The application for the first batch of 2026 municipal fixed-asset investment PV power generation projects from the Beijing Municipal Development and Reform Commission (NDRC) closes today (June 12). Projects that support building-integrated photovoltaics (BIPV) and those using perovskite, cadmium telluride, and other new-type cell modules will be preferred. In principle, such projects should have a construction scale of no less than 500 kW and may receive construction investment support of no more than 30%. Applying projects must commit to starting construction before the end of July 2026 and being connected to the grid by December 31, 2026.

People's Daily published an article titled "PV Industry Moving Toward a More Rational, Stable, and Sustainable New Stage," and the National Development and Reform Commission (NDRC) held an expert symposium, once again stressing the need to thoroughly rectify "involution-style" competition. It is rumored that the new round of exit standards for energy consumption and efficiency are about to be released, which could drive a 20-30% capacity rationalization in the PV sector, thereby leading the industry to quickly cross the inflection point of a new cycle. From an industry pattern perspective, as a typical asset-heavy sector, supply-side rationalization is the fastest way for the PV industry to enter a new cycle and also the most crucial anchor for the "reversal" logic traded in capital markets. The pace and intensity of policy implementation will serve as a key catalyst for the subsequent market trend.

SMM June 11 news: Metal market: Overnight, base metals on the domestic market mostly fell. SHFE copper fell 0.79%. SHFE aluminum edged up 0.02%, while SHFE lead and SHFE tin fell slightly. SHFE zinc fell 1.98%. SHFE nickel fell 0.72%. In addition, the most-traded alumina futures rose 0.73%, and the most-traded foundry aluminum contract rose 0.63%. Overnight, ferrous metals all rose. Iron ore rose 0.07%, hot-rolled coil edged up, stainless steel rose 0.17%, and rebar rose 0.19%. Coking coal and coke: the most-traded coking coal futures contract rose 0.44%, and the most-traded coke futures contract rose 2.34%. Overnight, on the overseas market, LME base metals fell across the board. LME copper fell 0.81%. LME aluminum fell 1.09%, and LME lead fell 0.93%. LME zinc fell 2.19%. LME tin fell 0.34%. LME nickel fell 1.47%. Overnight, precious metals : Overnight, COMEX gold fell 4.49%, and COMEX silver fell 2.67%. Overnight, the most-traded SHFE gold contract fell 3.37%, and the most-traded SHFE silver contract fell 1.08%. Citibank expects that if the blockage of the Strait of Hormuz continues into this summer, global gold purchasing demand may shrink further, and gold prices may fall to $3,500 per ounce by September. Currently, Citibank has lowered its three-month gold price target from $4,300 per ounce to $4,000 per ounce. CITIC Securities pointed out that the US CPI for May was broadly in line with expectations, with high oil prices continuing to push up the overall inflation rate, while core inflation was mild. CITIC Securities believes the risk of a second round of US inflation is low, and the overall CPI YoY may have peaked for this cycle. It is expected to gradually decline slowly until September, then rebound slightly, before pulling back rapidly in March next year. The US Fed is expected to keep its target rate unchanged this year, and the interest rate hike expectations priced in the derivatives market have room to be revised downwards. The key focus of next week's Fed meeting will be the new Chair, Mr. Walsh's, remarks on the current inflation situation and interest rate levels. For US Treasuries, trading opportunities are more suitable than allocation opportunities now, and short-term bonds are better than long-term bonds. The US dollar index finds support, and gold prices may need to wait for accommodative expectations to restart before breaking out of their predicament. As of 7:19 AM on June 11, overnight closing prices: Macro front Domestic: [Zheng Zhajie: Fully implement the "AI+" initiative and deeply address "involution-style" competition] On June 10, Zheng Zhajie, Director of the National Development and Reform Commission (NDRC), chaired an expert symposium on the economic situation, exchanging views with Cai Fang, a member of the Chinese Academy of Social Sciences, Zhang Li, President of the CCID Research