Core Viewpoint - Pengfei Group aims to become a global leader in clean energy and smart enterprises, focusing on green transformation and technological innovation to align with national strategies and carbon neutrality goals [1][2][7]. Group 1: Company Overview - Founded in 1993, Pengfei Group has developed into a comprehensive energy enterprise with assets of 150 billion yuan and 30,000 employees, producing various energy products including 30 million tons of coal annually and 2 billion cubic meters of LNG [1]. - The company has been listed among China's top 500 private enterprises for six consecutive years from 2019 to 2024 [1]. Group 2: Green Development Strategy - Pengfei Group emphasizes high-quality transformation and aims to be a leader in the energy revolution by adopting a green development model and focusing on hydrogen energy, high-end equipment manufacturing, and zero-carbon logistics [2][3]. - The company is committed to achieving carbon peak and carbon neutrality goals, leveraging its existing resources to transition from traditional energy to emerging green energy industries [3]. Group 3: Technological Innovation - The company integrates advanced technologies in its operations, such as using coal gas from coking processes to produce hydrogen, thereby promoting resource utilization and reducing pollution [3][6]. - Pengfei Group has established a comprehensive hydrogen energy industrial chain and is recognized for its intelligent manufacturing capabilities, including the development of a hydrogen fuel engine and various hydrogen-powered vehicles [17][18]. Group 4: Social Responsibility and Brand Development - Pengfei Group actively engages in social responsibility initiatives, contributing over 1 billion yuan to disaster relief and community development projects [22][23]. - The company has been recognized for its brand strength, ranking 240th in the 2024 China Enterprise 500 and 92nd among private enterprises, while also receiving accolades for its hydrogen energy brand [26]. Group 5: Future Outlook - The company plans to expand its hydrogen energy initiatives, aiming to establish a comprehensive hydrogen supply chain and promote the use of hydrogen-powered vehicles [39]. - Pengfei Group is focused on international collaboration and technological advancement to enhance its competitive edge in the global market [36][37].

Summary of China Tianying's Conference Call Company Overview - **Company**: China Tianying - **Industry**: Waste-to-energy and renewable energy Key Points Financial Performance - In 2024, China Tianying achieved revenue of **56.67 billion RMB**, a **6.46%** increase year-on-year, but net profit attributable to shareholders was **2.8 billion RMB**, a **16.99%** decrease year-on-year. Excluding a one-time tax payment of **1.83 billion RMB**, net profit would have increased by **37.41%** to **4.63 billion RMB** [2][4] - In Q1 2025, revenue was **12.06 billion RMB**, a **3.64%** decrease year-on-year, with net profit down **47.63%** to **1.06 billion RMB**. This decline was attributed to delays in overseas EPC project revenue recognition, increased financial costs due to new energy project financing, and the expiration of tax incentives [2][5] Business Segments - In Q1 2025, the waste-to-energy segment accounted for approximately **50%** of total revenue with a gross margin of **47%**. The urban environmental services segment contributed about **35%** of revenue with a gross margin of **24%** [2][7] - The company is focusing on expanding its overseas waste-to-energy projects in regions such as Southeast Asia, Europe, and Latin America, leveraging its first-mover advantage [2][6] Strategic Initiatives - China Tianying is pursuing a dual circulation development strategy, emphasizing both domestic and international markets. The company has signed a strategic cooperation agreement with Suez Group to advance EPC projects [2][6] - The company is also advancing hydrogen energy projects, having secured nearly **10GW** of wind and solar capacity for hydrogen production [2][6] Market Dynamics - The global trade environment and foreign exchange risks are impacting the company's profit margins. The company is monitoring currency fluctuations and implementing hedging strategies [2][8] - The demand for hydrogen is projected to exceed **20 million tons** by 2030, with China Tianying positioned to capitalize on this growth through its rapid project advancements in off-grid hydrogen production [2][9] Cost and Pricing Trends - The production cost of green hydrogen at the Liao Yuan project is approximately **15 RMB per kg**, with expectations for further cost reductions as technology improves [3][16] - The price of green methanol is anticipated to exceed **1,000 Euros per ton** from 2025 to 2030, driven by compliance requirements and market demand [12] Collaborations and Projects - China Tianying is collaborating with shipping companies and traders like Maersk and BP to develop green fuel solutions, including projects in Jilin and Heilongjiang for green methanol and RNG [13][34] - The company is also exploring the integration of waste-to-energy with data centers to enhance profitability and meet energy demands in high-consumption areas [24][25] Future Outlook - The company expects to see significant growth in revenue and profits from its overseas projects and the integration of waste-to-energy with data centers. The anticipated implementation of carbon tariffs in Europe is expected to create additional high-visibility orders [11][22][23] - China Tianying is committed to improving its financial structure and efficiency in receivables management to address challenges related to accounts receivable [26][30] Conclusion - Despite facing challenges in 2024, China Tianying is poised for growth in 2025, driven by its waste-to-energy and renewable energy initiatives. The company is well-positioned to leverage its strategic partnerships and market opportunities in the evolving energy landscape [35]

