Even stronger than electricity-computation synergy! Hydrogen energy sets clear 2030 targets; seven leading companies aggressively bought by major institutional investors

【Answer 1】 Core highlights: The company operates domestically advanced JN60-6A coke ovens in the coking sector, producing 2.4 million tons of high-quality metallurgical coke annually, and is equipped with comprehensive chemical by-product recovery and dry quenching coke facilities. Core hydrogen energy logic: In 2023, the company raised funds for a 30,000 Nm³/h coke oven gas-to-hydrogen project. This project produces hydrogen from coke oven gas—a low-cost hydrogen production method. Hydrogen extraction from coke oven gas incurs significantly lower costs, approaching the government’s target for affordable hydrogen. Prior to large-scale adoption of green hydrogen, this method serves as the primary low-cost hydrogen supply source, positioning the company to fully benefit from performance growth driven by accelerated hydrogen energy development over the next five years. Second company: Zhejiang New Energy Co., Ltd. Core highlights: The company focuses on investment, development, construction, operation, and management across wind power, photovoltaics, hydropower, hydrogen energy, and energy storage. As of end-June 2025, its consolidated installed capacity in operation reached 6.6299 GW, including 1.1328 GW of hydropower, 3.4639 GW of photovoltaics, and 2.0332 GW of wind power. Core hydrogen energy logic: As Zhejiang Province’s clean energy platform, the company leverages abundant local hydropower, wind, and solar resources to produce green electricity, which it uses directly for electrolytic hydrogen production—enabling the “green electricity → green hydrogen” conversion and facilitating renewable energy consumption. It has also established a majority-owned subsidiary, Zhejiang Zheneng Aerospace Hydrogen Technology Co., Ltd., specializing in hydrogen equipment sales—achieving an integrated hydrogen production–storage loop. Third company: Huadian Liaoning Power Generation Co., Ltd. Core highlights: Primarily engaged in power and heat generation and sales, its business covers thermal, wind, and photovoltaic power generation. It has introduced world-class wind turbine units to accelerate its energy transition. Core hydrogen energy logic: Leveraging regional wind and solar resources in Liaoning and elsewhere, the company is advancing integrated “wind–solar–thermal–storage–hydrogen” bases. Its access to low-cost green electricity at the source provides cost-dilution advantages, aligning well with clean energy base development and green hydrogen consumption pathways. It has jointly invested with China Huadian Corporation Engineering Co., Ltd. to build a 25 MW off-grid wind-powered hydrogen production project, expected to yield 1,230 tons of green hydrogen annually. Fourth company: Meijin Energy Core highlights: The company owns a complete industrial chain spanning coal, coking, natural gas, and hydrogen fuel cell vehicles. Core hydrogen energy logic: It has established a closed-loop value chain—“coal → coke → by-product hydrogen → hydrogen refueling stations → fuel cells → vehicles (Feichi Technology)”—combining low-cost hydrogen supply with end-use vehicle demand absorption, ensuring strong operational resilience. Fifth company: Jiugang Hongxing Core highlights: Specializing in steel production, the company operates an integrated iron and steel complex covering mining, ore dressing, sintering, coking, ironmaking, steelmaking, hot rolling, cold rolling, and stainless steel production, with an annual steel output capacity exceeding 10 million tons. Core hydrogen energy logic: Its austenitic stainless steel for hydrogen storage has already been applied in large-volume, double-layer spherical vacuum-insulated liquid hydrogen tanks. The company stands to benefit substantially from rising hydrogen storage demand driven by accelerated hydrogen energy applications over the next five years. Sixth company: Luhua Technology Core highlights: A comprehensive chemical enterprise integrating coal chemical, salt chemical, fine chemical, combined heat and power generation, and chemical equipment manufacturing—ranked among the top three fertilizer and chemical equipment manufacturers in China.

Hydrogen” powers transportation: A-share investment roadmap for hydrogen energy transport leaders in a trillion-yuan market

【Answer 2】 II. Key Focus Areas in Transportation 1. Commercial Vehicle Scale-up: Liquid hydrogen heavy-duty trucks achieve over 1,000 km range; accounted for 54.1% of total hydrogen vehicle sales in 2024; the 700-km Jin–Tian hydrogen logistics corridor has been completed. 2. Passenger Vehicle Pilots: Models from SAIC Maxus and GAC Trumpchi exceed 600 km range; ride-hailing demonstration programs are underway in Shanghai and Guangzhou, with operating costs of RMB 0.3–0.4 per kilometer. 3. Infrastructure Development: Over 540 hydrogen refueling stations operate nationwide. Sinopec leads the construction of integrated “oil–gas–hydrogen–electricity” stations; pilot liquid-phase transport lines linking methanol and hydrogen are being deployed in the Yangtze River Delta and Pearl River Delta regions. III. Key Integration Initiatives 1. Technological Integration: Integration of liquid hydrogen storage/delivery systems with fuel cells—e.g., Foton’s liquid hydrogen heavy-duty trucks achieve cold starts at −30°C; Yutong’s hydrogen-powered buses optimize energy consumption via intelligent dispatch systems. 2. Policy Coordination: Hydrogen corridors established in the Beijing–Tianjin–Hebei and Yangtze River Delta regions; Shanghai’s “North–South Dual Bases” and “East–West Three High Grounds” are coordinated; Chongqing and Guizhou are promoting a “hydrogen corridor” along the Western Land–Sea New Passage. 3. Infrastructure Integration: Integrated hydrogen production–refueling stations realize closed-loop “production–storage–transportation–refueling”; the Shanghai Chemical Industry Park’s “photovoltaics + electrolyzer + hydrogen turbine” system achieves 75% overall energy utilization efficiency. 4. Global Competition: China dominates global electrolyzer exports, participates in formulating international standards for 70 MPa hydrogen storage cylinders, and has liquid hydrogen technologies approaching world-class levels. I. Weichai Power (000338) Hydrogen Energy Highlights: Self-developed hydrogen fuel cell systems covering 15–200 kW power ranges, achieving peak efficiency of 62% and stack volumetric power density of 4 kW/L; breakthrough technology enables auxiliary-heater-free cold start at −30°C. Collaborating with Canada’s Ballard Power Systems to develop next-generation proton exchange membrane (PEM) fuel cell stacks; possesses in-house manufacturing capabilities for critical components such as bipolar plates and air compressors—system costs reduced by over 30% versus industry average. Building a full “production–storage–transportation–refueling–application” industrial chain; partnering with Sinopec, CIMC, and others to create a hydrogen ecosystem, accelerating refueling station deployment and hydrogen price reduction. Transportation Focus: Concentrating on hydrogen fuel cell commercial vehicles, the company has delivered 1,100 hydrogen-fueled heavy-duty trucks and logistics vehicles to Qingdao, Zibo, and other cities—covering the full spectrum from 4.5-ton urban delivery trucks to 49-ton tractor units. Heavy-duty trucks equipped with Weichai’s hydrogen fuel systems achieved 600 km range under full-load operation at Qingdao Port, with hydrogen consumption below 8 kg per 100 km—operating costs now on par with diesel trucks. Participating in Henan Province’s pilot program offering toll fee reductions for hydrogen freight trucks, expediting commercialization of hydrogen heavy-duty trucks in long-haul logistics. Company Highlights: Cumulative operational mileage of hydrogen fuel cell commercial vehicles exceeds 100,000 km—the highest technical maturity in the industry; targeting >25% market share for hydrogen heavy-duty trucks in 2025, aiming to become one of the world’s largest hydrogen fuel cell commercial vehicle suppliers. Leveraging Shandong Heavy Industry Group’s resource integration capabilities, it delivers integrated solutions combining fuel cells, electric drive axles, and intelligent connectivity—deepening synergies between hydrogen-powered transportation and smart logistics.

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