Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy industry [1] Core Views - The electric power equipment and new energy industry is expected to see a gradual recovery in profitability, with a potential industry turnaround as capacity is gradually cleared [1][2] - In 2024, the industry's total revenue decreased by 3.69% year-on-year to CNY 49,934.98 billion, while net profit attributable to shareholders fell by 44.66% to CNY 2,086.33 billion [2][3] - The average gross margin for the industry in 2024 was 18.88%, down 2.29 percentage points year-on-year, and the net profit margin was 5.04%, down 3.46 percentage points [4][5] Summary by Sections 2024 Industry Performance - The electric power equipment and new energy industry experienced a revenue decline of 3.69% in 2024, with total revenue at CNY 49,934.98 billion and net profit down 44.66% to CNY 2,086.33 billion [2][3] - The new energy vehicle sector achieved revenue of CNY 20,445.81 billion, a slight increase of 0.85%, but net profit decreased by 19.39% to CNY 1,096.23 billion [3][6] - The renewable energy generation sector saw revenue drop by 8.97% to CNY 25,195.68 billion, with net profit down 69.69% to CNY 631.44 billion [3][6] - The electric power equipment sector reported a revenue increase of 10.20% to CNY 4,293.50 billion, with net profit rising by 9.80% to CNY 358.66 billion [3][6] 2025 Q1 Industry Performance - In Q1 2025, the industry achieved revenue of CNY 11,025.27 billion, a year-on-year increase of 5.16%, and net profit of CNY 679.87 billion, up 12.25% [5][7] - The new energy vehicle sector's revenue grew by 19.46% to CNY 4,775.68 billion, with net profit increasing by 75.48% to CNY 332.27 billion [5][7] - The renewable energy generation sector's revenue decreased by 5.65% to CNY 5,335.37 billion, with net profit down 23.46% to CNY 266.15 billion [5][7] - The electric power equipment sector reported revenue of CNY 914.21 billion, a 9.98% increase, and net profit of CNY 81.45 billion, up 18.77% [5][7] Investment Recommendations - For the new energy vehicle sector, the report suggests prioritizing investments in the battery cell segment and midstream material sectors with strong integration [33] - In the photovoltaic sector, it recommends focusing on high-performance auxiliary materials and integrated component segments, as well as new technology such as HJT battery equipment [34] - For wind energy, it advises investing in tower foundations and submarine cable segments with significant growth potential [34] - In the hydrogen energy sector, it highlights the importance of companies with cost and technology advantages in electrolyzer production and hydrogen infrastructure [34]

Core Viewpoint - The strategic partnership between Suzhou Qindong Power Technology Co., Ltd. and South Korea's SANG-A Frontec aims to enhance the development and production of key materials in proton exchange membrane (PEM) electrolysis technology, thereby promoting breakthroughs and large-scale applications in the green hydrogen industry [2][4][9]. Group 1: Partnership Details - The collaboration focuses on the research and production of proton exchange membranes and membrane electrodes, leveraging Qindong Technology's expertise in PEM electrolysis catalysts and membrane electrode processes alongside SANG-A Frontec's specialization in membrane material preparation and precision coating technology [6][8]. - The partnership aims to develop high-performance, long-life proton exchange membranes and membrane electrode products to reduce green hydrogen production costs and improve electrolysis efficiency [6][8]. Group 2: Market and Technology Impact - Proton exchange membranes are critical components in PEM electrolysis devices, directly influencing the efficiency and stability of electrolysis cells. The global high-end proton exchange membrane market is currently dominated by a few international companies [8]. - The collaboration is expected to break through technological barriers and provide more competitive PEM electrolysis solutions for both the Chinese and global markets, contributing to the localization of the supply chain from materials to components [8][9]. Group 3: Future Plans - Both companies plan to strengthen their research cooperation on proton membrane and membrane electrode products, focusing on material innovation and optimization [9]. - They aim to expand their market presence in China, South Korea, and Europe, providing core material support for green hydrogen production and energy storage, thus aiding the global energy structure transformation [9].

Core Insights - Hydrogen energy is viewed as the next major opportunity following wind power, photovoltaics, and new energy storage, but it faces skepticism and challenges in commercialization [2][3] - Despite potential short-term downturns, hydrogen energy is considered a long-term viable sector, with significant growth expected around 2035 [3][16] Investment Strategy - Focus on companies with core technologies that can dominate future markets, and projects that can generate stable short-term revenue to withstand downturns [3][11] - Emphasis on sectors with large market sizes and minimal competition, particularly those that can effectively address the "West-to-East hydrogen transport" challenge [9][11] Technological Development - The hydrogen industry is experiencing rapid technological advancements, particularly in electrolyzers and hydrogen storage, but commercial viability remains to be proven [6][10] - The economic viability of hydrogen is closely linked to carbon pricing, with European carbon prices significantly higher than those in China, influencing market dynamics [6][12] Market Dynamics - The hydrogen sector's valuation is affected by global economic conditions and geopolitical factors, which can slow down climate and decarbonization policy implementation [12][13] - The importance of "correct subsidies" is highlighted, advocating for support directed towards leading technology companies to enhance overall industry competitiveness [4][5] Application Scenarios - Key application areas expected to see early breakthroughs include hydrogen-powered mining trucks and electricity peak shaving, driven by the increasing reliance on renewable energy sources [17][10] - The potential for natural hydrogen exploration in coastal regions of China is noted, with competitive production costs compared to traditional hydrogen sources [9][11]

面对全球经济信用竞争新态势，鹏飞集团构建"国际鹏飞、绿色鹏飞、科技鹏飞、诚信鹏飞"四维品牌价 值体系，形成"技术研发-产业协同-生态构建"的可持续发展闭环。这种以新质生产力驱动高质量发展的 实践模式，不仅引领区域经济转型升级，更为中国实体企业参与全球产业变革树立了创新范本。 厚德载物是鹏飞集团的过去，更是鹏飞集团的未来。勇担社会责任一直是鹏飞集团不需要提醒的自觉， 集团致力于构建宜居、宜业、宜游、宜养的闭环生态，持续打造高品质的全生命周期幸福生活。 在新能源革命浪潮中，鹏飞集团作为山西省氢能产业链链主企业，在氢能全产业链布局中更彰显出民族 企业引领全球能源革命的担当，率先构建绿色智造体系，打造国家级绿色工厂，着力构建"晋、冀、 津、京、蒙、陕、甘、宁、疆"氢能零碳走廊，努力实现万里氢能路、万座加氢岛、百万辆氢能车、百 万吨氢能源供给基地的氢能源新质生产力全新场景，树立了新时代中国企业高质量发展的标杆典范。 山西鹏飞集团作为中国实体经济的杰出代表，多年来凭借科技创新与全产业链优势实现跨越式发展，荣 获2024年"中国企业500强"第240位、2024年"中国民营企业500强"第92位、2024年"中国制造业企业 ...

氢能源概念股异动拉升 京城股份涨停 智通财经5月20日电，京城股份涨停，厚普股份、凯大催化涨超5%，亿华通、四川金顶、春晖智控、雄 韬股份、致远新能等跟涨。消息面上，北京市国资委近日组织氢能产业专题调研学习，将氢能产业作 为"十五五"规划研究重点方向。 ...

Core Viewpoint - Beijing Municipal State-owned Assets Supervision and Administration Commission emphasizes the strategic importance of the hydrogen energy industry and plans to prioritize it in the "14th Five-Year Plan" [1] Group 1: Strategic Focus - The hydrogen energy industry is identified as a key area for high-quality development, with a call for state-owned enterprises to enhance their efforts and measures [1] - The focus will be on the entire hydrogen industry chain, including production, storage, transportation, and refueling [1] Group 2: Project Development - Key projects such as liquid hydrogen heavy trucks, biogas hydrogen production, and integrated hydrogen production and refueling stations will be accelerated [1] - There is an emphasis on technological innovation in areas like plastic powder materials and critical components [1] Group 3: Collaborative Development - The strategy includes strengthening cooperation along the industry chain and leveraging resources from national laboratories and academic institutions for intellectual support [1]

Core Insights - Yancheng, Jiangsu, is emerging as a leader in renewable energy, particularly in wind and solar power, with a continuous increase in energy production for 15 years, earning the title of "the first city of offshore renewable energy" in Jiangsu [1][9] - The city is focusing on integrating technology and industry innovation to enhance its renewable energy sector, with plans for zero-carbon industrial parks and a strong emphasis on hydrogen and energy storage development [2][6][10] Renewable Energy Development - Yancheng has a unique geographical advantage with a long coastline and abundant natural resources, which has attracted numerous renewable energy companies since the industry began to develop around 2008 [2][3] - The city has established a comprehensive industrial chain in the photovoltaic sector, with 80 key manufacturing enterprises generating revenue of 106.048 billion yuan in 2024, making it the largest segment of the renewable energy industry in Yancheng [3][9] Hydrogen and Energy Storage - The "wind-solar-hydrogen-storage" integrated development model aims to utilize electricity generated from wind and solar to produce green hydrogen, with excess energy being stored or fed into the grid [3][4] - Yancheng's energy storage sector is rapidly growing, exemplified by the establishment of the largest independent energy storage station in Jiangsu, which generated over 40 million yuan in revenue in just 40 days during peak summer [4] Technological Innovation - The establishment of the Yancheng Green Low-Carbon Science and Technology Innovation Park is a strategic move to foster a cluster of green low-carbon industries, focusing on wind, solar, hydrogen, and energy storage [6][10] - The city is actively promoting technology-driven initiatives, with plans to enhance talent acquisition and innovation capabilities, aiming to rank among the top 10 cities in the Yangtze River Delta for technological innovation by 2027 [9][10] Zero-Carbon Industrial Parks - Yancheng is developing three zero-carbon industrial parks, each with unique features to optimize green electricity consumption and attract businesses focused on sustainability [8][10] - The parks are designed to provide a competitive edge through traceable green electricity, which is essential for companies looking to enter international markets [8] Future Outlook - The city plans to accelerate the construction of zero-carbon industrial parks and develop green industries such as green hydrogen, green methanol, and green aviation fuel, positioning itself as a global hub for green low-carbon research and industry [10]

