Event: the national development and Reform Commission of the people’s Republic of China officially released the medium and long term plan for the development of hydrogen energy industry (20212035) (hereinafter referred to as the plan) on March 23, 2022, and held an official press conference to introduce the plan.
Clarify the significance of the plan and play an important guiding role in the high-quality development of China’s hydrogen energy industry.
The plan is one of the “n” in the “1 + n” policy system of carbon peaking and carbon neutralization, and closely adheres to the goal of carbon peaking and carbon neutralization. At the press conference, Wang Xiang, deputy director of the high technology department of the national development and Reform Commission, said that at present, China’s hydrogen energy industry chain is in the early stage of development and has a certain gap with the international advanced level. The next step is to focus on key core technologies, innovate support platforms, promote the construction of hydrogen energy professionals and carry out innovative international cooperation to realize the rapid improvement of industrial chain technology.
Adhere to the green and low-carbon route, vigorously develop hydrogen production from renewable energy, and choose hydrogen production technology according to local conditions.
At present, China’s hydrogen production is dominated by hydrogen production from fossil energy and industrial by-hydrogen. The plan emphasizes the construction of a clean, low-carbon and low-cost diversified hydrogen production system to control hydrogen production from fossil energy and promote hydrogen production from new energy. Choose the technical route of hydrogen production according to local conditions, and promote the research and development of technologies such as hydrogen production by solid oxide electrolytic cell, hydrogen production by photolysis of water, hydrogen production by seawater and hydrogen production by nuclear energy at high temperature. According to the plan, hydrogen production from renewable energy will reach 1 China Vanke Co.Ltd(000002) 00000 tons / year in 2025, which will become an important part of new hydrogen energy consumption and reduce carbon dioxide by 1-2 million tons / year. The plan vigorously promotes hydrogen production from renewable energy. According to the 2025 target of 1 China Vanke Co.Ltd(000002) 00000 tons / year of green hydrogen production and China’s total hydrogen demand of 2 Shenzhen Guohua Network Security Technology Co.Ltd(000004) 00000 tons / year (from the 2020 hydrogen energy and fuel cell vehicle technology roadmap), the proportion of green hydrogen production will reach 50%, and the significant increase of the proportion of green hydrogen is expected to promote the rapid development of relevant industrial chains.
Improve the efficiency of hydrogen transportation and carry out demonstration of pipeline hydrogen transportation.
At present, hydrogen transportation is mainly based on high-pressure gaseous long pipe trailer, and the technology is mature. The plan requires that the efficiency of high-pressure gaseous storage and transportation be improved through material and process innovation, low-temperature liquid hydrogen storage and transportation be promoted, and solid, cryogenic, high-pressure, organic liquid and other storage and transportation methods be explored; At the same time, pilot demonstration of hydrogen doped natural gas pipeline and pure hydrogen pipeline shall be carried out.
Clarify the number of fuel cell vehicles in 2025 and expand alternative applications in industrial fields.
The plan requires that the number of fuel cell vehicles will be about 50000 by 2025. According to the data of the Ministry of industry and information technology, the sales volume of fuel cell vehicles will be 192 / 178 from January to February 2022, with a year-on-year increase of 205% / 536%. The plan also requires the deployment and construction of a number of hydrogen refueling stations at the same time, supports the reconstruction and expansion of hydrogen refueling stations by using the site facilities of existing gas refueling stations in accordance with laws and regulations, and explores new modes such as hydrogen refueling stations integrating hydrogen production, hydrogen storage and hydrogenation.
In the field of industrial application, the plan points out that it is necessary to continuously improve the economy of hydrogen energy, expand the alternative application space of clean and low hydrocarbon energy in the chemical industry, including the application of hydrogen as reducing agent in the metallurgical industry and as a high-quality heat source in industrial production, guide the transformation of synthetic ammonia, synthetic methanol, refining, coal to oil and gas and other industries from high-carbon process to low-carbon process, and promote the green and low-carbon development of high energy consuming industries.
Investment advice. It is suggested to pay attention to enterprises with core competitiveness in all links of the industrial chain:
Upstream: Longi Green Energy Technology Co.Ltd(601012) , Sungrow Power Supply Co.Ltd(300274) ; Midstream: key equipment suppliers Houpu Clean Energy Co.Ltd(300471) , Moon Environment Technology Co.Ltd(000811) , Hangzhou Zhongtai Cryogenic Technology Corporation(300435) , Fujian Snowman Co.Ltd(002639) , Beijing Jingcheng Machinery Electric Company Limited(600860) , Chengdu Shenleng Liquefaction Plant Co.Ltd(300540) , Zhangjiagang Furui Special Equipment Co.Ltd(300228) , zhongkefuhai (unlisted), etc; Downstream: Beijing Sinohytec Co.Ltd(688339) , Weichai Power Co.Ltd(000338) , Changzhou Tenglong Auto Parts Co.Ltd(603158) , Czech hydrogen technology (unlisted), Dongyue future hydrogen energy (unlisted).
Risk analysis: the policy strength is less than expected; The cost reduction of the industrial chain was less than expected.
