氢能周度观察（16）：资源禀赋+政策协同+全链落地，川渝氢能潜力突出-20260401

Investment Rating - The report indicates a positive investment outlook for the hydrogen energy sector, particularly in the Sichuan and Chongqing regions, which are expected to become key national hydrogen application pilot city clusters due to their resource endowment, policy synergy, and comprehensive chain implementation [4][10]. Core Insights - In March 2026, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly announced the launch of a new round of national hydrogen energy pilot projects, with Sichuan and Chongqing positioned as potential leaders in this initiative [4][10]. - The Sichuan and Chongqing regions have a rich hydrogen resource base, including green, blue, and gray hydrogen supply systems, supported by significant hydropower and natural gas reserves [10]. - The policy framework in these regions emphasizes a collaborative approach, integrating provincial and municipal efforts to promote the hydrogen industry across the entire value chain [10]. - The infrastructure for hydrogen energy is being rapidly developed, with a network of hydrogen corridors and a growing number of hydrogen refueling stations planned to support the increasing adoption of fuel cell vehicles [10]. - The report highlights significant growth in fuel cell vehicle registrations in Sichuan and Chongqing, with projections indicating a cumulative insurance of 1,204 and 449 vehicles respectively from 2021 to 2025, reflecting a strong upward trend in adoption [10]. Summary by Sections Policy Initiatives - The report outlines various policy measures aimed at promoting hydrogen energy, including the establishment of a hydrogen energy industry development plan in Sichuan, which targets the deployment of 6,000 fuel cell vehicles and the construction of 60 hydrogen refueling stations by 2025 [11]. - In Chongqing, policies are in place to support the development of a comprehensive hydrogen refueling network, with plans to build 72 refueling stations by 2035, enhancing the region's hydrogen supply capacity [11]. Resource Endowment - Sichuan boasts over 100 million kilowatts of hydropower capacity, the highest in the country, and has significant potential for wind and solar energy, which can be harnessed for low-cost hydrogen production [10]. - The industrial by-product hydrogen production in Sichuan and Chongqing exceeds 20,000 and 13,000 tons annually, providing a low-cost hydrogen source for initial industry development [10]. Infrastructure Development - The report details the establishment of a hydrogen energy backbone network through various corridors and routes, enhancing transportation and distribution capabilities [10]. - As of September 2025, a total of 34 hydrogen refueling stations are expected to be operational in the Sichuan and Chongqing regions, with further expansions planned [10]. Industry Chain Completeness - The report notes the presence of leading enterprises in the hydrogen energy sector within Sichuan and Chongqing, covering key areas such as hydrogen production, storage, transportation, and fuel cell technology [10]. - Significant advancements in critical materials for hydrogen energy applications have been achieved, with ongoing efforts to accelerate industrialization [10].