Core Viewpoint - Hydrogen-related stocks in the Hong Kong market experienced a rise despite overall market trends, indicating a potential interest in the hydrogen energy sector [1] Group 1: Stock Performance - Guofu Hydrogen Energy (02582.HK) saw an increase of 14.37%, reaching HKD 45.36 [1] - Zhongshun Energy (02570.HK) rose by 14.01%, trading at HKD 59 [1] - CIMC Enric (03899.HK) experienced a smaller increase of 1.5%, with a price of HKD 12.16 [1]

智通财经APP获悉，部分氢能概念股逆市走高，截至发稿，国富氢能(02582)涨14.37%，报45.36港元； 重塑能源(02570)涨14.01%，报59港元；中集安瑞科(03899)涨1.5%，报12.16港元。 消息面上，工信部本月初召开党组会议，明确发挥新型举国体制优势，推动氢能等攻关突破。长江证券 指出，工信部党组会中，氢能与其他市场热点方向并列排第四位，体现顶层对氢能的重视程度高；且强 调开展制造业新技术新产品新场景大规模应用示范，以场景大规模开放应用加速前沿技术熟化。该行认 为，氢能行业正从技术降本向规模化降本迈进，政策背景利于和支持氢能行业放量，值得重视。 ...

公司基本面改善预期：根据公司2025年中期报告，虽然总收入同比有所下降，但核心业务氢燃料电池系 统的销售收入实现了141.8%的显著增长，且公司亏损幅度收窄28.7%。市场可能对其业务结构优化和海 外收入（同比增长360.3%）的积极进展给予关注。 技术面因素：从技术指标看，股价在当日突破了短期均线，且成交量明显放大，反映出市场参与度提 升。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 重塑能源（02570.HK）股价在2026年2月20日出现显著上涨。根据截至当日10:58的实时行 情数据，其股价报58.75港元，较前一交易日收盘价上涨13.53%。 股票近期走势 板块轮动效应：当日港股市场呈现分化格局，科技板块普遍承压，而部分周期及能源类股票表现相对强 势。重塑能源所属的新能源物料板块整体上涨0.94%，显示出市场资金可能正从高估值成长股向部分基 本面改善的周期及新兴行业轮动。 ...

Group 1 - The stock price of Reshaping Energy (02570.HK) is currently at 52.85 HKD, reflecting a 2.52% increase from the previous closing price of 51.55 HKD, with a trading volume of approximately 49.81 million HKD [1][2] - Year-to-date, the stock has experienced a decline of 18.44%, and the company's price-to-earnings ratio (TTM) is negative at -7.44, with a market capitalization of approximately 4.926 billion HKD [1][2] - The stock has shown a cumulative increase of 8.83% over the past five days, while the broader new energy materials sector has decreased by 2.58% and the Hang Seng Index has fallen by 1.72% [2] Group 2 - Recent trends in the energy sector include a focus on mergers and acquisitions, dynamics in the electric vehicle market, and policy directions that may indirectly impact companies like Reshaping Energy [3] - The energy sector is witnessing a concentration of mergers, with leading oil and gas companies accounting for over 53% of total merger transaction value, indicating the importance of scale effects for cost control [3] - The demand for new energy vehicles is changing structurally, as evidenced by the sales of Xiaomi's electric SUV model YU7, which surpassed Tesla's Model Y in January 2026 [3] - The development of battery technology is accelerating, with advancements in semi-solid and solid-state batteries expected to enhance industry efficiency [3] - The energy governance blue paper indicates that the deepening of green low-carbon transitions will reshape the "source-grid-load-storage" business model, driving reforms in the electricity market [3] - Challenges faced by the U.S.-led initiative to build a critical mineral supply chain may impact the global supply landscape for new energy materials [3]

1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 钧达股份(02865) | +5.09% | 58.82% | | 狮腾控股(02562) | +1.26% | 49.45% | | 復旦张江(01349) | +1.15% | 41.95% | | 喜相逢集团(02473) | +1.12% | 29.42% | | 中国中免(01880) | +0.97% | 34.55% | | 匯聚科技(01729) | +0.82% | 7.97% | | 天岳先进(02631) | +0.77% | 27.69% | | 长飞光纤光缆(06869) | +0.61% | 57.83% | | 美图公司(01357) | +0.55% | 30.53% | | 兆易创新(03986) | +0.54% | 1.35% | | 晶泰控股(02228) | +0.52% | 41.63% | | 安井食品(02648) | +0.52% | 43.67% | | 英诺赛科(02577) | +0.46% | 13.85% | | 云 ...

Core Insights - The energy sector is undergoing a structural transformation dominated by a few key players, with the past decade's oil mergers being a concentrated "top-tier game" rather than a broad industry surge [1][2] - Only 20 leading oil and gas companies account for over 53% of total merger and acquisition (M&A) transaction value globally, establishing their dominance in market competition and resource integration [1][2] Capital Returns - Companies that actively pursue expansion through asset restructuring show remarkable growth premiums, with those completing at least one acquisition per year achieving a shareholder return rate 130% higher than non-M&A firms [3] - This performance gap is attributed to economies of scale leading to cost dilution, particularly in the current era of competition following the decline in WTI crude oil prices [3] U.S. Shale Oil and Gas Sector - The U.S. shale oil and gas sector is at the epicenter of this trend, with major transactions like ExxonMobil's $60 billion acquisition of Pioneer Natural Resources and Devon Energy's $26 billion partnership with Coterra reducing the number of major U.S. oil and gas suppliers from 50 to 40 [4] - Despite short-term investor concerns over stock dilution from these all-stock deals, the resulting industry giants are approaching the production scale of traditional supermajors, significantly impacting global energy supply elasticity [4] Future Outlook - Looking ahead, the focus of the industry is expected to shift from "resource acquisition" to "operational optimization" and "capital discipline" due to the complexities of global demand patterns and geopolitical risks [4] - In the second half of the energy transition, companies that can quickly assimilate and efficiently allocate capital will define the next phase of energy pricing power [4]

Core Viewpoint - The fuel cell vehicle promotion during the 14th Five-Year Plan period is lagging behind expectations, with the industry facing challenges such as weak growth, poor profitability, and accounts receivable backlog. However, the hydrogen energy strategy remains clear, and new support policies are anticipated, which may help the fuel cell industry gradually overcome short-term difficulties and possess significant long-term growth potential [1]. Group 1: Market Dynamics - In 4Q25, a rush to install fuel cell vehicles is expected, but there remains a gap to the 2025 phase target. Since 2024, the sales momentum for fuel cell vehicles has been insufficient, influenced by the policy window period [2]. - The average price of fuel cell systems has decreased by nearly 90% since 2018, posing significant challenges to profitability for manufacturers, with the industry still in a bottoming phase [2]. Group 2: Bottlenecks in Promotion - The promotion of fuel cell vehicles faces multiple obstacles: first, the reduction of subsidies has highlighted cost disadvantages, intensifying competition from electric vehicles; second, the construction speed of hydrogen refueling stations has not met expectations, complicating refueling convenience and reducing investment motivation due to high construction costs; third, the long cycle of subsidy fund disbursement has led to accounts receivable backlog, which may pressure company operations and limit research and expansion capabilities [3]. Group 3: Long-term Development Outlook - Despite short-term pressures, the country positions hydrogen energy as a key component of the future energy system, essential for achieving carbon neutrality in non-electric sectors. Policy-wise, various regions are advancing hydrogen energy industry plans, with ongoing support measures such as toll fee reductions and "hydrogen corridors" construction; application-wise, fuel cell applications are expanding from transportation to power generation, energy storage, and rail transit, indicating a potential second growth curve that supports long-term industry development [4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 上海重塑能源集團股份有限公司 (「本公司」) 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02570 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 57,613,535 | RMB | | 1 | RMB | | 57,613,535 | | 增加 / 減少 (-) | | | 4,536,000 | | | | RMB | | 4,536,000 | | 本月底結存 | | | 62,149,535 | RMB | | 1 | RMB | | 6 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海重塑能源集團股份有限公司 (「本公司」) 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02570 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 57,613,535 | RMB | | 1 | RMB | | 57,613,535 | | 增加 / 減少 (-) | | | 4,536,000 | | | | RMB | | 4,536,000 | | 本月底結存 | | | 62,149,535 | RMB | | 1 | RMB | | 62 ...

Group 1 - A total of 78 stocks reached a 52-week high as of February 3, with notable performers including Asia Pacific Financial Investments (08193) at 57.14%, Chao Wei Holdings (08059) at 36.00%, and Asia Backup (08290) at 33.33% [1] - The closing prices for the top three stocks that reached new highs were 0.550, 0.052, and 0.024 respectively, with their highest prices being 0.550, 0.068, and 0.036 [1] - Other significant stocks that reached new highs include Huameilele (08429) with a high rate of 20.37% and Haode Holdings (08149) at 17.65% [1] Group 2 - The report also lists stocks that reached 52-week lows, with the worst performer being Gaodi Holdings (01676) at -10.00%, followed by Huajian Medical (01931) at -9.29% and Electronic Trading Group (08036) at -9.09% [3] - The closing prices for the stocks that reached new lows include 0.340, 1.280, and 0.021 respectively, with their lowest prices being 0.315, 1.270, and 0.020 [3] - Other notable stocks that reached new lows include Controllon (01912) at -8.93% and Cool Link (08491) at -8.11% [3]