Xinbo Shares (003038.SZ) announced that its subsidiary Anhui Xinbo New Energy Vehicle Parts Co., Ltd. plans to carry out the investment and construction of the "New Energy Annual Production of One Million Sets of Lightweight High-end Aluminum Parts Project." The project has a total investment of approximately 100 million yuan, with funding to be sourced through the company's own funds or self-raised capital. The project primarily serves internationally renowned automobile OEMs, with a construction period of six months. Upon completion, the project will help the company further expand the NEV parts market and cultivate new profit growth drivers.

According to data released by the China Automobile Dealers Association, in April 2026, the national used car market recorded a transaction volume of 1.6712 million units, down 6.73% MoM and down 1.76% YoY, with a transaction value of 113.476 billion yuan. From January to April 2026, the cumulative used car transaction volume reached 6.4932 million units, up 2.93% YoY, an increase of 184,600 units compared with the same period last year, with a cumulative transaction value of 426.358 billion yuan.

The 2026 SMM Hong Kong Metals Forum , organized by Shanghai Metals Market (SMM) and sponsored by China Securities International as platinum sponsor, wrapped up successfully at Novotel Hong Kong Century on May 6. With over 300 registrations and 200 on-site attendees, the forum focused on the theme "New Metals Cycle: Prices, Power & Global Wrestling". The event featured keynote speeches by industry experts and SMM analysts, covering base metals, new energy materials, and strategic revaluation of minor and precious metals. Two high-level panel sessions were held, exploring hot topics such as geopolitics, supply-demand fluctuations, CBAM impacts, and market opportunities. It also served as an efficient platform for networking and cooperation across entire industry chains. SMM Opening Address SMM Chairman Adam Fan SMM Chairman Adam Fan stated in the opening address that it was a great honor to gather with elites from all sectors of the industry at this forum. The world is currently at a critical development period, and the exchange of industry ideas is not only an industry necessity but also an inevitable requirement for global development. Adam reviewed the century-long legacy of the London Metal Exchange, which has weathered nearly 150 years of global changes and industry evolution, fully demonstrating that although market structures may change, the fundamental need for risk management and reliable price discovery remains constant. At the same time, Adam candidly acknowledged that global markets are currently mired in a pattern of deep fluctuations. Geopolitical conflicts, supply chain fragmentation, and the compounding crises of energy and food, overlaid with de-globalization and rising trade protectionism, have intensified market uncertainty and inflationary pressures, posing severe challenges to global economic growth and industrial cooperation. Against this backdrop, SMM has steadfastly upheld its mission, refusing to be a bystander to the trend of industry fragmentation, and is committed to serving as a bridge for global industrial connectivity amid a landscape of division. SMM is dedicated to promoting dialogue and exchange, breaking down industry and regional barriers, and bringing together regulators, traders, and producers from around the world to discuss industry development. SMM upholds the principle of information transparency, continuously providing accurate, real-time market data to help the industry see through market fog and clarify market distortions. SMM deepens pragmatic cooperation by building a neutral and professional platform for exchange and matchmaking, driving all parties to pursue collaborative development based on shared interests and transcending political differences. Adam emphasized that information sharing and open collaboration would be leveraged to mitigate market risks and strengthen overall industry resilience, and called on the industry to seize the opportunity of this forum to jointly explore solutions, transforming current challenges into momentum for driving integrated and robust development of the global metals industry. Speech by Platinum Sponsor Wang Guangxue, Member of the Executive Committee of China Securities Co., Ltd. and Chairman of China Securities Futures Co., Ltd. Wang stated that as a vital bridge connecting the capital market and the real economy, China Securities has always been committed to serving the high-quality development of the metals industry. Leveraging the comprehensive financial strengths of CITIC Group, the company has built a full-chain integrated service system covering securities, futures, investment, and research. The company has been deeply engaged in the commodities sector, continuously providing forward-looking research to anticipate market trends, utilizing futures instruments to build robust risk barriers, and empowering industrial upgrading through capital services. It will fully leverage CITIC Group's full-license resource advantages and the strategic value of Hong Kong as an international financial center to continuously strengthen its cross-border comprehensive financial services capabilities. The company aims to tailor integrated risk management and asset allocation solutions at home and abroad for enterprises across the metals industry chain, precisely helping enterprises hedge against price fluctuation risks, and enabling them to operate steadily and advance with high quality in complex market environments. Structural Shifts: Rethinking Commodity Benchmarks in an Era of Persistent Inflation and Rivalry Speaker: Tian Yaxiong, Co-Head of R&D Department, China Securities Futures Tian shared professional research findings and cutting-edge market insights on hot topics including the market outlook for global metals and the deep impact of geopolitics on commodity trends. SMM Industry Analysis: Market Outlook and Pre-seminar Sharing for Base Metals and New Energy Materials (Copper, Aluminum, Nickel, Cobalt, Lithium, and Tin) & How SMM Empowers Your Commodity Trading & Analysis Speakers: Dr. Yanchen Wang, Managing Director of SMM Global UK Ltd.; Thomas Feng, Head of Industry Analysis at SMM Dr. Wang first analyzed the macroeconomic landscape. At the beginning of this year, the manufacturing PMIs of major economies performed quite well, actually exceeding 50%. Without the conflict, demand this year would have been quite strong. However, at the end of February, the US-Iran conflict broke out, and the International Monetary Fund subsequently revised down its global economic growth expectations. He pointed out that China's exports remain one of the three pillars that are still functioning well to date. Regarding automobile consumption, he noted that for the EV market, the positive factor for the auto industry also lies in exports. In Q1 this year, export performance was indeed very strong. If you look at EV exports alone, they actually grew nearly 160% YoY. Driven mainly by growth in global markets, he remains optimistic about the auto industry this year. In Europe, gasoline and diesel prices have risen significantly due to the US-Iran conflict, and EV demand is expected to benefit from this factor. He believes the power sector continues to maintain strong growth. Based on power grid and power generation investment data from the first two months, combined with State Grid Corporation of China's earlier announcement that fixed asset investment during the "15th Five-Year Plan" period is expected to reach 4 trillion yuan, this indicates that electricity demand will drive strong growth. State Grid Corporation of China will build more ultra-high voltage transmission projects, which will undoubtedly support aluminum demand and also copper demand. Aluminum: Wang noted that base metal prices experienced wild swings since the beginning of this year. He also discussed that China's aluminum smelters continued to raise operating rates due to favorable profitability; aluminum demand pulled back in Q1, and high prices drove inventory higher; approximately 950,000 mt of new aluminum smelting capacity in Indonesia may come online in 2026, with some investors watching Angola; and aluminum semis and wheel hub exports maintained growth in Q1. Copper: After copper prices experienced a