Core Insights - Daxing District has over 260 hydrogen energy enterprises, aiming to establish a national hydrogen energy demonstration zone by 2025 in collaboration with major state-owned enterprises like the National Energy Group and Sinopec, covering the entire hydrogen energy value chain from production to utilization [1][1][1] Group 1: Industry Development - The Daxing District Economic and Information Bureau plans to achieve significant milestones in the hydrogen energy sector by 2025, including the establishment of the only hydrogen energy industry innovation center in the city to support technological advancements [1][1] - The National Hydrogen Fuel Cell Vehicle Quality Inspection and Testing Center will be fully operational, addressing the testing shortcomings in North China’s hydrogen energy value chain [1][1] - The hydrogen energy 3.0 industrial policy will be iteratively upgraded to provide targeted support for industry development [1][1] Group 2: Corporate Engagement - Yao Jinli, Chairman of Meijin (Beijing) Hydrogen Energy Technology Co., stated that the collaboration with state-owned enterprises and comprehensive coverage of core technologies is a key reason for the company's presence in Daxing [1][1] - Meijin Hydrogen Energy aims to leverage its advantages in industrial layout, technology integration, and market expansion to contribute to innovative application scenarios and business model development in Daxing [1][1] Group 3: Future Goals - During the 14th Five-Year Plan period, Daxing District aims to become a national leader in the hydrogen energy industry, continuously expanding development space and optimizing the industrial ecosystem [1][1] - The Daxing International Hydrogen Energy Demonstration Zone will focus on the "future energy" sector by expanding space, building concept verification platforms, and striving to create a national-level hydrogen energy innovation center, establishing a closed-loop ecosystem from research and development to industrialization [1][1]

新京报讯(记者耿子叶)1月7日，记者从大兴区"两会"上获悉，大兴区氢能企业突破260家，形成以国氢 科技、东方电气（600875）等5家龙头为引领的"5+12+N"培育体系。2025年，大兴国际氢能示范区成功 牵手国家能源集团、中石化等"国家队"，核心技术覆盖"制、储、运、加、用"全链条。 "十五五"时期，大兴区将以打造"全国领先的氢能产业引领区"为目标，持续拓展发展空间、优化产业生 态，让氢能成为大兴绿色发展的"新标识"。 作为扎根大兴区氢能产业的实践者，大兴区政协委员、美锦(北京)氢能科技有限公司董事长姚锦丽介 绍，在申报北京市制造业新型技术改造项目过程中，大兴区经信局给予了大力支持，从项目初期的政策 辅导，到评审阶段的具体指导，工作人员主动对接、深入调研，精准解读政策，把关材料，极大提升了 申报效率。 根据"十五五"规划，企业将在大兴区全力推动"三链融合"，即以自主创新筑牢"技术链"，大力攻关核心 技术，突破关键材料与装备研发制造；以场景示范拓展"应用链"，加快加氢站建设，拓宽在重卡、物 流、绿色建筑等领域的应用；以园区集聚做强"产业链"，吸引高端要素，培育领先企业。 "我们将以更大力度推动京津冀氢能产 ...

此次电源端的成功投运，为后续电解水制氢及绿氨合成提供了持续、绿色的电力支持，是项目实现规模化生产绿氢及合成绿氨的关键前提。目前，项目配 套电源成功投用，重要配套工程30兆瓦纯氢燃气轮机也实现纯氢发电并保持稳定运行，整体工程正按计划稳步推进。 特别声明 近日，深能鄂托克旗风光制氢一体化合成绿氨项目倒送电圆满完成，标志着该项目迈入并网调试关键阶段。 作为国家能源局能源领域首批氢能试点项目之一，该项目总投资达35亿元，制氢规模为48000Nm³/h，储氢部分设置12台1875m³球罐，配套电源为500MW 风电项目和5MW光伏离网制氢项目，下游化工为年产量15万吨合成氨装置，同时配备1套30MW级纯氢燃气轮机用于氢储能。项目建成后，预计年均发电 量14亿千瓦时，可年产绿氢2万吨、绿氨15万吨，每年可节约标准煤约49万吨，新能源电量消纳率超过80%。 该项目紧密围绕鄂尔多斯市能源转型与产业发展需求，充分利用本地可再生能源制氢，并应用于下游的绿氢化工，形成能源绿色产供销用一条主线。通过 深度融合风电、电解水制氢与绿氨合成系统，项目建成后将为鄂尔多斯市构建以新能源为主体的新型电力系统提供重要支撑。 作为国家能源局能源领域 ...

