Core Viewpoint - Recently, Tangshan Jialan Zhihydrogen Technology Development Co., Ltd. was established, indicating a growing interest in hydrogen technology and energy storage solutions in the industry [1] Company Summary - Tangshan Jialan Zhihydrogen Technology Development Co., Ltd. has a registered capital of 10 million yuan [1] - The legal representative of the company is Mei Zhixuan [1] - The company's business scope includes energy storage technology services, sales of hydrogen refueling and storage facilities, sales of pipeline transportation equipment, and sales of gas and liquid separation and purification equipment [1] Industry Summary - The establishment of the company reflects the increasing focus on hydrogen energy and related technologies within the energy sector [1] - The company is wholly owned by Haitai New Energy, indicating potential synergies and support from an established player in the energy market [1]

Core Insights - China's technological innovation is expanding into various fields, including quantum technology and lunar research, with significant breakthroughs expected by 2025 [4][6] - The "14th Five-Year Plan" emphasizes the importance of technology and innovation, highlighting a commitment to advancing scientific research and applications [4] - The development of deep space exploration and quantum computing is seen as crucial for China's strategic technological autonomy and future economic growth [8][17] Group 1: Deep Space Exploration - Major breakthroughs in lunar research are anticipated, including the discovery of new mineral types from samples returned by the Chang'e 6 mission, which will enhance understanding of lunar oxidation mechanisms [5] - The Tianwen-2 probe is set to conduct close-range exploration of a near-Earth asteroid, with sample return expected by the end of 2027 [5] - Future projects include the construction of a lunar research station, manned lunar missions, and exploration of Mars and Jupiter, aiming to enhance capabilities in deep space science and resource utilization [5][6] Group 2: Quantum Computing - Quantum computing is identified as a key technology for future strategic autonomy, requiring advancements in hardware and software integration [8] - China's third-generation superconducting quantum computer, "Benyuan Wukong," has been successfully deployed, participating in numerous collaborations across various sectors [9] - The development of quantum computing is likened to building a rocket, emphasizing the need for a comprehensive approach from hardware to software [8] Group 3: Brain-Computer Interfaces - Brain-computer interface technology is evolving to connect biological and machine intelligence, with advancements in decoding and encoding neural signals [10] - Clinical applications of brain-computer interfaces are emerging, with significant progress in invasive and non-invasive technologies [12] - The technology aims to redefine the boundaries of intelligence by integrating carbon-based and silicon-based systems [11] Group 4: Hydrogen Energy - Hydrogen energy is positioned as a vital component of the renewable energy revolution, complementing electricity and addressing sustainability challenges [17] - The development of hydrogen fuel cells is expanding into various sectors, including transportation and machinery, with China making significant strides in related technologies [18] - The strategic importance of hydrogen energy is underscored by its potential to facilitate a low-carbon energy transition [17] Group 5: Talent Development in Research - The cultivation of research talent is critical for supporting high-level technological independence, with a focus on aligning educational programs with national strategic needs [20] - Young researchers are increasingly prominent in key national projects, indicating a shift towards a younger demographic in scientific achievements [21] - A supportive environment for basic research is essential, requiring stable funding and a culture that encourages innovation and tolerates failure [22][23]

Core Viewpoint - The South Korean Financial Commission has finalized a financial support plan for 2026, with a total of 252 trillion KRW allocated by major policy financial institutions, marking an increase of approximately 1.8% from the previous year [1] Group 1: Financial Support Allocation - The financial support for advanced strategic industries will reach 150 trillion KRW, an increase of 12 trillion KRW or about 8.9% compared to this year [1] - Specific allocations include 42.5 trillion KRW for sectors such as semiconductors, secondary batteries, biotechnology, and artificial intelligence (AI) [1] - An additional 24.7 trillion KRW will be directed towards emerging industries like nanotechnology, hydrogen energy, aerospace, military, agricultural food, and wind power [1] Group 2: Additional Financial Support - Funds for enhancing industrial structure and restructuring existing industries will amount to 32.2 trillion KRW [1] - Support for nurturing unicorn companies and small to medium-sized enterprises (SMEs) will total 19 trillion KRW [1] - To mitigate the impact of exchange rate fluctuations on business operations, a support fund of 31.8 trillion KRW will be established [1]

作为氢能产业将率先实现市场化规模化的应用场景，氢能交通的发展备受关注。国家电投集团氢能科技 发展有限公司党委委员、总经济师王勐说，依托前期技术持续升级、全产业链成本逐步下行，氢能交通 有望实现高质量发展，其规模化商业化落地，将在"十五五"期间沿着从商用车到乘用车的趋势展开。应 用场景的拓展，将加速氢能产业的规模化商业化。在王勐看来，未来五年，凭借技术自主突破、市场化 产品迭代、应用需求牵引、基础设施拓展与产业生态构建的多重赋能，氢能将完成从政策驱动到市场驱 动的转型，实现万亿规模的目标是可期的。 （文章来源：新华社） ...

