[Solid-state Battery: Jitai Stock's Solid-state Battery] On July 30, 2025, Jitai Stock responded to investors' questions on the interactive platform, pointing out that the current mainstream power batteries in the market are still dominated by liquid batteries. As the next-generation battery technology, solid-state batteries are currently still in the early stages of industrialisation and have not yet achieved large-scale commercial application. The company has been closely monitoring the latest developments in solid-state battery technology and actively engaging in the R&D and validation of related adhesives, with the aim of providing high-performance material solutions when solid-state batteries enter mass production and application in the future.

[SMM Spot Magnesium Ingot Report: Magnesium Ingot Market Continues to Be in the Doldrums, Tug-of-War Between Sellers and Buyers Intensifies] SMM reported on June 17 that the domestic magnesium ingot market continued to be in the doldrums today, with mainstream transaction prices in the Fugu region ranging from 15,950 to 16,050 yuan/mt; China's FOB quotes ranged from $2,210 to $2,300/mt. Domestic ex-factory prices generally pulled back to the 16,000 yuan/mt mark. Although producers showed strong reluctance to budge on prices, there was insufficient support for transactions. Market trading sentiment was sluggish, with downstream purchases mainly driven by rigid demand, and traders cautiously waiting and watching.

With the outbreak of conflicts between Israel and Iran, there is renewed concern about the security of the Strait of Hormuz, a vital global energy artery. After Israel's attack on Iran, Iranian officials have hinted at the possibility of closing the Strait of Hormuz, a statement that once triggered a sharp spike in international crude oil prices. Why is the Strait of Hormuz crucial to the global energy market? The Strait of Hormuz is a waterway connecting the Persian Gulf and the Indian Ocean, and it is the only access point to the Persian Gulf. (Satellite image) This narrow waterway is only 29 nautical miles wide at its narrowest point, yet it carries nearly one-third of the world's seaborne crude oil shipments and one-fifth of the global liquefied natural gas (LNG) shipments. The US Energy Information Administration (EIA) refers to it as the "world's most important oil chokepoint." According to the International Energy Agency (IEA), approximately 20 million barrels of crude oil and refined products passed through the Strait of Hormuz daily in 2023, accounting for nearly 30% of the world's total oil trade. About 70% of this volume was destined for the Asian market, with major buyers including India and Japan. Despite the existence of alternative pipeline transportation options, their capacities are limited. The IEA estimates that the current oil transportation capacity diverted via land routes is only 4.2 million barrels per day, such as Saudi Arabia's "East-West Pipeline" (leading to the Red Sea) and the UAE's "Abu Dhabi Crude Oil Pipeline" (leading to Fujairah). The transportation capacity of these alternative routes accounts for only about a quarter of the normal volume carried through the Strait. The LNG market's reliance on the Strait of Hormuz is even higher. All exports from Qatar, the world's second-largest LNG exporter, and the UAE must pass through this strait. The IEA states that in the first 10 months of 2023, a total of 90 billion m³ of LNG was transported through the Strait, accounting for 20% of global LNG trade. Given that there are few viable alternative routes for Qatar and the UAE's LNG exports, any shipping disruptions would severely tighten global supply. About 80% of LNG exports are headed to Asia, while Europe receives approximately 20%, meaning that in a tight market, such disruptions would further exacerbate regional competition. How high could oil prices rise if the Strait of Hormuz is blocked? Although a full blockade of the Strait of Hormuz by Iran is still considered a low-probability event, analysts generally believe that the mere existence of this threat is enough to cause significant volatility in the energy market. Goldman Sachs has warned that in an extreme risk scenario, if the Strait of Hormuz experiences a prolonged blockade, international oil prices could surge significantly above $100 per barrel. The bank estimates that Iran's current daily crude oil production is approximately 3.6 million barrels, with daily condensate production at around 800,000 barrels, and average seaborne exports averaging 2.1 million barrels per day since the beginning of the year. Warren Patterson, Head of Commodities Strategy at ING, stated that given the latest developments, the market has begun to factor in a higher geopolitical risk premium. Patterson pointed out that even a disruption in Iran's oil exports alone would be sufficient to overturn the previously anticipated crude oil supply surplus in the market, potentially driving Brent crude oil prices up to $80 per barrel. He warned that a more severe scenario, such as a disruption in shipping through the Strait of Hormuz, could have far more profound implications. "Nearly one-third of the world's seaborne oil passes through this strategic chokepoint," Patterson said. "If there were significant disruptions to these shipments, oil prices could surge to $120 per barrel, especially since most of OPEC's spare capacity is located in the Persian Gulf region and would be difficult to mobilize in such a scenario." He added, "An escalation of the situation would also impact the European natural gas market."

