国家能源局近日印发《关于组织开展能源领域氢能试点工作的通知》，将遴选部分项目和区域开展氢能 试点工作，进一步推动创新氢能管理模式，探索氢能产业发展的多元化路径。 氢能是能源转型的重要载体。国家能源局能源节约和科技装备司副司长徐继林介绍，氢能在新型电力系 统、新型能源体系建设中将发挥重要作用，有力促进新能源开发消纳。同时，氢能产业科技含量高、产 业链条长、涉及环节多，发展过程中可以全方位带动产业创新、内需扩大、人才培养和国际合作。 由国家能源局组织行业相关机构和专家编制发布的《中国氢能发展报告（2025）》显示，截至去年底， 全球可再生能源制氢项目累计建成产能超25万吨/年，我国占比超50%，已逐步成为全球可再生能源制 氢及相关产业发展的引领国家。去年我国氢能全年生产消费规模超3650万吨，位列世界第一。 但整体来看，全球氢能产业仍处于发展初期，与传统能源和风光等新能源相比，还存在一些短板：一是 项目经济性仍有差距。规模化可再生能源制氢项目规划数量快速增长，但相关技术工艺和建设运营水平 较传统技术路线仍有不足，可再生能源制氢项目落地实施和多元化场景探索较为缓慢。二是技术成熟度 存在短板。氢能部分技术和场景离商业 ...

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - Continuous introduction of hydrogen energy policies and gradual advancement of pilot projects are observed. The report suggests focusing on companies involved in the bidding for electrolyzers, those capable of hydrogen transportation, and heavy-duty hydrogen vehicle manufacturers [2][37]. Summary by Sections 1. Hydrogen Industry Market Performance - As of June 20, 2025, the hydrogen energy index closed at 2022.52 points, with a weekly decline of -1.23% and a year-to-date increase of 13.83%. The hydrogen energy index ranks 40th among the Shenwan secondary industry rankings, improving by 2 places from the previous week [9][12]. 2. Hydrogen Industry Data Review 2.1 Electrolyzer Data Review - By June 20, 2025, there have been 26 cumulative bidding projects for electrolyzers in China, primarily alkaline and PEM types. A notable project involves a 200kW AEM electrolyzer system, which is the largest single-cell AEM system currently in practical production [16][17]. 2.2 FCV Related Data Review - In May 2025, the production of fuel cell vehicles (FCVs) added 250 units, a decrease of 26.90% month-on-month, while sales added 165 units, down 49.70%. Cumulatively, from January to May 2025, production reached 1176 units, a year-on-year decrease of 25.00% [19][22]. 3. Industry Dynamics and Company Developments 3.1 Industry Dynamics - The first national hydrogen vehicle quality inspection center has been put into operation, covering the entire hydrogen energy industry chain. Multiple regions, including Beijing, Hebei, and Sichuan, have initiated hydrogen energy pilot project applications [32][33]. 3.2 Company Developments - Meijin Energy's carbon paper project has completed its A-round financing, marking a significant technological breakthrough in the gas diffusion layer field. Tianhai Hydrogen has secured the first batch order for 8-450L IV type hydrogen storage bottles, achieving significant advancements in storage technology [35][36].

