Core Viewpoint - The groundbreaking of the world's first 30MW pure hydrogen gas turbine energy storage demonstration project marks a significant breakthrough in hydrogen power generation and long-term energy storage in China, providing a replicable model for global energy transition [1][3]. Group 1: Project Overview - The project is based in the Ordos City, specifically in the Ortoq High-tech Industrial Development Zone, and is a collaboration between Mingyang Smart Energy's subsidiary Mingyang Hydrogen and Shenzhen Energy [1]. - The hydrogen production capacity is set at 48,000 Nm³/h, with 12 storage tanks of 1,875 m³ each, supported by a 500MW wind power project and a 5MW photovoltaic off-grid hydrogen production project [3]. - The downstream chemical production includes a facility with an annual output of 150,000 tons of synthetic ammonia, along with a 30MW pure hydrogen gas turbine for energy storage [3]. Group 2: Technological Significance - The project establishes an "electric-hydrogen-electric" model, utilizing renewable energy sources like wind and solar to produce green hydrogen, which is then converted back into stable zero-carbon electricity [3]. - It aims to validate the long-term operational capabilities of Mingyang Hydrogen's independently developed 30MW pure hydrogen gas turbine under various working conditions, addressing key technical challenges for higher power-level hydrogen turbines [5]. Group 3: Strategic Implications - The project is a strategic move by Mingyang to align with carbon neutrality goals and expand its hydrogen energy industry footprint, leveraging the demonstration project to drive technology iteration and cost optimization [5]. - Expected to achieve the world's largest capacity pure hydrogen gas turbine testing demonstration by the end of 2025, the project is set to accelerate the collaborative development of the entire hydrogen energy industry chain and establish a complete industrial ecosystem for green hydrogen production, storage, and power generation [8].

Group 1 - The world's first 30MW pure hydrogen gas turbine demonstration project has officially commenced construction in Ordos, Inner Mongolia, marking a significant breakthrough in hydrogen energy generation and long-term storage in China [2] - China successfully launched the Geely Constellation 04 satellite group using the Jielong-3 rocket, with the mission being the sixth flight of this rocket [2] - The SpaceX "Dragon" spacecraft, carrying four astronauts, has departed from the International Space Station and is expected to land in the California coast area [2]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Recent developments in domestic deep-sea wind power indicate a positive trend, with significant project approvals and regulatory support [5][10] - The report highlights the approval of a private placement by Aishuo Co., which aims to raise up to 3.5 billion yuan for expanding BC battery production capacity, reflecting a bullish outlook on the BC battery sector [5] - The report emphasizes the potential growth in the deep-sea wind power sector, driven by favorable policies and technological advancements [5][10] Summary by Sections Wind Power - The approval of the 500MW offshore wind power project by Goldwind Technology marks a significant step forward, with a total investment of approximately 571.37 million yuan and a planned operational start in November 2025 [10] - The Shandong provincial government is seeking opinions on a pricing mechanism that categorizes bidding for deep-sea wind power separately, which could encourage further development in this area [10] - The wind power index decreased by 1.53% this week but outperformed the CSI 300 index by 0.22 percentage points, with a current overall PE ratio of 20.57 [11] Photovoltaics - Aishuo Co. received approval for a private placement to raise funds for BC battery capacity expansion, which is expected to enhance its financial strength and competitive position in the market [5] - The report notes a positive trend in profitability for Aishuo Co., with a significant turnaround in the second quarter [5] Energy Storage & Hydrogen - The successful delivery of the world's first 30MW pure hydrogen gas turbine, "Jupiter One," represents a milestone in hydrogen power generation in China, with plans for a demonstration project expected to start in August [6] - The report suggests that the electric-hydrogen-electric model will support the growth of renewable energy, with the pure hydrogen gas turbine being a key component [6] Investment Recommendations - The report recommends focusing on investment opportunities in the domestic offshore wind sector, including companies like Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [6] - In the photovoltaic sector, it suggests monitoring structural opportunities related to the BC battery trend, with recommended stocks including Dier Laser and Aishuo Co. [6] - For energy storage, it highlights the potential in overseas markets and recommends companies like Sungrow Power Supply and Haibo Technology [6] - In hydrogen energy, it advises focusing on companies involved in green hydrogen project investments, recommending Jidian Co. [6]