According to news from "Huazhi Energy," Huazhi Energy recently completed a Series B equity financing round of over 100 million yuan, with investors including Lite-On Technology, Zhejiang Beisheng Holdings, and Zhongsheng Smart Energy. The funds will be primarily used for core energy storage technology R&D, business expansion outside China, and upgrading global delivery capabilities, injecting strong momentum into its globalization strategy.

On March 8, the Guozong Zhongsheng 200 MW/800 MWh grid-side standalone ESS project officially broke ground at the Xipo PV Industrial Park in Jinchang City’s Jinchuan District. With a total investment of approximately 780 million yuan, the project will adopt the currently mature LFP electrochemical energy storage technology, and will mainly build 40 sets of 5 MW/20 MWh energy storage units, along with supporting auxiliary works such as one 330 kV step-up substation and eight 35 kV collector lines.

Capacity side, the domestic alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. No public information on offline electrolyzer deliveries was available this week. Hydro Hui Energy successfully shipped three megawatt-level PEM electrolyzers to Europe. Sany Hydrogen successfully completed the delivery for two major projects: the Ordos Green Hydrogen Production, Storage, Transportation, Refueling and Application Integration Project of Shenzhen Energy, and the Jidian Yancheng Green Hydrogen Project. A total of 20 alkaline electrolyzers, each with a capacity of 1000 Nm³/h, were delivered. Accelera, under Cummins, delivered a 35-megawatt (MW) proton exchange membrane (PEM) electrolyzer system to Linde Group's under-construction green hydrogen plant in Niagara Falls, New York. The 10 Nm³/h hydrogen production equipment and 10 kW fuel cell combined heat and power system delivered by Guofu Hydrogen Energy to the Morocco Clean Hydrogen Center of Excellence were successfully shipped. Peric Hydrogen Energy Technology Co., Ltd. (Handan), under the 718th Research Institute of China State Shipbuilding Corporation Limited, completed the final shipping and loading of ten 1000 Nm³/h electrolyzers, totaling 50 MW, which formally departed from Lianyungang Port for Piraeus Port, Greece. As of September 25, 2025, domestic enterprises (including overseas deliveries) delivered a total of 365.85 MW of alkaline electrolyzers in Q2 (data sourced from public information and SMM surveys). Electrolyzer project updates: Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: Held a signing ceremony for a green methanol offtake agreement with a renowned South Korean green energy company in Baotou, establishing a full-chain cooperation model of "off-grid wind power hydrogen production - methanol synthesis - international offtake". China Energy Engineering Group (CEEG): Released a public announcement of the successful bidders for its 2025 centralized procurement project for hydrogen production equipment. The tender project was divided into two sections: Section 1 primarily involved 1000 Nm³/h electrolyzers; Section 2 primarily involved 200 Nm³/h PEM electrolyzers. LONGi Green Energy Technology Co., Ltd.: Formally signed the "Lianyungang Ganyu 180,000 mt Annual Green Methanol Project Investment Agreement" with Zhong Sheng Technology (Jiangsu) Group Co., Ltd., Lianyungang Port Holding Group Co., Ltd., and the People's Government of Ganyu District, Lianyungang City. Junrui Green Hydrogen Energy (Qingshuihe County) Co., Ltd.: Issued a tender for the whole-process management services of the Qingshuihe County Wind and Solar Power Generation for Green Hydrogen Project. Tender content: Whole-process management services, including but not limited to all-stage whole-process project management services within the scope of this project's construction content. Gemenogjin New Energy Co., Ltd.: Held a feasibility study report review meeting for the Zhengxiangbai Banner 3,000 MW Wind and Solar Power Hydrogen Production Integration Project. It is understood that the main construction content of the project is a 1.3 million mt/year hydrogen production industrial production line, equipped with electrolyzer facilities. The project will be constructed in phases, with the first phase involving the production of 640,000 mt of green hydrogen per year and 360,000 mt of synthetic ammonia per year, including an integrated office building, water electrolysis hydrogen production workshop, green ammonia production workshop, etc. Zhongke Yitan: The 11th Division Zhongke Yitan Integrated Wind and Solar Power to Hydrogen to Methanol and SAF Project has been filed. It is scheduled to commence construction in April 2026 and be completed in December 2027. The project funding sources include 2 billion yuan from enterprise self-raised funds and 5.5 billion yuan from bank loans. The construction content includes one set of water electrolysis hydrogen production line and one set of green methanol synthesis line; with an annual production capacity of 62,500 mt of green hydrogen and 500,000 mt of methanol. Huaneng Nuclear Power Development Co., Ltd. Huaneng Shandong Shidaowan Nuclear Power Co., Ltd.: A tender has been issued for the High-Temperature Reactor Coupling Hydrogen Production Technology Research Coupling Design Project. It is understood that the project's construction location is Rongcheng City, Weihai, Shandong Province. The tender scope: Complete the coupling design of a 100kw-class SOEC device with the HTR-PM, aiming to minimize the impact of the SOEC device's hydrogen production on the HTR-PM's power generation. The main content includes, but is not limited to, layout