[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Higher in the Night Session and Then Rebounded in Volatile Trading, While the Spot Market Will Gradually Cool Down]

On February 28, the Humanoid Robot and Embodied AI Standardization (HEIS) Annual Conference was held in Beijing. As the first annual meeting since the establishment of the Humanoid Robot and Embodied AI Standardization Technical Committee under the Ministry of Industry and Information Technology in December 2025, the event brought together representatives from government, enterprises, research institutions, and investment sectors to discuss standardization efforts for the industry. The "Humanoid Robot and Embodied AI Standard System (2026 Edition)" was officially released during the conference. This marks China’s first top-level design of standards covering the entire industry chain and full life cycle of humanoid robots, signaling that the related industry has entered a new phase of standardized development.

[SMM Analysis: Space PV Stimulates Market Sentiment to Heat Up, Yet the Path to PV Commercialization Remains Long] On January 22, Musk strongly endorsed space PV during the World Economic Forum annual meeting in Davos, Switzerland, and disclosed key capacity plans. Musk stated that SpaceX and Tesla are simultaneously advancing solar capacity expansion, aiming to achieve an annual solar manufacturing capacity of 100 GW within the next three years to power ground-based data centers and space AI satellites. Following the earlier visit by Musk's SpaceX team to China to meet with Chinese PV enterprises, market sentiment in the PV sector further rose.

On June 7, Nanjing Iron & Steel Group Co., Ltd. (NISCO) and Huoqiu County held a "15th Five-Year Plan" local government-enterprise cooperation exchange meeting at Jin'an Mining. Huo Shaobin, member of the Standing Committee of the Lu'an Municipal Party Committee and Secretary of the Huoqiu County Party Committee, and Huang Yixin, Secretary of the Party Committee and Chairman of NISCO, attended and delivered speeches. The meeting was chaired by Wei Nengwu, Deputy Secretary of the Huoqiu County Party Committee and County Magistrate. Mao Lingxia, Deputy County Magistrate of the Huoqiu County People's Government, heads of departments including the Huoqiu Economic Development Zone, the Huoqiu County National Development and Reform Commission (NDRC), the Huoqiu County Bureau of Industry and Information Technology, the Huoqiu County Bureau of Natural Resources, and Fanqiao Town, Wang Haiyong, member of the Standing Committee of the Party Committee and Secretary to the Board of Directors of CITIC Pacific Special Steel Group Co., Ltd., and Shao Renzhi, Vice President and Chief Investment Officer of NISCO and President of the New Industry Investment Group, also attended the meeting. Shang Wenhu, General Manager of Huoqiu County Limin Company, and Xu Weizhuo, Chairman and General Manager of Jin'an Mining, signed the transfer contract for the Fanqiao Iron Mine exploration right project. Jin'an Mining introduced the strategic development plan for the "15th Five-Year Plan." Huo Shaobin pointed out that the successful signing of the Fanqiao Iron Mine project is an important achievement of the joint efforts and shared vision for development between the local government and the enterprise. It will strongly promote the complementary advantages and resource sharing between the local government and the enterprise, inject strong momentum into further optimizing, strengthening, and expanding Jin'an Mining, and provide solid support for the high-quality economic and social development of Huoqiu County. All departments at various levels in the county should further strengthen safeguard measures, optimize service mechanisms, and strive to create a first-class business environment. It is necessary to improve the regular communication mechanism between the government and enterprises, implement a list-based management of services, efficiently and precisely promote the implementation of enterprise-benefiting policies, and provide solid guarantees for deepening the strategic cooperation between the local government and enterprises. Huang Yixin stated that Jin'an Mining achieved multiple historical operating indicators in 2024, opening up a new pattern of dual-main-business-driven development. The signing of the transfer contract for the Fanqiao Iron Mine exploration right has fulfilled NISCO's long-held aspiration for sustainable development in Huoqiu. He expressed heartfelt gratitude to the successive leadership teams that have supported the development of Jin'an Mining over the years. In recent years, Huoqiu's business environment has continued to improve, and the efficiency of government services has been constantly enhanced, actively addressing the concerns and difficulties of enterprises. NISCO Group and Jin'an Mining will live up to expectations, fulfill their missions, and take the lead, committed to building a world-class technology-oriented excellent enterprise and contributing new "NISCO strength" to the high-quality economic and social development of Huoqiu County. Accompanied by Huang Yixin and others, Huo Shaobin and his delegation conducted in-depth surveys and provided guidance at the Jin'an Mining Smart Center. On the same day, Jin'an Mining held the commissioning ceremony for the 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project. Huo Shaobin, member of the Standing Committee of the Lu'an Municipal Party Committee and Secretary of the Huoqiu County Party Committee, delivered a speech, and Huang Yixin, Secretary of the Party Committee and Chairman of NISCO, announced the official commissioning of the project. Xu Weizhuo, Chairman and General Manager of Jin'an Mining, chaired the ceremony. The 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project of Jin'an Mining is not only a vivid practice of Jin'an Mining's implementation of NISCO's "one body, three elements" large industrial ecosystem, but also an active response to the strategic deployment of the Huoqiu County Party Committee and County Government to focus on building an iron-based new material industrial cluster. This project is the first production line in China that uses ultra-pure iron powder as raw material to produce 9-series permanent magnet ferrite pre-sintered materials, filling a technological gap in this field and marking a milestone. In his speech, Huo Shaobin stated that the Jin'an Mining 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project is a brand-new starting point and a magnificent symphony. Huoqiu County will thoroughly implement the project of "consolidating the foundation and nurturing vitality," continuously improve the work style of officials, optimize the business environment, nurture the project's healthy growth, assist Jin'an Mining in becoming bigger and stronger, and wish Nanjing Iron & Steel Group Co., Ltd. (NISCO) prosperous development and continuous innovation. Huang Yixin expressed gratitude to the leaders and guests who witnessed the commissioning of the Jin'an Mining 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project and paid tribute to the participating construction units. He also introduced the development of NISCO and CITIC Pacific Special Steel Group Co., Ltd., as well as the latest developments in the mutually empowering development of Jin'an Mining's dual main businesses. He stated that Jin'an Mining will strive to become a world-class new materials company, making new contributions to Huoqiu's economic transformation and high-quality development. After the ceremony, the attendees jointly toured the production line of the 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project. On June 6, the Board of Directors of Jin'an Mining held its 2025 annual meeting. Huang Yixin, Secretary of the Party Committee and Chairman of NISCO, Shao Renzhi, Vice President and Chief Investment Officer of NISCO and President of New Industry Investment Group, as well as directors, supervisors, and members of the management team of Jin'an Mining attended the meeting, which was chaired by Xu Weizhuo, Chairman and General Manager of Jin'an Mining. The meeting focused on hearing reports on Jin'an Mining's "15th Five-Year Plan Strategic Planning Scheme," "2024 Annual Financial Final Accounts Report," and "2025 Annual Financial Budget Report." Huang Yixin stated that this year's Jin'an Mining Board of Directors meeting is a triple celebration: obtaining the exploration rights for the Fanqiao Iron Mine, the official commissioning of the 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project, and Jin'an Mining achieving multiple historical milestones in 2024. Jin'an Mining's victory is a comprehensive one, which has also inspired the confidence of all officials and employees of Jin'an to dare to fight and win. Reviewing the past, Jin'an Mining has achieved six "leading the way and setting