国家能源局《中国氢能发展报告（2025）》显示，2024年我国氢能生产消费规模达3650万吨，位居全球 首位，可再生能源制氢产能占全球50%以上，这标志着我国正从氢能技术的追随者逐步向全球产业的引 领者跨越。 然而，当前氢能仍面临产业链需协同深入推进碳减排、成本高企、基础设施建设滞后、技术创新不足等 诸多挑战。亟须强化政策支持、加快基础设施建设、突破核心技术瓶颈以及深化国际合作与交流，真正 为"双碳"目标的实现提供强大动能。 成本高企制约市场推广。我国氢能的生产成本主要受制氢方式的影响。传统的化石能源制氢虽然技术成 熟，但随着环保要求的不断提高，其面临的碳排放成本逐渐上升，同时，化石能源的价格波动也会影响 制氢成本的稳定性。可再生能源制氢虽然具有零碳排放的优势，但设备投资大、制氢效率低，导致成本 居高不下。此外，氢能的储存和运输成本也较高，一定程度上限制了氢能的运输距离和市场范围。高昂 的成本使得氢能在与传统能源的竞争中处于劣势，严重制约了其市场推广和应用。如何降低氢能全产业 链成本，成为氢能产业发展的重要瓶颈。 同时，氢能是保障能源安全的战略选择。我国能源结构长期呈现"富煤、缺油、少气"的资源禀赋特征， 这 ...

21世纪经济报道记者 林典驰 上海报道 "从现在开始到2030年，氢能的制、储、运、加供应链建设和发展，将会反过来带动氢能多领域的应 用。"中国科学院院士，清华大学教授欧阳明高表示。 他表示，2015年～2025年是车用燃料的动力系统作为氢能利用的先导，带动氢能发展，现在已经到这个 时期的末尾，是氢能的一个转折点，也是我们目前的阵痛期。 近日，2025国际氢能与燃料电池汽车大会暨展览会在上海召开。 氢能产业原目标是，到2025年底，初步建立以工业副产氢和可再生能源制氢就近利用为主的氢能供应体 系；燃料电池车辆保有量约5万辆，部署建设一批加氢站。 寻找商业模式闭环度过低谷期 过去5年，氢能一直探索商业化的可行路径，在示范初期，主要集中在商用车领域，特别是公交车和环 卫车等，这类场景通常由政府或者大型国企推动。 随着时间的推移，姚荣华认为，重卡在物流领域的应用将能创造更多的收益和价值，相比柴油机或纯电 动重卡，结合国家在高速费用减免和路权方面的支持，全寿命周期成本优势突出，尤其是对具备资源优 势的大型工业企业，这些车辆将首先实现盈利和商业闭环。 "氢能现在是一个转折点，首批城市示范群支持了该产业在技术和业务模式上 ...

Core Insights - Hydrogen storage technology has three main routes: gaseous, liquid, and solid, with gaseous storage being the most mature and widely applied technology currently [2] - The release of the national standard for IV-type hydrogen storage bottles has accelerated the mass production process and provided a technical consensus for the industry [2][3] - The market for hydrogen fuel cell vehicles is expected to expand due to favorable government policies, reduced green hydrogen costs, and improved infrastructure [5] Industry Developments - IV-type hydrogen storage bottles have been showcased by manufacturers at the FCVC 2025, indicating a shift towards standardized products [2][3] - The first 70MPa IV-type hydrogen storage bottle produced by Zhongcai Technology (Suzhou) has a storage capacity of 18.9 kg, reaching the national standard's volume limit [3] - The company also introduced a liquid hydrogen storage system with a 1350L capacity, capable of storing approximately 88 kg of liquid hydrogen, enabling a vehicle range exceeding 1000 km [3] Market Trends - The future of hydrogen storage is expected to see a coexistence of III-type and IV-type bottles, with the latter being more suitable for fuel cell passenger vehicles due to its lightweight structure and higher hydrogen density [3][4] - The competition in the hydrogen storage sector will focus on product performance and cost, as more companies enter the market [6] - Despite recent underperformance in the hydrogen market, industry insiders remain optimistic about its future prospects [4][5]

