Core Viewpoint - The hydrogen energy industry is at a critical juncture in 2025, requiring continued government support and the establishment of industry standards to facilitate growth and development [7]. Group 1: Industry Dynamics - The hydrogen production through electrolysis is experiencing significant investment, with a national venture capital fund expected to attract nearly 1 trillion yuan in social capital, focusing on cutting-edge fields including hydrogen energy [5]. - Australia has announced a funding plan of 750 million AUD (approximately 474 million USD) to support green mining and processing technologies, particularly hydrogen-based iron reduction technology [6]. - The number of domestic green hydrogen projects has reached 788, with a more than 58-fold increase in the scale of electrolysis equipment bids in Q1 2025 compared to the same period last year [8]. Group 2: Project and Market Updates - The hydrogen energy industry is seeing a rise in project dynamics, with 125 updates recorded in Q1 2025, indicating a significant increase in project initiation and bidding activities [8]. - The total scale of publicly bid electrolysis equipment in Q1 2025 reached 482.83 MW, reflecting a substantial increase in project demand [9]. - The fuel cell installation capacity in Q1 2025 was 47.6 MW, with Oriental Hydrogen leading the market with a 30.5% share [11][12].

Core Insights - The report from CITIC Securities indicates that most segments of the power equipment and new energy industry are at the bottom, but for stock prices to rebound, positive changes are necessary. Currently, there are no additional opportunities for market capitalization recovery due to the lack of significant oversold conditions [1] - The report emphasizes that individual stocks may outperform the industry, and investors need to closely track both the industry and specific stocks. Potential positive changes in the second half of the year include sustained orders in the wind power sector, positive changes in the photovoltaic supply side, and possibly exceeding expectations in lithium battery demand [1] Lithium Battery Sector - The core issue in the lithium battery sector is the uncertainty in demand and a prolonged supply clearing process, leading to a lack of positive signals. Policy impacts on demand create uncertainty, particularly regarding domestic policies and the pace of electrification [2] - On the supply side, disorderly competition has ended, and prices have reached a certain bottom, but the timeline for price increases remains unclear. Some material companies have begun to raise prices, but the extent and sustainability of these increases have not met expectations [2] - Short-term focus should be on high-certainty performance and low-valuation leading segments, particularly in battery, structural components, and materials [2] Photovoltaic Sector - The implied unit profitability of photovoltaic companies is at historical low points, with future recovery dependent on supply clearing and demand growth. The main factors affecting the photovoltaic index over the past year have been expectations regarding industry clearing and inventory reduction [3] - The report suggests focusing on new technologies and cost reduction strategies, particularly in the battery component and silver paste sectors, as these areas are expected to see significant developments [3] Energy Storage Sector - The energy storage sector remains one of the fastest-growing segments in new energy, with significant opportunities outside the U.S. market, particularly in Europe where large storage projects are being developed [4] - In the domestic market, there is uncertainty in the second half of the year, which will depend on policy alignment and execution [4] Power Equipment Sector - The power equipment sector has shown weak performance recently, but the core segments maintain high prosperity. The market is expected to regain confidence as orders and performance materialize [5] - Key areas of focus include high-voltage investments, export opportunities, and data center growth, which are expected to drive future demand [6] Wind Power Sector - The wind power sector is recommended, particularly in the turbine segment, which has seen price increases and is expected to enter a new profit recovery cycle by 2026 [7] - The offshore wind power market is also highlighted, with strong demand expected both domestically and internationally [7] Hydrogen Energy Sector - The domestic green hydrogen projects are entering a production phase, with significant increases in orders for electrolysis equipment noted. The industry is expected to see core marginal changes focused on operational aspects [8] - Upcoming projects are anticipated to achieve green premiums in overseas markets, indicating strong future growth potential [8]

Core Viewpoint - 2025 is a pivotal year for China's hydrogen energy industry, marking a transition towards large-scale development and economic viability [2] Group 1: Product Development - "Hydrogen Surge Zhuohan 4000" is a representative product of the "Hydrogen Surge" series, which has completed product finalization and is moving towards market application [5] - The "Hydrogen Surge" series utilizes independently developed 500 standard cubic meter PEM electrolyzers, combined with a multi-to-one integrated system, forming a thousand standard cubic meter PEM product line [5] - The series features significant advantages in reducing equipment investment, saving space, and improving management efficiency, making it highly suitable for large-scale green hydrogen energy projects [6] Group 2: Market Application - The "Hydrogen Surge" series encompasses three major product lines that cover all scenarios in the green hydrogen industry, characterized by serialization, large-scale, and intelligence [9] - The "Hydrogen Surge Zhuanyuan" small product series is suitable for thermal power plants and nuclear power stations; the "Hydrogen Surge Zhuohong" medium product series is designed for hydrogen production and refueling stations; the "Hydrogen Surge Zhuohan" large product series targets large green hydrogen energy projects [9] Group 3: Technological Innovation - Since 2018, the company has been developing key PEM hydrogen production technologies, achieving significant upgrades from prototype to megawatt and thousand standard cubic meter levels [12] - The "Hydrogen Surge Zhuohan 4000" is a timely contribution to the hydrogen energy industry's development, driven by technological innovation [12]

Group 1 - The core viewpoint of the articles highlights the significant advancements in green hydrogen production and utilization in Baotou City, particularly through the demonstration project by Inner Mongolia Huadian Hydrogen Energy Technology Co., Ltd. [1][2] - The project integrates a 20 MW renewable energy hydrogen production capacity with a chemical company, achieving an annual production of 7,800 tons of green hydrogen and a 20% blending ratio with natural gas for industrial use [1][2] - The project is noted for its environmental benefits, including improved combustion efficiency and substantial reductions in CO2 and CO emissions, marking it as a pioneering initiative in the industrial hydrogen blending sector in China [1] Group 2 - Baotou City aims to establish itself as a national hub for green hydrogen innovation by 2024, focusing on creating a comprehensive hydrogen industry chain and optimizing the business environment [2] - The city has already made significant progress, including the establishment of key hydrogen production projects and the development of the first solid-state hydrogen storage device in the country [2] - The hydrogen industry in Baotou is rapidly evolving, with commercial operations of hydrogen fuel heavy trucks and a growing network of companies involved in hydrogen production, storage, and application [2]

Core Viewpoint - The article discusses the development and manufacturing of AEM electrolyzer bipolar plates, highlighting key players in the industry and their technological advancements in this area [2][3][17]. Group 1: AEM Electrolyzer Bipolar Plates - Bipolar plates are a core component of AEM electrolyzers, responsible for conducting electricity, gas distribution, and separating the electrolyte [2]. - The material selection for bipolar plates must balance alkali corrosion resistance, high conductivity, lightweight, and cost control [2]. - Nickel-based materials are currently the mainstream choice for bipolar plates, despite their higher cost, due to their stability and longevity [2]. Group 2: Key Players in the Industry - Companies involved in AEM bipolar plate production can be categorized into two types: full-stack self-research AEM electrolyzer manufacturers and material manufacturers that produce bipolar plates [3]. - Shenzhen Jinqiayi Technology Co., Ltd. specializes in PEM and AEM bipolar plates, utilizing nickel-plated stainless steel as the base material [4]. - Shanghai Zhizhen New Energy Co., Ltd. focuses on metal bipolar plate R&D and manufacturing, with a strong technical team and plans to expand into SOFC products [6][7]. Group 3: Production Capacities and Innovations - Zhejiang Filter Technology Co., Ltd. has developed over ten innovative core materials and aims to increase its patent portfolio significantly by 2025 [11]. - Suzhou Pluray Electrode Industrial Co., Ltd. has acquired a manufacturing facility to enhance its production capacity for PEM and AEM bipolar plates [12]. - Suzhou Yunfan Hydrogen Energy Technology Co., Ltd. has introduced new micro electrolyzer bipolar plate components, achieving significant material savings and reduced processing time [13]. Group 4: Upcoming Events - The 2025 TrendBank Green Hydrogen Industry Conference will be held on July 16-17 in Wuxi, focusing on the development of the green hydrogen industry and AEM hydrogen production [17].

"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 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 制氢目标是中国氢能产业从"示范探索"迈向"规模化商用"的关键一步。 据势银（TrendBank）统计，截至2024年底，国内绿氢项目已建成102个，绿氢产能约10.88万吨/年， 已基本完成国家中长期规划中对于2025年10-20万吨的年制氢目标。 2022年国家目标发布后，全国各省份陆续发布省级氢能规划目标。其中，内蒙古、甘肃、新疆等省份 明确绿氢制备规模目标，合计约110万吨/年，远超国家目标。 从目前完成情况来看，各省份已建成绿 氢项目规模远低于目标量，但考虑部分在建项目或将于2025年取得实质性进展，内蒙古、新疆、宁 夏、吉林的开工建设规模已超过其省级规划量（见下图）。 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 未来，三北地区将继续在全国范围内保持先发优势。然而，在典型氢氨醇一体化项目模式中，产品的 制备与应用存在一定区域错配问题，以甲醇在航运应用为例，目前加注港口 ...

"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 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 近日，国家能源局发布《中国氢能发展报告（2025）》，进一步强调氢能的能源属性，并点明2025年 发展重点涵盖政策、技术、标准、消纳等方面，具体内容包括"推动氢能产业政策接续发力"、"研究新 能源发电就近消纳价格机制"、"开展低成本宽负荷电解水制氢等关键技术攻关"、"强化行业标准基础 性及引领性作用"、"积极推进清洁低碳氢在冶金、合成氨、合成甲醇、炼化等行业实现规模化应用"。 今年一季度，多维度信号表明我国绿氢产业迎来规模化发展的关键转折点。 本文将基于最新研究数 据，探寻该现象的原因。 01 最新数据洞察：一季度电解槽需求规模爆发，项目推进提速 从制氢设备供需规模来看， 据势银（TrendBank）统计，2025年1-3月，国内发布电解槽招标信息22项 （详见下表），招标规模超578MW ，其中"中煤鄂尔多斯能源化工有限公司10万吨液态阳光项目"制 氢设备需求规模达到216MW，将由阳光氢 ...

证券研究报告 机械设备 | 通用设备 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com | 基本数据 | | | | | | 04 | 29 | 日 | 月 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 11.52 | | | | | | | | | 年 内 最 | 最 | 高 | / | | | | | | | | | | 总市值（百万元） | | | | | | | | | | 2,5 ...

"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 添加文末微信,加 绿氢、燃料电池 群 氢能系统在小型化应用中展现出独特潜力。相较于公交、物流车、重卡、乘用车、船舶等交通工具， 两轮车对储氢量需求低，采用固态储氢技术可实现 5MPa 以下低压储存，大幅降低安全风险。同时， 氢能二轮车在短途高频出行场景中实现 "小步快跑"，无需依赖补贴，即可为氢气推广提供良好的应用 场景。 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 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 公开数据显示，2024 年国内氢能两轮车投放量突破 1 万台，标志着这一领域进入规模化推广的临界 点。 未来随着绿氢成本下降和换罐网络完善，氢能两轮车有望在 3-5 年内成为城市短途出行的主流选 择。 进入2025年以来，氢能两轮车产业迎来爆发式增长，从技术研发到商业化落地均展现出强劲势头。全 国多地加速布局氢能交通网络，企业合作与资本投入密集落地，叠加政策端持续加码，共同推动氢能 两轮车从示范运营迈向规模化应用。 据统计，辛集、黄石、盐城 ...

每经记者 刘旭强 每经编辑 杨欢 今年3月，万亿规模国家创业投资引导基金的"点名"支持，让氢能储能这一前沿领域再度被关注。随着 氢能产业进入快速发展新阶段，各地支持绿氢产业发展的顶层设计和配套政策相继出台。 4月23日，由四川省经信厅主办的2025氢能产业大会暨四川省氢能产业链供需对接会在成都举行，四川 省经信厅二级巡视员罗明现场透露，四川正抓紧编制《四川省氢能产业中长期发展规划（2025—2035 年）》，进一步精准指导全省各地因地制宜发展氢能产业。 《每日经济新闻》记者注意到，自去年以来，四川支持氢能产业的政策频出。决心已明，政府和企业又 该如何合力破解氢能成本高、储运难等客观制约因素？ 四川已形成氢气全产业链布局 万亿规模国家创投引导基金的"青睐"，让氢能领域再度走到人们视线中央。 3月6日，国家发展改革委主任郑栅洁在全国两会经济主题记者会上表示，国家正在推动设立国家创业投 资引导基金——聚焦人工智能、量子科技、氢能储能等前沿领域，吸引带动地方、社会资本近1万亿 元。业内人士普遍认为，这一基金的注入，有望加速氢能储能相关技术创新和产业化进程。 在4月23日举行的2025氢能产业大会上，燃料电池权威专家、 ...