On March 4, 2026, SMM learned that Salzstrom, an Austrian energy storage technology company, launched the SALT 110 NFPP (sodium iron phosphate) sodium-ion battery ESS for European commercial and industrial operators, becoming the first market-ready cabinet-type NFPP sodium-ion battery solution in Europe’s commercial and industrial sector and advancing the deployment and application of sodium-ion battery technology in Europe’s energy storage market. The system has a rated power of 100 kVA and a usable energy storage capacity of 110 kWh, achieves a system efficiency of 95%, and operates within a temperature range of -25 to 55°C. It has obtained multiple authoritative European certifications, including EN IEC 62619, and can deliver 6,000 charge cycles at a 95% depth of discharge. Designed specifically for space-constrained scenarios such as data centers and industrial buildings, it is currently open for scheduled visits, with the first client installations expected to begin in early March in Germany and Austria.

Japan's Ministry of the Environment (MOE) has commenced accepting public applications for two subsidy schemes aimed at accelerating the early deployment of perovskite solar cells and promoting storage integration cost parity. Applications opened on 4 September 2025, with a deadline in early October.

On September 8, Qichacha APP showed that Jingmen GEM Recycling High-Tech Co., Ltd. was recently established, with Peng Tao as its legal representative. The company is wholly owned by GEM's holding company, Jiangxi GEM Recycling Industry Co., Ltd. Its main business scope includes: R&D of resource recycling technologies; smelting of rare and rare-earth metals; smelting of common non-ferrous metals; solid waste treatment; sales of new-type metal functional materials, etc. This move comes as GEM prepares for its upcoming listing.

On June 11 (Wednesday), Alejandro Sanhueza, the Chief Financial Officer of Codelco, the world's largest copper producer based in Chile, stated that the company would focus more on public-private partnerships (PPPs) to improve its financial position and enhance its ability to develop new projects, all aimed at increasing production. During the energy transition, global demand for copper and lithium has been growing, leading to a surge in demand. Codelco has been struggling to increase its production after hitting a 25-year low in 2023. The decline in production is partly due to falling ore grades and delays in key mine transformation projects. His remarks represent the strongest indication yet that the state-owned enterprise will focus on seeking support from the private sector to boost growth. Sanhueza said that PPPs would serve as "pillars of growth" rather than being used for major overhaul projects or any existing operations, in compliance with the company's nationalization regulations, which prohibit its mines from accepting private funding. "Greenfield initiatives (new projects) are a key part of our growth strategy and an opportunity to collaborate with third parties. This will also help diversify risks," Sanhueza said. "Our exploration partnerships allow us to attract external financing and (production) capabilities, enabling us to accelerate value creation by leveraging the additional resources available to Codelco." In addition to its recent lithium joint venture, Codelco has also reached agreements with Rio Tinto and BHP to explore new potential copper mines, which sources say are promising. Codelco already has a partnership with Freeport-McMoRan at the El Abra mine and owns a one-fifth stake in Anglo American. This year, it also acquired a 10% stake in the Quebrada Blanca resource from smaller company Enami. Sanhueza said another goal is to establish joint infrastructure to facilitate the adoption of new technologies or minimize environmental impact. Earlier this year, Codelco announced an agreement to jointly operate an adjacent copper mine with Anglo American. The company said it would increase production by 120,000 mt per year over 21 years. The company is also strengthening its exploration budget, which averaged $83 million annually in 2023 and 2024 and will increase to an average of $150 million per year from 2025 to 2029. "Collaboration with third parties allows us to better utilize these resources, which complement our own projects," Sanhueza said.

Zeekr Power has partnered with E-Charge (HK) to bring the Hong Kong charging map online.

Macro News 1. On June 9, the State Council held its 14th thematic study session on "deepening the reform of the mechanism for the commercialization of scientific and technological achievements, and promoting the integrated development of scientific and technological innovation and industrial innovation." Premier Li Qiang of the State Council, while presiding over the study session, emphasized the need to thoroughly study and implement the important instructions of General Secretary Xi Jinping and the relevant decisions and deployments of the CPC Central Committee. Through coordinated efforts in multiple aspects, efforts should be made to break through the bottlenecks in the commercialization of scientific and technological achievements, effectively improve the efficiency of commercialization, and promote innovative development. 2. The first meeting of the China-US Economic and Trade Consultation Mechanism was held in London, UK, on the afternoon of June 9 (local time). CCTV News reporters learned that the first meeting of the China-US Economic and Trade Consultation Mechanism would continue on June 10 (local time). 3. The General Offices of the CPC Central Committee and the State Council issued the "Opinions on Further Ensuring and Improving People's Livelihoods, and Focusing on Addressing the Urgent, Difficult, Worrisome, and Anticipated Needs of the Masses." Among the proposals are to improve the mechanism for adjusting the minimum wage standard and reasonably raise the minimum wage standard; to improve the mechanism for adjusting the basic medical insurance drug list, formulate and introduce a list of innovative drugs for commercial health insurance, and better meet the multi-level drug security needs of the people; and to promote eligible agricultural migrant populations to enjoy the same rights as the registered permanent residents of the places they move to. 4. Lin Jian, spokesperson for the Ministry of Foreign Affairs, presided over a regular press conference yesterday. A reporter asked whether China would open more "green channels" for the approval of rare earth exports. Lin Jian stated that the Ministry of Commerce of China had already responded to China's export control measures on rare earths, and that information could be consulted. Industry News 1. The Beijing Municipal Bureau of Economy and Information Technology and four other departments issued the "Implementation Plan for the High-Quality Development of Beijing's Fashion Industry (2025-2027)," which proposes supporting the launch of trendy portable wearable devices and the development of new products such as artificial intelligence personal computers. It encourages the R&D and launch of high-end new car models with a stronger sense of technology and fashion, and the exploration of overseas markets. 2. It is reported that the financial regulatory authorities in a certain area of the Yangtze River Delta recently issued a notice, clearly stating that banking institutions within their jurisdiction must not absorb deposits by giving physical gifts to customers or cooperating with internet platforms to distribute membership benefits. In case of the above-mentioned situations, the local regulatory authorities require the immediate suspension of the sale of relevant products, the simultaneous removal of promotional and display materials, and the orderly withdrawal of existing businesses by the end of 2025. 3. Data from the China Passenger Car Association (CPCA) show that domestic retail sales of passenger NEVs reached 1.021 million units in May, up 28.2% YoY and 12.1% MoM. From January to May, domestic retail sales of passenger NEVs reached 4.351 million units, up 34.1% YoY. 4. The Suzhou Artificial Intelligence Industry Association plans to solicit innovative products and solutions that leverage AI technology to empower the Suzhou football team, aiming to enhance training standards and competitive performance, and support the team in achieving outstanding results in the 2025 Jiangsu Provincial Urban Football League. 5. According to "Guiyang Release", Guiyang has established a joint conference system for the development of the sports industry, forming a collective effort to promote its growth. In terms of financial support, special funds and industrial support policies have been established and utilized to provide assistance to sports products, services, projects, and enterprises that align with the support direction. 6. The Hebei Provincial Development and Reform Commission recently issued the "Notice on Several Refined Measures to Promote the Development of the Private Economy in the Energy Sector", proposing support for private enterprises to participate in the construction and operation of charging infrastructure. It aims to expand diversified investment and financing models, attracting various types of social capital to participate in charging facility construction through investment attraction and policy support. Corporate News 1. Sugon announced that Hygon Information would absorb and merge Sugon through share exchange, and its stock trading would resume. Hygon Information also announced on the same day that its stock trading would resume. 2. Changshan Pharmaceutical announced that the marketing authorization application for its Ebenatide Injection for type 2 diabetes had been accepted, with uncertainties regarding approval and timing. 3. Vohringer announced abnormal fluctuations in its stock trading and would suspend trading for verification. 4. CECPORT announced that the National Integrated Circuit Fund had recently reduced its stake in the company by 1%. 5. Chow Tai Fook announced its intention to issue H shares and list on the Hong Kong Stock Exchange. 6. In response to media reports that "the company is planning a share transfer", relevant personnel from Hosun Silicon Industry responded to a reporter from China Securities Journal on the afternoon of the 9th, stating that they had never been in contact or negotiations with TBEA or its affiliates regarding share transfer matters. 7. Ruifeng Advanced Materials announced that its senior executive, Zhao Ziyang, was under investigation by the China Securities Regulatory Commission for suspected insider trading. 8. SFI said on its interactive platform that its FINNOSafe compliant Web3 platform could support the development of businesses related to stablecoin issuers and market participants. 9. Dexin Technology announced that the sales revenue from molds and products produced by its subsidiary for solid-state battery production accounted for less than 1% of its operating revenue. 10. Yangnong Chemical stated on its interactive platform that Tetrachlorantraniliprole could replace "Chlorantraniliprole" and had good market prospects. 11. EVE announced its intention to issue H shares and list on the Stock Exchange of Hong Kong Limited. 12. Xinzhu Stock announced plans to acquire a 60% stake in Sichuan Shudao Clean Energy Group Co., Ltd., with trading resuming. 13. Maxinlin announced that its controlling subsidiary signed a computing power service contract worth 1.184 billion yuan. 14. Huasheng Stock announced plans to acquire a 100% stake in Yixin Technology, with trading suspended. 15. *ST Longyu announced that the Shanghai Stock Exchange required the company to fulfill its repurchase obligations during the delisting period. 16. Hailian Jinhui stated on the interactive platform that the company currently has no direct business revenue related to digital currency or stablecoins. Global Markets 1. The three major U.S. stock indices closed mixed, with the Nasdaq up 0.31%, the S&P 500 up 0.09%, and the Dow flat. Both the Nasdaq and S&P 500 hit new closing highs since late February. Most large-cap tech stocks rose, with Tesla up over 4%, Intel up over 2%, Google and Amazon up over 1%, and Microsoft rising slightly. Apple and Netflix fell over 1%, while Meta dropped slightly. Most popular Chinese stocks closed higher, with the Nasdaq Golden Dragon China Index up over 2%. European major indices collectively closed lower, with Germany's DAX30 down 0.62%. 2. International crude oil futures settled about 1% higher. WTI crude July futures rose 1.1%, while Brent crude August futures gained 0.86%. 3. COMEX gold futures rose 0.04% to $3,347.8/oz, while COMEX silver futures gained 2.07% to $36.915/oz. Investment Opportunities 1. Cross-Sea Flight Takes Only 5 Minutes: Hong Kong's First Drone Delivery Route Officially Launched Media reported that under Hong Kong's low-altitude economy regulatory sandbox framework, Meituan's drone first regular route officially commenced operations. The route features a "cross-sea + park" scenario, flying from Hong Kong Science Park to Ma On Shan Promenade in about 5 minutes, nearly 7 times more efficient than traditional delivery methods. Merchants like McDonald's and Pizza Hut in Hong Kong have already joined the service. Zhongtai Securities noted that China's consumer drone market size grew from 15.5 billion yuan in 2016 to 38.81 billion yuan in 2021, with a CAGR of 20.2%, and is projected to reach 62.49 billion yuan by 2026. As prices decline and the industry chain improves, the barrier for consumer purchases has significantly lowered. 2. Industry Leaders Launch Scenario-Specific Products, with ByteDance, Huawei, and Tencent Entering the Market Media reported that Baidu Intelligent Cloud recently launched a family of selected industry scenario-specific smart agents covering energy, transportation, healthcare, and environmental sectors. In addition to Baidu, companies such as ByteDance, Huawei, Tencent, and Kunlun Tech have also been actively deploying AI Agents. A research report by Guoyuan Securities pointed out that major internet companies are competing in the Agent sector to secure new interaction entry points in the AI internet era. AI Agents inherit the core genes of the APP era, possessing a certain degree of versatility and subscription systems. Agents have advantages in service-oriented delivery, network effects, and developer ecosystems, and can directly invoke APPs to complete designated tasks. Universal Agents are widely permeating various aspects of users' work and lives, and are expected to surpass the original APP ecosystem. 3. The industry has a vast market size and is becoming an important driving force for economic development. According to media reports, the marine economy has shown a positive development trend this year, with the gross marine product in Q1 reaching RMB 2.5 trillion, up 5.7% YoY. The development of the marine industry has remained stable and positive, with the acceleration of new quality productive forces. The surging blue new momentum is becoming an important driving force for China's economic development. The marine economy has a vast market size and broad development space. In 2023, global marine trade reached US$2.2 trillion, accounting for about 7% of the total global trade, with service trade reaching US$1.3 trillion and merchandise trade reaching US$900 billion. The Organisation for Economic Co-operation and Development (OECD) predicts that by 2030, the economic value of the ocean will exceed US$3 trillion, equivalent to the size of the world's fifth-largest economy. Domestically, according to data released by the Ministry of Natural Resources, in 2024, China's total marine economy exceeded RMB 10 trillion for the first time. Northeast Securities pointed out that the 2025 government work report mentioned "launching large-scale application demonstration initiatives for new technologies, new products, and new scenarios to promote the safe and healthy development of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology." This is the first time that deep-sea technology has been included in the government work report. Deep-sea technology enhances detection capabilities in deep-sea areas, and the development of deep-sea technology holds both economic and strategic significance. With the support of top-level planning, emerging fields such as deep-sea technology are expected to accelerate their development. 4. An important direction in the new round of technological competition for NEVs, with significant acceleration in the R&D progress of such products. It is reported that as the technological breakthroughs in the NEV industry enter the "deep water zone," the evolution of the technological path of power batteries, as a core component, has attracted significant market attention. Among them, solid-state batteries have become an important direction in the new round of technological competition for NEVs. In terms of relevant standards, the "Judgment Method for All-Solid-State Batteries" has been released. In the market, R&D progress in the field of solid-state batteries has significantly accelerated. Driven by multiple factors, several publicly listed firms have clarified the timetable for the mass production of solid-state batteries, accelerating the industrialisation process of solid-state batteries. Zhongtai Securities pointed out that in April 2025, the Ministry of Industry and Information Technology (MIIT) introduced new national standards for power batteries, imposing stricter requirements on battery thermal runaway and thermal propagation. It also issued documents urging the acceleration of top-level construction in the solid-state battery industry, indicating a proactive and encouraging stance in national policies. Meanwhile, from the perspective of the capital expenditure cycle, capital expenditures for new-type battery technologies, primarily semi-solid-state, have significantly increased. The solid-state battery industry is expected to drive the lithium battery industry to complete a new round of industrial technology upgrades and iterations under the influence of the triple factors of "market demand + policy encouragement + industrial upgrading."

On Thursday, US Eastern Time, the US stock market moved downwards after a higher opening, with all three major indices closing lower. Tesla's share price plummeted, dragging down the Nasdaq and S&P 500 indices. (Minute-by-minute charts of the three major indices, source: TradingView) By the close, the Dow Jones Industrial Average fell 0.25% to 42,319.74 points; the S&P 500 dropped 0.53% to 5,939.30 points; and the Nasdaq Composite declined 0.83% to 19,298.45 points. Tesla was one of the worst-performing stocks on Thursday, plunging over 14% and seeing its market capitalization fall below $1 trillion. US President Donald Trump publicly expressed on Thursday that he was "very disappointed" with Tesla CEO Elon Musk. Musk later hit back on social media platform X, saying, "Without me, Trump wouldn't have won the election." The dispute between the two continued to escalate, with Trump later calling Musk "crazy" and hinting at the possibility of canceling government contracts for Tesla and its affiliated companies. Economic data released on Thursday was mixed. The US trade deficit in April narrowed to $61.6 billion, a larger decline than economists had expected. This followed a record-high trade deficit in March, as companies stockpiled goods ahead of tariff implementation. However, data from the US Department of Labor showed that initial jobless claims rose last week to their highest level since October last year. Despite investors' calm reaction to recent tariff news, BlackRock CEO Larry Fink said at a conference in New York that he expects trade tariffs to impact the economy later this year. "If tariffs are truly implemented in the next five months, I think we will see very serious inflation," Fink warned. Performance of Popular Stocks Most large-cap tech stocks fell, with Apple down 1.08%, Microsoft up 0.82%, Nvidia down 1.36%, Google up 0.10%, Amazon up 0.33%, Meta down 0.48%, and Tesla down 14.26%. Popular Chinese ADRs showed mixed performance. The Nasdaq Golden Dragon China Index rose 0.54%, with Alibaba up 0.43%, JD.com down 0.72%, Pinduoduo down 0.32%, NIO down 3.47%, XPeng Motors down 1.91%, Li Auto down 0.64%, Bilibili up 1.15%, Baidu up 1.13%, NetEase up 1.11%, and Tencent Music up 0.45%. Company News [Musk Says SpaceX Will Immediately Retire Dragon Spacecraft in Response to Trump's Contract Cancellation Threat] Elon Musk, founder of SpaceX, stated that in light of US President Donald Trump's statement about canceling government contracts, SpaceX will immediately begin retiring its Dragon spacecraft. It is understood that current US manned space activities heavily rely on SpaceX's Crew Dragon spacecraft. [Apple: App Store Generated $1.3 Trillion in Developer Revenue and Sales in 2024] On June 5, Apple announced that research showed the global App Store generated a total of $1.3 trillion in developer revenue and sales in 2024. Driven by increased demand for online food delivery and pickup, as well as grocery orders, sales of physical goods and services exceeded $1 trillion. Revenue from in-app display advertising by developers reached $150 billion. [Trump Media & Technology Group Files for Bitcoin ETF, Aims to List on NYSE] On Thursday local time, publicly listed firm Trump Media & Technology Group (DJT) announced in a statement that it had submitted an S-1 registration document to the US Securities and Exchange Commission (SEC) for the issuance of the "Truth Social Bitcoin ETF," and plans to list on the New York Stock Exchange (NYSE) after completing the approval process. The statement indicated that the ETF will directly hold Bitcoin and issue shares to investors, aiming to reflect the price performance of Bitcoin. Yorkville America Digital will serve as the fund sponsor, responsible for regulatory compliance and operational management. Although there is no specific approval deadline for the S-1 filing, the NYSE has already submitted the 19b-4 filing for this ETF on Tuesday, and the US SEC is required to make a final approval decision within 240 days. Therefore, conservatively estimated, the Trump family's Bitcoin ETF will be listed before early next year. [Microsoft CEO: Relationship with OpenAI is Adjusting, but Collaboration Remains Strong] Satya Nadella, CEO of tech giant Microsoft, recently stated that the important partnership between Microsoft and OpenAI is indeed evolving, but remains strong. In an interview with the media, Nadella said, "It's clear that any company transitioning from a research lab to one of the most successful products of our time must undergo some changes. They, us, and our partnership will all evolve."

On Wednesday, Eastern Time, the three major indices closed mixed, with the Dow ending slightly lower, snapping a four-day winning streak, while the S&P 500 eked out a 0.01% gain and the Nasdaq rose slightly. (Minute-by-minute charts of the three major indices, source: TradingView) At the close, the Dow Jones Industrial Average fell 0.22% to 42,427.74; the S&P 500 rose 0.01% to 5,970.81; and the Nasdaq Composite gained 0.32% to 19,460.49. Data released on Wednesday showed that US service sector activity unexpectedly contracted in May, with the ISM Services PMI at 49.9, below the 50-point threshold that separates expansion from contraction. ADP employment added just 37,000 jobs in May, the slowest pace in over two years. Following the data release, US President Donald Trump immediately criticized Fed Chairman Jerome Powell and urged him to cut interest rates. Despite the volatility in ADP data and the lingering uncertainty over tariffs, Mike Dickson, Head of Research and Head of Quantitative Strategies at Horizon Investments, said the overall situation may not be as bad