This week, ferrous metals fluctuated at highs, with raw material ore and coking products outperforming steel. Against the backdrop of the escalating conflict in the Middle East, ore and coking products held up well, supported by higher shipping costs and transmission from coal and coke as energy substitutes. In the second half of the week, supply and demand data for hot-rolled coil and rebar were released. The increase in rebar inventory slowed markedly; however, hot-rolled coil demand was lower than the same period last year, and the pace of post-holiday recovery was relatively slow, leaving steel as a whole with limited upward momentum, while futures retreated after rapid rise. In the spot market, trading in the Chinese market was average this week.....

[SMM Analysis] Freight Rates Surge, Making Deals Difficult for Steel Expor ters Affected by the US-Iran conflict, tight energy supply and sharply higher fuel costs, compounded by exchange rate fluctuations, have continuously pushed up China's export offers in recent days. Compared with the beginning of the month (March 6), SMM HRC prices have been raised by $9/mt; galvanizing prices rose by $11/mt; CRC rose by $5/mt; billet rose by $6/mt; and rebar rose by $6/mt. However, looking back at market transaction performance, deals weakened again recently. According to the SMM survey, ocean freight rates surged sharply, with current freight to the Middle East as high as $50-60. Most outside China clients remained on the sidelines; shipowners also refused to commit tonnage while waiting for the market to stabilize. For China exporters, there were offers but no market, making shipments difficult. Meanwhile, market sources said Hadeed, the GCC's only flat steel producer, raised its May hot-rolled coil (HRC) prices, still related to shipping restrictions in the Strait of Hormuz. HRC cargoes previously booked from China and other origins were also being redirected to the west coast, mainly heading to Jeddah Port, bringing high inland transportation costs. As for global steel prices, in India, in addition to rising raw material costs and rupee depreciation, a sudden LNG energy shortage further pushed up production costs, forcing steel mills to maintain a strong willingness to hold prices firm despite the traditional domestic off-season and blocked exports. In the Southeast Asian market, price increases were accepted entirely passively, mainly due to the rigid pass-through of high ocean freight rates by overseas suppliers. Although Southeast Asian buyers hesitated to take orders, they had no choice but to passively accept the increases against the backdrop of persistently high geopolitical logistics costs. At the same time, CIS export offers also rose significantly, benefiting from the intensifying geopolitical conflict in the Middle East and the resulting short-term global supply tightens. In the Middle East market, meanwhile, as war tensions continued to escalate, the closure of the Strait of Hormuz completely disrupted transportation, while freight rates and delivery uncertainty pushed the sheets & plates import markets in the UAE and Saudi Arabia into a complete standstill. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

On February 18, 2025, the National Development and Reform Commission (NDRC) of Cangzhou officially released the "Cangzhou Hydrogen Subsidy Management Measures (Trial)" (hereinafter referred to as the "Measures"), aiming to promote the development of the hydrogen energy industry, facilitate the construction of hydrogen refueling stations, and ensure the healthy development of the hydrogen market. This policy not only provides direct subsidy support for hydrogen refueling stations but also encourages the reduction of hydrogen selling prices through a price incentive mechanism, offering strong support for the popularization and commercialization of hydrogen energy. This article provides a detailed interpretation of this policy. I. Policy Background and Objectives With the acceleration of global energy transition and the rapid development of the hydrogen energy industry, Cangzhou, as one of the important energy bases in northern China, has actively responded to the national call to vigorously develop the hydrogen energy industry. However, the development of the hydrogen energy industry faces challenges such as high costs and low market acceptance, which hinder its large-scale and commercial application. To address these challenges, the Cangzhou government introduced the "Measures" to reduce the operating costs of hydrogen refueling stations through financial subsidies, rationalize hydrogen market prices, and promote the rapid development of the hydrogen energy industry. II. Subsidy Targets and Conditions The "Measures" specify that the subsidy targets are fixed or skid-mounted hydrogen refueling stations providing hydrogen refueling services within the administrative region of Cangzhou, with a hydrogen market selling price not exceeding 25 yuan per kilogram. This provision ensures the precise allocation of subsidies while avoiding excessive market price fluctuations. Additionally, the hydrogen selling price and