Recently, Shanghai Yangshan Port held a green methanol bunkering event. Shanghai Electric, together with Shanghai International Port Group and French CMA CGM Group, completed a batch bunkering of 8,000 mt of green methanol, setting a new world record for the largest single green methanol bunkering volume and marking the project's further progress into the stage of continuous stable production and large-scale delivery. The green methanol used in this bunkering was supplied by Shanghai Electric's Taonan Green Methanol Project. The new breakthrough in bunkering volume reflects that China's green fuel industry is enhancing its coordination capabilities across production, transportation, storage, and port application, and provides practical support for the shipping industry in expanding the use of low-carbon fuels. In June this year, Shanghai, Jilin, and Liaoning jointly launched a green fuel transport corridor, creating a complete logistics chain from production in Taonan, Jilin, through transshipment and storage at Dalian Port in Liaoning, to bunkering at Shanghai Port. The successful bunkering of 8,000 mt of green methanol this time marks the first large-scale validation of the corridor since it became operational. Currently, Shanghai is accelerating the construction of an international shipping green fuel bunkering center, certification center, and trading center. This batch bunkering serves as both a staged demonstration of the construction achievements and a new opportunity to further deepen cooperation between the green fuel supply chain and industry chain. As the main production site for green methanol, Shanghai Electric's Taonan Project relies on the abundant wind energy and biomass resources in Jilin. It employs a complete set of process systems and core equipment independently developed by Shanghai Electric, including pure-oxygen pressurized fluidized bed biomass gasification technology, to build the world's first large-scale plant coupling green electricity with biomass to produce green methanol. Currently, the project has entered the stage of continuous stable production and batch delivery, and can continuously supply green methanol products based on the actual needs of vessels at the Shanghai International Shipping Center. The project's stable supply further verifies the full-chain operational capability of green methanol from the production end, through the transportation end, to the port bunkering end. Looking ahead, Shanghai Electric will continue to strengthen industrial collaboration with partners such as the National Green Development Fund, and promote technological innovation and project construction across the entire chain of green fuel production, storage, transportation, and application. Meanwhile, the company will work with relevant parties to accelerate the construction of the green hydrogen coupled with biomass integrated green methanol-oil project in Taonan, enhancing the large-scale supply capability of green fuels for the shipping and aviation sectors. This event was jointly completed by Shanghai Electric, Shanghai International Port Group, and CMA CGM Group. Representatives from relevant government departments, industry associations, scientific research institutions, financial institutions, and industry chain cooperation partners witnessed the bunkering activity. According to the plan, the second phase of Shanghai Electric's Jilin Taonan green hydrogen coupled with biomass integrated green methanol-oil project will officially start construction on August 20 and is expected to be fully completed and put into operation in 2028. After commissioning, the project will have an annual capacity of 200 kt of green methanol and 10 kt of sustainable aviation fuel, providing more fuel security for the green and low-carbon transition of the shipping and aviation sectors.