Institute, and chief economists from some domestic and international securities firms, including BOC International. The discussion focused on analyzing and assessing the current economic situation, continuously expanding domestic demand, promoting high-level sci-tech self-reliance and strength and autonomous control of the industry chain, and stabilizing employment, enterprises, the market, and expectations. The attending experts' views, opinions, and suggestions were heard. Zheng Zhajie stated that the NDRC would earnestly implement the decisions and plans of the Party Central Committee and the State Council by making best use of its macro policies and leveraging the integrated effects of existing and incremental policies; strengthening the planning and construction of water networks, new-type power grids, computing power networks, new-generation communication networks, urban underground pipeline networks, and logistics networks to promote a close integration of investment in objects and investment in people, and effectively implementing the consumer goods trade-in policy; accelerating the construction of a modern industrial system and fully implementing the "AI+" initiative; continuously strengthening reform and innovation to deeply advance the construction of a unified national market and deeply address "involution-style" competition; enhancing energy and resource security levels and implementing a comprehensive conservation strategy; effectively ensuring the basic wellbeing of the people and making every effort to promote employment for key groups; at the same time, promptly researching and reserving a batch of targeted and highly operational policy tools, ready to be introduced and implemented as needed, to continuously consolidate the foundation for sustained and stable economic improvement. It is hoped that the experts would provide more suggestions to contribute their wisdom and strength to promoting high-quality development. [Ministry of Commerce and seven other units issue "Several Measures to Promote the Integrated Development of Railways and Tourism and Expand Service Consumption"] It is proposed to strengthen the coordination and alignment of railway and tourism planning. Planning guidance should be enhanced. Compiling railway-related plans should encompass the developmental needs of the tourism industry, site planning and layout must be effectively executed, and the accessibility and convenience of tourism resources should be elevated. The compilation of tourism-related plans should coordinate the layout and development of cultural tourism resources and railway resources, promoting the integrated and mutually reinforcing development of railways and tourism. [NRDC Price Cost and Certification Center Conducts Survey at SPIC] On June 3, Cheng Gang, Deputy Director of the Price Cost and Certification Center of the National Development and Reform Commission (NDRC), led a team to conduct a survey at State Power Investment Corporation Limited (SPIC). The two sides exchanged views on the operation of wind power and PV projects, as well as the development of the hydrogen-based energy industry. (NDRC Price Cost and Certification Center) US dollar: Overnight, the US dollar index rose 0.09%, closing at 100.04. Data released by the US Bureau of Labor Statistics on Wednesday showed that the Consumer Price Index (CPI) rose 4.2% YoY in May, the highest level since early 2023 and in line with market expectations. This marked the first time in three years that CPI inflation breached the 4% mark. The main factor driving the overall inflation higher was the rise in energy prices triggered by the Iran war. The 0.5% MoM rise matched expectations and was slightly lower than the previous 0.6%. "New Fed wire" Nick Timiraos' analysis pointed out that on a three-month annualized basis, the overall CPI increase in May was as high as 8.2% ; the overall CPI rose 0.47% MoM, with an annualized rate of approximately 5.8%, pushing the 12-month increase to 4.2%, a three-year high. Core CPI rose 2.9% YoY in May , matching expectations and edging up from the previous 2.8%; the MoM increase was 0.2%, lower than the market expectation of 0.3% and a significant slowdown from the previous 0.4%. Core inflation was mild, but US real wages have already seen their first YoY negative growth since April 2023, worsening the situation for consumers. Furthermore, multiple Wall