The National Bureau of Statistics (NBS) recently released data showing that from January to May, total retail sales of social consumer goods reached 20,603.1 billion yuan, up 1.4% YoY. Of this, retail sales of consumer goods excluding automobiles were 19,002.2 billion yuan, up 2.7%. In May, total retail sales of social consumer goods were 4,109 billion yuan, down 0.6% YoY. Of this, retail sales of consumer goods excluding automobiles reached 3,778.1 billion yuan, up 1.1%.

According to Nikkei Asia on June 16 local time, Japan’s Ministry of the Environment and Ministry of Economy, Trade and Industry reviewed a policy report last week outlining revisions to the Automobile Recycling Law. The ministries officially decided to launch a working group this summer to establish a comprehensive recycling system for used EV batteries.

In mid-June 2026, the CAAM and the China Power Battery Industry Innovation Alliance successively released relevant data on the automobile and power battery markets for May 2026. The CAAM stated that in May, auto production and sales rose MoM but edged down YoY. Affected by multiple factors including policy adjustments, changes in market structure, and a macro environment under pressure, the Chinese market continued to show a double-digit decline YoY; meanwhile, exports were strong and sustained rapid growth. .......SMM has compiled the relevant data on the automobile and power battery markets for May 2026, for readers’ reference. Automobile CAAM: May Auto Production and Sales Reached 2.616 Million and 2.629 Million Units, Both Up MoM In May, auto production and sales reached 2.616 million and 2.629 million units, up 1.6% and 4.1% MoM respectively , and down 1.2% and 2.1% YoY respectively. From January to May, auto production and sales totaled 12.235 million and 12.207 million units, down 4.6% and 4.2% YoY respectively, with the declines narrowing further compared with the first four months. CAAM: May NEV Production and Sales Rose 22.4% and 14.4% YoY Respectively; NEV Sales Accounted for 47.5% of Total New Vehicle Sales In May, NEV production and sales reached 1.554 million and 1.496 million units, up 22.4% and 14.4% YoY respectively . NEV sales accounted for 56.9% of total new vehicle sales. From January to May, NEV production and sales reached 5.841 million and 5.802 million units, up 2.5% and 3.5% YoY respectively, and NEV sales accounted for 47.5% of total new vehicle sales. CAAM: NEV Exports More Than Doubled in May and January-May In May, NEV exports reached 446,000 units, up 3.8% MoM and 110% YoY. Of these, passenger NEV exports stood at 435,000 units, up 3.4% MoM and 110% YoY; commercial NEV exports reached 12,000 units, up 21% MoM and 48.1% YoY. From January to May, NEV exports totaled 1.833 million units, up 110% YoY . Of these, passenger NEV exports were 1.792 million units, up 120% YoY; commercial NEV exports were 41,000 units, up 0.6% YoY. The CAAM commented that in May, auto production and sales rose MoM but edged down YoY. Affected by multiple factors such as policy adjustments, market structure changes, and a macro environment under pressure, the Chinese market continued to see a double-digit decline YoY; exports developed robustly, sustaining a rapid growth trajectory. By car model, passenger vehicle sales edged down YoY, commercial vehicle sales maintained growth, and the NEV market stabilized and rebounded. Since the beginning of this year, the auto market has exhibited a pronounced characteristic of "domestic demand under pressure, foreign trade strong." The industry's operations have faced multiple challenges, including insufficient domestic demand, high costs, and external shocks. On the end-user side, policies and market expectations should be stabilized, industry governance deepened, restrictive measures introduced cautiously, and the consumption baseline solidified; on the foreign trade side, it is necessary to deepen international development, effectively address various risks and challenges, and strengthen the stabilizing support role of the international cycle. Meanwhile, the CPCA also released data on the passenger vehicle market for May. From May 1st to 31st, retail sales of passenger vehicles nationwide reached 1.51 million units, down 22.1% YoY, but up 9.2% MoM; cumulative retail sales since the start of the year reached 7.099 million units, down 19.5% YoY. In the NEV segment, May NEV retail sales fell 7% YoY, with domestic brands declining 10%, mainstream joint ventures growing 51%, and luxury brands growing 8%. Domestic retail sales of domestic economy EVs were significantly impacted by the sharp drop in subsidies. Due to strong subsidies for NEV commercial vehicles, the low and mid-end MPV segment experienced a relatively large decline. In terms of NEV exports, passenger NEV exports in May reached 424,000 units , up 112.6% YoY and up 4.4% MoM. These accounted for 54.1% of total passenger vehicle exports, an increase of 9.5 percentage points compared to the same period last year. Among them, BEVs accounted for 59.3% of NEV exports (compared to 66.1% same period last year), with the core focal A00+A0 class BEVs accounting for 53.8% of BEV exports (compared to 50.7% same period last year). Alongside the emerging scale advantages of Chinese NEVs and the demand for market expansion, an increasing number of Chinese-made NEV branded products are going overseas, with their recognition outside China continuously improving. Among NEV exports, narrow-body plug-in hybrid vehicles accounted for 36.2% (compared to 31.9% same period last year), and extended-range EVs accounted for 4.4% (compared to 2.0% same period last year). Although external interference from certain countries has occurred recently, the export of domestic narrow-body plug-in hybrids to developing countries has grown rapidly and shows bright prospects. The CPCA stated that the domestic passenger vehicle market in May 2026 presented an operational dynamic of overall volume under pressure, MoM strengthening, and extreme structural differentiation, without achieving a substantive recovery overall. The slight recovery in the auto market in May was mainly attributed to the evident effectiveness of the industry's "anti-involution" efforts, stabilizing automaker sales promotions and weakening the consumer expectation of price cuts. This, combined with the warmth-boosting effect of the Beijing Auto Show, released some pent-up car purchase demand, forming a phased terminal rebound. It said that the core features of the auto market in May were the collapse of internal combustion engine vehicle domestic sales, the strong dominance of new energy vehicles, and the counter-trend growth of exports. The main cause of the domestic auto market decline was the sharp contraction in fuel vehicle sales under the impact of high oil prices. In May, fuel vehicles