SMM, April 22: The global new energy and AI industries maintained high prosperity, coupled with traditional consumer electronics entering a seasonal peak, driving a comprehensive recovery in demand for copper foil and high-speed connectivity products. In March 2026, China's copper foil exports hit a single-month record high. The power and ESS sectors maintained high prosperity with steadily growing orders; AI-related orders remained robust, with optimistic demand for copper foil across all specifications, and the operating rate of copper foil enterprises rose both YoY and MoM in March. Supported by these fundamentals, copper cable high-speed connectivity, as a core component of AI computing infrastructure, continued to see improving demand expectations. Combined with resonating capital sentiment in the sector, copper cable high-speed connectivity concept stocks strengthened overall on April 22. As of the close on the 22nd, the copper cable high-speed connectivity concept rose 2.29%. Among individual stocks, Far East Holdings hit the daily limit, while Hengtong Optic-Electric, ZTT, Shenlan Technology, Changxin Bochuang, Zhaolonginterconnect, and Kingsinno led the gains. News [State Council: Advancing Computing Power Layout and Edge Computing Power Development in an Orderly Manner, Improving Intelligent Computing Cloud Service System] The State Council issued the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." It mentioned deepening the implementation of the Industrial Internet innovation and development project, advancing the industrial data foundation initiative, cultivating data cooperation consortia, and building a number of high-quality industry datasets. It also called for developing professional services such as data annotation and certification, exploring the establishment of classified and graded mechanisms for data rights confirmation, evaluation, and pricing. Computing power layout and edge computing power development will be advanced in an orderly manner, and the intelligent computing cloud service system will be improved. The application of urban information modeling platforms and building information modeling technologies will be accelerated. [China's Intelligent Computing Power Scale Reaches 1882 EFLOPS] Zhang Yunming, Vice Minister of the Ministry of Industry and Information Technology, stated on the 21st that computing power infrastructure has become a key foundation driving the development of artificial intelligence. As of month-end in March, China's intelligent computing power scale reached 1882 EFLOPS. At a press conference held by the State Council Information Office on the same day, Zhang Yunming said that recently, the Ministry of Industry and Information Technology has been making sustained efforts in key areas such as enabling small and medium-sized enterprises with inclusive computing power and computing-electricity coordination, and the computing power industry has shown a positive development trend. Industrial innovation has become stronger, with the in-depth implementation of the computing power foundation "open competition" initiative, the conduct of policy research and standard formulation for computing-electricity coordination, and the promotion of accelerated implementation of generation-grid-load-storage and green electricity direct connection. Network transmission has become smoother, with over 70 computing power corridors built around computing power hubs over the past two years, and the implementation of the metropolitan "millisecond computing" special initiative, among others. [National Advanced Computing Industry Innovation Center Qingdao Base Officially Launched] According to Sugon, on April 22, the National Advanced Computing Industry Innovation Center Qingdao Base was officially launched in Laoshan District, Qingdao. The National Advanced Computing Industry Innovation Center is a national-level industrial innovation platform established in 2018 with the approval of the National Development and Reform Commission (NDRC), aimed at achieving breakthroughs in core technologies in the field of advanced computing and fostering internationally competitive industrial clusters. The Qingdao base launched this time, co-built with the participation of Sugon, will leverage regional industrial advantages to create an advanced computing innovation platform integrating technology R&D, commercialization of research outcomes, and industrial incubation, further pooling industry resources, driving regional industrial intelligent upgrading, and injecting strong "computing power momentum" into the digital economy development of Qingdao and even Shandong Province. [Yuandong Holdings: Q1 2026 Net Profit of 96.6284 Million Yuan, up 110.36% YoY] Yuandong Holdings disclosed its Q1 2026 report on April 22. The company achieved total operating revenue of 5.325 billion yuan, up 9.26% YoY; net profit attributable to the parent company was 96.6284 million yuan, up 110.36% YoY. [Rickda: Achieved Small-Batch Delivery of 400G/800G Products and Is Driving Capacity Ramp-Up] Rickda released an investor relations activity record announcement. The company is a quality supplier capable of simultaneously providing comprehensive solutions for optical, electrical, microwave, high-speed data, and fluid connections. It has also deployed multiple products for AI applications, including power supply, high-speed transmission, and liquid cooling categories. High-speed copper cable connector-related products are primarily led by Suzhou Richuang Connection Technology Co., Ltd., with