According to the National Bureau of Statistics database, provincial vehicle-output data for the first three quarters of 2025 have been released. Anhui Province ranks first nationally with 2.404 million units, more than 300 000 units ahead of second-placed Guangdong (2.088 million). Full-year 2025 is expected to see Anhui maintain the lead, crowning it the nation’s top vehicle-producing province. At present Anhui has clustered seven OEMs—BYD, NIO, Chery, VW Anhui, etc.—and built a complete industrial chain covering vehicle, e-drive system and intelligent-driving, together with 2 800 component suppliers.

As reminded by a Caixin article on Tuesday evening, overnight and into the morning, overseas markets have been busy reassessing the prospects of the Middle East conflict, with the three major US stock indices collectively under pressure and declining. As of Tuesday's close, the S&P 500 fell 0.84% to 5,982.72 points; the Nasdaq Composite Index fell 0.91% to 19,521.09 points; and the Dow Jones Industrial Average fell 0.7% to 42,215.8 points. As a bellwether for the Middle East conflict, international oil prices surged again. (Daily chart of Brent crude oil, source: TradingView) According to CCTV News, as the military conflict between Israel and Iran continues, the market's focus has shifted to whether the US military will intervene. According to reports, US President Trump met with his national security team in the White House Situation Room on Tuesday to weigh whether to further intervene in the ongoing conflict between Israel and Iran. US Treasury bond prices also rose simultaneously, though this was also related to weak US retail, housing, and industrial output data. Later on Wednesday (early Thursday Beijing time), the US Fed will announce its latest interest rate decision and hold a press conference. The market generally expects that before a series of uncertainties that could trigger inflation are resolved, Fed officials will have no room to cut interest rates. Meanwhile, Andrew Tyler, head of global market intelligence at JPMorgan Chase, who successfully predicted the April rebound, said this week that despite the success of investors' strategy of buying the dip in the US stock market this year, with negative news always being rewarded after fading away, it is now best to reduce risk exposure. Regardless of the Israel-Iran situation, the US stock market itself is already ripe for a correction. The latest Bank of America Fund Manager Survey also shows that about 54% of institutional investors expect international stocks to be the best-performing asset class over the next five years, while only 23% choose US stocks. Performance of Popular Stocks Tech giants generally fell on Tuesday, with Apple down 1.4%, Microsoft down 0.23%, Amazon down 0.59%, Nvidia down 0.39%, Google-A down 0.46%, Tesla down 3.88%, and Meta down 0.7%. Chinese ADRs also weakened due to market sentiment, with the Nasdaq Golden Dragon China Index closing down 1.77%. As of the close, Alibaba was down 0.8%, JD.com was down 0.93%, Baidu was down 1.42%, Pinduoduo was down 0.25%, Bilibili was down 2.6%, NIO was down 2.27%, NetEase was down 1.12%, and Futu Holdings was down 1.47%. The "Traditional Chinese Medicine + Brain-Computer Interface" concept stock that captured market attention yesterday, Brain Regeneration Technology, continued to rise by 30%, reaching a market capitalization of $38.5 billion, with a cumulative increase of 59,900% since the beginning of the year. It should be emphasized that the core reason for the stock's speculative surge lies in its extremely small free float. Company News [Amazon CEO Issues Warning on "AI Taking Jobs"] On Tuesday local time, Andy Jassy, CEO of Amazon, the world's largest e-commerce and cloud computing platform, publicly wrote that as the company widely adopts AI to enhance efficiency, it is expected that the overall workforce will be reduced. [US Energy Giant Chevron Officially Enters Lithium Industry] US energy giant Chevron announced on Tuesday its entry into the lithium industry. The company acquired two oilfield areas with the intention of building a "commercial-scale" lithium business in the US. Chevron stated that in the future, it will utilize the "Direct Lithium Extraction" (DLE) process at oilfields to extract lithium from brine. [Coinbase to Seek SEC Approval for Tokenized Equities] Paul Grewal, Chief Legal Officer of Coinbase, a cryptocurrency exchange and newly added member of the S&P 500 Index, revealed that the company is seeking approval from the US Securities and Exchange Commission (SEC) to launch a "tokenized equities" service. [Eli Lilly to Acquire Gene-Editing Startup Verve for $1.3 Billion] On Tuesday Eastern Time, US pharmaceutical giant Eli Lilly announced that it would acquire gene-editing startup Verve Therapeutics for up to $1.3 billion. In response to this news, Verve's stock price closed up 81.50% on Tuesday. [JPMorgan Chase Launches Deposit Token JPMD, Emphasizing It's Different from Stablecoins] JPMorgan Chase stated on Tuesday that it plans to launch a so-called deposit token, JPMD, on Coinbase's public blockchain Base, which is built on the Ethereum network. The token will provide customers with 24/7 settlement services and the ability to pay interest to holders. The Wall Street giant stated that this is a so-called "permissioned token," meaning it is limited to JPMorgan Chase's institutional clients only—different from most publicly circulating stablecoins. [Tesla's Stock Falls Due to Temporary Production Halt News] Tesla's stock price fell by 3.88% on Tuesday amid news that the company would suspend production of the Cybertruck and Model Y car models at its Austin, Texas, factory for a week. It is reported that the production halt for maintenance will begin on June 30, marking the third similar shutdown at the Austin factory in the past year. [Meta to Launch AI Glasses in Collaboration with Prada and Oakley] Market news on Tuesday reported that Meta and its AI glasses partner EssilorLuxottica plan to launch new AI glasses products under the Prada and Oakley brands. Meta had already announced on Monday that it would unveil a new collaboration with Oakley this week, focusing on sports scenarios. [Intel Reportedly to Cut Up to 20% of Employees in Its Foundry Division] An internal memo disclosed by the media on Tuesday revealed that Intel plans to reduce its workforce in the foundry business unit by 15% to 20% starting from July. It remains unclear how many employees will be directly affected by this move. Regulatory filings indicate that as of the end of last year, Intel had a total of 108,900 employees.

