SpaceX recently submitted a building permit application to Texas, US, planning to build a solar cell manufacturing plant with a total production capacity of 10GW near Austin. The cells produced will be exclusively used to power Starlink satellites and future space AI Data centers. This is a key move in Musk's "space energy closed-loop" strategy, as he previously announced that Tesla and SpaceX will each build 100GW of photovoltaic production capacity in the next three years.

[SMM Cast Aluminum Alloy Morning Comment: Futures Extended Losses, While Trading Sentiment Recovered Slightly] Market quotes generally moved lower last Friday, with the SMM ADC12 price down 300 yuan/mt to 25,000 yuan/mt. Driven by the price pullback and weekend restocking demand, market trading sentiment recovered somewhat from the previous period, and downstream purchase willingness to buy the dip strengthened, improving transactions for some enterprises. However, overall demand still mainly reflected rigid demand, end-users remained sensitive to price fluctuations, and the pace of restocking stayed cautious. In the short term, ADC12 prices are expected to remain in the doldrums. The pattern of demand being under pressure is unlikely to change in the short term; downstream acceptance of high prices is limited, and coupled with the weak trend in primary aluminum weighing on market sentiment, prices struggled to rise. But with cost support, downside room is also limited. Going forward, close attention should be paid to the trend in primary aluminum and the pace of downstream consumption release.

Finland has recently launched a lithium mining project in Kaustinen, western Finland, developed by Keliber, marking the establishment of Europe’s first battery-grade lithium production system. The project encompasses a complete domestic value chain—from mining and beneficiation to refining lithium hydroxide in Kokkola—and is currently the only integrated operation in Europe capable of producing battery materials from ore. With a total investment of approximately €800 million, the project is 80% owned by South African mining company Sibanye-Stillwater, while the remaining 20% is held by the state-owned Finnish Minerals Group.

US photovoltaic manufacturer T1 Energy has formally commenced construction of its TOPCon solar cell factory in the United States, with an annual production capacity of 2.1GW. This project constitutes the first phase of its G2_Austin initiative, with mass production of high-efficiency TOPCon cells anticipated to commence by the end of 2026. T1 Energy stated that the initial investment for G2_Austin Phase 1 ranges between US$400 million and US$425 million. Upon completion, the facility will achieve an annual production capacity of 2.1GW. Subject to further growth in cell market demand, the company plans to advance Phase 2 with an additional 3.2GW capacity. According to previously disclosed information, the site possesses the potential to expand to an annual production capacity of 8GW solar cells.

