SMM, July 10: Metals market: As of midday close, domestic base metals nearly all rose, with SHFE copper up 1.67%, SHFE aluminum up 0.63%, SHFE lead edging down, SHFE zinc up 1.34%, SHFE tin up 2.18%, and SHFE nickel up 1.1%. Additionally, the most-traded cast aluminum futures contract rose 0.57%, the most-traded alumina futures rose 0.37%, the most-traded lithium carbonate futures fell 1.67%, the most-traded silicon metal futures rose 2.74%, and the most-traded polysilicon futures contract rose 2.28%. Ferrous metals mostly fell. Iron ore rose 0.74%, rebar edged up, and hot-rolled coil edged down. Stainless steel fell 0.49%. Coking coal and coke: the most-traded coking coal contract fell 2.09%, and the most-traded coke contract fell 1.51%. On the overseas base metals front, as of 11:41, LME metals mostly rose. LME copper rose 0.38%, LME aluminum rose 0.28%, LME lead fell 0.18%, LME zinc rose 0.39%, LME tin rose 0.7%, and LME nickel rose 0.18%. Precious metals, as of 11:41, COMEX gold fell 0.12% and COMEX silver rose 0.16%. Domestic precious metals: SHFE gold rose 1.15%; the most-traded SHFE silver futures contract rose 3.48%. Additionally, by midday close, the most-traded platinum futures contract rose 2.53%, and the most-traded palladium futures contract rose 3.65%. As of midday close, the most-traded container shipping (Europe route) futures contract rose 1.09% to 2,415 points. As of 11:41 on July 10, midday futures overview: Spot and Fundamentals Zinc: In the Tianjin market, #0 zinc ingot mainly traded at 24,420-24,910 yuan/mt, Zijin traded at 24,540-24,970 yuan/mt, #1 zinc ingot traded around 24,430-24,860 yuan/mt, Zijin was quoted at a discount of 0-10 yuan/mt against the 2608 contract, Huxin was quoted at 26,010 yuan/mt, #0 zinc ingot was quoted at a discount of 60-130 yuan/mt against the 2608 contract, and the Tianjin market was quoted at a discount of around 50 yuan/mt against the Shanghai market... Macro Front Domestic: [National Energy Administration: By 2028, Non-Fossil Energy Consumption Share to Increase by About 1 Percentage Point Annually] The National Energy Administration issued the "Energy Sector Energy Conservation and Carbon Reduction Action Plan (2026-2028)." It proposes that by 2028, the non-fossil energy consumption share will increase by an average of about 1 percentage point annually; reasonably control coal consumption of coal-fired power units, striving to raise the proportion of coal power capacity meeting current energy efficiency benchmark standards by 15 percentage points; build a number of zero-carbon and low-carbon coal mining and oil areas; support the construction of a number of zero-carbon parks, achieve significant progress in energy conservation and carbon reduction in key industries, and continuously improve green energy use. It proposed vigorously promoting energy conservation and carbon reduction in thermal power. A batch of eligible coal-fired power units of 300,000 kW and below will be shut down in a prudent and orderly manner, and the construction of replacement units is encouraged according to the requirements of new-generation coal-fired power ; a batch of 600,000 kW coal-fired power units will undergo ultra-supercritical cross-generation upgrading and retrofitting. Support will be given to eligible units for the co-firing of zero-carbon and low-carbon fuels and the retrofitting and construction of carbon capture, utilization and storage (CCUS). After retrofitting and construction, the carbon emission level per kilowatt-hour should be reduced by about 10%. A number of projects integrating coal-fired power, gas-fired power and new energy will be implemented, supporting the coupling of coal-fired power and new energy through thermal energy storage and other energy storage for peak shaving and peak support, integrated collection and transmission, thereby achieving the effect of integrated carbon reduction. (Jin10 Data APP) [China’s Road Transport Capacity Continues to Expand, New Energy Truck Penetration Rate Exceeds 40%] The China Federation of Logistics and Purchasing released the "2026 China Road Transport Capacity Development Report" today (the 10th). According to the report, the road transport market underwent continuous adjustment and optimization in 2025, with the capacity structure accelerating its upgrade towards scale, specialization, and green development; enterprises saw improvements in their risk resilience and operational resilience. Survey data shows that in the current road freight transport capacity structure, internal combustion engine vehicles remain dominant, accounting for about 50%, but new energy vehicles have already formed an irreversible substitution trend in specific scenarios. Among the surveyed enterprises, the penetration rate of new energy trucks was 44.4%. Among enterprises that have already purchased new energy vehicles, 37.5% chose to "continue expanding the new energy fleet," and 37.5% chose to "maintain the current scale." (CCTV News) [New Breakthrough in Green Hydrogen: China Achieves Minute-Level Preparation of Platinum Group Metal Catalysts] Platinum group metal catalysts are core key materials supporting modern industries such as energy, chemical, and environmental sectors. Recently, a team led by Professor Hu Wenbin from Tianjin University proposed a "transient assembly" strategy, developing a millisecond-scale periodic heat pulse technology that achieved ultra-fast synthesis and precise regulation of platinum group metal core-shell structure catalysts, opening up a completely new technical pathway for the atomically precise preparation of platinum group catalysts. The related results were published online in the international academic journal *Science* on July 10, Beijing time. (Xinhua News Agency) [Guangdong: Plans to Accelerate Technological Breakthroughs in Key Frontier Fields Including 6G, Optical Communications, and Satellite Communications] Recently, the "Guangdong Province Information and Communication Industry 15th Five-Year Plan (Draft for Public Comments)" was released to solicit public opinions. It mentioned supporting basic telecommunications enterprises in actively participating in provincial key R&D programs, leveraging strategic scientific and technological forces such as the Pengcheng National Laboratory and industry leaders to help Guangdong’s information and communication industry establish a sound whole-process innovation ecosystem, accelerating technological breakthroughs in key frontier fields including 6G, optical communications, satellite communications, quantum communications, and agentic communications, and strengthening research on new network architectures such as integrated space-ground networks and integrated communication-sensing-computing networks. Focus on cultivating and developing the new 6G track, vigorously promoting the R&D and industrialisation of core components such as next-generation digital baseband chips, RF front-end chips, and 6G modules, as well as next-generation network communication equipment. Conduct application technology research on the integration of quantum encryption with information communication networks and the convergence of quantum computing with classical computing, and achieve breakthroughs in key technologies such as quantum computing, quantum materials, quantum precision measurement, quantum security, and critical core equipment. (Jin10 Data APP) [PBOC reverse repo operations led to a net withdrawal of 43 billion yuan on the day, and a net withdrawal of 416.5 billion yuan for the week] The PBOC conducted 20 billion yuan of 7-day reverse repo operations today, and with 63 billion yuan of 7-day reverse repos maturing, the net withdrawal for the day was 43 billion yuan. During the week, the PBOC conducted 62 billion yuan of 7-day reverse repo and 1,000 billion yuan of outright reverse repo operations. With 678.5 billion yuan of 7-day reverse repos and 800 billion yuan of outright reverse repos maturing, the net withdrawal for the week was 416.5 billion yuan. US dollar side: As of 11:41, the US dollar index fell 0.28% to 100.66. According to CME "FedWatch": The probability that the Fed keeps interest rates unchanged in July is 74.9%, while the probability of a cumulative 25-basis-point rate hike is 25.1%. For September, the probability of rates remaining unchanged is 35.7%, the probability of a cumulative 25-bp hike is 51.1%, and the probability of a cumulative 50-bp hike is 13.1%. (Jin10 Data APP) Perli, manager of the New York Fed’s Open Market Account, said that the reserve management purchase operations have no preset course, and the New York Fed’s Open Market Trading Desk may raise or lower purchase amounts depending on money market conditions. Additionally, Perli said that as Fed Chairman Warsh appoints a working group on the Fed’s balance sheet, the trading desk is ready to implement any changes and interest-rate control frameworks the committee may decide to pursue. The Fed began reserve management purchase operations last December, anticipating a rapid drain in reserves in April as tax payments flowed into the Treasury General Account. When the Treasury’s account balance at the Fed increases, reserves in the banking system decline. (Jin10 Data APP) Dallas Fed President Logan said that if the Federal Open Market Committee conducts open market operations through a voluntary central clearing mechanism, it would help improve the efficiency and effectiveness of operations and enhance the stability of US financial markets. Logan noted that such arrangements could improve the use of the Fed’s tools, such as the Standing Repo Facility. The facility is designed to provide liquidity to eligible financial institutions, but market usage remains low. Some believe that streamlining the clearing process could enhance its appeal. She also noted that market leverage levels need to be carefully managed and that financial markets must strike an appropriate balance between the returns and risks of leverage, as well as between leverage and liquidity. (Jinshi Data APP) The latest data showed that for the week ending July 4, which included the US Independence Day holiday, initial jobless claims fell by 2,000 to 215,000, below market expectations of 217,000 and persisting near historic lows. However, continuing claims, which reflect the state of re-employment among the unemployed, rose to 1.81 million, hitting a new high since March. Persistently low initial jobless claims, together with recent non-farm payrolls data, paint a picture of a US labour market characterised by shrinking layoffs and a slowdown in hiring. (Wall Street CN) Data-wise: Today will see the release of figures including Germany's final CPI MoM for June, France's final CPI MoM for June, Switzerland's June consumer confidence index, Canada's June employment numbers, China's June M2 money supply YoY, China's new RMB loans for the first half of the year, and China's total social financing growth for the first half of the year. Also in focus: a speech by 2026 FOMC voter and Dallas Fed President Lorie Logan; and the provisional listing of SK Hynix's American Depositary Receipts (ADRs) on the Nasdaq on July 10. Crude oil: As of 11:41, oil prices for both benchmarks edged up, with WTI crude rising 0.25% and Brent crude gaining 0.21%. Technical-level talks between the US and Iran are ongoing, with the market closely watching how the US-Iran situation unfolds. According to Fox News, US Commerce Secretary Howard Lutnick stated that Trump believes oil prices will remain at low levels in the future. India's state-owned Oil and Natural Gas Corporation (ONGC) has approved an expansion of the country's strategic petroleum reserves, highlighting efforts to strengthen energy resilience following the shock of the Iran conflict. According to a document, the board of India's largest oil and gas producer has approved the addition of 1.75 million mt of national crude oil reserve capacity in Mangalore, Karnataka. Specific costs and a timetable have yet to be announced. Upon completion, the project will increase the reserves managed by the Indian Strategic Petroleum Reserves Ltd. The company currently operates underground storage facilities at three locations on the east and west coasts with a total capacity of 5.33 million mt. In addition, two new sites are under construction that will add 6.5 million mt of storage space. ONGC stated in Friday's filing that the project is of "national importance" and that related supporting facilities will be developed under the directive of the Ministry of Petroleum and Natural Gas. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ►] ► ► ► ► ►

