According to SMM, a zinc smelter in south-west China postponed its originally scheduled early June maintenance recovery to mid-to-late June for production resumptions, as equipment materials had not yet arrived at the plant. Current production has been reduced to approximately one-third.

Recently, the Construction Department of the Ministry of Finance published the "Notice of the Ministry of Finance on Allocating the Budget for Energy Conservation and Emission Reduction Subsidy Funds in 2026 (First Batch)" (hereinafter referred to as the "Notice") on its official website, which specifically disclosed the disbursement of reward funds for the fourth-year fuel cell vehicle demonstration application. This marked that China's four-year fuel cell vehicle demonstration period has entered the final settlement stage, drawing a phased conclusion to this round of demonstration application work. According to the content specified in the Notice, the fourth-year fuel cell vehicle demonstration application reward amounted to approximately 2.57 billion yuan , covering 15 provincial-level administrative regions and 39 cities (districts). This was the final disbursement with the highest reward amount and the broadest coverage across the four-year demonstration period, fully reflecting the state's sustained support for the fuel cell vehicle industry and demonstrating the remarkable achievements of this round of demonstration application. It was reported that, as of the disclosure of the fourth-year reward funds, the cumulative reward amount over the four-year demonstration period reached approximately 7.68 billion yuan. Notably, the demonstration list exhibited significant dynamic adjustment characteristics: Guangdong and Anhui, after being absent from the second- and third-year reward lists, successfully returned to the list in the fourth year; provinces such as Shanxi, Liaoning, and Xinjiang joined the reward list in the final year of the demonstration period, further expanding the demonstration coverage and promoting the deployment of fuel cell vehicle technology in more regions. Specific fund allocation revealed significant disparities in demonstration performance among provinces and cities, with a prominent leading effect at the top. Guangdong Province ranked first nationwide with a reward amount of 1.0493 billion yuan, accounting for 40.8% of the total reward in this round; its subordinate city Guangzhou secured 924.9 million yuan in rewards, leading all cities nationwide. Henan Province followed closely with 438.98 million yuan, accounting for 17.1% of the total reward and ranking second nationwide, while Zhengzhou received 358.16 million yuan, second only to Guangzhou. The combined reward amount of Guangdong and Henan accounted for nearly 58%, highlighting their demonstration leadership role and making them the core benchmarks of this round of demonstration application. In addition, Foshan (120.92 million yuan), Tangshan (98.44 million yuan), and Lvliang (219.61 million yuan) emerged as exemplary representatives among prefecture-level cities with their outstanding demonstration performance. According to the subsidy rules for fuel cell vehicle demonstration city clusters, each of the five demonstration city clusters had a reward cap of 1.7 billion yuan over the four-year demonstration period, with the reward amount eligible for a maximum 10% increase to 1.87 billion yuan if demonstration tasks were exceeded. Based on this calculation, the theoretical total subsidy cap for the four-year demonstration period ranged from 8.5 billion to 9.35 billion yuan. Using the standard reward cap of 8.5 billion yuan, the cumulative four-year reward amount disclosed this time reached 90.4% of the cap, fully demonstrating that the demonstration city clusters achieved a high overall completion rate with significant progress toward demonstration targets. In terms of cumulative four-year reward amounts, the top five cities were Shanghai (approximately 1.22 billion yuan), Beijing (approximately 1.17 billion yuan), Tangshan (approximately 1.12 billion yuan), Zhengzhou (approximately 1.08 billion yuan), and Guangzhou (approximately 980 million yuan). These cities, leveraging their well-established industrial layouts and mature application scenarios, served as the core bases of this round of demonstration application, accumulating valuable experience for the large-scale development of China's fuel cell vehicle industry. It was reported that the settlement of fuel cell vehicle demonstration application reward and subsidy funds is an important component of energy conservation and emission reduction subsidy funds. According to the previously amended "Interim Measures for the Management of Energy Conservation and Emission Reduction Subsidy Funds" by the Ministry of Finance, the fuel cell vehicle demonstration application policy concluded at the end of 2025, with the settlement period extended to 2027. This fourth-year reward fund disclosure was a key step in the settlement process. The timely disbursement of these reward funds will further stimulate the enthusiasm of enterprises to participate in the development of the fuel cell vehicle industry, promote coordinated upgrading across the industry chain, and inject sustained momentum into the high-quality development of China's hydrogen energy and fuel cell vehicle industry.

