SMM News, May 29: Metals market: Overnight, domestic base metals mostly rose. SHFE copper was up 1.17%. SHFE aluminum was up 0.39%, SHFE lead was down 0.24%. SHFE zinc was up 0.89%. SHFE tin was up 2.66%. SHFE nickel was up 0.61%. In addition, the most-traded alumina futures contract was up 0.63%, and the most-traded casting aluminum futures contract was up 0.39%. Overnight, ferrous metals mostly fell. Iron ore and hot-rolled coil edged down, stainless steel edged up 0.03%, and rebar was down 0.1%. Coking coal and coke: the most-traded coking coal futures contract was down 0.23%, and the most-traded coke futures contract was up 0.08%. Overnight, overseas market metals saw LME base metals rise across the board. LME copper was up 1.71%. LME aluminum was up 1.47%, LME lead was up 0.9%. LME zinc was up 1.44%. LME tin was up 2.47%. LME nickel was up 1.06%. Overnight precious metals : A weaker US dollar drove gold to reverse from losses to gains. Overnight COMEX gold ultimately rose 1.02%, and COMEX silver was up 1.36%. Overnight the most-traded SHFE gold contract was up 1.91%, and the most-traded SHFE silver contract was up 2.71%. As of 7:24 AM on May 29, overnight closing prices: Macro front China: [The State Council issued the Urban Renewal 15th Five-Year Plan: increasing improvement-oriented housing supply based on city-specific policies and regulating the development of the housing rental market] The State Council issued the Urban Renewal 15th Five-Year Plan. The plan proposed conducting a comprehensive survey of existing urban asset resources, promoting classified disposal of supplied but undeveloped land and projects under construction, and revitalizing idle and inefficient old factory buildings, commercial office spaces, commodity housing, and public housing. It called for accelerating the construction of a new model for real estate development, improving fundamental systems for commodity housing development, financing, and sales. The plan aims to optimize the supply of affordable housing, strengthen housing security for low-income urban families with housing difficulties, better meet the basic housing needs of working-class groups with housing difficulties and modest incomes, and gradually address the transitional housing difficulties of new urban residents and young people. It will increase improvement-oriented housing supply based on city-specific policies and regulate the development of the housing rental market. The plan promotes the transformation and development of real estate developers and their participation in urban renewal. It will deepen the reform of the housing provident fund system, expand its scope of use, strive to meet the diversified housing needs of contributors at different stages, and support flexible employment workers in participating in the housing provident fund system. It will also strengthen and regulate the management of existing urban infrastructure assets. [The National Development and Reform Commission (NDRC) organized a video conference to arrange and deploy national energy supply assurance work for the summer peak] Recently, the NDRC organized the 2026 national video conference on energy supply assurance for the summer peak, thoroughly studying and implementing the spirit of the 20th National Congress of the CPC and all plenary sessions of the 20th Central Committee, earnestly implementing the decisions and deployments of the CPC Central Committee and the State Council, and arranging energy supply assurance work for the summer peak. The meeting required that all regions and relevant enterprises fully recognize the importance, complexity, and long-term nature of summer peak energy supply assurance tasks, closely monitor key regions and critical periods, conduct rolling assessments, strengthen dispatching, fully implement all supply assurance measures, prepare and utilize supply assurance contingency plans, and ensure safe and stable energy operations during the summer peak. It called for ensuring stable generation and supply, securing the production and supply of primary energy sources such as coal and natural gas, strengthening coal transportation for power generation, and meeting peak power generation demand. It urged continued promotion of efficient fulfillment of medium and long-term contracts for electricity, thermal coal, and natural gas. It emphasized strengthening power equipment operation and maintenance management to achieve stable and reliable output, optimizing power dispatching, and fully leveraging the peak-shaving capacity of various power supply sources. (NDRC) [Two departments jointly lay out systematic plans for AI metrology capacity building] The State Administration for Market Regulation and the NDRC jointly issued the Guidelines for AI Metrology System and Capacity Building (2026 Edition), systematically laying out AI metrology capacity building. The Guidelines are organized around six major sections—basic support, general technology, core technology, metrology technical specifications, metrology services for industry, and intelligent empowerment of metrology—bridging the "last mile" between laboratory innovation and industry application. Focusing on the challenge of "measurement inaccuracy" to make AI more trustworthy, the Guidelines deploy key technology research on AI system internal state monitoring and characterization to address pain points such as algorithmic "black boxes" and poor decision explainability, promoting the establishment of reliable, safe, and trustworthy metrology standards for AI, achieving "measurable, comparable, and traceable" AI technical performance. (CCTV News) [SHFE takes restrictive position-opening regulatory measures against certain clients] SHFE announced that on May 28, 2026, three groups of accounts with actual control relationships exceeded the intraday position-opening trading volume limits on relevant contracts, reaching the exchange's action threshold. The trading behavior of the above clients violated Article 16 of the Shanghai Futures Exchange Measures for the Administration of Abnormal Trading Behavior. The exchange decided to impose restrictive position-opening regulatory measures on the relevant clients in the corresponding products. (Jin10 Data APP) [Chinese automakers surpass the 100 million cumulative production and sales milestone for the first time] On the afternoon of May 28, SAIC delivered its 100 millionth vehicle, marking the birth of the first auto group in Chinese automotive history to surpass 100 million units in cumulative production and sales, in Shanghai. The emergence of China's first "100-million-unit automaker" is a vivid testament to over 70 years of Chinese automotive industry development from nothing to something, from weak to strong, and represents an important milestone for "Made in China." (Xinhua) US dollar: Overnight, the US dollar index fell 0.22% to 99.01. According to Wallstreetcn, April PCE inflation came in below expectations MoM, Q1 GDP annualized growth was revised down to 1.6%, new home sales declined sharply, and initial jobless claims also slightly exceeded expectations. Weak US data combined with ceasefire hopes jointly boosted interest rate cut expectations. According to data released Thursday by the US Bureau of Economic Analysis (BEA), the US April PCE price index was 3.8% YoY, in line with expectations, the highest level since May 2023, with the Iran war driving energy prices higher as the main factor. The Fed's preferred inflation gauge—the core PCE price index (excluding food and energy)—rose 3.3% YoY in April, hitting a new high since November 2023. Meanwhile, another BEA report showed that US Q1 GDP annualized growth was revised down to 1.6%, below the initial estimate of 2.0%. The coexistence of weak consumption and elevated inflation made the market's judgment on the Fed's monetary policy direction increasingly complex. (Wallstreetcn) Other currencies: Meeting minutes released Thursday showed that the European Central Bank's decision to hold rates unchanged last month was a "difficult choice" for some policymakers; given signs of persistently high inflation, they found it hard to ignore the shock triggered by energy factors. The ECB noted in the minutes: "Several members indicated that this decision was a difficult choice; had a rate hike proposal been on the agenda for this meeting, they would not have opposed it." The ECB also stated: "Since the last meeting, the value of 'pausing rate hikes to preserve policy options' has diminished; at the same time, the approach of taking no monetary policy action and merely adopting a 'temporary disregard' attitude toward the current situation has become increasingly less appropriate." (Jin10 Data APP) Macro: Today will see the release of France's May CPI monthly preliminary reading, France's Q1 GDP annual final reading, Germany's May seasonally adjusted unemployment figures, Germany's May seasonally adjusted unemployment rate, Germany's May CPI monthly preliminary reading, Canada's March GDP monthly rate, and the US May Chicago PMI, among other data. In addition, attention should be paid to: 2027 FOMC voter and Richmond Fed President Barkin participating in a fireside chat at a conference hosted by Johns Hopkins University Carey Business School; 2026 FOMC voter and Minneapolis Fed President Kashkari participating in an exchange event at Korea University; Bank of England Governor Bailey delivering a speech; 2028 FOMC voter and Kansas City Fed President Schmid delivering a speech; Fed Governor Bowman delivering a speech; and 2026 FOMC voter and Philadelphia Fed President Paulsen delivering a speech on the economic outlook. Crude oil: Thursday saw US-Iran ceasefire rumors flip-flopping, with oil prices swinging wildly throughout the day before closing flat. Reports of a memorandum of understanding between the US and Iran sent WTI futures plunging from $91 to near $87—before instantly rebounding to near $90. Ultimately, overnight WTI was down 0.17% and Brent was up 0.16%. (Wallstreetcn) According to CCTV, on May 28 local time, US and Iranian negotiators reached an agreement framework on a 60-day memorandum of understanding, intended to extend the ceasefire and launch negotiations on Iran's nuclear issue, but still requiring final approval from US President Trump. US officials said the terms of the agreement were largely finalised before the 26th, but both sides still needed approval from their respective top leadership. The US side said Iran subsequently indicated it had obtained the necessary authorization and was ready to sign, but Iranian officials had not yet confirmed this. US officials said negotiators had briefed Trump on the final agreement, but he did not immediately approve it, stating he "needed a few days to consider." According to CCTV, on May 28 local time, Saeed Aghalou, a member of the Iranian negotiating delegation's media team, stated that as of now, Iran has not agreed to any memorandum of understanding, nor has it confirmed to Pakistani mediators that it has approved the memorandum. Furthermore, he explicitly stated that Iran made no commitments on nuclear issues during negotiations with the US. A source close to the negotiating team said the text of the potential memorandum of understanding has not been finalised or confirmed. Western media reports claiming that an agreement between Iran and the US has been finalised are not true. Iran has not informed Pakistani mediators that the text has been finalised. Once finalised, Iran will announce the matter to Pakistani mediators and the public. Until then, any claims by Western sources that the matter has been "finalised" are not credible. The Islamic Revolutionary Guard Corps Navy said on social media on the 28th that 23 ships passed through the Strait of Hormuz in the past 24 hours. (Xinhua) US Energy Information Administration (EIA) data showed: US crude oil imports from Iraq fell to zero last week, hitting a record low. For the week ending May 22, US Strategic Petroleum Reserve (SPR) inventory decreased by 9.063 million barrels to 365.1 million barrels, a decline of 2.42%. Commercial crude oil inventory excluding strategic reserves decreased by 3.327 million barrels to 442 million barrels, a decline of 0.75%. US commercial crude oil inventory excluding strategic reserves for the week ending May 22 was at its lowest since the week of February 27, 2026. US EIA Strategic Petroleum Reserve inventory for the week ending May 22 was at its lowest since the week of April 12, 2024. (Jin10 Data APP)