Last Friday, Eastern Time, the latest non-farm payrolls report released by the US Bureau of Labor Statistics brought relief to Wall Street. The report showed that the seasonally adjusted non-farm payrolls in the US in May reached 139,000. Although this marked the lowest level since February, it was still higher than the market expectation of 130,000. Meanwhile, the US unemployment rate remained at 4.2% for the third consecutive month, which also eased concerns that the labour market was beginning to slow down significantly. However, US economists warned that the impact of Trump's tariffs on US employment may not truly manifest until July or August. Therefore, it may be too early for Wall Street and the US Fed to let their guard down. It's too early to relax now. As early as last Thursday, Eastern Time, Joe Brusuelas, chief economist at RSM, wrote in his report: "We believe it is too early for the (May non-farm) employment report to reflect the negative impact of trade policies. This impact will only be fully reflected in the employment reports for July and August ." Although US President Trump announced global tariff policies as early as on "Liberation Day" (April 2), due to the frequent changes in Trump's trade policies and the delays caused by economic transmission, the far-reaching impact of tariffs on the US economy and job market may not be fully felt until midsummer. Joe Brusuelas also stated that the current US job market has already shown an overall cooling trend, initially reflecting the impact of tariffs. US business owners may be waiting and seeing. In fact, "resilience" was once a key word for the US economy during the COVID-19 pandemic. This characteristic also applies in the current phase of trade conflicts. Similar to the COVID-19 period, the current US economy shows a trend of maintaining low layoff rates and stable business activity. However, with the implementation of tariffs, economic data for May has already begun to show signs of a slowdown in US hiring and manufacturing output data. Although Wall Street analysts expect the US labour market not to collapse, the labour market may also increasingly exhibit a state of "hesitation" and "stagnation" —because business employers are increasingly realizing that the best strategy in this period of uncertainty is to wait and see—that is, neither to lay off employees on a large scale nor to increase hiring. This trend has also been clearly reflected in the non-farm payrolls data: although the unemployment rate has not surged significantly, the growth in non-farm payrolls has declined month by month. This is actually not good news for the US economy—although the labour market will not collapse, the prolonged hiring freeze by companies will also have a negative impact on the economy. "We are approaching an inflection point, and concerns about stagflation may penetrate into a broader market level," said Chris Zaccarelli, Chief Investment Officer of Northlight Asset Management. "We are seeing a decline in productivity, a slowdown in economic growth, and at the same time, signs of rising (or sticky) inflation."

