According to statistics from the China Construction Machinery Industry Association on major excavator manufacturers, in July 2026, a total of 19,521 excavators of all types were sold, up 13.9% YoY. Of these, domestic sales totaled 7,608 units (including 41 electric excavators), up 4.13% YoY; exports totaled 11,913 units (including 62 electric excavators), up 21.2% YoY. From January to July 2026, a total of 171,841 excavators were sold, up 24.8% YoY. Of these, domestic sales totaled 86,633 units (including 227 electric excavators), up 18.8% YoY; exports totaled 85,208 units (including 197 electric excavators), up 31.7% YoY.

★ Macro ★ 01 ★★ [Central Bank Net Withdraws 85 Billion Yuan via Open Market Operations] The central bank today conducted a 15 billion yuan 7-day reverse repo operation, with a bid amount of 15 billion yuan and a winning amount of 15 billion yuan, at an operation rate of 1.40%, unchanged from the previous level. As 100 billion yuan of 7-day reverse repos expired today, a net withdrawal of 85 billion yuan was achieved. 02 ★★★ [A Member of Iran's Revolutionary Guard Killed Repelling Drone Attack] According to Iranian local time on the 8th, the Navy of Iran's Islamic Revolutionary Guard Corps stated that earlier that day, a naval member of the Islamic Revolutionary Guard Corps was killed in the process of responding to an incoming drone in the Mahshahr region of southwestern Iran. On the 8th, the Islamic Revolutionary Guard Corps issued a statement saying that the U.S. military launched airstrikes in the early morning on coastal areas of Iran's Hormozgan Province and some coastal bases and non-military facilities in Mahshahr, violating the ceasefire agreement and breaching the Islamabad Memorandum of Understanding. ★ Industry and Downstream ★ 01 ★★ [CPCA: June Retail Sales of China's Passenger Car Market at 1.602 Million Units] CPCA data showed that retail sales of China's passenger car market in June were 1.602 million units, down 23.2% YoY but up 6.1% MoM. Year-to-date retail sales reached 8.701 million units, down 20.2% YoY. In June, retail sales of internal combustion engine vehicles fell 39% YoY, with pure gasoline cars down 42% and conventional hybrids down 7%. Among combustion engine vehicles, domestic brands fell 39%, mainstream joint ventures fell 39%, and luxury brands fell 39%, all indiscriminately hit by the sharp impact of high oil prices. June retail sales of new energy vehicles fell 9% YoY, with domestic brands down 11%, mainstream joint ventures up 45%, and luxury brands down 11%. The retail sales of domestic economy EVs were significantly impacted by the sharp decline in subsidies. 02 ★★ [H1 Excavator Sales Up Over 26% YoY] Data from the China Construction Machinery Industry Association showed that in June, total excavator sales reached 25,400 units, up 35.3% YoY. Of this total, domestic sales came to 10,900 units, up 33.9% YoY, while exports stood at 14,500 units, up 36.4% YoY. Based on H1 data, since March, excavator sales have exceeded 20,000 units for four consecutive months, with March sales reaching 37,400 units, the highest monthly sales since May 2021. Cumulative sales in the first half reached 152,300 units, up 26.4% YoY. China domestic sales reached 79,000 units, up 20.4% YoY, while exports totaled 73,300 units, up 33.5% YoY. The loader market also sustained its high growth trajectory, with the industry recovery gaining broad-based momentum. Data shows that loader sales across all types reached 15,000 units in June this year, up 24.9% YoY. Cumulative sales of all loader types hit 82,100 units in H1 this year, up 26.7% YoY. 03 ★★ [ Yuxi Xianfu Coke Project Expected to Begin Trial Production in November ] Yunnan Yuxi Xianfu Steel (Group) Co., Ltd. (hereinafter "Xianfu Steel") is currently accelerating construction of its supporting 1-million mt/year coking project, targeting trial production this November. Overall project completion now stands at roughly 80%, with cumulative investment reaching 1.5 billion yuan. 04 ★★ [Shandong Province Coal Mine Capacity Status] In accordance with the requirements of the National Energy Administration's Notice on Establishing a Coal Mine Capacity Registration and Public Announcement System (GN Coal [2013] No. 476) and Notice on Improving the Coal Mine Capacity Registration and Public Announcement System to Carry Out Public Announcements for Coal Mines Under Construction (GN Coal [2017] No. 17), the production and construction coal mine capacity status across the province is hereby