SMM News: Following our previous analysis of the transportation and wind power sectors, this installment shifts focus to the critical demand drivers in the consumer and construction domains: White Goods , Consumer Electronics , and Real Estate-related applications (Elevators and Power Tools). While these sectors individually consume less magnetic material per unit compared to New Energy Vehicles (NEVs), their sheer aggregate volume makes them indispensable pillars of the Neodymium-Praseodymium (Pr-Nd) market. However, data from early 2026 reveals a troubling trend of stagnation and structural contraction across these traditional strongholds. I. White Goods: The Dual Pressure of Production Slumps and Material Substitution In the white goods sector, Neodymium-Iron-Boron (NdFeB) magnets are primarily utilized in two key applications: compressors for inverter air conditioners and motors for drum and impeller washing machines . 1. Air Conditioners: A Sharp Contraction in Output and Dosage According to data from the National Bureau of Statistics (NBS), China’s cumulative air conditioner production for January-February 2026 stood at 40.118 million units , a staggering 35% year-on-year (YoY) decline compared to the 61.921 million units produced in the same period of 2025. (Reason: This drastic drop is attributed to a combination of factors: firstly, an unusually mild winter across major consumption regions significantly dampened heating demand, leading to a destocking cycle among distributors. Secondly, the real estate sector’s continued downturn has severely curtailed new housing completions, directly reducing the installation of centralized and split AC systems. Lastly, high inventory levels carried over from 2025 forced manufacturers to aggressively cut production schedules in Q1 2026 to avoid capital lock-up.) Looking at the full year, SMM forecasts a marginal growth of 0.96% for 2026, with total annual production projected at 271.095 million units . (Reason: The near-flat growth outlook reflects a mature market saturation where replacement demand, rather than new installations, drives volume. While export markets offer some resilience against domestic weakness, rising trade barriers and logistical costs in key regions like Europe and North America are expected to cap significant expansion.) Applying SMM’s calculation model: Inverter Penetration: 99% NdFeB Motor Penetration: 92% Specific Consumption: Assumed at 100g/unit for 2026. Based on these parameters, the total NdFeB consumption for the air conditioner sector in 2026 is estimated at 24,691 tons , representing a 23% decrease from the 29,163 tons consumed in 2025. The core driver of this decline is twofold: first, the persistently high prices of Pr-Nd since the second half of 2025 have accelerated the industry’s cost-reduction initiatives. Second, there is a clear technological shift towards minimizing rare earth usage. The average single-unit dosage has dropped from 120g/unit in 2025 to 100g/unit in 2026 , as manufacturers optimize motor designs and, in some lower-end models, substitute with ferrite magnets or induction motor technologies where efficiency standards allow. 2. Washing Machines: A Slow Erosion of Demand For January-February 2026, China’s cumulative washing machine production was 18.58 million units , a slight 0.3% YoY decline from the 18.51 million units in the same period of 2025. (Reason: The stability in production volumes masks underlying weakness. The slight dip is primarily due to weak consumer confidence impacting discretionary spending on home appliance upgrades. Furthermore, the export market for washing machines has faced headwinds from sluggish global economic growth and intensified competition from Southeast Asian manufacturing hubs, offsetting modest domestic recovery efforts.) SMM projects a full-year growth rate of 3.1% for 2026. (Reason: This modest recovery is underpinned by government-led "trade-in" subsidy policies aimed at boosting domestic consumption of energy-efficient appliances. Additionally, product innovation in the high-end segment, such as washer-dryer combos and smart features, is expected to stimulate some replacement demand, though the overall ceiling remains low.) Demand Calculation Logic: Drum Washer Penetration: 63% (High-end, 98% use NdFeB) Impeller Washer Penetration: 28% (Mid-range, 50% use NdFeB) Specific Consumption: 290g/unit for drum washers; 240g/unit for impeller washers. Under this model, the total NdFeB demand for washing machines in 2026 is estimated at 27,204.52 tons , a 0.2% decrease from 27,262 tons in 2025. The sector is experiencing a slow but steady erosion of demand. While high-end drum washers rely heavily on efficient NdFeB motors to meet stringent energy labels, the volatility of rare earth prices is prompting manufacturers to cautiously explore