SMM, July 10: Metals market: As of midday close, domestic base metals nearly all rose, with SHFE copper up 1.67%, SHFE aluminum up 0.63%, SHFE lead edging down, SHFE zinc up 1.34%, SHFE tin up 2.18%, and SHFE nickel up 1.1%. Additionally, the most-traded cast aluminum futures contract rose 0.57%, the most-traded alumina futures rose 0.37%, the most-traded lithium carbonate futures fell 1.67%, the most-traded silicon metal futures rose 2.74%, and the most-traded polysilicon futures contract rose 2.28%. Ferrous metals mostly fell. Iron ore rose 0.74%, rebar edged up, and hot-rolled coil edged down. Stainless steel fell 0.49%. Coking coal and coke: the most-traded coking coal contract fell 2.09%, and the most-traded coke contract fell 1.51%. On the overseas base metals front, as of 11:41, LME metals mostly rose. LME copper rose 0.38%, LME aluminum rose 0.28%, LME lead fell 0.18%, LME zinc rose 0.39%, LME tin rose 0.7%, and LME nickel rose 0.18%. Precious metals, as of 11:41, COMEX gold fell 0.12% and COMEX silver rose 0.16%. Domestic precious metals: SHFE gold rose 1.15%; the most-traded SHFE silver futures contract rose 3.48%. Additionally, by midday close, the most-traded platinum futures contract rose 2.53%, and the most-traded palladium futures contract rose 3.65%. As of midday close, the most-traded container shipping (Europe route) futures contract rose 1.09% to 2,415 points. As of 11:41 on July 10, midday futures overview: Spot and Fundamentals Zinc: In the Tianjin market, #0 zinc ingot mainly traded at 24,420-24,910 yuan/mt, Zijin traded at 24,540-24,970 yuan/mt, #1 zinc ingot traded around 24,430-24,860 yuan/mt, Zijin was quoted at a discount of 0-10 yuan/mt against the 2608 contract, Huxin was quoted at 26,010 yuan/mt, #0 zinc ingot was quoted at a discount of 60-130 yuan/mt against the 2608 contract, and the Tianjin market was quoted at a discount of around 50 yuan/mt against the Shanghai market... Macro Front Domestic: [National Energy Administration: By 2028, Non-Fossil Energy Consumption Share to Increase by About 1 Percentage Point Annually] The National Energy Administration issued the "Energy Sector Energy Conservation and Carbon Reduction Action Plan (2026-2028)." It proposes that by 2028, the non-fossil energy consumption share will increase by an average of about 1 percentage point annually; reasonably control coal consumption of coal-fired power units, striving to raise the proportion of coal power capacity meeting current energy efficiency benchmark standards by 15 percentage points; build a number of zero-carbon and low-carbon coal mining and oil areas; support the construction of a number of zero-carbon parks, achieve significant progress in energy conservation and carbon reduction in key industries, and continuously improve green energy use. It proposed vigorously promoting energy conservation and carbon reduction in thermal power. A batch of eligible coal-fired power units of 300,000 kW and below will be shut down in a prudent and orderly manner, and the construction of replacement units is encouraged according to the requirements of new-generation coal-fired power ; a batch of 600,000 kW coal-fired power units will undergo ultra-supercritical cross-generation upgrading and retrofitting. Support will be given to eligible units for the co-firing of zero-carbon and low-carbon fuels and the retrofitting and construction of carbon capture, utilization and storage (CCUS). After retrofitting and construction, the carbon emission level per kilowatt-hour should be reduced by about 10%. A number of projects integrating coal-fired power, gas-fired power and new energy will be implemented, supporting the coupling of coal-fired power and new energy through thermal energy storage and other energy storage for peak shaving and peak support, integrated collection and transmission, thereby achieving the effect of integrated carbon reduction. (Jin10 Data APP) [China’s Road Transport Capacity Continues to Expand, New Energy Truck Penetration Rate Exceeds 40%] The China Federation of Logistics and Purchasing released the "2026 China Road Transport Capacity Development Report" today (the 10th). According to the report, the road transport market underwent continuous adjustment and optimization in 2025, with the capacity structure accelerating its upgrade towards scale, specialization, and green development; enterprises saw improvements in their risk resilience and operational resilience. Survey data shows that in the current road freight transport capacity structure, internal combustion engine vehicles remain dominant, accounting for about 50%, but new energy vehicles have already formed an irreversible substitution trend in specific scenarios. Among the surveyed enterprises, the penetration rate of new energy trucks was 44.4%. Among enterprises that have already purchased new energy vehicles, 37.5% chose to "continue expanding the new energy fleet," and 37.5% chose to "maintain the current scale." (CCTV News) [New Breakthrough in Green Hydrogen: China Achieves Minute-Level Preparation of Platinum Group Metal Catalysts] Platinum group metal catalysts are core key materials supporting modern industries such as energy, chemical, and environmental sectors. Recently, a team led by Professor Hu Wenbin from Tianjin University proposed a "transient assembly" strategy, developing a millisecond-scale periodic heat pulse technology that achieved ultra-fast synthesis and precise regulation of platinum group metal core-shell structure catalysts, opening up a completely new technical pathway for the atomically precise preparation of platinum group catalysts. The related results were published online in the international academic journal *Science* on July 10, Beijing time. (Xinhua News Agency) [Guangdong: Plans to Accelerate Technological Breakthroughs in Key Frontier Fields Including 6G, Optical Communications, and Satellite Communications] Recently, the "Guangdong Province Information and Communication Industry 15th Five-Year Plan (Draft for Public Comments)" was released to solicit public opinions. It mentioned supporting basic telecommunications enterprises in actively participating in provincial key R&D programs, leveraging strategic scientific and technological forces such as the Pengcheng National Laboratory and industry leaders to help