In the long river of history, wires and cables, as the "blood vessels" of modern industry, have played a pivotal role in driving social progress. Since the dawn of electrification pierced the night of industrial civilization, these threads have been like the pulse of the times, delivering vitality and vigor to the global economy. We are in the grand context of the Fourth Industrial Revolution, where emerging fields such as smart cities, NEVs, and 5G communications are rapidly evolving. As an indispensable infrastructure, the technological innovation and ecological construction of the wire and cable industry are particularly urgent. To strengthen communication and cooperation among peers in the wire and cable industry and to respond to future industrial changes, enhance the collaborative exchange of the industry chain, mutual understanding, and gain a more comprehensive understanding of industry-related policy directions and market development, SMM has joined hands with Shanghai Tongpin Gongzhen Information Technology Co., Ltd. to hold the "2025 SMM (3rd) Wire and Cable Industry Development Conference and Wire and Cable Industry Exhibition" on May 22-23, 2025 at the DoubleTree by Hilton Suzhou Wuzhong . The event will delve into the current status and future development trends of the wire and cable industry, promoting cooperation and exchange among related enterprises. We hope that through this conference, the complementary advantages within the industry can be fully utilized to jointly promote the healthy and sustainable development of the wire and cable industry. The conference will feature a series of high-quality forums and exhibitions, not only fostering deep cooperation between upstream and downstream of the industry chain but also aiming to drive continuous progress across the entire industry through technological innovation. We look forward to working hand in hand with our peers to map out the future development blueprint of the industry! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth Number: B19 Digitalization, High Efficiency for the Wire and Cable Industry Creating an Intelligent Integrated Hedging Solution Shanghai Tongpin Gongzhen Information Technology Co., Ltd. ("Tongpin Gongzhen") specializes in providing professional hedging information technology services to production, processing, and manufacturing enterprises. The company's "Zhibao Tong" product originates from the leading wire and cable industry, gathering universal needs of the industry and focusing on solving industry pain points. The system integrates functions such as futures-spot matching, trading, and risk control, helping enterprises achieve digital transformation in hedging business and realize cost reduction and efficiency improvement. "Zhibao Tong" adopts an efficient communication framework and memory management technology, incorporating hedging-related business into standardized management processes, achieving interconnection between production, procurement, sales, futures, finance, and enterprise management, and promoting the digital transformation of enterprises.The system focuses on hedging operations, aiming to reduce operational costs by streamlining the hedging process, shortening the hedging transmission chain, and optimizing the closed-loop management of hedging activities. Through the innovative application of material balance sheets, big data analysis, and modeling, it achieves intelligent risk control and enhances the overall effectiveness of hedging. "Zhibaotong" offers significant advantages. Its modular design simplifies hedging accounting and addresses the mismatch between revenue and costs. An auxiliary decision-making system is embedded in the management process to improve hedging outcomes. Advanced settlement algorithms and a multi-layered business framework enhance product scalability and maintainability. Contact Person: Tao Zheng Mobile: 186 2122 7977 Click here to register now for the 2025 SMM (3rd) Wire & Cable Industry Development Conference SMM Conference Contact Person Xiaolong Chen 18017089983 chenxiaolong@smm.cn

On May 13, the Department of Industry and Information Technology of Hunan Province announced the list of advanced-level smart factories to be recognized in 2025. The 5G+ Wire and Cable Digital Manufacturing Supervision Smart Factory of Jinbei Electrician Hengyang Cable Co., Ltd., the Special Flexible Cable Smart Factory of Hunan Valin Wire & Cable Co., Ltd., the Full-Process Intelligent Green Manufacturing Smart Factory for Wires and Cables of Jinlong Cable Technology Co., Ltd., and the 6-35kV Semi-catenary Cross-linked Cable Smart Factory of Hunan Jinlan Electrician Technology Co., Ltd. are proposed to be included.

