The 2025 2nd SMM Southeast Asia Automotive Supply Chain Conference was successfully held, featuring the on-site launch of 10 new car models, Southeast Asia brand strategies from three automakers, and SMM Thailand local steel prices. The event facilitated efficient matchmaking between 12+ buyers and 60+ suppliers, preliminarily establishing a communication platform for the entire industry chain of Southeast Asian automotive. Currently, the Southeast Asian NEV industry is entering a critical development phase, with Thailand, Indonesia, and Vietnam each making their own strategic deployments and breakthroughs, while the industry also faces challenges such as supply chain restructuring, competition among technology routes, and localization compliance. Thanks to the support from all parties, SMM's Thailand and Indonesia local pricing systems have been implemented and adopted by core enterprises, establishing a credible cost benchmark for the industry. The 2026 3rd Conference will focus on three core themes: exploring the NEV auto sales potential in Southeast Asia; connecting the last mile of the supply chain and integrating regional industry chain resources; and advancing SMM Southeast Asia metal pricing from a price reference to a transaction benchmark, implementing procurement applications for electrification materials and establishing an executable pricing system. We firmly believe that true progress comes from turning consensus into action. At this conference, BEST sincerely invites you to gather again in Bangkok, to jointly transform strategic blueprints into market competitive advantages, to witness and participate in this extraordinary and far-reaching industry event, and to co-create a brilliant new chapter! Click the to register now. Booth No.: B04 BEST (300580), founded in 1997, is a national-level high-tech enterprise. With total corporate assets exceeding 3.9 billion yuan and more than 2,000 employees, it stands as a leading enterprise in the field of intelligent precision manufacturing. Wuxi Best Precision Machinery Co., Ltd. (Stock Code: 300580), founded in 1997, is a national-level high-tech enterprise. With corporate total assets exceeding 3.9 billion yuan and more than 2,000 employees, standing as a leading enterprise in the field of intelligent precision manufacturing. With nearly 30 years of in-depth dedication to precision intelligent manufacturing, BEST has established three key business segments: First, R&D and manufacturing of precision parts, intelligent equipment, and tooling fixtures; Second, core components for NEVs, hydrogen fuel cells, energy storage systems, and liquid cooling systems of computing power centers; Third, linear motion functional components for industrial machine tools, humanoid robots, and other industries, fully covering core high-end manufacturing tracks. With nearly 30 years of in-depth dedication to precision intelligent manufacturing, Wuxi Best have established three key business segments: first, the R&D and manufacturing of precision components, intelligent equipment and tooling fixtures; second, key parts for new energy vehicles, hydrogen fuel cells, energy storage systems and liquid cooling systems of computing power centers; third, linear motion functional components for industrial machine tools, humanoid robots and other industries, fully covering core high-end manufacturing tracks. The company has established three modern production sites in Wuxi, Anhui, and Thailand. Leveraging the coordinated development of four major industry chain sectors—tooling, casting, precision processing, and intelligent manufacturing—it has built competitive advantages across the entire industry chain, with annual revenue exceeding 1.5 billion yuan. Its clients span the globe, including renowned enterprises such as Garrett, Cummins, and BMW. In 2024, BEST invested and established BYH New Technology Co., Ltd. in Amata City Industrial Estate, Chon Buri, Thailand, covering an area of 80,000 m², with a focus on high-end casting and precision processing to accelerate its expansion outside China. The company has built three modern production bases in Wuxi, Anhui and Thailand. Supported by the coordinated development of four major industrial sectors including tooling, casting, precision processing and intelligent manufacturing, it has formed full-industry-chain competitive advantages with annual operating revenue exceeding 1.5 billion yuan. Its global clients include renowned enterprises such as Garrett, Cummins and BMW. In 2024, Best invested and established BYH New Technology Co., Ltd. in Amata City Industrial Estate, Chon Buri, Thailand. Covering an area of 80,000 square meters, the subsidiary focuses on high-end casting and precision processing to accelerate overseas business expansion. Main Products Adhering to the philosophy of precision craftsmanship and intelligent manufacturing, and backed by mature processes, stringent quality control, and intelligent production lines, the company offers customized products and integrated intelligent manufacturing solutions. We sincerely invite global clients to discuss cooperation for mutual development! Adhering to the philosophy of exquisite craftsmanship and intelligent manufacturing, the company provides customized products and integrated intelligent manufacturing solutions backed by mature technologies, strict quality control and intelligent production lines. We sincerely welcome global business partners to discuss cooperation and seek win-win development! Contact Information Contact Contact Us Yan Caowei 15618581967

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations impose higher requirements on industry chain resilience, urgently necessitating innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing demands for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Demands and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently require breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry cooperation and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference is expected to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Shanxi Jinwu Energy Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the silver industry to new heights. Click to register immediately, and join us in witnessing and participating in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Shanxi Jinwu Energy Co., Ltd. is a production-oriented enterprise integrating R&D, production, sales, and services, with an annual production capacity of 200kt of high-end foundry briquette coal (briquette coke) and 200kt of carbon products (carburizers). Located in Huayu Town, Jishan County, Shanxi Province, the company was established in October 2005, with a registered capital of 68 million yuan, covering an area of over 300 mu, and employing more than 500 people. Over the years, the company has adhered to the principle and business philosophy of "products reflect character, quality is life, aligning with the world, and creating international brands," and has successively obtained 6 national invention patents and 31 utility model patents, passed ISO triple system certification, and is a Shanxi Province high-tech new-type enterprise, a "single champion in high-end foundry briquette coal" enterprise, and