Investment Rating - The report maintains a "Buy" rating for the hydrogen and fuel cell industry [1] Core Insights - Green hydrogen consumption is crucial, with green shipping opening up demand opportunities. As of June 2025, green hydrogen project approvals correspond to a production capacity of 7.6 million tons, but the project startup rate is only 24%, equating to about 1.8 million tons of green hydrogen capacity. The key to commercializing the industry lies in establishing a sustainable profit model and finding downstream applications that can accept green hydrogen prices [1][10] - The International Maritime Organization (IMO) has introduced a legally binding net-zero emissions framework for the shipping industry, which is expected to come into effect around 2027. This framework will apply to all international vessels over 5,000 gross tons, making hydrogen-based fuels like green methanol a suitable option for compliance [1][28] Summary by Sections Section 1: Green Hydrogen Consumption and Demand from Green Shipping - Green hydrogen project approvals are high, but actual project implementation remains low, with only 24% of projects started [10] - The IMO's new regulations are pushing the shipping industry towards decarbonization, with significant penalties for non-compliance [23][25] Section 2: Rapid Growth in Demand for Methanol Ships - Methanol is becoming the preferred fuel for shipping companies, with 125 methanol dual-fuel ships ordered in 2023, accounting for 23% of new orders [2][42] - The economic viability of methanol as a fuel is critical, with fuel costs representing 30%-50% of operational costs for ships [2][48] Section 3: High Growth in Green Methanol Demand and Its Impact on Green Hydrogen - The demand for green methanol is expected to exceed 40 million tons by 2030, significantly driving green hydrogen consumption [3][4] - The introduction of 300 methanol-fueled ships will lead to a demand for approximately 6.8 million tons of green methanol, which will in turn drive the consumption of 750,000 to 1.3 million tons of green hydrogen [4] Section 4: Investment Recommendations - Companies that are early adopters of green methanol projects and collaborate with methanol shipowners are expected to benefit significantly. Recommended companies include Huadian Technology, Huaguang Huaneng, and Jidian Co [4]

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 图表：中标项目电解槽单瓦平均价值量对比（元/W） 图表：生产侧氢价指数呈长期震荡下降态势 图表:绿氢项目立项超650万吨 2023.4 =2024.4 =2025.4 250.0 200.0 150.0 4.00 100.0 2.00 1.00 PEM槽 (元/W) 碱 (元/V) 资料来源:政府官网、国际氢能网等,国金证券研究所 资料来源:中国招标与采购网,国金证券研究所 资料来源:中国氢能联盟,国金证券研究所 · 预计2025年绿氢项目对应制氢设备招标量新增1.5GW，对应绿氢产能约15万吨。根据《氢能产业发展中长期规划（2021- 2035年）》，可再生能源制氢产能规划达到10-20万吨。目前可再生能源制氢落地产能在11万吨左右，距离2025年目标缺 口约为9万吨。随着设备降价、绿氢项目陆续动工,25年将能看到标杆性的大项目招标落地。 · 预计2025年氧燃料电池汽车新增上万辆。根据《氢能产业发展中长期规划（2021-2035年）》，2025年燃料电池汽车保有 量计划达到5万辆。截至2025年4月 ...

Core Viewpoint - The recent policies introduced by the Ministry of Industry and Information Technology and the Ministry of Transport aim to enhance the consumption of green hydrogen, injecting new momentum into the high-quality development of the hydrogen energy industry [1] Group 1: Industrial Policy - The Ministry of Industry and Information Technology, along with the National Development and Reform Commission and the National Energy Administration, issued the "Implementation Plan for Accelerating the Application of Clean and Low-Carbon Hydrogen in the Industrial Sector," which emphasizes support for the large-scale application of renewable energy hydrogen in industries such as chemicals and metallurgy [1] - The plan aims to accelerate the replacement of traditional gray hydrogen with green hydrogen through technological innovation and cost optimization, providing solutions for energy conservation and carbon reduction [1] Group 2: Transportation Policy - The Ministry of Transport, along with ten other ministries, released the "Guiding Opinions on Promoting the Integration of Transportation and Energy Development," which focuses on enhancing the production capacity of green fuels in the transportation sector [1] - The policy promotes the establishment of green fuel production bases and emphasizes the large-scale application of green fuels in transportation, particularly in hydrogen-powered heavy-duty vehicles [1] - Green hydrogen is highlighted as a key carrier for deep decarbonization in the transportation sector, further underscoring its value [1] Group 3: Regional Impact - The introduction of these policies is expected to expand the consumption scale of green hydrogen in Inner Mongolia, which has already developed applications in green hydrogen production for green ammonia, coal chemical coupling, and transportation [1] - The policies will support the acceleration of new application scenarios in Inner Mongolia, such as green hydrogen production for green alcohol, hydrogen metallurgy, and hydrogen-electric integration, promoting the diversification of green hydrogen applications in the region [1]