Dear User, Greetings! As the global energy structure transformation continues to deepen, the PV industry has entered a new phase of large-scale expansion and high-quality iterative development, with diversified technology routes and varied module categories becoming normalized features of industry development. Affected by long-term profitability under pressure across the industry and wild swings in upstream raw and auxiliary material prices, the weight of cost factors in the pricing mechanism of the PV module market has continued to increase. To accurately characterize the cost levels of various segmented technology routes, further enhance market price transparency and horizontal comparability, effectively alleviate information asymmetry in the industry, and optimize market transaction efficiency, SMM, after thorough industry survey and optimization of its index system, will officially launch three new PV module cost index price points for TOPCon, BC, and HJT starting from April 30, 2026. The price points released this time are intended for upstream and downstream enterprises to reference current module cost fluctuations, providing market participants with a cost-based pricing reference. Details are as follows: Price Point Names: TOPCon183 PV Module Cost Index TOPCon210 PV Module Cost Index TOPCon210R PV Module Cost Index BC210R PV Module Cost Index HJT210 PV Module Cost Index Price Description: Price Type: PV Module Cost Index Price Description: Module enterprises are classified into three types — integrated, semi-integrated, and specialized. The cost index is calculated by weighting the production proportions of the three enterprise types from the previous quarter, with weights updated quarterly. The accounting scope of this cost index model covers full costs, including fixed asset depreciation, three categories of period expenses, and other related expenditures. Unit: Yuan/W Release Time: 12:00 PM Beijing time on the fifth business day of each week; released earlier in the event of holidays. SMM PV Research Team Apr 2026

[PV Express] Tongwei Co., Ltd. (600438) announced on February 24 that the company is planning to acquire a 100% equity stake in Lihao Qingneng through the issuance of shares and payment in cash, and to raise supporting funds. This transaction is not expected to result in a change of the company's controlling shareholder or actual controller, does not constitute a connected transaction, and is anticipated not to constitute a major asset restructuring. As the transaction is still in the planning stage and relevant matters remain uncertain, upon the company's application, trading of the company's shares, convertible bonds, and convertible bond conversion will be suspended starting from the market opening on February 25, 2026, with the suspension period expected not to exceed 10 trading days. Lihao was established in April 2021 and is primarily engaged in the R&D, production, and sales of semiconductor materials such as PV-grade high-purity polysilicon and electronic-grade polysilicon. Data shows that Qinghai Lihao currently has a polysilicon capacity of approximately 150,000 mt/year.

During the survey period (January 20–26), the operating rate of rebar rolling lines in steel mills in the Central China region declined, while the capacity utilization rate increased slightly; both the operating rate and capacity utilization rate of wire rod rolling lines remained stable.

SMM Morning Meeting Minutes: LME copper opened at $13,082/mt overnight, fluctuated upward initially and touched a high of $13,162.5/mt, then the price center dropped sharply to a low of $12,928/mt, before fluctuating upward again and finally closing at $13,148.5/mt, down 1.14%, with trading volume at 31,800 lots and open interest at 326,000 lots, an increase of 2,579 lots from the previous session, indicating increased selling by bears. The most-traded SHFE copper contract 2603 opened at 103,030 yuan/mt overnight, touched a high of 103,180 yuan/mt at the beginning of the session, then the price center dropped sharply to a low of 101,220 yuan/mt, before fluctuating upward and finally closing at 102,860 yuan/mt, down 0.23%, with trading volume at 130,000 lots and open interest at 231,000 lots, a decrease of 4,462 lots from the previous session, indicating reduced buying by bulls.

