Recently, Chengdu Xinyan Hydrogen Energy Technology Co., Ltd. completed the batch delivery of 48 hydrogen-powered heavy-duty trucks in the 49-mt class, marking not only a major breakthrough in the market-oriented deployment of the enterprise’s hydrogen-powered commercial vehicles, but also demonstrating its strength in large-scale operations and further accelerating Chengdu’s hydrogen energy industry toward commercialization and clustering. The delivered vehicles were manufactured by Sinotruk Chengshang and equipped with the large-power hydrogen fuel cell system independently developed by Chengdu Xinyan. With high reliability and strong load-bearing capacity, they are well suited to trunk logistics and bulk transportation scenarios. Combined with local hydrogen refueling network support and Sichuan’s expressway toll reduction and exemption policies, they can provide clients with a green, efficient, and low-cost transportation solution. As a core period of the “Chengdu-Chongqing Hydrogen Corridor,” Chengdu is accelerating the development of an ecological system spanning the entire industry chain of “production, storage, transportation, refueling, and application.” Multiple provincial- and municipal-level policies are supporting the promotion of hydrogen-powered vehicles. The operation of these heavy-duty trucks will further drive coordinated development across the upstream and downstream industry chain and foster a virtuous industrial cycle. As hydrogen energy has become a hot topic at this year’s national Two Sessions, with the industry focusing on the large-scale application of fuel cell vehicles, Chengdu Xinyan’s delivery responds to the national strategy with concrete action, supports Chengdu in building a highland for the hydrogen energy industry in western China, and injects new momentum into the region’s green transformation.

SMM Nickel News, March 19: Macro and Market News: (1) The US Fed kept interest rates unchanged at 3.5%-3.75%, while Governor Milan believed rates should be cut by 25 basis points. The impact of developments in the Middle East on the US economy remained uncertain. The dot plot maintained expectations for one interest rate cut in each of the next two years, but the distribution turned more hawkish. Market bets on the US Fed's rate cuts for the full year were reduced from about 20 basis points to less than 11 basis points. (2) Powell believed interest rates were at the high end of the neutral range, or slightly restrictive, leaving policy in a favorable position, and said the current situation was not stagflation. This energy supply disruption was a one-off event. Regarding whether he would remain in office, Powell stressed that he would not leave before the investigation concluded, and might not leave even after it concluded. If no successor was confirmed, he would continue to serve as acting chair. Spot Market: On March 19, the SMM price of #1 refined nickel fell by 3,100 yuan/mt from the previous trading day. In terms of spot premiums, the average price of Jinchuan #1 refined nickel was 6,750 yuan/mt, up 200 yuan/mt from the previous trading day; mainstream electrodeposited nickel brands in China were quoted at -300-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) plunged sharply during the session and closed the morning session at 131,760 yuan/mt, down 2.79%. Tensions in the Middle East remained elevated, and the escalating conflict between Iran and Israel triggered market concerns over rising energy prices, intensifying inflation, and economic slowdown. Safe-haven sentiment heated up. Combined with the US Fed keeping interest rates unchanged while raising inflation expectations, expectations for interest rate cuts were revised down, causing metal prices to fall sharply across the board. Pressure from the macro perspective may continue to dominate market sentiment, and nickel prices are expected to remain in the doldrums.

On March 9, Dr. Ali Alshehhi, General Manager of the China Office of Abu Dhabi National Oil Company (ADNOC), led a delegation to visit SinoHytec New Energy for a survey, where the two sides discussed hydrogen energy cooperation and pathways for energy transition. Accompanied by senior executives including Chairman Zhou Mingqiang and Qu Youyou, Vice President of the Outside China Business Division, the company introduced its recent progress in industrialisation and scaled development. The delegation toured SinoHytec New Energy’s four major centers for R&D, testing, exhibition, and sales, and learned about the company’s technological capabilities and commercial achievements across the entire hydrogen energy industry chain. Zhou Mingqiang also responded on site to concerns from the industry. ADNOC is a wholly state-owned energy giant of the UAE. Founded in 1971, it controls about 10% of the world’s oil reserves. Its business spans the entire oil and gas industry chain, and it is accelerating its deployment in blue hydrogen, green hydrogen, and CCUS to advance its low-carbon transition. In April 2025, ADNOC set up an office in Beijing, positioning China as a core market and focusing on expanding China-UAE cooperation in the hydrogen energy sector. During the discussion, Dr. Ali Alshehhi asked whether the company’s industrial deployment across multiple locations would disperse the supply chain and affect market expansion. Zhou Mingqiang responded that the nationwide layout was designed to build a coordinated industrial closed loop by leveraging local resource endowments, enabling precise alignment between localized production and market demand, effectively improving supply chain efficiency and supporting the large-scale deployment of hydrogen energy. The two sides held in-depth exchanges on topics including diversified energy development, the expansion of hydrogen energy application scenarios, industry chain coordination, and energy security. They also exchanged views on the global energy landscape, built consensus on cooperation, and laid a foundation for subsequent practical cooperation.

