Western Mining Group Technology Development Co., Ltd., with high-efficiency flotation reagents at its core, developed new-type lead-gold-silver collectors and zinc depressants, establishing an efficient mineral processing technology system. This technology effectively reduced zinc impurity content in lead concentrates and significantly improved the recovery efficiency of precious metals. After the research results were industrially applied at Western Mining Co., Ltd. Xitieshan Branch, mineral processing capacity increased from the designed 1.32 million mt/year to 1.5 million mt/year; lead and zinc recovery rates reached 92.76% and 95.66%, respectively, while gold and silver recovery rates increased by 4.65 and 2.73 percentage points, respectively.

This week，the solid-state battery industry showed a dual-engine momentum driven by "intensive breakthroughs on the technology front and targeted solutions on the policy front." CATL disclosed a sulphide patent, Zhongkeyuanben's 20Ah all-solid-state battery passed third-party detection, and Dreame Technology released a 450Wh/kg product; Guangdong took the lead in incorporating diversified solid-state battery technology routes and eVTOL scenarios into provincial-level action plans.

This week，the solid-state battery industry showed a dual-engine momentum driven by "intensive breakthroughs on the technology front and targeted solutions on the policy front." CATL disclosed a sulphide patent, Zhongkeyuanben's 20Ah all-solid-state battery passed third-party detection, and Dreame Technology released a 450Wh/kg product; Guangdong took the lead in incorporating diversified solid-state battery technology routes and eVTOL scenarios into provincial-level action plans.

Since the global consensus on green and low-carbon development was reached, the strategic position of the secondary metal industry has become increasingly prominent. With the accelerated advancement of industrialization, the demand for metal resources has continued to grow. As a green, environmentally friendly, and economically viable alternative resource, secondary metals have become a global focus. In recent years, Southeast Asia has emerged as a significant global hub for the collection, distribution, and processing of secondary resources. Meanwhile, with the deepening internationalization of industries such as NEVs, processing enterprises in the secondary copper, secondary aluminum, and battery sectors, which are part of the material supply chain, have chosen to establish factories in Southeast Asian countries like Thailand to expand overseas resources and enhance global competitiveness. Thailand, as a key economy in Southeast Asia, boasts a relatively mature resource recycling system and a favorable geographical location, providing convenient conditions for regional collaboration and international trade in the secondary metal industry. It has now developed into a global industrial base for the recycling, sorting, and reprocessing of secondary metals such as secondary aluminum and secondary copper, annually exporting substantial amounts of secondary metal resources to China and other countries. Additionally, Thailand's manufacturing sector is thriving, with annual expansions in areas such as automotive manufacturing and electronics and appliances, providing strong demand support for the secondary metal resource industry. From June 24-25, 2024, the 1st SMM Global Secondary Metal Industry Forum was held in Malaysia. The event brought together recycling associations, government officials, and renowned enterprises from various regions to discuss the current state and future development of the secondary metal industry. From 2024 to 2025, with the continuous updating of secondary metal policies and the rapid development of the industry, SMM Information & Technology Co., Ltd. plans to hold the 2025 SMM 2nd Global Secondary Metal Industry Chain Peak Forum in Thailand from June 12-13, 2025, to assist enterprises in navigating the changes in the secondary metal industry, comply with industry standardization requirements, and provide a platform for business exchanges. The summit aims to gather associations, leading enterprises, research institutions, industry experts, and policymakers from the global secondary metal sector to jointly explore new trends, technologies, and policies in the development of the secondary metal industry. It will build an international platform for exchange, cooperation, resource sharing, and collaborative innovation, contributing to the construction and improvement of the global resource recycling system and the realization of a global green economic transition. At this year's conference, Jiangxi Mingxin Metallurgical Equipment Co., Ltd. will make a grand appearance. Along with upstream and downstream colleagues in the secondary metal industry, they will engage in in-depth discussions on the pain points and challenges facing the industry, jointly explore business opportunities for win-win cooperation, and discuss ways to promote high-quality development in the industry. Click on the registration form to register for the conference immediately. The voice of low-carbon development resonates globally. See you in Bangkok. Jiangxi Mingxin Metallurgical Equipment Co., Ltd. is