and interface studies, safety analysis, transient characteristic research, and collaborative operation optimization. Xi'an Aerospace Yuanzheng Fluid Control Co., Ltd.: A tender announcement has been released for the design services of the hydrogen energy demonstration project for the water electrolysis hydrogen production system. The procurement project number is XJ025112600377, and the specific project name is "Design Services for the Hydrogen Energy Demonstration Project of the 200-Cubic-Meter ALK Water Electrolysis Hydrogen Production System". The quotation period is set from 12:36 on November 26 to 12:36 on November 28. Policy Review 1. The energy industry hydrogen standard NB/T 11896-2025 "Code for Preparation of Feasibility Study Reports for Renewable Energy Power to Hydrogen Projects", led by China Energy Engineering Group Tianjin Electric Power Design Institute Co., Ltd. (CEEG Tianjin), has been officially released. 2. The first energy industry hydrogen standard NB/T 11810-2025 "Code for Preparation of Planning Reports for Renewable Energy Power to Hydrogen Projects", compiled under the direction of the General Institute of Hydropower and Planning Design, has been officially released and will take effect on December 30, 2025. 3. The European Commission has approved a 4 billion euro special fund for electrolyzers, providing a 30% equipment cost subsidy for projects with a capacity of ≥500 MW/year, and setting an electrolyzer efficiency target of ≥60% (LHV basis) for green hydrogen projects by 2030. 4. The European Commission has published the "Clean Industrial Agreement State Aid Framework". The new rules explicitly require member states to prioritize support for "Renewable Fuels of Non-Biological Origin" (RFNBOs) and ensure public resources are directed towards low-carbon technologies through details such as fund allocation ratios and project timelines. Corporate Developments Thyssenkrupp Nucera : On Monday, it forecast a significant decline in sales for 2026, stating that the green hydrogen market has become more challenging, which is expected to cause investors to continue delaying investment decisions. The company said in a statement that it expects sales for the 2026 fiscal year starting in October to reach only €500-600 million ($576-691 million). This represents a 41% decrease compared to the previous fiscal year's €845 million and is well below the €757 million forecast by LSEG. Greenlyte Carbon Technologies: Opened the world's first LiquidSolar synthetic natural gas (SNG) plant in Duisburg. Plug Power : Will deliver approximately 480,000 pounds (217.7 mt) of liquid hydrogen to NASA's Glenn Research Center in Cleveland, Ohio, and the Neil A. Armstrong Test Facility in Sandusky, Ohio, with a maximum contract value of approximately $2.8 million. Dongfu Research Institute : A plaque awarding ceremony was held for the National Key Laboratory's Green Hydrogen Preparation and Conversion Pilot Base at Shenzhen University. Shaanxi Hydrogen Energy: Shaanxi Hydrogen Energy Chaoran Power Technology Co., Ltd. received a reward fund of 2.3148 million yuan for hydrogen energy industry development from Yulin City. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications 1. The research group of Researcher Shi Le from the College of Environmental and Resource Sciences at Zhejiang University, in collaboration with the research group of Professor Weng Xiaole and the research group of Professor Bruce E. Logan from Pennsylvania State University in the US, made a breakthrough in the field of distributed hydrogen production via electrolysis using non-traditional water sources. The main content involves using water vapor electrolysis to directly produce green hydrogen from non-traditional water sources. 2. Related research teams from the School of Electrical Engineering and the National Key Laboratory of Electrical Insulation for Electrical Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti 3 C 2 O x @NF bifunctional electrocatalyst for seawater electrolysis. 3. "Technical Specification for Green Electricity Coupling with Wind and Solar Power and Electrolytic Hydrogen Production" (Standard Number T/CIEP 0272—2025), a group standard, was issued and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test equipment. 4. 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. 5. Dr. Oh Keun-hwan's team at the Korea Research Institute of Chemical Technology developed a nanocomposite technology that simultaneously improves mechanical strength, hydrogen barrier properties, chemical stability, and thermal stability. 6. Tongda Electromagnetic Energy Co., Ltd. independently developed and manufactured China's first off-grid medium-voltage DC 20 kV direct-hanging hydrogen production power supply (also known as "Hydrogen Yuan 1") successfully applied. 7. The China Association for Promoting Industrial Development (CAPID) officially released the group standard "Multi-Pulse Wave Thyristor Rectifier for Water Electrolysis Hydrogen Production" (Standard Number T/CAPID013—2025). This standard specifies the technical requirements, test methods, inspection rules, marking, packaging, transportation, and storage of multi-pulse wave thyristor rectifiers for water electrolysis hydrogen production. 8. The first 220 kW high-safety solid-state hydrogen storage fuel cell emergency power generation system was officially launched and put into application demonstration at the Microgrid Optimal Link Wi-Fi Smart Terminal Industrial Park. This achievement marks a major breakthrough in China's independent core equipment in the field of hydrogen energy emergency power sources.

