Recently, the full series of AEM hydrogen production products under Hydrogen-Powered Energy has entered a new phase of large-scale deployment and delivery, with six benchmark projects being advanced simultaneously. The business scenarios comprehensively cover core fields including scientific research and innovation, hydrogen production under special operating conditions, energy storage-electrolysis coupling, and industrial distributed hydrogen production. The product power spectrum is complete, extending from low-power scientific research equipment to 250kW large-scale industrial-grade equipment, comprehensively verifying the enterprise's outstanding capabilities in universal adaptability, technological innovation, scenario implementation, and personalized customization services for AEM hydrogen production products. Targeting the hydrogen energy research needs of universities and scientific research institutions, the enterprise has developed dedicated equipment for the 2.5kW AEM Electrolysis Hydrogen Production Scientific Research Platform . This standardized hydrogen production equipment is tailor-made for laboratory scenarios and can fully satisfy various scientific research experimental needs such as fundamental hydrogen energy theoretical research, core material performance testing, and electrolysis reaction mechanism exploration. The equipment adopts a lightweight integrated architecture, with a compact overall size and flexible installation and deployment. It supports dynamic power regulation across a wide range, precisely aligning with the refined and diversified operating condition standards of scientific research experiments. Meanwhile, it is equipped with a full-dimensional real-time data acquisition system, enabling traceable operating conditions and customizable experimental parameters, providing highly reliable and adaptive hardware support for industry-academia-research innovation in the hydrogen energy field. In the innovative field of energy coupling and co-production, the enterprise has implemented the 2.5kW AEM Hydrogen Production Coupled with Organic Liquid Electrolysis Project , breaking through the limitations of single functionality in traditional hydrogen production models. This project serves as a supporting facility for China Southern Power Grid's research on key technologies for organic liquid electrochemical hydrogen storage. It innovatively adopts an integrated linkage technology of AEM water electrolysis for hydrogen production and organic liquid electrolysis for hydrogen storage. While completing electrolytic hydrogen production, it achieves organic liquid electrochemical hydrogenation and dehydrogenation linkage operations through the cathode and anode reactions, constructing a new integrated hydrogen production and storage system. This technology can effectively adapt to scenarios such as power grid energy storage peak shaving and new energy consumption, solving the industry challenges of single profit models and low comprehensive returns of traditional hydrogen production projects, and providing a brand-new technical implementation path for the efficient utilization of comprehensive grid energy and the coupled co-production of hydrogen energy and chemical industries. Targeting special operating scenarios such as marine and specialized water environments, Hydrogen-Powered Energy has successfully delivered the 5kW AEM Direct Seawater Electrolysis Hydrogen Production Testing Platform , supporting a scientific research project at a national key laboratory. This equipment can achieve direct electrolysis of seawater for hydrogen production without complex pretreatment processes. Its rated hydrogen production capacity reaches 1Nm³/h, with a unit hydrogen production energy consumption as low as 4.3kwh/Nm³. The system features excellent chlorine corrosion resistance and can adapt to complex seawater conditions. The successful delivery of this equipment marks a critical breakthrough by the enterprise in the core technology of direct seawater electrolysis for hydrogen production. It can provide mature and feasible technical solutions for special scenarios such as resource recovery hydrogen production from industrial wastewater, supporting energy supply for offshore new energy, and island off-grid independent hydrogen production, demonstrating extremely high technological innovation value and scenario application scarcity. Focusing on the construction of new-type power systems and the demands for new energy consumption, the enterprise has launched the 25kW AEM Small-Scale Hydrogen Energy Storage System , primarily targeting distributed energy storage supporting applications. This system is custom-developed for distributed grid energy storage and wind power, PV and NEV sectors consumption scenarios. It possesses second-level rapid power response capabilities, can adapt to wide-range power fluctuations, and precisely matches the intermittent and fluctuating power generation characteristics of PV and wind power. The equipment adopts a highly integrated modular design, with simple operation and maintenance and strong scenario adaptability. It can quickly accomplish the efficient conversion and storage of green electricity into hydrogen energy, building a small-scale closed-loop hydrogen energy storage system. This effectively assists the grid in peak shaving and valley filling, promotes local and nearby consumption of new energy, and represents premium implementation equipment for distributed hydrogen energy storage in current new-type power systems.

