On March 11, Pan Xueyuan, Member of the Standing Committee of the Yangzhou Municipal Party Committee and Executive Vice Mayor of Yangzhou, led a team to Yizheng Economic and Technological Development Zone to survey the construction progress of the CIMC Green Hydrogen Zero-Carbon Equipment Industrial Park, a key provincial project in Jiangsu. He inspected the construction progress on site, inquired about the construction plan, key challenges, and industrial layout, and required that the leading role of chain-leading hydrogen energy enterprises be fully leveraged to coordinate efforts to bring the project into operation and deliver results at an early date. Meng Dehe, Secretary of the Yizheng Municipal Party Committee, and Yu Lei, Executive Vice Mayor, accompanied the visit, while Li Jie, General Manager of CIMC Jidian and CIMC Zhongdian, and his delegation reported on the work. In front of the project planning display board, Pan Xueyuan focused on learning about the industrial park’s product layout. The project covered a total area of 150 mu, with plant space of approximately 60,000 m², and included a 15-mu supporting detection and R&D testing base. After reaching full production, it was expected to produce 2 GW of electrolyzers and hydrogen-ammonia-methanol series equipment annually. With the goal of becoming a nationally leading supplier of hydrogen-based energy equipment, the enterprise laid out the full value chain of alkaline, PEM, and AEM electrolyzers, skid-mounted hydrogen production plants, and green ammonia and green methanol equipment, which Pan Xueyuan highly affirmed. As a chain-leading enterprise in the hydrogen energy industry chain at both the provincial and municipal levels, CIMC Zhongdian will join hands with CIMC Raffles Group to integrate industry resources and build a green hydrogen equipment industry chain. Next, with the support of the local government, the enterprise will build “two centers and two platforms,” continue to lead industry innovation, and support the high-quality development of the green hydrogen industry in Yizheng and Yangzhou as a whole.

Data from the National Bureau of Statistics (NBS) showed that in January-February, China’s real estate development investment totaled 961.2 billion yuan, down 11.1% YoY, with the decline narrowing by 6.1 percentage points from the full-year level of the previous year; of which, residential investment was 728.2 billion yuan, down 10.7%, with the decline narrowing by 5.6 percentage points. In January-February, the floor space of buildings under construction by real estate development enterprises nationwide was 5.3537 billion m², down 11.7% YoY. Of this total, residential floor space under construction was 3.7135 billion m², down 11.9%. The floor space of buildings newly started was 50.84 million m², down 23.1%. Of this total, residential floor space newly started was 36.95 million m², down 23.3%. The floor space of buildings completed was 63.2 million m², down 27.9%. Of this total, residential floor space completed was 46.25 million m², down 26.9%. I. Completion of Real Estate Development Investment In January-February, China’s real estate development investment totaled 961.2 billion yuan, down 11.1% YoY (calculated on a comparable basis; see Note 5 for details), with the decline narrowing by 6.1 percentage points from the full-year level of the previous year; of which, residential investment was 728.2 billion yuan, down 10.7%, with the decline narrowing by 5.6 percentage points. In January-February, the floor space of buildings under construction by real estate development enterprises was 5.3537 billion m², down 11.7% YoY. Of this total, residential floor space under construction was 3.7135 billion m², down 11.9%. The floor space of buildings newly started was 50.84 million m², down 23.1%. Of this total, residential floor space newly started was 36.95 million m², down 23.3%. The floor space of buildings completed was 63.2 million m², down 27.9%. Of this total, residential floor space completed was 46.25 million m², down 26.9%. II. Sales of Newly Built Commercial Buildings and Pending Sale Status In January-February, the floor space of newly built commercial buildings sold was 92.93 million m², down 13.5% YoY, with the decline widening by 4.8 percentage points from the full-year level of the previous year; of which, residential sales floor space fell 15.9%. Sales of newly built commercial buildings amounted to 818.6 billion yuan, down 20.2%, with the decline widening by 7.6 percentage points; of which, residential sales value fell 21.8%. At month-end February, the floor space of commercial buildings pending sale was 799.98 million m², up 0.1% YoY, with the growth rate pulling back by 1.5 percentage points from year-end 2025. Of this total, the floor space pending sale for less than three years was 606.16 million m², down 1.6%. III. Funding Sources of Real Estate Development Enterprises In January-February, funds in place for real estate development enterprises totaled 1,304.7 billion yuan, down 16.5% YoY. Of this total, China domestic loans stood at 257 billion yuan, down 13.9%; self-raised funds were 493.9 billion yuan, down 5.9%; deposits and advance receipts were 358.9 billion yuan, down 21.5%; and individual mortgage loans were 112.8 billion yuan, down 41.9%.