On June 7, Nanjing Iron & Steel Group Co., Ltd. (NISCO) and Huoqiu County held a "15th Five-Year Plan" local government-enterprise cooperation exchange meeting at Jin'an Mining. Huo Shaobin, member of the Standing Committee of the Lu'an Municipal Party Committee and Secretary of the Huoqiu County Party Committee, and Huang Yixin, Secretary of the Party Committee and Chairman of NISCO, attended and delivered speeches. The meeting was chaired by Wei Nengwu, Deputy Secretary of the Huoqiu County Party Committee and County Magistrate. Mao Lingxia, Deputy County Magistrate of the Huoqiu County People's Government, heads of departments including the Huoqiu Economic Development Zone, the Huoqiu County National Development and Reform Commission (NDRC), the Huoqiu County Bureau of Industry and Information Technology, the Huoqiu County Bureau of Natural Resources, and Fanqiao Town, Wang Haiyong, member of the Standing Committee of the Party Committee and Secretary to the Board of Directors of CITIC Pacific Special Steel Group Co., Ltd., and Shao Renzhi, Vice President and Chief Investment Officer of NISCO and President of the New Industry Investment Group, also attended the meeting. Shang Wenhu, General Manager of Huoqiu County Limin Company, and Xu Weizhuo, Chairman and General Manager of Jin'an Mining, signed the transfer contract for the Fanqiao Iron Mine exploration right project. Jin'an Mining introduced the strategic development plan for the "15th Five-Year Plan." Huo Shaobin pointed out that the successful signing of the Fanqiao Iron Mine project is an important achievement of the joint efforts and shared vision for development between the local government and the enterprise. It will strongly promote the complementary advantages and resource sharing between the local government and the enterprise, inject strong momentum into further optimizing, strengthening, and expanding Jin'an Mining, and provide solid support for the high-quality economic and social development of Huoqiu County. All departments at various levels in the county should further strengthen safeguard measures, optimize service mechanisms, and strive to create a first-class business environment. It is necessary to improve the regular communication mechanism between the government and enterprises, implement a list-based management of services, efficiently and precisely promote the implementation of enterprise-benefiting policies, and provide solid guarantees for deepening the strategic cooperation between the local government and enterprises. Huang Yixin stated that Jin'an Mining achieved multiple historical operating indicators in 2024, opening up a new pattern of dual-main-business-driven development. The signing of the transfer contract for the Fanqiao Iron Mine exploration right has fulfilled NISCO's long-held aspiration for sustainable development in Huoqiu. He expressed heartfelt gratitude to the successive leadership teams that have supported the development of Jin'an Mining over the years. In recent years, Huoqiu's business environment has continued to improve, and the efficiency of government services has been constantly enhanced, actively addressing the concerns and difficulties of enterprises. NISCO Group and Jin'an Mining will live up to expectations, fulfill their missions, and take the lead, committed to building a world-class technology-oriented excellent enterprise and contributing new "NISCO strength" to the high-quality economic and social development of Huoqiu County. Accompanied by Huang Yixin and others, Huo Shaobin and his delegation conducted in-depth surveys and provided guidance at the Jin'an Mining Smart Center. On the same day, Jin'an Mining held the commissioning ceremony for the 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project. Huo Shaobin, member of the Standing Committee of the Lu'an Municipal Party Committee and Secretary of the Huoqiu County Party Committee, delivered a speech, and Huang Yixin, Secretary of the Party Committee and Chairman of NISCO, announced the official commissioning of the project. Xu Weizhuo, Chairman and General Manager of Jin'an Mining, chaired the ceremony. The 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project of Jin'an Mining is not only a vivid practice of Jin'an Mining's implementation of NISCO's "one body, three elements" large industrial ecosystem, but also an active response to the strategic deployment of the Huoqiu County Party Committee and County Government to focus on building an iron-based new material industrial cluster. This project is the first production line in China that uses ultra-pure iron powder as raw material to produce 9-series permanent magnet ferrite pre-sintered materials, filling a technological gap in this field and marking a milestone. In his speech, Huo Shaobin stated that the Jin'an Mining 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project is a brand-new starting point and a magnificent symphony. Huoqiu County will thoroughly implement the project of "consolidating the foundation and nurturing vitality," continuously improve the work style of officials, optimize the business environment, nurture the project's healthy growth, assist Jin'an Mining in becoming bigger and stronger, and wish Nanjing Iron & Steel Group Co., Ltd. (NISCO) prosperous development and continuous innovation. Huang Yixin expressed gratitude to the leaders and guests who witnessed the commissioning of the Jin'an Mining 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project and paid tribute to the participating construction units. He also introduced the development of NISCO and CITIC Pacific Special Steel Group Co., Ltd., as well as the latest developments in the mutually empowering development of Jin'an Mining's dual main businesses. He stated that Jin'an Mining will strive to become a world-class new materials company, making new contributions to Huoqiu's economic transformation and high-quality development. After the ceremony, the attendees jointly toured the production line of the 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project. On June 6, the Board of Directors of Jin'an Mining held its 2025 annual meeting. Huang Yixin, Secretary of the Party Committee and Chairman of NISCO, Shao Renzhi, Vice President and Chief Investment Officer of NISCO and President of New Industry Investment Group, as well as directors, supervisors, and members of the management team of Jin'an Mining attended the meeting, which was chaired by Xu Weizhuo, Chairman and General Manager of Jin'an Mining. The meeting focused on hearing reports on Jin'an Mining's "15th Five-Year Plan Strategic