四川：到2035年，可再生能源制氢广泛应用，绿氢在终端能源消费中的比重明显提升 金十数据6月4日讯，四川省经济和信息化厅印发《四川省氢能产业中长期发展规划（2025—2035 年）》，规划提出，到2035年，可再生能源制氢广泛应用，绿氢在终端能源消费中的比重明显提升，初 步建成国内主要绿氢供应基地，成为具有全国影响力、具备四川特色的氢能高端装备研发制造及综合应 用高地。 （四川省经信厅） ...

Core Viewpoint - Sichuan Province is advancing its hydrogen energy industry by implementing a long-term development plan that focuses on various hydrogen production technologies and storage solutions [1] Group 1: Hydrogen Production Technologies - The plan emphasizes the development of green and large-scale hydrogen production technologies, aiming to break through megawatt-level proton exchange membrane electrolysis technology [1] - It includes research on solid oxide electrolysis, anion exchange membrane electrolysis, and advanced methods such as photolytic water splitting and high-temperature nuclear hydrogen production [1] Group 2: Hydrogen Storage Solutions - The focus is on achieving breakthroughs in manufacturing technologies for high-pressure hydrogen storage tanks (70 MPa and above) and low-temperature liquid hydrogen storage tanks [1] - There is an emphasis on increasing research into salt cavern hydrogen storage, solid-state hydrogen storage, organic liquid hydrogen storage, and deep cryogenic liquid hydrogen technologies [1] Group 3: Infrastructure and Transportation - The plan also explores the technology for blending hydrogen with natural gas and the transportation of pure hydrogen through pipelines [1]

Group 1 - China has surpassed Japan in hydrogen-related patent competitiveness, ranking first in four out of five fields, excluding "utilization" [1] - The number of hydrogen-related patent applications in China has doubled compared to Japan since the announcement of carbon peak targets in September 2020 [1] - In the manufacturing sector, Chinese companies have significantly reduced equipment costs, with costs for green hydrogen production facilities being only one-fourth of those in Europe as of 2023 [2] Group 2 - Chinese companies hold a 60% share of the global manufacturing capacity for electrolyzers, with increasing orders from overseas brands [2] - The Chinese government has set a target to increase green hydrogen production to 100,000 to 200,000 tons annually by 2025, with progress already exceeding expectations [2] - The number of electrolyzer manufacturers in China is projected to reach 100 to 200 by 2024, compared to only a few in Japan [3] Group 3 - China's hydrogen demand reached 28 million tons in 2023, accounting for 30% of the global market [3] - The country is focusing on connecting renewable energy-rich inland areas with industrial coastal regions to create a self-sufficient hydrogen production and sales mechanism [3] - In Europe, rising interest rates and material costs are negatively impacting the hydrogen market, leading to reduced production targets from major companies [4] Group 4 - Japan's hydrogen strategy has faced challenges, with limited participation from companies compared to China's competitive landscape [3] - The Japanese government plans to subsidize the high costs of hydrogen production but has seen limited project participation [4] - Japan risks missing growth opportunities if it fails to capitalize on the expanding demand for hydrogen [4]

Core Insights - The global hydrogen energy industry is experiencing a historic turning point, with China surpassing Japan in comprehensive patent competitiveness for the first time, marking a significant shift in clean energy technology leadership [1][2]. Group 1: Patent Competitiveness - China ranks first in four out of five key technology areas in hydrogen energy, including manufacturing, storage and transportation, safety management, and overall competitiveness [2]. - In the manufacturing sector, China holds 60% of global electrolyzer production capacity, significantly reducing green hydrogen equipment costs to one-fourth of those in Europe [2]. - China's patent score is 12.7 percentage points ahead of Japan, with an average of 27,000 patent applications per year over the past five years, double that of Japan [2][3]. Group 2: Policy and Market Support - The acceleration of policy support is evident, with the 2022 "Hydrogen Industry Development Medium- and Long-Term Plan" positioning hydrogen as a key component of the national energy system, aiming for a green hydrogen production target of 200,000 tons by 2025, which has already been exceeded in 2024 [3]. - Local governments have introduced 560 special policies to support hydrogen development, including innovative mechanisms like toll fee exemptions and non-chemical park hydrogen production [3]. - The demand market is robust, with China's hydrogen consumption reaching 28 million tons in 2023, accounting for 30% of global demand, driven by industrial applications such as Baowu Steel's hydrogen-based blast furnace [3].

