On July 30, 2026, the Ministry of Industry and Information Technology (MIIT) issued Announcement No. 20 of 2026, officially repealing all provisions related to "echelon utilization" under the Industry Norm Conditions for Comprehensive Utilization of Spent Power Batteries from New Energy Vehicles (2024 Edition), and removing all 100 previously certified "echelon utilization" enterprises from the list of compliant entities.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market at 2.7 GW. This week, there was no public offline delivery information. Project-related developments: Hebei Yonglu Technology Co., Ltd.: The Cangzhou Lingang Economic and Technological Development Zone announced the environmental impact assessment approval decision for the hydrogen, carbon monoxide, and liquid ammonia pipeline transportation project of Hebei Yonglu Technology Co., Ltd. The project is located in the East Zone of Cangzhou Lingang Economic and Technological Development Zone, relying on the park's public pipe gallery to build three pipelines for hydrogen, carbon monoxide, and liquid ammonia, starting from Zhengyuan Hydrogen and ending at Dahua Juhai Branch. The total investment of the project is 26.3938 million yuan, with environmental protection investment of 135,000 yuan, accounting for 0.5% of total investment. The route passes through protective greenbelts, park roads, and enterprises, and does not involve residential areas or ecologically sensitive areas. Once completed, the project will be able to deliver 144 million Nm³ of hydrogen, 96 million Nm³ of carbon monoxide, and 165,000 mt of liquid ammonia annually. Zhejiang Haizhuo New Energy Technology Co., Ltd.: The Silicon Bipolar Plate, Hydrogen Fuel Cell Stack and System, PEM Electrolyzer and System R&D Project of Zhejiang Haizhuo New Energy Technology Co., Ltd. has completed filing in the Jiaxing Economic and Technological Development Zone. The project is an expansion, with a total investment of $2.2185 million, planned to start construction in September 2026 without phased construction arrangements. The project relies on the existing 2,306 m² plant, introduces multiple sets of advanced R&D equipment to build an R&D platform, and conducts R&D on silicon bipolar plates, fuel cell stacks, and PEM electrolyzer systems. This project only conducts laboratory R&D testing, does not produce hydrogen, does not involve the production of vehicle power batteries, and does not include water electrolysis hydrogen production or hydrogen purification facilities. Diaobingshan Huadian Clean Energy Co., Ltd.: The Liaoning Huadian Diaobingshan 450 MW Wind Power-to-Hydrogen Coupled Green Methanol Integrated Demonstration Project has issued an open tender announcement for hydrogen production make-up water pumps and caustic make-up pumps. The project is planned to construct 450 MW of wind power, 295 MW of hydrogen production equipment, and 80 MW/80 MWh energy storage, with a hydrogen storage capacity of 400,000 Nm³ (35.7 mt), an annual hydrogen production capacity of 19,000 mt, and supporting a green methanol production capacity of 100,000 mt/year. This project does not accept bids from consortiums or agents. Shaanxi Huaqin New Energy Technology Co., Ltd. : Shaanxi Huifeng Zhongrui Electric Power Engineering Co., Ltd. has won the electrical engineering procurement project for the No. 3 large-scale electrolyzer assembly workshop of the Phase I hydrogen equipment manufacturing center of Shaanxi Huaqin New Energy, from PowerChina Henan Engineering Company. Shaanxi Yushen Energy Thermal Power Co., Ltd.: The Yushen Qingshui Thermal Power 2×660 MW Unit Hydrogen System Equipment Procurement Project has issued an open tender announcement. The project is planned to construct 2×660 MW high-efficiency ultra-supercritical indirect air-cooled coal-fired units, equipped with full-capacity limestone-wet flue gas desulfurization, flue gas denitrification devices, and auxiliary facilities, with a total land area of approximately 44.2484 hectares and a total investment of approximately 5.3 billion yuan. This project does not accept consortium bids, but agents are allowed to bid. Shenzhen Energy Group: The last electrolyzer of Shenzhen Energy's Otog Banner 505 MW Wind and Solar Power-to-Hydrogen Integrated Green Ammonia Project has been commissioned, and the hydrogen production station has achieved comprehensive and stable hydrogen production, laying a solid foundation for the entire industry chain of green hydrogen to green ammonia. The project has a total of 48 electrolyzers, and all commissioning was completed over two months. The project team overcame multiple challenges including wind-solar power adaptation, system integration, and safety control, conducting round-the-clock troubleshooting and verification. After multiple rounds of testing, the facility achieved successful initial startup, with hydrogen purity consistently meeting standards. Longyuan (Huanxian) New Energy Xifeng Branch : The second public tender announcement for the EPC of Longyuan (Huanxian) New Energy Xifeng Branch's biomass gasification-coupled green hydrogen-to-green fuel project was released. The project received group approval in April 2024 and investment decision approval in September the same year. It will construct a 1,000 Nm³/h water electrolysis hydrogen production system, a 1 t/h biomass pure oxygen pressurized gasifier, alongside 2,000 mt/year green methanol and 60 mt/year green aviation fuel synthesis facilities. A 6 MW distributed off-grid PV system will be built to power the hydrogen production unit. The total construction period is 7 months after contract signing, with joint bids not accepted. Gansu Beifang Santai Chemical Co., Ltd.: China Chengda Engineering Co., Ltd. released the winning bidder shortlist for hydrogen compressors (liquid-ring type). For Section Package 01, the first-ranked bidder was Gardner Denver Nash LLC, with Tsurumi Vacuum Engineering (Shanghai) Co., Ltd. as the secondary candidate. This procurement serves the phosgene chemical recycling industry chain (Phase I) raw material security expansion project of Gansu Beifang Santai Chemical, involving 2 liquid-ring hydrogen compressors. Joint bids were not accepted. Inner Mongolia Huadian Huameng Pipeline Co., Ltd. : The main works of China's first high-pressure, long-distance green hydrogen pipeline (Damaoqi-Baotou Hydrogen Transmission Pipeline) were substantially completed. The 195-km pipeline