SMM June 20 news: Metals markets: Overnight, the domestic base metals market was closed for the Dragon Boat Festival holiday. Looking back at the performance of domestic base metals on June 18: Domestic base metals showed mixed performance, with SHFE zinc up 0.39%, SHFE aluminum up 0.38%, and SHFE nickel edging up. SHFE tin fell 2.03%, SHFE copper fell 0.48%, and SHFE lead fell 0.15%. Overnight, the ferrous metals market was closed for the Dragon Boat Festival holiday. Looking back at the performance of ferrous metals on June 18: Stainless steel rose 0.07%, iron ore fell 1.13%, rebar fell 0.95%. HRC fell 0.77%. The most-traded coking coal contract fell 5.78%, and the most-traded coke contract fell 3%. Overnight in overseas metals, LME base metals mostly fell. LME copper fell 0.5%. LME aluminum rose 0.12%, LME lead fell 1.32%. LME zinc fell 2.05%. LME tin rose 0.19%. LME nickel fell 1.41%. Overnight in precious metals : COMEX gold fell 1.72%, posting its third straight weekly decline and down 1.55% for the week; COMEX silver fell 2.12%, marking six consecutive weekly declines and down 4.51% for the week. Overnight, the most-traded SHFE gold contract was closed; SHFE gold rose on the week, up 4.11% for the week. The most-traded SHFE silver contract was closed; SHFE silver rose on the week, up 5.25% for the week. With no longer expecting the Fed to cut interest rates in 2026, Goldman Sachs lowered its year-end gold price forecast by $500. Analysts Lina Thomas and Daan Struyven said in a note: "We are revising down our 12-month gold price target to $4,900/oz (from $5,400), implying that gold prices are still expected to rise in H2, but less than previously anticipated. Our view on gold prices remains structurally constructive but tactically cautious, with near-term downside risks and medium-term upside risks." The analysts said the downward revision was due to Goldman Sachs economists pushing back their US rate cut expectations to June and December next year, from the previous forecast of December 2026 and March 2027, as well as lower projected gold ETF inflows. They added that, given the "unexpectedly hawkish" first Fed meeting under Chairman Warsh, concerns about central bank independence may be limited. (Jin10 Data) As of 7:47 am on June 20, overnight closing prices: Macro front Domestic front: [NFRA: Advance the construction of AI application infrastructure in the financial industry] The National Financial Regulatory Administration (NFRA) issued guidelines on the safe development and application of artificial intelligence in banking and insurance. It proposes to promote the construction of an AI application ecosystem in the financial sector. Advance the development of AI application infrastructure in the financial industry and promote the sharing and reuse of AI application outcomes across the sector. Encourage large financial institutions to play an exemplary role and export AI technologies and management experience to small and medium-sized financial institutions. Support small and medium-sized financial institutions in strengthening collaboration to jointly drive the implementation of application scenarios. Encourage closer synergy with the AI industry, using financial applications to foster industrial innovation and development, and leveraging industrial achievements to improve the quality and efficiency of financial applications. [Box office on the first day of the 2026 Dragon Boat Festival holiday surpasses 100 million yuan, number of new releases hits a near-decade high for the same period] According to data from online platforms, as of now, the box office (including pre-sales) on the first day of the 2026 Dragon Boat Festival holiday has exceeded 100 million yuan. The film offerings during the 2026 Dragon Boat Festival are diverse and rich in genre. Over the short three-day holiday, nearly 20 films were released in concentrated fashion, setting a new high for the same period in nearly a decade. The film genres cover sci-fi, youth, animation, and more, addressing the viewing needs of audiences across almost all age groups. (CCTV News) [Guangdong: Accelerate the construction of the national integrated computing power network hub in the Guangdong-Hong Kong-Macao Greater Bay Area and make forward-looking plans for 6G technology and satellite internet] The General Office of the People's Government of Guangdong Province issued a notice on the Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Sector in Guangdong Province. It mentions that the deployment of 5G-A networks and pilot projects for 10G optical networks will be advanced in an orderly manner. 50G-PON ports will be deployed on a large scale in key scenarios such as factories and industrial parks. The upgrading and renovation of aging communication facilities will be further promoted, with FTTR whole-home optical network coverage to be achieved simultaneously in both new and older residential communities. Mobile network coverage along major transportation routes and hubs will be improved, and initiatives to increase broadband speeds and benefit the public will be implemented, driving an overall leap in broadband user download rates. The construction of the national integrated computing power network hub in the Guangdong-Hong Kong-Macao Greater Bay Area will be accelerated, the spatial layout of data centers optimized, edge computing vigorously developed, and a “cloud-edge-device” collaborative computing power service system created. Forward-looking plans will be made for 6G technology and satellite internet, a Guangdong 6G Industry Innovation and Development Alliance will be established, and ministerial-provincial 6G collaborative pilot projects will be promoted, with a focus on creating application benchmarks for distinctive scenarios such as embodied AI, intelligent connected vehicles, the low-altitude economy, and the marine economy. [Guangdong: Support the Guangzhou Futures Exchange in enriching its futures product system and improving the full futures industry chain] The General Office of the People's Government of Guangdong Province issued a notice on the Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Sector in Guangdong Province. It mentions that efforts will be made to cultivate and strengthen high-quality investment banks and investment institutions, encourage leading securities firms and fund management companies to enhance their service capabilities, compliance management capabilities, and market leadership, attract well-known domestic and international asset management institutions to establish corporate headquarters or regional headquarters in Guangdong, and encourage the development of the investment advisory business. Leverage the comprehensive service functions of the capital market, guide and support local cities in improving the databases of enterprises in the listing pipeline and M&A projects, work with stock exchanges, securities firms and other institutions to deliver thorough and detailed full-cycle advisory services for enterprises planning to go public, streamline approval processes involving the transfer of land use rights, real estate, and equity stakes in the M&A and restructuring of publicly listed firms, and encourage enterprises to expand the issuance scale of technology bonds, green bonds, and asset-backed securities. (from Wall Street CN APP) [Weifang: Expanding the 2026 Consumer Goods Trade-in Category Subsidy Campaign] The Weifang Municipal Bureau of Commerce released an announcement regarding the expansion of the 2026 consumer goods trade-in category subsidy campaign in Weifang City. It will provide subsidies in accordance with unified provincial categories and standards to individual consumers purchasing range hoods, household gas stoves (including integrated stoves), water purifiers, dishwashers, hearing aids, robot vacuum cleaners (including floor scrubbers), mobility-assisting exoskeleton robots, smart toilets, and other products. Individual consumers purchasing the above subsidized category products in Weifang City will receive a subsidy equal to 15% of the final selling price after all applicable discounts. Each person is limited to one subsidized item per category, with a maximum subsidy of 1,500 yuan per item, and the delivery address of the subsidized product must be within the administrative area of Weifang City. (Weifang Release) [INE Releases Notice on the Launch of Market Orders and Related Trading Order Sizes] According to the Shanghai International Energy Exchange (INE), market orders will be launched effective July 6, 2026 (i.e., starting from the night trading session on July 3, 2026). Market orders will apply to all listed futures and options contracts. For limit orders, the minimum order quantity is 1 lot per order; the maximum order quantity is 500 lots for futures contracts and 100 lots for options contracts. For market orders, the minimum order quantity is 1 lot per order; the maximum order quantity is 60 lots for futures contracts and 30 lots for options contracts. For settlement price trading orders, the minimum order quantity is 1 lot per order, and the maximum order quantity is 500 lots. On the US dollar front: Overnight, the US dollar index fell 0.06% to 100.76, after hitting an intraday high of 101.13 and a low of 100.69. On the weekly chart, the US dollar index rose for the week, gaining 0.97%. Market pricing indicated that bets on Fed rate hikes rose, fully pricing in a 25-basis-point rate hike in September. Data showed that foreign exchange traders, including hedge funds, were heavily buying options, betting that the dollar would strengthen further after the Fed sent hawkish signals this week and reinforced expectations of US rate hikes. According to traders, leveraged funds began buying dollar call options on Wednesday. This demand extended into Thursday as investors digested the anti-inflation rhetoric from the new Fed Chairman Warsh. Tobias Jungmann, Head of Americas FX Options at Bank of America, said, "We are seeing large-scale buying of USD call options, mainly concentrated in G-10 currencies. Given that current implied volatility is at low levels, establishing USD long positions via options looks very attractive." James Swindell, Senior FX Options Trader at Barclays in London, said, "We are seeing significant and broad-based demand for USD call options, particularly in EUR/USD and GBP/USD." (Jin10 Data APP) According to the CME "Fed Watch": The probability of the Fed keeping rates unchanged in July is 60.4%, and the probability of a cumulative 25-basis-point hike is 39.6%. For September, the probability of the Fed keeping rates unchanged is 31.2%, the probability of a cumulative 25-basis-point hike is 49.6%, and the probability of a cumulative 50-basis-point hike is 19.1%. (Jin10 Data APP) In other currencies: European Central Bank Chief Economist Lane said on Thursday that eurozone inflation will remain elevated despite the recent pullback in energy prices. To address the surge in energy costs since the outbreak of the Middle East conflict in late February, the ECB raised interest rates last week for the first time in nearly three years. However, following the announcement of a peace deal between Iran and the US, oil and natural gas prices subsequently fell sharply. Lane said the ECB has no doubt about the correctness of the rate hike decision and still expects inflation to stay above the 2% target for an extended period. He said, "We think food prices will rise, as will the prices of goods and services. Even in a milder scenario where oil prices pull back, the rate hike was justified." Additionally, ECB Governing Council member Wunsch said: If we see services inflation pick up, we might consider another 25-basis-point hike as insurance. If the data is unclear, I don't think there is any need to rush. (Jin10 Data) [Bank of England keeps rate unchanged in a 7-2 vote, says it will closely monitor Middle East situation] The Bank of England kept its rate at 3.75%, saying the recent drop in oil prices is "encouraging," although two policymakers voted for an immediate 25-basis-point hike over concerns about persistent inflation. External member Megan Greene joined the camp of Huw Pill, the lone dissenter in April and chief economist, voting to raise the rate to 4% immediately, citing an unstable price outlook despite the recent ceasefire agreement between the US and Iran. (from Wall Street News APP) On the macro front: Next week, the following data will be released: China's one-year loan prime rate as of June 22, Canada's May CPI m/m, Eurozone June consumer confidence index preliminary, France's June manufacturing PMI preliminary, Germany's June manufacturing PMI preliminary, Eurozone June manufacturing PMI preliminary, UK June manufacturing PMI preliminary, UK June services PMI preliminary, UK June CBI industrial orders balance, US ADP employment change for the week ending June 6 weekly, US June S&P Global manufacturing PMI preliminary, US June S&P Global services PMI preliminary, US June Richmond Fed manufacturing index, Australia's May unadjusted CPI y/y, Germany's June IFO business climate index, Switzerland's June ZEW investor confidence index, US Q1 current account, US May new home sales annualized, Australia's May seasonally adjusted unemployment rate, Germany's July GfK consumer confidence index, US initial jobless claims for the week ending June 20, US May core PCE price index y/y, US May personal spending m/m, US Q1 real GDP annualized q/q final, US Q1 real personal consumption expenditures q/q preliminary, US Q1 real personal consumption expenditures q/q final, US Q1 core PCE price index annualized q/q final, US May core PCE price index m/m, US May durable goods orders m/m, US June final University of Michigan consumer sentiment, US June final 1-year inflation expectations, and other data. Also next week, attention should be paid to: ECB President Christine Lagarde addressing the EU Parliament; Bank of Canada Governor Tiff Macklem delivering remarks; the 17th Summer Davos Forum held in Dalian from June 23 to 25; the Bank of Japan releasing a summary of opinions from its June monetary policy meeting board members; Nvidia holding its annual general meeting; the Bank of Canada releasing its monetary policy meeting minutes; the US Fed releasing its annual bank stress test results; Bank of Japan Governor Ueda Kazuo attending a central bank lecture event hosted by the International Monetary Fund (IMF); today saw the maturity of 300 billion yuan of one-year medium-term lending facilities (MLF) and 248 billion yuan of seven-day reverse repos; FOMC permanent voting member and New York Fed President John Williams speaking; 2027 FOMC voting member and Chicago Fed President Austan Goolsbee speaking; and 2026 FOMC voting member and Minneapolis Fed President Neel Kashkari speaking. Crude oil: Overnight, both oil futures gained: WTI crude rose 0.91%, while Brent crude rose 0.47%. On a weekly basis, WTI crude futures posted a second straight weekly decline, falling 9.83% for the week; Brent crude futures also fell for a second consecutive week, down 8.53%. International crude oil futures opened lower on Friday, struggled to rebound intraday, and turned lower several times. They hit a fresh daily low after reports of a ceasefire between Israel and Hezbollah, but as reports emerged that both sides continued to exchange fire after the ceasefire, they turned positive again late in the European session. Brent crude struggled around the $80 mark throughout the day. (Wall Street CN) Iran's Foreign Ministry stated that negotiations on a permanent agreement with the US will only begin after a permanent end to the war in Lebanon, the full lifting of the US blockade, US issuance of waivers for Iranian oil, and the release of Iran's frozen assets. (Jin10 Data APP) Iran is shipping a large amount of oil that was previously stranded due to the US blockade, potentially a positive development for Tehran after it signed a tentative peace deal with Washington on Wednesday. Shipping data compiled by Bloomberg showed that 11 tankers carrying a total of 20 million barrels of crude oil departed from Iran's Chabahar port on the Gulf of Oman this week. Previously, the US military had prevented these tankers from entering the Indian Ocean, a move aimed at restricting Tehran's access to petrodollars. (Jin10 Data APP) Separately, data from the Intercontinental Exchange (ICE) showed that during the week ended June 16, speculative net long positions in Brent crude futures fell by 94,763 contracts to 114,128 contracts. (Jin10 Data APP) In addition, due to contract rollover, the NYMEX July crude oil futures will see their final floor trading at 2:30 AM on June 23 and final electronic trading at 5:00 AM that day. Please pay attention to the exchange's expiration and rollover notices to manage risk. In addition, the expiration dates of US oil contracts on some trading platforms are usually one day earlier than the official NYMEX expiration. Please pay extra attention.

