On June 24, Cangzhou Mingzhu Plastic Co., Ltd. announced that its lithium-ion battery separator production expansion project has been fully completed. This commissioning involves the remaining production lines of the "annual 200 million square meter wet-process lithium-ion battery separator project" and the "annual 500 million square meter dry-process lithium-ion battery separator project." According to the announcement, the second production line (with an annual design capacity of 100 million square meters) under the wet-process project, which is being handled by the subsidiary Wuhu Mingzhu Separator Technology Co., Ltd., has recently commenced production. Concurrently, the remaining three production lines (with a combined annual design capacity of 300 million square meters) under the dry-process project, being handled by the subsidiary Cangzhou Mingzhu Lithium Battery Separator Co., Ltd., have also been completed and put into operation.

On June 24, the first public notice for the environmental impact assessment of the annual 1,000-ton silicon-carbon anode material construction project of Jiangxi Naer Lithium Battery Materials Co., Ltd. was released. The project uses porous carbon, silane, and other materials as raw materials, and will procure production equipment such as CVD nano-silicon deposition systems, interfacial coating and cracking systems, crushers, and supporting environmental protection facilities. Upon completion, the project will achieve an annual production capacity of 1,000 tons of silicon-carbon anode materials. The project is under the construction responsibility of Jiangxi Naer Lithium Battery Materials Co., Ltd., with the environmental impact assessment conducted by Jiangxi Shengjia Technology Consulting Services Co., Ltd.

SMM, June 25: Metal markets: As of the noon close, base metals on the domestic market fell across the board, with SHFE copper down 1.82%, SHFE aluminum down 2.75%, SHFE lead down 0.7%, SHFE zinc down 1.64%, SHFE nickel down 0.92%, and SHFE tin down 1.76%. Additionally, the most-traded cast aluminum futures fell 2.08%, the most-traded alumina contract fell 1.29%, the most-traded lithium carbonate contract fell 1.75%, the most-traded silicon metal contract fell 0.29%, and the most-traded polysilicon futures rose 0.33%. Ferrous metals mostly rose, with only stainless steel down 0.75%. Iron ore rose 0.2%, rebar rose 0.1%, and hot-rolled coil edged up. In the coking coal and coke segment: the most-traded coking coal contract inched up 0.08%, and the most-traded coke contract rose 0.28%. In overseas base metals, as of 11:38, LME metals rose across the board. LME copper rose 0.82%, LME aluminum rose 0.24%, LME lead rose 0.6%, LME zinc rose 0.31%, LME tin rose 2.02%, and LME nickel rose 0.77%. In precious metals, as of 11:38, COMEX gold fell 0.48%, and COMEX silver fell 2.02%. In domestic precious metals: SHFE gold declined 2.81%, hitting an intraday low of 868.34 yuan/g; the most-traded SHFE silver contract fell 7.1%, with an intraday low of 13,560 yuan/kg. Additionally, as of the noon close, the most-traded platinum futures fell 4.39%, and the most-traded palladium futures fell 3.54%. As of the noon close, the most-traded containerized freight index (Europe) futures fell 2.45% to 3,665.5 points. As of 11:38 on June 25, midday quotes for selected futures: Spot and fundamentals Silver: In the spot market, downstream consumption recovered somewhat after silver continued to decline. Morning quotes in Shanghai were mainly at TD parity to +20 yuan/kg... Macro front Domestic front: [China's power generation capacity exceeds 4 billion kW] On June 25, the National Energy Administration announced that as of the end of May 2026, China's power generation capacity reached 4.01 billion kW, ranking first globally. Non-fossil energy capacity became the absolute mainstay of capacity additions, and the energy mix continued to improve. The share of coal-fired power capacity fell from 61% in 2010 to 32% in May 2026; the share of non-fossil energy capacity rose from 25% in 2010 to 62% in May 2026; and the share of renewable energy capacity rose from 24% in 2010 to 61% in May 2026. (Xinhua) [PBOC reverse repo net injection of 322.5 billion yuan today] The PBOC conducted 370.5 billion yuan of 7-day reverse repos and 500 billion yuan of 1-year medium-term lending facility (MLF) operations today. With 300 billion yuan of 1-year MLF and 248 billion yuan of 7-day reverse repos maturing today, this resulted in a net injection of 322.5 billion yuan. ((Jin10 Data APP) US dollar: As of 11:38, the US dollar index fell 0.07% to 101.51. All large US banks passed the Fed's annual stress test, paving the way for banks to boost share buybacks and dividends by tens of billions of dollars. The stress test aims to assess how Wall Street lenders would fare under hypothetical financial system shocks. Unlike in previous years, the 2026 test results will not affect capital requirements, as the Fed is continuously revising the test to make it more friendly to banks. This year's test examined how 32 large lenders would withstand a severe global shock amid greater stress in commercial and residential real estate markets and corporate debt markets. The hypothetical scenario included a severe global recession, a 39% drop in commercial real estate prices, and a 30% decline in residential prices. The unemployment rate also surged to a peak of 10%, with a corresponding decline in economic output. The regulators said, "Despite absorbing over $708 billion in loan losses under this year's hypothetical scenario, total capital fell by just 1.6 percentage points, still above the minimum capital requirement." According to CME FedWatch, the probability that the Fed keeps rates unchanged in July is 65.8%, while the chance of a cumulative 25bp rate hike is 34.2%. By September, the probability of rates remaining unchanged is 33.6%, of a cumulative 25bp hike is 49.7%, and of a cumulative 50bp hike