connects the Bayan Obo wind-solar hydrogen production base with Baotou's industrial core zone. The project resolved high-pressure hydrogen embrittlement challenges through rare-earth-modified piping materials and established a quantitative safety evaluation system, overcoming technical bottlenecks in long-distance pure hydrogen transmission. Upon completion, it will ensure green hydrogen supply for Baotou's industries and enable regional distribution. Mountainous sections are now in final stages, while plain sections undergo pigging and pressure testing, with all parties accelerating construction for operational readiness. Sinochem Lantian Fluorine Materials Co., Ltd.: The shortlist for the Haitang 2003 project's alkaline water electrolysis hydrogen equipment procurement was announced, with Tianjin Continental Hydrogen Equipment Co., Ltd. as the primary candidate (bid price: 2.8628 million yuan). The tender covers one 200 Nm³/h alkaline electrolyzer. Sinochem Lantian is a subsidiary of Sinochem Holdings. Inner Mongolia Junzheng Chemical Co., Ltd.: The 1,000 mt/year CO₂ hydrogenation-to-methanol project obtained filing approval. Located in Wuda Industrial Park, Wuhai, the project has total investment of 11 million yuan (self-funded) and will construct production facilities with supporting power distribution and control systems, scheduled for August 2026-August 2028. Shiyan Yuanzhi Energy Technology Co., Ltd.: The Zhangwan District PV+ESS+hydrogen integration project's tender plan was publicly announced. Invested by Shiyan's state-owned Yuanzhi Energy (established September 2023, registered capital: 50 million yuan), the 320 million yuan project completed filing in May 2024 and plans August 2026 tendering. It includes 37 MW PV, 50 MW/120 MWh ESS, 500 kg/day hydrogen production-refueling facilities, EV swapping stations, and smart energy management systems. Policy Review 1. NDRC and National Energy Administration issued the "15th Five-Year Plan for New-Type Power System Construction," promoting synergistic applications of battery-grade lithium hydroxide and thermal-electrolytic decoupling via molten salt/water heat storage. It pilots advanced heat pump technologies and explores phase-change/solid-state high-temperature storage, while expanding green hydrogen applications including hydrogen-ammonia-alcohol production, hydrogen storage/power generation, and hydrogen/ammonia co-firing. 2. MIIT, NDRC, and SAMR jointly issued the 2026 Key Industry Energy/Carbon Efficiency Leader Enterprise Recommendation Notice, covering 43 sectors including crude oil processing, coke, olefins, ethylene, PX, PTA, methanol, EG, caustic soda, PVC, soda ash, calcium carbide, yellow phosphorus, synthetic ammonia, urea, MAP, DAP, titanium dioxide, tires, sulphuric acid, and polyester. 3. Inner Mongolia Energy Bureau proposed measures for incremental power grid development, encouraging hydrogen integration. Projects under incremental grids may develop hydrogen-based green fuels with on-site green electricity consumption, and support self-use generators powered by green hydrogen/ammonia/methanol. Corporate Updates Sichuan Huachuang Yongqing New Energy Co., Ltd. : Shengshilanhai (Jiangyou) Cross-border E-commerce Industrial Park Chairman Li Qiao visited for discussions on global expansion of low-pressure solid-state hydrogen equipment, covering overseas market strategy, certifications, channels, and IP protection. Both parties recognized significant collaboration potential in hydrogen equipment globalization and agreed to explore diversified partnerships. Faku Qingtai Electric Power New Energy Co., Ltd. : Established with legal representative Chen Huanchi (registered capital: 2 million yuan), its business scope includes hydrogen refueling/storage equipment sales and power generation/transmission/distribution operations. Guangdong Jiayi Huahydrogen Technology Co., Ltd.: Launched solid-state hydrogen storage power modules addressing lithium charging/fuel refilling pain points. The 1.6 kg standardized module enables manual hydrogen cartridge replacement within seconds. Henan Dahe Siji Cold Chain Logistics Co., Ltd. : Signed a strategic agreement with Shanghai Carrier Transicold to deploy ≥3,000 hydrogen cold chain vehicles by 2029-end, with ≥1,000 units in Phase I (August 2026-July 2027). Zhongtian Huahydrogen Co., Ltd. : Commenced Phase II manufacturing center, adding two alkaline electrolyzer production lines to reach 1 GW annual capacity. Zhejiang Yangguang Green Hydrogen Technology Co., Ltd. : Completed 10,000-hour durability tests for A11/B11-series AEM electrolyzers under 1.6 MPa high pressure and 1.5 A/cm² current density. TrinaSolar Co., Ltd. : Established a Digital Energy Joint Lab with Shanghai Jiao Tong University and Trina Home, focusing on R&D and industrialization of digital energy technologies for PV+ESS+hydrogen applications. Xi'an 1908 New Energy Technology Co., Ltd.: Began construction of its solid-state hydrogen equipment R&D base (2,000 m²) in Shaanxi Hydrogen Innovation Park, targeting operational readiness by month-end August. Patent Applications 1. Shanghai Institute of Ceramics, CAS (China) disclosed patent CN2025110028 for ceramic-based anion exchange membranes with 80,000-hour lab-tested lifespan. 2. Johnson Matthey (UK) filed WO2025109876 for Fe-Ni-Mo ternary non-precious metal catalysts with platinum-like activity. Technical Milestones/Specifications 1. Prof. Hu Wenbin's team at Tianjin University published in Science a breakthrough in atomic-scale platinum-group catalyst synthesis. 2. Teams from USTC (Tong Lei/Liang Haiwei) and Tsinghua (Zhang Liang) proposed Carbon Mesopore Depth Engineering (CMDE) using hollow mesoporous carbon spheres to resolve PtCo catalyst trade-offs between oxygen transport and kinetics, achieving DOE targets at 0.1 mgPt/cm² loading. 3. NWPU Prof. Li Zhipeng's team developed a 3D multiphysics model for tubular SOFCs, quantifying impacts of temperature, electrode thickness, porosity, and oxygen domain geometry. 4. China Automotive Research's National Hydrogen Energy Quality Center opened a 0-400 kW hydrogen-compatible vibration test platform, filling domestic gaps in high-power multiphysics testing. 5. DICP's Academician Chen Zhongwei and Associate Researcher Zhang Meng developed a high-specific-power cathode-sealed air-cooled stack technology, resolving industry conflicts between water retention and oxygen transport in fuel cells.

