CITIC Securities: Yunnan releases important green hydrogen subsidy policy, potentially boosting nationwide policy expectations.

CITIC Securities research report stated that on February 28th, Yunnan Province released "Several Measures to Promote the Integration of Green Electricity Consumption in Yunnan Province". Among them, it is proposed to provide a subsidy of up to 13 yuan/kg for green hydrogen projects that meet the requirements. At the same time, the policy also proposes to guide local areas to focus on the demand for carbon reduction in refining, chemical industry, and layout integrated projects such as green hydrogen, ammonia, and SAF. We believe that the unprecedented subsidy will significantly improve the profitability of local green hydrogen and green fuel projects. It will also increase market expectations for national hydrogen energy support policies. It is recommended to pay attention to investors and operators of green hydrogen and ammonia projects, as well as electrolyzer manufacturers.