Planning Scheme," "2024 Annual Financial Final Accounts Report," and "2025 Annual Financial Budget Report." Huang Yixin stated that this year's Jin'an Mining Board of Directors meeting is a triple celebration: obtaining the exploration rights for the Fanqiao Iron Mine, the official commissioning of the 9-series permanent magnet ferrite ultra-pure iron powder pre-sintered material project, and Jin'an Mining achieving multiple historical milestones in 2024. Jin'an Mining's victory is a comprehensive one, which has also inspired the confidence of all officials and employees of Jin'an to dare to fight and win. Reviewing the past, Jin'an Mining has achieved six "leading the way and setting an example." First, leading the way and setting an example in innovation, breakthroughs, and creating history in production and operation; second, leading the way and setting an example in Party building and corporate culture construction; third, leading the way and setting an example in strategic guidance, planning, and implementation; fourth, leading the way and setting an example in incremental sustainable development; fifth, leading the way and setting an example in overall organizational and team building; sixth, leading the way and setting an example in the construction of a safe, happy, and green mine. For future development, Jin'an Mining must adhere to "five unwavering principles." First, it must unwaveringly achieve this year's profitability targets. Second, it must unwaveringly adhere to the strategy of developing iron-based new materials, while also firming up its determination to go public in the future. Third, it must unwaveringly promote the Fanqiao Mine to generate profits as soon as possible. Fourth, it must unwaveringly build a modern mine system. Fifth, it must unwaveringly advance the construction of the Party, corporate culture, and talent team development. Shao Renzhi expressed his congratulations to Jin'an Mining for acquiring the Fanqiao Iron Mine, which is a remarkable achievement for Jin'an. He emphasized the need to accelerate the pace of progress and achieve results as soon as possible. Since the last board meeting, Jin'an Mining's strategic positioning of "resources + new materials" has become more resolute and clearer. It must seize the development opportunities in new materials and live up to the resource endowment of "ginseng iron." The road ahead is long, and we must tread it steadily and securely. First, we must clearly plan the strategies and paths for what we want to accomplish during the "15th Five-Year Plan" period. Second, we must advance strategic research on new materials, build a talented team suited to development, and coordinate the synergistic development of several sectors. Third, we must accelerate the construction of digital and intelligent mines. Fourth, we must firmly grasp and implement safety work, maintaining a cautious attitude at all times. Safety must always be kept in mind, and there can be no room for slackness.

SMM News on June 16: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE copper, SHFE lead, and SHFE tin all rose, with SHFE copper up 0.19% to lead the gains, while SHFE zinc fell 0.5% to lead the losses. The % changes of the remaining metals fluctuated slightly. The main alumina contract fell 0.73%, while the main casting aluminum contract rose 0.31%. In addition, the main lithium carbonate contract fell 0.7%, the main silicon metal contract rose 0.41%, the main polysilicon contract rose 1.93%, and the main European container shipping contract fell 4.04%. The ferrous metals series rose collectively. Rebar rose 0.98%, HRC rose 1.07%. In the coking coal and coke segment, coking coal rose 2.84%, and coke rose 1.9%. In the overseas market, as of 15:03, overseas market base metals generally rose, with only LME aluminum and LME tin falling. LME tin fell 0.24%, LME aluminum fell 0.04%, and LME zinc rose 0.53%. The remaining metals all rose slightly. In the precious metals segment, as of 15:03, COMEX gold fell 0.47%, and COMEX silver rose 0.48%. Domestically, SHFE gold fell 0.08%, and SHFE silver rose 0.45%. Market conditions as of 15:03 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% in May, with the National Economy Generally Stable and Making Steady Progress] The NBS showed that in May, the industrial added value above designated size actually increased by 5.8% YoY. On a MoM basis, the industrial added value above designated size increased by 0.61% compared to the previous month. From January to May, the industrial added value above designated size increased by 6.3% YoY. By industry, in May, 35 out of 41 major industry categories maintained YoY growth in added value. Among them, the coal mining and washing industry grew by 5.5%, the oil and natural gas extraction industry grew by 5.3%, the agricultural and sideline food processing industry grew by 7.6%, the liquor, beverage, and refined tea manufacturing industry grew by 4.1%, the textile industry grew by 0.6%, the chemical raw material and chemical product manufacturing industry grew by 5.9%, the non-metallic mineral products industry fell by 0.6%, the ferrous metal smelting and rolling processing industry grew by 4.8%, the non-ferrous metal smelting and rolling processing industry grew by 8.1%, the general equipment manufacturing industry grew by 6.3%, the special equipment manufacturing industry grew by 2.3%, the automobile manufacturing industry grew by 11.6%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry grew by 14.6%, the electrical machinery and equipment manufacturing industry grew by 11.0%, the computer, communication, and other electronic equipment manufacturing industry grew by 10.2%, and the electric power, heat production, and supply industry grew by 2.0%. Overall, in May, as the combined effects of policies continued to unfold, the effects of stabilizing the economy and promoting development became evident. The national economy maintained a generally stable development trend with steady progress, fully demonstrating the resilience and vitality of China's economy. However, it should also be noted that there are many external uncertainties and destabilizing factors, and the endogenous momentum for expanding domestic demand still needs to be strengthened. The foundation for sustained economic rebound and improvement still needs to be consolidated. 