The listing-based trading on the Anhuida platform under the SMM Trading Center has remained active. The platform’s listing hall brings together high-quality supply sources across diverse non-ferrous metal categories, with top-tier enterprises launching bulk lots one after another. Through the efficient integration of self-listing and intelligent matching models with the supply and demand of upstream and downstream players in the industry chain, it has become an important matchmaking channel for spot trading in non-ferrous metals. To date, the platform has attracted a cumulative total of 10,171 registered enterprises, with cumulative transaction value reaching 1.98328 billion yuan and cumulative trading volume totaling 49.5719 million mt. Its trading scale and industry influence have steadily increased. As a concentration- and transparency-driven spot trading segment for non-ferrous metals, the Anhuida platform’s listing hall covers common non-ferrous metals such as copper, aluminum, zinc, and nickel, as well as new energy and minor metal categories including tin ingot and battery-grade nickel sulphate. It supports enterprises in independently publishing buy and sell intentions and offers multiple trading methods such as direct connection and intelligent matching, enabling buyers and sellers to quickly present their needs and identify counterparties, thereby significantly improving the efficiency of spot trading. Recently, the platform has featured a rich variety of popular listed categories with ample supply. It includes listings of scarce categories such as imported Indonesian tin ingot, while core new energy raw materials such as battery-grade nickel sulphate have also been launched in batches. Top industry enterprises including MCC Ramu New Energy Technology Co., Ltd. and Wanhua Chemical (Yantai) Battery Industry Co., Ltd. have all published multiple batches of battery-grade nickel sulphate sales listings on the platform, with single-batch listing Volume ranging from 66 mt to 99 mt. This has provided upstream and downstream enterprises in the new energy industry chain with stable and high-quality supply channels, effectively ensuring the smooth and efficient operation of the industry chain and supply chain. With its concentrated and transparent trading environment and flexible, diversified trading methods, the Anhuida platform’s listing hall has continued to build an efficient bridge for supply and demand matching in the non-ferrous metals industry, helping enterprises reduce transaction communication costs and optimize resource allocation. In the future, the platform will continue to enrich listed categories and improve trading functions, further invigorating the spot trading market for non-ferrous metals. Trading Platform Link: Contact for Inquiries: 021-51666886 Inquiry Email: anhuida@smm.cn

[SMM Aluminum Express News] PT Indonesia Asahan Aluminium (Inalum) has achieved a significant milestone in its green transformation by officially publishing an Environmental Product Declaration (EPD) for its Aluminium Ingot G1 product. Registered in The International EPD® System and valid until 2030, this certification underscores Inalum's commitment to transparent, sustainable, and competitive aluminum production. President Director Melati Sarnita stated this is a strategic move to strengthen Indonesia's position in the global green aluminum industry. The EPD was prepared in accordance with international ISO standards and verified by an independent institution, ensuring an objective Life Cycle Assessment (LCA).

On June 17, 2025, the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference , hosted by SMM, successfully concluded at the Hyatt Regency Bangkok Sukhumvit in Bangkok, Thailand! The conference brought together experts, scholars, corporate representatives, and government officials from the domestic and overseas automotive industries to discuss new trends and models in the development of the automotive industry, share the latest technologies and innovative achievements, promote collaborative development and cooperation within the automotive industry, facilitate the improvement and enhancement of the industry chain, help Chinese automotive industry chain enterprises better understand overseas investment environments, leverage the complementary advantages of various countries and regions in the automotive industry, and jointly support the healthy and sustainable development of the automotive industry! Yossapong Laoonual, Honorary Chairman of the Electric Vehicle Association of Thailand (EVA) and Director of the Mobility and Vehicle Technology Research Center (MOVE) at King Mongkut's University of Technology Thonburi (KMUTT) , stated that Thailand's electric vehicle vision (the 30@30 Policy) sets an ambitious goal of achieving 30% zero-emission vehicles (ZEVs) in the country's total production and 50% in newly registered vehicles by 2030. To achieve this goal, the government provides subsidies to original equipment manufacturers producing cars, pickup trucks, and motorcycles. The planned annual capacity for EVs exceeds 500,000 units, while the actual production in 2024 was 9,688 units, representing a 58-fold increase compared to the entire year of 2023. Although internal combustion engine vehicles still dominate the market, the growth rate of battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) is very rapid, with a compound annual growth rate (CAGR) of 138% for BEVs from 2020 to 2024. By 2024, the market penetration rate of electric four-wheelers had reached 13%. Asst. Prof. Uthane Supatti, Ph.D., Vice Chairman of the Electric Vehicle Association of Thailand (EVAT) , stated, when referring to the development of charging infrastructure in Thailand, that after 2023, the deployment of charging piles in Thailand has reached a significant turning point. Data shows that the number of charging piles increased by an astonishing 