氢能行业：《能源法》将氢能列入能源范畴，有望带动产业链发展提速

Investment Rating - The report indicates a positive outlook for the hydrogen energy industry following the inclusion of hydrogen in the energy category by the Energy Law, which is expected to accelerate the development of the industry chain [2][3]. Core Insights - The Energy Law, effective from January 1, 2025, recognizes hydrogen as an energy source, aligning it with traditional energy sources like oil, coal, and natural gas, which marks a significant legal acknowledgment of hydrogen's role in the energy system [2][3]. - The implementation of the Energy Law is anticipated to facilitate the revision of relevant regulations and standards, thereby expediting the application of hydrogen energy. This includes the potential easing of restrictions on hydrogen production, transportation, and storage, which have previously hindered industry growth [3]. - The report emphasizes that hydrogen energy is a crucial component for achieving zero carbon emissions, with investment opportunities identified in key components such as electrolyzers, hydrogen pipelines, compressors, hydrogen storage tanks, and fuel cell systems [3][4]. Summary by Sections Hydrogen Production - The inclusion of hydrogen in the Energy Law is expected to relax policy restrictions on hydrogen production, enhancing cost competitiveness and creating investment opportunities in the electrolyzer segment, with companies like Huaguang Huaneng being highlighted [3][4]. Hydrogen Storage and Transportation - Multiple pure hydrogen or hydrogen-blended pipeline networks are either completed or under construction in 2024. The implementation of national standards for hydrogen storage tanks is expected to drive manufacturers to promote their products actively. Investment opportunities are noted in hydrogen pipelines and compressors, with companies like Icewheel Environment being recommended [4]. Hydrogen Refueling Stations - The Energy Law is projected to promote the approval and construction of hydrogen refueling stations, which will be driven by the rapid development of the upstream and downstream industry chain. Key players such as Sinopec and PetroChina are to be monitored for their hydrogen station construction progress, with investment opportunities in refueling station compressors [4]. Fuel Cells - The year 2025 marks a significant milestone for the hydrogen fuel cell vehicle sector, with expectations for accelerated promotion. The report notes a substantial increase in fuel cell commercial vehicle registrations, with a year-on-year growth of 57.1% and installed capacity rising by 81.2%. Companies like Yihuatong are recommended for investment consideration [4].