The offensive and defensive game over the Strait of Hormuz is entering a new phase. On the first day of the blockade's implementation, the US military claimed a "zero breakthrough," but the actual situation was far more complex than this characterization suggested.According to Xinhua News Agency, Iran would use alternative ports other than its southern ports to bypass the US blockade of the Strait of Hormuz. Meanwhile, according to Iran's semi-official Fars News Agency, a US-sanctioned Iranian supertanker traversed the Strait of Hormuz from the open sea into Iranian waters with its positioning system kept on throughout the voyage, "arriving at its destination smoothly." The vessel was described as a very large crude carrier capable of transporting 2 million barrels of crude oil.

Eriez reported that its Shred1 system can increase copper recovery rates to about 94% in scrap processing. The technology uses magnetic forces and ballistic separation to improve sorting efficiency. Such innovations are enhancing both recovery rates and material quality in recycling operations.

On December 29, Beijing Mingyang Hydrogen Energy Technology Co., Ltd. (hereinafter referred to as "Mingyang Hydrogen") shipped a modular integrated hydrogen production and storage containerized hydrogen production system developed for Kaztechgas, a leading industrial gas enterprise in Kazakhstan. This shipment marks the final stage of Mingyang Hydrogen's first green hydrogen project in Central Asia, fulfilling the commitment to rapidly advance the project and demonstrating its capability to deliver high-standard international projects, setting another benchmark case for Chinese hydrogen equipment "going global." The shipped system represents the successful implementation of Mingyang Hydrogen's core technologies. It adopts a containerized design, leveraging a 380V industrial-grade power supply system, self-developed high-performance IGBT power supply , and ALK electrolyzers to achieve flexible "plug-and-play" deployment. Tailored for Central Asia's complex natural environment and cross-border transportation needs, the system was optimized to provide an integrated green hydrogen solution that is easy to deploy and operates stably, precisely meeting diverse hydrogen usage demands under the region's harsh climate conditions. To cope with the extreme environment of the Pamir Plateau, the system incorporates three core optimizations: it achieves a protection rating of IP65 standard , utilizing a highly sealed structure and temperature-resistant special materials to withstand wind, sand, and temperature fluctuations; it features a built-in intelligent temperature and humidity control module, maintaining a stable operating condition of 25°C ±2°C for core components within an ultra-wide temperature range of -50°C to 45°C; and it optimizes the gas circuit circulation and pressure control units to ensure hydrogen production efficiency remains unaffected by low atmospheric pressure at high altitudes, fully validating the product's adaptability in extreme scenarios. As a pioneer enterprise deeply engaged in the hydrogen energy sector of the "Belt and Road" initiative, Mingyang Hydrogen has identified Central Asia as a core focus of its overseas strategy. This region is a key link in energy cooperation under the "Belt and Road" framework and is currently accelerating green and low-carbon energy collaborations. During project execution, the team relied on a standardized engineering management system to implement meticulous control over production, testing, and shipment processes, ensuring optimal delivery of the customized system. Pan Yongle, CEO of Mingyang Hydrogen, stated that the core advantage of the company's integrated hydrogen production and storage solution lies in its precise adaptability to diverse global scenarios, effectively addressing Central Asia's challenges such as complex infrastructure and harsh climate conditions by providing customized green hydrogen support. This shipment lays a solid foundation for deepening industrial cooperation with Central Asia and other "Belt and Road" countries, accumulating valuable experience.

Highlights: Industry consensus this week was that the semi-solid-state route will commercialize first, focusing on the low-altitude economy and ESS. The 200MW/800MWh semi-solid-state BESS project in Wuhai entered the final sprint stage, while Hymson and Lead Intelligent Equipment made breakthroughs in solid-state battery equipment and key processes.

China Telecom recently successfully completed the world's first hollow-core fiber co-fiber transmission experiment over a distance exceeding 100 kilometers. The transmission distance reached 101.6 kilometers, supporting high-power transmission of 21 dBm, with a transmission capacity of 37.6 Tbps and a stable secure key rate maintained at the 5 kbps level. This achievement marks a milestone breakthrough for China in the field of quantum-classical co-fiber transmission. The accomplishment was the result of collaborative efforts led by the China Telecom Research Institute, leveraging the Cloud-Network Integration Major Science and Technology Innovation Facility, in partnership with China Telecom Quantum Group, QuantumCTek Co., Ltd., Yangtze Optical Fibre and Cable Joint Stock Limited Company, ZTE Corporation, and Beijing University of Posts and Telecommunications.

[SMM International Trade Tariff Update] According to foreign media reports, Mexico has postponed its plan to impose additional tariffs on Chinese goods. Meanwhile, the European Union is considering forcing its member states to remove Huawei and ZTE equipment. In response, the Chinese Ministry of Foreign Affairs has urged the EU to create a fair, transparent, and non-discriminatory business environment for Chinese enterprises, so as not to dampen their enthusiasm for investing in Europe. Against the backdrop of certain countries arbitrarily wielding the tariff stick, China and Mexico should strengthen communication and cooperation, and jointly defend free trade and multilateralism.

