◼ At the beginning of 2026, Musk’s SpaceX plan for 100 GW of annual space PV capacity ignited the A-share market, with multiple concept stocks rising by more than 30 in a single month. At the same time, however, earnings previews from leading PV companies generally showed losses for 2025, and industry fundamentals remained in a deep winter. Behind the stark divergence between the speculative frenzy around the Musk-SpaceX concept and the earnings trough, is the market overly expecting a “second growth curve,” or is this a genuine signal of industrial transformation? ◼ As the global PV industry moves from rapid expansion into a new stage of rational development, its value has gone beyond that of clean energy alone: Against the backdrop of explosive growth in AI computing power driving massive electricity demand, compounded by energy security anxiety triggered by geopolitical conflict in the Middle East, developing PV may become a core strategic choice for countries to achieve their “dual-carbon” goals, build autonomous and controllable energy systems, and reduce electricity costs for end-users. ◼ Since the escalation of the U.S.-Iran conflict at the end of February, the world’s four major benchmark crude oil prices have entered a rapid upward trajectory. Before the outbreak of the conflict, oil prices had remained broadly stable; however, starting on March 2, as the fighting expanded and spread to the Persian Gulf, oil prices immediately entered a sharp uptrend. Note: Shanghai crude oil prices are converted based on the settlement-date exchange rate of 1:0.15. Source: Public information, SMM. ◼ Although the impact borne by different regions varies due to differences in energy mix, geopolitical location, and policy response, the surge in imported crude oil costs driving a broad rise in energy prices has become a common challenge facing all countries. Europe is a case in point. Although Europe’s direct dependence on Middle Eastern crude oil was not high, at only about 5 according to data from energy market intelligence firm Kpler, it remained highly dependent on the region for refined products such as diesel and aviation kerosene, as well as liquefied natural gas. Disruptions in the Strait of Hormuz caused by the conflict directly pushed up Europe’s terminal energy prices—fuel prices at gas stations across the region surged, and natural gas prices broke above EUR 60 per megawatt hour on the 9th, reaching a new high since 2022. The continued rise in energy prices is bound to transmit into broader areas of the economy, increasing overall inflationary pressure and once again underscoring the importance of building secure and controllable energy systems. Accelerating the Clean Transition of the Global Energy Mix, the PV Industry Advances Toward High-Quality Development ◼ The International Energy Agency (IEA) forecasts that, despite economic pressure, global electricity demand momentum remains strong in 2025, with growth rates in 2025 and 2026 expected to be 3.3% and 3.7%, respectively. Data from 2020 to 2025 showed that the global power market followed a trajectory of continued overall growth alongside structural transition toward cleaner energy , with the share of renewable energy sources such as solar rising significantly, although fossil fuels still accounted for the dominant share. ◼ According to the IEA’s Net Zero Emissions Scenario, solar power’s share in the energy mix is expected to rise from less than 2% at present to 12% in 2035 and 28% in 2050. This means PV installations are still far from reaching their ceiling, with substantial room for future growth. ◼ The past five years marked a critical period in which the global PV market shifted from rapid expansion toward rational development. The IEA forecasts that total global new PV installations over the next five years will reach about 3.68 TW, accounting for nearly 80% of new renewable energy additions over the same period, and are expected to become the world’s largest renewable energy source by the end of 2030. This is mainly due to its widening economic advantages—by 2024, the cost of solar PV power generation had already fallen 41% below the cheapest fossil fuel alternative, and these cost advantages are driving rapid growth in both PV installations and power generation share. Source: IEA, public information, SMM. ◼ As a key carrier of PV installations, especially the backbone of utility-scale power plants, solar panel mounting bracket installations are expected to maintain annual average growth of 5%-6% alongside installation growth. Specifically, to achieve annual average new PV installations of 500-600 GW, corresponding module demand is estimated at about 550-700 GW based on the capacity ratio. Assuming a conventional 1:1 module-to-bracket configuration, the annual average installation scale of brackets required for utility-scale PV plants alone would reach at least 250-300 GW. Source: public information, SMM. Escalating Challenges Reshape the Development Logic of the Global PV Market ◼ The PV industry is undergoing resonating internal and external pressures. Internally, the global economic slowdown has become intertwined with social issues, while the industry itself has entered a rational development stage after rapid expansion, making slower installation growth a certain trend. Externally, global trade frictions continue to intensify, with the US, Europe, and other regions erecting nearly insurmountable cost gaps through barriers such as anti-dumping and countervailing duties as well as local content requirements. Challenge 1: Global Trade Frictions and Escalating Trade Barriers ◼ In recent years, countries have introduced a series of policies to build PV trade barriers and reshape the global competitive landscape of the industry. The US imposed “double anti-” duties of as much as 3,403.96% on PV products from four Southeast Asian countries, South Africa raised module tariffs to 10%, and Brazil increased out-of-quota tariffs sharply from 9.6% to 25% through a quota system. Market access requirements for PV in India and Türkiye have also become increasingly stringent. Meanwhile, new supply chain control rules represented by the EU’s Net-Zero Industry Act (NZIA) have extended trade barriers deeper into the industry chain. By setting red lines on “third-country dependence,” they have established quantitative standards for supply chain restructuring. This series of changes has reshaped the competitive dimensions of the international PV industry and significantly raised the threshold for PV product imports and exports. Source: public information, SMM. Challenge 2: New Dynamics in the PV Market, with Incentive and Restrictive Policies Coexisting Source: public information, SMM. Outside China Enterprises Pursue Multi-Dimensional Breakthroughs Through Internal and External Efforts ◼ The practices of solar panel mounting bracket enterprises in the US, India, and other countries show that the key to coping with policy shifts overseas lies in combining “service-oriented” and “high-value” strategies. First, vertically extending from single-equipment sales to a service ecosystem covering the entire life cycle. Second, deepening horizontally by continuously optimizing business structure and extracting value from higher value-added segments. Solution 1: Launch Dedicated Plans Closely Aligned with Government Policies and Local Demand ◼ The global PV industry has now entered a new stage deeply reshaped by both market forces and policy. The growth logic of enterprises is shifting from the past single dimension of relying on technology iteration and cost declines to multi-dimensional competition closely integrating complex policy environments with localized demand. Against this backdrop, the key to corporate success lies in accurately interpreting policy intentions and launching development plans aligned with both market and policy. Tata Power Renewable Energy Limited (TPREL) precisely aligned with India’s “PM Surya Ghar: Muft Bijli Yojana” and launched the dedicated “solar for every home” plan while continuing to provide customized PV solutions. In Q1 FY2026, it added 220 MW of new rooftop PV installations, surging 416% YoY. TPREL also actively responded to local manufacturing policies by establishing 4.3 GW of solar cell and module capacity, ensuring supply while avoiding import tariffs. Through the synergy of “policy response + local capacity + customized services,” TPREL has effectively translated policy dividends into market competitiveness and steadily consolidated its leading position in India’s PV market. Solution 2: Use Acquisitions as a Link to Integrate Resources and Extend from Single Products to the Entire Industry Chain ◼ Competition in the global PV industry has fully escalated into a contest of entire industry chain system integration capabilities, and enterprises’ growth engines are shifting from past reliance on advantages in a single segment to a new model of providing integrated solutions through resource integration. In 2025, Nextracker used acquisitions as the