The real estate market in April saw a slight pullback in popularity. According to the latest data, both new and existing home prices showed signs of adjustment, with market confidence and transaction momentum needing further improvement. Based on the housing price data for 70 cities nationwide released by the National Bureau of Statistics (NBS) on May 19, in April 2025, the number of cities where new home prices rose MoM was 22, a decrease of 2 cities from the previous month; 45 cities experienced a decline, an increase of 4 cities from the previous month. For existing home prices, 5 cities saw a MoM increase, a decrease of 5 cities from the previous month; 64 cities experienced a decline, an increase of 8 cities from the previous month. Fu Linghui, spokesperson for the NBS, stated that under the influence of various policies aimed at halting the decline and stabilizing the real estate market, China's real estate market has continued to move towards halting the decline and stabilizing this year. Transactions in some first- and second-tier cities have recovered to some extent, and housing prices have remained generally stable. "However, it should also be noted that the overall real estate market is still in the process of adjustment and transformation. Rigid and improvement-oriented demand remains to be released, and the pressure to destock real estate in some regions is still relatively high. Continuous efforts are still needed to promote the halting of the decline and stabilization of the real estate market." Data shows that the MoM growth rate of the new commercial residential housing price index for 70 cities nationwide in April was -0.1%. Li Yujia, chief researcher at the Guangdong Housing Policy Research Center, pointed out that the weak performance of the new home price index in that month was mainly due to the fact that April entered the off-season after the "little spring" sales peak. Specifically, in April, the MoM growth rate of new commercial residential housing sales prices in first-tier cities turned flat from a 0.1% increase in the previous month; in second-tier cities, it remained flat MoM; in third-tier cities, it decreased by 0.2% MoM, the same rate of decline as the previous month. The top five cities in terms of housing price index growth were Dalian, Shanghai, Tianjin, Hangzhou, and Taiyuan. "Currently, there are mainly two types of cities with relatively resilient markets. One type consists of cities with a very high urban hierarchy, such as Shanghai and Hangzhou; the other type includes cities like Tianjin and Taiyuan, where supply and demand indicators are relatively stable," said Yan Yuejin, deputy director of the E-House China Research and Development Institute. It is worth noting that new home prices in first-tier cities ended a four-month consecutive upward trend. Among them, Shanghai led the gains in first-tier cities, with a MoM increase of 0.5%, followed by Beijing with a 0.1% MoM increase, while Guangzhou and Shenzhen saw decreases of 0.2% and 0.1%, respectively. "The market conditions among first-tier cities also diverged in April. New home prices in Beijing and Shanghai rose, indicating that the real estate markets in these two cities still have certain supporting factors. In particular, the overall popularity of both new and existing homes in Shanghai still showed a slight increase. Driven by high-end improvement projects, the new home market in Shanghai in April continued to see a sustained rise in popularity. This can be attributed to its unique urban status and market demand structure, as well as its efforts to increase the supply of new homes in core areas," said Zhang Bo, President of the 58 Anjuke Research Institute. The adjustment in the second-hand housing market has been more pronounced. In April, the second-hand housing price index for 70 cities fell by 0.4% QoQ, a significant increase from the -0.2% decline in the previous month. Among them, the selling prices of second-hand homes in first-tier cities shifted from growth to decline, falling by 0.2% QoQ, compared to a 0.2% increase in the previous month. In second- and third-tier cities, the selling prices of second-hand homes both fell by 0.4% QoQ, with the decline expanding by 0.2 and 0.1 percentage points, respectively, compared to the previous month. "The weakening market transactions are partly related to seasonal factors. Historically, housing prices tend to weaken in Q2. Moreover, the increased supply of high-quality homes in the new housing market has had a certain impact on the second-hand housing market," said Li Yujia. As the supply-side reform in the new housing market takes effect, the transaction cycle between new and second-hand homes is accelerating, with replacement demand driving faster transactions, which has a positive effect on halting the decline in second-hand housing prices. At the policy level, the central and local governments have taken proactive actions since April, introducing multiple measures to stabilize the real estate market. The April 25 meeting of the Political Bureau of the CPC Central Committee emphasized the need to intensify urban renewal efforts, advance the renovation of urban villages and dilapidated houses in an orderly manner, accelerate the construction of a new model for real estate development, increase the supply of high-grade housing, optimize policies for acquiring existing commercial housing, and continuously consolidate the stable trend of the real estate market. Cao Jingjing, General Manager of the Index Research Department at China Index Academy, believes that the Political Bureau's statement on the real estate market at the end of April, shifting from "halting the decline and stabilizing the market" since September 26 last year to "continuously consolidating stability" this time, not only reflects the central government's objective assessment of the recovery in real estate sales since Q4 last year but also demonstrates a full understanding of the ongoing pressures in the market. The market still requires sustained policy efforts to further consolidate the stable trend. It is expected that various policies will continue to be implemented at an accelerated pace, focusing on areas such as urban village renovation, high-grade housing supply, and the acquisition of existing housing.

