[SMM Tin Midday Review: Center of the Most-Traded SHFE Tin Contract Moved Lower, Trading Was Slightly Sluggish Amid Structural Divergence in End-Use Demand]

On February 10, 2026, Aihydrogen Technology (Group) Co., Ltd. formally signed a cooperation agreement with the Chengkou County People's Government of Chongqing Municipality. The two parties will jointly develop an integrated "generation-grid-load-storage-hydrogen" comprehensive energy demonstration project. Supported by the core technology of magnesium-based solid-state hydrogen storage, the project aims to promote the deep integration of new energy and hydrogen energy industries, assist Chengkou in building a new highland for hydrogen energy demonstration in north-east Chongqing, and inject new "hydrogen" momentum into the optimization of China's energy structure. Zhang Jijun, Secretary of the Chengkou County Committee, Wang Chunmei, Deputy Secretary of the County Committee and County Mayor, and all members of the county leadership team attended the signing ceremony. Based on Chengkou County's resource endowment and strategic positioning, this cooperation project plans several core construction elements: utilizing Aihydrogen Technology's self-developed magnesium-based solid-state hydrogen storage technology to solve the challenges of hydrogen storage and transportation, enabling large-scale and safe development of hydrogen energy; planning the construction of an integrated super comprehensive energy station for oil, electricity, gas, and hydrogen, strengthening the energy supporting infrastructure for Chengkou's logistics hub connecting Sichuan, Shaanxi, and Chongqing; deploying various types of hydrogen energy vehicles, such as hydrogen logistics vehicles and sightseeing vehicles, across transportation, industrial, and livelihood scenarios to build a comprehensive green hydrogen application ecosystem; leveraging Chengkou's abundant wind, solar, and water resources to establish a green electricity-to-green hydrogen production base, forming a complete industrial chain of "green hydrogen production from green electricity - solid-state hydrogen storage - diversified hydrogen utilization". Chengkou County is located at the junction of three provinces/municipalities: Chongqing, Sichuan, and Shaanxi. It is an important strategic period in the Chengdu-Chongqing dual-city economic circle and the "Western Triangle" economic zone. The forest coverage rate reaches 72.8%, and reserves of new energy resources such as PV and wind power are abundant. Its solar resource endowment ranks among the top in Chongqing Municipality. The county is accelerating its efforts towards the construction goals of the "Daba Mountain New Energy Base" and the "Chongqing Green, Low-Carbon, Clean Energy Demonstration Zone". Simultaneously, Chengkou has been included as a key expansion area for the hydrogen refueling station industry in Chongqing's development plans, holding an important position in the construction of the "Chengdu-Chongqing Hydrogen Corridor" and the establishment of a western hydrogen energy hub. The launch of this project coincides with a strategic window period for Chongqing's advancement of its "16th Five-Year Plan" and enhancing the energy level of the dual-city economic circle, indicating broad development prospects. The solid-state hydrogen comprehensive energy station to be implemented in this project will break through the functional limitations of traditional hydrogen refueling stations. It will integrate green energy supply, emergency backup power, and community services, creating a benchmark for micro-energy hubs and providing safe and efficient hydrogen energy support for Chengkou's transportation and logistics, cultural tourism industry, and residents' daily lives. After completion, the project is expected to not only promote the upgrade of green infrastructure in Chengkou and support the development of the regional hydrogen energy transportation network but also enhance the local renewable energy consumption capacity, cultivate new quality productive forces in the energy sector, and provide replicable and scalable practical experience for the optimization and upgrade of the energy structure in north-east Chongqing. To ensure the high-quality implementation and operation of the project, Aihydrogen Technology is collaborating deeply with Zhonglai New Energy. Leveraging the latter's professional expertise in green power supply and combining it with its own leading magnesium-based solid-state hydrogen storage technology, the partnership aims to provide dual support through both technology and resources. Jolywood, CGN New Energy, SPIC, Air China Group, and other enterprises also participated in this signing event, collaborating with all parties to advance project construction and build a multi-party synergistic hydrogen energy industry development ecosystem. As a leading domestic magnesium-based solid-state hydrogen storage technology enterprise, Suzhou-based Ai Hydrogen Technology was established in 2019. Its independently developed magnesium-based solid-state hydrogen storage equipment technology can effectively address the pain points of hydrogen storage and transportation in the hydrogen energy industry, enabling large-scale hydrogen storage and transportation with high efficiency and low cost. The company has already secured Series A funding led by Anhui State-owned Capital, with its technology maturity and industrial implementation capabilities ranking among the top in the industry. The cooperation with Chengkou County Government is a key strategic move for Ai Hydrogen Technology in deploying its presence in the western hydrogen energy market. In the future, the enterprise will use this project as a starting point to deeply participate in the hydrogen energy industry development in Chongqing and the western region, steadily building a hydrogen energy service system covering northeastern Chongqing and radiating across the Chengdu-Chongqing area. Through technological empowerment, project demonstration, and multi-party collaboration, it will contribute professional expertise to building a modern energy system that is clean, low-carbon, safe, and efficient.

