In mid-May 2026, CAAM and the China Automotive Battery Innovation Alliance successively released data on the auto and power battery markets for April 2026. CAAM stated that in April, auto production and sales declined slightly compared to the same period last year, with the cumulative decline in production and sales narrowing further. Among them, domestic demand still needs improvement and stimulation; exports continued to grow rapidly, providing stable support for the overall market........SMM has compiled relevant data on the auto market and power battery market for April 2026 for readers' reference. Auto Sector CAAM: Auto Production and Sales Reached 2.575 Million and 2.526 Million Units Respectively in April In April, auto production and sales reached 2.575 million and 2.526 million units respectively, down 11.7% and 12.9% MoM, and down 1.7% and 2.5% YoY. From January to April, auto production and sales reached 9.614 million and 9.574 million units respectively, down 5.5% and 4.8% YoY. CAAM: NEV Production and Sales Both Grew in April, with NEV Sales Accounting for 53.2% of Total Auto Sales In April, NEV production and sales reached 1.32 million and 1.344 million units respectively, up 5.5% and 9.7% YoY . NEV sales accounted for 53.2% of total new auto sales. From January to April, NEV production and sales reached 4.285 million and 4.304 million units respectively, with production down 3.2% YoY and sales up 0.1% YoY . NEV sales accounted for 45% of total new auto sales. CAAM: NEV Exports More Than Doubled YoY In April, auto exports reached 901,000 units, up 3% MoM and up 74.4% YoY . From January to April, auto exports reached 3.127 million units, up 61.5% YoY . In April, NEV exports reached 430,000 units, up 16% MoM and up 1.1 times YoY ; traditional fuel vehicle exports reached 472,000 units, down 6.5% MoM and up 49% YoY . From January to April, NEV exports reached 1.384 million units, up 1.2 times YoY; traditional fuel vehicle exports reached 1.743 million units, up 34.6% YoY. CAAM commented that since the beginning of this year, China's economy has started strongly, with major indicators exceeding expectations. China's automotive industry has maintained steady progress in transformation and upgrading, foreign trade has demonstrated strong resilience, and overall competitiveness has continued to improve. The recently concluded Beijing auto show showcased cutting-edge achievements in electrification, intelligence, and cross-industry integration, vividly demonstrating that China has become the core market and innovation hub of the global automotive industry. Regarding the April auto market, CAAM stated that in April, auto production and sales declined slightly compared to the same period last year, with cumulative production and sales declines narrowing further. Specifically, domestic demand still needs improvement and stimulation; exports continued to grow rapidly, providing stable support for the overall market. In detail, the passenger vehicle market declined, the commercial vehicle market maintained growth, and NEVs operated steadily. On April 28, the CPC Central Committee Political Bureau held a meeting to analyze and study the current economic situation and economic work, and made a series of important arrangements. The meeting emphasized the need to fully utilize macro policies, deeply tap domestic demand potential, accelerate the construction of a modern industrial system, and systematically respond to external shocks and challenges. This will help improve the domestic auto market, consolidate foreign trade advantages, and promote stable operation and high-quality development of the industry. CPCA also released data on the April passenger vehicle market. April national passenger vehicle retail sales reached 1.384 million units, down 21.5% YoY and down 16.0% MoM; cumulative retail sales from January to April reached 5.604 million units, down 18.5% YoY. The April national passenger vehicle market exhibited complex characteristics of "total volume under pressure with structural divergence." NEV side, April passenger NEV retail sales reached 849,000 units, down 6.8% YoY and down 0.3% MoM; January-April passenger NEV retail sales reached 2.758 million units, down 17.2% YoY. April conventional fuel passenger vehicle retail sales were 530,000 units, down 37% YoY and down 33% MoM. NEV export side, as the scale advantages of China's NEVs become apparent and market expansion demand grows, Chinese-manufactured new energy brand products are increasingly going global, with overseas recognition continuing to rise. April passenger NEV exports reached 406,000 units, up 111.8% YoY and up 18.3% MoM, accounting for 52.7% of passenger vehicle exports, up 8 percentage points YoY; among which, BEVs accounted for 57.2% of new energy exports (65.5% in the same period last year), and A00+A0 class BEVs as the core focus accounted for 51.2% of BEV exports (46% in the same period last year). CPCA stated that this year's passenger vehicle market, affected by multiple factors including NEV purchase tax policy adjustments, weak consumer confidence, and high oil prices, has exhibited an operating trend of "China slowing down, exports growing rapidly; fuel vehicles contracting, new energy dominating."High oil prices dealt a heavy blow to domestic retail of internal combustion engine vehicles, directly affecting the domestic retail recovery process. From January to February this year, internal combustion engine vehicle retail declined by 740,000 units YoY, accounting for 40% of the passenger vehicle retail decline; in March, internal combustion engine vehicle sales declined by 345,000 units YoY, accounting for 52% of the passenger vehicle retail decline; in April, internal combustion engine vehicle sales declined by 365,000 units YoY, with the decline share further expanding to 84%. Under the atmosphere of cost anxiety, consumer demand is accelerating its shift from internal combustion engine vehicles