证券研究报告 | 行业周报 2025 年 08 月 20 日 电力设备及新能源 本周电解槽招投标项目持续新增，氢能重卡获小批量订单 行情回顾：截至 2025 年 8 月 15 日，氢能源指数收盘价为 2386.88 点，本 周涨跌幅为 2.75%，2025 年初至今涨跌幅为 34.33%。氢能行业周涨幅前 五的公司为大元泵业、腾龙股份、凯美特气、佛燃能源、川环科技，涨幅 分别为 61.11%、35.05%、34.73%、28.72%、27.58%；氢能行业周跌幅 前五的公司为东华能源、西菱动力、新迅达、山东墨龙、华电辽能，跌幅 分别为-11.49%、-6.65%、-5.75%、-5.59%、-5.48%。 重点事件点评：吉利醇氢商用车现场签单 270 台；华电 195 公里氢气长输 管道工程项目计划 9 月 5 日开工；首钢京唐成功研发出输氢管线钢产品矩 阵；阿曼宣布新的氢能财政激励措施；能源巨头 ACWA 计划在砂拉越开发 千兆瓦规模绿氢项目；沃尔沃集团墨西哥建设氢能重卡生产基地；氢能作 为燃料（能源）可抵税；398 批《道路机动车辆生产企业及产品公告》重 现氢能乘用车；贵州省工业和信息化厅印发《贵州省先进 ...

Core Viewpoint - The article emphasizes the significance of off-grid hydrogen production in the context of renewable energy sustainability, highlighting its potential to utilize renewable energy sources that cannot be connected to the grid, thus facilitating the transition to green hydrogen production [2][3]. Summary by Sections Off-Grid Hydrogen Production - Off-grid hydrogen production allows renewable energy sources, such as wind and solar, to directly drive electrolysis without relying on the grid, enabling efficient local energy consumption and conversion [2][3]. - The advantages of off-grid hydrogen production include increasing the proportion of renewable energy, achieving complete greenness in hydrogen production, and reducing dependency on grid capacity and costs [3]. Recent Developments - In June 2025, several significant advancements in off-grid hydrogen production were reported, indicating a shift from demonstration projects to preliminary industrialization [4]. - Notable projects include: - Gansu's Guazhou County off-grid hydrogen project, which has received approval for a 50,000-ton ammonia production capacity [4]. - Liaoning's Huadian Tieling project, which has reached a monthly hydrogen output of nearly 50 tons [5]. - Successful operation of a fully off-grid alkaline purification system by Jianan Hydrogen Source and Sunshine Hydrogen [6][7]. - The launch of a landmark off-grid hydrogen and green transportation demonstration project by Mingyang Group [9]. Policy Support - The National Energy Administration's recent notice encourages pilot projects for off-grid hydrogen production in areas with weak grid infrastructure, promoting the integration of wind, solar, and hydrogen storage [3]. Technological Innovations - Various companies are developing innovative solutions for off-grid hydrogen production, such as: - Sunshine Hydrogen's flexible hydrogen production system designed for renewable energy fluctuations [23]. - SANY Hydrogen's large-scale hydrogen production electrolyzer for wind and solar applications [23]. - Blue Kun Hydrogen's square atmospheric electrolyzer, which operates without storage systems [24]. Market Trends - The off-grid hydrogen sector is witnessing rapid growth, with numerous projects being initiated across the country, indicating a robust market for green hydrogen solutions [24].