The zinc market in May 2026 is experiencing unprecedented structural pressure. Import zinc concentrate TCs have fallen to -$56.25/dmt, while domestic TCs have dropped to 400 yuan/mt in metal content on a weekly basis.

SMM May 28: Metals market: As of the midday close, domestic base metals fell across the board. SHFE copper dropped 1%, SHFE aluminum fell 1.08%, SHFE lead declined 0.99%, SHFE zinc lost 0.54%, SHFE tin slid 1.05%, and SHFE nickel fell 1.07%. In addition, the most-traded foundry aluminum futures fell 0.82%, while the most-traded alumina contract rose 0.14%. The most-traded lithium carbonate contract gained 0.27%. The most-traded silicon metal contract dropped 0.64%. The most-traded polysilicon futures fell 0.9%. Ferrous metals mostly rose. Iron ore edged up, rebar and hot-rolled coil each gained less than 0.5%, and stainless steel fell 0.5%. Coking coal and coke: the most-traded coking coal contract rose 2.09%, and the most-traded coke contract gained 2.44%. Overseas base metals, as of 11:39, LME metals fell nearly across the board. LME copper dropped 0.2%. LME aluminum and LME lead both fell 0.15%. LME zinc was flat at $3,507.5/mt. LME tin declined 0.55%. LME nickel lost 0.45%. Precious metals, as of 11:39, COMEX gold fell 1.47% and COMEX silver dropped 2.6%. Domestic precious metals: the most-traded SHFE gold contract fell 2.75%, and the most-traded SHFE silver contract dropped 4.97%. In addition, as of the midday close, the most-traded platinum futures fell 3.78%, and the most-traded palladium futures declined 3.75%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.22% to 2,995.5 points. As of 11:39 on May 28, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 120 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 50 yuan/mt, down 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 20 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,695 yuan/mt, down 1,395 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,590 yuan/mt, down 1,395 yuan/mt from the previous trading day. Spot market: Guangdong inventory increased again, mainly driven by rising arrivals and weakening consumption... Macro Front China: [CSRC Vice Chairman Liu Haoling: Foreign investors' willingness to allocate to China's quality assets continues to rise] On May 28, the 2026 Global Investor Conference hosted by the Shenzhen Stock Exchange was held in Shenzhen. CSRC Vice Chairman Liu Haoling stated in his address that China's capital market reforms integrating investment and financing had progressed steadily and continued to deliver results, overall market valuations were within a reasonable range, and foreign investors' willingness to allocate to China's quality assets continued to rise. In his address, Liu Haolin stated that China is a major contributor to and stabilizing anchor for global economic growth, and a fertile ground for foreign enterprises to invest and do business. Since the beginning of this year, foreign capital has been flowing steadily into China's stock market through various channels. As of now, various overseas investors hold over 4 trillion yuan in A-share tradable market capitalization, making them important participants in China's capital market. (Wallstreetcn) PBOC conducted 101.3 billion yuan of 7-day reverse repo operations in the open market, with the operation rate at 1.40%, unchanged from the previous day. Today, 100 billion yuan of reverse repos matured. US dollar: As of 11:39, the US dollar index rose 0.25% to 99.48. Persistently high energy prices intensified market concerns about a resurgence in inflation. Chicago Fed President Goolsbee on Thursday further reinforced his warning: rising market expectations for AI's potential to boost productivity could push up inflation and force the US Fed and other central banks to raise interest rates. Goolsbee said: "The more hype there is about future productivity, the higher rates may need to go to prevent the economy from overheating. More importantly, facing supply shocks in the short term—whether from oil prices, supply chain disruptions, or other factors—makes the problem even worse." The above remarks further expanded on the views Goolsbee first publicly raised earlier this month. He questioned the notion that AI could suppress inflation and thereby create room for central banks to cut interest rates—a view championed by many officials in the Trump administration as well as new US Fed Chair Warsh. In the 1990s, as computers became more widely adopted, US productivity rose unexpectedly, driving rapid economic growth without triggering inflation. However, Goolsbee argued that if productivity gains are anticipated by the market, the situation would be different. Markets could trigger a spending boom in advance, pushing up prices before actual productivity gains materialize. US Fed Vice Chair Jefferson said he expected inflation to cool later this year as the effects of tariffs and rising energy costs fade, but he warned that inflation risks remain tilted to the upside. In remarks prepared for delivery at a Bank of Japan-hosted conference in Tokyo on Thursday morning, Jefferson said he is watching for signs that rising energy costs from the Iran war are weighing on consumer spending. He also warned that he continued to see signs of weakness in the labour market. Jefferson reiterated his view that the central bank's current policy stance was well positioned to respond to any developments. Jefferson stated, "I am not prejudging the next meeting and look forward to engaging with my colleagues on the best policy to achieve our dual mandate goals." (Jin10 Data) Other currencies: The Bank of Korea's six-month dot plot showed that among 21 dots, 7 were at 2.75%, 10 at 3%, 2 at 3.25%, and 2 at 2.5%. (From Wallstreetcn APP) Data: Data to be released today include the eurozone May industrial confidence index, eurozone May economic sentiment index, Canada Q1 current account, US initial jobless claims for the week ending May 23, US April core PCE price index YoY, US April personal spending MoM, US Q1 real GDP annualized QoQ revised, US April core PCE price index MoM, and US April durable goods orders MoM. In addition, attention should be paid to: the ECB publishing the minutes of its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams delivering a keynote speech at a conference co-organized by the Central Bank of Iceland; 2028 FOMC voter and St. Louis Fed President Musalem delivering a speech. Crude oil: As of 11:39, both benchmarks rose, with WTI up 3.1% and Brent up 3.07%. US-Iran tensions escalated again, driving crude oil higher. US President Trump expressed dissatisfaction with negotiations with Iran, and the White House subsequently denied Iranian media reports of progress in peace talks, quickly dampening earlier market optimism about a ceasefire agreement. The US-Iran conflict entered its fourth month, with ceasefire prospects remaining uncertain. According to Xinhua News Agency, US President Trump said at a cabinet meeting at the White House on the 27th that the US and Iran had not yet reached a deal and the US was "dissatisfied" with this, fully rejecting the potential mechanism for joint US-Iran-Oman management of the Strait of Hormuz. (Wallstreetcn) The American Petroleum Institute (API) released data showing that US crude oil and gasoline inventories both declined last week. US API crude oil inventory for the week ending May 22 was -2.819 million barrels, versus expectations of -4.367 million barrels and a prior value of -9.11 million barrels. US API gasoline inventory for the week ending May 22 was -3.199 million barrels, versus expectations of -2.896 million barrels and a prior value of -5.795 million barrels. (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM May 28 News: Metals market: Overnight, domestic market base metals fell across the board. SHFE copper fell 0.9%. SHFE aluminum fell 1.24%, SHFE lead fell 0.81%. SHFE zinc fell 0.48%. SHFE tin fell 0.64%. SHFE nickel fell 0.48%. In addition, the most-traded alumina futures contract rose 0.17%, and the most-traded foundry aluminum futures contract fell 1.02%. Overnight, ferrous metals mostly rose. Iron ore fell 0.13%, stainless steel rose 0.23%, rebar rose 0.32%, and hot-rolled coil rose 0.36%. Coking coal and coke: the most-traded coking coal futures contract rose 2.13%, and the most-traded coke futures contract rose 1.88%. Overnight, overseas