Recently, China Energy Group Ningxia Coal Industry achieved phased results in the large-scale utilization of green hydrogen and the low-carbon integration with coal chemical production, providing fresh practical reference for the green transformation of the traditional coal chemical industry. As of August 14, 2026, Ningxia Coal Industry had utilized a cumulative 21.3864 million standard m³ of green hydrogen and produced 10,800 mt of green ammonia, equivalent to reducing carbon dioxide emissions by 36,500 mt. These results indicate that China's first industrial demonstration project for coupling a high proportion of green hydrogen with coal-based synthetic ammonia production has achieved phased success. The project introduced green hydrogen produced from renewable energy into the coal chemical production process. Through deep integration of green hydrogen with traditional processes, it explores a technical pathway for the synergistic development of renewable energy and the modern coal chemical industry. The achievement of the project's phased goals also provides real-world application scenarios for solving the challenge of large-scale green hydrogen utilization. Green hydrogen is produced using electricity from renewable energy, resulting in low carbon emissions during production, and serves as a crucial link between the new energy and traditional, energy-intensive industries. Using green hydrogen in ammonia production can not only reduce the demand for hydrogen from fossil fuels but also help lower carbon emissions across the entire life cycle of coal chemical products. In recent years, Ningxia Coal Industry, aligning with the national 'dual carbon' goals, has continuously refined its green development layout, making energy conservation, carbon reduction, and low-carbon transformation a key focus for the enterprise's high-quality development. By promoting upgrades to traditional coal chemical facilities, expanding application scenarios for green hydrogen, and strengthening coal chemical integration, the enterprise has gradually formed an industrial pathway for the synergistic development of green hydrogen, green ammonia, and the coal chemical industry. The green ammonia production exceeding 10,000 mt this time signifies that the application of green hydrogen in large-scale coal chemical scenarios has further moved from demonstration validation towards scaled-up practice. The construction, operation, and utilization experience accumulated from the project can serve as a reference for other coal chemical enterprises in adopting green hydrogen substitution, optimizing their energy mix, and reducing production emissions. As the capacity for hydrogen production from renewable energy continues to increase, the integration of green hydrogen with the coal chemical and synthetic ammonia industries is expected to expand further. The phased results achieved by Ningxia Coal Industry provide a practical sample for exploring green, low-carbon transformation models for energy-intensive industries, and they also open new pathways for the local conversion and utilization of regional new energy resources.

SMM, August 19: In the metals market: Overnight, base metals on the domestic market mostly fell. SHFE copper fell 0.89%. SHFE aluminum fell 0.75%. SHFE zinc fell 1.07%, SHFE tin fell 1.21%. SHFE nickel fell 0.25%. SHFE lead rose 0.47%. In addition, the most-traded alumina futures contract fell 0.07%, and the most-traded aluminum casting futures contract fell 0.46%. Overnight, ferrous metals all rose. Stainless steel rose 0.25%, iron ore rose 1.63%, and rebar rose 0.7%. HRC rose 0.67%. For coking coal and coke: the most-traded coking coal contract rose 2.22%, and the most-traded coke contract rose 2.46%. Overnight, on the overseas market, LME base metals broadly fell. LME copper fell 1.2%. LME aluminum fell 1.29%. LME lead rose 0.16%. LME zinc fell 1.68%. LME tin fell 1.12%. LME nickel rose 0.24%. Overnight, in precious metals : COMEX gold fell 1.88%, and COMEX silver fell 4.24%. Overnight, the most-traded SHFE gold contract fell 0.95%, and the most-traded SHFE silver contract fell 2.95%. As of 7:16 AM on August 19, overnight closing prices: Macro front China: [State Council: Broaden the Scope of Housing Provident Fund Withdrawal and Use] Premier Li Qiang recently signed a State Council decree, announcing the Decision of the State Council on Amending the Regulations on the Management of Housing Provident Funds, which will take effect on September 20, 2026. The amendments include broadening the scope of withdrawal and use. For the withdrawal of housing provident funds to pay rent, the threshold that rent must exceed a prescribed percentage of household wage income is removed; new circumstances in which