中金：燃料电池行业有望逐步突破短期困境，远期具备较大发展潜力

Core Viewpoint - The promotion of fuel cell vehicles during the "14th Five-Year Plan" period has not met expectations, with significant gaps remaining to achieve set targets. The fuel cell industry is generally facing challenges such as sluggish growth, poor profitability, and accumulation of accounts receivable [1] Industry Summary - The fuel cell industry is experiencing a lack of growth and profitability issues, along with a backlog of accounts receivable [1] - Despite short-term pressures, the hydrogen energy strategy in China remains clear, with anticipation for new supportive policies and the continuous expansion of application scenarios [1] - The fuel cell industry is expected to gradually overcome short-term difficulties and has considerable growth potential in the long term [1]