core to integrate resources across the full chain, successively acquiring foundation engineering firms such as Solar Pile International and Ojjo, module supporting firms such as Origami Solar, and electrical system firms such as Bentek, thereby building a full-chain product matrix spanning structural, electrical, and digital solutions. Its performance continued to surge, with revenue rising from $1.9 billion in FY2023 to $3.4 billion in the trailing twelve months ended September 2025. It ultimately announced its transformation into a comprehensive energy solutions provider by renaming itself Nextpower, targeting revenue of more than $5.6 billion in FY2030. This strategy enabled its successful transformation from a single-product supplier into an entire industry chain service provider, solidifying its leading position in the global market. Solution 3: Optimize Business Structure ◼ Trade protectionism in the current PV market continues to intensify, with various trade barriers being layered on one after another. In response to this challenge, PV enterprises can achieve the dual objectives of “compliant operations” and “market retention” through business structure optimization. To avoid the equity constraints on FEOC under the US OBBB Act, Canadian Solar Inc. initiated a US business restructuring with its controlling shareholder CSIQ: it established two new joint ventures to separately manage PV and energy storage businesses, with its own stake set at 24.9% to precisely meet compliance requirements. At the same time, it transferred out 75.1% equity in three overseas plants supplying the US market, receiving a one-off consideration of 352 million yuan. This move enabled Canadian Solar Inc. to retain earnings from the US market through dividends and rental income. In the first three quarters of 2025, it achieved net profit of 990 million yuan, while large-scale energy storage shipments rose 32% YoY. After the adjustment, it focused on strengthening its advantages in non-US markets and successfully stabilized its global business layout with a compliant structure, providing a typical model for the industry in addressing trade barriers. ◼ For Chinese enterprises, in the face of trade frictions and overseas capacity gaps, they need to break through via three paths—“building plants near core markets, reducing costs and improving efficiency through technological innovation, and coordinating both within and outside the industry chain”— by pursuing localized deployment in Southeast Asia, Mexico, and other regions to avoid frequent trade frictions; promoting standardized production and high-end product R&D to enhance competitiveness; and building a “China + overseas” dual-circulation supply chain to stabilize costs. However, overseas expansion still faces challenges such as land and environmental protection costs, talent shortages, and supply chain fluctuations, requiring enterprises to conduct sound risk assessments, leverage policy support, and improve overseas investment service systems. Only by deeply integrating scientific capacity deployment, technological innovation, and industry chain coordination can the mounting bracket industry upgrade from “Made in China” to “Globally Intelligent Manufacturing” and achieve long-term development under the “dual carbon” goals. New Requirements Under the 15th Five-Year Plan, New Topics for PV Enterprises ◼ In a global market full of uncertainties, the consistency and strength of domestic policy have provided fertile ground for the growth of China’s solar panel mounting bracket enterprises. The newly released 15th Five-Year Plan further clarified China’s path for energy and industrial development. On the one hand, the construction of a new-type power system centered on consumption capacity has been listed as a priority task, and green manufacturing and full life cycle management have been formally incorporated into the assessment system. On the other hand, technological self-reliance and self-strengthening together with new quality productive forces have replaced scale competition as the main line of the new development stage. This series of changes signals that the country is driving a profound shift from “competing on capacity” to “competing on system value,” with the core goal of achieving autonomous and controllable energy structure. It is estimated that after the Two Sessions, various departments will successively roll out detailed plans to promote the full implementation of the blueprint. ◼ Key implementation measures include: 1) establishing a “dual controls” system for total carbon emissions and carbon intensity, while improving incentive and restraint mechanisms; 2) vigorously developing non-fossil energy and promoting the efficient use of fossil energy, while strengthening the construction of a new-type power system to ensure stable supply of green electricity; 3) applying both “addition and subtraction” by fostering green and low-carbon industries and promoting energy conservation and carbon reduction in key industry; 4) in addition, accelerating the green transformation of production and lifestyles to consolidate the foundation for green development. ◼ From the perspective of regional development layout, during the 15th Five-Year Plan period, China’s PV industry will show characteristics of regional coordination: north-west China will become the strategic focus by virtue of its natural endowments, exporting electricity through cross-provincial green electricity trading and other means to achieve two-way matching between energy resources and power load; eastern regions, by contrast, will focus on local consumption by high-energy-consuming industries and zero-carbon industrial parks. Source: public information, SMM. ◼ SMM forecasts that China’s new PV installations are expected to reach 208 GW in 2025 and continue growing at an annual average rate of 9% over the next five years, exceeding 292 GW by the end of the 15th Five-Year Plan period. Utility-scale PV will remain dominant, with its installation share staying above 50%. Based on the same logic, we estimate that China’s PV installation market will maintain annual incremental growth of at least 100-120 GW. Source: public information, SMM. ◼ Focusing on China’s steel consumption market for solar panel mounting brackets, SMM estimates that annual steel consumption in China’s PV mounting bracket sector will average about 4-4.5 million mt from 2026 to 2030, accounting for about 30% of total steel consumption in the PV industry over the same period (based on 2026 data). Note: only installation demand for utility-scale PV mounting brackets is included, excluding distributed steel structures, replacement from existing asset depreciation, and exports. Source: public information, SMM. SMM Ferrous Consulting Based on its understanding of the global steel industry chain and regional markets, as well as its strong industry database and network resources, SMM is committed to providing clients with consulting services across the upstream, midstream, and downstream industry chain. Services include market supply and demand research and forecasts, market entry strategies, competitor cost research, and more, covering end-use industry from iron ore, coal, coke, and steel. SMM Ferrous has successfully served more than 300 Fortune Global 500 companies, China Top 500 companies, central state-owned enterprises, state-owned enterprises, publicly listed firms, and start-ups. 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Steel demand in the Middle East increased by 2.8% year on year to 59.5 million tons in 2025. The main demand are derive from Saudi Arabia and the United Arab Emirates (UAE) In the first three quarters of 2025, Saudi Arabia and the UAE imported 4.06 million tons and 4.24 million tons of Chinese steel, increasing by 24.5% and 10.7% year on year, respectively. The UAE's steel imports from China are primarily used in construction, accounting for 70% of the total. Rebar constitutes 40% to 50%, wire rod 20% to 25%, and steel plate 15% to 20%. These products are primarily used in real estate and infrastructure projects, rebar processing, and the production of small components, as well as in steel structures for industrial plants and plazas. Some market participants indicated that China's steel exports are seeing robust demand in the Middle Eastern market, especially accelerated by policies and infrastructure projects in Saudi Arabia and the UAE.

According to the National Bureau of Statistics database, provincial vehicle-output data for the first three quarters of 2025 have been released. Anhui Province ranks first nationally with 2.404 million units, more than 300 000 units ahead of second-placed Guangdong (2.088 million). Full-year 2025 is expected to see Anhui maintain the lead, crowning it the nation’s top vehicle-producing province. At present Anhui has clustered seven OEMs—BYD, NIO, Chery, VW Anhui, etc.—and built a complete industrial chain covering vehicle, e-drive system and intelligent-driving, together with 2 800 component suppliers.