alternative motor designs or reduce magnet grades in non-critical applications. Consequently, the industry has adopted a strategy of gradual reduction rather than abrupt substitution, balancing performance requirements with cost control. Outlook: The trajectory for white goods in 2026 is undeniably pessimistic. Both production volumes and technical intensity (dosage per unit) are trending downward, creating a double drag on Pr-Nd demand. II. Consumer Electronics: Volume Resilience vs. Intensity Decline The consumer electronics sector, modeled by SMM, comprises four main segments: Mobile Phones , Tablets , Desktops/Laptops , and Smartwatches . These devices utilize NdFeB primarily for acoustic components (speakers/receivers) and haptic feedback motors, with emerging uses in magnetic charging interfaces. The specific consumption is generally low, ranging from 2-5g/unit , except for desktops which average 15g/unit . Market Performance (Jan-Feb 2026): Mobile Phones: 220 million units (+6.8% YoY). Micro-computer Equipment: 41.956 million units (-31% YoY). Breakdown: 21% Tablets, 27% Desktops, 52% Laptops. Smartwatches: 8.196 million units (+7.8% YoY). (Reason: The divergence in performance is stark. Mobile phone growth is driven by the global rollout of AI-enabled handsets and the replacement cycle for 5G devices, particularly in emerging markets. Conversely, the sharp collapse in micro-computer equipment reflects the post-pandemic normalization of demand; the massive stockpiling of devices during 2020-2022 has led to a prolonged digestion phase. Additionally, extended device lifespans due to improved hardware durability have further suppressed replacement rates for PCs and tablets.) 2026 Full-Year Forecast: SMM anticipates a 1% growth for mobile phones and micro-computers combined, and a 5% growth for smartwatches. (Reason: The muted outlook for computing devices stems from persistent macroeconomic uncertainty and corporate IT budget tightening. For smartwatches, growth is fueled by increasing health-monitoring capabilities and deeper ecosystem integration with smartphones. However, the entire sector faces a cloud of uncertainty due to escalating geopolitical tensions affecting supply chains and rising memory chip prices, which may force OEMs to revise production targets downward later in the year.) Demand Estimation: Mobile Phones: 3,109.8 tons Micro-computers: 2,018.9 tons Smartwatches: 125.06 tons Total 2026 Demand: 5,253.76 tons , a 3% decline from 5,421.19 tons in 2025. The primary driver for this decline is the continuous, albeit slow, reduction in specific consumption. As miniaturization advances and alternative magnetic materials improve, the amount of NdFeB required per device is shrinking. Despite the relatively low single-unit dosage, the massive scale of the consumer electronics industry ensures it remains a significant consumer of NdFeB. Moreover, this sector is characterized by highly standardized supply chains, where major OEMs maintain binding agreements with certified magnet suppliers, making demand relatively stable but resistant to price-driven spikes. III. Real Estate Related: Elevators and Power Tools The final segment covers industries tightly coupled with the real estate cycle: Elevators and Handheld Power Tools . 1. Elevators: Policy Support vs. Structural Headwinds In January-February 2026, elevator production reached 150,000 units , a 7.1% YoY increase . (Reason: This short-term surge is largely attributable to the acceleration of projects that were delayed in late 2025, as developers rushed to meet pre-delivery deadlines before stricter regulatory inspections took effect. Additionally, government mandates for retrofitting old residential communities with elevators in urban renewal zones provided a temporary boost to order books.) However, SMM forecasts a full-year contraction of -3% for 2026. (Reason: The long-term outlook is grim due to the fundamental slowdown in new residential construction starts, which remain at multi-year lows. The debt crisis plaguing major property developers continues to stall new project launches, directly impacting the demand for new elevator installations. While the retrofit market offers some support, it is insufficient to offset the collapse in new building commissions.) Calculation: Energy-saving Elevator Penetration: 90% Specific Consumption: 6 kg/unit (for energy-saving models). Total 2026 Demand: 7,222.6 tons , a 1.3% increase from 7,125.3 tons in 2025. (Reason for Growth: The slight increase in total tonnage despite falling production volumes is entirely driven by the rising penetration of energy-saving elevators. Stricter national energy efficiency standards (GB standards) are forcing manufacturers to adopt permanent magnet synchronous motors (PMSM) over traditional asynchronous motors, thereby increasing the average NdFeB dosage per unit even as the total number of units declines.) 