Core Insights - The growing interest in natural hydrogen projects is reshaping the global energy landscape, with advocates highlighting its potential as a carbon-free energy source [1][2] - Major companies, including mining giants and energy firms, are increasingly investing in the natural hydrogen sector, with exploration activities primarily led by Canada and the United States [2][3] - Despite the enthusiasm, skepticism remains regarding the feasibility and environmental implications of natural hydrogen extraction [2][6] Group 1: Industry Trends - The natural hydrogen sector has seen significant interest from major players like Rio Tinto, Fortescue Metals, BP, and Breakthrough Energy Ventures, indicating a shift towards exploring this resource [2][4] - Rystad Energy's report suggests that the upcoming year will be crucial for the industry, as companies aim to make significant discoveries in natural hydrogen [2][3] - The term "white gold rush" has been used to describe the current excitement around natural hydrogen, although actual drilling progress has been slow [3][4] Group 2: Company Activities - Fortescue Metals received a $21.9 million investment from HyTerra to expand its exploration projects, aligning with its commitment to zero-emission fuels [4] - BP Ventures led a funding round for Snowfox Discovery, a UK-based natural hydrogen exploration startup, highlighting the growing financial backing for this sector [5] - Breakthrough Energy Ventures has invested in companies like Mantle8 and Koloma, emphasizing the potential of natural hydrogen to create a clean energy future [5] Group 3: Challenges and Criticism - Critics, including the International Energy Agency, warn that natural hydrogen may be too dispersed for economically viable extraction [2][6] - The Hydrogen Science Coalition indicates that the exploration of natural hydrogen is still in its infancy, with the likelihood of finding large-scale, pure hydrogen deposits being relatively low [5][6] - The development timeline for natural hydrogen could mirror that of shale gas, potentially taking decades to achieve industrial-scale production [6]

文 | 国家能源局 4月28日，国家能源局举行新闻发布会，发布一季度能源形势、一季度可再生能源并网运行情 况，解读《国家能源局关于促进能源领域民营经济发展若干举措的通知》《中国氢能发展报告 （2025）》，并回答记者提问。 出席发布会的有法制和体制改革司副司长徐欣女士、发展规划司副司长邢翼腾先生、能源节约和 科技装备司副司长徐继林先生、新能源和可再生能源司副司长潘慧敏女士、综合司副司长、新闻 发言人张星。 一季度全国能源形势，新型储能等投资快速增长 今年以来，能源行业深入贯彻落实中央经济工作会议精神和党中央、国务院决策部署，推动我国 能源供给体系不断完善，供应保障能力持续增强，绿色低碳转型取得新进展，能源高质量发展不 断走深走实。总的来看，一季度全国能源供应充足，消费保持增长，供需总体宽松，价格稳中有 降，能源生产和用电增速呈现积极信号，主要有以下四个特点： 一是能源生产稳步增长，3月份煤、油、气、电生产增速加快。一季度规上工业原煤产量12亿 吨，同比增长8.1%；3月份规上工业原煤产量同比增长9.6%，日均产量超过1400万吨。一季度规 上工业原油产量5409万吨，同比增长1.1%，3月份规上工业原油产量同 ...

而东部地区依托燃料电池汽车示范应用和"氢进万家"等工作，积极布局技术研发和产业应用，逐步打造 产学研用一体化发展、大中小企业并存、产业链相对完整、创新能力较强的氢能产业集群。 徐继林介绍，2024年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过1.5万辆。 同时，氢能发展还面临着多重问题和挑战。徐继林表示，整体来看，全球氢能产业仍处于发展初期，与 传统能源和风光等新能源相比：一是项目经济性仍有差距。规模化可再生能源制氢项目规划数量快速增 长，但相关技术工艺和建设运营水平较传统技术路线仍有不足，可再生能源制氢项目落地实施和多元化 场景探索较为缓慢。二是技术成熟度存在短板。氢能部分技术和场景离商业化推广应用还有差距，对产 业突破经济性瓶颈仍有掣肘。三是标准规范需进一步完善。氢能相关标准在与配套政策协同、与产业发 展同步、落地应用推广和国际化等方面还需进一步提升。 2025年，我国将加快推进氢能领域重大技术装备研制和应用示范，促进"制储输用"全产业链发展，进一 步完善氢能产业生态、优化产业发展环境，为"十五五"时 ...

