Core Insights - The 10th International Hydrogen and Fuel Cell Equipment Technology Exhibition was held in Beijing from September 18 to 20 [1] - Guojin Securities predicts that 2025 will be a critical point for the medium to long-term planning of hydrogen energy, with the hydrogen and fuel cell industry entering a phase of rapid growth [1] - Great Wall Securities highlights the continuous favorable policies for hydrogen energy in China, which support the ongoing development of the hydrogen industry [1] Industry Developments - The hydrogen energy and fuel cell manufacturing sectors are currently the two main focus areas, with recommendations for continued attention [1] - There is a steady increase in upstream electrolyzer bidding projects and a significant boost in hydrogen production investments [1] - The construction of hydrogen refueling stations is progressing in an orderly manner, ensuring a stable supply of hydrogen [1] - Downstream applications of hydrogen energy are witnessing innovations across multiple fields, promoting the adoption of hydrogen in transportation [1]

蓝月亮集团(06993)涨超6%，近日获调入港股通，公司品牌护城河持续深化。 港股恒生指数跌0.18%，跌47点，报26860点；恒生科技指数涨1.04%。港股早盘成交2047亿港元。 氢能概念股盘中拉升，氢能及燃料电池行业将进入放量冲刺期。亿华通(02402)一度涨超84% ，截至午 盘亿华通(02402)涨33%；重塑能源(02570)涨17%；京城机电股份(00187)涨12%；国富氢能(02582)涨 13%。 国信证券研报指出，近期国产算力芯片逐步替代英伟达，体现了中国人工智能发展与西方半导体生态逐 渐走向脱钩。芯片股延续近期强势，截至发稿，华虹半导体(01347)涨10%；中芯国际(00981)涨6.5%； 上海复旦(01385)涨2.45%。 智驾概念股走高，L2级辅助驾驶将迎来强制国标，汽车智能化产业链有望受益。黑芝麻（000716）智 能(02533)涨6%；地平线机器人-W(09660)涨6.7%；速腾聚创(02498)涨6.99%；佑驾创新(02431)涨 2.5%。 广发证券指出，风电产业链反内卷成效显著，风电股多数活跃。金风科技（002202）(02208)升2%，龙 源电力（001 ...

智通财经APP获悉，港股恒生指数跌0.18%，跌47点，报26860点；恒生科技指数涨1.04%。港股早盘成 交2047亿港元。 百奥赛图-B(02315)涨超10%，科创版IPO即将上会，公司月初与默克达成抗体授权合作。 香港宽频(01310)拉升逾54%，股份要约截止，要约人中国移动香港及其一致行动人士持股达78.08%。 首程控股(00697)涨超8%，旗下北京首大兴业基金追加投资微分智飞。 有色股跌幅居前，美联储鹰派降息25基点，机构此前称9月降息预期较为充分。江西铜业股份(00358)跌 2%；洛阳钼业(03993)跌1%。 氢能概念股盘中拉升，氢能及燃料电池行业将进入放量冲刺期。亿华通(02402)一度涨超84% ，截至午 盘亿华通(02402)涨33%；重塑能源(02570)涨17%；京城机电股份(00187)涨12%；国富氢能(02582)涨 13%。 国信证券研报指出，近期国产算力芯片逐步替代英伟达，体现了中国人工智能发展与西方半导体生态逐 渐走向脱钩。芯片股延续近期强势，截至发稿，华虹半导体(01347)涨10%；中芯国际(00981)涨6.5%； 上海复旦(01385)涨2.45%。 智 ...

Core Viewpoint - Hydrogen concept stocks experienced significant gains, driven by supportive government policies and the recent International Hydrogen and Fuel Cell Equipment Technology Exhibition held in Beijing [1] Group 1: Stock Performance - Yihua Tong (02402) surged by 51.13%, reaching 36 HKD [1] - Chongqing Energy (02570) increased by 27.96%, trading at 212.8 HKD [1] - Beijing Machinery (00187) rose by 15.32%, priced at 5.58 HKD [1] - Guofu Hydrogen Energy (02582) climbed by 11.71%, valued at 62 HKD [1] Group 2: Industry Developments - The 10th International Hydrogen and Fuel Cell Equipment Technology Exhibition took place from September 18 to 20 in Beijing [1] - Cities like Beijing, Chongqing, and Wuhan have introduced policies to support the development of the hydrogen energy industry, aiming to accelerate the deployment of related technologies [1] Group 3: Market Outlook - Changcheng Securities (002939) noted the continuous issuance of favorable hydrogen energy policies in China, indicating ongoing industry growth [1] - Guojin Securities anticipates that 2025 will be a critical point for the hydrogen energy mid-term plan, with the hydrogen and fuel cell industry entering a phase of rapid expansion [1] - The focus on fuel cell vehicles and green hydrogen projects is expected to accelerate, with hydrogen and fuel cell manufacturing identified as two main investment lines [1]

智通财经APP获悉，氢能概念股盘中拉升，截至发稿，亿华通(02402)涨51.13%，报36港元；重塑能源 (02570)涨27.96%，报212.8港元；京城机电股份(00187)涨15.32%，报5.58港元；国富氢能(02582)涨 11.71%，报62港元。 消息面上，第十届国际氢能与燃料电池设备技术展览会于9月18日至20日在北京举办。此外，近期，北 京、重庆、武汉等多地出台支持氢能产业发展政策，争先抢滩布局氢能产业，推动相关产业开发和应用 加速落地，抢占氢能产业新赛道。 长城证券表示，鉴于我国持续颁布的氢能源利好政策，氢能产业持续发展。国金证券则认为，2025年是 氢能中长期规划的结算时点，氢能及燃料电池行业将进入放量冲刺期，燃料电池汽车及绿氢项目落地将 加速，氢能和燃料电池制造是目前的两条主线，建议持续关注。 ...

Core Viewpoint - The 10th International Hydrogen and Fuel Cell Equipment Technology Exhibition was held in Beijing from September 18 to 20, highlighting the growing importance of the hydrogen energy sector in China [1] Group 1: Industry Outlook - According to Guojin Securities, 2025 is seen as a critical milestone for the medium to long-term planning of hydrogen energy, with the hydrogen and fuel cell industry expected to enter a phase of rapid growth [1] - Fuel cell vehicles and green hydrogen projects are anticipated to accelerate, with hydrogen energy and fuel cell manufacturing being the two main focus areas [1] Group 2: Policy and Investment - Changcheng Securities notes that the continuous favorable policies for hydrogen energy in China are driving the sustained development of the hydrogen industry [1] - There is a stable increase in the number of upstream electrolyzer bidding projects, indicating a growing investment in hydrogen production [1] - The construction of midstream hydrogen refueling stations is progressing in an orderly manner, ensuring a reliable supply of hydrogen [1] Group 3: Application and Innovation - Downstream hydrogen applications are witnessing innovations across multiple fields, which is promoting the adoption of hydrogen in transportation [1]

2025年的展会安排如下：秋季展会将于9月17日至19日在千叶幕张展览馆举行；冬季展会将在11月19日至21日于大阪INTEX展览馆进行；接下来的春季展会 则定于2026年3月17日至19日在东京BIGSIGHT展馆举办。这三场展会将吸引来自出色的制造商、供应商、投资者和相关行业的专业人士。 FCEXPO展会的规模相当可观，在上届展会上，共有450家参展企业参与，吸引了约27000名客商，展会面积达到25000平方米。这些数据表明了展会在行业 内的重要性和影响力。展会汇聚了氢能及燃料电池的各种高端技术、材料、部件和先进装备，成为业内人士交流、合作和学习的重要场所。 日本国际氢能源燃料电池展（FCEXPO）是出色氢能和燃料电池领域的重要展会，由日本励展公司主办，创办于2005年。该展会每年举办三届，分别在不同 的城市举行，涵盖了氢能及燃料电池的各个方面。展会为企业提供了一个优质的平台，以便它们在日本市场上展示自己的技术和产品。 参展企业包括国际一线厂商，如丰田、本田、铃木、松下、东芝、液化空气和巴拉德等。这些企业在氢能及燃料电池技术的研发和应用方面具有较强的实 力。参观买家来自多个行业，包括燃料电池制造商、汽车 ...

Core Viewpoint - The fuel cell vehicle (FCEV) market is experiencing significant declines in both sales and installed capacity, indicating potential challenges for the industry moving forward [3][5]. Group 1: Market Performance - From January to July 2025, a total of 2,318 FCEVs were registered, representing a year-on-year decrease of 49.9% [3]. - The cumulative installed capacity for fuel cells reached 298.91 MW during the same period, which is a year-on-year decrease of 23.8% [3]. - In July 2025, the installed capacity for fuel cells was 41.54 MW, showing a year-on-year decline of 66.3% and a month-on-month decrease of 41.7% [5]. Group 2: Sales Data - In July 2025, the number of FCEV registrations was 351 vehicles, reflecting a year-on-year decrease of 63.1% and a month-on-month decrease of 41.4% [5]. Group 3: Market Concentration - The top 10 companies contributing to FCEV registrations include YunTao Hydrogen Energy, GuoQing Technology, YiHuaTong, and others, with YunTao Hydrogen Energy leading by supplying 104 vehicles, accounting for nearly 30% of the total [7]. - The market concentration among the top five companies is notably high, reaching 88.3% [7].

Core Viewpoint - The article highlights the launch of the new high-performance wind-cooled membrane electrode (model: HPACM-300, referred to as H300) by Qingtong Technology, which significantly enhances performance, environmental adaptability, cost, and lifespan, redefining industry standards and facilitating a transition from "usable" to "highly usable" products [3][22]. Performance Breakthrough - The H300 membrane electrode achieves a power density of 0.7 W/cm², marking a significant improvement in efficiency [3][22]. - The electrode maintains stable performance in high-temperature environments, addressing the common issue of performance degradation due to water loss in traditional membrane electrodes [5][10]. - In rigorous open-circuit testing, the H300 outperforms competitors by achieving 0.683 V at 1.0 A/cm², which is 29 mV higher than competing products [7]. Environmental Adaptability Upgrade - The H300 membrane electrode is designed to operate effectively across a wide temperature range, overcoming the limitations of traditional wind-cooled electrodes that struggle with temperature fluctuations [10][12]. - In temperature sensitivity tests, the H300 maintains performance above competitors by 13-23 mV at 0.7 A/cm² under 65°C conditions [13][14]. Cost Reduction through Domestic Component Replacement - The H300 utilizes domestically sourced materials, replacing imported components, which leads to a reduction in material costs by over 30% per kW while maintaining performance parity with imported systems [18][21]. - The use of self-developed high-performance alloy catalysts further reduces costs, potentially halving the material costs per kW [21]. Durability Enhancement - The H300 features a high-durability catalyst that significantly improves both the durability of the carrier and the catalyst itself, with a theoretical lifespan exceeding 10,000 hours and a conservative estimate of 3,000 hours in wind-cooled environments [22][23]. - Qingtong Technology has developed multiple catalyst and membrane electrode products, holding 142 patents, which positions the company as a leader in the domestic hydrogen energy sector [22][23]. Industry Implications - The mass production of domestically produced membrane electrodes will accelerate the self-sufficiency of key components, reducing reliance on imports [23]. - The performance breakthroughs of wind-cooled membrane electrodes will facilitate the commercialization of hydrogen energy across various applications, driving the industry towards large-scale development [23][24].

Core Viewpoint - The hydrogen energy industry is entering a new phase characterized by policy guidance and technological innovation, with significant growth in the Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolysis Cell (SOEC) markets, despite a decline in fuel cell vehicle production and sales [4][6]. Group 1: Overall Situation - In the first half of 2025, there were 32 new SOC bidding projects, with a total power capacity reaching the megawatt level, marking a year-on-year increase of 167% [5][6]. - The total installed capacity of newly added SOC bidding projects in the first half of 2025 reached 1.5 MW, a staggering increase of 282% compared to the previous year [8]. Group 2: Product Type Situation - Among the 32 new bidding projects, SOFC, SOEC, and Reversible Solid Oxide Cells (RSOC) accounted for 60%, 34%, and 6% respectively, indicating a notable growth in SOEC projects [11]. - There has been an increase in projects using methanol and ammonia as fuels, showcasing the adaptability of SOFC technology [13]. Group 3: Winning Enterprises Situation - A total of 13 enterprises have won bids, with Xi'an Rare Institute leading in the number of projects, while Proton Power and Yijing Energy are tied for the highest installed capacity [18][20]. - The trend of enterprises exploring international markets is increasing, with Yijing Energy reporting three overseas projects in the first half of the year [17]. Group 4: Emerging Applications - There is a growing number of projects in marine applications and hydrogen-electric coupling, indicating a shift towards diverse applications of SOC technology [15]. - The exploration spirit of enterprises in SOC demonstration projects is noteworthy, with significant advancements in various applications, including mobile and fixed power generation systems [15].