The escalation of conflicts between Israel and Iran has strengthened the market's demand for safe-haven assets. Silver, as a precious metal with both safe-haven and industrial attributes, has become an alternative choice for capital to seek refuge amid the backdrop of gold's trend being suppressed by the rebound of the US dollar index on June 17. At the end of May, the gold-silver ratio once broke through the historical extreme of 1:100, far exceeding the previous long-term average of 60-80, indicating that silver was severely undervalued. The demand for silver's valuation repair has supported its price. The long-term trend of the global silver supply-demand gap provides underlying support for silver prices. As the most-traded SHFE silver contract technically broke through the round-number threshold of 9,000 yuan/kg, it attracted more market capital inflows, pushing silver prices to repeatedly hit new highs. As of around 15:19 on June 18, the most-traded SHFE silver contract rose by 2.35%, closing at 9,045 yuan/kg, and refreshing its historical high since listing to 9,075 yuan/kg...

The market experienced a day of volatile and divergent trading, with the three major indices showing mixed changes. The total trading volume on the Shanghai and Shenzhen stock exchanges reached 1.15 trillion yuan, a decrease of 138.4 billion yuan from the previous trading day. On the futures market, hot topics were rather scattered, with the number of rising and falling stocks roughly equal. In terms of sectors, cyclical stocks such as chemicals and non-ferrous metals bucked the trend and remained active, with Shengda Resources and others hitting the daily limit. Computing power concept stocks surged at one point, with Meiliyun and others hitting the daily limit. The ST sector also strengthened amid volatility, with over 10 stocks including ST Baili hitting the daily limit. On the downside, stablecoin concept stocks underwent a collective correction, with Xiongdi Technology falling more than 10%. By the close, the Shanghai Composite Index rose 0.04%, the Shenzhen Component Index fell 0.19%, and the ChiNext Index dropped 0.45%. Sector Performance Among sectors, non-ferrous metals and precious metals led the gains, with stocks such as Zhongrun Resources, Hunan Silver, Baiyin Nonferrous Group Co., Ltd., and Shengda Resources hitting the daily limit. On Thursday, spot silver surged 4.5% at one point, touching above the $36 per ounce mark, reaching its highest level since February 2012. Analysts believe that the market has begun to worry that the US government may continue to impose additional taxes on other key metals, driving up the prices of silver and platinum. In addition, recent poor performance in multiple macroeconomic indicators released by the US has rapidly fueled expectations for US Fed interest rate cuts, which has also provided a positive catalyst for precious metals with stronger industrial attributes, such as silver and platinum. Chemical stocks also remained active against the trend, with stocks such as Bohai Chemical, Danhua Technology, Meibang Stock, Changqing Stock, and Zhejiang Zhongcheng hitting the daily limit, while stocks such as United Chemical, Shanshui Technology, Silver Age Technology, and Hengxing New Materials led the gains. On the news front, Red Sun recently announced on its official WeChat account that due to rising raw material costs, the price of chlorantraniliprole has been increased to 300,000 yuan per mt, with limited supply. Supply side, the "dual carbon" policy has accelerated the exit of high-energy-consuming and backward production capacities in China. On the demand side, surging demand in the new energy and semiconductor sectors has driven growth in the demand for fine chemicals such as lithium battery electrolytes and photoresists; traditional industries have also shown signs of recovery. Given that the overall valuation of the current chemical industry remains at a historically low level, an increasing number of institutions believe that the industry's prosperity cycle is expected to bottom out and rise. In addition to the fundamental expectations catalyst, the rotation of hot topics in the existing market was also a key factor in today's strength of cyclical stocks. In the previous few trading days, sectors such as innovative drugs, new consumption, and technology (CPO) have successively rebounded, while the performance of cyclical stocks has remained lukewarm. Therefore, some funds that have taken profits from high positions have begun to attempt to flow back into cyclical stocks, which are relatively undervalued. However, after today's concentrated rebound, it is expected that the profit-making effect within cyclical stocks will still concentrate on a few individual active stocks. In the direction of computing power leasing, there was a temporary surge. Nanling Technology and Meiliyun hit the daily limit, while Qingyun Technology, UCloud, and Parallel Technology were among the top gainers. On the news front, the Ministry of Industry and Information Technology (MIIT) recently issued the "Action Plan for Computing Power Interconnection," focusing on improving the efficiency and service level of public computing power resources and promoting high-quality development of computing power. The plan outlines 16 key tasks across six areas. As computing power remains a high-profile market direction, it has a strong influence on short-term sentiment. If it strengthens further in the