"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（1月6-8日，宁波） 点此报名 添加文末微信，加 燃料电池 群 2025年9月20日， "氢聚港城·东拓智造"——百万标方PEM电解槽生产设备交付暨战略合作签约仪 式在张家港市东拓新能源产业化基地隆重举行。 此次交付不仅标志着国内超大规模 PEM电解槽智 能产线正式投入使用，也全面体现了东拓新能源在技术创新与智能制造方面的系统能力。 01 年产百万标方PEM槽智能产线交付，引领氢能装备进入高效工业品时代 根据势银（TrendBank）统计，2024年国内电解水制氢设备公开中标规模合计1416.41MW，其中碱 性电解槽（ALK）占比高达99%。而来到2025上半年，这一格局已开始发生积极变化——尽管ALK 仍占市场主导，但"ALK+PEM"及纯PEM电解槽的合计市场份额迅速提升至10%，增速显著，潜力 可期。 多家行业机构与头部企业一致认为，在"双碳"目标持续推进的背景下，绿氢产业正迎来百倍级规模 扩张。不同制氢技术路线需适配多样化供电场景，其中ALK与PEM组合模式尤其适合联网/弱联网 制氢 ...

Lithium Battery Sector - Lithium material prices are showing signs of bottom reversal, with leading companies delivering dry process equipment and South Korea initiating a hundred-ton lithium sulfide expansion [1] - In August, battery production and installation maintained high-speed year-on-year growth [1] - Solid-state batteries: leading companies are delivering dry process equipment, and ISU in South Korea is starting the construction of a hundred-ton lithium sulfide facility [1] Photovoltaic Sector - The price mechanism for near-term consumption of renewable energy is being improved, with distributed photovoltaic/storage and green electricity direct connection receiving certain benefits [1] - On September 12, the National Development and Reform Commission and the National Energy Administration issued a notice to enhance the price mechanism for promoting near-term consumption of renewable energy, requiring public grids to provide reliable power supply services for integrated projects [1] - The policy supports near-term consumption of renewable energy by clarifying grid connection responsibilities and safety interfaces, which will significantly enhance the attractiveness of investments in distributed photovoltaic and commercial storage [1] Wind Power Sector - Daikin Heavy Industries has recently received multiple offshore wind orders from Europe, indicating strong demand in the European offshore wind market [2] - The delivery of the world's largest floating wind turbine foundation has been completed, showing significant inflation in the usage of floating foundations [2] Energy Storage Sector - By the end of 2025, the new energy storage installation scale is expected to exceed 180 GW, with Ningxia announcing a storage capacity electricity price of 165 yuan/kW starting from January 2026 [2] - Two ministries have issued documents clarifying the energy storage installation targets and profit models, indicating a continued optimistic outlook for domestic energy storage [2] Electric Equipment Sector - Three departments have issued a notice on the "Electric Equipment Industry Stabilization Growth Work Plan (2025-2026)," which is expected to benefit leading enterprises [2] - The research work for the Long Electric Power project entering Sichuan has been completed and is expected to be approved within the year [2] Industrial Control and Robotics Sector - UBTECH has once again set a record for the largest single order in the global humanoid robot industry, while Zivariable has secured nearly 1 billion yuan in Series A financing [3] - In August, the PMI showed a slight increase, indicating positive trends in the industrial control and robotics sector [3] Hydrogen Energy Sector - The National Development and Reform Commission and the Energy Administration are promoting the integration of artificial intelligence and renewable energy for hydrogen production [3] - Cummins has delivered the largest scale PEM electrolyzer to date, and a feasibility study report for a 100,000-ton hydrogen and ammonia integrated project in Gansu is being procured [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The lithium battery materials prices have reversed from the bottom, with significant growth in battery production and advancements in solid-state battery technology [2][11][12] - The solar energy sector benefits from improved pricing mechanisms for near-consumption of renewable energy, enhancing the attractiveness of distributed solar and energy storage investments [3][22][24] - The wind energy sector sees increased demand with major orders for offshore wind projects and the delivery of the largest floating wind turbine foundation [3][37][38] - The energy storage sector is projected to reach over 180GW of installed capacity by 2025, with new pricing mechanisms for storage capacity being implemented [4][46][48] - The power equipment sector is supported by government initiatives aimed at stabilizing growth and enhancing the quality of equipment supply [5][60][61] Summary by Sections Lithium Battery Sector - Lithium battery material prices have shown a bottom reversal, with lithium carbonate prices rising from 61,400 CNY/ton to 73,000 CNY/ton [11] - In August, the total battery production reached 139.6 GWh, marking a year-on-year increase of 37.3% [12] - Solid-state battery technology is advancing with the delivery of dry-mixing equipment and the initiation of lithium sulfide production in South Korea [13] Solar Energy Sector - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve pricing mechanisms for renewable energy consumption [22] - The policy mandates that renewable energy self-consumption must account for at least 60% of total generation and 30% of total consumption by 2030 [23][24] - The solar industry is experiencing price stability in polysilicon and silicon wafer segments, with expectations for price increases in battery cells and modules [28][30] Wind Energy Sector - Daikin Heavy Industries has secured multiple offshore wind orders in Europe, indicating strong demand in the sector [37] - The delivery of the world's largest floating wind turbine foundation marks a significant milestone, with increased demand for floating foundations [38] Energy Storage Sector - The new action plan aims for 180GW of new energy storage capacity by the end of 2025, with a current installed capacity of 95GW [46] - The pricing mechanism for energy storage capacity will be implemented at 165 CNY/kW starting January 2026 [48][49] - The market is expected to see a shift towards integrated energy trading and capacity compensation mechanisms [47] Power Equipment Sector - The government has issued a plan to stabilize growth in the power equipment industry, targeting a 6% annual revenue growth for traditional equipment [60][61] - The plan emphasizes improving equipment supply quality and expanding domestic demand for renewable energy equipment [61][62] - Ongoing projects like the "Long Electric into Sichuan" high-voltage direct current project are expected to be approved within the year [66] Industrial Control and Robotics Sector - The sector has seen significant developments with the largest single order for humanoid robots and substantial funding rounds for robotics companies [69][70][71]

