SMM News, April 2: Dealers in Jiangxi reported no significant change for now in replacement demand in the automotive lead-acid battery market, with retailers only purchasing as needed and battery inventory at around one and a half months. In addition, amid the sharp recent rise in lead prices, talk of sales promotions in the battery wholesale market has weakened, and the mainstream model 6-QW-45Ah was quoted at 180-200 yuan/unit. Manufacturers in Zhejiang reported that domestic demand in the automotive lead-acid battery market was average. Coupled with impeded battery exports due to factors including geopolitical issues, tariffs, and differences in domestic and overseas costs, factories are currently producing based on sales, with the operating rate at around 50-60. Manufacturers in Hebei reported stable demand in the automotive lead-acid battery market, among which vehicle OEM supporting orders were moderate, and factory production lines were running at near full capacity. However, as the traditional consumption off-season in April approaches, subsequent production will be adjusted based on order conditions.

Smart meter deployment in the UK has hit a slump, prompting the government to introduce stricter regulations for energy retailers to ensure full domestic coverage by the end of 2030. While 21.8 million smart electricity meters were operating by the end of 2025, 7.8 million traditional meters still need replacing. To meet the 'Clean Power 2030' target, suppliers must submit binding annual deployment plans to Ofgem, replace outdated 2G and 3G meters before the 2033 network switch-off, and adhere to a strict 90-day window to repair faulty units or face penalties. This regulatory push aligns with the UK's broader efforts to integrate residential batteries and EVs into grid flexibility markets.

SMM News, March 10: Dealers in Hunan reported that end-use consumption in the e-bike lead-acid battery market was average. After retailers restocked following the holiday, battery sales pulled back somewhat. Current battery inventory is maintained at around half a month, and the wholesale price of the main 48V20Ah model is 400 yuan/set. Manufacturers in Jiangxi reported that demand in the electric lead-acid battery market improved in March. In addition, dealers restocked as usual after the holiday, and finished product orders rebounded significantly compared with February. At present, the operating rate of factory production lines is around 80, with raw material lead mainly procured through long-term contracts. Manufacturers in Zhejiang reported that replacement demand in the electric lead-acid battery market improved relatively, with dealers making purchases based on demand. The current factory operating rate has recovered to above 80. In addition, lead prices lacked upward momentum, and spot supply in circulation was ample, so recent procurement has basically been on a buy-as-needed basis.

SMM News on March 9: Dealers in Zhejiang reported a relative improvement in end-use consumption in the automotive lead-acid battery market, mainly due to post-holiday restocking by retailers. Battery inventory declined accordingly, while lead prices struggled to rise, and wholesale prices in the battery market have not seen significant changes for the time being; for example, the mainstream model 6-QW-45Ah was at 200-220 yuan/unit. Manufacturers in Hebei reported that after the holiday, dealers restocked as needed, and automotive lead-acid battery orders improved in March. In addition, factory staff have basically returned to work, and the current operating rate has exceeded 90%. Raw material lead is mainly procured under long-term contract. Manufacturers in Jiangxi reported that domestic demand in the automotive lead-acid battery market improved, while on the export side, affected by the SHFE/LME price ratio for lead, tariffs, and Middle East ocean shipping, export orders remained sluggish, and the current operating rate is maintained at 70-80%.

SMM February 3 News: Dealers in Hunan reported moderate replacement demand in the automotive battery market. Coupled with the approaching year-end, retailers' purchases were limited, and battery inventory exceeded one month. No additional stockpiling will be conducted before the Chinese New Year. The current wholesale price for the main model 6-QW-45Ah is 200-220 yuan per unit. Manufacturers in Guangdong reported that domestic orders for automotive batteries were moderate, while export orders declined significantly due to factors such as tariffs. Recently, the plant operating rate has been maintained around 70%. Additionally, with the Chinese New Year holiday approaching, the production workshop was shut down yesterday. Manufacturers in Zhejiang reported that overall demand in the automotive battery market was weak. Dealers' pre-holiday stockpiling has basically ended. After completing the last shipment recently, the plant will suspend operations on February 8. Furthermore, no procurement of lead ingots is planned before the holiday.

