证券日报网讯 2月11日，三峡能源在互动平台回答投资者提问时表示，公司以促进新能源消纳利用和适 应电力系统安全稳定运行为方向，持续探索开展电源侧、电网侧的新型储能研究和示范应用，通过新能 源配储、独立储能等形式已并网新型储能规模超过270万千瓦。可再生能源的规模化发展和消纳压力的 提升，驱动绿氢产业正从小规模试验走向规模化示范探索，但商业化发展还有赖于产业链上下游技术进 步和市场接受程度。公司将围绕新能源主业发展需要，紧密结合政策导向及技术成熟度，根据市场需求 稳妥做好绿氢业务布局探索。公司已签发江苏如东H6等4个海风项目CCER，完成福建平潭海风CCER项 目登记，截至目前已实现CCER收益超4500万元。 （文章来源：证券日报） ...

Overview of Energy Storage Development - By the end of November 2025, China's installed capacity of wind and solar power reached 1.76 billion kW, accounting for 45.8% of total installed capacity[11]. - In the first 11 months of 2025, nearly 35 million kW of new renewable energy capacity was added, with wind and solar power growing by 22.4% and 41.9% year-on-year, respectively[11]. Energy Storage Capacity Projections - The new energy storage capacity in China is expected to reach 130 million kW by 2025, with provinces like Xinjiang and Shandong exceeding 10 million kW[15]. - The demand for new energy storage resources is increasing rapidly due to the growth of renewable energy sources[11]. Technological Innovations - Long-duration energy storage technologies, such as compressed air and hydrogen storage, are accelerating in industrialization, with increasing applications in various scenarios[21][22]. - The integration of artificial intelligence across the energy storage industry is enhancing operational efficiency and safety monitoring[25][105]. Market Dynamics and Policies - In 2025, 253 new policies related to energy storage were issued by national and local governments, indicating a strong push for the sector's development[155]. - The market is transitioning from policy-driven to market-driven, with energy storage expected to become an independent market entity[161]. Financial Aspects - Independent energy storage stations can generate revenue through energy trading, capacity compensation, and frequency regulation services, with projected annual earnings of approximately 3 million yuan for a 100,000 kW station[165]. - The capacity compensation rate is set at 0.0705 yuan per kW, reflecting a shift in market dynamics[167].

阿赫努什对各投资方及相关方面的努力表示感谢。他指出，依托摩洛哥丰富的自然资源、高素质的人力 资源以及构建平衡高效伙伴关系的能力，政府正全力推动绿氢产业发展，该产业将为摩洛哥实现国家能 源自给提供助力。 据摩洛哥Le360网站2月5日报道，摩洛哥首相阿赫努什于当日在拉巴特会见了绿氢项目投资方代表，并 共同签署了项目土地预留的初步协议。 ...

Core Viewpoint - The article discusses the challenges and innovations in the PEM electrolysis hydrogen production industry, particularly focusing on the reliance on iridium and the advancements made by Shuangshui Technology in reducing iridium usage while maintaining performance [1][4]. Group 1: Cost Challenges - The price fluctuations of iridium significantly impact the cost of PEM electrolysis cells, as iridium is a major component of the anode catalyst [2]. - The rising global price of iridium poses severe cost challenges for electrolysis cells, with a notable increase from 1,137.14 CNY/g on December 1, 2025, to approximately 1,800 CNY/g by February 2, 2026, marking a 58% increase in less than two months [5]. Group 2: Shuangshui Technology's Innovations - Shuangshui Technology has successfully reduced the iridium loading in membrane electrodes to 0.6 mg/cm² while achieving impressive performance, thanks to a perfect core-shell structure that enhances the utilization of iridium [4]. - The low iridium catalyst design demonstrates excellent dynamic response and stability, with minimal voltage decay during rapid switching tests and a low degradation rate of 3.2 μV/h over 2,750 hours of constant current testing [6][8]. Group 3: Economic Benefits of Low Iridium Technology - The optimization of iridium loading from 1.0 mg/cm² to 0.6 mg/cm² can lead to a direct cost reduction of approximately 24% in the total material cost of the membrane electrode, based on the high iridium price of 1,800 CNY/g [17]. - Further advancements to a 0.4 mg/cm² iridium loading could reduce total costs by over 36% compared to the standard 1.0 mg/cm² process, providing strong financial stability against future iridium price spikes [17]. Group 4: Future of Green Hydrogen - Shuangshui Technology's low iridium technology is positioned to eliminate cost barriers in the green hydrogen industry, paving the way for a new era of cost-effective PEM hydrogen production [18].

1月23日，总投资110.9亿元的宝武清能(阳江)绿氢产业园项目，在广东省阳江市主平台产业新空间正式 启动。 该项目由中国宝武钢铁集团子公司宝武清洁能源有限公司投资建设。项目创新使用海上风电直连制氢模 式，整合风电与氢能全链条，通过"绿电直供、绿氢直连"，带动氢能装备、绿氨、绿色醇类等上下游产 业集群发展。项目规划建设年产8万吨绿氢生产基地，同步布局绿氨产品线、氢能先进装备生产基地、 新型固态储氢材料及装备生产线、新型制氢装备创新研发中心等。 新金属材料全国重点实验室——宝武清能(阳江)绿氢产业创新研究院当天也揭牌成立，将重点攻关新型 制氢变革性纳米关键组件等技术，引领产业技术突破。 据了解，为实现氢能源与市场接轨，阳江将开展输氢管道建设，可大幅降低运输成本。其中，将规划建 设阳江至湛江输氢管线，可为湛江宝武钢铁基地供应绿氢。此外，还将谋划到珠三角、香港输氢管线， 服务粤港澳大湾区氢能市场。 ...

Core Insights - As of the end of 2025, China is projected to have 903 green hydrogen projects, a year-on-year increase of 27%, with a total production capacity reaching 261,200 tons per year, exceeding national targets [1][3][2] - The demand for hydrogen production equipment in China is primarily driven by large-scale demonstration projects, with a projected demand of 4.03 GW by 2025, reflecting a 141% year-on-year growth [10][2] - The competitive landscape in the hydrogen production equipment industry is intensifying, with a notable increase in market concentration and the emergence of new players [15][16] Group 1: Green Hydrogen Projects - By the end of 2025, there will be 903 green hydrogen projects in China, with a total hydrogen production capacity of over 261,200 tons per year [3][1] - The number of green hydrogen projects is expected to exceed 1,100 by 2026, with a production capacity potentially surpassing 420,000 tons per year [3][2] - The growth in project numbers is supported by large-scale demonstration projects such as those by Jidian Co., China Energy Construction, and Envision [2][7] Group 2: Equipment Demand and Market Dynamics - The demand for hydrogen production equipment is projected to reach 4.03 GW in 2025, driven by the completion of several large-scale projects [10][2] - The top five companies in the hydrogen production equipment market include Sunshine Hydrogen, Huadian Technology, and Longi Hydrogen, with Sunshine Hydrogen leading the market for two consecutive years [13][10] - The market is experiencing a shift with increased participation from state-owned enterprises, which now account for approximately 53% of green hydrogen projects [15][16] Group 3: Technological Advancements - Various technological routes for hydrogen production, including ALK, PEM, and AEM, are being developed concurrently, with ALK maintaining a dominant position [2][9] - The successful implementation of large-scale projects is accelerating the iteration of hydrogen production technologies, establishing a cycle of application-driven technological advancement [9][2] - The PEM hydrogen production equipment demand is expected to exceed 100 MW in 2025, marking a significant milestone in its market development [18][23] Group 4: Global Market Context - Globally, the number of electrolysis hydrogen projects has reached 2,355, with an 8% year-on-year increase, primarily concentrated in Europe, China, and the Middle East [24][26] - Despite challenges in the global hydrogen market, China's hydrogen sector is expected to maintain a leading position due to supportive policies and technological advancements [26][29] - Chinese hydrogen companies are actively expanding into international markets through various strategies, including joint ventures and local production [29][30]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 绿氢 群 在绿氢产业蓬勃发展的宏大叙事中，电解槽技术的突飞猛进常常占据舞台中央， 而确保整个制氢系统长期、稳定、高效运行的 "幕后基石"—— BOP，其关键性却时常被低估 。 在 2025年势银氢能与燃料电池产业年会上， 上海中集洋山物流装备有限公司氢能业务负责人史亮 ，以其题为 "BOP进化论：从模块化到全生命 周期价值"的 演讲 ，系统性地将这一"隐形基石"推向台前，深刻剖析了行业痛点，并展示了中集洋山如何以制造业的系统工程思维，为产业注入 宝贵的"确定性"。 中集洋山氢装 指出， BOP堪称制氢项目的"中枢神经"与"循环系统"，直接决定了绿氢能否从示范走向规模化，从"可行"变为"经济"。然而，在 电解槽技术沿ALK、PEM、AEM多赛道飞速迭代的同时， 作为关键支撑的BOP却面临严重的"成长烦恼"，行业发展暴露出五大核心痛点 ：设计 上"一张图纸走天下"，缺乏对不同技术路线的柔性适配；交付上定制化周期漫长，严重侵蚀项目投资回报；品质上因系统集成缺陷导致运行不稳 定、故障率高；服务上项目交付后支持乏力，客 ...

Core Viewpoint - The Inner Mongolia Energy Bureau aims to implement high-quality energy development by 2026, aligning with the regional economic and social development goals and focusing on energy security, green transition, and technological innovation. Group 1: Energy Planning and Development - The region will develop the "14th Five-Year" energy plan, focusing on the relationship between energy and economic, industrial, and ecological factors, ensuring the plan addresses energy security and green transition [1] - Major projects will be planned and implemented to drive the energy development agenda, with a focus on renewable energy utilization and power market construction [1] Group 2: Energy Supply Assurance - The coal production target is set to exceed 1.25 billion tons annually, with a national supply task of 780 million tons to be completed [2] - New coal power projects will add 5 million kilowatts of capacity, bringing the total installed power capacity to over 330 million kilowatts [2] - Oil and gas production targets are set at 3.35 million tons for crude oil and 31.5 billion cubic meters for natural gas [2] Group 3: Renewable Energy Development - The region aims to add over 30 million kilowatts of new renewable energy capacity, surpassing a total of 200 million kilowatts [3] - Initiatives will be taken to promote green electricity consumption and develop new models for renewable energy integration [3] Group 4: Grid and Storage Capacity Enhancement - The planning for the "14th Five-Year" grid framework will be conducted, with new energy storage technologies being developed to reach a scale of 25 million kilowatts by year-end [3] - Construction of pumped storage projects will be accelerated to establish a national energy storage base [3] Group 5: Energy Sector Reform and Innovation - The energy market mechanism will be optimized to encourage long-term power purchase agreements and enhance trading flexibility [3] - Focus will be placed on technological innovation in new energy systems, hydrogen energy, and green hydrogen production to lead the national market [3]

Industry Overview - The hydrogen production industry through water electrolysis faced a downturn in 2025, but this low period unexpectedly provided an opportunity for AEM (Anion Exchange Membrane) technology to rise, becoming a promising market route due to its "low cost + high adaptability" advantages [1] - The domestic AEM market is experiencing a remarkable annual growth rate of 16 times, with multiple AEM companies launching various product specifications and several demonstration projects progressing steadily [1] Company Highlights - Shenzhen Wenshih Hydrogen Energy Technology Co., Ltd. has established an unmatched market advantage with its globally leading commercial validation, positioning itself as a "strong leader" in the AEM hydrogen production sector [1] - Wenshih Hydrogen Energy launched its first AEM product system in February 2023, marking it as the first standard commercial AEM hydrogen production system in China, successfully transitioning from technology to product ahead of the market boom [2] - In September 2024, Wenshih Hydrogen Energy won the bid for the world's first single system 1.25MW AEM electrolysis hydrogen production project, setting a record for the largest single system power in AEM hydrogen production projects [5] - 2024 is recognized as the "year one" for the domestic AEM hydrogen production industry, with Wenshih Hydrogen Energy completing its first product and system project, becoming an industry leader [5] Market Performance - By 2025, Wenshih Hydrogen Energy has established over 20 projects domestically and internationally, with an installed capacity of over 5MW in the commercial AEM hydrogen production equipment market, leading significantly in the domestic market [5] - The first equipment order from a Taiwanese user resulted in a repeat order after one year of stable operation of a 10kW device, marking the industry's first repeat purchase case and demonstrating high market recognition for Wenshih Hydrogen Energy's products [5] - The commercial equipment installed by Wenshih Hydrogen Energy covers various scenarios, including new energy power storage, household storage, industrial production, laboratory special gas sources, chemical synthesis, and integrated hydrogen production stations, showcasing its extensive market coverage [8]

Core Insights - A transformation centered around green hydrogen is quietly unfolding in China, impacting various sectors from transportation to industrial manufacturing [1] - The green hydrogen industry is expected to transition from demonstration to commercialization, with significant growth in hydrogen fuel cell vehicle ownership anticipated [1] - The industrial sector presents a larger opportunity for green hydrogen, with projects in resource-rich areas expected to lower production costs significantly [1] Group 1: Green Hydrogen Applications - The "Hydrogen Spring" tourist train symbolizes the practical application of green hydrogen in transportation [1] - Various projects, including hydrogen fuel cell ships and drones, are emerging across the country, indicating a growing integration of green hydrogen in multiple fields [1] - Mature business models for hydrogen fuel cell vehicles have developed in regions like the Yangtze River Delta and Beijing-Tianjin-Hebei [1] Group 2: Market and Policy Dynamics - The combination of policy support and market forces is expected to drive the green hydrogen industry towards commercialization during the 14th Five-Year Plan [1] - The lifecycle cost of hydrogen fuel cell vehicles is projected to become competitive with traditional fuel vehicles [1] Group 3: Industrial Sector Potential - Green hydrogen projects are proliferating in resource-rich areas such as Inner Mongolia and Xinjiang, with costs expected to drop to 12 yuan per kilogram [1] - This cost reduction is anticipated to provide economically viable solutions for industrial decarbonization, fostering a positive industry ecosystem [1] Group 4: Technological Advancements - The domestic production rate of core equipment like electrolyzers is increasing, and advancements in liquid hydrogen technology are expected to break existing monopolies [2] - Flexible hydrogen production systems are being developed to address the intermittency and volatility of wind and solar power generation [2] - Continuous technological breakthroughs and supportive policies are boosting industry confidence and expanding the application range of green hydrogen [2]