[Salt Lake Co., Ltd.: Q3 Net Profit Up 113.97% YoY, New 40,000 mt/Year Integrated Basic Lithium Chemicals Project Successfully Commences Trial Feed Production] Salt Lake Co., Ltd. announced that its Q3 revenue reached 4.33 billion yuan, up 34.81% YoY, while net profit was 1.988 billion yuan, up 113.97% YoY. For the first three quarters, revenue totaled 11.111 billion yuan, up 6.34% YoY, and net profit was 4.503 billion yuan, up 43.34% YoY. During the reporting period, the production and sales of the company's core products remained stable. Specifically, potassium chloride production reached 3.2662 million mt, with sales of 2.8609 million mt; lithium carbonate production was 31,600 mt, with sales of 31,500 mt, indicating efficient production-to-sales linkage. On September 28, 2025, the 40,000 mt/year integrated basic lithium chemicals project was largely completed. Key equipment, including the adsorption lithium extraction unit, successfully produced qualified liquid during trial runs. The nanofiltration and reverse osmosis systems completed membrane installation and water linkage tests, while the lithium precipitation and auxiliary public utilities finished core equipment single-machine trial runs. The project officially entered the trial feed production stage and produced qualified battery-grade lithium carbonate products.

SMM Nickel October 21 News: Macro and Market News: (1) Foreign Ministry Spokesperson Guo Jiakun presided over a regular press conference yesterday. A reporter asked that China and the US will hold a new round of China-US economic and trade consultations, and US President Trump stated that the US has listed rare earths, fentanyl, and soybeans as the three major issues raised by the US towards China. In response, Guo Jiakun said that China's position on handling China-US economic and trade issues is consistent and clear. Tariff wars and trade wars are not in the interest of either side, and both sides should resolve any issues through consultations on the basis of equality, respect, and mutual benefit. (2) The National Bureau of Statistics (NBS) released data today showing that, based on preliminary calculations, the gross domestic product (GDP) for the first three quarters was 101.5036 trillion yuan, calculated at constant prices, up 5.2% YoY. By industry, the value added of the primary industry was 5,806.1 billion yuan, up 3.8% YoY; the value added of the secondary industry was 36,402 billion yuan, up 4.9% YoY; and the value added of the tertiary industry was 59,295.5 billion yuan, up 5.4% YoY. By quarter, GDP grew 5.4% YoY in Q1, 5.2% in Q2, and 4.8% in Q3. On a quarterly basis, GDP grew 1.1% in Q3. Spot Market: On October 21, the price of SMM #1 refined nickel was 121,100-123,900 yuan/mt, with an average price of 122,500 yuan/mt, up 400 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 2,400-2,500 yuan/mt, with an average premium of 2,450 yuan/mt, flat from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -100-200 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2511) fluctuated rangebound at high levels during the night session, closing slightly higher at the tail. On the 21st, the SHFE nickel early session opened at 121,270 yuan/mt (up 520 yuan), with the futures maintaining strong performance. Recent focus should be on US inflation data and US Fed policy signals, while progress in China-US trade talks will also impact the market. Against the backdrop of weak fundamentals and turbulent external conditions, nickel prices are expected to remain in the doldrums in the short term, with the reference range for the most-traded SHFE nickel contract at 120,000-124,000 yuan/mt.

According to data released by the central bank, preliminary statistics show that the cumulative increase in social financing in the first three quarters of 2025 reached 30.09 trillion yuan, up 4.42 trillion yuan from the same period last year. At the end of September, the balance of broad money (M2) stood at 335.38 trillion yuan, up 8.4% YoY. New yuan-denominated loans in the first three quarters increased by 14.75 trillion yuan.

According to preliminary statistics from the People's Bank of China, China's aggregate financing to the real economy (AFRE) increased by 18.63 trillion yuan from January to May, compared to 16.3429 trillion yuan from January to April. New RMB loans reached 10.68 trillion yuan from January to May, lower than the estimated 10.9597 trillion yuan but higher than the 10.0597 trillion yuan from January to April. As of the end of May, the balance of broad money (M2) stood at 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months amounted to 306.4 billion yuan. Financial Statistics Report for May 2025 I. Broad Money Grew by 7.9% As of the end of May, the balance of broad money (M2) stood at 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months amounted to 306.4 billion yuan. II. RMB Loans Increased by 10.68 Trillion Yuan in the First Five Months As of the end of May, the balance of RMB and foreign currency loans was 270.2 trillion yuan, up 6.7% YoY. The balance of RMB loans was 266.32 trillion yuan, up 7.1% YoY. RMB loans increased by 10.68 trillion yuan in the first five months. By sector, household loans increased by 572.4 billion yuan, including a decrease of 262.4 billion yuan in short-term loans and an increase of 834.7 billion yuan in medium and long-term loans. Loans to enterprises (institutions) increased by 9.8 trillion yuan, including an increase of 3.14 trillion yuan in short-term loans, 6.16 trillion yuan in medium and long-term loans, and 364.5 billion yuan in bill financing. Loans to non-banking financial institutions increased by 135.7 billion yuan. As of the end of May, the balance of foreign currency loans was $539.4 billion, down 16.3% YoY. Foreign currency loans decreased by $2.7 billion in the first five months. III. RMB Deposits Increased by 14.73 Trillion Yuan in the First Five Months As of the end of May, the balance of RMB and foreign currency deposits was 324.08 trillion yuan, up 8.3% YoY. The balance of RMB deposits was 316.96 trillion yuan, up 8.1% YoY. RMB deposits increased by 14.73 trillion yuan in the first five months. Specifically, household deposits increased by 8.3 trillion yuan, non-financial corporate deposits decreased by 7.3 billion yuan, fiscal deposits increased by 2.07 trillion yuan, and deposits of non-banking financial institutions increased by 3.07 trillion yuan. As of the end of May, the balance of foreign currency deposits was $990.1 billion, up 19% YoY. Foreign currency deposits increased by $137.2 billion in the first five months. IV. The Monthly Weighted Average Interbank Offered Rate and Pledged Bond Repo Rate in the RMB Interbank Market in May Were 1.55% and 1.56%, Respectively In May, the total turnover in the RMB interbank market through interbank lending, cash bonds, and repos was 167.2 trillion yuan, with a daily average turnover of 8.8 trillion yuan, up 14.9% YoY. Among them, the daily average turnover of interbank lending decreased by 8.6% YoY, the daily average turnover of cash bonds increased by 5% YoY, and the daily average turnover of pledged repo increased by 19.1% YoY. In May, the weighted average interest rate of interbank lending was 1.55%, which was 0.18 percentage points and 0.3 percentage points lower than the previous month and the same period last year, respectively. The weighted average interest rate of pledged repo was 1.56%, which was 0.16 percentage points and 0.26 percentage points lower than the previous month and the same period last year, respectively. V. In May, the cross-border RMB settlement amount under current accounts was RMB 13.1 trillion, and the cross-border RMB settlement amount under direct investment was RMB 6.1 trillion. In May, the cross-border RMB settlement amount under current accounts was RMB 13.1 trillion, including RMB 9.9 trillion for trade in goods, RMB 3.2 trillion for trade in services, and other current accounts; the cross-border RMB settlement amount under direct investment was RMB 6.1 trillion, including RMB 2 trillion for outward direct investment and RMB 4.1 trillion for foreign direct investment. Report