to new energy vehicles, and the market's "fuel-electric divergence" pattern is becoming increasingly prominent. However, on the export side, the opposite was true: from January to February, internal combustion engine vehicle exports grew by 100,000 units YoY, accounting for 25% of the passenger vehicle export growth; in March, internal combustion engine vehicle exports grew by 100,000 units, accounting for 32% of the passenger vehicle export growth; in April, internal combustion engine vehicle exports grew by 130,000 units, climbing to 38%. Due to the notable effects of recent anti-involution measures in the auto market, the scale of price cuts was small, promotional levels remained stable, and many consumers' expectations of waiting for price reductions gradually faded, with some users in stalemate beginning to make car purchases. The Beijing Auto Show in April has become the world's largest auto show, with enormous industry chain scale and influence, providing a strong boost to auto sales recovery in late April. Characteristics of the passenger vehicle market in April 2026: First, overall volume was under pressure with significant structural divergence, with "cold fuel, hot new energy" becoming the biggest focal point. The core reason for the domestic retail decline was the "collapse of fuel vehicles," with new energy retail penetration rate reaching 61.4% (breaking through 60% for the first time in history), and the pace of electrification substitution exceeding expectations. Second, domestic brand share continued to strengthen, with traditional domestic brands successfully transforming, while joint venture brands lagged in electrification progress, solidifying the "domestic brand dominance" pattern. Third, exports showed explosive growth, with new energy accounting for 52.7% (breaking through 50% for the first time in history), driven by the "new energy + domestic brands" dual engine, making "going global" the core growth engine. Fourth, passive destocking characteristics were evident, with channel inventory declining rapidly, listed dealers suffering comprehensive losses, and dealer survival pressure continuing to intensify. Fifth, dramatic structural changes within new energy occurred, with B-class EVs surging and economy EVs under pressure, showing "high-end rising, low-end struggling." Sixth, new model contribution declined: April producer sales of new models launched in 2026 reached 108,400 units, accounting for 5.1% of total volume, while new models launched in 2025 sold 130,000 units in April 2025, with some classic car models maintaining stable leading sales positions. Power battery segment Power and ESS battery sales up 39.0% YoY in April, up 48.9% YoY cumulatively from January to April In April, China's power and ESS battery sales reached 164.2 Gwh, down 6.2% MoM, up 39.0% YoY . Among them, power battery sales were 108.9 GWh, accounting for 66.4% of total sales, down 5.0% MoM and up 25.8% YoY; ESS battery sales were 55.2 GWh, accounting for 33.6% of total sales, down 8.5% MoM and up 75.5% YoY. From January to April, China's cumulative power and ESS battery sales reached 601.2 GWh, up 48.9% YoY cumulatively . Among them, cumulative power battery sales were 400.9 GWh, accounting for 66.7% of total sales, up 31.9% YoY cumulatively; cumulative ESS battery sales were 200.4 GWh, accounting for 33.3% of total sales, up 100.4% YoY cumulatively. China's Power Battery Installations Up 15.2% YoY in April, Cumulative Installations Up 1.6% YoY from January to April In April, China's power battery installations were 62.4 GWh, up 10.4% MoM and up 15.2% YoY . Among them, ternary battery installations were 11.5 GWh, accounting for 18.5% of total installations, up 7.6% MoM and up 24.2% YoY; LFP battery installations were 50.8 GWh, accounting for 81.5% of total installations, up 11.0% MoM and up 13.4% YoY. From January to April, China's cumulative power battery installations were 187.2 GWh, up 1.6% YoY cumulatively . Among them, cumulative ternary battery installations were 37.4 GWh, accounting for 20.0% of total installations, up 8.9% YoY cumulatively; cumulative LFP battery installations were 149.8 GWh, accounting for 80.0% of total installations, down 0.1% YoY cumulatively. Leap Motor Continued to "Lead" Among New Forces in April, BYD's Overseas Sales Hit a Record High April sales/delivery data for new automaking forces were released. Leap Motor continued to "lead," delivering 71,387 units in April, up 73.9% YoY. Delivery momentum continued to surge, with back-end production running at full capacity simultaneously. Currently, Leap Motor's A10 factory capacity has exceeded 1,000 units/day. Starting from April, Leap Motor's intelligent features also entered a phase of large-scale popularization. Currently, urban navigation-assisted driving has been made available for experience across multiple Leap Motor car models, and in the future, nationwide urban NAP and parking-space-to-parking-space navigation assistance will be rolled out in batches. Leveraging its full-domain self-developed capabilities, Leap Motor has achieved full coverage of assisted driving from the 100,000-yuan-level A10 to the flagship D19, making smarter and safer advanced intelligent assisted driving no longer a privilege of the few, but an accessible part of everyday travel. Li Auto delivered a total of 34,085 new vehicles in April. As of April 30, 2026, Li Auto's cumulative historical deliveries reached 1,669,442 units. As of April 30, 2026, Li Auto had 511 retail centers nationwide, covering 160 cities, and 550 after-sales repair centers and authorized service centers, covering 223 cities. Li Auto had put into use 4,077 Li Auto supercharging stations nationwide, with 22,509 charging piles. XPeng Motors delivered 31,011 new vehicles in April. As of April, cumulative deliveries of the XPeng MONA M03 exceeded 250,000 units, ranking first among pure electric sedans in the 100,000-200,000 yuan segment for 19 