announced as follows: As of June 30, 2026, Shandong Province has 76 legally operating or under-construction coal mines, with a total annual capacity of 113.57 million mt. Among these, there is 1 coal mine under construction with a construction scale of 450,000 mt/year, and 75 operating coal mines with a registered production capacity of 113.12 million mt/year. 05 ★★ [ CPCA: China Passenger Car Market Retail Sales Down 23.2% YoY, Up 6.1% MoM in June ] Data released by the China Passenger Car Association (CPCA) shows that nationwide passenger car retail sales reached 1.602 million units in June, down 23.2% YoY and up 6.1% MoM. Year-to-date cumulative retail sales hit 8.701 million units, down 20.2% YoY. Passenger NEV retail sales reached 1.007 million units in June, down 9.4% YoY but up 6.0% MoM. For January-June, passenger NEV retail sales totaled 4.704 million units, down 14.0% YoY. Retail sales of conventional internal combustion engine passenger cars reached 600,000 units in June, down 39% YoY but up 6.3% MoM. Notably, sales of standard hybrid models fell only 7% YoY while surging 24% MoM, a standout performance. ★ Other Hot Topics ★ ⭕ [China Energy Group's Coal Port Departures and Arrivals Both Hit Record Highs in H1] As of June 30, the port segment of China Energy Group has completed cumulative coal arrivals of 148.009 million mt and coal port departures of 147.1 million mt. The group's coal port arrivals and departures both reached new all-time highs for the same period in H1, effectively ensuring smooth and efficient operation of the critical energy transportation channel. Since the beginning of this year, the port subsidiary of China Energy Group has optimized production organization, unlocked port capacity, coordinated resource allocation across three ports, innovated operation models and loading/unloading processes, increased the direct loading ratio and circulation efficiency, and simultaneously expanded market coal transshipment business, driving a steady rise in throughput. In the area of equipment support, it has fully implemented a production equipment full life cycle management system, adopted refined maintenance standards and grid-based accountability mechanisms, built a real-time condition monitoring platform for key equipment, and achieved equipment fault prediction and early warning. This has driven a comprehensive transformation and upgrade of the operation and maintenance model from "reactive repair" to "proactive defense," solidifying the hardware foundation for continuous and stable production. [Turkey Initiates Sunset Review of Anti-Dumping Duties on Vietnamese Stainless Steel Pipes] On July 3, 2026, the Turkish Ministry of Trade issued Communiqué No. 2026/27, announcing the initiation of the first sunset review of anti-dumping duties on stainless steel pipes and other hollow structural profiles originating in Viet Nam, following an application by a domestic producer. The products in question are classified under Turkish Customs Tariff numbers 7306.40.20.90.00, 7306.40.80.90.00, and 7306.61.10.00.00. During the investigation, the current anti-dumping duties will remain in effect. The communiqué takes effect on the date of its publication. *This report is an original work and/or compilation work of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), which legally holds the copyright and is protected by the Copyright Law of the People's Republic of China, among other laws and regulations, and applicable international treaties. Without written permission, no part of the above content may be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to a third party in any form, nor may any third party be licensed to use it. 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★ Macro ★ 01 ★★ [June China Warehousing Index Returns to Expansion Territory] The China Federation of Logistics and Purchasing released the June China Warehousing Index. With the concentrated commencement of major infrastructure projects nationwide and the simultaneous recovery of supply and demand in manufacturing, warehousing business demand improved noticeably, and the index returned to expansion territory. The June China Warehousing Index stood at 50.2%, up 0.6 percentage points MoM. 02 ★★ [ PBOC Net Withdrawal of 59.5 Billion Yuan via Open Market Operations ] The People's Bank of China (PBOC): Today, it conducted a 10 billion yuan 7-day reverse repo operation, with a bid amount of 10 billion yuan, an awarded amount of 10 billion yuan, and an operation rate