[Frequent Fluctuations in Market Trading Contradictions: What Are the Key Focal Points for Zinc Prices?] Currently, international geopolitical conflicts have seen repeated twists and turns, and commodity prices have also followed with intensifying volatility. So how will zinc prices trend under different geopolitical conflict scenarios? What variables need to be monitored in the short term?

Policy Release : On October 28, the Hubei Provincial Energy Bureau issued the "Notice on Promoting New Energy Power Generation Project Construction," further clarifying the development direction and application rules for new energy projects in 2025, with a particular emphasis on the coordinated development of hydrogen and new energy. I. Scope and Scale Limitations for Project Applications The applications cover five major categories of projects, with each project's scale not exceeding 100,000 kW : Million-kilowatt new energy base projects; Coal power and new energy integration projects; Wind, solar, water, and storage integrated projects; Energy strategic emerging industry reward projects (in line with Hubei Province's Hydrogen Industry Action Plan, innovative platforms, and technology breakthrough projects related to hydrogen can be included in this category, enjoying up to 10 million yuan in construction subsidies or 5 million yuan in R&D subsidies); Other new energy projects. Projects not listed in the 2025 annual development plan will be arranged in subsequent years, while wind farm upgrade projects will be implemented separately according to national regulations. II. Core Scoring Dimensions for Competitive Ranking To optimize project layout, the Notice establishes a multi-dimensional competitive ranking rule, focusing on four key indicators: Absorption Potential : Prioritizing projects in counties and cities with strong grid absorption capacity to reduce the risk of curtailment of wind and PV power generation; Storage Accompaniment : Linked to the proportion of ESS in new energy installations in the respective county or city, enhancing the stability of new energy output; Regulation Capability : Assessing the contribution of the project owner in load regulation and grid coordination; Transmission Assurance : Evaluating the construction conditions of transmission channels for project grid connection, ensuring efficient power delivery. III. Hydrogen - New Energy Synergistic Innovation Policy As a highlight of this notice, electrolysis water hydrogen production projects are directly linked to new energy projects : Electrolysis water hydrogen production projects that have completed equipment debugging and are ready for hydrogen production can apply for new energy quotas at a ratio of "50 MW of new energy projects per 1000 Nm³/h hydrogen production capacity." This policy aligns with Hubei Province's "Action Plan for Accelerating the Development of the Hydrogen Industry (2024-2027)," promoting an integrated configuration of "green electricity + green hydrogen." This not only provides stable, low-cost energy supply for hydrogen production projects but also opens new paths for new energy absorption, contributing to the full-chain development goal of "production, storage, transmission, and utilization." IV. Policy Significance and Impact This Notice, by clarifying application rules and synergistic mechanisms, will drive the transformation of Hubei's new energy development from "scale expansion" to "quality and efficiency": On one hand, requirements for storage accompaniment and absorption assurance push projects to improve their technical level and economic viability; on the other hand, the binding policy between hydrogen and new energy will accelerate the scaling process of the green hydrogen industry, providing critical support for Hubei to build a national hydrogen industry cluster. It also offers replicable regional practical experience for energy structure transformation under the "dual carbon" goals. The following is the original text Notice on Promoting New Energy Power Generation Project Construction by the Hubei Provincial Energy Bureau EnerNew [2025] No. 50 To the Development and Reform Commissions (Energy Bureaus) of all prefecture-level cities, state-administered cities, and Shennongjia Forestry District, State Grid Hubei Electric Power Co., Ltd., and relevant project units: 2025 marks the final year of the 14th Five-Year Plan and the planning year for the 15th Five-Year Plan. To implement the spirit of President Xi Jinping's video address at the United Nations Climate Change Summit, and to follow the provincial Party committee and government's decisions and deployments for pivotal construction, we will carry out the action to double the installed capacity of new energy, strengthen the development and utilization of wind and solar power resources, and strongly support the realization of "affordable and reliable electricity services." We aim to fulfill the national renewable energy consumption responsibility weight targets. The following notice is issued regarding the promotion of new energy power generation project construction. I. Application Scope (i) National and provincial pilot demonstration projects. Counties across the province that have conducted resource