Zijin Mining's 2025 annual report sent a clear industry signal: its lithium business has officially moved from strategic reserve to the stage of scaled monetization.

Macro News 1. On the evening of June 5, Chinese President Xi Jinping had a scheduled phone call with US President Donald Trump. Xi Jinping pointed out that to steer the course of China-US relations in the right direction, it is crucial for both sides to navigate the ship well and set the right course, particularly by eliminating various distractions and even disruptions. Both sides should enhance exchanges in various fields such as diplomacy, economy and trade, military affairs, and law enforcement, to increase consensus, reduce misunderstandings, and strengthen cooperation. Xi Jinping emphasized that the US should handle the Taiwan issue with caution to prevent a small number of "Taiwan independence" separatists from dragging China and the US into a dangerous situation of conflict and confrontation. 2. On the afternoon of June 5, the Ministry of Commerce held a regular press conference. A reporter asked about the new restrictive measures taken by the US against China. He Yongqian, the spokesperson for the Ministry of Commerce, stated that after the Geneva talks, the US had taken a series of restrictive measures against China, seriously undermining the existing consensus and severely damaging China's legitimate rights and interests. China expressed strong dissatisfaction and firm opposition to this, demanding that the US immediately cease such actions. If the US persists in its course and continues to harm China's interests, China will resolutely take strong measures to safeguard its legitimate rights and interests. 3. On June 5, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked about the US's plan to tighten regulations on foreign companies listing in the US. Lin Jian stated that the US should adhere to the market principle of fair competition, stop politicizing economic and trade issues, and provide a fair, just, and non-discriminatory business environment for companies from all countries, including Chinese enterprises. 4. At yesterday's regular press conference, a reporter asked about reports that due to delays in parts procurement caused by China's rare earth export controls, Japanese automaker Suzuki had suspended production of its main compact car in Japan. Lin Jian stated that China's export control measures are in line with international common practices, are non-discriminatory, and are not targeted at specific countries. 5. The People's Bank of China announced that to maintain ample liquidity in the banking system, on June 6, 2025, it will conduct a 1,000 billion yuan outright reverse repo operation through fixed-quantity, interest-rate tendering, and multiple-price bidding, with a term of 3 months (91 days). Industry News 1. The State Council recently issued the "Notice on Conducting the Fourth National Agricultural Census." The Notice states that the main contents of the Fourth National Agricultural Census include agricultural production conditions, grain and food production, new quality productive forces in agriculture, basic conditions of rural development, and the living conditions of rural residents. The standard time point for the census is 24:00 on December 31, 2026, and the period data will be for the year 2026. 2. Following the adjustment of deposit interest rates by the six major state-owned banks on May 20, the "wave of interest rate cuts" has gradually spread to small and medium-sized banks. Small and medium-sized banks, including joint-stock banks, city commercial banks, rural commercial banks, village and township banks, and private banks, have successively followed suit in reducing deposit interest rates, with significant differentiation observed in interest rate adjustments among these banks. During this wave of deposit interest rate cuts, some local rural commercial banks and village and township banks with relatively small scales have experienced "interest rate inversion," where their listed interest rates are even lower than those of large state-owned banks. 3. The national standard "Residential Project Specifications" has garnered widespread attention since its release and implementation. Yao Tianwei, Director of the Standard Quota Department of the Ministry of Housing and Urban-Rural Development, stated on the 5th that building "good houses" does not equate to building "big houses" or "expensive houses." Instead, it involves addressing pain points in housing through good design, construction, materials, services, and more, to comprehensively enhance housing quality. 4. At a regular press conference held by the Ministry of Commerce on the 5th, a reporter posed questions related to the automotive industry. He Yongqian, spokesperson for the Ministry of Commerce, stated that in response to the "cut-throat competition" phenomenon currently present in the automotive industry, the Ministry of Commerce will actively cooperate 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. 5. It has been learned from the National Data Bureau that China will deploy and establish 10 national data element comprehensive pilot zones in Beijing, Zhejiang, Anhui, and other regions, supporting localities in conducting pilot initiatives in cultivating market entities, thriving the data market, and fully unleashing the efficiency of the integration between the real economy and the digital economy. 6. According to local time news from the Indonesian military on June 5th, the Indonesian government is conducting a feasibility assessment on the procurement of China-made J-10 fighter jets. Dofanto, Deputy Minister of Defense of Indonesia, stated that this move aims to enhance the modern combat capabilities of the Indonesian Air Force while also considering the cost-effectiveness of the national defense budget. Dofanto pointed out that the performance of China's J-10 fighter jets in the India-Pakistan conflict is one of the important factors considered by Indonesia for this aircraft model. Corporate News 1. Asia Potash International announced that Peng Zhiyun, a supervisor, is under investigation for suspected insider trading. 2. Beijing North Star Technology Group stated on an interactive platform that the company has deep reserves in the underlying blockchain and smart contract technologies for stablecoins. 3. Staidson Biopharma announced that STSP-0601 for injection has been included in the priority review process. 