planned products mainly including AEC, DAC, and ACC high-speed copper cable products, high-speed board-to-board connectors, high-speed I/O connectors, and other product series. Currently, Richuang has achieved small-batch delivery of 400G/800G products and is driving capacity ramp-up, while multiple products with even higher speeds are also progressing as planned. [Tongguan Copper Foil: The Company's High-Frequency High-Speed PCB Copper Foil Can Be Widely Used in 5G Communication Equipment, High-Computing-Power Servers, and Other Network Equipment and Network Connectors] Tongguan Copper Foil stated on the investor interaction platform on March 23 that the company's high-frequency high-speed PCB copper foil can be widely used in 5G communication equipment, high-computing-power servers, data centers, switches, and other network equipment and network connectors. [Xinhongye: Dedicated Technical Research Has Been Conducted in the High-Speed Copper Cable Connection Field for Intelligent Computing Scenarios] Xinhongye stated on the interaction platform on March 17 that the company pays close attention to the development trends of computing power data centers and the computing-power-and-electricity synergy industry, and will leverage its core business and technological advantages to continuously track industry dynamics and prudently evaluate opportunities for penetration and deployment in related fields. The current AI intelligent computing industry is trending toward the parallel development and synergy of optical and copper solutions. Leveraging its core copper cable technology advantages, the company has launched dedicated technical research in the high-speed copper cable connectivity domain for intelligent computing scenarios. Meanwhile, in line with the industry's technological evolution, the company maintains forward-looking technical research and market tracking in fiber optic-related fields, and is expected to steadily advance related deployments based on industry demand, technological development, and its own strategic planning. AI-Related Orders Remain Red-Hot with Optimistic Demand across All Copper Foil Specifications According to SMM, the operating rate of Chinese copper foil enterprises rose both YoY and MoM in March 2026. Downstream demand recovered rapidly after Chinese New Year, with both production and sales of lithium battery copper foil and electronic circuit copper foil climbing in March, bringing the overall industry operating rate close to 90%. End-use demand side, the power and ESS sectors maintained high prosperity with steady order growth. The traditional consumer electronics industry transitioned smoothly into peak season, AI-related orders remained red-hot, and demand across all copper foil specifications performed optimistically . Global New Energy and AI Industries Show High Prosperity — March Copper Foil Exports Hit a Single-Month Record High According to data from the General Administration of Customs, China's copper foil (HS codes: 74101100, 74102190) imports in March 2026 totaled 8,220.04 mt, up 11.88% YoY and up 27.59% MoM. China's copper foil exports in March 2026 totaled 6,663.48 mt, up 56.19% YoY and up 38.23% MoM. Statistics showed that both China's copper foil imports and exports rose to elevated levels in March 2026, with exports hitting a single-month record high. Global new energy and AI industries exhibited high prosperity, coupled with optimistic demand during the seasonal consumption peak. Voices from Various Parties A Huaxi Securities research report stated that external geopolitical risks persist at the current juncture, and market risk appetite may affect short-term market fluctuations. AI remains a key investment theme in the near term, with attention on domestically produced computing power and computing power leasing driven by supply-demand imbalance, as well as optical module and fiber optic cable segments with strong earnings certainty. Computing power supply-demand imbalance is intensifying, with computing power consumption expanding sharply and the three major cloud providers collectively raising prices. On one hand, the current supply-demand imbalance reflects robust demand in upstream chips and computing power leasing industries, with enhanced bargaining power driving price increases, benefiting domestic AI chip and computing power leasing producers. On the other hand, rising AI service costs will be transmitted to downstream application development, potentially accelerating downstream industry consolidation and improving computing power utilization efficiency. Changjiang Securities believed that geopolitical conflicts were accelerating the restructuring of global supply chains, enhancing China's irreplaceability as the "world's factory," and that related export chain and manufacturing leading assets may command a "scarcity premium." In terms of allocation, regardless of whether the Middle East conflict fluctuated, three main themes should be firmly pursued. First, the AI trend that conflicts could hardly alter — focusing on AI infrastructure such as computing power, storage capacity, and power equipment, as well as "HALO" asset opportunities. Second, the urgency of conflicts accelerating the energy revolution — focusing on new energy sectors such as lithium battery and hydrogen energy, as well as resource commodities including non-ferrous metals, oil, and coal. Third, sectors at cyclical bottoms where earnings were expected to gradually improve, such as chemicals, steel, and condiments. Data showed that the CSI A500 