[SMM Tin Morning Brief: Most-Traded SHFE Tin Contract Consolidates at Highs in Night Session; Downstream Enterprises Mainly Purchase on Rigid Demand Orders]

SMM Cobalt Morning Brief: This week, the cobalt industry chain continued to consolidate on a weak note overall. Refined cobalt traded around 380,000 yuan/mt. Although smelters slightly raised their offers, high inventory and weak end-use demand limited price recovery. The trading center of cobalt intermediate products moved lower. Cobalt sulphate ground lower on a weak note. Transactions of cobalt chloride and Co3O4 were sluggish. Cobalt powder remained under pressure due to the traditional off-season. The pullback in raw material prices dragged down ternary cathode precursors and ternary cathode materials. LCO remained stable with a weak bias. Future market trends still require attention on Q3 restocking and end-use demand recovery.

Guangdong is a core hub of China’s wire and cable industry, with a complete industry chain, significant geographical advantages, and market reach across South China, Hong Kong, Macao, and Southeast Asia. The industry currently faces both opportunities and challenges. While new energy and infrastructure markets outside China broaden the scope for going global, factors such as copper and aluminum raw material fluctuations, capacity homogenization, and low-price-induced involution are squeezing enterprises’ profits, making digital and intelligent upgrades a breakthrough key. will be held on July 14–15, 2026 at the Wyndham Guangzhou Design City Hotel , SMM joins hands with the Guangdong Industrial and Trade Development Promotion Association to invite you to attend. The conference will leverage entire-industry-chain data and resources in and outside China, focusing on market analysis, transformation and upgrading, supply-demand matching, and empowering enterprises to go global, thereby helping local companies improve quality and expand markets and promoting the high-quality international development of the region’s wire and cable industry. Click to attend the conference. We look forward to meeting you at the event. Guangdong Industrial and Trade Development Promotion Association Guangdong Industrial and Trade Development Promotion Association is a service-oriented, non-profit social organization dedicated to promoting the joint development of Guangdong’s industrial and trade economic sectors. It mainly focuses on uniting its members, fully implementing the Scientific Outlook on Development, advancing industrial and trade development, and accelerating the transformation of the economic growth model. It builds platforms for government leaders at various levels and industry elites to exchange information and share resources; provides diagnosis, policies, strategies, and plans for the development of Guangdong’s enterprises and industrial and trade sectors; and conducts research on the current state and trends of industrial and trade enterprise development, offering policy recommendations to fully drive the growth of Guangdong’s industrial and trade enterprises. The Association was jointly initiated by Guangdong Jintian Investment Holding Co., Ltd., Bendakang Holding Group Co., Ltd., Guangdong Baiyun University, Guangzhou Zhujiang Wire Factory Co., Ltd., and several other industrial and trade organizations. It now has nearly 500 member units covering industries such as manufacturing, trade, logistics, financing, guarantee, and consulting. The Association will assist the government in adjusting economic and industrial structures to achieve diversified business development models for enterprises; establish a self-regulatory mechanism to avoid vicious competition in new circumstances; facilitate government-enterprise communication to help enterprises avoid detours in their development; actively support enterprises in engaging in international trade to reduce capital input; assist member enterprises in going abroad and exploring international markets; build a publicity platform for enterprises to enhance their goodwill value; create China’s largest high-level forum on industrial and trade enterprise development, actively exercise the role of social organizations, share the government’s concerns, safeguard enterprises’ rights, pursue development for the industry, serve society, and commit to promoting the sustainable development of industrial and trade enterprises in our province; and guide all member enterprises and practitioners to strengthen industry self-discipline, cultivate strong professional ethics, standardize lawful operations, and contribute to the healthy growth of Guangdong’s industrial and trade enterprises. Cooperation Contact Shenzhen Bendakang Cable Co., Ltd. Shenzhen