[411 Stocks Receive Over 100 Million Yuan in Margin Financing, Sungrow Tops List with 3.344 Billion Yuan in Purchases] On October 16, a total of 3,719 A-share stocks received margin financing, with 411 stocks seeing purchases exceeding 100 million yuan. The top three stocks by margin purchase amount were Sungrow (3.344 billion yuan), ZTE (3.215 billion yuan), and Zhongji Innolight (2.259 billion yuan). In terms of the proportion of margin purchases to total daily transaction value, five stocks had ratios exceeding 30%, with the top three being Shuangyuan Technology (44.69%), Leyard (34.44%), and Bohai Leasing (34.12%). From the perspective of net margin purchases, 36 stocks recorded net purchases exceeding 100 million yuan, with the top three being Luxshare (808 million yuan), Changan Auto (504 million yuan), and Sanhua Intelligent Controls (363 million yuan).

SHFE tin prices fluctuated at highs during the night session, while the spot market was suppressed with overall sluggish trading. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2511) fluctuated downward at the opening of the night session before rebounding, closing at 273,400 yuan/mt, down 0.01% from the previous trading day.

I. Policy Review MIIT: issued the "Mid-term Evaluation Report on Fuel Cell Vehicle Demonstration Applications," emphasizing hydrogen refueling station construction and core technology breakthroughs. The Ministry of Finance extended tax incentives for the hydrogen energy industry, with a focus on supporting green hydrogen projects. Six ministries including the Ministry of Transport, MIIT, and the Ministry of Finance: issued the "Opinions on Promoting High-quality Development of Inland Waterway Shipping," accelerating the establishment of a green ship technology system incorporating diversified power sources such as electric, LNG, methanol, and hydrogen fuel. This will be achieved through scenario-based applications (e.g., battery power for small/medium vessels/short distances, LNG/methanol for large vessels/long distances), improving refueling infrastructure and standards, implementing priority policies, and accelerating the phase-out of high-emission vessels to drive low-carbon transformation across the shipping supply chain. (II) Local Policies Fuyang District People's Government of Hangzhou, Zhejiang: issued the "Fuyang District Future Industry Cultivation Action Plan, 2025-2026," focusing on R&D and industrialisation layout of hydrogen production equipment. It aims to accelerate the deployment of fuel cells, stationary fuel cell power generation systems, and hydrogen internal combustion engines, with priority given to hydrogen equipment manufacturing and new-type energy storage. Foshan, Guangdong: issued the "Nanhai District Hydrogen Energy Industry High-quality Development Support Work Plan." Nanhai District plans to add 3 integrated hydrogen production and refueling demonstration stations, with implementation starting in July. II. Corporate Developments (I) Project Progress Peric Hydrogen Energy Technology Co., Ltd.: successfully delivered its first self-developed "Integrated CO₂ Electrolysis Conversion Device" to customers. Hydrogen Motion Technology and Kaixue Cold Chain: collaborated on car model R&D, targeting the construction of a "battery-grade lithium hydroxide transportation system." By "driving industry through scenarios," they aim to integrate hydrogen storage/transport networks with cold chain logistics needs, providing zero-carbon solutions for high-energy-consumption, long-distance transport scenarios. Inner Mongolia Energy Bureau: officially approved the Inner Mongolia section of the hydrogen pipeline demonstration project from Ulanqab to the Beijing-Tianjin-Hebei region. (II) Tender and Bid Inner Mongolia Huadian Huayang Hydrogen Energy Technology Co., Ltd.: The Inner Mongolia Huadian Damaoqi Wind and Solar Power Hydrogen Production Integration Project received approval. The hydrogen production phase involves constructing 126 1000Nm³/h water electrolysis hydrogen production units and supporting equipment, with an annual hydrogen output of 547 million Nm³. It includes 25 2000m³ hydrogen spherical tanks with a storage capacity of 650,000 Nm³, along with supporting facilities such as a 220kV hydrogen production substation. Jilin Electric Power Co., Ltd.: Tender Announcement for the First Batch (Services) of the Lishu Wind and Solar Power-to-Green Hydrogen and Biomass Coupling Green Methanol Project. In terms of construction scale, the hydrogen production capacity is 9,750 mt/year (24 sets of 1000Nm³/h alkaline electrolyzers, 2 sets of 2000Nm³/h alkaline electrolyzers, and 8 sets of 500Nm³/h PEM electrolyzers), and the methanol synthesis capacity is 197,200 mt/year.​ ​ ​III. Technological Advancements​ ​ (1) Patent Applications​ ​ Dalian Institute of Chemical Physics, Chinese Academy of Sciences: Announced a patent for a new-type high-temperature PEM electrolyzer (with a 12% increase in efficiency). Toyota Motor Corporation: Applied for a patent for a pressure-resistant structure of liquid hydrogen storage tanks. (2) Technical Seminars​ ​ Organizing Committee of the Global Hydrogen Energy Conference: CGH2025: The 2nd China Green Hydrogen Expo & China Electrolyzer Conference. ​IV. Industrial Collaboration​ ​ (1) Domestic Collaboration​ ​ Ziming Cryogenic Technology and Yulin Academician Workstation: Ziming Cryogenic Technology plans to collaborate with the Yulin Academician Workstation on the application of cryogenic technology in north-west China's energy bases. Sinopec and Hydrogenergy: Sinopec has once again increased its investment in Hydrogenergy. ​ (2) International Collaboration​ ​ LONGi, ACWC Power, and PowerChina East China Institute: The jointly developed green hydrogen project in Tashkent, Uzbekistan, has been successfully put into operation. Mingyang Hydrogen Energy and Kaztechgas: Beijing Mingyang Hydrogen Energy Technology Co., Ltd. has officially signed a supply contract with Kaztechgas of Kazakhstan for a complete hydrogen production project in Kazakhstan.