Group 1 - Calpers has made significant adjustments to its investment portfolio, increasing its focus on artificial intelligence and clean energy [1][2] - The pension fund established a new position in Bloom Energy, purchasing 361,883 shares valued at approximately $30.6 million, which has since appreciated to about $341 million, reflecting a 326% increase in stock price this year [1] - Calpers also initiated a position in AeroVironment, acquiring 50,332 shares valued at around $15.8 million, with the current valuation slightly above $14 million, marking an 80% increase in stock price year-to-date [1] Group 2 - Calpers has significantly increased its holdings in Oracle, adding over 250,000 shares to reach a total of 3,021,454 shares, indicating confidence in the company's long-term competitiveness amid concerns over AI infrastructure spending [2] - The pension fund expanded its investments in major tech and AI beneficiary stocks, including increased holdings in Meta, Amazon, and Alphabet [2] - Notably, Calpers raised its stake in Nvidia from 64,728,856 shares to 66,062,378 shares, solidifying its position in a leading company in the AI sector [2] Group 3 - Calpers manages over $500 billion in assets for more than 2 million members, with a total portfolio value of $592.37 billion as of November 25, further establishing its status as a key long-term investor globally [3]

11月26日，亿华通盘中上涨2.01%，截至09:47，报32.47元/股，成交4323.26万元，换手率0.69%，总市 值75.22亿元。 资金流向方面，主力资金净流出65.79万元，特大单买入0.00元，占比0.00%，卖出242.39万元，占比 5.61%；大单买入1281.91万元，占比29.65%，卖出1105.32万元，占比25.57%。 亿华通今年以来股价涨34.73%，近5个交易日涨1.25%，近20日涨5.32%，近60日涨32.31%。 资料显示，北京亿华通科技股份有限公司位于北京市海淀区西小口路66号中关村东升科技园B-6号楼C 座七层C701室,香港湾仔皇后大道东248号大新金融中心40楼，成立日期2012年7月12日，上市日期2020 年8月10日，公司主营业务涉及北京亿华通科技股份有限公司是一家主要从事燃料电池系统制造的中国 公司。该公司主要为客车及货车等商用车设计、开发和制造燃料电池系统及电堆。该公司的业务包括燃 料电池系统销售、燃料电池部件销售和技术开发服务。该公司提供及出售各种功率输出不同的燃料电池 系统型号，包括30kW、40kW、50kW、60kW、80kW、100kW ...

Bloom Energy stock costs a lot today. Is it worth it?Bloom Energy (BE 1.48%) stock won a price target hike from Bank of America Securities this morning, with analyst Dimple Gosai raising her target price on the hydrogen fuel cell company by 50%, to $39 per share.That news isn't quite as good as it sounds, however, as Gosai left her "underperform" rating on Bloom stock unchanged. As a result, Bloom stock is down 3.1% through 2:30 p.m. ET. What Bank of America says about Bloom Energy stockIn today's note, Gos ...

Core Viewpoint - The article discusses the advancements and potential of wide-temperature range fuel cells, particularly in the context of hydrogen energy applications, emphasizing their importance for market expansion and technological development [2][3]. Group 1: Wide-Temperature Range Fuel Cells - Wide-temperature range proton exchange membrane fuel cells (PEMFCs) can operate effectively between -40℃ and ≥120℃, addressing limitations of traditional fuel cells that operate at ≤80℃ [2]. - The development of high-temperature resistant fuel cell membranes, such as those by Ouyang Minggao's team and Yihua Tong's M30+ fuel cell, demonstrates significant progress in enhancing operational temperatures [2]. - The demand for wide-temperature range fuel cells is growing, particularly in applications like hydrogen vehicles and cooling systems for drones, which require robust temperature performance [2]. Group 2: Upcoming Forum - The "2025 Wide-Temperature Range Fuel Cell and Hydrogen Energy Drone Forum" will be held on December 18-19, 2025, in Suzhou, Jiangsu, focusing on the latest research and applications of wide-temperature range fuel cells [3]. - The forum aims to create a platform for dialogue among industry leaders, academic experts, and investment institutions to promote the large-scale development of fuel cells [3]. - Key topics will include advancements in fuel cell components, such as proton exchange membranes, catalysts, and sealing materials, as well as their adaptability for various applications [3]. Group 3: Related Events - A concurrent event, the "2025 (Third) Hydrogen Storage and Transportation Key Technology Forum," will take place from December 16-18, 2025, offering discounted ticket options for attendees of both forums [5]. - The forums will feature over 20 in-depth reports and discussions addressing current challenges in fuel cell technology, including breakthroughs in high power density and simplified thermal management [12][14].