Bendakang Cable Co., Ltd. Founded in 1997, Shenzhen Bendakang Cable Co., Ltd. is the core subsidiary of Bendakang Group, the largest cable manufacturer in Shenzhen—the national capital of science and technology—and one of the leading large-scale wire and cable producers in China. The company's products cover high- and low-voltage wire and cable series ranging up to 500 kV. It is currently the only enterprise in Shenzhen capable of producing ultra-high-voltage cables of 110 kV and above, and also the only local enterprise that can provide one-stop procurement of high- and low-voltage wires and cables up to 500 kV for users. The company is equipped with leading production lines and high-precision testing instruments, with annual capacity ranking among the top in China; it has established nine laboratories with rigorous quality control, and the pass rate in all past market sampling inspections has been 100%. Bendakang has obtained over a hundred national patents, its products have received multiple domestic and international certifications, and it is a high-quality supplier for the State Grid Corporation of China, China Southern Power Grid, large-scale projects, and multinational new energy giants. Bendakang wires and cables have been honored with titles such as "Guangdong Famous Brand Product", "Guangdong Famous Trademark", "Guangdong Well-Known Brand", and "Shenzhen Well-Known Brand". Meanwhile, the company has been recognized as a national-level specialized and sophisticated "Little Giant" enterprise, a national-level "Green Factory", "National High-tech Enterprise", "Guangdong Province Key Enterprise with Through-Train Service", "Shenzhen Top 100 Industrial Enterprises", "Shenzhen Top 100 Quality Enterprises", and received the "Progress Award" in the 3rd Pingshan New District Quality Award evaluation. Its products are popular in 60% of China's provincial-level regions and exported to over 60 countries and regions. Cooperation Contact Xiao Jingsheng 138 2437 1406 Guangzhou Zhujiang Wire and Cable Factory Co., Ltd. Guangzhou Zhujiang Wire and Cable, look for the [Huanshi] trademark! Founded in 1991, Guangzhou Zhujiang Wire and Cable Factory Co., Ltd. is a long-established Guangzhou-based source manufacturer with 35 years of deep cultivation in the wire and cable industry, integrating R&D, production, sales, and service. Its full range of cable products is suitable for municipal power grids, engineering construction, industrial manufacturing, residential decoration, and other scenarios. The company is a National High-tech Enterprise, Guangdong Province Specialized and Sophisticated Small and Medium-sized Enterprise , with a provincial-level environmentally friendly cable engineering technology research center, equipped with two 35 kV dry-crosslinking production lines, and a complete independent R&D and testing system. All series of products have passed the national 3C compulsory certification and ISO quality system certification, with mature processes and stable quality. It has long-term supply relationships with the State Grid Corporation of China, China Southern Power Grid, and various major key projects, and is a highly reputed source cable manufacturer in South China. The company is the earliest original manufacturer in the South China region to hold the "Zhujiang" brand name , and its official genuine brand is labeled under the [Huanshi] trademark. All original products and outer packaging carry the Huanshi logo, ensuring traceable quality, complete qualifications, and guaranteed after-sales service, thereby eliminating the risks of counterfeit or miscellaneous brands. With 35 years of dedicated craftsmanship, the company adheres to a quality-first principle and operates with integrity, implementing standardized production and meticulous management. Leveraging superior products, stable supply, and a strong reputation, Huanshi-brand cables are widely recognized in the market, consistently providing the industry with safe, environmentally friendly, and reliable national-standard cable products. Cooperation Contact Zhang Qiurui 138 2440 5488 Shenzhen Zhirong Financing Guarantee Co., Ltd. Shenzhen Zhirong Financing Guarantee Co., Ltd. , established in March 2011 with a registered capital of 102.8 million yuan, is a company serving construction enterprises, focusing on engineering guarantees as its core business and engaging in guarantee and related risk management consulting. Adhering to the business philosophy of "operating with integrity, managing risks, innovating business, and pursuing sustainable development," it was established under a modern enterprise system, with a risk management philosophy embedded throughout its corporate culture. To date, it has established