Fixed Income - Credit spreads across various industries have slightly compressed, with some industries experiencing significant widening [2][6] - The overall credit bond transaction volume increased by 458 billion yuan week-on-week, with a notable rise in the turnover rate [6][7] - The recommendation is to focus on liquid 3-5 year industrial bonds and high-yield municipal bonds with yields above 2% [6][12] Financial Data - In May, new loans amounted to 620 billion yuan, and social financing reached 2.29 trillion yuan, indicating weak credit demand [9][11] - M2 growth was stable at 7.9% year-on-year, while M1 growth rebounded to 2.3% [10][11] - The expectation is for a slight increase in new loans and significant growth in government bond financing, with social financing growth projected to be around 8.3% by year-end [11][12] Pharmaceutical Industry - The pharmaceutical index rose by 1.40%, with significant developments in Alzheimer's disease treatment, including a strategic partnership between Shiyao Group and AstraZeneca worth 5.33 billion USD [13][15] - The market potential for innovative oral drugs for Alzheimer's is promising, with a focus on companies like Tonghua Jinma [15][16] - Recommendations include companies with strong innovation capabilities and those positioned for international expansion, such as Heng Rui Medicine and Kintor Pharmaceutical [16][17] Metals and New Materials - Copper prices are expected to remain volatile, with domestic copper inventory decreasing and downstream demand slightly declining [19][20] - Aluminum prices are supported by ongoing inventory depletion, with current prices around 20,400 yuan per ton [21][22] - Lithium prices are under pressure, with a focus on potential production cuts in the mining sector [22][23] Public Utilities and Environmental Protection - The energy supply is transitioning from tight to balanced, with coal power generation expected to decline due to increased renewable energy installations [24][25] - The hydrogen energy sector is moving towards maturity, with pilot projects being initiated to enhance economic viability [27][28] - Recommendations include companies involved in traditional power generation and emerging renewable energy technologies [26][27] North Exchange - The North Exchange has accepted 25 IPO applications, with a focus on the upcoming IPO of Guangxin Technology [30][31] - The market is experiencing a downward trend, with a weekly decline of 3.11% in the North Exchange 50 index [31][32] - The overall outlook remains optimistic, with a focus on stable growth companies and sectors with high dividend yields [31][32]

Core Viewpoint - The National Energy Administration of China has initiated a pilot program for hydrogen energy, aiming to innovate management models and explore diversified development paths for the hydrogen industry, supporting the entire hydrogen value chain from production to storage, transportation, and application [1][6]. Group 1: Pilot Program Details - The pilot program will include project and regional trials focusing on four main areas: hydrogen production, storage and transportation, application, and common support, with 11 specific directions outlined [4][6]. - In the hydrogen production direction, projects will be developed in areas rich in renewable resources, integrating hydrogen production with ammonia, alcohol, aviation fuel, and refining processes [4][5]. - For long-distance hydrogen transportation, various technologies will be tested to improve efficiency and reduce costs, including pipelines and liquid hydrogen transport, with specific capacity and distance requirements set [5][6]. Group 2: Implementation and Support - Projects are expected to be completed within three years, with priority given to those that meet certain criteria for long-term loans and support for major technological equipment [6]. - The National Energy Administration plans to promote successful pilot experiences nationwide, aiming to enhance the overall level of China's hydrogen industry [6][7]. - By 2024, China's hydrogen production and consumption scale is projected to exceed 36.5 million tons, making it the largest in the world, with a significant share of global renewable hydrogen production capacity [6][7]. Group 3: Market Response - Following the announcement of favorable policies, stocks of several hydrogen energy companies, including Yihuatong, saw price increases [8].

Core Viewpoint - The article emphasizes the upcoming development boom in the hydrogen energy sector, driven by new policies and pilot projects outlined by the National Energy Administration, focusing on green power and green chemicals as core areas for hydrogen development [2][3][4]. Policy Interpretation - **Support Policy 1**: Project pilots will promote advanced hydrogen technologies and key equipment, ensuring clear commercial models and significant carbon reduction effects. Central government funding for smart grid projects is approximately 960 million yuan, which can include hydrogen power projects [6]. - **Support Policy 2**: Encourages renewable energy consumption and hydrogen production during low electricity demand periods, aiming to reduce hydrogen production costs and improve energy efficiency [7]. - **Support Policy 3**: Local energy departments will enhance support for pilot projects, addressing cost management and safety, and promoting the replication of successful models [8]. - **Support Policy 4**: Eligible projects will receive priority for long-term loans and support for major technological equipment, facilitating the establishment of industry standards [9]. - **Support Policy 5**: The National Energy Administration will coordinate major issues faced by pilot projects, ensuring they are included in significant engineering project databases [10]. Pilot Directions - **Hydrogen Production**: Focus on large-scale hydrogen production using renewable energy sources, with specific requirements for electrolyzer capacity and operational flexibility [12][13][15]. - **Hydrogen Storage and Transportation**: Emphasizes the need for efficient long-distance hydrogen transport through pipelines and liquid hydrogen, with specific capacity requirements for transport vehicles and storage projects [16][18]. - **Hydrogen Applications**: Highlights the role of hydrogen in green chemical processes and energy supply, with specific targets for renewable hydrogen production and integration into existing energy systems [20][21][23][24]. Common Support - **Hydrogen Verification Platforms**: Establishes platforms for testing hydrogen equipment and quality management, supporting the development of industry standards [26][27]. - **Low-Carbon Transition Trials**: Focuses on integrating renewable hydrogen production and storage in various industrial applications, aiming for over 80% clean energy consumption in targeted areas [28].

国家能源局发布《关于组织开展能源领域氢能试点工作的通知》，其中提到，国家能源局将遴选部分项 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，形成可 复制可推广的经验，支撑氢能"制储输用"全链条发展；对符合条件的项目和区域试点优先纳入制造业中 长期贷款、优先推荐纳入"两重""两新"等支持范围，相关技术装备优先纳入能源领域首台(套)重大技术 装备。支持依托试点项目，制定相关国家标准和行业标准，推动相关项目参与碳市场、绿证市场交易。 ...

试点方向： 文 | 国家能源局 6月10日，国家能源局官网印发了《 关于组织开展能源领域氢能试点工作的通知 》（国能综通 科技〔2025〕91号）。通知指出， 国家能源局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，形成可复制可推广的经验，支撑氢 能"制储输用"全链条发展。 项目试点： 依托项目试点推动氢能先进技术与关键装备推广应用，支撑开展各类标准可行性和 有效性验证， 探索技术先进、模式清晰、可复制推广的项目开发方案。 项目试点由业主单位进 行申报，以单一试点方向为主。相关项目原则上应已完成核准、备案等工作，确保试点项目顺利 投运，商业模式清晰、成本效益明显、减碳效果突出，支持项目应用国家科技重大专项、国家重 点研发计划、首台（套）重大技术装备、能源领域研发创新平台等攻关成果，支撑打造技术装备 成果推广应用新场景、新模式、新机制，巩固提升氢能产业创新力、竞争力。 区域试点： 依托区域试点推动建立健全氢能跨部门协作机制和管理模式，探索创新可持续的绿 色价值实现机制，统筹衔接各类政策资源。 区域试点由牵头城市进行申报，覆盖城市不超过 3 个， 可统筹组织实施 ...

以下文章来源于DT新能源 ，作者DT新能源 DT新能源 . DT新能源是德泰中研旗下旨在搭建国内与国际之间氢能及燃料电池电池产业产、学、研、资、用合作交流的平台与桥梁。我们提供产业研究与咨询、投 融资、科技成果转移转化、市场推广、媒体会议、数据分析等多方位服务。 本月氢能产业似乎迎来了国家级"政策雨" ，首先是5月12日， 中共中央政治局常委、国务院副总理 丁薛祥 在湖北调研 有关"两重"项目规划论证和 长江经济带高质量发展情况时， 登上"三峡氢舟1"号了解绿色船舶发展和应用 。而就在 丁薛祥 副总理调研氢船后的 16日，国家生态环境部等 七部 委联合印发了《美丽河湖保护与建设行动方案（2025—2027年）》， 文件指出加快推动绿醇、绿氨、绿氢等新能源船舶推广应用，值得一提的是该 文件并未提及纯电动船舶的应用。 然而，时间过去仅一周，又一国家级重磅氢能政策 审议通过。 【DT新能源】 获悉 ， 国务院总理李强 5月23日主持召开国务院常务会议， 审议通过《制造业绿色低碳发展行动方案（2025－2027年）》 。 事实上，工信部在2024年10月进行了针对该政策的吹风会，据 国务院新闻办 新闻发言人、运行监测 ...

Core Viewpoint - The article emphasizes the growing importance of hydrogen energy as a clean and flexible energy source, highlighting its potential role in achieving a low-carbon transition in China's energy system [2][3]. Group 1: Background and Importance of Hydrogen Energy - The global energy demand is rapidly increasing, and the need for clean energy alternatives to fossil fuels is becoming more urgent due to environmental concerns [2]. - Hydrogen is recognized for its clean combustion, producing only water as a byproduct, and is considered a key component in the future energy system [2]. - The Chinese government has identified hydrogen as a strategic emerging industry, with plans for its development outlined in the "Hydrogen Energy Industry Development Mid- to Long-Term Plan (2021-2035)" [2]. Group 2: Current Challenges in Hydrogen Energy Development - China's initial focus on hydrogen energy has been heavily influenced by international models, particularly in the transportation sector, which has limited the broader understanding and application of hydrogen energy [3]. - The industry faces challenges such as a lack of comprehensive hydrogen consumption infrastructure, leading to delays and reductions in hydrogen-related projects [3]. - As more companies enter the hydrogen sector, the competition is intensifying, necessitating the exploration of new application scenarios to drive growth [3]. Group 3: Event Information - An international seminar titled "Exploring 'Hydrogen+' to Open New Ideas for Hydrogen Energy Applications" is scheduled for May 21, focusing on the development of new hydrogen energy applications [4][5]. - The event will feature keynote speeches, supply-demand interactions, and roundtable discussions, aiming to foster collaboration and innovation in the hydrogen energy sector [5].

- 价格下降：全国氢价指数呈下降趋势，生产侧和消费侧氢价指数均创新低，示范城市群降幅更明显。政策引导是氢价下降的主要因素。 今天分享的是：中国氢价指数年度报告 （2024年版） 报告共计：30页 《中国氢价指数年度报告（2024年版）》由国能氢创科技有限责任公司设计发布，旨在反映氢能价格变化，推动氢能产业发展。 1. 指数概述：中国氢价指数按月更新，通过对超50个城市、200个样本点跟踪统计，涵盖生产侧和消费侧，分区域呈现氢能价格变化。配套的中国氢价竞争 力评估工具，能研判氢能制备成本及竞争力，两者共同支撑氢能市场体系建设。 2. 运行情况 - 指数分化：示范城市群氢价指数分化明显。生产侧，广东城市群价格高，郑州城市群成本优势大；消费侧，各城市群价格变化趋势不同。 - 差值收窄：生产消费指数差值呈收窄趋势，反映出氢气储运效率提升，各城市群差值变化有所不同。 - 竞争力突破：可再生氢竞争力取得显著突破，相对竞争力稳步上升，区域发展有差异，西北、华北、东北地区提升突出。 3. 形势预测 - 价格分化持续：示范城市群价格水平将进一步分化，郑州、河北和京津冀城市群氢价有望下行，上海和广东城市群相对稳定。 - 存量氢源 ...

张修军：在包头有良好的氢能产业发展潜力和基础，尤其当地有很好的风光发电以及制氢的能源基 础，同时也有很好的重卡市场应用场景基础。 截至2024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。 全球单体规模最大氢储能调峰电站及风光氢储车一体化项目——格罗夫木垒项目在新疆木垒哈萨克 自治县加紧建设，项目有关负责人郝义国介绍，该项目总投资超过105亿元，规划建设6座日加氢能力5 吨的加氢综合能源站和600台氢能重卡的采购和运营，目前已完成项目总进度的60%。 徐继林：持续推动氢能产业政策接续发力，积极落实氢能纳入能源管理相关工作，加快推进氢能领 域重大技术装备研制和应用示范，促进"制储输用"全产业链发展。 央广网北京5月4日消息（记者韩萌 刘梦雅）据中央广播电视总台中国之声《新闻和报纸摘要》报 道，国家能源局数据显示，2024年，我国氢能全年生产消费规模超3650万吨，位列世界第一。近期，多 个氢能产业项目建设提速，我国氢能产业正从试点探索逐步进入有序破局的新阶段。 徐继林：截至2024年底，全国各地累计规划建设可再生能源电解水制氢项 ...

28日，国家能源局举行例行新闻发布会，能源节约和科技装备司副司长徐继林介绍了《中国氢能发展报告（2025）》的有关情 况。他表示，在"四个革命、一个合作"能源安全新战略指引下，当前我国氢能产业正从试点探索逐步进入有序破局的新阶段。 2024年，我国氢能全年生产消费规模超3650万吨，位列世界第一位。 （来源： 新华网 ） 相 关 阅 读 央视新闻丨国家能源局 2024年我国氢能生产消费规模超过3650万吨 位列世界第一 央视新闻：国家能源局加快编制推动氢能产业高质量发展政策 人民日报：推动氢能全产业链标准化发展 我国加速发展氢能产业 多方面已取得数个突破性进展 六部门联合印发《氢能产业标准体系建设指南（2023版）》 中央和地方持续加强政策顶层设计、推动专项政策出台，加强跨部门协调，综合施策引导产业高质量发展。全国各地累计发布 氢能专项政策超560项，因地制宜推进地方氢能产业发展。截至2024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。 2024年，以科技创新为引领，以产业规模化、商业化为目标，我国氢能制取、储运、利用全链条 ...