[Mining and Metallurgical Enterprise Dynamics] According to Yunnan Chihong Zn & Ge Co., Ltd. (600497), during the Chinese New Year, while families across the country were reuniting, the company's production units nationwide remained busy. Many employees at operations such as Yongchang Lead-Zinc, Hulunbuir Chihong, Huize Mining and Smelting chose to stay at their posts, ensuring safe and stable production during the holiday at high-altitude snowy regions, underground mines thousands of meters deep, beside smelting furnaces, and project sites.

Capacity side, the domestic alkaline electrolyzer market maintained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. No offline public delivery information was available this week. Electrolyzer project updates: Yulin Institute of Clean Energy Innovation, Chinese Academy of Sciences : The institute issued a tender for the procurement of megawatt-scale alkaline electrolyzers and hydrogen-oxygen separation and purification modules. The procurement includes megawatt-scale alkaline electrolyzers and hydrogen-oxygen separation and purification equipment, with a budget of 3.18 million yuan. The equipment will be used for a hydrogen production project from coal chemical wastewater coupled with freshwater production. It is understood that Dalian Chemical Engineering Design Institute Co., Ltd. previously won the bid for the project design. Inner Mongolia Green Hydrogen Steel Union Technology Co., Ltd.: The company announced the winning bidder for the civil engineering part of Sections 1 and 2 of the construction project for the full green steel production line integrating green electricity-green hydrogen shaft furnace reduction-electric furnace short process. It is understood that both sections were won by China Railway Construction Bridge Engineering Bureau Group Fourth Engineering Co., Ltd. (including consortium partner: Tianjin Tianhengda Environmental Protection Engineering Co., Ltd.). Shanghai Reshaping Energy Group Co., Ltd. : Reshaping Energy and China MCC5 Group Corp., Ltd. recently formally partnered by signing a cooperation agreement, establishing a comprehensive partnership. Additionally, both parties jointly signed a cooperation memorandum for the Ningxia Sun Mountain Integrated Wind-Solar-Hydrogen-Methanol Project. Moving forward, the two parties will collaborate to promote the construction of hydrogen production projects using wind and solar renewable energy, and coordinate with relevant parties to advance the construction of green methanol synthesis projects, aiming to create a benchmark "green electricity-green hydrogen-green methanol" industry chain project in north-west China. SPIC : The list of prospective winning bidders for the 99th centralized tender in 2025 (Jilin Power Share Lishu Wind-Solar Green Hydrogen Production and Biomass Coupled Green Methanol Project PEM Water Electrolysis Hydrogen Production Equipment) was announced. The first prospective winning bidder: Changchun Green Dynamic Hydrogen Energy Technology Co., Ltd., with a bid price of 30.88 million yuan; the second prospective winning bidder: Shaanxi Xingran Technology Co., Ltd., with a bid price of 36.4265 million yuan. It is understood that the Jilin Power Share Lishu Wind-Solar Green Hydrogen Production and Biomass Coupled Green Methanol Project is located in Siping City, Jilin Province, and plans to construct one set of 2000 Nm³/h PEM water electrolysis hydrogen production system, with a PEM hydrogen production scale of 2000 Nm³/h. The project is scheduled to start construction in August 2025, with a total planned duration of 22 months. The tender scope includes the PEM water electrolysis hydrogen production system and auxiliary systems, including but not limited to 4 PEM hydrogen production electrolyzers each with a measured hydrogen production rate of 500 Nm³/h under rated conditions, one set of 2000 Nm³/h hydrogen purification skid, and 4 sets of IGBT rectifiers. Windey Energy Technology Group Co., Ltd.: The tender for the biomass gasification process package and technical services for the first phase of the Handan Biomass Green Methanol Project was released. The project's main entity is Windey Energy Technology Group Co., Ltd. It is understood that the project primarily adopts the biomass pressurized bubbling fluidized bed gasification process. The scope of the process package extends from the atmospheric raw material receiving hopper of the gasification framework to the outlet of the syngas scrubber, includes the ash and slag discharge unit, and involves the discharge of wastewater after ammonia stripping treatment. Goldwind Green Chemical (Xing'an League) Co., Ltd.: The acceptance of the environmental impact assessment documents for the Goldwind Xing'an League Green Hydrogen to Green Methanol (Phase II) Project was announced. It is understood that the project has a total investment of 1.2 billion yuan, with a planned construction period from December 2025 to December 2027. The construction scale and content include primarily building main production facilities such as biomass gasification and methanol synthesis and distillation, along with supporting public and auxiliary utilities, aiming for an annual production of 600,000 mt of green methanol. Zhongneng Yida (Hebei) New Energy