an example." First, leading the way and setting an example in innovation, breakthroughs, and creating history in production and operation; second, leading the way and setting an example in Party building and corporate culture construction; third, leading the way and setting an example in strategic guidance, planning, and implementation; fourth, leading the way and setting an example in incremental sustainable development; fifth, leading the way and setting an example in overall organizational and team building; sixth, leading the way and setting an example in the construction of a safe, happy, and green mine. For future development, Jin'an Mining must adhere to "five unwavering principles." First, it must unwaveringly achieve this year's profitability targets. Second, it must unwaveringly adhere to the strategy of developing iron-based new materials, while also firming up its determination to go public in the future. Third, it must unwaveringly promote the Fanqiao Mine to generate profits as soon as possible. Fourth, it must unwaveringly build a modern mine system. Fifth, it must unwaveringly advance the construction of the Party, corporate culture, and talent team development. Shao Renzhi expressed his congratulations to Jin'an Mining for acquiring the Fanqiao Iron Mine, which is a remarkable achievement for Jin'an. He emphasized the need to accelerate the pace of progress and achieve results as soon as possible. Since the last board meeting, Jin'an Mining's strategic positioning of "resources + new materials" has become more resolute and clearer. It must seize the development opportunities in new materials and live up to the resource endowment of "ginseng iron." The road ahead is long, and we must tread it steadily and securely. First, we must clearly plan the strategies and paths for what we want to accomplish during the "15th Five-Year Plan" period. Second, we must advance strategic research on new materials, build a talented team suited to development, and coordinate the synergistic development of several sectors. Third, we must accelerate the construction of digital and intelligent mines. Fourth, we must firmly grasp and implement safety work, maintaining a cautious attitude at all times. Safety must always be kept in mind, and there can be no room for slackness.

Macro News 1. The spokesperson of the Ministry of Foreign Affairs announced that, at the invitation of President Kassym-Jomart Tokayev of the Republic of Kazakhstan, President Xi Jinping will attend the second China-Central Asia Summit in Astana, Kazakhstan, from June 16 to 18. 2. Li Qiang chaired a State Council executive meeting to deploy the replication and promotion of pilot measures in the China (Shanghai) Pilot Free Trade Zone, hear reports on the construction of a new model for real estate development and the promotion of high-quality housing, and study measures to optimize the centralised procurement of pharmaceuticals and medical consumables. 3. According to data from the People's Bank of China, at the end of May, the balance of broad money (M2) was 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months was 306.4 billion yuan. The increase in aggregate social financing in January-May was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year. RMB loans increased by 10.68 trillion yuan in the first five months. 4. On June 13, the People's Bank of China announced again that it would conduct 400 billion yuan of outright reverse repo operations on June 16 with a term of six months (182 days), indicating that the central bank would achieve a net injection for the entire month. 5. The World Trade Organization held the second annual meeting of the Council for Trade in Services in Geneva, Switzerland, on June 13. China pointed out the misleading narrative and erroneous logic of the US's "reciprocal tariff" and urged the US to comply with WTO rules, resolve differences through multilateral cooperation rather than unilateral measures, and jointly maintain the stability of the global trading system with all parties. 6. The New Zealand government's official website announced that starting from November 2025, Chinese passport holders entering New Zealand from Australia with valid Australian tourist, work, student, or family visas will be exempt from visa requirements for stays of up to three months. Industry News 1. Eight departments, including the Ministry of Industry and Information Technology, are soliciting public comments on the "Guidelines for the Security of Outbound Automobile Data (2025 Edition)". Automobile data processors shall declare a security assessment for outbound data if they provide automobile data overseas under any of the following circumstances: (1) providing important data overseas; (2) cumulatively providing personal information (excluding sensitive personal information) of more than 1 million individuals overseas since January 1 of the current year; (3) cumulatively providing sensitive personal information of more than 10,000 individuals overseas since January 1 of the current year; (4) operators of critical information infrastructure providing personal information overseas; (5) other circumstances requiring a security assessment for outbound data as specified by relevant state regulations. 2. On the 15th, the official WeChat account of the Shenzhen Municipal Committee of the Revolutionary Committee of the Chinese Kuomintang (RCCCK) published an article by He Jie, Chairman of the Shenzhen Municipal Committee of the RCCCK, discussing Shenzhen's new mission in comprehensive reform. He Jie stated that relevant departments in Shenzhen are currently formulating relevant listing rules, with the expectation of piloting the secondary listing of red-chip stocks, which will provide more convenient and efficient listing channels for science and technology innovation enterprises. He Jie emphasized that the blueprint for comprehensive reform "2.0" has already been drawn up, and the key lies in effective implementation. Many reforms are still framework-based and directional in nature, requiring integration with practical needs, particularly achieving an organic combination of "top-level design and local initiatives." 3. According to statistics from Choice, as of June 14th, 105 public offering products (with multiple share classes combined) have been liquidated since the beginning of this year. In terms of termination reasons, 83 products were terminated due to the net asset value of the fund falling below contractual limits, 21 products were terminated with the consent of the fund holders' meeting, and 1 product was terminated due to contract expiration. Among these, equity liquidations accounted for 70%, with industry-themed funds in sectors such as new energy, pharmaceuticals, and consumption becoming the "hardest-hit areas." 4. The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision. During the period in question, the account group controlled by Tu Wenbin had significant capital advantages, manipulating the prices of multiple stocks through continuous trading, driving up stock prices, large-volume limit-up orders, and false order placements and cancellations. The CSRC decided to impose penalties, with the total amount of fines and confiscations reaching nearly 77 million yuan. 5. On June 15th, a reporter learned from China National Nuclear Corporation (CNNC) that yttrium-90 glass microspheres irradiated by Qinshan Nuclear Power's "Hefu No. 1" reactor were successfully removed from the reactor and passed relevant detections, marking China's successful mastery of the technology for producing yttrium-90 in commercial reactors, enabling mass production. 6. The opening forum of the Golden Goblet Film Forum at the 27th Shanghai International Film Festival was held on June 15th. Participants unanimously agreed that the current film market has reached a moment for a fresh start. Facing industry challenges, chairmen and executives of multiple listed film companies discussed solutions, with directions such as increasing non-ticket revenue, reducing the number of films produced, and lowering production costs emerging as potential solutions. Corporate News 1. Kweichow Moutai announced an adjustment to its 2024 annual profit distribution plan, increasing the dividend per share to 27.673 yuan/share. 2. On June 14th, POP MART Korea issued an announcement stating that due to concerns about potential safety accidents at recent offline sales venues, the company has decided to temporarily suspend offline sales of the entire LABUBU plush toy and LABUBU plush keychain series. 3. GAC Group issued a commitment announcement, stating that it will ensure the fulfillment of dealer rebates within two months from today. 4. Guotai Haitong Securities announced that it has received an administrative licensing decision from the People's Bank of China (PBOC) for the issuance of 15 billion yuan in science and technology innovation bonds. 