SMM May 11 News: Metals market: As of the midday close, domestic market base metals mostly rose. SHFE copper was up 1.01%, SHFE aluminum up 0.86%, SHFE lead edged down slightly, SHFE zinc fell 0.6%, SHFE tin was up 0.38%, and SHFE nickel up 0.86%. In addition, the most-traded casting aluminum futures rose 1.09%, the most-traded alumina contract fell 0.81%, the most-traded lithium carbonate contract rose 3.1%, the most-traded silicon metal contract rose 1.66%, and the most-traded polysilicon futures fell 2.8%. Ferrous metals mostly rose. Iron ore was up 0.86%, rebar up 0.52%, hot-rolled coil up 0.46%, and stainless steel down 0.07%. Coking coal and coke: the most-traded coking coal contract rose 0.85%, and the most-traded coke contract rose 1.65%. Overseas market base metals, as of 11:46, LME metals were nearly all up. LME copper rose 0.59%, LME aluminum up 0.67%, LME zinc down 0.31%, LME lead edged up slightly, LME tin up 1.16%, and LME nickel up 1.29%. Precious metals, as of 11:46, COMEX gold fell 0.77% and COMEX silver rose 0.66%. Domestic market precious metals: the most-traded SHFE gold contract fell 0.96%, and the most-traded SHFE silver contract rose 0.68%. In addition, as of the midday close, the most-traded platinum futures rose 0.14%, and the most-traded palladium futures fell 0.62%. As of the midday close, the most-traded Europe containerized freight index contract rose 5.07% to 2,474.5 points. As of 11:46 on May 11, midday futures quotes for selected contracts: Spot and Fundamentals Lead: An SMM survey showed that in April, refined lead supply from secondary lead enterprises edged up MoM, mainly driven by production resumptions at previously idled enterprises and restocking of raw materials to boost output... Macro Front China: [NBS: April CPI Up 1.2% YoY, PPI Up 2.8% YoY, PPI Growth Expanded] NBS data showed that in April 2026, the national consumer price index rose 1.2% YoY. Among them, urban areas were up 1.2% and rural areas up 1.0%; food prices fell 1.6%, while non-food prices rose 1.8%; consumer goods prices rose 1.4%, and services prices rose 0.9%. On average from January to April, the national CPI was up 0.9% YoY. In April, the national CPI rose 0.3% MoM. Among them, urban areas were up 0.3% and rural areas up 0.1%; food prices fell 1.6%, while non-food prices rose 0.7%; consumer goods prices rose 0.1%, and services prices rose 0.5%. In April 2026, national industrial producer ex-factory prices rose 2.8% YoY and 1.7% MoM. Industrial producer purchase prices rose 3.5% YoY and 2.1% MoM. For the January–April average, industrial producer ex-factory prices were up 0.2% from the same period last year, and industrial producer purchase prices were up 0.5%. Dong Lijuan, Chief Statistician of the Urban Division of the National Bureau of Statistics (NBS), interpreted the April 2026 CPI and PPI data. The main characteristics of PPI MoM movements this month were as follows: First, international input factors drove up prices in China's petroleum-related industries. Rising international crude oil prices drove up prices in domestic petroleum-related industries. Specifically, prices in the petroleum and natural gas extraction industry rose 18.5% MoM, petroleum, coal, and other fuel processing industry prices rose 16.4%, chemical raw materials and chemical products manufacturing prices rose 8.3%, chemical fiber manufacturing prices rose 5.6%, and rubber and plastics products industry prices rose 1.7%. Second, increased demand in some domestic industries drove prices higher. Rapid growth in computing power demand and accelerated electrification pushed optical fiber manufacturing prices up 22.5% MoM, external storage devices and components prices up 3.2%, and non-ferrous metal smelting and rolling processing industry prices up 0.2%. Restocking demand for thermal coal was released, combined with increased non-power coal demand from chemical and metallurgical industries, driving coal mining and washing industry prices up 1.9%. Continued advancement of manufacturing equipment upgrades drove increased steel demand, pushing ferrous metals smelting and rolling processing industry prices up 0.6%. Third, competition order in the Chinese market continued to improve, with prices in related industries rising or declines narrowing. Efforts to address "involution-style" competition continued to show results, with lithium-ion battery manufacturing prices up 1.6% MoM, new energy vehicle manufacturing prices down 0.1%, with the decline narrowing by 0.7 percentage points from the previous month. The PBOC conducted 500 million yuan in 7-day reverse repo operations today. As no reverse repos matured today, a net injection of 500 million yuan was achieved. US dollar: As of 11:46, the US dollar index was up 0.24% at 98.08. Data from the US Department of Labor showed that US April non-farm payrolls added 115,000 jobs, far exceeding expectations, thanks to strong corporate earnings and enterprises' effective response to supply chain disruptions triggered by the Iran war. The unemployment rate held steady at 4.3%, in line with economists' expectations. From trade to immigration to tax policy, changes across various fronts posed challenges for enterprises, but most did not resort to large-scale layoffs. At the same time, enterprises appeared to take various intertwined headwinds in stride. Robust consumer demand meant that despite news of high-profile layoffs at well-known companies, low hiring was often accompanied by relatively low levels of layoffs. Data from the Department of Labor and human resources firm ADP earlier this week showed that the job market was stabilizing. Strong hiring in healthcare and social assistance also underpinned overall employment figures. US equities at or near record highs boosted confidence among corporate CEOs. The full impact of the conflict with Iran and the resulting rise in energy prices had yet to manifest in the labour market. Rising US oil prices had put greater pressure on lower-income households, which could dampen travel and services spending, in turn dragging on hiring in sectors such as retail and leisure. The impact of higher oil prices was particularly severe for airlines. However, these effects had yet to show up clearly in monthly employment data. According to the CME "Fed Watch": the probability of the US Fed holding rates unchanged through June was 93.8%, with a 6.2% probability of a cumulative 25 basis point interest rate cut. The probability of the US Fed holding rates unchanged through July was 88.8%, with a 10.8% probability of a cumulative 25 basis point cut and a 0.3% probability of a cumulative 50 basis point cut. (Jin10 Data) Goldman Sachs expects the US Fed to cut interest rates by 25 basis points each in December 2026 and March 2027, compared with its previous forecast of cuts in September and December this year. A CITIC Securities research report noted that US nonfarm payrolls in April 2026 came in above expectations, while the unemployment rate of 4.3% was in line with expectations. We believe April data better reflected the current state of the US job market than the previous two months: first, one-off factors diminished in April; second, the enterprise response rate was higher in April; and third, the Birth-death model impact was the smallest among the last four data releases. Demand side, the US labour market in April exhibited overall resilience with marginally increasing layoff pressure. Supply side, the labour force participation rate and employment-population ratio declined, but the prime-age (25–54) participation rate remained stable, suggesting it was not a large-scale exit of core labour force but rather aging and retirement factors dragging down the overall participation rate. Regarding US Fed monetary policy, we maintain our previous view: after Waller takes over, if the Iran situation eases and oil prices pull back, driving inflation expectations lower, the base case for H2 is one interest rate cut of 25 bps. Other currencies: Bearish yen positions decreased significantly after Japanese authorities intervened to support the yen, highlighting how official action curbed this crowded trade. According to data from the US Commodity Futures Trading Commission (CFTC), leveraged funds reduced their net short positions on the yen in the week ending May 5. Currently, their net short position in the Japanese yen stood at 61,340 contracts, valued at approximately $4.9 billion, hitting the lowest level in nearly a month. Meanwhile, asset management firms also cut 13,839 short contracts, bringing their open interest down to 10,653 contracts. "Given the intervention risk and strong official warnings, chasing yen shorts near the 160 level has become unattractive," said Stefan Rittner, Senior Portfolio Manager at Allianz Global Investors. He held a neutral stance on the USD/JPY exchange rate. However, he noted that "despite the yen's already cheap valuation, persistent structural headwinds limit the scope for a sustained rebound"; moreover, further intervention risks are expected to rise once the USD/JPY rate approaches its previous highs again. (Jin10 Data) On the macro front: Data to be released today include US April existing home sales annualized total and China's April M2 money supply year-on-year. In addition, attention should be paid to: US Treasury Secretary Bessent's visit to Japan, where he will meet with the Japanese Prime Minister, the central bank governor, and the Finance Minister. Crude oil: As of 11:46, oil prices in both markets surged significantly, with WTI up 4.65% and Brent up 4.17%. Renewed tensions between the US and Iran supported oil prices. According to Xinhua News Agency, US President Trump posted on social media on May 10, expressing dissatisfaction with Iran's response, calling it "completely unacceptable." This statement cast a shadow over the already fragile Middle East ceasefire situation. Oil prices jumped sharply after the news broke. (Wallstreetcn) Data from shipping intelligence firm Kpler showed that two more fully loaded crude oil tankers switched off their trackers while passing through the Strait of Hormuz last week to evade Iranian attacks. Data indicated that the very large crude carrier "Basrah Energy" loaded 2 million barrels of Upper Zakum crude oil from ADNOC's Zirku terminal on May 1 and passed through the Strait of Hormuz on May 6. The vessel discharged its cargo at the Fujairah tanker terminal on May 11. It remained unclear which company chartered the tanker owned and managed by shipping company Sinokor. ADNOC and its buyers had recently dispatched tankers through the Strait of Hormuz on multiple occasions to transport crude oil, in response to the issue of stranded oil in the Persian Gulf caused by Middle East conflicts. Another very large crude carrier, Kiara M, switched off its transponder and departed the Persian Gulf on Sunday, carrying 2 million barrels of Iraqi crude oil. The discharge destination of this San Marino-flagged tanker remained unclear. (Jin Shi Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been fundamentally disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Enhancement of Strategic Attributes** The global tin resource static reserve-to-production ratio is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC — resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a hallmark of the revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration approaches all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Fostering a New Symbiotic Ecosystem** Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 , Changsha, Hunan , 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for in-depth discussions. Jiangsu Soho Zhongtian Holdings Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the tin industry to new heights. Click to register now, and together witness and participate in this extraordinary and far-reaching industry event, co-creating a brilliant new chapter! Jiangsu Soho Zhongtian Holdings Co., Ltd. ("Soho Zhongtian") was established in 1973. It is a member enterprise of Jiangsu Soho Holdings Group, a state-owned foreign trade group in Jiangsu Province. After more than 50 years of development, it has become an internationalized enterprise primarily engaged in trade and was among the first batch of pilot enterprises for integrated domestic and foreign trade in Jiangsu Province. The company's predecessor, "China National Textiles Import & Export Corporation Jiangsu Branch," was founded on December 10, 1973, and was one of the earliest provincial-level specialized import and export companies established in Jiangsu. In December 1988, it was renamed Jiangsu Provincial Textiles Import & Export (Group) Corporation. In 1994, it was restructured into a joint-stock enterprise and renamed Jiangsu Provincial Textiles Import & Export Group Co., Ltd. In July 2023, in accordance with the arrangements of the Jiangsu Provincial Party Committee and Provincial Government for the reorganization and integration of provincial-level traders in Jiangsu, the Company joined the new Suhao Holdings Group. In 2025, it was renamed Jiangsu Suhao Zhongtian Holdings Co., Ltd. The Company is committed to serving both international and domestic markets, deeply cultivating fields such as metals and minerals, textiles and apparel, pulp and paper, oil, gas and chemicals, and