On March 9, the New Product Launch Conference for the Sixth Academy of the Aerospace Science and Technology Corporation’s hydrogen energy industry was held in Beijing, where four core achievements were unveiled on site: the side-mounted 2×40 kg-class onboard liquid hydrogen system (Saidao-1000S), a mobile liquid hydrogen refueling skid and hydrogen dispenser, a 40-foot liquid hydrogen tank container, and a 200-cubic-meter innovative alkaline electrolyzer . The Blue Book on the hydrogen energy industry was also officially released. The conference brought together academicians, ministry officials, representatives from government, enterprises, universities, and the industry chain, marking the Sixth Academy’s liquid hydrogen equipment portfolio as having fully entered a new stage of commercial application. High-Level Participation to Jointly Discuss a New Blueprint for the Hydrogen Energy Industry The conference featured a high-profile lineup, with three academicians—Long Lehao, Yang Fengtian, and Wang Jue—in attendance, along with relevant officials from the State Administration for Market Regulation and the National Energy Administration; leaders from the Aerospace Science and Technology Corporation and affiliated enterprises also attended, including Li Zhongbao, Chief Engineer of the Aerospace Science and Technology Corporation, Xie Yun, Chairman of Aerospace Investment, and Wang Wanjun, President of the Sixth Academy. Supervisory government authorities from multiple regions, experts from renowned universities, executives from central state-owned enterprises such as Sinopec, China Huadian, and FAW, as well as capital-side representatives from numerous hydrogen energy enterprises gathered together to witness the commercialization of aerospace hydrogen energy achievements. Praise From Academicians and Remarks by Senior Executives Highlight Aerospace Hydrogen Energy’s Leadership Academician Long Lehao congratulated the launch of the new products, noting that this represented a milestone breakthrough in China’s cryogenic liquefaction and hydrogen energy equipment fields, opening a pathway for aerospace hydrogen energy to serve the national economy and aligning with the national “dual carbon” and energy security strategies. Li Zhongbao, Chief Engineer of the Aerospace Science and Technology Corporation, stated that the Group regarded hydrogen energy as a strategic growth pole and would work with all parties to build a collaborative and shared industrial ecosystem and promote deep integration across the industry chain. Wang Wanjun, President of the Sixth Academy, said that the Academy adhered to the philosophy of “users first, power first,” and that multiple hydrogen energy equipment products had reached internationally advanced levels. In the future, it would accelerate technological iteration, improve the standards system, and make every effort to achieve the goal of bringing liquid hydrogen technology to the pinnacle. Four Powerful New Products Cover the Full Range of Production, Storage, Transportation, and Refueling Scenarios 1 Side-Mounted 2×40 kg-Class Onboard Liquid Hydrogen System (Saidao-1000S) China’s first subcooled liquid hydrogen system installed on a vehicle, it pioneered dual-cylinder coordinated liquid supply technology and delivered a driving range of over 1,000 kilometers at full load. It adopted an integrated chassis design to reduce wind resistance and release front-end space, and has already been demonstrated jointly with Foton Motor, making it suitable for the large-scale application of liquid hydrogen heavy trucks. 2 Mobile Liquid Hydrogen Refueling Skid and Liquid Hydrogen Hydrogen Dispenser China’s first mobile refueling system for subcooled liquid hydrogen, it fills the gap in temporary refueling for non-fixed stations. By achieving breakthroughs in core technologies, it delivers a liquid hydrogen utilization rate of over 95%, a refueling flow rate of 15 kg/min, and completes full-tank refueling for a heavy truck in 15 minutes, with performance comparable to world-class international standards. 3. 40-Foot Liquid Hydrogen Tank Container The first standardized liquid hydrogen storage and transport equipment, compatible with global road and maritime logistics, with the transport radius extended to over 2,000 kilometers and unit costs reduced by 50% compared with high-pressure gaseous hydrogen. The daily evaporation rate was 0.52% and could be maintained for more than 8 days, addressing the pain points of low storage and transport volume and high costs. 4. 200 m³ Innovative Alkaline Electrolyzer Built on aerospace technology, with direct current (DC) power consumption as low as 4.1 kWh/Nm³, reaching the national Grade 1 energy efficiency standard; the modular design reduced operation and maintenance costs by 90%, supported 12-hour rapid on-site repair, and met the needs of green hydrogen production in multiple scenarios.

[SMM Aluminum Morning Meeting Minutes: Middle East Geopolitical Risks Heighten Supply Concerns; Aluminum Prices to Trend Strongly Higher in the Short Term] Overall, although domestic social inventory continues to build up, the current geopolitical situation in the Middle East is the focus of global attention. If the geopolitical conflict continues, expectations for a tightening in global aluminum supply will remain strong, and aluminum prices will have strong upward momentum. In the short term, aluminum prices are expected to hold up well.

[SMM Cast Aluminum Alloy Morning Comment: Overseas ADC12 Prices Surged to USD 3,200, with Import Losses Expanding Sharply] In the overnight session, the aluminum alloy 2604 contract in the night session moved downwards after a higher opening and fluctuated downward. After opening at 23,295 yuan/mt, it rose to 23,420 yuan/mt, then continued to pull back, dipping to a low of 23,000 yuan/mt, and closed at 23,170 yuan/mt in late trading, down 1.07% from the previous close. Open interest continued to decline, with bulls clearly reducing positions; trading volume edged up, and the price center moved lower.

[[Weekly Review of Aluminum Scrap and Secondary Aluminum]]Geopolitical Risks and Cost Drivers Combined: Weekly Increase in ADC12 Prices Reached 1,000 Yuan

[SMM Analysis] New National Standard for Secondary Lead and Inclusion in Delivery on the Agenda, Market to Shift to "Primary + Secondary Dual-Track Pricing" SMM February 27: Starting March 1, 2026, the "Secondary Lead Ingot GB/T 21181-2025" (hereinafter referred to as the "new national standard") will replace the "Secondary Lead and Lead Alloy Ingot GB/T 21181-2017" (hereinafter referred to as the "old national standard") and officially come into effect.

[SMM Tin Analysis: Armed Conflicts in Northern Myanmar, Analysis of the Man Maw Tin Mine Situation]

[Shanghai aluminum futures consolidated narrowly during the night session, with slow downstream resumption of work leading to volatile aluminum prices] On the fundamentals, seasonal pressure remains prominent. On the supply side, new aluminum projects in the domestic market are steadily ramping up production, while the proportion of liquid aluminum conversion remains temporarily low. On the demand side, post-holiday operating rates of downstream processing materials show a steady recovery pace. However, under the influence of seasonal supply exceeding demand and some cargo backlog at railway stations, it is expected that the peak inventory of aluminum ingots domestically after the holiday will exceed 1.35 million mt, hitting a new high in nearly five years, which will be an important factor suppressing price rises. Overall, in the short term, Shanghai aluminum futures will continue a volatile pattern.

[SMM Cast Aluminum Alloy Morning Comment: SHFE Aluminum Fluctuates at Highs, Post-Holiday Consumption Recovery Remains Slow] Spot side, A00 aluminum price rebounded by 140 yuan/mt to 23,520 yuan/mt compared with the previous trading day, while SMM ADC12 price rose slightly by 50 yuan/mt to 23,800 yuan/mt. Boosted by the stronger futures, market sentiment improved slightly. However, secondary aluminum enterprises remained generally cautious about following the upward trend, with most maintaining stable quotations or raising prices by no more than 100 yuan/mt. Post-holiday downstream consumption recovery pace was relatively slow, with downstream users making just-in-time procurement, and some enterprises still focusing on digesting inventories. Overall market transaction atmosphere was sluggish. In the short term, ADC12 price is likely to continue moving sideways in the initial post-holiday period. For the medium term, the trend still requires close monitoring of the supply-demand matching situation as production resumptions are gradually implemented, as well as the impact of primary aluminum price movements on aluminum scrap costs.

[SMM Aluminum Morning Meeting Minutes: Macro Front Sees Mixed Sentiments, Aluminum Ingot Inventory Accumulation Caps Price Upside Room] Fundamental seasonal weakening pressure becomes more pronounced. Supply side, domestic and overseas aluminum new projects steadily ramp up production. Demand side, attention should be paid to the pace of downstream enterprise resumption after the holiday. Currently, under the influence of seasonal supply exceeding demand, the market generally expects the post-holiday inventory peak to reach 1.3 million mt, hitting a five-year high, which will be the core factor suppressing prices. Overall, aluminum prices are expected to move sideways in the short term.

[SMM Cast Aluminum Alloy Morning Comment: SHFE Aluminum Fluctuates Rangebound on Second Day After Holiday, Market Remains Sluggish] Spot side, A00 aluminum price edged down 10 yuan/mt to 23,380 yuan/mt from the previous trading day, while SMM ADC12 price held steady at 23,750 yuan/mt. Futures overall showed narrow consolidation, and secondary aluminum market quotations were mostly stable. Downstream inquiries and actual transactions recovered somewhat during the week, but overall trading atmosphere remained cautious, with market sentiment relatively mediocre. Fundamentally, the pace of production resumptions at enterprises was slow in the first week after the holiday, limiting supply-side increments and providing some support to prices. However, demand recovery is more likely to be gradual; before terminal orders see a significant increase, downstream purchases will mainly focus on restocking for rigid demand, making sustained large-volume transactions difficult. Cost side, continued attention is needed on price fluctuations of aluminum scrap and auxiliary materials such as copper and silicon, while primary aluminum trends will still dominate market sentiment and the price center. Overall, ADC12 prices are likely to continue moving sideways in the initial post-holiday period, similar to the pre-holiday pattern. The subsequent direction will depend on the supply-demand matching degree after full production resumptions and the performance of primary aluminum. If phased restocking demand is released alongside primary aluminum holding up well, there is some room for price recovery. Conversely, if demand recovery falls short of expectations, prices may face slight pressure but will largely remain range-bound.