pullback and adjustment in March, downstream procurement demand in China was rapidly released, providing strong support for copper prices to rebound. Copper prices rose sharply, with the market downplaying geopolitical risks. China's copper cathode demand was robust, and inventory continued to decline. China's copper scrap market was not truly facing a spot shortage issue. The outlook for copper cathode demand is positive. China remains dependent on copper concentrate imports. Spot copper concentrate TCs showed no signs of bottoming out. By-product revenue sustained smelter profits. He also analyzed the DRC sulphuric acid market conditions, the expected slowdown in global refined production growth, and how a refined market supply deficit should support higher copper prices. He also mentioned that the AI industry maintained strong development momentum, bringing new growth momentum to copper demand. Tin: He elaborated from the following perspectives: Myanmar tin production — slow recovery, upward trajectory, 2025-2027E; Indonesia tin ore RKAB quotas — expected to ease slightly in 2026; DRC — major mine production remained stable, but the M23 movement added uncertainty; global tin prices — supply determines the floor, macro factors drive fluctuations; the global tin market is expected to maintain a tight balance, with new mining capacity expected to be concentrated for release in 2028. Thomas Feng shared insights on nickel, cobalt, and lithium: emerging from the trough and entering a new cycle. ►New energy demand landscape: from EV popularization to energy storage deployment. First, he reviewed and provided an outlook on the global NEV market: NEV demand no longer maintains a one-sided high-growth trajectory, but instead exhibits characteristics of regional differentiation, structural divergence, and intensifying cyclical volatility; development paces in China, Europe, and the US have shown notable differences; performance trends of BEVs, PHEVs, and commercial vehicles have diverged; and the impact of inventory and price cycles on industry operations is increasing significantly. Second, in his review and outlook of the global energy storage market, he noted that the global energy storage market will remain concentrated in three key regions: China, the US, and Europe. Driven by 2030 climate goals, emerging markets such as the Middle East, Australia, and Southeast Asia are showing strong growth in demand for large-scale energy storage. Benefiting from cost advantages and improved safety performance, LFP battery market share is expected to continue climbing. ►Lithium: Reshaping the Supply-Demand Pattern in a New Cycle Global lithium carbonate market: shifting from overall surplus to structural tightness, with prices in a post-trough reassessment and recovery phase. Lithium hydroxide supply and demand maintained a tight balance: production on the supply side was driven by demand, the market share of ternary power batteries was squeezed, and room for growth was limited. The concentration of lithium resource supply declined, with marginal growth rates slowing down simultaneously. Significant demand growth drove the continued expansion of resource projects. ►Nickel: Navigating Policy Changes and Narrowing Oversupply Indonesia's nickel ore HPM adjustment: aimed at enhancing the economic value of non-nickel resources. The discussion covered scenario analysis of nickel ore prices following the implementation of the new policy, and the impact analysis of nickel ore benchmark price adjustments on MHP full costs. Indonesia's nickel ore RKAB quota: a tight balance is expected to set the tone for 2026. Global primary nickel is expected to remain in persistent oversupply. Regarding the logic behind refined nickel price trends, it was noted that policy and macro factors jointly amplified price fluctuations, while cost support elevated the long-term price floor. ►Cobalt: Shifting from Surplus to Shortage after the DRC Export Ban——Long-Term Uncertainty Remains Following the DRC policy announcement, cobalt product prices in China rose rapidly. However, high prices suppressed downstream demand, putting prices under pressure. Starting from H2 2025, the Chinese market continued destocking. Amid raw material shortages, enterprises began using MHP and recycled materials as production substitutes. MHP and recycling are expected to continue growing rapidly, effectively bridging the cobalt hydroxide gap. Cost pressure transmitted in both directions: LCO doping/ternary substitution restarted, and consumer cobalt demand is expected to decline by 10%. As persistently high cobalt prices suppress demand, if China secures 90% of the DRC quota, supplemented by MHP and recycling supply, inventory buildup could occur as early as 2026. Panel Discussion: Global Metals Market Outlook——Geopolitics Disruption, Macro Cycles and the Return of Commodity Volatility •Copper and Aluminum Price Rise, 2024-2026 •Precious Metals Storm: Silver Swung Wildly, Gold Hit Record Highs — Interest Rate Cycles, Safe-Haven Demand, and Industrial Logic •Precious Metals and Industrial Metals: Are Commodities Entering a New Cycle •Focus on Critical Minerals: Emerging Region Supply Rise and Policy Shifts, Green Transition Co-Shaping a New Narrative •Chinese Market: The 15th Five-Year Plan Moderator: Yanchen Wang, Managing Director, SMM Global UK Ltd. Panelists: Yahong Tian, Co-Head of R&D, CITIC Futures Henry Van, Head of Industrial Metals Analysis, Trafigura Sharon Ding, Head of China Basic Materials, UBS Justin William Hughes, Commodity Derivatives Distribution, Optiver Xie Shaobo, Head of China, Appian Mining Fund & independent non-executive Director, Zijin Gold International Panelists noted aluminum has great upside—its 10% price rise lags its 4%-5% supply contraction (vs. oil’s 60% price surge on 10% supply drop), with valuation recovery incomplete. They were more optimistic about copper demand, driven by real downstream demand rather than speculation; aluminum semis’ upside is underappreciated due to high oil prices. Long-term, copper and gold are key for mining investment, with scarce high-quality copper mines and solid gold fundamentals. They also discussed US tariffs, China’s metal demand resilience and overseas mining investment. Overseas mining success hinges on resource-to-reserve certainty; West Africa, Latin America, DRC and Zambia are new hotspots, while Australian/Canadian listed miners are undervalued. Enterprises must plan prudently based on risk tolerance. Geopolitical conflicts (e.g., Iran) may trigger energy crises, but current inflation control and China’s high metal consumption share weaken demand impact. Long-term, energy crises will boost electrification, expanding copper/aluminum demand. Investment depends on risk appetite and fundamental grasp. SMM Industry Analysis: Strategic Re-valuation of Minor Precious and Minor Metals in 2026 — The Case of Silver and Tungsten Silver: Market Supply-Demand Balance and Macroeconomic Volatility: Evolution and Shift in Industrial Demand, Particularly Driven by the PV Sector Tungsten: Strategic Status Upgrade - Supply Constraints and High-End Demand Driving the 2026 Price Rally Speaker: Juno Zhu, Senior Analyst of Minor and Precious Metals, SMM Juno shared insights on the strategic revaluation of tungsten and silver. Tungsten: Tungsten prices have surged over 500% since 2025; China holds over 50% of global tungsten reserves, contributes nearly 80% of global production, and possesses a complete industrial value chain; China's tungsten supply constraints in 2025: H1 mining quotas declined 6.45% YoY; global new project stagnation: limited capacity expansion in 2026, with ex-China mine development cycles of 3–5 years; domestic tungsten downstream applications: significant growth in cutting tools and PV tungsten wire in 2025; European market: persistent raw material shortages, with Rotterdam tungsten prices surging since February 2025; China's tungsten product exports: transitioning from primary products to deep-processed products; SMM analysis: the tungsten market supply-demand gap is expected to persist but narrow in 2026; prices are expected to consolidate at highs after overheating cools. Silver: Silver price fluctuations in 2026: an unexpected surge from Q4 2025 to Q1 2026, where frenzied investment demand and capital liquidity completely overshadowed the impact of the industrial