Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The number of awarded electrolysis projects has increased, and multiple regions have released hydrogen energy support policies. This week saw a significant number of new awarded electrolysis projects, some of which are of the ALK-PEM hybrid type, indicating technological breakthroughs. It is recommended to pay attention to companies with strong electrolysis project bidding capabilities [2][37] - The midstream sector is accelerating the development of hydrogen transportation and utilization, promoting the construction of hydrogen refueling stations. Companies with hydrogen transportation capabilities are recommended for attention [2][37] - There has been a breakthrough in project bidding for hydrogen vehicles this week, suggesting a focus on innovative fuel cell vehicle (FCV) companies [2][37] Summary by Sections Hydrogen Industry Market Performance - As of August 1, 2025, the hydrogen energy index closed at 2240.56 points, with a weekly change of -1.15% and a year-to-date increase of 26.10%. The hydrogen energy index ranked 52nd among the Shenwan secondary industry rankings this week, showing a slight improvement [9][10] - The top five companies in the hydrogen energy sector by weekly increase are Hewei Electric (28.15%), Xiling Power (22.60%), Tianwo Technology (20.32%), ST Diweixun (13.72%), and Dayuan Pump Industry (12.29%). The top five companies by weekly decrease are Kaimete Gas (-9.95%), ST New Power (-9.39%), Zhonggang Tianyuan (-8.87%), Yap Co. (-8.62%), and Hengbo Co. (-8.23%) [13][14] Hydrogen Industry Data Review - This week, there were a total of 10 awarded hydrogen projects with a total scale of 640 MW, including electrolysis projects, green hydrogen EPC projects, hydrogen refueling station projects, hydrogen vehicle projects, methanol projects, and hydrogen procurement projects. Among them, there were 3 awarded electrolysis projects with a total hydrogen production capacity of 128,000 Nm³/h [15][16] - In the first half of 2025, the production of fuel cell vehicles (FCVs) saw a decrease of 24.80% month-on-month, with 188 new units produced, while sales increased by 52.12% with 251 new units sold. Cumulatively, 1,364 FCVs were produced, a year-on-year decrease of 47.21%, and 1,373 units were sold, a year-on-year decrease of 46.84% [19][26] Industry Dynamics and Company Developments - The first hydrogen internal combustion engine vehicle in China has been officially put into operation in Cangzhou, Hebei. This vehicle, equipped with a YCK05H hydrogen engine, marks a significant step from technology development to product application in the hydrogen internal combustion engine sector [32] - A joint venture has been established by Hangyang Co., Longze Energy, and Hydrogen Maple to invest in hydrogen production and sales [35] - The State Energy Administration plans to complete the formulation of 14 hydrogen energy standards within two years, which will cover various categories including methods, engineering construction, safety, products, and management [34]

Core Insights - The article discusses the achievements and challenges of China's fuel cell vehicle (FCV) industry following a four-year subsidy policy, emphasizing the need for continued policy support to ensure sustainable development [2][5][13]. Summary by Sections Achievements in Demonstration Applications - Over the past three years, the central government has allocated more than 5.1 billion yuan in rewards, leading to a cumulative sales figure of 30,000 fuel cell vehicles by June 2025, with major cities promoting over 17,000 units across various applications [2][3]. - Key advancements include product performance reaching international standards, significant cost reductions in fuel cell systems, and a nearly complete domestic supply chain with over 90% localization [3][4]. Industry Bottlenecks - Despite progress, the FCV industry faces challenges such as high costs, limited market scale, and insufficient exploration of hydrogen applications beyond vehicles [5][6]. - The hydrogen supply infrastructure is still developing, with a concentration of refueling stations in select cities, and the end-user hydrogen prices remain uncompetitive compared to fossil fuels [5][6]. Policy Support and Future Directions - Continued national and local policy support is crucial for the FCV industry's growth, especially as the current subsidy program is set to expire at the end of 2025 [13][14]. - Recommendations include expanding support to various hydrogen applications, enhancing financial mechanisms, and focusing on long-haul commercial vehicles to leverage the environmental benefits of FCVs [14][15]. Local Government Initiatives - Local governments have played a significant role in promoting FCVs through policies such as toll exemptions for hydrogen vehicles, which have shown positive results in demonstration projects [10][11]. - The establishment of over 550 hydrogen refueling stations positions China as a global leader in hydrogen infrastructure, contributing to the economic viability of FCVs [4][12]. Strategic Importance of Fuel Cell Vehicles - The development of FCVs is seen as strategically important for supporting the hydrogen energy system and achieving carbon neutrality goals, particularly in the commercial vehicle sector [8][9][14].

