据介绍，这项技术能通过催化反应，把生物乙醇实时转化为氢混燃气，直接供给内燃机燃烧产生动力。 这种"现制现用"的模式，省去了氢能储存、运输和加注等环节，降低了氢能综合利用成本，真正做 到"用氢不见氢，可靠便捷低成本"。此外，重整产生的氢能燃烧效率比乙醇本身更高，可替代石油、天 然气等化石燃料，且燃烧尾气主要是水蒸气，实现了能源利用全链条的低碳清洁。 "生物乙醇重整在线制氢技术"首席科学家、武汉理工大学船海与能源动力工程学院游伏兵教授指出，生 物氢能是未来能源体系的重要组成部分。自1980年起，科研团队经过近半个世纪的努力，将非贵金属催 化剂与专用重整器等关键装备深度结合，在全球范围内率先实现乙醇高效在线重整制氢技术的产业化突 破。这一技术能快速转化为"绿氢"生产力，既符合"建设清洁低碳、安全高效现代能源体系"的战略要 求，又拥有广阔的应用前景。 游伏兵表示，目前"生物乙醇重整在线制氢技术"已在多个领域展现出应用潜力，能适配船舶、汽车等交 通工具及发电储能场景。值得一提的是，该技术与广西科学院非粮生物质能技术全国重点实验室研发 的"非粮生物质原料低成本制乙醇技术"深度协同，构建起了从原料制备到氢能应用的全产业链闭 ...

Core Viewpoint - The article highlights the successful launch of the Daan Wind-Solar Integrated Green Hydrogen and Ammonia Synthesis Demonstration Project by State Power Investment Corporation in Jilin, emphasizing the importance of renewable energy sources in hydrogen production [2][4]. Group 1: Project Overview - The Daan project utilizes renewable energy from a new type of grid, which presents challenges due to lower power generation stability, necessitating advanced hydrogen production technology [4]. - The project has successfully deployed 12 IGBT hydrogen production power supplies from Yingbo New Energy, ensuring reliable power for PEM electrolysis [2]. Group 2: Technology and Innovation - The hydrogen production power supply designed by Yingbo New Energy employs a two-stage topology using full IGBT technology, which allows for precise control of output voltage and current to the electrolysis process [4][5]. - The system converts AC power from renewable energy grids into the DC power required by electrolysis, enhancing grid reliability and reducing pollution [5].

Core Viewpoint - The forum focused on the development of the renewable energy hydrogen production industry, discussing technological innovations and market trends in hydrogen production systems and key components, aiming to promote high-quality development in the sector [3][68]. Group 1: Forum Overview - The "2025 Renewable Energy Hydrogen Production Industry Development Forum" was held in Suzhou, Jiangsu, organized by DT New Energy and the Shanghai Hydrogen Science and Technology Research Association, featuring nearly 200 industry experts and representatives [1][3]. - The forum included 20 specialized reports addressing various topics such as ALK/PEM/AEM hydrogen production technologies, innovation in key components, and new trends in green hydrogen project applications [3]. Group 2: Key Technological Insights - Yang Fuyuan from Tsinghua University discussed the high cost issues of PEM electrolysis and proposed key technological paths for achieving low-cost, high-performance PEM electrolysis, emphasizing high current density and durability [6][7]. - Yu Ende from Shenzhen Tsinghua University introduced seawater electrolysis technology, highlighting its wide water quality tolerance and addressing challenges such as chlorine ion reactions and electrode corrosion [9][10]. - Wang Xiaoyu analyzed the hydrogen-ammonia-alcohol project, identifying challenges and opportunities in technology bottlenecks, biomass storage, and green certification [11][12]. Group 3: Innovations in Electrolysis Technology - Zhang Bo from Fudan University emphasized the importance of low iridium/non-iridium catalyst material innovations and efficient manufacturing processes to reduce costs and improve reliability in PEM electrolysis systems [22][24]. - Li Haipeng from China Shipbuilding (Handan) discussed the need for safety and maintenance systems in large-scale renewable energy hydrogen production, focusing on alkaline electrolysis technology [30]. - Xu Xiaochuan from Evonik highlighted advancements in anion exchange membrane technology, which is crucial for the stability and efficiency of AEM electrolysis systems [41][46]. Group 4: Industry Challenges and Future Directions - The industry faces dual challenges of cost and safety, necessitating effective risk management measures to ensure safe operations in hydrogen-related scenarios [31]. - Li Yangyang discussed the challenges in the commercialization of composite membranes and electrodes, emphasizing the need for continuous innovation in material systems and processes [35][36]. - The forum concluded with a call for ongoing professional courses and demand matching services to foster technical exchanges and industry development in the renewable energy hydrogen sector [69][70].