a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise. Foundry briquette coal (briquette coke) is a national " 12th Five-Year Plan" and "13th Five-Year Plan " encouraged project. This technology is a domestic first and world-leading, and fully aligns with the "Six New " strategy currently proposed by the state, serving as a typical representative of carbon-based new materials. After more than a decade of dedicated R&D, the company broke through technical bottlenecks and successfully developed the environmentally friendly Ash-8 and Ash-10-series products, which are "Jinwu Brand" high-end foundry briquette coal (briquette coke) produced with anthracite as the main raw material . This product features high fixed carbon, high strength, high calorific value, excellent hot metal carburizing effect, and high coke reactivity strength. The products have long been leading both international and Chinese markets. Internationally, the products are exported to Germany, Japan, South Korea, and other countries, and the company is a long-term supplier to world-renowned enterprises such as Toyota and Hyundai. Domestic sales cover 18 provinces and cities, and the company is a strategic partner of well-known enterprises such as Meide Group, LONGi Group, Binglun Group, and Sanhuan Group. "Jinwu Brand" foundry briquette coal (briquette coke) has become an essential raw material for high-end equipment manufacturing and was awarded the honorary title of "Quality Foundry Material" by the China Foundry Association. "Jinwu Brand " carburizer is produced using high-quality anthracite and petroleum coke as the main raw materials. Carburizers can be used in steel mills and foundries to adjust the carbon and oxygen content of molten steel, modifying its rigidity and toughness, thereby improving the nucleation capacity of molten steel and the intrinsic quality of steel billets. It is an indispensable auxiliary additive for producing high-quality steel and castings. The products have long been leading both international and Chinese markets. Internationally, products are exported to Japan, South Korea, and various Southeast Asian countries; domestically, the sales network covers more than 20 provinces and cities, with partner steel enterprises including Zhejiang Tsingshan Steel, Jiangsu Binxin Steel, Xuzhou Steel, Jinnan Steel, and other well-known steel enterprises. Contact Information 15582980888 15333598563 Long press to scan the code and register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations are imposing higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standard-setting. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. IKOI S.p.A will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us to witness and participate in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! IKOI, established in 1977, is a global leader in pyrometallurgical processes for precious metal refineries, mints, and jewelry markets. Currently, it has 3 major product lines: COMPACT integrated fully automatic gold and silver ingot casting systems, FCC FLAMELESS CASTING CHAMBER® fully automatic delivery bar systems, and the acid-free separation technology ALS system that physically separates gold and silver. IKOI's vision is to create safe, efficient, and green precious metal processing methods. IKOI's mission is to bring innovative and sustainable technologies to the precious metal industry. Contact Information Ni Yong 187 0185 9684 Long press to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

Against the backdrop of the global energy transition and the accelerating development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound transformation across its industry chain. On one hand, demand for silver from emerging sectors such as PV, NEVs, and 5G communications continues to climb, driving the industry toward higher value-added and greener development. On the other hand, resource constraints, technological barriers, and market fluctuations impose higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, recycling, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue on three core topics: technological R&D, supply chain optimization, and market expansion. Through the release of an industry white paper, the establishment of an innovation alliance, and the signing of major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Quanda New Materials (Ningbo) Co., Ltd. / Ningbo Haoshun Precious Metals Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Quanda New Materials (Ningbo) Co., Ltd. was founded in December 2023 by Mr. Chen Yongda, who has over twenty years of experience in the silver industry, building upon his existing silver distribution business 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 scenic Xiangshan Chemical Economic and Technological Development Zone in Ningbo. It is a fully automated factory enterprise specializing in the production of silver nitrate using silver as the primary raw material, with a designed capacity of 5,000 mt/year, and is a key supported enterprise of 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 quality detection procedures and has established an internal R&D center staffed with dozens of mid-to-senior-level professional and technical personnel. The company's product quality is consistently among the leading levels in the domestic peer industry, with products widely applied in military enterprises, the electronics industry, the PV industry, aerospace, and other fields. We are committed to providing clients with more value-added services through 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 Ningbo Haoshun Precious Metals Co., Ltd. is an innovative modern commercial distribution enterprise primarily engaged in the supply of precious metal silver raw materials in China and customized silver crafts services. It is a standing council member 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 (CNIA). Since its establishment and operation, the company has consistently adhered to the business philosophy of "being down-to-earth, operating with integrity, and achieving mutual benefit." It upholds the business cooperation principle of "creating value together, sharing results together, and winning the future together." After years of development and growth, the company has established long-term and stable cooperative relationships with multiple well-known silver mine enterprises in China. Its supply and sales channels have become stable, and it has selected a group of strategic partners with strength, credibility, quality, and service orientation. It has cultivated a dedicated, responsible, pragmatic, and efficient business team, providing a strong guarantee for the company's steady and high-quality development. Its industry reputation, market influence, and corporate soft power are all gradually strengthening. Its spot silver trading volume has been at the industry-leading level for consecutive years. A modern commercial distribution enterprise with a maturing management mechanism is emerging. Looking ahead, Ningbo Haoshun Precious Metals Co., Ltd. is expected to align with the major trend of silver consumption upgrading in the new era, proactively innovate and adapt, employ flexible and elastic trading models, adopt a strict risk control system, and leverage timely and efficient services. The company will strive to anticipate clients' needs and fulfill their requirements, endeavoring to provide clients with diversified and more value-added services. As the ancients said, " When one calls with the wind at his back, his voice is no louder, yet it is heard more clearly. Ningbo Haoshun Precious Metals Co., Ltd. will stay true to its original mission of serving the National Silver Enterprise Annual Conference. On the road ahead, it will willingly serve as a practitioner of honest and trustworthy trading in the silver industry market, a driver of integrated coexistence and win-win cooperation among enterprises, and a contributor to the steady, prosperous, and sustainable development of the industry. Contact Information Mr. Yao 13817213537 Tel: 0574-88053076 Fax: 0574-88053796 Address: Room 151, Building 22, No. 818 Qiming Road, Yinzhou District, Ningbo, Zhejiang Province Press and hold to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

