Recently, the NDRC is working with relevant departments to accelerate the study and formulation of the Implementation Plan for the Strategy of Expanding Domestic Demand (2026-2030). Moving forward, the NDRC will work with relevant departments to effectively expand China's domestic demand with greater intensity and more concrete measures.

[SMM Magnesium Express]Today, according to the Chizhou Municipal Government, the city has released a three-year action plan for the commercial aerospace industry, outlining plans to leverage the advantages of its magnesium-aluminum lightweight alloy industry. The initiative aims to advance the research and development of high-temperature-resistant, high-strength magnesium-aluminum materials and overcome challenges in semi-solid die casting processes. It also seeks to validate the application of magnesium alloys in satellite structural components and rocket body brackets, while collaborating with universities and research institutes to establish a joint aerospace materials research center. This move is expected to expand the application scenarios of magnesium alloys in the emerging field of commercial aerospace, creating new growth opportunities for the magnesium materials industry.

New-type energy storage projects, once included in the database, shall commence substantive construction within 6 months and achieve grid connection within 12 months. Projects adjusted out of the database and re-entered must have obtained an immovable property ownership certificate and commenced substantive construction, and shall achieve grid connection within 6 months. Any project in the database that fails to commence substantive construction within 6 months or fails to achieve grid connection within 12 months without applying for an extension shall be adjusted out of the database.

[SMM Rare Earth Flash] US rare earth company Energy Fuels is advancing the acquisition of German permanent magnet manufacturer Vacuumschmelze (VAC), aiming to build a Western integrated supply chain covering rare earth mining, separation, metals, alloys, and permanent magnet manufacturing. According to the previously announced transaction plan, Energy Fuels will acquire VAC for approximately $1.9 billion, with the deal still subject to regulatory approvals such as Germany's foreign investment review, and is expected to close in early 2027. The latest news indicates that the German government is exploring setting conditions for the approval of this transaction, potentially including requirements to safeguard local employment in Germany, retain core intellectual property, and maintain European manufacturing capabilities, in order to ensure that key technologies and the industry chain remain in Europe.

SMM Cobalt Morning Briefing: The cobalt industry chain was generally in the doldrums this week. Refined cobalt prices drifted lower, affected by import data exceeding expectations, the demand off-season, and downstream summer breaks. Sellers and buyers of cobalt intermediate products had a wide psychological price spread, making it difficult to advance transactions, and prices remained temporarily stable. Market inquiries and transactions for cobalt sulphate, cobalt chloride, and Co3O4 were sluggish, with downstream users mainly pushing for lower prices and making just-in-time procurement. Cobalt powder prices continued to hit bottom, while cobalt carbonate was also under pressure.

SMM, July 21 – To deepen industry exchanges, smooth information channels, and accurately grasp development trends and market dynamics in the zinc and indium sectors, on July 21, a team from SMM Information & Technology Co., Ltd. (SMM) — including Geng Zhiyao, Senior Analyst for Copper, Lead and Zinc; Li Hanyu, Senior Zinc Analyst; and Dai Junxiu, Senior Business Manager — visited Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. for an exchange and was warmly received by relevant leaders of the company. During the exchange, the two parties had in-depth discussions on core industry topics, such as current zinc and indium price trends, the enterprise’s comprehensive recovery technologies for zinc and indium metals, existing production and processing capacity, and the regional layout of new mine capacity. Meanwhile, the SMM team introduced in detail the platform’s existing pricing system, pricing logic, and mainstream market application scenarios, conducted in-depth exchanges with the enterprise on industry pricing standards and market quotation applications, fully listened to frontline production and market demands, and further broke down information barriers between upstream and downstream. This visit effectively consolidated the foundation for information sharing across the industry and provided strong support for accurately