》Click to view details [NBS: The real estate market continues to move towards stabilization and recovery] Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and director of the NBS's Department of Comprehensive Statistics of National Economy, stated at a press conference held by the State Council Information Office that since the beginning of this year, China has implemented more proactive macro policies, increased counter-cyclical adjustments, and accelerated the implementation of major national strategies and the development of security capabilities in key areas ("two major" policies) as well as the program of large-scale equipment upgrades and consumer goods trade-ins ("two new" policies). These efforts have effectively enhanced the vitality of consumption, driven production growth, and promoted transformation and upgrading, fully demonstrating the important role of macro policies in stabilizing economic operations. In the next stage, China has sufficient reserves in its policy toolbox, and macro policies have room for maneuver. They can be dynamically adjusted and actively responded to according to changes in the situation, and will continue to safeguard the stable operation of the economy. Fu Linghui stated that since the beginning of this year, with the accelerated implementation of various policies to stabilize the real estate market, the market has continued to move towards stabilization and recovery. Judging from the situation in May, the operation of the real estate market was generally stable. The YoY decline in housing prices in 70 large and medium-sized cities continued to narrow, and the inventory of commercial housing continued to decrease. From the perspective of market transactions, under the influence of various policies to stabilize the real estate market, real estate sales remained basically stable. From January to May, the sales area and sales volume of newly-built commercial housing decreased by 2.9% and 3.8% YoY respectively, basically flat with the figures from January to April. Market transactions in some first-tier and second-tier cities were relatively active, with the sales area and sales volume of commercial housing maintaining growth. From the perspective of market prices, the YoY decline in newly-built commercial residential housing continued to narrow. From the perspective of commercial housing inventory, the area of commercial housing pending sale in May decreased by 7.15 million m² compared to the end of April, marking a decrease for three consecutive months. Fu Linghui emphasized that overall, the policies to promote the stabilization and recovery of the real estate market have continued to show effects, and the operation of the real estate market was generally stable in May. However, it should be noted that the real estate market is still in the process of adjustment. Market confidence still needs to be continuously restored, and the supply-demand relationship in the market still needs to be improved. Continuous efforts are still needed to promote the stabilization and recovery of the real estate market. 》Click to view details ► On June 16, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1789 yuan per US dollar. US dollar: As of 15:03, the US dollar index fell by 0.08% to 98.04. This week marks a "super central bank week," with attention focused on the US Fed's statements regarding inflation and monetary policy in the second half of the year. The University of Michigan's US consumer sentiment index for June rose to 60.5, compared with a forecast of 53.5. Consumers' 12-month inflation expectations fell to 5.1%. Long-term inflation expectations declined to 4.1%. As Sino-US trade tensions eased, US consumer confidence improved for the first time in six months, though households remained concerned about the trajectory of the economy. Despite widespread expectations that the US Fed would keep interest rates stable, the market eagerly anticipated signals of possible interest rate cuts in the coming months. Macro: Today, data such as the eurozone's total reserve assets in May, the US New York Fed's manufacturing index for June, and the US New York Fed's manufacturing index for the next six months' expectations in June will be released. In addition, the US New York Fed's manufacturing index for the next six months' expectations in June. Crude oil: As of 15:03, oil prices in both markets rose simultaneously, with US oil up 0.74% and Brent oil up 0.55%. On Friday, prices surged 7% as renewed tensions in the Middle East heightened fears that geopolitical conflicts could spread across the region and severely disrupt oil exports from the Middle East. It is understood that the latest developments have heightened concerns about potential disruptions to the Strait of Hormuz, a vital shipping lane. Approximately one-fifth of global oil consumption, or around 18-19 million barrels per day of oil, condensate, and fuel oil, passes through the Strait of Hormuz. Most of the crude oil and refined product exports from OPEC members Saudi Arabia, the UAE, Kuwait, Iraq, and Iran transit through the Strait of Hormuz, with few viable alternative routes. Toshitaka Tazawa, an analyst at Fujitomi Securities, said, "Buying is driven by the ongoing conflict between Israel and Iran, with no signs of resolution in sight. However, as seen on Friday, there has been some selling due to concerns about overreaction." Tazawa added that the market is monitoring potential disruptions to Iran's oil production from Israeli strikes on energy facilities, while heightened concerns about disruptions to traffic through the Strait of Hormuz could significantly boost oil prices. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces around 3.3 million barrels of oil per day and exports over 2 million barrels of crude oil and fuel. So far, Israeli attacks on Iran's oil and natural gas infrastructure have not affected production or exports from the region. However, concerns persist that Israel could destroy Iran's oil facilities, depriving it of a major source of revenue and driving up oil prices. Analysts and OPEC observers say that the idle oil production capacity that OPEC and its allies, including Russia, have increased to offset any disruptions is roughly equivalent to Iran's production. (Wenhua Comprehensive) SMM Daily Review ► Inventory buildup of high-grade NPI continues, short-term market focus may dip again [NPI Daily Review] ► [SMM MHP Daily Review] On June 16, MHP prices in Indonesia edged lower ► [SMM Nickel Sulphate Daily Review] On June 16, nickel salt prices remained stable

