中原内配（002448）6月3日晚间公告，为响应"双碳"目标，公司于2025年5月30日与阳光新能源开发股 份有限公司(下称"阳光新能源")签署了《战略合作协议》(下称"合作协议")，围绕能源结构转型，实现 优势互补、合作共赢。 据披露，阳光新能源是上市公司阳光电源（300274）的控股子公司。该公司成立于2014年，经营范围包 括光伏新能源电站设备的生产、制造与设计；新能源发电系统及工程的研发、设计、开发、投资、建 设、运营及服务等。 而中原内配是全球气缸套龙头企业，气缸套产品被认定为制造业单项冠军。该公司致力于打造内燃机摩 擦副零部件模块化供货模式，持续引领行业发展。在保持内燃机核心零部件市场占有率的基础上，中原 内配在汽车电子和汽车制动系统领域也建立了较强的竞争优势，双金属复合制动鼓产品在鼓式制动器领 域已处于行业前列。 近年来中原内配积极布局氢能及燃料电池系统相关领域，已构建"氢燃料电池发动机、双极板、空压 机、加湿器、氢气循环泵"五大氢能产业格局，坚持了"汽车发动机及车身零部件"和"氢能源动力系统及 零部件"双线并行的发展路线。 在氢能装备产业合作方面，双方一直致力打造新能源氢能装备制造体系，阳光新 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The offshore wind projects in the Guangdong province are expected to accelerate, with two major projects totaling 3GW being highlighted [5][10] - The wind power index has shown a 0.61% increase, outperforming the CSI 300 index by 1.69 percentage points [12] - The report emphasizes the growing investment opportunities in the deep-sea wind power sector due to advancements in technology and equipment [11][35] Summary by Sections Wind Power: Acceleration of Offshore Projects - The Guangdong provincial government has announced two offshore wind projects with a total capacity of 3GW, expected to commence construction between 2025 and 2026 [10][11] - The projects include the Yue East Offshore Wind Power 001 project with a capacity of 1.7 million kW and the Yue East Offshore Wind Power 004 project with a capacity of 1.3 million kW [11] - The report indicates that the conditions for deep-sea wind power development are maturing, presenting new investment opportunities [11] Market Performance Review - The wind power index (866044.WI) increased by 0.61% during the week of May 26 to May 30, 2025, with a current PE_TTM valuation of approximately 18.68 times [12][21] - The report notes that the wind power sector has outperformed the broader market, as indicated by the comparison with the CSI 300 index [12] Solar Power: BC Camp Expanding Product Matrix - Recent product launches from companies like Aiko Solar and Longi Green Energy are aimed at enhancing the efficiency and aesthetic appeal of solar panels [6] - The report highlights the increasing demand for BC technology products, which are being tailored to meet diverse customer needs [6] Energy Storage & Hydrogen: Green Power Direct Connection Policy - New policies promoting direct connections for green electricity are expected to boost the development of solar and storage solutions [6] - The report suggests that this model could simplify the electricity supply chain and enhance economic viability for both producers and consumers [6] Investment Recommendations - For wind power, the report recommends focusing on companies such as Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to the positive outlook for offshore wind power [6] - In the solar sector, companies like Dier Laser, Longi Green Energy, and Aiko Solar are highlighted as key players to watch [6] - The report also emphasizes the importance of monitoring policy changes and competitive dynamics in the solar supply chain [6]

Core Viewpoint - The green transition in shipping will drive the consumption of green methanol, clarifying downstream scenarios and opening up new capacity application breakthroughs for green hydrogen ammonia methanol projects, directly accelerating the commencement and implementation of green hydrogen projects [1] Green Methanol Consumption - Major global shipyards are purchasing methanol vessels and collaborating with upstream green methanol operators and port enterprises to ensure future green fuel supply. Currently, the operational green methanol capacity is only over 200,000 tons, while the demand from methanol-powered vessels is approximately 930,000 tons, indicating a supply-demand gap and a window for capturing green premiums. The shipbuilding cycle is about two years, with significant actions expected to commence in the second half of 2025, benefiting green methanol operators that first implement projects and collaborate with green methanol shipowners [2] Upstream Hydrogen Production - The construction cycle for various green methanol projects is 1 to 2 years. To align with the operational cycle of green methanol vessels (27 years under the IMO net-zero framework), it is anticipated that the existing approved but unstarted green hydrogen ammonia methanol projects will accelerate construction starting in the second half of 2025, driving demand for upstream hydrogen production equipment. It is estimated that the domestic electrolyzer bidding volume will reach 1.5 GW in 2025, with a preference for state-owned enterprises and related cooperative companies, recommending equipment companies with project experience [3] Fuel Cell Vehicles - Nine provinces and three cities have announced toll fee exemptions for hydrogen vehicles, marking a breakthrough in application scenarios. The year 2025 is the final year for demonstration city cluster policies and the first settlement point for the medium- to long-term hydrogen energy plan. The expansion of city clusters and the issuance of subsidies will accelerate the release of fuel cell vehicle volumes, with a focus on leading companies in fuel cell components [4] Key Recommendations - Recommended companies include Huadian Technology (601226), Huaguang Huaneng (600475), and Jidian Co., Ltd. (000875) [5]

