Exelon, a leading US nuclear power company, recently warned that the US could face blackouts as early as 2027 due to growing electricity demand putting pressure on the power grid, and that higher electricity rates will be needed to fund new infrastructure. The operator of AI hyperscale data centers caught everyone "off guard" and "underestimated" the headwinds their data centers would face.

A consortium led by Korea Hydro & Nuclear Power (KHNP) has been named the preferred bidder for the 800-MW Jeonbuk Southwest Offshore Wind Expansion Complex 1 in South Korea. The project, part of a planned 2.4-GW offshore wind zone off Jeonbuk Province, will be developed under a consortium in which public institutions hold a majority stake. The group is expected to sign an implementation agreement with Jeonbuk Province by the end of August, supporting the country's offshore wind expansion strategy.

SMM, June 26: Metals market: As of the midday close, base metals on the domestic market almost all fell. SHFE copper edged down, SHFE aluminum fell 0.38%, SHFE lead rose 0.15%, SHFE zinc fell 1%, SHFE tin dropped 1.7%, and SHFE nickel declined 1.81%. In addition, the most-traded foundry aluminum futures fell 0.4%, the most-traded alumina contract dropped 1.41%, the most-traded lithium carbonate contract tumbled 5.26%, the most-traded silicon metal contract lost 0.89%, and the most-traded polysilicon futures fell 3.53%. Ferrous metals all fell. Iron ore dropped 0.67%, rebar lost 0.64%, hot-rolled coil slipped 0.51%, and stainless steel dipped 0.21%. Coking coal and coke: the most-traded coking coal contract fell 0.92%, and the most-traded coke contract fell 1.21%. Overseas base metals: as of 11:43, LME metals all fell. LME copper dropped 1.55%, LME aluminum fell 0.97%, LME lead lost 0.39%, LME zinc declined 1.38%, LME tin tumbled 1.99%, and LME nickel fell 1.36%. Precious metals: as of 11:43, COMEX gold fell 0.9% and COMEX silver plunged 3.4%. Domestic precious metals: SHFE gold edged down 0.11%; the most-traded SHFE silver contract extended losses from the previous five trading days, falling another 2.72%, and hit an intraday low of 13,513 yuan/kg, the weakest since December 2025. Additionally, as of the midday break, the most-traded platinum futures rose 0.31%, while the most-traded palladium futures fell 0.85%. As of the midday close, the most-traded container shipping (Europe route) futures added 0.7% to 3,686.5 points. Selected futures midday quotes as of 11:43, June 26: Spot and fundamentals Aluminum: The futures market stopped falling and edged up today. Spot aluminum in South China gradually weakened amid divergence. Low aluminum prices and strong destocking continued to support suppliers holding prices firm in selling... Macro front China: [National Energy Administration: During the 15th Five-Year Plan period, it will continue to open up energy projects and issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects] Wan Jinsong, deputy director and spokesperson of the National Energy Administration, stated at a State Council Information Office press conference that during the 15th Five-Year Plan period, the administration will persist in the approach of open construction and service-driven investment, increasing support for private enterprises to engage in building a new-type energy system. For major energy projects, it will expand the investment space for private enterprises. For major projects with certain returns, such as nuclear power, hydropower, and oil and gas storage and transportation facilities, the feasibility of private enterprise participation will be assessed on a case-by-case basis. During the 15th Five-Year Plan period, we will continue to open up energy projects, issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects and others, so that their investments have direction and returns are guaranteed. We will further improve the electricity market and pricing mechanism, and support private enterprises in investing in projects such as virtual power plants, charging facilities, and new-type energy storage. [Wang Hongzhi, Director of the National Energy Administration: China's installed power capacity is expected to reach 5.4 billion kW by 2030] Wang Hongzhi, member of the Party Leadership Group of the National Development and Reform Commission (NDRC) and Director of the National Energy Administration, stated at a press conference of the State Council Information Office that China's installed power capacity has now exceeded 4 billion kW and is expected to reach 5.4 billion kW by 2030. Among this, new energy will account for over 50% of installed capacity, becoming the mainstay of power capacity, while non-fossil fuel power generation will account for 50% of total electricity output, becoming the main source of electricity. Coal and oil consumption will have peaked. The PBOC conducted a 231.5 billion yuan 7-day reverse repo operation today at an interest rate of 1.4%, unchanged from the previous rate. No reverse repos matured today. The PBOC injected a net 329.7 billion yuan into the open market this week. (From Wallstreetcn APP) US dollar aspect: As of 11:43, the US dollar index rose 0.01% to 