In March 2025, China's refined lead exports declined by 66.57% month-on-month and 34.38% year-on-year, while combined imports of refined lead and lead products surged by 197.96% year-on-year. Due to tight raw material supply and high prices, domestic lead costs are relatively high. In particular, the firm prices of metals such as antimony and tin have directly led to an increase in lead alloy prices. Recently, domestic lead ingot and lead product exports have been at a disadvantage.

With the global focus on climate change and the pursuit of sustainable development, countries are actively promoting the transformation of their energy structures. The involvement of NEV companies in the eVTOL sector is becoming a major trend in the transportation field, highlighting the importance of the integration of the two. When EVs meet the low-altitude economy, what kind of sparks will be generated in the future? This event, centered around the entire industry chain of NEV & eVTOL electric drive systems, focuses on areas such as "power systems, electric drives, motor controls, low-altitude aircraft, and innovative raw materials." It features a high-quality opening ceremony, a high-level dinner, an awards ceremony, supply and procurement business matchmaking, and a new energy industry study tour, along with "1+2+3" special forums. Here, hosted by SMM, Shanghai Electric Drive Co., Ltd. as the initiating unit, the "2025 SMM (4th) Electric Drive System Conference" will be held on June 20-21, 2025, at the Huatian Hotel in Loudi, Hunan. The theme of this conference is "New Quality Drive, Low-Altitude Takeoff." We extend an invitation to major companies in the low-altitude field and the NEV industry chain to join industry leaders in making the 2025 SMM (4th) Electric Drive System Conference an important platform for the rapid development of the new energy industry. Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth Number: C6 Tech Innovation Shanghai Leading the Era Electric Drive for a Better Future Shanghai Electric Drive was established in 2008, based in Shanghai, focusing on electric drive, and has always been committed to providing the best electric drive products to domestic and overseas customers. As a leading independent brand in the core "three electrics" of NEVs, the company has consistently adhered to technological innovation, participated in multiple national major projects and standard formulations, initiated and relied on the industry chain alliance, and continuously iterated to launch more efficient and better NVH performance electric drive systems. The company's products are widely equipped in vehicles such as Deep Blue, Changan, Renault, Tata, Dongfeng, XPeng, Chery, and BAIC, leading in domestic market share, and are also exported to Europe, India, South America, and other overseas regions, with exports ranking among the top. In the era of electrification and intelligence, the company continues to uphold a customer-centric approach, providing safer, quieter, and more reassuring green power to the world. Click here to immediately participate in the 2025 SMM (4th) Electric Drive System Conference SMM Conference Contact Cui Fan 13816522387 fancui@smm.cn

【SMM Flash News】On April 15, local time in the United States, US President Trump signed another executive order, which specifically emphasized that “due to retaliatory actions, China is now facing tariffs of up to 245% on imports from the United States.” The London Metal Exchange (LME) announced inventory data on April 16, showing that lead inventories increased by 17,575 tons to 283,125 tons. The bearish macro sentiment, coupled with a significant build-up of overseas lead inventories, led to long-position liquidation and a downward trend in Shanghai lead prices. On the day, the main contract SH2505 for Shanghai lead opened at 16,750 yuan per ton, dipped to a low of 16,630 yuan per ton in the late session, and finally closed at 16,655 yuan per ton, down by 0.89%.

