Investment Value Analysis of Hydrogen-Carbon Coproduction Technology in Q1 2026

The team led by Researcher Yu Qingkai from the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences has made a major breakthrough in the field of hydrogen-carbon coproduction technology. Its developed

has received support from the National Key R&D Program, becoming an important path for green hydrogen and carbon production[1]. The core innovations of this technology include:

• Zero-Emission Operation
  : Compared to traditional high-pollution hydrogen and carbon production processes, this technology operates under nearly zero-pollution conditions, completely avoiding greenhouse gas emissions
• Coproduction Model
  : Can simultaneously produce
  high-purity hydrogen
  and
  high-purity graphite
  , realizing green and high-value utilization of methane resources
• Distributed Application Advantages
  : Has significant cost and efficiency advantages over traditional processes in distributed scenarios such as chemical plants and hydrogen refueling stations

Currently, the team is focusing on overcoming technical bottlenecks such as

, with the goal of increasing the stable continuous operation time from the current level to [1]. The breakthrough of this technical indicator is crucial for commercialization, because:

• Continuous operation time directly affects the capacity utilization rate and production cost of equipment
• Achieving one month of stable operation marks a key step toward industrialization of the technology
• Lays a process foundation for subsequent large-scale production

Time Node	Milestone Goal	Strategic Significance
2021	Establishment of Shanghai Qingtian New Materials Technology Co., Ltd.	Landing of the commercialization entity for the technology
2026	Demonstration Application in Sichuan Province	Verification of technical feasibility and economic viability
Next 2 Years	Industrialization Implementation	Large-scale production and promotion

China’s hydrogen energy industry is in a period of rapid development. According to data from the Zhongshang Industrial Research Institute[2]:

Indicator	2024	2025(E)	2026(E)	Growth Rate
Hydrogen Production (10,000 tonnes)	3,650	3,750	3,981	6.2%
Hydrogen Fuel Cell Market Size (CNY 100 million)	59.9	68	70+	8.5%
Number of Hydrogen Refueling Stations (units)	497	536	569	6.2%

Natural gas cracking hydrogen production technology has unique advantages compared to traditional hydrogen production methods:

1. Cost Advantage
   : Avoids CO₂ capture costs, and is economically viable in regions with moderate raw material prices
2. High-Value Products
   : The coproduced graphite/carbon materials are high-value-added products
3. Carbon Emission Advantage
   : Aligns with the “Dual Carbon” strategy and enjoys policy support

According to the forecast of the Global Hydrogen Energy Market Research Report[3]:

• 2030
  : China’s green hydrogen production target is 3.5-5 million tonnes/year
• 2035
  : China’s green hydrogen production target is 15-20 million tonnes/year
• Global Market
  : The global hydrogen energy market size will reach USD 850 billion in 2035, with a compound annual growth rate of 25%

Stock Code	Company Name	Business Relevance	Investment Rationale
000723	Meijin Energy	Extremely High	Integrated coal-coke-hydrogen industrial chain, “hydrogen-carbon synergy” development model
600516	Fangda Carbon	High	Leader in graphite/carbon materials, application of by-products from hydrogen-carbon coproduction
600740	Shanxi Coking	Medium	Hydrogen production from coke oven gas, abundant by-product hydrogen resources
600989	Baofeng Energy	Medium	Active layout of green hydrogen production, coupling with coal chemical industry

Stock Code	Company Name	Business Segment	Investment Highlights
300471	Hopewell Science & Technology	Hydrogen Refueling Station Equipment	Leader in hydrogen refueling equipment, benefiting from accelerated construction of hydrogen refueling stations
002074	Guoxuan High-Tech	Hydrogen Energy Materials	Dual-drive development of lithium power batteries and hydrogen energy materials
002210	Feizhou Electronics	Electrical Equipment	Supplier of hydrogen energy electrical equipment

• Industrial Chain Layout
  : Has completed the full industrial chain layout of hydrogen energy “production-storage-transportation-refueling-utilization”
• Core Advantages
  : Relying on coal coking industry resources, has cost advantages
• Development Strategy
  : Promotes the “hydrogen-carbon synergy” development model, exploring synergistic applications of hydrogen energy with existing industrial systems
• Regional Layout
  : Has launched and operated hydrogen fuel cell vehicles in Chongqing, Guangzhou and other regions[4]

• Industry Position
  : Leader in the graphite electrode industry, with leading technology in the carbon materials field
• Business Synergy
  : Graphite produced from hydrogen-carbon coproduction can be directly applied to the company’s existing businesses
• R&D Strength
  : Continuous R&D investment in high-end carbon materials

