试点方向： 文 | 国家能源局 6月10日，国家能源局官网印发了《 关于组织开展能源领域氢能试点工作的通知 》（国能综通 科技〔2025〕91号）。通知指出， 国家能源局将遴选部分项目和区域开展氢能试点工作，进一 步推动创新氢能管理模式，探索氢能产业发展的多元化路径，形成可复制可推广的经验，支撑氢 能"制储输用"全链条发展。 项目试点： 依托项目试点推动氢能先进技术与关键装备推广应用，支撑开展各类标准可行性和 有效性验证， 探索技术先进、模式清晰、可复制推广的项目开发方案。 项目试点由业主单位进 行申报，以单一试点方向为主。相关项目原则上应已完成核准、备案等工作，确保试点项目顺利 投运，商业模式清晰、成本效益明显、减碳效果突出，支持项目应用国家科技重大专项、国家重 点研发计划、首台（套）重大技术装备、能源领域研发创新平台等攻关成果，支撑打造技术装备 成果推广应用新场景、新模式、新机制，巩固提升氢能产业创新力、竞争力。 区域试点： 依托区域试点推动建立健全氢能跨部门协作机制和管理模式，探索创新可持续的绿 色价值实现机制，统筹衔接各类政策资源。 区域试点由牵头城市进行申报，覆盖城市不超过 3 个， 可统筹组织实施 ...

Core Viewpoint - The article emphasizes the importance of advancing hydrogen energy development through a comprehensive approach that includes production, storage, transportation, and utilization, aiming to establish a clean, low-carbon, safe, and efficient energy system [3][4][5]. Group 1: Pilot Directions - Hydrogen production will focus on large-scale hydrogen generation and integration in areas rich in renewable resources, with a minimum electrolyzer capacity of 100 MW or gasification capacity of 20,000 standard cubic meters per hour [6]. - Advanced flexible off-grid hydrogen production will be explored in remote areas, with a minimum electrolyzer capacity of 10 MW [7]. - Clean and low-carbon hydrogen development will utilize by-product hydrogen from industrial processes and encourage carbon capture in fossil fuel hydrogen production, with a minimum hydrogen purification capacity of 5,000 standard cubic meters per hour [8]. Group 2: Hydrogen Storage and Transportation - Large-scale and long-distance hydrogen transportation will involve pipelines and liquid hydrogen tanks, with a liquid hydrogen plant capacity of no less than 5 tons per day and pipeline lengths of at least 100 kilometers [9]. - High-density and diversified hydrogen storage technologies will be tested, with a minimum storage capacity of 20,000 standard cubic meters per project [10]. Group 3: Hydrogen Applications - Renewable energy hydrogen production will replace traditional processes in refining and coal-to-oil gas production, with a minimum replacement scale of 1,000 tons per year [11]. - Hydrogen and ammonia fuel applications will support low-carbon transformation in power generation, with project scales of at least 10 MW for gas turbines and 300 MW for coal boilers [12]. - Hydrogen storage systems will be developed to support renewable energy integration, with a minimum capacity of 1 MW and continuous operation for at least 4 hours [12]. Group 4: Common Support - Establishing hydrogen energy verification platforms will support the validation of key hydrogen equipment and quality management [14]. - Low-carbon transformation pilots will focus on integrating renewable hydrogen production, storage, and multi-energy complementarity in various industrial settings [16]. Group 5: Implementation Organization - Each unit is required to organize pilot project applications based on local conditions, with a maximum of five projects recommended by provincial energy authorities [17]. - The application materials must be accurate and complete, showcasing the advantages and potential of the pilot projects [18]. - The National Energy Administration will guide the hydrogen energy pilot work and address practical issues during implementation [21].

Core Viewpoint - Foton Motor's hydrogen power system factory marks a significant step in the company's comprehensive strategy for new energy, internationalization, and intelligent manufacturing, positioning itself as a leader in the hydrogen fuel cell commercial vehicle sector [1][2][5]. Group 1: Factory Overview - The Foton Kavin hydrogen power system factory integrates hydrogen fuel engine, electric drive bridge, and hydrogen storage system production, showcasing full autonomous and process manufacturing capabilities [1]. - The factory features three specialized production lines: hydrogen fuel cell engine production, heavy-duty electric drive bridge assembly, and vehicle-mounted hydrogen storage systems, utilizing advanced assembly and testing technologies [2][4]. Group 2: Technological Integration - The factory employs advanced manufacturing processes and integrates digital technologies such as the Internet, big data, and artificial intelligence to create a highly digitalized and intelligent production system [4]. - Smart logistics solutions are implemented, including automated material handling and storage, enhancing the efficiency of production material flow [4]. Group 3: Industry Leadership and Achievements - Foton Motor has promoted over 3,200 hydrogen fuel commercial vehicles, accumulating over 120 million kilometers in operational mileage, demonstrating its commitment to the hydrogen fuel vehicle market [5][6]. - The company has achieved breakthroughs in key technologies related to low-energy liquid hydrogen production, storage, and refueling, continuously enhancing the hydrogen industry chain [6][8]. Group 4: Future Outlook - The hydrogen power system factory aims to produce 5,000 units annually across various power segments, supporting the transition to a zero-carbon economy and enhancing the reliability of fuel cell systems [8]. - Foton Motor's investment in hydrogen technology is seen as a pivotal move towards leading the commercial vehicle industry into a new era of hydrogen energy [8].