SMM News on June 16: Metal Market: As of the midday close, domestic base metals generally declined, with SHFE copper slightly up by 0.08%, SHFE aluminum down by 0.27%, SHFE zinc down by 0.62%, SHFE lead and SHFE tin slightly down, and SHFE nickel down by 0.28%. In addition, the main continuous futures contract for foundry aluminum rose by 0.13%, while the main continuous contract for alumina fell by 0.97%. Lithium carbonate fell by 0.9%, silicon metal fell by 0.48%, and polysilicon rose by 1.47%. The ferrous metals series all rose, with iron ore up by 0.21%, rebar up by 0.91%, and HRC up by 0.88%. Stainless steel rose by 0.2%. In terms of coking coal and coke: coking coal rose by 1.87%, and coke rose by 1.11%. In the overseas metal market, as of 11:45, LME metals all declined, with LME copper, LME tin, LME lead, and LME nickel all falling within 0.1%. LME aluminum fell by 0.8%, and LME zinc fell by 0.34%. In precious metals, gold prices rose, approaching a two-month high, as escalating conflicts between Israel and Iran sparked concerns about a broader regional conflict, prompting the market to seek safe-haven assets. As of 11:45, COMEX gold rose by 0.01%, reaching an intraday high of $3,476.3/oz, refreshing the highest level since April 22; COMEX silver fell by 0.32%. Domestically, SHFE gold rose by 0.55%, and SHFE silver fell by 0.07%. As of the midday close, the most-traded contract for the European container shipping index fell by 1.81%, closing at 2077.2. As of 11:45 on June 16, some midday futures market movements: 》SMM Metal Spot Prices on June 16 Spot and Fundamentals Copper: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 50 yuan/mt to a premium of 50 yuan/mt against the front-month contract, with an average premium of 0 yuan/mt, down 25 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 110 yuan/mt to a discount of 90 yuan/mt, with an average discount of 100 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,590 yuan/mt, down 285 yuan/mt from the previous trading day, and the average price of SX-EW copper was 78,490 yuan/mt, down 270 yuan/mt from the previous trading day. Spot Market: Guangdong's inventory increased significantly after the weekend, mainly due to weak downstream purchasing sentiment amid a large price spread between futures contracts and the approaching delivery date... 》Click for details Macro Front Domestic Aspect: [National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% YoY in May, Overall National Economy Remained Stable with Steady Progress] The NBS showed that in May, the industrial added value above designated size actually grew by 5.8% YoY. On a MoM basis, the value-added of industrial enterprises above designated size increased by 0.61% in May compared to the previous month. From January to May, the value-added of industrial enterprises above designated size increased by 6.3% YoY. By industry, in May, 35 out of 41 major industry categories maintained YoY growth in value-added. Specifically, the coal mining and washing industry grew by 5.5%, the oil and natural gas extraction industry by 5.3%, the agricultural and sideline food processing industry by 7.6%, the liquor, beverage, and refined tea manufacturing industry by 4.1%, the textile industry by 0.6%, the chemical raw material and chemical product manufacturing industry by 5.9%, the non-metallic mineral products industry declined by 0.6%, the ferrous metal smelting and rolling processing industry by 4.8%, the non-ferrous metal smelting and rolling processing industry by 8.1%, the general equipment manufacturing industry by 6.3%, the special equipment manufacturing industry by 2.3%, the automobile manufacturing industry by 11.6%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry by 14.6%, the electrical machinery and equipment manufacturing industry by 11.0%, the computer, communication, and other electronic equipment manufacturing industry by 10.2%, and the electricity, heat production, and supply industry by 2.0%. Overall, in May, with the continuous release of the combined effects of policies, the effects of stabilizing the economy and promoting development became evident. The national economy maintained a generally stable and steady development trend with progress, fully demonstrating the resilience and vitality of China's economy. However, it should also be noted that there are many external unstable and uncertain factors, and the endogenous momentum for expanding domestic demand still needs to be strengthened. The foundation for the sustained rebound and improvement of the economy still needs to be consolidated. 》Click for details The People's Bank of China conducted 242 billion yuan of 7-day reverse repo operations today, with an operating interest rate of 1.40%, unchanged from the previous rate. As 173.8 billion yuan of 7-day reverse repos matured today, a net injection of 68.2 billion yuan was achieved. ► On June 16, the central parity rate of the RMB against the US dollar in the inter-bank foreign exchange market was 7.1789 yuan per US dollar. US dollar aspect: As of 11:45, the US dollar index rose by 0.22% to 98.34. The US Federal Reserve is scheduled to hold a policy meeting from June 17 to 18 and make a decision on Wednesday. Although it is widely expected that the US Fed will keep interest rates stable, the market is eagerly anticipating signals of possible interest rate cuts in the coming months. Data aspect: Today, data such as the total reserve assets of the Eurozone in May, the New York Fed's Empire State Manufacturing Survey for June, and the New York Fed's Empire State Manufacturing Survey's six-month outlook index for June will be released. In addition, the New York Fed's Empire State Manufacturing Survey's six-month outlook index for June. Crude oil aspect: Both crude oil futures continued to climb. As of 11:45, US crude oil rose by 0.67%, and Brent crude oil rose by 0.59%. The intensifying conflict between Israel and Iran has fueled market concerns that tensions in the Middle East could escalate across the region and severely disrupt oil exports from the Middle East, thereby supporting oil prices. The latest developments have heightened market fears of potential blockages in the Strait of Hormuz, a vital shipping lane. Approximately one-fifth of the world's total oil consumption, or around 18-19 million barrels per day of oil, condensate, and fuel oil, passes through the Strait of Hormuz. (Webstock Inc.) Spot Market Overview: ► With delivery approaching and a significant price spread between futures contracts, downstream users exhibit strong wait-and-see sentiment. [SMM Spot Copper in South China] ► Market activity cools on delivery day, with sluggish trading performance. [SMM Spot Copper in North China] ► [SMM Nickel Midday Review] On June 16, nickel prices declined slightly, with total retail sales of consumer goods in May up 6.4% YoY. Midday reviews of other metal spot prices will be updated later. Please refresh to view.

