SMM News: September 21, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the Development and Reform Commission, the National Energy Administration (hereinafter referred to as the five ministries) issued a notice on the demonstration application of fuel cell vehicles. The circular proposes that the subsidy policy for the purchase of fuel cell vehicles will be adjusted to support the demonstration and application of fuel cell vehicles, and reward the qualified urban agglomerations for tackling key problems and demonstrating the application of key technologies of fuel cell vehicles, so as to form a new development model of fuel cell vehicles with reasonable layout, different emphasis, and coordinated promotion.

The demonstration period is tentatively set at four years. During the demonstration period, the five ministries will adopt the method of "substituting awards for compensation" to reward the shortlisted urban agglomerations in accordance with the achievement of their goals. The incentive funds shall be used by localities and enterprises as a whole for the industrialization of key core technologies of fuel cell vehicles, the introduction of talents and team building, as well as the demonstration and application of new models and new technologies, and shall not be used to support investment projects in the production of fuel cell vehicles and the construction of hydrogenation infrastructure.

Since the beginning of this year, with the help of the national top-level planning, many provinces and cities across the country have issued favorable policies related to hydrogen fuel cell vehicles. Recently, Zhang Jianming, deputy director of the Shanghai Municipal Economic and Information Technology Commission, revealed Shanghai's overall goal for the development of the fuel cell vehicle industry: by 2023, there are about 100 planned hydrogenation stations, with an output value of nearly 100 billion yuan, and the promotion of more than 10,000 hydrogen fuel cell vehicles. The Beijing Municipal Bureau of economy and Information Technology also issued the Development Plan of Beijing hydrogen fuel Cell vehicle Industry. It said that it will cultivate 3-5 leading enterprises in the hydrogen fuel cell vehicle industry chain with international influence by 2023.

At present, the fuel cell vehicle demonstration city declaration has been launched. Including Shanghai, Beijing, Shandong, Shanxi and other places have clearly declared or issued a declaration plan. It is generally expected in the industry that with the start of the declaration work, the official document of fuel cell "ten cities and thousands of vehicles" has entered the countdown stage.

At the same time, SAIC, GAC GROUP, Great Wall Automobile and other vehicle companies also announced their respective progress and plans in the field of hydrogen-fueled passenger vehicles.

According to founder Securities, China's hydrogen fuel cell vehicles sold second in the world in 2019. In 2019, 10409 hydrogen fuel cell vehicles were sold and 24132 vehicles were held worldwide. In 2019, global fuel cell shipments broke through the 1GW barrier, and Asia became the world's largest market. In 2019, domestic fuel cell vehicle sales were 2737, up 79% from the same period last year, ranking second in the world, second only to South Korea, with 6165 vehicles. In 2019, the installed capacity of hydrogen fuel cells in China was 128MW, an increase of 140% over the same period last year. Among them, the first five are reshaping science and technology, Yihuatong, Qingneng shares, Guohong reshaping, new source power. Reshaping technology accounts for 28% of the total, which accounts for 63% of the total. The proportion of the re-engineering CR5 is 79%.

The policy is good to superimpose broad market prospects, and the prosperity of the hydrogen fuel cell vehicle industry is improving. However, it is worth noting that the field of hydrogen fuel cell in China is still in the initial stage of industrial development.

At present, the key materials and core components of fuel cells in China need to be made in China. Founder Securities said that China's hydrogen fuel cell vehicle industry is on the eve of large-scale commercial demonstration application. In order to break through the bottleneck of development and effectively reduce costs, there is an urgent need to solve the problem of import dependence on key materials and core components. It mainly includes the core technology of stack system integration, the localization of membrane electrode, catalyst, proton exchange membrane, carbon paper and hydrogen storage bottle, and the high cost of infrastructure construction such as hydrogen filling station.

In addition, in addition to the infrastructure such as the core components of hydrogenation equipment, which mainly depends on imports, another dilemma of China's hydrogen energy industry is that the upstream large-scale hydrogen production, hydrogen storage and hydrogen transport systems are not perfect, and the hydrogen cost exceeds the cost of the industry. Technical standards such as hydrogen storage and transportation and fuel cell stack also need to be improved.

In terms of listed companies, Yihuatong has its own core intellectual property rights and takes the lead in realizing the batch localization of engine systems and fuel cell stacks. At present, the products are mainly used in commercial models such as passenger cars and logistics vehicles. The company and its subsidiary company Shenli Science and Technology have undertaken a number of national high-tech research and development plan (863 Program) projects, the Ministry of Science and Technology National key Research and Development Program projects, Beijing Science and Technology Commission, Shanghai Science and Technology Commission projects and other major projects in the field of fuel cells. At present, the company and its subsidiaries have a production capacity of 2000 fuel cell engines and 1000 stacks per year.

In addition, in recent years, many domestic companies have acquired and participated in leading companies at home and abroad to layout hydrogen fuel cells. In November 2016, Weichai Power subscribed for 33.5% shares in Forsai. In November 2018, he subscribed for 19.9% of Ballard's shares, officially becoming Ballard's largest shareholder. In July 2019, Meijin Energy completed a capital increase of 180 million yuan for Guohong hydrogen Energy, with a 9.09% stake. In May 2020, Tenglong shares were transferred to Xinyuan Power 20.71%, with a shareholding ratio of 40.36%.

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