of 1.40%, unchanged from the previous level. As 69.5 billion yuan of 7-day reverse repos matured today, a net withdrawal of 59.5 billion yuan was recorded on the day. 03 ★★ [ PBOC Governor Pan Gongsheng: Supports HKMA in Raising RMB Business Funding Arrangement from 200 Billion Yuan to 500 Billion Yuan ] Pan Gongsheng, Governor of the People's Bank of China, stated on July 7 at the "Hong Kong Fixed Income and Currency Summit cum Bond Connect Forum" that Hong Kong is the world's largest offshore RMB business center. To further develop the RMB offshore market, liquidity supply is a fundamental arrangement. In recent years, the People's Bank of China has coordinated the role of RMB clearing banks and currency swap arrangements to provide stable RMB liquidity support for the Hong Kong offshore market. Previously, the People's Bank of China signed an 800 billion yuan standing swap arrangement with the HKMA, and also upgraded and established an RMB business funding arrangement totaling 200 billion yuan, providing a stable and relatively low-cost source of medium and long-term RMB funds for commercial banks in Hong Kong. Pan Gongsheng stated that on this basis, he supports the HKMA in increasing the size of the RMB business funding arrangement from the current 200 billion yuan to 500 billion yuan, and extending the usage period to no more than three years. 04 ★★ [ SAFE Releases Foreign Exchange Reserve Data for End-June 2026 ] Data from the State Administration of Foreign Exchange (SAFE) showed that as of the end of June 2026, China's foreign exchange reserves stood at $3,416.3 billion, down $26 billion from the end of May, a decline of 0.75%. In June 2026, influenced by macroeconomic data from major economies, the monetary policies and expectations of major central banks, and other factors, the US dollar index rose, while major global financial asset prices showed mixed performance. The combined effects of exchange rate translation and changes in asset prices led to a decline in foreign exchange reserves for the month. China's economy is generally stable and developing with innovation and quality, which is conducive to the basically stable scale of foreign exchange reserves. ★ Industry and Downstream ★ 01 ★★ [June Sales of Various Excavators Total 25,445 Units] According to data released by the China Construction Machinery Association on Tuesday, 25,445 units of various excavators were sold in June, up 35.3% YoY. Of which: domestic sales were 10,898 units (including 65 electric excavators), up 33.9% YoY; exports were 14,547 units (including 34 electric excavators), up 36.4% YoY. 02 ★★ [Global New Ship Order Tracking (June 29–July 5)] According to tracking by International Ship Network: from June 29 to July 5, 2026, global shipyards received a total of 68+4 new ship orders. Of which, Chinese shipyards received 57+4 new ship orders; Japanese shipyards received 3; South Korean shipyards received 4; and Philippine shipyards also received relevant new ship orders. 03 ★★ [ Da-Qin Railway: June Cargo Transport Volume of Da-Qin Line at 36.89 Million mt ] Da-Qin Railway announced that in June 2026, the company's core operating asset, the Da-Qin Line, completed a cargo transport volume of 36.89 million mt, up 13.79% YoY; the daily average volume was 1.2297 million mt. The daily average number of heavy-haul trains operated on the Da-Qin Line was 86.9, of which the daily average number of 20,000-tonne trains was 61.1. In January-June 2026, the cumulative cargo transport volume on the Da-Qin Line reached 204 million mt, up 7.96% YoY. 04 ★★ [Xuanwei Laibin Guangming Coal and Power No.1 Mine Ordered to Suspend Production for Rectification] Recently, the Yunnan Bureau of the National Mine Safety Supervision Administration issued an official notice, stating that due to multiple major accident hazards at the No.1 Mine of Yunnan Xuanwei Laibin Guangming Coal and Power Co., Ltd., and the illegal organization of production with existing problems, the regulatory authorities ordered the mine to suspend production for rectification in accordance with the law. It is understood that from June 11 to 13, 2026, the Yunnan Bureau of the National Mine Safety Supervision Administration conducted an on-site inspection of the No.1 Mine of Yunnan Xuanwei Laibin Guangming Coal and Power Co., Ltd. and found that the mine was still organizing production despite major accident hazards such as "falsifying drawings, concealing mining faces, and continuing production; and failure to install safety