surveys, project planning, and selection of development entities for enhanced utilization of wind and solar power resources and achieved phased results may apply for new energy power generation projects with a capacity of no more than 100,000 kW. Rural energy revolution pilot counties that have achieved phased results and met the dispatch requirements of the National Energy Administration may apply for continued new energy power generation projects according to the pilot plan. Projects meeting the requirements of national major science and technology special construction can apply for new energy power generation projects as required. (ii) Million-kilowatt new energy base projects. For the first phase of the ten planned million-kilowatt wind, solar, thermal, and storage new energy bases, if all projects are completed and the second phase has started, they can apply for continued new energy power generation projects within the million-kilowatt planning target. (iii) Coal power and new energy integration projects. In accordance with national policies on coal power and new energy integration, for peak-shaving coal power plants that have completed flexibility renovations and newly commissioned ones, they can apply for new energy power generation projects at twice the actual additional peak-shaving capacity (minus the already allocated scale). For newly constructed peak-shaving coal power plants where the main part of the project has started, they can apply for new energy power generation projects at the designed additional peak-shaving capacity (minus the already allocated scale). (iv) Wind, solar, water, and storage integrated projects. For pumped storage projects that have been approved and started, if the main part of the project has started and there is no accompanying new energy construction scale, they can apply for new energy power generation projects with a capacity of no more than 10% of the pumped storage capacity. If more than half of the investment has been made (as verified by statistical data), they can apply for new energy power generation projects with a capacity of no more than 50% of the pumped storage capacity (minus the already allocated scale). (v) Energy strategic emerging industry reward projects. Provincial new-type energy storage demonstration projects that achieve full-capacity grid connection by the end of June 2025 can apply for new energy power generation projects with a capacity of no more than five times the ESS power station capacity (minus the already allocated scale). Electrolysis water hydrogen production projects that have completed equipment debugging and are ready for hydrogen production can apply for new energy power generation projects at a ratio of 50 MW of new energy projects per 1000 Nm³/h hydrogen production capacity. (vi) Other projects. Various ownership enterprises are supported to participate in the development of wind and solar power resources. Enterprises that have signed new energy power generation project investment agreements with county-level or higher governments and are not within the scope of the aforementioned 1-5 categories can apply for this category. In principle, each county (city, district) can apply for no more than one project. The individual application scale for the above projects should not exceed 100,000 kW. Projects not included in the 2025 annual development and construction scale will be arranged in subsequent years. Wind farm upgrade projects will be implemented according to national regulations. II. Application Conditions (i) Investment Entity. For wind and solar power resource utilization pilot counties and national rural energy revolution pilot counties, the investment entity is selected by the pilot county. Cities, prefectures, and counties where the million-kilowatt wind, solar, thermal, and storage new energy bases are located should strengthen resource coordination, giving priority to base continuation projects. For coal power and new energy integration projects, wind-solar-water integrated projects, and energy strategic emerging industry reward projects, the investment entity is the project owner or the controlling party of the project owner. All investment entities must have signed new energy power generation project investment agreements with county-level or higher governments. (ii) Land Use Conditions. New energy power generation projects must comply with national land use control policies and ecological protection policies, avoiding sensitive areas such as farmland, ecological red lines, nature reserves, water source protection zones, cultural relic protection sites, and military restricted areas. Photovoltaic projects must obtain compliance review opinions from local natural resources, agriculture and rural affairs, forestry, water conservancy, ecological environment, cultural relic protection, and military departments. Wind power projects must obtain supportive opinions on land use from local natural resources departments. For projects using non-state-owned construction land, the project owner must have signed a transfer (lease) intention agreement with the land ownership unit (or individual). (iii) Project Filing. After determining the construction site, photovoltaic