off-season. Shift in trade dynamics in Q1 2026: SGE-LBMA premiums reversal and a surge in imports. Demand spike in Q1 2026: the PV industry started with a recovery, and an investment boom generated a phased demand peak. PV market outlook: policy shifts in 2026 are expected to curb demand growth, with overall silver consumption remaining stable. Silver demand outlook for 2026: industrial fundamentals provide support, while investment surges serve as a tactical highlight. Silver supply outlook for 2026: mild annual growth and an expanding secondary supply share are expected to drive a tight balance in the market. Market outlook: short-term trends are expected to revert to industrial fundamentals, while the medium and long-term trajectory is expected to fluctuate at highs driven by safe-haven demand. Panel Discussion: Metals in a Fragmented World: Trading Opportunities in the Age of Instability (Physical Trading and Hedging) •Shifting Liquidity Landscape across LME, CME, and SHFE •Shipping Risks and Sanctioned Metals: Implications for LME Inventory Structure •How European CBAM is Reshaping Global Metals Trade Flows •Is the Metals Market Entering an "Era of Geopolitical Risk Premiums" •Internationalization of SHFE & GFEX: Opportunities and Challenges for Global Investors Moderator: Jean Tang, Commercial Director, SMM Panelist: Anant Jatia, Founder and Chief Investment Officer, Greenland Investment Management Bella Yu, General Manager of Marketing Department, Liyang Unilink E-commerce Co., Ltd. David Wilson, Director of Commodity Strategy, BNP Paribas Duncan Hobbs, Research Director, Concord Resources Nicholas Snowdon, Head of Metals and Mining Research, Mercuria Energy Trading SA Sabrina Qian, Director of Geared broking desk, IFCHOR GALBRAITHS Anant Jatia stated: CBAM represents a major policy shift in Europe's metals sector. It is not merely about raising trade costs, but will profoundly reshape global metal trade flows and pricing logic. CBAM officially took effect in January this year, initially covering categories such as steel and aluminum semis, with its core mechanism incorporating carbon emission intensity costs into Europe's metal pricing system. High-carbon-emission producers will need to bear additional carbon allowance costs, significantly weakening their export competitiveness to Europe, while green capacity powered by clean energy will gain a clear advantage in the European market and capture greater market share. Following the policy's implementation, the landed cost of metals in the European market will rise, sustaining a long-term regional premium similar to the aluminum premium structure in the US market. Compared with the market differentiation among LME-registered brands following CBAM's implementation, what deserves more attention are the entirely new market opportunities it creates. By sourcing low-carbon, high-quality materials, market participants can potentially capture green premiums, while the mechanism will also transform metal trading models and the global trade flow landscape. The panelists also discussed the changing liquidity landscape across LME, CME, and SHFE. They noted that liquidity in the commodity market is becoming increasingly fragmented, with copper and other products now tradable across multiple global futures exchanges. Price discovery is no longer concentrated in a single market, and the traditional pattern of one market leading gains and others following has reversed, with multi-exchange rotation driving price movements becoming the norm. Factors such as geopolitical policies and tariff adjustments have given rise to regional pricing divergence, with price movements in some markets increasingly driven by capital flows and sentiment. Policy and geopolitical events have also significantly affected the spread between futures and spot prices of metals, creating opportunities for cross-market arbitrage. Meanwhile, policies related to critical minerals supply security, regional supply shocks, and geopolitical disruptions have widened the dislocation between regional fundamentals and price signals. The metals market has entered a window of structural arbitrage opportunities, and this trend is expected to persist. Cross-market arbitrage continues to provide liquidity support to exchanges, a phenomenon broadly observed across both industrial and precious metals. In addition, the panelists engaged in in-depth discussions on the differences between exchange liquidity and industrial liquidity, as well as factors influencing metal price trends, including fundamentals, geopolitical developments, energy costs, and commodity transportation costs. Opening Remarks for Coffee Break Xu Tao, CEO of CSCI In his address, Xu Tao stated that Hong Kong serves as a vital hub in the global metals pricing and trading system, playing a key role in the aggregation of LME delivery resources and the internationalization of RMB-denominated commodities. Going forward, China Securities International will continue to leverage its role as a bridge for cross-border business, deepen collaboration with CSC Futures, and provide clients at home and abroad with efficient and professional comprehensive financial services in commodities, contributing to a higher level of opening-up of China's financial markets. Networking (Coffee Break) Acknowledgments The 2026 SMM Hong Kong Metals Forum was successfully held with special thanks to the Platinum Sponsor, China Securities International, for its strong support, as well as sincere gratitude to Liyang Unilink E-commerce Co., Ltd. for its significant contribution to the forum. Going forward, China Securities and China Securities International will continue to leverage the unique geographical and resource advantages of Hong Kong as an international financial center, deepen strategic cooperation with authoritative industry platforms such as SMM, and continuously improve the "onshore + offshore" integrated bulk commodity comprehensive service system, precisely empowering enterprises to seize market opportunities and hedge operational risks, contributing professional expertise to advancing the internationalization of China's bulk commodity market and enhancing the industry's global competitiveness. Liyang Unilink E-commerce Co., Ltd. (formerly Wuxi Stainless Steel Electronic Trading Center) has been engaged in new energy materials and critical metals supply chain services for over 20 years. Through its digital platform and offline service network, the company provides upstream and downstream clients with full-process online services including price negotiation, contract signing, contract execution, payment settlement, cargo delivery, processing, quality inspection, and after-sales services. With transparent pricing, 100% fulfillment guarantee, and strict quality control, it has established stable cooperation with over 30,000 industrial clients. In the field of critical strategic metal resources, Unilink has built a supply chain service system covering 14 critical metal varieties including indium, bismuth, nickel, cobalt, and lithium. Spot delivery volumes of indium and bismuth each account for over 90% of China's consumption. For new energy materials, spot delivery volumes of nickel, cobalt, and lithium on Zhonglian Jin's platform account for 30%, 90%, and 20% of China's consumption respectively, while daily sulfur trading volume exceeds 80,000 mt. Unilink implements a service model of "payment upon delivery, cargo pick-up upon payment," effectively shortening delivery cycles, reducing enterprise operating costs, and helping upstream and downstream clients achieve stable and efficient material scheduling. Zhonglian Jin strictly adheres to national industrial policies and resource management requirements, consistently focusing on serving the real economy, fully ensuring the security and smooth operation of bulk commodity supply chains, and promoting efficient resource allocation. It has ranked among China's Top 500 Service Enterprises and China's Top 20 Growing Internet Enterprises for two consecutive years. With that, the 2026 SMM Hong Kong Metals Forum came to a successful conclusion! Thank you for your help and support for this forum~

The US April Consumer Price Index (CPI) rose 3.8% YoY, hitting the highest level since May 2023, above market expectations of 3.7% (previous: 3.3%). CPI was up 0.6% MoM, in line with expectations.

