In Q1 2026, China’s aluminum semis exports showed a pronounced pattern of product-category divergence amid the interplay of three factors: the long-term impact of the cancellation of export tax rebates in December 2024, the divergence in demand structures outside China, and the sudden outbreak of geopolitical conflict in the Strait of Hormuz.....

Dongwon Group has built a large-scale battery manufacturing facility in Mexicali, Baja California, Mexico. The investment totals $80 million (approximately KRW 120 billion). On Mar. 25 (local time), the Baja California state government and the Secretariat of Economic Innovation (SEI) officially announced the successful attraction of new Korean investment, stating that Mexicali is emerging as a key hub for high value-added industries.

[SMM Analysis]Analysis of Import and Export Data for Unwrought Aluminum Alloy, January-February 2026

[Volvo Cars Will Cease Production of the EX30 in the US] Swedish automaker Volvo Cars said on March 16 that it would stop producing the small electric SUV EX30 and the EX30 crossover in the US later this year. Sales of these two car models in the US market will end after the 2026 model year, but the EX30 will continue to be sold in other markets, including Canada and Mexico.

◼ At the beginning of 2026, Musk’s SpaceX plan for 100 GW of annual space PV capacity ignited the A-share market, with multiple concept stocks rising by more than 30 in a single month. At the same time, however, earnings previews from leading PV companies generally showed losses for 2025, and industry fundamentals remained in a deep winter. Behind the stark divergence between the speculative frenzy around the Musk-SpaceX concept and the earnings trough, is the market overly expecting a “second growth curve,” or is this a genuine signal of industrial transformation? ◼ As the global PV industry moves from rapid expansion into a new stage of rational development, its value has gone beyond that of clean energy alone: Against the backdrop of explosive growth in AI computing power driving massive electricity demand, compounded by energy security anxiety triggered by geopolitical conflict in the Middle East, developing PV may become a core strategic choice for countries to achieve their “dual-carbon” goals, build autonomous and controllable energy systems, and reduce electricity costs for end-users. ◼ Since the escalation of the U.S.-Iran conflict at the end of February, the world’s four major benchmark crude oil prices have entered a rapid upward trajectory. Before the outbreak of the conflict, oil prices had remained broadly stable; however, starting on March 2, as the fighting expanded and spread to the Persian Gulf, oil prices immediately entered a sharp uptrend. Note: Shanghai crude oil prices are converted based on the settlement-date exchange rate of 1:0.15. Source: Public information, SMM. ◼ Although the impact borne by different regions varies due to differences in energy mix, geopolitical location, and policy response, the surge in imported crude oil costs driving a broad rise in energy prices has become a common challenge facing all countries. Europe is a case in point. Although Europe’s direct dependence on Middle Eastern crude oil was not high, at only about 5 according to data from energy market intelligence firm Kpler, it remained highly dependent on the region for refined products such as diesel and aviation kerosene, as well as liquefied natural gas. Disruptions in the Strait of Hormuz caused by the conflict directly pushed up Europe’s terminal energy prices—fuel prices at gas stations across the region surged, and natural gas prices broke above EUR 60 per megawatt hour on the 9th, reaching a new high since 2022. The continued rise in energy prices is bound to transmit into broader areas of the economy, increasing overall inflationary pressure and once again underscoring the importance of building secure and controllable energy systems. Accelerating the Clean Transition of the Global Energy Mix, the PV Industry Advances Toward High-Quality Development ◼ The International Energy Agency (IEA) forecasts that, despite economic pressure, global electricity demand momentum remains strong in 2025, with growth rates in 2025 and 2026 expected to be 3.3% and 3.7%, respectively. Data from 2020 to 2025 showed that the global power market followed a trajectory of continued overall growth alongside structural transition toward cleaner energy , with the share of renewable energy sources such as solar rising significantly, although fossil fuels still accounted for the dominant share. ◼ According to the IEA’s Net Zero Emissions Scenario, solar power’s share in the energy mix is expected to rise from less than 2% at present to 12% in 2035 and 28% in 2050. This means PV installations are still