I. Coal-to-Hydrogen For Shandong anthracite, the transaction range was [1,830-1,930] and the average hydrogen cost was 1.8 yuan/m³. For Shanxi anthracite, the transaction range was [1,040-1,120] and the average hydrogen cost was 1.22 yuan/m³. For Hebei anthracite, the transaction range was [1,520-1,600] and the average hydrogen cost was 1.62 yuan/m³. For Henan anthracite, the transaction range was [1,130-1,230] and the average hydrogen cost was 1.32 yuan/m³. II. Natural Gas-to-Hydrogen For Pearl River Delta natural gas, the transaction range was [6,600-6,620] and the average hydrogen cost was 3.04 yuan/m³. For Zhejiang natural gas, the transaction range was [6,520-6,800] and the average hydrogen cost was 3.04 yuan/m³. For Guangxi natural gas, the transaction range was [6,560-6,890] and the average hydrogen cost was 3.04 yuan/m³. For eastern Guangdong natural gas, the transaction range was [6,600-6,620] and the average hydrogen cost was 3.01 yuan/m³. For Henan natural gas, the transaction range was [6,260-6,470] and the average hydrogen cost was 2.95 yuan/m³. For Hebei natural gas, the transaction range was [6,210-6,595] and the average hydrogen cost was 2.94 yuan/m³. For Hubei natural gas, the transaction range was [6,540-6,900] and the average hydrogen cost was 3.08 yuan/m³. For Guizhou natural gas, the transaction range was [6,650-6,990] and the average hydrogen cost was 3.11 yuan/m³. For Sichuan natural gas, the transaction range was [6,560-6,825] and the average hydrogen cost was 3.08 yuan/m³. For Shanxi natural gas, the transaction range was [6,220-6,330] and the average hydrogen cost was 2.86 yuan/m³. For Shandong natural gas, the transaction range was [6,345-6,610] and the average hydrogen cost was 2.99 yuan/m³. For Heilongjiang natural gas, the transaction range was [6,170-6,440] and the average hydrogen cost was 2.89 yuan/m³. For Inner Mongolia natural gas, the transaction range was [6,340-6,580] and the average hydrogen cost was 2.91 yuan/m³. III. Propane-to-Hydrogen For South China propylene oxide, the transaction range was [6,610-6,610] and the average hydrogen cost was 3.75 yuan/m³. For east China propylene oxide, the transaction range was [6,330-6,600] and the average hydrogen cost was 3.68 yuan/m³. For Northeast China propylene oxide, the transaction range was [5,890-6,300] and the average hydrogen cost was 3.49 yuan/m³. For Shandong propylene oxide, the transaction range was [6,130-6,530] and the average hydrogen cost was 3.63 yuan/m³. IV. Methanol-to-Hydrogen For east China methanol, the transaction range was [2,920-3,230] and the average hydrogen cost was 2.63 yuan/m³. For central China methanol, the transaction range was [2,820-3,190] and the average hydrogen cost was 2.62 yuan/m³. For north China methanol, the transaction range was [2,800-2,880] and the average hydrogen cost was 2.44 yuan/m³. For south China methanol, the transaction range was [3,230-3,250] and the average hydrogen cost was 2.73 yuan/m³. For northwest China methanol, the transaction range was [2,600-2,830] and the average hydrogen cost was 2.35 yuan/m³. For southwest China methanol, the transaction range was [2,960-2,980] and the average hydrogen cost was 2.6 yuan/m³. For northeast China methanol, the transaction range was [3,030-3,040] and the average hydrogen cost was 2.6 yuan/m³.

According to data from the National Bureau of Statistics (NBS), in May, raw coal production at industrial enterprises above the designated size (hereafter, large industrial enterprises) remained at a relatively high level, crude oil production grew steadily, natural gas production edged down, and power generation growth picked up. 1. Raw Coal, Crude Oil, and Natural Gas Production and Related Conditions Raw coal production remained at a relatively high level. In May, large industrial enterprises produced 400 million mt of raw coal, down 1.7% YoY, with a daily average production of 12.81 million mt. From January to May, raw coal production at large industrial enterprises reached 1.98 billion mt, down 0.3% YoY. Crude oil production grew steadily. In May, large industrial enterprises produced 18.57 million mt of crude oil, up 0.5% YoY, with growth slowing by 0.7 percentage points from April; daily average production was 599,000 mt. From January to May, crude oil production at large industrial enterprises totaled 91.31 million mt, up 1.1% YoY. The decline in crude oil processing widened. In May, large industrial enterprises processed 53.72 million mt of crude oil, down 9.1% YoY, with the decline expanding by 3.3 percentage points from April; daily average processing volume was 1.733 million mt. From January to May, crude oil processed at large industrial enterprises reached 292.8 million mt, down 2.2% YoY. Natural gas production edged down. In May, large industrial enterprises produced 21.7 billion m³ of natural gas, down 2.2% YoY, compared to a 1.9% increase in April; daily average production was 700 million m³. From January to May, natural gas production at large industrial enterprises amounted to 111.7 billion m³, up 1.7% YoY. 2. Power Generation Power generation growth at large industrial enterprises accelerated. In May, power generation at large industrial enterprises reached 784.3 billion kWh, up 4.2% YoY, with growth accelerating by 1.6 percentage points from April; daily average generation was 25.3 billion kWh. From January to May, power generation at large industrial enterprises totaled 3,912.9 billion kWh, up 3.6% YoY. By type, in May, growth in thermal power at large industrial enterprises slowed, while growth in hydropower and solar power accelerated, and nuclear and wind power shifted from decline to growth. Specifically, thermal power at large industrial enterprises grew 2.1% YoY, with growth slowing by 1.0 percentage point from April; hydropower increased by 13.0%, with growth accelerating by 0.8 percentage points; nuclear power grew 5.0%, compared to an 8.7% decline in April; wind power edged up 0.5%, reversing a 5.0% drop in April; and solar power rose 12.1%, with growth accelerating by 5.0 percentage points.