projects must obtain a filing certificate, and wind power projects must obtain a code. The filing content (including the investment entity, construction scale, and location) must be entirely consistent with the compliance review opinions. (iv) Grid Connection Plan. New energy power generation projects must have developed a system access design plan, specifying the substation to be connected, the voltage level, and the distance of the transmission project. The use of existing transmission channels for expansion and continuation projects is encouraged. III. Work Process (i) Owner Application. Owners who meet the requirements of this notice, after determining specific projects, must submit a written application to the Provincial Energy Bureau by November 10 to be included in the 2025 annual new energy development and construction scale. Project information and relevant supporting documents must be uploaded to the Hubei New Energy Project Management Platform (hereinafter referred to as the "Management Platform"). (ii) Hierarchical Review. Municipal and county energy authorities will conduct hierarchical reviews of the projects, focusing on whether the applying entities meet the eligibility criteria and whether the supporting documents are complete and valid. By November 14, projects that meet the requirements will be pushed to the Provincial Energy Bureau through the Management Platform. (iii) Scoring and Ranking. The Provincial Energy Bureau, guided by absorption, will organize scoring and ranking of the reviewed projects according to the new energy power generation project competition ranking rules (see attachment). Strengthened wind and solar power resource utilization pilot projects do not participate in the scoring and ranking. (iv) Grid Connection Verification. The provincial power company will conduct grid connection verification based on the project ranking results and provide feedback within 40 working days. (v) Confirmation and Announcement. For projects that meet the grid connection conditions, the Provincial Energy Bureau will announce the list of projects. IV. Work Requirements (i) Optimize the Investment Environment. Localities must consolidate the results of the special rectification of improper market interventions in the new energy development field, continuously optimizing the market environment, and must not force new energy development and construction units to accompany industries or build storage. (ii) Provide Good Grid Connection Services. Grid companies should guide localities and project units to optimize project layouts, prioritizing projects with better grid connection and absorption conditions. For regions currently facing connection difficulties, grid companies should coordinate the grid connection needs of new energy projects and grid construction, rolling them into subsequent years. In areas with high new energy ratios and limited grid absorption, the voluntary construction of new-type energy storage on the power source side and grid side is encouraged. (iii) Implement Projects Well. After the announcement of the project list, investment and development enterprises must expedite pre-construction procedures, report monthly on project investment completion and progress, ensuring construction safety and quality. (iv) Ensure Policy Continuity. For project units that did not apply or did not pass the grid connection verification for the 2024 annual policy-based allocation construction scale, they can reapply for new energy projects according to this notice; for those not within the scope of this notice, continue to follow the original notice, and after obtaining the grid connection verification opinion from the provincial power company, include them in the corresponding annual new energy development and construction plan. (v) Include in the Credit System. Each investment entity is responsible for the authenticity and legal compliance of the project application materials. Entities found to have engaged in fraudulent behavior will be notified, interviewed, or included in the list of untrustworthy entities upon verification. Attachment: Hubei Provincial Energy Bureau October 22, 2025

On August 13, the Shengzhou Municipal People's Government of Zhejiang Province issued the "Notice on Organizing the Application for the 2025 Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Funds in Shengzhou City." The document specifies that the application areas include: New Energy Vehicle (NEV) promotion and application, primarily referring to the promotion and application of new energy buses. New Energy Vehicle industry development, mainly referring to investment and technological transformation projects for hydrogen fuel cell vehicles and key parts. The investment amount for projects applying for subsidy funds refers to the equipment purchase costs incurred after project filing or approval, excluding costs for civil construction, land acquisition, and R&D expenses; the invoice date for equipment must be between August 2023 and July 2024. The policy is as follows: Notice on Organizing the Application for the 2025 Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Funds in Shengzhou City To All Relevant Units: In accordance with the "Notice on