Core Viewpoint - China has surpassed Japan in hydrogen-related patent competitiveness, ranking first in four out of five key areas: manufacturing, storage, transportation and supply, and safety management, while Japan remains ahead in utilization [1][3]. Group 1: Patent Statistics and Competitiveness - A total of approximately 180,000 patents were filed globally from 2013 to 2022, with China leading in four areas of hydrogen technology [3]. - The number of hydrogen-related patent applications from China has doubled compared to Japan since the announcement of carbon peak targets in September 2020 [3]. - In the manufacturing sector, Chinese companies have significantly improved their technological capabilities, particularly in electrolyzers for hydrogen production [1][3]. Group 2: Manufacturing and Market Share - Chinese companies account for 60% of the global electrolyzer manufacturing capacity, with increasing orders from overseas brands [4]. - Chinese firms prioritize market share and growth over immediate profitability, planning to expand production capacity and establish local factories in Europe and the Middle East [4]. - China has captured over half of the global market share in photovoltaic panels and wind turbines, leveraging its renewable energy advantages in the hydrogen sector [4]. Group 3: Government Policies and Industry Growth - The Chinese government announced a hydrogen industry development plan in 2022, aiming to increase green hydrogen production to 100,000 to 200,000 tons annually by 2025, with progress already exceeding targets [4]. - The number of electrolyzer manufacturers in China is expected to grow from 100 to 200 by 2024, compared to only a few major players in Japan [4]. Group 4: Demand and Market Dynamics - China's hydrogen demand reached 28 million tons in 2023, accounting for 30% of the global market, driven by industrial applications in sectors like chemicals and steel [5]. - The country is developing a mechanism to connect renewable energy-rich inland areas with industrial coastal regions for hydrogen production and consumption [5]. - In contrast, the hydrogen market in Europe faces challenges due to rising interest rates and material costs, leading to downward adjustments in production targets by major companies [5].

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Viewpoints - The report tracks marginal changes in the carbon market since 2025, indicating a 60% expansion progress in the carbon market, with expectations for quota prices to rebound in the second half of the year [2][4] - The issuance of green certificates (绿证) is expected to achieve full coverage by the end of 2024, with a year-on-year increase in trading volume of 3.64 times, indicating an upward price trend [2][5] - The market activity of CCER (China Certified Emission Reduction) is anticipated to continue expanding due to methodological expansion [2][7] - The dual carbon strategy is accelerating, with sectors such as waste incineration, carbon monitoring, CCUS, hydrogen energy, electric sanitation vehicles, and recycling resources expected to benefit [2][8] Summary by Sections Quotas - After the compliance period, quota prices have declined, with a current market expansion progress of 60%. The price dropped from over 100 yuan per ton at the end of last year to 68.46 yuan per ton by May 30, 2025, primarily due to weak demand during the non-compliance period [4][22] - The carbon market's coverage of carbon dioxide emissions is expected to increase from about 40% to over 60% with the inclusion of the steel, cement, and aluminum industries [4][24] Green Certificates - The issuance of green certificates has accelerated since mid-2024, with a completion rate of 95% for centralized renewable energy projects by the end of 2024. A total of 4.677 billion green certificates were issued, with wind, conventional hydropower, solar power, and biomass power accounting for 40.77%, 33.73%, 17.18%, and 8.15% respectively [5][29] - The trading volume of green certificates in 2024 increased by 3.64 times year-on-year, with the manufacturing sector consuming nearly 70% of the total [5][35] CCER - Since October 2023, the progress of CCER has accelerated, with the release of new methodologies and the establishment of a basic institutional framework for voluntary emission reduction trading [7][45] - The price of CCER is expected to maintain a moderate upward trend as more industries are included in the carbon quota management [49] Investment Strategy - The dual carbon strategy is advancing rapidly, with the carbon market construction accelerating. The report highlights potential investment opportunities in waste incineration, carbon monitoring, CCUS, hydrogen energy, electric sanitation vehicles, and recycling resources [8][52] - Companies such as Huanlan Environment, Guangda Environment, and Weiming Environment are expected to benefit from the green certificate replacing national subsidies, improving cash flow [52][53]

Core Viewpoint - The strategic cooperation between Zhongyuan Nepe and Sunshine New Energy aims to enhance green energy consumption, reduce energy costs, and improve product competitiveness while contributing to the "dual carbon" goals [1][2][3] Group 1: Strategic Cooperation Details - Zhongyuan Nepe signed a strategic cooperation agreement with Sunshine New Energy to build a 100MW wind power project in Mengzhou, with an initial phase of 50MW [2] - The cooperation focuses on hydrogen energy equipment manufacturing, leveraging both companies' strengths to develop a comprehensive hydrogen energy manufacturing system [2][3] - The partnership includes collaboration on hydrogen infrastructure, such as hydrogen production and refueling stations, and aims to replace traditional energy sources with green alternatives [2] Group 2: Benefits and Goals - The cooperation is expected to accelerate Zhongyuan Nepe's energy structure transformation and promote green development, enhancing the company's core competitiveness [3] - By utilizing renewable energy and reducing costs, the partnership aims to achieve mutual benefits and drive the transition to green energy [2][3] - The collaboration will also facilitate the promotion of hydrogen fuel cell systems and expand the hydrogen energy industry chain [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The offshore wind projects in the Guangdong province are expected to accelerate, with two major projects totaling 3GW being highlighted [5][10] - The wind power index has shown a 0.61% increase, outperforming the CSI 300 index by 1.69 percentage points [12] - The report emphasizes the growing investment opportunities in the deep-sea wind power sector due to advancements in technology and equipment [11][35] Summary by Sections Wind Power: Acceleration of Offshore Projects - The Guangdong provincial government has announced two offshore wind projects with a total capacity of 3GW, expected to commence construction between 2025 and 2026 [10][11] - The projects include the Yue East Offshore Wind Power 001 project with a capacity of 1.7 million kW and the Yue East Offshore Wind Power 004 project with a capacity of 1.3 million kW [11] - The report indicates that the conditions for deep-sea wind power development are maturing, presenting new investment opportunities [11] Market Performance Review - The wind power index (866044.WI) increased by 0.61% during the week of May 26 to May 30, 2025, with a current PE_TTM valuation of approximately 18.68 times [12][21] - The report notes that the wind power sector has outperformed the broader market, as indicated by the comparison with the CSI 300 index [12] Solar Power: BC Camp Expanding Product Matrix - Recent product launches from companies like Aiko Solar and Longi Green Energy are aimed at enhancing the efficiency and aesthetic appeal of solar panels [6] - The report highlights the increasing demand for BC technology products, which are being tailored to meet diverse customer needs [6] Energy Storage & Hydrogen: Green Power Direct Connection Policy - New policies promoting direct connections for green electricity are expected to boost the development of solar and storage solutions [6] - The report suggests that this model could simplify the electricity supply chain and enhance economic viability for both producers and consumers [6] Investment Recommendations - For wind power, the report recommends focusing on companies such as Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to the positive outlook for offshore wind power [6] - In the solar sector, companies like Dier Laser, Longi Green Energy, and Aiko Solar are highlighted as key players to watch [6] - The report also emphasizes the importance of monitoring policy changes and competitive dynamics in the solar supply chain [6]

Core Viewpoint - The green transition in shipping will drive the consumption of green methanol, clarifying downstream scenarios and opening up new capacity application breakthroughs for green hydrogen ammonia methanol projects, directly accelerating the commencement and implementation of green hydrogen projects [1] Green Methanol Consumption - Major global shipyards are purchasing methanol vessels and collaborating with upstream green methanol operators and port enterprises to ensure future green fuel supply. Currently, the operational green methanol capacity is only over 200,000 tons, while the demand from methanol-powered vessels is approximately 930,000 tons, indicating a supply-demand gap and a window for capturing green premiums. The shipbuilding cycle is about two years, with significant actions expected to commence in the second half of 2025, benefiting green methanol operators that first implement projects and collaborate with green methanol shipowners [2] Upstream Hydrogen Production - The construction cycle for various green methanol projects is 1 to 2 years. To align with the operational cycle of green methanol vessels (27 years under the IMO net-zero framework), it is anticipated that the existing approved but unstarted green hydrogen ammonia methanol projects will accelerate construction starting in the second half of 2025, driving demand for upstream hydrogen production equipment. It is estimated that the domestic electrolyzer bidding volume will reach 1.5 GW in 2025, with a preference for state-owned enterprises and related cooperative companies, recommending equipment companies with project experience [3] Fuel Cell Vehicles - Nine provinces and three cities have announced toll fee exemptions for hydrogen vehicles, marking a breakthrough in application scenarios. The year 2025 is the final year for demonstration city cluster policies and the first settlement point for the medium- to long-term hydrogen energy plan. The expansion of city clusters and the issuance of subsidies will accelerate the release of fuel cell vehicle volumes, with a focus on leading companies in fuel cell components [4] Key Recommendations - Recommended companies include Huadian Technology (601226), Huaguang Huaneng (600475), and Jidian Co., Ltd. (000875) [5]

Group 1: Electric Vehicle Sales - Major automakers reported May sales for new energy vehicles, with BYD selling 382,500 units, a year-on-year increase of 15.28% [1][3] - Zeekr sold 46,500 units, up 15.2% year-on-year, while Leap Motor's sales reached 46,100 units, showing a significant increase of over 148% [1][3] - Xpeng sold 33,500 units, marking a 230% year-on-year growth, and Li Auto sold 40,900 units, up 16.7% year-on-year [1][3] - NIO's sales were 23,200 units, reflecting a 13.1% increase, and Xiaomi's automotive sales exceeded 28,000 units [1][3] Group 2: Solar and Wind Energy - China's photovoltaic installed capacity saw rapid growth in Q1, with optimistic demand forecasts for the U.S. and emerging economies [2] - The central economic work conference emphasized the need for supply-side reforms in the photovoltaic sector, focusing on cost reduction and efficiency improvements [2] - Wind energy projects are expected to progress steadily, with demand anticipated to improve by 2025, benefiting both domestic and overseas markets [2] Group 3: Hydrogen Energy and Industry Developments - The hydrogen energy sector is being driven by policies promoting industrialization, with applications in green hydrogen and chemical sectors expected to expand [2] - China Petroleum & Chemical Corporation announced its initiative to invest in the hydrogen energy industry chain [3][4] - A new fund has been established with an initial scale of 5 billion yuan, targeting the entire hydrogen energy value chain [4] Group 4: Company Updates - Maiwei Co. plans to issue convertible bonds to raise 1.966 billion yuan for the industrialization of perovskite solar cell equipment [4] - JA Solar's application for H-share listing has been accepted by the China Securities Regulatory Commission [4] - Longi Green Energy's CEO has stepped down from his position to focus on R&D and technology management [4]