[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.23-3.26)] From March 23 to March 26, 2026, electrolyte prices remained temporarily stable. Subsequent price trends will still need to focus on changes in upstream raw material prices

[SMM Weekly Review of the Lithium Battery Electrolyte Market: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.16-3.19)] From March 16 to March 19, 2026, electrolyte prices remained temporarily stable. Considering the overall trend in cost-side changes and the supply-demand pattern, electrolyte prices are expected to remain temporarily stable in the short term.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.9-3.12)] From March 9 to March 12, 2026, electrolyte prices remained temporarily stable. Considering the overall trend in cost-side changes and the supply-demand pattern, electrolyte prices were expected to remain temporarily stable in the short term.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Declined This Week (2026.3.2-3.5)] From March 2 to March 5, 2026, electrolyte prices declined. Considering the trend in changes on the cost side and the supply-demand pattern, electrolyte prices were expected to remain in the doldrums in the short term.

[SMM Lead Morning Meeting Minutes: Bullish and Bearish Factors Coexisted in Domestic and Overseas Markets; Lead Prices Were Expected to Remain Consolidated] US Treasury Secretary Bessent: A 15% global tariff might be implemented this week, pledged to safeguard the Persian Gulf, and hinted that more measures were forthcoming. Recently, lead-acid battery enterprises in the domestic market basically resumed production, and the overall operating rate in March rebounded sharply from February…

[January Electrolyte Supply and Demand Contracted, Cost Lag Transmission Led to a Slight Price Rise] In January, the electrolyte market exhibited a pattern of simultaneous contraction on both the supply and demand sides, with prices rising slightly against the trend. This was primarily influenced by factors such as structural differentiation in end-use demand, lagged transmission of raw material costs, and enterprises' need to restore profits.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Declined This Week (2026.2.2-2.5)] From February 2 to February 5, 2026, electrolyte prices declined. Considering the changing trends on the cost side and the supply-demand pattern, electrolyte prices were expected to decline further in the short term.

Today, the People's Bank of China (PBOC) announced that it will conduct 400 billion yuan of outright reverse repo operations on June 16, marking the second announcement of such operations by the PBOC this month. Earlier in June, the PBOC had announced the conduct of 1 trillion yuan of 3-month outright reverse repo operations. Considering that a total of 1.2 trillion yuan of outright reverse repos will mature throughout June, the PBOC's two announcements imply a net injection of funds for the entire month. Industry insiders told a Caixin reporter that June is a critical period for semi-annual liquidity assessments, coupled with factors such as the large-scale maturity of interbank negotiable certificates of deposit (NCDs), leading to a higher demand for liquidity from financial institutions throughout the month. The PBOC's provision of medium-term funding support reflects its care for the market. "Building on the approximately 1 trillion yuan of long-term liquidity released through RRR cuts by the PBOC in May, the increase in outright reverse repo operations in June, continuing to boost medium-term liquidity injections, will help maintain ample liquidity in the banking system and control fluctuations in the funding market amid the continuous large-scale issuance of government bonds and the 'peak' period of interbank NCD maturities in recent months," an industry source told Caixin. PBOC Announces Second Round of Operations This Month, Continuing to Boost Medium-Term Liquidity Injections To maintain ample liquidity in the banking system, the PBOC first announced on June 5 and then conducted 1 trillion yuan of outright reverse repo operations on June 6. Just a week later, the PBOC announced its second round of operations today. Today, the PBOC announced that it will conduct 400 billion yuan of outright reverse repo operations on June 16 through fixed-quantity, interest-rate tendering, and multiple-price bidding, with a tenor of 6 months (182 days). Data shows that 500 billion yuan of 3-month and 700 billion yuan of 6-month outright reverse repos will mature in June, respectively, implying a net injection of 200 billion yuan of outright reverse repos by the PBOC for the entire month as of June 16. "Building on the approximately 1 trillion yuan of long-term liquidity released through RRR cuts by the PBOC in May, the increase in outright reverse repo operations in June, continuing to boost medium-term liquidity injections, will, on the one hand, help maintain ample liquidity in the banking system and control fluctuations in the funding market amid the continuous large-scale issuance of government bonds and the 'peak' period of interbank NCD maturities in recent months," Wang Qing, chief macro analyst at Dongfang Jincheng, told a Caixin reporter. Why did the PBOC choose to announce twice in June to manage market expectations? It may be related to June being a traditional critical period for liquidity management, with the funding market facing a "major test" amid multiple pressures. Haitong Asset Management pointed out that the concentrated impact of the peak maturity of interbank NCDs, with a total maturity of over 4 trillion yuan in June, has widened the short-term funding gap for banks. Meanwhile, financial institutions also need to cope with the "regular challenge" of quarter-end liquidity assessments, coupled with a surge in funding demand driven by the accelerated issuance of government bonds, further highlighting the supply-demand imbalance in the funding market. Everbright Securities Finance stated that, considering the seasonal trend, short-term funding rates in June have generally shown a pattern of "pulling back at the beginning of the month and rising in the latter part" in recent years. Given that the end of June coincides with semi-annual financial reports and assessments, liquidity management will be arranged in advance, and the pressure is not expected to last until the last two days of the month. "The intensity and pace of loan issuance squeezing the excess reserve ratio, thereby affecting the willingness of national banks to lend funds; it is estimated that the net financing scale of government bonds in June will still be around 1 trillion yuan, which may cause temporary disruptions; in addition, there will be a concentration of NCD maturities in late June, along with a surge in credit, making the MLF issuance volume worth watching," pointed out Wang Yifeng, Chief Analyst of Everbright Securities' Financial Industry. Wang Qing noted that this move also signals the continuous strengthening of quantitative monetary policy tools, which helps to promote the broadening of credit and enhance countercyclical regulation. "The disclosure of outright reverse repo operations from the end of the month to an earlier release indicates an increase in the transparency of monetary policy operations, which can more effectively guide and stabilize market expectations." In June, the maturity of negotiable certificates of deposit (NCDs) is expected to transition smoothly with no significant changes in volume or price. Looking ahead to June, the large amount of maturing NCDs is one of the main disruptive factors, but the market expects a smooth transition in terms of liquidity. Data shows that the expected maturity of NCDs in June will reach 4.2 trillion yuan, setting a record for the highest single-month figure. Among these, the early and mid-month periods are the concentrated maturity points, with about 920 billion yuan and 1.95 trillion yuan of NCDs due to mature, respectively. Wang Yifeng believes that under the current circumstances, the primary factor disrupting the interest rate on NCDs in June is the large volume of maturities, with 4.2 trillion yuan due to mature in the month, an increase of 1.7 trillion yuan compared to May, reaching a peak for monthly maturities in recent years, increasing the pressure on banks to roll over. However, there are offsetting factors that may result in the renewal volume of NCDs in June being less than the maturing volume. Although NCDs face significant maturity pressure in June, constrained by multiple factors, the overall volume and price levels are not expected to change significantly from previous levels. CITIC Securities Fixed Income Department stated that, looking ahead to June, the disturbance to liquidity from fiscal factors is expected to weaken marginally. Considering the high credit issuance scale typically seen in June due to the bank's semi-annual assessment, coupled with the potential pressure on the liability side after the implementation of a new round of deposit rate cuts, it may be difficult for the liquidity to achieve a spontaneous balance. It is anticipated that the central bank will further inject medium and long-term liquidity through outright reverse repo operations and MLF, and the overall liquidity in June is expected to maintain a balanced supply and demand pattern, with the DR007 interest rate center fluctuating at lows slightly above the policy rate level. "In the future, the central bank will also comprehensively utilize medium- and short-term liquidity management tools such as pledged reverse repo operations, Medium-term Lending Facility (MLF), and outright reverse repo operations to maintain abundant liquidity in the banking system. This is also a crucial step in enhancing the accessibility of credit for enterprises and residents and reducing financing costs for the real economy at present," said Wang Qing.

Today (June 11), Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked: Today, the Ministerial Meeting of Coordinators for the Implementation of the Outcomes of the Forum on China-Africa Cooperation (FOCAC) opened in Changsha, Hunan Province. Could the spokesperson provide further details on the specifics of the meeting? What is the significance of this meeting in advancing China-Africa cooperation? Lin Jian stated that today, the Ministerial Meeting of Coordinators for the Implementation of the Outcomes of FOCAC was held in Changsha, Hunan Province. President Xi Jinping sent a congratulatory letter to the meeting, announcing that China would implement zero-tariff measures for 100% of tariff lines for products from 53 African countries with diplomatic relations with China, providing more convenience for exports from the least developed African countries to China. China is willing to work with the African side to thoroughly implement the "Ten Partnership Actions," providing important guidance for China and Africa to jointly advance modernization and build an all-weather China-Africa community with a shared future for the new era. Foreign Minister Wang Yi attended the opening ceremony of the meeting and proposed five initiatives from the Chinese side to promote high-quality development of China-Africa cooperation. He pointed out that China and Africa should adhere to mutual assistance and be defenders of solidarity among the Global South; adhere to opening up to the outside world and be advocates of international free trade; adhere to mutual benefit and win-win results and be partners in global development cooperation; adhere to fairness and justice and be defenders of an equitable international order; and adhere to exchanges and mutual learning and be promoters of the diversity of world civilizations. The two sides issued the Changsha Declaration on Upholding Solidarity and Cooperation among the Global South, released the Implementation List of the Outcomes of the Beijing Summit of FOCAC, and the Concept Paper for the "Year of China-Africa People-to-People and Cultural Exchanges 2026," demonstrating the implementation of the cooperation outcomes of the Beijing Summit by both China and Africa, and injecting new momentum into deepening political mutual trust, advancing mutually beneficial cooperation, and promoting people-to-people exchanges. Starting tomorrow, the 4th China-Africa Economic and Trade Expo will also be held in Changsha. In recent years, under the guidance of FOCAC, China-Africa relations have achieved leapfrog development. China has established strategic partnerships with all African countries with which it has diplomatic relations, and China has been Africa's largest trading partner for 16 consecutive years. Since the Beijing Summit last year, China has added over 13.3 billion yuan in new investment in Africa, with total financial support for Africa exceeding 150 billion yuan. In the first five months of this year, China's imports and exports with Africa reached 963 billion yuan, up 12.4% YoY, hitting a new record high for the same period in history. China has always regarded strengthening solidarity and cooperation with African countries as an important cornerstone of its foreign policy. It is willing to work with the African side to solidly advance the implementation of the outcomes of the Beijing Summit of FOCAC, meticulously plan the future development of FOCAC, use the "golden key" of China-Africa solidarity and cooperation to open the "door to the future" of common development, assist Africa's development and revitalization with Chinese-style modernization, and contribute China-Africa strength to realizing the self-reliance and solidarity of the Global South and building a community with a shared future for mankind.

Despite numerous challenges in the market, the overall real estate market continued to stabilize and recover, driven by sustained policy efforts and proactive strategic adjustments by enterprises. According to CRIC statistics, the top 100 real estate enterprises achieved sales operating revenue of 294.58 billion yuan in May this year, up 3.5% MoM. Data showed that over half of the top 100 real estate enterprises saw a MoM increase in their monthly performance in May, with 22 enterprises experiencing a MoM growth of over 30% in their monthly performance. Real estate enterprises such as Greentown China, CNOOC Real Estate, China Jinmao, Greenland Holdings, and PowerChina Real Estate all achieved significant MoM and YoY improvements in their monthly performance. "Driven by sales promotions by real estate enterprises and the supply of high-quality housing, new home sales in key cities increased MoM in May." Analysts from China Index Academy predicted that the policy environment for the real estate market in June would remain accommodative. Coupled with the arrival of the mid-year sales period, the pace of property launches and the intensity of sales promotions by real estate enterprises may increase, and the market in core cities is expected to continue its recovery. From a cumulative sales performance perspective, data from China Index Academy showed that from January to May 2025, the total sales of the top 100 real estate enterprises reached 1.44364 trillion yuan, down 10.8% YoY. There were 33 real estate enterprises with total sales exceeding 10 billion yuan, the same as the previous year. There were 64 real estate enterprises with sales between 5 billion and 10 billion yuan, a decrease of 6 from the previous year. Among them, Poly Developments and Holdings ranked first in the industry with sales of 116.1 billion yuan in the first five months, followed by Greentown China with 96.4 billion yuan, CNOOC Real Estate with 90.4 billion yuan in third place, China Resources Land with 86.85 billion yuan in fourth place, and China Merchants Shekou with 67.1 billion yuan in fifth place. The sixth to tenth places in the industry were occupied by Vanke, C&D Real Estate, Yuexiu Property, Binjiang Group, and Huafa Industrial, with sales of 57 billion yuan, 56.1 billion yuan, 50.8 billion yuan, 43.36 billion yuan, and 43.26 billion yuan, respectively. As the sales market gradually stabilizes, significant changes have also occurred in the land acquisition strategies of real estate enterprises. In terms of land acquisition, from January to May 2025, the total land acquisition amount of the TOP 100 enterprises reached 405.19 billion yuan, up 28.8% YoY. In terms of new inventory value, Poly Developments and Holdings, Greentown China, and China Jinmao ranked among the top three. From January to May 2025, Poly Developments and Holdings topped the list with a new inventory value of 72.8 billion yuan, followed by Greentown China with 72.3 billion yuan, and China Jinmao with a new inventory value of 60.3 billion yuan, ranking third. "When acquiring land, real estate enterprises are increasingly focusing on core first- and second-tier cities," said Wang Ying, Managing Director of Corporate Ratings, Asia Pacific, at Fitch Ratings. Since Q4 last year, well-performing real estate enterprises have mainly been those state-owned enterprises with substantial land reserves in core first- and second-tier cities. However, real estate enterprises with large land reserves in third- and fourth-tier cities have not significantly benefited from the housing market recovery due to a lack of high-grade sellable resources. Meanwhile, weak sales have led to a continuous decline in operating cash flow, further constraining these enterprises' ability to acquire land in core areas of key cities. At the policy level, promoting the sustained recovery of the market remains an important policy goal for the real estate sector this year. Analysts from the China Index Academy believe that various policies are expected to continue to be implemented at an accelerated pace, with specific policies mainly focusing on urban village renovation, the supply of high-grade housing, and the acquisition of existing commercial housing inventory. "High-quality housing" has also become an important factor in driving market recovery. In recent years, the central government has repeatedly set the direction for the construction of "high-quality housing." In 2025, "high-quality housing" was included in the Government Work Report for the first time, proposing to "adapt to the people's high-grade living needs, improve standards and specifications, and promote the construction of safe, comfortable, green, and intelligent 'high-quality housing'," reflecting the government's high emphasis on the construction of "high-quality housing." On March 31, the Ministry of Housing and Urban-Rural Development issued the national standard "Code for Residential Projects," which sets clear regulations on aspects such as the floor height of residential buildings, sound insulation performance of walls and floor slabs, elevator configuration requirements, and the net height of balcony railings. The code was officially implemented on May 1. At the same time, many localities have issued guidelines or relevant technical regulations for high-grade residential design over the past two years, with some implementation standards higher than the new version of the "Code for Residential Projects" to meet residents' demand for high-grade housing. In early May, the Beijing Municipal Commission of Housing and Urban-Rural Development issued the "2025 Beijing Annual Housing Development Plan," emphasizing the continuous promotion of the stabilization and improvement of the real estate market, vigorously constructing "high-quality housing," and better meeting diversified housing needs. Against the backdrop of policies advocating for "high-quality housing," real estate enterprises have also launched "high-quality housing" product systems. As a representative of the first batch of "high-quality housing" projects in Daxing District, Beijing, Xingchuang proposed the concept of "climate adaptability," considering Beijing's geographical factors to redesign supporting facilities necessary for livability. Its Muchun Villa project in Daxing adopts multiple high technologies to construct the Muchun series of high-quality housing products. "From the perspective of transaction structure, improvement-oriented demand has become an important support for the new housing market, with the proportion of transactions for units above 120 m² in key cities increasing in the first four months," said Wang Ying, Managing Director of Corporate Ratings, Asia Pacific, at Fitch Ratings. The aforementioned analyst from the China Index Academy stated that for enterprises, comprehensively enhancing their overall strength in areas such as cost control, product design, technological adaptation, and market positioning has become an important factor in improving their product competitiveness.