strategic partnerships with several thousand special-grade, first-grade, and second-grade enterprises nationwide, underwriting numerous key investment projects and infrastructure initiatives for both national and various provincial and municipal governments. The company currently holds credit lines with banks such as China Construction Bank, Industrial and Commercial Bank of China, and Fumin Bank. It possesses a robust risk control evaluation system and a professional operations team dedicated to efficiently and promptly addressing clients' guarantee needs. Continuously adapting to market demands and innovating financial services, the company fully leverages its scientific internal management and risk control mechanisms. Through its professional and resource advantages, it delivers efficient, convenient, and thorough services to meet the growing demand among small and medium-sized enterprises for financing guarantee services, helping outstanding SMEs develop steadily amid intense market competition. It has cumulatively connected with and integrated over fifty public resource trading centers, third-party bidding and procurement platforms, and central state-owned enterprise group bidding platforms. Currently, it is committed to further advancing strategic cooperation on electronic guarantees with numerous public resource trading centers across the country, positioning itself as an outstanding and professional guarantee institution in the development and application of nationwide online electronic guarantees. Cooperation Contact SMM Conference Contact Chen Bo 183 7089 1981 chenbo@smm.cn

In June, market expectations for US Fed interest rate hikes heated up, driving the US dollar index up more than 2% for the month. This coincided with the electronics industry entering the traditional off-season and weak end-use demand, while doubts lingered over the sustainability of the AI sector rally. Profit-taking on earlier high-price positions intensified, and these combined factors dragged tin prices lower. SHFE tin fell 7.08% in June, while LME tin dropped 6.68% over the same period. Since the start of July, comments from Warsh at the Sintra Forum that "inflation expectations have declined over the past four weeks, and inflation risks have also diminished," together with US June non-farm payrolls data missing expectations, have cooled market expectations for US Fed rate hikes. At the same time, tech stocks rebounded. These multiple positive drivers pushed tin prices to drift higher in early July. As of around 16:51 on July 6, LME tin was up 1.26% to $52,970/mt, with its month-to-date July gain at 2.56%; SHFE tin was up 3.09% to 410,360 yuan/mt, with a 5.4% month-to-date rise. Spot Market Tin prices fell over 8% in June; spot prices rose for consecutive days in July but wait-and-see sentiment prevails Spot tin prices: SMM #1 tin spot price rose for four consecutive days, with the July 6 quote at 406,900-415,300 yuan/mt and the average price at 411,100 yuan/mt, up 2.96% from the previous trading day. As tin prices rebounded, wait-and-see sentiment intensified in the spot market. Only some rigid demand purchases were made, and overall market trading activity was subdued. Looking at the monthly trend, the average spot price of SMM #1 tin stood at 387,800 yuan/mt on June 30, compared with 425,000 yuan/mt on May 29—a drop of 37,200 yuan/mt, or 8.75%, in just over a month. Notably, as tin prices fell to around 380,000 yuan/mt, downstream restocking demand saw a phase of release. Fundamentals ►Production: Refined tin production edged up MoM in June According to SMM data based on market communication, China's refined tin production edged slightly higher MoM in June 2026, with overall output remaining relatively stable. The slight rise in June refined tin production was driven by two main factors. Supply side, raw material availability showed marginal improvement: earlier overseas tin ore import increases became more evident, and while production resumptions at Myanmar mines were slow, ore continued to flow out, somewhat easing tightness in domestic raw materials. On the other hand, rising arrivals of imported ore at ports drove smelting TCs higher, bringing a phase of relief to the prolonged raw material tightness and creating conditions for smelters to raise operating rates and boost output. However, subsequent production expansion faces multiple constraints: May to July is the traditional rainy season in Myanmar, which limits open-pit mining operations and ore transportation, leading to expectations of a MoM pullback in short-term imported ore arrivals. Overall, the refined tin supply-side is marginally loose at the current stage, but downstream industries are entering the traditional consumption off-season. With both supply and demand weakening, output is unlikely to see a significant surge in the short term. ► Imports: Tin ore imports rose both YoY and MoM in May, with imports from Myanmar surging 384.5% YoY. China's tin ore imports in May were 16,800 mt (equivalent to about 6,408 mt in metal content), up 7.07% MoM and 25.61% YoY, an increase of 1,221 mt in metal content from April (which was equivalent to about 5,187 mt in metal content). Cumulative imports from January to May were 85,900 mt, up 71.41% YoY. China's tin ingot imports in May were 1,838 mt, down 34.4% MoM and 11.46% YoY, with cumulative imports from January to April at 11,196 mt, up 17.75% YoY. Trade data for the tin industry chain from 2025 to May 2026 show the global tin market's supply-demand pattern is undergoing significant structural adjustment, characterized by accelerating supply recovery from overseas mines, easing domestic raw material supply pressure, and downstream smelting increasing supply due to lower raw material costs, while weak overseas demand hinders exports. On the raw material supply side, cumulative tin ore imports from January to May 2026 reached 85,998 mt, surging 71.41% YoY, with May imports alone at 16,831 mt, up 7.07% MoM and soaring 25.61% YoY. This strong rebound was mainly driven by the recovery of Myanmar ore, with tin ore imports from Myanmar reaching 6,634 mt in May, surging 384.5% YoY, and cumulative YoY growth from January to May soaring to 203.49%; in contrast, while tin ore imports from countries outside Myanmar maintained a cumulative positive growth of 34.72%, May single-month volumes still fell 15.23% YoY, indicating a relatively moderate supply recovery from non-Myanmar sources. ► Inventories: SMM weekly tin ingot social inventory across three regions declined for four consecutive weeks. China tin ingot social inventory: According to SMM statistics, as of July 4, 2026, total tin ingot social inventory across three regions in China stood at 7,299 mt, down sharply by 1,374 mt from 8,673 mt the previous week (June 26), a decline of 15.84% WoW. Looking at the trend, since hitting a near-term peak of 13,604 mt in early June, China's tin ingot social inventory has declined for four consecutive weeks, with cumulative destocking over the past month reaching as high as 46.4%. The destocking slope exhibited a "gradual then steep" pattern, and the current inventory level has pulled back to a year-to-date low, signaling marked marginal improvement in the market supply-demand pattern. By region, inventory in Shanghai dropped to 3,750 mt, a weekly decline of 996 mt, contributing 72.5% of the total weekly destocking and making it the dominant force in this round of destocking, reflecting accelerated trade flows in east China and a substantial rebound in downstream purchase willingness. Inventory in Guangdong also declined to 3,449 mt, down 378 mt WoW, accounting for 27.5% of total destocking, confirming that downstream rigid demand in south China, represented by solder enterprises, remained resilient and the pace of stockpiling accelerated. Analyzing the underlying logic, on the one hand, it was driven by restocking after price pullbacks. The dampening effect of previously high tin prices on downstream purchases gradually faded as prices returned to rational levels recently, and pent-up rigid orders were released in a concentrated manner, accelerating the digestion of visible inventory. LME tin inventory: On June 30, LME tin inventory data stood at 8,575 mt, compared to 8,850 mt on May 29, indicating that LME tin inventory declined in June. SMM Outlook On the macro front, a number of macro events in and outside China will continue to disturb tin price movements in July. Outside China, key focus will be on US CPI and PCE inflation data, as well as the US Fed's interest rate meeting at month-end. Earlier, Walsh said that inflation risks have receded, and coupled with the June non-farm payrolls data falling short of expectations, market bets on rate hikes have temporarily cooled. If subsequent inflation data rebounds again and the Fed releases a hawkish tone, a stronger US dollar will suppress tin price trends; conversely, if easing expectations continue, they will provide valuation support for tin prices. At the domestic level, the central bank increased liquidity injections, ultra-long-term special government bonds were steadily implemented, and stimulus policies related to technological transformation of high-end manufacturing and equipment renewal gradually took effect, which are positive for the consumption of tin downstream industries such as semiconductors, AI computing power, and new energy in the medium and long term. However, the