In the long river of history, wires and cables, as the "blood vessels" of modern industry, have played a pivotal role in driving social progress. Since the dawn of electrification pierced the night of industrial civilization, these threads have been like the pulse of the times, delivering vitality and vigor to the global economy. We are in the grand context of the Fourth Industrial Revolution, where emerging fields such as smart cities, NEVs, and 5G communications are evolving rapidly. As an indispensable infrastructure, the technological innovation and ecological construction of wires and cables are particularly urgent. To strengthen communication and cooperation among peers in the wire and cable industry and to respond to future industrial changes, enhance the collaborative exchange of the industry chain, mutual understanding, and gain a more comprehensive understanding of industry-related policy directions and market development, SMM has joined hands with Shanghai Tongpin Gongzhen Information Technology Co., Ltd. to hold the "2025 SMM (3rd) Wire and Cable Industry Development Conference and Wire and Cable Industry Exhibition" at the DoubleTree by Hilton Suzhou Wuzhong on May 22-23, 2025 . The event will delve into the current status and future development trends of the wire and cable industry, promoting cooperation and exchange among related enterprises. We hope that through this conference, the complementary advantages within the industry can be fully utilized to jointly promote the healthy and sustainable development of the wire and cable industry. The conference will feature a series of high-quality forums and exhibitions, not only fostering deep cooperation between upstream and downstream sectors of the industry chain but also aiming to drive continuous progress across the entire industry through technological innovation. We look forward to working hand in hand with our peers to map out the future development blueprint of the industry! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth Number: B19 Digitalization, High Efficiency For the Wire and Cable Industry Creating an Intelligent Integrated Hedging Solution Shanghai Tongpin Gongzhen Information Technology Co., Ltd. ("Tongpin Gongzhen") specializes in providing professional hedging information technology services to production, processing, and manufacturing enterprises. The company's "Zhibao Tong" product originates from the leading wire and cable industry, gathering universal needs of the industry and focusing on solving industry pain points. The system integrates functions such as futures-spot matching, trading, and risk control, helping enterprises achieve digital transformation in hedging operations and realize cost reduction and efficiency improvement. "Zhibao Tong" adopts an efficient communication framework and memory management technology, incorporating hedging-related businesses into standardized management processes, achieving interconnection among production, procurement, sales, futures, finance, and enterprise management, and driving the digital transformation of enterprises.The system focuses on hedging operations, aiming to reduce operational costs by streamlining the hedging process, shortening the hedging transmission chain, and optimizing the closed-loop management of hedging activities. Through the innovative application of material balance sheets, big data analysis, and modeling, it achieves intelligent risk control and enhances the overall effectiveness of hedging. "Zhibaotong" offers significant advantages. Its modular design simplifies hedging accounting and addresses the mismatch between revenue and costs. An auxiliary decision-making system is embedded in the management process to improve hedging outcomes. Advanced settlement algorithms and a multi-layered business framework enhance product scalability and maintainability. Contact Person: Tao Zheng Mobile: 186 2122 7977 Click here to register now for the 2025 SMM (3rd) Wire & Cable Industry Development Conference SMM Conference Contact Person Xiaolong Chen 18017089983 chenxiaolong@smm.cn

SMM News on May 7: On May 7, influenced by positive news such as the "one bank, one bureau, one commission" making significant announcements and the real estate market receiving a package of policy support, the real estate sector opened significantly higher in the morning session, with the real estate development sector once surging over 3%. However, as various positive news came into effect, the gains pulled back somewhat. As of 13:57 on May 7, the real estate development sector was up 1.34%. Among individual stocks, Dasanxiang Impression and Tianbao Infrastructure hit the daily limit, while Xinhualian, Chongqing Development, and Huali Family led the gains. On the news front, on May 7, Pan Gongsheng, Governor of the People's Bank of China (PBOC), stated at a State Council Information Office press conference that the reserve requirement ratio (RRR) would be cut by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity to the market; the policy interest rate would be lowered by 0.1 percentage point, with the 7-day reverse repo operation rate in the open market adjusted from the current 1.5% to 1.4%, expected