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。 "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 月报交付时间：次月10日-15日 交付形式：PDF月报 目 录 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 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 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 国内项目达788个 ...

● 本报记者 刘丽靓 从中国国新、中国诚通、中国石化等央企基金集群密集布局战新产业，到深圳、上海、江苏等地国资基 金加速构建创新升级生态圈，国资背景的长期资本、耐心资本正汇聚成势。随着容亏免责与差异化考核 制度广泛落地，国有资本正以基金为支点，为培育新质生产力注入资本"活水"。 深圳市人工智能终端产业私募股权投资基金合伙企业（有限合伙）近日正式成立。该基金由深圳市引导 基金投资有限公司与荣耀等共同出资，将为人工智能终端产业提供资金支持，推动产业发展。广汽集团 积极协同多方资本，在重庆设立1.1亿元智联私募基金，并在苏州新设广祺智行产投基金。 从各地实践来看，一些地区通过设立引导基金、跨区域合作基金、"以投带引"、"园区+创投"等模式， 引入资金和平台；一些地区通过组建并购基金推动优质企业整合与产业集聚升级。 "国资基金作为国有资本的重要运作方式，已成为各级国资支持科技创新、培育战略性新兴产业、打造 新质生产力的重要工具。"上海国有资本运营研究院院长罗新宇表示，当前，增强国有资本核心功能， 通过国资布局优化调整，推动国有资本向战略性新兴产业和未来产业集中，是国资基金支持新质生产力 加快形成、服务国家战略的题中之 ...

Group 1 - The China Securities Regulatory Commission emphasizes maintaining market stability as a primary regulatory task and aims to create a favorable environment for high-quality capital market development [2] - The People's Bank of China issued a notice on anti-money laundering and anti-terrorist financing management for precious metals and gemstones, effective from August 1, 2025, requiring institutions to report large cash transactions [3] - The first batch of 10 science and technology innovation bond ETFs has been approved, enhancing the bond ETF market in China [3] Group 2 - The Longhua District of Shenzhen released a three-year action plan to promote the cultivation of listed companies, encouraging social participation and cooperation with financial research institutions [4] - The Guangzhou Housing Provident Fund Management Center announced a draft for public consultation regarding the implementation of commercial housing loans transitioning to provident fund loans, with specific thresholds for action based on loan rates [4] Group 3 - The Civil Aviation Administration and China Railway Group jointly issued a task list for promoting high-quality development of "air-rail intermodal transport" from 2025 to 2027, focusing on collaboration and integration [5] - Guizhou Moutai reported a total of 3.3821 million shares repurchased by the end of June 2025, with a total expenditure of 5.202 billion yuan [7] - Jiangnan Waterworks received a stake increase from Anren Life Insurance, raising its holding to 5.03% [9] - Hainan Highway is planning to acquire a 51% stake in Jiaokong Petrochemical, which is expected to constitute a major asset restructuring [17]

Core Viewpoint - The successful operation of Sichuan Petroleum's first self-built hydrogen refueling station at Chengdu Tianfu Airport marks a significant step in the development of hydrogen energy in the region, contributing to the green and low-carbon economy of the Chengdu-Chongqing economic circle [1][5]. Group 1: Company Developments - Sichuan Petroleum has successfully launched its first hydrogen refueling station, which can provide hydrogen for approximately 31 hydrogen-powered buses or 19 logistics vehicles daily, with a daily hydrogen supply capacity of 500 kilograms [5]. - The company has established a total of six hydrogen refueling stations, leading the province in terms of quantity, and is actively expanding its hydrogen energy infrastructure [5][6]. - China Petroleum aims to become the "largest hydrogen energy company in China," leveraging its network of refueling stations to promote the construction of hydrogen corridors [8]. Group 2: Industry Trends - Sichuan has been proactive in developing the hydrogen industry since 2010, achieving a comprehensive layout of the hydrogen energy industry chain and leading in technology, products, and application promotion [6]. - The national policy framework supports the growth of the hydrogen industry, with the 2024 government work report emphasizing the acceleration of hydrogen energy and related technologies [10]. - The upcoming 2025 World Hydrogen Industry Expo and related events are expected to enhance collaboration among enterprises and inject new momentum into the high-quality development of the hydrogen industry [10].