technology equipment. Focusing on enhancing core functions and improving core competitiveness, the Company builds leading supply chains, extends industry chains, and expands product chains. Its business spans over 100 countries and regions worldwide, presenting a sound development pattern characterized by "professional operations, standardized management, strict risk control, and resource sharing." The metals and minerals business focuses on supply chain operations, primarily dealing in non-ferrous metals, ferrous metals, and energy minerals. By deeply integrating industry resources, the Company has established long-term partnerships with international suppliers externally, while precisely targeting client needs internally and providing customised services, earning consistent recognition from clients in and outside China. In the non-ferrous metals segment, the Company actively responds to the national "dual circulation of domestic and foreign trade" development strategy, serving both international and domestic markets, with a focus on enhancing core functions and improving core competitiveness to build leading supply chains, extend industry chains, and expand product chains. Externally, the Company closely follows the national resource security strategy, continuously optimizes global resource allocation, actively participates in the "Belt and Road" Initiative, and constantly expands diversified import channels to ensure supply chain security and stability. It has established trade ties with 67 countries worldwide and strategically positioned various strategic mineral resources. Internally, the Company has established strategic partnerships with leading smelters, primarily dealing in tin, copper, zinc, lead, indium, germanium, bismuth and other non-ferrous metal raw materials and finished products, deepening supply chain collaboration, precisely targeting client needs, providing customised services, and continuously driving the enhancement of industry chain value. The technology equipment business is based in the Yangtze River Delta, serving the entire nation, and provides full-chain services including tender, letters of credit, customs declaration, and financing. It serves advanced intelligent manufacturing industries such as new energy, new materials, new-type textiles, sheets & plates processing, slaughtering and breeding, filling, and ecological environmental protection. The electronic products business covers areas including hardware distribution, direct sales to major clients, and information security services, and has established in-depth partnerships with well-known brands such as Lenovo and Huawei. The Company has maintained the title of "Jiangsu Provincial Civilized Entity" for 12 consecutive sessions spanning 29 years. In 2011, it was awarded the title of "National Civilized Entity," and in 2015, it retained this honorary title after review. The Company is a customs AEO advanced certified enterprise. The "JSTEX" brand has been consecutively recognized as a "Key International Brand Cultivated and Developed in Jiangsu Province." The Company has successively obtained international certifications including FSC, OCS, GRS, BCI, OEKO-100, and EUROPEAN FLAX, with its brand recognition and market influence continuously expanding. The company upholds the corporate culture of "Integrity and Sincerity, Encompassing All," follows the management philosophy of "Balancing Enterprise Development with Social Responsibility," strives to foster a cultural atmosphere of "Happy Zhongtian," and consistently serves clients and creates value with an attitude of "integrity," "pragmatism," "professionalism," and "efficiency." [Business Development Vision] Anchored in the goal of becoming a world-class metal and mineral service provider, we are committed to building a mutually beneficial industrial ecosystem and an internationally competitive value system. Through our business layout of "resource supply + industrial synergy + global circulation," we provide clients with full-chain services to ensure the security and stability of the supply chain. [Global Business Architecture] Leveraging the dual-circulation development strategy linking China and international markets, we have built a global industrial network: Upstream Resource End: We have established long-term, stable partnerships with major international resource companies, expanding our presence in resource-rich regions including Africa, Oceania, Asia, North America, and South America. Midstream Processing End: Working closely with leading smelting and energy enterprises in China, we have long-term cooperative clients across the Northwest, Southwest, Southeast, and Northern regions, building a mutually beneficial industrial ecosystem cluster. Downstream Application End: We continue to strengthen our presence in the deep processing sector, complementing end-user clients in infrastructure, power, and transportation, as well as high-end industries such as automobile manufacturing and new energy equipment. [Core Product Matrix] Non-ferrous metals: lead, zinc, copper, tin, etc. Ferrous metals: iron, manganese, chromium, etc. Energy minerals: thermal coal, coke, etc. [Strategic Partners] The company has established long-term cooperation with numerous international mining giants, earned consistent recognition from leading enterprises along China's industry chain, and continues to provide high-quality full-chain supply chain synergy services to clients in and outside China. Contact Information Li Bo 13577173555 Xu Linzi 17687034335 Press and hold to scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

Coal prices rallied to $138 per ton in early March 2026, a 15-month high, following an Iranian drone strike on Qatar's main LNG export hub. The rare shutdown of 20% of global LNG supply has forced Asian economies, including Taiwan, to switch to coal-fired power generation, tightening the global thermal coal market.

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

On January 30, 2026, the National Energy Administration held a press conference (introducing the national energy situation in 2025, etc.), at which Deputy Director Bian Guangqi of the Energy Conservation and Technology Equipment Department and Deputy Director Liu Mingyang of the Electricity Department responded to journalists' questions on the work related to hydrogen energy development and issues such as the integrated development of new energy and industries. The relevant content constitutes an important notification of work achievements and future deployment in the hydrogen energy sector. Content related to hydrogen energy in the document: Hydrogen energy is listed as an important direction for future industries, playing a significant role in the construction of new-type power systems and new-type energy systems, and can promote the development and utilization of new energy, helping to achieve the "dual carbon" goals. Key work achievements during the "14th Five-Year Plan" period: First, Planning Leads to Quality Improvement , taking the lead in establishing an inter-ministerial coordination mechanism for the hydrogen energy industry development, formulating the "Medium and Long-Term Plan for Hydrogen Energy Industry Development (2021–2035)", and compiling the "China Hydrogen Energy Development Report"; second, Pilot Innovation and Integration , carrying out hydrogen energy pilots in 41 projects and 9 regions (covering directions such as large-scale new energy hydrogen production and full-chain development), implementing the "Hydrogen Energy Technology" key special project, and releasing a list of hydrogen energy first (set) technical equipment in 5 batches comprising 27 items and promoting their application; third, Standards Strengthen the Foundation , establishing the Standardization Technical Committee for the Hydrogen Energy Sector in the Energy Industry, promoting the compilation of standards such as the "Clean and Low-Carbon Hydrogen Evaluation Standard", and cooperating in the release of the methodology for renewable energy water electrolysis hydrogen production. By the end of 2025, the capacity for renewable energy hydrogen production exceeded 250,000 mt/year, doubling compared to the previous year , with projects in many places completed and put into operation, and the industrial chain gradually becoming interconnected. During the "15th Five-Year Plan" period, efforts will be intensified to strengthen planning guidance, increase policy support, tackle core technologies, etc., to cultivate hydrogen energy as a future industry; simultaneously, promoting industries such as water electrolysis hydrogen production to leverage their flexible regulation capabilities, forming new business models such as comprehensive green hydrogen-ammonia-methanol industrial bases, and creating a broad market for the hydrogen energy production, storage, transportation, and utilization industries. Policy coordination and cooperation: Previously, the National Energy Administration had issued multiple hydrogen energy-related policies, including jointly issuing the "Medium and Long-Term Plan for Hydrogen Energy Industry Development (2021–2035)" with the National Development and Reform Commission (NDRC) in 2022, jointly issuing the "Guiding Opinions on Vigorously Implementing the Renewable Energy Substitution Action" with multiple departments in 2024 to encourage large-scale substitution with low-carbon hydrogen and explore the construction of integrated wind-solar-hydrogen-ammonia-methanol bases, launching hydrogen energy pilot work in the energy sector in June 2025, and issuing a document on January 18, 2026 to establish four standardization technical organizations in the hydrogen energy field; the content reported in this press conference constitutes a summary of the effectiveness of previous planning, pilot projects, and standard construction work, along with subsequent advancement, further improving the full-chain policy system of "planning-pilot-standards-application", working in the same direction as previous policies to continuously promote the hydrogen energy industry from orderly initiation to large-scale, high-quality development. Full text as follows: The National Energy Administration held a press conference to introduce the national energy situation in 2025, energy supply guarantee for peak winter demand, the development of new-type energy storage, the national electricity market trading, and other related situations, and answered questions from journalists. [Zhang Xing, Deputy Director General of the General Affairs Department] Good morning, friends from the press! Welcome to the National Energy Administration's regular press conference. Today's press conference will introduce the national energy situation in 2025, the development of new-type energy storage, national electricity market trading, and energy supply guarantee for this year's peak winter demand, among other topics, and will answer questions from journalists. Attending today's press conference are Mr. Xing Yiteng, Deputy Director General of the Development Planning Department; Mr. Bian Guangqi, Deputy Director General of the Energy Conservation, Science and Technology Equipment Department; Mr. Liu Mingyang, Deputy Director General of the Electric Power Department; and Mr. Wang Yunbo, Deputy Director General of the Market Regulation Department. I am Zhang Xing, Deputy Director General of the General Affairs Department and Spokesperson of the Administration. After the presentations by the various department heads, we will have a unified Q&A session for journalists. Now, I invite Deputy Director General Xing Yiteng from the Planning Department to introduce the national energy situation and development achievements in 2025. [Xing Yiteng, Deputy Director General of the Development Planning Department] Good morning, friends from the press. Next, I will briefly introduce the national energy situation in 2025. In 2025, China's energy supply guarantee capability was effectively enhanced, supply and demand were generally balanced, multiple important policy measures were intensively introduced, the industry developed in a healthy and orderly manner, the foundation for building a new energy system was continuously strengthened, helping China's economy to sustain its rebound and improvement. I will focus on three key achievements: First, energy security was effectively guaranteed. 2025 was the year with the best energy supply guarantee results since the "14th Five-Year Plan" period. Raw coal production remained stable, with the output of raw coal from industrial enterprises above designated size up 1.2% YoY. Both oil and gas output reached record highs, with crude oil output from industrial enterprises above designated size up 1.5% YoY and natural gas output from industrial enterprises above designated size up 6.2% YoY. Power supply was stable and orderly, with a batch of UHVDC transmission projects put into operation, continuously improving the complementary and mutual support level of the power system. Second, the pace of green and low-carbon transformation accelerated. A series of policy measures were formulated and introduced to promote the integrated development of new energy, facilitate new energy consumption and regulation, helping to improve the quality and efficiency of new energy development. Throughout the year, new wind and PV installations exceeded 430 million kW, and the cumulative installed capacity surpassed 1.8 billion kW, with the share of renewable energy installed capacity exceeding 60%. Renewable energy power generation reached approximately 4.0 trillion kWh, exceeding the total electricity consumption of the EU-27 (approximately 3.8 trillion kWh). Third, significant results were achieved in the orderly development of the industry. Comprehensive rectification of "involutionary" competition in the PV industry was deeply advanced. By the end of 2025, the prices of polysilicon and silicon wafers reached 53.86 yuan/kg and 1.329 yuan/piece, respectively, up 52.0% and 35.6% from their annual lows. Comprehensive measures were implemented to achieve stable coal production, supply, and pricing, guiding spot prices to operate within a reasonable range. By the end of 2025, the spot price of 5,500 kcal thermal coal at Bohai Rim ports reached 690 yuan/mt, an increase of 75 yuan/mt from the annual low. That concludes my presentation. Thank you! [Deputy Director-General Zhang Xing, Comprehensive Department] Thank you, Deputy Director-General Xing Yiteng. Next, Deputy Director-General Liu Mingyang from the Electricity Department will introduce the energy supply guarantee situation for this winter’s peak demand period. [Deputy Director-General Liu Mingyang, Electricity Department] Hello, friends from the media! I will now introduce the energy supply guarantee situation for this winter’s peak demand period. Electricity sector. This winter, the national average temperature was close to or slightly warmer than the same period in previous years, but frequent “cold-warm transitions” occurred, with increased cold air activity in north China, leading to multiple rounds of intense cold wave conditions. National electricity load repeatedly broke historical winter peak records. On January 4, 2026, the national maximum power load reached 1.351 billion kW, setting a new winter load record (the previous record was 1.345 billion kW on December 21, 2023). On January 19, 20, and 21, affected by widespread cold wave conditions, the national maximum power load set new winter records for three consecutive days, exceeding 1.4 billion kW for the first time, with the peak reaching 1.433 billion kW on January 21. Since the beginning of this winter, the power grids of three regions (North China, Northwest China, Northeast China) and 14 provincial-level grids (including Xinjiang and Tibet) have recorded a cumulative total of 86 new historical load peaks. The National Energy Administration thoroughly implemented the decisions and deployments of the CPC Central Committee and the State Council, urging and guiding local authorities and relevant energy enterprises to fully ensure stable and orderly energy and power supply. Currently, national fuel reserves are sufficient, and power supply remains stable. First, we shouldered our supply guarantee responsibilities to ensure safe and reliable power supply. We adopted a “one-province-one-policy” approach to guide and supervise the detailed implementation of supply guarantee measures, prepared contingency plans, optimized power grid arrangements, and enhanced inter-provincial surplus-deficit coordination. Currently, fuel supply for nationally dispatched power plants is solid and reliable, with coal inventories at power plants in key heating areas such as Northeast China exceeding 25 days. Second, we maintained continuous monitoring and early warning to coordinate and resolve supply guarantee risks. We continuously conducted monitoring and analysis of winter power supply guarantees, closely tracked changes in weather, load, and supply-demand conditions, strengthened bottom-line guarantees in vulnerable areas such as remote regions and urban villages where line and transformer overloads frequently occur, and properly addressed operational risks to supply guarantees. Third, we enhanced service awareness to ensure high-quality and efficient power supply and heating. We strengthened electricity safety services for residential and key users, conducted special inspections on hidden electricity safety hazards for important users, and performed special equipment inspections in response to holiday loads and cold wave conditions. Focusing on the implementation of clean heating policies and the quality of energy supply guarantees, we ensured the stable and orderly progress of clean heating efforts in north China. Fourth, strengthen regulatory oversight and properly address the urgent and difficult issues of public concern. Leverage the frontline regulatory role of dispatched agencies, enhance supervision of residential electricity use, strengthen monitoring of electricity spot market operations, and utilize market price signals to guide power generation enterprises in maintaining stable and full-capacity generation. Strengthen the whole-process supervision of complaints handled through the 12398 energy regulatory hotline, and urge energy and power enterprises within their jurisdictions to promptly address various public demands that are frequently reported, further enhancing the public's sense of gain in energy use. Coal side. Adhere to the unwavering role of coal as a bottom-line guarantee, continue to leverage the national daily coal production scheduling mechanism, promptly coordinate and resolve prominent issues encountered in stabilizing coal production and supply, and guide key coal-producing provinces (regions) and mining enterprises in scientifically formulating production plans and reasonably arranging equipment maintenance. Since the peak winter period began, coal production has remained at a relatively high level. On January 27, the coal inventory at national unified dispatch power plants was 220 million mt, sufficient for 26 days. The long-term contract price for 5,500 kcal/kg thermal coal at Qinhuangdao Port was 684 yuan/mt, while the spot price for 5,500 kcal/kg thermal coal at Bohai Rim ports was 694 yuan/mt. The foundation for coal supply during the peak winter period is solid and reliable, with market operations stable and orderly. Oil and gas side. Refined oil products side. In 2025, the refined oil market demand remained generally weak. According to industry monitoring, annual refined oil consumption was 378 million mt, down 2.9% YoY; refined oil production was 414 million mt, down 2.4% YoY. Overall, the domestic refined oil market has ample supply and stable inventory, maintaining a supply-demand balance in the petroleum market during the peak winter period. Natural gas side. Since the start of the heating season, the National Development and Reform Commission (NDRC) and the National Energy Administration have jointly initiated a daily reporting system and weekly meeting mechanism for natural gas supply security. They issued the "Notice on Strengthening Natural Gas Supply in Key Areas to Ensure the Public Stays Warm in Winter," providing further detailed arrangements for issues such as gas source guarantees for rural coal-to-gas conversion projects and coordination between gas and electricity. As of January 27, cumulative natural gas consumption during the national heating season reached 119.52 billion m³, up 4.6% YoY. Domestic gas production and imported pipeline gas operated steadily at relatively high levels, with sufficient regulation capacity from underground gas storage and coastal LNG receiving terminals, ensuring natural gas supply during the peak winter period. Currently, we are in a critical period of the peak winter season, especially with the upcoming Chinese New Year holiday. The National Energy Administration will work together with relevant provinces, regions, and energy enterprises to continuously strengthen monitoring, early warning, and coordination, and enhance preparedness for extreme weather conditions such as low temperatures, snow, and freezing. This will ensure stable and orderly national energy supply security, providing strong support for the public to stay warm during the winter and enjoy a peaceful holiday season. Thank you everyone! [Deputy Director General Zhang Xing, Comprehensive Affairs Department] Thank you Deputy Director General Liu Mingyang. Next, Deputy Director General Bian Guangqi from the Energy Conservation and Technology Equipment Department will introduce the development of new-type energy storage in 2025. [Deputy Director General Bian Guangqi, Energy Conservation and Technology Equipment Department] Good morning, friends from the media. I will now brief you on the development of new-type energy storage in 2025. The CPC Central Committee and the State Council attach great importance to the development of new-type energy storage. The Fourth Plenary Session of the 20th CPC Central Committee explicitly called for "vigorously developing new-type energy storage." The National Energy Administration has thoroughly implemented the decisions and deployments of the CPC Central Committee and the State Council, making coordinated plans and taking multiple measures to achieve solid results in advancing new-type energy storage, providing strong support for building a new energy system and a new power system. New-type energy storage installations increased by 84% compared to the end of 2024. By the end of 2025, the scale of operational new-type energy storage installations nationwide reached 136 million kW/351 million kWh, a more than 40-fold increase compared to the end of the 13th Five-Year Plan period, representing leapfrog development. The average energy storage duration was 2.58 hours, an increase of 0.30 hours from the end of 2024. By region, north China had the largest share of installations. Operational new-type energy storage installations in north China accounted for 32.5% of the national total, north-west China for 28.2%, east China for 14.4%, south China for 13.1%, central China for 11.1%, and north-east China for 0.7%. Over the past year, north China and north-west China were the main growth areas for new-type energy storage, with new installations of 21.88 million kW and 19.66 million kW, accounting for 35.2% and 31.6% of the national new installations, respectively. By province, Xinjiang, Inner Mongolia, and others developed rapidly. Driven by multiple factors including steady growth in electricity demand, rapid development of new energy, and strong policy support, provinces such as Xinjiang, Inner Mongolia, Yunnan, Hebei, and Shandong saw rapid development of new-type energy storage, with new installations of 10.23 million kW, 10.03 million kW, 6.13 million kW, 5.69 million kW, and 4.04 million kW, respectively. The top three provinces by cumulative installation scale were: Inner Mongolia (20.26 million kW), Xinjiang (18.8 million kW), and Shandong (11.21 million kW). Eight provinces, including Hebei, Jiangsu, Ningxia, Yunnan, Gansu, Zhejiang, and Henan, had installation scales exceeding 5 million kW. In terms of single-station scale, the trend towards larger projects exceeding 100,000 kW is evident. By the end of 2025, projects of 100,000 kW and above accounted for 72% of the total installation scale, an increase of about 10 percentage points from the end of 2024; projects with a duration of 4 hours and above gradually increased, accounting for 27.6% of the total installation scale, an increase of about 12 percentage points from the end of 2024. From the application scenario perspective, standalone ESS share increased. In 2025, new installations of standalone ESS reached 35.43 million kW, with cumulative installed capacity share at 51.2%, up approximately 5 percentage points from year-end 2024. By technology route, lithium-ion battery ESS still dominated, accounting for 96.1% of installations, while compressed air ESS, flow battery ESS, flywheel ESS, etc., together accounted for 3.9%. Meanwhile, utilization of new-type energy storage further improved. Preliminary statistics show that in 2025, national new-type ESS equivalent utilization hours reached 1,195 hours, up nearly 300 hours from 2024. Among them, equivalent utilization hours of new-type ESS in State Grid and China Southern Power Grid operating areas were 1,175 hours and 1,294 hours, respectively. The flexible regulation capability of new-type ESS has become increasingly prominent, playing a growing role in promoting new energy integration, improving power system security, stability, and supply reliability. Next, the National Energy Administration will thoroughly implement the spirit of the Fourth Plenary