to drive the Loan Prime Rate (LPR) down by approximately 0.1 percentage point in tandem; the interest rate on personal housing provident fund loans would be reduced by 0.25 percentage point, with the interest rate for first-time homebuyers on loans over five years dropping from 2.85% to 2.6%, and interest rates for other tenors adjusted accordingly; the National Financial Regulatory Administration (NFRA) would introduce eight incremental policies, including improving the financing system for the real estate sector... News Front [Pan Gongsheng, Li Yunze, Wu Qing Make Significant Announcements! Regarding RRR Cuts, Interest Rate Cuts, Stock Market, Real Estate Market...] At 9 a.m. on May 7, the State Council Information Office will hold a press conference, inviting heads of the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission to introduce the "package of financial policies to stabilize the market and expectations". PBOC Governor Pan Gongsheng, NFRA Director Li Yunze, and CSRC Chairman Wu Qing will attend the conference. The PBOC announced that starting from May 8, the 7-day reverse repo operation rate in the open market would be lowered by 0.1 percentage point. Starting from May 15, the RRR for financial institutions would be cut by 0.5 percentage point. Starting from May 8, the interest rate on personal housing provident fund loans would be reduced by 0.25 percentage point. The RRR for auto finance companies and financial leasing companies would be cut by 5 percentage points. Starting from May 7, the rediscount rate would be lowered by 0.25 percentage point. Starting from May 8, the standing lending facility rate would be lowered by 10 basis points. It was decided to increase the quota for re-lending to support agriculture and small businesses by 300 billion yuan. It was also decided to increase the quota for re-lending to support technological innovation and technological transformation by 300 billion yuan. Li Yunze stated that eight incremental policies would be introduced recently, including accelerating the introduction of a series of financing systems compatible with the new model of real estate development, further expanding the scope of pilot programs for long-term investment by insurance funds to introduce more incremental funds into the market, adjusting and optimizing regulatory rules, reducing the risk factor for insurance companies' stock investments to support a stable and active capital market, promptly introducing a package of policies to support financing for small and micro enterprises and private enterprises, formulating a series of policy measures for the banking and insurance sectors to support the development of foreign trade, providing precise services to market entities significantly affected by tariffs, revising the management measures for merger and acquisition loans, increasing investment in science and technology innovation enterprises, and formulating opinions on the high-quality development of technology insurance.Wu Qing, Chairman of the China Securities Regulatory Commission, stated at a press conference held by the State Council Information Office that they would make every effort to consolidate the momentum of market stabilization and improvement, dynamically improve work plans to address various external risk attacks, and fully support the role of Central Huijin Investment Ltd. as a quasi-stabilization fund. 》Click to view details 【PBOC: Reduces individual housing provident fund loan interest rates by 0.25 percentage points from May 8】 The People's Bank of China (PBOC) issued a notice regarding the reduction of individual housing provident fund loan interest rates. The PBOC decided that, starting from May 8, 2025, individual housing provident fund loan interest rates would be reduced by 0.25 percentage points. The interest rates for first-home individual housing provident fund loans with terms of 5 years or less (including 5 years) and over 5 years would be adjusted to 2.1% and 2.6%, respectively. The interest rates for second-home individual housing provident fund loans with terms of 5 years or less (including 5 years) and over 5 years would be adjusted to no less than 2.525% and 3.075%, respectively. 【Li Yunze: Accelerates the issuance of loan management measures for real estate development, individual housing, and urban renewal】 Li Yunze, Director of the National Financial Regulatory Administration, stated at a press conference held by the State Council Information Office that, as of now, the approved loan amount for the real estate "white list" had increased to 6.7 trillion yuan. The balance of real estate loans in Q1 increased by more than 750 billion yuan, with new individual housing loans achieving the largest single-quarter increase since 2022. Housing rental loans in Q1 increased by 28% YoY. Li Yunze stated that they would accelerate the issuance of loan management measures for real estate development, individual housing, and urban renewal. (Financial News) 【Zhuhai: Encourages "trade-in" of housing, with a maximum subsidy amount of no more than 30,000 yuan per unit】 Zhuhai recently issued "Several Measures to Promote High-Quality Development of the Real Estate Market in Zhuhai