Guojin Securities: Policies continue to increase, hydrogen energy could become a hot sector for rotation.

Guo Jin Securities released a research report stating that during a high-level inspection in Shanxi Province, hydrogen energy was once again mentioned, and it has been associated with wind power and photovoltaics. This is the fourth time in three years that hydrogen energy has been specifically mentioned, with the previous three instances in Jiangxi, Sichuan, and Ningxia. The support for hydrogen energy development from Europe and the United States has exceeded expectations: Trump's "big and beautiful" law has been revised to extend tax breaks for 2 years, giving the hydrogen energy industry more time to develop; Europe has introduced more aggressive new legislation, planning to provide direct government investment support and increase subsidies for low-carbon hydrogen and alcohols. The interest in the hydrogen energy sector has quickly rebounded due to top-level inspections, with the sector currently undervalued. Along with an upward trend in fundamentals and expectations for continuous policies in the second half of the year, the sector is likely to become a hot topic for rotation.