In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and arrangements of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively implemented the new development philosophy, accelerated the creation of a new development pattern, earnestly carried out more proactive macro policies, and effectively responded to external shocks and challenges. Production and supply rose steadily, employment and prices remained generally stable, the resilience of foreign trade continued to manifest, new driving forces grew stronger, and the national economy sustained a generally stable development trajectory with improvement and upgrading. Data from the National Bureau of Statistics (NBS) showed that in May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms, 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. For January-May, it grew by 5.4% YoY. Value Added of Industrial Enterprises Above Designated Size Grew by 4.5% in May 2026 In May, the value added of industrial enterprises above designated size grew by 4.5% YoY in real terms (the real growth rates of value added are calculated after deducting price factors), 0.4 percentage point faster than the previous month. On a MoM basis, the value added of industrial enterprises above designated size increased by 0.40% from April. From January to May, it rose by 5.4% YoY. By sector, in May, the value added of the mining industry grew by 2.3% YoY, manufacturing by 4.4%, and the production and supply of electricity, heat, gas and water by 7.6%. By ownership, in May, the value added of state-holding enterprises grew by 3.7% YoY; joint-stock enterprises by 5.2%, enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan by 1.9%; and private enterprises by 2.7%. By industry, in May, the value added of 28 out of the 41 major industries registered YoY growth. Among them, coal mining and washing grew by 3.5%, petroleum and natural gas extraction by 1.5%, agricultural and sideline food processing by 1.5%, wine, beverages and refined tea manufacturing fell by 2.7%, the textile industry grew by 2.6%, chemical raw materials and chemical products manufacturing by 0.3%, non-metallic mineral products fell by 5.6%, ferrous metals smelting and rolling processing grew by 1.6%, non-ferrous metals smelting and rolling processing fell by 4.5%, general equipment manufacturing grew by 6.7%, special equipment manufacturing by 9.1%, automobile manufacturing by 8.3%, railway, shipbuilding, aerospace and other transport equipment manufacturing by 7.4%, electrical machinery and equipment manufacturing by 4.7%, computer, communication and other electronic equipment manufacturing by 17.0%, and electricity and heat production and supply by 8.7%. By product, in May, among the 626 products of industrial enterprises above designated size, 300 saw YoY output growth. Specifically, steel output was 123.03 million mt, down 2.8% YoY; cement 149.91 million mt, down 8.1%; ten non-ferrous metals 6.98 million mt, up 2.2%; ethylene 3.38 million mt, up 2.1%; automobiles 2.582 million units, down 3.2%, of which NEVs 1.489 million units, up 17.8%; power generation 784.3 billion kWh, up 4.2%; crude oil processing volume 53.72 million mt, down 9.1%. In May, the product sales ratio of industrial enterprises above designated size was 96.0%, down 0.1 percentage point YoY; the export delivery value of industrial enterprises above designated size reached 1,388.4 billion yuan, a nominal YoY increase of 10.1%. In May, National Economy Operated Generally Stable, with New and Quality Development In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and plans of the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while ensuring stability, fully and faithfully applied the new development philosophy, accelerated the creation of a new development pattern, effectively implemented more proactive macro policies, and effectively responded to external shocks and challenges. Production supply was stable with an upward trend, employment and prices were generally stable, the resilience of foreign trade continued to be demonstrated, and new growth drivers grew stronger. The national economy continued its development trend of overall stability with new and quality improvements. 1. Industrial Production Accelerated, with Equipment and High-Tech Manufacturing Growing Rapidly In May, the value added of industrial enterprises above designated size increased by 4.5% YoY, 0.4 percentage points faster than the previous month; it grew 0.40% MoM. By the three major categories, the value added of mining grew 2.3% YoY, manufacturing grew 4.4%, and production and supply of electricity, heat, gas, and water grew 7.6%. The value added of equipment manufacturing grew 9.5% YoY, and high-tech manufacturing grew 15.1%, accelerating by 1.2 and 2.3 percentage points respectively from the previous month. By type of ownership, the value added of state-controlled enterprises grew 3.7% YoY; joint-stock enterprises grew 5.2%, foreign, Hong Kong, Macau, and Taiwan invested enterprises grew 1.9%; private enterprises grew 2.7%. By product, the output of 3D printing equipment, lithium-ion batteries, and industrial robots grew 54.4%, 40.0%, and 27.9% YoY respectively. In the January-May period, the value added of industrial enterprises above designated size grew 5.4% YoY. In May, the manufacturing PMI was 50.0%, and the index of enterprise production and operation expectations was 53.9%. In the first four months, the total profits of industrial enterprises above designated size reached 2,435.8 billion yuan, up 18.2% YoY. II. Services Grew Steadily, Modern Services Developed Soundly In May, the national services production index grew 4.4% YoY, 0.1 percentage point faster than the previous month. By sector, the production indices of information transmission, software and IT services, leasing and business services, financial services, and transport, storage and postal services grew 11.3%, 10.9%, 7.0%, and 4.8% YoY, respectively. In January-May, the national services production index rose 4.8% YoY. In January-April, the operating revenue of service enterprises above the designated size increased 6.4% YoY. In May, the business activity index for services stood at 50.3%, and the business activity expectations index for services was 55.4%. Among them, the business activity indices for railway transport, telecommunications, radio and television, and satellite transmission services, and insurance were in the relatively high prosperity range of above 55.0%. III. Market Sales Maintained Growth, Service Retail Maintained Sound Momentum In January-May, total retail sales of consumer goods and services grew 2.8% YoY, with retail sales of services up 5.4% and retail sales of goods up 1.2%. In January-May, total retail sales of consumer goods reached 20,603.1 billion yuan, up 1.4% YoY. In January-May, nationwide online retail sales of goods and services reached 8,317.7 billion yuan, up 5.9% YoY, of which online retail sales of goods were 5,271.8 billion yuan, up 5.0%, and online retail sales of services were 3,045.9 billion yuan, up 7.6%. In May, total retail sales of consumer goods amounted to 4,109 billion yuan, down 0.6% YoY and down 0.38% MoM. By location of business establishments, retail sales of consumer goods in urban areas came in at 3,574.1 billion yuan, down 0.9% YoY; retail sales in rural areas were 534.9 billion yuan, up 1.5% YoY. By type of consumption, retail sales of goods stood at 3,648.5 billion yuan, down 0.7% YoY; catering revenue was 460.5 billion yuan, up 0.6% YoY. Sales of daily necessities and some upgraded goods maintained growth. Retail sales of beverages, clothing, footwear, hats and textiles, and cosmetics by enterprises above the designated size increased 6.1%, 3.8%, and 2.5% YoY, respectively. IV. Infrastructure Investment Maintained Growth, Investment in Intellectual Property Products Accelerated In January-May, national fixed-asset investment (excluding rural households) reached 17,851.2 billion yuan, down 4.1% YoY; excluding real estate development, fixed-asset investment fell 1.2%. Among this, investment in intellectual property products