近期在公布2025年上半年业绩之时，氢能企业重塑能源（02570.HK）还宣布了一项战略投资：其子公 司广东探索汽车有限公司（"广东探索汽车"）与恩泽（广东）氢能源科技有限公司（"恩泽氢能"）及恩 泽海河（天津）股权投资基金合伙企业（有限合伙）（"恩泽基金"）签订增资协议，以现金的方式向恩 泽氢能增资1亿元。增资完成后，重塑能源将通过子公司获得恩泽氢能30.30%的股权。恩泽基金以及另 一家独立第三方，分别持有恩泽氢能60.60%、9.10%的股权。 恩泽氢能是何来头？在行业现金流普遍紧张的当下，重塑能源为何战略投资这家公司？ 在公告中，重塑能源给出了官方答案：为进一步拓展制氢市场。 根据公开资料，在本轮增资前，恩泽氢能为恩泽基金全资持有，而后者是由中石化资本作为最大的股权 方。与此同时，重塑能源第二大股东亦是中石化资本。 不可否认的是，在今年7月调整股权并更名的恩泽氢能，的确面临着新的挑战——既要消化引进技术实 现国产化，又要全面融入中石化氢能全产业链布局，开拓竞争日益激烈的制氢装备市场。 但借助中石化资本以及恩泽基金的资本和资源整合优势，作为制氢新兵的恩泽氢能已经异军突起。公开 资料显示，目前恩泽氢能已经 ...

根据公开资料，在本轮增资前，恩泽氢能为恩泽基金全资持有，而后者是由中石化资本作为 最大的股权方。与此同时，重塑能源第二大股东亦是中石化资本。 在行业上下游资源与市场错配、全产业链融通还存在堵点的当下，这场交易意味着氢能行业 协同发展正在走向纵深整合，重塑能源与恩泽氢能或将借助股东方的资本和产业资源加持， 协同发力，强化在制氢装备方面的产品开发与市场拓展实力，加快在氢能"制储运加用"一体 化发展。 制氢黑马异军突起 在全球积极应对气候变化、加速能源转型的大背景下，氢能作为一种清洁、高效、可持续的 二次能源，特别是由可再生能源制取的绿氢，正逐渐成为能源脱碳的焦点。 近期在公布2025年上半年业绩之时，氢能企业重塑能源（02570.HK）还宣布了一项战略投资： 其子公司广东探索汽车有限公司（"广东探索汽车"）与恩泽（广东）氢能源科技有限公司（"恩泽 氢能"）及恩泽海河（天津）股权投资基金合伙企业（有限合伙）（"恩泽基金"）签订增资协议， 以现金的方式向恩泽氢能增资1亿元。增资完成后，重塑能源将通过子公司获得恩泽氢能30.30% 的股权。恩泽基金以及另一家独立第三方，分别持有恩泽氢能60.60%、9.10%的股权。 ...

