In 2025, the global energy storage industry officially entered the 100 GW era. The wave of energy transition drove the industry to achieve breakthroughs in both scale and quality. China continued to lead with a 58.6% share of global new installations, serving as the core engine of global energy storage development. From accelerating technological iteration and breakthroughs to explosive expansion of market size, from comprehensive upgrades in enterprise strategies to sustained capital inflows, the energy storage industry is embracing unprecedented development opportunities and industry transformation. At the launch of the survey for the " 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings, " we comprehensively reviewed the development trajectory of the global and Chinese energy storage industry in 2025, summarizing core highlights and development trends to provide comprehensive and authoritative decision-making references for industry participants including energy storage enterprises, industry investors, upstream and downstream suppliers, and related institutions, facilitating high-quality industry development. Global Energy Storage: Breakthroughs in Both Scale and Structure, with China Dominating the Supply Chain In 2025, global electricity ESS new installations reached 113.3 GW/323.5 GWh, up 48.2%/65.7% YoY, with cumulative installations exceeding 496.2 GW, demonstrating strong growth momentum. China contributed 66.4 GW/189.5 GWh of new installations, ranking first globally for four consecutive years. The US and Europe followed with 22.5 GW and 15.8 GW respectively, forming a stable "one dominant, multiple strong" global energy storage market landscape. In terms of technology routes, lithium-ion batteries remained mainstream with a 92.3% share. Meanwhile, long duration energy storage (LDES) technologies accelerated breakthroughs, with commercialization of flow batteries, compressed air energy storage, and gravity energy storage advancing rapidly. The share of global new LDES projects rose from 12.5% in 2024 to 18.7%. Sodium-ion battery technology maturity continued to rise, with top-tier enterprises achieving mass-produced battery cell energy density exceeding 160 Wh/kg and costs 20%-25% lower than LFP, offering new possibilities for cost reduction in the energy storage industry. At the supply chain level, Chinese enterprises held an absolutely dominant position. In 2025, global ESS battery shipments reached 651.5 GWh, up 76.2% YoY. Chinese enterprises shipped a combined 614.7 GWh, accounting for 94.4% of the global total. From upstream materials to downstream system integration, Chinese enterprises have built a complete and globally competitive supply chain system. China Energy Storage: Accelerating Market-Oriented Transformation with an Increasingly Mature Industrial Ecosystem Amid the rapid development of the global energy storage industry, China, as a core force, demonstrated a positive trajectory of accelerating market-oriented transformation and an increasingly mature industrial ecosystem. As of the end of 2025, China's cumulative electricity ESS installations reached 213.3 GW, accounting for 43.0% of the global total, up 54% YoY. Among them, new-type energy storage cumulative installations reached 144.2 GW, with its share rising to 67.6%, indicating continuous optimization of the industrial structure. In 2025, the global energy storage industry officially entered the 100-GW era. The wave of energy transition drove the industry to achieve dual breakthroughs in scale and quality. China continued to lead with 58.6% of global new installations, serving as the core engine of global energy storage development. From accelerated technological iteration breakthroughs to explosive market size expansion, from comprehensive upgrades in enterprise strategies to sustained capital inflows, the energy storage industry is embracing unprecedented development opportunities and industry transformation. At the launch of the " 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings " survey, we comprehensively reviewed the development trajectory of the global and Chinese energy storage industry in 2025, summarized core industry highlights and development trends, and provided comprehensive and authoritative decision-making references for industry participants including energy storage enterprises, industry investors, upstream and downstream suppliers, and related institutions, facilitating high-quality industry development. Global Energy Storage: Dual Breakthroughs in Scale and Structure, with China Dominating the Supply Chain In 2025, global electricity ESS new installations reached 113.3 GW/323.5 GWh, up 48.2%/65.7% YoY, with cumulative installations exceeding 496.2 GW, demonstrating strong industry growth momentum. China contributed 66.4 GW/189.5 GWh of new installations, ranking first globally for four consecutive years. The US and Europe followed with 22.5 GW and 15.8 GW respectively, forming a stable "one dominant leader with multiple strong players" pattern in the global energy storage market. In terms of technology routes, lithium-ion batteries remained the mainstream, accounting for 92.3%. Meanwhile, long duration energy storage (LDES) technologies accelerated breakthroughs, with the commercialization of flow batteries, compressed air energy storage, and gravity energy storage advancing rapidly. The share of global new LDES projects rose from 12.5% in 2024 to 18.7%. Sodium-ion battery technology maturity continued to rise, with top-tier enterprises achieving mass-produced battery cell energy density exceeding 160 Wh/kg and costs 20%-25% lower than LFP, offering new possibilities for cost reduction in the energy storage industry. At the supply chain level, Chinese enterprises held an absolutely dominant position. In 