从产量规模来看，业内人士预计，到2030年，我国氢气年产量将突破4000万吨，产业规模效应初步显 现。其中，绿氢产量有望达到350万～500万吨/年，实现从原材料向清洁燃料和能源的重要转变。 在《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》中，"能源新秀"氢能被列为未来 产业。这一定位，将推动氢能成为新的经济增长点，加速从实验室走向规模化、产业化应用。 多位受访专家认为，"十五五"时期是氢能产业从示范应用迈向规模化的关键五年。随着关键技术突破、 核心材料与关键装备国产化替代，我国氢能产业有望迎来规模化发展拐点，在交通、工业等领域释放巨 大应用潜力，进而在全球氢能竞争中构建引领地位。 （文章来源：新华社） ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The photovoltaic industry chain is experiencing a price increase trend, while the price competition for lithium battery materials is intensifying [1]. - In the fourth quarter, which is the peak sales season for new energy vehicles, domestic sales of new energy vehicles are expected to maintain high growth in 2025, driving demand for batteries and materials [1]. - The solid-state battery industrialization is progressing, and attention should be paid to the verification progress of related materials and equipment companies [1]. - The report emphasizes a "de-involution" strategy as the main investment theme for photovoltaics, with the integration and acquisition of polysilicon production capacity becoming more proactive [1]. - The demand for wind power is expected to continue growing, with a focus on wind turbines and offshore wind power [1]. - The energy storage sector remains highly prosperous, with recommendations to focus on energy storage cells and large-scale integrated plants [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream hydrogen-based energy applications [1]. - The report suggests monitoring core suppliers in the nuclear fusion sector as it represents a long-term catalytic direction for future energy development [1]. Summary by Sections Market Overview - The power equipment and new energy sector rose by 5.37% this week, outperforming the Shanghai Composite Index, which increased by 1.88% [10]. - The wind power sector saw the highest increase at 7.14%, followed by the photovoltaic sector at 6.56% [13]. Lithium Battery Market - The price of lithium carbonate has continued to rise, with battery-grade lithium carbonate priced at approximately 98,000 RMB per ton, reflecting an 8% increase [25]. - The price of lithium iron phosphate battery cells has also seen an upward trend, with prices for various models ranging from 0.285 to 0.425 RMB per watt-hour [26]. Photovoltaic Market - The price of polysilicon remains stable, with tight supply and weak downstream demand affecting price transmission [15]. - The price of silicon wafers has shown a significant increase, driven by rising silver prices and industry self-discipline [16]. - The price of battery cells has increased to 0.34 RMB per watt, with manufacturers actively raising prices due to cost pressures [17]. Energy Storage Market - The price of energy storage systems has rebounded, with prices for various configurations ranging from 0.40 to 0.82 RMB per watt-hour [27]. - The demand for energy storage remains strong, particularly in overseas markets, contributing to price stability [26].

今年以来，未来产业备受资金青睐。 "十五五"规划建议提出，培育壮大新兴产业和未来产业。前瞻布局未来产业，探索多元技术路线、典型 应用场景、可行商业模式、市场监管规则，推动量子科技、生物制造、氢能和核聚变能、脑机接口、具 身智能、第六代移动通信等成为新的经济增长点。 多地积极培育未来产业 作为引领经济社会变革的前沿力量，近年来，全国各地积极支持未来产业的发展。公开报道显示，北京 自去年7月启动的"创赢未来"公开路演活动目前已举办9场，累计支持83家未来产业潜力企业，推动60家 企业获得融资超20亿元、36家企业获得银行信贷19.8亿元。 今年上半年，深圳提出15条金融措施，全力支持未来产业高质量发展。9月，上海印发的《关于加快推 动前沿技术创新与未来产业培育的若干措施》提出，支持未来产业生态主导型科技企业前瞻谋划新赛 道，加速投资、孵化未来产业创新主体。 10月，《广州市关于加快培育发展未来产业的实施意见》提出，到2029年，未来产业技术创新、产业培 育全面发展，突破一批重点领域关键核心技术，场景示范效应深度拓展，创新主体活力充分，产业竞争 力加速跃升，基本形成未来产业集聚发展态势。 在政策红利的推动下，自去年 ...

Important Market News - The National Financial Work Conference was held in Beijing from December 27 to 28, emphasizing the continuation of a more proactive fiscal policy in 2026, which includes expanding fiscal expenditure, optimizing government bond tools, enhancing the effectiveness of transfer payments, and improving expenditure structure [1] Industry Insights - The Shanghai Stock Exchange released guidelines for commercial rocket companies to apply for the Sci-Tech Innovation Board, marking a clear path for these companies to meet specific technical and commercial requirements. This follows the inclusion of commercial aerospace in the fifth set of standards under the "1+6" reform in June. Several companies, including Blue Arrow Aerospace and Star River Power, have completed IPO counseling [2] - The satellite communication industry is projected to exceed 200 billion to 400 billion by 2030, with an annual compound growth rate between 10% and 28%. The industry is at a critical turning point from "concept verification" to "scale application," driven by technological maturity and cost reduction [2] - The International Thermonuclear Experimental Reactor (ITER) project has completed the manufacturing of correction field coils, marking a significant milestone in the project. This project aims to develop controlled nuclear fusion as a clean and sustainable energy source [3] - Controlled nuclear fusion is seen as the ultimate energy solution, capable of providing green energy with minimal carbon emissions. It is expected to drive human civilization into a new developmental stage [4] - Sichuan Province is actively promoting the hydrogen energy industry, focusing on policy improvement, industrial chain strengthening, and key technology breakthroughs. The province aims to create typical application scenarios and reduce costs to accelerate high-quality development in the hydrogen sector [5] - The hydrogen energy industry in Sichuan is structured around a full-chain layout, enhancing production capabilities and fostering technological advancements. Companies like Dongfang Electric are leading this initiative [5] - ST Huluwawa announced that it and its chairman are under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, while operations remain normal [6] - Jiamei Packaging reported no significant changes in its main business operations, despite experiencing stock and convertible bond trading fluctuations [6]

Group 1 - The Sichuan Provincial Committee approved a decision to promote the deep integration of culture and tourism, aiming to strengthen the cultural tourism industry [2] - Sichuan issued a series of policy measures to further boost economic recovery [2] - The opening of the Cangxi to Bazhong expressway creates a new major transportation route out of Sichuan [2] Group 2 - The first batch of social security cards with a comprehensive application list covering 178 items was released [2] - Sichuan launched the first local housing evaluation standard in the country [2] - The "Enjoy Sichuan, Explore Tianfu" cultural tourism consumption season for 2025 was initiated [2] Group 3 - Sichuan unified the standards for ordinary and non-ordinary residential properties [2] - A five-year action plan for the high-quality development of commercial aerospace was published, including plans for the construction of commercial launch sites [2] - The first special regulations for geological disaster prevention in Sichuan came into effect [2] Group 4 - During the "May Day" holiday, Sichuan welcomed 43.65 million visitors, with several scenic spots achieving record attendance [2] - The global first space computing constellation was launched, showcasing Sichuan's technological advancements [2] - Measures to promote high-quality development of venture capital were introduced, focusing on early, small, and long-term investments in hard technology [2] Group 5 - The education development plan aims to fully establish Sichuan as a strong educational province by 2035 [2] - The Sichuan Port Company was officially established, consolidating five ports into one [2] - The 20th Western China International Economy and Trade Fair was held in Chengdu [2] Group 6 - The "Work Plan for Accelerating the Application of Artificial Intelligence Scenarios (2025-2027)" was issued [2] - A new roadmap for the development of the hydrogen energy industry was released, outlining a three-step development goal [2] - Fourteen towns in Sichuan ranked among the top 500 in the country, with 33 towns in the top 100 in the western region [2] Group 7 - The Baodun Ancient City site was included in the national archaeological site park list [2] - A new generation solar telescope was established in Daocheng [2] - Twenty measures were introduced to effectively reduce logistics costs across society [2] - A new flight route from Chengdu to Athens was launched [2]

联合研究丨行业点评 [Table_Title] 氢能周度观察（5）：氢气管道输送进展如何？ %% %% %% %% research.95579.com 1 %% %% research.95579.com 2 丨证券研究报告丨 报告要点 [Table_Summary] 氢能储运技术路线多样，但大规模、低成本、安全高效的输送体系尚未成熟，管道输送为其中 具备发展潜力方式之一。2025 年纯氢管道输送领域的国家标准陆续出台、也有多个长距离、高 投资、大规模的项目通过安全性审查或步入实际开工建设阶段；天然气管网掺氢也处于示范运 营期。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 6 %% %% [Table_Title2] 氢能周度观察（5）：氢气管道输送进展如何？ [Table_Summary2] 事件描述 ...