5. Yong'an Pharmaceutical announced that the company's stock price has risen significantly in the short term, severely deviating from the overall market trend, and there is a high risk of speculation. 6. *ST Tongzhou announced that the company's stock will be suspended for one day on June 16, and starting from June 17, the delisting risk warning and other risk warnings will be revoked, with the stock abbreviation changing to Tongzhou Electronics. 7. Haimo Technologies announced that the controlling shareholder and actual controller are proposed to be changed to Fan Zhonghua, and the stock will resume trading from June 16. 8. *ST Haiyue announced that it will repurchase company shares worth 30 million to 50 million yuan during the delisting consolidation period. 9. Huayang New Materials issued a stock trading risk warning announcement, stating that the company does not possess the attributes of rare earth permanent magnets. 10. Honghui Fruits & Vegetables announced that the controlling shareholder is proposed to be changed to Shenze Ruitai, and the company's stock and convertible bonds will resume trading from the opening of the market on June 16. 11. Ruifeng Gaocai issued an announcement in response to rumors about the board secretary being placed under investigation, stating that the investigation does not involve the company's stock trading and that current production and operations are normal. 12. Haers stated on an interactive platform that its past cooperation with POP MART has been terminated, and the scope of the previous cooperation did not include Labubu. Global Markets 3. According to CCTV News, US President Trump stated on social media in the early hours of the 15th (Eastern Time) that "the United States has nothing to do with tonight's attacks on Iran" and warned that if Iran attacks the US in any form, the US armed forces will "respond with full force on an unprecedented scale." In addition, Trump claimed that the US could "easily facilitate an agreement to end this bloody conflict," but did not elaborate on how the agreement would be reached. 4. On Friday last week, US stocks opened lower and continued to decline, with all three major indices falling more than 1%. The Dow Jones Industrial Average fell 1.32% for the week; the Nasdaq Composite fell 0.63% for the week; and the S&P 500 index fell 0.39% for the week. Most large-cap tech stocks declined, with Intel falling more than 3% and Nvidia falling more than 2%; Tesla rose approximately 2%. The energy sector bucked the trend and surged, with Houston Energy rising more than 119% and US Energy rising more than 55%. Drone manufacturer Airo's US IPO closed up 140% on its first day. Oracle rose more than 7% for the week, nearly 24%, marking its best weekly performance since 2001. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 2.74%. Fangdd Network fell more than 9%, WeRide fell more than 7%, Kingsoft Cloud fell more than 6%, XPeng Motors fell more than 5%, Alibaba, Bilibili, and Li Auto all fell more than 3%, and JD.com, Pinduoduo, and Baidu all fell more than 2%. Investment Opportunities Reference 1. Xiaomi Auto unveils solid-state battery patent; institutions say eVTOL + humanoid robots open up incremental space for solid-state batteries Intellectual property information from Tianyancha shows that recently, Xiaomi Auto Technology Co., Ltd. applied for a patent titled "Solid-state battery composite electrode, preparation method, and solid-state battery comprising the composite electrode," which has been made public. The abstract indicates that the solid-state battery composite electrode disclosed in the patent effectively shortens the transmission path of metal ions in thick electrodes and accelerates the transmission rate of metal ions between electrodes, featuring high electrode loading and C-rate performance. Dongxing Securities stated that with the gradual entry of fields such as eVTOL and humanoid robots into a phase of rapid growth, along with the release of technological solutions and industrialisation application timelines for all-solid-state batteries by various enterprises, driven by sustained new demand, the application and implementation of solid-state battery technology is expected to accelerate, with the industrialisation process already showing an accelerating trend. Battery enterprises with a first-mover advantage in solid-state battery technology and leading application deployment will primarily benefit. Sihan Industry Research Institute believes that AI is empowering industrial transformation, with eVTOL and humanoid robots opening up incremental space for solid-state batteries. 2. AI inference demand is accelerating, and this solution has become a focus for self-development among major cloud providers According to media reports, while GPUs have advantages in general-purpose accelerated computing scenarios, they face challenges such as high costs and power consumption in specific scenarios, prompting buyers to seek alternative types of chips for support. Customised ASIC chips have become a focal point of attention. Recently, NVIDIA introduced NVLink Fusion, directly targeting Broadcom's high-growth market: AI custom chips. This also means there are new entrants in the ASIC chip market. As AI models become increasingly powerful, the demand for AI inference is accelerating, with ASIC customised solutions offering better energy efficiency and cost advantages becoming a focus for self-development among major cloud providers, with upgraded versions typically released every 1-2 years. Guojin Securities believes that compared to GPUs, ASICs can be custom-developed for specific business scenarios, and the substantial demand for inference computing power and cost reduction will effectively drive the growth of ASIC demand. They are optimistic about ASIC design service companies, Ethernet white-box switch producers, Ethernet switching chip producers, AEC producers, and PCB producers. 3. Against the backdrop of strong supply constraints and a concentrated industry structure, these chemicals are currently in a price upcycle Institutions have pointed out that as temperatures rise, the demand for refrigerant maintenance is gradually becoming robust, with genuine sales boosting channel price confidence. Downstream air conditioner production schedules from June to August remain high on a YoY basis, with the demand side continuing to provide positive feedback. The long-term bullish trend for refrigerants remains unchanged. Against the backdrop of equal domestic and international trade quotes for mainstream refrigerants, the performance release certainty of refrigerant-related producers has strengthened. Founder Securities pointed out that refrigerants are one of the largest and most widely applied segments in the fluorochemical industry. The Montreal Protocol has driven the generational transition of refrigerants. Currently, the refrigerant industry is in a phase of accelerated reduction of second-generation refrigerants, quota freezing of third-generation refrigerants, and patent protection for fourth-generation refrigerants. Against the backdrop of strong supply constraints and a concentrated industry structure, second- and third-generation refrigerants are currently in a price upcycle. The downstream air conditioning and automotive industries are expected to maintain growth trends, with third-generation refrigerants expected to see both volume and price increases. In addition, fluorine-containing fine chemicals are a niche but high-quality segment within the fluorine chemical industry, characterized by high product barriers and added value, with significant growth in market demand in recent years. With the development of emerging industries such as new energy and electronics, their market size continues to expand. 4. Institutions Say Defense and Military Demand Expected to Recover, with Long-Term Growth Certainty in Relevant Sectors Research reports from institutions indicate that, as 2025 marks the final year of the "14th Five-Year Plan" and the planning year for the "15th Five-Year Plan," demand in the defense and military sector is expected to recover. Research reports from Northeast Securities point out that, at the current juncture, as the "14th Five-Year Plan" enters its final year, disruptive factors in the military industry have largely been eliminated, and downstream demand is showing restorative growth. Meanwhile, with the impending 2027 construction target, medium and long-term goals also provide clear guidance for the industry's development: to basically achieve the modernization of national defense and the military by 2035, and to comprehensively build the People's Liberation Army into a world-class military by 2050. Along with the recovery in demand and the gradual optimization of capacity structure, the defense and military sector is expected to see significant improvement, with high safety margins and long-term growth certainty.