306.2% YoY in 2023. By 2023, the number of charging piles had already surpassed the original target set for 2025. However, there is still significant room for improvement to achieve the 2030 goal, and continued efforts in construction are needed. In addition, Yao Xinying, Director of SMM Steel Product Research , released the SMM Thailand Metal Prices and Thailand Steel Prices to help enterprises identify fair prices and reduce transaction costs. She stated that the Thai manufacturing industry still faces numerous obstacles in price referencing and settlement, such as the lack of authoritative price benchmarks, low price transparency, an imperfect settlement system, and susceptibility to market manipulation. SMM, closely connected with the upstream and downstream of the Thai metal industry chain, has launched the SMM Thailand Metal Prices to facilitate market transactions. Additionally, SMM has specially designed a networking session for automakers, bringing together over a dozen well-known domestic and overseas automakers, including BYD and BMW, to provide dedicated time for supply and demand exchanges between attending guests and automakers, facilitating collaboration discussions! 》Click to view the live video of the conference 》Click to view the live photo gallery of the conference 》Click to view the special coverage of the conference Opening Remarks Speaker: Logan Lu, CEO of SMM 》Click to view details of the on-site speech Guest Speaker Session Speech Topic: Latest Policies in Southeast Asia's Automotive Industry Guest Speaker: Yossapong Laoonual, Honorary Chairman of the Electric Vehicle Association of Thailand (EVA) and Director of the Mobility and Vehicle Technology Research Center (MOVE), King Mongkut's University of Technology Thonburi (KMUTT) Thailand's EV Vision (30@30 Policy) Thailand's EV Vision (30@30 Policy) sets an ambitious target of achieving 30% zero-emission vehicles (ZEVs) in the country's total production and 50% in new vehicle registrations by 2030. To achieve this, the government is providing subsidies to original equipment manufacturers (OEMs) producing cars, pickup trucks, and motorcycles. 2024 Capacity and Market Performance The planned annual production capacity for EVs exceeds 500,000 units, with actual production in 2024 reaching 9,688 units, a 58-fold increase compared to the full year of 2023. Despite internal combustion engine vehicles still dominating the market, the growth rates of battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) have been very rapid, with BEVs achieving a compound annual growth rate (CAGR) of 138% from 2020 to 2024. By 2024, the market penetration rate of electric four-wheelers has reached 13%. Infrastructure Development By 2024, the ratio of electric passenger vehicles to charging stations is 28, and the number of DC charging piles has exceeded the 2025 target by 40%. These charging piles are mainly distributed in gas stations, department stores, office buildings, and other locations. Challenges Faced In Thailand's four-wheeled EV market, Chinese OEMs have already taken a dominant position and are benefiting from the 30@30 policy. To enhance the competitiveness of the local automotive industry, local auto parts suppliers should actively integrate into the global supply chain and collaborate with Chinese OEMs to improve price competitiveness and enhance technological capabilities. 》EVA Thailand Shares: Thailand's EV Outlook - Opportunities and Challenges Automotive Brand Building and Differentiation Strategies in the Southeast Asian Market Guan Xin, Deputy General Manager of Changan Automobile's Southeast Asia Division Zhang Cong, General Manager of Geely Radar Thailand Pichayuth Vongpattanasin, Vice President of Omoda&Jaecoo (Thailand) Co., Ltd. Roundtable Discussion: Pathways for Building and Optimizing Localized Supply Chains in Southeast Asia Guests: Martin Knoss, Regional President for Passenger Cars, Commercial Vehicles, and Off-Road Vehicles in the ASEAN Market Segment, Powertrain Solutions Division, Robert Bosch Automotive Technology (Thailand) Co., Ltd. Peter Klöpfer, Senior Manager, Rutronik Yoshinobu Egawa, Head of China Region, SIIX Corporation Ma Ming, General Manager, Joyson Safety Systems (Thailand) Guan Xin, Deputy General Manager of Changan Automobile's Southeast Asia Division Speech Topic: SMM Thailand Metal Price Launch & Thailand Steel Price Release - Discovering Fair Prices and Reducing Transaction Costs Guest Speaker: Yao Xinying, Director of Steel Product Research, SMM Why Launch SMM Thailand Metal Prices? The Thai manufacturing industry still faces numerous obstacles in terms of price reference and settlement. 1. Lack of an authoritative price benchmark Thailand lacks an independent third-party price publishing platform, resulting in a lack of unified and credible price reference standards for metal trading. This makes it difficult for buyers and sellers to reach fair pricing agreements, exacerbating market price confusion. 2. Low price transparency Due to the absence of professional price information disclosure channels, metal trading price data is scattered and not publicly available. Market participants are unable to obtain timely and accurate market information, increasing the difficulty of price discovery and the risk of trading decisions. 