assessing zinc and indium market trends and promoting the green, high-quality, and standardized development of the industry. Profile of Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. is a wholly-owned subsidiary of Yunnan Tin Co., Ltd. Established in May 2016 with a registered capital of 1.1 billion yuan and 843 registered employees, it is a state-owned enterprise integrating production, R&D, and trade, mainly engaged in the smelting, processing, sales, and trading of non-ferrous metals and ore products. After six years of independent process and equipment R&D, the company overcame the industrialization challenges of hematite technology and equipment. In 2018, it invested 2.44 billion yuan to build China’s first and the world’s second demonstration plant for hematite iron removal hydrometallurgical zinc smelting. The plant reached full production and standards within one year, with core indicators leading the industry: zinc recovery rate >98%, indium recovery rate >83%, copper recovery rate >95%, lead and silver recovery rate >99%, iron resource utilization rate >95%, comprehensive energy consumption for zinc electrowinning 99.96%, and tail gas SO 2 <60 mg/Nm 3 . Leveraging its technological and green development strengths, the company has received more than 30 honors, including national-level “Quality Engineering” award, national-level specialized and sophisticated key “Little Giant” enterprise, national-level green factory, and high-tech enterprise. It holds 42 authorized patents (including 21 invention patents), and three of its core technologies have won the First Prize of China Nonferrous Metals Industry Science and Technology Award. The “New Green and Efficient Zinc Smelting Technology for Complex Polymetallic Iron-bearing Sphalerite” and the “Hematite Process for Iron Removal and Zinc Smelting” have been respectively listed by the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology (MIIT), and other authorities in the industry carbon peak action plan and energy-saving and carbon-reduction guide, and are promoted as key advanced technologies. SMM Contact: Geng Zhiyao Tel: 13818541149

SMM, July 22 – In the metals market: As of the midday close, domestic base metals mostly rose. SHFE copper gained 1.34%, SHFE aluminum added 0.72%, SHFE zinc advanced 0.78%, SHFE lead fell 0.85%, SHFE tin climbed 1.11%, and SHFE nickel jumped 1.36%. Furthermore, the most-traded cast aluminum futures contract rose 0.59%, the most-traded alumina contract settled on par with 2,723 yuan/mt. The most-traded lithium carbonate contract fell 0.5%. The most-traded silicon metal contract fell 0.42%. The most-traded polysilicon futures contract rose 0.59%. Ferrous metals showed mixed performance. Iron ore fell 1%, rebar edged lower, and HRC was flat at 3,284 yuan/mt. Stainless steel rose 0.61%. In the coking coal and coke segment, the most-traded coking coal contract gained 1.56%, and the most-traded coke contract advanced 0.66%. In overseas base metals, as of 11:45 AM, LME metals mostly rose. LME copper fell 0.3%, LME aluminum edged up, and LME lead, LME zinc, and LME tin all posted gains within 0.2%. LME nickel rose 0.52%. In precious metals, as of 11:45 AM, COMEX gold rose 1.53% and COMEX silver gained 1.64%. In domestic precious metals, SHFE gold rose 2.8%, and the most-traded SHFE silver contract surged 4.79%. Additionally, as of the midday close, the most-traded platinum futures contract rose 4.2%, and the most-traded palladium futures contract jumped 5.44%. As of the midday close, the most-traded container shipping contract on the European route fell 0.52% to 2,785 points. As of 11:45 AM on July 22, some futures midday market conditions: Spot and Fundamentals Silver: U.S.-Iran ceasefire negotiations and technical corrections drove a silver price rebound, which may maintain a fluctuating trend in the short term. Spot market demand was sluggish, with transactions near parity, and the pattern of weak supply and demand persists... Macro Front China: [GAC: Accelerate Implementation of 57 Port Facility Renovation Projects under the 15th Five-Year Plan] This morning (July 22), the State Council Information Office held a press conference to introduce the implementation of the 15th Five-Year Plan, accelerating customs modernization, and serving the building of a trade power. Ports are the gateway to opening-up. During the 15th Five-Year Plan period, the customs will accelerate the implementation of major projects and key border port projects under the national 15th Five-Year Plan, simultaneously carry out 57 port facility renovation projects under the plan, and speed up the construction of railway ports such as Turugart and Ganqimaodu. This will help further optimize the layout of port opening. (CCTV