on Statistical Data of the Stock of Social Financing Scale in May 2025 Preliminary statistics showed that the cumulative increment of the social financing scale in the first five months of 2025 was RMB 186.3 trillion, an increase of RMB 38.3 trillion compared with the same period last year. Among them, RMB loans issued to the real economy increased by RMB 103.8 trillion, up RMB 112.3 billion YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by RMB 96.3 billion, with a larger decrease of RMB 169 billion YoY; entrusted loans decreased by RMB 11.3 billion, with a smaller decrease of RMB 80.2 billion YoY; trust loans increased by RMB 62.7 billion, with a smaller increase of RMB 172.3 billion YoY; unaccepted bankers' acceptances increased by RMB 134.3 billion, up RMB 166.2 billion YoY; net corporate bond financing was RMB 908.7 billion, a decrease of RMB 288.4 billion YoY; net government bond financing was RMB 6.31 trillion, up RMB 3.81 trillion YoY; and domestic equity financing by non-financial enterprises was RMB 150.4 billion, up RMB 44.4 billion YoY. Report on Statistical Data of the Stock of Social Financing Scale in May 2025 Preliminary statistics showed that the stock of the social financing scale was RMB 426.16 trillion at the end of May 2025, up 8.7% YoY. Among them, the balance of RMB loans issued to the real economy was RMB 262.86 trillion, up 7% YoY; the balance of foreign currency loans issued to the real economy, converted into RMB, was RMB 1.19 trillion, down 31.5% YoY; the balance of entrusted loans was RMB 11.22 trillion, up 0.4% YoY; the balance of trust loans was RMB 4.36 trillion, up 5.4% YoY; the balance of unaccepted bankers' acceptances was RMB 2.27 trillion, down 7.4% YoY; the balance of corporate bonds was RMB 32.91 trillion, up 3.4% YoY; the balance of government bonds was RMB 87.39 trillion, up 20.9% YoY; and the balance of domestic equity of non-financial enterprises was RMB 11.87 trillion, up 2.9% YoY. In terms of structure, the balance of RMB loans issued to the real economy accounted for 61.7% of the outstanding social financing stock in the same period at the end of May, down 1 percentage point YoY; the balance of foreign currency loans issued to the real economy, converted into RMB, accounted for 0.3%, down 0.1 percentage point YoY; the balance of entrusted loans accounted for 2.6%, down 0.3 percentage point YoY; the balance of trust loans accounted for 1%, down 0.1 percentage point YoY; the balance of undiscounted bankers' acceptances accounted for 0.5%, down 0.1 percentage point YoY; the balance of corporate bonds accounted for 7.7%, down 0.4 percentage point YoY; the balance of government bonds accounted for 20.5%, up 2.1 percentage points YoY; and the balance of domestic stocks of non-financial enterprises accounted for 2.8%, down 0.1 percentage point YoY. Recommended readings: 》PBOC: Social financing increased by 16.34 trillion yuan, new loans increased by 10.06 trillion yuan from January to April, M2 increased by 8% YoY in April 》Breakdown of April's financial data: Government and corporate bonds boost social financing, with a trending shift in credit structure 》PBOC: Social financing increased by 15.18 trillion yuan in Q1, new RMB loans increased by 9.78 trillion yuan, M2 increased by 7% YoY in March 》PBOC: Social financing increased by 9.29 trillion yuan, new RMB loans increased by 6.14 trillion yuan in the first two months, M2 increased by 7% YoY in February 》PBOC: Social financing increased by 7.06 trillion yuan in January, with "full-throttle" credit extension, M2 increased by 7% YoY in January 》PBOC: Total social financing increased by 32.26 trillion yuan in 2024, M2 increased by 7.3% YoY in December 》PBOC makes a major announcement! Regarding macroeconomic policies and support for the capital market... 》PBOC: Social financing increased by 29.4 trillion yuan, new loans increased by 17.1 trillion yuan in the first 11 months, M2 increased by 7.1% YoY in November 》PBOC: Social financing increased by 27.06 trillion yuan in the first 10 months, M2 increased by 7.5% YoY in October 》Supportive tools for the capital market take effect, with M1 and M2 growth rates stabilizing and rebounding, and recent macroeconomic control strategies undergoing adaptive changes 》September's financial data released: Factors such as an increase in securities clients' margins drove a rebound in M2 growth, with overall stable social financing growth 》PBOC: Social financing increased by 21.9 trillion yuan in the first eight months, M2 increased by 6.3% YoY in August 》PBOC: Maintaining price stability and promoting a mild rebound in prices are important considerations for monetary policy 》PBOC: Social financing increased by 18.87 trillion yuan, RMB loans increased by 13.53 trillion yuan in the first seven months 》August's financial data released: Is there still "water squeezing" in financial data?Expert Interpretations Are Here! 》PBOC: In H1, the incremental social financing was RMB 18.1 trillion, with RMB 13.27 trillion increase in RMB loans; M2 grew 6.2% YoY in June 》June's financial data released: How to interpret the continued slowdown in the growth rate of some indicators? Authoritative experts discuss the "side effects" of the "scale complex" in total financial aggregates 》PBOC: In the first five months, the cumulative increase in social financing was RMB 14.8 trillion, with RMB 11.14 trillion increase in RMB loans; M2 grew 7% YoY in May 》Why are May's financial data worth noting, given the optimization of social financing structure and the possible underestimation of M1 growth rate? 》PBOC: In the first four months, the cumulative increase in social financing was RMB 12.73 trillion, with RMB 10.19 trillion increase in RMB loans; M2 grew 7.2% YoY in April 》In Q1, new social financing was RMB 12.93 trillion, with RMB 9.46 trillion increase in new RMB loans; M2 grew 8.3% YoY in March 》What impact did the steady growth of social financing, the moderate decline in financing costs, and the regulation of idle capital circulation and manual interest adjustments have on April's financial data? 》Latest financial data released: M2 and the stock of social financing grew 8.7% and 9.0% YoY, respectively, at the end of February. Let's see how authoritative experts interpret it! 》In the first two months, social financing and new RMB loans reached the second-highest levels for the same period in history, with M2 growing 8.7% YoY in February 》In January 2024, new social financing was RMB 6.5 trillion, with RMB 4.92 trillion increase in new loans; M2 grew 8.7% YoY 》PBOC: In December, the incremental social financing was RMB 1.94 trillion, with RMB 1.17 trillion increase in new RMB loans; M2 grew 9.7% YoY 》PBOC: In November, the incremental social financing was RMB 2.45 trillion, with RMB 1.09 trillion increase in new RMB loans; M2 grew 10% YoY 》November's financial data released: The scale of social financing continued to increase YoY, and the credit support for the real economy remained stable 》Will trillion-yuan government bonds "prop up" October's monetary and credit data? The market expects overall social financing to be strong but credit to be weak, with RRR cut expectations still brewing 》PBOC: In October, the incremental social financing was RMB 1.85 trillion, with RMB 738.4 billion increase in new RMB loans; M2 grew 10.3% YoY 》PBOC: In September, the incremental social financing was RMB 4.12 trillion, with RMB 2.31 trillion increase in new RMB loans; M2 grew 10.3% YoY 》PBOC makes a significant statement! Discussing the Sino-US interest rate spread, September's financial data, mortgage rates on existing home loans, and more... 