》SMM Thailand Metal Price Launch Event & Thailand Steel Price Release - Discovering Fair Prices and Reducing Trading Costs Roundtable Discussion: Southeast Asia Automotive Supply Chain - Import and Local Matters (Services, Prices, Landing Support Possibilities) Dong Rujun, Senior Overseas Market Manager, SMM Wu Zhengguo, Operations Director, Taichengfa Co., Ltd. Wu Zhongxian, Deputy General Manager, International Trade Company, CITIC Pacific Special Steel Group Co., Ltd. Bai He, General Manager, RTM International Aluminum Division, Mitsubishi Corporation Yingzhang Liang, Head of Sustainability, Metals & Mining, Asia Pacific, Bloomberg Intelligence Shine Peng, Sales General Manager, FedEx Speech Topic: Accelerating the Development of Thailand's EV Ecosystem Guest Speaker: Asst. Prof. Uthane Supatti Ph.D., Vice Chairman, Electric Vehicle Association of Thailand (EVAT) Transformation of Transportation Modes in Thailand Traditional transportation modes include speedboats, traditional buses, and traditional trains. After improvements, electric taxis, electric buses, and electric motorbike taxis have emerged. Following electrification development, subways, trams, and electric boats have also come into people's view. Thailand's EV Vision - The "30@30" Policy Thailand has set EV adoption and production targets for 2025 and 2030. By 2030, the following goals will be achieved: zero-emission vehicles will account for 30% of Thailand's total vehicle production; zero-emission vehicles will account for 50% of the country's vehicle usage. Passenger Vehicle Production: As of 2024, Thailand's total sedan production reached 1,468,997 units, a YoY decrease of 20%. Among them, passenger vehicle production was 558,440 units, a YoY decrease of 13.5%. Pure electric passenger vehicle production was 9,688 units, a YoY surge of 5,807.3%. 》Current Status of Thailand's EV Industry - How to Accelerate the Development of Thailand's EV Ecosystem? Roundtable Discussion: Accelerated Electrification and Localization Progress of Core Components in Thailand Xiaolong Xu, Deputy General Manager, Inovance United Power System (Thailand) Co., Ltd. Zhibiao Fu, Plant Manager, Shanghai Edrive (Thailand) Co., Ltd. Tongkarn Kaewchalermtong, Chair of the Transport and Logistics Working Group, ASEAN Federation of Engineering Organizations (AFEO) Sizhan Chen, Chairman of the Automotive Parts Industry Association, Federation of Thai Industries, and Deputy Secretary General, Thai Auto Parts Manufacturers Association Haofeng, Business Director, Gotion High-tech (Thailand) Co., Ltd. Presentation Topic: Industrialization Breakthrough of Ultra-Thin Soft Magnetic Materials for High-Efficiency Drive Motors Guest Speaker: Lugang Zhan, Executive Deputy General Manager, Hunan Hongwang New Materials Technology Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: Charging Pile Infrastructure: Unlocking the Last Mile of Southeast Asia's New Energy Revolution Liming Zhao, Overseas Sales Director for Southeast Asia, Teld International Soravis Sithicharoen, Charging Pile Business Head, Gentari Green Mobility Thailand Chavarin Chavarangkul, Charging Pile Head and Sales Director, Innopower Company Limited Presentation Topic: Operational Status of Lithium Carbonate Futures Guest Speaker: Bing Leng, Deputy General Manager, GFEX (At the speaker's request, this presentation will not be publicly available) Presentation Topic: Eastern Economic Corridor (EEC): A Hub of Prosperity Opportunities Guest Speaker: Songwut Apirakkhit, Executive Head of Next-Generation Automotive Sector, Eastern Economic Corridor Roundtable Discussion: Investment Models in Southeast Asia: Pros and Cons of Joint Ventures and Wholly Owned Subsidiaries Weien Lin, Director and Deputy General Manager, Thai Long United Automotive Co., Ltd. Kuixian Lin, Founder of Jiahua Group and CEO of NexV, Sdn Bhd Bin Zhao, President, Thai-Chinese Rayong Industrial Zone Development Co., Ltd. June 17 Main Conference Presentation Topic: Rizhao Steel's ESP Automotive Steel Supports Green and Efficient Development in the Automotive Industry Guest Speaker: Xutao Zheng, Deputy Director of Technology and Quality Department, Technical Center Director, Rizhao Steel Holding Group Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: How Southeast Asia's Local Supply Chain Serves European and US Markets Tuan Vi, Vice President of Supply Chain and Logistics for Asia Pacific, Schaeffler Vietnam Sridhar Ramakrishna, Application and Engineering Director, Tenneco Presentation Topic: Smart Logistics Systems and Technologies Facilitating Global Supply Chain Expansion Guest Speaker: Chunlong Jin, Deputy General Manager, Shanghai Boyi International Logistics Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: Potential Synergies in Battery Cell Chemical Materials Across Southeast Asia Logan Lu, CEO, SMM Tony, General Manager, Sunwoda EV Energy (Thailand) Co., Ltd. Rui Liu, Chairman, Innovate (Malaysia) New Materials Technology Co., Ltd. Changxi Jin, Sales Director for Japan, South Korea, and Southeast Asia, Electrolyte Division, Guangzhou Tinci Materials Technology Co., Ltd. Shuzhan Yang, Deputy General Manager, BTR New Materials Group Co., Ltd., and Chairman, BTR Indonesia Automaker Demand Matching Session At the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference , SMM has specially designed a networking session for automakers, bringing together over a dozen renowned domestic and overseas automakers to provide attendees with dedicated time for supply and demand discussions and collaboration opportunities! 》Click to view the list of automakers participating in the exchange meeting Sign-in 》Click to view more highlights from the event With this, the 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference has come to a successful conclusion Thank you for the support of all industry colleagues See you next year! 》Click to view the special report on the 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference

[SMM Adds New 9990 Magnesium Ingot CIF (Netherlands) Price] To promote the international trade of magnesium ingots, help upstream and downstream enterprises worldwide better grasp market dynamics, obtain timely spot market information, reduce cross-border transaction risks and costs, and deepen research on the magnesium ingot industry chain, SMM will add and publish a new 9990 magnesium ingot CIF (Netherlands) price point starting from June 19, based on comprehensive market surveys, to provide references for the international market.