101.47. According to CME "FedWatch": the probability that the Fed will keep interest rates unchanged in July is 69%, while the probability of a cumulative 25-basis-point hike is 31%. For September, the probability of keeping rates unchanged is 36.6%, cumulative 25-bp hike is 48.8%, and cumulative 50-bp hike is 14.6%. Fed Williams stated that the current monetary policy stance is well positioned to bring inflation back to the Fed's 2% target while acknowledging that risks to achieving its dual mandate remain. Williams said, "Given that inflation is elevated, we must bring it back sustainably to the 2% longer-run goal. The current stance of monetary policy is fully capable of achieving that." Williams noted that inflation is "clearly elevated" and well above the Committee's 2% objective. He expects inflation data to pull back slightly over the next few quarters, although significant risks remain. Fed Goolsbee said on Thursday that while the latest US inflation report showed a glimmer of hope for improvement in services inflation, underlying inflation pressures remain too high and concerning. In an interview with CNBC, Goolsbee declined to offer specific views on whether the Fed should raise rates or keep them unchanged. He said he agreed with Fed Chairman Warsh's view that fueling speculation about future interest rate paths should be avoided. (Jin10 Data APP) US data sent mixed signals while oil prices fell below pre-conflict levels. The May PCE inflation YoY matched average expectations, accelerating from 3.8% to 4.1%. Lower energy costs are expected to cool future inflation. May durable goods orders fell 4.5%, versus average expectations for a 4% decline. Meanwhile, Q1 real GDP annualized quarterly rate was revised up from 1.6% to 2.1%, compared to expectations of 1.7%. Initial jobless claims for the week fell to 215,000, against average expectations of 223,000. (Jin10 Data APP) A CITIC Securities research report said the US dollar index has strengthened rapidly in recent days, driving gold prices below the $4,000/oz mark. Fading inflation concerns did not push the dollar lower. We believe political “re-dollarization” may partly explain the dollar’s recent strength, but a more important driver likely comes from expectations of tightening dollar liquidity. We expect the dollar index to find support this year but struggle to sustain a strong rally, and the next US inflation data could be a catalyst for the market to adjust trading strategies. On the data front: The final US June University of Michigan consumer sentiment index and final June one-year inflation expectations will be released today. Also to watch: FOMC permanent voter and New York Fed President Williams delivers a speech; 2027 FOMC voter and Chicago Fed President Goolsbee speaks; 2026 FOMC voter and Minneapolis Fed President Kashkari speaks. On the crude oil front: As of 11:43, both crude benchmarks fell, with WTI down 1.67% and Brent down 1.54%. As shipping through the Strait of Hormuz resumed, supply concerns eased somewhat. However, a cargo vessel was attacked near Oman on Thursday, and markets will closely monitor geopolitical developments. S&P Global Energy reported on the 25th that 78 vessels transited the Strait of Hormuz on the 24th, the highest single-day tally since the outbreak of the Iran war. The daily average number of vessels transiting the Strait this month has recovered to about 57% of pre-conflict levels. As of the 24th, a cumulative total of 551 vessels had transited the Strait this month, putting it on track to be the busiest month since the war began. The report noted that recent departures from the Strait included vessels that had been stranded for long periods due to the conflict as well as recent arrivals, signaling early signs of normalization in shipping activity. However, whether the rebound in transit volumes can be sustained remains to be seen, and related agreements still need further consolidation and implementation. ((Xinhua News Agency) US Secretary of Energy Wright expects Iran's daily crude oil exports to reach up to 2 million barrels. Additionally, market sources say that crude oil exports from the Persian Gulf have rebounded to 75% of pre-war levels; in the past three days through Wednesday, the region exported 13 million barrels of crude oil. (Jin10 Data App) An earlier Wallstreetcn article reported that the UAE formally withdrew from OPEC on May 1, and Iraq subsequently threatened to follow suit unless granted greater production freedom. Meanwhile, a series of geopolitical shocks—including the US takeover of Venezuelan oil assets and US-Israeli military actions against Iran—have significantly eroded OPEC's market control capability. Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

The Trump administration will provide $17.5 billion in loans to support utilities in ordering reactor equipment designed by Westinghouse, aiming to revive the construction of large-scale nuclear power plants in the US. Trump views nuclear reactors as a core power source for data centers and economic growth, targeting 10 large conventional reactors under construction by 2030 and a tripling of the nation's nuclear capacity to 400 GW.