a national high-tech enterprise that integrates "high-end environmental protection equipment, mining machinery manufacturing, waste recycling and treatment, resource utilization, waste electrical and electronic product treatment qualifications, and hazardous waste business licenses". The company holds 3 national invention patents and over 60 national utility model patents. Its scientific research achievement, "R&D and industrialisation of a series of complete equipment for resource utilization of waste electronic products", has been accredited by the Jiangxi Provincial Department of Science and Technology. The overall technology of this achievement has reached the international advanced level, with the crushing technology for waste circuit boards achieving international leadership. It has won the first prize of the Jiangxi Science and Technology Progress Award and the first prize of the Ganzhou Science and Technology Progress Award. The company collaborates with multiple key national universities and research departments, forming an innovative enterprise that integrates "production, education, and research". It has been honored as a Postdoctoral Innovation Base in Jiangxi Province. It has also successively passed ISO9001 quality system certification and comprehensive quality management compliance qualification, and has been awarded titles such as National Intellectual Property Advantage Enterprise, Jiangxi Intellectual Property Advantage Enterprise, Jiangxi Science and Technology Enterprise, Jiangxi AAA Enterprise for Abiding by Contracts and Keeping Promises, Jiangxi Specialized, Sophisticated, Unique, and New Small and Medium-sized Enterprise, Jiangxi Famous Trademark, as well as the honorary title of Ganzhou's First Integrity Demonstration Enterprise. The company has the right to self-manage import and export, and its products are exported to over 60 countries and regions worldwide, gaining recognition and favour in the international market. The people of Mingxin are united, hardworking, pioneering, and innovative, adhering to scientific innovation. With high-quality products, reasonable prices, and sincere service, they sincerely look forward to cooperation and development with all friends. Jiangxi Mingxin Metallurgical Equipment Co., Ltd. is a national high-tech enterprise integrating "high-end environmental protection equipment, mining machinery manufacturing, waste recycling and treatment, resource utilization, waste electrical and electronic product treatment qualifications, and hazardous waste business license". The company has 3 national invention patents and more than 60 national utility model patents, and the scientific research results of "R&D and industrialization of a series of complete equipment for resource utilization of waste electronic products" have been identified by the Jiangxi Provincial Department of Science and Technology. The overall technology of this achievement has reached the international advanced level, among which the crushing technology of waste circuit boards has reached the international leading level and won the first prize of Jiangxi Science and Technology Progress and the first prize of Ganzhou Science and Technology Progress. The company has collaborated with numerous national key universities and scientific research departments to establish an innovative enterprise integrating "industry, university, and research," and has been awarded the Jiangxi Postdoctoral Innovation Base. The company has obtained ISO9001 quality system certification and total quality management qualification certification, and has earned the titles of National Intellectual Property Advantage Enterprise, Jiangxi Intellectual Property Advantage Enterprise, Jiangxi Science and Technology Enterprise, Jiangxi AAA Enterprise for Contract Compliance and Credit Keeping, Specialized, Refined, Specialized, and Innovative Small and Medium Enterprises in Jiangxi Province, Jiangxi Famous Trademarks, and Ganzhou First Honest Demonstration Enterprise. The company has the right to import and export independently, and its products are exported to over 60 countries and regions worldwide, gaining recognition and favor in the international market. The people of Mingxin unite, strive, forge ahead, and innovate scientifically. With high-quality products, reasonable prices, and sincere services, we sincerely look forward to the cooperation and development of all friends. Contact Information Manager Li: 13970779688 Long press to scan the QR code and register immediately 2025 SMM (2nd) Global Recycled Metal Industry Peak Forum

On February 13, Fudan University announced that the team led by Huisheng Peng/Yue Gao from the Department of Macromolecular Science had made a significant breakthrough in the field of lithium batteries. The research team overturned traditional design concepts and innovatively combined artificial intelligence (AI) with organic electrochemistry to successfully design a lithium carrier molecule. After injecting this molecule into the battery, it can precisely replenish the lithium ions lost during the battery's cycling process, thereby achieving non-destructive restoration of battery capacity. This technology provides crucial support for the transformation of the battery industry.

