内容概要：电解槽作为电化学工业核心设备，通过电化学反应实现物质分解或合成，广泛应用于氯碱、 冶炼、水处理及绿氢制备等领域。近年来，国家将氢能纳入国家能源体系，出台多项政策支持电解槽技 术创新与市场拓展，为其发展提供制度保障。随着"双碳"战略推进，绿氢制备成为电解槽需求增长最快 领域，截至2024年底中国规划绿氢项目超700个，对应电解槽需求143GW。产能上，2024年我国电解槽 总产能达47.7GW/年，2025年有望突破58GW。货量方面，虽2024年出货量有所回落，但随着绿氢项目 落地及海外需求增长，2025年有望翻倍。价格上，各技术路线产品价格均有回落。招标市场近三年爆发 式增长。中国电解槽行业正高速发展，未来企业需通过技术差异化、标准化认证及全球化布局构建竞争 优势，以应对行业洗牌与"双碳"目标下的长期机遇。 相关企业：中船（邯郸）派瑞氢能科技有限公司、西安隆基氢能科技有限公司、考克利尔竞立（苏州） 氢能科技有限公司、阳光氢能科技有限公司、上海氢器时代科技有限公司、长春绿动氢能科技有限公 司、三一氢能有限公司、天津市大陆制氢设备有限公司、北京中电丰业技术开发有限公司、苏州青骐骥 科技（集团）有限公司 ...

□ 杨丽媛 当前，整个吴江地区12家氢能企业，有10家落户吴江开发区，产业规模近百亿元。细看来，从燃料电池 材料到终端应用产品，当地氢能"制、储、输、用"的全产业链条初具雏形，先发优势显著。 "发展氢能产业，是吴江开发区培育新质生产力、抢占未来发展制高点的战略选择。"在吴江经济技术开 发区相关负责人看来，布局氢能产业是顺势而为，更是主动出击。 7月25日，吴江经济技术开发区举办氢能产业链对接座谈会。来自苏州、上海、嘉兴三地的28家氢能企 业代表围坐一堂，谈市场、提诉求、谋合作，共话氢能产业未来。 这是吴江开发区继机床、新型显示、汽车产业链对接会后，举办的第四场细分领域产业链对接会。对接 会突破地域壁垒，以产业链为媒，将"上下游"变成"左右桌"，为企业家提供直接对话平台，其背后隐含 吴江开发区以产业链协同，破题氢能产业发展的深层考量。 氢能是一种清洁二次能源，在我国能源转型战略中扮演重要角色。今年，《中华人民共和国能源法》正 式实施，首次从法律层面确立了氢能的能源地位。当前，氢能产业已成为我国加速培育的新兴产业之 一。 从苏州市层面来讲，氢能已被纳入新能源产业重点发展版图。《苏州市国民经济和社会发展第十四个五 ...

Industry Overview - The term "anti-involution" has become a high-frequency keyword in the photovoltaic industry, reflecting strong market expectations for policy enforcement [1] - The photovoltaic industry chain has seen varying degrees of price increases, with polysilicon futures prices rising over 60% recently, and spot prices rebounding from a low of 30,000 yuan/ton [1] - As of July 25, the CSI Photovoltaic Index has increased by over 17% since its low in June, indicating a potential industry bottoming out [2] Policy and Market Dynamics - The urgency to address price wars in the photovoltaic industry has intensified, with government meetings emphasizing the need to combat involution and promote capacity exit [3] - Recent regulations require sales prices to not fall below cost, leading to significant increases in silicon material prices [4] - Multiple broker reports suggest that the photovoltaic sector is at a bottom in terms of prices and profitability, with expectations for a rebound driven by supply-side policy reforms [6] Company Spotlight: Duliang Energy - Duliang Energy has established a strong competitive edge in the clean energy sector, focusing on energy-saving and clean energy technologies [7] - The company has developed a complete photovoltaic industry chain, including polysilicon core equipment and solar cell components, and is actively involved in hydrogen energy technology [7] - Duliang Energy's recent contract for a 450 million yuan green hydrogen system has garnered significant attention, showcasing its competitive advantage in the hydrogen sector [8] Growth Potential - Duliang Energy's strategic foresight in hydrogen energy has positioned it well for future growth, with a focus on high-performance alkaline electrolyzers [8] - The company has secured several international project orders, indicating strong market recognition and trust in its hydrogen technology [8] - The photovoltaic sector is expected to see a valuation recovery, with Duliang Energy benefiting from both operational stability and favorable policies [10][11] Financial Outlook - Duliang Energy anticipates a 2.96% increase in silicon wafer shipments and a 210.48% increase in component shipments in 2024, despite facing negative gross margins [13] - The company's gross margin is projected to improve to 4.52% in Q1 2025, reflecting a 13.8% quarter-on-quarter increase as the industry stabilizes [13] - The demand for electrolytic water hydrogen production equipment is expected to exceed 2.37 GW in 2024, providing long-term growth opportunities for Duliang Energy [13]

Core Insights - The hydrogen energy industry is rapidly developing under the "dual carbon" goals, with significant projects underway, including the world's largest green hydrogen and ammonia integration project in Songyuan, Jilin Province, and a large-scale green hydrogen to methanol project in Inner Mongolia [1][2] - The Chinese government is actively promoting hydrogen energy through various policies and pilot programs, which has instilled confidence in industry stakeholders and accelerated development [2][3] - Companies are increasingly focusing on hydrogen energy, forming strategic partnerships and investing in technology to enhance production, storage, and transportation capabilities [3][4] Policy and Capital Support - The National Energy Administration has initiated hydrogen energy pilot projects to explore diverse development paths and promote the entire hydrogen energy supply chain [2] - Local governments, such as Fujian and Wuhan, have released long-term plans and action schemes to support hydrogen energy development [2] - The industry is experiencing a surge in favorable policies, which are boosting confidence among stakeholders [2] Technological Advancements - Electrolysis of water is a primary method for hydrogen production, with significant advancements in technology leading to a projected increase in production capacity by approximately 62% in 2024 [4] - Various electrolysis technologies, including alkaline, proton exchange membrane (PEM), and solid oxide (SOEC), are being developed to enhance efficiency and reduce costs [4] - Companies are investing heavily in research and development, with some allocating over 20% of their revenue to R&D efforts [4] Industry Collaboration and Challenges - The hydrogen energy sector faces challenges in achieving commercial viability, particularly in storage and transportation [5][7] - A significant project for long-distance hydrogen transportation via pipeline has been approved, which is expected to lower transportation costs compared to liquid hydrogen [5][7] - Industry stakeholders are encouraged to collaborate across the supply chain to optimize technology, cost control, and infrastructure development [5][6][7] Market Dynamics - The focus of capital investment is shifting from application to supply, emphasizing the importance of cost-effective hydrogen sources for market scalability [3] - The green hydrogen projects require substantial investment and a comprehensive assessment of the entire supply chain to ensure economic viability [7] - The hydrogen industry is still in its early stages, with many companies being relatively small, necessitating collaboration to address market demands and drive growth [7]

Core Viewpoint - The article discusses the significant advancements in the electrolyzer industry, highlighting the shift from quantity competition to a focus on technological depth, which is crucial for improving efficiency, cost, safety, and environmental impact in hydrogen production [2][3]. Summary by Sections Technological Breakthroughs - The electrolyzer industry is witnessing a transition where companies are achieving remarkable technological breakthroughs, such as Blue Star North Chemical's alkaline technology current density surpassing 12000 A/m² and Trina's PEM electrolyzer reducing precious metal usage by 80% [2][3]. New Product Launches - In the first half of 2025, a total of 10 new alkaline electrolyzers and 6 PEM electrolyzers were launched, indicating a strategic shift towards enhancing product performance rather than merely increasing quantity [2][3]. Company Innovations - Sinopec launched a new square alkaline electrolyzer with a hydrogen production capacity of 2000 Nm³/h, featuring smart inspection technology that reduces maintenance costs by 90% [5]. - Trina's new generation alkaline electrolyzer boasts a current density of 4000 A/m² with a direct current consumption of less than 4.3 kWh/Nm³, achieving international first-class energy efficiency [6]. - Liyuan Technology introduced a first-generation alkaline electrolyzer that reduces weight by 40% and enhances operational efficiency through innovative design [7][9]. - Shanghai Electric unveiled a new series of hydrogen production systems capable of high efficiency and easy maintenance [10][11]. Performance Enhancements - The new products are designed to improve hydrogen production efficiency, with several models achieving significant reductions in energy consumption and operational costs, thus enhancing the economic viability of green hydrogen production [3][4]. Market Implications - The advancements in electrolyzer technology are expected to drive the economic viability of the green hydrogen industry, marking a pivotal shift from theoretical potential to practical competitiveness [3].

Core Viewpoint - The article emphasizes the upcoming development boom in the hydrogen energy sector, driven by new policies and pilot projects outlined by the National Energy Administration, focusing on green power and green chemicals as core areas for hydrogen development [2][3][4]. Policy Interpretation - **Support Policy 1**: Project pilots will promote advanced hydrogen technologies and key equipment, ensuring clear commercial models and significant carbon reduction effects. Central government funding for smart grid projects is approximately 960 million yuan, which can include hydrogen power projects [6]. - **Support Policy 2**: Encourages renewable energy consumption and hydrogen production during low electricity demand periods, aiming to reduce hydrogen production costs and improve energy efficiency [7]. - **Support Policy 3**: Local energy departments will enhance support for pilot projects, addressing cost management and safety, and promoting the replication of successful models [8]. - **Support Policy 4**: Eligible projects will receive priority for long-term loans and support for major technological equipment, facilitating the establishment of industry standards [9]. - **Support Policy 5**: The National Energy Administration will coordinate major issues faced by pilot projects, ensuring they are included in significant engineering project databases [10]. Pilot Directions - **Hydrogen Production**: Focus on large-scale hydrogen production using renewable energy sources, with specific requirements for electrolyzer capacity and operational flexibility [12][13][15]. - **Hydrogen Storage and Transportation**: Emphasizes the need for efficient long-distance hydrogen transport through pipelines and liquid hydrogen, with specific capacity requirements for transport vehicles and storage projects [16][18]. - **Hydrogen Applications**: Highlights the role of hydrogen in green chemical processes and energy supply, with specific targets for renewable hydrogen production and integration into existing energy systems [20][21][23][24]. Common Support - **Hydrogen Verification Platforms**: Establishes platforms for testing hydrogen equipment and quality management, supporting the development of industry standards [26][27]. - **Low-Carbon Transition Trials**: Focuses on integrating renewable hydrogen production and storage in various industrial applications, aiming for over 80% clean energy consumption in targeted areas [28].