电力设备 | 证券研究报告 — 行业周报 2025 年 7 月 13 日 强于大市 电力设备与新能源行业 7月 第 2 周周报 新能源汽车方面，根据中汽协数据，6 月新能源汽车产销分别完成 126.8 万 辆和 132.9 万辆，同比分别增长 26.4%和 26.7%，渗透率达到 45.8%；根据 中国汽车动力电池产业创新联盟数据，6 月我国动力电池装车量 58.2GWh， 环比增长 1.9%，同比增长 35.9%；下半年随着新能源新车型不断推出，新 能源汽车产品力不断增强，2025 年国内新能源汽车销量有望保持高增，带动 电池和材料需求增长。新技术方面，固态电池产业化趋势明确，后续关注固 态电池相关材料和设备企业验证进展。光伏方面，中央经济工作会议明确提 出综合整治"内卷式"竞争，中央财经委员会明确将依法依规治理企业低价无 序竞争，引导企业提升产品品质，推动落后产能有序退出，在顶层指引之下 国家市场监管总局、工信部联合印发《计量支撑产业新质生产力发展行动方 案（2025—2030 年）》，或通过提升先进制造标准推动产能升级迭代，光伏供 给侧提质、增效主线明确。在"反内卷"大趋势下，硅业分会等第三方机构表 示 ...

Core Insights - The launch of the first phase of the world's largest zero-carbon hydrogen ammonia project, with an annual capacity of 320,000 tons, marks significant progress in establishing Chifeng as a key energy and strategic resource base in China [1][8] - Chifeng's strategic location and abundant clean energy resources position it favorably for the development of the green hydrogen industry, with a potential annual renewable energy capacity exceeding 112 billion kilowatt-hours [1][3] - The Inner Mongolia government aims to accelerate the transition from green electricity to green hydrogen and ammonia, establishing a hydrogen energy industry zone and supporting infrastructure projects [1][3][8] Industry Development - Chifeng has invested 34.3 billion yuan in eight integrated wind-solar hydrogen and ammonia projects, which will yield an annual production capacity of 18,000 tons of green hydrogen, 600,000 tons of green ammonia, and 800,000 tons of green methanol upon completion [3] - The city is enhancing its hydrogen storage and transportation network, including high-pressure gas storage and long-distance pipelines to connect with major markets [4][8] - The first phase of the zero-carbon hydrogen ammonia project has attracted international interest, with a long-term procurement agreement signed with Japan's Marubeni Corporation for green ammonia [6][8] Future Goals - By the end of 2025, Chifeng aims to achieve an annual production capacity of 60,000 tons of green hydrogen and 320,000 tons of green ammonia, contributing to a billion-yuan hydrogen economy [8] - The city is also focusing on the development of innovative hydrogen applications, including the world's first hydrogen-ammonia gas turbine, which is expected to generate significant renewable electricity [6][8]

Group 1 - Beijing Mingyang Hydrogen Energy Technology Co., Ltd. signed a hydrogen equipment cooperation agreement with Qair Brasil in Fortaleza, Ceará, Brazil, marking a significant step in Sino-European and Sino-Brazilian cooperation in the green hydrogen sector [1] - Mingyang Hydrogen Energy will provide a complete set of 20 megawatt hydrogen production equipment for the H2BRASIL project and will undertake equipment operation and maintenance tasks, with delivery expected by 2026 [1] - The agreement exemplifies the collaboration between Chinese and European companies to explore the renewable energy market in Brazil, with plans for further cooperation on large-scale green hydrogen production and local manufacturing capabilities [1] Group 2 - Mingyang Hydrogen Energy, established by Mingyang New Energy Investment Holding Group and Hillhouse Capital, has a full-chain R&D and manufacturing capability for hydrogen production, with an annual production capacity of 2 GW for hydrogen equipment [2] - Qair Brasil, part of the European Qair Group, operates multiple wind and solar projects in Brazil and is actively involved in new renewable energy conversion projects such as Power-to-X [2]

Core Viewpoint - Wuhan is poised to lead the hydrogen energy railway era, with experts advocating for the construction of intercity hydrogen energy demonstration lines in cities with strong hydrogen industry foundations, which could usher in a new era of green energy in railway transportation [1][3]. Group 1: Industry Development - Wuhan has established a complete "production-storage-transportation-utilization" industrial chain for hydrogen energy, ranking among the top in national comprehensive competitiveness [3]. - The city has a well-developed intercity railway network, with existing lines that can be prioritized for hydrogen energy retrofitting, enhancing the feasibility of hydrogen trains [3][4]. - The application of hydrogen energy in rail transport can diversify energy sources, reduce reliance on traditional fossil fuels, and help achieve the "dual carbon" goals in the transportation sector [3]. Group 2: Technical and Operational Aspects - The "old line, new use" model can lower infrastructure costs and ensure seamless integration with existing transport networks, making it a pragmatic choice for commercializing hydrogen railways [4]. - Establishing an intelligent hydrogen management system is crucial for the success of the demonstration line, requiring comprehensive optimization of energy scheduling and safety monitoring [4]. - The construction of demonstration lines in cities like Wuhan will not only address technical challenges related to hydrogen storage, transportation, and refueling but also provide replicable experiences for the green transformation of national rail transit [4].

Core Viewpoint - The successful launch of the first phase of the 1.52 million tons green hydrogen ammonia project by Envision Energy in Chifeng marks a significant step in the development of the hydrogen energy industry in Inner Mongolia, leveraging local renewable energy resources for hydrogen production [2][3]. Project Overview - The first phase of the project is equipped with 1.43 million kilowatts of wind and solar power and a 680 megawatt-hour energy storage system, aiming to produce 320,000 tons of green synthetic ammonia annually [3]. - The project utilizes electrolysis powered by nearby wind turbines and solar panels to produce hydrogen, which is then combined with nitrogen from the air to synthesize ammonia [2][3]. Regional Development - Inner Mongolia's favorable natural resources and government support for the hydrogen industry are key factors for the project's location [3]. - The Inner Mongolia government aims to achieve a green hydrogen production capacity of 200,000 tons per year by the end of 2025, with significant progress in hydrogen production equipment and integrated projects [3][9]. Challenges in Scaling - The green hydrogen industry is still in its early stages, facing high costs in production, design, and equipment manufacturing, which have led some players to exit the market [4]. - The high cost of hydrogen production is attributed to challenges in the entire "production, storage, transportation, and utilization" chain [4][5]. Transportation Solutions - Envision Energy's strategy involves converting hydrogen into ammonia for easier transportation, as ammonia can be liquefied at -33 degrees Celsius under normal pressure, reducing transportation costs [5]. - The company is developing a hydrogen pipeline network in Chifeng and has built the world's largest green ammonia storage tank [5]. Production and Market Strategy - Envision Energy's factory has an 80% self-research and development rate, aiming to reduce production costs through supply chain efficiency [6]. - The produced green ammonia will primarily be sold to international traders, with a long-term procurement agreement signed with Marubeni Corporation for distribution in Japan and the Asia-Pacific region [6]. Future Prospects - Chifeng aims to establish a hydrogen economy ecosystem worth 100 billion yuan, with plans for significant renewable energy projects and hydrogen production capacity [9][10]. - The city is focusing on eight integrated projects for wind-solar hydrogen production, targeting annual capacities of 60,000 tons of green hydrogen and 320,000 tons of green ammonia by the end of the year [10].