The National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) released China's purchasing managers' index (PMI) for January 2026 today (31st). The data showed that in January, China's manufacturing market demand tightened somewhat, but enterprise production maintained an expansionary trend, with the industrial structure continuing to optimize. The service sector operated relatively stably, with business expectations continuously improving. The manufacturing PMI for January 2026 was 49.3%, a decrease of 0.8 percentage points from the previous month. The PMI for equipment manufacturing in January was 50.1%, and for high-tech manufacturing, it was 52%. Both equipment and high-tech manufacturing sectors are developing steadily and positively, with the manufacturing industrial structure continuously optimizing. Operation of China's Purchasing Managers' Index in January 2026 I. Operation of China's Manufacturing PMI In January, the manufacturing PMI was 49.3%, a decline of 0.8 percentage points from the previous month, indicating a pullback in the level of manufacturing activity. By enterprise size, the PMI for large enterprises was 50.3%, down 0.5 percentage points from the previous month, yet still above the critical point; the PMIs for medium and small enterprises were 48.7% and 47.4% respectively, dropping by 1.1 and 1.2 percentage points from the previous month, both below the critical point. Looking at the sub-indices, among the five sub-indices constituting the manufacturing PMI, the production index and supplier delivery time index were both above the critical point, while the new orders index, raw material inventory index, and employment index were all below the critical point. The production index stood at 50.6%, a drop of 1.1 percentage points from the previous month, yet still above the critical point, indicating that manufacturing production activities remained in an expansionary state. The new orders index was 49.2%, a decrease of 1.6 percentage points from the previous month, suggesting a slowdown in manufacturing market demand. The raw material inventory index was 47.4%, down 0.4 percentage points from the previous month, indicating a continued reduction in the stock of major raw materials in the manufacturing sector. The employment index was 48.1%, a decline of 0.1 percentage points from the previous month, showing a slight pullback in the employment climate for manufacturing enterprises. The supplier delivery time index was 50.1%, a decrease of 0.1 percentage points from the previous month, yet still above the critical point, indicating a continuous acceleration in the delivery times of raw material suppliers in the manufacturing sector. II. Operation of China's Non-Manufacturing PMI In January, the non-manufacturing business activity index was 49.4%, a drop of 0.8 percentage points from the previous month. By industry, the construction sector's business activity index was 48.8%, a decrease of 4 percentage points from the previous month; the service sector's business activity index was 49.5%, a decline of 0.2 percentage points from the previous month. Looking at the service sector, the business activity indices for monetary and financial services, capital market services, insurance, and other industries were all above 65.0%; while the business activity indices for wholesale, accommodation, real estate, and other industries were all below the threshold. The new orders index stood at 46.1%, down 1.2 percentage points MoM, indicating a decline in market demand prosperity in the non-manufacturing sector. By sector, the new orders index for construction was 40.1%, down 7.3 percentage points MoM; the new orders index for services was 47.1%, down 0.2 percentage points MoM. The input prices index was 50.0%, down 0.2 percentage points MoM, at the threshold, indicating that input prices for non-manufacturing enterprises' operational activities were generally flat compared to the previous month. By sector, the input prices index for construction was 52.0%, up 1.2 percentage points MoM; the input prices index for services was 49.7%, down 0.4 percentage points MoM. The selling price index was 48.8%, up 0.8 percentage points MoM, indicating that the overall decline in selling prices in the non-manufacturing sector narrowed. By sector, the selling price index for construction was 48.2%, up 0.8 percentage points MoM; the selling price index for services was 48.9%, up 0.8 percentage points MoM. The employment index was 46.1%, unchanged from the previous month, indicating that the employment prosperity of non-manufacturing enterprises was basically stable. By sector, the employment index for construction was 41.1%, up 0.1 percentage points MoM; the employment index for services was 47.0%, unchanged from the previous month. The business activity expectations index was 56.0%, down 0.5 percentage points MoM, still remaining in a high prosperity range, indicating that most non-manufacturing enterprises maintain optimistic market expectations. By sector, the business activity expectations index for construction was 49.8%, down 7.6 percentage points MoM; the business activity expectations index for services was 57.1%, up 0.7 percentage points MoM. III. Operation of China's Composite PMI Output Index In January, the composite PMI output index was 49.8%, down 0.9 percentage points MoM, indicating that the overall production and operating activities of Chinese enterprises slowed down compared to the previous month. China's Purchasing Managers' Index Pulled Back in January —Huoli Hui, Chief Statistician of the NBS Service Industry Survey Center, Interprets China's Purchasing Managers' Index for January 2026 On January 31, 2026, the NBS Service Industry Survey