未来，随着电解水制氢设备成本下降、效率能效提升，可再生能源制氢将进一步为氢价指数下行提供降 本保障。基于储运效率对用氢价格带来的直接影响，多元化的储运模式探索将逐步驱动价格平台期实现 突破并推动生产消费价差持续收窄。 《报告》进一步提出，可考虑从加大产业支持力度、优化氢源供应保障、提升规模经济效应和加快区域 模式创新四个方面突破由氢气应用成本带来的产业瓶颈问题，提升我国氢能产业发展活力。 中化新网讯 日前，由中国氢能联盟研究院编写的《中国氢价指数年度报告（2025年版）》（以下简称 《报告》）正式发布，其中指出，近年来，我国氢价指数稳步下降，可再生氢竞争力指数呈波动上升趋 势。未来，存量工业副产氢和化石能源制氢富余产能的深度挖潜，以及电解水制氢设备成本下降、效率 能效提升，可支撑氢价指数进一步下降。 《报告》系统梳理了2021年9月以来中国高纯氢生产侧和消费侧价格情况。总体来看，全国氢价指数整 体呈稳步下降趋势，其中示范城市群在政策引导下降幅显著，非示范城市群受政策效应溢出影响呈现缓 步下降态势。分区域来看，示范城市群内，京津冀、上海、广东、河北和郑州五大城市群生产和消费侧 氢价指数受资源、政策和市场化运营等 ...

Group 1 - The core viewpoint of the articles highlights the significant advancements in green hydrogen production and utilization in Baotou City, particularly through the demonstration project by Inner Mongolia Huadian Hydrogen Energy Technology Co., Ltd. [1][2] - The project integrates a 20 MW renewable energy hydrogen production capacity with a chemical company, achieving an annual production of 7,800 tons of green hydrogen and a 20% blending ratio with natural gas for industrial use [1][2] - The project is noted for its environmental benefits, including improved combustion efficiency and substantial reductions in CO2 and CO emissions, marking it as a pioneering initiative in the industrial hydrogen blending sector in China [1] Group 2 - Baotou City aims to establish itself as a national hub for green hydrogen innovation by 2024, focusing on creating a comprehensive hydrogen industry chain and optimizing the business environment [2] - The city has already made significant progress, including the establishment of key hydrogen production projects and the development of the first solid-state hydrogen storage device in the country [2] - The hydrogen industry in Baotou is rapidly evolving, with commercial operations of hydrogen fuel heavy trucks and a growing network of companies involved in hydrogen production, storage, and application [2]

Group 1 - Indonesia's state-owned electricity company has partnered with Singapore's Sembcorp Industries to build one of Southeast Asia's largest green hydrogen plants in Sumatra, with an annual production capacity of 100,000 tons [1] - The green hydrogen industry is crucial for addressing energy shortages in Indonesia's industrial sector and achieving carbon reduction goals [1] - Indonesia is the world's second-largest geothermal power producer and is expected to exceed 200 GW of solar photovoltaic capacity, providing a solid foundation for the green hydrogen industry [1] Group 2 - Indonesia's current annual hydrogen production is approximately 1.75 million tons, primarily used in the industrial sector for fertilizer production [2] - In November 2023, 21 green hydrogen plants operated by the state electricity company began production, generating about 200 tons of green hydrogen annually [2] - The company plans to launch its first hydrogen refueling station in Jakarta in February 2024, which will use hydrogen produced from its green hydrogen plants [2] Group 3 - The Indonesian government aims to achieve an annual hydrogen production of 9.9 million tons by 2060, prioritizing hydrogen energy development in the transportation sector [2] - The National Energy Commission estimates that by 2035, Indonesia will have over 240,000 hydrogen-powered trucks [2] - Numerous companies are conducting hydrogen technology research projects across various regions in Indonesia, contributing to the long-term development of the hydrogen industry [2] Group 4 - The Ministry of Energy and Mineral Resources is actively developing a national hydrogen and ammonia roadmap and industry standards to enhance the competitiveness of Indonesia's green hydrogen market [3] - Indonesia has competitive advantages in hydrogen production and the potential to become a global hydrogen energy hub [3]