Co., Ltd.: The EPC general contracting tender announcement (second call) for the new 400,000 mt/year sustainable aviation fuel hydrogenation project. It is understood that the project covers an area of approximately 230 mu. The construction project includes a 400,000 mt/year sustainable aviation fuel hydrogenation unit, supporting hydrogen production facilities with a capacity of 30,000 Nm³/h, a sulfur recovery combined unit, and main supporting utilities. The primary raw materials are gutter oil, acidified oil, fatty acid methyl ester, and waste animal and vegetable oils, used to produce biodiesel, bio-naphtha, bio-jet fuel, and other products, with by-products including dry gas, bio-liquefied petroleum gas, and sulfur. The annual production volumes are bio-jet fuel (315,700 mt), bio-naphtha (21,000 mt), biodiesel (maximum daily production of 340,800 mt), and other by-products: dry gas (7,900 mt), bio-liquefied petroleum gas (19,500 mt), and sulfur (72 mt). Inner Mongolia Hydroelectric Technology Co., Ltd.: Its Dalad Banner Grid-Side (Incremental Distribution Network) Standalone Energy Storage Demonstration Project has completed the modification filing. The project construction content is now modified as follows: The total project investment is 153.332 million yuan, funded from two sources: self-owned funds of 45.9996 million yuan and a bank loan of 107.3324 million yuan. Regarding construction content and scale, the total energy storage capacity is set at 2 MW/4 MWh, adopting a pure hydrogen energy storage solution. Specifically, the hydrogen energy storage system encompasses three major segments: water electrolysis for hydrogen production, energy storage, and hydrogen fuel cell power generation. It is configured with 12 sets of 1,000 Nm³ alkaline electrolyzers, 2 sets of 1 MW hydrogen fuel cell power generation systems, and a 90,000 Nm³ hydrogen storage system. Each electrolyzer unit consists of the electrolyzer body, purification framework, gas-liquid separation device, and power supply and electrical control system. Each 1MW hydrogen fuel cell power generation system uses 16 proton exchange membrane fuel cell modules, each with a rated power of 100KW, as the core energy supply units. The hydrogen storage system comprises a spherical tank hydrogen storage system with a capacity of 2,000 cubic meters and a pressure of 1.6 MPa, requiring a total of three hydrogen storage tanks. Jinfeng Green Energy Chemical (Xing'an League) Co., Ltd. : Jinfeng Xing'an League Green Hydrogen to Green Methanol (Phase III) Project has been filed. Construction Location: Xing'an League - Ulanhot City - Xing'an League Economic and Technological Development Zone. Total Investment: 2.3 billion yuan, including self-owned funds: 460 million yuan, and bank loan application: 1.84 billion yuan. Planned Construction Period: May 2026 to May 2028. Construction Scale and Content: Mainly involves building key production facilities such as biomass gasification and methanol synthesis and distillation, along with supporting public and auxiliary facilities, with an annual output of 725,000 mt of green methanol. Shanghai Electric Power Station Group: Successfully won the bid for Section 1 of the EPC project for the Lanzhou New Area 100,000 mt/year Biomass Green Methanol Project (Phase I), and will provide key technologies, core equipment, and EPC turnkey services. Previously, Shanghai Electric had successfully verified its self-developed entire industry chain technology system for "green electricity coupled with biomass gasification to produce green methanol" in the Jilin Taonan Green Methanol Integrated Demonstration Project. Policy Review 1. The Gansu Provincial Development and Reform Commission, Gansu Provincial Department of Industry and Information Technology, and Gansu Provincial Energy Bureau issued the "Gansu Provincial Zero-Carbon Park Construction Plan." The document points out that organic integration of solar, wind, geothermal, and air energy should be used for direct building energy supply; relying on technologies such as wind and solar power plus energy storage and hydrogen microgrids, heat pumps, and molten salt thermal storage, the park's multi-energy conversion and mutual utilization of "electricity, heat, cooling, steam, and hydrogen" should be enhanced. Vigorously develop green and low-carbon emerging industries. Promote breakthroughs in core technologies for wind, solar, and energy storage equipment, improve the localization rate of new energy equipment, and build a new energy equipment industry chain driven by a "high proportion of green electricity." Support the construction of projects for the wind and solar power coupled green hydrogen production and hydrogen energy storage industry chain, advance the integrated development of "green hydrogen production, storage, transportation, refueling, and utilization," and create a "wind-solar-hydrogen-methanol-ammonia" zero-carbon industry chain. Guide the coordinated development of computing power projects and clean energy layout, increase the proportion of green electricity supply for data centers, and build a "computing power + green electricity" digital economy industry chain. 