July 17, 2026 Gold is trading at $3,992.55 and silver at $55.44 — both at or near multi-month lows. The cause is an oil shock that most investors are filing under the wrong heading. It is not hitting precious metals once, but twice: through interest rate expectations, and through the production costs of the mines. The starting point: 29% below the high Gold tested the $4,000 mark on Thursday, leaving it roughly 29% below the all-time high of $5,595.47 set on 29 January 2026 — the weakest level since November 2025. Silver has fared worse. At $55.44, the white metal sits some 54% below its January peak of around $121. The gold-silver ratio has consequently climbed to 72.0, up from about 69.6 in the middle of the week. Silver, in other words, continues to lose ground in relative terms — a classic sign that what is being traded here is not a precious metals thesis but an interest rate thesis. The first hit: oil drives rate expectations The trigger does not sit in the bullion market. It sits in the Strait of Hormuz. Escalation between the United States and Iran has driven oil prices higher and reinforced concerns that interest rates could remain elevated for longer. Brent stood at $85.92 on 14 July, its highest since 15 June, after gaining 9.6% the previous day. The transit figures speak for themselves: only 57 crossings were recorded from Friday through Sunday — a drop of more than 50% against the prior week. On 15 July, Washington additionally reinstated its naval blockade of Iranian ports. For the Federal Reserve, this is a problem. Softer-than-expected US inflation data has largely ruled out a July rate increase, yet Fed Chair Kevin Warsh reiterated his commitment to restoring price stability. The market remains split: traders currently price roughly a 51% probability of a hike in September — down from about 60% at the start of July. The June dot plot showed nine of 18 participants projecting at least one hike before year-end, eight projecting no change, and one projecting a cut. Warsh submitted no dot of his own. Higher energy prices strengthen the expectation that the Fed will need to keep policy tighter for longer, which reduces the appeal of non-yielding gold. That is the first hit. What makes it notable: an oil-driven inflation impulse arriving while the central bank is boxed in is precisely the textbook stagflationary setup investors buy gold to hedge. For now, the rate channel is beating the crisis channel. The second hit: oil is eating into mining margins This is where it becomes uncomfortable for gold equity investors — and this is the point most analyses skip. On paper, producers are in excellent shape. With gold averaging $4,700 an ounce and AISC below $2,000, sector margins in 2026 sit at historically exceptional levels and are generating record cash flows. Share prices do not reflect that. GDX was trading at $74.82 on 14 July, against a 52-week range of $50.45 to $117.18. Year-to-date, the junior index GDXJ is down 8.61% and GDX down 8.2%. Over one month, the pullback hit the juniors harder at -4.79% versus -3.78% for the seniors. The reason: the market is still grappling with the reality of higher energy costs, which will continue to overshadow gold miners' record-high margins in 2026. Diesel for the fleet, power for the mill, freight for consumables — energy is one of the largest single line items in an AISC calculation. The same oil price that is pressuring gold through rate expectations is therefore pressuring producers a second time through the cost side. For explorers and developers without cash flow, a third effect follows: rising capital costs make financings more expensive at precisely the moment share prices are on the floor. What is holding the floor: the central banks Set against this picture is a remarkably stable pillar of demand. Central banks bought a net 244 tonnes of gold in the first quarter of 2026 — more than in the previous quarter and above the five-year average. Poland added 14 tonnes in April alone (45 tonnes year-to-date), the People's Bank of China extended its buying streak to 18 consecutive months, and the Czech National Bank added 2 tonnes. The decisive detail: this buying continued while gold sat 28% below its January peak. The official sector is not buying the trend. It is buying the allocation. The World Gold Council's survey of 76 central banks, published on 16 June, reinforces the point: 89% expect global central bank gold holdings to increase over the next twelve months, a record 45% plan to add to their own reserves (up from 43% in 2025), and 74% expect the US dollar's share of global reserves to decline over the next five years. Standard Chartered supplies the counterweight. In a note dated 24 June, analyst Suki Cooper put roughly 298 tonnes of ETF gold below its holders' average cost basis at prices around $4,000 — up from 270 tonnes when gold was still above $4,250. That is some $38 billion held by investors whose rational response to any recovery is to exit near breakeven. Those positions are not support. They are a ceiling. Assessment and outlook The forecasting landscape is split accordingly. Morgan Stanley concedes that its $5,200 target for the second half now depends increasingly on a revival in ETF demand; Goldman Sachs has already cut both its December forecast and its ETF demand projections. J.P. Morgan, by contrast, is sticking with $6,300 by year-end. HSBC in January flagged a range of $3,950 to $5,050 for 2026 — the lower bound is being tested today. OCBC, conversely, expects prices to keep falling on rising Treasury yields, a firmer dollar and weaker investor demand. Our reading: the decisive question for the coming weeks is not whether central banks keep buying — they do — but whether the oil price stays where it is. If Brent retreats, the rate pressure and the cost pressure unwind simultaneously, and the miners become the leveraged expression, because record margins would then be valued without the energy caveat. If oil stays elevated, the sector is likely to remain under valuation pressure even with a stable gold price. Two dates frame the question. The FOMC meets on 28 and 29 July — CME data puts the probability of rates being held at 3.50% to 3.75% in July at 66.3%, so the language on September is what matters. Late July into early August brings the World Gold Council's Gold Demand Trends for Q2. That report is the test of whether official-sector demand is still absorbing the ETF outflows. Source： https://goldinvest.de/en/gold-oil-price-double-hit-gold-miners

The Minerals Council South Africa stated that after five consecutive months of growth, South Africa’s mining production in May declined 4.5% YoY, reflecting rising energy costs, heightened global trade uncertainties, and slowing momentum in commodity price gains. Despite the decline in May, total mining production in the first five months of this year still increased 3.5% YoY, but the growth rate has continued to slow, indicating that the recovery momentum of production is not yet solid. Platinum group metals remained the main pillar of growth in South Africa’s mineral sales. From January to May this year, PGMs sales surged 109.4% YoY, while gold sales rose 44.7%, boosting total mineral sales by approximately 100 billion rand compared to the same period last year.

SMM, July 20: Metals market: As of the midday close, base metals on the domestic market showed mixed performance. SHFE tin rose 1.65%. SHFE copper edged up 0.29%, while SHFE aluminum fell 0.32%. SHFE lead edged up, while SHFE zinc fell 0.63%. SHFE nickel fell 0.13%. In addition, the most-traded cast aluminum futures contract fell 0.3%, while the most-traded alumina contract rose 1.23%. The most-traded lithium carbonate contract fell 1.69%. The most-traded silicon metal contract fell 0.72%. The most-traded polysilicon futures contract fell 1.26%. Ferrous metals mostly fell. Iron ore fell 0.33%, while rebar and hot-rolled coil (HRC) fell 0.45% and 0.54%, respectively. Stainless steel fell 0.27%. Coke and coking coal: the most-traded coking coal contract rose 0.2%, while the most-traded coke contract fell 0.99%. Overseas base metals market, as of 11:45, LME metals mostly rose. LME copper rose 0.2%, LME aluminum fell 0.16%, and LME lead fell 0.21%. LME zinc and LME tin both rose 0.31%. LME nickel rose 0.21%. Precious metals, as of 11:45, COMEX gold rose 0.2%, and COMEX silver rose 1.85%. Domestic precious metals market: SHFE gold rose 0.7%; the most-traded SHFE silver contract rose 2.47%. Additionally, as of the midday close, the most-traded platinum futures contract fell 0.33%, and the most-traded palladium futures contract fell 0.84%. As of the midday close, the most-traded containerized freight (European route) contract rose 6.4% to 2,809 points. As of 11:45 on July 20, midday market overview for some futures: Spot Prices and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at 170 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 80 yuan/mt, up 30 yuan/mt from the previous trading day; and SX-EW copper was quoted at a premium of 20 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,180 yuan/mt, up 350 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,075 yuan/mt, up 340 yuan/mt from the previous trading day. Spot market: Guangdong inventories saw a significant decline after the weekend, mainly driven by a sharp increase in warehouse withdrawals... Macro Front Domestic front: [MIIT: Continuously Implement the New Round of Work Plans for Stable Growth in Sectors Such as Machinery and Automobiles, While Expanding High-Quality Supply and Effective Demand Across the Board] The State Council Information Office held a press conference to present the industrial and information technology development situation in H1 2026. Wang Weiming, chief engineer of the Ministry of Industry and Information Technology, stated that in H1, the export delivery value of the equipment industry rose 18.2% YoY, contributing nearly 50% to the growth of industrial exports. Next, MIIT will make every effort to promote the transformation and upgrading of the equipment industry. [MIIT: From January to May, new shipbuilding orders accounted for 81.2% of the global total, firmly ranking first in global market share] At a press conference held by the State Council Information Office, Wang Weiming, Chief Engineer of the Ministry of Industry and Information Technology, said that in the ship and offshore engineering equipment sector, from January to May, China’s new shipbuilding orders accounted for 81.2% of the global total, firmly ranking first in global market share. [MIIT: To issue guidelines for building a systematic computing power standards framework, and promote standards such as market-based pricing for computing power] The State Council Information Office held a press conference to brief on industrial and information technology development in 2026 H1. Xie Cun, spokesperson for the Ministry of Industry and Information Technology and Director-General of the Information and Communications Development Department, said that next, MIIT will continue to follow a systematic work approach focused on points, chains, networks, surfaces, and systems, optimize the deployment of computing power infrastructure resources, build interconnected and interoperable computing power periods, and improve the efficiency of computing power resource utilization. In terms of strengthening efforts at the “point” level, it will optimize the supply-side deployment of computing power resources, coordinate factors such as industrial development and energy supply, promote the development of intelligent computing clusters and coordinated development between computing power and electricity, create a tiered computing power layout, and strengthen overall monitoring of computing power. In addition, it will issue guidelines for building a systematic computing power standards framework, and promote standards such as evaluation of computing power service capabilities and market-based pricing for computing power. [Unchanged for the 14th consecutive month! July LPR quotes released: 3.5% for 5-year and above, 3% for 1-year] China’s July Loan Prime Rate (LPR) was released on July 20, with both the 1-year and 5-year and above LPR left unchanged. An announcement authorized by the PBOC and released by the National Interbank Funding Center showed that the LPR on July 20, 2026 was: 3.0% for the 1-year LPR and 3.5% for the 5-year and above LPR. The above LPRs are valid until the next LPR release. The 7-day reverse repo rate, the main policy rate, has remained unchanged for 14 consecutive months since it was cut in May 2025; therefore, the pricing basis for this month’s LPR quotes did not change. The last LPR adjustment was in May 2025, when both the 1-year and 5-year and above LPR were lowered by 10 basis points. [PBOC net injected 174.5 billion yuan into the open market today] The PBOC conducted 398.5 billion yuan of 7-day reverse repo operations today at an operating rate of 1.4%, unchanged from the previous level. Reverse repos worth 224 billion yuan matured today. US dollar: As of 11:45, the US dollar index fell 0.04% to 100.71. Oil prices have risen by over 20% this month, reigniting inflation concerns. Fed Chairman Warsh has made it clear that curbing inflation is the top priority. The market is now focused on the upcoming July PMI data this week to judge whether the resilience of the US economy is sufficient to support the Fed's interest rate hikes in September or October. (Wall Street View) According to CME “FedWatch”: the probability of the Fed keeping rates unchanged in July is 85.6%, with a 14.4% probability of a cumulative 25bp hike. The probability of no change in September is 38.5%, with a 53.5% probability of a cumulative 25bp hike and a 7.9% probability of a cumulative 50bp hike. (Jinshi Data APP) Data: Today will see the release of Canada June CPI MoM, US June CB Leading Index MoM, China June year-to-date installed power generation capacity, China June year-to-date installed power generation capacity yearly rate, and more. Crude Oil: As of 11:45 am, oil prices on both exchanges extended gains from the previous trading day, with WTI up 2.24% and Brent up 2.41%. The US-Iran conflict escalated further over the weekend, pushing oil prices higher. According to CCTV News reports, on July 19 local time, US Energy Secretary Wright stated that military operations against Iran will continue until President Trump achieves his military objectives. According to CCTV News, Iranian sources said on the 19th that navigational traffic through the Strait of Hormuz has dropped to zero, and the strait will remain closed as long as the US continues its provocative actions. Furthermore, Morgan Stanley pointed out that Europe faces a diesel supply crunch as a series of significant supply challenges coincide, with refining margins in the region hitting record highs while inventories continue to decline. “The current situation is indeed very tight,” analysts including Martin Ratz said in a July 19 report. “Our supply-demand model shows that European diesel inventories will fall to multi-year lows by year-end.” The analysts stated, “The true bottleneck in the oil system at the moment lies in refining, not crude oil,” noting that some African oil cargoes remain unsold and forward prices in certain parts of the market are trending bearish. “At the center of all this is the diesel market, particularly in Europe.” (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

Platinum prices consolidated on a subdued note today. Last week, US CPI data recorded a MoM decline, but Fed Chairman Warsh revealed a tough stance of zero tolerance towards high inflation during his congressional testimony. The hawkish remarks significantly scaled back the market’s dovish expectations, posing a key headwind to the rise in precious metals. Meanwhile, the renewed escalation of geopolitical tensions between the US and Iran pushed up oil prices, which further slowed the pace of the expected policy pivot retreat, continuing to drag on precious metals prices. In the morning session, the most-traded GFEX platinum contract PT2608 settled at 395.5 yuan/g, down 0.33%. The inverted price spread between the best offer price for SGE platinum 9995 and GFEX PT2608 was maintained at around 5 yuan/g. In the spot market, mainstream quotations for platinum were from parity to a premium of 1 yuan/g against the PT2608 contract, with relatively small changes in premiums/discounts from the previous trading day, or offered at a discount of around 3 yuan/g against the GFEX October contract. The price spread between the GFEX platinum October and August contracts narrowed today, and downstream buyers made small-volume purchases based on orders. Overall, trading in the spot platinum market was subdued today.

[SMM Daily Review: Rate-Hike Expectations Continue to Weigh on Silver, Spot Transactions Stay at Parity] SMM, July 20 – Resilient US employment data combined with lingering inflation risks kept rate-hike expectations elevated, and climbing US Treasury yields further pressured silver prices. In the spot market, both supply and demand were weak, transactions hovered near parity, and wait-and-see sentiment was heavy.

“Tin” Leading the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. The traditional cycle logic has been completely broken, and its strategic value has become fully evident. In 2026, the tin market presented an unprecedentedly complex landscape and profound changes: I. The supply-demand pattern was deeply restructured, and strategic attributes rose to an unprecedented level The global tin resources’ static reserve-to-production ratio was only 14 years, with scarcity becoming increasingly prominent. The supply side faced “triple pressure”: repeated twists and turns in Myanmar’s production resumptions, continued tightening of Indonesia’s policies, and elevated geopolitical risks in the DRC; resource constraints had become the new normal. Meanwhile, the demand structure underwent a fundamental shift, and tin had become a strategic resource connecting traditional manufacturing with the digital future. II. The pricing system broke through historical levels, and the industry ecosystem faced reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough was not only a manifestation of the supply-demand imbalance, but also a sign of value revaluation in the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches were all in urgent need of innovative breakthroughs. III. Technology-driven and green transformation gave rise to a new symbiotic ecosystem Digital and intelligent technologies were deeply empowering the tin industry chain. The global green transformation required the tin industry to upgrade toward low-carbonisation and a circular economy, making recycled tin recovery and green smelting processes an inevitable path. Every link of the industry chain had to move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 , held in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Anhui Jinhong Renewable Resources Technology Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to propel the tin industry to new heights. Click the to register for the conference immediately, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Anhui Jinhong Renewable Resources Technology Co., Ltd. was established in 2016 and is located at No. 1 Chuangye Road, Tianying Science and Technology Park, Jieshou, Anhui province. The company covered an area of 98 mu, with a total investment of 580 million yuan and a total construction area of more than 20,000 m². It had built an R&D building, a comprehensive recycling workshop, a crude refining workshop, a refining workshop, a rare and precious metals workshop, an oxygen production workshop, raw material and finished product warehouses, auxiliary buildings, and other comprehensive supporting facilities. Anhui Jinhong Renewable Resources Technology Co., Ltd. was the vice chairman unit of the national “Nonferrous Metals Industry Technology Innovation Strategic Alliance”. It currently had more than 100 employees, including more than 10 management and technical professionals, and had a high-level scientific research and development team with strong technical capabilities. It held dozens of invention patents and utility model patents with independent intellectual property rights, as well as four proprietary brand trademarks. The main equipment includes advanced production processes such as vacuum distillation furnaces, oxygen-enriched side-blown furnaces, electric furnaces, and pyrometallurgy refining, with supporting facilities for flue gas purification, wastewater treatment, and quality testing instruments. It is a key enterprise for the extension and improvement of the renewable resource utilization industry chain in Tianying Science and Technology Park, Jieshou High-tech Zone, Anhui Province. Annually, it can utilize 50,000 mt of hazardous waste containing lead, tin, and antimony, and 80,000 mt of crude lead, producing 8,000 mt of refined tin, 90,000 mt of refined lead, and 8,500 mt of lead-antimony alloy. It is a high-tech enterprise integrating the recycling, utilization, processing, technology R&D, and sales of precious and rare metals such as lead, tin, and antimony. Anhui Jinhong Renewable Resources Technology Co., Ltd. is charting its development with innovative ideas and a long-term vision. The company will always adhere to the business philosophy of "technology-led, quality-assured, and green-priority" and make every effort to break free from the constraints of "limited perspective and narrow vision." In the future, Anhui Jinhong Renewable Resources Co., Ltd. will strive to improve the image of the lead- and tin-containing scrap recycling industry chain in Jieshou City and aim to become a national first-class model enterprise for comprehensive resource utilization. Established in 2016, Anhui Jinhong Renewable Resources Technology Co., Ltd. is located at No. 1 Chuangye Road, Tianying Science and Technology Park, Jieshou City, Anhui Province. Covering an area of 98 mu with a total investment of 580 million yuan and a total construction area of over 20,000 square meters, the company is equipped with a research and development building, comprehensive recycling workshop, crude smelting workshop, refining workshop, precious and rare metal workshop, oxygen production workshop, raw material and finished product warehouses, as well as auxiliary buildings and other complete supporting facilities. Lead-antimony alloy As the vice chairman unit of the national "Non-ferrous Metal Industry Technology Innovation Strategic Alliance", the company employs more than 100 staff members, including over 10 management and technical talents. It boasts a high-level R&D team with strong technical capabilities, holding dozens of invention patents and utility model patents with independent intellectual property rights, as well as 4 independent brand trademarks. The company adopts advanced production processes and equipment including vacuum distillation furnaces, oxygen-enriched side-blown furnaces, electric furnaces and fire refining systems, supported by complete flue gas purification, wastewater treatment and quality testing equipment. It is a key enterprise committed to extending and improving the renewable resource utilization industrial chain in Tianying Science and Technology Park, Jieshou High-tech Zone. The company can annually process 50,000 tons of lead-tin-antimony hazardous waste and 80,000 tons of crude lead, with an annual output of 8,000 tons of refined tin, 90,000 tons of refined lead and 8,500 tons of lead-antimony alloy. It is a high-tech enterprise integrating the recycling, utilization, processing, technological R&D and sales of rare and precious metals such as lead, tin and antimony. Lead-Tin Alloy Adhering to innovative concepts and a long-term strategic vision for development, the company always upholds the business philosophy of "technology-oriented, quality-guaranteed and green development-oriented", and strives to break through developmental limitations caused by insufficient strategic positioning and narrow vision. In the future, Anhui Jinhong Renewable Resources Technology Co., Ltd. will focus on optimizing the development pattern of the lead-tin waste renewable resource industry chain in Jieshou City, and endeavor to build itself into a national first-class model enterprise for comprehensive resource utilization. Crude Tin Refined Tin Contact Us Wei Xianghai 18155838588 Long press or scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

SMM, July 18: Metals market: Last Friday's overnight domestic base metals nearly all rose. SHFE copper rose 0.15%, SHFE aluminum rose 0.22%, SHFE lead rose 0.69%, SHFE zinc fell 0.85%, SHFE tin rose 1.57%. SHFE nickel fell 0.28%. Additionally, the most-traded alumina futures rose 1.64%, and the most-traded cast aluminum futures rose 0.67%. Most ferrous metals fell in last Friday's overnight session. Stainless steel fell 0.3%, iron ore fell 0.46%, rebar fell 0.35%, hot-rolled coil fell 0.36%. Coking coal and coke: the most-traded coking coal contract rose 1.34%, and the most-traded coke contract rose 0.56%. In overseas metals last Friday overnight, LME base metals mostly fell. LME copper fell 0.11%. LME aluminum fell 0.33%, LME lead rose 0.96%. LME zinc fell 1.48%. LME tin rose 0.73%. LME nickel fell 0.38%. In precious metals last Friday overnight : COMEX gold rose 0.77%, but its weekly performance was down, falling 2.2% for the week; COMEX silver rose 0.06%, posting two consecutive weekly losses, down 6.56% for the week. The most-traded SHFE gold contract rose 0.67% last Friday overnight, but recorded two consecutive weekly declines, falling 3.07% for the week; the most-traded SHFE silver contract rose 1.05%, but declined for two straight weeks, down 7.85% for the week. Data from the World Gold Council showed that gold prices weakened in June, erasing earlier gains, and H1 ended with a decline. Despite outflows in June, Chinese market gold ETFs still achieved significant inflows in H1, pushing total AUM slightly higher to 243 billion yuan, with total holdings increasing by 29 mt to 277 mt. In June, Chinese market gold ETFs saw outflows of 15 billion yuan, marking the weakest monthly performance on record. (From Wallstreetcn APP) As of 8:45 on July 18, last Friday's overnight closing prices: Macro front China: [Ministry of Finance and Two Other Departments Adjust Consumption Tax Policy for Certain Batteries] On July 17, the Ministry of Finance announced that starting from September 1, 2026, mercury-free primary batteries, nickel-metal hydride batteries (also known as NiMH batteries), lithium primary batteries, lithium-ion batteries, and all-vanadium flow batteries will be subject to a consumption tax at a rate of 2%; starting from September 1, 2027, these battery products will be subject to a consumption tax at a rate of 4%. Starting from April 1, 2027, solar cells (also known as solar cells) will be subject to a consumption tax at a rate of 2%; starting from April 1, 2028, solar cells will be subject to a consumption tax at a rate of 4%. From September 1, 2026 to December 31, 2028, consumption tax will be exempted for sodium-ion batteries, solid-state batteries, fuel cells, as well as for perovskite cells, tandem cells, and gallium arsenide cells among solar cells. [MIIT: Automotive Producers Required to Firmly Resist Irrational Competition and Strengthen Product Testing, Verification, and Safety Assessment] On July 17, the Equipment Industry Department I of the Ministry of Industry and Information Technology (MIIT) convened a symposium for key automotive producers, deploying efforts to further regulate competition order in the automotive industry, enhance production conformity and quality safety levels of automotive products, and carry out key tasks such as safety risk and hazard investigations and inspections and supervision of automotive products. (from Wall Street CN app) [Ministry of Housing and Urban-Rural Development: Advance Urban Renewal with High Quality and Intensify the Implementation of the Renovation of Old Urban Residential Communities] On July 17, the Party Leadership Group of the Ministry of Housing and Urban-Rural Development held an expanded study session of the theoretical study center group. The meeting stressed that carrying out urban work in the new era and on the new journey is a glorious mission with arduous tasks. It called for advancing urban renewal with high quality, promoting urban governance with high efficiency, and building “four-good” construction of good houses, good residential communities, good neighborhoods, and good urban districts to high standards. It emphasized intensifying efforts to implement livelihood-related projects such as the renovation of old urban residential communities, the construction of complete communities, the improvement of property service quality, the environmental remediation of back alleys and lanes, the development of pocket parks, and the opening and sharing of green spaces. It called for making great efforts to solve the most pressing difficulties and problems faced by the people, such as the installation of elevators, parking, and charging, striving to make people’s urban life more convenient, comfortable, and beautiful, and seizing the momentum to open up a new landscape in the modernization and construction of people-oriented cities. (China Construction News) [The “Several Measures to Further Promote the Development of ‘AI+Manufacturing’ in Shanghai” Issued] The Shanghai Municipal Commission of Economy and Informatization has issued the “Several Measures to Further Promote the Development of ‘AI+Manufacturing’ in Shanghai.” It mentions promoting breakthroughs in key and core technologies. Support will be provided for breakthroughs in technologies such as knowledge graph integration and text-to-3D parts design, focusing on frontier fields including industrial vertical large models, AI programming large models, physical AI, industrial agents, industrial software, and the industrial Internet, with a maximum support of 20 million yuan. For the R&D of comprehensive security solutions for industrial large models and agents, a maximum support of 10 million yuan will be provided. The measures aim to reduce the cost of using intelligent elements. Industrial intelligent computing cloud platforms are encouraged to provide manufacturing enterprises with low-code agent development platforms and free trials of industrial agents, distribute platform token trial coupons, and introduce computing power benefit packages for enterprises. Support will be given for renting non-affiliated intelligent computing resources to carry out the R&D and application of industrial large models and industrial agents, with a maximum subsidy of 40 million yuan. Support will be provided for the deployment of industrial vertical applications by calling on third-party large models or adopting privately deployed third-party large models, with a maximum subsidy of 5 million yuan. Support will also be given for the procurement of high-quality corpora to facilitate the R&D and application of industrial vertical large models, industrial AI agents, etc., with a maximum subsidy of 5 million yuan. (Jin10 Data App) In terms of the US dollar: Last Friday overnight, the US dollar index rose 0.03% to 100.76. On the weekly chart: the US dollar index fell, dropping 0.2% for the week. According to the latest survey, US consumer sentiment surged to a five-month high in early July, boosted by falling gasoline prices. The survey results released on Friday showed that the University of Michigan's preliminary consumer sentiment index for July rose to 54.4 from 49.5 in June, compared to market expectations of 51. From June through early July, gasoline prices fell steadily, effectively easing household budget pressures. However, renewed tensions in the Middle East have since begun to push oil prices higher and clouded the inflation outlook further. The survey's coverage period was from June 23 to July 13, though the report noted that more than 70% of responses were completed before the US carried out airstrikes on Iran in early July. The improvement in consumer confidence was broad-based across age and income groups as well as political party affiliations. (from Wall Street News App) US housing starts surged in June after a sharp decline in the previous month, driven primarily by a rebound in apartment construction. Official data released on Friday showed that housing starts increased 19% to a 1.43 million annualized rate, the highest level since March and exceeding economists' expectations. Multifamily housing starts jumped more than 76% to a 532,000 annualized rate, following a nearly 40% plunge the previous month. Meanwhile, single-family housing starts fell 0.2%, declining again after builders experienced an overall sluggish spring. The rebound in multifamily construction underscores the month-to-month fluctuations in the data, especially in the apartment sector. However, high home prices and high mortgage rates have been suppressing demand for single-family homes, and these factors may also be supporting apartment demand. At the same time, single-family homebuilders have generally been facing high inventory and weak demand. This has forced many builders to entice buyers through sales incentives. Simona Mocuta, chief economist at State Street Global Advisors, said the US dollar has been supported this year by safe-haven inflows and market pricing of US Fed rate hikes, but these factors have already been priced into the exchange rate, so the dollar is set to resume its multi-year depreciation trend. Her baseline forecast is that the US Fed will keep interest rates unchanged for the entire year, but Mokuta says the risk of one rate hike remains. Even if a hike occurs, it has already been priced into the US dollar and would thus have little additional impact; if a hike fails to materialize, it would weaken the US dollar. As concerns over the US fiscal outlook persist, the US dollar will return to its long-term depreciation trend. (from Wallstreetcn APP) On the macro front: This week will see the release of China's one-year loan prime rate as of July 20, Germany's June PPI MoM, Canada's June CPI MoM, US June Conference Board Leading Index MoM, Switzerland's June trade balance, UK ILO unemployment rate for the three months to May, UK June public sector net borrowing, UK June unemployment rate, UK June claimant count change, Germany's July ZEW economic sentiment index, Eurozone's July ZEW economic sentiment index, US ADP employment change for the week ending July 4, UK June CPI MoM, UK June RPI MoM, China's June SWIFT RMB global payment share, Australia's seasonally adjusted unemployment rate for June, UK July CBI industrial orders balance, Eurozone's ECB deposit facility rate as of July 23, Eurozone's ECB main refinancing rate as of July 23, Canada's May retail sales MoM, US initial jobless claims for the week ending July 18, Eurozone's July consumer confidence index flash estimate, UK July GfK consumer confidence index, Japan's June core CPI YoY, Germany's August GfK consumer confidence index, UK June seasonally adjusted retail sales MoM, France's July manufacturing PMI flash estimate, Germany's July manufacturing PMI flash estimate, Eurozone's July manufacturing PMI flash estimate, UK July manufacturing PMI flash estimate, UK July services PMI flash estimate, US July S&P Global manufacturing PMI flash estimate, US July S&P Global services PMI flash estimate, and US June new home sales annualized, among other data. Additionally, this week: The ECB will announce its interest rate decision; ECB President Lagarde will hold a press conference on monetary policy. On the crude oil front: Last Friday, both crude oil futures surged in overnight trading, with WTI up 4.46% and Brent up 4.78%. On the weekly chart: WTI futures posted a second straight weekly gain, rising 14.51% for the week; Brent futures also rose for a second consecutive week, jumping 16.12% for the week. On Friday, the Middle East situation further deteriorated, and escalating geopolitical tensions drove crude oil sharply higher. Data released by international services provider Kpler on the 17th showed that vessel traffic through the Strait of Hormuz continued to weaken on the 16th, with the confirmed number of ships passing through the strait that day dropping to 8, the lowest level in nearly three weeks. (From Wallstreetcn APP) IEA Executive Director Birol Fatih warned on the 16th that if oil shipments via the Strait of Hormuz are not restored within weeks, global energy security will be in jeopardy. According to UK sources, Birol said at an event held by the Council on Foreign Relations that oil supply security remains a key concern, and if the situation in the Strait of Hormuz does not improve in the coming weeks, the world should be worried. He said the measures taken by some countries "cannot last forever"; even if the US significantly increases oil production, it will be far from enough to offset the supply gap caused by the blockage in the Strait of Hormuz. (CCTV News) Oilfield services company Baker Hughes said US energy firms this week added oil and natural gas rigs for the fifth consecutive week, the first such streak since early June, bringing the total count to its highest since April 2025. As an early indicator of future output, the total rig count rose by 7 to 588 in the week to July 17. Baker Hughes said this week's increase pushed the total rig count up by 44 rigs, or 8%, compared to the same period last year. Baker Hughes said oil rigs rose by 7 to 452 this week, the highest since May 2025; natural gas rigs were unchanged at 126, and miscellaneous rigs were unchanged at 10. (From Wallstreetcn APP) Notably: NYMEX WTI August crude oil futures will be affected by contract rollover, with the final floor trading completed at 2:30 on July 22 and the final electronic trading completed at 5:00 AM. Please pay attention to the exchange's expiry and rollover announcements to manage risks. In addition, for some trading platforms, the WTI contract expiry is typically one day earlier than the official NYMEX expiry; please be attentive. Recommended Reading:

SMM July 17 News: Metals Market: As of the midday close, domestic base metals mostly fell. SHFE copper slipped 0.44%, SHFE aluminum rose 0.37%. SHFE lead jumped 2.02%, SHFE zinc edged down 0.26%. SHFE tin dropped 0.78%. SHFE nickel slid 1.14%. In addition, the most-traded casting aluminum futures contract rose 0.54%, the most-traded alumina contract fell 1.22%. The most-traded lithium carbonate contract gained 1.81%. The most-traded silicon metal contract edged down 0.36%. The most-traded polysilicon futures contract dropped 2.12%. Ferrous metals all rose. Iron ore gained 0.73%, rebar and HRC both rose within 0.4%. Stainless steel added 0.78%. Coking coal and coke: the most-traded coking coal contract rose 0.32%, and the most-traded coke contract gained 0.13%. Overseas base metals: As of 11:40 a.m., LME metals mostly fell. LME copper slipped 0.37%, LME aluminum edged higher, and LME lead rose 0.35%. LME zinc fell 0.4%, LME tin dropped 0.72%. LME nickel slid 1.64%. Precious metals: As of 11:40 a.m., COMEX gold gained 0.3%, and COMEX silver lost 0.63%. Domestic precious metals: SHFE gold fell 1.03%; the most-traded SHFE silver contract dropped 3.83%. Additionally, as of the midday close, the most-traded platinum futures contract fell 3.15%, and the most-traded palladium futures contract dropped 3.87%. As of the midday close, the most-traded container shipping (Europe route) futures contract rose 2.36% to 2,628 points. As of 11:40 a.m. on July 17, selected futures midday quotes: Spot and Fundamentals Lead: This week, Pb50 domestic TC (weekly) remained flat at 150 yuan/mt in metal content, and Pb60 import TC (weekly) stayed flat at -$170/dmt. TCs were largely stable during the week... Macro Front China: [SAFE: Will strengthen counter-cyclical adjustment and expectations guidance when necessary to maintain stable operation of the foreign exchange market] Li Bin, deputy head of the State Administration of Foreign Exchange, said at a press conference of the State Council Information Office that the SAFE always adheres to combining facilitation with risk prevention, resolutely safeguards the security baseline under open conditions, continuously improves the "macro-prudential plus micro-supervision" two-in-one management framework, and will strengthen counter-cyclical adjustment and expectations guidance when necessary to maintain stable operation of the foreign exchange market and prevent systemic risks. [PBOC's reverse repo operations resulted in a net injection of 430.5 billion yuan today] The PBOC conducted 450.5 billion yuan of 7-day reverse repo operations today. As 20 billion yuan of 7-day reverse repos matured, a net injection of 430.5 billion yuan was achieved on the day. US dollar: As of 11:40, the US dollar index rose 0.05% to 100.78. Federal Reserve’s Logan said the US Fed should raise interest rates to tackle elevated inflation — a remark hinting she may be prepared to oppose a decision to hold rates steady later this month. Logan said the June inflation data released on Tuesday showed price increases were slowing, but not enough to convince her that inflation has returned to the Fed’s 2% target path. “The June CPI data do indicate that inflation is likely to return to target, and the outlook is more optimistic,” Logan said, “but this path remains fragile. I currently believe that moderately raising rates would help better balance the outlook and risks.” Fed Vice Chair Jefferson: If the demand effects from AI infrastructure construction and consumption materialize before the productivity gains from AI, then AI could put upward pressure on inflation. According to CME “FedWatch”: The probability of the Fed keeping rates unchanged in July is 88.8%, while the probability of a cumulative 25 bp hike is 11.2%. For September, the probabilities are: unchanged 48.8%, cumulative 25 bp hike 46.2%, and cumulative 50 bp hike 5.1%. (Jin10 Data APP) Data-wise: Today will see the release of US June housing starts (annualized), building permits, June import price index m/m, June industrial production m/m, July one-year inflation expectations (preliminary), July University of Michigan consumer sentiment (preliminary), as well as Eurozone May seasonally adjusted current account, June CPI final y/y, and June CPI final m/m. In addition, China’s refined oil products will kick off a new price adjustment window. The 2026 World AI Conference and High-level Meeting on Global AI Governance runs from July 17 to 20 in Shanghai, and President Xi Jinping will attend the opening ceremony and deliver a keynote speech. 2026 FOMC voting member and Dallas Fed President Logan speaks, 2028 FOMC voting member and Kansas City Fed President Schmid speaks, Fed Vice Chair Jefferson speaks on the economy and monetary policy, and US President Trump delivers a national address. Crude oil: As of 11:40, both crude oil benchmarks rose, with WTI up 0.92% and Brent up 0.82%. The US escalated its strikes against Iran further on Thursday, with reports indicating that the US military attacked an oil tanker near Iran’s main export port, causing a notable contraction in shipping traffic through the Strait of Hormuz. (Wall Street News) IEA Executive Director Fatih Birol: If oil and natural gas flows through the Strait of Hormuz do not improve in the coming weeks, we should be concerned about energy security. (Jin10 Data) Canada’s export credit agency said that global oil inventories continue to decline, making the energy market more vulnerable. Export Development Canada (EDC) expects international oil prices to average around $96/bbl this year and around $84/bbl in 2027. This forecast reflects ongoing market uncertainty and the need to rebuild depleted inventories to cope with potential future shocks. EDC Chief Economist Stuart Bergman said that oil storage facilities located around the world have now become the “marginal producer” of the oil market. Bergman noted that the pre-crisis inventory buildup and the release of strategic reserves helped offset the impact of supply reductions, but at the cost of global inventories falling below normal seasonal levels. He stated that if a permanent agreement could be reached to end the war and restore shipping through the Strait of Hormuz to pre-crisis levels, it would help ease tight supply. However, Bergman believes that the oil market remains under-supplied, and once geopolitical risks escalate, the market is highly vulnerable to further disruptions and wild price swings. (Jin10 Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ►

July 16, 2026 – Kingboard Holdings held a launch ceremony for its high-end electronic materials expansion project in Nansha, Guangzhou today, unveiling a RMB 1.5–2 billion expansion blueprint for the next five years. The Nansha project plans an annual capacity of 180 million meters of premium electronic fabric and 50,000 tons of high-performance phenolic resin, Combined with the 70,000-ton electronic yarn project in Shaoguan and newly released low-dielectric yarn kiln capacity in Qingyuan, the group’s total loom count will rise to 5,833 units by 2028, lifting total electronic fabric capacity to 1.15 billion meters.

July 16, 2026 – China Jushi released a listed company announcement on the evening of July 15. Its wholly-owned subsidiary Jushi Group plans to build a production line with an annual output of 250 million meters of electronic fabric in Tongxiang Economic Development Zone, Zhejiang Province, with a total investment of RMB 2.405 billion and a construction period of 1.5 years.