consecutive months. As of April 30, XPeng's charging network covered over 430 cities, with over 3,550 cumulative self-operated charging stations, including over 3,000 self-operated ultra-fast charging stations. To ensure smooth travel during the Labour Day holiday, XPeng completed dedicated inspections and maintenance of charging stations along highways and at popular scenic areas. Xiaomi Auto delivered over 30,000 units in April. On May 6, Xiaomi Auto announced that the new-generation SU7 had received over 80,000 locked orders in just 48 days since its launch. The new-generation SU7 Standard Edition was priced at 219,900 yuan, the Pro Edition at 249,900 yuan, and the Max Edition at 303,900 yuan. NIO delivered 29,356 new vehicles in April, up 22.8% YoY. Among them, the NIO brand delivered 19,024 units; the ONVO brand delivered 5,352 units, up 21.6% YoY; and the firefly brand delivered 4,980 units. In the first four months of this year, NIO delivered a total of 112,821 vehicles, up 71.0% YoY. To date, NIO has cumulatively delivered 1,110,413 vehicles. In April 2026, the all-new NIO ES8 achieved 13,020 new vehicle deliveries. To date, the all-new ES8 has accumulated over 100,000 users and set the record for the fastest delivery of 100,000 units among high-end car models priced above 400,000 yuan in China. In addition, the all-new ES8 has been the sales champion among large SUVs and car models priced above 400,000 yuan for four consecutive months. BYD, China's leading EV maker, recorded auto sales of 321,123 units in April. Exports exceeded 130,000 units, hitting a new all-time high. Cumulative NEV sales surpassed 16.1 million units. On May 9, BYD and China Auto Rental (CAR Inc.) officially signed a Flash Charging China strategic cooperation agreement and a 100,000-unit vehicle procurement framework agreement in Shenzhen. Under the agreement, the two parties will conduct in-depth cooperation around the "Flash Charging China Strategy," deploying BYD flash charging pile facilities at eligible CAR Inc. stores nationwide to build a widely covered, efficient, and convenient charging service network, jointly enhancing user travel experiences. Meanwhile, the two parties signed a 100,000-unit vehicle procurement framework agreement, further consolidating BYD's core position in CAR Inc.'s NEV fleet and supporting its continued expansion of green transportation capacity. The CPCA stated that the current auto market is at a critical stage of smooth transition from "policy-driven" to "market-guided" and "product-driven." Although the market is under pressure in the short term, with multiple heavyweight new car models entering the market around the auto show period, supply-side efforts are expected to gradually drive demand-side recovery, and the overall auto market is expected to see a more robust rebound in Q2. In addition, CPCA Secretary General Cui Dongshu noted that the NEV penetration rate exceeded 60% in April, a "leapfrog" development compared to approximately 52% in March, with a key reason being the sharp decline in internal combustion engine vehicle demand, which in turn pushed up the NEV penetration rate. Recently, some automakers announced raises in optional intelligent driving features pricing, drawing market attention. In response, Cui Dongshu stated that China's auto market currently exhibits significant differentiation in automaker gross margins: high-end automakers maintain relatively high gross margin levels, with many models still sustaining gross margins above 20% supported by pricing, facing relatively small profitability pressure and having no substantive need to raise prices; low and mid-end automakers, however, face notable profitability pressure. Yet as industry competition continues to intensify and the overall market is in a state of volume contraction, broad-based price increases by automakers lack feasibility. Looking ahead to May, the CPCA stated that May this year has 19 working days, consistent with the 19 working days in May 2025. Auto market production and sales are expected to continue the prior gradual rebound trend. From the end-user pace and consumption perspective, the MoM recovery momentum of the May auto market is generally improving. The 2026 truck renewal subsidy standards remain unchanged, while passenger vehicle trade-in subsidies were reduced, and the impact of passenger vehicle sales losses is expected to diminish over time. Sales losses previously caused by the cooling of industry price wars and sales promotions falling short of expectations have been gradually absorbed. The Labour Day holiday combined with local auto shows activated car purchase demand, driving pre-holiday order locking and post-holiday concentrated deliveries, with monthly trends showing strength early and stability later. The surge in fuel prices is an exceptionally significant factor affecting consumption, bringing uncertainty to market sales. Currently, residents' income expectations remain cautious, wait-and-see sentiment toward car purchases persists, and coupled with tightening auto finance and higher credit thresholds, rigid demand is supported only by local subsidies and automaker concessions. China's consumption recovery is mild, with notable structural differentiation. Under the intertwined influence of multiple factors including international oil price fluctuations and intensive new product launches, these will dominate the May auto market performance. The Labour Day long holiday is a dividend driving MoM sales recovery, but consumption shortcomings are difficult to repair quickly, constraining YoY growth. High oil prices have reshaped car purchase preferences and accelerated the electrification transition, while the comprehensive new energy industry chain continues to empower export growth. The overall picture presents a weak recovery pattern of "MoM recovery, YoY pressure, domestic demand differentiation, exports leading, and continuously rising NEV penetration rate."