2. The Jilin Provincial Energy Bureau issued the "Jilin Province Green Electricity Direct Connection Project Development and Construction Implementation Plan (Trial)" (Draft for Comments).. The document indicates that new load projects can carry out green electricity direct connection, with key support for hydrogen-based green energy (green hydrogen, green hydrogen to green ammonia, green hydrogen to green methanol, green hydrogen to sustainable aviation fuel, etc.), steel metallurgy, computing (data) centers, automotive manufacturing, and other industries. Electricity consumption projects that have not been registered with the power grid enterprise (including expansion parts of existing loads), electricity consumption projects that have been registered but whose supporting power grid projects have not yet commenced construction, and existing projects agreed upon through consultation with the power grid enterprise are all considered as new loads. In principle, new loads (including expansion parts of existing loads) and existing loads should not establish direct electrical connections. 3. The European Commission approved a €4 billion special fund for electrolyzers, providing a 30% subsidy on equipment costs for projects with an annual capacity of ≥500 MW, and set a 2030 efficiency target for green hydrogen project electrolyzers of ≥60% (LHV basis). Enterprise Dynamics Shanghai Qingluan Energy Co., Ltd. : Shanghai Qingluan Energy Co., Ltd. was established, with legal representative Li Kun and registered capital of 5 million yuan. Its main business includes the manufacturing and sales of gas and liquid separation and purification equipment. The company is 100% owned by Shanghai Qingluan Technology Co., Ltd. Xinjiang Zhiling Hydrogen Equipment Manufacturing Co., Ltd. : The launch ceremony for the delivery and experience event of hydrogen energy buses, jointly organized with Skywell New Energy Automobile Group Co., Ltd., was held at the Guangbao Guangzhou Technology Park in Huangpu District, Guangzhou. Following the successive winning of related projects in November and December last year, HTWO Guangzhou, in collaboration with Skywell Group, delivered 249 hydrogen fuel cell buses in bulk to Guangzhou Bus Group. Shaanxi Hydrogen Energy Industry Development Co., Ltd. : Signed a strategic cooperation framework agreement with the Baoji Municipal Government. The Baoji Municipal Government will take this signing as an opportunity to provide comprehensive support for project construction, fully promote project implementation and effectiveness, and ensure smooth project advancement with high-quality services. Zhongtian Hua Hydrogen Co., Ltd.: Successfully won a bid for an overseas hydrogen valley project, achieving a "zero breakthrough" in overseas business, marking substantial progress in its internationalization strategy. Hubei Intelli Electric Co., Ltd. : Successfully delivered several sets of large containerized power supply systems, all of which will be used for a shore power project. HydrogenT Energy Group: Its "Fuel Cell Engine (TK-300)" project successfully passed the certification for Shanghai High-Tech Achievement Transformation Project and received an A-grade evaluation. Weishi Energy Technology Co., Ltd.: In collaboration with Yutong Light Truck, completed a series of multi-dimensional, complex working condition vehicle-level verifications, comprehensively validating the reliability and environmental adaptability of Weishi Energy's 80 kW hydrogen fuel cell system under complex environments such as low temperature, high altitude, transient load, emergency stop, and steep slopes. The Hong Kong and China Gas Company Limited (Towngas): Signed a memorandum of cooperation with Sinopec (Hong Kong) Limited (Sinopec Hong Kong) and Sinopec Star Petroleum Co., Ltd. (Sinopec Star), establishing a strategic partnership to engage in in-depth cooperation on clean energy, including hydrogen, green methanol, and sustainable aviation fuel (SAF). Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028, developing ceramic-based anion exchange membranes with a laboratory test lifespan reaching 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to that of platinum-based materials. Technology Footprints/Technical Specifications 1. The team led by Liu Qingju at Yunnan University constructed a superwetting Pt/NF@CF graded heterojunction electrocatalyst for low-energy, high-efficiency hydrogen production. 2. Hunan Normal University and Central South University's AM team revealed the compressive strain and oxygen vacancy effects of iridium oxide in proton exchange membrane water electrolyzers. 3. The relevant research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Electrical Engineering Materials at Xi’an Jiaotong University successfully developed a Ru/Ti3C2Ox@NF bifunctional seawater electrolysis electrocatalyst. 4. The group standard "Technical Specification for Wind and Solar Power Green Electricity Coupling Electrolysis Hydrogen Production" (No. T/CIEP 0272—2025) was released and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100kW-class PEM electrolyzer hydrogen production multi-field coupling test equipment. 5. GKN Powder Metallurgy announced the development of a new generation of high-performance, high-porosity, high-purity porous transport layers (HP-PTL) for proton exchange membrane (PEM) electrolysis.

