[Introduction] On August 1st, the National Development and Reform Commission held a press conference to interpret the current economic situation and economic work. An official from the Policy Research Office of the National Development and Reform Commission stated:The third batch of 69 billion yuan in ultra-long-term special government bonds for supporting the replacement of old consumer goods with new ones has been fully disbursed this year. The fourth batch of 69 billion yuan is scheduled to be disbursed in October, at which point the annual plan of disbursing 300 billion yuan will be completed.。 Data source: Longzhong Information From the perspective of domestic automobile production,2025 1-6The output of the month is in1555.4 Ten thousand units, year-on-year increase161.3 Tens of thousands of vehicles, rising11.57% The main domestic policies, such as the replacement policy, the new energy vehicle purchase subsidy, and the exemption from purchase tax, will continue to play a strong role in supporting and driving domestic automobile demand. It is expected that in the second half of the year, with the arrival of the peak demand season, domestic automobile production is likely to continue to rise. Source of data: Longzhong Information From the perspective of consumption, automobile sales showed an upward trend from 2021 to 2025. Supported by the two new subsidy policies, China's automobile sales gradually increased, with a growth rate of 11.92% in 2023. Sales reached 30.05 million units, accounting for 33.8% of global sales. In 2024, sales reached 31.43 million units, an increase of 1.38 million units compared to 2023. According to the latest data, the demand in the Chinese automobile market in 2025 remains stable, coupled with a gradual recovery in exports, with consumption reaching 15.65 million units from January to June. 。 Source of data: Longzhong Information From the perspective of the home appliance industry, the total output of the four major home appliance sectors reached 363.705 million units from January to June 2025, an increase of 9.193 million units compared to the same period last year, representing a year-on-year growth of 2.59%. Among them, washing machines and air conditioners showed significant year-on-year growth of 10.81% and 4.99%, respectively, mainly due to increased demand in the EU and UK markets. In addition, the rising demand in emerging markets such as Southeast Asia and South America has also provided strong support for domestic home appliance production. With the support of domestic trade-in subsidies and other policies, the production of domestic automobiles and home appliances has significantly increased. As the main application fields of modified polypropylene, this provides slight support for the orders of modified polypropylene enterprises. In July, the average order days for modified polypropylene was 11.13 days, an increase of 15.94% compared to 2024. It is expected that the orders for modified polypropylene may increase in the fourth quarter. Overall,Trade-in programs directly reduce consumers' replacement costs through subsidies, with a particularly significant impact on price-sensitive groups. In the automotive sector, the combination of new energy vehicle trade-in subsidies and purchase tax exemptions accelerates the replacement of fuel vehicles; in the home appliance sector, the demand for upgrading to energy-efficient and smart products is released, promoting inventory clearance in the industry. ExpectedIn October, with the arrival of a new round of trade-in funds and the approach of the Spring Festival, the demand for automobiles and home appliances continues to rise.

On July 31, American auto parts supplier BorgWarner announced that in the first half of this year, its net sales decreased by 0.6% to $7.153 billion from $7.198 billion in the same period last year. Operating income was $526 million, lower than $592 million in the same period last year. Gross profit was $1.279 billion, down from $1.329 billion in the same period last year. The gross profit margin was 17.9%, lower than 18.5% in the same period last year. Adjusted diluted earnings per share were $2.32, higher than $2.22 in the same period last year. Image source: BorgWarner In the second quarter of this year, its net sales increased by 0.97% year-on-year from $3.603 billion to $3.638 billion, exceeding analysts’ previous expectations of $3.61 billion. Operating profit was $289 million, down from $297 million in the same period last year. Gross profit was $640 million, lower than $685 million in the same period last year. Gross margin reached 17.6%, down from 19.0% in the same period last year. Adjusted diluted earnings per share were $1.21, higher than $1.19 in the same period last year and also above the expected $1.08. BorgWarner raised its 2025 net sales forecast, mainly due to increased automotive production and favorable exchange rate factors, causing its stock price to rise more than 2% in pre-market trading. Currently, BorgWarner expects its full-year 2025 net sales to be between $14.0 billion and $14.4 billion, higher than the previous forecast of $13.6 billion to $14.2 billion; operating profit to be between $1.167 billion and $1.217 billion; operating profit margin to be between 8.3% and 8.5%; adjusted operating profit to be between $1.42 billion and $1.48 billion; adjusted operating profit margin to be between 10.1% and 10.3%, compared to the previous forecast of 9.6% to 10.2%; adjusted diluted earnings per share to be between $4.45 and $4.65, higher than the previous forecast of $4.00 to $4.45; operating cash flow to be between $1.368 billion and $1.418 billion; and free cash flow to be between $700 million and $800 million, an increase of $50 million from the previous forecast. Although tariffs targeting automakers force auto parts suppliers to bear more costs, BorgWarner will benefit as automakers increase production and market demand for efficient hybrid systems and turbochargers remains strong.

International News Guide: Raw Materials - EVONIK Releases Q2 2025 Earnings Report: Declining Demand Impacts Performance Automotive - ZF Announces Mass Layoffs and Pay Cuts! 12,000 Employees Protest on Streets Packaging -BioLogiQ Receives $5 Mn Grant to Develop Innovative Packaging for Fresh Produce Medical - French Medtech Molding Connection for D&M Plastics Electronics - APPLE Releases Q3 2025 Fiscal Year Earnings Report: iPhone Sales Surpass 3 Billion Units, China Market Returns to Growth Construction - ORIENTAL YUHONG Plans to Acquire Leading Chilean Building Materials Retailer for RMB 880 Million Macro - JAPAN Insists on U.S. Fulfillment of Bilateral Agreement, Urges Immediate Tariff Reduction on Automobiles and Parts Price - Ethylene Asia: CFR Northeast Asia $820/tonne; CFR Southeast Asia $830/tonne   International News Details: 1. EVONIK Releases Q2 2025 Earnings Report: Declining Demand Impacts Performance Against an increasingly challenging economic environment, EVONIK INDUSTRIES AG reported an adjusted EBITDA of €509 million for Q2 2025, a 12% decrease compared to the strong performance in the same period last year. Over half of the decline in Q2 sales was attributed to unfavorable exchange rate fluctuations and the divestiture of the superabsorbent business, which was still part of EVONIK in the same period last year. Sales volume dropped 4% year-on-year, while product prices remained generally stable. Performance of C4 chain products was below average. Extended maintenance shutdowns of production facilities for products such as polyamide 12 also had a certain impact on sales. EVONIK expects that if the global economy does not deteriorate further, the full-year 2025 adjusted EBITDA will reach the lower end of the forecast range (€2.0 billion to €2.3 billion). 2. U.S. Imposes Largest-Ever Sanctions on IRAN! Involving a Chinese Port Company Recently, the U.S. TREASURY DEPARTMENT’S OFFICE OF FOREIGN ASSETS CONTROL (OFAC) announced sanctions on a shipping network controlled by Iranian businessman Mohammad Hossein Shamkhani, involving over 50 entities, individuals, and more than 50 oil tankers and container ships. This marks the largest-scale sanctions imposed by the U.S. government since its "maximum pressure" campaign against IRAN in 2018. 3. TEIJIN’s Bio-Based Polycarbonate (PC) Used in Organ Pipe Manufacture, Showcased at OSAKA-KANSAI WORLD EXPO   TEIJIN LIMITED announced that its tubes molded from biomass-derived polycarbonate (PC) resin have been used to manufacture the world’s first bio-plastic pipe organ. These transparent tubes were produced by Teiyo Co., Ltd., a subsidiary of TEIJIN LIMITED specializing in plastic molding. This innovative pipe organ will be exhibited in the "Rebirth Challenge" zone of the OSAKA Medical and Health Pavilion during the OSAKA-KANSAI WORLD EXPO in JAPAN from August 19 to 25, 2025. 4. ORIENTAL YUHONG Plans to Acquire Leading Chilean Building Materials Retailer for RMB 880 Million On the evening of July 31, ORIENTAL YUHONG announced that its wholly-owned subsidiaries ORIENTAL YUHONG Overseas Development Co., Ltd. and ORIENTAL YUHONG International Trade Co., Ltd. plan to jointly invest approximately $123 million (about RMB 880 million) with their own funds to acquire 100% equity of Construmart S.A. in Chile from the counterparty. After the transaction is completed, ORIENTAL YUHONG Overseas Development Co., Ltd. will hold 99% of Construmart’s equity, and ORIENTAL YUHONG International Trade Co., Ltd. will hold 1% of Construmart’s equity. 5. French Medtech Molding Connection for D&M Plastics French injection molder Groupe JBT has acquired D&M Plastics, an injection molding firm based in Burlington, IL, primarily serving the healthcare sector. The acquisition announced earlier this month will enable JBT to deliver reliable, localized services to its North American customer base, especially in terms of ISO Class 7 cleanroom production needs, the company said. 6. BioLogiQ Receives $5 Mn Grant to Develop Innovative Packaging for Fresh Produce BioLogiQ has been awarded grant funding through the USDA Foreign Agricultural Service’s $5 million Sustainable Packaging Innovation Lab (SPIL) at Clemson University, launched through the Assisting Specialty Crop Exports (ASCE) Initiative.The BioLogiQ/Clemson partnership will develop and commercialize cutting-edge packaging solutions to help U.S. farmers meet evolving global packaging and trade standards. The project will focus on flexible film, pallet wrap, and protective packaging used for fruits, vegetables, nuts, and specialty greens. 7. APPLE Releases Q3 2025 Fiscal Year Earnings Report: iPhone Sales Surpass 3 Billion Units, China Market Returns to Growth On August 1, APPLE released its Q3 2025 fiscal year earnings report for the period ending June 28, with quarterly revenue recording the largest increase since December 2021. The earnings report shows that APPLE’s total revenue in Q3 reached $94.04 billion, a year-on-year increase of 10%, and net profit reached $24.43 billion, a year-on-year increase of 9%. Notably, APPLE’s revenue in the China market during this quarter was $15.369 billion, an increase of 4% compared to $14.728 billion in the same period last year, ending the decline in the previous two quarters and returning to growth. 8. ZF Announces Mass Layoffs and Pay Cuts! 12,000 Employees Protest on Streets German leading automotive parts supplier ZF GROUP recently announced plans to cut approximately 11,000 to 14,000 jobs across GERMANY by the end of 2028. This marks the largest layoff plan in the company’s history, with most layoffs coming from production departments, including R&D staff. In response to the austerity policies and layoff plans, more than 12,000 employees across GERMANY took to the streets to oppose the board’s plan to further cut thousands of jobs and continue to suppress wages. Achim Dietrich, Chairman of ZF’s General Workers’ Union, revealed that if all the management’s demands are implemented, employees will have to give up 25% to 30% of their annual compensation through measures such as shorter working hours, cancellation of one-time bonuses, and reduction of excessive benefits, with significant variations across regions and positions.   Overseas Macro Updates:   JAPANESE Government and Automotive Industry Exchange Views on U.S. Tariffs According to NHK, on the same day, JAPANESE Prime Minister Shigeru Ishiba met with heads of several JAPANESE automotive industry groups to exchange views on the U.S.-JAPAN tariff agreement. JAPANESE automotive industry groups called on the JAPANESE government to provide support for the supply chain and formulate policies to stimulate domestic demand. Masanori Kataoka, Chairman of the JAPANESE AUTOMOBILE MANUFACTURERS ASSOCIATION and Chairman of ISUZU MOTORS LIMITED, stated that he hopes the JAPANESE government will continue dialogue with the U.S. to further reduce tariffs. JAPAN Insists on U.S. Fulfillment of Bilateral Agreement, Urges Immediate Tariff Reduction on Automobiles and Parts On August 1, Chief Cabinet Secretary Yoshimasa Hayashi stated at a press conference that JAPAN will continue to urge the U.S. to fulfill the reached bilateral agreement, including reducing tariffs on automobiles and parts. Hayashi emphasized: "U.S. President Trump has signed an executive order under the U.S.-JAPAN agreement to reduce bilateral tariffs to 15%... The JAPANESE government still insists that the U.S. should immediately take action to implement the agreement terms, especially the tariff reduction measures on automobiles and automotive parts." EU Initiates Anti-Dumping Investigation into Chinese Polyamide Yarns On July 29, the EUROPEAN COMMISSION issued a notice announcing the initiation of an anti-dumping investigation into polyamide yarns originating from China. The dumping investigation period for this case is from July 1, 2024, to June 30, 2025, and the injury investigation period is from January 1, 2022, to the end of the dumping investigation period. A preliminary ruling for this case is expected to be made within 7 months, with a maximum extension of 8 months. JAPAN Plans to Raise Minimum Wage to a New Record High Again A panel of the JAPANESE MINISTRY OF HEALTH, LABOR AND WELFARE plans to recommend a approximately 6% increase in the national average minimum wage for the current fiscal year, which would be the largest increase since 2002. The agency added that the proposed hourly increase of approximately 1118 yen ($7.43) would exceed last year’s 5% increase and be the largest since the current system was implemented, but did not cite sources. The government of JAPANESE Prime Minister Shigeru Ishiba set a target last year to increase the average minimum wage by 42% to 1,500 yen per hour by 2020.   Price Information:   USD/CNY Central Parity 7.1496, down 2 pips; previous trading day’s central parity 7.1494, previous trading day’s official closing price 7.1930, overnight closing price 7.1998. Upstream Raw Materials USD Market Prices Ethylene Asia: CFR Northeast Asia $820/tonne; CFR Southeast Asia $830/tonne. Propylene Northeast Asia: FOB Korea average price $730/tonne; CFR China average price $770/tonne. North Asia frozen cargo CIF price: propane $502-509/tonne; butane $472-479/tonne. South China frozen cargo for second half of August CIF price: propane $540-550/tonne; butane $510-520/tonne. Taiwan region frozen cargo CIF price: propane $502-509/tonne; butane $472-479/tonne. LLDPE USD Market Prices Film: $860-920/tonne (CFR Huangpu); Injection molding: $940/tonne (CFR Dongguan). HDPE USD Market Prices Film: $910/tonne (CFR Huangpu); Hollow: $855/tonne (CFR Huangpu); Pipe: $1,030/tonne (CFR Huangpu). LDPE USD Market Prices Film: $1,070-1,095/tonne (CFR Huangpu); Coating: $1,280/tonne (CFR Huangpu). PP USD Market Prices Homopolymer: $910-965/tonne (CFR Huangpu), up $10/tonne; Copolymer: $920-975/tonne (CFR Nansha); Transparent: $995-1,055/tonne (CFR Huangpu), down $5/tonne; Pipe: $1,160/tonne (CFR Shanghai).

