宏观点评 中国政策 – 两会政策信号 2026 年政府工作报告务实地下调了经济增长目标，同时财政支持力度略有 减弱，反映出决策者在"新旧动能转换"过程中，愿意容忍短期内增速放缓 以换取中长期的更高质量发展。政策重点转向稳投资，通过更多财政资源投 入，以吸引私人资本流入人工智能基础设施、数字产业和绿色产业等新兴领 域。对消费和住房的增量支持基本符合预期，社会福利、以旧换新补贴和额 外住房市场刺激措施没有超预期。值得注意的是，政府首次将再通胀作为明 确的政策目标，致力通过供需再平衡实现价格水平的温和合理复苏。总体而 言，我们认为政策重点将以稳投资为主导，同时定向支持消费复苏和推动价 格水平回升。财政预算预示 2026 年名义 GDP 增长率约为 5%，根据我们预 测，2026年实际GDP增长率将约为 4.6%，GDP平减指数约为 0.4%。（链 接） 2026 年 3 月 6 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观/行业/公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- ...

氢燃料电池行业尚处于商业化初期，市场竞争加剧导致产品价格持续承压，受资金周转压力的影响，公 司采取审慎拓展的市场策略，导致报告期内燃料电池系统销量同比下滑，整体盈利能力受到影响。 格隆汇2月27日丨亿华通(688339.SH)公布2025年度业绩快报，报告期内，公司实现营业收入26,212.57万 元，同比下降28.51%；实现归属于母公司所有者的净利润-62,829.39万元，同比下降37.65%；实现归属 于母公司所有者的扣除非经常性损益的净利润-68,588.04万元，同比下降26.37%。 ...

Core Viewpoint - Yihuatong (02402) reported a significant decline in revenue and an increase in net losses for the fiscal year 2025, indicating challenges in its operational performance and market conditions [1] Financial Performance - Total revenue for the year was approximately 262 million yuan, representing a year-on-year decrease of 28.51% [1] - The net loss attributable to the parent company was around 628 million yuan, which is a year-on-year increase of 37.65% [1] - Basic loss per share was reported at 2.71 yuan [1] Contributing Factors - The increase in losses was primarily due to the company's cautious market strategy in response to cash flow pressures, leading to a decline in fuel cell system sales [1] - The company recognized an increase in credit impairment losses and asset impairment losses based on accounting prudence principles compared to the previous year [1] - Investment losses from joint ventures increased year-on-year, influenced by market conditions and the operational status of associated companies [1]

公告称，亏损增长主要因为：一是公司受资金週转压力採取审慎市场策略，燃料电池系统销量同比下 滑;二是公司基于会计谨慎性原则，本期计提的信用减值损失与资产减值损失同比有所扩大;叁是受市场 环境及参股公司经营状况影响，对联营企业的投资损失同比增加。 智通财经APP讯，亿华通(02402)公布2025年度业绩快报，营业总收入约2.62亿元，同比减少28.51%;归 属于母公司所有者的净亏损约6.28亿元，同比增长37.65%;基本每股亏损2.71元。 ...

亿华通发布业绩快报，2025年度公司实现营业收入2.62亿元，同比下降28.51%；净利润亏损6.28亿元， 同比下降37.65%。氢燃料电池行业尚处于商业化初期，市场竞争加剧导致产品价格持续承压，受资金 周转压力的影响，公司采取审慎拓展的市场策略，导致报告期内燃料电池系统销量同比下滑，整体盈利 能力受到影响。 ...

亿华通公告，公司2025年实现营业收入26,212.57万元，同比下降28.51%；实现归属于母公司所有者的 净利润-62,829.39万元，同比下降37.65%；实现归属于母公司所有者的扣除非经常性损益的净利 润-68,588.04万元，同比下降26.37%。氢燃料电池行业尚处于商业化初期，市场竞争加剧导致产品价格 持续承压，受资金周转压力的影响，公司采取审慎拓展的市场策略，导致报告期内燃料电池系统销量同 比下滑，整体盈利能力受到影响。 ...

| The Real Property of Children Come of > | | | --- | --- | | 序号 | 股东名称 | | 序号 | 股东名称 | 持股比例 ÷ | 认缴出资额(万元) ÷ | 认缴出资日期 ៖ 首次持股日期 ៖ 关联产品/机构 | | | --- | --- | --- | --- | --- | --- | | | 安徽明天新能源科技有限公司 安徽 明天 大股东 | 72.20% | BVIP | 2026-02-10 | 安徽明天科技 | | | 合肥华升泵阀股份有限公司 新三板 | 10.00% | BVIP | 2026-02-10 | 华升泵阀 | | | lenco == 合肥中科类脑智能技术有限公司 | 10.00% | BVIP | 2026-02-10 | 中科类脑 | | | 氢能 六安氨能染号企业管理中心 (有限合伙) ※号 | 7.80% | BVIP | 2026-02-10 | | 安徽明天新能源科技有限公司（以下简称"明天新能源"）成立于2017年6月7日，注册地位于安徽省合肥市经济技术开发区，法定代表人为王朝云。公司专 注于氢能及燃 ...

Group 1 - The promotion of fuel cell vehicles during the 14th Five-Year Plan period has not met expectations, with the industry facing challenges such as weak growth, poor profitability, and accounts receivable backlog [1][2] - In Q4 2025, a surge in fuel cell vehicle orders occurred, but sales momentum has been insufficient since 2024, primarily due to the impact of policy changes [2][4] - The average price of fuel cell systems has decreased by nearly 90% since 2018, creating significant challenges for profitability among manufacturers [7][10] Group 2 - The promotion of fuel cell vehicles is constrained by three main bottlenecks: cost disadvantages due to subsidy reductions, slow infrastructure development, and long accounts receivable cycles [2][11][15] - Despite short-term pressures, China's hydrogen energy strategy remains firm, with expectations for new supportive policies and the expansion of application scenarios, indicating potential for long-term growth [2][24] - The application of fuel cells is expanding beyond transportation to include power generation, energy storage, and rail transit, suggesting a second growth curve for the industry [29][30][33] Group 3 - The transition from nationwide purchase subsidies to a reward-based system for specific regions has stimulated growth in fuel cell vehicle production and sales from 2021 to 2023 [5][4] - The construction of hydrogen refueling stations has not kept pace with expectations, impacting the convenience of hydrogen refueling and limiting the operational radius of fuel cell vehicles [14][15] - New policies, such as highway fee exemptions for hydrogen vehicles, have been introduced in multiple provinces, potentially reducing operational costs and enhancing competitiveness against electric trucks [24][26]

Core Viewpoint - The fuel cell vehicle industry is facing challenges such as slow growth, poor profitability, and accounts receivable backlog, but there is potential for long-term development supported by national hydrogen energy strategies and new application scenarios [1][2][15]. Group 1: Current Industry Status - The sales of fuel cell vehicles have shown insufficient growth momentum since 2024, with a surge in demand observed in 4Q25, yet still falling short of the 2025 targets [1][4]. - The average price of fuel cell systems has decreased by nearly 90% since 2018, creating significant challenges for profitability as the industry remains in a bottoming phase [1][6]. - Three major bottlenecks hindering the promotion of fuel cell vehicles include cost disadvantages due to subsidy reductions, slow construction of hydrogen refueling stations, and long payment cycles for subsidies leading to cash flow pressures for companies [1][10][13]. Group 2: Policy and Strategic Support - Despite short-term pressures, hydrogen energy is positioned as a key component of China's future energy system, with ongoing policy support such as highway fee exemptions and the construction of "hydrogen corridors" [2][23][22]. - The transition from nationwide purchase subsidies to a reward-based system for demonstration areas has stimulated growth in fuel cell vehicle production and sales from 2021 to 2023 [3][4]. - New cities are joining fuel cell vehicle demonstration city clusters, which is expected to accelerate industry development and increase financial support for fuel cell vehicle sales [22]. Group 3: Future Prospects and Applications - The fuel cell application market is expanding beyond transportation to include fixed power generation and energy storage, indicating a second growth curve for the industry [27][29]. - The establishment of hydrogen corridors is expected to enhance the convenience of hydrogen refueling, thereby accelerating the adoption of fuel cell vehicles in logistics and transportation [24][26]. - The National Energy Administration has initiated pilot projects in hydrogen energy, which will further clarify the potential for fuel cells in fixed power generation and energy storage applications [29][30].

Core Viewpoint - The fuel cell vehicle promotion during the 14th Five-Year Plan period is lagging behind expectations, with the industry facing challenges such as weak growth, poor profitability, and accounts receivable backlog. However, the hydrogen energy strategy remains clear, and new support policies are anticipated, which may help the fuel cell industry gradually overcome short-term difficulties and possess significant long-term growth potential [1]. Group 1: Market Dynamics - In 4Q25, a rush to install fuel cell vehicles is expected, but there remains a gap to the 2025 phase target. Since 2024, the sales momentum for fuel cell vehicles has been insufficient, influenced by the policy window period [2]. - The average price of fuel cell systems has decreased by nearly 90% since 2018, posing significant challenges to profitability for manufacturers, with the industry still in a bottoming phase [2]. Group 2: Bottlenecks in Promotion - The promotion of fuel cell vehicles faces multiple obstacles: first, the reduction of subsidies has highlighted cost disadvantages, intensifying competition from electric vehicles; second, the construction speed of hydrogen refueling stations has not met expectations, complicating refueling convenience and reducing investment motivation due to high construction costs; third, the long cycle of subsidy fund disbursement has led to accounts receivable backlog, which may pressure company operations and limit research and expansion capabilities [3]. Group 3: Long-term Development Outlook - Despite short-term pressures, the country positions hydrogen energy as a key component of the future energy system, essential for achieving carbon neutrality in non-electric sectors. Policy-wise, various regions are advancing hydrogen energy industry plans, with ongoing support measures such as toll fee reductions and "hydrogen corridors" construction; application-wise, fuel cell applications are expanding from transportation to power generation, energy storage, and rail transit, indicating a potential second growth curve that supports long-term industry development [4].