● 本报记者 熊彦莎 近期，广东、福建、山东、海南等地发布了关于2025年预算执行情况和2026年预算草案的报告（下 称"预算报告"）。中国证券报记者梳理多地预算报告和2026年政府工作报告发现，2026年多地锚定重点 领域，明确加大科技创新投入，优化政府投资基金布局，发挥财政资金撬动作用；同时，筑牢民生底 线，让更多财政资金涌向民生领域。 推动企业成为创新主体 加大科技创新投入，是今年地方预算报告和政府工作报告中的高频词。广东预算报告提出，围绕提升区 域创新体系整体效能，省级安排科技创新战略专项资金100亿元。浙江政府工作报告提到，加大科技创 新投入，力争全口径科技创新投入达到7800亿元，确保各级政府财政性科技资金增幅高于财政经常性收 入增幅。 不少地方针对新兴产业需求进行财政支持的"精准滴灌"。广东预算报告明确，年初安排12.86亿元支持 完善普惠性算力服务，推进燃料电池汽车推广应用、低空经济体系建设等。福建预算报告提出，加快数 智全面赋能，用好数字经济、数字福建等专项资金。 政府投资基金作为财政支出方式的重要创新，在撬动社会资本、培育新兴产业等方面发挥着重要作用。 多地在预算报告和政府工作报告中提到， ...

示范城市群超额完成车辆推广与里程考核要求，示范任务内累计推广燃料电池汽车5322辆，累计建成加 氢站50座，营造了国内领先的燃料电池汽车用氢环境。累计出台实施政策83项，率先构建了涵盖顶层设 计、技术创新、产业落地、推广应用、氢能保障、安全监管等层面的全维度政策支撑体系。 （文章来源：人民日报） 本报北京1月28日电记者日前从北京市经济和信息化局了解到：截至2025年12月31日，京津冀燃料电池 汽车示范城市群完成首轮示范任务。 据介绍，示范城市群提前完成关键零部件电堆、膜电极、双极板等技术创新和自主化应用，填补了碳纸 国内自主应用空白，在北京市大兴区形成了国内领先的全产业链体系。 ...

Core Viewpoint - The proposals submitted by Zhang Xiyong emphasize the need for high-quality development of the new energy storage industry in Beijing and the continuous promotion of the fuel cell vehicle demonstration city cluster in the Beijing-Tianjin-Hebei region, aligning with national strategies and carbon reduction goals [2][3][5]. Group 1: New Energy Storage Industry - The development of the new energy storage industry in Beijing is crucial for enhancing energy security and driving regional collaboration, leveraging the capital's technological innovation and green electricity demand [3][4]. - Zhang Xiyong suggests using the Beijing-Tianjin-Hebei collaborative development as an opportunity to strengthen planning and industrial synergy, capitalizing on Beijing's advantages in innovation and regional resources [4]. Group 2: Fuel Cell Vehicle Demonstration City Cluster - The "14th Five-Year Plan" identifies hydrogen energy as a core direction for future industrial layout, highlighting its strategic significance for clean energy transition in transportation and industry [5]. - The fuel cell vehicle demonstration city cluster in the Beijing-Tianjin-Hebei region has established a self-controlled and efficient industrial ecosystem, significantly contributing to the development of core components, hydrogen infrastructure, and cost optimization [5]. - The completion of the four-year demonstration period presents challenges such as insufficient policy alignment and weakened regional collaboration, making the continued development of the fuel cell vehicle cluster essential for consolidating existing advantages and addressing development bottlenecks [5].