Further Improving the Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Policy" (Zhe Cai Jian [2022] No. 172) issued by the Zhejiang Provincial Department of Finance and four other departments, the "Shengzhou City 2025 Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Funds Utilization Plan," and the "Notice of the Zhejiang Provincial Department of Finance on the Advance Allocation of 2025 Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Funds" (Zhe Cai Jian [2024] No. 172), among other relevant regulations, it has been decided to carry out the application process for the 2025 provincial-level new energy vehicle promotion and application financial subsidy funds in Shengzhou City. The relevant matters are hereby notified as follows: I. Application Areas (1) New Energy Vehicle (NEV) promotion and application, primarily referring to the promotion and application of new energy buses. (2) New Energy Vehicle industry development, mainly referring to investment and technological transformation projects for hydrogen fuel cell vehicles and key parts. II. Project Application Instructions (1) Requirements for Applying for New Energy Bus Promotion and Application Projects 1. If the project unit has serious dishonesty issues or is listed as a subject of joint disciplinary actions at the time of application, the Development and Reform Bureau will not accept its funding application report. 2. The buses applied for must be domestically produced pure electric, plug-in hybrid (including range-extended), and fuel cell vehicles included in the Ministry of Industry and Information Technology's "Recommended Models Catalog for New Energy Vehicle Promotion and Application," and the purchased new energy buses must operate within the scope of Shengzhou City. (2) Requirements for Applying for New Energy Vehicle Industry Development Projects 1. If the project unit has serious dishonesty issues or is listed as a subject of joint disciplinary actions at the time of application, the Development and Reform Bureau will not accept its funding application report. 2. The application project must have completed the approval, verification, or filing procedures in accordance with relevant regulations, and the submitted documents (such as land use, planning, environmental impact assessment, energy conservation, etc.) must be complete and valid. 3. The application project must be implemented within the scope of Shengzhou City and comply with the national, provincial, and municipal industrial guidance catalogs. 4. The application project must not have received other provincial-level financial support; for the same matter involving multiple support policies for an enterprise, the highest level of support shall apply without duplication. 5. The investment amount for the application subsidy fund project refers to the equipment purchase expenses incurred after the project filing or approval, excluding civil construction costs, land acquisition expenses, and R&D costs, etc.; the equipment invoice date must be between August 2023 and July 2024. (III) Application Materials The following materials must be provided and bound into a volume for the application of the new energy bus subsidy fund project: 1. The 2025 Shengzhou City Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Fund Application Form (Attachment 1); 2. Vehicle purchase invoice; 3. Business license and tax registration certificate of the enterprise; 4. Vehicle registration certificate registered with the Shengzhou City vehicle management department; 5. Proof of the purchased electric vehicle car model from the Ministry of Industry and Information Technology's "Recommended Car Models Catalog for New Energy Vehicle Promotion and Application"; 6. Other materials that need to be provided. The following materials must be provided and bound into a volume for the application of the new energy automotive industry development project: 1. The 2025 Shengzhou City Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Fund Application Form (Attachment 2); 2. Business license and tax registration certificate of the enterprise; 3. Relevant documents such as project approval (filing, verification), land use, planning, environmental impact assessment, energy conservation, etc.; 4. Materials related to project completion acceptance; 5. Audit report of project equipment investment, equipment list, and invoices; 6. Other materials that need to be provided. III. Other Matters 1. Application materials must be submitted in one paper copy each to the Municipal Development and Reform Bureau and the Municipal Finance Bureau by August 19, 2025, along with one electronic copy each (consistent with the paper materials). Applications submitted late or with incomplete materials will not be accepted. 2. The Municipal Development and Reform Bureau will review the application materials and disburse the funds. Contact: Municipal Development and Reform Bureau, Industrial Development Division: Zheyuan Wu, Tel: 83793619. Municipal Finance Bureau, Economic Construction Division: Chenying Wang, Tel: 83330090. Attachments: 1. 2025 Shengzhou City Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Fund Application Form (Bus) 2. 2025 Shengzhou City Provincial-Level New Energy Vehicle Promotion and Application Financial Subsidy Fund Application Form (Project) For details of the attachments, see:

