科技日报讯 （记者杨仑）记者10月23日获悉，全国首列氢能文旅列车"氢春号"在近日举行的中国中车 现代产业链融通发展共链行动大会正式发布，标志我国在绿色轨道交通领域实现全新突破，氢能驱动城 市出行迈入崭新阶段。 "氢春号列车具有零碳环保、智慧舒适、安全可靠、文旅融合等特点，可以为现代城市交通提供绿色、 经济的定制化解决方案。"中车长客股份公司副总经理、总工程师汪中海说。 会上，中国中车集团与吉林省政府签署了《氢能产业链合作协议》，双方将共同推动氢能列车应用场景 建设及产业链布局。"中国中车将依托吉林资源禀赋、产业基础、应用场景，不断发挥产业优势、技术 优势、资本优势，深化央地合作，构建氢能产业新集群，推进氢能产业高质量发展，打造产业链融合共 建样板。"中国中车党委常委、副总裁林存增说。 "氢春号"由中车长客股份公司研制，采用氢燃料电池动力系统，运行唯一产物为水，实现零碳排放，无 需接触网供电，适应多场景线路。据介绍，该列车支持1至6辆灵活编组，可覆盖城市通勤与文旅线路， 有助于降低建设与运维成本，填补低运量轨道交通市场空白。在能耗方面，"氢春号"列车每公里平均能 耗约1.5千瓦时，储氢系统采用金属基体加碳纤维 ...

Core Insights - The hydrogen energy industry in China is transitioning from demonstration applications to large-scale promotion, with 41 projects and 9 regions supported by the National Energy Administration [5] - The hydrogen energy sector is seen as a key area for investment, driven by carbon neutrality goals and increasing financial support from commercial banks [5][10] Group 1: Policy and Development Plans - The "China Hydrogen Development Report (2025)" indicates that 2025 will be a pivotal year for the hydrogen industry in China, with a production and consumption scale exceeding 36.5 million tons, making China the world's leader [6] - By 2035, China aims to establish a comprehensive hydrogen industry system covering transportation, energy storage, and industrial applications, significantly increasing the share of renewable energy hydrogen in terminal energy consumption [6] - New policies from the National Development and Reform Commission include targets for renewable energy non-electric consumption, aiming for 15% by 2025 and 20% by 2030, marking a significant milestone for the hydrogen sector [7] Group 2: Regional Initiatives - Xiamen plans to build 3 hydrogen refueling stations and establish a demonstration route for hydrogen fuel cell vehicles by 2027, indicating a comprehensive approach to hydrogen industry development [7] - Inner Mongolia's action plan focuses on enhancing the hydrogen equipment manufacturing industry, aiming for a well-established supply chain and innovation capabilities by 2027 [8] - Jiangsu's plan targets a hydrogen industry scale exceeding 100 billion yuan by 2027, with over 100 hydrogen refueling stations and 10,000 fuel cell vehicles promoted [8] Group 3: Financial Support and Investment - Financial institutions are increasingly supporting the hydrogen industry, with policies encouraging loans and financing for key projects [10] - Major banks are actively engaging with hydrogen enterprises, providing tailored financial solutions to address funding challenges [12][14] - The establishment of specialized branches, such as the hydrogen-focused branch in Beijing, highlights the growing financial services dedicated to the hydrogen sector [11] Group 4: Market Opportunities - The hydrogen industry is viewed as entering a "golden period," with significant growth in credit allocation surpassing that of solar and wind energy sectors [12] - The focus on infrastructure development and production supply in the hydrogen sector necessitates substantial bank financing, with many banks adapting their credit models to support innovative hydrogen enterprises [12][13] - The diverse applications of hydrogen energy across various sectors, including transportation and industry, position it as a crucial component in achieving carbon neutrality goals [14]

Core Viewpoint - The hydrogen energy industry in China is transitioning from pilot exploration to significant breakthroughs, with notable advancements in technology, industrial chain construction, and application expansion, while facing challenges such as cost control and standardization [9][11]. Event Overview - The 5th Hydrogen Ecosystem International Conference will take place from October 27 to 29, 2025, at the Daxing International Hydrogen Energy Demonstration Zone, focusing on the theme "Breaking Barriers, Fostering Synergy: The Path to Advancement for the Hydrogen Industry" [10][11]. - The conference aims to create a high-level platform for discussing new opportunities and challenges in the hydrogen industry, sharing technological achievements, and promoting collaboration across the industrial chain [8][11]. Activities and Structure - The event will feature a three-day format, including an open day, roadshows, keynote speeches, and roundtable discussions, enhancing participant engagement and value [12][13]. - Keynote speeches will address domestic practices in hydrogen technology commercialization and international perspectives on global green hydrogen trade [14][18]. Organizational Structure - The conference is organized by the Daxing District People's Government, the Daxing International Hydrogen Energy Demonstration Zone, and the International Hydrogen Fuel Cell Association, with support from various institutions and media [6][7]. Achievements and Innovations - The National Hydrogen Fuel Cell Vehicle Quality Inspection and Testing Center will release its full chain testing service, which covers all stages of testing and shortens testing time by 30% [24]. - Several cooperation agreements will be signed to establish a green methanol-hydrogen energy chain and address hydrogen storage and transportation challenges [25][27]. Application Scenarios - A new benchmark for multi-energy complementarity in high-altitude and cold regions will be released, showcasing innovative applications of hydrogen energy [28].

Group 1 - The rise of trade protectionism and unilateralism is impacting the energy sector, particularly hindering the development of hydrogen and green energy, necessitating China's commitment to green energy and international cooperation [1] - China has made significant contributions to the development of hydrogen energy, positioning itself as a global leader in hydrogen technology research, application, and international cooperation [1][2] - The "Hydrogen Industry Development Mid-Long Term Plan (2021-2035)" was issued in 2022, establishing a clear direction for hydrogen industry development, which was later reinforced by its inclusion in the Energy Law of the People's Republic of China [1] Group 2 - China's hydrogen energy technology has advanced from laboratory research to industrial application, with the country leading globally in terms of technology comprehensiveness and advancement [2] - The entire hydrogen energy industry chain in China is currently the most complete in the world, with significant progress in the transportation sector driven by policy support and cost reduction efforts from fuel cell manufacturers [2] - The cost of hydrogen fuel cell buses has significantly decreased from $1.8 million in 2003 to below $500,000, showcasing the potential for commercial viability in the hydrogen sector [2]

Core Insights - The hydrogen energy industry in Suzhou is rapidly developing, with significant investments and policy support aimed at establishing a comprehensive hydrogen energy ecosystem [1][2][3] - Suzhou aims to achieve an annual output value of over 100 billion yuan in the hydrogen and fuel cell industry by 2035, with plans to cultivate more than 10 internationally competitive enterprises and establish over 70 hydrogen refueling stations [1][2] - The region is focusing on integrating the entire hydrogen energy supply chain, from production to end-use applications, to enhance its competitive edge in the industry [2][3] Group 1: Industry Development - Suzhou has established a robust hydrogen energy industry chain, covering hydrogen production, storage, transportation, refueling, and applications in various sectors such as automotive and energy [1] - The city has introduced policies to support the hydrogen fuel cell industry and has included hydrogen energy as a key focus area in its energy development plans [2][3] - The establishment of the China-Europe Hydrogen Technology Innovation Center in Changshu is facilitating industry standardization and collaboration, further supporting the hydrogen energy sector [2] Group 2: Company Initiatives - Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd. has become a market leader in hydrogen refueling equipment and systems, filling gaps in high-pressure refueling and large-volume hydrogen supply systems [2] - The company has successfully transitioned from relying on imported carbon fiber for hydrogen storage to domestic production, enhancing its supply chain resilience [2] - Wujiang Economic and Technological Development Zone is actively promoting collaboration among hydrogen enterprises to foster innovation and growth within the hydrogen energy industry [3]

Core Insights - The hydrogen energy industry in Suzhou is rapidly developing, with significant investments and policy support aimed at establishing a comprehensive hydrogen energy ecosystem [1][2][3] Group 1: Industry Development - Suzhou has established a robust hydrogen energy industry chain, covering hydrogen production, storage, transportation, refueling, and applications in various sectors such as automotive and energy [1][2] - The city aims to achieve an annual output value of over 100 billion yuan in the hydrogen and fuel cell industry by 2035, with plans to cultivate more than 10 internationally competitive enterprises and build over 70 hydrogen refueling stations [1][2] - Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd. leads the domestic market in hydrogen refueling equipment and has successfully transitioned to domestic supply chains for hydrogen storage solutions [2] Group 2: Policy and Strategic Initiatives - The local government has introduced several policies to support the hydrogen fuel cell industry, including the "14th Five-Year Plan for Energy Development" which prioritizes hydrogen energy [2][3] - The establishment of the China-Europe Hydrogen Energy Technology Innovation Center in Changshu is aimed at fostering industry standards and collaboration, further supporting the hydrogen energy sector [2] - Wujiang Economic and Technological Development Zone has initiated industry chain meetings to enhance collaboration among hydrogen energy enterprises, indicating a strategic focus on industry chain synergy [3][4]

Core Viewpoint - The article highlights the advancements and initiatives in the clean hydrogen industry in Henan province, focusing on the "liquid hydrogen production-storage-transportation" industrial chain and the recognition of local companies in this field [1][2][4]. Group 1: Industry Developments - The Ministry of Industry and Information Technology has initiated the "2025 Future Industry Innovation Task" to promote core technologies in clean hydrogen, quantum technology, and atomic-level manufacturing [2]. - Henan province has established a long-term plan for hydrogen industry development from 2022 to 2035, aiming to create a hydrogen corridor and accelerate the construction of fuel cell vehicle application demonstration cities [3][4]. Group 2: Company Achievements - Zhongke Qingneng Technology Co., Ltd. has developed a 1 ton/day liquid hydrogen equipment that successfully provided liquid hydrogen fuel for China's space missions, marking a significant achievement in domestic hydrogen production [2][3]. - The company has also launched a 5 tons/day liquid hydrogen equipment, with plans to develop a 35 tons/day unit, which would be the largest single-unit hydrogen liquefaction equipment globally [3]. - China Shipbuilding Double Rui (Luoyang) Special Equipment Co., Ltd. is focusing on high-pressure hydrogen storage containers and has successfully deployed 35 MPa and 50 MPa hydrogen bottles in various refueling stations [3]. Group 3: Future Goals - The goal for the liquid hydrogen factory by 2026 is to achieve a liquefaction capacity of at least 5.5 tons/day and reduce hydrogen liquefaction energy consumption to 12.5 kWh/kg [1][2]. - The hydrogen industry aims to provide large-scale, long-distance, low-cost, and high-safety liquid hydrogen supply, facilitating the commercialization of clean hydrogen energy [3].

Core Viewpoint - Jiangsu Guofu Hydrogen Energy announced a financing plan through the placement of new H-shares, raising approximately HKD 113 million, with a significant discount on the share price compared to previous trading days [1] Group 1: Financing Details - The company plans to issue 2,405,400 shares at a placement price of HKD 48.47, which is a 17.0% discount to the last closing price of HKD 58.40 and a 15.4% discount to the average closing price over the last five trading days [1] - The newly issued shares will represent approximately 2.21% of the existing issued share capital and about 2.16% of the enlarged share capital after the placement [1] - The net proceeds from the placement will be allocated as follows: approximately 50% for financing investments and collaborations in hydrogen energy projects, about 40% for working capital and general corporate purposes, and around 10% for repaying existing credit financing [1] Group 2: Company Background and Strategy - Jiangsu Guofu Hydrogen Energy is a leading provider of integrated hydrogen energy equipment solutions, focusing on the entire industry chain of hydrogen energy, including production, storage, transportation, refueling, and utilization [1] - The company is strategically located in the Yangtze River Delta region, benefiting from proximity to ports and a rich supply chain resource [1] - The company aims to become a central player in the global hydrogen energy core equipment supply chain, leveraging favorable policies in the hydrogen energy sector [1] Group 3: Financial Performance - For the fiscal year 2024, the company reported a revenue of CNY 459 million, a decrease of 12.2%, and a net loss attributable to shareholders of CNY 210 million, which is a significant increase of 186.86% compared to a loss of CNY 73.3 million in 2023 [3] - The company's gross profit decreased by approximately 50.8% compared to 2023 [3] - Despite the decline in revenue, the company plans to focus on technology enhancement, talent development, system construction, business model innovation, and scaling operations to maintain its industry leadership and promote the commercialization of the hydrogen energy sector [3]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 22.75 CNY over the next six months, based on a current price of 18.51 CNY [1]. Core Insights - The company is a leader in LNG and air separation equipment, benefiting from a high industry boom. It is actively exploring hydrogen energy applications and expanding its gas operation business, which opens up growth opportunities [6][8]. Summary by Sections 1. Company Overview - The company, originally named Deep Cold Co., was established in 2001 and focuses on gas purification, separation, and low-temperature liquefaction technologies. It has shifted towards high-end equipment manufacturing and is expanding into gas investment and clean energy operations [14][17]. 2. Financial Performance - The company is expected to achieve revenues of 861.51 million CNY in 2024, with a growth rate of 28.9%. By 2027, revenues are projected to reach 1.31 billion CNY, with a compound annual growth rate of 16% for net profit [3][4][6]. - In 2024, the company is projected to achieve a net profit of 72.37 million CNY, reflecting a significant growth of 121.67% compared to the previous year [3][4]. 3. LNG and Air Separation Equipment - The company is a leading player in the LNG and air separation equipment market, with a projected market size of 533 billion CNY by 2025. The company has the capability to design and manufacture LNG processing plants with a daily capacity of 10 million cubic meters [6][35][56]. - In 2024, LNG equipment is expected to generate 6.1 billion CNY in revenue, accounting for over 70% of total revenue [24][26]. 4. Hydrogen Energy Business - The hydrogen energy sector is rapidly developing, with a projected production of 3.815 million tons in 2024, growing by 3.5%. The company has established a joint venture with Toyota to enter the hydrogen fuel cell market [71][88]. - The company is actively involved in the entire hydrogen energy value chain, including hydrogen production, storage, and application, leveraging resources from its parent group [83][87]. 5. Gas Operation Expansion - The company is expanding its gas operation business, with revenues from gas operations expected to grow significantly in the coming years. In 2023, revenues from gas operations were 2.76 million CNY, with projections of 12.46 million CNY in 2024 [6][19][26]. - The company is pursuing strategic acquisitions and investments in gas operation projects to enhance its operational scale [6][19].

Core Viewpoint - The State Energy Group has reported continuous improvement in operational performance for the third quarter, with significant investments in new energy exceeding 63 billion yuan, laying a solid foundation for achieving annual goals and long-term development [1][2]. Group 1: Operational Performance - The company has maintained a peak coal production level of 50 million tons for 48 consecutive months, with a year-on-year increase of 12.4% in coal sales volume [1]. - Power generation reached 457.5 billion kWh, reflecting a year-on-year growth of 2.2%, with 36 days of daily generation exceeding 4 billion kWh, an increase of 20 days compared to the same period last year [1]. - Monthly average non-coal transportation volume increased by 8.7% to 2.53 million tons, while the sales proportion of high-value-added polyolefin products in the chemical sector rose to 48.3%, up 7 percentage points year-on-year [1]. Group 2: Investment and Project Development - In the first nine months, the company invested over 63 billion yuan in new energy, with a production scale surpassing 10 million kilowatts, leading in investment cost indicators within the region [2]. - The hydrogen energy sector has become a highlight, with the company establishing a development strategy that includes "one goal, dual-chain drive, three major scenarios, and four bases," along with 14 specific measures [2]. - The company has built and put into operation six hydrogen stations and three plants, achieving an annual green hydrogen production capacity of 6,300 tons and a refueling capacity of 8.5 tons per day [2]. Group 3: Future Focus - For the fourth quarter, the company will focus on three areas: preparing for winter peak demand by increasing coal production, stabilizing electricity generation, and expanding chemical exports [4]. - The company aims to accelerate the construction of "Digital National Energy," promoting an "AI+" action plan and enhancing the technology special system [4]. - Investment optimization will be pursued, with plans to advance the production of clean and efficient coal power units and develop five hydropower stations in the Dadu River basin simultaneously, while promoting integrated development of wind, solar, hydrogen, storage, and finance [4]. Group 4: Strategic Alignment - The company plans to align closely with national strategies during the 14th Five-Year Plan period, increasing investments in new energy bases, hydrogen industry, and new energy storage to drive high-quality development and ensure the preservation and appreciation of state-owned assets [5].