国金证券：政策不断加码 氢能易成板块轮动热点

Core Viewpoint - The increasing emphasis on hydrogen energy by government officials, particularly in Shanxi Province, indicates a growing recognition of its importance alongside wind and solar energy, marking the fourth mention in three years, which is expected to drive interest and investment in the sector [1][3]. Group 1: Hydrogen Energy Development - The support for hydrogen energy in Europe and the U.S. has exceeded expectations, with the extension of tax credits under Trump's "Build Back Better" plan and new aggressive legislation in Europe aimed at providing direct government investment and subsidies for low-carbon hydrogen and methanol [1][3]. - The fuel cell vehicle insurance volume showed a recovery in June, with 599 vehicles insured, representing a year-on-year increase of 54%, while the total for the first half of the year was 1,965 vehicles, down 22% year-on-year [2]. - The installed capacity of fuel cell systems reached 133 MW in June and 389 MW in the first half of the year, reflecting a year-on-year increase of 185% and 21% respectively, driven by the active performance of major system manufacturers [2]. Group 2: Electrolyzer and Methanol Projects - The bidding volume for electrolyzers surged to 568 MW in June and July, with a total of 1.35 GW from January to July, marking a 76% year-on-year increase, indicating a forthcoming large-scale opening of bids for electrolyzers [2]. - The demand for methanol is accelerating due to the green shipping requirements under the IMO policy, with numerous projects being launched, particularly in methanol production, which is expected to enhance the progress of green hydrogen projects [3]. - Several significant projects have been initiated, including the start of a green methanol project by Jidian Co., the production launch of a 50,000-ton green methanol project by Shanghai Electric, and an increase in planned production capacity by Goldwind Technology from 500,000 tons to 850,000 tons, a 70% increase [3].