Core Viewpoint - The fuel cell vehicle (FCEV) market is experiencing significant declines in both sales and installed capacity, indicating potential challenges for the industry moving forward [3][5]. Group 1: Market Performance - From January to July 2025, a total of 2,318 FCEVs were registered, representing a year-on-year decrease of 49.9% [3]. - The cumulative installed capacity for fuel cells reached 298.91 MW during the same period, which is a year-on-year decrease of 23.8% [3]. - In July 2025, the installed capacity for fuel cells was 41.54 MW, showing a year-on-year decline of 66.3% and a month-on-month decrease of 41.7% [5]. Group 2: Sales Data - In July 2025, the number of FCEV registrations was 351 vehicles, reflecting a year-on-year decrease of 63.1% and a month-on-month decrease of 41.4% [5]. Group 3: Market Concentration - The top 10 companies contributing to FCEV registrations include YunTao Hydrogen Energy, GuoQing Technology, YiHuaTong, and others, with YunTao Hydrogen Energy leading by supplying 104 vehicles, accounting for nearly 30% of the total [7]. - The market concentration among the top five companies is notably high, reaching 88.3% [7].

Core Insights - The article discusses the achievements and challenges of China's fuel cell vehicle (FCV) industry following a four-year subsidy policy, emphasizing the need for continued policy support to ensure sustainable development [2][5][13]. Summary by Sections Achievements in Demonstration Applications - Over the past three years, the central government has allocated more than 5.1 billion yuan in rewards, leading to a cumulative sales figure of 30,000 fuel cell vehicles by June 2025, with major cities promoting over 17,000 units across various applications [2][3]. - Key advancements include product performance reaching international standards, significant cost reductions in fuel cell systems, and a nearly complete domestic supply chain with over 90% localization [3][4]. Industry Bottlenecks - Despite progress, the FCV industry faces challenges such as high costs, limited market scale, and insufficient exploration of hydrogen applications beyond vehicles [5][6]. - The hydrogen supply infrastructure is still developing, with a concentration of refueling stations in select cities, and the end-user hydrogen prices remain uncompetitive compared to fossil fuels [5][6]. Policy Support and Future Directions - Continued national and local policy support is crucial for the FCV industry's growth, especially as the current subsidy program is set to expire at the end of 2025 [13][14]. - Recommendations include expanding support to various hydrogen applications, enhancing financial mechanisms, and focusing on long-haul commercial vehicles to leverage the environmental benefits of FCVs [14][15]. Local Government Initiatives - Local governments have played a significant role in promoting FCVs through policies such as toll exemptions for hydrogen vehicles, which have shown positive results in demonstration projects [10][11]. - The establishment of over 550 hydrogen refueling stations positions China as a global leader in hydrogen infrastructure, contributing to the economic viability of FCVs [4][12]. Strategic Importance of Fuel Cell Vehicles - The development of FCVs is seen as strategically important for supporting the hydrogen energy system and achieving carbon neutrality goals, particularly in the commercial vehicle sector [8][9][14].

Group 1: Price Trends and Market Demand - Precious metal prices have significantly increased, with platinum and silver seeing notable price hikes, leading to a surge in consumer interest and sales [2][3] - As of August 4, platinum (Pt99.95) closed at 314.56 yuan per gram, up 40.57% from 223.77 yuan per gram at the end of 2024, while silver (Ag99.99) closed at 9201 yuan per kilogram, up 20.75% from 7620 yuan per kilogram at the end of 2024 [2] Group 2: Industrial Demand Drivers - Strong industrial demand is a core driver for the rising prices of precious metals, with silver being widely used in photovoltaic, 5G devices, and electronic components, and platinum playing a crucial role in the hydrogen energy industry [3] - The global energy transition has accelerated the installation of photovoltaic systems, directly boosting silver demand, while platinum's demand in fuel cell vehicles and hydrogen production is rapidly expanding [3] Group 3: Geopolitical Factors - Geopolitical risks have significantly increased the safe-haven premium for silver and platinum, with ongoing conflicts affecting the export of platinum group metals from Russia and instability in the Middle East threatening key mineral transport routes [3] - The geopolitical conflicts and global economic uncertainties have heightened market risk aversion, leading to concerns over supply disruptions and triggering stockpiling behaviors [3] Group 4: Consumer Impact and Investment Trends - The rising prices of precious metal products are leading consumers to consider alternatives such as K-gold or gold-plated items, while the costs of renewable energy products may increase, indirectly raising the costs of green energy transitions [4] - There is a growing interest among individual investors in precious metals as a hedge against inflation, although high prices increase the risks associated with short-term speculation [5]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The hydrogen energy sector is a key focus in the platinum market. Platinum is a crucial catalyst in proton exchange membrane technology, while palladium is used in hydrogen purification but has low technology penetration due to high costs [1][2][63]. - The hydrogen energy industry is currently in a bottleneck period, facing challenges in technology, cost, safety, and infrastructure. These factors limit the growth of downstream hydrogen demand [2][26]. - By 2030, platinum demand in the hydrogen energy sector is expected to reach around 5.53 tons. In the next 5 years, this demand will remain small and unlikely to impact the overall platinum supply - demand balance. The growth of platinum demand is slower than expected due to the decline in fuel - cell vehicle sales, and proton exchange membrane electrolyzers may surpass fuel - cell vehicles as the main application scenario for platinum demand in the hydrogen energy sector [2][59][60]. Summary by Directory 1. Tracing the Origins: Physical and Chemical Properties of Platinum and Palladium and Their Applications in the Hydrogen Energy Industry - In 2024, global platinum demand in hydrogen - related fields was only about 44 thousand ounces, accounting for 0.53% of the total demand. There is no separate statistical data for palladium in the hydrogen - related field [6]. - Platinum is mainly used in hydrogen production and utilization, while palladium is mainly used in the purification stage of hydrogen production [10]. - Platinum is a catalyst material for proton exchange membranes. Proton exchange membranes are widely used in hydrogen production and utilization. Platinum has high catalytic activity and acid - resistance stability, making it suitable for this role [12][18][19]. - Palladium can selectively permeate hydrogen and is used in hydrogen purification. However, due to high costs, the palladium membrane method has low penetration compared to the PSA method [20][21][25]. 2. A Long Road Ahead: Analysis of the Hydrogen Energy Industry Development - **Current situation**: Electrolytic water hydrogen production is growing rapidly, but fuel - cell vehicles, the main application of hydrogen fuel cells, are facing difficulties in promotion, with a decline in new promotion numbers [2][27]. - **Advantages**: Hydrogen energy has excellent coupling with renewable energy, which can solve the mismatch between renewable energy power generation and power consumption [29][30]. - **Policy differences**: China views the hydrogen energy industry as an important means to achieve the dual - carbon goal. Japan and South Korea focus on fuel - cell vehicles, while EU countries represented by Germany emphasize environmental protection and energy supply [2][34][36]. - **Bottlenecks**: The hydrogen energy industry is restricted by technology, cost, safety, and infrastructure, which limit the growth of downstream hydrogen demand [2][26][38]. 3. Long - Term Strategy: Estimation of Platinum and Palladium Demand in the Hydrogen Energy Industry - **Single consumption of core applications**: In fuel - cell vehicles, the estimated platinum consumption per passenger car is about 25 grams, and per commercial vehicle is about 65 grams. For proton exchange membrane electrolyzers, the estimated platinum consumption per megawatt is about 700 grams. Reducing platinum loading is a major research direction in the proton exchange membrane industry [42][43][44]. - **Development prediction of related fields**: For proton exchange membrane electrolyzers, the maximum installed capacity of announced projects is about 520GW, but after excluding early - stage projects, the maximum installed capacity from 2025 - 2030 is 225GW. It is predicted that by 2030, the new installed capacity of proton exchange membrane electrolyzers will have a compound annual growth rate of 44% - 56%. For proton exchange membrane fuel cells, considering infrastructure challenges, it is predicted that by 2030, fuel - cell commercial vehicle sales will have a small compound annual decline of 1% - 5%, and passenger vehicle sales will have a larger decline of 23% - 27% [48][50][54]. - **Prediction results**: By 2030, platinum demand in the hydrogen energy sector is expected to reach around 5.53 tons. In the next 5 years, this demand will be small, the growth rate is slower than expected, and proton exchange membrane electrolyzers may become the main application scenario for platinum demand [59][60][61].

Core Viewpoint - The increasing emphasis on hydrogen energy by government officials, particularly in Shanxi Province, indicates a growing recognition of its importance alongside wind and solar energy, marking the fourth mention in three years, which is expected to drive interest and investment in the sector [1][3]. Group 1: Hydrogen Energy Development - The support for hydrogen energy in Europe and the U.S. has exceeded expectations, with the extension of tax credits under Trump's "Build Back Better" plan and new aggressive legislation in Europe aimed at providing direct government investment and subsidies for low-carbon hydrogen and methanol [1][3]. - The fuel cell vehicle insurance volume showed a recovery in June, with 599 vehicles insured, representing a year-on-year increase of 54%, while the total for the first half of the year was 1,965 vehicles, down 22% year-on-year [2]. - The installed capacity of fuel cell systems reached 133 MW in June and 389 MW in the first half of the year, reflecting a year-on-year increase of 185% and 21% respectively, driven by the active performance of major system manufacturers [2]. Group 2: Electrolyzer and Methanol Projects - The bidding volume for electrolyzers surged to 568 MW in June and July, with a total of 1.35 GW from January to July, marking a 76% year-on-year increase, indicating a forthcoming large-scale opening of bids for electrolyzers [2]. - The demand for methanol is accelerating due to the green shipping requirements under the IMO policy, with numerous projects being launched, particularly in methanol production, which is expected to enhance the progress of green hydrogen projects [3]. - Several significant projects have been initiated, including the start of a green methanol project by Jidian Co., the production launch of a 50,000-ton green methanol project by Shanghai Electric, and an increase in planned production capacity by Goldwind Technology from 500,000 tons to 850,000 tons, a 70% increase [3].

Group 1 - The National 7 emission standard, known as the "strictest environmental regulation in history," is currently under development and is expected to be released in 2027 and implemented in 2029 [2][11] - The National 7 standard will significantly impact both traditional and new energy vehicles, with major changes noted in the light-duty vehicle standards [3][4] - The standard aims to achieve six goals, including coordinated control of pollutants and greenhouse gases, enhanced real-world emission management, and the introduction of smart monitoring for vehicle emissions [4][6] Group 2 - The National 7 standard introduces stricter testing requirements compared to the previous National 6 standard, including the inclusion of new energy vehicles in emission regulations [5][9] - Key changes in the National 7 standard include the introduction of a flexible limit system and fleet average emission control, as well as enhanced monitoring of evaporative emissions and non-tailpipe particulate matter [6][8] - The standard sets ambitious target values for 2030, aiming for significant reductions in pollutant and greenhouse gas emissions from passenger and light commercial vehicles [7][10] Group 3 - The National 7 standard incorporates new testing requirements for hybrid vehicles, emphasizing the need for rigorous evaluation of their emissions performance [6][9] - The standard mandates real-time monitoring of new energy vehicle emissions through remote OBD data reporting and strengthens software anti-tampering requirements [9][10] - The weight of electric vehicle batteries, which can significantly impact particulate emissions from braking and tire wear, is also addressed in the context of the new standards [11]

Core Viewpoint - The fuel cell vehicle market in 2025 experienced a significant rebound in June, with a year-on-year increase of 54.4% in vehicle registrations, indicating potential growth despite a decline in the first half of the year [2][6]. Summary by Sections Market Performance - In June 2025, the number of fuel cell vehicles registered reached 599, up from 388 in the same month last year, marking a 54.4% year-on-year increase and a 395% month-on-month increase from May [2][4]. - For the first half of 2025, a total of 1,967 vehicles were registered, which represents a 22% decrease compared to the same period last year. The installed capacity was 253.69 MW, down 5.54% year-on-year [3][6]. Future Outlook - Despite the strong rebound in June, there remains a significant gap to achieve the annual target of over 10,000 vehicle registrations, with 8,033 vehicles needed in the second half of the year. This requires an average monthly registration of 1,338 vehicles, which is substantially higher than current levels [6]. - Achieving this target will necessitate continuous cost reduction and efficiency improvements across the industry, as well as stronger policy support in areas such as hydrogen station construction, operational subsidies, and the expansion of application scenarios [6].

Core Insights - The Zhengzhou Urban Circle is rapidly developing as a new economic growth area in China, having been designated as the 10th national urban circle by the National Development and Reform Commission [1] - The construction of the Zhengzhou Urban Circle is part of a national strategy to promote the rise of central China, with Zhengzhou positioned as the leading city [1] - By May 2025, the Zhengzhou Urban Circle is expected to rank 7th in area, 4th in population, and 10th in economic output among the 17 approved urban circles in China [1] Transportation Infrastructure - Transportation is prioritized in the development of the urban circle, with projects like the Zhengkai Intercity Railway significantly reducing commute times between cities [2][4] - The Zhengkai Intercity Railway has been fully operational since March 2025, allowing travel between Zhengzhou and Kaifeng in as little as 25 minutes [4] - The Zhengxucheng Railway, which opened in December 2023, has facilitated economic integration between Zhengzhou and Xuchang, connecting 13 industrial parks [5] Ecological Development - The ecological environment along the Yellow River has improved, with bird species in the Zhengzhou Yellow River Wetland Nature Reserve increasing by over 50% in five years [7] - Zhengzhou has constructed 76.5 kilometers of cycling paths and 36 kilometers of walking paths along the Yellow River, enhancing the area's ecological landscape [9] - Collaborative ecological governance initiatives have been launched with neighboring cities to improve water quality and air quality in the region [10] Industrial Collaboration - The Zhengzhou Urban Circle is focusing on high-energy manufacturing ecosystems, with the industrial output value of the "1+5" cities in the circle accounting for 51.5% of the province's total [11] - In 2024, the industrial output value of Zhengzhou increased by 10.5%, with significant growth in key sectors such as electronics and automotive manufacturing [11][12] - The Zhengkai Automotive Industry Belt has attracted over 10 well-known car manufacturers, establishing a comprehensive automotive production base [14] Future Development Goals - Zhengzhou aims to enhance its role as a core city in the urban circle, focusing on integrated development with surrounding cities and improving transportation networks [20][22] - The city plans to strengthen its economic and technological capabilities, aiming to create a modern urban circle that is interconnected and efficient [20][24] - Initiatives are underway to promote cultural and ecological cooperation, ensuring that urban development aligns with environmental sustainability [22][24]

Group 1 - The Japan International Smart Energy Week, the largest and most influential renewable energy exhibition in Asia, will take place from March 17 to 19, 2026, at the Tokyo Big Sight, attracting over 1,600 exhibitors and 70,000 professional visitors [2] - The exhibition will focus on cutting-edge areas such as photovoltaics, hydrogen energy, energy storage, and smart grids, serving as a crucial platform for companies to expand into the Japanese and Asian markets [2][3] - The PV EXPO section will showcase breakthroughs in photovoltaic technology, including high-efficiency solar cell modules and BIPV innovations, driven by Japan's policy mandating solar panel installation in new residential buildings [3] Group 2 - The Hydrogen and Fuel Cell Expo will highlight Japan's leading position in the hydrogen industry, featuring technologies across the entire hydrogen production, storage, and application chain, with major companies like Mitsubishi and Toyota expected to present next-generation fuel cell vehicles [5] - The BATTERY JAPAN section will present the competitive landscape of next-generation battery technologies, focusing on sodium-ion batteries, solid-state batteries, and supercapacitors, with major players like Panasonic and LG Chem likely to unveil high energy density products [5] - The newly added "Green Transformation Week" segment will emphasize decarbonization and the circular economy, reflecting a shift in the global energy sector towards systematic carbon reduction [7] Group 3 - The exhibition will feature 200 industry forums discussing the challenges and opportunities in the hydrogen economy, attracting policymakers and industry leaders [5] - The event will provide a key entry point for Chinese companies into the Japanese market, with support services for intellectual property guidance and subsidy applications to lower participation barriers [7]

Core Viewpoint - The hydrogen fuel cell vehicle demonstration project initiated by five ministries has achieved significant results, but further support is urgently needed for the continued development of fuel cell vehicles in China [1][2][3]. Group 1: Achievements of the Demonstration Project - The project has led to product performance reaching or nearing international advanced levels [1]. - Key components have seen innovative breakthroughs, forming a complete industrial chain [1]. - The cost of fuel cells has significantly decreased, with stack costs dropping from 15,000 yuan per kilowatt in 2017 to 1,000 yuan per kilowatt, and system costs below 2,000 yuan per kilowatt [1]. - Nearly 30,000 fuel cell vehicles have been promoted, ranking second in the world, primarily focusing on commercial vehicle applications [1]. Group 2: Bottlenecks After Project Completion - Market promotion requires a certain scale, and signs of market contraction have emerged following the end of the demonstration project [2]. - Most companies in the fuel cell industry are in the entrepreneurial mid-stage and operating at a loss, risking bankruptcy without continued development support [2]. Group 3: Strategic Importance of Continued Support - Continued support for fuel cell vehicles is crucial for the development of the hydrogen energy system, which is essential for achieving carbon neutrality [4]. - Hydrogen energy is a key carrier for storing fragmented renewable energy, and fuel cell vehicles are a leading application area [4]. - The significant reduction in fuel cell system costs in China allows for market development under supportive policies, particularly in the commercial vehicle sector [3][4]. Group 4: Recommendations for Continued Support - Initiate a second phase of the demonstration project, focusing on long-distance heavy commercial vehicles while reducing financial support by half [5]. - Expand toll fee discounts to create favorable market conditions driven by policy incentives [5]. - Broaden the range of supported technologies to include hydrogen, alcohol, and ammonia engines, facilitating the construction of the hydrogen energy system [6]. - Allow the use of industrial by-products for hydrogen, alcohol, and ammonia fuels temporarily, promoting overall industry development [6].