is 16.7%. US Treasury Secretary Bessent praised Fed Chairman Warsh for eliminating forward guidance, and said no one should make dot plot forecasts. On the economy, he expects real wage growth to return to the pace seen before April and expects the economy to accelerate for the rest of the year without fueling inflation. He stressed that the dominance of the US dollar is crucial. He believes that once the situation in Ukraine is over, Russia will want to return to the dollar system, while a new Venezuela is returning to that system. During a period of rate cuts, the dollar can still remain strong, and the US is willing to take the right measures to keep the dollar strong. (Jin10 Data APP) On the data front: Today will see the release of Australia's May seasonally adjusted unemployment rate, Germany's July GfK Consumer Confidence Index, US initial jobless claims for the week ending June 20, US May core PCE price index year-on-year, US May personal spending month-on-month, the final reading of US Q1 real GDP annualized quarter-on-quarter, the final reading of US Q1 real personal consumption expenditures quarter-on-quarter, the final reading of US Q1 core PCE price index annualized quarter-on-quarter, US May core PCE price index month-on-month, US May durable goods orders month-on-month, and other data. Additionally, attention should be paid to: Nvidia's annual shareholder meeting; the Bank of Canada's release of monetary policy meeting minutes; the US Federal Reserve's release of annual bank stress test results; Bank of Japan Governor Ueda Kazuo's attendance at a central bank lecture event hosted by the International Monetary Fund (IMF); Micron Technology's fiscal 2026 Q3 earnings call; and 300 billion yuan in 1-year medium-term lending facility (MLF) and 248 billion yuan in 7-day reverse repos maturing today. Crude oil: As of 11:38, oil prices on both exchanges continued to decline, extending losses from the previous three trading days, with WTI falling 1.69% and Brent falling 1.53%. Oil prices pulled back their wartime gains on Thursday as the market bet on improving global crude supply, with tankers that had been stranded in the Persian Gulf for months beginning to sail out of the Strait of Hormuz. According to data from maritime analytics firm Kpler, more than 20 tankers carrying approximately 35 million barrels of crude oil have passed through the Strait of Hormuz since a US-Iran agreement reopened this critical shipping lane. These non-Iranian tankers had been stuck in the Persian Gulf for over three months after Tehran effectively blockaded the waterway early in the conflict. Most of these tankers are expected to arrive at Asian destinations by early August. Citigroup stated that the worst may be over for commodity futures carry trade strategies, which suffered massive losses during the US-Iran war as short positions in near-month contracts were hit hard by soaring prices, while long positions in forward contracts were bought. Citi noted that the current base case is for significant de-escalation, and predicts that as Strait of Hormuz shipping normalizes, Brent crude prices will fall to $60-$65 per barrel over the next 6 to 12 months. (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

Jichong Hydrogen recently made new progress in the manufacturing process of fuel cell metal plate stacks. The company's independently developed single-cell integrated manufacturing process has been successfully completed, providing new process support for the advancement of large-power fuel cell stacks towards high performance, high reliability, and low-cost mass production. The fuel cell stack is a core component of the hydrogen fuel cell system. Its manufacturing precision, sealing reliability, and single cell consistency directly affect the operational efficiency and service life of vehicles or equipment. At present, most metal plate stacks in China still adopt the traditional structure route of "bipolar plate + membrane electrode assembly," which often leads to problems such as bipolar plate warpage, insufficient stack stacking accuracy, and low assembly efficiency during production. These process difficulties not only affect the sealing performance of the stack but may also lead to a decrease in single cell consistency, thereby increasing subsequent testing, maintenance, and manufacturing costs. For the fuel cell industry that is moving towards large-scale application, how to improve stack manufacturing efficiency and reduce batch production costs has become a key aspect of enterprise competition. Focusing on industry pain points, Jichong Hydrogen, leveraging years of accumulation in the research and development and mass production of large-power metal bipolar plate stacks, has independently developed the single-cell integrated manufacturing process for metal plate stacks. This process restructures the stack assembly method from the manufacturing source, helping to reduce structural defects in traditional assembly processes and improve the stability of subsequent stacking and mass production. According to reports, the relevant process has currently completed reliability verification such as high-low temperature cycles, damp heat cycles, high-low voltage tolerance, and special medium immersion , demonstrating that it has a basis for further industrial application under complex operating conditions. The development of the new process is expected to enhance the reliability and consistency of stack products and reduce production and later operation and maintenance costs. From the perspective of industrialisation, the significance of the integrated single-cell process lies not only in a single technological breakthrough but also in providing a more efficient manufacturing pathway for the large-scale production of large-power fuel cell stacks. As application scenarios such as hydrogen heavy-duty trucks, construction machinery, ships, and stationary power generation accelerate expansion, the demand for high-power, high-durability, and low-cost stacks will continue to grow. The completion of this process development by Jichong Hydrogen will further solidify its manufacturing capabilities in the field of fuel cell metal plate stacks. In the future, as the process undergoes continuous verification and optimisation in mass production stages, the enterprise is expected to form stronger support for the localisation of core fuel cell components, cost reduction and efficiency improvement, and market promotion.

