中国加氢站主要采用外供氢模式，建设方式包括加氢单站和合建站，压 力等级以 35 兆帕为主，70 兆帕技术逐渐成熟。合建站审批周期短，不 占用新土地资源，成为发展趋势。 加氢站核心基础设施包括压缩机、储氢设施和加注系统。压缩机类型多 样，储氢设施分为移动式和固定式，加注系统控制燃料电池车载瓶充装。 技术选择影响运营效率和成本。 全球加氢站数量持续增长，中国增速显著，2024 年底已建成 500 座左 右。合建比例增加，加注能力提升，高压技术应用比例提高，但 2025 年全国 1,000 座目标或难以实现。 加注成本因类型和规格而异，大规模效应显著，提高压力增加成本。内 置制氢模式可节省运输费用，但制氢成本较高，需综合考虑规模和技术 进步以优化经济性。 氢气采购成本、终端售价和加氢站复合率是影响项目收益的关键因素。 政府补贴对氢气零售价格有影响，复合率提升能显著提高加氢站的盈利 能力。 Q&A 加氢站：燃料电池车先锋军 20251207 摘要 请介绍一下氢能产业链的主要环节及加氢站的分类方式。 氢能产业链包括制氢、储存、运输、加氢和用氢等环节。加氢站是服务于交通 领域燃料电池车的基础设施。根据不同标准，加氢站可以 ...

Group 1: Capital Market News - The US government announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products, effective August 18, 2025 [6] - Japanese companies are expected to face a significant impact from US tariff policies, with a projected total operating profit decrease of 3.5 trillion yen for 42 major listed companies in the current fiscal year [7] Group 2: Industry News - The Ministry of Commerce extended the anti-subsidy investigation period for imported dairy products from the EU until February 21, 2026, due to the complexity of the case [8] - Guangdong Province released funding management guidelines for innovation projects in artificial intelligence and robotics, with a maximum support of 50 million yuan per project [9][10] - Beijing is set to implement measures to accelerate the application of photovoltaic technology in infrastructure, focusing on urban areas and rural projects [11] - Chongqing is planning to advance the construction of hydrogen stations and promote renewable energy hydrogen production, with a focus on integrating with existing energy infrastructure [12] Group 3: Market Performance - As of August 18, 2025, the North Exchange 50 Index rose by 6.79%, while the overall A-share market showed positive performance with the ChiNext Index up by 2.84% and the Shanghai Composite Index up by 0.85% [3.1] - The North Exchange had a total of 271 constituent stocks with an average market capitalization of 3.352 billion yuan and a trading volume of 45.464 billion yuan, an increase of 16.888 billion yuan from the previous trading day [3.2] Group 4: Company Announcements - Guohang Ocean announced the completion of registration for its Singapore subsidiary, focusing on dry bulk shipping and related services [22] - Lintai New Materials reported a 67.72% year-on-year increase in revenue for the first half of 2025, reaching 205 million yuan, with a net profit growth of 167.81% [23] - Qingju Technology achieved a revenue of 351 million yuan in the first half of 2025, marking a 2.39% increase year-on-year, with new contracts signed amounting to 658 million yuan, a 29.50% increase [24]

