"Tin" Leading the Future: Industry Transformation and Value Reshaping in the New Cycle – Meeting Background: Currently, the global tin industry is at a historic turning point, with traditional cycle logic completely shattered and strategic value comprehensively highlighted. The tin market in 2026 presents an unprecedented complex pattern and profound changes: 1. Deep Restructuring of Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes The global static reserve-production ratio of tin resources stands at only 14 years, highlighting increasingly prominent scarcity. The supply side faces "triple pressures": repeated production resumptions in Myanmar, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. 2. Price System Breaks Through History, Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices surpassed 470,000 yuan/mt, setting a new record high. This price breakthrough reflects not only the supply-demand imbalance but also marks a revaluation of the tin industry's value. Traditional trading models, risk management systems, and supply chain collaboration methods are in urgent need of innovative breakthroughs. 3. Technology-Driven and Green Transition Fosters a Symbiotic New Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition requires the tin industry to upgrade towards low-carbon and circular economy practices, with recycled tin recovery and green smelting processes becoming essential pathways. All segments of the industry chain must move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for in-depth discussions. Beijing Ruidike Pneumatic Conveying Technology Co., Ltd. will attend this grand event, joining industry peers in exploring industry development trends and jointly promoting the tin industry to new heights. Click to register now and join us in witnessing and participating in this extraordinary and far-reaching industry event, together creating a brilliant new chapter! Ruidike focuses on R&D, production, installation, and after-sales service for solid material pneumatic conveying and injection systems. Its products are applied in industries such as steel, non-ferrous metals, coal chemicals, petrochemicals, food, new energy, and lime kilns. The company is recognized as a National / Zhongguancun High-Tech Enterprise, a Specialized and Sophisticated Enterprise, and an Integration of Informatization and Industrialization Enterprise. It has been awarded titles such as Henan Green Factory, Intelligent Workshop, and Service-Oriented Manufacturing Enterprise, and won provincial-level scientific and technological achievement awards in both 2023 and 2025. In 2018, it established a wholly-owned subsidiary, Henan Ruidike, which specializes in intelligent production and remote operation and maintenance of core components, and houses technical platforms including a powder comprehensive experiment facility, detection center, and digital exhibition hall. It is a provincial-level big data benchmark unit and owns a provincial-level engineering technology research center for gas conveying and injection. Our pulverized coal injection equipment for fuming furnaces, side-blown furnaces, etc., serves numerous leading non-ferrous smelting enterprises including CNGR, Huayou, Jinchuan Group, and Shengtun, with hundreds of complete sets of projects successfully delivered. We sincerely invite clients in and outside China to visit us for field trips and cooperation, for mutual benefit and win-win development! REDC integrates R&D, manufacturing and full lifecycle service of solid material pneumatic conveying & injection systems, serving steel, non-ferrous metals, new energy and other industries. As a national & Zhongguancun high-tech, SRUI enterprise, we hold multiple provincial honors and won major sci-tech awards in 2023 & 2025. Our subsidiary delivers intelligent core parts and remote O&M. We run a provincial-level engineering research center and complete powder testing & R&D platforms, recognized as a Henan big data benchmark. Our coal injection equipment for fuming/side-blown furnaces has hundreds of successful projects with top metallurgical clients including CNGR, Huayou and Jinchuan Group. Welcome global partners for win-win cooperation! Contact Information Address: 8th Floor, Building A2, Zhongguancun No.1, Fengxiu East Road, Yongfeng Industrial Park, Haidian District, Beijing Contact: Mao Qingyang 13811750062 WeChat QR Code Douyin QR Code Long press and scan to register now 2026 SMM (16th) Tin Industry Chain Conference