4. ChipMOS TECHNOLOGIES announced that China-Singapore Venture Capital intends to reduce its stake in the company by no more than 2%. 5. Chow Tai Fook announced that Dongguan Group intends to reduce its stake in the company by no more than 3%. 6. Lianhe Chemical Technology released an announcement on the record of investor relations activities, stating that the company's K-amine product has stable gross profit margins and has not yet received any notice of increased customer demand. 7. Wingtech Technology announced that its shareholder, Wuxi Guolian Integrated Circuit Investment Center, plans to reduce its stake in the company by no more than 3%. 8. 3S Bio announced that the New Drug Application for its recombinant anti-IL-1β humanized monoclonal antibody injection has been accepted. 9. Chengdi Xiangjiang announced that its consortium has won the bid for the 440 million yuan data center power system construction project for China Mobile's Zhejiang branch. 10. D&O Home Furnishings announced that its actual controller has signed strategic cooperation and concerted action agreements, and its shares will resume trading today. 11. Fulin Precision Machining announced that its subsidiary has signed a supplementary agreement with CATL to expand capacity cooperation. 12. Zai Lab announced that it has signed an exclusive market promotion service agreement for recombinant human thyroid-stimulating hormone for injection. 13. Paion Biotech announced that it is planning changes to its control rights, and its shares will be suspended from trading starting June 6. 14. Medprism Medical announced that it intends to acquire 100% equity in EasyJet Medical, and its shares will resume trading. 15. Haitai Development announced that it is planning to acquire controlling equity in Zhixueyun, which is expected to constitute a major asset restructuring. 16. Wanchen Group announced that its General Manager Wang Liqing, Deputy General Manager Li Bo, and Deputy General Manager Wang Song plan to reduce their stakes in the company. Global Markets 1. US President Trump expressed that he is "very disappointed" with Musk, who is unhappy with the government's decision to revoke the "mandate" for electric vehicles. Trump claimed that he could win Pennsylvania even without Musk. Musk responded that without him, Trump would lose the election, calling Trump "so ungrateful." 2. The three major US stock indices closed lower collectively, with the Dow Jones falling 0.25%, the Nasdaq dropping 0.83%, and the S&P 500 declining 0.53%. Amid the "feud" between Trump and Musk, Tesla's shares fell more than 14%. The Nasdaq Golden Dragon China Index closed up 0.54%, with popular Chinese ADRs showing mixed performance. 3. WTI crude oil futures closed up 0.83% at $63.37 per barrel. Brent crude oil futures closed up 0.74% at $65.34 per barrel. 4. COMEX gold futures closed down 0.68% at $3,376.1 per ounce. COMEX silver futures closed up 3.31% at $35.7955 per ounce. Investment Opportunities Reference 1. The global exoskeleton robot market is entering a period of rapid growth According to "CAS Voices," the Shenyang Institute of Automation of the Chinese Academy of Sciences has recently developed a "rigid-flexible coupling" multi-joint rehabilitation exoskeleton robot for the lower limbs, which is expected to provide motor function reconstruction and behavioral assistance services for patients with lower limb hemiplegia. Exoskeleton robots are wearable intelligent mechanical devices that, through the collaboration of motors, sensors, control systems, and other technologies, provide power support similar to animal exoskeletons for humans, enhancing or restoring human mobility. They are mainly applied in military, industrial, medical, and civilian fields. According to a research report by Everbright Securities, the global exoskeleton robot market is entering a period of rapid growth. Data from GrandViewResearch shows that the market size reached $1.8 billion in 2024 and is expected to exceed $12 billion by 2030, with a compound annual growth rate of 28%. 2, The National Energy Administration organized the first batch of pilot work for new-type power system construction According to media reports, the National Energy Administration organized the first batch of pilot work for new-type power system construction. Focusing on cutting-edge directions related to the new-type power system, it conducts single-direction pilots based on typical projects and multi-directional comprehensive pilots based on typical cities, exploring new technologies and models for the construction of the new-type power system, and promoting breakthroughs in its development. CICC released a research report stating that State Grid Corporation of China's Q1 power grid investment was up 27.7% YoY, setting a record high for the first quarter. UHV project construction proceeded in an orderly manner, and the tender volume for EHV equipment continued to grow significantly. It remains optimistic about the accelerated construction of the new-type power system, with domestic power grid investment momentum trending upward. 3, Safety requirements for intelligent connected vehicle integrated driving assistance systems were proposed for formulation The National Standard Information Public Service Platform announced a notice soliciting opinions on the proposed mandatory national standard project "Safety Requirements for Intelligent Connected Vehicle Integrated Driving Assistance Systems." The national standard plan "Safety Requirements for Intelligent Connected Vehicle Integrated Driving Assistance Systems" was proposed by MIIT and entrusted to the Intelligent Connected Vehicle Branch of the National Automotive Standardization Technical Committee for execution. With the rapid development of artificial intelligence technology, autonomous driving is undergoing unprecedented transformation. From intelligent perception to precise decision-making, from efficient control to data-driven approaches, AI has injected powerful momentum into autonomous driving. Haitong Securities believes that the main barriers to the development of large-scale autonomous driving models previously included computing power and data loops, with leading enterprises mostly being top tech companies; after Deepseek released a faster inference model, latecomers (including whole vehicle manufacturers and solution providers) may have new opportunities. According to the "Internet of Vehicles White Paper," it is estimated that by 2025, the market size of smart cars in China will approach 1 trillion yuan.