accounted for a 37.1% share, but their YoY decline contributed 82% of the total decline in passenger vehicles, dragging down the overall market trend. Factors such as high oil prices and consumption transformation accelerated the "fuel-to-electric substitution" process. This month, the retail penetration rate of new energy vehicles continued to exceed 60%, reaching a historical high of 62.9%. The electrification transformation of joint venture brands accelerated. In May, sales of new energy JV car models grew 51% YoY, while fuel vehicle sales fell 41% YoY. Exports continued to be the industry's core growth engine. In May, the share of new energy in exports hit a new high of 54%, but fuel vehicle exports also showed strong performance with 46% growth, forming an exceptionally strong performance of China's all-round export growth. Characteristics of the passenger vehicle market in May 2026: 1. Overall volume was under pressure, with major structural divergence, and "fuel cold, new energy hot" became the biggest focus. The core reason for the decline in domestic retail was the "fuel collapse," which drove the new energy retail penetration rate to break through 60% to 62.9% (a new high), with the pace of electrification substitution exceeding expectations. 2. The electrification transformation of joint venture brands accelerated. In May, domestic retail sales of mainstream JV new energy vehicles grew 51% YoY, while the overall growth rate of domestic new energy vehicles slowed by 10%. JV brands such as Buick (with new energy accounting for 45%) began to show initial results in their shift to new energy. 3. Exports showed explosive growth, with new energy accounting for 54% (a new high) in exports, driven by both new energy and domestic brands, and going global becoming the core growth engine. 4. Clear characteristics of passive destocking and a relatively rapid decline in channel inventories. Listed dealers suffered overall losses, and dealer survival pressure continued to increase. 5. Independent brands made notable breakthroughs in the high-end segment, with retail sales of passenger vehicles in the 200,000-300,000 yuan, 300,000-400,000 yuan, and above 400,000 yuan price segments all exceeding 50%. 6. Micro EVs were under pressure, A-class cars shrank, entry-level consumption badly needed support, and the launch of economy EV standards was eagerly anticipated. Power Battery Update In April, power and ESS battery sales grew 47.4% YoY. January-May cumulative sales grew 48.5% YoY. In May, China's power and ESS battery sales reached 182.2 GWh, up 11.0% MoM and 47.4% YoY . Among them, power battery sales were 127.0 GWh, accounting for 69.7% of total sales, up 16.6% MoM and 45.2% YoY; ESS battery sales were 55.2 GWh, accounting for 30.3% of total sales, down 0.1% MoM but up 52.7% YoY. From January to May, China's cumulative power and ESS battery sales reached 783.4 GWh, up 48.5% YoY . Of this, cumulative power battery sales reached 527.9 GWh, accounting for 67.4% of total sales, up 34.9% YoY; cumulative ESS battery sales were 255.5 GWh, accounting for 32.6% of total sales, up 87.7% YoY. May China power battery installations up 25.9% YoY, LFP share at 81.2% In May, China's power battery installations reached 71.9 GWh, up 15.2% MoM and 25.9% YoY . Ternary battery installations were 13.4 GWh, accounting for 18.6% of total installations, up 15.9% MoM and 27.3% YoY; LFP battery installations were 58.4 GWh, accounting for 81.2% of total installations, up 14.9% MoM and 25.4% YoY. From January to May, cumulative power battery installations in China reached 259.1 GWh, up 7.3% YoY . Ternary battery cumulative installations were 50.8 GWh, accounting for 19.6% of total installations, up 13.3% YoY; LFP battery cumulative installations were 208.2 GWh, accounting for 80.4% of total installations, up 6.0% YoY. May: Leap Motor dominated among NEV startups; BYD's export growth impressive In early June, May domestic NEV sales/delivery figures were released. BYD continued to lead the global NEV market with sales exceeding 380,000 units. Among domestic NEV startups, Leap Motor's outstanding performance once again ignited market enthusiasm, setting a new monthly delivery record with over 80,000 units! Details are as follows: BYD: According to its announcement, BYD sold a total of 383,453 vehicles in May, including 376,990 passenger vehicles. By brand: Dynasty/Ocean series sold 330,215 units; Fang Cheng Bao sold 30,186 units; Denza sold 16,303 units; Yangwang sold 286 units. From January to May, BYD's cumulative sales reached 1,405,039 units. The company's cumulative NEV sales surpassed 16.5 million units. BYD's sales recovery was mainly supported by exports. Data shows that in May, BYD's overseas sales reached 161,000 units, up 80.4% YoY. NEV Startups: In May, Leap Motor delivered 81,569 vehicles across its entire lineup, up 81% YoY, setting a new historical high for monthly deliveries. The company's NEV sales grew steadily, maintaining its lead. Leap Motor also performed excellently in Italy's pure electric vehicle market, with monthly registrations reaching 4,765 units, up 1,278% YoY, and its pure electric market share reaching a record high of 34.5%. NIO delivered a total of 37,705 new vehicles in May, up 62.3% YoY and 28.4% MoM. Specifically, NIO brand deliveries reached 20,013 units, up 50.8% YoY; Ledao brand delivered 12,029 units, up 91.5% YoY and 124.8% MoM; and Firefly brand delivered 5,663 units, up 53.9% YoY and 13.7% MoM. In the first five months of this year, NIO delivered a total of 150,526 new vehicles, representing a 68.7% YoY increase. To date, NIO's cumulative deliveries have reached 1,148,118 units. Li Auto ranked third among NEV startups with monthly deliveries of 33,350 units this time. As of May 31, 2026, Li Auto's cumulative deliveries reached 1,702,792 units. Li Xiang, Chairman and CEO of Li Auto, said that since Q1 this year, Li Auto's deliveries have entered a growth trajectory, reclaiming the top spot among Chinese brands in the NEV market priced above 200,000 yuan. As of May 31, 2026, Li Auto had 498 retail centers across China, covering 160 cities; and 543 after-sales repair centers and authorized service centers, covering 222 cities. Li Auto has put into use 4,088 Li Auto supercharging stations nationwide, equipped with 22,563 charging piles. XPeng Motors delivered 32,158 new vehicles in May. On May 20, the new technology flagship XPeng GX was officially launched and began deliveries. Within 12 hours of launch, firm orders reached 24,863 units, with the Ultra flagship edition accounting for over 80% of orders. Showroom traffic and test drive volume hit a record high for the same period of any new car launch, making it one of the most popular products among users in the high-end luxury car market and a key step in XPeng Group's brand elevation. In the