[Tongbao Energy: 2025 Thermal Power Generation Down 8.58% YoY, Wind Power Discloses Multiple Indicators] Tongbao Energy announced that its wholly-owned thermal power enterprise, Shanxi Yangguang Power Generation, recorded a Q4 2025 power generation of 1,510.92 million kWh, down 13.73% YoY; on-grid electricity of 1,363.32 million kWh, down 14.34% YoY; and an average on-grid tariff of 395.52 yuan/MWh, up 13.09% YoY. For the full year 2025, power generation was 5,646.48 million kWh, down 8.58% YoY; on-grid electricity was 5,092.51 million kWh, down 9.22% YoY; and the average on-grid tariff was 380.18 yuan/MWh, up 6.94% YoY, with the proportion of market-based trading volume at 100%, unchanged from the previous year.

On February 6, the Taiji Digital Energy Ying County Sodium-Ion Battery Zero-Carbon Industrial Park project was filed. The project has a total investment of 1 billion yuan and is invested and constructed by Taiji Digital Energy (Shuozhou) Technology Co., Ltd. The construction site is located in the Building Ceramics Industrial Park of Ying County Economic and Technological Development Zone, Shuozhou City, Shanxi Province. The project involves the construction of one highly automated large cylindrical sodium-ion battery intelligent production line and one automated sodium-ion battery intelligent module (PACK) production line. Major equipment to be procured includes high-efficiency dual planetary mixers, fully automatic double-layer extrusion coating machines, fully automatic rolling machines, fully automatic slitting machines, fully automatic winding machines, automatic assembly lines, fully automatic high-precision liquid injection systems, high-precision charge/discharge cabinets (formation cabinets), constant temperature storage cabinets, X-RAY detection machines, short-circuit testers & OCV testers, helium leak detectors, cleaning and film sleeving machines, and automatic laser welding machines.

Capacity side, according to incomplete statistics, the domestic alkaline electrolyzer market maintained at 43.77 GW, and the PEM electrolyzer market maintained at 2.7 GW, with no new capacity added for the time being. No offline public delivery information was available this week. Electrolyzer project updates: Inner Mongolia Huadian Huayang Hydrogen Energy Technology Co., Ltd.: The tender announcement for the survey and design services of the wind, solar, energy storage, and hydrogen components of the Inner Mongolia Huadian Damao Banner 1,000 MW wind-solar-hydrogen integration project was released. It is understood that the project is located in Damao Banner, Inner Mongolia Autonomous Region. The project involves the construction of 1,000 MW of new energy power generation, comprising 700 MW of wind power and 300 MW of PV power. It includes the installation of 70 wind turbine generators with a unit capacity of 10 MW, 614,770 pieces of 610Wp half-cell bifacial N-type modules, two 220 kV booster stations and access roads, and the construction of one 100 MW/200 MWh LFP battery ESS power station. Additionally, it involves the construction of 88 sets of 1,000 Nm³/h water electrolysis hydrogen production units and supporting equipment, with an annual hydrogen production capacity of 547 million Nm³. The project includes 25 hydrogen spherical tanks of 2,000 cubic meters each, providing a hydrogen storage capacity of 650,000 Nm³, and the construction of one 220 kV hydrogen production main step-down station and other facilities and equipment. CECEP Green Hydrogen Ammonia New Energy (Songyuan) Co., Ltd.: Good news came from the CECCE Songyuan Hydrogen Energy Industrial Park (Green Hydrogen-Ammonia-Methanol Integration) project. Since its official commissioning on December 16, 2025, the project's cumulative green ammonia production has exceeded 10,000 mt. Zhonggu (Otog Front Banner) New Energy Co., Ltd. : The land pre-examination and site selection opinion certificate for the CECEE Otog Front Banner Wind-Solar-Hydrogen Integration Project was approved by the Ordos Municipal Bureau of Natural Resources. It is understood that the project is located in Chengchuan Town and Aolezhaoqi Town, Otog Front Banner, Ordos City, with a total investment of 1.1527 billion yuan and a total land area of 5.7253 hectares. The construction content involves a new wind farm area, which includes 48 wind turbine generators with a unit capacity of 6.25 MW, a new 220 kV booster station, and an access road. China Coal Pingshuo Group Co., Ltd. : The tender for the alkaline electrolyzer package equipment and ancillary facilities for the Phase I 600,000 kW off-grid renewable energy hydrogen production project in the coal mining subsidence area of China Coal Pingshuo Group (Green Hydrogen Coupling with Coal Chemical Industry section) was released. It is understood that this tender includes 12 × 1,200 Nm³/h alkaline