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences, encompassing both the highs and lows of the market. Although lithium prices have long since lost their former glory, the development prospects of the new energy industry chain remain bright amid the global advocacy for a low-carbon economy, with the importance of lithium resources becoming increasingly prominent. As one of the regions with the most abundant lithium resources globally, South America, particularly the "Lithium Triangle" region (comprising Bolivia, Argentina, and Chile), boasts over 55% of the world's proven lithium reserves. Consequently, South America's lithium resources play a pivotal role in the global energy transition. Against this backdrop, SMM organized the 2025 SMM South American Lithium Resources Field Trip . Led by Chen Siyu, the project manager of SMM's overseas South American lithium resources field trip, and Zhou Zhicheng, a senior analyst in new energy and lithium batteries, the delegation visited South American lithium-related enterprises, toured local lithium ore and material companies, and held discussions with company executives from May 15 to May 26, 2025, to explore potential opportunities in lithium ore resource development, technological exchanges, and investment cooperation. On May 18, SMM and the delegation members headed to Tibet Summit Resources Co., Ltd., the actual controller of Argentina Lithium & Potash Co., Ltd. for in-depth exchanges. Company Profile SMM and the delegation members visited Tibet Summit Resources Co., Ltd., the actual controller of Argentina Lithium & Potash Co., Ltd. . The general manager in charge of Tibet Summit's operations in Argentina warmly received the delegation and provided a detailed introduction to the company's business development. Tibet Summit, positioned in the upstream of the non-ferrous metal resources industry and relying on its lead-zinc polymetallic mine in Tajikistan, has emerged as a benchmark project for successful investments by Chinese enterprises in countries along the "Belt" under the "Belt and Road" Initiative. Meanwhile, the company has commenced investments in upstream lithium salt lake development projects in the new energy industry in Argentina, along the "Road". The company has continuously achieved transformation and upgrading, becoming one of the leading stocks in the mining resource development sector on the securities market. In April 2018, the company, in collaboration with its financial investment partners, acquired and privatized a Canadian publicly listed firm for $206.7 million, thereby gaining full ownership of its two lithium salt lake projects in Argentina, which boast excellent resource endowments and advanced development progress. This marked the company's official entry into the upstream lithium resource development sector of the new energy industry. In Argentina, South America, Tibet Summit indirectly controls Argentina Lithium & Potash Co., Ltd., whose projects in Argentina cover two major lithium salt lake blocks. These projects have completed resource assessments, possess economic viability for mining, are supported by freshwater resources, and have suitable geological conditions, laying a solid foundation for continuous operations and large-scale lithium extraction. It is reported that the Diablillos salt lake project is expected to be completed and put into operation in 2025. Preliminary drilling and oil pumping tests have been completed, and the construction progress is advancing steadily. The project site will adopt a hybrid energy supply model combining PV and diesel to meet both environmental protection and continuous operation needs. The "adsorption + membrane separation" process (DLI process) used in Argentina's salt lake projects significantly differs from the traditional evaporation pond method, offering the following advantages: High lithium recovery rate: The recovery rate reaches 80-90%, placing it at a leading level among similar projects; Shortened production cycle: The entire production cycle is shortened from the traditional 18-24 months to approximately 12 months; Reduced environmental impact: There is no need to construct large-area evaporation ponds, avoiding the occupation of significant land areas and significantly reducing environmental pollution; Flexible and adjustable process: The process can be fine-tuned according to different brine compositions, enabling adaptive extraction of complex brines; Optimized energy consumption: The membrane separation and adsorption processes have lower energy consumption while improving overall process efficiency. In terms of operating costs, according to calculations by the project team, the total production cost per tonne of lithium carbonate using the adsorption + membrane method is expected to be controlled at around 40,000 yuan RMB , significantly lower than that of traditional processes. This also means that when lithium prices remain at 6 yuan RMB/gram (60,000 yuan RMB/mt), the project still maintains strong profitability, with an attractive internal rate of return (IRR) and strong resilience to market cycles. The final products of the aforementioned projects will primarily be lithium carbonate, replacing lithium chloride. Strategies will be flexibly adjusted based on market demand and profitability, without blindly pursuing high-purity products. Focus will be placed on end-use market demand and downstream customer acceptance. In addition, the company also stated that Argentina encourages lithium resource development at the national level, with smooth export channels. Influenced by the international shift in the lithium battery industry chain and price trends, the lithium salt lake projects have good medium and long-term development prospects. Overall, Tibet Summit's lithium salt lake projects in Argentina are international resource development projects with a clear structure, advanced technology, optimized costs, and promising profitability. Through technological innovation, localization efforts, policy adaptation, and the effective export of Chinese experience, the projects possess strong medium and long-term development potential and serve as a replicable model for Chinese enterprises to "go global." Group photo during the field trip After the visit, SMM and members of the field trip team took a group photo together with Tibet Summit Resources Co., Ltd., the actual controller of Argentina Lithium & Potash Co., Ltd., to deepen cooperation and friendship. It is believed that there will be deeper exchanges and cooperation in the future! Following this field trip and survey, SMM and members of the delegation gained a deeper understanding of the business development of Argentina Lithium & Potash Co., Ltd., which is actually controlled by Tibet Summit Resources Co., Ltd. They also gained a more profound understanding of the market status, development trends, and existing issues in the lithium battery industry in South America. They will continue to deepen cooperation with large enterprises to achieve complementary advantages and promote the development of the lithium battery industry.