Index, closely tracked by A500 ETF South China, covered high-quality large- and mid-cap leading enterprises in A-shares, evenly distributed across core areas such as emerging manufacturing and consumption upgrading, with a focus on new quality productive forces. Investors could gain exposure through A500 ETF South China and its feeder funds in one step. A Huatai Securities research report believed that, with the rapid increase in demand for 800G and 1.6T optical modules in recent years and the approaching 3.2T era, the development opportunities for upstream core materials of optical modules were promising. It systematically reviewed the growth logic of two major industries — InP substrates and thin-film lithium niobate. InP substrates, as upstream core raw materials for optical chips, benefited from the rapid boost in demand from optical chip producers, with the industry showing an undersupply trend. Modulators made from thin-film lithium niobate, leveraging advantages such as low power consumption and high bandwidth, were expected to enter an adoption window in 3.2T pluggable solutions in the future, with broad growth potential across the industry chain. A Shanxi Securities research report indicated that NVIDIA made a $2 billion strategic investment in Marvell to cooperate on expanding the NVLINKFusion ecosystem. On March 31 local time, NVIDIA and Marvell announced a strategic partnership to connect Marvell with NVIDIA's AI factory and AI-RAN ecosystem through NVIDIA NVLINKFusion. Marvell would provide customized XPUs and NVLINKFusion-compatible expansion networks, while NVIDIA would provide supporting technologies, including Vera CPU, ConnectX NICs, Bluefield DPU, NVLINK interconnects, and SpectrumX switches, as well as rack-scale AI computing. Marvell is one of the world's leading ASIC custom service providers, with clients including AWS, Microsoft, and Google. It is a major global supplier of optical module DSP and EIC, and has focused on CPO deployment through the acquisition of CelestialAI. We believe that NVIDIA's strategic investment in Marvell is expected to enhance Marvell's design capabilities in memory semantics, high-speed SERDES, and super-node systems, and to facilitate the expansion of the NVLINKFusion ecosystem. NVIDIA's NVLINK Scaleup technology encompasses an overall solution covering NVLINK SERDES, NVLINK chiplets, NVLINK switches, and rack-scale expansion architecture (including NVLINK SPINE, copper cabling systems, innovative mechanical architecture, power supply, and liquid cooling technologies). NVIDIA unveiled a complete copper-connected rack-scale solution at GTC 2026, including Rubin NVL72, Rubin Ultra NVL144, LPX 256, and ETL 256. Shanxi Securities believed that Marvell's participation is expected to expand the addressable market for copper connectivity. NVIDIA has positioned CPO as one of the most important transformations in Feynman-generation Scaleup technology, and combined with Marvell's silicon photonics technology, we believe the CPO penetration rate is expected to gradually increase. Soochow Securities' research report commenting on Fujida noted: a leading player in China's RF connector industry. The company specializes in the R&D, sales, and services of connectors, cables, cable assemblies, and microwave components, holding a leading position in China and non-China markets. Since its establishment in 1998, the company has been deeply engaged in the RF interconnect field. Backed by AVIC Optronics (its controlling shareholder), it has gradually expanded from traditional general-purpose RF connectors to high-end new product categories, including RF cables (aerospace applications), advanced ceramic products (chip integrated packaging applications), and RF links (active and passive microwave components). In 2025, the company achieved revenue of 881 million yuan and net profit attributable to the parent company of 78 million yuan, up 15.5% and 52.0% YoY, respectively. The company has positioned itself in five core tracks, with broad prospects for high-end connectors: 1) Demand in the defense informatization sector remained strong, with new products showing considerable potential. 2) The civil aerospace satellite sector has become a new growth engine. 3) The semiconductor equipment industry urgently needs high-end RF/electrical connectors. 4) The domestic supply chain for high-end electronic measurement instruments is embracing opportunities. 5) High-speed copper cables and quantum communication cable products are benefiting from the data center construction boom. Large-scale growth in data center infrastructure is boosting high-speed transmission products to gradually evolve toward system-level solutions. The company's high-speed copper cables have achieved product category expansion around 400G components, reaching an internationally leading level; meanwhile, in the quantum communication field, the company has deployed cryogenic superconducting cables, achieved initial small-batch supply, and is expected to gradually achieve commercialization. Recommended Reading:

[SMM Steel] Steel Dynamics reported significantly improved Q1 2026 results, with net income reaching $403 million (vs. $217 million YoY) and sales at $5.2 billion. Steel shipments hit a record 3.6 million tons, supported by stronger demand and higher pricing. Despite cost pressures, margins remained solid, with EBITDA around $700 million. Order backlogs extended into Q3, reflecting improving market conditions, while the company also expanded its aluminum segment and raised its dividend.

