国金证券认为，氢能行业尚处商业化初期，主要受政策推动，重点布局国内外共振、需求确定性强、弹 性大的方向，建议把握窗口期布局。1）绿醇：全球需求共振，行业迎爆发和发展确定性。绿色甲醇以 绿色航运为突破，国内外需求共振。欧盟碳税和IMO政策推动航运向绿色化转向，大趋势明晰；2）制 氢设备：政策驱动+经济性可见度高+应用场景跑通，设备作为"卖铲人"，远期空间最大。绿电直连+设 备降本，绿氢经济性逐步显现。3）燃料电池车：发展路径已明晰，行业触底将迎反转。现阶段已经扫 除了发展担忧，燃料电池车基础设施、系统降价、应用场景均明晰。上游制氢端开始大规模供应，加氢 站数量提升，产业链配套实现逐步到位；4）固体氧化物燃料电池：海外AI数据中心带动，需求迎来新 场景突破。AI数据中心电力需求旺盛，SOFC凭借安装周期短、扩产时间快、发电效率高等优势适用于 主电源。 记者从四川省经济和信息化厅获悉，四川坚定不移推动氢能产业发展，在2024年4月省政府主要领导召 开研究进一步推动绿氢全产业链发展及推广应用工作会议后，四川省推进氢能产业发展持续取得进展成 效。一是政策制度进一步完善；二是大力实施产业"建圈强链"；三是加强关键核心技术 ...

中信证券认为，"十五五"时期，在政策推动下，氢能有望逐步迈入产业化阶段。绿氢及氢基绿色燃料的 市场规模有望逐步扩大、工业领域减碳或衍生出绿氢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，同时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。我们建议关注 两条主线，其中重点推荐主业有安全边际，氢能业务具备成长潜力的公司：1)绿氢电解槽设备环节的企 业；2)布局绿色燃料相关项目的企业。 近期四场高规格会议和发声为未来一年我国绿色发展目标定调，我国将坚持"双碳"引领，推动全面绿色 转型，在重点行业深入推进节能降碳改造，扩大绿电应用，培育氢能、绿色燃料等新增长点。 ...

中信证券研报表示，近期四场高规格会议和发声为未来一年我国绿色发展目标定调，我国将坚持"双 碳"引领，推动全面绿色转型，在重点行业深入推进节能降碳改造，扩大绿电应用，培育氢能、绿色燃 料等新增长点。我们认为"十五五"期间绿色电力发展重心将从增量建设逐步转向建设增量与拓展应用场 景并重，绿氢及氢基绿色燃料作为绿电与重点行业节能降碳的纽带，有望迎来政策倾斜并实现加速发 展。 ...

人民财讯12月18日电，中信证券研报表示，近期四场高规格会议和发声为未来一年我国绿色发展目标定 调，我国将坚持"双碳"引领，推动全面绿色转型，在重点行业深入推进节能降碳改造，扩大绿电应用， 培育氢能、绿色燃料等新增长点。中信证券认为"十五五"期间绿色电力发展重心将从增量建设逐步转向 建设增量与拓展应用场景并重，绿氢及氢基绿色燃料作为绿电与重点行业节能降碳的纽带，有望迎来政 策倾斜并实现加速发展。 ...

Core Viewpoint - Fujian Province has issued a long-term plan for hydrogen energy industry innovation and development, aiming for large-scale commercial application by 2030 and a total output value exceeding 300 billion yuan by 2035 [1] Group 1: Development Phases - The period from 2025 to 2030 is designated as the initial development phase, with goals to cultivate 1-3 large-scale green hydrogen demonstration projects, establish 1-3 hydrogen-based green ship fuel refueling port pilot projects, and build 50 hydrogen refueling stations, targeting a green hydrogen production capacity of 30,000 tons/year and a hydrogen-based green fuel production capacity of 100,000 tons/year, with an industry output value exceeding 60 billion yuan/year [1] - The period from 2030 to 2035 is identified as the rapid growth phase, aiming to achieve a green hydrogen production capacity of 100,000 tons/year and a hydrogen-based green fuel production capacity of 1 million tons/year, with a total output value exceeding 300 billion yuan/year [1] Group 2: Industry Chain Layout - Fujian Province is strategically planning the entire hydrogen energy industry chain, focusing on utilizing industrial by-product hydrogen for supply in traditional sectors like steel, coal, and chemicals, aiding in the green transformation of traditional industries, and extending the industrial chain of major petrochemical projects [1] - In the medium to long term, the province aims to promote hydrogen production from renewable energy sources such as wind and solar, gradually reducing production costs and expanding production scale to make green hydrogen mainstream [1] Group 3: Storage, Transportation, and Application - In the storage and transportation sector, the focus is on developing high-pressure gaseous hydrogen storage and long-tube trailer transportation, promoting ammonia as a hydrogen storage medium, and supporting the development of organic liquid hydrogen, solid-state hydrogen storage, and related manufacturing [2] - For the refueling sector, the plan emphasizes building comprehensive hydrogen refueling stations and upgrading existing fuel stations to include hydrogen facilities, particularly in logistics, ports, and industrial parks [2] - In terms of applications, the plan aims to promote the industrialization of hydrogen-based fuels like ammonia and methanol in the chemical sector, scale up hydrogen fuel cell vehicles and ships in the transportation sector, and advance the demonstration of hydrogen energy in emergency backup power and grid peak-shaving scenarios [2]

Core Viewpoint - The article discusses the long-term planning for the hydrogen energy industry in Fujian Province, highlighting the expected growth in production capacity and economic output from 2025 to 2035, with a focus on green hydrogen and hydrogen-based fuels [1][2][3]. Summary by Sections Development Phases - The planning period from 2025 to 2030 is identified as the initial development phase, aiming to establish a production capacity of 30,000 tons/year of green hydrogen and 100,000 tons/year of hydrogen-based green fuels, with a total industry output exceeding 60 billion yuan/year [1][2]. - The period from 2030 to 2035 is characterized as a rapid growth phase, targeting a production capacity of 100,000 tons/year of green hydrogen and 1 million tons/year of hydrogen-based green fuels, with total industry output surpassing 300 billion yuan/year [2]. Industry Pathways - The planning emphasizes leveraging the potential of hydrogen energy applications and promoting collaboration with various industries such as electricity, petrochemicals, and transportation to create hydrogen industry clusters [3]. - Key cities like Fuzhou and Xiamen are designated as core areas for developing manufacturing bases and research in hydrogen energy equipment and fuel cells, while Zhangzhou will focus on green hydrogen production [3][4]. Infrastructure Development - The plan includes building over 50 hydrogen refueling stations and establishing operational demonstration lines in ports and urban areas to facilitate the commercialization of hydrogen energy [2][3]. - The establishment of a coastal hydrogen economy corridor is proposed to enhance the development of fuel cell vehicles and related industries in coastal cities [4]. National Context - The article mentions the broader national context, including the expected increase in hydrogen demand to nearly 60 million tons by 2050, with hydrogen accounting for over 10% of China's terminal energy system and an industry output value reaching 12 trillion yuan [10]. - The national hydrogen production capacity is projected to exceed 50 million tons/year by the end of 2024, with significant growth in renewable energy electrolysis projects [8][9]. Policy Support - Various government initiatives and policies are being implemented to accelerate the development of the hydrogen energy sector, including the inclusion of hydrogen energy in the national energy management system [9]. - Local governments are also introducing favorable policies to support the growth of green hydrogen projects and expand application areas [9].

Core Viewpoint - Fujian Province has released a long-term plan for the hydrogen energy industry, aiming for significant development and commercialization of hydrogen energy from 2025 to 2035 [1] Summary by Relevant Sections Development Phases - The period from 2025 to 2030 is designated as the initial development phase, with goals to establish over 10 high-level innovation platforms and cultivate 1-3 demonstration projects for green hydrogen production at the hundred-megawatt level [1] - During this phase, the plan includes building 1-3 pilot ports for hydrogen-based green ship fuel refueling, constructing 50 hydrogen refueling stations, and creating 10 operational demonstration lines in ports, parks, or urban areas [1] - The target for fuel cell vehicle production is set at 6,000 units per year, aiming for large-scale commercial application of hydrogen energy [1] Key Projects and Production Goals - Priority will be given to green methanol projects for marine fuel, focusing on core technology breakthroughs, accelerating pilot testing, and small-scale industrialization to enhance conversion efficiency and reduce production and transportation costs [1] - The plan aims to establish a green hydrogen production capacity of 30,000 tons per year and a hydrogen-based green fuel production capacity of 100,000 tons per year, with the total output value of the hydrogen energy industry exceeding 60 billion yuan annually [1] Rapid Growth Phase - The period from 2030 to 2035 is characterized as a rapid growth phase, where the hydrogen energy industry in Fujian is expected to enter a stage of fast development, with comprehensive improvements in scale, quality, and efficiency [1] - The goals include achieving a green hydrogen production capacity of 100,000 tons per year and a hydrogen-based green fuel production capacity of 1 million tons per year, with green hydrogen accounting for over 40% of the hydrogen sources in the province [1] - The plan envisions Fujian becoming a significant supply base, transportation hub, and refueling center for green hydrogen and hydrogen-based green fuels along the southeastern coast, with a diverse industrial system covering transportation, energy storage, and industrial applications, aiming for a total output value exceeding 300 billion yuan annually [1]