In the long run, as an important raw material in the new energy battery industry, lithium carbonate, despite facing challenges such as short-term price fluctuations and market competition, still has broad demand prospects driven by the continuous growth of markets like NEVs and ESS.

Amid a market characterized by a supply-demand mismatch, lithium carbonate prices have repeatedly hit new lows. On May 29, the most-traded lithium carbonate futures contract fell below the important threshold of 60,000 yuan/mt, closing at 58,860 yuan/mt. As lithium carbonate prices continue to decline, the hedging demand of industrial enterprises has gradually increased. On May 26, Salt Lake Potash Co., Ltd. announced that it planned to carry out lithium carbonate futures hedging operations to reduce the impact of lithium carbonate price fluctuations on the company's production and operation and effectively hedge against market risks.

Recently, Salt Lake Potash Co., Ltd. (000792) announced that it plans to apply for a project loan of no more than 1.8 billion yuan from a banking consortium composed of five financial institutions, with a loan term of two years. This move aims to accelerate the construction of the 40,000 mt/year integrated basic lithium chemicals project, and meets the conditions for the central government's equipment renewal loan interest subsidy. The company can enjoy a 1.5% interest subsidy annually, thereby reducing financing costs.

According to a report by Mining.com, the Mining Association of Canada (MAC) has released a new report titled "The Mining Story 2025– Canadian Mining Industry Facts and Figures," which highlights the latest statistics and recommendations for sustainable growth. The report indicates that Canada produces over 60 types of minerals and metals, with their value increasing from CAD 58.6 billion in 2021 to CAD 71.9 billion in 2023. In 2023, the mining sector contributed CAD 117 billion, accounting for 4% of Canada's GDP. The sector includes smelting and refining, mining services, primary metal and mineral manufacturing, and downstream metal and mineral manufacturing. Among these, smelting and refining contributed CAD 54.8 billion to GDP, mining services CAD 8.6 billion, primary metal/mineral manufacturing CAD 21 billion, and downstream metal/mineral manufacturing CAD 32.4 billion. Including mining, quarrying, and oil and gas production, the sector's share of GDP rises to 5.1%, maintaining a stable and significant proportion over the past decade, with Alberta's oil sands extraction playing a crucial role, as found in the report. The growth in production value is mainly attributed to non-metals and coal. Since 2000, the production value of minerals and metals has increased fivefold. Canada is one of the world's largest producers of metals and non-metallic minerals. It is the world's largest producer of potash, the second-largest producer of niobium and uranium, and the third-largest producer of diamonds and palladium (by production volume). The report shows that rising mineral prices have increased the value of gold, which has surpassed passenger vehicles to become Canada's second-largest export commodity. Canadian mineral exports have reached a record high, primarily driven by gold. MAC is confident that Canada's economic future depends on mineral and metal production. Regulatory Efficiency The report argues that "to supply the resources needed, Canada must create a more efficient investment and regulatory environment. In recent years, the mining industry has welcomed the federal government's positive commitments, including the Canadian Critical Minerals Strategy, the Fall Economic Statement, and the 2022, 2023, and 2024 budgets." The association emphasizes that inefficient regulations have affected project execution. "Of particular importance is coordination with the provinces, including strengthening substitute assessments (one project, one review), coordination within the federal government, and optimizing procedures for consultations with Indigenous peoples." MAC points out that the true test of success lies in effectively and efficiently implementing policies to expedite the delivery of mineral and metal products to the markets that need them. Oil and Gas Exports Oil and gas account for a quarter of Canada's total exports, amounting to CAD 177 billion. In 2022, Canada was the world's third-largest exporter of crude oil, accounting for 9% of global exports. The country's crude oil production increased from 1.3 billion barrels in 2016 to 1.7 billion barrels in 2024. Reports indicate that the majority of Canada's crude oil is exported, with the proportion rising from 86% in 2016 to 90% in 2024. "Thanks to our excellent infrastructure and commercial networks, the US is the primary destination for Canadian crude oil exports, accounting for over 95% of our exports," the author stated. "Despite facing some economic challenges, mining remains a stable driver of economic growth in Canada," said Pierre Gratton, President and CEO of the Mining Association of Canada (MAC). "As Canada and its allies strive to secure the supply of critical minerals needed for economic, security, and climate goals, these figures show that if we develop our own mineral resources, we can bring wealth to Canada." Workforce Statistics The mining industry provides 430,000 high-quality direct jobs and an additional 281,000 indirect jobs—meaning that one in every 28 jobs in Canada is in the mining sector. Mining is also a major employer of Indigenous peoples, providing 12,000 jobs for Indigenous residents in 2023. The report emphasizes that the mining industry will need to recruit over 100,000 new miners in the next decade. The industry can draw on its successful experience in hiring Indigenous employees but needs to increase the representation of women, young workers, and ethnic minorities to achieve a diverse Canadian workforce. MAC is confident that increasing the number of graduates from mining-related university and college programs will help train the next generation of mining workers. However, Gratton warned that the country cannot take this for granted. "Geopolitical challenges, national security concerns, the transition to a low-carbon economy, and the fundamental need to build and sustain a strong economy under tariff conditions will require significantly more mineral materials than we currently produce," Gratton said. "The Canadian mining industry is better positioned than most to withstand the economic challenges posed by tariffs, so now is the time to redouble our efforts to attract new investment into this vital sector."

