多地在7月密集启动氢能基建项目[1]。其中，内蒙古两个绿氢项目合计投资近39亿元于7月完成备案[1]，重庆市国资委年初发布37个覆盖氢能全链条项目，拟总投资83.4亿元[1]。这一轮投资反映出国家新的氢能规划推动产业从乘用车消费端向工业脱碳、重卡物流等生产端转换[1]。
与此同时，部分氢能设备企业因市场需求滞后而亏损[1]。京城股份7月15日发布预亏公告，预计上半年归母净利润亏损6160万元至7360万元[1]。目前国内氢燃料电池汽车市场仍处于早期阶段，2026年6月国内氢燃料电池汽车上牌量仅32台，全部为商用车型[1]。与此形成对比的是，设备采购节奏在加快，招标流程从两三个月压缩到一个月左右[1]。产业正在经历赛道重构[1]。
China's hydrogen sector is experiencing accelerated development as multiple provinces launched significant infrastructure projects in July, signaling a strategic shift in the industry's focus.[1] Inner Mongolia completed the registration of two green hydrogen projects with combined investment of approximately 3.9 billion yuan in July.[1] Chongqing released 37 projects covering the entire hydrogen energy supply chain at the beginning of the year, with a total planned investment of 8.34 billion yuan.[1]
However, the rapid infrastructure expansion is occurring against a backdrop of market challenges for equipment manufacturers. Listed company Jingcheng Stock announced in mid-July a projected first-half net loss to shareholders ranging from 61.6 million to 73.6 million yuan.[1] The disconnect between infrastructure development and market demand reflects deeper market pressures, as domestic hydrogen fuel cell vehicle registrations stood at only 32 units in June 2026, all of which were commercial vehicles.[1] Despite these headwinds, equipment procurement timelines have compressed significantly, shrinking from two to three months to approximately one month.[1]
This pattern of regional investment demonstrates how national policy is reshaping China's hydrogen industry trajectory, redirecting focus from passenger vehicle consumption toward industrial decarbonization and heavy-duty logistics applications in the production sector.[1]