Core Viewpoint - The article highlights the transformative impact of hydrogen fuel cell technology on China's logistics industry, particularly through the successful deployment of Yutong's hydrogen fuel heavy trucks, which demonstrate significant cost savings and environmental benefits compared to traditional diesel vehicles [1][10]. Group 1: Economic Impact - Yutong's hydrogen fuel heavy truck achieved a hydrogen consumption of only 7.55 kg per 100 kilometers, resulting in a cost saving of approximately 1200 RMB per trip compared to diesel trucks [1] - The implementation of highway toll exemptions for hydrogen fuel trucks in Henan province is expected to activate a logistics market worth over 100 billion RMB, providing strong policy support for local logistics companies [4][5] - The economic viability of hydrogen fuel trucks is being reshaped by both policy incentives and technological advancements, making them a competitive alternative to traditional fuel trucks [10] Group 2: Technological Advancements - Yutong has been developing fuel cell technology since 2009, with its third-generation fuel cell commercial vehicles achieving international leading levels in range, environmental adaptability, and hydrogen economy [8] - The fuel cell system developed by Yutong allows for a single refueling range of over 500 kilometers, breaking the limitations of hydrogen fuel trucks being confined to short-distance operations [8] - Yutong's hydrogen consumption is over 10% lower than the industry average, translating to nearly 1 kg of hydrogen saved per 100 kilometers, which is crucial for profitability in a low-margin logistics environment [8] Group 3: Policy and Infrastructure Development - The Henan province's hydrogen highway policy is a key driver for the green transformation of the regional economy, supporting the construction of green hydrogen bases and expanding hydrogen refueling station networks [5][10] - The strategic goal of Zhengzhou to become "Central Plains Hydrogen City" includes a comprehensive industrial ecosystem that enhances the entire hydrogen supply chain from production to application [10] - Collaboration among multiple urban clusters is essential for advancing the demonstration applications of fuel cell vehicles and building supportive infrastructure for hydrogen fuel trucks [10] Group 4: Environmental Implications - The shift from traditional diesel trucks to hydrogen fuel trucks represents a significant reduction in operational costs and environmental pollution, aligning with China's dual carbon goals [13] - The hydrogen energy corridor connecting the Yellow River and Yangtze River symbolizes a new era of zero-carbon logistics, showcasing the potential for large-scale clean energy implementation [13]

Core Insights - Bai City is leveraging its geographical advantages to develop a robust renewable energy sector, particularly in wind power, positioning itself as a leader in Northeast China and among the top ten cities nationwide in renewable energy capacity [1][3]. Renewable Energy Development - By the end of 2024, Bai City's renewable energy development scale is expected to exceed 16 million kilowatts, making it the first city in Northeast China to achieve a capacity of over 10 million kilowatts [1][3]. - The city has attracted major state-owned enterprises in the energy sector, with Tongyu County's renewable energy capacity reaching 6.06 million kilowatts, accounting for nearly one-third of the province's total capacity [2][3]. Equipment Manufacturing - Bai City is also focusing on developing a complete industrial chain for renewable energy equipment manufacturing, with significant investments from companies like SANY and Dongfang Electric [5][6]. - The renewable energy equipment manufacturing industry in Tongyu County is projected to achieve an annual output value of nearly 4 billion yuan by the end of 2024 [6][7]. Hydrogen Energy Initiatives - Bai City has initiated plans to develop a hydrogen energy industry, aiming to become "China's Northern Hydrogen Valley" by utilizing its abundant renewable energy resources [8][9]. - Key projects include a 5.96 billion yuan green hydrogen ammonia integration demonstration project and a 5.6 billion yuan green methanol project, both expected to produce significant outputs in the near future [8][9]. Challenges in Energy Consumption - Bai City faces challenges in energy consumption capacity, with a low local consumption ratio of renewable energy, prompting efforts to attract high-energy-consuming enterprises [11][12]. - The city is also working on enhancing its energy transmission capabilities through new substations and projects to improve the export of renewable energy [13].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 添加文末微信，加 燃料电池 群 6月18-20日，FCVC2025在上海汽车会展中心隆重举行。中联重科股份有限公司作为全球领先的高 端装备制造企业，携旗下氢气液驱活塞压缩机（20-90MPa）、PEM电解水系统（0.1-500Nm³/h）、 燃料电池固定电站（0.1-2MW）等产品亮相。 会中，势银（TrendBank）采访了中联重科股份有限公司氢能事业部总经理司耀辉，并就公司氢能 推广现状、未来规划以及产业困境等话题，展开了深入探讨。 II BooMillo PATR X 司将在 中联重科股份有限公司 氢能事业部总经理 碧银访谈 (44 中联重科凭借当前超过60%的撬装加氢站 自主化率,确立了未来三年内实现相关装 备成本下降40%以上的目标。这体现了公 司通过技术创新(液驱路线)和供应链深 度国产化,切实解决氢能基础设施成本高 企问题的决心和能力。 中联重科选择"撬装+液驱"路线，是技术优势、市场需求与政策现实三重因素驱动的结果： -1 ...

Group 1 - The first domestic 2MW hydrogen fuel cell cogeneration demonstration project is operational, utilizing industrial by-product hydrogen as energy [1] - The project has successfully increased hydrogen purity from 99.5% to 99.999% through advanced purification processes [1] - The company has achieved significant sales milestones, with ordinary hydrogen sales exceeding 36.9 million cubic meters and high-purity hydrogen revenue reaching 7.9 million yuan [1] Group 2 - Hydrogen energy is a key component of the future national energy system, with the hydrogen industry being a strategic emerging industry focus [2] - The company is actively promoting the hydrogen fuel cell vehicle demonstration application, aiming to cultivate leading enterprises and accelerate the scale and cluster development of the hydrogen industry [2] - A commercial hydrogen refueling station has been established, capable of consuming 360 tons of by-product hydrogen annually, creating a complete "hydrogen production-storage-transportation-application" closed loop [2] Group 3 - The development of a hydrogen transportation network is underway, with plans for a hydrogen refueling station in the western mining area, promoting green low-carbon development [3] - The company is committed to transitioning traditional energy to green zero-carbon clean energy and actively developing the entire hydrogen industry chain [3]

Core Insights - Hydrogen energy is viewed as a "ultimate energy" due to its zero emissions and high energy efficiency, with significant potential in the transportation sector [1] - The establishment of hydrogen energy demonstration lines in Hubei province reflects the region's commitment to developing the hydrogen industry through practical applications [1][2] - The Wuhan Economic and Technological Development Zone has become a hub for hydrogen energy, housing 70% of the city's high-end equipment R&D and manufacturing core enterprises [3] Group 1: Hydrogen Energy Applications - Three hydrogen fuel heavy-duty trucks are currently in operation along the Hanyi Expressway, showcasing the practical use of hydrogen energy in logistics [1] - The hydrogen fuel trucks can be refueled in just 10 minutes and have a range of 400 kilometers, contributing to a reduction of 100 tons of CO2 emissions annually for a typical usage of 100,000 kilometers [1] - The Hubei hydrogen energy demonstration line has been operational since March, with approximately 30 hydrogen fuel trucks making daily trips [1] Group 2: Industry Development - The National Electric Power Investment Corporation established the Central China Hydrogen Energy Industry Base in Wuhan, focusing on the R&D and production of core components for fuel cells [2] - The base has achieved an annual production capacity of 5,000 hydrogen fuel cell stack systems, with over 500 units sold nationwide in 2023 [2] - The hydrogen energy industry in Wuhan has reached a scale of 15.5 billion yuan in 2023, with 16 key enterprises contributing to a complete industry chain from hydrogen storage to vehicle production [2] Group 3: Future Prospects - The opening of the Wuhan Hydrogen Technology Industrial Park and the announcement of five new hydrogen projects with over 3 billion yuan in investment mark a new development phase for the hydrogen industry in Wuhan [2] - The local government anticipates a promising future for the hydrogen industry as application scenarios continue to expand [3]

Group 1 - The core viewpoint of the articles highlights the rapid development of the hydrogen energy industry in the Ziliujing District of Zigong City, Sichuan, with significant investments and infrastructure projects underway [1][2] - The Ziliujing District's industrial added value growth rate reached 19.2% in the first quarter, surpassing the city's average by 0.9 percentage points, indicating strong economic performance [1] - The construction of the Zigong Hydrogen Equipment Manufacturing Industrial Park is progressing, with a total investment of 242 million yuan, covering an area of 121 acres and a planned total building area of 95,000 square meters [1] Group 2 - The hydrogen energy industry in the Ziliujing District is rapidly clustering due to a coordinated industrial ecosystem layout, integrating "Dongguo Area + International Land Port Area" and "Leading Enterprises + Supporting Facilities + Scenarios" [2] - The Dongguo Area focuses on energy-saving and environmental protection equipment, chemical containers, and hydrogen equipment manufacturing, with significant projects like the production line for high-pressure hydrogen storage equipment and the first hydrogen fuel cell logistics park in southern Sichuan [2] - The Sichuan New Energy Industry Chain Strengthening Action (2025-2027) has included Zigong in the "Chengde Zigong" hydrogen energy industry cluster, with a comprehensive support system for project construction, technology breakthroughs, and funding incentives [2]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [48]. Core Viewpoints - The report highlights the recent announcement by the National Energy Administration regarding the initiation of hydrogen energy pilot projects in regions rich in wind, solar, hydro, nuclear, and biomass resources. This initiative aims to promote large-scale renewable energy hydrogen production and explore diverse pathways for hydrogen industry development [3][42]. - The report suggests focusing on leading companies in the hydrogen technology sector, as the pilot projects are expected to drive innovation in hydrogen management models and support the entire hydrogen supply chain development [3][42]. Summary by Sections 1. Market Review - As of June 19, 2025, the Shenwan Electric Equipment industry has seen a decline of 1.06% over the past two weeks, underperforming the CSI 300 index by 0.17 percentage points, ranking 11th among 31 industries. Year-to-date, the industry has decreased by 6.44%, lagging behind the CSI 300 index by 4.11 percentage points, ranking 26th [11][15]. 2. Valuation and Industry Data - As of June 19, 2025, the price-to-earnings (PE) ratio for the electric equipment sector is 24.13 times. Sub-sector PE ratios include: - Electric Motor II: 46.20 times - Other Power Equipment II: 39.37 times - Solar Equipment: 16.37 times - Wind Equipment: 32.12 times - Battery: 24.08 times - Grid Equipment: 23.41 times [22][25]. 3. Industry News - The report discusses the National Energy Administration's recent data release indicating that total electricity consumption in May reached 809.6 billion kWh, a year-on-year increase of 4.4%. Cumulative electricity consumption from January to May was 39,665 billion kWh, up 3.4% year-on-year [38]. 4. Company Announcements - The report includes various company announcements, such as share reduction plans by major shareholders and updates on procurement projects, indicating ongoing corporate activities within the sector [41]. 5. Weekly Perspective on Electric Equipment Sector - The report emphasizes the importance of the hydrogen energy pilot projects and suggests that companies with advanced hydrogen technology should be closely monitored for potential investment opportunities [41][42].

Core Viewpoint - The Hydrogen Energy Group is showcasing its commitment to the hydrogen energy industry by launching the world's first 260-ton hydrogen mining truck and emphasizing its full value chain strategy in hydrogen production and application [1][4][15]. Group 1: Hydrogen Mining Truck Launch - The world's first 260-ton hydrogen mining truck was unveiled at the International Hydrogen and Fuel Cell Vehicle Conference in Shanghai, highlighting the company's innovation in zero-carbon technology for mining [1][4]. - The mining truck features a length of 14.748 meters, width of 9.106 meters, and height of 7.439 meters, with a total height exceeding two stories and an area of over 134 square meters [5]. - The truck is equipped with a hybrid power system and can achieve a maximum speed of 56 km/h and a climbing ability of 17% [7]. Group 2: Environmental Impact and Cost Savings - The hydrogen mining truck can carry 118 cubic meters of ore, equivalent to the capacity of 30 family cars, and is expected to reduce carbon emissions by over 3,000 tons annually while saving over a million in fuel costs over its 15-year lifespan [9]. - The truck utilizes 70 MPa hydrogen technology and rapid refueling capabilities, allowing for a range of over 120 kilometers and ensuring operational efficiency above 90% [7][9]. Group 3: Hydrogen Fuel Cell Technology in Shipping - The Hydrogen Energy Group is also advancing hydrogen fuel cell technology for shipping, launching the TK300CS marine fuel cell system with a power output of 600 kW, aimed at enhancing the efficiency of 2,000-ton vessels [10][12]. - The marine fuel cell system features adaptive hydrogen circulation technology and a modular design that reduces pipeline layout by 40%, promoting both aesthetic and cost-effective engineering [12]. Group 4: Strategic Focus and Industry Leadership - The company is committed to a full industry chain approach, focusing on hydrogen production, electrolysis, and high-power fuel cells, while increasing investment in technological research and development [13][15]. - The Hydrogen Energy Group aims to lead the global hydrogen revolution by integrating various aspects of the hydrogen supply chain, including production, storage, transportation, and application [15][17].