Core Viewpoint - The company has entered into a pre-purchase order agreement with Line Hydrogen (Australia) Pty Ltd for the Tasmania hydrogen project, marking a significant step in its international strategy and global presence in the hydrogen market [1] Group 1: Agreement Details - The pre-purchase order agreement includes procurement of equipment such as water electrolysis hydrogen production systems, hydrogen refueling station equipment, multi-element gas container (MEGC) equipment, and related installation, commissioning, technical training, and operational services [1] - The agreement will only be effective upon the signing of a formal purchase agreement or purchase order [1] Group 2: Strategic Implications - This agreement is a key initiative for the company to implement its international strategy and establish a global footprint in the hydrogen market [1] - Successful execution of the transactions under this agreement and collaboration with leading Australian companies may positively impact the company's rapid entry into the Australian market, reduce independent project development risks, and enhance the company's international brand influence [1]

Core Viewpoint - The company has entered into a pre-purchase order agreement with Line Hydrogen (Australia) Pty Ltd for the Tasmania hydrogen project, marking a significant step in its international strategy and global presence in the hydrogen market [1] Group 1: Agreement Details - The pre-purchase order agreement includes procurement for various equipment such as water electrolysis hydrogen production systems, hydrogen refueling station equipment, multi-element gas container (MEGC) equipment, and related installation, commissioning, technical training, and operational services [1] - The agreement will only be effective upon the signing of a formal purchase agreement or purchase order [1] Group 2: Strategic Implications - This agreement is a key initiative for the company to implement its international strategy and establish a global footprint in the hydrogen market [1] - Successful execution of the transactions under this agreement and collaboration with leading Australian companies may positively impact the company's rapid entry into the Australian market, reduce independent project development risks, and enhance the company's international brand influence [1]

Core Viewpoint - The company, Guofu Hydrogen Energy, has entered into a pre-purchase order agreement with Line Hydrogen (Australia) Pty Ltd for a hydrogen energy project in Tasmania, Australia, marking a significant step in its international strategy and global presence in the hydrogen market [1] Group 1: Agreement Details - The pre-purchase order agreement includes procurement of equipment such as water electrolysis hydrogen production systems, hydrogen refueling station equipment, multi-unit gas container (MEGC) equipment, and related installation, commissioning, technical training, and operational services [1] - The agreement will only be effective upon the signing of a formal purchase agreement or purchase order [1] Group 2: Strategic Implications - This agreement is a key initiative for the company to implement its international strategy and establish a global footprint in the hydrogen market [1] - Successful execution of the transactions under this agreement and collaboration with leading Australian companies may positively impact the company's rapid entry into the Australian market, reduce independent project development risks, and enhance the company's international brand influence [1]

Core Viewpoint - The company, Zhongcai Technology (Chengdu) Co., Ltd., is advancing its automated production line for hydrogen storage bottles, aiming to enhance production capacity and quality while contributing to the hydrogen energy industry in Chengdu's Xinjin Economic Development Zone [1][3][5]. Group 1: Production Line Development - The new automated production line, with an investment of approximately 500 million yuan, is set to achieve a production capacity of 100,000 hydrogen storage bottles annually and is expected to be operational by the end of the first quarter [1][5]. - The automation rate of the production line will exceed 90%, significantly improving both the capacity and quality of the hydrogen storage bottles [1][3]. Group 2: Market Demand and Supply Chain - There has been a continuous increase in market demand for hydrogen energy commercial vehicles and rail transit since last year, prompting the company to ensure timely order fulfillment during the New Year holiday [3][10]. - Zhongcai Technology has established itself as a key supplier in the domestic hydrogen energy industry chain, with products being distributed across various regions [3][10]. Group 3: Economic Impact and Employment - Once fully operational, the Chengdu base of Zhongcai Technology will have an annual production scale of over 200,000 hydrogen storage bottles, generating an additional annual output value of over 500 million yuan and creating more than 120 jobs [5][13]. - The company's expansion is not only a significant leap for itself but also a strategic move for Xinjin to cultivate future industries [5][13]. Group 4: Technological Advancements - The new production line will feature full-process digital control from winding to curing and testing, and will implement a green low-carbon operation through an energy management system, aiming to create a "zero-carbon workshop" model [5][12].