The curtain of July is about to fall, and the development stage of the new energy logistics vehicle industry for the second half of the year is steadily starting. In the past month, Electric Vehicle Resources has closely followed industry trends. Since July 1st, several favorable policies with significant impetus for the new energy logistics vehicle industry have been implemented, injecting strong momentum into the industry's development. These policies cover various dimensions, including purchase subsidies and industry regulations. July New Energy Logistics Vehicle Policy Overview: I. National Policy 1. The "Technical Requirements for Vehicle Selection in Urban Logistics and Distribution" (GB/T 29912-2024) is implemented, and several automotive industry standards such as the "Technical Requirements and Test Methods for Power Drive Chips Used in Electric Vehicles" are open for public comment. The Ministry of Transport and three other departments: Promote comprehensive occupational injury protection coverage for intra-city freight platforms like Huolala. The Ministry of Industry and Information Technology: Announcement of a new batch of catalogs for new energy vehicle models eligible for vehicle purchase tax exemptions. The three departments proposed: further promote the monitoring of new energy vehicle product prices, shorten the payment period for suppliers, and open an online platform for reporting issues related to key car companies' adherence to payment period commitments. The three departments have once again taken action to jointly address and rectify the chaos caused by illegal overloading and transportation of vehicles. 138 billion! The third and fourth batches of funds for the old-for-new program are issued in sequence. II. Local Policies Linyi City Announces 2025 Subsidy for Scrapping and Updating Old Operating Trucks Guangzhou Development District, Huangpu District: Operational subsidies for hydrogen fuel cell vehicles. Tianjin introduces policies to support the development of new energy vehicles, offering a maximum reward of 2 million yuan for new models that meet production targets. The maximum subsidy is 20 million yuan, and Chongqing plans to introduce a special policy for intelligent connected new energy commercial vehicle enterprises. National policy 1. The "Technical Requirements for Vehicle Selection in Urban Logistics Distribution" (GB/T 29912-2024) is implemented; several automotive industry standards, such as the "Technical Requirements and Test Methods for Power Drive Chips Used in Electric Vehicles," are announced for approval and public comment. The recommended national standard "Technical Requirements for Selection of Urban Logistics Distribution Vehicles" specifies the selection requirements, main technical parameters, and technical requirements for urban logistics distribution vehicles. It is applicable to urban logistics distribution vehicles (including vehicles used for express delivery) with a maximum permissible total mass greater than or equal to 1500 kg and less than 12000 kg. The "Technical Requirements and Test Methods for Power Drive Chips for Electric Vehicles" publicizes 11 industry standards, covering fields such as electric vehicle chips and fuel cell systems.   The Ministry of Transport and three other departments: Promote comprehensive occupational injury insurance coverage for intra-city freight platforms like Huolala. On July 7, the Ministry of Transport and three other departments jointly issued a document, requiring enhanced assistance and rescue efforts for truck drivers who suffer accidental injuries or fatalities during transportation. The document outlines four key tasks: conducting assistance and rescue activities, actively exploring the implementation of mutual aid insurance for employees, strengthening occupational injury protection, and improving rescue measures. The Ministry of Industry and Information Technology: Announcement of a new batch of catalogs for new energy vehicle models eligible for vehicle purchase tax reductions and exemptions.  According to the statistics, this batch includes a total of 160 enterprises and 476 new energy vehicle models. The official announcement of the "Catalogue of Energy-Saving and New Energy Vehicle Models Enjoying Vehicle and Vessel Tax Reduction and Exemption" (the 75th batch) has been made. According to the statistics, this announcement includes a total of 317 new energy vehicle models, among which there are 34 plug-in hybrid passenger vehicle models, 246 pure electric commercial vehicle models, 29 plug-in hybrid commercial vehicle models, and 8 fuel cell commercial vehicle models. The three departments proposed: to further advance the monitoring of new energy vehicle product prices, shorten the payment period for suppliers, and the Ministry of Industry and Information Technology has opened an online platform for reporting issues related to key car manufacturers' commitment to payment periods. On July 9, a window for the "National Complaint Platform for Default and Arrears of Payments to SMEs" was opened to address issues related to the payment cycle of car companies. On July 18, the Ministry of Industry and Information Technology and two other departments held a symposium to discuss the deployment of work related to price monitoring and quality supervision, requiring the implementation of commitments regarding supplier payment terms. The three departments have once again taken action to jointly rectify the illegal overloading and transportation chaos of vehicle transporters. The Ministry of Transport, the Ministry of Public Security, and the Ministry of Industry and Information Technology have jointly issued the "Special Action Plan for the Governance of Vehicle Transporters," announcing a joint special governance action for vehicle transporters from July to the end of December this year. The action aims to further regulate the transport operations of vehicle transporters, maintain order in the complete vehicle logistics market, enhance road traffic safety levels, and promote the healthy and sustainable development of the complete vehicle logistics industry. 6.138 billion! The funds for the third and fourth batches of trade-in programs have been allocated in sequence. The National Development and Reform Commission, in conjunction with the Ministry of Finance, has issued the third batch of 69 billion yuan in ultra-long-term special government bonds to support the trade-in of consumer goods. Additionally, reports disclose that the fourth batch of 69 billion yuan for the trade-in program will be issued in October.   Local policy Linyi City Announces 2025 Subsidy for the Scrapping and Renewal of Old Operational Trucks In 2025, the subsidy standard for scrapping and updating old operational cargo trucks in Linyi is up to 140,000 yuan, with the subsidy standard for newly purchased new energy city cold chain delivery trucks being 35,000 yuan per vehicle. Guangzhou Development District and Huangpu District: Provide operational subsidies for hydrogen fuel cell vehicles. Relevant vehicle data is required to be integrated into the national, provincial, and municipal information platforms related to the demonstration and application of fuel cell vehicles. For three types of hydrogen fuel cell vehicles: light vehicles (total mass less than 4.5 tons), medium vehicles (total mass 4.5 tons and above but less than 12 tons), and heavy vehicles (total mass 12 tons and above), an operational subsidy will be provided based on the mileage driven each calendar year, with rates of up to 0.5 yuan/km, 1 yuan/km, and 2.5 yuan/km respectively. The maximum annual subsidy for each of these vehicle types is 20,000 yuan, 40,000 yuan, and 100,000 yuan per vehicle, respectively. Tianjin introduces policies to support the development of new energy vehicles, with a maximum reward of 2 million yuan for new models that meet production targets. According to the relevant policies and regulations of Tianjin, when a new model of new energy vehicle is successfully included in the "Announcement of Road Motor Vehicle Manufacturers and Products" and its production reaches 50,000 units, it can receive a one-time reward of 2 million yuan. If the production reaches 20,000 units, it can also receive a one-time reward of 1 million yuan. Chongqing plans to introduce special policies for intelligent connected new energy commercial vehicle enterprises with a maximum subsidy of 20 million yuan. Chongqing will provide financial assistance ranging from 3 million to 10 million yuan to intelligent connected new energy commercial vehicle enterprises in various aspects such as vehicle model research and development, construction and technological transformation of core components, and intelligent driving system platform development. An individual car enterprise can receive up to 20 million yuan in funding. With the implementation of various policies, it is foreseeable that, driven by the continuous efforts of these policies, the new energy logistics vehicle industry will accelerate its progress towards standardization, intelligence, and greening. This will inject more sustainable momentum into the low-carbon transition and high-quality development of the logistics sector in our country.