In Q1 2026, China's hydrogen energy industry officially moved beyond the concept verification phase and fully entered a new stage of large-scale development. Two landmark events—the commissioning of Xinjiang Sunion Energy’s coke oven gas hydrogen production project and the cumulative hydrogen refueling volume exceeding 10,000 kilograms at the Batuta heavy-haul railway hydrogen refueling station in Inner Mongolia—have validated the core industry trend of cost reduction, scenario expansion and regional agglomeration from the two dimensions of low-cost hydrogen supply and diversified application scenarios respectively. I. Market Status: Accelerated Large-scale Development, Dual Breakthroughs in Supply and Application Hydrogen production capacity has achieved leapfrog growth, with Northwest and North China emerging as core agglomeration hubs. Driven by the dual-carbon strategy, China’s hydrogen production capacity has seen explosive growth. As of the end of March 2026, the completed and under-construction renewable energy hydrogen production capacity across China has surpassed 1 million tons per annum, among which the operational capacity exceeds 250,000 tons per annum, more than doubling compared with the end of 2024. The industrial layout shows a high geographical concentration; Northwest and North China have become core clusters by virtue of resource endowments.Jilin (over 90,000 tons per annum) and Inner Mongolia (over 80,000 tons per annum) have registered rapid development. The operational hydrogen production capacity in Northeast China accounts for 45.7% of the national total, shaping the initial industrial pattern of hydrogen supply from west to east and hydrogen transmission from north to south . The supply structure continues to optimize, and industrial by-product hydrogen production has become the mainstay of low-cost hydrogen supply. Currently, profound adjustments are taking place in China’s hydrogen supply structure. Boasting low cost and waste-to-energy advantages, industrial by-product hydrogen production has become the most economical pathway at this stage. Purifying hydrogen from coal chemical by-product coke oven gas features nearly zero raw material cost, perfectly matching cost-sensitive industrial scenarios. Meanwhile, driven by technological iteration, the cost of green hydrogen in multiple regions of Northwest China has dropped to 12–15 RMB per kilogram, gradually approaching the cost of gray hydrogen and laying a foundation for long-term low-carbon hydrogen supply. Application scenarios have evolved from demonstration to diversification, with industry and transportation acting as core growth engines. The year 2026 is regarded as the inaugural year for large-scale industrial application of hydrogen energy, with scenarios expanding rapidly into in-depth application fields. In the transportation sector, the commercial operation of hydrogen heavy-duty trucks has matured, with a thousand-unit scale put into operation in Lvliang, Shanxi. The launch of hydrogen refueling stations for heavy-haul railways fills the gap in carbon emission reduction for rail transit. In the industrial sector, a closed-loop model of on-site hydrogen production and consumption via by-product purification has taken shape among chemical enterprises. Industrial decarbonization has replaced transportation as the core driving force for industry growth. II. Recent Project Highlights: Two Benchmark Projects Accurately Align with Market Trends Xinjiang Sunion Energy’s coke oven gas hydrogen production project sets a model for industrial by-product hydrogen production. Recently, Xinjiang Sunion Energy’s 5,000 Nm³/h green hydrogen production project using coke oven gas was fully put into operation. The project converts waste industrial coke oven gas into high-purity clean hydrogen, realizing waste recycling and effectively solving exhaust emission problems, while supplying low-cost hydrogen to methanol plants. Furthermore, it provides a replicable development model for coal chemical agglomeration areas in Northwest China and boosts regional hydrogen supply capacity. The Batuta Hydrogen Refueling Station in Inner Mongolia marks a milestone in hydrogen energy application for heavy-haul railways. As of April 16, 2026, China’s first hydrogen refueling station for heavy-haul railways—the Batuta Station—has recorded a cumulative hydrogen refueling volume of over 10,000 kilograms. Equipped with a 45 MPa skid-mounted compressor and a maximum hydrogen refueling flow rate of 7.2 kg/min, the station is specially built for high-power hydrogen-powered shunting locomotives. It marks substantive progress in the application of hydrogen energy to heavy-haul railways, addresses the high-emission pain point of traditional locomotives, and verifies the stability of high-flow hydrogen refueling equipment under extreme cold and high-load operating conditions. III. Summary and Outlook In Q1 2026, China's hydrogen energy industry has entered a pragmatic stage focusing on economic efficiency calculation. From the utilization of coke oven gas in Xinjiang to hydrogen refueling for railways in Inner Mongolia, the industrial development logic is shifting from policy-driven alone to multi-dimensional driving led by resources, application scenarios and economic viability, which is expected to reshape the energy consumption pattern of industrial and transportation sectors.

According to a report by the Burma News International (BNI) on May 4, 2026, a mining site near Three Pagoda Pass (the Three Pagodas area) in Myanmar was recently hit by an airstrike. Miners have fled to the town of Three Pagodas for shelter, and mining operations have been forced to halt. Informed market sources suggest that the Three Pagodas area primarily produces lead and antimony ore. Given the current situation, resuming antimony production after a ceasefire could take a considerable amount of time. Moreover, the challenges facing mining operations are not limited to the impact of war and the upcoming rainy season — they may also include shortages of fuel and explosives.

