华安证券近日发布电力设备行业周报：本周硅片价格小幅下跌，电池片、组件价格稳定。海外市场需求 延续强劲，对电池片价格形成一定支撑，上游价格走势小幅震荡。海外订单与政策环境仍是支撑产业链 的主要动力，短期价格有望维持坚挺。 以下为研究报告摘要： 主要观点： 光伏：产业链价格维稳，国内招投标有序推进 产业链价格维稳。本周硅片价格小幅下跌，电池片、组件价格稳定。海外市场需求延续强劲，对电池片 价格形成一定支撑，上游价格走势小幅震荡。海外订单与政策环境仍是支撑产业链的主要动力，短期价 格有望维持坚挺。 风电：国内招投标高景气延续，项目集中落地支撑产业链高景气 全球大储招标数据持续火热，储能电芯价格上涨验证储能下游需求火热。国内大储迎来经济性奇点后需 求非线性增长，美国数据中心用电激增带动大储需求，欧洲户储需求温和复苏，新兴市场户储需求超预 期，建议关注大储以及海外户储预期修复。 氢能：首个电网侧电氢协同储能项目并网，中车兆瓦级PEM制氢系统下线 IMO减排目标+欧洲碳税推动全球船运行业开启绿色转型，绿色甲醇前景可观。氢能产业发展态势良 好，要素保障体系加速构建。氢能融资难度降低，国家支持新技术持续研发，整体氢能行业发展 ...

（文章来源：每日经济新闻） 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从中国A股市场中筛选出50家在环境 保护、清洁能源与节能技术等领域具有代表性的企业。指数成分股涵盖环境治理、可再生能源开发等多 个绿色经济子行业，旨在全面反映环保产业相关上市公司的整体表现。 华安证券指出，光伏行业2025年1-10月新增装机量达252.87GW，同比增长39.48%，三季度起盈利有望 修复。海外市场需求强劲支撑电池片价格，短期价格或维持坚挺。风电领域国内招投标高景气延续，金 风科技、远景能源等中标国家电投1084MW海上风电项目，明阳智能斩获700MW风光制氢订单。储能 方面，发改委新规明确储能盈利模式，国内大储需求非线性增长，美国数据中心用电激增带动需求，欧 洲户储温和复苏，全球储能电芯价格上涨验证下游需求火热。氢能产业加速发展，绿色甲醇项目签约及 氢能无人机获海外订单显示应用场景拓展，制氢、储运环节受政策支持。电网设备投资持续增长，前10 月电网工程投资额同比增7.2%，特高压项目开标金额达165.39亿元，清洁能源外送基地建设推进。 ...

Investment Rating - The report indicates a positive outlook on the green hydrogen and methanol industry, emphasizing its investment value during the "14th Five-Year Plan" period, particularly in non-electric applications [9]. Core Insights - Recent policies from key government departments, including the National Development and Reform Commission and the National Energy Administration, have established a comprehensive framework for the hydrogen and methanol industry, covering institutional construction, funding support, and industrial planning [3][6]. - The transition from demonstration projects to large-scale commercial operations is marked by significant project launches and technology validations, indicating a new phase for green hydrogen and methanol [9]. - The report highlights the establishment of a minimum renewable energy consumption target for non-electric sectors, which positions green hydrogen and methanol as essential pathways to meet these targets [9]. - Financial support mechanisms have been introduced, such as a 20% funding support for green methanol projects, aimed at alleviating initial investment burdens [9]. - The report identifies specific application scenarios for green hydrogen and methanol, focusing on industrial sectors like coal chemical and metallurgy, as well as green fuel for shipping [9]. Summary by Sections Policy Developments - A series of recent policies have been issued to support the hydrogen and methanol industry, transitioning from a focus on demonstration projects to a more structured approach that includes funding and planning [6][9]. - The National Development and Reform Commission's recent guidelines emphasize the importance of green hydrogen and methanol in achieving renewable energy consumption targets [9]. Project Developments - Major projects have commenced, such as the launch of the zero-carbon hydrogen ammonia project in Inner Mongolia, which aims for an annual production of 320,000 tons of green synthetic ammonia [9]. - Other projects include the successful verification of green hydrogen production processes and the ongoing development of integrated hydrogen and methanol production facilities [9]. Price Trends - Current prices for green methanol remain high due to supply constraints, with domestic prices reported at approximately 6,504 RMB/ton for offshore prices in North China [13]. - Future price projections suggest a potential decrease as production scales up, with contracts indicating prices around 4,713 RMB/ton starting in 2028, representing a 27.5% decrease from current levels [9][13].

广州荔湾作为广东近现代民族工业的创始地，曾有着广钢、广船等工业根基，但也长期受困于老城区产业空间紧张的问题。而其产业园区的发 展故事，正是一部以"腾拓改"破解空间难题，靠"五链协同"培育特色产业，从零散业态逐步成长为现代都市工业集群高地的转型发展史，具体 可分为以下几个阶段： 1. 早期积淀与发展困境：工业根基扎实，空间制约凸显 荔湾的产业基因早在近现代就已埋下，广钢、广船、广柴等一批知名工业企业在此扎根，为区域奠定了深厚的工业基础。不过随着城市发展， 老城区的短板逐渐暴露。一方面，土地资源稀缺，大量企业面临"办公在荔湾、生产在外区"的尴尬局面。比如1999年在荔湾沙面成立的新之地 环保公司，因本地无合适厂房，只能将生产基地迁往清远，长期处于"两地分居"状态，给企业运营带来诸多不便。另一方面，老旧厂房居多， 多数载体难以适配新兴产业的需求，彼时荔湾虽有产业底蕴，却缺乏能承载现代都市工业的优质空间，产业发展陷入瓶颈。 2. 破局起步：以"腾拓改"拓宽产业空间 2023年初，荔湾明确以现代都市工业为核心的发展方向，将产业空间的"腾拓改"作为突破口，开启园区发展的新篇章。这一阶段的核心是通过 改造老旧物业、新建产业 ...

《方案》明确了三省在氢能质量强链行动中的合作目标和重点任务。 《方案》强调要着力促进陕粤绿氢制备与并网技术协同，共建氢气品质检测跨区域协作体系，开展氢能 储运装备标准化联合攻关，搭建液氢储运装备极端工况验证平台，开展氢燃料电池系统可靠性评价标准 制定及试点，联动推进风—光—氢能系统一体化示范等11项重点任务。同时提出要通过三省领军企业、 高校、科研院所和质量技术机构深入开展产学研合作，运用"实验室模拟—实地验证—数据反哺"的闭环 机制，共同攻克氢能产业质量关键核心技术难题，加快推动氢能质量技术创新和成果转化。 中化新网讯 近日，陕西、广东、山西三省市场监管局联合印发《氢能产业链跨区域质量强链联动工作 方案》(下称《方案》)，旨在通过跨区域协作联动，共同创新探索氢能产业质量基础设施集成服务模 式，积极构建绿色低碳、清洁高效的新型能源体系。 ...

氢能储运是氢能产业链中的关键环节，涉及将电能转化为氢的化学能，再通过 燃料电池系统转化为电能或作为化工原料使用。氢气的储运成本较高，限制了 其异地使用。由于各地资源禀赋不同，氢气价格差异显著，这也导致在某些地 方实现经济性评价，而在其他地方则不一定。因此，降低运输成本是行业发展 的重点。 氢气的特性对储运有哪些影响？ 氢气具有活跃性，会对金属造成氢脆现象，其爆炸极限宽且容易爆炸。此外， 氢气体积能量密度小，在运输过程中会有损耗问题。液化处理时冷凝点低，也 会增加能耗。然而，氢气质量能量密度高，这是其优势所在。因此，需要发展 安全高效的储氢技术，以发挥其特长。 储运：供需错配下亟需解决的核心瓶颈 20251205 摘要 氢气储运成本受运输距离影响显著，短途运输气态储运（特别是 50 兆 帕）更经济，长距离运输液态储运更具优势。降低运输成本是氢能行业 发展的关键。 气态储氢是短期内主要方式，但质量能量密度低。高压气态储氢通过提 高压强和改进材料来提升效率，但加压至 70-80 兆帕后经济性减弱。 液态储氢密度高，适合长距离运输，单车效率较气态储氢提升 10 倍以 上，但液化过程耗能大，需解决外部热量渗入导致的沸腾 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **AIDC (Artificial Intelligence Data Center)** power supply system, **energy**, **solid-state batteries**, **hydrogen energy**, and the **photovoltaic industry**. Key Points and Arguments AIDC Power Supply System - **Energy Importance**: Emphasis on the critical role of energy in AI development, with traditional power grids lagging behind AI computing demands [1][3] - **800V DC Supply**: The 800V direct current supply is expected to become the mainstream technology, benefiting solid-state transformers, circuit breakers, and high-power PSUs [1][4] - **North America**: The region is addressing power shortages through peak shaving, indicating a positive outlook for AIDC power storage [1][5] Energy Storage Market - **Strong Demand**: The global energy storage market is experiencing robust demand, with an estimated installation of 265 GWh in 2025, projected to exceed 400 GWh in 2026, reflecting a compound annual growth rate of 30% over the next five years [1][6] - **Domestic Market**: In China, the tender volume for energy storage is approximately 340 GWh for the first 11 months of 2025, with expectations of 250-300 GWh installations in 2026 [1][11] Hydrogen Energy - **New Economic Growth Point**: Hydrogen energy is identified as a significant growth area, with a focus on green hydrogen production equipment like electrolyzers and chlor-alkali processes [1][7] Solid-State Battery Development - **Accelerated Industrialization**: The solid-state battery sector is witnessing rapid advancements, with the South Korean government investing 280 billion KRW in R&D [1][8] - **Material Focus**: Attention is drawn to new materials such as lithium sulfide and lithium metal anodes, as well as new manufacturing processes [1][8] Photovoltaic Industry - **Challenges and Opportunities**: The photovoltaic industry is at a critical juncture with high upstream inventory, but potential price recovery is anticipated if anti-involution measures are implemented [1][9] - **Market Outlook**: The photovoltaic market is expected to see significant growth in 2026, driven by domestic policies and overseas power supply constraints [1][10] Wind Power Industry - **Market Developments**: The wind power supply chain is expected to see price recovery in component bidding, with a focus on both domestic and overseas markets [1][13] Grid Investment - **High Voltage Projects**: Attention is drawn to ultra-high voltage projects, with the Panxi project approved and expected to commence in 2026 [1][14] Investment Recommendations - **Key Focus Areas**: Recommendations include focusing on AIDC, solid-state batteries, photovoltaic anti-involution, energy storage, and hydrogen energy as key investment directions for 2026 [1][15]

Core Insights - The first 110 kW-level seawater direct electrolysis hydrogen production system in China has passed expert review, marking a significant breakthrough from laboratory to engineering application in the field of seawater electrolysis for hydrogen production [1][2] - The system utilizes low-grade waste heat from nearby steel and petrochemical enterprises, allowing for efficient and stable conversion to high-purity hydrogen without relying on precious freshwater resources [1][2] Group 1 - The device addresses critical technical bottlenecks in seawater electrolysis, such as calcium and magnesium deposition, chloride ion corrosion, and short lifespan, thus providing a more efficient and cost-effective solution for future hydrogen production [1][2] - The system's ability to suppress chloride ion corrosion through the development of corrosion-resistant catalysts and dynamic control technology enhances the durability of the electrolysis equipment [2] - By utilizing low-grade waste heat and coupling with a screening system to produce high-quality freshwater, the device eliminates the need for traditional cooling units, significantly reducing investment and energy consumption [2] Group 2 - The project aligns with China's coastal industrial layout, creating a new paradigm for zero-carbon hydrogen supply by transforming industrial waste heat into usable energy [2] - The successful operation of the system for over 500 hours demonstrates its stability and marks a significant milestone in engineering readiness [2][3] - The project aims to establish a distributed energy network that captures waste heat, utilizes seawater, and produces green hydrogen on-site, providing robust technical support for coastal regions [2]

今天（12月7日），记者从国家管网集团获悉，国内首次全尺寸高压纯氢管道泄漏喷射火系列试验在新 疆哈密成功实施，试验的完成不仅填补了我国在该领域的技术空白，更为氢能产业的安全发展打下了关 键基础。 这次试验是在位于新疆哈密的国家管网集团管道断裂控制试验场进行的。为了最大限度还原真实场景， 试验团队依托先进的多介质管道试验测试平台，专门预制了一条储氢能力达12000立方米的氢气主管 道。整个试验重点围绕"多工况下持续泄漏与喷射火监测"展开，就是要模拟氢气管道在实际运行中可能 出现的各种泄漏情况。 据了解，本次试验成果将为纯氢管道安全间距的确定提供科学依据，助力我国输氢管道安全标准体系建 设，为氢能产业规模化安全输送提供数据支撑。 （文章来源：央视新闻） ...

Core Insights - The forum on Sino-Korean hydrogen energy innovation and transformation was held on December 7 in Guangzhou, focusing on "innovation collaboration, results transformation, and green win-win" [1] - The event gathered over 300 experts, scholars, and representatives from both countries' technology, industry, and finance sectors, indicating a significant improvement in participation and structure compared to the previous forum [3] Group 1: Government and Institutional Support - The forum received guidance from various governmental bodies, including the Guangdong Provincial Department of Science and Technology and the Guangdong Academy of Sciences, showcasing a strong organizational support network [3] - Guangdong has been proactive in hydrogen energy since 2015, implementing policies to develop the industry and aiming to create a leading innovation hub for hydrogen energy [4][7] Group 2: Industry Development and Collaboration - Guangdong's hydrogen energy industry has developed a cluster effect, with significant advancements in research and application, positioning the region as a leader in China's hydrogen sector [7] - The forum is seen as a crucial opportunity for both countries to deepen practical cooperation and create new industrial advantages, particularly in the context of global energy transition [4][9] Group 3: Key Presentations and Innovations - Notable presentations included discussions on South Korea's hydrogen energy policy and future technology routes, as well as collaborative innovation paths for zero-carbon intelligent environmental control [12] - The event featured a roadshow with nine South Korean hydrogen technology companies showcasing innovations in various areas such as electrolyzer materials and hydrogen sensors, facilitating interaction with Chinese experts and investors [12] Group 4: Future Prospects and Market Opportunities - The successful hosting of the forum marks a new phase of scaled and normalized Sino-Korean hydrogen industry cooperation, with expectations for breakthroughs in core technology and application scenarios [14] - A delegation of South Korean companies conducted a two-day industrial inspection in Guangzhou and Foshan, exploring the advantages of Guangdong's project implementation and business environment [14]