Core Insights - Wuhan Municipal Government has released the "Three-Year Action Plan for Hydrogen Energy Industry Development (2025-2027)" aiming to establish a clean, low-carbon, safe, and efficient energy system, with a target of achieving a total output value of 20 billion yuan for the hydrogen energy industry by 2027 [1][2] Industry Development Goals - The overall goal is to make Wuhan a significant hydrogen energy equipment center and hub city in China by 2027, with a total output value of 20 billion yuan, including 12 billion yuan from hydrogen vehicles, application equipment, and components [2] - The plan includes attracting over six leading domestic hydrogen energy companies and more than 50 large-scale enterprises in the hydrogen energy sector [2] Innovation and Technology - The action plan emphasizes innovation-driven development, focusing on overcoming key core technologies in the hydrogen energy sector, with a target to break through five critical technologies and establish six provincial-level or higher innovation platforms [3] - Financial support is provided for projects included in the municipal key R&D plan, with a maximum of 800,000 yuan for eligible projects and up to 50% funding for national key projects [3] Supply Chain and Infrastructure - The plan outlines measures to enhance the resilience of the industrial and supply chains, including increasing enterprise cultivation and project construction, accelerating the development of hydrogen energy equipment and fuel cell vehicles, and promoting hydrogen refueling infrastructure [4] - A total of 20 hydrogen refueling stations are planned to be built along the city's third and fourth ring roads, with financial incentives for the construction of new and upgraded refueling stations [4] Application Expansion - The action plan aims to expand hydrogen energy applications across various sectors, including industrial, transportation, and energy, with specific initiatives to utilize industrial by-product hydrogen and promote hydrogen energy in renewable energy consumption and grid peak regulation [4] - The plan also seeks to include Wuhan in national demonstration application cities for fuel cell vehicles and regional pilot projects for hydrogen energy [4] Financial and Talent Support - The action plan calls for the improvement of financial policies and talent support systems, leveraging fiscal funds and industry funds to meet the funding needs of the hydrogen energy industry [5] - It encourages high-level talent in the hydrogen energy field to apply for the "Wuhan Talent" program [5]

Group 1 - The core viewpoint is that the new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid downstream demand growth, supported by policy and technological breakthroughs [1] - The new materials industry is foundational, supporting the development of key fields such as electronic information, new energy, biotechnology, and environmental protection [1] - In the electronic information sector, focus areas include display materials and 5G materials; in aerospace, attention is on PI films, precision ceramics, and carbon fibers; in new energy, the focus is on photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials; in biotechnology, the emphasis is on synthetic biology and scientific services; and in environmental protection, key materials include adsorption resins, membrane materials, and biodegradable plastics [1] Group 2 - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which primarily covers listed companies engaged in the research and production of advanced foundational materials, key strategic materials, and cutting-edge new materials [1] - The index constituents are characterized by high technological content and high added value, widely distributed across the chemical, non-ferrous metals, and electronics industries, reflecting the overall performance of listed companies in the new materials sector [1] - Investors without stock accounts can consider the Guotai Zhongzheng New Materials Theme ETF Initiated Link A (014908) and Guotai Zhongzheng New Materials Theme ETF Initiated Link C (014909) [1]

Summary of Hydrogen Energy Industry Development in China Industry Overview - The hydrogen energy industry in China has undergone four distinct phases of development, with significant policy support including the "Hydrogen Industry Medium and Long-term Development Plan (2021-2035)" aimed at establishing a "1+N" policy framework, integrating hydrogen into the energy category, and simplifying production, transportation, and usage processes [1][3][15]. Key Points and Arguments - **Fuel Cell Vehicle Advancements**: Key performance indicators for fuel cell vehicles have improved, with ranges exceeding 1,000 kilometers and system power density greater than 80 kW. Chinese companies have reached international advanced levels in areas such as proton exchange membranes [1][5][8]. - **Subsidy Policies**: The current subsidy policy has shifted towards reducing costs across the entire industry chain, with a total subsidy cap of approximately 1.7 billion yuan (about 17 million) for demonstration groups. However, the speed of fund disbursement varies significantly across cities, impacting cash flow for companies [1][10][12]. - **Challenges in Promotion Goals**: Despite high enthusiasm from provinces to develop the hydrogen energy industry, the actual promotion of fuel cell vehicles has fallen short of targets, with only about 20,000 vehicles in operation by the end of last year, far below the 100,000 target for 2025 [12][24]. - **Cost Reduction in Fuel Cells**: The cost of fuel cells has significantly decreased from over 20,000 yuan per kW in 2019 to around 3,000 yuan per kW in 2023-2024, but further reductions depend on scaling production [2][25]. Additional Important Content - **Infrastructure Development**: The construction of hydrogen refueling stations has been slow, with only 62 new stations added in 2023, and projections for 2024 suggest only a few dozen more [23]. - **Technical Standards**: China has made progress in establishing hydrogen-related standards, with the implementation of the 70 MPa four-type bottle standard aligning with international standards, enhancing safety and performance [21]. - **Bottlenecks in the Industry**: The primary bottleneck in the hydrogen energy industry is in the storage and transportation segment, where high costs limit the effective radius of green hydrogen usage. Solutions such as pipeline construction could reduce transportation costs by 90-95% [13][20]. - **Future Policy Outlook**: Upcoming policies may include the renewal of fuel cell vehicle subsidies, high-quality development opinions for the hydrogen industry, and a focus on pipeline construction to enhance the entire hydrogen energy supply chain [26]. Conclusion - Overall, while the pace of development in the hydrogen energy sector has been slower than expected in recent years, the industry continues to progress steadily. With further policy support, there remains significant potential for growth in this sector [27].

Core Viewpoint - The article emphasizes the rapid growth and competitive landscape of high-performance membrane materials, particularly in lithium battery separators, hydrogen energy, photovoltaics, and semiconductors, with Chinese companies making significant advancements against long-standing dominance by Japanese and American firms [2]. Group 1: Overview of High-Performance Membrane Materials - High-performance membrane materials are critical for new separation technologies, characterized by energy efficiency and environmental friendliness, playing a vital role in addressing water, energy, and environmental issues [8]. - Membrane materials can be categorized into thick membranes (over 1 micron) and thin membranes (under 1 micron), with applications in water treatment, special separation, gas separation, biomedical, and battery membranes [8][11]. Group 2: Current Development Status of the Membrane Industry - The global membrane materials industry is growing at an annual rate of approximately 15%, with water treatment membranes reaching a mature stage, while special separation membranes are experiencing rapid development [11]. - By 2019, the membrane industry in China had nearly reached a scale of 200 billion yuan, with significant advancements in water treatment, special separation, and gas separation membranes [11]. Group 3: Market Situation of High-Performance Separation Membranes - In 2022, China's membrane industry total output value is expected to exceed 860 billion yuan, with a compound annual growth rate of about 10% from 2022 to 2027 [20]. - The market structure of membrane products in China shows that reverse osmosis and nanofiltration membranes account for 50%, while ultrafiltration and microfiltration membranes each account for 10% [20]. Group 4: Competitive Landscape of the Membrane Industry - The membrane industry value chain includes research and development of membrane materials, production of membrane components, manufacturing of membrane equipment, and system integration, with the highest value contribution from upstream material development [21]. - The competitive landscape features a mix of domestic and international players, with significant market shares held by companies like Shanghai Thinker and Xingyuan Material in the lithium battery separator market [47]. Group 5: Optical Membranes - Optical membranes are widely used in various applications, including precision optical devices, displays, and anti-counterfeiting technologies, with significant growth driven by demand in the LCD and OLED markets [24][37]. - The optical membrane market in China is projected to grow, with a market size of approximately 327.23 billion yuan in 2022, driven by technological upgrades and strong demand from local manufacturers [37]. Group 6: Lithium Battery Separators - The lithium battery separator market is rapidly expanding, with China's output volume reaching 133.2 billion square meters in 2022, accounting for over 80% of the global market share [47]. - Major players in the lithium battery separator market include Shanghai Thinker and Xingyuan Material, with significant growth in both wet and dry separator production [47]. Group 7: Aluminum-Plastic Film - The aluminum-plastic film market is expected to grow at a compound annual growth rate of 16.09%, reaching a market size of 57 billion yuan in 2022 [53]. - The supply of aluminum-plastic films is currently unable to meet domestic demand, leading to a push for domestic production to replace imports [61].