Only 15 days remain until the opening of the 14th Energy Storage International Summit and Exhibition, ESIE 2026! New business models, new products, and new technologies in the global energy storage industry will be showcased in a concentrated manner on the ESIE 2026 platform! The countdown has begun, and the world’s largest, highest-level, and most influential gathering of ideas and technologies in the global energy storage industry is about to open! ●Exhibition Dates: April 1–April 3 ●Summit Dates: March 31–April 3 ●Venue: Beijing · Capital International Exhibition & Convention Center Scan the QR code above for free exhibition admission Six themed exhibition halls, over 160,000 m² of exhibition space, 800+ exhibitors/sponsors—the full detailed floor plan for all halls of ESIE 2026 is officially unveiled! Save and bookmark it to locate the brands and exhibition areas you are interested in! Detailed forum schedules have been released: Cutting-Edge Technology Led by 9 academicians! Detailed agenda for the 9th Energy Storage Frontier Technology Conference released Mechanism Innovation Detailed agenda released | ESIE 2026 Themed Forum: New-Type Energy Storage and the Electricity Market Detailed agenda released | Regional Characteristic Market Forum, Generation-Grid-Load-Storage and Green Electricity Direct-Connection Integration Forum Market-Driven Growth Detailed agenda released | ESIE 2026 Themed Forum: Development and Operation of Standalone ESS Projects Detailed agenda released | ESIE 2026 Themed Forum: Coordinated Development of Energy Storage + AIDC Detailed agenda released | ESIE 2026 Themed Forum: Energy Storage + New Business Models and New Development Global Perspective Detailed agenda released | ESIE 2026 Themed Forum: Development and Trends in the Global Energy Storage Market A Barometer of the Development of China’s Energy Storage Industry The 14th Energy Storage International Summit and Exhibition ESIE 2026 Exhibition Dates: April 1, 2026–April 3, 2026 Summit Dates: March 31, 2026–April 3, 2026 Venue: Beijing · Capital International Exhibition & Convention Center

In mid-March 2026, CAAM and the China Automotive Power Battery Industry Innovation Alliance successively released relevant data on the auto and power battery markets for February 2026. According to CAAM’s analysis, auto production and sales declined YoY under the combined impact of multiple factors, including policy transition adjustments, front-load demand release, the timing shift of the Chinese New Year holiday, insufficient willingness to consume, and a high base in the same period last year. Among them, the passenger vehicle market and NEV market both declined YoY, while the commercial vehicle market continued to improve, and auto exports grew rapidly. .......SMM compiled the relevant data on the auto market and power battery market for February 2026 for readers’ reference. Automobiles CAAM: February Auto Output and Sales Reached 1.672 Million and 1.805 Million Units, Respectively In February, auto output and sales totaled 1.672 million and 1.805 million units, down 31.7% and 23.1% MoM, and down 20.5% and 15.2% YoY, respectively. From January to February, auto output and sales totaled 4.122 million and 4.152 million units, down 9.5% and 8.8% YoY, respectively. CAAM: February NEV Sales Reached 765,000 Units; January-February NEV Output and Sales Reached 1.71 Million Units In February, NEV output and sales totaled 694,000 and 765,000 units, down 21.8% and 14.2% YoY, respectively. NEV sales accounted for 42.4% of total new vehicle sales. From January to February, NEV output and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% YoY, respectively. NEV sales accounted for 41.2% of total new vehicle sales. CAAM: Auto Exports Continued to Grow in February; NEV Exports up 1.1x YoY In February, NEV exports were 282,000 units, down 6.6% MoM, up 1.1x YoY ; traditional fuel vehicle exports were 391,000 units, up 2.8% MoM and up 26.2% YoY . From January to February, NEV exports were 583,000 units, up 1.1x YoY; traditional fuel vehicle exports were 769,000 units, up 22.2% YoY . Regarding the auto market in February, CAAM said that this year’s Chinese New Year fell in mid-to-late February, and the holiday was extended. As a result, there were only 16 effective working days in February, which had a certain impact on enterprise production and operations, and overall market activity declined. Judging from industry performance from January to February, auto production and sales declined YoY under the combined impact of multiple factors, including policy transition adjustments, front-load demand release, the timing shift of the Chinese New Year holiday, insufficient willingness to consume, and a high base in the same period last year. Among them, the passenger vehicle market and NEVs declined YoY, while the commercial vehicle market continued to improve and auto exports grew rapidly. This year’s government work report explicitly proposed to stimulate the endogenous momentum of household consumption and advance consumption-promoting policies in parallel, continue to amplify the effect of the policy package, further rectify “involution-style” competition, and foster a sound market ecosystem. It is believed that, as detailed local subsidy measures are fully implemented after the holiday, spring auto show sales promotions begin, and automakers roll out new models one after another, this will help boost consumer confidence, energize the auto market, and promote the healthy and stable operation of the industry. Subsequently, the CPCA also released data on the passenger vehicle market for February 2026. From February 1 to 28, retail sales in China’s passenger vehicle market reached 1.034 million units, down 25.4% YoY and down 33.1% MoM. Cumulative retail sales since the beginning of the year totaled 2.578 million units, down 18.9% YoY. As market factors have become more complex, the pattern of “low at the beginning and high at the end” in annual sales has become more evident in recent years. Affected by disruptions such as Chinese New Year, February retail sales have seen wild YoY swings over the years, for example: 2019 (-19%), 2020 (-79%), 2021 (373%), 2022 (5%), 2023 (10%), 2024 (-21%), and 2025 (26%). Therefore, the -25.4% in 2026 was at the lower-middle end of the range of sharp fluctuations in February growth rates over the years. NEVs, retail sales in the passenger NEV market were 464,000 units in February, down 32.0% YoY; from January to February, retail sales in the passenger NEV