global market, XPeng maintained strong momentum. In April, overseas deliveries of the P7+ commenced, and monthly overseas sales exceeded 6,000 units for the first time. As of the end of Q1, XPeng had entered over 60 countries and regions worldwide, with 393 overseas sales outlets. Starting from Q2, international business revenue contribution is expected to exceed 20%. In H2 this year, XPeng plans to deliver four global car models, aiming to achieve sustained monthly overseas sales of over 10,000 units in Q4 and more than double full-year overseas sales. Xiaomi Auto's monthly deliveries continued to exceed 30,000 units in May, and its cumulative deliveries surpassed 139,000 units from January to May. On June 13, the latest news, Lei Jun, Chairman of Xiaomi Group, posted on Weibo that Xiaomi Auto attaches great importance to testing, with massive investment and scale. Currently, the testing team consists of over 800 members, of which over 45% are experts with more than 10 years of experience. This team has conducted tests in more than 300 cities and completed over 35 million kilometers of cumulative testing. Xiaomi Auto has 126 laboratories across four cities—Beijing, Nanjing, Shanghai, and Wuhan—covering a total area of over 65,600 m². It has also rented two full-vehicle comprehensive testing grounds in Yancheng, Jiangsu, and Guangde, Anhui. There is a dedicated team of around 500 personnel for extreme environment testing. This team is split into summer testing and winter testing units and is mainly responsible for four major extreme environment tests: Heihe (extreme cold), Turpan (extreme heat), the Kunlun Mountains (high altitude), and Hainan (high humidity). Overall, Cui Dongshu, Secretary General of the CPCA, noted that the key features of the auto market in May were “sluggish domestic sales of internal combustion engine vehicles, strong dominance of new energy vehicles, and YoY growth in exports amid headwinds.” Based on the current industry situation, the CPCA adjusted market expectations, revising the decline in full-year domestic passenger vehicle retail sales to 11%, from the 1% decline forecasted at the start of the year. Cui Dongshu stated that the auto market will gradually stabilize and improve in Q3, return to a growth trajectory in Q4, and the full-year decline in domestic passenger vehicle retail sales is expected to narrow to 11%, with the market still holding recovery potential. If the global situation stabilizes, commodity and oil prices return to reasonable ranges, transportation costs subsequently pull back, domestic consumer confidence in car purchases will gradually recover, and the auto retail market will also see a sustained recovery. Looking ahead to June, the CPCA projects that China’s domestic passenger vehicle market in June 2026 will present a weak recovery pattern of “MoM recovery, YoY pressure,” with the market slowly mending based on its own fundamentals. As a month-end period, June sees automakers pushing for their semi-annual sales targets, with OEMs and end-user stores increasing order replenishment efforts, a key positive factor supporting MoM recovery. There will be 21 working days this month, forming a YoY advantage of one extra working day compared to the base of 20 working days in June last year, providing a positive boost to overall production and sales. However, based on past experience, during months when the World Cup is held, the auto market’s sequential performance tends to be weaker. It fell 7% MoM in June 2018, and by 4% MoM in both June 2010 and June 2014. The negative impacts from the previous reduction in passenger vehicle trade-in subsidies and the cooling of the industry price war have been largely absorbed, marking an end to negative policy factors and providing a foundation for market recovery. End-user pace, the auto market showed a “front-loaded and then stabilizing” trend. Combined with the month-end semi-annual sales push effect, the overall monthly trajectory was relatively steady. Notably, the Dragon Boat Festival holiday fell on June 19 this year, significantly later than its May 31 date last year. The concentrated disruption from holiday foot traffic and diverted consumer spending affected the market this month, slightly suppressing mid-month car ordering enthusiasm and partially offsetting some of the benefits from the semi-annual month-end sales push and extra working days. This emerged as a key seasonal factor influencing the monthly trend. It is worth noting that geopolitical conflicts have driven international oil prices to fluctuate at highs, causing the cost of using fuel vehicles in China to keep climbing. This not only directly suppresses the willingness to purchase fuel vehicles but also adds to residents' expenditure pressure, further weakening overall car purchase consumption power and becoming a core factor constraining significant YoY growth in the auto market. At the same time, however, high oil prices have also been continuously accelerating the transition to vehicle electrification. Coupled with the momentum of pushing for half-year targets at the end of June, automakers have introduced compliant concession policies such as interest subsidies and car purchase gift packages for new energy models. Together with the concentrated delivery of multiple new NEV models, the industry's product portfolio has been continuously improved, and strength on the supply side has increased substantially. Currently, industry inventory is being gradually and orderly digested, the vicious price war has largely subsided, and terminals are clearing inventory through mild sales promotions, making market competition trend toward a benign state. Driven by multiple favorable factors, the passenger NEV penetration rate is expected to remain firmly above 60%, with the electrification process continuing to accelerate, becoming the core pillar supporting the resilience of the auto market. Against the backdrop of sluggish domestic demand, automobile exports have become the core pillar of industry growth, creating a pattern of "weak domestic demand, leading overseas demand." Chinese automakers continue to deepen their presence in overseas markets, focusing on diverse markets such as Latin America and Europe, effectively offsetting the impact of declining demand in the Middle East, with export sales maintaining high growth. Relying on the mature domestic new energy industry chain and high-quality products, automobile exports continue to move upscale and upgrade across all categories, effectively offsetting the growth pressure in the Chinese market and supporting the overall stable operation of the industry. Overall, the Passenger Vehicle Association estimates that the auto market's recovery momentum in June will be limited, structural potential remains large, and the overall weak recovery trend will persist.

