人民日报记者 李琰 "2003年，我们在北京经济技术开发区建厂时，周围还是大片农田，如今周边高楼林立、企业云 集，这里经历了翻天覆地的变化。"在法美高新气体（北京）有限公司工作多年的生产主管孔德龙说。 法美高新气体（北京）有限公司成立于2003年，是法国液化空气集团（以下简称"液化空气"）在北 京经开区投资的第一家实体公司。液化空气于20世纪70年代开始向中国提供空气分离设备。伴随中国改 革开放持续推进，该集团不断深耕中国市场并持续发展壮大。 液化空气（中国）投资有限公司总裁兼首席执行官黎瑞华表示，作为全球第二大经济体和商品消费 第二大国，中国是液化空气最重要的市场之一，也是液化空气重要的制造和创新基地。中国拥有完整的 工业体系、先进的基础设施、丰富的人才资源和不断优化的营商环境，为企业提供了巨大的市场潜力和 发展机遇。 北京经开区有关负责人介绍，截至目前，经开区集聚了来自全球60多个国家和地区的1500余家外资 企业，其中105家世界500强企业投资了160个项目。"为提升国际化营商环境建设，经开区为外资企业提 供了'从生产到生活，从政务到事务'的全生命周期服务。我们推出93项涉外审批事项'一窗受理'，国际 ...

Core Insights - The article discusses the successful hosting of the "Hydrogen Heart Together, Create a Win-Win Future" event in Beijing, focusing on the achievements and future plans of the Beijing Hydrogen Innovation Center [2][4][44] - The event highlighted the importance of hydrogen energy in China's energy transformation and the role of the Beijing Hydrogen Innovation Center in driving technological advancements and industry collaboration [44] Event Overview - The event was co-hosted by the Beijing Municipal Bureau of Economy and Information Technology and the Daxing District People's Government, with over a hundred representatives from government, research institutions, and enterprises attending [4][6] - Key speeches were delivered by officials, emphasizing the center's role in promoting hydrogen technology and market applications [8][10] Achievements and Future Goals - The Beijing Hydrogen Innovation Center announced three significant achievements in hydrogen technology, including advancements in integrated hydrogen-electric smart chassis and green hydrogen solutions [14][16][18] - The center aims to create a collaborative innovation system to support the high-quality development of the hydrogen industry in Beijing and nationwide [13][26] Collaborative Agreements - Several cooperation agreements were signed during the event, including partnerships with testing centers and various enterprises to enhance the hydrogen energy ecosystem [20][24][26] - The agreements focus on key areas such as hydrogen fuel cell vehicle platforms, green hydrogen supply solutions, and quality testing systems [20][24][26] New Initiatives - The event launched two significant initiatives: the "Joint Innovation Demonstration Application Alliance" and the "Hydrogen Industry Innovation Think Tank," aimed at promoting sustainable development in the hydrogen sector [27][31] - These initiatives will leverage resources from various sectors to validate hydrogen technologies in real-world applications and provide strategic guidance for industry development [31][42] Expert Engagement - The Beijing Hydrogen Innovation Center established an expert committee to provide ongoing intellectual support and guidance for technology planning and innovation capacity building [32][34] - The committee includes leading scholars and experts in hydrogen technology, which will enhance the center's capabilities in research and development [34] Industry Development - The Daxing International Hydrogen Energy Demonstration Zone has attracted numerous quality enterprises, marking a significant step in building a robust hydrogen industry cluster [35][37] - The zone has nearly 300 companies covering the entire hydrogen energy value chain, contributing to a complete industrial ecosystem [37][44] Political and Organizational Support - The establishment of the Hydrogen Industry Chain Party Committee aims to enhance collaboration between government and enterprises, fostering a supportive environment for industry growth [38][42] - This initiative is expected to strengthen the integration of policy, resources, and industry collaboration, driving the development of the hydrogen energy sector [42]

Core Insights - The Chongqing hub's first comprehensive energy station integrating hydrogen refueling and charging functions has officially commenced operations, marking a new phase in the local hydrogen industry development [1] - The Jiulongpo District has focused on the hydrogen energy industry chain, establishing the Western Hydrogen Valley, which includes a hydrogen technology park, an industrial park, and a demonstration application base, attracting key enterprises across the hydrogen fuel cell and commercial vehicle sectors [1] Industry Development - The total investment for the Guohong Hydrogen Energy Technology Industrial Park project is approximately 4 billion yuan, aimed at creating a closed-loop ecosystem covering hydrogen production, industry, operation, finance, and research [1] - The Jiulongpo District has built two hydrogen refueling stations, with a daily hydrogen supply of 1.5 tons and a cumulative refueling of over 170,000 kilograms [1] Application and Expansion - Over 1,100 hydrogen fuel cell commercial vehicles have been deployed in the Jiulongpo District, utilized in various sectors including chemical, mining engineering, and base agriculture [1] - The local government plans to enhance the policy framework to strengthen the entire hydrogen energy chain, focusing on production, storage, transportation, application, and refueling [2]

