硫化氢是天然气开采、炼油化工行业和煤化工过程中伴生或副产的一种剧毒化合物，实现硫化氢的完全 消除与资源化利用，是化工行业长期面临的难题。我国科研团队经过二十余年努力，探索利用光、电等 非常规手段分解硫化氢，成功解决了规模化分解硫化氢工程放大问题，研发出具有我国自主知识产权的 相关技术。 记者从中国科学院大连化学物理研究所获悉，近期该所科研团队研发的硫化氢清洁处理技术实现了新突 破，并在今天（6日）完成技术验证，为化工行业绿色转型提供了新的解决方案。 （文章来源：央视新闻） 目前，该技术已经在煤化工领域开展了每年10万方硫化氢消除与资源化利用的工业示范项目。运行数据 显示，硫化氢转化率近100%，得到高品质硫黄和高纯氢。 该技术为硫化氢的完全消除与资源化利用提供了全新路径，最大程度上实现了硫化氢等污染排放物的清 洁化处理，并实现"制氢+制硫黄"的双重资源化收益，拓宽了工业领域清洁低碳氢的生产路径，对我国 氢能产业及低碳能源体系建设具有积极推动作用。 ...

中化新网讯 近日，克石化新建的氢气提纯单元项目正式投产，并为克拉玛依白碱滩综合能源站首次提 供电池燃料氢气，助力克拉玛依市打造"中国西部氢都"。 作为区域能源骨干企业，克石化在氢能领域积淀深厚。截至目前，克石化已拥有3套润滑油高压加氢装 置，在制氢、加氢、用氢及氢气回收等领域形成了完整的技术体系，为此次氢气提纯项目的顺利实施和 安全平稳运行奠定了坚实基础。 克石化氢气提纯项目是中国石油积极响应国家"双碳"战略、拓展新能源业务布局的重要实践。该项目采 用PSA变压吸附技术，将纯度99.9%的原料氢气提纯至99.999%以上的高纯氢标准。合格氢气经缓冲、压 缩至20MPa后，通过专用装车系统安全充装至管束车外运，产品质量完全符合燃料电池汽车用氢国家标 准。 ...

智通财经APP获悉，2025年，面临不确定的客观环境，中国旭阳集团(01907)以创新驱动、服务引领，在 业务拓展、技术提升、市场深耕及内部管理等方面协同发力，从焦化核心主业龙头地位稳固，到化工新 材料氨基醇投产落地，再到高纯氢销量再创历史新高以及持续扩大海外业务布局，冲破层层关隘，战胜 多重挑战，获得新的进步与成长。1995年创立至今，旭阳从河北走向全国，从国内走向海外，建立全国 布局，加速全球开拓，努力由焦化、化工向新能源、新材料领域拓展，已在全球布局了9大生产园区， 拥有8家国家高新技术企业、6个国家级绿色工厂、1个省级绿色工厂、2个市级绿色工厂、407项专利技 术、542项专有技术、405名博硕人才，稳扎稳打实现了高质量发展。 打造全球供销网络，构建全球竞争力 随着旭阳印尼伟山320万吨/年焦化项目于2023年7月投产，先后与东南亚、南美、印度、欧洲等国际大 型钢企建立长期战略合作关系，发挥了旭阳事业海外发展"桥头堡"的显著作用，并于2025年5月旭阳伟 山新能源(印尼)有限公司成功获得涵盖化学、农业、食品、医药和工业制造等多个领域商品类别 的"RISUN"商标证书，为旭阳在印尼市场的多元化业务发展和 ...

推进"制-储-运-加-用+研"一体化布局达成耦合聚增 旭阳氢能全面统筹和贯通全产业链各要素各环节联动发展，构建起全国第二大、京津冀最大高纯氢生产 供应基地。 制备端：依托丰富的焦化副产氢资源, 已建成定州、邢台、唐山、呼和浩特四个高纯氢生产基地，拥有5 条合计34吨/天产能高纯氢制备产线，针对华北地区用氢需求进行低成本、高品质、清洁低碳供应保 供。 储运端：推进构建"气氢+液氢"立体储运网络，向外供氢运力达到5.3吨/天，5吨/天液氢示范项目即将建 设完成。 在国家"双碳"战略纵深推进、氢能产业政策红利持续释放的背景下，中国旭阳集团(01907)氢能业务凭 借"销、运、产、供、研"五大环节的高效协同，在智能制造、氢能全产业链布局及全球化运营等领域取 得突破性进展，2025年氢气销售量预计比2024年的2010万标方增长15%-20%，再创新高，在进一步夯实 产业基础的同时，奠定了行业的领先地位。 加注端：率先在华北地区建设5座总加注能力7吨/天加氢站(其中3座为氢电油气综合能源站)，加持全产 业链运营和精密预算管理，实现满负荷稳定运营并全流程盈利。 应用端：覆盖京津冀核心应用场景，成功开通定州至辛集、唐山、天 ...