[Indian Government: Has Provided Separate Import Quotas for ICE and EV Vehicles to the UK Under Trade Agreement] An Indian government official stated that India has provided separate import quotas for internal combustion engine (ICE) and electric vehicle (EV) vehicles to the UK under a trade agreement. Tariffs on ICE and EV vehicles will be reduced in phases. The free trade agreement with the UK is expected to be signed in three months. (Financial Link) [India-US Tariff Negotiations: India Proposes "Zero-for-Zero" Tariff Arrangement] Informed sources revealed that during trade negotiations with the US, India proposed a "zero-for-zero" tariff arrangement for specific goods, including steel, auto parts, and pharmaceuticals. However, the proposal is based on the principle of reciprocity and is limited to a certain quantity of imported goods. Washington has expressed concerns about India's quality control orders, viewing them as non-tariff trade barriers to its exports. The US's so-called "reciprocal tariff" of 26% on India has been shelved, but the baseline tariff of 10% remains in effect. Reports indicate that imports of industrial products exceeding a certain quantity threshold will be subject to regular tariff rates. (Financial Link) [EU: Plans to Impose Tariffs on US Goods Worth €95 Billion if Negotiations Fail] The European Commission has launched a public consultation on possible countermeasures in response to US tariffs. The European Commission stated that if negotiations fail, it plans to impose tariff measures on US goods worth €95 billion. The tariff proposal includes aircraft, automobiles, and bourbon whiskey, as well as meat, fish, and agricultural products. The EU is considering imposing export restrictions on the US for scrap metal and chemicals worth €4.4 billion. The EU will initiate a dispute settlement procedure against the US at the WTO regarding automobiles and reciprocal tariffs. The European Commission stated that it will continue to prioritize seeking mutually beneficial and balanced solutions with the US. [Chinese Research Team Develops New Monitoring Technology to Safeguard the "Health" of Lithium-Ion Batteries] A team led by Professor Tingrui Pan and Researcher Yu Chang from the Suzhou Institute for Advanced Study of the University of Science and Technology of China, in collaboration with a team led by Professor Peng Tan from the University of Science and Technology of China and a team led by Professor Yongbing Tang and Researcher Fan Zhang from the Shenzhen Institute of Advanced Technology of the Chinese Academy of Sciences, has developed a long-lasting and stable in-situ expansion force monitoring technology for lithium-ion batteries. Relevant research results were recently published in National Science Review. Lithium-ion batteries have become the core of electric vehicles and energy storage systems due to their high energy density and long cycle life. However, issues such as lithium dendrite growth and solid electrolyte interphase (SEI) film growth threaten the safety and service life of batteries. In response to this challenge, the research team has developed a new in-situ monitoring technology based on integrated iontronic sensing technology. This technology utilizes the battery's own electrolyte and materials to construct a sensing interface, enabling high-precision pressure monitoring without additional encapsulation.This structure is not only highly compatible with battery materials but also addresses the stability challenges of traditional flexible pressure sensors in corrosive environments. Experiments have shown that the integrated iontronic sensing technology can operate stably within a battery for over one month, capturing the irreversible deposition of lithium dendrites through changes in the asymmetry and peak values of the pressure curve. Researchers have introduced that this technology opens up new avenues for the design of smart batteries, with its low cost, high precision, and long lifespan making it particularly suitable for vehicle battery management systems. (CCTV News) [Geely and DP Technology Usher in an Era of "Targeted Drug-Level Precision Regulation" for Battery Safety, Becoming One of the First Automakers to Pass New National Standards for Battery Safety] Recently, DP Technology and Geely Auto announced the establishment of a joint "New Energy + AI" laboratory. Both parties have introduced the "AI + Molecular Simulation" technology system from the biomedical field into the R&D of power batteries for the first time, marking the official entry of global power battery technology into a new phase of "atomic-level precision R&D." It is also understood that Geely Auto obtained the GB 38031-2025 "Safety Requirements for Traction Batteries in Electric Vehicles" test report on May 8, becoming one of the first domestic enterprises to pass the new national standards for battery safety. The test report was issued by the authoritative third-party testing institution, CATARC Automotive Test Center. Relying on its unique Shendun Battery Safety System, Geely passed all new national standard safety verifications in one go, fully reflecting its consistent safety philosophy. (Cailian Press) [Minister of Commerce Wang Wentao: Sales from Trade-in