market were 1.06 million units, down 25.7% YoY. Retail sales of conventional fuel passenger vehicles were 570,000 units in February, down 19% YoY. In February, passenger NEV producer exports were 269,000 units, up 124.7% YoY and down 7.0% MoM; from January to February, passenger NEV producer exports were 559,000 units, up 114.7% YoY, while exports of conventional fuel passenger vehicles were 290,000 units in February, up 21% YoY. NEV exports, as the scale advantages of China’s new energy vehicles become more apparent and market expansion demand grows, more and more China-made new energy brand products are going outside China, and their recognition outside China continues to improve. Among them, PHEVs accounted for 38% of NEV exports (38% in the same period last year). Although they have recently been affected by some disruptions from external countries, exports of independently developed PHEVs to developing countries have grown rapidly, with bright prospects. In February, passenger NEV exports were 269,000 units, up 124.7% YoY and down 7.0% MoM. They accounted for 48.5% of passenger vehicle exports, up 14.8 percentage points YoY; BEVs accounted for 58% of NEV exports (59% in the same period last year), and A00- and A0-class EVs, the core focus, accounted for 55% of BEV exports (56% in the same period last year). The CPCA stated that after the NEV purchase tax exemption policy, which had been implemented since September 2014, was formally phased out at the end of December 2025, the NEV market in 2026 entered a recovery period amid adjustments to tax subsidies. Some consumers brought forward purchases to 2025 to benefit from the policy, resulting in a certain pull-forward effect in January-February this year. This was an expected short-term fluctuation and does not represent the market’s long-term trend. However, with Chinese New Year falling later this year, making it a major consumption year, growth in the auto market diverged, and NEVs did not perform strongly, indicating that more policy support is still needed. Key features of the passenger vehicle market in February 2026: 1. In February, passenger vehicle producers’ daily average exports hit a record high for the month, fully demonstrating the steadily improving competitiveness of China’s automotive industry in the global market and continued robust demand outside China; 2. The retail pullback after the expiration of the vehicle purchase tax exemption was evident, but structural changes were also clear, namely a higher share of high-end NEVs and a lower share of entry-level consumption, which is conducive to the industry’s transition toward high-quality development; 3. New vehicle launches were steady in 2026, and together with the advance of anti-involution efforts curbing disorderly price cuts, NEV sales promotions stayed at 10.4% in February, remaining around 10% for six consecutive months. No vicious volume discount competition emerged, helping maintain market order; 4. The historical pattern of internal combustion engine vehicles outperforming NEVs before Chinese New Year continued again. In February, retail sales in China of internal combustion engine vehicles fell 19% YoY, while pure electric vehicle retail sales fell 35% YoY, range-extended vehicles fell 16% YoY, and PHEVs fell 31% YoY. As time goes by, consumers are expected to gradually adapt to the normalization of NEV taxation, and the NEV market is expected to return to a track of positive growth; 5. This February was still a pre-Chinese New Year consumption phase dominated by internal combustion engine vehicles. NEV penetration rate in retail sales in China was 44.9%, and export penetration rate was 48.5%, which was a relatively good performance; 6. In February 2026, exports of self-owned-brand internal combustion engine passenger vehicles reached 247,000, up 21% YoY, while exports of self-owned-brand NEVs reached 231,000, up 110% YoY. NEVs accounted for 48.4% of self-owned-brand exports. In particular, the high growth of NEV exports in Europe, Southeast Asia, and other regions marked the expanding influence of China’s NEV brands in the international market, laying a solid foundation for future export growth. Power Battery In February, China’s cumulative sales of power and ESS batteries reached 113.2 Gwh, up 25.7% YoY In February, China’s sales of power and ESS batteries reached 113.2 Gwh, down 23.9% MoM, up 25.7% YoY . Of this, power battery sales were 74.5 Gwh, accounting for 65.9% of total sales, down 27.4% MoM and up 11.4% YoY; ESS battery sales were 38.6 Gwh, accounting for 34.1% of total sales, down 16.2% MoM and up 67.3% YoY. From January to February, China’s cumulative sales of power and ESS batteries were 262 Gwh, up 53.8% YoY . Of this, cumulative power battery sales were 177.2 Gwh, accounting for 67.6% of total sales and up 36.5% YoY; cumulative ESS battery sales were 84.8 Gwh, accounting for 32.4% of total sales and up 108.9% YoY. From January to February, cumulative power battery installations were 68.3 Gwh, with LFP installations accounting for 77.9% In February, China’s power battery installations were 26.3 Gwh, down 37.4% MoM and down 24.6% YoY. Of this, ternary battery installations were 5.7 Gwh, accounting for 21.7% of total installations, down 39.1% MoM and down 11.4% YoY; LFP battery installations were 20.6 Gwh, accounting for 78.3% of total installations, down 36.9% MoM and down 27.5% YoY. From January to February, cumulative power battery installations in China were 68.3 Gwh, down 7.2% YoY. Of this, cumulative ternary battery installations were 15.1 Gwh, accounting for 22.1% of total installations and up 0.6% YoY; cumulative LFP battery installations were 53.3 Gwh, accounting for 77.9% of total installations and down 9.2% YoY. More Than 60% of A/H-Share Automakers Achieved YoY Growth, March Auto Market Production and Sales Will See Rapid MoM Growth Earlier, CLS compiled the January-February sales performance of 14 A/H-share listed automakers, of which 9 achieved YoY growth, accounting for more than 60%, and 3 automakers recorded February sales outside China exceeding those in the Chinese market. Among emerging EV makers, Leap Motor still firmly held the top spot in deliveries, with 28,067 units delivered in February, up 10.99% YoY; cumulative deliveries in 2026 reached 60,126 units, up 19.16% YoY. While releasing its February delivery figures, Leap Motor said its March car purchase incentives had gone live, with discounts of up to 46,000 yuan for in-stock vehicles. Li Auto delivered 26,421 units in February, up 