Group 1 - The company has announced a delay in the completion of the "Meijin Hydrogen Energy Headquarters Base Phase I" from June 2025 to June 2026 [1] - The delay in the fundraising investment project does not involve changes to the implementation entity, implementation method, or main investment content [1] - As of May 31, 2025, the company has invested a total of 3.28 billion yuan in the fundraising investment project, with a remaining balance of 292 million yuan [1]

21世纪经济报道记者曹恩惠、实习生朱可鑫 上海报道 在全球绿色能源转型加速的背景下，铂族金属作为氢能产业链的核心材料，正迎来前所未有的战略机 遇。 今年6月份，原英美资源集团（Anglo American）旗下铂族金属板块完成战略分拆，以Valterra Platinum （中文名称"未泰铂业"）为全新品牌独立运营，并成功登陆南非约翰内斯堡证券交易所（JSE）和伦敦 证券交易所（LSE）。 值得一提的是，作为氢能产业链中的关键材料，铂族金属广泛用于燃料电池和电解水制氢。作为全球最 大的汽车保有量和消费量国家，中国被未泰铂业视为最具潜力的氢能交通战略高地。 "我们在本次FCVC大会观察到，中国燃料电池产业链的整体成熟度在快速提升，许多过去依赖进口的 零部件都已实现国产替代。"Hilton Ingram对中国氢能产业链中加氢设备与储氢系统的成熟度印象深 刻。他还透露，未泰铂业正评估相关产品的合作与采购可能性，希望中国方案推广至其他新兴市场。 在肯定中国氢能技术持续进步的同时，Hilton Ingram也指出"基础设施"与"终端产品"这两大制约氢能交 通规模化落地的核心问题。 "目前，氢气储运仍有成本压力，70MP ...

添加文末微信，加 绿氢 群 势银（Trendbank）绿色能源事业部研究团队始终保持对行业动态的密切跟踪，针对氢能产业制储 运加用等方面进行分析研判。势银分析师定期或不定期地与产业链企业紧密互通，掌握最新的项目 动态、新品情况、技术发展趋势、交付信息等，并形成氢能产业月度报告及分析师观点，旨在为业 内各方参与者提供行业最新动态进展与决策参考。 月报交付时间：次月10日-15日 "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 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（银川）长时储能产业大会（7月2日-3日，宁夏·银川） 点此报名 交付形式：PDF月报 目 录 1、电解水制氢行业动态 4、燃料电池行业动态 示 例 1.1ALK电解水制氢行业动态 1.2PEM电解水制氢行业动态 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 2.1 绿氢项目动态 2.2 绿醇项目动态 2.3 SAF项目动态 3、氢储运&加氢站行业动态 4.1 燃料电池系统及配套情况 4.2 燃料电池系统订单详情 4.3 燃料电 ...

6月27日，华电新能源集团股份有限公司(以下简称"华电新能")正式启动招股程序，拟登陆上交所主 板。华电新能是国内最大的新能源公司，是中国华电集团有限公司(以下简称"中国华电")唯一的新能源 整合平台，资产质量和装机结构、牵头开发大基地规模、抗风险能力等方面均领先行业具有平台优势、 规模与布局优势、质量与效益优势、可持续发展优势、专业化优势五大亮点。 根据公告，华电新能将于7月2日进行初步询价，7月7日启动申购，本次发行拟募集资金180亿元，将全 部投入风力、太阳能发电项目建设。本次发行战略配售规模为基础发行规模的50%，并安排了不超过初 始发行股份数量15.00%的超额配售选择权，对稳定和活跃资本市场具有积极示范作用。 数据显示，华电新能是我国新能源装机规模领先的头部企业，截至2024年12月31日，公司控股发电项目 装机容量约6862万千瓦，装机规模显著高于同行业可比公司。公司装机全部由风电和太阳能发电等新能 源构成且发展较为均衡，其中：风电3202.45万千瓦(占国内同类型装机超过6%)，太阳能发电3659.26万 千瓦(占国内同类型装机超过4%)，风电和太阳能发电装机规模均位于行业前列。除在风光电领域 ...

