被"盐"锁死的能源死局 地球表面71%是水，看着全是取之不尽的"氢矿"，实则全是吞噬设备的陷阱。海水里溶解了92种化学元 素，对于精密的电解槽来说，这就是一锅不折不扣的"剧毒汤"。 过去五十年，全球顶尖科学家都在和两个看不见的鬼东西搏命：一个是氯，一个是镁。 通电的一瞬间，海水中高浓度的氯离子会迅速氧化成氯气。这东西毒性极大，对电极材料的腐蚀性堪比 强酸，能把昂贵的贵金属电极啃得骨头都不剩。 海水制氢，听着性感，实则是全球能源界的"百年天坑"。西方搞了半个世纪，要么被盐堵死，要么被氯 腐蚀，最终只能无奈退回"先淡化、再制氢"的高成本老路。但2025年12月，深圳的一纸采购单，直接宣 告了这条西方老路的终结。 谢和平院士团队的"100标方"级设备正式落地。这不是实验室的瓶瓶罐罐，这是工业级的钢铁怪兽。中 国人这次没用蛮力，而是用一层"膜"，把大海变成了纯净水厂，一举将能耗打到了4.5kWh/Nm³的极致 水平。 而镁离子更狡猾，它们会在电极表面形成氢氧化镁沉淀，像厚厚的水垢一样糊死电极微孔。 公开数据显示，普通的电解设备直接丢进海水里，寿命是以小时计算的。往往还没跑出几个气泡，电极 就已经报废了。 面对这个死局 ...

Domestic News - Chongqing has added 160 million yuan in automobile replacement and scrapping subsidies to boost car consumption, bringing the total subsidy amount to 185 million yuan [2] - The Industrial Internet Research Institute of China has launched the first industrial data resource database, which consolidates key data for industrial AI model training [3] - The first highway expansion project in China, converting a 6-lane highway to 12 lanes, has been completed, enhancing the capacity of the Beijing-Taipei Expressway in Shandong [4] International News - Russia has extended its temporary export ban on automotive gasoline until February 28, 2026, affecting all exporters, including direct producers [5] - Chile has formed a new joint venture between its state-owned copper company and a lithium giant to enhance lithium exploration and production in the Atacama salt flat [6] - The UK has seen a significant slowdown in the construction of public charging stations, with only 13,500 new stations added by the end of November, marking the lowest growth rate since 2022 [7] Corporate News - XPeng Motors and Peking University have proposed a new visual token pruning framework for autonomous driving models, aiming for L4 capabilities [8] - The first fully compliant autonomous logistics vehicle is set to launch in early 2026, as announced at the 2025 China New Energy Unmanned Vehicle Ecological Conference [9] - A joint research team has achieved a breakthrough in direct seawater electrolysis for hydrogen production, marking a significant step towards industrialization [10] - GAC Group is collaborating with China Aerospace to develop a prototype for a manned lunar rover [11] - Mercedes-Benz (Shanghai) Digital Technology Co., Ltd. has increased its registered capital from 1 million to 50 million yuan, reflecting a 4900% increase [12]

Core Viewpoint - Shenzhen Energy has successfully operated its 500kW seawater hydrogen production facility for over 5,000 hours and has passed the final acceptance for a major technology project [1] Group 1: Company Developments - The 500kW seawater hydrogen production unit is located at the Mawan Power Plant [1] - The project is part of the Shenzhen State-owned Assets Supervision and Administration Commission's 2024 top ten original technology projects [1] - The company plans to undertake larger-scale seawater hydrogen technology development projects to further expand industrial hydrogen production capacity [1] Group 2: Future Plans - Shenzhen Energy will strictly adhere to relevant regulations for information disclosure regarding any related investment plans [1]