0.6% YoY. Cumulative deliveries in 2026 reached 54,089 units, down 3.74% YoY. As of February 28, 2026, Li Auto’s historical cumulative deliveries totaled 1.594 million units. Li Auto said that as of February 28, 2026, it had 539 retail centers nationwide, covering 160 cities; 548 after-sales repair centers and authorized service centers, covering 223 cities. Li Auto had put into use 4,054 Li Auto supercharging stations nationwide, with 22,447 charging piles. NIO delivered 20,797 new vehicles in February, up 57.65% YoY. Cumulative deliveries in the first two months of 2026 reached 47,979 units, up 77.34% YoY. To date, NIO has delivered a total of 1,045,571 new vehicles. At 22:33:18 on February 6, NIO completed its 100 millionth battery swap; during the 2026 Chinese New Year holiday, NIO provided a cumulative 2,073,500 battery swapping services, with daily average services up 29.4% YoY versus the Chinese New Year holiday last year. From February 15 to February 23, NIO Energy's cumulative highway charging and battery swapping volume exceeded 25.28 million kWh, accounting for 15% of the national highway charging and battery swapping total. Starting from February 18 (the second day of the Chinese New Year), NIO battery swapping set new single-day service records for five consecutive days. XPeng Motors delivered a total of 15,256 new vehicles in February, bringing cumulative deliveries in the first two months of 2026 to 35,267 units, down 42% YoY. In February, the all-new XPeng G6 launched in the UK, with the entire lineup equipped as standard with an 800V high-voltage platform and a new-generation LFP battery, while introducing an all-wheel-drive performance black edition for the first time. The XPeng G6 has now been exported to more than 40 countries and regions worldwide, covering Asia-Pacific, Europe, the Middle East and North Africa, and Latin America, and continues to win favour among an increasing number of overseas consumers. As for Xiaomi Auto, its deliveries exceeded 20,000 units in February, while January deliveries exceeded 39,000 units, bringing cumulative deliveries in the first two months of 2026 to 59,000 units. Notably, the Xiaomi YU7 continued to rank first in sales in February and has now held the top spot for six consecutive months. In February 2026, Xiaomi YU7 sales reached 20,196 units, ranking among the top three passenger vehicle models nationwide for the month. As for BYD, China's "EV king," February sales reached 190,190 units, retaining its position as China's NEV sales champion. In January-February 2026, BYD Group's cumulative sales reached 400,241 units, while cumulative overseas sales of passenger vehicles and pickups totaled 200,160 units, and cumulative new energy vehicle sales exceeded 15.5 million units. On March 5, BYD unveiled the second-generation blade battery. Wang Chuanfu, Chairman of BYD Group, said that the second-generation blade battery can charge from 10% to 70% in 5 minutes, and from 10% to 97% in just 9 minutes. The second-generation blade battery offers 5% higher battery energy density than the first-generation blade battery. Car models equipped with the second-generation blade battery include the Yangwang U7, Denza N9, Fangchengbao Tai 3, Seal 07, Datang, Sea Lion 06, Song Ultra, Fangchengbao Tai 7, Denza Z9GT, and Yangwang U8L, among which the Denza Z9GT has a driving range of 1,036 km. Regarding auto industry sales in February 2026, Cailian Press quoted an executive at a new carmaker as saying, "Affected by the longest-ever nine-day Chinese New Year holiday in February, the auto industry's effective production and sales period was significantly shortened, making it a typical off-season for auto consumption. Combined with the phased reduction in the vehicle purchase tax incentive, the auto industry as a whole remained subdued and full of challenges.” Looking ahead to the passenger vehicle market in March, the CPCA said that March this year had 22 working days, one more than the 21 working days in March 2025. As industries across the board rapidly returned to normal operations after the Chinese New Year holiday, production and sales growth in March is expected to rise sharply MoM. The post-Chinese New Year period is an important window for new product launches, and many producers rolled out a large number of new vehicles. Driven by national pro-consumption policies, many provinces and cities introduced corresponding measures to stimulate consumption, while the full resumption of offline activities such as auto shows will also accelerate the return of foot traffic. As prices of lithium carbonate, copper, and other materials have remained high recently, coupled with the continued anti-involution trend, producers are expected to launch relatively few new energy car models offering better-than-expected value for money, leaving limited potential for an explosive rebound in auto consumption. Although the recent Middle East crisis caused some transportation disruptions, China’s complete vehicle enterprises shifted from “chartering vessels and waiting for shipping space” to “building ships and controlling transport,” with rapid expansion of their own fleets, greater autonomy and control over shipping capacity, and significant optimization in cost and efficiency. Our sales support capabilities are stronger than those of other international automakers, and if the crisis does not last long, export transportation will not be significantly affected. As the national trade-in policy is fully implemented, the consumer potential for replacement and upgrade purchases will be gradually released, helping the auto market strengthen steadily in March. In 2026, policy subsidies and structural optimization in the auto industry will become key factors in leveraging overall market prosperity and accelerating the premiumization of new energy vehicles. Although the 2026 consumer goods trade-in subsidy fund of 250 billion yuan was down 50 billion yuan from 2025, the 100 billion yuan in special fiscal and financial coordinated funding to boost domestic demand can reduce financing costs for residents’ car purchases and automakers through loan interest subsidies and financing guarantees, effectively stimulating endogenous consumption momentum and expanding new room for domestic demand. Huachuang Securities pointed out that since March, the passenger vehicle retail market has begun to improve, with foot traffic and transactions gradually recovering, mainly due to the digestion of deferred wait-and-see demand from last year and the