1月8日，中国石化资本旗下中石化私募基金管理有限公司管理的氢能基金向佛吉亚（上海）氢能投资有 限公司（下称"佛吉亚氢能"）战略投资3亿元人民币（约合4000万欧元），正式完成签约。佛吉亚氢能 是总部位于法国的汽车零部件供应商——佛瑞亚集团的全资子公司，也是佛瑞亚集团在中国设立的氢能 业务运营主体。 ...

格隆汇1月4日丨濮耐股份(002225.SZ)公布，近期与阜阳市颍泉区颍智产业引导基金合伙企业（有限合 伙）（简称"颍智基金"）签署了《私募股权和创业投资份额转让合同》，公司出资3,565.18万元受让了 颍智基金在阜阳谋和氢能投资合伙企业（有限合伙）（简称"阜阳谋和"）中的全部LP份额，本次交易 通过上海股权托管交易中心份额转让平台完成。本次交易完成后，公司通过直接和间接两种方式对攀业 氢能的持股比例由8.07%提升至16.86%，进一步提高对攀业氢能的投资规模。 ...

濮耐股份公告称，其与颍智基金签署合同，出资3565.18万元受让其在阜阳谋和的全部LP份额。交易完 成后，公司对攀业氢能的持股比例由8.07%提至16.86%。本次交易通过上海股权托管交易中心份额转让 平台完成，定价通过公开市场化方式，对应攀业氢能整体估值4.20亿元，资金源于公司自有资金。截至 公告披露日，交易工商变更已完成。短期对公司财务指标无显著影响，长期有望带来回报，但投资对未 来业绩影响尚不确定。 ...

Core Viewpoint - Guofu Hydrogen Energy (02582) announced a placement agreement to issue up to 4.8584 million shares at a price of HKD 41.166 per share, representing a discount of approximately 10% from the closing price of HKD 45.740 on November 25, 2025 [1] Summary by Sections - **Placement Details** - The company will issue a maximum of 4.8584 million shares, which accounts for approximately 5.12% of the enlarged issued H shares and 4.05% of the total issued shares, assuming no other shares are issued before completion [1] - The estimated total proceeds from the placement are expected to be around HKD 200 million, with a net amount of approximately HKD 197 million after deducting all related expenses [1] - **Use of Proceeds** - Approximately 60% of the net proceeds will be allocated for financing investments and collaborations in hydrogen energy projects in China and overseas [1] - The remaining 40% will be used for working capital and general corporate purposes to support the company's operations and growth [1]

Group 1 - The company has approved the establishment of a joint venture in hydrogen energy with two other companies, with a registered capital of 15 million yuan, where the company holds a 51% stake [1][2] - The company will provide a entrusted loan of 270 million yuan to its wholly-owned subsidiary, with a loan term not exceeding 3 years [2]

Core Insights - Hydrogen energy is viewed as the next major opportunity following wind power, photovoltaics, and new energy storage, but it faces skepticism and challenges in commercialization [2][3] - Despite potential short-term downturns, hydrogen energy is considered a long-term viable sector, with significant growth expected around 2035 [3][16] Investment Strategy - Focus on companies with core technologies that can dominate future markets, and projects that can generate stable short-term revenue to withstand downturns [3][11] - Emphasis on sectors with large market sizes and minimal competition, particularly those that can effectively address the "West-to-East hydrogen transport" challenge [9][11] Technological Development - The hydrogen industry is experiencing rapid technological advancements, particularly in electrolyzers and hydrogen storage, but commercial viability remains to be proven [6][10] - The economic viability of hydrogen is closely linked to carbon pricing, with European carbon prices significantly higher than those in China, influencing market dynamics [6][12] Market Dynamics - The hydrogen sector's valuation is affected by global economic conditions and geopolitical factors, which can slow down climate and decarbonization policy implementation [12][13] - The importance of "correct subsidies" is highlighted, advocating for support directed towards leading technology companies to enhance overall industry competitiveness [4][5] Application Scenarios - Key application areas expected to see early breakthroughs include hydrogen-powered mining trucks and electricity peak shaving, driven by the increasing reliance on renewable energy sources [17][10] - The potential for natural hydrogen exploration in coastal regions of China is noted, with competitive production costs compared to traditional hydrogen sources [9][11]