weak pattern of the electronics industry during the off-season is hard to reverse quickly in the short term, and the pace of policy dividend releases regarding domestic demand will directly determine the intensity of downstream spot restocking. Fundamentals: On the supply side, the overall tight supply situation of tin ore remained unchanged, but marginal increase signals increased. Smelters maintained stable production with no large-scale production cuts for the time being. On the demand side, entering the traditional consumption off-season, downstream solder enterprises were generally cautious in procurement, and the market relied solely on rigid demand purchases, with high prices significantly dampening purchase willingness. On the inventory side, tin inventories both in and outside China maintained a destocking trend, providing inventory support for tin prices. In summary, changes in macro expectations combined with the performance of the technology sector will affect the fluctuation range of tin prices. Tight ore supply and low overall inventory formed strong fundamental bottom support, acting as a floor for tin prices. However, the sluggish demand during the current off-season will continue to drag on futures, limiting the upside room for tin prices. Looking ahead, it is crucial to closely track US Fed policy direction, the sentiment of the semiconductor industry chain, and continuously monitor the pace of destocking in and outside China. Only when there is a substantial recovery in demand can it provide new upward driving force for tin prices. Recommended reading:

SMM July 2 news: Metal markets: As of midday close, base metals on the domestic market mostly fell. SHFE copper and SHFE aluminum each fell within 0.2%. SHFE lead fell 0.72%. SHFE zinc fell 1.04%. SHFE tin rose 0.15%. SHFE nickel fell 0.41%. In addition, the most-traded cast aluminum futures fell 0.97%, while the most-traded alumina futures rose 0.21%. Lithium carbonate most-traded futures extended gains from the previous three trading days, rising another 1.26%. Silicon metal most-traded futures fell 0.18%. Polysilicon most-traded futures rose 0.36%. Ferrous metals mostly fell. Iron ore rose 0.54%. HRC and rebar fell within 0.5% each, and stainless steel fell 0.92%. Coking coal and coke: the most-traded coking coal contract rose 0.28%, and the most-traded coke contract fell 0.96%. In overseas base metal markets, as of 11:39 am, LME metals nearly all fell. LME copper fell 0.31%, LME aluminum fell 0.19%, LME lead was flat at $1,866.5/mt. LME zinc fell 0.2%, LME tin edged lower, and LME nickel fell 0.4%. In precious metals, as of 11:39 am, COMEX gold fell 0.16% and COMEX silver rose 0.03%. In domestic precious metals: SHFE gold rose 1.28%; the most-traded SHFE silver contract rose 2.06%. In addition, as of midday close, the most-traded platinum futures rose 5.12%, and the most-traded palladium futures rose 2.82%. As of midday close, the most-traded European route container freight futures fell 2.12% to 2,561 points. As of 11:39 am on July 2, midday futures quotes for select contracts: Spot and Fundamentals Aluminum: In the morning session, the trading center of the SHFE aluminum 2606 contract was higher than that of the same period on the previous trading day. Warrant cargoes continued to flow out of the market, and circulating spot supply was generally ample. Downstream only saw sporadic restocking, and with bearish sentiment spreading in the futures market, end-user purchase willingness was overall weak. Mainstream transactions were at parity to a premium of 20 yuan/mt over the SHFE aluminum 2607 contract... Macro Front Domestic: [The mandatory national standard "Safety Requirements for Combined Driving Assistance System of Intelligent and Connected Vehicles" was officially released] On June 27, the mandatory national standard "Safety Requirements for Combined Driving Assistance System of Intelligent and Connected Vehicles" (GB 47955—2026), organized, formulated and centralized by the Ministry of Industry and Information Technology, was approved and released by the State Administration for Market Regulation and the National Standardization Administration, and is scheduled to be officially implemented on January 1, 2027. 