Market Overview - Hong Kong stocks opened significantly lower on June 1, closing down 0.57% with a trading volume of 145.2 billion, indicating a substantial influence from southbound capital [1] - Negative news during the Dragon Boat Festival period included stalled US-China negotiations and new discriminatory measures from the US against China, impacting market sentiment [1] Defense and Military - Ukraine launched a drone attack on a Russian military base, reportedly hitting 41 aircraft, indicating that future negotiations may be complicated by ongoing military actions [2] Cryptocurrency and Stablecoins - Hong Kong's government officially enacted the Stablecoin Ordinance, while the US Senate passed the GENIUS Act, which aims to use stablecoins backed by US Treasury bonds to address debt issues [3] - The market for stablecoins is expected to grow significantly, with companies like Zhong An Online and Yikang seeing substantial stock price increases [3] Automotive Industry - The China Association of Automobile Manufacturers and the Ministry of Industry and Information Technology emphasized the need for regulatory measures to maintain a fair market environment [4] - Leap Motor reported a record delivery of 45,067 vehicles in May, marking a year-on-year increase of over 148.1%, driven by effective product positioning and pricing strategies [4] Tourism and Immigration - China has expanded its visa-free policy to include five Latin American countries, effective from June 1, 2025, which may boost tourism and business exchanges [4] Gaming and Entertainment - Macau's gaming revenue for May reached 21.2 billion patacas, a year-on-year increase of 5% and exceeding market expectations, indicating a strong recovery in the gaming sector [5] - Sands China, Wynn Macau, and Galaxy Entertainment saw stock price increases following the positive revenue report [5] Corporate Developments - Alibaba Pictures is undergoing a transformation, changing its name to Damai Entertainment and shifting focus from film investments to live performances and IP development, resulting in a stock price increase of over 7% [6] Hydrogen Energy Sector - Multiple hydrogen energy policies were announced, including the approval of industry standards and subsidies for hydrogen trucks in Shanxi province, indicating a growing focus on hydrogen as a clean energy source [7] Semiconductor Industry - Shanghai Fudan is expected to leverage the upcoming Lujiazui Forum to enhance collaborations with international chip design firms, aiming to improve its market competitiveness [8] - The company reported a revenue of 3.59 billion yuan in 2024, a slight increase, but a decrease in net profit, with expectations for recovery in 2025 [8] Automotive Electronics - The company has sold over 10 million automotive microcontrollers (MCUs) and is expanding its product line in the automotive electronics sector, focusing on advanced FPGA and PSoC products for various applications [9]

Group 1: Electric Vehicle Sales - Major automakers reported May sales for new energy vehicles, with BYD selling 382,500 units, a year-on-year increase of 15.28% [1][3] - Zeekr sold 46,500 units, up 15.2% year-on-year, while Leap Motor's sales reached 46,100 units, showing a significant increase of over 148% [1][3] - Xpeng sold 33,500 units, marking a 230% year-on-year growth, and Li Auto sold 40,900 units, up 16.7% year-on-year [1][3] - NIO's sales were 23,200 units, reflecting a 13.1% increase, and Xiaomi's automotive sales exceeded 28,000 units [1][3] Group 2: Solar and Wind Energy - China's photovoltaic installed capacity saw rapid growth in Q1, with optimistic demand forecasts for the U.S. and emerging economies [2] - The central economic work conference emphasized the need for supply-side reforms in the photovoltaic sector, focusing on cost reduction and efficiency improvements [2] - Wind energy projects are expected to progress steadily, with demand anticipated to improve by 2025, benefiting both domestic and overseas markets [2] Group 3: Hydrogen Energy and Industry Developments - The hydrogen energy sector is being driven by policies promoting industrialization, with applications in green hydrogen and chemical sectors expected to expand [2] - China Petroleum & Chemical Corporation announced its initiative to invest in the hydrogen energy industry chain [3][4] - A new fund has been established with an initial scale of 5 billion yuan, targeting the entire hydrogen energy value chain [4] Group 4: Company Updates - Maiwei Co. plans to issue convertible bonds to raise 1.966 billion yuan for the industrialization of perovskite solar cell equipment [4] - JA Solar's application for H-share listing has been accepted by the China Securities Regulatory Commission [4] - Longi Green Energy's CEO has stepped down from his position to focus on R&D and technology management [4]

北交所氢能源相关标的有： 天力复合、凯大催化、硅烷科技、惠同新材、方盛股份、齐鲁华信，其中 凯大催化、方盛股份 识别度较高。 3、特斯拉Robotaxi上线运营 5月21日，特斯拉CEO马斯克接受CNBC旗下"Power Lunch"节目采访时宣布，6月奥斯汀将上线无监督 FSD的Robotaxi服务，届时车辆上将没有安全驾驶员，只有车辆"孤单"地全天候运行。计划初期投放10- 20辆车，逐步扩展至其他城市，车主可出租闲置车辆赚取收入，这是自动驾驶实现商业化的关键一步， 预计2026年达数十万辆规模。 5月，北交所走了一波冲高回落。节后开盘一直到5月21日是一路高歌，北证50指数上涨超过10%，一举 达到1500点新高，较沪深也是遥遥领先，但过程中北研君也是捕捉到诸多蹊跷，包括"加价不增量"、个 股赚钱难度增大、"关键少数"让指数走势失真等，进而判断本轮创新高概率不大；随后，北证见顶回 调，同时成交量收缩严重， 但调整幅度小于我们的预期，表现相对强势 。 进入6月，2025年的上半年即将收关，全年经济发展的基调逐步显现，诸多关键经济数据将密集披露， 各行各业对下半年的规划布局也要陆续展开。 那么本月会有哪些可 ...

Group 1 - Clean hydrogen plays a crucial role in achieving net-zero emissions in the Asia-Pacific region by 2050, particularly in high-carbon industries like steel, chemicals, and aviation [1][10][14] - The demand for hydrogen in the Asia-Pacific is projected to reach 67 million tons by 2030 and 235 million tons by 2050, with industrial sectors dominating the demand [1][11] - China and India are expected to account for 80% of the region's hydrogen demand, but domestic supply may not fully meet this demand, necessitating imports [1][11][14] Group 2 - The global hydrogen market is anticipated to reach $1.2 trillion by 2050, with the Asia-Pacific region accounting for 50% of this market [1][14] - Green hydrogen will be the primary supply form, expected to exceed 85% by 2030 and 95% by 2050, while blue hydrogen may play a transitional role [1][14] - The Asia-Pacific region will need to import 18 million tons of clean hydrogen and derivatives by 2030, increasing to 53 million tons by 2050, leading to a cross-border trade scale of $145 billion per year [1][14] Group 3 - An estimated $3.2 trillion investment is required in the hydrogen value chain over the next 25 years in the Asia-Pacific, with 52% allocated to renewable energy generation and transmission [2][25] - Australia is projected to be a major exporter, requiring over $300 billion in investments to meet regional demand [2][25] - Key factors for the development of hydrogen trade corridors include geopolitical stability, simplified foreign investment processes, and supply chain integration [2][28] Group 4 - The year 2025 is identified as a critical year for the development of clean hydrogen in the Asia-Pacific, with $44.5 billion in policy support already announced [2][38] - Challenges include inconsistent certification standards, balancing blue and green hydrogen pathways, and coordinating cross-border pricing [2][41] - The experience of Europe in promoting hydrogen applications through carbon pricing and subsidies may provide valuable insights for the Asia-Pacific region [2][45] Group 5 - China is emerging as a leader in clean hydrogen, with a production capacity expected to reach 120,000 tons per year by 2024 and over 30% of global hydrogen stations [3][49] - The cost advantage in China's clean hydrogen production is driven by abundant renewable energy resources and significant electrolyzer manufacturing capacity [3][50] - The establishment of hydrogen trading platforms in regions like Shanghai aims to facilitate certification, pricing, and market circulation of clean hydrogen [3][52]