City," which proposes encouraging the "trade-in" of housing. Residents participating in the "trade-in" of housing will be given a special housing purchase subsidy of 1% of the online contract price of the newly purchased housing, with a maximum subsidy amount of no more than 30,000 yuan per unit. The subsidy policy is valid for one year. A unified platform for the "trade-in" of housing will be established, synchronously linked with the government's online approval process, to achieve online "one-stop" handling of business transaction procedures. The cross-bank handling of "transfer with mortgage" business will be vigorously promoted. Taxpayers who sell their own housing in Zhuhai City and repurchase housing within the city within one year will be refunded the individual income tax they paid when selling their own housing in accordance with national policies. 【Shanghai's property market continues to improve during the Labour Day holiday, with trading volume up 36% YoY】 It was learned from the Shanghai Housing Management Bureau that during this year's Labour Day holiday, Shanghai's property market continued to show signs of stabilization and improvement, with trading volume for both new and second-hand housing up 36% YoY.In the primary housing market, statistics from the Shanghai Housing Authority show that during the Labour Day holiday, the trading volume of new homes in Shanghai increased YoY, with a 12% YoY rise in trading volume over the five-day holiday. [CRIC: Q1 Real Estate Market Stabilizes, Second-hand Housing Market in Beijing, Shanghai, Shenzhen, and Hangzhou Sees 17% YoY Increase in Trading Volume] CRIC Real Estate reported that in Q1 , the real estate market stabilized, with the second-hand housing market in Beijing, Shanghai, Shenzhen, and Hangzhou experiencing increased volume and stable prices, a 17% YoY increase in trading volume, a recovery in demand for high-end and luxury properties, and a halt in price declines for affordable housing. As a leading indicator for the new housing market, the second-hand housing market promotes market expectation recovery and accelerates overall market stabilization. The second-hand housing market, as a "barometer" for the new housing market, on one hand, has leading indicator characteristics and is more sensitive to policies; on the other hand, the stabilization of second-hand housing prices also helps stabilize expectations for the new housing market. [April Land Auction Remains Hot: Developers Bet on Core Cities, Average Premium Rate for Residential Land in 22 Cities Rises to 28%] In the land market in April, Hangzhou performed remarkably, with multiple plots achieving premium rates exceeding 50%. Not only Hangzhou, but also Nanjing, Suzhou, Chongqing, and Chengdu saw high-premium transactions for residential land. Overall, the land auction heat in key cities continued in April. Data from the China Index Academy shows that from April 1 to 22, the average premium rate for residential land in 22 key cities was 28%, the highest since October 2023. According to data from the Shanghai E-House Real Estate Research Institute, as of April 27, the premium rate for residential land in 25 key cities nationwide in the first four months of this year was 19%, an increase of 13 percentage points compared to the 6% premium rate for the entire last year. [January-April Land Acquisition by Key Developers Increases 26.6% YoY] The China Index Academy recently released the "Top 100 National Real Estate Enterprises Land Acquisition Ranking for January-April 2025," showing that the total land acquisition by the top 100 enterprises in January-April 2025 was 360.8 billion yuan, a 26.6% YoY increase, with the growth rate decreasing by 4.0 percentage points MoM. The land auction heat in hot cities continued in April, with the land transfer revenue for residential land in 22 cities in January-April 2025 increasing by over 40% YoY. This growth reflects both the fierce competition among developers for high-quality plots and the value of land in core regions. In terms of new value, Greentown China, China Jinmao, and Poly Development ranked in the top three. [Multiple Real Estate Projects Launch Before the Holiday, Real Estate Also Celebrates "Labour Day"] Real estate projects in Guangzhou and Changsha are fully preparing for the "Labour Day," with dozens of projects choosing to launch before the holiday; Shenzhen has launched the "Labour Day New Home Festival"; the property market in Nanchang announced it will remain open during the holiday; Chongqing has chosen to offer 20,000 discounted units before the holiday.Why are property markets across the country vying to make the most of the "Labour Day holiday"? Firstly, the signals of a market upturn are becoming increasingly evident. Secondly, all parties have formed new judgments on "stabilizing the property market". Thirdly, the industry is taking action to consolidate the hard-won positive momentum. Therefore, it's not just this Labour Day holiday that will be busy for the property market. It is believed that after the Labour Day holiday, regions will continue to be busy exploring ways to further unleash demand and improve supply, implementing city-specific policies