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

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

According to the latest data from SMM Customs, imports of SMM hydrometallurgy intermediate products in March 2026 reached 171,240 mt in physical terms, up 37% MoM and up 1.4% YoY. By country, the main incremental volumes this month came from hydrometallurgy intermediate products imported from Papua New Guinea, Indonesia, and New Caledonia.

In March 2026, China’s alumina imports and exports showed significant changes: imports totaled 338,300 metric tons, an 86.9% increase from the previous month, but a substantial 2,928.8% increase year-over-year; exports totaled 209,400 metric tons, a 43% increase from the previous month, but a 29.4% decrease year-over-year.

[Zinc Ingot Imports Surged Beyond Expectations in March — How Will April Trade Flows Unfold?] According to the latest customs data, refined zinc imports in March 2026 totaled 14,400 mt, up 9,900 mt or 220.14% MoM and down 47.53% YoY. Cumulative refined zinc imports from January to March reached 43,000 mt, down 57.32% YoY. Refined zinc exports in March were 4,700 mt, resulting in net exports of 32,500 mt of refined zinc from January to March.

SMM April 16: Metal market: As of the daytime close, domestic base metals generally rose, with SHFE tin being the only decliner, down 0.07%. SHFE aluminum led the gains with a 2.89% increase, while the rest of the metals gained less than 1%. The alumina front-month contract rose 1.44%, and the foundry aluminum front-month contract rose 1.62%. In addition, the lithium carbonate front-month contract rose 4.2%, polysilicon rose 1.08%, silicon metal rose 0.89%, and the Europe containerized freight front-month contract rose 4.75% to close at 2,044.7. Ferrous metals all posted gains to varying degrees except for stainless steel, which fell 0.03%. Iron ore rose 3.1%. Hot-rolled coil and rebar rose over 1%, with hot-rolled coil up 1.22% and rebar up 1.06%. Coking coal and coke side, coking coal rose 2.32% and coke rose 1.94%. Overseas market, as of 15:04, overseas base metals generally rose, with LME tin leading the gains at 1.41%, LME aluminum up 1.31%, and the rest of the metals gaining less than 1%. Precious metals, as of 15:04, COMEX gold rose 0.51% and COMEX silver rose 1.08%. In China, SHFE gold rose 0.17% and SHFE silver rose 1.43%. In addition, the platinum front-month contract rose 0.45%, and the palladium front-month contract fell 0.66%. Market data as of 15:04 today Macro Front China: [NBS: Q1 GDP Up 5% YoY! National Economy Off to a Good Start with Accelerating Industrial Production Growth] According to preliminary estimates by the NBS, Q1 GDP reached 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 last year. By industry, the primary sector's value added was 1,194.1 billion yuan, up 3.8% YoY; the secondary sector's value added was 11,613.5 billion yuan, up 4.9%; and the tertiary sector's value added was 20,611.7 billion yuan, up 5.2%. On a QoQ basis, Q1 GDP grew 1.3%. In Q1, the value added of China's above-scale industrial enterprises rose 6.1% YoY, accelerating by 1.1 percentage points from Q4 last year. By three major categories, the value added of the mining industry rose 6.0% YoY, manufacturing rose 6.4%, and the production and supply of electricity, heat, gas, and water rose 4.3%. The value added of equipment manufacturing rose 8.9% YoY, and that of high-tech manufacturing rose 12.5%, outpacing the overall above-scale industrial value added by 2.8 and 6.4 percentage points, respectively. By economic type, value added of state-controlled enterprises increased 4.8% YoY; joint-stock enterprises rose 6.6%, foreign-funded enterprises and those with investment from Hong Kong, Macao, and Taiwan rose 3.9%; and private enterprises rose 6.1%. By product, production of 3D printing equipment, lithium-ion batteries, and industrial robots increased 54.0%, 40.8%, and 33.2% YoY, respectively. In March, value added of industrial enterprises above designated size increased 5.7% YoY and 0.28% MoM. In March, the manufacturing PMI was 50.4%, up 1.4 percentage points from the previous month; the enterprise production and business activity expectations index was 53.4%. In January–February, industrial enterprises above designated size nationwide recorded total profits of 1,024.6 billion yuan, up 15.2% YoY. [National Bureau of Statistics (NBS): China’s Imports and Exports Are Well Positioned to Maintain Solid Growth] Mao Shengyong, Deputy Director of the National Bureau of Statistics (NBS), said at a press conference held by