In March 2025, lead prices rose significantly due to improved supply-demand dynamics and macroeconomic factors. Early-month concerns over US tariffs and CPI data eased, while China’s pro-consumption policies and declining inventories supported prices. Shanghai lead prices hovered around 17,250 yuan/ton. High raw material costs pressured battery producers, and cautious dealer purchasing ahead of the off-season limited upside. By late March, LME inventory increases weighed on prices. For April, supply-side constraints and high scrap battery costs are expected to keep lead prices volatile.

SMM Shanghai and Other 1# Lead Markets: Increased Imports and Secondary Lead Supply, Downstream Enterprises Maintain Just-in-time Procurement SMM reported on March 20: In the Shanghai market, Chihong lead was quoted at 17,625-17,645 yuan/mt, with a premium of 10-30 yuan/mt against the SHFE 2504 contract; in the Jiangsu and Zhejiang regions, Tongguan, JCC, and Jinde lead were quoted at 17,615 yuan/mt, on parity with the SHFE 2504 contract. The SHFE lead maintained a high-level consolidation, suppliers quoted according to the market trend, and due to the fact that delivery sources had not yet entered the market, there were fewer quotes...

[SMM Shanghai and Other 1# Lead Markets: Suppliers Cut Premiums to Offload Cargoes, Spot Lead Market Transactions Become Increasingly Sluggish] SMM, January 21: Few quotations were seen in the Shanghai market; JCC lead in Jiangsu and Zhejiang regions was quoted at 16,745-16,805 yuan/mt, with a premium of 0-50 yuan/mt against the SHFE lead 2502 contract. SHFE lead fluctuated upward, as suppliers gradually completed inventory clearance, leading to fewer quotations...

[SMM Shanghai and Other 1# Lead Market: Lead Prices Fluctuate Downward, Some Downstream Enterprises Continue Restocking as Needed] SMM, January 14: Few quotations were available in the Shanghai market; in Jiangsu and Zhejiang regions, Tongguan and JCC lead were quoted at 16,470-16,550 yuan/mt, with a premium of 20-80 yuan/mt against the SHFE lead 2502 contract. SHFE lead fluctuated downward, also due to the approaching delivery date...

**【SMM Shanghai and Other 1# Lead Markets: Shanghai Lead Peaks Then Falls, Strong Wait-and-See Mood in the Spot Market】** SMM Report on November 14: In the Shanghai market, Honglu lead was priced at RMB 16,985-17,015 per tonne, with quotes of a discount of RMB 30-0 per tonne against the SHFE Lead 2412 contract; in the Jiangsu and Zhejiang regions, Tongguan and Jiangtong lead were reported at RMB 16,985-17,015 per tonne, also with quotes of a discount of RMB 30-0 per tonne against the SHFE Lead 2412 contract. After peaking, Shanghai lead prices fell, reversing yesterday's strong momentum, and holders began to sell as prices moved.....

**SMM Lead Morning Meeting Minutes: Supply-Demand Imbalance Drives Up Lead Prices; Focus on Profit Recovery in Recycled Lead in the Future** The Federal Reserve: The one-year inflation expectation for October in the US has fallen to a four-year low, and the outlook for the labor market is expected to improve. On the fundamentals front, the staged supply-demand imbalance of lead ingots is prominent. On the one hand, the delivery of Shanghai Lead 2411 contracts is imminent, and the available supply in the spot market is limited. On the other hand, due to haze in Henan Province...