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, Haozheng Hydrogen Energy successfully completed all tests on an alkaline hydrogen production electrolyzer, with all performance indicators meeting standards, and it was officially shipped to the client's project site. Eve Hydrogen Energy reached an important delivery period, as its 100 Nm³/h centralized hydrogen production system successfully passed all factory detection tests and was officially dispatched to Shandong. Project-related developments: Guangdong Qingneng New Energy Technology Co., Ltd.: The fuel cell and electrolysis hydrogen production system project completed filing. The project is located at Building D3, No. 1 Xiangda Road, Dancao Logistics Center, Dancao Town, Nanhai District, Foshan City, with a total investment of 200 million yuan, to be constructed by Guangdong Qingneng New Energy Technology Co., Ltd. as the construction entity. On one hand, the project advances the expansion of fuel cell-related businesses at the headquarters base, deploying multiple production lines for new-type compression-molded graphite plates, supporting stacks, and air-cooled fuel cells. On the other hand, it simultaneously builds AEM electrolysis hydrogen production lines, developing core material capacity for membrane electrode assemblies, bipolar plates, and other components. State Administration for Market Regulation: A re-tender announcement was issued for the research project on safety-critical standards for hydrogen refueling station infrastructure, with a project budget and maximum price cap both set at 1.1 million yuan (China Government Procurement Network). This procurement will focus on developing two national standards: liquid hydrogen vehicle refueling protocols and rubber O-rings for high-pressure hydrogen equipment, and plans to produce draft versions for public comment or approval (China Government Procurement Network). The project performance period runs until December 31, 2026, and consortium bids are not accepted (China Government Procurement Network). This initiative will fill the gaps in relevant standards in China, strengthen the intrinsic safety assurance of hydrogen refueling stations, and facilitate the standardized and orderly development of the hydrogen energy industry. China Risun Group Limited: China's first domestically developed 5 mt/day hydrogen expansion refrigeration hydrogen liquefaction project was successfully completed and put into operation at Risun Group's Dingzhou Park. The equipment used in this project is China's first large-scale liquefaction equipment adopting the hydrogen Claude cycle process with 100% localisation of core components. It successfully overcame multiple key industry technologies, with overall performance benchmarked against international first-class standards. The unit energy consumption of the core liquefaction system was as low as 11.84 kWh/kg, representing a reduction of over 40% compared to traditional processes, effectively lowering liquid hydrogen production costs and supporting the autonomous development of China's hydrogen energy industry. Heilongjiang Coal Chemical Industry (Group) Co., Ltd. : Zhongmei Longhua held discussions with the government of Ar Horqin Banner, Chifeng City. Both parties focused on existing new energy cooperation projects, advancing computing power industry deployment and coordinating the construction of green energy transmission corridors. Previously, the two parties had signed a 12.8 billion yuan agreement for a 2GW new energy base and an annual 500,000 mt biomass pellet project, covering 1.8GW wind power and 0.2GW PV. During this round of discussions, they finalised an additional computing power synergy project, planning to build a thousand-P-level intelligent computing power centre leveraging a green electricity direct supply model to revitalise clean energy resources. In addition, the two parties will also fully align with the Chifeng-to-Jinzhou hydrogen-ammonia-methanol transmission pipeline, deploying green hydrogen, green ammonia, and green methanol capacity to build an integrated green energy industry chain encompassing green electricity production, energy conversion, and cross-provincial transmission. Jiyuan (Siping) Green Energy Co., Ltd. : The results of SPIC's 87th batch of centralised tenders for 2025 were announced. Sungrow Hydrogen Energy Technology Co., Ltd. won the bid for the alkaline water electrolysis hydrogen production equipment for the Jidian Co., Ltd. Lishu Wind and Solar Power Green Hydrogen Production Coupled with Biomass Green Methanol Project (Section II). Located in Siping, Jilin, the project has a hydrogen production capacity of 30,000 Nm³/h and plans to commence construction in August 2025, with a total construction period of 22 months, implemented in two sections. Upon completion, the project will promote the commercialisation of green hydrogen coupled with biomass for green methanol production, facilitating the integrated development of new energy and chemical industries. China Coal Ordos Energy Chemical Co., Ltd.: The 3,000 Nm³/h electrolysis hydrogen production unit for China Coal Ordos Energy Chemical's 100,000 mt "Liquid Sunshine" project, manufactured by China First Heavy Industries Nuclear Power and Petrochemical, was successfully shipped from the Dalian Mianhua Island nuclear power equipment manufacturing base, advancing the "Liquid Sunshine" project and empowering the integrated development of hydrogen energy and new energy. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: The completion ceremony of the green electricity hydrogen production and natural gas hydrogen blending comprehensive testing platform was held at Guofu Hydrogen Energy's Zhangjiagang base. Jointly developed by Guofu Hydrogen Energy and Towngas Group, the platform conducts green electricity hydrogen production utilising local 52,000 m² rooftop distributed PV and alkaline electrolysers. Employing a follow-up flow gas mixing process, it can achieve precise natural gas hydrogen blending at ratios from 0% to 30%, with a maximum hydrogen blending volume of 100 standard m³ per hour. The platform integrates four modules — hydrogen production, gas mixing, combustion, and data acquisition — focusing on hydrogen blending condition verification, energy efficiency assessment, and cost estimation research. With significant environmental protection benefits, it can reduce CO₂ emissions by 1,144 mt in the first year. The project is expected to consume 2.16 million kWh of green electricity over its full lifecycle, facilitating clean energy integration and low-carbon development. SPIC: The announcement of candidate winners for the 23rd batch of centralised tenders for 2026 — the EPC general contracting for the SPIC Green Energy Da'an Gaseous Hydrogen Storage Technical Renovation Project — was released. According to the announcement, the first candidate winner was China Wuhuan Engineering Co., Ltd. with a bid price of 55.2 million yuan, and the second candidate winner was China Petroleum and Natural Gas First Construction Co., Ltd. with a bid price of 71.39 million yuan. The project is located in the Jilin Western (Da'an) Clean Energy Chemical Industry Park in Liangjiazi Town, Da'an City, Baicheng City, Jilin Province. It involves the construction of 6 units of 1850m³ spherical tanks and 1 unit of 8000Nm³/h compressor, with a total hydrogen storage capacity of 177,600Nm³ and an effective hydrogen storage capacity of 144,300Nm³. The tender scope covers the design, supply, construction, commissioning, and all work within the warranty period for the gaseous hydrogen storage complete equipment and auxiliary facilities. Upon completion, it will enhance local green hydrogen storage and supply capability, facilitating the large-scale development of the hydrogen energy industry. Hainan Shenneng Materials Co., Ltd. : The announcement of successful bid candidates for the commissioning, trial operation, and demonstration operation services of the Hainan New Energy Offshore Wind Power Hydrogen Production Comprehensive Utilization Key Technology R&D and Engineering Demonstration Project was released. The bid inviter is Hainan Shenneng Materials Co., Ltd. The announcement shows that the first successful bid candidate is Sinochem Second Construction Group Co., Ltd., with a bid price of 5.83 million yuan; the second successful bid candidate is China Petrochemical Engineering Construction Co., Ltd., with a bid price of 5.875 million yuan. The project aims to implement the construction requirements of Hainan's clean energy priority development demonstration zone, focusing on offshore wind power hydrogen production and comprehensive utilization technology research. It will achieve breakthroughs in key technologies such as floating platform hydrogen production, hydrogen storage and transportation, and hydrogen-to-ammonia/methanol, develop core equipment and an offshore wind power hydrogen production comprehensive utilization floating platform, providing technical and engineering support for Hainan's clean energy island construction and large-scale offshore hydrogen production. Policy Review 1. Notice of the National Development and Reform Commission (NDRC) and the National Energy Administration on Matters Related to the Orderly Promotion of Multi-user Green Electricity Direct Connection Development. The document states that support is given to new energy power generation projects that have not yet commenced power grid connection engineering construction, as well as new energy power generation projects that cannot be connected to grid due to reasons such as new energy consumption constraints, to carry out multi-user green electricity direct connection after completing the corresponding change procedures. Distributed PV may participate in multi-user green electricity direct connection through centralized current collection. Priority support is given to computing facilities, green hydrogen-ammonia-methanol and other emerging industries and future industries to carry out green electricity direct connection. Projects shall meet national industrial policy requirements, and enterprises are strictly prohibited from conducting illegal activities through green electricity direct connection. 2. Notice of the Hubei Provincial Department of Transportation on Implementing Toll Subsidy Policies for Hydrogen Energy Vehicles Traveling on Hubei Provincial Expressways. The document states that hydrogen energy vehicles (with hydrogen fuel cell as the sole power source) that legally transport cargo, are equipped with and normally use ETC, and travel on expressways within Hubei Province (with entry and exit records and inter-station travel routes all within Hubei Province) shall be exempted from expressway tolls. The tolls exempted by relevant expressway operation and management entities shall be fully subsidized by provincial fiscal funds. 3. The Ministry of Industry and Information Technology issued the "Notice of the General Office of the Ministry of Industry and Information Technology on Organizing and Carrying Out Industrial Energy Conservation Supervision Work in 2026." It mentioned that energy efficiency supervision will be conducted in key industry sectors. In accordance with mandatory energy consumption quota standards for relevant industries, as well as requirements such as energy efficiency benchmark and baseline levels, energy conservation supervision will be carried out on enterprises in industries including steel, synthetic ammonia, oil refining, ethylene, caustic soda, soda ash, and methanol, with the principle of achieving full coverage of energy conservation supervision for enterprises in the above industries within the region during 2026–2027 (full coverage of calcium carbide-based PVC producers shall be achieved in 2026). Energy efficiency supervision of key industry chains will also be conducted. In accordance with mandatory energy consumption quota standards for relevant industries, mandatory energy efficiency standards for products and equipment, and other requirements, focusing on key industry chains such as PV modules, wind turbines, EV and ESS batteries, and water electrolysis hydrogen production equipment, special energy conservation supervision will be carried out on key enterprises in segments including raw materials, production and manufacturing, and terminal assembly, with a focus on verifying enterprise energy consumption in production processes and energy efficiency of major products. Enterprise Updates Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd. : China's first inland 64-TEU hydrogen fuel cell-powered container ship "Dongfang Hydrogen Port" set sail from Zhapu Port Area of Jiaxing Port and was officially put into operation. It is reported that Guohong Hydrogen Energy provided two sets of independently developed Honghan C240 marine hydrogen fuel cell systems. This is currently the highest-power hydrogen fuel cell system in China and the first to be applied to ships (single-unit rated power of 240 kW). Yuchai Xinlan (Jiangsu) Hydrogen Energy Technology Co., Ltd. : Yuchai Hydrogen Energy General Manager Lu Guoquan and Zhongyuan Electric Laboratory Deputy Director Zhang Xueshen signed a strategic cooperation agreement on behalf of their respective parties. According to the agreement, both parties will leverage their respective technological advantages and resources to establish a long-term, stable, and in-depth strategic partnership, focusing on comprehensive cooperation in four core areas: water electrolysis for hydrogen production, hydrogen fuel internal combustion engines, green energy management, and hydrogen energy demonstration projects. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Joining hands with Three Gorges Zhongyi, Jiaosheng New Energy, and other shipping industry chain partners, the company held the "Zero-Carbon Yangtze, Green Shipping" industrial ecosystem strategy launch conference. At the conference, Guofu Hydrogen Energy officially released its "River-Sea Strategy Plan" and held the rollout ceremony of its first 80-cubic-meter marine LNG storage tank, marking its official entry from the land-based hydrogen energy equipment sector into the green shipping track. According to the plan, Guofu Hydrogen Energy will promote the improvement of the shipping ecosystem closed loop, attract industry partners to co-build the ecosystem, and plans to complete the leap from product finalization and demonstration applications to ecosystem formation within three years, facilitating the zero-carbon transformation of Yangtze River shipping. Haida Qingneng Ship (Dalian) Co., Ltd. : China's first inland waterway 64-TEU hydrogen fuel cell-powered container ship, the "Dongfang Hydrogen Port," successfully set sail from Jiaxing Port and was put into operation on a designated route, achieving a new breakthrough in the application of hydrogen fuel cell vessels on inland waterways. Designed by Haida Qingneng Ship with a full set of hydrogen power systems, the vessel has a cargo capacity of approximately 1,450 mt and a driving range of 380 kilometers. It is equipped with a large power hydrogen fuel cell system, achieving zero carbon emissions throughout the entire voyage, and has also completed the integrated integration of large-capacity hydrogen storage and control systems. The core technologies were jointly developed by the enterprise and Dalian Maritime University. This commissioning also fully demonstrated that hydrogen-powered vessel propulsion systems are mature and reliable, promoting the green and low-carbon transformation of inland waterway shipping. PetroChina Company Limited Shenzhen New Energy Research Institute : PetroChina's first 2,000 Nm³/h alkaline electrolysis water-to-hydrogen system successfully completed its initial test run, with all parameters meeting design requirements. The overall technical level ranks among the industry's best, and the hydrogen produced has a purity as high as 99.9995%. The system was led by PetroChina Shenzhen Institute and jointly developed by multiple enterprises, integrating large-capacity electrolyzers with high-efficiency separation and purification equipment. Actual testing showed that the high-grade hydrogen can meet the usage requirements of multiple industries. The system will subsequently be connected to the Dushanzi Petrochemical hydrogen pipeline network for production application, helping the petrochemical industry accelerate its green and low-carbon transformation. China Huadian Engineering Corporation Limited : Its top ten new technologies and new products of 2026 were unveiled in Beijing, accelerating the expansion of its technological achievement portfolio and boosting the development of new quality productive forces. Among them, the independently developed "Hua'an" U1000 skid-mounted green ammonia synthesis unit was officially launched, overcoming key technologies for distributed green ammonia production. The unit focuses on compact skid-mounted and modular design, addressing the pain points of traditional ammonia synthesis units such as high investment, long construction cycles, and difficulty in adapting to wind and solar power fluctuations. It features four major advantages: low temperature and low pressure, flexible adaptation, intelligent integration, and rapid deployment, filling the technological gap in small-scale green ammonia equipment in China. It integrates multiple innovations: equipped with a low-temperature and low-pressure catalyst jointly developed with the Institute of Process Engineering of the Chinese Academy of Sciences, adopting a proprietary patented dual-tower reactor, and equipped with self-developed "source-grid-hydrogen-ammonia" full-chain flexible control technology, enabling wide-load regulation and adaptation to wind and solar power fluctuations. 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 a 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 Academician Chen Zhongwei and Associate Researcher Zhang Meng from the National Key Laboratory of Catalysis for Energy Conversion at the Dalian Institute of Chemical Physics developed a high specific power cathode-closed air-cooled stack technology, which passed the scientific and technological achievement evaluation 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. 2 Two group standards on hydrogen production by water electrolysis were officially released and implemented, namely the "Safety Technical Specification for Hydrogen Production by Water Electrolysis" and the "Calculation Method for Economic Operation Indicators of Hydrogen Production by Water Electrolysis." 3 Petronor collaborated with H2SITE to advance membrane technology for hydrogen production, improving high-purity hydrogen supply and low-carbon efficiency in refining. 4 Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure that maintains the asymmetry of electron distribution. 5 A research team from the School of Electrical Engineering and the National Key Laboratory of Electrical Materials and Electrical Insulation at Xi'an Jiaotong University successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis.

The market rose in volatile trading throughout the day, with all three major indices hitting new annual closing highs. The Shanghai Composite Index closed above 3,600 points. The combined turnover of Shanghai and Shenzhen markets reached 184 billion yuan, shrinking by 19.9 billion yuan from the previous session. Sector-wise, market hotspots appeared fragmented, with more stocks gaining than declining—over 4,300 stocks advanced across the board. The Hainan Free Trade Port concept stocks collectively surged, with Hainan Airport and over 20 others hitting limit-up. Rare earth permanent magnet concept stocks rallied again, with Rising Nonferrous Metals reaching limit-up. Super hydropower concept stocks bottomed out and rebounded, with PowerChina and multiple others hitting limit-up. At the close, the Shanghai Composite gained 0.65%, the Shenzhen Component rose 1.21%, and the ChiNext Index climbed 1.5%. By sector Hainan concept stocks staged a full-scale breakout, with Kangzhi Pharmaceutical, China Tourism Group Duty Free, Hainan Airport, Hainan Development, Luoniushan, HNA Infrastructure and over 20 others hitting limit-up. The National Development and Reform Commission (NDRC) announced that the specific timeline for the customs closure of Hainan Free Trade Port will officially commence on December 18, 2025. CITIC Securities believes the offshore duty-free policy offers greater flexibility regarding both duty-free quotas and policy restrictions for entering the "second line." The continued implementation of this policy will maintain its competitive edge. More fundamentally, from a commercial perspective, the leading advantage in core property layout, supply chain resources, and superior operational capabilities form the foundational support. Offshore duty-free operators that complete their commercial layouts first will retain their dominant position in Hainan's retail market. Market-wise, Hainan-related concept stocks underwent significant adjustments yesterday due to profit-taking after the policy announcement, but managed to complete a swift rebound today. With relatively sufficient turnover in chips, the sustainability of this theme appears more promising. However, after over 20 limit-ups in the sector today, short-term divergence may emerge due to excessive consensus, warranting close attention to leading core targets. The rare earth sector led gains throughout the session, with Bao Gang United Steel, Chengxin Lithium, Zhong Ke San Huan, and Rising Nonferrous Metals hitting limit-up, while JL MAG Rare-Earth, China Northern Rare Earth, and China Rare Earth Holdings ranked among top gainers. Driven by rising Pr-Nd alloy selling prices and the current relatively euphoric short-term market sentiment, rare earth magnetic materials—a high-beta pro-cyclical segment within nonferrous metals—have delivered standout performance recently. Guojin Securities noted in its weekly industry report that rare earths, as core strategic resources for modern industry, hold irreplaceable value in high-end manufacturing. The sector benefits from strengthening supply tightness expectations, gradually recovering demand, and persistently high overseas prices. Lithium mine stocks also rose in volatile trading, with Tibet Mineral Development, Tianqi Lithium, and Chengxin Lithium hitting limit-up, while Huayou Cobalt, Ganfeng Lithium, and Tibet Summit Resources ranked among top gainers. Guotai Futures noted that benefiting from the NEV industry chain's "anti-rat race" policies, lithium prices may shift from macro-driven to policy-driven upward momentum. Additionally, Zangge Mining recently announced its wholly-owned subsidiary received a notice to halt lithium resource development, potentially optimizing supply. With lithium battery installations maintaining rapid growth and lithium ore industry supply showing optimization, the sector is expected to gradually emerge from its darkest period. Stock-wise , the super hydropower concept initially faced divergence at market open but quickly bottomed out. Core stock PowerChina surged by the daily limit again, achieving four consecutive limit-ups with turnover exceeding 15 billion. China Energy Engineering, CRCC Heavy Industry and other capacity stocks also rebounded from negative territory, while China Design Group staged an "intraday reversal" in the afternoon. Over 10 stocks including Tibet Tianlu, Gaozheng Explosive, Sany Heavy Industry, Sinochem Rock & Soil, CREC Industrial, Sobute New Materials also maintained limit-ups. The concept's transition from divergence to consensus demonstrated its short-term dominance. Particularly, leading stocks maintained strong popularity relative to core plays, suggesting further upside momentum. However, as yesterday's article mentioned, mid-to-back-tier stocks showed weaker recovery and are gradually being phased out, indicating future super hydropower trends may focus more on core clustering patterns. Outlook , all three major indices rose again today, with the Shanghai Composite closing above 3,600 points while the Shenzhen Component and ChiNext hit new annual highs. Trading volume remained above 180 billion. Overall, after yesterday's divergent expansion, today's swift recovery confirmed robust market resilience. Unless the 5-day moving average is effectively breached, indices should maintain their oscillating upward trajectory. Futures market-wise, the super hydropower and "anti-rat race" themes are becoming clearer dual mainlines, likely dominating future hot topics. Leading stocks may serve as key sentiment barometers—their sustained strength could present catch-up opportunities in related subsectors, whereas significant breakdowns in high-profile large-caps might signal thematic retreat. Market Highlights 1. Two ministries solicit public comments on the "Price Law Amendment Draft (Consultation Paper)" The NDRC and State Administration for Market Regulation released the "Price Law Amendment Draft (Consultation Paper)" for public feedback, addressing new situational demands. The draft opinion proposes that the current situation facing price work has undergone significant changes, with prices for the vast majority of goods and services now being determined by the market. New economies, new business formats, and new models continue to emerge, and the issue of low-price and disorderly competition in some industries has become prominent, posing new requirements for price regulation and supervision. 2. The Ministry of Ecology and Environment publicly solicits opinions on two national ecological and environmental standards: the "Feasible Technical Guidelines for Air Pollution Prevention and Control in the Glass Industry (Draft for Comment)" and others. Cailian Press, July 24th: To prevent and control air pollution, improve air quality, and promote the advancement of air pollution prevention and control technologies in the glass and mineral wool industries, the Ministry of Ecology and Environment has undertaken the preparation of two national ecological and environmental standards: the "Feasible Technical Guidelines for Air Pollution Prevention and Control in the Glass Industry" and the "Feasible Technical Guidelines for Air Pollution Prevention and Control in the Mineral Wool Industry." It is now publicly soliciting comments on the drafts of these two standards.

Announcement of the State-owned Assets Supervision and Administration Commission of the State Council on the Establishment of China Yajiang Group Corporation Limited With the approval of the State Council, China Yajiang Group Corporation Limited has been established, with the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) acting on behalf of the State Council to perform the responsibilities of the investor. The company has been included in the list of enterprises under the investor responsibilities of SASAC. State-owned Assets Supervision and Administration Commission of the State Council July 19, 2025 It is reported that the inauguration ceremony of China Yajiang Group Corporation Limited was recently held in Beijing, attended by Zhang Guoqing, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, who unveiled the company's plaque. Zhang Guoqing emphasized that the establishment of China Yajiang Group Corporation Limited is a major decision made by the CPC Central Committee with Comrade Xi Jinping at its core from a strategic and overarching perspective. It is an important measure to thoroughly implement the holistic view of national security, the new energy security strategy, and the Party's governance strategy for Tibet in the new era, ensuring the smooth construction and operation of the Yajiang hydropower project. China Yajiang Group must resolutely implement the decisions and deployments of the CPC Central Committee and the State Council, meticulously organize and manage the project construction, prioritize quality and safety, focus on technological breakthroughs and ecological protection, and advance the project with a high sense of responsibility toward history and the people. The company should strengthen operational management, establish a flattened and efficient management structure, build a digital and intelligent command and dispatch system, and create an assessment and incentive mechanism as well as a team management system that meets the needs of the project. It should vigorously promote the "Old Tibet Spirit" and foster a strong atmosphere of entrepreneurship. The company must integrate Party leadership with corporate governance, leverage the role of the Party group in setting the direction, managing the overall situation, and ensuring implementation, and fully utilize the combat effectiveness of grassroots Party organizations and the exemplary role of Party members. Every effort should be made to build the Yajiang hydropower project into a century-spanning, benchmark project with Chinese characteristics that stands the test of history. Officials from relevant central and state organs, local governments, and enterprises, as well as experts and employee representatives, attended the ceremony. List of Central State-Owned Enterprises No. Company Name 1 China National Nuclear Corporation 2 China Aerospace Science and Technology Corporation 3 China Aerospace Science and Industry Corporation 4 Aviation Industry Corporation of China 5 China State Shipbuilding Corporation Limited 6 China North Industries Group Corporation Limited 7 China South Industries Group Corporation Limited 8 China Electronics Technology Group Corporation 9 Aero Engine Corporation of China 10 China Rongtong Asset Management Group Co., Ltd. 11 China National Petroleum Corporation 12 China Petrochemical Corporation 13 China National Offshore Oil Corporation 14 PipeChina 15 State Grid Corporation of China 16 China Southern Power Grid 17 China Huaneng Group Co., Ltd. 18 China Datang Corporation Limited 19 China Huadian Corporation Ltd. 20 SPIC 21 China Three Gorges Corporation 22 China Yajiang Group Corporation Limited 23 China Energy Investment Corporation 24 China Telecommunications Corporation 25 China United Network Communications Group Co., Ltd. 26 China Mobile Communications Group Co., Ltd. 27 China Satellite Network Group Co., Ltd. 28 China Electronics Corporation 29 China FAW Group Co., Ltd. 30 Dongfeng Motor Corporation 31 China First Heavy Industries 32 Sinomach 33 Harbin Electric Corporation 34 Dongfang Electric Corporation 35 Ansteel Group 36 China Baowu Steel Group Corporation Limited 37 China Mineral Resources Group Co., Ltd. 38 Chalco 39 China COSCO Shipping Corporation Limited 40 Air China Limited 41 China Eastern Airlines Corporation Limited 42 China Southern Airlines Company Limited 43 Sinochem Holdings Corporation Ltd. 44 COFCO Corporation 45 Minmetals 46 China General Technology (Group) Holding Co., Ltd. 47 China State Construction Engineering Corporation 48 Sinograin 49 China South-to-North Water Diversion Corporation Limited 50 SDIC 51 China Merchants Group 52 China Resources (Holdings) Co., Ltd. 53 China Tourism Group Corporation [HKCTS (Holdings) Limited] 54 Commercial Aircraft Corporation of China, Ltd. 55 China Energy Conservation and Environmental Protection Group 56 China International Engineering Consulting Corporation 57 China Chengtong Holdings Group Ltd. 58 China National Coal Group Corporation 59 China Coal Technology and Engineering Group 60 China Academy of Machinery Science and Technology Group Co., Ltd. 61 China Iron & Steel Research Institute Group 62 China National Chemical Engineering Group Co., Ltd. 63 China Salt Group Corporation Limited 64 China National Building Material Group Co., Ltd. 65 China Nonferrous Metal Mining Group Co., Ltd. 66 China Rare Earth Group Co., Ltd. 67 China Resources Recycling Group Co., Ltd. 68 China GRINM Group Corporation Limited 69 BGRIMM Technology Group 70 China International Intellectech Corporation 71 China Academy of Building Research 72 CRRC Corporation Limited 73 China Railway Signal & Communication Corporation Limited 74 China Railway Engineering Group Co., Ltd. 75 China Railway Construction Corporation Limited 76 China Communications Construction Company Limited 77 China Information and Communication Technology Group Co., Ltd. 78 China National Agricultural Development Group Co., Ltd. 79 China National Forestry Group Co., Ltd. 80 Sinopharm 81 China Poly Group Corporation Limited 82 China Building Technology Group Co., Ltd. 83 China Metallurgical Geology Bureau 84 China Coal Geology Administration 85 Xinxing Cathay International Group Co., Ltd. 86 TravelSky Technology Limited 87 China National Aviation Fuel Group Limited 88 China Aviation Supplies Holding Company 89 Power Construction Corporation of China 90 China Energy Engineering Group Co., Ltd. 91 China Anneng Construction Group Corporation Limited 92 China National Gold Group Co., Ltd. 93 China General Nuclear Power Corporation 94 Overseas Chinese Town Group Co., Ltd. 95 Nam Kwong (Group) Company Limited [China Nam Kwong Group Corporation] 96 China Electrical Equipment Group Co., Ltd. 97 China Logistics Group Co., Ltd. 98 China Reform Holdings Corporation Limited 99 China Certification & Inspection Group Co., Ltd. Source: SASAC Little New, Xinhua News Agency