Second-life battery cell market remained steady overall this week. Upstream raw material cost support weakened. Lithium carbonate briefly rebounded during the week before its overall center shifted lower. Nickel sulphate futures ran steady, while cobalt sulphate continued its sustained downward trend. The raw material side failed to provide effective support for second-life battery cell prices. The supply side was notably impacted by the MIIT Announcement No. 20 on July 30. The document abolished the previous clauses related to power battery second-life applications, removed over a hundred listed second-life enterprises from the compliance catalog, and explicitly prohibited the use of retired power batteries in two-wheeler EV applications. Driven by the policy, dismantled second-life battery cells accelerated their flow into recycling and smelting channels. Quotations for dismantled supply fell under pressure, with some specifications' prices gradually converging toward scrap recycling prices, signifying a structural reshaping of the pricing logic for second-life battery cells. On the demand side, using second-life batteries in the small power sector was already a violation. The new policy means this gray market has been completely eliminated at the regulatory level. The energy storage scenario has become the core demand support for second-life battery cells. Energy storage demand remained stable, but downstream acceptance of high prices was limited, with procurement primarily driven by rigid demand and insufficient momentum for price increases. In the short term, the market is expected to maintain stable operation.

Futures: Overnight, LME lead opened at $1,893/mt, drifted higher in Asian trading to touch a high of $1,907.5/mt before weakening, and entering European trading, LME lead gave back most of its gains, dipping to a low of $1,883.5/mt, and finally closing at $1,890/mt, unchanged with a 0% change. Overnight, the most-traded SHFE lead 2609 contract opened at 15,735 yuan/mt, early in the session touched a session high of 15,745 yuan/mt before drifting lower, bulls reduced positions on SHFE lead, dipping to a low of 15,600 yuan/mt in late trading, and finally closing at 15,640 yuan/mt, down 0.73%. Macro Front: US July ADP employment came in at 44,000, below market expectations of a 70,000 increase and the downwardly revised 95,000 in June, marking the smallest gain since January this year. The US Treasury Department will maintain its buyback program at the same pace as the previous quarter and keep auction sizes unchanged at least for the coming few quarters. China's Ministry of Commerce: Countermeasures taken against US compliance testing companies. China's designated certification body for CCC certification suspended entrusting US certification organizations to conduct factory follow-up inspections. The "15th Five-Year Plan for Promoting the Development of Small and Medium-Sized Enterprises," jointly formulated by MIIT and multiple departments, is about to be released. The Ministry of Foreign Affairs responded to the US plan to ban Chinese optical modules: China firmly opposes the US generalization of the national security concept and will continue to firmly safeguard the legitimate rights and interests of Chinese enterprises. Spot Fundamentals: In Shanghai, Chihong lead was quoted at 15,730-15,830 yuan/mt, representing premiums of 50-100 yuan/mt against the most-traded SHFE lead 2609 contract. SHFE lead rose sharply, suppliers sold cargoes as the market moved, and premium quotes in Jiangsu, Zhejiang, Shanghai remained unchanged. However, quotes for EXW cargoes from primary lead smelters diverged; smelters held prices firm while selling, while traders widened discounts on sales, with mainstream producing regions quoting premiums of 0-50 yuan/mt against SMM #1 lead average price. In secondary lead, as lead prices rebounded, secondary lead smelters showed slightly improved willingness to sell, secondary refined lead quotes were at discounts of 25-0 yuan/mt against SMM #1 lead average price, with a few at a premium of 75 yuan/mt. Downstream enterprises exhibited strong wait-and-see sentiment, inquiries significantly decreased from yesterday, some suppliers indicated almost no inquiries, and spot market trading volume plummeted. Inventory: On August 5, LME lead inventory decreased by 3,325 mt to 431,550 mt; as of August 3, SMM lead ingot social inventory across five locations totaled 72,100 mt, up 3,700 mt from July 27 and 3,600 mt from July 30. Lead Price Forecast Today: Supply side, primary lead saw additional maintenance in August, with production expected to decline; while secondary lead production also has expectations of decline, attention should be paid to the boost from the rebound in lead prices on smelter production enthusiasm, with some enterprises having the probability of early production resumptions. In addition, currently lead ingot social inventory stays high, be cautious of the pullback risk for lead prices due to suppliers' lead ingot warehouse transfers before delivery. Domestic consumption is neutral overall, with conservative demand in the e-bike sector and relatively stable demand in July-August; in the automobile sector, demand is experiencing a tug-of-war: enterprises handling export orders are doing well, while those serving the Chinese market are underperforming. Overall, the exit of bears has led to a short-term lead price rebound and catch-up rally, but the performance of the consumption side determines the room for the lead price rebound.

In the same computing power leasing market, a clear dividing line in contract duration is emerging: the Huawei Ascend 910B/910C series is generally leased starting from one year in mainland China. NVIDIA H100/H200 leasing resources typically requires a minimum three-year lock-in contract, with concessions for a five-year contract still limited. Under export controls, computing power has shifted from a "commodity" to a "scarce resource“, contract duration is precisely the price of that scarcity.

