Core Viewpoint - The 2025 Trend Bank Hydrogen Energy and Fuel Cell Industry Annual Conference will be held from January 6-8, 2026, in Ningbo, focusing on insights into new policies and strategies to overcome industry challenges, aiming to build a new future for the hydrogen energy industry [3]. Group 1: Conference Details - The conference will feature multiple special sessions and unique segments, including discussions on key industry topics and the "Trend Bank Future Award" ceremony [3]. - Registration for the event requires the use of a personal mobile number for successful check-in, which will allow access to the agenda, public presentations, and post-event reports [5]. - The event will include sponsorship from various companies, with SANY Hydrogen Energy as the main sponsor and several supporting sponsors [5]. Group 2: Conference Agenda - The agenda includes discussions on hydrogen vehicle policy, new pilot policies from the National Energy Administration, annual industry summaries, and the release of the Trend Bank Annual Blue Book [6]. - Specialized forums will cover topics such as fuel cell supply chains, hydrogen storage and transportation, and the latest research reports from Trend Bank [6]. - Unique segments will include an innovation square, investment consulting areas, government investment promotion, and strategic dialogues among industry leaders [6]. Group 3: Awards and Rankings - The conference will announce the "Top 20 Hydrogen Energy City Competitiveness Rankings" and the "Top 10 Hydrogen Financial Institutions Rankings," along with the Trend Bank Future Award [6]. - The Future Award will recognize achievements in the hydrogen industry across various categories, including market strength, product strength, and technological strength [6][7].

技术破壁：攀登耐久性这座行业"珠穆朗玛" 燃料电池汽车，尤其是承担重载使命的卡车，其商业化瓶颈并非原理上的不可行，而是工程应用上的极端苛刻要求。 众所周知，燃料电池系统耐久性不足，特别是重型车辆恶劣工况下燃料电池耐久性不足的问题一直是制约燃料电池及燃料电池汽车产业快速发展的最为 严重的挑战之一，也是近年来世界各国竞相投入巨大资源解决的技术难题。耐久性关系到车辆的使用寿命和经济性，直接影响用户的购买和使用意向， 因此，耐久性还是决定燃料电池和燃料电池汽车产业能否顺利发展的关键因素之一。 近期， 搭载云韬氢能燃料电池系统的31吨自卸重卡，完成了实际渣土工况下的性能测试，耐久性及效率等多项指标刷新了相关记录，在运行长达22万 公里（4500小时）的条件下，燃料电池系统的衰减仅为3.8%， 是目前国内外真实应用场景运行重卡燃料电池的最好耐久性记录之一，标志着云韬氢能 在重卡燃料电池系统耐久性方面已达到了国际先进水平。 "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 势银年会： 2025势银氢燃年会（1月6-8日，宁波） 点此报名 添加文末微信，加 燃料电池 群 近日，行业数据与一项 ...

Core Viewpoint - The article discusses the performance of the fuel cell vehicle (FCEV) market in 2025, highlighting significant declines in both vehicle registrations and installed capacity compared to the previous year [3][6]. Group 1: Market Performance - From January to August 2025, a total of 2,531 FCEVs were registered, representing a year-on-year decrease of 45% [3]. - The cumulative installed capacity for fuel cells during the same period was 323.69 MW, down 38.4% year-on-year [3]. - In August 2025, the installed capacity of fuel cells was 24.78 MW, which is a dramatic decrease of 81.4% year-on-year and a 40.3% decline compared to the previous month [6]. Group 2: Company Contributions - In August 2025, 213 FCEVs were registered, marking an 82.7% decrease year-on-year and a 39.3% decline month-on-month [6]. - Among the companies contributing to the FCEV registrations, YunTao Hydrogen Energy led with 137 vehicles, accounting for 64% of the total [7]. - From January to August 2025, YunTao Hydrogen Energy supplied a total of 476 vehicles, emerging as the top player in the industry and achieving a remarkable "two consecutive months" of leading supply [7].