On May 19, the National Bureau of Statistics (NBS) released the main data on industrial production above designated size for April. The data showed that the production of solar cells (PV cells) in April was 71.93 GW, up 33.4% YoY. The cumulative production of PV solar cells (PV cells) from January to April was 239.06 GW, up 18.8% YoY. The original text is as follows: In April, the actual year-on-year growth of the value-added of industrial enterprises above designated size was 6.1% (the growth rate of value-added is the actual growth rate after deducting price factors). On a MoM basis, the value-added of industrial enterprises above designated size increased by 0.22% in April compared to the previous month. From January to April, the value-added of industrial enterprises above designated size increased by 6.4% YoY. Broken down by the three major sectors, in April, the value-added of the mining industry increased by 5.7% YoY, that of the manufacturing industry increased by 6.6%, and that of the production and supply of electricity, heat, gas, and water increased by 2.1% YoY. Broken down by economic type, in April, the value-added of state-controlled enterprises increased by 2.9% YoY; that of joint-stock enterprises increased by 6.6%, that of foreign-funded and Hong Kong, Macao, and Taiwan-invested enterprises increased by 3.9%; and that of private enterprises increased by 6.7% YoY. Broken down by industry, in April, the value-added of 36 out of 41 major industrial categories maintained year-on-year growth. Among them, the coal mining and washing industry increased by 6.3%, the oil and natural gas extraction industry increased by 4.3%, the agricultural and sideline food processing industry increased by 7.3%, the liquor, beverage, and refined tea manufacturing industry increased by 5.5%, the textile industry increased by 2.9%, the chemical raw materials and chemical products manufacturing industry increased by 8.0%, the non-metallic mineral products industry increased by 0.4%, the ferrous metal smelting and rolling processing industry increased by 5.8%, the non-ferrous metal smelting and rolling processing industry increased by 7.5%, the general equipment manufacturing industry increased by 7.8%, the special equipment manufacturing industry increased by 3.7%, the automobile manufacturing industry increased by 9.2%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry increased by 17.6%, the electrical machinery and equipment manufacturing industry increased by 13.4%, the computer, communication, and other electronic equipment manufacturing industry increased by 10.8%, and the electricity and heat production and supply industry increased by 1.2% YoY. Broken down by product, in April, the output of 341 out of 623 products in industries above designated size increased year-on-year. Among them, steel production was 125.09 million mt, up 6.6% YoY; cement production was 165.3 million mt, down 5.3% YoY; the production of ten non-ferrous metals was 6.76 million mt, up 3.1% YoY; ethylene production was 2.98 million mt, up 10.1% YoY; automobile production was 2.604 million units, up 8.5% YoY, including 1.228 million units of new energy vehicles (NEVs), up 38.9% YoY; power generation was 711.1 billion kWh, up 0.9% YoY; and crude oil processing volume was 58.03 million mt, down 1.4% YoY. In April, the sales-to-output ratio of industrial enterprises above designated size was 97.2%, down 0.2 percentage points YoY. The export delivery value of industrial enterprises above designated size reached 1,246.9 billion yuan, with a nominal year-on-year increase of 0.9%. Key Data on Industrial Production Above Designated Size in April 2025 Notes 1. Explanation of Indicators Growth rate of industrial added value: This refers to the growth rate of industry, which is an indicator used to reflect the extent of changes in the volume of industrial production over a certain period. This indicator can be used to assess the short-term operational trends of the industrial economy and the degree of economic prosperity. It also serves as an important reference and basis for formulating and adjusting economic policies and implementing macroeconomic regulation. Sales-to-output ratio: This is the ratio of sales output value to total industrial output value, used to reflect the connection between production and sales of industrial products. Export delivery value: This refers to the value of products exported by industrial enterprises on their own behalf (or through commission) (including those sold to Hong Kong, Macao, and Taiwan regions) or delivered to foreign trade departments for export, as well as the value of products produced through processing with materials, components, and assembly supplied by foreign merchants, and compensation trade. Daily average product output: This is calculated by dividing the total output of industrial enterprises above designated size announced for the current month by the number of calendar days in that month. 2. Statistical Scope The statistical scope of industries above designated size includes industrial enterprises with an annual main business income of 20 million yuan or more. Due to annual changes in the scope of industrial enterprises above designated size, to ensure the comparability of data between the current year and the previous year, the base period figures used for calculating the year-on-year growth rates of various indicators, such as product output, are made as consistent as possible with the statistical scope of enterprises in the current period. There may be differences in the scope of data compared with those published in the previous year. The main reasons are as follows: (1) Changes in the scope of statistical units. Each year, some enterprises reach the designated size and are included in the survey scope, while others exit due to a reduction in size. Additionally, newly established and operational enterprises, bankruptcies, and enterprises that have had their business licenses revoked (or suspended) also affect the scope. (2) There is a phenomenon of duplicate statistical counting of product output data across regions for some enterprise groups (companies). Duplicate output across regions for enterprise groups (companies) has been eliminated based on special surveys. 3. Survey Method A comprehensive monthly survey is conducted on the industrial production reports of industrial enterprises above designated size (data for January is exempted from reporting). 4. Industry Classification Standard The National Economic Industry Classification Standard (GB/T 4754-2017) is implemented. 5. Revision of Month-on-Month Data Based on the automatic correction results of the seasonal adjustment model, the month-on-month growth rates of industrial added value for industrial enterprises above designated size from April 2024 to March 2025 have been revised. The revised results and the month-on-month (MoM) data for April 2025 are as follows:

This summary provides a snapshot of recent production updates at zinc smelters across China, based on information collected by SMM. The updates reflect near-term adjustments due to planned maintenance, technical upgrades, etc.

From mid-January, the weekly supply and demand data of SMM hot-rolled coils will be comprehensively upgraded! Based on the existing weekly output data of 41 domestic steel mills and the social inventory data of 86 mainstream warehouses, the inventory and apparent demand data of hot-rolled coils from 41 steel mills nationwide will be added...

In June, China's copper cathode production was 1.005 million mt, down 3,600 mt MoM, a decrease of 0.36% MoM but up 9.49% YoY, and 20,000 mt higher than the expected 985,000 mt.

In March, SMM data showed that China's copper cathode output was 999,500 mt, an increase of 49,200 mt or 5.18% from the previous month, a year-on-year increase of 5.06%, and an increase of 29,300 mt from the expected 970,200 mt. The total output from January to March was 2.9196 million mt, an increase of 207,100 mt or 7.64% year-on-year.

SMM surveys showed the output of refined bismuth in China was 1,923.275 mt in March, up 64.72% from 1167.599 mt in February.

SMM surveys showed China's sodium pyroantimonate output in March was 4,102 mt, a significant increase of 33.18% from 3,080 mt in February.