Recently, the north-east China City Football League Harbin division kicked off at the Acheng District Culture and Sports Center in Harbin. As the event's official strategic partner, Geely combined methanol energy, sports events, and north-east China's regional characteristics, showcasing its green commercial vehicle products in event scenarios. Following the appearance of the Farizon Xinghan H methanol-electric heavy-duty truck at the Shenyang division, the Farizon Xingzhi T9M methanol-electric light truck debuted in Harbin as the official ceremonial float. The addition of this model signifies that Geely Farizon has achieved product synergy from heavy-duty to light-duty trucks in event support scenarios, further demonstrating the multi-category layout of its methanol-electric commercial vehicles in the north-east China market. The north-east China Super League is the country's first inter-provincial mass football tournament, covering eight cities including Shenyang, Dalian, Changchun, and Harbin. Using football as a link, the event showcases the vitality of coordinated regional development in north-east China. Geely provides support in event operations, brand promotion, and support services, and through methanol-electric products, showcases green transportation solutions, conveying a healthy, safe, and environmentally friendly travel and transportation philosophy . The Farizon Xingzhi T9M has moved from behind-the-scenes support to the forefront, becoming a vital vehicle for showcasing methanol-electric technology to the public. Previously, Geely Farizon's products have served large-scale events such as the Hangzhou Asian Games and the Harbin Asian Winter Games, covering scenarios including public mobility, urban logistics, and torch relay, while completing support tasks in low-temperature environments, verifying the adaptability of methanol-electric technology in cold regions. With cold winters, vast geographic spans, and strong logistics transportation demand, north-east China places higher requirements on the driving range, energy replenishment, and low-temperature starting capabilities of new energy commercial vehicles. Traditional battery-electric routes are prone to issues such as driving range degradation and reduced energy replenishment efficiency in extremely cold environments, whereas methanol-electric technology, by combining fuel-based energy replenishment with an electric drive system, offers an alternative new energy commercial vehicle solution for north China. Leveraging Geely's over 20 years of technological accumulation in methanol, Geely Farizon has formed a methanol-electric product matrix covering categories such as heavy-duty trucks, light-duty trucks, buses, and agricultural machinery, adaptable to various scenarios including trunk logistics, urban distribution, short-haul transport, engineering operations, public transport, and agricultural production. Considering the energy and transport characteristics of north China, "Methanol in the North, Electricity in the South" is emerging as a key pathway for Geely Farizon to promote the development of regional new energy commercial vehicles . In terms of operational performance, the methanol-electric light truck can cover intercity trunk routes exceeding 900 km from Harbin to Dalian, start rapidly in -20°C low-temperature environments, and achieve per-kilometer costs as low as 0.5 yuan, representing a reduction of over 50% compared to equivalent diesel light trucks. Methanol-electric buses have been deployed in Tianjin, Daqing, Harbin, Shenyang, and other cities, offering a driving range of up to 600 km, maintaining a constant cabin temperature of 20°C to 25°C in winter, and saving 180,000 yuan over an 8-year vehicle life cycle. In the heavy-duty truck sector, the Farizon Xinghan H methanol-electric heavy-duty truck, fully loaded at 42 mt, traveled 1,522.9 km on a single tank of methanol traversing the Hexi Corridor, earning a world record certification. In May this year, a driverless tractor equipped with a methanol-electric agricultural machinery power solution commenced spring plowing applications in Shuangyashan, Heilongjiang, providing green power support for agricultural production. Regarding the energy replenishment system, Geely Farizon has cooperated with enterprises including PetroChina and Sinopec to build over 1,000 methanol refueling stations nationwide and plans to expand this to 4,000 by the end of 2027, enhancing the convenience of methanol vehicle usage. At the policy level, the green hydrogen, ammonia, and methanol industry is being integrated as a key development direction, and multiple regions have successively introduced policy documents supporting the promotion of methanol vehicles. Liaoning Province has proposed reaching a methanol vehicle production scale of over 50,000 units by 2028, while Heilongjiang Province is also advancing the construction of a methanol ecosystem. From sports event showcases to road transport, public transit, and agricultural production, Geely Farizon's methanol-electric technology is achieving multi-scenario implementation in north-east China. Going forward, as models such as the Xingzhi T9M accelerate their promotion, methanol-electric commercial vehicles are expected to further serve the new energy transition of commercial vehicles, energy structure optimization, and green transportation system development in north-east China.