The year 2025 is seen as the first year of mass production for humanoid robots, with the global industrial process accelerating: Tesla plans to produce 10,000 Optimus units annually, while China's Zhiyuan Robotics has already achieved mass production of thousands of units and is aiming for commercialization in 2025. The collaborative project between Seres and Huawei is also set to enter the mass production phase by the end of the year... In this wave, the dexterous hand, as the core carrier for humanoid robots to interact with the environment, has become the key to technological breakthroughs. Unlike the specialized grippers of traditional industrial robots, humanoid robots need to cope with complex and ever-changing application scenarios, requiring their actuators to possess both high versatility and flexibility. The realization of this capability largely depends on the precise drive of the dexterous hand—electric drive solutions have become the mainstream choice due to their efficiency and controllability. Among them, coreless motors stand out for their small size and high power density, becoming the "core joints" of the dexterous hand. Taking Tesla's Optimus as an example, each dexterous hand needs to be equipped with 6 motors, with 2 coreless motors for the thumb joint and 1 each for the other 4 fingers. If both hands are equipped with such dexterous hands, a total of 12 coreless motors are required for joint driving. This article will focus on this high-growth track, providing an in-depth analysis of the key component of humanoid robots—the coreless motor—and exploring its technological barriers and industrial opportunities. 01 Mass Production of Humanoid Robots: The Industrial Space for Coreless Motors is Promising The core hardware of humanoid robots includes linear actuators, rotary actuators, sensors, dexterous hands, etc., among which the dexterous hand is the key actuator for robots to interact with the environment, with a high technical threshold. Unlike the specialized grippers of traditional industrial robots, dexterous hands need to possess high degrees of freedom, high precision, and rapid response capabilities, directly driving the application of coreless motors. According to MIR Industry Research, coreless motors account for approximately 6.7% of the hardware value of humanoid robots. Coreless motors are not products specifically produced for humanoid robots; their development history predates that of humanoid robots by a significant margin. The basic technology of coreless motors can be traced back to 1958, when German engineer Dr. F. Faulhaber developed the skew-wound coil winding technology, marking the birth of coreless motor technology. Due to their excellent performance, coreless motor products have a wide range of downstream applications, initially being used in cutting-edge industries such as aerospace and military. In recent years, their application fields have gradually expanded to the civilian market, including medical devices, consumer electronics, power tools, industrial automation, robots, and other scenarios. Currently, the proportion of humanoid robots in the application field of coreless motors remains relatively small. In the future, with the large-scale production of products by Tesla and numerous domestic humanoid robot producers, coreless motors will also usher in broad application prospects and market demand. 02 Brushless Coreless Motors: An Inevitable Choice for Humanoid Robots Coreless motors are relatively expensive, with the core barrier lying in the self-supporting winding technology. The key points for achieving self-supporting windings are as follows: 1. Winding process design: Different winding methods determine motor performance. Linear winding: The process is complex, requiring multiple windings, and is suitable for winding structures with fewer turns and longer lengths. Skew-wound coils (e.g., Germany's Faulhaber): Automated one-time forming, with a high qualification rate and good flatness. Concentric windings (e.g., Switzerland's Maxon): Higher power density and better performance. 2. Winding equipment: High-end equipment is still dominated by Europe, the United States, and Japan. Although domestic producers have broken through some technologies, there is still a gap in large power and complex structure winding. For example, Zhongte Technology has developed and produced multiple automatic and semi-automatic winding equipment, but the winding principle of its fully automatic dual-axis coreless winding machine still belongs to the roll-type production method. Qinlian Technology is one of the few domestic producers of coreless winding machines that adopts the one-time forming production technology. However, its winding machine can only wind coils with relatively small sizes, thin wire diameters, and simple shapes, which cannot meet the requirements of large power coreless motors. From a technical perspective, coreless motors can be divided into two categories: brushed and brushless. In their structures, the rotor of a brushed coreless motor has no iron core, while the stator of a brushless coreless motor has no iron core. The brushless coreless motor is suitable for humanoid robots. Its structure is more complex and its cost is higher compared to the brushed coreless motors used in small home appliances and toys, and there is also greater potential for domestic substitution. Brushless coreless motors do not have carbon brushes or commutators. They mainly achieve electrical energy conversion through electronic converters, automatically adjust the current direction based on the rotor position, achieve spark-free operation, have basically no friction loss, and extend the motor's lifespan. The lifespan of brushless motors is more than three times that of brushed motors. Importantly, they are smaller in size and lighter in weight, aligning with the development trend of robots. Due to their more complex processes and more raw materials, their costs are also significantly higher than those of brushed motors. 