[Q2 Metals Expands Mineralized Body Scale of Quebec Lithium Mine Project Using Space Exploration Technology] Q2 Metals recently announced that its Cisco lithium mine project in Quebec has discovered multiple thick, highly mineralized intervals through drilling. This achievement benefited from the real-time multi-physics imaging technology support provided by Fleet Space's ExoSphere platform. As part of the ongoing 2025 drilling program, Q2 Metals stated that it has identified high-grade mineralized bodies through three drill holes, further confirming the regional development potential of the area as one of Canada's most promising emerging lithium ore districts. The Cisco lithium mine project is located in the Eeyou Istchee James Bay region, covering an area exceeding 410 square kilometers. The initial exploration target resource is estimated at 215 million to 329 million metric tons, with a lithium oxide (Li₂O) grade ranging between 1% and 1.38%. The company stated that, with the mineralization of multiple thick pegmatite zones confirmed, the project is expected to enhance the resilience of the North American lithium supply chain. Drill hole CS25-038 intersected 17 independent mineralized intervals, with the widest being 66.5 meters (1.55% Li₂O grade) and 58.9 meters (1.09% Li₂O grade) respectively. Another drill hole, CS25-039, discovered 12 independent mineralized intervals, including thick, high-grade sections of 108.5 meters (1.62% Li₂O grade), 71 meters (1.84% Li₂O grade), 77.7 meters (1.48% Li₂O grade), and 107.4 meters (1.87% Li₂O grade). Furthermore, drilling results from hole CS25-036 extended the known mineralized zone of the Cisco project, identifying 9 mineralized intervals. The widest interval reached 272.5 meters (1.61% Li₂O grade), and this mineralized zone remains open at depth and along strike. The company indicated that a fourth drill rig has been added to support exploration efforts, with the target of completing an initial mineral resource estimate in H1 2026. Last month, the Cisco project was nominated as a candidate for the "Discovery of the Year Award" by the Quebec Mineral Exploration Association (AEMQ). Source: mining.com [Chariot Advances Small-Scale Regulated Mining of Nigerian Lithium Ore Assets] Perth-based Chariot Resources has signed a binding conditional agreement with local partner Continental Lithium Company to conduct structured small-scale mining operations in four project areas across Oyo and Kwara States, marking a decisive step towards generating early cash flow from its Nigerian lithium ore assets. The agreement, signed through the joint venture entity C&C Minerals (Chariot holds 66.667%, Continental Lithium holds 33.333%), will become effective after Chariot completes the acquisition of interests in the Nigerian lithium ore assets – a transaction announced to the Australian Securities Exchange in July 2025. Upon completion of the transaction, C&C Minerals will become the holding company of the relevant licenses. The aforementioned four asset packages include eight exploration licenses and two small-scale mining leases, covering four major mining area clusters: Fengluo, Gubugu, Igana, and Saki, with a total area of 254 square kilometers. Artisanal mining activities are prevalent in this region. Since 2021, local miners have been selling high-grade spodumene to Chinese buyers, demonstrating the grade advantage of the lithium ore and market demand in the area. According to the cooperation structure stipulated in the agreement, Continental Lithium will leverage its local operational foundation established since 2018 to be responsible for on-site mining and logistics management; Chariot will lead project financing, compliance supervision, and advance negotiations for offtake agreements with multiple international commodity buyers. The project will be developed in three phases, aiming to transition artisanal mining activities into standardized small-scale mining operations: The first phase focuses on detailed mapping, sampling, and selective drilling around existing mining pits, with the goal of delineating localized JORC-compliant resources in priority areas such as Fengluo and Igana; The second phase will conduct metallurgical testing to determine the optimal beneficiation process (gravity separation, flotation, or a hybrid process) and evaluate potential by-product revenues from tantalum, tin, etc. The test results will support the development of a reliable beneficiation flow sheet and commercial feasibility assessment; The third phase will comparatively evaluate two processing routes: one involves toll processing at emerging spodumene processing plants in Nigeria, and the other involves setting up modular on-site processing