智通财经APP获悉，国盛证券发布研报称，AIDC需求高增趋势下，美国电网"缺电"推升Onsite Power市 场。SOFC具有产能充足、部署速度快、占地面积小、功率密度高等优点，对比燃气轮机GEV、西门子 能源等核心供应商产能饱满情况下的漫长交付周期，SOFC可有效解决AIDC开发商痛点。目前头部 Bloom Energy等玩家已与下游 Equinix、Oracle等龙头实现订单签约，SOFC市场有望迎来中长期维度高 增。建议关注SOFC电池核心组成材料及其结构骨架。 根据市场媒体，英伟达总部所在城市的多个数据中心空置，等待供电。而美国电网普遍老旧，且新线路 建设周期长，电力基础设施和审批制度拖慢了新增AIDC投放进度，数据中心开发商逐渐需承担起自建 电源(Onsite Power)的责任。根据Bloom Energy，若维持当前建设速度，美国电网需要至少80年才能满足 未来10年电力需求.2030年自建电源数据中心占比预期由 2024年4月的13%大幅提升至30%，目前全球已 宣告的Onsite Power数据中心项目体量已达8.7GW。 目前产业化主流为陶瓷体系电解质支撑(氧化钇掺杂氧化锆)，Bloom ...

SOFC 深度报告：北美负荷需求迎大级拐点，SOFC 迎发 展新机遇 20251120 摘要 SOFC 发电效率高（达 60%以上），且不受卡诺循环限制，优于天然气 发电机组（35%）和燃气轮机（40%）。模块化设计使其能快速交付， 如 Bloom Energy 可在 90 天内提供 50 兆瓦电力，缓解电力紧缺。 经济性测算显示，天然气+热泵系统成本最低（0.09 美元/度），天然气 +CHP 系统为 0.12 美元/度；氢气系统成本较高，但长期来看，氢气成 本下降潜力大，有望提升性价比。 SOFC 市场空间广阔，中性情形下，未来五年美国市场空间为 7.3 吉瓦 （10%渗透率），乐观情形下可达 20 吉瓦。若渗透率提升至 20%，市 场空间可达 40 吉瓦，行业有望迎来爆发性增长。 潍柴通过与西丽斯合作，在 SOFC 领域具有技术领先性。公司计划到 2030 年建成 1GW 的产能，预计带来 200 多亿人民币收入和 40 亿人民 币利润，有望再造一个重卡发动机业务。 北美缺电背景下，燃气轮机行业景气度高，西门子和 GEV 订单增长显著。 航宇科技和万泽股份在燃机领域有显著突破，业绩兑现前景明确，值得 重 ...

燃料电池汽车纳入政府采购。 11月20日，财政部、工业和信息化部联合发布《新能源汽车政府采购需求标准（征求意见稿）》（以下简称《意见》）。 《意见》要求，采购人应当加强公务用车政府采购需求管理，结合实际使用需要，带头使用新能源汽车。《意见》同时明确采购的新能源汽车种类，包括纯 电动汽车、插电式混合动力（含增程式）汽车、燃料电池（氢能）汽车。这意味着，燃料电池汽车被纳入政府采购目录。 值得注意的是，早在2024年12月，财政部发布的《关于进一步明确新能源汽车政府采购比例要求的通知》提出，年度公务用车采购总量中新能源汽车占比原 则上不低于30%。 据证券时报·数据宝统计，A股中燃料电池相关概念股年内平均涨幅近38%，凯美特气（002549）、中材科技（002080）、金发科技（600143）等个股年内股 价翻番，蠡湖股份（300694）、华昌化工（002274）、东华能源（002221）等股价收跌。 受锂电池板块活跃影响，11月以来，17只燃料电池概念股股价创出年内新高。但部分个股创出阶段新高后，又出现大幅回撤，壹石通、雄韬股份（002733） 等自高点回撤幅度超过20%，中原内配（002448）、潞化科技（60 ...