Core Viewpoint - The delivery of 13 sets of self-developed 1000Nm³/h electrolyzers by CRRC Zhuzhou Institute marks a significant breakthrough in the domestic green hydrogen equipment sector, enhancing the scale and autonomy of hydrogen production in China [1][7]. Group 1: Technology and Safety Features - The electrolyzers utilize flexible hydrogen production technology and a multi-level safety defense system, featuring small chamber inspections and intelligent control modules to support flexible project regulation [3]. - A unique "intrinsic safety + triple sealing + online monitoring" protection system ensures leak prevention throughout the product's lifecycle [5]. - The system allows for a wide adjustment range of 30%-110%, with stable operation at 30% low load and a power adjustment rate of 8%/s [5][6]. Group 2: Efficiency and Intelligence - The direct current energy consumption is as low as 4.2-4.4 kWh/Nm³, with a temperature difference of ≤12°C and a voltage difference of ≤±3% [6]. - The electrolyzers feature automated operations with "one-click start-stop" and "one-click replacement" functionalities, enhancing operational intelligence [6]. Group 3: Environmental Impact and Future Plans - The Guohua Cangzhou "Green Port Hydrogen City" project aims to produce 100,000 tons of green ammonia annually, reducing carbon emissions by over 400,000 tons [7]. - The company emphasizes ongoing technological innovation to lower green hydrogen costs and promote large-scale applications, focusing on optimizing electrolyzer and power system integration [7]. - Future developments include the establishment of unmanned factories and intelligent diagnostic technologies to improve efficiency and safety [7][9].

中国化学工程股份有限公司 关于经营情况简报的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 现将公司 2025 年 1—6 月主要经营情况公布如下，供各位投 资者参阅。 一、 按业务类型统计 证券代码：601117 股票简称：中国化学 公告编号：临 2025-036 | 业务类型 | | 数量 | 合同金额 | | --- | --- | --- | --- | | 建筑工程承包 | | 1410 | 1986.35 | | 其 | 化学工程 | 1189 | 1600.20 | | 中 | 基础设施 | 205 | 356.72 | | 环境治理 | | 16 | 29.43 | | 勘察设计监理咨询 | | 836 | 15.94 | | 实业及新材料销售 | | | 54.89 | | 现代服务业 | | | 3.21 | | 其他 | | | 0.53 | | 合计 | | 2246 | 2060.92 | 单位：亿元 币种：人民币 1 二、 按地区分布统计 单位：亿元 币种：人民币 | 地区 | 合同金额 | ...

Core Viewpoint - The development of DMTO technology is pivotal for the coal-to-olefins industry in China, significantly reducing carbon emissions and enhancing resource utilization efficiency [6][8]. Group 1: DMTO Technology and Its Impact - DMTO technology has been under research since the 1980s, with the first industrial application successfully launched in 2010, producing 1.8 million tons annually [6]. - The technology has evolved to its third generation, with a single unit capable of processing 3.6 million tons of methanol per year, and contracts for 36 units have been signed, totaling over 24 million tons of olefins per year [6]. - DMTO technology is crucial for alleviating oil supply shortages and ensuring energy security, with a significant reduction in CO2 emissions compared to traditional coal utilization methods [6][8]. Group 2: Market Trends and Future Prospects - The shift towards "chemical new materials" in the petrochemical industry is accelerating, driven by the dual carbon goals and increasing renewable energy capacity [8][9]. - The demand for high-end chemical products and new materials is expected to grow, despite a projected decline in refined oil demand by 2050 [8]. - DMTO technology, utilizing coal as a stable and cost-effective raw material, is positioned to meet the increasing demand for olefins and chemical products [8][9]. Group 3: Challenges in Energy Transition - The complexity of China's energy and industrial systems poses challenges for scientific decision-making and the identification of effective technological pathways for energy transition [12]. - The integration of artificial intelligence in research and production processes is still in the exploratory phase, with significant potential to enhance efficiency and innovation in the chemical industry [12][23]. Group 4: Strategic Recommendations - To achieve a successful energy transition, a systematic approach combining original breakthroughs and technological integration is essential, particularly in hydrogen energy and carbon capture, utilization, and storage (CCUS) [15]. - The collaboration between traditional coal chemical processes and renewable energy sources is vital for achieving low-carbon and zero-carbon production methods [16][17]. Group 5: Innovation and Research Development - The relationship between basic research and industrial application can create a virtuous cycle, as demonstrated by the development of DMTO technology over the past decades [21][22]. - The rapid advancement of artificial intelligence presents new opportunities for the chemical industry, enabling a shift from laboratory experiments to industrial applications [23].

Core Insights - Sinopec Capital has officially completed its investment in Haidemen Energy (Nanjing) New Energy Technology Co., Ltd, marking another collaboration between the two entities [1] - Haidemen Energy's subsidiary, Haid Hydrogen, focuses on renewable energy electrolysis for green hydrogen production, providing advanced solutions for global new energy applications [2][4] Investment and Financing - Sinopec Capital has invested in multiple hydrogen industry chain enterprises through direct investment and fund investment models, with Haid Hydrogen being a key focus [2] - The financing rounds for Haidemen Energy include Pre-A in March 2022, A in August 2024, A+ in December 2024, and B in July 2025, with amounts undisclosed [2] Technology and Innovation - Haid Hydrogen has developed the world's first square plate pressurized electrolysis cell and hydrogen production system called "Hydrogen Boat," which enhances economic efficiency by 16% in stable hydrogen production scenarios and 25% in photovoltaic hydrogen production scenarios [6] - The company has secured over 60 core patents for electrolysis cells and more than 10 software copyrights for hydrogen production systems [6] Market and Industry Trends - The demand for hydrogen in China is projected to reach 60 million tons by 2050, with an industry chain annual output value of 12 trillion yuan, accounting for over 10% of the national energy system [4] - As of the end of 2024, China's hydrogen production capacity is expected to exceed 50 million tons per year, with over 600 planned renewable energy electrolysis hydrogen projects [5] Strategic Collaborations - Haidemen Energy has formed strategic partnerships with major companies like Aramco Ventures, Shell, and Total Energy, expanding its global ecological layout [11] - The company aims to standardize and modularize its electrolysis hydrogen systems through collaboration with Huisheng Engineering [8]

Investment Rating - The industry rating is "Outperform the Market" [3][47] Core Insights - The number of newly awarded electrolyzer projects has slightly decreased, but key performance indicators such as hydrogen production energy consumption and decay rate have seen breakthroughs, suggesting a focus on companies at the forefront of electrolyzer technology [2][37] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, indicating a recommendation to pay attention to companies with hydrogen transportation capabilities [2][37] - Two hydrogen heavy truck projects were opened for bidding this week, highlighting the potential investment opportunities in companies related to hydrogen vehicles [2][37] Industry Performance - As of July 11, 2025, the hydrogen energy index closed at 2189.60 points, with a weekly increase of 2.55% and a year-to-date increase of 23.23% [8][11] - The hydrogen energy index ranked 38th among the Shenwan secondary industry rankings this week, showing significant improvement [8] - The top five companies in the hydrogen energy sector by weekly increase were: Hemei Group (36.12%), Huaguang Huaneng (31.74%), Haosen Intelligent (31.10%), Zhongyou Capital (27.78%), and Houpu Co., Ltd. (26.16%) [14] Industry Dynamics - Domestic initiatives include the promotion of 100 hydrogen-powered public vehicles and 1000 hydrogen logistics vehicles in Foshan Nanhai, and the successful first flight of China's first four-seat hydrogen fuel cell aircraft RX4M [2][33] - The UK government has invested £500 million to develop hydrogen energy infrastructure, aiming to establish a regional hydrogen transport and storage network [34] - The EU has passed the Low Carbon Hydrogen Authorization Act, defining low-carbon hydrogen and its derivatives [34] Company Dynamics - A strategic cooperation agreement was signed between Shanneng Electric and Shuangliang Group to promote the collaborative layout of the "light-storage-hydrogen" industry [36] - The world's largest green hydrogen ammonia project has been put into operation, with an annual production capacity of 320,000 tons [36] - The first phase of the integrated wind-solar hydrogen project in Linxi County has been approved, with a total investment of 1.1464677 billion yuan [36]

Group 1 - The Chongqing government has proposed a policy to support the promotion and application of hydrogen fuel cell vehicles, which includes subsidies for hydrogen refueling stations starting from January 1, 2025 [1] - Subsidies for hydrogen refueling stations will be 30% of the actual investment (excluding land costs), with a maximum subsidy of 3 million yuan per station [1] - Operational subsidies will also be provided for refueling stations selling hydrogen at or below 25 yuan per kilogram, offering 30 yuan per kilogram based on annual cumulative hydrogen volume, with a cap of 3 million yuan per station [1] Group 2 - The policy support is seen as a strong guarantee for the development of hydrogen refueling stations, with various governments worldwide implementing hydrogen energy development plans and policies [1] - These policies not only provide financial subsidies and tax incentives for the construction of refueling stations but also promote cooperation and win-win situations among upstream and downstream enterprises in the hydrogen energy industry chain [1] - The government is also focusing on establishing hydrogen energy standards and regulations to enhance safety supervision and operational guarantees for hydrogen refueling stations [1] Group 3 - Huabao Securities indicates that with the implementation of relevant policies, the hydrogen energy market is expected to see a dual increase in supply and demand across all segments, leading to an expansion of the market scale [2] - The improvement of hydrogen energy infrastructure is anticipated to enhance the scale of the entire industry chain, with a focus on the commercialization process of hydrogen refueling station construction, hydrogen storage and transportation, and core components of fuel cells [2] - Huayuan Securities suggests that the opening rate of green hydrogen projects is expected to gradually increase due to factors such as declining electricity prices, rising carbon prices, policy support, and growth in green fuel orders [2]

Company and Industry Summary Company Overview - The company reported a revenue of 7.541 billion yuan for 2024, an increase of 5.11% year-on-year, with new signed sales contracts amounting to 14.272 billion yuan, up 54.19% year-on-year [1] - In Q1 2024, the company achieved a revenue of 1.497 billion yuan, a year-on-year increase of 17.42%, with a net profit of -0.082 billion yuan, an increase of 15.18% year-on-year [2] Business Segments Performance - **Material Conveying System Engineering**: Revenue of 1.470 billion yuan, down 2.57% year-on-year due to a slight decrease in project execution scale [2] - **Thermal Engineering**: Revenue of 1.819 billion yuan, up 51.16% year-on-year, attributed to many new contracts signed in the previous year [2] - **High-end Steel Structure**: Revenue of 2.907 billion yuan, an increase of 20% year-on-year, driven by the new Bayenaar base coming into production [2] - **New Energy Business**: Revenue of 0.079 billion yuan, down 84.66% year-on-year, due to fewer projects executed compared to the previous year [3] Technological Developments - The company has developed key technologies in thermal engineering, including the lava heat storage technology, which has been validated through a national testing platform [3] - In marine engineering, the company has made significant advancements in offshore wind power and photovoltaic technologies, receiving national awards for its achievements [4] Future Goals and Projections - The company aims for new signed sales contracts of 15 billion yuan and a revenue growth rate of 15.10% for 2025, with a total profit target of 258.5 million yuan [6] - The hydrogen energy sector is a focus area, with the company developing a full industrial chain solution for hydrogen energy, including large-scale alkaline electrolysis systems [7][8] Market Dynamics and Challenges - The company is actively expanding its market presence outside of its traditional group contracts, securing significant contracts with external clients [9] - The new energy industry faces challenges, including economic viability and the need for market-driven pricing mechanisms for green hydrogen and ammonia [42][43] - The industry is experiencing a phase of consolidation, with potential for a shakeout among companies due to overcapacity and economic pressures [44] Key Contracts and Revenue Streams - The company has secured contracts worth approximately 40 billion yuan in marine engineering, which is crucial for achieving its revenue targets [40] - The breakdown of contracts includes thermal engineering (19.6%), steel structures (25.5%), and marine engineering (29.2%) [38] Conclusion - The company is positioned for growth with a focus on technological innovation and market expansion, particularly in the hydrogen energy sector. However, it must navigate economic challenges and industry consolidation to achieve its ambitious targets.