In mid-March 2026, CAAM and the China Automotive Power Battery Industry Innovation Alliance successively released relevant data on the auto and power battery markets for February 2026. According to CAAM’s analysis, auto production and sales declined YoY under the combined impact of multiple factors, including policy transition adjustments, front-load demand release, the timing shift of the Chinese New Year holiday, insufficient willingness to consume, and a high base in the same period last year. Among them, the passenger vehicle market and NEV market both declined YoY, while the commercial vehicle market continued to improve, and auto exports grew rapidly. .......SMM compiled the relevant data on the auto market and power battery market for February 2026 for readers’ reference. Automobiles CAAM: February Auto Output and Sales Reached 1.672 Million and 1.805 Million Units, Respectively In February, auto output and sales totaled 1.672 million and 1.805 million units, down 31.7% and 23.1% MoM, and down 20.5% and 15.2% YoY, respectively. From January to February, auto output and sales totaled 4.122 million and 4.152 million units, down 9.5% and 8.8% YoY, respectively. CAAM: February NEV Sales Reached 765,000 Units; January-February NEV Output and Sales Reached 1.71 Million Units In February, NEV output and sales totaled 694,000 and 765,000 units, down 21.8% and 14.2% YoY, respectively. NEV sales accounted for 42.4% of total new vehicle sales. From January to February, NEV output and sales totaled 1.735 million and 1.71 million units, down 8.8% and 6.9% YoY, respectively. NEV sales accounted for 41.2% of total new vehicle sales. CAAM: Auto Exports Continued to Grow in February; NEV Exports up 1.1x YoY In February, NEV exports were 282,000 units, down 6.6% MoM, up 1.1x YoY ; traditional fuel vehicle exports were 391,000 units, up 2.8% MoM and up 26.2% YoY . From January to February, NEV exports were 583,000 units, up 1.1x YoY; traditional fuel vehicle exports were 769,000 units, up 22.2% YoY . Regarding the auto market in February, CAAM said that this year’s Chinese New Year fell in mid-to-late February, and the holiday was extended. As a result, there were only 16 effective working days in February, which had a certain impact on enterprise production and operations, and overall market activity declined. Judging from industry performance from January to February, auto production and sales declined YoY under the combined impact of multiple factors, including policy transition adjustments, front-load demand release, the timing shift of the Chinese New Year holiday, insufficient willingness to consume, and a high base in the same period last year. Among them, the passenger vehicle market and NEVs declined YoY, while the commercial vehicle market continued to improve and auto exports grew rapidly. This year’s government work report explicitly proposed to stimulate the endogenous momentum of household consumption and advance consumption-promoting policies in parallel, continue to amplify the effect of the policy package, further rectify “involution-style” competition, and foster a sound market ecosystem. It is believed that, as detailed local subsidy measures are fully implemented after the holiday, spring auto show sales promotions begin, and automakers roll out new models one after another, this will help boost consumer confidence, energize the auto market, and promote the healthy and stable operation of the industry. Subsequently, the CPCA also released data on the passenger vehicle market for February 2026. From February 1 to 28, retail sales in China’s passenger vehicle market reached 1.034 million units, down 25.4% YoY and down 33.1% MoM. Cumulative retail sales since the beginning of the year totaled 2.578 million units, down 18.9% YoY. As market factors have become more complex, the pattern of “low at the beginning and high at the end” in annual sales has become more evident in recent years. Affected by disruptions such as Chinese New Year, February retail sales have seen wild YoY swings over the years, for example: 2019 (-19%), 2020 (-79%), 2021 (373%), 2022 (5%), 2023 (10%), 2024 (-21%), and 2025 (26%). Therefore, the -25.4% in 2026 was at the lower-middle end of the range of sharp fluctuations in February growth rates over the years. NEVs, retail sales in the passenger NEV market were 464,000 units in February, down 32.0% YoY; from January to February, retail sales in the passenger NEV market were 1.06 million units, down 25.7% YoY. Retail sales of conventional fuel passenger vehicles were 570,000 units in February, down 19% YoY. In February, passenger NEV producer exports were 269,000 units, up 124.7% YoY and down 7.0% MoM; from January to February, passenger NEV producer exports were 559,000 units, up 114.7% YoY, while exports of