Core Insights - The Chinese government has included fuel cell vehicles in its procurement list for public service vehicles, indicating strong policy support for the sector [1][2]. - The market for hydrogen fuel cell vehicles is still in its early commercial stage, with significant government procurement expected to drive growth and technological advancements [2]. Group 1: Government Policy and Support - The Ministry of Finance and the Ministry of Industry and Information Technology released a draft requiring public service vehicle procurement to include new energy vehicles, specifically mentioning fuel cell vehicles [1]. - By December 2024, the government aims for at least 30% of annual public service vehicle purchases to be new energy vehicles [1]. - The Transportation Ministry has included hydrogen fuel cell buses in its subsidy program, offering an average subsidy of 80,000 yuan per vehicle to promote government procurement [1]. Group 2: Market Performance and Trends - In 2025, the demonstration phase for hydrogen fuel cell vehicles will conclude, with nearly 30,000 units expected to be promoted by the end of 2024 [2]. - Despite government support, the production and sales of hydrogen fuel cell vehicles have declined significantly, with a year-on-year drop of over 50% in the first eight months of the year [2]. - The total sales of hydrogen fuel cell vehicles are projected to be below 7,000 units for the year, indicating a downward trend compared to previous years [2]. Group 3: Stock Market Performance - Fuel cell-related stocks in the A-share market have seen an average increase of nearly 38% this year, with some stocks doubling in price [3]. - 17 fuel cell concept stocks reached new highs in November, although some experienced significant pullbacks afterward [3][4]. - Among the stocks that reached new highs, 12 reported profit growth in the first three quarters, with some companies like Hupoo Co. and Longpan Technology showing over 50% profit increases [3].

Core Viewpoint - The article discusses the advancements and market potential of wide-temperature range fuel cells and their applications in hydrogen energy drones, emphasizing the need for improved performance and cost reduction in fuel cell technology [3][4]. Group 1: Wide-Temperature Range Fuel Cells - Traditional fuel cells operate at temperatures ≤80℃, facing challenges such as limited reaction activity and complex thermal management, which hinder market adoption [3]. - Wide-temperature range proton exchange membrane fuel cells can operate from -40℃ to ≥120℃, offering high reaction activity and good catalyst resistance, thus facilitating the large-scale application of hydrogen energy [3]. - Research teams are developing technologies to enhance fuel cell performance, such as high-temperature fuel cell membrane electrode technology and non-perfluorosulfonic acid membranes [3]. Group 2: Forum Details - The "2025 Wide-Temperature Range Fuel Cell and Hydrogen Energy Drone Forum" will be held on December 18-19, 2025, in Suzhou, Jiangsu, focusing on the development of wide-temperature range fuel cells and their applications in various sectors [4]. - The forum aims to create a multi-dimensional dialogue and cooperation platform among fuel cell industry players, drone manufacturers, academic experts, and investment institutions to promote the large-scale development of fuel cells [4]. Group 3: Key Topics of Discussion - The forum will cover several key topics, including the current status and trends of wide-temperature range fuel cells, market analysis of hydrogen energy drones, and the technological challenges faced in this field [11]. - Specific discussions will include advancements in perfluorosulfonic acid fuel cells, the development of new membrane materials, and the application of fuel cells in cooling and heating systems [12]. Group 4: Guest Speakers - Notable speakers include experts from various institutions who will share insights on topics such as the key technological advancements in hydrogen energy drones and the future directions for fuel cell technology in China [14][18]. - The forum will feature presentations on high-performance proton exchange membranes and their applications, as well as case studies on long-endurance hydrogen energy drones [19][20].

联合研究丨行业深度 [Table_Title] SOFC 深度报告：北美负荷需求迎大级拐点， SOFC 迎发展新机遇 %% %% %% %% [Table_Summary] 美国缺电大背景下，固体氧化物燃料电池（SOFC）凭借与 AI 数据中心需求的高度适配性，有 望迎来商业化加速。本篇对 SOFC 的特点、经济性、市场空间、产业推进等进行深度分析。海 外龙头 Bloom Energy 已实现商业化，关注国内相关标的投资机会。 分析师及联系人 [Table_Author] 徐科 曹海花 赵智勇 SAC：S0490517090001 SAC：S0490522030001 SAC：S0490517110001 SFC：BUV415 SFC：BRP550 王贺嘉 高伊楠 贾少波 SAC：S0490520110004 SAC：S0490517060001 SAC：S0490520070003 SFC：BUX462 SFC：BUW101 李博文 SAC：S0490524080004 请阅读最后评级说明和重要声明 2 / 20 %% %% research.95579.com 1 丨证券研究报告丨 报告要点 %% %% ...