According to the latest SMM data, in July, the overall operating rate of domestic copper billet enterprises recorded 44.26%, down 1.83 percentage points MoM and down 0.56 percentage points YoY , with industry production staying at low levels and the pattern of divergence between large and small enterprises continuing. By enterprise size, the operating rate for large enterprises in the sample was 51.74% in July, still relying on long-term contracts and raw material channels to maintain strong production resilience, but it pulled back from June; the operating rate for medium-sized enterprises was 33.82%, and for small enterprises, it was only 22.96%. In July, operating rates for large, medium, and small enterprises trended down in tandem, with small and medium-sized enterprises hit significantly harder than top-tier players , and the polarization in the industry continued. Raw material constraints remained the core factor pressuring industry production . Controls on reverse invoicing for secondary resources continued to tighten, domestic supply of compliant secondary brass tightened, and enterprises turned to imported secondary brass to supplement raw materials, but supply outside China was tight, import offers stayed high, and raw material procurement costs stayed elevated. Brass raw material prices rose, but the downstream end-use market was fiercely competitive, with the finished product side unable to pass on costs synchronously, and profit margins for copper billet processing enterprises continued to be squeezed. Small and medium-sized processing plants were under financial pressure and faced greater difficulty in obtaining raw materials; voluntary production controls and cuts were widespread. On the demand side, in July, the industry was in a traditional consumption off-season , with procurement from traditional downstream brass end-users such as plumbing valves and hardware bathroom fittings remaining weak; downstream players mostly restocked on an as-needed basis, and willingness to proactively stockpile was weak, resulting in overall mediocre transactions for brass billets. While structural orders for copper billets used in new energy and AI cooling provided some support, growth was limited and insufficient to offset the demand weakness in traditional sectors. Affected by weak orders, finished product inventories at copper billet enterprises stayed at relatively high levels, and in-plant destocking progressed sluggishly, further weighing on enterprises' production willingness. Looking ahead to August, pressure from the traditional off-season will intensify further ; feedback from SMM sample enterprises indicates that the tight raw material supply is unlikely to improve significantly in the short term, and there are no signs yet of a substantive recovery in end-use demand. SMM expects that the overall operating rate of domestic copper billet enterprises will fall 2.04 percentage points MoM to 42.22% in August, and will be down 1.6 percentage points YoY . By size, large enterprises will see a slight decline in production due to insufficient new orders despite some existing order support; small and medium-sized enterprises will continue to face dual pressures from high-priced raw materials and inadequate end-use orders, with production remaining under pressure. Overall, short-term raw material bottlenecks and off-season demand exert dual pressure. China's copper billet market is expected to remain in the doldrums, and the recovery of industry operations and profits will still need to wait for the easing of raw material supply and the arrival of the traditional downstream consumption peak season.

[Magnesium Ingot in the Doldrums, Demand Caps Rebound Room] This week, mainstream quotations for magnesium ingot in major producing areas were 15,800-15,900 yuan/mt, up 100 yuan/mt WoW, while FOB prices in the overseas market weakened in tandem. The Chinese market consolidated at lows overall, with smelting costs providing bottom support and leaving limited further downside room. However, producers’ hold-back-from-selling sentiment showed signs of easing, and low-priced supplies emerged. Downstream users and traders had insufficient orders and remained cautious in procurement, leaving overall trading sluggish. On the export front, the overseas summer break has not yet ended, with limited inquiries from the overseas market and evident push for lower prices from buyers outside China. Upstream, dolomite supply channels were switched, keeping raw material supply ample and prices stable. Downstream magnesium powder and magnesium alloy followed the magnesium ingot in the doldrums, with the magnesium alloy market showing supply-demand weakness and processing fees under pressure. In the short term, magnesium ingot lacks upward drivers and is expected to continue the pattern of moving sideways.

SMM Weekly Stainless Steel Futures Review — week of July 27 – July 31, 2026. Conflicting RKAB supplementary quota signals and a hawkish Fed swing the benchmark contract to a RMB 30/mt gain in the week of August 3–7.

[Vietnam] Vietnam’s domestic steel market remained broadly stable after major mills raised prices last week. Prices for rebar held at around USD 533.6/tonne, while HRC for August delivery was quoted at USD 556–557/tonne. Rainy-season demand weakness and lower input costs limited further gains, while international prices eased from USD 540/tonne to USD 536/tonne. Meanwhile, the EU proposed a 16% anti-dumping duty on Vietnamese CRC, which could raise export costs and weaken its competitiveness in the EU market.