03 Latest Developments in Domestic Coreless Motors Globally, top-tier enterprises such as Switzerland's Maxon, Germany's Faulhaber, and Switzerland's Portescap have long occupied a high market share in coreless motors. Meanwhile, domestic producers are also accelerating their presence in this field, such as Moons' Industries, Dingzhi Technology, Zhaowei Electromechanical, Leadshine Technology, Sanhua Intelligent Controls, Weichuang Electric, Topband, and Hichuan Technology. Currently, the humanoid robot industry is at a critical stage of product application definition. Numerous producers have launched prototypes and conducted various tests in an attempt to explore the optimal form for scalable and widespread adoption of humanoid robots. In this process, coreless motor companies supplying these humanoid robot manufacturers directly can obtain first-hand application feedback. This enables them to promptly adjust their R&D and product optimization directions. Leveraging the solid foundation built through early joint R&D and technical exchanges with clients, these coreless motor companies are poised to become designated suppliers after the mass production of humanoid robots, thereby gaining a first-mover advantage in the vast future coreless motor market. Moons' Industries Founded in 1994, Moons' Industries is a comprehensive manufacturer in the motion control field, with years of expertise in motor technology, mastering core R&D, drive, and manufacturing capabilities. In 2024, it achieved operating revenue of 2.4 billion yuan, down 4.99% YoY. According to data from Moons' Industries' official website, the smallest outer diameter achievable by its brushless slotless motors (brushless coreless) is 10mm, with additional models ranging from 13mm to 30mm. The company's coreless motors utilize its proprietary patented coreless winding technology, a special design that delivers high torque, high torsional strength, and low noise, enabling smoother high and low-speed operation, more precise control, and higher efficiency and power density. Annual report data shows that in 2024, Moons' Industries' brushless motor business generated total operating revenue of 219.51 million yuan, up 31% YoY. Dingzhi Technology Established in 2008, Dingzhi Technology primarily produces linear actuators, hybrid stepper motors, DC motors, voice coil motors, and their components, serving downstream clients in medical equipment, industrial automation, and other manufacturing sectors. Its full-year 2024 revenue reached 224 million yuan, down 20.80% YoY. According to its 2024 financial report, Dingzhi Technology has completed the development of coreless motor series ranging from 6mm to 42mm, paired with 6mm-42mm precision planetary gearboxes, designed for various industrial automation needs. These products feature low noise, long life, and high precision, suitable for dexterous hands, door switches, power tools, dental equipment, etc., and are already being supplied to clients, meeting customized requirements. Zhaowei Electromechanical Founded in 2001, Zhaowei Electromechanical is primarily engaged in the R&D, production, and sales of micro-transmission and drive systems. Its products find applications across multiple sectors, including smart vehicles, consumer and medical technology, advanced industrial and intelligent manufacturing, and robotics. In 2024, the company achieved an operating revenue of 1.525 billion yuan, up 26.42% YoY. According to the 2024 financial report, Zhaowei Electromechanical has completed the construction of a serialized platform for brushless coreless motors, with all serialized motors achieving mass production. The 4mm brushless coreless motor has overcome technical challenges and entered small-scale production. In the future, the focus will be on developing 4-pole products for brushless coreless motors to enhance product performance. In Conclusion As the "fingertips" that enable humanoid robots to interact with the physical world, the precise movements of dexterous hands rely heavily on the core drive of coreless motors. With the accelerated development of the humanoid robot industry, the demand for high-performance brushless coreless motors will continue to rise. Currently, domestic producers such as Leadshine Technology, Dingzhi Technology, and Zhaowei Electromechanical are actively investing in R&D, striving to catch up with international advanced levels in coreless winding technology, serialized platform construction, and customization capabilities. Leveraging the first-mover advantage gained through close cooperation with downstream customers, domestically produced coreless motors are poised to seize crucial growth opportunities amid the wave of mass production of humanoid robots.

The General Administration of Customs announced on the 9th that in the first five months of this year, China's total import and export value of goods trade reached 17.94 trillion yuan, up 2.5% YoY, continuing the growth trend. In May, import and export volume reached 3.81 trillion yuan, up 2.7%. In the same month, China's exports amounted to 2.28 trillion yuan, up 6.3%. Among them, exports to ASEAN, the EU, Africa, and the five Central Asian countries increased by 16.9%, 13.7%, 35.3%, and 8.8%, respectively.