SMM August 5: Metals market: Overnight, base metals on the domestic market broadly rose. SHFE copper rose 0.68%. SHFE aluminum rose 0.08%. SHFE lead rose 1.79%, SHFE zinc rose 0.84%, and SHFE tin rose 0.63%. SHFE nickel fell 0.75%. Additionally, the most-traded alumina futures contract rose 0.19%, and the most-traded cast aluminum contract rose 0.09%. Overnight, ferrous metals showed mixed performance. Stainless steel fell 1.25%, iron ore was flat at 699.5 yuan/mt, rebar fell 0.07%, and hot-rolled coil edged up. Coking coal and coke: the most-traded coking coal contract rose 1.01%, and the most-traded coke contract rose 0.63%. Overnight, on the overseas market, LME base metals broadly rose. LME copper rose 1.41%. LME aluminum fell 0.29%. LME lead rose 1.23%. LME zinc rose 0.74%. LME tin rose 0.84%. LME nickel fell 0.35%. Overnight, precious metals : COMEX gold rose 1.07%, and COMEX silver rose 3.27%. Overnight, the most-traded SHFE gold contract rose 0.87%, and the most-traded SHFE silver contract rose 3.45%. CITIC Securities said in a research note that gold prices shot up and then fell rapidly this year, but they believe gold is still in a major bull market, citing accelerating expansion of the US fiscal deficit, difficult-to-heal geopolitical rifts under deglobalization, and continued support from global central bank gold purchases. They therefore view the current pullback as only a temporary correction within the bull market. The current drawdown has approached historical extremes, and the $4,000/oz area is likely the bottom zone of this round. Looking ahead, the situation in the Strait of Hormuz is expected to shift from a drag to a boost for gold prices, the Fed’s monetary policy may be more optimistic than market expectations, and the surge in US military spending is pushing up the deficit; gold prices are expected to return to an upward trajectory within the year. (Jin10 Data App) As of 7:11 on August 5, closing prices for overnight trading were: Macro front China: [MIIT: Strengthen the screening and testing/verification of risks and hidden dangers in "aggressive" innovative designs of road motor vehicle products, and strengthen the safety evaluation of combined driver assistance and autonomous driving functions] On August 4, the Equipment Industry Department I of the Ministry of Industry and Information Technology (MIIT) organized a discussion with road motor vehicle inspection and testing institutions to analyze the current product safety and inspection work situation and to arrange efforts to regulate the competitive order and improve the quality of inspection and testing in the road motor vehicle sector. The meeting called for inspection and testing institutions to thoroughly implement the decisions and plans of the Party Central Committee and the State Council, firmly resist irrational competition, and strictly control product testing. First, conduct in-depth self-checks to systematically identify problems in the inspection and testing of road motor vehicle products and earnestly carry out rectifications. Second, strengthen industry self-discipline, focus on main responsibilities, reinforce responsibility, enhance integrity and self-discipline, and jointly safeguard the credibility of the entire industry. Third, hold the bottom line of product safety by implementing quality control measures for sample vehicle management, personnel management, and process management, strengthen the screening and testing/verification of risks and hidden dangers in "aggressive" innovative designs, and enhance the safety evaluation of combined driver assistance and autonomous driving functions. Fourth, improve capabilities by actively participating in the formulation and revision of standards and regulations, accelerate the establishment of a testing and evaluation system for intelligent connected vehicles, strengthen the capacity for road motor vehicle inspection and testing, and provide objective, fair information and professional opinions to the industry. Going forward, the MIIT will work with relevant departments to in-depth carry out actions on production consistency and quality improvement for road motor vehicle products, intensify work inspections, urge and guide inspection and testing institutions to fulfill their role as "gatekeepers" of product safety, improve the quality of inspection and testing work, impose joint penalties on institutions with problems, and resolutely hold the bottom line of product safety. (From the Wallstreetcn App) [PBOC: Net injection of 50 billion yuan via open market government bond transactions in July] The PBOC released its liquidity injection data for various tools in July 2026. In terms of central bank lending, the standing lending facility (SLF) recorded a net withdrawal of 1 billion yuan; the medium-term lending facility (MLF) recorded a net injection of 100 billion yuan; and the pledged supplementary lending (PSL) recorded a net withdrawal of 116.1 billion yuan. In terms of open market operations, 7-day reverse repos recorded a net injection of 249.5 billion yuan, open market government bond transactions recorded a net injection of 50 billion yuan, and central treasury cash management recorded a net injection of 30 billion yuan. Dollar front: Overnight, the US dollar index fell 0.11% to 99.86. According to CME "Fed Watch," the probability that the Fed keeps interest rates unchanged in September was 41.6%, while the probability of a cumulative 25-basis-point rate hike was 58.4%. The probability that the Fed leaves rates unchanged through October was 30.5%, the probability of a cumulative 25-bp hike was 53.9%, and the probability of a cumulative 50-bp hike was 15.5%. US Treasury Secretary Bessent, in an interview with CNBC, said Fed Chairman Warsh wants to preserve flexibility to achieve the best outcome. When discussing the strategy of the Fed and Warsh, he called it a "detox" for the Fed. He said every meeting should be live (full of possibilities) and participants should exercise their own judgment. He believed the Fed will balance its growth and inflation objectives, and he trusted that Warsh will help the Fed strike a balance between the two. On the economy and inflation, he noted that after stripping out sectors affected by energy prices, core inflation performance has been very steady, and underlying inflation data has been very mild, a trend he expects to continue. He also noted that core inflation is slowing. "Fed whisperer" Nick Timiraos wrote that US Treasury Secretary Bessent's policy reaction function has shifted to become less dovish. His comments this year suggested that the Fed should continue to hold rates steady. Earlier this year, Bessent cited models indicating the Fed's policy rate could be as little as more than 25 bp or as much as more than 100 bp above the neutral rate. Today (August 4), he made two points. First, he defended Warsh's decision last week not to articulate any policy reaction function: "I think every meeting should be open, and market participants should make their own judgments... I think Warsh wants to keep his options open to achieve the best results." Second, he did lay out what could be seen as a dovish reaction function, advocating that near-term shocks should be ignored: "What exactly will the rise in short-term interest rates bring? We will wait and see." He raised that question but then responded by pointing out that underlying inflation is "very mild... very steady." "Within core inflation, after stripping out the volatile