Capacity side, the domestic alkaline electrolyzer market remained at 43.77 GW, while the PEM electrolyzer market held steady at 2.7 GW, according to incomplete statistics. Haozhen Hydrogen Energy’s brand-new 200 Nm³/h alkaline electrolysis hydrogen production system was officially shipped and delivered, reportedly to the project site of a well-known non-ferrous metal enterprise in China. Project-related developments: Guohua (Ningxia) New Energy Co., Ltd. : The evaluation results for the PC construction general contracting bid candidates of the Guohua Investment Guohua (Ningxia) New Energy Co., Ltd. Solar-Storage-Hybrid Off-Grid Hydrogen Production Key Technology Research and Demonstration Project (Integrated Engineering Hydrogen Production Section) were publicized, with two major chemical construction enterprises shortlisted. The first bid candidate was China Chemical Engineering Second Construction Corporation, with a corresponding bid price of 31.0690374 million yuan; the second bid candidate was China Chemical Engineering Ninth Construction Co., Ltd., with a bid price of 30.3988 million yuan. This demonstration project is located south of the Qingshuiying Hydrogen Production Plant in Ningdong Town, Ningxia, with planned land use of approximately 33 mu. It relies on the existing plant’s utility infrastructure to build a complete set of hybrid hydrogen production units, comprising six hydrogen production process trains: E, F, G, H, I, and J. Among them, Unit E is a 1000 Nm³/h hybrid pilot test facility, situated on the northeast side of the existing Qingshuiying Hydrogen Production Station; Units F, G, H, I, and J are five newly built large-scale hydrogen production systems, each with a rated hydrogen output of 1000 Nm³/h and a maximum long-term safe operating load of 120%, i.e., 1200 Nm³/h. Each new hybrid hydrogen production system adopts an ALK+PEM coupling route, equipped with an 800 Nm³/h alkaline electrolyzer, a 200 Nm³/h proton exchange membrane electrolyzer, and supporting gas-liquid separation equipment, paired with a 1000 Nm³/h integrated purification unit. The output hydrogen purity can reach 99.999%, suitable for PV storage Junrui Green Hydrogen Energy (Shangdu County) Co., Ltd. : The EPC general contracting bid candidates for the Shangdu County 30,000 mt/year hydrogen production project were officially publicized, with three major engineering consortiums shortlisted. The first bid candidate for this project was a consortium led by China Construction Fifth Engineering Bureau East China Construction Co., Ltd., joined by Wuxi Henghe Engineering Consulting Design Co., Ltd., Nuclear Industry (Tianjin) Engineering Survey Institute Co., Ltd., and Jiangsu Industrial Equipment Installation Group Co., Ltd.; the second bid candidate was a consortium led by Anhui Construction Engineering Group No.3 Construction Co., Ltd., joined by Shandong Honghua Construction and Installation Engineering Co., Ltd., Chongqing Chemical Engineering Design and Research Institute Co., Ltd., and Tianjin Huaxing Survey and Design Co., Ltd.; the third bid candidate was a consortium led by China Railway 16th Bureau Group Co., Ltd., joined by Jiangsu Qi’an Construction Group Co., Ltd., Aohua Engineering Technology Co., Ltd., and Hebei Zhongse Huaguan Geotechnical Engineering Co., Ltd. Inner Mongolia Mengqing Pipeline Network Co., Ltd.: The bid candidate announcement for the survey and design of the Inner Mongolia Mengqing Pipeline Network Co., Ltd. Shanghaimiao-Ningdong Green Hydrogen Pipeline Project was released. The top three candidate units for this tender were Sinopec Petroleum Engineering Design Co., Ltd. (10.05 million yuan), China Petroleum Natural Gas Pipeline Engineering Co., Ltd. (10.06 million yuan), and Sinopec Zhongyuan Petroleum Engineering Design Co., Ltd. (10.22 million yuan). This pipeline has a total length of 6.4 kilometers, divided into Inner Mongolia and Ningxia sections, with the Inner Mongolia section being 2.2 km and the Ningxia section being 4.2 km. It has a design pressure of 6.3 MPa and a pipe diameter of DN600, using L360MH steel pipes, with an annual pure hydrogen transmission capacity of 500,000 mt. It is accompanied by two newly built stations: the Shanghaimiao compressor station and the Ningdong terminal station. The project is a demonstration section at the end of the 427 km Dengkou–Shanghaimiao–Ningdong trunk green hydrogen pipeline, spanning Ordos Shanghaimiao Town and Ningxia Ningdong Town. Filing and approval were completed in both locations, and construction is planned to start on September 20, 2026. Ordos Vina Green Energy Logistics Co., Ltd. : The Ordos Vina Green Energy Logistics Co., Ltd. Vina Green Logistics and Hydrogen-Electricity Infrastructure Integrated Hydrogen Production and Refueling Project has been filed, which will further improve supporting infrastructure for local hydrogen logistics. The project is located in the Sanaoliang Industrial Park, Dalad Banner, Ordos City, with a total investment of 63.1638 million yuan. The main construction content includes one 6 mt hydrogen refueling station, one set of 6,000 Nm³/h physical process PSA hydrogen purification equipment, to build an integrated hydrogen production and refueling supporting system. The project construction period is planned from August 2026 to August 2027. Upon completion, it will effectively address the regional hydrogen refueling shortcomings, support the large-scale development of the local green logistics industry, and promote the application of hydrogen energy scenarios. China Energy Construction Bochuang Green Fuel (Shenyang) Co., Ltd. : The Shenyang City Wind and Solar Hydrogen Production Integrated with Biomass Green Alcohol and Oil Demonstration Project Phase I 100,000 mt green methanol EPC general contracting project has announced the candidate winners for the bid. The first candidate is the consortium led by East China Electric Power Design Institute, in combination with Hunan and Liaoning Electric Power Design Institutes, with a bid of approximately 1.7 billion yuan; the second and third candidates are Guangdong Electric Power Design Institute and Zhejiang Electric Power Design Institute, with bids of approximately 1.7239 billion yuan and 1.7883 billion yuan respectively. The project is located in Kangping County, Shenyang. The wind farm site is close to highways and national roads, and the biomass pretreatment plant and the methanol chemical plant are both located within the county. Phase I plans to build 100 MW wind power, 50 MW/100 MWh energy storage, an annual output of 100,000 mt of green methanol, and 360,000 mt of biomass pretreatment supporting facilities. Shaanxi Coal Group Yulin Chemical Co., Ltd. : Shuangliang Hydrogen Energy has won the order for four 3,000 Nm³/h alkaline electrolyzers from Shaanxi Coal Group Yulin Chemical. The order is for the hydrogen production unit supporting the second phase first stage of the Yulin Chemical 15 million mt/year coal grading conversion demonstration project. The supporting hydrogen production unit has a total hydrogen capacity of 12,000 Nm³/h and oxygen capacity of 6,000 Nm³/h, and the unit will serve coal-to-methanol, methanol-to-olefins, and downstream deep processing production. Ordos Vina Green Energy Logistics Co., Ltd.​​​​​​​: The Ordos Vina Green Energy Integrated Hydrogen Production and Refueling Project has been filed. The project total investment is 63.1638 million yuan, using a self-owned fund plus bank loan model, with a construction period of one year, and is expected to be completed and put into use in August 2027. The project is located in the Sanaoliang Industrial Park, Dalad Banner, and is equipped with one 6 mt/day large hydrogen refueling station and one set of 6,000 Nm³/h PSA hydrogen purification unit, relying on by-product hydrogen resources from the park to build green logistics supporting facilities for hydrogen-powered heavy trucks. Hebei Hongmeng Hydrogen Energy Technology Co., Ltd.​​​​​​​: The first Environmental Impact Assessment (EIA) public notice has been issued for the Off-Grid Hydrogen Production Hydrogen Low-Temperature Liquefaction Comprehensive Utilization Demonstration Project. The project is located in Zhangjiakou Kangbao County, in Zhangji Town and Danqinghe Township. The overall total investment is 10.4 billion yuan, with six wind power supply units totaling 1.2 GW installed capacity, of which the main part of the project for hydrogen production and liquefaction investment is 3.49 billion yuan. The project plans to adopt both alkaline and PEM electrolyzers, with a total hydrogen production capacity of 240,000 Nm³/h, an annual output of 140,000 mt of green hydrogen after reaching full production, and simultaneously supporting a 30 mt/day hydrogen liquefaction unit. Supporting infrastructure such as plant buildings, collection lines, and other complete supporting facilities will be constructed simultaneously, to build a wind-solar off-grid hydrogen production and low-temperature liquefaction integrated demonstration base. Policy Review​ 1. The Energy Bureau of Inner Mongolia Autonomous Region has issued a notice regarding the abolition of the Interim Measures for the Administration of Hydrogen Refueling Stations in Inner Mongolia Autonomous Region. In accordance with the requirements of the Notice of the General Office of the Inner Mongolia Autonomous Region People's Government on Conducting the Cleanup of Administrative Normative Documents (Nei Zheng Ban Zi [2025] No. 40) and related requirements, with the consent of the autonomous region people’s government, the Interim Measures for the Administration of Hydrogen Refueling Stations in Inner Mongolia Autonomous Region (Nei Neng You Qi Zi [2022] No. 1461), jointly issued by the autonomous region energy bureau and relevant departments, is hereby abolished. Matters related to hydrogen refueling stations shall be implemented in accordance with the Administrative Measures for the Safety of Renewable Energy Hydrogen Production Industry in Inner Mongolia Autonomous Region (Trial Implementation) and other relevant regulations. 