conventional fuel passenger vehicles were 290,000 units in February, up 21% YoY. NEV exports, as the scale advantages of China’s new energy vehicles become more apparent and market expansion demand grows, more and more China-made new energy brand products are going outside China, and their recognition outside China continues to improve. Among them, PHEVs accounted for 38% of NEV exports (38% in the same period last year). Although they have recently been affected by some disruptions from external countries, exports of independently developed PHEVs to developing countries have grown rapidly, with bright prospects. In February, passenger NEV exports were 269,000 units, up 124.7% YoY and down 7.0% MoM. They accounted for 48.5% of passenger vehicle exports, up 14.8 percentage points YoY; BEVs accounted for 58% of NEV exports (59% in the same period last year), and A00- and A0-class EVs, the core focus, accounted for 55% of BEV exports (56% in the same period last year). The CPCA stated that after the NEV purchase tax exemption policy, which had been implemented since September 2014, was formally phased out at the end of December 2025, the NEV market in 2026 entered a recovery period amid adjustments to tax subsidies. Some consumers brought forward purchases to 2025 to benefit from the policy, resulting in a certain pull-forward effect in January-February this year. This was an expected short-term fluctuation and does not represent the market’s long-term trend. However, with Chinese New Year falling later this year, making it a major consumption year, growth in the auto market diverged, and NEVs did not perform strongly, indicating that more policy support is still needed. Key features of the passenger vehicle market in February 2026: 1. In February, passenger vehicle producers’ daily average exports hit a record high for the month, fully demonstrating the steadily improving competitiveness of China’s automotive industry in the global market and continued robust demand outside China; 2. The retail pullback after the expiration of the vehicle purchase tax exemption was evident, but structural changes were also clear, namely a higher share of high-end NEVs and a lower share of entry-level consumption, which is conducive to the industry’s transition toward high-quality development; 3. New vehicle launches were steady in 2026, and together with the advance of anti-involution efforts curbing disorderly price cuts, NEV sales promotions stayed at 10.4% in February, remaining around 10% for six consecutive months. No vicious volume discount competition emerged, helping maintain market order; 4. The historical pattern of internal combustion engine vehicles outperforming NEVs before Chinese New Year continued again. In February, retail sales in China of internal combustion engine vehicles fell 19% YoY, while pure electric vehicle retail sales fell 35% YoY, range-extended vehicles fell 16% YoY, and PHEVs fell 31% YoY. As time goes by, consumers are expected to gradually adapt to the normalization of NEV taxation, and the NEV market is expected to return to a track of positive growth; 5. This February was still a pre-Chinese New Year consumption phase dominated by internal combustion engine vehicles. NEV penetration rate in retail sales in China was 44.9%, and export penetration rate was 48.5%, which was a relatively good performance; 6. In February 2026, exports of self-owned-brand internal combustion engine passenger vehicles reached 247,000, up 21% YoY, while exports of self-owned-brand NEVs reached 231,000, up 110% YoY. NEVs accounted for 48.4% of self-owned-brand exports. In particular, the high growth of NEV exports in Europe, Southeast Asia, and other regions marked the expanding influence of China’s NEV brands in the international market, laying a solid foundation for future export growth. Power Battery In February, China’s cumulative sales of power and ESS batteries reached 113.2 Gwh, up 25.7% YoY In February, China’s sales of power and ESS batteries reached 113.2 Gwh, down 23.9% MoM, up 25.7% YoY . Of this, power battery sales were 74.5 Gwh, accounting for 65.9% of total sales, down 27.4% MoM and up 11.4% YoY; ESS battery sales were 38.6 Gwh, accounting for 34.1% of total sales, down 16.2% MoM and up 67.3% YoY. From January to February, China’s cumulative sales of power and ESS batteries were 262 Gwh, up 53.8% YoY . Of this, cumulative power battery sales were 177.2 Gwh, accounting for 67.6% of total sales and up 36.5% YoY; cumulative ESS battery sales were 84.8 Gwh, accounting for 32.4% of total sales and up 108.9% YoY. From January to February, cumulative power battery installations were 68.3 Gwh, with LFP installations accounting for 77.9% In February, China’s power battery installations were 26.3 Gwh, down 37.4% MoM and down 24.6% YoY. Of