Investment Highlights - The company, Zhongshui Energy (02570), is rated as outperforming the industry with a target price of HKD 84.63, based on a P/S valuation method corresponding to a valuation multiple of 7x for 2026 [1] - The fuel cell industry is experiencing rapid cost reduction, with significant long-term potential. It is expected that by 2028, the total lifecycle cost of fuel cell heavy-duty trucks will gradually reach parity. According to Sullivan's forecast, global fuel cell vehicle sales may reach 426,000 units by 2028, with a CAGR of 97.5% from 2023 to 2028 [1] Company Advantages - Zhongshui Energy is a leading player in China's fuel cell sector, with several competitive advantages: 1) The company holds a leading market share (18% in 2024) and invests significantly in R&D, leading the industry in technology [1] 2) The company self-develops key components such as stacks, membrane electrodes, and bipolar plates, continuously promoting the localization of core components [1] 3) The company has a strong presence in the heavy-duty truck segment, achieving a 42% market share in 2023, while also expanding into low-cost hydrogen and other market applications [1] 4) The company provides end-to-end hydrogen energy solutions based on its product layout, including electrolyzers and fuel cells [1] Product Development and Market Expansion - In 2023, the company launched PEM electrolyzers and membrane electrode series products, demonstrating strong technological synergy. In 2024, the company will introduce off-grid supercharging pile products applicable in high-speed and tourist areas, alleviating power expansion pressure [2] - The sales revenue of non-automotive fuel cell systems is expected to exceed CNY 54 million in 2024, representing a year-on-year increase of 133%. The company is also accelerating its overseas business expansion, with overseas fuel cell system revenue expected to account for 9% in 2024, indicating potential for accelerated growth [2] Market Potential and Financial Projections - The company is positioned to capture significant growth potential in the fuel cell market, particularly in heavy-duty trucks and off-grid supercharging applications. The company anticipates EPS of -6.0 CNY and -4.7 CNY for 2025 and 2026, respectively, with revenue projections of CNY 670 million and CNY 980 million for the same years. The company is assigned a 7x P/S for 2026, corresponding to HKD 84.63, indicating a 17.5% upside from the current stock price, which corresponds to 5.9x 2026 P/S [2]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies. Group 1: Increased Holdings - Zhaoyan New Drug (06127) saw the largest increase in holdings, rising by 3.58% to a total holding of 57.50% [1][2] - Guofu Hydrogen Energy (02582) increased by 1.88%, reaching a holding of 19.85% [1][2] - Red Star Macalline (01528) experienced a 1.48% increase, with a current holding of 45.57% [1][2] - Lion Group (02562) had a notable increase of 5.81% over the last five trading days, bringing its total holding to 34.09% [1][3] - Reshaping Energy (02570) increased by 3.77% in the same period, now holding 6.48% [1][3] Group 2: Decreased Holdings - Hongye Futures (03678) had the largest decrease, down by 1.08% to a holding of 62.20% [1][2] - Shandong Molong (00568) decreased by 0.73%, with a current holding of 53.76% [1][2] - Luoyang Molybdenum (03993) saw a reduction of 0.58%, now holding 28.92% [1][2] - The largest decrease over the last five trading days was seen in Wan Guo Gold Group (02979), which fell by 11.31% to a holding of 0.01% [1][3] - Haotian International Investment (01341) decreased by 4.79%, now at 63.80% [1][3]

重塑能源(02570)公布，公司已于2025年12月10日就实施公司H股全流通向中国证监会提交备案。根据中 国证监会备案，公司已代表公司若干股东向中国证监会提出申请，将该等股东持有的合共26,610,565股 公司内资股转换为H股并于联交所上市。 ...

智通财经APP讯，重塑能源(02570)公布，公司已于2025年12月10日就实施公司H股全流通向中国证监会 提交备案。根据中国证监会备案，公司已代表公司若干股东向中国证监会提出申请，将该等股东持有的 合共26,610,565股公司内资股转换为H股并于联交所上市。 ...

格隆汇12月10日丨重塑能源(02570.HK)宣布，公司已于2025年12月10日就实施公司H股全流通向中国证 监会提交备案。根据中国证监会备案，公司已代表公司若干股东向中国证监会提出申请，将该等股东持 有的合共26,610,565股公司内资股转换为H股并于联交所上市。自相关监管机构取得所有相关备案及╱ 或批准(包括中国证监会及联交所)及符合所有适用法律、法规及规章后，该等内资股将被转换为H股， 而该等H股将于联交所主板上市及买卖。根据公司的公司章程，公司无须召开股东会以批准转换及上 市。 ...

（股份代號：2570） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shanghai REFIRE Group Limited 上海重塑能源集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 本公司董事（各「董事」）會（「董事會」）謹此宣佈，本公司已於2025年12月10日就 實施本公司H股（「H股」）全流通向中國證監會提交備案（「中國證監會備案」）。根 據中國證監會備案，本公司已代表本公司若干股東向中國證監會提出申請，將該 等股東持有的合共26,610,565股本公司內資股（「內資股」）轉換為H股並於聯交所 上市（「轉換及上市」）。自相關監管機構取得所有相關備案及╱或批准（包括中國 證監會及聯交所）及符合所有適用法律、法規及規章後，該等內資股將被轉換為H 股，而該等H股將於聯交所主板上市及買賣。根據本公司的公司章程，本公司無 須召開股東會以批准轉換及上市。 1 於本公告日期，轉換及上市的實施計劃詳情未最終確定。本公司將根據上市規則 的 ...

Core Insights - As of December 10, 30 stocks reached their 52-week highs, with Design Metropolis (01545), Platinum Holdings (00459), and China Boton (03318) leading the increase rates at 40.82%, 35.48%, and 30.23% respectively [1][2] 52-Week Highs - Design Metropolis (01545) closed at 0.124, with a peak of 0.138, achieving a high rate of 40.82% [1] - Platinum Holdings (00459) closed at 0.121, with a peak of 0.126, achieving a high rate of 35.48% [1] - China Boton (03318) closed at 2.090, with a peak of 2.800, achieving a high rate of 30.23% [1] - Other notable stocks include: - China New Holdings (08125) at 25.00% [1] - Qiaoyang International Holdings (08070) at 14.46% [1] 52-Week Lows - The stock with the largest decline was Jingye Mingbang Group (02231), which fell to 0.099, a decrease of 26.40% [2] - Other significant declines included: - Zhonggang Petroleum (00632) at -16.40% [2] - Guofu Hydrogen Energy (02582) at -13.31% [2] - Additional stocks with notable declines: - Haotian International Construction Investment (01341) at -11.11% [2] - Jiaming Group Holdings (01271) at -10.00% [2]

随着中国新能源汽车保有量突破3600万辆大关，充电基础设施的建设步伐持续加快。截至2025年10月底，我国电动汽车充电基础设施（枪）总 数达到1864.5万个，市场规模跨越万亿门槛。然而，在这个庞大数字背后，结构性矛盾日益凸显： 私人充电桩占比过高，真正服务于公共出行的 充电桩不足500万台。 节假日高速服务区"一桩难求"的景象屡见不鲜，"车-电矛盾"在公共出行领域远未得到解决。 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银年会： 2025势银氢燃年会（2026年1月6-8日，宁波） 点此报名 添加文末微信，加 燃料电池 群 传统电网依赖型充电模式面临的根本挑战在于扩容困难、周期漫长、成本高昂。在土地资源紧张、电网架构薄弱的区域，这一矛盾尤为尖锐。在 此背景下，一种名为 "氢能离网超充" 的创新方案正从产业边缘走向舞台中央，它不寻求颠覆现有电网体系，而是在电网难以高效覆盖的场景中开 辟出一条全新的商业化路径。 值得关注的是， 该创新方案的价值已获来自行业和商业领域的权威认可 —— 由重塑能 源 （02570.HK） 自主设 计制造装备，氢积电负责落地 运营的 "冲呀 ...

每经AI快讯，重塑能源(02570.HK)续跌超10%，低见73.6港元，刷新上市新低。截至发稿，重塑能源跌 10.54%，报76港元，成交额1.08亿港元。 ...

消息面上，重塑能源昨日起迎来解禁，数据显示，此次共计55名股东发生解禁，累计解禁股数达 5421.36万股。今年上半年，重塑能源取得收入人民币1.07亿元，同比减少9.93%；母公司拥有人应占亏 损3.33亿元，同比减少28.66%。公司称收入减少主要由于零部件销售较2024年同期下降所致。 重塑能源(02570)续跌超10%，低见73.6港元刷新上市新低。截至发稿，跌10.54%，报76港元，成交额 1.08亿港元。 ...