Group 1 - The modern coal chemical industry is focusing on high-quality development under the dual carbon goals, emphasizing green, low-carbon, and intelligent trends [1] - Experts suggest achieving green and low-carbon development through raw material lightening, low-carbon production processes, industrial clustering, green hydrogen industrialization, and resource utilization of waste and CO2 [1] - The new 15 million tons/year clean and efficient coal conversion demonstration project by Shaanxi Coal Group aims to produce high-value products, including battery electrolyte solvents and biodegradable plastics, leveraging low-rank coal [2] Group 2 - The development of diversified and high-end products is seen as the direction for upgrading coal-to-oil processes, with technologies like Fischer-Tropsch synthesis enhancing economic viability [2] - The "Guoning Furnace" gasification technology has been successfully applied in a 4 million tons/year indirect liquefaction project, yielding significant economic and social benefits [2] - Reports on renewable electricity production of green hydrogen and its conversion into low-carbon fuels and chemicals were presented, highlighting advancements in energy efficiency and intelligent development in the industry [3]

Core Viewpoint - Jilin Electric Power Co., Ltd. is transitioning from a traditional coal and electricity enterprise to a focus on renewable energy and green hydrogen, aiming for over 20% year-on-year growth in net profit attributable to shareholders in 2024, with clean energy revenue surpassing 50% of its main business for the first time [2][3]. Group 1: Renewable Energy Development - The company has increased its installed capacity from 850,000 kW in 2002 to over 14 million kW, with nearly 80% from renewable sources, establishing bases in five regions [3]. - Since the 14th Five-Year Plan, Jilin Electric has added over 6 million kW of renewable capacity, nearly doubling its previous figures, and increasing the renewable share by 14 percentage points [3]. - The company plans to enhance its leadership in renewable energy in Jilin Province while expanding its development scale in other regions such as Shandong, Jiangsu, and Xinjiang [3]. Group 2: Smart Operations and Efficiency - Jilin Electric has implemented "smart station" upgrades in 40 renewable energy stations over the past three years, reducing operational staff by 30% and achieving "无人值班" (unmanned operation) in 10 stations [4]. Group 3: Green Hydrogen Energy Initiatives - The company is focusing on green hydrogen energy, leveraging national policies to support the development of zero-carbon industries across various sectors [5]. - Jilin Electric is investing nearly 6 billion yuan in the world's largest green hydrogen production project, expected to produce 32,000 tons of green hydrogen and 180,000 tons of green ammonia annually [6]. - The company is also developing additional projects for green methanol and expanding its footprint in regions like the Middle East and North Africa [6]. Group 4: Research and Development - Over the past three years, Jilin Electric has invested 1.632 billion yuan in R&D, with an average annual intensity exceeding 3% [7]. - In 2024, the company plans to implement 62 research projects with a total R&D investment of 520 million yuan, increasing the R&D intensity to 3.29% [7].

证券研究报告 | 行业周报 2025 年 04 月 14 日 电力设备及新能源 氢能政策持续向好，促进氢能产业发展 行情回顾：截至 2025 年 4 月 11 日，氢能源指数收盘价为 1808.19 点，本 周涨跌幅为-6.71%，2025 年初至今涨跌幅为 1.77%。氢能行业周涨幅前 五的公司为皖仪科技、泛亚微透、吉峰科技、永安药业、泰和新材，涨幅 分别为 17.61 % 、14.78%、14.65% 、13.93%、12.55%；氢能行业周跌 幅前五的公司为卫星化学、东华能源、雪人股份、合锻智能、海陆重工， 跌幅分别为-19.33%、-19.20%、-19.19% 、-19.05%、-17.11%。 重点事件点评：新疆绿氢智慧能源一体化示范项目签约；国内首个绿氢制 绿色航油示范项目招标启动；国内首条城镇输氢管道开建，输氢成本节省 80%以上；沙特阿美与合作伙伴将在沙特建 CCS 中心推进蓝氢、蓝氨计划； 美国霍尼韦尔利用人工智能技术来优化氢气生产；Energiequelle 计划在芬 兰奥卢建设一个绿色氢能园区；上海市发展改革委等五部门发布《上海市 大宗商品贸易转型提升三年行动方案（2025-2027 ...

Group 1: Innovation and Industry Development - The government work report emphasizes the need to develop new quality productivity and modern industrial systems tailored to local conditions [1][8] - Jiangsu's Yancheng focuses on integrating technological and industrial innovation, supporting traditional industries to adapt to new demands and technologies [1] - Yichun aims to strengthen its manufacturing sector by fostering emerging industries and enhancing traditional industries through technological upgrades [3][4] Group 2: Green Development and Environmental Protection - Shandong's Rizhao promotes ecological prosperity and aims to improve environmental quality through pollution prevention and ecological construction [2][4] - Anhui's Tongling emphasizes the establishment of a recycling system for renewable resources to support green and low-carbon development [5] - Jilin's focus on developing green hydrogen energy aligns with the goal of creating a new energy system [9] Group 3: Economic Growth and Consumer Demand - Shandong's Liaocheng aims to stimulate domestic demand by enhancing consumption and investment through high-quality supply [4][8] - The city plans to integrate offline sales with digital platforms to boost consumer engagement and market activity [4] Group 4: Urban and Rural Development - Ningxia's Guyuan focuses on urban-rural integration and enhancing county-level economies to promote balanced development [6][8] - The city aims to optimize production layouts and improve public services to support urbanization [6] Group 5: Technology and Research Integration - Dalian's Sun Yuanhua highlights the importance of integrating research and industry to enhance the conversion of technological achievements into productive forces [11][12] - The need for a robust collaboration mechanism between enterprises and research institutions is emphasized to foster innovation [11] Group 6: Regulatory Framework and Market Development - The development of a regulatory framework for the study tourism market is proposed to ensure healthy and orderly growth [10] - The establishment of a joint regulatory mechanism involving multiple departments is suggested to enhance safety and quality in the sector [10]