Brazilian mining giant Vale recently stated in a report to investors that the upcoming new greenhouse gas emission regulations from the International Maritime Organization (IMO) may "significantly impact" its global logistics costs, particularly putting pressure on its iron ore seaborne shipping business. Although the specific details are yet to be finalised,

On the afternoon of June 5, the Ministry of Commerce (MOFCOM) held a regular press conference, during which a MOFCOM spokesperson introduced the latest developments in key business-related work. MOFCOM Responds Again to New Restrictive Measures Imposed by the US on China A reporter asked about the new restrictive measures imposed by the US on China. He Yongqian, MOFCOM Spokesperson: Following the release of the Joint Statement of the China-US Geneva Economic and Trade Talks on May 12, the Chinese side, in a responsible manner, has taken the obligations it committed to seriously and strictly, and actively upheld the consensus reached at the Geneva economic and trade talks. In contrast, the US side has adopted a series of restrictive measures against China after the Geneva talks, seriously undermining the existing consensus and severely damaging the legitimate rights and interests of the Chinese side. The Chinese side expresses strong dissatisfaction and firm opposition to this, and demands that the US side immediately cease such actions. If the US side persists in its course and continues to harm the interests of the Chinese side, the Chinese side will resolutely take strong measures to safeguard its legitimate rights and interests. MOFCOM Responds to US Increase in Steel and Aluminum Tariffs: Urges US to Stop Overgeneralizing and Abusing the Concept of National Security A reporter asked for comments on the US increasing tariffs on imported steel, aluminum, and their derivatives from 25% to 50%, with the policy officially taking effect on the 4th. He Yongqian stated that the Chinese side has repeatedly emphasized that the Section 232 tariffs are a typical act of unilateralism and protectionism, which have already been ruled by the WTO dispute settlement mechanism as violating WTO rules. This time, the US side has once again increased tariffs on steel, aluminum, and their derivative products, which not only harms others and itself, does not help maintain industrial security, but will also seriously disrupt the stability of the global industry chain and supply chain. The US approach has been opposed by multiple countries. The Chinese side urges the US side to respect economic laws, abandon the zero-sum mentality, stop overgeneralizing and abusing the concept of national security, work with all parties to maintain a rules-based multilateral trading system, resolve respective concerns through equal dialogue, and jointly safeguard the stability of the global industry chain and supply chain. MOFCOM Responds to "Cut-throat Competition" in the Automotive Industry: Strengthens Comprehensive Rectification and Compliance Guidance A reporter asked questions related to the automotive industry. Spokesperson He Yongqian stated that the automotive industry is a pillar and strategic industry of the national economy, and an important sector for stabilizing growth and expanding consumption. In recent years, MOFCOM has deeply implemented policies such as trade-in programs for automobiles and pilot reforms in automobile circulation and consumption, continuously releasing the potential of automobile consumption and cultivating new growth points in consumption. Recently, relevant departments and bureaus of MOFCOM organized symposiums with industry associations, research institutions, and related enterprises to listen to opinions and suggestions, and study ways to further improve automobile circulation and consumption. Going forward, MOFCOM will work with relevant departments to continue strengthening tracking, research, and policy guidance on the automobile consumer market, promote the removal of bottlenecks and obstacles restricting automobile circulation and consumption, and better meet the diverse and personalized consumption needs of residents. In response to the "cut-throat competition" phenomenon in the current automotive industry, the Ministry of Commerce (MOFCOM) will actively collaborate with relevant departments to strengthen comprehensive rectification and compliance guidance, maintain a fair and competitive market order, and promote the healthy development of the industry. MOFCOM responds to the US extension of 301 tariff exemptions on China In response to a reporter's question: The Office of the United States Trade Representative (USTR) announced on June 1 that it would extend the exemption period for the 301 investigation into China's acts, policies, and practices related to technology transfer, intellectual property, and innovation. The exemption period, originally set to expire on May 31, 2025, has been extended to August 31, 2025. What is MOFCOM's comment on this? He Yongqian stated that China's position opposing the US 301 tariffs is clear and consistent. The US 301 tariff measures are typical unilateralist and trade protectionist practices. Previously, the WTO panel ruled that the US 301 tariff measures violated WTO rules. The ultimate cost of the US 301 tariff measures is borne by US enterprises and consumers, which is a typical act of harming others without benefiting oneself. We urge the US to completely eliminate various restrictive measures against China, including the 301 tariffs, and work with China to uphold the consensus spirit of the Geneva economic and trade talks, promoting the healthy, stable, and sustainable development of China-US economic and trade relations. MOFCOM: China will approve rare earth export license applications that meet regulations A media outlet asked that some foreign enterprises believe that the process for obtaining rare earth export licenses in China is slow, and their enterprises may face production halts. How does China respond to this? He Yongqian stated that rare earths and related items have obvious dual-use characteristics, and implementing export controls on them is an international common practice. The Chinese government reviews export license applications for dual-use items in accordance with laws and regulations. For applications that meet the regulations, China will approve them to promote and facilitate compliant trade.