[Cui Dongshu: National Passenger Vehicle Industry Inventory Reached 3.5 Million Units at the End of April 2025] Cui Dongshu, Secretary General of the China Passenger Car Association, stated in an article that the national passenger vehicle industry inventory reached 3.5 million units at the end of April 2025, an increase of 150,000 units MoM and 120,000 units compared to April 2024, indicating a continuous rise in industry inventory throughout 2025. The current policy initiatives have brought about overall optimism among producers, with high production levels after the Chinese New Year and relatively active wholesale activities by manufacturers, leading to the re-establishment of industry inventory. April reached a historical high for the end of April. As sales gradually transition into the off-season from May to July, sales are expected to decline over the next three months. Therefore, based on the inventory at the end of April 2025 and future sales projections, the existing inventory is estimated to support future sales for 57 days, slightly increasing the overall inventory pressure compared to 55 days at the end of April 2023 and 52 days at the end of April 2024. [Rio Tinto and Codelco to Collaborate on Developing the Maricunga Salt Lake Lithium Project, Planning to Invest Up to $900 Million in the Joint Venture] Rio Tinto and Codelco announced on May 19 the signing of a binding agreement to form a joint venture to develop and operate the Maricunga salt lake lithium project in Chile. The transaction is expected to be completed by the end of Q1 next year. According to the agreement, Rio Tinto will acquire a 49.99% stake in Maricunga Salt Lake Ltd. Codelco holds the licenses and mining concessions for the Maricunga salt lake through this company. Rio Tinto stated that it will invest an initial $350 million in Maricunga Salt Lake Ltd. for subsequent research and resource analysis to advance the project until the final investment decision. Once the decision to proceed with the project is made, Rio Tinto will invest $500 million in the company to cover construction costs. If the joint venture achieves the goal of delivering the first batch of lithium by 2030, Rio Tinto will also inject an additional $50 million into the company. (Financial Associated Press) [Wuhan Landian: Currently, the Company's Low-Power Equipment Boasts Stability and High Precision] Wuhan Landian released a record of investor relations activities. Low-power battery testing equipment is mainly used for testing 3C consumer electronics battery cells and battery materials. Common consumer electronics batteries currently include laptop batteries, mobile phone batteries, drone batteries, and other consumer batteries. The main customers for the company's low-power battery testing equipment are 3C battery producers, universities, and research institutes. The demand for low-power battery testing equipment is correlated with the production of consumer electronics batteries. With the continuous growth of the national economy and residents' consumption levels, the market demand for consumer electronics products continues to expand, leading to more diversified demands for various consumer electronics batteries. The overall consumer battery market is showing a steady upward trend. Currently, the company's low-power equipment boasts advantages such as good stability and high precision, but its market share among enterprises remains relatively low. In terms of competition, it faces rivalry from companies like Shenzhen Neware and Rui Neng Co., Ltd. [Sanfu New Tech: Plans to Invest 620 Million Yuan in the Industrialisation Project of Key Materials for High-Safety Dry Electrode Batteries and High-Frequency Electronic Information Composite Materials] Sanfu New Tech (688359.SH) announced that it plans to invest 620 million yuan in the industrialisation project of key materials for high-safety dry electrode batteries and high-frequency electronic information composite materials. Construction is expected to commence in June 2025, with the project scheduled for completion by the end of 2027. The project implementation entities are the company's subsidiaries, Jiangxi Bangyue and Jiangxi Bangxiang. The main products include current collectors, tabs, and high-frequency electronic information composite materials for lithium battery materials. The project may face challenges such as prolonged production cycles, slow yield ramp-up, as well as external environmental factors like macroeconomic fluctuations and adjustments in industry policies. (Science and Technology Innovation Board Daily) [Musk: Tesla Expects to Have Hundreds of Thousands, or Even a Million, Fully Autonomous Vehicles by the End of 2026] Tesla CEO Elon Musk stated that Tesla is currently testing "thousands" of autonomous vehicles in preparation for their launch next month. This summer, Tesla will deploy autonomous vehicles on the roads of Austin, Texas. It is expected that by the end of 2026, there will be hundreds of thousands, or even a million, fully autonomous vehicles. [Beijing Proposes to Revise the Operational Service Standards for Parking Lots, with Charging Facilities in Public Parking Lots Expected to Account for No Less Than 10%] The local standard of Beijing, "Operational Service Standards for Parking Lots (Garages)", is open for public comment. According to the draft for comment, existing public parking lots and P+R parking lots with power supply conditions should be equipped with public charging facilities at a ratio of no less than 10%. For the EV charging infrastructure in parking lots that serve the public, it is advisable to set up different proportions of super-fast and fast charging facilities tailored to different service targets. In response to the increasing proportion of motorcycles year by