Core Viewpoint - Inner Mongolia's Baotou City is focusing on the development of hydrogen energy and energy storage industries, leveraging a "chain leader" approach to create a comprehensive industrial ecosystem [1][2][4]. Group 1: Industry Development - Baotou's hydrogen energy storage industrial park is witnessing rapid project advancements, with multiple production lines nearing completion, including 5,000 sets of fuel cell stack assembly lines and 250 MW PEM electrolyzer production lines [2][3]. - The total investment for the energy storage system assembly project by Inner Mongolia Yuanjing Mengxin Group is 500 million yuan, with an expected annual output value of approximately 2 billion yuan [3]. - The establishment of a complete industrial chain is underway, integrating core technologies from catalysts to fuel cell stacks and energy storage systems [4][5]. Group 2: Economic Impact - The four production lines in the hydrogen energy sector are projected to generate a total output value of 1 billion yuan upon completion [2]. - The Baotou area is expected to attract significant investments, with 84 major projects planned for 2025, totaling an investment of 77.98 billion yuan [7][8]. - The local government is providing comprehensive support to enterprises, enhancing confidence and accelerating project implementation [7]. Group 3: Future Plans - Baotou aims to strengthen project management and ensure the smooth execution of major projects, focusing on the hydrogen energy sector as a key area for growth [8]. - The region is positioning itself as a leader in the hydrogen energy industry, with plans for full-chain layout and cluster development [8].

Core Viewpoint - Siltrax has developed a silicon-based bipolar plate technology that replaces traditional graphite, metal, and composite materials in the hydrogen energy sector, leading to advanced PEM fuel cells and electrolysis systems with world-class performance [1][6]. Group 1: Company Overview - Siltrax is a leader in silicon-based fuel cell technology, focusing on distributed generation, transportation, and low-altitude economy solutions [9]. - The company is based in Jiaxing, Zhejiang Province, and has established comprehensive production capabilities for silicon-based bipolar plates, fuel cells, and PEM electrolysis systems [9]. Group 2: Technological Advancements - Siltrax's proprietary 150kW G-100 fuel cell has achieved record-breaking volumetric power density of 9.77 kW/L and gravimetric power density of 9.7 kW/kg, surpassing existing industry benchmarks [6][7]. - The G-100's performance exceeds the targets set by Japan's NEDO and the US Department of Energy, indicating a significant advancement in fuel cell technology [7][8]. Group 3: Market Applications - The high power-to-weight ratio of the G-100 fuel cell is expected to enhance the range and payload capacity of electric vertical takeoff and landing (eVTOL) aircraft, thereby improving investment returns [8][11]. - Siltrax's fuel cells are positioned to meet the demanding performance requirements in industries such as aerospace, shipping, and heavy transportation, where space and weight are critical [8][11]. Group 4: Future Prospects - Siltrax anticipates further performance improvements by integrating gas diffusion layers and membrane electrodes specifically designed for their high-precision architecture [7]. - The company aims to accelerate the global hydrogen economy and become a transformative force in the clean energy sector [9].

Investment Rating - The industry rating is "Outperform the Market" [3][50]. Core Insights - Breakthroughs in electrolyzer technology have been observed, and the hydrogen heavy-duty truck sector is gradually maturing. The newly awarded electrolyzer projects are still primarily alkaline, but both PEM and AEM electrolyzer technologies have made significant advancements. It is recommended to pay attention to companies at the forefront of electrolyzer technology [2][40]. - The midstream sector is accelerating the development of hydrogen transportation and utilization, promoting the construction of hydrogen refueling stations. Companies with hydrogen transportation capabilities are recommended for attention [2][40]. - Transportation applications are leading the gradual maturation of the hydrogen fuel cell industry ecosystem, with a recommendation to focus on hydrogen vehicle companies related to heavy-duty trucks [2][40]. Industry Performance - As of July 4, 2025, the hydrogen energy index closed at 2135.09 points, with a weekly change of 1.03% and a year-to-date change of 20.16%. The hydrogen energy index ranked 53rd among the Shenwan secondary industry rankings this week, showing a significant decline [8][14]. - The TTM price-to-earnings ratio of the hydrogen energy index is 24.66 times, and the MRQ price-to-book ratio is 1.60 times as of July 4, 2025 [11][13]. Company Dynamics - The top five companies in the hydrogen energy sector by weekly increase are Xuedilong (31.74%), Kaimeteqi (27.46%), Shengdexintai (22.40%), Zhongcai Technology (20.71%), and Huaguang Huaneng (20.06%). The top three companies by weekly decrease are Guangzhi Technology (-15.82%), Taihe Technology (-9.40%), and Xinxunda (-9.13%) [14][16]. - This week, there were 9 awarded projects in the hydrogen energy sector, with 3 electrolyzer bidding projects totaling 520 MW and a total hydrogen production capacity of 104,000 Nm³/h [17][18]. Industry Dynamics - Significant developments include the approval of the first cross-province green hydrogen pipeline in Inner Mongolia and the launch of hydrogen two-wheelers in Dongguan. These initiatives are part of broader efforts to promote hydrogen energy as a strategic industry [35][36]. - Internationally, Morocco's large-scale green hydrogen project is making progress, and Uzbekistan's Tashkent green hydrogen project has successfully achieved hydrogen production [36][37].

Core Insights - Inner Mongolia is actively developing the hydrogen equipment manufacturing industry, aiming for high-end, large-scale, and safe production in line with national "dual carbon" goals and regional energy strategies [1][2] Group 1: Industry Development - The hydrogen equipment manufacturing sector in Inner Mongolia is rapidly growing, supported by policies such as the "14th Five-Year Plan for Hydrogen Development" and government notifications for high-quality industry advancement [1][2] - The region is establishing a comprehensive industrial chain covering hydrogen production, storage, transportation, refueling, and application [1][2] Group 2: Project and Investment - As of June 2025, Inner Mongolia is implementing nine key hydrogen equipment projects with a total investment of 2.802 billion yuan, featuring ten product types [2] - The design capacity for hydrogen production equipment is set to increase by 160% to 650 units by the end of 2023, with expectations to exceed 750 units by year-end [2] Group 3: Production Capacity - Solid hydrogen storage devices are projected to reach a capacity of 2,200 units, with hydrogen storage materials at 3,300 tons per year and hydrogen transport pipes at 5,000 tons [2] - The production capacity for hydrogen production power sources is 50 units, with purification and separation devices at 15 units; AEM and PEM electrolyzer capacities are currently at 0.2 GW and 0.25 GW respectively [2] Group 4: Future Plans - Inner Mongolia plans to enhance investment attraction and develop a collaborative ecosystem for the entire hydrogen industry chain, focusing on policy coordination, application scenarios, and technological breakthroughs [2]

Core Viewpoint - The company is committed to driving high-quality development in coal gasification technology through technological innovation, focusing on green and digital transformation in response to new industry challenges and opportunities [1] Group 1: Coal Gasification Technology Development - The company has made significant advancements in coal gasification technology, achieving international leading levels with large-scale, high-pressure, and semi-waste gasification technologies [2] - Since the launch of its 1000-ton gasifier in 2008, the company has broken international technology monopolies and expanded its technology to a 4000-ton scale, increasing pressure from 4.0 MPa to 6.5 MPa, thereby enhancing gasification efficiency [2] - The company has signed contracts for 78 projects, totaling 187 gasifiers, with an average operational cycle of 331 days for gasifiers and 412 days for burners, and a record operational duration exceeding 1141 days [2] Group 2: Technological Achievements - The Haoyuan Phase V project has achieved over 650 days of stable operation, addressing issues related to radiation waste boiler steam decay and demonstrating strong innovation with independent intellectual property rights [3] - The 3500-ton, 6.5 MPa semi-waste gasifier launched in 2021 has also been recognized as internationally leading [3] Group 3: Green Hydrogen Development - The company is actively pursuing the integration of hydrogen energy and coal chemical processes, having received certification for its 1000-type ALK electrolyzer and completed pilot testing for its alkaline electrolyzer with a maximum capacity of 2000 standard cubic meters per hour [4] - The company has developed electrolyzer products that address industry challenges such as reliability and safety, enhancing the adaptability of carbon reduction technologies in coal chemical processes [4] Group 4: Business Model and Market Expansion - The company has established a business model comprising core equipment, engineering services, and factory operation transfer, focusing on hydrogen production, biomass gasification, and solid waste resource utilization [5] - The company is conducting in-depth research on various biomass materials and plans to promote coal gasification technology in regions such as Africa, Central Asia, South Asia, and Indonesia, aiming to make international projects a new economic growth point [5] Group 5: Digital Transformation - The company is advancing its digital transformation, with intelligent control of coal gasification processes entering the engineering demonstration phase, addressing industry challenges in automatic and intelligent control [6] - Key technological breakthroughs in online analysis systems and coal quality analysis are expected to resolve longstanding issues in the industry, promoting a shift towards digitalization and intelligence [6]