Data from the General Administration of Customs show that from January to May 2026, China's total import and export value of mechanical and electrical products reached $1,599.74 billion, up 24.6% YoY. Specifically, the export value of mechanical and electrical products was $1,089.89 billion, up 22.4% YoY. A breakdown shows that the YoY growth rates of export values for integrated circuits, automobiles (including chassis), and automatic data processing equipment and parts all exceeded 30%.

In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively implemented the new development philosophy, accelerated the creation of a new development pattern, earnestly carried out more proactive macro policies, and effectively responded to external shocks and challenges. Production and supply rose steadily, employment and prices remained generally stable, the resilience of foreign trade continued to manifest, new driving forces grew stronger, and the national economy sustained a generally stable development trajectory with improvement and upgrading. Data from the National Bureau of Statistics (NBS) showed that in May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms, 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. For January-May, it grew by 5.4% YoY. Value Added of Industrial Enterprises Above Designated Size Grew by 4.5% in May 2026 In May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms (the real growth rates of value added are calculated after deducting price factors), 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. From January to May, it rose by 5.4% YoY. By sector, in May, the value added of the mining industry grew by 2.3% YoY, manufacturing by 4.4%, and the production and supply of electricity, heat, gas and water by 7.6%. By ownership, in May, the value added of state-holding enterprises grew by 3.7% YoY; joint-stock enterprises by 5.2%, enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan by 1.9%; and private enterprises by 2.7%. By industry, in May, the value added of 28 out of the 41 major industries registered YoY growth. Among them, coal mining and washing grew by 3.5%, petroleum and natural gas extraction by 1.5%, agricultural and sideline food processing by 1.5%, wine, beverages and refined tea manufacturing fell by 2.7%, the textile industry grew by 2.6%, chemical raw materials and chemical products manufacturing by 0.3%, non-metallic mineral products fell by 5.6%, ferrous metals smelting and rolling processing grew by 1.6%, non-ferrous metals smelting and rolling processing fell by 4.5%, general equipment manufacturing grew by 6.7%, special equipment manufacturing by 9.1%, automobile manufacturing by 8.3%, railway, shipbuilding, aerospace and other transport equipment manufacturing by 7.4%, electrical machinery and equipment manufacturing by 4.7%, computer, communication and other electronic equipment manufacturing by 17.0%, and electricity and heat production and supply by 8.7%. By product, in May, among the 626 products of industrial enterprises above designated size, 300 saw YoY output growth. Specifically, steel output was 123.03 million mt, down 2.8% YoY; cement 149.91 million mt, down 8.1%; ten non-ferrous metals 6.98 million mt, up 2.2%; ethylene 3.38 million mt, up 2.1%; automobiles 2.582 million units, down 3.2%, of which NEVs 1.489 million units, up 17.8%; power generation 784.3 billion kWh, up 4.2%; crude oil processing volume 53.72 million mt, down 9.1%. In May, the product sales ratio of industrial enterprises above designated size was 96.0%, down 0.1 percentage point YoY; the export delivery value of industrial enterprises above designated size reached 1,388.4 billion yuan, a nominal YoY increase of 10.1%. In May, National Economy Operated Generally Stable, with New and Quality Development In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and plans of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the creation of a new development pattern, effectively implemented more proactive macro policies, and effectively responded to external shocks and challenges. Production supply was stable with an upward trend, employment and prices were generally stable, the resilience of foreign trade continued to be demonstrated, and new growth drivers grew stronger. The national economy continued its development trend of overall stability with new and quality improvements. 1. Industrial Production Accelerated, with Equipment and High-Tech Manufacturing Growing Rapidly In May, the value added of industrial enterprises above designated size increased by 4.5% YoY, 0.4 percentage points faster than the previous month; it grew 0.40% MoM. By the three major categories, the value added of mining grew 2.3% YoY, manufacturing grew 4.4%, and production and supply of electricity, heat, gas, and water grew 7.6%. The value added of equipment manufacturing grew 9.5% YoY, and high-tech manufacturing grew 15.1%, accelerating by 1.2 and 2.3 percentage points respectively from the previous month. By type of ownership, the value added of state-controlled enterprises grew 3.7% YoY; joint-stock enterprises grew 5.2%, foreign, Hong Kong, Macau, and Taiwan invested enterprises grew 1.9%; private enterprises grew 2.7%. By product, the output of 3D printing equipment, lithium-ion batteries, and industrial robots grew 54.4%, 40.0%, and 27.9% YoY respectively. In the January-May period, the value added of industrial enterprises above designated size grew 5.4% YoY. In May, the manufacturing PMI was 50.0%, and the index of enterprise production and operation expectations was 53.9%. In the first four months, the total profits of industrial enterprises above designated size reached 2,435.8 billion yuan, up 18.2% YoY. II. Services Grew Steadily, Modern Services Developed Soundly In May, the national services production index grew 4.4% YoY, 0.1 percentage point faster