housing provident funds can be withdrawn are added, including for the renovation of owner-occupied housing, payment of property management fees for owner-occupied housing, and other housing consumption scenarios approved by the State Council. The investment and utilization channels for housing provident funds are appropriately broadened, and it is clarified that housing provident fund management centers may use housing provident funds to purchase policy-oriented financial bonds. [Ministry of Commerce: 18 Measures Introduced to Further Stimulate the Vitality of the Lower-Tier Market] On the afternoon of August 18, the State Council Information Office held a press conference to introduce efforts to stimulate the vitality of the lower-tier market and boost consumption at the county level. A responsible official from the Ministry of Commerce stated that, regarding the optimization of the commercial environment in counties, the Opinions propose accelerating the renewal of existing commercial facilities, optimizing the layout of commercial outlets, improving supporting commercial services, and revitalizing idle resources and assets. The efficiency of urban-rural distribution networks will be improved, two-way distribution channels between urban and rural areas will be unblocked, and the coordinated development of online and offline channels will be promoted. In terms of enriching supply in county-level consumption, we will guide chain enterprises to accelerate their expansion into lower-tier markets, encourage local brands to uphold tradition while pursuing innovation, and develop new business formats in line with local conditions. We will expand the supply of high-quality, reasonably priced goods, accelerate the improvement of service formats such as elderly care and childcare, and promote the integrated development of commerce, agriculture, culture, tourism, and sports. (From the Wall Street CN APP) [Shanghai: By 2030, Striving to Build Shanghai into a Core Node in the Global Logistics and Supply Chain Network, an International Logistics Hub, and a Global Supply Chain Management Center City] The General Office of the Shanghai Municipal People's Government issued the "Shanghai Modern Logistics Development 15th Five-Year Plan." By 2030, a modern logistics system characterized by internal and external connectivity, convenience and efficiency, value-added empowerment, and smart and green development will be fully established. Efforts will focus on improving the logistics network composed of "gateway hubs—regional bases—community-level nodes." The logistics industry structure will be continuously optimized, logistics operation quality and efficiency will be further improved, and the international competitiveness, industrial support capacity, and livelihood security capability of logistics services will be significantly enhanced. The goal is to build Shanghai into a core node in the global logistics and supply chain network, an international logistics hub, and a global supply chain management center city. (From the Wall Street CN APP) US Dollar: The overnight US dollar index rose 0.07% to 99.65. Bond traders have adjusted their strategies once again. Following a series of data suggesting that a rate hike by the US Fed for the rest of the year is nearly impossible, options market bets are attempting to hedge against the risk of the Fed pivoting to an interest rate cut in 2027. This dovish bet contradicts recent movements in the US Treasury market: long-term bond yields have risen to multi-year highs, as a Fed on hold would keep inflation persistently above target for longer. Options traders closely tied to the Fed's policy path, however, are turning their attention to signs of US economic weakness, which they believe could trigger a market reversal. This trend first emerged when data released last week showed that inflation and consumer demand slowed down in July, cooling market expectations for a rate hike at the Fed's September meeting. Options market participants subsequently began adjusting their positions, reducing the magnitude of rate hikes priced into the swap market for the coming months. Some options are even considering hedging the risk of a rate cut that could occur by the middle of next year. "Concerns about rate hikes have diminished," said Jeff Schul, head of rates at Constitution Capital, noting that positions betting on that outcome are being unwound. According to CME "FedWatch": The probability that the Fed will keep interest rates unchanged through September is 65%, and the probability of a cumulative 25-basis-point rate hike is 35%. The probability that the Fed will keep interest rates unchanged through October is 51.4%, the probability of a cumulative 25-basis-point rate hike is 