Kewell Technology (688551.SH) stated during a specific research that, from the current hydrogen energy policies and market feedback, on the one hand, there is a frequent warm wind of policies represented by Shandong, Chengdu and other places in the hydrogen end, and downstream customers such as Jiehong Hydrogen Energy, Chongshu and others have applied for listing on the Hong Kong Stock Exchange after the listing of the former. The promotion from policy level and the improvement of funding brought by downstream customers through financing will drive the market demand for testing equipment. On the other hand, green hydrogen development in the hydrogen production side is growing rapidly, and the demand of electrolyzers increases. Therefore, overall, the company maintains a cautious and optimistic attitude towards the development of the hydrogen energy industry.