Pan Gongsheng, Governor of the People's Bank of China (PBOC), and Christine Lagarde, President of the European Central Bank (ECB), held the first annual meeting between the Governors of the PBOC and the ECB. Both sides signed the Memorandum of Understanding on Cooperation between the People's Bank of China and the European Central Bank, which clearly establishes an annual meeting mechanism between the Governors of the PBOC and the ECB, and further improves the cooperation framework in areas such as information sharing, policy communication, and technical cooperation.

Macro News 1. On the afternoon of June 12, Premier Li Qiang met with European Central Bank President Christine Lagarde at the Great Hall of the People in Beijing. Li Qiang pointed out that China and Europe have strong economic complementarity, with China possessing a super-sized market advantage and continuously unleashing market potential. There is significant cooperation potential between China and Europe in many fields. China is willing to strengthen market connectivity and industrial synergy with Europe to add more momentum to their respective development. Lagarde stated that under the current international situation full of uncertainties, maintaining high-level exchanges and dialogue cooperation between Europe and China is crucial. Tariff wars and trade wars only lead to lose-lose outcomes, while adhering to multilateralism and strengthening open cooperation is the right choice. 2. On the afternoon of June 12, the Ministry of Commerce held a regular press conference. A reporter inquired about the first meeting of the China-US economic and trade consultation mechanism. Ministry of Commerce spokesperson He Yadong stated that from June 9 to 10 local time, the China-US economic and trade teams held the first meeting of the consultation mechanism in London, UK. The two sides reached a principled consensus on implementing the important consensus of the June 5 phone call between the two heads of state and the framework of measures to consolidate the outcomes of the Geneva economic and trade talks, making new progress in addressing each other's economic and trade concerns. Regarding the rare earth issue, as a responsible major country, China fully considers the reasonable needs and concerns of various countries in the private sector, reviews applications for export licenses of rare earth-related items in accordance with laws and regulations, has approved a certain number of compliant applications according to law, and will continue to strengthen the approval of compliant applications. 3. On June 11, People's Bank of China Governor Pan Gongsheng held the first annual meeting with European Central Bank President Christine Lagarde. The two sides exchanged in-depth views on topics including the economic and financial situations of China and Europe, reform of the international monetary system, global financial regulation, and key areas of cooperation between the two central banks. After the meeting, the two sides signed the Memorandum of Understanding on Cooperation between the People's Bank of China and the European Central Bank. 4. A passenger plane crashed at Ahmedabad Airport in Gujarat, India, on June 12. According to reports, all 242 people on board were killed. CCTV News learned that local police found one survivor in the Indian plane crash. 5. Foreign Ministry spokesperson Lin Jian presided over the regular press conference yesterday. A foreign media reporter asked about US President Trump's post on his social media platform, claiming that an agreement had been reached with China, such as China providing rare earth magnets. Lin Jian stated that China always honors its words with actions. Since a consensus has been reached, both sides should abide by it, and China hopes the US will work with China to implement the important consensus reached in the phone call between the two heads of state. Industry News 2. Recently, the People's Bank of China and the State Administration of Foreign Exchange jointly issued the "Several Measures on Financial Support for Fujian to Explore a New Path for Cross-Strait Integrated Development and Build a Demonstration Zone for Cross-Strait Integrated Development." TheThe "Several Measures" proposes 12 policy measures in four aspects: optimizing the financial ecosystem of the cross-strait shared "living circle", serving the construction of the first home for Taiwan compatriots and Taiwan-funded enterprises to land on the mainland, supporting the pilot program for high-level opening-up of cross-border trade in Fuzhou, Xiamen, and Quanzhou, supporting the facilitation of cross-border investment and financing under the capital account, comprehensively strengthening financial supervision, and effectively preventing and defusing financial risks. These measures are of great significance for continuously deepening the construction of a demonstration zone for cross-strait integrated development and promoting high-level financial opening-up. The People's Bank of China and the State Administration of Foreign Exchange will promote the detailed implementation of various policy measures outlined in the "Several Measures", further intensify financial support for the integrated development across the Taiwan Strait, and provide strong financial support for the construction of the demonstration zone for cross-strait integrated development. 3. At the Annual Meeting of the Asia Traders Forum & Stock Trading Summit 2025, Tim LUI, Chairman of the Securities and Futures Commission of Hong Kong, stated that the SFC is studying plans to adjust the number of shares per trading lot, thereby enhancing the convenience of trading high-priced stocks and odd lots, and further improving market liquidity. 4. The General Office of the People's Government of the Guangxi Zhuang Autonomous Region recently issued the "Implementation Plan for Special Actions to Boost Consumption in Guangxi". It mentions expanding support for trade-in policies for automobiles, home appliances, home improvement, kitchen and bathroom products, and e-bikes, as well as subsidies for purchasing new 3C digital products. 5. In 2025, Urumqi plans to develop 82 cultural and tourism projects with a total investment of 44.815 billion yuan and an annual planned investment of 5.4116 billion yuan, representing increases of 76%, 181%, and 170% respectively compared to 2024. The focus will be on introducing a batch of high-end hotel cluster projects, creating a number of major construction projects, and building a comprehensive cultural and tourism space integrating cultural experiences, commercial consumption, and leisure and entertainment. 6. With the "Suzhou Super League" gaining widespread popularity, some netizens have called on Sichuan to host similar football events through the "Ask the Government Sichuan" platform. In response, the Sichuan Provincial Sports Bureau stated that the "Bashu Xiongqi Cup" Sichuan Super League will learn from the healthy development experience of the "Suzhou Super League", improve the event system, strengthen supervision, promote fair competition, mobilize social forces to participate, facilitate the development of mass football and campus football, and support nationwide fitness. Company News 1. New China Life Insurance announced its intention to subscribe for private equity fund shares with an investment not exceeding 15 billion yuan. 2. China Vanke Co., Ltd. announced that it sold a total of 72.96 million A-share treasury shares from June 10 to June 12, which will help supplement the company's working capital. 