持续促进技术创新，统筹推进氢能持续发展

Investment Rating - The hydrogen energy industry maintains a "stronger than market" rating [1]. Core Viewpoints - Accelerate the industrialization of green hydrogen and expand large-scale hydrogen energy applications. Continuous favorable policies for hydrogen energy in China support the industry's development. Increased investment in hydrogen production and ongoing bidding projects for electrolyzers are noteworthy. Companies involved in electrolyzer bidding, hydrogen production, and hydrogen vehicle applications are recommended for attention [1][29]. Summary by Sections 1. Hydrogen Energy Industry Market Performance - As of September 20, 2024, the hydrogen energy index closed at 1339.23 points, with a weekly change of 0.97% and a year-to-date decline of 23.09%. The hydrogen energy industry ranked 79th among Shenwan's secondary industries, improving by 32 places compared to the previous week [4][9]. 2. Hydrogen Energy Industry Data Review 2.1 Electrolyzer Data Review - By September 20, 2024, there were 32 cumulative bidding projects for electrolyzers in China, primarily alkaline and PEM types. A significant project in Xinjiang aims to produce green hydrogen and reduce CO2 emissions by approximately 360,000 tons per year [12]. 2.2 FCV Related Data Review - In July 2024, the production of fuel cell vehicles (FCVs) was 915 units, a decrease of 9.94% month-on-month, while cumulative production reached 3,499 units, a year-on-year increase of 28.03% [15][17]. 3. Industry Dynamics and Company Updates 3.1 Industry Dynamics - The first integrated hydrogen production and refueling station in China is nearing completion. A major hydrogen power generation demonstration project has been initiated in Guangdong, aiming to enhance grid flexibility [23]. 3.2 Company Dynamics - A project in Xinjiang for producing 30,000 tons of hydrogen and establishing refueling stations has been publicly reviewed. The total investment for this project is approximately 1.08 billion yuan [27][28].