far from reaching their ceiling, with substantial room for future growth. ◼ The past five years marked a critical period in which the global PV market shifted from rapid expansion toward rational development. The IEA forecasts that total global new PV installations over the next five years will reach about 3.68 TW, accounting for nearly 80% of new renewable energy additions over the same period, and are expected to become the world’s largest renewable energy source by the end of 2030. This is mainly due to its widening economic advantages—by 2024, the cost of solar PV power generation had already fallen 41% below the cheapest fossil fuel alternative, and these cost advantages are driving rapid growth in both PV installations and power generation share. Source: IEA, public information, SMM. ◼ As a key carrier of PV installations, especially the backbone of utility-scale power plants, solar panel mounting bracket installations are expected to maintain annual average growth of 5%-6% alongside installation growth. Specifically, to achieve annual average new PV installations of 500-600 GW, corresponding module demand is estimated at about 550-700 GW based on the capacity ratio. Assuming a conventional 1:1 module-to-bracket configuration, the annual average installation scale of brackets required for utility-scale PV plants alone would reach at least 250-300 GW. Source: public information, SMM. Escalating Challenges Reshape the Development Logic of the Global PV Market ◼ The PV industry is undergoing resonating internal and external pressures. Internally, the global economic slowdown has become intertwined with social issues, while the industry itself has entered a rational development stage after rapid expansion, making slower installation growth a certain trend. Externally, global trade frictions continue to intensify, with the US, Europe, and other regions erecting nearly insurmountable cost gaps through barriers such as anti-dumping and countervailing duties as well as local content requirements. Challenge 1: Global Trade Frictions and Escalating Trade Barriers ◼ In recent years, countries have introduced a series of policies to build PV trade barriers and reshape the global competitive landscape of the industry. The US imposed “double anti-” duties of as much as 3,403.96% on PV products from four Southeast Asian countries, South Africa raised module tariffs to 10%, and Brazil increased out-of-quota tariffs sharply from 9.6% to 25% through a quota system. Market access requirements for PV in India and Türkiye have also become increasingly stringent. Meanwhile, new supply chain control rules represented by the EU’s Net-Zero Industry Act (NZIA) have extended trade barriers deeper into the industry chain. By setting red lines on “third-country dependence,” they have established quantitative standards for supply chain restructuring. This series of changes has reshaped the competitive dimensions of the international PV industry and significantly raised the threshold for PV product imports and exports. Source: public information, SMM. Challenge 2: New Dynamics in the PV Market, with Incentive and Restrictive Policies Coexisting Source: public information, SMM. Outside China Enterprises Pursue Multi-Dimensional Breakthroughs Through Internal and External Efforts ◼ The practices of solar panel mounting bracket enterprises in the US, India, and other countries show that the key to coping with policy shifts overseas lies in combining “service-oriented” and “high-value” strategies. First, vertically extending from single-equipment sales to a service ecosystem covering the entire life cycle. Second, deepening horizontally by continuously optimizing business structure and extracting value from higher value-added segments. Solution 1: Launch Dedicated Plans Closely Aligned with Government Policies and Local Demand ◼ The global PV industry has now entered a new stage deeply reshaped by both market forces and policy. The growth logic of enterprises is shifting from the past single dimension of relying on technology iteration and cost declines to multi-dimensional competition closely integrating complex policy environments with localized demand. Against this backdrop, the key to corporate success lies in accurately interpreting policy intentions and launching development plans aligned with both market and policy. Tata Power Renewable Energy Limited (TPREL) precisely aligned with India’s “PM Surya Ghar: Muft Bijli Yojana” and launched the dedicated “solar for every home” plan while continuing to provide customized PV solutions. In Q1 FY2026, it added 220 MW of new rooftop PV installations, surging 416% YoY. TPREL also actively responded to local manufacturing policies by establishing 4.3 GW of solar cell and module capacity, ensuring supply while