Core Viewpoint - The hydrogen energy industry is entering a new phase characterized by policy guidance and technological innovation, with significant growth in the Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolysis Cell (SOEC) markets, despite a decline in fuel cell vehicle production and sales [4][6]. Group 1: Overall Situation - In the first half of 2025, there were 32 new SOC bidding projects, with a total power capacity reaching the megawatt level, marking a year-on-year increase of 167% [5][6]. - The total installed capacity of newly added SOC bidding projects in the first half of 2025 reached 1.5 MW, a staggering increase of 282% compared to the previous year [8]. Group 2: Product Type Situation - Among the 32 new bidding projects, SOFC, SOEC, and Reversible Solid Oxide Cells (RSOC) accounted for 60%, 34%, and 6% respectively, indicating a notable growth in SOEC projects [11]. - There has been an increase in projects using methanol and ammonia as fuels, showcasing the adaptability of SOFC technology [13]. Group 3: Winning Enterprises Situation - A total of 13 enterprises have won bids, with Xi'an Rare Institute leading in the number of projects, while Proton Power and Yijing Energy are tied for the highest installed capacity [18][20]. - The trend of enterprises exploring international markets is increasing, with Yijing Energy reporting three overseas projects in the first half of the year [17]. Group 4: Emerging Applications - There is a growing number of projects in marine applications and hydrogen-electric coupling, indicating a shift towards diverse applications of SOC technology [15]. - The exploration spirit of enterprises in SOC demonstration projects is noteworthy, with significant advancements in various applications, including mobile and fixed power generation systems [15].

Core Viewpoint - Hydrogen energy is being transformed from a concept into a practical application in daily life, driven by Pengfei Group's innovative approach to converting industrial waste into clean energy [1][2]. Group 1: Transition to Hydrogen Energy - In 2019, Pengfei Group faced significant challenges in transitioning from traditional coal coking to hydrogen energy, including a lack of technology, market, funding, and talent [2]. - The company has developed a complete hydrogen energy industrial chain, achieving over 99.999% purity in hydrogen extracted from coke oven gas [2][3]. Group 2: Environmental Impact - The transformation of coke oven gas into hydrogen has eliminated carbon dioxide emissions, marking a significant shift from high carbon to zero carbon [3][4]. - The use of hydrogen energy in transportation is exemplified by the operation of hydrogen fuel cell heavy trucks and buses, which contribute to a zero-carbon lifestyle [4]. Group 3: Market Potential and Applications - Hydrogen energy applications extend beyond transportation to agriculture and household use, with products like hydrogen-rich vegetables and tofu being developed [5]. - The hydrogen-powered drone developed by Pengfei Group demonstrates versatility in various sectors, including disaster response and agricultural monitoring, with a maximum operational radius of 30 kilometers [6].

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司参加2025年8月8日至10日的2025年第三届世 界氢能产业博览会吗？ 海马汽车（000572.SZ）8月1日在投资者互动平台表示，经了解，公司目前暂无相关活动安排。公司将 密切关注2025第三届世界氢能产业博览会的相关动态。 ...

Core Insights - The hydrogen energy industry is gaining significant attention in China, with the Wujiang Economic and Technological Development Zone hosting a meeting to foster collaboration among 28 hydrogen enterprises from Suzhou, Shanghai, and Jiaxing, indicating a strategic focus on the hydrogen sector [1][2] - Hydrogen energy has been legally recognized in China as a key component of the energy transition strategy, with local government plans emphasizing its development as a priority area [1][2] - Wujiang Development Zone is positioned as a crucial growth hub for the hydrogen industry, housing nearly 100 hydrogen-related enterprises and achieving an industry scale close to 10 billion yuan [2][3] Industry Development - The hydrogen energy industry in Wujiang is characterized by a complete supply chain, from production to application, with significant advancements in technology and product offerings [3][4] - Companies like Suzhou Qingqi Technology are leading in catalyst production and have developed high-efficiency alkaline electrolyzers, showcasing the region's technological capabilities [3] - The integration of various hydrogen applications, such as hydrogen-powered bicycles and energy storage systems, is being facilitated through collaboration among local enterprises [4][5] Government Support and Policies - The Wujiang Development Zone has established a 2 billion yuan new energy fund to support the growth of hydrogen enterprises, with a focus on early-stage investments and technological innovation [5] - Talent attraction initiatives include financial support for startups and research facilities, demonstrating the local government's commitment to fostering the hydrogen industry [5] - The development of the hydrogen industry is seen as a strategic choice for Wujiang to enhance its production capabilities and secure a competitive edge in future markets [2][5]