》General Administration of Customs: China's imports and exports showed positive growth in the first three quarters, with September's monthly figure hitting a new high for the year 》PPI and CPI data have improved for three consecutive months. Experts: The improvement in prices is further confirmed, and it is expected that the YoY improvement trend in PPI will continue 》Interpretation by the National Bureau of Statistics (NBS): In September, CPI operated steadily, PPI's YoY decline narrowed for three consecutive months, and both increased MoM 》In September, the export value of mobile phones doubled MoM, and the YoY growth rate of automobile exports continued to lead 》PBOC: In August, the incremental social financing was RMB 3.12 trillion, with RMB 1.36 trillion increase in new RMB loans; M2 grew 10.6% YoY 》PBOC: Act decisively when the time is right to resolutely guard against the risk of excessive exchange rate fluctuations!The US dollar plunged against the offshore Chinese yuan 》PBOC: In August, the total social financing (TSF) was 528.2 billion yuan, and new yuan-denominated loans reached 345.9 billion yuan. M2 was up 10.7% YoY 》PBOC: In June, TSF and new yuan-denominated loans significantly exceeded expectations. M2 was up 11.3% YoY 》PBOC: In May, the increase in TSF was 1.56 trillion yuan, 331.2 billion yuan more than the previous month 》PBOC: In May, yuan-denominated loans increased by 1.36 trillion yuan, compared to the previous value of 718.8 billion yuan 》PBOC: In May, yuan-denominated deposits increased by 1.46 trillion yuan, a year-on-year decrease of 1.58 trillion yuan 》PBOC: In April, the increase in TSF was 1.22 trillion yuan, and new yuan-denominated loans reached 718.8 billion yuan. M2 was up 12.4% YoY 》PBOC: In Q1, yuan-denominated deposits increased by 15.39 trillion yuan, and loans increased by 10.6 trillion yuan 》[Major News] In February, the growth rate of M2 hit a seven-year high, while new yuan-denominated loans and TSF both reached record highs for the same period in history, exceeding expectations! 》In January, new yuan-denominated loans hit a record high! M2 was up 12.6% YoY, and new TSF reached 5.98 trillion yuan

Q: What is the current distribution of primary magnesium production capacity at home and abroad? How is the export situation of domestic magnesium products? A: In 2024, the global primary magnesium production reached 1.12 million mt, up 12% YoY. In 2024, China's primary magnesium production capacity was 1.4875 million mt, up 9.29% YoY; primary magnesium production was 1.0258 million mt, up 24.73% YoY; and magnesium alloy production was 396,800 mt, up 14.95% YoY. According to statistics from China Customs, from January to December 2024, China exported a cumulative total of 459,800 mt of various magnesium products, a 13.62% increase from 404,700 mt in 2023. Q: Could you please introduce the company's operating performance in 2024? A: In 2024, the company achieved operating revenue of 28.12 billion yuan, up 17.39% compared to the same period last year. Net profit attributable to shareholders of publicly listed firms was 159.628962 million yuan, down 47.91% compared to the same period last year. This was mainly due to the decline in magnesium prices, which led to a decrease in the gross profit margin of magnesium materials and die-casting products, resulting in a year-on-year decline in the company's performance. Q: What progress has been made in downstream magnesium deep-processing products in the automotive sector? A: In 2024, the company achieved over 20% growth in the number of steering wheel products, CCB products, and seat products compared to 2023. It strengthened strategic cooperation with top-tier enterprises in the industry and achieved business reserves for multiple new products. Q: How does the company view the relationship between magnesium and aluminum prices? A: As magnesium prices fall below aluminum prices, it presents a good opportunity for the magnesium industry. It is more conducive to expanding the application of magnesium in downstream sectors such as large automotive components, integrated die-casting of automotive magnesium alloy large components, robots, and construction templates, which will further enhance the enthusiasm of downstream customers to use magnesium. Previously, we promoted the application of magnesium from a performance perspective, but now we can also promote it from a cost perspective. Q: What is the company's ore reserve situation? A: The company's subsidiaries, Chaohu Baomei and Wutai Baomei, hold dolomite ore reserves of 88.6425 million mt and 578.95 million mt, respectively. The company's equity-accounted company, Anhui Baomei, holds dolomite ore reserves of 1.3197813 billion mt. Gansu Mining holds 1.6889 million mt of proven reserves in the Zhongliangzi quartzite mine in Yongdeng County and 1.26 million mt of proven reserves in the Zhongliangzi Nangou quartzite mine in Yongdeng County. The resource guarantee has further consolidated the stability of raw material supply for the company in the production of primary magnesium and magnesium alloys, laying a foundation for the development of the entire industry chain. During the reception process, sufficient exchanges and communications were conducted with investors, and the company strictly adhered to regulations such as the "Information Disclosure Management System" to ensure the truthfulness, accuracy, completeness, timeliness, and fairness of information disclosure. There were no cases of undisclosed material information leakage, and the company had signed the "Letter of Commitment" for surveys as required by the Shenzhen Stock Exchange. According to the record of the survey conducted with specific targets on March 13, as announced by Baowu Magnesium Industry: Q: Could you please introduce Baowu Magnesium Industry? Baowu Magnesium Industry responded: Baowu Magnesium Industry Technology Co., Ltd., formerly known as Nanjing Yunhai Special Metals Co., Ltd., was established in 1993 and listed on the Shenzhen Stock Exchange in 2007. After more than three decades of development, the company has become a high-tech enterprise integrating mining, non-ferrous metal smelting, and recycling processing. Its main business is the production, deep processing, and sales of magnesium and aluminum alloy materials. Its main products include magnesium alloy, magnesium alloy die-castings, aluminum alloy, aluminum extruded micro-air conditioner flat tubes, aluminum extruded automotive structural parts, master alloys, and metal strontium, among others. These products are mainly applied in fields such as automobiles, lightweight e-bikes, consumer electronics, and construction. The company possesses a complete "dolomite mining - crude magnesium smelting - magnesium alloy melting - precision casting and deformation processing of magnesium alloy - magnesium alloy recycling" industry chain. The optimization of the entire industry chain enhances the company's product cost structure and risk resistance capabilities, enabling it to steadily provide customers with various products. Q: What are the company's plans for the overall expansion of downstream deep processing? Baowu Magnesium Industry responded: The company has six die-casting bases nationwide, providing customers with a full set of lightweight solutions. It owns over 200 die-casting units and nearly a thousand machining centers, with surface treatment capabilities for components. It also has the ability to independently develop, design, and manufacture molds, and possesses a strong R&D and design team to meet customers' varying design needs. The company's magnesium alloy deep-processed products primarily focus on automotive components, e-bike components, robot components, and magnesium building templates. Automotive components include small parts such as steering wheels and steering components, as well as medium-to-large parts like instrument panel brackets, seat brackets, center console brackets, display back panels, and side door inner panels. Magnesium alloy is applied in components such as e-bike wheel hubs and front forks. Robot components include covers, bases, control arms, and other parts. Magnesium building templates include ceiling panels and wall panels. Magnesium alloy deep-processed products also include magnesium hydrogen storage materials and integrated die-castings. Aluminum alloy deep-processed parts mainly expand into automotive extruded structural parts and micro-channel flat tubes. Q: How does the company view the application of magnesium alloy in robots? Baowu Magnesium Industry responded: The company has always attached great importance to the promotion and application of