SMM April 22: Metals market: As of the daytime close, base metals in the domestic market mostly rose, with only SHFE lead and SHFE tin declining together. SHFE lead fell 0.65% and SHFE tin fell 0.24%. The remaining base metals all gained less than 1%. The alumina front-month contract rose 0.28%, and the casting aluminum front-month contract rose 0.15%. In addition, the lithium carbonate front-month contract rose 0.23%, the silicon metal front-month contract rose 0.29%, and the polysilicon front-month contract rose 5.13%. The Europe containerized freight front-month contract rose 2.52% to close at 2,176.1. Ferrous metals, all rose except stainless steel, which fell 0.5%. Hot-rolled coil rose 0.62%. Coking coal and coke, coking coal rose 1.07% and coke rose 0.63%. Overseas market, as of 15:06, overseas base metals mostly rose. LME copper, LME tin, and LME nickel all gained over 1%, with LME tin leading the gains at 1.82%, LME nickel up 1.35%, and LME copper up 1.18%. The remaining metals all gained less than 1%. Precious metals, as of 15:06, COMEX gold rose 1.38% and COMEX silver rose 2.62%. In China, SHFE gold fell 0.46% and SHFE silver fell 1.3%. In addition, the platinum front-month contract rose 0.39% and the palladium front-month contract rose 0.83%. Market data as of 15:06 today Macro Front Domestic: [Ministry of Emergency Management: China's workplace safety accidents dropped significantly in Q1] April 22 — According to the Ministry of Emergency Management, the total number of workplace safety accidents in China declined significantly in Q1, with the safety situation in most regions and industry sectors improving notably. Shen Zhanli, Director of the News and Publicity Department of the Ministry of Emergency Management, noted that a total of 3,258 workplace safety accidents of various types occurred nationwide in Q1, down 26.7% YoY. No extraordinarily severe accidents occurred, but major accidents and significant near-miss incidents remained frequent in some regions and industry sectors. Illegal production activities in sectors such as mining, chemicals, fire safety, and fireworks showed signs of resurgence, with increasing pressure to prevent and curb major and extraordinarily severe accidents, leaving the workplace safety situation far from optimistic. Regarding natural disasters, China was primarily affected by low-temperature freezing rain and snow, snowstorms, hailstorms, and earthquakes in Q1, while droughts, floods, forest fires, and geological disasters also occurred to varying degrees. (Xinhua) (Jin10 Data) [China Motorcycle Commerce Association: Motorcycle exports reached 4.6268 million units in Q1] Based on customs data analysis, from January to March 2026, China's motorcycle exports totaled 4.6268 million units, up 13.49% compared to the same period last year, with an export value of $3.014 billion, up 16.93% compared to the same period last year. Latin America had the highest exports, with exports of 1.4812 million units, down 8.47% YoY, and an export value of $963 million, down 0.99% YoY. Africa saw the largest YoY increase, with exports of 1.753 million units, up 44.95% YoY, and an export value of $949 million, up 48.01% YoY. (Jin10 Data APP) [Inauguration Ceremony of PV Patent Pool Expert Advisory Committee and PV Patent Pool Co-building Seminar Held in Beijing] On April 21, the inauguration ceremony of the PV Patent Pool Expert Advisory Committee and the PV Patent Pool Co-building Seminar were held in Beijing. The establishment of the Expert Advisory Committee aimed to provide regulatory supervision and guidance for the construction and operation of China's PV patent pool, promoting its lawful, compliant, and healthy development. Through prior solicitation, selection, and review, the first batch of 14 experts were selected, covering fields such as intellectual property management, PV technology R&D, legal litigation, and antitrust research. At the event, representatives from enterprises including TrinaSolar Co., Ltd., JA Solar Technology Co., Ltd., and Jinko Solar Holdings Co., Ltd. jointly launched the PV patent pool in the TOPCon battery technology field. (National Industrial Information Security Development Research Center) [PBOC Reverse Repo Operations Achieved Net Injection of 5.5 Billion Yuan on the Day] The PBOC conducted 6 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repo operations matured today, a net injection of 5.5 billion yuan was achieved on the day. (Jin10 Data APP) US Dollar: As of 15:06, the US dollar index fell 0.09% to 98.3. Bank Indonesia Governor: The US Fed interest rate cut may be delayed, and rates may remain unchanged through the end of 2026. (Jin10 Data APP) A CICC research report noted that Fed Chairman nominee Kevin Warsh attended a Senate Banking Committee hearing, revealing his core policy stance of pursuing "balance sheet reduction and interest rate cuts" in parallel: at the balance sheet level, he explicitly opposed normalizing quantitative easing (QE), advocating for a gradual and orderly reduction of the US Fed's balance sheet size, withdrawing from quasi-fiscal functions, and returning it to its core monetary policy role; at the interest rate level, although he made no explicit commitment, his statements indicated an inclination toward interest rate cuts. In our view, Warsh's policy stance represents not only an adjustment to the monetary transmission mechanism, but also an extension of