Core Viewpoint - The National Development and Reform Commission emphasizes the need to accelerate the construction of a modern industrial system and to break the "involution" competition by promoting technological and industrial innovation integration [1] Group 1: Industrial Development - The focus is on accelerating the cultivation of new quality productivity and upgrading traditional industries while fostering emerging and future industries [1] - The initiative includes the deepening of the "Artificial Intelligence +" action to enhance innovation capabilities [1] Group 2: Investment Strategies - Establishment of a national venture capital guidance fund targeting cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage [1] - The fund aims to invest in seed and early-stage enterprises while also considering small and medium-sized enterprises in the early to mid-stage [1] Group 3: Market Regulation - The strategy involves leveraging both market forces and government intervention to promote mergers and acquisitions, eliminate inefficient production capacity, and increase high-end production and quality supply [1] - The use of planning, layout, and pricing mechanisms is intended to guide the standardized development of industries [1]

Core Insights - The precious metals market is experiencing a significant shift, with platinum prices rising above 310 RMB per gram and palladium at 245 RMB per gram, reversing the previous trend where palladium outperformed platinum [1] - The demand for platinum is expected to surge due to its critical role in hydrogen fuel cells, with projections indicating a substantial increase in platinum usage in the automotive sector, particularly in hydrogen fuel cell vehicles [3] - Palladium faces long-term demand pressure due to the decline of the internal combustion engine market, despite new applications emerging in electronics and 5G infrastructure [4] Group 1: Market Dynamics - The price dynamics of platinum and palladium have been volatile over the past decade, with palladium previously reaching a peak price that was 137 RMB higher per gram than platinum in 2019 [3] - The automotive industry's shift towards stricter emission standards significantly boosted palladium demand, while platinum struggled due to weak jewelry demand and limited industrial applications [3] - The current market transformation is driven by the rise of the hydrogen economy, redefining platinum's strategic value as a key catalyst in fuel cells [3] Group 2: Demand and Supply Factors - The Chinese government aims for a fleet of 1 million hydrogen fuel cell vehicles by 2030, indicating a projected exponential growth in platinum demand [3] - In the jewelry sector, platinum sales have seen a consistent growth rate of over 15% for two consecutive years, driven by consumer preferences for its durability and purity [3] - Palladium's demand is being challenged by the increasing penetration of electric vehicles, which reduces the need for palladium in traditional combustion engines [4] Group 3: Recycling and Recovery Trends - The recovery price of platinum waste has recently surpassed that of palladium, reflecting a shift in supply-demand dynamics [6] - Global platinum recovery has increased from 180 tons in 2020 to 250 tons in 2023, while palladium recovery remains constrained by technological limitations [6] - The efficiency of palladium recovery is only 60% that of platinum, exacerbating supply tightness for palladium [6] Group 4: Investment Perspectives - Analysts suggest that platinum may be viewed as a "hard currency" in the new energy sector, with potential price elasticity over the next five years [6] - Palladium is characterized as a "balancer" between traditional industries and emerging technologies, leading to price fluctuations influenced by dual forces [6] - Market risks, including labor strikes in South African platinum mines and changes in Russian palladium export policies, could significantly impact the valuation of these metals [6]

Core Insights - The hydrogen fuel cell vehicle industry is entering a new phase of quality improvement and accelerated growth, driven by the global push for carbon neutrality and the increasing application potential of hydrogen energy in various sectors [2][4]. Industry Development - China's fuel cell technology has transitioned from "catching up" to "running alongside" global standards, making it the country with the highest number of commercial fuel cell vehicles [4]. - By the end of 2024, over 28,000 fuel cell vehicles are expected to be promoted in China, with key technologies achieving breakthroughs and commercial fuel cell power density reaching international advanced levels [4][5]. Technological Advancements - Significant advancements in fuel cell technology include: - Reliability improvements with average first failure mileage and average interval failure mileage both exceeding 100,000 kilometers [5]. - Successful low-temperature start technology at -40°C [5]. - Hydrogen consumption for 12-meter fuel cell buses reduced to below 5 kilograms per 100 kilometers, achieving international leadership [5]. - The industry is witnessing trends such as membrane electrode technology iteration, breakthroughs in high-temperature technology, and accelerated commercialization of new generation stack technology [5]. Market Trends - The global fuel cell technology is shifting focus towards heavy-duty commercial vehicles, with countries like the US and Japan prioritizing fuel cell heavy trucks [7]. - The application of hydrogen fuel cell vehicles in heavy-duty commercial vehicles is seen as a key to overcoming commercialization challenges in the industry [8]. Cost Structure and Business Models - The cost of hydrogen fuel is becoming a critical factor, with estimates indicating that the fuel cost for a 1,000-kilometer hydrogen fuel cell truck could reach 300,000 to 400,000 yuan, surpassing the cost of the fuel cell system itself [10]. - Innovative business models such as hydrogen bottle leasing and exchange systems are proposed to reduce lifecycle costs and enhance market competitiveness [10][11]. Policy and Infrastructure - The industry emphasizes the need for improved hydrogen supply systems, simplified approval processes for self-use hydrogen stations, and collaborative efforts to reduce fuel cell costs [12]. - Establishing international hydrogen standards and enhancing regional collaboration are also highlighted as essential for accelerating the commercialization of hydrogen fuel cell vehicles [12].

证券研究报告 | 行业周报 2025 年 06 月 26 日 电力设备及新能源 多地出台氢能相关政策，本月招中标项目数量可观 行情回顾：截至 2025 年 6 月 20 日，氢能源指数收盘价为 2022.52 点，本 周涨跌幅为-1.23%，2025 年初至今涨跌幅为 13.83%。氢能行业周涨幅前 五的公司为山东墨龙、宁新新材、科恒股份、赢合科技、新锦动力，涨幅 分别为 61.38%、46.75%、30.30%、25.88%、15.25%；氢能行业周跌幅 前五的公司为合锻智能、美晨科技、百利电气、豫能控股、惠同新材，跌 幅分别为-21.53%、-17.09%、-17.08%、-16.02%、-14.11%。 重点事件点评：首个国家级氢车质检中心投用；北京、河北、四川氢能试 点申报工作启动；南沙"光-储-充-氢"四位一体项目入选广州市节能减排 典型案例；埃及启动中东地区最大的绿氢工厂项目；英国政府将投 5 亿英 镑建设氢能基础设施；国富氢能与巴西索罗卡巴首启园区绿氢合作；福建 发布《福建省氢能产业创新发展中长期规划（2025—2035 年）》；河北 省发布《关于组织申报国家能源领域氢能试点工作的通知》；湖南省 ...

Core Viewpoint - Yangmei Chemical is under investigation by the regulatory authority due to the former controlling shareholder's fund occupation issue, which has led to significant financial losses and a strategic shift towards transformation [1][3][5]. Financial Performance - Yangmei Chemical has experienced continuous revenue decline since 2022, with projected total losses exceeding 2 billion yuan for 2023 and 2024 [1][6]. - The company's revenue figures for 2022, 2023, and 2024 are 17.036 billion yuan, 13.621 billion yuan, and 10.895 billion yuan, reflecting year-on-year decreases of 9.08%, 20.05%, and 20.01% respectively [5][6]. - The net profit attributable to shareholders for the same years shows a drastic drop from 70 million yuan in 2022 to losses of 1.366 billion yuan in 2023 and 681 million yuan in 2024 [5][6]. Corporate Restructuring - Yangmei Chemical is actively pursuing industrial transformation, with a new controlling shareholder, Lu'an Chemical, set to take over in December 2024 [2][6]. - The company announced a name change to Shanxi Lu'an Chemical Technology Co., Ltd., signaling a strategic shift under new management [2][7]. - The company is focusing on optimizing its industrial layout and has made advancements in hydrogen energy technology, including the development of a green methanol synthesis device [6][7]. Market Context - The chemical industry has faced challenges due to insufficient effective demand and price volatility of raw materials, impacting Yangmei Chemical's product pricing and overall performance [5][6]. - The global demand for clean energy is rising, positioning hydrogen energy as a promising market opportunity for Yangmei Chemical [6][7].

2025年6月22日，一辆宇通氢燃料重卡缓缓启动，满载27吨日用百货一路向南直抵武汉。当 它跨越519公里从黄河之畔抵达长江岸边，中国物流业的经济天平正悄然倾斜。宇通氢燃料重 卡此次实测，全程氢耗仅7.55kg/百公里，在免缴高速通行费的政策加持下，单趟较柴油车的 运营成本净省1200元左右。 作为郑州燃料电池汽车示范应用的牵头企业，宇通以突破性技术实力和规模化运营验证，开创 氢能重卡干线物流新格局。 政策东风催生氢能动脉 当前，全国多地正积极推进氢能高速路网的铺设，河南率先将政策红利转化为产业动能。 2025年，河南省对氢能货车实施省内全年收费公路通行费用减免政策，精准击中了运营成本 这一核心痛点，此举不仅可激活超千亿级干线物流市场，为本地物流企业降本增效提供了有力 的政策支持。 政策的杠杆作用在郑州的中原氢都蓝图中体现得淋漓尽致，正有力地撬动区域经济朝着绿色转 型的方向发展。从绿氢基地的建设，到加氢站网络的不断扩张，再到氢能车辆的推广落地，一 系列举措逐步构建起了完整的产业闭环。河南氢高速政策，以其明确的导向和切实的扶持，为 本地物流企业在降低成本、提高效率方面提供了坚实的保障，助力企业在绿色物流的赛道上 ...