to activate market vitality. (CCTV News) [Wuhan: Families with two or three children purchasing newly-built commercial housing across the city will receive housing purchase subsidies of 60,000 yuan and 120,000 yuan, respectively] The Wuhan Housing and Urban Renewal Bureau and multiple other departments issued a notice on continuously consolidating the stable momentum of the real estate market, optimizing housing loan services for young people. Commercial banks are encouraged to provide specialized housing loan financial products and diversified repayment methods for young people working or starting businesses in Wuhan. The housing provident fund loan policy is optimized. The maximum loan amount for the second personal housing provident fund loan is increased to be consistent with that for the first home loan. Support for employees who transition from renting to purchasing is enhanced, allowing the rental extraction amount to be incorporated into the deposit balance for calculating the loan amount. The acquisition efforts for "trade-in" are increased. State-owned enterprises and various market entities are encouraged to acquire individual second-hand homes to promote the "trade-in" initiative. Active efforts are made to carry out cross-district "trade-in" for housing, with the city planning to acquire 3,000 individual second-hand homes for various rental housing and resettlement housing purposes. Support for upgrading housing purchase needs is continuously provided. Before December 31, 2025, families that sell their self-owned homes within the year and purchase newly-built commercial housing within six months, or purchase newly-built commercial housing and then sell their original self-owned homes within 12 months, will receive a full subsidy for the newly-purchased commercial housing from the district where it is located, based on the actual amount of deed tax paid. The scope of housing purchase support for families with multiple children is expanded. From May 1 to December 31, 2025, families with two or three children who comply with the national family planning policy and purchase newly-built commercial housing across the city will receive housing purchase subsidies of 60,000 yuan and 120,000 yuan, respectively. Support for purchasing commercial and office properties is increased. From May 1 to December 31, 2025, individuals purchasing newly-built commercial and office properties for non-business purposes will receive a 50% subsidy based on the actual amount of deed tax paid. The minimum down payment ratio for commercial loans is reduced from 50% to 45%, and the loan interest rate is determined independently by commercial banks based on relevant principles of loan risk management. [Henan: Strengthen loan disbursements for real estate "white list" projects and expand the scale of acquiring existing commercial housing] The General Office of the People's Government of Henan Province issued "Several Policy Measures for Striving in Q2 to Ensure 'Achieving Half of the Annual Targets'", which mentions strengthening loan disbursements for real estate "white list" projects and expanding the scale of acquiring existing commercial housing, with the goal of basically completing the delivery of projects to ensure housing delivery by the end of June 2025.Elderly households purchasing products for home renovations to suit the needs of the elderly will receive subsidies amounting to 30% of the total cost of such products, with a maximum subsidy of 12,000 yuan per household. 【NDRC: Measures to foster a stable and favorable environment for development will primarily involve maintaining stability and vitality in the capital market, and sustaining the stable trajectory of the real estate market】 Zhao Chenxin, Deputy Director of the National Development and Reform Commission (NDRC), introduced at a press conference held by the State Council Information Office on April 28 that measures to stabilize employment, the economy, and promote high-quality development encompass five key areas. Among these, fostering a stable and favorable environment for development primarily includes measures such as maintaining stability and vitality in the capital market, sustaining the stable trajectory of the real estate market, and increasing financial support for the real economy. Various Perspectives A research report by Huatai Securities points out that as we enter Q2, the window for incremental policies in the real estate sector is gradually opening. Given the more proactive macroeconomic and fiscal policy orientations, attention should be paid to the pace of implementing practical policies. Looking ahead, considering the greater policy flexibility in first-tier cities, there is greater optimism about the recovery pace of core cities represented by first-tier cities, as well as the valuation recovery of real estate enterprises with reserves or newly acquired resources in corresponding regions. SPDB International notes that measures such as RRR cuts and interest rate cuts by the PBOC, as well as reductions in housing provident fund loan interest rates, are in line with previous expectations. The simultaneous announcement of these measures underscores the government's