facilities. A comprehensive analysis considering transportation distance, trucking costs, and the initial commissioning timetable will be conducted to ultimately determine the fastest and commercially feasible route to market. Chariot's management stated that this cooperation positions the company as one of the first listed exploration enterprises with substantial lithium resource reserves in Nigeria. As Nigeria is a region with significant hard-rock lithium potential but underexplored in Africa, this strategic move holds great importance. Source: https://newsbase.com [Century Lithium Announces Latest Progress on Angel Island Lithium Mine Project in Nevada] Bill Willoughby, President and CEO of Century Lithium, stated, "As the Angel Island lithium mine project advances, our team remains focused on completing several key tasks. The project has made progress in multiple areas: the team and consultants have completed and submitted all baseline data required for the Angel Island project operation plan ahead of schedule; the update of the 2024 feasibility study report is also steadily progressing. We believe that the Angel Island Project will create high-quality U.S. jobs, support the domestic critical minerals supply chain, and help Century Lithium become a U.S.-based producer of battery-grade lithium carbonate. Angel Island Project Overview The Angel Island Lithium Mine is one of the largest known sedimentary lithium resources in the United States, with superior geological, geographical, and logistical conditions. The company is advancing an integrated, end-to-end development strategy aimed at converting lithium-bearing claystone into finished lithium carbonate. A key advantage of the project is Century Lithium’s patented chlor-alkali extraction technology—which converts solid or brine-form sodium chloride into key reagents required for the entire production process. This closed-loop system offers sustainability benefits, reducing reliance on external chemical raw material supplies while delivering significant cost savings and environmental benefits. Permitting Progress All baseline data studies and environmental studies supporting the Angel Island Project have been completed and accepted by the U.S. Bureau of Land Management. The company is finalizing the Plan of Operations (PoO), which will define the mine layout, processing plant configuration, water and water management systems, waste rock and tailings disposal plans, transportation infrastructure, and environmental mitigation measures. Upon submission of the Plan of Operations, the federal permitting process under the National Environmental Policy Act will commence. Century Lithium continues to advance related work to meet the timeline requirements set by the Federal FAST-41 Dashboard. Demonstration Plant Relocation The demonstration plant has been fully dismantled and relocated to the company’s site in Tonopah, Nevada. The 20-acre site, located within the Tonopah Airport, also serves as the Angel Island Project’s field office and previously provided critical support for bulk sample preparation and processing during the Amargosa Valley pilot plant program. Century Lithium is currently evaluating further upgrades to the site and facilities to expand R&D capabilities. Feasibility Study Update The 2024 update of the Angel Island Project feasibility study is progressing well. Current priorities include optimizing the mining plan and related equipment configuration to improve projected operational efficiency, as well as reducing the land footprint and refining plant design with the goal of lowering estimated operating costs. Key optimization areas include improvements to the fluid management system, direct lithium extraction (DLE) design, and lithium carbonate production process—all adjustments are based on years of development testing results from the demonstration plant. The power infrastructure plan is connected to NV Energy's adjacent Greenlink West transmission project, an under-construction 525 kV transmission system linking Las Vegas, Nevada, with the Fort Churchill substation near Yerington. The updated feasibility study report still focuses on lithium carbonate as the core end-use product, while also generating additional revenue from excess sodium hydroxide produced through the chlor-alkali process. Source: https://www.prnewswire.com [Lithium Price Rebound and Surging Demand Drive SQM's $2.7 Billion Expansion Plan] Sociedad Química y Minera de Chile (SQM) reported solid performance for the third quarter of 2025, although earnings slightly missed Wall Street expectations—the company's net income per share was $0.62, just $0.02 below analyst forecasts. Boosted by strong performance in its lithium