[Chery to Jointly Sell EVs with Autobacs in Japan] Chinese automaker Chery Automobile will partner with Japanese automotive retailer Autobacs Seven to jointly sell EVs in Japan starting in 2027.

[SMM Analysis]Secondary Aluminum Operating Rate Declined in April, with Downward Pressure Persisting in May

SMM May 9 News: Metals market: Last Friday's overnight domestic market saw base metals mostly decline. SHFE copper rose 0.53%. SHFE aluminum fell 0.16%, and SHFE lead fell 0.15%. SHFE zinc fell 1.19%. SHFE tin fell 1.13%. SHFE nickel fell 0.67%. In addition, the most-traded alumina futures fell 1.37%, and the most-traded casting aluminum futures fell 0.24%. Last Friday's overnight ferrous metals mostly fell. Iron ore was flat at 816.5 yuan/mt, stainless steel fell 1.05%, rebar edged up slightly, and hot-rolled coil rose 0.14%. Coking coal and coke: coking coal fell 0.39%, and coke fell 0.43%. Last Friday's overnight overseas metals showed mixed performance among LME base metals. LME copper rose 1.59%. LME aluminum rose 0.34%, and LME lead was flat at $1,977.5/mt. LME zinc fell 0.17%. LME tin fell 1.26%. LME nickel fell 0.89%. Last Friday's overnight precious metals : COMEX gold rose 0.27%, posting a weekly gain of 1.71%; COMEX silver rose 0.82%, gaining 5.76% for the week. Last Friday's overnight SHFE gold most-traded contract fell 0.21%, with a weekly gain of 3.24%; SHFE silver most-traded contract rose 0.09%, with SHFE silver gaining 11.4% for the week. As of 8:39 AM on May 9, last Friday's overnight closing prices: Macro front China: [Li Qiang Chaired State Council Executive Meeting: Advancing Local Government Debt Risk Resolution and Strengthening Full-Chain Management of Mineral Resources] State Council Premier Li Qiang chaired a State Council executive meeting on May 9, studying and implementing the spirit of General Secretary Xi Jinping's important speeches on the current economic situation and economic work, as well as at the symposium on strengthening basic research. The meeting noted that efforts should be made to align thinking and actions with the CPC Central Committee's scientific assessment of the situation, further bolster confidence, seize opportunities amid changes, drive development through overcoming challenges, consolidate and expand the momentum of steady and positive economic growth, and strive for a good start to the 15th Five-Year Plan period. Macro policies should focus on being fully and effectively utilized, maintaining proactive implementation, and continuously improving execution efficiency. Strengthening the domestic economic circulation should seek breakthroughs in coordinated supply-demand alignment and integrated upgrading, implementing and improving measures to expand capacity and enhance quality in the service sector, and strengthening the planning and construction of water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks, and logistics networks . Social welfare efforts should focus more on stabilizing employment and ensuring basic needs, and doing well in education, healthcare, childcare, agriculture, rural areas, and farmers. Greater efforts and more concrete measures should be taken to strengthen basic research, placing basic research high on the agenda. In light of the country's urgent needs and long-term demands, the main directions and key areas of focus should be identified, investment should be increased through multiple measures, and efforts should be made to foster a sound research ecosystem. Risks and challenges should be addressed effectively, with continued efforts to defuse risks in areas such as real estate, local government debt, and small and medium-sized financial institutions. Safety production responsibilities of all parties should be closely monitored and enforced to resolutely prevent major and serious accidents. ( Xinhua News Agency ) [General Administration of Customs: In the first 4 months, China's goods trade imports and exports grew 14.9%, with electromechanical product exports up 17.6%] According to customs statistics, in the first 4 months of 2026, China's total goods trade imports and exports reached 16.23 trillion yuan, up 14.9% YoY (the same hereinafter). Of this, exports totaled 9.33 trillion yuan, up 11.3%; imports totaled 6.9 trillion yuan, up 20%. In April, China's total goods trade imports and exports reached 4.38 trillion yuan, up 14.2%. Of this, exports totaled 2.48 trillion yuan, up 9.8%; imports totaled 1.9 trillion yuan, up 20.6%. [Four departments: Exploring direct connection of nuclear power, hydrogen energy and other energy sources to supply computing facilities, and continuously increasing the share of green electricity in computing facilities] The Plan proposes enhancing the diversified power supply capacity of computing facilities. Based on actual conditions such as the scale of computing facility grid connections, power grid voltage levels, power grid new energy penetration rates, power quality requirements, and computing facility business types, standards for energy supply planning and construction of computing facilities are to be established and improved. The use of nuclear power, hydrogen energy, and other energy sources to supply computing facilities through direct connections is to be explored. Computing facilities are encouraged to deploy grid-forming ESS to enhance power supply stability and active support capability for the power system. [Three departments issue the Implementation Opinions on Standardized Application and Innovative Development of AI Agents] The Cyberspace Administration of China, the National Development and Reform Commission (NDRC), and the Ministry of Industry and Information Technology jointly issued the Implementation Opinions on Standardized Application and Innovative Development of AI Agents. The Implementation Opinions specify that the development of AI agents should adhere to the basic principles of safety and controllability, standardization and orderliness, innovation-driven development, and application-led guidance, and put forward measures in four areas: first, consolidating the development foundation by improving the technology base and establishing standards and protocols; second, safeguarding the security baseline by defining product guidelines, preventing security risks, improving the governance system, and strengthening industry self-discipline; third, strengthening application-led guidance by proposing 19 typical application scenarios in areas such as scientific research, industrial development, consumption stimulation, people's well-being, and social governance. Fourth, building an innovative ecosystem, promoting industrial cooperation, and strengthening application promotion. [ China's April Warehousing Index Remained in Expansion Territory, with the Warehousing Industry Continuing a Stable and Positive Trend ] The China Federation of Logistics and Purchasing released the April China Warehousing Index today (May 9). The index continued to stay in expansion territory, with the warehousing industry maintaining a stable and positive trend. The April China Warehousing Index was 51%, remaining in expansion territory for two consecutive months. In terms of sub-indices, the new orders index, facility utilization rate index, and end-of-period inventory index remained in expansion territory, while the average inventory turnover index maintained a relatively high level, indicating steady growth in warehousing business demand, good cargo turnover efficiency, and smooth supply chain connectivity. By category, the peak production and construction season drove a rebound in warehousing demand for bulk commodities such as chemicals, coal, and machinery