聚焦技术创新与国际合作，加速中国氢能产业破局 作为能源转型的核心载体，氢能产业的发展离不开技术创新的深度驱动与全球合作的广度拓展。日前， 国家能源局发布《中国氢能发展报告（2025）》，2024年中国氢能产业在技术攻关与国际协作上获得诸 多进展，已进入持续技术创新、加强试点示范、破局产业规模的关键阶段。 一、技术创新：从全链条技术突破到产业竞争力构建 （一）制氢技术：从"灰氢主导"到"绿氢突围" 在可再生能源制氢领域，中国已形成规模化集群优势。截至2024年底，可再生能源制氢产能超12万吨。 新疆库车、宁夏宁东等电解水制氢项目的投产，标志着碱性电解槽技术逐步实现工业化实证验证。与此 同时，质子交换膜（PEM）电解槽关键技术取得实质性突破，海水电解制氢中试装置实现试运行，为 沿海地区海上绿氢供应提供了创新方案。相关技术有望推动绿氢生产成本持续下降，逐步接近与灰氢竞 争的经济性拐点。 （二）储运技术：构建"气—液—固"多形态储运体系 高压气态氢储运领域，70 MPaIV型储氢瓶实现批量生产，掺氢天然气管道在内蒙古、宁夏示范运行， 验证了现有天然气管网掺氢改造的可行性；液态氢储运方面，5吨/天氢液化系统成功下线，技 ...

中国国际金融股份有限公司 关于 永安行科技股份有限公司 之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 永安行科技股份有限公司 发行保荐书 关于永安行科技股份有限公司 中国证券监督管理委员会、上海证券交易所： 永安行科技股份有限公司（以下简称"永安行"、"发行人"或"公司"）拟申请 向特定对象发行不超过 71,819,411 股（含本数）的人民币普通股（A 股）股票（以下简 称"本次证券发行"、"本次发行"或"向特定对象发行 A 股股票"），并已聘请中国 国际金融股份有限公司（以下简称"中金公司"）作为本次证券发行的保荐机构（以下 简称"保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》 （以下简称"《证券法》"）、 《证券发行上市保荐业务管理办法》 （以下简称"《保 荐办法》"）、 《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）、 《发 行证券的公司信息披露内容与格式准则第 27 号——发行保荐书和发行保荐工作报告》 （以下简称"《准则第 27 号》"）、《保荐人尽职调查工作 ...

5月29日晚间，亿华通公告称，本着合理布局研发测试能力及高效使用募集资金的原则，公司决定终止 募投项目"燃料电池综合测试评价中心项目"（下称"燃料电池测试项目"）。 该项目原计划总投资额2.2亿元，拟使用募集资金1.5亿元。自2021年7月至今，募集资金实际投入合计 3243.55万元，剩余1.25亿元将继续留存在募集资金专用账户。 5月30日，亿华通A股股价收跌2.5%，H股股价尾盘涨收3.7%。 叫停1.5亿元募投项目 燃料电池测试项目最早披露于2021年6月末。 彼时，亿华通通过定增募集资金约2亿元，其中1.5亿元用于燃料电池测试项目，剩余近5000万元用于补 充流动资金。 燃料电池测试项目拟建成集成零部件级、子系统级、系统级以及整车级的综合测试评价中心，以优化亿 华通产品核心指标、提升公司产品正向开发能力。项目原定建设周期为31个月，但因更改了实施主体和 地点，导致建设进度延后，预计完成时间也延期至2025年6月。 但历经近四年，燃料电池测试项目的建设进度仍然迟缓。截至5月20日，项目募集资金实际投入合计仅 3243.55万元。 亿华通对此解释称，项目建设期间氢能产业政策频出，市场参与者显著增加，市场 ...

来源：中国石化资本 对接需求请扫码 每日｜荐读 热文： 社会LP去哪了 热文： 购基金井喷，巨头们开始"买买买" 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 氢能基金由中国石化资本有限公司全资子公司--中石化私募基金管理有限公司担任基金管理人，山 东新动能基金管理有限公司、烟台国丰投资控股集团有限公司为外部合作伙伴。 近年来，中国石化高质量推进氢能产业链建设，发挥国资央企战略支撑作用。牵头成立中央企业绿 色氢能制储运创新联合体，高标准建设新疆库车绿氢示范项目，积极打造氢能装备制造基地，建成 氢燃料电池供氢中心11个、加氢站144座，建成西部陆海新通道、京沪、京津、成渝、沪嘉甬、济 青和汉宜高速7条"氢走廊"，基本覆盖了"3+2"氢燃料电池示范城市群，成为全球运营加氢站最多 的企业。 近日，由中国石化发起的氢能产业链创业投资基金正式完成工商注册与中国证券投资基金业协会备 案。标志着中国石化氢能基金正式设立，该基金是我国规模最大的专注于氢能产业链投资的基金。 中国石化资本有限公司，作为中国石化产业资本投资平台，通过"直投+基金 ...

