Group 1 - The Sichuan Province has issued an action plan to establish a comprehensive green manufacturing system, emphasizing the steady advancement of hydrogen energy industrialization and the exploration of integrated technologies for green hydrogen, ammonia, and alcohol [1] - The plan includes the construction of pilot projects for hydrogen-based direct reduction of vanadium-titanium magnetite and hydrogen-rich smelting in high furnaces, as well as hydrogen roasting in cement production [1] - The initiative aims to couple renewable energy with hydrogen development in suitable regions, facilitating local hydrogen and oxygen production from water, wind, and solar energy [1] Group 2 - Guojin Securities notes that the hydrogen energy industry is still in its early commercialization stage, primarily driven by policy support, and suggests seizing the opportunity for investment [2] - The report highlights the global demand for green methanol, particularly in green shipping, driven by EU carbon taxes and IMO policies, indicating a clear trend towards green transformation in the shipping industry [2] - The development of hydrogen production equipment is seen as having significant long-term potential due to policy drivers and visible economic benefits, with the green hydrogen economy gradually becoming more viable [2] Group 3 - Industrial research from Xingye Securities indicates that the hydrogen energy sector is at a critical commercialization juncture, with downstream consumption scenarios being crucial [3] - The hydrogen industry chain encompasses production, storage, transportation, and application, forming a multidimensional energy ecosystem [3] - The report emphasizes that green hydrogen production relies entirely on renewable energy sources, ensuring a carbon-free process with water as the only byproduct, thus achieving a clean and low-carbon lifecycle [3]

行业日报 | 北交所 北交所领涨，持续关注 AI 应用、商业航天、半导体等赛道 证券研究报告 2026 年 01 月 13 日 北交所日报——20260112 核心结论 行情回顾：1）指数层面：1 月 12 日北证 A 股成交金额达 435.2 亿元，较上 一交易日增加 136.9 亿元，北证 50 指数收盘价为 1605.77，上涨 5.35%， PE_TTM 为 67.48 倍。北证专精特新指数收盘价为 2782.05，上涨 6.92%。 2）个股层面：当日北交所 287 家公司中 272 家上涨，0 家平盘，15 家下跌。 其中涨幅前五的个股分别为：众诚科技（30.0%）、天润科技（30.0%）、 星图测控（30.0%）、同辉信息（30.0%）、流金科技（29.9%）；跌幅前 五的个股分别为：泓禧科技（-6.2%）、恒合股份（-3.0%）、衡东光（-2.5%）、 海希通讯（-2.3%）、佳合科技（-2.2%）。 新闻汇总：1）政策、企业双发力 机构："十五五"期间氢能有望逐步迈入 产业化阶段：记者获悉，广汽领程于近日完成 340 辆氢燃料电池汽车交付。 据记者不完统计，推动氢能产业发展成为近 20 个省 ...

Core Viewpoint - Sinopec has strategically invested 300 million RMB in Faurecia Hydrogen, aiming to strengthen its hydrogen energy supply chain, particularly in hydrogen storage and transportation technology, which is a critical gap in its operations [3][12][20]. Group 1: Investment Details - Sinopec Capital has made a strategic investment of 300 million RMB in Faurecia Hydrogen, a subsidiary of Faurecia Group, which is the first in China to produce IV-type hydrogen storage bottles [1][5][36]. - This investment is part of Sinopec's broader goal to become the leading hydrogen energy company in China, having already established a significant presence in hydrogen production and refueling stations [3][25]. Group 2: Technology and Market Position - Faurecia Hydrogen specializes in IV-type hydrogen storage bottles, which are lighter and have higher hydrogen density compared to traditional III-type bottles, making them suitable for heavy-duty vehicles [5][29]. - The IV-type bottles developed by Faurecia can store up to 16 kilograms of hydrogen, making them particularly advantageous for long-haul heavy trucks [6][30]. Group 3: Strategic Implications - The investment allows Sinopec to avoid the lengthy and costly process of developing IV-type technology in-house, thus enhancing its technological capabilities and integrating Faurecia into its hydrogen energy ecosystem [7][31]. - For Faurecia, this investment not only provides funding but also access to Sinopec's extensive refueling network and logistics capabilities, enhancing its market competitiveness [8][33]. Group 4: Industry Context - The hydrogen energy sector in China is experiencing significant growth, with the country projected to produce over 36.5 million tons of hydrogen in 2024, leading the world [39]. - Despite the growth, challenges remain, particularly in reducing the costs of green hydrogen and improving storage and transportation technologies [40][46]. - The collaboration between major state-owned enterprises and technology firms is seen as essential for overcoming industry challenges and achieving large-scale commercialization of hydrogen energy [42][45].