SMM, June 24: Based on the profound accumulation in the copper industry and the need for mutual development, on June 23, Zhou Bo, Vice President of SMM Information & Technology Co., Ltd. (SMM), Long Huachen, General Manager of the South China Office, and Lin Jiazhi, Business Manager of the Copper Business Division, visited Guangxi Jinchuan Nonferrous Metals Co., Ltd. for discussions and communication. They received a warm welcome from leaders including Xu Jun, General Manager of Guangxi Jinchuan Nonferrous Metals Co., Ltd., Zhou Guoqing, Deputy General Manager, Mo Liping, Deputy Manager of the Supply and Sales Department, and business executives Xu Tianli and Liu Jianming. The discussions between the two sides were conducted in a cordial atmosphere. During the discussion session, the two parties leveraged their respective resource advantages for in-depth collaboration. Guangxi Jinchuan has a single-series copper smelting production line that is leading both in and outside China. Leveraging the strategic location near Fangchenggang Port, it serves as a core hub for Jinchuan Group’s expansion into markets outside China. Backed by its mature smelting capacity and advanced processes, and complemented by a digital technological transformation project that enables intelligent control over the entire process, the company has established a digital demonstration production line in the copper smelting industry. SMM, leveraging its big data on nonferrous metal industries, authoritative spot and futures pricing system, and strengths in integrated services across the entire industry chain, precisely addresses the core demands of enterprises in production and operation, cross-border trade, and digital transformation. The two parties engaged in in-depth discussions on topics such as copper price analysis, spot-futures coordination, industry chain resource integration, port-side cross-border trade, smelting digital upgrading, and frontier technology collaboration, laying a solid foundation for mutual empowerment and synergistic development. About Guangxi Jinchuan Nonferrous Metals Co., Ltd. Guangxi Jinchuan Nonferrous Metals Co., Ltd. (hereinafter the "Company") was founded in May 2010 and is located in the beautiful coastal city of Fangchenggang, Guangxi. The Company is a Sino-foreign joint venture controlled by Jinchuan Group Copper & Precious Metals Co., Ltd., a wholly-owned subsidiary of Jinchuan Group (holding 70% of shares), with Trafigura as a stakeholder. It serves as a maritime gateway and bridgehead for the Gansu provincial government and Jinchuan Group in their pursuit of international operations and expansion outside China, and is highly aligned with the national Belt and Road Initiative, functioning as an export base for Gansu Province on the Maritime Silk Road. Benefiting from the unique coastal advantages and favorable business environment of Guangxi and Fangchenggang City, and relying on the expertise and dedication of all shareholders deeply engaged in the metal processing and trading industry, the Company has, after over a decade of development, achieved an annual production capacity of 800,000 mt of copper products and 3 million mt of sulphuric acid. The Company has received numerous honors, such as being recognized as a National Green Factory Demonstration Enterprise, National Intellectual Property Advantage Enterprise, Guangxi Industrial Leader, Guangxi High-tech Enterprise, Quality Management Benchmark for Industrial Enterprises, Guangxi Intelligent Factory Demonstration Enterprise and Digital Workshop Enterprise, Nomination Award for the Chairperson's Quality Award of Guangxi Zhuang Autonomous Region, and the Mayor's Quality Award of Fangchenggang City. In 2025, the company achieved operating revenue of 66.7 billion yuan and total industrial output value of 67 billion yuan, ranking 12th among the 2025 Top 100 Guangxi Enterprises and 5th among the Top 100 Manufacturing Enterprises. The Phase I “Double Flash” system, commissioned in 2013, is the world’s largest single-system production system for mined copper by capacity. The technologies employed in the project, including “Double Flash” pure-oxygen smelting, high current density stainless steel cathode electrolysis, low-temperature heat recovery, rhenium recovery from waste acid, and krypton-xenon gas purification, are at a leading level in China. Its comprehensive resource utilization level and key technical and economic indicators lead the industry. In line with Jinchuan Group’s “Trillion Jinchuan” development goal and Fangchenggang’s deployment to build a “100-billion copper industry cluster,” the company launched a 300kt copper system process and digital upgrade project in 2022. The project adopts the internationally advanced “side-blown smelting + multi-lance top-blown converting” technology, takes the lead in the industry in adopting digital design and delivery, simultaneously constructs an intelligent digital factory, and achieves the organic integration of energy flow, material flow, and information flow with operational management, creating a model for the digital transformation of copper smelters in the non-ferrous industry. The project was incorporated into normal production sequence management in May 2025, and the company’s annual total industrial output value has exceeded 65 billion yuan. In 2026, against the backdrop of the global green transition and the ongoing advancement of the “dual carbon” goals, the non-ferrous metals industry is accelerating toward low-carbon, intelligent, and high-end development. South China, as a key non-ferrous metals industry cluster in China, possesses a well-established downstream processing system, abundant recycled resource reserves, and robust policy support. Leveraging South China’s unique industrial foundation and the new development trends of the industry, with the aim of precisely implementing industry-related policies, addressing industry pain points, and building a bridge for resource connectivity across the entire industry chain, the , organized by SMM, will be grandly held from September 9 to 11, 2026 in Nanning, Guangxi . The conference will conduct in-depth discussions on key topics such as metal price trends, medium and long-term market patterns, cross-border trade dynamics, industry policy interpretation, and low-carbon green process innovations. It aims to build an efficient and authoritative platform for industry exchange and cooperation, empower enterprises with technological innovation and green transformation, help industry participants seize market opportunities and calmly address development challenges, and jointly promote the high-quality advancement of China’s non-ferrous metals industry. We sincerely invite colleagues from all sectors of the entire non-ferrous industry chain to gather in Nanning to discuss new industry development opportunities and explore long-term paths for collaborative development of the industry chain! SMM Contact : Lin Jiazhi: 15017566696