As reminded by a Caixin article on Tuesday evening, overnight and into the morning, overseas markets have been busy reassessing the prospects of the Middle East conflict, with the three major US stock indices collectively under pressure and declining. As of Tuesday's close, the S&P 500 fell 0.84% to 5,982.72 points; the Nasdaq Composite Index fell 0.91% to 19,521.09 points; and the Dow Jones Industrial Average fell 0.7% to 42,215.8 points. As a bellwether for the Middle East conflict, international oil prices surged again. (Daily chart of Brent crude oil, source: TradingView) According to CCTV News, as the military conflict between Israel and Iran continues, the market's focus has shifted to whether the US military will intervene. According to reports, US President Trump met with his national security team in the White House Situation Room on Tuesday to weigh whether to further intervene in the ongoing conflict between Israel and Iran. US Treasury bond prices also rose simultaneously, though this was also related to weak US retail, housing, and industrial output data. Later on Wednesday (early Thursday Beijing time), the US Fed will announce its latest interest rate decision and hold a press conference. The market generally expects that before a series of uncertainties that could trigger inflation are resolved, Fed officials will have no room to cut interest rates. Meanwhile, Andrew Tyler, head of global market intelligence at JPMorgan Chase, who successfully predicted the April rebound, said this week that despite the success of investors' strategy of buying the dip in the US stock market this year, with negative news always being rewarded after fading away, it is now best to reduce risk exposure. Regardless of the Israel-Iran situation, the US stock market itself is already ripe for a correction. The latest Bank of America Fund Manager Survey also shows that about 54% of institutional investors expect international stocks to be the best-performing asset class over the next five years, while only 23% choose US stocks. Performance of Popular Stocks Tech giants generally fell on Tuesday, with Apple down 1.4%, Microsoft down 0.23%, Amazon down 0.59%, Nvidia down 0.39%, Google-A down 0.46%, Tesla down 3.88%, and Meta down 0.7%. Chinese ADRs also weakened due to market sentiment, with the Nasdaq Golden Dragon China Index closing down 1.77%. As of the close, Alibaba was down 0.8%, JD.com was down 0.93%, Baidu was down 1.42%, Pinduoduo was down 0.25%, Bilibili was down 2.6%, NIO was down 2.27%, NetEase was down 1.12%, and Futu Holdings was down 1.47%. The "Traditional Chinese Medicine + Brain-Computer Interface" concept stock that captured market attention yesterday, Brain Regeneration Technology, continued to rise by 30%, reaching a market capitalization of $38.5 billion, with a cumulative increase of 59,900% since the beginning of the year. It should be emphasized that the core reason for the stock's speculative surge lies in its extremely small free float. Company News [Amazon CEO Issues Warning on "AI Taking Jobs"] On Tuesday local time, Andy Jassy, CEO of Amazon, the world's largest e-commerce and cloud computing platform, publicly wrote that as the company widely adopts AI to enhance efficiency, it is expected that the overall workforce will be reduced. [US Energy Giant Chevron Officially Enters Lithium Industry] US energy giant Chevron announced on Tuesday its entry into the lithium industry. The company acquired two oilfield areas with the intention of building a "commercial-scale" lithium business in the US. Chevron stated that in the future, it will utilize the "Direct Lithium Extraction" (DLE) process at oilfields to extract lithium from brine. [Coinbase to Seek SEC Approval for Tokenized Equities] Paul Grewal, Chief Legal Officer of Coinbase, a cryptocurrency exchange and newly added member of the S&P 500 Index, revealed that the company is seeking approval from the US Securities and Exchange Commission (SEC) to launch a "tokenized equities" service. [Eli Lilly to Acquire Gene-Editing Startup Verve for $1.3 Billion] On Tuesday Eastern Time, US pharmaceutical giant Eli Lilly announced that it would acquire gene-editing startup Verve Therapeutics for up to $1.3 billion. In response to this news, Verve's stock price closed up 81.50% on Tuesday. [JPMorgan Chase Launches Deposit Token JPMD, Emphasizing It's Different from Stablecoins] JPMorgan Chase stated on Tuesday that it plans to launch a so-called deposit token, JPMD, on Coinbase's public blockchain Base, which is built on the Ethereum network. The token will provide customers with 24/7 settlement services and the ability to pay interest to holders. The Wall Street giant stated that this is a so-called "permissioned token," meaning it is limited to JPMorgan Chase's institutional clients only—different from most publicly circulating stablecoins. [Tesla's Stock Falls Due to Temporary Production Halt News] Tesla's stock price fell by 3.88% on Tuesday amid news that the company would suspend production of the Cybertruck and Model Y car models at its Austin, Texas, factory for a week. It is reported that the production halt for maintenance will begin on June 30, marking the third similar shutdown at the Austin factory in the past year. [Meta to Launch AI Glasses in Collaboration with Prada and Oakley] Market news on Tuesday reported that Meta and its AI glasses partner EssilorLuxottica plan to launch new AI glasses products under the Prada and Oakley brands. Meta had already announced on Monday that it would unveil a new collaboration with Oakley this week, focusing on sports scenarios. [Intel Reportedly to Cut Up to 20% of Employees in Its Foundry Division] An internal memo disclosed by the media on Tuesday revealed that Intel plans to reduce its workforce in the foundry business unit by 15% to 20% starting from July. It remains unclear how many employees will be directly affected by this move. Regulatory filings indicate that as of the end of last year, Intel had a total of 108,900 employees.

