央企领航氢能新赛道 ， 打造 能源革命新图景 作为能源安全新战略的重要践行者，央企在氢能产业从试点探索到有序破局的进程中肩负着"链 长"使命。《中国氢能发展报告（2025）》以详实的数据和前瞻的视角，勾勒出氢能产业规模化发 展的路线图，也为央企在能源革命中找准定位、引领突破提供了行动指引。 一、国家战略：氢能产业进入规模化发展关键期 根据报告，全球超60国发布氢能战略，我国将氢能首次纳入《能源法》立法框架，22省将氢能写 入政府工作报告，政策顶层设计已从"规划引导"转入"落地实施"阶段。《氢能产业发展中长期规划 （2021-2035年）》明确氢能作为"未来国家能源体系的重要组成部分"，提出到2025年可再生能 源制氢量达10-20万吨/年的目标。央企作为国家战略的核心载体，深度参与政策落地，国家能源 集团在内蒙古、宁夏等地布局"风光制氢+氢基燃料合成"项目；国家电投在吉林布局的百万千瓦级 风光制氢项目，直接响应"可再生能源制氢规模化应用"的政策导向。 二、央企担当：全产业链布局破解"卡脖子"难题 报告指出，氢能"制储输用"全链条技术突破是产业规模化的关键。央企在核心装备自主化、技术集 成创新上展现出强大攻坚能 ...

中国氢能发展：从试点探索进入有序破局新阶段 近期，国家能源局发布《中国氢能发展报告（2025）》,并指出"中国的氢能产业正从试点探索逐步进入 有序破局的新阶段"。报告从政策制定、市场规模、价格水平、创新应用、国际合作、标准认证等六个 方面，系统总结2024年国内外氢能发展形势；从政策统筹、技术攻关、公共服务、推动试点、国际探索 等方面，提出相关工作部署，为"十五五"时期氢能产业提质提速奠定坚实基础。 一、顶层设计与地方实践协同共进 （一）国家引导构建产业发展四梁八柱 氢能正式写入《中华人民共和国能源法》，明确"积极有序推进氢能开发利用"的法律定位，中央政府将 其列为前沿新兴产业重点发展方向；《关于加快经济社会发展全面绿色转型的意见》提出推进氢能"制 储输用"全链条发展等工作要求；2024年22个省级行政区将氢能写入政府工作报告，各地累计出台专项 政策超560项，逐渐打造"国家统筹—地方落实—市场驱动"的政策闭环。 （二）产业规模世界首位奠定氢能引领地位 根据《报告》，2024年我国氢能生产消费规模突破3650万吨，连续多年位居全球第一，占全球总消费量 的三分之一以上。其中，可再生能源制氢成为增长亮点，截至20 ...

聚焦技术创新与国际合作，加速中国氢能产业破局 作为能源转型的核心载体，氢能产业的发展离不开技术创新的深度驱动与全球合作的广度拓展。日前， 国家能源局发布《中国氢能发展报告（2025）》，2024年中国氢能产业在技术攻关与国际协作上获得诸 多进展，已进入持续技术创新、加强试点示范、破局产业规模的关键阶段。 一、技术创新：从全链条技术突破到产业竞争力构建 （一）制氢技术：从"灰氢主导"到"绿氢突围" 在可再生能源制氢领域，中国已形成规模化集群优势。截至2024年底，可再生能源制氢产能超12万吨。 新疆库车、宁夏宁东等电解水制氢项目的投产，标志着碱性电解槽技术逐步实现工业化实证验证。与此 同时，质子交换膜（PEM）电解槽关键技术取得实质性突破，海水电解制氢中试装置实现试运行，为 沿海地区海上绿氢供应提供了创新方案。相关技术有望推动绿氢生产成本持续下降，逐步接近与灰氢竞 争的经济性拐点。 （二）储运技术：构建"气—液—固"多形态储运体系 高压气态氢储运领域，70 MPaIV型储氢瓶实现批量生产，掺氢天然气管道在内蒙古、宁夏示范运行， 验证了现有天然气管网掺氢改造的可行性；液态氢储运方面，5吨/天氢液化系统成功下线，技 ...

Group 1 - The core viewpoint of the article is the emergence of a new player in the domestic electric vehicle market, named Jinyu Automobile, which aims to establish itself despite the competitive landscape in 2025 [1][9][40] - Jinyu Automobile has set ambitious sales targets for the next three years, planning to sell 50,000 units in 2026, 100,000 units in 2027, and 200,000 units in 2028 [9][40] - The company is positioned as a local brand in Henan, focusing on the development of electric vehicles and leveraging the existing production capabilities of Haima Automobile [40][41] Group 2 - Jinyu Automobile is a new brand that has not yet established a strong online presence, with limited information available on its official channels [10][12] - The company claims to have been involved in the new energy sector for 11 years, despite being officially registered only in April 2024 [12][13] - The relationship between Jinyu Automobile and Haima Automobile is significant, as they plan to collaborate in various areas including product design and marketing [15][16] Group 3 - Haima Automobile has a historical background dating back to its establishment in 1992, but has faced challenges in recent years, including financial losses and declining production [19][24][42] - In 2024, Haima's production dropped by 60.41% to 12,025 units, and sales fell by 44.57% to 15,497 units, indicating a struggle to maintain market presence [42][43] - The strategic decision to transfer Haima's production capabilities to Jinyu Automobile is seen as a way to revitalize the brand and utilize existing resources effectively [40][41][51] Group 4 - The article highlights the lack of a local electric vehicle brand in Henan, despite the province's growing automotive industry, which has seen production increase from 60,000 to 680,000 units in three years [52][53] - The establishment of Jinyu Automobile is viewed as a necessary step for the region to develop its own identity in the electric vehicle market [54][56] - The ongoing transformation in the domestic electric vehicle sector presents opportunities for new entrants like Jinyu Automobile, provided they manage resources effectively [56][57]

Core Viewpoint - Plug Power is experiencing severe financial difficulties, with a significant decline in stock price and alarming cash outflows [1][3]. Financial Condition - Plug Power's debt has reached $1.1 billion, exceeding its market capitalization of $999 million, resulting in a Debt-to-Equity Ratio of 108% [2]. - The company reported an operating income of -$988 million, leading to an Operating Margin of -153.8% [5]. - Operating Cash Flow (OCF) was -$666 million, reflecting an OCF Margin of -103.8% [5]. - The net income for the period was -$2.0 billion, resulting in a Net Income Margin of -312.3% [5]. Recent Earnings and Projections - Sales increased by 11% year-over-year to $134 million, with a net loss decreasing to $0.21 per share from $0.46 per share in Q1 2024 [6]. - For Q2, the sales forecast ranges from $140 million to $180 million, with a midpoint of $159 million aligning with analyst expectations [6]. - Plug Power has initiated "Project Quantum Leap," a cost-reduction program aimed at achieving over $200 million in annualized savings [6]. Investment Considerations - The current financial circumstances raise significant questions about Plug Power's long-term viability as an investment, despite its involvement in the hydrogen fuel cell sector [3][4]. - Investors are advised to assess whether Plug Power represents a turnaround opportunity or a continued downward trajectory, especially in light of planned cost-cutting measures [4].

中国国际金融股份有限公司 关于 永安行科技股份有限公司 之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 永安行科技股份有限公司 发行保荐书 关于永安行科技股份有限公司 中国证券监督管理委员会、上海证券交易所： 永安行科技股份有限公司（以下简称"永安行"、"发行人"或"公司"）拟申请 向特定对象发行不超过 71,819,411 股（含本数）的人民币普通股（A 股）股票（以下简 称"本次证券发行"、"本次发行"或"向特定对象发行 A 股股票"），并已聘请中国 国际金融股份有限公司（以下简称"中金公司"）作为本次证券发行的保荐机构（以下 简称"保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》 （以下简称"《证券法》"）、 《证券发行上市保荐业务管理办法》 （以下简称"《保 荐办法》"）、 《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）、 《发 行证券的公司信息披露内容与格式准则第 27 号——发行保荐书和发行保荐工作报告》 （以下简称"《准则第 27 号》"）、《保荐人尽职调查工作 ...

来源：中国石化资本 对接需求请扫码 每日｜荐读 热文： 社会LP去哪了 热文： 购基金井喷，巨头们开始"买买买" 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 氢能基金由中国石化资本有限公司全资子公司--中石化私募基金管理有限公司担任基金管理人，山 东新动能基金管理有限公司、烟台国丰投资控股集团有限公司为外部合作伙伴。 近年来，中国石化高质量推进氢能产业链建设，发挥国资央企战略支撑作用。牵头成立中央企业绿 色氢能制储运创新联合体，高标准建设新疆库车绿氢示范项目，积极打造氢能装备制造基地，建成 氢燃料电池供氢中心11个、加氢站144座，建成西部陆海新通道、京沪、京津、成渝、沪嘉甬、济 青和汉宜高速7条"氢走廊"，基本覆盖了"3+2"氢燃料电池示范城市群，成为全球运营加氢站最多 的企业。 近日，由中国石化发起的氢能产业链创业投资基金正式完成工商注册与中国证券投资基金业协会备 案。标志着中国石化氢能基金正式设立，该基金是我国规模最大的专注于氢能产业链投资的基金。 中国石化资本有限公司，作为中国石化产业资本投资平台，通过"直投+基金 ...

Group 1 - Clean hydrogen is a crucial catalyst for decarbonizing hard-to-abate sectors like steel and industrial chemicals in the Asia-Pacific region, representing significant economic opportunities [1][6][9] - By 2030 and 2050, the Asia-Pacific region will require 67 million tons and 235 million tons of hydrogen, respectively, to meet net-zero targets, with China and India accounting for approximately 80% of this demand [1][10][12] - The market value of clean hydrogen in the Asia-Pacific region is projected to reach $600 billion by 2050, constituting half of the global market [1][14] Group 2 - The Asia-Pacific clean hydrogen value chain will require $3.2 trillion in capital investment over the next 25 years, primarily directed towards China and India, with Australia needing over $300 billion as the largest exporter [2][22] - Investment focus will be on renewable energy generation and transmission (52%) and electrolysis (over one-third) [2][22] - Governments in the region are expected to announce clean hydrogen investment plans totaling $44.5 billion by 2025, despite facing challenges such as inconsistent certification systems and cost considerations [2][34] Group 3 - The supply of green hydrogen will dominate the Asia-Pacific hydrogen supply mix, expected to account for over 85% of capacity by 2030 and over 95% by 2050 [1][14] - However, domestic production will not meet net-zero demands, necessitating imports of 18 million tons of clean hydrogen and derivatives by 2030, increasing to 53 million tons by 2050, with a cross-border trade value of $145 billion annually [1][14][20] Group 4 - Key challenges for hydrogen development include establishing economically viable pricing strategies, a common risk-sharing framework, and a credible carbon certification system [7][33] - The success of early hydrogen projects will depend on the establishment of transparent cooperation mechanisms among stakeholders to enhance investor confidence [6][7] - The Asia-Pacific region's hydrogen trade corridor is still in its infancy and requires rapid scaling to support the global decarbonization process [21][22]

Core Viewpoint - The stock performance of Reshape Energy (02570) has been highly volatile since its IPO, experiencing significant fluctuations in price, reflecting broader market trends and specific company challenges [1][3][4]. Stock Performance - After its successful IPO on December 6, 2024, Reshape Energy's stock price rose to a peak of HKD 316.2 per share, representing a 115.1% increase from the issue price of HKD 147 within four months [1]. - However, in just 13 trading days, the stock plummeted to a low of HKD 118, marking a 62.68% decline, which was nearly 20% below the issue price [3]. - Following this low, the stock rebounded to HKD 267.4, achieving a maximum increase of 115.19% within two months [3]. - Recent trading has seen the stock drop over 20% in four days, breaching the 10-day moving average, indicating ongoing volatility [3]. Market Dynamics - The actual circulating shares of Reshape Energy are approximately 3%, significantly limiting liquidity and contributing to the stock's volatility [5]. - The IPO involved issuing about 482.79 million shares, with only 5.6% of total shares available for trading, exacerbated by the lock-up of cornerstone investors' shares [4][5]. - The cornerstone investor, Jiujiang Dingchuang, holds 45.18% of the issued shares from the IPO, further constraining market liquidity [4]. Financial Performance - Reshape Energy's revenue has shown steady growth from 2021 to 2023, with revenues of CNY 524 million, CNY 605 million, and CNY 895 million, reflecting a compound annual growth rate of 30.77% [7]. - However, in 2024, revenue dropped to approximately CNY 649 million, a decline of about 27.5%, attributed to fluctuations in customer demand and orders [8]. - The adjusted net loss for 2024 was CNY 417 million, a reduction of 11.5% year-on-year, primarily due to decreased operating expenses rather than revenue growth [8]. Industry Context - The hydrogen energy sector is transitioning from a "policy-driven" to a "market-driven" model, leading to reduced government subsidies and insufficient commercial scale, which has negatively impacted demand [8]. - The number of hydrogen fuel cell vehicles insured in China fell by 0.9% to 7,171 units in 2024, with a dramatic 68.8% drop in December sales [8]. - Reshape Energy's reliance on a few major clients remains a significant risk, with over 50% of its revenue coming from the top three clients in 2024 [9]. Strategic Initiatives - In response to market challenges, Reshape Energy is expanding its overseas market presence, with revenue from international markets increasing by approximately 151.7% in 2024 [9]. - The company is also diversifying its applications, with sales from non-automotive hydrogen fuel cell systems growing by about 132.6% in 2024 [9].

首期50亿！中国石化大动作 校对：纪元 杨晨 中国基金 【导读】央企资本与地方国资联手打造氢能产业生态圈 见习记者 杨晨 5月29日，记者从中国石化新闻办获悉，由中国石化发起的氢能产业链创业投资基金正式完成工商注册与中国证券投资基金业协会备案，标志着中国石化氢能基金正式设立。 该基金首期规模为50亿元，是我国规模最大的专注于氢能产业链投资的基金。据悉，该基金将围绕氢能"制储运用研"全产业链环节展开前瞻性布局和培育孵化，打造氢能产业生态圈。 作为全球最大的炼油和化工巨头之一，中国石化此次设立的氢能基金定位明确：重点投资氢能产业链中具备高成长性的关键材料、核心装备及原创技术。据介绍，该氢能基金建立了完善的投后赋 从该氢能基金的合伙人出资比例来看，中石化资本出资比例为48.98%，认缴出资额为24.49亿元；山东省新动能绿色先行投资中心（有限合伙）出资比例为25%，认缴出资额为12.5亿元；烟台 该基金由中国石化资本有限公司全资子公司中石化私募基金管理有限公司担任执行事务合伙人之一，烟台国泰诚丰资产管理有限公司、山东省新动能绿色先行投资中心（有限合伙）作为战略合作 中石化资本表示，设立中石化私募基金管理有限公司旨在 ...