launch of new models. Attention should be paid to market acceptance of new vehicles after price increases and to dynamic adjustments by automakers. Although the subsidy amount per vehicle declined this year, coverage may expand. Combined with the low base in H2 last year, industry retail sales growth in H2 is expected to turn positive, with full-year retail growth expected at 1%, including +5% for EVs. Export data for January-February exceeded expectations, and full-year exports are expected to surpass 7.1 million units, boosting wholesale growth by about 3%, including +8% for EVs. In February, due to weaker demand during the Chinese New Year, the new energy penetration rate remained firm at 48%. Current total channel inventory is about 3.4 million units, an increase of about 600,000 units compared to the same period last year. Rising Prices of Memory Chips and Precious Metals, Some Automakers Warn of Cost Pressure It is worth noting that as memory chip and precious metal prices have fluctuated upward recently, some automakers in the market have begun trying to respond to supply chain cost pressure through “price increases.”Monitoring data from TrendForce showed that since H2 2025, prices of DDR4 memory used in automotive-grade DRAM have risen by more than 150% cumulatively, while DDR5 memory prices have surged by 300%. Data provided by UBS showed that over the past three months, automotive-grade DRAM prices as a whole increased by 180%. According to incomplete statistics, since the start of 2026, multiple automakers, including NIO, Li Auto, VOYAH, Xiaomi, and Zeekr, have issued warnings or been reported to be facing cost challenges brought by chip price increases. In a livestream, Deepal Chairman Deng Chenghao said that current production costs have risen by several thousand yuan compared with earlier levels, with the pressure mainly coming from wild swings in power battery and in-vehicle memory chip prices; Li Auto Vice President of Supply Chain Meng Qingpeng even warned that the supply fulfillment rate for automotive memory chips in 2026 may be less than 50%; Xiaomi Chairman Lei Jun mentioned in a livestream in January that the new Xiaomi SU7 is facing memory cost pressure that is jumping quarter by quarter, with memory cost per vehicle expected to increase by several thousand yuan. However, according to the latest news from NIO on March 11, NIO founder and chairman Li Bin said that rising prices of memory and other raw materials have impacted the cost of high-end new energy car models by 3,000 to 5,000 yuan respectively, with the total impact nearing 10,000 yuan. At present, NIO’s existing system can support the pressure brought by rising costs, and the company currently has no plan to adjust prices. At the Q4 and full-year 2025 earnings call, Li Auto President Ma Donghui said that in response to the impact brought by the current increase in parts prices, Li Auto will strengthen coordination with supply partners and sign long-term LTA agreements with relevant suppliers to lock in prices or allocations in advance. If there is a price adjustment mechanism, it will be strictly implemented in accordance with the contract; where there is no price adjustment mechanism, the company will also share costs with suppliers. It will absorb as much of the pressure from external price increases internally as possible, including through its self-developed range extender and self-developed chips. “Li Auto will comprehensively consider parts costs and user value in determining the pricing of new car models, and is confident that through a series of measures it can keep the impact of raw materials within a reasonable range,” Ma Donghui said. UBS warned that chip shortages may begin disrupting global auto production as early as Q2 this year, with EV manufacturers that are highly dependent on advanced chips expected to be affected the most.

Recently, CIMC Enric and PT SAMATOR Group , Indonesia’s largest industrial gas and energy services provider, officially signed a strategic cooperation framework agreement in Jakarta. Leveraging their respective strengths, the two parties reached a long-term partnership to jointly promote the optimization of the energy structure in Indonesia and Southeast Asia, as well as green and sustainable development. PT SAMATOR Group is a leading industrial gas enterprise in Indonesia, with business spanning multiple sectors including healthcare, oil and gas, and metallurgy, and with a well-established local market network and operating resources. According to the agreement, the two parties will focus on in-depth cooperation in five major areas: the entire industry chain of industrial gases, natural gas storage and transportation equipment, EPC for energy projects, digital after-sales services, and new business development. CIMC Enric will leverage its strengths in the design, manufacturing, and system integration of energy equipment, together with the other party’s local resources, to jointly advance the implementation of clean energy projects such as industrial gases, hydrogen storage and transportation, and new energy, thereby supporting Indonesia’s energy transition and industrial upgrading. Ju Xiaofeng, Vice President of CIMC Enric, and Rachmat Harsono, Chief Executive Officer of PT SAMATOR Group, signed the agreement on behalf of their respective parties. Ju Xiaofeng said that this cooperation was the result of resource synergy and demonstrated the company’s determination to deepen its presence in the Indonesian market; Rachmat Harsono said that the cooperation would help further strengthen the Group’s local business and expand the space for both parties in markets outside China.

This week, ferrous metals rebounded from the bottom. At the start of the week, coking coal and coke led the futures higher, mainly driven by rising crude oil prices in the overseas market, which pushed the energy and chemicals sector stronger accordingly; mid-week, both the U.S. and Iran signaled a more relaxed stance toward war, easing geopolitical tensions, while coal prices fell in tandem, weakening the cost-side logic, and ferrous metals fluctuated at highs; in the latter half of the week, worsening short-term liquidity issues in BHP's iron ore port inventory triggered stronger iron ore prices in the overseas market, while the Middle East situation remained volatile, reinforcing cost support and pushing ferrous metals higher again. In the spot market, supported by futures, end-user and arbitrage purchase sentiment both improved WoW this week......