SMM June 18: Dealers in Shandong reported weak replacement demand for e-bike lead-acid batteries in the market, with retailers purchasing as needed and maintaining battery inventory within one week. Meanwhile, rumors of price hikes emerged in the wholesale battery market amid rising lead prices, with the mainstream 48V12Ah model currently priced at 300-310 yuan per unit. Manufacturers in Anhui indicated moderate demand for e-bike lead-acid batteries, with limited OEM orders for complete vehicles. Factories maintained production cuts, with operating rates around 80%, and primarily relied on long-term contracts for raw material lead procurement. Manufacturers in Jiangsu noted a weakening off-season impact on the e-bike lead-acid battery market, with improved finished product orders. Current factory operating rates rebounded to above 80%, while raw material lead was purchased as needed.

The market fluctuated and rebounded throughout the day, with the ChiNext Index leading the gains. Trading volume on the Shanghai and Shenzhen stock exchanges reached 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day. On the futures market, hot topics rotated rapidly, with more stocks rising than falling. Over 3,500 stocks across the market advanced. In terms of sectors, the IP economy concept remained strong throughout the day, with multiple stocks such as Enlight Media hitting the daily limit. The stablecoin concept strengthened again, with stocks like GCL New Energy Holdings and Hundsun Technologies hitting the daily limit. The chemical sector remained active, with stocks like Jinniu Chemical hitting the daily limit. On the downside, the football concept experienced volatile adjustments, with Gongchuang Lawn approaching the daily limit down. By the close, the Shanghai Composite Index rose 0.35%, the Shenzhen Component Index rose 0.41%, and the ChiNext Index rose 0.66%. Sector-wise In the sector, stablecoin concept stocks strengthened further in the afternoon, with stocks like Insigma Technology, Tiansun Technology, Hundsun Technologies, Hengbao, China Finance Online, and Oceanpayment hitting the daily limit. Stocks like Lakala and Feitian Technologies rose over 10%. On the news front, Financial Secretary of the Hong Kong Special Administrative Region Government Paul Chan Mo-po recently wrote that after the Stablecoin Ordinance comes into effect, the Hong Kong Monetary Authority will process license applications as soon as possible to allow eligible applicants to commence their businesses. Additionally, Walmart, the largest retailer in the US, and Amazon, the largest e-commerce platform in the US, have recently been exploring the possibility of issuing stablecoins in the US. This, combined with the continuous surge in Circle, a stablecoin concept stock listed on the US stock market, has also catalyzed positive sentiment for A-shares. However, after the overall volume surge in the stablecoin sector, it remains noteworthy whether there will be sufficient capital inflows to support the sector tomorrow. If the sector can maintain its upward momentum or complete a transition from divergence to consensus within the day, its short-term position may be further strengthened. Conversely, if it returns to consolidation after a sentiment peak, it should be viewed from the perspective of topic rotation, with a focus on front-line core stocks at that time. The IP economy concept remained strong throughout the day, with stocks like Enlight Media, GaoLe, Cuihua Jewelry, Yuanlong Yatu, and Dazzle Fashion hitting the daily limit. Stocks like Rastar Group, Jinghua Laser, Kingwin Laser, and Bona Film Group led the gains. On the news front, on the IP side, Labubu has gone viral globally, with the overseas expansion of domestic cultural IPs exceeding expectations. Industry insiders commented that its popularity is another vivid manifestation of Chinese creativity and innovative products gaining global recognition. Huachuang Securities remains bullish on the high-growth development of China's IP industry and the progress of cultural exports in the long term. From a market perspective, the overall position of IP economy concept stocks has already risen significantly after the hype. Therefore, amid intensifying market divergence, fluctuations in related stocks during the trading day may be more pronounced. However, as long as the medium-term trend remains intact, the overall