monitoring and personnel position monitoring systems in the coal mine." 05 ★★ [One Residential Plot in Hangzhou Sold at 26.68% Premium] On July 7, a residential plot in the Xiaoshan Century City core unit, Hangzhou, was transferred, with a land area of 34,167.00 m², planned building area of 95,667.60 m², plot ratio of 2.8, starting price of 3.635 billion yuan, and starting floor price of 38,000 yuan/m². After 98 rounds of bidding, Poly Development finally won the plot for a total price of 4.605 billion yuan, with a transaction floor price of 48,139 yuan/sq m and a premium rate of 26.68%. ★ Other Hot Topics ★ ⭕ [HBIS Releases Full-Scene Solution for High-End Green Metal Decoration Materials] The opening of the exhibition hall and the release of the solution represent HBIS’s practical commitment to deepening its green and low-carbon transformation, implementing the national “2024-2025 Energy Conservation and Carbon Reduction Action Plan,” the “Implementation Plan for High-Quality Development of the Green Building Materials Industry,” and the deployment for high-quality development of the new materials industry in Hebei province. It is another landmark practical achievement for HBIS in the transformation and upgrading process from “steel to materials” and “manufacturing to service,” leveraging its advantages across the entire industry chain to precisely address core client needs, actively overcome industry development bottlenecks, and lead the industry’s high-end upgrade. ⭕[Guizhou Province Coal Mine Enterprise Safety Production Permit Application Status] According to relevant regulations, following the decision made at the Party Leadership Group meeting of the Guizhou Provincial Energy Administration on June 30, 2026, approval was granted for the extension/renewal or issuance of safety production permits for the following: Guizhou Bangda Energy Development Co., Ltd., Shuicheng District Shaomi Laodigou Coal Mine; Guizhou Pannan Coal Development Co., Ltd., Xiangshui Mine Jiuwuji Well Area; and Zunyi Bozhou District Sheng’an Coal Industry Co., Ltd., Zunyi County Panshui Town Xing’an Coal Mine. ⭕[Jilin Province Coal Mine Capacity Status for H1 2026] In accordance with the requirements of the “Notice of the General Office of the National Energy Administration on Improving the Coal Mine Capacity Registration and Announcement System for Carrying Out Construction Coal Mine Capacity Announcements” (Guonengfa Coal [2017] No. 17), the capacity status of legal construction coal mines with reported construction commencement information and complete mining licenses and business licenses, as well as legal production coal mines with complete mining licenses, safety production permits, and business licenses, as of June 30, 2026, is hereby announced. *This report is an original work and/or compilation created by SMM Information & Technology Co., Ltd. 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According to statistics from the China Construction Machinery Association on major excavator manufacturers, a total of 24,794 excavators of all types were sold in May 2026, up 36.2% YoY. Among them: domestic sales were 11,628 units (including 24 electric excavators), up 38.6% YoY; exports were 13,166 units (including 25 electric excavators), up 34.2% YoY. In January-May 2026, a total of 126,875 excavators were sold, up 24.7% YoY. Among them: domestic sales were 68,127 units (including 121 electric excavators), up 18.5% YoY; exports were 58,748 units (including 101 electric excavators), up 32.9% YoY.

The 4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, 2027 The 4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition in 2027 Date: March 28-30, 2027 Venue: Nanchang Greenland International Expo Center "World Tungsten Capital" "World Copper Capital" "Asia's Lithium Capital" "Rare Earth Kingdom" Concurrent Events: The 4th China (Jiangxi) International Green Mining Exhibition, 2027 The 4th China (Jiangxi) International Foundry, Die Casting, Forging, Heat Treatment and Industrial Furnace Exhibition, 2027 [Jiangxi's Many Firsts] New China's first aircraft, first diesel wheeled tractor, first military sidecar motorcycle, first coastal defense missile, first artificial satellite, and today's C919 large passenger aircraft were all born here. [Industrial Advantages] The nonferrous metals industry is the largest pillar industry of Jiangxi Province. The energy consumption dual controls, dual carbon policies, and the new connotations of high-quality development have put forward new