Guangdong’s information and communication industry establish a sound whole-process innovation ecosystem, accelerating technological breakthroughs in key frontier fields including 6G, optical communications, satellite communications, quantum communications, and agentic communications, and strengthening research on new network architectures such as integrated space-ground networks and integrated communication-sensing-computing networks. Focus on cultivating and developing the new 6G track, vigorously promoting the R&D and industrialisation of core components such as next-generation digital baseband chips, RF front-end chips, and 6G modules, as well as next-generation network communication equipment. Conduct application technology research on the integration of quantum encryption with information communication networks and the convergence of quantum computing with classical computing, and achieve breakthroughs in key technologies such as quantum computing, quantum materials, quantum precision measurement, quantum security, and critical core equipment. (Jin10 Data APP) [PBOC reverse repo operations led to a net withdrawal of 43 billion yuan on the day, and a net withdrawal of 416.5 billion yuan for the week] The PBOC conducted 20 billion yuan of 7-day reverse repo operations today, and with 63 billion yuan of 7-day reverse repos maturing, the net withdrawal for the day was 43 billion yuan. During the week, the PBOC conducted 62 billion yuan of 7-day reverse repo and 1,000 billion yuan of outright reverse repo operations. With 678.5 billion yuan of 7-day reverse repos and 800 billion yuan of outright reverse repos maturing, the net withdrawal for the week was 416.5 billion yuan. US dollar side: As of 11:41, the US dollar index fell 0.28% to 100.66. According to CME "FedWatch": The probability that the Fed keeps interest rates unchanged in July is 74.9%, while the probability of a cumulative 25-basis-point rate hike is 25.1%. For September, the probability of rates remaining unchanged is 35.7%, the probability of a cumulative 25-bp hike is 51.1%, and the probability of a cumulative 50-bp hike is 13.1%. (Jin10 Data APP) Perli, manager of the New York Fed’s Open Market Account, said that the reserve management purchase operations have no preset course, and the New York Fed’s Open Market Trading Desk may raise or lower purchase amounts depending on money market conditions. Additionally, Perli said that as Fed Chairman Warsh appoints a working group on the Fed’s balance sheet, the trading desk is ready to implement any changes and interest-rate control frameworks the committee may decide to pursue. The Fed began reserve management purchase operations last December, anticipating a rapid drain in reserves in April as tax payments flowed into the Treasury General Account. When the Treasury’s account balance at the Fed increases, reserves in the banking system decline. (Jin10 Data APP) Dallas Fed President Logan said that if the Federal Open Market Committee conducts open market operations through a voluntary central clearing mechanism, it would help improve the efficiency and effectiveness of operations and enhance the stability of US financial markets. Logan noted that such arrangements could improve the use of the Fed’s tools, such as the Standing Repo Facility. The facility is designed to provide liquidity to eligible financial institutions, but market usage remains low. Some believe that streamlining the clearing process could enhance its appeal. She also noted that market leverage levels need to be carefully managed and that financial markets must strike an appropriate balance between the returns and risks of leverage, as well as between leverage and liquidity. (Jinshi Data APP) The latest data showed that for the week ending July 4, which included the US Independence Day holiday, initial jobless claims fell by 2,000 to 215,000, below market expectations of 217,000 and persisting near historic lows. However, continuing claims, which reflect the state of re-employment among the unemployed, rose to 1.81 million, hitting a new high since March. Persistently low initial jobless claims, together with recent non-farm payrolls data, paint a picture of a US labour market characterised by shrinking layoffs and a slowdown in hiring. (Wall Street CN) Data-wise: Today will see the release of figures including Germany's final CPI MoM for June, France's final CPI MoM for June, Switzerland's June consumer confidence index, Canada's June employment numbers, China's June M2 money supply YoY, China's new RMB loans for the first half of the year, and China's total social financing growth for the first half of the year. Also in focus: a speech by 2026 FOMC voter and Dallas Fed President Lorie Logan; and the provisional listing of SK Hynix's American Depositary Receipts (ADRs) on the Nasdaq on July 10. Crude oil: As of 11:41, oil prices for both benchmarks edged up, with WTI crude rising 0.25% and Brent crude gaining 0.21%. Technical-level talks between the US and Iran are ongoing, with the market closely watching how the US-Iran situation unfolds. According to Fox News, US Commerce Secretary Howard Lutnick stated that Trump believes oil prices will remain at low levels in the future. India's state-owned Oil and Natural Gas Corporation (ONGC) has approved an expansion of the country's strategic petroleum reserves, highlighting efforts to strengthen energy resilience following the shock of the Iran conflict. According to a document, the board of India's largest oil and gas producer has approved the addition of 1.75 million mt of national crude oil reserve capacity in Mangalore, Karnataka. Specific costs and a timetable have yet to be announced. Upon completion, the project will increase the reserves managed by the Indian Strategic Petroleum Reserves Ltd. The company currently operates underground storage facilities at three locations on the east and west coasts with a total capacity of 5.33 million mt. In addition, two new sites are under construction that will add 6.5 million mt of storage space. ONGC stated in Friday's filing that the project is of "national importance" and that related supporting facilities will be developed under the directive of the Ministry of Petroleum and Natural Gas. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ►] ► ► ► ► ►