Session of the 20th Central Committee, scientifically formulate the 15th Five-Year Plan implementation plan for new-type energy storage development, improve the policy management system for new-type energy storage, continuously deepen technological and industrial innovation, vigorously promote high-quality development of new-type energy storage, and strongly support the construction of new-type energy systems and new-type power systems. Thank you! [Comprehensive Department Deputy Director Zhang Xing] Thank you, Deputy Director Bian Guangqi. Next, Deputy Director Wang Yunbo from the Market Regulation Department will introduce the effectiveness of national electricity market trading in 2025. [Market Regulation Department Deputy Director Wang Yunbo] Hello, media friends! In 2025, the National Energy Administration resolutely implemented the decisions and deployments of the Central Committee and the State Council, actively promoted the construction of a national unified electricity market in coordination with the National Development and Reform Commission (NDRC), effectively facilitated optimal allocation of electricity resources, and balanced security of supply, green transition, and price stability. National electricity market trading volume hit a new high in 2025, with cumulative trading volume reaching 664 million kWh, up 7.4% YoY. Three main features emerged. First, the share of market-based trading volume continued to rise, accounting for 64.0% of total electricity consumption, up 1.3 percentage points YoY, meaning "for every three kWh of total electricity consumed, two kWh were traded through the market." This was mainly due to near-full coverage of provincial spot markets, continuous operation of medium- and long-term electricity markets, and increasingly flexible and efficient market trading mechanisms. New energy fully participated in the market, the number of registered market entities in trading centers expanded steadily, exceeding 1 million, and market activity continued to climb. Second, cross-provincial and cross-regional electricity transaction volume continued to grow, reaching 1.59 trillion kWh, a record high, up 11.6% YoY, 4.2 percentage points higher than the average growth rate of national market transaction volume. The southern regional power market commenced continuous settlement operations, and the power market in the Yangtze River Delta, as well as inter-provincial power mutual assistance trading mechanisms in the Northeast, Northwest, and Central China regions, were continuously improved. During the summer peak period, cross-regional transmission channels in the "Three Norths" region operated at full capacity, and the inter-provincial spot market supported power supply guarantees in more than 20 provinces including Sichuan and Chongqing, facilitating the smooth "large-scale circulation" of power resources. Third, green electricity transaction volume surged, reaching 328.5 billion kWh, up 38.3% YoY, 18 times the scale of 2022. The transaction volume of multi-year green electricity PPAs reached 60 billion kWh. The cross-operating-area regular trading mechanism enabled users in the Greater Bay Area to use green electricity from Inner Mongolia for the first time, and users in the Yangtze River Delta to introduce green electricity from Guangxi, further meeting enterprises' green energy needs and supporting the green and low-carbon transformation of the industrial structure. The nationally unified power market system provided important support for advancing the construction of the new-type power system and socio-economic development, playing four key roles: First, it served as a "configurator" for optimizing cross-regional resources. The abundant clean energy in the west and sufficient thermal power resources in the north could precisely meet the electricity demand of load centers in the eastern coastal and southern regions, effectively alleviating the coexistence of "stranded power" and "power shortages" in different areas. For example, in 2025, the Fujian-Guangdong DC link operated at full power throughout all periods, the southern region provided power support to Shanghai, Zhejiang, and Anhui for the first time, the maximum actual transmission power of national cross-regional channels reached 151 million kW, and cross-power grid operating area transaction volume reached 3.4 billion kWh. Second, it acted as a "stabilizer" for power security and supply. The power spot market played a critical role, forming a new pattern of bidirectional interaction between the power supply side and the load side, as well as collaborative supply guarantee through "high prices during peak hours, low prices during off-peak hours" price signals, providing a solid foundation for ensuring power security during peak summer and winter periods. For example, on the days when power loads hit record highs in Shandong, Guangdong, Anhui, and other places in 2025, the "high prices during peak hours" in the spot market incentivized generators to proactively strengthen equipment operation and maintenance guarantees, reducing generator forced outage rates and derating rates to "double zeros." Third, it functioned as a "booster" for the green energy transition. Spot and medium- and long-term market price signals reflected the supply-demand relationship of electricity in different periods and regions, allowing the environmental value of new energy during periods of ample power supply and its supply guarantee value during peak periods to be fully realized; the ancillary services market further improved the value realization mechanism for regulation resources, incentivizing their active participation in system regulation. For example, in 2025, 4.46 million industrial and commercial users in Shandong responded to market prices for "peak shaving and valley filling," shifting 2.25 million kW of evening peak electricity load and increasing 5.83 million kW of midday new energy accommodation space. Fourth, it serves as an "accelerator" for real economic development. In recent years, as power supply and demand have been relatively balanced and primary energy prices have declined, market trading prices gradually decreased and were passed on to the user side. Diversified entities such as industrial and commercial users, distributed new energy, new-type energy storage, virtual power plants, and EV charging facilities accelerated their entry into the market, sharing the benefits of reform and development. Thank you! [Zhang Xing, Deputy Director-General of the General Department] Thank you, Deputy Director-General Wang Yunbo. We will now begin the Q&A session. Journalists, please ask your questions based on today's press conference content. When posing a question, please first state the news organization you represent. [Journalist] Recently, the "Basic Rules for the Medium and Long-Term Electricity Market" were issued, marking the first comprehensive update since the 2020 version. What were the special considerations behind introducing the new rules? How will they impact the construction of the new-type power system and the development of a nationwide unified market? [Wang Yunbo, Deputy Director-General of the Market Regulation Department] Thank you for your question. Since the implementation of the new round of power system reform, the National Development and Reform Commission (NDRC) and the National Energy Administration formulated and revised the "Basic Rules for Medium and Long-Term Electricity Trading" in 2016 and 2020, respectively, laying a solid foundation for the healthy development and standardized operation of China's electricity market. In 2025, medium and long-term trading electricity accounted for over 95% of the total market trading volume, fully playing the role of a "stabilizer" in the electricity market. In recent years, the construction of the new-type power system and the electricity market has continued to deepen, leading to many "new changes" in market fundamentals. On one hand, the state has introduced a series of "new policies," including the full liberalization of generation and consumption plans, power grid enterprises acting as purchasing agents, capacity pricing for coal-fired power generation, full integration of new energy into the market, and comprehensive coverage of the spot market. On the other hand, "new business models" have emerged in the market, with rapid growth in green electricity trading scale and accelerated market entry of new entities such as new-type energy storage, distributed power sources, and virtual power plants. To better adapt to these "new changes, new policies, and new business models," we revised the 2020 version of the "Basic Rules for Medium and Long-Term Electricity Trading" to form the 2025 version of the "new rules," thereby further advancing the construction of a nationwide unified electricity market, standardizing medium and long-term electricity market trading behaviors, and legally protecting the legitimate rights and interests of market entities. This revision plays a significant role in building a nationwide unified market and serving the construction of the new-type power system. In advancing the construction of a nationally unified market, the foundational rule system has been further improved. The relevant content of the "Green Power Trading Chapter" has been consolidated and integrated into sections such as trading varieties and trading organization. Meanwhile, content already specified in other basic rules, such as market registration, information disclosure, and metering settlement, has been coordinated and streamlined, strengthening the overall coordination and linkage of the "1+6" foundational rule system for the electricity market. Mechanism innovations, including regular cross-regional power grid operations and flexible inter-provincial mutual support transactions within regions, have been incorporated into this revision, aiming to enhance the optimal allocation capability of power resources nationwide. In serving the construction of a new-type power system, the revision adapts to objective needs such as high penetration of new energy integration and participation of new-type market entities in trading, further improving market stability, flexibility, and foresight. Regarding "stability," it promotes extending the trading cycle to "longer" durations, encourages multi-year transactions, and strengthens the "ballast" role of medium and long-term trading. Regarding "flexibility," it promotes extending the trading cycle to "shorter" durations, deepens continuous medium and long-term operations, further increases trading frequency, promotes daily continuous trading, enhances the flexibility of the medium and long-term market, and fosters coordination and linkage with the spot market. Regarding "foresight," it adds forward-looking clauses such as participation of new-type market entities in medium and long-term trading. That concludes my response, thank you! [Reporter] We note that investment in China's energy sector maintained rapid growth in 2025. Could you elaborate on the specific investment situation and key characteristics observed nationally in 2025? [Deputy Director General of the Development Planning Department, Xing Yiteng] Thank you for your question. In 2025, national energy investment maintained rapid growth. The completed investment in key annual projects exceeded 3.5 trillion yuan for the first time, up nearly 11% YoY. The growth rate was 12.9 and 10.1 percentage points higher than that of infrastructure and manufacturing investment during the same period, respectively. Among them, five provinces (autonomous regions) – Inner Mongolia, Xinjiang, Shandong, Guangdong, and Jiangsu – each recorded completed investment exceeding 200 billion yuan. Overall, energy investment exhibited three main characteristics. First, investment in new formats driving the green energy transition accelerated. National new wind and PV installations exceeded 430 million kW, and the cumulative installed capacity surpassed 1.8 billion kW. Within this, investment in onshore wind power showed good growth momentum, with completed investment in key projects up nearly 50% YoY. New-type energy storage and the hydrogen energy industry continued to unleash new growth vitality, with completed investment in key projects doubling compared to the previous year. Second, effective investment in key areas ensuring energy security continued to expand. Investment in coal power and conventional hydropower showed good growth trends. Projects involving new and under-construction cascade hydropower clusters in the major river basins of Southwest China progressed orderly, continuously increasing physical workload. Investment in areas such as the power grid maintained steady growth, with accelerated construction of inter-provincial and inter-regional power transmission channels, continuously enhancing the level of complementary and mutual support