Core Viewpoint - The A-share market has 17 concept stocks related to green hydrogen and ammonia, with 6 stocks showing an annual increase of over 50% as of December 17 [1] Group 1: Stock Performance - Six concept stocks have increased by more than 50% this year: Fuzhijie Technology, Huaguang Huaneng, Goldwind Technology, Xizi Clean Energy, Kaishan Shares, and Xinjin Power [1] - The stock with the highest increase in institutional attention is Xizi Clean Energy, which has been investigated 30 times this year [1] Group 2: Institutional Attention - Six concept stocks have received more than 10 institutional research inquiries this year: Xizi Clean Energy, Fuzhijie Technology, Goldwind Technology, CIMC Group, Yunda Shares, and Fuan Energy [1] - Xizi Clean Energy has the most institutional research inquiries, indicating strong market interest [1] Group 3: Company Developments - Xizi Clean Energy has stated on its investor interaction platform that it can participate in the supply of molten salt energy storage equipment and waste heat boilers in the integrated model of wind, solar, hydrogen, and ammonia [1] - The company aims to continuously expand its applications in the green ammonia and green alcohol industries [1]

总投资近300亿元的"青氢一号"松原项目，创新性采用"风光氢氨醇一体化"模式，构建起涵盖制氢、储 氢、氢基化工、氢能装备和科技研发全产业链条。项目规划建设300万千瓦风电、光伏等新能源发电装 置，配套年产80万吨绿色合成氨和绿色甲醇装置。其中，一期项目建设80万千瓦新能源发电装置，形成 年产20万吨绿色合成氨和绿色甲醇的产能规模。 （央视财经《正点财经》）今天（16日），记者从中国能建获悉，全球规模最大的绿色氢氨醇一体化项 目—— "青氢一号"松原项目一期工程在吉林松原正式投产。该项目一期工程每年生产的绿氢量，相当 于当前我国绿氢年产量的约五分之一。 松原项目于2023年9月开工，一期项目投产后，每年可生产4.5万吨绿氢、20万吨绿氨和绿色甲醇，相当 于节约标准煤约60万吨，年减碳量达140万吨。 转载请注明央视财经 编辑：令文芳 中国能源建设集团有限公司董事长 倪真：我们成功破解了新能源波动与化工稳定生产之间难以耦合的 世界级难题，为全国规模化消纳新能源、推进绿色氢基化工发展开辟了切实可行的新路径。 ...

摘要 2022 年 10 月以来，双良、亿利洁能等公司密集下线电解槽产品，国内 非化工园区制氢政策松绑，各地政策支持及项目投产、招标活动频繁， 海外订单落地催化国内滤芯厂商发展，共同驱动氢能产业增长。 以集电大安风光氢氨一体化项目为例，总投资 50 亿元，周期 20 年，内 部收益率（IRR）为 3.85%。风光利用小时数、绿氨售价及制氢耗电量 对 IRR 影响显著，提高利用小时数、绿氨售价或降低制氢耗电量均可提 升 IRR。 非化工园区制氢松绑政策降低长距离运输成本，使站内制氢具备成本优 势。广东地区 500 标方/小时碱性电解水制氢项目，在蓄冷电价下成本 约 18 元/千克，低于煤制氢及工业副产气外供加气站成本（19-36 元/千 克）。 自 2022 年起，派瑞新能、考克利尔、晶立双良等国内企业通过出口销 售、合资建厂等方式拓展海外市场，主要集中在中东（沙特、埃及）、 印度、巴西等地。欧美市场因技术壁垒和本土生产要求，目前以小批量 出口为主。 Q&A 制氢：绿氢行业四问四答：探讨持续性、盈利性、出口、 竞争 20251202 1,700 小时，绿氨售价 115 元每吨，上网电价 0.34 元每千瓦时（不 ...

