Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The construction of hydrogen pipelines has achieved multiple breakthroughs, and hydrogen fuel cell trucks have seen a resurgence in bulk orders. This week, five new electrolyzer projects were awarded, suggesting a focus on companies with strong bidding capabilities for electrolyzers. The midstream sector is accelerating the construction of hydrogen pipelines, with several projects making progress, indicating a recommendation to pay attention to companies capable of hydrogen transportation. Additionally, bulk orders for hydrogen fuel cell trucks were announced this week, highlighting the potential of related enterprises [2][36]. Industry Performance - As of August 15, 2025, the hydrogen energy index closed at 2386.88 points, with a weekly increase of 2.75% and a year-to-date increase of 34.33%. The hydrogen energy sector ranked 39th among Shenwan's secondary industry rankings, showing a slight decline [8][14]. Stock Performance - The top five companies in the hydrogen energy sector by weekly increase were Dayuan Pump Industry (61.11%), Tenglong Co., Ltd. (35.05%), Kaimete Gas (34.73%), Fuan Energy (28.72%), and Chuanhuan Technology (27.58%). Conversely, the top five companies with the largest weekly declines were Donghua Energy (-11.49%), Xiling Power (-6.65%), Xinxinda (-5.75%), Shandong Molong (-5.59%), and Huadian Liaoning Energy (-5.48%) [14][15]. Hydrogen Industry Data Review - This week, there were a total of six awarded hydrogen projects with a scale of 15MW, and a total hydrogen production capacity of 3000 Nm³/h. Among these, two electrolyzer projects were awarded to Aidemann and Han Hydrogen Technology [16][17]. Industry Dynamics - Domestic developments include Geely's signing of an order for 270 alcohol-hydrogen commercial vehicles, and the planned construction of a 195 km hydrogen pipeline by Huadian, set to begin on September 5, 2025. Additionally, breakthroughs in hydrogen pipeline steel products have been achieved by Shougang Jingtang [31][32]. Policy and Announcements - The Ministry of Finance announced that hydrogen energy can be tax-deductible under certain conditions, which is expected to stimulate the industry. Furthermore, the 398th batch of the "Announcement of Production Enterprises and Products of Road Motor Vehicles" has been released, indicating a resurgence of hydrogen fuel cell passenger vehicles [33][34].

Industry Insights - The National Radio and Television Administration has announced improvements to the management policies regarding the number of episodes in TV dramas and the intervals between seasonal broadcasts, aiming to enhance content quality and supply [3] - A significant increase in new brokerage account openings has been reported, with a growth rate of 30% to 50% year-on-year, indicating a recovery in market trading enthusiasm [4] - The approval of semaglutide for treating fatty liver disease by the FDA positions it as a potential market leader, with Novo Nordisk holding a 55.1% share of the global GLP-1 market [10] - Chongqing plans to proactively develop hydrogen stations and expand renewable energy hydrogen production, which may boost the electrolyzer industry as project initiation rates increase [11] - The release of multiple robot models by Zhiyuan Robotics is expected to accelerate the industry chain's expansion, with a projected demand of approximately 2.03 million humanoid robots in the US and China by 2030 [12] Company Performance - Jiao Cheng Ultrasound reported a net profit of 58.04 million yuan for the first half of the year, marking a year-on-year increase of 1005% [14] - Whirlpool's net profit for the first half of the year reached 216 million yuan, reflecting a year-on-year growth of 593.65% [14] - Guosheng Jinkong achieved a net profit of 209 million yuan in the first half of the year, up 369.91% year-on-year [14] - Zhifei Biological reported a net loss of 597 million yuan for the first half of the year, a shift from profit to loss compared to the previous year [14] - Yanghe Distillery's net profit for the first half of the year was 4.344 billion yuan, down 45% year-on-year [14] - O-Film Technology recorded a loss of 109 million yuan in the first half of the year, transitioning from profit to loss compared to the previous year [14]

Core Viewpoint - The 2025 TrendBank Green Hydrogen Industry Conference will focus on high-reliability and high-efficiency hydrogen production products to address challenges in green hydrogen development [7][10]. Conference Details - The conference will take place on August 27-28, 2025, at the New Lake Pullman Hotel in Wuxi, Jiangsu Province [3][7]. - The event is expected to host over 300 participants [5]. - The main organizer is TrendBank, with Wuxi Tianrong New Energy Technology Co., Ltd. as the title sponsor [8]. Agenda Highlights - The conference will feature 25 significant speeches from industry experts and companies [3]. - Key sessions include: - Opening ceremony and keynote speeches from academicians and experts [9]. - A half-year research summary on the H1 green hydrogen market by TrendBank [11]. - Various specialized sessions on hydrogen production systems, storage, and transportation [9][12][13]. Registration and Participation - Registration requires the use of a personal mobile number for attendance verification and access to conference materials [4][16]. - The registration fee is RMB 2200 per person, with additional costs for late payments [14]. - Accommodation is available at a negotiated rate of RMB 420 per night at the conference hotel [14].

Core Viewpoint - The company plans to increase the registered capital of Sailaf Reconstruct from RMB 30 million to RMB 100 million, with an additional investment of RMB 70 million, indicating a strategic move to enhance its capabilities in the renewable energy sector [1] Group 1: Company Actions - The board meeting scheduled for August 8, 2025, will decide on the capital increase for Sailaf Reconstruct [1] - The additional investment will be used to pay a total cash consideration of RMB 70 million [1] - After the completion of the additional investment, the ownership structure of Sailaf Reconstruct will change to 70% by the company and 30% by New Bee Reconstruct [1] Group 2: Business Focus - Sailaf Reconstruct is primarily engaged in solar power technology services and the research and development of emerging energy technologies [1] - The company is responsible for the development of the hydrogen energy market in Northwest China and the implementation of the integrated project "Solar Mountain" in Ningxia [1] - Following the investment, Sailaf Reconstruct will become a subsidiary of the company, and its financial performance will be consolidated into the company's financial statements [1]

"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 月报订阅： 《中国氢能及燃料电池产业月度分析报告》 重要会议： 2025势银绿氢产业大会（8月27-28日，江苏·无锡） 点此报名 保时来BSL-W系列莫特-肖特基催化电极针对"风光电（绿电）波动性导致的电解槽阴极涂层遭受逆 向电流冲击"难点，进行了材料改性与工艺优化，不但适应风光波动性电源及耐电解槽的频繁启停 过程，还表现出出色的催化活性。 在技术创新方面，保时来取得了显著成果，累计申请专利40余项，其中发明专利20余项，实用新型 专利15项。此外，在标准制定方面，保时来牵头编写了国内首个制氢电极相关的团体标准： T/CAPID 010—2024 碱性水电解制氢编织网电极技术规范，并参与了首部绿氢电极测试相关国家标 准：GB/T45092-2024 电解水制氢用电极性能测试与评价。保时来还向势银透露，目前合同额已经 超过1亿元。 今年5月，保时来与上海氢器时代签署了战略合作协议。根据协议，保时来将为上海氢器时代提供 电解水制氢电极，保障其在制氢设备生产中的关键零部件供应。同月，与三一氢能正式签署战略合 作协议，为其开发适配其 ...

Group 1: Company Earnings - PCCW (00008.HK) reported a revenue of HKD 18.922 billion for the first half, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [1] - Xinyi Solar (00968.HK) recorded a revenue of HKD 10.932 billion, a decrease of 6.5% year-on-year, with a net profit of HKD 0.746 billion, down 58.8% [2] - Xinyi Glass (00868.HK) had a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [3] - Xinyi Energy (03868.HK) reported a revenue of HKD 1.21 billion, an increase of 7.7% year-on-year, with a net profit of HKD 0.45 billion, up 23.4% [4] - DTXS Silk Road Investment (02510.HK) issued a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [5] - Lianhua Supermarket (00980.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 25-55 million [6] - Tibet Water Resources (01115.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 36 million, a year-on-year increase of about 300% [7] - Foton Motor (00420.HK) issued a profit warning, expecting a mid-term net profit of HKD 30.7 million, turning from loss to profit [8] - Hong Kong Travel (00308.HK) issued a profit warning, expecting a mid-term net loss exceeding HKD 70 million, turning from profit to loss [9] - Poly Property Group (00119.HK) issued a profit warning, expecting a mid-term net profit to decline by 40%-50% year-on-year [10] - Kefu Shan Group Holdings (08512.HK) issued a profit warning, expecting a mid-term net profit to decrease to approximately HKD 43-47 million [11] - Mobi Development (00947.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 32 million [12] - Changmao Biochemical Engineering (00954.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 24-27 million [13] - Yunyou Holdings (00484.HK) issued a profit warning, expecting a mid-term net loss to increase to approximately HKD 21 million [14] - Weiya Li (00854.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 15-25 million, turning from loss to profit [15] Group 2: Automotive Sales - BYD Company (01211.HK) reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [16] - Great Wall Motors (02333.HK) reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [17] - Li Auto (02015.HK) delivered 30,731 new vehicles in July [18] - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [19] Group 3: Company News - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia, with a contract value expected to reach several billion USD [20] - InnoCare Pharma (02577.HK) partnered with NVIDIA to jointly promote the large-scale implementation of 800 VDC power architecture in AI data centers [21] - Zijin Mining (02899.HK) received parliamentary approval for the mining lease of the Akyem gold mine in Ghana, with a total transaction value of USD 1 billion [22] - Codex-B (02487.HK) received approval from the Hong Kong Department of Health for the listing of CU-40102 (topical finasteride spray) for the treatment of androgenetic alopecia [23] - Mixue Group (02097.HK) subscribed to a wealth management product from Pudong Development Bank, involving an investment of HKD 300 million [24] Group 4: Buyback Activities - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HKD 22.5922 million, with repurchase prices ranging from HKD 112.4 to 114.3 [25] - Vitasoy International (00345.HK) repurchased 1.844 million shares at a cost of approximately HKD 16.89 million, with repurchase prices ranging from HKD 9.14 to 9.17 [26]

Core Viewpoint - The article highlights the successful launch of the Daan Wind-Solar Green Hydrogen Ammonia Integration Demonstration Project by State Power Investment Corporation, showcasing China's advancements in green hydrogen energy and its global leadership in this sector [4][6]. Group 1: Project Overview - The Daan project, located in Jilin, has a total installed capacity of 800,000 kW, consisting of 700,000 kW from wind power and 100,000 kW from solar power, along with 40 MW/80 MWh of energy storage and 60,000 standard cubic meters of hydrogen storage [4]. - The project is designed to integrate green electricity generation, green hydrogen production through water electrolysis, and green ammonia synthesis, with an annual production capacity of 32,000 tons of green hydrogen and 180,000 tons of green ammonia, resulting in a carbon reduction of approximately 650,000 tons per year [4]. Group 2: Technological Achievements - The project sets multiple global records, including the largest single green ammonia project with a capacity of 180,000 tons per year and the largest scale of alkaline and PEM mixed electrolysis for hydrogen production [4]. - The project features a proprietary "Electric-Hydrogen-Chemical" flexible control system that addresses the challenges of wind and solar variability, ensuring stable production [4]. Group 3: Key Equipment Suppliers - The project utilizes 39 sets of 1,000 Nm³/h alkaline electrolysis equipment supplied by Longi Hydrogen Energy, Sunshine Hydrogen Energy, Sany Hydrogen Energy, and Pairui Hydrogen Energy [8]. - Guohydrogen Technology provided the PEM hydrogen production equipment, successfully completing the installation and commissioning, marking a significant achievement in domestic industrial-grade PEM hydrogen production [9][11]. - In terms of hydrogen production power supply, 12 sets of IGBT hydrogen power supplies were successfully commissioned, with Sunshine Hydrogen Energy being the sole supplier for both the IGBT power supply and alkaline electrolysis systems [12][13]. Group 4: Hydrogen Storage Solutions - The project features the first large-scale application of titanium-based solid-state hydrogen storage technology in China, with a delivery of a 48,000 standard cubic meter solid-state hydrogen storage module [16]. - This technology offers several advantages over traditional high-pressure gas storage, including enhanced safety, higher hydrogen density, longer cycle life, and high purity suitable for ammonia synthesis [16].

Group 1 - The Hong Kong "Stablecoin Regulation" will take effect on August 1 [1] - The "Government Data Sharing Regulation" will be implemented [1] - The 2025 22nd ChinaJoy will take place [1] Group 2 - The Bank of Japan released the minutes from the June monetary policy meeting [2] - DJI launched its first robotic vacuum cleaner [2] - The Bank of England announced its interest rate decision [2] Group 3 - The International Energy Agency (IEA) published its monthly oil market report [3] - Tencent Holdings disclosed its interim performance report [3] - Xiaomi Group released its interim performance report [3] Group 4 - The Hang Seng Index Company announced the results of its second-quarter review [4] - The Jackson Hole Global Central Bank Conference will be held [4] - The 2025 China International Big Data Industry Expo will take place [4] Group 5 - OpenAI plans to launch the new flagship model GPT-5 [5]

Core Insights - The domestic electrolysis water hydrogen production equipment market is experiencing accelerated demand release, with a total bidding scale of 2467.93 MW in the first half of 2025, surpassing the total for the entire previous year [2][4][20] - The competition landscape in the hydrogen production equipment market is intensifying, with a notable increase in market concentration [9][12] - The primary application scenario for hydrogen production equipment is integrated hydrogen-ammonia projects, accounting for approximately 67% of the orders [2][14] Group 1: Market Overview - As of June 2025, China has a total of 865 green hydrogen projects, with a disclosed potential production capacity of 1106.16 million tons per year, and an established capacity of 11.52 million tons per year [3] - The first half of 2025 saw significant progress in domestic green hydrogen projects, with several benchmark projects coming online, which are expected to provide replicable models [3][4] - The market for electrolysis water hydrogen production equipment is characterized by a growing number of direct contracts, with many orders not fully disclosing delivery scales and timelines [2][5] Group 2: Equipment Demand and Procurement - In the first half of 2025, there were 43 bidding projects for electrolysis water hydrogen production equipment, with a total bidding scale of 2467.93 MW, and a winning bid scale of 2441.93 MW, representing a 369% increase compared to the same period last year [4][20] - The procurement of electrolysis water hydrogen production equipment is primarily led by central state-owned enterprises, which account for about 52% of the green hydrogen projects and approximately 87% of the public bidding orders [6][9] - The majority of the public bidding orders are for alkaline (ALK) hydrogen production equipment, which constitutes about 89% of the total, with a small percentage for combination systems (ALK+PEM) and PEM [12][14] Group 3: Application Scenarios - The hydrogen production equipment in the first half of 2025 was predominantly used for hydrogen-ammonia integration, research, and green hydrogen preparation, with hydrogen-ammonia integration projects being the most significant application [14][18] - A notable project includes the 216 MW liquid sunlight project by China Coal Energy in Ordos, which is part of the hydrogen-ammonia integration scenario [14]

Core Viewpoint - The article discusses the upcoming standards in the hydrogen energy and fuel cell industry, focusing on the establishment of 14 new standards and one revision related to hydrogen production, storage, and fuel cell applications, with completion expected by 2027 [3][6]. Group 1: Hydrogen Production and Engineering - The "Guidelines for Planning and Design of Green Hydrogen and Ammonia Systems" aim to integrate green hydrogen with ammonia and alcohol synthesis, expanding its application in the chemical industry [6]. - Standards covering the entire lifecycle of hydrogen production projects include regulations for design estimation, post-evaluation, completion documentation, and carbon footprint accounting [6][7]. Group 2: Hydrogen Storage and Safety - Standards such as "Sealing Technology Specifications for Hydrogen Pressure Equipment" and "Safety Regulations for Hydrogen Transmission Pipelines" outline requirements for sealing, materials, and testing for hydrogen storage equipment and pipelines [7][8]. Group 3: Fuel Cell Core Technologies - Plans include the development of five standards related to Solid Oxide Fuel Cells (SOFC), covering performance testing, system safety, module design, and reversible systems, which will facilitate the commercialization of SOFC in distributed generation and energy storage [9]. - One standard for Proton Exchange Membrane Fuel Cells (PEMFC) will focus on testing battery materials, optimizing performance through assessments of gas diffusion layer porosity and permeability [9].