refueling volume are verified based on invoices, ensuring fairness and transparency in subsidy distribution. III. Subsidy Standards and Methods According to the "Measures," for eligible hydrogen refueling stations with a hydrogen selling price not exceeding 25 yuan per kilogram, a subsidy of 3 yuan per kilogram will be provided. Furthermore, for every 1 yuan per kilogram reduction in the hydrogen selling price, an additional subsidy of 0.5 yuan per kilogram will be granted. This subsidy policy not only directly reduces the operating costs of hydrogen refueling stations but also encourages them to lower hydrogen selling prices through a price incentive mechanism, enhancing market competitiveness. Subsidies are settled quarterly based on invoice dates, ensuring timely and effective subsidy distribution. IV. Subsidy Duration and Cap The "Measures" stipulate that the subsidy duration is from 2025 to 2027, with a total subsidy cap of 50 million yuan. Among this, the subsidy cap for 2025 is 20 million yuan, for 2026 is 20 million yuan, and for 2027 is 10 million yuan. This provision ensures the continuity and stability of the subsidy policy while avoiding excessive investment and waste of subsidy funds. V. Policy Significance and Impact The introduction of the "Measures" holds significant importance for promoting the development of the hydrogen energy industry in Cangzhou. On one hand, financial subsidies reduce the operating costs of hydrogen refueling stations, enhancing their profitability and attracting more social capital to invest in the hydrogen energy industry. On the other hand, the price incentive mechanism encourages hydrogen refueling stations to lower hydrogen selling prices, improving market acceptance and competitiveness, thereby facilitating the large-scale and commercial application of hydrogen energy. Additionally, the implementation of this policy contributes to the collaborative development of the hydrogen energy industry chain and promotes the deep integration of the hydrogen energy industry with NEVs and the energy internet. VI. Conclusion In summary, the introduction of the "Cangzhou Hydrogen Subsidy Management Measures (Trial)" is a strong initiative by the Cangzhou government to actively respond to the national call and promote the development of the hydrogen energy industry. By combining financial subsidies with a price incentive mechanism, this policy reduces the operating costs of hydrogen refueling stations, enhances market competitiveness, and provides strong support for the popularization and commercialization of hydrogen energy. In the future, with the in-depth implementation of the policy and the continuous development of the hydrogen energy industry, Cangzhou is expected to become one of the key hydrogen energy industry bases in China, making a positive contribution to energy transition and sustainable development.

In 2025, Yingkou City is expected to thoroughly implement the important speeches and instructions of General Secretary Xi Jinping on the comprehensive revitalization of northeast China and Liaoning Province, fully implement the spirit of the Central Economic Work Conference and the Provincial Economic Work Conference, and formulate a series of policies and measures to stabilize growth and improve people's livelihood. These measures aim to enhance the supply of growth-stabilizing policies, continuously consolidate the trend of steady economic improvement and quality enhancement, and promote the successful conclusion of the 14th Five-Year Plan and a new breakthrough in the comprehensive revitalization of Yingkou. Below is a detailed interpretation of these policies and measures. I. Industrial Projects and Industrial Upgrading Strengthening Support for Industrial Projects Measures : For newly constructed industrial projects with a verified total investment of 5 million yuan or more, direct subsidies will be provided at a rate not exceeding 10% of the project construction investment, or interest subsidies will be granted based on the one-year Loan Prime Rate (LPR) published by the People's Bank of China during the same period. Interpretation : This measure aims to encourage enterprises to increase investment, promote the rapid development of industrial projects, and enhance the overall competitiveness of Yingkou's industrial sector. Supporting the Development of Specialized Industrial Design Institutions Measures : A one-time reward of up to 250,000 yuan will be granted to units recognized as provincial-level industrial design demonstration enterprises (institutions), and a one-time reward of up to 500,000 yuan will be granted to units recognized as national industrial design research institutes. Interpretation : Through a reward mechanism, this measure aims to promote the development of industrial design institutions, improve product design quality and market competitiveness, and thereby facilitate industrial upgrading. Supporting the Development of Testing and Detection Institutions Measures : Efforts will be made to enhance the technical capabilities of testing and detection institutions, support their deepened cooperation with