Street institutions believe that while this CPI data reinforces the "higher for longer" logic, it is not enough to trigger an interest rate hike. Market bets on the Fed resuming rate hikes have risen, but mainstream institutions still tend to believe the Fed will stay on hold in the coming months. (Wall Street Insights) According to CME "FedWatch": The probability of the Fed keeping rates unchanged in June is 98.4%, with a 1.6% chance of a cumulative 25 basis point rate cut. The probability for the Fed to keep rates unchanged through July is 89.1%, with a 9.5% chance of a cumulative 25 basis point rate hike and a 1.5% chance of a cumulative 25 basis point rate cut. (Jin10 Data APP) Other currencies: The Bank of Japan (BOJ) stated on Wednesday that BOJ Governor Kazuo Ueda has been hospitalized and is expected to remain in hospital for about two weeks, therefore he will miss the monetary policy meeting on June 15-16 but is expected to attend the meeting on July 30-31. BOJ Deputy Governor Ryozo Himino will chair the June 15-16 monetary policy meeting, and Deputy Governor Shinichi Uchida will hold a press conference after the June meeting. (Jin10 Data APP) Data: Today's releases include the Eurozone ECB Deposit Facility Rate up to June 11, the Eurozone ECB Main Refinancing Rate up to June 11, the US Initial Jobless Claims for the week ending June 6, and the US May PPI YoY and MoM rates. Also, focus on: the Ministry of Commerce holds its second routine press conference of June; the ECB announces its interest rate decision; ECB President Christine Lagarde holds a monetary policy press conference. Crude oil: Overnight, both oil futures rose, with US crude up 4.14% and Brent crude up 3.88%. The Iran situation escalated abruptly, causing crude oil prices to surge. Additionally, a sharp decline in Cushing crude oil inventories and significant withdrawals from the Strategic Petroleum Reserve (SPR) once fueled an acceleration in the rise of oil prices. Trump subsequently stated on social media that over 100 million barrels of crude oil are currently transiting the Strait of Hormuz, which slightly capped the gains. (Wall Street Insights) The US Department of Energy (DOE) stated on Wednesday local time that the US is seeking to lend up to 40 million barrels from the Strategic Petroleum Reserve (SPR) to energy companies to help lower fuel prices. This plan is part of the previous agreement to release 172 million barrels from the SPR. To date, the US has lent approximately 133 million barrels of crude oil under this agreement. In March, after the US and Israel launched the war on Iran on February 28, the US reached an agreement with about 30 member countries of the International Energy Agency to jointly release approximately 400 million barrels of strategic reserves to help stabilize the international oil market. Currently, the US SPR inventory stands at 349.2 million barrels, the lowest level since August 2023. Enterprises borrowing crude oil must return an equivalent amount of crude oil plus pay a premium of up to 24% in extra crude oil. (Jin10 Data APP)

The National Development and Reform Commission (NDRC) and the National Energy Administration recently issued the “Notice on Matters Concerning the Orderly Promotion of Multi-User Green Electricity Direct Supply,” upgrading green electricity direct supply from “one-to-one” “single-point binding” to “one-to-many” “cluster sharing.” The new policy allows new energy stations to supply green electricity directly to multiple users in industrial parks and zero-carbon industrial parks through dedicated lines. As of the end of April this year, 24 provinces (autonomous regions and municipalities) nationwide have issued or formulated supporting policies for green electricity direct supply, and 99 green electricity direct supply projects across the country have completed approval.

CMOC's Tenke Fungurume Mining (TFM) copper-cobalt operation in the Democratic Republic of Congo has offered a bonus package to workers in an effort to end an ongoing strike, according to local union representatives. The company reportedly proposed a one-off bonus and related compensation measures while urging employees to resume operations. TFM is one of the world's major copper-cobalt mining operations. Closely monitoring the outcome of labor negotiations, as a prolonged strike could affect mine operations and regional copper-cobalt supply.