SMM May 23: Metals market: Overnight, domestic market base metals mostly rose. SHFE copper gained 0.58%. SHFE aluminum fell 0.14%, SHFE lead rose 0.3%. SHFE zinc dipped 0.16%. SHFE tin rose 1.09%. SHFE nickel gained 0.49%. In addition, the most-traded alumina futures contract fell 0.77%, and the most-traded foundry aluminum futures contract slipped 0.06%. Overnight, ferrous metals mostly fell. Iron ore was flat at 792.5 yuan/mt, stainless steel rose 0.34%, rebar edged down 0.09%, and hot-rolled coil fell 0.15%. Coking coal and coke: coking coal extended its decline for a third consecutive trading day, falling 1.45%, while coke dropped 0.95%. Overnight overseas metals market, LME base metals rose across the board. LME copper gained 0.18%. LME aluminum rose 0.45%, LME lead rose 0.4%. LME zinc edged up 0.06%. LME tin rose 1.16%. LME nickel gained 0.67%. Overnight precious metals : COMEX gold fell 0.7%, posting a second consecutive weekly decline with a weekly loss of 1.13%; COMEX silver fell 1.06%, declining for two consecutive weeks with a weekly loss of 2.1%. Overnight, the most-traded SHFE gold futures contract fell 0.1%, posting a second consecutive weekly decline with a weekly loss of 2.13%; the most-traded SHFE silver futures contract rose 0.51%, while SHFE silver declined for two consecutive weeks with a weekly loss of 7.81%. As of 8:31 AM on May 23, overnight closing prices: Macro front China: [PBOC: 600 billion yuan MLF operation to be conducted on May 25] PBOC: To maintain ample liquidity in the banking system, on May 25, 2026, the PBOC will conduct a 600 billion yuan MLF operation with a fixed quantity, interest rate tender, and multiple-price winning method, with a maturity of one year. [CSRC: Crackdown on illegal cross-border securities operations; investors' property safety unaffected by the rectification] Xinhua News Agency reported that recently, with the approval of the State Council, the CSRC and seven other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-Border Securities, Futures, and Fund Business Activities." Regarding this rectification, all parties are highly concerned about how the legitimate rights and interests of existing investors will be protected. In this regard, the plan emphasized that investors' property safety will not be affected by the rectification. A CSRC official stated that the plan specified numerous measures to safeguard the legitimate rights and interests of existing investors. For example, a two-year concentrated rectification period will be set up to phase out relevant domestic services of overseas institutions. Overseas institutions are required to properly communicate with investors affected by the rectification measures in China and arrange account disposal to ensure client property safety. [Hong Kong SFC: Enhanced measures to address risks of forged documents and money laundering and raise account opening standards] The Hong Kong SFC issued a circular on May 22, setting out the monitoring measures that should be implemented when opening accounts and maintaining customer relationships. The circular was issued following the SFC's review of account opening practices at 12 securities brokerages. The review identified multiple significant deficiencies, including inadequate due diligence on account opening documents, acceptance of suspicious or forged documents during the account opening process, and weaknesses in managing cross-border agency relationships with ex-China intermediaries. (Wallstreetcn) US dollar: The US dollar index rose 0.12% overnight, closing at 99.32. On a weekly basis, the US dollar index posted its second consecutive weekly gain, up 0.04% for the week. The 17th Fed Chairman Warsh was sworn in at the White House on Friday. Warsh stated: "The Fed's mission is to promote price stability and full employment." He said, "When these goals are pursued with wisdom and clarity, independence and resolve, inflation can be lower, economic growth can be stronger, real take-home wages can be higher, America can be more prosperous, and just as importantly, America's standing in the world can be more secure." He added: "To fulfill this mission, I will lead a reform-oriented Fed that learns from past successes and mistakes, breaking free from static frameworks and models while adhering to clear standards of integrity and performance." (Jin10 Data) Fed Governor Waller's hawkish remarks put US Treasury prices under pressure, with money markets fully pricing in a 25-basis-point interest rate hike in 2026. The most significant policy signal on Friday came from Fed Governor Waller. On Friday local time, Fed Governor Waller stated that as the energy shock from the Iran war pushes up prices, he supports making it clear that the Fed's next rate move is as likely to be a hike as an interest rate cut. Waller said his current stance is to remain patient and keep rates unchanged until the impact of the war becomes clearer, but he warned on Friday that he does not rule out the possibility of future rate hikes if inflation does not begin to slow down soon. Waller's remarks were released almost simultaneously with the swearing-in of new Fed Chairman Warsh. The interest rate environment Warsh currently faces is notably more hawkish than the Fed's internal dot plot expectations. (Wall Street CN) "Fed whisperer" Nick Timiraos noted that there were several key moments during Kevin Warsh's swearing-in ceremony at the White House: ① Trump asked Warsh to be "completely independent." Trump said, "(I hope he) doesn't look at me, doesn't look at anybody." ② Just two minutes later, Trump offered some "suggestions" indicating the economic direction he hoped to see: "Strong economic growth doesn't need to be cooled down," "Economic growth does not mean inflation," and "I want the economy to boom to unprecedented levels, because there is indeed some debt to deal with." ③ Trump hinted that the US Fed's decision-making body would "converge." He said other Fed policymakers "will make their own decisions, but they will listen to Kevin throughout," even those "whose positions are slightly different." ④ Warsh referenced Greenspan, not Bernanke. Warsh recalled the historical scene of Greenspan being sworn in at the White House in 1987, and pledged to "begin work with abundant