the State Council Information Office that, based on years of practice, regardless of how the external environment changes, even during the pandemic when the market worried about whether China’s foreign trade could be sustained, China’s imports and exports have remained very strong. This was attributable to enterprises working hard to strengthen their fundamentals, enhance the technological content of products, and improve overall competitiveness. Overall, China’s imports and exports are still well positioned to maintain relatively solid growth. (Wallstreetcn) The PBOC conducted 500 million yuan of 7-day reverse repo operations in the open market, with the operation rate unchanged at 1.40%; 500 million yuan of reverse repos matured today. US dollar: As of 15:04, the US dollar index fell 0.05% to 98.03, marking a nine-session decline. Musalem of the US Fed said on Wednesday that high oil prices could push the underlying inflation rate for the remainder of this year to nearly one percentage point above the US Fed’s 2% target, and the US Fed may need to keep interest rates unchanged. Musalem said, “We are very likely to see some pass-through from oil prices to core inflation.” By the end of this year, the core measure of price increases would be “slightly below 3%, perhaps around 3%,” and there were risks of a further rise. Musalem said the US Fed may keep its policy rate in the current 3.50%–3.75% range “for some time,” while monitoring inflation, employment, and economic data in the coming months, and many of his colleagues shared the same view. The impact of last year’s tariff increases may gradually fade this quarter, and housing price inflation is also easing. As oil prices rise, inflation in a range of services has stayed high; if inflation begins to rise and could boost inflation expectations, he would be open to raising rates. Musalem also stated that the oil market is experiencing "the third negative supply shock in 12 months," which, combined with rising tariff rates and stricter immigration regulations, poses risks to both inflation prospects and the job market, potentially impacting economic growth. He predicted this year's economic growth would slow down but remain between 1.5% and 2%. (Jin10 Data APP) According to CME's "FedWatch," the probability of the US Fed raising interest rates by 25 basis points in April stands at 1.6%, while the likelihood of maintaining unchanged rates is 98.4%. For June, the probability of a cumulative 25-basis-point interest rate cut is 0%, with a 98% chance of unchanged rates and a 2% chance of a cumulative 25-basis-point hike. (Jin10 Data APP) On the macro front: Today, the UK will release February's three-month GDP monthly rate, manufacturing output monthly rate, seasonally adjusted goods trade balance, and industrial output monthly rate. The eurozone will announce March's final CPI annual and monthly rates. The US will report initial jobless claims for the week ending April 11, the Philadelphia Fed Manufacturing Index for April, and March's industrial output monthly rate. Additionally, key events include: US Fed Governor Bowman speaking at the IIF forum; the Fed releasing its Beige Book; Bank of England Governor Bailey discussing global economic imbalances during IMF meetings; China's NBS publishing the monthly report on residential property prices in 70 major cities; a State Council press conference on national economic performance; the ECB releasing March's monetary policy meeting minutes; FOMC permanent voter and New York Fed President Williams delivering remarks; US Fed Governor Milan speaking; and the G20 finance ministers and central bank governors meeting. Crude oil side: As of 15:04, oil prices showed mixed performance, with WTI down 0.06% and Brent up 0.2%. Market uncertainty persists over whether US-Iran peace talks will yield an agreement. Last week, US crude exports surged to near-record highs to meet demand from Asian and European buyers seeking alternatives to disrupted Middle Eastern supplies due to the Iran conflict. This brought the US close to becoming a net crude exporter for the first time since WWII. However, analysts and traders noted the US is rapidly approaching its export capacity limit. Government data released Wednesday showed net crude imports (exports minus imports) narrowed to 66,000 barrels per day, the lowest since weekly records began in 2001, while exports rose to 5.2 million barrels per day, a seven-month high. Annual data indicates the US last achieved net exporter status in 1943. Jin10 Data APP) Documents released by the White House show that US President Trump issued multiple oil pipeline permits on Wednesday, including one for a new pipeline aimed at facilitating the transportation of crude oil and petroleum products between the US and Canada. The construction permit has been granted to Bakken Pipeline for pipeline facility construction in Burke County, North Dakota. Additionally, he issued other permits for the maintenance and operation of existing pipelines near border areas in North Dakota and Michigan. (Jin10 Data APP) SMM Daily Review ► ► ► ► ► ► ► ► ► ► ►

