铂：上市首涨停，国内资金热情高 ———— 孙芳芳 投资咨询号：Z0018905 国投期货研究院 2025 年 12 月 15 日，广期所铂期货创上市以来新高，且录得首个涨停。 点评： 铂作为贵金属的一员，虽不具备天然的货币属性，但兼具工业属性和金融属性，从 交易特质上看更加接近白银，在上市首个涨停背后，可以探寻到以下逻辑： 1） 贵金属超级牛市周期下，资金在不同品种间高切低：美降息、扩表和国内宽货 币政策有效共振，贵金属仍在牛市节奏当中，2025 年 11 月以来白银领涨贵金属板块， 涨幅达到 29.3%，资金存阶段性落袋为安需求，12 月 15 日，沪银加权持仓降 1.5 万手， 资金流出 14.12 亿，相对低估值的铂、钯受到资金青睐，广期所铂期货日增仓 7055 手， 资金流入 6.84 亿。金、银价格的大幅攀升，给铂提供了更高的溢价空间。 2） 供应端脆性强，氢能规模化应用前景提振消费预期："十五五"规划建议提出， 推动量子科技、生物制造、氢能和核聚变能、具身智能等成为新的经济增长点。商业航 天、氢能汽车等相关的氢能规模化应用前景有望打开铂第二需求曲线。虽然目前氢能用 铂量占铂消费总量的比例不足 1% ...

Group 1: Company Overview and Products - The company specializes in various types of pipes, including hot-dip galvanized steel pipes, high-frequency welded pipes, and composite pipes, widely used in water supply, drainage, gas, and petrochemical industries [2][3] - The company maintains a strong financial position with low debt levels and ample liquidity [2] Group 2: Hydrogen Pipeline Project - The company’s subsidiary has secured a contract for a 20 km hydrogen pipeline project, part of a larger 195 km hydrogen transport network, designed to transport 100,000 tons of hydrogen annually [3] - This project is a key component of Inner Mongolia's green hydrogen transport network and marks the first commercial hydrogen pipeline in Northwest China [3] Group 3: National Infrastructure Investment - The National Development and Reform Commission plans to invest 5 trillion yuan to construct and upgrade 700,000 km of underground pipelines, significantly boosting demand for various types of pipes [4] - It is estimated that nearly 90% of the investment during the 14th Five-Year Plan will be directed towards water supply, drainage, and gas pipeline networks, leading to an annual market growth rate exceeding 8% in the pipeline manufacturing industry [4] Group 4: Natural Gas Pipeline Project - The China-Russia-Mongolia natural gas pipeline project is being led by Gazprom, with CNPC responsible for the construction of key segments and long-term gas procurement [6] - A legally binding cooperation memorandum was signed in September 2025, indicating a phased approach to project development [6] Group 5: Company Performance and Strategy - The company reported stable profitability in the first three quarters of 2025, with a decrease in revenue and net profit compared to the previous year, but a narrowing decline compared to the first half of the year [9] - Key factors for the company's performance include product structure optimization, cost reduction efforts, and improved management of accounts receivable and inventory [10]

Group 1: Financial Performance - The company's operating income and net profit attributable to shareholders decreased year-on-year in the first three quarters, but the decline narrowed compared to the first half of the year. In Q3, both operating income and net profit showed significant growth compared to the previous quarter and year-on-year [2][3] - The company's asset-liability ratio remains low, and cash reserves have increased, indicating strong financing and debt repayment capabilities [2][3] Group 2: Growth Drivers - Key growth drivers include product structure optimization, with civil pipe sales acting as a stabilizing force, and the industrial pipeline sector expected to grow due to national pipeline renovation projects [3][4] - The company is focusing on cost reduction and efficiency improvement, enhancing management of procurement costs and expenses, which has led to improved turnover efficiency and reduced bad debt risks [3][4] Group 3: Market Opportunities - The National Development and Reform Commission plans to invest 5 trillion yuan in the construction and renovation of 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, with nearly 90% of the investment directed towards water supply, drainage, and gas pipeline networks [4] - The pipeline manufacturing industry is expected to grow at an annual rate of over 8%, driven by policy mandates for digital transformation of pipeline networks [4] Group 4: Hydrogen Pipeline Development - The company has made substantial progress in long-distance hydrogen pipeline projects, securing a 20-kilometer order for the pipeline from Daqiaoqi to Baotou, with a total of 2,400 kilometers planned for three national-level hydrogen pipelines [5] - By 2030, China aims to establish the world's largest energy pipeline network, with significant investments in hydrogen pipeline infrastructure [5] Group 5: Strategic Initiatives - The establishment of a joint venture with Tianchuang Intelligent focuses on expanding the application of special robots in the oil and gas, municipal water, and other sectors, leveraging the market resources of the company [6][7] - The company plans to adopt a dual-wheel strategy for its second main business, prioritizing high-growth sectors and leveraging mergers and acquisitions to enhance market presence [8]

Group 1 - The "14th Five-Year Plan" suggests promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, and embodied intelligence as new economic growth points, with a particular focus on the large-scale application of hydrogen energy [1] - The hydrogen energy industry is expected to transition from demonstration to large-scale application, driven by decreasing green hydrogen costs, enhanced industrial chain collaboration, and expanding application scenarios, potentially activating a trillion-yuan market [1] Group 2 - The hydrogen demonstration project in Foshan, Guangdong, features a process that converts municipal waste into carbon powder, which is then transformed into hydrogen gas using coal-to-hydrogen technology, achieving an annual production capacity of approximately 6,500 tons at a cost of around 10 yuan per kilogram [3] - The project utilizes a low-temperature pyrolysis method in an oxygen-free environment to convert waste into carbon powder, while harmful heavy metals are permanently solidified in glass, turning them into safe building materials [5] Group 3 - The carbon powder produced by the project costs less than 200 yuan per ton, enabling local sourcing, production, and disposal of municipal waste [7]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the promotion of quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, and embodied intelligence as new economic growth points, with a particular focus on the large-scale application of hydrogen energy, which is expected to activate a trillion-yuan market as costs continue to decrease and application scenarios expand [1]. Hydrogen Energy Industry Development - The hydrogen energy industry is advancing rapidly with diverse applications and decreasing costs, moving from demonstration projects to large-scale implementation [1]. - A demonstration project in Guangdong Foshan converts municipal waste into carbon powder and subsequently into hydrogen gas, achieving an annual production capacity of approximately 6,500 tons at a cost of 10 yuan per kilogram, indicating strong potential for large-scale application [4][6]. - The first mobile zero-carbon hydrogen generation vehicle has been launched, capable of producing 80 cubic meters of hydrogen per hour, providing a sustainable alternative to diesel generators for emergency power supply [12]. Technological Innovations - The "hydrogen-electric coupling" project in Ningbo aims to convert hydrogen back into electricity during peak demand, enhancing the efficiency of energy use [14]. - The cost of hydrogen fuel cell systems has significantly decreased, from nearly 10,000 yuan per kilowatt to below 2,000 yuan, improving the economic viability of hydrogen-powered heavy-duty trucks [18]. Industrial Applications - The largest integrated green hydrogen and ammonia project in the world is set to launch in Jilin, with a total investment of 29.6 billion yuan, creating a complete industrial chain from renewable energy generation to green hydrogen production [24]. - By 2035, China's total installed capacity of wind and solar power is expected to reach 3.6 billion kilowatts, with green hydrogen and ammonia playing a crucial role in utilizing this renewable energy [26]. Market Outlook - The cost of electrolysis for hydrogen production has decreased by nearly 50% since 2020, with further reductions anticipated as flexible hydrogen production technologies are promoted [29]. - By around 2030, the price of green hydrogen is projected to reach approximately 10 yuan per kilogram, making it economically viable for industrial applications and positioning it as a "green oil" alternative [31].

Core Insights - The "14th Five-Year Plan" emphasizes the promotion of hydrogen energy as a key economic growth point, with expectations for large-scale applications in the future [1] - The hydrogen energy industry is advancing rapidly with cost reductions and diverse applications, potentially unlocking a trillion-yuan market [1] Industry Developments - A distributed tri-generation demonstration project using hydrogen fuel cells has been implemented in Foshan, Guangdong, providing power to over 1,700 households [1] - The first mobile zero-carbon hydrogen generation vehicle has been launched, capable of producing 80 cubic meters of hydrogen per hour for 10 hours of power generation [1] - A major integrated green hydrogen and ammonia project in Songyuan, Jilin, with a total investment of 29.6 billion yuan, is set to commence production in November, establishing a complete industrial chain [1] Future Projections - Experts indicate that the "14th Five-Year Plan" period is crucial for transitioning green hydrogen and ammonia from small-scale demonstrations to commercial applications [1] - By around 2030, the price of green hydrogen is expected to reach approximately 10 yuan per kilogram, positioning it as a "green oil" that transcends geopolitical issues [1]

Core Viewpoint - The report highlights the strategic employee welfare initiatives by Northern Rare Earth (Huamei Smelting Company), showcasing China's industrial modernization process through the integration of green technology and employee benefits [1][3]. Group 1: Key Developments - Hydrogen-powered electric vehicles will be introduced in July 2025, allowing employees to use them for free within the company premises, emphasizing safety, cleanliness, and extended range compared to traditional electric vehicles [3][4]. - By the end of 2023, the company installed six solar-powered "smart charging stations," which expanded to 46 by April 2025 due to high employee demand, alleviating "range anxiety" for employees [3][5]. - A digital payment system and modernized canteen services were implemented in February 2025, enhancing employee convenience with free breakfast and subsidized meals [3][5]. Group 2: Deeper Significance - The introduction of hydrogen vehicles signifies China's commitment to normalizing hydrogen energy in transportation, positioning it ahead of the U.S. in this sector [4]. - The integration of solar charging with production processes aims to create a self-sufficient industrial electrification model, reducing operational costs and fostering a local clean energy ecosystem [5]. - Enhanced employee benefits through subsidies and digital services strengthen the connection between state-owned enterprises and their workforce, translating workplace welfare into competitive advantages in industrial output and supply chain stability [5][6]. Group 3: Core Conclusion - The report from Baogang Daily emphasizes the deep strategic integration of China's rare earth smelting industry with hydrogen transportation, solar applications, and employee welfare systems, reflecting a resource-supported industrial modernization process [6].