this, ternary battery installations were 5.7 Gwh, accounting for 21.7% of total installations, down 39.1% MoM and down 11.4% YoY; LFP battery installations were 20.6 Gwh, accounting for 78.3% of total installations, down 36.9% MoM and down 27.5% YoY. From January to February, cumulative power battery installations in China were 68.3 Gwh, down 7.2% YoY. Of this, cumulative ternary battery installations were 15.1 Gwh, accounting for 22.1% of total installations and up 0.6% YoY; cumulative LFP battery installations were 53.3 Gwh, accounting for 77.9% of total installations and down 9.2% YoY. More Than 60% of A/H-Share Automakers Achieved YoY Growth, March Auto Market Production and Sales Will See Rapid MoM Growth Earlier, CLS compiled the January-February sales performance of 14 A/H-share listed automakers, of which 9 achieved YoY growth, accounting for more than 60%, and 3 automakers recorded February sales outside China exceeding those in the Chinese market. Among emerging EV makers, Leap Motor still firmly held the top spot in deliveries, with 28,067 units delivered in February, up 10.99% YoY; cumulative deliveries in 2026 reached 60,126 units, up 19.16% YoY. While releasing its February delivery figures, Leap Motor said its March car purchase incentives had gone live, with discounts of up to 46,000 yuan for in-stock vehicles. Li Auto delivered 26,421 units in February, up 0.6% YoY. Cumulative deliveries in 2026 reached 54,089 units, down 3.74% YoY. As of February 28, 2026, Li Auto’s historical cumulative deliveries totaled 1.594 million units. Li Auto said that as of February 28, 2026, it had 539 retail centers nationwide, covering 160 cities; 548 after-sales repair centers and authorized service centers, covering 223 cities. Li Auto had put into use 4,054 Li Auto supercharging stations nationwide, with 22,447 charging piles. NIO delivered 20,797 new vehicles in February, up 57.65% YoY. Cumulative deliveries in the first two months of 2026 reached 47,979 units, up 77.34% YoY. To date, NIO has delivered a total of 1,045,571 new vehicles. At 22:33:18 on February 6, NIO completed its 100 millionth battery swap; during the 2026 Chinese New Year holiday, NIO provided a cumulative 2,073,500 battery swapping services, with daily average services up 29.4% YoY versus the Chinese New Year holiday last year. From February 15 to February 23, NIO Energy's cumulative highway charging and battery swapping volume exceeded 25.28 million kWh, accounting for 15% of the national highway charging and battery swapping total. Starting from February 18 (the second day of the Chinese New Year), NIO battery swapping set new single-day service records for five consecutive days. XPeng Motors delivered a total of 15,256 new vehicles in February, bringing cumulative deliveries in the first two months of 2026 to 35,267 units, down 42% YoY. In February, the all-new XPeng G6 launched in the UK, with the entire lineup equipped as standard with an 800V high-voltage platform and a new-generation LFP battery, while introducing an all-wheel-drive performance black edition for the first time. The XPeng G6 has now been exported to more than 40 countries and regions worldwide, covering Asia-Pacific, Europe, the Middle East and North Africa, and Latin America, and continues to win favour among an increasing number of overseas consumers. As for Xiaomi Auto, its deliveries exceeded 20,000 units in February, while January deliveries exceeded 39,000 units, bringing cumulative deliveries in the first two months of 2026 to 59,000 units. Notably, the Xiaomi YU7 continued to rank first in sales in February and has now held the top spot for six consecutive months. In February 2026, Xiaomi YU7 sales reached 20,196 units, ranking among the top three passenger vehicle models nationwide for the month. As for BYD, China's "EV king," February sales reached 190,190 units, retaining its position as China's NEV sales champion. In January-February 2026, BYD Group's cumulative sales reached 400,241 units, while cumulative overseas sales of passenger vehicles and pickups totaled 200,160 units, and cumulative new energy vehicle sales exceeded 15.5 million units. On March 5, BYD unveiled the second-generation blade battery. Wang Chuanfu, Chairman of BYD Group, said that the second-generation blade battery can charge from 10% to 70% in 5 minutes, and from 10% to 97% in just 9 minutes. The second-generation blade battery offers 5% higher battery energy density than the first-generation blade battery. Car models equipped with the second-generation blade battery include the Yangwang U7, Denza N9, Fangchengbao Tai 3, Seal 07, Datang, Sea Lion 06, Song Ultra, Fangchengbao Tai 7, Denza Z9GT, and Yangwang U8L, among which the Denza Z9GT has a driving range of 1,036 km. Regarding auto industry sales in February 