than the previous month. By sector, the production indices of information transmission, software and IT services, leasing and business services, financial services, and transport, storage and postal services grew 11.3%, 10.9%, 7.0%, and 4.8% YoY, respectively. In January-May, the national services production index rose 4.8% YoY. In January-April, the operating revenue of service enterprises above the designated size increased 6.4% YoY. In May, the business activity index for services stood at 50.3%, and the business activity expectations index for services was 55.4%. Among them, the business activity indices for railway transport, telecommunications, radio and television, and satellite transmission services, and insurance were in the relatively high prosperity range of above 55.0%. III. Market Sales Maintained Growth, Service Retail Maintained Sound Momentum In January-May, total retail sales of consumer goods and services grew 2.8% YoY, with retail sales of services up 5.4% and retail sales of goods up 1.2%. In January-May, total retail sales of consumer goods reached 20,603.1 billion yuan, up 1.4% YoY. In January-May, nationwide online retail sales of goods and services reached 8,317.7 billion yuan, up 5.9% YoY, of which online retail sales of goods were 5,271.8 billion yuan, up 5.0%, and online retail sales of services were 3,045.9 billion yuan, up 7.6%. In May, total retail sales of consumer goods amounted to 4,109 billion yuan, down 0.6% YoY and down 0.38% MoM. By location of business establishments, retail sales of consumer goods in urban areas came in at 3,574.1 billion yuan, down 0.9% YoY; retail sales in rural areas were 534.9 billion yuan, up 1.5% YoY. By type of consumption, retail sales of goods stood at 3,648.5 billion yuan, down 0.7% YoY; catering revenue was 460.5 billion yuan, up 0.6% YoY. Sales of daily necessities and some upgraded goods maintained growth. Retail sales of beverages, clothing, footwear, hats and textiles, and cosmetics by enterprises above the designated size increased 6.1%, 3.8%, and 2.5% YoY, respectively. IV. Infrastructure Investment Maintained Growth, Investment in Intellectual Property Products Accelerated In January-May, national fixed-asset investment (excluding rural households) reached 17,851.2 billion yuan, down 4.1% YoY; excluding real estate development, fixed-asset investment fell 1.2%. Among this, investment in intellectual property products grew 9.3% YoY, 0.4 percentage points faster than in January-April. By sector, infrastructure investment rose 0.6% YoY, manufacturing investment fell 0.4%, and real estate development investment dropped 16.2%. The floor space of newly built commercial buildings sold nationwide was 313.2 million m², down 10.8% YoY; the sales value of newly built commercial buildings was 2,936.6 billion yuan, down 13.5% YoY. By industry, investment in the primary sector rose 5.9% YoY, investment in the secondary sector edged up 0.1% YoY, and investment in the tertiary sector fell 6.8% YoY. Private investment declined 7.1% YoY; excluding real estate development, private investment dropped 3.5% YoY. Investment in high-tech industries grew 4.5% YoY, with investment in computer and office equipment manufacturing, aviation and spacecraft and equipment manufacturing, and information services up 18.3%, 16.7%, and 13.8%, respectively. In May, fixed asset investment (excluding rural households) fell 1.91% MoM. V. Rapid Growth in Goods Imports and Exports with Continued Optimization of Trade Structure In May, total goods imports and exports reached 4,451.6 billion yuan, up 16.9% YoY, accelerating 2.7 percentage points from the previous month. Exports stood at 2,587.8 billion yuan, up 13.8% YoY, while imports totaled 1,863.8 billion yuan, up 21.5% YoY. From January to May, total goods imports and exports amounted to 20,682.7 billion yuan, up 15.3% YoY. Exports came to 11,913.7 billion yuan, up 11.8% YoY, and imports hit 8,769.1 billion yuan, up 20.5% YoY. From January to May, imports and exports under Ordinary Trade rose 8.3% YoY. Imports and exports with Belt and Road partner countries grew 13.6% YoY. Imports and exports by private enterprises increased 15.5% YoY. Exports of mechanical and electrical products expanded 18.4% YoY. VI. Generally Stable Employment with a Decline in the Surveyed Urban Unemployment Rate From January to May, the surveyed urban unemployment rate averaged 5.2%. In May, the surveyed urban unemployment rate was 5.1%, down 0.1 percentage points MoM. The surveyed unemployment rate for the local household labor force was 5.2%, and that for the non-local household labor force was 4.9%, with the rate for the non-local agricultural household labor force at 4.9%. The surveyed urban unemployment rate across 31 major cities was 5.1%, down 0.1 percentage points MoM. The average weekly working hours of employees in enterprises nationwide was 48.2 hours. VII. Mild Rise in Consumer Prices and Widening YoY Increase in Producer Prices In May, the national consumer price index (CPI) rose 1.2% YoY, the same growth as the previous month, and fell 0.1% MoM. By category, prices for food, tobacco, alcohol, and dining out fell 0.9% YoY, clothing prices rose 1.4% YoY, housing prices edged down 0.2% YoY, prices for household articles and services increased 1.8% YoY, transportation and communication prices climbed 5.4% YoY, education, culture, and entertainment prices went up 1.3% YoY, healthcare prices grew 2.1% YoY, and prices for other goods and services surged 9.9% YoY. Among food, tobacco, alcohol, and dining-out prices, pork prices fell 16.1%, fresh fruit prices dropped 2.2%, grain prices edged down 0.3%, while fresh vegetable prices rose 1.6%. Core CPI, which excludes food and energy prices, posted a 1.1% YoY increase. For January–May, national consumer prices rose 1.0% YoY. In May, national industrial producer EXW