determination to stabilize growth amid the backdrop of tariff wars. Going forward, policies will continue to be implemented to offset the negative impacts of tariff wars on the economy. A research report by China Galaxy Securities states that the recent Political Bureau meeting proposed "sustaining the stable trajectory of the real estate market" and separately mentioned aspects such as urban renewal, new development models, high-grade housing supply, and acquisition of existing housing stock. Galaxy Securities believes that with the strong impetus from policies, residents' rigid and improvement-oriented housing demand is expected to be further released, and support for the acquisition of existing commercial housing is expected to be further enhanced, potentially sustaining the stable trajectory of the real estate market. Galaxy Securities also believes that leading real estate enterprises, demonstrating excellent operational management capabilities and financial advantages, are expected to further increase their market share. The meeting of the Political Bureau of the CPC Central Committee pointed out that efforts should be intensified to implement urban renewal initiatives, and advance the renovation of urban villages and dilapidated houses in a forceful and orderly manner. Accelerate the construction of a new model for real estate development, increase the supply of high-grade housing, optimize policies for the acquisition of existing commercial housing stock, and sustain the stable trajectory of the real estate market. Yan Yuejin, Vice President of the E-House China Research and Development Institute, stated that overall, the policies for the subsequent development of the real estate market are clear. The meeting has provided a clear direction for the subsequent development of the real estate market, particularly for Q2, and has put forward specific requirements in areas such as risk prevention, optimizing existing stock, and optimizing supply, which are of great significance for promoting the stable and healthy development of the real estate market. (Cailian Press) For more information on the fundamentals, policies, and future trends of the real estate sector, please join us at the 2025 SMM (3rd) Wire & Cable Industry Development Conference and Wire & Cable Industry Exhibition .

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US presidential election concluded, the uncertainty of global trade policies will further increase, presenting new issues for international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions show no significant signs of easing, posing threats not only to global security but also significantly impacting resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentives, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. The Hubei Copper Industry Association/Daye Nonferrous Metals Group Holding Co., Ltd. will attend this conference in full force. We will keep pace with the times, aim for our goals, strive diligently, and move forward courageously! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. The Hubei Copper Industry Association was established in October 2024, initiated by Daye Nonferrous Metals Group Holding Co., Ltd., Hubei Aerospace Cable Co., Ltd., Hubei Nuode Lithium Battery Materials Co., Ltd., and Wuhan Second Wire & Cable Co., Ltd. It is a provincial, industrial, non-profit social organization registered and approved by the Hubei Provincial Department of Civil Affairs. The association currently has nearly 100 member units, covering major enterprises and institutions in the province engaged in copper exploration, mining, smelting, deep processing, end-use products, and industry chain services. The association is committed to building a platform for communication and cooperation between government departments, research institutions, universities, supply chain services, and copper enterprises, creating a professional, service-oriented, and academic exemplary industry association that is distinctive, vibrant, and satisfactory to members and the government, becoming a true "industry home" and "golden nanny" for member enterprises. The mission of the association is scale growth, product optimization, technological advancement, innovation enhancement, and green and low-carbon development. The vision of the association is a "billion-dollar aircraft carrier—Central China Copper Valley," and the values of the association are unity, collaboration, progress, and win-win. The association provides high-quality industrial and professional services to its members. Industrial services include industry chain docking, industry-university-research docking, industrial planning research, investment and financing services, transformation and upgrading, brand creation services, exhibition and exchange, scientific research and innovation, supply chain services, market information research, and policy and regulation interpretation. Professional services include inspection and testing, high-end talent cultivation, intellectual property services, technical support and transfer, high-end, intelligent, and green development, and enterprise diagnostic consulting. Since its establishment, the association has