Recently, the local government released the announcement on the launch of the new energy circular economy and energy storage equipment industry project in Lixian. According to public information, the Phase I investment is RMB 500 million, located in Lixian, Changde, Hunan. It consists of production lines for recycling and processing 100,000 tons of retired LIBs and 100,000 tons of retired PV modules annually. Upon completion, it will achieve an annual processing capacity of 100,000 tons of retired LIBs, with an estimated annual output value of RMB 1 billion.

The plan proposes to vigorously develop new energy storage, accelerate long-duration storage, and expand its applications in power supply coordination, grid stability support, microgrids, and virtual power plants. By 2030, pumped storage capacity will reach around 160 GW, and new energy storage capacity will reach 300 GW. It also aims to transform distribution networks into high-efficiency platforms for source-grid-load-storage resource allocation, striving for a capacity to integrate 900 GW of distributed new energy by 2030.

SMM, June 26: Metals market: As of the midday close, base metals on the domestic market almost all fell. SHFE copper edged down, SHFE aluminum fell 0.38%, SHFE lead rose 0.15%, SHFE zinc fell 1%, SHFE tin dropped 1.7%, and SHFE nickel declined 1.81%. In addition, the most-traded foundry aluminum futures fell 0.4%, the most-traded alumina contract dropped 1.41%, the most-traded lithium carbonate contract tumbled 5.26%, the most-traded silicon metal contract lost 0.89%, and the most-traded polysilicon futures fell 3.53%. Ferrous metals all fell. Iron ore dropped 0.67%, rebar lost 0.64%, hot-rolled coil slipped 0.51%, and stainless steel dipped 0.21%. Coking coal and coke: the most-traded coking coal contract fell 0.92%, and the most-traded coke contract fell 1.21%. Overseas base metals: as of 11:43, LME metals all fell. LME copper dropped 1.55%, LME aluminum fell 0.97%, LME lead lost 0.39%, LME zinc declined 1.38%, LME tin tumbled 1.99%, and LME nickel fell 1.36%. Precious metals: as of 11:43, COMEX gold fell 0.9% and COMEX silver plunged 3.4%. Domestic precious metals: SHFE gold edged down 0.11%; the most-traded SHFE silver contract extended losses from the previous five trading days, falling another 2.72%, and hit an intraday low of 13,513 yuan/kg, the weakest since December 2025. Additionally, as of the midday break, the most-traded platinum futures rose 0.31%, while the most-traded palladium futures fell 0.85%. As of the midday close, the most-traded container shipping (Europe route) futures added 0.7% to 3,686.5 points. Selected futures midday quotes as of 11:43, June 26: Spot and fundamentals Aluminum: The futures market stopped falling and edged up today. Spot aluminum in South China gradually weakened amid divergence. Low aluminum prices and strong destocking continued to support suppliers holding prices firm in selling... Macro front China: [National Energy Administration: During the 15th Five-Year Plan period, it will continue to open up energy projects and issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects] Wan Jinsong, deputy director and spokesperson of the National Energy Administration, stated at a State Council Information Office press conference that during the 15th Five-Year Plan period, the administration will persist in the approach of open construction and service-driven investment, increasing support for private enterprises to engage in building a new-type energy system. For major energy projects, it will expand the investment space for private enterprises. For major projects with certain returns, such as nuclear power, hydropower, and oil and gas storage and transportation facilities, the feasibility of private enterprise participation will be assessed on a case-by-case basis. During the 15th Five-Year Plan period, we will continue to open up energy projects, issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects and others, so that their investments have direction and returns are guaranteed. We will further improve the electricity market and pricing mechanism, and support private enterprises in investing in projects such as virtual power plants, charging facilities, and new-type energy storage. [Wang Hongzhi, Director of the National Energy Administration: China's installed power capacity is expected to reach 5.4 billion kW by 2030] Wang Hongzhi, member of the Party Leadership Group of the National Development and Reform Commission (NDRC) and Director of the National Energy Administration, stated at a press conference of the State Council Information Office that China's installed power capacity has now exceeded 4 billion kW and is expected to reach 5.4 billion kW by 2030. Among this, new energy will account for over 50% of installed capacity, becoming the mainstay of power capacity, while non-fossil fuel power generation will account for 50% of total electricity output, becoming the main source of electricity. Coal and oil consumption will have peaked. The PBOC conducted a 231.5 billion yuan 7-day reverse repo operation today at an interest rate of 1.4%, unchanged from the previous rate. No reverse repos matured today. The PBOC injected a net 329.7 billion yuan into the open market this week. (From Wallstreetcn APP) US dollar aspect: As of 11:43, the US dollar index rose 0.01% to 101.47. According to CME "FedWatch": the probability that the Fed will keep interest rates