Core Insights - The Chongqing hub's first comprehensive energy station integrating hydrogen refueling and charging has officially commenced operations, marking a new phase in the local hydrogen industry development [1] - The Jiulongpo District has focused on the hydrogen industry chain, establishing a complete hydrogen energy ecosystem with key enterprises in fuel cells, commercial vehicles, and critical components [1] - The total investment of approximately 4 billion yuan in the Guohong Hydrogen Energy Technology Industrial Park project aims to create a closed-loop ecosystem covering hydrogen production, industry, operation, finance, and research [1] Infrastructure Development - The Jiulongpo District has built two hydrogen refueling stations, with a daily hydrogen supply of 1.5 tons and a cumulative refueling of over 170,000 kilograms [1] - The district has deployed over 1,100 hydrogen fuel cell commercial vehicles across various sectors, including chemical, mining, and agricultural industries [1] Policy and Strategic Focus - The local government plans to enhance the policy framework, focusing on the entire hydrogen value chain, including production, storage, transportation, application, and refueling, to further advance the Chengdu-Chongqing hydrogen corridor [2]

Core Viewpoint - Xianyang is actively balancing economic development and environmental protection through a green low-carbon transformation, enhancing industrial "green content" and strengthening environmental governance to support high-quality development [1] Group 1: Industrial Transformation - Xianyang is transitioning towards a hydrogen energy industry, establishing the first modular container-based hydrogen production and utilization project in Shaanxi Province, which aims to enhance hydrogen production efficiency and safety [2][3] - The establishment of the Shaanxi Hydrogen Quality Technology Innovation Base is a significant step in creating a comprehensive hydrogen industry chain, with multiple projects including hydrogen quality testing laboratories and partnerships with universities for research [2][3] - The city is upgrading traditional industries and fostering new sectors such as advanced manufacturing and modern medicine, with a goal to exceed a GDP of 300 billion yuan in 2024 and achieve a 9.5% growth in industrial output from January to August this year [3][4] Group 2: Ecological Transformation - Xianyang has made significant improvements in its ecological environment, transforming the Weihe River area into a scenic spot with a large ecological wetland, which has become a key attraction for over 10 million visitors annually [5][6] - The city has implemented various environmental protection measures, resulting in a 10.6% decrease in air quality index and significant reductions in PM2.5 and PM10 levels, while maintaining high water quality standards [6][8] - Initiatives promoting low-carbon living, such as the use of new energy buses and shared bicycles, are being encouraged, alongside the implementation of local regulations for air pollution and waste management [7][8]

Core Viewpoint - The listing of platinum and palladium futures on the Guangzhou Futures Exchange marks a significant development in the market, enhancing the pricing influence of these metals and providing a "Chinese price" that reflects domestic supply and demand dynamics [1][11]. Group 1: Market Performance - On the first trading day, platinum futures (PT2606) opened significantly higher, with a peak increase of nearly 12.5%, closing at 430.30 CNY per gram, while palladium futures (PD2606) saw a peak increase of nearly 12%, closing at 370.60 CNY per gram [1][4][5]. - The trading volume for platinum futures reached 66,700 contracts with a turnover of 29.23 billion CNY, while palladium futures had a trading volume of 34,200 contracts and a turnover of 13.05 billion CNY [1][5]. Group 2: Supply and Demand Dynamics - Platinum and palladium are crucial for automotive catalytic converters and green technologies, with approximately 60% of platinum and nearly 80% of palladium used in related industries in China [1]. - The platinum market is facing a supply shortage for three consecutive years, with projections indicating a continued deficit through 2025, driven by concentrated supply in South Africa and increasing demand from the hydrogen energy sector [6][10]. Group 3: Economic and Financial Environment - The macroeconomic environment is favorable for precious metals, with expectations of interest rate cuts by the Federal Reserve, which enhances the appeal of non-yielding assets like platinum and palladium [6][10]. - The strong performance of platinum and palladium futures is supported by the rising gold prices, tight supply-demand conditions, and a favorable macroeconomic backdrop [6][10]. Group 4: Impact on Related Companies - Companies like Guizhou Platinum Industry (贵研铂业) reported a revenue of 45.18 billion CNY in Q3 2025, a year-on-year increase of 22.21%, indicating a positive impact from rising platinum and palladium prices [10]. - The volatility in platinum group metal prices increases the financial demands on companies, leading to higher working capital needs and challenges in price risk management [10][11]. Group 5: Future Outlook and Strategic Implications - The successful launch of platinum and palladium futures is expected to enhance hedging capabilities for companies, reduce cross-border risks, and lower hedging costs, thereby facilitating better price management [11][12]. - For the "Chinese price" to gain international recognition, it is essential to improve delivery mechanisms, expand market access for foreign investors, and develop differentiated hedging tools [12].

Core Viewpoint - The launch of platinum and palladium futures on the Guangzhou Futures Exchange marks a significant development in the market, with strong initial performance indicating potential for price influence and market stability in the context of green energy and industrial applications [1][4][8]. Market Performance - On the first trading day, platinum futures (PT2606) opened at 405 CNY/gram and reached a peak increase of nearly 12.5%, closing at 430.30 CNY/gram, while palladium futures (PD2606) opened at 365 CNY/gram and peaked at a 12% increase, closing at 370.60 CNY/gram [2][1]. - Trading volumes were substantial, with platinum futures recording 66,700 contracts and a turnover of 29.23 billion CNY, while palladium futures had 34,200 contracts and a turnover of 13.05 billion CNY [1][2]. Supply and Demand Dynamics - Platinum and palladium are critical in automotive catalytic converters and green technologies, with approximately 60% of platinum and 80% of palladium used in related industries in China [1]. - The market is experiencing a supply shortage, with projections indicating a continued deficit in platinum supply through 2025, driven by concentrated mining operations in South Africa and increasing demand from the hydrogen energy sector [4][5]. Economic Environment - The macroeconomic backdrop, including expectations of interest rate cuts by the Federal Reserve, is favorable for precious metals, enhancing their appeal as non-yielding assets [5][4]. - The successful launch of these futures is expected to provide companies with better hedging options, reducing reliance on foreign exchanges and associated risks [7][8]. Impact on Related Companies - The strong performance of platinum and palladium futures has positively influenced related stocks, with companies like Guizhou Platinum Industry and others in the non-ferrous metals sector seeing significant price increases [6]. - Guizhou Platinum Industry reported a revenue of 45.18 billion CNY for Q3 2025, reflecting a year-on-year growth of 22.21%, indicating robust business performance amid rising metal prices [6]. Future Outlook - The introduction of platinum and palladium futures is expected to enhance the pricing power of Chinese companies in international markets, potentially establishing a "China price" that reflects domestic supply and demand [1][8]. - The futures market is anticipated to facilitate industry integration and support the transition to green energy, aligning with national carbon reduction goals [8].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given documents. 2. Core Viewpoints of the Report - Today, precious metals showed a pattern of weak gold and strong silver, with platinum and palladium soaring and then falling back. The main contract of Shanghai Gold closed up 0.14%, the main contract of Shanghai Silver closed up 3.35%, the main contract of platinum closed up 6.25%, and the main contract of palladium closed up 1.53% [1]. - In the short - term, trade - war related hedging has subsided, but geopolitical risks remain. The US employment is weakening and inflation is moderate, so the expectation of interest rate cuts still exists [1]. - The results of Sino - US economic and trade consultations have been announced, and geopolitical risks in regions such as Russia - Ukraine and the Middle East still remain [1]. - Speeches by Federal Reserve officials have increased the possibility of a Fed interest rate cut. The Fed's Beige Book shows that US economic activity has changed little, but the government shutdown has suppressed demand in many places. The market expects the probability of a 25 - basis - point interest rate cut by the Fed in December to soar to around 80% [1]. - The CRB commodity index is oscillating weakly, and the appreciation of the RMB is negative for domestic prices. The hydrogen energy industry is expected to drive long - term strong demand for platinum - based catalysts, while palladium faces long - term structural pressure from the fuel - vehicle market [1]. - It is expected that precious metals will show a pattern of weak gold and strong silver, strong platinum and weak palladium in the short term, oscillate at high levels in the medium term, and rise in a stepped manner in the long term [1]. - The price trend of gold is the anchor for the price of silver. Recently, the net long position of CFTC silver has been reduced again, and the iShare silver ETF has slightly increased its position. The visible inventory of silver has slightly decreased recently [5]. 3. Summary by Relevant Catalogs 3.1 Gold - **Market Performance**: The main contract of Shanghai Gold closed up 0.14%, Comex gold main contract closed at $4196.10 per ounce, up 0.74% from the previous day and 2.89% from the previous week; London gold closed at $4139.60 per ounce, up 0.32% from the previous day and 0.31% from the previous week [1][2]. - **Price and Related Data**: Domestic prices, such as the main contract of Shanghai Gold on the SHFE and gold T + D on the SGE, also showed certain increases. There were changes in basis, spreads, and ratios. For example, the basis of the main contract of Shanghai Gold was - 4.03 yuan/gram, and the gold - silver ratio (London gold/London silver) was 78.88, down 3.31% from the previous day [2]. - **Position and Inventory**: Comex gold positions were 485,788 hands, and Shanghai Gold main contract positions increased by 3.70% from the previous day and 27.73% from the previous week. Comex gold inventory decreased by 1.08% from the previous week, and the SPDR gold ETF decreased by 0.33% from the previous week [2]. - **Net Position Ranking**: Among the top 10 net long positions of Shanghai Gold futures company members on the SHFE, the top 5 totaled 67,680.00, and among the top 10 net short positions, the top 5 totaled 12,510.00 [3]. - **Strategy**: For gold, conservative investors are advised to wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [2]. 3.2 Silver - **Market Performance**: The main contract of Shanghai Silver closed up 3.35%, Comex silver main contract closed at $53.76 per ounce, up 3.88% from the previous day and 5.28% from the previous week; London silver closed at $52.48 per ounce, up 2.49% from the previous day and 0.54% from the previous week [1][5]. - **Price and Related Data**: Domestic prices, such as the main contract of Shanghai Silver on the SHFE and silver T + D on the SGE, also increased. There were changes in basis and spreads. For example, the basis of the main contract of Shanghai Silver was 20 yuan/kg [5]. - **Position and Inventory**: Comex silver positions were 172,415 hands, and Shanghai Silver main contract positions increased by 11.09% from the previous day and 22.42% from the previous week. The visible inventory of silver decreased slightly, with a total visible inventory of 41,736 tons, down 0.09% from the previous day and 0.61% from the previous week [5]. - **Net Position Ranking**: Among the top 10 net long positions of Shanghai Silver futures company members on the SHFE, the top 5 totaled 110,211.00, and among the top 10 net short positions, the top 5 totaled 58,699.00 [6]. - **Strategy**: For silver, conservative investors are advised to wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended [5]. 3.3 Fundamental Key Data - **Federal Reserve Data**: The upper limit of the federal funds target rate is 4.00%, the discount rate is 4.00%, the reserve balance interest rate (IORB) is 3.90%, and the Fed's total assets are $66,061.83 billion, down 0.00% from the previous week [7]. - **Macroeconomic Data**: The 10 - year US Treasury real yield is 2.37%, down 2.07% from the previous day and 3.27% from the previous week; the US dollar index is 99.58, down 0.22% from the previous day and 0.54% from the previous week; the US Treasury yield spread (3 - month - 10 - year) is 0.47, up 30.56% from the previous week [7]. - **Inflation Data**: The CPI (year - on - year) is 3.00%, and the core CPI (year - on - year) is also 3.00% [9]. - **Economic Growth Data**: The GDP (annualized year - on - year) is 2.00%, down 0.30% from the previous period; the GDP (annualized quarter - on - quarter) is 3.80%, up 4.40% from the previous period [9]. - **Employment Data**: The unemployment rate is 4.40%, up 0.10% from the previous period; the monthly change in non - farm payrolls is 11.90 million, up 1.23 million from the previous period [9]. - **Other Data**: There are also data on the US real estate market, consumption, industry, trade, and economic surveys, as well as central bank gold reserves and related ratios [9][11].

Core Viewpoint - The launch of platinum and palladium futures on the Guangzhou Futures Exchange has significantly impacted the market, with both metals experiencing substantial price increases on their first trading day, reflecting strong demand and favorable macroeconomic conditions [2][6][9]. Market Performance - On November 27, platinum futures (PT2606) closed at 430.30 CNY per gram, up 6.25%, while palladium futures (PD2606) closed at 370.60 CNY per gram, up 1.53% [2]. - Platinum futures reached a peak increase of nearly 12.5% during the day, while palladium futures peaked at nearly 12% [6][7]. - Trading volumes were significant, with platinum futures recording 66,700 contracts and a turnover of 29.23 billion CNY, while palladium futures had 34,200 contracts and a turnover of 13.05 billion CNY [2]. Industry Implications - The introduction of these futures is expected to enhance the pricing influence of platinum and palladium, creating a "Chinese price" that reflects domestic supply and demand, thereby improving Chinese companies' pricing power in international trade [4][9]. - The strong performance of platinum and palladium futures has positively influenced related sectors, leading to a rise in the stock prices of companies involved in precious metals [11][12]. Supply and Demand Dynamics - The platinum market is facing a supply shortage for the third consecutive year, with projections indicating continued tightness through 2025 [9]. - Demand for platinum is driven by its applications in automotive catalytic converters, jewelry, and the emerging hydrogen energy sector, which is expected to provide new growth opportunities [9][16]. Macroeconomic Factors - The anticipated easing of monetary policy by the Federal Reserve is creating a favorable environment for precious metals, as lower interest rates enhance their appeal as non-yielding assets [8][9]. - Analysts suggest that the ongoing decline in the U.S. dollar index may further support the upward price movement of platinum and palladium [9]. Strategic Outlook - The successful launch of platinum and palladium futures is expected to facilitate better risk management for companies in the industry, allowing for more effective hedging against price volatility [15]. - The futures market is anticipated to promote industry integration and support the transition to green energy, particularly in the hydrogen fuel cell sector [16].

Group 1: Hydrogen Energy Machinery Development - The Hydrogen Energy Machinery Company focuses on hydrogen market demands, developing key equipment such as hydrogen compressors and alkaline water electrolysis equipment [1] - In 2025, the company plans to establish a smart hydrogen machinery innovation park in Wuhan, aiming for high-end, intelligent, green, and service-oriented development [2] - The company has signed an investment intention agreement with Sinopec Capital, the Institute of Petroleum Science, and Dalian Institute to enhance collaboration through equity investment [3] Group 2: Future Development Strategy - The company implements a "1234" development strategy, which includes establishing one manufacturing base, serving two major markets (upstream hydrogen production and downstream hydrogen refueling), and focusing on three advantages (core technology, key equipment, integrated solutions) [4] - The strategy also emphasizes four types of solutions: complete hydrogen supply equipment, complete hydrogen production equipment, complete hydrogen transportation equipment, and other clean energy equipment [4] Group 3: Steel Pipe Business and Market Trends - The domestic market for steel pipes has seen a decline in orders due to slowed national pipeline construction, while the overseas market continues to grow steadily [5] - An overall increase in the steel pipe business is expected in 2026 [5] Group 4: Deep Earth and Deep Sea Products - The company provides products for deep earth oil and gas extraction, including drill bits and ultra-deep well drilling rigs, which have been crucial in China's first ultra-deep well operations [6] - In deep sea operations, products like the "Feng" series PDC drill bits have set new records in drilling speed in the South China Sea [7] Group 5: International Business Development - In 2025, the company deepened its international strategy by establishing strategic cooperation with several Sinopec Group units and signing memorandums with major oil companies like Saudi Aramco and ADNOC [7] - The company aims to enhance its global business layout, consolidating mature markets while exploring emerging ones [7]