In January 2026, the European Union and India reached a historic Free Trade Agreement (FTA), with the elimination of steel tariffs of up to 22% becoming a major market focus. However, clearing the policy fog of "bilateral exemptions" and analyzing actual export and carbon emission data reveals that the steel industry faces a highly asymmetric trade reshaping. This seemingly fair reduction is actually Europe trading a "capped" ticket for India's "uncapped" massive incremental market.

I. Core Content of the Hydrogen Trade Security Regulation: A Dual-Track Mechanism for Green Hydrogen Certification and Carbon Tariff Exemption​​ Recently, the EU officially adopted the Hydrogen Trade Security Regulation, aiming to establish a unified framework covering the production, transportation, and certification of green hydrogen. Its core provisions include: ​​Green Hydrogen Definition and Certification Standards​​: Imported green hydrogen must meet a full life cycle carbon emission intensity of ≤3 kg CO₂e/kg H₂ (the power source for electrolyzers must be from renewable energy, and the carbon emission coefficient of the producing country's power grid must be lower than the EU average). ​​Carbon Tariff Exemption Mechanism​​: Importers of certified green hydrogen are exempt from carbon tariffs under the EU's Carbon Border Adjustment Mechanism (CBAM), with the exemption covering emissions from the entire production chain of green hydrogen (including the power input end). ​​Supply Chain Traceability Requirements​​: Importers must provide a complete data chain from the power source of electrolyzers to storage and transportation, ensuring no fossil energy is mixed in. This regulation forms a policy synergy with the EU's Renewable Energy Directive (RED III), requiring member states to import no less than 10 million mt of green hydrogen by 2030, prioritizing its use for decarbonization in high-emission sectors such as chemicals and steel. II. Why is the EU Promoting Green Hydrogen Trade Rules at This Time?​​ ​​1. Internal Transition Pressures Necessitate Supply Chain Restructuring​​ ​​Energy Security Concerns​​: Following the Russia-Ukraine conflict, the EU has accelerated its efforts to reduce dependence on Russian fossil fuels, positioning green hydrogen as a strategic energy carrier to replace natural gas. However, domestic electrolyzer capacity can only meet 30% of the demand by 2030, forcing the EU to turn to imports. ​​Green Industrial Competition​​: The US Inflation Reduction Act (IRA) provides a subsidy of $3/kg for domestic clean hydrogen, while electrolyzer costs in China are 40% lower than in Europe. The EU needs to establish rules to compete for a say in the green hydrogen industry. ​​2. Proactive Positioning in International Climate Negotiations​​ ​​Weaponization of Carbon Tariffs​​: By exempting green hydrogen from tariffs, the EU is essentially extending its carbon pricing system into international trade rules. This move not only weakens the competitiveness of fossil fuel-based hydrogen production in developing countries but also compels other countries to accept the EU's carbon accounting standards. ​​Struggle for Standard-Setting Power​​: Currently, there are multiple sets of global green hydrogen certification standards (such as Germany's H2Global and the US DOE standards). The EU is attempting to bundle its "carbon border tax + green hydrogen certification" into a de facto standard through the CBAM linkage mechanism. ​​3. Historical Policy Continuity​​ The EU's green hydrogen policy has evolved through three stages: ​​2020-2022​​: The EU Hydrogen Strategy was released, establishing the principle of "prioritizing the development of green hydrogen". ​​2023​​: The "Hydrogen Bank" was launched, initiating the first batch of import tenders (such as a 100,000 mt/year green hydrogen agreement with Egypt). ​​2024​​: The adoption of the trade regulation marks a shift in policy focus from subsidies to the export of trade rules. III. Dual Impact on Domestic Enterprises: Coexistence of Opportunities and Challenges 1. Raised Market Access Thresholds Soaring Certification Costs: Domestic enterprises need to invest at least 2-5 million yuan to establish a full life cycle monitoring system and obtain certification from EU-designated institutions (such as TÜV and SGS). Preliminary estimates suggest that the certification costs for small and medium-sized electrolyzer enterprises may account for 8%-12% of their revenue. Supply Chain Compliance Risks: If using electricity from high-carbon-intensity regions such as Xinjiang, even green hydrogen production may be classified as "gray hydrogen," facing market exclusion. 