electrolyzers, 3 × 4,800 Nm³/h gas-liquid separation systems, 3 × 4,800 Nm³/h gas purification systems, along with supporting electrical instruments and spare parts, etc. The supply scope covers the design, manufacturing, factory acceptance, supply packaging, shipment, and delivery on board the truck at the site for all equipment. The project adopts a primary and auxiliary supply model. Main Supply: Includes 8 alkaline electrolyzers of 1,200 Nm³/h each, collectively supporting 2 sets of gas-liquid separation systems (4,800 Nm³/h each), 2 sets of gas purification systems (4,800 Nm³/h each), and other auxiliary facilities. Auxiliary Supply: Includes 4 alkaline electrolyzers of 1,200 Nm³/h each, collectively supporting 1 set of gas-liquid separation system (4,800 Nm³/h), 1 set of gas purification system (4,800 Nm³/h), and other auxiliary facilities. Sikage (Hebei) Hydrogen Energy Technology Co., Ltd.: The Sikage Hydrogen Energy Ecosystem Chain Project (Phase I) 8,000 mt electrolytic water hydrogen production project has been filed. The project's main entity is Sikage (Hebei) Hydrogen Energy Technology Co., Ltd. (established on December 29, 2025). Construction Location: Anci District, Langfang City, Hebei Province. Technical Route: Electrolytic water hydrogen production, including alkaline electrolytic water hydrogen production, proton exchange membrane electrolytic water hydrogen production, and 10 MW solid oxide electrolytic water hydrogen production. The annual hydrogen production capacity is 8,000 mt. Phase I will construct 200 MW wind power generation and ESS green electricity direct connection (off-grid type), achieving green hydrogen production from green electricity. Hebei Haite Weiye Petrochemical Co., Ltd.: The 2 million mt/year residue oil deep processing project has been filed. Construction Location: Huanghua City, Bohai New Area, Cangzhou City, Hebei Province. Total Investment: 1.594 billion yuan. It is reported that the project will construct a 2 million mt/year residue oil deep processing unit; a 1 million mt/year fuel oil desulfurization unit; a 20,000 Nm³/h dry gas hydrogen production unit; and a 100,000 mt/year sulphuric acid combined unit. Annual production includes liquefied petroleum gas (10,000 mt), isobutane (10,000 mt), propane (9,600 mt), etc. Hydrogen production is 30,000 Nm³/h. The hydrogen production route adopts the dry gas hydrogen production process. Yunnan Energy Research Institute Co., Ltd.: Announcement of winning candidates for the procurement of hydrogen production power supply equipment for the Key Technology Research Project on Control of Renewable Energy Electrolytic Water Hydrogen Production System. According to the announcement: The first winning candidate is Beijing Leidong Zhichuang Technology Co., Ltd., with a bid price of 760,000 yuan/tax included; the second candidate is Hubei Intelli Electric Co., Ltd., with a bid price of 650,000 yuan/tax included; the third candidate is Baoding Hongri Electric Co., Ltd., with a bid price of 799,000 yuan/tax included. It is reported that the project intends to procure 1 dry-type transformer, 1 IGBT rectifier power supply, 1 DC/DC converter, and 1 set of EMS energy management system, with the above power supplies integrated into one container. Fengqing Hydrogen Energy (Guizhou) Technology Co., Ltd. : Fengqing Hydrogen Energy (Guiyang Duyun Base) has launched the tender for civil construction of its Green Hydrogen Zero-Carbon Smart Park project, marking the official commencement of the project's implementation phase. The project is expected to achieve an annual production capacity of 10,400 mt of electrolytic water hydrogen production, with supporting construction including a green hydrogen plant, storage and transportation area, hydrogen energy detection center, and comprehensive energy station facilities. The hydrogen production plant is subdivided into five hydrogen production units: the first unit is equipped with 5 sets of 1,000 Nm³ electrolyzers, 5 sets of 1,000 Nm³/h gas-liquid separation devices, and 1 set of 5,000 Nm³/h purification device; the second and third units each contain 4 sets of 1,000 Nm³/h electrolyzers, 1 set of 4,000 Nm³/h gas-liquid separation device, and 1 set of 4,000 Nm³/h purification device; the fourth unit (as a backup) is configured with 6 sets of 1,000 Nm³/h electrolyzers, 6 sets of 1,000 Nm³/h gas-liquid separation devices, and 1 set of 6,000 Nm³/h purification device; the fifth unit adopts PEM technology with a capacity of 200 Nm³/h. Shandong Shankerongfa Pilot Base Co., Ltd. : Shankerongfa is advancing the procurement of cost consulting services for the 20,000 mt per year integrated green hydrogen-methanol demonstration project. The project is located in the Rizhao Haiyou Chemical Industry Park in Ju County, Rizhao City, Shandong Province. Its core construction