2. Handheld Power Tools: A Direct Casualty of Property Slump Production of handheld power tools in Jan-Feb 2026 was 29.566 million units , down 0.24% YoY . SMM projects a -3% decline for the full year 2026. (Reason: The downturn is inextricably linked to the stagnation in the global and domestic real estate markets. Reduced renovation activities and a slowdown in infrastructure projects have dampened demand for professional-grade tools. Furthermore, high inventory levels in distribution channels across North America and Europe, resulting from over-ordering in 2024, have led to a prolonged period of destocking.) Definition & Scope: According to the National Bureau of Statistics, handheld electric tools refer to portable motor-driven tools operated by hand, including electric drills, grinders, sanders, saws, and screwdrivers . These products are highly sensitive to housing turnover and renovation rates. Demand Calculation: NdFeB Penetration: 60% Specific Consumption: 80g/unit Total 2026 Demand: 9,134 tons , a sharp 13.4% drop from 10,548 tons in 2025. The significant contraction in this sector underscores the deep correlation between the property market and industrial metal demand. As the real estate sector remains in a prolonged adjustment phase, the downstream demand for power tools—and consequently NdFeB—faces sustained pressure. Conclusion The analysis of white goods, consumer electronics, and real estate-related sectors paints a picture of structural weakness for 2026. While niche policy drivers (like energy-saving elevator mandates) provide isolated pockets of growth, the overarching trends are defined by production saturation, inventory destocking, and aggressive material substitution . The combined effect of lower production volumes and reduced single-unit dosages creates a formidable headwind for Pr-Nd prices. In the final installment of this series, we will pivot to the future: examining the burgeoning demand from Low-Altitude Economy (eVTOLs), Robotics (Industrial and Service), and the relentless expansion of Electric Two-Wheelers . These emerging sectors may hold the key to offsetting the declines observed in traditional industries and reshaping the long-term demand curve for rare earth magnets.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Rebounded with Volatility After Opening Sharply Lower in the Night Session, While Downstream Enterprises Remained Cautious in Their Purchases]

[SMM Tin Midday Commentary: SHFE Tin Contract Fluctuated Near 390,000, Traditional Consumption Season Performed Slightly Below Expectations]

SMM Analysis: According to SMM, the operating rate of China's copper foil enterprises was 84.26% in February 2026, down 4.3 percentage points MoM and up 16.61 percentage points YoY...

New Zealand recycling technology company Mint Innovation has partnered with electronics manufacturers to recover copper from electronic waste and reuse it in the production of specific electronic components. The initiative demonstrates the potential of closed-loop recycling within the electronics industry while reducing reliance on primary copper mining. Industry observers believe similar models could gradually expand across global electronics supply chains in the coming years.

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

This week, the prices of ternary cathode material continued to decline. In terms of raw material costs, the price of cobalt sulphate continued to drop slightly, while the prices of nickel sulphate and manganese sulphate remained stable for the time being. Lithium carbonate rebounded to a certain extent due to macro sentiment, while the price of lithium hydroxide still showed a clear downward trend.

[SMM Tin Midday Review: SHFE Tin Supported by Ore Supply Tightness and Macro Sentiment in the Short Term, but Rebound Limited by Off-Season Demand and Inventory Pressure]​​Tightness in tin ore supply persists​​: Although the Wa region of Myanmar initiated production resumption procedures at the end of April, the actual capacity release fell short of expectations due to strict inspections at the China-Myanmar border and slow progress in obtaining mining licenses. Despite phased production resumption at the Bisie tin mine in the Democratic Republic of the Congo (DRC), the long transportation cycle for African ore sources (approximately 1.5-2 months) has limited port arrivals in June. Off-season effects emerge in the electronics industry​​: June is a traditional off-season for consumer electronics, with solder companies experiencing weaker orders MoM. Demand for PV welding strips has declined due to a slowdown in installation growth. However, accelerated substitution of domestic semiconductors and demand for AI chips have provided marginal support for high-purity tin.