Programs for Consumer Goods Exceeded 1.3 Trillion Yuan in 2024, and Will Be Expanded and Intensified in 2025] The magazine Qizhi recently published an article titled "Vigorously Boosting Consumption, Expanding Domestic Demand in All Aspects, and Promoting Sustained Economic Rebound" by Wang Wentao, Secretary of the Party Leadership Group and Minister of the Ministry of Commerce. The article points out that upgrading commodity consumption is crucial for stabilizing the overall consumption market. With its large scale and strong driving force, stabilizing the basic consumption market requires first and foremost focusing on commodity consumption, which serves as the "linchpin." Currently, the main challenge facing commodity consumption is insufficient effective demand. We will explore multiple approaches from the demand side to tap into the potential for upgrading commodity consumption. We will intensify and expand the scope of trade-in programs for consumer goods. In 2024, sales from trade-in programs for consumer goods exceeded 1.3 trillion yuan, effectively boosting consumption recovery. In 2025, we will build on this momentum and further expand and intensify these efforts. In terms of intensification, the support funds from ultra-long-term special national bonds will be increased to 300 billion yuan, doubling the amount from the previous year. In terms of expansion, for the first time, subsidies will be introduced for the purchase of new digital products such as mobile phones, and the categories of home appliances eligible for trade-in subsidies will be expanded from "8+N" to "12+N." Additionally, the scope of vehicles eligible for scrappage and renewal under the program will be appropriately broadened. We will also improve the subsidy application process to enable consumers to enjoy policy incentives more quickly and conveniently.Launch pilot work on reforming automobile circulation and consumption. Support local governments in actively exploring and taking the lead in eliminating restrictive measures on automobile consumption and developing the automotive aftermarket, accelerating the release of consumption potential across all links in the entire chain of automobile purchase and use. Promote the consumption of high-quality foreign trade products. Organize the "China Tour for High-Quality Foreign Trade Products" campaign to expand online and offline channels and facilitate greater entry of high-quality foreign trade products into the domestic market. Advance the consumption of trendy domestic products. Continuously promote the innovative development of time-honored brands, host a series of featured events under the "Time-Honored Brand Carnival" initiative, and create growth points for the consumption of trendy domestic products. (Cailian Press) Related Reading: In Q1, lithium carbonate prices fell by over 25% YoY, with miners experiencing mixed performance. When will lithium prices rise? [SMM Special Report] [SMM Analysis] In April 2025, SMM's total domestic lithium carbonate production fell by 7% MoM but increased by 40% YoY. Salt Lake Potash's net profit in Q1 increased by over 22% YoY. By 2030, it aims to achieve an annual lithium chemicals production capacity of 200,000 mt. On the first trading day after the holiday, the automotive parts sector saw a surge in "limit-up" stocks, with Jingjin Electric achieving three consecutive daily limit-ups. The market performed well during the holiday. [Hot Stocks] [SMM Analysis] The spot price of refined cobalt strengthened. [SMM Analysis] The spot price of cobalt intermediate products rose. [SMM Analysis] The economic viability of refined cobalt production declined, with April's refined cobalt production falling MoM. [SMM Analysis] In April, lithium hydroxide production remained relatively stable but slightly weak MoM, with expectations for May being basically flat. [SMM Analysis] In April, the production of ternary cathode precursors increased by 0.36% MoM. [SMM Analysis] In April, the production of ternary cathode materials increased by 7.38% MoM. [SMM Analysis] Between advancement and retreat: The pragmatic compromise of the US automotive tariff compensation policy and the challenges of global industry chain restructuring. [SMM Analysis] In April, the iron phosphate market remained stable, with enterprises facing pressure and struggling to raise prices. Lithium: Driving the Green Revolution. Analyzing how the industry chain is reshaping the future of energy. [SMM Popular Science] [SMM Analysis] Driven by the demand in the LCO market, the production of Co3O4 increased significantly MoM in April. [SMM Special Report] In Q1, the automobile industry achieved double-digit growth in both production and sales. Under the shadow of tariffs, what are the expectations for Q2? SMM: Global ESS market demand may reach around 470 GWh by 2030. How will various markets perform? [SMM Special Report] In March, import and export data for battery materials were released. Imports of spodumene and lithium carbonate showed one decrease and one increase MoM. How did they perform? [Weekly Observation] Spot quotes for refined cobalt continue to rise. High raw material costs have led some smelters to cut production. The price of this cobalt salt may remain firm.