2026, Cailian Press quoted an executive at a new carmaker as saying, "Affected by the longest-ever nine-day Chinese New Year holiday in February, the auto industry's effective production and sales period was significantly shortened, making it a typical off-season for auto consumption. Combined with the phased reduction in the vehicle purchase tax incentive, the auto industry as a whole remained subdued and full of challenges.” Looking ahead to the passenger vehicle market in March, the CPCA said that March this year had 22 working days, one more than the 21 working days in March 2025. As industries across the board rapidly returned to normal operations after the Chinese New Year holiday, production and sales growth in March is expected to rise sharply MoM. The post-Chinese New Year period is an important window for new product launches, and many producers rolled out a large number of new vehicles. Driven by national pro-consumption policies, many provinces and cities introduced corresponding measures to stimulate consumption, while the full resumption of offline activities such as auto shows will also accelerate the return of foot traffic. As prices of lithium carbonate, copper, and other materials have remained high recently, coupled with the continued anti-involution trend, producers are expected to launch relatively few new energy car models offering better-than-expected value for money, leaving limited potential for an explosive rebound in auto consumption. Although the recent Middle East crisis caused some transportation disruptions, China’s complete vehicle enterprises shifted from “chartering vessels and waiting for shipping space” to “building ships and controlling transport,” with rapid expansion of their own fleets, greater autonomy and control over shipping capacity, and significant optimization in cost and efficiency. Our sales support capabilities are stronger than those of other international automakers, and if the crisis does not last long, export transportation will not be significantly affected. As the national trade-in policy is fully implemented, the consumer potential for replacement and upgrade purchases will be gradually released, helping the auto market strengthen steadily in March. In 2026, policy subsidies and structural optimization in the auto industry will become key factors in leveraging overall market prosperity and accelerating the premiumization of new energy vehicles. Although the 2026 consumer goods trade-in subsidy fund of 250 billion yuan was down 50 billion yuan from 2025, the 100 billion yuan in special fiscal and financial coordinated funding to boost domestic demand can reduce financing costs for residents’ car purchases and automakers through loan interest subsidies and financing guarantees, effectively stimulating endogenous consumption momentum and expanding new room for domestic demand. Huachuang Securities pointed out that since March, the passenger vehicle retail market has begun to improve, with foot traffic and transactions gradually recovering, mainly due to the digestion of deferred wait-and-see demand from last year and the launch of new models. Attention should be paid to market acceptance of new vehicles after price increases and to dynamic adjustments by automakers. Although the subsidy amount per vehicle declined this year, coverage may expand. Combined with the low base in H2 last year, industry retail sales growth in H2 is expected to turn positive, with full-year retail growth expected at 1%, including +5% for EVs. Export data for January-February exceeded expectations, and full-year exports are expected to surpass 7.1 million units, boosting wholesale growth by about 3%, including +8% for EVs. In February, due to weaker demand during the Chinese New Year, the new energy penetration rate remained firm at 48%. Current total channel inventory is about 3.4 million units, an increase of about 600,000 units compared to the same period last year. Rising Prices of Memory Chips and Precious Metals, Some Automakers Warn of Cost Pressure It is worth noting that as memory chip and precious metal prices have fluctuated upward recently, some automakers in the market have begun trying to respond to supply chain cost pressure through “price increases.”Monitoring data from TrendForce showed that since H2 2025, prices of DDR4 memory used in automotive-grade DRAM have risen by more than 150% cumulatively, while DDR5 memory prices have surged by 300%. Data provided by UBS showed that over the past three months, automotive-grade DRAM prices as a whole increased by 180%. According to incomplete statistics, since the start of 2026, multiple automakers, including NIO, Li Auto, VOYAH, Xiaomi, and Zeekr, have issued warnings or been reported to be facing cost challenges brought by chip price increases. In a