SMM, April 17: On April 14, Ye Jianhua, Director and Supervisor of the Industry Research Department of SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert of the SMM Industry Research Department, and Wu Tao, SMM Copper and Tin Overseas Marketing Manager, visited NFC Africa Mining PLC. They were warmly received by Wang Jingjun, President of the Zambia Chinese-funded Mining Enterprises Association and Chairman of NFC Africa Mining PLC, Lu Jun, Manager of the General Affairs Department of NFC Africa Mining PLC and Deputy Secretary General of the Zambia Chinese-funded Mining Enterprises Association, among others. During this visit, the two sides conducted in-depth discussions and candid exchanges on core topics including NFC Africa Mining PLC's copper ore resources and production plans, product specifications and pricing rules, mining processes and equipment configuration, human resource allocation, as well as costs, taxes and fees, and asset depreciation. During the exchange, Wang Jingjun provided a detailed introduction to NFC Africa Mining PLC. The Chambishi copper mine of NFC Africa Mining comprises the main ore body, the western ore body, and the southeastern ore body. The company is currently striving to build a first-class technology-driven mining company underpinned by "advanced technology, green processes, high-end equipment, and lean management," with a cumulative total investment of $1.55 billion. The company currently produces approximately 74,000 mt of copper metal content annually and employs 5,900 Zambian staff. Wang Jingjun has led the enterprise in deepening its presence in the mining sector, continuously advancing the cause of China-Zambia friendly cooperation, mutual development, and high-quality corporate growth. Meanwhile, as President of the Zambia Chinese-funded Mining Enterprises Association, he also discussed the important role of the association: leveraging the association platform to consolidate the strength of Chinese-funded enterprises, promoting compliance-based operational management and compliance training, and communicating and voicing concerns on relevant policies on behalf of Chinese-funded enterprises to the appropriate authorities. This exchange not only enhanced mutual trust and understanding between the two sides, but also laid a solid foundation for deepening future cooperation and achieving mutual benefits, helping both parties achieve higher-quality collaborative development in the non-ferrous metals sector. About NFC Africa Mining PLC NFC Africa Mining PLC (hereinafter referred to as "NFC Africa Mining") is the starting point of China's non-ferrous metals industry's "Going Global" strategy in Africa. Approved by the central government, the company was established in Zambia in 1998. China Nonferrous Mining Corporation Limited and Zambia Consolidated Copper Mines Investment Holdings PLC hold 85% and 15% of the company's equity respectively, with the Zambian government holding one special share. It currently serves as the president unit of the Zambia Chinese-funded Mining Enterprises Association. The southeastern ore body of the Chambishi copper mine is the first kilometer-deep shaft mine built by China in Africa, hailed as "a landmark project of China-Africa cooperation."NFC Africa Mining PLC was the first mining company in Zambia to introduce paste backfill green mining technology and the first mining company in Africa to build a model "digital mine" project. The company was twice named an "Advanced Collective of Central State-Owned Enterprises" by the State-owned Assets Supervision and Administration Commission (SASAC). The "NFC Africa Mining PLC Outstanding Employee Family Open Day" was named an "Excellent Case of Cross-Cultural Integration in Overseas Image Building of Chinese Enterprises" by SASAC. The NFC Africa Mining PLC Chambishi copper mine area consists of the main ore body, the west ore body, and the southeast ore body. is scheduled to be held on October 13–14, 2026 in Lusaka, Zambia. You are welcome to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

According to industry sources on April 22, Hanwha Qcells has partnered with Microsoft and Prime Group Holdings to develop urban edge data centers and battery energy storage systems (BESS) in the United States. Edge data centers are designed to deliver low-latency AI inference and real-time data processing services close to end users, complementing centralized AI data centers. Under the partnership, the three companies plan to deploy edge data centers and BESS across properties owned by Prime, strategically leveraging urban and suburban real estate in the U.S. to build ultra-low-latency, highly connected networks.

[SMM Hydrogen Energy Brief: Windey Energy and China Marine Bunker Sign Strategic Cooperation Agreement] On April 16, at the "Green Chain Global · Smart Fuel New Journey" China Marine Bunker 2026 Global Partner Conference, Windey Energy Technology Group and China Marine Bunker officially signed a strategic cooperation agreement. Qin Ling, General Manager of China Marine Bunker, and Cheng Chenguang, General Manager of Windey Energy Technology Group, attended the ceremony and witnessed the signing. According to the agreement, both parties will focus on the core business of green fuel consumption and sales, deepening collaboration and joining forces in key areas such as specification and standard formulation, pricing mechanism development, and logistics and transportation systems. By integrating resources and leveraging complementary strengths, the two sides aim to jointly enhance the core competitiveness of the green shipping industry chain and inject new momentum into promoting the high-quality transformation and green, low-carbon development of the shipping industry.