Against the backdrop of global energy transition and the accelerated development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound changes across its industry chain. On one hand, demand for silver from emerging fields such as PV, NEVs, and 5G communications continues to climb, driving the industry toward high value-added and green development. On the other hand, resource constraints, technological barriers, and market fluctuations are placing higher demands on industry chain resilience, making innovation-driven, coordinated development across the entire chain an urgent priority. Dual Policy and Market Drivers Under China’s “dual carbon” goals and the global wave of ESG investment, the silver industry faces urgent demands for green production, circular utilization, and low-carbon technologies. The National Development and Reform Commission (NDRC) “14th Five-Year Plan for Circular Economy Development” explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain self-sufficiency and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-users, address industry pain points, and steer the sector toward high-end, intelligent, and international development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Urgent breakthroughs are needed in silver purification processes, nano-silver material applications, and scrap recycling technologies to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information silos exist among the mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transition: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of cleaner production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: The application potential of silver in frontier fields such as hydrogen energy and quantum computing has yet to be fully tapped, calling for strengthened cross-industry cooperation and standard setting. Conference Objectives and Value With the theme “Silver Chain Innovation: Smart Future,” this conference convenes leading global silver industry chain enterprises, research institutions, financial organizations, and policymakers for in-depth dialogue on three core topics: technology R&D, supply chain optimization, and market expansion. Through the release of an industry white paper, the establishment of an innovation alliance, and the signing of major projects, the conference aims to propel the silver industry’s transition from “resource dependence” to “technology leadership,” providing key material support for the global energy revolution and the digital economy. Kunshan Shangzeqi Chemical Technology Co., Ltd. will attend this grand event to explore industry development trends with peers and jointly advance the silver industry to new heights. Click to register now for the conference—witness and take part in this momentous, far-reaching industry event, and together create a brilliant new chapter! Kunshan Shangzeqi Chemical Technology Co., Ltd. completed development of its stirring-type dry gas seal software in 2022, which can be widely applied in semiconductors, new energy, small molecule, fine chemical, pharmaceutical, fermentation and other industries. It has already been applied in photoresist projects, new energy projects, and more. Its features include zero pollution, high purity, no contact, no temperature rise, long life, easy maintenance, and insensitivity to rotational speed. This structure provides comprehensive anti-contamination solutions, fully meeting the conditions of clients with high anti-pollution requirements. Kunshan Feihong Company primarily engages in the research, development, manufacturing and application of filtration and separation equipment, drying equipment, reaction equipment, crushing and mixing equipment, and more. The company is dedicated to developing and promoting clean production, safety and environmental protection, and energy-saving and consumption-reduction technologies in the pharmaceutical and chemical industries. Drawing on years of R&D and application experience in pharmaceutical and chemical equipment, combined with extensive client feedback and integrated multi-resource advantages, we can formulate complete and applicable technical solutions tailored to enterprise needs. With outstanding product design capabilities, innovative design and production processing strengths, Feihong Company delivers safe, stable and reliable products to sectors including biomedicine, fine chemicals, food, dyeing and printing, new energy, new materials, semiconductors, and resins. Founded in 2015, Kunshan Unaike Machinery Co., Ltd. specializes in the research and development of crushing and de-agglomeration equipment for “high-end pharmaceutical” or “precious metal” applications. By incorporating advanced Japanese and European technologies, the company continuously refines its products and processes to better serve the precious metal field. Its products have already earned cooperation and recognition from numerous R&D and production organizations in China's precious metal sector. Contact Information Yu Songlei 18914968197 Long press and scan to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

[SMM Morning Meeting Minutes: LME Zinc Posted a Small Bearish Candlestick as Prices Saw Wild Swings]: Overnight, LME zinc opened at $3,598/mt. Early in the session, it quickly touched a high of $3,607.5/mt, before pulling back. By midday, LME zinc surged above the daily average line but pulled back again and dipped to $3,568/mt. After European trading began, LME zinc swung higher, recouping most of its losses, and finally closed down at $3,595/mt, down $8.5/mt, a decline of 0.24%. Trading volume fell to 85,820 lots, and open interest increased by 434 lots to 231,000 lots.

