氢能周度观察（6）：可再生能源电解水制氢CCER方法学影响几何？-20260104

Investment Rating - The report suggests a positive outlook for the renewable energy electrolysis hydrogen production sector, indicating it as a significant opportunity for investment [4]. Core Insights - The renewable energy electrolysis hydrogen methodology is the first CCER methodology in the hydrogen sector, converting emission reductions from clean hydrogen projects into tradable carbon assets, which is crucial for promoting hydrogen utilization and achieving carbon neutrality goals [4][11]. - The profitability of CCER restoration projects is highlighted, with a specific project in Inner Mongolia showing a total investment of approximately 1 billion yuan and an annual hydrogen production of over 7,000 tons. The project's payback period is expected to shorten from 9.21 years to 8.62 years when considering CCER income [4][11]. Summary by Sections CCER Methodology - The CCER methodology provides a unified standard for calculating emission reductions from new renewable energy electrolysis hydrogen projects, facilitating their commercialization [11]. - Eligible projects must be newly built, utilize self-owned renewable energy sources, and comply with various regulatory requirements [11]. Market Potential - As of the end of 2024, over 600 renewable energy electrolysis hydrogen projects are planned in China, with more than 90 completed, resulting in an annual capacity of approximately 125,000 tons, primarily located in North and Northwest China [11]. - The project in Inner Mongolia, with a net cash flow of 109 million yuan per year without CCER income, shows a significant improvement in investment returns when CCER income is factored in [11]. Investment Recommendations - The report recommends focusing on green hydrogen operations and electrolysis equipment, as the profitability of green hydrogen projects is expected to improve, driving demand for electrolysis equipment [4][11].