energy and a sense of mission, just as Chairman Greenspan did." He made no mention of former Chairman Bernanke, with whom he had worked for five years during his previous tenure as a governor. (Jin10 Data) In addition, affected by the Iran war, the US consumer confidence index in May fell to a historic low, and long-term inflation expectations also deteriorated significantly. Data showed that the University of Michigan's final reading of the May consumer confidence index dropped to 44.8, with consumers expecting prices to rise at an annualized rate of 3.9% over the next five to ten years, up from 3.5% in April and hitting a seven-month high. They also expected prices to rise 4.8% over the next year. Gasoline prices continued to hover near their highest levels since 2022, exacerbating Americans' concerns about rising living costs and the failure to reach a deal to end the war. The impact of inflation on household budgets, particularly for low-income consumers, poses risks to the future consumption outlook. Joanne Hsu, the survey director, stated: "Cost of living concerns remain the top issue on people's minds, with 57% of respondents spontaneously citing that high prices are eroding their personal finances, up from 50% last month." She stated: "The key point is that consumers appear worried that inflation will not only spread beyond fuel prices to other areas, but that this upward trend could persist well into the future." (Jin10 Data) Regarding other currencies: ECB President Lagarde stated that despite the deepening impact of the Iran conflict, long-term inflation expectations remained broadly in line with the 2% target. Although the energy crisis is pushing up inflation and dragging on the economy, long-term inflation expectations have remained well-anchored overall. The impact of this conflict on medium-term inflation and economic activity will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect transmission effects. (Wall Street Journal) Bank of Japan Governor Ueda Kazuo said that Prime Minister Takaichi Sanae told him during their meeting on Friday that she hoped the BOJ would adopt appropriate policy, taking into account the government's price measures. Ueda Kazuo told reporters after the meeting with Takaichi Sanae at the Prime Minister's residence in Tokyo that it was a routine meeting between the two and that no specific details of monetary policy were discussed. (Wall Street Journal) On the macro front: Data to be released next week include: UK May CBI retail sales balance, US March FHFA house price index MoM, US March S&P/CS 20-city non-seasonally adjusted house price index YoY, US May Conference Board consumer confidence index, US May Dallas Fed business activity index, Australia April non-seasonally adjusted CPI YoY, New Zealand RBNZ interest rate decision through May 27, Switzerland May ZEW investor confidence index, US weekly ADP employment change through May 9, US May Richmond Fed manufacturing index, Eurozone May industrial confidence index, Eurozone May economic sentiment index, Canada Q1 current account, US initial jobless claims through May 23, US April core PCE price index YoY, US April personal spending MoM, US Q1 real GDP annualized QoQ revised, US April core PCE price index MoM, US April durable goods orders MoM, US April new home sales annualized, Japan April unemployment rate, France May CPI MoM preliminary, France Q1 GDP YoY final, Germany May seasonally adjusted unemployment change, Germany May seasonally adjusted unemployment rate, Germany May CPI MoM preliminary, Canada March GDP MoM, US May Chicago PMI, and China May official manufacturing PMI. In addition, next week also warrants attention: today 500 billion yuan in 1-year medium-term lending facility (MLF) and 1 billion yuan in 7-day reverse repo expired; BOJ Governor Ueda Kazuo delivers a speech at a monetary policy conference hosted by the BOJ; the RBNZ releases its interest rate decision and monetary policy statement; RBNZ Governor Breiman holds a monetary policy press conference; the ECB publishes the minutes of its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams delivers a keynote speech at a conference co-organized by the Central Bank of Iceland; 2028 FOMC voter and St. Louis Fed President Musalem delivers a speech; Bank of England Governor Bailey delivers a speech; 2028 FOMC voter and Kansas City Fed President Schmid delivers a speech; US Fed Governor Bowman delivers a speech. Additionally, it is worth noting that due to the Memorial Day holiday, the US stock market will be closed on May 25 (next Monday); trading of precious metals and WTI crude oil futures contracts under CME will end early at 02:30 Beijing time on May 26, and trading of US equity and Treasury futures contracts will end early at 01:00 Beijing time on May 26. Due to the Buddha's Birthday holiday, the Hong Kong stock market will be closed on May 25 (next Monday), with southbound and northbound trading suspended; the South Korean stock market will also be closed on the same day. Furthermore, due to the Spring Bank Holiday, the UK stock market will be closed on May 25 (next Monday); trading of Brent crude oil futures contracts under ICE will end early at 01:30 Beijing time on May 26. Investors are advised to take note. (Jin10 Data) Crude oil: Both oil futures rose overnight, with WTI up 0.67% and Brent up 1.62%. On a weekly basis, WTI futures declined 3.98% for the week, and Brent fell 4.59% for the week. Since the ceasefire agreement was reached in April this year, US-Iran negotiations have remained deadlocked, with no comprehensive agreement to end the conflict in sight. Although a draft reportedly "close to being finalized" is emerging, four core obstacles still stand in the way of lasting peace. According to Bloomberg, the Strait of Hormuz, nuclear issues, the Lebanon conflict, and sanctions currently constitute the four core points of divergence in the negotiations. For investors, this war has plunged global energy markets into severe turbulence, and any progress or breakdown in negotiations will impact commodity prices. (Wallstreetcn) Iranian Foreign Ministry spokesperson Baghaei stated on May 22 that it cannot be concluded that a US-Iran agreement is close to being reached, as significant differences remain between the two sides. According to Iranian media reports on May 22, Baghaei, commenting on the visit of senior Pakistani officials to Tehran, said this indicates the current situation has entered a "turning point or decisive stage." He mentioned that Pakistan's Chief of Army Staff Munir had visited Tehran, and related communications are still ongoing. When asked whether this means a change in the negotiation process, Baghaei said it cannot be said that a US-Iran agreement is close to being reached, noting that there are serious and extensive differences between Iran and the US, and that "diplomacy is a time-consuming process." Baghaei said one should not expect to see results within weeks or months through several rounds of back-and-forth consultations. He emphasized that diplomatic negotiations are inherently a long-term process, and both sides are utilizing various opportunities to convey their respective positions. (Xinhua) Baker Hughes data showed that US drilling companies increased