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, with no new capacity added. No offline delivery information was available this week. Project-related updates: Guohua (Ningxia) New Energy Co., Ltd.: A price inquiry procurement was issued for the pre-feasibility study report preparation service for the Guohua Ningxia 100,000-mt Green Hydrogen Energy Supply Base Project (chemical section). It was understood that the Ningdong water electrolysis hydrogen production project of Guohua Ningxia had already put into operation a scale of 20,000 Nm³/h, with 6,000 Nm³/h under construction. Datang Inner Mongolia Duolun Coal Chemical Co., Ltd.: An inquiry-based procurement was launched for the feasibility study and green methanol certification consulting technical services for the CNCEC Duolun Coal Chemical coal-based process biomass co-firing coupled with green electricity green methanol production project. It was understood that the Datang Duolun 150,000-kW wind and solar power hydrogen production integrated demonstration project was China’s first medium-to-large-scale technology demonstration project for off-grid wind and solar power hydrogen production deeply coupled with coal chemical engineering. It was invested in and constructed by Datang Duolun Ruiyuan New Energy Co., Ltd., with a total investment of approximately 1.3 billion yuan. Construction officially began in November 2023, hydrogen was successfully produced on December 29, 2024, and it was formally connected to grid and put into operation on January 17, 2025. Shaanxi Construction Installation Group Co., Ltd.: The Guyang-Baiyun Obo gas transmission pipeline project, undertaken by Shaanxi Construction Installation Group, reached a major milestone, with its Guyang initial station and valve chamber having successfully passed completion acceptance. It was reported that the gas transmission pipeline project has a 20% hydrogen blending transmission capacity and is a key planned construction project under the “county-to-county coverage in western Inner Mongolia” initiative in the Inner Mongolia Autonomous Region’s 14th Five-Year Plan for oil and gas development. The pipeline has a total length of 125 km, starting from the Guyang initial station and generally running from south to north, successively passing through Guyang County, Darhan Muminggan Banner, and the Baiyun Obo mining district in Baotou City, and ultimately reaching Barun Industrial Park. Jiamusi Hanya New Energy Co., Ltd.: The Jiamusi Hanya wind power hydrogen production synthetic green methanol integrated project was filed. The project is located in Heilongjiang Province, with a total investment of 4 billion yuan. Construction scale and contents: mainly the construction of a 300,000-mt green methanol production unit and a thermal energy storage unit, with a planned land area of approximately 350,000 m². Windey Energy Technology Group Co., Ltd.: The list of winning candidates was announced for the biomass gasification process package and technical services project for the first-phase Handan Biomass Green Methanol Project. The top-ranked winning candidate was East China Engineering Science and Technology Co., Ltd. It was understood that East China Engineering has extensive experience in the gasification field, with experience in the design, construction, EPC general contracting, commissioning, and operation of more than 100 gasifiers, covering various mainstream processes such as fixed bed, fluidized bed, and entrained-flow bed. Zhongqing Xinneng (Baotou) Equipment Co., Ltd.: The annual production project for 100,000 hydrogen storage cylinders for hydrogen two-wheelers was filed. The project is located in Kundulun District, Baotou City, Inner Mongolia Autonomous Region. It plans to build a production line with an annual capacity of 100,000 hydrogen storage cylinders for hydrogen two-wheelers, including production workshop renovation and supporting utilities. Annual output value will reach 100 million yuan. The planned construction period is from April 2026 to September 2026. Shenneng North (Otog Banner) Energy Co., Ltd.: The change to the 30 MW-class pure hydrogen gas turbine hydrogen energy storage demonstration project under the Otog Banner integrated wind and solar power hydrogen production and green ammonia synthesis project was filed. After the change, the project site is located in the eastern project area of the Ordos Otog Economic Development Zone, within Shenneng's water electrolysis hydrogen production station in Ordos City, Otog Banner, bounded to the north by the green hydrogen-to-green ammonia project under the Otog Banner integrated wind and solar power hydrogen production and green ammonia synthesis project, to the east by Jingsan Street, to the west by Jinger Street, and to the south by Weisi Road. Construction scale and content: the project covers an area of 500 sq m, of which the hydrogen gas turbine occupies 300 sq m. As a hydrogen energy storage demonstration project, it includes one 30 MW pure hydrogen gas turbine, generator, hydrogen storage equipment, and supporting facilities. Through wind and solar power generation and water electrolysis for hydrogen production, the project has a total hydrogen storage capacity of 360,000 Nm³, an effective hydrogen storage volume of 270,000 Nm³, and is equipped with 12 spherical hydrogen storage tanks, each with a water capacity of 1,875 m³. Jiyuan (Siping) Green Energy Co., Ltd.: The EPC tender for the hydrogen production works of the SPIC Green Energy Lishu wind and solar power hydrogen production, biomass-coupled green methanol project was released. It is understood that the project is located in the chemical park of the Siping New-type Industrialized Economic Development Zone, Lishu County, Siping City, Jilin Province. It adopts a green hydrogen coupled with biomass gasification process to synthesize 197,200 mt/year of methanol, started construction in August 2025, and is expected to be commissioned in September 2027. The project includes three hydrogen production workshops. Workshops No. 1 and No. 2 each are arranged with 12 sets of 1,000 Nm³/h alkaline electrolytic hydrogen production electrolyzers plus three sets of 4,000 Nm³/h hydrogen purification units; Workshop No. 3 is arranged with four sets of 1,000 Nm³/h alkaline electrolytic hydrogen production electrolyzers plus one set of 4,000 Nm³/h gas-liquid separation unit, among others. Sinopec Sales Co., Ltd. Tibet Petroleum Branch : The tender notice for Section I of the general construction contracting project for the Shannan hydrogen-oxygen combined supply project was released. The construction site is in Naidong District, Shannan City, Tibet Autonomous Region; the planned construction period is 180 days; the estimated contract value for the section is 27.23 million yuan (tax included); the hydrogen production portion of the section tender includes an IGBT rectifier and control system skid, hydrogen production skid, oxygen purification unit, pure water machine and chiller unit skid, and related supporting facilities, while the hydrogen refueling portion includes a 35 MPa dual-nozzle hydrogen dispenser, 45 MPa hydrogen compressor skid, 45 MPa hydrogen storage cylinder bank, and sequence control panel. Ming Yang Smart Energy Group Co., Ltd.: It held a signing ceremony at Ming Yang Group headquarters for the hydrogen-fueled gas turbine complete-unit R&D and manufacturing project with the People's Government of Hudai Town, Binhu District, Wuxi City, Jiangsu Province, with both parties formally reaching a strategic cooperation agreement. Sichuan Zhongke Hydrogen Energy Technology Co., Ltd. : First Public Notice of Environmental Impact Assessment Information for Phase II of the Integrated Energy Station Project Featuring Hydropower, Wind and Solar Power, Hydrogen, and Natural Gas Multi-Energy Complementarity. According to the document, Phase II of the integrated energy station project featuring hydropower, wind and solar power, hydrogen, and natural gas multi-energy complementarity is located in Nanchong High-tech Zone, with Sichuan Zhongke Hydrogen Energy Technology Co., Ltd. as the project developer. It will build an integrated hydrogen production and refueling station, along with supporting public utility facilities, to realise the hydrogen refueling function of the integrated energy station for hydrogen-powered vehicles, and will also build one hydrogen energy industry R&D production site. GRINM Engineering Institute Co., Ltd. : The new materials pilot platform