2. The Yunnan Provincial Development and Reform Commission and the Yunnan Provincial Energy Bureau have issued a notice on the 2026 Green Electricity Hydrogen Production Integration Demonstration Project List. According to the project list, there are 8 green electricity hydrogen production integration demonstration projects in Yunnan Province in 2026, with a planned total green hydrogen production of 8,032 mt/year. They are: Yiliang County Green Electricity Hydrogen Production Integration Demonstration Project, Dushupu Service Area Photovoltaic Green Electricity Hydrogen Production Integration Demonstration Project, Songming Service Area Upward Photovoltaic Green Electricity Hydrogen Production Integration Demonstration Project, Qujing High-Tech Zone Huashan Wind-Solar Coupled Hydrogen Production Demonstration Project, Honghe Kaiyuan City Xiehua Green Electricity Hydrogen Production Integration Demonstration Project, Lufeng City Green Electricity Hydrogen Production (Ammonia) Blast Furnace Injection Ironmaking Integration Demonstration Project, Chuxiong High-Tech Zone Wind-Solar Integrated Green Ammonia Synthesis Project, and Shangri-La Green Electricity Hydrogen and Oxygen Production Integration Demonstration Project. Enterprise Updates​​ Weichai Power Co., Ltd. : Weichai Power’s WP15 heavy-duty hydrogen internal combustion engine with direct injection has successfully passed the authoritative environmental protection emission certification test, becoming China’s and the world’s first heavy-duty hydrogen internal combustion engine to complete all core verifications under the China VI regulations. This marks a key breakthrough in the commercialization of zero-carbon heavy-duty equipment in China. The engine model has undergone rigorous testing under all operating conditions, with pollutant emissions significantly better than national standards and carbon dioxide emissions nearly eliminated. Relying on self-developed flexible in-cylinder direct injection core technology, the model achieves ultra-low nitrogen oxide emissions and, combined with a simple after-treatment system, is capable of meeting even higher future environmental protection regulation requirements, with outstanding environmental performance advantages. Baoding Gaoxin Environmental Technology Co., Ltd. : Thirty hydrogen fuel cell sanitation vehicles equipped with Weishi Energy hydrogen power systems were officially delivered to Baoding Gaoxin Environmental Technology Co., Ltd. They will be deployed for road sweeping, washing, watering, and dust reduction operations on major roads in the Baoding Hi-Tech Zone, promoting the green transformation, upgrading, and quality improvement of the local sanitation sector. The delivered vehicles include two main car models—hydrogen-powered water sprinklers and hydrogen-powered sweepers—jointly developed by Weishi Energy in cooperation with Dongfeng Special Vehicle and Changsha Infegreen Environmental. The vehicles are equipped with Weishi Energy’s in-house developed commercial vehicle fuel cell systems and hydrogen storage systems, offering the environmental advantages of zero emissions, no pollution, and low noise. Guoke Green Hydrogen (Dalian) Technology Co., Ltd.​​​​​​​: A research team from the Counselor’s Office of Jiangxi Provincial Government visited Jinpu New District, Dalian City, Liaoning Province, to conduct a special survey on the “New Energy Future Industry – High-Quality Development Vision for Green Hydrogen (Ammonia).” Among the surveyed enterprises, Guoke Green Hydrogen (Dalian) Technology Co., Ltd., as one of the key enterprises, systematically presented its core technology R&D, equipment manufacturing, and industrial application status in green hydrogen, and engaged in in-depth exchanges with the survey team on the development of the green hydrogen industry. Guoneng Hydrogen Innovation Technology (Beijing) Co., Ltd. : Its “Sino-German Hydrogen Energy and Fuel Cell Vehicle Carbon Footprint and Sustainability Assessment Method and System Co-Construction Project” was selected as one of the first batch of typical cases of China-Europe energy cooperation at the 4th China-Europe Energy Technology Innovation Cooperation Forum. Beijing Hypert Hydrogen Energy Technology Co., Ltd.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​: The delivery ceremony for its H49 hydrogen-powered heavy truck was successfully held. The delivered Hypert H49 hydrogen-powered heavy trucks will officially join the Hengnuo Logistics fleet and serve the logistics transportation of finished beverages for Swire Coca-Cola. Huachuang Hydrogen Energy Technology (Guangdong) Co., Ltd. : Foshan’s first hydrogen-powered unmanned vehicle OEM launch conference was successfully held at the Guangdong Cheshijie Automotive Technology Industrial Park in Lecong, Shunde. Huachuang Hydrogen Energy Technology (Guangdong) Co., Ltd. participated as one of the leading enterprises. Chairman Dr. Yang Zhonggao delivered a speech on behalf of the company and completed the signing ceremony. At the event, the OEM’s construction plan, core technology tackling route, and industrialization plan were announced, and a hydrogen-powered unmanned vehicle departure ceremony was held simultaneously. Shaanxi Yanchang Petroleum Materials Group Xi'an Co., Ltd. : For its natural gas subsidiary, it plans to procure proton exchange membrane (PEM) water electrolysis hydrogen production equipment, with a plan to purchase one electrolyzer under a single section. Dongfang Electric (Chengdu) Hydrogen Energy Technology Co., Ltd. ​​​​​​​: Dongfang Hydrogen has successfully signed orders for two sets of 2,000 Nm³/h alkaline electrolyzers, achieving a breakthrough in market orders for large-scale water electrolysis hydrogen production equipment. It is understood that the signed alkaline hydrogen production equipment, equipped with Dongfang Hydrogen’s latest core technologies, will be deployed in a national energy sector hydrogen energy pilot project, supporting the construction of a high-purity hydrogen supply mother station with an annual output of 10,000 mt for fuel cells. After deployment, the equipment can effectively solve the difficulty of hydrogen supply for fuel cell vehicles and break through key bottlenecks in hydrogen energy application. ​​Patent Applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test life of 80,000 hours. ​​2. Johnson Matthey (UK) submitted patent WO2025109876, disclosing a ternary Fe-Ni-Mo non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprints/Technical Specifications​​ 1. The team of Tong Lei, Liang Haiwei from USTC and Zhang Liang from Tsinghua University proposed a carbon mesopore depth engineering (CMDE) strategy. Leveraging hollow mesoporous carbon spheres to regulate ionomer penetration depth, they resolved the inherent conflict between kinetic activity and oxygen mass transport in low-platinum fuel cells, and developed a PtCo low-platinum catalyst with anti-poisoning, high mass transport, and excellent durability. They achieved US DOE power, activity, and durability targets at an ultra-low platinum loading of 0.1 mgPt cm⁻². 2. Professor Li Zhipeng’s team at Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics coupled model for tubular solid oxide fuel cells, systematically revealing the quantitative influence laws of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on cell output performance. 3. The National Hydrogen Energy Power Quality Inspection and Testing Center of China Automotive Engineering Research Institute has built a 0–400 kW hydrogen-involved three-in-one vibration test platform with load and opened it for commercial use, filling the gap in domestic high-power multi-physics coupled hydrogen testing. 4. The high specific power cathode closed-cathode air-cooled fuel cell stack technology developed by the team of Academician Chen Zhongwei and Associate Researcher Zhang Meng at the National Key Laboratory of Energy Catalytic Conversion, Dalian Institute of Chemical Physics, has passed the scientific and technological achievement appraisal organized by the China Petroleum and Chemical Industry Federation. The technology effectively resolves the industry contradiction between water retention and oxygen mass transport in air-cooled fuel cells, solving technical challenges such as low-humidity performance decay, carbon corrosion, dry membrane flooding, and high-power thermal management. 5. Two group standards on water electrolysis hydrogen production have been officially released and implemented: the Safety Technical Specification for Water Electrolysis Hydrogen Production and the Method for Calculating Economic Operation Indicators for Water Electrolysis Hydrogen Production. 6. Petronor and H2SITE collaborate to advance membrane technology for hydrogen production, enhancing high-purity hydrogen and low-carbon efficiency in refining.

Data from the National Bureau of Statistics (NBS) shows: Data from the NBS shows that in June 2026, the national consumer price index (CPI) rose 1.0% YoY. Specifically, urban areas recorded a 1.0% increase and rural areas a 0.8% increase; food prices fell 1.6%, while non-food prices rose 1.5%; consumer goods prices rose 1.1%, and services prices rose 0.8%. In H1, the national CPI rose 1.0% YoY. In June, the national CPI fell 0.3% MoM, with urban areas down 0.4% and rural areas down 0.3%; food prices fell 0.4%, and non-food prices fell 0.3%; consumer goods prices dropped 0.6%, while services prices remained flat. NBS data also showed that in June 2026, the national industrial producer EXW prices rose 4.1% YoY and fell 0.3% MoM. Industrial producer purchasing prices rose 6.4% YoY and fell 0.2% MoM. In H1, industrial producer EXW prices rose 1.5% YoY and industrial producer purchasing prices rose 2.4% YoY. Dong Lijuan, Chief Statistician of the Urban Survey Department at the NBS, interpreted the CPI and PPI data for June 2026. In June 2026, CPI Rose 1.0% YoY In June 2026, the national CPI rose 1.0% YoY. Specifically, urban areas recorded a 1.0% increase and rural areas a 0.8% increase; food prices fell 1.6%, while non-food prices rose 1.5%; consumer goods prices rose 1.1%, and services prices rose 0.8%. In H1, the national CPI rose 1.0% YoY. In June, the national CPI fell 0.3% MoM, with urban areas down 0.4% and rural areas down 0.3%; food prices fell 0.4%, and non-food prices fell 0.3%; consumer goods prices dropped 0.6%, while services prices remained flat. 1. YoY Changes in Prices of Various Categories of Goods and Services In June, the price of food, tobacco, alcohol and dining out fell 0.8% YoY, dragging the CPI down by approximately 0.24 percentage points. Within food, livestock meat prices fell 7.3%, pulling the CPI down by about 0.30 percentage points, of which pork prices dropped 15.9%; dairy product prices fell 1.7%, contributing a 0.02 percentage point decline in the CPI; fresh fruit prices fell 0.7%, contributing a 0.01 percentage point decline; while egg prices rose 16.0%, lifting the CPI by about 0.08 percentage points. Among the other seven categories, prices rose YoY for six and fell for one. Among them, prices for