On December 23, CNBC reported that Julie Biel, Chief Market Strategist at Kayne Anderson Rudnick, joined Fast Money to discuss where the Russell 2000 may be headed and what investors can expect from small-cap stocks in 2026. Biel said she remains positive about small caps. She noted that they are more sensitive to economic conditions and are likely to benefit from lower interest rates as small-cap companies tend to borrow on a variable interest rate market.For the past 18 months, Biel has been saying that s ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report focuses on the latest policies, industry developments, and upcoming events in the hydrogen energy industry. The National Development and Reform Commission is promoting the national green hydrogen, ammonia, and alcohol planning layout, and multiple regions have introduced relevant industrial policies. There are also many significant industrial developments, such as the launch of new projects and the delivery of new products. Additionally, a major industry conference is upcoming [3][6][12]. 3. Summary by Directory 3.1 Industry Policies - The National Development and Reform Commission promotes the national green hydrogen, ammonia, and alcohol planning layout, including building zero - carbon transportation corridors and stations, increasing new energy supply, etc. [3][6] - Beijing encourages the construction of renewable energy projects in factories and explores the use of hydrogen energy [6]. - Urumqi plans to add no less than 20,000 tons/year of green hydrogen production capacity by 2027 [6]. - Guangzhou Baiyun promotes the application of hydrogen - fuel - cell vehicles and supports the construction of hydrogen refueling stations [6]. - Shandong Zhaoyuan focuses on developing nuclear power, wind and solar equipment, energy storage batteries, and hydrogen production industries [6]. 3.2 Industry Dynamics - A 100 - million - yuan project for 100 sets of 1000 - standard - cubic - meter alkaline electrolyzer components is about to start [7]. - Kunhua Technology delivers 200 hydrogen - powered heavy trucks in Xinjiang Hami [8]. - Dalian Shipbuilding delivers the world's first methanol - dual - fuel - powered intelligent VLCC, with significant emission reduction [8]. - Rongcheng New Energy starts the trial operation of the first batch of hydrogen - assisted two - wheeled vehicles [8]. - Jieqing Technology delivers a new small - power closed - type air - cooled system for a German hydrogen - powered drone inspection project [8]. - A 3.534 - billion - yuan project for alloy solid - state hydrogen storage materials in Inner Mongolia is approved [8]. - A 4 - billion - yuan green hydrogen project of China Guangdong Nuclear Power is in the environmental impact assessment publicity stage [8]. - China National Coal Group signs a 200,000 - ton green methanol project in Inner Mongolia [8]. - Dongfang Hydrogen Energy unveils the "Hydrogen Intelligence Safety Center" [8]. - Sunlight and Longji are pre - selected for the bid of 29 alkaline electrolyzers of State Power Investment Corporation [9]. - CIMC Enric and Datang Hainan plan to cooperate on a green methanol project in Hainan [9]. - The first "carbon compensation" trade in the hydrogen energy field in China is completed in Zhejiang Jiaxing [3][9]. - China's first million - ton - level near - zero - carbon steel production line is fully connected, with a potential carbon reduction of 50% - 80% [3][9]. - Fujian's first hydrogen - powered zero - carbon bus demonstration line (Xiamen Route 736) is opened [3][9]. 3.3 Investment and Financing Events No investment and financing events are reported [10]. 3.4 Industry Conference Forecast The 2nd China Hydrogen Energy and Fuel Cell Technology Conference will be held from January 22 to 23, 2026, in Hefei, Anhui. The conference focuses on the innovation of the entire hydrogen fuel cell industry chain, and many well - known enterprises and institutions will participate [12].

燃料电池车产业进展如何？20251228 摘要 燃料电池汽车行业在成本控制方面取得了哪些进展？未来还有哪些降本空间？ 过去五年来，燃料电池汽车行业在成本控制方面取得显著进展。例如，作为最 重要部件之一的燃料电池系统，其制造成本从 2019 年的每千瓦 1.1 万元降至 2024 年的 0.24~0.39 万元，每千瓦成本下降幅度达 17%~25%。预计今年 （2025 年）还会进一步下降。同样地，核心零部件如国鸿氢能生产的电堆， 其成本从 2019 年的每千瓦 2,200 元降至不到 1,000 元。 这些降本主要归因 于国产化替代（如膜电极、双极板等实现国产化）、规模效应提升以及技术工 艺进步（如功率密度提升及铂载荷量下降）。未来，在质子交换膜、高性能碳 纸及碳纤维等基础材料领域实现国产化突破，将进一步降低整体成本。此外， 如果新一轮五年规划出台并促进产销量增加，也将带来更明显的规模效应。因 此，"十五五"期间整个产业链仍具有较大的降本空间。 中国燃料电池车产业正处于政策推动下的示范导入期，预计"十五五" 期间将加速迈向规模化和商业化，国家通过示范城市群奖励补贴政策推 动产业链发展，但 2025 年前 10 ...

亿华通所属申万行业为：电力设备-电池-燃料电池。所属概念板块包括：小盘、氢能源、新能源车、融 资融券、H股等。 截至9月30日，亿华通股东户数1.57万，较上期增加9.27%；人均流通股0股，较上期增加0.00%。2025年 1月-9月，亿华通实现营业收入1.04亿元，同比减少67.31%；归母净利润-3.11亿元，同比减少20.66%。 机构持仓方面，截止2025年9月30日，亿华通十大流通股东中，香港中央结算有限公司位居第七大流通 股东，持股324.38万股，为新进股东。 12月24日，亿华通盘中上涨2.47%，截至09:48，报28.18元/股，成交2203.57万元，换手率0.41%，总市 值67.78亿元。 资金流向方面，主力资金净流入83.35万元，大单买入444.44万元，占比20.17%，卖出361.08万元，占比 16.39%。 亿华通今年以来股价涨16.93%，近5个交易日涨1.44%，近20日跌12.02%，近60日跌0.95%。 资料显示，北京亿华通科技股份有限公司位于北京市海淀区西小口路66号中关村东升科技园B-6号楼C 座七层C701室,香港湾仔皇后大道东248号大新金融中心40楼 ...

（文章来源：证券日报） 证券日报网讯 12月5日，亿华通在互动平台回答投资者提问时表示，公司目前产品销售主要面向国内市 场，但同时公司也会关注国际燃料电池系统市场的需求，联合上下游合作伙伴，适时进入相关市场。目 前已有搭载公司燃料电池系统的整车出口至澳大利亚。 ...

（文章来源：每日经济新闻） 亿华通（688339.SH）12月5日在投资者互动平台表示，目前搭载公司燃料电池系统的商用车辆主要以 加注气态氢为主，目前尚未开发甲醇或氨等液态载氢燃料的燃料电池系统产品。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司是否考虑过将氢结合其他化学原料，如甲 醇或氨，以此制成混合动力的系统呢？ ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司是否考虑过找海外客户寻求新订单以解决 国内有限订单带来的行业内部竞争？ 亿华通（688339.SH）12月5日在投资者互动平台表示，公司目前产品销售主要面向国内市场，但同时 公司也会关注国际燃料电池系统市场的需求,联合上下游合作伙伴，适时进入相关市场。目前已有搭载 公司燃料电池系统的整车出口至澳大利亚。 ...

亿华通回复称，公司目前产品销售主要面向国内市场，但同时公司也会关注国际燃料电池系统市场的需 求，联合上下游合作伙伴，适时进入相关市场。目前已有搭载公司燃料电池系统的整车出口至澳大利 亚。 格隆汇12月5日｜有投资者在向亿华通提问：请问贵公司是否考虑过找海外客户寻求新订单以解决国内 有限订单带来的行业内部竞争？ ...

格隆汇12月5日丨亿华通(688339.SH)在投资者互动平台表示，目前搭载公司燃料电池系统的商用车辆主 要以加注气态氢为主，目前尚未开发甲醇或氨等液态载氢燃料的燃料电池系统产品。 ...

Group 1 - The first hydrogen refueling station in China utilizing 45 MPa high-pressure hydrogen storage well technology has been operational for 1500 days, supplying over 400 tons of hydrogen [1] - The underground hydrogen storage technology is a global innovation with complete independent intellectual property rights, designed for a lifespan of 25 years [1] - The hydrogen energy port in Shanghai Jiading integrates photovoltaic power generation with hydrogen storage, allowing solar energy to be converted into hydrogen for later use [3][5] Group 2 - The photovoltaic panels on the rooftops convert sunlight into electricity, which is then transformed into hydrogen through a series of processes involving an electrolyzer [7] - Hydrogen storage is more durable and suitable for large-scale storage compared to batteries, making it ideal for addressing seasonal electricity fluctuations [9] - The stored hydrogen can be converted back into electricity using a fuel cell system, which emits only water vapor during the process [11][12] Group 3 - The electrolyzer's membrane electrode is crucial for determining hydrogen production efficiency and purity, while the bipolar plate ensures uniform distribution of hydrogen and oxygen [13] - The technology developed in Shanghai is set to be implemented in western regions with abundant sunlight, combining Shanghai's technology with western resources [14] - By 2026, it is expected that over 10 hydrogen energy comprehensive stations based on this technology will be established nationwide, transitioning the hydrogen energy industry from laboratory to market [15]