Group 1 - The "Western Land-Sea New Corridor" has significantly contributed to the open development of the western region over the past six years, becoming an important engine for growth [1] - The connectivity level of the corridor has been comprehensively improved, with major transportation infrastructure projects such as railways, highways, and waterways being advanced [1] - The Pinglu Canal project has completed over 80% of its investment and is expected to be completed next year, making the corridor the third in the country with river-sea intermodal capabilities [1] Group 2 - The North Bay Port's international hub functions are accelerating, with major projects like the 200,000-ton automated container terminal in Qinzhou and the 200,000-ton bulk cargo terminal in Fangchenggang now operational [2] - Container throughput at North Bay Port has increased from 3.82 million TEUs in 2019 to a projected 9.02 million TEUs in 2024, averaging an annual growth of 18.7% [2] - The number of container shipping routes has expanded to 91, covering major ports in ASEAN countries, and the port is on track to achieve the "10 million TEU port" goal this year [2] Group 3 - The operational capacity of the corridor has improved in both quantity and quality, with the annual shipment volume of the Western Land-Sea New Corridor increasing from 110,000 TEUs in 2019 to 500,000 TEUs in 2024, a 3.5-fold increase [2] - The number of cross-border direct trains between China and Vietnam has reached 1,768, marking a 65% year-on-year increase, indicating rapid growth in logistics scale [2] Group 4 - Regional collaborative development has deepened, with significant international partnerships established for the construction and operation of North Bay Port [3] - The corridor is promoting the construction of a hydrogen energy logistics corridor, effectively driving the development of the hydrogen energy industry [3] - The import and export trade volume through Guangxi from corridor provinces has nearly doubled from 344.8 billion yuan in 2019 to 676.9 billion yuan in 2024, with a year-on-year growth of 18% in the first seven months of this year [3]

Investment Rating - The report maintains a "Buy" rating for the hydrogen and fuel cell industry [5] Core Insights - The hydrogen and fuel cell industry is experiencing significant growth, with a notable increase in fuel cell system installations and vehicle registrations, driven by strong policy support and market demand [5][39] - The integration of system suppliers and automotive manufacturers is becoming a trend, enhancing sales channels and collaboration within the industry [2][5] - The green hydrogen sector is seeing a surge in demonstration projects and bidding activities, indicating a robust pipeline for future growth [4][39] Summary by Sections Fuel Cell System Installations - In February 2025, the installed capacity of fuel cell systems reached 26.88 MW, a year-on-year increase of 269.3% [9] - Cumulatively, from January to February 2025, the total installed capacity was 40.84 MW, reflecting a 4% decrease year-on-year due to seasonal fluctuations [9] Vehicle Registrations - In February 2025, the number of registered fuel cell vehicles was 288, marking a 433% increase year-on-year, although production and sales figures showed a decline [15] - Cumulatively, from January to February 2025, the total number of registered vehicles was 415, a slight increase of 1% year-on-year [15] Leading Companies - Hyundai Hydrogen Energy led the monthly installation of fuel cell systems in February 2025 with 9.4 MW, accounting for 35% of the market [2][18] - In terms of vehicle registrations, Hyundai also ranked first with 144 units in February 2025, representing 50% of the total [26] Demonstration Projects - The Guangdong demonstration city cluster showed the highest vehicle deployment in February 2025, with 144 units, all from Shenzhen [3][29] - The green hydrogen sector is witnessing a significant increase in project bidding, with approximately 620 MW of projects tendered in early 2025, an eightfold increase year-on-year [4][39] Market Trends - The report highlights a trend towards closer collaboration between system suppliers and automotive manufacturers, which is expected to enhance market dynamics and efficiency [2][5] - The average bidding price for electrolyzers has decreased significantly, with alkaline electrolyzers averaging 0.84 yuan per watt, indicating a trend towards cost reduction in hydrogen production [5][39]