magnesium materials in the robotics field. Magnesium alloy empowers the robotics industry with four major advantages: "lightness, speed, stability, and cost-effectiveness," aiming to demonstrate stronger competitiveness and bring lightweight, efficient, and responsive new solutions to the industrial automation field. The use of magnesium alloy materials can meet the requirements of efficient transmission, reliability, and stability in robots. Additionally, magnesium alloy has good recyclability, reducing environmental pressure and meeting environmental protection requirements. Q: Could you introduce the company's strontium metal products? Baowu Magnesium responded: Strontium is a silvery-white metal with a yellowish tinge, belonging to the alkaline earth metals. It is the least abundant alkaline earth metal (excluding beryllium) and exists in nature in a combined state. Strontium can be added to metals such as aluminum and magnesium to form alloys, enhancing their strength, hardness, and corrosion resistance. Additionally, adding a small amount of strontium during the processing of some metal materials can refine the grain structure. Currently, the company has a production capacity of 3,000 mt/year of strontium metal, with an annual production of approximately 2,500 mt. Q: What is the company's future development strategy? Baowu Magnesium responded: The company places great emphasis on R&D innovation and technological accumulation. It always regards technological innovation and new product development as the core development strategy, with technological innovation as the primary driving force for development. The company continuously increases its R&D efforts in new technologies and new products. After years of technological accumulation, the company has independently developed a complete set of magnesium reduction and magnesium alloy production and processing equipment and processes, as well as a direct magnesium liquid supply system. Its energy-saving and consumption-reduction levels in primary magnesium production are among the best in the industry. The company has also independently developed large-tank vertical-tank magnesium smelting technology, magnesium alloy melting and purification technology, and magnesium alloy forming technology, all of which are at the leading level in the industry. Leveraging its existing R&D and production platforms, the company has undertaken and completed multiple scientific research projects at the national and provincial levels through industry-university-research cooperation. The company continues to promote the technological transformation and upgrading of its industries, driving the transformation of its industries towards high-end, intelligent, and green development. With the steady advancement of automotive lightweighting, the company's automotive product business continues to grow, and the demand for medium-to-large magnesium alloy components increases year by year. The company is expanding its deep-processing business to ensure the supply of medium-to-large automotive parts, achieving product structure adjustment and business transformation and upgrading, improving resource utilization efficiency, and optimizing the industrial structure. On the basis of stabilizing the supply of basic magnesium alloy materials, the company focuses on expanding downstream deep-processing businesses such as magnesium alloy automotive die-casting parts. On March 12, Baowu Magnesium stated on the investor interaction platform that the company currently cooperates with companies producing industrial robots. Magnesium alloy empowers the robotics industry, aiming to demonstrate stronger competitiveness with its four major advantages of "lightness, speed, stability, and cost-effectiveness," bringing lightweight, high-efficiency, and fast-responding new solutions to the field of industrial automation. Recently, Autoliv (China) Automotive Safety Systems Co., Ltd., a leading enterprise in the automotive safety systems industry, reached a strategic cooperation agreement with Baowu Magnesium Technology Co., Ltd. The two parties will engage in in-depth cooperation in areas such as automotive lightweighting and safety performance enhancement, jointly driving technological innovation and sustainable development in the automotive industry. In this strategic collaboration, both parties will leverage their respective strengths in technology, resources, and markets to jointly explore the application of magnesium alloy materials in automotive safety systems. Baowu Magnesium announced on the evening of March 5 that the company had recently received the "Mining License" issued by Xinzhou Municipal Planning and Natural Resources Bureau. The mine is named as the Dolomite Mine in Dapu Village, Dongzhi Town, Wutai County, with the mining species being metallurgical dolomite, refractory dolomite, and construction dolomite. The production scale is 10 million mt/year, with a validity period from March 4, 2025, to March 4, 2055. The announcement revealed that Wutai Yunhai Magnesium Industry Co., Ltd., a subsidiary of the company, participated in the auction for the "Mining Right of Dolomite Mine in Dapu Village, Dongzhi Town, Wutai County, Xinzhou City, Shanxi Province" conducted by Xinzhou Municipal Planning and Natural Resources Bureau to ensure a stable supply of raw materials for primary magnesium and magnesium alloy production, and successfully won the mining right at a price of 1.168 billion yuan on November 3, 2023. Given that Baowu Magnesium has not yet released information on its 2024 corporate performance, a review of its Q3 report shows that in the first three quarters, the company achieved operating revenue of 6.347 billion yuan, up 14.09% YoY; net profit attributable to shareholders of the listed company was 154 million yuan, down 25.88% YoY. During the reporting period, Baowu Magnesium's basic earnings per share was 0.155 yuan, with a weighted average return on net assets of 2.88%. Baowu Magnesium's Q3 report indicates that the increase in operating revenue was mainly due to higher sales of deep-processed products compared to the same period last year. Regarding the decrease in net profit, Baowu Magnesium stated that it was due to a decline in magnesium prices and a decrease in the gross profit margin of magnesium alloy products. Magnesium prices experienced multiple rounds of increases last week. In addition to the effective alleviation of magnesium ingot supply issues due to factory rectifications, which restored market confidence, there was also an increase in foreign trade container freight rates, further stimulating downstream demand. Domestic downstream restocking followed suit, and market trading volume continued to improve, driving magnesium prices higher. 》Click to view SMM magnesium spot prices 》Subscribe to view historical price trends of SMM metal spot prices According to SMM quotes, on March 17, SMM magnesium ingot 9990 (Fugu, Shenmu) was quoted at 15,550-15,650 yuan/mt, with an average price of 15,600 yuan/mt. This average price fell by 50 yuan/mt from the previous trading day and rose by 550 yuan/mt from the early low of 15,050 yuan/mt on March 7, representing a 3.65% increase. SMM analysis suggests that, based on current market performance, as inventory in the main production areas continues to destock, bearish sentiment in the magnesium market has been alleviated. However, considering the general acceptance of high prices by downstream buyers, there is limited support for magnesium prices to fluctuate at highs in the future. SMM will continue to monitor changes in spot transactions. Business Matchmaking for Magnesium Industry Companies Registration for the 2025 Magnesium Industry Chain and Magnesium Market Forum is Now Open Please contact: 13162929454 (Jiaxin Lu)