Core Viewpoint - Despite recent losses in football, Changzhou has successfully leveraged its cultural and entertainment appeal to enhance its tourism and local economy, showcasing resilience and confidence [2][3][5]. Group 1: Tourism and Local Economy - Changzhou's tourism association launched a promotional campaign "Watch the Game, Tour the City, Win Prizes," encouraging visitors to engage in local activities while watching matches, significantly boosting local visibility [5]. - The campaign features prizes such as the Li Auto L6 Pro and Niu Umax electric scooter, highlighting the city's focus on promoting local products and enhancing its tourism sector [5][9]. - The city recorded a single-match attendance of 36,712, setting a new record for the "Su Super" league, indicating strong local support and engagement [2]. Group 2: New Energy Industry - Changzhou is recognized as a leader in the new energy sector, with a projected battery production capacity sufficient for 1 million electric vehicles by 2024, contributing to 10% of global electric vehicle production [9][13]. - The city has a complete new energy industry chain, with local companies like CATL and BYD establishing significant operations, enhancing the region's industrial strength [9][12]. - Changzhou's solar component production accounts for 10% of the national output, and the city is home to major players in the hydrogen energy sector, showcasing its comprehensive energy strategy [9][13]. Group 3: Industrial Foundation and Policy Support - The industrial foundation of Changzhou dates back over a century, with significant historical contributions to the energy sector, establishing a strong base for current developments [16][17]. - The city benefits from strategic geographical advantages, being within a three-hour transport radius of major ports, facilitating efficient supply chain operations for new energy manufacturers [17][19]. - Local government policies, including the introduction of the "Changzhou New Energy Industry Promotion Regulations," aim to foster a supportive environment for industry growth, attracting talent and investment [19][24]. Group 4: Technological Advancements - Changzhou's new energy companies are at the forefront of integrating AI technologies to enhance production efficiency and product quality, exemplified by CATL's use of AI to increase output by 320% [21][23]. - The city is planning to establish 100 advanced factories and implement numerous smart manufacturing projects by 2027, indicating a strong commitment to technological innovation [24][25]. - Changzhou aims to develop a comprehensive hydrogen energy ecosystem, with significant investments in green hydrogen production and related technologies, positioning itself as a leader in this emerging field [25].

Core Viewpoint - The hydrogen energy industry is at a critical juncture in 2025, requiring national policy support, with both domestic and international signals indicating progress in the sector [7]. Group 1: Industry Dynamics - The hydrogen energy sector is closely monitored by the TrendBank research team, focusing on production, storage, transportation, and application aspects [3]. - A national venture capital fund is being established to attract nearly 1 trillion yuan in investments, focusing on cutting-edge fields including hydrogen energy [5]. - Australia announced an investment of 750 million AUD (approximately 474 million USD) to support green mining and processing technologies, particularly hydrogen-based iron reduction [6]. Group 2: Project and Market Updates - As of Q1 2025, there are 788 domestic green hydrogen projects, with a significant increase in the scale of electrolyzer bids, growing over 58 times compared to the same period last year [8]. - The total scale of publicly bid electrolyzers in Q1 2025 reached 482.825 MW, indicating substantial project progress [9]. - The fuel cell installation capacity in Q1 2025 was 47.6 MW, with a market concentration of 74% among the top five companies [11]. Group 3: Policy and Standards - The National Energy Administration has released a guideline for the 2025 energy industry standards plan, emphasizing the development of standards in hydrogen production, storage, transportation, and fuel cell applications [7].

Core Viewpoint - DT New Energy aims to bridge domestic and international hydrogen energy and fuel cell industries, providing comprehensive services including industry research, consulting, investment, technology transfer, market promotion, media conferences, and data analysis [1]. Group 1: Industry Development - The development of hydrogen energy in China is led by fuel cell vehicles (FCVs) and is gradually transitioning to a broader hydrogen energy approach. The past reliance on policy support is shifting towards a model driven by new policy guidance and technological innovation [3][4]. - The FCV industry chain is expected to upgrade first due to its relatively mature application and technology within the larger hydrogen energy sector [3]. Group 2: FCVC Exhibition Insights - The FCVC exhibition showcased a significant increase in material companies, with discussions centered around core material iterations for fuel cells. Notable foreign material giants like Solvay, 3M, AGC, and Saint-Gobain were present, indicating a slowdown in overseas hydrogen energy development [4][6]. - The exhibition highlighted the ongoing transition in the hydrogen production sector towards high-performance competition, with companies beginning to replace core materials, such as the adoption of Solvay's short-chain perfluorosulfonic acid resin in PEM hydrogen production membranes [6][8]. Group 3: Technological Innovations and Applications - The exhibition emphasized the importance of expanding application scenarios and technological innovation in the fuel cell industry, especially in light of reduced subsidies. Companies are increasingly discussing new applications, such as hydrogen fuel cell mining trucks and hydrogen-powered drones [10][12]. - Air-cooled fuel cells have become a standard feature among exhibitors, with nearly all companies showcasing or developing this technology, reflecting its maturity and the influence of current policies [13]. Group 4: Increased State-Owned Enterprise Participation - The presence of state-owned enterprises at the FCVC has increased, indicating a growing governmental focus on hydrogen energy development. Companies like Huadian Hydrogen Energy and Zhonglian Heavy Industry showcased their fuel cell and electrolysis technologies [18]. Group 5: Consumer Engagement and Hydrogen Production - The exhibition featured more consumer-oriented products and experiences, addressing previous criticisms regarding hydrogen energy's accessibility to end-users. Activities included a hydrogen-powered two-wheeler experience event [21]. - New hydrogen production companies, such as Yifu Hydrogen Energy, also participated, indicating a rising interest in the hydrogen production segment [18]. Group 6: Upcoming Events - DT New Energy will host the "2025 Renewable Energy Hydrogen Production Industry Development Forum" on July 10-11, 2025, focusing on key materials and hydrogen production systems, including discussions on ALK/PEM/AEM technologies and market trends [23].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The solid-state battery industrialization is progressing, with Nissan announcing its first solid-state battery vehicle launch in 2028, indicating a clear trend towards solid-state battery commercialization [1] - The retail sales of new energy vehicles in June are expected to reach 1.1 million units, with a penetration rate of approximately 55%, suggesting strong demand and growth potential in the sector [1] - The report highlights the importance of cost-effective and technologically advanced electrolyzer manufacturers and companies benefiting from hydrogen infrastructure development [1] Summary by Sections Industry Overview - The electric equipment and new energy sector experienced a decline of 0.79% this week, with the wind power sector increasing by 1.63% and the nuclear power sector decreasing by 2.84% [2][10] - The report notes that the retail market for narrow passenger vehicles is projected to be around 2 million units, with a year-on-year growth of 13.4% and a month-on-month increase of 3.2% [2][25] New Energy Vehicles - Xiaomi's YU7 is set to launch at the end of June, contributing to the growing product lineup in the new energy vehicle market [1][25] - The report emphasizes the increasing demand for batteries and materials driven by the anticipated high growth in domestic new energy vehicle sales in 2025 [1] Battery Technology - Nissan confirmed the launch of its first solid-state battery vehicle in 2028, marking a significant milestone in battery technology [1][25] - The report mentions successful delivery and testing of dry-process core equipment for solid-state batteries by Xianhui Technology in collaboration with leading domestic solid-state battery companies [2][25] Photovoltaics - The report indicates that the central economic work conference has called for comprehensive rectification of "involution" competition in the photovoltaic sector, suggesting a potential increase in supply-side reforms [1] - The price of silicon materials is currently under pressure, with mainstream prices around 30-34 RMB/kg, and the report anticipates further price adjustments in the coming months [15][21] Hydrogen Energy - The report highlights ongoing policy support for the hydrogen energy sector, with the Fujian Provincial Development and Reform Commission outlining plans for hydrogen production capacity and infrastructure development [1][25] - The hydrogen energy industry is expected to achieve a total output value exceeding 60 billion RMB per year by 2030 [25] Company Developments - Xiamen Tungsten's new energy materials sales reached approximately 47,600 tons in the first five months of 2025, reflecting a year-on-year growth of about 20.95% [27] - Hengrun Co., Ltd. plans to invest 1.2 billion RMB in a project to produce 2,000 sets of wind turbine gearbox components, with construction expected to start in July 2025 [27][28]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a strategic partnership between Guoxuan High-Tech and EHang Intelligent to develop power battery systems for EH216 series aircraft, indicating a growing focus on eVTOL applications [5] - The report notes a decline in silicon material prices due to weak downstream demand, with n-type recycled material averaging 34,400 RMB/ton, down 6.27% week-on-week, and n-type granular silicon at 33,500 RMB/ton, down 2.90% [15] - The report emphasizes the importance of monitoring production control in the third quarter and identifies two key areas of focus: supply-side rigidity in silicon materials and glass, and long-term growth opportunities from new technologies [15] Summary by Sections 1. New Energy Generation - **Photovoltaics**: Weak demand has led to a decline in silicon material prices, with an expected production increase of about 8% month-on-month in June [15] - **Wind Power & Grid**: Zhongtian Technology is expected to win a bid for the 500kV submarine cable supply for the Honghaiwan VI offshore wind project, with a bid amount of 896 million RMB [16] - **Hydrogen & Energy Storage**: A tender for a 20,000-ton off-grid green hydrogen project in Gansu has been announced, with 56 electrolysis units planned [18] 2. Energy Storage - The average bidding price for W1 energy storage systems in June is reported to be between 0.6 RMB/Wh and 3.369 RMB/Wh, indicating a competitive market [24][22] - The report suggests focusing on domestic and international large-scale energy storage opportunities, highlighting companies like Sungrow Power, Haibo Technology, and others [24] 3. New Energy Vehicles - Guoxuan High-Tech's collaboration with EHang Intelligent aims to enhance the EH216 series aircraft's performance with high-density battery solutions, indicating a shift towards advanced eVTOL technologies [25] - The report notes that several lithium battery companies are entering the low-altitude market, with solid-state batteries expected to gain traction in this sector [26] 4. Industry Price Dynamics - The report provides insights into the price fluctuations within the photovoltaic industry, with specific price points for various silicon products and components [31] 5. Weekly News Highlights - The report summarizes significant industry news, including partnerships and project announcements in the new energy sector, emphasizing ongoing developments in energy storage and renewable energy projects [32][34]

Core Insights - The Future Technology Innovation Research Institute in Wuhan has successfully launched China's first domestically produced hydrogen internal combustion engine generator set, achieving 100% localization of key components [1][2] - The institute focuses on bridging the gap between scientific research and industrial application, emphasizing the importance of transforming research outcomes into commercial products [1] - The institute has established a comprehensive service system for technology transfer, including R&D in universities, concept validation, pilot testing, and industrial implementation [1] Summary by Sections - **Hydrogen Internal Combustion Engine Project**: The hydrogen internal combustion engine technology, developed over 40 years by universities, has transitioned from laboratory to commercial operation through the Future Institute's pilot testing [2] - **Incubation and Support**: The Future Institute has incubated 10 technology enterprises and facilitated over 1 billion yuan in financing, demonstrating its effectiveness in supporting startups [3] - **Collaborative Mechanism**: The institute has created a collaborative mechanism to address financing challenges for projects, providing R&D space and initial funding to attract social capital [1][2]

ESG Policies - The Shanghai Stock Exchange has developed an action plan to enhance the ESG ratings of listed companies in the Shanghai market through six key measures, including providing rating guidance, promoting communication, improving information disclosure, forming best practices, strengthening positive incentives, and enhancing management performance [1] ESG Index Adjustments - The Shenzhen Stock Exchange has announced a periodic adjustment of its indices, including the ChiNext Index, which will exclude companies rated below B in the National ESG rating, while implementing a weight adjustment factor with a 20% weight cap for individual stocks during each adjustment [2][3] Global Energy Transition - The World Economic Forum's report indicates that China's ranking in the Energy Transition Index has improved to 12th place globally, surpassing France, the UK, and the US, reflecting the country's commitment to green development and providing a significant practical example for global energy transition [4] Green Finance Development - China's green credit market is the largest globally, with green bonds and green insurance markets also ranking among the top worldwide. The demand for funding to meet carbon emission targets by 2030 is expected to exceed 25 trillion yuan, indicating substantial growth potential in green finance [5] Contribution to Global Sustainability Standards - The ISSB Chairman has acknowledged China's recent draft on corporate sustainability disclosure, highlighting its commitment to improving the quality and transparency of climate-related financial information, thereby enhancing global comparability in information disclosure [6] Hydrogen Industry Development - Hunan Province has issued a three-year action plan for hydrogen industry development, aiming to create a high ground for hydrogen equipment and materials, and establish application demonstration zones, which may foster new green growth in the central region and provide replicable practices for national hydrogen industry development [7]