Domestic Selenium Market Remains Weakly Stable Amid Seasonal Lull and Increased Supply

Recently, the 20,000 tons/year PVDF project of Gansu Jinchuan Group Chemical New Materials, constructed by Northwest Branch of China National Chemical Engineering Sixth Construction Co., Ltd., successfully completed the first trial feed and produced qualified products, marking the full completion and operational launch of the project. The total investment is 1.098 billion yuan. The overall plan includes multiple core production units: a 12,600 tons/year R152a unit, an 18,000 tons/year R142b unit, an 11,000 tons/year VDF unit, a 10,000 tons/year PVDF production unit, and a 40,000 tons/year polyaluminum chloride supporting production unit.

[SMM Shanghai Spot Copper] Tomorrow is expected to be the last trading day for the SHFE copper 2601 contract. During the day, some suppliers have already offered discounts of 200 yuan/mt against the next-month contract. It is anticipated that tomorrow's quotations against the next-month contract will start within the range of discounts of 200-100 yuan/mt. Spot premiums are expected to remain strong tomorrow. However, spot premiums and discounts will be constrained by the widening price spread between futures contracts, leading suppliers to reduce their willingness to sell. Overall prices are expected to continue holding at high levels.

As "lubricants" and "buffers" in the industry chain, traders are important "price discoverers" in the spot copper cathode market.