3. *ST Gongzhi announced that the Shenzhen Stock Exchange has decided to terminate the listing of the company's shares. 4. Yidian Technology stated on an interactive platform that POP MART is an important client of the company. 5. ST Jinyi announced that the other risk warnings for the company's shares have been revoked, and trading will resume from June 16. 6. Xiaofang Pharmaceutical announced a collaboration with Shanghai Dermatology Hospital to develop Compound Platycladi Tincture, a Class 1.1 traditional Chinese medicine for treating hair loss. 7. PowerChina secured a 10.77 billion yuan offshore wind power EPC turnkey project. 8. Qingmu Technology clarified that it currently only provides e-commerce agency operation services for Pop Mart's Tmall flagship store. 9. Taiji Co., Ltd. disclosed that its controlling shareholder and actual controller are planning matters related to changes in company control, leading to a trading suspension. 10. Hengbao Co., Ltd. announced that director and vice president Gao Qiang plans to sell no more than 197,500 shares. 11. Jingjin Equipment reported that its actual controller, chairman, and general manager has been placed under retention. 12. Feiliner completed verification work, with its shares resuming trading on June 13. Global Markets US and European stocks showed mixed performance, with both the S&P 500 and Dow Jones hitting at least three-month closing highs. US stocks opened lower but closed higher, with all three major indices posting slight gains. The S&P 500 rose 0.38%, the Dow gained 0.24%, and the Nasdaq advanced 0.24%. The S&P 500 reached its highest closing level since late February, while the Dow achieved its best close since early March. Oracle surged over 13% to a record high after exceeding Q4 earnings expectations. US fintech firm Chime jumped over 37% on its debut. Boeing fell nearly 5% following an Air India Boeing 787 crash. European indices closed mixed, with Germany's DAX30 down 0.48%. International crude oil futures settled slightly lower. WTI July crude dropped 0.16%, while Brent August crude declined 0.59%. COMEX gold futures rose 0.84% to $3,406.8/oz, and silver futures gained 0.41% to $36.41/oz. Investment Opportunities 1. Pop Mart Expanded Capacity Early This Year, But Demand Far Exceeds Supply Chain Response Media reports indicate that since Chinese New Year, Pop Mart has urgently recalled workers and expanded capacity to meet surging demand driven by rising IP popularity. An insider described this as a "sweet trouble" where market demand vastly outpaces supply chain responsiveness, noting "even overworked sewing machines can't keep up." The core appeal of IP collectibles lies in instant emotional gratification. Labubu's distinctive features meet specific demands, amplified through social media. Current supply shortages and product scarcity further elevate circulation premiums, significantly boosting visibility. Zhongtai Securities released a research report stating that it is optimistic about the investment value of the IP industry and anticipates the growth and commercialization of major IPs. Three directions are worth noting: (1) Leading companies in the IP2C model for trendy toys that possess a high-quality IP matrix, strong operational capabilities, and channel strength; (2) Content producers with strong content creation capabilities; (3) IP operators in the IP2B2C model that possess high-quality IPs and B-end customer resources. 2. German nuclear fusion startup ProximaFusion secures record-breaking funding On Wednesday local time, German nuclear fusion startup ProximaFusion announced that it had raised €130 million (equivalent to $148 million) in a record-breaking funding round. Investors have high hopes that the company will be the first to build the world's first commercial nuclear fusion power plant. ProximaFusion's Series A funding round was co-led by CherryVentures and BaldertonCapital, marking the largest private nuclear fusion investment round in Europe to date. In recent years, market interest in nuclear fusion technology has continued to grow. Founder Securities' machinery equipment team is optimistic that the timeline for global nuclear fusion could be advanced. Currently, the European Commission (EC) has officially launched a four-week consultation period, which will help the EU establish a leading position in global nuclear fusion development and accelerate the commercialization of fusion energy. 3. Cumulative financing exceeds 1 billion yuan in the first half of the year; experts say commercial space is experiencing unprecedented development opportunities Media reports indicate that China's commercial space industry in 2025 is accelerating at an unprecedented pace towards industrialization. One of the most telling signs is the "real money" coming from the capital market. According to incomplete statistics by reporters, in the first five months of this year alone, the publicly disclosed and estimable financing amounts in China's commercial space sector have cumulatively exceeded 1 billion yuan. Recently, there have been continuous developments in the commercial space sector. LandSpace Technology Corporation's independently developed ZQ-2 Modification 2 remote sensing launch vehicle successfully started production and lifted off; Beijing CAS Space Technology Co., Ltd.'s KQ-1 remote sensing 7 launch vehicle was successfully launched; and the "Tada Hu Yang No. 1" satellite was successfully launched by the KQ-1 remote sensing 7 launch vehicle. Experts interviewed stated that after several years of cultivation, China's commercial space industry is flourishing, with enterprises in commercial satellites, commercial rockets, commercial monitoring and control, and other sectors emerging like bamboo shoots after a spring rain. The commercialization of the entire industry chain is being prioritized, and the industry chain ecosystem is continuously improving. With the synergy of policies, technology, and the market, commercial space is experiencing unprecedented development opportunities. 4. AI development brings significant changes to the industry, continuously expanding the space for the industry chain Institutions have pointed out that switching networks are the "blood vessels" of AIDC. Since entering the era of large models, as the scale of clusters has accelerated its expansion, the interconnection requirements between computing cards have rapidly increased. As the hardware core supporting the interconnection network, the industry chain space for switches has been continuously expanding. Guojin Securities believes that domestic large models are rapidly advancing from a scale of hundreds of billions of parameters to trillion and ten trillion parameters, and 800G switches will become an important driver for the rapid growth of the industry. Dell'Oro Group predicts that by 2025, the adoption rate of 800G switch ports is expected to exceed that of 400G data center switch ports, accounting for more than 25% of data center switch ports. The development of the AI industry has brought about significant changes to the switch industry. Along with the development of the domestic AI industry, domestic high-speed switches for training-side applications and domestic medium-speed switches for inference-side applications are on the verge of mass production. CPO, OCS, white-box switches, etc., are expected to become strategic highlands in the domestic switch industry, and enterprises with relevant layouts are worthy of close attention.