business, quarterly revenue reached $1.17 billion. Record lithium sales were the main driver of revenue growth, highlighting the rapid recovery of global battery market demand. Lithium Business Momentum Drives SQM's Strong Performance in 2025 Gross profit increased 23.1% YoY, reaching $345.8 million, marking a strong rebound after low lithium prices earlier in the cycle. Reuters noted that SQM benefited from rising lithium prices, supported by recovering electric vehicle (EV) demand and the global expansion of large-scale ESS projects. Given these strengthening trends, SQM raised its forecast for global lithium demand growth in 2025 from around 17% to over 20%. Looking ahead, SQM maintains optimistic market expectations. The company plans to invest $2.7 billion over the next three years to expand lithium capacity in Chile. SQM expects lithium prices to continue rising in the fourth quarter of 2025, driven by accelerating demand for EVs and energy storage systems. Optimistic Outlook in Chinese Market Triggers Industry-Wide Rally Although SQM delivered strong results, global lithium market sentiment warmed further after China's Ganfeng Lithium issued a highly optimistic forecast. According to Bloomberg, Ganfeng Lithium's Chairman Li Liangbin projected lithium demand to grow 30% next year. His comments promptly triggered a sharp rise in lithium prices and mining stocks. The most active lithium carbonate futures contract on the GFEX surged by the 9% daily limit, hitting 95,200 yuan per mt (approximately $13,400). Investors reacted quickly, pushing shares of major producers higher: SQM's stock rose as much as 14%, while Albemarle's shares climbed about 9.3% amid the rally. This price surge provided strong support for SQM's quarterly financial performance. The company's Q3 net profit reached $178.4 million, up 36% YoY from $131.4 million in the same period last year; revenue increased 8.9% YoY, rising from $1.08 billion to $1.17 billion. As investor confidence grew, SQM's US-listed shares hit $64.60, reaching their highest level in over two years. Lithium Market Enters Recovery Track Despite the strong performance, the lithium industry continues to navigate a significantly fluctuating market environment. After lithium prices hit historic highs in 2022, they pulled back sharply as supply growth outpaced demand, putting pressure on the profit margins of major producers like SQM and Albemarle. However, a noticeable turnaround occurred in H2 2025. SQM stated that lithium demand during the July-September period exceeded expectations. CEO Ricardo Ramos told analysts that, despite ongoing market volatility, SQM holds a "cautiously optimistic" view for the coming months. He emphasized that market fundamentals remain strong – demand growth is coming not only from EVs but also from ESS, which has become a key component of renewable energy power grids. Ahead of Codelco Cooperation Agreement Finalization, SQM Anticipates Demand Surge Furthermore, the mining giant expects global lithium demand to exceed 1.5 million mt in 2025, a 25% increase from 2024. Pablo Hernandez, Vice President of Strategy and Development for SQM's Lithium Business in Chile, said lithium demand could climb further to 1.7 million mt by 2026. However, he noted that despite stronger demand signals, the company remains cautious when estimating next year's growth. SQM is also preparing to finalize its long-awaited cooperation agreement with Chilean state-owned mining company Codelco. The two parties will establish a joint venture to expand lithium extraction operations at the Atacama salt flat. Chinese market regulators have already approved the transaction; the final step requires approval from Chile's Comptroller General. CEO Ramos expressed confidence that the deal will be completed by year-end. JP Morgan Raises Long-Term Lithium Price Expectations Given sustained strong demand and rising mining costs, JP Morgan has raised its long-term lithium price expectations. Earlier this year, the bank had lowered its long-term spodumene price forecast to $1,100/mt, but after reassessing global trends, it now considers that figure too low and has raised it to $1,300/mt. Key Conclusions Driven by the robust growth of the EV and ESS industries, the lithium market recovered rapidly, from which SQM benefited. Rising lithium prices, improved demand, and high investor enthusiasm collectively boosted the company's performance. Despite ongoing market volatility, SQM set sales records, established a solid financial foundation, and, supported by supply discipline and stronger pricing prospects, defined a clearer long-term strategy, laying a solid foundation for development in 2026. Source: https://carboncredits.com [Panasonic