internationally renowned organizations, and guide traditional laboratories in digital and intelligent transformation. Rewards will be provided to testing and detection institutions newly accredited with qualifications. Interpretation : This measure aims to enhance the overall strength of testing and detection institutions and promote high-quality industrial development. II. E-Commerce and Logistics Development Enhancing E-Commerce Supply Chain Levels Measures : Efforts will focus on strengthening the construction of e-commerce supply chain service systems, encouraging the organization of e-commerce live-streaming supply chain matchmaking events, and providing financial support to event organizers. The development of full-supply-chain managed logistics services will also be promoted. Interpretation : By enhancing e-commerce supply chain levels and strengthening the development of new sales models such as e-commerce live-streaming, this measure aims to promote the prosperity of the consumer market. Vigorously Developing Multimodal Transport Measures : Enterprises will be encouraged to apply for high-quality development pilot projects in multimodal transport, modernize port collection and distribution systems, and accelerate the construction of the Bayuquan port cargo pick-up expressway. Interpretation : By developing multimodal transport, this measure aims to optimize the logistics system, improve transportation efficiency, reduce logistics costs, and promote further optimization and upgrading of the logistics industry. III. Hydrogen Energy Industry and Green Development Accelerating the Construction of the "Shenyang-Dalian Hydrogen Energy Expressway Corridor" Measures : Leveraging Yingkou's advantages in ports, resources, and location, research on the city's hydrogen energy industry development will be conducted to accelerate integration into the "Shenyang-Dalian Hydrogen Energy Expressway Corridor." Construction subsidies will be provided for newly built or renovated commercial hydrogen refueling stations with a refueling capacity of 500 kilograms or more. Interpretation : This measure aims to promote the development of the hydrogen energy industry, facilitate the use of clean energy, reduce carbon emissions, and achieve green development. IV. Consumption and Livelihood Improvement Promoting Recovery and Revitalization in the Consumption Sector Measures : Support will be provided for consumption promotion activities, including the issuance of subsidies for bulk consumption and dining consumption. Efforts will also focus on creating new consumption scenarios and supporting the issuance of consumption vouchers in the commercial circulation sector. Interpretation : By issuing consumption subsidies and creating new consumption scenarios, this measure aims to stimulate consumer purchasing intentions and promote the recovery and revitalization of the consumer market. Promoting High-Quality Implementation of "Two Major" Policies Measures : Efforts will be made to closely monitor national policy trends and funding directions, strive to secure various types of higher-level funding, strengthen land use guarantees for "Two Major" projects, and optimize approval procedures. Interpretation : By securing higher-level funding and optimizing approval procedures, this measure aims to promote the construction of key projects, thereby facilitating stable economic growth and improving people's livelihoods. V. Financial and Employment Support Strengthening Financial Credit Support for Enterprises Measures : Efforts will be made to increase the issuance of inclusive small and micro loans, encourage financial institutions in Yingkou to innovate products and services, and provide financial support services for transportation enterprises' vehicles. Interpretation : By strengthening financial credit support, this measure aims to alleviate the difficulties and high costs of financing for enterprises, promoting their healthy development. Making Every Effort to Stabilize Employment Measures : Efforts will be made to enhance support for employment and entrepreneurship and improve vocational skills. Interpretation : By implementing employment stabilization policies, this measure aims to improve workers' employability and entrepreneurial intentions, promoting a stable and prosperous job market. VI. Summary and Outlook The policies and measures of Yingkou City to stabilize growth and improve people's livelihood cover various areas, including industrial projects, e-commerce logistics, hydrogen energy industry, consumption and livelihood, and financial and employment support. These measures aim to promote stable economic growth and continuous improvement in people's livelihoods. Their implementation is expected to enhance Yingkou's industrial competitiveness, optimize the logistics system, promote clean energy development, stimulate consumer market vitality, alleviate enterprise financing difficulties, and stabilize the job market. In the future, with the in-depth implementation and continuous improvement of these policies, Yingkou City is expected to achieve higher-quality and more sustainable development.