equipment, while Labour Day holiday stockpiling boosted notable growth in warehousing demand for consumer goods such as food, home appliances, and agricultural by-products. In terms of market expectations, the April business activity expectations index was 55.1%, remaining at a relatively high level, reflecting enterprises' continued optimism. Overall, the warehousing industry operated steadily in April, market vitality continued to be released, and Q2 got off to a good start. (CCTV) [ Shanghai Shipping Exchange: Geopolitical Situation Stabilizing, Freight Rates Rising on Most Routes ] The Shanghai Shipping Exchange (SSE) weekly report stated that the current military conflict in the Middle East continued to maintain a ceasefire, with the geopolitical situation relatively stable, though the future situation still faced significant uncertainty. This week, China's export container shipping market remained stable, with freight rates on most routes edging up, driving the composite index higher. On May 8, the Shanghai Containerized Freight Index stood at 1954.21 points, up 2.2% from the previous period. US dollar: Last Friday, the overnight US dollar index fell 0.43% to 97.86. On a weekly basis, the US dollar index declined for two consecutive weeks, down 0.36% for the week. Data released by the US Bureau of Labor Statistics on Friday showed that April non-farm payrolls increased by 115,000, marking the first consecutive growth in nearly a year and the largest two-month gain since 2024, far exceeding the Bloomberg survey median economist forecast of 65,000. March data was also revised up to 185,000. The unemployment rate remained unchanged at 4.3%, in line with expectations. (Wallstreetcn) "US Fed mouthpiece" Nick Timiraos: An increasing number of sell-side institutions and US Fed watchers are removing or delaying interest rate cut expectations from their outlooks, including several forecasters who made adjustments following the release of the April non-farm payrolls data. Currently, half of the respondents believe there will be no interest rate cut this year (given the inertial nature of such forecasts, this camp is likely to continue growing). In addition, Chicago Fed President Goolsbee stated that all rate options are currently on the table, not just rate cuts. At the end of April, the US Fed kept rates unchanged, with three officials opposing language in the statement that hinted the next move could be a rate cut, arguing that the possibility of a rate hike should be preserved. Goolsbee's remarks reflected a shift among US Fed policymakers — moving away from considering near-term rate cuts, primarily because the energy price shock triggered by the Iran war pushed up inflation. He reiterated that both rate cuts and rate hikes are on the table and expressed anxiety about inflation, noting that price pressures exist beyond the energy shock. (Jin10 Data) As consumers worried about the impact of inflation on personal finances and buying conditions, US consumer confidence fell to a new all-time low in recent weeks. University of Michigan data showed that the preliminary May consumer sentiment index fell from 49.8 in April to 48.2. Consumers expected prices to rise at an annual rate of 4.5% over the next year, a slight pullback MoM; longer-term inflation expectations for the next 5 to 10 years stood at 3.4%. As Americans grew anxious about overall living costs, compounded by a sharp rise in gasoline prices, consumer confidence remained subdued. American Automobile Association (AAA) data showed that the average US gasoline price this week surpassed $4.50 per gallon for the first time since July 2022, having risen more than 50% since the outbreak of the Iran war. Survey director Joanne Hsu stated: "About one-third of consumers spontaneously mentioned gasoline prices, and about 30% mentioned tariff issues. Overall, consumers still feel the impact of cost pressure, with the primary driver being surging prices at the pump." The preliminary May current conditions index fell to 47.8, a record low; the expectations index rebounded for the first time since January. Consumers' assessment of their current financial situation dropped to the lowest level since 2009, and the buying conditions indicator also fell to a five-month low. (Jin10 Data) On the macro front: Data to be released this week include China April CPI YoY, China April PPI YoY, US April existing home sales annualized, Germany April CPI MoM final, Germany May ZEW economic sentiment index, Eurozone May ZEW economic sentiment index, US April NFIB small business confidence index, US ADP employment weekly change for the week ending April 25, US April non-seasonally adjusted CPI YoY, US April seasonally adjusted CPI MoM, US April seasonally adjusted core CPI MoM, US April non-seasonally adjusted core CPI YoY, Japan March trade balance, France Q1 ILO unemployment rate, France April CPI MoM final, Eurozone Q1 GDP YoY revised, Eurozone Q1 seasonally adjusted employment QoQ final, Eurozone March industrial output MoM, US April PPI YoY, US April PPI MoM, UK Q1 GDP YoY preliminary, UK March three-month GDP MoM, UK March manufacturing output MoM, Canada March wholesale sales MoM, US initial jobless claims for the week ending May 9, US April retail sales MoM, US April import price index MoM, US May New York Fed manufacturing index, US April industrial output MoM, and China April total electricity consumption YoY (TBD), among others. In addition, other events to watch this week included: US Treasury Secretary Bessent's visit to Japan to meet with the Japanese Prime Minister, the Bank of Japan Governor, and the Finance Minister; the Bank of Japan's release of the Summary of Opinions from its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams participating in a panel discussion on monetary policy; Chicago Fed President Goolsbee attending a Q&A session hosted by a local chamber of commerce; 2028 FOMC voter and Boston Fed President Collins delivering a speech at the Boston Economic Club; 2026 FOMC voter and Minneapolis Fed President Kashkari participating in a discussion hosted by a local chamber of commerce; the Bank of Canada releasing its monetary policy meeting minutes; 2026 FOMC voter and Dallas Fed President Logan participating in a dialogue on the energy sector; 2026 FOMC voter and Cleveland Fed President Hammack delivering opening remarks at an online discussion on central bank independence; US Fed Governor Barr delivering a speech; permanent FOMC voter and New York Fed President Williams participating in a discussion; and the National Energy Administration releasing national electricity consumption data around the 15th of the month. Crude oil: Last Friday overnight, both oil futures moved sideways, with WTI down 0.14% and Brent up 0.19%. On a weekly basis, WTI futures declined 7.12% for the week, while Brent fell 7.32%. Middle East conflicts resurfaced, and market concerns over the fragility of ceasefire agreements persisted. According to CMG reporters on May 8, ship-tracking data showed that as of the morning of May 8 local time, no large vessels had transited the Strait of Hormuz in the past 24 hours. This reportedly marked the second consecutive day since May 7 with no large commercial ships passing through the strait. (CCTV) US energy services company Baker Hughes stated in its closely watched report that US energy enterprises increased oil and natural gas rig counts for the third consecutive week, marking the first three-week streak of increases since early February. Data showed that for the week ending May 8, the total US oil and natural gas rig count—a leading indicator of future production—increased by 1 to 548, the highest