market metals saw broad declines in LME base metals. LME copper fell 0.69%. LME aluminum fell 1.28%, LME lead fell 0.72%. LME zinc fell 0.58%. LME tin rose 0.08%. LME nickel fell 0.63%. Overnight precious metals : COMEX gold fell 1.03%, COMEX silver fell 2.25%. Overnight, the most-traded SHFE gold contract fell 1.26%, and the most-traded SHFE silver contract fell 2.28%. As of 7:11 am on May 28, overnight closing prices: Macro front China: [Li Qiang: Accelerate the construction of commodity resource allocation hubs to provide reliable support for coordinating development and security] Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, conducted a survey in Zhoushan and Ningbo, Zhejiang Province from May 25 to 27. He emphasized the need to thoroughly implement General Secretary's important remarks and instructions on building a major-country reserve system, adhere to government leadership, social co-construction, and diversified complementarity, manage commodity and important material reserve adjustments, strengthen strategic security, macroeconomic regulation, and emergency response functions, continuously enhance industry chain and supply chain resilience, and accelerate the construction of commodity resource allocation hubs to provide reliable support for coordinating development and security. (Xinhua News Agency) [Ministry of Industry and Information Technology: Strengthen top-level design of automotive standards system] According to the Ministry of Industry and Information Technology, the 2026 automotive standardization system has been completed. This system covers many aspects, strengthens the top-level design of the standards system, and empowers high-quality development of the automotive industry. In promoting innovative development in emerging fields, it focuses on accelerating standard development and iteration in areas such as driving automation, connected functions and applications, information security and data security, resource management and information services, automotive software, automotive data, and "vehicle-road-cloud integration." It efficiently carries out the development and revision of standards for key system components such as automotive electronics and automotive chips. In addition, targeting future industry directions such as automotive artificial intelligence and new-form vehicles, it conducts forward-looking standard breakthrough actions and advances standard planning and layout. (CCTV News) US dollar: Overnight, the US dollar index rose 0.08% to 99.23. US Fed Vice Chair Jefferson said he expected inflation to cool later this year as the effects of tariffs and rising energy costs fade, but warned that inflation risks remain tilted to the upside. In prepared remarks for a speech at a Bank of Japan-hosted conference in Tokyo on Thursday morning, Jefferson said he was watching for signs that rising energy costs from the Iran war were dragging on consumer spending. He also warned that he continued to see signs of labour market weakness. Jefferson reiterated his view that the central bank's current policy stance is well positioned to respond to any developments. Jefferson said, "I am not prejudging the next meeting and look forward to engaging with my colleagues on the best policy to achieve our dual mandate goals." According to CME "FedWatch": the probability of the US Fed maintaining rates unchanged through June is 99.9%, with a 0.1% probability of a cumulative 25 basis point interest rate cut. The probability of the US Fed maintaining rates unchanged through July is 91.4%, with an 8.5% probability of a cumulative 25 basis point rate hike. US Fed Governor Lisa Cook said in a speech at a Stanford University event on Wednesday local time that inflation is moving in the wrong direction, and she is prepared to raise interest rates if this continues. While Cook said she currently favors keeping borrowing costs unchanged and expects price growth to cool again in the coming months, her remarks align her with many US Fed officials' view that accelerating inflation is now a bigger policy concern than the labour market. Cook said: "I want to be clear about my risk assessment: risks remain tilted toward higher inflation." Cook said that inflation above the US Fed's 2% target for five years poses the risk of price pressures becoming embedded in price and wage-setting behavior. "Therefore, if the expected inflation pullback does not materialize in a timely manner, I am prepared to raise interest rates," she said. (Jin10 Data APP) Macro: Data to be released today include the eurozone May industrial confidence index, eurozone May economic sentiment index, Canada Q1 current account, US initial jobless claims for the week ending May 23, US April core PCE price index YoY, US April personal spending MoM, US Q1 real GDP annualized QoQ revised, US April core PCE price index MoM, and US April durable goods orders MoM. In addition, attention should be paid to: the ECB publishing the minutes of its April monetary policy meeting; FOMC permanent voting member and New York Fed President Williams delivering a keynote speech at a conference co-organized by the Central Bank of Iceland; 2028 FOMC voting member and St. Louis Fed President Musalem delivering a speech. Crude oil: Overnight, both oil futures fell, with WTI down 4.77% and Brent down 3.92%. The prospects for US-Iran talks remain uncertain. After the decline on the 27th, WTI crude oil edged up at the open on May 28, as the US and Iran still have disagreements on how to reopen the Strait of Hormuz. Trump said he was "not satisfied" with the negotiations. The White House denied Iranian reports of a draft agreement that said Iran and Oman would oversee strait shipping. Despite the challenges, crude oil prices are still on track for a second consecutive weekly decline due to optimism that the warring parties can at least reach an interim agreement. The sticking points in these protracted negotiations include Iran's desire to retain control over the Strait of Hormuz and the fate of the country's nuclear program. (Jin10 Data APP) According to CCTV News, earlier on Wednesday, Iranian media disclosed a "preliminary informal document" regarding the framework of a memorandum of understanding between Iran and the US, covering issues such as the Strait of Hormuz, regional military deployments, and future agreement arrangements. Data released by the American Petroleum Institute (API) showed that US crude oil and gasoline inventories both declined last week. US API crude oil inventory for the week ending May 22 was -2.819 million barrels, versus expectations of -4.367 million barrels and a prior value of -9.11 million barrels. US API gasoline inventory for the week ending May 22 was -3.199 million barrels, versus expectations of -2.896 million barrels and a prior value of -5.795 million barrels. (Jin10 Data APP)

SMM May 23: Metals market: Last Friday's overnight domestic market saw base metals mostly rise. SHFE copper rose 0.58%. SHFE aluminum fell 0.14%, SHFE lead rose 0.3%. SHFE zinc fell 0.16%. SHFE tin rose 1.09%. SHFE nickel rose 0.49%. In addition, the most-traded alumina futures contract fell 0.77%, and the most-traded foundry aluminum futures contract fell 0.06%. Last Friday's overnight ferrous metals mostly fell. Iron ore was flat at 792.5 yuan/mt, stainless steel rose 0.34%, rebar edged down 0.09%, and hot-rolled coil fell 0.15%. Coking coal and coke: coking coal continued to fall for the third consecutive trading day, down 1.45%, and coke fell 0.95%. Last Friday's overnight overseas metals market saw LME base metals rise across the board. LME copper rose 0.18%. LME aluminum rose 0.45%, LME lead rose 0.4%. LME zinc edged up 0.06%. LME tin rose 1.16%. LME nickel rose 0.67%. Last Friday's overnight precious metals : COMEX gold fell 0.7%, posting a second consecutive weekly decline with a 1.13% weekly drop; COMEX silver fell 1.06%, falling for two consecutive weeks with a 2.1% weekly drop. Last Friday's overnight SHFE gold most-traded contract fell 0.1%, posting a second consecutive weekly decline with a 2.13% weekly drop; SHFE silver most-traded contract rose 0.51%, but SHFE silver fell for two consecutive weeks with a 7.81% weekly drop. As of 8:31 am on May 23, last Friday's overnight closing prices: Macro front China: [PBOC: 600 billion yuan MLF operation to be conducted on May 25] PBOC: To maintain