livestream, Deepal Chairman Deng Chenghao said that current production costs have risen by several thousand yuan compared with earlier levels, with the pressure mainly coming from wild swings in power battery and in-vehicle memory chip prices; Li Auto Vice President of Supply Chain Meng Qingpeng even warned that the supply fulfillment rate for automotive memory chips in 2026 may be less than 50%; Xiaomi Chairman Lei Jun mentioned in a livestream in January that the new Xiaomi SU7 is facing memory cost pressure that is jumping quarter by quarter, with memory cost per vehicle expected to increase by several thousand yuan. However, according to the latest news from NIO on March 11, NIO founder and chairman Li Bin said that rising prices of memory and other raw materials have impacted the cost of high-end new energy car models by 3,000 to 5,000 yuan respectively, with the total impact nearing 10,000 yuan. At present, NIO’s existing system can support the pressure brought by rising costs, and the company currently has no plan to adjust prices. At the Q4 and full-year 2025 earnings call, Li Auto President Ma Donghui said that in response to the impact brought by the current increase in parts prices, Li Auto will strengthen coordination with supply partners and sign long-term LTA agreements with relevant suppliers to lock in prices or allocations in advance. If there is a price adjustment mechanism, it will be strictly implemented in accordance with the contract; where there is no price adjustment mechanism, the company will also share costs with suppliers. It will absorb as much of the pressure from external price increases internally as possible, including through its self-developed range extender and self-developed chips. “Li Auto will comprehensively consider parts costs and user value in determining the pricing of new car models, and is confident that through a series of measures it can keep the impact of raw materials within a reasonable range,” Ma Donghui said. UBS warned that chip shortages may begin disrupting global auto production as early as Q2 this year, with EV manufacturers that are highly dependent on advanced chips expected to be affected the most.

The listing-based trading on the Anhuida platform under the SMM Trading Center has remained active. The platform’s listing hall brings together high-quality supply sources across diverse non-ferrous metal categories, with top-tier enterprises launching bulk lots one after another. Through the efficient integration of self-listing and intelligent matching models with the supply and demand of upstream and downstream players in the industry chain, it has become an important matchmaking channel for spot trading in non-ferrous metals. To date, the platform has attracted a cumulative total of 10,171 registered enterprises, with cumulative transaction value reaching 1.98328 billion yuan and cumulative trading volume totaling 49.5719 million mt. Its trading scale and industry influence have steadily increased. As a concentration- and transparency-driven spot trading segment for non-ferrous metals, the Anhuida platform’s listing hall covers common non-ferrous metals such as copper, aluminum, zinc, and nickel, as well as new energy and minor metal categories including tin ingot and battery-grade nickel sulphate. It supports enterprises in independently publishing buy and sell intentions and offers multiple trading methods such as direct connection and intelligent matching, enabling buyers and sellers to quickly present their needs and identify counterparties, thereby significantly improving the efficiency of spot trading. Recently, the platform has featured a rich variety of popular listed categories with ample supply. It includes listings of scarce categories such as imported Indonesian tin ingot, while core new energy raw materials such as battery-grade nickel sulphate have also been launched in batches. Top industry enterprises including MCC Ramu New Energy Technology Co., Ltd. and Wanhua Chemical (Yantai) Battery Industry Co., Ltd. have all published multiple batches of battery-grade nickel sulphate sales listings on the platform, with single-batch listing Volume ranging from 66 mt to 99 mt. This has provided upstream and downstream enterprises in the new energy industry chain with stable and high-quality supply channels, effectively ensuring the smooth and efficient operation of the industry chain and supply chain. With its concentrated and transparent trading environment and flexible, diversified trading methods, the Anhuida platform’s listing hall has continued to build an efficient bridge for supply and demand matching in the non-ferrous metals industry, helping enterprises reduce transaction communication costs and optimize resource allocation. In the future, the platform will continue to enrich listed categories and improve trading functions, further invigorating the spot trading market for non-ferrous metals. Trading Platform Link: Contact for Inquiries: 021-51666886 Inquiry Email: anhuida@smm.cn