News) [Beijing Rolls Out "Ten Go-Global Measures" to Reduce Burden and Empower Digital Economy Enterprises Going Global] On July 21, the Beijing Municipal Bureau of Economy and Information Technology held a press conference on the H1 2026 economic performance of Beijing's industrial and information software industry. It was introduced at the meeting that at the end of last year, Beijing issued the "Three-Year Action Plan for the Construction of the Beijing Digital Economy Enterprise Go-Global Innovation Service Base (2026–2028)", setting out the goals and tasks for Beijing enterprises going global over the next three years. Drawing on the operational practices of the Beijing Go-Global Base and the core needs of nearly a hundred digital economy enterprises, Beijing recently issued the "Several Measures to Accelerate the Promotion of Digital Economy Enterprises Going Global" (referred to as the "Ten Go-Global Measures"), complementarily, providing ten financial and resource support measures to comprehensively reduce burdens and empower enterprises’ international development. The policy mainly focuses on the following three aspects: first, broadening overseas connection channels to overcome market expansion challenges; second, improving full-process supporting services to reduce cross-border compliance costs; third, fostering an international digital ecosystem to build a capital go-global brand. (Jin10 Data APP) [Guangzhou: plans to steadily and orderly advance the completed home sales system and promote the reform of real estate development financing methods] During the 15th Five-Year Plan period, Guangzhou plans to actively and prudently plan pilot projects for the completed home sales system, selecting suitable land parcels for pilot implementation at an appropriate time. It will strengthen financial service support, encourage commercial banks to increase development loan quotas for completed home sales projects and offer preferential interest rates. For completed home sales land parcels, support such as installment payment of land premiums and public resource allocation will be provided. For projects that continue to use the presale system, supervision of presale funds for commodity housing will be standardized to regulate fund usage. At the same time, financial coordination will be strengthened to advance the reform of real estate development financing methods, driving a shift in real estate development enterprise financing from reliance on the creditworthiness of the entity to meeting the reasonable financing needs of real estate projects. For each project, one bank or a banking syndicate will be designated as the lead bank. Funds from project development, construction, and sales will be deposited with the lead bank, which will ensure that the project company’s reasonable financing needs are met, forming a virtuous cycle mechanism where the lead bank and the project company share interests and risks. Closed management requirements for real estate project funds will be implemented. Before project delivery, it is strictly prohibited for investors to illegally withdraw or divert the project company’s sales and financing funds, and capital withdrawal or early dividend distribution is strictly prohibited. The Guangzhou Housing and Urban-Rural Development Bureau is publicly soliciting opinions on the "Guangzhou Housing Development 15th Five-Year Plan (Draft for Comments)." It will optimize the supply scale and pace of commercial residential land to promote market supply-demand balance. High-quality urban design and "good housing" construction requirements will be incorporated into land transfer conditions to enhance residential building quality. Real estate development enterprises are encouraged to shift from "scale-oriented" to "quality-oriented" approaches, continuously optimize standards, and build more livable high-quality housing. Support for housing will be steadily advanced for newly introduced talent, newly employed university graduates, newly married or first-time childbearing families, families with multiple children, and families supporting elderly members, so as to reduce the burden of purchasing a first home. Increase policy support for "selling old and buying new" homes, and implement relevant tax incentives. Standardize real estate brokerage services, and guide all types of real estate agencies to operate in accordance with the law, compete fairly, and clearly mark prices. Strengthen oversight of existing-home transactions, and establish and improve regulatory systems for transaction funds for existing homes. (Jin10 Data APP) [PBOC reverse repo operation resulted in a net withdrawal of 350.5 billion yuan today] The PBOC conducted 76 billion yuan in 7-day reverse repo operations