[SMM Analysis: Lithium Battery Policy Interpretation] Major Policy Adjustment in the Lithium Battery Industry at the Beginning of the Year - "Catalogue of Technologies Prohibited and Restricted from Export in China

[SMM Analysis] On February 9, 2025, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the "Notice on Deepening the Market-oriented Reform of New Energy Feed-in Tariffs to Promote High-quality Development of New Energy" (NDRC Price [2025] No. 136, hereinafter referred to as "Circular No. 136"). The notice clearly stipulates the cancellation of the mandatory energy storage policy for new energy projects, marking the exit of the administrative energy storage mechanism, which has been in place for nearly eight years, from the historical stage. This policy aims to address industry pain points such as inefficient resource allocation, sharp increase in cost pressures for new energy enterprises, and the phenomenon of energy storage being "built but not used," and to promote the transition of energy storage from "policy-driven" to "economy-driven."

【SMM Analysis】On February 9, 2025, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the "Notice on Deepening the Market-Oriented Reform of New Energy On-Grid Tariffs to Promote High-Quality Development of New Energy" (NDRC Price [2025] No. 136, referred to as "Document No. 136"), which explicitly abolished the mandatory energy storage allocation policy for new energy projects, marking the end of the nearly 8-year administrative energy storage allocation mechanism. This policy aimed to address industry pain points such as inefficient resource allocation, surging cost pressure on new energy enterprises, and the phenomenon of "building but not using" energy storage, thereby driving the transition of energy storage from "policy-driven" to "economically-driven.

On April 17, at the AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo — Aluminum Industry Chain Sustainable Development Forum, co-hosted by SMM Information & Technology Co., Ltd., SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi County Qianrun Investment Service Co., Ltd., Zhang Shuchao, Executive Deputy Director of the National Light Metal Quality Inspection and Testing Center and Chief Engineer of Analysis and Testing at Chalco Group, shared with the attendees the interpretation of the national standard for carbon footprint accounting in aluminum production. 1. Relevant Background Relevant Background — Global Climate Change ► Extreme Weather: Rising temperatures, glacier melting, sea level rise, extreme weather, and ecological degradation. ► Main Causes of Climate Change: Greenhouse Gases (GHG) ► The Intergovernmental Panel on Climate Change (IPCC) has conducted six assessments. In terms of "human impact on the climate system," the terms used were: possible, likely, very likely, extremely likely, and the sixth IPCC assessment, released in 2021, stated: unequivocal. ► Types of Greenhouse Gases (GHG) ► Global Warming Potential (GWP) of Major Greenhouse Gases To uniformly measure the relative impact of different greenhouse gases on climate change, the "Global Warming Potential" (GWP) value is generally used for evaluation. The greenhouse effect of carbon dioxide is set as "1" (i.e., GWP=1). If the greenhouse effect of another greenhouse gas of the same mass is χ times that of carbon dioxide, then GWP=χ. ► United Nations Climate Change Conferences It listed the United Nations Climate Change Conferences from 1992 to 2025, such as: 1992: United Nations Framework Convention on Climate Change; 1997: Kyoto Protocol, Tokyo, Japan; 2009: Copenhagen Accord, Copenhagen, Denmark; 2015: Paris Agreement, Paris, France; 2024: Baku, Azerbaijan, initiation of the global carbon market; 2025: COP30, Belém, Brazil, etc. ► China's Actions to Address Climate Change 2011: "12th Five-Year Plan for Controlling Greenhouse Gas Emissions," with a 17% annual reduction; 2013: Online trading launched in Beijing, Tianjin, Shanghai, Chongqing, Hubei, Guangdong, and Shenzhen; 2016: "13th Five-Year Plan for Controlling Greenhouse Gas Emissions," with an 18% annual reduction; 2017: "National Carbon Emission Trading Market Construction Plan (Power Generation Industry)," officially launching the trading system; 2018: The Department of Climate Change was transferred from the National Development and Reform Commission (NDRC) to the Ministry of Ecology and Environment; 2019: First-time requirement for verification of monitoring plan enforcement for key emission enterprises; 2020: Release of "Guidelines for Greenhouse Gas Emission Accounting and Reporting for Power Generation Facilities (Draft for Comments)," unifying accounting boundaries with quota compliance boundaries, reducing the workload for enterprises; July 16, 2021: National carbon trading market opened; 2024: Cement, steel, and aluminum were included. Relevant Background — Domestic Actions Carbon Footprint: Selective, substitutable; Carbon Trading; Energy Use Rights; Emission Rights. Relevant Background — Domestic Emissions 2024: Primary energy consumption: 5.97 billion mt of standard coal (2.62 CO2/t); Coal: 4.85 billion mt, including 110 million mt of imports; Crude oil: 750 million mt, including 536 million mt of imports; Natural gas: 430 billion m3, including 180.7 billion m3 of imports; Cement production: 1.825 billion mt; Steel production: 1.005 billion mt; Non-ferrous metals industry: Emissions accounted for about 7%; Aluminum: 44.005 million mt; Copper: 13.64 million mt; Magnesium: 937,000 mt; Silicon metal: 4.975 million mt; Non-CO2 emissions: 1.1 billion mt; Total emissions: ? 