Group 1 - The Japanese Ministry of Economy, Trade and Industry plans to allocate 46 billion yen (approximately 2.3 billion RMB) to subsidize hydrogen prices for fuel cell trucks and buses, with a subsidy standard of 700 yen (approximately 35 RMB) per kilogram of hydrogen [1] - The subsidy aims to cover about 75% of the price difference between hydrogen and diesel for large hydrogen fuel cell trucks, addressing the economic pressure faced by transport companies due to rising hydrogen prices [1] - The subsidy is regionally limited to six prefectures in Japan, including Tokyo, Kanagawa, Fukushima, Aichi, Hyogo, and Fukuoka, with plans to support around 90 hydrogen refueling stations in these areas [1] Group 2 - Hydrogen prices in Japan have seen significant increases, with Iwatani Industries raising prices by 36% to 1,650 yen (approximately 82 RMB) per kilogram and ENEOS increasing prices by 33% to 2,200 yen (approximately 109 RMB) per kilogram [2] - The rising hydrogen prices have led to operational difficulties for hydrogen refueling stations, resulting in several stations announcing closures, which poses a challenge for hydrogen fuel cell vehicle users [2][5] - As of April 2024, there are 154 operational hydrogen stations in Japan, with no increase in numbers in recent years, indicating a decline in the hydrogen refueling infrastructure [5][7] Group 3 - The low ownership and sales of hydrogen fuel cell vehicles in Japan contribute to the operational challenges faced by hydrogen stations, with only 8,479 hydrogen fuel cell vehicles reported as of June 2024 [7] - In the first four months of 2025, only 151 hydrogen fuel cell vehicles were sold in Japan, highlighting the sluggish market demand [7] - The situation reflects a stalemate among car manufacturers, infrastructure providers, and users, with each party citing concerns about usage, production, and infrastructure availability [7]

来源：这里是大兴 对接需求请扫码 5月16日下午，大兴区人民政府与北京国有资本运营管理有限公司（简称"北京国管"）在大兴区营 商服务中心举行"市区金融联动 赋能产融发展"基金合作签约仪式，两支总规模达40亿元的股权投 资基金正式落地。北京国管公司党委书记、董事长吴礼顺，北京国管公司党委副书记、董事、总经 理郭川，大兴区委书记初军威，区委副书记、区长刘洋参加。 签约活动现场，大兴区与北京国管双方正式签署市区战略合作协议，设立"北京大兴京国瑞""北京 大兴顺禧"两支股权投资基金，总规模达40亿元，在北京国管与区级平台合作设立基金规模中位居 前列。 据悉，新基金将重点支持大兴区生命健康、氢能、商业航天、先进制造、数字经济等领域创新型企 业，通过"资本+产业+生态"协同模式，加速构建全生命周期产业链生态，推动战略性新兴产业和 未来产业落地。 近年来，大兴区高度重视产业发展，持续优化区域营商环境。创新市区两级基金联动投资，围绕政 策支持、资源整合、项目研判、风险控制等方面，加速科技成果转化与产业链升级，累计向市级基 金推荐项目100余个，涉及人工智能、绿色能源、低空经济、新材料、医药等多个产业领域，已为 鞍石生物、智谱 ...

图为"诺奖智慧赋能 国际视野领航——鹏飞集团创新发展座谈会"现场 （鹏飞集团供图） 新华丝路太原5月17日电（蒋亚春、杨媛尹）"Incredible！"（真了不起！） "鹏飞集团要勇于在世界舞台上展示自己的发展成就。" "要拥抱多样性，不要千篇一律。要将品质作为文旅产业发展的根基。" 在5月14日举行的"诺奖智慧赋能 国际视野领航——鹏飞集团创新发展座谈会"上，法国桥智库主席周瑞（Joel Ruet），诺贝尔化学奖 得主、世界顶尖科学家协会副主席迈克尔·莱维特及其夫人著名艺术家、策展人苏珊·布罗施-莱维特盛赞了山西鹏飞集团在绿色能源转 型领域取得的成就，并就氢能产业出海、文化产业发展等议题提出许多有建设性的意见。 图为周瑞一行探访鹏飞集团智创汽车制造产业园 座谈会前，周瑞一行探访了鹏飞集团的智创汽车制造产业园、城市加氢综合能源岛等产业项目，并参观了孝义老城、三皇庙等文旅项 目，嘉宾一行对鹏飞集团的产业发展水平和国际化水平表示赞叹。 周瑞表示，欧洲市场对氢能重卡的需求很大，但欧洲本土缺少可以生产氢能重卡的优秀制造企业，所以对美国的氢能重卡的制造商有 很大的依赖性。但是欧美贸易之间存在不确定性，欧洲需要采取一些对 ...