In June 2026, the hydrogen energy transportation equipment sector in the Xixian New Area saw new progress. A Skyworth-brand hydrogen fuel cell low-floor city bus, with its hydrogen core power system independently developed by resident enterprise Shengshi Yingchuang Hydrogen Energy Technology (Shaanxi) Co., Ltd. and equipped with its hydrogen fuel cell system, recently rolled off the production line. This model has been included in the 389th batch of the "Announcement of Road Motor Vehicle Manufacturers and Their Products" by the Ministry of Industry and Information Technology, laying a foundation for commercial operation. With the roll-off, Xixian New Area has added new support for the demonstration application of hydrogen fuel cell buses and the green transformation of urban transportation. It is understood that the hydrogen core power system of this city bus was entirely led and developed by Shengshi Yingchuang. The vehicle is equipped with the company's independently developed 90 kW hydrogen fuel cell system , and a Type IV high-end on-board hydrogen supply system jointly created with Beijing Tianhai. Compared with traditional battery electric buses, hydrogen fuel cell buses offer differentiated advantages in refueling efficiency, low-temperature adaptability, and long driving range operation, making them more suitable for the high-frequency, long-duration operational demands of bus routes. A relevant person in charge of Shengshi Yingchuang stated that the vehicle's power system features independent controllability, strong adaptability, and stable operation, which can improve vehicle operational efficiency while ensuring safety. The vehicle's combined driving range reaches 550 km , and with its fast hydrogen refueling capability, it can alleviate issues such as driving range decay and long refueling times that battery electric buses face in low winter temperatures, offering strong adaptability to the climatic conditions of north-west China and urban public transportation scenarios. Hydrogen energy is regarded as an important direction for green and low-carbon transition. The "Medium and Long-Term Plan for the Development of the Hydrogen Energy Industry (2021–2035)" issued by the National Development and Reform Commission and the National Energy Administration proposes to orderly promote demonstration applications in the transportation sector, focus on promoting the application of medium and heavy-duty hydrogen fuel cell vehicles, and gradually form a complementary development pattern of fuel cell electric vehicles and lithium battery electric vehicles. In the Xixian New Area, the hydrogen energy industry chain is accelerating its agglomeration. At present, the new area has attracted over a hundred hydrogen energy upstream and downstream enterprises such as Xushun Times and Shengshi Yingchuang, covering fields including PV electrolysis hydrogen production, liquid and solid-state hydrogen storage, fuel cell manufacturing, hydrogen refueling station construction, and the R&D and production of hydrogen commercial vehicles. The number of related enterprises has accounted for more than one-third of the total number of hydrogen energy enterprises in Shaanxi Province and nearly 70% of similar enterprises in Xi'an, preliminarily forming an **integrated industry ecosystem of "R&D breakthroughs, equipment manufacturing, and demonstration applications."** Going forward, Xixian New Area will continue to expand the integrated application of hydrogen energy in transportation, energy, industry, and other fields, deepen industry-university-research collaborative innovation, improve industrial supporting facilities and enterprise service systems, and attract more high-growth enterprises for cluster development. As demonstration scenarios continue to expand, the hydrogen energy industry is expected to become a significant growth point for the new area's green and low-carbon transition and high-quality development.