H1 Price Review: In H1 2026, China’s grain-oriented silicon steel market fluctuated overall, with prices first suppressed and then rebounding. At the start of the year, market prices edged down, but as downstream demand gradually recovered, prices saw a rebound. Performance diverged notably by product type: competition intensified for regular grades amid mediocre demand, keeping prices generally weak; high-end high-permeability grades, supported by rigid demand from power infrastructure, remained firm throughout. On the supply side, regular grades were in ample supply and competition intensified, while high-end products, limited by technological barriers, saw constrained capacity deployment and persistently tight supply. The demand side showed pronounced structural divergence, with ongoing UHV construction and power grid upgrades sustaining solid rigid demand for high-end products, whereas demand for regular grades remained weak. H1 Fundamentals Review: From a production perspective, the production schedule of grain-oriented silicon steel in China in H1 2026 followed a trend of rising, then falling, and then rising again. Only the January-February production schedule volume exceeded the level in the same period of 2025, while the schedule from March to June all fell short of the year-earlier level. In March, it dropped to the H1 low of about 171,000 mt, and in May-June, it recovered to around 183,000 mt as production arrangements were stepped up. However, the overall production schedule center was lower than in H1 2025, and Q2 saw a marked contraction in production activity. Over the same period, the capacity utilization rate trend was highly synchronized with the production schedule. In January-February, the utilization rate was slightly higher than last year, then declined continuously from March to April, hitting the H1 low of 74% in April, and rebounded to 76% in May-June as the schedule recovered. For each month of H1, the utilization rate was significantly lower than the same period in 2025, with the full-year range kept at 74%-81%. This diverging pattern—"slight strength at the start of the year and simultaneous weakening of production schedule and utilization rate in Q2"—indicates that downstream demand support in H1 was weaker than in 2025. Enterprises proactively lowered their Q2 production plans, and the pace of capacity commissioning slowed down. Even with moderate supplementary production in May and June, overall actual operating loads remained weaker than in the same period last year. From the perspective of grain-oriented silicon steel consumption driven by power grid installations, overall demand in H1 2026 (January-April) showed a gradual weakening trend, with monthly consumption declining step by step. January marked the H1 demand peak, with total consumption of approximately 150,000 mt, supported simultaneously by PV, thermal power, and wind power. In February, total demand pulled back slightly, with consumption contracting across all sub-sectors. March fell to the H1 trough, as total monthly consumption was under 80,000 mt, and PV and thermal power installation releases slowed markedly. April saw a slight recovery in demand, but the overall volume remained low. In terms of demand structure, solar, wind, and thermal power remained the core consumption sources in H1, together accounting for nearly 80% of consumption, with nuclear power providing a small supplement and hydropower contribution consistently low. In January, thermal power and PV provided strong boosts, while wind power, which saw concentrated year-end commissioning, had limited release in H1. PV, the largest demand segment, saw continuously declining consumption from January to April, becoming the primary factor dragging down H1 demand. Compared with the full year, overall installation demand in H1 (January-April) was far below the two peak season highs of last May and December. The release pace of new installations was weak, with insufficient commissioning increments across all power sources. Overall, the end-use demand for grain-oriented silicon steel exhibited market characteristics of underperforming in the peak season and coming under monthly pressure. H2 Outlook: In H1 2026, only the Phase II 80,000 mt HIB grade grain-oriented silicon steel capacity of Angang Longdu Electromagnetic New Materials in central China came on stream in Q2, with limited new capacity additions in H1. H2 will mark a concentrated period for GO silicon steel capacity commissioning, with enterprises across multiple regions gradually starting up capacity: in east China, Baoshan Iron & Steel Co., Ltd.'s 220,000 mt HIB grade GO silicon steel capacity will simultaneously commence production in H2, Zhejiang Jinlei Soft Magnetic Materials will start up 100,000 mt CGO grade GO silicon steel capacity in Q3, and Jiangsu Zhongsheng Electromagnetic Technology (180,000 mt HIB) and Jiangxi Chongxin New Materials (80,000 mt HIB) both plan to start production in Q4; in central China, Wuhan Iron & Steel Co., Ltd. plans to launch its 200,000 mt HIB grade GO silicon steel capacity in Q3. Looking ahead to H2, market divergence will persist. The industry’s capacity structure continues to optimize, with new capacity focusing on high-end categories. Supported by energy efficiency upgrade policies and power infrastructure projects, rigid industry demand is expected to be steadily released. Overall, ordinary grades still face downward price pressure, while high-end, high magnetic induction grain-oriented silicon steel will maintain a stable to positive trend backed by favorable demand.