[Magnesium Alloy Demand Accelerating Release, Lightweight Applications Entering Full-Scale Boom] In 2026, the magnesium alloy market demand entered a high-speed growth cycle. Applications in NEV lightweighting, high-end equipment, and high performance transportation equipment continued to expand. The industry ushered in a golden window period of improved supply-demand structure and accelerated technology commercialization, with coordinated deployment across the upstream and downstream of the industry chain picking up pace.

As production order fully resumed after the Chinese New Year, the sodium-ion battery industry chain saw a strong recovery in March. Production across the four major segments—cathode, anode, electrolyte, and battery cell—posted substantial growth both YoY and MoM, with industry prosperity rebounding markedly.

February 2026 coincided with the Chinese New Year holiday. Affected by holiday factors, production pace across core segments of China’s sodium-ion battery industry generally slowed, showing an “off-season reset” trend. From cathodes, anodes, and electrolyte to battery cells and end-users, production across all segments declined MoM to varying degrees, while YoY still maintained a certain degree of growth resilience.

SMM News on May 29: In the morning of May 29, the automobile and auto parts sectors surged rapidly at the opening bell. The automobile sector index briefly rose by over 2.6% during the session, while the auto parts sector gained more than 2.3%. Among individual stocks, Dongfeng Motor's share price hit the daily limit, with multiple stocks such as King Long United Automotive Industry and Dongfeng Motor New Energy Technology following suit. The auto parts sector witnessed a wave of stocks hitting the daily limit, with over nine stocks, including Chaojie Technology, Yunnan Inner Power, Tongda Electrical, Zhengyu Industry, Hexing Co., Ltd., and Xingmin Intelligent Transportation, sealing the daily limit during the session. On the news front, the Ministry of Industry and Information Technology (MIIT) released its 2025 regulatory development work plan this morning. Projects to be submitted to the ministerial meeting for review this year include the Interim Measures for the Comprehensive Utilisation Management of Scrap Power Batteries from New Energy Vehicles and the Interim Measures for the Total Volume Control and Management of Rare Earth Mining and Smelting and Separation. Projects to be urgently researched and drafted include the Management Measures for the Recycling and Comprehensive Utilisation of Lithium-ion Batteries from E-bikes and the Implementation Rules for the Approval of Domestic Units Leasing Overseas Satellite Resources. Notably, the price war in the new energy vehicle sector has reignited recently. Last Friday, BYD launched a limited-time "fixed-price" sales promotion, mainly targeting users replacing their old vehicles, and increased the replacement subsidy while reducing prices. It is understood that this promotion involves a total of 22 intelligent driving models from the Wangchao and Ocean networks, with a maximum subsidy of up to 53,000 yuan. The promotion period runs from May 23 to June 30. The Ocean network's intelligent driving models start at 55,800 yuan, and the Haishi 07EV 550 Intelligent Navigation Edition's official guidance price of 189,800 yuan has been directly reduced to 149,800 yuan under the "fixed-price" scheme. Following BYD's move to initiate price cuts, multiple automotive brands, including Geely Galaxy, Leap Motor, and Shanghai GM Buick, have also gradually followed suit with price reductions, offering maximum replacement subsidies ranging from 20,000 to 25,000 yuan. Cui Dongshu, Secretary General of the China Passenger Car Association, stated that BYD's recent price cuts on 22 models would have a certain impact on current car market prices. He also mentioned that compared to 41 models in April last year and 19 models in April 2023, the number of models with price reductions in April this year has significantly decreased, reflecting a notable cooling of the "price-cutting trend." However, as automakers strive to achieve their annual sales targets, competition in the car market will intensify further in the second half of the year. He Xiaopeng, Chairman of XPeng Motors, mentioned on the evening of May 28 that the current "price war" is not yet the most intense, and it may become even fiercer in one of the next five years. Regarding XPeng Motors' future, He Xiaopeng stated that XPeng Motors should first not "compete on price" but rather "compete on technology"; second, it should expand globally beyond China; and third, it should transform new quality productive forces towards embodied intelligence. In addition, recently, trade-in policies across various regions in China