The market rebounded with fluctuations throughout the day, with the ChiNext Index leading the gains. The total trading volume on the Shanghai and Shenzhen stock exchanges reached RMB 1.19 trillion, an increase of RMB 175.5 billion compared to the previous trading day. On the futures market, hot topics rotated in and out of the spotlight, with more stocks rising than falling. Over 4,400 stocks across the market advanced, and more than 100 stocks hit their daily limits. In terms of sectors, stocks related to autonomous vehicles and intelligent driving concepts surged collectively, with over 20 stocks, including Tongda Electric, hitting their daily limits. Digital currency concept stocks also strengthened amid fluctuations, with multiple stocks such as GDYC hitting their daily limits. Innovative drug concept stocks became active again, with stocks like Shutai Pharmaceutical hitting their daily limits. On the downside, gold stocks underwent adjustments, with Lvsenton falling by the daily limit. By the close of trading, the Shanghai Composite Index rose by 0.7%, the Shenzhen Component Index rose by 1.24%, and the ChiNext Index rose by 1.37%. Sector Performance In the sector of autonomous vehicles and intelligent driving concepts, stocks surged across the board, with over 20 stocks, including Wanma Technology, Yunnan Neijiang Power, Deren Electronics, Qiming Information, Tongda Electric, Jinjiang Online, Desay SV, Fulongma, and Genvict Technologies, hitting their daily limits. On the news front, Tesla is rumored to be planning to launch its Robotaxi service in Austin, Texas, US, on June 12, marking a significant milestone in Musk's efforts to reshape the company's business. Additionally, recently, 9Z Intelligence, an L4-level urban distribution autonomous driving R&D and application enterprise, announced the completion of a US$100 million B3 round financing transaction. Xinshiqi, an L4-level autonomous commercial vehicle producer, also completed a RMB 1 billion C+ round financing. Institutions predict that 2025 will be the first year of explosive growth for unmanned logistics. Based on the number of express logistics outlets nationwide, the market potential for unmanned delivery vehicles is approximately RMB 468 billion. Driven by a series of recent news catalysts, the hype surrounding the autonomous vehicle concept has expanded from logistics vehicles at the beginning to sanitation vehicles yesterday, and further spread to the entire intelligent driving industry chain today. With the continuous expansion of the sector's capacity and sustained capital inflows, this theme may still have room for repeated activity in the future. However, in the short term, after the sector's overall surge today, short-term sentiment may reach a climax, and differentiation is expected to intensify tomorrow. Focus should be placed on leading core stocks. Digital currency stocks also strengthened, with stocks such as Lakala, Sifang Jinchuang, Xiongdi Technology, Digital China Information Service, Union Mobile Pay, Beijing Northern, GDYC, and China Finance Online hitting their daily limits. On the news front, the US Congress is advancing two key stablecoin legislations. Guohai Securities stated that stablecoin transactions offer higher efficiency compared to traditional European and American banks, particularly in cross-border payments. While traditional bank wire transfers may take several days to complete, stablecoin transfers often take only a few minutes. Moreover, stablecoins have lower transfer fees, which depend on network conditions (taking USDT as an example, typically only a few dollars), while some payment systems charge fees proportionally at higher rates. From a market perspective, compared to sectors like nuclear power, new consumption, and innovative drugs, the digital currency concept represents a relatively new hot topic, with more pronounced positional advantages among individual stocks. Additionally, it benefited from the spillover effect of ZhongAn Online's surge in Hong Kong. Consequently, it quickly gained capital favour during the collective rebound in short-term sentiment. However, it should be noted that this theme remains essentially driven by event-based sentiment speculation. After today's broad surge, its sustainability still requires further verification. The innovative drug concept remained active, with stocks like Medicilow, InventisBio, Staidson, Huasen Pharmaceutical, and Joinn Laboratories hitting the limit-up, while Changshan Pharma, Chengdu Pioneer, and Sansheng Pharmaceuticals rose over 10%. On the news front, the 2025 ASCO Annual Meeting is approaching, with 71 original research achievements from Chinese innovative drug companies selected for oral presentations. Companies like Dizal Pharma and Grand Pharma disclosed breakthrough clinical data. Analysts pointed out that the global exposure from ASCO backs the technical prowess of domestic pharmaceutical firms, while the implementation of international R&D outcomes further expands market potential. The record-high upfront payments for domestic innovative drugs going global validate overseas recognition of local innovation capabilities, significantly improving long-term profit expectations. Market-wise, the recent resonance between short-term active capital and long-term allocation funds has driven trend-based movements in related innovative drug stocks. Unless core targets show clear negative feedback, the sector may still have further upside, with potential catch-up opportunities within. On individual stocks Today, market profitability improved markedly, with over 100 stocks hitting limit-ups. While the number of limit-ups was notably higher in unmanned vehicle and digital currency concepts, the current market leaders remain tied to nuclear power (controlled fusion concept). For instance, Sunwire and Rongfa Nuclear both advanced, while Zhongchao Holdings surged for 12 limit-ups in 19 days, Prince New Materials recorded 7 in 14 days, and Hefei Metalforming achieved 3 in 4 days. Overall, some mid-to-low-tier stocks diverged, but as long as core leaders remain strong, the nuclear power sector may see repeated rebounds, offering intraday low-entry arbitrage opportunities. Additionally, high-position group stocks continued to diverge today. Yongan Pharma, Laixintongling, and Suzhou Longjie fell to limit-downs, while Zhengzhong Design, Jinlongyu, and Yushanxia A also posted significant declines. With the emergence of new themes, it is reasonable for some funds to switch between high and low positions. However, due to the improvement in short-term sentiment, the high-position clustering will not collapse all at once. It is expected that the market will continue to exhibit a pattern of reduced-capacity speculation, and the principle of retaining the strong and discarding the weak should be adhered to in response. Outlook Analysis Today's market saw a broad-based rebound, with all three major indices closing in the red. Over 4,400 stocks rose. Trading volume also increased, with a single-day surge exceeding 170 billion yuan, bringing the total trading volume of the two exchanges back to around 1.2 trillion yuan. From a technical perspective, the Shanghai Composite Index successfully held above the 30-day moving average while effectively standing above the 5-day moving average again, suggesting that the short-term repair rally may continue. However, from a medium-term structural perspective, the market is still mainly characterized by sideways movement. If trading volume fails to increase continuously in the future, it will still be difficult for the index to initiate a wave-like rally. Additionally, from the perspective of the futures market, recent hot topics such as the driverless car concept, innovative drugs, and nuclear power stocks have all maintained their strength, and newer themes like digital currency have also strengthened further during the trading session. However, given the current trading volume, it is not enough to support the simultaneous operation of so