components significantly influenced by energy, the rest has been very steady. I think that will continue." (Jin10 Data App) Macro front: Data to be released today include China's July RatingDog Services PMI, France's June industrial output m/m, the final France July Services PMI, the final Germany July Services PMI, the final Eurozone July Services PMI, the final UK July Services PMI, the Eurozone June PPI m/m, the US July ADP employment change, the final US July S&P Global Services PMI, and the US July ISM non-manufacturing PMI. Also on the radar: a speech by Kansas City Fed President Schmid, a 2028 FOMC voter, on the Fed, monetary policy, and the agricultural economic outlook. Crude oil front: Overnight, both crude oil futures extended their declines from the previous trading day, with WTI falling 6.47% and Brent dropping 6.08%. Wallstreetcn noted that on Tuesday, August 4 (US Eastern Time), Reuters, citing informed sources, reported that Iran has abandoned its earlier demand for full control over two-way shipping in the Strait of Hormuz and instead proposed that Iran manage all vessel navigation entering the Strait while retaining supervisory rights and the right to intervene when necessary over vessels departing the Strait. Xinhua News Agency, citing US media, reported that US Treasury Secretary Bessent said on Tuesday that an agreement on the Strait of Hormuz could be reached on August 4 or 5. Also according to Xinhua, US Secretary of State Rubio said on the same day that negotiations with Iran on reopening the Strait had "made progress" but a deal had not yet been finalized. The sharp drop in oil prices meant cooling inflation expectations for the market. Tony Miano of Wells Fargo Investment Institute noted: "The market is reacting to the prospect that a reopening of Hormuz could help normalize global oil supplies and ease recent energy price pressures, and lower oil prices could ease inflation concerns." However, he cautioned that inflation is unlikely to normalize overnight, and even after energy pressures ease, overall prices could remain sticky in the near term. (Wallstreetcn)

As the unified national electricity market accelerates its formation and new energy fully integrates into the market, the industry's profit logic has shifted from "policy-backed guarantees" to "market tug-of-war," with the core focus of competition moving from scale expansion to value creation. Against this backdrop, the value coordinate system of the PV+ESS industry is being restructured: installed capacity is no longer the sole benchmark. What truly matters is—how many grid integration challenges has technology solved for the power system? How much quantifiable value have solutions created for users? And how much life-cycle return have services brought to power station assets? Facing this restructuring, industry chain enterprises urgently need to pinpoint their direction in cost reduction and efficiency improvement, explore value in diverse scenarios, and realize returns through electricity trading. This conference gathers core forces from government, industry, academia, research, and capital to discuss key topics such as high-efficiency modules, grid-forming ESS, virtual power plants, and asset operations in depth. Through supply-demand matchmaking sessions, it aims to efficiently align cutting-edge technologies with project demands, helping enterprises seize opportunities and achieve win-win outcomes for the future amid the transformation. Sichuan Yingfa Ruineng Technology Co., Ltd. hereby extends a cordial invitation to gather at this pinnacle industry event. Let us join hands to create a bright future for the PV industry and embrace the dawn of a new era. Click now to easily complete your attendance registration, and together witness and participate in this remarkable, far-reaching industry event, co-creating a brilliant new chapter! Yingfa Ruineng, founded in 2016, is a globally leading high-tech enterprise in new energy, focusing on R&D, production, and sales of solar cells. With sustained technological innovation and exceptional manufacturing capabilities, the company ranks firmly among the top in the global PV industry. It has been honored with many prestigious recognitions, including the National-Level Specialized and Sophisticated "Little Giant" Enterprise, National High-Tech Enterprise, and GEI China Unicorn Enterprise. The company concentrates on N-type TOPCon and BC cell technologies, leading the industry's technological transformation. The efficiency of its N-type TOPCon solar cells has surpassed 27.02%, with global shipments steadily ranking among the top three in the industry for 2024, and its annual solar cell shipments claiming the world's second spot in 2025. In terms of industry chain integration, the company's monocrystalline silicon rod project has received special support from the MIIT for high-quality development, and its solar cell products have passed French carbon footprint certification and TÜV SÜD certification, demonstrating global market competitiveness. Under the era's backdrop guided by the "dual carbon" goals and the accelerating global energy transition, Yingfa has always upheld the corporate purpose of "Diligence and Integrity to Achieve Dreams," embraced the corporate values of "Virtue, Wisdom, Diligence, Inclusiveness, and Collaboration," and practiced its vision of "enabling everyone to afford and access clean and environmentally protective new energy." The company takes technological innovation as its core driving force, and through industrial synergy, complementary advantages, and open, win-win cooperation, works with global partners to drive PV technology breakthroughs, product upgrades, and high-quality industry development. 16BB-N-210RN 183.75 Dimensions-N-18BB Contact Song Si 13062589605 Official Website QR Code Official Account QR Code Long press to scan and register now

Recently, the list of typical smart PV cases of the MIIT was publicized. Two projects in Wuhu City, Zhongding Zineng and Kaisheng Huiteng, were successfully selected, accounting for half of the total selected projects in the province. In recent years, the city’s MIIT has focused on improving the quality and development of the PV industry, solidly carried out policy presentations and supply-demand matchmaking, conducted in-depth investigations into enterprises to map out project construction, and guided enterprises to optimize capacity layout through industry-specific seminars. It has vigorously cultivated outstanding market entities, guided enterprises to advance the compliance review of the PV industry, established a cultivation pool for key enterprises, and nurtured and expanded a number of national-level green factories, smart factories, and specialized and sophisticated enterprises. It has continuously deepened regular enterprise services, dynamically monitored production and sales operations, implemented a leadership contact linkage mechanism, coordinated to resolve development bottlenecks with customized solutions for each enterprise, and accelerated the construction of key projects such as cylindrical batteries and low-altitude battery cells. Moving forward, the city’s MIIT will leverage the demonstrative effect of national-level typical cases, continue to cultivate high-quality smart PV projects, promote advanced application models, expand the application of PV in industrial manufacturing, public buildings, and other fields, and empower the high-quality development of the city’s industrial economy.