Four years ago, Central China Copper Co., Ltd., a subsidiary of China Copper Co., Ltd. (hereinafter referred to as "Central China Copper"), successfully developed 6e-06-meter rolled copper foil, setting a new record for the thinnest rolled copper foil in China. Four years later, at the electronica China in Munich, the company launched red-coated and black-coated foils with high flexibility and corrosion resistance, becoming one of the highlights of the exhibition. From thick copper strips to copper foils as thin as cicada wings, and from ordinary bare foils to high-end red-coated and black-coated foils, Central China Copper has carved out a unique path in product transformation and upgrading. From 2021 to 2024, the company's copper foil production and sales exceeded 2,000 mt for four consecutive years, and its copper foil business achieved profitability for five consecutive years. Applying "Lipstick" on "Cicada Wings" "Applying a uniform red coating on the surface of copper foil is like applying lipstick to a delicate cicada wing. Any slight misstep can result in color variations or peeling." Li Haifeng, a technician specializing in surface treatment, still vividly recalls the technical challenges faced during the initial trial production of red-coated foil. In early 2020, while maintaining stable production of qualified bare foil, Central China Copper set its sights on high-value-added treated foils and began attempting to produce red-coated foil. During the initial trial production, issues such as frequent red spots, color variations, and inadequate oxidation resistance during the electroplating process led to a scrap rate of over 50%. Watching dozens of tons of foil material turn into "colorful" scrap in the plating tanks, the technicians felt both heartache and helplessness. To overcome these challenges, the company's technical team members camped out by the production line day and night for several consecutive weeks. Their hard work paid off, as they finally identified the root cause of the problem: the instability of the electroplating solution formula and significant temperature fluctuations. They redesigned the electroplating solution formula, added new-type additives to control fluctuations in metal ion concentration, installed an online high-precision real-time temperature monitoring system to enable real-time regulation of the electroplating solution, and innovated the "layer-by-layer current method" process to achieve denser and more uniform crystallization of the red coating. In May 2020, Central China Copper shipped its first batch of 10 mt of red-coated foil to domestic customers, and the product quality received customer recognition. As one of the earliest companies in China to successfully develop red-coated foil, Central China Copper, after years of technological accumulation, now boasts product stability that far surpasses that of its peers. Its red-coated foil has become a sought-after product in the market, firmly occupying one-third of the market share and successfully entering the supply chain systems of top-tier enterprises in China's electronics industry. Finding Light in the Darkness of Black Foil With the consumer electronics industry moving towards lighter, thinner, and more flexible designs, the new energy sector entering a rapid development phase, and AI being widely applied across various industries, the market demand for black-coated foil has surged exponentially. Central China Copper Industry closely followed market changes and initiated R&D efforts for blackened foil in 2022. If the R&D of red-coated foil could be described as a "tough battle mode," then the R&D of blackened foil was a "peak performance mode," requiring not only uniform coverage of the blackened layer but also ensuring that it would not peel off or oxidize during subsequent processing. As the production technology for blackened foil had long been monopolized by Japanese companies, the R&D team of Central China Copper Industry had no process flows or technical parameters to refer to. At the beginning of trial production, the blackened foil produced frequently had issues such as color differences in the coating, oxidation spots on the shiny surface, and insufficient adhesion leading to powder shedding. "At that time, it was like being trapped in an endless darkness, with no light in sight," sighed Qiao Yafeng, the head of the R&D team. To break the deadlock as soon as possible, Central China Copper Industry collaborated with the University of Shanghai for Science and Technology and Chalco Academy on industry-university-research cooperation, with the latter providing experimental data support, while the R&D team of Central China Copper Industry was responsible for industrial transformation and verification. However, reality once again poured cold water on everyone. The blackened foil samples trial-produced in the laboratory had excellent indicators, but various issues arose after transferring to the production line. Qiao Yafeng led the team