ample liquidity in the banking system, on May 25, 2026, the People's Bank of China will conduct a 600 billion yuan MLF operation with a fixed quantity, interest rate tender, and multiple-price winning method, with a maturity of 1 year. [CSRC: Crackdown on illegal cross-border securities business; investors' property safety unaffected by the rectification] Xinhua News Agency reported that recently, with the approval of the State Council, the CSRC and seven other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Business Activities." Regarding this rectification, all parties are highly concerned about how the legitimate rights and interests of existing investors will be protected. In this regard, the plan emphasized that investors' property safety will not be affected by the rectification. A CSRC official said the plan specified numerous measures to safeguard the legitimate rights and interests of existing investors. For example, a 2-year concentrated rectification period will be set to phase out relevant domestic services of overseas institutions. Overseas institutions are required to properly communicate with investors affected by rectification measures in China and arrange account disposal to ensure client property safety. [Hong Kong SFC: Enhanced measures to address forged documents and money laundering risks and raise account opening standards] The Hong Kong SFC issued a circular on May 22, setting out the monitoring measures that should be implemented when opening accounts and maintaining customer relationships. The circular was issued following the SFC's review of account opening practices at 12 securities brokerages. The review identified multiple significant deficiencies, including inadequate due diligence on account opening documents, acceptance of suspicious or forged documents during the account opening process, and weaknesses in managing cross-border agency relationships with ex-China intermediaries. (Wallstreetcn) US dollar: Last Friday, the overnight US dollar index rose 0.12% to 99.32. On a weekly basis, the US dollar index posted its second consecutive weekly gain, up 0.04% for the week. The 17th Fed Chairman Warsh was sworn in at the White House on Friday. Warsh stated: "The Fed's mission is to promote price stability and full employment." He said, "When these goals are pursued with wisdom and clarity, independence and resolve, inflation can be lower, economic growth can be stronger, real take-home wages can be higher, America can be more prosperous, and just as importantly, America's standing in the world can be more secure." He added: "To fulfill this mission, I will lead a reform-oriented Fed that learns from past successes and mistakes, breaking free from static frameworks and models while adhering to clear standards of integrity and performance." (Jin10 Data) Fed Governor Waller's hawkish remarks put US Treasury prices under pressure, with money markets fully pricing in a 25-basis-point interest rate hike in 2026. The most significant policy signal on Friday came from Fed Governor Waller. On Friday local time, Fed Governor Waller stated that as the energy shock from the Iran war pushes up prices, he supports making it clear that the Fed's next rate move is as likely to be a hike as an interest rate cut. Waller said his current stance is to remain patient and keep rates unchanged until the impact of the war becomes clearer, but he warned on Friday that he does not rule out the possibility of future rate hikes if inflation does not begin to slow down soon. Waller's remarks were released almost simultaneously with the swearing-in of new Fed Chairman Warsh. The interest rate environment Warsh currently faces is notably more hawkish than the Fed's internal dot plot expectations. (Wall Street CN) "Fed whisperer" Nick Timiraos noted that there were several key moments during Kevin Warsh's swearing-in ceremony at the White House: ① Trump asked Warsh to be "completely independent." Trump said, "(I hope he) doesn't look at me, doesn't look at anybody." ② Just two minutes later, Trump offered some "suggestions" indicating the economic direction he hoped to see: "Strong economic growth doesn't need to be cooled down," "Economic growth does not mean inflation," and "I want the economy to boom to unprecedented levels, because there is indeed some debt to deal with." ③ Trump hinted that the US Fed's decision-making body would "converge." He said other Fed policymakers "will make their own decisions, but they will listen to Kevin throughout," even those "whose positions are slightly different." ④ Warsh referenced Greenspan, not Bernanke. Warsh recalled the historical scene of Greenspan being sworn in at the White House in 1987, and pledged to "begin work with abundant energy and a sense of mission, just as Chairman Greenspan did." He made no mention of former Chairman Bernanke, with whom he had worked for five years during his previous tenure as a governor. (Jin10 Data) In addition, affected by the Iran war, the US consumer confidence index in May fell to a historic low, and long-term inflation expectations also deteriorated significantly. Data showed that the University of Michigan's final reading of the May consumer confidence index dropped to 44.8, with consumers expecting prices to rise at an annualized rate of 3.9% over the next five to ten years, up from 3.5% in April and hitting a seven-month high. They also expected prices to rise 4.8% over the next year. Gasoline prices continued to hover near their highest levels since 2022, exacerbating Americans' concerns about rising living costs and the failure to reach a deal to end the war. The impact of inflation on household budgets, particularly for low-income consumers, poses risks to the future consumption outlook. Joanne Hsu, the survey director, stated: "Cost of living concerns remain the top issue on people's minds, with 57% of respondents spontaneously citing that high prices are eroding their personal finances, up from 50% last month." She stated: "The key point is that consumers appear worried that inflation will not only spread beyond fuel prices to other areas, but that this upward trend could persist well into the future." (Jin10 Data) Regarding other currencies: ECB President Lagarde stated that despite the deepening impact of the Iran conflict, long-term inflation expectations remained broadly in line with the 2% target. Although the energy crisis is pushing up inflation and dragging down the economy, long-term inflation expectations have remained well-anchored overall. The impact of this conflict on medium-term inflation and economic activity will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect transmission effects. (Wall Street Journal) Bank of Japan Governor Ueda Kazuo said that Prime Minister Takaichi Sanae told him during their meeting on Friday that she hoped the BOJ would adopt appropriate policies, taking into account the government's price measures. Ueda Kazuo told reporters after the meeting with Takaichi Sanae at the Prime Minister's residence in Tokyo that it was a routine meeting between the two and that no specific details of monetary policy were discussed. (Wall Street Journal) On the macro front: Data to be released this week include the UK May CBI retail sales balance, US March FHFA house price index MoM, US March S&P/CS 20-city non-seasonally adjusted house price index YoY, US May Conference Board consumer confidence index, US May Dallas Fed business activity index, Australia April non-seasonally adjusted CPI YoY, New Zealand RBNZ interest rate decision through May 27, Switzerland May ZEW investor confidence index, US weekly ADP employment change for the week ending May 9, US May Richmond Fed manufacturing index, Eurozone May industrial confidence index, Eurozone May economic sentiment index, Canada Q1 current account, US initial jobless claims for the week ending May 23, US April core PCE price index YoY, US April personal spending MoM, US Q1 real GDP annualized QoQ revised, US April core PCE price index MoM, US April durable goods orders MoM, US April new home sales annualized, Japan April unemployment rate, France May CPI MoM preliminary, France Q1 GDP YoY final, Germany May seasonally adjusted unemployment change, Germany May seasonally adjusted unemployment rate, Germany May CPI MoM preliminary, Canada March GDP MoM, US May Chicago PMI, and China May official manufacturing