Capacity side, the domestic alkaline electrolyzer market remained at 43.77 GW, while the PEM electrolyzer market held steady at 2.7 GW, according to incomplete statistics. Haozhen Hydrogen Energy’s brand-new 200 Nm³/h alkaline electrolysis hydrogen production system was officially shipped and delivered, reportedly to the project site of a well-known non-ferrous metal enterprise in China. Project-related developments: Guohua (Ningxia) New Energy Co., Ltd. : The evaluation results for the PC construction general contracting bid candidates of the Guohua Investment Guohua (Ningxia) New Energy Co., Ltd. Solar-Storage-Hybrid Off-Grid Hydrogen Production Key Technology Research and Demonstration Project (Integrated Engineering Hydrogen Production Section) were publicized, with two major chemical construction enterprises shortlisted. The first bid candidate was China Chemical Engineering Second Construction Corporation, with a corresponding bid price of 31.0690374 million yuan; the second bid candidate was China Chemical Engineering Ninth Construction Co., Ltd., with a bid price of 30.3988 million yuan. This demonstration project is located south of the Qingshuiying Hydrogen Production Plant in Ningdong Town, Ningxia, with planned land use of approximately 33 mu. It relies on the existing plant’s utility infrastructure to build a complete set of hybrid hydrogen production units, comprising six hydrogen production process trains: E, F, G, H, I, and J. Among them, Unit E is a 1000 Nm³/h hybrid pilot test facility, situated on the northeast side of the existing Qingshuiying Hydrogen Production Station; Units F, G, H, I, and J are five newly built large-scale hydrogen production systems, each with a rated hydrogen output of 1000 Nm³/h and a maximum long-term safe operating load of 120%, i.e., 1200 Nm³/h. Each new hybrid hydrogen production system adopts an ALK+PEM coupling route, equipped with an 800 Nm³/h alkaline electrolyzer, a 200 Nm³/h proton exchange membrane electrolyzer, and supporting gas-liquid separation equipment, paired with a 1000 Nm³/h integrated purification unit. The output hydrogen purity can reach 99.999%, suitable for PV storage Junrui Green Hydrogen Energy (Shangdu County) Co., Ltd. : The EPC general contracting bid candidates for the Shangdu County 30,000 mt/year hydrogen production project were officially publicized, with three major engineering consortiums shortlisted. The first bid candidate for this project was a consortium led by China Construction Fifth Engineering Bureau East China Construction Co., Ltd., joined by Wuxi Henghe Engineering Consulting Design Co., Ltd., Nuclear Industry (Tianjin) Engineering Survey Institute Co., Ltd., and Jiangsu Industrial Equipment Installation Group Co., Ltd.; the second bid candidate was a consortium led by Anhui Construction Engineering Group No.3 Construction Co., Ltd., joined by Shandong Honghua Construction and Installation Engineering Co., Ltd., Chongqing Chemical Engineering Design and Research Institute Co., Ltd., and Tianjin Huaxing Survey and Design Co., Ltd.; the third bid candidate was a consortium led by China Railway 16th Bureau Group Co., Ltd., joined by Jiangsu Qi’an Construction Group Co., Ltd., Aohua Engineering Technology Co., Ltd., and Hebei Zhongse Huaguan Geotechnical Engineering Co., Ltd. Inner Mongolia Mengqing Pipeline Network Co., Ltd.: The bid candidate announcement for the survey and design of the Inner Mongolia Mengqing Pipeline Network Co., Ltd. Shanghaimiao-Ningdong Green Hydrogen Pipeline Project was released. The top three candidate units for this tender were Sinopec Petroleum Engineering Design Co., Ltd. (10.05 million yuan), China Petroleum Natural Gas Pipeline Engineering Co., Ltd. (10.06 million yuan), and Sinopec Zhongyuan Petroleum Engineering Design Co., Ltd. (10.22 million yuan). This pipeline has a total length of 6.4 kilometers, divided into Inner Mongolia and Ningxia sections, with the Inner Mongolia section being 2.2 km and the Ningxia section being 4.2 km. It has a design pressure of 6.3 MPa and a pipe diameter of DN600, using L360MH steel pipes, with an annual pure hydrogen transmission capacity of 500,000 mt. It is accompanied by two newly built stations: the Shanghaimiao compressor station and the Ningdong terminal station. The project is a demonstration section at the end of the 427 km Dengkou–Shanghaimiao–Ningdong trunk green hydrogen pipeline, spanning Ordos Shanghaimiao Town and Ningxia Ningdong Town. Filing and approval were completed in both locations, and construction is planned to start on September 20, 2026. Ordos Vina Green Energy Logistics Co., Ltd. : The Ordos Vina Green Energy Logistics Co., Ltd. Vina Green Logistics and Hydrogen-Electricity Infrastructure Integrated Hydrogen Production and Refueling Project has been filed, which will further improve supporting infrastructure for local hydrogen logistics. The project is located in the Sanaoliang Industrial Park, Dalad Banner, Ordos City, with a total investment of 63.1638 million yuan. The main construction content includes one 6 mt hydrogen refueling station, one set of 6,000 Nm³/h physical process PSA hydrogen purification equipment, to build an integrated hydrogen production and refueling supporting system. The project construction period is planned from August 2026 to August 2027. Upon completion, it will effectively address the regional hydrogen refueling shortcomings, support the large-scale development of the local green logistics industry, and promote the application of hydrogen energy scenarios. China Energy Construction Bochuang Green Fuel (Shenyang) Co., Ltd. : The Shenyang City Wind and Solar Hydrogen Production Integrated with Biomass Green Alcohol and Oil Demonstration Project Phase I 100,000 mt green methanol EPC general contracting project has announced the candidate winners for the bid. The first candidate is the consortium led by East China Electric Power Design Institute, in combination with Hunan and Liaoning Electric Power Design Institutes, with a bid of approximately 1.7 billion yuan; the second and third candidates are Guangdong Electric Power Design Institute and Zhejiang Electric Power Design Institute, with bids of approximately 1.7239 billion yuan and 1.7883 billion yuan respectively. The project is located in Kangping County, Shenyang. The wind