Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The photovoltaic module shortage has led to price increases, while the energy storage sector is initiating a "reverse involution" [1]. - In the new energy vehicle sector, the China Association of Automobile Manufacturers reported sales of 1.262 million units in July, a year-on-year increase of 27.4%, accounting for 48.7% of total new car sales for the month [1][25]. - The price of lithium carbonate has recently risen significantly, which is expected to restore profitability in related sectors, with a focus on battery and cathode material segments [1]. - Solid-state batteries have made progress in both new energy vehicles and energy storage applications, with a clear trend towards industrialization [1]. - The central economic work conference has emphasized the need to regulate "involutionary" competition and promote product quality in the photovoltaic sector [1]. - The hydrogen energy sector is being driven by continuous policy support, with pilot projects being launched in the energy sector [1]. Industry Dynamics - The electric equipment and new energy sector saw a weekly increase of 5.84%, outperforming the Shanghai Composite Index [10]. - The lithium battery index rose by 6.56%, while the wind power sector increased by 6.32% [13]. - The report highlights that the price of photovoltaic components has reached 0.7 yuan/W, with shortages primarily in the 710W large-format components [25]. - The energy storage market is witnessing significant project orders, such as a 2.8GWh independent energy storage project signed by Nandu Power [25]. - The report notes that the price of silicon materials remains stable, with mainstream prices for dense materials around 42-47 yuan/kg [15]. Company Dynamics - Ganfeng Lithium is collaborating with LAR to develop a lithium salt lake project with an annual production capacity of 150,000 tons of LCE lithium products [26]. - Keda Li reported a net profit of 769 million yuan for the first half of 2025, a year-on-year increase of 18.72% [26]. - Nandu Power reported a net loss of 232 million yuan for the first half of 2025, a year-on-year decline of 225.48% [26]. - Jinlang Technology reported a net profit of 602 million yuan for the first half of 2025, a year-on-year increase of 70.96% [26].

据新华财经8月18日消息，北京市发展和改革委员会日前就《北京市可再生能源开发利用条例实施方案 （征求意见稿）》向社会公开征求意见。 其中提到，推进氢能基础设施建设及多领域应用。推动建成覆盖全市、辐射京津冀的氢能基础设施网络 体系。 此外重庆市经济和信息化委员会日前就《重庆市加氢站行业发展规划（2025-2035年）（征求意见 稿）》公开征求意见。其中提到，适度超前规划加氢站，系统推进储运设施建设布局。 点评：中银证券指出，成本侧，光伏组件价格显著下降推动绿电成本下降，最终导致绿氢制备成本下 降，我国氢能应用开始具备发展基础。2025年随着绿电成本下降，结合氢能制、储、输、用全链条发展 的标准体系建立完毕以及终端用氢能力提升，我国氢能产业化有望在2025-2026年迎来突破。 此外长城证券指出，鉴于我国持续颁布的氢能源利好政策，上游电解槽招标项目持续稳定增多，制氢技 术有所突破，制氢投资力度加大，关注参与电解槽招投标的公司；中游加快氢能输用发展，推动建设加 氢站，关注具备输氢能力的企业；下游氢能探索多场景应用，促进氢能交通推广，关注氢车应用领域的 企业。 1）价值量占比较高的燃料电池、储氢系统环节：重塑能源、亿 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The photovoltaic supply-side reform is ongoing, with a focus on improving product quality and eliminating low-price competition [1][2]. - In June, the wholesale sales of new energy passenger vehicles in China reached 1.26 million units, a year-on-year increase of 29% [1][2]. - The demand for batteries and materials is expected to grow as new models of electric vehicles are launched in the second half of the year, with projections indicating high growth in domestic sales of new energy vehicles by 2025 [1]. - The solid-state battery industrialization trend is clear, with attention on related materials and equipment companies [1]. - In May, China's photovoltaic installed capacity reached 92.92 GW, a year-on-year increase of 388%, which may suppress demand for photovoltaic installations in the near term [1]. - The hydrogen energy sector is being driven by policies promoting industrialization, with a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.99% this week, outperforming the Shanghai Composite Index, which increased by 1.4% [10]. - The photovoltaic sector saw a significant increase of 6.80%, while the lithium battery index rose by 3.84% [2][13]. New Energy Vehicles - Major players in the new energy vehicle market reported varying delivery figures for June, with BYD delivering 383,600 units (up 11.98% year-on-year) and Li Auto experiencing a decline of 24% [2][27]. - The report highlights the expected growth in new energy vehicle sales, driven by the introduction of new models [1][2]. Photovoltaic Sector - The central economic work conference emphasized the need to regulate low-price competition and improve product quality in the photovoltaic industry [1][2]. - The report notes the significant increase in installed capacity and the potential impact on future demand [1]. Hydrogen Energy - The approval of a large-scale green hydrogen pipeline project indicates ongoing support for the hydrogen energy sector [1][27]. Company Developments - Companies like EVE Energy and Xinwanda are planning to issue H-shares for overseas listings, indicating growth strategies in the electric equipment sector [2][28].

Core Viewpoint - The successful operation of Sichuan Petroleum's first self-built hydrogen refueling station at Chengdu Tianfu Airport marks a significant step in the development of hydrogen energy in the region, contributing to the green and low-carbon economy of the Chengdu-Chongqing economic circle [1][5]. Group 1: Company Developments - Sichuan Petroleum has successfully launched its first hydrogen refueling station, which can provide hydrogen for approximately 31 hydrogen-powered buses or 19 logistics vehicles daily, with a daily hydrogen supply capacity of 500 kilograms [5]. - The company has established a total of six hydrogen refueling stations, leading the province in terms of quantity, and is actively expanding its hydrogen energy infrastructure [5][6]. - China Petroleum aims to become the "largest hydrogen energy company in China," leveraging its network of refueling stations to promote the construction of hydrogen corridors [8]. Group 2: Industry Trends - Sichuan has been proactive in developing the hydrogen industry since 2010, achieving a comprehensive layout of the hydrogen energy industry chain and leading in technology, products, and application promotion [6]. - The national policy framework supports the growth of the hydrogen industry, with the 2024 government work report emphasizing the acceleration of hydrogen energy and related technologies [10]. - The upcoming 2025 World Hydrogen Industry Expo and related events are expected to enhance collaboration among enterprises and inject new momentum into the high-quality development of the hydrogen industry [10].

Core Viewpoint - The article emphasizes the importance of green hydrogen as a key focus area for the energy sector, highlighting the upcoming 2025 TrendBank Green Hydrogen Industry Conference as a platform for discussing policies, technologies, and solutions for scaling up green hydrogen production and utilization [3][9]. Summary by Sections Policy and Industry Context - The National Energy Administration has issued a notice for hydrogen energy pilot projects, with a completion target set for June 2028, focusing on green hydrogen [3]. - The strategy includes a dual-track pilot approach centered on green electricity (including energy storage) and green chemicals (such as steel), aiming to establish a comprehensive "production-storage-transportation-utilization" chain for green hydrogen [3]. Transportation and Consumption - The primary method for cross-regional hydrogen transportation will be through pipelines, with liquid hydrogen as a secondary option, aimed at promoting cost reduction through scale [3]. - There is an encouragement for local consumption of green hydrogen produced from renewable electricity, supported by price compensation and demand response mechanisms to mitigate risks [3]. Financial Support - Pilot projects will be prioritized for inclusion in long-term loans for the manufacturing sector, tapping into a trillion-yuan funding pool designated for "two new" initiatives [3]. Upcoming Conference Details - The 2025 TrendBank Green Hydrogen Industry Conference will take place on July 16-17, 2025, in Wuxi, Jiangsu, with an expected attendance of over 300 participants [9]. - The conference will feature 11 confirmed speakers from various leading companies in the hydrogen sector, covering topics from energy technology to hydrogen equipment solutions [4][10]. Conference Agenda - The agenda includes an opening ceremony, expert reports, specialized sessions on systems and electrolyzers, green hydrogen supply chains, and storage and utilization, culminating in an awards dinner [10]. Registration Information - Registration fees are structured with early bird discounts, with prices ranging from RMB 1800 to RMB 2600 depending on the registration date [11].

Investment Rating - The industry investment rating is "Outperform the Market" [1][38] Core Viewpoints - The report highlights the ongoing growth in the electric equipment and new energy sectors, particularly in the electric vehicle (EV) market, where sales of new energy vehicles (NEVs) continue to rise, with May 2025 sales reaching 1.31 million units, a year-on-year increase of 37% [2][26] - The report emphasizes the importance of solid-state battery technology, with companies like Xiaomi filing patents, indicating a shift towards advanced battery technologies [1][26] - In the photovoltaic (PV) sector, the report notes the recognition of new technologies such as BC components in overseas markets and the improvement in conversion efficiency by leading companies [1][26] - The hydrogen energy sector is also highlighted, with ongoing policy support for its industrialization and recommendations to focus on companies with cost and technological advantages in electrolyzer production [1][26] Summary by Relevant Sections New Energy Vehicles - In May 2025, NEV production and sales reached 1.27 million and 1.31 million units, respectively, marking a year-on-year growth of 35% and 37% [2][26] - Major automakers have announced a reduction in payment terms for suppliers to 60 days to enhance supply chain efficiency [1][26] Power Batteries - In May 2025, the installed capacity of power batteries was 57.1 GWh, a month-on-month increase of 5.5%, with ternary batteries accounting for 10.5 GWh [2][26] - The report mentions Xiaomi's new solid-state battery technology patent, which aims to enhance ion transport efficiency [1][26] Photovoltaics - The report notes the launch of HIBC technology by Longi, achieving a conversion efficiency of 27.81%, pushing the efficiency of PV modules into the "25%+" era [1][26] - The focus on supply-side reforms in the PV sector is emphasized, particularly in the silicon material segment [1][26] Hydrogen Energy - The report discusses ongoing policy initiatives to promote hydrogen energy, including pilot projects in the energy sector [1][26] - Recommendations are made to pay attention to companies benefiting from hydrogen infrastructure development [1][26] Industry Dynamics - The report summarizes key industry dynamics, including the actions of major automakers to streamline supplier payment terms and the growth in NEV sales [1][26] - It also highlights the investment plans in nuclear fusion by the UK government, indicating a broader interest in energy innovation [1][26]

【DT新材料】 获悉，近日 ， 苏州科润新材料股份有限公司（" 科润新材 " ） 发布科创板IPO辅导备案报告，正式启动上市进程。 科润新材 成立于2019，创始人为杨大伟，其2006年开始从事质子膜电解槽设计工作，并在2011年创办了 江苏科润膜材料有限公司 。 目前， 科润新材 对外还成立 江苏科润膜材料、福建科润世纪氢能、安徽科润氢能、北京科润氢能 等4家公司，同时参投苏州云帆氢能、苏州铂氢新能源等2家公司，其 中苏州云帆氢能专注PEM燃料电池和PEM电解水双极板，并在2023年完成天使轮。 至2024年8月2日， 科润新材 已完成五轮融资，合计披露融资金额达 7.8亿元 。估值已高达30亿元，股东阵容十分豪华，包括 中石化资本、联泓集 团、红杉中国、中国通用、架桥资本、宇通、北汽 等。 值得一提，这也是 中石化 投资入股的第5个启动IPO的企业，此前， 重塑能源 、 重塑氢能 均已经在 港股上市，收获还是颇丰。另外一家从事 气体储 存、运输装备 浙江蓝能 也处于上市辅导， 隔膜空压机企业 中鼎恒盛 则处于 IPO终止。 | 序号 | 股票名称 | | 持股比例 ÷ | 认缴出资额(万元) * | | ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [8] Core Views - The company is positioned as a pioneer in new materials, with strong growth potential in key areas such as low dielectric/low expansion electronic fabrics and high-pressure hydrogen storage bottles, indicating a significant opportunity for valuation reappraisal [1][2] - The projected revenue and net profit from the specialty fiberglass fabric segment for 2025-2027 are estimated to be 8.5 billion, 16.6 billion, and 24.5 billion CNY, with corresponding net profits of 1.8 billion, 4.9 billion, and 8.2 billion CNY, reflecting substantial year-on-year growth [1][37] - The hydrogen bottle segment is expected to generate revenues of 3.6 billion, 6.9 billion, and 13.2 billion CNY from 2025 to 2027, with net profits of 0.3 billion, 0.7 billion, and 1.5 billion CNY, also showing strong growth rates [1][6] Summary by Sections New Materials - The company is in the early stages of industrializing new materials, achieving technological breakthroughs in low dielectric/low expansion electronic fabrics and high-pressure hydrogen storage bottles [1] - The low dielectric electronic fabric (LowDK) is designed to reduce energy loss during signal transmission, with production capacity expected to increase significantly by 2026-2027 [4][22] - The low expansion electronic fabric (LowCTE) is primarily used in high-end mobile phone chip packaging, with a focus on maintaining low thermal expansion coefficients [5][31] Financial Data and Valuation - The estimated market value for the new materials segment in 2026 is around 150 billion CNY, while the main business is projected to be valued at approximately 240 billion CNY, leading to a total reasonable market value of about 390 billion CNY for the company [2] - The company's revenue for 2023 is reported at 25.89 billion CNY, with a projected growth rate of 20.54% for 2025 [7] Hydrogen Bottles - The company operates five manufacturing bases for hydrogen bottles, with a production capacity of 100,000 III-type hydrogen bottles and 30,000 IV-type hydrogen bottles annually [6][40] - The company has achieved the highest market share in the domestic hydrogen bottle market, with significant applications in hydrogen-powered vehicles [6][41]

Group 1: Electric Vehicle Sales - Major automakers reported May sales for new energy vehicles, with BYD selling 382,500 units, a year-on-year increase of 15.28% [1][3] - Zeekr sold 46,500 units, up 15.2% year-on-year, while Leap Motor's sales reached 46,100 units, showing a significant increase of over 148% [1][3] - Xpeng sold 33,500 units, marking a 230% year-on-year growth, and Li Auto sold 40,900 units, up 16.7% year-on-year [1][3] - NIO's sales were 23,200 units, reflecting a 13.1% increase, and Xiaomi's automotive sales exceeded 28,000 units [1][3] Group 2: Solar and Wind Energy - China's photovoltaic installed capacity saw rapid growth in Q1, with optimistic demand forecasts for the U.S. and emerging economies [2] - The central economic work conference emphasized the need for supply-side reforms in the photovoltaic sector, focusing on cost reduction and efficiency improvements [2] - Wind energy projects are expected to progress steadily, with demand anticipated to improve by 2025, benefiting both domestic and overseas markets [2] Group 3: Hydrogen Energy and Industry Developments - The hydrogen energy sector is being driven by policies promoting industrialization, with applications in green hydrogen and chemical sectors expected to expand [2] - China Petroleum & Chemical Corporation announced its initiative to invest in the hydrogen energy industry chain [3][4] - A new fund has been established with an initial scale of 5 billion yuan, targeting the entire hydrogen energy value chain [4] Group 4: Company Updates - Maiwei Co. plans to issue convertible bonds to raise 1.966 billion yuan for the industrialization of perovskite solar cell equipment [4] - JA Solar's application for H-share listing has been accepted by the China Securities Regulatory Commission [4] - Longi Green Energy's CEO has stepped down from his position to focus on R&D and technology management [4]

Industry Insights - Shanxi province has announced a full subsidy for highway tolls for hydrogen fuel trucks from June 1, 2025, to May 31, 2027, marking a significant policy shift towards promoting the hydrogen energy industry [1] - The implementation of free highway access for hydrogen trucks is seen as a transition from focusing on core technology and industrial chain construction to large-scale application and promotion [1] - The reduction in highway tolls is expected to stimulate logistics companies to purchase hydrogen vehicles, expand market size, and drive the construction of hydrogen refueling stations along highways, laying the groundwork for the promotion of hydrogen passenger vehicles [1] - The hydrogen energy industry in China is still in its early development stage, and the transportation sector is a key downstream application area that signals investment trends [1] - The year 2025 is a crucial milestone in China's long-term hydrogen industry development plan (2021-2035), with logistics corridors expected to support the achievement of fuel cell vehicle ownership targets [1] - Continuous policy support for the industrialization of hydrogen energy is anticipated to open applications for green hydrogen in chemical, alcohol, and ammonia sectors, highlighting the importance of companies with cost and technology advantages in electrolyzer production and those benefiting from hydrogen infrastructure development [1] Company Developments - Xiongtao Co. is focusing on independent research and development in the core segments of the fuel cell industry chain, having established a comprehensive layout in membrane electrodes, stacks, and battery systems [2] - Yihua Tong primarily designs, develops, and manufactures fuel cell systems and stacks for commercial vehicles such as buses and trucks [3]