2. Redefinition of Cost Advantages Tariff Exemption Value Calculation: Based on the current EU carbon price of 90 euros/mt, exporting 10,000 mt of green hydrogen can save approximately 900,000 euros in tariff costs (equivalent to 6.75 million yuan). However, after factoring in certification costs, the actual net benefit shrinks to 3-5 million yuan/10,000 mt. Economies of Scale Hedging Pressure: For enterprises with annual exports exceeding 50,000 mt, the unit certification cost can be reduced to 150,000 yuan/10,000 mt, and cost advantages begin to emerge. 3. Divergence in Technological Route Selection Pressure on Alkaline Electrolyzer Enterprises: The EU requires electrolyzer efficiency to be ≥70% (the current Chinese national standard is 65%), prompting some producers to upgrade electrode materials and system integration. Benefits for PEM and Solid Oxide Routes: The EU prefers to support high current density and rapid response technologies, driving the transformation of domestic technological routes. IV. Green Hydrogen International Certification: Transitioning from a Compliance Tool to a Value Symbol 1. The Essence of Certification: A New-Type Trade Infrastructure Green hydrogen certification is not merely a simple inspection report but involves the construction of: Digital Twin System: Real-time tracking of electrolyzer operational data and power grid carbon emission factors; Blockchain Evidence Storage: Ensuring data immutability; Third-Party Verification: Certificates issued by EU-recognized institutions (such as Accredia). 2. Fourfold Premiums Brought by Certification Pricing Power Premium: Certified green hydrogen commands a 15-20% higher price in the European spot market compared to non-certified products; Financial Leverage Effect: Eligible for green loans as collateral (with interest rates 1-1.5 percentage points lower than conventional loans); Supply Chain Bargaining Power: Priority access to Europe's main hydrogen pipeline networks (such as H2Mobility); Brand Reputation Accumulation: Inclusion in the EU's "Green Product Passport" system. 3. Certification Trends: From Regional Mutual Recognition to Global Competition Short-Term (2025-2030): China and the EU may engage in negotiations on mutual recognition of certification standards, but the EU may set thresholds for "equivalent producing countries"; Medium-Term (2030-2040): The scope of certification may expand to include blue hydrogen (requiring carbon sequestration certification) and ammonia-based hydrogen (requiring purity ≥99.9%); Long-Term: The competition for certification rights will evolve into a battle for digital sovereignty, with data sovereignty becoming the focal point. V. Breakthrough Paths for Chinese Enterprises: Transitioning from Cost-Driven to Rule-Embedded Strategies 1. Technological Breakthrough: Building an "Certification-Friendly" Industry Chain Customized Modification of Electrolyzers: Develop wide-power operation technologies tailored to the fluctuations of the EU power grid; Green Electricity Binding Strategy: Invest in renewable energy projects in Europe (e.g., offshore wind power in Portugal) to achieve geographical coupling of "production-consumption." 2. Certification Economy: Transforming Compliance Costs into Competitive Advantages Certification Service Export: Leveraging China's mature carbon market experience, provide certification consulting services to exporters in the Middle East and North Africa; Certification Financial Innovation: Develop green hydrogen futures contracts to hedge against price fluctuation risks during the certification cycle. 3. Rule Participation: Competing for Standard-Setting Power Regional Alliance Building: Collaborate with ASEAN and Middle Eastern countries to promote the "Global Green Hydrogen Passport" initiative; Technical Route Countermeasures: Advocate for the inclusion of China's energy efficiency standards for alkaline electrolyzers in international standards by IEC/TC197. VI. Future Outlook: Threefold Changes in Green Hydrogen Trade Rules Reconfiguration of the Geo-Economic Landscape: North Africa (Morocco) and Australia (Western Australia) may become EU green hydrogen import hubs, squeezing China's direct export space; Disintegration of the Industrial Value Chain: Electrolyzer manufacturing, green electricity investment, and certification services will form a separate layout, giving rise to specialized trade service providers; Revolution in Carbon Accounting Systems: Green hydrogen trade may force the adoption of a globally unified methodology for product carbon footprint accounting, reshaping the ESG evaluation system. Conclusion The EU's "Hydrogen Trade Security Regulation" essentially weaponizes the climate agenda as a geo-economic tool. For China, short-term pain is inevitable, but in the long run, the adversarial development of the certification system may actually accelerate the transformation of the domestic green hydrogen industry from "subsidy dependence" to "rule creation." The key to future success lies in who can more quickly convert certification costs into technological iteration momentum and occupy critical "system access layer" nodes in the new hydrogen trade rules.