41.3%, and the probability of a cumulative 50-basis-point rate hike is 7.4%. "Fed Whisperer" Nick Timiraos: In a Cleveland Fed survey, business executives expected CPI inflation to be 3.3% over the next year, down slightly from Q2's 3.7%. They saw no significant changes in wage growth (2.8% over the next year vs. 2.9% in last year's survey) or employment levels. R&D spending growth was expected to slow down, projected at 2.0% over the next year, below the 3.1% in last year's survey. Bank of America's August Global Fund Manager Survey showed that most expect Fed Chairman Warsh to strike a neutral tone at the Fed's annual Jackson Hole symposium later this month. Among respondents, 31% expect a "hawkish" message, while only 7% expect a "dovish" one. (Jin10 Data APP) On the macro front: Data due today include UK July CPI m/m, UK July RPI m/m, Eurozone June seasonally adjusted current account, Eurozone July CPI y/y final, and Eurozone July CPI m/m final. Also in focus: ECB President Lagarde participates in a "Global Economic Outlook" discussion at the World Economic Forum's International Business Council (IBC) meeting; Kuaishou holds its earnings call. On the crude oil front: Both crude oil futures extended their gains from the previous two sessions overnight, with WTI crude up 0.81% and Brent crude up 0.51%. Al Jazeera reported, citing US officials, that Trump has directed his team not to negotiate with Iran until it is ready to sign an agreement. The official said there were positive discussions with Iran, but Trump decided to wait. The official added that there is no contradiction in the administration's statements on Iran negotiations. (Jin10 Data APP) While crude oil prices remain calm, diesel is seeing strong undercurrents. The US-Iran ceasefire agreement technically expired on Monday; Trump stated that the US is not currently negotiating with Iran but insisted the Strait of Hormuz is open and operating normally. The US Strategic Petroleum Reserve fell to 293.4 million barrels, the lowest since 1982. Ukrainian drone strikes pushed Russian crude exports to a four-week low, disrupting supplies in both the Middle East and the Black Sea, making refiners the big winners. Jet fuel and diesel prices per barrel equivalent are both near 2022 crisis levels, while WTI is at just $84.92, generating extremely wide crack spreads. (Wall Street CN)

SMM News on August 15: Metals market: Overnight last Friday, base metals in the domestic market mostly rose. SHFE copper rose 0.49%; on a weekly basis, SHFE copper fell 0.31% for the week. SHFE aluminum was flat at 23,945 yuan/mt. SHFE lead fell 0.22%, SHFE zinc rose 0.41%, and SHFE tin rose 0.36%. SHFE nickel edged up 0.07%. In addition, the most-traded alumina futures contract fell 0.19%, while the most-traded cast aluminum contract rose 0.24%. Overnight last Friday, ferrous metals showed mixed performance. Stainless steel fell 0.49%, iron ore fell 0.35%, and rebar fell 0.03%. Hot-rolled coil rose 0.34%. Coking coal and coke: the most-traded coking coal contract rose 1.7%, and the most-traded coke contract rose 1.97%. Overnight last Friday, overseas metals: LME base metals all rose. LME copper rose 0.26%; on a weekly basis, LME copper extended gains for seven consecutive weeks, up 1.07% for the week. LME aluminum rose 0.22%. LME lead rose 0.26%. LME zinc rose 0.45%. LME tin rose 0.36%. LME nickel rose 0.3%. Overnight last Friday, precious metals : COMEX gold rose 0.26%; COMEX gold posted a fourth consecutive weekly gain, up 0.73% for the week. COMEX silver fell 0.26%; COMEX silver logged a second consecutive weekly gain, up 2.09% for the week. Overnight last Friday, the most-traded SHFE gold contract rose 0.6%; SHFE gold posted a fourth consecutive weekly gain, up 1.68% for the week. The most-traded SHFE silver contract rose 0.57%; SHFE silver extended gains for four consecutive weeks, up 3.45% for the week. As of 7:17 on August 15, overnight last Friday’s closing prices: Macro front China: [Central bank: Aggregate social financing rose by 2.225 trillion yuan in the first seven months; M2 in July was up 7.7% YoY] According to preliminary statistics from the central bank, in the first seven months of 2026, the cumulative increase in aggregate social financing totaled 2.225 trillion yuan, down 174 billion yuan from the same period last year. Among them, RMB loans to the real economy increased by 1.017 trillion yuan, an increase of 214 billion yuan less YoY; foreign-currency loans to the real economy (converted into RMB) increased by 169.4 billion yuan, an increase of 241.9 billion yuan more YoY; entrusted loans decreased by 81 billion yuan, a decrease of 12.1 billion yuan more YoY; trust loans decreased by 67.2 billion yuan, a decrease of 226.4 billion yuan more