联合研究丨行业点评 [Table_Title] 氢能周度观察（11）：液氢储运产业进展如何？ 报告要点 [Table_Summary] 2025 年液氢储运技术加速突破，液氢储运正从示范走向规模化应用。液化能耗持续优化，规模 化建设是降本的关键，可显著降低单位能耗与成本。在长距离运输场景中，液氢已展现出比高 压气态方式更优的经济性，运输效率大幅提升，这成为推动氢能产业链加速降本与规模化的重 要动力。展望"十五五"，预计氢能产业将向规模化、商业化深度演进。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 6 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 丨证券研究报告丨 cjzqdt11111 2026-02 ...

（来源：势银能链） "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户2026势银液氢产业大 会（2026年4月15日，无锡）点此报名 2025年，液氢产业迈入加速发展期。从上游制氢液化到中游储运加注，再到下游场景应用，全产业链多 点开花；政策标准持续完善筑牢发展根基，企业融资合作热潮涌动，液氢规模化、商业化的步伐显著加 快。 液氢全产业链突破不断 液氢产业的爆发，始于上游制氢与液化环节的突破—— 储运与加注是液氢产业落地的核心支撑，2025年多项关键技术与工程取得重大进展—— 装备研发方面—— 河南利源集团与河南中科清能、未势能源合作建设的氢液化综合利用项目开工。该项目建成后年 产液氢2.3万吨，可解决高端电子装备制造业用氢需求； 由未势能源牵头承担的河北省科技计划"液氢'制、储、运、加'系统集成关键技术及示范"项目， 取得多项关键进展； 河北旭阳5吨/天液氢示范项目成功入选河北省重点建设项目，成为区域产业标杆； 中科富海牵头打造的首条民用液氢制储运用全产业链示范工程启动，打通从制氢到应用的完整链 路； 三峡集团乌兰察布"源网荷储一体化"试验基地顺利产出液氢，系统额定工况下日 ...

Core Viewpoint - The article emphasizes the significant progress and challenges in the liquid hydrogen industry, highlighting the need for technological advancements and standardization to facilitate its commercialization and large-scale application [2][3]. Industry Progress - The liquid hydrogen industry is transitioning from aerospace applications to civilian industrialization, with 2025 identified as a critical year for breakthroughs [2]. - The entire industry chain for liquid hydrogen production, storage, transportation, and usage has been established domestically, with notable projects such as the 10-ton civil hydrogen liquefaction equipment by Guofu Hydrogen Energy and the first civil liquid hydrogen demonstration project led by Zhongke Fuhai [2]. - Key storage and transportation developments include the 400 cubic meter liquid hydrogen sphere tank by CIMC and the 20m³ liquid hydrogen storage tank by the Sixth Academy of Aerospace [2]. Challenges and Bottlenecks - The industry faces multiple bottlenecks that hinder large-scale implementation, particularly in the upstream hydrogen production and liquefaction, midstream storage and transportation, and downstream application sectors [3]. - Upstream challenges include high energy consumption in hydrogen liquefaction and the performance gap of domestic liquefaction equipment compared to international standards [3]. - Midstream issues involve high evaporation rates of domestic storage tanks and insufficient stability and adaptability of hydrogen refueling equipment [3]. - Downstream, despite successful demonstrations, the small scale of applications and high costs limit the commercialization of liquid hydrogen in heavy-duty vehicles and commercial aerospace [3]. Conference Details - The 2026 TrendBank Liquid Hydrogen Industry Conference will be held on April 15, 2026, in Wuxi, Jiangsu, focusing on breaking bottlenecks and promoting the civilian use of liquid hydrogen [4][5]. - The conference aims to gather industry elites to discuss core topics such as technological breakthroughs, cost optimization, and standardization [4]. Discussion Topics - Key discussion topics will include the construction of safety standards for the entire liquid hydrogen industry chain, commercialization in heavy-duty vehicles, and technological paths for liquid hydrogen energy storage [7]. - Other topics will cover applications in aerospace, shipping, rail transport, and advanced medical technologies [7]. Notable Participants - The conference will feature representatives from various organizations, including the Chinese Academy of Sciences, Aerospace Sixth Academy, and several energy and technology companies [8]. Event Highlights - The conference coincides with the 2026 International Gas Industry Expo, which will showcase over 600 exhibitors and attract approximately 50,000 visitors from around the world [9].

Core Viewpoint - The article emphasizes the critical role of hydrogen energy, particularly green hydrogen, in achieving carbon neutrality and the urgent need for advancements in large-scale storage and transportation technologies to facilitate its widespread application [4][10]. Group 1: Industry Context - In 2023, global and Chinese carbon emissions reached historical highs, highlighting the urgency of energy transition. China, as the largest carbon emitter, has positioned hydrogen as a key component of its future energy system [4]. - By 2050, China's hydrogen demand is projected to approach 60 million tons, accounting for at least 10% of terminal energy consumption, with an industry chain annual output value potentially reaching 12 trillion yuan and a reduction of approximately 700 million tons of CO2 emissions [4]. Group 2: Storage and Transportation Challenges - The current annual hydrogen production in China is about 37 million tons, with a low penetration rate of green hydrogen. The key challenge lies in the safe, efficient, and economical storage and transportation of hydrogen [4]. - The report analyzes three main hydrogen storage methods: gaseous, liquid, and solid, indicating that high-pressure gaseous storage will remain dominant for a considerable time due to its mature technology and lower energy consumption [4][10]. Group 3: Company Capabilities - CIMC Hydrogen has established a comprehensive storage and transportation equipment matrix, leveraging its parent company CIMC Group's industrial platform to create a research and manufacturing network across major Chinese regions and extending its business to over ten countries globally [5]. - The company offers various storage solutions, including large-scale static storage for GW-level green hydrogen/ammonia projects and high-pressure gaseous storage equipment, enhancing hydrogen loading capacity and transportation efficiency [6][7]. Group 4: Commercialization and Market Presence - CIMC Hydrogen has participated in significant domestic green hydrogen projects, providing comprehensive services from hydrogen storage engineering to transportation and refueling systems [8]. - The company has successfully secured international orders by demonstrating superior delivery times and automation capabilities, showcasing its competitive strength beyond just pricing [8]. Group 5: Future Trends and Innovations - The article predicts that with evolving standards, large-scale centralized hydrogen storage will become mainstream, and the development of IV-type hydrogen transport vehicles will enhance transportation efficiency [9][10]. - CIMC Hydrogen aims to support the commercialization of hydrogen energy through a systematic approach, integrating decades of experience in high-pressure and low-temperature equipment manufacturing into the hydrogen sector [10][11].

Core Viewpoint - Huayuan Securities initiates coverage on CIMC Enric (03899) with a "Buy" rating, highlighting the company's alignment with the clean energy transition and a record high order backlog, indicating strong and visible growth prospects [1] Group 1: Business Overview - CIMC Enric operates under CIMC Group (000039) and focuses on three main business segments: clean energy, chemical environment, and liquid food, providing key equipment, engineering services, and system solutions [2] - Revenue projections for 2024 are estimated at 17.18 billion, 3.12 billion, and 4.45 billion for the clean energy, chemical environment, and liquid food segments respectively, with operating profits of 0.96 billion, 0.35 billion, and 0.35 billion, accounting for 57.6%, 21.2%, and 21.1% of total profits [2] - The company expects to achieve net profits of 1.095 billion and 0.767 billion for the full year 2024 and the first three quarters of 2025 respectively, with a backlog of orders amounting to approximately 30.76 billion, a year-on-year increase of 10.9% [2] Group 2: Clean Energy Segment - The clean energy segment has seen significant new orders, with a total of 16.99 billion signed in the first three quarters of 2025, representing a year-on-year increase of 5.14% and accounting for approximately 86.5% of total new orders [3] - The waterborne clean energy equipment segment alone secured 8.65 billion in new orders, a year-on-year increase of 16.2%, with a backlog of around 20 billion, scheduled for production until 2028 [3] - Factors driving demand include increased domestic natural gas consumption and the commissioning of new LNG receiving stations, as well as the global shipping industry's transition to low-carbon fuels [3] Group 3: Project Developments - Key projects include the coking gas hydrogen production and LNG co-production projects, with significant capacities planned for 2024 and 2025, contributing to the company's growth in key equipment and operational services [4] - The company is also advancing its green methanol initiatives, with a biomass-based green methanol project in Zhanjiang expected to commence production in December 2025, and further expansions planned for 2027 [4] Group 4: Aerospace and Chemical Environment - CIMC Enric is expanding into the commercial aerospace sector, with expected revenues and order backlogs nearing 100 million by 2025, driven by high-frequency launches [4] - The chemical environment segment, led by CIMC HuanKe (301559), holds a leading position in the market, with approximately 79% of its revenue coming from overseas [4] - The liquid food segment, primarily operated by CIMC ChunKe (872914), has a strong international presence, with 89% of its revenue derived from foreign markets [4]

Core Viewpoint - Zhejiang Business Securities report indicates that Hangyang Co., Ltd. possesses both "cyclical and growth" characteristics, leveraging controllable nuclear fusion, quantum computing, and commercial aerospace for growth [1] Group 1: Business Developments - The company has accumulated expertise in gas equipment and is entering the controllable nuclear fusion low-temperature system market, which has significant domestic replacement potential [1] - Hangyang has established close collaborations with leading firms like Anhui Fusion New Energy and has continuously won bids for projects, accelerating its growth potential [1] - On October 7, the company announced winning a bid for a large liquid oxygen tank construction project at a launch site, following its previous provision of liquid hydrogen storage tanks for aerospace launch sites [1] Group 2: Market Opportunities - The company’s liquid oxygen and aerospace-grade krypton-xenon gases provided power support for the launch of the Zhuque-2 rocket in 2023, showcasing its capabilities in the aerospace sector [1] - The future market potential for controllable nuclear fusion equipment, quantum computing, and commercial aerospace is substantial, indicating the opening of a second growth axis for the company [1] - The report maintains a "buy" rating for the company, reflecting confidence in its growth trajectory [1]

Core Insights - Hangyang Co., Ltd. has been deeply involved in the CCUS (Carbon Capture, Utilization, and Storage) field for many years, developing scalable CO2 capture and food-grade CO2 production technologies, while also keeping an eye on emerging sectors [1] - The company is strategically positioned to support China's 14th Five-Year Plan, which emphasizes the development of strategic emerging industries, including biomanufacturing and quantum technology [1] - Hangyang is leveraging its dual-engine strategy of "air separation equipment + gas business" to drive technological upgrades and enhance the industrial ecosystem [1][5] CCUS and Hydrogen Energy - The company has established a comprehensive hydrogen energy business, focusing on hydrogen production, purification, storage, and transportation, and has initiated a project in collaboration with Longze Energy and Shanghai Hydrogen Feng to produce high-purity hydrogen for fuel cell vehicles [2] - The project will have a capacity of 2825 Nm³/h for hydrogen production from coke oven gas, contributing to the development of a clean, low-carbon hydrogen energy system [2] Aerospace Industry Engagement - Hangyang has a long-standing relationship with China's aerospace industry, having been a key supplier of liquid oxygen equipment since the 1950s, and continues to provide critical products and technologies for space missions [3] - The company recently won a bid for a large liquid oxygen tank construction project at a launch site, enhancing the storage capacity and efficiency for aerospace operations [3] Nuclear Fusion and Advanced Manufacturing - The nuclear fusion market is projected to grow significantly, with estimates suggesting a market size of approximately $361.56 billion by 2025 and over $647.5 billion by 2035, indicating a strong future for this energy source [3] - Hangyang's recent success in winning a bid for a low-temperature nitrogen system project in the nuclear fusion sector highlights its growing capabilities and recognition in this field [4] Semiconductor and Specialty Gases - The company has expanded its presence in the semiconductor and specialty gases market through acquisitions, enhancing its competitive edge in high-end gas products [4] - Hangyang's helium products are widely used in advanced manufacturing sectors, including semiconductors and aerospace, and it has secured contracts to supply critical gases for major semiconductor projects [4]

Group 1 - Shanghai Rural Commercial Bank has demonstrated keen insight and commitment to long-termism in the wave of green development, winning the "12th Five-Year" Shanghai Energy Service Green Finance Support Award in 2016 [1] - The bank's green financing scale surpassed 120 billion yuan by the end of Q1 2025, with an annual compound growth rate of over 60% in green credit over the past three years, leading rural financial institutions nationwide [2] - The bank has launched innovative green financial tools, including the first chemical industry transformation financial loan and the first CCER future income rights pledge loan in the country, promoting industrial green transformation [1][2] Group 2 - The bank has integrated local rich experience with green finance and ESG concepts, actively exploring various sub-fields of green finance to create social and ecological value beyond finance itself [1] - The "Green Xin Tong Zhou" green finance brand was recently launched, outlining the "GREEN SHRCB" concept, which emphasizes globalization, regionality, evolution, economic value, and net-zero emissions [2] - The bank has provided loan services to nearly 4,500 technology enterprises, with a scale exceeding 120 billion yuan, serving a significant portion of specialized and innovative small and medium-sized enterprises in Shanghai [5][6] Group 3 - The bank has established a comprehensive ecosystem for technology finance, evolving from a single credit model to a more integrated empowerment approach, exemplified by the "Xin Dong Neng" strategic plan [6] - The bank's subsidiary, Changjiang United Financial Leasing Co., has focused on modern manufacturing, logistics, and energy, promoting inclusive, green, and equipment leasing strategies [7][8] - By the end of Q1 2025, over 35% of new green leasing investments from Changjiang United Financial Leasing were recorded, with nearly 40% of green leasing assets [8]