the "America First" strategy into the monetary domain amid the wave of de-globalization — shifting from a "global central bank" that endlessly supplies liquidity to the world, toward a new approach that firmly controls the monetary spigot, focuses on domestic productivity, and emphasizes monetary sovereignty. We believe this shift implies that the narrative of persistently excessive US dollar liquidity will face correction, and assets that relied solely on liquidity-driven momentum and benefited from "US dollar oversupply" may come under pressure. (Jin10 Data APP) A CITIC Securities research report stated that Warsh's testimony demonstrated the high-difficulty balancing act he faces. On one hand, he needs to "please" Trump to a certain extent, thus acknowledging Trump's right to voice opinions on interest rates; on the other hand, he needs to earn the trust of the market and the US Fed internally, thus emphasizing the mission of price stability and the US Fed's independence. Although Warsh's performance was unsatisfactory when facing questions from Democratic lawmakers, this has a relatively small impact on whether Warsh can succeed Powell. Whether Warsh can successfully pass the Senate Banking Committee vote depends on whether he can secure the support of Republican Senator Tillis. We believe Trump will most likely TACO and withdraw the investigation into Powell to help Warsh pass the Senate vote. Warsh emphasized during the Q&A session that he would not become Trump's "puppet," and the market leaned toward hawkish trading. Warsh's ideas on reforming the US Fed deserve more market attention, especially his proposal that the US Fed needs a new inflation framework and his criticism of the US Fed's current approach to forward guidance. Warsh emphasized that the US Fed should shrink its balance sheet, using interest rates as the primary policy tool. However, we still believe Warsh's plan to shrink the balance sheet requires lengthy preparation, and the pace of implementation will be gradual. (Jin10 Data APP) According to CME "FedWatch": the probability of the US Fed raising interest rates by 25 basis points in April was 0%, and the probability of keeping rates unchanged was 100%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.7%, and the probability of keeping rates unchanged was 98.3%. (Jin10 Data) On the macro front: The eurozone's preliminary April consumer confidence index, UK March CPI month-on-month rate, and UK March retail price index month-on-month rate were scheduled for release today. In addition, US Fed Governor Waller delivered a speech at the Brookings Institution. Crude oil: As of 15:06, oil prices in both markets fell, with WTI down 0.97% and Brent down 0.76%. Iran said there were "signs" that the US was preparing to lift its maritime blockade, and international oil prices plunged on the news. (Jin10 Data APP) Iran's Tasnim News Agency reported that the Iranian side received "some signs" indicating that the US was preparing to lift its maritime blockade. Some analysts said that if the report was true, it would be good news, as it encouraged Iran to come to the negotiating table. For now, the ceasefire agreement will continue to be extended in accordance with US President Trump's statement. However, further negotiations may be delayed until further notice. Earlier, US Vice President Vance was originally scheduled to head to Pakistan later today, but some media reports indicated that his trip had been canceled due to Iran's unwillingness to engage in talks. Nevertheless, the market remained hopeful, and risk trades recovered on the news. (Jin Shi Data APP) SMM Daily Review ► ► ► ► ► ► ► ► ►

SMM April 22: Metals market: As of the midday close, domestic market base metals mostly rose. SHFE copper was up 0.12%. SHFE aluminum was up 0.26%. SHFE lead was down 0.59%, and SHFE zinc was up 0.23%. SHFE tin was down 0.58%, and SHFE nickel was up 0.79%. In addition, the most-traded foundry aluminum futures were up 0.17%, and the most-traded alumina contract was up 0.14%. The most-traded lithium carbonate contract was up 0.21%. The most-traded silicon metal contract was up 0.4%. The most-traded polysilicon futures were up 5.24%. Ferrous metals mostly rose. Iron ore was up 0.64%, rebar and hot-rolled coil were both up less than 0.5%, and stainless steel was down 0.1%. Coking coal and coke: the most-traded coking coal contract was up 1.31%, and the most-traded coke contract was up 1.12%. Overseas market base metals, as of 11:48, LME metals were nearly all up. LME copper was up 0.79%. LME aluminum was up 0.59%, LME lead was down 0.26%, and LME zinc was up 0.1%. LME tin was up 1.44%. LME nickel was up 1.02%. Precious metals, as of 11:48, COMEX gold was up 1.2%, and COMEX silver was up 2.04%. Domestic market precious metals: the most-traded SHFE gold contract was down 0.54%, and the most-traded SHFE silver contract was down 1.91%. In addition, as of the midday close, the most-traded platinum futures were down 0.17%, and the most-traded palladium futures were up 0.35%. As of the midday close, the most-traded Europe containerized freight index contract was up 3.92%, at 2,205.7 points. As of 11:48 on April 22, midday futures quotes for selected contracts: Spot cargo and fundamentals Zinc: In the Tianjin market, #0 zinc ingot was mainly traded at 23,980-24,120 yuan/mt, Zijin brand at 24,060-24,140 yuan/mt, and #1 zinc ingot at around 23,980-24,060 yuan/mt. Zijin