in Huairou Science City completed final acceptance upon completion, and four key pilot lines, including solid-state hydrogen storage and ceramic co-firing materials, entered the stage of commissioning and line integration. Among them, the total investment in the solid-state hydrogen storage project is 14.5 million yuan, and the total investment in the ceramic co-firing materials project is 12 million yuan, which will support the commercialisation of new material achievements and the industrialisation of hydrogen energy and key electronic materials. Policy Review​ 1. The Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission (NDRC) issued a notice on carrying out pilot work for the comprehensive application of hydrogen energy. The document states that by 2030, hydrogen energy in city clusters is expected to achieve large-scale application across diverse fields, and the average price of hydrogen for end-use is expected to fall below 25 yuan/kg, with efforts to reduce it to around 15 yuan/kg in certain advantaged regions; national fuel cell vehicle ownership is expected to double from the 2025 level, with efforts to reach 100,000 units. Through the expansion of application scale, it will promote innovative breakthroughs in hydrogen energy application technologies, processes, and equipment, realise iterative upgrades of fuel cells, electrolyzers, storage and transportation devices, and materials, and promote hydrogen energy as a new economic growth driver to support a comprehensive green transformation of economic and social development. 2. The People's Government of Hunan Province issued the Hunan Province 2026 Plan for National Economic and Social Development. The document states that efforts will be made to advance the circular economy and cleaner production and build a number of zero-carbon parks and zero-carbon factories. It is expected to accelerate the green and low-carbon transformation of the energy system, optimise the management of new energy project pipelines, and speed up the construction of key wind and solar power projects. It will expand green energy consumption scenarios and implement a three-year doubling plan for the service capacity of charging facilities. It will also actively develop the hydrogen energy industry and expand the scale of natural gas utilisation. 3. With the approval of the National Energy Administration, the Standardization Technical Committee for Hydrogen Energy in the Energy Industry was established in Beijing. The establishment of this committee was intended to improve the industry standards system, lead technological innovation, and regulate market order. Enterprise Developments Haida Qingneng Ship (Dalian) Co., Ltd.: The nation's first inland 64-TEU hydrogen fuel cell-powered container vessel, Dongfang Qinggang, for which it supplied the powertrain, successfully completed its first long-distance trial voyage. The entire system operated stably, the navigation performance was excellent, and the trial voyage was a complete success. Hydrogen Power (Beijing) Technology Services Co., Ltd.: 100 hydrogen-powered refrigerated trucks were officially delivered to Hydrogen Cheng Times and will be operated by Hydrogen Power Technology as the agent. Rongcheng New Energy Group: Successfully delivered 50 hydrogen-powered heavy trucks to Cangzhou Huagang International Logistics Co., Ltd. This batch of vehicles will be put into service on the transport route from Huanghua Port to the Shandong Lubei Aluminum Industry Base. CSSC Engine Co., Ltd.: Its WinGD6X72DF-A-1.0 ammonia-fueled low-speed engine successfully passed functional integration approval and bench testing, and was successfully delivered in Qingdao. It is understood that this was the first ammonia-fueled marine engine in China to be formally delivered as a commercial product. Aerospace Engineering Company: Signed contracts for two major green hydrogen engineering projects in succession, namely the hydrogen refueling station water electrolysis hydrogen production project of Zhongqing Energy Development (Shandong) Co., Ltd., and the electrolytic hydrogen production unit project for the Inner Mongolia Fenglü green hydrogen-coupled coal-to-olefins project. For these two projects, Aerospace Engineering Company will provide a total of 16 sets of HTJSDJ-1000/1.6 alkaline electrolyzers, together with supporting post-processing systems and utility engineering equipment, and will be responsible for engineering design. This cooperation marked Aerospace Engineering Company's simultaneous breakthroughs in the two major fields of green transportation and green hydrogen chemicals. Qinghang Times (Shenzhen) Technology Co., Ltd. : Qinghang Times was established on January 5, 2026, with a registered capital of 1 million yuan and legal representative He Rongjie. Founded by a Tsinghua University master's and doctoral team, it received support from Tsinghua entrepreneurship and innovation platforms including Tsinghua i-Space and Tsinghua Chuang+, and was selected for the Sci-Tech Innovation Light "Future Tech Innovators Program." With a technical solution combining liquid hydrogen storage and a high-temperature PEM hydrogen-electric coupling system, it increases aircraft driving range by more than 10 times and payload capacity by 2-3 times. Recently, it completed seed-round financing of several million yuan, with the investor undisclosed. Shenzhen Hydrogen Zhi Energy Co., Ltd.: Completed A+ round financing, with Shenzhen Energy Investment as the investor. Anhui Mashui New Energy Technology Co., Ltd. : Anhui Mashui Technology completed A-round financing of over 100 million yuan, led by NIO Capital. This round of funding will be used primarily to fulfill large orders, increase R&D reserves, support new factory construction, and cover daily operations, so as to drive the integration and upgrading of the industry chain. China Energy Engineering Corporation Research Institute: The kick-off meeting for the international standard High-Pressure Liquid Hydrogen Pump for Hydrogen Refueling Stations, led and submitted by the Low-Carbon Institute, was held online. Since the standard was approved for project initiation in November last year, this meeting clarified the advancement plan and technical roadmap, bringing together 20 experts from China, the United States, Germany, France, Russia, Japan, and the European Industrial Gases Association, who reached consensus on core issues such as the standard’s scope and application scenarios, thereby laying a solid foundation for the high-quality and timely delivery of the standard. Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. : A delegation from Thailand’s water, electricity, and related institutions came to China for exchanges on the new energy industry and made a special trip to Zhangjiagang, Jiangsu, to visit the rooftop PV hydrogen production project jointly developed by Zonergy and Guofu Hydrogen Energy. It was understood that the project relied on a distributed PV system installed on factory rooftops and used PV power generation to provide clean and stable electricity for enterprise production and energy applications, balancing efficient energy utilization with green development; at the same time, it integrated hydrogen energy application scenarios and was equipped with an ESS to ensure a stable energy supply for hydrogen production. It is a leading distributed PV hydrogen production demonstration project in China by scale, showcasing China’s advanced achievements in the integrated development of PV and hydrogen energy. Beijing SinoHytec Co., Ltd.: Signed a strategic cooperation agreement with Haitai Solar and the Hebei Hydrogen Energy Society, relying on the National Energy Administration’s first batch of hydrogen energy pilot policies and centering on the Zhangjiakou-Chengde-Tangshan hydrogen energy regional pilot to advance the deep integration of “government, industry, academia, research, and application.” The three parties will focus on the Kangbao-Caofeidian long-distance hydrogen pipeline with annual hydrogen transmission capacity of 1.55 million mt, creating a “hydrogen production in Zhangjiakou and Chengde, application in Tangshan” model. Haitai Solar will provide SinoHytec with a stable hydrogen supply and storage and transportation services, addressing the industry’s high storage and transportation costs and supporting high-quality regional hydrogen energy development and the implementation of the “dual carbon” goals. The Sixth Academy of China Aerospace Science and Technology Corporation: Released four new hydrogen energy products in Beijing, including an onboard liquid hydrogen system, liquid hydrogen refueling equipment, a liquid hydrogen tank container, and an alkaline electrolyzer, and also released a blue book on the hydrogen energy industry to help build the hydrogen energy industry ecosystem. Beijing Hydrosys Technology Co., Ltd.: Its self-developed hydraulic-driven hydrogen compressor underwent rigorous assessment and passed EU CE certification. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028 and developed a ceramic-based anion exchange membrane, with a laboratory-tested service life of up to 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to that of platinum-based materials. Technology Footprint/Technical Specifications 1. A joint team from Xi’an Jiaotong University and Peking University jointly conducted R&D on a new-type osmium-based catalyst, significantly improving the efficiency and economics of hydrogen production via AEM water electrolysis and supporting the large-scale deployment of low-cost green hydrogen. 2. Johnson Matthey and Syensqo achieved efficient recycling and reuse of platinum group metals and ionomers in PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 3. Relevant research teams from the School of Electrical Engineering at Xi’an Jiaotong University and the State Key Laboratory of Electrical Materials and Electrical Insulation successfully developed the Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. The group standard Technical Specification for Hydrogen Production by Coupled Electrolysis with Wind and Solar Power, PV+ESS, and Green Electricity (No. T/CIEP 0272—2025) was released and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test device. 5. GKN Powder Metallurgy announced that it has developed a next-generation high performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

"Another 100-million-mt oilfield in the Bohai Sea—the three production platforms of Kenli 10-2 Oilfield are undergoing offshore commissioning and are expected to commence production within the year," a representative from CNOOC told a Caixin reporter. Recently, a Caixin reporter visited the Tianjin Branch of China National Offshore Oil Corporation (hereinafter referred to as "CNOOC") and learned that the Bohai Oilfield under the company is actively increasing reserves and production, striving to achieve the goal of producing 40 million mt of oil and gas equivalent annually. In Q1, the oil and gas production of the Bohai Oilfield historically exceeded 10 million mt in a single quarter. In mid-June, the Bohai Sea was shrouded in a thin mist, with glittering blue waves. This vast and azure inland sea of China is rich in oil and gas resources. In the central part of the Bohai Sea, more than 100 kilometers from the coastline, lies the first 100-billion-cubic-meter gas field in the Bohai Sea—the Bozhong 19-6 Gas Field. Early in the morning, a group of Caixin reporters boarded a helicopter at the Tanggu Airport in Tianjin heading to the drilling platform of the Bozhong 19-6 Gas Field. After nearly 40 minutes of flight, through the aircraft window, they saw a "string of five stars" emerging in the vast sea. Staff informed the reporters that the five platforms, including the central platform and wellhead platform of the Bozhong 19-6 Gas Field, have formed an oil and gas production cluster in the "string of five stars" pattern, integrating "oilfield + gas field + shore power." The 19-6 Gas Field is the first 100-billion-cubic-meter gas field in the Bohai Oilfield. During the interview, the Caixin reporter also learned that the Bohai Oilfield was established in 1965. After 60 years of development, it has now built approximately 60 oil and gas fields in production, with over 200 production facilities. It is currently the largest offshore oil and gas production base in China that integrates exploration and development, engineering construction, and production operations. A relevant staff member from CNOOC told the reporter that since 2019, the Bohai Oilfield has vigorously increased reserves and production, with oil and gas output continuing to rise. The daily crude oil production has exceeded the 100,000 mt mark, accounting for nearly one-sixth of the national crude oil production. Since the beginning of this year, the oil and gas production of the Bohai Oilfield has continued to maintain a steady upward trend. Multiple key capacity-building projects, including the Bozhong 26-6 Oilfield Development Project (Phase I), the world's largest metamorphic buried hill oilfield; the Lvda 5-2 North Oilfield Phase II Development Project, the first ultra-heavy oil thermal recovery development oilfield offshore China; and the Caofeidian 6-4 Oilfield Comprehensive Adjustment Project, have been put into production one after another. In Q1 of this year, the oil and gas production of the Bohai Oilfield historically exceeded 10 million mt in a single quarter. In addition, the aforementioned staff member also told the reporter that another 100-million-mt oilfield in the Bohai Sea—the three production platforms of Kenli 10-2 Oilfield are undergoing offshore commissioning and are expected to commence production within the year. This will add further momentum to the Bohai Oilfield's new leap in achieving 40 million mt of production in 2025, further enhancing the energy supply capability to the Beijing-Tianjin-Hebei region and the Bohai Rim area. The "Shenhai-1" project has produced over 10 billion m³ of natural gas in total. Innovation in deep-sea science and technology is also a focal point for investors interested in CNOOC. The deep sea holds the largest undeveloped resource base on Earth. According to data from the International Energy Agency (IEA), 70% of global oil and gas resources are located in the ocean, with 44% distributed in deepwater and ultra-deepwater areas at depths exceeding 300 meters. Currently, the exploration rate of global deepwater oil and gas resources is relatively low. Data from S&P (Standard & Poor's) as of month-end April 2025 indicates that the 2P (Two-Phase) recoverable reserves of oil and gas amount to 90.51 billion barrels of oil equivalent, with oil accounting for 51.7% and natural gas accounting for 48.3%. A relevant staff member from CNOOC told reporters that CNOOC has established a comprehensive technical system for offshore oil and gas exploration, development, and production, breaking through key technologies in the 1,500-meter ultra-deepwater oil and gas field development engineering model. Over the past decade, with the continuous increase in investment in deepwater oil and gas exploration, CNOOC has successively made significant deepwater oil and gas discoveries, including the "Shenhai-1" gas field, the Dongfang gas field cluster, the Baodao 21-1 gas field, and the Kaiping South oil field, becoming an important area and direction for future oil and gas reserve growth and production increase. In the development sector, the successful commissioning of the "Shenhai-1" ultra-deepwater gas field has enabled China to become the third country globally, after the US and Norway, with the capability to independently develop ultra-deepwater oil and gas resources. The "Shenhai-1" project has pioneered a new model for the economic development of ultra-deepwater gas fields under extremely harsh sea conditions, providing a Chinese solution for global deepwater oil and gas development. A representative from CNOOC told reporters that the "Shenhai-1" project has produced over 10 billion m³ of natural gas and over 1 million m³ of condensate in total, maintaining a state of high and stable production. Meanwhile, CNOOC continues to achieve significant progress in key technological breakthroughs, including substantially improving the recovery rate of domestic offshore oil and gas fields, efficiently developing offshore low-permeability and buried-hill oil and gas fields, effectively developing thermal recovery of heavy oil, and advancing the construction of smart oil fields, thereby effectively enhancing development and production efficiency. A relevant staff member from CNOOC told reporters that in the future, CNOOC will be guided by an innovation-driven strategy, continuing to deepen innovation in deep-sea science and technology, promoting the efficient development of offshore oil and gas resources, steadily advancing the development of the offshore new energy industry, and creating greater value for shareholders.