On March 9, the New Product Launch Conference for the Sixth Academy of the Aerospace Science and Technology Corporation’s hydrogen energy industry was held in Beijing, where four core achievements were unveiled on site: the side-mounted 2×40 kg-class onboard liquid hydrogen system (Saidao-1000S), a mobile liquid hydrogen refueling skid and hydrogen dispenser, a 40-foot liquid hydrogen tank container, and a 200-cubic-meter innovative alkaline electrolyzer . The Blue Book on the hydrogen energy industry was also officially released. The conference brought together academicians, ministry officials, representatives from government, enterprises, universities, and the industry chain, marking the Sixth Academy’s liquid hydrogen equipment portfolio as having fully entered a new stage of commercial application. High-Level Participation to Jointly Discuss a New Blueprint for the Hydrogen Energy Industry The conference featured a high-profile lineup, with three academicians—Long Lehao, Yang Fengtian, and Wang Jue—in attendance, along with relevant officials from the State Administration for Market Regulation and the National Energy Administration; leaders from the Aerospace Science and Technology Corporation and affiliated enterprises also attended, including Li Zhongbao, Chief Engineer of the Aerospace Science and Technology Corporation, Xie Yun, Chairman of Aerospace Investment, and Wang Wanjun, President of the Sixth Academy. Supervisory government authorities from multiple regions, experts from renowned universities, executives from central state-owned enterprises such as Sinopec, China Huadian, and FAW, as well as capital-side representatives from numerous hydrogen energy enterprises gathered together to witness the commercialization of aerospace hydrogen energy achievements. Praise From Academicians and Remarks by Senior Executives Highlight Aerospace Hydrogen Energy’s Leadership Academician Long Lehao congratulated the launch of the new products, noting that this represented a milestone breakthrough in China’s cryogenic liquefaction and hydrogen energy equipment fields, opening a pathway for aerospace hydrogen energy to serve the national economy and aligning with the national “dual carbon” and energy security strategies. Li Zhongbao, Chief Engineer of the Aerospace Science and Technology Corporation, stated that the Group regarded hydrogen energy as a strategic growth pole and would work with all parties to build a collaborative and shared industrial ecosystem and promote deep integration across the industry chain. Wang Wanjun, President of the Sixth Academy, said that the Academy adhered to the philosophy of “users first, power first,” and that multiple hydrogen energy equipment products had reached internationally advanced levels. In the future, it would accelerate technological iteration, improve the standards system, and make every effort to achieve the goal of bringing liquid hydrogen technology to the pinnacle. Four Powerful New Products Cover the Full Range of Production, Storage, Transportation, and Refueling Scenarios 1 Side-Mounted 2×40 kg-Class Onboard Liquid Hydrogen System (Saidao-1000S) China’s first subcooled liquid hydrogen system installed on a vehicle, it pioneered dual-cylinder coordinated liquid supply technology and delivered a driving range of over 1,000 kilometers at full load. It adopted an integrated chassis design to reduce wind resistance and release front-end space, and has already been demonstrated jointly with Foton Motor, making it suitable for the large-scale application of liquid hydrogen heavy trucks. 2 Mobile Liquid Hydrogen Refueling Skid and Liquid Hydrogen Hydrogen Dispenser China’s first mobile refueling system for subcooled liquid hydrogen, it fills the gap in temporary refueling for non-fixed stations. By achieving breakthroughs in core technologies, it delivers a liquid hydrogen utilization rate of over 95%, a refueling flow rate of 15 kg/min, and completes full-tank refueling for a heavy truck in 15 minutes, with performance comparable to world-class international standards. 3. 40-Foot Liquid Hydrogen Tank Container The first standardized liquid hydrogen storage and transport equipment, compatible with global road and maritime logistics, with the transport radius extended to over 2,000 kilometers and unit costs reduced by 50% compared with high-pressure gaseous hydrogen. The daily evaporation rate was 0.52% and could be maintained for more than 8 days, addressing the pain points of low storage and transport volume and high costs. 4. 200 m³ Innovative Alkaline Electrolyzer Built on aerospace technology, with direct current (DC) power consumption as low as 4.1 kWh/Nm³, reaching the national Grade 1 energy efficiency standard; the modular design reduced operation and maintenance costs by 90%, supported 12-hour rapid on-site repair, and met the needs of green hydrogen production in multiple scenarios.

The University of Tsukuba in Japan successfully developed a new-type magnesium-air solid-state battery, using a nitrogen-doped porous graphene cathode to solve the problem of chloride corrosion, providing a high-safety, low-cost technological pathway for flexible electronics and wearable devices. At the same time, the Record Ridge magnesium mine project in British Columbia, Canada, has triggered strong opposition from the local tourism community over plans to transport ore to China for processing, and has been halted by litigation, with a court hearing scheduled for March 10. The two developments respectively highlight magnesium’s cutting-edge applications in new energy technology and the real-world tensions in resource development.

◼ At the beginning of 2026, Musk’s SpaceX plan for 100 GW of annual space PV capacity ignited the A-share market, with multiple concept stocks rising by more than 30 in a single month. At the same time, however, earnings previews from leading PV companies generally showed losses for 2025, and industry fundamentals remained in a deep winter. Behind the stark divergence between the speculative frenzy around the Musk-SpaceX concept and the earnings trough, is the market overly expecting a “second growth curve,” or is this a genuine signal of industrial transformation? ◼ As the global PV industry moves from rapid expansion into a new stage of rational development, its value has gone beyond that of clean energy alone: Against the backdrop of explosive growth in AI computing power driving massive electricity demand, compounded by energy security anxiety triggered by geopolitical conflict in the Middle East, developing PV may become a core strategic choice for countries to achieve their “dual-carbon” goals, build autonomous and controllable energy systems, and reduce electricity costs for end-users. ◼ Since the escalation of the U.S.