Core Viewpoint - The article discusses the promotion and implementation of fuel cell vehicles in Xiaoyi City, highlighting key signals and developments in the hydrogen energy sector, particularly focusing on the economic viability and environmental benefits of hydrogen fuel cell trucks. Group 1: Policy and Implementation - The demonstration period for fuel cell vehicles has been extended to mid-2026, allowing for continued subsidy reviews and support for the promotion of hydrogen vehicles in Xiaoyi City [3]. - The city plans to add 1,000 hydrogen fuel cell heavy trucks within the year, with significant allocations across various industries, totaling over 1 billion yuan [4]. Group 2: Economic Viability - Subsidies for fuel cell trucks can reach up to 756,000 yuan, making the purchase cost lower than that of diesel trucks, with the effective cost for a 31-ton heavy truck dropping to 250,000-350,000 yuan after subsidies [5]. - The total cost of ownership (TCO) for hydrogen fuel cell trucks is projected to be 196.6 million yuan, which is 64.8% of the TCO for diesel trucks, indicating a significant cost advantage when subsidies are applied [9]. Group 3: Environmental Impact - The use of gray hydrogen as fuel can theoretically reduce carbon emissions by 21% compared to diesel trucks, with a single truck potentially reducing emissions by 518.4 tons annually [11]. - The projected annual carbon reduction from the deployment of hydrogen trucks in Xiaoyi could reach 69,900 tons, equivalent to the carbon absorption of approximately 3.882 million trees [11]. Group 4: Infrastructure and Support - Local hydrogen production capacity exceeds 400,000 tons, with production costs for high-purity hydrogen ranging from 8 to 10 yuan per kilogram, ensuring profitability for hydrogen refueling stations [10]. - The exemption of highway tolls for hydrogen fuel cell trucks can significantly offset operational costs, enhancing the economic attractiveness of these vehicles [7].

风光储：荷兰、德国海风招标相关政策积极转向；隆基与晶科就专利纠纷达成和解；新 版多晶硅能耗标准征求意见。 AIDC：Boyd宣布已向超大规模企业交付500万套冷板；台媒报英伟达要求供应商开发微 通道水冷板技术；华为全联接大会分享昇腾芯片后续规划；英伟达与英特尔宣布建立合作关 系；微软宣布再投资超70亿美元数据中心。 锂电：固态电池产业化持续推进。松下能源宣布将致力于生产全固态电池，将在截至 2027年3月的财年内推出其首批新型固态电池样品，旨在开拓机器人及其他设备领域的下一 代电池市场；蜂巢能源开发360Wh/kg半固态电池，搭载低空飞行器，自研工艺突破半固态 量产瓶颈，蜂巢能源成本最优兼容现产线；SK On于近日宣布，已成功建成全固态电池试点 工厂，此举旨在攻克下一代电池核心关键技术，力争在2029年实现商用。我们看好全固态电 池产业化前景，建议关注产业链投资机会。 电网：1）首条多端柔直特高压藏东南-粤港澳开工，总投资532亿元，重申看好Q4特高 压招标提速；2）国网输变电设备四批招标141亿元，同比+16%，前四批累计招标682亿元， 同比+23%，主网建设稳步推进；3）国网计量设备2批招标47亿元，上 ...

Core Insights - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 1.35%, the Hang Seng China Enterprises Index down by 1.46%, and the Hang Seng Tech Index decreasing by 0.99% [2] - The report highlights a significant interest in the collaboration between Nvidia and Intel, which is expected to impact the semiconductor sector positively [6] Company Overview - Chery Automobile is a leading passenger car manufacturer in China, established in 1997, with five major brands catering to diverse customer needs [8] - The company is projected to achieve revenues of 926.2 billion, 1,632.1 billion, and 2,699.0 billion CNY from 2022 to 2024, with a compound annual growth rate (CAGR) of 70.7% [8] Industry Status and Outlook - The global passenger car industry is entering a mature phase, with total sales expected to reach 74.3 million units in 2024 and a CAGR of 3.5% from 2025 to 2030 [9] - The Chinese passenger car market is robust, with sales projected to reach 22.7 million units in 2024, growing at a CAGR of 1.9% from 2019 to 2024 [9] Advantages and Opportunities - Chery Automobile boasts a diverse brand matrix and strong R&D capabilities, positioning it well for future technological advancements [10] - The company is recognized as a leading Chinese passenger car enterprise with significant global expansion potential [10] Investment Recommendations - The IPO of Chery Automobile is supported by a strong lineup of cornerstone investors, with the offering price set between 27.75 and 30.75 HKD, leading to a post-IPO market capitalization of approximately 160.04 to 177.34 billion HKD [12] - The report suggests that Chery is comparable to other leading domestic brands like Great Wall Motors and Geely, with a lower valuation relative to Geely [12]

Core Viewpoint - The 2025 Trend Bank Hydrogen Energy and Fuel Cell Industry Annual Conference will be held from January 6-8, 2026, in Ningbo, focusing on insights into new policies and strategies to overcome industry challenges, aiming to build a new future for the hydrogen energy industry [3]. Group 1: Conference Details - The conference will feature multiple specialized sessions and unique segments, including discussions on key industry topics and the "Trend Bank Future Award" ceremony [3]. - Registration for the event requires the use of a personal mobile number for successful check-in, which will allow access to the agenda, public presentations, and post-event reports [5]. - The conference will include various sponsorships, with notable sponsors such as Tianrong Technology and Zhongji Hydrogen Energy [5]. Group 2: Conference Agenda - The agenda includes discussions on hydrogen vehicle policy, new pilot policies from the National Energy Administration, and an annual industry summary [6]. - Specialized forums will cover topics such as fuel cell supply chains, hydrogen storage and transportation, and the latest research reports from Trend Bank [6]. - Unique segments will include an innovation square, investment consulting areas, and strategic dialogues on key issues in hydrogen energy development [6]. Group 3: Awards and Rankings - The conference will announce the "Top 20 Hydrogen Energy City Competitiveness Rankings" and the "Top 10 Hydrogen Energy Financial Institutions Rankings" [6]. - The Trend Bank Future Award will recognize achievements in the hydrogen industry, including categories for market strength, product strength, and technological strength [6][7].

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Core Insights - The research report from Guojin Securities highlights a significant rebound in the wind turbine bidding scale for central state-owned enterprises, reaching 10.3 GW in August, marking an 88% month-on-month increase and a 0.4% year-on-year increase [1][2] - Wind turbine average bidding prices have also seen a 5% increase in July and August, reaching 1647 RMB/kW, with an 11% increase compared to the average price for the entire year of 2024 [1][2] Wind Power - The wind power sector has shown a strong recovery in August after a decline in June and July, with a notable increase in bidding scale [2] - The average bidding price for wind turbines has increased significantly, indicating a positive trend in pricing [2] AIDC (Artificial Intelligence Data Center) - The sentiment in the liquid cooling sector has improved following a period of adjustment, with domestic companies reporting progress in liquid cooling products [2] - The HVDC (High Voltage Direct Current) segment continues to gain attention, with updates on industry developments [2] Photovoltaics & Energy Storage - The photovoltaic main chain experienced mixed results in Q2, with some companies expected to show strong improvements in Q3 due to effective measures against internal competition [2] - Companies with the ability and willingness to extend their business into high-growth sectors are recommended for attention [2] Lithium Batteries - Lithium battery production in September exceeded expectations, with a projected increase of 4% to 8% in Q3, indicating a high level of market activity [3] - Price increases for key materials have been observed, and solid-state battery development is accelerating [3] Hydrogen and Fuel Cells - The lack of electricity accessibility in the U.S. grid is a significant constraint for data center operations, with a projected 45 GW power shortfall from 2025 to 2028 [3] - Microgrids are becoming essential for supporting AI project implementations in areas without traditional grid access [3] Power Grid - The third batch of bidding for State Grid's ultra-high voltage equipment is in line with expectations, with an acceleration in the bidding pace anticipated [4] - Companies like Mingyang Electric and Jinpan Technology have reported positive Q2 performance, indicating growth opportunities in the data center sector [4] New Energy Vehicles - The market for new energy vehicles is showing signs of recovery, although the overall growth rate remains under pressure due to high year-on-year comparisons [4] - Financial reports from major manufacturers indicate a clear differentiation in performance, suggesting opportunities for secondary leading companies [4] Important Industry Events - Eight manufacturers have qualified for a 10 GW tender from Datang, with generally rising bid prices [5] - Significant developments in the hydrogen energy sector include the establishment of a liquid hydrogen base and support for SOFC and SOEC technology applications [5]

项目团队研制的掺氢天然气（HCNG）内燃机试验平台 项目团队研制了两款发电用掺氢天然气内燃机，有效功率分别为500 kW和1500kW， 最高有效热效 率大于42% ，满足NB/T 42112- 2017《往复式内燃燃气发电机组污染物排放限值》第二阶段排放限 值要求；掺氢天然气内燃机发电机组成功实现示范应用。 "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 重要会议： 2025势银绿氢产业大会（8月27-28日，江苏·无锡） 点此报名 添加文末微信，加 燃料电池 群 近日，内蒙古自治区科技重大专项"掺氢天然气（HCNG）内燃机关键技术研发及示范应用"项目顺 利完成结题验收。 "掺氢天然气内燃机关键技术研发及示范应用"项目牵头单位是内蒙古东源科技有限公司， 清华大 学、西安交通大学、广西玉柴机器股份有限公司、河南柴油机重工有限责任公司、江苏毅合捷汽车 科技股份有限公司、北京氢洁能源科技有限公司、北京启迪清洁能源科技有限公司、北京华业阳光 新能源有限公司为项目参研单位。 项目团队完成了 高压下掺氢（5%-100%） 天然气燃料可燃极限、层流/湍流燃烧速度及着火延迟 期的测量及数 ...