Investment Rating - Industry Rating: Recommended [5] Core Viewpoints - The automotive industry is accelerating its layout in humanoid robots, with the global humanoid robot market expected to reach USD 15.1 billion (approximately RMB 110.7 billion) by 2030, with a compound annual growth rate (CAGR) exceeding 56% [10][14] - Major automotive companies such as GAC, SAIC, BYD, Xiaopeng, and Chery, along with supply chain firms like Huawei and Horizon Robotics, are entering the humanoid robot sector [10][14] - Xiaopeng plans to launch its fifth-generation humanoid robot by 2026, emphasizing the convergence of smart vehicles and robots, which could create synergistic effects [10][27] Summary by Sections 1. Automotive Companies Accelerating Robot Layout - Automotive companies are increasingly investing in humanoid robots, with 15 domestic firms already involved [10][14] - The establishment of Beijing Saihang Embodied Intelligence Technology Co., Ltd. by Seres and Beijing University of Aeronautics and Astronautics marks a significant step in humanoid robot development [10][17] - Xiaopeng's strategy includes the integration of smart vehicles and humanoid robots, aiming for a new industrial breakthrough [10][27] 2. Intelligent Driving Technology Upgrade - The shift towards humanoid robots is also seen in the autonomous driving sector, with companies like Huawei, Xiaomi, and NIO exploring low-speed autonomous robots for various applications [11][43] - The competition between pure vision and multi-sensor fusion approaches in intelligent driving technology is intensifying [30][41] 3. Investment Recommendations - Beneficial stocks in the robot sector include Xiangxin Technology, Qin'an Co., Xinzhi Group, Junsheng Electronics, and Seres [12][45] - For intelligent driving, recommended stocks include Desay SV, Zhongke Chuangda, and Jianghuai Automobile [12][45] 4. Market Performance Overview - The computer industry experienced a weekly decline of 3.02%, ranking 31st among major industries [46][50] - The overall market performance indicates a challenging environment for the computer sector, with a cumulative decline of 0.11% since the beginning of the year [50]

Core Viewpoint - The article analyzes the 2024 annual reports of 15 companies involved in electrolysis water hydrogen production equipment, highlighting the performance and challenges faced by both traditional energy companies and those primarily focused on hydrogen energy [2][5]. Group 1: Traditional Energy Companies - 11 companies from traditional sectors such as energy equipment, photovoltaics, and automotive components have entered the hydrogen sector, leveraging their existing manufacturing capabilities and resources [2][4]. - Despite decent revenue figures, many of these companies reported their worst net profits in recent years due to industry supply-demand imbalances and declining prices in photovoltaic products [2][4]. - Notable companies include China CRRC, Sunshine Power, and Shanghai Electric, with China CRRC achieving a revenue of 2464.57 billion and a net profit of 123.88 billion, reflecting a year-on-year growth of 5.21% and 5.77% respectively [6][7]. Group 2: Hydrogen-Focused Companies - Four companies primarily focused on hydrogen energy—Guofu Hydrogen Energy, Guohong Hydrogen Energy, Yihua Tong, and Reshape Energy—reported losses in 2024 due to several factors, including immature market demand and high R&D costs [5][6]. - Guofu Hydrogen Energy reported a revenue of 4.59 billion with a net loss of 2.09 billion, while Guohong Hydrogen Energy had a revenue of 4.42 billion and a net loss of 4.072 billion [6][18]. - The hydrogen industry is still in its early commercial stage, with significant reliance on policy subsidies and a lack of robust market growth, making profitability challenging for pure hydrogen companies [5][6]. Group 3: Performance Summary of Key Companies - China CRRC: Revenue of 2464.57 billion, net profit of 123.88 billion, both showing positive growth [6][7]. - Sunshine Power: Revenue of approximately 778.57 billion, net profit of about 110.36 billion, with a year-on-year increase of 7.76% and 16.92% respectively [7][8]. - Shanghai Electric: Revenue of 1161.86 billion, net profit of 7.52 billion, with a slight decline in profit [10][11]. - Guofu Hydrogen Energy: Revenue of 4.59 billion, net loss of 2.09 billion, indicating a significant increase in losses compared to the previous year [18]. - Guohong Hydrogen Energy: Revenue of 4.42 billion, net loss of 4.072 billion, with losses slightly reduced year-on-year [18].

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

证券代码：688339 证券简称：亿华通 公告编号：2025-026 根据上海证券交易所的相关规定，经公司申请，公司股票（证券简称：亿华 通，证券代码：688339）自2025年2月27日开市起停牌，具体内容详见公司于2025 年2月27日在上海证券交易所网站（www.sse.com.cn）披露的《北京亿华通科技 股份有限公司关于筹划发行股份购买资产并募集配套资金事项的停牌公告》（公 告编号：2025-002）以及于2025年3月6日披露的《北京亿华通科技股份有限公司 关于筹划发行股份购买资产并募集配套资金的进展并继续停牌的公告》（公告编 号：2025-004）。 北京亿华通科技股份有限公司 关于发行股份购买资产并募集配套资金 暨关联交易事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 本次交易的基本情况 北京亿华通科技股份有限公司（以下简称"公司"）拟通过以发行股份的方式 购买定州旭阳氢能有限公司（以下简称"旭阳氢能"）的100%股权并募集配套资 金（以下简称"本次交易"）。 本次交易标的资产的估值及 ...

证券代码：688339 证券简称：亿华通 公告编号：2025-026 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 自预案披露以来，公司及其他相关方正在积极推进本次交易的相关工作。截 至本公告披露日，本次交易所涉及的尽职调查、审计、评估等工作正在有序推进 中。公司将根据本次交易的进展情况，按照相关法律法规的规定履行后续审批及 信息披露程序。 三、 风险提示 一、 本次交易的基本情况 北京亿华通科技股份有限公司（以下简称"公司"）拟通过以发行股份的方式 购买定州旭阳氢能有限公司（以下简称"旭阳氢能"）的100%股权并募集配套资 金（以下简称"本次交易"）。 本次交易标的资产的估值及交易价格尚未确定，本次交易预计构成《上市公 司重大资产重组管理办法》规定的重大资产重组，构成关联交易，不构成重组上 市。 二、 本次交易的进展情况 根据上海证券交易所的相关规定，经公司申请，公司股票（证券简称：亿华 通，证券代码：688339）自2025年2月27日开市起停牌，具体内容详见公司于2025 年2月27日在上海证券交易所网站（www. ...

Core Insights - The hydrogen fuel cell combined heat and power (HFC-CHP) system is a crucial development in clean energy technology, achieving over 90% overall energy utilization efficiency, significantly outperforming traditional energy systems [1][10][6] - The industry is in its early stages of commercialization, but driven by policy support and technological advancements, market applications are accelerating [15][10] - Notable projects have been launched in 2024, including the first 2MW hydrogen fuel cell CHP demonstration project in China, showcasing significant breakthroughs in the efficient utilization of industrial by-product hydrogen [15][1] Industry Overview - The HFC-CHP system integrates hydrogen fuel cell technology to simultaneously generate electricity and heat through electrochemical reactions, with various types categorized by electrolyte types, including PEMFC, SOFC, and MCFC [8][4] - The system consists of four main components: hydrogen source generator, power generation device, power electronics, and waste heat storage system [4] Market Dynamics - The Chinese hydrogen fuel cell CHP industry has developed a comprehensive ecosystem, focusing on domestic production of key materials and components, system integration, and diverse applications across industrial parks, commercial buildings, and residential communities [8][10] - The market size of China's hydrogen fuel cell industry grew from 1.63 billion yuan in 2019 to 3.93 billion yuan in 2023, with a compound annual growth rate of 24.61% [13] Competitive Landscape - The domestic market is characterized by a tiered competition structure, with leading companies like Qingneng Co. and Jie Hydrogen Technology dominating industrial applications, while others focus on commercial scenarios [17] Development Trends - The hydrogen fuel cell CHP technology is expected to become a vital part of China's energy system, supporting carbon peak and carbon neutrality goals [19] - There is a trend towards diversified applications, with innovations like "hydrogen communities" and "zero-carbon buildings" emerging in the residential sector [21][22] - Industry consolidation is accelerating, with major energy companies pursuing mergers and partnerships to enhance capital and technological synergies, leading to a shift from fragmented competition to a more integrated market [23]

Core Insights - The fuel cell power generation industry in China is in its early commercialization stage, but its development potential is gradually becoming evident [1] - By 2030, the installed capacity of fuel cell power generation in China is expected to exceed 2000-2500 MW, with an annual compound growth rate of over 30% [1][14] Industry Overview - Fuel cell power stations convert chemical energy from fuels (like hydrogen and natural gas) into electrical energy through electrochemical reactions, achieving energy conversion efficiencies of 40%-60%, and up to 80% in combined heat and power (CHP) systems [2] - The industry has formed a complete ecosystem with innovative companies like Kunhua Technology, Aidemeng, and Qingneng Technology collaborating with listed companies and research institutions [1][16] Market Dynamics - The market size of China's hydrogen fuel cell industry grew from 1.63 billion yuan in 2019 to 3.93 billion yuan in 2023, with a compound annual growth rate of 24.61% [10] - In 2024, the industry is expected to experience explosive growth, with fuel cell heavy truck sales increasing by 80% year-on-year and the number of hydrogen refueling stations surpassing 550 [10] Technological Landscape - The fuel cell technology is categorized based on electrolyte type, operating temperature, and fuel applicability, including proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells, molten carbonate fuel cells, and solid oxide fuel cells (SOFC) [3][5] - SOFCs have higher efficiency, reaching nearly 90% in CHP applications, and a broader range of fuel options, making them suitable for various applications [5] Competitive Landscape - The industry is characterized by a "leading enterprises, regional clustering, and diverse technologies" competitive structure, with major players like Dongfang Electric and Weichai Power leading in SOFC technology [19][21] - The collaboration between upstream material suppliers and downstream application developers is crucial for driving the commercialization of fuel cell power stations [8][19] Future Trends - The industry is transitioning from policy-driven to market-driven, with technological breakthroughs and cost reductions accelerating commercialization [23] - The application scenarios are expanding from demonstration projects to large-scale commercial use, with a projected 60% of installed capacity in CHP projects by 2030 [26] - The cost of green hydrogen production is decreasing, with projections of 25 yuan/kg in 2024 and potentially 15 yuan/kg by 2030, enhancing the competitiveness of hydrogen energy [27]

丨证券研究报告丨 联合研究丨公司点评丨亿华通-U（688339.SH） [Table_Title] 亿华通 2024A&2025Q1：毛利率承压及减值损 失增加拖累业绩 报告要点 [Table_Summary] 2024A 公司实现营收 3.67 亿元，同比减少 54.21%；归母净利润-4.56 亿元，去年同期为-2.43 亿元，亏损同比扩大。2025Q1 公司实现营业收入 0.11 亿元，同比减少 19.92%；归母净利润 为-0.93 亿元，去年同期为-0.91 亿元。行业尚处于商业化的初期阶段，竞争激烈，量价及盈利 性下行拖累公司业绩。费用相对刚性&信用减值拖累利润。公司拟定增并购定州旭阳氢能，控股 股东或将易主旭阳集团。 %% %% 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490514040001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490520080002 SFC：BUV415 SFC：BQK482 SFC：BUZ393 SFC：BUD284 徐科 邬博华 任楠 贾少波 司鸿历 请阅读最后评 ...

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