On July 30, the Department of Electronic Information of the Ministry of Industry and Information Technology organized a symposium for the PV industry, focusing on the three recently released mandatory national standards—*Safety Requirements for PV Modules*, *Nameplate Labeling Requirements for PV Modules*, and *Energy Efficiency Limits and Energy Efficiency Grades for Crystalline Silicon PV Modules and Inverters*—to conduct centralized Q&A, address industry concerns, and plan key next steps. The meeting invited PV manufacturing enterprises, testing organizations, standardization bodies, metrology institutions, and other entities to participate, and held in-depth exchanges on interpreting standard clauses, unifying testing methods, and metrological traceability requirements. Experts from the standard drafting group provided point-by-point responses and systematic explanations to the key and difficult issues of common concern to enterprises, helping them accurately grasp the core essence of the standards, eliminate misunderstandings, and ensure faithful implementation of the standards.

SMM, August 3 News: On August 3 early trading, the broader market was under pressure and consolidated, while high-end manufacturing segments moved independently. As of the close on August 3, the Motor II sector rose 2.67%, with individual stocks such as Jiangxi Special Electric Motor hitting the daily limit up, and Wolong Electric Group, Yifan Transmission, Bafang Electric, Keli Motor, MOONS', and Jiangsu Leili leading the gains. The strength in motor sector futures was supported by multiple drivers: first, Unitree Robotics is about to launch its subscription and Tesla raised its long-term capacity target for humanoid robots, heating up expectations for mass production of joint servo motors; second, the rare earth permanent magnet sector rose simultaneously, with upstream permanent magnetic material prices increasing, boosting profit expectations for high-performance motors; third, the replacement policy for IE4/IE5 high-efficiency motors continues to be implemented, opening up room for stock replacement of traditional industrial motors; combined with stockpiling expectations from downstream automakers and equipment manufacturers in mid-to-late August, some market funds favoured the motor sector, driving the collective rise. Market News [State Council Executive Meeting Decides to Approve Four Nuclear Power Projects Including Liaoning Zhuanghe Phase I] The State Council Executive Meeting decided to approve four nuclear power projects including Liaoning Zhuanghe Phase I. The meeting pointed out that nuclear power units should be built and operated to the highest global safety standards, with strengthened full-chain and all-domain safety oversight to ensure nuclear safety is absolutely risk-free. [China Approved 8 New Nuclear Power Units, with Total Project Investment Exceeding 170 Billion Yuan] In 2026, China opened the floodgates for new nuclear project approvals. According to CCTV News on July 31, the State Council Executive Meeting held that day decided to approve four nuclear power projects including Liaoning Zhuanghe Phase I. It is reported that the new projects approved at this meeting include Zhejiang Jinqimen Nuclear Power Plant Phase II (Units 3 & 4), Guangdong Taipingling Nuclear Power Plant Phase III (Units 5 & 6), Liaoning Zhuanghe Nuclear Power Plant Phase I (Units 1 & 2), and Shandong Laiyang Nuclear Power Plant Phase I (Units 1 & 2), totaling 8 new units. Nuclear power projects have historically been an important boost to expanding effective investment, and it is estimated that the total investment of these new projects will exceed 170 billion yuan. (Jin Shi Data) [State Administration for Market Regulation: '15th Five-Year Plan' to Foresightfully Deploy High-Level Detection Platforms for Strategic Emerging Industries such as Integrated Circuits, New Energy, Biomedicine, and Humanoid Robots] The State Administration for Market Regulation held a press conference on July 21 to introduce the development achievements of China's inspection and testing service industry during the '14th Five-Year Plan' period. During the '15th Five-Year Plan' period, the administration will implement the Innovation Pilot for Inspection Testing to Promote Industrial Optimization and Upgrading, and the Three-Year Action for National Quality Inspection Center Quality Improvement and Optimization, foresightfully deploying high-level detection platforms for strategic emerging industries such as integrated circuits, new energy, biomedicine, and humanoid robots, and using digital transformation to drive service model innovation. Strengthen deep collaboration with industry chain leaders and research institutes, jointly tackle a number of key core technologies, and promote the upgrading of inspection and testing from a single service to "industry chain synergy," shifting from being a "post-event quality gatekeeper" to a "full-process innovation enabler." Coordinate the capacity building for green and low-carbon, food safety, and high-risk industrial product testing, and build a solid quality defense line for industrial development and people's livelihood safety. [China's robot industry chain sees explosive orders; a robot company receives over 10,000 orders in a month] Currently, publicly listed firms are gradually releasing their semi-annual reports and earnings forecasts. In H1 this year, the robot sector reported widespread positive earnings. From core parts to complete machine integration, from motion control to AI computing hardware, the robot industry chain is shifting from "concept-driven catalysts" to a new phase of "order volume growth and profit realization." MIIT data shows that from January to May, the revenue of China's above-designated-size robot enterprises exceeded 90 billion yuan, up 26.9% YoY, with an average annual growth rate of over 20% over the past five years. A robot company just launched a new humanoid robot product at the end of last month and received over 10,000 orders in less than a month. Another company's head stated that their frameless motor is a core component for humanoid robot joint actuation, and in H1 this year, the company's orders on hand exceeded 1 million units, an increase of more than nine times compared to last year. (Jin10 Data) [General Administration of Customs: In H1, China's exports of lithium batteries, wind turbines, and other green energy-related products increased by 37.6% and 35.6% respectively] The State Council Information Office held a press conference today to introduce China's foreign trade performance since the beginning of this