According to preliminary estimates by the National Bureau of Statistics (NBS), China's GDP in Q1 totaled 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 of the previous year. By industry, the value added of the primary industry was 1,194.1 billion yuan, up 3.8% YoY; the value added of the secondary industry was 11,613.5 billion yuan, up 4.9%; and the value added of the tertiary industry was 20,611.7 billion yuan, up 5.2%. On a QoQ basis, GDP grew by 1.3% in Q1. The National Economy Achieved a Good Start in Q1 In Q1, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and plans of the CPC Central Committee and the State Council, stepped up the implementation of more proactive and effective macro policies, and worked to stabilize employment, enterprises, markets, and expectations. Efforts were accelerated to foster and develop new quality productive forces. Production and supply growth picked up, market demand continued to improve, the employment situation remained generally stable, market prices saw a mild rebound, high-quality development advanced toward new and better directions, the national economy achieved a good start, and development resilience and vitality were further demonstrated. According to preliminary estimates, China's GDP in Q1 totaled 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 of the previous year. By industry, the value added of the primary industry was 1,194.1 billion yuan, up 3.8% YoY; the value added of the secondary industry was 11,613.5 billion yuan, up 4.9%; and the value added of the tertiary industry was 20,611.7 billion yuan, up 5.2%. On a QoQ basis, GDP grew by 1.3% in Q1. I. Agricultural Production Was in Good Shape, and the Livestock Industry Remained Generally Stable In Q1, the value added of agriculture (crop farming) grew 3.7% YoY. The sown area of winter wheat remained stable, seedling conditions continued to improve, and spring plowing and preparation progressed smoothly. According to the national planting intention survey, the intended sown area for grain this year remained generally stable, with the rice area basically flat and the corn area stable with a slight increase. In Q1, the production of pork, beef, mutton, and poultry totaled 26.62 million mt, up 4.8% YoY, of which pork and poultry production increased by 4.2% and 9.3% respectively, while beef and mutton production decreased by 1.4% and 2.0% respectively; milk production increased by 3.4%, and egg production decreased by 3.1%. In Q1, hog slaughter reached 200.26 million heads, up 2.8% YoY; the quarter-end hog inventory stood at 423.58 million heads, up 1.5%. II. Industrial Production Growth Accelerated, with Equipment Manufacturing and High-Tech Manufacturing Growing Rapidly In Q1, the value added of China's industrial enterprises above designated size grew 6.1% YoY, accelerating by 1.1 percentage points from Q4 of the previous year. By three major sectors, the value added of the mining industry grew 6.0% YoY, manufacturing grew 6.4%, and the production and supply of electricity, heat, gas, and water grew 4.3%. The value added of equipment manufacturing grew 8.9% YoY, and that of high-tech manufacturing grew 12.5%, outpacing the overall value added of industrial enterprises above designated size by 2.8 and 6.4 percentage points, respectively. By economic type, the value added of state-owned holding enterprises grew 4.8% YoY; joint-stock enterprises grew 6.6%, foreign-invested and Hong Kong, Macao, and Taiwan-invested enterprises grew 3.9%; and private enterprises grew 6.1%. By product, the production of 3D printing equipment, lithium-ion batteries, and industrial robots grew 54.0%, 40.8%, and 33.2% YoY, respectively. In March, the value added of industrial enterprises above designated size grew 5.7% YoY and up 0.28% MoM. In March, the manufacturing PMI stood at 50.4%, up 1.4 percentage points from the previous month; the expectations index for enterprise production and business activities was 53.4%. In January–February, the total profits of industrial enterprises above designated size