[Initiation of the Formulation of "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles"] The National Standards Information Public Service Platform has issued a notice soliciting opinions on the proposed mandatory national standard project "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles". The national standard plan "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles" was proposed by the Ministry of Industry and Information Technology (MIIT) and entrusted to the Intelligent Connected Vehicle Branch of the National Technical Committee of Auto Standardization for execution. The main drafting units include China Automotive Technology & Research Center Co., Ltd., Dongfeng Motor Group Co., Ltd., Huawei Technologies Co., Ltd., among others. The project duration is 22 months, and it was submitted for approval on March 22, 2024. The public consultation period began on June 4, 2025, and will end on July 4, 2025. (Caijing) [EU Selects 13 Foreign Strategic Raw Material Support Projects, Including a Graphite Mine in Greenland] To ensure access to critical raw materials, the European Commission has selected 13 strategic projects located outside the EU, including a graphite mine in southern Greenland. The European Commission stated in a declaration that these projects will receive "coordinated support" from the Commission, member states, and financial institutions, facilitating financing and connections with relevant buyers. The Commission estimates that a total capital investment of 5.5 billion euros will be required to initiate and operate these 13 projects. These projects involve strategic raw materials such as lithium, nickel, cobalt, manganese, graphite, and rare earths. Other projects are located in Canada, Kazakhstan, Norway, Serbia, Ukraine, Zambia, New Caledonia, Brazil, Madagascar, Malawi, South Africa, and the UK. The newly selected projects will complement the list of 47 strategic projects already approved within the EU on March 25. (Caijing) [US EV Company Lucid Signs Graphite Contracts in Succession, Securing Mines to Build Local Supply Chain] US electric vehicle company Lucid announced on its official website on Wednesday local time that it has reached a multi-year supply agreement with Graphite One to source natural graphite from within the US. According to the agreement, Graphite One is expected to commence production in 2028, supplying natural graphite to Lucid and its battery suppliers. The press release mentioned that Graphite One's natural graphite comes from the Graphite Creek deposit north of Nome, Alaska, US. This agreement builds on the contract signed by both parties in 2024, with Graphite One having already committed to supplying Lucid with artificial graphite for future car models from its proposed anode active material (AAM) factory in Warren, Ohio. (Caijing) [AESC's Gigafactory in France Commences Production with an Initial Capacity of 10 GWh] AESC announced that its battery gigafactory in Douai, France, has officially commenced production. It is reported that the initial 10 GWh capacity of the factory will supply power batteries to leading international automakers such as Renault, meeting the demand for 200,000 EVs. (Financial Associated Press) [CITIC Securities: The Singularity of Autonomous Driving in Automobiles Has Arrived, Accelerating Commercial Implementation] CITIC Securities' research report points out that L4-level autonomous driving is showing positive changes in multiple scenarios: 1) Robotaxi: Benefiting from the expansion of operational areas and vehicle deployment, the weekly orders of Robotaxi for leading companies have increased to 250,000 by early May this year (a 400% YoY increase), accelerating commercialization; Tesla plans to launch Robotaxi operations in Austin in June this year, expected to lead technological changes in the industry; 2) Robovan: Leading companies are demonstrating cost-reduction and efficiency-enhancement capabilities in the express delivery industry, accelerating order acquisition and product delivery; 3) Robotruck: The most clearly defined implementation scenario for unmanned operations, with autonomous driving operational efficiency gradually approaching human efficiency, driving product application. We believe that under these trends, various links in the industry chain are expected to accelerate technological R&D and product deployment, and the automotive intelligence industry chain is expected to benefit. (Financial Associated Press) [China Rare Earth Magnesium Industry: Plans to Invest No More Than 8 Billion Yuan in Building an Integrated Base Project for Lithium-ion Battery Anode Materials] China Rare Earth Magnesium Industry (300035.SZ) announced that the company plans to establish a project company in Oman through its wholly-owned Hong Kong subsidiary, Zhongke Shinzoom (Hong Kong) Holdings Limited, a subsidiary of its controlling subsidiary Hunan Zhongke Shinzoom Graphite Co., Ltd., to implement an annual production capacity of 200,000 mt of an integrated base project for lithium-ion battery anode materials, with a total investment of no more than 8 billion yuan. The project will be constructed in two phases, each with a planned capacity of 100,000 mt per year, and the construction period for each phase is expected to be 36 months. This project aims to meet overseas market demand and enhance the company's global market share, but there are risks associated with project construction and approval, fundraising, price fluctuations, market demand, operational management, policies and laws, and exchange rates. (Financial Associated Press) Related Readings: Battery and Solid-State Battery Sectors Strengthen Again, Multiple Automakers Announce Latest Progress, Lopal Shares Surge with Nearly Six Consecutive Daily Limit Ups [Hot Stock] [SMM Analysis] Cathode Material Production in May Increased MoM, While Downstream End-Use Demand Growth Was Sluggish [SMM Analysis] Demand Rose, Anode Material Production in May Increased [SMM Analysis] Co3O4 Production in May Increased MoM, with Most Industry Players Maintaining a Cautious Wait-and-See Attitude Cobalt-Based Product Quotations Collectively "Fell", While Cobalt Chloride Smelter Quotations Remained Firm, Likely to Maintain High-Level Volatility in the Future? [Weekly Observation] [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part I) [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part II) [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part III) [SMM Analysis] New Breakthrough in Lithium Battery Technology: Can a Single Injection Extend Battery Life? [SMM Analysis] Lithium battery recycling procurement continued to decline in May, potentially marking it as the sluggishest month of the year [SMM Analysis] Ternary cathode material production in May increased by 3.52% MoM [SMM Analysis] Ternary cathode precursor production in May decreased by 3.99% MoM Summary of China's LFP Market in May and Outlook for June [SMM Lithium Battery Market Analysis] [SMM Analysis] In May 2025, SMM's total domestic lithium carbonate production decreased by 2% MoM and increased by 15% YoY [SMM Analysis] Lithium hydroxide production in May remained stable with a slight upward trend MoM, and the expected flat trend in June remains unchanged [SMM Analysis] Ternary cathode precursor production in May decreased by 3.99% MoM [SMM Analysis] Supply and demand for iron phosphate remained stable in May, with potential price adjustments in June as production volumes surge [SMM News] Grenergy to invest 3.5 billion euros in BESS solar and ESS by 2027 Officially fell below 60,000 yuan/mt! Lithium carbonate futures hit a new historic low. When will prices bottom out? [SMM Flash News] The automotive and parts sectors surged, with the parts sector experiencing a significant "limit-up" rally, with nearly 10 stocks hitting their daily limits [Hot Stocks] [SMM Analysis] REPT Battero and Hyosung Heavy Industries reached a 2.5 GWh ESS strategic cooperation agreement [SMM Weekly Review] Weekly Market Trends for Lithium Ore from May 26 to May 29 [SMM Weekly Review] The lithium carbonate market remained weak, with supply-demand imbalance and weakening costs leading to continued price declines