[Metallurgical Enterprise Dynamics] On February 11, in an auction conducted on the Inner Mongolia Autonomous Region's natural resource online trading system, Zhongjin (Xing'an League) Mining Co., Ltd. won the exploration rights for "Detailed Survey of Area 1 of the Fuxingtun Silver-Lead-Zinc Polymetallic Mine in Horqin Right Wing Front Banner, Inner Mongolia Autonomous Region" with the highest bid of 7.87 billion yuan. The resource amount reviewed and filed as of 2020 is as follows: silver ore volume 26.292 million mt (silver metal content 5,105 mt (grade 194.17 g/mt)); associated zinc metal content 235,700 mt, lead metal content 135,200 mt, constituting a large-scale concealed deposit.

[Mining and Metallurgical Enterprise Dynamics] Yesterday, China Nonferrous Metal Mining (Group) Co., Ltd. and China Gold Group Co., Ltd. signed a comprehensive framework agreement to deepen strategic cooperation. In the fields of geological exploration and mineral resource development, the two parties will collaborate on prospecting, exploration, resource investment, and development, focusing on key metallogenic belts both domestic and overseas, as well as regions along the Belt and Road, jointly expanding the overseas mineral resource market.

[Lead-Acid Battery Enterprise Dynamics] According to data from Tianyancha APP, Shengyang Co., Ltd. (002580) has newly obtained a utility model patent authorization titled "A Wide Tab Grid for High-Rate Batteries". The patent application number is CN202520155826.9, and the authorization date is February 10, 2026. Since the beginning of this year, Shengyang Co., Ltd. has newly obtained 7 patent authorizations. Based on the company's 2025 interim report financial data, the company's R&D investment in H1 2025 was 40.4594 million yuan, up 0.07% YoY.

[Lead Smelting Enterprise Dynamics] Recently, Yunnan Chihong Zn & Ge Co., Ltd. announced plans to increase capital in its wholly-owned subsidiary, Hulunbuir Chihong Mining Co., Ltd., by 3.3 billion yuan using its own funds. This capital injection will primarily be used to repay internal loans, supplement working capital, and fund projects aimed at enhancing efficiency and unlocking potential in lead and zinc smelting operations.

[Lead-Acid Battery Enterprise Dynamics] Recently, Camel Group stated on the interactive platform in response to investor inquiries that the company focuses on a dual-cycle strategy for lead-acid and lithium batteries, continuously improving its green and sustainable circular economy industry. Due to intensified industry competition and rising procurement costs for raw materials from scrap batteries, the company enhanced its overall efficiency by adjusting the production and sales pace, optimizing processes, and focusing on high-value-added products. In H1 2025, the company achieved a production of 245,000 mt of lead and lead products; it procured 3,262 mt of scrap lithium batteries and sold 1,424 mt of recycled materials.