① Zhong Baoshen, Chairman of the company, stated that the ability to turn losses into profits is highly correlated with the industry situation, and the company aims to return to the break-even point by Q3 this year. ② Zhong Baoshen predicted that by 2026, with the adaptation and adjustment of the power system to the integration of new energy, the company is expected to return to a growth state. However, it will not return to the growth rate of 40% to 50% seen in previous years, but rather to an increase of around 10%.

The Intermediate People's Court of Jinzhong City, Shanxi Province (hereinafter referred to as the "Jinzhong Court") issued the Decision (2025) Jin 07 Bankr. App. (Pre) No. 1 on March 19, 2025, deciding to initiate pre-reorganization proceedings for TISCO Wanbang Furnace Charge Co., Ltd. (hereinafter referred to as the "TISCO Wanbang Company")...

On April 22, the Xinjiang Branch of Shenzhen Energy Group Co., Ltd. issued a public tender announcement for the procurement of energy storage system equipment for the Sheneng Yuli County 450 MW PV-Fire-ESS Integration Project. The project is located in Yuli County, Bayingolin Mongol Autonomous Prefecture, Xinjiang. The total capacity of the energy storage equipment for this tender is 67.5 MW/135 MWh, adopting a DC 1500V string PCS energy storage system design scheme, with a grid connection voltage level of 36.5 kV, meeting the requirements for direct dispatch and joint PV dispatch. The procurement control price is 81 million yuan, equivalent to a unit price of 0.6 yuan/Wh. Bidders must have at least one contract performance for an LFP battery energy storage system with a single capacity of 100 MWh or more in the past 10 years. Public Tender Announcement for the Procurement of Energy Storage System Equipment for the Sheneng Yuli County 450 MW PV-Fire-ESS Integration Project Project Information Project Name: Procurement of Energy Storage System Equipment for the Sheneng Yuli County 450 MW PV-Fire-ESS Integration Project Project Number: 251GA0223634 Project Address: Sheneng Yuli County 450 MW PV-Fire-ESS Integration Project, 18.5 km east of Yuli County, Bayingolin Mongol Autonomous Prefecture, Xinjiang Project Type: Goods Procurement Method: Public Tender Industry Classification: Electricity, Heat, Gas, and Water Production and Supply Industry Source of Funds: Self-raised by the enterprise Project Overview: The total capacity of the energy storage equipment for this tender is 67.5 MW/135 MWh, adopting a DC 1500V string PCS energy storage system design scheme, with a grid connection voltage level of 36.5 kV, meeting the requirements for direct dispatch and joint PV dispatch. This tender is for the procurement of energy storage equipment, and the main scope includes but is not limited to: 1. Procurement and supply (including battery cabins (with BMS), step-up converter cabins, grid-related equipment (including AGC, AVC, primary frequency regulation, etc.), ESS power station EMS system, and secondary electrical equipment); complete the production, testing, inspection, and packaging of the equipment according to the design and technical specifications, and transport it to the project site; provide the necessary special tools, equipment, and instruments for the transportation, installation, commissioning, on-site testing, trial operation, and defect elimination to ensure the normal operation of the equipment; and provide after-sales services for the equipment. The bidder must ensure the completeness of the supply scope, meet the requirements for installation, commissioning, operation, and equipment performance, and provide technical services and cooperation for the on-site acceptance, installation, commissioning, and operation of the equipment. If any missing items are found during the installation, commissioning, or trial operation, and the missing items are already included in the equipment procurement and supply scope, the bidder shall supplement the supply free of charge. 2. Single and system commissioning, start-up trial operation, grid connection performance acceptance testing, grid-related testing, and joint commissioning of energy storage-related equipment for the energy storage system, including the required commissioning reports, grid connection commissioning plans, AGC/AVC commissioning reports, fast frequency response test reports, and power system simulation modeling technical data for grid connection acceptance. 3. To explore the safety risk warning and assessment of battery cells during the operation and maintenance of electrochemical energy storage power stations, the bidder needs to develop and implement a set of intelligent diagnostic systems based on the evaluation of battery operation health and safety for this project, to achieve real-time monitoring of battery operation, multi-angle evaluation of battery health and safety status, assessment of battery aging degree and remaining cycle times, and prediction of battery operation failure trends, providing battery operation and maintenance auxiliary decision-making for ESS power station operation and maintenance personnel. During the development of this system, all technical development results, including but not limited to copyright, patent rights, patent application rights, technical secrets, and proprietary technologies, shall be exclusively owned by the tenderer. The bidder needs to complete