Strong copper and gold prices are driving a sharp increase in demand for industrial explosives used in mining operations. Australian explosives and blasting service providers said copper mine expansions and new project developments are boosting order volumes across the sector. Analysts noted that AI infrastructure, electrification, and energy-transition spending are fueling a broader mining investment cycle, benefiting the entire copper supply chain. The mining services industry is expected to remain strong over the coming years as global resource demand continues rising.

Starting from the new all-time high of USD 5,602 on January 29, the gold price has now been in a correction phase for over three months, characterized so far by two sharp downward waves, two recovery waves, and most recently by another downward wave since mid-April.

With the rapid development of the global NEV industry and the growing embrace of green and low-carbon concepts, the battery recycling industry is transforming from a marginal sector into a "new frontier" in the capital market, demonstrating unprecedented development potential. This industry, once regarded as merely "selling scrap," has now become a core necessity for safeguarding national resource security, implementing the "dual carbon" strategy, and promoting the sustainable development of the new energy industry, ushering in its own golden era. Strong policy support has injected robust momentum into the industry's development. In February 2025, the General Office of the State Council issued the *Action Plan for Improving the NEV Power Battery Recycling and Utilization System*, requiring the acceleration of relevant regulations and rules to standardize recycling and utilization through rule of law. Subsequently, the Ministry of Industry and Information Technology, together with the Ministry of Ecology and Environment, the State Administration for Market Regulation, and other departments, jointly issued the *Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from NEVs*, setting new requirements across multiple dimensions including power battery traceability, recycling and utilization, and supervision. Driven by both policy and market forces, the battery recycling industry has continued to expand in scale, exhibiting an "explosive" growth trajectory. Currently, the number of battery recycling-related enterprises in China exceeded 200,000. In the first ten months of 2025 alone, over 30,000 new battery recycling-related enterprises were registered, representing a YoY increase of over 15% compared to the same period last year. Top-tier enterprises such as GEM and Tianqi Co., Ltd. have ramped up capacity deployment and capital operations, building competitive barriers through technological upgrades and industry chain extensions. GEM possesses a complete "battery recycling—battery cascade reuse—raw material remanufacturing—material remanufacturing—battery reassembly" full life cycle value chain, with industry-leading scale advantages. It operates 9 major lithium battery recycling bases globally, and its lithium battery recycling volume has accounted for 10% of China's total retired battery volume for consecutive years, ranking first nationwide. As early-stage NEVs gradually retire, the lithium battery recycling industry will accelerate over the next 3 to 5 years, with an annualized growth rate exceeding 50%—a market poised for tenfold growth in 5 years. The industry consensus is that this transformation, jointly driven by price, demand, and policy, is propelling the lithium battery recycling industry from extensive development toward a refined, standardized, and globalized development stage.

In 2025, the global NEV and new-type energy storage markets continued to boom. Chinese lithium battery enterprises, leveraging their technological expertise and scale advantages, continued to dominate the global supply chain.

In 2025, the global energy storage industry officially entered the 100 GW era. The wave of energy transition drove the industry to achieve breakthroughs in both scale and quality. China continued to lead with a 58.6% share of global new installations, serving as the core engine of global energy storage development. From accelerating technological iteration and breakthroughs to explosive expansion of market size, from comprehensive upgrades in enterprise strategies to sustained capital inflows, the energy storage industry is embracing unprecedented development opportunities and industry transformation. At the launch of the survey for the " 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings, " we comprehensively reviewed the development trajectory of the global and Chinese energy storage industry in 2025, summarizing core highlights and development trends to provide comprehensive and authoritative decision-making references for industry participants including energy storage enterprises, industry investors, upstream and downstream suppliers, and related institutions, facilitating high-quality industry development. Global Energy Storage: Breakthroughs in Both Scale and Structure, with China Dominating the Supply Chain In 2025, global electricity ESS new installations reached 113.3 GW/323.5 GWh, up 48.2%/65.7% YoY, with cumulative installations exceeding 496.2 GW, demonstrating strong growth momentum. China contributed 66.4 GW/189.5 GWh of new installations, ranking first globally for four consecutive years. The US and Europe followed with 22.5 GW and 15.8 GW respectively, forming a stable "one dominant, multiple strong" global energy storage market landscape. In terms of technology routes, lithium-ion batteries remained mainstream with a 92.3% share. Meanwhile, long duration energy storage (LDES) technologies accelerated breakthroughs, with commercialization of flow batteries, compressed air energy storage, and gravity energy storage advancing rapidly. The share of global new LDES projects rose from 12.5% in 2024 to 18.7%. Sodium-ion battery technology maturity continued to rise, with top-tier enterprises achieving mass-produced battery cell energy density