Impact Analysis of the Commissioning of the Qingqing No.1 Songyuan Project on the Investment Value of the Hydrogen Energy Industry Chain

Based on the background information and relevant data you provided, I will conduct an in-depth analysis of the impact of the commissioning of the “Qingqing No.1” Songyuan Project on the investment value of the hydrogen energy industry chain.

“Qingqing No.1” Songyuan Project, as the world’s largest integrated green hydrogen-ammonia-methanol project, the official commissioning of its first phase marks China’s hydrogen energy industry entering a new stage of large-scale development. The project produces 45,000 tons of green hydrogen, 200,000 tons of green ammonia, and green methanol annually, equivalent to saving about 600,000 tons of standard coal and reducing carbon emissions by 1.4 million tons per year, which has great strategic significance under the carbon neutrality goal.

• The project verifies the feasibility of large-scale green hydrogen technology, which will accelerate the growth in demand for electrolyzer equipment
• Technological breakthroughs fill domestic gaps and accelerate the process of replacing imported equipment with domestic ones
• It is expected to drive the expansion of the electrolyzer market scale, and relevant equipment manufacturers will enter a period of performance growth

• Large-scale green hydrogen production places higher requirements on storage and transportation infrastructure
• Investment opportunities in segments such as hydrogen refueling station construction, hydrogen storage tanks, and pipeline transportation are prominent
• After the project is commissioned, it will provide stable green hydrogen supply guarantee for downstream applications

• Green ammonia and green methanol provide decarbonization solutions for fields such as chemical fertilizers and shipping fuels
• Hydrogen energy substitution applications in high-energy-consuming industries such as steel and chemicals will accelerate
• The hydrogen fuel cell vehicle industry chain will receive more mature hydrogen supply support

From the performance of typical hydrogen energy concept stocks:

as the project contractor, its current stock price is 5.14 yuan, with a price-earnings ratio of 4.75 times, and its valuation is at a historical low [0]. As a leading central enterprise in infrastructure construction, the company has a first-mover advantage in hydrogen energy infrastructure construction.

as a representative enterprise with a full hydrogen energy industry chain layout, although its current profitability is under pressure (ROE is -8.77%) [0], its long-term layout in hydrogen fuel cells, hydrogen production and other fields is expected to benefit from the large-scale development of the industry.

has deepened its presence in the hydrogen fuel cell field, and its stock price has performed strongly this year (YTD +37.27%) [0], reflecting the market’s expectation for growth in the hydrogen energy application segment.

“Qingqing No.1” project’s technological breakthroughs mainly reflect in:

• Large-scale hydrogen production technology
  : The scale effect of an annual output of 45,000 tons of green hydrogen helps reduce the unit cost of hydrogen production
• Integrated process
  : Co-production of hydrogen, ammonia, and methanol realizes efficient resource utilization and improves overall economic efficiency
• Localized equipment
  : Fills domestic technical gaps and reduces dependence on imported equipment

• With technological maturity and scale effects, the cost of green hydrogen production is expected to continue to decline
• The project is located in Songyuan, which can utilize the local abundant wind and solar resources to reduce electricity costs
• The integrated production model reduces intermediate link costs and improves profit margins

• The national “dual carbon” goal provides long-term policy support for the hydrogen energy industry
• The substitution demand for green ammonia and green methanol in fields such as chemical fertilizers and shipping is clear
• International policies such as the EU carbon tariff promote the growth of the green hydrogen product export market

• The current cost of green hydrogen is still higher than that of traditional energy, requiring policy subsidies
• In the long run, with technological progress and the improvement of carbon pricing mechanisms, economic viability will gradually emerge
• The commissioning of the first phase of the project lays the foundation for subsequent scale expansion and cost optimization

• Focus on the order growth of equipment manufacturers, especially electrolyzer and hydrogen storage equipment enterprises
• Engineering contractors and system integrators that benefit from project construction
• Material suppliers related to hydrogen energy infrastructure

• Emerging business models such as hydrogen refueling station operation and storage and transportation services
• Leading enterprises in hydrogen energy substitution applications in industrial fields
• Hydrogen production enterprises with core technologies and cost advantages

• Application-side enterprises after the hydrogen fuel cell industry chain matures
• Green hydrogen international trade and carbon financial service providers

• The reliability and stability of large-scale hydrogen production technology need time to verify
• Storage and transportation safety technology has high requirements, and there are potential safety hazards

• The cost of green hydrogen is still high, and short-term profitability is limited
• The economic viability of the project will be tested after policy subsidies are phased out

• Unbalanced industry chain development may lead to structural overcapacity
• Increased international competition and technological iteration risks

The commissioning of the “Qingqing No.1” Songyuan Project is an important milestone in the development of China’s hydrogen energy industry, and has a far-reaching impact on the investment value of the industry chain:

1. Technical Verification Value
   : The successful commissioning of the project verifies the feasibility of large-scale green hydrogen technology, laying the foundation for the large-scale development of the industry

2. Industry Pull Effect
   : It will drive investment growth in hydrogen production equipment, storage and transportation facilities, application-side and other links across the entire industry chain

3. Investment Return Prospects
   : The project’s profitability is limited in the short term, but with cost reduction and demand growth in the long term, the investment return prospects are promising

4. Investment Strategy Recommendations
   : It is recommended to focus on leading enterprises with core technical advantages, full industry chain layout and cost control capabilities, as well as infrastructure construction-related enterprises that benefit from policy promotion

Whether the project’s technological breakthroughs can be converted into sustainable investment returns depends on the synergy of cost control capabilities, market demand cultivation and policy support. Investors should adopt a long-term thinking approach and pay attention to structural opportunities in the process of industrial maturity.

[0] Jinling AI Data
[1] The Manila Times - “Panzhihua, China: Building a Full Hydrogen Energy Industry Chain and Releasing an Investment Portfolio Worth Over 10 Billion Yuan”
[2] Forbes - “Top Chinese Energy Developments During 2025”