[Table_Page] 跟踪分析|环保 证券研究报告 [Table_Title] 环保行业深度跟踪 三部门开展氢能试点，绿氢、绿醇补贴正式落地 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-17 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]郭鹏 SAC 执证号：S0260514030003 SFC CE No. BNX688 021-38003655 guopeng@gf.com.cn 分析师： 陈龙 SAC 执证号：S0260523030004 021-38003623 shchenlong@gf.com.cn 分析师： 荣凌琪 SAC 执证号：S0260523120006 021-38003686 ronglingqi@gf.com.cn 分析师： 陈舒心 SAC 执证号：S0260524030004 021-38003790 shchenshuxin@gf.com.cn 分析师： 郝兆升 -14% -6% 1% 9 ...

Core Viewpoint - The hydrogen energy industry is expected to experience accelerated development and industrialization due to substantial policy support from the government, including the launch of comprehensive hydrogen application pilot projects and national subsidy policies [1][2]. Group 1: Policy Initiatives - The Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission have jointly issued a notice to initiate hydrogen energy comprehensive application pilot projects [2]. - The policy aims to achieve large-scale hydrogen energy applications in urban clusters by 2030, with the average terminal hydrogen price dropping below 25 yuan/kg, and the number of fuel cell vehicles doubling to 100,000 by 2025 [2]. - A reward mechanism will be implemented, providing up to 1.6 billion yuan per urban cluster over a four-year pilot period, with rewards based on the promotion of fuel cell vehicles and green hydrogen application scales [2][3]. Group 2: Incentive Mechanism - The incentive mechanism is designed to drive application volume through a points-based reward system, which includes rewards for both fuel cell vehicle trials and green hydrogen application scales [3]. - The maximum reward for promoting fuel cell vehicles can reach approximately 352,000 yuan per vehicle, with additional rewards for green and gray hydrogen refueling [3]. - The introduction of a national green hydrogen subsidy policy is expected to address the economic challenges and slow progress of large-scale green hydrogen applications [3][4]. Group 3: Technical Requirements and Industry Support - The notice sets high technical requirements for pilot projects, including energy consumption limits for alkaline and PEM electrolyzers, which will drive technological upgrades in equipment [5]. - The policy framework is evolving to include a multi-faceted support system that combines top-level design, carbon reduction policies, and subsidies to improve economic viability [5][6]. - The hydrogen energy and its derivatives, such as green ammonia, are positioned as key elements for ensuring energy security, reducing carbon emissions, and promoting the utilization of renewable energy [6].

为贯彻落实党中央、国务院决策部署，按照《氢能产业发展中长期规划（ 2021 — 2035 年）》《 加快工业领域清洁低碳氢应用实施 方案 》 有关工作部署 ， 以 多场景 规模 化 应用带动成本降低， 助 力 氢能 技术装备创新突破，推动氢能 产业高质量发展， 工业和信息 化部、财政部、国家发展改革委 （以下统称 三 部门） 组织 开展 氢能综合应用 试点 工作 。 有关事项通知如下： 一、总体要求 /扫码加入行业交流群/ 制氢、氢储运、SOFC/SOEC、液态阳光（绿色甲醇）、 SAF、宽温域氢燃料电池等氢能产业同行❤️↓ -请扫码提交要加入的专业交流群- 【DT新能源】 获悉， 3月16日， 工业和信息化部、财政部、国家发展改革委等三部门联合印发通知，部署开展氢能综合应用试点工作。通知提出通过"揭榜挂 帅"方式，遴选产业基础好、应用场景丰富、氢能资源保障能力强、产业链条完整的城市群率先开展氢能综合应用试点，科学、有序、积极探索氢能商业化综合应用 路径，完善产业发展政策环境，推动氢能"制储输用"全产业链一体化融通发展。到2030年，城市群氢能在多元领域实现规模化应用，终端用氢平均价格降至25元/千 克以下， ...

Core Viewpoint - The article discusses the new opportunities for the development of hydrogen energy commercial vehicles following the announcement of a pilot program by the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission to promote comprehensive hydrogen energy applications [1][5]. Summary by Sections Pilot Program Overview - The pilot program aims to promote the large-scale application of hydrogen energy across various scenarios, reduce costs, and support technological innovation in hydrogen energy equipment [1][5]. - The program will select urban clusters with strong industrial foundations and rich application scenarios to explore commercial pathways for hydrogen energy [2][6]. Goals and Targets - By 2030, the average price of hydrogen for end-use is expected to drop below 25 yuan per kilogram, with a target of around 15 yuan in some advantageous regions [2][6]. - The number of fuel cell vehicles is projected to double by 2025, aiming for a total of 100,000 vehicles [2][6]. Application Scenarios - Urban clusters are encouraged to prioritize applications in fuel cell vehicles, green ammonia, hydrogen-based chemical raw materials, hydrogen metallurgy, and hydrogen blending combustion [2][7]. - The focus will be on building hydrogen highways and corridors to facilitate the large-scale application of commercial vehicles, particularly in logistics and public transport [3][7]. Technical Requirements - Fuel cell commercial vehicles must meet specific technical standards, including a minimum hydrogen consumption rate and power density requirements [3][4]. - Vehicles should have a warranty of no less than five years or 200,000 kilometers [3]. Funding and Support - The central government will provide financial rewards to urban clusters based on their hydrogen application scenarios, with a maximum funding cap of 1.6 billion yuan per cluster over a four-year pilot period [4][11]. - The funding is intended to lower hydrogen costs and ensure effective transmission to end-user products [12]. Performance Evaluation - Each urban cluster must submit an annual self-evaluation report detailing progress, challenges, and future plans, which will be reviewed by relevant authorities [13]. - Performance evaluations will influence the allocation of reward funds, with a system in place for pre-allocation and subsequent settlement based on performance [13]. Implementation and Coordination - Provincial authorities are tasked with coordinating the pilot program, ensuring effective communication and collaboration among cities [14]. - Urban clusters are responsible for establishing leadership teams and work groups to oversee the implementation of the pilot program [14]. Supervision and Management - The three departments will provide ongoing guidance and support for the pilot program, with measures in place to address underperformance [15]. - Regular updates to technical requirements and pilot goals will be made based on technological advancements and industry developments [15].

氢能源赛道迎来利好政策。 据了解，三部门通过"揭榜挂帅"方式，遴选产业基础好、应用场景丰富、氢能资源保障能力强、产业链条完整的城市群率先开展氢能综合应用试点，科学、有序、 积极探索氢能商业化综合应用路径，完善产业发展政策环境，推动氢能"制储输用"全产业链一体化融通发展。 《通知》明确，到2030年，城市群氢能在多元领域实现规模化应用，终端用氢平均价格降至25元/千克以下，力争在部分优势地区降至15元/千克左右；全国燃料电 池汽车保有量较2025年翻一番，力争达到10万辆。通过应用规模扩大，推动氢能应用技术、工艺、装备创新突破，实现燃料电池、电解槽、储运装置和材料等迭代 升级，推动氢能成为新的经济增长点，支撑实现经济社会发展全面绿色转型。 工业和信息化部有关负责人表示，我国氢能产业已实现"从0到1"突破，截至2025年底，氢燃料电池汽车累计销量近4万辆，加氢站建成数量和加氢能力均居全球首 位，绿氢产能约25万吨。此次试点的开展，将破解氢能应用场景少、价格高、储运难等问题，推动氢能产业进入规模化发展新阶段。 明确六大试点任务 在试点任务方面，《通知》提出，各城市群应优先选择具备条件的燃料电池汽车、绿色氨醇、氢基化 ...

3月1 6日，工业和信息化部、财政部 、国家发展改革委印发的《关于开展氢能综合应用试点工作的通知》指出，三部门通过"揭榜挂 帅"方式，遴选产业基础好、应用场景丰富、氢能资源保障能力强、产业链条完整的城市群率先开展氢能综合应用试点，科学、有 序、积极探索氢能商业化综合应用路径，完善产业发展政策环境，推动氢能"制储输用"全产业链一体化融通发展。到2030年，城市群 氢能在多元领域实现规模化应用，终端用氢平均价格降至25元/千克以下，力争在部分优势地区降至15元/千克左右；全国燃料电池汽 车保有量较2025年翻一番，力争达到10万辆。 以下为原文 工业和信息化部 财政部 国家发展改革委关于开展氢能综合应用试点工作的通知 各省、自治区、直辖市及计划单列市、新疆生产建设兵团工业和信息化主管部门、财政厅（局）、发展改革委，有关中央企业: 为贯彻落实党中央、国务院决策部署，按照《氢能产业发展中长期规划（2021—2035年）》《加快工业领域清洁低碳氢应用实施方 案》有关工作部署，以多场景规模化应用带动成本降低，助力氢能技术装备创新突破，推动氢能产业高质量发展，工业和信息化部、财 政部、国家发展改革委（以下统称三部门）组织开 ...

Group 1 - The "14th Five-Year Plan" for the petrochemical industry faces new challenges, including a fundamental change in the international market environment, which provides a competitive advantage for China's petrochemical industry [2] - The demand for petrochemical products is expected to continue to grow, with significant capacity increases projected for downstream derivatives of polyethylene by 2030 [2] - The dual carbon constraints present both challenges and opportunities, emphasizing the material properties of oil, while high-end and differentiated demand will drive industry growth [2] Group 2 - The domestic carbon peak requirements for the chemical industry necessitate energy-saving and carbon-reduction measures, with green liquid fuels expected to play a significant role in future energy consumption [3] - The development strategy for the industry includes a phased approach to green methanol, green ammonia, biodiesel, and low-carbon LNG, prioritizing regions based on their green and low-carbon capabilities [3] - The "14th Five-Year Plan" suggests that companies focus on raw material matching, key monomers, core technologies, and market acceptance to enhance product development and market share [3] Group 3 - The development of a "smart carbon management" solution aligns with the concept of smart chemical parks, effectively improving efficiency and reducing carbon emissions in various instances [4] - AI technology enables "smart investment attraction," allowing for precise recommendations and evaluations of chemical projects, thus transforming the investment process [4] - The investment attraction workflow has been restructured to include analysis, on-site research, demand matching, and service operations, supported by an online platform and offline tracking [4]