PMI. In addition, other events to watch this week include: 500 billion yuan in 1-year medium-term lending facility (MLF) and 1 billion yuan in 7-day reverse repo maturing today; BOJ Governor Ueda Kazuo delivering a speech at a monetary policy conference hosted by the BOJ; the RBNZ releasing its interest rate decision and monetary policy statement; RBNZ Governor Breeman holding a monetary policy press conference; the ECB publishing the minutes of its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams delivering a keynote speech at a conference co-organized by the Central Bank of Iceland; 2028 FOMC voter and St. Louis Fed President Musalem delivering a speech; Bank of England Governor Bailey delivering a speech; 2028 FOMC voter and Kansas City Fed President Schmid delivering a speech; and US Fed Governor Bowman delivering a speech. In addition, it is worth noting that due to the Memorial Day holiday, the US stock market will be closed for one day on May 25 (Monday). Trading of precious metals and WTI crude oil futures contracts under CME will end early at 02:30 Beijing time on May 26, and trading of US equity and Treasury futures contracts will end early at 01:00 Beijing time on May 26. Due to the Buddha's Birthday holiday, the Hong Kong stock market will be closed for one day on May 25 (Monday), with Southbound and Northbound trading suspended. The South Korean stock market will also be closed for one day on the same date. In addition, due to the Spring Bank Holiday, the UK stock market will be closed for one day on May 25 (Monday). Trading of Brent crude oil futures contracts under ICE will end early at 01:30 Beijing time on May 26. Investors are advised to take note. (Jin10 Data) The overseas market exchange closure schedule is as follows (all in Beijing time): Crude oil: Both oil futures rose during the overnight session last Friday, with WTI up 0.67% and Brent up 1.62%. On a weekly basis, WTI futures declined 3.98% for the week, and Brent futures declined 4.59% for the week. Since the ceasefire agreement was reached in April this year, US-Iran negotiations have remained deadlocked, with no comprehensive agreement to end the conflict in sight. Although a draft reportedly "close to being finalized" has been emerging, four core obstacles still stand in the way of lasting peace. According to Bloomberg, the Strait of Hormuz, nuclear issues, the Lebanon conflict, and sanctions currently constitute the four core points of divergence in the negotiations. For investors, this war has plunged global energy markets into severe turbulence, and any progress or breakdown in negotiations will have an impact on commodity prices. (Wallstreetcn) Iranian Foreign Ministry spokesperson Baghaei stated on May 22 that it was premature to say a US-Iran agreement was close to being reached, as significant differences remained between the two sides. According to Iranian media reports on May 22, Baghaei, commenting on the visit of senior Pakistani officials to Tehran, said it indicated that the current situation had entered a "turning point or decisive stage." He mentioned that Pakistan's Chief of Army Staff Munir had visited Tehran and that related communications were still ongoing. When asked whether this meant a change in the negotiation process, Baghaei said it could not be said that a US-Iran agreement was close to being reached, as there were serious and wide-ranging differences between the US and Iran, and "diplomacy is a time-consuming process." Baghaei added that one should not expect to see results within weeks or months through several rounds of back-and-forth consultations. He emphasized that diplomatic negotiations are inherently a long-term process, and both sides are utilizing various opportunities to convey their respective positions. (Xinhua) Baker Hughes data showed that US drilling companies increased the number of oil and natural gas rigs for the fifth consecutive week. The total US oil rig count for the week ending May 22 was 425, compared to the previous reading of 415. In addition, Kazakhstan's national oil and gas company reported that Q1 oil production fell 12% YoY to 5.6 million mt. (Jin10 Data) According to Bloomberg, affected by the Iran war, the national average gasoline price in the US has surpassed $4.5 per gallon, with California exceeding $6. Despite high prices, consumers have not significantly reduced fuel purchases. For most Americans, driving to work and picking up children are daily necessities. Gasoline spending is nearly impossible to cut, and consumers can only reduce discretionary spending to balance their budgets. Philadelphia resident Avarisse Crawford said she has cut entertainment expenses, replacing steak dinners and bar outings with free park activities. The ongoing Middle East tensions continue to push oil prices higher. The effective blockade of the Strait of Hormuz has hindered global crude oil transportation, and US gasoline inventory has fallen to its lowest level for the same period since 2014. Morgan Stanley expects it to hit a seasonal historic low by the end of August. Facing persistently climbing oil prices, the Trump administration has successively released strategic petroleum reserves, waived the Jones Act, and discussed implementing a federal gasoline tax holiday, but the effects remain unclear. As the Memorial Day weekend kicks off the summer travel season, upward demand pressure is expected to further strain already tight inventories. (Wallstreetcn) Recommended Reading:

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Dear Users, Greetings! Thank you for your continued attention and support for Shanghai Metals Market (SMM)! The SMM Crude Lead Delivered Duty Paid Port Price has now been officially launched. The price assessment methodology is described as follows. I. SMM Price Assessment Methodology General Provisions Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider. SMM does not participate in any substantive transactions but maintains close communication with buyers or sellers in its capacity as a market observer or organizer, and provides relevant services to the market. Through communication and exchanges with industry professionals, SMM continuously develops, reviews, and revises its methodology, adopting the most common product specifications, trade terms, and trade conditions in the industry, and giving equal attention to all normal transactions that meet specification standards. SMM reserves the right to exclude from its price assessments any price data or information deemed less reliable or unrepresentative. SMM reports daily spot transaction prices in China's spot market, commonly referred to as SMM prices. SMM prices are generated strictly in accordance with defined methodologies. SMM has methodology definitions for all metal product prices it reports. All methodologies and definitions are published on SMM's official website (www.smm.cn) so that all market participants can understand the processes and standards of SMM price reporting. The SMM price assessment methodology serves as the basis and foundation for the generation of SMM prices. To reflect the actual conditions of the spot market, SMM will make necessary revisions to its price assessment methodology. Any changes to the price assessment methodology will be published on SMM's official website at least 30 days in advance. Any questions or suggestions regarding SMM prices or the price assessment methodology may be directed to SMM client services as published on the website. This document specifies the standards and management methods for the formulation of the SMM Crude Lead Delivered Duty Paid Port Price. The purpose of establishing this standard is to create a transparent and verifiable SMM pricing mechanism and to provide market participants with an important pricing benchmark. II. Formation of the SMM Crude Lead Delivered Duty Paid Port Price 2.1. Definition The SMM Crude Lead Delivered Duty Paid Port Price is an indicative price formed and published by SMM in accordance with this methodology, which can be used by both parties to a transaction as a reference for the settlement of imported recycled crude lead spot trades. This price reflects: the duty-paid self pick-up price of imported recycled crude lead at major seaports on each business day in China's spot market; major seaports include Shanghai, Ningbo, Guangzhou, etc.; lead content ≥98%, with defined antimony and tin content (tin 0.1–0.25%; antimony 0.1–0.35%). 2.2. Introduction to Price Formation SMM collects data for evaluating imported secondary crude lead spot prices through price collection (i.e., collecting raw data information that meets SMM standards), including quotations from buyers and sellers for transactions not concluded on the previous day provided by price submitters (i.e., data providers), actual spot transaction prices, expected quotations or % change for imported secondary crude lead on the day, etc. The SMM crude lead CIF duty-paid price aims to guide the quotation range of the imported secondary crude lead market for the day. The data collection and evaluation (calculation) of the SMM crude lead CIF duty-paid price, as well as daily management, are carried out by the SMM secondary lead business team (consisting of three members: Position A, Position B, and a price manager). 2.3. Generation of Pricing Methodology SMM price collection personnel collect prices from price collection contacts at price submitters every day from 9:00 to 11:30 (each trading day, consistent with SHFE trading days) via telephone, QQ, and WeChat, gathering intended prices, transaction prices, and related data for imported secondary crude lead at China's major seaports (price data submitted after 11:30 will not be used as a basis for the day's price evaluation). All instant messaging content, email communications, and records of any face-to-face communications will be archived, and details of telephone communications will be summarized and entered into the database. All paper records must be signed by price collection personnel and retained permanently. SMM price analysts collect price data in accordance with price collection standards, and combine the preliminary price data results with the corresponding market's spot conditions, futures conditions, policies, industry status, market transactions, supply and demand relationships, inventory levels, as well as other significant political, economic, and natural factors, to ultimately derive a preliminary raw dataset. SMM price analysts must comply with relevant SMM compliance policies when reporting to their supervisors any communications from market participants that are coerced or threatened, or any induced offers attempting to influence evaluation results. 2.4 Price Publication The SMM crude lead CIF duty-paid price is published at 11:40 Beijing time on each trading day on the SMM official website in both Chinese and English. (Excluding China's statutory holidays and weekends.) The deadline for price collection is 11:30 AM, and the 10-minute period between 10:30 and 10:40 is used for data verification and evaluation to calculate the final published secondary lead spot price. SMM encourages price submitters not to wait until the final deadline to submit data, in order to ensure that SMM price analysts have sufficient time to verify the data before incorporating it into the valuation process. The release time may also be affected by various emergencies and force majeure factors, such as power outages and natural disasters. If such situations occur, SMM will make every effort to publicly inform the market of the delayed price release time as early as possible. Prices published by SMM are available to any client who has subscribed to SMM services. Prices published by SMM are copyright-protected and may not be distributed or used for commercial gain by any third party that has not entered into an explicit agreement with SMM. III. Methodology Changes All markets evolve, and SMM has a responsibility to ensure that its market-specific methodologies evolve in tandem. Therefore, based on industry feedback, SMM will periodically conduct internal reviews of the appropriateness of its methodologies and make modifications to all substantive but non-urgent potential issues. SMM will follow a formal external consultation process before publishing significant changes, providing a notice period of at least 28 days and inviting industry participants to comment, unless special circumstances, particularly force majeure (natural disasters, wars, exchange bankruptcies, etc.), necessitate a shortened notice period. SMM is committed to carefully reviewing all comments submitted regarding methodology changes, but in certain cases, it may be necessary to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. We are fully aware of the importance of price information to industry development and will therefore continue to invest resources to ensure that the guidance prices we publish maintain a high level of accuracy and timeliness. We also welcome valuable opinions and suggestions from users to work together with us in promoting the healthy and sustainable development of the lead alloy market. Best regards! SMM Industry Research - Lead & Zinc Category Apr 2026

The General Office of Shanghai MunicipalThe General Office of Shanghai Municipal People's Government issued the Notice on the Implementation Plan for the National Digital Economy Innovation and Development Pilot Zone (Shanghai), which mentioned accelerating the intelligent and digital transformation of key industries. It called for implementing special campaigns of "AI + Manufacturing" and "5G + Industrial Internet," and supporting the R&D of industry-specific vertical large models. It also called for fostering new service industry models driven by data elements and artificial intelligence, supporting service industries such as strategic consulting, industry analysis, index publishing, and asset valuation in strengthening the application of data elements and digital technologies, and transforming static data resources into dynamic value services.

SMM April 16: Metal market: As of the daytime close, domestic base metals generally rose, with SHFE tin being the only decliner, down 0.07%. SHFE aluminum led the gains with a 2.89% increase, while the rest of the metals gained less than 1%. The alumina front-month contract rose 1.44%, and the foundry aluminum front-month contract rose 1.62%. In addition, the lithium carbonate front-month contract rose 4.2%, polysilicon rose 1.08%, silicon metal rose 0.89%, and the Europe containerized freight front-month contract rose 4.75% to close at 2,044.7. Ferrous metals all posted gains to varying degrees except for stainless steel, which fell 0.03%. Iron ore rose 3.1%. Hot-rolled coil and rebar rose over 1%, with hot-rolled coil up 1.22% and rebar up 1.06%. Coking coal and coke side, coking coal rose 2.32% and coke rose 1.94%. Overseas market, as of 15:04, overseas base metals generally rose, with LME tin leading the gains at 1.41%, LME aluminum up 1.31%, and the rest of the metals gaining less than 1%. Precious metals, as of 15:04, COMEX gold rose 0.51% and COMEX silver rose 1.08%. In China, SHFE gold rose 0.17% and SHFE silver rose 1.43%. In addition, the platinum front-month contract rose 0.45%, and the palladium front-month contract fell 0.66%. Market data as of 15:04 today Macro Front China: [NBS: Q1 GDP Up 5% YoY! National Economy Off to a Good Start with Accelerating Industrial Production Growth] According to preliminary estimates by the NBS, Q1 GDP reached 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 last year. By industry, the primary sector's value added was 1,194.1 billion yuan, up 3.8% YoY; the secondary sector's value added was 11,613.5 billion yuan, up 4.9%; and the tertiary sector's value added was 20,611.7 billion yuan, up 5.2%. On a QoQ basis, Q1 GDP grew 1.3%. In Q1, the value added of China's above-scale industrial enterprises rose 6.1% YoY, accelerating by 1.1 percentage points from Q4 last year. By three major categories, the value added of the mining industry rose 6.0% YoY, manufacturing rose 6.4%, and the production and supply of electricity, heat, gas, and water rose 4.3%. The value added of equipment manufacturing rose 8.9% YoY, and that of high-tech manufacturing rose 12.5%, outpacing the overall above-scale industrial value added by 2.8 and 6.4 percentage points, respectively. By economic type, value added of state-controlled enterprises increased 4.8% YoY; joint-stock enterprises rose 6.6%, foreign-funded enterprises and those with investment from Hong Kong, Macao, and Taiwan rose 3.9%; and private enterprises rose 6.1%. By product, production of 3D printing equipment, lithium-ion batteries, and industrial