长久以来，如何高效、清洁地处理剧毒废气硫化氢，是全球能源化工行业共同的痛点。如今，这个 难题有了"中国方案"。 1月6日，中国科学院大连化学物理研究所李灿院士团队研发的"离场电催化全分解硫化氢制氢和硫 磺技术"在北京通过中国石油和化学工业联合会组织的科技成果评价。评价委员会专家一致认为：该成 果达到国际领先水平。 该项目为天然气、石化、煤化工等行业提供了关键绿色转型方案，也为高含硫化氢资源开发与工业 绿色低碳发展提供了坚实支撑。 破解硫化氢消除之困 当前，以天然气、石油、煤炭等一次能源为主体的全球能源体系，正面临着硫化氢排放所带来的环 境挑战。据不完全统计，我国每年处理的硫化氢量约80亿立方米，全球范围内年处理量超过700亿立方 米，潜在待处理量超过4万亿立方米。 为解决上述难题，李灿院士团队自2003年起便致力于探索利用光、电等非常规手段分解硫化氢。经 过十余年实验室研发，团队成功解决了规模化分解硫化氢工程放大问题，研发出具有我国自主知识产权 的"离场电催化全分解硫化氢制氢和硫磺技术"。 该技术在反应空间上解耦化学反应和电荷传输，利用电子介导将电极表面反应移离电极，在电极外 的反应器中分别完成硫化氢氧化制硫 ...

该技术的应用效果也被形象称为"一箭双雕"——为硫化氢的完全消除与资源化利用提供了全新路 径，既最大程度处理硫化氢等污染排放物，有效保护生态环境，又实现"制氢+硫磺"的双重资源化收 益，拓宽工业领域清洁低碳氢的生产路径。 与此同时，"离场电催化全分解硫化氢制氢和硫磺技术"兼具环境与经济效益，对中国氢能产业及低 碳能源体系建设具有积极推动作用。 完全转化 1 月 6 日，北京，李灿院士介绍团队在国际上首创研发的 " 离场电催化全分解硫化氢制氢和硫磺技术 " 。 中新网记者 孙自法 摄 1 月 6 日，北京， " 离场电催化全分解硫化氢制氢和硫磺技术 " 通过科技成果评价，评价委员会专家代表 等合影。中新网记者 孙自法 摄 以天然气、石油、煤炭等一次能源为主体的全球能源体系的发展，当前正面临着硫化氢排放所带来 的环境挑战，而硫化氢作为一种剧毒化合物，容易被氧化为二氧化硫并形成酸雨，危害生态环境和人体 健康。因此，如何安全、高效消除硫化氢并变废为宝，长期以来在学术界、产业界和全社会广受关注。 "一箭双雕" 中国科学院大连化学物理研究所(大连化物所)1月6日在北京宣布，该所李灿院士团队历经20多年持 续攻关，在国际上首 ...