This week's industry highlight: Several key units at Wanhua Chemical's Fujian Industrial Park have resumed production.TDI production capacity leads the world; the global plastic additives market is set for expansion, and Liaoning Xinyuan Composite Materials Co., Ltd. is emerging; New Changan Automobile Group is drawing up a grand blueprint with the goal of achieving a production and sales volume of 5 million units by 2030, aiming to rank among the global top ten. Meanwhile, financial reports from chemical giants like BASF show declining performance in the second quarter, Binhu Chemicals is planning to list in Hong Kong, and Rebecca is under investigation for information disclosure violations. In terms of production capacity, GuangdongThirteen key chemical projects highlight the advantages of clustering, with companies such as Lin'an Urban Investment Group, Anhui Huayang, and Ningbo Juhua advancing the construction and commissioning of new projects. Zhongjing Petrochemical's world's largest alkane integration base has also been put into operation. Innovative materials and application fields, Amcor.Origin, along with companies like Hordijk and Kyoraku, is actively developing new products, while Toyota, Kreyenborg with infrared technology, and Vanden Global have also made new advancements in the application of sustainable materials. Company News 1、36,000 tons of TDI capacity strongly resumes production! The price surge is expected to boost Wanhua Chemical's profits significantly. Wanhua Chemical has released the latest announcement stating that its Fujian Industrial Park...The 800,000-ton/year MDI unit, the 360,000-ton/year TDI unit, and the 400,000-ton/year PVC unit have completed maintenance and resumed normal production. As the world's largestWanhua Chemical, a producer of MDI and TDI, has a "giant" capacity layout: by the end of 2024, its annual TDI capacity will reach 1.11 million tons, accounting for nearly 30% of the global total capacity. After the second 330,000 tons/year TDI project in Fujian is put into operation in 2025, the total capacity will rise to 1.44 million tons/year. The TDI facility in the Fujian Industrial Park, which has been restarted, is one of the key nodes in its global supply chain. The global plastic additives market is set to reach 650 billion! This company from Liaoning has already prepared its "trump card" product. With the rapid development of the global plastics industry, the plastic additives market has also ushered in unprecedented growth opportunities.The global plastic additives market size in 2023 is approximately 58.12 billion USD (about 416.3 billion RMB), and it is expected to reach 90.69 billion USD (about 650 billion RMB) by 2033, with a compound annual growth rate of approximately 4.55%. Plastic additives not only optimize the processing performance of plastics, significantly enhancing their strength, toughness, heat resistance, and corrosion resistance, but also include special functional additives such as flame retardants, antibacterial agents, and antistatic agents. These additives endow plastics with new application values and further expand their application fields. Among the many enterprises dedicated to the research, production, and sales of plastic additives, Liaoning Xinyuan Composite Material Co., Ltd. has secured a place in the industry with its high-quality products, professional services, and technological innovation. 3. Targeting a production and sales scale of 5 million vehicles by 2030, the new Chang'an aims to rank among the top ten global automakers. On July 30th, the leadership team of China Changan Automobile Group Co., Ltd. made their first collective appearance. This new central state-owned enterprise, approved by the State Council and with the State-owned Assets Supervision and Administration Commission directly fulfilling the responsibilities of the investor, announced its strategic ambition to the world on the second day of its establishment — to build a world-class automobile group with global competitiveness and independent core technologies. The establishment of China Changan Automobile Group is beneficial for accelerating the development of a globally competitive world-class enterprise and better supporting the high-quality development of the intelligent connected new energy vehicle industry. It aids Changan in integrating relevant resources to forge a new path in the fierce market competition and to open up new horizons, further strengthening, optimizing, and expanding state-owned enterprises. It also enables Changan to better participate in international competition, creating an international, market-oriented, professional, and youthful organization and team, thereby accelerating its progress towards becoming a world-class automobile brand. Q2 Earnings Reports Are Here! How Did BASF, Dow, and Honeywell Perform? Amid the intertwined backdrop of global economic fluctuations and geopolitical conflicts, the supply-demand imbalance challenges in the chemical industry have intensified. Recently, global chemical giants such as BASF, Dow, and Honeywell have successively announced...In the second quarter 2025 financial reports, how did each company perform? Which products were profitable? What important industry information was revealed? On July 30th, BASF Group released its financial data for Q2 2025 and its full-year outlook. According to the financial report, the company's sales for this quarter amounted to 15.8 billion euros, a decrease of 342 million euros compared to the same period last year, representing a decline of 2.1%. Net profit plummeted by 81.6% year-on-year, amounting to only 79 million euros (compared to 430 million euros in the same period last year). The chemical business continues to drag down overall performance, particularly the petrochemical department, which is significantly affected by oversupply, resulting in a year-on-year decline in chemical sales.The profit pressure in the basic chemicals business segment is evident, with earnings before interest, taxes, depreciation, and amortization excluding special items decreasing by 185 million euros compared to the same period last year, to 1.8 billion euros. The profit margin fell from 12.1% to 11.2%. 5. Revenue and net profit surge in Q1 2025! Leading chemical company goes public in Hong Kong. On July 29, 2025, Binhu Chemical Co., Ltd. (601678.SH), a leading domestic chlor-alkali chemical company, announced that it is planning to issue H shares overseas and list them on the Hong Kong Stock Exchange. At the same time, the company is discussing specific advancement work related to this H share listing with relevant intermediaries, and details have yet to be determined. Binhua Co., Ltd. was established inThe company, which was listed on the Shanghai Stock Exchange in 2010, was founded in 1968. It has five major business divisions: chlor-alkali, petrochemicals, specialty chemicals, new materials, and new energy. It is the largest supplier of propylene oxide and oilfield additives in the country, the largest domestic supplier of trichloroethylene, and an important producer of caustic soda products. Caustic soda is widely used in light industry, chemical industry, textile, metallurgy, medicine, petroleum, and other industries. According to statistics, as of...By the end of 2024, China's total caustic soda production capacity will amount to 50.1 million tons. Among this, Binhua Co., Ltd. has a caustic soda production capacity of 610,000 tons, ranking at the forefront within Shandong Province. Meanwhile, Binhua Co., Ltd. is the largest granular caustic soda producer in China, and its flake caustic soda production capacity holds a leading position within Shandong Province. 6. The Wig Tycoon Harvests 900 Million Market Value, with the CSRC Penalty Revealing a Trillion-Yuan Blue Ocean in Plastic Wigs Special VisionOn July 28th, it was observed that over the past weekend, an announcement thrust "Wig King" Rebecca (SH600439) into the spotlight. This wig giant, with a total market value of 4.188 billion yuan, is under investigation by the China Securities Regulatory Commission for alleged violations of information disclosure laws. The announcement shows that Rebecca and its controlling shareholder Henan Rebecca Holding Co., Ltd. failed to disclose related-party non-operating fund transactions, insufficient provision for inventory write-downs, and poor management of insider information, among five major issues, exposing deep-seated risks in the company's governance. Just two months ago, Rebecca was penalized for failing to disclose in a timely manner.In 2024, the performance forecast was warned by the Henan Securities Regulatory Bureau, and the annual net profit attributable to the parent company was a loss of 118 million yuan, further exacerbating the predicament of its first loss in 25 years. Production Capacity Dynamics 1. Thirteen key chemical projects revealed! Huizhou, Guangzhou, and Jieyang are going full throttle! An overview of Guangdong's petrochemical industry cluster. Guangdong is an important economic province in China and is also in the top tier of the national petrochemical industry. "Vanguard", holding five major integrated refining and chemical bases in Guangzhou, Huizhou Daya Bay, Zhanjiang Donghai Island, Maoming, and Jieyang Dapeng Bay, and 24 chemical parks. In 2024, the refining capacity will reach 87.75 million tons per year (third nationwide) and ethylene capacity will be 5.17 million tons per year (second nationwide). Over 9,800 large-scale petrochemical enterprises generate 2.02 trillion yuan in revenue. Guangdong connects its 4,100-kilometer coastline with mega ports like Guangzhou Port and Zhanjiang Port, leading the nation in raw material import and product export costs. Moreover, as a key point of the "Belt and Road Initiative," it attracts global giants such as BASF and ExxonMobil to settle, continuously unleashing the innovative vitality of private chemical companies. Below are the latest developments of some benchmark projects. 2. Lin'an City Investment Group invests 1 billion to construct a renewable resource recycling project. According to Zhang Wei, the Minister of the Urban Investment Engineering Management Department, the preliminary procedures for this project have been completed. The project was fully completed in June and smoothly commenced under the principles of high standards and high efficiency. The project has now entered the full construction phase, with site leveling and temporary facility setup successfully completed. The construction team is working diligently on the foundation and main structure to ensure completion by the end of January 2027 as scheduled. Once completed, the project will feature nine production lines and will broadly cover the production of building materials, sand washing from construction waste, solidified soil processing, and the sorting and recycling of waste plastics, household appliances, textiles, etc. Notably, the District Urban Investment Group will employ fully intelligent and environmentally friendly equipment, integrating green energy applications and digital twin technology, as well as establishing a digital ERP platform. This is aimed at creating a comprehensive circular economy industrial cluster that combines intelligent recycling and sorting, high-value processing and utilization, and the production of new building materials from solid waste resources. This will inject strong momentum into the reduction, harmlessness, and resource upgrading of solid waste disposal in the entire region of Lin'an District. After production starts, the annual output value is expected to reach 1 billion yuan. The total investment is 350 million! The first phase of the Anhui Huayang Green Degradable, Recyclable, and Functional Fabric Project has been completed and put into operation! On July 29, it was reported that the first phase of the Anhui Huayang Technology Co., Ltd. green degradable, recyclable, and functional fabric smart factory project has been completed and put into production. The Anhui Huayang functional fabric project is located in Yuhui District, Bengbu City.In March 2024, a formal agreement will be signed, with a total investment of 350 million RMB, covering an area of 170 acres. Relying on internationally leading intelligent and automated dyeing and finishing equipment, the focus will be on providing one-stop solutions from fabric to garment for globally renowned clothing brands. Currently, the company's clients include domestic and international outdoor brands such as Li-Ning and Toread. Once the project is fully completed and operational, it will have an annual production capacity of 98 million meters of functional fabric, with an expected annual output value of 1.2 billion RMB and an annual tax contribution of 40 million RMB, further enhancing its market share in the high-end textile materials sector. 4. Ningbo Juhua's Ethylene Oxide Method for PDO Production! 150,000 Tons of Specialty Polyester Soon to be Commissioned The South Plant of Ningbo Juhua Chemical Technology Co., Ltd.The 150,000-ton-per-year specialty polyester new materials project is scheduled to start production in the first half of the year. After the project is put into production, it is expected to generate additional annual sales revenue.With an investment of 2.5 billion yuan, not only can it break the long-term technological monopoly of foreign countries in the polyester field and achieve full industry chain localization, but it also holds the promise of making a significant contribution to the independent controllability of China's special materials industry chain. The foundation-laying ceremony for the Shengke Environmental Protection Resource Recycling Intelligent Equipment Production Base, with a total investment of 200 million yuan, was held in Foshan. On July 26th, the groundbreaking ceremony for the Shengke Environmental Protection Resource Recycling Intelligent Equipment Manufacturing Base, with a total investment of 200 million RMB and a planned area of 40 mu, was held in the Lingang International Industrial Community. This adds a new force to the green intelligent manufacturing industry in Nanhai, Jiujiang! On the morning of the ceremony, Chen Haobin, Director of the Standing Committee of the Nanhai District People's Congress, along with a group of district and town leaders, participated in the groundbreaking for the Shengke Environmental Protection Resource Recycling Intelligent Equipment Manufacturing Base project. It is reported that the investor, Guangdong Shengke Environmental Protection Technology Co., Ltd., has been deeply involved in the field of solid waste resource recycling equipment for many years.The project, recognized as a "High-tech Enterprise" and a "Specialized and New Enterprise of Guangdong Province," is being established in the Lingang International Industrial Community of Jiujiang Town. With a total investment of 200 million RMB and covering an area of approximately 40 mu, it will focus on the fields of plastics, metals, and electronic waste. The project aims to create a comprehensive base integrating the research and manufacturing of professional solid waste recycling equipment and production lines, along with the development and promotion of environmental protection technologies. The world's largest alkane integration production base by Zhongjing Petrochemical, with a total investment of 30 billion yuan, has officially commenced operations. On July 27, 2025, the Zhongjing Petrochemical Technology Park in the Jiangyin Port Economic Zone of Fuzhou City, Fujian Province, was adorned with colorful flags and a lively atmosphere as the world's largest alkane integrated production base of Zhongjing Petrochemical held a grand completion and commissioning ceremony. The completion of this milestone project signifies a crucial step forward in Zhongjing Petrochemical's development towards integration, scaling, intensification, and greening. With the world's largest single-plant production capacity, it reshapes the competitive landscape of the global alkane industry chain. Innovative materials Amcor develops lightweight polypropylene caps for household products. Amcor has developed a polypropylene product for household use.The PP bottle cap combines a unique design with a lightweight construction, helping brands enhance visual appeal while supporting sustainability commitments. Amcor states that this new "Hector Child-Resistant Closure (CRC)" weighs only 7.25 grams, making it one of the lightest caps on the market, significantly saving materials and reducing carbon dioxide emissions. Compared to the traditional 14-gram caps, an order of one million Hector caps can reduce plastic usage by 6.75 tons. 2、Origin collaborates with Hordijk to produce sustainable PET caps on a large scale in Europe. Origin Materials and Dutch packaging manufacturer Royal Hordijk Packaging have announced a strategic partnership to mass-produce polyethylene terephthalate (PET) bottle caps, marking an important step in promoting circular packaging solutions in the European market. 3. Kyoraku's tableware uses BASF's PESU. Tokyo Kyoraku, a Japanese plastic products manufacturer, is now using BASF's specialty plastics. Ultrason® has added a unique dinnerware design concept to its comprehensive home goods product portfolio. It is called Amberware, made from Ultrason® E 3010 NAT, an injection molding and extrusion polyethersulfone (PESU) with higher toughness and high chemical resistance.  Material Application Toyota Tsusho's ASR-derived recycled plastic has been adopted for use in Toyota's front fenders. Toyota Tsusho Corporation announced that its group company K.K. PlaniThe ASR (Automobile Shredder Residue) derived recycled plastic manufactured by Planic has been used for the first time in Japan for the front fender seal of Toyota's Crown "Sport". Planic is a recycled plastic manufacturing company in Japan, jointly owned by Toyota Tsusho and Kojima Industries Corporation (a member of Kojima Industrial Corporation Group). The raw materials for recycled plastic used by Planic are collected from Toyota Metal Co., Ltd., a Toyota Tsusho Group company engaged in automobile recycling, as well as from ASR recycling facilities and home appliance recycling plants across Japan. Since the collected plastic containing ASR-derived plastic is difficult to classify by material, it is challenging to achieve car-to-car recycling with high-quality requirements, and thus the plastic is mainly incinerated (thermal recovery). In this situation, Planic became the first company in Japan to introduce advanced gravity separation technology and equipment, which has been practically applied in Europe, to achieve the production of high-quality recycled plastic and car-to-car recycling. This has become a major advantage for the company. The European Food Safety Authority has approved Kreyenborg's infrared technology for use in food packaging recycling materials. European Food Safety Authority (EFSA)The European Food Safety Authority (EFSA) has issued a positive "scientific opinion" on the infrared technology IR-Clean from the German company Kreyenborg, based on EU Regulation 2022/1616. This technology can decontaminate recycled polyethylene terephthalate (PET) flakes, enabling them to be used in the production of food packaging. Kreyenborg announced that with the approval of its process by the EFSA, its IR-Clean system will be assigned a unique Recycling Authorization Number (RAN) and included in the public register. Kreyenborg stated that multiple IR-Clean processes have received positive feedback from customers according to the old EC 282/2008 regulation. The company also added that with the new EU 2022/1616 regulation, the approval procedures for Kreyenborg and its packaging industry customers will be streamlined and simplified. 3. Vanden Global Launches New Catalog of Recycled PET Resins and Flakes Plastic recycling companyVanden Global has launched a new catalog of recycled PET resins and sheets, which the company claims can provide manufacturers with a stable supply of high-quality recycled polyethylene terephthalate (rPET) materials. The company, headquartered in the UK, stated:"As the demand for food-grade rPET and technically verified recycled materials continues to grow, Vanden's latest catalog showcases a full range of flakes and pellets certified by the European Food Safety Authority (EFSA), the U.S. Food and Drug Administration (FDA), and RecyClass, while also offering customized raw material solutions." The company also added that the launch of the new catalog demonstrates its ability to consistently and stably supply materials through its global presence, local expertise, and internal logistics network.