According to preliminary statistics, China's aggregate financing to the real economy (AFRE) increased by 16.34 trillion yuan from January to April, up 3.61 trillion yuan YoY, compared to 15.18 trillion yuan from January to March. Specifically, RMB loans issued to the real economy increased by 9.78 trillion yuan, up 339.7 billion yuan YoY. Foreign currency loans issued to the real economy, converted into RMB, decreased by 109.8 billion yuan, with a larger decrease of 231.1 billion yuan YoY. Entrusted loans increased by 5.3 billion yuan, up 95.9 billion yuan YoY. Trust loans increased by 45.4 billion yuan, with a smaller increase of 167.2 billion yuan YoY. Undiscounted bankers' acceptances increased by 250.6 billion yuan, up 149.4 billion yuan YoY. Net corporate bond financing reached 759.1 billion yuan, down 409.5 billion yuan YoY. Net government bond financing reached 4.85 trillion yuan, up 3.58 trillion yuan YoY. Domestic equity financing by non-financial enterprises reached 135.3 billion yuan, up 40.4 billion yuan YoY. China's new RMB loans reached 10.06 trillion yuan from January to April, with an estimate of 10.47 trillion yuan, compared to 9.77 trillion yuan from January to March. RMB loans increased by 10.06 trillion yuan in the first four months. By the end of April, the balance of RMB and foreign currency loans was 269.54 trillion yuan, up 6.8% YoY. The balance of RMB loans was 265.7 trillion yuan, up 7.2% YoY. By sector, household loans increased by 518.4 billion yuan, including a decrease of 241.6 billion yuan in short-term loans and an increase of 760.1 billion yuan in medium and long-term loans. Loans to enterprises (institutions) increased by 9.27 trillion yuan, including an increase of 3.03 trillion yuan in short-term loans, an increase of 5.83 trillion yuan in medium and long-term loans, and an increase of 289.9 billion yuan in bill financing. Loans to non-banking financial institutions increased by 76.8 billion yuan. By the end of April, the balance of foreign currency loans was 533.3 billion US dollars, down 18.1% YoY. Foreign currency loans decreased by 8.8 billion US dollars in the first four months. According to data from the People's Bank of China, by the end of April, the balance of broad money (M2) was 325.17 trillion yuan, up 8% YoY. The balance of narrow money (M1) was 109.14 trillion yuan, up 1.5% YoY. The balance of currency in circulation (M0) was 13.14 trillion yuan, up 12% YoY. Net cash injection in the first four months was 319.3 billion yuan. Financial Statistics Report for April 2025 I. Broad Money Growth of 8% By the end of April, the balance of broad money (M2) was 325.17 trillion yuan, up 8% YoY. The balance of narrow money (M1) was 109.14 trillion yuan, up 1.5% YoY. The balance of currency in circulation (M0) was 13.14 trillion yuan, up 12% YoY. Net cash injection in the first four months was 319.3 billion yuan. II. RMB Loans Increased by 10.06 Trillion Yuan in the First Four Months By the end of April, the balance of RMB and foreign currency loans was 269.54 trillion yuan, up 6.8% YoY. At month-end, the outstanding balance of RMB loans was RMB 265.7 trillion, up 7.2% YoY. In the first four months, RMB loans increased by RMB 10.06 trillion. By sector, household loans increased by RMB 518.4 billion, including a decrease of RMB 241.6 billion in short-term loans and an increase of RMB 760.1 billion in medium and long-term loans. Loans to enterprises (and institutions) increased by RMB 9.27 trillion, including an increase of RMB 3.03 trillion in short-term loans, an increase of RMB 5.83 trillion in medium and long-term loans, and an increase of RMB 289.9 billion in bill financing. Loans to non-banking financial institutions increased by RMB 76.8 billion. At the end of April, the outstanding balance of foreign currency loans was US$533.3 billion, down 18.1% YoY. In the first four months, foreign currency loans decreased by US$8.8 billion. III. In the first four months, RMB deposits increased by RMB 12.55 trillion. At the end of April, the outstanding balance of RMB and foreign currency deposits was RMB 321.68 trillion, up 8.2% YoY. The outstanding balance of RMB deposits at month-end was RMB 314.78 trillion, up 8% YoY. In the first four months, RMB deposits increased by RMB 12.55 trillion. Among them, household deposits increased by RMB 7.83 trillion, non-financial corporate deposits increased by RMB 410.3 billion, fiscal deposits increased by RMB 1.19 trillion, and non-banking financial institution deposits increased by RMB 1.88 trillion. At the end of April, the outstanding balance of foreign currency deposits was US$958.2 billion, up 16.1% YoY. In the first four months, foreign currency deposits increased by US$105.3 billion. IV. In April, the monthly weighted average interbank offered rate in the RMB market was 1.73%, and the monthly weighted average repo rate for pledged bonds was 1.72%. In April, the total turnover in the interbank RMB market through interbank lending, cash bonds, and repos was RMB 176.45 trillion, with a daily average turnover of RMB 8.02 trillion, down 4% YoY. Among them, the daily average turnover of interbank lending decreased by 25.2% YoY, the daily average turnover of cash bonds decreased by 7.5% YoY, and the daily average turnover of pledged repos decreased by 1.8% YoY. In April, the weighted average interbank offered rate was 1.73%, 0.12 percentage points and 0.14 percentage points lower than the previous month and the same period last year, respectively. The weighted average repo rate for pledged bonds was 1.72%, 0.15 percentage points and 0.14 percentage points lower than the previous month and the same period last year, respectively. V. In April, the cross-border RMB settlement amount under current accounts was RMB 1.51 trillion, and the cross-border RMB settlement amount under direct investment was RMB 720 billion. In April, the cross-border RMB settlement amount under current accounts was RMB 1.51 trillion, including RMB 1.16 trillion for trade in goods, RMB 350 billion for trade in services, and other current accounts. The cross-border RMB settlement amount under direct investment was RMB 720 billion, including RMB 250 billion for outward direct investment and RMB 470 billion for foreign direct investment. Statistical Data Report on Incremental Social Financing Scale in April 2025 Preliminary statistics indicate that the cumulative incremental social financing scale for the first four months of 2025 reached 16.34 trillion yuan, an increase of 3.61 trillion yuan compared to the same period last year. Specifically, RMB loans issued to the real economy increased by 9.78 trillion yuan, up 339.7 billion yuan YoY; foreign currency loans issued to the real economy, converted into RMB, decreased by 109.8 billion yuan, with a larger decrease of 231.1 billion yuan YoY; entrusted loans increased by 5.3 billion yuan, up 95.9 billion yuan YoY; trust loans increased by 45.4 billion yuan, with a smaller increase of 167.2 billion yuan YoY; undiscounted bankers' acceptances increased by 250.6 billion yuan, up 149.4 billion yuan YoY; net corporate bond financing amounted to 759.1 billion yuan, a decrease of 409.5 billion yuan YoY; net government bond financing reached 4.85 trillion yuan, up 3.58 trillion yuan YoY; and domestic stock financing by non-financial enterprises was 135.3 billion yuan, up 40.4 billion yuan YoY. Statistical Data Report on Stock Social Financing Scale in April 2025 Preliminary statistics show that the stock social financing scale at the end of April 2025 was 424.0 trillion yuan, up 8.7% YoY. Among this, the outstanding balance of RMB loans issued to the real economy was 262.27 trillion yuan, up 7.1% YoY; the outstanding balance of foreign currency loans issued to the real economy, converted into RMB, was 1.18 trillion yuan, down 33.9% YoY; the outstanding balance of entrusted loans was 11.24 trillion yuan, up 0.5% YoY; the outstanding balance of trust loans was 4.35 trillion yuan, up 5.6% YoY; the outstanding balance of undiscounted bankers' acceptances was 2.39 trillion yuan, down 7.6% YoY; the outstanding balance of corporate bonds was 32.8 trillion yuan, up 3.2% YoY; the outstanding balance of government bonds was 85.93 trillion yuan, up 20.9% YoY; and the outstanding balance of domestic stocks of non-financial enterprises was 11.86 trillion yuan, up 2.9% YoY. In terms of structure, the outstanding balance of RMB loans issued to the real economy accounted for 61.9% of the stock social financing scale at the end of