since early April. (Webstock Inc.) According to foreign media reports, sources said that since shipping disruptions in the Strait of Hormuz, enterprises such as Saudi Aramco's trading arm (Aramco Trading) and UAE national oil company Abu Dhabi National Oil Company (Adnoc) had continued to transport crude oil cargoes through the strait. Although current shipment volumes represented only a fraction of what flowed before Iran closed this oil route nearly 10 weeks ago, the actions of both companies served as a reminder to the market that some supply could still reach global markets. According to sources, Adnoc was among the first companies to attempt shipping crude oil, fuel, and natural gas cargoes out through the strait. The company supplied Upper Zakum crude to clients, a grade typically loaded at Zirku Island, but in this case delivered in Fujairah waters outside the Persian Gulf. According to Vortexa data, at the end of April, a very large crude carrier (VLCC) loaded with Abu Dhabi crude turned off its transponder and sailed out of the Persian Gulf through the Strait of Hormuz. Kpler data showed that as of Thursday, another VLCC, Fujairah Energy, remained anchored in waters near Abu Dhabi, carrying half a cargo of crude obtained from Zirku Island via ship-to-ship transfer. A charter agreement indicated that the vessel had been temporarily chartered by Adnoc, with plans to load crude between May 15 and 17 for delivery to Asia. (Jin10 Data) Citi stated that the current base case scenario projects Brent crude oil prices to average $110 in Q2 2026, then decline to $95 in Q3 and $80 in Q4. Fitch expects Brent crude prices to remain at $100–110 per barrel during the Strait of Hormuz blockade from May to July, before pulling back to $70 per barrel by September. Additionally, JPMorgan analysts said US gasoline prices "could very well" rise to $5 per gallon, as refineries are prioritizing jet fuel production at the expense of other products. The analyst team noted in a Friday report that in Asia, the region currently hardest hit by the energy crisis, the price shock triggered by the Iran war is transmitting significantly faster through refined product markets such as jet fuel and diesel than through the crude oil market. If refinery operations continue to be constrained by limited crude supply, fuel prices could become "the primary transmission channel for demand destruction." "In this scenario, even if refined product crack spreads widen significantly, crude prices could still stabilize around $100 per barrel. At that point, the next phase of the shock would look less like a traditional crude oil price spike and more like a refining and end-user fuel supply crisis." The product most visibly impacted currently is jet fuel, which is prompting refineries to maximize jet fuel output as much as possible, typically at the cost of reduced diesel production. The knock-on effects have also spread to gasoline production. Analysts said: "This perhaps explains why US gasoline prices have already risen to $4.55 per gallon, and why the risk of gasoline prices reaching $5 can no longer be ignored." (Jin10 Data) Recommended Reading:

According to preliminary estimates from the CPCA, nationwide passenger vehicle producer new energy wholesale volume reached 1.22 million units in April, up 7% both YoY and MoM. Data released by the China Automobile Dealers Association showed that the auto consumption index for the month was 80.8, up MoM, and overall vehicle market sales in May are expected to see a significant increase compared to April.

On May 6, GAC Group announced that the company's automobile production in April 2026 was 133,900 units, up 23.28% YoY; sales were 121,000 units, up 3.88% YoY. Year-to-date cumulative production was 528,700 units, up 1.71% YoY; cumulative sales were 500,900 units, up 2.74% YoY. Among them, NEV monthly sales in April were 54,600 units, up 57.39% YoY.

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, no offline public delivery data was available. Project-related updates: Heilongjiang Jiayirongyuan Green Chemical Co., Ltd.: China Chemistry Tianchen Company signed an EPC general contracting contract with Heilongjiang Jiayirongyuan Green Chemical Co., Ltd., a subsidiary of Jiaze New Energy, for the 300,000 mt green hydrogen-methanol-aviation fuel chemical co-production project in Jidong County, Jixi City, Heilongjiang Province. The project has a total investment of approximately 3.557 billion yuan and is a key project under the national "dual carbon" strategy. Using agricultural and forestry waste as raw material and adopting biomass gasification and cellulose fermentation technologies, the project plans to produce 240,000 mt of green methanol and 80,000 mt of green ethanol annually, with flexible switching to 50,000 mt/year of sustainable aviation fuel (SAF). The project plans to commence production by the end of 2027, consuming over 1.5 million mt of agricultural and forestry waste annually. Shandong Expressway Service Development Group Co., Ltd.: The PEM electrolysis hydrogen production and energy storage section of the Phase II comprehensive utilization project at Gaomi Service Area Hydrogen Refueling Station released its bid-winning announcement, with Guofu Hydrogen Energy winning the bid at 21.2724 million yuan. The project is part of the Ministry of Science and Technology's "Hydrogen into Homes" demonstration program, undertaken by Shandong Expressway Service Development Group, and is located in the south area of Gaomi Service Area, aiming to build an integrated demonstration station for PV hydrogen production and hydrogen refueling. The project comprises three segments: alkaline hydrogen production, PEM hydrogen production and energy storage, and hydrogen refueling station. Currently, the alkaline hydrogen production section has been completed, and the hydrogen refueling station is under construction. The PEM hydrogen production capacity in this phase is 100 Nm³/h with a rated power of 200 kW, equipped with electrolysis skids, compressors, hydrogen storage cylinder groups, and control systems. The designed construction period is 120 days, and the project will improve the green electricity hydrogen production and energy storage facilities at the expressway service area, supporting the construction of zero-carbon hydrogen expressways. Mingtuo (Inner Mongolia) Comprehensive Resource Utilization Co., Ltd.: The e-SAF (electro-sustainable aviation fuel) project officially received filing approval. The project is located in Jiuyuan Industrial Park, Baotou City, on an industrial planning plot north of Mingtuo Chromium Industry's plant and west of Hengtai Road, with a total investment of 1.8 billion yuan. The plan is to build a 150,000 mt/year electro-sustainable aviation fuel production line, along with supporting facilities including gas pretreatment, synthesis, hydrorefining, fractionation, tank farms, pump stations, and related auxiliary facilities. The project plans to start construction in April 2027 and be completed and put into operation in April 2029. Xinjiang Shengxiong Energy Co., Ltd.: The EPC project for the 5,000 Nm³/h waste coal gas green hydrogen extraction and comprehensive utilization by Xinjiang Shengxiong Energy has fully completed construction tasks, with the full-process commissioning successfully completed in one run, and is now officially ready for production and operation. The project adopts advanced green hydrogen extraction technology, using industrial waste coal gas as raw material to achieve efficient resource conversion of tail gas and produce high-purity clean hydrogen energy. After commissioning, it can extend the coal chemical