other goods and services, transportation and communication, and healthcare rose by 6.6%, 4.1%, and 2.3%, respectively; clothing and education, culture and recreation prices both rose by 1.4%; household goods and services prices rose by 1.3%; and housing prices fell by 0.3%. II. MoM Changes in Prices of Various Goods and Services In June, prices for food, tobacco and alcohol, and dining out fell 0.3% MoM, contributing to a decrease of about 0.08 percentage point in the CPI. Within food, fresh fruit prices fell 2.0%, contributing to a 0.04 percentage point decrease; fresh vegetable prices fell 1.0%, contributing to a 0.02 percentage point decrease; livestock meat prices fell 0.5%, contributing to a 0.02 percentage point decrease, of which pork prices fell 0.8%; egg prices rose 5.8%, contributing to a 0.03 percentage point increase. Prices in the other seven categories showed one increase, two unchanged, and four decreases MoM. Among them, healthcare prices rose 0.2%; housing and education, culture and recreation prices remained unchanged; other goods and services and transportation and communication prices fell 2.7% and 1.3%, respectively; household goods and services and clothing prices fell 0.2% and 0.1%, respectively. In June 2026, the Producer Price Index rose 4.1% YoY and fell 0.3% MoM In June 2026, the national Producer Price Index rose 4.1% YoY and fell 0.3% MoM. The Purchasing Price Index for industrial producers rose 6.4% YoY and fell 0.2% MoM. In H1, the Producer Price Index rose 1.5% YoY, and the Purchasing Price Index rose 2.4% YoY. I. YoY Changes in Industrial Producer Prices In June, within the Producer Price Index, prices for means of production rose 5.5% YoY, contributing approximately 4.28 percentage points to the overall increase. Of which, prices for the mining industry rose 16.5%, raw material industry rose 8.6%, and processing industry rose 3.0%. Prices for consumer goods fell 0.9%, contributing approximately 0.20 percentage point to the overall decrease. Of which, food prices fell 2.1%, clothing and general merchandise prices both fell 1.0%, and durable consumer goods prices rose 0.1%. Within the Purchasing Price Index, prices for non-ferrous metal materials and wires rose 21.6%, fuels and power rose 11.8%, chemical raw materials rose 11.5%, textile raw materials rose 3.3%, and ferrous metal materials rose 1.3%; prices for building materials and non-metallic products fell 4.8%, and agricultural by-products fell 1.3%. II. Month-on-Month Changes in Industrial Producer Prices In June, among industrial producer prices, the means of production prices fell 0.3% MoM, dragging down the overall industrial producer price level by about 0.25 percentage points. Among them, mining and quarrying prices fell 0.9%, raw materials prices fell 1.2%, and processing industry prices rose 0.2%. Consumer goods prices fell 0.3%, dragging down the overall industrial producer price level by about 0.06 percentage points. Among them, food prices fell 0.8%, clothing and durable consumer goods prices remained flat, and general daily necessities prices fell 0.1%. In industrial producer purchasing prices, chemical raw materials prices fell 1.3%, fuels and power prices fell 0.5%, building materials and non-metallic minerals prices fell 0.4%, and agricultural and sideline products prices fell 0.3%; textile raw materials prices rose 0.7%, and non-ferrous metal materials and wires prices rose 0.1%; ferrous metal materials prices remained flat. In June 2026, CPI Maintained Mild YoY Growth While PPI YoY Increase Slightly Expanded — Interpretation of June 2026 CPI and PPI Data by Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics In June, affected by seasonal factors and fluctuations in international market prices, the Consumer Price Index (CPI) fell 0.3% MoM and rose 1.0% YoY. The core CPI, which excludes food and energy prices, rose 1.0% YoY, continuing to maintain a mild increase. While demand in some domestic sectors increased, affected by factors such as the decline in international crude oil prices, the Industrial Producer Price Index (PPI) fell 0.3% MoM and rose 4.1% YoY. I. CPI Maintained Mild Growth On a MoM basis, the nationwide CPI fell 0.3%. Affected by international market price fluctuations, domestic gold jewelry and gasoline prices fell 8.7% and 4.9%, respectively, with the declines widening by 5.9 and 4.6 percentage points from the previous month, together contributing to a roughly 0.22 percentage point drop in the CPI MoM, and the downward pull on the CPI increased by about 0.19 percentage points from the previous month. Food prices fell 0.4%, the same decline as the previous month, dragging down the CPI MoM by about 0.07 percentage points. Within food, seasonal fruits and vegetables were supplied in abundance, with fresh vegetable and fruit prices falling 1.0% and 2.0%, respectively, together contributing to a roughly 0.06 percentage point drop in the CPI MoM; pork and aquatic product prices fell 0.8% and 0.6%, respectively, together dragging down the CPI MoM by about 0.02 percentage points; laying hen inventories were at low levels, compounded by reduced egg production rates due to high temperatures, causing egg prices to rise 7.0%, which contributed about 0.03 percentage points to the CPI MoM increase. Service prices turned flat after a 0.1% decline the previous month. Within services, affected by factors such as airlines lowering fuel surcharges and off-season travel demand pulling back, prices for hotel accommodation, airfare, and travel agency fees dropped 5.3%, 4.0%, and 0.7%, respectively, dragging down the CPI by about 0.04 percentage points MoM in total; affected by policy-driven price adjustments in some regions, national medical service prices rose 0.3%, contributing about 0.02 percentage points to the CPI MoM. On a YoY basis, the national CPI rose 1.0%, and the growth rate pulled back by 0.2 percentage points from the previous month. Driven by international imported factors, the price increase of domestic industrial consumer goods pulled back. Prices of industrial consumer goods rose 2.9%, with the growth rate pulling back by 1.0 percentage points from the previous month. They contributed about 0.90 percentage points to the YoY CPI increase, and their upward push effect on the CPI decreased by about 0.28 percentage points from the previous month. Among industrial consumer goods, the price increases for gold jewelry and gasoline pulled back to 28.1% and 17.0%, respectively. Together, they contributed about 0.60 percentage points to the YoY CPI increase, and their upward push effect on the CPI decreased by about 0.23 percentage points from the previous month; prices of personal care products and household appliances rose 2.3% and 2.2%, respectively, with both growth rates pulling back. Service prices rose 0.8%, the same growth rate as the previous month, contributing about 0.40 percentage points to the YoY CPI increase. Within services, prices of medical services and education services rose 3.4% and 0.6%, respectively. Prices of housekeeping services and dining out rose 1.4% and 1.1%, respectively, with overall stable growth rates. Food prices fell 1.6%, with the decline narrowing by 0.1 percentage points from the previous month, dragging down the YoY CPI by about 0.28 percentage points. Within food, pork prices dropped 15.9%, with the decline narrowing by 0.2 percentage points from the previous month, dragging down the YoY CPI by about 0.30 percentage points; prices of fresh vegetables, fresh fruits, grain, edible oil, dairy products, and aquatic products fell within a range of 0.3% to 1.7%; egg prices rose 20.0%, with the growth rate expanding by 11.6 percentage points from the previous month; prices of mutton, beef, and poultry meat rose within a range of 1.4% to 6.0%. 2. PPI YoY Growth Slightly Widened On a MoM basis, the national PPI fell 0.3%. The main characteristics of the PPI MoM movement this month: First, the decline in international crude oil prices led to price drops in related domestic industries. Petroleum extraction prices fell 16.0% MoM, and refined petroleum product manufacturing prices fell 3.1%, with the declines widening by 14.2 and 2.8 percentage points, respectively, from the previous month. Prices in the manufacturing of chemical raw materials and chemical products, as well as chemical fiber manufacturing, turned from increases in the previous month to declines of 2.0% and 0.8%, respectively. Second, influenced by seasonal factors, price trends diverged across certain industries. In June, rising temperatures drove higher demand for coal stockpiling ahead of the summer peak and for cooling products. Prices for coal mining and washing rose 5.6% MoM, household refrigeration appliances increased 0.6%, and refrigeration and air-conditioning equipment grew 0.4%. Abundant summer precipitation, sunlight, and wind led to price declines in hydropower, solar power, and wind power, which fell 9.1%, 2.5%, and 2.2%, respectively. Third, accelerated industrial upgrading boosted demand and pushed prices higher in select sectors. With continuously expanding AI application scenarios, broad adoption of new raw materials and advanced materials, and sustained progress in green transformation, prices for virtual reality equipment manufacturing rose 8.4% MoM, wearable smart device manufacturing increased 3.4%, industrial control computers and systems rose 3.3%, and industrial robot manufacturing grew 0.5%. Prices for electronic specialty materials rose 2.5%, carbon-based nanomaterials increased 1.9%, biomass fuel processing grew 1.2%, and the comprehensive utilization of waste resources industry rose 0.4%. On a YoY basis, the national PPI rose 4.1%, with the growth rate expanding by 0.2 percentage points compared to the previous month. Among industries recording price increases, coal mining and washing rose 20.6%, electrical machinery and equipment manufacturing grew 5.1%, computer, communications, and other electronic equipment manufacturing increased 3.3%, and ferrous metal smelting and rolling processing rose 3.1%, all seeing wider growth rates than the previous month. Together, these four industries contributed approximately 1.39 percentage points to the YoY PPI increase. Non-ferrous metal ore mining and dressing, along with non-ferrous metal smelting and rolling processing, rose 25.5% and 23.4%, respectively. Oil and natural gas extraction, petroleum, coal, and other fuel processing, and chemical raw material and chemical product manufacturing rose 16.8%, 16.7%, and 11.3%, respectively, with all three seeing a pullback in growth rates compared to the previous month. These five industries collectively contributed about 3.25 percentage points to the YoY PPI increase. Among industries recording price declines, non-metallic mineral products fell 4.4%, with the decline narrowing by 0.7 percentage points from the previous month. Electricity, heat production, and supply dropped 4.4%, unchanged from the prior month. Alcoholic beverages and refined tea manufacturing, along with automobile manufacturing, fell 5.3% and 2.1%, respectively, with the declines widening by 3.4 and 0.1 percentage points from the previous month. Together, these four industries dragged down the YoY PPI by approximately 0.72 percentage points.

The National Energy Administration (NEA) recently released the "Guidelines for Data Classification and Grading in the Energy Sector (2026 Edition)," which took effect on July 1, 2026. The guidelines apply to the classification and grading of non-confidential data in the energy sector within the territory of the People's Republic of China, aiming to standardize data processing activities in the energy sector and strengthen data security management. According to the document, the classification dimensions for energy sector data include energy types, energy activities, and others. Specifically, by energy type, the first-level data classification includes coal, oil, natural gas, nuclear energy, hydropower, wind energy, solar energy, biomass energy, geothermal energy, ocean energy, electricity, hydrogen energy , etc. This means hydrogen energy has been formally incorporated into the first-level data classification system of the energy sector. By energy activity, the second-level data classification includes planning, design, construction, production, storage and transportation, consumption, scientific research, etc. Data processors in the energy sector may further implement third-level and fourth-level classification management based on data content and characteristics. In terms of data grading, the guidelines specify that energy sector data is classified into three levels—general data, important data, and core data—based on factors such as importance, accuracy, scale, and security risks. Derivative data generated through processing such as statistics, correlation, mining, and aggregation of important data or core data, if still recoverable or restorable to important or core data, shall in principle be managed at the original level. The document also proposes that if data, after desensitization processing, cannot be recovered or restored to important or core data, the relevant data may be downgraded in accordance with the rules. Specifically, core data may be downgraded to important data or general data, and important data may be downgraded to general data. The guidelines provide explicit provisions on the identification rules for important data and core data in the energy sector. Geographic location coordinates data with an accuracy better than or equal to 100 meters for certain important energy infrastructure, as well as materials containing such coordinates data, are classified as important data in the energy sector. Such infrastructure includes coal mines with an annual output of 10 million mt or more, thermal power stations, hydropower stations, and nuclear power stations of specific scales, and substations, switching stations, and converter stations above 750 kV. Real-time command data for the production and operation of certain energy infrastructure are also included in the scope of important data, including those from hydropower stations of specific scales, substations and converter stations above 750 kV, and relevant data from the dispatch and control system of the Oil & Gas Control Center of PipeChina. In terms of power consumption data, the raw power consumption data of super important power users, first-level and second-level important power users in the national defense and military category, as well as the raw power consumption data of 10 million or more power users, are recognized as important data in the energy sector. The raw power consumption data of super important power users for a continuous period of one year or more, and the raw power consumption data of 100 million or more power users, are classified as core data in the energy sector. A relevant official of the NEA stated that the guidelines were issued to promote the implementation of the Data Security Law of the People's Republic of China in the energy sector, and together with the "Data Security Management Measures for the Energy Sector (Trial)," they form the basic management system for data security in the energy sector. The guidelines will guide data processors in classifying and grading the non-confidential data they hold in the energy sector, accurately identifying important data and core data, and strengthening management and security protection as required. Regarding the follow-up work for energy sector data processors, the NEA proposed that they should identify and compile a catalogue of important data for their organization in the energy sector in accordance with the guidelines, and submit it as required to the provincial energy regulatory authorities at the location of the data carrier. If significant changes occur to the catalogue, it should be resubmitted within three months. At the same time, relevant entities shall establish and improve data security management systems, define data lifecycle management requirements, adopt necessary technical measures, and implement institutional requirements such as graded protection of cybersecurity, security protection of critical information infrastructure, cryptographic protection, and confidentiality, to ensure that important data and core data in the energy sector are in a state of effective protection and lawful utilization. The document also requires that processors of important data and core data conduct at least one risk assessment of their data processing activities each year, which may be carried out by themselves or commissioned to third-party institutions with risk assessment capabilities, and submit the assessment reports as required by provincial energy regulatory authorities. Where cross-border transfer of important data or cross-entity transfer of core data is involved, a risk assessment shall be applied for in accordance with relevant regulations. The NEA stated that the identification rules for important data and core data in the energy sector are not fixed. Going forward, they will be continuously analyzed and assessed in light of developments in the national security situation and data security management needs, and will be revised and improved when appropriate.

1. Coal-to-Hydrogen Shandong anthracite transaction range [1930-1930], average hydrogen cost [1.76 yuan/m³] Shanxi anthracite transaction range [1180-1180], average hydrogen cost [1.26 yuan/m³] Hebei anthracite transaction range [1660-1660], average hydrogen cost [1.59 yuan/m³] Henan anthracite transaction range [1230-1230], average hydrogen cost [1.27 yuan/m³] 2. Natural Gas-to-Hydrogen Pearl River Delta natural gas transaction range [6600-6600], average hydrogen cost [3.03 yuan/m³] Zhejiang natural gas transaction range [6160-6440], average hydrogen cost [2.89 yuan/m³] Guangxi natural gas transaction range [6080-6570], average hydrogen cost [2.88 yuan/m³] East Guangdong natural gas transaction range [6600-6610], average hydrogen cost [3.01 yuan/m³] Henan natural gas transaction range [5500-5700], average hydrogen cost [2.64 yuan/m³] Hebei natural gas transaction range [5512-5940], average hydrogen cost [2.67 yuan/m³] Hubei natural gas transaction range [5840-5980], average hydrogen cost [2.75 yuan/m³] Guizhou natural gas transaction range [5690-5970], average hydrogen cost [2.70 yuan/m³] Sichuan natural gas transaction range [5645-6015], average hydrogen cost [2.73 yuan/m³] Shanxi natural gas transaction range [5220-5640], average hydrogen cost [2.52 yuan/m³] Shandong natural gas transaction range [5610-6340], average hydrogen cost [2.78 yuan/m³] Heilongjiang natural gas transaction range [5790-6180], average hydrogen cost [2.76 yuan/m³] Inner Mongolia natural gas transaction range [5420-5810], average hydrogen cost [2.56 yuan/m³] 3. Propane-to-Hydrogen South China propylene oxide transaction range [5210-5280], average hydrogen cost [3.07 yuan/m³] East China propylene oxide transaction range [5110-5320], average hydrogen cost [3.06 yuan/m³] Northeast China propylene oxide transaction range [4630-5010], average hydrogen cost [2.86 yuan/m³] Shandong propylene oxide transaction range [5352-5352], average hydrogen cost [3.14 yuan/m³] 4. Methanol-to-Hydrogen East China methanol transaction range [2380-2600], average hydrogen cost [2.26 yuan/m³] Central China methanol transaction range [2290-2630], average hydrogen cost [2.27 yuan/m³] North China methanol transaction range [2210-2330], average hydrogen cost [2.08 yuan/m³] South China methanol transaction range [2550-2750], average hydrogen cost [2.35 yuan/m³] Northwest China methanol transaction range [2080-2220], average hydrogen cost [1.98 yuan/m³] Southwest China methanol transaction range [2510-2730], average hydrogen cost [2.38 yuan/m³] Northeast China methanol transaction range [2480-2590], average hydrogen cost [2.28 yuan/m³]

The essence of this supply crunch is a "three-layered squeeze": Layer 1: Physical cutoff – the Hormuz blockade severed Middle Eastern supply, halting nearly half of global seaborne trade. Layer 2: Policy lockdown – overlapping export bans from Russia, Kazakhstan, and Turkey blocked alternative supply sources, further tightening global tradable volumes. Layer 3: Capacity and inventory collapse – war-damaged Middle Eastern production facilities are slow to restart.

SMM Jul. 6 News: Metals Market Update: As of the midday close, base metals on the domestic market all rose. SHFE copper edged up 0.26%, SHFE aluminum gained 0.84%. SHFE lead ticked higher. SHFE zinc added 0.97%. SHFE tin surged 2.9%. SHFE nickel inched up 0.12%. In addition, the most-traded foundry aluminum futures contract rose 0.48%, while the most-traded alumina contract dipped 0.15%. The most-traded lithium carbonate contract fell 2.19%. The most-traded silicon metal contract climbed 0.48%. The most-traded polysilicon futures contract gained 0.45%. Ferrous metals all advanced. Iron ore, HRC, and rebar each rose within 0.5%. Stainless steel added 0.89%. Coking coal and coke: the most-traded coking coal contract increased 0.82%, and the most-traded coke contract rose 1.06%. Overseas base metals: as of 11:45, LME metals all advanced. LME copper gained 0.74%, LME aluminum rose 0.71%, LME lead climbed 1.07%. LME zinc ticked up 0.1%, LME tin surged 3.94%. LME nickel added 0.61%. Precious metals: as of 11:45, COMEX gold advanced 1.27%, and COMEX silver jumped 2.24%. Domestic precious metals: SHFE gold rose 0.62%; the most-traded SHFE silver contract gained 0.5%. In addition, as of the midday close, the most-traded platinum futures contract fell 1.2%, while the most-traded palladium futures contract dropped 1.17%. As of the midday close, the most-traded container freight index (Europe) futures contract slid 2.56% to 2,592.5 points. As of 11:45 on Jul. 6, select futures midday quotes: Spot and Fundamentals Nickel: On Jul. 6, SMM #1 refined nickel price declined 750 yuan/mt from the previous trading day. For spot premiums, the average premium for Jinchuan #1 refined nickel stood at 2,300 yuan/mt, up 50 yuan/mt from the prior day DoD... Macro Front China: [PBOC Reverse Repo Operation Results in Net Injection of 49.5 Billion Yuan] The PBOC conducted 7 billion yuan in 7-day reverse repos and 1,000 billion yuan in outright reverse repos today. With 157.5 billion yuan in 7-day reverse repos and 800 billion yuan in outright reverse repos maturing, the day saw a net injection of 49.5 billion yuan. (Jinshi Data APP) [Guangzhou Baiyun International Airport’s Foreign Visitor Arrivals, Share Hit Record Highs] As of 0:00 on Jul. 6, Baiyun Port station of the Guangzhou General Station of Immigration Inspection reported over 4 million foreign entries and exits at Guangzhou Baiyun International Airport this year, up 34% YoY and accounting for over 41% of the airport’s total passenger flow. The growth rate topped the national average by 8 percentage points, with both volume and share reaching record highs. Overall, the port has handled over 10 million inbound and outbound passenger trips, up 19.6% YoY, crossing the 10 million mark 34 days earlier than in 2025. Inbound and outbound flights exceeded 63,000, up 14% YoY. (CCTV News) US dollar: As of 11:45, the US dollar index was up 0.09% at 100.95. According to the CME FedWatch Tool, the probability that the US Fed holds rates steady in July is 77%, while the probability of a cumulative 25bp hike is 23%. For September, the probability of no change is 41.9%, a cumulative 25bp hike 47.6%, and a cumulative 50bp hike 10.5%. Goncalves George, head of US macro strategy at Mitsubishi UFJ Securities Americas, said Warsh’s concise style gives the June meeting minutes greater weight than usual and offers a valuable lens into the differing stances among Fed officials. “The minutes will become more important because, so far, we don’t know what the Fed is thinking,” Goncalves George said. “It will be instructive to see how they debate and what they focus on.” He added that some investors have already questioned Warsh’s hands-off approach, and many would like to see greater transparency restored. Many market participants are not accustomed to the reduced flow of information, and there remains a considerable degree of skepticism over how long the Fed can maintain this. For now, we have to read between the lines. In a research note, Wan Michael, senior FX analyst at Mitsubishi UFJ Bank, said markets appear to be in a wait-and-see mode, looking for the next catalyst for the US dollar and US interest rates. Looking ahead, “global markets will seek direction from key data points such as the US ISM services data and Fed minutes later this week, and US CPI next week,” he said. In addition, the market is also closely watching whether Japanese authorities intervened in the currency market last week to curb yen weakness, so this uncertainty risk should not be underestimated as USD/JPY continues to hover near the 162 level. (Jin10 Data APP) Other currencies: As imports surge while export growth stalls, the boost from the mining boom to Australia’s trade appears to be fading, and the country may face its first annual trade deficit since 2016. This year, the goods trade surplus has narrowed sharply as the data center construction boom drives a surge in imports of fuel and equipment, while exports have stagnated. This trend appears set to continue, with the Australian government forecasting that export revenue from key commodities will grow only 3% in the current fiscal year compared with the previous one. The mining investment boom drove a surge in exports of iron ore, natural gas, and other commodities, fueling years of economic expansion and wealth accumulation. A return to deficits, however, could weigh on the Australian dollar and constrain the government’s fiscal space. Economist James McIntyre said, “Commodity price declines are expected to weigh on export revenues. As a result, the trade surpluses and occasional current account surpluses recorded over the past decade may give way to a pattern of deficits.” (Jin10 Data App) Data: Today, the seasonally adjusted unemployment rates for France and Switzerland in June, the eurozone July Sentix Investor Confidence Index, the eurozone May PPI monthly rate, the eurozone May retail sales monthly rate, the US June S&P Global Services PMI final, the US June ISM Non-Manufacturing PMI, and the US June Global Supply Chain Pressure Index, among other data, will be released. Additionally, speeches are expected from Fed Governor Waller, ECB Executive Board member Schnabel, ECB Governing Council member Wunsch, and Riksbank Deputy Governor Seim. Crude Oil: As of 11:45, oil prices on both exchanges fell, with WTI down 0.38% and Brent down 0.57%. Oil prices were weighed down by OPEC+’s latest decision to raise output. After an online meeting on Sunday, the group said it would increase output by about 188,000 barrels per day in August, marking the fifth consecutive monthly increase. However, analysts at ANZ Research said in a note, “Even if the Strait of Hormuz reopens, members may struggle to utilize this additional capacity due to ongoing risks to vessels.” The analysts noted, “During the weekend, multiple vessels were observed making abrupt course reversals while attempting to transit the Strait of Hormuz along the Oman route.” (Jin10 Data App) A statement showed that OPEC+ will raise oil production quotas by 188,000 barrels per day in August. The seven core members of OPEC+, which comprises OPEC and allies including Russia, have collectively raised production quotas by nearly 800,000 barrels per day from April to July. However, because the US-Israeli war on Iran has closed the Strait of Hormuz to oil tanker shipments for some of the most important OPEC+ members, including Saudi Arabia, Kuwait, and Iraq, previous increases have largely remained on paper. (Jin10 Data App) According to agency reports, the number of vessels transiting the channel along the Omani coast of the Strait of Hormuz dropped sharply on Sunday. A day earlier, multiple vessels sailing out of the strait along that channel abruptly executed sharp course reversals, underscoring Iran’s ongoing tightening of control over this strategic waterway. A product tanker that turned back on Saturday appears to be attempting passage again, having now passed the northernmost tip of Oman's Musandam Peninsula. Earlier, another product tanker transited the same route and openly broadcast its voyage intent, and is now broadcasting its position in the Gulf of Oman. Some vessels have opted for "dark transit" through the strait. A Suezmax crude tanker, which last broadcast its position in the Persian Gulf on Saturday, appeared in the Gulf of Oman on Sunday. Between Friday and Saturday, at least eight vessels suddenly turned around while transiting the Strait of Hormuz along the Omani lanes. Four of them then altered course northward, exiting the strait via the Iranian side. There is no official explanation for the sudden turnaround of these vessels. However, Iran has repeatedly stated that ships can only transit the Strait of Hormuz through Iranian-designated and -authorized lanes. According to Kpler data, on Saturday a total of 19 vessels transited the Strait of Hormuz in both directions, but only one openly indicated it would enter the strait along the Omani coastal lanes, compared to 13 on Friday. The above statistics cover only observable vessel movements. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

On June 30, 2026, the National Energy Administration issued the Guide to Data Classification and Grading for the Energy Industry (2026 Edition), under which hydrogen energy was officially classified as a first-level energy data category, positioned alongside traditional fossil fuels such as coal, crude oil, and natural gas. This marks the end of the domestic hydrogen industry's single demonstration phase and its full entry into a development cycle characterized by large-scale, standardized systems. This top-level data system adjustment reshapes hydrogen energy's national strategic positioning, and by leveraging a unified data management framework to link the entire chain of green hydrogen cost reduction, storage and transportation infrastructure, and diversified applications, the industry is expected to usher in a new expansion cycle. I. Policy Iteration: The Strategic Status of Hydrogen Energy Achieves a Hierarchical Leap (A) Core Basis for the Document's Issuance The Guide serves as a supporting detailed rule for the implementation of the Data Security Law and the Administrative Measures for Energy Industry Data Security (Trial), delineating a total of 12 first-level energy data categories, including coal, oil and gas, and hydrogen energy. For the first time, hydrogen energy has been incorporated into the basic energy data sequence, integrating the hydrogen energy industry into the national unified energy security regulatory system. (B) Policy Evolution Trajectory In 2022, the Medium and Long-Term Plan for the Development of the Hydrogen Energy Industry (2021-2035) legally affirmed the energy attribute of hydrogen energy for the first time, setting the goal of diversified commercial applications by 2035. With the implementation of this 2026 data classification document, hydrogen energy has completed its identity transition from a "demonstration and pilot industry" to a "national basic energy category." Industrial development has shifted from being driven purely by policy subsidies to a new phase where policy guidance, scenario validation, and market operations run in parallel. (C) Three Supporting Logics of the Top-Level Strategy Energy Security: Global geopolitical conflicts have intensified fluctuations in oil and gas imports. In 2025, China's dependence on foreign crude oil was 72.3%, and that on foreign natural gas was 43.8%. Hydrogen energy, produced from renewable resources such as wind, solar, and hydropower, can substantially reduce dependence on imported fossil energy while simultaneously fulfilling the carbon peaking and neutrality targets. Correction of Domestic Supply-Demand Mismatch: In 2024, China's total hydrogen production stood at 37.28 million mt, firmly ranking first in the world. Domestic planned green hydrogen capacity accounts for 52% of the global total planned green hydrogen capacity, yet the average annual operating rate of commissioned green hydrogen facilities is only 23.6%, with substantial electrolyzer capacity remaining idle. Unified data standards will compel the industry to shift from blindly expanding hydrogen production capacity toward demand-side development oriented to matching downstream consumption scenarios. Breakthrough in Global Hydrogen Competition: The EU will implement its Hydrogen Strategy Act in 2026, and the US allocates over $9 billion annually in hydrogen industry subsidies. Europe and the United States are accelerating their efforts to seize the discourse power in hydrogen standards and trade. By perfecting its local standard system through hydrogen energy data classification management, China aims to shore up its industrial digital shortcomings and enhance the international competitiveness of its hydrogen energy projects and equipment exports. II. Industrial Empowerment Value of the First-Level Hydrogen Data Classification System (A) Establishing a Bottom Line for Whole-Chain Data Compliance and Security The Guide uniformly categorizes all energy data into three control levels: general, important, and core, covering the entire process of hydrogen production, storage, transportation, refueling, and utilization. It specifies mandatory control rules: Geographic infrastructure data for hydrogen refueling stations, hydrogen production bases, and pipeline networks with coordinate accuracy ≤100 meters is classified as important data, with strict limits on external disclosure. Real-time operational control commands for water electrolysis hydrogen production units and sensor data from high-pressure storage and transportation equipment are classified as core data, with unencrypted external transmission prohibited. Electricity load data from wind- and solar-power integrated new energy plants supporting electrolytic hydrogen production is protected under a tiered scheme, with electricity consumption data from special-grade green electricity hydrogen projects implementing the highest protection standards. All enterprises are required to establish full-life-cycle data ledgers, mandatorily use commercial encryption technology, and simultaneously implement the protection requirements for Classified Protection of Cybersecurity 2.0 and critical information infrastructure, in order to avert risks such as the leakage of monitoring data from coal chemical and hydrogen plants or cyber attacks on industrial control systems. (B) Restoring Industry Investment Confidence and Reducing Uncertainty in Market-Oriented Development By year-end 2025, a total of 627 wind- and solar-power water electrolysis hydrogen projects had been filed nationwide, with a planned total investment exceeding 860 billion yuan. However, only 148 projects actually commenced construction, yielding a comprehensive construction start rate of 23.6%. The core pain point of the industry's sluggish investment was the absence of a unified statistical scope, cost accounting method, and operational supervision standard for hydrogen energy, causing capital to remain on the long-term sidelines. This policy improves the investment environment in three aspects: The National Energy Administration concurrently released unified hydrogen energy data statistical specifications, eliminating the need for enterprises to build their own differentiated data systems and reducing per-project digital compliance costs by 30%-45%. It is also aligned with 19 current draft national hydrogen standards for public comment, achieving bidirectional unification of data standards with equipment, storage and transportation, and refueling technology standards, thereby boosting the export recognition of domestically produced electrolyzers and hydrogen storage vessels. Standardized data furnishes financial institutions with a unified basis for cost estimation and project revenue assessment, substantially diminishing investment risks arising from policy changes. Supporting policies simultaneously tightened industry assessment: In April 2026, the National Energy Administration clarified dynamic elimination mechanisms for nine major hydrogen pilot regions. Projects are assessed monthly on economic viability based on operational data after commissioning; those without a stable profit model for six consecutive months are directly withdrawn, marking the industry's complete departure from the era of extensive subsidies. (III) Enabling Data Interoperability Across the Industry Chain to Revitalize Idle Hydrogen Capacity The Guidelines categorize a secondary-level hydrogen data catalog, covering seven segments: planning, engineering construction, hydrogen production, tube trailer storage and transportation, hydrogen refueling, transportation/industrial consumption, and technological R&D, thereby establishing a framework for data interoperability across the entire industry chain. Benchmark practice: Rongcheng New Energy built China’s first system for capitalizing hydrogen entire industry chain data assets. Its hydrogen big data platform aggregates data from all dimensions including hydrogen production units, tube trailers, hydrogen refueling stations, heavy truck operations, and equipment maintenance, accumulating a total of 21.08 billion real-time operational data entries. Leveraging cross-segment data synergy, the enterprise reduced its overall hydrogen production, storage, and transportation costs by 12.7% and lowered equipment idle rate by 18%. Meanwhile, the policy mandates that enterprises holding important or core hydrogen data undergo at least one security risk assessment per year. Cross-border data transfers of hydrogen technology and capacity data, as well as cross-enterprise data flows, must be preceded by a specialized risk review. This not only controls cross-border data security but also delineates a clear compliance pathway for domestic enterprises’ hydrogen project cooperation outside China, facilitating the export of green hydrogen equipment and complete hydrogen production processes. III. Conclusion Elevating hydrogen to a first-level energy data category is a landmark policy move that incorporates hydrogen into the management of the fundamental energy system. On one hand, through three-tier data security controls, it fills the gaps in digital regulation of hydrogen and mitigates cybersecurity risks in the industry. On the other hand, it unifies industry standards for statistics, operations, and cost data, alleviating three core pain points: idle green hydrogen capacity, investment wait-and-see attitude, and fragmentation of the industry chain. Against the backdrop of intensifying global hydrogen competition and China's dual goals of energy supply security and carbon reduction, data standardization will accelerate the large-scale deployment of green hydrogen, the comprehensive layout of storage and transportation pipeline networks, and propel hydrogen from a niche demonstration track to a core emerging industry that supports China's energy transition and participates in global energy competition.