year, the city will guide qualified parking lots to fully utilize the corner spaces within the lots to set up motorcycle parking spaces. (Finance Link) Related Readings: [SMM Analysis] Both China's Unwrought Cobalt Exports and Imports Saw Significant Growth in April 2025 [SMM Analysis] Domestic Spodumene Imports Totaled 623,000 mt in April, Up 16.5% MoM [SMM Analysis] Both Imports and Exports of Artificial Graphite Saw MoM Increases in April [SMM Data] Import and Export Data of LiPF6 in April 2025 [SMM Analysis] Analysis of Export Situation of Ternary Cathode Precursors in April [SMM Analysis] Import and Export Volumes of Ternary Cathode in April Released, with Imports Up 37% MoM and Exports Up 13% MoM [SMM Announcement] Adjustments to Weekly Data Points Related to Lithium Carbonate Before and After the Labour Day Holiday Driven by Multiple Favorable Factors!The auto parts sector has witnessed a dramatic surge in "limit-up" trends, with over 12 stocks hitting their daily limits! [Hot Stocks] Refined cobalt prices have slightly recovered, while Co3O4 prices continue to decline. The market awaits the follow-up to the June DRC export ban. [Weekly Observations] [SMM Industry Insights] Global Cobalt Industry Chain Changes and Chinese Market Outlook Post-DRC Cobalt Export Ban - Key Points from the Special Speech by Wang Cong, General Manager of SMM Industry Research Tariff suspension spurs lithium carbonate futures to rise over 3%. Can the expectation of a rush in exports help lithium carbonate "stand up"? [SMM Flash News] Retail sales growth of passenger vehicles in April hits a decade-high, with auto production and sales exceeding 10 million units in the first four months! [SMM Special Report] [SMM Analysis] Impact of US tariff adjustments on China's new energy end-users after the "Geneva Talks" [SMM Analysis] 2025 Shanghai Auto Show: Intelligence, Luxury, Electrification [SMM Analysis] Sibanye Stillwater's Finnish lithium mine project sees a 17% cost surge, but the 2026 commissioning plan remains unchanged Lithium carbonate prices fell over 25% YoY in Q1, with miners experiencing mixed performances. When will lithium prices rise? [SMM Special Report] [SMM Analysis] In April 2025, SMM's total domestic lithium carbonate production fell 7% MoM but increased 40% YoY Salt Lake Potash's net profit in Q1 increased over 22% YoY, aiming to achieve a 200,000 mt/year lithium chemicals production capacity by 2030

[Ningxin New Materials: The company's main products are specialty graphite materials and products] Ningxin New Materials released a record of investor relations activities, stating that the company's main products are specialty graphite materials and products, which are primarily used as consumables or parts in the production processes of downstream industries. They are widely applied in fields such as lithium batteries, PV, synthetic diamond, metallurgy, chemicals, machinery, and electronics, serving as an irreplaceable and important resource for strategic emerging industries. (Financial Associated Press) [Vanrun New Energy: Signed a 1.3231 million mt LFP product supply agreement with CATL] Vanrun New Energy (688275.SH) announced that it has signed a "Business Cooperation Agreement" with CATL. From May 2025 to 2030, it is expected to supply approximately 1.3231 million mt of LFP products to CATL. CATL has committed to purchasing no less than 80% of the company's committed volume on a monthly basis from 2025 to 2030. Both parties also plan to jointly promote the iteration and mass production introduction of high-compaction-density LFP products, as well as explore the new energy market. This agreement is a major contract for the company's daily operations and is expected to have a positive impact on its future operating performance. [CATL and Honda China will further upgrade cooperation in areas such as LFP batteries] Honda R&D Co., Ltd. (China) and CATL officially signed a memorandum of deepening cooperation. Both parties will further upgrade cooperation in areas such as LFP batteries, CTB (Cell to Body) integration technology, supply chain optimization, and R&D of 12V and hybrid power batteries, driving the upgrade of the NEV industry. In the future, both parties will continue to explore new business cooperation models. [Gotion High-tech: The company's G-series quasi-solid-state batteries have been recognized by mainstream automakers and applied in the on-board testing of multiple new car models] Gotion High-tech (002074.SZ) stated at an investor conference call that the company's G-series quasi-solid-state batteries have received high recognition from numerous international and domestic mainstream automakers and have been successfully applied in the on-board testing of multiple new car models, providing long-range (over 1,000 km) and high-safety solutions for B-class and above BEV models. In addition, the battery cell energy density of Jinshi Battery's pilot samples has reached 350 Wh/kg, with a 150% increase in single-cell capacity compared to previous models, reaching 70 Ah, and has passed multiple stringent safety tests. The company has completed the construction of its first all-solid-state battery pilot line and has initiated the design work for the first-generation all-solid-state battery mass production line. (Financial Associated Press) [CATL's Zeng Yuqun: The penetration rate of electric heavy-duty trucks will exceed 50% in the next three years] Zeng Yuqun, founder, chairman, and CEO of CATL, stated that the penetration rate of electric heavy-duty trucks will exceed 50% in the next three years, with significant advantages in terms of economy, comfort, and sustainability, especially with standardized chassis battery swapping modules. On the same day, CATL, in collaboration with the China Communications and Transportation