Core Viewpoint - Yihuatong has decided to terminate the "Fuel Cell Comprehensive Testing and Evaluation Center Project" due to the current development needs and the adequacy of existing testing capabilities [2][5][6] Group 1: Project Termination - The project was initially planned with a total investment of 220 million yuan, with 150 million yuan intended to be funded from raised capital [2][5] - As of May 20, the actual investment in the project was only 32.44 million yuan, with 125 million yuan remaining in the dedicated account [2][5] - The decision to halt the project was influenced by the rapid changes in the hydrogen energy industry and the emergence of third-party testing capabilities, which reduced the necessity for self-built testing facilities [6][7] Group 2: Financial Performance - In 2024, Yihuatong reported a net loss of 456 million yuan, marking five consecutive years of losses totaling over 1 billion yuan [12] - The company’s revenue in the first quarter of 2025 was 10.53 million yuan, a year-on-year decline of 19.92% [12] - As of the end of the first quarter, Yihuatong had only 533 million yuan in cash, while short-term borrowings amounted to 648 million yuan [12] Group 3: R&D Adjustments - Yihuatong's R&D investment decreased to 139 million yuan in 2024, a year-on-year reduction of 18.37% [8] - The number of R&D personnel dropped from 346 to 156, although total compensation for R&D staff saw a slight increase [8] - The company is focusing on optimizing its R&D strategy to concentrate resources on more strategically significant projects [8][9] Group 4: Funding and Financing - Yihuatong has attempted to broaden its financing channels, raising approximately 790 million yuan during its time on the New Third Board and 1.551 billion yuan through IPO and additional offerings on the Sci-Tech Innovation Board [12] - The company is currently in the process of acquiring 100% of Xuyang Hydrogen Energy and plans to raise up to 550 million yuan in matching funds [13][14] - The stock price for the last trading day before suspension was 24.23 yuan per share, with the expected issuance price at 18.53 yuan per share, indicating a discount of approximately 23.52% [13]

Core Viewpoint - China Petrochemical Corporation (Sinopec) has officially established the largest hydrogen energy investment fund in China, with an initial scale of 5 billion yuan, aimed at developing the entire hydrogen energy industry chain [1][2]. Group 1: Fund Establishment and Objectives - The hydrogen energy fund, initiated by Sinopec, has completed its registration and is focused on investing in key materials, core equipment, and original technologies across the hydrogen energy industry chain [1]. - The fund aims to create a hydrogen energy ecosystem and support the high-quality development of China's hydrogen energy industry [1]. Group 2: Management and Partnerships - Sinopec Capital Co., Ltd. will manage the fund through its wholly-owned subsidiary, Sinopec Private Equity Fund Management Co., Ltd., with external partners including Shandong New Kinetic Energy Fund Management Co., Ltd. and Yantai Guofeng Investment Holding Group Co., Ltd. [1]. - The fund has established a comprehensive post-investment empowerment mechanism to explore the synergistic value between invested companies and Sinopec's entire industry chain [1]. Group 3: Industry Development and Achievements - Sinopec has been actively promoting the construction of the hydrogen energy industry chain, establishing a green hydrogen innovation consortium, and building hydrogen fuel cell supply centers and hydrogen stations [2]. - The company has constructed 11 hydrogen fuel cell supply centers and 144 hydrogen stations, becoming the enterprise with the most operational hydrogen stations globally [2]. - Sinopec Capital has invested in 13 companies across various segments of the hydrogen energy industry, including hydrogen production technology and hydrogen fuel cell manufacturing [2].

Group 1 - Clean hydrogen is a crucial catalyst for decarbonizing hard-to-abate sectors like steel and industrial chemicals in the Asia-Pacific region, representing significant economic opportunities [1][6][9] - By 2030 and 2050, the Asia-Pacific region will require 67 million tons and 235 million tons of hydrogen, respectively, to meet net-zero targets, with China and India accounting for approximately 80% of this demand [1][10][12] - The market value of clean hydrogen in the Asia-Pacific region is projected to reach $600 billion by 2050, constituting half of the global market [1][14] Group 2 - The Asia-Pacific clean hydrogen value chain will require $3.2 trillion in capital investment over the next 25 years, primarily directed towards China and India, with Australia needing over $300 billion as the largest exporter [2][22] - Investment focus will be on renewable energy generation and transmission (52%) and electrolysis (over one-third) [2][22] - Governments in the region are expected to announce clean hydrogen investment plans totaling $44.5 billion by 2025, despite facing challenges such as inconsistent certification systems and cost considerations [2][34] Group 3 - The supply of green hydrogen will dominate the Asia-Pacific hydrogen supply mix, expected to account for over 85% of capacity by 2030 and over 95% by 2050 [1][14] - However, domestic production will not meet net-zero demands, necessitating imports of 18 million tons of clean hydrogen and derivatives by 2030, increasing to 53 million tons by 2050, with a cross-border trade value of $145 billion annually [1][14][20] Group 4 - Key challenges for hydrogen development include establishing economically viable pricing strategies, a common risk-sharing framework, and a credible carbon certification system [7][33] - The success of early hydrogen projects will depend on the establishment of transparent cooperation mechanisms among stakeholders to enhance investor confidence [6][7] - The Asia-Pacific region's hydrogen trade corridor is still in its infancy and requires rapid scaling to support the global decarbonization process [21][22]

Core Insights - The establishment of China's largest hydrogen energy investment fund, initiated by Sinopec, marks a significant step in enhancing the hydrogen energy industry chain in China [1][2] - The fund, with an initial scale of 5 billion yuan, aims to invest in key materials, core equipment, and original technologies across the entire hydrogen energy industry chain [1] - Sinopec has been actively building a high-quality hydrogen energy industry chain, including the establishment of hydrogen refueling stations and partnerships with various enterprises in the hydrogen sector [2] Group 1 - The hydrogen energy fund is officially registered and recognized by the China Securities Investment Fund Industry Association, indicating its formal establishment [1] - The fund will focus on forward-looking layouts and incubation of potential growth areas within the hydrogen energy sector [1] - Sinopec Capital Co., Ltd. will manage the fund, collaborating with external partners to enhance investment value [1] Group 2 - Sinopec has established a green hydrogen innovation consortium and is developing multiple hydrogen infrastructure projects, including refueling stations and hydrogen corridors [2] - The company has invested in 13 enterprises across various segments of the hydrogen energy industry, including hydrogen production technology and fuel cell manufacturing [2] - Sinopec is recognized as the company with the most operational hydrogen refueling stations globally, reflecting its leadership in the hydrogen energy market [2]

Core Viewpoint - Suzhou Kerun New Materials Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, focusing on the production of proton exchange membranes for various applications in the hydrogen energy and flow battery sectors [4][6]. Company Overview - Founded in April 2019, Kerun New Materials is a leading domestic company in proton exchange membrane materials, specializing in core membrane material industrialization for "flow energy storage + hydrogen energy" [4]. - The company's main products include proton membranes for flow batteries, hydrogen fuel cells, and PEM electrolysis for hydrogen production, with applications in critical areas such as hydrogen fuel cells and all-vanadium flow energy storage [4]. Financial Information - As of August 2, 2024, Kerun New Materials has completed five rounds of financing, raising at least 780 million yuan in total [5]. - The latest financing round (C+ round) on August 2, 2024, raised over 400 million yuan, led by Sinopec Capital, with participation from several notable investment institutions [6]. Investment Landscape - The company has attracted investments from prominent firms, including Sinopec Capital, Sequoia China, and various automotive companies, indicating strong confidence in the hydrogen energy sector [6][7]. - Notably, automotive companies like Yutong and BAIC have invested in Kerun, reflecting their interest in the hydrogen energy market and the need for supporting technologies and products [7][8]. Market Position - Kerun New Materials ranks among the top producers of perfluorosulfonic acid proton membranes in China, with only two companies capable of fully autonomous production across the entire industry chain [4]. - The company’s latest valuation is approximately 3 billion yuan, highlighting its significant market presence and growth potential in the hydrogen energy sector [6]. Industry Context - The hydrogen energy industry is still in its developmental stage, with various supporting technologies and products yet to be fully established, creating opportunities for companies like Kerun to grow [8][9]. - The hydrogen energy supply chain includes upstream hydrogen production, midstream storage and transportation, and downstream applications, with Kerun positioned in the component manufacturing segment [9].

科技创新和产业创新深度融合。创新策源能力持续提升，英歌石科学城创新发展，获批5家全国重 点实验室，新获评雏鹰企业109家、瞪羚企业22家；今年将在动力电池、低空经济、化工新材料、生命 科学领域布局建设大连市首批概念验证中心、中试小试平台，进一步加速科技成果转化。产业集群发展 取得新突破，绿色石化产业集群、工业母机集群获评国家级先进制造业集群。在高端化智能化绿色化转 型上，累计建成142家省级数字化车间和智能工厂、37个省级工业互联网平台，培育130家省级以上绿色 工厂、2个国家级绿色工业园区。新兴产业聚能起势，金普新区氢能产业园开园，大连市加入国家燃料 电池汽车示范城市群，全市布局低空起降点280个，开通3条陆岛直升机航线。 深化改革和扩大开放走深走实。制定实施6.0版营商环境提升方案，推出48项提升举措。"一企一 策"深化国企改革，市属国企资产总额同比增长6.9%，实现营业收入同比增长8.6%。对外开放水平进一 步提升，全市新设外资企业36家、同比增长38.5%。大连自贸片区整合提升加速，国内首单国际航行船 舶保税液化天然气岸基加注业务落户，两架保税融资租赁飞机业务落地，大窑湾保税物流中心运营。大 连市获批 ...

Group 1 - Xi'an Xuhydrogen Times Technology Co., Ltd. is set to begin mass production of its new hydrogen fuel cell stacks by the end of June 2023, marking a significant milestone in the hydrogen energy industry [1] - The company has established the first fully automated production line for hydrogen fuel cell stacks in Northwest China, achieving an annual production capacity of 2,000 units, generating an estimated output value of approximately 300 million yuan [1] - The collaboration with Professor Tao Wenquan from Xi'an Jiaotong University has enabled the company to overcome key technological challenges in the development and manufacturing of fuel cell stacks [1] Group 2 - Xi'an Xuhydrogen Times has formed a provincial-level academic workstation in the hydrogen energy field, which will receive additional innovation policy support to enhance product iteration speed [2] - The company aims to transform scientific research achievements into practical productivity, focusing on expanding from initial breakthroughs to larger-scale production [2] - The establishment of the workstation is part of a broader initiative to foster innovation and collaboration between academia and industry in the region [2] Group 3 - Qin Chuang Yuan Development Co., Ltd. provides essential services such as policy interpretation and financing support to technology-driven startups, facilitating their focus on research and development [3] - The company employs technical managers who assist in connecting startups with market opportunities and financial resources, thereby accelerating the commercialization of technological achievements [4] - A total of 76 technical managers from Qin Chuang Yuan have supported around 300 technology transfer enterprises in Shaanxi, enhancing the overall innovation ecosystem [4] Group 4 - Shaanxi Province is accelerating the establishment of high-level concept verification centers and pilot test bases to support the industrialization of scientific achievements [5] - The province plans to cultivate 60 concept verification centers and pilot test bases by the end of 2026, aiming to launch 300 new products and incubate 200 technology-based enterprises [5] - This initiative is designed to enhance the integration of innovation and industry, transforming traditional industries and fostering the growth of emerging sectors [5]

Core Viewpoint - The State Council has approved the "Manufacturing Green and Low-Carbon Development Action Plan (2025-2027)", emphasizing the necessity of promoting green and low-carbon development in the manufacturing sector, accelerating green technology innovation, and upgrading traditional industries [1] Policy Level - A series of policies have been introduced to support the development of the green and low-carbon industry, including the "14th Five-Year" energy conservation and emission reduction plan, which aims for a 13.5% reduction in energy consumption per unit of GDP by 2025 compared to 2020 [2] - The central government has set goals for 2030, including significant progress in green transformation in key areas and the establishment of a comprehensive policy and standard system to support green development [2] Standards and Investment Mechanisms - Establishment of a carbon peak and carbon neutrality standard system, including standards for corporate carbon emissions and product carbon footprints, as well as updates to energy-saving standards [3] - Optimization of investment mechanisms to guide social capital into green and low-carbon projects, including the establishment of green investment funds [3] Industry Level - Accelerating the green and low-carbon transformation of traditional industries such as steel, non-ferrous metals, petrochemicals, and construction materials, while promoting clean production technologies [4] - Encouragement of new industries and business models focused on green and low-carbon development, including hydrogen energy, new materials, and renewable energy equipment manufacturing [4] Consumer Level - Promotion of a green and low-carbon lifestyle among consumers, including initiatives to create eco-friendly cities and communities, and enhancing public awareness of environmental conservation [5] - Encouragement of sustainable practices such as water and electricity conservation, reduction of waste, and preference for public transportation and non-motorized travel [5]

新兴产业聚能起势，金普新区氢能产业园开园，大连市成功加入国家燃料电池汽车示范城市群；召开低 空经济高质量发展大会，布局低空起降点280个，开通3条陆岛直升机航线，新质生产力加快培育。 在深化改革和扩大开放方面，对外开放水平进一步提升，大连创新招商引资体制机制，新达盟、正大能 源等重点项目实现增资。自贸片区整合提升加速，国内首单国际航行船舶保税液化天然气岸基加注业务 落户，2架保税融资租赁飞机业务落地，大窑湾保税物流中心运营。大连获批国家服务业扩大开放综合 试点。 (责任编辑：谭梦桐) 传统优势产业支撑有力，船舶制造强势增长，恒力重工、大船、中远重工和中远川崎等头部企业快速发 展；高技术船舶与海工装备配套产业大会吸引200余家配套企业参加，19个项目成功落地，产业集群加 快形成；石化产业向高端延链补链，恒力新材料陆续投产，中石油系列项目稳步推进。 一季度，大连规上装备制造业增加值增长18.4%，高于全部规上工业7.5个百分点；高技术制造业增加值 增长17.6%，连续23个月保持两位数增长；大连技术合同成交额50.8亿元、增长18.7%。 辽宁省政府新闻办28日发布消息称，一季度大连市经济运行稳中有进、量质齐升， ...

Group 1: Economic Development and Industrial Growth - Nanchong City aims to maintain high industrial growth as a key focus for economic development, with a GDP growth of 5.6% in Q1, ranking 12th in the province, marking the best performance in five years [1] - The contribution rate of industry to Nanchong's economic growth has increased by 8.3 percentage points compared to last year, emphasizing the importance of industrial development [1] - Nanchong is constructing a modern industrial system categorized as "3+2+3" to accelerate economic growth [1] Group 2: Smart Manufacturing and Technological Advancements - Sichuan Zhenan Intelligent Manufacturing Technology Co., Ltd. has introduced advanced equipment, achieving a thickness error of 0.1 mm in shell molds, enhancing product quality and attracting new customers [2] - The implementation of "machine substitution" in Sichuan Dejian Rongsheng Electronics Co., Ltd. has reduced labor needs from 15 to 5 workers, with an expected 30% increase in output this year [3] - Nanchong has launched a "smart transformation" initiative across the manufacturing sector, with 187 key industrial projects completing investments of 16 billion yuan, exceeding target completion rates by 49.5 percentage points [3] Group 3: Investment Attraction and Project Development - Nanchong City has introduced 112 key investment projects totaling 489 billion yuan during a specialized event for the chemical new materials and green building materials industry [4] - The city is actively engaging with enterprises to understand their advantages and needs, facilitating project development from attraction to operation [4][5] - The Nanchong Economic Development Zone is advancing projects in new energy and new materials, with 20 projects signed in the High-Ping District, totaling 8.57 billion yuan in investment [4] Group 4: Government Support and Services for Enterprises - Nanchong's government has established a dedicated work team to assist companies, ensuring rapid project implementation, as seen with the rapid production start of a mobile phone metal frame project [6] - The "Enterprise Home Public Service Platform" has been launched to streamline policy dissemination, enterprise needs, and supply-demand matching, enhancing communication between businesses and government [7] - The platform aims to shift from "enterprises seeking information" to "information seeking enterprises," improving efficiency in addressing business inquiries and challenges [7]