risk is relatively controllable. In addition, the market's recent speculation on the IP economy has gradually extended to sub-sectors such as film and television, gaming, and even 3D printing. Therefore, attention can still be paid to the rebound opportunities of newly strengthened stocks in lower-tier sub-sectors. Regarding individual stocks From the perspective of individual stocks, although short-term sentiment showed some recovery today, the feedback from high-level consecutive limit-up stocks remained relatively average. As of the close, only Yuanlong Yatu remained among the stocks with more than two consecutive limit-ups today. However, stocks like Beikong Technology, Nanhua Futures, Yiming Pharmaceutical, and Hengbao Co., although unable to maintain consecutive limit-ups, still managed to sustain a strong upward structure after breaking the streak. Therefore, in terms of the current speculative style, funds are no longer confined to pure consecutive limit-up strategies but are engaging in trend-based speculation combined with industry logic. On the other hand, the number of stocks with two consecutive limit-ups today increased to 16, mainly focusing on sectors such as oil and gas, IP economy, stablecoins, and chemicals. Therefore, which stocks can stand out in the future will also be a key focus, as the themes behind them may still hold certain rebound opportunities. Market Outlook Analysis The market rebounded with fluctuations today, with all three major indices closing in the green and more stocks rising than falling. This reflects that, after last Friday's high-volume adjustment, the market still possesses considerable momentum. However, it is worth noting that today's trading volume shrank significantly (a single-day decrease of over 250 billion yuan). Combined with the recent week's trend of "volume increases during declines and shrinks during rebounds," the market will need to confirm a renewed strength by breaking above the 5-day moving average with increased volume. From the perspective of the futures market, as repeatedly emphasized recently, the current hot topics continue to rotate rapidly, making it difficult for the market to form sufficient buying momentum. Therefore, to further enhance the profitability of the futures market, a more defined leading theme is needed to elevate the market's potential. Market News Focus 1. Goldman Sachs Turns Bullish Again: Global Funds Returning to China, Favoring China's "Top Ten" Stocks According to a report by CLS on June 16, Goldman Sachs' Chief China Equity Strategist, Kenneth Lau, recently released a research report titled "The Return of Chinese Private Enterprises: The Tide Has Turned." Lau pointed out that driven by various macro, policy, and micro factors, the medium-term investment outlook for Chinese private enterprises is improving. Goldman Sachs also emulated the "Magnificent Seven" of U.S. stocks and listed China's "Top Ten," which are the ten Chinese private publicly listed firms that Goldman Sachs particularly favors. They are Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Trip.com, and Anta. The combined market capitalization of the aforementioned ten companies reached US$1.6 trillion, accounting for 42% of the MSCI China Index's weight, with daily trading volume reaching US$11 billion. Goldman Sachs analysts forecast that the earnings of the "Big Ten" will increase by 13% (compound annual growth rate) over the next two years, with a price-to-earnings ratio of 16x. The "Big Ten" will collectively embody the latest economic themes in China, including AI/technology development, "going global," new consumption trends, and enhancing shareholder returns. Additionally, Liu Jinjin specifically noted that investing in private enterprises does not mean excluding state-owned enterprises—Goldman Sachs reiterated its preference for a combination of "high-quality" Chinese state-owned enterprises and shareholder returns. 2. National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% YoY in Real Terms in May Caijing News on June 16: Data from the National Bureau of Statistics (NBS) showed that in May, the industrial added value above designated size grew 5.8% YoY in real terms. On a MoM basis, the industrial added value above designated size increased by 0.61% in May compared to the previous month. From January to May, the industrial added value above designated size grew 6.3% YoY.