requirements for strengthening and expanding the nonferrous metals industry. Promoting the further healthy, rapid, and orderly development of the nonferrous metals industry and enhancing its core competitiveness is an inevitable requirement for transforming from a province rich in nonferrous metal resources to a province with a strong nonferrous metals industry, and is also an important lever for Jiangxi to achieve carbon peaking by 2030. Leveraging Jiangxi Province's abundant nonferrous mineral resources, Jiangxi's nonferrous metals industry has developed rapidly, with continuously expanding scale and improving standards. It has become Jiangxi's largest pillar industry and is currently a key "trillion-yuan-level" industry being cultivated in Jiangxi. It is the undisputed "ballast stone" of Jiangxi's manufacturing sector. Jiangxi has become an important nonferrous metal ore mining and production site in China. Jiangxi Province enjoys superior metallogenic geological conditions and abundant mineral resources, making it one of China's important bases for nonferrous metals, rare metals, rare earth, and uranium minerals, with a relatively high degree of mineral resource complementarity. Jiangxi's seven major categories of minerals — copper, tungsten, rare earth, uranium, tantalum-niobium, gold, and silver — are known as the "Seven Golden Flowers." According to Jiangxi Province's "2+6+N" Action Plan for High-Quality Leapfrog Industrial Development, the province's nonferrous metals industry plans to achieve a trillion-yuan level in main business revenue. To promote the healthy development of Jiangxi Province's nonferrous metals industry, facilitate foreign economic and trade cooperation, and guide Jiangxi's nonferrous metals industry to align with international standards, the Organizing Committee, after conducting multiple in-depth grassroots surveys and project analyses with government authorities and industry associations, has decided to hold the "4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, 2027" at the Nanchang Greenland International Expo Center on March 28-30, 2027. We look forward to seeing you there. [ Exhibition Dates ] Registration and Booth Setup: March 26-27, 2027 Opening Ceremony: March 28, 2027, 9:30 Exhibition and Trading: March 28-30, 2027 Dismantling: March 30, 2027, 14:00 [Scope of Exhibits] Non-ferrous Metal Raw Materials: copper, aluminum, magnesium, titanium, zinc, lead, manganese, zirconium, vanadium, nickel, molybdenum, silicon, antimony, tin, chromium, tungsten, tantalum, indium and other non-ferrous metal mineral product raw materials, magnetic materials, rare and rare earth materials, precious metal materials and various alloy materials; Non-ferrous Metal Products: copper products, aluminum products, titanium alloy products, magnesium alloy products, powder metallurgy products, etc.; Metallurgical Equipment and Technology: smelting furnaces and kilns, refining equipment, smelting pumps and valves, conveying equipment, heat exchange equipment, flue gas acid-making equipment, corrosion-resistant equipment, hydrometallurgy, electrolysis equipment, large power rectifier power supplies, electrolytic cells, extraction equipment, surface treatment equipment, etc.; Metal Processing Machine Tools: lathes, milling machines, sawing machines, drilling machines, grinding machines, punch presses, boring machines, machining centers, electrical discharge machines, wire cutting machines, laser processing equipment, etc.; Metal Automation Control Equipment: frequency converters, fieldbuses, industrial computers, instruments and meters, automation control, robots, electronic application systems, weighing instruments and information solutions for equipment manufacturing, etc.; Auxiliary Materials for Metal Production: chemicals, solvents, refractory materials, catalysts, gases, lubricating oils, etc.; Powder Metallurgy: raw materials, equipment, products, 3D printing, polymer powder materials, ceramic powder materials; Casting, Die Casting and Forging: castings, casting equipment, casting materials, casting molds, casting/pouring robots, new casting technology and supporting products, various heat treatment furnaces, industrial furnaces, die castings, die casting molds, die casting machines and peripheral equipment, post-processing equipment for die castings, surface treatment technology and equipment, die casting robots, new die casting technology and supporting products, forgings, flanges and rings, forging equipment and accessories, surface treatment technology and equipment, automation, forging mold manufacturing technology and equipment, forging raw materials. Geological (Mine) Exploration Technology and Equipment: geophysical exploration technology, geochemical exploration technology, aerial survey and remote sensing technology, surveying and mapping technology, geological data processing, mineral product analysis, laboratory instruments and meters. Mining Technology and Equipment: excavation equipment, drilling and rock drilling equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mining dump units), hoisting equipment, drilling, construction machinery, etc. [Media Promotion] 65 authoritative financial media outlets including Jiangxi Daily, Jiangxi Television Economic Channel, Dajiang Finance Channel, Jiangxi Net, China Net, China Daily Net, and China Finance Net; 10 major self-media platforms including Sohu, NetEase, and Toutiao; 53 industry-leading professional media outlets including China Mining Net, China Excavator Net, China Foundry Net, China Die Casting Net, China Auto Manufacturing Net, World Aluminum Net, China Nonferrous Metals Net, Nonferrous Metals Information Net, and Metalworking, along with 180 other industry-related professional media outlets; Comprehensive coverage of key words search clients through online search platforms such as Baidu Promotion and 360 Promotion; [Concurrent Events] 2027 China Foundry Technology Innovation Outstanding Contribution Award Ceremony 2027 China Metallurgical Melting and Casting Technology Seminar 2027 China Recycled Metals Industry Chain Integrated Development Forum 2027 China NEV and Auto Body Lightweighting Peak Forum 2027 China Green Mine Development Forum [Exhibition Rules] ★ Standard booth 3m×3m: China enterprises: RMB 9,800 yuan/booth; overseas enterprises: RMB 15,800 yuan/booth; ★ International brand booth (9 ㎡, deluxe decoration) RMB 12,800 yuan/booth; overseas enterprises: RMB 18,800 yuan/booth; ★ Indoor bare space (minimum 36 ㎡): China enterprises: RMB 1,000 yuan/㎡; overseas enterprises: RMB 2,000 yuan/㎡; Booth equipped with: two fluorescent tubes, one waste basket, display boards, header board, one table and two chairs, air conditioning, lighting, security, and cleaning services. Note: Bare space does not include any exhibition facilities. Special decoration management fees and hydropower fees charged by the venue shall be borne by the exhibitors and their special decoration contractors. [Organizing Committee Secretariat] Contact: Song Jia 132-1700-0270 (same on WeChat) Official website: http://www.jxysjs.net

On April 29, 2026, the Ministry of Natural Resources held its regular April press conference, comprehensively reviewing the achievements of China's mining green transformation. The conference noted that the mining sector nationwide had essentially established a closed-loop institutional framework of "source prevention, process control, and end-stage remediation," with green mine construction accelerating and expanding, and significant progress in ecological restoration of abandoned mines. As of the conference date, over 5,500 provincial-level and above green mines had completed construction nationwide, accounting for over 50% of licensed and operating mines; a cumulative total of 3.35 million mu of historically abandoned mine areas had been restored and remediated nationwide, exceeding the established restoration targets. Against the backdrop of comprehensive green upgrading in the mining industry, hydrogen energy, as a premium zero-carbon new energy source, is deeply compatible with the entire process of mine production, operation, and remediation, precisely matching the requirements for "full life cycle green development" in mining. It has become a key lever for facilitating large-scale green mine construction and driving low-carbon transformation of traditional mining, with broad implementation potential and industry prospects. I. Core Empowerment Value of Hydrogen Energy for Green Mine Construction (I) Rooted in Source Prevention, Achieving Zero-Carbon and Pollution Reduction in Mine Production Green exploration is the "first checkpoint" of green mining development and the core element of source-level mine governance (Xinhuanghe Client, 2026). Traditional mining, material transportation, and equipment operations are highly dependent on diesel-powered machinery, with prominent carbon emissions, exhaust gas, and noise pollution, constituting the core pain point constraining green mine compliance and failing to meet