avoiding import tariffs. Through the synergy of “policy response + local capacity + customized services,” TPREL has effectively translated policy dividends into market competitiveness and steadily consolidated its leading position in India’s PV market. Solution 2: Use Acquisitions as a Link to Integrate Resources and Extend from Single Products to the Entire Industry Chain ◼ Competition in the global PV industry has fully escalated into a contest of entire industry chain system integration capabilities, and enterprises’ growth engines are shifting from past reliance on advantages in a single segment to a new model of providing integrated solutions through resource integration. In 2025, Nextracker used acquisitions as the core to integrate resources across the full chain, successively acquiring foundation engineering firms such as Solar Pile International and Ojjo, module supporting firms such as Origami Solar, and electrical system firms such as Bentek, thereby building a full-chain product matrix spanning structural, electrical, and digital solutions. Its performance continued to surge, with revenue rising from $1.9 billion in FY2023 to $3.4 billion in the trailing twelve months ended September 2025. It ultimately announced its transformation into a comprehensive energy solutions provider by renaming itself Nextpower, targeting revenue of more than $5.6 billion in FY2030. This strategy enabled its successful transformation from a single-product supplier into an entire industry chain service provider, solidifying its leading position in the global market. Solution 3: Optimize Business Structure ◼ Trade protectionism in the current PV market continues to intensify, with various trade barriers being layered on one after another. In response to this challenge, PV enterprises can achieve the dual objectives of “compliant operations” and “market retention” through business structure optimization. To avoid the equity constraints on FEOC under the US OBBB Act, Canadian Solar Inc. initiated a US business restructuring with its controlling shareholder CSIQ: it established two new joint ventures to separately manage PV and energy storage businesses, with its own stake set at 24.9% to precisely meet compliance requirements. At the same time, it transferred out 75.1% equity in three overseas plants supplying the US market, receiving a one-off consideration of 352 million yuan. This move enabled Canadian Solar Inc. to retain earnings from the US market through dividends and rental income. In the first three quarters of 2025, it achieved net profit of 990 million yuan, while large-scale energy storage shipments rose 32% YoY. After the adjustment, it focused on strengthening its advantages in non-US markets and successfully stabilized its global business layout with a compliant structure, providing a typical model for the industry in addressing trade barriers. ◼ For Chinese enterprises, in the face of trade frictions and overseas capacity gaps, they need to break through via three paths—“building plants near core markets, reducing costs and improving efficiency through technological innovation, and coordinating both within and outside the industry chain”— by pursuing localized deployment in Southeast Asia, Mexico, and other regions to avoid frequent trade frictions; promoting standardized production and high-end product R&D to enhance competitiveness; and building a “China + overseas” dual-circulation supply chain to stabilize costs. However, overseas expansion still faces challenges such as land and environmental protection costs, talent shortages, and supply chain fluctuations, requiring enterprises to conduct sound risk assessments, leverage policy support, and improve overseas investment service systems. Only by deeply integrating scientific capacity deployment, technological innovation, and industry chain coordination can the mounting bracket industry upgrade from “Made in China” to “Globally Intelligent Manufacturing” and achieve long-term development under the “dual carbon” goals. New Requirements Under the 15th Five-Year Plan, New Topics for PV Enterprises ◼ In a global market full of uncertainties, the consistency and strength of domestic policy have provided fertile ground for the growth of China’s solar panel mounting bracket enterprises. The newly released 15th Five-Year Plan further clarified China’s path for energy and industrial development. On the one hand, the construction of a new-type power system centered on consumption capacity has been listed as a priority task, and green manufacturing and full life cycle management have been formally incorporated into the assessment system. On the other hand, technological self-reliance and self-strengthening together with new quality productive forces have replaced scale competition