Core Insights - The increasing interest in natural hydrogen, seen as a potential game-changer in the global energy landscape, is attracting major companies from the mining and energy sectors [1][2] - Natural hydrogen, discovered 40 years ago in Mali, is a carbon-free resource that produces only water when burned, leading to a surge in exploration activities by various companies [1][3] - Despite the optimism, there are concerns regarding the environmental impact and transportation challenges associated with natural hydrogen, with the International Energy Agency warning about the difficulties in achieving economically viable large-scale extraction [1][2] Industry Developments - Rystad Energy indicates that Canada and the United States are leading in exploration projects for natural hydrogen, with the next year being critical for the industry [1][2] - Major players like Fortescue and BP are investing in natural hydrogen exploration, with Fortescue's investment of $21.9 million in HyTerra to expand exploration efforts [3][4] - The potential for natural hydrogen to support decarbonization efforts is acknowledged, but the industry is still in its early stages, with significant challenges ahead in terms of efficient extraction and safe transportation [3][4] Investment Trends - The past year has seen a rise in investor interest, with venture capital backing companies like Snowfox Discovery and Mantle8, indicating a shift towards alternative hydrogen solutions amid challenges faced by green hydrogen [2][3] - The focus on natural hydrogen is seen as a promising opportunity for local clean energy, with potential applications across various industries if extraction and cost challenges can be addressed [3][4] - The hydrogen energy alliance emphasizes that while exploration is in its infancy, achieving industrial-scale production could take decades, similar to the shale gas development timeline in the U.S. [4]

Group 1 - The core viewpoint of the news is that China is leading the global hydrogen energy industry, with a projected production and consumption scale exceeding 36.5 million tons in 2024, making it the world's largest producer [1] - By the end of 2024, China is expected to account for over 50% of the global renewable energy hydrogen production capacity, which will exceed 250,000 tons per year [1][2] - The domestic fuel cell vehicle (FCV) application is steadily advancing, with over 540 hydrogen refueling stations established and approximately 24,000 fuel cell vehicles promoted [1] Group 2 - More than 560 hydrogen energy-specific policies have been issued nationwide, with 22 provincial-level administrative regions incorporating hydrogen energy into their government work reports [2] - The National Energy Administration plans to coordinate with relevant departments to promote a scientific and reasonable layout of the hydrogen energy industry based on local conditions [2] - The hydrogen energy and fuel cell industry is expected to enter a rapid growth phase by 2025, with significant acceleration in the deployment of fuel cell vehicles and green hydrogen projects [2] Group 3 - Related Hong Kong stocks in the hydrogen energy industry include: Jingcheng Electric (00187), Guofu Hydrogen Energy (02582), Guohong Hydrogen Energy (09663), Yihuatong (02402), Reshaping Energy (02570), China International Marine Containers (03899), Weichai Power (02338), China National Heavy Duty Truck Group (03808), and China Xuyang Group (01907) [3]

国家能源局：我国高度重视氢能产业发展 各地有序探索氢能产业发展和项目落地模式 智通财经4月28日电，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在会上介 绍，我国高度重视氢能产业发展，通过加强顶层设计，制定产业政策，积极推动氢能技术创新，各地也 有序探索氢能产业发展和项目落地模式。截至2024年底，全国各地累计发布氢能专项政策超560项，22 个省级行政区将氢能写入政府工作报告，因地制宜推进氢能产业布局。下一步，国家能源局将会同相关 部门积极发挥氢能产业发展部际协调机制作用，推动地方结合自身基础条件科学合理布局氢能产业，实 现产业健康有序发展。 ...

4月28日，国家能源局举行新闻发布会，公开发布了我国首份氢能发展报告。 国家能源局能源节约和科技装备司副司长徐继林介绍，2024年，全国氢气产量三北地区占比超50%，内 蒙古、山西、陕西、宁夏等地区氢气产量均排名靠前。截至2024年底，全国各地累计规划建设可再生能 源电解水制氢项目超600个，其中，已建在建项目超150个，已建成产能约12.5万吨每年，主要分布在西 北和华北地区，合计占全国已建成产能近90%。 《报告》指出，2024年，我国氢能制取、储运、利用全链条关键技术逐步取得突破。一批规模化可再生 能源制氢项目建成运营，燃料电池汽车示范应用稳步推进，各地已建成加氢站超540座。 《报告》显示，2024年，我国氢能全年生产消费规模超过3650万吨，位列世界第一位。截至2024年底， 全球可再生能源制氢项目累计建成产能年均超过25万吨，中国占比超过一半，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。 ...

此外，去年多类型燃料电池发电和热电联供项目投建运营，F级50兆瓦重型燃气轮机完成燃烧器掺烧 30%氢气试验，兆瓦级纯氢燃气轮机完成整机试验验证。同时，6项氢能技术装备入选国家能源局第四 批能源领域首台（套）重大技术装备，覆盖氢能制储输用全环节。 国家能源局能源节约和科技装备司副司长徐继林表示，今年国家能源局将持续推动氢能产业政策接续发 力，落实氢能纳入能源管理相关工作，加快推进氢能领域重大技术装备研制和应用示范，促进"制储输 用"全产业链发展，进一步完善氢能产业生态、优化产业发展环境，为"十五五"时期氢能产业提质提速 建立坚实的基础。 去年，全国氢气产量超3650万吨，三北地区占比超50%，内蒙古、山西、陕西、宁夏等地区氢气产量均 排名靠前。 《报告》指出，去年，中国氢能制取、储运、利用全链条关键技术逐步取得突破。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过1.5万辆。 4月28日，国家能 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信,加 绿氢、燃料电池 群 氢能系统在小型化应用中展现出独特潜力。相较于公交、物流车、重卡、乘用车、船舶等交通工具， 两轮车对储氢量需求低，采用固态储氢技术可实现 5MPa 以下低压储存，大幅降低安全风险。同时， 氢能二轮车在短途高频出行场景中实现 "小步快跑"，无需依赖补贴，即可为氢气推广提供良好的应用 场景。 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 公开数据显示，2024 年国内氢能两轮车投放量突破 1 万台，标志着这一领域进入规模化推广的临界 点。 未来随着绿氢成本下降和换罐网络完善，氢能两轮车有望在 3-5 年内成为城市短途出行的主流选 择。 进入2025年以来，氢能两轮车产业迎来爆发式增长，从技术研发到商业化落地均展现出强劲势头。全 国多地加速布局氢能交通网络，企业合作与资本投入密集落地，叠加政策端持续加码，共同推动氢能 两轮车从示范运营迈向规模化应用。 据统计，辛集、黄石、盐城 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The first quarter saw a significant increase in photovoltaic (PV) installations in China, with a year-on-year growth of 30.5%, totaling 59.71 GW [2][21] - The government is pushing for the development of hydrogen energy applications, particularly in transportation, with a budget of 2.34 billion yuan allocated for fuel cell vehicle demonstrations [1][21] - The report highlights the importance of cost reduction and efficiency improvement in the photovoltaic manufacturing sector, focusing on the optimization of leading companies in silicon materials and battery cells [1] - The wind power sector is expected to see steady progress in domestic and overseas demand, with a recommendation to prioritize investments in turbine and casting segments [1] - The electric vehicle market is projected to maintain high growth, driven by government support for smart connected vehicles, which will boost demand for batteries and materials [1] - The report emphasizes the potential of solid-state battery commercialization by 2027, benefiting companies involved in battery, materials, and equipment [1] Summary by Sections Photovoltaic Sector - The report notes a strong growth trajectory in PV installations, with March 2025 alone contributing 20.24 GW [2][21] - The focus remains on cost reduction and efficiency improvements, particularly in silicon materials and battery cell production [1] Wind Power Sector - Domestic and overseas demand for wind power is expected to improve, with recommendations to invest in turbine and casting segments [1] Electric Vehicles - The government aims to significantly develop smart connected electric vehicles, which is anticipated to drive battery and material demand [1] Hydrogen Energy - Continuous policy support for hydrogen energy development is noted, with applications in green hydrogen and chemical sectors expected to expand [1][21] Company Performance - Notable company performances include: - Sunshine Power reported a net profit of 11.036 billion yuan in 2024, up 16.92% year-on-year, and 3.826 billion yuan in Q1 2025, up 82.52% [23] - Other companies like Keda and EVE Energy also reported significant year-on-year profit increases in Q1 2025 [23]