氢能周度观察（7）：中央及地方扶持政策密集发布，关注产业十五五变局-20260111

Investment Rating - The report suggests a positive outlook for the hydrogen energy industry, indicating that it is expected to outperform the relevant market indices in the next 12 months [14]. Core Insights - Since December 2025, there has been a surge in hydrogen energy policies, with the Ministry of Industry and Information Technology officially releasing a notification on key products and processes, including hydrogen fuel cell systems and key components [4][7]. - More than seven provinces and cities, including Henan, Xiamen, Wuhu, Shenzhen, Guangzhou, and Chongqing, have issued special support measures, creating a synergistic effect between central and local policies [4][7]. - The focus of these policies includes financial subsidies, demonstration projects, and streamlined processes aimed at overcoming technological bottlenecks and accelerating commercialization [10]. Summary by Sections Policy Support - Xiamen plans to introduce nine measures to subsidize hydrogen equipment projects up to 10% of investment, with a maximum of 30 million yuan per project [10]. - Wuhu Economic Development Zone offers up to 15% subsidies for hydrogen industry projects and 5 million yuan for hydrogen refueling station construction [10]. - Shenzhen Longgang District supports key materials and technologies in hydrogen energy, providing 10% subsidies for demonstration applications [10]. - Guangzhou Baiyun District encourages the use of hydrogen fuel cell vehicles in government and state-owned projects, aiming for over 50% usage [10]. - Chongqing has a development plan for hydrogen refueling stations, targeting the construction of 10 stations from 2025 to 2027 [10]. - Urumqi has set a three-year action plan for the hydrogen industry, aiming for an annual increase of at least 20,000 tons of green hydrogen capacity by 2027 [10]. - Hainan has initiated a second batch of fuel cell vehicle demonstration project applications, with a maximum reward of 20 million yuan per project [10]. - Henan continues to exempt hydrogen trucks from highway fees until 2027 [10]. Industry Outlook - The hydrogen industry is expected to evolve towards large-scale and commercial development during the 14th Five-Year Plan [10]. - By the end of 2025, green hydrogen production capacity is projected to exceed 220,000 tons, with significant cost reductions in electrolysis [10]. - Key breakthroughs in storage and transportation technologies are anticipated, with the implementation of national standards for high-pressure hydrogen storage [10]. - The construction of hydrogen refueling stations is expected to accelerate, with over 540 stations projected to be built by the end of 2025 [10]. - The number of fuel cell vehicles is expected to exceed 30,000 by the end of 2025, a significant increase from 7,000 at the end of 2020 [10]. - The application fields of hydrogen energy are expected to diversify beyond transportation to include energy storage, power generation, and industrial applications [10]. Investment Recommendations - The report recommends focusing on leading companies across various segments of the hydrogen industry, including Huaguang Huaneng (hydrogen production), Longjing Environmental Protection (hydrogen production), Bingshan Environment (storage and transportation), Goldwind Technology (green alcohol), and Yihua Tong (fuel cell vehicles) [10].