grew 9.3% YoY, 0.4 percentage points faster than in January-April. By sector, infrastructure investment rose 0.6% YoY, manufacturing investment fell 0.4%, and real estate development investment dropped 16.2%. The floor space of newly built commercial buildings sold nationwide was 313.2 million m², down 10.8% YoY; the sales value of newly built commercial buildings was 2,936.6 billion yuan, down 13.5% YoY. By industry, investment in the primary sector rose 5.9% YoY, investment in the secondary sector edged up 0.1% YoY, and investment in the tertiary sector fell 6.8% YoY. Private investment declined 7.1% YoY; excluding real estate development, private investment dropped 3.5% YoY. Investment in high-tech industries grew 4.5% YoY, with investment in computer and office equipment manufacturing, aviation and spacecraft and equipment manufacturing, and information services up 18.3%, 16.7%, and 13.8%, respectively. In May, fixed asset investment (excluding rural households) fell 1.91% MoM. V. Rapid Growth in Goods Imports and Exports with Continued Optimization of Trade Structure In May, total goods imports and exports reached 4,451.6 billion yuan, up 16.9% YoY, accelerating 2.7 percentage points from the previous month. Exports stood at 2,587.8 billion yuan, up 13.8% YoY, while imports totaled 1,863.8 billion yuan, up 21.5% YoY. From January to May, total goods imports and exports amounted to 20,682.7 billion yuan, up 15.3% YoY. Exports came to 11,913.7 billion yuan, up 11.8% YoY, and imports hit 8,769.1 billion yuan, up 20.5% YoY. From January to May, imports and exports under Ordinary Trade rose 8.3% YoY. Imports and exports with Belt and Road partner countries grew 13.6% YoY. Imports and exports by private enterprises increased 15.5% YoY. Exports of mechanical and electrical products expanded 18.4% YoY. VI. Generally Stable Employment with a Decline in the Surveyed Urban Unemployment Rate From January to May, the surveyed urban unemployment rate averaged 5.2%. In May, the surveyed urban unemployment rate was 5.1%, down 0.1 percentage points MoM. The surveyed unemployment rate for the local household labor force was 5.2%, and that for the non-local household labor force was 4.9%, with the rate for the non-local agricultural household labor force at 4.9%. The surveyed urban unemployment rate across 31 major cities was 5.1%, down 0.1 percentage points MoM. The average weekly working hours of employees in enterprises nationwide was 48.2 hours. VII. Mild Rise in Consumer Prices and Widening YoY Increase in Producer Prices In May, the national consumer price index (CPI) rose 1.2% YoY, the same growth as the previous month, and fell 0.1% MoM. By category, prices for food, tobacco, alcohol, and dining out fell 0.9% YoY, clothing prices rose 1.4% YoY, housing prices edged down 0.2% YoY, prices for household articles and services increased 1.8% YoY, transportation and communication prices climbed 5.4% YoY, education, culture, and entertainment prices went up 1.3% YoY, healthcare prices grew 2.1% YoY, and prices for other goods and services surged 9.9% YoY. Among food, tobacco, alcohol, and dining-out prices, pork prices fell 16.1%, fresh fruit prices dropped 2.2%, grain prices edged down 0.3%, while fresh vegetable prices rose 1.6%. Core CPI, which excludes food and energy prices, posted a 1.1% YoY increase. For January–May, national consumer prices rose 1.0% YoY. In May, national industrial producer EXW prices rose 3.9% YoY, with the growth rate widening by 1.1 percentage points from the previous month, and rose 0.5% MoM. National industrial producer purchasing prices rose 5.8% YoY and 1.3% MoM. For January–May, national industrial producer EXW prices and purchasing prices rose 1.0% and 1.6% YoY, respectively. Overall, the national economy operated stably in May, with development resilience continuing to show. However, it should also be noted that the external environment has become more complex and volatile, the contradiction of strong domestic supply and weak demand remains pronounced, some enterprises face considerable operating pressure, and the foundation for sustained economic improvement still needs consolidation. In the next stage, efforts should focus on adhering to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as guidance, maintaining the principle of pursuing progress while ensuring stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, continuously expanding domestic demand and optimizing supply, enhancing increments and revitalizing existing assets, developing new quality productive forces according to local conditions, deepening the building of a unified national market, working to stabilize employment, enterprises, markets, and expectations, and promoting effective qualitative improvement and reasonable quantitative growth of the economy. Recommended reading:

[SMM Aluminum Flash] According to multiple media reports, following the signing of a memorandum of understanding between the U.S. and Iran, prices in the international energy and metals markets fluctuated significantly. WTI crude oil futures fell by over 5%, while European natural gas prices plunged more than 10%. In the metals market, LME aluminum prices declined during the evening session, dropping over 5% to $3,357/mt. China's most-traded SHFE aluminum contract was also affected, with open interest rising by over 14,000 lots and the price falling by as much as 2% to 23,730 yuan/mt. Market concerns now center on persistently high operating aluminum capacity in China, while new and resumed aluminum capacity outside China will also put pressure on LME aluminum prices.

I. Coal-to-Hydrogen Shandong anthracite transaction range [1,730-1,830], hydrogen cost average price at [1.78 yuan/m³] Shanxi anthracite transaction range [1,040-1,040], hydrogen cost average price at [1.17 yuan/m³] Hebei anthracite transaction range [1,520-1,520], hydrogen cost average price at [1.61 yuan/m³] Henan anthracite transaction range [1,030-1,130], hydrogen cost average price at [1.25 yuan/m³] II. Natural Gas-to-Hydrogen Pearl River Delta natural gas transaction range [6,600-6,620], hydrogen cost average price at [3.04 yuan/m³] Zhejiang natural gas transaction range [6,520-6,800], hydrogen cost average price at [3.04 yuan/m³] Guangxi natural gas transaction range [6,630-7,020], hydrogen cost average price at [3.08 yuan/m³] Eastern Guangdong natural gas transaction range [6,600-6,620], hydrogen cost average price at [3.01 yuan/m³] Henan natural gas transaction range [6,200-6,420], hydrogen cost average price at [2.93 yuan/m³] Hebei natural gas transaction range [6,170-6,510], hydrogen cost average price at [2.92 yuan/m³] Hubei natural gas transaction range [6,520-6,770], hydrogen cost average price at [3.05 yuan/m³] Guizhou natural gas transaction range [6,380-6,740], hydrogen cost average price at [3 yuan/m³] Sichuan natural gas transaction range [6,415-6,660], hydrogen cost average price at [3.02 yuan/m³] Shanxi natural gas transaction range [6,010-6,300], hydrogen cost average price at [2.82 yuan/m³] Shandong natural gas transaction range [6,295-6,500], hydrogen cost average price at [2.96 yuan/m³] Heilongjiang natural gas transaction range [6,170-6,440], hydrogen cost average price at [2.89 yuan/m³] Inner Mongolia natural gas transaction range [6,200-6,380], hydrogen cost average price at [2.84 yuan/m³] III. Propane-to-Hydrogen South China propylene oxide transaction range [6,970-7,050], hydrogen cost average price at [3.95 yuan/m³] East China propylene oxide transaction range [6,620-6,960], hydrogen cost average price at [3.84 yuan/m³] Northeast China propylene oxide transaction range [6,140-6,450], hydrogen cost average price at [3.59 yuan/m³] Shandong propylene oxide transaction range [6,760-6,860], hydrogen cost average price at [3.87 yuan/m³] IV. Methanol-to-Hydrogen East China methanol transaction range [3,010-3,330], hydrogen cost average price at [2.69 yuan/m³] Central China methanol transaction range [2,950-3,250], hydrogen cost average price at [2.68 yuan/m³] North China methanol transaction range [2,780-2,940], hydrogen cost average price at [2.46 yuan/m³] South China methanol transaction range [3,350-3,450], hydrogen cost average price at [2.83 yuan/m³] Northwest China methanol transaction range [2,450-2,950], hydrogen cost average price at [2.34 yuan/m³] Southwest China methanol transaction range [2,940-3,220], hydrogen cost average price at [2.67 yuan/m³] Northeast China methanol transaction range [3,110-3,130], hydrogen cost average price at [2.65 yuan/m³]

