氢能周度观察（5）：氢气管道输送进展如何？-20251228

Investment Rating - The report suggests a positive outlook on the hydrogen energy sector, indicating potential investment opportunities in hydrogen compression and pipeline supply equipment [9]. Core Insights - The hydrogen storage and transportation technology routes are diverse, but a large-scale, low-cost, and safe delivery system is not yet mature. Pipeline transportation is identified as one of the promising methods for development [4][11]. - By December 2025, the first long-distance pure hydrogen pipeline in China, spanning approximately 1,132 kilometers, is expected to be operational, with an initial hydrogen delivery capacity of 100,000 tons per year, potentially increasing to 500,000 tons per year [7]. - The economic feasibility of pure hydrogen pipelines is highlighted, with transportation costs estimated between 0.8 to 4.66 yuan/kg depending on the distance, making it a viable option for long-distance hydrogen delivery in China [11]. Summary by Sections Industry Overview - Hydrogen storage and transportation technologies are varied, with high-pressure gaseous storage being the most mature but limited by low transportation efficiency and high costs over long distances [11]. - Pipeline transportation, including pure hydrogen and hydrogen-blended natural gas pipelines, is viewed as the most economical long-term solution for large-scale hydrogen delivery [11]. Regulatory Developments - Significant progress in standards and policies for hydrogen pipeline transportation is expected by 2025, including the release of national standards for hydrogen pipelines and guidelines for hydrogen blending in natural gas pipelines [11]. - The National Energy Administration has initiated pilot projects for hydrogen pipeline applications, supporting the development of large-scale hydrogen transportation [11]. Project Updates - Key projects include the Sinopec pipeline project, which has passed safety assessments, and the commencement of the first kilometer-level pure hydrogen pipeline in China [11]. - The report emphasizes the importance of addressing safety risks associated with hydrogen embrittlement in pipeline materials [11].