Picture: Guangzhou Hongji Chuangneng has released the membrane electrode product Hykey 1.0. The production cost is at least 30% lower than the mainstream membrane electrode in the market, and the performance is improved by 40%

[Ta Kung Pao News] Reporter Ao Minhui reported in Guangzhou: Industry insiders believe that the hydrogen energy field has a long industrial chain, has a strong driving effect, and is worthy of investment. At the same time, because it is in the initial stage of the industry, the investment is large, the technical path is not yet completely clear, and the business model has not yet been formed. Development requires patience, let alone blindly follow the trend.

Yu Dong has many years of research on new energy and hydrogen energy industries. He said that the development of new technologies and new industries is not smooth sailing, and hydrogen energy has also experienced a process from high investment enthusiasm to a capital winter. At present, my country's hydrogen energy industry chain has a weak foundation, and some core components still rely on imports. There is still a long way to go in the future, and investing in hydrogen energy may require longer-term patience.

Specifically, the primary market and the secondary market have their own characteristics, showing more of a linkage effect. There are currently about 140 listed companies involved in the hydrogen energy industry, but the contribution of this part of the business to performance in the short term is relatively limited. In the primary market, there are more companies whose main business is hydrogen energy. Their funds and resources are limited, and their performance flexibility will be greater. Therefore, the primary and secondary markets use more linkage methods, such as Meijin Energy's investment in Guohong Hydrogen Energy and Xiongtao's investment in Qingdong Technology. From an investment perspective, it is recommended to focus on relatively large companies in the primary market.

Chen Haisheng, general manager of Hangzhou Shenxuan Investment Management Co., Ltd., started investing in the new energy industry more than 10 years ago. He has many successful investment cases in new energy and has also carved out his own investment path.

"Many peers are desperately investing in complete vehicles and copying the Tesla model, and we are wary of this. We focus on investment in the new energy vehicle industry chain. For example, when the cost of oil and electricity is poor, we pay attention and invest. Another example is the management and control system of commercial vehicles and other big data-related links." Chen Haisheng said.

In the field of hydrogen energy, Chen Haisheng also pays attention to investment in the industrial chain. For example, in the hydrogen generation process, he will pay attention to whether hydrogen is produced from coal or hydrogen is separated from waste. "In terms of technical routes and business models, we have not seen a potentially mature model, so it remains to be seen."

As for retail investors in the secondary market, information is asymmetric in the field of hydrogen energy, and speculation in concepts should be more cautious. "It will take at least 10 or even 20 years to form market-scale applications in the field of hydrogen energy. Therefore, investment in the primary and secondary markets requires patience, neither blindly following the trend, nor paying much attention to short-term returns."