Today, the People's Bank of China (PBOC) announced that it will conduct 400 billion yuan of outright reverse repo operations on June 16, marking the second announcement of such operations by the PBOC this month. Earlier in June, the PBOC had announced the conduct of 1 trillion yuan of 3-month outright reverse repo operations. Considering that a total of 1.2 trillion yuan of outright reverse repos will mature throughout June, the PBOC's two announcements imply a net injection of funds for the entire month. Industry insiders told a Caixin reporter that June is a critical period for semi-annual liquidity assessments, coupled with factors such as the large-scale maturity of interbank negotiable certificates of deposit (NCDs), leading to a higher demand for liquidity from financial institutions throughout the month. The PBOC's provision of medium-term funding support reflects its care for the market. "Building on the approximately 1 trillion yuan of long-term liquidity released through RRR cuts by the PBOC in May, the increase in outright reverse repo operations in June, continuing to boost medium-term liquidity injections, will help maintain ample liquidity in the banking system and control fluctuations in the funding market amid the continuous large-scale issuance of government bonds and the 'peak' period of interbank NCD maturities in recent months," an industry source told Caixin. PBOC Announces Second Round of Operations This Month, Continuing to Boost Medium-Term Liquidity Injections To maintain ample liquidity in the banking system, the PBOC first announced on June 5 and then conducted 1 trillion yuan of outright reverse repo operations on June 6. Just a week later, the PBOC announced its second round of operations today. Today, the PBOC announced that it will conduct 400 billion yuan of outright reverse repo operations on June 16 through fixed-quantity, interest-rate tendering, and multiple-price bidding, with a tenor of 6 months (182 days). Data shows that 500 billion yuan of 3-month and 700 billion yuan of 6-month outright reverse repos will mature in June, respectively, implying a net injection of 200 billion yuan of outright reverse repos by the PBOC for the entire month as of June 16. "Building on the approximately 1 trillion yuan of long-term liquidity released through RRR cuts by the PBOC in May, the increase in outright reverse repo operations in June, continuing to boost medium-term liquidity injections, will, on the one hand, help maintain ample liquidity in the banking system and control fluctuations in the funding market amid the continuous large-scale issuance of government bonds and the 'peak' period of interbank NCD maturities in recent months," Wang Qing, chief macro analyst at Dongfang Jincheng, told a Caixin reporter. Why did the PBOC choose to announce twice in June to manage market expectations? It may be related to June being a traditional critical period for liquidity management, with the funding market facing a "major test" amid multiple pressures. Haitong Asset Management pointed out that the concentrated impact of the peak maturity of interbank NCDs, with a total maturity of over 4 trillion yuan in June, has widened the short-term funding gap for banks. Meanwhile, financial institutions also need to cope with the "regular challenge" of quarter-end liquidity assessments, coupled with a surge in funding demand driven by the accelerated issuance of government bonds, further highlighting the supply-demand imbalance in the funding market. Everbright Securities Finance stated that, considering the seasonal trend, short-term funding rates in June have generally shown a pattern of "pulling back at the beginning of the month and rising in the latter part" in recent years. Given that the end of June coincides with semi-annual financial reports and assessments, liquidity management will be arranged in advance, and the pressure is not expected to last until the last two days of the month. "The intensity and pace of loan issuance squeezing the excess reserve ratio, thereby affecting the willingness of national banks to lend funds; it is estimated that the net financing scale of government bonds in June will still be around 1 trillion yuan, which may cause temporary disruptions; in addition, there will be a concentration of NCD maturities in late June, along with a surge in credit, making the MLF issuance volume worth watching," pointed out Wang Yifeng, Chief Analyst of Everbright Securities' Financial Industry. Wang Qing noted that this move also signals the continuous strengthening of quantitative monetary policy tools, which helps to promote the broadening of credit and enhance countercyclical regulation. "The disclosure of outright reverse repo operations from the end of the month to an earlier release indicates an increase in the transparency of monetary policy operations, which can more effectively guide and stabilize market expectations." In June, the maturity of negotiable certificates of deposit (NCDs) is expected to transition smoothly with no significant changes in volume or price. Looking ahead to June, the large amount of maturing NCDs is one of the main disruptive factors, but the market expects a smooth transition in terms of liquidity. Data shows that the expected maturity of NCDs in June will reach 4.2 trillion yuan, setting a record for the highest single-month figure. Among these, the early and mid-month periods are the concentrated maturity points, with about 920 billion yuan and 1.95 trillion yuan of NCDs due to mature, respectively. Wang Yifeng believes that under the current circumstances, the primary factor disrupting the interest rate on NCDs in June is the large volume of maturities, with 4.2 trillion yuan due to mature in the month, an increase of 1.7 trillion yuan compared to May, reaching a peak for monthly maturities in recent years, increasing the pressure on banks to roll over. However, there are offsetting factors that may result in the renewal volume of NCDs in June being less than the maturing volume. Although NCDs face significant maturity pressure in June, constrained by multiple factors, the overall volume and price levels are not expected to change significantly from previous levels. CITIC Securities Fixed Income Department stated that, looking ahead to June, the disturbance to liquidity from fiscal factors is expected to weaken marginally. Considering the high credit issuance scale typically seen in June due to the bank's semi-annual assessment, coupled with the potential pressure on the liability side after the implementation of a new round of deposit rate cuts, it may be difficult for the liquidity to achieve a spontaneous balance. It is anticipated that the central bank will further inject medium and long-term liquidity through outright reverse repo operations and MLF, and the overall liquidity in June is expected to maintain a balanced supply and demand pattern, with the DR007 interest rate center fluctuating at lows slightly above the policy rate level. "In the future, the central bank will also comprehensively utilize medium- and short-term liquidity management tools such as pledged reverse repo operations, Medium-term Lending Facility (MLF), and outright reverse repo operations to maintain abundant liquidity in the banking system. This is also a crucial step in enhancing the accessibility of credit for enterprises and residents and reducing financing costs for the real economy at present," said Wang Qing.