to re-examine over 100 sets of production process data and verify them one by one. After thousands of tests and continuous efforts over hundreds of days and nights, they finally saw the "dawn" of victory. In April 2023, Central China Copper Industry successfully trial-produced blackened foil on its production line, achieving a key leap from laboratory to mass production; in June 2023, the first batch of blackened foil officially passed domestic customer certification; in 2024, small-batch deliveries of blackened foil were made, with positive customer feedback. Capacity Expansion Opens Up New Growth Poles In May, the project construction of Central China Copper Industry entered a "golden period," with the company's new copper foil surface treatment unit project accelerating and scheduled for equipment installation in October and commissioning and production before the end of the year. As a key investment project for Central China Copper Industry in 2025, this project is of great significance for adjusting the product structure of copper foil and forming new profit growth points. Differentiated development of special copper foil products such as red-coated foil, blackened foil, and alloy foil to achieve import substitution of high-end products is the future development direction of Central China Copper Industry's copper foil products. Currently, constrained by the treatment line, the company's production capacity for high value-added treated foil is severely limited, making the addition of a new copper foil surface treatment unit imperative. The new copper foil surface treatment unit adopts domestically leading production processes and equipment, capable of producing high-quality, high-performance red-coated foil, blackened foil, and alloy foil. The intelligent design of this unit not only improves production efficiency but also ensures product stability and consistency. In addition, Central China Copper prioritizes environmental protection and sustainable development. The project has introduced a new zero-liquid-discharge wastewater system to achieve green production. The completion and commissioning of the new copper foil surface treatment unit will bring significant economic benefits to Central China Copper, with the annual capacity of high value-added copper foil expected to increase by over 40%. Qiao Yafeng stated, "The construction of the new copper foil surface treatment unit is an important step for Central China Copper to deepen its strategic layout in the copper foil product sector. We will take this as an opportunity to further optimize the product structure of copper foil, enhance our core market competitiveness, and position the company as a leading enterprise in the copper foil industry." "Leading development with 'strip' and securing the future with 'foil'." Moving forward, Central China Copper will continue to delve deeper into the copper foil sector, continuously improving product quality and service levels, and propelling the company towards the high-end of the copper processing industry chain. We will strive unremittingly to build a national high-end copper-based new material base and contribute to the construction of a "new Chalco" with exceptional material capabilities.

SMM News on May 16: From May 15 to 16, a grand industry event focusing on the future development of the silver industry, the 2025 SMM (6th) Silver Industry Chain Innovation Conference , was grandly held at the Sheraton Ningbo Donggang Hotel in Ningbo, Zhejiang. The event was hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and strongly supported by sponsor units including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgy Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd. The conference sincerely invited industry leaders, authoritative experts and scholars, elite representatives of enterprises, and senior investors to gather together and discuss the grand plan for the development of the silver industry. This conference focused on the global silver market landscape, providing in-depth analyses of supply and demand dynamics, development trends, cutting-edge technological innovations, and application expansion directions. It also emphasized discussions on the profound impact of environmental protection policies, regulations, and sustainable development concepts on the entire silver industry chain. Through in-depth discussions and experience sharing, participants sparked ideas and jointly explored effective paths to enhance core competitiveness and optimize the value chain amidst the wave of industry transformation. This conference will unite the wisdom of all parties, stimulate innovative vitality, and propel the silver industry towards a new journey of high-quality development! On the morning of May 15, on the first day of the conference schedule for the 2025 SMM (6th) Silver Industry Chain Innovation Conference , members of the 2025 SMM (6th) Silver Industry Chain Innovation Conference field trip team visited Quanda New Materials (Ningbo) Co., Ltd./Ningbo Haoshun Precious Metals Co., Ltd. for a field trip. The members of the 2025 SMM (6th) Silver Industry Chain Innovation Conference field trip team conducted a field trip to the exhibition halls, factories, production workshops, and main products of Quanda New Materials (Ningbo) Co., Ltd./Ningbo Haoshun Precious Metals Co., Ltd. After the field trip, members of the SMM field trip team took a group photo with the leaders of Quanda New Materials (Ningbo) Co., Ltd./Ningbo Haoshun Precious Metals Co., Ltd., enhancing mutual understanding and looking forward to deeper-level exchanges and cooperation. Introduction to Quanda New Materials (Ningbo) Co., Ltd. Quanda New Materials (Ningbo) Co., Ltd. was founded in December 2023 by Mr. Yongda Chen, who boasts over two decades of experience in the silver industry. Building on his existing silver circulation business, the company was established to align with the major trend of silver consumption upgrading in the new era. With a registered capital of 15 million yuan, the company is located in the picturesque Xiangshan Chemical Economic and Technological Development Zone in Ningbo. It is a fully automated factory specializing in the production of silver nitrate, using silver as its primary raw material, with a designed capacity of 5,000 mt per year. It is a key enterprise supported by the Xiangshan Chemical Economic and Technological Development Zone in Ningbo. The company boasts strong technical capabilities and an experienced professional team, with advanced production processes and equipment. Relying on five management systems, it maintains strict requirements in quality detection procedures and has established an internal R&D center staffed with over 10 mid-to-senior level professional and technical personnel. The company's product quality is stable and ranks among the top in the domestic peer industry, with wide applications in military enterprises, the electronics industry, the PV industry, aerospace, and other fields. We are committed to providing customers with more value-added services through high-quality products, efficient services, and reasonable prices. Contact Information Ms. Shi: 13566055239 Address: No. 52 Wentao Road, (Baiyanshan) Park, Xiangshan County, Ningbo City, Zhejiang Province Introduction to Ningbo Haoshun Precious Metals Co., Ltd. Ningbo Haoshun Precious Metals Co., Ltd. is an innovative modern commercial and trading circulation enterprise primarily engaged in the domestic supply of precious metal silver raw materials and the provision of customized silver craft services. It is a governing unit of the China General Chamber of Commerce and a vice president unit of the Gold and Silver Branch of the China Nonferrous Metals Industry Association. Since its establishment and operation, the company has consistently adhered to the corporate business philosophy of "down-to-earth, honest operation, and mutual benefit and win-win results." It upholds the business cooperation tenet of "co-creating value, sharing outcomes, and winning the future together." After years of development and growth, it has established long-term and stable cooperative relationships with many well-known domestic silver mining enterprises. Its supply and marketing channels have stabilized, and it has selected a group of strategic partners with strength, credibility, quality, and service-oriented mindsets. It has cultivated a dedicated, responsible, pragmatic, and efficient business team, providing strong guarantees for the company's steady and high-quality development. Its industry recognition, market influence, and corporate soft power are gradually increasing, and its silver spot trading volume has been leading the industry for consecutive years. A modern commercial and trading circulation enterprise with a mature management mechanism is emerging. Looking ahead, Ningbo Haoshun Precious Metals Co., Ltd. will align with the major trend of silver consumption upgrading in the new era, proactively innovate and seek changes, adopt flexible and elastic trading models, implement a strict risk control system, leverage efficient and timely services, and strive to meet customer needs as much as possible, aiming to provide customers with more diversified value-added services. The ancients said, " Calling with the wind does not make the voice louder, but it makes the listener hear it more clearly. Ningbo Haoshun Precious Metals Co., Ltd. will always remember the original intention of serving the National Silver Enterprise Annual Conference. On the road ahead, we are willing to be the practitioner of honest transactions in the silver market, the driver of enterprise integration and win-win cooperation, and the contributor to the stable, prosperous, and sustainable development of the industry. Contact Information Phone: 0574-88053076 Fax: 0574-88053796 Address: Room 151, Building 22, No. 818 Qiming Road, Yinzhou District, Ningbo City, Zhejiang Province 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference