不过，最近两日国际黄金和白银价格呈现出整理态势，并未创出历史新高。今日国际现货黄金和白银价 格出现回调，在这一进一退之间，铂、钯站上了风口浪尖。 值得注意的是，此前铂钯在年内已经出现两轮大幅上涨。 在黄金、白银等价格疯涨之后，闲不住的市场资金又把目光转向了贵金属中的铂和钯，铂、钯期货合约 连续两日大幅上扬。 12月15日，国内铂期货主力合约盘中强势上攻，日内触及涨停板，收报482.4元/克，单日涨幅高达7%， 远超今日沪金主连1.92%的涨幅，这也是该品种自11月27日在广州期货交易所上市以来的首次涨停。12 月16日，国内铂金期货主力合约开盘延续冲高态势，一度大涨6.64%，突破500元大关，最高触及505.6 元/克，截至今日收盘报485.75元/克，上涨2.46%。与此同时，钯期货也连续大涨。12月15日，钯期货一 度涨超6%，最高报413.45元/克，最终收盘报407.6元/克，上涨4.73%。16日钯期货继续上攻，盘中再度 涨超6%，最高触及432.05元/克。 | 铂主连 | | | | | | --- | --- | --- | --- | --- | | pt9999 | | | | | | ...

中国能源建设(03996)公布，2025年12月16日，公司投资建设的全球最大规模绿色氢氨醇一体化项目 ——中能建松原氢能产业园(绿色氢氨醇一体化)项目一期工程(以下简称松原项目一期或本项目)正式投 产运行。 松原项目一期工程于2023年9月开工建设，总投资69.46亿元，建设内容包括80万千瓦新能源发电(其中 风电75万千瓦、光伏5万千瓦)，2025年12月1日项目建成并首次成功生产绿氢，2025年12月16日正式投 产运行。 本项目采用"风光直供+储能调峰+高效电解制氢系统+动态氨合成一体化"创新技术路线，成功破解了新 能源波动与化工稳定生产之间动态耦合的世界级难题。项目创造了规模最大、储氢量最大、最宽负荷柔 性工艺和最大规模碱性电解制氢设备"四项世界纪录"，开创风光储氢氨醇匹配优化技术、100%绿电直 供技术、绿色柔性制氢氨醇技术、规模化风光储氢氨醇一体化调控技术"四项国际领先技术"。项目实现 关键核心装备100%国产化，填补了我国绿电直连耦合氢氨醇柔性生产空白，形成专利、专有技术、标 准规范共计百余项。 本项目投产后，可实现年产4.5万吨绿氢以及20万吨绿氨和绿色甲醇的产能，相当于每年节约标准煤约 6 ...

Group 1 - The Chongqing Hydrogen Station Industry Development Plan (2025-2035) emphasizes systematic promotion of hydrogen station construction and supporting facilities, focusing on urban-rural integration and regional coordination [1] - The plan aims to utilize industrial by-product hydrogen and expand renewable energy hydrogen production, supporting the transformation of existing gas stations into hydrogen stations [1] - The goal is to create a comprehensive hydrogen network that is modern, safe, and efficient, facilitating the large-scale application of hydrogen fuel cell vehicles and promoting high-quality development of the hydrogen energy industry [1] Group 2 - With the implementation of hydrogen-friendly policies in China, the hydrogen energy market is expected to expand, with increased bidding projects for electrolyzers and breakthroughs in electrolyzer technology [2] - The supply of hydrogen continues to rise, and the application scenarios for hydrogen energy are diversifying, indicating a broad development prospect for hydrogen production demonstration station enterprises [2] - The acceleration of research and development in hydrogen fuel cell vehicles suggests a growing interest in the hydrogen vehicle application sector [2]

来源：市场资讯 近期资金在贵金属板块内部出现轮动迹象。在黄金价格企稳、白银维持高位震荡的背景下，兼具金融与 工业属性且前期相对滞涨的铂族金属成为新的关注焦点。世界铂金投资协会（WPIC）此前发布的数据 显示，全球铂金市场预计将连续第三年出现实物短缺。 供应端的结构性紧张是支撑铂族金属价格的重要因素。南非作为全球主要的铂金生产国，其矿山长期面 临电力供应不稳定等运营挑战。在需求侧，除了传统汽车催化剂的稳定需求外，氢能产业的发展被视为 铂金未来需求的新增长点。（市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考， 不构成个人投资建议。） 12月15日纽约市场交易时段，国际贵金属市场呈现显著分化格局。现货钯金价格大幅上扬，日内涨幅达 到6.00%，收于每盎司1583.16美元。同日，现货白银上涨3.28%，报收于每盎司63.99美元；COMEX白 银期货上涨3.25%，收于每盎司64.020美元。现货铂金上涨2.48%，收于每盎司1790.52美元。相比之 下，黄金价格在当日交易中冲高回落，最终仅录得微幅上涨。 同日，国际原油市场表现疲软。美国WTI原油主力合约收盘下跌1.32%，报每桶56.68美元， ...

Core Viewpoint - Shenwan Hongyuan initiates coverage on CIMC Enric (03899) with a "Buy" rating, highlighting its strong financial health and robust order backlog, driven by growth in natural gas demand, decarbonization in shipping, and hydrogen industry policies [1] Group 1: Financial Performance - CIMC Enric is a clean energy equipment platform under CIMC Group, with a stable financial position and a major shareholder holding 70% [1] - The company expects a CAGR of 17% in net profit attributable to shareholders from 2020 to 2024, benefiting from the continuous improvement in clean energy equipment performance [1] - The gross profit contributions from clean energy, chemical environment, and liquid food segments for H1 2025 are 71%, 14%, and 15% respectively [1] - The company has maintained a ROE above 10% for the past four years and has a cash-rich position, with a dividend payout ratio exceeding 50% in the last two years [1] Group 2: Order Backlog and Market Potential - As of Q3 2025, CIMC Enric has a total order backlog of 30.8 billion yuan, with clean energy equipment orders amounting to 27.3 billion yuan (20 billion yuan for marine and 7.1 billion yuan for land-based applications, and 300 million yuan for hydrogen) [2] - The company is positioned to benefit from the anticipated decline in natural gas prices, which will enhance LNG infrastructure [2] - The LNG shipping market is expected to double by 2030, driven by environmental and economic advantages, leading to increased orders for LNG bunkering vessels and fuel tanks [2] - The hydrogen sector is expected to benefit from the implementation of the 14th Five-Year Plan for hydrogen and ammonia policies, with the company’s core products covering the entire hydrogen production, storage, transportation, and utilization chain [2] Group 3: Energy Operations - CIMC Enric utilizes coke oven gas to produce blue hydrogen and LNG, with the first project at Angang expected to be profitable in its first year of operation, targeting a cumulative capacity of approximately 200,000 tons of hydrogen and 1 million tons of LNG by 2027 [3] - The potential for green methanol is significant, driven by decarbonization in shipping and renewable energy consumption, with the company’s 50,000-ton biomass methanol project expected to be a frontrunner [3] Group 4: Other Business Segments - The chemical environment segment, with a global market share exceeding 50% in tank containers, is expected to face short-term pressure due to chemical cycle impacts, prompting the company to expand its after-market services [4] - The liquid food segment, which includes well-known brands like Ziemann beer equipment, is experiencing a slowdown in consumer demand, leading to a diversification strategy to enhance resilience [4]

Core Insights - Hydrogen energy is recognized as an important clean energy source, with significant advancements in technology, diverse applications, and decreasing costs in China's hydrogen energy industry [1] Group 1: Industry Development - By the end of 2024, China will have 27,000 hydrogen fuel cell vehicles in operation, accounting for over 28% of the global total; 540 hydrogen refueling stations have been built, representing about 40% of the global total [2] - The cost of hydrogen production and consumption in China is expected to decrease by 15.6% and 13.7% respectively in 2024, indicating an approaching economic turning point for the hydrogen industry [5] Group 2: Technological Innovation - The South China region has established a complete industrial ecosystem with over 160 high-quality enterprises in the hydrogen energy sector, focusing on key materials, core components, and system integration [6] - The price of hydrogen fuel cell systems produced in the South China region has dropped from approximately 15,000 yuan/kW to 2,000 yuan/kW, showcasing the impact of technological advancements [5] Group 3: Application Scenarios - Hydrogen energy applications are diversifying, with projects like the hydrogen-powered inspection robots and hydrogen energy emergency power vehicles being developed for various scenarios [4] - The introduction of hydrogen-based products, such as hydrogen water machines and hydrogen fertilizers, is enhancing everyday life and agricultural practices [4] Group 4: Government Support - The government is promoting the high-quality development of the hydrogen industry through reforms in market access, regulatory mechanisms, and standard construction [3] - Initiatives include subsidies for hydrogen fuel cell vehicle tolls and integrating hydrogen transport vehicles into "green channels" [3] Group 5: Future Directions - The focus for future hydrogen industry development includes systematic breakthroughs in key technologies such as electrolysis, fuel cells, and green hydrogen storage and transportation [7] - There is an emphasis on increasing the utilization of green hydrogen across various industries, including power generation and petrochemicals [7]

Core Viewpoint - The article emphasizes the importance of seizing opportunities in future industries, particularly in quantum technology, biotechnology, hydrogen energy, and nuclear fusion, as outlined in China's 15th Five-Year Plan [1] Group 1: Quantum Technology Development - Guangdong has established a clear strategic layout for quantum technology, aiming to create a world-class quantum information technology innovation platform and a southern base for quantum information industry [4][13] - The first large-scale dedicated optical quantum computer manufacturing plant in Shenzhen marks a significant transition from laboratory principles to engineering mass production, filling a global gap in the industry [5][14] - The Guangdong-Hong Kong-Macau Greater Bay Area is forming a robust "innovation magnetic field," with increased activity in quantum technology, including forums and collaborative events among universities and enterprises [6][14] Group 2: Sustainable Quantum Innovation Ecosystem - A comprehensive development framework covering basic research, technology breakthroughs, platform construction, and industry cultivation is rapidly taking shape in the Greater Bay Area [8][15] - Guangdong is implementing open talent recruitment plans and enhancing quantum information science education in key universities to support the growth of the quantum ecosystem [15] - The unique "one country, two systems, three tariff zones" structure of the Greater Bay Area is fostering a distinct path for quantum technology development, focusing on international research, industry demand, and regional collaboration [15] Group 3: Future Industries in Other Regions - In Hubei, the hydrogen energy industry is being developed with a comprehensive approach, aiming for a total industry chain output value of 100 billion yuan by 2027 [23] - Hubei has established a full-chain innovation matrix in biotechnology, with several products leading globally in market share [21] - The province is also advancing in 6G communication technology, with significant investments and developments aimed at becoming a leader in the global 6G landscape [20][22]

Core Insights - Hydrogen energy is recognized as a significant clean energy source and a future economic growth point, with the industry expected to see substantial development opportunities in 2024 [1][4] Industry Development - By 2024, China's hydrogen production and consumption scale is projected to exceed 36.5 million tons, leading globally [2] - The transportation sector is a key area for hydrogen energy, with 27,000 hydrogen fuel cell vehicles in operation by the end of 2024, accounting for over 28% of the global total [2] - China has built 540 hydrogen refueling stations, representing 40% of the global total [2] Technological Advancements - The cost of hydrogen production and consumption in China is expected to decrease by 15.6% and 13.7% respectively in 2024, indicating a nearing economic turning point for the hydrogen industry [7] - The price of fuel cell systems produced in Nanhai District has dropped from approximately 15,000 yuan/kW to 2,000 yuan/kW [7] Application Scenarios - Hydrogen energy applications are diversifying, including hydrogen-powered systems for power inspection and emergency power supply vehicles [5][6] - The introduction of hydrogen-based products, such as hydrogen coffee machines, is making hydrogen technology more accessible to consumers [5] Government Support - The government is promoting the high-quality development of the hydrogen industry through policy support, encouraging diverse application scenarios, and exploring breakthroughs in regulatory mechanisms [3][9] - Initiatives include subsidies for hydrogen fuel cell vehicle tolls and integrating hydrogen transport vehicles into "green channels" [3] Market Trends - Companies are increasingly adopting hydrogen fuel cell technology across various sectors, including construction, logistics, and agriculture [3][6] - The industry is witnessing the emergence of new business models and products, such as hydrogen-based fertilizers and water for agricultural enhancement [6][8]

Core Viewpoint - The 2025 China Platinum Group Metals Market Annual Conference highlighted the growing importance of platinum and palladium, referred to as "industrial vitamins," in various dimensions of economic and social development [1] Industry Insights - Platinum and palladium are increasingly favored in the consumer market, particularly in jewelry and investment products [1] - In the industrial sector, platinum serves as a core catalyst in the hydrogen energy industry chain, with its strategic value becoming more pronounced as the "14th Five-Year Plan" for hydrogen energy development progresses [1]

攀枝花钢城集团有限公司党委副书记、副董事长、工会主席郑义全表示，钢城集团将以"三个全力"践行 责任担当，一是全力保障项目建设，保质保量完成实验平台主体管道和结构件的制作与供应；二是全力 保障氢源供应，为平台技术研发与实验验证提供稳定高品质的氢源保障；三是全力深化与各参建单位的 协同，在技术研发、实验验证等环节凝聚合力，共同破解难题。 该平台项目作为科技部重点研发计划项目《纯氢与天然气掺氢长输管道输送及应用关键技术》的核心任 务，深度融入四川省"一集群、一基地、一高地"氢能产业蓝图，是助力攀枝花建设国家级绿氢规模化供 应基地和西南地区氢能多元化应用标杆的关键举措。 此次试验平台有3项突出技术参数：一是输气压力不低于6.3兆帕，长度不低于10千米，管径不低于500 毫米，可同时开展至少3类不同规格管道的测试；二是测试温度范围为40至60摄氏度，具备测试管路典 型部位裂纹和泄漏在线检测（快速定位）功能；三是掺氢比例5%~20%，气密性试验在1.1倍设计压力下 泄漏率不高于0.3%/小时（试验时间24小时），安全运行时间不少于90天。 国家电投集团中央研究院有限公司副总经理鲁仰辉介绍，平台项目是国内规模最大、技术指标 ...