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.

[Tesla to Launch Autonomous Taxi Service in Austin, Texas Next Month] Musk stated on May 20 local time that Tesla will launch an autonomous taxi service in Austin, Texas, US, by month-end June. Musk said that Tesla will initially deploy approximately 10 autonomous vehicles in certain areas of Austin. If the launch goes smoothly and no accidents occur, the fleet will be expanded to around 1,000 units within a few months. Subsequently, the service will be extended to cities such as Los Angeles and San Francisco.

Recently, T1 Energy signed a non-binding letter of intent with Manaar Gulf Saudi Arabia Ltd. to invest in the G2_Austin solar cell plant in Texas with a target capacity of 5GW.

[Cui Dongshu: National Passenger Vehicle Industry Inventory Reached 3.5 Million Units at the End of April 2025] Cui Dongshu, Secretary General of the China Passenger Car Association, stated in an article that the national passenger vehicle industry inventory reached 3.5 million units at the end of April 2025, an increase of 150,000 units MoM and 120,000 units compared to April 2024, indicating a continuous rise in industry inventory throughout 2025. The current policy initiatives have brought about overall optimism among producers, with high production levels after the Chinese New Year and relatively active wholesale activities by manufacturers, leading to the re-establishment of industry inventory. April reached a historical high for the end of April. As sales gradually transition into the off-season from May to July, sales are expected to decline over the next three months. Therefore, based on the inventory at the end of April 2025 and future sales projections, the existing inventory is estimated to support future sales for 57 days, slightly increasing the overall inventory pressure compared to 55 days at the end of April 2023 and 52 days at the end of April 2024. [Rio Tinto and Codelco to Collaborate on Developing the Maricunga Salt Lake Lithium Project, Planning to Invest Up to $900 Million in the Joint Venture] Rio Tinto and Codelco announced on May 19 the signing of a binding agreement to form a joint venture to develop and operate the Maricunga salt lake lithium project in Chile. The transaction is expected to be completed by the end of Q1 next year. According to the agreement, Rio Tinto will acquire a 49.99% stake in Maricunga Salt Lake Ltd. Codelco holds the licenses and mining concessions for the Maricunga salt lake through this company. Rio Tinto stated that it will invest an initial $350 million in Maricunga Salt Lake Ltd. for subsequent research and resource analysis to advance the project until the final investment decision. Once the decision to proceed with the project is made, Rio Tinto will invest $500 million in the company to cover construction costs. If the joint venture achieves the goal of delivering the first batch of lithium by 2030, Rio Tinto will also inject an additional $50 million into the company. (Financial Associated Press) [Wuhan Landian: Currently, the Company's Low-Power Equipment Boasts Stability and High Precision] Wuhan Landian released a record of investor relations activities. Low-power battery testing equipment is mainly used for testing 3C consumer electronics battery cells and battery materials. Common consumer electronics batteries currently include laptop batteries, mobile phone batteries, drone batteries, and other consumer batteries. The main customers for the company's low-power battery testing equipment are 3C battery producers, universities, and research institutes. The demand for low-power battery testing equipment is correlated with the production of consumer electronics batteries. With the continuous growth of the national economy and residents' consumption levels, the market demand for consumer electronics products continues to expand, leading to more diversified demands for various consumer electronics batteries. The overall consumer battery market is showing a steady upward trend. Currently, the company's low-power equipment boasts advantages such as good stability and high precision, but its market share among enterprises remains relatively low. In terms of competition, it faces rivalry from companies like Shenzhen Neware and Rui Neng Co., Ltd. [Sanfu New Tech: Plans to Invest 620 Million Yuan in the Industrialisation Project of Key Materials for High-Safety Dry Electrode Batteries and High-Frequency Electronic Information Composite