nationwide reached 1,024.6 billion yuan, up 15.2% YoY. III. Services Sector Grew Rapidly, with Strong Momentum in Modern Services In Q1, the value added of the services sector grew 5.2% YoY. Among them, leasing and business services, information transmission, software and information technology services, financial services, transportation, warehousing and postal services, and accommodation and catering grew 12.2%, 10.6%, 6.5%, 4.3%, and 4.3%, respectively. In March, the national services sector production index grew 5.0% YoY. Among them, the production indices of information transmission, software and information technology services, leasing and business services, and financial services grew 11.8%, 10.1%, and 6.7%, respectively. In January–February, the operating revenue of services enterprises above designated size grew 7.4% YoY. In March, the business activity index for the services sector was 50.2%, up 0.5 percentage points from the previous month; the business activity expectations index for the services sector was 54.8%. Among them, the business activity indices of railway transportation, telecommunications, radio, television and satellite transmission services, monetary and financial services, and insurance were in the relatively high prosperity range above 55.0%. IV. Market Sales Picked Up, with Rapid Growth in Services Retail In Q1, total retail sales of consumer goods reached 12,769.5 billion yuan, up 2.4% YoY, accelerating by 0.7 percentage points from Q4 of the previous year. By location of business units, urban retail sales of consumer goods reached 11,057.4 billion yuan, up 2.3% YoY; rural retail sales of consumer goods reached 1,712.1 billion yuan, up 3.1%. By type of consumption, retail sales of goods reached 11,307.2 billion yuan, up 2.2%; catering revenue reached 1,462.3 billion yuan, up 4.2%. Sales of basic living necessities and some upgraded goods grew relatively fast. On a YoY basis, retail sales of grain, oil and food, garments, footwear, hats, knitwear and textiles, communication equipment, and gold, silver and jewelry by units above designated size increased by 10.0%, 9.3%, 20.8% and 12.6% respectively. In March, total retail sales of consumer goods were up 1.7% YoY and up 0.14% MoM. In Q1, retail sales of services were up 5.5% YoY, with the growth rate on par with the full year of the previous year. Among them, retail sales of communication and information services, tourism, consulting and rental services, and culture, sports and leisure services grew relatively fast. In Q1, national online retail sales of goods and services reached 4,977.4 billion yuan, up 8.0% YoY. Of this, online retail sales of goods reached 3,161.4 billion yuan, up 7.5%, accounting for 24.8% of total retail sales of consumer goods; online retail sales of services reached 1,816 billion yuan, up 8.8%. V. Fixed Asset Investment Grew Steadily, Infrastructure Investment Grew Relatively Fast In Q1, national fixed asset investment (excluding rural households) reached 10,270.8 billion yuan, up 1.7% YoY, compared with a decline of 3.8% for the full year of the previous year; excluding real estate development investment, national fixed asset investment grew by 4.8%. By sector, infrastructure investment was up 8.9% YoY, manufacturing investment was up 4.1%, and real estate development investment was down 11.2%. The floor space of commercial buildings sold nationwide was 195.25 million m², down 10.4% YoY; sales of newly-built commercial buildings totaled 1,726.2 billion yuan, down 16.7%. By industry, investment in the primary industry was up 15.9% YoY, investment in the secondary industry was up 5.8%, and investment in the tertiary industry was down 1.0%. Private investment was down 2.2% YoY, with the decline narrowing by 4.2 percentage points from the full year of the previous year; excluding real estate development investment, private investment grew by 1.3%. Investment in high-tech industries was up 7.4% YoY, of which investment in computer and office equipment manufacturing, aerospace and aircraft equipment manufacturing, and information services grew by 28.3%, 19.0% and 20.9% respectively. In March, fixed asset investment (excluding rural households) was up 0.52% MoM. VI. Trade in Goods Grew Rapidly, Trade Structure Continued to Optimize In Q1, total value of goods imports and exports reached 11,838 billion yuan, up 15.0% YoY. Of this, exports reached 6,846.7 billion yuan, up 11.9%; imports reached 4,991.3 billion yuan, up 19.6%. Ordinary Trade imports and exports were up 9.0% YoY. Imports and exports to countries participating in