Core Viewpoint - The article discusses the current state and future prospects of the PEM hydrogen production industry, emphasizing the importance of technology innovation and cost reduction in achieving large-scale production and market acceptance of green hydrogen [1]. Group 1: Company Achievements - As of now, the company has signed contracts exceeding 100 million yuan, shipped over 10,000 membrane electrodes, and achieved kilogram-level mass production of low-iridium catalysts [2]. - The company has developed a proton exchange membrane that is ready for collaborative mass production and has completed the acquisition of intellectual property and related assets from Sichuan Borsma [2]. Group 2: Challenges in the Industry - The company faces challenges such as price competition that disregards product performance, which can lead to the use of low-quality membrane electrodes that pose safety risks [3]. - Low-quality membrane electrodes can compromise the control of "oxygen in hydrogen," leading to severe safety incidents if the oxygen content exceeds critical limits [4]. Group 3: Quality of Membrane Electrodes - High-quality membrane electrodes must balance performance, stability, and safety parameters, with rigorous testing under dynamic conditions to ensure reliability [6]. - The company emphasizes that high-quality membrane electrodes can ultimately reduce the overall cost of electrolyzers by improving efficiency rather than cutting corners [7]. Group 4: Cost Reduction and Market Position - The cost of electrolyzers using the company's 50-micron membrane electrode has been significantly reduced to 1.177 million yuan per MW, with further optimization expected [8]. - The company plans to build 1-2 off-grid hydrogen production plants based on the 50-micron electrolyzer by 2026, showcasing the advantages of PEM technology in real-world applications [11]. Group 5: Strategic Planning and Product Offerings - The company has integrated key materials and processes into a "PEM Seven-in-One" solution, which combines multiple components to lower system costs and accelerate product deployment [15]. - The company offers consulting services to assist clients in system design and optimization, leveraging its extensive experience in the PEM field [17]. Group 6: Future Outlook - The company believes that the cost of PEM electrolyzers will drop to 100 USD/KW (approximately 700,000 yuan/MW) by 2026, aligning with the goal of achieving green hydrogen at 1 USD/kg [21]. - The company invites partners who share the vision of advancing the green hydrogen industry to join in overcoming challenges and achieving practical innovations [21].

Core Insights - The hydrogen energy industry in China is transitioning from pilot exploration to a new phase of orderly development, with ongoing enthusiasm for growth [1] Group 1: Hydrogen Production - The electrolyzer is a critical component in hydrogen production, directly converting electrical energy into chemical energy, and its performance significantly impacts the economic viability of hydrogen energy [2] - Challenges exist in the electrolyzer sector, particularly regarding the stability of power supply from renewable sources like solar and wind, necessitating advancements in high-performance electrodes and membranes [2] - Innovations in electrode materials, such as customized gradient porous substrates and modified nickel-based catalysts, can enhance the efficiency and reduce costs of alkaline electrolyzers [2] Group 2: Hydrogen Storage and Transportation - Liquid hydrogen is identified as a promising solution for the storage and transportation of green hydrogen, with domestic production capacity expected to reach 60 tons per day by 2026 [4] - The development of large-scale hydrogen liquefaction equipment is underway, and a commercial model integrating renewable energy and application scenarios is being established [4] - The international market for green hydrogen, particularly in regions like the Middle East, presents significant opportunities for Chinese hydrogen equipment technology and enterprises [4] Group 3: Hydrogen Utilization - The application of hydrogen is expected to diversify, expanding from transportation to industrial, energy, and construction sectors [5] - The industrial sector is projected to focus on replacing fossil fuels with green hydrogen, with a steady increase in penetration rates for industries like ammonia and methanol by 2030 [5] - Liquid hydrogen applications in transportation, including aviation and maritime sectors, are anticipated to lead industry development, with potential uses in high-temperature superconducting motors and fuel for aviation turbines [6]

Market Overview - A-shares experienced a pullback after an initial rise, with the Shanghai Composite Index closing up 0.04% at 3,965 points, marking a nine-day winning streak, while the Shenzhen Component and ChiNext Index fell by 0.49% and 0.66% respectively[15] - The Hang Seng Index declined by 0.71% to 25,635 points, with major tech stocks like Alibaba dropping 1.8%[10] - The KOSPI index in South Korea rose by 2.2% to 4,220 points, leading gains in the Asia-Pacific region[20] Economic Predictions for China - In 2026, China's macroeconomic growth is expected to be driven by domestic demand recovery, with investment shifting from total pressure to structural optimization[5] - Export growth is anticipated to remain resilient, supported by easing US-China relations and diversified market deployments, contributing to a moderate appreciation of the RMB[5] Commodity and Forex Market - Gold and silver prices fell by 4.5% and 8.7% respectively after reaching new highs, while copper prices hit a historical peak due to supply concerns[26] - International crude oil prices rose over 2%, with WTI crude oil reaching $58.08 per barrel[26] Fixed Income Market - Global focus on geopolitical developments has led to increased risk aversion, with European bond markets showing significant gains and US Treasury yields slightly rising[4] - The yield on 10-year US Treasuries decreased by approximately 1.8 basis points to 4.11%[29] Sector Performance - In the US market, technology stocks are expected to yield a reasonable target of 20% returns in 2026, driven by EPS growth despite potential market volatility[8] - The carbon fiber sector is projected to benefit from the booming commercial aerospace industry, with companies like Jilin Chemical Fiber and Guangwei Composite expected to gain[18]

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The photovoltaic industry chain is experiencing a price increase trend, while the price competition for lithium battery materials is intensifying [1]. - In the fourth quarter, which is the peak sales season for new energy vehicles, domestic sales of new energy vehicles are expected to maintain high growth in 2025, driving demand for batteries and materials [1]. - The solid-state battery industrialization is progressing, and attention should be paid to the verification progress of related materials and equipment companies [1]. - The report emphasizes a "de-involution" strategy as the main investment theme for photovoltaics, with the integration and acquisition of polysilicon production capacity becoming more proactive [1]. - The demand for wind power is expected to continue growing, with a focus on wind turbines and offshore wind power [1]. - The energy storage sector remains highly prosperous, with recommendations to focus on energy storage cells and large-scale integrated plants [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream hydrogen-based energy applications [1]. - The report suggests monitoring core suppliers in the nuclear fusion sector as it represents a long-term catalytic direction for future energy development [1]. Summary by Sections Market Overview - The power equipment and new energy sector rose by 5.37% this week, outperforming the Shanghai Composite Index, which increased by 1.88% [10]. - The wind power sector saw the highest increase at 7.14%, followed by the photovoltaic sector at 6.56% [13]. Lithium Battery Market - The price of lithium carbonate has continued to rise, with battery-grade lithium carbonate priced at approximately 98,000 RMB per ton, reflecting an 8% increase [25]. - The price of lithium iron phosphate battery cells has also seen an upward trend, with prices for various models ranging from 0.285 to 0.425 RMB per watt-hour [26]. Photovoltaic Market - The price of polysilicon remains stable, with tight supply and weak downstream demand affecting price transmission [15]. - The price of silicon wafers has shown a significant increase, driven by rising silver prices and industry self-discipline [16]. - The price of battery cells has increased to 0.34 RMB per watt, with manufacturers actively raising prices due to cost pressures [17]. Energy Storage Market - The price of energy storage systems has rebounded, with prices for various configurations ranging from 0.40 to 0.82 RMB per watt-hour [27]. - The demand for energy storage remains strong, particularly in overseas markets, contributing to price stability [26].

证券日报网讯12月25日，吉电股份（000875）在互动平台回答投资者提问时表示，梨树风光制绿氢生物 质耦合绿色甲醇项目部分运用PEM制氢设备。 ...

Group 1 - The 2025 Trend Bank Hydrogen Energy and Fuel Cell Industry Annual Conference is scheduled to take place from January 6-8, 2026, in Ningbo, featuring multiple specialized sessions and awards ceremonies [3][9]. - The opening ceremony will be sponsored by Ningbo Zhongke Hydrogen Easy Membrane Technology Co., Ltd., which will also deliver a presentation during the conference [5]. - Zhongke Hydrogen Easy has established a production line for composite membranes and electrodes in Ningbo, with an annual production capacity of 300,000 square meters of composite membranes and 200,000 square meters of catalytic electrodes [7]. Group 2 - The conference aims to explore new policies and build cooperation platforms to welcome the dawn of the hydrogen energy industry [9]. - The event is expected to host over 500 participants, with ticket prices starting at RMB 2,500, offering early bird discounts for registrations before December 10 [10]. - Attendees must register using their personal mobile numbers to complete on-site check-in and access conference materials [12].

Investment Rating - The investment rating for the company is maintained at "Neutral" [2][6][15] Core Insights - The company signed a significant contract worth 815 million yuan with its controlling shareholder, providing core equipment for a green methanol project, which is the first large-scale "CO2 + green hydrogen" methanol production project in China [3][11] - By 2030, China's green methanol production capacity is expected to reach approximately 10 million tons, with an annual increase of 2 million tons [4][10] - The green methanol equipment market is projected to exceed 13 billion yuan annually, with the company positioned to benefit from the large-scale construction of green methanol capacity [4][9] Summary by Sections Contract Details - The contract includes the supply of electrolysis systems, CO2 compression and purification, methanol synthesis, and storage tanks for the Liaoning project [3][7] - The contract structure consists of three main parts: hydrogen system equipment (649 million yuan), CO2 treatment and methanol system equipment (124 million yuan), and storage tank equipment (42 million yuan) [8] Market Potential - The annual investment in green methanol equipment is estimated to reach 13 billion yuan, with specific allocations for CO2 treatment and methanol synthesis equipment (2.1 billion yuan) and hydrogen, CO2, and methanol storage equipment (800 million yuan) [4][10] - The demand for electrolyzers in the green methanol industry is projected to be 2 GW annually, corresponding to an investment of 10.1 billion yuan for hydrogen systems and supporting facilities [4][10] Company Development - The company is actively developing strategic emerging industries represented by green hydrogen, with various equipment for green hydrogen and methanol production [5][12] - The company has launched the "Huazhen" and "Huahan" series of electrolyzer products, achieving domestic substitution of core materials and establishing large-scale production capabilities [5][13] - In the first three quarters of 2025, the company reported a revenue of 6.534 billion yuan, a year-on-year increase of 32.6%, and a net profit of 120 million yuan, up 11.6% year-on-year [6][14] Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 205 million yuan, 296 million yuan, and 326 million yuan, respectively, reflecting growth rates of 78%, 44%, and 10% [6][15]

Core Insights - The article highlights the rising importance of platinum in the hydrogen energy revolution, particularly in fuel cell technology and green hydrogen production [1][3][4]. Group 1: Platinum Market Dynamics - Platinum prices have surged nearly 100% this year, rising from approximately $900 to $1800 per ounce, making it the second-best performing precious metal after silver [3]. - The World Platinum Investment Council (WPIC) forecasts a supply deficit of 26.4 to 30 tons in the global platinum market by 2025, marking the third consecutive year of shortage [3][4]. - Approximately 70% of global platinum production comes from South Africa, which faces structural challenges such as unstable electricity supply and rising mining costs, limiting production capacity [4]. Group 2: Industrial Demand for Platinum - The automotive sector remains the largest industrial consumer of platinum, primarily for diesel vehicle emissions control [5]. - Recent changes proposed by the European Commission to relax carbon emission standards for new vehicles could provide additional support for platinum demand [5]. - Platinum is also a critical material in the hydrogen energy sector, with growing government commitments to net-zero emissions driving the development of hydrogen projects [5][6]. Group 3: Technological Developments and Market Sentiment - Efforts are underway in China, Japan, and Europe to reduce platinum usage in fuel cells or find alternatives, which presents a dual impact on demand [6]. - The current market pricing reflects optimism about industry expansion, with increased investment interest in platinum as a relatively undervalued asset compared to gold [6][7]. - The narrative surrounding platinum has shifted from being an auxiliary material for traditional combustion engines to becoming a core component of future energy infrastructure, positioning it as a "technology metal" and "energy metal" [7][8]. Group 4: Price Predictions and Future Outlook - Analysts have differing predictions for platinum prices in 2026, ranging from $1550 to $2300 per ounce, indicating uncertainty in future market conditions [8]. - The practical application of hydrogen technology, as evidenced by the use of Toyota's Mirai at the G20 summit, suggests that the revaluation of platinum's worth is underway [8].