Core Insights - The article highlights the rising importance of platinum in the hydrogen energy revolution, particularly in fuel cell technology and green hydrogen production [1][3][4]. Group 1: Platinum Market Dynamics - Platinum prices have surged nearly 100% this year, rising from approximately $900 to $1800 per ounce, making it the second-best performing precious metal after silver [3]. - The World Platinum Investment Council (WPIC) forecasts a supply deficit of 26.4 to 30 tons in the global platinum market by 2025, marking the third consecutive year of shortage [3][4]. - Approximately 70% of global platinum production comes from South Africa, which faces structural challenges such as unstable electricity supply and rising mining costs, limiting production capacity [4]. Group 2: Industrial Demand for Platinum - The automotive sector remains the largest industrial consumer of platinum, primarily for diesel vehicle emissions control [5]. - Recent changes proposed by the European Commission to relax carbon emission standards for new vehicles could provide additional support for platinum demand [5]. - Platinum is also a critical material in the hydrogen energy sector, with growing government commitments to net-zero emissions driving the development of hydrogen projects [5][6]. Group 3: Technological Developments and Market Sentiment - Efforts are underway in China, Japan, and Europe to reduce platinum usage in fuel cells or find alternatives, which presents a dual impact on demand [6]. - The current market pricing reflects optimism about industry expansion, with increased investment interest in platinum as a relatively undervalued asset compared to gold [6][7]. - The narrative surrounding platinum has shifted from being an auxiliary material for traditional combustion engines to becoming a core component of future energy infrastructure, positioning it as a "technology metal" and "energy metal" [7][8]. Group 4: Price Predictions and Future Outlook - Analysts have differing predictions for platinum prices in 2026, ranging from $1550 to $2300 per ounce, indicating uncertainty in future market conditions [8]. - The practical application of hydrogen technology, as evidenced by the use of Toyota's Mirai at the G20 summit, suggests that the revaluation of platinum's worth is underway [8].

Core Viewpoint - China Energy Construction (601868) has officially launched the first phase of the world's largest integrated green hydrogen and ammonia project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, on December 16 this year [1] Group 1 - The project is recognized as the largest scale of its kind globally [1] - The launch of the project marks a significant milestone in the company's investment in green energy [1]

在贺克斌看来，当前全球碳中和的关键技术态势，可概括为"硅能、氢能、储能、智能"四大方向。 以光伏、风电为代表的"硅能"板块技术进步显著，已实现大规模应用。中国在这一领域已占据全球领先 优势。 氢能方面，美国、欧洲、日本等均积极布局。其中，美国重点发展可再生能源制氢、天然气制氢等技术 路线。尽管美国政府退出《巴黎协定》，但相关技术研发上的投入还在不断增加。 储能是解决可再生能源波动问题的关键所在。目前技术瓶颈主要集中在超长时储能领域。从全球范围 看，全球各个实验室和产业界在不断突破储能技术，中国不少技术也处于领跑地位。 中国工程院院士贺克斌：中美欧正驱动全球新能源转型 中新社北京12月18日电 (记者 刘亮)中国工程院院士、清华大学碳中和研究院院长贺克斌18日在北京 称，全球新能源投资主导格局已明确，从投资主体看，中国、美国和欧盟三大经济体正驱动全球新能源 转型。 在当天举行的"《财经》年会2026：预测与战略暨2025全球财富管理论坛"上，贺克斌指出，当前，世界 经济正从对能源的资源依赖逐步转向对能源的技术依赖，谁能率先构建起大规模且稳定使用新能源的技 术体系，谁就能在下一阶段的经济发展中抢占先机、掌握主动权 ...

Core Viewpoint - The geopolitical tensions have escalated, leading to increased demand for safe-haven assets, which has driven up the prices of precious metals like gold, silver, platinum, and palladium. This has resulted in significant year-to-date gains for these metals, with silver, platinum, and palladium rising by 128%, 112%, and 80% respectively [1] Group 1: Macro Environment - The surge in platinum and palladium prices is linked to a favorable macroeconomic environment, with expectations of a shift in Federal Reserve policy and a weaker dollar contributing to the rise in precious metal prices [2] - Investor demand, central bank purchases, and expectations of lower interest rates in 2026 are supporting precious metal prices [2] - Funds are shifting from historically high gold and silver prices to relatively undervalued platinum and palladium, creating a noticeable capital outflow effect [2] Group 2: Supply and Demand Dynamics - The fundamental logic supporting platinum's rise is rooted in supply vulnerabilities, with over 70% of platinum produced in South Africa facing challenges such as aging mines and power shortages [3] - South Africa's platinum group metals production fell by 13% year-on-year in Q1, with expectations of a 6% decline for the entire year of 2025 [3] - The World Platinum Investment Council (WPIC) forecasts a supply shortfall of 850,000 ounces in the platinum market by 2025, with supply expected to remain constrained in the coming years [3][4] Group 3: Industrial Demand - The demand for platinum in automotive catalysts remains resilient, with stricter emission regulations increasing the amount of platinum used per vehicle [5] - The rise of the hydrogen economy is opening new growth avenues for platinum, as it is essential in fuel cells and hydrogen production processes [5] - Investment demand is also active, particularly in China, which is the largest platinum consumer market, with the introduction of platinum and palladium futures providing new investment opportunities [6] Group 4: Future Outlook - The WPIC anticipates a slight decline in palladium demand from 2024 to 2029, but a potential oversupply will not materialize until 2029, depending on the growth of recycling supply [7] - Analysts suggest that the platinum market will remain in a tight supply-demand balance for the next three years, with limited production growth and ongoing demand from various sectors [8] - The overall sentiment for platinum and palladium prices remains optimistic, supported by macroeconomic factors and ongoing supply constraints [9]