involves a set of integrated green methanol production equipment with an annual capacity of 20,000 mt and its supporting facilities. This integrated green methanol production equipment covers multiple key production stages, including biomass grinding and gasification devices, syngas purification devices, green electricity electrolysis hydrogen production devices, methanol synthesis and distillation devices, etc. In the production process, the project uses biomass as the raw material, going through a series of steps including biomass gasification, syngas purification, green hydrogen production via green electricity, methanol synthesis, and distillation, ultimately producing green methanol. In terms of energy and raw material consumption, the project annually consumes approximately 100 million kWh of green electricity and about 30,000 mt of biomass. Anhui Yousai Technology Co., Ltd.: The Gucheng Economic Development Zone in Hengshui City signed a cooperation framework agreement with Anhui Yousai Technology Co., Ltd. for a 300 MW wind power hydrogen production project. Lanzhou New Area Nengke Ecological Development Co., Ltd.: The EPC general contracting winning candidates were announced for the Lanzhou New Area 100,000 mt/year biomass green methanol project (Phase I). The top winning candidate is the consortium led by Shanghai Electric Group Guokong Global Engineering Co., Ltd. (members: China Chemical Engineering Fourteenth Construction Co., Ltd., China Chemical Engineering Ninth Construction Co., Ltd., Shanxi Installation Group Co., Ltd.) with a bid of 959.06 million yuan. Section 2 was invalidated due to insufficient bidders (less than three). It is understood that the project's main production equipment includes biomass gasification to syngas units, shift and purification, compression, methanol synthesis, methanol distillation, 200 MW PV power generation (PV power generation and lines are not included in this tender) and water electrolysis for hydrogen production, etc. Policy Review 1. The Gansu Provincial Development and Reform Commission, the Gansu Provincial Department of Industry and Information Technology, and the Gansu Provincial Energy Bureau issued the "Gansu Province Zero-Carbon Park Construction Plan."The document pointed out that organically integrating solar, wind, geothermal, and air energy to directly supply buildings with energy, and relying on technologies such as wind-solar-hydrogen-storage microgrids, heat pumps, and molten salt thermal storage, will enhance the multi-energy conversion and mutual utilization of "electricity, heat, cooling, steam, and hydrogen" in industrial parks. It will vigorously develop emerging green and low-carbon industries, promote breakthroughs in core technologies for wind, solar, and ESS equipment, increase the localization rate of new energy equipment production, and build a "high-proportion green electricity-driven" new energy equipment industry chain. It will support the construction of projects for wind-solar coupled green hydrogen production and hydrogen energy storage industry chains, advance the integrated development of "green hydrogen production, storage, transportation, refueling, and utilization," and create a "wind-solar-hydrogen-methanol-ammonia" zero-carbon industry chain. It will guide the coordinated development of computing power projects and clean energy layout, increase the proportion of green electricity supply in data centers, and build a "computing power + green electricity" digital economy industry chain. 2. The Jilin Provincial Energy Bureau issued the "Implementation Plan for the Development and Construction of Green Electricity Direct Connection Projects in Jilin Province (Trial)" (Draft for Comments). The document indicated that new load projects can carry out green electricity direct connections, with key support for hydrogen-based green energy (green hydrogen, green hydrogen to green ammonia, green hydrogen to green methanol, green hydrogen to sustainable aviation fuel, etc.), steel metallurgy, computing power (data) centers, automotive manufacturing, and other industries. Electricity consumption projects that have not registered with grid companies (including expansion parts of existing loads), projects that have registered but whose supporting grid projects have not yet started construction, and existing projects agreed upon through consultation with grid companies are all regarded as new loads. In principle, new loads (including expansion parts of existing loads) and existing loads should not have direct electrical connections. 