[Dual Momentum in the Magnesium Industry: Coordinated Empowerment of New Development Through Salt Lake Resource Security and Breakthroughs in End-Use Applications] As one of the lightest known structural metallic materials, magnesium combines outstanding properties such as light weight, high strength, and high thermal conductivity, making it a core strategic material supporting industrial upgrading in sectors such as automotive lightweighting and new energy materials. China’s magnesium industry is advancing on two fronts, simultaneously promoting breakthroughs in end-use application technologies and securing raw material supply, overcoming bottlenecks in industrial development and supporting the high-quality development of the magnesium industry.

[SMM Analysis: February Operating Rate of Primary Aluminum Billets Hit a Nearly Four-Year Low, Expected to Recover to Peak-Season Levels Seen in the Same Period in Previous Years in March] According to SMM statistics, the operating rate of aluminum billets in February fell sharply by 9.2 percentage points MoM to 41.4%, down 7.7 percentage points YoY. After aluminum prices surged to a record high at the end of January, they saw a sharp correction ....

Recently, the China Nonferrous Metals Industry Association (CNIA) officially announced the results of the 2025 credit rating evaluation for enterprises in the nonferrous metals industry. Qinghai Provincial Investment Western Hydropower Company was successfully awarded the industry title of "AAA Credit Enterprise." This rating represents the highest honor in industry credit evaluation and signifies that the enterprise’s achievements in credit development have received authoritative recognition. Next, Western Hydropower Company will take this award as an opportunity to continue deepening the development of its credit system, strengthen compliance management and risk prevention and control, and continuously enhance its corporate governance capabilities.

On February 26, at the industrial park in Minhe Hui and Tu Autonomous County, Haidong City, as the first molten aluminum transport truck entered the workshop of Qinghai Mingrui Aluminum Co., Ltd., it marked the smooth commissioning of Minhe County’s 10kt-per-year aluminum products processing project, injecting strong momentum into Minhe County’s industrial economy to get off to a good start in 2026. It is understood that Qinghai Mingrui Aluminum Co., Ltd.’s 10kt-per-year aluminum products processing project is one of the key projects introduced by Minhe County in 2025. With a total investment of 280 million yuan, it serves as critical support for extending, supplementing, and strengthening the county’s industrial chain, promoting the green transformation of industry.

[SMM Tin Morning Brief: SHFE Tin's Most-Traded Contract Fluctuates at Highs During Night Session Spot Market Transactions Remain Sluggish]

[PV Express] Tongwei Co., Ltd. (600438) announced on February 24 that the company is planning to acquire a 100% equity stake in Lihao Qingneng through the issuance of shares and payment in cash, and to raise supporting funds. This transaction is not expected to result in a change of the company's controlling shareholder or actual controller, does not constitute a connected transaction, and is anticipated not to constitute a major asset restructuring. As the transaction is still in the planning stage and relevant matters remain uncertain, upon the company's application, trading of the company's shares, convertible bonds, and convertible bond conversion will be suspended starting from the market opening on February 25, 2026, with the suspension period expected not to exceed 10 trading days. Lihao was established in April 2021 and is primarily engaged in the R&D, production, and sales of semiconductor materials such as PV-grade high-purity polysilicon and electronic-grade polysilicon. Data shows that Qinghai Lihao currently has a polysilicon capacity of approximately 150,000 mt/year.

[SMM Analysis: Primary Aluminum Billets Operation in January Weaker Than Expectations, February Production May Hit a Nearly Four-Year Low] Domestic primary aluminum billets operation in January performed weaker than expectations. According to SMM data...

Historically, domestic zinc concentrate production typically declines continuously from December to February each year. There are two main reasons: first, some mines undergo routine shutdowns in winter due to weather conditions; second, the Chinese New Year holiday falls early in the year, during which many mines suspend operations or conduct maintenance. As this year's Chinese New Year holiday approaches, how will these factors specifically affect domestic zinc concentrate supply？

It is understood that the National Energy Administration has officially approved the power source allocation plan for the "Qaidam Desert Base (East Golmud) Base". The planned construction scale of the power source projects at this base is 17.44 million kilowatts, including 10 million kilowatts of photovoltaic power, 5 million kilowatts of wind power, 2.64 million kilowatts of coal-fired power, 0.1 million kilowatts of solar thermal power, and 1.5 million kilowatts (for 4 hours) of electrochemical energy storage. The total investment in the projects is about 86 billion yuan. The new energy will be transmitted to Guangxi through the "Qinghai-Guangxi DC" UHV power transmission project. Currently, significant progress has been made in the preliminary work of the "Qinghai-Guangxi DC" project, w

According to the Ministry of Water Resources, in the first half of this year, the country completed water conservancy construction investment of 532.9 billion yuan, implemented 34,400 water conservancy projects of various types, and commenced 18,800 new water conservancy projects. Among them, 14 major water conservancy projects, such as the regulation of the Qinghai section of the Yellow River mainstream and the regulation of the Zhangwei New River, were commenced.