exceeding 160 Wh/kg and costs 20%-25% lower than LFP, offering new possibilities for cost reduction in the energy storage industry. At the supply chain level, Chinese enterprises held an absolutely dominant position. In 2025, global ESS battery shipments reached 651.5 GWh, up 76.2% YoY. Chinese enterprises shipped a combined 614.7 GWh, accounting for 94.4% of the global total. From upstream materials to downstream system integration, Chinese enterprises have built a complete and globally competitive supply chain system. China Energy Storage: Accelerating Market-Oriented Transformation with an Increasingly Mature Industrial Ecosystem Amid the rapid development of the global energy storage industry, China, as a core force, demonstrated a positive trajectory of accelerating market-oriented transformation and an increasingly mature industrial ecosystem. As of the end of 2025, China's cumulative electricity ESS installations reached 213.3 GW, accounting for 43.0% of the global total, up 54% YoY. Among them, new-type energy storage cumulative installations reached 144.2 GW, with its share rising to 67.6%, indicating continuous optimization of the industrial structure. In 2025, the global energy storage industry officially entered the 100-GW era. The wave of energy transition drove the industry to achieve dual breakthroughs in scale and quality. China continued to lead with 58.6% of global new installations, serving as the core engine of global energy storage development. From accelerated technological iteration breakthroughs to explosive market size expansion, from comprehensive upgrades in enterprise strategies to sustained capital inflows, the energy storage industry is embracing unprecedented development opportunities and industry transformation. At the launch of the " 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings " survey, we comprehensively reviewed the development trajectory of the global and Chinese energy storage industry in 2025, summarized core industry highlights and development trends, and provided comprehensive and authoritative decision-making references for industry participants including energy storage enterprises, industry investors, upstream and downstream suppliers, and related institutions, facilitating high-quality industry development. Global Energy Storage: Dual Breakthroughs in Scale and Structure, with China Dominating the Supply Chain In 2025, global electricity ESS new installations reached 113.3 GW/323.5 GWh, up 48.2%/65.7% YoY, with cumulative installations exceeding 496.2 GW, demonstrating strong industry growth momentum. China contributed 66.4 GW/189.5 GWh of new installations, ranking first globally for four consecutive years. The US and Europe followed with 22.5 GW and 15.8 GW respectively, forming a stable "one dominant leader with multiple strong players" pattern in the global energy storage market. In terms of technology routes, lithium-ion batteries remained the mainstream, accounting for 92.3%. Meanwhile, long duration energy storage (LDES) technologies accelerated breakthroughs, with the commercialization of flow batteries, compressed air energy storage, and gravity energy storage advancing rapidly. The share of global new LDES projects rose from 12.5% in 2024 to 18.7%. Sodium-ion battery technology maturity continued to rise, with top-tier enterprises achieving mass-produced battery cell energy density exceeding 160 Wh/kg and costs 20%-25% lower than LFP, offering new possibilities for cost reduction in the energy storage industry. At the supply chain level, Chinese enterprises held an absolutely dominant position. In 2025, global ESS battery shipments reached 651.5 GWh, up 76.2% YoY. Chinese enterprises shipped a combined 614.7 GWh, accounting for 94.4% of the global total. From upstream materials to downstream system integration, Chinese enterprises have built a complete and globally competitive supply chain system. China Energy Storage: Accelerating Market-Oriented Transformation and Increasingly Refined Industrial Ecosystem Amid the rapid global development of the energy storage industry, China, as a core force, demonstrates an accelerating market-oriented transformation and an increasingly refined industrial ecosystem. By the end of 2025, China's cumulative electricity ESS installations reached 213.3 GW, accounting for 43.0% of the global total, up 54% YoY. Among them, new-type energy storage cumulative installations reached 144.2 GW, with its share rising to 67.6%, indicating continuous optimization of the industrial structure. Application scenarios , standalone ESS accounted for 63% of new installations, up 2.7 percentage points from 2024. A coordinated development pattern between the power grid side and user side has taken shape, with the core values of energy storage in peak shaving, frequency regulation, and backup being fully released. Market entities, according to Qichacha data, the number of newly registered energy storage-related enterprises in China reached 107,000 in 2025, up 17.0% YoY, hitting a ten-year high. East China and south China demonstrated significant industrial cluster effects, accounting for 32.3% and 20.3% respectively. Meanwhile, industry reshuffle also accelerated, with approximately 50,000 enterprises exiting the market throughout the year, and a "the strong stay strong" industry landscape initially emerged. The dual drivers of policy and market injected sustained momentum into industry development. The NDRC and the National Energy Administration jointly issued the "Guiding Opinions on High-Quality Development of New-Type Energy Storage," setting a clear target of 200 GW for new-type energy storage installations by 2027. At the local level, 12 provinces have introduced standalone ESS support policies. Capacity electricity prices and peak shaving compensation mechanisms have been gradually refined, with the average IRR of standalone ESS reaching 8.5%-10% in 2025. The improvement in market-oriented returns further stimulated investment vitality in the industry. Top-Tier Enterprises Leading: Dual Empowerment of Technological