as the main line of the new development stage. This series of changes signals that the country is driving a profound shift from “competing on capacity” to “competing on system value,” with the core goal of achieving autonomous and controllable energy structure. It is estimated that after the Two Sessions, various departments will successively roll out detailed plans to promote the full implementation of the blueprint. ◼ Key implementation measures include: 1) establishing a “dual controls” system for total carbon emissions and carbon intensity, while improving incentive and restraint mechanisms; 2) vigorously developing non-fossil energy and promoting the efficient use of fossil energy, while strengthening the construction of a new-type power system to ensure stable supply of green electricity; 3) applying both “addition and subtraction” by fostering green and low-carbon industries and promoting energy conservation and carbon reduction in key industry; 4) in addition, accelerating the green transformation of production and lifestyles to consolidate the foundation for green development. ◼ From the perspective of regional development layout, during the 15th Five-Year Plan period, China’s PV industry will show characteristics of regional coordination: north-west China will become the strategic focus by virtue of its natural endowments, exporting electricity through cross-provincial green electricity trading and other means to achieve two-way matching between energy resources and power load; eastern regions, by contrast, will focus on local consumption by high-energy-consuming industries and zero-carbon industrial parks. Source: public information, SMM. ◼ SMM forecasts that China’s new PV installations are expected to reach 208 GW in 2025 and continue growing at an annual average rate of 9% over the next five years, exceeding 292 GW by the end of the 15th Five-Year Plan period. Utility-scale PV will remain dominant, with its installation share staying above 50%. Based on the same logic, we estimate that China’s PV installation market will maintain annual incremental growth of at least 100-120 GW. Source: public information, SMM. ◼ Focusing on China’s steel consumption market for solar panel mounting brackets, SMM estimates that annual steel consumption in China’s PV mounting bracket sector will average about 4-4.5 million mt from 2026 to 2030, accounting for about 30% of total steel consumption in the PV industry over the same period (based on 2026 data). Note: only installation demand for utility-scale PV mounting brackets is included, excluding distributed steel structures, replacement from existing asset depreciation, and exports. Source: public information, SMM. SMM Ferrous Consulting Based on its understanding of the global steel industry chain and regional markets, as well as its strong industry database and network resources, SMM is committed to providing clients with consulting services across the upstream, midstream, and downstream industry chain. Services include market supply and demand research and forecasts, market entry strategies, competitor cost research, and more, covering end-use industry from iron ore, coal, coke, and steel. SMM Ferrous has successfully served more than 300 Fortune Global 500 companies, China Top 500 companies, central state-owned enterprises, state-owned enterprises, publicly listed firms, and start-ups. 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[SMM Steel] Mexico's Ministry of Economy (SE) has initiated an administrative review of anti-dumping (AD) duties on prestressed steel imports from China, Spain, and Portugal. Current duties, including US$1.02/kg for Chinese imports, remain in effect to protect domestic production from potential injury.

Vizsla Silver’s Panuco silver ore project in Mexico, with its feasibility study results, demonstrates outstanding economic metrics. The project is expected to achieve annual production of 17.4 million ounces of silver equivalent over a 9.4-year mine life. Its after-tax net present value is as high as $1.8 billion, and its internal rate of return reached 111. At present, the enterprise has ample cash reserves exceeding $450 million, and project financing has been fully secured. The project is expected to commence first production in H2 2027, and the current permitting process is progressing steadily in line with expectations.

【SMM Steel】The USDOC announced preliminary AD review results for light-walled rectangular pipe from Mexico (Aug 1, 2023 - Jul 31, 2024). Margins: 11.77% for Perfiles LM, 7.70% for Regiomontana de Perfiles y Tubos. Others, including Aceros Cuatro Caminos, Productos Laminados de Monterrey, Maquilacero, Tecnicas de Fluidos, and Ternium Mexico, got 9.66%. The review was rescinded for 12 other firms due to no reviewable entries.

