转自：成都日报锦观 成都造"氢马儿" 全面进军海外市场 走进位于新津经开区的成都希望食品有限公司，机器轰鸣此起彼伏，生产线高速运转不停……希望食品总经理王浩奇称，企业节前订单量就已 爆满，"我们1月份就实现了6400吨的产销量，预计一季度产能将突破15000吨，较往年同期增长超5%。"作为国内食品巨头，今年该企业在持 续扩大美好小酥肉、美好火腿肠等经典畅销产品市场的基础上，有望将在成都研发的糖醋里脊这一经典川味产品孵化成下一个上亿单品。 在四川周黑鸭食品有限公司生产车间内，鲜香四溢的卤制品经过自动化设备分选、打包、装箱，即将奔赴云、贵、川、陕各地的商超门店。四 川周黑鸭总经理张超介绍，企业春节期间采取轮流值班模式，日均生产气调产品超过5万盒，全力保障西南地区市场供应，目前已经恢复满产 状态。 位于新都高新区的轻绿科技公司内一片繁忙，生产线全速运转，"氢马儿"、无人机、氢燃料电池系统加速下线。面对全国以及海外的巨量订 单，这家企业已实现"收假即开工，开工即满产"，在2026年迎来真正的爆发。今年初，轻绿科技研发制造的第10000辆"氢马儿"顺利下线，成 都在全国率先实现氢能交通产品规模化落地及批量化商业运营。公 ...

公司基本面改善预期：根据公司2025年中期报告，虽然总收入同比有所下降，但核心业务氢燃料电池系 统的销售收入实现了141.8%的显著增长，且公司亏损幅度收窄28.7%。市场可能对其业务结构优化和海 外收入（同比增长360.3%）的积极进展给予关注。 技术面因素：从技术指标看，股价在当日突破了短期均线，且成交量明显放大，反映出市场参与度提 升。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 重塑能源（02570.HK）股价在2026年2月20日出现显著上涨。根据截至当日10:58的实时行 情数据，其股价报58.75港元，较前一交易日收盘价上涨13.53%。 股票近期走势 板块轮动效应：当日港股市场呈现分化格局，科技板块普遍承压，而部分周期及能源类股票表现相对强 势。重塑能源所属的新能源物料板块整体上涨0.94%，显示出市场资金可能正从高估值成长股向部分基 本面改善的周期及新兴行业轮动。 ...

单次加氢就能跑600多公里，满足省际当日直达需求；加氢只需几分钟，效率直追柴油车……在濮阳， 一批为生鲜和医药冷链运输提供高效绿色解决方案的氢能车辆正排队下线。此时，距离濮阳首次交付 150台氢燃料电池冷藏车，立下氢能冷链物流从示范运营走向规模化商业应用"行业坐标"，仅过去一个 多月。 2月5日，走进位于濮阳市华龙区的中原总机石油设备有限公司控股子公司——河南中原安泰新能源装备 有限公司（以下简称"中原安泰"）新投用的智能化厂房，只见一辆辆悬挂绿牌的氢能车辆整齐排列，蓄 势待发。 "这些氢能车，采用了氢燃料电池和高性能锂电池的双配套方案，从以前常跑的短途拓展到跨越省份， 打通了冷链的新场景。这也推动我省氢燃料电池汽车在特定场景规模应用上迈出关键一步。"中原总机 总经理郭学堂自豪地说。 突破为何发生在濮阳？"这是技术优势与政策支持、配套先行共同作用的结果。"濮阳市工业和信息化局 相关负责人介绍，作为"郑汴洛濮氢走廊"核心节点，濮阳市构建起从制氢储运、燃料电池、整车制造到 场景应用的完整产业链。 不久前，蔚然"氢"风也送来一则好消息：濮阳市高质量完成了郑州燃料电池汽车示范应用城市群2025年 度确定的燃料电池汽车 ...