the number of oil and natural gas rigs for the fifth consecutive week. The US total oil rig count for the week ending May 22 was 425, compared to the previous value of 415. In addition, Kazakhstan's national oil and natural gas company: Q1 oil production fell 12% YoY to 5.6 million mt. (Jin10 Data) According to Bloomberg, affected by the Iran war, the average US gasoline price has surpassed $4.5 per gallon, with California exceeding $6. Despite high prices, consumers have not significantly reduced fuel purchases. For most Americans, driving to work and picking up children are daily necessities. Gasoline spending is nearly impossible to cut, and consumers can only reduce discretionary spending to balance budgets. Philadelphia resident Avarisse Crawford said she has cut entertainment expenses, replacing steak dinners and bar gatherings with free park activities. The ongoing Middle East tensions continue to push oil prices higher. The effective blockade of the Strait of Hormuz has hindered global crude oil transportation, and US gasoline inventory has fallen to its lowest level for the same period since 2014. Morgan Stanley expects it to hit a seasonal historic low by the end of August. Facing continued climbing oil prices, the Trump administration has successively released strategic petroleum reserves, waived the Jones Act, and discussed implementing a federal gasoline tax holiday, but the effects remain unclear. As the Memorial Day weekend kicks off the summer travel season, upward demand pressure may further strain already tight inventories. (Wallstreetcn) Recommended reading:

US President Trump stated that the US was still in negotiations with Iran. However, whether through reaching a deal or through military means, the US would do everything in its power to prevent Iran from becoming a nuclear-armed nation. Regarding the Strait of Hormuz "toll" matter, Trump reiterated that the US had absolute control over the Strait of Hormuz, that the US naval blockade imposed on Iran was fully effective, and that no vessel could pass through Iran-related waters without US approval. In addition, Trump mentioned tariff policy, saying that the US government might refund a total of $149 billion in tariffs, but would subsequently collect them again in a different form.

The International Copper Study Group (ICSG) released preliminary data on global copper supply and demand for March 2026 in its monthly bulletin published in May 2026. Preliminary data indicated that global copper mine production in Q1 2026 was basically flat, with copper concentrates production declining by 1.1%, offset by a 3.3% increase in solvent extraction-electrodeposition (SX-EW) production. Although global mine production benefited from additional output driven by capacity ramp-up of projects in several countries, significant declines in copper concentrates production in Chile, the DRC, and Indonesia offset global growth. In Indonesia, copper concentrates production at the Grasberg mine fell by 42%, as the severe mud inflow incident that occurred in September last year continued to affect the mine's production. Chile's mine production declined by 5.8%, with increased production at the Collahuasi and Quebrada Blanca mines offset by production cuts at the Spence, El Teniente, Escondida, and Los Pelambres mines. The DRC's mine production is estimated to have grown by only 0.5%: SX-EW production increased by approximately 10%, but was partially offset by a 36% decline in copper concentrates production due to reduced output at the Kamoa mine (affected by the 2025 earthquake event). In Peru, copper mine production grew by 3.3%, primarily driven by increased production at the Antamina, Las Bambas, and Antapaccay mines, which more than offset production declines at Southern Peru Copper, Quellaveco, and Marcobre. Mongolia's copper concentrates production is estimated to have grown by approximately 36%, benefiting from the capacity ramp-up of the Oyu Tolgoi underground project. Preliminary data indicated that global copper cathode production grew by approximately 4.5% in Q1 2026, with primary copper (electrolysis and ore electrodeposition) production increasing by 3.8% and secondary copper (from scrap) production increasing by 7.6%. China and the DRC, which currently account for approximately 60% of global production, saw their combined production increase by an estimated 9% (China 8.8%, DRC 10%). Excluding these two countries, global copper cathode production declined by approximately 1.4%. Chile's copper cathode production fell by 11.7%, with copper cathode (from concentrates) production declining by 24% due to smelter operational constraints and maintenance, and electrodeposition copper production declining by 5.7%. Production in Asia (excluding China) is estimated to have declined by 4%, mainly due to production decreases in Japan, Indonesia, and the Philippines. India's production is estimated to have grown by 25%, benefiting from improved capacity utilization rates and the capacity ramp-up of the Adani smelter. Global secondary refined copper production (from scrap) increased by 7.6%, mainly driven by growth in China. Preliminary data indicated that global apparent refined copper usage grew by 0.8% in Q1 2026. Although global usage excluding China was estimated to have grown by 1.7%, China's apparent demand (excluding bonded warehouse/unreported inventory changes) was estimated to be basically flat, affected by a 40% decline in China's net imports of copper cathode. China currently accounts for approximately 58% of total global refined copper usage. The preliminary global refined copper supply-demand balance indicated an oversupply of 396,000 mt in Q1 2026. In compiling the global market balance, ICSG used China's apparent demand calculation method, which does not account for changes in unreported inventories. However, to facilitate global market analysis, an adjustment item has been added to the attached tables — "Global refined copper balance adjusted for Chinese bonded warehouse inventory changes" — which adjusts the global refined copper balance based on the average bonded warehouse inventory change estimates from two Chinese copper market consultancies. In Q1 2026, the global refined copper balance based on China's apparent usage (excluding bonded warehouse/unreported inventory changes) showed a preliminary oversupply of approximately 396,000 mt, compared with an oversupply of approximately 135,000 mt in the same period of 2025. The global refined copper balance adjusted for estimated changes in Chinese bonded warehouse inventories showed a market oversupply of approximately 386,000 mt. Copper Prices and Inventories: Based on the average estimates from two independent consultancies, Chinese bonded warehouse inventories were estimated to have decreased by approximately 10,000 mt from the end of 2025 levels during the first three months of 2026. As of the end of April 2026, copper inventories at major metal exchanges (LME, COMEX, SHFE) totaled 1,148,760 mt, the highest level since January 2003. Inventories increased by 404,648 mt, or 55%, from the end of December 2025, with LME up 253,350 mt, Shanghai Futures Exchange up 46,683 mt, and COMEX up 104,615 mt. The LME spot copper average price in April was $12,891.38 per mt, up 3% from the March average price of $12,498.98 per mt. The 2026 copper price high and low were $14,097 per mt (May 13) and $11,826 per mt (March 19), respectively, with a year-to-date average price of $12,947.22 per mt, up 30% from the 2025 average price. Global Refined Copper Supply and Demand Trends Notes: 1/ Refers to apparent usage 2/ Refined copper balance = production - usage 3/ Seasonally adjusted balance data 4/ Global refined copper balance adjusted for estimated changes in Chinese bonded warehouse inventories (Wenhua Composite)

