Core Insights - Hydrogen energy is identified as a key direction for energy technology independence and self-reliance, with a focus on breakthroughs in efficient renewable hydrogen production, long-distance hydrogen transportation, and large-scale hydrogen fuel engines [1] - The goal is to achieve cost parity between green hydrogen and gray hydrogen by 2030, supported by the demonstration of large hydrogen production plants [1] Industry Policy and Environment - The national government is strengthening support for the hydrogen energy industry, with the 2025 revised Energy Law incorporating hydrogen energy into the energy management system and allocating over 2.3 billion yuan for fuel cell vehicle demonstration application rewards [2] - The cost of the fuel cell industry chain has significantly decreased, with system costs dropping from approximately 11,000 yuan/kW in 2019 to a projected 2,400-3,900 yuan/kW in 2024, and further expected to reach 1,000 yuan/kW by 2025, driven by accelerated localization of core components [2]

本报（chinatimes.net.cn）记者何一华 李未来 北京报道 随着双碳目标纵深推进，低碳领域已从政策驱动开道，跃升为创投机构布局的新模态。近日，朗玛峰创 投基金管理部总经理董本京接受《华夏时报》记者专访，他从创投视角分析了低碳项目投资的核心痛 点、实操投资决策逻辑，同时解读了"十五五"期间低碳赛道的投资价值边界与机构布局策略。 董本京认为，当前绿色金融的核心痛点是早期低碳项目短期难盈利，资金扎堆成熟资产导致投资效率偏 低。双碳的关键有两条，一是能用绿电的用绿电（电气化），二是不能用电的加绿氢(氢能)，作为能源 基础形式，长远来看绿电和绿氢必须走向平价化。目前，中国的绿电已经进入平价阶段了，但绿氢还存 在制氢成本高、行业发展逻辑错位等问题，需要刚性市场政策与技术突破双重支持。 投资布局上，他提出创投要以长期回报为核心，聚焦高增长、高壁垒赛道，布局既能中期兑现、又契合 2050年绿色能源长期趋势的领域。 《华夏时报》：从创投视角看，绿色金融在服务早期低碳项目时，最大痛点是什么？ 绿色转型是国家必须推动的方向，而能源作为基础产业，长期趋势一定是平价化、普惠化。 从能源角度，实现双碳目标主要有两条路径，能电 ...

联合研究丨行业点评 [Table_Title] 氢能周度观察（10）：工信部明确发挥新型举国 体制优势，推动氢能等攻关突破 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2026 年 2 月 3 日，工信部党委会明确将氢能定为推动攻关突破领域的第 4 位，值得重视。2026 年 1 月氢能产业政策密集推进：1）顶层机制与标准体系加速完善；2）地方政策不断精细化与 场景化，着力降低全生命周期成本；3）电力市场机制破冰，探索绿电直连机制；4）重大项目 与试点示范持续推进，形成产业拉动效应。展望"十五五"，预计氢能产业将向规模化、商业化 深度演进，重视氢能标的投资机会。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 7 %% %% % ...

Core Insights - Hydrogen and nuclear fusion energy are identified as key economic growth points in China's 14th Five-Year Plan, emphasizing the importance of a mature capital market for supporting breakthroughs in these industries [1][2][3] - The global energy landscape is undergoing significant transformation towards decarbonization and smart restructuring, with hydrogen and nuclear fusion positioned as disruptive future energy solutions [2][3] Global Industry Landscape - The hydrogen industry is entering a phase of commercialization and rapid expansion, driven by strategic planning and policy incentives in developed economies, leading to high valuations for hydrogen technology companies [3] - Nuclear fusion is transitioning from government-led research to a public-private partnership model, attracting significant investment from venture capital and tech giants, reflecting strong market expectations for its long-term potential [3] China's Role in Global Capital Landscape - China is becoming an increasingly important player in the global renewable energy capital landscape, with its vast market potential and rapid development in hydrogen and nuclear fusion attracting international capital [3][4] - To enhance its competitive position, China must focus on original technology leadership, self-sufficiency in core supply chains, and building a more internationalized and market-oriented innovation capital ecosystem [3][4] Capital Market Empowerment - The development of hydrogen and nuclear fusion industries in China is characterized by a "national leadership, market participation, and capital promotion" model, with the capital market playing a crucial role in driving innovation [4][5] - In the hydrogen sector, China has established a complete industrial chain, with capital market support focusing on upstream hydrogen production, midstream storage and transportation, and downstream applications [4][5] Technological Challenges and Investment Dynamics - Both hydrogen and nuclear fusion face significant technological and economic challenges, requiring substantial long-term capital investment and a shift in investment logic towards patience and long-termism [6][7] - The hydrogen sector's challenges include reducing production costs and improving storage and transportation efficiency, while nuclear fusion faces fundamental scientific hurdles that require decades of research [7][8] Policy and Financial Collaboration - Policy and finance are essential drivers for the development of hydrogen and nuclear fusion industries, with the capital market's role evolving from a passive financing channel to an active enabler and value integrator [8][9] - For hydrogen, policies should create stable expectations and clear pathways, while for nuclear fusion, establishing specialized funds and supportive regulatory frameworks is crucial for attracting investment [9][10] Opportunities for Securities Firms - The success of hydrogen and nuclear fusion will reshape global capital dynamics and investment paradigms, creating new asset classes and investment opportunities [10][11] - Securities firms are tasked with broadening financing channels, innovating financial products, and enhancing research capabilities to support the growth of these industries [10][11] Future Implications - The capital influx into hydrogen and nuclear fusion signifies a broader investment in future energy solutions, which will fundamentally alter the logic of capital markets and global financial landscapes [12][13] - This shift will lead to the emergence of new asset valuation models and accelerate the transition of global capital towards sustainable technologies [12][13]