robots increased 54.0%, 40.8%, and 33.2% YoY, respectively. In March, value added of industrial enterprises above designated size increased 5.7% YoY and 0.28% MoM. In March, the manufacturing PMI was 50.4%, up 1.4 percentage points from the previous month; the enterprise production and business activity expectations index was 53.4%. In January–February, industrial enterprises above designated size nationwide recorded total profits of 1,024.6 billion yuan, up 15.2% YoY. [National Bureau of Statistics (NBS): China’s Imports and Exports Are Well Positioned to Maintain Solid Growth] Mao Shengyong, Deputy Director of the National Bureau of Statistics (NBS), said at a press conference held by the State Council Information Office that, based on years of practice, regardless of how the external environment changes, even during the pandemic when the market worried about whether China’s foreign trade could be sustained, China’s imports and exports have remained very strong. This was attributable to enterprises working hard to strengthen their fundamentals, enhance the technological content of products, and improve overall competitiveness. Overall, China’s imports and exports are still well positioned to maintain relatively solid growth. (Wallstreetcn) The PBOC conducted 500 million yuan of 7-day reverse repo operations in the open market, with the operation rate unchanged at 1.40%; 500 million yuan of reverse repos matured today. US dollar: As of 15:04, the US dollar index fell 0.05% to 98.03, marking a nine-session decline. Musalem of the US Fed said on Wednesday that high oil prices could push the underlying inflation rate for the remainder of this year to nearly one percentage point above the US Fed’s 2% target, and the US Fed may need to keep interest rates unchanged. Musalem said, “We are very likely to see some pass-through from oil prices to core inflation.” By the end of this year, the core measure of price increases would be “slightly below 3%, perhaps around 3%,” and there were risks of a further rise. Musalem said the US Fed may keep its policy rate in the current 3.50%–3.75% range “for some time,” while monitoring inflation, employment, and economic data in the coming months, and many of his colleagues shared the same view. The impact of last year’s tariff increases may gradually fade this quarter, and housing price inflation is also easing. As oil prices rise, inflation in a range of services has stayed high; if inflation begins to rise and could boost inflation expectations, he would be open to raising rates. Musalem also stated that the oil market is experiencing "the third negative supply shock in 12 months," which, combined with rising tariff rates and stricter immigration regulations, poses risks to both inflation prospects and the job market, potentially impacting economic growth. He predicted this year's economic growth would slow down but remain between 1.5% and 2%. (Jin10 Data APP) According to CME's "FedWatch," the probability of the US Fed raising interest rates by 25 basis points in April stands at 1.6%, while the likelihood of maintaining unchanged rates is 98.4%. For June, the probability of a cumulative 25-basis-point interest rate cut is 0%, with a 98% chance of unchanged rates and a 2% chance of a cumulative 25-basis-point hike. (Jin10 Data APP) On the macro front: Today, the UK will release February's three-month GDP monthly rate, manufacturing output monthly rate, seasonally adjusted goods trade balance, and industrial output monthly rate. The eurozone will announce March's final CPI annual and monthly rates. The US will report initial jobless claims for the week ending April 11, the Philadelphia Fed Manufacturing Index for April, and March's industrial output monthly rate. Additionally, key events include: US Fed Governor Bowman speaking at the IIF forum; the Fed releasing its Beige Book; Bank of England Governor Bailey discussing global economic imbalances during IMF meetings; China's NBS publishing the monthly report on residential property prices in 70 major cities; a State Council press conference on national economic performance; the ECB releasing March's monetary policy meeting minutes; FOMC permanent voter and New York Fed President Williams delivering remarks; US Fed Governor Milan speaking; and the G20 finance ministers and central bank governors meeting. Crude oil side: As of 15:04, oil prices showed mixed performance, with WTI down 0.06% and Brent up 0.2%. Market uncertainty persists over whether US-Iran peace talks will yield an agreement. Last week, US crude exports surged to near-record highs to meet demand from Asian and European buyers seeking alternatives to disrupted Middle Eastern supplies due to the Iran conflict. This brought the US close to becoming a net crude exporter for the first time since WWII. However, analysts and traders noted the US is rapidly approaching its export capacity limit. Government data released Wednesday showed net crude imports (exports minus imports) narrowed to 66,000 barrels per day, the lowest since weekly records began in 2001, while exports rose to 5.2 million barrels per day, a seven-month high. Annual data indicates the US last achieved net exporter status in 1943. Jin10 Data APP) Documents released by the White House show that US President Trump issued multiple oil pipeline permits on Wednesday, including one for a new pipeline aimed at facilitating the transportation of crude oil and petroleum products between the US and Canada. The construction permit has been granted to Bakken Pipeline for pipeline facility construction in Burke County, North Dakota. Additionally, he issued other permits for the maintenance and operation of existing pipelines near border areas in North Dakota and Michigan. (Jin10 Data APP) SMM Daily Review ► ► ► ► ► ► ► ► ► ► ►

The listing-based trading on the Anhuida platform under the SMM Trading Center has remained active. The platform’s listing hall brings together high-quality supply sources across diverse non-ferrous metal categories, with top-tier enterprises launching bulk lots one after another. Through the efficient integration of self-listing and intelligent matching models with the supply and demand of upstream and downstream players in the industry chain, it has become an important matchmaking channel for spot trading in non-ferrous metals. To date, the platform has attracted a cumulative total of 10,171 registered enterprises, with cumulative transaction value reaching 1.98328 billion yuan and cumulative trading volume totaling 49.5719 million mt. Its trading scale and industry influence have steadily increased. As a concentration- and transparency-driven spot trading segment for non-ferrous metals, the Anhuida platform’s listing hall covers common non-ferrous metals such as copper, aluminum, zinc, and nickel, as well as new energy and minor metal categories including tin ingot and battery-grade nickel sulphate. It supports enterprises in independently publishing buy and sell intentions and offers multiple trading methods such as direct connection and intelligent matching, enabling buyers and sellers to quickly present their needs and identify counterparties, thereby significantly improving the efficiency of spot trading. Recently, the platform has featured a rich variety of popular listed categories with ample supply. It includes listings of scarce categories such as imported Indonesian tin ingot, while core new energy raw materials such as battery-grade nickel sulphate have also been launched in batches. Top industry enterprises including MCC Ramu New Energy Technology Co., Ltd. and Wanhua Chemical (Yantai) Battery Industry Co., Ltd. have all published multiple batches of battery-grade nickel sulphate sales listings on the platform, with single-batch listing Volume ranging from 66 mt to 99 mt. This has provided upstream and downstream enterprises in the new energy industry chain with stable and high-quality supply channels, effectively ensuring the smooth and efficient operation of the industry chain and supply chain. With its concentrated and transparent trading environment and flexible, diversified trading methods, the Anhuida platform’s listing hall has continued to build an efficient bridge for supply and demand matching in the non-ferrous metals industry, helping enterprises reduce transaction communication costs and optimize resource allocation. In the future, the platform will continue to enrich listed categories and improve trading functions, further invigorating the spot trading market for non-ferrous metals. Trading Platform Link: Contact for Inquiries: 021-51666886 Inquiry Email: anhuida@smm.cn

