每经AI快讯，2月13日，中信证券发布研报指出，展望"十五五"，氢能行业作为未来产业，政策定位再 度提升。我们预计，2026年行业在氢电耦合、工业减碳等领域或实现突破，FCEV、氢基绿色燃料或维 持快速增长。在下游应用不断拓展、绿氢需求增加的背景下，规模效应或带动产业链基础设施和绿氢供 应的降本，进而推动行业进入"降本—放量"的良性循环，有望助力行业全面进入产业化。 （文章来源：每日经济新闻） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|祖国鹏 赵柏霖 黄杰 展望"十五五"，氢能行业作为未来产业，政策定位再度提升。我们预计，2026年行业在氢电耦合、工业 减碳等领域或实现突破，FCEV、氢基绿色燃料或维持快速增长。在下游应用不断拓展、绿氢需求增加 的背景下，规模效应或带动产业链基础设施和绿氢供应的降本，进而推动行业进入"降本—放量"的良性 循环，有望助力行业全面进入产业化。 ▍2025年"翘尾"因素显现，FCEV全年产销量重回快速增长。 根据中汽协数据，2025年全国燃料电池汽车产销数据分别为7655辆和7797辆，同比分别增长52.9%及 49.6%，燃料电池产销重回快速增长状态，主要与"十四五"目标兑现、燃料电池示范应用周期结束的销 量冲刺有关。展望2026年，在政策力度加大的预期下以及国内氢能高速生态走廊的建设下，我们预计氢 燃料电池汽车（FCEV）推广有望继续维持快速增长，2026年销量有望破万辆。 ▍氢基绿色燃料、氢电耦合应用或在2026年加速发展。 我们预计"十五五"期间，政策将鼓励绿氢与新能源协同发展，或将主要体现在绿氢与新能源在储能方面 ...

Core Viewpoint - The "14th Five-Year Plan" proposes the concept of "energy power," highlighting hydrogen energy as a significant future industry, which is expected to enter a policy opportunity period [1] Group 1: Industry Overview - Hydrogen energy has broad applications in traditional industries such as energy, chemicals, and transportation, with industrial applications likely becoming the main battlefield for hydrogen utilization [1] - The policy signal indicates a shift from transportation demonstration to industrial applications, with green hydrogen and hydrogen-based green fuels seen as optimal solutions for reducing carbon emissions in hard-to-abate sectors like steel, non-ferrous metals, chemicals, and building materials [1] Group 2: Company Statistics - As of February 9, 2026, there are 3,872 existing hydrogen-related enterprises in China, with a stable annual increase over the past decade [3][8] - The distribution of hydrogen-related enterprises shows that the East China region has the highest concentration at 34.0%, followed by North China at 20.7%, while Southwest and Northeast regions have the least, at 7.5% and 4.2% respectively [5][8] - In terms of establishment years, the majority of hydrogen-related enterprises were founded between 1 to 3 years ago, accounting for 27.8%, followed closely by those established between 5 to 10 years, which make up 26.3% [5][8]

Core Insights - The completion of the expansion project of Somasteel in Morocco marks a significant step in the company's integrated layout within the steel industry [1] - The project represents an investment of approximately $76 million, enhancing the company's production capabilities and competitiveness in the domestic market [1][2] Group 1: Company Developments - Somasteel's new electric arc furnace facility will increase its annual production capacity of steel billets to 400,000 tons, providing a stable upstream raw material source for construction steel products [1] - The expansion has increased direct employment from 250 to 850 positions, tripling job opportunities, and is expected to create around 1,800 indirect jobs through related services [1] Group 2: Industry Context - The project is viewed as a key implementation of Morocco's strategy for industrial localization and "Made in Morocco," emphasizing resource recycling and carbon reduction [2] - The use of electric arc furnace technology aligns with Morocco's focus on energy efficiency and sustainable industrial practices, showcasing the maturity of the local steel industry in terms of technology and talent [2]

Group 1 - The meeting on October 21 was held to implement the results of the second China-UK industrial cooperation dialogue signed by the Ministry of Industry and Information Technology of China and the UK Department for Business and Trade [1] - The discussions focused on industrial decarbonization policies, electrification transformation in key industries, carbon capture utilization and storage technologies, and the establishment of carbon footprint standards for industrial products [1] - The meeting also included exchanges of opinions regarding the future work of the China-UK industrial decarbonization working group [1]