Market Performance - The A-share market is experiencing a significant rise, with the Kexin New Materials ETF (589180) increasing by 2.65% [1] - Notable stocks include China Shipbuilding Gas, which hit the daily limit with a 20% increase, and Guanggang Gas, which rose over 13% [1] New Materials Industry Outlook - The new materials sector is identified as a crucial direction for the chemical industry, currently witnessing rapid downstream demand growth [3] - With policy support and technological breakthroughs, the domestic new materials industry is expected to enter an accelerated growth phase [3] Sector Focus Areas 1. **Electronic Information Sector** - Key areas of focus include semiconductor materials, display materials, and 5G materials [4] - In Q2 2025, global silicon wafer shipments reached 3,327 million square inches, a 9.6% increase year-over-year [4] 2. **Aerospace Sector** - Focus on PI films, precision ceramics, and carbon fibers [5] - The successful launch of the "Forged Star 1" satellite marks a significant milestone in space manufacturing technology [5] 3. **New Energy Sector** - Key areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [6] 4. **Biotechnology Sector** - Focus on synthetic biology and scientific services [7] - Hainan Province is enhancing cooperation in biomedicine and high-end consumer goods manufacturing [7] 5. **Energy Conservation and Environmental Protection Sector** - Focus on adsorbent resins, membrane materials, and biodegradable plastics [8] - A new action plan for heavy metal pollution prevention has been issued, aiming for significant improvements by 2030 [8]

"喝"氢"吐"水，动力强劲又不产生污染排放，氢燃料电池是新能源汽车的"发动机"。 7月30日，东风汽车集团股份有限公司拿下"氢燃料电池控制方法、装置及设备"专利。这项专利技术可 以保证氢离子与氧离子均匀混合，提高氢燃料电池的放电能效。 长江黄金水道扬起"氢帆"、科技园区屋顶铺满光伏板、蒸汽余热跨市使用……当前，武汉正在进行城市 能源转型焕新，为高质量发展装上"绿色引擎"。 ■ "氢"风已起，氢能产业加速跑 8月2日清晨，司机刘师傅轻点智能加注键，5分钟即完成氢能重卡燃料补给，仪表盘显示续航里程500公 里。 这种东风氢能重卡，正是横跨武汉、仙桃等6市的"汉宜氢走廊"主力军。今年3月投运以来，首期投放的 30辆氢能重卡累计安全行驶160万公里，全生命周期碳排放较柴油车降低92%，相当于在长江边种下8.9 万棵树。 氢能动脉正加速延伸。湖北交投重点推进"沪汉蓉""京港澳""汉襄十"3条主干氢走廊建设，武汉都市圈 连接五大氢燃料电池示范城市群，武汉全力打造全国氢能流通核心枢纽。 从2013年起步研发，东风汽车已实现20—400千瓦氢燃料电池电堆全覆盖。 质子交换膜，类似手机和电脑上的CPU，是氢燃料电池核心部件。此 ...

Group 1: Hydrogen Energy Development - Wuhan is advancing its energy transition by establishing a hydrogen energy corridor, with the deployment of 30 hydrogen fuel trucks that have collectively traveled 1.6 million kilometers since March, reducing carbon emissions by 92% compared to diesel vehicles [4] - The city aims to become a national hydrogen energy hub, with plans to develop three major hydrogen corridors and connect five hydrogen fuel cell demonstration cities, targeting a total hydrogen energy industry output value of 60 billion yuan by 2027 [6] - Dongfeng Motor Corporation has secured a patent for hydrogen fuel cell technology, enhancing the efficiency of hydrogen fuel cells, which are considered the "engine" of new energy vehicles [5] Group 2: Solar Energy Initiatives - Wuhan has initiated several solar energy projects, including the installation of photovoltaic panels on water supply stations, which are expected to generate 206,000 kWh annually and reduce CO2 emissions by 1,010 tons [9] - The city has seen significant growth in distributed solar projects, with 329 industrial enterprises contributing a total installed capacity of 268,300 kW [11] - The energy generated from solar panels in various factories, such as the 1.5 million kWh from the Lantu automobile factory, significantly contributes to reducing carbon emissions and supports the transition to clean energy [10] Group 3: Steam Utilization and Pollution Control - A steam pipeline project has been implemented, connecting 51 enterprises and allowing for significant cost savings and reduced coal consumption, with an annual reduction of 110,000 tons of CO2 emissions [16] - Wuhan has established a high-pollution fuel ban zone to improve air quality, prohibiting the sale and use of high-pollution fuels in designated areas [17] - The transition from coal to cleaner energy sources, such as natural gas and steam reuse, has led to a substantial reduction in carbon emissions, contributing to the city's goal of carbon neutrality [16][18]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The hydrogen energy sector is a key focus in the platinum market. Platinum is a crucial catalyst in proton exchange membrane technology, while palladium is used in hydrogen purification but has low technology penetration due to high costs [1][2][63]. - The hydrogen energy industry is currently in a bottleneck period, facing challenges in technology, cost, safety, and infrastructure. These factors limit the growth of downstream hydrogen demand [2][26]. - By 2030, platinum demand in the hydrogen energy sector is expected to reach around 5.53 tons. In the next 5 years, this demand will remain small and unlikely to impact the overall platinum supply - demand balance. The growth of platinum demand is slower than expected due to the decline in fuel - cell vehicle sales, and proton exchange membrane electrolyzers may surpass fuel - cell vehicles as the main application scenario for platinum demand in the hydrogen energy sector [2][59][60]. Summary by Directory 1. Tracing the Origins: Physical and Chemical Properties of Platinum and Palladium and Their Applications in the Hydrogen Energy Industry - In 2024, global platinum demand in hydrogen - related fields was only about 44 thousand ounces, accounting for 0.53% of the total demand. There is no separate statistical data for palladium in the hydrogen - related field [6]. - Platinum is mainly used in hydrogen production and utilization, while palladium is mainly used in the purification stage of hydrogen production [10]. - Platinum is a catalyst material for proton exchange membranes. Proton exchange membranes are widely used in hydrogen production and utilization. Platinum has high catalytic activity and acid - resistance stability, making it suitable for this role [12][18][19]. - Palladium can selectively permeate hydrogen and is used in hydrogen purification. However, due to high costs, the palladium membrane method has low penetration compared to the PSA method [20][21][25]. 2. A Long Road Ahead: Analysis of the Hydrogen Energy Industry Development - **Current situation**: Electrolytic water hydrogen production is growing rapidly, but fuel - cell vehicles, the main application of hydrogen fuel cells, are facing difficulties in promotion, with a decline in new promotion numbers [2][27]. - **Advantages**: Hydrogen energy has excellent coupling with renewable energy, which can solve the mismatch between renewable energy power generation and power consumption [29][30]. - **Policy differences**: China views the hydrogen energy industry as an important means to achieve the dual - carbon goal. Japan and South Korea focus on fuel - cell vehicles, while EU countries represented by Germany emphasize environmental protection and energy supply [2][34][36]. - **Bottlenecks**: The hydrogen energy industry is restricted by technology, cost, safety, and infrastructure, which limit the growth of downstream hydrogen demand [2][26][38]. 3. Long - Term Strategy: Estimation of Platinum and Palladium Demand in the Hydrogen Energy Industry - **Single consumption of core applications**: In fuel - cell vehicles, the estimated platinum consumption per passenger car is about 25 grams, and per commercial vehicle is about 65 grams. For proton exchange membrane electrolyzers, the estimated platinum consumption per megawatt is about 700 grams. Reducing platinum loading is a major research direction in the proton exchange membrane industry [42][43][44]. - **Development prediction of related fields**: For proton exchange membrane electrolyzers, the maximum installed capacity of announced projects is about 520GW, but after excluding early - stage projects, the maximum installed capacity from 2025 - 2030 is 225GW. It is predicted that by 2030, the new installed capacity of proton exchange membrane electrolyzers will have a compound annual growth rate of 44% - 56%. For proton exchange membrane fuel cells, considering infrastructure challenges, it is predicted that by 2030, fuel - cell commercial vehicle sales will have a small compound annual decline of 1% - 5%, and passenger vehicle sales will have a larger decline of 23% - 27% [48][50][54]. - **Prediction results**: By 2030, platinum demand in the hydrogen energy sector is expected to reach around 5.53 tons. In the next 5 years, this demand will be small, the growth rate is slower than expected, and proton exchange membrane electrolyzers may become the main application scenario for platinum demand [59][60][61].

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements and domestic production capabilities, particularly in semiconductor materials, display materials, and renewable energy sectors [2][14][18]. Group 1: New Materials Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a projected growth trajectory [2][13]. - In China, the new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an annual compound growth rate of 23.1% from 2010 to 2021, and is expected to reach 7.5 trillion yuan in 2022 [14][15]. - The Ministry of Industry and Information Technology forecasts that by 2025, the total output value of China's new materials industry will reach 10 trillion yuan, indicating a broad market outlook [14][18]. Group 2: Semiconductor Sector - The global semiconductor market size reached $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by developments in 5G and automotive electronics [4][21]. - The semiconductor materials market in China was valued at $119 billion in 2021, reflecting a year-on-year growth of 22.2% [34][36]. - Key materials such as electronic specialty gases and photoresists are critical for chip manufacturing, with high import dependency highlighting significant domestic production opportunities [4][42][46]. Group 3: Display Materials - The display materials sector is poised for growth, with the global OLED materials market expected to increase from approximately $900 million in 2019 to about $2.6 billion by 2024, representing a compound annual growth rate of 23.6% [5][20]. - Domestic leaders in display materials, such as Wanrun and Ruilian, are major suppliers of liquid crystal and OLED materials, benefiting from the recovery in consumer demand [5][20]. Group 4: Renewable Energy Materials - The renewable energy sector is rapidly evolving, with significant opportunities in battery materials such as composite copper foil and conductive carbon black, as well as in photovoltaic materials like reflective films [7][20]. - The market for sodium battery materials is expected to grow significantly, with projections indicating a market size of 73.8 billion yuan by 2025 [20]. Group 5: Environmental Materials - Traditional chemical applications are also seeing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on the opportunities in molecular sieves and lubricating oil additives [8][20]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with domestic firms like Chenguang New Materials actively entering this space [9][20].

Core Viewpoint - The article discusses the upcoming 2025 TrendBank (Yinchuan) Long-duration Energy Storage Industry Conference, highlighting its significance in the energy storage sector and the participation of key industry players [3][10]. Conference Details - The conference will take place on July 14-15, 2025, at the Yinchuan Lida Deep Hang International Hotel, and is open to the entire industry with free admission [3][10]. - The event is organized under the guidance of the Yinchuan City government and various industry associations, with TrendBank and Shanghai Electric Energy Storage Technology Co., Ltd. as the main organizers [3][10]. Key Speakers and Topics - Notable speakers include Cao Pengfei, Deputy General Manager and Head of the Technology Center at Suzhou Corun New Materials Co., Ltd., who will present on "Innovations and Applications of Ion Exchange Membranes for Flow Energy Storage and Hydrogen Energy" [4][9]. - The conference will feature the release of the "2025 TrendBank Long-duration Energy Storage Industry Development Blue Book" in collaboration with the Hangzhou Energy Storage Industry Association [3][10]. Agenda Overview - The agenda includes a visit to the Suzhou Industrial Park, an opening ceremony, specialized sessions on compressed air, molten salt, hydrogen storage, and flow batteries, as well as a closing dinner and awards ceremony [11][16]. - Specific sessions will cover topics such as the current status and prospects of the all-vanadium flow battery industry chain, and the challenges and opportunities in the hydrogen energy sector [11][16]. Industry Context - TrendBank is recognized as a leading data and research company in China, providing services that support decision-making and business development in various industries [24]. - The event aims to foster knowledge sharing and collaboration within the long-duration energy storage sector, addressing the growing importance of energy storage technologies in the context of new energy systems [3][10].