Formosa Petcoke holds a significant position in the imported petroleum coke market due to its stable quality, moderate pricing, and consistent supply system, becoming a key category that cannot be overlooked in the industry. To precisely align with the actual needs of carbon enterprises for petroleum coke products and assist market entities in deeply understanding the spot cost and price fluctuation trends of Formosa Petcoke, SMM will newly release FOB price data for Formosa Petcoke starting from June 16, 2025. This initiative aims to provide the industry with more comprehensive and diverse spot price information, offering enterprises a richer selection of settlement reference standards.

Recently, the new energy sector has garnered significant attention due to the cancellation of numerous wind and PV power generation projects in various regions. This phenomenon has sparked widespread discussions within the industry about the changes the new energy sector has undergone, leading to the failure of so many projects. A recent case occurred in Shanxi Province. On May 12, the Shanxi Provincial Energy Administration issued the "Notice on Publishing the List of the First Batch of Wind and PV Power Generation Projects to be Cancelled in 2025," announcing the cancellation of 14 projects, including the PV+ESS integration power generation project in Wangjiaya Village, Tianchidian Township, Loufan County. The total capacity of these projects exceeded 590,000 kW.

The latest strategic viewpoints from the top ten securities firms have just been released, as detailed below: Soochow Securities: June may mark the starting point of a new round of "East Rising, West Declining" trades The US dollar cycle is pivotal to the "East Rising, West Declining" trade. Historical experience shows that during periods of global liquidity easing and a weakening US dollar, non-US assets tend to strengthen, and the Chinese market will also benefit. Looking ahead, a weak US dollar remains the baseline assumption. Due to multiple factors such as ongoing disruptions from Trump's policies, the US government's debt pressure, and potential risks in the fundamentals, the US dollar is expected to trend weaker. Since the US dollar index turned down again in mid-May, it has once again fallen below the 100 mark. It is judged that the US dollar will continue to decline in June, possibly breaking below the previous low. The liquidity spillover driven by a weak US dollar will lead the A-share market to embark on a new round of "East Rising, West Declining" trades. In recent years, the value/growth style of the A-share market has been increasingly influenced by the US dollar cycle, specifically showing that growth stocks tend to outperform during periods of a weak US dollar. As June approaches, the technology sector will witness a series of catalytic events, and its prospects are expected to remain robust. Meanwhile, the valuations and liquidity of growth stocks will also benefit from a weak US dollar environment, potentially exhibiting better resilience. In terms of specific allocation directions, the main themes and industrial trends to focus on include: AI edge devices (including AI phones, AI glasses), AI large models, humanoid robots, controllable nuclear fusion, deep-sea technology, and autonomous driving. Zhongtai Securities: Maintaining the "switch from high to low" viewpoint at the current juncture The current market is at a critical period marked by the interplay of domestic and foreign policy variables. Domestically, the "15th Five-Year Plan" sets the tone, and reforms in public funds may reshape the market. Externally, intensifying tariff disputes between Europe and the US, as well as increased policy uncertainty within the US, will all have complex impacts on the market. At the current juncture, the "switch from high to low" viewpoint is still maintained, with a relatively optimistic stance on the technology sector. The overall market is expected to continue rotating rapidly among various hot topics in Q2. Investors should avoid chasing highs and instead focus on bottom-fishing opportunities, with this allocation logic remaining unchanged. 1) While maintaining a base portfolio of stable assets such as dividend stocks, gold, long-term bonds, and blue chips, focus on opportunities to bottom-fish in safety-related assets and technology stocks; 2) The high growth momentum in upstream AI computing power, servers, etc., as seen from Q1 earnings reports, is expected to continue into H2. Moreover, the update of the new version of DeepSeek may trigger investors' risk appetite for the technology sector; 3) The Trump administration has recently intensified technology restrictions on industries such as chips, coupled with China's increased emphasis on technology at the policy level. Among these, the direction of domestic substitution, represented by semiconductors, will also present certain opportunities. Overall, in Q2, the fundamentals of core city real estate and other endogenous momentum are gradually showing a "turning point," but total data may remain resilient under the "rush to switch exports." Current overall policies still maintain strong determination, but there is a high level of attention on the capital market, which may provide some support to the market. Hua Jin Securities: June Continues to Fluctuate Upward with Technology and Consumption Remaining the Main Themes In June, A-shares may continue to fluctuate upward. (1) Policies in June may be more proactive, with some uncertainty regarding external events. First, positive policies in June may accelerate implementation. Second, external events such as Sino-US tariff negotiations in June face some uncertainty. (2) The fundamentals in June may continue to improve. First, economic data in June may continue to show strength: firstly, the Dragon Boat Festival holiday and the "618" shopping season may keep consumption growth at a high level; secondly, overseas restocking may lead to a rebound in export growth in June; finally, accelerated policy implementation may maintain high growth in manufacturing and infrastructure investment in June, although real estate investment growth remains weak. Second, profit growth in June may continue to be in a recovery cycle. (3) Liquidity in June may remain loose. First, repeated expectations of interest rate cuts overseas have limited impact on domestic easing. Second, the inflow of funds into the stock market in June may improve; historically, foreign and margin financing flows tend to increase in June; after the holiday, margin financing and foreign capital may also return. Technology and consumption remain the main themes, with some core assets and cyclical sectors possibly offering investment opportunities. First, new consumption is likely to generate excess returns in June; second, policy encouragement points to TMT and consumption, with high-growth industries mainly concentrated in non-ferrous metals, TMT, and machinery. It is recommended to continue to allocate on dips: first, sectors with upward policy and industry trends such as computer (domestic software, autonomous driving), robotics, military, media (AI applications, gaming), electronics (semiconductors), and communications (computing power); second, sectors where fundamental expectations may marginally improve, including innovative drugs, electric vehicles, food, social services, trade retail, non-ferrous metals, and chemicals. China Galaxy: Technology Will Remain the Medium and Long-Term Investment Theme Recently, the sector rotation speed has increased, and the market's volatile pattern has not changed, with no significant increase in trading volume, still dominated by existing players. There is considerable uncertainty in the external market. On May 29, the US Federal Circuit Court of Appeals granted the Trump administration's request to temporarily suspend the previous ruling by the US International Trade Court. Although a phased tariff agreement between China and the US has been reached, temporarily alleviating trade pressure, the Trump administration's policies remain unpredictable. In the short term, the market may continue to maintain a fluctuating trend. Attention should be paid to changes in external tariffs and the pace of domestic policy implementation. With the support of a series of domestic policies, the market's adjustment space is limited. Meanwhile, several major financial policies are expected to be announced during the Lujiazui Forum from June 18 to 19, which are likely to support market expectations. It is recommended to focus on structural opportunities. In the long term, the trend of the A-share market will still reflect the principle of "taking our own path as the main focus". As the Central Huijin Investment Ltd. effectively plays the role of a "stabilization fund" and policies vigorously promote the entry of medium and long-term funds into the market, the A-share market will have a more solid foundation for stable operation. Allocation opportunities across three main themes: First, assets with a relatively high safety margin. Against the backdrop of significantly increased uncertainty in the external environment, the dividend sector, which has relatively strong earnings certainty and overall stable dividend returns, possesses defensive attributes. Second, the logic of the "technology narrative" in the A-share market is clear. The revised restructuring measures will help promote the participation of early-stage technology innovation enterprises in mergers and acquisitions. Technology will remain the main theme for medium and long-term allocation, with short-term focus on sub-sectors with lower valuations. Third, the big consumption sector boosted by policies. Economic data for April shows that the trade-in policy for consumer goods continues to be effective. Recently, the concept of new consumption has been repeatedly active. As uncertainty in the external environment increases, expanding domestic demand has become a long-term strategic move, highlighting the importance of boosting consumption. Dongguan Securities: The market's overall risk appetite is expected to receive systematic support. From the perspective of the market environment in June, overseas, the US tariff policy has been fluctuating, and the subsequent path of interest rate cuts by the US Fed will highly depend on subsequent economic data and tariff negotiation progress. Domestically, with the easing of Sino-US trade disputes, the implementation of a series of incremental policies by the "one bank, one bureau, one commission", and the concerted efforts of all parties to promote the effective implementation of established policies and accelerate the strengthening of incremental policy reserves, all these provide strong support for the domestic economic fundamentals. In the capital market, the current concerted efforts to stabilize the capital market have injected key momentum into boosting investor confidence. Looking ahead to June, as Sino-US trade relations tend to ease, quasi-stabilization funds have played a crucial supporting role in hedging tail risks in the market. With the concerted efforts of all parties to promote the effective implementation of established policies, accelerate the strengthening of incremental policy reserves, and the continuous entry of medium and long-term funds into the market, it is expected to continuously improve the market's microstructure and enhance investor confidence. Against the backdrop of the combined forces of policies and funding, the market's overall risk appetite is expected to receive systematic support. However, considering that there may be certain selling pressure above, the market may continue to fluctuate in the short term. In the medium term, supported by the economy's resilience and the accumulation of policy tools, the broader market still has upward momentum. Sector Allocation: Overweight financials, utilities, non-ferrous metals, and TMT. BOC Securities: Exports May Exceed Expectations This Year From overseas industry inventory perspectives, most sectors are in the mid-stage of restocking except midstream industries like automobiles, machinery equipment, and transportation equipment. Downstream consumer goods-related sectors show more pronounced restocking, reflecting resilient overseas demand. Leading indicators suggest short-term overseas restocking demand will likely persist, with potential for exports to surpass expectations this year. Market-wise, since May, sectors tied to external demand have outperformed. The Geneva agreement between China and the U.S. temporarily boosted