June 8, 2026 – Recently, Nantong officially introduced a dedicated support policy for the hydrogen energy industry, charting a course for high-quality development in the sector. Leveraging its local high-quality green electricity and green hydrogen resources and its advanced hydrogen energy manufacturing base, the city is making comprehensive arrangements to build the entire hydrogen energy industry chain. It is striving to become a benchmark for hydrogen energy equipment manufacturing and application demonstration in the Yangtze River Delta and a core regional hub for hydrogen energy supply. The Nantong Municipal Development and Reform Commission and the Municipal Bureau of Industry and Information Technology jointly issued the "Implementation Opinions on Supporting the High-Quality Development of the Hydrogen Energy Industry in Nantong." The document focuses on core industry chain links such as hydrogen production, storage and transportation, and refueling infrastructure, promoting clustered and scaled development of the industry, while continuously expanding the application of hydrogen energy in three key areas: transportation, energy, and industry, thereby systematically constructing a new pattern for the local hydrogen energy industry. The newly issued implementation opinions set a clear, phased development blueprint, defining industrial development goals for two key periods. By 2028 , Nantong will have largely perfected the institutional framework for hydrogen energy development and established a comprehensive "production, storage, transmission, and utilization" supply chain and industrial system. It aims to significantly enhance its industrial technological innovation capabilities, upgrade the quality of the entire industry chain, advance infrastructure construction in an orderly manner, and continuously diversify hydrogen energy application scenarios. By 2030 , the city will have preliminarily established a clean, low-carbon, safe, and efficient hydrogen energy supply and application system, making green hydrogen the primary source of new hydrogen supply, effectively reducing hydrogen usage costs, achieving scaled application of hydrogen energy in transportation, energy, and industry, and delivering substantial industrial development outcomes. To ensure the realization of these goals, the opinions introduce a comprehensive set of supporting measures across four dimensions—industrial innovation and upgrading, infrastructure development, application scenario expansion, and industrial environment optimization—to facilitate the scaled and high-quality development of the hydrogen energy industry. On industrial innovation, Nantong will rely on the "open competition mechanism to select the best candidates" to concentrate efforts on tackling key core technologies in hydrogen energy, accelerating R&D iterations and the market transformation of cutting-edge technologies. Concurrently, it will focus on supporting the construction of various industrial platforms such as provincial-level hydrogen energy innovation platforms and hydrogen energy equipment pilot-scale bases. Drawing on its strong foundation in the equipment manufacturing industry, Nantong will cultivate high-quality enterprises in hydrogen energy subsectors that are specialized and sophisticated SMEs capable of producing novel and unique products, comprehensively enhancing its R&D and manufacturing capabilities for equipment across the entire hydrogen energy chain. In infrastructure development, Nantong will leverage the resource endowments of areas like Rudong, Qidong, Haimen, and its development zones to deploy key projects for producing hydrogen from renewable energy and purifying industrial by-product hydrogen according to local conditions, thereby strengthening the regional hydrogen supply security system. The layout of hydrogen refueling facilities will be scientifically coordinated based on industrial development needs and practical application scenarios, prioritizing the construction of hydrogen refueling infrastructure in key areas such as expressway networks, port logistics hubs, and industrial parks. Furthermore, the city will model its management approach after natural gas refueling stations, creating tailored management standards for hydrogen refueling stations, simplifying construction and deployment procedures, and providing institutional support for the large-scale construction of hydrogen refueling infrastructure. In expanding hydrogen energy application scenarios, Nantong is building a multi-field, diversified application system. In transport, it will vigorously promote fuel cell vehicles, advance the construction of green hydrogen-powered ships, and proactively align with Shanghai's plans for an international shipping green fuel bunkering and trading center, integrating into the Yangtze River Delta's green shipping system. In the energy sector, it will actively explore new application models such as "wind and solar power generation + hydrogen energy storage" integration and hydrogen-heat-power coupling, creating a new type of integrated energy supply system. For industrial development, it will leverage its coastal advantages to build a green fuel industry base, promoting the synergistic development of hydrogen, ammonia, and methanol industries, and implementing pilot demonstration projects for producing green ammonia and green methanol from green electricity. In the industrial sector, it will actively promote green hydrogen metallurgy technology and steadily advance the substitution of green hydrogen, ammonia, and methanol to help high-energy-consuming industries like steel and chemicals achieve deep energy conservation and emission reduction. On industrial environment optimization, Nantong will seize multiple policy benefits from regional hydrogen energy pilots, hydrogen energy urban cluster pilots, and the Yangtze River Estuary Industrial Innovation and Green Development Collaborative Zone to deepen cross-regional industrial cooperation and create a regional hydrogen energy industry landscape characterized by complementary strengths and interconnected development. Meanwhile, it will integrate various financial tools and dedicated government funds to increase support for hydrogen energy projects and prioritize land supply for major hydrogen energy project construction. Additionally, by improving the industrial standards system, intensifying efforts to attract and cultivate hydrogen energy professionals, and strengthening organizational and coordination safeguards, the city will solidify the foundation for the high-quality development of the hydrogen energy industry in all respects.

In April, energy demand in Anhui province continued to rebound, with secure and effective energy supply ensured. Electricity demand rebounded positively. In April, total electricity consumption reached 28.61 billion kWh, up 5.2% YoY, with the growth rate accelerating by 1.5 percentage points MoM. Power supply capacity steadily improved. In April, installed power generation capacity in the province increased by 630,000 kW, bringing total installed capacity to 148 million kW, up 13.2% YoY. Thermal coal supply remained stable and orderly. In April, Anhui's raw coal output was 8.75 million mt, with coal stockpiles at major power plants sufficient for 25 days of use. Natural gas consumption pulled back. In April, Anhui's natural gas consumption was 920 million cubic meters, down 6% YoY. Installed renewable energy generation capacity grew steadily. In April, newly added renewable energy generation capacity in the province was 600,000 kW, bringing total installed renewable energy capacity to 77.52 million kW.

