Core Viewpoint - Hydrogen energy is becoming a key pathway for green development as global energy transition accelerates, with various regions aiming to establish a competitive edge in this sector [1] Policy Developments - The "Implementation Plan for the Renewable Energy Development and Utilization Regulations" in Beijing proposes the construction of hydrogen energy infrastructure and applications across multiple fields, aiming to create a comprehensive hydrogen infrastructure network covering the city and the Beijing-Tianjin-Hebei region [1][2] - The plan includes diversified local hydrogen production pilot projects, the construction of hydrogen refueling stations, and the exploration of hydrogen pipeline feasibility within the Beijing-Tianjin-Hebei area [2][4] - Other cities, such as Wuhan and Fujian, have also released hydrogen energy development plans, indicating a nationwide push for hydrogen energy policies [3][4] Industry Outlook - The International Energy Agency predicts that global hydrogen demand will exceed 500 million tons by 2050, with over 60% of this demand coming from power generation, natural gas blending, and transportation sectors [5] - In China, hydrogen demand is expected to reach between 100 million tons and 130 million tons by 2050, highlighting significant growth potential in the domestic market [5] Corporate Engagement - Companies are increasingly focusing on hydrogen energy, with strategic partnerships being formed to enhance research and application of hydrogen fuel cell technology [5][6] - For instance, Beijing Yihua Tong Technology Co., Ltd. signed a strategic cooperation agreement with Shanxi Pengfei Group to develop hydrogen fuel cell technology and establish a manufacturing base for heavy-duty hydrogen trucks [5] - The construction of the world's first 30MW pure hydrogen gas turbine energy storage demonstration project has commenced, showcasing corporate investment in hydrogen energy infrastructure [6]

Core Viewpoint - The collaboration between Pengfei Group and Yihuatong marks a significant step towards commercializing the hydrogen energy industry in Shanxi, aiming to establish Luliang as a national manufacturing base for hydrogen energy heavy trucks [1][10]. Group 1: Pengfei Group's Hydrogen Energy Strategy - Pengfei Group, founded in 1993, has diversified into various sectors including coal mining, modern coal chemical industry, and hydrogen energy equipment manufacturing, with a total investment of 78 billion yuan in the Pengwan Hydrogen Port industrial park [3][6]. - The industrial park aims to develop a complete hydrogen energy value chain, including hydrogen production, storage, transportation, and downstream applications, with a projected annual output value of 180 billion yuan upon completion [3][5]. - Luliang, where Pengfei Group is based, is leveraging its unique resources to build a complete "coal-coke-chemical-electricity-hydrogen" industrial ecosystem, targeting a hydrogen production capacity of 500,000 tons by 2030 [5][6]. Group 2: Yihuatong's Role in the Hydrogen Industry - Yihuatong, known as the "first stock of hydrogen energy," has been a pioneer in the hydrogen fuel cell sector, achieving significant milestones including being the first to list on both A-share and H-share markets [6][7]. - The company plans to enhance its competitiveness in the hydrogen energy supply chain through its collaboration with Pengfei Group, focusing on large-scale terminal applications [8][9]. - Yihuatong's recent acquisition of Xuyang Hydrogen Energy is expected to strengthen its position in the hydrogen market, as it integrates various elements of the hydrogen supply chain [7][8]. Group 3: Industry Trends and Future Prospects - The hydrogen energy sector in China is projected to reach a market value of 1 trillion yuan by 2025, with companies like Pengfei Group, Yihuatong, and Meijin Energy intensifying their efforts to capture market share [10]. - Meijin Energy, a major player in the hydrogen fuel cell heavy truck market, is also planning to list on the Hong Kong Stock Exchange, which would enhance its global strategy and competitive edge [9][10]. - The collaboration between these companies is expected to reshape the hydrogen energy landscape, moving from isolated segments to a comprehensive industrial ecosystem [8].

Core Viewpoint - The strategic cooperation between Yihuatong and Pengfei Group aims to advance hydrogen fuel cell technology and its large-scale application, marking a significant step towards commercializing the hydrogen energy industry in Lvliang [1][3]. Group 1: Strategic Cooperation - Yihuatong and Pengfei Group signed a strategic cooperation agreement on August 8, focusing on hydrogen fuel cell technology development and large-scale application [1]. - The partnership is expected to promote resource sharing and complementary advantages, driving high-quality development of the hydrogen energy industry in Lvliang [1][4]. Group 2: Resource and Infrastructure - Lvliang has a unique advantage with its "resource + scenario" dual engine, including an annual coking capacity of 18.67 million tons in Xiaoyi City, which can produce 4.4 billion cubic meters of coke oven gas, yielding 200,000 tons of low-cost hydrogen [3]. - Pengfei Group has established a complete "hydrogen production-storage-transportation-application" chain, with a logistics network of 70,000 heavy trucks to support the large-scale deployment of hydrogen vehicles [3]. Group 3: Initial Procurement and Application - The initial phase of the cooperation includes the procurement of 100 hydrogen fuel cell heavy trucks and 250 hydrogen fuel cell logistics vehicles, with heavy trucks designated for coking raw material transportation and light trucks for urban cold chain logistics [3][4]. - Yihuatong will provide core technology for the fuel cell systems, while Pengfei Group will build a cluster of hydrogen refueling stations and a digital operation platform to validate the economic viability and reliability of hydrogen vehicles [3][4]. Group 4: Future Development Plans - Yihuatong aims to integrate the three key elements of "coking hydrogen source - heavy truck manufacturing - logistics finance" to create a replicable "Lvliang model" for hydrogen energy development across the country [4].

Core Viewpoint - The fuel cell industry is facing challenges such as high manufacturing costs, inadequate infrastructure, intense market competition, and reduced policy subsidies, leading to a decline in sales of fuel cell vehicles. However, several companies are committed to technological research and development, resulting in significant advancements in fuel cell stack innovation and commercialization [2][4]. Summary by Sections Industry Overview - The sales of fuel cell vehicles in 2024 were 7,131 units, a year-on-year decrease of 6.8%. In the first half of 2025, the sales further dropped to 1,967 units, reflecting a year-on-year decrease of 22.0% and a quarter-on-quarter decrease of 57.3% [2]. Technological Innovations - **Jichong Hydrogen Energy**: Launched the MH290 metal plate fuel cell stack with a peak power of 410.9 kW, setting a new industry record. The stack has a design life of 30,000 hours, addressing the issue of frequent core component replacements [2][4]. - **Xie Hydrogen New Energy**: Released its first mass-produced 20 kW air-cooled hydrogen fuel cell, achieving a new record for single-stack power output [5]. - **Shenli Technology**: Introduced the Gen4 stack, capable of power coverage from 180 kW to 400 kW, targeting heavy transport and energy storage applications [6]. - **Hydrogen Pioneering Energy**: Unveiled two new stacks, ST280VID and ST1D4AII, with significant improvements in power density and flexibility for various applications [7]. - **GAC Group**: Developed a 140 kW fuel cell stack, achieving a power density of 7 kW/L and reducing size and weight by 30% and 25% respectively [9]. - **Dongfeng Motor**: Released a 400 kW fuel cell stack designed for heavy-duty trucks, with capabilities for low-temperature cold starts and significant fuel efficiency improvements [10]. Market Outlook - Jichong Hydrogen Energy aims for profitability over diesel vehicles by 2025 under specific conditions (fuel cell price ≤ 800 RMB/kW and hydrogen price ≤ 32 RMB/kg) and complete commercialization by 2027 with further price reductions [4].

Group 1 - Chengdu has launched the first city-level Sci-Fi and Future Industry Development Fund with a target size exceeding 3 billion yuan, focusing on sci-fi reading, film, games, and related sectors [2] - ZhenDian Smart Sensor has completed nearly 10 million yuan in angel round financing, aiming to enhance its core technology in industrial and consumer-grade sensors [3] - JuXin Microelectronics has completed a D+ round financing to further develop low-power, high-integration smart sensing chips, breaking foreign monopolies in high-end chip markets [3] - Shanghai Leju Technology has secured exclusive B++ round financing from Kunlun Capital, enhancing its digital services in the energy sector [4] - YiPu Power has completed an A round financing to support innovation in power systems for new energy vehicles and industrial equipment [5] - DeRui Smart Chip has completed a C round financing to advance its research in smart chips for various applications [5] - Hongshi Baosheng Technology has successfully completed an angel round financing, focusing on new material development with potential applications in energy-saving and environmental protection [5] - Suzhou Jiedi has completed a B round financing to expand production and enhance competitiveness in high-end equipment manufacturing [6] Group 2 - Meijin Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital layout and competitiveness [7] - Dapeng Industrial has successfully passed the review for listing on the Beijing Stock Exchange, aiming to raise 154 million yuan for smart industrial cleaning equipment projects [7]

Core Insights - The "10th China International Hydrogen Energy Vehicle and Hydrogen Station Equipment Exhibition" will take place from September 19 to 21, 2025, in Beijing, serving as a significant platform for international cooperation and technology exchange in the hydrogen energy industry [1][4] - Hydrogen energy is increasingly recognized as an efficient, clean, and sustainable zero-carbon energy source, with China incorporating it into its national energy strategy and projecting a 10%-15% share in the terminal energy system by 2050 [1] - The exhibition is expected to cover an area of 30,000 square meters, attract over 400 exhibitors, and draw approximately 30,000 visitors, showcasing the latest technologies and products across the hydrogen energy industry chain [1][2] Exhibition Scope - The exhibition will feature hydrogen production equipment, reforming technology, and various hydrogen production processes, along with hydrogen supply technologies [2] - It will also display storage and transportation equipment, including hydrogen sensors, storage alloys, and hydrogen pipelines, as well as hydrogenation equipment like hydrogenation reactors and desulfurization devices [2] - Various types of hydrogen fuel cell vehicles, including passenger cars, commercial vehicles, and specialized vehicles, will be showcased, along with fuel cell systems and key components such as fuel cell stacks and catalysts [2] Concurrent Events - The exhibition will host the "Global Hydrogen Energy Innovation Application High-Quality Development Conference," bringing together experts, scholars, and industry representatives to discuss future trends and technological innovations in the hydrogen energy sector [4] - The event aims to facilitate communication and collaboration within the hydrogen energy field, contributing to the industry's broader development and supporting global energy transition and sustainable development efforts [4]

2025年的展会安排如下：秋季展会将于9月17日至19日在千叶幕张展览馆举行；冬季展会将在11月19日至21日于大阪INTEX展览馆进行；接下来的春季展会 则定于2026年3月17日至19日在东京BIGSIGHT展馆举办。这三场展会将吸引来自出色的制造商、供应商、投资者和相关行业的专业人士。 FCEXPO展会的规模相当可观，在上届展会上，共有450家参展企业参与，吸引了约27000名客商，展会面积达到25000平方米。这些数据表明了展会在行业 内的重要性和影响力。展会汇聚了氢能及燃料电池的各种高端技术、材料、部件和先进装备，成为业内人士交流、合作和学习的重要场所。 日本国际氢能源燃料电池展（FCEXPO）是出色氢能和燃料电池领域的重要展会，由日本励展公司主办，创办于2005年。该展会每年举办三届，分别在不同 的城市举行，涵盖了氢能及燃料电池的各个方面。展会为企业提供了一个优质的平台，以便它们在日本市场上展示自己的技术和产品。 参展企业包括国际一线厂商，如丰田、本田、铃木、松下、东芝、液化空气和巴拉德等。这些企业在氢能及燃料电池技术的研发和应用方面具有较强的实 力。参观买家来自多个行业，包括燃料电池制造商、汽车 ...

Group 1 - The core viewpoint is that the Chengdu-Chongqing Hydrogen Corridor aims to form a hydrogen energy industry cluster worth 100 billion by 2030, with significant developments in hydrogen logistics and infrastructure since its initiation in late 2021 [1] - Hydrogen energy is recognized as a clean, efficient, and sustainable secondary energy source, with global advancements in hydrogen production, storage, transportation, and fuel cell technologies [1] - The Chongqing Municipal Development and Reform Commission has issued a plan to promote the comprehensive green transformation of the economy and society from 2025 to 2027, emphasizing the development of the entire hydrogen energy industry chain [1] Group 2 - Chongqing is building the "Western Hydrogen Valley," focusing on four key industrial chains: hydrogen production, storage, transportation, and application [2] - By 2035, Chongqing plans to construct 50 new hydrogen refueling stations, bringing the total to 62, with a hydrogen supply capacity of 30,000 tons per year [2] - The goal is to establish a comprehensive hydrogen refueling infrastructure system that supports the large-scale application of hydrogen fuel cell vehicles and the high-quality development of the hydrogen energy industry [2]

来源：中国新闻网 编辑：张澍楠 除成渝氢走廊外，重庆还推动建设长江经济带氢走廊，从重庆经武汉贯通长三角，结合沿江航运和城镇 分布，分别依托长江黄金水道、沿江高速布局氢能走廊，在港口码头和高速沿线规划加氢基础设施，发 展氢能船舶和江岸氢能补给网络，实现沿江协同发展。 (活力中国调研行)成渝氢走廊跨城氢物流干线显雏形 正打造千亿级产业集群 此外，重庆联动西部陆海新通道沿线省区市在高速公路服务区、物流园区规划加氢站点，服务长途运输 氢燃料重卡，力争打通西南通往东盟的氢能物流新通道。 中新网重庆8月13日电 (梁钦卿 吴旭 贾楠 纪嘉欣)记者13日在2025年"活力中国调研行"重庆主题采访活 动中获悉，成渝氢走廊自2021年底启动建设以来，沿高速公路通道布局加氢网络，跨城氢物流干线初见 雏形，计划到2030年成渝两地形成千亿级氢能产业集群。 当前，重庆正打造"西部氢谷"，构建氢能制取、储运、装备、应用4大重点产业链条。在加氢站建设方 面，重庆市规划到2035年共新建加氢站50座，累计建成加氢站达到62座，氢气供应能力将达到3万吨/ 年，力争形成"网络完善、供应适配、智能安全"的加氢基础设施体系，全面支撑氢燃料电池汽车 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The listing of platinum and palladium futures and options contracts in China's futures market is a key step in diversification and internationalization, offering new risk - management tools and investment opportunities. The report focuses on platinum's consumption demand [1]. - Platinum demand has shown significant cyclical fluctuations in the past decade. In 2025, total demand is expected to decline by 5% year - on - year, with structural pressure from the automotive and industrial sectors. The market faces a high - level supply - demand gap and price volatility risks [4][5][7]. - Different sectors have different impacts on platinum demand. The automotive sector is under pressure from electrification; the industrial sector is affected by the end of the glass industry's capacity cycle; the jewelry sector is expected to grow moderately; the investment sector may recover due to increased risk - aversion demand; and the hydrogen energy sector is expected to be the core driver of long - term platinum demand growth [12][13][22][27][34]. Summary by Directory 1. Overall Platinum Demand - Platinum has a wide range of applications, and its industry demand structure is relatively dispersed, with automotive demand accounting for 37%, jewelry demand 24%, industrial demand about 30%, and investment demand 8.5% [3]. - In the past decade, global platinum demand has shown cyclical fluctuations. From 2016 - 2019, demand contracted with a CAGR of - 1%. In 2020, total demand dropped by 7%. From 2023 - 2024, the market entered a recovery cycle with a CAGR of 6%. In 2025, total demand is expected to decline by 5% to 7840000 ounces, and the market faces a high - level supply - demand gap [4][5]. 2. Automotive Field - The automotive industry is the largest demand end for platinum, contributing 29% - 42% of global total demand in the past five years. In 2024, automotive platinum demand decreased by 2% year - on - year, and in 2025, it is expected to contract marginally to 3080000 ounces due to factors such as the increase in pure - electric vehicle production and import tariffs [12]. 3. Industrial Field - The industrial field is the second - largest demand end for platinum, accounting for 27% - 36% in the past five years. In 2024, global demand was stable at 2470000 ounces, and in 2025, it is expected to drop by 14% to 2120000 ounces, mainly due to the decline in the glass industry and chemical consumption [13]. - **Chemical Industry**: Platinum is mainly used as a catalyst in the chemical industry. In 2024, demand was 940000 ounces, and in 2025, it is expected to decline by 14% to 810000 ounces [14][17]. - **Petroleum Industry**: Platinum is used as a catalyst in the petroleum refining process. In 2024, the demand was about 707300 ounces, and the growth rate slowed down to 1.5% [17]. - **Electrical and Electronic Industry**: Platinum is used in core components such as HDDs and MLCCs. With the recovery of AI and other demands, the demand for platinum is showing a restorative growth [17]. - **Glass Industry**: Platinum is an irreplaceable material in the glass - making industry. In 2024, demand decreased by 42.97% year - on - year, and in 2025, it is expected to increase by 13.45% [18]. - **Medical Industry**: Platinum is widely used in cancer treatment, implantable devices, and diagnostic equipment. The global demand for platinum in the medical field is expected to expand due to the aging population and the development of precision medicine [19]. 4. Industrial Hydrogen Production - Platinum is a core catalyst material in the hydrogen - energy industry, covering the entire "hydrogen production - storage - utilization" chain. In 2024, demand increased by 92% year - on - year, and in 2025, it is expected to grow by 35%. By 2030, it is expected to become the core incremental engine of global platinum demand [21][22]. 5. Jewelry - Jewelry is an important elastic contribution sector for platinum demand, accounting for about 24% of the total demand. In 2024, global platinum jewelry demand increased by 8% year - on - year, and in 2025, it is expected to grow moderately by 1% - 3% [26][27]. 6. Investment - The investment sector is the most volatile part of the platinum demand structure, with the net investment volume accounting for 8% - 21% of the total demand. In 2024, it showed a pattern of "low physical investment and growing ETF investment", and in 2025, investment demand is expected to continue to recover due to increased risk - aversion demand [31][32][34].