2025, global ESS battery shipments reached 651.5 GWh, up 76.2% YoY. Chinese enterprises shipped a combined 614.7 GWh, accounting for 94.4% of the global total. From upstream materials to downstream system integration, Chinese enterprises have built a complete and globally competitive supply chain system. China Energy Storage: Accelerating Market-Oriented Transformation and Increasingly Refined Industrial Ecosystem Amid the rapid global development of the energy storage industry, China, as a core force, demonstrates an accelerating market-oriented transformation and an increasingly refined industrial ecosystem. By the end of 2025, China's cumulative electricity ESS installations reached 213.3 GW, accounting for 43.0% of the global total, up 54% YoY. Among them, new-type energy storage cumulative installations reached 144.2 GW, with its share rising to 67.6%, indicating continuous optimization of the industrial structure. Application scenarios , standalone ESS accounted for 63% of new installations, up 2.7 percentage points from 2024. A coordinated development pattern between the power grid side and user side has taken shape, with the core values of energy storage in peak shaving, frequency regulation, and backup being fully released. Market entities, according to Qichacha data, the number of newly registered energy storage-related enterprises in China reached 107,000 in 2025, up 17.0% YoY, hitting a ten-year high. East China and south China demonstrated significant industrial cluster effects, accounting for 32.3% and 20.3% respectively. Meanwhile, industry reshuffle also accelerated, with approximately 50,000 enterprises exiting the market throughout the year, and a "the strong stay strong" industry landscape initially emerged. The dual drivers of policy and market injected sustained momentum into industry development. The NDRC and the National Energy Administration jointly issued the "Guiding Opinions on High-Quality Development of New-Type Energy Storage," setting a clear target of 200 GW for new-type energy storage installations by 2027. At the local level, 12 provinces have introduced standalone ESS support policies. Capacity electricity prices and peak shaving compensation mechanisms have been gradually refined, with the average IRR of standalone ESS reaching 8.5%-10% in 2025. The improvement in market-oriented returns further stimulated investment vitality in the industry. Top-Tier Enterprises Leading: Dual Empowerment of Technological Innovation and Market Expansion In 2025, key enterprises in the energy storage industry continued to intensify technological innovation and market expansion, leading the industry's transformation toward high-quality development. Top-tier enterprises leveraged their technological and scale advantages to continuously consolidate their market positions. CATL , as the industry leader, saw its ESS battery sales up 29.13% YoY in 2025, ranking first globally for five consecutive years. Its ESS revenue reached 62.44 billion yuan, accounting for 14.74% of total revenue. It also launched condensed-state battery technology with an energy density of 500 Wh/kg, and actively deployed sodium-ion batteries, planning to apply them on a large scale in the ESS sector in 2026. Sungrow delivered outstanding performance in the ESS sector, with full-year ESS revenue of 37.287 billion yuan, up 49.39% YoY, accounting for 41.8% of total revenue. Its global ESS shipments exceeded 25 GWh, with markets outside China accounting for 60%, focusing on core markets including the US, Europe, and the Middle East. Beyond technology deployment, major industry contract signings and capacity expansions also occurred frequently. Canadian Solar Inc. had ESS orders on hand worth $3.6 billion, with global ESS shipments hitting a record high. From publicly listed firms' performance, energy storage business has become a core growth driver for many enterprises, with significant performance divergence across the industry and top-tier enterprises further expanding their advantages. CATL, Sungrow, and other leading enterprises achieved steady growth in energy storage business through comprehensive deployment and strong competitiveness. Meanwhile, Sunwoda, Ginlong Technology, and other enterprises also achieved explosive growth in energy storage business. Ginlong Technology's energy storage business grew 185.31% YoY, with significant increases in string-type energy storage inverter shipments. CORUN, leveraging strategic transformation, achieved 1,700% YoY growth in energy storage business and 1,516.64% growth in non-recurring net profit, becoming an industry dark horse. These enterprises' performance fully reflected the strong momentum of the energy storage industry. 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings Survey Officially Launched Currently, the Strait of Hormuz blockade crisis continues to escalate, plunging global energy supply into a severely strained situation and posing enormous challenges to energy security. Against this backdrop, energy storage, as the "ballast stone" of new energy power, has seen its core value in stable power supply and peak shaving increasingly highlighted. It has not only met more urgent rigid market demand but also driven the industry to explore more cost-effective and practically applicable technology solutions, providing critical support for alleviating global energy tensions and safeguarding energy security. Standing at a turning point of the era, the energy storage industry is transitioning from rapid growth to high-quality development, with technology innovation, cost reduction, market expansion, and landscape reshaping becoming the core key words of industry development. To comprehensively review China's energy storage industry achievements, objectively assess enterprises' comprehensive