Summary of Fuel Cell Vehicle Industry Conference Call Industry Overview - The fuel cell vehicle industry in China is currently in a demonstration introduction phase driven by government policies, with expectations to accelerate towards scaling and commercialization during the "14th Five-Year Plan" period [1][2] - As of October 2025, the number of fuel cell vehicles in China exceeded 31,000, but it is still short of the target of 50,000 by the end of 2025, primarily due to an immature industry chain, high hydrogen costs, a limited number of hydrogen refueling stations, and tight cash flow for companies [1][4] Key Points and Arguments - The government has issued a total of 5.1 billion RMB in reward funds across three batches to alleviate financial pressures on companies, but firms like Yihuatong, Reshaping Energy, and Guohong Hydrogen Energy still face negative operating cash flow challenges and require ongoing policy support [1][4] - The manufacturing cost of fuel cell systems has significantly decreased from 11,000 RMB per kW in 2019 to between 2,400 and 3,900 RMB per kW by 2024, representing a reduction of 17% to 25% [1][5] - Fuel cell vehicles have advantages in heavy-duty trucks, including long range, heavy load capacity, and low-temperature adaptability, with potential applications in rail transport, urban passenger ships, and cogeneration in the commercial vehicle sector [1][6] Policy Support and Development Path - Fuel cell vehicles are a crucial entry point for hydrogen energy applications, particularly in the bus sector, where fixed routes facilitate government support [2] - The government has a clear top-level design for the fuel cell vehicle industry, with policies aimed at establishing a complete hydrogen fuel cell industry chain within four years through demonstration city clusters [2][3] - New demonstration city cluster reward policies are expected to be introduced to transition the industry from demonstration promotion to large-scale commercialization [2][9] Challenges and Future Outlook - Despite a decline in fuel cell vehicle insurance volume by 35.9% year-on-year in the first ten months of 2025, the industry is anticipated to mature rapidly in the next five years due to ongoing policy support and potential new funding [4][9] - The construction of hydrogen refueling stations has been slow, with approximately 500 stations built to date, but a comprehensive energy station model combining various energy sources may help mitigate losses from hydrogen refueling [8] Cost Control and Technological Advancements - Significant progress has been made in cost control within the fuel cell vehicle industry, with core components like fuel cell stacks seeing costs drop from 2,200 RMB per kW in 2019 to below 1,000 RMB [5] - Future cost reductions are expected through breakthroughs in domestic production of key materials and increased production volumes, which will enhance scale effects [5] Conclusion - The fuel cell vehicle industry in China is at a critical juncture, with substantial government support and technological advancements paving the way for future growth, despite current challenges in market performance and infrastructure development [1][9]

Group 1 - Avita Technology has completed the acquisition of a 10% stake in Shenzhen Yingwang Intelligent Technology Co., held by Huawei, with a total payment of 11.5 billion yuan [1] - This acquisition marks the beginning of deep cooperation between Avita and Huawei in the smart automotive sector, enhancing Avita's technological capabilities [1] - The move is expected to attract investor attention to the smart automotive sector and positively impact the industry's future [1] Group 2 - BYD has officially rolled out its 14 millionth new energy vehicle at its factory in Brazil, becoming the first global automaker to reach this milestone [2] - This achievement reinforces BYD's leadership position in the new energy vehicle market and enhances its international influence [2] - The collaboration with the Brazilian government may allow BYD to further expand its market share in Latin America, positively affecting the competitive landscape of the new energy sector [2] Group 3 - The automotive consumption index in China for September 2025 is reported at 88.9, indicating a rise from the previous month, with expectations for October sales to exceed September [3] - The demand sub-index for September is at 85.8, reflecting an increase driven by policy incentives, seasonal consumption, and the launch of new products [3] - This trend is likely to boost profitability expectations for automakers and improve performance for parts suppliers and dealers, attracting market funds to the new energy and smart driving sectors [3] Group 4 - As of September 2025, China's fuel cell vehicle demonstration scale has surpassed 20,000 units, establishing the largest commercial application project for fuel cell vehicles globally [4] - The initiative has led to the construction of 200 hydrogen refueling stations and over 700 million kilometers of pure hydrogen operation [4] - This milestone is expected to strengthen market confidence in fuel cell technology and provide substantial order support for key component manufacturers, attracting long-term capital interest in the hydrogen energy industry [4]

Group 1 - Avita Technology has completed the acquisition of 10% equity in Shenzhen Yingwang Intelligent Technology from Huawei, with a total payment of 11.5 billion yuan made in three installments [1] - This acquisition signifies a deepened collaboration between Avita and Huawei in the smart automotive sector, enhancing Avita's technological capabilities and providing strategic support for future market competition [1] - The move is expected to attract investor attention to the smart automotive sector and positively impact the industry's outlook [1] Group 2 - BYD has officially rolled out its 14 millionth new energy vehicle at its factory in Brazil, becoming the first global automaker to reach this milestone [2] - This achievement reinforces BYD's leadership position in the new energy vehicle market and enhances its international influence [2] - Collaboration with the Brazilian government may allow BYD to further expand its market share in Latin America, positively affecting the competitive landscape of the new energy sector [2] Group 3 - The China Automobile Circulation Association reported that the automotive consumption index for September 2025 is 88.9, indicating a rise from the previous month and an expectation for October sales to exceed September [3] - The demand sub-index reached 85.8, driven by policy incentives, seasonal consumption, and the launch of new products, suggesting a continued recovery in automotive market demand [3] - This trend is likely to boost profitability expectations for automakers and improve performance for parts suppliers and dealers, attracting market funds to the new energy and smart driving sectors [3] Group 4 - As of September 2025, China has established the world's largest demonstration application project for fuel cell commercial vehicles, with over 20,000 fuel cell vehicles promoted and 200 hydrogen refueling stations built [4] - This development marks a significant step towards the commercialization of hydrogen energy transportation, enhancing market confidence in fuel cell technology [4] - The milestone is expected to provide substantial order support for core vehicle manufacturers and key component suppliers within the hydrogen energy industry chain, attracting long-term capital interest [4]

Core Insights - The development of hydrogen energy and fuel cell vehicles is being actively promoted across various city clusters in China, with significant investments and infrastructure being established to support this growth [1][2][3][4][5] Beijing-Tianjin-Hebei Demonstration City Cluster - The cluster has formed an industrial development chain focusing on key components like fuel cell stacks and membrane electrodes, aiming for a scale exceeding 100 billion yuan [1] - As of February 2025, the cluster has already promoted 5,327 fuel cell vehicles, achieving a progress rate of 100.51% [1] Shanghai Demonstration City Cluster - Led by Shanghai, the cluster includes Suzhou and Nantong, focusing on fuel cell system integration and stack technology [2] - Plans include the construction of 73 hydrogen refueling stations by 2025, with a unique emphasis on both commercial and passenger fuel cell vehicles [2] - By the end of 2024, over 5,500 fuel cell vehicles will be connected to the public data platform, involving 24 car manufacturers and 66 models [2] Guangdong Demonstration City Cluster - The cluster, centered in Foshan, includes several cities and focuses on developing key components like fuel cell stacks and bipolar plates [3] - Foshan has promoted over 1,600 hydrogen vehicles, with fuel cell buses having traveled over 90 million kilometers, making it one of the largest application areas in China [3] - The city has established 36 hydrogen refueling stations and attracted around 170 related enterprises with an expected total investment exceeding 65 billion yuan [3] Zhengzhou Demonstration City Cluster - The cluster, led by Zhengzhou, integrates resources from surrounding cities to promote the localization of fuel cell systems and hydrogen storage equipment [4] - By the end of 2024, 2,588 fuel cell vehicles have been promoted, with a total hydrogen refueling capacity exceeding 4,564 tons [4] - The cluster has built 42 hydrogen refueling stations and has developed a competitive industrial chain with leading enterprises in the field [4] Hebei Demonstration City Cluster - The cluster, led by Zhangjiakou, focuses on renewable energy hydrogen production, particularly from wind and solar sources [5] - Zhangjiakou has expanded its hydrogen fuel cell bus operations to 16 major routes, with over 440 buses in operation and a total operational mileage exceeding 60 million kilometers [5] - The region has established seven hydrogen production projects with a daily capacity of 22 tons, contributing to a growing green hydrogen production base [5]

Group 1: ETF Market Trends - The net inflow of stock ETFs has exceeded 100 billion yuan for two consecutive days, with total inflows of 193.93 billion yuan and 122.69 billion yuan on September 26 and September 29 respectively [1] - Broad-based ETFs dominated the top ten net inflows, with nine out of ten being broad-based ETFs, while the only thematic ETF was from the battery sector [1] - Despite a significant rise in the brokerage sector, many investors chose to take profits, leading to net outflows in several brokerage ETFs [1] Group 2: Financial Market Indicators - The overnight Hong Kong Interbank Offered Rate (Hibor) has surged above 5% for the first time this year, reaching 5.018%, marking a cumulative increase of nearly 500 basis points over the past three months [1] Group 3: Semiconductor and Storage Market - In September, the NAND Flash market price index increased by 4.7%, while the DRAM market price index rose by 2.6% [2] - The global storage market is projected to reach a record high of 193.2 billion USD by the second half of 2025, driven by strong demand from AI-related applications and limited supply growth [2] Group 4: Aviation and Transportation - The expected passenger transport volume during the National Day and Mid-Autumn Festival is projected to reach 19.2 million, potentially setting a historical record for the same period [3] - The demonstration scale of fuel cell vehicles in China has surpassed 20,000 units, indicating initial commercialization in various application scenarios [3] Group 5: Medical Technology - The world's first "imaging" MRI, developed by United Imaging Healthcare, has received approval for market launch, marking a significant advancement in medical imaging technology [4] Group 6: Corporate Developments - Asahi Group has experienced a cyberattack, leading to disruptions in logistics and customer service in Japan, while European operations remain unaffected [6] - Deli Group has publicly apologized for the dismissal of an employee due to a disability, committing to corrective measures and anti-discrimination training [6] Group 7: Market Performance - The A-share market showed a mixed performance in September, with the ChiNext Index rising over 12%, marking a three-year high, while the overall market saw significant activity in sectors like chips, robotics, and energy storage [12]

Core Viewpoint - The development of hydrogen fuel cell vehicles in China faces challenges in technology, cost, and infrastructure, despite increasing demonstration and promotion efforts [2][3] Group 1: Industry Challenges - Hydrogen fuel cell vehicles have not met expectations in the passenger car market, with annual production still below 10,000 units compared to over 10 million electric vehicles [3] - The industry is exploring the unique advantages of fuel cells in commercial vehicles, long-distance logistics, and specific environments such as high altitudes and low temperatures [3][4] - The transition to green hydrogen is a core issue for the promotion of fuel cell vehicles, as achieving green low-carbon status requires significant investment [4][7] Group 2: Policy and Support - National and local policies continue to support the development of fuel cell vehicles, but the expiration of subsidy policies raises concerns about the sustainability of the industry [5][6] - The establishment of a comprehensive testing and evaluation system for fuel cell vehicles is necessary to address existing shortcomings and support the growth of the industry [5][6] Group 3: Market Application - The current market application of fuel cell vehicles is limited, primarily focused on heavy commercial vehicles, which restricts expansion into other areas [6] - Collaborative efforts among demonstration cities have led to significant progress in technology and component development, particularly in domestic substitution [6] Group 4: Future Directions - The industry must strengthen top-level design, create long-term policy support mechanisms, and explore diverse application models to enhance the development of fuel cell vehicles [7][8] - The integration of green development into the core competitiveness of fuel cell vehicles is essential for influencing consumer choices in the future [8]

Core Viewpoint - Continued support for fuel cell vehicles is crucial for maintaining China's competitive edge in the global fuel cell industry and hydrogen economy [1][2][3] Group 1: Importance of Continued Support - Continued support can help China achieve a world-leading position in the fuel cell industry, as current technology indicators are already at an advanced level [2] - Without ongoing support, previous advancements may be lost, as many companies are still in the R&D phase and facing financial difficulties [2] - Supporting fuel cell vehicles is not just about the vehicles themselves but also about positioning China at the forefront of the hydrogen economy, which is essential for global carbon neutrality efforts [3] Group 2: Suggestions for Optimizing Phase II Demonstration Projects - The initial phase of the demonstration project was effective in leveraging local government subsidies and attracting enterprise investment [4] - The second phase should focus on medium to long-distance heavy-duty fuel cell trucks, where fuel cell vehicles have clear advantages in range and efficiency [4] - Successful implementation in this area could serve as a significant global example, contrasting with the slower progress seen in other countries [4] Group 3: Importance of Toll Fee Exemptions - Expanding toll fee exemptions for fuel cell vehicles is critical for increasing their application range and market penetration [5] - The potential revenue loss from toll exemptions is minimal given the current limited number of fuel cell vehicles, and such measures should be temporary [5] - Addressing funding gaps for road maintenance should involve tax reforms rather than restricting toll exemptions, as this could hinder the development of the fuel cell industry [6]