farm site is close to highways and national roads, and the biomass pretreatment plant and the methanol chemical plant are both located within the county. Phase I plans to build 100 MW wind power, 50 MW/100 MWh energy storage, an annual output of 100,000 mt of green methanol, and 360,000 mt of biomass pretreatment supporting facilities. Shaanxi Coal Group Yulin Chemical Co., Ltd. : Shuangliang Hydrogen Energy has won the order for four 3,000 Nm³/h alkaline electrolyzers from Shaanxi Coal Group Yulin Chemical. The order is for the hydrogen production unit supporting the second phase first stage of the Yulin Chemical 15 million mt/year coal grading conversion demonstration project. The supporting hydrogen production unit has a total hydrogen capacity of 12,000 Nm³/h and oxygen capacity of 6,000 Nm³/h, and the unit will serve coal-to-methanol, methanol-to-olefins, and downstream deep processing production. Ordos Vina Green Energy Logistics Co., Ltd.​​​​​​​: The Ordos Vina Green Energy Integrated Hydrogen Production and Refueling Project has been filed. The project total investment is 63.1638 million yuan, using a self-owned fund plus bank loan model, with a construction period of one year, and is expected to be completed and put into use in August 2027. The project is located in the Sanaoliang Industrial Park, Dalad Banner, and is equipped with one 6 mt/day large hydrogen refueling station and one set of 6,000 Nm³/h PSA hydrogen purification unit, relying on by-product hydrogen resources from the park to build green logistics supporting facilities for hydrogen-powered heavy trucks. Hebei Hongmeng Hydrogen Energy Technology Co., Ltd.​​​​​​​: The first Environmental Impact Assessment (EIA) public notice has been issued for the Off-Grid Hydrogen Production Hydrogen Low-Temperature Liquefaction Comprehensive Utilization Demonstration Project. The project is located in Zhangjiakou Kangbao County, in Zhangji Town and Danqinghe Township. The overall total investment is 10.4 billion yuan, with six wind power supply units totaling 1.2 GW installed capacity, of which the main part of the project for hydrogen production and liquefaction investment is 3.49 billion yuan. The project plans to adopt both alkaline and PEM electrolyzers, with a total hydrogen production capacity of 240,000 Nm³/h, an annual output of 140,000 mt of green hydrogen after reaching full production, and simultaneously supporting a 30 mt/day hydrogen liquefaction unit. Supporting infrastructure such as plant buildings, collection lines, and other complete supporting facilities will be constructed simultaneously, to build a wind-solar off-grid hydrogen production and low-temperature liquefaction integrated demonstration base. Policy Review​ 1. The Energy Bureau of Inner Mongolia Autonomous Region has issued a notice regarding the abolition of the Interim Measures for the Administration of Hydrogen Refueling Stations in Inner Mongolia Autonomous Region. In accordance with the requirements of the Notice of the General Office of the Inner Mongolia Autonomous Region People's Government on Conducting the Cleanup of Administrative Normative Documents (Nei Zheng Ban Zi [2025] No. 40) and related requirements, with the consent of the autonomous region people’s government, the Interim Measures for the Administration of Hydrogen Refueling Stations in Inner Mongolia Autonomous Region (Nei Neng You Qi Zi [2022] No. 1461), jointly issued by the autonomous region energy bureau and relevant departments, is hereby abolished. Matters related to hydrogen refueling stations shall be implemented in accordance with the Administrative Measures for the Safety of Renewable Energy Hydrogen Production Industry in Inner Mongolia Autonomous Region (Trial Implementation) and other relevant regulations. 2. The Yunnan Provincial Development and Reform Commission and the Yunnan Provincial Energy Bureau have issued a notice on the 2026 Green Electricity Hydrogen Production Integration Demonstration Project List. According to the project list, there are 8 green electricity hydrogen production integration demonstration projects in Yunnan Province in 2026, with a planned total green hydrogen production of 8,032 mt/year. They are: Yiliang County Green Electricity Hydrogen Production Integration Demonstration Project, Dushupu Service Area Photovoltaic Green Electricity Hydrogen Production Integration Demonstration Project, Songming Service Area Upward Photovoltaic Green Electricity Hydrogen Production Integration Demonstration Project, Qujing High-Tech Zone Huashan Wind-Solar Coupled Hydrogen Production Demonstration Project, Honghe Kaiyuan City Xiehua Green Electricity Hydrogen Production Integration Demonstration Project, Lufeng City Green Electricity Hydrogen Production (Ammonia) Blast Furnace Injection Ironmaking Integration Demonstration Project, Chuxiong High-Tech Zone Wind-Solar Integrated Green Ammonia Synthesis Project, and Shangri-La Green Electricity Hydrogen and Oxygen Production Integration Demonstration Project. Enterprise Updates​​ Weichai Power Co., Ltd. : Weichai Power’s WP15 heavy-duty hydrogen internal combustion engine with direct injection has successfully passed the authoritative environmental protection emission certification test, becoming China’s and the world’s first heavy-duty hydrogen internal combustion engine to complete all core verifications under the China VI regulations. This marks a key breakthrough in the commercialization of zero-carbon heavy-duty equipment in China. The engine model has undergone rigorous testing under all operating conditions, with pollutant emissions significantly better than national standards and carbon dioxide emissions nearly eliminated. Relying on self-developed flexible in-cylinder direct injection core technology, the model achieves ultra-low nitrogen oxide emissions and, combined with a simple after-treatment system, is capable of meeting even higher future environmental protection regulation requirements, with outstanding environmental performance advantages. Baoding Gaoxin Environmental Technology Co., Ltd. : Thirty hydrogen fuel cell sanitation vehicles equipped with Weishi Energy hydrogen power systems were officially delivered to Baoding Gaoxin Environmental Technology Co., Ltd. They will be deployed for road sweeping, washing, watering, and dust reduction operations on major roads in the Baoding Hi-Tech Zone, promoting the green transformation, upgrading, and quality improvement of the local sanitation sector. The delivered vehicles include two main car models—hydrogen-powered water sprinklers and hydrogen-powered sweepers—jointly developed by Weishi Energy in cooperation with Dongfeng Special Vehicle and Changsha Infegreen Environmental. The vehicles are equipped with Weishi Energy’s in-house developed commercial vehicle fuel cell systems and hydrogen storage systems, offering the environmental advantages of zero emissions, no pollution, and low noise. Guoke Green Hydrogen (Dalian) Technology Co., Ltd.