氢能行业系列报告（一）：脱碳减排背景下需求空间广阔，燃料电池重卡环节先行受益

Investment Rating - The report maintains a positive outlook on the hydrogen energy industry, particularly highlighting the fuel cell heavy-duty truck segment as a key beneficiary [1]. Core Insights - Hydrogen energy is recognized as a strategic emerging industry in China, with significant growth potential driven by the global consensus on long-term decarbonization and the need for energy independence [2][10]. - The demand for hydrogen energy is expected to expand across various sectors, including transportation, energy storage, green ammonia, and metallurgy, with a notable increase in fuel cell vehicle adoption [2][3]. - The report emphasizes the importance of hydrogen in achieving deep decarbonization in major carbon emission sectors, enhancing energy efficiency, and stabilizing the power grid [2][15]. Summary by Sections 1. Necessity of Developing Hydrogen Energy - Hydrogen is essential for global decarbonization efforts, with a consensus among over 100 countries on carbon neutrality goals [11][12]. - China's high dependence on imported fossil fuels necessitates the development of hydrogen energy to enhance energy security and achieve self-sufficiency [23]. 2. Market Space of the Industry - The hydrogen energy market is poised for growth, with projections indicating that by 2030, the share of electrolysis in hydrogen production could reach 33% [2][34]. - The report forecasts a significant increase in fuel cell vehicle sales in China, estimating 130,000 units by 2025 and 550,000 units by 2030 [2][3]. 3. Development Stage and Investment Opportunities - The fuel cell vehicle sector is lagging behind lithium battery technology by over ten years, but it is expected to accelerate due to policy support and cost reductions [3][34]. - Heavy-duty fuel cell trucks are anticipated to benefit first from this growth, supported by favorable policies and a narrowing cost gap with traditional fuel trucks [3][34]. - Investment strategies focus on the entire value chain of fuel cell trucks and core components, with recommendations for companies like China National Heavy Duty Truck Group and Foton Motor [5][3].