《Safety Requirements for Intelligent Connected Vehicles—Combined Driver Assistance Systems, grounded in the needs of industry development and regulatory oversight in China, takes into account technical feasibility, product compatibility, and practical implementability, and establishes a safety indicator framework with clear requirements, comprehensive dimensions, and alignment with national conditions. First, it fully considers different product forms and technical routes, proposing applicable safety requirements for three types of combined driver assistance system products: basic single-lane, basic multi-lane, and navigation driver assistance. Second, based on China’s road traffic characteristics, it sets out baseline requirements to ensure the safe operation of combined driver assistance systems across dimensions such as functional requirements, data recording, and vehicle manufacturer safety assurance. Third, recognizing the core positioning of these systems as "assistance" in driving, it puts forward requirements for user usage and operation in areas such as human-machine interaction, usage instructions, and user training, providing a foundational guarantee for proper coordination between users and systems. Fourth, in line with the practical needs of China’s industry management, it builds a multi-tiered evaluation approach encompassing field tests, road tests, and document inspections to comprehensively assess system safety capabilities. The PBOC conducted ¥288.5 billion in 7-day reverse repos today, with an operation rate of 1.4%, unchanged from the previous level. Today, ¥370.5 billion in reverse repos matured. US Dollar: As of 11:39, the US dollar index fell 0.03% to 101.39. Fed Chairman Warsh said Wednesday that inflation expectations and inflation risks have both declined in recent weeks, while reiterating the Fed’s commitment to bringing inflation down to the 2% target. "In the first few weeks of this period, inflation expectations have pulled back, and inflation risks have also eased," Warsh said. "If households, the business community, or financial markets think the Fed is comfortable with inflation above 2%—well, they are likely to be disappointed: we will ensure price stability in the US." Fed Chairman Warsh sidestepped questions on whether the Fed might raise rates at its July meeting. "I hope that when we meet in four weeks, we can have a robust 'internal family debate,'" he said. "When we close the doors and sit down together, we will have a vigorous debate. But beyond that, I have no further information to share." Warsh made the remarks at the ECB’s annual policy conference in Sintra, Portugal; this was his first public appearance since his inaugural press conference at the Fed last month. Since then, investors have begun to anticipate more rate hikes from the Fed, but the market currently sees the likelihood of a first hike this month at less than 50%. According to CME "Fed Watch": The probability that the US Fed will keep rates unchanged in July is 71.7%, and the probability of a cumulative 25-basis-point rate hike is 28.3%. The probability that the Fed will keep rates unchanged by September is 36.1%, the probability of a cumulative 25-basis-point hike is 49.8%, and the probability of a cumulative 50-basis-point hike is 14.1%. (Jin10 Data APP) On the data front: US manufacturing expanded for a sixth consecutive month in June, with the war-driven surge in input costs easing. Printing, electrical equipment, and textiles led the gains, while paper products, furniture, and wood products contracted. Market attention has now shifted to Thursday's US employment report. Julien Lafargue, chief market strategist at Barclays Private Bank and Wealth Management, noted that with Warsh prioritizing inflation, the June non-farm payrolls data is "unlikely to change rate expectations on its own." He added that hiring related to the FIFA World Cup is expected to distort the data. (Wall Street Insights) Data front: Today will see the release of the US June unemployment rate, US June seasonally adjusted non-farm payrolls, US initial jobless claims for the week ended June 27, US June average hourly earnings year-over-year, US June average hourly earnings month-over-month, US May factory orders month-over-month, Switzerland June CPI month-over-month, eurozone May unemployment rate, among other data. Additionally, watch for: the Ministry of Commerce's regular press conference for the first week of July, and 2027 FOMC voting member and San Francisco Fed President Daly’s participation in a conference on the Spanish economy. Due to the US Independence Day holiday (July 3), the US June non-farm payrolls data will be released earlier on July 2 (Thursday) at 20:30 Beijing time. US stock markets will be closed on July 3 (Friday). Trading in precious metals, energy, foreign exchange, US Treasury, and equity index futures contracts on CME will end early at 01:00 Beijing time on July 4. Trading in Brent crude oil futures contracts on ICE will end early at 01:30 Beijing time on July 4. Investors are advised to take note. (Jin10 Data APP) Crude oil: As of 11:39, oil prices in both markets extended their decline from the previous two trading