According to data from the National Bureau of Statistics (NBS), in May, raw coal production at industrial enterprises above the designated size (hereafter, large industrial enterprises) remained at a relatively high level, crude oil production grew steadily, natural gas production edged down, and power generation growth picked up. 1. Raw Coal, Crude Oil, and Natural Gas Production and Related Conditions Raw coal production remained at a relatively high level. In May, large industrial enterprises produced 400 million mt of raw coal, down 1.7% YoY, with a daily average production of 12.81 million mt. From January to May, raw coal production at large industrial enterprises reached 1.98 billion mt, down 0.3% YoY. Crude oil production grew steadily. In May, large industrial enterprises produced 18.57 million mt of crude oil, up 0.5% YoY, with growth slowing by 0.7 percentage points from April; daily average production was 599,000 mt. From January to May, crude oil production at large industrial enterprises totaled 91.31 million mt, up 1.1% YoY. The decline in crude oil processing widened. In May, large industrial enterprises processed 53.72 million mt of crude oil, down 9.1% YoY, with the decline expanding by 3.3 percentage points from April; daily average processing volume was 1.733 million mt. From January to May, crude oil processed at large industrial enterprises reached 292.8 million mt, down 2.2% YoY. Natural gas production edged down. In May, large industrial enterprises produced 21.7 billion m³ of natural gas, down 2.2% YoY, compared to a 1.9% increase in April; daily average production was 700 million m³. From January to May, natural gas production at large industrial enterprises amounted to 111.7 billion m³, up 1.7% YoY. 2. Power Generation Power generation growth at large industrial enterprises accelerated. In May, power generation at large industrial enterprises reached 784.3 billion kWh, up 4.2% YoY, with growth accelerating by 1.6 percentage points from April; daily average generation was 25.3 billion kWh. From January to May, power generation at large industrial enterprises totaled 3,912.9 billion kWh, up 3.6% YoY. By type, in May, growth in thermal power at large industrial enterprises slowed, while growth in hydropower and solar power accelerated, and nuclear and wind power shifted from decline to growth. Specifically, thermal power at large industrial enterprises grew 2.1% YoY, with growth slowing by 1.0 percentage point from April; hydropower increased by 13.0%, with growth accelerating by 0.8 percentage points; nuclear power grew 5.0%, compared to an 8.7% decline in April; wind power edged up 0.5%, reversing a 5.0% drop in April; and solar power rose 12.1%, with growth accelerating by 5.0 percentage points.

Italian steelmaker Marcegaglia has announced an additional €600 million investment for its Mistral low-carbon steel project in Fos-sur-Mer, France, raising the total planned investment to approximately €1.2 billion. The expansion aims to transform the former Ascometal site, increasing its annual liquid steel production from the current 100,000-150,000 metric tons (mt) to roughly 2.1 million mt by mid-2028, with rolling capacity set to reach 3 million mt per year. The project includes a €450 million contract with Danieli for new technologies and a 10-year nuclear power supply agreement with EDF to support decarbonization via Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) usage. With a final investment decision expected by the end of 2026, this significant capacity addition will greatly enhance Marcegaglia's upstream self-sufficiency and alter the European flat steel supply landscape, providing a competitive edge in the growing green steel market.

Northern China serves as a core hub for the domestic wire and cable industry. Leveraging its industrial heritage, full supply chain support, and favorable policies under the Beijing-Tianjin-Hebei coordinated development initiative, it has established an integrated industrial cluster encompassing raw material processing, cable production, new materials R&D, and intelligent equipment manufacturing. The region’s annual cable output value has exceeded RMB 100 billion, underpinned by a solid industrial foundation and vast market potential. Compared with the established industrial clusters in the Yangtze River Delta and Pearl River Delta, the northern cable industry still faces shortcomings such as fragmented industrial resources, weak industry-academia-research collaboration, and insufficient resilience across the industry chain. Breaking down silos and fostering synergy is critical to upgrading the sector. will be held on July 23-24, 2026 at Crowne Plaza Qingdao Jinshui, Shandong , focusing on three key themes: industrial synergy, green intelligence, and globalization. SMM , in partnership with the initiator — Qingdao Hanhe Cable Co., Ltd. , invites participants from across the entire industry chain to gather, explore industry opportunities, and drive the quality upgrade of the northern wire and cable sector. Click to attend. We look forward to meeting you at the conference. Qingdao Hanhe Cable Co., Ltd. was founded in 1982 and has grown into a leading large-scale enterprise providing customers with full-suite solutions and turnkey projects covering cables and accessories, cable materials, power design, transmission and transformation engineering, completion testing, operation and maintenance services, and hydrogen energy application systems, among others. It was listed on the Shenzhen Stock Exchange in 2010 under stock code “002498”. The company currently employs over 3,000 staff, including more than 520 R&D personnel and over 310 with senior or intermediate technical titles. It has established production sites in Qingdao, Jimo, Pingdu, Zibo, Yanggu, Jiaozuo, Xiuwu, Changzhou, Changsha, and Beihai; invested in over 20 domestic subsidiaries such as Huadian High Voltage, Electrical Engineering, and Hanhe Hydrogen Energy; and set up overseas companies in the US, Singapore, the