Core Insights - The global research community has been exploring seawater hydrogen production as a clean fuel alternative to fossil fuels, but challenges such as high costs and efficiency have hindered progress [2][5] Group 1: Technological Advancements - A team led by Academician Xie Heping in China has developed a method to directly electrolyze seawater without the traditional desalination step, utilizing phase transition technology [5][9] - The first offshore trial of this technology, named "Dongfu No. 1," demonstrated stable hydrogen output with a purity of 99.9% and a cost of 0.4 yuan per cubic meter, significantly cheaper than coal-based hydrogen [7][9] - In 2025, a 250 kW seawater hydrogen production system was tested, achieving a direct current consumption of 3.8 kWh per cubic meter of hydrogen with a purity of 99.999% [11] Group 2: Industry Impact - The hydrogen demand in China is projected to exceed 10 million tons by 2030, positioning the country as a major player in the hydrogen industry [11] - The successful integration of renewable energy sources, such as wind and solar, with seawater electrolysis addresses water scarcity issues and enhances the feasibility of hydrogen production in coastal areas [9][11] - International media has highlighted China's advancements in seawater hydrogen production, suggesting a potential shift in the global energy landscape, particularly concerning oil prices [13][15] Group 3: Market Dynamics - In 2023, global hydrogen production reached 97 million tons, with low emissions accounting for less than 1%, while China's electrolyzer manufacturing capacity doubled to 25 GW, representing 60% of the global market [15] - The technology's ability to utilize seawater directly could alleviate water shortages in arid regions, making it a viable solution for countries facing water scarcity [15] - The rapid development of hydrogen technology in China contrasts with Japan's earlier investments, which faced higher production costs, indicating a competitive edge for China in the hydrogen market [15]

Group 1: Report Overview - The report is about the analyst meeting of ST Thermoelectric, a company in the power industry, with a research date of August 27, 2025 [1][2] Group 2: Research Basic Information - The research object is ST Thermoelectric, belonging to the power industry, and the reception time is August 27, 2025. The listed company's reception personnel include the general manager Zhang Yongjun, independent director Zhang Ting, board secretary Guo Jing, and financial director Sun Hongmei [17] Group 3: Detailed Research Institutions - The research institutions mainly involve investors and others [20] Group 4: Main Content Question 1: Progress of the "One - Enterprise, One - Policy" Reform of the Controlling Shareholder - The controlling shareholder, Dalian Clean Energy Group Co., Ltd., was adjusted to a secondary enterprise under the management of Dalian State - owned Assets Operation Company in late May this year, and the state - owned assets operation company will restructure it. Future plans will be implemented in accordance with laws and regulations and information will be disclosed in a timely manner [24] Question 2: Measures to Turn Losses into Profits - The company will implement management plans, seek new profit - growth points, optimize heat source and pipeline network operation, strengthen raw material procurement management, and explore market - based means to enhance profitability [24][25][26] Question 3: Progress of Relying on the State - owned Assets Platform to Integrate Resources - Future plans will be implemented in accordance with laws and regulations and information will be disclosed in a timely manner [26] Question 4: Possibility of Injecting High - quality Assets from the Controlling Shareholder - The Dalian Constant - current Energy Storage Power Station and seawater hydrogen production industrial integration demonstration projects are the strategic layout of the controlling shareholder in the new energy field. Whether they will be included in the listed company requires further research and there is no clear plan yet [26] Question 5: Measures to Reduce Asset - Liability Ratio - In 2025, the company's asset - liability ratio in the first half of the year was 85.43%. The company will optimize operation processes, reduce procurement costs, and financial expenses to improve production efficiency and profitability, thereby reducing the asset - liability ratio [27] Question 6: Progress of Exploring Market - based Means - The company is in the early stage of demonstrating market - based means, and there is no specific plan or substantial progress yet. Future plans will be disclosed in accordance with regulations [28] Question 7: Possibility of Business Cooperation or Asset Integration with Dalian Rongke Energy Storage - As of now, there is no business or capital cooperation between the company and Rongke Energy Storage [28]

Core Viewpoint - Chinese scientists have developed a groundbreaking technology for hydrogen production directly from seawater, significantly reducing the cost to below 20 RMB per kilogram, which could disrupt the global energy market and challenge the dominance of oil [1][5][10]. Group 1: Technological Breakthrough - The Chinese team has achieved a global lead in "direct seawater electrolysis for hydrogen production," overcoming decades of challenges associated with impurities in seawater that previously hindered such efforts [3][5]. - The new technology utilizes corrosion-resistant electrode materials and novel catalysts, allowing for efficient hydrogen production with a low operational voltage of 1.59 volts and an energy consumption of only 3.8 kWh per cubic meter of hydrogen [5][7]. - This method bypasses the costly desalination step, enabling direct electrolysis from seawater, which enhances efficiency and equipment durability [7][8]. Group 2: Strategic Implications - With this technology, China can leverage its vast maritime resources, transforming seawater into hydrogen and reducing reliance on imported oil, thus enhancing energy security [10][23]. - The development of this hydrogen production method represents a significant shift from being an energy importer to becoming a technology exporter, potentially allowing China to set global standards and market rules in the hydrogen sector [18][21]. - The transition to hydrogen energy not only addresses environmental concerns with zero carbon emissions but also positions China as a leader in the clean energy race, contrasting with traditional fossil fuel reliance [12][21]. Group 3: Market and Economic Impact - The successful integration of hydrogen production into urban infrastructure signifies a move towards commercial viability, with plans for significant deployment of hydrogen vehicles by 2025 [16][18]. - China's dominance in hydrogen energy patents indicates a shift in market power, allowing the country to influence future developments and pricing in the global hydrogen market [18][19]. - The emergence of hydrogen as a viable alternative to oil could accelerate the decline of the oil market, as hydrogen becomes a key player in the energy transition [21][23].

Core Insights - The Chinese offshore hydrogen production industry is making significant breakthroughs, transitioning from demonstration to large-scale commercial applications, showcasing a multi-dimensional development trend [1] - Key projects include the Zhoushan Hydrogen Island, which has achieved stable operation with an annual production of 5,000 tons of hydrogen, and the "Hai Hydrogen 1" platform, which is set to begin trial operations [15][1] - The industry aims to establish a global leading hydrogen-based energy network through technological iteration, scenario expansion, and ecosystem construction [23] Industry Overview - Offshore hydrogen production utilizes marine resources to generate green hydrogen through seawater electrolysis or renewable energy sources like offshore wind and solar power [2] - The technology addresses freshwater resource scarcity and the instability of green electricity, providing new pathways for comprehensive marine energy utilization [2] Technological Pathways - Offshore hydrogen production can be categorized into three main types: direct seawater electrolysis, seawater desalination followed by electrolysis, and biological/thermochemical hydrogen production [3] - Direct seawater electrolysis is cost-effective but faces corrosion challenges, while desalination methods are mature but more expensive [5][3] Industry Chain Development - The Chinese offshore hydrogen industry chain is forming a complete system, transitioning from demonstration to commercialization, with a focus on renewable energy development, seawater desalination, and key material production [7] - The midstream focuses on technological integration, with established pathways for direct electrolysis, desalination, and floating platforms [7] Market Dynamics - China's offshore wind power capacity has rapidly developed, with new installations reaching 40.27 million kilowatts, marking a 9.47% year-on-year increase [8] - The global hydrogen market is expected to see a significant increase in renewable energy's share, with hydrogen's contribution projected to rise from less than 1% to 14% by 2050 [11] Competitive Landscape - The industry features a three-tier competitive structure comprising state-owned enterprises, local energy groups, and specialized technology firms, with state-owned enterprises dominating large-scale projects [19] - Key players include China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, and various local energy companies [2][19] Future Trends - The industry is expected to see technological upgrades and large-scale applications, with a focus on high-power, intelligent, and low-cost solutions [23] - Spatial development will progress from nearshore to deep-sea projects, maximizing the utilization of China's vast marine resources [24] - A complete value network encompassing technology, industry, and ecology is anticipated, contributing to significant carbon emission reductions by 2030 [25]