1. “15th Five-Year Plan”
   : Hydrogen energy is regarded as a future energy technology requiring forward-looking layout
2. “Dual Carbon” Strategy
   : Hydrogen energy will become a core sector of energy transformation
3. Industrial Policies
   : Central enterprise-led demonstration projects account for over 60%, with significant policy-driven effects[2]

As a key region for the demonstration application of hydrogen-carbon coproduction technology, Sichuan Province has issued the Medium- and Long-Term Development Plan for the Hydrogen Energy Industry in Sichuan Province (2025—2035) and the Action Plan for Further Promoting the Full-Industrial Chain Development and Application of Hydrogen Energy in Sichuan Province (2024—2027)[5], with key support directions including:

• Creating typical application scenarios
• Reducing comprehensive application costs
• Accelerating major technological breakthroughs
• Promoting integrated development of hydrogen energy with multiple energy sources

Region	Advantages	Key Development Directions
Sichuan	Abundant natural gas resources	Hydrogen-carbon coproduction demonstration projects
Inner Mongolia	Abundant green power resources	Large-scale green hydrogen production
Shandong	Abundant industrial by-product hydrogen	Hydrogen energy heavy-duty truck applications
Guangdong	Leading hydrogen energy industry policies	Hydrogen refueling station network construction

1. Technological Risks
   : The stability of continuous operation of cracking reactors has not been fully verified
2. Industrialization Risks
   : It still takes time to move from demonstration applications to large-scale production
3. Market Risks
   : Fluctuations in hydrogen prices, changes in supply and demand in the carbon materials market
4. Policy Risks
   : Expectations of subsidy policy withdrawal, changes in industry standards

• Track Demonstration Project Progress
  : Monitor the implementation of the Sichuan demonstration project
• Allocate to Leading Enterprises
  : Full-industry-chain leaders such as Meijin Energy (000723)
• Prioritize Equipment Enterprises
  : Hydrogen refueling station equipment suppliers such as Hopewell Science & Technology (300471)

• Benefit from Technology Diffusion
  : Focus on equipment demand brought by the diffusion of hydrogen-carbon coproduction technology
• Regional Layout Opportunities
  : Resource-rich regions such as Sichuan and Inner Mongolia
• Layout on the Materials Side
  : Graphite/carbon materials enterprises benefit from the coproduction model

• Core Technology Enterprises
  : Focus on technology leaders with independent intellectual property rights
• Large-Scale Production
  : Economies of scale brought by capacity expansion
• International Expansion
  : Overseas market expansion opportunities

Allocation Ratio	Target Type	Representative Company
40%	Full-Industrial-Chain Leader	Meijin Energy (000723)
25%	Equipment Supplier	Hopewell Science & Technology (300471)
20%	Carbon Materials Enterprise	Fangda Carbon (600516)
15%	Themed ETF	New Energy Themed Fund

In Q1 2026, hydrogen-carbon coproduction technology is at a critical juncture from laboratory to industrialization. The technological breakthrough by the Chinese Academy of Sciences team has laid a solid foundation for the development of this field, and the planned implementation of the Sichuan demonstration project will verify the commercial feasibility of the technology[1].

:

1. Technology Aspect
   : Natural gas cracking hydrogen-carbon coproduction technology has notable advantages such as zero emissions and high added value, aligning with the “Dual Carbon” strategic direction
2. Market Aspect
   : China’s hydrogen production ranks first globally, with an expected output of 39.81 million tonnes in 2026, providing broad market space
3. Policy Aspect
   : Hydrogen energy is listed as a forward-looking future energy technology during the “15th Five-Year Plan” period, with continuous policy support
4. Investment Aspect
   : It is recommended to focus on full-industry-chain leaders such as Meijin Energy (000723) and equipment suppliers such as Hopewell Science & Technology (300471)

: Risks such as slower-than-expected technology industrialization process, weakened policy support, and intensified market competition require close attention.

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[1] China News Service - Chinese Scientists Break Through in Hydrogen-Carbon Coproduction Technology: Zero-Emission Hydrogen Production Facilitates Energy Transition (https://www.chinanews.com.cn/gn/2026/01-18/10554059.shtml)

[2] Zhongshang Industrial Research Institute - 2025 China Hydrogen Energy Industry Chain Map and Investment Layout Analysis (https://m.thepaper.cn/newsDetail_forward_32286878)

[3] Beijing Yanjing Biz Consulting - 2025-2035 Global Hydrogen Energy Market Trend Judgment and Investment Decision-Making Research Report (https://m.yjbzr.com/reports/18168.html)

[4] Securities Times - Meijin Energy Investor Q&A (https://www.stcn.com/quotes/index/sz000723.html)

[5] Securities Times - Institution: Hydrogen Energy is Expected to Gradually Enter the Industrialization Stage (https://www.stcn.com/article/detail/3559643.html)