SMM News on June 16: Dealers in Jiangxi reported that end-use consumption in the automotive battery market was sluggish, with retailers showing low enthusiasm for purchasing. The wholesale market for batteries maintained a promotional atmosphere, with the main model 6-QW-45Ah priced at 160-180 yuan per unit. Manufacturers in Zhejiang reported that overall demand in the automotive battery market was weak, coupled with poor export orders. There was no significant improvement in finished product orders in June, with the current factory operating rate below 80%. Most raw lead was purchased through long-term contracts. Manufacturers in Hebei reported that the impact of the off-season in the automotive battery market remained unchanged, with dealers purchasing cautiously and battery inventory being digested slowly. Currently, the factory operating rate is around 80%, and raw lead is purchased as needed. 》Order to view historical SMM metal spot prices

On Wednesday local time, data released by the US Department of Labor showed that the full impact of Trump's across-the-board tariff hikes had yet to be fully realized, with US CPI inflation in May falling short of expectations across the board. Following the data release, spot gold continued to rally, breaking through the $3,360/ounce mark, while the three major US stock index futures surged in the short term. Specific data revealed that the US unadjusted CPI year-on-year rate for May was recorded at 2.4%, lower than the market expectation of 2.5%; the seasonally adjusted CPI month-on-month rate for May was recorded at 0.1%, lower than the expected 0.2% and the previous value of 0.2%. Excluding food and energy costs, the core CPI rose 2.8% YoY, remaining at the lowest level since March 2021, with an expected value of 2.9% and a previous value of 2.8%; the seasonally adjusted core CPI month-on-month rate for the US in May was recorded at 0.1%, with an expected value of 0.3% and a previous value of 0.2%. The US Bureau of Labor Statistics pointed out that persistent weakness in energy and service prices offset the impact of price increases in other goods, while some key items originally expected to rise due to tariffs, particularly car and clothing prices, actually saw price reductions. Data showed that energy prices fell 1% in the month, with gasoline prices dropping 2.6%, and prices for new and used cars falling 0.3% and 0.5%, respectively. Food prices rose 0.3%, and housing prices also increased by 0.3%, while clothing prices unexpectedly declined by 0.4%, indicating that the cost increases from tariffs had not yet been passed on to consumers. Nick Timiraos, known as the "Fed Whisperer," commented that the decline in car and clothing prices contributed to the core CPI reading in May falling short of expectations. Some forecasters had believed these two categories would show the early impact of tariffs in May. Economists expect that, as most retailers are still selling goods stockpiled before the tariffs took effect, the full impact of President Trump's across-the-board tariff hikes on inflation has yet to be fully realized. Inflation is expected to accelerate in the second half of this year, with Walmart indicating last month that it would begin raising prices in late May and June. Seema Shah, Chief Global Strategist at Principal Asset Management, stated, "Today's below-expectation inflation data is reassuring—but only to a certain extent. It's premature to conclude that price shocks won't materialize." Shah believes that the impact of tariffs may not be reflected in inflation data until late summer, due to inherent delays in economic data, ongoing changes in tariff policies, merchants stockpiling goods in advance and offering discounts, and some costs being absorbed by retailers and manufacturers themselves. Market pricing suggests that the US Fed may not consider further interest rate cuts before September, as policymakers are assessing the impact of tariffs on inflation. Trump has been urging the US Fed to lower interest rates amid cooling inflation and a slowing labour market. The CME Group's FedWatch Tool indicates that the probability of an interest rate cut by the US Fed in June is almost zero, while the likelihood of a cut in September is close to 70%. Goldman Sachs analysts stated that mild inflation data in May suggests that tariffs are not having a significant impact at present, as companies have been using existing inventory or slowly adjusting prices due to uncertain demand. "Although we may see some price increases for certain goods in the future, service prices are expected to remain stable, suggesting that any rise in inflation is likely to be temporary." Brian Jacobsen, chief economist at Annex Wealth Management, said that the current CPI data is much milder than expected. While some imported food prices have risen significantly, such as bananas by 3.3% and toys by 2.2%, egg prices have fallen by 2.7%. Greater stability in trade policies would greatly help avoid runaway inflation. This also reaffirms why the US Fed may shift its risk focus from inflation threats to threats to economic growth.