at least one software copyright registration and one invention patent application during the project development, and the bidder is responsible for the preparation, application, and progress tracking of intellectual property-related materials. Quotation Method: Lump Sum Procurement Control Price (Yuan): 81,000,000 Qualification Conditions: 3.1 The bidder must have the status of an independent legal person of the People's Republic of China or other organizations. For bidders of a group (or parent company) nature, it must be clear whether the group (or parent company) itself is the bidder or a subsidiary of the group (or parent company) is the bidder; and have the power to independently conclude contracts. (Proof documents: a copy of the bidder's business license with the official seal or electronic seal must be provided). 3.2 The bidder should be a manufacturer or agent of battery cells, PACK and modules, or PCS (Power Conversion System) (only one agent per brand is allowed to participate in the bidding, and the manufacturer's authorization letter must be provided); the products offered by the bidder must provide a type certification certificate issued by a third-party institution with CNAS or CMA qualifications for battery cells, PACK and modules, or PCS products. (The certification certificate must be stamped with the official seal or electronic seal). 3.3 The bidder must have at least one contract performance for an LFP battery energy storage system with a single capacity of 100 MWh or more in the past 10 years (the scanned copy of the contract, key content, and signature and seal page must be provided, and stamped with the official seal or electronic seal). 3.4 The bidder is not in a state of being ordered to suspend business, having bidding qualifications canceled, property being taken over, frozen, or bankrupt; (Proof documents: the bidder must provide a credit certificate issued by the bank within the past year, and stamped with the official seal or electronic seal). 3.5 There have been no illegal or serious breach of contract events in the past three years; (Proof documents: a screenshot of the query result of the public information on the National Enterprise Credit Information Publicity System ".cn/index.html", and stamped with the official seal or electronic seal). 3.6 Joint bids are not accepted for this project. 3.7 Qualification review method: This project adopts post-qualification review.

The CLNB 2025 (10th) New Energy Industry Expo, hosted by Shanghai Metals Market (SMM), will be grandly held at the Suzhou International Expo Center from April 16 to 18, 2025. Concurrent with the exhibition, there will be 1 main forum and 10 sub-forums, attended by government leaders, academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries. Witness the gathering of industry leaders, delve into core technologies, listen to expert discussions, interpret market trends, and focus on key issues in Suzhou. We invite you to join us in dissecting the development of the industry. This year's expo covers 6 major exhibition areas, with over 1,300 domestic and overseas exhibitors and participating companies showcasing the entire industry chain of batteries, including power batteries, consumer batteries, ESS, raw materials, materials, equipment, battery recycling, and new energy vehicles, power tools, electric drives, and the low-altitude economy in the power exhibition area, providing you with a one-stop exhibition experience. Click to fill out the registration form and register immediately to discuss the future development of the new energy industry with industry elites. We look forward to your arrival and to opening this feast of the new energy industry with SMM. At this year's New Energy Industry Expo, Zhongyu (Tianjin) New Energy Technology Co., Ltd. will make a grand appearance, discussing industry cooperation, sharing development opportunities, and jointly painting a beautiful blueprint for the new energy industry with peers in the new energy sector. About Langsheng: Specializing in magnetic separation technology, the company is headquartered in Jinnan District, Tianjin. It is a comprehensive enterprise engaged in the R&D, production, and sales of iron removal equipment, focusing on the development and production of professional magnetic removal equipment for metal particles and magnetic impurities in the field of new energy battery materials. It is a key supported enterprise in the new energy industry in Tianjin. Established in 2018, the company has three independent production factories with a production workshop area of 9,700 m² and two R&D and management office buildings of 3,800 m². It has been awarded the national high-tech enterprise qualification, the Tianjin Eagle Enterprise, and possesses over 40 patented core technologies, software copyrights, and AAA enterprise credit certification. Since its establishment, the company has adhered to the principle of "honesty and trustworthiness," upheld the business philosophy of "quality, innovation, and service," and always aimed at "customer satisfaction," insisting on "focusing on magnetic separation technology." It is the only domestic company that benchmarks against foreign brand enterprises. To better serve customers, the company has set up offices in Yunnan and Kunming, providing rapid technical and after-sales service support for customers in Yunnan, Guizhou, and