today, and with 426.5 billion yuan in 7-day reverse repos maturing, a net withdrawal of 350.5 billion yuan was realized on the day. US Dollar: As of 11:45, the US dollar index fell 0.07 to 101.14. Markets await next week's Fed meeting for clues on the interest rate outlook and are closely monitoring developments in the Middle East conflict. According to the CME FedWatch Tool, the probability of the Fed keeping rates unchanged in July is 74.9%, with a 25.1% chance of a cumulative 25-basis-point hike. For September, the probability of holding rates steady is 28.9%, while the odds of a cumulative 25-bp hike are 55.7% and a 50-bp hike are 15.4%. (Jin10 Data APP) Furthermore, according to Politico, House Republicans on Tuesday passed a procedural vote 241–211, clearing the way for a short-term government funding bill and the "budget reconciliation 3.0" package. The stopgap funding measure aims to keep the federal government operating through December, while the budget framework provides the basis for a $95 billion partisan policy package. House Republican leadership hopes to pass the temporary funding bill later Tuesday. The House is then expected to vote on the budget resolution on Wednesday. Republicans intend to use this budget framework to begin drafting and passing a third conservative policy bill this Congress without any Democratic support. Other Currencies: Driven by a weak yen and surging oil prices, Japan's import value was up 25.4% YoY in June to a record 11.3 trillion yen (approx. $69.25 billion). This gain exceeded the market's previous expectation of a 21% rise and marked the fastest pace since November 2022, resulting in a trade deficit of 406.9 billion yen (approx. $2.49 billion) in June, far above the forecast of 120 billion yen. Although crude oil imports fell 13.7% YoY in volume terms, their value soared 59.3%, with the yen-denominated unit price also hitting a record high, underscoring that current inflationary pressures are largely driven by exchange-rate factors rather than demand growth. This means that compared to possible short-term changes in oil demand, the yen's appreciation plays a more significant role in easing import cost pressure. On the export side, the resilience brought by AI-related data center demand provides the Bank of Japan with actual economic growth support that can offset inflation risks. This combination of factors suggests that the Bank of Japan is more likely to adopt a cautious, gradual rate hike path rather than a sudden sharp tightening. Currently, the market expects the Bank of Japan to keep interest rates unchanged next week, while still maintaining a hawkish policy bias. (Jin10 Data APP) The Reserve Bank of Australia stated that a latest survey result shows inflation remains the top economic concern for Australians, while a "fundamental gap" still exists in the public's understanding of how monetary policy works. The survey is part of the RBA's efforts to enhance transparency and respond to the 2023 independent review recommendations. Since early last year, the bank has conducted three rounds of surveys, collecting opinions from approximately 9,000 Australians, and uses the results to improve communication with the public. The survey results showed: "Public trust in the RBA is comparable to other Australian and international institutions and has remained stable since early 2025," although trust levels vary across different groups. "Those with higher trust levels tend to have lower inflation expectations, underscoring the importance of trust itself and also its key role in the transmission of monetary policy." (Jin10 Data APP) Data: Today will see the release of the UK June CPI MoM, UK June Retail Price Index MoM, and other data. Crude oil: As of 11:45, both oil benchmarks rose, with WTI crude up 1.03% and Brent crude up 1.15%. Trump downplayed the possibility of immediate negotiations with Iran, and heightened US-Iran tensions pushed oil prices higher. The rise in oil prices directly exacerbated inflation concerns. (Wall Street Insights) Data: Last week, US crude oil inventories increased. API crude oil inventories for the week ending July 17: +2.603 million barrels, vs. expected -500,000 barrels and prior -564,000 barrels. API gasoline inventories for the week ending July 17: -1.379 million barrels, vs. expected -1.81 million barrels and prior -1.664 million barrels. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