Nickel Ore " Indonesia Officially Issues Presidential Decree Requiring Designated State-Owned Enterprises to Monopolize Strategic Resource Exports Starting This June " 1. Price Dynamics and HMA Revisions The Indonesian nickel ore price remained stable this week. The Ministry of Energy and Mineral Resources (ESDM) has officially released the Nickel Mineral Benchmark Price (HMA) for the second half of May 2026. Nickel HMA: $18,849.3/dmt (up $1047.15 or 5.88% from $17,802.14 in early May). Cobalt HMA: $55,854/dmt. Iron Ore HMA: $1.58/dmt. Chrome Ore HMA: $6.37/dmt. Current port-delivered prices for 1.6% grade pyrometallurgical ore (saprolite) stand at $77.8-80.8/wmt. In contrast, 1.2% grade hydrometallurgical ore (limonite) is priced at approximately $28-33/wm.. 2. Supply-Demand Fundamentals and Weather Impacts For pyrometallurgical ore, unseasonal, abnormally heavy rainfall in the Central and South Sulawesi regions (Morowali and surrounding mining areas) has severely disrupted land transportation and barge transshipment. A series of micro-earthquakes (reaching up to magnitude M$1.9$) that occurred near Morowali between May 17 and 18 further exacerbated this impact. The combination of highly saturated soil moisture and minor crustal tremors has significantly increased the risk of landslides and slope instability, forcing mines to slow down their extraction and heavy-truck transportation pace for safety reasons. Therefore, even though the approval rate of regulatory quotas (RKAB) has reached approximately 90%, the spot supply of high-grade ore remains tight. To cope with exorbitant costs and tight supply, smelters are actively adopting cost-reduction strategies. These include blending low-grade ores into raw materials to lower the overall grade, promoting a unified premium pricing model of "HPM + USD $7–$10/wmt," and implementing standardized benchmarks for the chemical specifications of pyrometallurgical ore (Cobalt 0.05%, Iron 20%, Chrome 1%) to eliminate additional premiums for individual ore components. Meanwhile, the hydrometallurgical nickel ore market continues to suffer a severe disconnect from official pricing. The price of low-grade hydrometallurgical ore is under severe pressure and has completely failed to follow the upward trend of the new HPM. This price depression is primarily driven by the dual contraction of smelter operating rates and immediate raw material demand, with the core trigger being a potential production cut in Mixed Hydroxide Precipitate (MHP) caused by a sulfuric acid supply shortage in May. Against a backdrop of relatively stable inventory levels, MHP refineries are leveraging this low-capacity operating environment to aggressively suppress procurement bids, causing hydrometallurgical ore prices to continue hovering at low levels. 3. SMM Internal Estimates The new pricing formula has led to increased price divergence and amplified volatility, particularly influenced by higher associated cobalt content in certain ores. SMM calculations show that the new HPM for 1.2% grade limonite is approximately $49.95, significantly higher than current market assessments. The new HPM for 1.6% grade saprolite is $70.83; the inclusion of higher cobalt content in the new formula has markedly amplified price fluctuations. While actual market transaction prices currently remain above this benchmark, the gap is steadily narrowing. 4. Regulatory Quotas (RKAB) and Market Outlook According to the ESDM, RKAB approvals for 2026 have reached approximately 90%. SMM statistics indicate that the total approved quota for Indonesian nickel ore stands at roughly 240 million wmt. The macroeconomic and policy focus of the market has recently shifted, primarily concentrating on the following two major export and contract regulatory policies: DSI's Full Takeover of the Export Mechanism: The Indonesian government has confirmed that starting January 1, 2027, DSI will fully take over the export business of coal, palm oil, and ferroalloys. This policy will facilitate a smooth transition of the export mechanism in two phases. Since ferroalloys (including ferronickel, NPI, etc.) fall within the scope of this takeover, the market is closely evaluating the impact of this transition period on the export logistics and compliance costs of Chinese-funded smelters. Crackdown on Under-Invoiced Long-Term Contracts: The Indonesian government emphasized that it will honor existing, valid long-term export contracts to maintain commercial credit. However, at the same time, the government will strictly investigate and punish long-term contracts suspected of "under-invoicing" (low-price customs declarations). It is reported that relevant Indonesian departments will soon hold consultations with major industry associations to ensure a smooth policy transition while plugging loopholes that lead to tax revenue losses from underpricing. Nickel Pig Iron " Supply-Demand Price Gap Widens; Short-Term Prices to Fluctuate within a Range " The average price of SMM 10-12% NPI average price fell by RMB 5.7 per nickel unit week-on-week to RMB 1140.3 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index dipped by USD 1.37 USD per nickel unit to an average of USD 146.52 per nickel unit. Downstream purchasing sentiment dropped even more visibly, intensifying the divide in market mindsets between buyers and sellers. On the supply side, existing NPI production cutbacks, coupled with recent disruptions from Indonesian export policy updates, have gradually tightened spot availability. Consequently, upstream producers are holding back cargo to defend their asking prices, generally keeping their offers firm. Sellers only slightly softened their quotes under the weight of weak futures markets, and their willingness to offload cargo at lower price levels remains low. This expectation of tighter market supply provides a solid floor for prices. On the demand side, pressure remains acute. The stainless steel market lacks upward momentum, forcing steel mills to adopt a highly cautious procurement stance centered strictly around hand-to-mouth restocking. Furthermore, as the price-to-performance advantage of stainless steel scrap expands, downstream buyers are pushing hard for discounts. Target buying prices remain heavily clustered between RMB 1,120 and 1,130/mtu, leaving a massive spread against upstream asking prices that makes reconciling the two sides very difficult. Market Outlook: While expectations of tightening supply will support spot prices, the weak futures market and competitive pricing from alternative raw materials will continue to cap upside gains. Accordingly, high-nickel pig iron prices are expected to exhibit a high-level, range-bound volatile trend next week.