Check SMM's aluminum product quotes, data, and market analysis SMM, May 19: Today, the most-traded SHFE aluminum 2507 contract opened at 20,125 yuan/mt, with a high of 20,300 yuan/mt, a low of 20,080 yuan/mt, and closed at 20,110 yuan/mt, down 0.2%. Trading volume was 200,000 lots, and open interest was 201,000 lots. SMM Commentary: Recently, the aluminum market has received support amid improvements in the domestic and overseas macro environment, but bullish and bearish factors are intertwined. On the supply side, domestic aluminum capacity is approaching its ceiling, and insufficient hydropower recovery in Yunnan has exacerbated regional supply tightness, limiting the increase in aluminum ingot output. On the cost side, a sudden notice of production suspension was issued late last Friday for mining areas in Guinea where mining licenses were revoked, sparking market concerns about bauxite raw material supply, which may push up alumina costs, though the specific impact remains to be assessed. On the demand side, it faces dual pressures from domestic seasonal weakness and trade uncertainties, making significant growth unlikely in the short term. Aluminum ingot inventory has fallen to a low level for the same period, and tight spot liquidity is supporting aluminum prices. Overall, positive macro factors provide a floor for aluminum prices, and low inventory further strengthens price resilience, but off-season pressure on the demand side limits upside room. In the short term, attention should be paid to domestic and overseas demand performance as well as bauxite supply conditions. Today, the most-traded alumina 2509 contract opened at 2,938 yuan/mt, with a high of 3,149 yuan/mt, a low of 2,920 yuan/mt, and closed at 3,127 yuan/mt, up 6.25%. Trading volume was 2.887 million lots, and open interest was 311,000 lots. SMM Commentary: Last week, maintenance and production cuts were concentrated among alumina refineries in south China, with operating capacity decreasing by 2.9 million mt/year on a MoM basis, further tightening spot supply. Additionally, alumina refineries have been facing losses in recent months, with strong intentions to refuse to budge on prices. Coupled with maintenance and production cuts, spot supply tightened, leading to a significant rebound in spot prices. In the futures market, due to the revocation of mining rights for some enterprises in Guinea last Friday night, some currently operating enterprises received production suspension notices, involving significant capacity, sparking market concerns about bauxite raw material supply. Futures prices surged sharply, with the most-traded contract approaching the daily limit, and the 2507 and 2508 contracts hitting the daily limit at one point. It is understood that relevant enterprises are negotiating with the Guinean government, and the specific impact remains to be assessed. In the short term, it may provide sentiment-based support for bauxite prices, thereby supporting alumina costs. Subsequent attention should be paid to changes in the operating capacity of alumina refineries, as well as bauxite shipments from Guinea and related enterprise dynamics on the raw material side. [The information provided is for reference only. This article does not constitute direct investment research and decision-making advice. Clients should make cautious decisions and should not rely on this as a substitute for independent judgment. Any decisions made by clients are unrelated to SMM.]

To promote the steady progress of the battery separator industry along a path of healthy and high-quality development, Shenzhen Senior Technology Material, Bosun New Material, Huiqiang New Material, Zhongxingxin New Material, and three other separator enterprises have responded promptly, issuing statements to help the separator industry transition from a price war to a value war.

In recent years, with the explosive growth in demand for lithium batteries in fields such as NEVs and ESS, the lithium battery separator industry has entered a period of rapid expansion. However, during this development process, irrational capacity expansion has led to a severe oversupply in the market. Taking 2024 as an example, the dry-process separator industry experienced continuous price wars, with some models even falling below the cost line by the end of the year. Many separator enterprises found their dry-process product lines in a widespread state of loss. This vicious "cut-throat competition" has strained corporate cash flows, led to a severe shortage of investment in technological innovation, and posed a serious risk of decline in the overall competitiveness of the industry. Against this backdrop, the industry urgently needs an effective set of solutions to break the deadlock. In April this year, the Battery Film Specialized Committee of China Plastics Processing Industry Association issued the "Initiative to Jointly Promote High-Quality Development of the Lithium Battery Separator Industry," proposing the establishment of an industry collaborative development mechanism, strengthening self-discipline to jointly promote high-quality development, improving the supply chain credit guarantee mechanism, advocating for enterprises to avoid excessive competition and unnecessary internal friction within the industry, and promoting the steady advancement of the battery separator industry along a path of healthy and high-quality development. Subsequently, four separator enterprises—Shenzhen Senior Technology Material, Bosun New Material, Huiqiang New Material, and ZTE New Material—swiftly responded by issuing statements to assist the separator industry in transitioning from price wars to value wars. Examining the commonalities in the response statements of these four enterprises, all mentioned capacity optimization, industry ecosystem maintenance, and so on. In response to the current severe situation of supply-demand imbalance in dry-process separators and widespread losses among industry enterprises, Shenzhen Senior Technology Material will take the lead in implementing intelligent transformation, dynamically adjusting the capacity of existing production lines to achieve intelligent release management of 50% of actual capacity. This ratio will be adjusted