2. Standard Content Standard Content — Relevant Basis ISO 14064-1:2018: Specification and guidance for the quantification and reporting of greenhouse gas emissions and removals at the organizational level ISO 14064-2:2019: Specification and guidance for the quantification and reporting of greenhouse gas emissions and removals at the project level ISO 14064-3:2019: Specification and guidance for the validation and verification of greenhouse gas assertions ISO 14065:2020: Requirements for greenhouse gas validation and verification bodies ISO 14067:2018: Greenhouse gases — Product carbon footprint — Requirements and guidelines for quantification ISO 14068-1:2023: Greenhouse gas management and related activities – Carbon neutrality GB/T 32154 series: Aluminum industry: GB/T 32151.4-2024: Requirements for greenhouse gas emission accounting and reporting — Part 4: Aluminum smelters GB/T 24068-2024: Greenhouse gases — Product carbon footprint — Requirements and guidelines for quantification "Guidelines for Verification of Enterprise Greenhouse Gas Emission Reports (Trial)" GB/T 44905-2024 "Greenhouse Gases — Product Carbon Footprint — Quantification Methods and Requirements for Aluminum" ► ISO 14064: A standard designed for carbon management at the organizational level, focusing on helping enterprises account for, report, and verify greenhouse gas (GHG) emissions. Its goal is to help organizations establish a systematic carbon management framework, support the implementation of emission reduction projects, and ensure the reliability of carbon emission data. ► ISO 14067: Focuses on the carbon footprint assessment of a single product, helping enterprises quantify carbon emissions at various stages of the product life cycle (from raw material procurement to use and disposal). The core of this standard is the "product carbon footprint label," which provides enterprises with a transparent and precise tool to showcase the environmental friendliness of their products. Standard Content — Carbon Footprint It elaborates from the perspectives of general products (intermediate products) and end-use products. Standard Content — Aluminum Electrolysis Process ► Aluminum Electrolysis Process Diagram It also introduced the content of the standard content — chapter sections. Standard Content — Scope The system boundary of aluminum products is "from cradle to gate," i.e., from bauxite resource mining to aluminum product output, including bauxite mining and beneficiation, alumina production, prebaked anode production, aluminum electrolysis production, and aluminum casting, as well as upstream processes such as the production and transportation of auxiliary materials and energy (fuel, electricity). ► Auxiliary Materials and Energy Acquisition: Starts from the extraction of natural materials and ends at the production plant. Auxiliary Materials: Lime, caustic soda, chemicals, petroleum coke, coal tar pitch, fluoride salts, etc.; Energy: Gasoline, diesel, heavy oil, coal, natural gas, electricity, heat, etc. Aluminum production, bauxite, alumina, prebaked anode, aluminum, aluminum casting, trade-offs, impact less than 1%, total trade-offs not exceeding 5%, cathode carbon blocks. Standard Content — Data Classification It introduced on-site data/background data, primary data/secondary data, etc. Standard Content — Data Quality and Evaluation It elaborated on data quality, start and end times, geographical boundaries, technical scope, completeness, representativeness, consistency, information uncertainty, sources, data evaluation, etc. Standard Content — Inventory and Accounting ► Life Cycle Inventory: Data collection, data validation, data allocation, data trade-offs, inventory calculation ► Accounting Standard Content — Result Interpretation and Report 》Click to view the special report on AICE 2025 SMM (20th) Aluminum Industry Conference and Aluminum Industry Expo