Group 1 - The A-share merger and acquisition (M&A) market has seen significant activity in the first half of the year, with over 140 asset restructuring disclosures in strategic emerging industries, doubling from the same period last year [1] - The implementation of policies such as the "Opinions on Deepening the Reform of the M&A Market for Listed Companies" and the revised "Management Measures for Major Asset Restructuring of Listed Companies" is expected to sustain the momentum of M&A activities in the second half of the year [1] - Notable M&A cases in the "hard technology" sector include the acquisition of 72.33% of ChipLink by ChipLink Integration, and significant asset restructuring announcements from Haiguang Information and Zhongke Shuguang, indicating a trend of industry consolidation and resource optimization [1][2] Group 2 - The increase in M&A cases is driven by the need for "strong chain" and "supplement chain" integration, enhancing overall industry competitiveness and promoting structural optimization [2] - The establishment of various merger funds, including a 500 billion yuan fund for industrial transformation and upgrades, indicates strong financial support for M&A activities [2][3] - Regulatory changes, such as the revision of the "Management Measures for Major Asset Restructuring of Listed Companies," aim to simplify approval processes and encourage participation from private equity funds, further stimulating M&A market activity [3][4] Group 3 - The focus on industry integration through M&A is expected to increase, with major companies actively seeking to acquire key technologies and capacities to mitigate supply chain risks [3] - Regulatory bodies are expected to maintain strict oversight to prevent illegal activities and protect the interests of small investors, ensuring a healthy M&A market ecosystem [4]

Core Insights - The article discusses the development of a solar energy project in Gansu, China, which utilizes a 260-meter high tower surrounded by over 12,000 heliostats to generate continuous electricity through a molten salt tower solar thermal power plant [1] - The project aims to leverage abundant solar energy for large-scale hydrogen production, with a focus on achieving industrial-scale hydrogen production through advanced electrolysis technology [1][2] - The establishment of the Hydrogen Energy and Low Carbon Center at Lanzhou University is a strategic move to explore various energy utilization pathways and build a hydrogen energy development community in the western region of China [1][2] Group 1 - The solar thermal power plant can generate electricity 24/7, enabling efficient and large-scale hydrogen production through water electrolysis [1] - Lanzhou University has developed an alkaline water electrolysis system capable of producing 1,000 cubic meters of hydrogen per hour, with an electrolysis efficiency exceeding 80% [1] - The "liquid sunlight" technology, which converts hydrogen and carbon dioxide into methanol, is highlighted as a viable solution for industrial carbon reduction and efficient hydrogen storage and transportation [2] Group 2 - The successful implementation of the world's first large-scale methanol synthesis demonstration project in Gansu and the upcoming 100,000-ton "liquid sunlight" fuel synthesis project in Inner Mongolia mark significant advancements in this technology [2] - Lanzhou University is positioned to leverage its interdisciplinary strengths in chemistry, physics, and energy to innovate in photovoltaic power generation, hydrogen production materials, and new energy storage technologies [2][3] - Future efforts will focus on flexible power generation, safe hydrogen-electric integration, and low-carbon energy utilization, with plans to establish a comprehensive research and testing platform for solar energy technologies [3]

燃料电池系统成本已下降80% 亿华通的展厅里陈列着不同型号的氢燃料发动机，亿华通企管总监石雪杰指着其中一款向记者介 绍："这是亿华通在全球发布的第一款功率超200kW的发动机，核心技术全部自研，主要用于长途重载 场景。" 走进北京大兴氢能示范区海珀尔加氢站，冷链物流重卡、货运牵引车与氢能大巴正有序排队等候加注。 加氢员张松告诉上海证券报记者："目前，这个加氢站日加氢量是3吨至4吨，以大巴和物流车居多。" 今年是燃料电池汽车示范应用收官之年。上海证券报记者近期走访发现，多个示范城市群正抓紧冲刺燃 料电池汽车推广示范目标。其中，京津冀已提前超额完成推广任务。从技术研发来看，氢燃料电池汽车 关键零部件国产化率超90%，车辆应用场景全面覆盖城市公交、渣土运输、矿场运输等多元化领域。 业内专家表示，目前氢能产业链与技术自主可控，已具备加速发展的条件，示范城市群扩容以及氢能应 用场景持续扩展，将助力燃料电池汽车进一步放量，氢能商业化进程也有望提速。 氢燃料发动机要满足长途重载需求，难点在于产业链零部件配套。以负责为电堆输送空气的空压机为 例，石雪杰表示，十年前，国内使用的空压机大多依赖进口，30kW发动机的空压机近10万 ...

通过对国内氢能产业的全面调研和深入分析，综合提出了全球碳中和战略框架下的氢能产业布局框架（见图1）。进一步通过氢能产业链的阶段性分 析，揭示国际氢能产业布局与供应链的上、中、下游突破的逻辑关系（见图2）。 图1 国际碳中和目标与氢能布局 图2 国际氢能布局与供应链的上、中、下游突破 （一） 氢气制取的上游构建 氢气生产供应链的构建是氢能产业发展的前提和基础，其核心在于原料来源多元化、生产路径低碳化、生产工艺高效化。 在传统制氢路径中，基于化 石能源的热化学转换工艺仍占据重要地位。近年来，通过催化材料的优化和工艺流程的精细化调控，该技术在提升氢气产率的同时，有效降低了能源 消耗和环境影响。在清洁制氢领域，电解水制氢作为未来低碳能源的重要突破口，其产业链的完善依赖于核心材料创新与系统集成优化。高性能催化 剂和高稳定性电解膜的研发，推动了电解效率的提升，而模块化电解槽的应用则增强了制氢系统的适配性，使其与风能、太阳能等可再生能源高效耦 合，助力氢能在未来能源体系中的深度嵌入。此外，先进气化技术及新型热解工艺的应用，进一步提升氢气生产体系的灵活性和适应性。通过精准控 制反应过程和高效分离副产物，不仅优化氢气收率，同时 ...

证券研究报告 | 行业周报 2025 年 07 月 02 日 电力设备及新能源 电解槽招中标项目数量可观，下游应用领域拓展推动行业发展 行情回顾：截至 2025 年 6 月 27 日，氢能源指数收盘价为 2113.29 点，本 周涨跌幅为 4.49%，2025 年初至今涨跌幅为 18.94%。氢能行业周涨幅前 五的公司为泰和科技、内蒙一机、利元亨、星源材质、龙蟠科技，涨幅分 别为 48.09%、33.66%、30.89%、23.90%、19.46%；氢能行业周跌幅 前四的公司为宁新新材、恒光股份、凯添燃气、山东墨龙，跌幅分别为 -18.65%、-12.41%、-11.78%、-11.25%。 重点事件点评：国内首制16000TEU甲醇双燃料集装箱船；国内首艘25,000 方氨双燃料 LPG/液氨运输船正式开工；我国首台氢气燃烧炉点火成功；英 国政府将投 5 亿英镑建设氢能基础设施；阿达尼投产印度"第一座"离网 绿色氢能工厂；现代汽车投资 60 亿美元在美国氢能一体化钢厂；浙江六 横发布氢能补助政策；上海市构建海洋氢能产业基地；四川省能源局印发 《关于组织开展国家级能源领域氢能试点申报工作的通知》；羚牛氢能与 ...

"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、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 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 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 国内项目达788个 ...