Li Auto Reports Q4 2025 Operating, R&D Expense Changes

This week, ferrous metals rebounded from the bottom. At the start of the week, coking coal and coke led the futures higher, mainly driven by rising crude oil prices in the overseas market, which pushed the energy and chemicals sector stronger accordingly; mid-week, both the U.S. and Iran signaled a more relaxed stance toward war, easing geopolitical tensions, while coal prices fell in tandem, weakening the cost-side logic, and ferrous metals fluctuated at highs; in the latter half of the week, worsening short-term liquidity issues in BHP's iron ore port inventory triggered stronger iron ore prices in the overseas market, while the Middle East situation remained volatile, reinforcing cost support and pushing ferrous metals higher again. In the spot market, supported by futures, end-user and arbitrage purchase sentiment both improved WoW this week......

On March 11, 2026, the government of the Honghe Prefecture of Yunnan Province issued the Notice on the Implementation of the Notice on the Selection of Project Owners for 34 New Energy Projects Included in the 2025 Third List of New Energy Project Construction in Yunnan Province (the original text is attached), to carry out the selection of 2.22 GW of new energy projects.