Sichuan. The company specializes in the development of electromagnetic iron removers, permanent magnet iron removers, and other equipment, meeting the needs of users for material testing and customized services. It has a complete set of independent laboratory testing equipment, providing one-stop iron removal equipment and related technical consultation and after-sales service solutions for domestic and overseas battery material factories. The product series deeply focuses on new energy battery materials (ternary cathode material, ternary cathode precursor, LFP, iron phosphate, lithium carbonate, lithium hydroxide, anode graphite, silicon carbon anode, sodium-ion battery material) and other materials' iron removal solutions, committed to becoming a well-known professional solution provider for metal particles and magnetic impurities. Contact Information: General Manager: Panhu Zhao Email: zykjtiger@126.com Product Introduction: Dry Powder Electromagnetic Iron Remover Working Principle Process: 1. Magnetic Field Generation and Material Separation - After the electromagnetic coil is energized, a high-gradient magnetic field is generated, and the magnetic medium amplifies the magnetic field strength to the working range; - When the powder material flows vertically through the material cylinder, magnetic impurities are adsorbed on the surface of the medium, and non-magnetic substances pass through smoothly. 2. Automatic Slag Discharge - Adsorption stage: The PLC controls the material valve to maintain the "iron removal mode," and the material continuously passes through the separation area; - Slag discharge stage: The magnetic field is turned off instantly (demagnetization is completed in 0.1 seconds), the vibration motor starts to remove residual magnetic substances, and the material valve switches to the "slag discharge channel" to discharge impurities. 3. Cooling and Stability Assurance - Internal circulating oil cooling system: Ensures the coil temperature rise ≤15℃, promising a service life of over 10 years. Technical Advantages: 1. High-Efficiency Separation Performance - 22-layer magnetic medium stacking design, increasing the probability of magnetic substance capture by 5-10%, and the single-machine working efficiency is 20-25% higher than that of similar equipment in the market. 2. Maintenance Cost Optimization - Standardized spare parts and hoisting arm design: The medium module replacement efficiency is increased by 30%, and the annual spare parts cost is reduced by 50-70%; - Welding-free fixing process: Avoids the easy damage of traditional threaded structures and extends the medium's life. 3. Intelligent Control - Supports shift quota shutdown, multi-level operation authority management, and adapts to the lean production needs of enterprises. Slurry Electromagnetic Iron Remover Features: Special cooling system oil circuit internal circulation design ensures the heat dissipation of the electromagnetic coil, preventing local overheating damage. Under the condition of ensuring normal cooling water circulation and regular maintenance, our company promises that the service life of the electromagnetic coil can be guaranteed for over 10 years; The control system adopts a constant current design for the electromagnetic coil excitation (PLC automatic voltage regulation), which does not require manual adjustment due to the decrease in the magnetic field caused by the increase in coil temperature; The material channel can be treated with PTFE/ETFE spraying to reduce the risk of introducing magnetic impurities; The automatic slag discharge system pipeline adopts high-performance ball valves to reduce the risk of later failures; It can achieve a large flow design (300 m³/hour) and ultra-high air-core field strength design (air-core field strength 10,000 Gauss, working field strength 40,000 Gauss); The electrical control cabinet is operated by a touch screen (HMI human-machine interface), which is convenient for operation, and the dynamic display content can monitor the operating status of the equipment in real time. Detailed alarm prompt information ensures that equipment fault information is fed back to the operator in the first time. Automatic Cleaning Permanent Magnet Iron Remover (Pneumatic Scraper Type): This equipment uses PTFE and polymer two scrapers to mimic manual wiping of magnetic substances adsorbed on the surface of the magnetic rod; Compared with traditional drawer-type permanent magnet iron removers, the time for cleaning magnetic substances each time is shortened to 10-15 seconds. When the solenoid valve is energized, the cylinder pushes and pulls the drawer magnetic rod to complete the cleaning of magnetic substances; It is suitable for high-altitude installation. When manually cleaning, the solenoid valve control switch is installed on the ground, and the control switch can be operated during cleaning; If the specially designed PLC electrical control box of our company is selected, it can achieve unattended automatic demagnetization on the production line, and the demagnetization time can be set according to the process requirements. Rotating Self-Cleaning Permanent Magnet Iron Remover: Compared with drawer-type permanent magnet iron removers, the rotating iron remover is more suitable for sticky or poorly flowing materials that are prone to caking, bridging, and clogging; Since the