Middle East, and other locations. The company primarily develops and produces power cables up to 750kV, submarine cables, high-voltage cable accessories, specialty conductors, mining cables, nuclear power cables, control cables, PV cables, and high-voltage cable materials. It has participated in the power supply assurance for numerous venue constructions and major celebrations, including the 2008 Beijing Olympics, 2010 Shanghai World Expo, 2018 SCO Qingdao Summit, 2022 Beijing Winter Olympics, as well as the 70th anniversary of the founding of the People’s Republic of China and the 100th anniversary of the founding of the Communist Party of China. The company places great emphasis on R&D investment and building technological innovation capabilities. It allocates no less than 5% of its sales revenue to R&D annually and has established a relatively comprehensive technological innovation system and infrastructure that supports independent innovation. The company has four vertical towers and 13 vertical cross-linking production lines, making it a high-voltage cable manufacturer with relatively large capacity in China. It is home to a nationally recognized enterprise technology center, a postdoctoral research workstation, and the only “National Engineering Technology Research Center for High-Voltage and Extra-High-Voltage Cables” in China’s cable industry. The company has successively participated in the development plans of China’s wire and cable industry from the 11th to the 14th Five-Year Plan periods and has undertaken over 100 various national, provincial, and municipal projects. In 2021, its independently developed and manufactured 110kV and above high-voltage and extra-high-voltage cables were successfully selected as a MIIT Manufacturing Single Champion Product. The company keeps pace with the times, deeply integrates industrial Internet, big data, cloud computing, IoT, and smart terminals, taps into the value of industrial big data, has completed the construction of a smart manufacturing ecosystem for high-voltage and extra-high-voltage cables, and has obtained multiple certifications including “Excellent-Level Smart Factory”, “Equipment Cloud Benchmark Enterprise”, “Digital Workshop”, and “Green Factory”, pioneering a new model of smart manufacturing management in China’s cable industry. The company upholds the corporate spirit of “integrity, diligence, pragmatism, and innovation”, the quality policy of “pursuing quality and credibility, building the Hanhe brand”, and the corporate mission of “building the Hanhe brand, serving the society with sincerity”. It adheres to technological innovation to ensure sustainable development, forming the core development philosophy of “sustainable development, enduring prosperity” and the operation policy of “surpassing the advanced international level in the wire and cable industry”. It has received honors such as “National High-Tech Enterprise”, “Leader in China’s Cable Industry”, and “National Contract-Honoring and Credit-Worthy Enterprise”, and has been successively ranked among the Top 500 Chinese Manufacturing Enterprises, Top 10 Famous Brands in China’s Electrical Industry, Top 100 in China’s Machinery Industry, Top 10 Most Competitive Enterprises in China’s Wire and Cable Industry, and Top 10 Most Competitive Enterprises in the Global Submarine Cable (Energy Sector). Looking ahead, while consolidating its wire and cable business, the company will accelerate expansion into industries such as smart detection and services, power transmission and transformation projects, and high-end cable material manufacturing, striving to build Hanhe into a leading domestic and internationally renowned comprehensive solution provider of wire and cable products and services, and making “Hanhe Manufacturing” shine in the international market! SMM Conference Contact Zhang Guolei 166 0190 0190 zhangguolei@smm.cn

Xinhongye announced that its wholly-owned subsidiary Jiangsu Huaguang Cable & Electric Co., Ltd. recently received a bid winning notification issued by Shanghai Nuclear Engineering Research and Design Institute Co., Ltd., winning the tender for the "SNERDI Haiyang Nuclear Power Units 3 and 4 BOP Cable and Conventional Island Cable Project," with a winning bid amount of 41.89 million yuan. Currently, the counterparty is in good operating and financial condition with the ability to fulfill the contract. The project falls within the company's core business, and its signing and implementation will have a positive impact on future operations. As of the announcement date, no formal contract has been signed for the project, and the company will disclose further progress.

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, Haozheng Hydrogen Energy successfully completed all tests on an alkaline hydrogen production electrolyzer, with all performance indicators meeting standards, and it was officially shipped to the client's project site. Eve Hydrogen Energy reached an important delivery period, as its 100 Nm³/h centralized hydrogen production system successfully passed all factory detection tests and was officially dispatched to Shandong. Project-related developments: Guangdong Qingneng New Energy Technology Co., Ltd.: The fuel cell and electrolysis hydrogen production system project completed filing. The project is located at Building D3, No. 1 Xiangda Road, Dancao Logistics Center, Dancao Town, Nanhai District, Foshan City, with a total investment of 200 million yuan, to be constructed by Guangdong Qingneng New Energy Technology Co., Ltd. as the construction entity. On one hand, the project advances the expansion of fuel cell-related businesses at the headquarters base, deploying multiple production lines for new-type compression-molded graphite plates, supporting stacks, and air-cooled fuel cells. On the other hand, it simultaneously builds AEM electrolysis hydrogen production lines, developing core material capacity for membrane electrode assemblies, bipolar plates, and other components. State