actively built a platform for enterprise communication and cooperation, helping member units achieve resource sharing and mutual benefit. It has actively provided suggestions to the government to solve practical difficulties for enterprises. It has actively communicated and cooperated with state-owned central enterprises and national key scientific research institutions to help enterprises develop new quality productive forces. It has actively established cooperative relationships with national industry associations and societies, continuously expanding the "circle of friends" and influence of the copper industry in our province. Daye Nonferrous Metals Group Holding Co., Ltd. (hereinafter referred to as "the company") is the largest domestic investment enterprise of the central enterprise China Nonferrous Metal Mining (Group) Co., Ltd., located in Huangshi, Hubei, which has a 3,000-year history of bronze culture. The company was founded in 1953 and was one of the 156 key projects during the first Five-Year Plan of New China. It has successively been under the jurisdiction of the Central South Nonferrous Metals Industry Administration, the National Heavy Industry Ministry, the Metallurgical Industry Ministry, the China Nonferrous Metals Industry Corporation, and Hubei Province. On January 21, 2011, China Nonferrous Metal Mining (Group) Co., Ltd. reorganized the company into an important domestic copper smelting base. After more than 70 years of construction and development, the company has grown into a state-owned large-scale copper industrial conglomerate integrating geological exploration, mining, mineral processing, smelting, and processing. It mainly owns 4 operating mines, 3 operating smelters, 1 copper processing enterprise, 1 "urban mining" dismantling and utilization enterprise, as well as supporting enterprises in scientific research, logistics, maintenance, and trade. Currently, it has an annual production capacity of 4.3 million mt of mining and mineral processing, 700,000 mt of blister copper, 1 million mt of copper cathode, 20 mt of gold, 1,000 mt of silver, 2.6 million mt of sulphuric acid, 240,000 mt of iron ore concentrates, and 300,000 mt of copper rod. The market share of its annual copper cathode production ranks among the top in the country. While focusing on strengthening and optimizing the domestic industry, the company adheres to an outward-looking perspective, actively expanding overseas business. Relying on the "going global" development strategy of its parent company, China Nonferrous Metal Mining (Group) Co., Ltd., and its own professional advantages, the company has established an engineering technology company and an overseas maintenance center, providing resource development, operation, and maintenance services and technical support for overseas Chinese enterprises in Central and Southern Africa, helping the development of overseas Chinese enterprises. The company is an innovative enterprise in Hubei Province, possessing a series of scientific and technological innovation platforms such as a national-level enterprise technology center, a postdoctoral research workstation, a national-level engineering practice education center, a nationally accredited laboratory, and a Class A research institute in the metallurgical industry, focusing on building new quality productive forces. The company currently has 1,876 management and technical personnel, including 732 with intermediate or higher professional titles, covering 15 fields such as metallurgy, mining, mineral processing, and machinery. It has obtained 342 national authorized patents, 158 various types of scientific and technological awards, and has presided over or participated in the drafting and revision of 170 international, national, and industry standards. It has successively won honorary titles such as "National Civilized Unit," "National Contract and Creditworthy Enterprise," "National May 1st Labor Certificate," "National Model Harmonious Labor Relations Enterprise," "National Excellent Enterprise in Employee Ideological and Political Work," and "National Excellent Unit in Enterprise Culture Construction." Looking to the future, the company will always adhere to the original intention of "contributing to the development of China's copper industry" and the mission of representing the "national team" in global competition. Guided by General Secretary Xi Jinping's three important instructions and the spirit of the 2.26 instruction to China Nonferrous Metal Mining (Group) Co., Ltd., the company will implement the "1+4" development strategy of China Nonferrous Metal Mining (Group) Co., Ltd., continuously strengthen scientific and technological innovation, optimize the industrial structure, deepen internal reforms, continuously enhance core competitiveness and core functions, and strive to build a first-class copper enterprise with distinct intelligent and green characteristics, contributing to China Nonferrous Metal Mining (Group) Co., Ltd.'s goal of becoming a world-class mining enterprise, and demonstrating the responsibility of a central enterprise in realizing Chinese-style modernization. SMM Conference Contact: Jie Ren, 18655033505, renjie@smm.cn.