Core Viewpoint - The company has successfully launched the first phase of the world's largest integrated green hydrogen and ammonia project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, on December 16 [1] Group 1 - The project is recognized as the largest scale of its kind globally [1] - The first phase of the project has officially commenced operations [1] - The company expressed gratitude for investor interest in the project [1]

Core Insights - The Beijing Economic-Technological Development Area Management Committee has issued measures to accelerate the cultivation of the future energy industry, focusing on new energy storage, clean energy, low-carbon transition, and fusion energy [1][2] Group 1: Key Focus Areas - The document emphasizes support for four core directions: new energy storage, clean energy, low-carbon transition, and fusion energy, encouraging rapid completion of the full chain incubation from technology maturation to industrialization [1] - Companies are encouraged to utilize multimodal large model technology for R&D in key areas such as new energy storage materials, efficient photovoltaic components, and core components of wind power [1] Group 2: Innovation and Collaboration - Enterprises are urged to lead collaborations with research institutions and universities to deepen industry-academia-research cooperation, focusing on high-standard construction of industry R&D innovation platforms [2] - The initiative includes the establishment of common technology platforms for flexible perovskite battery components, new energy storage safety monitoring, and solid-state battery material research [2] Group 3: Infrastructure and Application - The plan aims to accelerate the large-scale production of core components, particularly in new energy storage (new batteries), advanced hydrogen equipment, and next-generation perovskite photovoltaic key components [2] - The development of a "Future Energy Town" is proposed to create a green and integrated demonstration scene, promoting the application of various advanced low-carbon technologies [2]

中信证券认为，"十五五"时期，在政策推动下，氢能有望逐步迈入产业化阶段。绿氢及氢基绿色燃料的 市场规模有望逐步扩大、工业领域减碳或衍生出绿氢新的应用场景将带动绿氢产业链和电解槽设备需求 的增长，同时提前布局氢基绿色能源项目的投资方也有望受益产业发展前期的产品溢价。我们建议关注 两条主线，其中重点推荐主业有安全边际，氢能业务具备成长潜力的公司：1)绿氢电解槽设备环节的企 业；2)布局绿色燃料相关项目的企业。 近期四场高规格会议和发声为未来一年我国绿色发展目标定调，我国将坚持"双碳"引领，推动全面绿色 转型，在重点行业深入推进节能降碳改造，扩大绿电应用，培育氢能、绿色燃料等新增长点。 ...

中信证券研报表示，近期四场高规格会议和发声为未来一年我国绿色发展目标定调，我国将坚持"双 碳"引领，推动全面绿色转型，在重点行业深入推进节能降碳改造，扩大绿电应用，培育氢能、绿色燃 料等新增长点。我们认为"十五五"期间绿色电力发展重心将从增量建设逐步转向建设增量与拓展应用场 景并重，绿氢及氢基绿色燃料作为绿电与重点行业节能降碳的纽带，有望迎来政策倾斜并实现加速发 展。 ...

人民财讯12月18日电，中信证券研报表示，近期四场高规格会议和发声为未来一年我国绿色发展目标定 调，我国将坚持"双碳"引领，推动全面绿色转型，在重点行业深入推进节能降碳改造，扩大绿电应用， 培育氢能、绿色燃料等新增长点。中信证券认为"十五五"期间绿色电力发展重心将从增量建设逐步转向 建设增量与拓展应用场景并重，绿氢及氢基绿色燃料作为绿电与重点行业节能降碳的纽带，有望迎来政 策倾斜并实现加速发展。 ...

Group 1 - The world's largest integrated green hydrogen, ammonia, and methanol project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced production, with a capacity to generate 450,000 tons of green hydrogen, 200,000 tons of green ammonia, and green methanol annually, significantly reducing crude oil consumption by 460,000 tons and cutting carbon emissions by 300,000 tons per year [1] - The integrated green hydrogen, ammonia, and methanol project model combines multiple processes, including wind and solar power generation, water electrolysis for hydrogen production, and the synthesis of green ammonia and methanol, driven by policy support, technological advancements, and market demand for renewable energy [1] - By the end of 2024, China's planned capacity for green ammonia projects is expected to reach approximately 1,780,000 tons per year, with around 1,900,000 tons per year currently under construction [1] Group 2 - According to Guangfa Securities, the industrial application prospects for green ammonia and green methanol are broad, with green ammonia expected to account for over 70% of domestic production by 2050, driven by dual carbon policies and decreasing green electricity costs [2] - Longjiang Securities emphasizes that the high-quality development of renewable energy during the 14th Five-Year Plan period requires breakthroughs in non-electric utilization, with significant application potential for green hydrogen, ammonia, and methanol in chemical, transportation, and metallurgy sectors [2] - As of December 17, 2023, 17 A-share stocks related to green hydrogen and methanol have been identified, with six stocks experiencing over 50% growth this year, including Fuzhijie Technology, Huaguang Huaneng, and Jinfeng Technology [2] Group 3 - In terms of trading activity, Jinfeng Technology recorded the highest average daily trading volume in December at 2.508 billion yuan, followed by China International Marine Containers and others with varying trading volumes [3] - Six green hydrogen and methanol concept stocks have been subject to over ten institutional surveys this year, with Xizi Clean Energy receiving the most attention, having been surveyed 30 times [3] - Xizi Clean Energy has indicated its involvement in the supply of equipment for the integrated wind-solar hydrogen, ammonia, and methanol model, continuously expanding its applications in the green ammonia and methanol industries [3]