the Belt and Road Initiative grew by 14.2%. Imports and exports of private enterprises grew by 16.2%, accounting for 57.3% of total imports and exports. Exports of electromechanical products grew by 18.3%. In March, total imports and exports reached 4,104.6 billion yuan, up 9.2% YoY. VII. Consumer Price Increases Expanded, and Industrial Producer Prices Continued to Rebound In Q1, the national consumer price index (CPI) rose by 0.9% YoY, with the increase expanding by 0.4 percentage points from Q4 of the previous year. By category, prices of food, tobacco, alcohol and dining out rose by 0.5% YoY, clothing by 1.8%, housing fell by 0.2%, household goods and services rose by 2.3%, transportation and communication fell by 1.1%, education, culture and entertainment rose by 1.0%, healthcare rose by 1.8%, and other goods and services rose by 14.1%. Among food, tobacco, alcohol and dining out prices, pork prices fell by 11.3%, grain prices fell by 0.3%, fresh fruit prices rose by 4.3%, and fresh vegetable prices rose by 7.6%. Core CPI, excluding food and energy prices, rose by 1.2% YoY. In March, the national CPI rose by 1.0% YoY and fell by 0.7% MoM. In Q1, national ex-factory prices of industrial producers fell by 0.6% YoY, with the decline narrowing by 1.5 percentage points from Q4 of the previous year. Among them, March saw a YoY increase of 0.5%, compared with a decrease of 0.9% in the previous month; and a MoM increase of 1.0%. In Q1, the purchase prices of industrial producers nationwide fell by 0.5% YoY. Among them, March saw a YoY increase of 0.8%, compared with a decrease of 0.7% in the previous month; and a MoM increase of 1.2%. VIII. The Employment Situation Remained Generally Stable, with the Urban Surveyed Unemployment Rate Unchanged YoY In Q1, the average national urban surveyed unemployment rate was 5.3%, unchanged from the same period of the previous year. In March, the national urban surveyed unemployment rate was 5.4%. The surveyed unemployment rate for local household-registered labor force was 5.4%; the surveyed unemployment rate for non-local household-registered labor force was 5.3%, of which the surveyed unemployment rate for non-local labor force with agricultural household registration was 5.7%. The urban surveyed unemployment rate in 31 major cities was 5.3%. The average weekly working hours of employees in enterprises nationwide was 48.1 hours. At the end of Q1, the total number of rural migrant workers working outside their hometowns was 188.38 million, up 0.2% YoY. IX. Household Income Continued to Grow, with Rural Residents' Income Growing Faster Than That of Urban Residents In Q1, the national per capita disposable income was 12,782 yuan, a nominal increase of 4.9% YoY, or a real increase of 4.0% after deducting price factors. By place of permanent residence, the per capita disposable income of urban residents was 16,549 yuan, up 4.2% YoY in nominal terms and 3.2% in real terms; the per capita disposable income of rural residents was 7,433 yuan, up 6.1% YoY in nominal terms and 5.4% in real terms. By income source, the per capita nationwide wage income, net business income, net property income, and net transfer income grew 4.9%, 6.6%, 1.6%, and 5.1% in nominal terms, respectively. The median per capita disposable income of nationwide residents was 10,433 yuan, up 5.0% YoY in nominal terms. Overall, major macro indicators rebounded in Q1, new momentum grew rapidly, and the national economy achieved a good start. However, it should also be noted that the external environment has become more complex and volatile, the domestic imbalance of strong supply and weak demand remains prominent, and the foundation for economic improvement still needs to be consolidated. In the next phase, it is important to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, resolutely implement the decisions and plans of the CPC Central Committee and the State Council, fully and faithfully apply the new development philosophy, accelerate the construction of a new development paradigm, focus on promoting high-quality development, maintain the general principle of seeking progress while ensuring stability, implement more proactive and effective macro policies, continuously expand domestic demand and optimize supply, improve incremental resources and revitalize existing assets, and make efforts to stabilize employment, enterprises, markets, and expectations, so as to continuously consolidate and expand the steady and positive momentum of the economy. Recommended reading:

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