[SMM Silver Weekly Review: Silver Surges 7% This Week; Double Bottom Pattern Emerges; Mixed Outlook Ahead] This week, silver prices moved up unilaterally, gaining 7.08% WoW. Weaker ADP data and US-Iran peace talks drove a pullback in rate hike expectations, but hawkish comments and cautious sentiment ahead of the non-farm payrolls limited gains. Spot supply and demand were both weak, with transactions centered around parity. Inventories edged down, while ETF holdings inched up WoW. A short-term double bottom pattern has taken shape, but the foundation for further upside remains fragile. Watch for guidance from the upcoming non-farm payrolls data.

[SMM Magnesium Weekly Review: Cost Support Keeps Magnesium Ingot Bottom Firm; Weak Domestic and Overseas Demand Keeps the Market Consolidating] This week, domestic magnesium ingot prices drifted lower overall. 99.90% magnesium ingot in Fugu and Shenmu was quoted at 15,950-16,050 yuan/mt, down 350 yuan/mt from the previous week. After the holiday, market pessimism spread. Smelters sold actively, while downstream made only just-in-time procurement. Amid strong supply and weak demand, prices continued to grind lower. The average FOB price at Tianjin port was $2,365/mt. Domestic smelters were unable to hold prices firm, and FOB offers were lowered accordingly. As the summer break approached outside China, new orders were scarce, and foreign trade transactions were sluggish. Dolomite cost support was limited. Magnesium powder and magnesium alloy weakened in tandem. Downstream off-season demand weakness dragged on the market. In the short term, magnesium ingot prices are likely to consolidate on a subdued note.

[SMM Stainless Steel Daily Review] SS Futures Retreat after Rapid Rise; Spot Stainless Steel Trades Cool Down According to SMM on August 5, SS futures generally pulled back, ending yesterday's shot up, and followed SHFE nickel to slump sharply. As of close, the most-traded SS contract settled at 14,475 yuan/mt. In the spot market, dragged by the renewed decline in SS futures, trading sentiment weakened notably, and traders lowered their quotes. Under the sentiment of rushing to buy amid continuous price rise and holding back amid price downturn, transactions turned visibly quiet. The most-traded SS futures contract: at 10:15 am, SS2609 was at 14,480 yuan/mt, down 390 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 490-890 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi held steady; for cold-rolled 304/2B coil with raw edges, the average price in Wuxi fell by 75 yuan/mt, and in Foshan also fell by 75 yuan/mt; the price for cold-rolled 316L/2B coil in Wuxi was flat; for hot-rolled 316L/NO.1 coil, quotes in Wuxi were unchanged; and cold-rolled 430/2B coil in both Wuxi and Foshan remained flat. This week, macro sentiment turned bearish, dominating metals market trends, and stainless steel futures consolidated on a subdued note under overall pressure. The US Fed's interest rate meeting this week kept rates unchanged as expected, but the overall stance was hawkish, weighing on commodity valuations broadly, and the nonferrous metals sector weakened collectively. Affected by the transmission of macro headwinds, SS futures consolidated on a subdued note in tandem, with the center of futures moving lower and overall market trading sentiment cautious. Spot and inventory side, futures...

[SMM Stainless Steel Daily Review] SS Futures Center Moves Up, Spot Stainless Steel Market Sentiment Recovers According to SMM news on August 4, SS futures shot up and probed higher overall. Near the close of the night session, driven by fund operations, SHFE nickel and SS futures shot up quickly. Although SS pulled back briefly at the morning open, it had risen significantly overall. At the close, the most-traded SS contract settled at 14,470 yuan/mt. Spot market, buoyed by the rally in SS futures, traders for stainless steel agents raised their quotes even as steel mill spot guidance prices held steady. Market activity picked up and inquiry and transaction performance was moderate. The most-traded SS futures contract: at 10:15 AM, SS2609 was at 14,870 yuan/mt, up 345 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 200–550 yuan/mt range. In the spot market, average prices: Wuxi cold-rolled 201/2B coil stable; cold-rolled raw edge 304/2B coil (Wuxi up 50 yuan/mt, Foshan up 75 yuan/mt); Wuxi cold-rolled 316L/2B coil flat; hot-rolled 316L/NO.1 coil quote flat in Wuxi; cold-rolled 430/2B coil flat in both Wuxi and Foshan. This week, macro sentiment turned bearish and dominated metals market trends, and stainless steel futures consolidated on a subdued note under overall pressure. The US Fed left interest rates unchanged at its meeting this week as expected, but its overall tone was hawkish. Commodity valuations came under broad pressure, and the nonferrous metals sector weakened across the board. Dragged down by the contagion of macro headwinds, SS futures...