3. The European Commission approved a €4 billion electrolyzer special fund, providing a 30% subsidy on equipment costs for projects with an annual capacity of ≥500MW, and set a 2030 efficiency target for green hydrogen project electrolyzers at ≥60% (LHV basis). Corporate Updates CRRC Zhuzhou Institute Co., Ltd. : The green electricity hydrogen production equipment laboratory successfully obtained both CNAS and CMA certifications. As the first domestic institution to receive this dual certification, its water electrolysis hydrogen production system testing capacity reached 26MW, leading among similar certified institutions in China. Hyundai Motor Hydrogen Fuel Cell (Guangzhou) Co., Ltd. : The launch ceremony for the hydrogen energy bus delivery experience event, co-hosted with Skywell New Energy Automobile Group Co., Ltd., was held at the Guangbao Guangzhou Technology Park in Huangpu District, Guangzhou. Following the successful bidding for related projects in November and December last year, HTWO Guangzhou, in collaboration with Skywell Group, delivered 249 hydrogen fuel cell buses in bulk to the Guangzhou Bus Group. Cummins : Due to a significant deterioration in the market environment for hydrogen production technology, the US engine manufacturer Cummins announced that it will no longer engage in new electrolyzer commercial business. Mingyang Group : Mingyang Group, together with the Director of Vietnam's Xuan Qiao Group and Zhou Jiayi, Asia Pacific Regional General Manager of PowerChina International, gathered to reach a consensus on cooperation. The three parties will leverage the significant advantages of cross-border collaboration to jointly invest in and develop an energy project cluster. This cluster encompasses three core sectors: offshore wind power, green hydrogen and green ammonia, and zero-carbon industrial parks, with a substantial total scale, aiming to establish a new benchmark in the field of Sino-Vietnamese green transformation cooperation. Tianji Hydrogen Energy Technology (Beijing) Co., Ltd. : Lu Beiming, Chairman of Impex Group Co., Ltd., and Zhang Xiaolin, Deputy General Manager, visited the Changshu R&D and production site of Tianji Hydrogen Energy Technology (Beijing) Co., Ltd. for a field trip and exchange. Yuchai Xinlan (Jiangsu) Hydrogen Energy Technology Co., Ltd.: formally signed a strategic cooperation agreement with Hydrogen Green Power New Energy (Wuhan) Co., Ltd. The two parties will engage in in-depth cooperation regarding the full range of Yuchai hydrogen energy products, focusing on multi-scenario application development and market sales. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) publicly disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) submitted patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to that of platinum-based materials. Technology Footprints/Technical Specifications 1. The team of Liu Qingju from Yunnan University constructed a superwetting Pt/NF@CF graded heterojunction electrocatalyst for low-energy consumption, high-efficiency hydrogen production. 2. A team from Hunan Normal University and Central South University revealed the effects of compressive strain and oxygen vacancies on iridium oxide in proton exchange membrane water electrolyzers in Advanced Materials. 3. A relevant research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Electrical Materials at Xi'an Jiaotong University successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. The group standard "Technical Specification for Wind-Solar-Storage Green Electricity Coupled Electrolysis Hydrogen Production" (Number T/CIEP 0272—2025) was released and implemented by the China Industrial Association of Environmental Protection. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100kW-class PEM electrolyzer hydrogen production multi-field coupling test equipment. 5. GKN Powder Metallurgy announced the development of a new generation of high-performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

[SMM Magnesium Weekly Review: High Costs and Demand Wait-and-See Game, Magnesium Market Continued Rangebound Fluctuations Before the Holiday] This week, the magnesium market overall exhibited a pattern of stable supply and demand alongside strengthening cost support. The price of raw material dolomite remained firm due to tightening supply in the main production areas and rising logistics costs. Influenced by losses in semi coke, the cost of magnesium ingot increased significantly. However, affected by increased willingness among small and medium-sized producers to recoup funds and sluggish transactions, the price dropped back slightly to around 16,400 yuan/mt. Both domestic and international markets were dominated by forward orders, with downstream players generally adopting a wait-and-see attitude. Trading in the magnesium powder and magnesium alloy markets was stable, with magnesium alloy processing fees remaining firm amid cost fluctuations. Overall, the current market is fluctuating rangebound between cost support and demand wait-and-see, and it is expected to continue consolidating before the holiday.

