[SMM Aluminum Morning Meeting Minutes: AI Concerns Triggered a Broad Decline in Risk Assets, Aluminum Prices Under Pressure and in the Doldrums] Overall, the bullish sentiment in the nonferrous metals market cooled down, coupled with high inventory pressure on the fundamentals, aluminum prices were in the doldrums this week. During the Chinese New Year holiday, the domestic market was closed, while the LME market continued trading. Be cautious of fluctuations in the macro market and the LME market during the holiday, which may cause volatility in aluminum prices after the holiday.

The beginning of 2026 did not bring the calm usually expected in the global stainless steel industry chain ahead of the traditional Lunar New Year offseason. Instead, under the double pincer attack of surging raw material costs and escalating trade protectionism, the market is undergoing a violent restructuring.

[SMM Aluminum Morning Meeting Minutes: Overall Warm Macro Front Contends with Inventory Buildup Reality, Aluminum Prices Under Pressure and Fluctuating in the Short Term] In summary, aluminum prices are expected to continue their fluctuating trend under pressure in the short term, constrained above by the reality of inventory buildup and supported below by macro expectations. They are anticipated to remain in the doldrums with limited room for a rebound.

[SMM Aluminum Morning Meeting Minutes: Geopolitical Risks and Accelerated Seasonal Inventory Buildup Keep Aluminum Prices in the Doldrums] In summary, amid the combined effects of supply growth, seasonal demand pullback, and accelerated inventory buildup, aluminum prices are generally under pressure. It is expected that prices will remain in the doldrums in the short term, with limited room for a rebound.