AICE 2025 SMM (20th) Aluminum Industry Conference and Expo is one of the most influential events in China's aluminum industry and will be grandly held at Suzhou International Expo Center from April 16-18, 2025 . This exhibition is not only an annual event for the aluminum industry but also a high-quality platform that gathers global leading enterprises, experts, scholars, and industry elites, focusing on high-level dialogues, industry exchanges, and product showcases. AICE 2025 focuses on hot topics in the global aluminum industry, deeply explores cutting-edge technologies and trends in aluminum industry development, and showcases and exchanges the latest research results and practical experiences in upstream aluminum, aluminum rolling - aluminum plate/sheet, strip and foil, aluminum extrusion - tubes, rods, wires, and profiles, recycling and die-casting, aluminum melting and casting equipment, and auxiliary materials . Click to Register At this year's Aluminum Industry Conference and Expo, Guangxi Tiancheng Aluminum Co., Ltd. will attend and share practical experiences, collaborating with industry peers to build an innovative, high-quality, efficient, and sustainable aluminum industry chain, promoting new leaps in the aluminum industry. AICE 2025 SMM (20th) Aluminum Industry Conference and Expo will discuss, build, and share with global elites, empowering the entire aluminum industry chain. AICE 2025 will leverage the organizer's influence to integrate industry, academia, and research, stimulate innovation in the aluminum industry, and contribute to the industry's development and progress, fostering prosperity and success in the aluminum industry. We look forward to meeting you on-site! Guangxi Tiancheng Aluminum Co., Ltd. To implement the autonomous region's requirements of "leveraging comparative advantages, selecting development tracks, and developing new quality productive forces according to local conditions," and to utilize Laibin City's resources and regional advantages in the aluminum deep processing industry, on April 8, the "Aluminum-Based New Materials Joint Research Center" was officially established by Kunming University of Science and Technology and Guangxi Tiancheng Aluminum Co., Ltd. located in the Laibin Industrial Park. As an important attempt at deep integration of industry, academia, and research in the domestic aluminum industry, the center aims to combine the strengths and resources of both the university and the enterprise to promote the R&D and industrial application of key common technologies in aluminum-based new materials. The School of Materials Science and Engineering at Kunming University of Science and Technology boasts national-level platforms such as the "National and Local Joint Engineering Research Center for Advanced Solidification Forming and Equipment Technology," with dozens of key scientific research projects and technological breakthroughs in this field, yet faces constraints in the transformation of research results. As a leading aluminum processing enterprise in Southwest China, Tiancheng Aluminum has an annual production capacity of 200,000 mt of high-end aluminum semis but is limited by the small size of its R&D team and the scarcity of high-end talent. Both parties are joining forces to address key industry chain needs, promoting seamless integration between the university's "intellectual library" and the enterprise's "production line." According to the construction plan, the research center will establish three functional areas with a total area of 1,000 m². The R&D experimental area will focus on basic research and experimental verification, the pilot production area will specialize in the industrial verification of core technologies, and the supporting office and conference area will serve daily operations and academic exchanges. By connecting the entire chain of "R&D - pilot - industrialization," the center will provide an innovation engine for the high-quality development of Guangxi's industry. It is worth noting that the establishment of the center coincides with Guangxi's vigorous development of advanced manufacturing of aluminum components—leveraging Laibin City's aluminum industry foundation and regional advantages, the local area is accelerating the implementation of industry chain integration projects, promoting the innovative application of aluminum materials in fields such as NEVs, providing a broad stage for university-enterprise cooperation.

AICE 2025 SMM (20th) Aluminum Industry Conference and Expo is one of the most influential events in China's aluminum industry and will be grandly held at Suzhou International Expo Center from April 16-18, 2025 . This exhibition is not only an annual event for the aluminum industry but also serves as a high-quality platform that gathers global leading enterprises, experts, scholars, and industry elites, focusing on high-level dialogues, industry exchanges, and product showcases. AICE 2025 focuses on the hot topics of global aluminum industry development, deeply delves into the cutting-edge technologies and trends of the aluminum industry, and showcases and exchanges the latest research results and practical experiences in upstream aluminum, aluminum rolling - aluminum plate/sheet, strip and foil, aluminum extrusion - tubes, rods, wires and profiles, recycling and die-casting, aluminum melting and casting equipment, and auxiliary materials . Click to Register At this Aluminum Industry Conference and Expo, Hangzhou Zhufeng Technology Co., Ltd. will attend and exchange with the latest products