Administration for Market Regulation: A re-tender announcement was issued for the research project on safety-critical standards for hydrogen refueling station infrastructure, with a project budget and maximum price cap both set at 1.1 million yuan (China Government Procurement Network). This procurement will focus on developing two national standards: liquid hydrogen vehicle refueling protocols and rubber O-rings for high-pressure hydrogen equipment, and plans to produce draft versions for public comment or approval (China Government Procurement Network). The project performance period runs until December 31, 2026, and consortium bids are not accepted (China Government Procurement Network). This initiative will fill the gaps in relevant standards in China, strengthen the intrinsic safety assurance of hydrogen refueling stations, and facilitate the standardized and orderly development of the hydrogen energy industry. China Risun Group Limited: China's first domestically developed 5 mt/day hydrogen expansion refrigeration hydrogen liquefaction project was successfully completed and put into operation at Risun Group's Dingzhou Park. The equipment used in this project is China's first large-scale liquefaction equipment adopting the hydrogen Claude cycle process with 100% localisation of core components. It successfully overcame multiple key industry technologies, with overall performance benchmarked against international first-class standards. The unit energy consumption of the core liquefaction system was as low as 11.84 kWh/kg, representing a reduction of over 40% compared to traditional processes, effectively lowering liquid hydrogen production costs and supporting the autonomous development of China's hydrogen energy industry. Heilongjiang Coal Chemical Industry (Group) Co., Ltd. : Zhongmei Longhua held discussions with the government of Ar Horqin Banner, Chifeng City. Both parties focused on existing new energy cooperation projects, advancing computing power industry deployment and coordinating the construction of green energy transmission corridors. Previously, the two parties had signed a 12.8 billion yuan agreement for a 2GW new energy base and an annual 500,000 mt biomass pellet project, covering 1.8GW wind power and 0.2GW PV. During this round of discussions, they finalised an additional computing power synergy project, planning to build a thousand-P-level intelligent computing power centre leveraging a green electricity direct supply model to revitalise clean energy resources. In addition, the two parties will also fully align with the Chifeng-to-Jinzhou hydrogen-ammonia-methanol transmission pipeline, deploying green hydrogen, green ammonia, and green methanol capacity to build an integrated green energy industry chain encompassing green electricity production, energy conversion, and cross-provincial transmission. Jiyuan (Siping) Green Energy Co., Ltd. : The results of SPIC's 87th batch of centralised tenders for 2025 were announced. Sungrow Hydrogen Energy Technology Co., Ltd. won the bid for the alkaline water electrolysis hydrogen production equipment for the Jidian Co., Ltd. Lishu Wind and Solar Power Green Hydrogen Production Coupled with Biomass Green Methanol Project (Section II). Located in Siping, Jilin, the project has a hydrogen production capacity of 30,000 Nm³/h and plans to commence construction in August 2025, with a total construction period of 22 months, implemented in two sections. Upon completion, the project will promote the commercialisation of green hydrogen coupled with biomass for green methanol production, facilitating the integrated development of new energy and chemical industries. China Coal Ordos Energy Chemical Co., Ltd.: The 3,000 Nm³/h electrolysis hydrogen production unit for China Coal Ordos Energy Chemical's 100,000 mt "Liquid Sunshine" project, manufactured by China First Heavy Industries Nuclear Power and Petrochemical, was successfully shipped from the Dalian Mianhua Island nuclear power equipment manufacturing base, advancing the "Liquid Sunshine" project and empowering the integrated development of hydrogen energy and new energy. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: The completion ceremony of the green electricity hydrogen production and natural gas hydrogen blending comprehensive testing platform was held at Guofu Hydrogen Energy's Zhangjiagang base. Jointly developed by Guofu Hydrogen Energy and Towngas Group, the platform conducts green electricity hydrogen production utilising local 52,000 m² rooftop distributed PV and alkaline electrolysers. Employing a follow-up flow gas mixing process, it can achieve precise natural gas hydrogen blending at ratios from 0% to 30%, with a maximum hydrogen blending volume of 100 standard m³ per hour. The platform integrates four modules — hydrogen production, gas mixing, combustion, and data acquisition — focusing on hydrogen blending condition verification, energy efficiency assessment, and cost estimation research. With significant environmental protection benefits, it can reduce CO₂ emissions by 1,144 mt in the first year. The project is expected to consume 2.16 million kWh of green electricity over its full lifecycle, facilitating clean energy integration and low-carbon development. SPIC: The announcement of candidate winners for the 23rd batch of centralised tenders for 2026 — the EPC general contracting for the SPIC Green Energy Da'an Gaseous Hydrogen Storage Technical Renovation Project — was released. According to the announcement, the first candidate winner was China Wuhuan Engineering Co., Ltd. with a bid price of 55.2 million yuan, and the second candidate winner was China Petroleum and Natural Gas First Construction Co., Ltd. with a bid price of 71.39 million yuan. The project is located in the Jilin Western (Da'an) Clean Energy Chemical Industry Park in Liangjiazi Town, Da'an City, Baicheng City, Jilin Province. It involves the construction of 6 units of 1850m³ spherical tanks and 1 unit of 8000Nm³/h compressor, with a