Innovation and Market Expansion In 2025, key enterprises in the energy storage industry continued to intensify technological innovation and market expansion, leading the industry's transformation toward high-quality development. Top-tier enterprises leveraged their technological and scale advantages to continuously consolidate their market positions. CATL , as the industry leader, saw its ESS battery sales up 29.13% YoY in 2025, ranking first globally for five consecutive years. Its ESS revenue reached 62.44 billion yuan, accounting for 14.74% of total revenue. It also launched condensed-state battery technology with an energy density of 500 Wh/kg, and actively deployed sodium-ion batteries, planning to apply them on a large scale in the ESS sector in 2026. Sungrow delivered outstanding performance in the ESS sector, with full-year ESS revenue of 37.287 billion yuan, up 49.39% YoY, accounting for 41.8% of total revenue. Its global ESS shipments exceeded 25 GWh, with markets outside China accounting for 60%, focusing on core markets including the US, Europe, and the Middle East. Beyond technology deployment, major industry contract signings and capacity expansions also occurred frequently. Canadian Solar Inc. had ESS orders on hand worth $3.6 billion, with global ESS shipments hitting a record high. From publicly listed firms' performance, energy storage business has become a core growth driver for many enterprises, with significant performance divergence across the industry and top-tier enterprises further expanding their advantages. CATL, Sungrow, and other leading enterprises achieved steady growth in energy storage business through comprehensive deployment and strong competitiveness. Meanwhile, Sunwoda, Ginlong Technology, and other enterprises also achieved explosive growth in energy storage business. Ginlong Technology's energy storage business grew 185.31% YoY, with significant increases in string-type energy storage inverter shipments. CORUN, leveraging strategic transformation, achieved 1,700% YoY growth in energy storage business and 1,516.64% growth in non-recurring net profit, becoming an industry dark horse. These enterprises' performance fully reflected the strong momentum of the energy storage industry. 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings Survey Officially Launched Currently, the Strait of Hormuz blockade crisis continues to escalate, plunging global energy supply into a severely strained situation and posing enormous challenges to energy security. Against this backdrop, energy storage, as the "ballast stone" of new energy power, has seen its core value in stable power supply and peak shaving increasingly highlighted. It has not only met more urgent rigid market demand but also driven the industry to explore more cost-effective and practically applicable technology solutions, providing critical support for alleviating global energy tensions and safeguarding energy security. Standing at a turning point of the era, the energy storage industry is transitioning from rapid growth to high-quality development, with technology innovation, cost reduction, market expansion, and landscape reshaping becoming the core key words of industry development. To comprehensively review China's energy storage industry achievements, objectively assess enterprises' comprehensive strengths, and build bridges for industry exchange and cooperation, 2026 Global PV Top 20 and China Energy Storage Top 20 Rankings Survey Has Officially Launched ! This 2026 China Energy Storage Top 20 will produce the 2026 China Energy Storage Enterprise Top 20 (Comprehensive), 2026 China ESS Battery Enterprise Top 20 , and 2026 China ESS Enterprise Top 20 . Ultimately, an authoritative ranking with industry influence will be established. This ranking will serve as an important reference for energy storage enterprises, industry investors, upstream and downstream suppliers, survey institutions, and others, facilitating optimal allocation of industry resources and driving higher-quality development of the energy storage industry. Relevant enterprises are welcome to actively participate in the survey and jointly witness the beginning of a new chapter in the energy storage industry. When solar panels in Lebanon broke through war and scarcity to sustain the survival hopes of an entire city; when Europe adopted household ESS as the primary alternative amid the energy crisis, fortifying energy security with household ESS; when Chinese energy enterprises erected an energy security shield for the world with core technologies, outstanding quality, and a sense of responsibility — we clearly see that new energy technologies and new forces are rising to safeguard global energy security. This force demonstrates the confidence and commitment of Chinese brands, and carries humanity's aspiration for stable energy. We believe that Chinese brands will ultimately inject lasting Chinese momentum into global energy security amid the global energy transformation. 2026 Global PV Top 20 Rankings NO.1 2026 Global PV Enterprise Top 20 (Comprehensive) *Based on enterprise's 2025 annual global PV-related project, product, and service revenue (1 million) NO.2 2026 China PV Enterprise Top 20 (Comprehensive) *Based on enterprise's 2025 annual global PV-related project, product, and service revenue (1 million) NO.3 2026 China PV Power Plant Investment Enterprise Top 20 *Based on enterprise's 2025 annual global PV power plant investment grid connection installations (MW) NO.4 2026 China PV Power Plant EPC General Contractor Enterprise Top 20 *Based on enterprise's 2025 annual global PV power plant grid connection installations (MW) NO.5 2026 China PV Module Enterprise Top 20 *Based on enterprise's 2025 annual global module shipments (MW) NO.6 2026 China PV Inverter Publicly Listed Enterprise Top 15 *Based on each publicly listed firm's (including the listed company and its subsidiaries) 2025 annual global inverter shipments (MW) NO.7 2026 China Solar Panel Mounting Bracket Enterprise Top 20 *Based on enterprise's 2025 annual global mounting bracket shipments (MW) Note: Ranking revenue is denominated in RMB (exchange rates are based on the local currency to RMB exchange rate as of December 31, 2025) 2026 China Energy Storage Top 20 Rankings NO.1 2026 China Energy Storage Enterprise Top 20 Rankings (Comprehensive) *Based on enterprise's 2025 annual energy storage-related project, product, and service revenue (1 million) NO.2 2026 China ESS Battery Enterprise Top 20 Rankings *Based on enterprise's 2025 annual ESS battery sales (MWh) NO.3 2026 China ESS Enterprise Top 20 Rankings *Based on enterprise's 2025 annual ESS installations (MWh) Contact Us ABOUT US 2026 Global PV Top 20 Rankings Declaration and Conference Inquiry: Ms. Zhou: 18651953272 Email: 772813695@qq.com 2026 China Energy Storage Top 20 Rankings Declaration and Conference Inquiry: Ms. Liu: 13584535579 Email: 343856673@qq.com