strengths, and build bridges for industry exchange and cooperation, 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings Survey Has Officially Launched ! This 2026 China Energy Storage Top 20 will produce the 2026 China Energy Storage Enterprise Top 20 (Comprehensive), 2026 China ESS Battery Enterprise Top 20 , and 2026 China ESS Enterprise Top 20 . Ultimately, an authoritative ranking with industry influence will be established. This ranking will serve as an important reference for energy storage enterprises, industry investors, upstream and downstream suppliers, survey institutions, and others, facilitating optimal allocation of industry resources and driving higher-quality development of the energy storage industry. Relevant enterprises are welcome to actively participate in the survey and jointly witness the beginning of a new chapter in the energy storage industry. When solar panels in Lebanon broke through war and scarcity to sustain the survival hopes of an entire city; when Europe adopted household ESS as the primary alternative amid the energy crisis, fortifying energy security with household ESS; when Chinese energy enterprises erected an energy security shield for the world with core technologies, outstanding quality, and a sense of responsibility — we clearly see that new energy technologies and new forces are rising to safeguard global energy security. This force demonstrates the confidence and commitment of Chinese brands, and carries humanity's aspiration for stable energy. We believe that Chinese brands will ultimately inject lasting Chinese momentum into global energy security amid the global energy transformation. 2026 Global PV Top 20 Rankings NO.1 2026 Global PV Enterprise Top 20 (Comprehensive) *Based on enterprise's 2025 annual global PV-related project, product, and service revenue (1 million) NO.2 2026 China PV Enterprise Top 20 (Comprehensive) *Based on enterprise's 2025 annual global PV-related project, product, and service revenue (1 million) NO.3 2026 China PV Power Plant Investment Enterprise Top 20 *Based on enterprise's 2025 annual global PV power plant investment grid connection installations (MW) NO.4 2026 China PV Power Plant EPC General Contractor Enterprise Top 20 *Based on enterprise's 2025 annual global PV power plant grid connection installations (MW) NO.5 2026 China PV Module Enterprise Top 20 *Based on enterprise's 2025 annual global module shipments (MW) NO.6 2026 China PV Inverter Publicly Listed Enterprise Top 15 *Based on each publicly listed firm's (including the listed company and its subsidiaries) 2025 annual global inverter shipments (MW) NO.7 2026 China Solar Panel Mounting Bracket Enterprise Top 20 *Based on enterprise's 2025 annual global mounting bracket shipments (MW) Note: Ranking revenue is denominated in RMB (exchange rates are based on the local currency to RMB exchange rate as of December 31, 2025) 2026 China Energy Storage Top 20 Rankings NO.1 2026 China Energy Storage Enterprise Top 20 Rankings (Comprehensive) *Based on enterprise's 2025 annual energy storage-related project, product, and service revenue (1 million) NO.2 2026 China ESS Battery Enterprise Top 20 Rankings *Based on enterprise's 2025 annual ESS battery sales (MWh) NO.3 2026 China ESS Enterprise Top 20 Rankings *Based on enterprise's 2025 annual ESS installations (MWh) Contact Us ABOUT US 2026 Global PV Top 20 Rankings Declaration and Conference Inquiry: Ms. Zhou: 18651953272 Email: 772813695@qq.com 2026 China Energy Storage Top 20 Rankings Declaration and Conference Inquiry: Ms. Liu: 13584535579 Email: 343856673@qq.com

The National Energy Administration held a press conference on April 27 to present the national energy situation and development achievements in Q1 2026. Energy investment maintained relatively fast growth in Q1, providing strong support for the turnaround of national fixed asset investment to positive growth. The power grid's role in ensuring security and expanding investment continued to be demonstrated, and investment in areas such as hydrogen energy, coal-to-oil and gas, and new-type energy storage accelerated its release. Private enterprises deeply participated in national science and technology projects in the energy sector, and a number of major projects were accelerated, providing strong support for China's energy security.

SMM April 27 News: Metals market: As of the midday close, domestic market base metals rose across the board. SHFE copper was up 0.38%, SHFE aluminum up 0.3%, SHFE lead up 0.3%, SHFE zinc up 0.7%, SHFE tin up 0.48%, and SHFE nickel up 2.62%. In addition, the most-traded casting aluminum futures rose 0.4%, the most-traded alumina contract rose 3.36%, the most-traded lithium carbonate contract rose 2.75%, the most-traded silicon metal contract rose 0.29%, and the most-traded polysilicon futures fell 4.47%. Ferrous metals mostly rose. Iron ore was flat at 786 yuan/mt, rebar edged up, hot-rolled coil rose 0.15%, and stainless steel rose 1.26%. Coking coal and coke: the most-traded coking coal contract rose 1.23%, and the most-traded coke contract rose 0.44%. Overseas market base metals: as of 11:43, LME metals mostly rose. LME copper was up 0.51%, LME aluminum up 0.95%, LME lead up 0.1%, LME zinc up 0.58%, LME tin edged down, and LME nickel was up 0.71%. Precious metals: as of 11:43, COMEX gold fell 0.11% and COMEX silver fell 0.38%. Domestic precious metals: the most-traded SHFE gold contract rose 0.12%, and the most-traded SHFE silver contract fell 0.08%. In addition, as of the midday close, the most-traded platinum futures rose 1.21%, and the most-traded palladium futures rose 1.52%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.03% to 2,209.8 points. As of 11:43 on April 27, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 280 