sessions, with WTI down 1.4% and Brent down 1.24%. International crude oil prices pulled back due to progress in Middle East peace talks. (Wall Street Insights) As supply through the Strait of Hormuz rebounded, OCBC Group Research lowered its quarterly crude oil forecasts through the end of Q2 2027. Two OCBC strategists noted in a research report: "With the signing of a memorandum of understanding between the US and Iran, shipping and crude oil supply through the Strait of Hormuz have rebounded."They also said, "Market expectations that crude oil supply would return to normal quickly pushed oil prices back to pre-conflict levels, rekindling oversupply rhetoric." OCBC cut its Brent crude price forecast for Q3 2026 from $85 to $75 per barrel, Q4 2026 from $80 to $75, Q1 2027 from $75 to $73, and Q2 2027 from $75 to $71. (Jin10 Data APP) Increasing energy flows through the Strait of Hormuz prompted UBS to cut its 2026-2027 oil price forecast. UBS now expects Brent crude to average $84 per barrel this year, down $9 from its previous forecast. The bank also cut its 2027 oil price forecast from $85 to $75 per barrel. UBS said, "The decline in geopolitical risk and the rapid rebound in supply led to a larger price drop than we had expected." The bank expects oil prices to rebound slightly to $80 per barrel in H2 this year as floating storage in the Gulf region normalizes and demand recovers. UBS also believes risk premiums will be higher because the path to normalization may remain bumpy. UBS said, "The need to replenish inventories should continue to support prices through the end of 2027, but the required magnitude of stock rebuilding is smaller than the 1 billion barrels we previously expected." (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

June 10, 2026 Recently, the Ordos Municipal Bureau of Industry and Information Technology officially issued a public notice, releasing to the public the proposed list of enterprises to be supported for municipal-level reward funds for the demonstration application of fuel cell vehicle models for the 2024-2025 period (the fourth demonstration year). Through dedicated fiscal awards and subsidies, it will continue to promote the scaled-up demonstration application of local fuel cell vehicles and accelerate the high-quality development of the hydrogen energy transportation industry. This public notice was reviewed and implemented based on multiple national and local hydrogen energy support policies, with strict reference to national-level documents such as the Notice on Carrying Out the Demonstration Application of Fuel Cell Vehicles and the Notice on Launching the Demonstration Application of Fuel Cell Vehicles, as well as relevant provisions including the budget notice for Inner Mongolia Autonomous Region energy-saving and emission-reduction subsidy funds and the Ordos municipal special award-and-subsidy policy for the demonstration application of fuel cell vehicles. The project application, review, and selection work was completed to ensure that award-and-subsidy funds precisely empower high-quality demonstration projects. Following standardized evaluation, a total of five enterprises were selected for inclusion in the proposed municipal-level reward fund support list, covering local large coal energy enterprises and hydrogen energy vehicle technology enterprises. The specific entities are: Inner Mongolia Shendong Tianlong Group Co., Ltd. Huoluowan Coal Mine, Inner Mongolia Shendong Tianlong Group Co., Ltd. Wujia Ta Open-Pit Coal Mine, Inner Mongolia Huineng Group Erlintu Coal Co., Ltd., Ordos Haohua Coking Coal Co., Ltd., and Inner Mongolia Shengyuan Hongyan NEV Technology Co., Ltd. It is understood that this special reward focuses on implementation scenarios for the Shanghai urban cluster’s demonstration application of fuel cell vehicles , providing municipal-level financial support to market entities participating in the demonstration application of complete vehicles. The aim is to fully mobilize enterprises’ enthusiasm to participate in hydrogen energy transportation demonstration projects, expand the scale of fuel cell vehicle applications in local industrial and mining transportation, mobility and travel, and other fields, and consolidate the foundation for the development of the hydrogen energy transportation industry. The public notice period is from June 10 to June 15, 2026 . During the public notice period, all sectors of society may provide feedback in accordance with regulations. Feedback from organizations must bear an official seal, and feedback from individuals must be submitted under real names with valid contact information retained. Anonymous feedback and objections without factual basis will not be accepted.