China's March silver (unwrought silver ingots with purity ≥99.99%, HS code 71069110) imports reached 398.62 mt, up 93% MoM, fulfilling expectations of rising silver ingot imports. Cumulative imports from January to March 2026 totaled 639.91 mt, surging 5,346% from 11.75 mt in the same period of 2025. Historical Comparison: Similarities and Differences Between Two Import Windows Historically, in 2023, surging PV demand widened silver price spreads in and outside China, and silver imports grew significantly (imports in June 2023 surged 5,329%). The similarity between this round and the historical pattern lies in the short-term surge in PV industry demand — in 2023, it was driven by the scaled-up commissioning of silver powder and silver paste capacity, while in 2026, it was driven by PV export rush stockpiling. Both were underpinned by rigid demand for industrial physical silver. The difference is that in 2026, precious metals experienced a rare bull market driven by both industrial demand and interest rate cut cycles. Retail investment demand exacerbated industrial raw material shortages, and China's spot silver ingot market saw significant premiums, boosting physical import profitability. In addition to silver ingots, silver-containing products and crude silver raw materials also entered China in large volumes as semi-manufactured products, which were then processed into silver ingots for circulation. Drivers of the Import Surge This Round 1. PV Export Rush Stockpiling Solar cell and module manufacturers needed to complete order deliveries before the export tax rebate cancellation on April 1. Intermediate processing segments stockpiled large volumes of raw materials in Q1, with certain manufacturers being the core drivers of the industrial import surge. 2. Retail Investment Demand Against the macro backdrop of global interest rate cuts, US debt crisis concerns, and safe-haven demand in Q1, gold and silver became important asset allocation options, with silver gaining popularity as a "gold alternative." After gold prices repeatedly hit new highs, small-denomination investment silver bars were heavily traded as alternatives to high-priced gold investments. 3. Sustained Arbitrage Window Domestic silver prices, driven by robust demand, were significantly higher than London spot prices. Stable SHFE silver premiums prompted global traders to ship silver to China for arbitrage. Some silver ingots exported through China's processing trade were not shipped to Europe or the US but were instead re-imported by traders directly into the Shenzhen market, forming a unique "export-to-domestic sales" pathway. Q2 Outlook: Pulse-Like Rally Fades Entering Q2, the explosive import growth is expected to be unsustainable. Although China's silver prices still carried a premium over London, physical demand and spot premiums had shifted, with some traders' imported silver ingots already experiencing sluggish sales in late March. The demand side weakened simultaneously. Both industrial and investment demand in China declined, and the spot market softened further. After the PV export rush ended, silver nitrate manufacturers' purchasing enthusiasm dropped sharply; silver prices moving sideways and uncertainty over Middle East conflicts cooled investment enthusiasm, with funds previously flowing into the precious metals market redirected to high-momentum markets such as the US dollar, US Treasuries, and crude oil. China's silver ingot market transitioned from "scarce supply" in April to "trading at discounts with no takers," and as month-end approached, suppliers were forced to cut premiums for bulk shipments or transfer inventory to participate in SHFE deliveries. Profit margins were sharply compressed. The spot premiums, which peaked at 3,650 yuan/kg in February, had pulled back to near parity by April. Some suppliers sold at discounts due to cash flow needs, import silver ingot profits declined significantly, and the arbitrage window disappeared. Overall, the record-breaking silver imports in Q1 were a "pulse-like" rally driven by both retail investment fever and PV export rush stockpiling. As both drivers faded simultaneously, combined with assessments of actual trade market orders, imports in April are expected to pull back.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,317/mt, moved sideways after the opening before dipping to a low of $13,168/mt, then the center rose to a high of $13,348/mt, and finally closed at $13,259/mt, down 0.68%, with trading volume at 18,000 lots, a decrease of 809 lots from the previous trading day; open interest stood at 316,000 lots, a decrease of 4,795 lots from the previous trading day, with the overall movement mainly characterized by bulls reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 102,670 yuan/mt, fluctuated downward after the opening to a low of 101,780 yuan/mt, then the center rose to a high of 102,880 yuan/mt, and finally closed at 102,550 yuan/mt, down 0.15%, with trading volume at 55,000 lots, a decrease of 51,000 lots from the previous trading day; open interest stood at 186,000 lots, an increase of 1,437 lots from the previous trading day, with the overall movement mainly characterized by bears adding positions.