Core Viewpoint - The establishment of a joint venture, Luoyang Hangyang Longze Hydrogen Energy Co., Ltd., aims to enhance the hydrogen energy industry chain and improve the company's competitiveness in the hydrogen sector [2][3]. Group 1: Joint Venture Details - The joint venture will have a registered capital of 15 million yuan, with Hangyang Group contributing 7.65 million yuan (51%), Longze Energy 5.85 million yuan (39%), and Shanghai Hydrogen Maple 1.5 million yuan (10%) [2]. - The total investment for the project is approximately 45.5 million yuan, with additional funding to be secured through external financing [2]. Group 2: Strategic Implications - The collaboration is expected to significantly enhance Hangyang Group's technology in coke oven gas hydrogen production and expand hydrogen application scenarios [3]. - The joint venture will enable Hangyang Group to enter the fuel cell vehicle market, which is anticipated to see a continuous increase in hydrogen demand due to the rapid development of the fuel cell vehicle industry [3]. Group 3: Company Background and Achievements - Hangyang Group has a long-standing presence in air separation equipment manufacturing and industrial gas services, with applications across various sectors including energy, metallurgy, electronics, and healthcare [3]. - The company has made significant strides in the hydrogen energy sector, possessing mature hydrogen purification technology and comprehensive design capabilities for hydrogen liquefaction [3][4]. - Hangyang Group's first hydrogen industry project, a 4000m³/h industrial tail gas hydrogen production and 6000kg/d hydrogen refueling station, has set a benchmark for hydrogen applications in transportation [4].

酒钢宏兴表示，近日，中国特种设备检测研究院组织多位行业专家，对酒钢自主研发的S31603(JLH)奥 氏体不锈钢钢板进行全流程评审，内容涵盖生产工艺装备、产品实物质量、第三方检测结果等方面。通 过项目组汇报及专家询问答辩，专家一致认定，该钢板及对应企业标准符合我国现行压力容器安全技术 规范中有关材料的技术规定，明确其适用厚度范围为5mm—60mm，温度范围为-269℃—100℃，可广泛 应用于极低温液氢/液氦储存设备制造。 研发过程中，团队深入研究奥氏体不锈钢材料在极低温环境下的失效行为、微观组织演变路径及塑韧性 变化规律。在此基础上，逐一攻克液氢/液氦极低温压力容器用奥氏体不锈钢化学成分优化设计、高可 焊性综合设计、高纯净度冶炼控制、晶粒度及析出相优化控制等多项技术难点。历经一年时间，成功开 发出极低温环境压力容器用S31603(JLH)奥氏体不锈钢钢板。 经第三方检验，S31603(JLH)奥氏体不锈钢钢板及对应焊缝在-269℃的极低温状态下，具有非常理想的 塑性、冲击韧性和断裂韧性，且氢脆敏感性极低，完全满足液氢/液氦极低温压力容器对材料性能的苛 刻要求。与此同时，酒钢还形成了完整的企业标准体系，为产品 ...

Core Viewpoint - The launch of the first batch of 49-ton hydrogen fuel cell tractors by Qingling Motors marks a significant step towards green transformation in coal transportation in Xinjiang, leveraging government policies and technological advancements in hydrogen energy [1][5][7]. Industry Developments - Xinjiang, rich in coal resources, is promoting the green transformation of coal transportation through the large-scale application of new energy heavy trucks, as outlined in the "Three-Year Action Plan for Hydrogen Energy Industry Development (2023-2025)" [3]. - Hami City has been selected as one of the second batch of demonstration application cities for fuel cell vehicles, accelerating the implementation of hydrogen energy [3]. Company Initiatives - Qingling Motors has signed a contract for the first batch of 52 customized 49-ton hydrogen fuel cell tractors, aimed at addressing pollution issues in traditional resource transportation [5][10]. - The company has established a dedicated R&D and production team to customize vehicles for Hami's extreme climate conditions, ensuring operational stability in temperatures ranging from -30°C to 70°C [8][10]. Technological Advancements - The tractors feature a 6×4 drive system and are equipped with a 190KW Bosch fuel cell system, enabling strong power output even under full load [11]. - The vehicles have a large 2200L hydrogen storage tank, achieving a range of over 600 kilometers and allowing for quick refueling in just 10 minutes [13]. Economic Benefits - The hydrogen fuel cost is estimated to be 30%-35% lower than traditional diesel, with maintenance costs reduced to about 30% of those for fuel vehicles, significantly lowering overall operational costs [15]. - The fuel cell's lifespan exceeds 10 years, reducing the frequency of replacements and maintenance time [15]. Future Outlook - Qingling Motors aims to accelerate hydrogen technology research and product innovation, contributing to the construction of a green transportation system in China and promoting the large-scale application of hydrogen-powered commercial vehicles [17].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The hydrogen energy sector is a key focus in the platinum market. Platinum is a crucial catalyst in proton exchange membrane technology, while palladium is used in hydrogen purification but has low technology penetration due to high costs [1][2][63]. - The hydrogen energy industry is currently in a bottleneck period, facing challenges in technology, cost, safety, and infrastructure. These factors limit the growth of downstream hydrogen demand [2][26]. - By 2030, platinum demand in the hydrogen energy sector is expected to reach around 5.53 tons. In the next 5 years, this demand will remain small and unlikely to impact the overall platinum supply - demand balance. The growth of platinum demand is slower than expected due to the decline in fuel - cell vehicle sales, and proton exchange membrane electrolyzers may surpass fuel - cell vehicles as the main application scenario for platinum demand in the hydrogen energy sector [2][59][60]. Summary by Directory 1. Tracing the Origins: Physical and Chemical Properties of Platinum and Palladium and Their Applications in the Hydrogen Energy Industry - In 2024, global platinum demand in hydrogen - related fields was only about 44 thousand ounces, accounting for 0.53% of the total demand. There is no separate statistical data for palladium in the hydrogen - related field [6]. - Platinum is mainly used in hydrogen production and utilization, while palladium is mainly used in the purification stage of hydrogen production [10]. - Platinum is a catalyst material for proton exchange membranes. Proton exchange membranes are widely used in hydrogen production and utilization. Platinum has high catalytic activity and acid - resistance stability, making it suitable for this role [12][18][19]. - Palladium can selectively permeate hydrogen and is used in hydrogen purification. However, due to high costs, the palladium membrane method has low penetration compared to the PSA method [20][21][25]. 2. A Long Road Ahead: Analysis of the Hydrogen Energy Industry Development - **Current situation**: Electrolytic water hydrogen production is growing rapidly, but fuel - cell vehicles, the main application of hydrogen fuel cells, are facing difficulties in promotion, with a decline in new promotion numbers [2][27]. - **Advantages**: Hydrogen energy has excellent coupling with renewable energy, which can solve the mismatch between renewable energy power generation and power consumption [29][30]. - **Policy differences**: China views the hydrogen energy industry as an important means to achieve the dual - carbon goal. Japan and South Korea focus on fuel - cell vehicles, while EU countries represented by Germany emphasize environmental protection and energy supply [2][34][36]. - **Bottlenecks**: The hydrogen energy industry is restricted by technology, cost, safety, and infrastructure, which limit the growth of downstream hydrogen demand [2][26][38]. 3. Long - Term Strategy: Estimation of Platinum and Palladium Demand in the Hydrogen Energy Industry - **Single consumption of core applications**: In fuel - cell vehicles, the estimated platinum consumption per passenger car is about 25 grams, and per commercial vehicle is about 65 grams. For proton exchange membrane electrolyzers, the estimated platinum consumption per megawatt is about 700 grams. Reducing platinum loading is a major research direction in the proton exchange membrane industry [42][43][44]. - **Development prediction of related fields**: For proton exchange membrane electrolyzers, the maximum installed capacity of announced projects is about 520GW, but after excluding early - stage projects, the maximum installed capacity from 2025 - 2030 is 225GW. It is predicted that by 2030, the new installed capacity of proton exchange membrane electrolyzers will have a compound annual growth rate of 44% - 56%. For proton exchange membrane fuel cells, considering infrastructure challenges, it is predicted that by 2030, fuel - cell commercial vehicle sales will have a small compound annual decline of 1% - 5%, and passenger vehicle sales will have a larger decline of 23% - 27% [48][50][54]. - **Prediction results**: By 2030, platinum demand in the hydrogen energy sector is expected to reach around 5.53 tons. In the next 5 years, this demand will be small, the growth rate is slower than expected, and proton exchange membrane electrolyzers may become the main application scenario for platinum demand [59][60][61].

Core Viewpoint - The establishment of a joint venture, Luoyang Hangyang Longze Hydrogen Energy Co., Ltd., aims to build a complete hydrogen energy industry chain, enhancing the company's capabilities in the hydrogen sector and contributing to the national "dual carbon" strategy [1][2]. Group 1: Joint Venture and Investment - Hangyang Co., Ltd. plans to invest in a joint venture with Longze Energy and Shanghai Qinfeng, with a registered capital of 15 million yuan, where Hangyang will contribute 7.65 million yuan, holding a 51% stake [1]. - The joint venture will invest in a hydrogen production and filling facility with a capacity of 2825 Nm3/h, with a total project investment of approximately 45.5 million yuan [1]. Group 2: Industry Context and Strategic Importance - The hydrogen energy sector is becoming a crucial part of global energy transition, supporting deep decarbonization in industries and aligning with China's energy production and consumption revolution [2]. - The National Energy Administration's report indicates that China's hydrogen production and consumption scale will exceed 36.5 million tons by 2024, positioning the country as a leader in renewable energy hydrogen production [2]. Group 3: Technological Advancements and Achievements - Hangyang Co., Ltd. has a strong foundation in technology innovation and R&D in the hydrogen sector, with successful product certifications and the establishment of a hydrogen refueling station [3]. - The company has achieved significant milestones, including the largest daily hydrogen refueling capacity in the country at 9000 kg/day, showcasing its leadership in the hydrogen industry [3]. Group 4: Long-term Goals and Market Position - The establishment of the joint venture is a strategic move to deepen the company's presence in the hydrogen energy market and enhance its competitive advantage [5]. - Hangyang Co., Ltd. aims to become a world-class enterprise in the gas industry, leveraging its strong position in air separation equipment and a diversified gas product matrix to drive innovation and contribute to the green upgrade of the global gas industry [5].

Core Viewpoint - The hydrogen energy industry is experiencing rapid development with the expansion of application scenarios, leading to increased construction of hydrogen refueling stations and promotion of hydrogen fuel cell vehicles in various regions [1][5]. Group 1: Hydrogen Infrastructure Development - The first large-capacity hydrogen refueling station in South China, "Liangtian Hydrogen Station," has been put into operation in Guangzhou, with a maximum daily refueling capacity of 4,000 kg, supporting over 200 hydrogen vehicles [1][4]. - Guangzhou has implemented measures to support the construction of hydrogen refueling stations, providing subsidies for stations with a daily refueling capacity of 500 kg or more [1][6]. - As of now, Guangzhou has promoted over 1,000 hydrogen fuel cell vehicles and established approximately 200,000 square meters of hydrogen energy industrial parks [2]. Group 2: Technological Advancements - The "Liangtian Hydrogen Station" features a unique "4 stations and 8 nozzles" architecture, achieving a refueling speed of 3.6 kg/min, which is a 33.3% efficiency improvement compared to similar stations [2]. - The hydrogen supply chain in Guangdong has been enhanced through the establishment of multiple hydrogen supply channels, ensuring stable and economical hydrogen supply [2]. Group 3: National and Regional Initiatives - China Petrochemical's hydrogen fuel cell supply center in Guangzhou has been expanded, with an annual production capacity of 5,100 tons, contributing to the establishment of 142 hydrogen refueling stations nationwide [3]. - Jiangsu Province aims to achieve a hydrogen industry scale exceeding 100 billion yuan by 2027, with plans to build over 100 hydrogen refueling stations and promote more than 10,000 fuel cell vehicles [5][6]. - The National Energy Administration's report anticipates that by the end of 2024, over 540 hydrogen refueling stations will be built, and approximately 24,000 fuel cell vehicles will be promoted across various sectors [6].