【SMM Steel】Taiwan's steel mills and manufacturers face higher operating costs with two utility hikes taking effect in June. CPC Corp raised industrial natural gas prices by an average of 5% on June 1 marking the second consecutive monthly increase. Taipower initiated its four-month summer electricity rates also on June 1 with industrial and commercial high-voltage users seeing increases from May 16. The peak consumption tier above 1000 kWh reached a record NT$8.86 per kWh. CPC said formula-based calculations would have justified a more than 50% hike but the increase was capped to protect industrial competitiveness. Taipower described the summer pricing as a seasonal mechanism to manage peak demand. The combined increases will raise production costs for energy-intensive sectors like steel.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW. This week, Peric Hydrogen, a subsidiary of CSSC 718 Research Institute, exported customized integrated hydrogen production and refueling station equipment to Indonesia. Suzhou Suqing Hydrogen Production Equipment Co., Ltd. completed the shipment of a 5 MW containerized green electricity hydrogen production system, serving the first "five-in-one" integrated energy station project combining oil, gas, hydrogen, electricity, and storage in Northwest China. Project-related updates: CGN (Wuhai Hainan District) New Energy Co., Ltd. : CGN (Wuhai Hainan District) New Energy's hydrogen-based green fuel grid-connected green electricity direct-connection project (hydrogen production section) was officially registered. The project is located in the High-tech Low-carbon Industrial Park in Hainan District, Wuhai City, with a total investment of 313.6992 million yuan. The project plans to build a 22,000 Nm³/h hydrogen production facility, equipped with 22 alkaline water electrolysis units each with a capacity of 1,000 Nm³/h, along with supporting gas-liquid separation and hydrogen purification facilities, producing hydrogen with a purity of 99.999%. The construction period is scheduled from November 2026 to November 2028. Jiyuan (Siping) Green Energy Co., Ltd. : Jiyuan (Siping) Green Energy selected its affiliated party, State Nuclear Electric Power Planning Design & Research Institute, through public tender to undertake the EPC general contracting project for the hydrogen production facility, with a fixed contract price of 204.96 million yuan. The general contracting scope covers the design of the hydrogen production facility, procurement of equipment and materials excluding Party A-supplied electrolysis water complete sets of equipment and rectifier cabinets, civil construction, commissioning, operation and maintenance, and full-process warranty services, with qualified hydrogen output scheduled before August 30, 2027. Wojiang Clean Energy (Xinjiang Zhundong Economic and Technological Development Zone) Co., Ltd.: The general contracting contract for the Zhundong 2 billion m³/year coal-to-natural gas project was signed in Urumqi. The project is located in Changji Zhundong Economic Development Zone, with a total investment of 15.486 billion yuan. It is expected to commence production by the end of October 2026, with supporting output of multiple types of by-products. The project includes supporting electrolysis hydrogen production integrated with green methanol production, and plans a 650,000 mt/year CCUS carbon capture facility to be implemented in two phases, progressively achieving full green electricity coverage while simultaneously demonstrating large-scale crushed coal pressurized gasifiers to advance the scaling-up of coal-to-gas equipment. Da'an Jidian Green Hydrogen Energy Co., Ltd. : The Da'an wind and solar green hydrogen-to-ammonia integrated demonstration project issued a tender for additional equipment, planning to add one set of 1,000 Nm³/h alkaline electrolysis hydrogen production unit. The project broke ground in May 2023 and commenced production in July 2025, supported by 800 MW of wind and solar power capacity. It adopts a dual-route hydrogen production approach of 36,000 Nm³/h alkaline plus 9,600 Nm³/h PEM, with an annual output of 32,000 mt of green hydrogen and 180,000 mt of green ammonia, while simultaneously deploying two types of large-capacity hydrogen storage facilities using solid-state and organic liquid technologies. Longyuan Power Group Co., Ltd.: Longyuan Power announced the winning candidate for the procurement of 500 Nm³/h PEM electrolyzer equipment for the Zhangye Carbon Neutrality Industrial Base Wind-Solar-Hydrogen-Storage Integration Project. Dongfang Electric (Chengdu) Hydrogen Energy ranked first with a bid of 6.3 million yuan. The project is located in the Circular Economy Demonstration Park of Zhangye Economic Development Zone and is SPIC Gansu's first green electricity-to-hydrogen project. It plans to build a 22,000 Nm³/h alkaline hydrogen production main unit with supporting hydrogen storage tanks, and simultaneously construct a 2,000 Nm³/h hydrogen production pilot platform including a 500 Nm³/h PEM unit. Yanchang Petroleum Gas Group Transportation Energy Company: The hydrogen refueling demonstration station at the Fuping Service Area (North Zone) on the Beijing-Kunming Expressway, constructed by the company, successfully achieved mechanical completion and entered the commissioning phase. The station is a standardized Level 3 hydrogen refueling station equipped with an intelligent hydrogen refueling control system capable of automated operations and full-process monitoring and traceability. After commissioning, the station will primarily serve hydrogen-powered heavy trucks and intercity hydrogen buses, filling the gap in hydrogen refueling infrastructure along the Weinan section of the Beijing-Kunming Expressway and improving the hydrogen refueling network for the green freight loop from Hancheng to Fuping and Huangling. Guangdong Yuntao Hydrogen Energy Technology Co., Ltd.: Two major hydrogen energy projects of Yuntao Hydrogen Energy were launched. Its Beitai Road hydrogen refueling station was officially put into operation, becoming a new benchmark hydrogen refueling station in south China. The station is a supporting project for the Minke Park, benchmarked against the Liangtian model hydrogen refueling station. It covers an area of 3,100 m², is equipped with 4 hydrogen dispensers and 8 hydrogen refueling nozzles, with a maximum 24-hour refueling capacity of 4,000 kg, capable of serving 200 hydrogen-powered dump trucks or 400 cold chain logistics vehicles per day, further improving the vehicle hydrogen refueling network in the Greater Bay Area. Huawang (Qingdao) Hydrogen Energy Technology Group Co., Ltd. : The pre-award announcement for the hydrogen refueling station equipment procurement project of Qingdao Hydrogen Energy Industrial Park was released. Shanghai Hydrogen Maple Energy and Jiangsu Guofu Hydrogen Energy were listed as the top two candidates, with bids of 14.18 million yuan and 13.67 million yuan, respectively. The project was jointly tendered by Huawang (Qingdao) Hydrogen Energy and PetroChina Pipeline Bureau Engineering. The total project investment is 70 million yuan, with a construction cost of 14.5 million yuan. The project covers an area of 5,761 m² and plans to build a Level 3 hydrogen refueling station with a building area of 1,302 m², designed for a maximum daily 12-hour hydrogen refueling capacity of 2,500 kg, equipped with 4 units of 35 MPa hydrogen dispensers and 8 hydrogen refueling nozzles. This tender covers the full process including complete hydrogen refueling equipment, valves, automation, electrical supply, and on-site installation and commissioning. Huadian New Energy Group Co., Ltd. Fujian Branch: The Quanzhou Municipal Bureau of Ecology and Environment approved the environmental impact assessment document for Huadian Fujian's 5 MW flexible off-grid seawater hydrogen production technology research and pilot verification project. The project is constructed by Huadian New Energy Group Co., Ltd. Fujian Branch and is located at the No. 10 wind turbine site of Quanhui Wind Farm in Quanhui Petrochemical Industrial Park. As a seawater-to-hydrogen pilot project, it relies on two on-site wind turbines for power supply to conduct off-grid electrolysis seawater hydrogen production experiments. The project covers a total area of 1,683.80 m², with a total operation duration of 1,000 hours and a total investment of 18.7 million yuan, of which 1.681 million yuan is for environmental protection. The overall system consists of six major functional modules and supporting utilities. Policy Review 1. The National Development and Reform Commission (NDRC) and other departments issued a notice on the release of the Guidelines for Non-fossil Energy Electricity Consumption Accounting (Trial). The document states that coordination with energy statistics, carbon emission accounting, and other systems should be strengthened. Factors such as physical connections, electricity energy trading, and green electricity certificate and green electricity trading should be comprehensively considered to classify and clarify the rules for recognizing non-fossil energy electricity consumption and the accounting methods at the provincial (autonomous region, municipality directly under the central government, the same hereinafter) and municipal (prefecture-level) levels, as well as for electricity users. Recognition methods for non-fossil energy electricity consumption: Physical recognition. Self-generated and self-consumed electricity from non-fossil energy sources, and self-consumed electricity from new business models such as green electricity direct connection, are recognized as the non-fossil energy electricity consumption of the electricity user. Production electricity consumed by non-fossil energy power generation projects is recognized as the non-fossil energy electricity consumption of the respective power generation enterprise. Transaction recognition. This includes two recognition methods: electricity energy trading (including conventional non-fossil energy electricity trading, green electricity trading, etc., the same hereinafter) and green electricity certificate trading (including green electricity certificate transfers, etc., the same hereinafter). 