prices rose 3.9% YoY, with the growth rate widening by 1.1 percentage points from the previous month, and rose 0.5% MoM. National industrial producer purchasing prices rose 5.8% YoY and 1.3% MoM. For January–May, national industrial producer EXW prices and purchasing prices rose 1.0% and 1.6% YoY, respectively. Overall, the national economy operated stably in May, with development resilience continuing to show. However, it should also be noted that the external environment has become more complex and volatile, the contradiction of strong domestic supply and weak demand remains pronounced, some enterprises face considerable operating pressure, and the foundation for sustained economic improvement still needs consolidation. In the next stage, efforts should focus on adhering to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, maintaining the principle of pursuing progress while ensuring stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, continuously expanding domestic demand and optimizing supply, enhancing increments and revitalizing existing assets, developing new quality productive forces according to local conditions, deepening the building of a unified national market, working to stabilize employment, enterprises, markets, and expectations, and promoting effective qualitative improvement and reasonable quantitative growth of the economy. Recommended reading:

Canada’s ambassador to the US said that in trade negotiations with Washington, Canada’s top objective is to secure relief from the hefty tariffs the US has imposed on key industrial sectors such as steel, aluminum, and automobiles. Mark Wiseman, a former pension fund and BlackRock executive, noted that Canadians need not focus excessively on the formal review process for the existing US-Mexico-Canada Agreement (USMCA), which is about to begin on July 1. Wiseman told business figures that senior Trump administration officials, led by US Trade Representative Jamieson Greer, have indicated they intend to keep the agreement but will make amendments to it. Moreover, even if a renewal deal is not reached after July 1, the USMCA’s provisions will remain in effect for another decade, continuing until 2036.

According to preliminary central bank statistics, the cumulative increase in total social financing (TSF) in the first five months of 2026 was 17.48 trillion yuan, a decrease of 1.16 trillion yuan from the same period last year. Of which, new renminbi loans to the real economy increased by 9 trillion yuan, a YoY decrease of 1.38 trillion yuan; foreign-currency loans to the real economy converted into renminbi increased by 115.3 billion yuan, a YoY increase of 211.6 billion yuan; entrusted loans decreased by 103.1 billion yuan, a further YoY decrease of 91.8 billion yuan; trust loans increased by 5.7 billion yuan, a YoY decrease of 57 billion yuan; undiscounted bankers' acceptances decreased by 17.2 billion yuan, a further YoY decrease of 151.4 billion yuan; net financing of corporate bonds was 1.67 trillion yuan, a YoY increase of 757.7 billion yuan; net financing of government bonds was 5.67 trillion yuan, a YoY decrease of 634 billion yuan; and domestic equity financing of non-financial enterprises amounted to 230.5 billion yuan, a YoY increase of 79.9 billion yuan. In the first five months, renminbi loans increased by 9.11 trillion yuan. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans decreased by 694.2 billion yuan, and medium and long-term loans increased by 62.8 billion yuan; enterprise sector loans increased by 9.63 trillion yuan, of which short-term loans increased by 3.77 trillion yuan, medium and long-term loans increased by 4.99 trillion yuan, and bill financing increased by 699.9 billion yuan; loans to non-bank financial institutions decreased by 279.7 billion yuan. Central bank data show that at end-May, the broad money (M2) balance was 353.67 trillion yuan, up 8.6% YoY. The narrow money (M1) balance was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) balance was 14.69 trillion yuan, up 11.9% YoY. In the first five months, net cash injection was 590.7 billion yuan. Financial Statistics Report for May 2026 I. Outstanding Total Social Financing (TSF) Stock Increased by 7.7% YoY Preliminary statistics show that at end-May 2026, outstanding TSF stood at 458.81 trillion yuan, up 7.7% YoY. Of which, outstanding renminbi loans to the real economy were 277.4 trillion yuan, up 5.5% YoY; outstanding foreign-currency loans to the real economy converted into renminbi were 1.14 trillion yuan, down 4.3% YoY; outstanding entrusted loans were 11.22 trillion yuan, unchanged YoY; outstanding trust loans were 4.67 trillion yuan, up 7.1% YoY; outstanding undiscounted bankers' acceptances were 2.13 trillion yuan, down 6.2% YoY; outstanding corporate bonds were 35.69 trillion yuan, up 8.4% YoY; outstanding government bonds were 100.6 trillion yuan, up 15.1% YoY; outstanding domestic equity of non-financial enterprises stood at 12.43 trillion yuan, up 4.7% YoY. In terms of structure, at end-May, outstanding renminbi loans to the real economy accounted for 60.5% of outstanding TSF, down 1.2 percentage points YoY; foreign-currency loans to the real economy converted into renminbi accounted for 0.2%, down 0.1 percentage points YoY; entrusted loans accounted for 2.4%, down 0.2 percentage points YoY; trust loans accounted for 1%, unchanged YoY; undiscounted bankers' acceptances accounted for 0.5%, unchanged YoY; corporate bonds accounted for 7.8%, up 0.1 percentage points YoY; government bonds accounted for 21.9%, up 1.4 percentage points YoY; domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage points YoY. II. In the first five months, the cumulative increase in aggregate social financing was 17.48 trillion yuan Preliminary statistics show that in the first five months of 2026, the cumulative increase in