I. Policy Environment: Dual Impact of Regulation and Incentives 1.1 Environmental Protection Policy: A "Double-Edged Sword" for Demand Positive Drivers : China's National VI b and the EU's Euro 6d standards increased palladium usage in gasoline vehicles from 1.2g/unit to 1.5g/unit and platinum usage in diesel vehicles from 2.0g/unit to 2.5g/unit. Long-Term Suppression : Environmental policies accelerate electrification, with the EU banning internal combustion engine vehicles by 2035 and China's "dual credit" policy weakening long-term demand for traditional automotive catalysts. 1.2 New Energy Policy: Global Competition in the Hydrogen Sector China : The 2023 "Medium and Long-Term Plan for the Hydrogen Energy Industry" provides purchase subsidies for fuel cell vehicles (up to 300,000 yuan/unit), covering 16 provinces and cities in hydrogen demonstration clusters. EU : The "Hydrogen Strategy" targets 20GW of green hydrogen capacity by 2030, with platinum-based catalysts included in the critical materials list. US : If Republicans repeal the hydrogen tax credit ($3/kg) under the Inflation Reduction Act (IRA), US hydrogen projects may be delayed, reducing platinum demand by 1.5mt in 2025. 1.3 Futures Market Policy: A "Breakthrough" for Domestic Markets Innovation by GFEX : Sponge platinum/palladium was included in deliveries for the first time (accounting for 70% of domestic industrial demand), with a contract size of 1,000g/lot to match enterprise procurement scales. Market Impact : Post-launch, annual trading volume is expected to reach 500mt, with open interest at 20mt, enhancing domestic price influence. Enterprises can hedge raw material costs for 6-12 months, reducing price volatility risks. II. Market Outlook and Investment Opportunities 2.1 Price Trend Forecast, 2025-2026E Category 2025 Target Price 2026 Target Price Core Logic Platinum $1,250-1,350/oz $1,350-1,450/oz Supported by sustained shortages and rising hydrogen demand Palladium $1,050-1,150/oz $950-1,050/oz Pressured by surplus expectations but underpinned by supply fragility 2.2 Key Investment Opportunities 2.2.1 Recycling Sector: A "Must-Have" for Resource Autonomy Rationale : Domestic recycling self-sufficiency was only 15% (2023), with a target of 45% by 2027. Recycling volume is projected to grow from 10mt in 2023 to 70mt, with a 40% CAGR. Related Enterprises : Sino-Platinum Metals (China's only entire industry chain recycler) and Haotong Technology (high market share in automotive catalyst recycling). 2.2.2 Hydrogen Energy Catalysis: The "Golden Track" of Long-Term Growth Logical Support : The localisation rate of PEMFC catalysts increased from 10% (2023) to 30% (2025E), with platinum-based catalysts accounting for 30% of the total fuel cell cost. Enterprises achieving technological breakthroughs will enjoy premium pricing. Related Enterprises : Sino-Platinum Metals (mass production of fuel cell catalysts), Dongyue Group (proton exchange membrane solutions). 2.2.3 Midstream Processing: The "Beneficiary" Empowered by Futures Tools Logical Support : After the launch of platinum and palladium futures on the Guangzhou Futures Exchange, midstream processing enterprises can lock in profits through the "spot + futures" model, with qualified delivery enterprises gaining liquidity premiums. Related Enterprises : Sino-Platinum Metals (LPPM-certified delivery provider), Kaili New Materials (leading catalytic material processor). 2.2.4 Resource Deployment: The "Pioneer" of Overseas M&A Logical Support : Domestic enterprises are accelerating overseas resource deployment (e.g., Jinchuan Group's acquisition of shares in South African platinum mines), securing stable ore sources to mitigate supply risks. Related Enterprises : Jinchuan Group (overseas platinum-palladium reserves exceeding 50 mt), Yunnan Copper (stake in Zimbabwean platinum mines). III. Conclusions and Risk Warnings Key Conclusions Supply-Demand Pattern Divergence : Platinum faces "chronic shortages," while palladium transitions from "tight balance to weak surplus," leading to a "platinum-strong, palladium-weak" price divergence by 2025. Demand Structure Reshaping : Hydrogen energy drives platinum's long-term growth, automotive substitution dominates palladium's short-term demand, and industrial upgrades support structural opportunities for both. China's Emerging Opportunities : Recycling system development, futures market refinement, and hydrogen energy policy support position domestic enterprises to enhance their global industry chain influence.

【SMM Nickel Market Flash】China’s “nickel capital” Jinchang is shifting from resource reliance to industrial modernization. In H1 2025, industrial output rose 22.5% YoY, GDP grew 12.1%. Jinchuan Group achieved advances in smart mining and high-purity nickel-copper, while the city focuses on nickel-cobalt new materials and EV batteries, including solid-state and sodium-ion projects. With 89% waste utilization under its circular economy model, Jinchang is moving from “raw mining” to “tech-driven innovation,” emerging as a key supplier of battery materials and advanced alloys.

【SMM Flash Update】Jinchang City is accelerating the development of its “2+4” modern industrial system, achieving RMB 122.9bn in output in H1 2025, up 25.3% YoY. Key projects such as nickel-based new materials, titanium equipment, sulfuric nickel, and a Ni-Co industrial park have advanced, with 34 projects commissioned. Jinchuan Group delivered RMB 196.1bn in industrial output and RMB 263.6bn in revenue, ranking 235th in the 2025 Fortune Global 500. In agriculture, 931,400 mu of grain planting was completed, while Yongchang carrots and Dongwan green radishes gained national GI status. Services also rebounded, with 5.53m tourist visits and RMB 3.6bn in tourism revenue in H1, up 31% and 49% respectively.

On July 29, Fortune China released the latest Fortune Global 500 list, with Jinchuan Group Co., Ltd. ranking 235th, a leap of 65 positions from 2024. Jinchuan Group Co., Ltd. has been listed on the Fortune Global 500 for seven consecutive years. Focusing on enhancing core functions and improving core competitiveness, the company leads industrial innovation through technological innovation and market expansion through product innovation. It accelerates the construction of a modern industrial system, develops new quality productive forces according to local conditions, and has formed seven major industries including nickel-cobalt, precious copper, battery materials, non-ferrous metal new materials, chemicals, new energy, and producer services. The company accelerates the construction of a modern industrial system with Jinchuan characteristics and advantages, striving to become a world-class enterprise with global competitiveness.