SMM Alumina Morning Comment Feb. 3 Futures: In the night session, the most-traded alumina 2605 futures contract opened at 2,796 yuan/mt, hit a high of 2,843 yuan/mt, touched a low of 2,783 yuan/mt, and finally closed at 2,821 yuan/mt, up 49 yuan/mt from the previous day. Open interest increased by 270 lots to 376,000 lots, as overall market trading remained cautious, while maintenance and production halts at alumina refineries provided some support to the bulls. Technically, the closing price was above the MA5 (2,797.60), MA10 (2,756.70), and MA30 (2,762.23), lending some upward momentum. Meanwhile, the MACD indicator's DIF (3.87) crossed above the DEA (-3.49), forming a golden cross at low levels, with the histogram at 14.73, suggesting that alumina futures are expected to continue trading in the doldrums in the near term. Ore Side: As of February 2, 2026, the SMM imported bauxite index stood at $62.42/mt, down $1.96/mt from the previous day, mainly due to lower intended transaction prices between buyers and sellers and a decline in caustic soda prices compared to earlier periods. The SMM Guinea FOB average was reported at $39/mt, unchanged from the previous day. The SMM Guinea bauxite CIF average was $61/mt, flat from the previous day. The SMM Australia low-temperature bauxite CIF average was $60/mt, down $2.5/mt from the previous day. The SMM Australia high-temperature bauxite CIF average was $56/mt, down $1.5/mt from the previous day. The Malaysia bauxite CIF average was $47/mt, unchanged from the previous day, while the Malaysia bauxite CIF (washed) average was $60/mt, down $1/mt from the previous day. The Ghana bauxite CIF price was $73/mt, down $0.5/mt from the previous day. The bauxite CFR (Turkey) price was $71.5/mt, down $2/mt from last Friday. On the domestic ore side, bauxite production resumptions in Shanxi were active, with current supply relatively ample, putting prices under pressure. For imported ore, recent intended transaction prices between buyers and sellers declined compared to earlier periods, and current market transactions were sluggish. Some alumina refineries reported cautious procurement plans amid the downtrend in ore prices. SMM will continue to monitor production at domestic and overseas mines, port shipments, and price trends. Spot Prices: As of February 2, 2025, the SMM alumina index was 2,620.68 yuan/mt, down 2.03 yuan/mt WoW. The SMM Shandong alumina index was 2,550.3 yuan/mt, down 0.41 yuan/mt WoW. The SMM Henan alumina index was 2,619.62 yuan/mt, down 1.17 yuan/mt WoW. The SMM Shanxi alumina index was 2,605.13 yuan/mt, down 1.61 yuan/mt WoW. The SMM Guizhou alumina index was 2,694.27 yuan/mt, down 3.79 yuan/mt WoW. The SMM Guangxi alumina index was 2,675.4 yuan/mt, down 5.19 yuan/mt WoW. Spot-Futures Price Spread Daily Report: According to SMM data, on February 2, the SMM alumina index was at a discount of 143.32 yuan/mt against the latest transaction price of the most-traded contract at 11:30. Warehouse Warrant Daily Report: On February 2, the total registered volume of alumina warehouse warrants increased by 11,100 mt from the previous trading day to 182,200 mt. The total registered volume in Shandong remained unchanged from the previous day at 7,796 mt, in Henan remained unchanged at 0 mt, in Guangxi remained unchanged at 7,505 mt, in Gansu increased by 903 mt to 17,400 mt, and in Xinjiang increased by 10,200 mt to 149,500 mt. Overseas Market: As of February 2, 2026, the FOB alumina price in Western Australia was $308/mt, the ocean freight rate was $20.2/mt, and the USD/CNY selling rate was around 6.97. This price translates to a selling price of approximately 2,665.08 yuan/mt at mainstream domestic ports, slightly higher than the SMM alumina index price by 44.4 yuan/mt. According to SMM model calculations, the import arbitrage window is closed. Summary: Overall, as of last Thursday, domestic alumina market inventory saw a slight rebound, with the overall oversupply situation continuing. Currently, some alumina refineries have commenced maintenance, with enterprises across various regions scheduling shutdowns of different scales, leading to a decline in the industry's operating rate and a weekly production decrease of 35,000 mt to 1.636 million mt. Inventory side, due to the increase in enterprises undergoing maintenance, in-factory alumina inventory decreased by 3,000 mt to 1.2408 million mt. Aluminum enterprise raw material inventory saw a slight increase to 3.603 million mt, mainly due to continuous deliveries under long-term agreements. Futures inventory, attracted by the previous strength in futures prices, saw increased delivery willingness, rising by 40,000 mt to 159,100 mt; while in-transit and station inventory decreased by 30,000 mt as cargoes gradually arrived at end-users. Overall, although the current inventory buildup pace has slowed compared to the previous period, overall industry inventory pressure persists, and the destocking process has fallen short of expectations. Subsequent attention should be paid to the implementation of enterprise maintenance. If the supply side fails to continue contracting, inventory is expected to maintain a slight accumulation trend next week, and spot alumina prices are likely to remain in the doldrums. [Except for publicly available information, other data are derived by SMM through processing based on public information, market communication, and SMM's internal database model, for reference only and do not constitute decision-making advice.]

[SMM Magnesium Weekly Inventory Data] This week, social inventory increased by 4.41% compared to the previous week. Minor inventory accumulation was observed in major regions such as Tianjin and Shanxi, with both trader and factory stocks remaining at relatively high levels. However, persistently weak overseas orders have led traders to generally adopt a cautious, wait-and-see procurement strategy.