industry chain, improve the utilization rate of industrial by-product resources, reduce pollutant emissions, and provide a stable hydrogen source for the enterprise's methanol units, achieving synergistic improvement in economic, ecological, and social benefits. Wolong Innorde (Zhejiang) Hydrogen Energy Technology Co., Ltd.: The company successfully won the bid for the Binyang County, Guangxi green electricity hydrogen production pilot construction project (100 Nm³/h AEM hydrogen production equipment) and has officially signed the contract, marking an important breakthrough in the company's market expansion in the green electricity hydrogen production field and laying a solid foundation for further business development in the South China region. The project was initiated by Kunpeng Water, a Guangxi local state-owned enterprise, and is the first AEM technology green electricity hydrogen production project in Guangxi. It completed filing in March 2026 and aims to leverage green electricity resources to conduct hydrogen production pilot trials, supporting regional energy structure transformation and industrial decarbonization. Wuhan Institute of Rock and Soil Mechanics, Chinese Academy of Sciences: China's first million-cubic-meter-level salt cavern hydrogen storage demonstration project, led by the institute, was officially put into operation in Pingdingshan City, Henan Province. The project is China's first hydrogen storage facility built in bedded salt rock formations, which explored the multi-scale migration patterns of hydrogen in ultra-low permeability rock salt, overcame the core technology of precise site and layer selection for salt cavern hydrogen storage, and effectively verified the long-term sealing performance and engineering feasibility of hydrogen storage in bedded salt rock. Baimahu Laboratory Hydrogen Energy (Changxing) Co., Ltd.: The Baimahu Laboratory Changxing Hydrogen Energy Base liquid hydrogen test platform installation and commissioning project released a tender announcement. The project is located in Meishan Town, Changxing County, Huzhou City, with a total estimated investment of 310 million yuan and a land area of 68 mu. The project budget is 55.0906 million yuan, with construction and installation costs of approximately 51.1045 million yuan, and will build testing platforms for key equipment such as liquid hydrogen valves, storage tanks, and flow meters. The tender scope covers process, electrical, automation control, and equipment installation and commissioning. The planned construction period is 210 calendar days, and consortium bidding is allowed (no more than 2 members). Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: The Guyang County 200,000 mt/year hydrogen-based green fuel (green methanol) off-grid green electricity direct-connection project officially commenced construction. Located in Jinshan Economic Development Zone, Guyang County, Baotou City, the project is Xindao Energy's first demonstration project in the hydrogen-based green fuel field, with a total investment of 5.1 billion yuan, covering 600 mu. It will be built in three phases, with full completion and commissioning planned for 2028. The energy side is configured with 390 MW off-grid wind power and 100 MW off-grid PV, coupled with biomass waste heat power generation and flywheel energy storage, building an integrated "electricity-hydrogen-carbon-methanol" system to address the challenges of off-grid green electricity fluctuations and stable operation of chemical units, achieving efficient green methanol synthesis. Shenneng Northern (Etuoke Front Banner) Energy Development Co., Ltd.: The electrolysis hydrogen production station project for the Etuoke Front Banner wind and solar power hydrogen production integrated green ammonia synthesis project completed filing. The project is located in the Energy and Chemical Zone of Shanghaimiao Economic Development Zone, Etuoke Front Banner, Ordos City, with clearly defined boundaries and a total investment of 1.3265 billion yuan. The project plans to build a water electrolysis hydrogen production station with an annual output of approximately 20,000 mt of green hydrogen, using PEM proton exchange membrane electrolyzers as the primary equipment, supplemented by ALK alkaline electrolyzers and AEM anion exchange membrane electrolyzers. This approach integrates the advantages of multiple technology pathways to adapt to the fluctuation characteristics of new energy power. Supporting facilities including gas-liquid separation, hydrogen purification, hydrogen storage, water treatment, step-down substations, and fire safety and security systems will also be constructed. After completion, the station will operate in strict compliance with renewable energy hydrogen production industry safety standards. The project plans to commence construction in December 2026 and be completed in December 2028. Goldwind Green Energy Hydrogen Technology (Xing'an League) Co., Ltd.: The Xing'an League Goldwind Science&Technology Wind Power Hydrogen Production (Phase III) Project officially obtained filing approval. Located in the Xing'an League Economic Development Zone of Inner Mongolia, the project has a total investment of 2 billion yuan. The project mainly involves the construction of hydrogen production, compression, gas storage, air separation units, and related supporting facilities, with a hydrogen production capacity of 160,000 standard cubic meters per hour. Construction plans to commence in September 2026, with completion and commissioning in September 2028. Inner Mongolia Huadian Huayang Hydrogen Technology Co., Ltd. : The Inner Mongolia Huadian Damaoqi 1 million kW Wind and Solar Power Integrated Hydrogen Production Project released a tender announcement for technical services on a special study on short-circuit ratio improvement. Located in Damaoqi, Baotou City, Inner Mongolia, the first phase plans to build 1 million kW of new energy installed capacity, including 700 MW of wind power and 300 MW of PV, equipped with 70 units of 10 MW wind turbines and 710-740Wp half-cell double-glass N-type PV modules. The project will also construct a 100MW/200MWh LFP battery ESS power station, two 220 kV step-up substations, and collector lines. Multiple alkaline electrolyzer hydrogen production systems are planned, with an annual green hydrogen production capacity of 47,000 mt, supported by 25 units of 2,000 m³ hydrogen gas spherical tanks with a hydrogen storage capacity of 650,000 standard cubic meters, along with a new 220 kV hydrogen production main step-down substation. The tendered services are required to be completed within 45 days from the date of contract signing. Jiangsu Lanze Energy Technology Co., Ltd.: The Dafeng District Bureau of Natural Resources and Planning released a pre-approval public notice for the Lanze Dafeng Port 300,000 mt/year green methanol project. The project is located in the Petrochemical Industrial Park of Dafeng Port Economic Development Zone, Dafeng District, Yancheng City. This public notice mainly involves minor adjustments and optimizations to the dimensions, areas, names, and heights of certain buildings and structures. Beijing Hydrogenergy Technology Co., Ltd. : The company won the bid for the PEM pure water electrolysis hydrogen production equipment procurement project of the Electric Power Research Institute of State Grid Jiangxi Electric Power Co., Ltd., responsible for equipment production, supply, transportation, and subsequent supporting services. The PEM hydrogen production unit awarded in this bid will be used to verify the response characteristics of PEM hydrogen production systems under green electricity