Recently, the Shanghai Municipal National Development and Reform Commission (NDRC) issued a notice on the *Key Work Arrangements for Carbon Peaking, Carbon Neutrality, Energy Conservation and Emission Reduction in Shanghai for 2026*. The document stated that Shanghai would promote the diversified development of local renewable energy sources such as wind and solar power, with the city adding 600,000 kW of new PV installations. Two batches of standalone ESS power station projects would be advanced. The results of competitive bidding on mechanism-based electricity prices for new energy incremental projects would be publicly announced. Huangpu District would be organized to carry out the national carbon peaking pilot program. Chongming District would be supported in steadily advancing the national pilot program for ecological product value realization mechanisms. The *Shanghai Action Plan for Accelerating Green and Low-Carbon Transformation (2024–2027)* would be implemented, promoting the deployment of 15 key application scenarios for green and low-carbon transformation. The construction of national-level zero-carbon industrial parks would be supported, and a number of municipal-level zero-carbon industrial parks would be developed.

SMM, April 22: The global new energy and AI industries maintained high prosperity, coupled with traditional consumer electronics entering a seasonal peak, driving a comprehensive recovery in demand for copper foil and high-speed connectivity products. In March 2026, China's copper foil exports hit a single-month record high. The power and ESS sectors maintained high prosperity with steadily growing orders; AI-related orders remained robust, with optimistic demand for copper foil across all specifications, and the operating rate of copper foil enterprises rose both YoY and MoM in March. Supported by these fundamentals, copper cable high-speed connectivity, as a core component of AI computing infrastructure, continued to see improving demand expectations. Combined with resonating capital sentiment in the sector, copper cable high-speed connectivity concept stocks strengthened overall on April 22. As of the close on the 22nd, the copper cable high-speed connectivity concept rose 2.29%. Among individual stocks, Far East Holdings hit the daily limit, while Hengtong Optic-Electric, ZTT, Shenlan Technology, Changxin Bochuang, Zhaolonginterconnect, and Kingsinno led the gains. News [State Council: Advancing Computing Power Layout and Edge Computing Power Development in an Orderly Manner, Improving Intelligent Computing Cloud Service System] The State Council issued the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." It mentioned deepening the implementation of the Industrial Internet innovation and development project, advancing the industrial data foundation initiative, cultivating data cooperation consortia, and building a number of high-quality industry datasets. It also called for developing professional services such as data annotation and certification, exploring the establishment of classified and graded mechanisms for data rights confirmation, evaluation, and pricing. Computing power layout and edge computing power development will be advanced in an orderly manner, and the intelligent computing cloud service system will be improved. The application of urban information modeling platforms and building information modeling technologies will be accelerated. [China's Intelligent Computing Power Scale Reaches 1882 EFLOPS] Zhang Yunming, Vice Minister of the Ministry of Industry and Information Technology, stated on the 21st that computing power infrastructure has become a key foundation driving the development of artificial intelligence. As of month-end in March, China's intelligent computing power scale reached 1882 EFLOPS. At a press conference held by the State Council Information Office on the same day, Zhang Yunming said that recently, the Ministry of Industry and Information Technology has been making sustained efforts in key areas such as enabling small and medium-sized enterprises with inclusive computing power and computing-electricity coordination, and the computing power industry has shown a positive development trend. Industrial innovation has become stronger, with the in-depth implementation of the computing power foundation "open competition" initiative, the conduct of policy research and standard formulation for computing-electricity coordination, and the promotion of accelerated implementation of generation-grid-load-storage and green electricity direct connection. Network transmission has become smoother, with over 70 computing power corridors built around computing power hubs over the past two years, and the implementation of the metropolitan "millisecond computing" special initiative, among others. [National Advanced Computing Industry Innovation Center Qingdao Base Officially Launched] According to Sugon, on April 22, the National Advanced Computing Industry Innovation Center Qingdao Base was officially launched in Laoshan District, Qingdao. The National Advanced Computing Industry Innovation Center is a national-level industrial innovation platform established in 2018 with the approval of the National Development and Reform Commission (NDRC), aimed at achieving breakthroughs in core technologies in the field of advanced computing and fostering internationally competitive industrial clusters. The Qingdao base launched this time, co-built with the participation of Sugon, will leverage regional industrial advantages to create an advanced computing innovation platform integrating technology R&D, commercialization of research outcomes, and industrial incubation, further pooling industry resources, driving regional industrial intelligent upgrading, and injecting strong "computing power momentum" into the digital economy development of Qingdao and even Shandong Province. [Yuandong Holdings: Q1 2026 Net Profit of 96.6284 Million Yuan, up 110.36% YoY] Yuandong Holdings disclosed its Q1 2026 report on April 22. The company achieved total operating revenue of 5.325 billion yuan, up 9.26% YoY; net profit attributable to the parent company was 96.6284 million yuan, up 110.36% YoY. [Rickda: Achieved Small-Batch Delivery of 400G/800G Products and Is Driving Capacity Ramp-Up] Rickda released an investor relations activity record announcement. The company is a quality supplier capable of simultaneously providing comprehensive solutions for optical, electrical, microwave, high-speed data, and fluid connections. It has also deployed multiple products for AI applications, including power supply, high-speed transmission, and liquid cooling categories. High-speed copper cable connector-related products are primarily led by Suzhou Richuang Connection Technology Co., Ltd., with planned products mainly including AEC, DAC, and ACC high-speed copper cable products, high-speed board-to-board connectors, high-speed I/O connectors, and other product series. Currently, Richuang has achieved small-batch delivery of 400G/800G products and is driving capacity ramp-up, while multiple products with even higher speeds are also progressing as planned. [Tongguan Copper Foil: The Company's High-Frequency High-Speed PCB Copper Foil Can Be Widely Used in 5G Communication Equipment, High-Computing-Power Servers, and Other Network Equipment and Network Connectors] Tongguan Copper Foil stated on the investor interaction platform on March 23 that the company's high-frequency high-speed PCB copper foil can be widely used in 5G communication equipment, high-computing-power servers, data centers, switches, and other network equipment and network connectors. [Xinhongye: Dedicated Technical Research Has Been Conducted in the High-Speed Copper Cable Connection Field for Intelligent Computing Scenarios] Xinhongye stated on the interaction platform on March 17 that the company pays close attention to the development trends of computing power data centers and the computing-power-and-electricity synergy industry, and will leverage its core business and technological advantages to continuously track industry dynamics and prudently evaluate opportunities for penetration and deployment in related fields. The current AI intelligent computing industry is trending toward the parallel development and synergy of optical and copper solutions. Leveraging its core copper cable technology advantages, the company has launched dedicated technical research in the high-speed copper cable connectivity domain for intelligent computing scenarios. Meanwhile, in line with the industry's technological evolution, the company maintains forward-looking technical research and market tracking in fiber optic-related fields, and is expected to steadily advance related deployments based on industry demand, technological development, and its own strategic planning. AI-Related Orders Remain Red-Hot with Optimistic Demand across All Copper Foil Specifications According to SMM, the operating rate of Chinese copper foil enterprises rose both YoY and MoM in March 2026. Downstream demand recovered rapidly after Chinese New Year, with both production and sales of lithium battery copper foil and electronic circuit copper foil climbing in March, bringing the overall industry operating rate close to 90%. End-use demand side, the power and ESS sectors maintained high prosperity with steady order growth. The traditional consumer electronics industry transitioned smoothly into peak season, AI-related orders remained red-hot, and demand across all copper foil specifications performed optimistically . Global New Energy and AI Industries Show High Prosperity — March Copper Foil Exports Hit a Single-Month Record High According to data from the General Administration of Customs, China's copper foil (HS codes: 74101100, 74102190) imports in March 2026 totaled 8,220.04 mt, up 11.88% YoY and up 27.59% MoM. China's copper foil exports in March 2026 totaled 6,663.48 mt, up 56.19% YoY and up 38.23% MoM. Statistics showed that both China's copper foil imports and exports rose to elevated levels in March 2026, with exports hitting a single-month record high. Global new energy and AI industries exhibited high prosperity, coupled with optimistic demand during the seasonal consumption peak. Voices from Various Parties A Huaxi Securities research report stated that external geopolitical risks persist at the current juncture, and market risk appetite may affect short-term market fluctuations. AI remains a key investment theme in the near term, with attention on domestically produced computing power and computing power leasing driven by supply-demand imbalance, as well as optical module and fiber optic cable segments with strong earnings certainty. Computing power supply-demand imbalance is intensifying, with computing power consumption expanding sharply and the three major cloud providers collectively raising prices. On one hand, the current supply-demand imbalance reflects robust demand in upstream chips and computing power leasing industries, with enhanced bargaining power driving price increases, benefiting domestic AI chip and computing power leasing producers. On the other hand, rising AI service costs will be transmitted to downstream application development, potentially accelerating downstream industry consolidation and improving computing power utilization efficiency. Changjiang Securities believed that geopolitical conflicts were accelerating the restructuring of global supply chains, enhancing China's irreplaceability as the "world's factory," and that related export chain and manufacturing leading assets may command a "scarcity premium." In terms of allocation, regardless of whether the Middle East conflict fluctuated, three main themes should be firmly pursued. First, the AI trend that conflicts could hardly alter — focusing on AI infrastructure such as computing power, storage capacity, and power equipment, as well as "HALO" asset opportunities. Second, the urgency of conflicts accelerating the energy revolution — focusing on new energy sectors such as lithium battery and hydrogen energy, as well as resource commodities including non-ferrous metals, oil, and coal. Third, sectors at cyclical bottoms where earnings were expected to gradually improve, such as chemicals, steel, and condiments. Data showed that the CSI A500 Index, closely tracked by A500 ETF South China, covered high-quality large- and mid-cap leading enterprises in A-shares, evenly distributed across core areas such as emerging manufacturing and consumption upgrading, with a focus on new quality productive forces. Investors could gain exposure through A500 ETF South China and its feeder funds in one step. A Huatai Securities research report believed that, with the rapid increase in demand for 800G and 1.6T optical modules in recent years and the approaching 3.2T era, the development opportunities for upstream core materials of optical modules were promising. It systematically reviewed the growth logic of two major industries — InP substrates and thin-film lithium niobate. InP substrates, as upstream core raw materials for optical chips, benefited from the rapid boost in demand from optical chip producers, with the industry showing an undersupply trend. Modulators made from thin-film lithium niobate, leveraging advantages such as low power consumption and high bandwidth, were expected to enter an adoption window in 3.2T pluggable solutions in the future, with broad growth potential across the industry chain. A Shanxi Securities research report indicated that NVIDIA made a $2 billion strategic investment in Marvell to cooperate on expanding the NVLINKFusion ecosystem. On March 31 local time, NVIDIA and Marvell announced a strategic partnership to connect Marvell with NVIDIA's AI factory and AI-RAN ecosystem through NVIDIA NVLINKFusion. Marvell would provide customized XPUs and NVLINKFusion-compatible expansion networks, while NVIDIA would provide supporting technologies, including Vera CPU, ConnectX NICs, Bluefield DPU, NVLINK interconnects, and SpectrumX switches, as well as rack-scale AI computing. Marvell is one of the world's leading ASIC custom service providers, with clients including AWS, Microsoft, and Google. It is a major global supplier of optical module DSP and EIC, and has focused on CPO deployment through the acquisition of CelestialAI. We believe that NVIDIA's strategic investment in Marvell is expected to enhance Marvell's design capabilities in memory semantics, high-speed SERDES, and super-node systems, and to facilitate the expansion of the NVLINKFusion ecosystem. NVIDIA's NVLINK Scaleup technology encompasses an overall solution covering NVLINK SERDES, NVLINK chiplets, NVLINK switches, and rack-scale expansion architecture (including NVLINK SPINE, copper cabling systems, innovative mechanical architecture, power supply, and liquid cooling technologies). NVIDIA unveiled a complete copper-connected rack-scale solution at GTC 2026, including Rubin NVL72, Rubin Ultra NVL144, LPX 256, and ETL 256. Shanxi Securities believed that Marvell's participation is expected to expand the addressable market for copper connectivity. NVIDIA has positioned CPO as one of the most important transformations in Feynman-generation Scaleup technology, and combined with Marvell's silicon photonics technology, we believe the CPO penetration rate is expected to gradually increase. Soochow Securities' research report commenting on Fujida noted: a leading player in China's RF connector industry. The company specializes in the R&D, sales, and services of connectors, cables, cable assemblies, and microwave components, holding a leading position in China and non-China markets. Since its establishment in 1998, the company has been deeply engaged in the RF interconnect field. Backed by AVIC Optronics (its controlling shareholder), it has gradually expanded from traditional general-purpose RF connectors to high-end new product categories, including RF cables (aerospace applications), advanced ceramic products (chip integrated packaging applications), and RF links (active and passive microwave components). In 2025, the company achieved revenue of 881 million yuan and net profit attributable to the parent company of 78 million yuan, up 15.5% and 52.0% YoY, respectively. The company has positioned itself in five core tracks, with broad prospects for high-end connectors: 1) Demand in the defense informatization sector remained strong, with new products showing considerable potential. 