SMM May 22: According to data from the General Administration of Customs, China's primary aluminum imports in April 2026 were approximately 265,000 mt, up 4.1% MoM and up 5.9% YoY. From January to April 2026, China's cumulative primary aluminum imports totaled approximately 911,000 mt, up 9.2% YoY. In April, China's primary aluminum exports were approximately 16,000 mt, up 6.3% MoM and up 13.7% YoY. From January to April, cumulative primary aluminum exports totaled approximately 54,000 mt, up around 55.1% YoY. In April, China's net primary aluminum imports were 250,000 mt, up 4.0% MoM and up 5.5% YoY. From January to April, China's cumulative net primary aluminum imports were approximately 858,000 mt, up 7.2% YoY. (The above import and export data are based on HS codes 76011090 and 76011010.) By country of origin, 83.6% of China's total primary aluminum imports in April came from the Russian Federation, 7.9% from Indonesia, 3.5% from Australia, and 2.7% from India. By trade mode, from January to April, the share of primary aluminum imports under Ordinary Trade was 4.0%, 1.3%, 1.7%, and 0.2% respectively, down 23.6, 27.2, 21.3, and 23.7 percentage points YoY respectively. LME aluminum outperformed SHFE aluminum in price trends, the SHFE/LME price ratio declined, and imports under Ordinary Trade decreased. It is possible that large volumes of bonded warehouse cargo may be re-exported to other countries outside China going forward. According to SMM surveys, long-term contracts and previously signed orders in April were fulfilled normally. Combined with in-transit cargo arriving at ports successively, China's primary aluminum imports remained at elevated levels. Currently, the supply-demand gap in the ex-China aluminum market is significant, with high spot aluminum ingot premiums outside China. Going forward, some imported cargo may be diverted for re-export to high-premium regions such as Japan and South Korea, Thailand, India, and Europe and the US. Overall, China's net primary aluminum imports in 2026 are expected to decline YoY.

SMM May 22 update: The "Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China" was recently promulgated and will take effect from June 15, 2026. The tight supply situation on the raw material side remained unchanged. Pr-Nd oxide saw a notable increase on May 21, boosted by major manufacturers' procurement, but underwent a slight correction on May 22 under the influence of inquiries pushing for lower prices. Nevertheless, the recovery in market confidence provided some support for Pr-Nd prices. Demand side, the NEV, wind power, and humanoid robot industries continued to develop favorably, and the market expected promising growth in high performance NdFeB demand. Additionally, after the previous period of adjustment, some market funds flowed back into the rare earth permanent magnet sector, driving a notable rise in the rare earth permanent magnet concept on May 22. As of the close on May 22, the rare earth permanent magnet concept rose 3.14%. In terms of individual stocks: Xiangtan Electric Manufacturing hit the daily limit, while Advanced Technology & Materials, Hanghua Co., Huaxin Technology, Innuovo Technology, and Orient Zirconic Industry led the gains. News [Li Qiang Signs State Council Decree Promulgating the "Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China"] Premier Li Qiang recently signed a State Council decree promulgating the "Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China" (hereinafter referred to as the "Regulations"), which will take effect from June 15, 2026. The Regulations aim to ensure the effective implementation of the revised Mineral Resources Law, promote the rational development and utilization of mineral resources, strengthen the protection of mineral resources and the ecological environment, drive high-quality development of the mining industry, and safeguard mineral resource security. The Regulations consist of 8 chapters and 79 articles, mainly covering the following contents. First, further improving the mining rights system, with specific provisions on the establishment, transfer by tender, renewal, and assignment of mining rights. Second, refining systems related to mineral resource exploration and extraction, including establishing and improving technical standards and normative systems for basic geological surveys, clarifying procedures for applying for exploration permits and mining permits, strengthening land use guarantees for mining, promoting comprehensive utilization of mineral resources, and clarifying the legal effect of mineral resource reserve reports. Third, refining systems related to ecological restoration in mining areas, clarifying that mining right holders are responsible for ecological restoration in mining areas, detailing the contents that ecological restoration plans for mining areas should specify, and stipulating the completion deadlines and acceptance procedures for ecological restoration in mining areas. Fourth, further improving mineral resource reserve and emergency response systems, clarifying the principles to be followed in building a strategic mineral resource reserve system, further refining systems related to strategic mineral resource product reserves, capacity reserves, and production site reserves, and improving emergency response measures for mineral resources. Fifth, further improving the supervision and management system, refining the evaluation system for mineral resource development and utilization levels, implementing registration and tiered and classified supervision for entities engaged in mineral resource exploration, and clarifying dispute resolution mechanisms between mining right holders. Legal responsibilities were improved, specifying that violations involving strategic mineral resources shall be subject to heavier penalties within the statutory range. (Xinhua News Agency) Pr-Nd oxide price pulled back slightly on May 22; dysprosium oxide and terbium oxide prices remained stable Spot market: On May 22, the average price of Pr-Nd oxide edged down 0.57% from the previous trading day. Dysprosium