联合研究丨行业点评 [Table_Title] 氢能周度观察（11）：液氢储运产业进展如何？ 报告要点 [Table_Summary] 2025 年液氢储运技术加速突破，液氢储运正从示范走向规模化应用。液化能耗持续优化，规模 化建设是降本的关键，可显著降低单位能耗与成本。在长距离运输场景中，液氢已展现出比高 压气态方式更优的经济性，运输效率大幅提升，这成为推动氢能产业链加速降本与规模化的重 要动力。展望"十五五"，预计氢能产业将向规模化、商业化深度演进。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 6 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 丨证券研究报告丨 cjzqdt11111 2026-02 ...

Core Insights - The hydrogen refueling stations in Guangdong are struggling with low utilization rates, with some stations averaging only 300 kg of hydrogen refueling per day, primarily due to high hydrogen costs and insufficient demand from customers [1][9] - The hydrogen industry in China is experiencing rapid development, but the commercialization of hydrogen energy remains challenging due to various bottlenecks, including high operational costs and regulatory hurdles [9] Group 1: Current Challenges in Hydrogen Stations - Many operational hydrogen stations in Guangdong are underperforming, with about one-third of them refueling less than 30% of their capacity, and some stations refueling as low as 100 kg per day [2] - The high cost of hydrogen is a significant barrier, with prices reaching 30-35 yuan per kg, making it difficult for public transport companies and logistics vehicles to adopt hydrogen fuel [1][2] - The lengthy process to obtain government subsidies, which can take up to two years, further exacerbates the financial strain on hydrogen stations [1][2] Group 2: Infrastructure and Regulatory Issues - The construction of hydrogen stations faces challenges related to land approval, requiring multiple departmental approvals, which is time-consuming and costly [2] - Many regions in Guangdong rely on purchasing hydrogen from local chemical plants, leading to high transportation costs that push the price of hydrogen close to 55 yuan per kg [2] - The investment cost for hydrogen station equipment is substantial, accounting for 30% to 80% of total investment, which becomes a burden when utilization rates are low [2] Group 3: Market Dynamics and Future Prospects - The operational scenarios for hydrogen vehicles are limited, primarily involving government-supported buses and sanitation vehicles, leading to uncertainty in market demand [3] - Some stations, like YunTao Hydrogen's facility, have managed to lower prices to 27.5 yuan per kg but still face challenges in achieving commercial viability due to land use restrictions [4][6] - The industry is exploring innovative solutions, such as mobile hydrogen stations and strategic partnerships to ensure stable and low-cost hydrogen supply, aiming to reduce costs further by 2027 [5][6] Group 4: Recommendations for Industry Development - Experts suggest that to promote hydrogen vehicle adoption, there needs to be an increase in hydrogen station construction and optimization of land use policies [7] - There is a call for streamlined approval processes for hydrogen station construction to facilitate faster development and deployment of infrastructure [7] - The establishment of a unified regulatory framework for hydrogen energy is essential to support the industry's growth and address safety concerns [7]

证券日报网讯12月5日，亿华通在互动平台回答投资者提问时表示，公司持续关注行业动态，并积极与 产业链上下游合作伙伴深度合作，共同推进氢能产业的商业化进程。公司未来若有战略投资者相关的引 进计划，将严格按照相关法律法规及时履行信息披露义务。 ...

Group 1 - The hydrogen energy industry chain in China has initially formed and is transitioning from demonstration applications to commercialization [1] - Experts emphasize the need for technological innovation in hydrogen energy, particularly in developing new efficient power generation technologies like Solid Oxide Fuel Cells (SOFC) [1] - There are challenges in the hydrogen energy sector, including a lack of infrastructure, hydrogen supply shortages, and insufficient existing hydrogen equipment to support large-scale production [1][2] Group 2 - Hydrogen fuel cell vehicles are an active area within the hydrogen energy industry chain, with calls for the establishment of liquid hydrogen technology standards [2] - Beijing's hydrogen energy industry has made significant progress, completing the basic layout from source technology to industrial application trials, aiming for coordinated development across regions [2] - By 2027, Beijing plans to establish a comprehensive hydrogen energy industry standard system, enhancing the linkage between standards and technological innovation [2]

Group 1 - Hydrogen energy has been reaffirmed in national planning, indicating its importance as a future economic growth point alongside other advanced technologies [1][8] - The inclusion of hydrogen energy in the 14th Five-Year Plan is seen as a positive signal to boost market confidence [1][2] - Major state-owned enterprises are beginning to engage comprehensively in the hydrogen supply chain, including production, storage, and transportation [2][3] Group 2 - The hydrogen industry is experiencing a shift towards commercialization, with significant reductions in vehicle prices and improvements in hydrogen supply [3][4] - The price of hydrogen in regions like Guangdong has decreased to below 30 yuan per kilogram, improving accessibility [4] - Despite progress, challenges remain in achieving large-scale commercialization due to small industry scale and economic viability [5][6] Group 3 - Continuous and stable industrial policies are crucial for enhancing market confidence and promoting development in the hydrogen sector [6][7] - The Chinese hydrogen industry is transitioning from pilot exploration to a more structured phase, with production and consumption expected to exceed 36.5 million tons by 2024 [7][8] - The industry is witnessing a collaborative effort among government, academia, and enterprises to explore new models for large-scale commercialization [7][8]

Core Insights - The hydrogen energy industry is transitioning from policy-driven to a dual-driven model of "policy + market," indicating a critical development phase for the sector [2] - National policies and the scaling of renewable energy are expected to accelerate the cost reduction of hydrogen production, paving the way for large-scale commercialization [1][2] - Guofu Hydrogen (国富氢能) has established a comprehensive layout in the hydrogen energy sector, covering the entire value chain from production to storage, transportation, and utilization [1][2] Financial Performance - In the first half of the year, Guofu Hydrogen reported revenues of 109 million yuan, with the vehicle-mounted high-pressure hydrogen supply system contributing 91.3 million yuan, a year-on-year increase of 26.7% [2][3] - The company’s hydrogen station equipment generated revenues of 13.99 million yuan, reflecting steady market expansion [2] - Despite facing profitability challenges, Guofu Hydrogen's losses decreased by approximately 20.1% year-on-year due to improved receivables recovery and reduced costs [3] Strategic Developments - Guofu Hydrogen has secured a sales agreement for 100 MW green hydrogen production equipment valued at over 150 million yuan, indicating strong future growth potential [4][5] - The company is exploring an integrated business model for green hydrogen, which includes production, liquefaction, transportation, and refueling [6] - Guofu Hydrogen is actively pursuing overseas projects in regions such as the Middle East, North Africa, and Europe, which are expected to enhance its market presence and order volume [6][7] Market Outlook - The hydrogen energy sector is on the brink of explosive growth, with Guofu Hydrogen positioned to capitalize on its first-mover advantage and scale [5][6] - The company is focusing on liquid hydrogen technology, which is seen as a key future development direction due to its advantages in large-scale and long-distance hydrogen transportation [5][6] - Guofu Hydrogen's strategic investments and project developments are anticipated to translate into significant financial growth in the near future [7]

Core Viewpoint - The introduction of hydrogen fuel cell electric bicycles in Dongguan represents a significant step towards the commercialization of hydrogen energy in the lightweight transportation sector, addressing the growing demand for efficient and sustainable mobility solutions [1][2]. Group 1: Hydrogen Energy Advantages - Hydrogen energy is recognized for its green, low-carbon characteristics, high energy density, and wide availability, positioning it as a crucial component of future energy systems [1]. - The current challenges in hydrogen energy commercialization stem not only from technology and cost but also from the lack of sufficient application scenarios to validate and optimize business models [1][2]. Group 2: Market Demand and Application - The demand for hydrogen fuel cell bicycles aligns well with the large electric bicycle market in China, particularly for high-frequency users like delivery personnel who face issues such as slow charging and range anxiety [2]. - Hydrogen fuel cell bicycles can achieve a range of up to 80 kilometers with quick refueling times, making them a viable alternative for high-demand scenarios [2]. Group 3: Technical and Infrastructure Considerations - Hydrogen fuel cell bicycles have lower technical barriers compared to hydrogen-powered vehicles, allowing for easier product development and faster commercialization [2]. - The infrastructure for hydrogen refueling can be simplified through the use of small, modular refueling stations, which can be built quickly and at a lower cost [2]. Group 4: Key Standards for Scene Selection - Successful application of hydrogen energy requires clear pain points, significant economic and environmental benefits, the potential for a closed-loop ecosystem, and a large target market to support initial and future growth [3]. - Other potential applications for hydrogen energy include heavy machinery in ports and mines, fixed heat and power generation, long-distance logistics, and green chemical production [3]. Group 5: Building a Commercial Ecosystem - Establishing a commercial ecosystem for hydrogen energy requires coordinated efforts from government, capital, and enterprises, focusing on specific scenarios for infrastructure support and cost reduction [4]. - The future of hydrogen energy lies not only in advanced technology but also in practical applications that meet market demands, necessitating innovative approaches and diverse business models [4].

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 图表：中标项目电解槽单瓦平均价值量对比（元/W） 图表：生产侧氢价指数呈长期震荡下降态势 图表:绿氢项目立项超650万吨 2023.4 =2024.4 =2025.4 250.0 200.0 150.0 4.00 100.0 2.00 1.00 PEM槽 (元/W) 碱 (元/V) 资料来源:政府官网、国际氢能网等,国金证券研究所 资料来源:中国招标与采购网,国金证券研究所 资料来源:中国氢能联盟,国金证券研究所 · 预计2025年绿氢项目对应制氢设备招标量新增1.5GW，对应绿氢产能约15万吨。根据《氢能产业发展中长期规划（2021- 2035年）》，可再生能源制氢产能规划达到10-20万吨。目前可再生能源制氢落地产能在11万吨左右，距离2025年目标缺 口约为9万吨。随着设备降价、绿氢项目陆续动工,25年将能看到标杆性的大项目招标落地。 · 预计2025年氧燃料电池汽车新增上万辆。根据《氢能产业发展中长期规划（2021-2035年）》，2025年燃料电池汽车保有 量计划达到5万辆。截至2025年4月 ...