转自：北京日报客户端 在中关村（房山）氢能产业园内，一场关于"未来飞行"的革命正在悄然发生。当大多数无人机还在为30 分钟续航焦虑时，这里的氢动力无人机能连续飞行3小时、载荷10公斤、加氢仅需3分钟。 作为国内少有的氢动力无人机全产业链企业，氢鹏科技（北京）有限公司（以下简称"氢鹏科技"）在房 山构建了从燃料电池核心部件、电堆设计研制生产、氢动力系统集成到氢能无人机设计研制及测试应用 的完整技术闭环。当行业还在聚焦单一部件研发时，氢鹏科技已实现"核心部件-电堆-动力系统-无人机 整机"的垂直整合。 凭借多年积累的技术底蕴与经验，YS-H6氢动力无人机顺利生产下线，该机型在安全性与可靠性方面均 达到了行业领先水平。 01 超长续航 极速补能 YS-H6氢动力无人机具备出色的性能，空载续航3小时、载荷10kg，仅需3分钟即可完成加氢，可实现 300公里实时声音图像传输。凭借氢燃料电池技术，这款无人机成功打破了传统无人机频繁返航充电的 局限，彻底解决了"充电耗时2小时，作业仅20分钟"的难题，其工作效率相当于传统无人机的6-8倍。 02 适应严寒 稳定可靠 快拆结构与碳纤维结合 03 YS-H6氢动力无人机采用碳纤 ...

Core Viewpoint - The company anticipates a net loss of approximately RMB 50 million to 60 million for the six months ending June 30, 2025, compared to a net loss of about RMB 16.12 million in the same period of 2024, despite an increase in total revenue to approximately RMB 270 million [1][2] Group 1: Financial Performance - The company's total revenue for the period is expected to be around RMB 270 million, an increase of approximately RMB 33 million compared to the same period in 2024 [1] - The net loss is projected to increase by approximately RMB 34 million to 44 million compared to the same period in 2024 [1] Group 2: Reasons for Increased Loss - Administrative expenses increased by approximately RMB 18 million during the period, primarily due to: - The company's transition from traditional automotive electronics to new energy vehicle electronics, leading to significant increases in personnel costs and related expenses [1] - Initial operational costs for hydrogen energy-related companies, including team formation and compliance, resulting in higher personnel and management expenses [1][2] - The company recognized a fair value loss of approximately RMB 18 million from its investment in Shihezi Yike Equity Investment Partnership, compared to a fair value loss of about RMB 2 million in the same period of 2024 [2] Group 3: Strategic Measures - The company is implementing measures to control the growth of expenses, including enhancing R&D efficiency and production collaboration through digital tools, aiming to improve profitability in the long term [2]

Core Viewpoint - The company, Chongqing Gas, is focusing on its core business in urban gas while actively exploring new business areas such as hydrogen energy and integrated energy solutions [2][4]. Group 1: Company Performance - As of August 1, 2025, Chongqing Gas's stock closed at 5.73 yuan, down 1.55% from the previous week [1]. - The company's current total market capitalization is 8.945 billion yuan, ranking 7th in the gas sector and 1901st among A-shares [1]. Group 2: Business Strategy - The company has a "1+2+N" strategy, focusing on urban gas as its core business while developing dual comprehensive services [2][4]. - The company sources its gas primarily from PetroChina and Sinopec pipelines [2]. Group 3: Hydrogen Energy Development - In the hydrogen energy sector, the company is leveraging local industrial by-product hydrogen resources and is currently in the preliminary research and market survey phase [2][4]. Group 4: Integrated Energy Business - The integrated energy business includes distributed natural gas energy, distributed photovoltaics, and transportation charging, with 41 projects currently in operation [2][4]. - The company has enhanced synergies between its main business and specialized companies, identifying potential markets for further development [2]. Group 5: Capital Expenditure and Dividends - The company's capital expenditures are primarily directed towards supply security, technical upgrades, safety management, and information technology [3]. - The company has announced a three-year dividend plan, committing to a cash dividend of at least 30% of the distributable profits each year, with the first mid-term dividend expected in 2024 [3][4].

Core Viewpoint - Hunan Kaimete Gas Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating a strong operational recovery and potential for continued growth in various gas products [1][2]. Financial Performance - The company achieved approximately 310 million yuan in revenue, a year-on-year increase of 10.52% [1]. - Net profit attributable to shareholders reached about 55.85 million yuan, marking a substantial increase of 199.82% compared to the same period last year [1]. Product Performance - Sales revenue for carbon dioxide products grew by 6.53%, with a gross margin of 38.52%. The upcoming consumption peak in the food and beverage sectors is expected to drive further demand [1]. - Hydrogen product sales increased by 7.30%, with a gross margin of 35.21%. Anticipated growth in domestic hydrogen demand due to favorable policies is expected to benefit the company's hydrogen business [1]. - Fuel products saw a sales revenue increase of 14.69%, with a decrease in operating costs by 6.51%, leading to a gross margin of 38.79%, up by 13.89 percentage points year-on-year [2]. Strategic Developments - The electronic specialty gas segment has made positive strides, with excimer laser gas products receiving certification from Coherent, and photolithography gases gaining international recognition. This enhances the company's credibility and market presence in the electronic specialty gas sector [2]. - The company is positioned to capitalize on the rapid growth of domestic semiconductor and photovoltaic industries, potentially leading to a new phase of rapid growth in its electronic specialty gas and mixed gas production capabilities [2].

"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》 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（8月27-28日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 近日，氢航科技在成都市温江区对投放的新一代氢动力两轮车展开常规化性能测试。经过氢航科技 的小伙伴们5个多小时的实际道路接力骑行实验，该款氢动力两轮车在从满电状态运行至电量耗 尽、不中途充气/换气的条件下，车辆及电池运行一切稳定正常, 实际续航里程长达118.58km！ 值得关注的是，这一成绩远超目前市面上普遍续航在50-80公里的锂电池两轮车。以市场上常见的 共享单车品牌为例，标注续航约为80公里。相比之下，氢动力两轮车在本次实测中的续航表现提升 了近50%。 文章 来源： 氢航科技 ◆ 视频版 鲲华科技 | 中鼎恒盛 ◆ 图文版 据了解，氢航科技新一代氢动力两轮车目前已在温江区正式投入运行，搭载2L固态储氢瓶，氢气 储存量110g。本次测试为氢航科技定期开展的常规化车辆性能检测， ...

Core Viewpoint - The Chinese stock market is experiencing a significant influx of foreign capital, with a net inflow of $18.8 billion in June alone, surpassing the total for the previous year, driven by policy reforms and market dynamics [1][2]. Group 1: Market Drivers - The strong push for state-owned enterprise reform is revitalizing the market, encouraging collaboration and efficiency among companies, exemplified by the high dividend policy of Yangtze Power, which has attracted substantial investment [1][2]. - Ample liquidity is being injected into the market, with the central bank providing 300 billion yuan and infrastructure projects receiving 735 billion yuan in funding, acting as a catalyst for market growth [1][2]. - A reversal in supply-demand dynamics in sectors like solar energy and lithium has further elevated market expectations, with prices for products like monocrystalline silicon and lithium ore reaching new highs due to persistent demand [2]. Group 2: Market Dynamics - There is a notable divergence in stock performance, with institutional investors increasing holdings in coal stocks while selling off hydroelectric stocks, indicating a tactical approach to investment [3]. - The Shanghai Composite Index saw a jump of 0.8%, with significant trading activity in state-owned enterprises, while pharmaceutical stocks like Heng Rui Medicine experienced volatility [3]. Group 3: Policy Signals - Investment directions are often hinted at in policy documents, such as the integration of design institutes by Huajian Group and the emphasis on hydrogen energy over coal in Henan's coal industry [6]. - The AI sector saw a boost following the announcement of restructuring plans for Zhongke Shuguang, reflecting the market's responsiveness to policy changes [6]. Group 4: Market Sentiment and Trends - The banking sector's data indicates a shift in investment preferences, with a decrease in personal housing loans and an increase in corporate loans, suggesting a trend towards stock market investments [10]. - Investors are increasingly favoring dividend ETFs due to low deposit rates, with some companies in the energy sector, like Ningde Times, experiencing high demand for their products [11].

"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》 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（8月27-28日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 7月23日，扬州广陵氢能产业领域会议盛大启幕。由江苏宇科能源科技有限公司（以下简称"宇科能 源"）承办的 "扬州广陵氢能发展交流会暨江苏宇科能源新品发布会" 成功举办，政府主管部门、氢 能领域权威学者、产业链上下游企业代表及投资机构等100余位嘉宾齐聚广陵，共享技术成果，共 同探寻以技术突破带动区域氢能产业发展、打造绿色经济新引擎、促进产业链深度融合的新路径。 政企合力，共绘氢能发展蓝图 会议在广陵区委常委、常务副区长朱载鹏的致辞中拉开帷幕。朱载鹏在现场强调：氢能作为一种高 效、清洁、可持续的二次能源，被誉为 "未来能源"，正逐步成为全球能源转型和应对气候变化的 重要战略选择。扬州市高度重视氢能产业的发展， 并将其作为全市 "613" 产业体系的重要一环 ， 释放出地方政府全力支持 ...

Core Viewpoint - The fuel cell market is experiencing a significant decline in both installed capacity and vehicle registration, indicating potential challenges for the industry moving forward [3][25]. Group 1: Fuel Cell Data - In H1 2025, the installed capacity of fuel cells was 253.69 MW, representing a year-on-year decrease of 5.6% and a quarter-on-quarter decrease of 53.8% [3]. - The number of fuel cell vehicles (FCEVs) registered in H1 2025 was 1,967, which is a year-on-year decrease of 22.0% and a quarter-on-quarter decrease of 57.3% [3]. Group 2: Market Share and Competition - The top three companies in the fuel cell market are Dongfang Hydrogen, Hyundai, and Yuntai Hydrogen, which together account for 64.4% of the market share in terms of vehicle registration [5]. - Dongfang Hydrogen led the market with a 19.6% share in terms of vehicle support, while Hyundai and Yuntai Hydrogen followed closely [6]. Group 3: Vehicle Registration by Manufacturer - The leading manufacturers for FCEV registrations in H1 2025 were China National Heavy Duty Truck Group, Hyundai, and SANY, with China National Heavy Duty Truck Group achieving 564 registrations [12][14]. - The focus of these manufacturers includes specialized vehicles such as tractors and dedicated vehicles, with significant activity in regions like Sichuan and Shandong [14]. Group 4: Usage Cities and Policy Impact - The cities with the highest number of registered FCEVs include Chengdu (500 vehicles), Guangzhou, and Beijing, indicating a concentration of activity in these areas [15]. - Non-demonstration cities accounted for 40.9% of the total registrations, suggesting a shift towards commercializing hydrogen vehicles beyond designated pilot areas [16]. Group 5: Vehicle Functionality and Trends - The majority of registered fuel cell vehicles in H1 2025 were tractors, making up 36.7% of the total, followed by cold chain logistics vehicles [20]. - There has been an increase in the proportion of specialized vehicles, indicating a trend towards higher power applications in the fuel cell sector [21]. Group 6: Market Outlook - As of H1 2025, the total number of hydrogen vehicles in China reached 30,200, which is only 60.4% of the target set for 2025 [25]. - The market outlook for the second half of 2025 includes potential benefits such as extended deadlines for demonstration city assessments and increased vehicle registrations in underperforming regions [25].