Futures: Last Friday, LME lead opened at $1,869.5/mt and moved sideways during the Asian session. Entering the European session, it dipped first before rebounding, hitting a low of $1,863.5/mt, then climbed to a high of $1,890.5/mt near the close as bears cut positions, finally settling at $1,887/mt, up 0.96%. Last Friday evening, the most-traded SHFE lead 2609 contract opened at 15,875 yuan/mt, briefly touching a low of 15,855 yuan/mt in early trading, then rebounded to a high of 15,980 yuan/mt as bears reduced positions, finally closing at 15,945 yuan/mt, up 0.44%. On the macro front: US media reports: US-Iran conflict intensifies, the Pentagon is rushing additional F-16 and F-35 fighter jets to the Middle East. The Eurozone's May current account surplus expanded, as primary income growth offset a narrowing trade surplus. The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) stated that central state-owned enterprises must continue to achieve breakthroughs in original technologies such as foundational algorithms, physical AI, intelligent computing chips and quantum communication. The National Development and Reform Commission (NDRC) released an action plan for AI cooperation and development. The Ministry of Finance adjusted some battery consumption tax policies, gradually resuming collection of consumption tax on certain new energy batteries. Spot fundamentals: SHFE lead consolidated on a strong note. Suppliers showed moderate selling enthusiasm, but circulating cargoes in the Jiangsu, Zhejiang and Shanghai markets were limited, with few quotes available. Meanwhile, primary lead smelters sold EXW cargoes following the market trend, with quotes at wider discounts in some regions; mainstream producing areas quoted at discounts of 50-0 yuan/mt against the SMM #1 lead average price for ex-works sales, with a few deals done at even larger discounts. In secondary lead, smelters offered more quotes, with secondary refined lead quoted at discounts of 50-0 yuan/mt against the SMM #1 lead average price ex-works. Downstream enterprises mostly shifted to long-term contract procurement or paused to observe the market, muting the trading atmosphere in the spot order market. Inventory: On July 17, LME lead inventory decreased by 1,950 mt to 452,075 mt. As of July 16, total social inventory of SMM lead ingots across five regions decreased by about 500 mt WoW from July 13. Lead price forecast for today: Due to delivery factors and downstream procurement, visible lead ingot inventory rose first and then fell last week. With the bearish overseas inventory buildup factor now priced in, the Chinese market's focus shifted to the production of secondary lead enterprises and downstream purchasing trends. If lead ingot inventory continues to destock this week, lead prices are expected to return to and consolidate above the 16,000 yuan/mt level.

Capacity side, based on incomplete statistics, China's alkaline electrolyzer market stands at 43.77 GW, while the PEM electrolyzer market stands at 2.7 GW. Trina Green Hydrogen has completed the loading of two containerized integrated hydrogen production and refueling products, which will be shipped to Europe for use in a local integrated hydrogen production and refueling station demonstration project. The 100 Nm³ products shipped this time feature in-house developed alkaline electrolyzers at their core, adopt a containerized integration solution, and integrate full units including electrolytic hydrogen production, gas-liquid separation, and deep purification. Project Related Updates: Ordos Weiner Green Energy Logistics Co., Ltd.: The green logistics and hydrogen-electricity integrated hydrogen production and refueling project of Ordos Weiner Green Energy Logistics has obtained filing approval. The project is located in Dalaqi Banner Three Gorges Industrial Park, with a total investment of 63.1638 million yuan. It plans to build one 6 mt hydrogen refueling station, along with one 6,000 Nm³/h PSA physical hydrogen purification unit. The construction period is from August 2026 to August 2027. Wojiang Clean Energy (Xinjiang Zhundong Economic and Technological Development Zone) Co., Ltd.: Xinjiang Xinye State-owned Assets Management (Group) Co., Ltd. has issued negotiation and procurement announcements for the water electrolysis hydrogen production unit of its Zhundong 2 billion m³/year coal-to-natural gas project, officially launching the tender for 15,000 Nm³/h-scale water electrolysis hydrogen production equipment, aiming to build a large-scale green hydrogen and low-carbon demonstration project for Xinjiang's coal chemical industry. The project is located in the Zhundong Economic and Technological Development Zone, Changji Hui Autonomous Prefecture, Xinjiang. Using coal as feedstock, it adopts mainstream coal chemical processes including fixed-bed crushed coal pressurized gasification, shift conversion, acid gas removal, and methanation, with planned annual output of 2 billion m³ of coal-to-natural gas, along with co-production of multiple chemical products such as naphtha, crude phenol, sulfur, liquid