Recently, Dalian Shidai Tangu New Energy Co., Ltd. was established, with Kang Baohua as its legal representative and a registered capital of RMB 10 million. Its business scope includes R&D of emerging energy technologies, engineering and technological research and experimental development, R&D of online energy metering technologies, energy performance contracting, battery sales, technical services for solar power generation, information system integration services, information system operation and maintenance services, and engineering management services. Shareholder information indicates that the company is jointly held by Shidai Green Energy Co., Ltd., a subsidiary of CATL (300750), BTR (835185), and Dalian Dongfang Tangu New Material Group Co., Ltd.

[CATL, BTR, etc. establish a new energy company in Dalian] According to Tianyancha, Dalian Shidai Tangu New Energy Co., Ltd. was recently established, with Kang Baohua as its legal representative and a registered capital of RMB 10 million. Shareholder information indicates that the company is jointly held by Shidai Green Energy Co., Ltd., a subsidiary of CATL, as well as BTR and Dalian Dongfang Tangu New Material Group Co., Ltd.

Macro News 1. The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Further Advancing Shenzhen's Comprehensive Reform Pilot to Deepen Reform, Innovation, and Opening Up." The document proposes supporting Shenzhen in reforming the flight management system for unmanned aircraft, improving low-altitude flight supervision rules, and exploring cross-border helicopter flights and public service general aviation operations. It also calls for establishing mechanisms for the empowerment, transformation, and evaluation of job-related scientific and technological achievements, implementing long-cycle assessments of state-owned asset preservation and appreciation resulting from such transformations. Additionally, it allows enterprises listed on the Hong Kong Stock Exchange within the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange in accordance with relevant policies. 2. On June 10, Zheng Shanjie, Minister of the National Development and Reform Commission (NDRC), chaired a symposium with technology-oriented private enterprises to solicit opinions and suggestions for the scientific formulation of the 15th Five-Year Plan, focusing on the field of technological innovation. Minister Zheng stated that during the formulation process, the NDRC will carefully study and incorporate enterprises' suggestions, proposing more targeted policy measures to support private enterprises in playing a more active role in promoting technological innovation and building a modern industrial system. Representatives from five private enterprises attended the symposium, including Moore Threads from Beijing, Ant Technology Group from Zhejiang, BGI from Guangdong, Yinjinda New Materials from Henan, and Seven Robots from Chongqing. 3. The Ministry of Commerce announced that, in accordance with the "Anti-Dumping Regulations of the People's Republic of China," it decided on June 17, 2024, to initiate an anti-dumping investigation into imported pork and pork by-products originating from the European Union. Given the complexity of the case, the Ministry of Commerce has extended the investigation period to December 16, 2025, pursuant to Article 26 of the regulations. 4. Senior Colonel Wang Xuemeng, spokesperson for the Chinese Navy, stated that recently, the Chinese Navy's aircraft carrier formations, including the Liaoning and Shandong, conducted training exercises in the Western Pacific and other waters to test their capabilities in far-sea defense and joint operations. These exercises were routine training organized according to the annual plan, aimed at continuously improving mission readiness, in compliance with relevant international laws and practices, and not targeting any specific country or objective. Industry News 1. Yesterday, four automotive producers—China FAW Group Corporation, Dongfeng Motor Corporation, Guangzhou Automobile Group Co., Ltd., and Seres Group Co., Ltd.—issued statements on the same day, committing to standardize payment terms to within 60 days. 2. The State Administration for Market Regulation has solicited public comments on the "Measures for the Supervision of Live E-commerce (Draft for Comments)."It was proposed that platform operators should establish and improve platform agreement rules, and strengthen identity authentication and qualification review of live-streaming room operators, service agencies for live-streaming marketers, and live-streaming marketers. Live-streaming marketers are required to introduce products or services truthfully, accurately, and comprehensively, and must not deceive or mislead consumers. 3. Yesterday, at Yongle's 2025 Spring Auction, a LABUBU displayed as a first-generation collectible mint-green piece was ultimately auctioned off for 1.08 million yuan. It is understood that this auction was part of the world's first dedicated art auction for first-generation collectible LABUBU pieces. This LABUBU piece measures 131cm in height, is made of PVC, and is mint-green in color. It is marked as "the only one in the world" in the remarks column. 4. According to the State Taxation Administration, during the first month of the implementation of further optimized measures for the departure tax refund policy (April 27 - May 26), the number of departure tax refunds processed by tax authorities nationwide increased by 116% YoY. During the first month of the policy's implementation, 1,303 new departure tax refund stores were added nationwide, bringing the total to 5,196, which is 1.4 times the number at the end of 2024. Sales at tax refund stores increased by 56% YoY. 5. The ±800 kV UHV DC transmission project from Hami to Chongqing, undertaken by State Grid Corporation of China, commenced power transmission on June 10. This is the first UHV DC receiving project in south-west China, capable of transmitting over 36 billion kWh of electricity annually from Xinjiang to the load center in Chongqing. 6. The Nanjing Municipal Bureau of Industry and Information Technology and the Jiangbei New Area Administrative Committee jointly announced at a Nanjing Municipal Government press conference that the 2025 Nanjing Software Conference will be held in Nanjing from June 17 to 19. Themed "Empowering Industrial Software, Enabling Open Source Innovation," the conference will focus on key areas such as industrial software, information technology application innovation industry, and open source ecosystems. It will feature one main conference, four major special events, and one software park investment promotion activity. 7. The Zhengzhou Municipal Bureau of Commerce issued an announcement stating that the subsidy funds for this round of home appliance products in Zhengzhou have been fully utilized. In accordance with the principle of "first come, first served, until funds are exhausted," the application for subsidy qualification coupons for the 2025 trade-in of home appliance products will be suspended starting at 12:00 on June 11. Consumers who have already received subsidy qualification coupons for home appliance products on June 11 can still participate in the home appliance subsidy activities normally on the same day. 8. The housing provident fund management centers of six cities, namely Shenzhen, Zhuhai, Shantou, Jiangmen, Chaozhou, and Jieyang, officially signed the "Cooperation Agreement on Promoting the Coordinated Development of Housing Provident Funds." It is reported that the cities involved in this agreement will continue to accelerate the realization of a "unified city" experience for housing provident fund services within the region from four aspects, including promoting non-discriminatory services for housing provident funds across different regions and facilitating mutual recognition and interoperability of housing provident fund loans across different regions. Company News 1. Vanke A announced the first sale of 22 million A-share treasury shares, with a transaction amount of RMB 146 million. 2. Tencent Music Entertainment Group announced on the Hong Kong Stock Exchange its proposed acquisition of Himalaya Holdings, with a total cash consideration of $1.26 billion. 