many hot topics. After today's broad-based rally, the market is likely to differentiate again. In this context, grasping the rotation rhythm among various themes will be the key focus for the market outlook. Market News Highlights 1. Domestic Airline Fuel Surcharge to Be Reduced Starting June 5, with Exemption for Flights Under 800 Kilometers Cailian Press reported on May 29 that an airline announced today that it would adjust the fuel surcharge collection standards for domestic passenger transportation starting from June 5, 2025 (including ticket issuance dates). Specifically, the fuel surcharge will be waived for flights under 800 kilometers (inclusive), while a 10-yuan fuel surcharge per passenger per flight segment will be collected for flights over 800 kilometers. The previous adjustment took effect from April 5, 2025 (ticket issuance dates), with adult passengers paying a 20-yuan fuel surcharge for flights over 800 kilometers and a 10-yuan fuel surcharge for flights under 800 kilometers (inclusive). (Yicai) 2. US Decides to Revoke Chinese Student Visas; Foreign Ministry: Discriminatory Practice Exposes So-Called "Free and Open" Lie Cailian Press reported on May 29 that Foreign Ministry spokesperson Mao Ning hosted a regular press conference on May 29. A reporter asked about the recent US decision to start revoking visas for Chinese students, including those "with ties to the Chinese government or studying in key fields." What is the Foreign Ministry's comment on this US decision? Mao Ning responded that the US side has unreasonably canceled visas for Chinese students under the pretext of ideology and national security, seriously infringing upon the legitimate rights and interests of Chinese students and interfering with normal people-to-people exchanges between the two countries. The Chinese side firmly opposes this and has lodged representations with the US side. "This politically discriminatory move by the US side has exposed the so-called lie of 'freedom and openness' that the US has always touted, and will only further damage the US's own international image and national credibility," Mao Ning emphasized.

Every year, among the global central banks' event calendars, the Jackson Hole Economic Symposium hosted by the US Fed and the Sintra Forum (ECB Forum on Central Banking) hosted by the European Central Bank (ECB) have consistently been the two most closely watched events. However, few may be aware that in Japan, a similar high-profile central banking event is now held annually... On Tuesday, the two-day annual central banking conference, hosted by the Bank of Japan (BOJ) and its affiliated think tank, commenced at the BOJ headquarters in Tokyo. Despite lacking hiking trails and scenic countryside views, this central banking event is still hailed by industry insiders as Japan's version of the "Jackson Hole Economic Symposium." Participants include renowned scholars from the US, Europe, and Asia, along with officials from the US Fed, ECB, Bank of Canada, and Reserve Bank of Australia, including the Fed's third-in-command, John C. Williams, President of the Federal Reserve Bank of New York. Industry insiders suggest that this year's global central banking symposium in Tokyo may focus on two troubling realities: sluggish economic growth and persistent inflation. Although most speeches are academic in nature and closed to the media, the theme of this year's conference is "New Challenges for Monetary Policy," and these "new challenges" are undoubtedly well-known to insiders: How should central banks respond to stubbornly high inflation, downside economic risks, market volatility, and US tariffs... These conflicting headwinds are largely caused by the policies of US President Donald Trump, and the uncertainty of the outlook is putting many central banks in a difficult position, regardless of whether they are planning to raise or cut interest rates. For example, the BOJ, as the "host," is still insisting on continuing to raise interest rates and steadily scaling back its bond-buying program, which stands in stark contrast to other peers globally that are cutting interest rates. However, recent global developments have raised questions about such tightening measures. What will be discussed at this year's conference? At last year's conference, participants summarized the gains and losses of responding to economic recessions by discussing lessons learned from using various unconventional monetary easing tools. The conference also explored whether Japan—the "outlier" that maintained ultra-low interest rates while other major central banks aggressively raised rates—could emerge from decades of deflation and low inflation with the help of nascent and sustained wage growth. This year, although central bankers' concerns may primarily focus on tariff-induced economic recessions, the conference's agenda indicates that policymakers remain highly sensitive to the risk of falling into a prolonged period of excessively high inflation. According to the meeting agenda seen by industry insiders, one of the parallel sessions will focus on "reserve requirements, interest rate control, and quantitative tightening." Another session will discuss a paper published by the International Monetary Fund (IMF) in December last year titled "Monetary Policy and Inflation Scare." The paper explains how significant supply shocks, such as those caused by the COVID-19 pandemic, can lead to persistent inflation and warns that central banks may face risks if they believe cost-push price pressures can be ignored. "Better to be 'slow' than to 'make a mistake.'" This warning holds implications for major central banks currently facing similar dilemmas—a situation exacerbated by global trade wars and Trump's erratic trade policies. The US Fed was initially expected to implement multiple interest rate cuts this year, but as the risk of inflation rising due to Trump's tariffs intensifies, the Fed has been forced into a wait-and-see mode. Meanwhile, according to industry insiders' interactions with European Central Bank (ECB) policymakers, although the ECB is expected to cut interest rates again in June, the rationale for pausing action is strengthening as inflation challenges emerge. "Tariffs may curb inflation in the short term but pose upside risks in the medium term," Isabel Schnabel, an ECB Executive Board member and a prominent hawk, explicitly called for a pause in interest rate cuts at a conference at Stanford University on May 9. Meanwhile, Japan, currently in a tightening cycle, is also facing the challenge of balancing domestic inflationary pressures with the downside risks to economic growth posed by US tariffs. Trump's tariffs have forced the Bank of Japan (BOJ) to sharply lower its economic growth forecast on May 1 and hint at a pause in its interest rate hiking cycle—currently, the short-term interest rate remains at a low of 0.5%. Despite this, BOJ Governor Kazuo Ueda has signaled readiness to resume interest rate hikes if underlying inflation continues to stabilize toward the 2% target. Japan's core consumer inflation rate hit a two-year high of 3.5% in April, with food prices surging 7%, indicating the pressure rising living costs are placing on Japanese households. Nobuyasu Atago, a former BOJ official and now chief economist at Rakuten Securities Economic Research Institute, stated that it is evident that the BOJ has failed to fulfill its mission of price stability. Inflation will remain one of the BOJ's concerns, and the BOJ may already be lagging in addressing domestic price pressures. As of press time, Kazuo Ueda, Governor of the Bank of Japan, had delivered a keynote speech at the opening event of the annual meeting, stating that the degree of monetary easing would be adjusted as needed. The US dollar fell sharply against the Japanese yen by over 30 pips in the short term. Subsequently, Agustin Carstens, General Manager of the Bank for International Settlements, was also scheduled to deliver a speech, which investors should continue to monitor.