Core Insights - The article discusses the investment strategies for the year 2026, focusing on opportunities identified by top fund companies and managers in the market [1][124]. Group 1: Market Sentiment Indicator - The "Congestion Degree" is a unique indicator developed by the company to reflect trading sentiment in popular sectors, combining four dimensions: volume, price, funds, and analyst forecasts [3][126]. - This indicator quantitatively tracks changes in market sentiment and has strong implications for short-term stock price movements [3][126]. Group 2: TMT Sector Insights - The congestion levels for various TMT (Technology, Media, Telecommunications) segments are as follows: - Optical modules: congestion level is moderately low [10][131]. - Servers: congestion level is moderately high [8][133]. - Base stations: congestion level is moderate [10][135]. - Optical fiber and cables: congestion level is moderately high [10][136]. - IDC (Internet Data Center): congestion level is moderately high [10][136]. - Computer equipment: congestion level is high [10][139]. - Optical components: congestion level is high [10][140]. - RF components: congestion level is high [10][145]. - PCB (Printed Circuit Board): congestion level is moderate [10][146]. - IT services: congestion level is moderately high [10][147]. - Semiconductor materials: congestion level is high [10][157]. - Consumer electronics: congestion level is moderately low [10][172]. Group 3: Manufacturing Sector Insights - The congestion levels for various manufacturing segments are as follows: - Automotive parts: congestion level is high [10][181]. - Lithium batteries: congestion level is moderate [10][184]. - Wind power: congestion level is moderately low [10][187]. - Photovoltaic components: congestion level is high [10][197]. - Industrial robots: congestion level is high [10][199]. - Unmanned aerial vehicles: congestion level is high [10][200]. Group 4: Consumer and Pharmaceutical Sector Insights - The congestion levels for various consumer and pharmaceutical segments are as follows: - White goods: congestion level is low [10][207]. - Alcoholic beverages: congestion level is moderately low [10][209]. - Medical services: congestion level is moderately high [10][222]. Group 5: Financial and Real Estate Sector Insights - The congestion levels for various financial and real estate segments are as follows: - Real estate: congestion level is moderate [10][225]. - Insurance: congestion level is high [10][225]. - Banking: congestion level is low [10][226].

Core Viewpoint - The Sichuan Province has issued an action plan to establish a comprehensive green manufacturing system, emphasizing the steady advancement of hydrogen energy industrialization [1] Group 1: Hydrogen Energy Development - The plan explores the integration of green hydrogen, ammonia, and alcohol technologies, as well as hydrogen-rich smelting in blast furnaces [1] - It aims to promote pilot projects for hydrogen-based direct reduction of vanadium-titanium magnetite and hydrogen-rich blast furnace smelting [1] - The initiative includes the development of hydrogen-based cement roasting projects [1] Group 2: Renewable Energy Integration - The plan focuses on coupling renewable energy with hydrogen production in suitable regions, addressing the demand for electricity, heat, and oxygen in high-altitude areas [1] - It aims to achieve local hydrogen and oxygen production from water, wind, and solar energy [1] Group 3: Transportation Sector - The action plan seeks to expand the commercial application of hydrogen energy in the transportation sector [1] - It promotes the enhancement and expansion of the "Chengyu Hydrogen Corridor" [1]

随着新能源产能持续扩大，风光电消纳问题逐渐凸显。近日在四川攀枝花举办的2025氢能产业链生态大 会上，与会代表认为，能源利用正朝着"加氢减碳"方向发展，氢能成为解决能源问题的一把钥匙。 "发展氢能，就需要高效、安全、低成本的储氢技术进行能源削峰填谷。"中国有研科技集团有限公司正 高级工程师王树茂表示。 长三角国家技术创新中心管委会委员、华北电力大学教授范霁红预测，2060年碳中和场景之下，我国终 端用热需求的30%将来自非化石燃料，主要由绿电转化得到，其中绿电制氢是必不可少的一步，需求可 能达到2亿吨，需要消耗绿电约10万亿千瓦时。 "目前，水电解制氢是行业公认亟待发展的绿色制氢技术。"孙浩然认为，制氢技术装备不断发展，正 从"国产化突破"迈向"规模化降本"和"多场景应用"阶段。碱性电解水技术以其成熟度、性价比和规模优 势，正引领大规模集中式可再生能源制氢市场，后续需进一步提升安全可靠性、产品功率密度和启停能 力；此外，新一代质子交换膜、载体型催化剂的应用，也带动PEM电解水制氢装备成本下降与能力提 升。 绿色制氢填补能源需求缺口 "利用最丰富的水和太阳光，实现能源自给和清洁，是摆脱化石能源依赖的终极路径，因 ...

Core Insights - The "Beijing-Tianjin-Hebei Collaborative Innovation Index (2026)" was released to monitor and evaluate the collaborative innovation development in the region, showing significant growth from 100 in 2013 to 388 in 2024, with an average annual growth rate of 13.1% [1] Group 1: Innovation Index Growth - The index measures collaborative innovation across five dimensions: innovation capability, research cooperation, technology connections, innovation performance, and innovation environment [1] - Beijing's collaborative innovation index saw the largest increase, growing from 657.7 to 1198.4 from 2013 to 2024, indicating strong radiative power [1] Group 2: Regional Performance - Tianjin's collaborative innovation index increased by 14.7% in 2024 compared to 2023, while Hebei maintained a steady growth rate of 13.1% [2] - The gap in innovation indices between Beijing and Hebei has narrowed, while the gap between Beijing and Tianjin has widened [2] Group 3: Industry Collaboration - The three regions have formed a new development pattern characterized by mutual benefits and complementary advantages, leading to breakthroughs in industries, transportation, and environmental sectors [2] - Beijing leads in hydrogen and biomedicine, Tianjin in high-end industrial mother machines and cybersecurity, and Hebei in new energy and intelligent connected vehicles [2] Group 4: Technological Innovation - The technology innovation network in the region is primarily led by Beijing, which accounted for 40.9% of patent cooperation in 2024 [3] - The total value of technology contracts in the region reached 1.3 trillion yuan, representing nearly 20% of the national total [3] Group 5: Innovation Environment - The development of the "Beijing-Tianjin-Hebei on Tracks" initiative has facilitated smoother flow of innovation elements, supported by a combination of policies for high-quality innovation and entrepreneurship [3] - A total of 13 innovation platforms have been established across the three regions, accelerating the incubation and transformation of innovative results [3] Group 6: Future Development Strategies - Strengthening international technological capabilities and building a collaborative innovation network centered around leading technology enterprises is crucial for future development [4] - The strategy includes enhancing original and disruptive technological innovations and fostering a collaborative innovation community in the Beijing-Tianjin-Hebei region [4][5]

Core Viewpoint - The project in Fujian Province marks a significant step in the transition from construction to operational phase, focusing on wind power hydrogen production technology verification [1] Group 1: Project Overview - The project is a collaboration between Fujian Energy Petrochemical Group and Xiamen University, led by Academician Zheng Nanfeng [1] - It features a 20 megawatt wind power hydrogen production core, aiming for deep integration of renewable energy and hydrogen industry [1] Group 2: Objectives and Goals - The project aims to conduct pilot verification of water electrolysis hydrogen production under wind power fluctuations and green hydrogen application [1] - It seeks to create a comprehensive utilization platform for green hydrogen production and hydrogen-based energy [1] Group 3: Infrastructure Development - The project will establish a standardized energy system evaluation center, a green hydrogen application safety testing and verification center, and a hydrogen equipment testing and certification base [1] - It aims to facilitate the "offshore energy—hydrogen storage—hydrogen-based energy application" verification chain [1] Group 4: Impact on Renewable Energy - Upon operation, the project is expected to enhance the region's renewable energy absorption capacity [1] - It will accelerate the application of green hydrogen in key sectors such as transportation and industry [1]

Core Viewpoint - Chengdu's Pidu District has outlined a comprehensive five-year development plan focusing on modern industrial systems, technological innovation, and deep integration of industry and innovation, aiming for high-quality economic and social development [1] Group 1: Modern Industrial System - The focus is on strengthening the real economy, emphasizing the development of advanced manufacturing as the backbone of a modern industrial system [3] - Key industries include electronic information, military-civil integration, green food, and cultural industries, with specific initiatives like upgrading the "Pixian Douban" brand and enhancing the Chengdu Film City [3] - Emerging industries such as hydrogen energy and solid-state batteries will be prioritized, alongside the integration of AI applications to create new economic growth points [3] Group 2: Technological and Industrial Innovation - The plan emphasizes the importance of technological innovation in shaping new development advantages and fostering deep integration between technology and industry [4] - Strengthening innovation platforms and enhancing corporate innovation capabilities are key strategies, including the establishment of industry chain innovation consortia [4][5] Group 3: Domestic Demand and Economic Growth - The strategy aims to boost consumption and investment, creating a positive interaction between supply and demand to ensure stable economic growth [6] - Specific actions include enhancing consumer rights protection, optimizing investment management, and fostering a supportive business environment for SMEs [6] Group 4: Rural Revitalization and Urban Integration - The plan promotes new urbanization and rural revitalization strategies, focusing on improving infrastructure and public services in rural areas [7] - Development of modern agriculture and integration of rural industries are highlighted to enhance the quality of life in rural communities [7] Group 5: Reform and Opening Up - The initiative aims to integrate into the national market and enhance openness, addressing systemic barriers to promote a dynamic environment for reform and development [8] - Key areas for reform include industrial parks and financial sectors, with a focus on expanding international market reach for local products [8] Group 6: Cultural Development - The plan emphasizes cultural confidence and the promotion of local heritage, aiming to enhance the cultural soft power of the city [9] - Initiatives include creating a 15-minute cultural service circle and integrating cultural, tourism, and sports sectors [9][10] Group 7: Social Welfare and Quality of Life - The focus is on improving living standards and ensuring high-quality employment, education, and healthcare services [11] - Strategies include enhancing social security systems and promoting a multi-pillar pension system [11] Group 8: Green Development - The plan commits to ecological protection and green transformation, aiming for a sustainable and livable environment [12] - Key initiatives include pollution prevention, the establishment of a park system, and the promotion of clean energy [12] Group 9: Safety and Governance - The strategy integrates safety into urban development, enhancing emergency management and smart governance [13] - Emphasis is placed on legal governance and community engagement to resolve conflicts and enhance public safety [13]

《温室气体自愿减排项目方法学 可再生能源电解水制氢（CCER—01—004—V01）》方法学印发，这是我国氢能领域首个核证自愿 减排量（CCER）方法学，旨在为准入的电解水制氢项目提供减排量核算统一标准 。 ▲ 图为我国首个万吨级光伏绿氢示范项目——库车绿氢示范项目。 生态环境部、国家能源局日前联合印发《温室气体自愿减排项目方法学 可再生能源电解水制氢（CCER—01—00 4—V01）》方法学 （以下简称"方法学"），这是我国氢能领域首个核证自愿减排量（CCER）方法学，旨在为准入的电解水制氢项目提供减排量核算统一 标准，使其产生的减排量得以在碳市场中变现，激活绿氢的"环境资产"属性，为我国可再生能源制氢产业规模化、商业化发展提供关键 政策支点。 适用新建项目 兼顾开发成本和收益 我国高度重视氢能产业发展。"十五五"规划建议明确提出，将氢能作为"未来产业"进行前瞻布局，并推动其成为新的经济增长点。 方法学牵头编制单位中国华电集团碳资产运营有限公司碳交易运营管理部副主任富兰克介绍，方法学通过将清洁低碳制氢项目的减排量 转化为可交易的碳资产，有助于促进新能源的非电利用和消纳，对控制钢铁、化工、交通等领域温室气体 ...