Core Viewpoint - The National Energy Administration emphasizes the expansion of non-electric utilization of renewable energy as a key direction for high-quality and stable development during the 14th Five-Year Plan, focusing on integrated projects for wind and solar hydrogen, ammonia, and methanol production [1] Group 1: Industry Development - The wind-solar hydrogen-ammonia-methanol integration model is seen as a transformative approach that converts unstable green electricity into green hydrogen, which can then be synthesized into green ammonia and methanol, addressing the dependency on stable power grids in traditional chemical production [2] - As of October 2023, over 800 hydrogen-ammonia-methanol integration projects have been planned in China, with a total planned green hydrogen capacity of nearly 9 million tons per year, and over 200,000 tons per year already in operation, positioning China as a global leader in this sector [2] Group 2: Regional Focus - Most of the green hydrogen and methanol projects are concentrated in resource-rich regions such as Northwest, North, and Northeast China, with provinces like Inner Mongolia, Jilin, and Xinjiang actively promoting large-scale development [3] - Notable operational projects include the Xinjiang Kuqa green hydrogen demonstration project and the Inner Mongolia Yigao 100,000-ton green methanol project, among others [3] Group 3: Project Diversity and Challenges - The project participants are increasingly diverse, including major state-owned enterprises and private companies, creating a competitive landscape [4] - Despite the promising outlook, many hydrogen-ammonia-methanol projects are still in preliminary stages, with significant challenges in scaling production and reducing costs [6] Group 4: Market Potential and Future Outlook - The green hydrogen and methanol industry faces high production costs and slow supply chain development, but there is significant market potential driven by low-carbon trends in shipping and aviation [6] - The long-term prospects for the hydrogen and methanol market are optimistic, but the industry must overcome high investment and operational costs to meet growing demand [6]

Core Insights - The National Energy Administration has identified "expanding non-electric utilization of renewable energy" as a key focus for the 14th Five-Year Plan, emphasizing the development of integrated wind-solar hydrogen, ammonia, and methanol production [1] - The wind-solar hydrogen-ammonia-methanol integration model is seen as a transformative approach to convert unstable green electricity into green hydrogen, which can then be synthesized into storable and transportable green ammonia and methanol, addressing the issue of renewable energy intermittency [2] - As of October 2023, over 800 hydrogen-ammonia-methanol integration projects have been planned in China, with a total planned green hydrogen capacity of nearly 9 million tons per year, positioning China as a global leader in this sector [2] Industry Development - Most of the green hydrogen and methanol projects are concentrated in resource-rich regions such as Northwest, North, and Northeast China, with provinces like Inner Mongolia, Jilin, and Xinjiang actively promoting large-scale development [3] - Notable operational projects include the China Petroleum & Chemical Corporation's green hydrogen demonstration project in Xinjiang and the 100,000-ton green methanol project in Inner Mongolia, among others [3][4] - The industry is witnessing increasing participation from both state-owned enterprises and private companies, creating a competitive landscape [4] Challenges and Future Outlook - The green hydrogen and methanol industry faces challenges such as high production costs, insufficient technological integration, and a lack of standardized systems [6] - Industry experts emphasize the need to reduce investment costs and improve operational rates to enhance competitiveness [6] - Despite current challenges, the market potential for green methanol and ammonia is significant, particularly in the context of low-carbon development trends in shipping and aviation, suggesting a promising long-term outlook for the hydrogen-ammonia-methanol market [6]

Core Insights - The rise of "green oil," represented by green hydrogen, ammonia, and alcohol, is transforming the energy landscape, becoming a focal point in the global race for new energy sources [1][2] - China's green hydrogen and ammonia industry is leading globally, with over 800 integrated projects planned by 2025, targeting nearly 900 million tons of green hydrogen production capacity per year [2][3] Industry Development - The green hydrogen and ammonia industry is seen as a crucial link between renewable electricity and end-use applications, providing solutions for energy storage, transportation, and broad utilization [3][4] - The current cost of green hydrogen is approximately 21 yuan per kilogram, with a target to reduce it to a competitive level with traditional gray hydrogen through technological breakthroughs [4][5] Technological Innovations - Innovations in hydrogen production and carbon capture technologies are essential for reducing costs and achieving sustainable development in the green hydrogen sector [4][5] - A proposed low-carbon methanol solution offers a more economical and efficient method for hydrogen storage and transportation, significantly reducing carbon emissions compared to traditional fuels [5][6] Policy and Support - The development of the green hydrogen industry requires a dual approach of policy support and technological innovation, including favorable electricity pricing and market demand stimulation [5][6] - Inner Mongolia is emerging as a key area for the green hydrogen industry, leveraging its abundant renewable resources and strategic location to build a complete industrial chain [6]

Core Viewpoint - The "Green Hydrogen and Ammonia Industry Cluster Promotion Conference" held in Xilin Gol League emphasizes the development of a green hydrogen and ammonia industry, leveraging the region's abundant resources and strategic location to enhance domestic and international market access [1][2]. Group 1: Resource and Infrastructure Advantages - Xilin Gol League has abundant water resources and biomass from agricultural and forestry waste, forming a strong foundation for the integrated development of green hydrogen and ammonia [2]. - The region has established over 23 million kilowatts of renewable energy capacity, generating 50 billion kilowatt-hours of green electricity annually, ranking first in Inner Mongolia and among the top in the country [2]. - The unique provincial management of the Mengxi power grid supports a stable and competitive green electricity advantage, essential for the development of green hydrogen and ammonia [2][3]. Group 2: Industry Development and Policy Support - The region is witnessing a growing industrial ecosystem, robust infrastructure, and substantial policy support for the development of green hydrogen and ammonia [2]. - The conference highlighted the importance of green hydrogen and ammonia as a link between renewable electricity and end-use applications, providing new pathways for renewable energy consumption [3][4]. Group 3: Challenges and Innovations - The hydrogen industry is still in its developmental phase, with significant potential and challenges, particularly in reducing the cost of green hydrogen from 21 yuan per kilogram to levels comparable to gray hydrogen [4]. - Innovations such as low-carbon methanol, which can serve as an effective carrier for hydrogen, were discussed as potential solutions to enhance economic viability and storage [4][5]. - The need to address bottlenecks in hydrogen storage and transportation was emphasized, with future plans to establish a liquid hydrogen-based energy system [5]. Group 4: Application and Market Expansion - The conference noted the expanding applications of clean liquid fuels, biomass co-firing, and green ammonia, driven by policy and market demands for low-carbon transitions in industries like shipping [6]. - Companies are focusing on engineering designs for alkaline electrolyzers to meet large-scale hydrogen production needs, with successful market entries in multiple countries [6]. - Local governments and enterprises signed 11 strategic cooperation agreements to promote the development of the green hydrogen and ammonia industry [6].

Core Viewpoint - The National Energy Administration of China emphasizes the need to accelerate the development and integration of renewable energy sources to meet the country's self-contribution targets for 2035, with a focus on expanding supply, enhancing consumption, and improving market mechanisms [1][2] Group 1: Expansion of Renewable Energy Supply - The total installed capacity of wind and solar power in China has surpassed 1.7 billion kilowatts as of the end of September this year [1] - The government plans to accelerate the construction of "Shagohuang" renewable energy bases and promote the planning of integrated water, wind, and solar bases [1] - There is a push for diversified development of distributed renewable energy across multiple scenarios [1] Group 2: Integrated Development of Renewable Energy - The government aims to expedite the formulation of policy documents that promote the integrated development of renewable energy [1] - There is a focus on the synergy between renewable energy and strategic emerging industries such as computing power and green hydrogen [1] Group 3: Non-Electric Utilization of Renewable Energy - The initiative includes promoting the conversion and local utilization of wind and solar energy for hydrogen, ammonia, and heating [1] - The construction of integrated bases for wind, solar, hydrogen, and ammonia is encouraged, particularly in industrial sectors to replace fossil fuels [1] Group 4: Enhancement of Renewable Energy Consumption - The government plans to introduce a minimum consumption target for renewable energy and a responsibility system for renewable energy power consumption [1] - There will be a collaborative push for both mandatory and voluntary consumption of renewable energy [1] - The establishment of a green certificate trading mechanism and strengthening the coordination of electricity, carbon, and certificate markets are also on the agenda [1] Group 5: Market and Pricing Mechanisms - The government is working on the implementation of a market-oriented reform plan for renewable energy grid pricing [2] - The aim is to create market trading rules that are suitable for the characteristics of renewable energy [2]

Core Insights - The integration of wind, solar, hydrogen, ammonia, and methanol production is rapidly developing in China, with over 800 projects planned or under construction, totaling an investment of over 600 billion yuan [1] - The integrated projects aim to create a closed-loop industrial chain of "green electricity - green hydrogen - green ammonia/methanol," addressing energy consumption and carbon reduction [1][2] Group 1: Project Overview - As of August 2025, the planned, under-construction, and operational integrated projects have a hydrogen production capacity of approximately 31.03 million Nm3/h, corresponding to green hydrogen production capacity of about 9.7 million tons, green methanol capacity of 59.16 million tons, and green ammonia capacity of 2.282 million tons [1] - The integrated projects are designed to utilize renewable energy to produce stable energy carriers, thereby facilitating downstream applications in various sectors [1][2] Group 2: Benefits of Integrated Projects - The projects help reduce wind and solar energy waste and increase the consumption of green hydrogen, addressing the challenge of intermittent renewable energy generation [3] - Green ammonia and methanol serve as both green chemical raw materials and fuels, playing a significant role in decarbonizing industries and transportation [4] - The investment in integrated projects is expected to drive local economic growth and contribute to the green transition, with significant investments in regions like Jilin Province [5] Group 3: Cost Challenges - The cost of green ammonia is currently between 6,000 to 8,000 yuan per ton, which is double that of traditional ammonia, while the cost of green methanol ranges from 3,500 to 4,500 yuan per ton, significantly higher than coal-based methanol [6][7] - The high cost of green electricity, which accounts for 70% to 80% of green ammonia production costs, is a critical factor affecting the overall economics of integrated projects [7] Group 4: Factors Affecting Green Electricity Costs - Initial investment for integrated projects is substantial, including costs for wind and solar installations, storage systems, and hydrogen production equipment [9] - Additional requirements for energy storage and stability due to the intermittent nature of renewable energy increase operational costs [10] - Uncertainty in subsidy policies and the need for a more refined electricity market mechanism contribute to the high costs of green electricity [11][12] Group 5: Strategies for Cost Reduction - Accelerating technological advancements in efficient battery and hydrogen production technologies can enhance overall efficiency and reduce costs [13] - Implementing multi-energy complementarity and smart management systems can optimize resource utilization and improve production efficiency [14] - A comprehensive policy framework and financial support mechanisms are essential to lower initial investment pressures and enhance project viability [15][16]

Core Insights - The integration of wind, solar, hydrogen, ammonia, and green methanol production is emerging as a significant trend in the renewable energy sector, driven by various government policies and substantial investments [1][2]. Group 1: Project Overview - As of August 2025, over 800 integrated projects are planned, under construction, or in operation across China, with a total investment exceeding 600 billion yuan, aiming for hydrogen production capacity of approximately 31.03 million Nm3/h, corresponding to 9.7 million tons of green hydrogen [1]. - The integrated projects aim to create a closed-loop industrial chain from green electricity to green hydrogen, and then to green ammonia and methanol, facilitating applications in chemical, industrial, and transportation sectors [1]. Group 2: Benefits of Integrated Projects - These projects help reduce wind and solar energy waste and increase the consumption of green hydrogen, with China's renewable energy projects expected to reach 510 million kilowatts by 2025, accounting for 75% of global capacity [3]. - Green ammonia and methanol serve as both green chemical raw materials and fuels, playing a crucial role in decarbonizing industries and transportation [4]. - The large-scale investment in integrated projects can drive local economic transformation and growth, with significant contributions to GDP from the renewable energy sector [5]. Group 3: Cost Challenges - The cost of green ammonia ranges from 6,000 to 8,000 yuan per ton, which is double that of traditional ammonia, while the cost of green methanol is between 3,500 and 4,500 yuan per ton, significantly higher than coal-based methanol [6]. - Green electricity costs account for 70% to 80% of green ammonia production costs, making fluctuations in green electricity prices a critical concern for project viability [7]. Group 4: Factors Affecting Green Electricity Costs - High initial investment is a significant barrier, as integrated projects require substantial capital for wind and solar installations, storage systems, and hydrogen production equipment [8]. - The intermittent nature of wind and solar energy necessitates additional configurations, such as large-scale storage systems, which further increase costs [9]. - Uncertainty in subsidy policies and the need for a more refined electricity market mechanism also contribute to elevated green electricity costs [10][11]. Group 5: Strategies for Cost Reduction - Accelerating breakthroughs in technology, such as efficient battery and electrolyzer technologies, is essential for improving efficiency and reducing costs [12]. - Implementing multi-energy complementarity and smart management systems can enhance the utilization of renewable energy and optimize production processes [13]. - A comprehensive policy framework and financial support mechanisms are necessary to lower initial investment pressures and improve market conditions for integrated projects [15][16].