我们不预测市场，而是梳理逻辑；不给出答案，而是提供视角。希望这些内容能帮助您在做投资决策 时，多一份参考。 本系列共八篇，将陆续发布。感谢您的关注。 回望过去的2025年，权益市场在全球流动性宽松与估值修复共振下，科技与资源板块领涨，机构资金成 为核心支撑，K型分化特征延续。随着库存与盈利周期逐步启动，市场逻辑正从估值抬升转向盈利兑 现，在此背景下，2026年温和复苏与产业升级共振的新机遇或值得重点把握。 中信保诚基金认为，2026年全球经济呈现温和修复态势，内外部流动性整体充裕，库存与盈利周期逐步 修复，为权益资产表现提供有力支撑。宏观叙事将从估值修复转向盈利支撑，政策端全球宽货币、国内 跨周期调节与逆周期调节协同发力，市场资金面有望维持净流入格局，产业升级与消费升级可能成为核 心主线。 一、海外宏观：修复延续，分化收窄 （一）经济与就业 编者按： 2026 年，是 " 十五五 " 开局之年，市场正在寻找新的方向。 面对宏观环境的变化、产业格局的调整，投资者需要穿透短期波动，看清中长期的主线。这不容易，但 值得尝试。 为此，中信保诚基金推出 "2026 ，预见 " 系列，围绕宏观、固收、固收 + 、权益、商 ...

Core Viewpoint - The successful demonstration operation of the liquid hydrogen heavy-duty truck marks a significant advancement in China's hydrogen energy technology, transitioning from laboratory testing to real-world commercial validation [1][3]. Group 1: Technical Achievements - The liquid hydrogen heavy-duty truck, developed by a collaboration between FAW Jiefang, the Aerospace Propulsion Technology Research Institute, and Dongfang Electric (Chengdu) Hydrogen Energy Technology Co., has completed over 8,000 kilometers of operational testing, achieving a range exceeding 1,000 kilometers [1][2]. - This vehicle's performance significantly surpasses the current mainstream hydrogen fuel trucks, which have a range of 400-500 kilometers, thus addressing the mileage anxiety that has hindered the large-scale adoption of electric heavy-duty trucks [1][3]. Group 2: Infrastructure Development - The demonstration operation is supported by the first nationwide liquid hydrogen refueling station, which implements a complete "production, storage, and refueling" closed-loop system, ensuring safe and efficient refueling at -253°C [2][3]. - The successful operation in the challenging terrain of Panzhihua provides a reliable test of the vehicle's performance and the compatibility of the heavy-duty truck chassis with advanced liquid hydrogen storage and supply systems [2][3]. Group 3: Collaborative Innovation - The project represents a deep collaboration across the industry chain, involving leading enterprises, research institutions, and local government, creating an efficient model for innovation that integrates technology development, equipment manufacturing, and application scenarios [3]. - The successful demonstration in Panzhihua establishes a comprehensive pathway from technology research and development to commercial validation, paving the way for the deep decarbonization of the transportation sector in China [3][4]. Group 4: Future Directions - The company plans to continue enhancing the full chain of liquid hydrogen applications and technology upgrades, while also expanding the demonstration effects to various sectors such as green hydrogen metallurgy and hydrogen vehicle manufacturing [4]. - The focus will be on building a mature hydrogen energy industry ecosystem guided by the "Blue Road" new energy technology brand, promoting industry transformation [4].

编者按2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。这一年，我国石油和化工行 业认真贯彻中央经济工作会议精神，进一步落实全国新型工业化推进大会部署要求，锚定实现新型工业 化的关键任务，进一步推动信息化和工业化深度融合。行业人工智能（AI）大模型、工业互联网等信 息技术的应用不断深入，助推我国工业经济向新向优发展。《智能制造周刊》特遴选行业智能制造领域 2025年度十大新闻，以飨读者。 石化行业首位AI数字员工"上岗" 1月18日，中国石化在北京举行数字员工发布仪式，正式推出首位AI数字员工，并在广西南宁新阳加油 站等全国40余座加能站同步试点"上岗"。这是我国石油石化行业首位AI数字员工。 该数字员工由科大讯飞星火大模型提供算法和算力支持，融入自助加油、App智能导航及客户服务系 统，可以记录和分析消费偏好，全天候在自助加油、易捷加油APP及电话客服提供实时交互服务，为客 户解答疑问、指导自助加油操作、推荐个性化营销活动，精准高效解决客户诉求，显著提高了服务效 率。 目前，该数字员工已覆盖中国石化31个省市的加能站点。据介绍，中国石化也正在以"新一代人工智能 加油站成套技术"项目为依托， ...