market sentiment, while April's stronger-than-expected exports corrected overly pessimistic expectations. Subsequent uncertainties around export and external demand strength remain the market's focus. Unlike 2018, tariff policies now pose significantly reduced impacts on domestic fundamentals and markets. Fundamentally, ample policy buffers mitigate economic downside risks, with domestic demand data and tariff progress influencing policy expectations. Market-wise, upside room depends on economic recovery strength, while "quasi-stabilization funds" contain downside risks. Uncertainty from Trump-era trade policies may prolong "diversion trade," with resilient demand potentially driving exports above expectations and strengthening external demand chains. GF Securities: China-U.S. Relations, Fiscal Stimulus, and DeepSeek's Tech Breakthrough May Trigger A-Share Market Breakout After April's oversold rebound, A-shares fluctuated rangebound near pre-reciprocal tariff levels, with only innovative drugs showing sectoral trends amid mostly thematic rotations. Looking ahead, China-U.S. relations, fiscal stimulus, and DeepSeek's tech milestone could serve as key triggers to escape this tight range. Absent domestic fiscal or bilateral progress, tech sector developments may prove pivotal. After three months of adjustment, tech stocks—especially AI-related segments—now meet prerequisites for a rebound: 1) TMT turnover ratios hover at the lower bound of 2023's AI narrative range, signaling potential momentum; 2) Since April's reciprocal-tariff rebound, margin balances stagnated at yearly lows, leaving room for incremental funding. Thus, June's concentrated tech giant product launches may prove decisive. Ping An Securities: New Quality Momentum Gathers Strength, Tech Growth Breaks Through Overseas, the US tariff policy faces multiple uncertainties from domestic judicial rulings and external negotiations, while Nvidia's Q1 results exceeded expectations again. Domestically, the manufacturing sector's prosperity margin rebounded in May, with high-tech industry profits showing positive trends; expectations for financial policies have increased. Overall, the current changes in the external environment still carry uncertainties, and the importance of self-reliance and controllability in domestic technology and the resilience of domestic demand continue to rise. Domestic policy support and the positive development of industries towards innovation are expected to continue to support the medium-term upward potential of the equity market. Structurally, attention should be paid to two main lines: First, the growth style represented by domestic technology and high-end manufacturing, such as the defense and military industry with upward industry prospects, and the direction of self-reliance and controllability in technology represented by semiconductors; second, high-quality consumer assets (new consumption/pharmaceutical and biological, etc.) that benefit from policies supporting the expansion of domestic demand. Huaxi Securities: A-shares in June Still in a Window Period for Market Recovery A-shares in June remain in a window period for market recovery. Recently, market trading sentiment has pulled back, mainly due to the repeated changes in the US tariff policy overseas. In addition, the slow pace of Sino-US trade negotiations may partly be due to tactical considerations in negotiations. Subsequent Phase II Sino-US consultations will remain a key influencing factor for market risk appetite. On the other hand, the strength of domestic medium and long-term patient capital is growing. By promoting the construction of long-term market stabilization mechanisms and signaling regular "market support," regulators will strongly support the bottom range of A-shares. ·In terms of industry allocation, maintain a moderately balanced allocation. Attention should be paid to precious metals, public utilities, new consumption, AI applications (software, hardware), etc. In terms of themes, attention should be paid to: military industry, self-reliance and controllability, mergers and acquisitions, etc. Everbright Securities: Consumption is Expected to Remain One of the Key Momentums for Economic Recovery The most severe period of short-term external risk disturbances may have passed, but vigilance is still needed regarding potential reversals in Trump's subsequent policies. Recently, domestic policies have remained actively implemented, and it is expected that subsequent policies will continue to be rolled out. With the US and China hitting the "pause" button on "reciprocal tariffs" for 90 days, exports may maintain high growth in the short term, and consumption is expected to remain one of the key momentums for economic recovery. Amidst the interplay of internal and external factors, it is expected that the index will remain volatile overall in June. Definite Main Lines: 1) Domestic consumption. Expanding domestic demand has been a key focus of recent domestic policies, and it is expected to continue to receive policy catalysts in the future. In addition, the overall performance of the consumer industry is more resilient. Attention should be paid to industries such as household goods, food processing, professional services, and leisure food. 2) Domestic substitution. Attention should be paid to two clues: performance certainty and thematic investment. The former focuses on industries with a high proportion of imports from the US and strong domestic supply capabilities, including publishing, decoration materials, etc. The latter focuses on industries with a high proportion of imports from the US but with domestic supply capabilities expected to improve, such as aviation equipment, medical devices, animal health, and chemical pharmaceuticals. 3) Underallocated sectors by funds: The "Action Plan for Promoting the High-Quality Development of Public Funds" may have a profound impact on the asset allocation of the fund industry. Some sectors that are underallocated by funds are worth paying attention to in the medium and long-term, including banking, non-banking financial services, utilities, transportation, and other industries. However, in the short-term, it is necessary to be cautious about the potential expectation deviations that may arise from over-interpretation.