aggregate social financing was 17.48 trillion yuan, representing a decrease of 1.16 trillion yuan compared with the same period last year. Specifically, RMB loans extended to the real economy increased by 9 trillion yuan, a decrease of 1.38 trillion yuan YoY; foreign currency loans to the real economy converted into RMB increased by 115.3 billion yuan, an increase of 211.6 billion yuan YoY; entrusted loans decreased by 103.1 billion yuan, with the decline widening by 91.8 billion yuan YoY; trust loans increased by 5.7 billion yuan, a decrease of 57 billion yuan YoY; undiscounted bankers' acceptances decreased by 17.2 billion yuan, with the decline widening by 151.4 billion yuan YoY; net financing of corporate bonds was 1.67 trillion yuan, an increase of 757.7 billion yuan YoY; net financing of government bonds was 5.67 trillion yuan, a decrease of 634 billion yuan YoY; domestic equity financing by non-financial enterprises amounted to 230.5 billion yuan, an increase of 79.9 billion yuan YoY. III. Broad money (M2) increased by 8.6% At the end of May, broad money (M2) outstanding was 353.67 trillion yuan, up 8.6% YoY. Narrow money (M1) outstanding was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) outstanding was 14.69 trillion yuan, up 11.9% YoY. In the first five months, net cash injection amounted to 590.7 billion yuan. IV. RMB deposits increased by 15.77 trillion yuan in the first five months At the end of May, outstanding deposits in domestic and foreign currencies reached 352.38 trillion yuan, up 8.7% YoY. At month-end, RMB deposit outstanding was 344.45 trillion yuan, up 8.7% YoY. RMB deposits increased by 15.77 trillion yuan in the first five months. Specifically, household deposits rose by 5.63 trillion yuan, deposits of non-financial enterprises by 1.26 trillion yuan, fiscal deposits by 1.91 trillion yuan, and deposits of non-bank financial institutions by 5.64 trillion yuan. At the end of May, foreign currency deposit outstanding was $1.16 trillion, up 17.5% YoY. In the first five months, foreign currency deposits rose by $103.2 billion. V. RMB loans increased by 9.11 trillion yuan in the first five months At the end of May, outstanding loans in domestic and foreign currencies stood at 284.79 trillion yuan, up 5.4% YoY. At month-end, RMB loan outstanding was 281.02 trillion yuan, up 5.5% YoY. RMB loans increased by 9.11 trillion yuan in the first five months. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans fell by 694.2 billion yuan while medium and long-term loans rose by 62.8 billion yuan; loans to enterprises and public institutions increased by 9.63 trillion yuan, including a 3.77 trillion yuan rise in short-term loans, a 4.99 trillion yuan increase in medium and long-term loans, and a 699.9 billion yuan expansion in bill financing; loans to non-bank financial institutions declined by 279.7 billion yuan. At the end of May, the outstanding foreign currency loan balance stood at $553.2 billion, up 2.6% YoY. Foreign currency loans increased by $8.2 billion in the first five months. VI. In May, the monthly weighted average interest rate for interbank lending in the interbank RMB market was 1.31%, and the monthly weighted average rate for pledged repo was 1.33%. In May, total trading volume in the interbank RMB market, comprising lending, cash bonds, and repos, reached 180.45 trillion yuan, with a daily average of 9.5 trillion yuan, up 7.9% YoY. Specifically, the daily average interbank lending volume grew 18.5% YoY, cash bond trading rose 4.7% YoY, and pledged repo trading increased 8% YoY. In May, the weighted average interbank lending rate was 1.31%, up 0.02 percentage points MoM but down 0.24 percentage points YoY; the weighted average pledged repo rate was 1.33%, up 0.02 percentage points MoM but down 0.23 percentage points YoY. VII. In May, cross-border RMB settlement under the current account amounted to 1.67 trillion yuan, and under direct investment, it was 0.58 trillion yuan. In May, cross-border RMB settlement under the current account totaled 1.67 trillion yuan, of which goods trade, services trade, and other current account items were 1.28 trillion yuan and 0.39 trillion yuan, respectively; cross-border RMB settlement under direct investment totaled 0.58 trillion yuan, consisting of 0.22 trillion yuan in outward direct investment and 0.36 trillion yuan in foreign direct investment. Recommended Reading: ] Latest financial data released: M2 and outstanding aggregate financing at end-February grew 8.7% and 9.0% YoY respectively. See how authoritative experts interpret this! ] Aggregate financing and new RMB loans hit second-highest level for the same period in history in the first two months; February M2 up 8.7% YoY ] In January 2024, new aggregate financing was 6.5 trillion yuan, new loans were 4.92 trillion yuan, and M2 grew 8.7% YoY ] PBOC: December aggregate financing increment was 1.94 trillion yuan, new RMB loans were 1.17 trillion yuan, M2 up 9.7% YoY ] PBOC: November aggregate financing increment was 2.45 trillion yuan, new RMB loans were 1.09 trillion yuan, M2 up 10% YoY ] November financial data released: The volume of aggregate financing continued to grow more YoY, and credit support for the real economy remained solid ] Will trillion-yuan government bonds "prop up" October money and credit data? Market expects overall strong aggregate financing but weak credit; RRR cut expectations still building ] PBOC: October aggregate financing increment was 1.85 trillion yuan, new RMB loans were 738.4 billion yuan, M2 up 10.3% YoY ] PBOC: September aggregate financing increment was 4.12 trillion yuan, new RMB loans were 2.31 trillion yuan, M2 up 10.3% YoY ] PBOC makes heavy-hitting remarks! Talking about China-US interest rate differentials, September financial data, mortgage rates on existing home loans... ] General Administration of Customs: China's