》Click to View SMM Aluminum Industry Chain Database 》Subscribe to View SMM Metal Spot Historical Prices 5.7 SMM Aluminum Morning Meeting Summary Futures: The most-traded SHFE aluminum 2506 contract opened at 19,770 yuan/mt, reached a high of 19,860 yuan/mt, a low of 19,760 yuan/mt, and closed at 19,760 yuan/mt, down 0.55%. Trading volume was 50,500 lots, and open interest was 186,000 lots. LME aluminum opened at $2,431/mt, hit a high of $2,440/mt, a low of $2,428.5/mt, and closed at $2,438/mt, up $11/mt, or 0.45%. Macro: (1) The Ministry of Commerce, considering global expectations, China's interests, and calls from the US industry and consumers, decided to agree to engage with the US. Vice Premier He Lifeng, as the lead for Sino-US economic and trade relations, will meet with US Treasury Secretary Janet Yellen during his visit to Switzerland. (Neutral ★) (2) Minister of Finance Lan Fuan stated at the 58th Annual Meeting of the Asian Development Bank that China will adopt more proactive macro policies and is confident in achieving a growth target of around 5% in 2025. China will continue to build a unified domestic market and expand high-level opening-up. (Bullish ★) (3) The latest VAT invoice data shows that during the Labour Day holiday, national sales revenue in consumer-related industries increased by 15.2% YoY. The trade-in policy for home appliances and communication equipment spurred robust demand. (Bullish ★) Fundamentals: (1) According to SMM, on May 6, the total social inventory of secondary aluminum alloy ingots in Foshan, Ningbo, and Wuxi was 8,274 mt, an increase of 135 mt compared to the last trading day before the holiday. (Bearish ★) (2) SMM statistics show that on May 6, the domestic mainstream consumption area aluminum ingot inventory was 636,000 mt, an increase of 22,000 mt compared to the last trading day before the holiday. (Bearish ★) Primary Aluminum Market: Yesterday, the SHFE aluminum fluctuated significantly in the early session, with prices pulling back sharply after oscillating. Although there was a slight rebound later, the center had already fallen below 20,000 yuan/mt. In the spot market, overall trading activity was moderate. Specifically, in east China, ample spot supply and renewed bearish sentiment among downstream players led to mainly discount transactions. Early in the session, the market gradually shifted to -10 from the SMM average price. SMM A00 aluminum was quoted at 19,850 yuan/mt, down 210 yuan/mt from the previous trading day, at a discount of 20 yuan/mt to the 05 contract, a decrease of 10 yuan/mt from the previous trading day. In the central China market, trading was moderate, with most deals made at the SMM average price. This was mainly due to lower-than-expected inventory buildup in the Gongyi region post-holiday, leading suppliers to attempt to stand firm on quotes. Secondary Aluminum Raw Materials: Yesterday, the primary aluminum spot fell 210 yuan/mt from pre-holiday levels, with SMM A00 spot closing at 19,850 yuan/mt. The overall scrap aluminum market adjusted downward in line with primary aluminum. After the Labour Day holiday, the operating rate of the secondary aluminum industry declined, and downstream processing enterprises showed weak order releases, with purchases mainly driven by necessity. Baled UBC scrap aluminum was concentratedly quoted at 14,900-15,500 yuan/mt (excluding tax), and shredded aluminum tense scrap was quoted at 15,750-17,250 yuan/mt (excluding tax). By product, the supply of wrought aluminum products such as bare bright aluminum wire and shredded wrought aluminum alloy scrap remained tight, with price adjustments ranging from 50-100 yuan/mt. For baled UBC, except for continued price increases in Jiangxi, other regions generally saw price increases of 100-150 yuan/mt. In the short term, the scrap aluminum market is likely to hover at highs, but if primary aluminum experiences significant fluctuations due to macro factors (such as US Fed policies, geopolitical conflicts) or if domestic secondary aluminum producers cut production, scrap aluminum prices may face temporary pressure. Secondary Aluminum Alloys: Today, SHFE aluminum opened and fluctuated downward. SMM A00 aluminum price fell 210 yuan/mt to 19,850 yuan/mt, and the domestic SMM ADC12 price was adjusted down by 100 yuan/mt to the range of 20,300-20,500 yuan/mt. In the import market, overseas ADC12 quotes slightly decreased to $2,420-2,440/mt, with the immediate loss for imported ADC12 narrowing to within 600 yuan/mt. On the first trading day after the holiday, the secondary aluminum market continued to be sluggish, with low purchasing willingness from downstream buyers and a strong wait-and-see sentiment. Most enterprises lowered their quotes by 100 yuan/mt, but some maintained stable quotes due to cost support. Given the persistently weak demand, it is expected that ADC12 prices will remain in the doldrums in the short term. Summary: From a macro perspective, domestic supportive policies, including the Ministry of Finance's commitment to active fiscal policies to drive economic growth, and the 15.2% YoY increase in "Labour Day" holiday consumption (driven by the trade-in policy for home appliances), have boosted market confidence. The Ministry of Commerce's signal for Sino-US economic and trade engagement indicates a stabilizing policy intention. In the overseas market, the uncertainty of Trump's policies and the ongoing Sino-US tariff war, especially the uncertain outcomes of the US Treasury Secretary's talks, have added to market volatility. Fundamentally, the cost side of the aluminum industry remains stable, while the demand side is at a critical period of transition between peak and off-peak seasons. However, except for the aluminum wire and cable sector, which saw an increase in operating rates, all other downstream segments performed poorly in the week before the holiday. Entering May, there is an expectation of declining orders. Driven by pre-holiday restocking, domestic aluminum ingot inventories accelerated destocking at the end of April, approaching the 600,000 mt mark, providing some support to pre-holiday aluminum prices. This year, the arrivals of aluminum products during the Labour Day holiday were lower than the same period last year, with overall inventory at a three-year low, better than expected. The overall inventory buildup was manageable and did not significantly pressure post-holiday aluminum prices. However, the overall macro front still has a bearish outlook, and it is expected that domestic aluminum prices will mainly be in the doldrums. [The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make prudent decisions and not rely solely on this information. Any decision made by clients is unrelated to SMM.]