According to SMM's assessment, China's antimony ingot (including antimony ingot, crude antimony conversion, antimony cathode, etc.) production in May 2025 increased by approximately 4.2% MoM compared to the previous month. In detail, among the 33 surveyed producers currently assessed by SMM, 11 producers halted production, an increase of 3 from the previous month; 19 producers experienced production cuts, a decrease of 2 from the previous month; and 3 producers maintained relatively normal production levels, a decrease of 1 from the previous month. From the perspective of antimony ingot production, antimony production in May slightly increased again after a significant decline in April, which many market participants considered a normal phenomenon. The recent volatile market prices also contributed to the high elasticity of market production. Currently, many overseas ore sources are still unable to enter the domestic market, and market participants indicated that the overall domestic raw material supply remains tight. However, with the correction of antimony market prices, the shipping sentiment of antimony ore suppliers has begun to strengthen. Nevertheless, as many producers announced production halts and cuts from late May to early June, market participants anticipate that China's national antimony ingot production in June 2025 is likely to experience a significant decline compared to May. Note: Since May 2022, SMM has been publishing its assessed production of SMM national antimony ingot (including antimony ingot, crude antimony conversion, antimony cathode, etc.). Benefiting from SMM's high coverage rate in the antimony industry, SMM surveyed a total of 33 antimony ingot producers distributed across 8 provinces nationwide, with a total sample capacity exceeding 20,000 mt and a total capacity coverage rate of over 99%. This report is an original and/or compiled work of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally holds the copyright and is protected by the "Copyright Law of the People's Republic of China" and other relevant laws, regulations, and applicable international treaties. Without written permission, it is prohibited to reprint, modify, sell, transfer, display, translate, compile, disseminate, or disclose the above content to any third party in any form or permit any third party to use it. Otherwise, once discovered, SMM will pursue legal liability for infringement, including but not limited to requiring the assumption of contractual liability for breach, returning unjust enrichment, and compensating for direct and indirect economic losses. The content contained in this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all other information, is protected by the "Copyright Law of the People's Republic of China", the "Trademark Law of the People's Republic of China", the "Anti-Unfair Competition Law of the People's Republic of China", and other relevant laws, regulations, and applicable international treaties concerning copyright, trademark rights, domain name rights, commercial data information property rights, and other rights. It is owned or held by SMM and its relevant right holders. Without written permission, no institution or individual may reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose the aforementioned content to any third party in any other form, or permit any third party to use it. Otherwise, once discovered, SMM will pursue legal action to hold the infringing party liable, including but not limited to demanding compensation for breach of contract, returning unjust enrichment, and compensating for direct and indirect economic losses. *All data in this report is based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics (NBS), customs import and export data, and various data published by major associations and institutions), and relies on SMM's internal database models. It is internally processed and reasonably inferred by the SMM research team. The information provided in this report is for reference only, and risks are borne by the user. This report does not constitute direct advice for investment research and decision-making. Clients should make decisions cautiously and should not use this as a replacement for their own independent judgment. Any decisions made by clients are unrelated to SMM. In addition, SMM is not responsible for any losses or liabilities arising from unauthorized or illegal use of the viewpoints expressed in this report. SMM reserves the right to modify and ultimately interpret the terms of this statement.