was quoted at a discount of 30-40 yuan/mt against the 2605 contract. Huzinc was quoted at 25,170 yuan/mt. #0 zinc ingot was quoted at a discount of 50-120 yuan/mt against the 2605 contract. Tianjin was quoted at a discount of around 50 yuan/mt against Shanghai. Macro front China: [Ministry of Emergency Management: China's total work safety accidents dropped significantly in Q1] April 22 - According to the Ministry of Emergency Management, China's total work safety accidents dropped significantly in Q1, with the safety situation in most regions and industry sectors improving notably. Shen Zhanli, Director of the Press and Publicity Department of the Ministry of Emergency Management, said that a total of 3,258 work safety accidents of various types occurred nationwide in Q1, down 26.7% YoY. No extraordinarily serious accidents occurred, but major accidents and significant near-miss incidents were frequent in some regions and industry sectors. Illegal production activities in sectors such as mining, chemicals, fire safety, and fireworks showed signs of resurgence. The pressure to prevent and curb major and extraordinarily serious accidents further increased, and the work safety situation remained challenging. Natural disaster side, China's Q1 was dominated by low-temperature freezing rain and snow, snowstorms, wind and hail, and earthquakes, with droughts, floods, forest fires, and geological disasters also occurring to varying degrees. (Xinhua News Agency) (Jin10 Data) [China Motorcycle Chamber of Commerce: Motorcycle Exports Reached 4.6268 Million Units in Q1] Based on customs data analysis, from January to March 2026, China's motorcycle exports totaled 4.6268 million units, up 13.49% compared to the same period last year, with an export value of $3.014 billion, up 16.93% compared to the same period last year. Latin America was the largest export destination, with exports of 1.4812 million units, down 8.47% YoY, and an export value of $963 million, down 0.99% YoY. Africa saw the largest growth, with exports of 1.753 million units, up 44.95% YoY, and an export value of $949 million, up 48.01% YoY. (Jin10 Data APP) [PV Patent Pool Expert Advisory Committee Inauguration Ceremony and PV Patent Pool Co-building Seminar Held in Beijing] On April 21, the PV Patent Pool Expert Advisory Committee Inauguration Ceremony and PV Patent Pool Co-building Seminar was held in Beijing. The establishment of the Expert Advisory Committee aimed to provide regulatory supervision and guidance over the construction and operation of China's PV patent pool, promoting its lawful, compliant, and healthy development. After prior solicitation, selection, and review, the first batch of 14 experts were selected, covering fields including intellectual property management, PV technology R&D, legal litigation, and antitrust research. At the event, representatives from enterprises including TrinaSolar Co., Ltd., JA Solar Technology Co., Ltd., and Jinko Solar Holdings Co., Ltd. jointly launched the PV patent pool in the TOPCon battery technology field. (National Industrial Information Security Development Research Center) [PBOC Net Injected 5.5 Billion Yuan via Reverse Repo Operations] The PBOC conducted 6 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, a net injection of 5.5 billion yuan was achieved. (Jin10 Data APP) US dollar side: As of 11:48, the US dollar index was up 0.01% at 98.4. Fed Chairman nominee Kevin Warsh rebutted Democrats' concerns that he would become the President's "puppet," repeatedly emphasizing that he would be an independent decision-maker if his nomination was confirmed by the Senate. Warsh stated at the Senate Banking Committee hearing on Tuesday that a series of reforms should be made to how the US Fed makes decisions, including establishing a new inflation response framework and improving communication with the public. But he provided few details and dodged questions about the near-term path of short-term interest rates. (Wallstreetcn) According to CME "FedWatch": the probability of the US Fed raising interest rates by 25 basis points in April was 0%, and the probability of keeping rates unchanged was 100%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.7%, and the probability of keeping rates unchanged was 98.3%. (Jin10 Data) A CITIC Securities research report stated that Warsh's testimony demonstrated the highly difficult balancing act he faces. On one hand, he needs to "please" Trump to a certain extent, thus acknowledging Trump's right to voice opinions on interest rates; on the other hand, he needs to earn the trust of the market and the US Fed internally, thus emphasizing the mission of price stability and the independence of the US Fed. Although Warsh's performance was unsatisfactory when facing questions from Democratic senators, this has a relatively small impact on whether Warsh can succeed Powell. Whether Warsh can successfully pass the Senate Banking Committee vote depends on whether he can secure the support of Republican Senator Tillis. We believe Trump will most likely TACO and withdraw the investigation into Powell to help Warsh pass the Senate vote. Warsh emphasized during the Q&A session that he would not become Trump's "puppet," and the market leaned toward hawkish trading. Warsh's ideas on reforming the US Fed deserve more market attention, especially his proposal that the US Fed needs a new inflation framework and his criticism