3. *ST Jingang announced the signing of a restructuring investment agreement with industrial investor Ouhao Group. 4. Lianhuan Pharmaceutical announced the receipt of an administrative penalty decision, with a total fine and confiscation amounting to RMB 61.0382 million. 5. Honghe Technology announced a proposed change in corporate control, and its shares will resume trading on June 11. 6. Qumei Furniture announced that Wu Nani, a director of the company, reduced her shareholding by 58,000 shares during the period of abnormal stock trading fluctuations. 7. Sugon announced that it will hold an investor briefing on major asset restructuring on June 11. 8. Beize Technology announced a strategic cooperation intention with Xingdong Jiyuan to collaborate on the application of humanoid robots in intelligent logistics scenarios. 9. Founder Tech announced a proposed private placement to raise no more than RMB 1.98 billion for the construction of an industrial base for high-density interconnect circuit boards for artificial intelligence and computing power applications. 10. Chutian Dragon released a record of investor relations activities, stating that it maintains necessary technical reserves and focuses on the underlying technologies related to stablecoins. 11. Chengdu Huawei announced the release of a 4-channel, 12-bit, 16G high-speed, high-precision RF direct-sampling ADC chip. 12. Dongfang Electric Heating Technology announced the signing of a strategic cooperation agreement with Shanghai Zhishi, a subsidiary of Xiaomi, to actively develop robotic electronic skin. Global Markets 1. The three major U.S. stock indices closed higher collectively, with the Nasdaq up 0.63%, the S&P 500 up 0.55%, and the Dow up 0.25%. Among them, the Nasdaq and the S&P 500 reached new closing highs since late February, while the Dow reached a new closing high since early March. Intel rose nearly 8%, marking its largest single-day gain in two months; Tesla rose over 5%. Circle fell more than 8%, after surging over 270% in the three days since its listing. McDonald's (MCD) closed lower for seven consecutive trading days, marking its longest losing streak since 2013. Popular Chinese ADRs had mixed performances, with the Nasdaq Golden Dragon China Index up 0.3%. Major European stock indices closed with mixed results, with the German DAX 30 down 0.69%. 2. International crude oil futures settled slightly lower. The July contract for WTI crude oil futures fell 0.47%, while the August contract for Brent crude oil futures fell 0.25%. 3. COMEX gold futures fell 0.31%, and COMEX silver futures fell 0.4%. Investment Opportunities Reference 1. Suzhou, Jiangsu, to solicit "AI+" technologies to support provincial urban football league preparations According to media reports, the Suzhou Artificial Intelligence Industry Association plans to solicit innovative products and solutions that leverage AI technologies to empower the Suzhou football team, aiming to enhance training standards and competitive performance, and assist the team in achieving outstanding results in the 2025 Jiangsu Provincial Urban Football League. The upgrade and expansion of the Suzhou Super League, along with the star power of its players, have increased the tournament's visibility. The expansion of live-streaming channels and the potential for paid broadcasts are expected to enhance commercial monetization. Coupled with the trend of multiple regions emulating the league format, these factors collectively boost the commercial value of the sports industry. Guotai Haitong Securities stated that with the advancement of AI technologies, "AI + Sports" has already been deployed in multiple segments. AI treadmills and AI strength training equipment are gradually being introduced in gyms and home settings. Against the backdrop of strong policy support, ample consumption potential, and iterative advancements in AI technology, it is recommended to focus on investment opportunities in the sports sector in 2025. 2. Another industry conference to be held, institutions say humanoid robot orders continue to grow rapidly It is reported that the 2025 (2nd) Embodied Intelligent Robot Scenario Application Ecosystem Conference will be held on June 12. Dongguan Securities stated that orders for humanoid robot manufacturers continue to grow rapidly, and a small-scale production phase may be reached in H2 2025, which will catalyze the sector's market performance. Soochow Securities believes that the mass production of humanoid robots is imminent. The current stage is comparable to the EV sector in 2014, with a decade-long industrial cycle on the verge of explosion. Shanghai Securities believes that the emergence of DeepSeek AI has driven the development of general-purpose robot large models, facilitating the realization of embodied intelligence in humanoid robots. The humanoid robot industry chain has entered a phase of "diverse and vibrant" development. Currently, humanoid robots are entering industrial scenarios, becoming a highly certain application trend both domestically and overseas. The commercialization of humanoid robots is expected, and it is recommended to focus on domestic parts producers that stand to benefit. 3. Potentially the best carrier for full integration of multimodal interaction, shipments of such products are expected to grow rapidly According to reports, Saphlux LLC has officially launched the T3-series 0.13-inch monolithic full-color MicroLED microdisplay. This product utilizes Saphlux's self-developed nanopore quantum dot technology, achieving high integration of RGB pixels through quantum dot color conversion on a single blue wafer. Currently, the company is collaborating with its partner, Leyard, to develop AR glasses based on the T1-0.13-inch monochromatic microdisplay and plans to launch a new generation of AR glasses equipped with the T3-0.13-inch full-color display by the end of 2025. Guotai Junan Securities believes that AI+AR glasses are the optimal carrier for the full integration of multimodal interaction. AI+AR glasses rely on cameras for image input and can be combined with devices such as rings, watches, and wristbands to enable various interaction methods, including voice, display, gestures, eye movements, and touch. They empower scenarios such as voice assistants, image analysis, and intelligent navigation, making them the optimal carrier for multimodal large models, and will benefit from the evolution of multimodal large models. Global shipments of AI glasses are expected to grow rapidly. 4. The industry is entering a period of explosive growth in technological integration and scenario implementation. According to media reports, in line with the requirements of the "Notice on Conducting Pilot Work for Pairing Up and Applying Intelligent Elderly Care Service Robots in Scenarios" jointly issued by the Ministry of Industry and Information Technology (MIIT) and the Ministry of Civil Affairs, MediHealth Technology is publicly recruiting 100 users to participate in the trial of elderly care robots to further promote technological innovation and application of intelligent elderly care service robots. It is reported that the company's elderly care robots have been successively signed up for use in professional elderly care and medical facilities in Shanghai, Zhejiang, and other regions. Founder Securities points out that the penetration rate of intelligent robots in the elderly care field is continuously increasing, and the market potential is vast. In 2024, the market size of the intelligent elderly care robot industry is approximately 7.9 billion yuan, with rehabilitation robots accounting for the highest proportion, approximately 45%. Emotional companion robots have the fastest growth rate, with an annual growth rate of 120%. It is expected that the market for intelligent elderly care robots will reach 50 billion yuan in 2025. The elderly care robot industry is entering a period of explosive growth in technological integration and scenario implementation. With the continuous breakthroughs in technologies such as artificial intelligence, the Internet of Things, and flexible mechanics, elderly care robots will upgrade from single-function to multimodal interaction and embodied intelligence, achieving more accurate health monitoring, more natural companion interactions, and safer physical assistance.

On May 26, an evaluation meeting for the project achievements of "Research and Application of Multi-stage Regulation Mechanism for Titanium Dioxide Feedstock Particle Size Based on Multimodal Synergy" was held, hosted by the Metallurgical Society of Sichuan Province. After rigorous evaluation, the evaluation committee concluded that the project's overall technology had reached an internationally advanced level, with the online hydrolysis seed crystal regulation technology achieving an internationally leading level. This achievement not only marks a significant technological leap for Pangang Group Co., Ltd. (hereinafter referred to as "Pangang") in the field of titanium dioxide manufacturing but also provides a demonstration model for the intelligent upgrading of China's traditional manufacturing industry. In response to the current situation in China, where the production of titanium dioxide via the sulphuric acid process accounts for over 80% of the total, with severe product homogeneity, overcapacity, and weak competitiveness, Pangang actively responded to the national call and formed a joint research team involving Pangang Research Institute, Pangang Vanadium & Titanium Co., Ltd., Chongqing University, Northeastern University, and others. Led by Dr. Ruifang Lu, a distinguished researcher at the Vanadium and Titanium Chemical Engineering Technology Research Institute of Pangang Research Institute, the team systematically analyzed multi-stage regulation mechanisms such as hydrolysis seed crystal quality, hydrolysis process parameters, and salt treatment formulations, and conducted a series of forward-looking technical studies. Through unremitting efforts, Pangang's research team successfully developed the world's first online determination instrument for hydrolysis seed crystal quality, established the first soft measurement model for metatitanic acid particle size based on machine learning in the industry, pioneered the construction of a predictive model for TiO2 particle growth and crystal transformation under different operating parameters during the calcination process, and formulated a full-process control and preparation technology scheme for the particle size of "seed crystal—metatitanic acid—rutile TiO2". This series of innovative achievements not only broke the traditional model of relying on "empirical operation" in multiple key links of titanium dioxide feedstock particle size regulation but also ended the history of manual determination of hydrolysis seed crystals for titanium dioxide produced via the sulphuric acid process. Currently, this achievement has been successfully applied in five production lines of titanium dioxide via the sulphuric acid process at Pangang, with relevant application indicators meeting or exceeding the product performance indicators in the same application fields domestically and overseas. Among them, the qualification rate of key indicators at Chongqing Titanium Industry Co., Ltd. has increased to over 97%, and the key quality indicators at Panzhihua Dongfang Titanium Industry Co., Ltd. have increased to over 95%. This innovative achievement has been granted one overseas invention patent, 14 domestic invention patents, and one software copyright. In the future, Pangang will continue to intensify the application and promotion of this technology, contributing more scientific and technological strength to promoting the high-quality development of China's traditional manufacturing industry.

Today, the People's Bank of China (PBOC) announced for the first time its intention to conduct outright reverse repo operations. The PBOC stated in its announcement that, to maintain ample liquidity in the banking system, it will carry out outright reverse repo operations worth 1,000 billion yuan on June 6. Industry insiders told a reporter from Cailian Press that, against the backdrop of stable capital flows and bond market conditions, the PBOC's decision to break with convention and announce large-scale reverse repo operations at the beginning of the month may be related to the continuous peak in the maturity scale of interbank negotiable certificates of deposit (NCDs) in recent months. Data shows that the maturity volume of interbank NCDs in June is expected to reach 4.2 trillion yuan, setting a new monthly record. The first and second halves of the month are the peak maturity periods, with approximately 920 billion yuan and 1.95 trillion yuan of NCDs maturing, respectively. "June is typically a month with high credit demand, and financial institutions have significant funding needs. Advancing the outright reverse repo operations to June 6 helps financial institutions participate in tenders in a timely manner based on their own funding needs and make early liquidity arrangements," industry experts told a reporter from Cailian Press. PBOC Announces Outright Reverse Repo Operations to Support Financial Institutions' Funding Needs According to announcements on the PBOC's official website, from October 2024 to May this year, the PBOC has conducted outright reverse repo operations for eight consecutive months, with scales ranging from several hundred billion yuan to over one trillion yuan. The results of these operations were disclosed at the end of each month. Today, the PBOC announced for the first time the volume and maturity of its outright reverse repo operations, breaking with convention. The PBOC stated in its announcement that, to maintain ample liquidity in the banking system, it will conduct outright reverse repo operations worth 1,000 billion yuan on June 6 through fixed-quantity, interest-rate tenders with multiple winning bids, with a maturity of three months (91 days). "Today, the PBOC broke with convention by announcing large-scale outright reverse repo operations at the beginning of the month instead of at the end, attracting market attention," Wang Qing, Chief Macro Analyst at Dongfang Jincheng, told a reporter from Cailian Press. He said that, against the backdrop of stable capital flows and bond market conditions, the PBOC's decision to break with convention and announce large-scale reverse repo operations at the beginning of the month may be related to the continuous peak in the maturity scale of interbank NCDs in recent months. This helps maintain ample liquidity in the banking system, control capital flow fluctuations, and stabilize market expectations. It is understood that outright reverse repo operations in the open market adopt fixed-quantity, interest-rate tenders with multiple winning bids. The underlying assets for repurchase include government bonds, local government bonds, financial bonds, corporate credit bonds, etc. The operations are targeted at primary dealers in open market operations and are conducted once a month in principle, with maturities not exceeding one year. The operation results will be disclosed through relevant sections on the central bank's official website. "June is typically a peak month for credit, with relatively high funding demand from financial institutions. Advancing the outright reverse repo operations to June 6 allows institutions to participate in tenders promptly based on their liquidity needs and make advance arrangements. Injecting short-to-medium-term liquidity through outright reverse repos in early June helps maintain ample market liquidity at the half-year-end and ensures smoother financial market operations," said Dong Ximiao, Chief Researcher at Zhaolian and Deputy Director of the Shanghai Finance and Development Laboratory, to Cailian Press. Wang Qing further noted that June will see maturities of 500 billion yuan in 3-month and 700 billion yuan in 6-month outright reverse repos, indicating the central bank will conduct a 500 billion yuan incremental operation for 3-month outright reverse repos on June 6. The overall outright reverse repo operations for June depend on whether the central bank issues new operation announcements by month-end. "Additionally, following the rollout of a package of financial policy measures by the central bank and other departments on May 7, a current priority is incentivizing banks to increase credit support to the real economy and facilitate government bond issuance. The current expansion of medium-term liquidity injections signals continued strengthening of quantitative policy tools, which will help accelerate credit easing and enhance countercyclical adjustments," Wang Qing pointed out. Dong Ximiao highlighted that under current conditions, the MLF bid rate remains relatively high, leading to declining demand from financial institutions. In this context, the central bank's advance notice of 1 trillion yuan in outright reverse repo operations serves as a substitute for maturing MLF, further reducing funding costs for financial institutions and alleviating pressure from narrowing interest margins. Liquidity Remains Ample in Early Month with Limited Downside Room for DR007 Rate Recent central bank interventions have stabilized early June liquidity. As of June 5, the overnight Shanghai Interbank Offered Rate (Shibor) stood at 1.408%, while the 7-day Shibor fell 0.9 basis points to 1.543%. The weighted average DR007 rate declined to 1.5509%. Wang Qing told Cailian Press, "With the bank assessment period passed, liquidity has eased, and the decline in funding rates across maturities aligns with seasonal patterns. The central bank will continue using pledged reverse repos, MLF, and outright reverse repos to keep banking system liquidity ample." Dong Ximiao projected that MLF rollovers would continue shrinking in the coming period, with outstanding balances steadily declining. The central bank will strengthen the regulation of market liquidity through various monetary policy tools and implement a moderately accommodative monetary policy. CITIC Securities' fixed income department stated that in June, the disturbance of fiscal factors to funding conditions may marginally weaken. Considering the typically high credit issuance scale in June under the backdrop of banks' mid-year assessments, coupled with potential pressure on banks' liability side following the latest round of deposit rate cuts, funding conditions may struggle to achieve self-balancing. It is expected that the central bank will further inject medium and long-term liquidity through outright reverse repo operations and MLF. Overall, June's funding conditions are likely to maintain a supply-demand equilibrium, with the DR007 rate center fluctuating at lows slightly above the policy rate. In June, the large maturity volume of interbank certificates of deposit (NCDs) is expected to be a major disturbance factor, but the market anticipates funding conditions will remain stable. Data shows that NCD maturities in June are projected to reach 4.2 trillion yuan, setting a historical monthly record. Among these, the early and mid-month periods are concentrated maturity points, with approximately 920 billion yuan and 1.95 trillion yuan of NCDs maturing, respectively. Meanwhile, this week will see over 1.6 trillion yuan in reverse repo operations maturing, the largest scale for the same period in recent years. "The current situation is more similar to early May this year, when the central bank faced the same scale of maturities and chose to increase reverse repo operations for hedging. It is expected that the central bank will maintain a steady operational pace this week, easing the maturity gap through increased injections, with funding conditions likely to remain stable," said Jinchuan Xiao, co-chief macro analyst at Huaxi Securities. "The cumulative maturity scale of NCDs in June is large, but it will not alter the basic trend of stable-to-declining NCD yields. However, given the current low long-end bond yields and regulators' continued focus on fund idling, the likelihood of a sharp decline in DR007, with the monthly average falling below the policy rate of 1.4%, is relatively small," noted Qing Wang. Nevertheless, Wang pointed out that overall, there is ample room for a moderately accommodative monetary policy in H2, which will serve as an important support to hedge against external volatility, promote a reasonable rebound in price levels, and drive high-quality development. Under the combined effect of these factors, market interest rates in H2 still have some downside room.

Recently, the People's Government of Qingshan District issued a public announcement seeking comments on the "Baotou Equipment Manufacturing Industrial Park Industrial Development Plan (2024-2035)". The document states: By 2030, it aims to establish an integrated equipment manufacturing base for "wind, solar, hydrogen, and energy storage", with the output value of the wind energy industry reaching 2 billion yuan, the capacity of PV modules reaching 30GW, the output value of hydrogen energy equipment reaching 1.5 billion yuan, and the output value of the energy storage industry reaching 500 million yuan. By 2035, it aims to form a new energy equipment cluster worth 10 billion yuan and establish an autonomous region-level hydrogen energy equipment testing and certification center. The total output value of the wind energy industry will reach 5.5 billion yuan, the total capacity of PV modules will reach 50GW, the total output value of hydrogen energy equipment will reach 3.5 billion yuan, and the total output value of the energy storage industry will reach 1 billion yuan. In the hydrogen energy industry, relying on the Baotou Hydrogen Energy Demonstration City Manufacturing and Application Project and the Hydrogen Energy Industry and Renewable Energy Integration Project, and with the goal of developing hydrogen energy industry projects, it will fully leverage the park's resources to focus on the development of hydrogen refueling equipment, hydrogen storage equipment, and hydrogen fuel cells. At the same time, relying on the development of hydrogen energy applications, it will develop downstream industries of new energy such as new energy batteries and NEVs, build a hydrogen energy industry chain, and establish a hydrogen energy equipment industry cluster. By focusing on green hydrogen manufacturing and pilot demonstrations, it will introduce a group of leading and key enterprises in the hydrogen energy equipment and fuel cell industries with strong driving effects. It will actively engage with leading enterprises such as SPIC Hydrogen Energy, SinoHytec, Himalaya, Meijin Energy, Dongfang Electric, Weichai Power, and Shanghai Re-Fire, striving to attract R&D and manufacturing enterprises for hydrogen fuel cells, drones, hydrogen-powered forklifts, and other products. It will cultivate and introduce producers of key materials and core parts for fuel cells, such as hydrogen recirculation pumps, membrane electrodes, bipolar plates, efficient catalysts, proton exchange membranes, and control systems, to improve the layout of the industry chain. It will focus on the industrialisation of hydrogen fuel cells and core parts to build an industry cluster. It will strengthen its engagement with Shanghai Shenergy Group, Sinoma Science & Technology, and CIMC ENRIC to expand the equipment industry chain for hydrogen "production, storage, transportation, and refueling". Taking the opportunity of vigorously developing renewable energy for "green hydrogen" production, it will cultivate enterprises in electrolysis-based hydrogen production equipment, liquid hydrogen storage and transportation equipment, hydrogen transmission pipelines, and hydrogen refueling equipment. It will develop equipment such as hydrogen refueling machines, control valve groups, hydrogen compressors, and sequence control cabinets centered around hydrogen refueling equipment to improve the layout of the hydrogen energy industry chain.

On June 4, the winning bid result for the inverter equipment procurement of the CR New Energy Yunnan Zhongzhai PV Power Generation Project was announced. The winning bidder was Dongfang Hitachi (Chengdu) Electric Control Equipment Co., Ltd., with a winning bid price of 17,541,002.25 yuan. The tender announcement indicated that the Zhongzhai PV Power Generation Project would procure string PV inverter equipment (with the quantity determined by the model) and its accessories, spare parts, special tools, and other equipment for procurement, transportation, and services, with a total AC capacity of 202.24 MWac and a single-unit power of 300 kW or above (input voltage of 1500 V and output voltage of 800 V). It also included the procurement, transportation, installation, and commissioning of one set of inverter monitoring system equipment, as well as coordination with the commissioning of the PV field monitoring system. During the warranty period, the bidder shall unconditionally repair the equipment free of charge (including transportation, spare parts, etc.).