CO₂, liquid ammonia, green methanol, sodium chloride, and mirabilite. The water electrolysis hydrogen production unit under this tender is a low-carbon core supporting unit of the project, with a hydrogen production capacity of 15,000 Nm³/h. Baowu Clean Energy (Yangjiang) Co., Ltd.: The Baowu Clean Energy Yangjiang Green Energy Industrial Base (Green Hydrogen Production Site) project has completed filing. The project is developed by Baowu Clean Energy (Yangjiang) Co., Ltd., located on Fengtou Island in Yangxi County High-tech Zone, Yangjiang City. With a total investment of 5.2 billion yuan, it covers an area of 233,100 m² and has a building area of 110,000 m². It plans to construct eight factory buildings, supported by green hydrogen production workshops, material areas, and office areas. The project will use offshore wind power directly connected to water electrolysis to produce green hydrogen. Upon completion, it is expected to produce about 80,000 mt of green hydrogen annually, with an annual output value of 840 million yuan. Construction is planned to start on December 1, 2027 and be completed on June 1, 2029. Shanghai Electric Luyuan Technology (Jilin) Co., Ltd. : The Baicheng Taonan green hydrogen coupled with biomass green alcohol-oil integration new project has completed filing. The project has a total investment of 2.8647 billion yuan, covers an area of approximately 366,500 m², and plans to produce 208,300 mt of green methanol and 10,000 mt of sustainable aviation fuel (SAF) annually. It plans to build core units such as biomass gasification, water electrolysis hydrogen production, methanol synthesis and distillation, and SAF production, with simultaneous construction of supporting utilities including water treatment, power distribution, and site office facilities. The project plans to start construction in August 2026 and be completed in December 2028. Inner Mongolia Hydrogen Power Technology Co., Ltd. : The Inner Mongolia Hydrogen Power Technology Dalad Banner grid-side standalone ESS demonstration project has commenced in the Dalad Economic Development Zone. With a total investment of 150 million yuan, it covers an area of 42 mu and has an energy storage capacity of 2 MW/4 MWh. It adopts a pure hydrogen energy storage route, equipped with 12 sets of 1,000 m³ alkaline electrolyzers, 2 sets of 1 MW hydrogen fuel cells, and 90,000 m³ hydrogen storage units, establishing an integrated industry chain of hydrogen production, hydrogen storage, and hydrogen power generation. Diaobingshan Huadian Clean Energy Co., Ltd.: The Liaoning Huadian Diaobingshan 450,000 kW wind power-to-hydrogen coupled green methanol integration demonstration project has reached an important construction period, with the first batch of main steel structure columns successfully lifted into place, marking the official transition from civil works to the critical steel structure installation phase and an overall acceleration of construction progress. The project is a key new energy demonstration project in Liaoning Province, with a total installed capacity of 450,000 kW. Shaanxi Coal Group Yulin Chemical Co., Ltd. : Shuangliang Hydrogen secured an order from Shaanxi Coal Group Yulin Chemical for four 3000 Nm³/h alkaline electrolyzers. This project is the supporting hydrogen production unit for the first phase of the second stage of Yulin Chemical's 15 million mt/year coal graded conversion demonstration project. The total supporting hydrogen production scale is 12,000 Nm³/h of hydrogen and 6,000 Nm³/h of oxygen. The unit will serve coal-to-methanol, methanol-to-olefins, and downstream deep processing production. Da'an Jidian Green Hydrogen Energy Co., Ltd. : SPIC Green Energy announced the bid candidates for Section D20-01 of its 20th batch of centralized new energy tenders in 2026. This section involves the procurement of an additional 1,000 Nm³/h alkaline electrolysis hydrogen production equipment for the Da'an wind and solar-based green hydrogen-to-synthetic ammonia integrated demonstration project. The first-ranked candidate is Jiangsu Trina Green Hydrogen Technology Co., Ltd., with a bid price of 4.5251 million yuan (tax excluded). The project is located in Liangjiazi Town, Da'an City, Baicheng, Jilin Province. The overall annual hydrogen production is 32,000 mt, and the annual synthetic ammonia output is 180,000 mt, alongside supporting air separation units and hydrogen storage facilities. Inner Mongolia Baotou Steel Xin Energy Co., Ltd. : Candidates for the design procurement for the Inner Mongolia Baotou Steel Xin wind power-hydrogen-storage integrated demonstration project were publicly announced. The top three candidate units and their tax-excluded quotes are: North Engineering Design & Research Institute (778,000 yuan), Hubei Electric Power Planning and Design Institute (805,800 yuan), and PowerChina Huadong Engineering Corporation (809,300 yuan). This demonstration project simultaneously deploys two electrolytic hydrogen production routes, configured with 1,000 Nm³/h alkaline water electrolysis and 500 Nm³/h PEM hydrogen production units, complemented by 20 m³, 1.5 MPa gaseous hydrogen storage tanks. It rents a 100 kg solid-state hydrogen storage system for technical verification, and concurrently builds a full set of supporting utilities including power supply, control, and nitrogen production. PipeChina Group: The first domestic field test for the sequential transportation of fuel methanol via a long-distance refined oil pipeline, led and implemented by PipeChina Group, was successfully concluded in Xianyang, Shaanxi. This marks a key breakthrough for China's methanol sequential transportation technology in refined oil pipelines, moving from theoretical research to engineering practice verification. Policy Review 1. The National Energy Administration issued the Energy Sector Energy Saving and Carbon Reduction Action Plan (2026-2028). The document notes to accelerate the energy-saving and carbon reduction transformation of coal mine equipment and facilities, promoting energy-saving technologies such as intelligent variable frequency speed control and energy consumption monitoring in large-load electromechanical equipment. It promotes the new energy replacement of mining area transportation equipment, applying electric and hydrogen fuel cell mining trucks on a large scale in suitable open-pit coal mines, and gradually implementing electric trackless rubber-tyred vehicles in underground coal mines based on transportation methods. 2. The State Council issued a notice on the 15th Five-Year Plan for Peaking Carbon Emissions Action Plan. The document notes to vigorously promote non-fossil energy development. It adheres to the simultaneous development of wind, solar, hydro, nuclear, and other energy sources, developing new energy with greater intensity, coordinating development layout, consumption, and utilization, and expanding the effective supply of non-fossil energy. It proposes building clean energy bases including wind and solar PV in the Three-North region, integrated hydro, wind and solar energy in Southwest China, coastal nuclear power, and offshore wind power, actively developing distributed PV and dispersed wind power, promoting the large-scale development of solar thermal and ocean energy power generation, utilizing biomass and geothermal energy according to local conditions, and arranging the construction of integrated bases for wind, solar, hydrogen, ammonia, and methanol. 3. The Shandong Provincial Energy Bureau issued the Notice on Strengthening and Regulating the Development of Green Electricity Direct Connection. The document states to support distributed PV to participate in multi-user green electricity direct connection through centralized confluence. It strengthens source-load matching. The project's overall annual self-generated and self-consumed new energy electricity accounts for no less than 60% of the total available power generation and no less than 30% of total electricity consumption, reaching no less than 35% before 2030. The proportion of grid-connected electricity to total available power generation is capped at no more than 20%, and reverse power transmission to the public power grid is prohibited during grid new energy curtailment periods. For green electricity direct connection projects such as offshore wind power connecting to offshore oil and gas platforms, hydrogen, ammonia, and methanol production, and computing power facilities, the proportion of grid-connected electricity can be relaxed to 40%. New energy curtailment from green electricity direct connection projects is excluded from new energy utilization rate statistics. Projects are encouraged to reduce system regulation pressure through means such as rationally configuring energy storage and tapping into flexible load adjustment potential. Enterprise News Beiben Heavy-Duty Truck Group Co., Ltd. : The "Open Bidding for Major Technical Challenges" special project, led by Beiben Heavy-Duty Truck in collaboration with Shanghai Reinventing Energy Technology Co., Ltd., which formed an innovation consortium for coordinated tackling of key problems, achieved a major outcome—a 300 kW large power hydrogen fuel cell tractor officially rolled off the production line and successfully completed the declaration for the national motor vehicle product announcement. Wuhan Huagong Laser Engineering Co., Ltd. : China's first fully automated turnkey production line for gigawatt-level alkaline electrolyzers exported overseas was successfully shipped, achieving a benchmark batch-scale overseas delivery for the industry. China Hydrogen Energy Group Co., Ltd. : It fully authorized Xinersheng Machinery (Jiangsu) Co., Ltd. to implement the production task for the full range of intelligent unmanned vehicle equipment, engaging in the large-scale batch production of hydrogen-powered, battery-powered, and other powertrain-based unmanned intelligent driving vehicles. Tianji Hydrogen Energy Technology (Beijing) Co., Ltd. : It officially launched two major new product series, the HIS Integrated Hydrogen Refueling Station and the HES Hydrogen-Electric Energy System, simultaneously deploying technology routes across ALK, PEM, and AEM. Guangdong Yuntao Hydrogen Technology Co., Ltd. : Yuntao Hydrogen and Kaiping Public Utility Group successfully held a signing ceremony for a strategic cooperation in the hydrogen energy industry. This signing represents a key cooperative project for Kaiping City to advance its green and low-carbon industrial layout and implement the transformation and upgrading of its energy structure. Suzhou Suqing Hydrogen Equipment Co., Ltd.: To provide a rapid replacement of electrolyzers for global automotive glass leader Fuyao Glass, Suzhou Suqing Hydrogen Equipment Co., Ltd. completed the full process of production, assembly, and air tightness testing for the electrolyzer in just 60 days, delivering the equipment on schedule. Cockerill Jingli (Suzhou) Hydrogen Technology Co., Ltd. : Dutch hydrogen developer Power2X made its final investment decision and issued a notice to proceed for the 20 MW Djewels green hydrogen project. Located in Delfzijl, Groningen, Netherlands, the project will utilize John Cockerill's innovative pressurized alkaline electrolysis water hydrogen production equipment and is expected to start production in mid-2028. Zhejiang Pilot Free Trade Zone PetroChina Fuel Oil Co., Ltd. : The methanol bunkering vessel Jiachen 17 completed a bunkering operation at the Zhoushan Tsuneishi Shipyard berth, refueling a Maersk methanol dual-fuel container ship with 795 mt of methanol over 5.5 hours. Patent Filings 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a lab-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) submitted patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprints/Technical Specifications 1. The latest research achievement by the team of Professor Hu Wenbin from Tianjin University was published online in Science, a top international academic journal. The study overcame the key challenge of precise preparation of platinum group catalysts, opening up a completely new technical path for atomically precise preparation of platinum group catalysts. 2. The team of Tong Lei and Liang Haiwei from the University of Science and Technology of China, together with Zhang Liang from Tsinghua University, proposed a Carbon Mesopore Depth Engineering (CMDE) strategy. By leveraging hollow mesoporous carbon spheres to regulate ionomer penetration depth, they resolved the inherent conflict between kinetic activity and oxygen mass transfer in low-platinum fuel cells, developing a PtCo low-platinum catalyst that combines poisoning resistance, high mass transfer, and excellent durability, meeting the US DOE's power, activity, and durability targets at an ultra-low platinum loading of 0.1 mgPt cm⁻². 3. The team of Professor Li Zhipeng from Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics field coupled model for tubular solid oxide fuel cells, systematically revealing the quantitative influence laws of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on cell output performance. 4. The National Hydrogen Power Quality Inspection and Testing Center of China Automotive Research Institute completed and opened for commercial use a 0-400 kW hydrogen-related, load-carrying, three-axis integrated vibration testing platform, filling the gap in high-power, hydrogen-related multi-physics field coupled testing in China. 5. The high specific power cathode closed-loop air-cooled stack technology developed by the team of Academician Zhongwei Chen and Associate Researcher Meng Zhang from the State Key Laboratory of Energy Catalysis and 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 addresses the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, solving technical challenges such as low-humidity performance degradation, carbon corrosion, dry membrane water flooding, and high-power thermal management.

In Q2 2026, the solid‑state battery industry reached a critical policy and standards inflection point. China’s MIIT designated all‑solid‑state batteries as a key R&D priority, and the world’s first national standard for automotive solid‑state batteries (GB/T 43568‑2026) took effect on July 1.