According to news from "Huazhi Energy," Huazhi Energy recently completed a Series B equity financing round of over 100 million yuan, with investors including Lite-On Technology, Zhejiang Beisheng Holdings, and Zhongsheng Smart Energy. The funds will be primarily used for core energy storage technology R&D, business expansion outside China, and upgrading global delivery capabilities, injecting strong momentum into its globalization strategy.

On March 8, the Guozong Zhongsheng 200 MW/800 MWh grid-side standalone ESS project officially broke ground at the Xipo PV Industrial Park in Jinchang City’s Jinchuan District. With a total investment of approximately 780 million yuan, the project will adopt the currently mature LFP electrochemical energy storage technology, and will mainly build 40 sets of 5 MW/20 MWh energy storage units, along with supporting auxiliary works such as one 330 kV step-up substation and eight 35 kV collector lines.

Capacity side, the domestic alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. No public information on offline electrolyzer deliveries was available this week. Hydro Hui Energy successfully shipped three megawatt-level PEM electrolyzers to Europe. Sany Hydrogen successfully completed the delivery for two major projects: the Ordos Green Hydrogen Production, Storage, Transportation, Refueling and Application Integration Project of Shenzhen Energy, and the Jidian Yancheng Green Hydrogen Project. A total of 20 alkaline electrolyzers, each with a capacity of 1000 Nm³/h, were delivered. Accelera, under Cummins, delivered a 35-megawatt (MW) proton exchange membrane (PEM) electrolyzer system to Linde Group's under-construction green hydrogen plant in Niagara Falls, New York. The 10 Nm³/h hydrogen production equipment and 10 kW fuel cell combined heat and power system delivered by Guofu Hydrogen Energy to the Morocco Clean Hydrogen Center of Excellence were successfully shipped. Peric Hydrogen Energy Technology Co., Ltd. (Handan), under the 718th Research Institute of China State Shipbuilding Corporation Limited, completed the final shipping and loading of ten 1000 Nm³/h electrolyzers, totaling 50 MW, which formally departed from Lianyungang Port for Piraeus Port, Greece. As of September 25, 2025, domestic enterprises (including overseas deliveries) delivered a total of 365.85 MW of alkaline electrolyzers in Q2 (data sourced from public information and SMM surveys). Electrolyzer project updates: Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: Held a signing ceremony for a green methanol offtake agreement with a renowned South Korean green energy company in Baotou, establishing a full-chain cooperation model of "off-grid wind power hydrogen production - methanol synthesis - international offtake". China Energy Engineering Group (CEEG): Released a public announcement of the successful bidders for its 2025 centralized procurement project for hydrogen production equipment. The tender project was divided into two sections: Section 1 primarily involved 1000 Nm³/h electrolyzers; Section 2 primarily involved 200 Nm³/h PEM electrolyzers. LONGi Green Energy Technology Co., Ltd.: Formally signed the "Lianyungang Ganyu 180,000 mt Annual Green Methanol Project Investment Agreement" with Zhong Sheng Technology (Jiangsu) Group Co., Ltd., Lianyungang Port Holding Group Co., Ltd., and the People's Government of Ganyu District, Lianyungang City. Junrui Green Hydrogen Energy (Qingshuihe County) Co., Ltd.: Issued a tender for the whole-process management services of the Qingshuihe County Wind and Solar Power Generation for Green Hydrogen Project. Tender content: Whole-process management services, including but not limited to all-stage whole-process project management services within the scope of this project's construction content. Gemenogjin New Energy Co., Ltd.: Held a feasibility study report review meeting for the Zhengxiangbai Banner 3,000 MW Wind and Solar Power Hydrogen Production Integration Project. It is understood that the main construction content of the project is a 1.3 million mt/year hydrogen production industrial production line, equipped with electrolyzer facilities. The project will be constructed in phases, with the first phase involving the production of 640,000 mt of green hydrogen per year and 360,000 mt of synthetic ammonia per year, including an integrated office building, water electrolysis hydrogen production workshop, green ammonia production workshop, etc. Zhongke Yitan: The 11th Division Zhongke Yitan Integrated Wind and Solar Power to Hydrogen to Methanol and SAF Project has been filed. It is scheduled to commence construction in April 2026 and be completed in December 2027. The project funding sources include 2 billion yuan from enterprise self-raised funds and 5.5 billion yuan from bank loans. The construction content includes one set of water electrolysis hydrogen production line and one set of green methanol synthesis line; with an annual production capacity of 62,500 mt of green hydrogen and 500,000 mt of methanol. Huaneng Nuclear Power Development Co., Ltd. Huaneng Shandong Shidaowan Nuclear Power Co., Ltd.: A tender has been issued for the High-Temperature Reactor Coupling Hydrogen Production Technology Research Coupling Design Project. It is understood that the project's construction location is Rongcheng City, Weihai, Shandong Province. The tender scope: Complete the coupling design of a 100kw-class SOEC device with the HTR-PM, aiming to minimize the impact of the SOEC device's hydrogen production on the HTR-PM's power generation. The main content includes, but is not limited to, layout and interface studies, safety analysis, transient