On July 30th, the leadership team of China Changan Automobile Group Co., Ltd. made their first collective appearance. This new central enterprise, approved by the State Council and directly overseen by the State-owned Assets Supervision and Administration Commission of the State Council as the investor, declared its strategic ambition to the world just one day after its establishment—to build a world-class automotive group with global competitiveness and independent core technologies. From the perspective of the automotive industry development, the establishment of China Changan Automobile Group is conducive to accelerating the development of a world-class enterprise with global competitiveness, better supporting the high-quality development of the intelligent connected new energy vehicle industry; it is conducive to Changan integrating relevant resources, forging a new path and opening up new opportunities amid fierce market competition, and further strengthening, optimizing, and expanding state-owned enterprises; it is conducive to Changan better participating in international competition, building an internationalized, market-oriented, professional, and youthful organization and team, and accelerating its progress toward becoming a world-class automobile brand. Zhu Huarong, Party Secretary and Chairman of China Changan Automobile Group Co., Ltd. Strategic Upgrade: Establishing a New Model for Central Enterprise Reform The establishment of China Changan Automobile Group marks a critical step forward in the reform of central state-owned enterprises. This new group, formed based on Changan Automobile, Chen Zhi Group, and 117 other subsidiaries, has a registered capital of 20 billion yuan, total assets of 308.7 billion yuan, and approximately 110,000 employees. Its strategic positioning is highly aligned with the national goals of becoming a "strong automobile country" and a "strong technology country," making it an important practice in optimizing the layout of state-owned capital. The establishment of this new central enterprise is not a simple scale expansion. It is understood that the integration and restructuring will bring six core advantages. Strategic guidance: aligning with national strategies from above, focusing on new energy, intelligence, and globalization from below. Resource integration: coordinating R&D, manufacturing, capital, and talent resources to quickly solve development challenges. Technological innovation: undertaking major scientific research tasks and strengthening the construction of common platforms. Integration of whole and parts: optimizing the industrial chain layout and building a strong industry alliance. Incentive mechanisms: stimulating the innovative vitality of 110,000 employees. Risk prevention and control: enhancing the global risk control system to ensure steady and long-term development. As a newly established central enterprise, China Changan Automobile aims to become a world-class automotive group with global competitiveness and independent core technologies, contributing Changan's strength to the construction of a "strong automotive nation" in China. The establishment of the new central enterprise not only injects strong momentum into Changan Automobile's development but also fully empowers its three global intelligent new energy vehicle brands: Avita, Deep Blue Auto, and Changan Qiyuan. This will help each brand achieve a comprehensive leap in "potential energy." With a century-old legacy, Changan will embark on a new journey to support the high-quality development of China's automotive industry. Technological self-reliance: Building the cornerstone of global competitiveness Relying on the advantages of the central enterprise platform, China Changan Automobile Group is accelerating technological breakthroughs. The "Shangri-La" New Energy Plan aims to develop a dedicated platform for one million vehicles, deploy next-generation battery and IGBT technologies, and explore the industrialization of digital energy and battery recycling. The "Beidou Tianxu" Intelligent Plan focuses on building a technology system for intelligent driving, chassis, and smart cabins, deploying end-to-end intelligent driving and multimodal large models, and establishing a national key laboratory for intelligent vehicle safety technology. With an investment of 200 billion yuan over ten years, the group will expand its technology innovation team by more than 10,000 members and lay out AI domain-specific models, photonic/quantum computing, and other cutting-edge fields. From January to June this year, Changan Automobile in China achieved a total operating revenue of 146.9 billion yuan. Vehicle sales maintained steady growth, with production and sales reaching 1.355 million units, hitting an eight-year high. New energy vehicle sales reached 452,000 units, a year-on-year increase of 49.1%. Overseas sales were 299,000 units, up 5.1% year-on-year. The company expects to achieve annual sales of 3 million vehicles, including 1 million new energy vehicles, and anticipates total annual operating revenue of 355 billion yuan. Industry-led Development Forging New Quality Productivity Avatr: The new central enterprise and new luxury brand Avatr focuses on "high aesthetics, high intelligence, high value" to build a leading global new luxury intelligent electric vehicle brand. Deep Blue Auto: A tech-savvy sporty brand targeting the mid-to-high-end mainstream new energy market, offering pure electric and extended-range products priced between 150,000 and 300,000 RMB for global young new energy users. Changan Qiyuan is positioned as an "intelligent mobile life companion," targeting mainstream family users. It offers a new generation of products with exceptional value for money, integrating diverse life scenarios in terms of space functionality, intelligent comfort, range, and energy replenishment. Changan Qiyuan establishes the image of a "caring provider" with superior value and accessible alternatives, leading a new trend in intelligent mobile travel. By deploying new quality productive forces such as intelligent automotive robots, flying cars, and embodied intelligence, a three-dimensional mobility ecosystem will be cultivated, with the goal of achieving the production and rollout of humanoid robots by 2028. Further strengthening central-local coordination and implementing the Chengdu-Chongqing twin-city economic circle strategy will help Chongqing build the "33618" modern manufacturing cluster system. In terms of global layout, we adhere to the "All-Inclusive" plan and advance the "152" strategy. We focus on five major regional markets: Southeast Asia, the Middle East and Africa, Central and South America, Europe, and Eurasia. Currently, 9 out of 20 overseas factories have commenced production, leveraging the Rayong New Energy base in Thailand to radiate to right-hand drive markets. We further promote localized operations with a "one region, one policy" approach, achieving a transformation from trade-oriented to full-chain operations. 2030 Vision: Become one of the world's top ten automobile manufacturers. By 2030, Changan Automobile aims to achieve a production and sales scale of 5 million vehicles, with new energy vehicle sales accounting for over 60% and overseas sales accounting for over 30%. The company strives to enter the top ten global automotive brands and become a world-class automotive brand. In the next five years, Changan plans to launch over 50 new energy products globally, including more than seven global blockbuster models with sales exceeding 300,000 units each. In Conclusion The birth of the new Chang'an coincides with a period of profound transformation in the global automotive industry. This 163-year-old company is reconstructing its development logic as a central enterprise—strengthening its strategic technological capabilities through resource integration and revitalizing the industrial ecosystem through institutional and mechanism innovation. It is boldly taking the lead in new quality productivity and building a more comprehensive intelligent connected new energy vehicle industrial system. When the grand goal of "Building a World-Class Automotive Group" was displayed on the big screen at the venue, the audience erupted into enthusiastic applause. This applause was not only for Changan on its new journey but also for the rising Chinese automotive industry. As the model of central enterprise reform is implemented in the mountain city, China's path to becoming an automotive powerhouse welcomes a new engine. Standing at a new starting point, Changan will take on new heights as a focal point. It will integrate five specific initiatives: "Shouldering new missions, firming up new strategies, creating new cars, building new ecosystems, and revitalizing new services" into its next steps. Changan will continue to focus on three major plans and build three major brands. With the stance of "Five New Changans," it is resolutely advancing towards becoming a world-class automotive group with global competitiveness and independent core technologies.