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

SMM June 2 News: Metals market: Overnight, metals generally rose across both domestic and overseas markets, with SHFE lead being the only decliner, down about 0.09%. LME tin and SHFE tin both rose over 2%, with LME tin up 2.63% and SHFE tin up 2.46%. LME copper, LME aluminum, LME zinc, LME nickel, SHFE copper, and SHFE nickel all rose over 1% (LME copper +1.97%, LME aluminum +1.59%, LME zinc +1.09%, LME nickel +1.42%, SHFE copper +1.12%, SHFE nickel +1.26%). The remaining metals gained less than 1%, with the alumina front-month contract down 0.69% and the foundry aluminum front-month contract up 0.41%. Overnight, ferrous metals collectively rose, with stainless steel leading the gains at +1.52%, and iron ore up 0.51%. Hot-rolled coil and rebar saw minor fluctuations. In coking coal and coke, coking coal rose 2.19% and coke rose 0.84%. Precious metals: Overnight, COMEX gold fell 1.7% and COMEX silver dropped 0.96%. In China, SHFE gold fell 1.28% and SHFE silver declined 0.73%. As of 6:43 AM on June 2, overnight closing prices: Macro front China: [NDRC, National Energy Administration and other departments issued the Notice on Printing and Distributing the Guidelines for Accounting of Non-Fossil Energy Power Consumption (Trial)] On June 1, the NDRC, National Energy Administration and other departments issued the Notice on Printing and Distributing the Guidelines for Accounting of Non-Fossil Energy Power Consumption (Trial). It mentioned that the development and reform commissions, energy bureaus, ecological environment departments, statistics bureaus, and data management departments of all provinces, autonomous regions, municipalities directly under the central government, and the Xinjiang Production and Construction Corps, as well as State Grid Corporation of China, China Southern Power Grid Co., Ltd., Inner Mongolia Power (Group) Co., Ltd., relevant power generation enterprises, Beijing and Guangzhou Power Exchange Centers, China Renewable Energy Engineering Institute, and China Electricity Council: To implement the major decisions and plans of the CPC Central Committee and the State Council on carbon peaking and carbon neutrality, and to promote the improvement of the carbon emission statistical accounting system, we have formulated the Guidelines for Accounting of Non-Fossil Energy Power Consumption (Trial), which are hereby issued to you. Please carry out relevant work accordingly. These guidelines shall be implemented on a trial basis from the date of issuance and shall be used for accounting of non-fossil energy power consumption for 2026 and subsequent years. If there are any issues or suggestions during the trial period, please provide timely feedback to the NDRC and the National Energy Administration. Shanghai Mayor Gong Zheng chaired a standing meeting of the municipal government on June 1. The meeting approved in principle the Shanghai Plan for Accelerating New-Type Industrialisation and Building a Modern Industrial System under the 15th Five-Year Plan, and noted the need to develop and strengthen a number of emerging pillar industries and make forward-looking arrangements for future industries. The meeting emphasized the need to adhere to innovation-driven development and forge competitive advantages in industry, accelerate breakthroughs in new technologies, R&D and application of new products, and cultivation and opening of new scenarios, support the efficient transformation and industrialisation of scientific and technological achievements, and turn more "flowers of technology" into "fruits of industry." The CPC Chengdu Municipal Committee and the Chengdu Municipal People's Government issued the Opinions on Accelerating the Building of a National Advanced Manufacturing Base. The opinions proposed forward-looking deployment of future industries, accelerating the layout of new tracks including nuclear fusion energy, brain-computer interfaces, quantum technology, intelligent sensing, embodied AI, sixth-generation mobile communications, biomanufacturing, cell and gene therapy, flying cars, and frontier new materials. US dollar: As of the overnight close, the US dollar index rose 0.26% to 99.19. Data from the Institute for Supply Management (ISM) showed that, driven by growth in new orders and production, the US May ISM Manufacturing Index rose to 54, hitting a four-year high. US manufacturing has sent expansion signals for five consecutive months, indicating that manufacturing is regaining vitality amid a surge in artificial intelligence (AI) investment, more favourable tax policy, and reduced trade policy uncertainty. Persistent cost pressure may mean US consumers will face higher prices, as the US Fed's preferred inflation gauge rose 3.8% YoY in April. (Wallstreetcn) According to CME "FedWatch": The probability of the US Fed keeping rates unchanged through June was 98.4%, with a 1.6% probability of a cumulative 25-basis-point interest rate cut. The probability of the US Fed keeping rates unchanged through July was 90.2%, with an 8.4% probability