电网：藏东南-粤港澳、蒙西-京津冀特高压直流核准；国网巴西东北部特高压直流输电项目受端换流站开工。 子行业周度核心观点： 光伏&储能：光伏"反内卷"行动提升至最高规格，关注短期产业链价格信号、产能整合进展、以及中期需求端预期进 一步明朗，板块行情与投资角度，"政治经济学定 beta，经济学定 alpha"；美国"大美丽法案"正式生效，输美光储 短期不确定性缓解。 风电：Q2 国内陆上风机价格回暖趋势延续，尽管 6 月单月风机招标规模有所放缓，但考虑到 24 年风机招标将有相当 规模项目递延至 26 年推进，我们认为即使下半年招标继续放缓，26 年国内风电装机仍将大概率维持在 100GW 以上； 中央财经委员会再提"推动海上风电规范有序建设"，继续坚定看好"十五五"周期海风发展。 电网：特高压本周催化较多——①国网巴西东北部特高压直流项目受端换流站开工，②藏东南-粤港澳、③蒙西-京津 冀特高压直流先后核准，项目投资预计超过 500、170 亿元，下半年 2 直（南疆-川渝、巴丹吉林-四川）2 交（达拉特 -蒙西、攀西-天府南）5 条跨区背靠背有望陆续核准，预计 25 年特高压设备招标额突破 500 亿，高于 2 ...

火爆！ 对于2025年的A股上市公司并购行情，笔者只能用这两个字来形容。 IPO日报从几个维度对今年来上市公司的并购情况进行了统计： 另外还有一个现象值得注意，那就是今年以来，沪深交易所并购重组委审核了13家上市公司的并购重组项目，除了罗博特科首次上会暂缓审 议，目前过会率为100%。 另外，笔者发现，当前A股市场的火热并购和全球证券市场的趋势一致：2025年上半年并购交易金额增长15%至1.5万亿美元，10亿美元以上大 型交易增长19%，显示出资金向规模企业集中。其实这种情况比较好理解。这里有三个商业逻辑：1、强强联合，抱团取暖；2、大鱼吃小鱼，抢占 有利行业地位；3、找到救命稻草，扭转困境。 当前世界政治经济面临巨大的不确定性，俄乌冲突数年至今未解，以伊冲突再显中东地区的政治动荡，美国掀起的关税大战让世界贸易格局突 变。而当前的世界政治、经济和军事的不确定性让企业经营变得更加困难，特别是一些中小企业。 如何摆脱这种困境？各个国家和地区各有各的招。中国政府与时俱进，针对当前的世界政治经济格局变化以及国内的实际情况，出台或修订各 种政策，推动企业及时转向，以实现国民经济高质量发展。如《关于深化科创板改革服务科 ...

7月2日，宁波舜通集团有限公司、大叶股份(300879)与上海杰宁新能源科技发展有限公司共同签署投资 框架协议，标志着余姚在氢能领域迈出关键一步。余姚市委常委韩柏顺表示，"此次合作是余姚拥抱氢 能时代的里程碑，更是我们向绿色低碳城市转型的关键一步。" 据了解，余姚布局氢能产业具备两大独特优势。一是区位战略价值，地处宁波都市圈核心区，毗邻舟山 港和杭州湾跨海通道，具备发展氢能物流枢纽的天然条件；二是产业协同基础：区域内汽车零部件、新 材料企业密集，与氢能重卡产业链高度契合。 随着此次战略协议的签署，余姚的氢能蓝图逐渐清晰。首先是传统制造升级：大叶股份等制造企业切入 氢能装备赛道，开启增长新引擎；其次是新质生产力培育：杰宁科技换氢技术带动本地氢能配套产业链 发展；第三是区域协同发展：连接长三角氢能产业园与黄河流域氢能联盟，构建跨区域产业生态。 余姚正通过"引入一个技术龙头，激活一条产业链"的策略，将自身定位从"制造业基地"转向"氢能技术 策源地"。杰宁科技王桂宁董事长表示，将以换氢技术为支点，携手合作伙伴推动"制储输用"全链条落 地，让余姚不仅成为氢能技术创新的源头，更成为绿色物流新生态的标杆。 （文章来源：证券 ...

