SMM learned that BAIC R&D recently announced the successful development of sodium-ion battery prototypes. The first prismatic battery pack using prismatic battery cells achieved an energy density exceeding 170 Wh/kg, placing it in the industry’s top tier. It also supports 4C ultra-fast charging, enabling recharging in 11 minutes. Its temperature-range adaptability and safety performance are outstanding, with stable operation across an ultra-wide range from -40°C to 60°C, energy retention above 92% at -20°C, and no risk of thermal runaway under extreme scenarios. At present, this sodium-ion battery has completed sample finalization, established mass-production processes for prismatic products, and filed 20 patents around core technologies. BAIC has also leveraged this to complete a full technology roadmap covering lithium batteries, solid-state batteries, and sodium-ion batteries, and has mastered a complete set of core sodium-ion battery technologies.

On March 23, Youngy Co., Ltd. issued an announcement stating that the company has approved a proposal to invest in the construction of an annual 50,000-ton high-performance lithium-ion battery anode material project, with a total fixed asset investment of approximately 1.1 billion yuan. The project will be implemented in Lanzhou New Area by its wholly-owned subsidiary, Lanzhou Youngy Materials Technology Co., Ltd. Lanzhou Youngy Materials completed its industrial and commercial registration in December 2024. As early as May 2025, it signed a "State-Owned Construction Land Use Rights Transfer Contract" with the Lanzhou New Area Natural Resources and Planning Bureau, acquiring 208,451.60 square meters of industrial land in Lanzhou New Area for a transfer price of 49.77 million yuan.

Dazhou Eastern Economic Development Zone in Sichuan is pushing for a strong Q1 start to 2026. Dazhou Haocheng Stainless Steel Co., Ltd. is currently operating at full capacity to meet a surge in orders, particularly for customized products like villa gates. By integrating new equipment and optimizing production processes, the company aims for steady year-on-year growth in output value. This robust performance supports the district's broader goal of building a 100-billion-yuan industrial cluster.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Prices Halted Their Decline, but Wait-and-See Sentiment Remained Unchanged; Rangebound Movement May Continue in the Short Term] Spot market, yesterday the overall ADC12 market continued to hold prices steady. Aluminum prices showed signs of halting their decline, but market sentiment recovered only limitedly, and enterprises generally chose to postpone price adjustments and mainly adopt a wait-and-see stance. Demand side, downstream orders did not improve significantly, and just-in-time procurement remained the main approach, with mediocre transaction performance. Against the backdrop of easing cost-side fluctuations and insufficient demand support, ADC12 prices may continue to fluctuate within a range and remain relatively stable in the short term, with relatively limited momentum for price adjustments. Further attention should still be paid to aluminum price trends and the recovery of end-use demand.

Combined for January and February 2026, China’s cumulative chrome ore imports reached 4.0144 million tons, up 13.2% year-on-year. Breakdown by origin: imports from South Africa were 3.2422 million tons (up 6.2% year-on-year), imports from Turkey were 184,700 tons (up 55.8% year-on-year), and imports from Zimbabwe were 400,000 tons (up 70.3% year-on-year).

As expectations for the peak-season demand in the “Golden March” gradually begin to materialize, galvanizing operating rates are rising. Can downstream consumption sustain its peak-season performance going forward?

Today, the average price of tax-inclusive Bare Bright Wire in Zhejiang was quoted at 93,700 yuan/mt, marking a daily increase of 700 yuan/mt. The deduction (relative to SMM ChangJiang copper prices) remained stable within the range of 300-400 yuan/mt. Due to recent high-level price pullbacks and sharp market volatility, a strong "wait-and-see" sentiment has emerged, leading to sluggish spot trading performance. Industry experts believe the market is currently in a stalemate. However, trading volumes are expected to bottom out and rebound once prices stabilize or regain their upward momentum.

China's stainless steel industry is rapidly transitioning into a high-quality growth phase, with apparent consumption projected to reach 34.45 million mt in 2026. Shifting away from traditional industry reliance, the market's primary expansion engines are now new energy and high-end equipment manufacturing, bolstered by steady support from infrastructure, medical health, and marine engineering. The global energy transition is significantly boosting the need for corrosion-resistant materials in lithium battery equipment and hydrogen storage, while domestic upgrades demand high-performance alloys for aerospace and precision machinery.

Recently, Mingyang Hydrogen’s MYH-K-1000 electrolyzer completed the authoritative evaluation under the China Hydrogen Alliance’s “Leader Program” and received the official test report. With multiple industry-leading performance indicators, it has established a new benchmark for alkaline electrolyzers adapted to fluctuating new energy scenarios, marking a major technological milestone for the company in the field of hydrogen energy equipment. This product is the first 1,000 Nm³/h-class alkaline electrolyzer on the China Hydrogen Alliance’s field-testing platform to achieve the “15th Five-Year Plan” target of 20%–120% ultra-wide flexible load regulation . At the 20% minimum load, it can stably control hydrogen content in oxygen to within 1.5%, enabling long-term stable operation. It also features rapid load response capability of 5%/s to 10%/s. Its core performance is industry-leading and perfectly suited to the flexible operating conditions of wind and solar power generation, providing robust support for the development of the green fuel industry. The test certification presentation ceremony was held at Mingyang Hydrogen’s Beijing Center. Yu Tianxiao, Director of the Quality Value Center at Guoneng Hydrogen Innovation and Deputy General Manager of Hydrogen Testing Technology, presented the certification report to Pan Yongle, Executive Director and CEO of Mingyang Hydrogen, and both parties witnessed this important moment together. Rigorous Field Testing Validates Outstanding Performance, Strong Results Under Extreme Cold Conditions According to the alliance’s field-test data, under 100% rated load, the MYH-K-1000 kept hydrogen content in oxygen below 0.5% and successfully passed load ramp-up and ramp-down tests at 3%/s and 5%/s. Under the ultra-low load of 20%, hydrogen content in oxygen remained compliant, while DC power consumption was as low as 3.85 kWh, achieving efficient and stable operation. This long-duration test was conducted throughout in an outdoor environment at minus 20°C . The product still demonstrated excellent cold and hot start capabilities, as well as high reliability, high safety, and fully flexible operating characteristics, overcoming the longstanding low-temperature operating limitations of traditional electrolyzers and enabling adaptation to more extreme application scenarios. Breakthroughs in Core Technology Innovation Set a New Industry Benchmark This electrolyzer adopts advanced integrated die-casting technology, delivering high consistency in its internal structure. The area of its electrolysis unit is 75% larger than that of traditional designs, and it overcomes sealing challenges on the basis of zero-electrode-gap technology, significantly improving product performance and production efficiency and setting a new technological benchmark for the industry. Company Statement: Continuous Innovation-Driven Development and Deepening Commitment to Hydrogen Energy Equipment Pan Yongle, CEO of Mingyang Hydrogen, stated that this certification is the result of the team’s technological breakthroughs. The company will continue to uphold the philosophy of “innovation-driven, green future,” further increase R&D investment, launch more high performance products, provide global clients with high-quality hydrogen energy solutions, and support the industry’s high-quality development.

Beijing CRE (002350.SZ) announced that it recently received the notification of award for the 2026 Inverter Framework Agreement Procurement Bidding (Section 2) of China Huaneng Group Co., Ltd. The winning bid amount is 576 million yuan, and the target content is PV inverters. As a framework bidding, the specific amount is subject to the officially signed contract. The company has received the notification but has not yet signed the formal contract. This project is expected to have a positive impact on the company's performance in 2026 and beyond, without affecting its operational independence.