the regulatory requirements for source-level green prevention and control in mining. Hydrogen fuel cell equipment operates with zero exhaust, zero carbon emissions, and low noise throughout the entire process, capable of fully replacing traditional fuel-powered construction machinery and mining transport vehicles. Through hydrogen energy equipment substitution, mines can cut off pollutant and carbon emission outputs at the production source, perfectly aligning with the green development institutional framework for mineral resources proposed by the Ministry of Natural Resources, and addressing the shortcomings in source-level mine governance. Meanwhile, hydrogen energy equipment can effectively optimize the working environment in mining areas, helping mines break free from the traditional high-pollution, high-energy-consumption production model, driving more mines to complete upgrades to "garden-style mines" and "forest mines," and accelerating the realization of the construction goal of "transforming mining areas into scenic spots and mines into green mountains." (II) Focusing on Process Control, Facilitating Efficient and Compliant Mine Operations In recent years, China has continuously improved the green standards system for mining, issuing specialized regulations across exploration, development, and remediation stages, driving green mine construction from "demonstration-led" to "comprehensive advancement." Mine operations are characterized by heavy loads, continuous and high-frequency operations, and fixed sites, demanding extremely high equipment power stability, driving range, and refueling efficiency. Hydrogen energy equipment is well-suited for this scenario: fast hydrogen refueling, strong power output, and stable driving range, meeting the demands of round-the-clock continuous mine operations without the issues of insufficient range and prolonged charging times that affect production with lithium battery equipment. At the same time, most remote mining areas have weak power grid infrastructure. Green electricity self-supply and green electricity-to-hydrogen models can help mines build independent energy systems featuring "wind and solar power self-generation and self-consumption + on-site hydrogen production + local application." This both meets the green management requirements for mine development stages and improves the process control system for green mining development, while reducing mines' dependence on externally purchased thermal power and fossil energy, lowering production and operating costs, providing economic support for large-scale green mine implementation, and helping mines nationwide steadily achieve the construction targets of 90% of large mines and 80% of medium-sized mines reaching compliance by the end of 2028. (III) Empowering End-Stage Remediation, Activating Ecological and Industrial Value of Abandoned Mines Mine ecological remediation is the "second half" of green mining development. China has a long history of mineral exploitation, with a massive base of historically abandoned mines that are highly difficult to restore. Through the model of "central guidance + local implementation + social participation," the Ministry of Natural Resources has cumulatively completed remediation of 3.35 million mu of abandoned mines, exceeding phased restoration targets. However, a large number of remediated abandoned mines currently face issues of limited business formats, weak profitability, and difficulty in sustained operation and maintenance. The implementation of the hydrogen energy industry provides a completely new solution for comprehensive abandoned mine governance. Leveraging idle land, mine pits, and mountain resources of abandoned mines, PV and wind power projects can be built to produce green hydrogen, while mine pit spaces can be converted into hydrogen storage facilities, creating new energy industrial bases integrating green hydrogen production, storage, and application. This both completes end-stage ecological remediation work such as slope treatment, vegetation restoration, and soil and water conservation, addressing legacy issues of abandoned mine governance, and revitalizes idle mine resources, generating dual returns from "ecological remediation + new energy industry," and accelerating the comprehensive "clearance" of historically abandoned mines. II. Application Prospects of Hydrogen Energy in the Green Mining Sector (I) Continuously Expanding Application Scenarios with a Clear Trend Toward Full-Scenario Replacement