With the growing global demand for clean energy and sustainable development, methanol-to-hydrogen technology, as a crucial component of the hydrogen energy industry, is gradually demonstrating its immense application potential and market value. This article will delve into the principles, advantages, applications in the transportation sector, and the current equipment reserves of related enterprises for methanol-to-hydrogen technology. I. Principles of Methanol-to-Hydrogen Technology The principle of methanol-to-hydrogen technology is based on the chemical reaction between methanol and steam under the promotion of specific catalysts, producing hydrogen and carbon dioxide. This process involves multiple components and reactions, forming a complex gas-solid catalytic reaction system. The main reactions include methanol decomposition and carbon monoxide shift reactions. The specific reaction equations are as follows: Methanol decomposition reaction: CH₃OH → CO + 2H₂ Carbon monoxide shift reaction: CO + H₂O → CO₂ + H₂ Combining the above two reactions, the overall reaction equation is: CH₃OH + H₂O → CO₂ + 3H₂. This is an endothermic reaction that requires specific temperature and pressure conditions. II. Advantages of Methanol-to-Hydrogen Technology Methanol-to-hydrogen technology has garnered widespread attention primarily due to its multiple advantages: Low cost: Methanol is widely available, derived from both fossil resources and biomass, and is inexpensive, helping to reduce hydrogen production costs. Ease of storage and transportation: Methanol is in a liquid state at normal temperature and pressure, making it easy to store and transport, and ensuring that hydrogen production is not geographically restricted. High hydrogen yield: Methanol steam reforming technology can completely convert the hydrogen in methanol into hydrogen gas, improving the utilization rate of raw materials. Environmental protection: Compared to traditional fossil fuel-based hydrogen production methods, methanol-to-hydrogen technology emits less carbon, making it more environmentally friendly. Additionally, with the development of green methanol technology, the carbon emissions associated with methanol production are gradually being addressed. III. Applications of Methanol-to-Hydrogen Technology in the Transportation Sector The applications of methanol-to-hydrogen technology in the transportation sector are mainly reflected in the following aspects: Fuel cell vehicles: Methanol-to-hydrogen technology provides a stable and reliable hydrogen source for fuel cell vehicles. Through methanol reforming hydrogen fuel cell systems, hydrogen can be produced and used on-demand, eliminating the need for hydrogen storage and transportation, thereby enhancing safety. Hydrogen-powered forklifts: Recently, methanol-to-hydrogen forklifts have entered the testing phase, marking a substantial step forward in the application of hydrogen energy in the industrial logistics sector. This innovative technology transforms traditional fuel-powered forklifts into methanol-to-hydrogen forklifts, offering advantages such as low cost, high operational efficiency, and environmental protection. Hydrogen refueling stations: The integrated methanol-to-hydrogen refueling model provides a new approach to the construction of hydrogen refueling stations. By installing distributed methanol-to-hydrogen systems within hydrogen refueling stations, hydrogen production and refueling can be integrated, reducing hydrogen transportation costs and improving the economic efficiency and safety of hydrogen refueling stations. IV. Enterprises with Current Methanol-to-Hydrogen Equipment Reserves Currently, numerous domestic and international enterprises have made significant investments in R&D and have advanced methanol-to-hydrogen equipment reserves. Below are some representative companies: China Hydrogen New Energy Technology Co., Ltd.: Released the MHU-600 second-generation methanol-to-hydrogen cabinet product for hydrogen energy vehicles in the transportation sector, achieving a methanol-to-hydrogen conversion efficiency of over 80%. The product features a modular design, allowing flexible adjustments to daily hydrogen production based on customer needs. Hefei NaHydrogen New Energy Co., Ltd.: Specializes in the R&D and production of methanol reforming hydrogen fuel cell systems, aiming to achieve the localisation of core components. Its methanol reforming fuel cell technology integrates methanol reforming hydrogen modules with high-temperature proton exchange membrane fuel cell stacks, enabling on-demand hydrogen production and usage. Guangdong Ncreator Technology Co., Ltd.: Leverages years of technical expertise and experience to develop and manufacture various hydrogen production and hydrogen power generation equipment. Its main products include the CW-MHG series methanol-water hydrogen production machines and the CW-MFC series methanol-water hydrogen fuel cell generators. CIMC Enric: Launched the first skid-mounted methanol steam reforming hydrogen production unit, with a hydrogen production capacity of 100-500Nm³/h, hydrogen purity exceeding 99.99%, and a methanol conversion rate of over 98%. YangHydrogen Group: Integrates over 20 years of methanol hydrogen energy