Core Viewpoint - The hydrogen energy industry is experiencing a significant policy shift in China, with a focus on promoting clean low-carbon hydrogen rather than solely green hydrogen, aiming for practical applications in various industrial sectors [3][4][5]. Policy Developments - On May 12, 2023, Vice Premier Ding Xuexiang conducted research on green shipping and hydrogen applications, highlighting the government's commitment to hydrogen energy [3]. - A joint document titled "Action Plan for the Protection and Construction of Beautiful Rivers and Lakes (2025-2027)" was released, emphasizing the promotion of green hydrogen and other renewable energy vessels, notably excluding pure electric vessels [3]. - On May 23, 2023, the State Council approved the "Action Plan for Green and Low-Carbon Development of Manufacturing Industry (2025-2027)," which includes promoting clean low-carbon hydrogen in industrial applications [4]. Industry Focus - The new policies aim to address bottlenecks in the application of clean low-carbon hydrogen, facilitating its large-scale use in metallurgy, chemical, and petrochemical industries [4][5]. - The definition of hydrogen is shifting towards clean low-carbon hydrogen, encouraging the use of various hydrogen production methods, including by-products and coal-derived hydrogen [4]. Technological Advancements - The hydrogen storage and transportation sector is expected to accelerate, with policies likely to support the development of related projects [5]. - Emphasis is placed on technological breakthroughs and the effective implementation of hydrogen projects to drive innovation and avoid stagnation in the industry [5]. Upcoming Events - DT New Energy will host the "2025 (Fifth) Renewable Energy Hydrogen Production Industry Development Forum" on July 10-11, 2025, in Jiangsu, focusing on key materials and hydrogen production systems [6][7]. - The forum will cover various topics, including the current status and trends of renewable energy electrolysis for hydrogen production, advancements in key materials, and the integration of hydrogen and ammonia projects [10][11]. Participation and Collaboration - The forum aims to foster collaboration among industry experts, research institutions, and enterprises, promoting integrated development and addressing new challenges in the hydrogen sector [6][10].

Summary of Platinum Market Insights Industry Overview - The platinum market is experiencing significant changes, with global production expected to decline from 227 tons in 2024 to 218 tons in 2025, a decrease of 4% [11] - South Africa, the largest producer, is facing production challenges due to power system failures and policy changes, leading to a drop in output from 130 tons in 2024 to 120 tons in 2025 [11][12] - The global platinum supply is under pressure, with a projected supply gap of 26 tons this year, reducing surface inventory to 79 tons, sufficient for only three to four months of demand [20] Key Points and Arguments - **Price Dynamics**: Platinum prices have surged, with London spot prices exceeding $1,170 per ounce and Shanghai Gold Exchange prices reaching 277 RMB per gram, marking a 20% increase year-to-date [1][3] - **Supply and Demand Imbalance**: In Q1 2025, global platinum production fell by 10% to 45 tons, while demand rose by 10% to 71 tons, leading to a critical inventory situation [1][4] - **Cost Structure**: The cash cost of platinum production is approximately $850 per ounce, with full sustaining costs averaging $1,050 per ounce. South African deep mines have cash costs as high as $1,150 [7][8] - **Technological Innovations**: Potential breakthroughs in hydrogen pump technology and MIT's ionic liquid recovery technology could reshape demand dynamics, significantly increasing recovery rates and reducing platinum usage in fuel cells [18][19] Additional Important Insights - **Investment Trends**: The global platinum investment scale has surpassed $520 million, with significant growth potential compared to gold. Demand is primarily driven by hydrogen energy policies in China and industrial applications [17] - **Geopolitical Risks**: Geopolitical factors, such as South African policy instability and sanctions on Russia, are contributing to supply chain uncertainties and price volatility [21] - **Demand Drivers**: Key demand sectors include automotive catalysts, hydrogen energy, industrial manufacturing, jewelry, and investment. The hydrogen sector is expected to grow by 40%, driven by policy and technological advancements [15][16] - **Recycling Challenges**: Although recycling volumes are expected to increase slightly, they remain insufficient to offset declines in mined supply, primarily due to a shortage of scrap catalytic converters [12][13] Conclusion The platinum market is navigating through a complex landscape characterized by declining production, rising prices, and evolving demand dynamics. Investors should closely monitor geopolitical developments, technological advancements, and shifts in supply and demand to identify potential opportunities and risks in this sector.

Summary of Hydrogen Energy Industry Conference Call Industry Overview - The hydrogen energy industry is focusing on breakthroughs in downstream applications, particularly in green fuel for shipping, which is expected to accelerate the commercialization of green hydrogen and the development of its supply chain [2][4][9]. Key Points Hydrogen Production Capacity and Projects - As of 2025, electrolysis hydrogen production projects have achieved a capacity of 110,000 tons, meeting the baseline target of 100,000 tons set in the "Hydrogen Energy Industry Medium and Long-term Planning" and aiming for a capacity of 200,000 tons [1][3]. - There are 6 GW of electrolyzer bidding volumes, indicating significant demand potential for hydrogen production equipment, but the project implementation speed needs to be improved [1][6]. Fuel Cell Vehicle Market - As of April 2025, the number of fuel cell vehicles is 29,000, with a target of 50,000 by the end of the year, indicating a shortfall of 21,000 vehicles [5]. - Policies such as highway demonstrations and exemptions from hydrogen highway fees are expected to open up market opportunities for fuel cell vehicles [5][18]. Price Trends and Cost Reductions - The prices of hydrogen production equipment have decreased significantly, with alkaline electrolyzers dropping by 44% and PEM electrolyzers by 29% year-on-year [7]. - The average production cost of green hydrogen is expected to decline further, enhancing the profitability of green hydrogen projects [7]. Green Methanol and Shipping Fuel - Green methanol and shipping fuel are identified as critical areas for the rapid absorption of green hydrogen [1][8]. - Approximately 300 methanol-fueled ships have been ordered, corresponding to a demand of about 6.8 million tons of methanol, which will drive green hydrogen demand [1][8][12]. IMO Sulfur Cap Policy - The IMO's sulfur cap policy, effective from 2027, will impose carbon taxes on large ocean-going vessels, significantly boosting demand for green shipping orders [4][9]. - The policy is expected to lead to a surge in orders from October this year to the first half of next year, benefiting green methanol demand [4][9]. Investment Opportunities - Investment recommendations focus on breakthrough scenarios in the hydrogen industry, particularly in the purification and filter equipment sectors [20]. - Companies such as Goldwind Technology and Jidian Co. are highlighted for their upcoming projects that will contribute to green hydrogen production [20][21]. Fuel Cell System Market - The fuel cell system market is characterized by stable competition, with major players like Yihua Tong and Zhongshun Energy showing strong performance [19]. - The price of fuel cell systems has decreased to around 3 yuan per watt, which is expected to positively impact the industry's growth [19]. Policy Impact - Key policies include exemptions from highway fees and the establishment of hydrogen highways, aimed at addressing downstream demand issues, particularly for long-haul heavy-duty hydrogen vehicles [17][18]. Additional Insights - The current opening of the carbon trading market and the lack of mandatory policies may hinder domestic green fuel consumption, leading to a focus on overseas exports [8]. - The expected increase in the blending ratio of green methanol in ships from 2028 to 2030 could lead to a substantial rise in global green methanol demand, estimated at 40 million tons [12]. This summary encapsulates the critical developments and projections within the hydrogen energy sector, highlighting both opportunities and challenges ahead.

Group 1: Strategic Layout - The company is transitioning from traditional coal-fired units to clean energy units, focusing on "electricity, heat, hydrogen, and storage" [1] - In the electricity sector, the company has a photovoltaic installed capacity of 1.05 million kW and is constructing an additional 70,000 kW [1] - The gas power capacity stands at 962,000 kW, with an additional 1.84 million kW under construction [1] - Plans to upgrade 1.08 million kW of small coal-fired units and develop new ultra-supercritical units are underway [1] - The heat sector is being consolidated into a thermal energy group to expand quality energy supply projects [1][2] Group 2: Hydrogen and Storage Initiatives - The company is actively developing the hydrogen energy sector, collaborating with major automotive and energy companies [2] - A hydrogen industry fund has been established to integrate resources within the hydrogen sector [2] - A storage company has been formed to implement smart manufacturing and storage industry plans, with operational production lines already in place [2] Group 3: Financial Performance - In Q1 2025, the company reported a net profit increase of 210.36% compared to the same period last year [3] - The net profit excluding non-recurring gains rose by 151.37%, with basic and diluted earnings per share both increasing by 209.93% [3] Group 4: Coal Procurement Strategy - The company emphasizes cost control in fuel procurement, focusing on domestic sourcing and strategic partnerships with major coal producers [4] - The procurement strategy aims to ensure stable supply and effective cost management [4] Group 5: Future New Energy Plans - The company plans to enhance the flexibility of its power units in response to two-part electricity pricing reforms [5] - Several gas-fired projects are set to be operational by 2023, contributing to low-carbon and efficient power supply in the Greater Bay Area [6] - Ongoing photovoltaic projects are expected to yield significant economic, ecological, and social benefits [6]