as feared. "The ADP report has historically been very volatile, so we may need to wait until Friday to truly understand the state of the labour market," he said. "Recent inflation data has been fairly mild, moving in a healthy direction." May non-farm payrolls data is scheduled for release on Friday, with economists currently expecting an increase of 125,000 jobs in May. However, Dickson believes the market will remain in sideways movement in the short term, entering a relatively quiet phase for market drivers that could last until next month. The 10-year US Treasury yield closed at 4.364% on Wednesday, recording its largest one-day drop since April 14. The US stock market has shown strong performance recently, with the continued rally in tech stocks temporarily overshadowing concerns about tariffs or an economic slowdown. As the Trump administration's tariff policies remain erratic, traders are increasingly inclined to view high tariffs as primarily a negotiating tool for the White House. Performance of Popular Stocks Most major tech stocks rose, with Apple down 0.22%, Microsoft up 0.19%, Nvidia up 0.50%, Google up 1.65%, Amazon up 0.74%, Meta up 3.16%, and Tesla down 3.55%. Popular Chinese ADRs generally rose, with the Nasdaq Golden Dragon China Index up 2.04%. Alibaba rose 3.90%, JD.com rose 2.84%, Pinduoduo rose 1.34%, NIO rose 6.23%, XPeng Motors rose 3.77%, Li Auto fell 0.17%, Bilibili rose 1.50%, Baidu rose 1.36%, NetEase rose 0.92%, and Tencent Music rose 1.84%. Company News [Apple's Request to Halt App Store Change Court Order Rejected] Apple's request to halt a court order was denied. The court order required Apple to allow App Store developers to direct users to purchase in-app items on the web without paying commissions. A federal appeals court in San Francisco made this ruling on Wednesday, marking the latest setback for the iPhone maker in its long-running battle with Epic Games Inc., the developer of "Fortnite," over dominance in the smartphone software market and its App Store. During the appeal, Apple had requested a stay of the judge's April ruling, which required Apple to comply with an injunction issued by the judge in 2021 after finding Apple guilty of anticompetitive behavior in violation of California law. [OpenAI's Paid Enterprise Users Surpass 3 Million, Expected Revenue This Year to Reach $12.7 Billion] Artificial intelligence startup OpenAI announced on Wednesday that its paid enterprise users have surpassed 3 million, showing explosive growth from the 2 million reported in February, along with some product updates and upgrades. According to OpenAI, these 3 million users include clients of ChatGPT Enterprise, ChatGPT Team, and ChatGPT Edu. Brad Lightcap, Chief Operating Officer of OpenAI, stated, "There is a very close connection between the growth of ChatGPT as a consumer tool and its applications in the enterprise and business sectors." As of February this year, ChatGPT had 400 million weekly active users, a 33% increase from the 300 million users in December last year. A source confirmed that OpenAI expects revenue of $12.7 billion this year. In September last year, the company projected annual revenue of $3.7 billion and losses of $5 billion. [US EV Company Lucid Signs Graphite Contracts in a Row, Secures Mines to Build Local Supply Chain] On Wednesday (June 4) local time, US electric vehicle company Lucid announced on its official website that it had reached a multi-year supply agreement with Graphite One to source natural graphite from within the US. According to the agreement, Graphite One is expected to commence production in 2028, supplying natural graphite to Lucid and its battery suppliers. The press release mentioned that Graphite One's natural graphite comes from the Graphite Creek deposit north of Nome, Alaska, in the US. This agreement builds on the contract signed by both parties in 2024, under which Graphite One has committed to supplying Lucid with artificial graphite for future car models from its proposed anode active material (AAM) factory in Warren, Ohio. [Amazon to Invest $10 Billion in AI Innovation in North Carolina] On June 4, Amazon announced plans to invest $10 billion in North Carolina, US, to expand its cloud computing infrastructure and advance AI innovation, which is expected to create 500 new high-skilled jobs. [Circle's US Stock IPO Pricing May Be Higher Than Market Pricing Range] It is reported that the pricing of stablecoin giant Circle's initial public offering (IPO) may be higher than the market pricing range. It is said that Circle's IPO was oversubscribed by more than 25 times.

On May 28, NIO announced a partnership with Parkopedia to provide on-street parking services for all of its vehicles sold in Europe.

On May 29, Zeekr announced a partnership with NIO Power to establish two-way interoperability between their respective charging networks.