Hydrogen Energy Industry Gets Further Policy Support, Listed Companies Seize Opportunities

Securities Daily Reporter Li Wenshan
Intern Reporter Zhang Meina

On March 16, the Ministry of Industry and Information Technology website announced that the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission recently issued the “Notice on Carrying Out Hydrogen Energy Comprehensive Application Pilot Projects” (hereinafter referred to as the “Notice”). The three departments will select cities with strong industrial foundations, rich application scenarios, robust hydrogen resource guarantees, and complete industrial chains through a “list-revealing” approach to pioneer hydrogen energy comprehensive application pilots. They aim to scientifically, orderly, and actively explore pathways for commercializing hydrogen energy, improve industry development policies, and promote integrated development of the entire hydrogen energy “production, storage, transportation, and utilization” industry chain.

CITIC Securities research reports believe that the launch of hydrogen energy comprehensive application pilots by the three departments, along with the release of nationwide subsidy policies for the hydrogen industry, is expected to support the industry’s large-scale development and accelerate industrialization under substantial policy support.

Actively Exploring Application Scenarios

Zhang Xiaoqiang, former deputy director of the National Development and Reform Commission and a special invited expert at the China International Economic Exchange Center, predicted at the 2025 China Hydrogen Energy Industry Conference that by 2030, China’s green hydrogen production could reach 3 million tons, forming a trillion-yuan-plus market and leading the world.

Industry insiders say that from a policy perspective, China has introduced a series of supportive policies around hydrogen energy, covering green hydrogen production, storage and transportation, equipment R&D, and demonstration promotion, further advancing the industrialization process of hydrogen energy.

Specifically, the “Notice” clarifies that each city cluster should prioritize pilot projects in applications such as fuel cell vehicles, green ammonia and methanol, hydrogen-based chemical raw material substitution, hydrogen metallurgy, and hydrogen-blended combustion. They should actively explore innovative hydrogen energy application scenarios to form a hydrogen energy comprehensive application ecosystem consisting of “one general fuel cell vehicle scenario + N industrial application scenarios + X innovative application scenarios.”

At the local level, the Guangdong Provincial Government Office issued the “Action Plan for Accelerating the Cultivation and Development of New Tracks to Lead the Modern Industrial System (2026–2035)” on March 10, which explicitly states the continued layout of the entire hydrogen production, storage, transportation, and application chain. It emphasizes technological breakthroughs in green methanol, green ammonia, and hydrogen energy, and accelerates the development of key materials and equipment such as catalysts and electrolyzers. The plan also aims to expand diversified applications of hydrogen, ammonia, and green methanol in transportation, energy support, and industrial manufacturing. Infrastructure for hydrogen refueling will be improved, and research on hydrogen pipeline systems will be planned, along with standardization of hydrogen refueling stations and storage and transportation segments.

On March 12, the Sichuan Provincial Department of Economy and Information Technology officially released the “Top Ten Hydrogen Energy Application Scenarios” at the 2026 Hydrogen Energy Industry Conference and the Sichuan Hydrogen Energy Industry Chain Supply and Demand Matchmaking Conference. These include mature fields like hydrogen transportation and industry, as well as frontier directions such as high-altitude multi-energy coupling, integrated hydrogen ammonia and alcohol, and future tracks like hydrogen rail transit and hydrogen drones.

Yuan Shuai, Deputy Secretary-General of the Zhongguancun Internet of Things Industry Alliance, told Securities Daily that multiple policies working together will accelerate solving industry development bottlenecks and are expected to push the hydrogen energy industry into a new stage of large-scale and commercial development.

Speeding Up Commercialization of Hydrogen Energy

According to Securities Daily’s review, several listed companies are accelerating their layout in key segments of the hydrogen industry chain, including hydrogen production, storage and transportation, core equipment and component R&D, and downstream applications. The overall industry advancement has significantly accelerated.

On March 16, Lianmei Quantum Co., Ltd. stated on an investor interaction platform that the company attaches great importance to hydrogen energy technology development and actively reserves related technologies. The company has established relevant departments and invested in Aidemann Hydrogen Energy Equipment Co., Ltd., which will track future hydrogen cogeneration applications to prepare for key hydrogen utilization segments such as hydrogen production and storage.

Shandong Jindi Precision Machinery Technology Co., Ltd. recently stated on an investor platform that in the hydrogen energy field, the company has previously developed 0.075mm metal bipolar plates for hydrogen fuel cell stacks. It is also actively expanding research on alkaline electrolyzers (ALK), proton exchange membrane electrolyzers (PEM), and core component plates. The company is developing new products such as ultra-large flexible flow battery graphite plates and 0.24mm lightweight fuel cell graphite plates, and continues to tackle new technologies like lightweight metal plates for fuel cells (0.05mm), aluminum-plastic composite processes, new coating techniques, liquid silicone rubber injection sealing, and single-cell packaging.

Zhongshan Ocean Motor Co., Ltd. recently stated on an investor platform that its “hydrogen fuel cell business” mainly focuses on developing core components of hydrogen fuel cells (BOP), including boost DCDC, two-stage centrifugal air compressors, high-pressure shielding pumps, hydrogen ejectors, integrated multi-functional fuel cell controllers, and vortex hybrid high-speed centrifugal air compressors. Some R&D projects have completed functional prototype testing, and the company has introduced BOP products and confirmed samples with several leading hydrogen fuel cell system clients. Some products have already achieved small batch sales. The company also continues to focus on the upstream of the hydrogen energy industry chain, investing in Jia Hydrogen (Shanghai) Industrial Co., Ltd. to explore hydrogen refueling station business, and has made industrial layouts in solid oxide fuel cell (SOFC) and electrolysis hydrogen production technologies, collaborating with leading domestic research institutions to explore industrialization paths for SOFC projects, currently still in early R&D stages.

朱克力, founder of the National Economic Research Institute, told Securities Daily that the hydrogen energy industry is at a critical window transitioning from demonstration applications to commercialization. Industry chain participants are seizing policy and market opportunities. Companies shifting from single segments to full-chain collaboration will significantly accelerate the commercialization process. Listed companies with core component R&D capabilities, industry chain integration, and scene implementation ability will have a competitive advantage in the next industry growth phase.