2. The Jilin Provincial Energy Bureau and the Jilin Provincial Development and Reform Commission jointly issued a notice on the Implementation Plan for Accelerating the Integrated and Converged Development of New Energy in Jilin Province. Overall objectives: By 2030, integrated and converged development will become an important approach for new energy development across the province. New scenarios featuring integration and convergence will continue to emerge. The province's new energy development models will be more flexible, consumption pathways more diversified, application scenarios more abundant, and the electricity market more dynamic. More than 50 integrated and converged projects and application scenarios will be completed, providing strong support for the comprehensive green transformation of the province's economic and social development. 3. The Guangdong Provincial Administration for Market Regulation issued a public notice soliciting opinions on the Guangdong provincial local standard Operational Specifications for Integrated Hydrogen Production, Storage, and Refueling Devices (Review Draft). The document states that this standard specifies the basic requirements, personnel management, equipment and facility management, hydrogen quality management, hydrogen refueling operation management, safety management, archive management, and data recording for the operation of integrated hydrogen production, storage, and refueling devices. Enterprise Updates Tianji Hydrogen Energy Technology (Beijing) Co., Ltd. : Tianji Hydrogen Energy successively signed agreements with Jiaqing New Energy and Manst Hydrogen Energy. The three parties will conduct in-depth industry chain cooperation in green hydrogen equipment and project development. According to the agreements, the parties will cooperate in multiple dimensions including electrolyzer and post-processing system procurement, joint project bidding, and agency sales. They will also establish strict intellectual property protection and exclusive collaboration mechanisms to ensure the stability and competitiveness of cooperative projects, and jointly tackle hydrogen energy application challenges across multiple scenarios. SPIC Green Energy Co., Ltd.: Huang Qiang, Secretary of the Jilin Provincial Party Committee, conducted a survey on major project construction in Changchun and Siping. He emphasized the need to fully implement the important instructions of General Secretary Xi Jinping regarding work in Jilin, focus on building a modern industrial system and modern infrastructure system, and accelerate the advancement of major project construction. Jiangsu Trina Green Hydrogen Technology Co., Ltd. : Trina Green Hydrogen signed a strategic cooperation agreement with the Nanjing Institute of the Fifth Electronics Research Institute of MIIT. The two parties will focus on the urgent needs for high-quality development of the PV+ESS+hydrogen industry, and conduct in-depth collaboration across five major areas: joint construction of a comprehensive PV+ESS+hydrogen testing platform, joint research on cutting-edge technologies, product detection and evaluation, industry standard development, and full-chain industrial technology services. Through the strong alliance model of "industry leader + authoritative scientific research and detection institution," they aim to address the shortcomings in PV+ESS+hydrogen equipment testing and verification. Enric (Bengbu) Compressor Co., Ltd. : Two large skid-mounted hydrogen pipeline compressors independently designed and with core technologies self-developed by the company successfully completed factory acceptance testing and were officially shipped for delivery. The equipment will support China's first long-distance green hydrogen transmission pipeline project. China Southern Power Grid Power Technology Co., Ltd.: The company completed core technology breakthroughs for long-endurance hydrogen-powered drones and successfully conducted pilot applications in mountain power grid inspection scenarios at the Meizhou Power Supply Bureau of Guangdong Power Grid. Wuhu Shipyard (Wuhu Shipyard Co., Ltd. : The Tongzhouwan site at Wuhu Shipyard's Nantong base completed the semi-submersible float-off launching of the vessel "18515." The vessel is an 18,500-deadweight-tonnage methanol dual-fuel high-end chemical tanker and is the first vessel in the series. It has a total length of 149.8 meters, a design speed of 14 knots, and can use methanol as clean fuel. This launching cleared a key step in standardized construction and will help promote local shipbuilding industry development. Zhangjiagang Port Group Co., Ltd. : The first round of bidding for Zhangjiagang Port's 10 hydrogen fuel cell tractor project had only two valid suppliers, failing to meet the bid opening requirements. The procurement method was changed to negotiated procurement. This procurement involves 10 units of 45 kN hydrogen fuel cell tractors, including 1 unit with intelligent assisted driving, for intra-port transfer operations and required to be compatible with existing flatbed trailers. Taiyuan Public Transport Holdings (Group) Co., Ltd. : The company selected a local gas supply service provider through merit-based evaluation to ensure daily hydrogen supply for 6 hydrogen-powered buses, with unit price settlement based on actual gas consumption. The supplied hydrogen must comply with the GB/T3634.2-2011 high-purity hydrogen standard. The service provider is required to deploy fixed hydrogen refueling stations in Taiyuan, prioritize emergency hydrogen refueling for public buses, implement one-card-per-vehicle hydrogen refueling management, with a project service period of two years. Lanzhou Lanshi Petroleum Equipment Engineering Co., Ltd.: The second-generation 45 MPa ionic liquid hydrogen compressor and 22 MPa hydraulic-driven piston hydrogen compressor, customized for a domestic energy station, successfully completed all testing procedures including boost commissioning and electrical control system joint debugging. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint/Technical Specifications 1. The team led by Professor Li Zhipeng from Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics coupling model for tubular solid oxide fuel cells, systematically revealing the quantitative effects of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on battery output performance. 2. The National Hydrogen Energy Power Quality Inspection and Testing Center of China Automotive Engineering Research Institute completed and commercially opened a 0–400 kW hydrogen-involved loaded tri-axial vibration testing platform, addressing the shortcomings in large power hydrogen-involved multi-physics coupling testing in China. 3. The high specific power cathode-closed air-cooled fuel cell stack technology developed by the team of Academician Chen Zhongwei and Associate Researcher Zhang Meng from the National Key Laboratory of Energy Catalytic Conversion at the Dalian Institute of Chemical Physics passed the scientific and technological achievement appraisal by the China Petroleum and Chemical Industry Federation. This technology effectively resolves the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, addressing technical challenges such as low-humidity performance degradation, carbon corrosion, membrane drying and flooding, and high-power thermal management. 4. Two group standards on hydrogen production by water electrolysis were officially released and implemented: Technical Specifications for Safety of Hydrogen Production by Water Electrolysis and Accounting Methods for Economic Operation Indicators of Hydrogen Production by Water Electrolysis. 5. Petronor and H2SITE collaborated to advance membrane technology for hydrogen production, improving high-purity hydrogen and low-carbon efficiency in refining. 6. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining the asymmetry of electron distribution.