​​​​​​​: A research team from the Counselor’s Office of Jiangxi Provincial Government visited Jinpu New District, Dalian City, Liaoning Province, to conduct a special survey on the “New Energy Future Industry – High-Quality Development Vision for Green Hydrogen (Ammonia).” Among the surveyed enterprises, Guoke Green Hydrogen (Dalian) Technology Co., Ltd., as one of the key enterprises, systematically presented its core technology R&D, equipment manufacturing, and industrial application status in green hydrogen, and engaged in in-depth exchanges with the survey team on the development of the green hydrogen industry. Guoneng Hydrogen Innovation Technology (Beijing) Co., Ltd. : Its “Sino-German Hydrogen Energy and Fuel Cell Vehicle Carbon Footprint and Sustainability Assessment Method and System Co-Construction Project” was selected as one of the first batch of typical cases of China-Europe energy cooperation at the 4th China-Europe Energy Technology Innovation Cooperation Forum. Beijing Hypert Hydrogen Energy Technology Co., Ltd.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​: The delivery ceremony for its H49 hydrogen-powered heavy truck was successfully held. The delivered Hypert H49 hydrogen-powered heavy trucks will officially join the Hengnuo Logistics fleet and serve the logistics transportation of finished beverages for Swire Coca-Cola. Huachuang Hydrogen Energy Technology (Guangdong) Co., Ltd. : Foshan’s first hydrogen-powered unmanned vehicle OEM launch conference was successfully held at the Guangdong Cheshijie Automotive Technology Industrial Park in Lecong, Shunde. Huachuang Hydrogen Energy Technology (Guangdong) Co., Ltd. participated as one of the leading enterprises. Chairman Dr. Yang Zhonggao delivered a speech on behalf of the company and completed the signing ceremony. At the event, the OEM’s construction plan, core technology tackling route, and industrialization plan were announced, and a hydrogen-powered unmanned vehicle departure ceremony was held simultaneously. Shaanxi Yanchang Petroleum Materials Group Xi'an Co., Ltd. : For its natural gas subsidiary, it plans to procure proton exchange membrane (PEM) water electrolysis hydrogen production equipment, with a plan to purchase one electrolyzer under a single section. Dongfang Electric (Chengdu) Hydrogen Energy Technology Co., Ltd. ​​​​​​​: Dongfang Hydrogen has successfully signed orders for two sets of 2,000 Nm³/h alkaline electrolyzers, achieving a breakthrough in market orders for large-scale water electrolysis hydrogen production equipment. It is understood that the signed alkaline hydrogen production equipment, equipped with Dongfang Hydrogen’s latest core technologies, will be deployed in a national energy sector hydrogen energy pilot project, supporting the construction of a high-purity hydrogen supply mother station with an annual output of 10,000 mt for fuel cells. After deployment, the equipment can effectively solve the difficulty of hydrogen supply for fuel cell vehicles and break through key bottlenecks in hydrogen energy application. ​​Patent Applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test life of 80,000 hours. ​​2. Johnson Matthey (UK) submitted patent WO2025109876, disclosing a ternary Fe-Ni-Mo non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprints/Technical Specifications​​ 1. The team of Tong Lei, Liang Haiwei from USTC and Zhang Liang from Tsinghua University proposed a carbon mesopore depth engineering (CMDE) strategy. Leveraging hollow mesoporous carbon spheres to regulate ionomer penetration depth, they resolved the inherent conflict between kinetic activity and oxygen mass transport in low-platinum fuel cells, and developed a PtCo low-platinum catalyst with anti-poisoning, high mass transport, and excellent durability. They achieved US DOE power, activity, and durability targets at an ultra-low platinum loading of 0.1 mgPt cm⁻². 2. Professor Li Zhipeng’s team at Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics coupled model for tubular solid oxide fuel cells, systematically revealing the quantitative influence laws of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on cell output performance. 3. The National Hydrogen Energy Power Quality Inspection and Testing Center of China Automotive Engineering Research Institute has built a 0–400 kW hydrogen-involved three-in-one vibration test platform with load and opened it for commercial use, filling the gap in domestic high-power multi-physics coupled hydrogen testing. 4. The high specific power cathode closed-cathode air-cooled fuel cell stack technology developed by the team of Academician Chen Zhongwei and Associate Researcher Zhang Meng at the National Key Laboratory of Energy Catalytic Conversion, Dalian Institute of Chemical Physics, has passed the scientific and technological achievement appraisal organized by the China Petroleum and Chemical Industry Federation. The technology effectively resolves the industry contradiction between water retention and oxygen mass transport in air-cooled fuel cells, solving technical challenges such as low-humidity performance decay, carbon corrosion, dry membrane flooding, and high-power thermal management. 5. Two group standards on water electrolysis hydrogen production have been officially released and implemented: the Safety Technical Specification for Water Electrolysis Hydrogen Production and the Method for Calculating Economic Operation Indicators for Water Electrolysis Hydrogen Production. 6. Petronor and H2SITE collaborate to advance membrane technology for hydrogen production, enhancing high-purity hydrogen and low-carbon efficiency in refining.