YoY; undiscounted bank acceptance bills decreased by 178.6 billion yuan, a decrease of 41 billion yuan less YoY; net financing of enterprise bonds was 252 billion yuan, 110 billion yuan more YoY; net financing of government bonds was 776 billion yuan, 115 billion yuan less YoY; and domestic equity financing by non-financial enterprises was 406.1 billion yuan, 184.7 billion yuan more YoY. In the first seven months, RMB loans increased by 10.38 trillion yuan. By sector, loans to households decreased by 827.1 billion yuan, of which short-term loans decreased by 928.1 billion yuan and medium- and long-term loans increased by 101 billion yuan; loans to enterprises and public institutions increased by 11 trillion yuan, of which short-term loans increased by 4.34 trillion yuan, medium- and long-term loans increased by 5.32 trillion yuan, and bill financing increased by 1.19 trillion yuan; loans to non-bank financial institutions decreased by 394.4 billion yuan. At the end of July, the outstanding balance of broad money (M2) was 355.51 trillion yuan, up 7.7% YoY. The outstanding balance of narrow money (M1) was 115.46 trillion yuan, up 4% YoY. The outstanding balance of currency in circulation (M0) was 14.82 trillion yuan, up 11.6% YoY. In the first seven months, net cash injection totaled 725.5 billion yuan. [Shanghai: Promoting Leading Industries Such as Integrated Circuits, Civil Aviation, Smart Vehicles, and High-End Equipment to Accumulate Strength and Gain Momentum] Today (August 14), Shanghai Municipal Party Secretary Chen Jining spent an entire day conducting a survey and presiding over a symposium in the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone. Chen Jining pointed out that the Lingang Special Area should always place advanced manufacturing in a prominent position and unswervingly enhance its capacity and core competitiveness. It should seize the opportunities of digitalization, intelligence, and green development, place greater emphasis on cultivating industrial ecosystems while ensuring project implementation, focus on cultivating industry leaders and high-growth enterprises, and focus on developing industrial platforms and improving service capabilities, thereby enhancing the resilience and stickiness of industrial development and promoting leading industries such as integrated circuits, civil aviation, smart vehicles, and high-end equipment to accumulate strength and gain momentum. It should leverage the advantage of abundant manufacturing scenarios, promote the digital and intelligent transformation of industry, increase the application of industrial robots, vertical models, and intelligent agents in key links such as production and manufacturing, and equipment operation and maintenance, and drive the systematic transformation of the entire process covering industrial design, pilot-scale validation, inspection and testing, and marketing and operations. It should optimize the business environment, provide better services for enterprises, and accelerate the cultivation of world-class enterprises. It should deepen the reform of the management system of development zones, and refine and improve reform plans around key links such as functional positioning, spatial integration, professional services, and assessment and evaluation. (Shanghai Release) On the US dollar: Last Friday, the US dollar index fell 0.32% overnight, closing at 99.64. On a weekly basis: the US dollar index rose on the week, up 0.04% for the week. US July retail sales released on Friday decreased 0.6% MoM, marking the largest decline in more than a year. Coupled with mild inflation data this week, market pricing for a US Fed rate hike in September collapsed further. The US dollar index fell. Under the triple blow of mild CPI on Wednesday, zero MoM growth in PPI on Thursday, and unexpectedly weak retail sales on Friday, the probability of a September rate hike plunged from 75% at the end of July to around 25%; CME FedWatch showed that 67% of traders were betting on rates being held steady in September. The focus of market pricing has shifted from "how many more rate hikes are needed" to "whether this round of rate hikes has ended".(Wallstreetcn) The US Department of Commerce announced on Friday that retail sales in July fell 0.6% MoM, the largest decline in more than a year, while market expectations were for slight growth. Core control group sales excluding automobiles, building materials, and gas stations fell 0.4%, the worst performance since January 2025. The University of Michigan's preliminary August Consumer Sentiment Index released on the same day was only 51, well below the expected 54.5.