yuan/mt, flat with the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, flat with the previous trading day; SX-EW copper was quoted at a premium of 140 yuan/mt, flat with the previous trading day. The average price of Guangdong #1 copper cathode was 103,085 yuan/mt, up 290 yuan/mt from the previous trading day; the average price of SX-EW copper was 102,985 yuan/mt, up 290 yuan/mt from the previous trading day. Spot market: After the weekend, Guangdong inventory declined again, mainly due to fewer arrivals and some manufacturers stockpiling ahead of the holiday... Macro front China: [NBS: January-March profits of China's above-scale industrial enterprises rose 15.5% YoY; non-ferrous sector profits surged 116.7% YoY] NBS data showed that from January to March, total profits of China's above-scale industrial enterprises reached 1.696 trillion yuan, up 15.5% YoY. From January to March, among above-scale industrial enterprises, state-controlled enterprises posted profits of 619.61 billion yuan (up 10.1% YoY), joint-stock enterprises 1.305 trillion yuan (up 20.9%), foreign-invested and Hong Kong, Macao, and Taiwan-invested enterprises 383.73 billion yuan (up 1.2%), and private enterprises 430.53 billion yuan (up 25.4%). Yu Weining, Chief Statistician of the Industrial Department of the National Bureau of Statistics (NBS), interpreted the industrial enterprise profit data for January–March 2026: In Q1, facing a complex economic environment, the CPC Central Committee and the State Council promptly stepped up macro regulation efforts and proactively implemented more active and effective macro policies. The industrial economy steadily rebounded, profits of above-designated-size industrial enterprises grew at a faster pace, profits in equipment manufacturing and high-tech manufacturing grew rapidly, profits in raw material manufacturing posted double-digit growth, and the efficiency of industrial enterprises continued to improve. [National Energy Administration: China's Oil and Gas Supply Was Generally Stable and Orderly in Q1] The National Energy Administration held a press conference on April 27 to brief on the national energy situation and development achievements in Q1 2026. Xing Yiteng, Deputy Director of the Development Planning Department of the National Energy Administration, noted that energy security was effectively safeguarded. The impacts of the Venezuela crisis and the US-Israel-Iran conflict on China's energy supply were properly managed. In Q1, China's oil and gas supply was generally stable and orderly, with above-designated-size industrial crude oil and natural gas production up 1.3% and 3.0% YoY, respectively. Raw coal production remained stable despite a relatively high base in the same period last year, with above-designated-size industrial raw coal production up 0.1% YoY. The safety situation in the power sector was stable and improving, with efficient completion of power emergency responses to various natural disasters and successful completion of power supply assurance for the Chinese New Year and the Two Sessions. (Jin10 Data) [PBOC Achieved a Net Withdrawal of 382 Billion Yuan via Reverse Repo Operations] The PBOC conducted 218.5 billion yuan of 7-day reverse repo operations today. As 600 billion yuan of 1-year MLF and 500 million yuan of 7-day reverse repo operations matured today, a net withdrawal of 382 billion yuan was achieved. (Jin10 Data APP) US dollar: As of 11:43, the US dollar index fell 0.08% to 98.42. Multiple sources revealed that the US Department of Justice was expected to conclude its criminal investigation into Fed Chairman Jerome Powell as early as Friday, thereby ending the standoff that could have delayed the appointment of Powell's successor. Sources said senior DOJ officials recently contacted several senators, including Republican Senator Tom Tillis, a member of the Senate Banking Committee, informing them of plans to drop the investigation into alleged cost overruns in the renovation of the US Fed's Washington headquarters and refer the matter to the Fed's internal watchdog. Powell's term is set to expire next month, but he indicated in March that he would remain in office until Trump's nominee for Fed Chairman, Kevin Warsh, is confirmed. According to the CME "Fed Watch" tool, the probability of the US Fed keeping interest rates unchanged in April was 100%. The probability of a cumulative 25-basis-point interest rate cut by June was 4.7%, while the probability of keeping rates unchanged was 95.3%. (Jin10 Data) Data: Germany's May GfK Consumer Confidence Index, the UK's April CBI Retail Sales Balance, and the US April Dallas Fed Business Activity Index are scheduled for release today. Crude oil: As of 11:43, oil prices in both markets rose, with WTI up 0.85% and Brent up 1.11%. Crude oil futures rose at the start of Monday's session as peace talks between the US and Iran reached an impasse, while oil shipments through the Strait of Hormuz remained limited, keeping global oil supply under sustained pressure. Crude oil futures prices swung wildly recently, as traders had to predict not only when oil exports from the Persian Gulf would resume, but also how long it would take for production in the region to recover to pre-war levels. Trump said on Sunday that Iran was facing growing domestic pressure due to its inability to export oil, which could cause long-term damage to its energy export infrastructure. Goldman Sachs analysts said on Sunday that they had pushed back their expectations for the Strait of Hormuz to return to normal export levels from mid-May to late June. Meanwhile, they raised their Q4 WTI crude oil price expectations from $75 per barrel to $83 per barrel. (Jin10 Data) Citi raised its forecast for the average Brent crude oil price for the remainder of 2026 on Sunday