Energy to Supply Lithium-Ion Batteries to Zoox, Marking a Milestone in Its Entry into the Rapidly Growing Autonomous Ride-Hailing Market] November 25, 2025 - Panasonic Energy Co., Ltd., part of the Panasonic Group, announced today that it signed an agreement with Zoox, an autonomous ride-hailing company under Amazon, to supply cylindrical lithium-ion batteries for the deployment of Zoox's autonomous ride-hailing fleet. Under this multi-year agreement, Panasonic Energy will begin deliveries of the latest 2170-type batteries in early 2026 to support Zoox's expanding autonomous ride-hailing service and operational needs. Zoox created a customized autonomous ride-hailing vehicle to provide global users with better mobility options. The company recently opened its first mass-production plant for autonomous ride-hailing vehicles in Hayward, California, achieving scaled vehicle production; it has also launched an autonomous ride-hailing service in Las Vegas, becoming the world's first company to offer a fully driverless ride-hailing service using customized autonomous vehicles. Panasonic Energy's 2170-type batteries offer exceptional energy density, safety, and reliability, which are crucial for Zoox's high-performance autonomous ride-hailing vehicles. This cylindrical battery has been proven in several successful EV products, with unmatched safety. As of September 2025, Panasonic Energy had supplied approximately 20 billion lithium-ion EV batteries globally, enough for 4 million EVs, without any vehicle recalls due to battery-related issues, demonstrating the strong reputation of its high-grade, highly reliable battery products. Initial supply of this advanced battery will start from Japan, with plans to expand soon to Panasonic Energy's plant in Kansas, US. According to a recent market report released by Grand View Research, the US autonomous ride-hailing market size was approximately $450 million in 2024. Driven by forward-looking urban policies in cities such as San Francisco, Los Angeles, Austin, and Miami, the market is expected to achieve a compound annual growth rate (CAGR) of over 70% by 2030. In hubs such as Phoenix, San Francisco, and Las Vegas, the adoption of on-demand autonomous ride-hailing fleets continues to gain momentum, with market penetration rates accelerating. Globally, this market is projected to exceed $40-50 billion by 2030, with North America and the Asia-Pacific region emerging as core leading markets. Panasonic Energy aims to seize emerging opportunities in this dynamic market to accelerate its own business growth. Kazuo Tadanobu, CEO of Panasonic Energy, stated: "Zoox is truly unique. This collaboration is a critical step for Panasonic Energy, providing us with the opportunity to support next-generation mobility innovation. Zoox is reshaping urban transportation, and Panasonic Energy will power these autonomous ride-hailing vehicles as we collectively advance toward a safer, more sustainable, and more connected future." Bruce Baumgartner, Vice President of Supply Chain, Quality, and Reliability at Zoox, said: "This is an incredibly exciting time for Zoox. We are thrilled to welcome Panasonic Energy as a new partner in our joint effort to redefine urban mobility. Their commitment to innovation and quality aligns closely with our mission to create safer, cleaner, and more enjoyable urban transportation. As we continue to scale our autonomous ride-hailing services and operations, we take great pride in collaborating with Panasonic Energy." Source: https://news.panasonic.com/global/press/en251125-2

Recently, Guohua Investment (Hydrogen Energy Company)'s Wanquan and Fengning North integrated energy stations simultaneously completed the first hydrogen refueling operations for SF Express's hydrogen-powered logistics vehicles. Among them, the Fengning North Integrated Energy Station achieved a "first-order breakthrough" in external hydrogen refueling, officially commencing commercial operation services. The hydrogen used in this refueling was entirely self-produced green hydrogen from the Chicheng Hydrogen Production Plant—the first hydrogen production plant in the hydrogen energy sector put into operation by China Energy Investment Corporation. In March 2025, it obtained the group's first formal renewable hydrogen evaluation certificate, utilizing green electricity for electrolysis to produce green hydrogen with a purity of 99.999%. This collaboration signifies that the two parties have established a deeply synergistic partnership in the field of green energy application, creating an innovative demonstration model for the logistics industry to explore a "zero-carbon future," and further serving as a key practice for China Energy Investment