Main points
Hydrogen energy is an important carrier to realize green and low-carbon transformation. As a green and low-carbon secondary energy with a wide range of sources, hydrogen energy is gradually becoming one of the important carriers of global energy transformation and development. China is the world’s largest hydrogen producer, with an annual hydrogen production of about 33 million tons, of which about 12 million tons meet the industrial hydrogen quality standard. China has preliminarily mastered the main technologies and production processes such as hydrogen energy preparation, storage and transportation, hydrogenation, fuel cell and system integration, and realized the small-scale demonstration application of fuel cell vehicles in some regions. According to different preparation methods, hydrogen can be divided into gray hydrogen, blue hydrogen and green hydrogen. China’s hydrogen energy industry is still in the early stage of development.
As the most environmentally friendly and easily available energy, hydrogen energy is known as the “ultimate clean energy”. The development of hydrogen energy can not only improve national energy security, but also solve the problems of seasonality and volatility of energy supply.
The global energy supply and demand landscape has been deeply adjusted, and major countries have issued hydrogen energy development plans one after another. Through comparison, it is found that China’s medium and long term plan for the development of hydrogen energy industry (20212035) and major national and regional hydrogen energy strategies share the same characteristics: paying attention to the research and development of hydrogen energy related technologies; Pay attention to the construction of hydrogen energy infrastructure and the expansion of hydrogen energy application fields; Attach importance to hydrogen production from renewable energy. However, the emphasis is different. China’s plan emphasizes the construction of the whole industrial chain of hydrogen energy.
Investment advice
As an important part of China’s modern energy system, hydrogen energy has high combustion heat and zero carbon emission reduction. It is the “ultimate clean energy” to achieve the goal of “double carbon”. Geopolitical factors have led to the in-depth adjustment of global energy supply and demand. Major countries have issued hydrogen energy development plans one after another, taking hydrogen energy as an important development direction of low-carbon transformation. At present, the world’s major economies have formulated ambitious hydrogen energy development plans and made concerted efforts in policy and industry. The medium and long term plan for the development of hydrogen energy industry (20212035) jointly issued by multiple departments in China clearly stipulates: reshape the energy pattern, optimize the energy structure, encourage the development of China’s hydrogen energy industry, and usher in important development opportunities for the hydrogen energy industry. Starting from the hydrogen energy industry chain, the main line of hydrogen energy convertible bond investment can be divided into: first, Donghua convertible bond and long22 convertible bond in hydrogen production; Second, based on the traditional business, Meijin convertible bonds and Hongda convertible bonds are extended to the whole industrial chain; Third, the Wuxi Best Precision Machinery Co.Ltd(300580) convertible bonds in the fuel cell sector.
Risk tips
Macroeconomic downside risk; Uncertainty of technological progress; Financial risks; The policy promotion was less than expected