evening local time, stating that if oil shipments through the Strait of Hormuz continued to be disrupted through the end of June, oil prices could rise to $150 per barrel. The bank raised its base-case average price forecasts for Brent crude oil in Q2, Q3, and Q4 of 2026 to $110, $95, and $80 per barrel, respectively. Citi also pushed back its expectations for the reopening of the Strait of Hormuz from mid-to-late April to the end of May. Citi stated: "Given that significant gaps remain between the two sides on their respective red-line issues, we believe the risks are tilted toward the upside for near-term bullish sentiment and H2 2026 base-case oil price forecasts." In the bullish scenario (30% probability), Citi assumed that oil shipment disruptions would persist through the end of June at a scale similar to the current level of disruption. Under this scenario, Brent prices could surge to $150 per barrel, with Q2 and Q3 2026 averages approaching $130 per barrel, before pulling back to around $100 in Q4. The bank also proposed a "super bullish" scenario in which the Strait of Hormuz remained closed beyond June, noting that this would have severe implications for the share of oil expenditure in both global and US economic output. Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

Capacity: according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, the PEM electrolyzer market remained at 2.7 GW, with no new capacity additions for the time being. This week, CPU Hydrogen Power's independently developed 100 Nm³ containerized integrated hydrogen production system completed factory detection and was officially shipped to Sichuan; Trina Green Hydrogen completed the centralized delivery of a batch of 1,000 Nm³/h alkaline hydrogen production equipment, which had arrived at a large-scale green ammonia-methanol project site in China and was about to commence installation; Yigong completed the shipment and delivery of its independently developed and manufactured hydrogen compressor station units. Project-related updates: Jiamusi Hanya New Energy Co., Ltd. : officially signed a memorandum of cooperation in Hefei with Johnson Matthey, a global leader in sustainable technology, and East China Engineering Science and Technology Co., Ltd. The three parties will jointly advance the implementation of the 150,000 mt biomass green methanol demonstration project invested and constructed by Sunshine Green Energy in Tiandong County, Guangxi. Jiang Xi, Executive President of Sunshine Green Energy, Zhong Ling, General Manager of Johnson Matthey China, and Meng Chenzhou, General Manager of East China Engineering Science and Technology, signed the agreement on behalf of their respective parties. Zhongneng Kehang (Baotou) New Energy Technology Co., Ltd.: The annual 300 million m³ green electricity-to-hydrogen project received filing approval. The project is located in Jinshan Economic Development Zone, Guyang County, Baotou City, Inner Mongolia Autonomous Region, with a total investment of 500 million yuan. Construction scale and content: 18 new hydrogen production lines, office buildings, workshops, shift dormitories, etc. Planned construction period: 2026/08–2028/07. Huawang (Qingdao) Hydrogen Energy Technology Group Co., Ltd.: plans to build a 5,000 Nm³/h PSA purification hydrogen production unit in Dongjiakou Chemical Industrial Park, Huangdao District, Qingdao City, Shandong Province. The project will utilize industrial by-product hydrogen resources within the park, and the purified hydrogen will be transported via pipeline to downstream hydrogen refueling stations. The company is now publicly soliciting interested partner manufacturers nationwide, collecting relevant equipment technical proposals and organizing evaluations. Suppliers with appropriate qualifications and project experience are welcome to participate. The project is located in Dongjiakou Chemical Industrial Park, Boli Town, Huangdao District, Qingdao City, with the liaison location at the Hydrogen Energy Building, Boli Town, West Coast New Area, Qingdao City. The available construction area for the unit is approximately 720 m² (30 m × 24 m). Bidding entities are required to complete the layout of process equipment, pipe racks, and maintenance access within the premises of meeting fire protection and safety clearance requirements. Utilities including electricity, circulating water, instrument air, nitrogen, and fire water can be connected to Jinneng Chemical's existing systems. Tieling Carbon Cycle Biotechnology Co., Ltd.: China Energy Engineering Group's CEEC Heilongjiang Institute won the EPC general contracting project for Tieling Carbon Cycle's biomass-to-green-methanol green electricity direct connection project. The project is located in the Chemical Industrial Park of Diaobingshan City, Tieling, Liaoning Province. In this phase, three 220 mt/h high-temperature and high-pressure circulating fluidized bed biomass boilers will be constructed, along with one 50 MW high-temperature and high-pressure extraction-condensing turbo-generator set. Supporting facilities including a desalinated water station, fuel storage yard, and main step-down substation will be built simultaneously. The project primarily provides green electricity and green steam for the overall green ethanol production project, serving as a supporting power plant project. Gansu Runlong Hongneng Energy Management Co., Ltd.: The Guazhou County wind and solar power hydrogen production coupled with biomass-based 250,000 mt/year green methanol integration project, with a total investment of 5.5 billion yuan, officially commenced construction at the Liugou Coal Chemical Industrial Park. The project is invested and constructed by Gansu Runlong Hongneng Energy Management Co., Ltd. It is a major construction reserve