(Wallstreetcn) US consumer confidence fell for the first time in three months as households worried about deteriorating business conditions and rising inflation. According to survey data released by the University of Michigan on Friday, the preliminary August consumer sentiment index fell to 51, below the final July reading of 55.2. The median expectation among economists was 55. Consumers expect prices to rise 4.3% over the next year, edging up MoM and markedly above the level before the Iran conflict broke out in February. They also expect prices to rise at an annual rate of 3.3% over the next 5 to 10 years. After two consecutive months of improvement, consumer confidence in both the short- and long-term economic outlook deteriorated. Since the beginning of the year, changes in consumers' expectations for the labour market have been relatively small. The survey showed that consumers were increasingly worried about inflation, while concerns about unemployment declined. This survey covered responses collected from July 28 to August 10. During this period, the US national average gasoline price hovered above $4 per gallon. Another report released on Friday showed that US retail sales in July recorded their largest decline in over a year, as consumers cut back on automobile and online store purchases.(Jin10 Data App) US Fed's Goolsbee said he supported the decision to keep interest rates unchanged in July. He pointed out that the two most recent productivity data readings were disappointing, and if productivity continues to decline, the US Fed may need to reassess market expectations for artificial intelligence (AI). Goolsbee said the latest CPI data were encouraging, but more data are needed to make a judgment; continued consumption weakness is concerning, though the weakness in retail sales is currently only a single-month performance. At the same time, US GDP and the labour market were basically stable overall.(from Wallstreetcn App) According to CME "US Fed Watch": the probabilities for the US Fed in September are no change in interest rates (67.5%) and a cumulative 25-basis-point rate hike (32.5%). The probabilities for the US Fed in October are no change in interest rates (53.3%), a cumulative 25-basis-point rate hike (39.8%), and a cumulative 50-basis-point rate hike (6.8%).(Jin10 Data App) On the macro front: This week will see the release of China July total retail sales of consumer goods YoY, China July value added of industrial enterprises above designated size YoY, Canada July CPI MoM, US August New York Fed Manufacturing Index, US August NAHB Housing Market Index, UK ILO unemployment rate for the three months to June, UK July unemployment rate, UK July unemployment benefit claimant count, Germany August ZEW Economic Sentiment Index, Eurozone August ZEW Economic Sentiment Index, US weekly ADP employment change for the week ending August 1, US July total annualized housing starts, US July total building permits, US July import price index MoM, US July industrial output MoM, US July pending home sales index MoM, UK July CPI MoM, UK July retail price index MoM, Eurozone June seasonally adjusted current account, Eurozone July final CPI YoY, Eurozone July final CPI MoM, China July SWIFT RMB share in global payments, China 1-year loan prime rate for August 20, Australia July seasonally adjusted unemployment rate, Germany July PPI MoM, Switzerland July trade balance, UK August CBI industrial orders balance, US initial jobless claims for the week ending August 15, US August Philadelphia Fed Manufacturing Index, US July Conference Board Leading Indicators MoM, UK August GfK Consumer Confidence Index, Japan July core CPI YoY, UK July public sector net borrowing, UK July seasonally adjusted retail sales MoM, France August flash manufacturing PMI, Germany August flash manufacturing PMI, Eurozone August flash manufacturing PMI, UK August flash manufacturing PMI, UK August flash services PMI, Canada June retail sales MoM, US August flash S&P Global Manufacturing PMI, global flash services PMI, Eurozone August flash consumer confidence index, and other data. In addition, this week also requires attention: the National Bureau of Statistics (NBS) will release the monthly report on residential selling prices in 70 large and medium-sized cities; the State Council Information Office will hold a press conference on the performance of the national economy; European Central Bank President Lagarde will attend the "Global Economic Outlook" discussion at the World Economic Forum International Business Council (IBC) meeting; the US Fed will release the minutes of its monetary policy meeting; and Hang Seng Indexes will announce the Hang Seng Index Series Review results for Q2 2026. On the crude oil front: Last Friday, futures for both crude oils rose in overnight trading, with WTI crude oil futures up 1.42% and