Core Viewpoint - The company has not joined the Chongqing Hydrogen Industry Ecological Alliance but remains focused on the comprehensive development of its hydrogen energy business [1] Group 1: Company Positioning - The company has completed key positioning in the hydrogen energy industry chain and possesses leading technological capabilities and a complete product layout [1] - The company has established strategic partnerships with several well-known domestic manufacturers, indicating strong collaboration within the industry [1] Group 2: Product Applications - The company's products are widely used in various fields, including urban public transportation, sanitation, heavy trucks, and logistics [1]

每经AI快讯，2月13日，中信证券发布研报指出，展望"十五五"，氢能行业作为未来产业，政策定位再 度提升。我们预计，2026年行业在氢电耦合、工业减碳等领域或实现突破，FCEV、氢基绿色燃料或维 持快速增长。在下游应用不断拓展、绿氢需求增加的背景下，规模效应或带动产业链基础设施和绿氢供 应的降本，进而推动行业进入"降本—放量"的良性循环，有望助力行业全面进入产业化。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company has not joined the Chongqing Hydrogen Industry Ecological Alliance and is focused on comprehensive development in the hydrogen energy sector [1] Group 1: Company Positioning - The company has completed key positioning in the hydrogen energy industry chain since entering the business [1] - The company possesses leading technological capabilities and a complete product layout in the hydrogen energy sector [1] Group 2: Strategic Collaborations - The company has established strategic partnerships with several well-known domestic manufacturers [1] - The products are widely used in various fields, including urban public transport, sanitation, heavy trucks, and logistics [1]

业绩经营情况 2026年1月29日，厚普股份发布业绩预告，预计2025年归属于上市公司股东的净利润为680万元至1010万 元，扣非净利润为4330万元至4670万元，同比实现扭亏。业绩变动主要受天然气业务需求回升、氢能业 务平稳发展及国际收入增长推动，但非经常性损益(如诉讼计提预计负债)对净利润产生负面影响。 业务进展情况 经济观察网厚普股份（300471）发布2025年业绩预告，预计实现扭亏为盈，同时氢能业务在技术突破与 海外市场拓展方面取得多项进展。 近期股价呈现震荡态势：截至2026年2月12日，厚普股份报收14.84元/股，当日上涨2.13%，主力资金净 流入625.73万元；而2月2日曾下跌2.09%，主力资金净流出975.96万元。今年以来股价累计上涨 17.78%，但近5个交易日下跌2.11%，反映市场情绪分化。 财务状况 公司因全资子公司与灵石县通义天然气的诉讼案件，一审判决后计提预计负债6147万元，对2025年非经 常性损益造成约-3500万元影响。投资者需关注后续诉讼进展及对财务的潜在冲击。 以上内容基于公开资料整理，不构成投资建议。 2025年以来，公司在氢能领域取得多项进展，包括1 ...

Acwa和Neom都获得了沙特公共投资基金（PIF）的支持。 绿色氢气是一种利用可再生能源发电制成的清洁燃料。它为重工业和长途运输提供了一种低碳替代方 案。海湾地区拥有丰富的阳光和土地资源，可以发展廉价的可再生能源，现有的能源和出口基础设施也 为生产商提供了便利。然而，由于大多数市场目前缺乏足够的码头来接收燃料，因此签订长期合同一直 很复杂。 《阿拉伯海湾商业洞察》（AGBI）2月5日报道，沙特阿拉伯价值80亿美元的Neom绿色氢能综合体项目 即将完工，一项重要的氨出口协议谈判也已进入最后阶段。 Neom绿氢公司(NGHC)是美国上市工业气体供应商空气化工产品公司（Air Products & Chemicals）、沙 特阿拉伯上市可再生能源公司Acwa Power和Neom共同组建的合资企业，旨在建造全球最大的绿色氢气 工厂。 空气化工产品公司在第一季度收益报告中表示，Neom工厂的太阳能和风能基础设施已完成95%以上， 预计将于2027年中期开始投产。该公司还将与挪威雅苒国际公司（Yara International）达成协议，每年 销售来自Neom的至多120万吨绿色氨。 空气化工产品公司首席执行官兼董 ...

近日，国家氢能储运装备质量检验 检测中心获国家市场监督管理总局正式批准筹建，由广东省市场监 管局所属广东省特种设备检测研究院承担筹建。该中心的筹建，是国家市场监督管理总局推进制造强 国、质量强国建设的重要举措，标志着华南地区氢能产业高质量发展迈入新阶段。中心落户于氢能产业 集聚区佛山，为粤港澳 大湾区乃至全国氢能产业安全发展、技术创新与标准引领提供关键支撑。 ...