of energy resources. Third, investment by private enterprises in the energy sector maintained rapid growth. The completed investment in key projects by private enterprises increased by 12.9% YoY, about 2 percentage points higher than the growth rate of completed investment in national energy key projects. Private enterprise investment focused on solar power generation, wind power, coal mining, and other fields, with investment in onshore wind power and distributed PV maintaining double-digit growth. Thank you. [Reporter] We have noted that in 2025, many regions cleared out a large number of electricity retail entities, and in 2026, local electricity trading schemes strengthened regulations and constraints on electricity retail companies across multiple dimensions. What is the current development status of China's electricity retail market? What are the new considerations for the high-quality development of the electricity retail market in the next steps? [Wang Yunbo, Deputy Director of the Market Regulation Department] Thank you for your question and for your concern regarding China's electricity market development. Since the launch of the new round of power system reform in 2015, which initiated the reform on the electricity retail side, the construction of the retail market has been steadily advancing, and the functions and roles of electricity retail companies have been continuously leveraged. Electricity retail companies serve as the bridge connecting the wholesale and retail markets; simply put, establishing an electricity retail company is like opening a "power store." These "stores" purchase electricity in bulk from power plants and then retail it to small and medium-sized industrial and commercial users. Therefore, the retail market acts both as a "firewall" and "convenience store" for end-users to participate in the market, and as a core link in guiding user resource response and enhancing the flexibility of electricity consumption on the load side. Currently, purchasing electricity through retail companies has become the primary method for small and medium-sized users to buy electricity in the market. By the end of 2025, there were 5,288 registered electricity retail companies nationwide, representing over 700,000 electricity users in market transactions, with retail transaction volume accounting for 60% of the market-based transaction volume. Regarding the "clearance of a large number of electricity retail entities in many regions," according to the relevant provisions of the "Electricity Retail Company Management Measures," "if an electricity retail company does not conduct actual transactions for 12 consecutive months, its trading qualification is suspended," and it also stipulates that "if no electricity retail business is conducted in any administrative region for three consecutive years, compulsory exit procedures are initiated." Therefore, relevant units must dynamically manage whether electricity retail companies continue to meet the registration conditions in accordance with the regulations. In 2026, we will further standardize the electricity retail market. First, in terms of institutions, "establishing new rules" to improve the system of rules and regulations. We will promptly revise the "Electricity Retail Company Management Measures," research and introduce the "Basic Rules for the Electricity Retail Market," standardize the rights, responsibilities, and obligations of electricity retail companies, and refine the compliance and self-discipline operation requirements for these companies. Continuously improve retail market design, strengthen the connection between wholesale and retail markets, and enhance information disclosure in the retail market, accelerating the cultivation of retail market awareness. Second, operate the "strong new order," improving risk prevention and control mechanisms. Enhance the management mechanism for compliance risk prevention and control, and strengthen the monitoring of retail market operations. Promote the transformation of electricity retail companies from "price spread arbitrage" to "value-added services." Third, manage the "establish new system," strengthen collaborative supervision and management, and promote the construction of a collaborative governance system for the retail market, jointly creating a fair competition order in the retail market. That's all for my answer, thank you! [Reporter] The development of China's green electricity certificates in 2025 has attracted high market attention. Looking back over the past year, what characteristics have emerged in terms of the trading scale, average trading price, and types of enterprises purchasing green certificates in China? How will China enhance the international influence of its green certificates in the future? What is the status of the compilation of the "Implementation Measures for the Minimum Proportion Target of Renewable Energy Consumption and the Renewable Energy Electricity Consumption Responsibility Weight System"? Which key energy-consuming industries are expected to be subject to the minimum proportion target requirements for renewable energy electricity consumption in the next step? [Vice Director Zhang Xing of the Comprehensive Department] Thank you for the question. Two aspects were mentioned just now, first regarding green certificates. In 2025, China's green certificate industry achieved leapfrog development, injecting strong momentum into the quality improvement and upgrading of renewable energy. We continuously improved the top-level design of the green certificate market, establishing and enhancing a green certificate consumption mechanism that combines mandatory and voluntary approaches. In March 2025, the "Opinions on Promoting the High-Quality Development of the Green Certificate Market" was issued, proposing specific measures in terms of market supply, consumer demand, trading mechanisms, application scenarios, and international recognition. In July of the same year, the "Notice on the Renewable Energy Electricity Consumption Responsibility Weight and Related Matters for 2025" was issued, specifying green electricity consumption proportion requirements for steel, cement, polysilicon, and new data centers at national hub nodes, based on the foundation of aluminum, with verification using green certificates. As the green certificate system continues to improve, China's green certificate market has shown a positive trend of increasing volume and price. First, the trading scale has continued to expand. In 2025, the cumulative national green certificate trading volume reached 930 million, up 1.2 times YoY, with the annual trading volume exceeding the sum of all previous years. The number of consumer entities participating in green certificate trading nationwide reached 111,000, up 87.5% YoY. Among them, high-energy-consuming, export-oriented, and high-tech enterprises became the main consumers of green certificates; individuals purchased 7.24 million green certificates, six times the number in 2024. Second, the trading price stabilized and rebounded. Driven by both policy and market factors, the demand for green certificates continued to grow strongly. In H2 2025, the average trading price of China's green certificates was about 4.14 yuan per certificate, up 90% compared to H1. China's green electricity certificates have made significant progress in "going global." In May 2025, RE100 unconditionally recognized China's green certificates, and in November, Chinese green certificates made their debut at COP30, receiving positive feedback. Next, we will continue to strengthen international cooperation and exchange on green certificates. We will accelerate the establishment of a standard system for green certificates and green electricity consumption, promote the internationalization of Chinese standards, and facilitate the deep integration of Chinese green certificates with mainstream international certification systems. By leveraging bilateral and multilateral intergovernmental dialogue mechanisms, we will promote the exchange and alignment of carbon-related rules and green certificate regulations, continuously conduct international promotion of green certificates, and share China's green certificate story with the world. Regarding your second question, which concerns the minimum renewable energy consumption ratio target for key energy-consuming industries, this has been a recent focus of our work. To implement the requirements of the Energy Law, our bureau has taken the lead in drafting the "Implementation Measures for the Minimum Renewable Energy Consumption Ratio Target and the Renewable Energy Electricity Consumption Responsibility Weight System." Based on summarizing practical experience and considering the new developments and situation of renewable energy, we have further improved the renewable energy electricity consumption responsibility weight system. At the same time, we have clarified the minimum renewable energy electricity consumption and non-electricity consumption ratio targets for key energy-consuming industries and, taking into account industry development conditions, reasonably set a transition period for assessment. Currently, the "Measures" are undergoing relevant procedures and are expected to be issued soon. In line with national energy conservation and carbon reduction policies, we will fully solicit opinions from relevant industry authorities and actively and orderly expand the assessment scope for key energy-consuming industries. Thank you! [Reporter] In 2025, the National Energy Administration issued a series of policy documents to promote the high-quality development of the energy industry, which have attracted widespread public attention. How do these policies boost investment? What further measures will be introduced? [Xing Yiteng, Deputy Director General of the Development Planning Department] Thank you for your question. In 2025, the National Energy Administration implemented the strategic deployment of the Fourth Plenary Session of the 20th Central Committee on building a strong energy nation and a new-type energy system. We increased policy supply, strengthened policy coordination, promoted the green transformation of energy, and directed investment toward new energy, continuously stimulating the vitality of high-quality energy development and enhancing the momentum for economic and social development. This has laid a solid foundation for the successful conclusion of the "14th Five-Year Plan" and a good start for the "15th Five-Year Plan." First, we coordinated efforts on both supply and demand sides to explore new spaces for green development. On the supply side, we deepened market-oriented reforms for new energy on-grid tariffs, advancing new energy into a new stage of market-driven development. Twenty-eight provinces completed their first round of bidding, with the national average guaranteed tariff for new energy incremental projects at 0.33 yuan/kWh and an average guarantee period of 12 years. Promoting the large-scale, high-quality development of solar thermal power generation, aiming for an installed capacity of around 150 million kW by 2030, is expected to drive approximately 170 billion yuan in new investment. Conducting industrialisation pilots for green liquid fuels, with already operational projects having spurred a total investment of about 23 billion yuan. Demand side, introducing a green electricity direct connection policy to launch a "green electricity express" for new energy and users, over 20 provinces, autonomous regions, and municipalities have accelerated project implementation in data centers, chip manufacturing, biopharmaceuticals, the aluminum industry, industrial parks, and zero-carbon parks. Establishing a green energy consumption system driven by both "responsibility constraints" and "market incentives," supporting non-electric uses of renewable energy such as green electricity for hydrogen, ammonia, and alcohol production, expanding application scenarios for green electricity certificates, and stimulating green electricity demand across society to ensure green electricity is both generated and utilized effectively. Second, vigorously developing new energy technologies and scenarios to create new growth points. Setting up "charging piles," deeply implementing the "three-year doubling" action for EV charging facility service capacity, aiming to build 28 million charging facilities by the end of 2027, expected to boost investment by over 200 billion yuan. Upgrading "power banks," carrying out high-quality development actions for the new-type energy storage manufacturing industry and optimizing the power system regulation capacity, targeting a national new-type energy storage installation scale of over 180 million kW by 2027, which will drive investment of about 250 billion yuan. Setting up "routers," accelerating the development of virtual power plants, deeply