氢能月度报告：制氢规模上升，下游需求旺盛，氢能市场有望持续活跃

Investment Rating - The industry investment rating is "Recommended (Maintain)" [4] Core Viewpoints - The hydrogen energy market is expected to remain active due to increasing hydrogen production capacity and strong downstream demand [1][2] - The report highlights the growth in renewable hydrogen production projects, with a total capacity of 981.35 MW across 82 projects in October [1] - The report emphasizes the importance of policy implementation and investment activities in driving market expansion [2] Summary by Sections 1. Monthly Data Changes - In October, the mainstream prices for high-purity hydrogen (≥4N) in major markets were 2.7, 2.3, 1.94, 2.1, and 2.2 CNY/Nm3 for Shanghai, Beijing, Guangdong, Henan, and Hebei respectively [1] - The renewable hydrogen production capacity increased by 0.67% from the previous month, reaching 981 MW [11] 2. Monthly Data Trends - The number of built hydrogen refueling stations reached 518, covering 31 provinces and regions [1] - Fuel cell vehicle production saw a significant increase, with 491 units produced in October, up 204.97% month-on-month [11] 3. Policy Dynamics - The Ministry of Industry and Information Technology released a draft for a high-quality development action plan for the new energy storage manufacturing industry, aiming for significant advancements by 2027 [18] - Various regions, including Shanghai, Anhui, and Sichuan, have introduced hydrogen energy-related policies to support the industry [2][19] 4. Investment and Financing Events - Shudao Equipment and Toyota are collaborating to establish a joint venture focused on hydrogen fuel cell production and R&D [28] - National Hydrogen Technology Development Company announced a C-round financing to support its growth in the hydrogen energy sector [31]