2022年中国氢能及燃料电池产业发展趋势报告China Hydrogen Fuel Cell Report 2022-赛瑞研究.pdf
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Oct 09, 2025
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About This Presentation
China Hydrogen Fuel Cell Report 2022
Slide Content
2022F HEREDA
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Copyright © xincailiao.com
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> BA, SERAI0EHRERPCRDARR RAMA (SHUR, LETTER, AA Rate
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> BA, SERAI0EHRERPCRDARR RAMA (SHUR, LETTER, AA Rate
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> EPS, 2025 PRG WHA BIZ. T2030 ROAM, RES OF R RAAT
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2030-2060 BAER GETS ALE,
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12000
10000
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4000
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RARE LUE ET À
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2030-2060 BAER GETS ALE,
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AAA, ARIAS AA BCRA, ESAS ARERR.
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PRIMA SEAL M geen
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Siberia
2.1 Sse TLS
2.2 bi
2.3 biy-Aftiz
2.4 5-5
2.5 Pilg- Seas ith
2.1 Sse TLS
2.2 bi
2.3 biy-Aftiz
2.4 5-5
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> BARA, ATRRES. IAEA CAR IZ, PORRA, SHEA
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ES
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Æ=ébs=
SET ARLES
> ERE, 2060 PIE T, RERSANEFERMISETSHRES., Kb, TRA, 794 5,
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585 600 12000
10000
8000
6000
4000 Il
2000
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Il 2330 mA ABS 2020 2025E 2035E 2050E
PRIA (71/kw) MORGAN (35/kg)
o 5
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Source: PARUS, FRA
SET ARLES
> ERE, 2060 PIE T, RERSANEFERMISETSHRES., Kb, TRA, 794 5,
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FERNEN. SEN HARE, PROSA. VERSUS EER,
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585 600 12000
10000
8000
6000
4000 Il
2000
Ñ i | |
Il 2330 mA ABS 2020 2025E 2035E 2050E
PRIA (71/kw) MORGAN (35/kg)
o 5
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Source: PARUS, FRA
> SRISKMATRATUCARR, NASA.
> MRAERFAHEF A: AERA DBA, ERA AOR SHAS,
> ERRE E RS RE MAREA ORAM BAALHC2% KAAHAAII% ) > PESE FIAR (FS
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a BS
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> MRAERFAHEF A: AERA DBA, ERA AOR SHAS,
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1%
er
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a BS
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Source: SRGREEAD. i, RE 14
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MARAT
> ABI AREA MAMAS: BR. AMAA CERES; BRIA, SRS.
AU RAIDE (BUE PNRM) , SSRIS.
> METAIRIE, GRA. BARE. RAAB, AMARA; TARA. K
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a
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E AA AAA , + RRA BROSSE
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Source: F761, HERS Source: HEBERT, TEMAS
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> ABI AREA MAMAS: BR. AMAA CERES; BRIA, SRS.
AU RAIDE (BUE PNRM) , SSRIS.
> METAIRIE, GRA. BARE. RAAB, AMARA; TARA. K
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a
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E AA AAA , + RRA BROSSE
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2.2.2 HERA
> BRIAR RAR, AREA EAT SLI RS 2- 318.
> PENADO, ARH ERIGE TIE, Mit2030FRERAARS ASEAN.
> RANGA NA EVA MBA, CENA, HÉNASREÈRES.
BEPENATN BEEN
5 5
45 45
4 4
35 35
3 3
25 25
2 2
15 15
| |
05 05
0 o
2020 2030 2050 2020 2030 2050
Source: BISHtNEF (2020) “TFR”, 20) ORT, TIRE. PGA
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> BRIAR RAR, AREA EAT SLI RS 2- 318.
> PENADO, ARH ERIGE TIE, Mit2030FRERAARS ASEAN.
> RANGA NA EVA MBA, CENA, HÉNASREÈRES.
BEPENATN BEEN
5 5
45 45
4 4
35 35
3 3
25 25
2 2
15 15
| |
05 05
0 o
2020 2030 2050 2020 2030 2050
Source: BISHtNEF (2020) “TFR”, 20) ORT, TIRE. PGA
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PEN Stes
> PERSO FRA, 20030F ASN RESAR37 155M; BLM2000FRPNAin, 20602 AFS
KESAENN. SITE,
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AR “PART 1BAT, NPE, APPAR. SHARE, PR
(BRK), KRAAEREM: BARRA ARAA AIDA ERAAS
Source: 27H, MTR
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> PERSO FRA, 20030F ASN RESAR37 155M; BLM2000FRPNAin, 20602 AFS
KESAENN. SITE,
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2.2.4 HA TUR
FRERMAAAGEEMRA, BATRA
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FRERMAAAGEEMRA, BATRA
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KB, EAH o)
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SWRA,
HARRAH SHAPERS Ah. BSCE
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EISEN ED
> HATER ERRADA TERMIN.
> HBFASBEN, Bite, AENA, AFERRA, AEREAS, RAZA
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7 “DER, KREILLSERER, FRE.
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7 “DER, KREILLSERER, FRE.
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VYERASMAMSE, SSOBRABR,
> ARTEN HÄARRER SERIEN, SHEAR, RSNA EAS SA RAS,
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ARA
PRON, IORI), EEE, BME
BER: MAN: Dee: REI, E
Ki, SUR
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A SRAM, CUT
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nanas LER Sear Sree eee z Fa ses sem, AGE
a
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Source: (PRNAALEDASARET . PSNR, PERS. SAUDER, HOUSE
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ARA
PRON, IORI), EEE, BME
BER: MAN: Dee: REI, E
Ki, SUR
KE, MERE, COME RARA
A SRAM, CUT
NR, EUR O
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E EE ES A A A SN
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EZ
~ =
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un
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Source: (ENAEESAMUBREEDEL ORI. FRE
wom A
= 2
A
EEE)
Liquid Iytrogen Liquid hydrogen
tner ge
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AAA
D 2B. MHESEIBZSWLE, SCHERE
se
D AERAIOLEN ARA
INERTE
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= 2
A
EEE)
Liquid Iytrogen Liquid hydrogen
tner ge
a
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AAA
D 2B. MHESEIBZSWLE, SCHERE
se
D AERAIOLEN ARA
INERTE
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O RE RMP OMTAG 41405
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> ARTEL, AERTS. EASTER MARA IR, AEA HERE
na, ASSIS RAILS, REA.
PEEAGARAG HE
= = SEM
ESTA [WAR (0/5) (ERRE (kam) | AEMEREILOO HERE Cha) | EEAIMPa) RE (FE/kg) |
KT 20000 145 1 113 20 202 150
SM BENS
Ets = 32 = 02 14 03 2500
SMR AE 7000 64 “ 15 06 1225 2200
won
ann wer 2000 40-50 4 10.133 RE _ <150
ció XF 300-400 50 12 = 4 15 2200
D SSB (ROHAN) MA, MERARAIEN AR, RARE AN, HRMS AEREA
an,
O ASIA, HABE. ESCENA FAN HENNEF.
Source: (PENGERERELSERRLD) | PENTEL, PERDRE, MARTIN, ADN
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> ARTEL, AERTS. EASTER MARA IR, AEA HERE
na, ASSIS RAILS, REA.
PEEAGARAG HE
= = SEM
ESTA [WAR (0/5) (ERRE (kam) | AEMEREILOO HERE Cha) | EEAIMPa) RE (FE/kg) |
KT 20000 145 1 113 20 202 150
SM BENS
Ets = 32 = 02 14 03 2500
SMR AE 7000 64 “ 15 06 1225 2200
won
ann wer 2000 40-50 4 10.133 RE _ <150
ció XF 300-400 50 12 = 4 15 2200
D SSB (ROHAN) MA, MERARAIEN AR, RARE AN, HRMS AEREA
an,
O ASIA, HABE. ESCENA FAN HENNEF.
Source: (PENGERERELSERRLD) | PENTEL, PERDRE, MARTIN, ADN
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2 SEXE A DAT
> BESORERARANE NANA, SESH, BESAR, (SRE), HORREUR
WE, ATMA ED SHARE RARE RER. SHARTMERF, LRAT: ARSED
RICH, TOMER TASS, ADAMANT A TBS.
PERK
MS REARS | een | must | SA RASE
TA:
FAME 46% 1%
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‘SELES ARTIS RPS RRE y
ome zu ess mv 12 AAA SE:
AEREO PARE (I) | IRALHESTIRAR (IA) „ AIR (122) AHI (IV 2) ;
5 amam
are
ma
Az MEER RARE
Bel LME DE Lal, MG NUIT BARNACLE,
HR HOW LOTES TiFe ASSURE TI ARS AIP AE
Source: (SNUBML FLED BATRA REE) | PIRATE, FEIT
Copyright © xincailiao.com
> BESORERARANE NANA, SESH, BESAR, (SRE), HORREUR
WE, ATMA ED SHARE RARE RER. SHARTMERF, LRAT: ARSED
RICH, TOMER TASS, ADAMANT A TBS.
PERK
MS REARS | een | must | SA RASE
TA:
FAME 46% 1%
REX EIA EEE
‘SELES ARTIS RPS RRE y
ome zu ess mv 12 AAA SE:
AEREO PARE (I) | IRALHESTIRAR (IA) „ AIR (122) AHI (IV 2) ;
5 amam
are
ma
Az MEER RARE
Bel LME DE Lal, MG NUIT BARNACLE,
HR HOW LOTES TiFe ASSURE TI ARS AIP AE
Source: (SNUBML FLED BATRA REE) | PIRATE, FEIT
Copyright © xincailiao.com
2.3.3 SEAT ambi
> BESOS AGS (32). SPREE (132), SERBS (II) RABE
Br (IV El) RES, 12). IEEE. RSE, MINERA ER. FESS WER.
RSREHATEENH, NE, VEN ERNAEARAZ.
LETHE
us we LE 071 VBL
won, AOR mamie zu y 35-70Mpa,
we a pre Ea AA e EAT FED RA Ipa
MEH (Mpa) 17520 263.0 3070 -10 PERERA EERAISM paty
mmm (on) | 0913 06095 03541 0308
net Ama. mantt wep ESA
anne ES 15 15.20% 15205
HRM (m) 1428-1723 1428-1723 404 48 O SSSR, MIEL VERE
x « -a ax ex
munis om = SOON, PROMISE
tt EstE,
am, VEA, e SEX
nausmexunan. IR 5, rvegezons m SEES ee el
nal Pr À POP IA, PURGER WALTER gas y
e A EPIA IAE,
IBF: Hexagon, SEL, Quantum,
Ss mm. a os — SEED.