fluctuation conditions, accumulating measured operational data for flexible load regulation of the power grid. As one of the earliest PEM hydrogen production research-type units deployed in the Jiangxi power grid system, this project will also provide important technology selection references for the subsequent construction of regional hydrogen energy storage demonstration stations. Datang Jingtai Wind Power Co., Ltd.: Datang released a tender announcement for technical services on the preparation of a feasibility study report for a wind-solar coupled off-grid hydrogen production demonstration project, located in Baiyin District, Baiyin City, Gansu Province. The project plans to build a new 21 MW wind-solar coupled hydrogen production power station, including 14 MW of wind power and 7 MW of PV, with a supporting 5MW/5MWh grid-forming ESS, along with a 12 MW hydrogen production station. The station will selectively deploy ALK, AEM, PEM, and SOEC multi-type electrolyzer equipment, with green hydrogen output required to meet the national standard for ultra-pure hydrogen. The project will also include supporting construction of hydrogen buffer tanks, compression and filling systems, as well as auxiliary facilities such as desalinated water stations, air compressor stations, and control buildings. Longyuan Power Longyuan (Zhangye) New Energy Development Co., Ltd.: The company initiated open procurement for 500 standard cubic meter PEM electrolyzer hydrogen production equipment and ancillary equipment for the Zhangye Carbon Neutrality Industrial Base Wind-Solar-Hydrogen-Storage Integration Project. Located in the Circular Economy Demonstration Park of Zhangye Economic and Technological Development Zone, Gansu Province, this is also the first green electricity hydrogen production project deployed by China Energy Investment Corporation in Gansu Province. Policy Review 1. The General Office of the Ministry of Industry and Information Technology and other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines mention: developing green design solutions. Focusing on industries including automobiles, construction machinery, machine tools, bearings, wind power equipment, hydrogen energy equipment, PV, lithium batteries, household appliances, packaging, cleaning products, textiles, biomanufacturing, methanol, and tires, and targeting key directions of green design, the aim is to develop green design solutions that are technologically advanced, economically feasible, and supply-demand compatible, forming a batch of replicable and scalable exemplary green design solutions. The initiative will cultivate green design solution providers with high professional standards and strong service capabilities, building a virtuous ecosystem of "demand-driven—solution development—industrial application." 2. The General Office of the CPC Central Committee and the General Office of the State Council issued the Opinions on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction. The document aims to use transportation energy conservation and carbon reduction and green energy transition as two key drivers, coordinating low-carbon development with energy security, and accelerating the construction of a clean, low-carbon, safe, and efficient modern energy and transportation system. Enterprise Updates Guohua Investment Mengxi Branch: China's first heavy-haul railway hydrogen refueling station, the Batuta Hydrogen Refueling Station, achieved a cumulative hydrogen refueling volume exceeding 10,000 kg, marking a milestone in the scaled application of hydrogen energy in China's heavy-haul railway sector. Located at the Hailesuhao South Station in Ejin Horo Banner, Ordos City, Inner Mongolia, the station is a key hydrogen energy industry demonstration project of Guohua Investment, with a daily hydrogen refueling capacity of 500 kg. It primarily provides hydrogen refueling services for large power hydrogen-powered shunting locomotives and hydrogen fuel cell plus lithium battery zero-emission catenary maintenance vehicles, accumulating valuable demonstration experience for the green and low-carbon transformation of heavy-haul railways. Tianjin Zhonghe Energy Management Co., Ltd.: The world's first 5 MW anion exchange membrane (AEM) water electrolysis hydrogen production system completed installation and commenced commissioning, marking the official entry of megawatt-scale AEM technology into the industrial application stage. Beijing Mingyang Hydrogen Technology Co., Ltd. : The company received written authorization from the American Society of Mechanical Engineers (ASME), successfully obtaining the manufacturing license and quality certification under the ASME Boiler and Pressure Vessel Code. Guangzhou Yunfu Hydrogen Technology Co., Ltd.: The company officially opened in Baiyun District, Guangzhou. Yang Qiang, Chairman of Yuntao Hydrogen, Ding Leizhe, Executive Vice President of Guofu Hydrogen, along with representatives from the government and partners attended the ceremony. Yunfu Hydrogen was jointly established by Guangdong Yuntao Hydrogen and Jiangsu Guofu Hydrogen, focusing on R&D, integrated manufacturing, and services for core hydrogen energy equipment, with the goal of building a leading hydrogen energy equipment industrialisation hub in South China. The project has a total investment of 500 million yuan, with a Phase I workshop of approximately 1,300 m², primarily engaged in vehicle-mounted high-pressure hydrogen supply systems and core equipment integration for hydrogen refueling stations. Shaanxi Hydrogen Energy Industry Development Co., Ltd.: The company held a discussion and exchange meeting with the Shenmu Municipal Government and officially signed an investment cooperation framework agreement. At the meeting, Liu Wei, Deputy Secretary of the Party Committee and General Manager of Shaanxi Hydrogen Energy, and Han Xiujin jointly signed the agreement. Both parties conducted in-depth exchanges on hydrogen energy industry development planning and key project cooperation, reaching a cooperation consensus. Heads of relevant departments of the Shenmu Municipal Government, as well as heads of relevant departments and subordinate units of Shaanxi Hydrogen Energy, attended the meeting. Tianjin Rongcheng Xinneng Technology Group Co., Ltd.: The company's 5 MW anion exchange membrane (AEM) water electrolysis hydrogen production system completed equipment installation and officially entered the commissioning stage. Zhejiang Sunshine Green Hydrogen Technology Co., Ltd.: The company's self-developed A11 and B11-series core electrolyzer equipment successfully completed long-cycle operation verification. The series uniformly adopted a current density of 1.5 A/cm², completing dual-line endurance tests under both atmospheric pressure and 1.6 MPa high-pressure conditions, with uninterrupted stable operation exceeding 8,000 hours in both cases. 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. Two group standards on water electrolysis hydrogen production were officially released and implemented, namely the Safety Technical Specification for Water Electrolysis Hydrogen Production and the Calculation Method for Economic Operation Indicators of Water Electrolysis Hydrogen Production. 2. Petronor and H2SITE collaborated to advance membrane technology for hydrogen production, improving high-purity hydrogen and low-carbon efficiency in refining. 3. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining the asymmetry of electron distribution. 4. A research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 5. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode as a core component for seawater hydrogen production.