unchanged in July is 69%, while the probability of a cumulative 25-basis-point hike is 31%. For September, the probability of keeping rates unchanged is 36.6%, cumulative 25-bp hike is 48.8%, and cumulative 50-bp hike is 14.6%. Fed Williams stated that the current monetary policy stance is well positioned to bring inflation back to the Fed's 2% target while acknowledging that risks to achieving its dual mandate remain. Williams said, "Given that inflation is elevated, we must bring it back sustainably to the 2% longer-run goal. The current stance of monetary policy is fully capable of achieving that." Williams noted that inflation is "clearly elevated" and well above the Committee's 2% objective. He expects inflation data to pull back slightly over the next few quarters, although significant risks remain. Fed Goolsbee said on Thursday that while the latest US inflation report showed a glimmer of hope for improvement in services inflation, underlying inflation pressures remain too high and concerning. In an interview with CNBC, Goolsbee declined to offer specific views on whether the Fed should raise rates or keep them unchanged. He said he agreed with Fed Chairman Warsh's view that fueling speculation about future interest rate paths should be avoided. (Jin10 Data APP) US data sent mixed signals while oil prices fell below pre-conflict levels. The May PCE inflation YoY matched average expectations, accelerating from 3.8% to 4.1%. Lower energy costs are expected to cool future inflation. May durable goods orders fell 4.5%, versus average expectations for a 4% decline. Meanwhile, Q1 real GDP annualized quarterly rate was revised up from 1.6% to 2.1%, compared to expectations of 1.7%. Initial jobless claims for the week fell to 215,000, against average expectations of 223,000. (Jin10 Data APP) A CITIC Securities research report said the US dollar index has strengthened rapidly in recent days, driving gold prices below the $4,000/oz mark. Fading inflation concerns did not push the dollar lower. We believe political “re-dollarization” may partly explain the dollar’s recent strength, but a more important driver likely comes from expectations of tightening dollar liquidity. We expect the dollar index to find support this year but struggle to sustain a strong rally, and the next US inflation data could be a catalyst for the market to adjust trading strategies. On the data front: The final US June University of Michigan consumer sentiment index and final June one-year inflation expectations will be released today. Also to watch: FOMC permanent voter and New York Fed President Williams delivers a speech; 2027 FOMC voter and Chicago Fed President Goolsbee speaks; 2026 FOMC voter and Minneapolis Fed President Kashkari speaks. On the crude oil front: As of 11:43, both crude benchmarks fell, with WTI down 1.67% and Brent down 1.54%. As shipping through the Strait of Hormuz resumed, supply concerns eased somewhat. However, a cargo vessel was attacked near Oman on Thursday, and markets will closely monitor geopolitical developments. S&P Global Energy reported on the 25th that 78 vessels transited the Strait of Hormuz on the 24th, the highest single-day tally since the outbreak of the Iran war. The daily average number of vessels transiting the Strait this month has recovered to about 57% of pre-conflict levels. As of the 24th, a cumulative total of 551 vessels had transited the Strait this month, putting it on track to be the busiest month since the war began. The report noted that recent departures from the Strait included vessels that had been stranded for long periods due to the conflict as well as recent arrivals, signaling early signs of normalization in shipping activity. However, whether the rebound in transit volumes can be sustained remains to be seen, and related agreements still need further consolidation and implementation. ((Xinhua News Agency) US Secretary of Energy Wright expects Iran's daily crude oil exports to reach up to 2 million barrels. Additionally, market sources say that crude oil exports from the Persian Gulf have rebounded to 75% of pre-war levels; in the past three days through Wednesday, the region exported 13 million barrels of crude oil. (Jin10 Data App) An earlier Wallstreetcn article reported that the UAE formally withdrew from OPEC on May 1, and Iraq subsequently threatened to follow suit unless granted greater production freedom. Meanwhile, a series of geopolitical shocks—including the US takeover of Venezuelan oil assets and US-Israeli military actions against Iran—have significantly eroded OPEC's market control capability. Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

This week, the operating rate at China's leading downstream aluminum processing enterprises came in at 63%, down 0.4 percentage points MoM. Weighed down by the deepening seasonal off-season across the sector, downstream purchase willingness was broadly subdued, and operating rates across most segments remained under pressure. Primary aluminum alloy held steady at 59.4%, as enterprises mainly focused on executing existing long-term contracts, with no release of new spot orders.

[SMM Lithium Battery Electrolyte Market Weekly Review: This week's electrolyte prices remained stable (6.22-6.25)] From June 22 to June 25, 2026, electrolyte prices remained stable. Future electrolyte market price trends still need to be continuously monitored for raw material price fluctuations and their transmission.