After a decade of "simmering," platinum has entered a mode of rushing to buy amid continuous price rise relative to gold, with prices hitting new highs. Through interviews with multiple sources, a reporter from Cailian Press learned that compared to gold's stellar performance in recent years, platinum's former "value trough" is attracting capital inflows. Driven by expectations of supply contraction, jewelers using it as a "flat substitute" for gold, and a significant increase in medium and long-term hydrogen energy demand, the industry generally holds a relatively optimistic outlook for platinum prices in the long term. In the A-share market, shares of platinum industry chain companies such as Sino-Platinum Metals Co., Ltd. (600459.SH), Haotong Technology (301026.SZ), and Huayang New Materials (600281.SH) have strengthened recently, all hovering near their two-year highs. Platinum prices hit a nearly 10-year high Since June, platinum prices have entered a rally mode. According to data from the Chicago Mercantile Exchange, as of June 10, 2025, PLc1 broke through $1,200 per ounce, reaching a nearly 10-year high. As of June 11, the Pt99.95 on the Shanghai Gold Exchange rose by approximately 22% this week. PLc1 price trend. Source: Investing.com "It can be understood as a catch-up rally," Xu Yongqi, chief analyst of metal and new materials at Hua'an Securities, told the reporter. Over the past decade, platinum prices have generally fluctuated considerably. Compared to the strong price trends of gold and silver in recent years, platinum has to some extent formed a "value trough," attracting capital inflows. Zhu Zhigang, director of the Platinum Committee of the Guangdong Gold Association, said in an interview with Cailian Press that the sharp rally in platinum prices in a short period suggests speculative sentiment. Meanwhile, against the backdrop of high gold prices, some upstream merchants in the jewelry market are intentionally increasing efforts to promote platinum as a substitute for gold. A relevant executive from a large domestic jeweler told Cailian Press that since the second half of 2024, the company has been vigorously promoting the sales of platinum series products, as platinum offers higher gross margins compared to gold products. From a fundamental perspective, the continuous pullback in inventory is an important support for the rise in platinum prices. Data from the World Platinum Investment Council (WPIC) shows that global above-ground platinum stocks are expected to fall to 67 mt in 2025, meeting only three months of market demand. In the first quarter of 2025, global total platinum supply fell by 10% YoY to 45 mt, while demand increased by 10% YoY to 71 mt over the same period. In terms of platinum demand structure, automotive catalysts account for 40%, jewelry accounts for 25%, industrial uses (excluding the automotive industry) account for 20%, and investment demand accounts for 9%. Three major A-share platinum industry chain companies In the futures market, shares of Sino-Platinum Metals Co., Ltd., Haotong Technology, and Huayang New Materials in the A-share platinum industry chain have strengthened recently, all hovering near their two-year highs. It should be noted that currently, there are no domestic A-share companies primarily engaged in platinum ore business. One of the main businesses of the aforementioned three companies is the recycling, processing, and manufacturing of platinum group metals (platinum, ruthenium, rhodium, palladium, osmium, and iridium). A representative from Sino-Platinum Metals Co., Ltd. told a Cailian Press reporter that the company is not a mineral resources company. As the prices of the relevant precious metal raw materials have been hedged, their price changes have relatively small impact on the company. The company's main profits come from the processing fees of various precious metal-related products. In fact, Sino-Platinum Metals Co., Ltd. is a new materials company. In terms of capacity, Sino-Platinum Metals Co., Ltd. has the largest platinum group metal recycling and utilization base in China, with an annual capacity of around 10 mt currently, equivalent to the output of a medium-sized mine. The actual recycling volume in 2024 was nearly 15 mt. A company representative told a Cailian Press reporter that after the second phase of the Yimen Precious Metal Recycling and Processing Project reaches full production, the company will have an annual platinum group metal capacity of about 20 mt. The project has recently entered the final stage of trial production and is gradually transitioning to mass production. Haotong Technology's production has been unstable in recent years, with precious metal recycling production volumes