Materials] Sanfu New Tech (688359.SH) announced that it plans to invest 620 million yuan in the industrialisation project of key materials for high-safety dry electrode batteries and high-frequency electronic information composite materials. Construction is expected to commence in June 2025, with the project scheduled for completion by the end of 2027. The project implementation entities are the company's subsidiaries, Jiangxi Bangyue and Jiangxi Bangxiang. The main products include current collectors, tabs, and high-frequency electronic information composite materials for lithium battery materials. The project may face challenges such as prolonged production cycles, slow yield ramp-up, as well as external environmental factors like macroeconomic fluctuations and adjustments in industry policies. (Science and Technology Innovation Board Daily) [Musk: Tesla Expects to Have Hundreds of Thousands, or Even a Million, Fully Autonomous Vehicles by the End of 2026] Tesla CEO Elon Musk stated that Tesla is currently testing "thousands" of autonomous vehicles in preparation for their launch next month. This summer, Tesla will deploy autonomous vehicles on the roads of Austin, Texas. It is expected that by the end of 2026, there will be hundreds of thousands, or even a million, fully autonomous vehicles. [Beijing Proposes to Revise the Operational Service Standards for Parking Lots, with Charging Facilities in Public Parking Lots Expected to Account for No Less Than 10%] The local standard of Beijing, "Operational Service Standards for Parking Lots (Garages)", is open for public comment. According to the draft for comment, existing public parking lots and P+R parking lots with power supply conditions should be equipped with public charging facilities at a ratio of no less than 10%. For the EV charging infrastructure in parking lots that serve the public, it is advisable to set up different proportions of super-fast and fast charging facilities tailored to different service targets. In response to the increasing proportion of motorcycles year by year, the city will guide qualified parking lots to fully utilize the corner spaces within the lots to set up motorcycle parking spaces. (Finance Link) Related Readings: [SMM Analysis] Both China's Unwrought Cobalt Exports and Imports Saw Significant Growth in April 2025 [SMM Analysis] Domestic Spodumene Imports Totaled 623,000 mt in April, Up 16.5% MoM [SMM Analysis] Both Imports and Exports of Artificial Graphite Saw MoM Increases in April [SMM Data] Import and Export Data of LiPF6 in April 2025 [SMM Analysis] Analysis of Export Situation of Ternary Cathode Precursors in April [SMM Analysis] Import and Export Volumes of Ternary Cathode in April Released, with Imports Up 37% MoM and Exports Up 13% MoM [SMM Announcement] Adjustments to Weekly Data Points Related to Lithium Carbonate Before and After the Labour Day Holiday Driven by Multiple Favorable Factors!The auto parts sector has witnessed a dramatic surge in "limit-up" trends, with over 12 stocks hitting their daily limits! [Hot Stocks] Refined cobalt prices have slightly recovered, while Co3O4 prices continue to decline. The market awaits the follow-up to the June DRC export ban. [Weekly Observations] [SMM Industry Insights] Global Cobalt Industry Chain Changes and Chinese Market Outlook Post-DRC Cobalt Export Ban - Key Points from the Special Speech by Wang Cong, General Manager of SMM Industry Research Tariff suspension spurs lithium carbonate futures to rise over 3%. Can the expectation of a rush in exports help lithium carbonate "stand up"? [SMM Flash News] Retail sales growth of passenger vehicles in April hits a decade-high, with auto production and sales exceeding 10 million units in the first four months! [SMM Special Report] [SMM Analysis] Impact of US tariff adjustments on China's new energy end-users after the "Geneva Talks" [SMM Analysis] 2025 Shanghai Auto Show: Intelligence, Luxury, Electrification [SMM Analysis] Sibanye Stillwater's Finnish lithium mine project sees a 17% cost surge, but the 2026 commissioning plan remains unchanged Lithium carbonate prices fell over 25% YoY in Q1, with miners experiencing mixed performances. When will lithium prices rise? [SMM Special Report] [SMM Analysis] In April 2025, SMM's total domestic lithium carbonate production fell 7% MoM but increased 40% YoY Salt Lake Potash's net profit in Q1 increased over 22% YoY, aiming to achieve a 200,000 mt/year lithium chemicals production capacity by 2030