have been continuously strengthened. Over the past few trading days, several provinces and cities, including Shanghai, Henan, Fujian, and Harbin, have successively issued car purchase incentive policies. In Shanghai, on May 21, the General Office of the Shanghai Municipal People's Government issued the "Shanghai Special Action Plan to Boost Consumption." It mentioned intensifying and expanding the implementation of trade-in for consumer goods. To promote auto consumption, the plan aims to implement the national vehicle scrappage and renewal subsidy policy and Shanghai's vehicle replacement and renewal subsidy policy. It also seeks to implement the national home appliance trade-in subsidy policy, introduce new subsidies for digital products such as mobile phones, tablets, and smartwatches (or smart bands), and further support green home appliances, home furnishings, and home decoration consumption. The General Office of the Henan Provincial Government also recently issued the "Henan Province Special Action Plan to Boost Consumption," which proposed intensifying efforts to promote trade-in. It supports vehicle scrappage and replacement, offering a maximum subsidy of 20,000 yuan for scrapping eligible old passenger cars and purchasing passenger NEVs, and a maximum subsidy of 15,000 yuan for purchasing fuel-powered passenger cars. For transferring old cars and purchasing passenger NEVs, the maximum subsidy is 15,000 yuan, and for fuel-powered passenger cars, it is 13,000 yuan. By 2025, the province aims to complete the scrappage and replacement of approximately 500,000 vehicles and the trade-in of over 8 million home appliances. In Harbin, according to the Harbin Bureau of Commerce, starting from May 28, Harbin will launch the "2025 Harbin Summer Charm Ice City Car Purchase Promotion" campaign. During the event, 48 million yuan in car purchase subsidies will be distributed on a first-come, first-served basis until the funds are exhausted. The subsidies are targeted at individual consumers, with no regional restrictions. Anyone purchasing a new household passenger car (including NEVs) with "China VI" standards and seven seats or fewer from participating merchants can enjoy government subsidy policies in three tiers. For vehicles priced at 150,000 yuan or below (inclusive), a subsidy of 3,000 yuan per car will be provided; for vehicles priced above 150,000 yuan up to 300,000 yuan (inclusive), a subsidy of 4,000 yuan per car will be provided; and for vehicles priced above 300,000 yuan, a subsidy of 5,000 yuan per car will be provided. On May 28, the General Office of the Fujian Provincial Government issued the "Fujian Province Special Action Plan to Boost Consumption," which proposed supporting auto consumption. It aims to promote activities such as car modification, rental, racing, exhibitions, RV camping, and traditional classic car consumption in the automotive aftermarket. It encourages local governments to cultivate and expand used car business entities, promote "reverse invoicing" for used car sales, and accelerate the transition from brokerage to dealership models in the used car market. It also supports local governments in conducting auto consumption promotion activities, stacking car purchase incentive policies for additional support. By the end of 2025, China aims to have built over 80,000 public charging piles in total, achieving full coverage of public charging facilities in every township. The vehicle trade-in subsidy policy has also significantly boosted the automotive market. The China Passenger Car Association (CPCA) has stated that the effects of the "program of large-scale equipment upgrades and consumer goods trade-ins" have continued to emerge this year. From January to April this year, various regions and relevant departments have fully utilized the ultra-long-term special treasury bond funds to promote the continued effectiveness of the policy to expand and strengthen the "program of large-scale equipment upgrades and consumer goods trade-ins". The policy to expand and strengthen the trade-in of consumer goods has yielded remarkable results, with diverse consumption scenarios continuously innovating, driving improved performance in the industries and supply chains of related products. Driven by the vehicle trade-in and replacement subsidy policy, 10.12 million vehicles were produced from January to April 2025, up 11% YoY.

【Camino Minerals Discovers New Copper Resources in Peru】Mining company Camino Minerals reported the exploration results of its Los Chapitos copper mine project in Peru, indicating the potential discovery of new copper-silver resources. The company and its partner, Nittetsu Mining Co., Ltd., have completed drilling activities at Pampero and plan to conduct further exploration in H2 2025. (Webstock Inc.)