Group 1 - Clean hydrogen is a crucial catalyst for decarbonizing hard-to-abate sectors like steel and industrial chemicals in the Asia-Pacific region, representing significant economic opportunities [1][6][9] - By 2030 and 2050, the Asia-Pacific region will require 67 million tons and 235 million tons of hydrogen, respectively, to meet net-zero targets, with China and India accounting for approximately 80% of this demand [1][10][12] - The market value of clean hydrogen in the Asia-Pacific region is projected to reach $600 billion by 2050, constituting half of the global market [1][14] Group 2 - The Asia-Pacific clean hydrogen value chain will require $3.2 trillion in capital investment over the next 25 years, primarily directed towards China and India, with Australia needing over $300 billion as the largest exporter [2][22] - Investment focus will be on renewable energy generation and transmission (52%) and electrolysis (over one-third) [2][22] - Governments in the region are expected to announce clean hydrogen investment plans totaling $44.5 billion by 2025, despite facing challenges such as inconsistent certification systems and cost considerations [2][34] Group 3 - The supply of green hydrogen will dominate the Asia-Pacific hydrogen supply mix, expected to account for over 85% of capacity by 2030 and over 95% by 2050 [1][14] - However, domestic production will not meet net-zero demands, necessitating imports of 18 million tons of clean hydrogen and derivatives by 2030, increasing to 53 million tons by 2050, with a cross-border trade value of $145 billion annually [1][14][20] Group 4 - Key challenges for hydrogen development include establishing economically viable pricing strategies, a common risk-sharing framework, and a credible carbon certification system [7][33] - The success of early hydrogen projects will depend on the establishment of transparent cooperation mechanisms among stakeholders to enhance investor confidence [6][7] - The Asia-Pacific region's hydrogen trade corridor is still in its infancy and requires rapid scaling to support the global decarbonization process [21][22]

Core Viewpoint - The stock performance of Reshape Energy (02570) has been highly volatile since its IPO, experiencing significant fluctuations in price, reflecting broader market trends and specific company challenges [1][3][4]. Stock Performance - After its successful IPO on December 6, 2024, Reshape Energy's stock price rose to a peak of HKD 316.2 per share, representing a 115.1% increase from the issue price of HKD 147 within four months [1]. - However, in just 13 trading days, the stock plummeted to a low of HKD 118, marking a 62.68% decline, which was nearly 20% below the issue price [3]. - Following this low, the stock rebounded to HKD 267.4, achieving a maximum increase of 115.19% within two months [3]. - Recent trading has seen the stock drop over 20% in four days, breaching the 10-day moving average, indicating ongoing volatility [3]. Market Dynamics - The actual circulating shares of Reshape Energy are approximately 3%, significantly limiting liquidity and contributing to the stock's volatility [5]. - The IPO involved issuing about 482.79 million shares, with only 5.6% of total shares available for trading, exacerbated by the lock-up of cornerstone investors' shares [4][5]. - The cornerstone investor, Jiujiang Dingchuang, holds 45.18% of the issued shares from the IPO, further constraining market liquidity [4]. Financial Performance - Reshape Energy's revenue has shown steady growth from 2021 to 2023, with revenues of CNY 524 million, CNY 605 million, and CNY 895 million, reflecting a compound annual growth rate of 30.77% [7]. - However, in 2024, revenue dropped to approximately CNY 649 million, a decline of about 27.5%, attributed to fluctuations in customer demand and orders [8]. - The adjusted net loss for 2024 was CNY 417 million, a reduction of 11.5% year-on-year, primarily due to decreased operating expenses rather than revenue growth [8]. Industry Context - The hydrogen energy sector is transitioning from a "policy-driven" to a "market-driven" model, leading to reduced government subsidies and insufficient commercial scale, which has negatively impacted demand [8]. - The number of hydrogen fuel cell vehicles insured in China fell by 0.9% to 7,171 units in 2024, with a dramatic 68.8% drop in December sales [8]. - Reshape Energy's reliance on a few major clients remains a significant risk, with over 50% of its revenue coming from the top three clients in 2024 [9]. Strategic Initiatives - In response to market challenges, Reshape Energy is expanding its overseas market presence, with revenue from international markets increasing by approximately 151.7% in 2024 [9]. - The company is also diversifying its applications, with sales from non-automotive hydrogen fuel cell systems growing by about 132.6% in 2024 [9].

转自：北京日报客户端 "国家队"出手加大氢能领域投资。5月29日，记者从中国石化获悉，由中国石化发起的氢能产业链创业 投资基金完成工商注册与中国证券投资基金业协会备案，标志着中国石化氢能基金正式设立。 近年来，中国石化将高质量建设氢能产业链作为国资央企发挥战略支撑作用的具体路径，牵头成立中央 企业绿色氢能制储运创新联合体，高标准建设新疆库车绿氢示范项目，打造氢能装备制造基地，建成氢 燃料电池供氢中心11个、加氢站144座，建成西部陆海新通道、京沪、京津、成渝、沪嘉甬、济青和汉 宜高速7条"氢走廊"，基本覆盖"3+2"氢燃料电池示范城市群，成为全球运营加氢站最多的企业。 此外，中国石化还发挥产业资本优势，围绕氢能产业链已投资入股涵盖制氢技术、氢燃料电池、氢能装 备制造、质子交换膜、加氢站建设等细分领域的13家企业，其中，重塑能源、国富氢能两家投资企业已 在港股上市。 来源：北京日报客户端 该基金是我国规模最大、专注于氢能产业链投资的基金，首期规模50亿元，将对氢能"制储运用研"全产 业链环节有较大发展潜力的关键材料、核心装备和原创技术进行前瞻性布局和培育孵化，打造氢能产业 生态圈，助力我国氢能产业链高质量发展。 ...

Group 1 - The Wuhan Jiangfeng Electronic Materials Co., Ltd. specializes in the production of ultra-pure metal sputtering targets and precision molybdenum for new display core materials, with an emphasis on leveraging local talent for technological and management innovations [1] - The China Saibao (Central China) Laboratory provides high-quality measurement and component testing services for industries such as optoelectronics, communications, and aerospace, aiming to support the development of key industries in Wuhan [1] - The Xihu Agricultural Modernization Project in the Jinghe Street area focuses on integrating agriculture with tourism, promoting the development of modern urban agriculture and the fusion of primary, secondary, and tertiary industries [2] Group 2 - Sinopec Hydrogen Energy Machinery (Wuhan) Co., Ltd. is engaged in the research, manufacturing, and system integration of hydrogen energy equipment, with a call for the company to seize opportunities in the hydrogen energy sector and enhance its technological capabilities [2] - The emphasis on high-quality development and the integration of technological and industrial innovation is crucial for traditional industries to upgrade and for new industries to emerge, ensuring sustainable economic growth [3] - The need for effective governance and social stability is highlighted as essential for supporting high-quality development, with a focus on addressing community concerns and risks [3]

Core Viewpoint - Suzhou Kerun New Materials Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, focusing on the production of proton exchange membranes for various applications in the hydrogen energy and flow battery sectors [4][6]. Company Overview - Founded in April 2019, Kerun New Materials is a leading domestic company in proton exchange membrane materials, specializing in core membrane material industrialization for "flow energy storage + hydrogen energy" [4]. - The company's main products include proton membranes for flow batteries, hydrogen fuel cells, and PEM electrolysis for hydrogen production, with applications in critical areas such as hydrogen fuel cells and all-vanadium flow energy storage [4]. Financial Information - As of August 2, 2024, Kerun New Materials has completed five rounds of financing, raising at least 780 million yuan in total [5]. - The latest financing round (C+ round) on August 2, 2024, raised over 400 million yuan, led by Sinopec Capital, with participation from several notable investment institutions [6]. Investment Landscape - The company has attracted investments from prominent firms, including Sinopec Capital, Sequoia China, and various automotive companies, indicating strong confidence in the hydrogen energy sector [6][7]. - Notably, automotive companies like Yutong and BAIC have invested in Kerun, reflecting their interest in the hydrogen energy market and the need for supporting technologies and products [7][8]. Market Position - Kerun New Materials ranks among the top producers of perfluorosulfonic acid proton membranes in China, with only two companies capable of fully autonomous production across the entire industry chain [4]. - The company’s latest valuation is approximately 3 billion yuan, highlighting its significant market presence and growth potential in the hydrogen energy sector [6]. Industry Context - The hydrogen energy industry is still in its developmental stage, with various supporting technologies and products yet to be fully established, creating opportunities for companies like Kerun to grow [8][9]. - The hydrogen energy supply chain includes upstream hydrogen production, midstream storage and transportation, and downstream applications, with Kerun positioned in the component manufacturing segment [9].

用"文旅+"讲好河南故事 "在'十四五'规划实施收官、'十五五'发展谋篇布局的关键时期，习近平总书记亲临河南考察，为全 省发展掌舵领航、把脉定向，为做好各项工作提供行动指南和根本遵循。我们将切实把思想和行动统一 到总书记关于河南工作的重大要求上来。"管城区委书记张艳敏说。聚焦创新引领，着力建设现代化产 业体系；聚焦固本强基，着力改善民生、加强社会治理；聚焦文旅融合，着力推动文化繁荣兴盛；聚焦 绿色发展，着力加强生态环境保护。用好管城区丰厚历史文化资源，以商都历史文化区建设为引领，统 筹推进标志性文物展示、文化内涵挖掘、老城有机更新，加快亳都·新象、北庆里1926等文旅街区和豫 州韵等文化场馆建设，深化游径打造和动线组织，持续打造"郑州有戏""巍巍亳都""漫步商都"等文化 IP，全力打造"优秀传统文化传承创新展示地"。 激活文旅文博新发展引擎 "殷殷嘱托为文旅产业高质量发展指明了方向，我们深感责任重大，也让我们更加坚定信心。文旅 融合不仅是经济产业，更是满足人民美好生活需求的幸福工程。"银基文旅集团品牌公关经理郑瑞龙 说。 科创引领不断出新出彩 "殷殷嘱托，厚望如山。习近平总书记在河南考察时的重要讲话精神，为我 ...