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 ...

Group 1 - The core viewpoint of the article highlights that hydrogen energy is recognized as a future industry in China's 14th Five-Year Plan, positioning it as a new economic growth point and accelerating its transition from laboratory to large-scale industrial application [1] - Experts believe that the 14th Five-Year period is crucial for the hydrogen energy industry to transition from demonstration applications to large-scale development, with significant potential in transportation and industrial sectors [1] - With breakthroughs in key technologies and the localization of core materials and equipment, China's hydrogen energy industry is expected to reach a turning point in large-scale development, enhancing its competitive position globally [1] Group 2 - Industry insiders predict that by 2030, China's annual hydrogen production will exceed 40 million tons, marking the initial emergence of industrial scale effects [1] - The production of green hydrogen is expected to reach between 3.5 million to 5 million tons per year, signifying a significant shift from raw materials to clean fuels and energy [1]

Core Insights - The report indicates that the global clean hydrogen industry has transitioned from an initial hype phase to a more mature phase focused on practical implementation, driven by policy support and demand certainty [1][4][22] Investment and Project Scale - Global clean hydrogen investments have surpassed $110 billion, increasing by $35 billion from the previous year, with a compound annual growth rate exceeding 50% [1][22][29] - There are over 1,700 clean hydrogen projects globally, with 510 projects having reached final investment decision (FID), under construction, or operational [1][22][29] - The cumulative committed capacity has reached 6 million tonnes per year (mtpa), with 1 mtpa already operational [22][31] Regional Development Disparities - China leads in renewable hydrogen electrolysis deployment, accounting for 55% of global committed capacity, with project sizes significantly larger than those in Europe and North America [2][39] - North America dominates low-carbon hydrogen production, holding 85% of global capacity, supported by low-cost natural gas and existing infrastructure [2][39] - Europe is expected to account for 65% of global policy-driven demand by 2030, although it currently relies on smaller domestic projects [2][41] Demand Dynamics - Traditional sectors such as refining and ammonia production currently dominate hydrogen demand, with 70% of the 360 mtpa of binding offtake secured in these areas [3][34] - By 2030, demand in key markets could reach 8 mtpa, with additional potential demand of 1,300 mtpa if infrastructure and cost reductions are achieved [3][34][25] Challenges and Success Factors - The industry faces challenges including high project cancellation rates, policy delays, and rising financing costs, with over 50 projects canceled in the past 18 months [3][23] - Successful projects typically exhibit six key characteristics, including strategic location, optimized capital expenditure, and strong policy support [3][4] Future Trends - The industry is expected to see a continued maturation of project pipelines, with a mix of successful project launches and the elimination of less viable projects [4][24] - Demand is anticipated to extend from traditional sectors to emerging applications, with policy implementation and infrastructure development being critical for growth [4][62]