On the evening of April 28, Jinbei Electric (002533.SZ) released its Q1 2025 report, revealing that the company achieved operating revenue of RMB 4.097 billion in Q1, up 16.32% YoY, and net profit attributable to shareholders of RMB 136 million, up 1.84% YoY. The financial report showed that, as of the end of Q1, excluding orders that had been awarded but not yet signed, the company's orders on hand exceeded RMB 3.3 billion. A company executive told a reporter from Cailian Press that the company's dual main businesses of magnetic wire and wire and cable had achieved economies of scale. Additionally, through copper semis hedging and production process optimization, the company maintained stable profitability amidst sharp fluctuations in raw material prices. Benefiting from power grid upgrades and the robust new energy vehicle (NEV) industry, there is currently robust demand for flat magnetic wire and wire and cable both domestically and overseas. In terms of business segments, for Jinbei Electric's cable business, the company secured eight packages in State Grid tenders in Q1, achieving full-category awards for ground wires, control cables, overhead insulated conductors, and power cables. The company's other main business, magnetic wire, experienced rapid growth. Its Wuxi base secured a 34,500-mt order for flat magnetic wire for transformers in the "China Electric Equipment Group's Concentrated Procurement Project for Magnetic Wire," accounting for 70% of the Wuxi base's 2024 sales. The estimated value of the order, based on copper prices at the time of award, reached RMB 2.754 billion. The Q1 report indicated that the company's construction in progress at the end of the period increased by 30.14% compared to the end of the previous year, primarily due to the addition of plant and equipment for the third-phase expansion project of Jinbei Electric Magnetic Wire's dedicated flat magnetic wire for NEV motors, as well as the plant and equipment for the intelligent cable workshop of Jinbei Electric Hengyang Cable's intelligent equipment line. The aforementioned company executive stated that the overall progress of the third-phase expansion project for flat magnetic wire for NEV drive motors at the Xiangtan base is going smoothly, with the first batch of 6,000 mt of capacity expected to be gradually released in Q2 2025. Once the base reaches full production, the annual capacity for flat magnetic wire for NEVs will reach 50,000 mt. He also noted that due to early electrification in developed regions of Europe and the United States, the previous round of power investments was concentrated in the 1970s-1990s, resulting in widespread aging of existing power grid equipment and significant demand for upgrades. Coupled with the increasing share of new energy power generation, this has jointly driven a concentrated surge in overseas power equipment demand. This year, the company is intensifying its overseas business expansion. In Q1, the company's direct export shipments of magnetic wire increased by 10% YoY, covering markets in Europe, the Middle East, and East Asia. The cable business has opened up market space through mining projects in Central Asia, PV projects in the Middle East, and power transmission projects in Southeast Asia.

This week, the operating rate of SMM copper wire and cable enterprises was 77.21%, up 4.58 percentage points MoM and 3.65 percentage points YoY, but 1.95 percentage points lower than the expected operating rate. Overall, new orders for most copper wire and cable enterprises recovered this week, though the market showed divergent performance.

[SMM Analysis: Wire and Cable Enterprises Face a Cold Spring, Copper Prices and Demand Exert Dual Pressure] According to SMM, the operating rate of copper wire and cable enterprises in February was 60.89%, up 5.64 percentage points MoM, 14.14 percentage points higher YoY, but 10.99 percentage points lower compared to March last year (same lunar period). It was 1.15 percentage points below the expected operating rate. Specifically...

[SMM Analysis: Terminal Wire and Cable Enterprises Enter Restocking Cycle, Secondary Copper Rod Suppliers Stand Firm on Quotes] According to SMM survey data, the operating rate of secondary copper rods this week was 30.75%, up 11.79 percentage points WoW and up 22.5 percentage points YoY. Meanwhile, the average price spread of refined and secondary copper rods this week was 921 yuan/mt, down 232 yuan/mt WoW. Additionally, the average discount of secondary copper rods in Jiangxi against copper futures was 580 yuan/mt, narrowing by 198 yuan/mt WoW...

[SMM Analysis: Power Grid's Generous Start and Changes in Bidding Rules—What Do Copper Wire and Cable Companies Think?] As the conclusion of the 14th Five-Year Plan approaches, China's power grid investment has significantly accelerated in 2024. After entering 2025, the State Grid Corporation of China announced ambitious investment plans and optimized its bidding rules. Can these investments boost copper wire and cable orders for companies? What impact will the rule changes have on companies winning bids? SMM has compiled feedback from cable companies as follows...