Core Viewpoint - The growth rate of hydrogen refueling stations in China has slowed down significantly since 2024, contrasting sharply with the high growth rates of previous years. The promotion of hydrogen fuel cell vehicles is gradually unfolding, but large-scale application has not yet formed, directly impacting the utilization rate of hydrogen refueling stations. Currently, the online rate of hydrogen vehicles in demonstration city clusters is around 25%, while the online rate of hydrogen refueling stations is about 40% [2][3]. Summary by Sections Hydrogen Refueling Station Development - Since 2025, there has been a noticeable change in the development momentum of hydrogen refueling stations in China, with frequent progress reported in various aspects such as construction, acceptance, operation, and policy [3]. Hydrogen Vehicle and Refueling Station Statistics - Total hydrogen vehicles: 13,344, with 3,301 online (24.7% online rate) - Total hydrogen refueling stations: 139, with 56 online (40.3% online rate) - Specific city cluster statistics include: - Beijing-Tianjin-Hebei: 4,286 vehicles, 1,071 online (25.0% online rate), 27 stations, 15 online (55.6% online rate) - Shanghai: 4,079 vehicles, 960 online (23.5% online rate), 24 stations, 6 online (25.0% online rate) - Guangdong: 759 vehicles, 104 online (13.7% online rate), 24 stations, 8 online (33.3% online rate) - Hebei: 2,441 vehicles, 670 online (27.4% online rate), 25 stations, 6 online (24.0% online rate) - Zhengzhou: 1,779 vehicles, 498 online (28.0% online rate), 39 stations, 21 online (53.8% online rate) [3]. Progress in Construction and Operation of Hydrogen Refueling Stations - In May, the first hydrogen energy comprehensive energy station in Liupanshui, Guizhou, passed acceptance with a daily hydrogen refueling capacity of 2,000 kg [5]. - The hydrogen refueling station project at the Fuping service area on the Jingkun Expressway received approval for fire safety design, marking its entry into the construction phase [5]. - In April, the Rongcheng New Energy hydrogen refueling station officially commenced operations, supporting clean transportation for upstream and downstream steel products [5]. - The Sinopec Guizhou comprehensive energy station completed a green upgrade and began operations, serving as a key energy hub for the "hydrogen corridor" in the western region [5]. Certification and Qualification Progress - In May, the first phase of the wind-solar hydrogen integrated demonstration project in Jiujiang, Jiangxi, was approved, with a hydrogen production capacity of 400 Nm³/h and a refueling station capacity of 500 kg/d [9]. - The hydrogen refueling station on Pinghai Road in Suzhou became the first in Jiangsu to receive "carbon neutral" certification, having provided clean fuel for over 8,900 hydrogen buses [9]. Contractual Developments - In March, Hubei Guanggu East Holdings signed a contract with Sinopec for the operation of the Dazhong East comprehensive energy station, which will be the largest hydrogen refueling station in Hubei [11]. - Strategic cooperation agreements were signed between various companies to enhance collaboration in hydrogen refueling station construction, hydrogen sales, and logistics applications [11]. Policy Overview for Hydrogen Refueling Stations in 2025 - Various regions have introduced policies to support the construction of hydrogen refueling stations, including allowing construction outside chemical parks, encouraging partnerships between enterprises and research institutions, and providing financial subsidies for new and upgraded stations [13][14].

Core Insights - The portable hydrogen refueling station industry in China is currently in the market demonstration and promotion stage, leveraging its advantages of low-cost investment and rapid deployment to penetrate key operational scenarios for heavy fuel cell vehicles, such as port logistics and mining transportation [1][15] - The demand for portable stations is expected to surge as the number of fuel cell vehicles continues to rise, with projections indicating that by 2024, the cumulative number of portable hydrogen stations in China will exceed 190, accounting for 35% of the total hydrogen stations nationwide [1][15] - The "14th Five-Year Plan" for hydrogen energy is set to conclude in 2025, prompting accelerated construction efforts across various regions, with Guangdong province planning to establish 200 hydrogen stations by 2025, of which 40% are expected to be portable stations [1][15] Industry Overview - Portable hydrogen stations integrate multiple functional modules, such as hydrogen production, compression, storage, and refueling, into a movable shell, offering advantages like compact structure, low investment costs, and ease of operation and maintenance [2] - The industry is characterized by a collaborative ecosystem driven by upstream equipment manufacturing and hydrogen supply, midstream construction and operation services, and downstream applications in fuel cell vehicles [9][11] Technical and Economic Advantages - Portable hydrogen stations exhibit significant advantages in terms of technical economics, with a modular design that reduces land use to 1/3 to 1/2 of traditional fixed stations, and initial investment costs that are 30%-50% lower [5][8] - The rapid installation feature allows for a site commissioning period of just 1-2 weeks, greatly enhancing the efficiency of hydrogen infrastructure deployment [5][8] Competitive Landscape - The competitive landscape includes state-owned enterprises, private companies, and innovative firms, with major players like Sinopec and PetroChina leading the market due to their extensive fuel station networks and financial strength [17][20] - The industry is witnessing a shift towards regional development, with eastern regions focusing on commercial applications while central and western regions leverage green hydrogen resources [17][20] Future Trends - The portable hydrogen station industry is transitioning from policy pilot projects to large-scale applications, characterized by a combination of policy-driven initiatives, technological breakthroughs, and innovative business models [22] - Future developments will focus on integrating renewable energy sources, enhancing energy service capabilities, and fostering global collaboration within the industry [22][25]