Data from the National Bureau of Statistics (NBS) shows: Data from the NBS shows that in June 2026, the national consumer price index (CPI) rose 1.0% YoY. Specifically, urban areas recorded a 1.0% increase and rural areas a 0.8% increase; food prices fell 1.6%, while non-food prices rose 1.5%; consumer goods prices rose 1.1%, and services prices rose 0.8%. In H1, the national CPI rose 1.0% YoY. In June, the national CPI fell 0.3% MoM, with urban areas down 0.4% and rural areas down 0.3%; food prices fell 0.4%, and non-food prices fell 0.3%; consumer goods prices dropped 0.6%, while services prices remained flat. NBS data also showed that in June 2026, the national industrial producer EXW prices rose 4.1% YoY and fell 0.3% MoM. Industrial producer purchasing prices rose 6.4% YoY and fell 0.2% MoM. In H1, industrial producer EXW prices rose 1.5% YoY and industrial producer purchasing prices rose 2.4% YoY. Dong Lijuan, Chief Statistician of the Urban Survey Department at the NBS, interpreted the CPI and PPI data for June 2026. In June 2026, CPI Rose 1.0% YoY In June 2026, the national CPI rose 1.0% YoY. Specifically, urban areas recorded a 1.0% increase and rural areas a 0.8% increase; food prices fell 1.6%, while non-food prices rose 1.5%; consumer goods prices rose 1.1%, and services prices rose 0.8%. In H1, the national CPI rose 1.0% YoY. In June, the national CPI fell 0.3% MoM, with urban areas down 0.4% and rural areas down 0.3%; food prices fell 0.4%, and non-food prices fell 0.3%; consumer goods prices dropped 0.6%, while services prices remained flat. 1. YoY Changes in Prices of Various Categories of Goods and Services In June, the price of food, tobacco, alcohol and dining out fell 0.8% YoY, dragging the CPI down by approximately 0.24 percentage points. Within food, livestock meat prices fell 7.3%, pulling the CPI down by about 0.30 percentage points, of which pork prices dropped 15.9%; dairy product prices fell 1.7%, contributing a 0.02 percentage point decline in the CPI; fresh fruit prices fell 0.7%, contributing a 0.01 percentage point decline; while egg prices rose 16.0%, lifting the CPI by about 0.08 percentage points. Among the other seven categories, prices rose YoY for six and fell for one. Among them, prices for other goods and services, transportation and communication, and healthcare rose by 6.6%, 4.1%, and 2.3%, respectively; clothing and education, culture and recreation prices both rose by 1.4%; household goods and services prices rose by 1.3%; and housing prices fell by 0.3%. II. MoM Changes in Prices of Various Goods and Services In June, prices for food, tobacco and alcohol, and dining out fell 0.3% MoM, contributing to a decrease of about 0.08 percentage point in the CPI. Within food, fresh fruit prices fell 2.0%, contributing to a 0.04 percentage point decrease; fresh vegetable prices fell 1.0%, contributing to a 0.02 percentage point decrease; livestock meat prices fell 0.5%, contributing to a 0.02 percentage point decrease, of which pork prices fell 0.8%; egg prices rose 5.8%, contributing to a 0.03 percentage point increase. Prices in the other seven categories showed one increase, two unchanged, and four decreases MoM. Among them, healthcare prices rose 0.2%; housing and education, culture and recreation prices remained unchanged; other goods and services and transportation and communication prices fell 2.7% and 1.3%, respectively; household goods and services and clothing prices fell 0.2% and 0.1%, respectively. In June 2026, the Producer Price Index rose 4.1% YoY and fell 0.3% MoM In June 2026, the national Producer Price Index rose 4.1% YoY and fell 0.3% MoM. The Purchasing Price Index for industrial producers rose 6.4% YoY and fell 0.2% MoM. In H1, the Producer Price Index rose 1.5% YoY, and the Purchasing Price Index rose 2.4% YoY. I. YoY Changes in Industrial Producer Prices In June, within the Producer Price Index, prices for means of production rose 5.5% YoY, contributing approximately 4.28 percentage points to the overall increase. Of which, prices for the mining industry rose 16.5%, raw material industry rose 8.6%, and processing industry rose 3.0%. Prices for consumer goods fell 0.9%, contributing approximately 0.20 percentage point to the overall decrease. Of which, food prices fell 2.1%, clothing and general merchandise prices both fell 1.0%, and durable consumer goods prices rose 0.1%. Within the Purchasing Price Index, prices for non-ferrous metal materials and wires rose 21.6%, fuels and power rose 11.8%, chemical raw materials rose 11.5%, textile raw materials rose 3.3%, and ferrous metal materials rose 1.3%; prices for building materials and non-metallic products fell 4.8%, and agricultural by-products fell 1.3%. II. Month-on-Month Changes in Industrial Producer Prices In June, among industrial producer prices, the means of production prices fell 0.3% MoM, dragging down the overall industrial producer price level by about 0.25 percentage points. Among them, mining and quarrying prices fell 0.9%, raw materials prices fell 1.2%, and processing industry prices rose 0.2%. Consumer goods prices fell 0.3%, dragging down the overall industrial producer price level by about 0.06 percentage points. Among them, food prices fell 0.8%, clothing and durable consumer goods prices remained flat, and general daily necessities prices fell 0.1%. In industrial producer purchasing prices, chemical raw materials prices fell 1.3%, fuels and power prices fell 0.5%, building materials and non-metallic minerals prices fell 0.4%, and agricultural and sideline products prices fell 0.3%; textile raw materials prices rose 0.7%, and non-ferrous metal materials and wires prices rose 0.1%; ferrous metal materials prices remained flat. In June 2026, CPI Maintained Mild YoY Growth While PPI YoY Increase Slightly Expanded — Interpretation of June 2026 CPI and PPI Data by Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics In June, affected by seasonal factors and fluctuations in international market prices, the Consumer Price Index (CPI) fell 0.3% MoM and rose 1.0% YoY. The core CPI, which excludes food and energy prices, rose 1.0% YoY, continuing to maintain a mild increase. While demand in some domestic sectors increased, affected by factors such as the decline in international crude oil prices, the Industrial Producer Price Index (PPI) fell 0.3% MoM and rose 4.1% YoY. I. CPI Maintained Mild Growth On a MoM basis, the nationwide CPI fell 0.3%. Affected by international market price fluctuations, domestic gold jewelry and gasoline prices fell 8.7% and 4.9%, respectively, with the declines widening by 5.9 and 4.6 percentage points from the previous month, together contributing to a roughly 0.22 percentage point drop in the CPI MoM, and the downward pull on the