and practical experiences, working with aluminum industry peers to create an innovative, high-quality, efficient, and sustainable aluminum industry chain, and promote new leaps in the aluminum industry. AICE 2025 SMM (20th) Aluminum Industry Conference and Expo will discuss, build, and share with global elites, empowering the entire aluminum industry chain. AICE 2025 will leverage the organizer's influence to integrate the three key tracks of industry, academia, and research, stimulate innovation in the aluminum industry, and contribute to the industry's development and progress, making its own contribution to the prosperity and success of the aluminum industry. We look forward to meeting you on-site! Hangzhou Zhufeng Technology Co., Ltd. Booth Number: D11 AI Quality Inspection Chooses Zhufeng, Profile Production Made Easier Hangzhou Zhufeng Technology Co., Ltd. was established in 2017, located in Hangzhou High-Tech Development Zone, with a registered capital of 15.37 million. The company relies on cutting-edge technologies such as graphic image algorithms and artificial intelligence, focusing on the digital product development of the aluminum extrusion industry. With the "Zhufeng Cloud Build Industrial Structured Big Data Platform" as the data foundation, and "Profile Cross-Section AI Scanning Measurement Instrument," "AI Mold Finder - Material Star," "Product Process AI Difficulty Analysis," "Aluminum Profile Cross-Section Automatic Labeling," "Aluminum Profile Cross-Section Reverse Design," and "Zhufeng Cloud" as data application carriers, the company helps aluminum extrusion enterprises achieve digitalization and intelligence across the entire industry chain! In May 2017, Zhufeng Technology was established. In January 2019, the angel round of financing was completed. In August 2020, Zhufeng Cloud Build 1.0 Big Data Platform was launched, achieving intelligent comparison of aluminum profiles and breaking the monopoly of similar foreign products. In January 2021, Pre-A financing was completed. In October 2021, the hardware and software of Zhufeng Profile Cross-Section AI Measurement Instrument were officially launched, the first fully independently developed aluminum profile cross-section size production line application-type automatic measurement equipment in China. In July 2024, Zhufeng Profile Cross-Section AI-Assisted Design and Zhufeng Profile Cross-Section Reverse Design software were officially launched. In December 2024, Zhufeng Aluminum Profile Frame AI Counting was officially launched. In March 2025, Zhufeng Profile Cross-Section AI Measurement Instrument signed contracts with clients in Russia, Vietnam, Cambodia, Thailand, and Malaysia, marking Zhufeng's official step into the international market. Contact Information Lipeng Zhang 15857122260 0571-56131259

The market fluctuated and diverged throughout the day, with the three major indices showing mixed performance. The Shanghai Composite Index briefly surpassed 3,300 points. High-positioned stocks were favored by capital, with Guofang Group achieving 12 out of 13 daily limits, and Hongbaoli hitting 5 out of 6 daily limits. The total trading volume for the day in the Shanghai and Shenzhen markets was 109 billion yuan, an increase of 48.6 billion yuan from the previous trading day. In terms of the futures market, market hot topics rapidly rotated, with the number of rising and falling stocks being roughly equal. From a sector perspective, logistics and unified large market concept stocks collectively strengthened, with multiple stocks including Huapengfei hitting the daily limit. Cross-border payment concept stocks rose, with Qingdao Jinwang and others hitting the daily limit. Pesticide and fertilizer concept stocks were active, with Zhongnong United hitting the daily limit. On the downside, computing power concept stocks adjusted, with Sinnet dropping over 5%. Sectors such as logistics, cross-border payments, pesticides, and agriculture led the gains, while sectors like robotics, computing power, liquid-cooled servers, and tourism lagged. At the close, the Shanghai Composite Index rose 0.25%, the Shenzhen Component Index fell 0.36%, and the ChiNext Index dropped 0.82%. In terms of sectors Cross-border payment concept stocks led the gains, with Xincheng Technology, Lakala, Qingdao Jinwang, Ubox, Zhongyou Capital, Jida Zhengyuan, and other individual stocks hitting the daily limit. On the news front, four departments, including the central bank, jointly issued the "Action Plan to Further Enhance the Convenience of Cross-Border Financial Services in the Shanghai International Financial Center." It pointed out that the functionality and global network coverage of the Cross-Border Interbank Payment System (CIPS) should be enhanced. The cross-border clearing company will strengthen collaboration with financial institutions to improve service levels for companies going abroad. According to Huaxi Securities, the US government's "reciprocal tariff" policy may drive the transformation of global cross-border payments from globalization to regionalization, promoting diversification of the payment system. This, to some extent, accelerates the development of the CIPS, and in the medium and long term, it will push the industry towards compliance, regionalization, and technology-driven transformation. Unified large market and logistics sectors strengthened again, with Huapengfei, Dongfang Chuangye, Shengyibao, Wanlin Logistics, Bonded Technology, and Bubugao among the individual stocks hitting the daily limit. With frequent adjustments