电力设备及新能源行业周报：氢能政策持续利好，促进氢能全链发展-20250507

Investment Rating - The industry rating is "Outperform the Market" [3][42]. Core Insights - The hydrogen energy industry is experiencing continuous development driven by favorable policies, with a focus on the entire hydrogen production, storage, transportation, and application chain [2][32]. - The hydrogen energy index closed at 1889.69 points as of April 30, 2025, with a weekly increase of 0.47% and a year-to-date increase of 6.35% [1][7]. - The report highlights significant events such as the release of China's first hydrogen energy development report and the establishment of a national laboratory in Qinhuangdao, Hebei [2][27]. Market Performance - The hydrogen energy index ranked 39th among the Shenwan secondary industry indices, dropping 17 places compared to the previous week [7]. - The top five companies in the hydrogen energy sector by weekly increase were Yushansha A, Xinjing Power, Zhongzi Technology, Liyuanheng, and Huayang Transmission, with increases of 33.16%, 29.32%, 18.16%, 16.14%, and 13.88% respectively [1][13]. - The top five companies by weekly decrease were Shenghui Technology, ST New Power, Shandong Haohua, Haitai New Energy, and Linyang Energy, with decreases of -20.31%, -19.89%, -15.66%, -13.70%, and -12.89% respectively [1][13]. Industry Data Review - As of April 30, 2025, there have been 17 cumulative bidding projects for electrolyzers in China, primarily alkaline and PEM types [15]. - The TTM price-to-earnings ratio of the hydrogen energy index is 23.2 times, and the market-to-book ratio is 1.55 times as of April 30, 2025 [10][11]. - The average price of high-purity hydrogen in Shanghai is 2.7 yuan per standard cubic meter, while prices in Beijing, Hebei, and Henan are lower [10]. Industry Dynamics - The report emphasizes the importance of the entire hydrogen energy chain, suggesting to focus on companies involved in electrolyzer bidding, hydrogen transportation capabilities, and hydrogen vehicle applications [2][32]. - Significant international developments include the signing of the world's first intercontinental liquid hydrogen corridor agreement and the EU's encouragement of hydrogen energy support in Kazakhstan [28][29]. - Domestic policies are also supportive, with the Guangxi government promoting the entire hydrogen energy industry chain and the National Energy Administration encouraging private enterprises to engage in green energy projects [27][30].