6月20日，位于武汉经开区军山新城的未来技术创新研究院（以下简称未来院）频传喜 讯：国内首台自主品牌氢内燃机发电机组投入运营，关键部件实现100%国产化；车规级固 态电池样品即将量产……未来院占地3万平方米的中试车间项目入驻率超八成，不少项目正 在规划扩建二期产线。 "高校擅长培育'种子'，我们聚焦破解科技成果转化'最后一公里'。"在未来院院长李江 华看来，不少科研成果虽然完成了从"一张纸"到"一件产品"的初步跨越，但要实现"产品到 钱"，仍有多重障碍。如何在科研与产业之间搭起桥梁？2022年6月，由武汉经开区与华中科 技大学共建的新型研发机构——未来技术创新研究院成立，并建立"科技研发在学校，概念 验证在中心，中试熟化在基地，产业落地在园区"的全链条成果转化服务体系。 "入驻项目坚持'优中选优'。"李江华介绍，为破解入驻项目融资难，未来院还构建了"多 元共建、共享利益、共担风险"的合作机制，通过提供研发中试空间和部分引导性资金支 持，广泛吸纳社会资本投入，共同搭建专业化的中试平台，有效降低项目产业化早期风险。 "高校积累40年的氢内燃机技术，经未来院中试'锤炼'，走出实验室，迎来商业化运 营。"一年前，华中 ...

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]

Core Viewpoint - The hydrogen energy industry is experiencing significant growth, with a focus on innovative technologies and collaborative efforts among industry leaders to drive development and application in China [1][3]. Industry Overview - The sixth International Forum on Green Transportation Power and Energy Technology, focusing on hydrogen energy, was held in Wuhan, attracting nearly 150 industry professionals from around 50 companies [3]. - Hydrogen energy is identified as a core pathway in the global energy structure transformation, essential for achieving carbon neutrality [4][5]. Technological Developments - Key discussions included advancements in hydrogen internal combustion engines, emphasizing their potential to meet stringent emission regulations while maintaining economic viability [5][6]. - The introduction of the first domestically developed hydrogen internal combustion engine generator set, achieving over 42% efficiency and utilizing hydrogen with a purity of only 90%, marks a significant milestone in the industry [10]. Market Trends - The hydrogen internal combustion engine is positioned as a cost-effective alternative to fuel cells, facilitating the broader adoption of hydrogen energy [5][11]. - The H49 hydrogen-powered heavy-duty truck, developed by Haipote, demonstrates low hydrogen consumption and long-range capabilities, indicating a strong market potential for hydrogen vehicles [11]. Collaborative Efforts - Strategic partnerships, such as the collaboration between Tsinghua University and Ai Hydrogen Technology, aim to advance modular magnesium-based hydrogen supply systems, highlighting the importance of industry cooperation [12]. - The forum featured roundtable discussions among experts, focusing on technological breakthroughs and the industrialization path for the hydrogen energy sector [13]. Innovation Showcase - A technology exhibition at the forum showcased cutting-edge solutions from leading companies and research institutions, emphasizing the need for a complete hydrogen energy ecosystem from production to utilization [14]. - The event underscored the importance of integrating various technologies and fostering collaboration across the hydrogen energy value chain to enhance competitiveness in the global market [14].