of approximately 110 mt, 234 mt, and 64 mt from 2022 to 2024. Previously, the company stated on an investor interaction platform that it produces platinum, palladium, rhodium, silver, gold, iridium, and ruthenium metals. To avoid excessive exposure of company information and prevent competitors from understanding the company's situation, it has not disclosed specific production data. According to public information, as of the end of 2023, Haotong Technology's processing capacity of spent catalysts containing precious metals was approximately 2,600 mt. The first phase of Haobo New Materials' precious metal secondary resource comprehensive utilization project was designed to process 3,000 t/a of spent automotive catalysts, while the second phase was designed to process 12,000 t/a of spent automotive catalysts and 3,000 t/a of spent agents containing palladium, etc. Haotong Technology previously mentioned in an announcement that the originally planned construction capacity of the aforementioned first-phase project was mainly positioned for spent automotive catalyst recycling. At this stage, a centralized and standardized raw material market for spent automotive catalyst recycling has not yet formed, and the overall development of this market has fallen short of expectations, resulting in the underutilization of some of the company's completed capacities. The company has postponed the date for the entire project to reach the intended usable state to September 30, 2026. An industry chain representative told a reporter that the recycling of platinum group metal scrap is dominated by a seller's market, in a state of full competition. The industry adopts a tendering system, with basically one tender per order. Regarding Huayang New Materials, the company has an annual production capacity of 2,500 kg for platinum mesh products and an annual disposal capacity of 1,000 mt for spent catalysts containing precious metals. The long-term bullish trend remains. Zhu Zhigang stated that if the platinum price can steadily break through the high-pressure level of $1,200/ounce, there is still room for further upside in the future market. Otherwise, it may fall back to around $1,000/ounce again. Meanwhile, attention should also be paid to gold prices, as the price trends of the two metals show a certain degree of convergence. In terms of end-use consumption, industry chain insiders told a Cailian Press reporter that, based on the Shenzhen Shuibei Jewelry Trading Market, platinum series products are currently concentrated in the hands of mid-to-upstream wholesalers, and it will take time for these products to reach end-use consumption, with lower acceptance compared to gold. It is worth noting that platinum inventories among leading jewelry retailers are currently low. Taking Chow Tai Seng (002867.SZ) and CHJ Jewellery (002345.SZ) as examples, as of year-end 2024, platinum products accounted for less than 0.5% of their raw material inventories. An industry insider told a Cailian Press reporter that some upstream enterprises in the jewelry market are actively increasing their marketing efforts for platinum products. Once the market reaches a consensus on buying amid continuous price rise, low inventories will struggle to fully meet demand in the short term, potentially continuing to stimulate platinum price increases. Xu Yongqi stated that, from a fundamental perspective, platinum is in a trend of tight supply and strong demand. Global capital expenditures in the mining sector have declined in recent years, and production has pulled back. In the medium and long-term, global demand for platinum related to hydrogen is expected to grow significantly. Compared to gold or other rare minor metals, the current price increase of platinum is not high. After a decade of stagnation, platinum prices are likely to rise overall in the next three to five years, with the potential to reach $2,000 per ounce. An industry chain insider told a Cailian Press reporter that there is still a certain gap between some of the core technologies of domestic hydrogen fuel cells and those of leading countries such as Japan. The platinum-carbon catalyst in hydrogen fuel cells plays a crucial role in catalyzing discharge, with platinum accounting for about half of the catalyst cost. With the development of China's hydrogen energy industry, there is expected to be a significant increase in platinum demand in the long term. WPIC forecasts that the total platinum supply in 2025 will be at its lowest level in five years, with the expected shortage expanding to 30 mt, marking the third consecutive year of shortage. It is projected that by 2030, global platinum demand from hydrogen energy applications will increase from 1% to 11%.