The average warrant price on August 4 fell $1/mt from the previous trading day to $110/mt (price range: $106-114/mt); the average B/L price dropped $1/mt to $105/mt (price range: $100-110/mt); and the average price for EQ copper (CIF B/L) declined $1/mt to $71/mt (price range: $67-75/mt), with quotations referencing cargoes arriving in August. The SHFE/LME price ratio for nearby contracts remained in inverted territory while the backwardation structure continued to widen. Market offers increased, with some suppliers slightly lowering their quotations under pressure. However, the overall supply-demand weakness persisted, and buyers and sellers remained locked in a standoff. EQ copper arriving in early August was reportedly quoted at $68-70/mt, registered B/L for August arrival traded at $113/mt with mainstream quotations at $110-120/mt, and registered warrants traded around $110/mt.

SMM, August 3 News: On August 3 early trading, the broader market was under pressure and consolidated, while high-end manufacturing segments moved independently. As of the close on August 3, the Motor II sector rose 2.67%, with individual stocks such as Jiangxi Special Electric Motor hitting the daily limit up, and Wolong Electric Group, Yifan Transmission, Bafang Electric, Keli Motor, MOONS', and Jiangsu Leili leading the gains. The strength in motor sector futures was supported by multiple drivers: first, Unitree Robotics is about to launch its subscription and Tesla raised its long-term capacity target for humanoid robots, heating up expectations for mass production of joint servo motors; second, the rare earth permanent magnet sector rose simultaneously, with upstream permanent magnetic material prices increasing, boosting profit expectations for high-performance motors; third, the replacement policy for IE4/IE5 high-efficiency motors continues to be implemented, opening up room for stock replacement of traditional industrial motors; combined with stockpiling expectations from downstream automakers and equipment manufacturers in mid-to-late August, some market funds favoured the motor sector, driving the collective rise. Market News [State Council Executive Meeting Decides to Approve Four Nuclear Power Projects Including Liaoning Zhuanghe Phase I] The State Council Executive Meeting decided to approve four nuclear power projects including Liaoning Zhuanghe Phase I. The meeting pointed out that nuclear power units should be built and operated to the highest global safety standards, with strengthened full-chain and all-domain safety oversight to ensure nuclear safety is absolutely risk-free. [China Approved 8 New Nuclear Power Units, with Total Project Investment Exceeding 170 Billion Yuan] In 2026, China opened the floodgates for new nuclear project approvals. According to CCTV News on July 31, the State Council Executive Meeting held that day decided to approve four nuclear power projects including Liaoning Zhuanghe Phase I. It is reported that the new projects approved at this meeting include Zhejiang Jinqimen Nuclear Power Plant Phase II (Units 3 & 4), Guangdong Taipingling Nuclear Power Plant Phase III (Units 5 & 6), Liaoning Zhuanghe Nuclear Power Plant Phase I (Units 1 & 2), and Shandong Laiyang Nuclear Power Plant Phase I (Units 1 & 2), totaling 8 new units. Nuclear power projects have historically been an important boost to expanding effective investment, and it is estimated that the total investment of these new projects will exceed 170 billion yuan. (Jin Shi Data) [State Administration for Market Regulation: '15th Five-Year Plan' to Foresightfully Deploy High-Level Detection Platforms for Strategic Emerging Industries such as Integrated Circuits, New Energy, Biomedicine, and Humanoid Robots] The State Administration for Market Regulation held a press conference on July 21 to introduce the development achievements of China's inspection and testing service industry during the '14th Five-Year Plan' period. During the '15th Five-Year Plan' period, the administration will implement the Innovation Pilot for Inspection Testing to Promote Industrial Optimization and Upgrading, and the Three-Year Action for National Quality Inspection Center Quality Improvement and Optimization, foresightfully deploying high-level detection platforms for strategic emerging industries such as integrated circuits, new energy, biomedicine, and humanoid robots, and using digital transformation to drive service model innovation. Strengthen deep collaboration with industry chain leaders and research institutes, jointly tackle a number of key core technologies, and promote the upgrading of inspection and testing from a single service to "industry chain synergy," shifting from being a "post-event quality gatekeeper" to a "full-process innovation enabler." Coordinate the capacity building for green and low-carbon, food safety, and high-risk industrial product testing, and build a solid quality defense line for industrial development and people's livelihood safety. [China's robot industry chain sees explosive orders; a robot company receives over 10,000 orders in a month] Currently, publicly listed firms are gradually releasing their semi-annual reports and earnings forecasts. In H1 this year, the robot sector reported widespread positive earnings. From core parts to complete machine integration, from motion control to AI computing hardware, the robot industry chain is shifting from "concept-driven catalysts" to a new phase of "order volume growth and profit realization." MIIT data shows that from January to May, the revenue of China's above-designated-size robot enterprises exceeded 90 billion yuan, up 26.9% YoY, with an average annual growth rate of over 20% over the past five years. A robot company just launched a new humanoid robot product at the end of last month and received over 10,000 orders in less than a month. Another company's head stated that their frameless motor is a core component for humanoid robot joint actuation, and in H1 this year, the company's orders on hand exceeded 1 million units, an increase of more than nine times compared to last year. (Jin10 Data) [General Administration of Customs: In H1, China's exports of lithium batteries, wind turbines, and other green energy-related products increased by 37.6% and 35.6% respectively] The State Council Information Office held a press conference today to introduce China's foreign trade performance since the beginning of this year. Currently, the global green and low-carbon transition is deepening, and the construction of new energy and rising consumer demand align well with China's green products. In H1, China's exports of lithium batteries, wind turbines, and other green energy-related products increased by 37.6% and 35.6% respectively; green mobility products such as EVs, electric railway locomotives, electric motorcycles, and bicycles grew by 68.7%, 45.1%, and 31.5% respectively. Tesla Optimus project lead Ashok Elluswamy announced on social media on July 30, 2026, that the long-term annual capacity target for Optimus had been revised to 10 million units. This figure is ten times the originally planned capacity of 1 million units, marking a comprehensive upgrade in Tesla's humanoid robot capacity planning. [Google DeepMind launches Gemini Robotics 2 robot AI model] Google DeepMind has launched the Gemini Robotics 2 model. According to the introduction, Gemini Robotics 2 enables robots to reason about every action, thereby unlocking a broad range of tasks. For example, it can enable a humanoid robot to walk, squat, stretch, and manipulate objects to clean a cluttered room. It can even collaborate with other robots to complete tasks faster. This deep intelligence can also run locally on devices while seamlessly adapting to entirely new robot bodies within just a few hours. Meanwhile, Google DeepMind also launched two other robotic AI models — Gemini Robotics ER 2 and On-Device 2. Gemini Robotics ER 2 is the most powerful embodied reasoning (ER) model, a vision-language model (VLM) that will enable robots to communicate with humans, understand the physical world, and plan multi-step tasks lasting several minutes. On-Device 2 is the most efficient vision-language-action model (VLA), optimized to run locally on robotic devices. The model can now quickly adapt to entirely new robot entities with just hours of data. [Dayang Motor: Plans to Repurchase Shares Worth 120 Million–160 Million Yuan] Dayang Motor announced that the company plans to repurchase shares worth 120 million to 160 million yuan for future employee stock ownership plans or equity incentive plans, with a repurchase price not exceeding 11.5 yuan per share. [Xiangtan Electric: Expected Significant YoY Growth in Revenue from Synchronous Condensers and Flywheel Energy Storage This Year] Xiangtan Electric stated on an interactive platform that the company has actively developed new products in recent years, advancing R&D in synchronous condensers, flywheel energy storage, marine power, aviation electrification, and high-speed motors , achieving notable results in market promotion of synchronous condensers and flywheel energy storage. Revenue from these products is expected to see significant YoY growth this year; marine power, aviation electrification, and high-speed motors have also made some progress in market promotion. [BYD Plans to Launch Humanoid Robot in August This Year] Recently, reports suggested that BYD's humanoid robot is about to be launched. On July 28, BYD responded that it plans to launch the humanoid robot at "Di Space" in August. (Jin10 Data) [Unitree Robotics' Wang Xingxing: The "ChatGPT Moment" for Embodied AI Could Arrive Within Two to Three Years] According to the World Internet Conference news, the 2026 World Internet Conference Digital Silk Road Development Forum, themed "Smart Convergence on the Silk Road, Digital Opening of a New Journey – Jointly Building a Community with a Shared Future in Cyberspace," held its opening ceremony in Xi'an, Shaanxi, on July 22. Wang Xingxing, founder and CEO of Unitree Robotics, attended the ceremony and delivered a speech. Over the past few years, humanoid robots have made rapid progress from walking to dancing, from kung fu combat to simple services. Wang Xingxing believes that the "ChatGPT moment" for embodied AI is expected to arrive within as soon as two to three years: by then, robots will be able to directly work and achieve many basic functions in most unfamiliar scenarios. Therefore, everyone should make various plans and arrangements in advance based on their actual situation, so as to seize new opportunities in the intelligent era. (Jinshi Data) [Unitree Robotics: Preliminary Inquiry Date Is August 5, Offline Subscription Date Is August 10] Unitree Robotics announced that the company is conducting its initial public offering and listing on the STAR Market. The offering will be conducted through a combination of strategic placement, offline issuance, and online issuance. The company plans to publicly issue 40,446,434 shares, accounting for 10% of the total share capital after the issuance, with the total share capital after issuance at 404,464,340 shares. The preliminary inquiry date is August 5, 2026, and the offline subscription date is August 10, 2026. The company has a special voting rights mechanism arrangement, under which the actual controller, Wang Xingxing, controls a total of 68.78% of the voting rights through a differentiated voting rights arrangement. [Unitree Robotics’ Chen Li: Core Technologies of Joint Motors Entirely Self-Developed, Upstream Only Relies on Copper Wire, Magnets and Other Raw Materials] From July 3 to 4, the 2026 Yabuli Forum Innovation Annual Conference was held in Shanghai. Chen Li, co-founder of Unitree Robotics, stated that the company has achieved independent R&D and production of core parts and has integrated the underlying technology architecture, possessing the capability to independently develop and produce a full range of products including quadruped robots, humanoid robots, robotic arms, pumps, dexterous hands, etc., covering diverse application scenarios. In response to the view that joint motors rely on external procurement, Chen Li said that the core technologies of Unitree’s joint motors are entirely independently developed, with the upstream only involving the supply of basic raw materials such as copper wire and magnets, achieving a completely independent and controllable supply chain. He stated that by independently developing the full set of core technologies, Unitree's products maintain industry-leading levels in cost-effectiveness, reliability, stability, and consistency. At the same time, the company continues to invest in the R&D of core technologies such as robot control, perception, navigation, and AI algorithms, and has cumulatively applied for multiple patents. (Jinshi Data) [Report: China’s Embodied AI Market Size Has an Average Annual Compound Growth Rate of 22% to 23%] The "China Embodied AI Industry Development Report (2026)" was released in Shanghai on July 2. The report states that China has become one of the fastest-growing embodied AI markets in the world. According to calculations by multiple research institutions, the market size of China’s embodied AI is expected to grow from approximately 213.3 billion yuan in 2018 to 1.09 trillion yuan in 2026, with an average annual compound growth rate of 22% to 23%. The report notes that China possesses the world’s only and most complete full-chain industrial support for embodied AI, spanning from core sensors, servo motors, and harmonic reducers to whole-machine assembly and algorithm adaptation, forming a highly clustered industrial ecosystem. The agglomeration effect of parts supply industries in the Yangtze River Delta and Pearl River Delta regions allows new prototype iteration speeds to significantly outpace those in Western countries, and China’s embodied AI sector enjoys particularly prominent cost advantages, with overall manufacturing costs 30% to 50% lower than outside China. [Musk Elon: Optimus robot production will progress extremely slowly in the early stages because all technologies are being developed from scratch] Tesla CEO Musk Elon posted a photo of himself at the Optimus humanoid robot production line at the Fremont factory in California, US, on social media, sparking discussions about Optimus’ mass production progress. Some users noted that Tesla has recently reduced public demonstrations of Optimus, possibly because mass production progress has already exceeded market expectations. In response, Musk replied: “No, Optimus production is going to be extremely slow at the beginning because everything is brand new. It’s not like building cars.” [Bernstein: Japanese automakers’ interest in humanoid robots rekindled] Analysts at Bernstein said in a report that interest from Japanese automakers in humanoid robots appears to be reemerging. They pointed out that Mitsubishi Motors has said it signed a memorandum of understanding with a Japanese startup to jointly develop and mass-produce humanoid robots. The analysts noted that Japanese automakers have a long history of involvement in robotics. By 2050, global humanoid robot shipments could reach 49 million units, and the market would expand to approximately $729 billion. Given the overlap in core technologies (including actuators, sensors, batteries, control units, and AI software), this makes humanoid robots an attractive sector where automakers and suppliers have already accumulated expertise through vehicle deployment. Motor Spot Price To learn more about tax-inclusive weekly prices for various models such as three-phase asynchronous motors, variable frequency motors, DC brushed motors, flat motors, gear motors, linear motors, coreless motors, and motor cores, please click to view(). Voices from All Sides A research report from Huaxin Securities pointed out: Domestically, Yushu’s inquiry and subscription dates have been confirmed; outside China, the Optimus mass production process is accelerating toward implementation, Tesla has clarified capacity targets and issued parts procurement guidance, and the first mass production line is about to come online. We are bullish on the humanoid robot sector ushering in a definitive market trend. It is recommended to prioritize positioning in certain targets within the Tesla chain, which benefit from capacity ramp-up and are expected to drive order growth; at the same time, pay attention to quality enterprises with core parts R&D capabilities and adapted to the mass production needs of humanoid robots, and seize the beta opportunities in the sector. CITIC Securities pointed out that Tesla combines leading AI large model technology with large-scale manufacturing capabilities, and the company is in the top tier of the global embodied AI industry chain. It firmly believes in the mass production and application prospects of Tesla's robots. Tesla's Optimus is about to enter the production phase, and the Cybercab is undergoing testing as planned. It is recommended to focus on core players in the industry chain. A research report from China Securities stated that in July, different rare earth varieties exhibited significant differences in performance. Pr-Nd oxide rose first and then declined, terbium oxide jumped and then pulled back, and dysprosium oxide remained generally stable. Supply side, tight raw material supply issues at scrap plants led to a notable decline in production. According to SMM, Pr-Nd oxide production was down 11% MoM in July, and there may be marginal improvement in August, but overall production remains suppressed. Downstream, the high-temperature holiday season led to reduced operations at motor factories, with demand pulling back. August remains in the off-season, but the September-October peak season is a traditional peak consumption period. Market expectations for the start of demand recovery remain strong. In mid-to-late August, downstream stockpiling is expected to restart, breaking the supply-demand weakness and driving prices to stabilize and move upward. Wanlian Securities pointed out that the humanoid robot industry is currently at the dawn of transitioning from technological breakthroughs to large-scale commercialization. Supply side, Tesla, Unitree Robotics, Agibot, and UBTECH are steadily advancing the mass production pace. Demand side, an aging population and climbing labor costs serve as long-term drivers. Simultaneously, with policy and capital forces jointly boosting, AI large models continuously infuse soul into robots. Humanoid robots are expected to form an emerging industry, gradually moving from B-end to C-end, with vast future market space. Yingda Fund recently released the Q2 2026 report of its fund. The Q2 report of the Yingda Flexible Allocation Fund managed by fund manager Liu Yubin shows that, looking ahead, the fund remains optimistic about opportunities in the humanoid robot industry chain, particularly the Tesla Optimus supply chain. It holds positions centered on core Tier 1 suppliers and key parts top-tier players, strengthening a performance and order-driven approach, and focusing on the mass production progress of global leaders and the pace of commercialization of the domestic supply chain. Liu Yubin judges that data is the core foundation for the iteration of general embodied AI. Subsequently, he will increase allocation to quality targets that combine self-developed data acquisition hardware barriers and build complete end-to-end data closed loops, while continuously improving the portfolio framework. (Jinshi Data APP) Want to know more about the fundamentals, technicals, and policy aspects of the motor industry? Please participate in