April, a decrease of 0.9 percentage points YoY; the outstanding balance of foreign currency loans issued to the real economy, converted into RMB, accounted for 0.3%, a decrease of 0.2 percentage points YoY; the outstanding balance of entrusted loans accounted for 2.7%, a decrease of 0.2 percentage points YoY; the outstanding balance of trust loans accounted for 1%, a decrease of 0.1 percentage points YoY; the outstanding balance of undiscounted bankers' acceptances accounted for 0.6%, a decrease of 0.1 percentage points YoY; the outstanding balance of corporate bonds accounted for 7.7%, a decrease of 0.4 percentage points YoY; the outstanding balance of government bonds accounted for 20.3%, an increase of 2.1 percentage points YoY; and the outstanding balance of domestic stocks of non-financial enterprises accounted for 2.8%, a decrease of 0.2 percentage points YoY. Recommended Readings: 》PBOC: Social financing increased by 15.18 trillion yuan in Q1, new RMB loans reached 9.78 trillion yuan, M2 increased by 7% YoY in March 》PBOC: Social financing increased by 9.29 trillion yuan in the first two months, new RMB loans reached 6.14 trillion yuan, M2 increased by 7% YoY in February 》PBOC: Social financing increased by 7.06 trillion yuan in January, credit extension was in "full swing", M2 increased by 7% YoY in January 》PBOC: Cumulative social financing increment in 2024 was 32.26 trillion yuan, M2 increased by 7.3% YoY in December 》Major statement from the PBOC!Matters related to macroeconomic policies and support for the capital market... 》PBOC: In the first 11 months, new aggregate financing to the real economy (TSF) reached 29.4 trillion yuan, and new loans amounted to 17.1 trillion yuan. In November, M2 increased by 7.1% YoY. 》PBOC: In the first 10 months, new TSF reached 27.06 trillion yuan. In October, M2 increased by 7.5% YoY. 》Supportive tools for the capital market have been activated, with M1 and M2 growth rates stabilizing and rebounding. Recent macro-control approaches have been adapting accordingly. 》September financial data released: Factors such as an increase in securities clients' margin deposits drove the rebound in M2 growth, while TSF growth remained generally stable. 》PBOC: In the first 8 months, new TSF reached 21.9 trillion yuan. In August, M2 increased by 6.3% YoY. 》PBOC: Maintaining price stability and promoting a mild rebound in prices are important considerations in monetary policy decisions. 》PBOC: In the first 7 months, TSF increased by 18.87 trillion yuan, and RMB loans increased by 13.53 trillion yuan. 》August financial data released. Is there still "water squeezing" in financial data? Expert interpretations are here! 》PBOC: In H1, TSF increased by 18.1 trillion yuan, and RMB loans increased by 13.27 trillion yuan. In June, M2 increased by 6.2% YoY. 》June financial data released. How to interpret the continued slowdown in the growth rates of some indicators? Authoritative experts discuss the "side effects" of the "scale complex" in financial aggregates. 》PBOC: In the first 5 months, cumulative TSF increased by 14.8 trillion yuan, and RMB loans increased by 11.14 trillion yuan. In May, M2 increased by 7% YoY. 》Why are the May financial data worth noting, given the optimization of TSF structure and the possible underestimation of M1 growth? 》PBOC: In the first four months, cumulative TSF increased by 12.73 trillion yuan, and RMB loans increased by 10.19 trillion yuan. In April, M2 increased by 7.2% YoY. 》In Q1, new TSF reached 12.93 trillion yuan, and new RMB loans reached 9.46 trillion yuan. In March, M2 increased by 8.3% YoY. 》With steady growth in TSF and a stable decline in financing costs, what impact did the regulation of idle fund circulation and manual interest adjustments have on April's financial data? 》Latest financial data released. In February, M2 and TSF stock increased by 8.7% and 9.0% YoY, respectively. Let's see how authoritative experts interpret this! 》In the first two months, TSF and new RMB loans reached the second-highest levels for the same period in history. In February, M2 increased by 8.7% YoY. 》In January 2024, new TSF reached 6.5 trillion yuan, new loans reached 4.92 trillion yuan, and M2 increased by 8.7% YoY. 》PBOC: In December, TSF increased by 1.94 trillion yuan, new RMB loans reached 1.17 trillion yuan, and M2 increased by 9.7% YoY. 》PBOC: In November, TSF increased by 2.45 trillion yuan, new RMB loans reached 1.09 trillion yuan, and M2 increased by 10% YoY. 》November financial data released: TSF scale continued to increase YoY, and the strength of credit support for the real economy remained stable. 》Will trillion-yuan government bonds "prop up" October's monetary and credit data?The market expects overall social financing to be strong, but credit to be weak, with RRR cut expectations still brewing. 》PBOC: In October, social financing increased by 1.85 trillion yuan, new RMB loans reached 738.4 billion yuan, and M2 grew 10.3% YoY. 》PBOC: In September, social financing increased by 4.12 trillion yuan, new RMB loans reached 2.31 trillion yuan, and M2 grew 10.3% YoY. 》PBOC makes a significant statement! Discusses the US-China interest rate spread, September's financial data, mortgage rates on existing home loans, and more... 》General Administration of Customs: China's imports and exports showed positive growth in the first three quarters, with September's monthly figure hitting a new high for the year. 》PPI and CPI data have improved for three consecutive months. Experts: The improvement in prices is further confirmed, and it is expected that the YoY improvement trend in PPI will continue. 》National Bureau of Statistics (NBS) interpretation: In September, CPI operated steadily, the YoY decline in PPI narrowed for three consecutive months, and both increased on a MoM basis. 》In September, mobile phone export value doubled MoM, and the YoY growth rate of automobile exports continued to lead. 》PBOC: In August, social financing increased by 3.12 trillion yuan, new RMB loans reached 1.36 trillion yuan, and M2 grew 10.6% YoY. 》PBOC: Act when necessary to resolutely guard against the risk of excessive exchange rate fluctuations! The US dollar plunged against the offshore RMB. 》PBOC: In August, social financing scale was 528.2 billion yuan, new RMB loans reached 345.9 billion yuan, and M2 grew 10.7% YoY. 》PBOC: In June, social financing and new RMB loans significantly exceeded expectations, with M2 growing 11.3% YoY. 》PBOC: In May, social financing increased by 1.56 trillion yuan, 331.2 billion yuan more than the previous month. 》PBOC: In May, RMB loans increased by 1.36 trillion yuan, compared to 718.8 billion yuan in the previous month. 》PBOC: In May, RMB deposits increased by 1.46 trillion yuan, a decrease of 1.58 trillion yuan YoY. 》PBOC: In April, social financing increased by 1.22 trillion yuan, new RMB loans reached 718.8 billion yuan, and M2 grew 12.4% YoY. 》PBOC: In Q1, RMB deposits increased by 15.39 trillion yuan, and loans increased by 10.6 trillion yuan. 》[Significant] M2 growth rate hit a seven-year high in February, with new RMB loans and social financing both reaching new highs for the same period in history! Higher than expected! 》In January, new RMB loans hit a new historical high! M2 grew 12.6% YoY, and new social financing reached 5.98 trillion yuan.

On Thursday, April 17, despite a 1% decline in salable aluminum production to 537,000 mt at the Hillside aluminum smelter in KwaZulu-Natal, South Africa, for the first three quarters of the fiscal year 2025 ending in March, Hillside Aluminum stated that it would maintain its aluminum production target for fiscal year 2025. Hillside Aluminum is the largest aluminum producer under South32. The aluminum production target for the Hillside smelter in fiscal year 2025 is 720,000 mt. South32 is collaborating with South Africa's state-owned power company Eskom and Mozambique to extend the hydropower supply agreement for the Mozal aluminum smelter beyond March 2026. Mozal Aluminium's aluminum sales volume for the first three quarters of fiscal year 2025 fell by 18%, but its production target for fiscal year 2025 remains at 350,000 mt.