oxide and terbium oxide prices remained flat compared to the previous trading day. Currently, rare earth market prices showed a slight correction. Focusing on the Pr-Nd market, mid-week, magnetic material enterprises conducted a round of concentrated procurement, but as the weekend approached, their inquiry activities decreased significantly, with most inquiries pushing for lower prices. Affected by this, the metal market inquiries came under pressure, and some metal enterprises slightly lowered their quotes. The oxide market was also affected; impacted by metal enterprises' price-pushing inquiries, some traders lowered their quotes. However, market confidence recovered somewhat in the short term, and suppliers had low willingness to sell at lower prices, so the overall decline in Pr-Nd products remained limited. Turning to the medium-heavy rare earth market, although market inquiry activities decreased, suppliers showed little willingness to sell at lower prices. Prices of products such as dysprosium and terbium therefore showed no significant fluctuations, maintaining overall stable operation. Overall, as downstream inquiry activities decreased near the weekend with price-pushing inquiries, Pr-Nd product prices saw a slight correction, while medium-heavy rare earth market prices remained relatively firm with stable overall operation. In the short term, as market trading activity picks up, Pr-Nd product prices are expected to move sideways. Institutional Views Guojin Securities research report noted: Rare earth: From the beginning of the year to date, the price center has been continuously rising, which we believe is likely highly correlated with supply-side policy documents issued from 2024 to 2025, as industry supply-side reform continues to advance. Full-year exports in 2025 were -1% YoY, while exports from early 2026 to date increased significantly, indicating that ex-China restocking demand remains substantial. The rare earth sector will continue to see dual appreciation in valuation and earnings, and 2026 is also a critical year for resolving horizontal competition among key targets. Resource side, we recommend attention to China Rare Earth (medium-heavy rare earth leader, biggest beneficiary of supply reform), China Rare Metals and Rare Earth (undervalued, high-growth South China rare earth leader), China Northern Rare Earth (light rare earth leader, significant cost advantages), Bao Gang United Steel (beneficiary of dual supply reform in rare earth and steel); magnetic material segment beneficiary: JL MAG Rare-Earth (magnetic material leader, robotics contributing growth potential). Other related targets include Zhenghai Magnetic Material and Ningbo Yunsheng. According to a Huaxi Securities research report: per the U.S. Geological Survey (USGS), rare earths are relatively abundant in the Earth's crust, but mineable reserves are less than most other mineral products. In 2025, global rare earth reserves were estimated at 85 million mt (in rare earth oxide equivalent, same below), of which China's reserves were 44 million mt, accounting for 51.76%. Production side, global rare earth production in 2025 was 380,000 mt, of which China's production was 270,000 mt, accounting for 71.05%. Midstream, 90% of smelting and processing demand in 2025 was handled by China. Downstream, according to Frost & Sullivan's forecast, global rare earth permanent magnet production in 2025 was 310,200 mt, of which sintered NdFeB production was 296,700 mt (95.65%); China's rare earth permanent magnet production was 284,200 mt (91.62% of global production), of which sintered NdFeB production was 271,800 mt (95.64%). Overall, global rare earth resources are highly concentrated, and China ranks first globally in both rare earth production and reserves. On November 7, 2025, the Ministry of Commerce and the General Administration of Customs jointly announced that from that date until November 10, 2026, six export control measures involving superhard materials, rare earth-related items, lithium batteries, and artificial graphite anode materials would be temporarily suspended, indicating some easing in China-US relations. The US government is actively rebuilding its domestic rare earth industry chain, with US magnet manufacturer eVAC recently shipping its first batch of NdFeB permanent magnets from its Sumter, South Carolina plant. However, in the short term, global rare earth permanent magnet production remains highly concentrated in China. Considering that ex-China capacity release still requires time and given the scale of China's new capacity, China remains the only country in the world with production capabilities across the entire rare earth industry chain for all product categories. The overall scale of the Western rare earth industry chain is far below that of China, with incomplete industry chains and obvious shortcomings. Looking ahead, although downstream new orders remain weak with most enterprises primarily digesting existing orders, some small and medium-sized enterprises' raw material inventory is approaching low levels, highlighting rigid restocking demand. According to a CITIC Securities research report, in 2025 and Q1 2026, earnings growth in the metals sector generally accelerated, with tungsten, lithium, lead-zinc, and rare earth magnetic materials leading the gains, while aluminum, copper, nickel-cobalt-tin-antimony, and gold performed relatively weakly since the beginning of the year. Current metals sector valuations remain at reasonable levels, with aluminum, copper, nickel-cobalt-tin-antimony, and gold valuations at relatively low levels, and valuation rebounds are still expected. Industry dividends pulled back slightly, but forecast dividend yields for some individual stocks still exceed 5%. Looking ahead to 2026, with liquidity shocks easing, supply disruptions occurring frequently, and certain downstream sectors sustaining relatively high prosperity, it is recommended to continue focusing on allocation opportunities in lithium, copper, rare earth, strategic metals, aluminum, and gold sectors. Recommended Reading: