供给、消费端氢价下降趋势不减，各地涉氢政策持续推出

Investment Rating - The industry investment rating is "Recommended (Maintain)" [3] Core Viewpoints - The hydrogen energy market is expected to see a dual increase in supply and demand across all segments due to the continuous introduction of hydrogen-related policies and active investment financing events [3][17] - The decline in hydrogen prices on both supply and consumption sides is ongoing, with significant cost advantages in regions like Guangdong benefiting downstream sectors such as refining and fuel cells [1][3] - The establishment of hydrogen refueling stations and the production of fuel cell vehicles have seen fluctuations, with a notable decrease in production and sales in August [1][3] Summary by Relevant Sections Hydrogen Monthly Data Changes - In August, the mainstream prices for high-purity hydrogen (≥4N) in major markets were as follows: Shanghai 2.7 CNY/Nm3, Beijing 2.3 CNY/Nm3, Guangdong 2.0 CNY/Nm3, Henan 2.1 CNY/Nm3, and Hebei 2.2 CNY/Nm3, with Guangdong experiencing a month-on-month decline of 1.48% [1][7] - The hydrogen price index for production in China fell to 28.8 CNY/kg year-on-year [1] - There are currently 78 renewable hydrogen production projects in China, with a total capacity of 969.7 MW, primarily using alkaline electrolysis [1][7] Hydrogen Policy Summary - Chengdu plans to promote 500 hydrogen fuel cell commercial vehicles in 2024 [9] - Dalian has released a hydrogen industry development plan for 2024-2035, focusing on public transport applications [10] - The Ministry of Industry and Information Technology has included several hydrogen-related technologies in its 2024 major equipment promotion directory [11] Hydrogen Investment and Financing Events - Guofu Hydrogen Energy plans to list on the Hong Kong Stock Exchange, aiming to expand its influence in the hydrogen energy sector [17] - Mufan Power has completed a multi-hundred million Pre-B round financing to enhance its hydrogen gas turbine manufacturing capabilities [18]