Core Insights - The narrative surrounding Plug Power has shifted from concerns about funding its growth to a focus on operational execution following a $1.66 billion conditional loan guarantee from the U.S. Department of Energy (DOE) [1][2][4] Funding and Financial Outlook - The DOE loan provides a clear financial runway for Plug Power to build a network of up to six green hydrogen production facilities across the U.S., addressing previous financing risks [2][4] - This loan is a cheaper funding source compared to issuing new stock, which can dilute existing shareholders' equity, thus protecting investor interests [4] - The loan is specifically allocated for expanding the production network, reducing reliance on third-party suppliers and providing a clear path to commercial scale [4] Operational Execution and Growth - Plug Power aims to control the entire hydrogen process, from production to manufacturing, which is crucial for improving gross margins [3] - Recent milestones indicate tangible progress in operational execution, with the company’s production capacity increasing to approximately 40 tons per day (TPD) following the commissioning of a new facility in Louisiana [10] Market Validation and Insider Confidence - The DOE's endorsement positions Plug Power as a strategic national asset, enhancing its credibility and attractiveness to future partners and customers [4] - Recent insider purchases by Plug Power's CFO, totaling 1,000,000 shares, signal strong executive confidence in the company's future [6] Stock Performance and Investment Outlook - The stock forecast indicates a potential upside of 25.68%, with a 12-month price target of $1.83, suggesting that the market may not have fully priced in the recent de-risking event [7] - Investors are encouraged to monitor key metrics such as gross margin improvements and new commercial contracts in the upcoming quarters [8]

Core Viewpoint - The A-share market is experiencing a significant surge in merger and acquisition (M&A) activities, driven by companies seeking rapid growth and strategic repositioning amid economic challenges [1][5]. Summary by Sections M&A Activity Overview - In 2023, the M&A projects reviewed by the Shanghai and Shenzhen Stock Exchanges reached 13, with a 100% approval rate, except for one case that was postponed [3]. - The number of M&A projects in the first half of 2023 has already reached 86.67% of the total from the previous year [6]. Economic Context - The global M&A trend aligns with the A-share market, with a 15% increase in transaction value to $1.5 trillion in the first half of 2025, and a 19% rise in large transactions over $1 billion [5]. - The current geopolitical and economic uncertainties, including the ongoing Russia-Ukraine conflict and trade tensions initiated by the U.S., are making business operations more challenging, particularly for small and medium-sized enterprises [5]. Government Policies - The Chinese government has introduced various policies to support M&A activities, such as measures to enhance the resilience of industrial chains and reforms in the M&A market [6]. - Specific policies include the "Eight Measures to Deepen the Reform of the Sci-Tech Innovation Board" and revised regulations on major asset restructuring [6]. Types of M&A - Strong mergers are observed, such as the restructuring of Haiguang Information with Zhongke Shuguang and the merger of Guotai Junan with Haitong Securities, which are aimed at leveraging capital during economic downturns [6]. - There is a notable increase in both upstream and downstream industry mergers, as well as cross-industry acquisitions, allowing companies to quickly gain market share and technological capabilities [6][7]. Market Dynamics - Companies are increasingly targeting core technologies through acquisitions, exemplified by Dongshan Precision's acquisition of Solstice Optoelectronics to overcome technological barriers [7]. - Traditional industries facing stagnation are also pushing for M&A, as seen with real estate company *ST Jinke's intention to acquire photovoltaic assets [7]. Caution for Investors - While the enthusiasm for M&A is high, not all mergers guarantee success, and post-merger integration may not meet expectations, leading to potential pitfalls for investors [7].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 添加文末微信，加 绿氢 群 势银（Trendbank）绿色能源事业部研究团队始终保持对行业动态的密切跟踪，针对氢能产业制储 运加用等方面进行分析研判。势银分析师定期或不定期地与产业链企业紧密互通，掌握最新的项目 动态、新品情况、技术发展趋势、交付信息等，并形成氢能产业月度报告及分析师观点，旨在为业 内各方参与者提供行业最新动态进展与决策参考。 月报交付时间：次月10日-15日 交付形式：PDF月报 目 录 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 1、电解水制氢行业动态 1.1ALK电解水制氢行业动态 1.2PEM电解水制氢行业动态 3、氢储运&加氢站行业动态 4、燃料电池行业动态 示 例 2.1 绿氢项目动态 2.2 绿醇项目动态 2.3 SAF项目动态 4.1 燃料电池系统及配套情况 4.2 燃料电池系统订单详情 4.3 燃料电池行业发展趋势分析 绿氢项目及下游消纳动态 TrendBank 碧 裙 HOME | Pa ...

Group 1 - The 2025 Hydrogen Innovation and Entrepreneurship Competition will be held in Jiangsu, Shaanxi, and Inner Mongolia, aiming to integrate resources in the hydrogen energy sector and promote innovation [1] - The competition has gathered significant participation from experts, regional organizations, and investment institutions, becoming a key platform for technological breakthroughs and international cooperation in the hydrogen industry [2] - The competition has evolved to include dual tracks of "innovation and entrepreneurship" and "technical challenges," creating a comprehensive support system for the hydrogen energy industry [3] Group 2 - The Hydrogen Leader Action was launched to enhance the quality of hydrogen technology and promote independent innovation, with 50 evaluation standards initiated and 20 published [3][4] - The wind-solar-hydrogen-storage integrated projects are emerging as a mainstream model in the hydrogen industry, significantly reducing costs by eliminating intermediate steps [5] - National Energy Group is actively promoting the development of a green hydrogen industry chain, with successful commercial applications of green hydrogen in various regions [6]

Core Viewpoint - The Sichuan Provincial Government has issued an implementation plan for the development of emerging industries and the cultivation of future industries from 2025 to 2027, focusing on the integrated development of hydrogen energy production, storage, and utilization [1] Group 1: Hydrogen Energy Development - Sichuan will leverage its advantages in renewable energy and equipment manufacturing to promote the integrated development of hydrogen energy [1] - The plan includes the development of complete sets of equipment for water electrolysis hydrogen production, photolysis hydrogen production, and industrial by-product hydrogen [1] - There is an encouragement for increased R&D investment to reduce hydrogen production costs [1] Group 2: Storage and Transportation Equipment - The initiative involves the research and development of solid-state, cryogenic high-pressure, and organic liquid storage and transportation equipment [1] - The goal is to establish a highly reliable and low-cost storage and transportation system for hydrogen [1] Group 3: Commercialization and Product Development - The plan aims to promote the R&D of hydrogen fuel cells, hydrogen-powered heavy trucks, and hydrogen rail transit products [1] - There is an emphasis on accelerating the commercialization process of these hydrogen energy applications [1]

据悉，氢能作为一种清洁、高效的能源载体，是中韩两国正积极培育的未来替代能源。不仅可作为汽车 燃料，更可应用于电子设备等多元产业。 湖北省政府外事办公室主任章笑梅介绍，湖北是中国最早开展氢能产业研发和应用的省份之一，形成 了"研发—制氢—储运—应用"的全链条发展格局，正建设成为中国重要氢能枢纽。同时，武汉是中国碳 排放权交易市场的注册登记和结算中心，正在加快打造全国碳市场中心。 中新网武汉7月3日电(记者武一力)"2025湖北(武汉)·韩国未来合作交流会"3日下午在武汉举行，中韩两国 专家学者、企业家代表聚焦氢能主题交流探讨，寻找合作机遇。 大韩民国驻武汉总领事馆总领事河成柱介绍，韩国在氢能汽车及燃料电池商业化技术领域享有国际认 可，正大力推动氢能产业技术竞争力强化及基础设施扩建，希望韩中氢能企业能成为优质合作伙伴。 活动期间，近20家中韩氢能领域潜力企业进行一对一洽谈。卓屹新能源技术(苏州)有限公司总经理蔡丽 玲与多家韩企进行了交流，她认为，韩国在氢能应用、低碳环保技术等方面经验丰富，中国具有电解水 制氢技术等突出优势，中韩企业能够实现技术互补，推动氢能技术转型升级和更广泛的应用。 （文章来源：中国新闻网） ...

瓷电池累计出货量已突破 240万颗 。 其中，位于台湾地区桃园的桃科Giga级超级工厂为主要推动力，该厂自2024年初启用以来，累计出货已达50万颗。 2025（第五届）可再生能源制氢产业发展论坛 7月10-11日 江苏·苏州 DT新能源 将于 2025年7月10日-11日 在 江苏苏州 举办 "2025（第五届）可再生能源制氢产业发 展论坛" ，论坛将 围绕核心部材及制氢系统，重点 探讨ALK/PEM/AEM制氢技术市场发展现状， 关键部材及制氢系统技术工艺创新、绿氢项目应用新 趋势 等话题。 01 组织机构 全性与资源循环性， 已应用于 动力电池、可穿戴设备、车载电子和工业用途 等多个领域，是目前全球唯一具备大规模量产该类电池能力的企业。其法国敦刻尔 与无机电解质，提升能量密度、安全性及低温性能，同时降低材料与制造成本。该架构旨在解决固态电池面临的界面瓶颈问题，具备量产经济性与规模化应用潜 /L，能够在4分钟内从5%快充至60%，6分钟内从5%快充至80%， 即使在-20°C的环境下，其离子导通率是传统液态电池在室温下的2-3倍。 发布仅为了传达一种不同观点，不代表对该观点赞同或支持。如果有任何问题，请联 ...