As China's green mine institutional closed-loop fully takes shape, green mining development has entered a stage of full-chain, all-round upgrading, and hydrogen energy application scenarios are no longer limited to heavy-duty mine transportation. Currently, hydrogen energy is gradually covering the full spectrum of mining, material transfer, equipment power, energy supply, and ecological remediation. Hydrogen-powered excavators, loaders, drilling rigs, and other construction equipment continue to undergo iterative upgrades and are progressively deployed for testing in mining areas; supporting facilities such as wind-solar coupled green electricity-to-hydrogen production, skid-mounted hydrogen refueling stations, and mine pit hydrogen storage are becoming increasingly popularized, building a complete mining area hydrogen energy supply system. From front-end green exploration and mid-end green mining to end-stage ecological remediation, hydrogen energy runs through the full life cycle of mines, becoming an essential energy source for green mining transformation. (II) Improving Policy Framework Catalyzing Large-Scale Market Demand China has established a green standards system covering the full life cycle of mineral resource exploration, mining, and remediation, with regulations for exploration, development, and remediation stages becoming increasingly refined, and comprehensive green mine advancement has become an industry trend. Stringent industry standards and clear mine compliance assessment targets are compelling mining enterprises to accelerate the phase-out of traditional high-energy-consumption, high-pollution fuel-powered equipment and drive clean energy substitution. Meanwhile, hydrogen energy industry support continues to intensify in multiple regions' "15th Five-Year" energy plans, combined with multiple incentive policies covering land, finance, and taxation, providing a favorable policy environment for the implementation of hydrogen energy equipment and mining area hydrogen production and storage projects. The conditions for commercialized and large-scale implementation of hydrogen energy-empowered green mines continue to mature. (III) Continuously Innovating Industry Models with Sustained Release of Commercial Value Under dual innovation in technology and business models, the economic viability of hydrogen energy applications in mining areas continues to improve. Leveraging mines' own new energy resources, on-site green electricity-to-hydrogen production can significantly reduce hydrogen costs; modular skid-mounted hydrogen refueling stations offer flexible deployment suited to mobile mining operations, addressing the pain points of high construction costs and difficult implementation of traditional hydrogen refueling infrastructure. Meanwhile, the innovative model of "abandoned mine remediation + hydrogen energy industry" both completes ecological governance tasks and generates new energy industry revenue, solving the industry challenge of "investment only, no returns" in mine ecological remediation, enabling green mines to not only achieve ecological compliance but also possess sustainable commercial operating capabilities. III. Industry Development Summary and Outlook Overall, China's mining industry has completed its green transformation from pilot exploration to comprehensive implementation, forming a new pattern of full-chain green development. With its unique advantages of zero carbon, high efficiency, strong adaptability, and diverse application scenarios, hydrogen energy precisely addresses the full-process governance requirements of "source prevention, process control, and end-stage remediation" in mining, comprehensively facilitating quality upgrades of green mines and ecological governance of abandoned mines. Looking ahead, as green mine construction accelerates comprehensively and industry assessment standards continue to tighten, combined with continuous breakthroughs in hydrogen energy technology and ongoing improvement of the industry chain, hydrogen energy is expected to become the core energy source for zero-carbon mine transformation, deeply integrating into all aspects of mining production and ecological governance, continuously consolidating the green development foundation of the mining industry, helping mines across China fully complete green upgrades and achieve the goal of clearing all historically abandoned mines, and driving China's mining industry toward high-quality, sustainable green and low-carbon development.