of the US Fed's current approach to forward guidance. Warsh emphasized that the US Fed should shrink its balance sheet, with interest rates as the primary policy tool. However, we still believe Warsh's plan to shrink the balance sheet requires lengthy preparation, and the pace of implementation will be gradual. A CICC research report stated that Fed Chairman nominee Kevin Warsh attended the Senate Banking Committee hearing, revealing his core policy stance of a dual-track approach of "balance sheet reduction and interest rate cuts": at the balance sheet level, he explicitly opposed normalizing quantitative easing (QE), advocating for a gradual and orderly reduction of the US Fed's balance sheet size, exiting quasi-fiscal functions, and returning it to its monetary policy mandate; at the interest rate level, although he made no explicit commitment, his statements already showed an inclination toward cutting interest rates. In our view, Warsh's policy stance is not only an adjustment to the monetary transmission mechanism but also an extension of the "America First" strategy into the monetary domain amid the wave of deglobalization — shifting from a "global central bank" that endlessly supplies liquidity to the world, toward a new approach that firmly controls the monetary spigot, focuses on domestic productivity, and emphasizes monetary sovereignty. We believe this shift means the narrative of persistently excessive US dollar liquidity will face correction, and assets that purely rely on liquidity-driven gains and benefit from "US dollar over-issuance" may come under pressure. (Jin10 Data) Other currencies: Japan's March imports and exports continued to grow, but the trade outlook for the coming months remains clouded by the Middle East war. Yasuhisa Irie, an economist at Mizuho Securities, said that in the short term, Japan's total import value is likely to remain roughly flat, as supply constraints suppressed imports and high energy prices eroded consumer confidence, thereby limiting demand. Takeshi Minami, an economist at Norinchukin Research Institute, expected the consequences of energy shortages to become more apparent starting in April. Minami said: "Although the Japanese government has begun to release crude oil reserves and claims to have secured alternative procurement routes that do not rely on the Strait of Hormuz, a prolonged blockade could lead to significant economic contraction in emerging markets with smaller oil reserves." He added that this situation is expected to harm the Japanese economy in multiple ways, including a slowdown in economic activity and intensified inflationary pressures. (Jin10 Data) Data: The preliminary eurozone consumer confidence index for April, the UK March CPI monthly rate, and the UK March retail price index monthly rate will be released today. In addition, US Fed Governor Waller will deliver a speech at the Brookings Institution. Crude oil: As of 11:48, oil prices in both markets edged down, with WTI falling 0.22% and Brent falling 0.07%. Oil prices moved sideways as the market weighed the prospects of US-Iran peace negotiations. Data released by the American Petroleum Institute (API) showed that US crude oil inventory declined. For the week ending April 17, API crude oil inventory was -4.47 million barrels (expectations: -1.8 million barrels, previous: 6.101 million barrels). For the same week, API gasoline inventory was -5.165 million barrels (expectations: -1.333 million barrels, previous: 626,000 barrels). (Jin10 Data) Mitsubishi UFJ analyst Lloyd Chan said in a research note that the US-Iran conflict appeared to have shifted into a prolonged stalemate rather than a swift resolution. The senior currency analyst said the US appeared to be using a blockade of Iranian ports to pressure Tehran into a peace deal, or risk further military escalation. Chan said: "For markets, this environment means continued disruption to energy shipments through the Strait of Hormuz." The analyst added that pressure points were more evident in oil-sensitive currencies, including the Philippine peso and the Thai baht. (Jin10 Data) A research report from CITIC Securities noted that the recurring tensions in the Strait of Hormuz indicated that the impact of this round of events on the oil shipping market was still unfolding according to a three-phase logic. After a brief reopening on April 17, Iran reimposed the blockade on April 18, indicating that the situation had not yet stabilized. Regardless of how the U.S.-Iran standoff develops going forward, the market is still in the process of the Hormuz blockade shock gradually transmitting to oil shipping fundamentals. Oil shipping freight rates evolved in three stages: rates rose during the conflict period, vessel redeployment lengthened shipping distances and pushed up the freight rate center, and after the reopening, a rush to secure oil may drive freight rates higher for over two months. Currently, the third stage — the inevitable global scramble for crude oil following the reopening of the Strait of Hormuz — will inevitably transmit to the oil tanker shipping market. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

[Xingye Silver&Tin Released 2025 Annual Report] On April 22, Xingye Silver&Tin released its 2025 annual report. In 2025, the company's ore-derived zinc production totaled 66,600 mt, up 11.63% YoY, and ore-derived lead production totaled 19,100 mt, up 12.96% YoY.