2) The civil aerospace satellite sector has become a new growth engine. 3) The semiconductor equipment industry urgently needs high-end RF/electrical connectors. 4) The domestic supply chain for high-end electronic measurement instruments is embracing opportunities. 5) High-speed copper cables and quantum communication cable products are benefiting from the data center construction boom. Large-scale growth in data center infrastructure is boosting high-speed transmission products to gradually evolve toward system-level solutions. The company's high-speed copper cables have achieved product category expansion around 400G components, reaching an internationally leading level; meanwhile, in the quantum communication field, the company has deployed cryogenic superconducting cables, achieved initial small-batch supply, and is expected to gradually achieve commercialization. Recommended Reading:

The Bangladesh Power Division has introduced a new Public-Private Partnership (PPP) framework to facilitate renewable energy projects on government-owned land. By streamlining access to public land, the policy aims to alleviate a critical bottleneck for private investors, with the Bangladesh Power Development Board (BPDB) acting as the contracting authority. Industry experts emphasize that this initiative is vital for achieving the country's target of 10 GW of solar capacity by 2030. Currently, Bangladesh has approximately 1.44 GW of operational solar capacity, and the government hopes that structured implementation and bankable project agreements will attract both domestic and foreign investment to scale up the sector.

On April 21, 2026, CATL unveiled the Qilin Condensed Battery, the third-generation Shenxing Superfast Charging Battery, the third-generation Qilin Battery, the second-generation Xiaoyao Super Extended-Range Hybrid Battery, the NaXin Battery, and the "Super Swap-Integrated" charging network plan at its "Super Tech Day" in Beijing.

On April 16, 2026, Hyundai Hydrogen Mobility Fuel Cell System (Guangzhou) Co., Ltd. (HTWO Guangzhou) and GAC Lingcheng New Energy Commercial Vehicle Co., Ltd. officially signed a strategic cooperation memorandum of understanding. The two parties will closely align with the national hydrogen energy industry development plan, engaging in in-depth cooperation in areas such as joint R&D of hydrogen commercial vehicles, demonstration operations, and market promotion, working together to build a green and low-carbon transportation system and support the high-quality development of the hydrogen energy industry cluster in the Guangdong-Hong Kong-Macao Greater Bay Area. Currently, multiple national ministries and commissions are advancing comprehensive hydrogen energy application pilot demonstrations, and Guangzhou has also concurrently issued relevant "15th Five-Year" infrastructure plans, ushering in a policy window for the commercialization of hydrogen energy in transportation. As Hyundai Motor Group's first entire industry chain base for fuel cell systems outside China, HTWO Guangzhou possesses globally leading core fuel cell technologies. GAC Lingcheng, leveraging the industrial advantages of GAC Group, is deeply engaged in the R&D and manufacturing of new energy commercial vehicles and serves as a core entity in the new energy transformation of domestic commercial vehicles. This strategic cooperation between the two parties represents a powerful alliance of industry chain leaders, an important strategic move that aligns with policy direction and integrates advantages in technology and vehicle manufacturing. At the signing and exchange meeting, Choi Doo-ha, General Manager of HTWO Guangzhou, stated that the development of the hydrogen energy industry requires collaborative efforts across the entire industry chain. The enterprise will adhere to the development philosophy of "In China, For China, To the World," integrating internationally advanced fuel cell technologies into the local industrial ecosystem. Through this cooperation, the company aims to accelerate technology implementation, promote the large-scale popularization of hydrogen commercial vehicles, and empower regional green transportation development. Xia Qiang, Party Committee Secretary of GAC Lingcheng, noted that hydrogen energy is the company's core technology pathway for commercial vehicle new energy transformation. Leveraging HTWO Guangzhou's technological advantages in fuel cell systems and combining them with its own vehicle R&D and manufacturing capabilities, the two parties will jointly tackle industry pain points, improve vehicle operation and supporting systems, support the clustered development of Guangzhou's hydrogen energy industry, and achieve mutual benefit. According to the cooperation plan, the two parties will conduct joint development of hydrogen commercial vehicles, integrating HTWO Guangzhou's fuel cell system technology with GAC Lingcheng's vehicle integration and manufacturing capabilities to create zero-emission hydrogen commercial vehicles adapted to multiple application scenarios such as long-haul logistics and urban sanitation transportation , comprehensively enhancing vehicle reliability and operational cost-effectiveness. Meanwhile, vehicle demonstration operations will be launched with Guangzhou as the core to accumulate operational data, optimize product performance, and seize policy opportunities from the fuel cell vehicle demonstration city cluster program, gradually advancing hydrogen commercial vehicles from pilot demonstrations toward market-oriented and large-scale commercial operations. The signing of this strategic cooperation memorandum of understanding marks a key milestone for HTWO Guangzhou in deepening its presence in the local hydrogen energy market and expanding application scenarios. Going forward, the two parties will continue to deepen industry chain collaboration, accelerate the commercialization of technological achievements, improve the hydrogen commercial vehicle application ecosystem, and help Guangzhou become a benchmark for hydrogen energy industry development in China, leveraging the hydrogen energy transformation in the transportation sector to drive low-carbon energy reform and the realization of the "dual carbon" goals.

Recently, Haiwang (Ningdong) New Materials Co., Ltd. successfully completed the commissioning trial production of its annual 5,000 mt carbazole project, continuously producing high-quality products and achieving batch delivery to clients across multiple sectors, marking a new stage of industrialisation for the world's leading single-unit-scale organic liquid hydrogen storage carrier material production site. It is understood that the site was jointly established by Beijing Haiwang Hydrogen Energy Technology Co., Ltd. and Ningxia Ningdong Science and Technology Venture Capital Co., Ltd., located in the New Materials Park of the Ningxia Ningdong Energy and Chemical Industry Base. Covering 65 mu, the project features an annual 5,000 mt-class continuous carbazole production line, equipped with full-process facilities including raw material pretreatment, synthesis and preparation, and finished product refining, along with comprehensive utility systems, making it the world's leading specialised organic liquid hydrogen storage carrier production site in terms of process route and the largest in single-unit scale . The project's core relies on Haiwang Hydrogen Energy's independently developed original synthesis process , completely abandoning the traditional coal tar extraction route, fundamentally overcoming constraints on raw material supply and capacity expansion bottlenecks, and possessing industrialisation advantages of scalable expansion and continuously declining costs. The base purity of products consistently exceeds 99% , and through parameter adjustment, the line can also produce electronic-grade and pharmaceutical-grade high-end products with purity above 99.5%, with the overall production process being green, low-carbon, and environmentally controllable. This proprietary process represents the first industrial-scale application worldwide , having passed the chemical process safety and reliability assessment by the Ningxia Department of Science and Technology, and was evaluated by the China Petroleum and Chemical Industry Federation as reaching an internationally leading technology level . In terms of industrial value, carbazole and its alkyl derivatives have broad application scenarios. Beyond serving as a core organic liquid hydrogen storage (LOHC) carrier , they are also widely applicable to high-end fine chemical fields such as high-performance dyes, optoelectronic displays, perovskite batteries, and pharmaceutical chemicals, with significant room for industry chain extension and ample market demand potential. The successful trial production of this project will fill the gap in key materials for hydrogen energy storage and transportation, resolve current industry pain points in long-distance and large-scale hydrogen storage and transportation, lay a solid material foundation for the commercialisation and popularization of organic liquid hydrogen storage technology, and facilitate the large-scale, high-quality development of China's entire hydrogen energy industry chain. Haiwang Hydrogen Energy stated that it will take this commissioning trial production as a starting point to steadily advance capacity ramp-up and stable mass production, continuously optimise production processes, reduce energy consumption and costs, further improve the hydrogen storage material industry chain layout, and empower the hydrogen energy industry through independent innovation in core technologies.

[SMM Analysis: Tight Effective Graphite Anode Capacity Drives Expansion Wave] As effective capacity in the traditional graphite anode material industry was tight at year-end 2025, China's graphite anode enterprises intensively disclosed progress on expansion projects in Q1 2026.