Core Viewpoint - EVE Hydrogen Energy Co., Ltd. has achieved a significant milestone by obtaining CE certification for its AEM modular hydrogen production system, marking it as the first Chinese company to receive this certification, which enhances its competitiveness in the international hydrogen energy market [4][11][14]. Group 1: CE Certification Achievement - The AEM modular hydrogen production system received CE certification from Bureau Veritas, confirming its compliance with EU standards, including the Machinery Directive 2006/42/EC and Low Voltage Directive 2014/35/EU [11][14]. - This certification signifies that the system's overall safety performance meets EU regulations and demonstrates advanced safety technology capabilities, allowing entry into the European market [11][14]. - The certification process included comprehensive assessments such as HAZOP/LOPA/SIL evaluations, validating the system's excellence in safety, environmental protection, and compliance [14]. Group 2: Technical Specifications and Innovations - The AEM modular hydrogen production system is a highly integrated "hydrogen factory," with a core module size of only 0.45×0.45×0.65m, capable of producing hydrogen at a rate of 1Nm³/h, which can be easily expanded to 20Nm³ [12]. - The system features a self-developed AEM membrane electrode with a low direct current consumption of 4.3 kWh/Nm³, achieving over 30% cost reduction [12]. - The system has rapid startup capabilities, reaching full load in 3 minutes for cold starts and responding in seconds for hot starts, making it adaptable to fluctuations in green electricity [12]. Group 3: Future Developments and Industry Impact - EVE Hydrogen Energy is conducting real-world tests on MW-level electrolyzers and aims to continue technological innovation while accelerating its global expansion [17]. - The company plans to collaborate with upstream and downstream enterprises to build a hydrogen energy industry ecosystem, promote the localization of key materials, and expand hydrogen energy application scenarios [17].

Group 1: Environmental Initiatives - The Jinan Starting Area has been recognized as a national pilot for coordinated innovation in pollution reduction and carbon reduction, effective from December 2023 [1] - The area has achieved significant results in clean production audits, with nitrogen oxide emissions reduced by 15.8% and greenhouse gas emissions reduced by 18.6% [3] - The electrification rate of forklifts in the area has reached over 60%, and 77 non-operational vehicles meeting the National III emission standard have been eliminated [3] Group 2: Energy Transition - The total installed capacity of photovoltaic systems in the area has reached 37.1 MW, resulting in an annual reduction of 35,000 tons of greenhouse gases [5] - The "Hydrogen into Thousands of Homes" demonstration project has deployed 40 hydrogen heavy trucks and 16 hydrogen sanitation vehicles, reducing greenhouse gas emissions by 2,600 tons annually [5] - The area has developed a new comprehensive energy station, achieving full green electricity and zero carbon emissions [5] Group 3: Green Building Development - The area has established guidelines for green building design, requiring new constructions to meet at least a two-star green building standard [5] - Approximately 14 million square meters of green buildings are currently under construction, with high-star green buildings accounting for 78% of this total [5] - The Zero Carbon Smart Operation Center has been awarded the "Global Habitat Planning and Design Award" and is expected to generate 950,000 kWh annually upon operation [5] Group 4: Green Industry Growth - The area is actively developing the new energy vehicle industry and has launched a 10 GW high-efficiency solar cell production line [7] - The first pilot production line for perovskite solar cells in the province has been established, contributing to the upgrade of the energy structure [7] - The hydrogen energy industry is also being promoted, with the "Hydrogen Teng" fuel cell produced by Jinan Green Energy Company being utilized in international applications [7]

Core Insights - The global hydrogen energy sector is transitioning from policy vision to quantifiable goals and industry deployment, marking a critical period for development [1] - The 2025 Global Hydrogen Industry Development Report highlights significant advancements in domestic hydrogen technology and emphasizes the need for high-quality development [1] Group 1: Industry Trends - Various technology demonstration applications are expected to see new growth points, with a focus on gas blending with hydrogen, liquid hydrogen, offshore wind hydrogen production, and AEM hydrogen production [1] - Domestic and international cooperation in hydrogen energy is crucial, including certification, industrial chain collaboration, and technological partnerships to achieve high-quality development [1] - The reliability of technology will be a key consideration in the commercialization phase of hydrogen energy, with emphasis on factory inspection, long-term performance, and lifecycle assurance [1] - Digital intelligence will become a core competitive advantage, integrating technologies such as digital twin, artificial intelligence, big data analysis, real-time monitoring, and automation into hydrogen technology development and application [1] Group 2: Key Development Factors - The transition to hydrogen-based energy is seen as essential for achieving green transformation across various industries, with its zero-carbon value and industrial potential becoming increasingly clear [2] - High-quality development of hydrogen energy relies on three critical factors: economic viability, safety, and convenience throughout the hydrogen lifecycle, from production to storage, transportation, and utilization [2] - There is a need for innovative safety assurance theories and technologies to support the long-term development of hydrogen energy, emphasizing the importance of lifecycle safety operations and risk management [2]

Group 1: Green Development Initiatives - Jinan is advancing the construction of a green, low-carbon, high-quality development pilot area, with significant progress in the new and old kinetic energy conversion zone [1] - The city has organized over 20 construction material companies to conduct clean production audits, achieving a reduction of nitrogen oxides by 15.8% and greenhouse gases by 18.6% [1] - Key enterprises are enhancing their clean production levels, with Jinan Dali Food replacing gas boilers with green steam and Jinan BYD achieving environmental performance standards [1] Group 2: Energy Transition - The region is focusing on energy transition by developing a low-carbon, efficient energy system, with a photovoltaic installed capacity reaching 37.1 MW, reducing greenhouse gas emissions by 35,000 tons annually [2] - The "Hydrogen into Thousands of Homes" demonstration project has deployed 40 hydrogen heavy trucks and 16 hydrogen sanitation vehicles, contributing to a reduction of 2,600 tons of greenhouse gases each year [2] - Shallow geothermal energy systems are being developed, with annual greenhouse gas reductions of 3,800 tons from the operation of innovative centers [2] Group 3: Green Building Development - Policies have been established to promote green building design and new construction technologies, requiring new buildings to meet at least two-star green building standards [2] - Approximately 14 million square meters of green buildings are currently under construction, with 78% being high-star-rated green buildings [2] - The International Standard Industrial Park's zero-carbon smart operation center has won a global award and is expected to generate 950,000 kWh annually [2] Group 4: Green Low-Carbon Industry - The city is actively developing the new energy vehicle industry, with Jinan BYD's products reaching numerous households [3] - The photovoltaic battery industry is expanding, with the launch of a 10 GW high-efficiency solar cell production line by Aishuo and a pilot production line for perovskite solar cells [3] - The hydrogen energy sector is also growing, with Jinan Green Energy Hydrogen Company producing fuel cells that are operational in remote locations [3]

Core Viewpoint - The article highlights advancements in hydrogen production technology, specifically focusing on the new generation of electrolyzers developed by Qingqi Ji, which demonstrate significant improvements in energy efficiency and performance metrics compared to previous models [2][3][4]. Group 1: Hydrogen Production Technology - Qingqi Ji has added two 1000 Nm³/h electrolyzers to the renewable energy hydrogen production demonstration project at PetroChina's Yumen Oilfield, creating a "4-to-1" hydrogen production system [2]. - The new electrolyzers have achieved record-breaking performance in energy consumption and degradation rates, setting a new industry benchmark for hydrogen production efficiency [3]. - The energy consumption metrics for the new electrolyzers have been confirmed by an international third-party certification body, showing a reduction in energy consumption to 3.99 kWh/Nm³H₂ at 4000 A/m² current density, a decrease of approximately 3.4% compared to the previous model [4]. Group 2: Innovative Electrode Technology - Momentum Conservation has successfully developed a high-consistency self-supporting nickel-based porous transport electrode (Ni-PTE), which is expected to enhance hydrogen production efficiency and system durability in AEMWE applications [6]. - The new honeycomb electrode structure allows for uniform catalyst distribution and high product consistency, with batch production capabilities already established [6][8]. - In stability tests exceeding 1000 hours, the honeycomb electrode demonstrated low potential decay rates of 18.6 μV/h and 35.2 μV/h when paired with different commercial AEM membranes, indicating strong durability and reliability [9].