CITIC Securities: The policy is continuously strengthened, and the hydrogen energy industry is expected to accelerate industrialization.

CICC Securities research report stated that on March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued a notice on carrying out pilot projects for comprehensive application of hydrogen energy. It proposed that localities should apply for pilot projects of comprehensive application of hydrogen energy, with urban clusters as the main body, and the central government will provide a total of 8 billion yuan in demonstration application rewards over four years. Since the beginning of this year, the policy has continued to increase in strength. We believe that during the "14th Five-Year Plan" period, the hydrogen energy industry is expected to accelerate industrialization. We are optimistic about operators of green hydrogen and ammonia projects, electrolyzer manufacturers, as well as companies in the fuel cell vehicle industry chain.