project listed by Gansu Province for 2026 and a key benchmark industrial project for Jiuquan City and Guazhou County. The project plans to build 390 MW wind power, 150 MW PV, with supporting 160 MW/320 MWh grid-forming ESS, 48,000 Nm³/h water electrolysis hydrogen production facilities, and a 250,000 mt/year green methanol synthesis unit, while simultaneously achieving biomass gasification synthesis coupled production. Adopting the "green electricity to green hydrogen + biomass gas synthesis" technology route, the project can achieve over 5% self-generated and self-consumed clean electricity, produce over 20,000 mt of green hydrogen annually, consume over 200,000 mt of agricultural and forestry waste annually, and build a zero-carbon energy and resource recycling system. China Energy Engineering Bochuang Green Fuel (Shenyang) Co., Ltd.: The Phase I 100,000 mt green methanol project of the Shenyang wind and solar power hydrogen production integrated with biomass green alcohol and oil demonstration project released an EPC general contracting tender announcement. Phase I construction includes 100 MW centralised wind power, 50 MW/100 MWh electrochemical energy storage, a 100,000 mt/year green methanol unit, and supporting facilities such as 360,000 mt/year biomass pretreatment. The biomass pretreatment plant produces 360,000 mt of biomass white pellets annually. The green methanol system is equipped with 3×1,000 Nm³/h electrolyser hydrogen production equipment, 60,000 Nm³ hydrogen storage tanks, two 600 mt/day pressurised fluidised bed gasification units, and a 100,000 mt/year methanol synthesis unit. The wind farm installs ten 10 MW wind turbines with a rotor diameter of 230 m and a wheel hub height of 160 m, connected to the project's supporting 66 kV step-down substation via two 66 kV overhead lines, with corresponding public auxiliary works constructed simultaneously. Zhongke Yitan Energy Technology (Chifeng) Co., Ltd.: The Hexigten Banner wind and solar power hydrogen-to-methanol and SAF integration project received filing approval. The project is located in Bayanduhumu Gacha, Darihanwula Sumu, Hexigten Banner, Chifeng City, Inner Mongolia Autonomous Region. The project entity is Zhongke Yitan Energy Technology (Chifeng) Co., Ltd., with a total investment of 7.5 billion yuan. Construction scale and content: 1. Construction of one water electrolysis hydrogen production line, including water electrolysis hydrogen production equipment, gas-liquid separation equipment, purification equipment, etc., with an annual green hydrogen output of 62,500 mt; 2. Construction of one green methanol synthesis production line, including biomass gasification equipment, combined purification equipment, methanol synthesis equipment, etc., with an annual green methanol production of 500,000 mt; 3. Construction of one SAF synthesis production line, with an annual SAF production of 100,000 mt. Planned construction period: 2026/05–2028/12. Jiamusi Hanya New Energy Co., Ltd. : China Energy Engineering CEPDI North China Institute signed a contract for the feasibility study and survey design of the Heilongjiang Huanan County 1.2 GW off-grid wind power hydrogen production and 500 MW grid-connected wind power project. In the off-grid wind power hydrogen-to-methanol project, the total installed wind power capacity is 1.2 GW, using 48 units with a single-unit capacity of 6.25 MW and 90 units with a single-unit capacity of 10 MW. The annual power generation of the wind farm is approximately 3.7 billion kWh, with approximately 3,081 annual equivalent full-load hours. Supporting construction includes four 220 kV step-up substations and ESS. After wind power hydrogen production, the hydrogen reacts with captured biomass carbon sources to produce methanol, with an annual methanol output of approximately 300,000 mt. Policy Review 1. The General Office of the Ministry of Industry and Information Technology and other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines mention: Developing green design solutions. Focusing on industries such as automobiles, construction machinery, machine tools, bearings, wind power equipment, hydrogen energy equipment, PV, lithium batteries, household appliances, packaging, detergents, textiles, biomanufacturing, methanol, and tyres, and targeting key directions of green design, the aim is to develop green design solutions that are technologically advanced, economically feasible, and supply-demand compatible, forming a batch of replicable and scalable exemplary green design solutions. The goal is to cultivate green design solution providers with high professional standards and strong service capabilities, and to build a virtuous ecosystem of "demand-driven — solution development — industrial application". 2. Opinions of the General Office of the CPC Central Committee and the General Office of the State Council on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction. The opinions aim to use transport energy conservation and carbon reduction and green energy transition as two key drivers, coordinate low-carbon development with energy security, and accelerate the construction of a clean, low-carbon, safe, and efficient modern energy and transport system. Enterprise Updates Shanghai Yigong Hydrogen Energy Technology Co., Ltd.: The independently developed hydrogen compressor station unit completed delivery and shipment. The equipment will serve as the core power equipment for a hydrogen refueling station, applied in the Sinopec Shanghai Pudong Airport hydrogen refueling station project, providing high-pressure hydrogen refueling services for fuel cell logistics vehicles and tow tractors at the airport, and supporting the construction of a green, low-carbon, and smart integrated energy system at Pudong Airport. Lineng New