (SZSE) hosted the two-day 2025 Global Investors Conference in Shenzhen from May 19 to 20. Themed "New Quality Productive Forces: New Investment Opportunities in China - Shenzhen's Open and Innovative Market," the conference showcased the investment value of Chinese assets and the A-share market through keynote speeches, panel discussions, company roadshows, and other formats. Li Ming, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated at the conference that the current valuation level of A-shares remains relatively low, with the CSI 300's price-to-earnings ratio at 12.6, significantly lower than the major indices of overseas markets, further highlighting its allocation value. Li Ming said that in the near future, the CSRC will also introduce policy measures to deepen reforms of the STAR Market and ChiNext, providing more suitable and inclusive institutional support for the innovative growth of enterprises. 》Click for details The People's Bank of China (PBOC) conducted 135 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 43 billion yuan of 7-day reverse repos matured today, a net injection of 92 billion yuan was achieved. ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on May 19 was 7.1916 RMB per US dollar. US dollar: As of 11:52, the US dollar index continued its decline from the previous trading day, falling by 0.13% to 100.83. Other currencies: Junichi Ueda, Deputy Governor of the Bank of Japan (BOJ), stated during a parliamentary hearing on Monday that if the Japanese economy reaccelerates and core inflation steadily approaches the 2% target, the BOJ will continue to raise interest rates. He emphasized that the outlook for global trade policies is highly uncertain, and adjustments to monetary policy will depend on whether economic and price performances align with central bank forecasts, rather than following a predetermined path. (Huitong Finance) Macro Aspects: Today, data including China's total electricity consumption for April (monthly), the final unadjusted year-on-year harmonized CPI for the Eurozone in April, and the final unadjusted year-on-year core harmonized CPI for the Eurozone in April will be released. Additionally, attention should be paid to: NVIDIA CEO Jensen Huang's attendance and speech at Computex Taipei, where he will share the latest progress and breakthroughs in "AI and accelerated computing technology"; a speech by US Fed Vice Chair Jefferson; and a speech by FOMC permanent voter and New York Fed President Williams. Crude Oil: As of 11:52, crude oil futures dropped slightly, with US crude oil down 0.42% and Brent crude oil down 0.43%. (Webstock Inc.) Spot Market Overview: ► Downstream restocking sentiment improves, market trading activity heats up [SMM North China Spot Copper] ► Social inventory experiences slight buildup, premium expectations weaken, market trading remains moderate [SMM Spot Aluminum Midday Review] ► [SMM Daily Nickel Sulphate Review] On May 19, demand for nickel salts weakens ► Silver prices consolidate, downstream players adopt a wait-and-see approach, market trading remains slightly sluggish [SMM Daily Review] Midday reviews for other metal spot markets will be updated later. Please refresh to view~

On February 11, in order to better serve the upstream and downstream industry chain of electric drive systems, Fan Cui, Hu Yu, Zhang Qian, and Zheng Yanhao from the Motor Business Unit of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM") visited Kunshan Hengjie Model Technology Co., Ltd. in person and were warmly received by General Manager Chen. This exchange laid a solid foundation for both parties to continue deepening mutual trust, achieving mutual benefit and win-win results, and carrying out all-round cooperation in the future. Kunshan Hengjie Model Technology Co., Ltd. is a company specializing in prototype model design and processing. Its main business services include design outsourcing, prototype models, 3D printing, precision machining, and complete machine production. The company's team has accumulated years of practical production experience in the precision mechanical parts processing industry for prototype models, overcoming difficulties. They actively participate in the early-stage design of customer products to ensure shortened new product development cycles and optimized costs for mass-produced products. The company's team has accumulated years of practical production experience in the precision mechanical parts processing industry for prototype models, overcoming difficulties. They actively participate in the early-stage design of customer products to ensure shortened new product development cycles and optimized costs for mass-produced products. Development History Main Business Products and Processes The company's products and processes include: medical equipment design services, medical device casings and parts, various automotive parts, precision metal parts, small home appliance casing models, and various 3D-printed coated products. Qualification Certificates Corporate Culture Exhibition Name: IEMC 2025 Motor Annual Conference & Industry Chain Expo Exhibition Date: November 12-14, 2025 Exhibition Venue: Ningbo, Zhejiang Scan the QR code to make an appointment for the exhibition and stay updated with the latest industry information!