Core Viewpoint - Guofu Hydrogen Energy (02582) has seen a significant stock price increase of over 32% in early trading, attributed to a strategic partnership with Germany's Hemtron GmbH to develop a liquid hydrogen supply chain [1] Company Summary - Guofu Hydrogen Energy is recognized as a leading domestic hydrogen energy company, focusing on core technological innovation and possessing multiple proprietary key technologies that support industry development [1] - The company aims to create flexible and efficient "non-pipeline" liquid hydrogen solutions and is committed to optimizing the entire supply chain [1] Industry Summary - The collaboration with Hemtron GmbH will focus on constructing liquid hydrogen infrastructure in Europe, integrating high-quality global hydrogen technology resources [1] - The project will cover critical aspects such as hydrogen liquefaction, liquid hydrogen transportation, and refueling stations, while also connecting directly with upstream processes like renewable energy generation and electrolysis for cost-effective low-carbon hydrogen production [1] - Hemtron GmbH, a subsidiary of Oilinvest B.V., brings technical expertise and project experience in hydrogen liquefaction plant construction, refueling station layout, and cryogenic storage and transportation [1]

Core Viewpoint - Guofu Hydrogen Energy (02582) has seen a significant stock price increase, rising over 32% in early trading, attributed to a strategic partnership with Germany's Hemtron GmbH to enhance the liquid hydrogen supply chain [1] Company Summary - Guofu Hydrogen Energy has established a deep cooperation with Hemtron GmbH, focusing on developing flexible and efficient "non-pipeline" liquid hydrogen solutions [1] - The collaboration aims to integrate global high-quality hydrogen technology resources to promote the construction and application of liquid hydrogen infrastructure in Europe [1] - The project will optimize the entire supply chain, including hydrogen liquefaction, liquid hydrogen container transportation, and hydrogen refueling stations [1] - Guofu Hydrogen Energy is recognized as a leading domestic hydrogen energy company, driven by core technological innovation and possessing multiple proprietary key technologies [1] Industry Summary - The partnership with Hemtron, a subsidiary of Oilinvest B.V., leverages Hemtron's expertise in hydrogen liquefaction plant construction, refueling station layout, and cryogenic storage and transportation [1] - The initiative emphasizes direct connections with upstream sectors such as renewable energy generation and water electrolysis for hydrogen production, aiming for a low-carbon hydrogen production path [1]

Core Viewpoint - Hangyang Group Co., Ltd. announced the establishment of a joint venture with Longze Energy and Shanghai Hydrogen Maple to create Luoyang Hangyang Longze Hydrogen Energy Co., Ltd. with a registered capital of 15 million yuan [1] Group 1: Joint Venture Details - The registered capital of the joint venture is 15 million yuan, with Hangyang contributing 7.65 million yuan (51%), Longze Energy contributing 5.85 million yuan (39%), and Shanghai Hydrogen Maple contributing 1.5 million yuan (10%) [1] - The joint venture will invest in a coke oven gas hydrogen production and filling facility, aimed at producing and selling high-purity hydrogen and hydrogen products for fuel cell vehicles [1] Group 2: Investment and Strategic Goals - The total investment for the project is approximately 45.5 million yuan, with additional funding to be secured through external financing [1] - This investment leverages the growth opportunities in the domestic hydrogen energy industry and aims to enhance the company's hydrogen energy product offerings and overall competitiveness in the sector [1] - The collaboration is expected to create a complementary ecosystem of "resources + technology + market" among the three companies, with potential for replication in future hydrogen energy projects [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The platinum and palladium markets are characterized by high supply concentration and low elasticity, with significant influence from factors such as mine production, recycling, and demand in various sectors. The Chinese market has a high dependence on imports for platinum - palladium resources, and the recycling sector is becoming increasingly important. The development of platinum - palladium futures and options provides new investment opportunities [15][22][86] - The demand for platinum and palladium in the automotive catalyst sector is affected by factors such as the development of new - energy vehicles and emission standards. The potential for growth in the hydrogen energy sector offers new prospects for the consumption of platinum and palladium [37][47][77] 3. Summary by Directory 3.1 Platinum and Palladium Variety Overview - Platinum and palladium, along with rhodium, ruthenium, osmium, and iridium, form the platinum - group metals (PGMs), which are precious metals. Platinum and palladium have higher demand than other PGMs. Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm [6] - Platinum (Pt) has a high melting point, good ductility, and excellent electrical and thermal conductivity. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium (Pd) can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [7][8] - Platinum - group metal deposits can be divided into primary and secondary sand deposits. The main formation causes include magmatic action, hydrothermal processes, and exogenous deposition [10] 3.2 Platinum - Group Metal Industry Chain - The supply chain of platinum - group metals has an "oligopoly" structure. Most raw material supply and smelting are in the hands of a few integrated mining and smelting producers. The separation and purification processes of platinum - group metals vary according to the raw material composition. The current mainstream purity of platinum and palladium in the spot market is not less than 99.95%, and the Guangzhou Futures Exchange requires the delivery purity to be no less than 99.95% [15][19] - The extraction of platinum - group metals involves steps such as exploration, mining development, ore extraction, processing, and refining. Recycling of platinum - group metals is highly valued due to their low crustal content [16][20] 3.3 Global Platinum Supply - Demand Pattern - The main platinum - supplying countries are South Africa, Zimbabwe, and Russia. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output declined in 2024, and it is expected to decline further in 2025 [55][57] - The main platinum - consuming regions are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons. The demand in the automotive industry, jewelry, and other sectors showed different trends [59][65] 3.4 Global Palladium Supply - Demand Pattern - The main palladium - supplying countries are Russia, South Africa, Canada, and the United States. In 2024, Russia and South Africa accounted for 43% and 41% of the global total respectively. The global palladium output increased by 0.7 tons to 25.6 tons in 2024, with a supply surplus of 2.4 tons [69][71][77] - The main palladium - consuming regions are China, the United States, Europe, and Japan. The demand for palladium in the automotive catalyst sector decreased due to factors such as the substitution of new - energy vehicles [73][77] 3.5 Chinese Platinum - Group Resource Pattern - China's platinum - group metal resources are extremely scarce, with most of the reserves in Gansu. In 2024, China produced 4.9 tons of platinum - palladium metals. The import dependence on platinum - palladium resources is high, and the recycling industry is facing challenges such as waste shortages [82][86] - In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium. The consumption of platinum and palladium in China showed different trends, with the consumption of palladium in the automotive catalyst sector declining significantly [88][92][100] 3.6 Platinum and Palladium Price Review - The historical price trends of platinum and palladium are influenced by factors such as supply - demand relationships, economic conditions, and geopolitical situations. The price difference between platinum and palladium and the ratio of gold to platinum also show certain patterns [116] 3.7 Draft of Platinum and Palladium Futures of Guangzhou Futures Exchange - The contract text, risk control system, and delivery business of platinum and palladium futures on the Guangzhou Futures Exchange are under development. The current global active platinum and palladium futures markets are mainly in COMEX [52] 3.8 Platinum and Palladium Options - The draft of platinum and palladium options includes the option contract solicitation draft and the risk control system [42]

Group 1 - The core announcement is that Hangyang Co., Ltd. plans to establish a joint venture named Luoyang Hangyang Longze Hydrogen Energy Co., Ltd. with Longze Energy Co., Ltd. and Shanghai Hydrogen Maple Energy Technology Co., Ltd. [1] - The registered capital of the joint venture will be 15 million yuan, with Hangyang contributing 7.65 million yuan, accounting for 51% of the total [1]. - The total investment for the project is approximately 45.5 million yuan, with 15 million yuan funded by the three parties according to their shareholding ratios, while the remaining funds will be secured through external financing [1]. Group 2 - The purpose of this investment is to build a complete hydrogen energy industry chain and to create complementary advantages among the partners [1].

Investment Overview - The company plans to establish a joint venture named Luoyang Hangyang Longze Hydrogen Energy Co., Ltd. with Longze Energy and Shanghai Qinfeng Energy Technology Co., Ltd. to build a complete hydrogen energy industry chain [1][2] - The registered capital of the joint venture will be 15 million yuan, with the company contributing 7.65 million yuan (51% stake), Longze Energy contributing 5.85 million yuan (39% stake), and Shanghai Qinfeng contributing 1.5 million yuan (10% stake) [1][2] Joint Venture Details - The joint venture aims to invest in and construct a hydrogen production and filling facility with a capacity of 2825 Nm3/h, producing high-purity hydrogen and hydrogen products for fuel cell vehicles [2][3] - The total investment for the project is approximately 45.5 million yuan, with the joint venture partners contributing 15 million yuan and the remaining funds to be secured through external financing [2][3] Governance Structure - The joint venture will have a shareholders' meeting and a board of directors, with the company recommending 2 directors and Longze Energy recommending 1 director [3][4] - The chairman will be elected from the directors recommended by Longze Energy, and the general manager and financial officer will be recommended by the company [4] Investment Purpose and Impact - The investment leverages the growth opportunities in the domestic hydrogen energy industry and aims to enhance the company's product offerings and overall strength in the hydrogen sector [5] - The investment is not expected to have a significant adverse impact on the company's financial status or operations, and it does not harm the interests of the listed company and its shareholders [5]

Group 1 - The company plans to establish a joint venture named Luoyang Hangyang Longze Hydrogen Energy Co., Ltd. with Longze Energy and Shanghai Hydrogen Maple Energy Technology Co., Ltd. [1] - The registered capital of the joint venture is set at 15 million yuan, with the company contributing 7.65 million yuan for a 51% stake, Longze Energy contributing 5.85 million yuan for a 39% stake, and Shanghai Hydrogen Maple contributing 1.5 million yuan for a 10% stake [1] - This investment aims to leverage the development opportunities in the domestic hydrogen energy industry, utilizing the quality resources of Longze Energy and Shanghai Hydrogen Maple to enhance the company's hydrogen energy industry chain and product offerings [1] Group 2 - The initiative is expected to adjust the company's gas product structure and improve its overall strength in the hydrogen energy sector [1] - The collaboration is anticipated to promote the comprehensive development level of the company [1]

格隆汇7月30日丨杭氧股份(002430.SZ)公布，为构建完整氢能产业链、形成优势互补，杭氧集团股份有 限公司第八届董事会第二十七次会议、第八届监事会第二十二次会议分别审议通过了《关于投资设立氢 能合资公司的议案》。公司拟与洛阳龙泽能源有限公司(以下简称"龙泽能源")、上海氢枫能源技术有限 公司(以下简称"上海氢枫")两家公司共同成立合资公司——洛阳杭氧龙泽氢能有限公司(暂定名，最终以 当地市场监督管理局核准的名称为准)，注册资本1,500万元，其中，公司出资765万元，占比51%；龙泽 能源出资585万元，占比39%；上海氢枫出资150万元，占比10%。 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Platinum and palladium are important members of the platinum - group metals (PGMs), with high demand in practical applications. Their resource distribution is concentrated, and the supply chain has an "oligopoly" structure, which is easily affected by various factors [1][14]. - The platinum - group metal industry chain includes upstream mining, mid - stream processing and recycling, and downstream terminal applications and investment. Each link has its own characteristics and development trends [14]. - The demand for platinum and palladium in different terminal applications varies. For example, palladium is more common in gasoline engine exhaust treatment, while platinum is superior in diesel engine exhaust catalysts. The application of platinum and palladium in emerging industries such as hydrogen energy is expected to grow [41][48]. 3. Summary According to Relevant Catalogs 3.1 Platinum and Palladium Variety Overview 3.1.1 Natural Properties - Platinum (Pt) and palladium (Pd) are silver - white metals, belonging to the platinum - group metals (PGMs) along with ruthenium, rhodium, iridium, and osmium. Platinum has a crustal content of five - hundred - millionths, and palladium has a crustal content of one - hundred - millionth [1]. - Platinum has a high melting point, good ductility, excellent electrical and thermal conductivity, high density, and is chemically inert. It is mainly used in industrial catalysts, jewelry, electronics, etc. Palladium has a relatively lower melting point, can adsorb gases like hydrogen, is corrosion - resistant, and is mainly used in the catalyst field [2][4]. 3.1.2 Distribution and Classification of Platinum - Group Resources - Platinum - group metals exist in nature in the form of natural elements and complex ores. Platinum deposits are generally related to ultramafic rocks and can be formed through magma action, hydrothermal processes, and exogenous deposition [5]. - Platinum - group metal ores can be divided into primary deposits and exogenous sand deposits. The primary deposits can be further divided into vein platinum deposits mainly composed of platinum - group metals and copper - nickel - type deposits hosted in ultrabasic rocks [5]. - Global platinum - group metal resources are mainly concentrated in five regions: South Africa's Bushveld Complex, Russia's Norilsk - Talnakh region, the US's Stillwater Complex, Zimbabwe's Great Dyke, and Canada's Sudbury [11]. 3.2 Platinum - Group Metal Industry Chain 3.2.1 Upstream Mining - The platinum - group metal supply chain has an "oligopoly" structure. Most of the raw material supply and smelting are in the hands of a few integrated mining and smelting producers [14]. - In 2024, the global PGMs resource was estimated to exceed 100,000 tons, and the reserves exceeded 81,000 tons. South Africa's PGMs reserves were 63,000 tons, accounting for nearly 80% of the global total [21]. - The production of platinum and palladium mines is facing bottlenecks due to factors such as resource oligopoly, declining ore grades, rising mining costs, and strict environmental policies. In 2024, the global palladium mine production was 190 tons, a year - on - year decrease of 8.65%, and the platinum mine production was 170 tons, a year - on - year decrease of 5.02% [25]. 3.2.2 Platinum - Group Material Supply and Recycling - Global precious metal multinational groups such as Umicore, Johnson Matthey, Heraeus, and Tanaka dominate the platinum - group metal material processing and recycling fields [30]. - As high - grade resources become scarce, secondary resources of platinum - group metals are becoming increasingly important. However, domestic recycling enterprises face fierce competition, and the supply of secondary resources is becoming increasingly tight [30]. 3.2.3 Terminal Applications - **Automotive Exhaust Catalysts**: Palladium is more common in gasoline engine exhaust treatment, while platinum is superior in diesel engine exhaust catalysts. The choice of platinum - group metals in catalysts depends on catalytic effect, cost - effectiveness, availability, and exhaust emission standards [41]. - **Jewelry**: Platinum is more suitable for high - end jewelry markets due to its high density, good ductility, and chemical stability. Palladium has limited use in jewelry due to its hardness and tendency to darken [45]. - **Other Industrial Applications**: Platinum and palladium are widely used in chemical industry, glass manufacturing, electronics, medical, hydrogen energy, and other fields. Their application in emerging industries such as hydrogen energy is expected to grow [46][48]. 3.2.4 Investment Channels - Platinum can be invested in through physical products (platinum bars, platinum coins), financial products (platinum futures contracts, platinum ETFs), and platinum - related stocks. The investment demand for platinum is increasing, especially in the context of high gold prices [50].

Group 1 - The Wuhan Municipal Hydrogen Industry Development Three-Year Action Plan (2025-2027) emphasizes accelerating the development of hydrogen equipment and fuel cell vehicles, along with the construction of zero-carbon industrial parks and hydrogen technology industrial parks [1] - The plan includes promoting the development of hydrogen storage and transportation equipment, accelerating the industrialization of liquid hydrogen transportation technology, and supporting the application of liquid organic solvent hydrogen storage equipment [1] - The report from Huayuan Securities suggests that with declining electricity prices, rising carbon prices, policy support, and increasing orders for green fuels, the construction rate of green hydrogen projects is expected to gradually increase [1] Group 2 - Zhongyin Securities indicates that energy conservation and carbon reduction are the core drivers for the development of hydrogen energy in China, with an expected increase in hydrogen application scale in industries such as steel, refining, and synthetic ammonia [2] - By 2025, China is expected to establish a standard system for the entire hydrogen energy chain, supporting the development of hydrogen energy [2] - The report recommends companies such as Huadian Technology, Huaguang Huaneng, Sunshine Power, and Longi Green Energy, while also suggesting attention to China Tianying and Jidian Co., Ltd. [2]