氢能观点更新：能源局下发氢能试点工作，关注国央企合作、储运等方向-20250611

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The National Energy Administration has officially launched hydrogen energy pilot projects to promote innovative management models and explore diversified development paths for the hydrogen industry, aiming for a comprehensive development of the hydrogen "production, storage, transportation, and utilization" chain [3][4] - The pilot directions cover four major areas: production, storage and transportation, application, and common support, with specific requirements for each area to ensure scalability and efficiency [3] - The hydrogen energy sector is driven by policy, with 2025 being a crucial year for the mid-to-long-term development plan, indicating a potential restart of industry progress after a policy gap [4] Summary by Sections Industry Dynamics - The pilot projects will focus on large-scale hydrogen production, advanced flexible off-grid hydrogen production, and clean low-carbon hydrogen comprehensive development [3] - Storage and transportation requirements include large-scale, long-distance delivery with specific capacities for liquefaction and storage [3] - Applications will involve renewable energy hydrogen production, fuel cell projects, and hydrogen storage projects with defined capacity thresholds [3] Investment Recommendations - For green hydrogen, it is recommended to focus on companies with central enterprise collaborations and electrolyzer orders such as Shenghui Technology, Huadian Heavy Industry, Shuangliang Energy Saving, and Huaguang Huaneng, as well as those with practical C-end applications like Yong'an Hang [5] - For fuel cells, attention should be given to companies with system and core component layouts such as Yihuatong, Xiongtao Co., and Xue Ren Co., along with key equipment for hydrogen storage and transportation [5]