This week, China's second-life application market operated steadily overall, but prices of some categories edged down slightly, with limited overall fluctuation. Market transactions were dominated by just-in-time procurement. The cost side exerted consistent downward pressure: this week, prices of nickel, cobalt, and lithium chemicals all pulled back, with lithium carbonate showing the most pronounced downward movement. Although there was a time lag in the transmission of raw material costs to the second-life battery cell segment, the simultaneous weakening of all raw material categories still directly pressured market price expectations. The divergence in category trends became more pronounced: ternary second-life battery cells, originally dragged down by persistently mediocre end-use demand in the downstream EV sector, had long faced expectations of price declines in the market. Coupled with the loosening of price support due to the cost-side decline, these dual factors jointly drove a slight pullback in ternary second-life battery cell prices this week. In contrast, LFP second-life battery cells found strong support from stable and improving demand in the ESS sector. Even though raw material costs pulled back simultaneously, prices remained stable and did not follow the downward trend.

Recently, Sineng Electric recently showcased its AI+ full-scenario solutions at Intersolar Europe 2026 in Munich, Germany, and highlighted its flexible hydrogen production system for PV+ESS and hydrogen applications. Intersolar Europe is one of the exhibitions under The smarter E Europe, held concurrently with events on energy storage, e-mobility, and energy management, presenting the collaborative application of new-type energy systems. The flexible hydrogen production solution presented by Sineng Electric focused on addressing fluctuation adaptation issues in green electricity hydrogen production projects. Wind and PV output is intermittent, while electrolysis-based hydrogen production equipment demands high operational stability and load control. Therefore, efficient coordination among “source, storage, and hydrogen” directly affects project energy efficiency, economic viability, and equipment lifespan. In a PV+ESS+hydrogen system, energy storage can smooth the output of new energy, while the hydrogen production system handles green electricity conversion and energy storage. By introducing AI capabilities into its full-scenario solution, Sineng Electric is demonstrating that its focus extends beyond individual equipment, using intelligent control to optimize the operational relationships among PV power generation, energy storage charging and discharging, and hydrogen production loads, thereby enhancing overall system responsiveness. According to official opening information from The smarter E Europe, this year’s event focuses on reliable, economical, climate-neutral all-day renewable energy supply and emphasizes the synergy among solar, energy storage, digitalized power grids, and hydrogen. Sineng Electric’s presentation of its flexible hydrogen production system aligns with European market demand for renewable energy hydrogen production and integrated energy dispatch . From an application perspective, the solution can serve large-scale wind and solar hydrogen production bases, zero-carbon industrial parks, industrial green hydrogen substitution, green ammonia and green methanol projects, and off-grid energy scenarios. As global green hydrogen projects move from planning to construction, system integration, intelligent control, and multi-energy synergy capabilities will become key competitive factors for equipment enterprises. The appearance at Intersolar Europe also provides a showcase window for Sineng Electric to further expand its overseas PV+ESS and hydrogen market. As the global energy transition enters a stage of systematic competition, Chinese enterprises are no longer exporting only standalone equipment, but comprehensive solutions for green electricity consumption, hydrogen production, and low-carbon energy use.

Recently, CRRC Zhuzhou Institute appeared at The smarter E Europe 2026 in Munich, Germany, showcasing a flexible green electricity-based hydrogen production system centered on full-scenario new energy applications for "PV+ESS+hydrogen." The event was held in Munich from June 23 to 25, with official information indicating that approximately 2,800 international exhibitors gathered, focusing on technologies, products, and business models for 24/7 renewable energy supply. The core focus presented by CRRC Zhuzhou Institute this time was to systematically integrate new energy generation, energy storage regulation, and electrolytic hydrogen production. Compared to standalone hydrogen production equipment, flexible green electricity-based hydrogen production emphasizes adaptability to fluctuations in wind and solar power output, enhancing the efficiency of consuming unstable green electricity in the hydrogen production process through power electronics controls, energy storage buffering, and system scheduling. From an industry perspective, Europe's energy transition was shifting from simply expanding generation capacity to building a sustainable, dispatchable, and storable energy system. Official information from The smarter E Europe indicated that this year's event emphasized the feasibility of "24/7 renewable energy supply," integrating solar energy, energy storage, electric mobility, digital power grids, and hydrogen into a unified system framework. Against this backdrop, the integrated PV+ESS+hydrogen solution became a key pathway for connecting renewable electricity with green fuels. CRRC Zhuzhou Institute's participation also indicated that its new energy business was extending from equipment manufacturing to comprehensive energy solutions. Leveraging its accumulated technical expertise in power electronics, control systems, and rail transit equipment, the flexible hydrogen production system can target scenarios such as green hydrogen production sites, industrial parks, off-grid energy systems, and renewable energy consumption projects, promoting the conversion of green electricity into hydrogen energy. Industry insiders believe that as Europe accelerates the construction of a green hydrogen system, the stability, response speed, and system integration capabilities of hydrogen production systems will influence project implementation outcomes. CRRC Zhuzhou Institute's choice to showcase the flexible green electricity-based hydrogen production system in Munich was both a technological debut for markets outside China and a reflection of Chinese enterprises participating in the global competition for green hydrogen equipment and system solutions.