in tariff policies in the global trade landscape, some companies will reassess their supply chain layouts, aiming to reduce costs and improve efficiency. Meanwhile, the adjustment of tariff policies has, to some extent, suppressed the competitiveness of some imported goods, creating a broader market space for domestic supply chain enterprises. Unified large market concept stocks may transition from thematic speculation to performance validation. From a market perspective, the strengthening of the unified large market concept can be seen as an extension of the cross-border payment concept. On the other hand, as the consumer sector once again experienced differentiation, funds chose to flow back into the previously consolidated large market (logistics) direction. It is expected to show a rotational upward trend with the consumer sector in future market conditions. Pharmaceutical stocks have also shown strong continuity recently. Zensun Pharmaceutical, Huasen Pharmaceutical, and Fuji Lai hit the daily limit, while Baili Tianheng, Nuocheng Jianhua, Xinuowe, and BeiGene reached new historical highs. Reagent Biology, Fudan Zhangjiang, and Microelectrophysiology also saw significant gains. On the news front, the American Association for Cancer Research (AACR) annual meeting will be held in Chicago from April 25 to April 30. As one of the largest cancer research conferences globally, the AACR annual meeting is a key platform for showcasing the latest research results in the field of cancer. However, it is worth noting that there is still a noticeable divergence within the pharmaceutical sector, and subsequent attention should focus on the few core targets with higher activity at the forefront. In terms of individual stocks At the individual stock level, the recent "carousel" style rotation continued, with the sector effect of hot topics gradually decreasing. On the other hand, short-term active funds accelerated their concentration in high-profile stocks. For example, today, Guofang Group achieved 12 out of 13 daily limits, Hongbaoli hit 5 out of 6 daily limits, Anji Food hit 6 consecutive daily limits, Leshan Power, Youfood, Zhongqi New Materials, and Yalian Machinery also hit the daily limit. Although the sectors and reasons for the rise of these stocks vary, they all received capital favor, reflecting that in the context of poor overall market continuity, high-level clustering becomes the only choice for obtaining excess returns. However, such high-profile speculative sentiment is not stable, and once the loss effect begins to spread, it may trigger a collective capital exodus. Market outlook Today, the market continued to fluctuate and diverge, with the three major indices showing mixed performance. The Shanghai Composite Index was relatively strong, briefly surpassing 3,300 points, and maintained its upward momentum along the 5-day moving average. The downward gap left earlier is about to be filled. However, it is important to note that since the rebound on April 8, short-term profits have already been substantial. Additionally, the Shanghai Composite Index still faces the dual challenge of downward-moving averages and previous trapped positions. Without additional capital inflows, it will be difficult to break through upwards. From a market perspective, current market hot topics are rapidly and disorderly rotating, with poor continuity in various themes. In the absence of better options, funds showed signs of accelerating clustering in high-profile stocks in the afternoon. After the short-term climax, related stocks may face further differentiation tomorrow, and the risk of a downturn when high-level clustering disintegrates must be guarded against. Market highlights 1. The competition events for the first Embodied Intelligence Robot Sports Meet were announced, with representatives from Unitree, Xiaomi, and others participating in topic discussions. According to the Science and Technology Innovation Board Daily, the first Embodied Intelligence Robot Sports Meet will be held in Wuxi City's Huishan District from April 24 to 26. Today, it was learned that the event includes an opening ceremony, competitive and application matches, and thematic meetings. The competitive matches include speed running, cross-country running, football, basketball, and dance; the application matches include transportation, intelligent grasping, and indoor rescue. During the promotion of the Wuxi (Huishan) Humanoid Robot Industrial Park, representatives from Unitree, Xiaomi, and Leju Robotics will participate, discussing key technological bottlenecks and breakthrough paths for humanoid robots, as well as the in-depth exploration and implementation difficulties of humanoid robot application scenarios. 2. Shenzhen launched the first "Cross-Border E-Commerce Insurance," providing credit support for domestic purchase on credit in cross-border e-commerce. According to a report by Cailian Press on April 22, six institutions in the Shenzhen property insurance industry jointly issued the first "Cross-Border E-Commerce Insurance" guarantee insurance. The "Cross-Border E-Commerce Insurance" provides insurance coverage for accounts payable in domestic purchases by Shenzhen's compliant cross-border e-commerce companies, with a policy period of one year. Currently, six insurance institutions in Shenzhen, including PICC Property & Casualty, Ping An Property & Casualty, China Life Property & Casualty, CPIC Property & Casualty, Taiping Property & Casualty, and Dajia Property & Casualty, form the co-insurance body for this product.