Energy Technology (Beijing) Co., Ltd.: Hanshan County signed a contract with Lineng New Energy Technology (Beijing) Co., Ltd. for a carbon paper diffusion layer substrate material R&D and manufacturing project. This project is a localisation project for key materials of hydrogen fuel cells and will be established in Hanshan, Anhui Province. Jiangsu Trina Green Hydrogen Technology Co., Ltd.: A batch of 1,000 Nm³/h alkaline hydrogen production equipment was delivered in a centralised shipment. The equipment has arrived at a large-scale domestic green ammonia-methanol project site and is about to commence installation. All electrolysers delivered in this batch were shipped after passing detection at the hydrogen production testing platform at the Yangzhou base. The platform covers approximately 2,000 m², is compatible with full-range hydrogen production system testing from 500 to 2,000 Nm³/h, has cumulatively completed testing of equipment exceeding 50 MW in scale, and possesses full-process performance verification and three-tier safety management capabilities. Suzhou CPU Hydrogen Power Technology Co., Ltd. : The independently developed 100 Nm³ containerised integrated hydrogen production system completed factory detection and was officially shipped to Sichuan, where it will support a local central state-owned enterprise hydrogen production project. The equipment adopts a modular integrated design, integrating electrolysis hydrogen production, purification, and intelligent management processes into a standard container, offering the advantages of convenient transport and rapid installation, enabling "installation upon arrival, commissioning upon installation." The equipment is customised to operate 8,000 hours annually, producing 72 mt of high-purity hydrogen per year. All performance parameters meet the stringent requirements of central state-owned enterprises, ensuring stable and continuous industrial hydrogen supply. Huadian (Ningxia) Energy Co., Ltd.: The tender for the preparation of the planning report for the Ningdong and surrounding areas green hydrogen coupled coal chemical integration project was officially released. The project covers the Ningxia Ningdong Energy and Chemical Industry Base and surrounding areas of Lingwu and Wuzhong, as well as the Ordos region of Inner Mongolia, planning to build a 10kt-level green hydrogen coupled coal chemical and cross-regional pipeline hydrogen transport system. The core project scale includes approximately 1.5 GW of new energy installed capacity, with supporting annual green hydrogen production of approximately 40,000 mt, for deep coupling with traditional coal chemical industries. According to the announcement, the winning bidder is required to complete the full set of planning reports within 180 days after the contract takes effect. The tender scope covers entire industry chain research, including regional industrial foundations, green hydrogen supply-demand and economic analysis, hydrogen storage and transport systems, key project planning, feasibility of green electricity-to-hydrogen layout, and energy and electricity policy consultation for both Ningxia and Inner Mongolia. China Marine Bunker (PetroChina) Co., Ltd.: Windey Energy Technology Group and China Marine Bunker officially signed a strategic cooperation agreement. Qin Ling, General Manager of China Marine Bunker, and Cheng Chenguang, General Manager of Windey Energy Technology Group, attended the ceremony and witnessed the signing. Under the agreement, both parties will focus on the core business of green fuel consumption and sales, deepening collaboration and synergising efforts in key areas such as specification and standard formulation, pricing mechanism development, and logistics and transport systems. By integrating resources and leveraging complementary strengths, they aim to jointly enhance the core competitiveness of the green shipping industry chain and inject new momentum into promoting high-quality transformation and green, low-carbon development of the shipping industry. Beijing Mingyang Hydrogen Energy Technology Co., Ltd.: Officially signed a series of hydrogen production equipment sales contracts with Spanish company KT. Under the agreement, Mingyang Hydrogen Energy will serve as the core hydrogen energy equipment and solution provider, supplying Spanish company KT with 1 MW AEM and 25 MW ALK complete hydrogen production systems and related supporting services, jointly opening a new chapter in in-depth Sino-Spanish green hydrogen industry cooperation. Hangyang Group Co., Ltd.: The company recently announced plans to invest in establishing Ordos Hangyang Gas Co., Ltd. (tentative name), constructing a new 70,000 Nm³/h air separation unit at the Dalu Industrial Park in Jungar Banner, Ordos City, Inner Mongolia, to provide critical gas supply for the Phase II expansion project of Inner Mongolia Tianrun Green Energy Chemical's 300,000 mt synthetic ammonia and 520,000 mt urea project. The park is a national-level modern coal chemical industry base in Inner Mongolia. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1. Petronor and H2SITE collaborated to advance membrane technology for hydrogen production, enhancing high-purity hydrogen and low-carbon efficiency in refining. 2. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining asymmetry in electron distribution. 3. The research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed the Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 4. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode as a core component for seawater hydrogen production. 5. Johnson Matthey and Syensqo achieved efficient recovery and recycling of platinum group metals and ionomers from PEM fuel cells and electrolysers, significantly reducing the carbon footprint.