On June 24, 2026, Hydrexia and the Energy Research Institute @ NTU (ERI@N) of Nanyang Technological University, Singapore, signed an industry-academia research collaboration agreement. The two parties will jointly conduct R&D on the coupling of magnesium-based solid-state hydrogen storage and transport systems with solid oxide fuel cell systems , further exploring the technical possibilities for the synergistic operation of SOFC, SOEC, and magnesium-based solid-state hydrogen storage and transport products (MHX), and advancing the formation of a zero-carbon energy loop encompassing "green electricity hydrogen production, solid-state hydrogen storage, and high-temperature power generation." Hydrexia has long been committed to the industrialisation of magnesium-based solid-state hydrogen storage and has continuously pursued cutting-edge research on solid oxide fuel cells. Its self-developed magnesium-based solid-state hydrogen storage and transport system features operation at ambient temperature and pressure, high hydrogen storage density, and intrinsic safety, and has already achieved batch applications in areas such as cross-border hydrogen transport, energy storage peak shaving, and emergency power supply, forming an integrated product delivery capability from materials to systems. The key to this collaboration lies in the strong thermal energy synergy potential between SOFC/SOEC systems and magnesium-based solid-state hydrogen storage products. The high-temperature excess heat generated during SOFC operation can be used to drive the release of hydrogen from magnesium-based materials, while the heat released when magnesium-based materials absorb hydrogen can also provide a heat source for SOEC hydrogen production via electrolysis. Through thermal cycle complementarity, system energy consumption is expected to decline significantly, enabling the integrated operation of "hydrogen storage + power generation" , with overall energy efficiency potentially exceeding 90%. Leveraging ERI@N's research expertise in energy materials and electrochemical systems, alongside Hydrexia's experience in the engineering and industrialisation of hydrogen energy products, the two parties will jointly advance the development of integrated high-performance products coupling MHX with SOFC/SOEC. In the future, these technologies could be applied in scenarios such as stationary power supply for AI computing centers, long-duration hydrogen ESS power stations, zero-carbon industrial parks, and off-grid microgrids, providing support for long-cycle, stable clean power supply and facilitating the integration of renewable energy and the reduction of fossil fuel emissions. Professor Zeng Shaohua, Co-Director of ERI@N at Nanyang Technological University, Singapore, stated that the collaboration with Hydrexia reflects ERI@N's direction of translating frontier research outcomes into tangible environmental benefits. By combining ERI@N's research facilities and interdisciplinary research capabilities with Hydrexia's experience in hydrogen energy technology, both parties will jointly study the synergistic mechanisms between waste heat recovery and hydrogen storage, thereby advancing next-generation energy technologies and supporting global decarbonisation. Fang Peijun, Chairman of Hydrexia, stated that the company has continuously advanced basic R&D on SOFC and the commercialisation of magnesium-based solid-state hydrogen storage and transport products over the years. This collaboration with an international university will help break through coupling technology bottlenecks. Hydrexia will leverage ERI@N's scientific research capabilities to accelerate core system iteration and promote the transformation of laboratory results into replicable and implementable standardised products, thereby expanding the large-scale application of hydrogen energy in more scenarios. This collaboration represents not only a technical partnership between academia and industry but also a complementarity between scientific research capability and engineering capability. Looking ahead, Hydrexia will use this collaboration as a starting point to continue deepening R&D on coupling technologies for solid-state hydrogen storage and high-temperature fuel cells, refining integrated solutions across the entire hydrogen energy industry chain, and providing technical support for the high-quality development of the hydrogen energy industry and the global green, low-carbon transition.

According to the latest roadmap from the power grid operator, data center electricity demand is expected to surge over the next 25 years, nearly doubling the electricity consumption of Australia’s main grid by 2050. In its biennial Integrated System Plan, the Australian Energy Market Operator pointed out that data centers will account for nearly 10% of the underlying demand in the National Electricity Market by 2050, four times the current share. The report confirms that the lowest-cost option is a power system based on renewable energy, connected through transmission and distribution networks, and supplemented by energy storage and natural gas. Climate Change and Energy Minister Chris Bowen said, “Our plan is to deliver cheaper, cleaner energy, using our own solar and wind power to protect our grid from global fluctuations.”