Core Insights - Hydrogen energy is viewed as the next major opportunity following wind power, photovoltaics, and new energy storage, but it faces skepticism and challenges in commercialization [2][3] - Despite potential short-term downturns, hydrogen energy is considered a long-term viable sector, with significant growth expected around 2035 [3][16] Investment Strategy - Focus on companies with core technologies that can dominate future markets, and projects that can generate stable short-term revenue to withstand downturns [3][11] - Emphasis on sectors with large market sizes and minimal competition, particularly those that can effectively address the "West-to-East hydrogen transport" challenge [9][11] Technological Development - The hydrogen industry is experiencing rapid technological advancements, particularly in electrolyzers and hydrogen storage, but commercial viability remains to be proven [6][10] - The economic viability of hydrogen is closely linked to carbon pricing, with European carbon prices significantly higher than those in China, influencing market dynamics [6][12] Market Dynamics - The hydrogen sector's valuation is affected by global economic conditions and geopolitical factors, which can slow down climate and decarbonization policy implementation [12][13] - The importance of "correct subsidies" is highlighted, advocating for support directed towards leading technology companies to enhance overall industry competitiveness [4][5] Application Scenarios - Key application areas expected to see early breakthroughs include hydrogen-powered mining trucks and electricity peak shaving, driven by the increasing reliance on renewable energy sources [17][10] - The potential for natural hydrogen exploration in coastal regions of China is noted, with competitive production costs compared to traditional hydrogen sources [9][11]

截至2025年5月20日 11:30，中证金融科技主题指数(930986)上涨0.31%，成分股新晨科技(300542)上涨6.11%，格灵深瞳(688207)上涨3.74%，*ST汇科 (300561)上涨3.01%，新致软件(688590)上涨2.16%，古鳌科技(300551)上涨1.83%。金融科技ETF(516860)上涨0.34%，最新价报1.2元。流动性方面，金融科 技ETF盘中换手2.27%，成交2058.12万元。拉长时间看，截至5月19日，金融科技ETF近1周日均成交7863.27万元。 5月13日，7部门联合发布《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策举措》，推动金融资源进入科技创新领域各环节，聚焦人工智 能、量子科技、氢能储能等前沿领域，以及生物制造、具身智能、6G等政府工作报告中提及的领域，为科技创新提供全生命周期的金融服务。 金融科技ETF紧密跟踪中证金融科技主题指数，中证金融科技主题指数选取产品与服务涉及金融科技相关领域的上市公司证券作为指数样本，以反映金融科 技主题上市公司证券的整体表现。 规模方面，金融科技ETF近2周规模增长6175.68万元，实现显著增长 ...

氢能源概念股异动拉升 京城股份涨停 智通财经5月20日电，京城股份涨停，厚普股份、凯大催化涨超5%，亿华通、四川金顶、春晖智控、雄 韬股份、致远新能等跟涨。消息面上，北京市国资委近日组织氢能产业专题调研学习，将氢能产业作 为"十五五"规划研究重点方向。 ...

北京市国资委组织氢能产业专题调研学习 将氢能产业作为"十五五"规划研究重点方向 金十数据5月20日讯，北京市国资委官方微信消息，近日，北京市国资委党委委员、副主任贺昂率相关 市管企业到大兴国际氢能示范区调研。调研组邀请北京清华工业开发研究院副院长朱德权围绕氢能产业 的发展机遇做专题讲座。贺昂提出，市管企业要高度重视氢能产业的战略地位，以更大的力度、更有效 的举措推动氢能产业高质量发展。下一步，要坚持统筹谋划，将氢能产业作为"十五五"规划研究的重点 方向，把握制、储、运、加产业链条上的重点领域、关键环节，加快培育具有产品创新力、市场竞争 力、行业引领力的领军企业。加快推进液氢重卡、沼气制氢、制加氢一体站等一批重点项目建设，继续 深化在塑粉材料、关键零部件等领域的技术创新。要加强协同发展，一方面加强产业链上下游业务合 作，一方面充分借助国家实验室、高校院所等科研力量，为产业发展提供智力支持。 ...

银行 | 证券研究报告 — 行业周报 2025 年 5 月 20 日 强于大市 银行业周报 加快金融建设，支撑科技创新 央行本周发布 4 月金融数据，政府债较往年提前发力，同比高增，M1 与 M2 剪刀差走阔，我们推测 "对等关税"影响 M1 修复。此外 7 部门联合发布《加 快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》，推动 金融资源进入科技创新领域各环节，聚焦人工智能、量子科技、氢能储能等 前沿领域，以及生物制造、具身智能、6G 等政府工作报告中提及的领域，为 科技创新提供全生命周期的金融服务。 红利仍然是银行的主线，关注银行股投资价值，建议关注招商银行、农业银 行。 7 部门联合发布举措，为科技企业提供全链条金融服务 5 月 13 日，科技部、中国人民银行、金融监管总局、中国证监会、国家 发展改革委、财政部、国务院国资委印发《加快构建科技金融体制 有力 支撑高水平科技自立自强的若干政策举措》，从创业投资、货币信贷、 资本市场、科技保险、财政政策、央地联合和生态建设 7 个方面提出 15 条相关举措，将推动更多金融资源进入科技创新领域各环节，引导更多 金融资本投早、投小、投长期、投硬科技 ...

Core Insights - Deyang is actively transforming into a "High-end Equipment Technology City," focusing on enhancing its manufacturing capabilities and fostering new industries [4][5] - The city's equipment manufacturing industry is projected to account for 37% of the total industrial output value by 2024, highlighting its significance as the leading industry in Deyang [5] Group 1: Equipment Manufacturing Industry - Deyang's equipment manufacturing sector has seen a significant increase in production, with over 7 million kilowatts of power generation equipment produced, contributing to one-fourth of the country's electricity [4] - The establishment of specialized departments for equipment industry promotion has improved operational efficiency, allowing for a more focused approach on traditional and emerging sectors [5] Group 2: Research and Development - Deyang has maintained a high level of R&D investment, ranking among the top three in the province since 2008, leading to several groundbreaking achievements in equipment manufacturing [5] - The Deyang University Science and Technology Park is being developed to enhance R&D capabilities, with plans to collaborate with over 210 universities and 1,000 research teams [5] Group 3: Hydrogen Energy Development - Deyang is developing a hydrogen energy ecosystem, including the construction of a hydrogen production and refueling station to support local hydrogen-powered vehicles [5] - The city is collaborating with neighboring regions to create a comprehensive supply chain for hydrogen energy, positioning itself as a technological hub in this sector [5]

Group 1 - The Japanese Ministry of Economy, Trade and Industry plans to allocate 46 billion yen (approximately 2.3 billion RMB) to subsidize hydrogen prices for fuel cell trucks and buses, with a subsidy standard of 700 yen (approximately 35 RMB) per kilogram of hydrogen [1] - The subsidy aims to cover about 75% of the price difference between hydrogen and diesel for large hydrogen fuel cell trucks, addressing the economic pressure faced by transport companies due to rising hydrogen prices [1] - The subsidy is regionally limited to six prefectures in Japan, including Tokyo, Kanagawa, Fukushima, Aichi, Hyogo, and Fukuoka, with plans to support around 90 hydrogen refueling stations in these areas [1] Group 2 - Hydrogen prices in Japan have seen significant increases, with Iwatani Industries raising prices by 36% to 1,650 yen (approximately 82 RMB) per kilogram and ENEOS increasing prices by 33% to 2,200 yen (approximately 109 RMB) per kilogram [2] - The rising hydrogen prices have led to operational difficulties for hydrogen refueling stations, resulting in several stations announcing closures, which poses a challenge for hydrogen fuel cell vehicle users [2][5] - As of April 2024, there are 154 operational hydrogen stations in Japan, with no increase in numbers in recent years, indicating a decline in the hydrogen refueling infrastructure [5][7] Group 3 - The low ownership and sales of hydrogen fuel cell vehicles in Japan contribute to the operational challenges faced by hydrogen stations, with only 8,479 hydrogen fuel cell vehicles reported as of June 2024 [7] - In the first four months of 2025, only 151 hydrogen fuel cell vehicles were sold in Japan, highlighting the sluggish market demand [7] - The situation reflects a stalemate among car manufacturers, infrastructure providers, and users, with each party citing concerns about usage, production, and infrastructure availability [7]

证券研究报告·A 股公司简评 其他电源设备Ⅱ 2024 年年报及 2025 年一季报点评：高额现金 事件 公司2024年实现营收/归母净利润/扣非后归母净利润 91.1/7.0/3.9 亿元，同比-13%/-5%/-24%； 其 中 2024Q4 实 现 营 收 / 归母净利润 / 扣 非 后 归 母 净 利 润 18.8/2.2/1.6 亿元，同比 -33%/-1%/+511% ，环比 +28%/+166%/+521%。 2025Q1 实现营收/归母净利润/扣非后归母净利润 19.7/1.3/1. 2 亿 元，同比-32%/-31%/-35%，环比+4%/-42%/-26%。 简评 1、 设备端： 1）2024 年收入 17.42 亿元，同比+20.18%，系高端环保锅 炉市场开发+燃机余热炉收入增长较快，预计环保/余热锅炉 毛利率分别 6.8%，15.7%，同比下滑 5-7pct，主要系市场竞 争激烈，价格端承压。 2）在手订单：公司锅炉装备在手订单总量 30.44 亿元，同 比+43%，其中环保锅炉装备在手订单 11.1 亿元，传统节 能高效锅炉在手订单 15.29 亿元，另有设备更新改造及备件 等订单 ...

Core Viewpoint - The stock of Yuzhong Sanxia A has experienced a significant surge, with a 172% increase over 13 trading days, driven by speculation around hydrogen energy, state-owned enterprise reform, and a turnaround in performance, despite underlying fundamental concerns and uncertainties regarding restructuring [1][2][5]. Group 1: Stock Performance - Yuzhong Sanxia A recorded 9 trading halts and a price increase from 5.15 yuan to 14.01 yuan between April 25 and May 16, resulting in a cumulative increase of 172% [1][2]. - The static price-to-earnings ratio reached 1391 times, significantly exceeding the average valuation in the chemical industry [1][6]. Group 2: Financial Performance - In 2024, Yuzhong Sanxia A reported revenue of 350 million yuan and a net profit of 4.3669 million yuan, marking a year-on-year increase of 112.54% [2]. - The key contributor to this turnaround was Xinjiang Xinhui Gorge Clean Energy Co., which achieved a net profit of 153 million yuan in 2024, providing 50.58 million yuan in investment income to Yuzhong Sanxia A, accounting for 1158.26% of its net profit [2][6]. Group 3: Market Dynamics - The stock price surge was characterized by a "hot money" phenomenon, with institutional and retail investors participating in a speculative trading pattern [2][4]. - During the initial trading phase from April 25 to April 29, there was a net inflow of 35.63 million yuan from main funds, indicating active participation from major investors [3]. Group 4: Business Challenges - Yuzhong Sanxia A's traditional paint and coating business has faced declining revenue and profit margins, with revenue dropping from 426 million yuan in 2020 to 347 million yuan in 2024, and gross margin decreasing from 32.83% to 22.13% [6][7]. - The company has attempted multiple asset restructuring efforts, including the cancellation of a wholly-owned subsidiary and the sale of a stake in another company, which may indicate a strategy to optimize its structure and prepare for future restructuring [7].

势银咨询： 势银咨询顾问服务 "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 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 研讨会背景 随着全球能源需求的快速增长与化石燃料日益紧缺的矛盾凸显，加以环保理念的兴起，寻找可实现减排的清洁能源替代，便成为了当下主题。而 氢，以其清洁、灵活高效和应用场景丰富的优势备受瞩目。 从我国来看，国家发展改革委、国家能源局联合发布《氢能产业发展中长期规划（ 2021-2035年）》，将氢定义为能源；同时也将氢能作为了 未来国家能源体系的重要组成部分及用能终端实现绿色低碳转型的重要载体，氢能产业是战略性新兴产业和未来产业重点发展方向。且由于氢的 燃烧产物仅为水，也有部分人士给氢能冠以"终极能源"的称号。 势银数据： 势银数据产品服务 实际上，从严格意义来说氢能并不完全是一个 "新鲜事儿"。最早在16世纪中叶，氢气就已被发现，只不过由于当时工业水平并不发达并未进行深 入的探索，直到19世纪初才正式敲开氢气应用的大门，氢气开始逐渐广泛应用于化工、医学、航天等 ...