On April 21, Zijin Mining Group Co., Ltd. released its first quarter report for 2026. During the reporting period, the company achieved operating revenue of 98.498 billion yuan, a year-on-year increase of 24.79% compared to 78.928 billion yuan in the same period last year; total profit reached 31.584 billion yuan, a year-on-year increase of 115.03%; net profit was 25.166 billion yuan, a year-on-year increase of 101.90%. In the lithium segment, the company achieved lithium carbonate equivalent production of 16,000 tons. Several lithium mine projects are steadily ramping up capacity, and the northeastern project of the Manono Lithium Mine is expected to be completed and commence production in June 2026.

[Zhongjin Lingnan's 2025 Annual Report Released] On April 22, Zhongjin Lingnan released its 2025 annual report. In 2025, the company's mining enterprises produced 253,800 mt of lead-zinc metal content in concentrates, down 4.21% YoY, and 10,255 mt of copper metal content in concentrates, down 14.23% YoY. The company's smelters produced 917,900 mt of copper, lead, and zinc products, up 5.33% YoY, including copper cathode (477,200 mt, up 10.54% YoY) and lead-zinc products (440,700 mt, up 0.22% YoY). In 2026, the company plans to produce 266,400 mt of lead-zinc metal content in concentrates, including lead metal content (73,200 mt) and zinc metal content (193,200 mt), as well as 442,800 mt of lead-zinc products, including lead ingots (124,100 mt) and zinc ingots and zinc products (318,700 mt)

[SMM Stainless Steel Daily Review] Geopolitical Risks Eased, SS Futures Stopped Falling and Rebounded, Stainless Steel Spot Transactions Recovered SMM April 22 reported that SS futures showed a trend of stopping falling and rebounding. The US-Iran conflict cooled down, with the US announcing an indefinite ceasefire and Iran suspending military operations. Influenced by this, non-ferrous futures strengthened, and SS futures rose in tandem. As of the morning session close, the most-traded SS contract was quoted at 14,920 yuan/mt. Spot market side, although SS futures stopped falling today, futures prices had already pulled back from earlier levels. In addition, after stainless steel spot prices surged significantly, downstream acceptance was low and transactions were weak. However, traders held low-priced cargoes from earlier periods and had room to offer concessions, so spot quotes pulled back accordingly, with inquiries and transactions recovering somewhat. The most-traded SS contract stopped falling and strengthened. At 10:15 AM, SS2605 was quoted at 14,885 yuan/mt, down 15 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 35-235 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled untrimmed 304/2B coils, the average price in Wuxi fell by 50 yuan/mt and in Foshan by 100 yuan/mt; cold-rolled 316L/2B coils in Wuxi held steady; hot-rolled 316L/NO.1 coils were quoted stable in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. The current stainless steel market is in the traditional peak season of "Golden March and Silver April." Driven by futures, spot quotes strengthened somewhat, but cautious wait-and-see sentiment among downstream end-users persisted, with concerns over short-term price fluctuations and purchases yet to materialize...

[MMG Q1 2026 Report Released] MMG released its Q1 2026 report. Its zinc ore production in the quarter was 50,200 mt, down 3% YoY. By mine, Dugald River's Q1 zinc concentrates production was 41,100 mt, basically flat YoY despite severe flooding and railway disruptions in January and February, thanks to higher throughput, recovery rates, and ongoing beneficiation plant optimization. Rosebery's Q1 zinc concentrates production was 9,100 mt, down 16% YoY, mainly attributable to lower zinc grade and a slight decline in recovery rates, in line with the planned mining sequence as operations advance into deeper areas of the ore body.

[SMM Express] According to reports, the Hunan Zhuonuo Weidian Equipment Industrial Park, invested by Zhuonuo Industrial (Shenzhen) Group Co., Ltd., recently reached an important period — the fully automated aluminum alloy anti-static floor die-casting production line in Workshop No. 3 officially commenced production, while a groundbreaking ceremony was held for Workshop No. 4.