R&D achievements from US-based H2PT and Canada-based Ballard, offering modular methanol hydrogen production and supply systems, as well as distributed methanol hydrogen cogeneration systems. These enterprises have achieved remarkable results in methanol-to-hydrogen technology, not only driving the development of the hydrogen energy industry but also making significant contributions to global energy transition and sustainable development. According to on-site surveys conducted by SMM analysts, many enterprises involved in hydrogen energy initially chose to start with methanol-to-hydrogen technology. As the technology matures, they gradually transition to manufacturing water electrolysis hydrogen production equipment. Based on the overall market development of hydrogen energy in 2024, it is still premature to rapidly develop water electrolysis hydrogen production and pure hydrogen fuel cells. Considering factors such as cost, methanol-to-hydrogen is regarded as a viable transitional route. In conclusion, methanol-to-hydrogen technology, with its unique advantages and broad application prospects, is playing an increasingly important role in the hydrogen energy industry. With continuous technological advancements and sustained policy support, methanol-to-hydrogen is expected to achieve widespread application and promotion in the transportation sector, industrial sector, and beyond, injecting new momentum into global energy transition and sustainable development. Written by: SMM Hydrogen Energy Analyst Xin Shi - 13515219405 (WeChat available). If you are also interested in hydrogen energy, feel free to contact me.

In February 2025, the Management Committee of Changsha Economic and Technological Development Zone officially released the "Several Measures of Changsha Economic and Technological Development Zone to Accelerate the Cultivation of New Quality Productivity and Promote High-Quality Development of Manufacturing (Trial)" (hereinafter referred to as the "New Policy"). The introduction of this policy marks a solid step forward for Changsha Economic and Technological Development Zone in promoting high-quality development of manufacturing. Through a series of innovative measures, it aims to accelerate the cultivation of new quality productivity and provide strong support for the transformation, upgrading, and high-quality development of the manufacturing industry in the zone. I. Policy Background and Objectives With the accelerated advancement of the global technological revolution and industrial transformation, the cultivation of new quality productivity has become key to promoting high-quality development in manufacturing. As a national-level economic and technological development zone, Changsha Economic and Technological Development Zone shoulders the important mission of leading regional economic development. The introduction of the New Policy aims to thoroughly implement the spirit of the 20th CPC Central Committee's Third Plenary Session and the important instructions of General Secretary Xi Jinping on the work of national-level economic and technological development zones. It seeks to accelerate the realization of the "Three Highs and Four News" blueprint and promote the manufacturing industry towards high-end, intelligent, and green development. II. Main Content of the Policy The New Policy focuses on six key areas: supporting enterprise R&D and innovation, supporting future industry development, supporting enterprise quality improvement and upgrading, supporting high-level openness, supporting green development of enterprises, and supporting financial services for manufacturing development. It proposes 30 detailed measures to lay a solid foundation for the high-quality development of the manufacturing industry in the zone. Supporting Enterprise R&D and Innovation: The New Policy addresses R&D investment, platform creation, achievement transformation, and ecosystem improvement. It provides rewards of up to 5 million yuan for major scientific and technological achievement transformation projects and supports enterprises with annual R&D expenditures reaching a certain scale by offering 10% of incremental R&D expenses, up to 2 million yuan. Additionally, it encourages the implementation of scientific research achievements from universities and institutes in the zone, promoting the transformation of technological achievements into actual productivity. Supporting Future Industry Development: The New Policy focuses on emerging fields such as future manufacturing, future energy, future information, future biology, and future materials, aiming to cultivate future industry segments like artificial intelligence, new energy equipment, low-altitude manufacturing, and biomanufacturing. For products of future industry enterprises recognized through evaluation, it provides support equivalent to 5% of the YoY increase in annual sales revenue, with a maximum reward