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

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 “bidding” 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 the 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 pilot projects by the three departments, along with the release of nationwide subsidy policies for the hydrogen industry, could lead to large-scale development and accelerated industrialization of hydrogen energy with substantial policy support.

Actively Exploring Application Scenarios

Zhang Xiaoqiang, former deputy director of the National Development and Reform Commission and a specially 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 materials 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 Construction (2026–2035)” on March 10. The plan emphasizes continuous layout across all links of hydrogen production, storage, transportation, and application, focusing on technological breakthroughs in hydrogen energy, green methanol, and green ammonia “production, storage, transportation, and utilization” chains, and accelerating the development of catalysts, electrolyzers, and other key materials and equipment. It also aims to expand diversified applications of hydrogen, ammonia, and green methanol in transportation, energy support, and industrial manufacturing, while improving hydrogen refueling infrastructure, researching hydrogen pipeline systems, and standardizing hydrogen refueling station construction 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 supply, hydrogen-ammonia and alcohol integration, 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 scale and commercialization.

Speeding Up Commercialization of Hydrogen Energy

According to Securities Daily, several listed companies have recently accelerated 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, significantly speeding up the overall industry progress.

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 application scenarios to prepare for key hydrogen utilization segments such as hydrogen production and storage.

Shandong Jindi Precision Machinery Technology Co., Ltd. recently indicated 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, and is actively expanding research on alkaline electrolyzers (ALK), proton exchange membrane electrolyzers (PEM), and other core component plates; simultaneously developing large-sized flexible flow battery graphite plates and lightweight fuel cell graphite plates (0.24mm); and continuously tackling new technologies such as lightweight metal plates for fuel cells (0.05mm), new 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 water pumps, hydrogen ejectors, integrated multi-functional fuel cell controllers, and vortex hybrid high-speed centrifugal air compressors. Some R&D projects have completed prototype testing, and the company is working with several leading hydrogen fuel cell system clients on BOP product integration and sample confirmation. Some products have already achieved small batch sales. The company also continues to focus on upstream 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 top 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 currently at a critical window transitioning from demonstration applications to commercialization. Industry chain players are seizing both policy and market opportunities. Companies shifting from single links 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 hold a competitive advantage in the next industry growth cycle.