On February 10, 2026, Aihydrogen Technology (Group) Co., Ltd. formally signed a cooperation agreement with the Chengkou County People's Government of Chongqing Municipality. The two parties will jointly develop an integrated "generation-grid-load-storage-hydrogen" comprehensive energy demonstration project. Supported by the core technology of magnesium-based solid-state hydrogen storage, the project aims to promote the deep integration of new energy and hydrogen energy industries, assist Chengkou in building a new highland for hydrogen energy demonstration in north-east Chongqing, and inject new "hydrogen" momentum into the optimization of China's energy structure. Zhang Jijun, Secretary of the Chengkou County Committee, Wang Chunmei, Deputy Secretary of the County Committee and County Mayor, and all members of the county leadership team attended the signing ceremony. Based on Chengkou County's resource endowment and strategic positioning, this cooperation project plans several core construction elements: utilizing Aihydrogen Technology's self-developed magnesium-based solid-state hydrogen storage technology to solve the challenges of hydrogen storage and transportation, enabling large-scale and safe development of hydrogen energy; planning the construction of an integrated super comprehensive energy station for oil, electricity, gas, and hydrogen, strengthening the energy supporting infrastructure for Chengkou's logistics hub connecting Sichuan, Shaanxi, and Chongqing; deploying various types of hydrogen energy vehicles, such as hydrogen logistics vehicles and sightseeing vehicles, across transportation, industrial, and livelihood scenarios to build a comprehensive green hydrogen application ecosystem; leveraging Chengkou's abundant wind, solar, and water resources to establish a green electricity-to-green hydrogen production base, forming a complete industrial chain of "green hydrogen production from green electricity - solid-state hydrogen storage - diversified hydrogen utilization". Chengkou County is located at the junction of three provinces/municipalities: Chongqing, Sichuan, and Shaanxi. It is an important strategic period in the Chengdu-Chongqing dual-city economic circle and the "Western Triangle" economic zone. The forest coverage rate reaches 72.8%, and reserves of new energy resources such as PV and wind power are abundant. Its solar resource endowment ranks among the top in Chongqing Municipality. The county is accelerating its efforts towards the construction goals of the "Daba Mountain New Energy Base" and the "Chongqing Green, Low-Carbon, Clean Energy Demonstration Zone". Simultaneously, Chengkou has been included as a key expansion area for the hydrogen refueling station industry in Chongqing's development plans, holding an important position in the construction of the "Chengdu-Chongqing Hydrogen Corridor" and the establishment of a western hydrogen energy hub. The launch of this project coincides with a strategic window period for Chongqing's advancement of its "16th Five-Year Plan" and enhancing the energy level of the dual-city economic circle, indicating broad development prospects. The solid-state hydrogen comprehensive energy station to be implemented in this project will break through the functional limitations of traditional hydrogen refueling stations. It will integrate green energy supply, emergency backup power, and community services, creating a benchmark for micro-energy hubs and providing safe and efficient hydrogen energy support for Chengkou's transportation and logistics, cultural tourism industry, and residents' daily lives. After completion, the project is expected to not only promote the upgrade of green infrastructure in Chengkou and support the development of the regional hydrogen energy transportation network but also enhance the local renewable energy consumption capacity, cultivate new quality productive forces in the energy sector, and provide replicable and scalable practical experience for the optimization and upgrade of the energy structure in north-east Chongqing. To ensure the high-quality implementation and operation of the project, Aihydrogen Technology is collaborating deeply with Zhonglai New Energy. Leveraging the latter's professional expertise in green power supply and combining it with its own leading magnesium-based solid-state hydrogen storage technology, the partnership aims to provide dual support through both technology and resources. Jolywood, CGN New Energy, SPIC, Air China Group, and other enterprises also participated in this signing event, collaborating with all parties to advance project construction and build a multi-party synergistic hydrogen energy industry development ecosystem. As a leading domestic magnesium-based solid-state hydrogen storage technology enterprise, Suzhou-based Ai Hydrogen Technology was established in 2019. Its independently developed magnesium-based solid-state hydrogen storage equipment technology can effectively address the pain points of hydrogen storage and transportation in the hydrogen energy industry, enabling large-scale hydrogen storage and transportation with high efficiency and low cost. The company has already secured Series A funding led by Anhui State-owned Capital, with its technology maturity and industrial implementation capabilities ranking among the top in the industry. The cooperation with Chengkou County Government is a key strategic move for Ai Hydrogen Technology in deploying its presence in the western hydrogen energy market. In the future, the enterprise will use this project as a starting point to deeply participate in the hydrogen energy industry development in Chongqing and the western region, steadily building a hydrogen energy service system covering northeastern Chongqing and radiating across the Chengdu-Chongqing area. Through technological empowerment, project demonstration, and multi-party collaboration, it will contribute professional expertise to building a modern energy system that is clean, low-carbon, safe, and efficient.

[SMM Magnesium Weekly Review: Magnesium Market Remained Stable Pre-Holiday, Prices Steady in Major Production Areas, Overseas Inquiries Increased but Trading Remained Sluggish] This week, the domestic magnesium industry chain market operated steadily overall. As the Chinese New Year holiday approached, market trading activity gradually slowed, with participants generally adopting a wait-and-see attitude. The dolomite market remained stable overall; the suspension of production by top-tier enterprises in the Wutai region led to tight supply of high-quality resources, but other major production areas promptly compensated for the gap, ensuring stable supply. Steady operations at primary magnesium enterprises in Shaanxi, Shanxi, and Inner Mongolia generated rigid demand, coupled with rising pre-holiday freight costs pushing up expenses, supporting relatively strong prices. The magnesium ingot market held steady, as smelters in major production areas saw eased funding pressure and maintained firm offers, while downstream pre-holiday stockpiling concluded, resulting in sluggish spot trades. In the Tianjin Port FOB market, overseas new orders were scarce, mostly for forward delivery, with the Chinese New Year holiday impacting the progress of actual transactions. Magnesium powder enterprises slowed their production pace after completing raw material stockpiling, as both domestic and international procurement neared completion, leading to a cooling trading atmosphere. Magnesium alloy enterprises operated normally, but downstream die-casting and end-user companies gradually began holiday breaks, resulting in subdued orders. The tight supply-demand balance supported firm processing fees.