characteristic research, and collaborative operation optimization. Xi'an Aerospace Yuanzheng Fluid Control Co., Ltd.: A tender announcement has been released for the design services of the hydrogen energy demonstration project for the water electrolysis hydrogen production system. The procurement project number is XJ025112600377, and the specific project name is "Design Services for the Hydrogen Energy Demonstration Project of the 200-Cubic-Meter ALK Water Electrolysis Hydrogen Production System". The quotation period is set from 12:36 on November 26 to 12:36 on November 28. Policy Review 1. The energy industry hydrogen standard NB/T 11896-2025 "Code for Preparation of Feasibility Study Reports for Renewable Energy Power to Hydrogen Projects", led by China Energy Engineering Group Tianjin Electric Power Design Institute Co., Ltd. (CEEG Tianjin), has been officially released. 2. The first energy industry hydrogen standard NB/T 11810-2025 "Code for Preparation of Planning Reports for Renewable Energy Power to Hydrogen Projects", compiled under the direction of the General Institute of Hydropower and Planning Design, has been officially released and will take effect on December 30, 2025. 3. The European Commission has approved a 4 billion euro special fund for electrolyzers, providing a 30% equipment cost subsidy for projects with a capacity of ≥500 MW/year, and setting an electrolyzer efficiency target of ≥60% (LHV basis) for green hydrogen projects by 2030. 4. The European Commission has published the "Clean Industrial Agreement State Aid Framework". The new rules explicitly require member states to prioritize support for "Renewable Fuels of Non-Biological Origin" (RFNBOs) and ensure public resources are directed towards low-carbon technologies through details such as fund allocation ratios and project timelines. Corporate Developments Thyssenkrupp Nucera : On Monday, it forecast a significant decline in sales for 2026, stating that the green hydrogen market has become more challenging, which is expected to cause investors to continue delaying investment decisions. The company said in a statement that it expects sales for the 2026 fiscal year starting in October to reach only €500-600 million ($576-691 million). This represents a 41% decrease compared to the previous fiscal year's €845 million and is well below the €757 million forecast by LSEG. Greenlyte Carbon Technologies: Opened the world's first LiquidSolar synthetic natural gas (SNG) plant in Duisburg. Plug Power : Will deliver approximately 480,000 pounds (217.7 mt) of liquid hydrogen to NASA's Glenn Research Center in Cleveland, Ohio, and the Neil A. Armstrong Test Facility in Sandusky, Ohio, with a maximum contract value of approximately $2.8 million. Dongfu Research Institute : A plaque awarding ceremony was held for the National Key Laboratory's Green Hydrogen Preparation and Conversion Pilot Base at Shenzhen University. Shaanxi Hydrogen Energy: Shaanxi Hydrogen Energy Chaoran Power Technology Co., Ltd. received a reward fund of 2.3148 million yuan for hydrogen energy industry development from Yulin City. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications 1. The research group of Researcher Shi Le from the College of Environmental and Resource Sciences at Zhejiang University, in collaboration with the research group of Professor Weng Xiaole and the research group of Professor Bruce E. Logan from Pennsylvania State University in the US, made a breakthrough in the field of distributed hydrogen production via electrolysis using non-traditional water sources. The main content involves using water vapor electrolysis to directly produce green hydrogen from non-traditional water sources. 2. Related research teams from the School of Electrical Engineering and the National Key Laboratory of Electrical Insulation for Electrical Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti 3 C 2 O x @NF bifunctional electrocatalyst for seawater electrolysis. 3. "Technical Specification for Green Electricity Coupling with Wind and Solar Power and Electrolytic Hydrogen Production" (Standard Number T/CIEP 0272—2025), a group standard, was issued and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test equipment. 4. GKN Powder Metallurgy announced the development of a new generation of high-performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis. 5. Dr. Oh Keun-hwan's team at the Korea Research Institute of Chemical Technology developed a nanocomposite technology that simultaneously improves mechanical strength, hydrogen barrier properties, chemical stability, and thermal stability. 6. Tongda Electromagnetic Energy Co., Ltd. independently developed and manufactured China's first off-grid medium-voltage DC 20 kV direct-hanging hydrogen production power supply (also known as "Hydrogen Yuan 1") successfully applied. 7. The China Association for Promoting Industrial Development (CAPID) officially released the group standard "Multi-Pulse Wave Thyristor Rectifier for Water Electrolysis Hydrogen Production" (Standard Number T/CAPID013—2025). This standard specifies the technical requirements, test methods, inspection rules, marking, packaging, transportation, and storage of multi-pulse wave thyristor rectifiers for water electrolysis hydrogen production. 8. The first 220 kW high-safety solid-state hydrogen storage fuel cell emergency power generation system was officially launched and put into application demonstration at the Microgrid Optimal Link Wi-Fi Smart Terminal Industrial Park. This achievement marks a major breakthrough in China's independent core equipment in the field of hydrogen energy emergency power sources.

The escalation of conflicts between Israel and Iran has strengthened the market's demand for safe-haven assets. Silver, as a precious metal with both safe-haven and industrial attributes, has become an alternative choice for capital to seek refuge amid the backdrop of gold's trend being suppressed by the rebound of the US dollar index on June 17. At the end of May, the gold-silver ratio once broke through the historical extreme of 1:100, far exceeding the previous long-term average of 60-80, indicating that silver was severely undervalued. The demand for silver's valuation repair has supported its price. The long-term trend of the global silver supply-demand gap provides underlying support for silver prices. As the most-traded SHFE silver contract technically broke through the round-number threshold of 9,000 yuan/kg, it attracted more market capital inflows, pushing silver prices to repeatedly hit new highs. As of around 15:19 on June 18, the most-traded SHFE silver contract rose by 2.35%, closing at 9,045 yuan/kg, and refreshing its historical high since listing to 9,075 yuan/kg...

The market experienced a day of volatile and divergent trading, with the three major indices showing mixed changes. The total trading volume on the Shanghai and Shenzhen stock exchanges reached 1.15 trillion yuan, a decrease of 138.4 billion yuan from the previous trading day. On the futures market, hot topics were rather scattered, with the number of rising and falling stocks roughly equal. In terms of sectors, cyclical stocks such as chemicals and non-ferrous metals bucked the trend and remained active, with Shengda Resources and others hitting the daily limit. Computing power concept stocks surged at one point, with Meiliyun and others hitting the daily limit. The ST sector also strengthened amid volatility, with over 10 stocks including ST Baili hitting the daily limit. On the downside, stablecoin concept stocks underwent a collective correction, with Xiongdi Technology falling more than 10%. By the close, the Shanghai Composite Index rose 0.04%, the Shenzhen Component Index fell 0.19%, and the ChiNext Index dropped 0.45%. Sector Performance Among sectors, non-ferrous metals and precious metals led the gains, with stocks such as Zhongrun Resources, Hunan Silver, Baiyin Nonferrous Group Co., Ltd., and Shengda Resources hitting the daily limit. On Thursday, spot silver surged 4.5% at one point, touching above the $36 per ounce mark, reaching its highest level since February 2012. Analysts believe that the market has begun to worry that the US government may continue to impose additional taxes on other key metals, driving up the prices of silver and platinum. In addition, recent poor performance in multiple macroeconomic indicators released by the US has rapidly fueled expectations for US Fed interest rate cuts, which has also provided a positive catalyst for precious metals with stronger industrial attributes, such as silver and platinum. Chemical stocks also remained active against the trend, with stocks such as Bohai Chemical, Danhua Technology, Meibang Stock, Changqing Stock, and Zhejiang Zhongcheng hitting the daily limit, while stocks such as United Chemical, Shanshui Technology, Silver Age Technology, and Hengxing New Materials led the gains. On the news front, Red Sun recently announced on its official WeChat account that due to rising raw material costs, the price of chlorantraniliprole has been increased to 300,000 yuan per mt, with limited supply. Supply side, the "dual carbon" policy has accelerated the exit of high-energy-consuming and backward production capacities in China. On the demand side, surging demand in the new energy and semiconductor sectors has driven growth in the demand for fine chemicals such as lithium battery electrolytes and photoresists; traditional industries have also shown signs of recovery. Given that the overall valuation of the current chemical industry remains at a historically low level, an increasing number of institutions believe that the industry's prosperity cycle is expected to bottom out and rise. In addition to the fundamental expectations catalyst, the rotation of hot topics in the existing market was also a key factor in today's strength of cyclical stocks. In the previous few trading days, sectors such as innovative drugs, new consumption, and technology (CPO) have successively rebounded, while the performance of cyclical stocks has remained lukewarm. Therefore, some funds that have taken profits from high positions have begun to attempt to flow back into cyclical stocks, which are relatively undervalued. However, after today's concentrated rebound, it is expected that the profit-making effect within cyclical stocks will still concentrate on a few individual active stocks. In the direction of computing power leasing, there was a temporary surge. Nanling Technology and Meiliyun hit the daily limit, while Qingyun Technology, UCloud, and Parallel Technology were among the top gainers. On the news front, the Ministry of Industry and Information Technology (MIIT) recently issued the "Action Plan for Computing Power Interconnection," focusing on improving the efficiency and service level of public computing power resources and promoting high-quality development of computing power. The plan outlines 16 key tasks across six areas. As computing power remains a high-profile market direction, it has a strong influence on short-term sentiment. If it strengthens further in the future, there may still be opportunities for supplementary gains within the technology sector. Regarding individual stocks From the perspective of individual stocks, the enthusiasm for consecutive limit-up stocks showed some recovery today. Most of yesterday's consecutive limit-up stocks continued to receive positive feedback from funds, with an overall advancement rate exceeding 50%. In terms of specific gains, although the football concept sector experienced overall divergence and consolidation, the leading stock, CCGrass, hit the daily limit again in the afternoon, pushing the market's consecutive limit height back to five boards. Driven by this, Jinling Sports also saw a rapid inflow of funds for recovery after initially dropping over 10%, ultimately closing with a nearly 9% gain. In the chemical sector, stocks showed strength against the trend. Suli Co. achieved two consecutive limit-ups, while the popular stock United Chemical rose over 8%. The two core stocks in fluorochemical, Sanmei Co. and Juhua Co., also hit historical highs during the session. The innovative drug sector became active again, with Changshan Biochemical surging over 10% to a new high, while Sailun Biotech, Zhongsheng Pharma, and Qianhong Biopharma maintained their upward trend structures. Overall, under the influence of fund clustering, intraday sector rotations mainly exhibited localized stock activity. Therefore, compared to passive following, seeking low-entry opportunities during the pullback and consolidation of core stocks may offer higher success rates. Market Outlook After yesterday's surge with increased volume, the market returned to divergence and consolidation today, with turnover shrinking again. Given the current market environment, the index still lacks the conditions for sustained volume-driven upward momentum. However, on the positive side, there was still some support momentum during the session. Therefore, as long as the index does not break below the 5-day moving average, it is expected to maintain a fluctuating upward rebound structure. From the perspective of the futures market, under the stock game, hotspots continue to exhibit rapid rotation. Most hotspots experience a pulse-like surge during the session, followed by fluctuations and pullbacks. Compared to major thematic sectors, stock clustering has become increasingly prominent in recent sessions. Thus, the strategy should focus on capturing rotation rhythms to find low-entry opportunities in popular sectors or patiently wait for the market to identify a clearer leading core before following. Market News Focus 1. Hong Kong's "Stablecoin Ordinance" to Take Effect on August 1 According to a report by Cailian Press on June 6, the Hong Kong Special Administrative Region Government published the "Stablecoin Ordinance (Effective Date) Notice" in the Gazette today (June 6), designating August 1, 2025, as the commencement date for the "Stablecoin Ordinance" (Chapter 656) ("the Ordinance"). Christopher Hui, Secretary for Financial Services and the Treasury, said, "After the Ordinance comes into effect, the licensing regime will provide appropriate regulations for relevant stablecoin activities, marking a milestone in promoting the sustainable development of Hong Kong's stablecoin and digital asset ecosystem." 2. Next week, reverse repo operations worth 930.9 billion yuan will mature in the central bank's open market operations. Caijing reported on June 6 that data showed the central bank conducted reverse repo operations totaling 930.9 billion yuan in the open market this week, while reverse repo operations worth 1,602.6 billion yuan matured. As a result, the central bank's open market operations achieved a net withdrawal of 671.7 billion yuan this week. Next week, reverse repo operations worth 930.9 billion yuan will mature in the central bank's open market operations, with maturities of 0, 454.5 billion yuan, 214.9 billion yuan, 126.5 billion yuan, and 135 billion yuan from Monday to Friday, respectively.

[SMM Flash News: 8834! SHFE Silver Hits New High Since Listing! Precious Metals Sector Rises Over 3%, Hunan Silver Hits Daily Limit] Recently, the US economic data for May has been underperforming, with initial jobless claims rising to the highest level in seven months, a significant MoM decline in the US ADP employment data, and the ISM non-manufacturing index falling below the 50 mark, exceeding expectations. Concerns over a slowdown in US economic growth have intensified, leading to heightened expectations for US Fed interest rate cuts. The European Central Bank (ECB) cut interest rates by 25 basis points as expected. Renewed concerns over geopolitical conflicts have also triggered a flight to safety for funds. On the fundamentals side, low silver inventory levels have provided inventory-related support for silver prices. A series of factors, including the current historically high gold-silver ratio, the need for the ratio to correct, and the influx of bullish funds into the market, have all supported the rise in silver prices. As of around 11:02 on June 6, COMEX gold rose 0.38% to $3,387.8 per ounce; COMEX silver rose 1.236% to $36.245 per ounce, with COMEX silver hitting a new historical high of $36.27 per ounce since September 2011 on June 5; the main SHFE gold contract fell 0.22% to 782.62 yuan/g; the main SHFE silver contract rose 3.93% to 8,803 yuan/kg, hitting a new historical high since listing of 8,834 yuan/kg; silver T+D rose 3.89% to 8,776 yuan/kg.

SMM, June 3: The flip-flopping of the US tariff policy has once again sparked market concerns over global trade uncertainties; the ongoing Russia-Ukraine conflict has fueled a surge in market risk aversion; coupled with a series of factors such as the US ISM manufacturing PMI for May falling to 48.5, marking the third consecutive month below the 50 mark {{only used when specifically referring to PMI}}, have all contributed to the recent strengthening of precious metals. During the Dragon Boat Festival holiday, COMEX precious metals surged by 2.82%, with COMEX silver rising by 5.61%. This also drove the domestic precious metals market to strengthen on the first trading day after the Dragon Boat Festival. As of around 13:15 on June 3, COMEX gold fell by 0.3%, trading at $3,387.1 per ounce; COMEX silver fell by 0.96%, trading at $34.36 per ounce; SHFE gold rose by 1.62%, trading at 784.74 yuan/g; SHFE silver rose by 2.32%, trading at 8,413 yuan/kg; and silver T+D rose by 2.79%, trading at 8,408 yuan/kg. The precious metals equity sector also saw a significant surge, at one point leading the gains across all industries. As of around 13:14 on June 3, the precious metals sector rose by 3.7%. Among individual stocks, Western Gold surged by the daily limit, while Xiaocheng Technology, Chifeng Gold, Sichuan Gold, and Hunan Gold were among the top gainers. News Updates Domestic Pure Gold Jewelry Prices Return to the 1,000 Yuan Mark (Image sourced from Chow Tai Fook's official website) Following the notable rise in COMEX gold during the Dragon Boat Festival holiday, domestic pure gold jewelry prices also returned to the 1,000 yuan mark. According to Chow Tai Fook's official website, the quoted price for Chow Tai Fook's pure gold jewelry on June 3 was 1,020 yuan/g, up 22 yuan from the previous day's 998 yuan/g. Additionally, Laomiao Gold's pure gold jewelry was quoted at 1,019 yuan/g on June 3, while Chow Sang Sang's pure gold jewelry was quoted at 1,024 yuan/g. World Gold Council: Gold Should Be Considered a High-Quality Liquid Asset, Just Like 30-Year US Treasuries Although gold is classified as a Tier 1 asset under Basel III, it has not yet been recognized as a High-Quality Liquid Asset (HQLA). HQLA is a key classification that the World Gold Council (WGC) seeks to change. Analysts from the WGC, in their latest report, have recommended that the Basel Committee on Banking Supervision (BCBS) re-examine the classification of gold and recognize it as an HQLA, citing significant market volatility so far this year. The WGC pointed out that over the past six months, gold has once again demonstrated many of the key characteristics that an asset must possess to qualify as an HQLA. US Treasuries, particularly 10-year and 30-year bonds, are among the most recognized top-tier HQLAs. However, the WGC noted that in recent months, gold has been moving in tandem with these stable assets. Analysts stated: "Using intraday minute-by-minute data, we found that gold's average daily volatility was 0.027%. This is higher than the 0.016% volatility of 10-year U.S. Treasury bonds (OTR) but aligns with the 0.028% volatility of 30-year U.S. Treasuries (OTR)." ( FX678) Silver Price Surges Above 8,400 Amid Strong Market Caution 》Click to View Spot Prices of Precious Metals Boosted by the strong performance of silver futures, spot silver prices showed significant gains on June 3. On June 3, the average morning ex-works reference price for SMM1# silver was 8,425 yuan/kg, up 245 yuan/kg (3%) from the previous trading day. According to SMM, the premium/discount quotes for spot standard silver ingot warrants in Shanghai were 3-5 yuan/kg, but downstream buyers remained cautious, with minimal transactions at high premiums. Market activity was sluggish, with some standard silver ingot suppliers offering discounts of 25 yuan/kg against the SHFE silver 2508 contract. Large suppliers quoted premiums of 5-8 yuan/kg for silver ingots against TD warrants. Although precious metal prices surged after the Dragon Boat Festival, downstream demand showed no significant improvement, and market sentiment remained cautious, with only limited spot transactions for essential needs. Market Views Huilin Wang, SMM silver analyst, discussed the topic "Silver Supply-Demand Evolution and Price Outlook" at the 2025 SMM (6th) Silver Industry Chain Innovation Conference , hosted by SMM Information & Technology Co., Ltd., co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and sponsored by Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yi'an Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining & Metallurgy Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metal Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-Border E-Commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd. She noted: The aging population and rising global economic and political uncertainties have increased safe-haven demand, driving a downward trend in real interest rates; the PV and new energy sectors are experiencing rapid growth, with domestic demand stabilizing and export demand expected to rise; lower real interest rates may boost medium- and long-term allocations to silver assets—these bullish factors could support silver prices to fluctuate upward in the medium to long term. Michele Schneider, Chief Market Strategist at MarketGauge, stated that gold and silver prices have been consolidating, leading her to maintain a neutral outlook on both. However, if silver prices firmly break through the $34 per ounce level, she will seek to buy, as it is only a matter of time before it rises to $40. (Caijing) Yide Futures stated: During the holiday, overseas gold and silver prices mainly rose, with the Comex gold-silver price ratio pulling back significantly. US Treasuries, VIX, and the US dollar fell, while US stocks and crude oil closed higher. On the news front, Lorie Logan, the 2026 voting member and President of the Federal Reserve Bank of Dallas, stated that due to a stable labour market, inflation slightly above target, and an uncertain outlook, the US Fed is closely monitoring a range of data to determine what response measures may be needed. Austan Goolsbee, the 2025 voting member and President of the Federal Reserve Bank of Chicago, stated that after the uncertainties brought about by tariff policies dissipate, the US Fed can continue to cut interest rates. The second round of negotiations between Russia and Ukraine ended hastily, with significant differences remaining between the two sides regarding the conditions for ending the war. On the economic data front, the US May ISM Manufacturing PMI pulled back to 48.5, below the expected 49.5, marking a contraction for three consecutive months. The US April Core PCE Price Index annual rate was 2.52%, the lowest since the start of the disinflation process, with the monthly rate rebounding slightly to 0.12%, the second lowest level of the year. The nominal interest rate rebound exceeded the break-even inflation rate, and the slight rebound in the real interest rate increased pressure on gold. The short-end spread between US and German yields began to widen, strengthening support for the US dollar. On the funding front, funds allocated to gold and silver were increased simultaneously. As of June 3, SPDR holdings were 933.07 mt (+2.86 mt), and iShares holdings were 14,351.82 mt (+48.07 mt). Speculative funds in gold and silver flowed out simultaneously, with the former reducing holdings for six consecutive days. According to CME data released on May 30, total open interest in New York gold futures was 408,800 lots (-13,818 lots); total open interest in New York silver futures was 147,800 lots (-1,481 lots). The overnight leading indicator, the HUI Gold Bugs Index, continued to hit new highs, suggesting that overseas gold has the potential to challenge the all-time high of 3,500. Technically, New York gold and silver are showing a breakout momentum, with the former standing above $3,400 and the latter approaching the year's high. SDIC Futures believes: Precious metals rose during the holiday. Trump's trade policies have fluctuated, with additional tariffs imposed on steel and aluminum again. In terms of data, the US May ISM Manufacturing PMI recorded 48.5, below expectations and the lowest since November 2024. Under the shadow of the trade war, market prospects remain uncertain. Follow-up attention should be paid to the US Court of International Trade's ban on Trump's tariffs and the progress of negotiations between various parties, as precious metals will test the resistance at the previous highs. Industrial Futures analysis suggests: Since the end of May, uncertainties regarding US tariff policies have risen significantly, with repeated signals emerging on reciprocal tariffs, Sino-US trade negotiations, steel and aluminum tariffs, and automobiles. During the holiday, the Russia-Ukraine conflict intensified again. Although Russia and Ukraine held talks in Turkey on Monday, no signals of easing were released. Short-term risk aversion sentiment has intensified, leading to a significant increase in overseas market gold prices. Overall, reviewing the trend of gold prices in May, fluctuations in market risk aversion sentiment had a significant impact on gold prices, which were prone to repeated fluctuations due to multiple factors, with gold prices fluctuating upward! The gold-silver ratio is relatively high, and silver prices generally follow gold price fluctuations. Goldman Sachs suggests that gold and oil can serve as tools to hedge against inflation in long-term investment portfolios, stating that amid concerns about the credibility of US institutions and the ability of crude oil to withstand supply shocks, gold is attractive as a safe haven. Analysts such as Daan Struyven recommend a higher-than-usual allocation to gold and a lower-than-usual allocation to oil (though still positive), stating that commodities are a "key" hedge against inflationary shocks, which tend to harm bond and equity portfolios. Citi has raised its 0-3 month target price for gold to $3,500 per ounce, expecting gold prices to consolidate between $3,100 and $3,500 per ounce. Recommended readings: 》SMM: Industrial demand and ETF investment demand, among others, may support medium and long-term fluctuations and upward trends in silver prices [SMM Silver Conference] 》Analysis of Silver and Gold Price Trends from a Trader's Perspective [SMM Silver Conference] 》Has the Gold Bull Market Just Begun? Analysts Say Historical Experience Suggests Prices Could Reach $4,500

On May 16, at the 2025 SMM (6th) Silver Industry Chain Innovation Conference , hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and strongly supported by sponsors including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgical Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd., SMM silver analyst Wang Huilin discussed the topic of "Evolution of Silver Supply and Demand and Price Outlook." 1. Current Status of Silver Mine and Refined Silver Supply In 2024, global silver-bearing mineral reserves totaled 640,000 mt in metal content. Silver associated with polymetallic ores accounts for more than two-thirds of the world's silver mineral resources. The self-sufficiency rate of domestic silver concentrates is approximately 50%, with imported silver concentrate processing trade being the main trade mode. In 2024, the total imports of silver concentrates reached nearly 1.68 million mt, with silver mine resources in South America being the primary source of domestic silver concentrate imports. Distribution of Domestic Refined Silver Production In 2024, SMM 1# silver production exceeded 17,000 mt, with large-scale silver smelting capacity concentrated in Henan, Yunnan, Shandong, and other regions. SMM 1# silver production is expected to continue to record positive growth in 2025. The main sources of mineral silver supply are by-products associated with lead concentrates and copper concentrates. ►SMM Analysis • Normalization of lead smelting losses, prioritization of by-product revenue Lead smelters prioritize high silver-content raw materials for comprehensive recovery to increase profit output and offset losses from lead treatment charges (TC). • Decline in silver recovery from imported copper ores The continuous decline in imported copper ore TC in 2025 has affected the supply of copper smelting raw materials, with the main YoY decline in refined silver production in the first half of 2025 coming from precious and rare metal recovery in copper smelters. Distribution of Recycled Silver Recovery Capacity According to SMM estimates, with the construction of new silver recovery capacity, the estimated annual production of recycled silver in 2025 has exceeded 5,000 mt. ►SMM Analysis • Traditional recycled silver recovery capacity: Distributed in Hunan, Zhejiang, and Guangdong, with raw materials mainly consisting of metallurgical slag and other electronic and electrical materials. • High-value precious and rare metal recovery capacity: Recovery of catalysts and various silver-based new materials containing platinum, rhodium, palladium, etc., with comprehensive recovery of multiple precious and rare metals. • Emerging recycled silver recovery capacity: Able to rely on the rapid development of the PV industry chain, with a focus on solar cells, silver paste, wiping cloths, etc. The increase in recycled silver from the PV industry component recycling market brings long-term supply pressure. It analyzed this from the perspectives of the expected market size and growth rate of PV silver recycling from 2022-2050, as well as the estimated proportion of waste component sources. 2. Industrial Demand and Future Trends of Silver The two end-use sectors with the most significant growth in silver end-use consumption are PV and NEVs. The analysis incorporates data on PV installed capacity and projections from 2010-2030, solar cell production and projections from 2020-2030, the expected share of different solar cell technologies from 2024-2030, and NEV sales data from 2015-2025E. ►SMM Analysis Despite the current technological trends of silver reduction and substitution, the silver paste consumption per GW for mainstream Topcon solar cells remains at 11-13 mt/GW. Therefore, it is estimated that silver consumption from domestic solar cell production will exceed 6,000 mt in 2025. Silver's industrial demand has a wide range of end-use applications, with consumption demand outside of PV and NEVs remaining relatively stable. The industrial demand for silver is gradually increasing, with global industrial demand accounting for approximately 62% of total demand in 2025. Among the global silver consumption demand, China is the major silver consumer. In 2025, domestic silver consumption demand is expected to reach approximately 19,000 mt, accounting for over 40% of global consumption demand. 3. Current Development Status of Silver Nitrate, Silver Powder, and Silver Paste in China 3.1 Silver Nitrate Market - Changes in Domestic Silver Nitrate Capacity and Expectations for New Projects ►SMM Analysis Ø The rigid demand for silver nitrate driven by PV installations and other new energy sectors is the primary factor driving the expansion of silver nitrate capacity. Ø With qualifications prioritized, after the concentrated release of capacity, the commissioning progress of newly approved projects has slowed down. Following the rapid expansion of silver nitrate capacity, industry competition has intensified, and operating rates have declined. ►SMM Analysis Ø The growth in silver nitrate production is correlated with the expansion of downstream silver powder and silver paste. However, the growth in silver nitrate production has not kept pace with the progress of capacity investment, leading to a decline in the industry's overall operating rate. 3.2 Silver Powder Market - Domestic Demand for Silver Powder In 2022, silver powder localisation occurred, and the demand for imported silver powder weakened. ►SMM Analysis Ø The substitution process of domestically produced silver powder has accelerated. Imported silver powder still holds certain advantages in technical parameters, with Japan's DOWA being the world's largest supplier of silver powder for PV silver paste. Ø The import of domestic high-end silver powder products still primarily comes from Japan, the US, and South Korea. Domestic silver powder capacity is mainly distributed in regions such as Hunan, Jiangsu, and Hubei. In 2025, there are still expectations for the expansion of domestic silver powder capacity, with an increase close to 20%, primarily driven by new projects in Hunan and Hubei. Monthly Supply-Demand Balance of Silver Paste Estimated Based on Solar Cell Production • Produce based on sales, with short inventory cycles and high long-term storage costs. •The formulation of silver paste needs to be customized according to user requirements, typically containing 90-92% silver, with the remaining portion consisting of organic carriers, glass oxides, and a small amount of other additives. 4. Silver Supply-Demand Balance and Price Outlook Supply-Demand Balance Table for Silver Ingots (Domestic) China has consistently been a silver exporter. In 2024, the net exports of unwrought silver with a purity of ≥99.99% from China were 3,982 mt. From January to November 2025, the exports of unwrought silver with a purity of ≥99.99% from China were 3,606 mt. Supply and Demand in the Silver Spot Market – SMMTD Premiums and Discounts Data Points Medium and long-term silver prices are expected to fluctuate upward, with bullish factors outweighing bearish ones. 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference

SMM News on May 16: From May 15 to 16, a grand industry event focusing on the future development of the silver industry, the 2025 SMM (6th) Silver Industry Chain Innovation Conference , was grandly held at the Sheraton Ningbo Donggang Hotel in Ningbo, Zhejiang. The event was hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and strongly supported by sponsor units including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgy Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd. The conference sincerely invited industry leaders, authoritative experts and scholars, elite representatives of enterprises, and senior investors to gather together and discuss the grand plan for the development of the silver industry. This conference focused on the global silver market landscape, providing in-depth analyses of supply and demand dynamics, development trends, cutting-edge technological innovations, and application expansion directions. It also emphasized discussions on the profound impact of environmental protection policies, regulations, and sustainable development concepts on the entire silver industry chain. Through in-depth discussions and experience sharing, participants sparked ideas and jointly explored effective paths to enhance core competitiveness and optimize the value chain amidst the wave of industry transformation. This conference will unite the wisdom of all parties, stimulate innovative vitality, and propel the silver industry towards a new journey of high-quality development! On the morning of May 15, on the first day of the conference schedule for the 2025 SMM (6th) Silver Industry Chain Innovation Conference , members of the 2025 SMM (6th) Silver Industry Chain Innovation Conference field trip team visited Quanda New Materials (Ningbo) Co., Ltd./Ningbo Haoshun Precious Metals Co., Ltd. for a field trip. The members of the 2025 SMM (6th) Silver Industry Chain Innovation Conference field trip team conducted a field trip to the exhibition halls, factories, production workshops, and main products of Quanda New Materials (Ningbo) Co., Ltd./Ningbo Haoshun Precious Metals Co., Ltd. After the field trip, members of the SMM field trip team took a group photo with the leaders of Quanda New Materials (Ningbo) Co., Ltd./Ningbo Haoshun Precious Metals Co., Ltd., enhancing mutual understanding and looking forward to deeper-level exchanges and cooperation. Introduction to Quanda New Materials (Ningbo) Co., Ltd. Quanda New Materials (Ningbo) Co., Ltd. was founded in December 2023 by Mr. Yongda Chen, who boasts over two decades of experience in the silver industry. Building on his existing silver circulation business, the company was established to align with the major trend of silver consumption upgrading in the new era. With a registered capital of 15 million yuan, the company is located in the picturesque Xiangshan Chemical Economic and Technological Development Zone in Ningbo. It is a fully automated factory specializing in the production of silver nitrate, using silver as its primary raw material, with a designed capacity of 5,000 mt per year. It is a key enterprise supported by the Xiangshan Chemical Economic and Technological Development Zone in Ningbo. The company boasts strong technical capabilities and an experienced professional team, with advanced production processes and equipment. Relying on five management systems, it maintains strict requirements in quality detection procedures and has established an internal R&D center staffed with over 10 mid-to-senior level professional and technical personnel. The company's product quality is stable and ranks among the top in the domestic peer industry, with wide applications in military enterprises, the electronics industry, the PV industry, aerospace, and other fields. We are committed to providing customers with more value-added services through high-quality products, efficient services, and reasonable prices. Contact Information Ms. Shi: 13566055239 Address: No. 52 Wentao Road, (Baiyanshan) Park, Xiangshan County, Ningbo City, Zhejiang Province Introduction to Ningbo Haoshun Precious Metals Co., Ltd. Ningbo Haoshun Precious Metals Co., Ltd. is an innovative modern commercial and trading circulation enterprise primarily engaged in the domestic supply of precious metal silver raw materials and the provision of customized silver craft services. It is a governing unit of the China General Chamber of Commerce and a vice president unit of the Gold and Silver Branch of the China Nonferrous Metals Industry Association. Since its establishment and operation, the company has consistently adhered to the corporate business philosophy of "down-to-earth, honest operation, and mutual benefit and win-win results." It upholds the business cooperation tenet of "co-creating value, sharing outcomes, and winning the future together." After years of development and growth, it has established long-term and stable cooperative relationships with many well-known domestic silver mining enterprises. Its supply and marketing channels have stabilized, and it has selected a group of strategic partners with strength, credibility, quality, and service-oriented mindsets. It has cultivated a dedicated, responsible, pragmatic, and efficient business team, providing strong guarantees for the company's steady and high-quality development. Its industry recognition, market influence, and corporate soft power are gradually increasing, and its silver spot trading volume has been leading the industry for consecutive years. A modern commercial and trading circulation enterprise with a mature management mechanism is emerging. Looking ahead, Ningbo Haoshun Precious Metals Co., Ltd. will align with the major trend of silver consumption upgrading in the new era, proactively innovate and seek changes, adopt flexible and elastic trading models, implement a strict risk control system, leverage efficient and timely services, and strive to meet customer needs as much as possible, aiming to provide customers with more diversified value-added services. The ancients said, " Calling with the wind does not make the voice louder, but it makes the listener hear it more clearly. Ningbo Haoshun Precious Metals Co., Ltd. will always remember the original intention of serving the National Silver Enterprise Annual Conference. On the road ahead, we are willing to be the practitioner of honest transactions in the silver market, the driver of enterprise integration and win-win cooperation, and the contributor to the stable, prosperous, and sustainable development of the industry. Contact Information Phone: 0574-88053076 Fax: 0574-88053796 Address: Room 151, Building 22, No. 818 Qiming Road, Yinzhou District, Ningbo City, Zhejiang Province 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference

According to media reports, the US Department of Commerce has made a preliminary ruling that there are subsidies for key battery components in China, believing that Chinese producers of active anode materials have received substantial government subsidies, paving the way for the subsequent imposition of countervailing duties.