基于美国数据中心电力短缺所引发的市场需求，结合BTE在美国现有的电力供应示范项目，并以争取在 三年内获得不少于1GW的订单为目标，董事会认为该产品具备可观的市场潜力，有助推动公司未来收 益增长。 国富氢能(02582)发布公告，于2025年12月6日，公司与BTEInc.及HyliumIndustries,Inc.(两者均为根据大 韩民国法律成立的公司)订立战略合作协议，以合作开发及制造天然气重整制氢质子交换膜发电模块产 品。根据该协议，该产品由公司供应的天然气重整制氢设备与BTE供应的燃料电池发电设备组成，将透 过Hylium在美国的全资附属公司销售至美国数据中心。 ...

基于美国数据中心电力短缺所引发的市场需求，结合BTE在美国现有的电力供应示范项目，并以争取在 三年内获得不少于1GW的订单为目标，董事会认为该产品具备可观的市场潜力，有助推动公司未来收 益增长。 来源：格隆汇APP 格隆汇12月7日丨国富氢能(02582.HK)公告，于2025年12月6日，公司与BTEInc.("BTE")及Hylium Industries,Inc.("Hylium")(两者均为根据大韩民国法律成立的公司)订立战略合作协议，以合作开发及制造 天然气重整制氢质子交换膜发电模块产品。根据该协议，该产品由公司供应的天然气重整制氢设备与 BTE供应的燃料电池发电设备组成，将透过Hylium在美国的全资附属公司销售至美国数据中心。 ...

格隆汇12月7日丨国富氢能(02582.HK)公告，于2025年12月6日，公司与BTEInc.("BTE")及Hylium Industries,Inc.("Hylium")(两者均为根据大韩民国法律成立的公司)订立战略合作协议，以合作开发及制造 天然气重整制氢质子交换膜发电模块产品。根据该协议，该产品由公司供应的天然气重整制氢设备与 BTE供应的燃料电池发电设备组成，将透过Hylium在美国的全资附属公司销售至美国数据中心。 基于美国数据中心电力短缺所引发的市场需求，结合BTE在美国现有的电力供应示范项目，并以争取在 三年内获得不少于1GW的订单为目标，董事会认为该产品具备可观的市场潜力，有助推动公司未来收 益增长。 ...

Group 1 - The development of clean hydrogen in Europe and the US is facing cost bottlenecks, leading to the cancellation of numerous hydrogen projects by major oil companies like ExxonMobil and BP [1] - ExxonMobil has suspended its flagship low-carbon hydrogen and ammonia production project at the Baytown refinery in Texas due to unmet market demand, which was originally planned to be the "world's largest low-carbon hydrogen project" with a production capacity of 1 billion cubic feet per day [2] - The suspension of the Baytown project reflects common challenges in the global low-carbon hydrogen industry, including policy uncertainty, high technology costs, and insufficient market demand [2] Group 2 - BP has withdrawn its planning application for the H2Teesside low-carbon hydrogen project in the UK, which was intended to be the largest low-carbon hydrogen production facility in the country, crucial for achieving the UK's 10 GW hydrogen target by 2030 [3] - BP cited significant changes in local conditions, including the approval of a data center on the same site, and a deterioration in demand from major industrial users as reasons for the project's cancellation [3] - This is not the first time BP has halted hydrogen projects; previous cancellations include the HyGreenTeesside project and the indefinite suspension of a blue hydrogen plant in Indiana [4]

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles are expected to continue growing, with a projected 20% year-on-year increase in domestic sales by 2025, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is promoting a "de-involution" strategy in the battery industry, which is anticipated to restore profitability across the supply chain [1]. - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the "de-involution" strategy is seen as a key investment theme, although terminal demand is currently weak, leading to price fluctuations in the supply chain [1]. - The wind power sector is expected to see sustained growth, with government support for new projects [1]. - The energy storage market remains robust, with rising prices in upstream materials affecting downstream integration [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream applications [1]. - Nuclear fusion is viewed as a long-term energy development direction, with recommendations to focus on core suppliers in this area [1]. Summary by Sections New Energy Vehicles - The fourth quarter is a peak sales season, with a forecast of 1.72 million new energy vehicles sold in November 2025, a 20% year-on-year increase [2]. - Cumulative wholesale figures for the year show a 29% increase, totaling 13.78 million vehicles [2]. Battery Industry - The planned production for December 2025 is 148.84 GWh, reflecting a 2.27% month-on-month increase [2]. Photovoltaic and Wind Power - The utilization rates for wind and photovoltaic power are projected at 96.4% and 94.8% respectively for October 2025 [2]. - The announcement of new brands for polysilicon futures is expected to have limited impact on the supply landscape [1]. Energy Storage - By November 2025, 10 GW/29.7 GWh of energy storage systems have been tendered, with independent storage projects making up 90% of this [2]. - The demand for energy storage remains high, with upstream material price increases pushing up costs in downstream integration [1]. Hydrogen Energy - The National Energy Administration has announced pilot projects for hydrogen energy, indicating a growing focus on this sector [2]. Market Trends - The electric equipment and new energy sector saw a slight increase of 0.22% this week, with wind power leading the gains at 3.48% [10]. - The lithium battery index experienced a decline of 3.53%, indicating market volatility [13]. Price Observations - The price of lithium carbonate remains high, with battery-grade prices around 91,000 RMB per ton, reflecting a 2.6% increase [25]. - Energy storage cell prices are stable, with square lithium iron phosphate cells priced between 0.270-0.420 RMB per watt-hour [26].

Core Viewpoint - The "2025 International Hydrogen Industry Development Forum" held in Shanghai focuses on the theme of "Green Shipping, Green Power, Green Innovation," highlighting hydrogen energy as a key pillar for achieving net-zero emissions and decarbonizing heavy industries [2][4]. Group 1: Forum Highlights - The forum attracted over a hundred guests from government agencies, international organizations, research institutions, and leading enterprises to discuss the forefront trends and future development paths of the green energy industry [2]. - Gunther Beger from UNIDO emphasized the importance of collaboration among governments, enterprises, academic institutions, and international organizations to promote hydrogen development through policy alignment, technology sharing, investment mobilization, and demonstration projects [2][4]. Group 2: Regional Initiatives - Lu Hao, Vice Mayor of Changning District, stated that the district is accelerating the layout of green and low-carbon industries, having gathered over a hundred green low-carbon enterprises and established a new energy industry alliance [4]. - Norway's representative highlighted the deepening cooperation between China and Norway in climate, renewable energy, and green shipping, aiming to turn the forum's vision into practical projects to promote global hydrogen development [4]. Group 3: Technological and Policy Developments - The Deputy Director of the China International Economic and Technical Exchange Center noted that under the "dual carbon" goals, China is incorporating hydrogen energy into its national strategic layout, achieving significant breakthroughs in hydrogen production, storage, and fuel cells [4]. - The Tsinghua Industrial Development Research Institute has established a full industry chain layout in hydrogen technology transformation and industrialization, collaborating with UNIDO to promote technological innovation and global cooperation [5]. Group 4: Research and Reports - The International Hydrogen Center publicly released a report on the development of low-carbon hydrogen industries in emerging markets and developing economies, analyzing global hydrogen market demand, technology maturity, and resource endowments in key regions [5].

Core Viewpoint - The successful operation of China's first heat-coupled seawater direct electrolysis hydrogen production device marks a significant breakthrough in the field of hydrogen energy, utilizing seawater and waste heat from nearby industries to produce high-purity green hydrogen efficiently [2][3]. Group 1: Technology and Innovation - The heat-coupled seawater direct electrolysis hydrogen production system, developed in collaboration with multiple institutions, has achieved over 500 hours of stable operation [2]. - The device operates at a capacity of 110 kilowatts and can produce 22 standard cubic meters of high-purity hydrogen per hour, with a direct current electricity consumption of only 4.2 kilowatt-hours per standard cubic meter of hydrogen [3]. - The project addresses common challenges in seawater hydrogen production, such as electrode blockage from calcium and magnesium deposits and corrosion from high concentrations of chloride ions, by developing corrosion-resistant catalysts and dynamic control technologies [2]. Group 2: Environmental Impact and Applications - The system is capable of processing approximately 800 tons of seawater annually, resulting in a yearly production of 192,000 standard cubic meters of high-purity hydrogen, which can power 100 hydrogen buses for a distance of 3,840 kilometers, reducing carbon dioxide emissions by about 170 tons [3]. - This technology aligns with China's coastal industrial layout, providing a new paradigm for zero-carbon hydrogen supply by capturing waste heat, sourcing seawater locally, and producing green hydrogen on-site [3]. Group 3: Future Developments - The project team plans to accelerate the scaling, engineering, and intelligent application of the equipment to support the transformation of traditional industries like steel and petrochemicals towards new productive forces, contributing to carbon neutrality goals and enhancing energy security [3].

Core Viewpoint - Hydrogen energy is recognized as a clean and efficient secondary energy source, playing a crucial role in national energy security, achieving carbon neutrality goals, and promoting the dual replacement of fossil fuels and raw materials [1] Group 1: Industry Development - Yulin is actively cultivating the hydrogen energy industry, accelerating the construction of key hydrogen projects, and establishing a comprehensive "production-storage-transportation-refueling-usage" industrial chain [1] - The first fully automated production line for solid oxide fuel cell (SOC) stacks in China has been established, capable of completing the main processes of stack production automatically [1][2] - The solid oxide electrolysis water hydrogen production system features a fully solid-state structure, ensuring system stability and efficiency, with energy consumption significantly lower than other hydrogen production methods [2] Group 2: Project Implementation - The Yuheng Industrial Park's zero-carbon hydrogen demonstration project is under construction, with a main building area of 15,000 square meters already topped out [3] - The first phase of the project aims to produce 3,000 tons of green hydrogen annually, generating an output value of 75 million yuan and reducing carbon dioxide emissions by approximately 60,000 tons per year [3] - The second phase is planned to start construction in 2026, targeting an annual production of 100,000 tons of green hydrogen, with an estimated output value of 2.5 billion yuan and a reduction of about 2 million tons of carbon dioxide emissions [3] Group 3: Strategic Goals - Yulin aims to establish itself as the "Hydrogen Energy Capital of the West," leveraging green hydrogen to replace traditional energy sources and promote the upgrade and green transformation of the traditional energy and chemical industries [3][4] - The development strategy emphasizes technological innovation to enhance the energy and chemical industry chain, optimize traditional industries, and create a modern industrial system characterized by clean, low-carbon, and integrated development [5]

12月4日，2025第八届中国能源产业发展年会在北京举行。年会以"构建新型电力体系 建设能源强国"为主题。本届年会由中国能源 报、中国能源研究会主办，G20青年企业家联盟中国总部联合主办，中央和国家机关有关部门负责同志、外国驻华使节、地方政府主管 部门代表、中外企业负责人和专家学者等参加论坛。中国科学院院士周孝信出席会议并作主旨演讲。 在绿电替代场景下，煤电发电量预计在202 5—2030年期间达峰后逐步下降，2025—2 055年间，约80%的煤电发电量将被风电、光伏、 水电、核电等非化石能源替代，而超过50%的煤电装机容量予以保留，主要用于电力系统灵活性调节，其运行小时数将大幅降低。根据 碳排放初步测算表明，仅依靠绿电替代，能源电力系统碳排放仍难以满足"双碳"目标要求，可在绿电替代基础上引入绿氢替代（含非电 利用和发电利用），并结合化石能源发电碳捕集利用与封存（CCUS）、生物质燃料掺烧等措施，构建非化石"电—氢—碳"耦合的深度 脱碳路径，推动能源系统实现近零排放。在绿电替代附加绿氢替代为主的综合减碳措施场景下，风光发电占比持续提升，2060年发电 量占比将超过6 0%，装机占比将超过75%，推动电力系统 ...

第二把箭，新兴产业做大做强，佛山现在大力发展工业机器人、新型材料、低空经济、装备制造等新兴 产业，尤其是在工业机器人领域，佛山已形成完整产业链，现有机器人企业3000家，以一城之力贡献全 国6%的工业机器人。 第三把箭，未来产业更是敢想敢干，氢能汽车上路试跑、生物实验室 "种" 出新材料、人形机器人参与 日常生活……这些科幻场面，佛山正在想办法让它们变成现实。 以氢能产业为例，佛山自2009年起，现已集聚氢能产业链企业超170家，建成加氢站数量居全国第一， 实现了从制氢、储运到应用的全链条布局。 特约撰稿孙不熟 每每听到《男儿当自强》这首热血的歌曲时，都会情不自禁地想起黄飞鸿，想起珠江三角洲，想起佛山 这座拼搏进取、自立自强的热血之城。 如今，这座曾以武术而著称的热血之城，正在迎来新的时代命题。 今年召开的四中全会，中央提出"科技自立自强"，工业大市佛山将如何破题？ 作为中国工业第四城，佛山今年提出一个产业突围的策略，叫做三箭齐发：传统产业转型升级，是新兴 产业做大做强、未来产业培育布局。先看第一把箭，传统制造是佛山的立市之本，但面对"大象转身"的 挑战，佛山没有简单否定传统产业，而是因地制宜嫁接新质生产力， ...