tapping the potential of various regulation resources, aggregating distributed power supplies, adjustable loads, ESS, and other distributed resources to participate in market transactions, and broadening revenue channels. Third, systematically reshaping the new energy transition ecosystem to cultivate new momentum. Issuing guidelines to promote high-quality development of the power grid, driving the transformation of the power grid from transmission channels to resource optimization platforms, and boosting innovation in the industry chain and models. Releasing guidelines for the integrated and synergistic development of new energy, encouraging complementary multi-energy integrated development and integrated synergistic development of upstream and downstream energy industries, to help industrial integration create greater value. Introducing guidelines to promote new energy consumption and regulation, encouraging the development of various new energy consumption scenarios. Gathering intelligence and empowering, vigorously cultivating eight application scenarios including "AI+" power grid and new energy, driving the vigorous development of new energy infrastructure such as smart microgrids and the Energy Internet of Things. Fourth, focusing on breaking down institutional barriers to create a new investment environment. Issuing ten measures to promote the development of the private economy, removing entry barriers, and supporting various capitals in participating in projects such as nuclear power, oil and gas reserves, and new-type energy storage. Improving the "1+6" rule system of the national unified electricity market to create a fair competitive market environment. Issuing management measures for the licensing of power facility installation (repair, testing), simplifying approval processes, and reducing electricity access costs for small and micro enterprises. Regulate the fair opening of oil and gas pipeline network facilities to ensure that various types of capital can not only "enter" but also "integrate well." In 2026, the National Energy Administration will enhance policy support in areas such as stimulating market vitality and optimizing the development environment to overcome the "last mile" challenges in project implementation. On one hand, policies will be targeted to make returns visible. Introduce multi-user green electricity direct connection policies, accelerate the implementation of zero-carbon parks and industrial microgrids, and promote clean energy substitution for major energy consumers. Improve market mechanisms adapted to a high proportion of new energy to stabilize development expectations. On the other hand, strengthen the institutional guarantee system to keep projects operational. Enhance factor guarantees such as land and sea use, forming an energy investment orientation where policies and markets work in synergy. Expand the "zero investment" service scope for low-voltage power applications, implement the "three-province" service model, and achieve integrated handling of water, electricity, and gas services with a "single window" for electricity-related approvals. Thank you! [Reporter] Recently, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the "Guiding Opinions on Promoting the High-Quality Development of the Power Grid." The 15th Five-Year Plan proposal also explicitly calls for accelerating the construction of smart grids and microgrids. What is the current status of power grid construction at all levels in China, and what specific considerations are there for future development? [Liu Mingyang, Deputy Director of the Electricity Department] Thank you for your question. Under the strong leadership of the Communist Party of China Central Committee and the State Council, China's power grid adheres to the principle of "coordinated national planning," implementing unified planning and dispatch, and has built the world's largest and most technologically complex AC-DC hybrid power grid. It has three key characteristics. First, the capability for large-scale resource allocation continues to improve. We have cumulatively built and put into operation 45 UHV transmission channels, comprising "24 DC and 21 AC lines," forming a "power highway" that spans east-west and north-south. Currently, the power transmission capacity of the "West-East Power Transmission" project has reached 340 million kW, significantly optimizing power resource allocation nationwide. Second, the safety and supply guarantee capability has withstood severe tests. The main grid framework of UHV (EHV) regional power grids has been continuously improved, while the power supply guarantee capability and comprehensive carrying capacity of distribution networks have been steadily enhanced. This has effectively supported an average annual increase of 80 million kW in power load demand in China, ensuring the safe and reliable supply of electricity equivalent to the combined total of the US, EU, and Japan, with no large-scale power outages occurring for many consecutive years. Third, significant progress has been made in promoting the green and low-carbon transition of energy. China's power grid has become the world's largest platform for integrating new energy, strongly supporting the connection and efficient utilization of over 1.8 billion kW of new energy nationwide. This has helped raise the proportion of non-fossil energy consumption in China to over 20% in 2025. As the proportion of new energy installations rapidly increases and the continuous development of the new-type power system, the future power system will exhibit characteristics such as high new energy penetration rate, high power electronics, and high supply-demand randomness, presenting higher complexity and randomness, posing new requirements for power grid development. To implement the requirements of the Central Committee of the Communist Party of China and the State Council on accelerating the construction of a new-type power system, smart grids, and microgrids, recently, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the "Guiding Opinions on Promoting High-Quality Development of the Power Grid," proposing to initially establish a new-type power grid platform by 2030, with the main grid and distribution network as important foundations and smart microgrids as a beneficial supplement. Next, we will focus on building a new pattern of coordinated development between the main, distribution, and microgrids, adhering to unified planning and integrated advancement, ensuring that the "major arteries," "capillaries," and "microcirculation" of the power grid each perform their functions efficiently and in coordination. The main grid will emphasize "strengthening the framework, ensuring safety, and facilitating circulation," continuing to play the role of a "ballast stone" in power supply and the "main artery" in resource allocation, consolidating the fundamental security of power supply, and laying the physical foundation for a unified national electricity market, supporting the wide-area allocation of clean energy resources. The distribution network will focus on "strengthening the foundation, enhancing capabilities, and promoting interaction," reinforcing its full coupling with the main grid, accommodating diversified sources and loads for open access and two-way interaction, supporting the reasonable development of distributed new energy, and comprehensively enhancing power supply assurance. Smart microgrids will concentrate on "promoting consumption, improving reliability, and expanding scenarios," serving as carriers of a new form of self-balancing and self-regulating power, supporting the connection of multiple entities, integrating into end-user green energy usage scenarios, promoting the local development and consumption of new energy, and enhancing the power supply reliability in remote areas and at the ends of the grid. Meanwhile, we will promote the moderately advanced construction of the power grid, strengthen the guarantee of major project elements, accelerate preliminary work on projects, and further increase investment in power grid projects at all levels, contributing to the construction of a new energy system and the modernization of China. Thank you! [Journalist] By 2030, China aims to have initially established a new energy system, with non-fossil energy accounting for 25% of total energy consumption, and new energy generation capacity exceeding 50%, becoming the main body of power generation. How will this specific goal be achieved? What is the current progress of the 14th Five-Year Plan for energy, and when is it expected to be released? [Deputy Director Xing Yiteng of the Department of Development Planning] Thank you for your question. I understand that your question mainly focuses on two aspects: one is the implementation path for the targets of non-fossil energy consumption ratio and new energy generation capacity ratio; the other is the progress of the 14th Five-Year Plan for energy. Next, I will provide a brief introduction to each topic. Regarding the first issue, achieving the target of a 25% share of non-fossil energy consumption. The proportion of non-fossil energy consumption is a key indicator of the nationally determined contribution targets, aiming for 25% by 2030 and over 30% by 2035. During the 15th Five-Year Plan period, we will work on both the supply and demand sides to steadily increase the share of non-fossil energy consumption. On the supply side, we will promote the simultaneous development of wind, solar, hydro, and nuclear power, ensure the stable growth of wind and PV power generation, maintain an average annual increase of 200 million kW, advance the integration of hydro, wind, and solar energy, and pursue the safe and orderly development of nuclear power. On the demand side, we will vigorously promote energy conservation and carbon reduction in key sectors such as industry, construction, and transportation, expand the use of green electricity, increase the electrification level of end-use energy, and, according to local conditions, expand the non-electric utilization of renewable energy sources like biomass and geothermal energy. We will also improve the green consumption system and continuously enhance the green and low-carbon level of energy consumption. Regarding achieving the target of new energy installed capacity exceeding 50%. We will focus on the following tasks, which can be summarized as the "Four Diversifications" initiatives. First, diversification of supply. We will accelerate the construction of new energy bases in desert-Gobi-wasteland areas, actively promote the planning and construction of integrated hydro, wind, and solar energy bases, increase the development of offshore wind power, and encourage multi-scenario and diversified development of distributed new energy to further expand the supply of new energy. Second, industrial integration. We will coordinate the synergistic optimization and upgrading of new energy and traditional industries, and promote the integrated and mutually reinforcing development of new energy with strategic emerging industries such as computing power and green hydrogen. Third, expansion of non-electric applications. We will actively expand the non-electric utilization of new energy, focusing on diverse conversion and local use, such as hydrogen, ammonia, and alcohol production from wind and solar power, as well as heating applications. Fourth, coordinated consumption. We will implement the minimum consumption target for renewable energy, reinforce the responsibility of key energy-consuming industries for green electricity consumption, improve the green electricity certificate trading mechanism, strengthen the coordination among electricity, carbon, and certificate markets, actively promote international mutual recognition of green certificates, reasonably reflect the environmental value of green electricity, and comprehensively enhance the level of new energy consumption. Regarding the progress of the 15th Five-Year Plan for energy, which you are concerned about. According to the work plan, over the past year, we have organized in-depth research on major issues related to the 15th Five-Year Plan for energy, solicited opinions and suggestions from relevant departments, local governments, enterprises, and experts, and conducted thorough demonstrations of the plan’s goals and tasks. We have already formulated a new-type energy system plan, as well as five sub-sector energy plans, including those for electricity and renewable energy. The next step will involve continuously refining the energy plan, ensuring its alignment with national economic and social development plans and other sectoral plans. After completing the relevant procedures, the plan is expected to be released in H1 of this year. My response ends here, thank you all! [Reporter] The 15th Five-Year Plan proposes to promote industries including