"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银年会： 2025势银氢燃年会（2026年1月6-8日，宁波） 点此报名 2026年1月6-8日， 【2025势银氢能与燃料电池产业年会暨镇海区氢能产业发展合作对接会】 在 宁波镇海南苑望海酒店 隆重举行。本次大会以 【洞察 政策新机，搭建合作平台，共迎产业破晓--谋画氢能新未来！】 为主题， 旨在搭建一个高端、专业、开放的交流平台，汇聚政府、产业 权威学术机 构、产业集团、上下游、新兴企业 ， 一同探讨氢能产业各个环节的发展方向与战略布局，以加快产业发展步伐。 在此，感谢本次会议 总冠名-- 保时来新材料 ， 势银未来奖 / 专场论坛/晚宴冠名-- 鲲华科技、新氢动力、中集氢能、昊臻氢能、中集洋山、 浙江氢越、东拓新能源、未来氢能 等企业的大力支持 。 在经过1月6日【开幕式】与【燃料电池供应链与应用专场】精彩内容后， 大会 1月7日迎来 【氢储运专场】与【全场景氢氨醇一体化应用专场】 大会首日精彩内容，请点击蓝色字 【HEFCAC 2025 首日精彩】洞察政策新机，搭建合作平台，共迎产业破晓--谋画氢能新未来！ 【101 ...

氢能储运是氢能产业链中的关键环节，涉及将电能转化为氢的化学能，再通过 燃料电池系统转化为电能或作为化工原料使用。氢气的储运成本较高，限制了 其异地使用。由于各地资源禀赋不同，氢气价格差异显著，这也导致在某些地 方实现经济性评价，而在其他地方则不一定。因此，降低运输成本是行业发展 的重点。 氢气的特性对储运有哪些影响？ 氢气具有活跃性，会对金属造成氢脆现象，其爆炸极限宽且容易爆炸。此外， 氢气体积能量密度小，在运输过程中会有损耗问题。液化处理时冷凝点低，也 会增加能耗。然而，氢气质量能量密度高，这是其优势所在。因此，需要发展 安全高效的储氢技术，以发挥其特长。 储运：供需错配下亟需解决的核心瓶颈 20251205 摘要 氢气储运成本受运输距离影响显著，短途运输气态储运（特别是 50 兆 帕）更经济，长距离运输液态储运更具优势。降低运输成本是氢能行业 发展的关键。 气态储氢是短期内主要方式，但质量能量密度低。高压气态储氢通过提 高压强和改进材料来提升效率，但加压至 70-80 兆帕后经济性减弱。 液态储氢密度高，适合长距离运输，单车效率较气态储氢提升 10 倍以 上，但液化过程耗能大，需解决外部热量渗入导致的沸腾 ...

Summary of the Conference Call for Times New Material (时代新材) Industry Overview - The wind power bidding volume has slightly decreased, but the overall optimism remains for a bidding scale of 160GW, indicating an increase in domestic wind power installation demand [2][3] - Global blade production capacity is nearing 117GW, with a particular shortage of large blades, benefiting blade manufacturers [2] Company Performance and Market Position - Times New Material and China National Materials occupy a duopoly in the wind power blade market, with a combined market share exceeding 50% [2][3] - The company has seen a price increase of 5-8% in blades due to a 15% rise in upstream fiberglass prices, enhancing the profit margins in the midstream blade sector [3] - The company’s gross profit margin is expected to recover to around 17%, similar to previous high prosperity cycles [2][3] Strategic Initiatives - The company is actively transitioning to larger blades to adapt to market trends and improve profit margins [2][3] - New projects in regions such as Guangxi, Xinjiang, and Vietnam are set to commence production, capitalizing on the upward cycle of the wind power industry [3] - Collaboration with European companies like Vestas and Nodex is strong, benefiting from high installation demand in Europe over the next 2-3 years [3] New Materials Business - The new materials segment has shown significant progress, particularly in high polymer materials, including high-end polyurethane and organic silicon, which are applied in various downstream sectors [5][6] - The company expects to generate an additional revenue of 400 million yuan from new materials in 2025, with a projected doubling in 2026 [7] - Revenue from new materials and related businesses is anticipated to reach 830 million, 1.2 billion, and 1.6 billion yuan from 2025 to 2027, with year-on-year growth rates of 70%, 40%, and 35% respectively [7] Automotive Components Sector - The automotive components business has turned profitable, with a year-on-year gross margin increase of approximately 1% [8] - The company is shifting production to lower-cost regions and expanding into high-value products to enhance profitability [8] Traditional Business Segments - The rail transit and industrial engineering segments are driven by new demand for train sets and maintenance market needs, with stable product shipments [9] - The company is upgrading capacity in these segments, including hydrogen supply systems and noise reduction products for wind power [9] Financial Outlook and Valuation - Wind power blades are identified as a key profit driver, with significant growth expected in the new materials business from 2025 to 2027 [10] - The company aims for a target price of 17.56 yuan in 2025, with a 25x PE valuation, initiating a buy rating [10]

Core Viewpoint - The hydrogen fuel cell vehicle industry in China is currently in its early commercialization stage, with production and sales experiencing growth from 2021 to 2023, but facing a decline in 2024 due to the expiration of supportive policies and high industry costs [12][13]. Group 1: Overview of Hydrogen Storage Bottles - Hydrogen storage bottles are essential components of hydrogen fuel cell vehicles, primarily categorized into four types: Type I (all-metal), Type II (metal liner with fiber winding), Type III (metal liner with full fiber winding), and Type IV (non-metal liner with full fiber winding) [2][3]. - The majority of hydrogen storage bottles used in vehicles are Type III and IV, with Type III bottles currently dominating the market at 98% share in 2024 [19]. Group 2: Market Trends and Sales - The market for hydrogen storage bottles in China saw an increase in shipments from 2021 to 2023, but is projected to decline in 2024, with an estimated shipment of approximately 43,000 units, a year-on-year decrease of 12% [17]. - In the first five months of 2025, production and sales of hydrogen fuel cell vehicles were 1,176 and 1,122 units respectively, reflecting a year-on-year decline of 25% and 26.14% [13][15]. Group 3: Industry Structure and Competition - Over 20 companies are engaged in the research and production of hydrogen storage bottles in China, with a highly concentrated market structure where the top three companies hold 69% of the market share, an increase of 2 percentage points from 2023 [21]. - The leading companies in the hydrogen storage bottle market include Zhongcai Technology, Aoyang Green Energy, and Guofu Hydrogen Energy, each with a market share exceeding 20% [23]. Group 4: Future Development Trends - The industry is expected to see a shift towards higher pressure hydrogen storage bottles, with 70 MPa bottles becoming more common, while Type IV bottles are anticipated to gain traction due to their advantages in weight, pressure, and hydrogen storage efficiency [25]. - The development of standards for hydrogen storage bottles is expected to be enhanced, ensuring safety and reliability, which will facilitate the commercialization of hydrogen fuel cell vehicles [25].

Summary of Hydrogen Energy Industry Conference Call Industry Overview - The hydrogen energy industry is experiencing significant growth driven by national policies that support its development. The National Energy Administration has released reports to clarify the development positioning and promote commercial model maturity through pilot projects [1][2] - Renewable energy hydrogen production capacity has reached 110,000 tons, but there remains a shortfall in the number of hydrogen vehicles, with expectations for accelerated development in the second half of the year [1][4] Key Points and Arguments - **Government Support**: The Chinese government has emphasized hydrogen energy's importance in national energy planning, with multiple policy initiatives launched to support the industry, including funding applications and commercial model development [2] - **Production Capacity**: As of June 2025, the registered capacity for green hydrogen projects has reached 7.6 million tons, with an operational rate of approximately 31%, indicating a strong demand outlook for the short, medium, and long term [4] - **Electrolyzer Prices**: The price of electrolyzers has significantly decreased to around 5 million yuan, which is beneficial for achieving cost parity in green hydrogen projects [4] Potential Applications - The key to hydrogen energy's future development lies in expanding downstream application scenarios, particularly in green methanol and green ammonia, with overseas markets likely to see breakthroughs due to policy demands and carbon tax pricing [5] - The International Maritime Organization's new regulations requiring carbon taxes on large ocean-going vessels starting in 2027 will likely increase demand for green methanol and ammonia [5][6] Impact on Marine Fuel Demand - A project expected to be approved in October 2025 is anticipated to significantly increase the demand for green ship fuels, particularly green methanol, which has a clear advantage in lifecycle carbon emissions [6] - Current orders for methanol-fueled new ships and operational demand are projected to drive methanol consumption to 6.8 million tons, corresponding to a green hydrogen demand of approximately 1.3 million tons [6] Automotive Sector Policies - The automotive sector is seeing increased hydrogen energy policies, including the expansion of urban clusters and financial support through subsidies. As of March 2025, there were 22,000 hydrogen vehicles, with a target of 21,000 by June [7] - Local governments have introduced toll fee exemptions for hydrogen vehicles, which can reduce long-distance transportation costs significantly, making hydrogen vehicles more competitive [7] Investment Opportunities - Investment opportunities in the hydrogen energy sector are concentrated in three areas: hydrogen production equipment, operators, and downstream applications. - Recommended companies include those closely collaborating with state-owned enterprises, such as Huadian Technology, Huaguang Huaneng, and Petrochemical Machinery, which have rich project experience [3][8] - In the fuel cell system sector, leading companies like Yihuatong, Reshaping Energy, and Guohong Hydrogen Energy are highlighted as key investment targets due to their high market share [3][8]

Core Viewpoint - Guofu Hydrogen Energy (Hong Kong) Development Co., Ltd. officially commenced operations, marking a significant milestone for Guofu Hydrogen Energy after its listing on the Hong Kong Stock Exchange. The company aims to leverage Hong Kong's international platform to accelerate the international standard certification of core equipment for liquid hydrogen storage and transportation, as well as green hydrogen production, while deepening cross-border cooperation in the hydrogen energy sector to support global low-carbon energy transition [1]. Group 1: Company Development and Strategy - Guofu Hydrogen Energy is a leading enterprise in the hydrogen energy sector and a "quasi-chain leader" in Jiangsu's hydrogen energy industry chain. Since its establishment in 2016, the company has developed a complete industrial chain from manufacturing hydrogen supply systems and refueling stations to achieving the highest domestic market share in hydrogen refueling equipment and supply systems [1]. - The current development strategy of Guofu Hydrogen Energy involves a dual approach targeting both domestic and international markets. Domestically, the company is ramping up production capacity with an annual output of 80,000 vehicle-mounted hydrogen storage bottles in Zhangjiagang and 50,000 in Shanghai. Internationally, the company is expanding its footprint by forming joint ventures with overseas firms and establishing eight assembly bases across Europe, South America, Oceania, the Middle East, and North Africa [1][2]. Group 2: Technological Innovation and Projects - Guofu Hydrogen Energy has recently signed a $5 million contract with ADVAIT in India for alkaline water electrolysis hydrogen production equipment and core components, marking a shift from single equipment exports to systematic cooperation and industrial layout collaboration [2]. - The company is focusing on technological innovation, with a key project being the off-grid hydrogen production technology, which aims to utilize Xinjiang's abundant wind and solar resources for hydrogen production. The project faces challenges related to the intermittent nature of renewable energy sources, but the company is working with research institutions to address these issues [2]. Group 3: Industry Impact and Local Development - Guofu Hydrogen Energy plays a pivotal role in the hydrogen energy industry in Zhangjiagang, where it has become a partner in attracting investment. The company has announced plans to develop a supply chain base and establish a hydrogen energy industry fund with a total scale of 2 billion yuan to support promising projects [3]. - Zhangjiagang has implemented various policies to foster the development of the hydrogen energy sector, including the establishment of innovation platforms and talent development alliances. The city has nearly 50 hydrogen-related enterprises and actively supports the construction of hydrogen refueling stations and the purchase of hydrogen vehicles [3]. - The practical applications of hydrogen energy in Zhangjiagang include hydrogen buses with a range of over 300 kilometers, hydrogen fuel trucks with a maximum load of 60 tons, and over 500 hydrogen-sharing bicycles. The city has deployed 224 hydrogen fuel cell vehicles, accumulating over 15 million kilometers in operational mileage, and has established five hydrogen refueling stations with a daily refueling capacity of 3.2 tons [4].