[SMM Analysis] This week, prices for 314Ah and 280Ah ESS battery cells saw a slight decline, with the low-end prices being 0.266 yuan/Wh and 0.272 yuan/Wh respectively, down 0.7% and 0.36% MoM. In contrast, the price for the 100Ah model rose slightly, with an average price of 0.352 yuan/Wh.

[SMM Titanium Weekly Review: Strong Support from High-end Demand, Continuous Pressure on Basic Products] This week, the titanium market showed a clear divergence in trends. Sponge titanium prices continued to rise, with Grade 0 quoted at 53,500 yuan/mt, and trading volume significantly increased driven by large overseas orders. The titanium material market saw robust demand from the military sector, with TA1 titanium ingot priced at 59,000-60,000 yuan/mt. However, the titanium dioxide market remained in a downward trend, with rutile-type titanium dioxide priced at 13,000-14,300 yuan/mt. Despite production cuts by manufacturers, inventory pressure persisted. Titanium concentrate (TiO2≥47%) was priced at 2,000-2,150 yuan/mt, with sluggish demand affected by the off-season. Overall, high-end titanium products performed strongly, supported by military and export demand, while the civilian sector still awaited demand recovery. The market divergence pattern is likely to continue.