Recently, FTXT Energy, jointly with Brazil's SENAI CIMATEC (Innovation and Advanced Technology Center of the National Service for Industrial Training), officially launched a road test and validation project for hydrogen fuel cell trucks in Brazil. This test is being jointly advanced by the technical team of FTXT Energy, the commercial vehicle engineering team of Great Wall Motor, and the expert team of SENAI CIMATEC. The test will be conducted in stages to validate aspects such as vehicle power performance, driving range, high-pressure hydrogen storage safety, and real-world local road operating conditions. Previously, the "New Long March No. 1" hydrogen heavy-duty truck, jointly developed by FTXT Energy and Great Wall Motor Commercial Vehicles, arrived in Brazil in August 2025, becoming the first hydrogen heavy-duty truck introduced to the country. This road test will accumulate key data for the commercial application of hydrogen fuel cell heavy-duty trucks in Brazil. The test will focus on the system efficiency, stability, and adaptability of the vehicles in Brazil's complex environments, and will collect data on how factors such as temperature, altitude, road surface types, and driving conditions affect the performance of the fuel cell system. Additionally, the test will verify the vehicles' adaptability to different hydrogen sources, including pathways such as electrolysis hydrogen and hydrogen from ethanol reforming, providing a reference for Brazil to build a localized hydrogen supply and vehicle application system. SENAI CIMATEC is an authoritative testing institution for light and heavy vehicles in Brazil, having participated in multiple national industrial projects such as the Brazil Mobility Program, the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), the Brazilian Electricity Regulatory Agency (ANEEL), and the Brazilian Industrial Innovation Enterprise Support Program, and has experience in vehicle testing and industrialisation projects. Recently, the institution, in partnership with HYTRON and Petrogal Brasil, inaugurated Brazil's first green hydrogen demonstration project in Camaçari, Bahia, covering aspects including solar power generation, water electrolysis for hydrogen production, hydrogen refueling station construction, and end-user vehicle applications. Previously, leveraging the market resources of Great Wall Motor Group in Brazil, FTXT Energy has signed memorandums of understanding with institutions including the University of São Paulo, the Brazilian Institute of Technology, the Itaipu Technological Park, JAQ under the Nautica Group, and SENAI CIMATEC, covering areas such as hydrogen fuel cell vehicle R&D, hydrogen refueling infrastructure construction, and technical exchanges. The launch of this road test marks a substantive advancement in the cooperation between FTXT Energy and its Brazilian industrial partners. In the future, the two parties will continue to explore areas such as hydrogen-powered ships and stationary power generation, promoting the expansion of hydrogen energy applications from vehicle demonstrations to a multi-scenario, full-chain ecosystem.

Capacity-wise, according to incomplete statistics, China's alkaline electrolyzer market stood at 43.77 GW, while the PEM electrolyzer market stood at 2.7 GW. Peric Hydrogen, a subsidiary of the 718th Research Institute of CSSC, completed factory inspection and shipment for delivery of its first hydrogen project equipment in Canada. The project has an installed capacity of 1.75 MW and adopts a containerized integrated hydrogen production system. Project-related updates: Inner Mongolia Baogangxin Energy Co., Ltd. : The hydrogen production and storage integrated demonstration project it invested in has been filed. Located in the Bayan Obo mining area in Baotou, the project has a total investment of 41.9 million yuan. The project will be equipped with one set of 1000 Nm³/h alkaline water electrolysis hydrogen production unit, one set of 500 Nm³/h proton exchange membrane water electrolysis hydrogen production unit, along with gaseous hydrogen storage tanks, a 100 kg solid-state hydrogen storage unit, and a heat storage and release system. It will also be furnished with supporting utilities such as power supply, automatic control, compressed air, and nitrogen generation facilities, creating an integrated demonstration project that couples multiple hydrogen production routes with solid-state hydrogen storage. China Energy Ningxia Coal Industry Co., Ltd. : The Phase I of the Ningdong Integrated Energy Station Project of Ningxia Coal Industry has been fully completed and is in the final stage of trial operation. The project is located at the entrance of the Ningdong Coal Chemical Industrial Park and is operated by Genyuan Zhihuan Logistics Company. Phase I has completed construction of canopies, refueling islands, LNG dispensing islands, an office building, fire-fighting and monitoring control rooms, and other supporting facilities. It is equipped with oil storage tanks with a total volume of 110 m³ and LNG storage tanks of 60 m³. The maximum on-site hydrogen storage capacity is 1,593.3 kg, including two 50 m³ diesel storage tanks, two 30 m³ gasoline storage tanks, one 60 m³ LNG storage tank, and three single-hose LNG dispensing islands. Meanwhile, civil works and process reservations for three hydrogen refueling islands have been completed. Once operational, the project will provide integrated refueling of oil, gas, and hydrogen for heavy-duty trucks, engineering machinery, and official vehicles in the park, thus strengthening the energy supply guarantee capacity of the Ningdong Coal Chemical Industry Base. CIMC New Energy (Liupanshui) Technology Co., Ltd. : The steel-coke integration project of CIMC New Energy (Liupanshui), a subsidiary of CIMC Enric, has been put into operation. The project relies on the coke oven gas from Shougang Shuicheng Steel to mass-produce blue LNG and 99.999% high-purity blue hydrogen. With a total investment of 808 million yuan, the project covers an area of 248 mu and had a construction period of 12 months. Upon reaching full production, it will achieve an annual output of 140 kt of LNG and 24 million Nm³ of high-purity blue hydrogen. Currently, the company has three similar projects in operation at Angang Bayuquan and Linggang, with three more new projects in the preliminary preparation stage. Its business covers Liaoning, Guizhou, Sichuan, and Southeast Asian markets outside China. All existing operating projects have a combined annual output of 48 million Nm³ of hydrogen, 420 kt of LNG, and 80 kt of liquid ammonia. Guoneng Nanjing Electric Power Test & Research Co., Ltd. : The EPRI subsidiary has issued a bidding announcement for hydrogen fuel procurement under a national key project. This project is undertaken by Guoneng Nanjing Electric Power Test & Research, involving fuel procurement for the National Key R&D Program "10 MW-class wide-load hydrogen co-firing technology integration and boiler demonstration." The test site is located at the Hainan Ledong Power Plant area. The project has a single bidding section for the 168-hour commissioning of a 10 MW pilot-scale gas boiler. It requires that the hydrogen blending heat value ratio in natural gas be no less than 20%, and the procurement includes pure hydrogen as well as full-process services such as transportation, technical training, and quality assurance. The gas supply threshold can be met by any one of three options: 200 hours of supply, 190,000 Nm³ of hydrogen, or the testing volume verified by the bid inviter; supply ends once any condition is met. Settlement will be based on the actual hydrogen supply volume. The supply period is 161 days from the contract signing, and all supplies must be completed by December 31, 2026. The supplier shall deliver to the Ledong site within 30 hours upon receiving the delivery notice. This tender only accepts bids from independent legal entities and agents, and does not accept any consortium. Hexi (Xinjiang) New Energy Co., Ltd. : The first phase of the 20 kt/year solar dish photothermal water splitting hydrogen production project at Sinopec Zhundong No.6 Station by Hexi Xinjiang New Energy has initiated its second public notice. The project is sited on the northwest side of Sinopec Zhundong Sixth Station in the Zhundong Economic and Technological Development Zone, Changji, Xinjiang, covering an area of 50 mu. It will build an integrated dish photothermal RSOC water splitting hydrogen production station equipped with complete facilities for concentrating light, thermal storage, power generation, hydrogen production reaction, hydrogen purification, transmission and distribution, intelligent control, and power supply and distribution. The first phase can produce 2 mt of green hydrogen and 16 mt of green oxygen daily, with an annual output of 660 mt of green hydrogen and 5,280 mt of green oxygen, leveraging new photothermal hydrogen production technology to expand local green hydrogen production pathways. Shanxi Yaxin New Energy Technology Co., Ltd. : The additional hydrogen pipeline laying project for methanol has obtained record-filing. The total investment is 2 million yuan. The pipeline starts from the Shanxi Yaxin New Energy plant area, runs along the park road, and is laid to the Lu’an Taihua plant area. Relying on the existing pipe gallery, a 1.8 km backup hydrogen transmission pipeline is newly built, which can supply up to 144 million Nm³ of hydrogen annually. The project is planned to commence in June 2026 and be completed in August, and construction may begin only after all approvals for planning, environmental protection, and safety are obtained. Sichuan Yuyan New Materials Co., Ltd. : The supporting 8,500 Nm³/h natural gas-based hydrogen production unit for Sichuan Yuyan’s 300 kt/year hydrogen peroxide project has completed full-process commissioning and successfully produced qualified hydrogen. The unit has officially entered the trial production stage, providing assurance for the stable full-load operation of the main hydrogen peroxide facility. Three Gorges Bazhou Ruoqiang Energy Co., Ltd.: The tender is now open for the hydrogen production system equipment under the provisional price of the EPC contract for the Three Gorges Ruoqiang 6×660 MW coal-fired power project. The project is located in Ruoqiang County, Bayingolin Mongolian Autonomous Prefecture, Xinjiang, supporting the planned Ruoqiang–Sichuan ultra-high voltage DC transmission project. It is planned to install six 660 MW ultra-supercritical coal-fired generating units, along with supporting environmental protection facilities. This procurement covers the plant-wide common hydrogen production equipment, including two sets of 10 Nm³/h proton exchange membrane water electrolysis hydrogen production main units and complete supporting equipment such as electric controls, hydrogen storage, pipelines, and spare parts. The equipment is expected to be delivered on truck at the Ruoqiang project site by August 2027, with the actual delivery time subject to the bid inviter’s notice. This tender explicitly does not accept consortium bids. China United Energy Group: The Jordanian Cabinet officially approved the signing of a land use agreement with China United Energy Group to jointly conduct a feasibility study for a local green hydrogen production project. This cooperation aligns with Jordan's clean energy development strategy, aiming to attract high-quality investment in green hydrogen and low-carbon fuels. Once implemented, the project will help Jordan build a regional hub for green industry and clean fuels, boost the development of the upstream and downstream green ammonia industrial chain, and expand export channels for low-carbon products to markets outside China. Shanghai International Port Group Energy Co., Ltd. : SIPG Energy's methanol bunkering vessel, "Haigang Zhiyuan," conducted a bunkering operation for Hanwha Shipping's "HMM LEAF" at anchorage, supplying 3,000 mt of domestically produced biomass green methanol. This successfully completed Shanghai Port's first anchorage green methanol bunkering and set a new record for the largest single anchorage green methanol bunkering operation in China. Following this operation, Shanghai Port's green methanol bunkering service coverage has been expanded to encompass the entire port area, with service waters extended from Yangshan Port, Waigaoqiao Port Area, and Changxing Island Shipyard to anchorage grounds, enabling flexible, customized green fuel bunkering solutions for global shipping enterprises. State Energy Group Hydrogen Technology Co., Ltd.: The first phase of the Cangzhou "Green Port, Hydrogen City" green ammonia project has been successfully mechanically completed, officially entering the integrated commissioning and feed trial operation stage. This project is Hebei Province's first 10kt-level green ammonia project. The first phase is equipped with a 50,000 mt/yr synthetic ammonia unit, relying on local wind and solar power green electricity and employing alkaline water electrolysis for hydrogen production, cryogenic nitrogen generation, and a multi-steady-state flexible synthesis process to produce green ammonia. Dongfeng Motor Group Co., Ltd.: The results were announced for potential suppliers in the procurement project for a containerized integrated hydrogen production system for the R&D Center. This procurement did not accept consortium bids. The first-ranked candidate is Beijing Hydrogen Energy Technology Co., Ltd., with a bid of 463,980 yuan; the second-ranked candidate is Xianhu Technology Co., Ltd., with a bid of 485,000 yuan; the third-ranked candidate is Shandong Saikesaisi Hydrogen Energy Co., Ltd., with a bid of 598,000 yuan. The procurer is purchasing this equipment for internal R&D work. Policy Review 1. The Ministry of Transport, the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology (MIIT), and eight other departments jointly issued the "Implementation Plan for Promoting the Large-Scale Application of New Energy Heavy Trucks," setting multiple targets and regulating the construction of energy replenishment infrastructure. The plan proposes that by 2030, the penetration rate of new energy heavy trucks should reach 40%, with ownership exceeding 1.6 million units and accounting for approximately 20% of total heavy truck ownership. The electrification rate for short-distance transport in the Beijing-Tianjin-Hebei region and the Fenwei Plain should exceed 80%, and the freight volume share of new energy heavy trucks on expressways should reach 18%. The national plan is to deploy approximately 3,000 battery charging and swapping stations for heavy trucks, build zero-carbon freight corridors along the expressway network, and simultaneously support these with hydrogen refueling and green fuel bunkering facilities. The document specifies that highway renovation projects must synchronously plan and construct supporting clean energy facilities such as charging and battery swapping stations, hydrogen production and refueling infrastructure, and energy storage systems. Parking areas for new energy heavy trucks for charging and swapping must maintain safe distances from densely populated service areas and oil and gas stations, and facility construction must strictly adhere to mandatory national standards. The plan proposes to build a comprehensive support system encompassing infrastructure, equipment, services, standards, and policies, establishing a multi-departmental collaborative linkage and promotion mechanism. 2. The PipeChina Hydrogen Energy Storage and Transportation Technology Exchange Conference was held in Beijing. The meeting unveiled the technical plan and complete set of standards for hydrogen pipeline transmission engineering, establishing a full-chain standardized system for hydrogen storage, transportation, and delivery, filling the gap in standards for complete sets of technologies for long-distance, large-scale hydrogen pipeline transmission in China, achieving a breakthrough from single-point technological advancements to systematic application. The complete technologies cover core engineering needs such as new hydrogen pipelines and retrofitting natural gas pipelines for hydrogen blending, establishing the first hydrogen pipeline transmission technical framework suitable for six sub-scenarios within two main application categories. The supporting standards cover the entire process including pipe materials, design, construction, and safety operations and maintenance, providing technical support for the demonstration and large-scale promotion of hydrogen pipeline transmission. 3. The National Energy Administration released the "Guidelines for the Classification and Grading of Data in the Energy Industry (2026 Edition)." The document indicates that these guidelines are applicable to the classification and grading of non-sensitive data within the energy industry in the People's Republic of China. Dimensions for energy industry data classification include, but are not limited to, energy type and energy activity. By energy type, the first-level classification of energy industry data includes: coal, oil, natural gas, nuclear energy, hydropower, wind energy, solar energy, biomass energy, geothermal energy, ocean energy, electricity, hydrogen energy, etc. By energy activity, the second-level classification of energy industry data includes: planning, design, construction, production, storage and transportation, consumption, scientific research, etc. Energy industry data processors may conduct third-level and fourth-level classifications based on data content and characteristics. Company Updates Hua Shang Xia Geng Hydrogen Technology (Xiamen) Co., Ltd. : The purchase contract for a 600 Nm³ skid-mounted hydrogen production equipment unit in Italy, led by Huashang International and executed by Huashang Xiamen Hydrogen, has officially come into effect. Following the export of the same model of hydrogen production equipment to Indonesia last year, the enterprise has successfully achieved a key breakthrough in the European market. This supply involves a complete containerized hydrogen production system, encompassing a full suite of equipment including an alkaline electrolyzer, power supply, purification system, cooling system, and automatic control system. The equipment will obtain the EU "4+1" CE certification, making it the first domestically produced alkaline electrolysis hydrogen production equipment to be exported to the EU with this certification. Sungrow Hydrogen Technology Co., Ltd. : Successfully won the bid for the 45MW hydrogen production unit project at the Daye Linkong Hydrogen Energy Industrial Base, deploying a 2000 Nm³/h electrolyzer to support the green transformation of this resource-dependent city. This bid win includes five sets of 1000 Nm³/h and two sets of 2000 Nm³/h alkaline hydrogen production systems. The 2000 Nm³/h electrolyzer has undergone two years of iteration and over 4,000 hours of field testing, demonstrating stable and highly efficient performance. The excellent operational performance and highly recognized equipment and O&M services provided by Sungrow Hydrogen for the Daye Jiangqiao hydrogen production project previously laid the foundation for this renewed cooperation. Zhejiang Yuancheng New Energy Commercial Vehicle Group Co., Ltd. : Jointly built with China National Offshore Oil Corporation, Shanghai's first integrated methanol refueling station—the Jiading Xingle Methanol Refueling Station—has officially commenced operations at No. 2619 Jia'an Road, Jiading District. Dongfang Electric Corporation : The new-generation high-pressure diaphragm compressor unit, jointly developed by Xinran Group Compressor Co., Ltd. and Dongfang Electric Corporation Boiler Co., Ltd., officially began commissioning at the Xinran production site. A special acceptance expert group arrived on site to conduct comprehensive verification of equipment performance, process, and safety across all dimensions. Shanghai AnChi Technology Co., Ltd.: Officially launched the world's first four-nozzle integrated mobile hydrogen ultra-fast charging station. By entering the hydrogen-powered off-grid ultra-fast charging sector with an integrated "hydrogen-electricity-storage-charging" solution, it injects new momentum into the construction of new power systems and the green transformation of the energy structure. Shaanxi Yulin Energy Group New Energy Technology Co., Ltd. : Held cooperation discussions with China Hydrogen Energy Group Co., Ltd. and Shanghai Xinran Compressor. The three parties held in-depth discussions on matters concerning the construction of the Yulin Green Hydrogen Project, joint development of integrated energy stations, hydrogen energy equipment matching, coal chemical industry upgrades, high-end compressor matching, and local production site establishment, reaching a consensus on comprehensive industrial cooperation. NewAir (Hangzhou) Biotechnology Co., Ltd. : Formally signed a technology development cooperation agreement with China Huanqiu Contracting & Engineering Co., Ltd. The two parties will leverage their respective strengths in technological innovation and large-scale chemical engineering implementation to jointly develop a commercial process package for Flexfining™ ethanol-to-sustainable aviation fuel, opening a critical pathway for domestic alcohol-to-jet technology from laboratory scale to industrial implementation, while simultaneously planning large-scale industrial projects in and outside China. SPIC Green Energy Co., Ltd. : SPIC Green Energy signed a special cooperation agreement with the Second Research Institute of CAAC in Chengdu, marking the entry of their collaboration into a new phase of implementation. Next, the two parties will conduct in-depth cooperation focused on technological breakthroughs, standards research, industry-research integration, and talent cultivation to overcome challenges in SAF industry development, accelerate the implementation of demonstration projects, promote low-carbon aviation development, and support national energy security and the achievement of the "dual carbon" goals. Beijing SinoHy Energy Co., Ltd.: Signed a strategic cooperation memorandum with Hyundai Engineering & Construction Co., Ltd., a globally leading EPC enterprise, to jointly pursue global green hydrogen projects. According to the agreement, SinoHy Energy will contribute its technical strengths in alkaline electrolytic stacks and core hydrogen production equipment; Hyundai Engineering & Construction will leverage its experience in large-scale global energy infrastructure projects to provide system integration and EPC delivery services. The two parties will collaborate to create integrated alkaline water electrolysis hydrogen production solutions for delivery to project developers worldwide. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) submitted patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formula with activity approaching that of platinum-based materials. Technology Footprints/Specifications 1. The team of Tong Lei and Liang Haiwei from USTC, together with Zhang Liang from Tsinghua University, proposed a Carbon Mesopore Depth Engineering (CMDE) strategy. By utilizing hollow mesoporous carbon spheres to regulate ionomer penetration depth, they addressed the inherent conflict between kinetic activity and oxygen mass transport in low-platinum fuel cells, developing a PtCo low-platinum catalyst that combines anti-poisoning properties, high mass transport, and excellent durability. Under an ultra-low platinum loading of 0.1 mgPt cm⁻², it achieved the power, activity, and durability targets stipulated by the US DOE. 2. The team of Professor Li Zhipeng from Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics field coupling model for tubular solid oxide fuel cells, systematically revealing the quantitative influence of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on cell output performance. 3. China Automotive Engineering Research Institute's National Hydrogen Power Quality Inspection and Testing Center has built a 0-400kW three-axis comprehensive vibration testing platform for hydrogen-related equipment under load and opened it for commercial use, addressing the domestic gap in high-power hydrogen-related multi-physics field coupled testing. 4. The high-specific-power closed-cathode air-cooled fuel cell stack technology developed by the team of Academician Chen Zhongwei and Associate Researcher Zhang Meng at the State Key Laboratory of Energy Catalytic Conversion, Dalian Institute of Chemical Physics, has passed the scientific and technological achievement appraisal organized by the China Petroleum and Chemical Industry Federation. This technology effectively resolves the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, solving technical challenges such as low-humidity performance degradation, carbon corrosion, dry membrane flooding, and high-power thermal management. 5. Two group standards concerning hydrogen production by water electrolysis have been officially released and implemented: the "Technical Specification for Safety of Hydrogen Production by Water Electrolysis" and the "Method for Calculating Economic Operation Indicators for Hydrogen Production by Water Electrolysis." 6. Petronor and H2SITE are collaborating to advance membrane technology for hydrogen production, enhancing high-purity hydrogen recovery and low-carbon efficiency in refining.