in real-time based on changes in market demand, ensuring balanced development of market supply and demand and exploring innovative industry paths for precise supply-side matching. In response to the current issue of structural overcapacity in the industry, Huiqiang New Material will rely on its "High-Safety Composite Separator Technology Platform" to implement the "Precise Capacity Matching Plan" and the strategy of "simultaneously advancing quality and efficiency," without competing on scale or blindly expanding, but rather focusing on meeting customer needs and deeply exploring customer pain points and difficulties. In addition, Huiqiang New Material will dynamically adjust production rhythms: combining industry capacity data, enterprise dynamics, and utilizing big data to scientifically monitor and analyze market demand, dynamically optimizing production line operational efficiency, prioritizing the release of high-performance, high-value-added product capacity, implementing dynamic regulation of 50% of existing capacity, participating in capacity dynamic optimization initiatives, and ensuring balanced market capacity supply and demand. In response to the current structural overcapacity of separators, Bosun New Material will scientifically plan capacity based on market demand, reduce ineffective supply by strengthening inventory management and formulating production cuts and maintenance plans, actively eliminate or upgrade and transform outdated and high-cost production capacities, concentrate resources in high-value-added product areas, and ultimately achieve the business goal of "reduced quantity but increased profit." ZTE New Material will scientifically plan capacity, reasonably adjust production rhythms based on market demand, avoid overcapacity caused by blind expansion, and prevent industry resource waste. Overall, all four enterprises recognize the current issue of overcapacity and are actively taking measures to optimize capacity to achieve market supply-demand balance. In terms of industry ecosystem maintenance, Shenzhen Senior Technology Material advocates for the establishment of a quarterly supply-demand information sharing platform to enhance market transparency; promotes a "technological innovation premium" pricing model to objectively reflect the value of R&D investment; opposes cut-throat competition, and promotes the healthy development of the dry-process separator industry by focusing on scientific research and value creation. Huiqiang New Material proposes the establishment of a value symbiosis system to create a fair environment and lead the industry ecosystem upgrade. The company advocates for the establishment of a technology collaboration alliance and fully safeguards fair market competition order. Bosun New Material resolutely opposes vicious competition behaviors below cost prices, advocating for enterprises to reduce costs through technological innovation and process optimization rather than sacrificing product quality and long-term interests; advocates for enterprises to develop scientifically, strengthen enterprise collaboration and self-discipline, achieve mutual benefit and win-win results, and avoid vicious market share competition. ZTE New Material insists on rational competition and safeguards market order. The company advocates for the establishment of a reasonable pricing mechanism based on market supply and demand, technological R&D, and quality assurance pricing strategies to ensure sustainable enterprise development and avoid the industry falling into inefficient competition. In summary, all four enterprises emphasize maintaining a fair and competitive market environment, opposing vicious competition, and promoting technological innovation and industry collaborative development through various means to build a healthy industry ecosystem. At the same time, enterprises are also focusing on technological innovation, proposing the implementation of a "technological innovation premium" pricing model, driving value enhancement through technological innovation, advocating for pricing strategies based on market supply and demand, technological R&D, and quality assurance, continuously exploring new technological paths and product directions to adapt to industry development trends and market demands. Looking ahead, the initiatives and responses of enterprises will bring new opportunities for the development of the lithium battery separator industry. Enterprise initiatives and responses will drive the industry to shift from scale expansion to quality improvement, with some inefficient capacities being eliminated in market competition and resources concentrating on enterprises with technological, management, and brand advantages, accelerating the industry consolidation process. In addition, measures such as establishing an industry collaborative development mechanism, strengthening self-discipline, and improving the supply chain credit guarantee mechanism will effectively address current industry issues such as overcapacity and vicious competition, promoting the industry towards high-quality development. It is clear that during this process, the competitive landscape of the separator industry will transition from disorder to order, technological innovation will become the core competitiveness of enterprises, and upstream and downstream sectors of the industry chain will achieve closer collaborative development. From "price wars" to "technological games," capacity regulation and self-discipline initiatives are accelerating the reshuffle of the separator industry, with small and medium-sized players exiting the market and top-tier enterprises seizing high ground with technological barriers and scale advantages, leading to a significant increase in market concentration. Here, we also call on separator enterprises with a sense of social responsibility to take the initiative to voice their opinions, actively advocate and respond, and jointly build a green and efficient development ecosystem for the industry, guided by innovation-driven and responsibility-oriented approaches. Battery.com will continue to focus on industry dynamics, deeply track, and witness every step of the separator industry's progress towards high-quality development.