-Iran conflict at the end of February, the world’s four major benchmark crude oil prices have entered a rapid upward trajectory. Before the outbreak of the conflict, oil prices had remained broadly stable; however, starting on March 2, as the fighting expanded and spread to the Persian Gulf, oil prices immediately entered a sharp uptrend. Note: Shanghai crude oil prices are converted based on the settlement-date exchange rate of 1:0.15. Source: Public information, SMM. ◼ Although the impact borne by different regions varies due to differences in energy mix, geopolitical location, and policy response, the surge in imported crude oil costs driving a broad rise in energy prices has become a common challenge facing all countries. Europe is a case in point. Although Europe’s direct dependence on Middle Eastern crude oil was not high, at only about 5 according to data from energy market intelligence firm Kpler, it remained highly dependent on the region for refined products such as diesel and aviation kerosene, as well as liquefied natural gas. Disruptions in the Strait of Hormuz caused by the conflict directly pushed up Europe’s terminal energy prices—fuel prices at gas stations across the region surged, and natural gas prices broke above EUR 60 per megawatt hour on the 9th, reaching a new high since 2022. The continued rise in energy prices is bound to transmit into broader areas of the economy, increasing overall inflationary pressure and once again underscoring the importance of building secure and controllable energy systems. Accelerating the Clean Transition of the Global Energy Mix, the PV Industry Advances Toward High-Quality Development ◼ The International Energy Agency (IEA) forecasts that, despite economic pressure, global electricity demand momentum remains strong in 2025, with growth rates in 2025 and 2026 expected to be 3.3% and 3.7%, respectively. Data from 2020 to 2025 showed that the global power market followed a trajectory of continued overall growth alongside structural transition toward cleaner energy , with the share of renewable energy sources such as solar rising significantly, although fossil fuels still accounted for the dominant share. ◼ According to the IEA’s Net Zero Emissions Scenario, solar power’s share in the energy mix is expected to rise from less than 2% at present to 12% in 2035 and 28% in 2050. This means PV installations are still far from reaching their ceiling, with substantial room for future growth. ◼ The past five years marked a critical period in which the global PV market shifted from rapid expansion toward rational development. The IEA forecasts that total global new PV installations over the next five years will reach about 3.68 TW, accounting for nearly 80% of new renewable energy additions over the same period, and are expected to become the world’s largest renewable energy source by the end of 2030. This is mainly due to its widening economic advantages—by 2024, the cost of solar PV power generation had already fallen 41% below the cheapest fossil fuel alternative, and these cost advantages are driving rapid growth in both PV installations and power generation share. Source: IEA, public information, SMM. ◼ As a key carrier of PV installations, especially the backbone of utility-scale power plants, solar panel mounting bracket installations are expected to maintain annual average growth of 5%-6% alongside installation growth. Specifically, to achieve annual average new PV installations of 500-600 GW, corresponding module demand is estimated at about 550-700 GW based on the capacity ratio. Assuming a conventional 1:1 module-to-bracket configuration, the annual average installation scale of brackets required for utility-scale PV plants alone would reach at least 250-300 GW. Source: public information, SMM. Escalating Challenges Reshape the Development Logic of the Global PV Market ◼ The PV industry is undergoing resonating internal and external pressures. Internally, the global economic slowdown has become intertwined with social issues, while the industry itself has entered a rational development stage after rapid expansion, making slower installation growth a certain trend. Externally, global trade frictions continue to intensify, with the US, Europe, and other regions erecting nearly insurmountable cost gaps through barriers such as anti-dumping and countervailing duties as well as local content requirements. Challenge 1: Global Trade Frictions and Escalating Trade Barriers ◼ In recent years, countries have introduced a series of policies to build PV trade barriers and reshape the global competitive landscape of the industry. The US imposed “double anti-” duties of as much as 3,403.96% on PV products from four Southeast Asian countries, South Africa raised module tariffs to 10%, and Brazil increased out-of-quota tariffs sharply from 9.6% to 25% through a quota system. Market access requirements for PV in India and Türkiye have also become increasingly stringent. Meanwhile, new supply chain control rules represented by the EU’s Net-Zero Industry Act (NZIA) have extended trade barriers deeper into the industry chain. By setting red lines on “third-country dependence,” they have established quantitative standards for supply chain restructuring. This series of changes has reshaped the competitive dimensions of the international PV industry and significantly raised the threshold for PV product imports and exports. Source: public information, SMM. Challenge 2: New Dynamics in the PV Market, with Incentive and Restrictive Policies Coexisting Source: public information, SMM. Outside China Enterprises Pursue Multi-Dimensional Breakthroughs Through Internal and External Efforts ◼ The practices of solar panel mounting bracket enterprises in the US, India, and other countries show that the key to coping with policy shifts overseas lies in combining “service-oriented” and “high-value” strategies. First, vertically extending from single-equipment sales to a service ecosystem covering the entire life cycle. Second, deepening horizontally by continuously optimizing business structure and extracting value from higher value-added segments. Solution 1: Launch Dedicated Plans Closely Aligned with Government Policies and Local Demand ◼ The global PV industry has now entered a new stage deeply reshaped by both market forces and policy. The growth logic of enterprises is shifting from the past single dimension of relying on technology iteration and cost declines to multi-dimensional competition closely integrating complex policy environments with localized demand. Against this backdrop, the key to corporate success lies in accurately interpreting policy intentions and launching development plans aligned with both market and policy. Tata Power Renewable Energy Limited (TPREL) precisely aligned with India’s “PM Surya Ghar: Muft Bijli Yojana” and launched the dedicated “solar for every home” plan while continuing to provide customized PV solutions. In Q1 FY2026, it added 220 MW of new rooftop PV installations, surging 416% YoY. TPREL also actively responded to local manufacturing policies by establishing 4.3 GW of solar cell and module capacity, ensuring supply while avoiding import tariffs. Through the synergy of “policy response + local capacity + customized services,” TPREL has effectively translated policy dividends into market competitiveness and steadily consolidated its leading position in India’s PV market. Solution 2: Use Acquisitions as a Link to Integrate Resources and Extend from Single Products to the Entire Industry Chain ◼ Competition in the global PV industry has fully escalated into a contest of entire industry chain system integration capabilities, and enterprises’ growth engines are shifting from past reliance on advantages in a single segment to a new model of providing integrated solutions through resource integration. In 2025, Nextracker used acquisitions as the core to integrate resources across the full chain, successively acquiring foundation engineering firms such as Solar Pile International and Ojjo, module supporting firms such as Origami Solar, and electrical system firms such as Bentek, thereby building a full-chain product matrix spanning structural, electrical, and digital solutions. Its performance continued to surge, with revenue rising from $1.9 billion in FY2023 