of a cumulative 25-basis-point rate hike and a 1.4% probability of a cumulative 25-basis-point interest rate cut. (Jin10 Data APP) Ozan Tarman, Vice Chairman of Global Macro at Deutsche Bank, said the US Fed's next move will not be a rate hike. Tarman said the newly appointed Fed Chairman Kevin Warsh will try to "convince his colleagues to stay put." "Everyone is excitedly talking about how he might completely change his stance and even convince Trump that a significant rate hike is possible this year — that seems a bit excessive to me." "The best approach is to wait and see, and let the political dynamics in the US, the Strait of Hormuz, and even the UK play out on their own," Tarman said. Tarman noted that a European Central Bank rate hike in June appears to be a foregone conclusion, but whether Lagarde will raise rates in September will depend on the progress of Middle East peace negotiations. (Bloomberg) Torsten Slok, Chief Economist at Apollo Global Management Inc., said that AI infrastructure construction will push up inflation in the early stages, which will prevent new Fed Chairman Kevin Warsh from cutting interest rates as quickly as he had previously hinted. "We may have to wait a while longer, because in the early stages, the AI boom will certainly push up inflation," he said. From the perspective of semiconductor prices, energy prices, and labour costs, the risk of price pressure is "very clear." (Bloomberg TV) Macro: Today, the US April JOLTs job openings, Switzerland April trade balance, UK April central bank mortgage approvals, Eurozone May CPI annual rate preliminary reading, and Eurozone May CPI monthly rate preliminary reading will be released. In addition, 2026 FOMC voter and Minneapolis Fed President Kashkari will deliver a speech, 2026 FOMC voter and Cleveland Fed President Hammack will speak on monetary policy, and Bank of England Governor Bailey will attend a House of Lords hearing. Crude oil: As of the overnight close, oil prices on both markets rose, with WTI up 5.85% and Brent up 4.53%, driven by the breakdown of US-Iran negotiations and blockade risks. Earlier, Iranian media reported that Iran would suspend communication with the US through intermediaries and planned to completely block the Strait of Hormuz, sending crude oil prices sharply higher. This morning, US President Trump said he expected to reach an agreement with Iran "within the next week," extending the current ceasefire arrangement and reopening the Strait of Hormuz. Trump said the negotiations were progressing well and expressed optimism about reaching a deal. (CCTV) (Wallstreetcn APP) According to US sources, the Trump administration continued to release large volumes from the US Strategic Petroleum Reserve to ease the energy supply crisis triggered by the US-Iran conflict and the closure of the Strait of Hormuz. Data released by the US Department of Energy (DOE) showed that the Strategic Petroleum Reserve decreased by 8 million barrels of crude oil last week, following declines of 9.1 million barrels and a record 9.9 million barrels in the two preceding weeks. As of now, the Strategic Petroleum Reserve inventory has fallen to 357.1 million barrels, the lowest level since January 2024. (Wallstreetcn) Three sources said OPEC+ producers will most likely agree at their meeting on Sunday to further increase crude oil production quotas in July. However, the Iran war has so far caused some countries to fall short of their previous production increase targets. A further increase in production quotas would indicate that the organisation is gradually resuming normal operations, despite disruptions caused by the blockade of the Strait of Hormuz and the unexpected withdrawal of the UAE in May. According to sources, OPEC+ is expected to increase production by approximately 188,000 barrels per day in July, the same as the increase agreed for June, which had been reduced from 206,000 barrels per day after taking into account the UAE's withdrawal. (Jin10 Data APP)

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations are imposing higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standard-setting. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. IKOI S.p.A will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us to witness and participate in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! IKOI, established in 1977, is a global leader in pyrometallurgical processes for precious metal refineries, mints, and jewelry markets. Currently, it has 3 major product lines: COMPACT integrated fully automatic gold and silver ingot casting systems, FCC FLAMELESS CASTING CHAMBER® fully automatic delivery bar systems, and the acid-free separation technology ALS system that physically separates gold and silver. IKOI's vision is to create safe, efficient, and green precious metal processing methods. IKOI's mission is to bring innovative and sustainable technologies to the precious metal industry. Contact Information Ni Yong 187 0185 9684 Long press to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference