Group 1 - The green hydrogen industry in China is transitioning from demonstration exploration to commercial application by 2025, with several large-scale projects accelerating their implementation [1] - State Power Investment Corporation Hydrogen Technology Development Co., Ltd. (referred to as "Guohydrogen Technology") has been a pioneer in the domestic PEM electrolysis technology since 2018, leading advancements in the industry [1] - In June 2025, Guohydrogen Technology launched the largest single PEM hydrogen production equipment in China, "Hydrogen Surge Zhuohan 4000," which enhances the large-scale production process of PEM hydrogen equipment [1] Group 2 - By December 2025, the cumulative shipment of "Hydrogen Surge" PEM hydrogen production equipment is expected to rank first in China, with nearly 100,000 hours of commercial operation for megawatt-level electrolysis cells [2] - The market price of PEM hydrogen production equipment has decreased by over 60% in the past three years, making its lifecycle cost comparable to alkaline electrolysis equipment [2] - In 2025, over 20 green hydrogen projects utilizing PEM technology are anticipated, with annual order volume increasing by more than three times compared to 2024, indicating a rapid release of market demand [2]

Core Insights - The project is the largest PEM off-grid hydrogen production project globally and the only off-grid hydrogen project reported by Inner Mongolia as a national demonstration project [1] - The project utilizes 50 MW of wind power connected to 36 PEM electrolyzers, addressing high-cost issues in the hydrogen industry and providing new development paths for regions with high wind and solar energy abandonment rates [1] Company and Industry Summary - The project is a key component of Inner Mongolia's first large-scale off-grid hydrogen experimental base, featuring 36 sets of 250 Nm3/h PEM electrolyzers, achieving a rated hydrogen production capacity of 9,000 Nm3/h and a maximum capacity of 10,800 Nm3/h [2] - The green hydrogen produced will be directed to supply Beijing and Zhangjiakou in Hebei, supporting the green energy transition in the Beijing-Tianjin-Hebei region [2] - Xiangran Technology has gained industry recognition for its technical strength and market competitiveness in PEM hydrogen production equipment, laying a foundation for deeper involvement in the green hydrogen industry [2] - The company focuses on core technology research in hydrogen energy and aims to provide efficient, reliable, and low-cost green hydrogen solutions, having established a joint hydrogen energy laboratory with North China Electric Power University [2] - Xiangran Technology has built Asia's largest intelligent factory to offer reliable and cost-effective hydrogen production solutions for various applications, including wind-solar hydrogen production and industrial hydrogen [3]

责任编辑：于彤彤 按照内蒙古自治区党委、政府工作部署，内蒙古自治区能源局坚持目标导向和问题导向，主动担当作 为，在已有的14项政策基础上，今年继续在风光制氢项目申报、建设、验收、运营等方面出台5项政策 措施，推动风光制氢项目加快实施。同时，多次深入项目一线，解决企业急难愁盼问题。目前，华电包 头项目、大唐锡盟项目、远景赤峰项目已实现稳定生产运营；其余已建成项目正在调试生产，加速将产 能转化为产量；在建项目加快推进，支撑产能稳定提升。 下一步，内蒙古自治区能源局将继续发挥内蒙古资源、产业、区位优势，加快推进风光制氢项目快建快 投，持续完善绿氢管道基础设施，积极拓展绿氢应用场景，着力打造绿氢产业先行区。（苗阳） 记者从内蒙古自治区能源局获悉，今年以来，内蒙古绿氢产量保持连续增长。据行业调度数据显示，截 至2025年12月15日，全区绿电直连模式下的绿氢产量达到11265吨，提前超额完成年度绿氢产量1万吨的 目标，是2024年全年绿氢产量的4倍，居全国领先，内蒙古绿氢规模化生产取得阶段性重要进展。 ...

"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 势银年会： 2025势银氢燃年会（2026年1月6-8日，宁波） 点此报名 添加文末微信，加 燃料电池 群 电解槽作为制氢系统的核心装备，其长期运行可靠性与效率是整个产业健康发展的基石，而在 这宏大图景中， 密封垫片虽处于方寸之间，却肩负着保障电解槽安全、稳定、绝缘与高效运行 的重任 ，其重要性不言而喻。基于此，势银（TrendBank）团队调研了 氟达氢能源科技（镇 江）有限公司（简称：氟达氢能） 。 氟达氢能自2020年成立以来，专注于ALK、PEM、AEM等技术路线密封垫片与极框的研发、 生产与服务，凭借深厚的技术积淀与前瞻的产业布局， 已稳步成长为主流电解槽制造商值得信 赖的密封领域核心合作伙伴 ，其产品与解决方案为中国绿氢产业的规模化应用提供了坚实而可 靠的支撑。 技术为基与服务为本，构筑全面产品与解决方案 氟达氢能的卓越实力，深深植根于对材料科学的深刻理解和持续创新的工艺追求。面对ALK、 PEM、AEM三种技术路线各自独特的运行环境，无论是强碱性、弱酸性还是弱碱性工况，氟达 氢能都建立体系化材料开发和选型能力与产 ...

Core Viewpoint - The Middle East is at a historical crossroads in energy investment, balancing its traditional hydrocarbon advantages with the development of renewable energy and economic diversification, presenting both opportunities and challenges for global investors [4][6]. Group 1: Investment Opportunities and Risks - The global energy transition is accelerating, and the Middle East, as a core hub for oil and gas supply, is undergoing profound restructuring in its energy investment strategies and risk challenges [6]. - Investors must possess precise risk judgment capabilities to assess whether project risks are manageable, especially in the hydrogen sector, which has faced challenges leading some companies to exit while others continue to pursue opportunities [6][8]. Group 2: Localization and Collaboration - Investors should deeply understand local conditions, including language and business culture, to navigate the diverse historical backgrounds and perspectives across the Middle East [8]. - Southern countries should actively seek collaboration opportunities to create a new economic force, recognizing the strategic importance of traditional resources even as they decline [8]. Group 3: Infrastructure and Global Strategy - China Communications Construction Company (CCCC) has achieved success in its globalization strategy through market brand advantages, regional deepening, and localized personnel [11]. - CCCC has established substantial operations in 158 countries, with over 3,000 projects globally, particularly in the Middle East, including the UAE and Kuwait [11]. Group 4: Technological Advancements in Renewable Energy - Anhui Huasheng New Energy Technology Co., Ltd. focuses on heterojunction technology, which is well-suited for the Middle East's environment, offering significant advantages in temperature coefficient and bifaciality [14][15]. - The company aims to commercialize its technology within five years, with a clear roadmap for industrialization, and is actively involved in establishing collaborative platforms for the solar energy industry [14][15]. Group 5: Hydrogen Energy Development - Shanghai Hydrogen Technology Co., Ltd. sees the Middle East as a key region for its global strategy, focusing on the development of green hydrogen ecosystems in collaboration with local enterprises [18]. - The company emphasizes the importance of technology and application scenarios in driving market expansion, despite some companies exiting the hydrogen sector [18].

"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 势银年会： 2025势银氢燃年会（2026年1月6-8日，宁波） 点此报名 添加文末微信，加 燃料电池 群 近日，势银（TrendBank）团队调研了国内领先的氢能电极材料供应商—— 保时来新材料科技 （苏州）有限公司（简称：保时来新材料） ，并与其相关负责人进行了深度交流。 近年来，保时来新材料在绿氢产业高速发展的浪潮中表现突出。该公司 截至今年11月相比于 2024年营收已实现翻倍增长 ，展现出强劲的市场势头。这一成绩的背后，是保时来新材料在 电解水制氢电极领域持续的技术创新与产品迭代。 目前，保时来新材料的出货产品中， 新产品W系列电极以电极加弹力网的一体化形式出货占比 显著增长。 据了解，该一体化电极技术通过优化电解槽流场设计， 实现了零极距结构 ，从而 在同等条件下降低了能耗、减少了小室数量，并显著提升了电解槽的性能。具体技术优势包 括： 其五代电极作为过去的主打产品，采用镍铝催化涂层并经活化处理形成多孔结构，有效提升了 比表面积与催化活性，在长期运行中表现出优异的稳定性。 然而，随着风光电制氢场景中频繁启停与电流波 ...

阿尔卡布透露，阿尔及利亚已启动南部绿氢走廊项目高级别对话。该项目旨在将阿尔及利亚的绿氢输送 至欧洲，已获得欧盟的直接支持，UNIDO将作为技术秘书处为阿方提供技术支持。据悉，阿尔及利亚 2026年财政法案包含重要激励措施，例如对电解槽和太阳能板免征关税和其他税费，以支持此关键领域 的发展。 《消息报》11月24日报道，阿尔及利亚国务部长兼油气和矿业部长阿尔卡布在联合国工业发展组织 （UNIDO）第二十一届大会期间出席"通过投资与创新开发绿氢潜能"会议。阿尔卡布在讲话中表示， 阿选择将绿氢作为能源转型的核心，强调发展绿氢产业是实现可持续、多元化、低排放工业增长的关键 支柱。他介绍了阿尔及利亚于2023年制定的国家氢能战略的主要内容，该战略包含一条具体的路线图， 包括完善监管框架、启动示范项目、逐步扩大生产规模、建设涵盖整个价值链的综合产业，从而提升国 家出口能力。 ...

Traditional Energy Industry - Inner Mongolia is transforming its coal industry by developing a modern coal chemical industry system, focusing on clean and efficient utilization of coal, which is projected to exceed 100 million tons by 2024 [2] - The coal-to-olefins demonstration project will convert 3 million tons of coal into 1.8 million tons of methanol, generating an annual revenue of approximately 6 billion yuan [2] New Energy Industry - Inner Mongolia has become the first province in China to exceed 100 million kilowatts of installed renewable energy capacity, with a total of 150 million kilowatts, surpassing thermal power capacity [5] - The region has established a complete photovoltaic industry chain, including silicon materials, rods, slices, and modules, significantly reducing production costs and energy consumption [5] - The Tengger Desert's 2 million kilowatt photovoltaic project can meet the electricity needs of 1.3 million households annually [5] Future Energy Industry - The launch of the largest green ammonia project in China marks a significant step towards the commercialization of the green hydrogen and ammonia industry, with an annual production capacity of 320,000 tons [8] - Inner Mongolia is developing a green hydrogen corridor and hydrogen pipeline network, aiming to become a major hub for green hydrogen production and application [9] New Energy Storage - Inner Mongolia is actively developing new energy storage projects, with 34 new projects initiated in the first half of the year, aiming for a total installed capacity of 10.32 million kilowatts by the end of 2024 [10] - New energy storage is seen as a crucial component for stabilizing the power system and supporting the development of a new power system [10] Electricity Market Reform - Inner Mongolia is leading in green electricity trading, with a total of 76.2 billion kilowatt-hours traded in 2024, and is integrating into the national unified electricity market [11] - The region is encouraging long-term power purchase agreements between renewable energy producers and key users to enhance market efficiency [12]

Core Viewpoint - The successful delivery of the "Medium and High-Pressure Large-Scale Green Hydrogen Storage and Transportation System" by Shijiazhuang Anruike Gas Machinery Co., Ltd. marks a significant breakthrough in China's green hydrogen technology, showcasing the company's leadership in promoting cost reduction and efficiency in the green hydrogen industry [1][8]. Group 1: Technological Advancements - The new medium and high-pressure large-scale hydrogen storage and transportation system represents a collaborative achievement between Shijiazhuang Anruike and Baosteel, reflecting advanced domestic technology in this field [3]. - Traditional low-pressure hydrogen storage technologies face challenges such as large land requirements, complex on-site construction, quality control difficulties, and high storage costs. Shijiazhuang Anruike has successfully addressed these issues through innovative manufacturing processes and new hydrogen storage and transportation workflows [4]. - The new system features modular design and factory-scale production, ensuring high-quality consistency and rapid on-site installation, significantly shortening project construction timelines [4]. Group 2: Market Impact and Applications - The successful shipment of the equipment demonstrates market recognition and readiness for large-scale commercial applications, providing stable and reliable hydrogen supply for new large-scale applications in green hydrogen ammonia and green metallurgy [6]. - The system's solutions enable "energy storage-type hydrogen storage," allowing for all-green electricity storage during hydrogen storage and green hydrogen release without power during transportation, directly supporting national carbon neutrality goals [6]. Group 3: Commitment to Sustainability - As a benchmark enterprise in the energy equipment sector, Shijiazhuang Anruike is at the forefront of promoting clean and low-carbon energy transitions. The launch of the medium and high-pressure large-scale green hydrogen storage and transportation equipment not only showcases the company's technical strength but also its commitment to the development of the global green hydrogen industry [8]. - This development signifies Shijiazhuang Anruike's transformation from a traditional equipment manufacturer to a leading provider of core green hydrogen storage and transportation solutions [8].

Global Hydrogen Industry Trends - Hydrogen is recognized as the ultimate energy source of the 21st century, with a complex and lengthy industrial chain[4] - The global hydrogen production and consumption scale reached approximately 105 million tons by the end of 2024, with a year-on-year growth of about 2.9%[24] - China leads the world in hydrogen production capacity, exceeding 50 million tons per year, with a year-on-year growth of approximately 1.6%[24] China's Hydrogen Industry Development - By the end of 2024, China's hydrogen production is expected to surpass 36.5 million tons, reflecting a year-on-year increase of about 3.5%[24] - The Chinese hydrogen energy market is projected to reach a production value of around 1 trillion yuan by the end of 2025, with over 1,000 hydrogen refueling stations and approximately 100,000 hydrogen fuel cell vehicles[16][22] - As of 2024, China has built 540 hydrogen refueling stations, covering 31 provinces, accounting for over 36% of the global total[42] Policy and Strategic Support - Over 60 countries have announced hydrogen development strategies by the end of 2024, with significant policy support from major economies like Japan, the EU, and the US[15] - China's hydrogen energy policies have expanded significantly, with over 560 specialized policies issued by various levels of government by the end of 2024[17] - The Chinese government aims to increase the number of hydrogen refueling stations to at least 1,000 by 2025 and 5,000 by 2035[42] Cost and Technological Advancements - The cost of hydrogen production through electrolysis is heavily influenced by electricity prices, which account for approximately 75.4% of the total cost[26] - The average price of hydrogen production in China is expected to fall below 30 yuan per kilogram by the end of 2024, a decrease of about 15.6% year-on-year[29] - China's hydrogen fuel cell system production costs have decreased by 75%-80% compared to 2018, driven by technological advancements and domestic production[46]