According to SMM's assessment, the production of first-grade sodium pyroantimonate in China in May 2025 is expected to decline by approximately 21.21% MoM from the previous month. After experiencing a significant rebound in March, production remained basically stable in April, only to decline again this month, which came as a surprise to many market participants. However, many market participants consider this a normal phenomenon. Since late February, antimony prices have been rising continuously, and orders for glass factories have also started to increase. The production increase of many producers in March was related to receiving more orders, and this situation continued into April. However, with the sharp decline in antimony market prices in April, orders from the terminal side also came to a standstill. Consequently, this affected the procurement demand for sodium pyroantimonate, and it was reasonable for many producers who failed to secure orders to adjust their production. Looking at the detailed data, among SMM's 11 survey respondents, 2 producers were in a state of shutdown or commissioning in May, 3 sodium pyroantimonate producers experienced an increase in production, but 3 producers also saw a significant decline in production, with one producer even experiencing a reduction of more than half. This led to a significant overall decline in production. Market participants anticipate that the national production of sodium pyroantimonate in June is unlikely to continue declining compared to May, and it is more likely to remain stable or increase slightly. Note: Since July 2023, SMM has been publishing its assessed national production of sodium pyroantimonate. Benefiting from SMM's high coverage rate in the antimony industry, SMM surveyed a total of 11 sodium pyroantimonate producers, distributed across 5 provinces nationwide, with a total sample capacity exceeding 75,000 mt and a total capacity coverage rate as high as 99%. This report is an original work and/or a compilation work of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally holds the copyright and is protected by the Copyright Law of the People's Republic of China, other relevant laws and regulations, and applicable international treaties. Without written permission, it is prohibited to reprint, modify, sell, transfer, display, translate, compile, disseminate, or disclose the above content to any third party in any other form, or to license its use by any third party. Otherwise, once discovered, SMM will pursue legal liability for infringement, including but not limited to requiring the assumption of liability for breach of contract, returning unjust enrichment, and compensating for direct and indirect economic losses. The content contained in this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all other information, is protected by the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and other relevant laws and regulations, as well as applicable international treaties concerning copyright, trademark rights, domain name rights, commercial data information property rights, and other rights. It is owned or held by SMM and its relevant right holders. Without written permission, no institution or individual may reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose the aforementioned content to any third party in any other form, or license its use to any third party. Otherwise, once discovered, SMM will pursue legal action to hold the infringing party liable, including but not limited to demanding compensation for breach of contract, returning unjust enrichment, and compensating for direct and indirect economic losses. *All data in this report is based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics (NBS), customs import and export data, and various data published by major associations and institutions), and relies on SMM's internal database models. It is comprehensively processed internally by the SMM research team, and reasonable inferences are drawn. The information provided in this report is for reference only, and risks are borne by the user. This report does not constitute direct advice for investment research and decision-making. Clients should make prudent decisions and should not use this as a replacement for their own independent judgment. Any decisions made by clients are unrelated to SMM. In addition, SMM is not responsible for any losses or liabilities arising from unauthorized or illegal use of the viewpoints expressed in this report. SMM reserves the right to modify and ultimately interpret the terms of this statement.

According to SMM's assessment, China's refined bismuth production in May 2025 is expected to decline significantly by approximately 16.8% MoM compared to April's national refined bismuth production. After experiencing a rebound and entering a period of overall stability, bismuth production has suddenly and sharply declined again, catching many market participants off guard. However, some market insiders suggest that given the current tight supply of raw materials, it is reasonable for production to stagnate or even decline sharply. Judging from the recent competition for bismuth raw materials in the market, many bismuth raw materials have been sold at high prices, indicating that the tight supply of raw materials has affected the normal operations of many producers. From the perspective of producers' production status, some producers are still in the process of equipment maintenance, and many producers are showing a downward trend in production, leading to a significant decline in the country's overall production compared to April. Looking at the detailed data, among SMM's 24 surveyed entities, almost no producers saw a significant increase in production in May, but 5 producers experienced a significant decline in production, while the production of the remaining producers remained relatively unchanged. Many market participants predict that the tight supply of raw materials for bismuth producers nationwide is unlikely to ease in June, and it is highly likely that production will continue to be affected. It is also highly likely that refined bismuth production will remain stable or continue to decline slightly, and there is also a possibility of another significant drop in production. Note: Since October 2022, SMM has been publishing its assessed national refined bismuth production. Benefiting from SMM's high coverage rate in the bismuth industry, SMM has surveyed a total of 24 refined bismuth producers, distributed across 8 provinces nationwide, with a total sample capacity exceeding 50,000 mt and a total capacity coverage rate as high as over 99%. This report is an original work and/or a compilation work of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally holds the copyright and is protected by the "Copyright Law of the People's Republic of China" and other relevant laws, regulations, and applicable international treaties. Without written permission, it is prohibited to reprint, modify, sell, transfer, display, translate, compile, disseminate, or disclose the above content to any third party in any form, or to license any third party to use it. Otherwise, once discovered, SMM will pursue legal liability for infringement, including but not limited to demanding liability for breach of contract, returning unjust enrichment, and compensating for direct and indirect economic losses. The content contained in this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all other information, is protected by the "Copyright Law of the People's Republic of China", the "Trademark Law of the People's Republic of China", the "Anti-Unfair Competition Law of the People's Republic of China", and other relevant laws, regulations, and applicable international treaties concerning copyright, trademark rights, domain name rights, commercial data information property rights, and other rights, and is owned or held by SMM and its relevant right holders. Without written permission, no institution or individual may reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose the aforementioned content to any third party in any other form, or permit any third party to use it. Otherwise, once discovered, SMM will pursue legal action to hold the infringing party liable, including but not limited to demanding compensation for breach of contract, returning unjust enrichment, and compensating for direct and indirect economic losses. *All data in this report is based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics (NBS), customs import and export data, and various data published by major associations and institutions), and relies on SMM's internal database models. It is internally processed and reasonably inferred by the SMM research team. The information provided in this report is for reference only, and risks are borne by the user. This report does not constitute direct advice for investment research and decision-making. Clients should make decisions cautiously and should not use this as a replacement for their own independent judgment. Any decisions made by clients are unrelated to SMM. In addition, SMM is not responsible for any losses or liabilities arising from unauthorized or illegal use of the viewpoints expressed in this report. SMM reserves the right to modify and ultimately interpret the terms of this statement.