Core Viewpoint - The article highlights the emergence of hydrogen energy as a viable alternative in the coal-rich region of Qujing, Yunnan, where Shanghai Hydrogen Energy Group is pioneering the commercialization of hydrogen fuel cell heavy trucks amidst the challenges faced by the coal logistics industry [1][2]. Industry Overview - Hydrogen is transitioning from being classified as a hazardous chemical to an energy source with the implementation of the Energy Law in 2025, which is expected to facilitate the development of the hydrogen industry [2]. - The current ownership of hydrogen fuel cell vehicles in China is approximately 30,000, falling short of the target of 50,000 by 2025 as outlined in the Hydrogen Industry Development Plan [2]. Company Strategy - Shanghai Hydrogen Energy Group is introducing hydrogen fuel cell heavy trucks into coal transportation, aiming to create a benchmark project that integrates green energy development, fuel production, and transportation [5]. - The company plans to deploy 300 hydrogen fuel cell trucks initially, with an annual coal transport capacity exceeding 4.8 million tons, and aims to increase this to over 8 million tons with future expansions [5]. Economic Impact - The project is expected to reduce diesel consumption by approximately 9,000 tons annually and cut carbon dioxide emissions by around 440,000 tons, contributing over 5.7 billion yuan to the industry chain [5]. - The operational cost of hydrogen fuel cell trucks is projected to be 78% to 87% of that of pure electric trucks in high-intensity mining environments [5]. Market Positioning - The company is focusing on a "scene-driven" approach rather than a purely technology-driven one, recognizing the need for practical applications of hydrogen technology in the market [8]. - The introduction of hydrogen trucks is not intended to replace traditional fuel vehicles but to provide an additional option for logistics, particularly in challenging environments where electric vehicles may not perform effectively [10]. Future Outlook - The company aims to deliver 3,000 hydrogen vehicles by 2026, expanding its operations beyond coal transport to include municipal sanitation, intercity passenger transport, and cold chain logistics [8]. - The company is also exploring capital market opportunities, with plans for an IPO by 2028, indicating strong investor interest and potential for growth in the hydrogen sector [15].

Core Insights - Sichuan Province has announced 25 key industrial sectors to focus on, aiming to seize opportunities from the new technological revolution and industrial transformation [1] Group 1: Key Industrial Sectors - Artificial Intelligence: Focus areas include large models, AI algorithms and software, AI hardware, AI products, and data labeling, primarily in Chengdu, Mianyang, and Zigong [2][3][4][6] - Green Hydrogen: Key components include hydrogen equipment, critical materials, fuel cell systems, and hydrogen-powered vehicles, with major activities centered in Chengdu and Deyang [7][8][9][10][11][12] - Biotechnology: Emphasis on intravenous solutions, blood products, vaccines, and biopharmaceuticals, mainly in Chengdu and Luzhou [13][14] Group 2: Advanced Technologies - Commercial Aerospace: Focus on satellite manufacturing, launch services, and rocket development, primarily in Chengdu and Mianyang [15][16] - Smart Connected Vehicles: Key areas include vehicle networking and autonomous driving technologies, mainly in Chengdu and Yibin [19][20][21] - Low-altitude Economy and Drones: Development of fixed-wing and vertical take-off drones, primarily in Chengdu and Zigong [24] Group 3: Emerging Energy Solutions - Next-Generation Energy Storage: Focus on vanadium and sodium batteries, with significant activities in Leshan and Dazhou [41][42] - Solid-State Batteries: Development of various types of solid-state batteries, primarily in Yibin and Suining [44] - High-Efficiency Solar Cells: Focus on advanced solar cell technologies, particularly in Yibin and Meishan [45][46] Group 4: Advanced Manufacturing - Robotics: Development of service, industrial, and bionic robots, primarily in Chengdu and Mianyang [34] - New Industrial Mother Machines: Focus on high-end CNC machine tools and additive manufacturing, mainly in Deyang and Luzhou [35][36] - Laser Equipment: Development of laser technologies and materials, primarily in Mianyang [38] Group 5: Health and Safety Technologies - Nuclear Medicine: Focus on the manufacturing of nuclear medical equipment and radioactive drug development, primarily in Chengdu and Mianyang [51][52]

Core Viewpoint - The company has completed the industrialization layout of key core components for hydrogen fuel cell systems and has begun mass production and sales of these components [2] Group 1: Company Developments - The company has achieved mass production and sales of hydrogen fuel cell systems and air compressors [2] - The company has established a strategic partnership with Sunshine New Energy to promote integrated development in the hydrogen energy industry [2] - Hydrogen energy is identified as a strategic development direction for the company, which will advance its hydrogen energy industry layout steadily based on operational conditions and market developments [2]

Group 1: Company Overview and Strategic Goals - The company aims for a strategic transformation from a "traditional equipment manufacturer" to a "comprehensive gas and new energy service provider" by focusing on four major business sectors: deep cooling technology equipment manufacturing, transportation service equipment manufacturing, gas investment operations, and clean energy investment operations [3]. - The company plans to invest in three key segments: industrial gases, LNG, and hydrogen, leveraging capital advantages to facilitate industrial transformation and upgrade [3][4]. Group 2: Industrial Fund and Investment Strategy - The industrial fund will focus on industrial gases, LNG, and hydrogen, with a total fund size of 2 billion yuan, of which at least 50% will be allocated to the industrial gas sector [4]. - Investment forms include equity acquisition and direct investment, with the fund serving as a "frontline" for mergers and acquisitions, aiming to reduce uncertainties and improve asset quality [5]. Group 3: Hydrogen Demand and Industry Trends - The chemical industry currently relies heavily on coal-based hydrogen (gray hydrogen) and is expected to transition towards green hydrogen (produced from renewable energy) due to stricter carbon emission policies [7]. - The demand for hydrogen in the chemical industry is projected to remain high, with a significant shift towards sustainable practices anticipated in the near future [7]. Group 4: Liquid Hydrogen Technology and Aerospace Applications - Liquid hydrogen technology is primarily applied in the aerospace sector, with increasing demand expected as China's space exploration efforts expand [8]. - The company has developed core capabilities in liquid hydrogen equipment design and manufacturing, positioning itself as a leader in the high-end hydrogen equipment market [8]. Group 5: Future Plans in Commercial Aerospace - The company has supplied industrial gas production equipment to two domestic aerospace bases and plans to extend its services from equipment supply to gas product services, actively participating in national aerospace infrastructure development [9].

Core Insights - The financing heat in the new energy heavy truck sector is rising, with companies like Kaven New Energy and Supao Technology securing billions in funding, indicating ongoing capital interest in the electrification of commercial vehicles [1] - The investment logic has shifted from early-stage technology concepts to a focus on commercial viability, requiring companies to demonstrate cost control, scalable delivery, and ecosystem integration capabilities [1] Financing Trends - In 2025, the total financing in the new energy heavy truck sector reached approximately 8 billion, with the top five companies capturing over 70% of this amount [2] - Kaven New Energy completed over 1.2 billion in Pre-A financing in June 2025, while Supao Technology secured over 1 billion in strategic financing, focusing on core technology development and global expansion [2] - Other notable financing includes Berai Technology's record-breaking 1 billion in the autonomous driving sector and Jiushi Intelligent's 100 million in B4 financing, highlighting the capital's recognition of technology implementation [2][3] Market Dynamics - A stark contrast exists between the financing fortunes of leading and trailing companies, with the latter facing unprecedented survival pressures and financing costs exceeding 10%, compared to 3.5%-5% for leading firms [3] - Many trailing companies are experiencing issues such as unpaid wages and team departures, indicating a rapid industry reshuffle [3] Shift in Investment Focus - The era of financing based solely on technology concepts has ended, with capital now favoring companies that have validated their business models and can demonstrate delivery capabilities [4] - Successful companies have clear paths to market and verifiable delivery results, with DeepWay and Proton Automotive exemplifying this trend through significant sales and operational achievements [4][5] Ecosystem and Global Expansion - The future of competition in the new energy heavy truck sector will hinge on technology differentiation, ecosystem building, and global market strategies [6] - Companies are expected to develop dual technology routes, such as pure electric and hydrogen, while also exploring alternative fuels like methanol [6] - Building an operational ecosystem that integrates vehicles, energy, and services will be crucial for companies to differentiate themselves in a crowded market [7] International Market Opportunities - Expanding into international markets is becoming essential for leading companies to enhance market share and brand influence, with several firms already making strides in Europe and North America [8] - However, challenges such as regulatory compliance and geopolitical factors will require companies to possess robust technology and localized operational capabilities to succeed globally [8]

Investment Rating - The report suggests a positive outlook for the hydrogen energy industry, indicating that it is expected to outperform the relevant market indices in the next 12 months [14]. Core Insights - Since December 2025, there has been a surge in hydrogen energy policies, with the Ministry of Industry and Information Technology officially releasing a notification on key products and processes, including hydrogen fuel cell systems and key components [4][7]. - More than seven provinces and cities, including Henan, Xiamen, Wuhu, Shenzhen, Guangzhou, and Chongqing, have issued special support measures, creating a synergistic effect between central and local policies [4][7]. - The focus of these policies includes financial subsidies, demonstration projects, and streamlined processes aimed at overcoming technological bottlenecks and accelerating commercialization [10]. Summary by Sections Policy Support - Xiamen plans to introduce nine measures to subsidize hydrogen equipment projects up to 10% of investment, with a maximum of 30 million yuan per project [10]. - Wuhu Economic Development Zone offers up to 15% subsidies for hydrogen industry projects and 5 million yuan for hydrogen refueling station construction [10]. - Shenzhen Longgang District supports key materials and technologies in hydrogen energy, providing 10% subsidies for demonstration applications [10]. - Guangzhou Baiyun District encourages the use of hydrogen fuel cell vehicles in government and state-owned projects, aiming for over 50% usage [10]. - Chongqing has a development plan for hydrogen refueling stations, targeting the construction of 10 stations from 2025 to 2027 [10]. - Urumqi has set a three-year action plan for the hydrogen industry, aiming for an annual increase of at least 20,000 tons of green hydrogen capacity by 2027 [10]. - Hainan has initiated a second batch of fuel cell vehicle demonstration project applications, with a maximum reward of 20 million yuan per project [10]. - Henan continues to exempt hydrogen trucks from highway fees until 2027 [10]. Industry Outlook - The hydrogen industry is expected to evolve towards large-scale and commercial development during the 14th Five-Year Plan [10]. - By the end of 2025, green hydrogen production capacity is projected to exceed 220,000 tons, with significant cost reductions in electrolysis [10]. - Key breakthroughs in storage and transportation technologies are anticipated, with the implementation of national standards for high-pressure hydrogen storage [10]. - The construction of hydrogen refueling stations is expected to accelerate, with over 540 stations projected to be built by the end of 2025 [10]. - The number of fuel cell vehicles is expected to exceed 30,000 by the end of 2025, a significant increase from 7,000 at the end of 2020 [10]. - The application fields of hydrogen energy are expected to diversify beyond transportation to include energy storage, power generation, and industrial applications [10]. Investment Recommendations - The report recommends focusing on leading companies across various segments of the hydrogen industry, including Huaguang Huaneng (hydrogen production), Longjing Environmental Protection (hydrogen production), Bingshan Environment (storage and transportation), Goldwind Technology (green alcohol), and Yihua Tong (fuel cell vehicles) [10].

Core Viewpoint - The visit of South Korean President Lee Jae-myung to China marks a significant opportunity for economic dialogue and cooperation between South Korea and China, with a focus on recalibrating perceptions of the Chinese market and enhancing bilateral trade relations [1][3][5]. Group 1: Economic Delegation and Activities - A large economic delegation consisting of over 200 South Korean business leaders, including heads of major corporations like Samsung, SK Group, and Hyundai, will accompany President Lee during his visit to China [1][2]. - The delegation will participate in the Korea-China Business Forum and sign cooperation memorandums, as well as engage in one-on-one business meetings organized by the Korea Trade-Investment Promotion Agency (KOTRA) [1][2]. Group 2: Shifts in Economic Relations - The economic relationship between South Korea and China has evolved from a complementary vertical division of labor to a coexistence of cooperation and competition, necessitating a reassessment of South Korea's approach to the Chinese market [1][3]. - The past six years of limited high-level exchanges due to various factors, including the pandemic and political changes in South Korea, have impacted economic interactions, making this visit particularly significant [2][3]. Group 3: Future Cooperation Areas - Discussions during the visit are expected to cover practical cooperation in supply chain investment, digital economy, environmental issues, cultural exchanges, tourism, and combating transnational crime [2][8]. - Both countries are looking to enhance cooperation in emerging fields such as artificial intelligence, biopharmaceuticals, green industries, and the silver economy, with a focus on mutual benefits and shared growth strategies [5][7]. Group 4: Trade Statistics and Economic Context - China has been South Korea's largest trading partner for many years, with bilateral trade reaching $328.08 billion in 2024, reflecting a 5.6% increase [5][6]. - South Korea remains a key investment destination for China, and the two countries have established a complementary relationship in critical industries such as semiconductors and batteries [6][7]. Group 5: Geopolitical Considerations - The ongoing U.S.-China competition poses challenges for South Korea, which is navigating pressures to decouple from China while maintaining strong economic ties [8][9]. - Despite U.S. pressures, the economic relationship between South Korea and China remains robust, with both countries recognizing the need for closer cooperation to mitigate external uncertainties [9].