of 10 million yuan per enterprise. It also supports the construction of future industry application scenarios and landmark products, promoting the improvement of basic facilities and standard formulation for future industries. Supporting Enterprise Quality Improvement and Upgrading: The New Policy encourages enterprises to expand effective investment, enhance capabilities, and improve per-unit-area efficiency. It offers varying levels of rewards for newly recognized national-level manufacturing "single champion" enterprises and national-level specialized and innovative "little giant" enterprises. Additionally, it supports enterprises in increasing equipment upgrades, providing up to 10% support for projects with annual new equipment investments of 5 million yuan, with a maximum reward of 10 million yuan per project. A comprehensive evaluation mechanism guided by per-unit-area efficiency has also been established to reward outstanding enterprises. Supporting High-Level Openness: The New Policy encourages foreign trade enterprises to improve quality and efficiency, rewarding production-oriented foreign trade enterprises in the zone based on their zero-to-multiple growth performance. It also increases efforts to attract foreign investment in key areas, rewarding newly introduced foreign trade projects with annual export values reaching a certain scale or foreign investment projects with actual utilization of foreign capital reaching a certain scale. Furthermore, it supports enterprises in overseas investments, aiming to build a demonstration zone for China-Africa economic and trade cooperation. Supporting Green Development of Enterprises: The New Policy focuses on circular economy, green and low-carbon transformation, and enhancement of environmental management capabilities. It provides rewards for remanufacturing or resource recycling projects and national green manufacturing enterprises. Enterprises are also encouraged to adopt advanced environmental protection technologies and management methods to reduce energy consumption and emissions while improving resource utilization efficiency. Supporting Financial Services for Manufacturing Development: The New Policy focuses on the settlement of funds and licensed financial institutions and investment projects. It provides a minimum 0.4 times return investment for sci-tech innovation funds, up to 70% matching funds for sub-funds, and 60% risk tolerance support. Additionally, it establishes an investment reward of up to 5 million yuan per year to attract more financial capital to support manufacturing development. III. Policy Features and Impact The introduction of the New Policy demonstrates the determination and efforts of Changsha Economic and Technological Development Zone in promoting high-quality development of manufacturing. Its features are mainly reflected in the following aspects: Innovation-Driven: The New Policy emphasizes a new orientation towards innovation-driven development, particularly strengthening technological innovation and future industry cultivation. Through a series of innovative measures, it accelerates the cultivation of new quality productivity and promotes the manufacturing industry towards high-end, intelligent, and green development. Systematic Measures: The New Policy adopts a "1+N" policy system (one main policy + multiple specialized sub-policies) in a collaborative model, achieving dual efforts of "systematic measures" and "precise empowerment." It provides enterprises with life cycle policy support, helping the zone accelerate progress in its "second entrepreneurship" journey. Effective Implementation: The New Policy focuses on effective policy implementation, simplifying application processes and optimizing implementation methods. Measures such as increasing "enjoyment without application" and "full online processing" ensure that policies truly benefit enterprises, stimulating their innovation vitality and development momentum. Dynamic Updates: The New Policy adheres to the principle of dynamic updates, continuously updating the main policy and sub-policies based on industrial development dynamics and enterprise needs. This ensures that policies are iteratively updated and precisely aligned with industrial development requirements. The introduction of the New Policy will have a profound impact on the development of the manufacturing industry in Changsha Economic and Technological Development Zone. On one hand, it will attract more high-quality enterprises and projects to settle in the zone, promoting industrial clustering and upgrading. On the other hand, it will stimulate the innovation vitality and development momentum of enterprises, enhancing the overall competitiveness and influence of the zone. It is expected that under the guidance of the New Policy, Changsha Economic and Technological Development Zone will embrace broader development prospects and a brighter future.