Association, unveiled the world's first 75# standard battery for heavy-duty truck battery swapping and a comprehensive chassis battery swapping solution in Datong, Shanxi Province. It plans to establish a "Eight Horizontal and Ten Vertical" green battery swapping network covering 80% of the trunk transport capacity nationwide by 2030. (Financial Link) [A South Korean government delegation is set to depart for the US as early as the 20th for tariff negotiations] According to multiple sources on the 19th, a government delegation led by Jang Seong-gil (phonetic), Director General of the Trade Policy Bureau at South Korea's Ministry of Trade, Industry and Energy, is scheduled to depart for the US as early as the 20th to hold a second round of "technical consultations" with a US government delegation on reciprocal tariffs and tariff reductions for steel, automobiles, and semiconductors. This meeting is expected to be the last in-person working consultation between South Korea and the US before the South Korean presidential election on June 3. The two sides will discuss six major issues: trade balance, non-tariff measures, economic security, digital trade, origin, and commercial considerations. As for the "package agreement to be reached in July" previously agreed upon by South Korea and the US, it will be the responsibility of the next administration to advance. Related Reading: [SMM Announcement] Adjustments to Weekly Lithium Carbonate Data Points Before and After the Labour Day Holiday Driven by Multiple Positive Factors! The Auto Parts Sector Experiences a Robust "Surge in Limit-Up" with Over 12 Stocks Hitting Their Daily Limits! [Hot Stocks] Refined Cobalt Quotations Show Slight Recovery, While Co3O4 Prices Continue to Decline; Market Awaits Follow-Up on the June DRC Ban [Weekly Observations] [SMM Industry Insights] Global Cobalt Industry Chain Changes and Chinese Market Outlook After the DRC's Cobalt Export Ban - Key Points from the Special Speech by Wang Cong, General Manager of SMM's Industry Research Department Tariff Suspension Spurs Lithium Carbonate Futures to Rise Over 3%; Can the Anticipation of Rush Exports Help Lithium Carbonate "Stand Up"? [SMM Flash News] Passenger Vehicle Retail Sales Growth in April Hits a Decade-High; Auto Production and Sales Exceed 10 Million Units in the First Four Months! [SMM Special Report] [SMM Analysis] Impact of US Tariff Adjustments on China's New Energy End-Users After the "Geneva Talks" [SMM Analysis] 2025 Shanghai Auto Show: Intelligence, Luxury, Electrification [SMM Analysis] Sibanye Stillwater's Finnish Lithium Mine Project Costs Surge by 17%; 2026 Commissioning Plan Remains Unchanged Lithium Carbonate Prices Fall Over 25% YoY in Q1; Miners' Performances Vary Wildly - When Will Lithium Prices Rise? [SMM Special Report] [SMM Analysis] SMM's Total Domestic Lithium Carbonate Production in April 2025 Falls 7% MoM but Rises 40% YoY Salt Lake Potash's Net Profit in Q1 Increases Over 22% YoY; Aims to Achieve 200,000 mt/Year Lithium Chemicals Production Capacity by 2030 On the First Day Back from the Holiday, the Auto Parts Sector Experiences a "Surge in Limit-Up"; Jingjin Electric Hits Three Consecutive Daily Limits; Market Performance During the Holiday is Positive [Hot Stocks] [SMM Analysis] Spot Prices of Refined Cobalt Strengthen [SMM Analysis] Spot Prices of Cobalt Intermediate Products Rise [SMM Analysis] Economic Viability of Refined Cobalt Production Declines; April Refined Cobalt Production Falls MoM [SMM Analysis] Lithium Hydroxide Production in April Remains Stable to Weak MoM; May Production Expected to be Basically Flat [SMM Analysis] Ternary Cathode Precursor Production in April Rises 0.36% MoM [SMM Analysis] Ternary Cathode Material Production in April Rises 7.38% MoM

[China Urges US to Halt 232 Tariff Measures As Soon As Possible] At a regular press conference of the Ministry of Commerce, a spokesperson stated that regarding the US's 232 tariffs on imported automobiles, steel, and aluminum, as well as the initiation of a 232 investigation into imported pharmaceuticals, China believes that the US's actions are typical unilateralist and protectionist moves. They not only harm the rights and interests of other countries and undermine the rules-based multilateral trading system, but also do not benefit the development of the US's own industries. China urges the US to halt the 232 tariff measures as soon as possible and properly address the concerns of all parties through equal dialogue. (Caijing) [Expert: All-Solid-State Batteries Expected to Achieve Small-Scale Vehicle Integration Before 2030] Zheng Yali, Assistant to the Secretary General of the China Society of Automotive Engineers and Deputy Dean of the National Automotive Strategy Institute, stated at the opening ceremony of the CIBF 2025 Advanced Battery Frontier Technology Symposium that the selection of solid-state battery electrolytes needs to simultaneously consider factors such as conductivity, processability, stability, and manufacturing costs. Currently, there are two main technological routes closer to industrialisation: one is sulphide electrolytes, and the other is polymer composite electrolytes. The mass production and application of all-solid-state batteries still require key scientific breakthroughs at the material level and efficient production processes/cost reduction at the industrial level. It is expected that trial production lines for all-solid-state batteries will be established and prototype vehicles equipped with them will be launched around 2027, and small-scale mass production and vehicle integration of all-solid-state batteries may be achieved around 2030. (Science and Technology Innovation Board Daily) [Geely Auto's Gui Shengyue: Confident in Exceeding Annual Sales Target] At Geely Auto's