"How to create a new era SUV that can simultaneously possess the advantages of an off-road vehicle, a sedan, and an MPV? Upgrade the definition of SUV to a new standard." On July 29th, at the launch event of the Li Auto i8, Li Xiang posed a question and also provided his and Li Auto's answer, which is the Li Auto i8. Combining the off-road capability, climbing and rough-road performance of an SUV, the handling of a sedan, and the comfort and space of an MPV, the Li Auto i8 truly brings together the strengths of these three market segments. Behind this, Li Xiang's purpose is not merely to wash away the shadow of MEGA's failure, but to create a whole new category, enabling Li Auto to enter the pure electric market and continue to stand at the top of the new energy vehicle industry. After all, despite being widely underestimated both inside and outside the industry, Li Auto opened up the new category of range-extended vehicles. Nowadays, except for NIO and Great Wall Motors, almost all Chinese car manufacturers have already launched extended-range models, and even Volkswagen will introduce its first extended-range vehicle in 2026. However, from an external perspective, the Li Auto i8 is simply an SUV, which is not a completely new category. However, between the lines of the press conference, Li Xiang revealed his ambition. Ideal i8 = SUV + Sedan + MPV. I don't know what this scene makes the readers think of, but the thoughts of Yiou Auto directly return to: January 9, 2007. That's right, it was the day Steve Jobs unveiled the first-generation iPhone. "An iPod, a phone, an internet communicator. An iPod, a phone, an internet communicator. Do you get it? These are not three separate devices, this is one device, and we are calling it the iPhone!" It was under Jobs' astonishing insight that Apple combined the iPod music player, phone, and internet terminal to create a new species: the smartphone. This opened the door to the mobile internet era. Facing rampant plagiarism, severe product homogenization, and intense competition in the Chinese automotive industry, Li Xiang's product concept of integrating off-road vehicles, sedans, and MPVs is undoubtedly an attempt to create a new species. He hopes to open up a new blue ocean for the Chinese automotive industry, just as the Li Xiang ONE pioneered the range-extending track in 2019. For Li Auto, if the i8 can accomplish this mission, it will not only allow Li Auto to truly enter the pure electric market but also avoid homogeneous competition, enabling Li Auto to gain a new growth pole. To win this battle, Li assigned two executives who previously led the Li ONE and L series, Zhang Xiao and Liu Jie, to take charge of specific product work. In the field of assisted driving, Lang Xiangpeng's team successfully completed the development of the VLA large model, enabling the Li Auto i8 to be the first to feature the VLA driver large model, thereby creating a new competitive edge for Li Auto. The redesign alone cost 2 billion. "The first time I saw a picture of the Ideal i8, I definitely thought it was a bit ugly." At the launch event for the Ideal i8, Li Xiang jokingly commented on the new i8's design language. However, he then changed his tone and said, "After a while, I found it more and more pleasing to the eye. When I saw the actual car, I thought the Ideal i8 looked amazing." The brand-new i8 features a distinctly MEGA-inspired design, and design was precisely one of the major factors that led to MEGA’s downfall. However, with the launch of the Home Edition, Li Auto MEGA mounted a counterattack, with its sales increasing more than threefold, securing its position as the sales champion among pure electric vehicles priced above 500,000 yuan. Among the many factors that attract users, there is one element that surprises outsiders, which is design. Li Xiang revealed, "It may be hard to imagine, but the number one factor for new owners choosing the Li Auto MEGA is its design." Although more and more car owners have begun to accept MEGA's design language, last year's lesson was undeniably painful. According to the original plan, the Li Auto i8 was initially intended to be launched as the smaller MEGA. However, after the setback of the MEGA last year, Li Auto overturned the original plan and, in particular, made adjustments to the rear design language of the i8. Do not underestimate the adjustments made to the rear-end design; what follows are the costs of reworking the white body and molds, among other expenses, with a total investment of nearly 2 billion yuan. Regarding original designs, we have our own persistence and patience," Li Xiang emphasized at the launch event. The design of the Ideal i8 is not for the sake of design itself, but rather a pursuit of true user value. Taking aerodynamic drag as an example, the Ideal i8 has a drag coefficient of only 0.218, which is even lower than the updated Model 3's 0.219. This not only improves the interior quietness of the Ideal i8 but also saves energy consumption, resulting in a longer driving range. In recent years, some car manufacturers have relied on clever design imitations to become trendsetters in the Chinese automobile market. Subsequently, this mature methodology has also been adopted by other car companies. Although these car companies have achieved success with this approach, it has sparked significant domestic and international controversy, and has further intensified the already highly homogeneous product competition, leading to increased involution in the Chinese car market. At this moment, Li Auto’s commitment to original design—regardless of its ultimate success or failure—is the right path that China’s automotive industry must take. Design is just one part of Li Xiang's hope to create a new species to compete again in pure electric vehicles. To ensure the competitiveness of the Li Auto i8, Li Auto has developed an all-new high-voltage pure electric platform for the model. The entire lineup comes standard with a 5C ternary lithium ultra-fast charging battery, offering CLTC ranges of 670 km and 720 km, respectively. It can achieve a charging speed of “500 kilometers of range added in just 10 minutes of charging.” With the support of the new platform, the Li Xiang i8 truly achieves the combination of an SUV, a sedan, and an MPV. All models of the Li Auto i8 come standard with dual-chamber air suspension, offering four adjustable height levels. In the highest air suspension setting, the ground clearance reaches up to 19.6 centimeters, giving the Li Auto i8 the off-road capability of an SUV. At the same time, the Li Xiang i8 also offers the handling and accessibility of a sedan. The low center of gravity design brought by the pure electric platform and the body stiffness of 49,500 Nm give the Li Xiang i8 handling comparable to that of the BMW i7. The minimum ground clearance of the second-row threshold can be lowered to 401 millimeters, allowing the Li Xiang i8 to provide a sedan-like boarding and alighting experience. To showcase the space of the Ideal i8 comparable to an MPV model, Li Xiang directly invited the design team and had six people, each with an average height of over 1.8 meters, sit inside. Finally, based on the lessons learned from MEGA last year, Li Auto has built the largest supercharging network in the country, consisting of 3,000 supercharging stations and 16,000 supercharging piles, achieving the highest supercharging coverage rate in the industry. However, all of this is just the hardware configuration and preparation of the Li Auto i8. On the software side, the Li Auto team has built a new moat. Play Need for Speed in a virtual city. In 2007, the birth of the iPhone once again profoundly demonstrated to the world how software defines hardware. To this day, although the iPhone is lagging behind in some hardware configurations, the iOS system remains a moat that other phone manufacturers cannot cross. "Looking at my own abilities ten years from now, I hope to achieve the same level as Apple Inc." As early as a conference call in 2022, Li Xiang expressed his hope to build Li Auto into a company like Apple. To become like Apple, software capability is an absolutely indispensable part. In the current Chinese automotive industry, advanced driver assistance capability is the most important software capability, without exception. As the first company to deliver end-to-end advanced assisted driving, Li Auto has once again demonstrated its core capabilities to the public by delivering the brand-new VLA driver large model together with the Li Auto i8. Before 2024, the outside world did not regard Li Auto as a leading player in advanced driver assistance systems. However, when Li Auto became the first to deliver end-to-end advanced assistance last year, no company dared to overlook Li Auto's capabilities anymore. Now, Li Auto has once again taken the lead in completing the iteration, making the VLA large model the first to be deployed in its vehicles. Why is Li Auto able to achieve this? Li Xiang Auto’s Senior Vice President of Autonomous Driving R&D, Lang Xianpeng, told EO Auto and other media that Li Xiang Auto has trained a world model using real-world data, and then used this world model for simulation training. This not only significantly reduces training costs, but also enables rapid iteration and improvement of advanced assisted driving capabilities. "Our ultimate goal is to have our algorithms run 'Need for Speed' inside the 'Simulated World'." Lang Xianpeng used two games as metaphors for the world model and the intelligent driving algorithm. Li Auto builds a simulated world model, namely the "Simulated World," by collecting driving scenarios and data from the physical world. "Need for Speed" refers to Li Auto's intelligent driving algorithm, which undergoes reinforcement learning within a world model and ultimately becomes an "experienced driver." In Lang Hanpeng's view, the ability to create a realistic world model has become the core technological barrier for Li Auto. However, this raises a question: all car manufacturers are collecting driving scenarios and data, so why does Li Auto have a competitive moat? "Because we have 1.2 billion kilometers of data," Lang Xianpeng stated. Without this data foundation, first, it would be impossible to train a world model, and second, it would be unclear what kind of data needs to be generated. "This barrier is very high, and it is difficult for others to replicate it in a short period of time. The iteration speed must be ensured, and actual vehicles must be used for testing, so it is very hard to surpass us." It is reported that Li Auto began collecting data five years ago. In 2020, as Li Auto's first full delivery year, it transmitted 15 million pieces of valid data back and started creating a data closed loop. Subsequently, as Li Auto’s sales continued to rise, the amount of valid data collected by the company also rapidly increased, reaching a total of 1.2 billion kilometers. It was precisely in this process that Li Auto's autonomous driving evolved from rule-based algorithms to end-to-end systems, and further iterated to the current VLA large model. In addition, from the development history of Li Auto, Lang Xianpeng believes that the upper limit of the previous generation's technical capabilities is the starting point for the next generation of technology. Therefore, "if an automaker wants to skip the rule-based algorithms and end-to-end stages and directly develop VLA large models, I believe it is not feasible." With the accumulation of massive amounts of data and the construction of a world model, Li Auto has completely changed the way test models are conducted. In 2023, Li Auto's training for assisted driving relied entirely on real vehicle testing, covering a total of 1.57 million kilometers, with a testing cost of 18.4 yuan per kilometer. By the first half of 2025, real vehicle testing will be reduced to only 20,000 kilometers, while simulation testing will exceed 40 million kilometers, bringing the cost down to 0.53 yuan per kilometer—“which is basically just electricity and server expenses,” Lang Xiangpeng stated. He added that the only thing that might limit the training speed now is computing power. If the computing power is high enough, “one day of training could be equivalent to a year of real vehicle testing on the road.” Nevertheless, Li Auto has not completely abandoned real vehicle testing, as certain tests, such as hardware durability testing, remain irreplaceable. Moreover, the data collected from real vehicle tests can continue to optimize the world model and simulation testing. "In the past five years, starting from last year's end-to-end approach, our competitors have truly begun to take Li Auto seriously," said Lang Xiangpeng. However, it is too late because the aforementioned capabilities cannot be fully established overnight. It is precisely because of the accumulation over the past five years that Li Auto was able to deliver the VLA large model first this year.

Recently, Chezhinet learned from XPeng Motors that the all-new XPeng P7 will be officially unveiled on August 6. The new model is positioned as a mid-size car, with a wheelbase exceeding 3 meters, offering a more outstanding interior space. In terms of appearance, the all-new generation XPeng P7 adopts a brand-new design style. The front features a star-ring style continuous light strip, with vertical light groups on both sides. When fully illuminated, they form an "H" shape, exuding a strong sense of futurism. Additionally, the new car uses a glossy black front bumper, adding a sporty touch to the front. The new car features a fastback design on the side, with smooth and elegant roof lines that look dynamic. Combined with the hidden door handles, it is expected to offer excellent aerodynamic performance. In terms of dimensions, the new car measures 5017mm in length, 1970mm in width, and 1427mm in height, with a wheelbase of 3008mm. Except for the height, all other dimensions have increased. The rear of the car echoes the front, also featuring “H”-shaped taillights, which are highly recognizable when illuminated. In terms of power, the single-motor version has a motor power of 270kW, while the dual-motor version has a total motor power of 437kW. The battery options include packs with capacities of 74.9kWh and 92.2kWh, offering CLTC range options of 702km, 750km, and 820km. Car Quality Network will continue to monitor and report more news about the new car.