imports and exports showed positive trends in the first three quarters; September hit a new single-month high for the year ] PPI and CPI data improved for three consecutive months; experts say price improvement further confirmed, expect the YoY improvement in PPI to continue ] NBS explains: September CPI was stable, PPI YoY decline narrowed for three consecutive months, both rose MoM ] September mobile phone export value doubled MoM; automobile export YoY growth continued to lead ] PBOC: August aggregate financing increment was 3.12 trillion yuan, new RMB loans were 1.36 trillion yuan, M2 up 10.6% YoY ] PBOC: Act when it's time to act, resolutely guard against the risk of exchange rate overshooting! USD/CNH plunged ] PBOC: August aggregate financing scale was 528.2 billion yuan, new RMB loans were 345.9 billion yuan, M2 up 10.7% YoY ] PBOC: June aggregate financing and new RMB loans far exceeded expectations, M2 up 11.3% YoY ] PBOC: May aggregate financing increment was 1.56 trillion yuan, 331.2 billion yuan more than the previous month ] PBOC: May RMB loans increased by 1.36 trillion yuan, with the previous figure at 718.8 billion yuan ] PBOC: May RMB deposits increased by 1.46 trillion yuan, 1.58 trillion yuan less than the same period last year ] PBOC: April aggregate financing increment was 1.22 trillion yuan, new RMB loans were 718.8 billion yuan, M2 up 12.4% YoY ] PBOC: Q1 RMB deposits increased by 15.39 trillion yuan, loans increased by 10.6 trillion yuan

It is learned that from June 4 to June 11, 2026, the weekly composite operating rate of lead-acid battery enterprises in five provinces tracked by SMM was 67.19%, up 1.5 percentage points WoW. In June, the off-season trend for e-bike and automobile battery markets persisted. Coupled with the semi-annual period, some large enterprises maintained stable production with slight increases to boost production and sales, though inventory pressure remained high. Following the end of holidays at lead-acid battery enterprises in Jiangxi and Jiangsu last week, these battery enterprises resumed normal production this week, which was the main factor driving the weekly operating rate rebound. In addition, lead-acid battery enterprises in Zhejiang and Jiangxi indicated that export orders for batteries improved relatively, also contributing to the production increase among lead-acid battery enterprises this week. It is also worth noting that end-use market consumption remained sluggish. Production by some enterprises served the semi-annual production and sales plan. Once this special period ends, lead-acid battery enterprises will return to the produce-based-on-sales model.

Leveraging the dual-carbon strategy and the development trend of circular economy, China's recycled metal industry has achieved a globally leading scale while facing numerous developmental challenges. To help enterprises seize policy and market opportunities, and address industry challenges, SMM will host the 2026 SMM Recycled Metal Industry Summit Forum & Special Session on Casting Technology in Ningbo, Zhejiang Province on July 16-17, 2026 . Shandong Luyou Renewable Resource Equipment Co., Ltd. and Shandong Huaxuan Intelligent Technology Co., Ltd. cordially invite you to jointly witness and participate in building an international platform for exchange, cooperation, resource sharing, and collaborative innovation, contributing to the construction and improvement of a global resource recycling system and the transition to a green economy. Click to register now. Booth Number: E5 Shandong Luyou Renewable Resource Equipment Co., Ltd. , established in 2008, currently has fixed assets of 680 million yuan, covers an area of 480 mu, and employs over 600 staff. Luyou Equipment Group specializes in producing bridge-cut-off aluminum alloy crushers, aluminum crushers, wheel crushers, various mixed aluminum crushers, eddy current separators, stainless steel separators, and X-ray sorting machines. The company provides on-site planning and design solutions, adhering to the philosophy of "quality builds brands, service enhances brands, brands compete in markets, and sales speak for themselves" to offer comprehensive services to the aluminum scrap processing industry. Main Products : 400-3000 medium and heavy-duty steel scrap gantry shears, 150-type wheeled scrap grabbers, automobile dismantling lines, retired refrigerator dismantling lines, mining equipment: hammer crushers, European-style jaw crushers, vertical shaft sand makers, steel scrap crushers, car shell crushers, car frame crushers, metal balers, bale breakers, waste paper balers, chippers, pig iron chip briquetters, wrought iron chip crushers, roller crushers, and large, medium, and small environmental dust collectors—over 100 varieties of steel scrap processing and decomposition equipment. Luyou people uphold the quality policy of scientific management, meticulous operation, continuous improvement, and pioneering innovation , following quality commitments, service commitments, and credibility commitments, with customer satisfaction as our goal, striving to become a professional, reliable, and guaranteed steel scrap equipment producer. Contact Information Phone: 17080000000 SMM Conference Contact Zhang Xiaoyao +86 15729506965 zhangxiaoyao@smm.cn

The MIIT has released the "Announcement on Road Motor Vehicle Manufacturers and Products" (Batch 408). In the list of proposed new vehicle manufacturers and the change information for existing manufacturers, Xiaomi Automobile Technology Co., Ltd. is prominently included. The change applied for by the company is the addition of extended-range electric passenger vehicle product categories, with the production address being No. 21 Courtyard, Huanjing Road, Beijing Economic-Technological Development Area, Beijing, which is the location of Xiaomi's automobile factory in Beijing.