Corporation in advancing the high-quality development of the hydrogen energy industry. Located in Fengning Manchu Autonomous County, Chengde City, Hebei Province, the Fengning North Integrated Energy Station is a benchmark project for the iterative upgrade of China Energy Investment Corporation's integrated energy stations. As the region's first smart energy hub integrating oil, hydrogen, and electricity, the station innovatively implements a "one-stop multi-supply" model, capable of meeting the energy supply needs of different car models and vehicles with varying fuel requirements. Its core service radius covers Fengning County and surrounding cities. While ensuring the stable supply of refined oil, hydrogen, and charging services, it also bears the important mission of promoting the green and low-carbon transformation of the energy structure in the Chengde area, providing solid support for the upgrade of the local energy industry. In terms of hardware configuration, the station's hydrogen refueling area is equipped with a tube trailer with a hydrogen storage capacity of 384 kg and mobile hydrogen refueling equipment with a capacity of 1,000 kg per 12 hours, capable of simultaneously refueling two hydrogen fuel cell vehicles. The project adopts a modular mobile hydrogen refueling station design, allowing flexible response to temporary and seasonal fluctuations in hydrogen refueling demand, providing a replicable solution for the rapid deployment of hydrogen energy infrastructure. To ensure the safety and efficiency of the first refueling operation, the Hebei Branch fully drew on the long-term operational experience of the Wanquan Integrated Energy Station, conducting specialized training covering the entire process, including safety protection, equipment operation, and emergency response. This ensured that the operators mastered the professional technical requirements, establishing a solid line of defense for safe operations. This collaboration deeply aligns with the development direction of large-scale hydrogen energy application outlined in the national "16th Five-Year Plan," innovatively building a closed-loop ecosystem of "technology-infrastructure-scenario." As core nodes in China Energy Investment Corporation's green hydrogen industry chain, the two integrated energy stations rely on an AI digital intelligent operation and maintenance system to achieve real-time monitoring and intelligent scheduling across the entire process of production, storage, transportation, and refueling. By using equipment health prediction models to identify potential faults in advance and optimizing hydrogen distribution efficiency through supply-demand algorithms, the stability of hydrogen supply has been enhanced to over 99.8%. SF Express leverages its logistics scenario advantages by incorporating hydrogen-powered vehicles into its regular operational network, providing large-scale commercial validation scenarios for green hydrogen applications. From public transportation to the logistics sector, hydrogen energy is accelerating its integration into the transportation energy structure of Hebei province. This collaboration not only sets a new benchmark for green transportation in the logistics industry but also marks a critical transition for China's hydrogen energy sector from the demonstration phase to commercial operation. With the cost of hydrogen fuel cell systems during the "14th Five-Year Plan" period expected to drop by 50% compared to 2020, and the production cost of green hydrogen gradually approaching the target of 10 yuan/kg, the economic viability of hydrogen energy in the logistics and transportation field will continue to improve, injecting strong green momentum into the achievement of the "dual carbon" goals. In the future, the two parties will further expand their cooperation dimensions, deepening collaboration in areas such as the large-scale deployment of hydrogen-powered vehicles and the coordinated layout of hydrogen refueling networks, jointly writing a new chapter in the commercial application of hydrogen energy.

Conducive to the Execution of Lithium Battery Industry Chain Export Orders and the Restoration of International Cooperation

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in Tangshan Expected to Fluctuate at Highs] Today, the domestic ore market in western Liaoning remained relatively stable in some areas, with ex-factory prices for 66% grade iron ore concentrates on a wet basis, excluding tax, at 740-750 yuan/mt. The tight supply of spot resources in the local market persisted, with beneficiation plants holding firm on high offers. Some traders slightly increased purchase prices in line with steel mill pricing. Steel mills currently mostly