今年，江苏创新联合体建设将重点围绕新兴产业和未来产业，聚焦急需突破的技术瓶颈、产业技术 的迭代方向，整合创新资源、集中优势力量进行布局。我省鼓励创新联合体开展体制机制创新，形成定 位清晰、优势互补、分工明确的协同创新机制，充分激发各方协同创新活力；鼓励建立由牵头单位负责 人担任理事长的理事会，高效协调创新资源配置，合理分配成果转化收益；鼓励依托长三角地区科教、 产业资源和创新协同发展优势，跨地区整合创新资源，协同打造长三角科技创新共同体。 记者5月30日从省科技厅获悉，2025年省创新联合体建设工作近日启动。目前，全省已建设25家省 创新联合体，并牵头建设3家长三角创新联合体。在以往探索基础上，省科技厅今年明确鼓励概念验 证、成果转移转化、检验检测、科技金融等机构作为成员单位参与创新联合体建设。 自2022年以来，我省分3批、累计建设25家省创新联合体。它们涉及集成电路、新材料、第三代半 导体、氢能和新型储能、通用人工智能、生物医药等12个产业领域，分布在8个设区市，其中苏州7家， 南京、无锡各有5家。此外，我省在人工智能、集成电路、生物医药领域，分别牵头建设长三角语言计 算创新联合体、长三角Chiplet集 ...

央企领航氢能新赛道 ， 打造 能源革命新图景 作为能源安全新战略的重要践行者，央企在氢能产业从试点探索到有序破局的进程中肩负着"链 长"使命。《中国氢能发展报告（2025）》以详实的数据和前瞻的视角，勾勒出氢能产业规模化发 展的路线图，也为央企在能源革命中找准定位、引领突破提供了行动指引。 一、国家战略：氢能产业进入规模化发展关键期 根据报告，全球超60国发布氢能战略，我国将氢能首次纳入《能源法》立法框架，22省将氢能写 入政府工作报告，政策顶层设计已从"规划引导"转入"落地实施"阶段。《氢能产业发展中长期规划 （2021-2035年）》明确氢能作为"未来国家能源体系的重要组成部分"，提出到2025年可再生能 源制氢量达10-20万吨/年的目标。央企作为国家战略的核心载体，深度参与政策落地，国家能源 集团在内蒙古、宁夏等地布局"风光制氢+氢基燃料合成"项目；国家电投在吉林布局的百万千瓦级 风光制氢项目，直接响应"可再生能源制氢规模化应用"的政策导向。 二、央企担当：全产业链布局破解"卡脖子"难题 报告指出，氢能"制储输用"全链条技术突破是产业规模化的关键。央企在核心装备自主化、技术集 成创新上展现出强大攻坚能 ...

中国氢能发展：从试点探索进入有序破局新阶段 近期，国家能源局发布《中国氢能发展报告（2025）》,并指出"中国的氢能产业正从试点探索逐步进入 有序破局的新阶段"。报告从政策制定、市场规模、价格水平、创新应用、国际合作、标准认证等六个 方面，系统总结2024年国内外氢能发展形势；从政策统筹、技术攻关、公共服务、推动试点、国际探索 等方面，提出相关工作部署，为"十五五"时期氢能产业提质提速奠定坚实基础。 一、顶层设计与地方实践协同共进 （一）国家引导构建产业发展四梁八柱 氢能正式写入《中华人民共和国能源法》，明确"积极有序推进氢能开发利用"的法律定位，中央政府将 其列为前沿新兴产业重点发展方向；《关于加快经济社会发展全面绿色转型的意见》提出推进氢能"制 储输用"全链条发展等工作要求；2024年22个省级行政区将氢能写入政府工作报告，各地累计出台专项 政策超560项，逐渐打造"国家统筹—地方落实—市场驱动"的政策闭环。 （二）产业规模世界首位奠定氢能引领地位 根据《报告》，2024年我国氢能生产消费规模突破3650万吨，连续多年位居全球第一，占全球总消费量 的三分之一以上。其中，可再生能源制氢成为增长亮点，截至20 ...