Capacity-wise, according to incomplete statistics, the domestic alkaline electrolyzer market remains at 43.77GW, and the PEM electrolyzer market stays at 2.7GW, with no new capacity added. The "water electrolysis hydrogen production system - oxygen purification unit" produced by Skyreach Hydrogen Technology (Beijing) Co., Ltd. has been successfully delivered to a leading large-scale polysilicon producer in China. Updates on electrolyzer projects: Jinfeng Green Energy Chemical (Xing'an League) Co., Ltd.: The Yujinfeng Xing'an League green hydrogen to green methanol (Phase III) project has been filed, with the construction site located in Xing'an League Economic and Technological Development Zone, Ulanhot City, Xing'an League. Total investment: 2.3 billion yuan, including 460 million yuan of own funds and 1.84 billion yuan of bank loans applied for. The planned construction period is from May 2026 to May 2028. The project will mainly construct biomass gasification, methanol synthesis distillation, and other main production facilities along with supporting public auxiliary works, producing 725,000 tons of green methanol annually. Guohua Investment Guohua (Cangzhou) Integrated Energy Co., Ltd.: The Alashan Large Wind and Solar Base Electrolysis Water Hydrogen Production and Ammonia Synthesis System Integration and Engineering Demonstration Project Cangzhou Green Ammonia Phase II Electrolysis Water Hydrogen Production System Preliminary Design Service has issued a public tender. According to the announcement, the first phase of the Cangzhou green hydrogen and green ammonia electrolysis water hydrogen production and ammonia synthesis facility has already been constructed within the reserved area of the green ammonia plant. Shaanxi Hydrogen Luyuan Technology Co., Ltd.: The shortlisted candidates for the hydrogen power supply equipment and its auxiliary devices procurement (0021GBT rectifier power supply) of the Yulin Zero-Carbon Industrial Park Hydrogen (Hydrogen Production) Demonstration Project have been announced. According to the announcement, the first candidate is Beijing Leidong Zhi Chuang Technology Co., Ltd., with a bid price of 1.3668 million yuan; the second candidate is Zhuzhou CRRC Times Electric Co., Ltd., with a bid price of 1.4661 million yuan; the third candidate is Shenzhen Hopewind Technology Co., Ltd., with a bid price of 1.48 million yuan. North Engineering Design & Research Institute Co., Ltd. : A quotation request has been issued for the process equipment of the hydrogen production unit of the electrolysis water hydrogen production device (including electrolyzers, gas-liquid separation skids, purification skids, centrifugal pumps, canned motor pumps, alkali mixing tanks, demineralized water tanks, and auxiliary facilities). Jiangxi Xinlianxin Chemical Industry Co., Ltd.: The annual 100kt green methanol demonstration project has passed the filing. It is understood that the total investment of the project is 100.96 million yuan, and the construction scale and content do not involve additional land use, partially relying on Jiangxi Xinlianxin Chemical Co., Ltd. Upon project completion, the facility is expected to achieve an annual production of 100kt of green methanol. Construction is scheduled to commence in April 2026 and conclude in April 2027. Jinda Hongjing (Shache) Hydrogen Energy Technology Co., Ltd.: The company issued postponement announcements for the full-process tracking audit service and project supervision service of the Jinda Hongjing Shache County Integrated PV Hydrogen Production Project. The revised bid opening date for both is March 10, 2026. The project involves the construction of a new 250kt/year green methanol production facility, including water electrolysis for hydrogen production, biomass gasification units, and methanol synthesis units, along with storage systems and supporting utilities and auxiliary facilities. The annual output is set at 250kt of green methanol, with by-products including 30kt/year of steam and 179.2 million standard cubic meters/year of oxygen. Ningxia Wangwa Coal Industry Co., Ltd.: The winning bid result was announced for the hydrogen production equipment procurement of the Guyuan Pengyang 2×660MW Unit Project. The winning bidders are Suzhou Xipeiyou Hydrogen Energy Technology Co., Ltd. (bid price: 2.062 million yuan), Wuxi Weifu High-Technology Group Co., Ltd. (bid price: 2.2 million yuan), and Shanghai Hydrogen Sharp Technology Co., Ltd. (bid price: 2.3736 million yuan). The tender was divided into one section, specifically for a 10Nm³/h proton exchange membrane hydrogen production unit. Xinjiang Huadian Weihuliang New Energy Co., Ltd.: The company announced the transaction results for the UPS and EPS of the alkaline water electrolysis hydrogen production system for the Xinjiang Huadian Urumqi Point-to-Point Hydrogen Refueling Station, as well as the results for the hydrogen production system distribution cabinet. The suppliers are Harbin Jiuzhou Group Co., Ltd. and Tengzhou Taiyuan Power Equipment Manufacturing Co., Ltd., respectively. Junrui Green Hydrogen Energy (Chahar Right Rear Banner) Co., Ltd.: A competitive consultation announcement was released for the full-process management of the Chahar Right Rear Banner 14,400 t/year Hydrogen Production Project. According to the announcement, the procurement budget for the full-process management is 1.69% (bidders must not quote a rate higher than 1.69%, or the bid will be deemed invalid). Policy Review 1. The Ningxia Hui Autonomous Region Development and Reform Commission published the "Ningxia 2026 First Batch of Project List Recommended to Private Capital." One key project in the hydrogen energy sector is the Integrated Hydrogen Storage, Transportation, and Utilization Zero-Carbon Energy Demonstration Base, located in the Lingzhou Chemical Industry Park in Lingwu City. The project aims to establish a demonstration model covering the entire green hydrogen production chain, including wind and solar power generation, hydrogen production, storage, and transportation. It will be equipped with corresponding facilities, pipelines, and transport fleets to provide logistics services to surrounding chemical enterprises and offer a feasible solution for replacing gray hydrogen with green hydrogen in the Ningdong coal chemical industry. Additionally, the project plans to construct hydrogen refueling stations to support bus operations and distributed fuel cell power generation projects. The total investment in the project amounts to 2.8 billion yuan. 2. The Jilin Provincial Energy Bureau released the "Implementation Plan for the Development and Construction of Green Electricity Direct Connection Projects in Jilin Province (Trial)" (Draft for Comments). The document indicates that new load projects can carry out green electricity direct connections, with priority 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 grid enterprises (including expansion parts of existing loads), electricity consumption projects that have been registered but whose supporting grid projects have not yet started construction, and existing projects agreed upon through consultation with grid enterprises are all considered new loads. In principle, new loads (including expansion parts of existing loads) and existing loads should not have direct electrical connections. 3. The European Commission approved a 4 billion euro special fund for electrolyzers, providing a 30% subsidy on equipment costs for projects with an annual capacity of ≥500 MW, and setting a 2030 target for electrolyzer efficiency in green hydrogen projects at ≥60% (LHV basis). Corporate Developments Plug Power : Faces a securities class action lawsuit in the US District Court for the Northern District of New York, accused of making misleading disclosures to investors regarding the progress of a US Department of Energy (DOE) loan guarantee of $1.66 billion (approximately 12 billion yuan), exaggerating the likelihood of obtaining the loan and the project construction capabilities. In November 2025, Plug announced the suspension of the loan-related project, jeopardizing the loan and the plan for six hydrogen plants, leading to consecutive declines in its stock price. Transition Industries : Signed a long-term natural gas supply agreement with Mexico's CFEnergía, securing a daily supply of 160 million cubic feet of US gas for the Pacifico Mexinol ultra-low carbon methanol project in Mexico. This contract marks the final key commercial milestone for the project, which has a total investment of $3.3 billion and is expected to commence operation by the end of 2029 to early 2030, producing 2.15 million mt of ultra-low carbon methanol annually, making it the largest facility of its kind globally. Power2X : Dutch hydrogen-based synthetic fuel developer Power2X acquired green hydrogen enterprise HyCC, with the transaction valuation undisclosed. The acquisition adds five green hydrogen projects in the Netherlands and Germany, with a total developable scale of 1 GW, aiding the company in advancing its 250,000 mt per year green hydrogen-based SAF project in Rotterdam, marking its transition from project development to execution. Robert Bosch GmbH: Conducted workforce optimization in China, with the first round involving nearly 200 employees at the Wuxi plant's internal combustion engine and hydrogen fuel cell projects. This is an economic layoff, with the company offering N+4 compensation, exceeding the statutory standard. China Huadian Corporation Ltd. : Party Secretary and Chairman Jiang Yi held talks in Baotou with Chen Zhichang, Member of the Standing Committee of the Inner Mongolia Autonomous Regional Party Committee and Secretary of the Baotou Municipal Party Committee, and Meng Qingwei, Deputy Secretary of the Baotou Municipal Party Committee and Mayor, where both sides exchanged views on further deepening central-local cooperation. Hebei Province Baoding High-Tech Environment Technology Co., Ltd.: announced the winning bid result for the Baoding High-Tech Environment Technology Co., Ltd. Hydrogen-Powered Sanitation Vehicle Procurement Project. The winning bidder was Changsha Zoomlion Environment Industry Co., Ltd., with a bid price of 37.685 million yuan. Inner Mongolia Ebert Coal Technology Co., Ltd.: The hydrogen refueling, hydrogen swapping, charging and swapping integrated station at Plot 02-02C1 in the Airport Logistics Park was approved for construction by the Yijinhuoluo Banner Energy Bureau. The bid inviter is Inner Mongolia Ebert Coal Technology Co., Ltd., and the construction funds are self-raised. It is understood that this project is an integrated station for hydrogen refueling, hydrogen swapping, and charging. The hydrogen refueling station is classified as a Level III station with a hydrogen refueling capacity of 500 kg/d. The main facilities of the hydrogen refueling station include 1 unloading column, 2 units of 45 MPa hydrogen compressors, 1 unit of 90 MPa hydrogen compressor, 1 set of 45 MPa hydrogen storage cylinder bundle, 1 set of 90 MPa hydrogen storage cylinder bundle, 1 unit of HB5/H70 hydrogen refueling integrated machine, 3 units of compressor chiller units, 1 unit of hydrogen refueling machine chiller unit, 1 set of nitrogen cylinder bundle, 1 unit of nitrogen cabinet, 2 units of sequential control cabinets, 1 unit of heat exchanger, etc. The facilities for the hydrogen swapping and battery swapping station include 1 set of integrated hydrogen swapping and battery swapping skid, etc. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane 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 platinum-based materials. Technology Footprints/Technical Specifications 1. The team of Liu Qingju from Yunnan University constructed a superwetting Pt/NF@CF graded heterojunction electrocatalyst for low-energy consumption and high-efficiency hydrogen production. 2. Teams from Hunan Normal University and Central South University (AM) revealed the effects of compressive strain and oxygen vacancies on iridium oxide in proton exchange membrane water electrolyzers. 3. Relevant research teams from the School of Electrical Engineering, Xi'an Jiaotong University, and the State Key Laboratory of Electrical Insulation and Electrical Materials successfully developed a Ru/Ti3C2Ox@NF bifunctional seawater electrolysis electrocatalyst. 4. The group standard "Technical Specification for Wind-Solar-Storage Green Electricity Coupled Electrolysis Hydrogen Production" (Number 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 100 kW-level 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 layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

Today, the most-traded BC copper 2603 contract opened at 91,130 yuan/mt. It fluctuated downward at the start of the session. After reaching an intraday high of 91,350 yuan/mt, the center of copper prices gradually shifted lower, touching a low of 90,100 yuan/mt, then fluctuated upward and finally closed at 90,850 yuan/mt, up 0.2%. Open interest fell to 789 lots, a decrease of 1,274 lots from the previous trading day, while trading volume reached 4,036 lots, indicating a reduction in bearish positions. On the macro front, reduced uncertainty in US trade policy improved market sentiment, benefiting copper prices; US military buildup ahead of a new round of talks with Iran and turmoil in Mexico supported strong performances in gold and silver, also providing a boost to copper prices. Fundamentally, supply side, domestic and imported copper arrived steadily, leading to ample supply; demand side, downstream enterprises gradually resumed operations after the Chinese New Year, with consumption slowly recovering. The SHFE copper 2604 contract closed at 102,260 yuan/mt. Based on the BC copper 2603 contract price of 90,850 yuan/mt, its post-tax price is 102,660 yuan/mt, resulting in a price spread of -400 between the SHFE copper 2603 contract and BC copper. The spread remained inverted and continued to widen.