On March 30, the three-day 2025 2nd China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, along with the concurrently held 2025 China (Jiangxi) International Green Mining Expo and the 2025 China (Jiangxi) International Foundry, Die Casting, Forging, and Heat Treatment Industrial Furnace Exhibition, successfully concluded at the Nanchang Greenland International Expo Center. The scale of this exhibition reached a new high, with an exhibition area of 30,000 m², attracting over 500 domestic and overseas enterprises. The exhibition site was bustling with visitors, reaching over 30,000 attendees. Tens of thousands of industry professionals gathered to discuss new developments in the industry. The exhibition closely followed the theme of "Focusing on New-Type Industrialization and Developing New Quality Productive Forces," leveraging Jiangxi's industrial advantages to comprehensively showcase the new landscape of industry development. It attracted exhibitors, professional visitors, and industry experts from around the globe to gather and exchange ideas on new trends, technologies, and opportunities in the industry. As a major province for nonferrous metal resources and a stronghold in the metallurgical industry, Jiangxi ranks among the top in China in terms of reserves of copper, tungsten, rare earth, and other nonferrous metals, boasting unique resource advantages. After years of development, it has formed a complete industry chain from mining, smelting, and processing to the R&D and application of new materials, with significant industrial cluster effects. Leveraging Jiangxi's robust industrial foundation, the exhibition created an international, professional, and high-end platform for exchange and cooperation, attracting numerous industry-leading enterprises such as JCC Group, Jiangxi Tungsten Group, Ganzhou Jinhuang Magnetic Separation, Ganzhou Nonferrous Machinery, Zhongke Optoelectronics, Hualian Electric Machinery, Jiangsu Pengfei Group, Jiangsu 3Shine Technology, Shanxi Daide Measurement and Control, Anhui Mingteng, Jiangsu Jiaxuan, Huainan Wanwei Electromechanical, Shandong Linquan Heavy Industry, Hubei Zhongxiang Yuansheng, and Hangzhou Jiayue. The exhibits covered various fields including nonferrous metal raw materials, nonferrous metal products, metallurgical equipment and technology, metal processing machine tools, metal automation control equipment, auxiliary materials for metal production, powder metallurgy, foundry, die casting, forging, geological (mining) exploration technology and equipment, mining technology and equipment, and mining machinery. At the exhibition site, various cutting-edge technologies and innovative products were unveiled, dazzling the audience. In the field of nonferrous metal smelting technology, exhibitors showcased new processes that are efficient, clean, and intelligent, effectively improving resource utilization rates and reducing environmental pollution, leading the new trend of green development in the industry. High-performance nonferrous metal alloy materials and rare earth functional materials made a remarkable appearance in the field of new material R&D and application, demonstrating their unique performance advantages in high-end manufacturing fields such as aerospace, electronic information, and NEVs, with the potential to break foreign technological monopolies and promote independent innovation and development in China's related industries. Intelligent and automated advanced production equipment shone in the metallurgical equipment manufacturing exhibition area, significantly enhancing production efficiency and product quality, helping enterprises reduce costs and increase efficiency, and strengthening market competitiveness. This exhibition enhanced practical connections with the public through customized invitations, targeted invitations, and matchmaking activities, inviting over 30 professional purchasing groups from domestic and overseas to visit and connect, allowing sellers and buyers to communicate face-to-face. The organizing committee conducted pre-exhibition surveys of exhibitors and specially customized exclusive customer invitation plans for exhibitors, inviting their intended cooperative enterprises to visit and connect, thereby improving the effectiveness of the exhibition and promoting the efficiency of visits. It is reported that the on-site transaction volume reached nearly 120 million, with intended order signing amounting to over 80 million, not only exceeding our expectations but also proving that our efforts have paid off. During the exhibition, the atmosphere was lively, with professional visitors shuttling between various booths, engaging in in-depth exchanges with exhibitors to understand product information and technical details. Exhibitors enthusiastically introduced product advantages and actively sought cooperation opportunities, creating a strong atmosphere for business negotiations. At the same time, the exhibition also hosted several high-level forums, seminars, and technical exchange meetings, inviting renowned domestic and overseas experts, scholars, and industry elites to conduct in-depth discussions and exchanges on hot and difficult issues in the industry, frontier development trends, and market dynamics, sharing the latest research results and practical experiences, providing authoritative references for enterprise decision-making, promoting deep integration of industry, academia, and research, and driving industry technological innovation and progress. The three-day exhibition concluded successfully, but the enthusiasm for exchange and cooperation will never end! We thank every exhibitor and professional visitor for their enthusiastic participation. The exchanges at the booths, the brainstorming in the forums, and the tacit handshakes during signings all tell the story of the industry's vigorous development. 150-9306-7551. The end of the exhibition is not the end, but the starting point of the next journey. Those unfinished conversations, The plans yet to be implemented, The ongoing collaborations, Will all turn into the anticipation of meeting again next year! The exhibition period is limited, but the excitement is infinite. See you next year at the same time!