每经AI快讯，2月13日，中信证券发布研报指出，展望"十五五"，氢能行业作为未来产业，政策定位再 度提升。我们预计，2026年行业在氢电耦合、工业减碳等领域或实现突破，FCEV、氢基绿色燃料或维 持快速增长。在下游应用不断拓展、绿氢需求增加的背景下，规模效应或带动产业链基础设施和绿氢供 应的降本，进而推动行业进入"降本—放量"的良性循环，有望助力行业全面进入产业化。 （文章来源：每日经济新闻） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|祖国鹏 赵柏霖 黄杰 展望"十五五"，氢能行业作为未来产业，政策定位再度提升。我们预计，2026年行业在氢电耦合、工业 减碳等领域或实现突破，FCEV、氢基绿色燃料或维持快速增长。在下游应用不断拓展、绿氢需求增加 的背景下，规模效应或带动产业链基础设施和绿氢供应的降本，进而推动行业进入"降本—放量"的良性 循环，有望助力行业全面进入产业化。 ▍2025年"翘尾"因素显现，FCEV全年产销量重回快速增长。 根据中汽协数据，2025年全国燃料电池汽车产销数据分别为7655辆和7797辆，同比分别增长52.9%及 49.6%，燃料电池产销重回快速增长状态，主要与"十四五"目标兑现、燃料电池示范应用周期结束的销 量冲刺有关。展望2026年，在政策力度加大的预期下以及国内氢能高速生态走廊的建设下，我们预计氢 燃料电池汽车（FCEV）推广有望继续维持快速增长，2026年销量有望破万辆。 ▍氢基绿色燃料、氢电耦合应用或在2026年加速发展。 我们预计"十五五"期间，政策将鼓励绿氢与新能源协同发展，或将主要体现在绿氢与新能源在储能方面 ...

Core Viewpoint - Hydrogen-related stocks are experiencing significant activity, with notable price increases observed in companies such as Yihuatong, Guofu Hydrogen Energy, and Jingcheng Electromechanical [1] Industry Summary - The National Energy Administration announced that by the end of 2025, China's renewable energy hydrogen production capacity is expected to exceed 250,000 tons per year, representing a doubling compared to the previous year [1] - During the 14th Five-Year Plan period, the National Energy Administration will collaborate with relevant departments to enhance industrial planning, increase policy support, strengthen core technology research, promote hydrogen energy pilots, establish standard certification systems, deepen international cooperation, and cultivate the future hydrogen energy industry [1] Company Summary - Companies such as Yihuatong (02402) saw a price increase of 4.11%, reaching HKD 24.8, while Guofu Hydrogen Energy (02582) rose by 3.41% to HKD 32.1, and Jingcheng Electromechanical (00187) increased by 2.46% to HKD 4.16 [1] - According to a previous report by CITIC Securities, hydrogen energy is expected to gradually enter the industrialization phase during the 14th Five-Year Plan period, driven by policy support [1]

消息面上，国家能源局1月30日举行新闻发布会，国家能源局能源节约和科技装备司副司长边广琦表 示，截至2025年底，我国可再生能源制氢项目累计建成产能超25万吨/年，较上年实现翻番式增长。"十 五五"时期，国家能源局将与国家发展改革委等有关部门通力协作，强化产业规划引领，加大政策支持 力度，加强核心技术攻关，推进氢能试点，健全标准认证体系，深化国际交流合作，大力培育氢能未来 产业。 部分氢能概念股活跃，截至发稿，亿华通(02402)涨4.11%，报24.8港元；国富氢能(02582)涨3.41%，报 32.1港元；京城机电股份(00187)涨2.46%，报4.16港元。 中信证券此前研报指出，"十五五"期间，在政策推动下，氢能有望逐步迈入产业化阶段。在零碳工厂、 零碳园区的建设带动下，绿氢及氢基绿色燃料的市场规模有望逐步扩大，新的应用场景将带动绿氢产业 链和电解槽设备需求的增长，提前布局氢基绿色能源项目的投资方也有望受益产业发展前期的产品溢 价。 ...

中信证券此前研报指出，"十五五"期间，在政策推动下，氢能有望逐步迈入产业化阶段。在零碳工厂、 零碳园区的建设带动下，绿氢及氢基绿色燃料的市场规模有望逐步扩大，新的应用场景将带动绿氢产业 链和电解槽设备需求的增长，提前布局氢基绿色能源项目的投资方也有望受益产业发展前期的产品溢 价。 消息面上，国家能源局1月30日举行新闻发布会，国家能源局能源节约和科技装备司副司长边广琦表 示，截至2025年底，我国可再生能源制氢项目累计建成产能超25万吨/年，较上年实现翻番式增长。"十 五五"时期，国家能源局将与国家发展改革委等有关部门通力协作，强化产业规划引领，加大政策支持 力度，加强核心技术攻关，推进氢能试点，健全标准认证体系，深化国际交流合作，大力培育氢能未来 产业。 智通财经APP获悉，部分氢能概念股活跃，截至发稿，亿华通(02402)涨4.11%，报24.8港元；国富氢能 (02582)涨3.41%，报32.1港元；京城机电股份(00187)涨2.46%，报4.16港元。 ...

Core Insights - The hydrogen energy sector is expected to gradually enter the industrialization phase during the "14th Five-Year Plan" period, driven by policy support, with the market for green hydrogen and hydrogen-based green fuels anticipated to expand [1][3] - The release of the "Guiding Opinions on the Construction of Zero-Carbon Factories" marks a significant step in China's national-level design for zero-carbon factory construction, outlining a phased approach to transition industries towards decarbonization [2][3] Group 1: Policy and Market Development - The "Guiding Opinions" emphasize the importance of developing integrated projects for green hydrogen, ammonia, and methanol, which will help address current challenges in hydrogen storage and transportation while expanding market opportunities [3] - The construction of zero-carbon factories and parks is seen as essential for responding to international carbon tariffs, particularly the EU's Carbon Border Adjustment Mechanism (CBAM), which will impose significant costs on high-carbon products starting January 1, 2026 [4] Group 2: Industry Opportunities - Companies involved in the production of green hydrogen electrolysis equipment and those engaged in green fuel projects are recommended as key investment opportunities due to their potential for growth and safety margins in their core businesses [1] - The demand for zero-carbon hydrogen and green fuels is expected to rise significantly as the construction of zero-carbon factories progresses, creating a favorable market environment for hydrogen-based green fuels [3][4]

Group 1: Sichuan Hydrogen Industry Development - Sichuan is committed to promoting the hydrogen industry, with significant progress made following a government meeting in April 2024 [1] - Key initiatives include improving policy frameworks, implementing industrial "circle building and chain strengthening," focusing on core technology breakthroughs, and promoting demonstration application scenarios [1] - Future efforts will focus on typical application scenarios, reducing comprehensive application costs, accelerating major technological breakthroughs, integrating hydrogen with various energy sources, and enhancing management service systems [1] Group 2: Market Insights and Recommendations - During the "14th Five-Year Plan" period, hydrogen energy is expected to gradually enter the industrialization stage, with green hydrogen and hydrogen-based green fuels' market scale anticipated to expand [2] - Investment in hydrogen-based green energy projects is expected to benefit early investors due to product premiums [2] - Companies with safety margins in their main business and growth potential in hydrogen energy are recommended, particularly those involved in green hydrogen electrolysis equipment and green fuel projects [2] Group 3: Industry Commercialization and Opportunities - The hydrogen industry is still in its early commercialization phase, primarily driven by policy support, with a focus on domestic and international resonance and strong demand [3] - Green methanol is expected to see global demand resonance, particularly in green shipping, driven by EU carbon taxes and IMO policies [3] - Hydrogen production equipment is projected to have significant long-term potential due to policy drivers and visible economic benefits [3] - Fuel cell vehicles are expected to experience a turnaround as development concerns are alleviated, with infrastructure and application scenarios becoming clearer [3] - Solid oxide fuel cells (SOFC) are anticipated to benefit from new demand scenarios driven by AI data centers, leveraging their advantages in installation speed and efficiency [3]

Core Viewpoint - Recent high-level meetings and statements have set the tone for China's green development goals for the coming year, emphasizing the commitment to "dual carbon" leadership and promoting comprehensive green transformation [1] Group 1: Policy and Industry Outlook - China will focus on deepening energy-saving and carbon-reduction transformations in key industries, expanding green electricity applications, and cultivating new growth points such as hydrogen energy and green fuels [1] - During the 14th Five-Year Plan period, hydrogen energy is expected to gradually enter the industrialization stage driven by policy support, with the market scale for green hydrogen and hydrogen-based green fuels anticipated to expand [1] Group 2: Investment Opportunities - The industrial sector's carbon reduction may generate new application scenarios for green hydrogen, driving growth in the green hydrogen supply chain and demand for electrolyzer equipment [1] - Investors who strategically position themselves in hydrogen-based green energy projects are likely to benefit from product premiums in the early stages of industry development [1] - Two main investment lines are recommended: companies with safety margins in their core business and growth potential in hydrogen energy, specifically: 1) enterprises in the green hydrogen electrolyzer equipment sector; 2) companies involved in green fuel-related projects [1]

Core Viewpoint - Recent high-level meetings and statements have set the tone for China's green development goals for the coming year, emphasizing a commitment to "dual carbon" leadership and a comprehensive green transition [1] Group 1: Green Development Goals - China will focus on deepening energy conservation and carbon reduction transformations in key industries [1] - The expansion of green electricity applications will be prioritized, alongside the cultivation of new growth points such as hydrogen energy and green fuels [1] Group 2: Transition in Green Power Development - During the "14th Five-Year Plan" period, the focus of green power development will shift from incremental construction to a balanced approach of both incremental construction and application scenario expansion [1] - Green hydrogen and hydrogen-based green fuels are expected to receive policy support and accelerate development as a link between green electricity and energy conservation in key industries [1]

Core Viewpoint - Recent high-level meetings and statements set the tone for China's green development goals for the coming year, emphasizing a commitment to "dual carbon" leadership and a comprehensive green transition [1] Group 1: Green Development Goals - China will focus on deepening energy conservation and carbon reduction transformations in key industries while expanding the application of green electricity [1] - The development of green electricity during the 14th Five-Year Plan period will shift from solely incremental construction to a balanced approach of both incremental construction and expanding application scenarios [1] Group 2: New Growth Points - Hydrogen energy and green fuels are identified as new growth points, serving as a link between green electricity and energy conservation and carbon reduction in key industries [1] - Policy support is expected to accelerate the development of green hydrogen and hydrogen-based green fuels [1]