[Gotion High-tech: Yichun Project Operating Normally, Mining License Still Valid] Regarding the mining operations in Yichun, Gotion High-tech stated in response to a CLS reporter that the company's project in Yichun is currently operating normally, and the mining license remains valid. Meanwhile, the company is actively cooperating with relevant authorities in self-inspections to ensure orderly production and operations. Note: Today, CATL's Jianxiawo mining area in Yichun suspended production after its mining license expired. According to industry sources cited by CLS, eight lithium mining enterprises including CATL and Gotion High-tech are required to submit revised mineral resource verification reports to the Yichun Natural Resources Bureau by September 30, scientifically determining the primary mining species. (CLS) [CAAM: NEV Sales Reached 1.262 Million Units in July, Up 27.4% YoY] CAAM released data showing that in July, NEV production and sales reached 1.243 million and 1.262 million units respectively, up 26.3% and 27.4% YoY. NEV sales accounted for 48.7% of total auto sales. From January to July, NEV production and sales totaled 8.232 million and 8.22 million units, up 39.2% and 38.5% YoY, with NEV sales representing 45% of total auto sales. [China Automotive Power Battery Industry Innovation Alliance: China's Power and Other Battery Production Combined Up 44.3% YoY in July] The July power battery monthly report released by the China Automotive Power Battery Industry Innovation Alliance on the 11th showed that China's combined production of power and other batteries reached 133.8GWh in July, up 3.6% MoM and 44.3% YoY. Sales of power and other batteries totaled 127.2GWh, down 3.2% MoM but up 47.8% YoY. Among them, power battery sales were 91.1GWh, accounting for 71.6% of total sales, down 3.1% MoM but up 45.8% YoY; other battery sales were 36.1GWh, accounting for 28.4% of total sales, down 3.4% MoM but up 52.9% YoY. [Xiaomi Auto Discloses Collision Detection Patent] Tianyancha shows that recently, Xiaomi Automobile Technology Co., Ltd. and Beijing Xiaomi Mobile Software Co., Ltd. applied for a patent titled "Collision Detection Method, Device, Storage Medium, and Program Product." The abstract indicates that the method includes: determining whether the terminal is in a vehicle riding state, obtaining the terminal's speed change information and the vehicle's operating status; and triggering an alarm operation in response to the operating status including a collision state. By employing the aforementioned methods, it is possible not only to determine whether a terminal is in a vehicle-riding state, but also to ascertain whether the vehicle carrying the terminal is in a collision state based on the terminal's speed variation information when the terminal is confirmed to be in the vehicle-riding state. This enables timely and effective detection of vehicle collisions, thereby providing reliable data support for prompt and efficient rescue operations, which further safeguards the personal safety of end-users during transportation. (Cailian Press) [Galaxy Securities: Lithium Ore Supply Contraction May Drive Lithium Chemical Prices Higher] Galaxy Securities' research report indicates that CATL's Jianxiawo porcelain clay (lithium-bearing) mine mining license expired on August 9. Given the mineral category change and reserve verification required for license renewal as of July 1, the Jianxiawo mine is expected to suspend production for an extended period. The mine's monthly lithium carbonate production stands at approximately 10,000 mt LCE, and its shutdown will reduce domestic lithium carbonate output by nearly 12%, improving the supply surplus in the lithium chemicals sector. Meanwhile, Yichun Natural Resources Bureau issued a notice requiring eight lithium-involved mining enterprises to complete reserve verification reports for mineral category changes by September 30. Following the suspension of the Jianxiawo porcelain clay mine, market expectations for production halts at the remaining seven lepidolite mines may intensify, amplifying lithium supply contraction concerns. Coupled with supply-side disruptions in lithium mines and catalysts from industry high-quality development and "anti-rat race" policies, lithium chemical prices could rise further. [CITIC Securities: CATL's Yichun Lithium Mine Suspension May Trigger Significant Lithium Price Surge] CITIC Securities' report highlights that CATL's Jianxiawo lithium mine suspension will last at least three months. The event is projected to reduce domestic lithium supply by 8,300 mt/month (8% of domestic monthly supply), shifting the monthly supply-demand balance into deficit and driving substantial lithium price increases. Some Yichun lithium mines still face compliance risks, with combined capacity of 185,000 mt LCE/year (12.5% of global lithium supply). A full suspension could trigger global lithium shortages. With robust domestic lithium battery demand and declining lithium chemical imports, lithium prices are expected to maintain upward momentum. (Cailian Press) Related Reading: