Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]

内蒙古四川商会副会长、俊瑞集团董事长田生军，商会党支部书记兼秘书长蔡东及俊瑞集团高层领导出席敲钟仪式。 田生军表示，此次挂牌是企业发展的重要跨越，既是对过往努力的肯定，更是迈向新征程的起点。自俊瑞集团成立以来，始终以 "双碳" 目标为指引，深 耕绿氢能源全产业链。俊瑞凌迈输氢管道有限公司作为集团核心子公司，注册资本 1 亿人民币，坐落于新疆乌鲁木齐市，专注于输氢管道主业。公司积极 响应政府战略部署，深度融入国家氢能产业规划布局，以 "西氢东输" 管道为骨干，同步推进新疆境内支线网络建设，全力打造贯通东西、覆盖全域的绿 氢输送 "大动脉"。 公司经营范围广泛，涵盖站用加氢及储氢设施销售、储能技术服务等一般项目，以及建设工程施工、燃气经营等许可项目。截至目前，已累计获得 17 项 专利成果，其中包括 5 项软件著作权和 12 项实用新型专利，覆盖管道全流程，极大提升了管理效率与安全性能。 在媒体采访环节，田生军董事长介绍，公司以 "西氢东输、北氢南下、海氢上岸" 为核心路径，深度参与 "全国氢能一张网" 建设。此次挂牌是企业融入 "全国氢能一张网" 的重要起点，公司将借力香港股权交易中心，加速跨区域网络的资本整合 ...

内容概要：作为目前唯一具备大规模、长距离经济运输能力的技术路径，管道输氢网络不仅能有效解决 绿氢生产基地与消费市场的时空错配问题，更将成为可再生能源跨区域优化配置的关键基础设施。目 前，现代输氢管道工程正深度融入"制-储-输-用"全产业链体系，通过智能调控系统实现与电解槽、储氢 设施、加氢站的高效协同。数据显示：截至2025年3月，我国在建及规划的输氢管道项目总里程已突破 7000公里，其中包括全球首个万吨级纯氢输送示范工程（乌兰察布-燕山石化管道），标志着我国氢能 储运体系正式迈入管网化、规模化发展的新阶段。 上市企业：中国能建（601868.SH）、中国石化（600028.SH）、中国石油（601857.SH）、包钢股份 （600010.SH）、首钢股份（000959.SZ）、金洲管道（002443.SZ） 相关企业：国家石油天然气管网集团有限公司、中国石油工程建设有限公司、中国石油管道局工程公 司、中国五洲工程设计集团有限公司、中石化国家石化项目风险评估技术中心有限公司、北京国石安康 科技有限公司 关键词：输氢管道工程、掺氢管道、纯氢管道、输氢管道工程产业链、输氢管道工程发展现状、输氢管 道工程市场格局 ...

内容概要：当前，高昂的运输成本已成为制约氢能产业规模化发展的关键瓶颈，而构建完善的管道输氢 体系则是实现氢能运输降本增效的核心突破口。作为氢气大规模、长距离运输的最优解决方案，管道输 氢网络不仅能够有效解决绿氢消纳难题，更是实现可再生能源跨区域优化配置的重要基础设施支撑。行 业统计数据显示，我国氢能基础设施建设已进入快速发展期：中国产业发展促进会氢能分会最新报告指 出，全国已有29个省级行政区出台氢能专项规划，其中27个省份明确将管道输氢技术研发及示范应用列 为重点发展任务。值得注意的是，截至2025年3月，国内有实质性进展的输氢管道总长度已超7000公 里，标志着我国氢能储运体系正加速向管网化、规模化方向迈进。 上市企业：中国石化（600028.SH）、中国石油（601857.SH）、包钢股份（600010.SH）、首钢股份 （000959.SZ）、东宏股份（603856.SH）、金洲管道（002443.SZ） 相关企业：国家石油天然气管网集团有限公司、苏州鑫思创氢能源科技有限公司、凯豪达（东莞）氢能 科技有限公司、中国航天科技集团有限公司四院航材 关键词：输氢管道、氢能、掺氢管道、纯氢管道、输氢管道发展现 ...