Q1 earnings conference, Gui Shengyue, the company's Administrative President and Executive Director, expressed confidence in achieving or exceeding the annual sales target. "As various integrations deepen, Geely Auto will continue to improve its profitability." Data shows that in Q1 2025, Geely Auto's sales reached 703,800 units, up 48% YoY, accounting for approximately 26% of the annual target. (Caijing) [Japan Reportedly Seeking Third Round of Trade Talks with US Next Week, with Auto Tariffs as Key Issue] Akira Akazawa, Japan's Chief Trade Negotiator and Minister for Economic Revitalization, may head to Washington as early as next week to hold the third round of trade talks with the US. Japan's top concern is to secure the US's cancellation of hefty tariffs on automobiles and their parts, an industry that is a pillar of Japan's export-oriented economy. Sources said that the date of Akazawa's visit to the US has not yet been finalised and will depend on whether substantive progress can be made in staff-level consultations between the two countries. 》Click to view details [Academician Cheng Huiming of CAS: AI Empowers Rapid Iteration of Solid Electrolyte Material Systems] Academician Cheng Huiming of the Chinese Academy of Sciences stated that the core of solid-state batteries lies in solid electrolytes. Inorganic solid electrolytes suffer from poor interface contact and compatibility, while organic solid electrolytes exhibit poor ionic conductivity at room temperature. Currently, the two-dimensional organic sieve solid-state electrolyte under research in the laboratory boasts high ionic conductivity, a wide voltage window, low raw material costs, and compatibility with various cathodes. Additionally, AI is accelerating the rapid iteration of solid-state electrolyte material systems, and we hope to see results from this work next year. (Cailian Press) [SVOLT Energy Technology: Second-generation Dragon Scale Armor Battery to Enter Mass Production in Mid-June] Yang Hongxin, Chairman of SVOLT Energy Technology, stated in an interview with Cailian Press that the company's second-generation Dragon Scale Armor Battery will enter mass production in mid-June and will soon be equipped in high-end MPVs, sedans, and SUVs. This battery is the world's largest 800V, 65kWh extended-range hybrid battery, offering a driving range exceeding 400KM, a peak fast-charging rate of 5C, a system energy density of 185kWh/kg, and a fast-charging cycle life of over 1,600 cycles, meeting the new national standards in advance. Furthermore, Yang Hongxin noted that ultra-fast charging and solid-state technologies represent the future evolution of batteries, with lamination being the optimal solution for transitioning ultra-fast charging and solid-state batteries to mass production. (Cailian Press) Related Reading: [SMM Industry Insights] Global Cobalt Industry Chain Changes and Chinese Market Outlook Following the DRC's Cobalt Export Ban - Key Points from Wang Cong, General Manager of SMM Industry Research Tariff Suspension Spurs Lithium Carbonate Futures to Rise Over 3%; Can Anticipated Export Rush Help Lithium Carbonate "Stand Up"? [SMM Flash News] Passenger Vehicle Retail Sales Growth in April Hits a Decade High; Auto Production and Sales Exceed 10 Million Units in the First Four Months! [SMM Special Report] [SMM Analysis] Impact of US Tariff Adjustments on China's New Energy End-Users Following the "Geneva Talks" [SMM Analysis] 2025 Shanghai Auto Show: Intelligence, Luxury, Electrification [SMM Analysis] Sibanye Stillwater's Finnish Lithium Mine Project Costs Surge 17%; 2026 Commissioning Plan Remains Unchanged Lithium Carbonate Prices Fall Over 25% YoY in Q1; Miners' Performances Vary Wildly - When Will Lithium Prices Rise? [SMM Special Report] [SMM Analysis] SMM's Total Domestic Lithium Carbonate Production in April 2025 Falls 7% MoM but Rises 40% YoY Salt Lake Potash's Net Profit in Q1 Increases Over 22% YoY; Aims to Achieve 200,000 mt/Year Lithium Chemicals Capacity by 2030 On the First Day Back from Holiday, the Auto Parts Sector Sees a "Surge in Limit-Up"; Jingjin Electric Achieves Three Consecutive Daily Limit-Ups; Market Performs Well During Holiday [Hot Stock] [SMM Analysis] Refined Cobalt Spot Prices Strengthen [SMM Analysis] Cobalt Intermediate Products Spot Prices Rise [SMM Analysis] Refined Cobalt Production Economics Decline; April Refined Cobalt Production Falls MoM [SMM Analysis] Lithium Hydroxide Production in April Remains Stable to Weak MoM; May Production Expected to Be Basically Flat [SMM Analysis] Ternary Cathode Precursor Production in April Rises 0.36% MoM [SMM Analysis] Ternary Cathode Material Production in April Rises 7.38% MoM [SMM Analysis] Between Advances and Retreats: Pragmatic Compromises in US Auto Tariff Compensation Policies and Challenges in Global Industry Chain Restructuring [SMM Analysis] Iron Phosphate Market Remains Stable in April; Enterprises Under Pressure, Prices Difficult to Increase Lithium: Driving the Green Revolution; Analyzing How the Industry Chain Reshapes the Future of Energy [SMM Popular Science] [SMM Analysis] Driven by LCO Market Demand, Co3O4 Production in April Rises Significantly MoM The Auto Industry Kicks Off Q1 with Double-Digit Growth in Both Production and Sales; What Are the Expectations for Q2 Amid Tariff Uncertainties? [[SMM Special Report] SMM: Global ESS Market Demand May Reach Around 470 GWh by 2030; How Will Each Market Perform? March's Import and Export Data for Battery Materials Released: Spodumene Imports Decline While Lithium Carbonate Imports Increase MoM; How Did They Perform? [[SMM Special Report]] Spot Quotes for Refined Cobalt Continue to Rise; High Raw Material Prices Lead to Production Cuts at Some Smelters; This Cobalt Salt Price May Remain Firm [[Weekly Observation]]