Recently, two hydrogen-powered excavators, two hydrogen-powered loaders, and four hydrogen-powered wide-body mining trucks were officially put into operation in the Jinshan mining area, marking the implementation of the integrated “production, storage, refueling, transportation, and use” layout of Daye’s hydrogen energy industry in the application segment. This achieved the large-scale use of hydrogen-powered heavy engineering equipment in mining areas across China and injected new momentum into the green, low-carbon transformation of mines. As core equipment developed by Taiyuan Heavy Machinery, the TZ350EH hydrogen-powered excavator and TZ958EH hydrogen-powered loader worked in coordination with hydrogen-powered wide-body mining trucks, covering the entire process of mining, loading, and transportation. The equipment emitted only pure water, thoroughly improving the operating environment of traditional mining areas. This batch of hydrogen-powered equipment was deeply optimized for the complex working conditions of mines, with prominent core advantages: the hydrogen-powered excavator featured zero emissions and low noise, and could operate at full load after just five minutes of hydrogen refueling; the hydrogen-powered loader integrated hydrogen power with heavy-load performance and, equipped with proprietary technology, reduced consumption and improved efficiency; the hydrogen-powered wide-body mining truck offered fast energy replenishment, a high energy recovery rate, and excellent low-temperature starting performance, laying a solid foundation for green transportation. This large-scale deployment enabled hydrogen-powered equipment to undergo practical verification in real mining scenarios. It not only opened up a new path for the clean replacement of mining equipment, but also stabilized market demand for upstream hydrogen production, storage, and transportation, promoted coordinated development across the upstream and downstream segments of the hydrogen energy industry chain, and provided a replicable and scalable practical model for transforming traditional mining areas into green and intelligent mines.

SMM News, March 19: SHFE aluminum 2603 fluctuated downward in early trading, with the price center falling sharply from the previous trading day. Affected by the decline in aluminum prices, overall purchasing sentiment rose today. Sellers held prices firm, and today’s market mainstream quotations and transaction prices were mainly concentrated around the average price to +10 yuan/mt. Today, the shipment sentiment index in east China was 3.24, up 0.08 MoM; the purchasing sentiment index was 3.16, up 0.13 MoM. Today, SHFE aluminum futures prices extended losses, and buying sentiment in the central China market was strong. Traders and downstream processing enterprises were both bullish and tended to purchase at low prices with moderate stockpiling. Meanwhile, suppliers showed a strong willingness to hold prices firm, and transaction premiums showed no sign of weakening. In the end, quotations in the central China market were mainly concentrated at premiums of 10-40 yuan over the central China price, while actual transaction prices were mainly concentrated at premiums of 20-30 yuan over the central China price. Today, the shipment sentiment index in the central China market was 2.59, flat MoM; the purchasing sentiment index was 2.43, up 0.01 MoM. Inventory side, aluminum ingot inventory in major consumption regions increased by 3,000 mt MoM today, with inventory buildup seen across all three regions. In the short term, aluminum ingot inventory continued seasonal inventory buildup after the Chinese New Year. Affected by bullish sentiment, premiums are expected to remain on a narrowing trend.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,714.5/mt and climbed to $12,715/mt at the start of the session. Copper prices then saw the center move straight downward, before fluctuating rangebound and eventually closing at $12,340/mt, down 3.44%. Trading volume reached 33,600 lots, and open interest stood at 288,300 lots, down 4,872 lots from the previous trading day, mainly due to long position liquidation. Overnight, the most-traded SHFE copper 2605 contract opened at and touched a high of 98,000 yuan/mt, after which the center of copper prices moved straight downward to a low of 95,920 yuan/mt, then fluctuated upward and finally closed at 96,340 yuan/mt, down 2.58%. Trading volume reached 103,000 lots, and open interest stood at 198,000 lots, up 9,911 lots from the previous trading day, mainly due to increased short positions.