CPI increased by about 0.19 percentage points from the previous month. Food prices fell 0.4%, the same decline as the previous month, dragging down the CPI MoM by about 0.07 percentage points. Within food, seasonal fruits and vegetables were supplied in abundance, with fresh vegetable and fruit prices falling 1.0% and 2.0%, respectively, together contributing to a roughly 0.06 percentage point drop in the CPI MoM; pork and aquatic product prices fell 0.8% and 0.6%, respectively, together dragging down the CPI MoM by about 0.02 percentage points; laying hen inventories were at low levels, compounded by reduced egg production rates due to high temperatures, causing egg prices to rise 7.0%, which contributed about 0.03 percentage points to the CPI MoM increase. Service prices turned flat after a 0.1% decline the previous month. Within services, affected by factors such as airlines lowering fuel surcharges and off-season travel demand pulling back, prices for hotel accommodation, airfare, and travel agency fees dropped 5.3%, 4.0%, and 0.7%, respectively, dragging down the CPI by about 0.04 percentage points MoM in total; affected by policy-driven price adjustments in some regions, national medical service prices rose 0.3%, contributing about 0.02 percentage points to the CPI MoM. On a YoY basis, the national CPI rose 1.0%, and the growth rate pulled back by 0.2 percentage points from the previous month. Driven by international imported factors, the price increase of domestic industrial consumer goods pulled back. Prices of industrial consumer goods rose 2.9%, with the growth rate pulling back by 1.0 percentage points from the previous month. They contributed about 0.90 percentage points to the YoY CPI increase, and their upward push effect on the CPI decreased by about 0.28 percentage points from the previous month. Among industrial consumer goods, the price increases for gold jewelry and gasoline pulled back to 28.1% and 17.0%, respectively. Together, they contributed about 0.60 percentage points to the YoY CPI increase, and their upward push effect on the CPI decreased by about 0.23 percentage points from the previous month; prices of personal care products and household appliances rose 2.3% and 2.2%, respectively, with both growth rates pulling back. Service prices rose 0.8%, the same growth rate as the previous month, contributing about 0.40 percentage points to the YoY CPI increase. Within services, prices of medical services and education services rose 3.4% and 0.6%, respectively. Prices of housekeeping services and dining out rose 1.4% and 1.1%, respectively, with overall stable growth rates. Food prices fell 1.6%, with the decline narrowing by 0.1 percentage points from the previous month, dragging down the YoY CPI by about 0.28 percentage points. Within food, pork prices dropped 15.9%, with the decline narrowing by 0.2 percentage points from the previous month, dragging down the YoY CPI by about 0.30 percentage points; prices of fresh vegetables, fresh fruits, grain, edible oil, dairy products, and aquatic products fell within a range of 0.3% to 1.7%; egg prices rose 20.0%, with the growth rate expanding by 11.6 percentage points from the previous month; prices of mutton, beef, and poultry meat rose within a range of 1.4% to 6.0%. 2. PPI YoY Growth Slightly Widened On a MoM basis, the national PPI fell 0.3%. The main characteristics of the PPI MoM movement this month: First, the decline in international crude oil prices led to price drops in related domestic industries. Petroleum extraction prices fell 16.0% MoM, and refined petroleum product manufacturing prices fell 3.1%, with the declines widening by 14.2 and 2.8 percentage points, respectively, from the previous month. Prices in the manufacturing of chemical raw materials and chemical products, as well as chemical fiber manufacturing, turned from increases in the previous month to declines of 2.0% and 0.8%, respectively. Second, influenced by seasonal factors, price trends diverged across certain industries. In June, rising temperatures drove higher demand for coal stockpiling ahead of the summer peak and for cooling products. Prices for coal mining and washing rose 5.6% MoM, household refrigeration appliances increased 0.6%, and refrigeration and air-conditioning equipment grew 0.4%. Abundant summer precipitation, sunlight, and wind led to price declines in hydropower, solar power, and wind power, which fell 9.1%, 2.5%, and 2.2%, respectively. Third, accelerated industrial upgrading boosted demand and pushed prices higher in select sectors. With continuously expanding AI application scenarios, broad adoption of new raw materials and advanced materials, and sustained progress in green transformation, prices for virtual reality equipment manufacturing rose 8.4% MoM, wearable smart device manufacturing increased 3.4%, industrial control computers and systems rose 3.3%, and industrial robot manufacturing grew 0.5%. Prices for electronic specialty materials rose 2.5%, carbon-based nanomaterials increased 1.9%, biomass fuel processing grew 1.2%, and the comprehensive utilization of waste resources industry rose 0.4%. On a YoY basis, the national PPI rose 4.1%, with the growth rate expanding by 0.2 percentage points compared to the previous month. Among industries recording price increases, coal mining and washing rose 20.6%, electrical machinery and equipment manufacturing grew 5.1%, computer, communications, and other electronic equipment manufacturing increased 3.3%, and ferrous metal smelting and rolling processing rose 3.1%, all seeing wider growth rates than the previous month. Together, these four industries contributed approximately 1.39 percentage points to the YoY PPI increase. Non-ferrous metal ore mining and dressing, along with non-ferrous metal smelting and rolling processing, rose 25.5% and 23.4%, respectively. Oil and natural gas extraction, petroleum, coal, and other fuel processing, and chemical raw material and chemical product manufacturing rose 16.8%, 16.7%, and 11.3%, respectively, with all three seeing a pullback in growth rates compared to the previous month. These five industries collectively contributed about 3.25 percentage points to the YoY PPI increase. Among industries recording price declines, non-metallic mineral products fell 4.4%, with the decline narrowing by 0.7 percentage points from the previous month. Electricity, heat production, and supply dropped 4.4%, unchanged from the prior month. Alcoholic beverages and refined tea manufacturing, along with automobile manufacturing, fell 5.3% and 2.1%, respectively, with the declines widening by 3.4 and 0.1 percentage points from the previous month. Together, these four industries dragged down the YoY PPI by approximately 0.72 percentage points.

The National Energy Administration (NEA) recently released the "Guidelines for Data Classification and Grading in the Energy Sector (2026 Edition)," which took effect on July 1, 2026. The guidelines apply to the classification and grading of non-confidential data in the energy sector within the territory of the People's Republic of China, aiming to standardize data processing activities in the energy sector and strengthen data security management. According to the document, the classification dimensions for energy sector data include energy types, energy activities, and others. Specifically, by energy type, the first-level data classification includes coal, oil, natural gas, nuclear energy, hydropower, wind energy, solar energy, biomass energy, geothermal energy, ocean energy, electricity, hydrogen energy , etc. This means hydrogen energy has been formally incorporated into the first-level data classification system of the energy sector. By energy activity, the second-level data classification includes planning, design, construction, production, storage and transportation, consumption, scientific research, etc. Data processors in the energy sector may further implement third-level and fourth-level classification management based on data content and characteristics. In terms of data grading, the guidelines specify that energy sector data is classified into three levels—general data, important data, and core data—based on factors such as importance, accuracy, scale, and security risks. Derivative data generated through processing such as statistics, correlation, mining, and aggregation of important data or core data, if still recoverable or restorable to important or core data, shall in principle be managed at the original level. The document also proposes that if data, after desensitization processing, cannot be recovered or restored to important or core data, the relevant data may be downgraded in accordance with the rules. Specifically, core data may be downgraded to important data or general data, and important data may be downgraded to general data. The guidelines provide explicit provisions on the identification rules for important data and core data in the energy sector. Geographic location coordinates data with an accuracy better than or equal to 100 meters for certain important energy infrastructure, as well as materials containing such coordinates data, are classified as important data in the energy sector. Such infrastructure includes coal mines with an annual output of 10 million mt or more, thermal power stations, hydropower stations, and nuclear power stations of specific scales, and substations, switching stations, and converter stations above 750 kV. Real-time command data for the production and operation of certain energy infrastructure are also included in the scope of important data, including those from hydropower stations of specific scales, substations and converter stations above 750 kV, and relevant data from the dispatch and control system of the Oil & Gas Control Center of PipeChina. In terms of power consumption data, the raw power consumption data of super important power users, first-level and second-level important power users in the national defense and military category, as well as the raw power consumption data of 10 million or more power users, are recognized as important data in the energy sector. The raw power consumption data of super important power users for a continuous period of one year or more, and the raw power consumption data of 100 million or more power users, are classified as core data in the energy sector. A relevant official of the NEA stated that the guidelines were issued to promote the implementation of the Data Security Law of the People's Republic of China in the energy sector, and together with the "Data Security Management Measures for the Energy Sector (Trial)," they form the basic management system for data security in the energy sector. The guidelines will guide data processors in classifying and grading the non-confidential data they hold in the energy sector, accurately identifying important data and core data, and strengthening management and security protection as required. Regarding the follow-up work for energy sector data processors, the NEA proposed that they should identify and compile a catalogue of important data for their organization in the energy sector in accordance with the guidelines, and submit it as required to the provincial energy regulatory authorities at the location of the data carrier. If significant changes occur to the catalogue, it should be resubmitted within three months. At the same time, relevant entities shall establish and improve data security management systems, define data lifecycle management requirements, adopt necessary technical measures, and implement institutional requirements such as graded protection of cybersecurity, security protection of critical information infrastructure, cryptographic protection, and confidentiality, to ensure that important data and core data in the energy sector are in a state of effective protection and lawful utilization. The document also requires that processors of important data and core data conduct at least one risk assessment of their data processing activities each year, which may be carried out by themselves or commissioned to third-party institutions with risk assessment capabilities, and submit the assessment reports as required by provincial energy regulatory authorities. Where cross-border transfer of important data or cross-entity transfer of core data is involved, a risk assessment shall be applied for in accordance with relevant regulations. The NEA stated that the identification rules for important data and core data in the energy sector are not fixed. Going forward, they will be continuously analyzed and assessed in light of developments in the national security situation and data security management needs, and will be revised and improved when appropriate.

1. Coal-to-Hydrogen Shandong anthracite transaction range [1930-1930], average hydrogen cost [1.76 yuan/m³] Shanxi anthracite transaction range [1180-1180], average hydrogen cost [1.26 yuan/m³] Hebei anthracite transaction range [1660-1660], average hydrogen cost [1.59 yuan/m³] Henan anthracite transaction range [1230-1230], average hydrogen cost [1.27 yuan/m³] 2. Natural Gas-to-Hydrogen Pearl River Delta natural gas transaction range [6600-6600], average hydrogen cost [3.03 yuan/m³] Zhejiang natural gas transaction range [6160-6440], average hydrogen cost [2.89 yuan/m³] Guangxi natural gas transaction range [6080-6570], average hydrogen cost [2.88 yuan/m³] East Guangdong natural gas transaction range [6600-6610], average hydrogen cost [3.01 yuan/m³] Henan natural gas transaction range [5500-5700], average hydrogen cost [2.64 yuan/m³] Hebei natural gas transaction range [5512-5940], average hydrogen cost [2.67 yuan/m³] Hubei natural gas transaction range [5840-5980], average hydrogen cost [2.75 yuan/m³] Guizhou natural gas transaction range [5690-5970], average hydrogen cost [2.70 yuan/m³] Sichuan natural gas transaction range [5645-6015], average hydrogen cost [2.73 yuan/m³] Shanxi natural gas transaction range [5220-5640], average hydrogen cost [2.52 yuan/m³] Shandong natural gas transaction range [5610-6340], average hydrogen cost [2.78 yuan/m³] Heilongjiang natural gas transaction range [5790-6180], average hydrogen cost [2.76 yuan/m³] Inner Mongolia natural gas transaction range [5420-5810], average hydrogen cost [2.56 yuan/m³] 3. Propane-to-Hydrogen South China propylene oxide transaction range [5210-5280], average hydrogen cost [3.07 yuan/m³] East China propylene oxide transaction range [5110-5320], average hydrogen cost [3.06 yuan/m³] Northeast China propylene oxide transaction range [4630-5010], average hydrogen cost [2.86 yuan/m³] Shandong propylene oxide transaction range [5352-5352], average hydrogen cost [3.14 yuan/m³] 4. Methanol-to-Hydrogen East China methanol transaction range [2380-2600], average hydrogen cost [2.26 yuan/m³] Central China methanol transaction range [2290-2630], average hydrogen cost [2.27 yuan/m³] North China methanol transaction range [2210-2330], average hydrogen cost [2.08 yuan/m³] South China methanol transaction range [2550-2750], average hydrogen cost [2.35 yuan/m³] Northwest China methanol transaction range [2080-2220], average hydrogen cost [1.98 yuan/m³] Southwest China methanol transaction range [2510-2730], average hydrogen cost [2.38 yuan/m³] Northeast China methanol transaction range [2480-2590], average hydrogen cost [2.28 yuan/m³]

The essence of this supply crunch is a "three-layered squeeze": Layer 1: Physical cutoff – the Hormuz blockade severed Middle Eastern supply, halting nearly half of global seaborne trade. Layer 2: Policy lockdown – overlapping export bans from Russia, Kazakhstan, and Turkey blocked alternative supply sources, further tightening global tradable volumes. Layer 3: Capacity and inventory collapse – war-damaged Middle Eastern production facilities are slow to restart.