Group 1 - The article highlights the upcoming launch of the new hydrogen fuel cell stack, the Jichong MH290, which is expected to demonstrate significant performance improvements [3][2]. - The event is scheduled to take place in two days, emphasizing the anticipation surrounding the product release [4][2]. - The article promotes the 2025 TrendBank Green Hydrogen Industry Conference, indicating the company's active role in the hydrogen energy sector [2][8]. Group 2 - The article mentions that TrendBank serves as the sole registered entity and payment account for Ningbo Mozhi Information Technology Co., Ltd. [1].

Investment Rating - The report maintains a positive outlook on the photovoltaic and energy storage sectors, highlighting price increases across the supply chain and recommending specific companies that are expected to benefit from these trends [1][5]. Core Insights - The photovoltaic industry is experiencing a price transmission from silicon materials to the midstream silicon wafer and battery segments, with component prices also rising. The report emphasizes the importance of monitoring price control sustainability and potential penalties for violations [1][5]. - In the wind energy sector, the UK AR7 CfD auction reforms are expected to significantly increase the scale of offshore wind tenders, with specific companies recommended for their potential to benefit from this development [1][5]. - The lithium battery sector is seeing advancements in solid-state battery technology, with a focus on oxide and polymer routes that promise better safety and performance without significantly increasing costs [2][6]. Summary by Relevant Sections Photovoltaic & Energy Storage - Silicon material prices have been rising, successfully transmitting price increases to the midstream silicon wafer and battery segments. Recent announcements from silicon material companies indicate strong regulatory oversight in the industry [1][5]. - The price range for polysilicon transactions has been active, with prices between 40,000 to 49,000 RMB per ton, and the futures closing price at 43,850 RMB per ton as of July 18 [5][21]. - The report suggests focusing on the sustainability of price controls, the impact of price increases on demand, and potential supply-side policies [5]. Wind Energy - The UK AR7 CfD auction reforms allow for a broader range of projects to participate, potentially increasing the tender scale from 10GW to 30GW. Companies like 大金重工, 东方电缆, and 明阳智能 are highlighted as key beneficiaries [1][5][9]. Lithium Batteries - The report notes that semi-solid and solid-state batteries are likely to enter commercial promotion soon, with advancements in technology addressing previous limitations in conductivity and performance [2][6]. - The application of lithium metal anodes is expected to enhance energy density in solid-state batteries, with a focus on companies involved in these innovations [2][6]. Hydrogen and Fuel Cells - The application of methanol fuel in shipping opens new opportunities for green hydrogen projects, accelerating project timelines and creating demand for hydrogen production equipment [3][18]. - The report highlights the importance of green shipping in driving demand for green hydrogen and methanol, with significant growth expected in the coming years [18]. Electric Vehicles - The launch of the 理想 i8 has generated significant market interest, with pre-orders indicating strong demand. The report suggests that the performance of the i8 will provide insights into supply and demand dynamics in the high-end electric vehicle market [4][15][17]. - The report emphasizes ongoing regulatory efforts to curb irrational competition in the electric vehicle sector, which may impact short-term demand but is expected to stabilize the market in the long run [15][17]. Power Grid - The National Grid's third tender for ultra-high voltage equipment is projected to reach approximately 1 billion RMB, with significant demand anticipated from various engineering projects [10][11][12]. - The report indicates that the ultra-high voltage sector is expected to maintain a high investment intensity during the 14th Five-Year Plan, with a projected tender amount exceeding 50 billion RMB in 2025 [11][12]. Overall Investment Recommendations - The report recommends specific companies across various sectors, including photovoltaic, energy storage, wind energy, and lithium batteries, highlighting their potential for growth and resilience in the current market environment [5][18].

Investment Rating - The report maintains a "Buy" rating for the hydrogen and fuel cell industry [1] Core Insights - Green hydrogen consumption is crucial, with green shipping opening up demand opportunities. As of June 2025, green hydrogen project approvals correspond to a production capacity of 7.6 million tons, but the project startup rate is only 24%, equating to about 1.8 million tons of green hydrogen capacity. The key to commercializing the industry lies in establishing a sustainable profit model and finding downstream applications that can accept green hydrogen prices [1][10] - The International Maritime Organization (IMO) has introduced a legally binding net-zero emissions framework for the shipping industry, which is expected to come into effect around 2027. This framework will apply to all international vessels over 5,000 gross tons, making hydrogen-based fuels like green methanol a suitable option for compliance [1][28] Summary by Sections Section 1: Green Hydrogen Consumption and Demand from Green Shipping - Green hydrogen project approvals are high, but actual project implementation remains low, with only 24% of projects started [10] - The IMO's new regulations are pushing the shipping industry towards decarbonization, with significant penalties for non-compliance [23][25] Section 2: Rapid Growth in Demand for Methanol Ships - Methanol is becoming the preferred fuel for shipping companies, with 125 methanol dual-fuel ships ordered in 2023, accounting for 23% of new orders [2][42] - The economic viability of methanol as a fuel is critical, with fuel costs representing 30%-50% of operational costs for ships [2][48] Section 3: High Growth in Green Methanol Demand and Its Impact on Green Hydrogen - The demand for green methanol is expected to exceed 40 million tons by 2030, significantly driving green hydrogen consumption [3][4] - The introduction of 300 methanol-fueled ships will lead to a demand for approximately 6.8 million tons of green methanol, which will in turn drive the consumption of 750,000 to 1.3 million tons of green hydrogen [4] Section 4: Investment Recommendations - Companies that are early adopters of green methanol projects and collaborate with methanol shipowners are expected to benefit significantly. Recommended companies include Huadian Technology, Huaguang Huaneng, and Jidian Co [4]

Investment Rating - The report maintains a "Buy" rating for key companies in the renewable energy sector, particularly highlighting Sunshine Power and Daikin Heavy Industries as top recommendations [5][6][11]. Core Insights - The renewable energy sector, particularly photovoltaics, is identified as a benchmark industry in the current "anti-involution" movement, with significant price interventions showing initial effectiveness [5][6]. - The report emphasizes the importance of monitoring terminal price transmission capabilities and the formation of consistent expectations regarding price increases across the supply chain [5][6]. - The electric grid sector is experiencing accelerated construction, with significant contract wins reported, indicating robust growth potential [2][11]. - The solid-state battery trend is gaining momentum, with companies like Shanghai Xiba and Ganfeng Lithium making notable advancements in battery technology [7][9][12]. Summary by Relevant Sections Photovoltaics & Energy Storage - The report highlights the photovoltaic industry as a key focus area within the new energy sector, with price interventions beginning to show results [5]. - It recommends Sunshine Power as a leading beneficiary of improved market conditions and optimistic Q2 performance outlooks [5][6]. Wind Power - Daikin Heavy Industries is noted for exceeding Q2 performance expectations, with a strong long-term profit outlook [6]. - The report discusses favorable policy developments in Hainan province for offshore wind projects, indicating potential order opportunities [6]. Electric Grid - The report notes that Siyuan Electric's Q2 revenue reached 5.3 billion yuan, a 50% year-on-year increase, with net profit up 62% [2][11]. - The State Grid's recent contract wins totaling 21.19 billion yuan reflect a 38% year-on-year increase, marking a new high for single-batch contract amounts [2][11]. Lithium Battery - The report emphasizes the solid-state battery trend and the importance of lithium metal anodes as a long-term direction for battery technology [7]. - Companies like Shanghai Xiba are actively pursuing acquisitions to enhance their capabilities in lithium-related materials [12]. New Energy Vehicles - The report indicates a shift in the automotive market towards quality competition, with companies focusing on product quality rather than price competition [3]. - The launch of new models, such as the NIO L90, is expected to enhance market competitiveness and brand perception [18]. Hydrogen and Fuel Cells - The report notes a resurgence in interest in hydrogen energy, with government support and low valuations making it a potential investment hotspot [3]. Industry Events - Key industry events include the release of the "Notice on Renewable Energy Power Consumption Responsibility Weight" by the National Development and Reform Commission, which sets ambitious targets for renewable energy consumption [4][5]. - The report also highlights significant IPO plans from companies like Tianqi Materials and Xingyuan Materials, indicating a trend towards capital market engagement [10][18].

Core Viewpoint - The past five years have seen significant breakthroughs in China's fuel cell technology, transitioning from a "follower" to a "co-runner" status, with a gradually developing and self-controllable industrial chain [1] Technological Innovations - GAC Group showcased the world's first hydrogen hybrid passenger vehicle, the GAC Trumpchi E9 hydrogen hybrid version, featuring a self-developed hydrogen hybrid system with a maximum thermal efficiency of 45% and a hydrogen consumption of less than 1.4 kg per 100 km [2] - The high-performance fuel cell stack from GAC Group has achieved a 30% reduction in volume and a 25% reduction in weight through integrated battery and box-sealing technology, demonstrating high integration, energy ratio, and safety [2] - The exhibition highlighted advancements in hydrogen fuel cell vehicles, hydrogen refueling stations, and related equipment, showcasing the industry's developmental achievements [2] Market Development - The application of hydrogen fuel cell technology is expanding beyond buses to include diverse transportation sectors such as trunk transportation, cold chain logistics, and municipal sanitation, with over 28,000 fuel cell vehicles promoted by the end of 2024 [4] - The focus is shifting from demonstration applications to commercial applications in various sectors, including hydrogen mining trucks, hydrogen heavy trucks, and hydrogen-powered ships [4][5] Industry Challenges - Despite advancements, the hydrogen energy supply chain remains a bottleneck for rapid development, with issues such as impurities in by-product hydrogen, high equipment investment, and low economic viability [6] - There is a need for accelerated infrastructure development, including high-capacity hydrogen storage systems and rapid refueling systems, as well as innovations in modular and integrated hydrogen storage systems [6] Recommendations for Growth - The industry should enhance the hydrogen supply system, expand applications in transportation and industry, and simplify the approval process for self-use hydrogen refueling stations [7] - Collaboration among regional entities is essential to build a cross-regional hydrogen network and accelerate the commercialization of hydrogen fuel cell vehicles [7]

"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 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 添加文末微信，加 绿氢 群 势银（Trendbank）绿色能源事业部研究团队始终保持对行业动态的密切跟踪，针对氢能产业制储 运加用等方面进行分析研判。势银分析师定期或不定期地与产业链企业紧密互通，掌握最新的项目 动态、新品情况、技术发展趋势、交付信息等，并形成氢能产业月度报告及分析师观点，旨在为业 内各方参与者提供行业最新动态进展与决策参考。 月报交付时间：次月10日-15日 交付形式：PDF月报 目 录 1、电解水制氢行业动态 1.1ALK电解水制氢行业动态 1.2PEM电解水制氢行业动态 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 3、氢储运&加氢站行业动态 4、燃料电池行业动态 示 例 2.1 绿氢项目动态 2.2 绿醇项目动态 2.3 SAF项目动态 4.1 燃料电池系统及配套情况 4.2 燃料电池系统订单详情 4.3 燃料电池行业发展趋势分析 绿氢项目及下游消纳动态 2023-2025年一季度电解槽公开中标规模变 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic and wind energy sectors, emphasizing the importance of supply chain integration and government policies [1][5][24]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement, with significant government intervention expected to address low-price competition and excess capacity [5][24]. - The wind energy sector is projected to maintain a robust installation capacity of over 100GW in 2026, despite a slowdown in bidding activity [1][12][24]. - The report highlights the importance of government policies, such as the U.S. "Big Beautiful Act," which alleviates uncertainties for solar and storage exports to the U.S. [1][3][5]. Summary by Sections Photovoltaic & Energy Storage - The "de-involution" initiative in the photovoltaic sector has reached a high level, with government meetings signaling strong administrative intervention to address pricing issues and capacity clearing [5][24]. - Supply chain integration is crucial, particularly in the silicon material segment, which is central to the current capacity surplus [5][24]. - The report anticipates a recovery in silicon prices, contingent on the downstream price transmission capabilities and collective self-discipline within the industry [5][24]. Wind Energy - The domestic price of onshore wind turbines has shown a recovery trend in Q2, with expectations for continued strong installation capacity in 2026 [1][12][24]. - The report notes that even with a slowdown in bidding, historical data suggests that installation figures will remain stable due to previously approved projects [12][24]. - The central government has reiterated its commitment to promoting orderly development in offshore wind energy [1][12][24]. Electric Grid - Recent approvals for high-voltage direct current projects indicate significant investment potential, with expected project investments exceeding 500 billion and 170 billion yuan for specific projects [2][14][15]. - The report highlights the anticipated increase in equipment bidding for high-voltage projects, projecting a breakthrough of 500 billion yuan in 2025 [15][17]. Lithium Battery - The report emphasizes the long-term potential of lithium metal anodes, which can achieve higher energy densities compared to traditional materials [2][18][24]. - It suggests a focus on leading companies in various processing routes for lithium metal anodes, as well as solid-state battery technologies [18][24]. Hydrogen and Fuel Cells - The extension of tax credits for hydrogen projects in the U.S. provides a critical window for industry development [3][23]. - The European Union's new framework for clean industrial support is expected to accelerate the deployment of green hydrogen projects [3][23]. Investment Recommendations - The report recommends specific companies across various sectors, including photovoltaic glass manufacturers, battery cell producers, and offshore wind cable suppliers, highlighting their potential for recovery and growth [24].

Core Viewpoint - The article emphasizes the rapid growth and development of the hydrogen energy industry, particularly focusing on green hydrogen projects and the increasing scale of electrolyzer bids in the first quarter of 2025, which saw a significant increase compared to previous years [4][9][11]. Group 1: Electrolyzer Industry Dynamics - The article discusses the dynamics of various electrolyzer technologies, including ALK, PEM, and AEM, highlighting their respective developments and market trends [6]. - In the first quarter of 2025, the public bidding scale for electrolyzers reached 482.83 million, showing a substantial increase compared to previous years [10][11]. Group 2: Green Hydrogen Projects and Downstream Consumption - There are currently 788 green hydrogen projects in China, with a notable increase in project initiation and bidding activities in early 2025 [9]. - The number of new projects added in January, February, and March 2025 was 78, with a total of 125 updates on existing projects during the same period [9]. Group 3: Fuel Cell Industry Dynamics - The fuel cell market saw a total installed capacity of 47.6 MW in the first quarter of 2025, with Oriental Hydrogen leading the market with a share of 30.5% [13][17]. - The top five companies in the fuel cell sector have a high market concentration of 74.0%, indicating a competitive landscape [17].

"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 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 添加文末微信，加 绿氢 群 势银（Trendbank）绿色能源事业部研究团队始终保持对行业动态的密切跟踪，针对氢能产业制储 运加用等方面进行分析研判。势银分析师定期或不定期地与产业链企业紧密互通，掌握最新的项目 动态、新品情况、技术发展趋势、交付信息等，并形成氢能产业月度报告及分析师观点，旨在为业 内各方参与者提供行业最新动态进展与决策参考。 月报交付时间：次月10日-15日 交付形式：PDF月报 目 录 1、电解水制氢行业动态 1.1ALK电解水制氢行业动态 1.2PEM电解水制氢行业动态 势银咨询： 势银咨询顾问服务 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 3、氢储运&加氢站行业动态 4、燃料电池行业动态 示 例 2.1 绿氢项目动态 2.2 绿醇项目动态 2.3 SAF项目动态 4.1 燃料电池系统及配套情况 4.2 燃料电池系统订单详情 4.3 燃料电池行业发展趋势分析 绿氢项目及下游消纳动态 TrendBank 碧 裙 国内项目达788个 ...

Group 1 - The New Energy Testing Center has been selected as a demonstration project by the National Development and Reform Commission, focusing on green hydrogen equipment and fuel cell technology [2] - The project aims to establish a comprehensive evaluation system for the entire hydrogen energy and fuel cell technology chain, including hydrogen production, storage, transportation, and utilization [2] - The testing base is the largest of its kind in the world, covering over 50,000 square meters, and has completed all necessary approvals [2] Group 2 - The center aims to break down technical barriers in the hydrogen industry by creating a collaborative innovation platform involving nearly 50 related organizations [3] - The establishment of hydrogen technology alliances is intended to enhance the hydrogen industry's ecosystem and expand application scenarios [3] - The center plans to continuously inject strong momentum into the hydrogen industry's full-chain development through comprehensive evaluation capabilities and resource sharing [3]