Recently, Kawasaki Heavy Industries of Japan and Kobe Steel jointly announced that the world’s first next-generation hydrogen-fueled power generation system for hydrogen-based power generation had officially commenced operation. The system features a liquid hydrogen energy supply model and is designed to provide stable power for future large gas turbine generators, filling the global technological gap in direct liquid hydrogen supply for power generation. The newly commissioned system was developed under the NEDO-funded project in Japan, “Development of Technologies to Improve Hydrogen-Fueled Power Generation Efficiency and Performance Under the Hydrogen CGS Regional Model,” and was deployed at the Kobe Hydrogen Energy Center on Port Island in Kobe. It is the world’s first hydrogen supply power generation system to adopt an intermediate fluid vaporizer (IFV) for hydrogen together with a liquid hydrogen pump , enabling liquid hydrogen to be pressurized above critical pressure and directly supplying hydrogen fuel to power plants in a stable manner. The project had a clear division of responsibilities: Kawasaki Heavy Industries was responsible for optimizing the liquid hydrogen pressurization fuel supply system for gas turbine generators, while Kobe Steel focused on the R&D of IFV equipment utilizing the cold energy of liquid hydrogen. At present, demonstration tests have successfully delivered hydrogen fuel to a wet gas turbine, and subsequent hydrogen supply tests for a dry gas turbine will be carried out, with a focus on verifying operating performance under high summer temperature conditions as well as the long-term operational reliability of the liquid hydrogen pump.

Only 15 days remain until the opening of the 14th Energy Storage International Summit and Exhibition, ESIE 2026! New business models, new products, and new technologies in the global energy storage industry will be showcased in a concentrated manner on the ESIE 2026 platform! The countdown has begun, and the world’s largest, highest-level, and most influential gathering of ideas and technologies in the global energy storage industry is about to open! ●Exhibition Dates: April 1–April 3 ●Summit Dates: March 31–April 3 ●Venue: Beijing · Capital International Exhibition & Convention Center Scan the QR code above for free exhibition admission Six themed exhibition halls, over 160,000 m² of exhibition space, 800+ exhibitors/sponsors—the full detailed floor plan for all halls of ESIE 2026 is officially unveiled! Save and bookmark it to locate the brands and exhibition areas you are interested in! Detailed forum schedules have been released: Cutting-Edge Technology Led by 9 academicians! Detailed agenda for the 9th Energy Storage Frontier Technology Conference released Mechanism Innovation Detailed agenda released | ESIE 2026 Themed Forum: New-Type Energy Storage and the Electricity Market Detailed agenda released | Regional Characteristic Market Forum, Generation-Grid-Load-Storage and Green Electricity Direct-Connection Integration Forum Market-Driven Growth Detailed agenda released | ESIE 2026 Themed Forum: Development and Operation of Standalone ESS Projects Detailed agenda released | ESIE 2026 Themed Forum: Coordinated Development of Energy Storage + AIDC Detailed agenda released | ESIE 2026 Themed Forum: Energy Storage + New Business Models and New Development Global Perspective Detailed agenda released | ESIE 2026 Themed Forum: Development and Trends in the Global Energy Storage Market A Barometer of the Development of China’s Energy Storage Industry The 14th Energy Storage International Summit and Exhibition ESIE 2026 Exhibition Dates: April 1, 2026–April 3, 2026 Summit Dates: March 31, 2026–April 3, 2026 Venue: Beijing · Capital International Exhibition & Convention Center