旭阳氢能全面统筹和贯通全产业链各要素各环节联动发展，构建起全国第二大、京津冀最大高纯氢生产 供应基地。 制备端：依托丰富的焦化副产氢资源, 已建成定州、邢台、唐山、呼和浩特四个高纯氢生产基地，拥有5 条合计34吨/天产能高纯氢制备产线，针对华北地区用氢需求进行低成本、高品质、清洁低碳供应保 供。 储运端：推进构建"气氢+液氢"立体储运网络，向外供氢运力达到5.3吨/天，5吨/天液氢示范项目即将建 设完成。 加注端：率先在华北地区建设5座总加注能力7吨/天加氢站(其中3座为氢电油气综合能源站)，加持全产 业链运营和精密预算管理，实现满负荷稳定运营并全流程盈利。 在国家"双碳"战略纵深推进、氢能产业政策红利持续释放的背景下，中国旭阳集团(01907)氢能业务凭 借"销、运、产、供、研"五大环节的高效协同，在智能制造、氢能全产业链布局及全球化运营等领域取 得突破性进展，2025年氢气销售量预计比2024年的2010万标方增长15%-20%，再创新高，在进一步夯实 产业基础的同时，奠定了行业的领先地位。 推进"制-储-运-加-用+研"一体化布局达成耦合聚增 化工领域：将工业副产氢高效转化为高纯氢，氢-醇-氨三种产品联 ...

①我国主要依靠化石燃料及副产氢制取高纯氢：我国氢气制取工艺主要分为化石燃料制氢、工业副产氢和电解水制氢。其中，化石燃料制氢包括煤制氢、天 然气制氢、石油裂解制氢、甲醇裂解制氢等，是目前国内产能占比最高的制氢工艺；工业副产氢包括焦炉尾气提纯制氢、甲醇制氢等制氢工艺；电解水制氢 包含工业电制氢，光伏、风电、水电、核电等可再生能源发电制氢。根据中金企信数据统计，2024年我国高纯氢产能按原料来源划分，副产氢和尾气提纯制 氢占比73.66%，天然气制氢占比12.12%，甲醇裂解制氢占比8.20%，电解水制氢占比4.93%。 2024年中国高纯氢产能原料来源情况分析 报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 高纯氢行业发展现状：氢能是一种绿色低碳、应用广泛的二次能源，正 ...

Core Viewpoint - Huada Gas Manufacturing Co., Ltd. (referred to as "Huada Gas") has responded to the first round of inquiry letters from the Beijing Stock Exchange, addressing issues related to operational stability, fair pricing of procurement, customer changes in specific sectors, risks of performance decline, and the rationale behind differences in gross profit margins across sales regions [2]. Group 1: Company Overview - Huada Gas was established in 2014 and primarily engages in the research, production, and sales of liquid carbon dioxide, dry ice, ammonia water, and high-purity hydrogen, as well as the sale of liquid ammonia [5]. - The company plans to raise 265 million yuan through its IPO, which will be used for the expansion of high-purity hydrogen production lines, the construction of a gas research and development center, and to supplement working capital [5]. - The company has five co-controlling shareholders, including Vice Chairman Xu Ming and his son Xu Yixiong, Chairman and President Chen Huanzhong and his children, with the Xu family holding 44.51% and the Chen family holding 37.59% of the shares [5]. Group 2: Management and Governance - In case of disagreements between the Xu and Chen families, Xu Ming's opinions will prevail on matters related to research technology, production processes, safety, environmental protection, and quality management, while Chen Huanzhong's opinions will prevail on other matters [5]. - Chen Huanzhong, born in 1968, holds a college degree and has been involved in various roles within the industry, including serving as the Vice President of the Guangdong Industrial Gas Industry Association since December 2019 [5]. - Xu Ming, aged 71, has a bachelor's degree and has held several engineering and managerial positions in the petrochemical industry since 1977, currently serving as the Chief Engineer of R&D at Huada Gas [6].

Core Viewpoint - Shanxi province is undergoing a significant energy transition, moving from a coal-dominated economy to a diversified industrial structure that emphasizes innovation and sustainability [1][10]. Energy Transition - Shanxi is breaking its reliance on coal by promoting intelligent and green mining practices, enhancing the efficiency of coal production, and increasing the "green content" of its industrial development [2][4]. - As of August this year, Shanxi has established 298 intelligent coal mines and 55 green mining pilot coal mines [2]. Coal Chemical Industry - The province is advancing its coal chemical industry towards high-end, diversified, low-carbon, and specialized development, transforming coal from a primary fuel into high-value products [2][3]. - Projects like the production of nylon and high-purity hydrogen from coal by local companies illustrate the shift from coal as a fuel to coal as a raw material for high-value chemical products [3]. Technological Innovation - Shanxi is focusing on technological innovation to drive industrial transformation, establishing a robust system for the conversion of coal-based scientific achievements into practical applications [3][4]. - The province has invested approximately 5 billion yuan in research and development over the past five years, creating over 80 provincial-level energy technology innovation platforms [4]. Intelligent Manufacturing - Intelligent manufacturing is becoming a core engine for Shanxi's industrial advancement, with significant investments in smart factories and digital transformation initiatives [5][6]. - The province has cultivated a matrix of intelligent factories, including 182 basic-level, 76 advanced-level, and 5 excellent-level smart factories, enhancing production efficiency and product quality [6]. Smart Agriculture - Shanxi is promoting organic dry farming as a strategic initiative to modernize agriculture, achieving record yields in corn production through innovative agricultural practices [7][9]. - The province has established several high-level innovation platforms to support agricultural technology development, focusing on key crops and livestock breeding [9]. Future Outlook - The province aims to continue leveraging innovation and transformation to navigate the energy revolution and achieve industrial upgrades, setting new goals for sustainable development [10].

Core Insights - China Xuyang Group has seen significant growth in its stock holdings, with a total of 352 million shares held through Hong Kong Stock Connect, representing 7.88% of total equity, an increase of 50 million shares since the beginning of 2025, marking an 88-fold increase since its listing [1] - The company has received multiple awards for its investor relations, information disclosure, ESG practices, and corporate governance, including recognition in the Fortune China 500 list, where it ranked 322nd in 2025, up 17 places from the previous year [1] Group 1: Company Performance - In 2024, China Xuyang Group reported a revenue of 47.543 billion yuan, a 3.2% increase, and has shown continuous growth in total assets and net assets since its listing, with total assets reaching 59.841 billion yuan (+11.2%) and net assets at 15.877 billion yuan (+9.7%) [3] - The company maintained profitability with a net profit of 0.98 billion yuan in 2024, demonstrating strong market competitiveness despite industry-wide losses [3] - In the first half of 2025, the company achieved record high production volumes in its coke and chemical new materials businesses, with 10.88 million tons and 2.85 million tons produced, respectively, reflecting a significant increase in profitability metrics [3] Group 2: Business Expansion and Strategy - China Xuyang Group has established nine production parks across various regions, including Hebei, Shandong, and Inner Mongolia, and has provided operational management services to 18 coking and chemical companies [2] - The company has developed a unique chemical industry chain starting from coke, expanding into carbon materials, aromatics, and alcohol amines, while also venturing into hydrogen energy and new materials [2] - The operational scale of the company has reached 28.64 million tons per year, with a production capacity of 22.6 million tons of coke and 6.04 million tons of chemicals [2] Group 3: Future Outlook - As China Xuyang Group approaches its 30th anniversary in 2025, it aims to continue its strategic expansion from coke and chemicals to new energy and materials, increasing R&D investment and promoting digital transformation [4] - The company aspires to be a world-leading energy and chemical company, focusing on innovation and contributing to social progress, while maintaining its commitment to high-quality sustainable development [4]

Core Insights - China Xuyang Group has seen significant growth in its stock holdings, reaching 352 million shares by November 21, 2025, which is 7.88% of total shares, an increase of 50 million shares since the beginning of 2025, marking an 88-fold increase since its listing [1] - The company has received multiple accolades for its sustainable development practices and has been included in various major indices, reflecting strong market recognition and investor confidence [1] - In 2024, the company reported a revenue of 47.543 billion yuan, a 3.2% increase, and maintained profitability with a net profit of 0.98 billion yuan despite industry challenges [3] Group 1 - The company has established nine production parks across various regions, providing operational management services to 18 coking and chemical companies, and has developed a unique chemical industry chain [2] - Xuyang has expanded its product offerings significantly, with a total operational scale of 28.64 million tons per year, including 22.6 million tons of coke and 6.04 million tons of chemicals [2] - The company has achieved remarkable growth in its new operational management services and high-purity hydrogen sales, with increases of 114% and 115% respectively [3] Group 2 - In the first half of 2025, the company achieved record high volumes in its coke and chemical new materials businesses, with significant increases in gross profit, EBITDA, and net profit [3] - The company is celebrating its 30th anniversary in 2025 and has made substantial investments in R&D and digital transformation, establishing itself as a leader in sustainable development [4] - Xuyang aims to continue its commitment to becoming a world-leading energy and chemical company, focusing on innovation and contributing to social progress [4]