Core Viewpoint - The article discusses the strategic advancements and innovations of Xiehyu (Shanghai) New Energy Technology Co., focusing on the development of wind-cooled hydrogen fuel cell technology and its application in the hydrogen energy sector, particularly in low-altitude economy and light transportation [2][4]. Group 1: Industry Trends - The hydrogen energy industry is transitioning from policy-driven growth to a dual-driven model of market and responsibility, as highlighted by the inclusion of hydrogen energy in China's Energy Law and related policies [4]. - Key sectors such as fuel cells, industrial drones, hydrogen production and storage equipment, and operation services are experiencing rapid growth, indicating the acceleration of a diverse hydrogen application ecosystem [4]. Group 2: Company Positioning - Xiehyu has established itself as the original inventor and industrial promoter of domestic wind-cooled hydrogen fuel cell systems, with a clear business structure encompassing four major segments: wind-cooled hydrogen fuel cells, hydrogen drones, hydrogen production and storage equipment, and low-altitude AI operation services [4][9]. - The company has set up R&D centers in Shanghai and Chizhou, and manufacturing bases in Chizhou, Zaozhuang, and Zhangjiagang, creating a synergistic foundation for research and production [4]. Group 3: Technological Innovations - The company focuses on the research and iteration of wind-cooled hydrogen fuel cells, which offer advantages in system structure simplification, lightweight design, and cost control compared to traditional water-cooled systems [4][5]. - The fourth generation of their products has achieved breakthroughs in key engineering issues, such as power generation stability under varying humidity conditions, laying a solid technical foundation for core product applications [4]. Group 4: Product Applications - The wind-cooled fuel cell technology is being applied to two core product lines: hydrogen drones and hydrogen two-wheelers, which are designed for short-distance travel in China [5][7]. - The hydrogen drone lineup includes models like the "Qingluan Phoenix H25" and "Qingtian Atlas H100," which are suitable for various applications such as inspection and firefighting, demonstrating versatility in operational scenarios [7]. - The hydrogen two-wheeler products are characterized by rapid refueling, long range, and low-temperature resistance, making them ideal for shared mobility and commuting in urban areas [7]. Group 5: Strategic Layout - The company's strategy emphasizes "industry chain collaboration," ensuring a comprehensive approach that spans upstream materials, midstream components, and downstream operational services [9]. - By integrating AI operation platforms and service systems, the company aims to enhance supply chain resilience, accelerate technological iteration, and reduce overall costs [9]. - Xiehyu is also expanding internationally, establishing a headquarters in Hong Kong and subsidiaries in Germany, to actively pursue overseas business opportunities [9]. Group 6: Recognition - Xiehyu was awarded the "2025 Product Power Award" at the TrendBank Hydrogen Energy Annual Conference for its diverse range of innovative small and medium-sized application products [11].

Report Industry Investment Rating - Gold, silver, and palladium are rated with one star (★☆☆), indicating a bullish or bearish bias, but with limited operability in the market [1]. Core Viewpoints - After the Christmas holiday, the international precious metals market continued its strong performance. The international gold price reached a new all - time high, and silver broke through $75 per ounce for the first time. The loose prospects of the Federal Reserve and geopolitical risks supported the performance of precious metals, leading to a resonance breakthrough in various varieties. Short - term market volatility has increased [1]. - Bullish funds continued to flow into platinum and palladium. The platinum contract hit the daily limit, and the price was revised upwards. The platinum market saw a capital inflow of over 3 billion yuan, with a total of over 9 billion yuan in settled funds. The palladium market had a capital inflow of 2 billion yuan, with over 4.2 billion yuan in settled funds. In 2026, the supply shortage of platinum and palladium is expected to continue, and the supply gap of palladium will significantly narrow. With the support of the prospects for large - scale application of hydrogen energy, funds are optimistic about the future price of platinum and palladium. The price difference between platinum and palladium exceeded 160 yuan per gram. Platinum and palladium are in a bull market cycle, and the market is still relatively small compared to gold and silver, so funds have strong control. The mid - term strategy is to continue with long - position allocation. The implied volatility of platinum and palladium options has been rising, and investors should pay attention to the opportunity of selling put options [2]. Summary by Related Content Precious Metals Market Performance - After the Christmas holiday, the international precious metals market continued to be strong, with gold reaching a new high and silver breaking through $75/ounce [1]. - Bullish funds flowed into platinum and palladium, with the platinum contract hitting the daily limit and price revisions [2]. Market Influencing Factors - The loose prospects of the Federal Reserve and geopolitical risks supported the performance of precious metals [1]. - The expected supply shortage in 2026 and the prospects for large - scale application of hydrogen energy boosted the confidence of funds in platinum and palladium [2]. Investment Strategies - Short - term investors should pay attention to position control due to increased market volatility [1]. - Mid - term investors should continue with long - position allocation for platinum and palladium, and pay attention to the opportunity of selling put options for platinum and palladium options [2].

Core Viewpoint - The surge in platinum prices is driven by a combination of structural supply-demand imbalances and strong market sentiment, with platinum becoming a focal point for investment within the precious metals sector as gold and silver prices rise significantly [2][3]. Group 1: Price Performance - As of December 24, 2023, spot platinum reached a peak of $2377.4 per ounce, while New York platinum futures hit $2395.6 per ounce, both breaking historical records with year-to-date increases of over 159% and 149% respectively [1]. - In the domestic market, platinum futures closed at 657.65 yuan per gram, marking a new high since the contract's launch on November 27, 2023, with a cumulative increase of 50.99% in December alone [1]. Group 2: Driving Factors - The current rise in platinum prices is attributed to a structural supply-demand contradiction and strong capital sentiment, with limited liquidity in the platinum market amplifying price increases [2]. - Geopolitical tensions, intensified competition among major currencies, and a fragmented industrial chain have highlighted the strategic value of precious metals, with monetary policy shifts, such as the Federal Reserve's rate cuts, further supporting the market [2]. - The potential easing of the EU's 2035 ban on fuel vehicles could enhance future demand for platinum, alleviating concerns about oversupply [3]. Group 3: Market Outlook - The platinum market is expected to face a significant supply gap, with projections indicating a shortfall of around 23 tons by 2026, as the market continues to experience tight conditions [4]. - The price of platinum is likely to follow the upward trend of other precious metals, with the potential for prices to exceed historical highs as the premium space for platinum expands [5]. Group 4: Investment Strategy - Investors are advised to maintain a long position in platinum futures while closely monitoring changes in capital holdings and trading volumes, being cautious of the risks associated with rapid price increases [6]. - It is recommended to consider taking profits on existing positions while controlling exposure to mitigate the risk of sharp corrections [6].

Report Industry Investment Ratings - Gold: ★☆★, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Silver: ★☆★, same as gold [1] - Platinum and Palladium: Not explicitly rated in terms of stars, but considered a good long - allocation variety in the medium - term, with a need to be vigilant about short - term risks [2] Core Viewpoints - The overnight US November CPI and core CPI unexpectedly dropped to 2.7% and 2.6% respectively, with the core CPI at its lowest since March 2021. Fed Chair candidates think there is still room for interest rate cuts. The precious metals maintain a volatile and upward - biased trend. If gold can break through the historical high, the performance of precious metals is expected to strengthen [1] - The continuous rise of platinum and palladium on the Guangzhou Futures Exchange, the shift of funds in the precious metals sector, and the prospects of large - scale hydrogen energy applications during the "14th Five - Year Plan" period give platinum and palladium higher premiums. They are good long - allocation varieties in the medium - term, but short - term risks due to large price increases and possible high - level capital outflows need attention [2] Summary by Related Information US Economic Data and Interest Rate Expectations - US November unadjusted CPI annual rate was 2.7%, lower than the market expectation of 3.1%. The unadjusted core CPI annual rate was 2.6%, the lowest since March 2021. The probability of the Fed cutting interest rates in January next year rose from 26.6% to 28.8% [2] Central Bank Policies - The European Central Bank kept the deposit facility rate at 2%, in line with market expectations, and is likely to have ended the interest rate cut cycle [2] - The Bank of England cut the benchmark interest rate from 4.00% to 3.75%, and the governor said the pace of interest rate cuts would slow [2] - The Bank of Japan raised the policy interest rate by 25 basis points from 0.5% to 0.75%, reaching the highest level in 30 years [2]

Report Industry Investment Rating - Gold: ★☆☆ (indicating a bullish bias but with limited operability in the market) [1] - Silver: ★☆☆ (indicating a bullish bias but with limited operability in the market) [1] Report's Core View - This week, US non - farm data verified the economic cooling trajectory. Fed Governor Farrer said monetary policy is in a restrictive range with room for rate cuts, and the employment market suggests the Fed should continue to cut rates, with the interest rate 50 to 100 basis points higher than the neutral rate. Gold has been blocked at record highs in recent days and pulled back. Attention should be paid to whether it can break through and refresh the record high. If the breakthrough is confirmed, the strong performance of precious metals is expected to continue. Tonight, focus on US GPI data and weekly initial jobless claims [1]. - The continuous rally of platinum and palladium on the GZEX, the shift of funds in the precious metals sector, and the prospects of large - scale hydrogen energy application during the "14th Five - Year Plan" period have brought higher premiums to platinum and palladium. With active trading, the market is pricing in the expected supply gap on the fundamental side. Due to the brittle supply and small market size, platinum and palladium are good long - allocation varieties. However, due to the large short - term increase, beware of the short - term multi - killing - multi market caused by funds leaving at high levels. Adopt the idea of long - allocation on pullbacks in the medium term [2]. Other Summaries - The US media reported that if Putin refuses the Russia - Ukraine peace agreement, the US will impose new sanctions on Russia's "shadow fleet", and the White House responded that there is no new decision for now [2]. - The US media reported that the US and Russia will hold talks on the Russia - Ukraine conflict in Miami this weekend [2]. - A joint Fed survey shows that tariffs continue to trouble enterprises, and they expect prices to rise by 4% next year [2]. - According to US media, the Trump administration's recent move to block oil tankers off the Venezuelan coast is the latest manifestation of its "gradual pressure" strategy against Venezuelan President Maduro, aiming to oust Maduro through continuous isolation and squeezing rather than immediate large - scale domestic actions [2].

Report Summary 1) Report Industry Investment Rating No information provided 2) Core Viewpoints - On December 15, 2025, the platinum futures on the Guangzhou Futures Exchange hit a record high since listing and recorded the first daily limit. Platinum, with industrial and financial attributes, follows the logic of a precious - metal super - bull cycle. [2] - Platinum and palladium are still favored by long - position funds in the context of strong gold and silver prices. With the synchronous easing of the Sino - US monetary cycles, they have more macro - premiums. In the long - and medium - term, the rhythm of multi - allocation for platinum and palladium is clear. [3] 3) Summary by Related Content Event - On December 15, 2025, the platinum futures on the Guangzhou Futures Exchange reached a new high since listing and recorded the first daily limit. [2] Analysis of the First Daily - limit Logic - In the precious - metal super - bull cycle, funds shift from high - valued to low - valued varieties. Since November 2025, silver has led the precious - metal sector with a 29.3% increase. On December 15, 14.12 billion yuan of funds flowed out of Shanghai silver futures, while 6.84 billion yuan flowed into Guangzhou platinum futures, with an increase of 7055 lots. [2] - The supply of platinum is highly brittle, and the prospect of large - scale hydrogen energy applications boosts consumption expectations. Although the current platinum consumption in hydrogen energy accounts for less than 1% of the total, once the demand side breaks through, platinum's scarcity will increase. [2] - There is a re - balance between "money" and "resources". In the context of Western anti - globalization, countries scramble for key resources. China's dependence on platinum imports exceeds 80%, so platinum is a natural multi - allocation variety. [3] - The Guangzhou Futures Exchange's platinum futures have prominent independent pricing ability. On December 15, 2025, the Guangzhou platinum futures hit the daily limit, while the NYMEX platinum main contract rose less than 2.5% and the London platinum spot price declined slightly, indicating that it is mainly driven by domestic funds. [3] Outlook for the Future - Platinum and palladium prices are at record highs and generally follow the precious - metal super - bull cycle. They are still favored by long - position funds due to their relatively low valuations. The synchronous easing of the Sino - US monetary cycles provides more macro - premiums. The development of commercial space and hydrogen energy sectors gives room for imagination in platinum and palladium consumption. With strong supply constraints, the long - and medium - term multi - allocation rhythm is clear. [3]

Group 1: Company Overview and Products - The company specializes in various types of pipes, including hot-dip galvanized steel pipes, high-frequency welded pipes, and composite pipes, widely used in water supply, drainage, gas, and petrochemical industries [2][3] - The company maintains a strong financial position with low debt levels and ample liquidity [2] Group 2: Hydrogen Pipeline Project - The company’s subsidiary has secured a contract for a 20 km hydrogen pipeline project, part of a larger 195 km hydrogen transport network, designed to transport 100,000 tons of hydrogen annually [3] - This project is a key component of Inner Mongolia's green hydrogen transport network and marks the first commercial hydrogen pipeline in Northwest China [3] Group 3: National Infrastructure Investment - The National Development and Reform Commission plans to invest 5 trillion yuan to construct and upgrade 700,000 km of underground pipelines, significantly boosting demand for various types of pipes [4] - It is estimated that nearly 90% of the investment during the 14th Five-Year Plan will be directed towards water supply, drainage, and gas pipeline networks, leading to an annual market growth rate exceeding 8% in the pipeline manufacturing industry [4] Group 4: Natural Gas Pipeline Project - The China-Russia-Mongolia natural gas pipeline project is being led by Gazprom, with CNPC responsible for the construction of key segments and long-term gas procurement [6] - A legally binding cooperation memorandum was signed in September 2025, indicating a phased approach to project development [6] Group 5: Company Performance and Strategy - The company reported stable profitability in the first three quarters of 2025, with a decrease in revenue and net profit compared to the previous year, but a narrowing decline compared to the first half of the year [9] - Key factors for the company's performance include product structure optimization, cost reduction efforts, and improved management of accounts receivable and inventory [10]

Group 1: Financial Performance - The company's operating income and net profit attributable to shareholders decreased year-on-year in the first three quarters, but the decline narrowed compared to the first half of the year. In Q3, both operating income and net profit showed significant growth compared to the previous quarter and year-on-year [2][3] - The company's asset-liability ratio remains low, and cash reserves have increased, indicating strong financing and debt repayment capabilities [2][3] Group 2: Growth Drivers - Key growth drivers include product structure optimization, with civil pipe sales acting as a stabilizing force, and the industrial pipeline sector expected to grow due to national pipeline renovation projects [3][4] - The company is focusing on cost reduction and efficiency improvement, enhancing management of procurement costs and expenses, which has led to improved turnover efficiency and reduced bad debt risks [3][4] Group 3: Market Opportunities - The National Development and Reform Commission plans to invest 5 trillion yuan in the construction and renovation of 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, with nearly 90% of the investment directed towards water supply, drainage, and gas pipeline networks [4] - The pipeline manufacturing industry is expected to grow at an annual rate of over 8%, driven by policy mandates for digital transformation of pipeline networks [4] Group 4: Hydrogen Pipeline Development - The company has made substantial progress in long-distance hydrogen pipeline projects, securing a 20-kilometer order for the pipeline from Daqiaoqi to Baotou, with a total of 2,400 kilometers planned for three national-level hydrogen pipelines [5] - By 2030, China aims to establish the world's largest energy pipeline network, with significant investments in hydrogen pipeline infrastructure [5] Group 5: Strategic Initiatives - The establishment of a joint venture with Tianchuang Intelligent focuses on expanding the application of special robots in the oil and gas, municipal water, and other sectors, leveraging the market resources of the company [6][7] - The company plans to adopt a dual-wheel strategy for its second main business, prioritizing high-growth sectors and leveraging mergers and acquisitions to enhance market presence [8]

Group 1 - The "14th Five-Year Plan" suggests promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, and embodied intelligence as new economic growth points, with a particular focus on the large-scale application of hydrogen energy [1] - The hydrogen energy industry is expected to transition from demonstration to large-scale application, driven by decreasing green hydrogen costs, enhanced industrial chain collaboration, and expanding application scenarios, potentially activating a trillion-yuan market [1] Group 2 - The hydrogen demonstration project in Foshan, Guangdong, features a process that converts municipal waste into carbon powder, which is then transformed into hydrogen gas using coal-to-hydrogen technology, achieving an annual production capacity of approximately 6,500 tons at a cost of around 10 yuan per kilogram [3] - The project utilizes a low-temperature pyrolysis method in an oxygen-free environment to convert waste into carbon powder, while harmful heavy metals are permanently solidified in glass, turning them into safe building materials [5] Group 3 - The carbon powder produced by the project costs less than 200 yuan per ton, enabling local sourcing, production, and disposal of municipal waste [7]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the promotion of quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, and embodied intelligence as new economic growth points, with a particular focus on the large-scale application of hydrogen energy, which is expected to activate a trillion-yuan market as costs continue to decrease and application scenarios expand [1]. Hydrogen Energy Industry Development - The hydrogen energy industry is advancing rapidly with diverse applications and decreasing costs, moving from demonstration projects to large-scale implementation [1]. - A demonstration project in Guangdong Foshan converts municipal waste into carbon powder and subsequently into hydrogen gas, achieving an annual production capacity of approximately 6,500 tons at a cost of 10 yuan per kilogram, indicating strong potential for large-scale application [4][6]. - The first mobile zero-carbon hydrogen generation vehicle has been launched, capable of producing 80 cubic meters of hydrogen per hour, providing a sustainable alternative to diesel generators for emergency power supply [12]. Technological Innovations - The "hydrogen-electric coupling" project in Ningbo aims to convert hydrogen back into electricity during peak demand, enhancing the efficiency of energy use [14]. - The cost of hydrogen fuel cell systems has significantly decreased, from nearly 10,000 yuan per kilowatt to below 2,000 yuan, improving the economic viability of hydrogen-powered heavy-duty trucks [18]. Industrial Applications - The largest integrated green hydrogen and ammonia project in the world is set to launch in Jilin, with a total investment of 29.6 billion yuan, creating a complete industrial chain from renewable energy generation to green hydrogen production [24]. - By 2035, China's total installed capacity of wind and solar power is expected to reach 3.6 billion kilowatts, with green hydrogen and ammonia playing a crucial role in utilizing this renewable energy [26]. Market Outlook - The cost of electrolysis for hydrogen production has decreased by nearly 50% since 2020, with further reductions anticipated as flexible hydrogen production technologies are promoted [29]. - By around 2030, the price of green hydrogen is projected to reach approximately 10 yuan per kilogram, making it economically viable for industrial applications and positioning it as a "green oil" alternative [31].