hydrogen energy as new economic growth points in the forward-looking layout of future industries. Could you please introduce the work situation of the National Energy Administration in promoting the development of hydrogen energy? [Deputy Director Bian Guangqi of the Department of Energy Conservation and Science & Technology Equipment] Thank you for the question from this journalist friend. The Fourth Plenary Session of the 20th CPC Central Committee listed hydrogen energy as an important direction for future industries, clearly requiring that it should be promoted to become a new economic growth point. As an important part of the future national energy system, hydrogen energy plays a significant role in the construction of new power systems and new energy systems, which will strongly promote the development and consumption of new energy, and help achieve the "dual carbon" goals. At the same time, the hydrogen energy industry, with its high technological content, long industrial chain, and multiple involved links, will comprehensively drive industrial innovation, expand domestic demand, foster talent, and enhance international cooperation during its development. During the 14th Five-Year Plan period, we mainly carried out the following work in promoting the development of hydrogen energy: First, we promoted high-quality industry development through "planning leadership." The National Development and Reform Commission (NDRC) and the National Energy Administration led the establishment of an inter-ministerial coordination mechanism for the development of the hydrogen energy industry, researched and formulated the Medium and Long-Term Plan for Hydrogen Energy Industry Development (2021-2035), comprehensively enhancing the innovative capability of the hydrogen energy industry, compiled the China Hydrogen Energy Development Report, guided industry consensus, and promoted the healthy and orderly development of the industry. Second, we advanced innovative integration through "project pilots." We deepened the integration of technological and industrial innovation in the hydrogen energy sector, selected 41 projects and 9 regions to carry out pilot work in the energy field, promoting the coordinated development of the entire "production, storage, transportation, and utilization" chain of hydrogen energy. We continued to implement the key special project "Hydrogen Energy Technology" under the National Key R&D Program, actively planned the layout of energy science and technology innovation and major national science and technology projects for the 15th Five-Year Plan, cumulatively released five batches totaling 27 items of first (set) technical equipment lists in the hydrogen energy field, and promoted the application and promotion of the first (set) equipment. Third, we strengthened the foundation of the system through "standard construction." We continuously promoted the construction and operation of the national hydrogen energy information platform, laying a solid foundation for hydrogen energy information statistics. We established a standardization technical committee for the hydrogen energy sector in the energy industry, strengthened the construction of the hydrogen energy standard system, promoted the formulation of industry standards such as the Clean and Low-Carbon Hydrogen Evaluation Standard, and cooperated in releasing the methodology for renewable energy electrolysis water hydrogen production, further playing the foundational and leading role of standards. With the joint efforts of the industry, the hydrogen energy industry gradually achieved an orderly breakthrough during the 14th Five-Year Plan period. By the end of 2025, China's cumulative built capacity of renewable energy hydrogen production projects exceeded 250,000 mt/year, doubling the previous year's figure. The projects in Kuqa, Xinjiang; Ningdong, Ningxia; Chifeng, Inner Mongolia; Da'an and Songyuan, Jilin have been completed and put into operation, gradually integrating the hydrogen energy production-storage-transportation-application industrial chain. A number of major technological equipment have achieved new breakthroughs, laying a solid foundation for the development of the hydrogen energy industry. During the 15th Five-Year Plan period, the National Energy Administration will work closely with the National Development and Reform Commission (NDRC) and other relevant departments to strengthen industrial planning guidance, increase policy support, enhance core technology research, promote hydrogen energy pilot projects, improve the standard certification system, deepen international exchanges and cooperation, and vigorously cultivate the future hydrogen energy industry, making positive contributions to accelerating the construction of a new-type energy system and building a strong energy nation. That concludes my response. Thank you! [Reporter] Recently, the National Energy Administration reported several violations, including collusive bidding by power generation enterprises. What regulatory measures will be taken in 2026 to prevent and investigate such behaviors? [Wang Yunbo, Deputy Director General of the Market Regulation Department] Thank you for your question. In 2025, the National Energy Administration adhered to the combination of an effective market and proactive government, deploying comprehensive regulation in the power sector and specialized regulation on prominent issues in the power market order. A number of illegal activities were identified and addressed, and five typical cases of power market violations were publicly reported, effectively serving as a warning and deterrent. In 2026, we will maintain a systematic approach, focusing on improving the power market regulatory system and continuously strengthening regulatory efforts to make our "toolkit" more comprehensive and regulatory measures more effective. First, improve the regulatory system. We will research and develop more comprehensive risk control documents to further leverage the "three lines of defense" in the power market, enhance the level of collaborative governance, and add an additional "safety lock" to the market. At the same time, we will introduce a series of easy-to-operate and replicable "regulatory guidelines," issue regulatory directives on abnormal behavior monitoring and handling in the power market, as well as power market information disclosure, to standardize regulatory benchmarks and reduce ambiguities. Second, continuously intensify market regulation. We will continue to conduct comprehensive regulation in the power sector, prioritizing the supervision of power market order. For behaviors that affect fair competition, we will promptly "draw the sword" to correct deviations and effectively maintain a fair market order. We will deepen the innovative application of digital and penetrating regulatory methods, continuously enhancing the predictability, accuracy, and effectiveness of regulation, making regulatory oversight more "sharp-eyed." Third, continuously strengthen the deterrent effect of regulatory enforcement. For identified violations, we will take serious actions through comprehensive measures such as administrative interviews and orders for rectification; for illegal activities discovered, administrative penalties will be imposed in accordance with the law to effectively uphold a fair and just market order. At the same time, we will strengthen the notification and public release of typical issues, using concrete cases to guide business entities in jointly fostering a fair competition market environment. That concludes my response, thank you! [Reporter] In November 2025, the National Energy Administration issued the "Guiding Opinions on Promoting the Integrated Development of New Energy," and at the 2026 National Energy Work Conference, it again emphasized "integrated development of new energy." How do you understand this concept? How can we further expand the new space for the coupled development of the coupling between new energy and industries? What new development opportunities will this bring to new energy and its related industries? [Liu Mingyang, Deputy Director of the Electricity Department] Thank you for your question. In recent years, China's new energy has achieved large-scale, high-level development and historic accomplishments, though it also faces new issues and challenges. For example, the power system's real-time balancing and absorption capacity for large-scale fluctuating new energy needs to be strengthened; the coordination requirements between new energy development and land, forestry, grassland, marine, and ecological aspects are higher; and the models and market mechanisms for the integration of new energy with different industries need further exploration and improvement. In response to these challenges, we proposed the concept of "integrated development of new energy," with the key lying in "integration." This means that the development of new energy should no longer follow the old path of "going it alone." Instead, as a key component of the new-type energy system, it should deeply integrate with the power supply, energy storage systems (ESS), power grid, and the production and consumption of various industries. This involves achieving "horizontal" integration through the combined development of new energy and other energy sources, "vertical" integration by linking new energy production and consumption hand-in-hand, and "upstream-downstream" integration within the new energy industry chain to "produce green with green." This represents not only technical synergy and optimization but also an upgrade in development philosophy. It will reduce new energy's reliance on sole absorption by the system, effectively enhance the autonomy of new energy development, and strengthen its market competitiveness. Regarding expanding the space for the coupling development of new energy and industries, the key is to use "new energy plus" to create new energy production and consumption models. We will actively promote development models that feature multi-variety complementarity and spatially intensive utilization of new energy, enabling new energy to penetrate buildings, transportation facilities, and rural revitalization efforts, thereby creating diversified development scenarios such as building-integrated photovoltaics (PV), transport-energy integration, and rural energy revolution. We will fully leverage models like direct green electricity connections to guide high-energy-consumption industries such as steel, petrochemicals, chemicals, and computing facilities to build new energy power generation projects based on local conditions, achieving green and low-carbon transformation while ensuring reliability. We will promote industries like aluminum electrolysis, water electrolysis for hydrogen production, machinery, and automobiles to fully utilize their flexible adjustment capabilities, reasonably arrange production and energy usage plans, and adapt to the variability of new energy power generation. Beyond power generation utilization, the focus is on expanding the diversified development and substitution of renewable energy in areas such as fuels, raw materials, and heating/cooling, forming new models and business formats like comprehensive green hydrogen-ammonia-methanol industrial bases and integrated PV-solar thermal heating systems. This will bring new development opportunities for new energy and its related industries. On one hand, it continuously injects new momentum into the new energy industry itself, guiding and driving the construction of projects such as new energy bases in desert-Gobi-wasteland areas, new-type integrated hydro-wind-solar energy bases, offshore wind power clusters, PV and wind power in mining areas, and smart microgrids. On the other hand, it creates broad markets and new growth points for related industries such as new-type energy storage, hydrogen energy production-storage-transportation-utilization, and new energy heavy-duty trucks, promoting the formation of a new green growth model where new energy development drives the common development of multiple industries. Thank you! This will bring new development opportunities for new energy and its related industries. On one hand, it continuously injects new momentum into the new energy industry itself, guiding and driving the construction of projects such as new energy bases in desert-Gobi-wasteland areas, new-type integrated hydro-wind-solar energy bases, offshore wind power clusters, PV and wind power in mining areas, and smart microgrids. On the other hand, it creates broad markets and new growth points for related industries such as new-type energy storage, hydrogen energy production-storage-transportation-utilization, and new energy heavy-duty trucks, promoting the formation of a new green growth model where new energy development drives the common development of multiple industries. Thank you!