Brent crude oil futures up 2.01%. On a weekly basis: WTI crude oil futures rose for the week, up 5.4%; Brent crude oil futures closed higher for the week, up 6.31%. International crude oil prices rose, driven by a near standstill in traffic through the Strait of Hormuz. Two vessels were attacked in the Strait of Hormuz that day, and traffic came to a near standstill. The US said it could maintain a maritime blockade against Iran indefinitely, and Trump also said that the US would impose severe economic measures on Iran. Capital Economics estimates that current crude oil flows through the Strait of Hormuz are only about 4 million to 5 million barrels per day, far below pre-conflict levels. Dated Brent maintained a spot premium structure, indicating continued tightness in physical supply. Capacity at three of the world’s four major refining centers has been impaired, and surging refined product prices are being passed directly to end consumers. (Wall Street CN) Traders said that, with the Strait of Hormuz still largely closed, Asian refiners were seeking alternative supplies for deliveries later this year, and at least four Asian refiners purchased US crude this week. Both the US and Iran claim control of the Strait of Hormuz, and vessel traffic through the strait fell below the monthly average in the latter half of this week. With no sign that shipping through the strait will resume normal flows in the short term, tightening fuel supply will push up refining margins, prompting refiners to lock in crude inventories needed for the coming months from markets outside the Gulf region. South Korea’s GS Caltex purchased 2 million barrels of Mars crude from Shell and plans to take delivery in November. Traders said the cargo was priced at a premium of about $13 to $14 per barrel over the October Dubai benchmark price. Japan’s third-largest refiner Cosmo Energy Holdings bought Mars crude from Trafigura; Japan’s largest refiner ENEOS purchased 2 million barrels of WTI crude from Trafigura at a premium of more than $10 per barrel over the October WTI price and plans to take delivery in November. (Jin10 Data App) US Energy Information Administration (EIA): US petroleum production is expected to average 13.83 million barrels per day in August, compared with 13.82 million barrels per day in July; production is expected to average 13.77 million barrels per day in September. (Jin10 Data App) It is worth noting that, due to contract rollover, the September NYMEX New York crude oil futures will complete final floor trading at 2:30 on August 21 and final electronic trading at 5:00 a.m. Please pay attention to exchange announcements regarding expiration and contract rollover to manage risk. In addition, some trading platforms usually set the expiration time of US crude oil contracts one day earlier than the official NYMEX schedule, so please pay extra attention. Recommended Reading:

Jiangxi Zhongke Yamei will continue to deepen its presence in the magnesium-alloy lightweight materials sector, driven by technological innovation and guided by market demand, continuously expanding the boundaries of material performance and application scenarios. The company is committed to becoming a leading magnesium-alloy lightweight materials solutions provider in China with international recognition, contributing to the lightweight transformation and green development of China’s manufacturing industry.

The Urban Renewal 15th Five-Year Plan has identified 23 key tasks involving cultivating and strengthening new momentum for urban development, promoting the green and low-carbon transformation of urban development, and enhancing urban safety resilience. During the 15th Five-Year Plan period, urban renewal is expected to complete an investment of 15 trillion yuan. First, government funding for urban renewal has been continuously scaled up. This year, 97 billion yuan was allocated within the central budget for urban renewal, and 160 billion yuan from ultra-long special government bonds was allocated to support underground pipeline construction; second, private capital has been actively following suit. For projects such as the renewal of urban blocks, factory areas, and industrial parks—which can generate stable returns through professional operation—private capital will participate actively. Bank credit, real estate investment trusts, and asset securitization instruments will further diversify funding sources; ordinary residents are also among the main participants. For installing elevators in old walk-up apartments and self-initiated redevelopment of dilapidated housing through original-site demolition and reconstruction, the principle of "those who benefit should pay" applies, and residents' own investment is also indispensable.