to $3.4 billion in the trailing twelve months ended September 2025. It ultimately announced its transformation into a comprehensive energy solutions provider by renaming itself Nextpower, targeting revenue of more than $5.6 billion in FY2030. This strategy enabled its successful transformation from a single-product supplier into an entire industry chain service provider, solidifying its leading position in the global market. Solution 3: Optimize Business Structure ◼ Trade protectionism in the current PV market continues to intensify, with various trade barriers being layered on one after another. In response to this challenge, PV enterprises can achieve the dual objectives of “compliant operations” and “market retention” through business structure optimization. To avoid the equity constraints on FEOC under the US OBBB Act, Canadian Solar Inc. initiated a US business restructuring with its controlling shareholder CSIQ: it established two new joint ventures to separately manage PV and energy storage businesses, with its own stake set at 24.9% to precisely meet compliance requirements. At the same time, it transferred out 75.1% equity in three overseas plants supplying the US market, receiving a one-off consideration of 352 million yuan. This move enabled Canadian Solar Inc. to retain earnings from the US market through dividends and rental income. In the first three quarters of 2025, it achieved net profit of 990 million yuan, while large-scale energy storage shipments rose 32% YoY. After the adjustment, it focused on strengthening its advantages in non-US markets and successfully stabilized its global business layout with a compliant structure, providing a typical model for the industry in addressing trade barriers. ◼ For Chinese enterprises, in the face of trade frictions and overseas capacity gaps, they need to break through via three paths—“building plants near core markets, reducing costs and improving efficiency through technological innovation, and coordinating both within and outside the industry chain”— by pursuing localized deployment in Southeast Asia, Mexico, and other regions to avoid frequent trade frictions; promoting standardized production and high-end product R&D to enhance competitiveness; and building a “China + overseas” dual-circulation supply chain to stabilize costs. However, overseas expansion still faces challenges such as land and environmental protection costs, talent shortages, and supply chain fluctuations, requiring enterprises to conduct sound risk assessments, leverage policy support, and improve overseas investment service systems. Only by deeply integrating scientific capacity deployment, technological innovation, and industry chain coordination can the mounting bracket industry upgrade from “Made in China” to “Globally Intelligent Manufacturing” and achieve long-term development under the “dual carbon” goals. New Requirements Under the 15th Five-Year Plan, New Topics for PV Enterprises ◼ In a global market full of uncertainties, the consistency and strength of domestic policy have provided fertile ground for the growth of China’s solar panel mounting bracket enterprises. The newly released 15th Five-Year Plan further clarified China’s path for energy and industrial development. On the one hand, the construction of a new-type power system centered on consumption capacity has been listed as a priority task, and green manufacturing and full life cycle management have been formally incorporated into the assessment system. On the other hand, technological self-reliance and self-strengthening together with new quality productive forces have replaced scale competition as the main line of the new development stage. This series of changes signals that the country is driving a profound shift from “competing on capacity” to “competing on system value,” with the core goal of achieving autonomous and controllable energy structure. It is estimated that after the Two Sessions, various departments will successively roll out detailed plans to promote the full implementation of the blueprint. ◼ Key implementation measures include: 1) establishing a “dual controls” system for total carbon emissions and carbon intensity, while improving incentive and restraint mechanisms; 2) vigorously developing non-fossil energy and promoting the efficient use of fossil energy, while strengthening the construction of a new-type power system to ensure stable supply of green electricity; 3) applying both “addition and subtraction” by fostering green and low-carbon industries and promoting energy conservation and carbon reduction in key industry; 4) in addition, accelerating the green transformation of production and lifestyles to consolidate the foundation for green development. ◼ From the perspective of regional development layout, during the 15th Five-Year Plan period, China’s PV industry will show characteristics of regional coordination: north-west China will become the strategic focus by virtue of its natural endowments, exporting electricity through cross-provincial green electricity trading and other means to achieve two-way matching between energy resources and power load; eastern regions, by contrast, will focus on local consumption by high-energy-consuming industries and zero-carbon industrial parks. Source: public information, SMM. ◼ SMM forecasts that China’s new PV installations are expected to reach 208 GW in 2025 and continue growing at an annual average rate of 9% over the next five years, exceeding 292 GW by the end of the 15th Five-Year Plan period. Utility-scale PV will remain dominant, with its installation share staying above 50%. Based on the same logic, we estimate that China’s PV installation market will maintain annual incremental growth of at least 100-120 GW. Source: public information, SMM. ◼ Focusing on China’s steel consumption market for solar panel mounting brackets, SMM estimates that annual steel consumption in China’s PV mounting bracket sector will average about 4-4.5 million mt from 2026 to 2030, accounting for about 30% of total steel consumption in the PV industry over the same period (based on 2026 data). Note: only installation demand for utility-scale PV mounting brackets is included, excluding distributed steel structures, replacement from existing asset depreciation, and exports. Source: public information, SMM. SMM Ferrous Consulting Based on its understanding of the global steel industry chain and regional markets, as well as its strong industry database and network resources, SMM is committed to providing clients with consulting services across the upstream, midstream, and downstream industry chain. Services include market supply and demand research and forecasts, market entry strategies, competitor cost research, and more, covering end-use industry from iron ore, coal, coke, and steel. SMM Ferrous has successfully served more than 300 Fortune Global 500 companies, China Top 500 companies, central state-owned enterprises, state-owned enterprises, publicly listed firms, and start-ups. 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This week，the solid-state battery industry showed a dual-engine momentum driven by "intensive breakthroughs on the technology front and targeted solutions on the policy front." CATL disclosed a sulphide patent, Zhongkeyuanben's 20Ah all-solid-state battery passed third-party detection, and Dreame Technology released a 450Wh/kg product; Guangdong took the lead in incorporating diversified solid-state battery technology routes and eVTOL scenarios into provincial-level action plans.