28日，国家能源局举行例行新闻发布会，能源节约和科技装备司副司长徐继林介绍了《中国氢能发展报告（2025）》的有关情 况。他表示，在"四个革命、一个合作"能源安全新战略指引下，当前我国氢能产业正从试点探索逐步进入有序破局的新阶段。 2024年，我国氢能全年生产消费规模超3650万吨，位列世界第一位。 （来源： 新华网 ） 相 关 阅 读 央视新闻丨国家能源局 2024年我国氢能生产消费规模超过3650万吨 位列世界第一 央视新闻：国家能源局加快编制推动氢能产业高质量发展政策 人民日报：推动氢能全产业链标准化发展 我国加速发展氢能产业 多方面已取得数个突破性进展 六部门联合印发《氢能产业标准体系建设指南（2023版）》 中央和地方持续加强政策顶层设计、推动专项政策出台，加强跨部门协调，综合施策引导产业高质量发展。全国各地累计发布 氢能专项政策超560项，因地制宜推进地方氢能产业发展。截至2024年底，全球可再生能源制氢项目累计建成产能超25万吨/ 年，我国占比超50%，已逐步成为全球可再生能源制氢及相关产业发展的引领国家。 2024年，以科技创新为引领，以产业规模化、商业化为目标，我国氢能制取、储运、利用全链条 ...

报告显示，截至2024年底，全国氢气产能超5000万吨/年，同比增长约1.6%；全国各地累计规划建设可再生能源电解水 制氢项目超过600个。 相 关 阅 读 央视新闻丨国家能源局 2024年我国氢能生产消费规模超过3650万吨 位列世界第一 央视新闻：国家能源局加快编制推动氢能产业高质量发展政策 人民日报：推动氢能全产业链标准化发展 我国加速发展氢能产业 多方面已取得数个突破性进展 六部门联合印发《氢能产业标准体系建设指南（2023版）》 国家能源局微信公众号是国家能源局新闻宣传、信息公开、服务群众的重要平台。 国家能源局 · 公开 政务信息 · 发布 行业动态 ·提供 公众服务 了解更多能源动态，请长按图片识别或扫描右侧二维码，关注国家能源局官方微信公众号。 与此同时，我国氢能制取、储运、利用全链条关键技术逐步取得突破。据徐继林介绍，2024年，新疆库车、宁夏宁东一批规模 化可再生能源制氢项目建成运营，贯通可再生氢制取-储运-利用全流程，发挥了较好的示范作用；燃料电池汽车示范应用稳步推 进，各地建成加氢站超540座，推广燃料电池汽车约2.4万辆；京津冀、上海、广东、郑州、河北五个区域累计推广燃料电池汽车 超 ...

Core Viewpoint - The article emphasizes the importance of promoting the development of the private economy in the energy sector, highlighting the strategic significance of the recent policy measures aimed at enhancing the role of private enterprises in building a new energy system in China [2][3]. Group 1: Importance of Private Economy in Energy Sector - The private economy has gradually become an effective supplement to the national energy security system, especially as the country moves towards a new energy system characterized by low-carbon and diversified energy supply [3][4]. - Private enterprises have shown significant advantages in emerging fields such as new energy, energy storage, and hydrogen energy, contributing over half of the exports in key green industries like new energy vehicles and lithium batteries [4][5]. Group 2: Advantages of Private Enterprises - Private enterprises possess unique advantages over state-owned enterprises, including flexible decision-making, strong innovation drive, market sensitivity, high capital utilization efficiency, and effective incentive mechanisms [5][6]. - The ability of private enterprises to quickly adapt to market changes and seize opportunities positions them as key players in the energy sector's transformation [5]. Group 3: Policy Measures to Support Private Economy - The recent policy measures aim to break down market entry barriers and deepen reforms in the energy sector, allowing private enterprises to participate more fully in high-barrier projects [6][7]. - The policy encourages mixed-ownership reforms, allowing private capital to invest in state-owned energy enterprises, thereby enhancing market vitality and innovation [6][7]. Group 4: Enhancing Market Fairness and Legal Protection - The policy emphasizes the establishment of a fair mechanism for resource acquisition and the enhancement of legal protections for private enterprises, ensuring their rights and interests are safeguarded [7][8]. - It also aims to provide guidance for private enterprises in the energy sector, encouraging innovation and international cooperation, particularly in renewable energy projects [8].

Core Viewpoint - Jilin Electric Power Co., Ltd. (吉电股份) has demonstrated solid performance in its 2024 annual report, highlighting its commitment to the "New Energy +" and green hydrogen dual-track strategy, which has led to significant operational achievements and a strong foundation for future growth [1][2][3] Group 1: Financial Performance - The company achieved a net profit of 1.099 billion yuan, marking a steady increase and setting a new record for profitability [1] - Total installed capacity reached 14.4411 million kilowatts, with clean energy capacity accounting for 11.1411 million kilowatts, representing 77.15% of the total [6][8] Group 2: Strategic Development - The dual-track strategy of "New Energy +" and green hydrogen is being effectively implemented, with five new energy platform companies and three production operation centers established nationwide [2][4] - Significant progress has been made on key projects, including the Baicheng Phase II coal power supply project and the Lishu green methanol wind power project, which have received provincial approval [2] Group 3: Industry Positioning - The company is transitioning from a traditional coal power enterprise to a comprehensive energy company focused on new energy and green hydrogen, contributing to the establishment of a new energy system [1][4] - Jilin Electric Power Co., Ltd. is strategically positioned to leverage its advantages in various regions, including Jilin, Shandong, Jiangsu, and others, to foster new growth in the renewable energy sector [4][6] Group 4: Policy Support - National and local governments are actively supporting the development of green hydrogen, with recent policies emphasizing hydrogen's role in the energy transition [5][6] - The implementation of the Energy Law in 2025 will legally incorporate hydrogen into the energy system, providing a solid foundation for industry growth [5] Group 5: Technological Innovation - The company has achieved significant breakthroughs in the hydrogen energy value chain, including the successful certification of a renewable hydrogen project, marking a milestone in green hydrogen certification [8] - The integration of renewable energy with hydrogen production processes is enhancing the efficiency of green electricity consumption [7][8] Group 6: Future Outlook - The company aims to continue focusing on energy security, market demand, and advanced technology to explore replicable business models and technical pathways for the hydrogen industry [9] - Jilin Electric Power Co., Ltd. is committed to deepening the collaboration between "New Energy +" and green hydrogen to enhance its competitive edge in the global clean energy market [9]

下一步，大检集团将聚焦国家战略需求，继续优化整体科研布局，持续搭建完善科技创新管理体系，以 创新为驱动，由传统质量技术向"数""智"赋能技术转变，由单一业务服务向NQI"一站式"和系统解决方 案转变，以高端化、绿色化、智能化为发展方向，聚焦行业和用户需求，加速研发新技术、新方法、新 设备。(记者孙圆) 近日，大连检验检测认证集团(以下简称"大检集团")举行国产首台直管结构70MPa压缩氢气加气机检定 装置验收暨新品发布会。此项技术成果填补了国内空白，标志着我国在氢能计量领域取得重大突破，为 氢能产业高质量发展提供了关键性技术支撑。 以加氢站为核心的氢能基础设施建设和氢能专用装备科技研发是我国当前氢能产业发展的重要内容，为 此，大检集团立项科技项目《压缩氢气加气机检定装置的研制及应用》，对加氢站中用于贸易结算的氢 气流量计、加氢机等量值溯源关键核心技术展开科学研究。 该项目由大检集团计量院公司牵头，经充分市场调研、整合创新资源、联合技术攻关、大量实验验证， 成功研制国内首套兼容35MPa和70MPa压力的直管结构压缩氢气加气机检定装置。该设备经国内权威机 构检测，具有压力灵活切换、无线智能监测、高度集成便携及防 ...

中新社张家口4月29日电 题：捕风制氢 ——探访京津冀首个全链条绿氢基地 作者 艾广德 肖光明 陈林 以风为弦、以氢为谱，"捕风制氢"在河北张家口赤城变成了现实。近日，笔者走进京津冀首个全链条绿 氢基地，探访自然之力如何转化为绿色氢能。 地处内蒙古高原与华北平原交会地带的赤城县，风能资源丰富。国家能源集团国华投资(氢能公司)河北 分公司赤城制氢厂厂长袁建栋说，国家能源集团国华投资(氢能公司)河北赤城风氢储多能互补示范项目 包括一个风力发电场和一个制氢厂，其中风力发电场共安装33台5兆瓦风力发电机组，总装机容量165兆 瓦，每年可提供3.38亿千瓦时绿色电力。"我们利用风能优势，将自然之力转化为绿色氢能。" 风力发电具有波动性，而电解水制氢需要相对稳定的能源供给。如何实现新能源发电与电解水制氢系统 的高效协同，是这个项目面临的首要挑战。国家能源集团国华投资(氢能公司)河北分公司赤城制氢厂技 术负责人孙名名说，他们尝试引入智能调度系统，通过气象数据、风功率预测和实时监测风机发电量， 调控电解槽负荷，确保了每一度绿电都能被充分利用，转化为氢能。 据了解，为保持电解槽装置的高效运行，该项目增加了热电联供系统，利用太阳 ...

Financial Performance - In Q1 2025, the company achieved operating revenue of 49.95 million yuan, a year-on-year increase of 0.65% [1] - The net profit attributable to shareholders was 2.89 million yuan, a significant increase of 454.20% year-on-year [1] - The net cash flow from operating activities improved significantly to 14.72 million yuan compared to the same period last year [1] Nuclear Power Business - The company is a leading supplier of condensate water treatment systems for nuclear power plants in China, benefiting from favorable nuclear power policies [2] - The company has participated in major projects using the "Hualong One" nuclear technology, providing critical support for the safe operation of these projects [2] - The recent approval of five nuclear power projects, including eight units using "Hualong One" technology, is expected to drive over 100 billion yuan in market demand for nuclear power equipment [3] Hydrogen Energy Business - The hydrogen energy sector is a strategic emerging business for the company, which has developed key components for hydrogen fuel cells, including membrane electrodes and bipolar plates [4] - The company’s fourth-generation membrane electrode, launched in 2024, has achieved a power density of 2.25 W/cm²@0.6 V, positioning it as a leader in the domestic market [4] - The hydrogen fuel cell system's applications are expanding beyond public transport to include logistics, marine, and drone sectors, aligning with the growth of the low-altitude economy [5]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The photovoltaic industry is experiencing a weakening market atmosphere, with continued price declines across the supply chain. N-type module prices fell by 0.02 CNY/W, driven by expectations of decreased terminal component demand as the 531 rush installation deadline approaches. It is recommended to focus on the BC technology industry trend, which has relatively high certainty for the year [3][17][22]. - Offshore wind projects are progressing steadily, with the Jiangsu 1550MW offshore wind project entering the basic phase of construction. The successful connection of the Guangdong Yangjiang offshore wind project to the grid marks a significant milestone [3][23]. - The energy storage sector is seeing a valuation recovery during the earnings announcement period, with a focus on storage PCS and industrial storage segments. Global energy storage demand is rebounding, particularly in Europe, and there is potential for valuation recovery in large-scale and household storage segments [3][26]. - The electric grid investment in the first quarter of 2025 reached 95.6 billion CNY, a year-on-year increase of 24.8%. The State Grid plans to accelerate investment in UHV projects in the second quarter [3][43]. - The electric vehicle sector is influenced by potential tariff exemptions proposed by the Trump administration, suggesting continued investment in high-profit companies within the sector [3][45]. Summary by Sections Photovoltaic - Market sentiment is weak, with prices continuing to decline. N-type components dropped by 0.02 CNY/W, and terminal component demand is expected to decrease [3][15][21]. - The supply chain is under pressure, with expectations of a decline in domestic terminal component demand in the second half of the year [3][17][22]. Wind Power - Offshore wind projects are entering a positive phase, with significant projects in Jiangsu and Guangdong making progress [3][23][24]. Energy Storage - The sector is experiencing a valuation recovery, with a focus on PCS and industrial storage. Global demand is increasing, particularly in Europe [3][26][27]. Electric Grid Equipment - Investment in electric grid projects in the first quarter of 2025 was 95.6 billion CNY, a 24.8% increase year-on-year. The State Grid is expected to enhance UHV investment in the second quarter [3][43][44]. Electric Vehicles - The electric vehicle sector is affected by proposed tariff exemptions, with a recommendation to continue investing in high-profit companies [3][45][46]. Hydrogen Energy - Multiple large-scale hydrogen projects are underway, with a focus on hydrogen production and storage. Significant investments are being made in green hydrogen projects [3][38][39][40].