Recently, Tiantie Technology announced that its indirect subsidiary, Anhui Tiantie, has signed a "Procurement Framework Agreement" with Zhuhai Xinjie Energy Technology Co., Ltd. (hereinafter referred to as "Zhuhai Xinjie").Zhuhai Xinjie plans to purchase copper-lithium composite strips from Anhui Tiantie, with an order amount of 400 million RMB and an order quantity of 100 tons. The copper-lithium composite tape is a strip material composed of an anode current collector (copper foil) and an anode active material (lithium metal foil) through a specific process. It combines the advantages of copper's conductivity and mechanical strength with lithium's electrochemical activity.Common solutions for lithium metal anodes. This material is mainly used in the field of lithium metal solid-state batteries. The announcement mentioned that Zhuhai Xinjie is a wholly-owned subsidiary of Xinjie Energy, which is a company focused on the research and production of lithium metal solid-state batteries. Tiantie Technology stated that Xinjie Energy has already established a lithium metal solid-state battery production line with a capacity of hundreds of MWh and is currently constructing a GWh-level production line, attracting investments from multiple investment institutions and demonstrating strong contractual performance capabilities. Battery China has noticed that Tiantie Technology signed a strategic cooperation framework agreement with Xinjie Energy in May of this year, agreeing to...The first production line with a solid-state battery energy density of ≥450Wh/kg and a capacity of 2GWh has been put into operation.Tian Tie Technology will be responsible for supplying lithium metal materials for this production line. In principle, Xin Jie Energy will purchase no less than 100 tons annually, with a procurement period of no less than five years after production begins. According to Tiantie Technology, preliminary estimates indicate that...About 100 tons of lithium metal anode material are required for 1 GWh of capacity.The specifics will be determined after the commissioning of XinJie Energy's 2GWh production line. All-solid-state batteries using lithium metal as the anode material are one of the key development directions in solid-state batteries. To date, numerous companies in the lithium battery industry chain, both domestically and internationally, such as CATL, EVE Energy, Tianqi Lithium, SES, Tailan New Energy, Anhui Mengwei, Sunwoda, LG Energy Solution, SK On, as well as several automotive companies including Geely, SAIC, General Motors, Honda, and Hyundai, are actively investing in lithium metal batteries. High energy density is a significant advantage of lithium metal solid-state batteries; however, it is worth noting thatManufacturing lithium metal batteries is highly technically challenging.According to industry insiders, due to the limitations of lithium metal anode preparation technology, the significant volume changes of lithium metal anodes, and micro-short circuits in lithium metal batteries, there is still a long way of research and exploration before lithium metal batteries can be mass-produced and applied. Due to the highly reactive chemical nature of metallic lithium, it demands particularly high standards in manufacturing, technology, equipment, and environmental conditions. TMT Technology has revealed that Anhui TMT is equipped with advanced technology and equipment integration, including efficient electrolysis, impurity removal and purification, and low-temperature distillation, and that all product equipment is non-standard.Safe production of battery-grade metallic lithium with a purity of 99.97%-99.98%.

The Hong Kong Stock Exchange disclosed on July 30 that Sunwoda Electronic Co., Ltd. ("Sunwoda") has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities serving as joint sponsors. This is the third domestic power battery company seeking dual "A+H" listings, following CATL and EVE Energy. It is reported that the net proceeds from this fundraising by Sunwoda are planned to be used for: implementing the company's international growth strategy, including expanding new overseas production facilities as well as the global sales and service network to better reach the growing international customer base; research and development to maintain the company's leading position in the lithium-ion battery industry and further enhance technological capabilities; digital and intelligent upgrades of company operations; potential investments or acquisitions in upstream and downstream businesses to support the company's strategic development and to expand the breadth and depth of the value chain; and as working capital and for other general corporate purposes. Image source: Sunwoda Sunwoda is committed to the research and development, design, manufacturing, and sales of lithium batteries, providing comprehensive solutions from cells to systems, covering consumer batteries, power batteries, and energy storage systems. Starting from the consumer battery business, Sunwoda has gradually expanded into power batteries and energy storage systems, forming an integrated business layout, with revenue from consumer batteries accounting for more than 50% of total revenue. As of March 31, 2025, Sunwoda has 19 production bases in China and 6 production bases overseas to meet the needs of global customers. Previously, Sunwoda stated on the interactive platform that listing in Hong Kong can further advance its globalization strategy, establish an international capital operation platform, and enhance its international brand image and overall competitiveness. Sunwoda was listed on the Shenzhen Stock Exchange in 2011. As of the close on July 30, its market value reached 40.8 billion yuan. In 2022, it successfully issued Global Depository Receipts (GDR) and was listed on the Swiss Exchange. In terms of performance, Sunwoda achieved revenues of approximately RMB 52.162 billion, RMB 47.862 billion, and RMB 56.021 billion in 2022, 2023, and 2024 (during the reporting period), respectively. During the same periods, the company’s profit attributable to owners was approximately RMB 1.068 billion, RMB 1.076 billion, and RMB 1.474 billion, respectively.

Recently, Car Quality Network has learned from relevant channels that the Nissan Rogue, the prototype of the Dongfeng Nissan X-Trail, has officially released its 2026 model. As an annual facelift, the new car mainly adds the Dark Armor edition, with a starting price of $28,790 in the US market, approximately 207,000 RMB. Based on previous situations, it is expected that Dongfeng Nissan will also update the X-Trail in the future. In terms of exterior, the new car's overall design is basically the same as the previous model. The Dark Armor version is a newly added variant based on the SV model, featuring blacked-out details such as the exterior rearview mirror caps and the grille trim. It is equipped with 19-inch glossy black wheels and a black roof luggage rack. At the same time, in terms of configuration, the new Rogue SV model also adds a 360-degree panoramic camera, panoramic sunroof, heated front seats, and heated steering wheel. The 2026 Nissan Rogue also offers a Rock Creek model, which can be simply understood as an off-road version. It is equipped with Falken Wild Peak all-terrain tires and 17-inch black wheels (with lava red accents). Lava red tow hooks are added to the front/rear bumpers, the grille features silver trim, the exterior mirrors are blacked out, and the roof is equipped with a tubular luggage rack (with lava red accents). The interior of the 2026 Nissan Rogue Rock Creek model also features lava red stitching, with a lava red emblem added to the center of the steering wheel. The center console is equipped with a 12.3-inch touchscreen that comes with built-in Google applications. In terms of power, the new model is equipped with a 1.5T three-cylinder engine across all variants, producing a maximum horsepower of 201Ps. Both front-wheel drive and four-wheel drive versions are available. In the Chinese market, there have been reports that the future domestically produced X-Trail will switch to a four-cylinder engine to reverse the current declining sales trend. Car Quality Network will continue to follow and report more news about the new vehicle.

Recently, Car Quality Network learned from relevant channels that Xiaomi has officially released real car images of the Xiaomi SU7 Ultra Nürburgring Limited Edition. The vehicle was previously officially launched, priced at 814,900 yuan, and is limited to 100 units worldwide. It is designed to commemorate the Xiaomi SU7 Ultra production car’s lap time of 7 minutes 04.957 seconds at the Nürburgring Nordschleife. Compared with the regular version, the new car comes standard with exclusive track kits, including racing bucket seats and a roll cage. In terms of appearance, the new car continues the overall design of the current model, featuring a carbon fiber ventilated hood and a front splitter with a large diffuser, enhancing its sporty appeal. The body is adorned with exclusive decals and equipped with a Xiaomi logo made of carbon fiber and 24K gold, highlighting its limited edition status. The side profile still features a coupe stance, with integrated ventilation openings, a "U"-shaped logo, and radar sensors on the front fenders. Carbon fiber exterior mirrors, dual five-spoke 21-inch wheels, a carbon-ceramic braking system, and Pirelli P ZERO TROFEO RS semi-hot tires (front 265/35 R21, rear 325/30 R21) combine to balance performance and handling. The chassis retains the Bilstein EVO R coilover dampers used in the official lap time test car and adds a carbon fiber aerodynamic floor panel, which integrates the airflow under the chassis to provide up to 44 kg of additional downforce. In terms of interior, it is equipped with professional racing bucket seats and six-point safety harnesses, with a roll cage installed in the rear seats to enhance safety. A dedicated limited edition nameplate is embedded in front of the front passenger seat, complemented by extensive carbon fiber trim to strengthen visual impact and commemorative significance. In terms of power, the new vehicle features a tri-motor all-wheel-drive system, consisting of a front V6s motor and dual rear V8s motors, with a total power output of 1138 kW. It can accelerate from 0 to 100 km/h in just 1.98 seconds (excluding launch time) and has a top speed exceeding 350 km/h. For more information about the new vehicle, Car Quality Network will continue to monitor and report.

Recently, electric vehicle manufacturer Lucid Group announced that it will collaborate with several key U.S. mineral producers to form the U.S. Battery Materials Alliance, aiming to accelerate the development and procurement of domestically sourced critical minerals needed for the American automotive industry. This new alliance is called the "National Automotive Competitiveness Minerals Cooperation Plan" (MINAC), and its participants include Alaska Energy Metals, graphite company Graphite One, mineral exploration and development company Electric Metals, as well as battery materials company RecycLiCo. Image source: Lucid MINAC’s established objectives include: promoting domestic mineral production in the United States through offtake agreements; identifying and addressing obstacles in the commercialization process; strengthening collaboration between the mining and automotive industries; and supporting U.S. automakers and Tier 1 suppliers in the qualification and procurement of domestically produced materials. The establishment of the MINAC alliance comes at a time when the automotive industry, particularly the electric vehicle sector, is under increasing pressure to ensure a reliable and compliant supply of critical minerals such as rare earths, nickel, graphite, and manganese. These minerals are core components of lithium-ion batteries, which power most electric vehicles. The collaboration aims to reduce dependency on foreign supply chains, particularly China, and enhance domestic manufacturing capabilities in the United States. The participating mining companies in this alliance will leverage their professional expertise to achieve industrial complementarity. Alaska Energy Metals, headquartered in Anchorage, Alaska, is developing a large-scale nickel project. Nickel is a key material for high-energy-density batteries and helps extend vehicle range. Electric Metals USA focuses on the Emily manganese project in Minnesota. Manganese is used in lithium-ion battery cathodes, which can increase battery energy density, reduce costs, and improve thermal stability. Graphite One is working on building graphite production facilities in Ohio and northern Alaska, with production expected to begin in 2028. RecycLiCo specializes in hydrometallurgical technology for processing ores and recycling lithium-ion battery materials, aiming to extract lithium, cobalt, nickel, and manganese that can be directly used in battery manufacturing. At the same time as the launch of the alliance, Lucid and its partners are holding a roundtable in Washington, D.C., attended by several U.S. governors and members of Congress. Arizona Senator Mark Kelly stated about the plan, "Arizona is proud to have Lucid's advanced manufacturing facility, and I am pleased to see Lucid taking the lead in using domestically sourced materials to produce electric vehicles." He also mentioned that such cooperation will strengthen the supply chain and create jobs in the United States.

It seems that everyone may have noticed that this time the Xiaomi YU7 doesn't come with a refrigerator or a speaker. The standard self-developed audio system comes with 14 speakers, while the 25-speaker system offers features like Dolby sound effects, karaoke mode, and simulated sound waves, which are not available in the standard version. Should I spend an extra 6,000 yuan for the upgrade? How is the sound quality? Today, we conducted a comprehensive test on this Xiaomi YU7 Max version equipped with 25 speakers to see how its audio performance truly measures up. Let's take a look. Sound quality level First, we will reset all sound modes to their default settings and conduct an objective pink noise test. From the curve, there is a certain rise in amplitude at low frequencies. Objectively speaking, the Xiaomi YU7 speaker can output a relatively high sound pressure level in the low-frequency range. Similar to the Xiaomi SU7 Ultra we tested earlier, Xiaomi’s self-developed audio system maintains a relatively consistent tuning style in the low-frequency part. When playing electronic music, rock, and other genres that emphasize bass and rhythm, it can provide a stronger effect. However, there are some fluctuations in the mid-frequency range, and when playing music with a lot of mid-frequency instruments, such as guitars, pianos, or vocals, the sound balance is not optimal. Some frequency bands may be overly attenuated or amplified, resulting in inaccurate timbre, and the vocals may not be full or clear enough, slightly affecting the overall listening comfort. You can experience this in the upcoming listening session. The overall coverage of the mid and high frequency range is relatively complete, but the curve drops noticeably as it approaches the very high frequencies, resulting in some instrument overtones and sound details not being well reproduced. Sound field performance The Xiaomi YU7 has three sound modes: "Standard," "Theater," and "Concert Hall." The standard mode is more balanced and naturally restores the sound. The theater mode primarily simulates the realistic sound effects in that environment, enhancing the surround sensation and soundstage. Audibly, there is also a certain enhancement in the low-frequency aspect. The concert hall mode simulates a wider soundstage in a concert hall through reverberation. In terms of frequency response, it enhances the clarity and airiness of high frequencies, while significantly optimizing the midrange, making instruments and vocals sound fuller. Unlike the standard version, the version with 25 speakers includes overhead height speakers to create a 7.1.4 surround sound system. Supports Dolby Atmos content provided by platforms such as NetEase Cloud Music and QQ Music. Whether watching movies or listening to music, you can enjoy a more immersive audio experience. Trial Experience In the equalizer adjustment, there are five modes: "Standard," "Pop," "Classical," "Folk," and "Custom." We selected songs corresponding to each style and switched between them and the "Standard" mode to compare and experience the listening differences between the various modes. In pop music, due to fluctuations in the midrange frequencies, vocals may not exhibit a particularly smooth and rich sound, resulting in certain frequency bands being insufficiently prominent or being masked. However, the advantage of low frequencies can make the rhythm section more prominent and enhance the sense of groove in the music. In the performance of classical music, the overall presentation is relatively faithful, but during ensemble playing, the layering between the instruments is not very clear. Moreover, the lack of extremely high frequencies can make it difficult to perfectly present the sense of space created by high-frequency harmonics in some classical music. From the folk mode perspective, the most prominent feature is the significant reduction in midrange and the considerable gain in upper midrange. Folk music often focuses on the combination of vocals and simple instruments, with vocals at its core. Personally, I think reducing the midrange makes the vocals lose some fullness and appear thin. You can adjust it between 0.0 to -1.0dB depending on the singer's vocal range. Here is a version with equalizer settings that we have adjusted ourselves for your reference. In Conclusion According to our tests, the Xiaomi YU7 received a total score of 76 under the AudioLab 2.0 rating system. Regarding the differences between the 14-speaker and 25-speaker systems in terms of features like sky channels and simulated engine sound, would you pay an extra 6,000 yuan to upgrade to the 25-speaker system for the Xiaomi YU7?

On July 30, U.S. President Trump announced that the United States will impose a 15% tariff on imported goods from South Korea, which is lower than the previously threatened 25%. Meanwhile, South Korea agreed to invest $350 billion in the United States. Shortly after meeting with South Korean officials at the White House, Trump announced the agreement. This came at a time when the United States was rolling out a series of trade policies, and the August 1 deadline for the tariffs set by the Trump administration was rapidly approaching. Trump posted on his social media platform, stating, "The United States has agreed to reach a comprehensive and complete trade agreement with South Korea. We have agreed to impose a 15% tariff on South Korea, while the United States will not be subjected to tariffs by South Korea." Image source: Kia Motors Trump also stated that South Korea agreed to invest $350 billion in the United States for projects he selected, and to purchase $100 billion worth of American energy products. Additionally, South Korea will accept American products into its market, including automobiles and agricultural products, without imposing import tariffs on these products. The newly elected President of South Korea, Lee Jae-myung, stated that the agreement has eliminated the uncertainties in the export environment, and the tariffs imposed by the United States on South Korea are lower than or on par with those of major competitors. He said, "We have overcome a significant obstacle." Trump previously stated that starting from August 1, the United States would impose higher tariffs on imports from several countries. South Korea, being a major exporter of computer chips, automobiles, and steel, faced a 25% tariff on goods exported to the U.S. before a trade agreement was reached at the last minute on July 30. Kim Yong-beom, the Chief of Policy at the South Korean Presidential Office, stated at a press conference that out of the $350 billion investment fund, $150 billion will be allocated to shipbuilding cooperation projects, and $200 billion will be invested in sectors such as chips, nuclear power, batteries, and biotechnology. He mentioned that the existing investment plans of South Korean companies will also be included in this fund. Kim Yong-beom also stated that South Korea's energy purchases from the U.S. will include liquefied natural gas, liquefied petroleum gas, crude oil, and a small amount of coal. U.S. Commerce Secretary Howard Lutnick stated that South Korea's energy procurement will be completed "within the next three and a half years." He also mentioned that the tariffs imposed by the United States on South Korean automobiles will be set at 15%, and South Korean semiconductor and pharmaceutical exports will not be subject to stricter restrictions than similar products from other countries. Steel, aluminum, and copper are not covered by the new agreement.

International News Guide: Raw Materials News - Canada's Debrand receives CleanBC fund to tackle clothing plastic waste disposal challenges Automotive News - BMW Group's first-half net profit drops 29% year-on-year Electronics News - Iveco Group NV agrees to split its business Packaging News - Amcor develops lightweight polypropylene caps for household products Macro News - New Zealand government lifts ban on offshore oil and gas exploration Price Information - Ethylene Asia: CFR Northeast Asia $820/ton; CFR Southeast Asia $830/ton   Details of International News:   1.Trump announces suspension of de minimis exemptions for all countries On July 30 local time, the official website of the White House released an executive order signed by Trump, suspending the duty-free treatment for low-value imported products from all countries, namely the "de minimis" treatment. This means that small parcels exported to the United States by all countries/regions via postal services will no longer enjoy duty-free treatment. They must enter the United States through standard customs declaration procedures, submit complete import documents, and pay applicable tariffs and taxes, including additional tariffs. 2.Shell's adjusted profit in the second quarter is $4.26 billion Shell's second-quarter revenue was $65.41 billion, compared with an estimate of $64.8 billion; adjusted profit was $4.26 billion, compared with an estimate of $3.74 billion; adjusted earnings per share was $0.72, compared with an estimate of $0.60. 3.JD.com plans to acquire German electronics retail giant CEconomy AG On July 31, JD.com announced on the Hong Kong Stock Exchange that it has decided to make a voluntary public takeover offer to all shareholders of CECONOMY AG, the parent company of European consumer electronics retailers MediaMarkt and Saturn, through its wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH. It will acquire all issued and outstanding bearer shares of CECONOMY at a cash consideration of 4.60 euros per share and establish a strategic investment partnership. The transaction values CECONOMY at approximately 2.2 billion euros, equivalent to more than 18 billion yuan. If the transaction is successfully completed, it will set a new record for Chinese e-commerce companies' overseas expansion into Europe. 4.Iveco Group NV has agreed to split its business Iveco Group will sell its defense business (IDV and ASTRA brands) to Leonardo SpA and the remaining business to Tata Motors Ltd. The total value of the two transactions is approximately 5.5 billion euros (equivalent to $6.3 billion). 5.Amcor develops lightweight polypropylene caps for household products Amcor has developed a polypropylene (PP) cap for household products, which combines a unique shape with a lightweight design, helping brands enhance visual appeal while contributing to their sustainability commitments. Amcor stated that this new "Hector Child-Resistant Cap (CRC)" weighs only 7.25 grams, making it one of the lightest caps on the market, which can significantly save materials and reduce carbon dioxide emissions. Compared with traditional 14-gram caps, an order of one million Hector caps can reduce plastic usage by 6.75 tons. 6.Origin partners with Hordijk to mass-produce sustainable PET caps in Europe Origin Materials and Dutch packaging manufacturer Royal Hordijk Packaging announced a strategic partnership to mass-produce polyethylene terephthalate (PET) caps, marking an important step in promoting circular packaging solutions in the European market. 7.Canada's Debrand receives CleanBC fund to tackle clothing plastic waste disposal challenges Debrand is a reverse logistics solutions provider based in Vancouver, Canada, serving apparel and retail brands in North America. The company has received more than $325,000 in funding from the "CleanBC Plastics Action Fund", which is jointly managed by the Government of British Columbia and Alacrity Canada and is part of the Ministry of Environment and Climate Change Strategy. 8.UK waste management giant Bifa closes Washington plastic recycling plant Bifa, a leading UK waste management company, announced the closure of its plastic recycling plant in Washington, Sunderland. According to "Sustainable Plastics", the plant ceased operations in early 2025 due to increasingly difficult market conditions, especially the sluggish demand for washed high-density polyethylene (HDPE) and polypropylene (PP) flakes, affecting approximately 80 employees. The Washington plant, built in 2020 with an investment of 7 million pounds (approximately 8.1 million euros), was a key part of Bifa's strategy to enhance the recycling capacity of commonly used plastic packaging (such as milk bottles, buckets, and trays made of HDPE and PP). In 2023, Bifa planned to invest another 13 million pounds to double the plant's capacity, but this expansion plan was later shifted to another Bifa plant in Redcar.   Overseas Macro Market Information:   【White House official: Trump will impose higher tariffs on countries that fail to reach trade agreements】 On July 30 local time, a White House official told the media that Trump will sign an executive order on July 31 local time to impose higher tariff rates on several countries that fail to reach trade agreements by the August 1 deadline. It may include some of the United States' largest trading partners, including Canada and Mexico. 【Bank of Japan announces interest rate decision, keeps rates unchanged】 The Bank of Japan approved the interest rate decision by a 9-0 vote, keeping the interest rate unchanged, in line with expectations. 【New Zealand government lifts ban on offshore oil and gas exploration】 On July 31 local time, the New Zealand government lifted the ban on offshore oil and gas exploration. New Zealand's Resources Minister Sean Jones pointed out that this move is expected to increase natural gas supply and ease energy cost pressures. However, the decision has triggered strong opposition from environmental groups in the country, who are worried that this policy may damage New Zealand's environmental image. 【BMW Group's first-half net profit drops 29% year-on-year】 On July 31, BMW Group announced that its total operating income in the first half of the year was 67.685 billion euros, a year-on-year decrease of 8.0%; net profit was 4.015 billion euros, a year-on-year decrease of 29.0%. 【Toyota suspends production due to tsunami impact】 Nikkei News reported that due to supply chain disruptions caused by the tsunami, Toyota Motor will suspend 11 production lines at 7 factories in Japan starting from Thursday night.   Price Information:   Ethylene Asia: CFR Northeast Asia $820/ton; CFR Southeast Asia $830/ton. Propylene Northeast Asia: FOB South Korea average price $730/ton, down $10/ton; CFR China average price $770/ton. North Asia frozen cargo CIF: propane $505 - $512/ton; butane $490 - $497/ton. South China frozen cargo CIF for August delivery: propane $540 - $550/ton; butane $525 - $535/ton. Taiwan region frozen cargo CIF: propane $505 - $512/ton; butane $490 - $497/ton. 【LLDPE US dollar market price】 Film: $860 - $920/ton (CFR Huangpu); Injection molding: $940/ton (CFR Dongguan); 【HDPE US dollar market price】 Film: $910/ton (CFR Huangpu); Hollow: $855/ton (CFR Huangpu); Pipe: $1030/ton (CFR Huangpu); 【LDPE US dollar market price】 Film: $1070 - $1095/ton (CFR Huangpu); Coating: $1280/ton (CFR Huangpu). 【PP US dollar market price】 Homopolymer: $900 - $965/ton (CFR Huangpu); Copolymer: $920 - $975/ton (CFR Nansha), down $20/ton; Transparent: $1000 - $1055/ton (CFR Huangpu); Pipe: $1160/ton (CFR Shanghai).

On July 31, it was reported that this Tuesday, more than 12,000 employees across Germany took to the streets to protest against the tightening policies and layoff plans of automotive parts giant ZF Group, opposing the board's plans to further cut thousands of jobs and continue suppressing wages. ZF was once among the world’s top three automotive parts giants, but now it is deeply mired in a financial crisis. According to reports, ZF made a profit of 126 million euros in 2023, but turned to a loss in 2024, with losses exceeding 1 billion euros. Behind this are a slowdown in electric vehicle orders, 10 billion euros of debt left from a major acquisition, and impacts from EU tariff policies. ZF has implemented measures such as layoffs, salary reductions, reduced working hours, cancellation of one-time bonuses, and cuts in above-standard benefits to save costs, which has also caused employee dissatisfaction. Last year, ZF revealed plans to cut up to 14,000 jobs in Germany, and there were even reports that its electric drive division might be completely spun off or sold, potentially affecting as many as 30,000 employees. The layoff plan by ZF has sparked widespread concern among employees and strong resistance from the unions. Employees are worried that the layoffs will not only directly affect their livelihoods but may also have a ripple effect on the employment situation in the entire German automotive industry. The trade union IG Metall stated that if ZF does not change its plans, further protest actions will be taken. The union emphasized that companies should help employees adapt to the transition through retraining and other means, rather than simply resorting to layoffs. "If you sell all the electric drives, what transformation are you talking about?" What everyone wants is the right to participate, to have a place in the future industry, rather than being "costs" that are optimized away. It is understood that ZF is a global giant in automotive parts, holding a world-leading position in automotive powertrain and chassis technology, and is one of the world's top three transmission manufacturers. However, ZF's layoffs are not an isolated incident; the entire European automotive supply chain is facing similar difficulties. Companies such as the Faurecia Group, Continental Group, Bosch, Schaeffler, and Valeo have also successively announced layoff plans.

On July 30, after a strong earthquake struck the Pacific coast of Russia's Far East, the Japan Meteorological Agency warned that tsunami waves as high as 10 feet could inundate parts of Japan's coastal areas. Subsequently, Toyota, Nissan, and Mitsubishi suspended some of their operations in Japan. Toyota Motor Corporation suspended the afternoon shifts at eight plants in Japan and the morning shifts at two plants the following day. The largest automaker in Japan stated that there have been no reports of casualties or damage to facilities; however, to better assess worker safety following the earthquake and ensure uninterrupted logistics, it decided to halt some operations. The company will later decide on the resumption of operations at the affected plants. Image source: Toyota Motor Corporation Nissan Motor Company's global headquarters is located on the Yokohama waterfront. After the alarm was issued, the company evacuated personnel from the showroom and product display room on the first floor of the headquarters. A spokesperson for Nissan said that operations at the company's coastal Oppama assembly plant and research center were also suspended, and employees were evacuated. The company's engine plants in Yokohama and Iwaki have also suspended operations and evacuated employees. The Nissan Iwaki plant, located on the northeastern Pacific coast of Fukushima Prefecture, suffered severe damage during the deadly earthquake and tsunami in 2011. Nissan has not yet reported any losses and stated that measures are being taken to ensure employee safety. However, the company later reopened the showroom at its Yokohama headquarters because CEO Ivan Espinosa was scheduled to hold a press conference there later in the afternoon to announce the quarterly financial results. A spokesperson for Mitsubishi Motors stated that the company's Mizushima assembly plant, located near the western coast of Japan, has suspended operations and evacuated employees as a measure taken in response to local government directives. However, Mitsubishi has also not reported any damages. Suzuki's global headquarters is located in Shizuoka City near the Pacific coast. As a precautionary measure, the company temporarily moved its first-floor employees to the second floor. However, its factory operations were not affected. Mazda has a factory in the coastal area of the westernmost part of Japan, and the company stated that its operations have not been affected for the time being. Honda Motor Co. stated that it has not suspended factory operations or evacuated employees because it does not have factories near coastal areas. On March 11, 2011, Japan experienced a massive 9.0 magnitude earthquake, which triggered a deadly tsunami and led to a nuclear leakage crisis at the nuclear power plant along the coast of Fukushima. This emergency situation caused a halt in Japanese automobile production for several months. Therefore, in this earthquake-prone country, Japanese automakers are particularly sensitive to the dangers of tsunamis.

On July 30, Porsche announced its financial report for the first half of 2025. The group's sales revenue was 18.16 billion euros, down 6.7% from 19.46 billion euros in the same period last year; operating profit was 1.01 billion euros, a significant decline of 67% from 3.06 billion euros in the same period last year. The group's operating profit margin was 5.5%, compared to 15.7% in the same period last year. Porsche stated that the decline in performance was mainly due to the U.S. imposing additional tariffs and factors such as product line updates and upgrades. In the first half of this year, Porsche delivered a total of 146,391 vehicles to customers worldwide, a year-on-year decrease of 6.1%. Among these, electrified models accounted for 36.1%, including 23.5% fully electric vehicles and 12.6% plug-in hybrid vehicles. Image source: Porsche official website Due to U.S. President Trump's imposition of a 15% tariff on European imported cars, Porsche is facing greater pressure and has lowered its performance forecast for the third time this year. The company stated that its operating profit margin for 2025 may drop to 5%, whereas the previous target was at least 6.5%. Porsche also mentioned that the revised performance forecast includes the impact of the U.S. tariffs, as well as approximately 1.3 billion euros (about 1.5 billion U.S. dollars) in costs related to brand strategy adjustments. Oliver Blume, Chairman of the Executive Board of Porsche, stated: "We continue to face significant challenges worldwide, and these are by no means short-term fluctuations. The global landscape is undergoing a fundamental shift—especially when compared to market expectations from a few years ago. As a result, some of the strategic decisions we made at that time are no longer applicable today. This is precisely why we are fundamentally further developing Porsche. Our newly revamped product lineup has been well received by customers, and we expect to see a renewed momentum of positive business growth starting from 2026." As investors had already anticipated that Porsche would lower its earnings forecast, the company's share price rose by as much as 4.1% in early trading on the Frankfurt Stock Exchange on July 30. However, the stock price has already fallen by 21% so far this year. Porsche is currently facing multiple pressures, including weak demand for electric models, declining sales in the Chinese market, and the added burden of U.S. tariffs. The company is attempting to regroup by replacing several senior executives, further cutting costs (including layoffs), and increasing the production of gasoline and plug-in hybrid models. The United States recently agreed to reduce the tariff on automobiles imported from the European Union to 15%. Although this rate is much lower than the previous 27.5%, it is still significantly higher than the 2.5% level before the trade tariff offensive initiated by Trump. The United States has recently surpassed China to become Porsche's largest single market, but the company does not have any factories on American soil. All the cars sold in the U.S. market are imported from Europe. In explaining the company's response to U.S. tariffs, Porsche CFO Jochen Breckner stated that the company raised its prices in the U.S. market by 2.3% to 3.6% in July. Breckner added that the company currently has no plans to establish a production base in the United States to avoid tariffs, but is evaluating the situation. Regarding reaching any sector-specific agreements with the U.S. government to further reduce trade barriers, Porsche Chairman Oliver Blume said he agrees with Mercedes-Benz CEO Ola Kaellenius’s view that such a situation will not happen. In February this year, Porsche announced that it will lay off an additional 1,900 employees over the next four years, but stated that no forced layoffs will take place due to a job security agreement effective until 2030. However, Porsche stated that management is "resolutely advancing extensive company-wide restructuring and reform measures," and negotiations with employee representatives will begin in the second half of the year.

In the near future, robots may soon possess much greater muscle strength. According to foreign media reports, engineers at Northwestern University have developed a soft artificial muscle, paving the way for untethered animal and human-like robots. This new type of muscle, also known as an actuator, provides the performance and mechanical characteristics needed to build robotic musculoskeletal systems. Image source: Northwest University To demonstrate the functionality of these artificial muscles, engineers implanted them into a life-sized human leg model, equipped with rigid plastic "bones," elastic "tendons," and even a sensor that allows the robot to "sense" its own movements. The leg uses three artificial muscles—the quadriceps, hamstrings, and calf muscles—to flex the knee and ankle joints. These muscles are flexible enough to absorb impact, yet still exert sufficient force and motion to kick a volleyball off its stand. This new bionic material innovation could change the way robots walk, run, interact with humans, and navigate the surrounding world. The related research paper was published in the journal "Advanced Materials" on July 24th. "Robots are typically made of rigid materials and mechanical devices that can precisely carry out specific tasks," said Ryan Truby, senior author of the study from Northwestern University. "But the real world is ever-changing and extremely complex. Our goal is to construct bio-inspired robotic bodies that are flexible, adaptable, and capable of handling the uncertainties of the physical world." This not only includes incorporating practical artificial muscles, but also integrating components such as bones, tendons, or ligaments into robots. If we can achieve this, robots will not only become more resilient and adaptable but also improve efficiency by leveraging the mechanical principles of softer materials. Copy the current challenges of muscles At present, most robots are rigid and cumbersome, making it difficult for them to smoothly adapt to uneven terrain or to perform complex and delicate tasks without damaging other objects or injuring themselves. "It is very challenging for robots that lack physical compliance to smoothly respond or adapt to external changes and interact safely with humans," said Dr. Kim, a postdoctoral researcher at the Truby Lab. "To enable future robots to move more naturally and safely in unstructured environments, we need to design them more like the human body—with both hard skeletons and soft, muscle-like actuators." Recently, robotics experts have started developing soft actuators with muscle-like mechanical properties. However, current methods typically require large and heavy equipment to drive them. Even so, they are not durable enough to generate sufficient force to accomplish practical tasks. "Designing soft materials that work like muscles is really difficult," Truby said. "Even if you can make a material move like artificial muscles, there are many other challenges, such as delivering enough power to exert sufficient force. Connecting them to rigid structures similar to bones poses even more problems." Manufacturing artificial muscles To overcome these challenges, the team referred to an actuator previously developed by the Truby Lab. The core of this actuator is a 3D-printed cylindrical structure called a "chiral shear auxetic" (HSA). The HSA has a complex structure capable of achieving unique movements and characteristics, such as stretching and expanding when twisted. The twisting motion required to move the HSA can be generated by a small integrated motor. Kim developed a method to 3D print the HSA using inexpensive rubber commonly found in phone cases. In the new design, the team encapsulates the HSA in a rubber origami bellows structure, allowing the rotary motor to drive the assembled actuator to extend and retract. Now, these actuators can push and pull with astonishing force, much like artificial muscles. These muscles can even dynamically stiffen under load, just like human muscles. Each muscle weighs approximately the same as a football, slightly larger than a can of soda. It can stretch to 30% of its length, contract, and lift objects 17 times its own weight. Perhaps most crucial for their application in robots, these muscles can be powered by batteries without the need for bulky external devices. A life-sized leg that can "kick" and "sense" To demonstrate the practical application potential of these muscles, Truby, Kim, and their team used 3D printing technology to create a life-sized robotic leg. The team made the "bones" of the leg from hard plastic and used rubber to create connectors similar to tendons. The elastic tendons connect the quadriceps and hamstring muscles to the lower leg bones and connect the calf muscles to the foot structure. The tendons and muscles help to dampen motion and absorb impact, similar to a biological musculoskeletal system. The team also added a flexible 3D-printed sensor that enables the leg to "sense" its own muscles. The sensor is designed in a sandwich structure, with a layer of flexible conductive plastic sandwiched between two non-conductive layers. When the artificial muscle moves, the sensor moves as well. As it stretches, its resistance changes, allowing the robot to sense the degree of extension or contraction of its muscles. The final prosthesis is compact in structure and powered by a battery. A portable battery can provide enough energy on a single charge to bend the knee thousands of times within an hour. Achieving similar functionality using other soft actuator technologies would be very difficult, if not impractical. “By designing new robotic materials with the performance and characteristics of biological musculoskeletal systems, we can create more resilient and durable robots to meet practical usage demands,” said Truby. “We are very much looking forward to seeing how these artificial muscles will drive new directions for humanoid and animal-like robots.”