Center and the China Federation of Logistics & Purchasing released China's Purchasing Managers' Index. In this regard, Huo Lihui, Chief Statistician of the Service Industry Survey Center of the National Bureau of Statistics (NBS), provided an interpretation. In January, the manufacturing PMI, non-manufacturing business activity index, and composite PMI output index registered 49.3%, 49.4%, and 49.8%, respectively, down 0.8, 0.8, and 0.9 percentage points MoM, indicating a pullback in economic prosperity. I. Manufacturing PMI Declined Slightly, While Production Continued to Expand In January, as some manufacturing industries entered the traditional off-season and effective market demand remained insufficient, the manufacturing PMI stood at 49.3%, reflecting a decline in prosperity compared to the previous month. (1) Enterprise production continued to expand. The production index was 50.6%, above the threshold, indicating sustained expansion in manufacturing production; the new orders index was 49.2%, reflecting a pullback in market demand. By sector, the production and new orders indices for agricultural and non-staple food processing, railway, ship, aerospace equipment, and other industries all exceeded 56.0%, indicating rapid release of production and demand; for petroleum, coal, and other fuel processing, automotive, and other industries, both indices were below the threshold, suggesting slowed market demand and a pullback in production in related sectors. (2) Both price indices rebounded. Influenced by factors such as recent price increases in some bulk commodities, the major raw material purchase price index and ex-factory price index registered 56.1% and 50.6%, respectively, up 3.0 and 1.7 percentage points MoM. Notably, the ex-factory price index rose above the threshold for the first time in nearly 20 months, indicating an overall improvement in the price level of the manufacturing market. By sector, the major raw material purchase price index and ex-factory price index for non-ferrous metal smelting and rolling processing, electrical machinery and equipment, and other industries both rose above 55.0%, reflecting overall price increases for raw material procurement and product sales in related sectors; for timber processing and furniture, petroleum, coal, and other fuel processing, and other industries, both price indices remained below the threshold. (3) The PMI for large enterprises continued to exceed the threshold. The PMI for large enterprises was 50.3%, remaining in expansion territory, with their supportive role continuing to be evident; the PMI for medium and small enterprises were 48.7% and 47.4%, respectively, down 1.1 and 1.2 percentage points MoM, indicating a pullback in their prosperity levels. (4) High-tech manufacturing continued to lead. The PMI for high-tech manufacturing was 52.0%, staying at or above the relatively high level of 52.0% for two consecutive months, indicating sustained positive development trends in related industries. The PMI for equipment manufacturing was 50.1%, remaining in expansion territory. The PMI for consumer goods and high-energy-consumption industries were 48.3% and 47.9%, respectively, reflecting a pullback in their prosperity levels. (V) Enterprise Expectations Remain Optimistic. The business activity expectations index stands at 52.6%, continuing to be above the critical point. By industry, the business activity expectations index for agricultural and sideline food processing, food and beverage refining, and tea industries has remained above 56.0% for two consecutive months, indicating strong confidence among related enterprises in the recent development of their respective industries. II. Non-Manufacturing Business Activity Index Pulls Back Slightly, Financial Market Activity Remains High In January, influenced by factors such as a decline in the prosperity of the construction industry, the non-manufacturing business activity index was 49.4%, down 0.8 percentage points from the previous month, indicating a pullback in the overall prosperity level of the non-manufacturing sector. (I) Service Sector Prosperity Drops Back Slightly. The service sector business activity index was 49.5%, down 0.2 percentage points from the previous month. By industry, the business activity indices for monetary financial services, capital market services, and insurance were all above 65.0%, showing high market activity; the real estate industry's business activity index fell below 40.0%, with a generally weak prosperity level. In terms of market expectations, the service sector business activity expectations index was 57.1%, up 0.7 percentage points from the previous month, indicating that service enterprises' confidence in the near-term market development has strengthened somewhat. (II) Construction Industry Prosperity Declines. Affected by recent low temperatures and the approaching Chinese New Year holiday, construction production and operations slowed down, with the business activity index at 48.8%, down 4.0 percentage points from the previous month, marking a significant pullback in the construction industry's prosperity level. In terms of market expectations, the construction industry business activity expectations index was 49.8%, dropping below the critical point, suggesting that construction enterprises are cautious about the industry's development prospects. III. Composite PMI Output Index Slightly Below Critical Point In January, the composite PMI output index was 49.8%, down 0.9 percentage points from the previous month, indicating that overall enterprise business activities slowed down compared to the previous month. The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 50.6% and 49.4%, respectively.

