Core Insights - The Southern Power Grid has sponsored the use of 70 million kilowatt-hours of green electricity for the Shenzhen competition venues of the 15th National Games, achieving 100% green electricity usage during the event and reducing carbon emissions by approximately 50,000 tons, equivalent to planting 2.7 million trees [1] - The Shenzhen Power Supply Bureau has established the first zero-carbon smart science popularization base in the country, showcasing various energy-saving and carbon-reduction technologies [1][2] - The green electricity supplied during the event primarily comes from solar energy in Yunnan and Guangxi, with a significant increase in green certificate transactions in Shenzhen, reflecting a growing commitment to sustainable energy [2] Group 1: Green Energy Initiatives - The Southern Power Grid has procured 70,000 green certificates to support the event, ensuring all venues utilize green electricity [1] - The Shenzhen Power Supply Bureau's initiatives include a zero-carbon substation and a science popularization base to educate the public on green energy [1][2] - In the first three quarters of the year, green certificate transactions in Shenzhen reached 14.182 billion kilowatt-hours, a year-on-year increase of 38.1% [2] Group 2: Technological Innovations in Power Supply - The Shenzhen Power Supply Bureau has implemented a "full electric Hong + quantum communication" smart power supply guarantee system, integrating advanced technologies for real-time monitoring of power supply conditions [2][3] - The deployment of the electric Hong system across 2,000 monitoring terminals allows for effective data communication and real-time anomaly detection in power supply facilities [3] - A quantum encryption network has been established to enhance the security of data transmission between the command center and event venues, providing a robust defense against potential cyber threats [4]

Core Insights - Beijing is advancing the construction of regional technology transfer centers focusing on artificial intelligence and green energy, with Haidian and Fangshan districts as core areas [1][2] - In the previous year, Beijing's universities achieved 30,332 contracts for technology transfer with a total value of 20.19 billion yuan, reflecting an annual growth rate of approximately 15% [1] - The technology transfer initiatives are aligned with national strategic needs, resulting in competitive innovations and the emergence of leading tech companies [1] Group 1 - The establishment of the Zhongguancun Original Engine Entity Operation Platform aims to create a comprehensive service system for project linkage, screening, validation, and incubation investment in the AI sector, having identified nearly 2,100 projects with 40 registered enterprises [2] - The Fangshan sub-center is focusing on green energy, implementing a mechanism for project exploration and tracking, resulting in the establishment of seven pilot platforms and the selection of over 100 results, with nine projects successfully transitioned [2] - The next steps include deepening the reform of technology achievement rights, exploring diversified revenue distribution methods for technology achievements, and enhancing professional capacity building [2]

Group 1: Industry Overview - The first Leasing Industry Financial Ecology Conference in 2025 will feature key players in the green energy sector, discussing development opportunities and injecting practical and ideological momentum into the industry [1] - The conference will bring together leading companies such as Zhongguancun Energy Storage Industry Technology Alliance, Haibo Innovation, Envision Energy, TCL Photovoltaics, State Grid Leasing, and Huadian Leasing [1][3] Group 2: Haibo Innovation - Haibo Innovation signed a ten-year strategic cooperation agreement with CATL, committing to purchase a cumulative total of no less than 200 GWh of electricity from 2026 to 2028 [1] - The company has successfully executed several large-scale energy storage projects internationally, including a 45 MWh project in Greece and multiple projects in Estonia and Lithuania [1] - Haibo Innovation aims to provide "Chinese standards" and "Chinese solutions" for the energy storage sector at the conference [1] Group 3: Envision Energy - Envision Energy has delivered over 10,000 units of its self-developed wind turbine main bearings, achieving a domestic production rate of 60% and breaking the long-standing foreign brand monopoly [2] - The company is constructing a super energy storage factory in Yichang with an annual capacity of 40 GWh, expected to be operational by 2026 [2] - Envision Energy will share its innovative achievements and development strategies in wind power and energy storage at the conference [2] Group 4: TCL Photovoltaics - TCL Photovoltaics launched the T5 PRO high-efficiency photovoltaic module, featuring multi-slice technology that enhances both conversion efficiency and product reliability [2] - The company has entered into a comprehensive strategic cooperation with China General Nuclear Power Group, focusing on deep collaboration in the new energy sector [2] - TCL Photovoltaics' participation in the conference will provide new perspectives on photovoltaic technology innovation and industry collaboration [2]

Core Insights - The Inner Mongolia Autonomous Region's Xingan League has launched a large-scale green methanol project, marking a significant step in the development of a green hydrogen and ammonia industry ecosystem [1][2] - The project is seen as a benchmark for the hydrogen-based fuel industry, aligning with China's transition from fossil fuels to renewable energy [1] - The establishment of the "Xingan League Green Methanol Industry Alliance" aims to foster collaboration among government, enterprises, and research institutions to enhance resource sharing and technological cooperation [11] Group 1: Project Launch and Significance - The green methanol project in Xingan League has successfully validated its technology, showcasing its potential to integrate local resources and advanced technologies [1] - The project is positioned as a key player in the ongoing energy transition in China, emphasizing the strategic importance of hydrogen as an energy carrier [1][2] - The project aligns with the national goal of creating a full-chain industrial system from biomass resources to hydrogen-based chemical products [2] Group 2: Industry Development and Collaboration - The "China Green Hydrogen and Methanol Industry Development Report 2025" was released, highlighting the industry's growth driven by policy support, technological breakthroughs, and market demand [5] - Key stakeholders, including government officials and industry leaders, discussed the utilization of straw resources, hydrogen transportation, and technological cooperation during the event [5][9] - The establishment of the alliance is expected to enhance the competitiveness of the green hydrogen and methanol industry in Xingan League, promoting it as a national model for green energy transition [11]

Core Viewpoint - The green hydrogen and methanol industry is entering an unprecedented strategic window as the "dual carbon" strategy deepens and the global energy structure accelerates its transition to green and low-carbon sources [1] Group 1: Industry Development - The Inner Mongolia Xingan League Economic and Technological Development Zone is launching a green hydrogen and methanol industrial cluster, aiming to establish a new ecological model for the industry [1][3] - The development zone plans to create a production capacity of 700,000 tons of green hydrogen, 2 million tons of green ammonia, and 3 million tons of green methanol during the 14th Five-Year Plan period, with an expected annual tax revenue of 1 billion yuan and a total industrial output value exceeding 50 billion yuan [5] Group 2: Infrastructure and Support - The development zone has invested 6 billion yuan to ensure comprehensive infrastructure, including a 25.6 square kilometer planned area with 13.02 square kilometers designated for chemical parks, providing a solid foundation for project implementation [3] - The area is equipped with direct railway access to major ports and comprehensive utility services, ensuring a conducive environment for business operations [3] Group 3: Project Initiatives - A total of 27 related projects have completed preliminary research, aligning with market demands and providing a high-quality platform for investment [5] - Six high-value downstream projects centered around green methanol have been proposed, including a 1.7 billion yuan aviation fuel project and a 1.15 billion yuan polyformaldehyde project, which will utilize green methanol as a key raw material [8][9] Group 4: Competitive Advantages - The combination of abundant renewable resources, a robust industrial ecosystem, clear policy support, and efficient transportation channels positions the Xingan League favorably in the domestic green energy competition [6] - Green methanol is identified as a crucial component in the industrial layout, serving dual roles as a clean energy source and a key chemical raw material, with strong demand anticipated across various sectors [6]

Report Title - Copper Weekly Report: Macroeconomic Uncertainty Persists, Copper Prices Fluctuate at High Levels [1] Report Date - November 17, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - Last week, Shanghai copper fluctuated at a high level, closing at 86,900 yuan/ton on Friday, with a weekly increase of 1.11%. The end of the US government shutdown boosted market confidence, but the Fed's internal differences on interest rates made the market cautious. Fundamentally, the copper concentrate TC remains at a historically low negative level, and the shortage of copper mines supports the medium - and long - term price center of copper. Domestic electrolytic copper production may remain low due to anti - involution expectations in copper smelting and anode copper supply. The decline in copper prices has boosted terminal demand, and copper prices may continue to fluctuate at a high level [5]. - The US government shutdown end boosted market confidence, but the upcoming release of employment and inflation data adds uncertainty. The Fed's policy expectation has turned cautious, and the probability of a December interest rate cut has dropped significantly. Fundamentally, the copper concentrate TC has rebounded slightly but remains negative, strongly supporting copper prices. After the peak season, high copper prices have suppressed downstream consumption, and overall consumption is average. Although domestic and foreign inventories are stable, there is a slight increase. In the long term, the demand for copper is optimistic, but in the short term, the suppression of consumption by high copper prices and the impact of Fed policy changes should be noted. It is recommended to wait and see or conduct light - position range trading [10]. Summary by Directory 1. Main Viewpoints and Strategies 1.1 Market Review - Last week, Shanghai copper fluctuated at a high level, closing at 86,900 yuan/ton on Friday, with a weekly increase of 1.11%. The end of the US government shutdown boosted market confidence, but the Fed's internal differences on interest rates made the market cautious [5]. 1.2 Supply Side - As of November 14, the domestic copper concentrate port inventory was 530,000 tons, a week - on - week increase of 6.43%. The spot rough smelting fee for copper concentrate was - 41.72 US dollars/ton, still at a historical low. In October, the domestic southern copper scrap processing fee was 1,000 yuan/ton, an increase of 300 yuan/ton from the previous month; the imported CIF copper scrap processing fee was 90 US dollars/ton, an increase of 5 US dollars/ton from the previous month. Domestic electrolytic copper production continued to decline. In October, the electrolytic copper production was 1.0916 million tons, a year - on - year increase of 9.63% and a month - on - month decrease of 4.31% [8]. 1.3 Demand Side - As of November 13, the weekly operating rate of domestic major refined copper rod enterprises was 66.88%, a week - on - week increase of 4.91 percentage points. The decline in copper prices increased downstream purchasing sentiment, and new orders were concentratedly released, leading to an increase in the operating rate of refined copper rods. In October, the operating rates of copper strips, copper foils, and copper rods were 64.97%, 84.22%, and 43.48% respectively. High copper prices in October suppressed downstream purchasing enthusiasm, and terminal demand was not released as expected. The overall operating rate of copper strip enterprises was weak. The sales of new energy vehicles continued to be good, and the demand in the traditional peak season continued to grow at a high rate; some energy storage enterprises were still in the capacity - climbing stage, continuously releasing new production, and the operating rate of copper foil enterprises increased for six consecutive months. High copper prices suppressed demand, and the operating rate of brass rods decreased under pressure [9]. 1.4 Inventory - As of November 14, the copper inventory on the Shanghai Futures Exchange was 10.94 tons, a week - on - week decrease of 4.89%. As of November 13, the domestic social copper inventory was 201,100 tons, a week - on - week decrease of 1.08%. The decline in copper prices increased downstream purchasing sentiment. As of November 14, the LME copper inventory was 135,700 tons, a week - on - week decrease of 0.13%, and the de - stocking of LME copper slowed down. The COMEX copper inventory was 38,130 short tons, a week - on - week increase of 3.23%, and the inventory continued to increase [9]. 1.5 Strategy Suggestion - It is recommended to wait and see or conduct light - position range trading due to macroeconomic uncertainty and fundamental factors [10]. 2. Macroeconomic and Industrial News 2.1 Macroeconomic Data Overview - China's October RatingDog manufacturing PMI was 50.6, remaining above the boom - bust line for three consecutive months, indicating continuous improvement in manufacturing sentiment but a slowdown in growth [14]. - China's October exports denominated in US dollars decreased by 1.1% year - on - year, and imports increased by 1.0% year - on - year. In the first 10 months of 2025, China's total goods trade volume increased by 3.6% year - on - year [14]. - The People's Bank of China increased its gold reserves by 30,000 ounces in October, for the 12th consecutive month of increase [14]. - The US October ISM manufacturing PMI contracted for the eighth consecutive month due to weak production and demand [14]. - The eurozone's October manufacturing PMI final value was 50, indicating stagnation. The manufacturing PMIs of Germany and France remained in the contraction zone [14]. - The US officially included copper in the new critical minerals list, which may affect future tariff policies and trade restrictions [14]. 2.2 Industrial News Overview - The National Development and Reform Commission and the National Energy Administration optimized the new energy allocation and consumption plan, aiming to establish a new energy consumption and regulation system by 2030 [16]. - China's new social financing in October was 81 billion yuan, and the M2 - M1 gap widened. The social financing scale in the first 10 months of 2025 increased by 3.83 trillion yuan year - on - year [16]. - China's industrial added value above designated size increased by 4.9% year - on - year in October, and the year - on - year growth rate of social consumer goods retail slowed down to 2.9% [16]. - The number of private sector jobs in the US decreased by 45,000 in October, the largest decline in two and a half years [16]. - The US House of Representatives passed a temporary appropriation bill, and the US government restarted after a 43 - day shutdown [16]. 3. Futures and Spot Markets and Positioning 3.1 Premium and Discount - As copper prices declined, the spot trading of Shanghai copper improved, but then the spot price of Shanghai copper was under pressure as the price center slightly increased. The spot premium and discount of Shanghai copper stabilized near the delivery date. The LME copper 0 - 3 maintained a narrowing discount, and the price difference between New York and London copper weakened [20]. 3.2 Domestic and Foreign Positions - As of November 14, the futures position of Shanghai copper was 192,293 lots, a week - on - week decrease of 7.17%; the average daily trading volume of Shanghai copper during the week was 90,993.80 lots, a week - on - week decrease of 30.24%. The position and trading volume of Shanghai copper decreased significantly. As of November 7, the net long position of LME copper investment companies and credit institutions was 10,989.12 lots, a week - on - week increase of 11.43%, and the net long position continued to rise [23]. 4. Fundamental Data 4.1 Supply Side - The contradiction between mining and smelting continued, and the TC remained at a low level. As of November 14, the domestic copper concentrate port inventory was 530,000 tons, a week - on - week increase of 6.43%. The spot rough smelting fee for copper concentrate was - 41.72 US dollars/ton, still at a historical low. In October, the domestic southern copper scrap processing fee was 1,000 yuan/ton, an increase of 300 yuan/ton from the previous month; the imported CIF copper scrap processing fee was 90 US dollars/ton, an increase of 5 US dollars/ton from the previous month. Domestic electrolytic copper production continued to decline. In October, the electrolytic copper production was 1.0916 million tons, a year - on - year increase of 9.63% and a month - on - month decrease of 4.31% [28]. 4.2 Downstream Operating Rates - As of November 13, the weekly operating rate of domestic major refined copper rod enterprises was 66.88%, a week - on - week increase of 4.91 percentage points. The decline in copper prices increased downstream purchasing sentiment, and new orders were concentratedly released, leading to an increase in the operating rate of refined copper rods. In October, the operating rates of copper strips, copper foils, and copper rods were 64.97%, 84.22%, and 43.48% respectively. High copper prices in October suppressed downstream purchasing enthusiasm, and terminal demand was not released as expected. The overall operating rate of copper strip enterprises was weak. The sales of new energy vehicles continued to be good, and the demand in the traditional peak season continued to grow at a high rate; some energy storage enterprises were still in the capacity - climbing stage, continuously releasing new production, and the operating rate of copper foil enterprises increased for six consecutive months. High copper prices suppressed demand, and the operating rate of brass rods decreased under pressure [32]. 4.3 Inventory - As of November 14, the copper inventory on the Shanghai Futures Exchange was 10.94 tons, a week - on - week decrease of 4.89%. As of November 13, the domestic social copper inventory was 201,100 tons, a week - on - week decrease of 1.08%. The decline in copper prices increased downstream purchasing sentiment. As of November 14, the LME copper inventory was 135,700 tons, a week - on - week decrease of 0.13%, and the de - stocking of LME copper slowed down. The COMEX copper inventory was 38,130 short tons, a week - on - week increase of 3.23%, and the inventory continued to increase [36]

Core Insights - The article highlights the growing cooperation between China and Central and Eastern European (CEE) countries, particularly through the recent "Belt and Road" dialogue held in Chengdu, which aims to explore new business opportunities and strengthen economic ties [1][2][4]. Group 1: Economic Cooperation - Since 2012, trade between China and CEE countries has grown at an average annual rate of 8.8%, with imports from CEE countries increasing by 7.4%, both outpacing China's overall trade growth [2]. - The dialogue event marks a significant step in enhancing the long-term friendship between China and CEE countries into a forward-looking economic cooperation mechanism [4]. Group 2: Strategic Positioning - Chengdu is recognized as a key hub for cooperation due to its central location, similar to Poland's position in Europe, which enhances the significance of their collaborative efforts [5]. - The operation of the China-Europe Railway Express has significantly boosted business for companies like Chengdu Youstong E-commerce, which reported a tenfold increase in European business due to cost-effective and timely logistics [5]. Group 3: Focus on Green Energy and Future Industries - CEE representatives are particularly interested in Chengdu's advancements in new energy and smart manufacturing, with a strong emphasis on the potential for collaboration in these sectors [6]. - The energy investment potential in CEE is highlighted as a critical area for cooperation, especially in light of climate change and regulatory demands [6]. - The dialogue also emphasizes the need for digital transformation in traditional industries, with both regions having complementary strengths in innovation and manufacturing [7].

Report Industry Investment Ratings Macro Finance - **Stock Index**: Mid-to-long term bullish, buy on dips [1][5] - **Treasury Bonds**: Range-bound [1][5] Black Building Materials - **Coking Coal**: Range trading [1] - **Rebar**: Range trading [1][7] - **Glass**: Sell call options [1][8] Non-Ferrous Metals - **Copper**: Short-term range trading [1][11] - **Aluminum**: Suggest buying on dips [1][12] - **Nickel**: Suggest waiting and seeing or shorting on rallies [1][17] - **Tin**: Range trading [1][17] - **Gold**: Range trading [1][19] - **Silver**: Range trading [1][18] Energy Chemicals - **PVC**: Range-bound with a weak bias, 01 contract pay attention to the 4700 resistance level [21][23] - **Caustic Soda**: Range-bound with a weak bias, 01 contract pay attention to the 2400 resistance level [24][25] - **Soda Ash**: Bearish strategy for the 01 contract [1][35] - **Styrene**: Range-bound with a weak bias, pay attention to the 6500 resistance level [26][27] - **Rubber**: Range-bound, pay attention to the 15000 support level [27][28] - **Urea**: Range-bound [30][31] - **Methanol**: Range-bound [31][32] - **Polyolefins**: Weak range-bound, L2601 pay attention to the 6800 support level, PP2601 pay attention to the 6500 support level [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range-bound [36] - **PTA**: Low-level range-bound, pay attention to the 4400 - 4700 range [36] - **Apple**: Range-bound with a strong bias [38] - **Red Dates**: Range-bound with a weak bias [38] Agricultural Livestock - **Hogs**: Rebound under pressure [1][40] - **Eggs**: Limited upside [1][43] - **Corn**: Range-bound at the bottom [46][47] - **Soybean Meal**: Range-bound [48] - **Oils and Fats**: Limited rebound [1][48] Core Views The report provides investment strategies and market analyses for various futures products across different industries. Market conditions are influenced by a variety of factors including macroeconomic policies, supply and demand fundamentals, and geopolitical events. Each product's investment strategy is based on its specific market situation and outlook [1][5][7]. Summary by Directory Macro Finance - **Stock Index**: Mid-to-long term bullish, but may range-bound in the short term due to rapid market hot - spot rotation and unclear main lines [5] - **Treasury Bonds**: Range-bound. The third - quarter monetary policy report maintains a moderately loose tone, and the possibility of using aggregate monetary policy tools this year is relatively limited. The market is in a range - bound and wait - and - see state [5][6] Black Building Materials - **Coking Coal and Rebar**: Range trading. Coking coal market has weak demand and price cuts, while rebar is undervalued but has limited upside due to weakening demand and potential production cuts [7][8] - **Glass**: Sell call options. End - of - year demand may weaken further, with high inventory and delivery pressure. Technical indicators show a bearish trend [8] Non - Ferrous Metals - **Copper**: High - level range - bound. The US government's situation and economic data add uncertainty, while the long - term demand outlook is positive but short - term consumption is suppressed [11] - **Aluminum**: Suggest waiting and seeing. Supply and demand fundamentals are complex, and there is a risk of over - trading the market's expectations [12][13] - **Nickel**: Suggest waiting and seeing or shorting on rallies. The new RKAB policy brings supply uncertainty, and the medium - to - long - term supply is in surplus [16][17] - **Tin**: Range trading. Supply is expected to improve, and downstream consumption is weak, but prices are supported [17] - **Gold and Silver**: Range trading. Uncertainty about the Fed's December interest - rate decision and concerns about the US economy support prices in the medium term but are in a short - term adjustment [18][19] Energy Chemicals - **PVC**: Range - bound with a weak bias. High supply, weak domestic demand, and uncertain export growth [23] - **Caustic Soda**: Range - bound with a weak bias. High inventory in the alumina industry and potential negative feedback in the industrial chain [25] - **Soda Ash**: Bearish for the 01 contract. Supply is in surplus, and although cost increases, supply pressure remains high [35] - **Styrene**: Range - bound with a weak bias. Weak chemical fundamentals and uncertain cost factors [27] - **Rubber**: Range - bound. High raw material prices, seasonal inventory accumulation, and weak terminal demand [28] - **Urea**: Range - bound. Supply increases, demand is driven by agriculture and industry, and inventory changes need attention [30][31] - **Methanol**: Range - bound. Supply increases, demand weakens, and inventory accumulates [31][32] - **Polyolefins**: Weak range - bound. Supply pressure increases, demand has no obvious increase, and cost pressure exists [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range - bound. Global cotton supply and demand are both increasing, and the end - of - season inventory is decreasing [36] - **PTA**: Low - level range - bound. Oil prices are weak, supply and demand are in a state of inventory accumulation, and downstream procurement is weak [36] - **Apple**: Range - bound with a strong bias. Production and quality decline, which may support prices [38] - **Red Dates**: Range - bound with a weak bias. Acquisition prices are slightly adjusted, and market sentiment is cautious [38] Agricultural Livestock - **Hogs**: Rebound under pressure. Short - term price fluctuations are limited, and medium - to - long - term supply remains high before the first half of next year [40][42] - **Eggs**: Limited upside. Supply is sufficient in the short term, and long - term supply pressure reduction requires time [43][45] - **Corn**: Range - bound at the bottom. Short - term supply is abundant, and long - term cost support exists, but demand growth is limited [46][47] - **Soybean Meal**: Range - bound. US soybean supply and demand are expected to tighten, but Brazilian production may limit the upside [48] - **Oils and Fats**: Limited rebound. Short - term reports have a neutral impact, and long - term potential factors need attention [54]

Core Viewpoint - The establishment of a specialized project development team by the National Pipeline Group marks the initiation of the Chifeng-Jinzhou hydrogen energy pipeline project feasibility study, which aims to support high-quality energy development in Liaoning Province [1] Group 1: Project Overview - The Chifeng-Jinzhou project is expected to become the largest and longest transportation channel for hydrogen, ammonia, and methanol in China, representing a significant step in the green energy infrastructure sector [1] - The pipeline will start from Chifeng City in Inner Mongolia and end at Jinzhou Port in Liaoning Province, featuring a parallel layout for hydrogen, methanol, and liquid ammonia, with a total pipeline length of 290 kilometers [1] - This project is the first multi-medium green energy corridor in the country, transporting only green energy sources [1] Group 2: Strategic Importance - The initiation of the Chifeng-Jinzhou project reflects the National Pipeline Group's proactive engagement in strategic emerging industries and its commitment to developing a technical system for hydrogen, ammonia, and carbon transportation [1] - The company aims to create a "national network" for green hydrogen energy transportation, leveraging existing oil pipelines to enhance energy export channels in the Northeast region [1] - This initiative is seen as a transformation of regional resource endowments into industrial development momentum, promoting a high-quality regional economic layout and reinforcing the company's mission to ensure national energy security [1]

Core Points - China Petroleum & Chemical Corporation (Sinopec) has launched geothermal heating services for this winter, covering over 70 cities and counties across 11 provinces, providing clean heating for more than 1.2 million households [1][2] - The geothermal heating capacity has reached a historical high of 126 million square meters, which can reduce carbon dioxide emissions by nearly 6.2 million tons annually [1] - Sinopec has implemented equipment upgrades to ensure stable heating services and utilizes smart technology for real-time monitoring and management of heating operations [1] Group 1 - Sinopec is the largest developer of medium and deep geothermal energy in China, with geothermal heating capacity exceeding one million square meters in over 30 cities and counties [2] - The company has achieved full coverage of geothermal heating in Xiong County, Hebei, creating China's first "smokeless city" for clean heating, which has been recognized by the International Renewable Energy Agency [2] - Sinopec has successfully drilled China's first deep geothermal scientific exploration well, reaching over 5,000 meters, and has contributed to over 50% of industry standards and the first international geothermal standard in the global geothermal field [2]