year. Currently, the global green and low-carbon transition is deepening, and the construction of new energy and rising consumer demand align well with China's green products. In H1, China's exports of lithium batteries, wind turbines, and other green energy-related products increased by 37.6% and 35.6% respectively; green mobility products such as EVs, electric railway locomotives, electric motorcycles, and bicycles grew by 68.7%, 45.1%, and 31.5% respectively. Tesla Optimus project lead Ashok Elluswamy announced on social media on July 30, 2026, that the long-term annual capacity target for Optimus had been revised to 10 million units. This figure is ten times the originally planned capacity of 1 million units, marking a comprehensive upgrade in Tesla's humanoid robot capacity planning. [Google DeepMind launches Gemini Robotics 2 robot AI model] Google DeepMind has launched the Gemini Robotics 2 model. According to the introduction, Gemini Robotics 2 enables robots to reason about every action, thereby unlocking a broad range of tasks. For example, it can enable a humanoid robot to walk, squat, stretch, and manipulate objects to clean a cluttered room. It can even collaborate with other robots to complete tasks faster. This deep intelligence can also run locally on devices while seamlessly adapting to entirely new robot bodies within just a few hours. Meanwhile, Google DeepMind also launched two other robotic AI models — Gemini Robotics ER 2 and On-Device 2. Gemini Robotics ER 2 is the most powerful embodied reasoning (ER) model, a vision-language model (VLM) that will enable robots to communicate with humans, understand the physical world, and plan multi-step tasks lasting several minutes. On-Device 2 is the most efficient vision-language-action model (VLA), optimized to run locally on robotic devices. The model can now quickly adapt to entirely new robot entities with just hours of data. [Dayang Motor: Plans to Repurchase Shares Worth 120 Million–160 Million Yuan] Dayang Motor announced that the company plans to repurchase shares worth 120 million to 160 million yuan for future employee stock ownership plans or equity incentive plans, with a repurchase price not exceeding 11.5 yuan per share. [Xiangtan Electric: Expected Significant YoY Growth in Revenue from Synchronous Condensers and Flywheel Energy Storage This Year] Xiangtan Electric stated on an interactive platform that the company has actively developed new products in recent years, advancing R&D in synchronous condensers, flywheel energy storage, marine power, aviation electrification, and high-speed motors , achieving notable results in market promotion of synchronous condensers and flywheel energy storage. Revenue from these products is expected to see significant YoY growth this year; marine power, aviation electrification, and high-speed motors have also made some progress in market promotion. [BYD Plans to Launch Humanoid Robot in August This Year] Recently, reports suggested that BYD's humanoid robot is about to be launched. On July 28, BYD responded that it plans to launch the humanoid robot at "Di Space" in August. (Jin10 Data) [Unitree Robotics' Wang Xingxing: The "ChatGPT Moment" for Embodied AI Could Arrive Within Two to Three Years] According to the World Internet Conference news, the 2026 World Internet Conference Digital Silk Road Development Forum, themed "Smart Convergence on the Silk Road, Digital Opening of a New Journey – Jointly Building a Community with a Shared Future in Cyberspace," held its opening ceremony in Xi'an, Shaanxi, on July 22. Wang Xingxing, founder and CEO of Unitree Robotics, attended the ceremony and delivered a speech. Over the past few years, humanoid robots have made rapid progress from walking to dancing, from kung fu combat to simple services. Wang Xingxing believes that the "ChatGPT moment" for embodied AI is expected to arrive within as soon as two to three years: by then, robots will be able to directly work and achieve many basic functions in most unfamiliar scenarios. Therefore, everyone should make various plans and arrangements in advance based on their actual situation, so as to seize new opportunities in the intelligent era. (Jinshi Data) [Unitree Robotics: Preliminary Inquiry Date Is August 5, Offline Subscription Date Is August 10] Unitree Robotics announced that the company is conducting its initial public offering and listing on the STAR Market. The offering will be conducted through a combination of strategic placement, offline issuance, and online issuance. The company plans to publicly issue 40,446,434 shares, accounting for 10% of the total share capital after the issuance, with the total share capital after issuance at 404,464,340 shares. The preliminary inquiry date is August 5, 2026, and the offline subscription date is August 10, 2026. The company has a special voting rights mechanism arrangement, under which the actual controller, Wang Xingxing, controls a total of 68.78% of the voting rights through a differentiated voting rights arrangement. [Unitree Robotics’ Chen Li: Core Technologies of Joint Motors Entirely Self-Developed, Upstream Only Relies on Copper Wire, Magnets and Other Raw Materials] From July 3 to 4, the 2026 Yabuli Forum Innovation Annual Conference was held in Shanghai. Chen Li, co-founder of Unitree Robotics, stated that the company has achieved independent R&D and production of core parts and has integrated the underlying technology architecture, possessing the capability to independently develop and produce a full range of products including quadruped robots, humanoid robots, robotic arms, pumps, dexterous hands, etc., covering diverse application scenarios. In response to the view that joint motors rely on external procurement, Chen Li said that the core technologies of Unitree’s joint motors are entirely independently developed, with the upstream only involving the supply of basic raw materials such as copper wire and magnets, achieving a completely independent and controllable supply chain. He stated that by independently developing the full set of core technologies, Unitree's products maintain industry-leading levels in cost-effectiveness, reliability, stability, and consistency. At the same time, the company continues to invest in the R&D of core technologies such as robot control, perception, navigation, and AI algorithms, and has cumulatively applied for multiple patents. (Jinshi Data) [Report: China’s Embodied AI Market Size Has an Average Annual Compound Growth Rate of 22% to 23%] The "China Embodied AI Industry Development Report (2026)" was released in Shanghai on July 2. The report states that China has become one of the fastest-growing embodied AI markets in the world. According to calculations by multiple research institutions, the market size of China’s embodied AI is expected to grow from approximately 213.3 billion yuan in 2018 to 1.09 trillion yuan in 2026, with an average annual compound growth rate of 22% to 23%. The report notes that China possesses the world’s only and most complete full-chain industrial support for embodied AI, spanning from core sensors, servo motors, and harmonic reducers to whole-machine assembly and algorithm adaptation, forming a highly clustered industrial ecosystem. The agglomeration effect of parts supply industries in the Yangtze River Delta and Pearl River Delta regions allows new prototype iteration speeds to significantly outpace those in Western countries, and China’s embodied AI sector enjoys particularly prominent cost advantages, with overall manufacturing costs 30% to 50% lower than outside China. [Musk Elon: Optimus robot production will progress extremely slowly in the early stages because all technologies are being developed from scratch] Tesla CEO Musk Elon posted a photo of himself at the Optimus humanoid robot production line at the Fremont factory in California, US, on social media, sparking discussions about Optimus’ mass production progress. Some users noted that Tesla has recently reduced public demonstrations of Optimus, possibly because mass production progress has already exceeded market expectations. In response, Musk replied: “No, Optimus production is going to be extremely slow at the beginning because everything is brand new. It’s not like building cars.” [Bernstein: Japanese automakers’ interest in humanoid robots rekindled] Analysts at Bernstein said in a report that interest from Japanese automakers in humanoid robots appears to be reemerging. They pointed out that Mitsubishi Motors has said it signed a memorandum of understanding with a Japanese startup to jointly develop and mass-produce humanoid robots. The analysts noted that Japanese automakers have a long history of involvement in robotics. By 2050, global humanoid robot shipments could reach 49 million units, and the market would expand to approximately $729 billion. Given the overlap in core technologies (including actuators, sensors, batteries, control units, and AI software), this makes humanoid robots an attractive sector where automakers and suppliers have already accumulated expertise through vehicle deployment. Motor Spot Price To learn more about tax-inclusive weekly prices for various models such as three-phase asynchronous motors, variable frequency motors, DC brushed motors, flat motors, gear motors, linear motors, coreless motors, and motor cores, please click to view(). Voices from All Sides A research report from Huaxin Securities pointed out: Domestically, Yushu’s inquiry and subscription dates have been confirmed; outside China, the Optimus mass production process is accelerating toward implementation, Tesla has clarified capacity targets and issued parts procurement guidance, and the first mass production line is about to come online. We are bullish on the humanoid robot sector ushering in a definitive market trend. It is recommended to prioritize positioning in certain targets within the Tesla chain, which benefit from capacity ramp-up and are expected to drive order growth; at the same time, pay attention to quality enterprises with core parts R&D capabilities and adapted to the mass production needs of humanoid robots, and seize the beta opportunities in the sector. CITIC Securities pointed out that Tesla combines leading AI large model technology with large-scale manufacturing capabilities, and the company is in the top tier of the global embodied AI industry chain. It firmly believes in the mass production and application prospects of Tesla's robots. Tesla's Optimus is about to enter the production phase, and the Cybercab is undergoing testing as planned. It is recommended to focus on core players in the industry chain. A research report from China Securities stated that in July, different rare earth varieties exhibited significant differences in performance. Pr-Nd oxide rose first and then declined, terbium oxide jumped and then pulled back, and dysprosium oxide remained generally stable. Supply side, tight raw material supply issues at scrap plants led to a notable decline in production. According to SMM, Pr-Nd oxide production was down 11% MoM in July, and there may be marginal improvement in August, but overall production remains suppressed. Downstream, the high-temperature holiday season led to reduced operations at motor factories, with demand pulling back. August remains in the off-season, but the September-October peak season is a traditional peak consumption period. Market expectations for the start of demand recovery remain strong. In mid-to-late August, downstream stockpiling is expected to restart, breaking the supply-demand weakness and driving prices to stabilize and move upward. Wanlian Securities pointed out that the humanoid robot industry is currently at the dawn of transitioning from technological breakthroughs to large-scale commercialization. Supply side, Tesla, Unitree Robotics, Agibot, and UBTECH are steadily advancing the mass production pace. Demand side, an aging population and climbing labor costs serve as long-term drivers. Simultaneously, with policy and capital forces jointly boosting, AI large models continuously infuse soul into robots. Humanoid robots are expected to form an emerging industry, gradually moving from B-end to C-end, with vast future market space. Yingda Fund recently released the Q2 2026 report of its fund. The Q2 report of the Yingda Flexible Allocation Fund managed by fund manager Liu Yubin shows that, looking ahead, the fund remains optimistic about opportunities in the humanoid robot industry chain, particularly the Tesla Optimus supply chain. It holds positions centered on core Tier 1 suppliers and key parts top-tier players, strengthening a performance and order-driven approach, and focusing on the mass production progress of global leaders and the pace of commercialization of the domestic supply chain. Liu Yubin judges that data is the core foundation for the iteration of general embodied AI. Subsequently, he will increase allocation to quality targets that combine self-developed data acquisition hardware barriers and build complete end-to-end data closed loops, while continuously improving the portfolio framework. (Jinshi Data APP) Want to know more about the fundamentals, technicals, and policy aspects of the motor industry? Please participate in