To promote the high-quality development of the motor industry and strengthen collaborative cooperation between upstream and downstream enterprises in the motor industry, on April 28, 2025, Xu De'an, Director of the Marketing Department, and Fan Cui, Director of the Motor Business Department, from SMM Information & Technology Co., Ltd. (SMM), visited Lanzhou Electric Motor Co., Ltd. for an on-site inspection and were warmly received by the company. During the discussion, the SMM team gained an in-depth understanding of Lanzhou Electric Motor's development history. As a key motor manufacturing enterprise originally established by the former Ministry of Machine-Building Industry in north-west China, Lanzhou Electric Motor was founded in October 1958 and boasts a profound industry heritage. The two sides engaged in in-depth discussions on technological trends, market prospects, and potential cooperation directions within the motor industry, reaching a consensus on future collaborative development. After the meeting, the SMM team toured Lanzhou Electric Motor's intelligent production workshop, giving high praise to its manufacturing processes and quality management system. This visit not only strengthened mutual trust and understanding between the two sides but also laid a solid foundation for future cooperation. Through technology sharing, resource integration, and market linkage, SMM and Lanzhou Electric Motor will jointly enhance the competitiveness of the industry chain and drive industry innovation and upgrading. Both sides agreed to take this exchange as an opportunity to jointly explore more cooperation possibilities, achieve mutual benefit and win-win results, and inject new momentum into the high-quality development of the motor industry. Lanzhou Electric Motor Co., Ltd. is a key motor manufacturing enterprise originally established by the former Ministry of Machine-Building Industry in north-west China in 1958. In 2018, the company relocated to the Lanzhou New Area, a national-level new area, achieving a transformation and upgrading from traditional manufacturing to green, intelligent, and digital manufacturing. The company boasts over 1,600 sets of processing, detection, and testing equipment, with a CNC rate exceeding 86%. It has been recognized as a national-level green factory, provincial-level intelligent factory, and digital workshop. The company is a national-level high-tech enterprise, possessing innovative platforms such as a national-level engineering technology center. Its products have won the first prize of the National Science and Technology Progress Award and the Silver Award for National Quality Products. The company has undertaken multiple national and provincial-level scientific and technological research tasks, including the national "863" Program, the National Science and Technology Support Program, and provincial-level major science and technology projects. It has been awarded the title of "National First-Class Metrology Unit," the "A" Class Qualification Certification for Type Approval of Marine Generators, and possesses the "Energy Efficiency Testing Laboratory" recognized by the China Energy Labeling Center. Vision In the future, the company will continue to uphold its mission of providing "green, lightweight, intelligent, efficient, professional, and integrated" motor products to domestic and overseas users, striving to make greater achievements in the fields of energy efficiency, environmental protection, NEVs, advanced equipment manufacturing, weaponry, and service remanufacturing. Exhibition Name: IEMC 2025 Motor Annual Conference & Industry Chain Expo Exhibition Date: November 12-14, 2025 Exhibition Venue: Ningbo, Zhejiang Scan the QR code to reserve your spot at the exhibition and stay updated with the latest industry trends!

At the 2025 SMM (2nd) Global Renewable Metal Industry Chain Summit - Main Forum hosted by SMM Information & Technology Co., Ltd., Allen Cui, Director of SMM Nonferrous Consulting, shared insights on the topic of "Prospects for the Development of the Global Secondary Metal Industry."

At the 2025 SMM (2nd) Global Recycled Metal Industry Chain Summit - Main Forum hosted by SMM Information & Technology Co., Ltd., Dr. Somthai Wongcharoen, Secretary General of the ASEAN Institution of Recycling (AIR), shared insights on the topic of "Green Transformation and Sustainable Development Prospect of Thailand's Recycled Metals Industry."