I. Policy Review: Hydrogen Policy Developments (I) Domestic Policies National Energy Administration: Issued the "Notice on the Establishment of Seven Standardization Technical Organizations, Including the Energy Industry Electric Power Safety Governance Standardization Technical Committee." The document states: Approval is granted to establish four standardization technical organizations in the hydrogen energy field—namely, the Energy Industry Hydrogen Energy Fundamentals and General Standardization Technical Committee, the Energy Industry Hydrogen Energy Production Standardization Technical Committee, the Energy Industry Hydrogen Energy Storage and Transportation Standardization Technical Committee, and the Energy Industry Hydrogen Energy Application Standardization Technical Committee. Their codes, scope of responsibilities, secretariat undertaking units, and committee member lists are detailed in the appendix. Relevant management agencies and the newly established hydrogen energy standardization technical committees are required to advance the construction of the hydrogen energy standard system in accordance with regulations, strictly carry out the development and revision of standards, avoid overlapping and duplication of standards, and ensure the coordination and unity of the system. Multiple forces should be organized to integrally promote technological innovation, engineering demonstration, and standardization in the hydrogen energy field, strengthen the full life cycle management of standards, promote the effective implementation and dissemination of standards, and support the building of a strong energy nation. State-owned Assets Supervision and Administration Commission of the State Council: Released the "Catalog of Scientific and Technological Innovation Achievements of Central State-Owned Enterprises: Achievement Manual (2024 Edition)." The document states: The manual includes 208 achievements from 67 central state-owned enterprises, covering seven major fields. Among them, five key technological achievements in the hydrogen energy field are selected, specifically including megawatt-scale iridium oxide catalyst for PEM electrolysis hydrogen production equipment, one-step green hydrogen production process and equipment from biomass biogas, hydrogen flow control valve assembly for hydrogen fuel cells, integrated mobile hydrogen quality analyzer for fuel cells, and a 70 MPa hydrogen precooler for hydrogen refueling stations. By publishing introductions and main indicators of these hydrogen energy achievements, the manual aims to promote the application, dissemination, and iterative upgrading of outstanding innovation achievements in the hydrogen energy field, and to accelerate the transformation of hydrogen energy scientific and technological achievements into real productive forces. Hunan Provincial Development and Reform Commission: Issued the "Implementation Opinions on Promoting the Integrated Development of Transportation and Energy in Hunan Province." The "Opinions" clearly plan: By 2027, the layout of charging and battery swapping facilities for highways and waterways will be continuously optimized and improved, while a hydrogen supply system that meets the energy standards for transportation equipment will be initially established. Regarding the target for 2023, it is to significantly enhance the charging and battery swapping service capacity of highways, fully complete the layout and construction of LNG refueling stations, and achieve the full-line connection of the three hydrogen energy demonstration corridors along the Beijing-Guangzhou, Shanghai-Kunming, and Xu-Guang routes. (II) Overseas Developments CF Industries: Hydrogen and nitrogen products manufacturer CF Industries announced that it is supplying low-carbon hydrogen-based fertilizers to Poet for growing corn that will be converted into biofuels. The company stated that it has collaborated with Poet and major agricultural cooperatives to demonstrate how low-carbon fertilizers can reduce the carbon intensity of corn and contribute to the production of low-carbon ethanol. CatAmmon: Israeli deep-tech startup CatAmmon is developing proprietary ceramic-based catalyst technology for hydrogen production through ammonia cracking and ammonia synthesis. The company's ammonia cracking catalyst can convert ammonia into hydrogen at low temperatures of approximately 350–400°C, significantly lower than the operating temperatures of traditional nickel-based systems, while completely avoiding the use of rare or precious metals such as ruthenium. Its ceramic formulation is designed to address the cost and supply chain limitations of conventional cracking technologies. The company is expected to begin commercial sales in 2027 and achieve profitability by 2028. Daimler Truck Holding AG : unveiled its new Mercedes-Benz truck powered by a liquid hydrogen fuel cell and plans to initiate small-scale production by the end of this year. The truck utilizes the Cellcentric BZA150 fuel cell system on the GenH2 platform, with the previous model consuming between 5.6 and 8.0 kg of hydrogen per 100 km during initial tests. II. Enterprise Developments: Project Signings and Technical Cooperation (I) Project Intelligence Chongqing State-Owned Assets Supervision and Administration Commission: hosted the inauguration ceremony of the Chongqing Hydrogen Industry Ecological Alliance and the promotion meeting for the construction of the Sichuan-Chongqing Hydrogen Corridor. During the event, the list of hydrogen industry projects and scenario opportunities for Chongqing's state-owned enterprises was officially released. In terms of hydrogen production, Chongqing Chemical and Pharmaceutical Group will partner with relevant enterprises to establish high-purity hydrogen purification facilities with an annual output of approximately 2,700 mt in Tongnan District and Changshou District. For the storage, transportation, and refueling segments, Chongqing Mechanical and Electrical Group will collaborate with related enterprises to focus on the development of high-end technology and R&D equipment, aiming to overcome key technical challenges such as organic liquid hydrogen storage and magnesium-based solid-state hydrogen storage. In the application of hydrogen, Qingling Group will join forces with relevant enterprises to plan the deployment of 1,500 hydrogen-powered heavy trucks and 650 hydrogen-powered light trucks in regions including Sichuan and Chongqing, Xinjiang, and Hubei. Shaanxi Hydrogen Energy Twin-Wing Technology Co., Ltd.: The procurement project for the charging, battery swapping, and ESS facilities of the Jinlian Road Hydrogen Refueling Station project has announced the preferred bidders. Specific details are as follows: The top-ranked preferred bidder is Sichuan Zhili Smart Energy Technology Co., Ltd., whose consortium members include Tianyi Yunchu (Shandong) New Energy Technology Development Co., Ltd. and Shaanxi Qiyao Construction Engineering Co., Ltd., with a bid price of 3.4282 million yuan. The second-ranked preferred bidder is Guodian Nanrui Nanjing Control System Co., Ltd., with Shaanxi Jiuda Construction Engineering Co., Ltd. as its consortium member, and a bid price of 3.2242 million yuan. The third-ranked winning candidate is Guangdong Infineon Engineering Technology Co., Ltd., whose consortium members include Nengyixing (Suzhou) Technology Co., Ltd. and Shenzhen Infineon Technology Co., Ltd., with a bid price of 3.61 million yuan. Guangdong Mingnuo Hydrogen Energy Technology Co., Ltd.: The Mingnuo Hydrogen Product Launch and Project Cooperation Signing Ceremony was grandly held at Guangdong Mingnuo Hydrogen Energy Technology Co., Ltd. in Cuiheng New District, Zhongshan, Guangdong Province. Mingnuo Hydrogen Energy is a joint venture established by Mingyang Electric and Germany’s Neuman & Esser Group. The TKH liquid-drive compressor officially launched this time employs German Hofer high-pressure compression technology. Shanghai Electric Nuclear Power Group Co., Ltd.: The project “Development and Application of Large-Capacity Safe and Efficient High-Pressure Hydrogen Storage Vessels,” led by Shanghai Electric Nuclear Power Group Co., Ltd., passed its acceptance review smoothly. Participants included Shanghai Hydrogen Maple Energy Technology Co., Ltd. and CNNC Equipment Technology Research (Shanghai) Co., Ltd. The project carried out R&D and design of a large-scale, safe and efficient hydrogen storage system through a low-cost hydrogen storage solution for large-scale hydrogen production in renewable energy scenarios. Shaanxi Hydrogen Luyuan Company : The hydrogen refueling station grid-structure lifting operation for the Yulin Zero-Carbon Industrial Park Hydrogen (Production) Demonstration Project officially started. Guangdong Yuntao Hydrogen Energy Technology Co., Ltd.: The nation’s first “all-business-form” integrated energy station—Shatinggang Integrated Energy Station—was officially completed in Taihe Town, Baiyun District, Guangzhou. Jointly built by Baiyun Investment Group, Yuntao Hydrogen Energy, and Baiyun New Energy, the project covers a total land area of more than 11,000 m² and a total floor area of more than 7,300 m², with a daily hydrogen refueling capacity of 1,000 kg. Foshan Xianhu Laboratory : The launch meeting and implementation-plan review meeting for the National Key R&D Program “Hydrogen Technology” project “Key Technology R&D and Engineering Demonstration of Zero-Carbon Efficient Combustion with Pure Ammonia Feed in Building Materials Industrial Kilns” were held at Foshan Xianhu Laboratory. The project is led by Foshan Xianhu Laboratory and undertaken jointly with Tsinghua University, Zhejiang University, Xi’an Jiaotong University, Monalisa Group Co., Ltd., Fuzhou University, Huazhong University of Science and Technology, Wuhan University of Technology, and the Institute of Process Engineering, Chinese Academy of Sciences. (II) Corporate Developments Wuxi Lead Intelligent Equipment Co., Ltd.: The company disclosed its post-hearing prospectus on the Hong Kong Stock Exchange, marking another application after its previous submission failure on 25 February 2025. It is reported that Lead Intelligent was successfully listed on the A-share market as early as 18 May 2015, and by the market close on 23 January 2025 its total market capitalization had exceeded 98.9 billion yuan. Zhongji Sikan Hydrogen Energy Development (Hebei) Co., Ltd.: officially announced that the country's first 20-foot Type IV hydrogen cylinder MEGC (module container) has successfully rolled off the production line. This product adopts a Type IV all-composite material cylinder design, creating a new-type load-bearing structure of "non-metallic liner + composite material layer," which achieves extreme lightweighting while significantly enhancing pressure-bearing capacity and structural stability. Its working pressure is as high as 38 MPa, and the hydrogen loading capacity of a 40-foot standard container can exceed 1 mt. Guangxi Yuchai Machinery Group Co., Ltd.: at its 2026 Global Partners Conference, Yuchai launched its new hydrogen production equipment, the 250 kW PEM electrolysis hydrogen production system. It is reported that the system's overall energy conversion efficiency can reach over 80%, with a load regulation range of 10-20%, an operating pressure of 0.2-1.6 MPa, and a hydrogen output purity of up to 99.999%, with zero hydrogen loss during the regeneration process. Shanghai Electric Nuclear Power Group Co., Ltd.: held discussions and exchanges with the China Special Equipment Inspection and Research Institute. Both sides engaged in in-depth and practical exchanges on deepening strategic coordination in the hydrogen energy field and injecting national-level technology and resource momentum into the high-quality development of the regional hydrogen energy industry. Shanxi Meijin Energy Co., Ltd. : released its 2025 performance forecast. The report indicates that the estimated net profit attributable to shareholders is expected to incur a loss of 850 million to 1.25 billion yuan, compared to a loss of 1.143 billion yuan in the same period last year; the estimated non-recurring net profit loss is 885 million to 1.285 billion yuan, compared to a loss of 1.093 billion yuan in the same period last year; and the basic earnings per share loss is expected to be 0.19 to 0.28 yuan per share. Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd.: according to the "Consumption Restriction Order" issued by the Shanghai Pudong New Area People's Court, consumption restrictions have been imposed on Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd., prohibiting the company and its legal representative, Liu Yan, from engaging in high-consumption and non-essential consumption for life and work. The applicant is Shijiatoubo Clean Power Rugao Co., Ltd., with the involved amount being 2,069,202.88 yuan, and this case is a sales contract dispute. Beijing Yihuatong Technology Co., Ltd.: a delegation including Martin Kylau, Commercial Counsellor of the Embassy of the Kingdom of Denmark in China, and Yang Dajun, Senior Vice President of Topsoe and President of China, visited Yihuatong's Zhangjiakou production site for a field trip and exchange. Anhui Mingtian Hydrogen Energy Technology Co., Ltd.: 20 hydrogen energy buses were delivered to Lu'an City, Anhui province. Currently, the hydrogen energy bus ownership in Lu'an City has reached 70 units. III. Technological Advancements: Efficiency and Cost Breakthroughs (A) Hydrogen Production, Storage, and Transportation CatAmmon: Israeli deep-tech startup CatAmmon is developing proprietary ceramic-based catalyst technology for ammonia cracking to produce hydrogen and for ammonia synthesis. The company's ammonia cracking catalyst can convert ammonia into hydrogen at low temperatures of approximately 350–400°C, significantly lower than the operating temperatures of traditional nickel-based systems, while completely avoiding the use of rare or precious metals such as ruthenium. Its ceramic formulation is designed to address the cost and supply chain limitations faced by conventional cracking technologies. The company expects to begin commercial sales in 2027 and achieve profitability in 2028. CIMC ENRIC: A 38.7 m³ Type II tube bundle container project product, developed by its Shijiazhuang Enric Gas Machinery Co., Ltd., has successfully rolled off the production line. Chinese Academy of Sciences: A new technology for shotcreting ultra-high performance concrete (SUHPC), jointly developed by CCCC Second Harbor Engineering Co., Ltd. and the Wuhan Institute of Rock and Soil Mechanics of the Chinese Academy of Sciences, has been successfully applied in the initial tunnel support engineering for China's first rock cavern hydrogen energy storage system project—the Daye Rock Cavern Hydrogen Energy Storage System in Hubei. Foshan Xianhu Laboratory: The industry's first "zero-carbon ammonia-fueled aluminum billet heating furnace" for aluminum extrusion production was launched at Foshan Xianhu Laboratory. This equipment enables zero-carbon operation in the aluminum processing heating stage, marking a significant step forward in the green transformation of China's aluminum processing industry. (B) Fuel Cell Technology/Product Developments South China University of Technology: The team led by Chen Yu discovered a Ce₀.₆Ni₀.₂Cu₀.₂O₂ nanocatalyst with a heterogeneous structure that contributes to high-performance direct methanol protonic ceramic fuel cells. Wuhan University of Technology: Professor Tang Haolin's team collaborated with Professor Jin Huanyu from the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences. They proposed a strategy of "coupling electron-withdrawing groups to enhance proton delocalization," which reduces the proton delocalization energy barrier in perfluorosulfonimide-biphenyl* acid (PFSI-BPA) membranes through molecular structure design, achieving a synergistic improvement in efficient proton conduction and thermal stability, confirmed through a combination of in-situ measurements and theoretical calculations. Xi'an University of Architecture and Technology: By carefully designing the structure within a titanium dioxide electrolyte and leveraging the synergy between a polystyrene ball cartilage framework and lithium-based electrodes, the team successfully induced an "online in-situ structural transformation" inside the battery, ultimately forming a stable lithium-titanium-oxygen-carbon heterostructure.