magnetic rod is in a rotating state during the material falling process, magnetic impurities can more fully contact the magnetic rod, improving the demagnetization efficiency; This equipment is particularly suitable for high-altitude installation, where manual cleaning is difficult to reach. The solenoid valve control switch can be installed on the ground, and the control switch can be operated during cleaning; If the specially designed PLC electrical control box of our company is selected, it can achieve unattended automatic demagnetization on the production line, and the demagnetization time can be set according to the process requirements. Semi-Automatic Pipeline Iron Remover: The slurry material flows in from the bottom inlet, passes through four pipes with magnetic rods in sequence. When the material passes through the magnetic rods, magnetic substances are adsorbed onto the magnetic rods, and non-magnetic substances pass through the pipes and flow out from the outlet, entering the next process to achieve the demagnetization effect. When the adsorption capacity of the magnetic rods reaches saturation, the inlet is closed, and the outlet is also closed. Then, the discharge port at the bottom of the equipment is opened to discharge the slurry retained in the pipes into the equipped receiving bucket. When the pressure gauge on the pipe shows zero pressure, the discharge port is closed, and the manual control valve is opened to lift the magnetic system to the cleaning height. At this time, the magnetic substances adsorbed on the magnetic rods can be manually cleaned into the equipped scrap tray. After cleaning, the manual control valve is closed, the magnetic system returns to the working position, and the inlet and outlet are opened at the same time, and the equipment operates normally. Fully Automatic Cleaning Pipeline Demagnetization Cart: The slurry material flows in from the bottom inlet, passes through the pipes with magnetic rods in sequence. When the material passes through the magnetic rods, magnetic substances are adsorbed onto the magnetic rods, and non-magnetic substances pass through the pipes and flow out from the outlet, entering the next process to achieve the demagnetization effect. Efficient Demagnetization: Through the built-in powerful magnetic force, it can efficiently adsorb and remove magnetic impurities in the slurry, ensuring the purity and quality of the slurry; Flexible Mobility: The demagnetization cart has flexible mobility and can be moved and positioned on the production line as needed, adapting to different working environments and production needs. [CLNB 2025—Hot Registration in Progress] CLNB 2025 (10th) New Energy Industry Expo April 16-18, 2025 Suzhou International Expo Center Contact Us

Recently, FAW Group's passenger vehicle brand Bestune's D-Life 6.0 smart cockpit platform completed a deep integration with DeepSeek.

[SMM Zinc Morning Comment] Overnight, US President Trump stated that he would ask the US Fed to immediately cut interest rates and urged Saudi Arabia and OPEC to lower oil prices. Trump signed an executive order to release classified documents related to the Kennedy assassination, evaluate the creation of a national digital asset reserve, and prohibit central bank digital currencies. The Kremlin responded to Trump's sanction threats, stating that it has not seen any particularly new factors. Argentine President Milei is considering withdrawing from the Paris Climate Agreement. President Xi Jinping conducted a field trip and survey in Shenyang, Liaoning Province. The Ministry of Finance noted that China’s large state-owned commercial insurance companies still have some room to increase their investments in the capital market and are currently studying a long-term assessment system for the national social security fund.

[SMM Zinc Morning Comment] Overnight, US President Trump stated that he would ask the US Fed to immediately cut interest rates and urged Saudi Arabia and OPEC to lower oil prices. Trump signed an executive order to release classified documents related to the Kennedy assassination, evaluate the creation of a national digital asset reserve, and ban central bank digital currencies. The Kremlin responded to Trump's sanction threats, stating that it did not see any particularly new factors. Argentine President Milei is considering withdrawing from the Paris Climate Agreement. President Xi Jinping conducted a field trip and survey in Shenyang, Liaoning Province. The Ministry of Finance stated that China’s large state-owned commercial insurance companies still have some room to increase their investment in the capital market and are currently studying a long-term assessment system for the National Social Security Fund.

[SMM Morning Meeting Summary: Trump to Demand Immediate Interest Rate Cut, LME Zinc Records Three Consecutive Losses] Overnight, LME zinc opened at $2,892.5/mt, then quickly reached a session high of $2,894.5/mt. Subsequently, LME zinc plunged to $2,860/mt and fluctuated rangebound. During the European trading session, bulls reduced positions, causing LME zinc to decline further to a low of $2,839/mt. Later, LME zinc attempted to rebound but faced resistance and pulled back, ultimately closing lower at $2,844.5/mt, down $48.5/mt or 1.68%. Trading volume increased to 77,725 lots, while open interest decreased by 2,540 lots to 217,000 lots.