SMM April 23 News: Metals market: As of the overnight close, base metals on both domestic and overseas markets generally rose, with SHFE lead being the only decliner, down 0.03%. LME tin closed flat at $50,595/mt. LME copper and LME aluminum rose over 2%, with LME copper up 2.4% and LME aluminum up 2.58%. LME nickel rose 1.74%, and SHFE copper rose 1.4%. Other metals gained less than 1%, with the alumina front-month contract up 0.81% and the casting aluminum front-month contract up 0.64%. Overnight, ferrous metals generally rose, with iron ore being the only decliner, down 0.25%. Hot-rolled coil rose 0.62%. Coking coal and coke side, coking coal rose 0.67% and coke rose 1.01%. Overnight, precious metals side, COMEX gold rose 0.82% and COMEX silver rose 1.56%. In China, SHFE gold fell 0.19% and SHFE silver rose 0.65%. Overnight closing prices as of 6:43 AM on April 23: Macro Front China: [Energy Conservation and Carbon Reduction: Major Policy Document Issued by the General Office of the CPC Central Committee and the State Council] On April 22, the General Office of the CPC Central Committee and the General Office of the State Council released the "Opinions on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction." Energy conservation and carbon reduction serve as a key lever for advancing carbon peaking and carbon neutrality and accelerating the green transformation of development models, and as an important pillar for safeguarding national energy security and promoting industrial quality upgrading. The Opinions require consistently adhering to the principle of conservation priority, integrating energy conservation and carbon reduction throughout the entire process and all aspects of economic and social development, achieving higher-level and higher-quality energy conservation and carbon reduction, firmly curbing unreasonable growth in total energy consumption, continuously improving energy and resource output efficiency, and effectively reducing carbon emissions at the source, so as to provide strong support for achieving carbon peaking and carbon neutrality and accelerating the comprehensive green transformation of economic and social development. The Opinions set out specific arrangements in areas including coordinating energy conservation, carbon reduction, and green transformation; vigorously advancing energy conservation and carbon reduction in key sectors; further strengthening supervision and management of energy conservation and carbon reduction; and reinforcing support and safeguards for energy conservation and carbon reduction work. US dollar: As of the overnight close, the US dollar index rose 0.23% to 98.61. According to a Reuters poll of economists, the US Fed will have to wait at least six months before cutting interest rates this year, as the energy shock triggered by the conflict has once again intensified already elevated inflation. In the April 17-21 survey, 56 out of 103 economists forecast that the US Fed's benchmark interest rate would remain in the 3.50%-3.75% range through the end of September, whereas in the late March survey, nearly 70% of economists expected at least one interest rate cut by then. In an early March survey, most economists expected an interest rate cut by the end of June. In the latest survey, 71 economists still expected at least one interest rate cut this year, with the median estimate pointing to only one cut, in line with the dot plot projections released by the US Fed last month. Currently, nearly one-third of economists expect rates to remain unchanged this year, nearly double the proportion in the previous survey. (Jin10 Data APP) Reuters poll: 56 out of 103 economists believed the US Fed would keep the federal funds rate in the 3.50%-3.75% range through September (in the late March survey, 56 out of 82 economists forecast at least one interest rate cut by September). (Jin10 Data APP) A report from Oxford Economics noted that Kevin Warsh favors major reforms to the US Fed and its communication strategy — but any reforms he wishes to implement would be constrained by the need to build consensus among US Fed officials. The report stated: "The Fed Chairman cannot unilaterally make such reforms." The report also mentioned that potential changes to the US Fed's communication strategy could include reducing the number of annual FOMC meetings and not holding press conferences after every committee meeting. The report further noted that Warsh opposes the use of forward guidance as a policy tool and opposes the publication of economic projections. (Jin10 Data APP) On the macro front: Data to be released today include US initial jobless claims for the week ending April 18, US April S&P Global Manufacturing PMI preliminary reading, US April S&P Global Services PMI preliminary reading, UK March public sector net borrowing, UK April Manufacturing PMI preliminary reading, UK April Services PMI preliminary reading, UK April CBI Industrial Orders balance, France April Manufacturing PMI preliminary reading, Eurozone April Manufacturing PMI preliminary reading, and Germany April Manufacturing PMI preliminary reading. In addition, the Ministry of Commerce will hold its 4th regular press conference in April. ECB President Lagarde will deliver a speech, and the second round of ambassador-level talks between Israel and Lebanon will be held at the US State Department. Crude oil: As of the overnight close, oil prices on both markets rose together, with WTI up 3.57% and Brent up 3.12%. Crude oil futures rose for a third consecutive trading day, as expectations for the reopening of the Strait of Hormuz were dashed once again. Ritterbusch & Associates stated in a report that Trump's extension of the ceasefire agreement removed the immediate possibility of escalation, but negotiations could be delayed, and the US blockade would likely remain in place indefinitely. Exports via alternative routes and the release of strategic petroleum reserves partially offset the impact of the strait closure on oil prices, while "price-related demand destruction is becoming a hotter topic." (Jin10 Data APP) The US Energy Information Administration (EIA) said on Wednesday that US crude oil inventory increased last week, while gasoline and refined product inventories declined, and total US exports reached record levels due to supply disruptions caused by the Iran conflict. The EIA said crude oil inventory increased by 1.9 million barrels to 465.7 million barrels in the week ending April 17, compared with expectations of a 1.2 million barrel decrease. The EIA said crude oil inventory at the Cushing, Oklahoma delivery hub increased by 806,000 barrels. Despite the unexpected inventory build, oil prices still rose. (Jin10 Data APP) Sources: The Caspian Pipeline Consortium (CPC) blend crude oil export plan for May was set at 1.8 million barrels per day, up from the April plan of 1.65 million barrels per day. Kazakhstan plans to reroute some crude oil originally scheduled for delivery to Germany via the Druzhba pipeline in May to CPC exports. (Reuters) (Jin10 Data APP)

The blockade of the Strait of Hormuz has delivered a direct and material external shock to Southeast Asia’s energy supply structure. Solar (PV) is emerging as the main alternative for reducing exposure to fossil fuel price volatility. However, the structural tension between accelerating PV penetration and entrenched electricity market models will be the decisive factor governing the region’s energy transition pace.