future, there may still be opportunities for supplementary gains within the technology sector. Regarding individual stocks From the perspective of individual stocks, the enthusiasm for consecutive limit-up stocks showed some recovery today. Most of yesterday's consecutive limit-up stocks continued to receive positive feedback from funds, with an overall advancement rate exceeding 50%. In terms of specific gains, although the football concept sector experienced overall divergence and consolidation, the leading stock, CCGrass, hit the daily limit again in the afternoon, pushing the market's consecutive limit height back to five boards. Driven by this, Jinling Sports also saw a rapid inflow of funds for recovery after initially dropping over 10%, ultimately closing with a nearly 9% gain. In the chemical sector, stocks showed strength against the trend. Suli Co. achieved two consecutive limit-ups, while the popular stock United Chemical rose over 8%. The two core stocks in fluorochemical, Sanmei Co. and Juhua Co., also hit historical highs during the session. The innovative drug sector became active again, with Changshan Biochemical surging over 10% to a new high, while Sailun Biotech, Zhongsheng Pharma, and Qianhong Biopharma maintained their upward trend structures. Overall, under the influence of fund clustering, intraday sector rotations mainly exhibited localized stock activity. Therefore, compared to passive following, seeking low-entry opportunities during the pullback and consolidation of core stocks may offer higher success rates. Market Outlook After yesterday's surge with increased volume, the market returned to divergence and consolidation today, with turnover shrinking again. Given the current market environment, the index still lacks the conditions for sustained volume-driven upward momentum. However, on the positive side, there was still some support momentum during the session. Therefore, as long as the index does not break below the 5-day moving average, it is expected to maintain a fluctuating upward rebound structure. From the perspective of the futures market, under the stock game, hotspots continue to exhibit rapid rotation. Most hotspots experience a pulse-like surge during the session, followed by fluctuations and pullbacks. Compared to major thematic sectors, stock clustering has become increasingly prominent in recent sessions. Thus, the strategy should focus on capturing rotation rhythms to find low-entry opportunities in popular sectors or patiently wait for the market to identify a clearer leading core before following. Market News Focus 1. Hong Kong's "Stablecoin Ordinance" to Take Effect on August 1 According to a report by Cailian Press on June 6, the Hong Kong Special Administrative Region Government published the "Stablecoin Ordinance (Effective Date) Notice" in the Gazette today (June 6), designating August 1, 2025, as the commencement date for the "Stablecoin Ordinance" (Chapter 656) ("the Ordinance"). Christopher Hui, Secretary for Financial Services and the Treasury, said, "After the Ordinance comes into effect, the licensing regime will provide appropriate regulations for relevant stablecoin activities, marking a milestone in promoting the sustainable development of Hong Kong's stablecoin and digital asset ecosystem." 2. Next week, reverse repo operations worth 930.9 billion yuan will mature in the central bank's open market operations. Caijing reported on June 6 that data showed the central bank conducted reverse repo operations totaling 930.9 billion yuan in the open market this week, while reverse repo operations worth 1,602.6 billion yuan matured. As a result, the central bank's open market operations achieved a net withdrawal of 671.7 billion yuan this week. Next week, reverse repo operations worth 930.9 billion yuan will mature in the central bank's open market operations, with maturities of 0, 454.5 billion yuan, 214.9 billion yuan, 126.5 billion yuan, and 135 billion yuan from Monday to Friday, respectively.

[SMM Flash News: 8834! SHFE Silver Hits New High Since Listing! Precious Metals Sector Rises Over 3%, Hunan Silver Hits Daily Limit] Recently, the US economic data for May has been underperforming, with initial jobless claims rising to the highest level in seven months, a significant MoM decline in the US ADP employment data, and the ISM non-manufacturing index falling below the 50 mark, exceeding expectations. Concerns over a slowdown in US economic growth have intensified, leading to heightened expectations for US Fed interest rate cuts. The European Central Bank (ECB) cut interest rates by 25 basis points as expected. Renewed concerns over geopolitical conflicts have also triggered a flight to safety for funds. On the fundamentals side, low silver inventory levels have provided inventory-related support for silver prices. A series of factors, including the current historically high gold-silver ratio, the need for the ratio to correct, and the influx of bullish funds into the market, have all supported the rise in silver prices. As of around 11:02 on June 6, COMEX gold rose 0.38% to $3,387.8 per ounce; COMEX silver rose 1.236% to $36.245 per ounce, with COMEX silver hitting a new historical high of $36.27 per ounce since September 2011 on June 5; the main SHFE gold contract fell 0.22% to 782.62 yuan/g; the main SHFE silver contract rose 3.93% to 8,803 yuan/kg, hitting a new historical high since listing of 8,834 yuan/kg; silver T+D rose 3.89% to 8,776 yuan/kg.