Core Viewpoint - China Tianying reported a slight revenue increase for 2024, but a significant drop in net profit due to a one-time tax payment, indicating underlying growth potential when excluding this impact [1] Financial Performance - 2024 revenue reached 5.667 billion yuan, a slight year-on-year increase - Net profit attributable to shareholders was 279.9 million yuan, a decrease of 17% - Excluding the one-time tax impact, net profit would have been 463 million yuan, reflecting a year-on-year growth of 37.41% [1] Business Operations - The company operates 20 domestic and international waste-to-energy projects with a total daily processing capacity of 21,550 tons - The annual waste processed reached 8.49 million tons, a 20% increase year-on-year - Electricity generated was 2.197 billion kWh, a 15% increase year-on-year - Steam sales volume increased by 177.35% to 1.7 million tons, contributing an additional gross profit of 193 million yuan [1] Cost Management - The company successfully reduced sales and management expenses by over 46 million yuan through organizational reforms and process optimization [1] Cash Flow - Operating cash flow for 2024 was 655 million yuan, indicating strong cash generation capabilities [1] International Expansion - China Tianying is actively pursuing overseas projects, particularly in Southeast Asia, where waste incineration treatment is underdeveloped, presenting significant market opportunities [2] - The company has established a strong presence in Vietnam with projects recognized as benchmarks for cooperation [2] New Business Ventures - The company is expanding its business model from traditional waste incineration to integrated urban environmental services, enhancing revenue sources and economic efficiency [3] - Investments in green hydrogen production facilities are underway, with plans to achieve an annual production capacity of 200,000 tons of methanol by Q1 2026 [3] Strategic Partnerships - A strategic cooperation agreement was signed with China Ship Fuel, enhancing the company's position in the green supply chain [4] - The company has obtained ISCC EU certification, facilitating entry into the EU market for green hydrogen derivatives [4] Management Confidence - Company executives have demonstrated confidence in future growth by increasing their holdings by over 58 million yuan [4]

此外，去年多类型燃料电池发电和热电联供项目投建运营，F级50兆瓦重型燃气轮机完成燃烧器掺烧 30%氢气试验，兆瓦级纯氢燃气轮机完成整机试验验证。同时，6项氢能技术装备入选国家能源局第四 批能源领域首台（套）重大技术装备，覆盖氢能制储输用全环节。 国家能源局能源节约和科技装备司副司长徐继林表示，今年国家能源局将持续推动氢能产业政策接续发 力，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，进一步完善氢能产业生态、优化产业发展环境，为"十五五"时期氢能产业提质提速 建立坚实的基础。 去年，全国氢气产量超3650万吨，三北地区占比超50%，内蒙古、山西、陕西、宁夏等地区氢气产量均 排名靠前。 《报告》指出，去年，中国氢能制取、储运、利用全链条关键技术逐步取得突破。新疆库车、宁夏宁东 一批规模化可再生能源制氢项目建成运营，贯通可再生氢制取—储运—利用全流程，发挥了较好的示范 作用。燃料电池汽车示范应用稳步推进，各地建成加氢站超540座，推广燃料电池汽车约2.4万辆；京津 冀、上海、广东、郑州、河北五个区域累计推广燃料电池汽车超过1.5万辆。 4月28日，国家能 ...

Core Viewpoint - High transportation costs are a key bottleneck for the large-scale development of the hydrogen energy industry, and establishing a comprehensive hydrogen pipeline system is crucial for reducing costs and improving efficiency in hydrogen transport [1][13]. Industry Overview - Hydrogen pipelines are specialized systems that transport hydrogen from production sites to consumption points, similar to natural gas pipelines, and can be categorized into gaseous and liquid transport modes [2]. - The hydrogen pipeline industry is currently experiencing rapid development, with 29 provincial-level administrative regions in China having issued hydrogen energy special plans, and 27 provinces focusing on the research and demonstration of pipeline hydrogen transport technology [1][13]. Technical Routes - Hydrogen pipelines are mainly divided into pure hydrogen pipelines and natural gas blended hydrogen pipelines, with each type further categorized into high-pressure and low-pressure transport methods [3]. - Low-pressure hydrogen pipelines are the mainstream choice due to their maturity and lower costs, while high-pressure and blended hydrogen pipelines are still in the demonstration phase and face technical challenges [3]. Economic Advantages - Compared to liquid hydrogen transport, hydrogen pipelines offer significant long-term economic advantages for large-scale and long-distance hydrogen transport, with pipeline transport costs potentially reduced to 0.3 yuan per kilogram per 100 kilometers [6][7]. Policy Support - The Chinese government is actively promoting the construction of hydrogen pipelines through various policies, including financial subsidies and pilot projects, to accelerate the development of hydrogen storage and transportation infrastructure [8][9]. Current Development Status - As of March 2025, the total length of hydrogen pipelines in China is expected to exceed 7,000 kilometers, indicating a shift towards a networked and large-scale hydrogen storage and transportation system [1][13]. - Key projects include the Sinopec Jing-Mongolia hydrogen pipeline and the Kangbao-Caofeidian hydrogen pipeline, which are significant for the infrastructure of the hydrogen energy industry [15][16]. Competitive Landscape - The hydrogen pipeline industry in China is characterized by a three-tier competitive structure, with state-owned enterprises like Sinopec and PetroChina dominating the market, while private companies and foreign firms contribute through innovation and technology [22][24]. Future Trends - The industry is expected to evolve towards long-distance cross-regional transport, higher pressure and composite materials, and intelligent monitoring systems, with a focus on commercial operation models driven by policy and market forces [27][28][30].

点 击 蓝 字 关 注 我 们 本文全文共 3682 字，阅读全文约需 12 分钟 目录 国内新闻 1.日产宣布计划在中国再投资100亿开发电动汽车 2.蔚来25年9款新车型将上市 5纳米智驾芯片全球首发 3.小鹏汽车启动AI驾驶安全营 全力研发全新"AI大脑 4.长安三款搭载新蓝鲸500Bar发动机车型开启交付 5.上汽集团未来三年将推出17款全新海外车型 6.阿维塔宣布2026年将推中大型五座/大型六座SUV 7.上海市印发《2025年上海市进一步支持汽车置换更新补贴政策 实施细则》 8.四川:正抓紧编制《四川省氢能产业中长期发展规划（2025—2035年）》 国外新闻 1.特斯拉廉价新车型按计划上半年投产 2.美国六大汽车行业组织联名反对加征汽车零部件关税 3.官宣 大陆集团汽车子集团将命名为Aumovio 4.Turntide推出新型轴向磁通电机 有望加速电气化集成 商用车 1. 最高14万 2025江苏省老旧货车补贴来了 2. 广汽日野正式更名为广汽领程新能源商用车 3. 全球首款越野混动皮卡 山海炮Hi4-T开启全球预售 4. 江淮悍途PHEV国内首发亮相上海车展 国内新闻 1 日产宣布计划在中国 ...

转自：新华财经 新华财经北京4月18日电（记者安娜）中国石油企业协会17日发布的《中国低碳经济发展报告蓝皮书 （2024-2025）》预计，2025年，我国有望建立起较为完整的氢能供应链和产业体系。 就产业发展格局而言，蓝皮书认为，2025年，我国氢能产业下游的增量将主要来自交通运输部门与新工 业领域，氢能应用区域与氢资源富集区域的调配将成为发展重点。 据董秀成介绍，我国绿氢资源富集区域主要集中在西北、华北和东北，三北地区制氢潜力约每年2亿 吨，完全可以满足我国氢能产业发展对大规模绿氢资源的需求。但目前我国氢能应用区域主要集中在东 南沿海地区，亟待探索商业化和市场化运营经验，以实现氢能储运降本增效。 从制氢技术路线来看，蓝皮书预计，2025年，化石能源制氢和工业副产氢仍将占据市场主导地位。在国 家政策驱动下，电解水制氢技术的发展或进一步提速。作为电解水制氢的核心设备，电解槽的需求将持 续增长。凭借成本优势，碱性电解槽有望在市场竞争中占据主导地位，推动其出货量增长。质子交换膜 电解技术受质子交换膜、催化剂等核心材料依赖进口的限制，在降成本和技术突破方面仍有较大发展空 间。 "氢能是未来能源体系的重要组成部分。从 ...

添加文末微信，加 燃料电池 群 "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 根据势银（TrendBank）统计，燃料电池汽车2025年3月上牌量为730辆，去年同期上牌412辆，同比增长约77.2%；相较2月上牌288辆，环比增长 153.5%。 值得关注的是，此次有480辆氢车是24年底成都市揭榜挂帅项目，东方氢能作为示范应用联合体牵头企业，成功摘得4.5吨物流车、18吨物流车、18吨环 卫车、31吨混凝土搅拌车、31吨自卸车、49吨重卡以及公交车等7类车型示范。其中，东方氢能在1个月时间内完成了全部车型燃料电池系统的制造与交 付，质量检验全部合格，为成都市氢能产业发展树立了新的标杆，具体名单如下—— | 任务序号 | 示范类型 | 示范应用场景 | 拟承担示范应用项目的联合体牵头企业 | | --- | --- | --- | --- | | | | (所屋领域) | | | 1 | 燃料电池客车示范应用 | 公交车 | 东方电气(成都)氢能科技有限公司 | | 2 | 燃料电 ...

Group 1: Trade and Economic Data - In the first quarter, China's exports of flat panel display modules, auto parts, and lithium batteries to ASEAN countries increased by over 20% [1] - Manufacturing products accounted for 90.1% of trade between China and ASEAN [1] - China continues to import components for automatic data processing equipment, printed circuits, and textile raw materials from ASEAN [1] Group 2: Automotive Industry Trends - In March, the Chinese passenger car market saw new energy vehicles become the core growth driver, while the fuel vehicle market showed weak performance [2] - The automotive market in March exhibited a trend of strong performance for some brands while weaker for others [2] Group 3: Corporate Developments - Jiangsu Zhengli New Energy Battery Technology Co., Ltd. was listed on the Hong Kong Stock Exchange, raising approximately HKD 1.005 billion [5] - NIO delivered its 100,000th production vehicle in Shanghai, with total deliveries in Jiangsu, Zhejiang, and Shanghai exceeding 300,000, accounting for nearly half of NIO's total sales nationwide [10] Group 4: Strategic Collaborations - CATL announced a strategic cooperation agreement with Ant Group and Hello, focusing on green smart travel, including smart driving and new energy battery services [8] Group 5: Infrastructure and Innovation - China Petroleum announced the official operation of the country's first cross-regional hydrogen heavy truck corridor, spanning approximately 1,150 kilometers with four hydrogen refueling stations [9]

证券研究报告 | 行业周报 2025 年 04 月 14 日 电力设备及新能源 氢能政策持续向好，促进氢能产业发展 行情回顾：截至 2025 年 4 月 11 日，氢能源指数收盘价为 1808.19 点，本 周涨跌幅为-6.71%，2025 年初至今涨跌幅为 1.77%。氢能行业周涨幅前 五的公司为皖仪科技、泛亚微透、吉峰科技、永安药业、泰和新材，涨幅 分别为 17.61 % 、14.78%、14.65% 、13.93%、12.55%；氢能行业周跌 幅前五的公司为卫星化学、东华能源、雪人股份、合锻智能、海陆重工， 跌幅分别为-19.33%、-19.20%、-19.19% 、-19.05%、-17.11%。 重点事件点评：新疆绿氢智慧能源一体化示范项目签约；国内首个绿氢制 绿色航油示范项目招标启动；国内首条城镇输氢管道开建，输氢成本节省 80%以上；沙特阿美与合作伙伴将在沙特建 CCS 中心推进蓝氢、蓝氨计划； 美国霍尼韦尔利用人工智能技术来优化氢气生产；Energiequelle 计划在芬 兰奥卢建设一个绿色氢能园区；上海市发展改革委等五部门发布《上海市 大宗商品贸易转型提升三年行动方案（2025-2027 ...

中国石化（600028）14日宣布，我国首条跨区域氢能重卡干线当日正式贯通，并将开始常态化运营。这 条西部陆海"氢走廊"始于重庆，最终抵达广西钦州港，全程约1150公里，中途设有4座加氢站，将带动 重庆、贵州、广西周边中短途支线物流应用场景，是我国西部地区氢能产业发展迈出的重要一步。(新 华社) ...