氢能政策持续向好，促进氢能产业发展

Investment Rating - The industry rating is "Outperform the Market" [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development driven by favorable policies in China. There is a stable increase in upstream electrolyzer bidding projects and a significant investment in hydrogen production. It is recommended to pay attention to companies participating in electrolyzer bidding [2][36] - The construction of hydrogen refueling stations is progressing in an orderly manner, ensuring hydrogen supply. Companies with hydrogen transportation capabilities are recommended for investment [2][36] - Innovations in hydrogen applications across multiple fields are promoting the adoption of hydrogen vehicles. Companies in the hydrogen vehicle application sector are recommended for attention [2][36] Industry Performance - As of April 11, 2025, the hydrogen energy index closed at 1808.19 points, with a weekly decline of 6.71% and a year-to-date increase of 1.77%. The hydrogen energy index ranked 94th among the Shenwan secondary industry rankings, dropping 21 places compared to the previous week [8][11] - The top five companies in the hydrogen energy sector by weekly increase were Wanyi Technology (17.61%), Panyam Micro-Transparent (14.78%), Jifeng Technology (14.65%), Yong'an Pharmaceutical (13.93%), and Taihe New Materials (12.55%). The top five companies by weekly decline were Satellite Chemical (-19.33%), Donghua Energy (-19.20%), Xue Ren Co., Ltd. (-19.19%), Hezhu Intelligent (-19.05%), and Hailu Heavy Industry (-17.11%) [13][14] Hydrogen Industry Data Review - As of April 11, 2025, there have been 10 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. The new generation of 4000 standard cubic meter alkaline electrolyzers was introduced, which is designed for large-scale renewable hydrogen production [15] - In February 2025, the production of fuel cell vehicles (FCVs) increased by 171.19% month-on-month, with 160 new units produced. However, cumulative production and sales saw a year-on-year decline of 63.19% and 55.48%, respectively [17][19] Industry Dynamics and Company Developments - Significant projects include the signing of the Xinjiang Green Hydrogen Smart Energy Integration Demonstration Project, the launch of the first domestic green hydrogen to green aviation fuel demonstration project, and the construction of the first urban hydrogen pipeline, which reduces hydrogen transportation costs by over 80% [30][31] - Internationally, Saudi Aramco is collaborating on a CCS center to advance blue hydrogen and blue ammonia plans, while Honeywell is utilizing AI technology to optimize hydrogen production [31][32]