total hydrogen storage capacity of 177,600Nm³ and an effective hydrogen storage capacity of 144,300Nm³. The tender scope covers the design, supply, construction, commissioning, and all work within the warranty period for the gaseous hydrogen storage complete equipment and auxiliary facilities. Upon completion, it will enhance local green hydrogen storage and supply capability, facilitating the large-scale development of the hydrogen energy industry. Hainan Shenneng Materials Co., Ltd. : The announcement of successful bid candidates for the commissioning, trial operation, and demonstration operation services of the Hainan New Energy Offshore Wind Power Hydrogen Production Comprehensive Utilization Key Technology R&D and Engineering Demonstration Project was released. The bid inviter is Hainan Shenneng Materials Co., Ltd. The announcement shows that the first successful bid candidate is Sinochem Second Construction Group Co., Ltd., with a bid price of 5.83 million yuan; the second successful bid candidate is China Petrochemical Engineering Construction Co., Ltd., with a bid price of 5.875 million yuan. The project aims to implement the construction requirements of Hainan's clean energy priority development demonstration zone, focusing on offshore wind power hydrogen production and comprehensive utilization technology research. It will achieve breakthroughs in key technologies such as floating platform hydrogen production, hydrogen storage and transportation, and hydrogen-to-ammonia/methanol, develop core equipment and an offshore wind power hydrogen production comprehensive utilization floating platform, providing technical and engineering support for Hainan's clean energy island construction and large-scale offshore hydrogen production. Policy Review 1. Notice of the National Development and Reform Commission (NDRC) and the National Energy Administration on Matters Related to the Orderly Promotion of Multi-user Green Electricity Direct Connection Development. The document states that support is given to new energy power generation projects that have not yet commenced power grid connection engineering construction, as well as new energy power generation projects that cannot be connected to grid due to reasons such as new energy consumption constraints, to carry out multi-user green electricity direct connection after completing the corresponding change procedures. Distributed PV may participate in multi-user green electricity direct connection through centralized current collection. Priority support is given to computing facilities, green hydrogen-ammonia-methanol and other emerging industries and future industries to carry out green electricity direct connection. Projects shall meet national industrial policy requirements, and enterprises are strictly prohibited from conducting illegal activities through green electricity direct connection. 2. Notice of the Hubei Provincial Department of Transportation on Implementing Toll Subsidy Policies for Hydrogen Energy Vehicles Traveling on Hubei Provincial Expressways. The document states that hydrogen energy vehicles (with hydrogen fuel cell as the sole power source) that legally transport cargo, are equipped with and normally use ETC, and travel on expressways within Hubei Province (with entry and exit records and inter-station travel routes all within Hubei Province) shall be exempted from expressway tolls. The tolls exempted by relevant expressway operation and management entities shall be fully subsidized by provincial fiscal funds. 3. The Ministry of Industry and Information Technology issued the "Notice of the General Office of the Ministry of Industry and Information Technology on Organizing and Carrying Out Industrial Energy Conservation Supervision Work in 2026." It mentioned that energy efficiency supervision will be conducted in key industry sectors. In accordance with mandatory energy consumption quota standards for relevant industries, as well as requirements such as energy efficiency benchmark and baseline levels, energy conservation supervision will be carried out on enterprises in industries including steel, synthetic ammonia, oil refining, ethylene, caustic soda, soda ash, and methanol, with the principle of achieving full coverage of energy conservation supervision for enterprises in the above industries within the region during 2026–2027 (full coverage of calcium carbide-based PVC producers shall be achieved in 2026). Energy efficiency supervision of key industry chains will also be conducted. In accordance with mandatory energy consumption quota standards for relevant industries, mandatory energy efficiency standards for products and equipment, and other requirements, focusing on key industry chains such as PV modules, wind turbines, EV and ESS batteries, and water electrolysis hydrogen production equipment, special energy conservation supervision will be carried out on key enterprises in segments including raw materials, production and manufacturing, and terminal assembly, with a focus on verifying enterprise energy consumption in production processes and energy efficiency of major products. Enterprise Updates Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd. : China's first inland 64-TEU hydrogen fuel cell-powered container ship "Dongfang Hydrogen Port" set sail from Zhapu Port Area of Jiaxing Port and was officially put into operation. It is reported that Guohong Hydrogen Energy provided two sets of independently developed Honghan C240 marine hydrogen fuel cell systems. This is currently the highest-power hydrogen fuel cell system in China and the first to be applied to ships (single-unit rated power of 240 kW). Yuchai Xinlan (Jiangsu) Hydrogen Energy Technology Co., Ltd. : Yuchai Hydrogen Energy General Manager Lu Guoquan and Zhongyuan Electric Laboratory Deputy Director Zhang Xueshen signed a strategic cooperation agreement on behalf of their respective parties. According to the agreement, both parties will leverage their respective technological advantages and resources to establish a long-term, stable, and in-depth strategic partnership, focusing on comprehensive cooperation in four core areas: water electrolysis for hydrogen production, hydrogen fuel internal combustion engines, green energy management, and hydrogen energy demonstration projects. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Joining hands with Three Gorges Zhongyi, Jiaosheng New Energy, and other shipping industry chain partners, the company held the "Zero-Carbon Yangtze, Green Shipping" industrial ecosystem strategy launch conference. At the conference, Guofu Hydrogen Energy officially released its "River-Sea Strategy Plan" and held the rollout ceremony of its first 80-cubic-meter marine LNG storage tank, marking its official entry from the land-based hydrogen energy equipment sector into the green shipping track. According to the plan, Guofu Hydrogen Energy will promote the improvement of the shipping ecosystem closed loop, attract industry partners to co-build the ecosystem, and plans to complete the leap from product finalization and demonstration applications to ecosystem formation within three years, facilitating the zero-carbon transformation of Yangtze River shipping. Haida Qingneng Ship (Dalian) Co., Ltd. : China's first inland waterway 64-TEU hydrogen fuel cell-powered container ship, the "Dongfang Hydrogen Port," successfully set sail from Jiaxing Port and was put into operation on a designated route, achieving a new breakthrough in the application of hydrogen fuel cell vessels on inland waterways. Designed by Haida Qingneng Ship with a full set of hydrogen power systems, the vessel has a cargo capacity of approximately 1,450 mt and a driving range of 380 kilometers. It is equipped with a large power hydrogen fuel cell system, achieving zero carbon emissions throughout the entire voyage, and has also completed the integrated integration of large-capacity hydrogen storage and control systems. The core technologies were jointly developed by the enterprise and Dalian Maritime University. This commissioning also fully demonstrated that hydrogen-powered vessel propulsion systems are mature and reliable, promoting the green and low-carbon transformation of inland waterway shipping. PetroChina Company Limited Shenzhen New Energy Research Institute : PetroChina's first 2,000 Nm³/h alkaline electrolysis water-to-hydrogen system successfully completed its initial test run, with all parameters meeting design requirements. The overall technical level ranks among the industry's best, and the hydrogen produced has a purity as high as 99.9995%. The system was led by PetroChina Shenzhen Institute and jointly developed by multiple enterprises, integrating large-capacity electrolyzers with high-efficiency separation and purification equipment. Actual testing showed that the high-grade hydrogen can meet the usage requirements of multiple industries. The system will subsequently be connected to the Dushanzi Petrochemical hydrogen pipeline network for production application, helping the petrochemical industry accelerate its green and low-carbon transformation. China Huadian Engineering Corporation Limited : Its top ten new technologies and new products of 2026 were unveiled in Beijing, accelerating the expansion of its technological achievement portfolio and boosting the development of new quality productive forces. Among them, the independently developed "Hua'an" U1000 skid-mounted green ammonia synthesis unit was officially launched, overcoming key technologies for distributed green ammonia production. The unit focuses on compact skid-mounted and modular design, addressing the pain points of traditional ammonia synthesis units such as high investment, long construction cycles, and difficulty in adapting to wind and solar power fluctuations. It features four major advantages: low temperature and low pressure, flexible adaptation, intelligent integration, and rapid deployment, filling the technological gap in small-scale green ammonia equipment in China. It integrates multiple innovations: equipped with a low-temperature and low-pressure catalyst jointly developed with the Institute of Process Engineering of the Chinese Academy of Sciences, adopting a proprietary patented dual-tower reactor, and equipped with self-developed "source-grid-hydrogen-ammonia" full-chain flexible control technology, enabling wide-load regulation and adaptation to wind and solar power fluctuations. 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 a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1 The team led by Academician Chen Zhongwei and Associate Researcher Zhang Meng from the National Key Laboratory of Catalysis for Energy Conversion at the Dalian Institute of Chemical Physics developed a high specific power cathode-closed air-cooled stack technology, which passed the scientific and technological achievement evaluation by the China Petroleum and Chemical Industry Federation. This technology effectively resolves the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, addressing technical challenges such as low-humidity performance degradation, carbon corrosion, membrane drying and flooding, and high-power thermal management. 2 Two group standards on hydrogen production by water electrolysis were officially released and implemented, namely the "Safety Technical Specification for Hydrogen Production by Water Electrolysis" and the "Calculation Method for Economic Operation Indicators of Hydrogen Production by Water Electrolysis." 3 Petronor collaborated with H2SITE to advance membrane technology for hydrogen production, improving high-purity hydrogen supply and low-carbon efficiency in refining. 4 Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure that maintains the asymmetry of electron distribution. 5 A research team from the School of Electrical Engineering and the National Key Laboratory of Electrical Materials and Electrical Insulation at Xi'an Jiaotong University successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis.