Institutions: Hydrogen Energy Industry May Accelerate Development, All Segments of the Industrial Chain Expected to See Volume Growth

The Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission issued the “Notice on Carrying Out Pilot Work for the Comprehensive Application of Hydrogen Energy,” which states that by 2030, hydrogen energy in urban clusters will achieve large-scale application across multiple fields. The average price of terminal hydrogen will decrease to below 25 yuan per kilogram, with efforts to reduce it to around 15 yuan per kilogram in some advantageous regions. The nationwide fuel cell vehicle fleet is expected to double compared to 2025, aiming to reach 100,000 vehicles. Through expanded application scale, breakthroughs in hydrogen energy application technology, processes, and equipment will be promoted, including iterative upgrades of fuel cells, electrolyzers, storage and transportation devices, and materials. This will help hydrogen energy become a new economic growth point and support the comprehensive green transformation of economic and social development.

CITIC Securities points out that during the 14th Five-Year Plan period, the focus of the hydrogen energy industry will shift from technological demonstration to systematic supply and scenario expansion. Integrated projects of green electricity—green hydrogen—green fuels are expected to be the first to break through. It is recommended to pay attention to green hydrogen, ammonia, and alcohol-based fuel project investors and operators.

China International Capital Corporation (CICC) believes that hydrogen energy is an important means to reduce carbon in non-electricity energy sectors and is an inevitable development. During the 14th Five-Year Plan period, driven by policy incentives, technological progress in the industry, and cost reductions, the hydrogen energy industry may accelerate, with all segments of the industry chain expected to expand.

Huatai Securities states that under the support policies for the domestic green hydrogen industry, the beneficiaries along the industry chain are as follows: 1. Project operators: companies involved in green hydrogen, ammonia, and alcohol projects and downstream consumption are expected to benefit first. 2. Ammonia and alcohol production equipment suppliers: core equipment such as gasifiers and synthesis furnaces used in hydrogen-based derivative production are expected to see increased demand as green hydrogen and ammonia alcohol production lines are established. 3. Electrolyzer suppliers: leading electrolyzer companies will benefit from the global demand for green hydrogen and equipment exports.