On: ERR. PALO PORRO
re | 24
© xincailiao.com
Source: HAS WHS: PARADE ABRIL LAIA (GB/T 35544-201,
Co;
> BESOS AGS (32). SPREE (132), SERBS (II) RABE
Br (IV El) RES, 12). IEEE. RSE, MINERA ER. FESS WER.
RSREHATEENH, NE, VEN ERNAEARAZ.
LETHE
us we LE 071 VBL
won, AOR mamie zu y 35-70Mpa,
we a pre Ea AA e EAT FED RA Ipa
MEH (Mpa) 17520 263.0 3070 -10 PERERA EERAISM paty
mmm (on) | 0913 06095 03541 0308
net Ama. mantt wep ESA
anne ES 15 15.20% 15205
HRM (m) 1428-1723 1428-1723 404 48 O SSSR, MIEL VERE
x « -a ax ex
munis om = SOON, PROMISE
tt EstE,
am, VEA, e SEX
nausmexunan. IR 5, rvegezons m SEES ee el
nal Pr À POP IA, PURGER WALTER gas y
e A EPIA IAE,
IBF: Hexagon, SEL, Quantum,
Ss mm. a os — SEED.
On: ERR. PALO PORRO
re | 24
© xincailiao.com
Source: HAS WHS: PARADE ABRIL LAIA (GB/T 35544-201,
Co;
AE RATES AMA MAES HAS Bl AS e E
SOARES TS SAREE RARS, HERE RE RUN.
SN IS NI
WES TE 700Bar, IV El, 5. GELEXAIDCE
A
%
RETO e
%
# 4
10%
D 32 DOE SE, EARL ME! -21350/kwh, HMS ÆT/kWhAI A ER, ABEMISOHAUNLA.
D AR 700bar fi) IV RAA, EE SRE 52%, PEREIRA, MACBÉTAMONA TES T/kg.
D SEARRRACRRT ESE, EIENISSTU/ FFE (£99570/F3E) , PENA 1507 FE ChElMHAAN.SÉE) .
Source: FEAT, DOE, (20207 QRS AIEEE) . BES. PEM, MU 25
Copyright © xincailiao.com
SOARES TS SAREE RARS, HERE RE RUN.
SN IS NI
WES TE 700Bar, IV El, 5. GELEXAIDCE
A
%
RETO e
%
# 4
10%
D 32 DOE SE, EARL ME! -21350/kwh, HMS ÆT/kWhAI A ER, ABEMISOHAUNLA.
D AR 700bar fi) IV RAA, EE SRE 52%, PEREIRA, MACBÉTAMONA TES T/kg.
D SEARRRACRRT ESE, EIENISSTU/ FFE (£99570/F3E) , PENA 1507 FE ChElMHAAN.SÉE) .
Source: FEAT, DOE, (20207 QRS AIEEE) . BES. PEM, MU 25
Copyright © xincailiao.com
> BATRES], PEMD RE RELA SANE, GRR ES ERREUR MIRE
SEHK, EI20211F5000 IR KE2025F40000F A, MiB AAE RAILS 78%, 20254 SAAS ARIAS 212,
Tos
PEER LUSOGER (BAL: (250)
35
30
25 GR 278% u
rs
sa a
a 144
N
5
Fr, 32
> ||
2020$F 20214 20224FE 20234 2024$FE 2025$FE
Source: ARTE HSE. DURE. MU 26
Copyright © xincailiao.com
SEHK, EI20211F5000 IR KE2025F40000F A, MiB AAE RAILS 78%, 20254 SAAS ARIAS 212,
Tos
PEER LUSOGER (BAL: (250)
35
30
25 GR 278% u
rs
sa a
a 144
N
5
Fr, 32
> ||
2020$F 20214 20224FE 20234 2024$FE 2025$FE
Source: ARTE HSE. DURE. MU 26
Copyright © xincailiao.com
fish ZA
> SRAAAD AR SCWES, PRIVA ARA, ETB. SRAMEB AW ARCLD, Faber
Industrie S.PA. Toyota, Faurecia#; ittob, #502. Hexagon SIAM EIA VE ENANA,
REMEDIAR. FRS, ADA. PRS, (TERRE, PRESA BOINA EEE,
PEINE GANAR
2020 EM 20208 88 PESE (E Mpa)
Heragon
on se spa,
> Hg pa, Toms
BR Impco 55% FREAD RRB
m 35Mpa. 7OMpa
Dynetek ‘Garay sn ipa,
FE Dynetek mex 35Mpa, 7OMpa
RAL ais om 35Mpa, 7OMpa
am man. 2% var meio 1005 RIT Rx +a 35Mpa, TOMpa
RE LL + 35Mpa. 70Mpa
EUR PHP ve 35Mpa
‘B= or 15% AS ES Ent
== Re 35Mpa. 70Mpa
rés roma a me
se Samar ES mite ET +2 E
Ea Ea En Er
Source: LAPIS. MES 27
Copyright © xincailiao.com
> SRAAAD AR SCWES, PRIVA ARA, ETB. SRAMEB AW ARCLD, Faber
Industrie S.PA. Toyota, Faurecia#; ittob, #502. Hexagon SIAM EIA VE ENANA,
REMEDIAR. FRS, ADA. PRS, (TERRE, PRESA BOINA EEE,
PEINE GANAR
2020 EM 20208 88 PESE (E Mpa)
Heragon
on se spa,
> Hg pa, Toms
BR Impco 55% FREAD RRB
m 35Mpa. 7OMpa
Dynetek ‘Garay sn ipa,
FE Dynetek mex 35Mpa, 7OMpa
RAL ais om 35Mpa, 7OMpa
am man. 2% var meio 1005 RIT Rx +a 35Mpa, TOMpa
RE LL + 35Mpa. 70Mpa
EUR PHP ve 35Mpa
‘B= or 15% AS ES Ent
== Re 35Mpa. 70Mpa
rés roma a me
se Samar ES mite ET +2 E
Ea Ea En Er
Source: LAPIS. MES 27
Copyright © xincailiao.com
fish ZA
> PRIN AR, Hch3SMPaD tr MAT SARS, 70MPARIFFRAHEI", MLR EASIER
EHESTEN ASKATIEN. BSD bie SS ARIA EARAISMPAASE, (4F22.9k9/mM3WAABE; TE
TOMPaR, AVEREPTIABI39.6kg/m?,
PENE ETA
LLE ESA
PHAR SNA T-25R3SMpai EE,
HER ANABELLA.
Anz ASARATOMPOEAMEURRAE, RAVAL.
ne AAA MPa RAR RES EXD AMAT, PRATER ORT, AS
EEMARIVETOMPON SER RR ARTE PORT ENTER,
AD TRNAS LUA ENREDO AEREA, |
Ea FR.
AST FÜR A SI PRA BERR SHexagon Purus AAA, LOSERS
KARA.
Source: wind. LIE. BUSWER MES 28
Copyright © xincailiao.com
> PRIN AR, Hch3SMPaD tr MAT SARS, 70MPARIFFRAHEI", MLR EASIER
EHESTEN ASKATIEN. BSD bie SS ARIA EARAISMPAASE, (4F22.9k9/mM3WAABE; TE
TOMPaR, AVEREPTIABI39.6kg/m?,
PENE ETA
LLE ESA
PHAR SNA T-25R3SMpai EE,
HER ANABELLA.
Anz ASARATOMPOEAMEURRAE, RAVAL.
ne AAA MPa RAR RES EXD AMAT, PRATER ORT, AS
EEMARIVETOMPON SER RR ARTE PORT ENTER,
AD TRNAS LUA ENREDO AEREA, |
Ea FR.
AST FÜR A SI PRA BERR SHexagon Purus AAA, LOSERS
KARA.
Source: wind. LIE. BUSWER MES 28
Copyright © xincailiao.com
2.3.3 A bARRZeERBA
> BESSA ERE ANS, EREASERENTRRATHFESHEISMESHER, RABE, AMERO
BEM. BE. (EAS. ARR. AEREA.
> ARTS, PREMIAN EFE, AHORA, 2030 RAVE.
a ES
- AERSHZOHRERHERTZRESER, HELADA. GE. BEN, BREA;
O, ORAR. BONITA FRE.
APESTA, FREIRE
ERE SRA, PONIA, DEAR
ANA, MAA ERA. PAE 2022122030419 HR AÉENLEO.
EA: EA, MAME, SECTS
RETTEN FR FREE —, ENERO AKAN,
+ ESTAS. (EAHA Te, IV SRA, BED. ATARI, IVES
DRAM OISE.
> BESSA ERE ANS, EREASERENTRRATHFESHEISMESHER, RABE, AMERO
BEM. BE. (EAS. ARR. AEREA.
> ARTS, PREMIAN EFE, AHORA, 2030 RAVE.
a ES
- AERSHZOHRERHERTZRESER, HELADA. GE. BEN, BREA;
O, ORAR. BONITA FRE.
APESTA, FREIRE
ERE SRA, PONIA, DEAR
ANA, MAA ERA. PAE 2022122030419 HR AÉENLEO.
EA: EA, MAME, SECTS
RETTEN FR FREE —, ENERO AKAN,
+ ESTAS. (EAHA Te, IV SRA, BED. ATARI, IVES
DRAM OISE.
SEA
> HARE. ESMAS ATA, ENCORE IATA.
> ASEO, RESETEAR ANA, INEA EEE ANA, TUASEN
TORRES EAS, RÉFFEERNEARLT.
ME: MALA ESCANEAR, ARA.
A A E a MAO LET RSH,
ARETE 1%-4.5% 6, FRE: A HAE ARMAS RRSS
OBER, RS SAXE; MAGE;
DO EHASER, (HRS, ELA: O HE HOW ATFFRAS Tire RARA RRA TAR AIP ¡E
O AEFI. Sir,
FE: AAA BOE REA
E E O E o OA
DORA, IRA, EFRAIN, ATOM
A ES
Source: (ENERESAMUBRITE BD. PEDIATRA. MRRLER
> HARE. ESMAS ATA, ENCORE IATA.
> ASEO, RESETEAR ANA, INEA EEE ANA, TUASEN
TORRES EAS, RÉFFEERNEARLT.
ME: MALA ESCANEAR, ARA.
A A E a MAO LET RSH,
ARETE 1%-4.5% 6, FRE: A HAE ARMAS RRSS
OBER, RS SAXE; MAGE;
DO EHASER, (HRS, ELA: O HE HOW ATFFRAS Tire RARA RRA TAR AIP ¡E
O AEFI. Sir,
FE: AAA BOE REA
E E O E o OA
DORA, IRA, EFRAIN, ATOM
A ES
Source: (ENERESAMUBRITE BD. PEDIATRA. MRRLER
2.3.4 HSA
> HAMAS, PSTD DEIA TICO. AP WER RALTD AS RAVER (MOFS) 41
PREMIERE, MESES ALBA (GPS RAN RS Baty) | ESBS (OEM
SAA At) .
METIDA
r FIDE ELT ATI
hf N bate 150 3 1 8
Zu & =
Mg a
oH oan
ne GERA PUR a d Sa 20 4 70 65
PARU ROOF) pren MEME mimic Acte ge
er .. osa
See aa ie u"
LES
RUAN BELT UR ARN MAMMA
ASH peal >100 14 1 28
Source: (SHÉSIÉRIQNRRET ESPOIRS) (SUERTE) . RS
Copyright © xincailiao.com
> HAMAS, PSTD DEIA TICO. AP WER RALTD AS RAVER (MOFS) 41
PREMIERE, MESES ALBA (GPS RAN RS Baty) | ESBS (OEM
SAA At) .
METIDA
r FIDE ELT ATI
hf N bate 150 3 1 8
Zu & =
Mg a
oH oan
ne GERA PUR a d Sa 20 4 70 65
PARU ROOF) pren MEME mimic Acte ge
er .. osa
See aa ie u"
LES
RUAN BELT UR ARN MAMMA
ASH peal >100 14 1 28
Source: (SHÉSIÉRIQNRRET ESPOIRS) (SUERTE) . RS
Copyright © xincailiao.com
SES AK
> BB, EARS, HABER, JUZ, FAITS RADARES.
> SRAMCMRARSRAAREEA, HAR. EE. AIR SST. TFR, (AEREA, 30
RARES ANUS, IMANOL, AERA,
DATE LINE ACI REEL
fr ERA SRAM | SSRMRT HL (H/M) BAR (HMS) (%)
AB Mg,NiH, Mg:Ni 13 3.62
AB TiFeH, csci 10 1911
‘ZrMin3H3 C4 10 1.48
= ZW. Has c15 15 23
re LaNisH, CaCus 10 138
CaNisHo CaCus 10 178
D SRACMESRAS SAR ETM RATE MAIO, SIRENS, EIA, ESCM PERE
RACERS MRP RRR,
D ERASERS, (REIR.
O BASRAKMNEBAAD EA LaNis, Mg,Ni 40 FeTi FEEEAADATARE.
Source: (SRE DE). UDS. HIRE
Copyright © xincailiao.com
> BB, EARS, HABER, JUZ, FAITS RADARES.
> SRAMCMRARSRAAREEA, HAR. EE. AIR SST. TFR, (AEREA, 30
RARES ANUS, IMANOL, AERA,
DATE LINE ACI REEL
fr ERA SRAM | SSRMRT HL (H/M) BAR (HMS) (%)
AB Mg,NiH, Mg:Ni 13 3.62
AB TiFeH, csci 10 1911
‘ZrMin3H3 C4 10 1.48
= ZW. Has c15 15 23
re LaNisH, CaCus 10 138
CaNisHo CaCus 10 178
D SRACMESRAS SAR ETM RATE MAIO, SIRENS, EIA, ESCM PERE
RACERS MRP RRR,
D ERASERS, (REIR.
O BASRAKMNEBAAD EA LaNis, Mg,Ni 40 FeTi FEEEAADATARE.
Source: (SRE DE). UDS. HIRE
Copyright © xincailiao.com
SEA
> HERAULT, RETO TANIA RO HTA.
> SARAH ARE, KIRENTARENFEREIE, SERS RMSE, MUERXE.
PEATONES
PERM RAGTIME. Ye Mante LE
DORA. (GR Sc SABA ZEEE 391K 8.00%
AUREA, (AAA eee 296K, 105bar 0.70%
(SA Sok CAS ke 300K, 10bar 7.40%
5 he = = en ERA 300K, SObar 032%
BR. CO, FET 20.1K, 125bar 1.00%
OEI, ARE ka. mei a
ICR RRM, BER BER 77K, 1bar 201%
RRM EE ARAM AAR. ROH 77K, 200bar 6.00%
EA 298K, 200bar 1.22%
TE 303K, 100bar 0.80%
Source: (NESE) HERS. PR
Copyright © xincailiao.com
> HERAULT, RETO TANIA RO HTA.
> SARAH ARE, KIRENTARENFEREIE, SERS RMSE, MUERXE.
PEATONES
PERM RAGTIME. Ye Mante LE
DORA. (GR Sc SABA ZEEE 391K 8.00%
AUREA, (AAA eee 296K, 105bar 0.70%
(SA Sok CAS ke 300K, 10bar 7.40%
5 he = = en ERA 300K, SObar 032%
BR. CO, FET 20.1K, 125bar 1.00%
OEI, ARE ka. mei a
ICR RRM, BER BER 77K, 1bar 201%
RRM EE ARAM AAR. ROH 77K, 200bar 6.00%
EA 298K, 200bar 1.22%
TE 303K, 100bar 0.80%
Source: (NESE) HERS. PR
Copyright © xincailiao.com
2.3.5 Bim ita
> FAURE (LOHC) AFF, UMAG (OL) FSERANULÈVER, FRITAS
PARO (MCH) SIAR, MTPIERIRASE RS, IRSA. ETRE ERICA
FERA RATER EMA.
ATAN
fim: RARA
aa OGRE E TRS, RRS. EN,
D Saini, ME ESC BAAR,
Cs = i I DA GAA SE
domo Es FE: eR
DO BASA. BURRIS, BISECTS SSR.
Source: (SNSGGERORRACED REPORTS) (URGES). HU 34
Copyright © xincailiao.com
> FAURE (LOHC) AFF, UMAG (OL) FSERANULÈVER, FRITAS
PARO (MCH) SIAR, MTPIERIRASE RS, IRSA. ETRE ERICA
FERA RATER EMA.
ATAN
fim: RARA
aa OGRE E TRS, RRS. EN,
D Saini, ME ESC BAAR,
Cs = i I DA GAA SE
domo Es FE: eR
DO BASA. BURRIS, BISECTS SSR.
Source: (SNSGGERORRACED REPORTS) (URGES). HU 34
Copyright © xincailiao.com
ARS aA
> ANS (LOHC) RRA FARA RAE.
O ANSE: OST AOA A LL ARAN:
+ PRESION N ZEN. PEERS, ERE ABRAAEENT
en FUER NZ;
ASE, RETTEN:
RARE, RAR, FRE:
BASEHRÉRENS, ARES,
BUDE IEA AUR DIL
oR ES
+ REARS, NADA;
+ NES, PAR RTO, GES, (MER MERAN
+ AS: FERRER FETE, MARR EN PRR
+ KERNE, ITS. META (ER 67°C, ME
N-ZONE METER PARA). MESA,
STRESS
SALARIES RLOUE) . MEAR 35
Copyright © xincailiao.com
> ANS (LOHC) RRA FARA RAE.
O ANSE: OST AOA A LL ARAN:
+ PRESION N ZEN. PEERS, ERE ABRAAEENT
en FUER NZ;
ASE, RETTEN:
RARE, RAR, FRE:
BASEHRÉRENS, ARES,
BUDE IEA AUR DIL
oR ES
+ REARS, NADA;
+ NES, PAR RTO, GES, (MER MERAN
+ AS: FERRER FETE, MARR EN PRR
+ KERNE, ITS. META (ER 67°C, ME
N-ZONE METER PARA). MESA,
STRESS
SALARIES RLOUE) . MEAR 35
Copyright © xincailiao.com
2.3.5 Bim ita
> ARE (LOHC) BBSHRAAPREHEM. AMAR), KERR RRAI Host, BESTE
BR BR AEREA. AIMAR AA, BGAN KAI, FARIA,
PAAR. AURA (LOHC) KAS BEARTERAR AU.
BUWWELET BEANE PAIL AAS
ANKE
Source: (RAAT TARBCERDREROG) . PER. RAT 36
Copyright © xincailiao.com
> ARE (LOHC) BBSHRAAPREHEM. AMAR), KERR RRAI Host, BESTE
BR BR AEREA. AIMAR AA, BGAN KAI, FARIA,
PAAR. AURA (LOHC) KAS BEARTERAR AU.
BUWWELET BEANE PAIL AAS
ANKE
Source: (RAAT TARBCERDREROG) . PER. RAT 36
Copyright © xincailiao.com
Simian Stake
> EBENE, EE A Hexagon, NPROXX, SEE] CPI, AP, MEME; PRLS WAAR REE
A E SS
PEER ELLE GP
izar Eu
BETSMEZA E E JMS, TOLL WOR, EUR. RER, AERRESE.
RELL
Ben Bit NR BER BRE
AAA
MUERA MATO. PRS
Estare SEAR AE. EN
> ERASEIE, SH. Ki, ARM RAEI, BENSASERERIGERHNENEN, ARRE
Rs, ANSER 1/3 MISAS, PAS TERCIO, BUBB.
O A Gardner Cryogenics A, El Chart AT. RAJA SHAS UU) Cryogenmesh SPARE TRENT
FLAT.
O BSS. BR, FPIESSSRALDERDHRRATG. Rh, HEROE URANO, SAFER
ARRAN ARE IA.
Source: Wind, BESAS. BRAS
Copyright © xincailiao.com
> EBENE, EE A Hexagon, NPROXX, SEE] CPI, AP, MEME; PRLS WAAR REE
A E SS
PEER ELLE GP
izar Eu
BETSMEZA E E JMS, TOLL WOR, EUR. RER, AERRESE.
RELL
Ben Bit NR BER BRE
AAA
MUERA MATO. PRS
Estare SEAR AE. EN
> ERASEIE, SH. Ki, ARM RAEI, BENSASERERIGERHNENEN, ARRE
Rs, ANSER 1/3 MISAS, PAS TERCIO, BUBB.
O A Gardner Cryogenics A, El Chart AT. RAJA SHAS UU) Cryogenmesh SPARE TRENT
FLAT.
O BSS. BR, FPIESSSRALDERDHRRATG. Rh, HEROE URANO, SAFER
ARRAN ARE IA.
Source: Wind, BESAS. BRAS
Copyright © xincailiao.com
2.3.6 haitiana
ES fa
35M Pam SAR AES ASS UE
CARO ARI EUR
PMI DIAISASOMPañ ER EURE
FREE. ZAR, BBR
Te RAS. EARS MASE
TRB +
LS EURE,
A RR
wees —
PEWTER LIER TD
RÉ th Rite
2020 LIFE TAR, UNETE, PRIVEE EFBIMA, MBE
VTA, 2021 RAS, FRASRELWF202 MS
Br, HER SINALOA CRANE VE, PERAL MEL MMO) I30%.
202045 IVETE HexagonsE (MRATRAB) , ARPA
2021M35Hexagon ZABAE], HRA AOD MARINES, SAAS
ER EAT RE,
BARMERA DALLAS, AULD GE 7OMpa IIIT TEA,
RAR DAA E 70Mpa VALERA EATER, FORSTER,
CREAS INERTE, ste ABV EY
NL. 2020 MER HifEiH70Mpa IVES,
TEVE RAT.
SORA, E MARAE. 2021 FEAR
AICA, BSR TRAM BARNES.
TARAZONA UB.
Copyright © xincailiao.com
ES fa
35M Pam SAR AES ASS UE
CARO ARI EUR
PMI DIAISASOMPañ ER EURE
FREE. ZAR, BBR
Te RAS. EARS MASE
TRB +
LS EURE,
A RR
wees —
PEWTER LIER TD
RÉ th Rite
2020 LIFE TAR, UNETE, PRIVEE EFBIMA, MBE
VTA, 2021 RAS, FRASRELWF202 MS
Br, HER SINALOA CRANE VE, PERAL MEL MMO) I30%.
202045 IVETE HexagonsE (MRATRAB) , ARPA
2021M35Hexagon ZABAE], HRA AOD MARINES, SAAS
ER EAT RE,
BARMERA DALLAS, AULD GE 7OMpa IIIT TEA,
RAR DAA E 70Mpa VALERA EATER, FORSTER,
CREAS INERTE, ste ABV EY
NL. 2020 MER HifEiH70Mpa IVES,
TEVE RAT.
SORA, E MARAE. 2021 FEAR
AICA, BSR TRAM BARNES.
TARAZONA UB.
Copyright © xincailiao.com
> OSEA. Eich, SHMSS BR. Bal, AS, SEDA FA MENE ANES
BAZ. PERRERA. MAINA, HEAR. TAKS ASA, PERA LEUSSER,
50)
2021428
2021768
20217568
2021478
2021498
202198
2021108
PERRET
ime TRE
EST. PMN, HRD, EURANEENLERLEIFER RAO .
SET DORE REA SIA RBA SATO EE,
AMAA AA TRANS ERAS, TRATAR.
MAAR UT ARARAMP EDR, FEREAHFRARL MAM.
PERF IR, AAPA RAMS ELBE, RAR.
FAURE SHOR, PENAS T HA RD AE REA AHERN.
FRERES AP AA AUS 30 MAREA DATE. ARPS 30 AREA IA LANA.
ESWC RAI AIA URREA, SHRUBS UE, EM. REICH RES, Moi, FES
REE ERE 20 ARS. KNERAUFTSERT,. REMAINS, RAP IE
MEME.
Source: GG, BYE. HS
Copyright © xincailiao.com
BAZ. PERRERA. MAINA, HEAR. TAKS ASA, PERA LEUSSER,
50)
2021428
2021768
20217568
2021478
2021498
202198
2021108
PERRET
ime TRE
EST. PMN, HRD, EURANEENLERLEIFER RAO .
SET DORE REA SIA RBA SATO EE,
AMAA AA TRANS ERAS, TRATAR.
MAAR UT ARARAMP EDR, FEREAHFRARL MAM.
PERF IR, AAPA RAMS ELBE, RAR.
FAURE SHOR, PENAS T HA RD AE REA AHERN.
FRERES AP AA AUS 30 MAREA DATE. ARPS 30 AREA IA LANA.
ESWC RAI AIA URREA, SHRUBS UE, EM. REICH RES, Moi, FES
REE ERE 20 ARS. KNERAUFTSERT,. REMAINS, RAP IE
MEME.
Source: GG, BYE. HS
Copyright © xincailiao.com
2.3.7 Skat RE
RELEASE, FÜRERFNSKKREHRRK, FACE, SRE, SSR RADAR
REE, GATE, MARAE, ANCHE eA:
RA
EERSHAEAENFREN
ERTTTERAMF. BERMENTER, RATES ANR, PERRI (>300km) , RAGE, SEMA
RPERATAtsA, MAA EA, SERB.
RTS RUE ARRETE, EEN
+ RERRERS ÉNERGIES SKIES EMI ER.
SS RPE ANUA KIRA MER.
SAGAN, ARSE IES,
REMERA CRA, HART RSA HAMAR INR, BTE OARS UAE ESTE A
ARF RRS RS, PHRASE Hee,
RELEASE, FÜRERFNSKKREHRRK, FACE, SRE, SSR RADAR
REE, GATE, MARAE, ANCHE eA:
RA
EERSHAEAENFREN
ERTTTERAMF. BERMENTER, RATES ANR, PERRI (>300km) , RAGE, SEMA
RPERATAtsA, MAA EA, SERB.
RTS RUE ARRETE, EEN
+ RERRERS ÉNERGIES SKIES EMI ER.
SS RPE ANUA KIRA MER.
SAGAN, ARSE IES,
REMERA CRA, HART RSA HAMAR INR, BTE OARS UAE ESTE A
ARF RRS RS, PHRASE Hee,
2.4 E
> MEAR IEEE. TERRA EN PUREE ANREP, BEN
AAA EMI.
> MAES HAR, ER, HFRS. MERIENDA MERA MRE, TU
Hana, RAMA; RASA, TUNISIA ARO, IUSHEER
MEA, Hees seas NAA,
MEIETYERIZ
EA war
a
Copyright © xincailiao.com
> MEAR IEEE. TERRA EN PUREE ANREP, BEN
AAA EMI.
> MAES HAR, ER, HFRS. MERIENDA MERA MRE, TU
Hana, RAMA; RASA, TUNISIA ARO, IUSHEER
MEA, Hees seas NAA,
MEIETYERIZ
EA war
a
Copyright © xincailiao.com
2.4.1 MEME
> RER (FE, ARE) CAMARA 2018 FIRES FUE SRA Rh, PEEENAIISSER, 15%
RÉEBRESERRUERRE—. ASE MEE ELE SO, 1431157 RE5804E,,
2021 2REE MBEAN 2021 LEE MELD
12
ESA
= EH =
"ES
ni “HE
"RUE
Source: ERD, HR 42
Copyright © xincailiao.com
> RER (FE, ARE) CAMARA 2018 FIRES FUE SRA Rh, PEEENAIISSER, 15%
RÉEBRESERRUERRE—. ASE MEE ELE SO, 1431157 RE5804E,,
2021 2REE MBEAN 2021 LEE MELD
12
ESA
= EH =
"ES
ni “HE
"RUE
Source: ERD, HR 42
Copyright © xincailiao.com
> EPS, ME2021F/E, RACRMSAMAMSe, Rh, EEISIR, FTÉON, ASAI.
BRIER Bria SAMS BAR SIE BS A 500Kg/ AH 1000kg/Ko
> RE (ESO TERRAZO) EXA, BI2025 PRIMA A AE 10008, F2035F pause
REMAEDSO00R. ERE, 2050 PR MAA AS 1.25,
PEE MESETA
MR MERE Li us
met NERFRETE DRBEORA ARA, CER IRE BETO RIES, BALE
ma MB, BRAK RASACN, Hit2023F 6H RO OPERAN ZT. CNHI 800 RAE
ae . AE ACNE, dk, RAS |
" MEET 2021 Ft, AISA
BR AERA ANSE, MEERE WBADTEMAA00KG/K, PELIGRAR
Source: AFH, HONG, BIBER
43
Copyright © xincailiao.com
BRIER Bria SAMS BAR SIE BS A 500Kg/ AH 1000kg/Ko
> RE (ESO TERRAZO) EXA, BI2025 PRIMA A AE 10008, F2035F pause
REMAEDSO00R. ERE, 2050 PR MAA AS 1.25,
PEE MESETA
MR MERE Li us
met NERFRETE DRBEORA ARA, CER IRE BETO RIES, BALE
ma MB, BRAK RASACN, Hit2023F 6H RO OPERAN ZT. CNHI 800 RAE
ae . AE ACNE, dk, RAS |
" MEET 2021 Ft, AISA
BR AERA ANSE, MEERE WBADTEMAA00KG/K, PELIGRAR
Source: AFH, HONG, BIBER
43
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MERA
> (ASA RAMAN S INEA, — MERA 1200-2180 70, ASE ALI SRR
AN40-60%, PEAR AAAS ASIA HI ASHE RE.
> ZAM RAT RAAB EA, Rp eR RATER ARS, DOME Pl,
BAG, BARA AMAIA AAI30%, HARA NEIRA 18%,
FRUEGEDES 35 MPa BEAMAGLARIL FÉERIES
miese | <sookg/a| 500-800kg/4 | 1000-1200kg/d | =2000kg/a un rt
ERE Im) 4000 5000 5000 6000 et
DARE OR) 400 mo 950 1200 AR EE ore EEE ea
Keen 30 350 00 500 SORT UN AMINE 25ig/d ARNO ARIMA) | AMEN
ead au ur % is &
HTA (HT) 120 150 150 100
e
ATAR a = = 2 e un 7 / /
om)
PR 10 100 10 100 ana RATIO ATAN
MR arm mern Marne en
wane om 5 ES 50 so
win HR) 120 1500 1600 zoo tome | ic = ar en »
#2: FL
Source: UFR, FEE, SURMISE, MURS Fr
Copyright © xincailiao.com
> (ASA RAMAN S INEA, — MERA 1200-2180 70, ASE ALI SRR
AN40-60%, PEAR AAAS ASIA HI ASHE RE.
> ZAM RAT RAAB EA, Rp eR RATER ARS, DOME Pl,
BAG, BARA AMAIA AAI30%, HARA NEIRA 18%,
FRUEGEDES 35 MPa BEAMAGLARIL FÉERIES
miese | <sookg/a| 500-800kg/4 | 1000-1200kg/d | =2000kg/a un rt
ERE Im) 4000 5000 5000 6000 et
DARE OR) 400 mo 950 1200 AR EE ore EEE ea
Keen 30 350 00 500 SORT UN AMINE 25ig/d ARNO ARIMA) | AMEN
ead au ur % is &
HTA (HT) 120 150 150 100
e
ATAR a = = 2 e un 7 / /
om)
PR 10 100 10 100 ana RATIO ATAN
MR arm mern Marne en
wane om 5 ES 50 so
win HR) 120 1500 1600 zoo tome | ic = ar en »
#2: FL
Source: UFR, FEE, SURMISE, MURS Fr
Copyright © xincailiao.com
Mi
> BAM HEAR EME), ERSSTHRSRELML, SARA RATE, APRA
ERRÉRAIE A.
> PERG, PARES, Rp, REA HATRIEI2025, Rif OOO INS AHA AU, MEA
HABA, DME "+O" À, Wek A
PEMA MALES GRA PENFIELD EURE NET
u Me ne
SEG ABE ARENAS, DEMANA.
a A E E ES A E A
= BUR, RER PER EINE.
LABURO EEE SCHNEE, DEAD
BARA #500kg/d; ZEAHUENNTOMPARRRUNINERE, TE
MEIN: ESTIMA. FEE SA. EU ER 1000kg/deN(H S88.
* onsets =
NEE BACA ERRE, ATAR. ER.
Rig: Stoo, tom. TON HO ae
ARR 5
MAL AAA RSS, AEREA.
PAM AUH2O21HÉ, PEI CARROT AE,
Source: LOFT, MERA 45
Copyright © xincailiao.com
> BAM HEAR EME), ERSSTHRSRELML, SARA RATE, APRA
ERRÉRAIE A.
> PERG, PARES, Rp, REA HATRIEI2025, Rif OOO INS AHA AU, MEA
HABA, DME "+O" À, Wek A
PEMA MALES GRA PENFIELD EURE NET
u Me ne
SEG ABE ARENAS, DEMANA.
a A E E ES A E A
= BUR, RER PER EINE.
LABURO EEE SCHNEE, DEAD
BARA #500kg/d; ZEAHUENNTOMPARRRUNINERE, TE
MEIN: ESTIMA. FEE SA. EU ER 1000kg/deN(H S88.
* onsets =
NEE BACA ERRE, ATAR. ER.
Rig: Stoo, tom. TON HO ae
ARR 5
MAL AAA RSS, AEREA.
PAM AUH2O21HÉ, PEI CARROT AE,
Source: LOFT, MERA 45
Copyright © xincailiao.com
2.5.1 SRE A a the RAEE
> MABE HAS SSAA ERA EEE. UA, TUR, RES,
PAR, IKI, BSR, (RS.
> MASIA SUITE: SASHA NAR (RAI) , ABA SMR EAHA, ETE
PEBANAST, AEFFIERRENRENR. BFA, ES, RIMA, EEE, PEOR, PEÑA
RS EV Raa
TREO TERETE AVEO VETE
wate
Jam
MEA
Source: (SHARE: ENDE) . BED, BAS
46
Copyright © xincailiao.com
> MABE HAS SSAA ERA EEE. UA, TUR, RES,
PAR, IKI, BSR, (RS.
> MASIA SUITE: SASHA NAR (RAI) , ABA SMR EAHA, ETE
PEBANAST, AEFFIERRENRENR. BFA, ES, RIMA, EEE, PEOR, PEÑA
RS EV Raa
TREO TERETE AVEO VETE
wate
Jam
MEA
Source: (SHARE: ENDE) . BED, BAS
46
Copyright © xincailiao.com
2.5.1 SRH = ARRAS SERRE th EA amas
> ERRADA, AMIE AREAS, (AFC). BRAS (PARC), ERA ALMA (SOFC) | JSRADÉERERR
RE (MCFC) FUER PIURA, (PEMFC) . Eh, PEMFCHFÉÈTIERER. AR, GÍA, ESE
HABER, BUNA, T2020 ERA Sth 78.08%. SOFCHEMRHERTNEI", REELS
BOS, SHS, MUR. DEREN, HEEE. PRA ARETE AERIS, 720205
RME SECT 1.19%, HAS SERES TER TRAE EE AAA FESTE.
SURE BBD 2020ÉFSIRFIDRÉ ER EA ERRE
Ea sorc Parc cre Arc ETT
E ES 1203/2102 ES ETS CE 10.03% 05%
sos a onan rn men Ni E
ES 50-100 600-1000 160-220 20-700, 2-20
ET 20-60 55-70 35-45 50-65 50-60 Mo
mu « ens s “ans a
mr 11000 1 200KW 50-2000 001-3 16-1000
ms ama, uc PERS mx RS HOME AUTO ARR AN
UREA EUR URNAS, Gene Sent MEN EEE EUR. Im
an Bar m won ee oe a ‘Rae Het
a when SDE TOMES € mm une RR GoM A aan von.
E LIA omy e 78.08%
= ‘= POUFC "SOFC «PARC =NCFC DMFC = ARC
Source: CERENOEYE TAP WAR) | ATITVEIIA AROS: MU) (FIANZA) , Eitech. ARS BE: DME, RB 47
Copyright © xincailiao.com
> ERRADA, AMIE AREAS, (AFC). BRAS (PARC), ERA ALMA (SOFC) | JSRADÉERERR
RE (MCFC) FUER PIURA, (PEMFC) . Eh, PEMFCHFÉÈTIERER. AR, GÍA, ESE
HABER, BUNA, T2020 ERA Sth 78.08%. SOFCHEMRHERTNEI", REELS
BOS, SHS, MUR. DEREN, HEEE. PRA ARETE AERIS, 720205
RME SECT 1.19%, HAS SERES TER TRAE EE AAA FESTE.
SURE BBD 2020ÉFSIRFIDRÉ ER EA ERRE
Ea sorc Parc cre Arc ETT
E ES 1203/2102 ES ETS CE 10.03% 05%
sos a onan rn men Ni E
ES 50-100 600-1000 160-220 20-700, 2-20
ET 20-60 55-70 35-45 50-65 50-60 Mo
mu « ens s “ans a
mr 11000 1 200KW 50-2000 001-3 16-1000
ms ama, uc PERS mx RS HOME AUTO ARR AN
UREA EUR URNAS, Gene Sent MEN EEE EUR. Im
an Bar m won ee oe a ‘Rae Het
a when SDE TOMES € mm une RR GoM A aan von.
E LIA omy e 78.08%
= ‘= POUFC "SOFC «PARC =NCFC DMFC = ARC
Source: CERENOEYE TAP WAR) | ATITVEIIA AROS: MU) (FIANZA) , Eitech. ARS BE: DME, RB 47
Copyright © xincailiao.com
2.5.1 SRI
> REREIDAAETRELIE, MERA BMAD ASR ASE. MEAN AREA,
DEA, MIRAR Bc ABA. BARI, EEN RAED EN, E
GIIA BARRA, IGN. DOOR,
RTE EUR BOL BURID RAL ERIE
mea Fae OR RE occu
sxpusog SP ARR nue mm
Source: HORAIRE, ADS
Copyright © xincailiao.com
Espana A EDR
PULIANAS. AA
Ea
RO
PL
48
> REREIDAAETRELIE, MERA BMAD ASR ASE. MEAN AREA,
DEA, MIRAR Bc ABA. BARI, EEN RAED EN, E
GIIA BARRA, IGN. DOOR,
RTE EUR BOL BURID RAL ERIE
mea Fae OR RE occu
sxpusog SP ARR nue mm
Source: HORAIRE, ADS
Copyright © xincailiao.com
Espana A EDR
PULIANAS. AA
Ea
RO
PL
48
2.5.1 SURE Faith RAE SSE SIR a
> AVOIDED MA, MASS. ERASE, IAEA, Bet, BA=A
E Ar, MR AES, KOMEN. ASCER ONIS, A
E
2016-2020 EERTIIODIR- 10008 2016-2020 FER TRIO TAS AA
© E4tech
2016 2017 2018 2019 2020f 2016 207 2008 201 2020
LE] D «= BR vr
Source: (ZCANBIITA. Estech Bi), WERE 49
Copyright © xincailiao.com
> AVOIDED MA, MASS. ERASE, IAEA, Bet, BA=A
E Ar, MR AES, KOMEN. ASCER ONIS, A
E
2016-2020 EERTIIODIR- 10008 2016-2020 FER TRIO TAS AA
© E4tech
2016 2017 2018 2019 2020f 2016 207 2008 201 2020
LE] D «= BR vr
Source: (ZCANBIITA. Estech Bi), WERE 49
Copyright © xincailiao.com
2.5.1 SEELE RARE FL ERFACEREN BEA
> BEAMS Sb RAAB OR. PARRA, EAU ERI
BR ES DMA BAA, CERRAR. BESTE, RECAEN, (BE
RIERA DAT, MURPH SMR. HI, SRA ERS, BONE, BABA
PAUSA, (ASEH, BFREIERSOAR, Aa TRUE
HSE ELE,
SEL UE
a
a + wen nee
Ca A
HA AA neun
ann -—
D Es BEE: FE men
La * mes
[ EST — EA y. oa
[ ZEN. 0] A AR |
[ DE. 198 Ft EA +
[ ESA + Emme |
[ RA ea 1 MA
[ EA, MAA 7 [7777 =S
i het —— EEE }
( Ce { sn } =
Source: BESO, MEE
Copyright © xincailiao.com
> BEAMS Sb RAAB OR. PARRA, EAU ERI
BR ES DMA BAA, CERRAR. BESTE, RECAEN, (BE
RIERA DAT, MURPH SMR. HI, SRA ERS, BONE, BABA
PAUSA, (ASEH, BFREIERSOAR, Aa TRUE
HSE ELE,
SEL UE
a
a + wen nee
Ca A
HA AA neun
ann -—
D Es BEE: FE men
La * mes
[ EST — EA y. oa
[ ZEN. 0] A AR |
[ DE. 198 Ft EA +
[ ESA + Emme |
[ RA ea 1 MA
[ EA, MAA 7 [7777 =S
i het —— EEE }
( Ce { sn } =
Source: BESO, MEE
Copyright © xincailiao.com
2.5.2 SW Fathi AREA A ZE PES
xincailiao.com
> MÉRÈRER, DAA EAS EA NEHEBTERAUDERNAERERANKEREEN ,
IER BSE RANES MPRA RETR RAE ZE.
> SARA, MSIE RST PEH BREESE, SBEVIBC, FECVAM RR TRE AUN
DEPARA, ARRERTEIERE, POETA REA (ARS BHA RENA, BEANS
HE, AA RIMA, ERRATA, KERE, ASA BEI,
RMASBbEZRKE a NEE WIE, FECVEB-SBEVALER
ms NUS FE HAE (EV) =
a wur en
an an. Lang - Feb, Kane, ES
Sort ea (ANTE sn x
Bau um ns w +
En mi x “ co, co, Ho, Se
3 250%
ate A alte
mG Ren, Ps PIERA, ernm
O CO. SOTERA
MERA (ane) ‘ee za non
Brenn man 50m 260 som
Es = © E
mo An neon Buena
RER EN aan zum
mm rom. ERE mn an
Source: CWE. PATEL WEES, IATA 51
Copyright © xincailiao.com
xincailiao.com
> MÉRÈRER, DAA EAS EA NEHEBTERAUDERNAERERANKEREEN ,
IER BSE RANES MPRA RETR RAE ZE.
> SARA, MSIE RST PEH BREESE, SBEVIBC, FECVAM RR TRE AUN
DEPARA, ARRERTEIERE, POETA REA (ARS BHA RENA, BEANS
HE, AA RIMA, ERRATA, KERE, ASA BEI,
RMASBbEZRKE a NEE WIE, FECVEB-SBEVALER
ms NUS FE HAE (EV) =
a wur en
an an. Lang - Feb, Kane, ES
Sort ea (ANTE sn x
Bau um ns w +
En mi x “ co, co, Ho, Se
3 250%
ate A alte
mG Ren, Ps PIERA, ernm
O CO. SOTERA
MERA (ane) ‘ee za non
Brenn man 50m 260 som
Es = © E
mo An neon Buena
RER EN aan zum
mm rom. ERE mn an
Source: CWE. PATEL WEES, IATA 51
Copyright © xincailiao.com
2.5.2 SRE PRE UE BREL FUEL
> REAM RAEI. THAR BIAS, RERNTAD RMR, 202024 (XFA
RRB TOM BAER) , FIERA EZRA, 20218 ARIZA BIE LIS. der, TR, db. aD
BBA aE,
> Bal, SE 3+2" MSRM OPEN OSM, Att 7A, SONATE NA PENTIER. 5
ES ESCM F SS 6
LDL LE | 342" HIER
Li Lie) Bir
a - = eh ab eme
2 tae CR Sar. men ne Tom pmncramemreer
ae Bee Dale ES, en, um
EE amer Palo, nen. gu an, un, meanagesunm runsenwar a
mn E. ee
ze ER a, ann, na, nus. mae te met
PHM ip a mim: A, Une mF arom ES. En
sn CESR er
[a if SELES mn me wo; sa 9 SE INERT Emory m
EX EA A A
ae) ner) ES
E | [ne :
Dent sa E on, a, au om, eae meee, NO mn
RER ET
BE de we
Source: AFB, PTET WEIS. ARTE
Copyright © xincailiao.com
> REAM RAEI. THAR BIAS, RERNTAD RMR, 202024 (XFA
RRB TOM BAER) , FIERA EZRA, 20218 ARIZA BIE LIS. der, TR, db. aD
BBA aE,
> Bal, SE 3+2" MSRM OPEN OSM, Att 7A, SONATE NA PENTIER. 5
ES ESCM F SS 6
LDL LE | 342" HIER
Li Lie) Bir
a - = eh ab eme
2 tae CR Sar. men ne Tom pmncramemreer
ae Bee Dale ES, en, um
EE amer Palo, nen. gu an, un, meanagesunm runsenwar a
mn E. ee
ze ER a, ann, na, nus. mae te met
PHM ip a mim: A, Une mF arom ES. En
sn CESR er
[a if SELES mn me wo; sa 9 SE INERT Emory m
EX EA A A
ae) ner) ES
E | [ne :
Dent sa E on, a, au om, eae meee, NO mn
RER ET
BE de we
Source: AFB, PTET WEIS. ARTE
Copyright © xincailiao.com
2.5.2 SRE PRE UE BREL FUEL
> (AFAR BIA TCM ABAD) TEVA ERICA, ASUSTA RO, MAAR. BR
RESIDE AAAS ANS EER, (EBT,
> REDRNPRL SHASTA. REDRNSRSHTIRRRE Se, RABEL SD,
BYTOM, ASIAN, HURACAN, LAR. TENOR
+ RHENNATRZHEEMREBARERTER,. MIRAE HTS KTH, MIES
FAMA, DAPR ME MARR.
EFFES TET CME) BEELER EPR NTT FEED DEER GE
CRT
WEEE ISR PAEFSO%
EFC
1, URS: NAMERIETIOR/L, REF GOOW/kg
o ei
FER
202061 399/48, 20215129 /8, 20221F18119/38, 20224F099/18;
MS (8) IRIS, 25-31
(5) RAT, SLI
AREA, MESA DUES
ae
pei ik
15000083,
Source: FBG, PETE. HAUTE
Copyright © xincailiao.com
> (AFAR BIA TCM ABAD) TEVA ERICA, ASUSTA RO, MAAR. BR
RESIDE AAAS ANS EER, (EBT,
> REDRNPRL SHASTA. REDRNSRSHTIRRRE Se, RABEL SD,
BYTOM, ASIAN, HURACAN, LAR. TENOR
+ RHENNATRZHEEMREBARERTER,. MIRAE HTS KTH, MIES
FAMA, DAPR ME MARR.
EFFES TET CME) BEELER EPR NTT FEED DEER GE
CRT
WEEE ISR PAEFSO%
EFC
1, URS: NAMERIETIOR/L, REF GOOW/kg
o ei
FER
202061 399/48, 20215129 /8, 20221F18119/38, 20224F099/18;
MS (8) IRIS, 25-31
(5) RAT, SLI
AREA, MESA DUES
ae
pei ik
15000083,
Source: FBG, PETE. HAUTE
Copyright © xincailiao.com
2.5.2 IAE TERA
> 16%. RARES ERREUR, SIRAMETGDH. 2021, SATRERHIAM MANE 163138, FL
13K68%. SRERERA FRE M 49562 E, FILIÉK 49%,
> FESSES ECRI NN, SHES RAIMA, AHSAN; ASTM H33416, 22202048
18255, ER%2020 FES BUE MESE; ET20204/R—K+A Mirail, AALEFHÉH24648, Ale
67%; ÉRXHÉHA2É, ALGAS 38%,
2014-2021 LION TEBE 2014-2021 LRM TERE A
x in wink 1
Ce) mn mu 25,000 Ee —= en PRO
9000, 17 — 6H CM) 18000
20.000 us
40,000
15,000
30,000
10,000
20.000
= 10,000
o o o ae
2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2018 2017 2018 2019 2020 2021
Source: bt), MEDEL, AREA GKIDELMORED MELIA, GLUE MEGA. MRS 54
Copyright © xincailiao.com
> 16%. RARES ERREUR, SIRAMETGDH. 2021, SATRERHIAM MANE 163138, FL
13K68%. SRERERA FRE M 49562 E, FILIÉK 49%,
> FESSES ECRI NN, SHES RAIMA, AHSAN; ASTM H33416, 22202048
18255, ER%2020 FES BUE MESE; ET20204/R—K+A Mirail, AALEFHÉH24648, Ale
67%; ÉRXHÉHA2É, ALGAS 38%,
2014-2021 LION TEBE 2014-2021 LRM TERE A
x in wink 1
Ce) mn mu 25,000 Ee —= en PRO
9000, 17 — 6H CM) 18000
20.000 us
40,000
15,000
30,000
10,000
20.000
= 10,000
o o o ae
2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2018 2017 2018 2019 2020 2021
Source: bt), MEDEL, AREA GKIDELMORED MELIA, GLUE MEGA. MRS 54
Copyright © xincailiao.com
AMARA
>2021%, HESMRHEITERAE 39%, 225%, PHMAAMSD SIAL 18% 015%, ERE RA RGAE NE
MT, SBR PE RAAT AE.
REAPS ASE TLURAÉÆ HE. 2021 FREMIANEXO. BASHMiraiASHREREL, ESE
94.6%,
2020-2021 FLITE REED DANAE, DRAB ERB LE
45%
40%
35%
30%
25%
20%
15%
10%
5%
0% €
ES sa po Br en
m2020 m 2021 mMirai = Nexo = ith
Source: bt), EILSUS. ACER BRIE WE, DRAM PEA. MAS
>2021%, HESMRHEITERAE 39%, 225%, PHMAAMSD SIAL 18% 015%, ERE RA RGAE NE
MT, SBR PE RAAT AE.
REAPS ASE TLURAÉÆ HE. 2021 FREMIANEXO. BASHMiraiASHREREL, ESE
94.6%,
2020-2021 FLITE REED DANAE, DRAB ERB LE
45%
40%
35%
30%
25%
20%
15%
10%
5%
0% €
ES sa po Br en
m2020 m 2021 mMirai = Nexo = ith
Source: bt), EILSUS. ACER BRIE WE, DRAM PEA. MAS
SBFHANRTIENE, 2025 (RAEE
> PHS LW SUES, 2021 SHAN BAIA SEHE, FIL Dn34.7%.
>2016-2021%, FESMEEIBTERFEZELF, 202155, EME TEIREM N84 14H, HE (RESTA
TERRA 2.0). PHAR. SSSR MMZ02S PRAM a ERA IO, 20355 RAEI 1005
#5, BUCHEN, 2025 REMAHAZIA.57748, CAGRA131.2%,
2016-2021 PF DER TEBE BD
50000
25000
40000
35000
30000
25000
20000
15000
10000
= 5 Oo
o _ — — = — -
2015 2016 2017 2018 2019 2020 2021 20228 202€ 20246 20256
wis ao
Source: PAIN, TRS PETERS (PISE 20) . PID CHASNRRINP EE WEEB2019) . BARREAU, ANSE
Copyright © xincailiao.com
000%
000%
000%
4000%
3000%
2000%
100%
ox
1000%
> PHS LW SUES, 2021 SHAN BAIA SEHE, FIL Dn34.7%.
>2016-2021%, FESMEEIBTERFEZELF, 202155, EME TEIREM N84 14H, HE (RESTA
TERRA 2.0). PHAR. SSSR MMZ02S PRAM a ERA IO, 20355 RAEI 1005
#5, BUCHEN, 2025 REMAHAZIA.57748, CAGRA131.2%,
2016-2021 PF DER TEBE BD
50000
25000
40000
35000
30000
25000
20000
15000
10000
= 5 Oo
o _ — — = — -
2015 2016 2017 2018 2019 2020 2021 20228 202€ 20246 20256
wis ao
Source: PAIN, TRS PETERS (PISE 20) . PID CHASNRRINP EE WEEB2019) . BARREAU, ANSE
Copyright © xincailiao.com
000%
000%
000%
4000%
3000%
2000%
100%
ox
1000%
BiSEHHUBENERHE
>2021F ERA EME RASE, BEE AABT 94.21%, BURSA (METIA. ORE. M
BES) WA 3.87%, PAERIoTNES, RAH "EEE" SA" SE-HR".
> 2021 FRB EA 10, BEREETAERMPVEE,
20205 ETE LG EDN O21 TELE LO EIRE
Mes mar Mons MARS MAS MRS MALE
EEES
Source: HEHE. AMP 57
Copyright © xincailiao.com
>2021F ERA EME RASE, BEE AABT 94.21%, BURSA (METIA. ORE. M
BES) WA 3.87%, PAERIoTNES, RAH "EEE" SA" SE-HR".
> 2021 FRB EA 10, BEREETAERMPVEE,
20205 ETE LG EDN O21 TELE LO EIRE
Mes mar Mons MARS MAS MRS MALE
EEES
Source: HEHE. AMP 57
Copyright © xincailiao.com
LFS HEE HERBE GE À
>REMPRAA ARE, 2021S BIE CREST À. ESA, AR WAR ADA, 46
REMADE EAE EDESA, WAR. db. HS, TREIBER FUESE FÜR. MÈRE
A IR #3, MAREO LGR ZEA %, RAAT SSSR tt, SRE
RFEERSE, WHNRSAENT RAE ARRETE.
EERE EBERLE LOCURA TE LN ERNE
50 500
x =
3 ha
7 2
2 5
20 200,
15 150
: MA THT
5 s I
o 3 | MS A a ae
“re Li we ur Au DS re nee IS US ME AI AN MS Rx we UT mn
m2019 m2020 m2021
Source: HEHE. AMP
Copyright © xincailiao.com
>REMPRAA ARE, 2021S BIE CREST À. ESA, AR WAR ADA, 46
REMADE EAE EDESA, WAR. db. HS, TREIBER FUESE FÜR. MÈRE
A IR #3, MAREO LGR ZEA %, RAAT SSSR tt, SRE
RFEERSE, WHNRSAENT RAE ARRETE.
EERE EBERLE LOCURA TE LN ERNE
50 500
x =
3 ha
7 2
2 5
20 200,
15 150
: MA THT
5 s I
o 3 | MS A a ae
“re Li we ur Au DS re nee IS US ME AI AN MS Rx we UT mn
m2019 m2020 m2021
Source: HEHE. AMP
Copyright © xincailiao.com
2.5.2 FRESHERS Bs Sena sir
ARETES (MARAE ESR AR) (2017-20214) , 2010-2021 Rites 770MM. AR,
2021 FH FEO, SREB ERRATA. 20164281, REMERA HE
DRIVE THE, 2016 FE, MASSA WARS RAMA BTS ITIL. 2020
FRERA (ATRAE E CMBR) , FFENREFEIDTELRIEN MARIE HER SERRE.
2010-2021 FTE EOF EERIE
350
300
250
200
150
100
. I i
——— _ =
2020
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
EA Bibs RUE
2021
Source: TIER. MEX, HG
Copyright © xincailiao.com
ARETES (MARAE ESR AR) (2017-20214) , 2010-2021 Rites 770MM. AR,
2021 FH FEO, SREB ERRATA. 20164281, REMERA HE
DRIVE THE, 2016 FE, MASSA WARS RAMA BTS ITIL. 2020
FRERA (ATRAE E CMBR) , FFENREFEIDTELRIEN MARIE HER SERRE.
2010-2021 FTE EOF EERIE
350
300
250
200
150
100
. I i
——— _ =
2020
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
EA Bibs RUE
2021
Source: TIER. MEX, HG
Copyright © xincailiao.com
2.5.2 MAREO — FEN
EROS FERIA, ER, ERBE SHAK" . 2021 4FREFAI3O3 FEA, SE ER CAE
AFM) EFDA AA 33.0%, 20.3%, 33.9%, SEEFFEHMRAÄTE, EE.
2022441 290158207 ÉTÉ ER, HARRIE ORK, MILLA RISIN280%; EDR E OK, BRE
TREE, AREA TIA Bee
2021S EAT E RELI
oc338588838
2019 2021
ee an sre SES
aR nt ERBE
Source: TABS. RUES. EFF
2021-2022 WHET fa NEM ED FLEE
tall
OO oP Oe OS BS SS
S
lo E © EE
e AS
+
E
60
Copyright © xincailiao.com
EROS FERIA, ER, ERBE SHAK" . 2021 4FREFAI3O3 FEA, SE ER CAE
AFM) EFDA AA 33.0%, 20.3%, 33.9%, SEEFFEHMRAÄTE, EE.
2022441 290158207 ÉTÉ ER, HARRIE ORK, MILLA RISIN280%; EDR E OK, BRE
TREE, AREA TIA Bee
2021S EAT E RELI
oc338588838
2019 2021
ee an sre SES
aR nt ERBE
Source: TABS. RUES. EFF
2021-2022 WHET fa NEM ED FLEE
tall
OO oP Oe OS BS SS
S
lo E © EE
e AS
+
E
60
Copyright © xincailiao.com
2.5.2 FRESHERS BRST FRA th
FRNFARREERND, HOMBRE. MRE, 2021-2022 REAR ASAS EH
SH. 2021 LST RMN BRAM RRAGE 162kW, SAREE, SRST BARS AMAR
BEL, TEO FRA MERINO, REA ARAN, HABEAS, DSIRE
RIESE.
20215-2022 UM TBE MEET DES
:
. a
2ozrseist 20216F24f 20213 2021Æ4 —2OZTESH: 20216 20217 © OZTSEBILL 2021#9M 2O2IEEION 20219E11Ak 20218F12Hk 202271
MIE (40~70kW) mE (7OKWLLE) mi (0-40kW)
Source: TIRÉS. MSA. GU, ME
Copyright © xincailiao.com
61
FRNFARREERND, HOMBRE. MRE, 2021-2022 REAR ASAS EH
SH. 2021 LST RMN BRAM RRAGE 162kW, SAREE, SRST BARS AMAR
BEL, TEO FRA MERINO, REA ARAN, HABEAS, DSIRE
RIESE.
20215-2022 UM TBE MEET DES
:
. a
2ozrseist 20216F24f 20213 2021Æ4 —2OZTESH: 20216 20217 © OZTSEBILL 2021#9M 2O2IEEION 20219E11Ak 20218F12Hk 202271
MIE (40~70kW) mE (7OKWLLE) mi (0-40kW)
Source: TIRÉS. MSA. GU, ME
Copyright © xincailiao.com
61
2.5.2 MAESTRE
SERRE BETAS MADD RER, 20228 VISÉE FER, SUPE 77-400 600kmIX(A; SIRES
{EF400km NEAR; SPSS PFOOKMRA, HORDE, READ, ARE, HAGA
TRA RAIRAG); 2021-2022 FRESE, HSE) 7 400-800 ARA,
2021-2022 VETS REESE HETERO TF FDA kim
20214F1HL 20214F2H 202193 20214 AA 2021s SH 2021 MOH 202167 202168 20214F9pt 20214F101H20215F11£2021%F12H20224F1c
1200
1000
800
8
4
200
Source: TES CRIES, ANS 62
Copyright © xincailiao.com
SERRE BETAS MADD RER, 20228 VISÉE FER, SUPE 77-400 600kmIX(A; SIRES
{EF400km NEAR; SPSS PFOOKMRA, HORDE, READ, ARE, HAGA
TRA RAIRAG); 2021-2022 FRESE, HSE) 7 400-800 ARA,
2021-2022 VETS REESE HETERO TF FDA kim
20214F1HL 20214F2H 202193 20214 AA 2021s SH 2021 MOH 202167 202168 20214F9pt 20214F101H20215F11£2021%F12H20224F1c
1200
1000
800
8
4
200
Source: TES CRIES, ANS 62
Copyright © xincailiao.com
> AEE CMSB RS, 20214, ERASE, PERA (APRS. PHBL) U
ARDE, ARR ELISA.
FINRA BRM RS, UTA, BET ERATRASRÜÄNENARHE
RK. AR, BORA BAS, BEI SR ANR, SMEAR.
2021 NRA TRES SMEARED AT SEL IR 02ND ARE ERS UEFA RELATA EOL LILES
40 ae SRE ERE ATS
| ee mu
= E A
m OU REA, EN RN. AGD.
= AR ME
i milan an, Lem
TT naa 2
o ES u 7%
s & $ HE se
# ES rá ré ES P # ES à Arm Zi AIMER Ban
MORE MELEE
Source: DARIO. TIRÉS SER, BER 63
Copyright © xincailiao.com
ARDE, ARR ELISA.
FINRA BRM RS, UTA, BET ERATRASRÜÄNENARHE
RK. AR, BORA BAS, BEI SR ANR, SMEAR.
2021 NRA TRES SMEARED AT SEL IR 02ND ARE ERS UEFA RELATA EOL LILES
40 ae SRE ERE ATS
| ee mu
= E A
m OU REA, EN RN. AGD.
= AR ME
i milan an, Lem
TT naa 2
o ES u 7%
s & $ HE se
# ES rá ré ES P # ES à Arm Zi AIMER Ban
MORE MELEE
Source: DARIO. TIRÉS SER, BER 63
Copyright © xincailiao.com
2.5.2 RER SA
+2021 FEFBERHENG, IPR, 4684, APURO 51002588; HERRIA IRA
MERA ACERS; 2021F 255 H8H18748, E4520218)2000 RRA,
ERBE SANAR 3+2" UA, SBE EAE 2022 EME, BARA,
AS
2021 FLEE TEMA ENT ET BAS
2021 FEES ETRE LER EE
700 500
600 450
500 ‘400!
350
400 ES
300 250
200 200
100 150,
100 |
50
# ER & o Lira. Be
SSRSEENSERGEERNERENNSE
Source: : TERA BESAR, RIMES, À: TOMAR 64
Copyright © xincailiao.com
+2021 FEFBERHENG, IPR, 4684, APURO 51002588; HERRIA IRA
MERA ACERS; 2021F 255 H8H18748, E4520218)2000 RRA,
ERBE SANAR 3+2" UA, SBE EAE 2022 EME, BARA,
AS
2021 FLEE TEMA ENT ET BAS
2021 FEES ETRE LER EE
700 500
600 450
500 ‘400!
350
400 ES
300 250
200 200
100 150,
100 |
50
# ER & o Lira. Be
SSRSEENSERGEERNERENNSE
Source: : TERA BESAR, RIMES, À: TOMAR 64
Copyright © xincailiao.com
2.5.2 FRESE ET
+2021, HIRE PSMA BARES LER, WH2020 NR AM EF. AR, 22R MSN 7 10
8, Re. RER BU. BNL. FESFQNTRE, AMARME IG. RNA EE
ROSITA PE, CR2 iAB143%, CR5IABC4%, TEMER T 20205 HHA.
>MORE, PREMANE EIA. RRR RE.
FLORA (EQBEF 1048)
o:.353388338
AA ee
PESPELLEFLEELLELEHFE
Source: ME, (PEEUNTWERURE2O20) | MINES 65
Copyright © xincailiao.com
+2021, HIRE PSMA BARES LER, WH2020 NR AM EF. AR, 22R MSN 7 10
8, Re. RER BU. BNL. FESFQNTRE, AMARME IG. RNA EE
ROSITA PE, CR2 iAB143%, CR5IABC4%, TEMER T 20205 HHA.
>MORE, PREMANE EIA. RRR RE.
FLORA (EQBEF 1048)
o:.353388338
AA ee
PESPELLEFLEELLELEHFE
Source: ME, (PEEUNTWERURE2O20) | MINES 65
Copyright © xincailiao.com
2 REISS ASS inthe es ape
FCS ERR ENCODER, ARENA, MTR, BRS RRMA
BIHEHAERTERERIER IR. ME NADIA, REMO. WR. EFRAIN EE RAL
E SA SA E ARO a
BEA, EFE ¡LARA BARRACA BAH EI.
SI IN
EZ JENS, MADE.
A
BACH,
LOC ERAN ON APRA. DA MAREE LE-%, FT
SOME
u mR MUR
a ata) UE (A)
FE
HA
DT
FCS ERR ENCODER, ARENA, MTR, BRS RRMA
BIHEHAERTERERIER IR. ME NADIA, REMO. WR. EFRAIN EE RAL
E SA SA E ARO a
BEA, EFE ¡LARA BARRACA BAH EI.
SI IN
EZ JENS, MADE.
A
BACH,
LOC ERAN ON APRA. DA MAREE LE-%, FT
SOME
u mR MUR
a ata) UE (A)
FE
HA
DT
2.5.2 Koa SMA Bs ZAS
+2021, FEMiraiSIRBESI188, UBA4OHTARMIA, RABIA Z7, MEE IRIS ME 7O0(Z Ei
E AE SS E REZ
ALBI MERE AIRES.
ABRES RRA RECREATE, NER, ME. Jus. AS, SSSR ANRT.
AEREA REUTERS, APABRERRBS, MEDIR EAN. MAMA.
RAE ELENA ERT ELE HORDA. RESRALEHS
DEH HATS IAN, RATED Se ee eens
ra
ACOMETER AMEMERR, 5
DNA SOLAR var OO
, PIECES, MORE
eur ARAS ARICA? ARMADO. CFS, SON! RE
220A RA RATE RBA:
FR ne
MOTS, 2
20277 SEASRGRABARLLT, ERAS = 2005 RAA PARENT AIS. DHAW,
E PERS MeO RNR ETES
LE PRRAT OMENS, HR AZ BOB RE
meme á
AERC TANIA, METAS 2025 oe ES POTTER 1
anus Mn ME x Sn
Source: AES, LEAK, HBAS 67
Copyright © xincailiao.com
+2021, FEMiraiSIRBESI188, UBA4OHTARMIA, RABIA Z7, MEE IRIS ME 7O0(Z Ei
E AE SS E REZ
ALBI MERE AIRES.
ABRES RRA RECREATE, NER, ME. Jus. AS, SSSR ANRT.
AEREA REUTERS, APABRERRBS, MEDIR EAN. MAMA.
RAE ELENA ERT ELE HORDA. RESRALEHS
DEH HATS IAN, RATED Se ee eens
ra
ACOMETER AMEMERR, 5
DNA SOLAR var OO
, PIECES, MORE
eur ARAS ARICA? ARMADO. CFS, SON! RE
220A RA RATE RBA:
FR ne
MOTS, 2
20277 SEASRGRABARLLT, ERAS = 2005 RAA PARENT AIS. DHAW,
E PERS MeO RNR ETES
LE PRRAT OMENS, HR AZ BOB RE
meme á
AERC TANIA, METAS 2025 oe ES POTTER 1
anus Mn ME x Sn
Source: AES, LEAK, HBAS 67
Copyright © xincailiao.com
2.5.2 FRE RSE TIER
SRABRAMESHARSINE, MBEAN A, OFFENER, HERS, A
FE FAURE BHAGAT B E205 OFS EES OOTG/kwAN 2007¢/kg, RFF 35077/kw#0180077/kg.
> PPE, BIZARRE ONS ERAN... DIRA ST ERE SLA BBA]
ENEE BALAS. IEIRENAS Hydrogen Council, 22050 THERE 1 SET/kg (6.575/kg) .
TEO EL RR STAGE (BIT: T9) TORO EA RI SAR ALNNERR (BL: 70/kg)
12000 9000
2000
10000
7000
8000 6000
5000
6000
4000
4000 3000
1000
5 = A — Ei a A == — A
2025 2035€ 2050 2025€ 20356 2050
= Avira ES ES ES
Source: (RASOIR 2020). HMS 68
Copyright © xincailiao.com
SRABRAMESHARSINE, MBEAN A, OFFENER, HERS, A
FE FAURE BHAGAT B E205 OFS EES OOTG/kwAN 2007¢/kg, RFF 35077/kw#0180077/kg.
> PPE, BIZARRE ONS ERAN... DIRA ST ERE SLA BBA]
ENEE BALAS. IEIRENAS Hydrogen Council, 22050 THERE 1 SET/kg (6.575/kg) .
TEO EL RR STAGE (BIT: T9) TORO EA RI SAR ALNNERR (BL: 70/kg)
12000 9000
2000
10000
7000
8000 6000
5000
6000
4000
4000 3000
1000
5 = A — Ei a A == — A
2025 2035€ 2050 2025€ 20356 2050
= Avira ES ES ES
Source: (RASOIR 2020). HMS 68
Copyright © xincailiao.com
2.5.2 SVR a Sa NASA
AEB, SIE ESA SHES eS IRA OR ASSET.
+2030 8/5, RKARLEVARABHEENS+ Sa (TCO) EHESTEN, Rep, IFR
71> 35 AE RER FRS MIRE RES ME > 500km) F, SNES RITO AA
BEE,
>£2025~2030SF18), ARE) > 3, SEE > 400kMA EME ADR CORA TES TREE,
>2040 5, SVE ESOOKmLA LARA E SAL SAS AME DAA ESS AAA AE, TEE
FR EFRIR RARAATCORAZ HERE, SWÄRHBIBZESUV. ARIES UREA HET AEA.
SURBGRBE: 200055
2 =
i: Yo o
Loe
Source: (RASOIR 2020). HMS
69
Copyright © xincailiao.com
AEB, SIE ESA SHES eS IRA OR ASSET.
+2030 8/5, RKARLEVARABHEENS+ Sa (TCO) EHESTEN, Rep, IFR
71> 35 AE RER FRS MIRE RES ME > 500km) F, SNES RITO AA
BEE,
>£2025~2030SF18), ARE) > 3, SEE > 400kMA EME ADR CORA TES TREE,
>2040 5, SVE ESOOKmLA LARA E SAL SAS AME DAA ESS AAA AE, TEE
FR EFRIR RARAATCORAZ HERE, SWÄRHBIBZESUV. ARIES UREA HET AEA.
SURBGRBE: 200055
2 =
i: Yo o
Loe
Source: (RASOIR 2020). HMS
69
Copyright © xincailiao.com
2.5.2 SRSA ERE RE
TEE DEERE, E
E AS ES ES
REERAHETEBENEEN, 220508, AMKEbE
E E EEE OS
FrB200kw, <4kg/100km, >800km,
PRE B GEER REE
> 800
oe 7000
2891000
B agro
Aton ayi
E) 20080
e NS
20 a an 26 2e 24 zu
ER "ur —mamem —sous
Source: EEE. HA
ES O EA E]
RENDER. BRUKER, PARE
TIE MAARRS RA ee, MARA
AMBALA, 220507, AVRAHAM AS
HAAS, AMAT. RMN BAS
100kW, <2kg/100km, > 500km,
LOADER REL
299100m da
ern sam
>360m 2 me”
arm
ea
‘cou rom
ou ae —
an ms ww) 2% ne ns a
— MD RR — AR
Copyright © xincailiao.com
TEE DEERE, E
E AS ES ES
REERAHETEBENEEN, 220508, AMKEbE
E E EEE OS
FrB200kw, <4kg/100km, >800km,
PRE B GEER REE
> 800
oe 7000
2891000
B agro
Aton ayi
E) 20080
e NS
20 a an 26 2e 24 zu
ER "ur —mamem —sous
Source: EEE. HA
ES O EA E]
RENDER. BRUKER, PARE
TIE MAARRS RA ee, MARA
AMBALA, 220507, AVRAHAM AS
HAAS, AMAT. RMN BAS
100kW, <2kg/100km, > 500km,
LOADER REL
299100m da
ern sam
>360m 2 me”
arm
ea
‘cou rom
ou ae —
an ms ww) 2% ne ns a
— MD RR — AR
Copyright © xincailiao.com
2.5.2 SRSA ERE RE
REFRANES. SVS BiH DNR FRA EE SARSS SeAMREeT, MASTER,
EIERN, BSE, ASSIA RA RBA ABA
BMUANRR). B2050F, ARAB B NMA BRR AMAA MAE BRA E 300kW,
6.1kg/100km, > 700km,
PA A ON
PN uN A Ne, ES
FERN o BREMER, LETTRES NOR
RES.
5 = msi DERE REE 7" 710
— ARAMARK, SRA
er Ze EMM CARR, LATO Para RE RSR
a. an 3SMPRRRE, IRSA HOSE. SERARRERE
= Yo ER.
DREHTE. EA AER, E
E E a. — BEER.
ian AAA — |
Source: EEE. HA n
Copyright © xincailiao.com
REFRANES. SVS BiH DNR FRA EE SARSS SeAMREeT, MASTER,
EIERN, BSE, ASSIA RA RBA ABA
BMUANRR). B2050F, ARAB B NMA BRR AMAA MAE BRA E 300kW,
6.1kg/100km, > 700km,
PA A ON
PN uN A Ne, ES
FERN o BREMER, LETTRES NOR
RES.
5 = msi DERE REE 7" 710
— ARAMARK, SRA
er Ze EMM CARR, LATO Para RE RSR
a. an 3SMPRRRE, IRSA HOSE. SERARRERE
= Yo ER.
DREHTE. EA AER, E
E E a. — BEER.
ian AAA — |
Source: EEE. HA n
Copyright © xincailiao.com
ia
>A BRO ARAS RLS RA. MEERIHRARR, SRNR REA.
ACARREAR CRIAR, CMA EB tA Pee
SW. QUE, ARR BADER, REA, ES ARS SEALE,
AREA. MNRAS RSE SLRS.
RRA DUBEDES, PIS TE TR BERRI EVANS
exe
BALLARD Frame E fer RFUNAREIEIAENTAKW/L, EHEVOCHF
semana
PEAR 7 | pores AR, Ge SOBRE DETOAN, HIDE SOW, OCR
a Sennen Jr ES er
| SSARANGUE NOCHNEFENRIURENN. UDG UME, THR
= opie.
FRA ERERDNONIARATHRT POI, FAMA T SORA
oa Mars, point SAS mo REA AE FAX
ie eats
ppg SEER MINI EMMA SARA ARIS
MANS, EMA LOMME IK SIL
NOWOGEN STATIN BIER, MAMA (ADD €
a SR (M) | FAT ÉTÉ ES
ee
ne En Dana EME, %
A2 KW 397125 WIR AE.
exam ASE NO EMEA 0020 CIRO
MERS OKW/L, REGA 5-5 Ska AE,
presen TASAS, MARRON, He
5 ag SEES NT
ee A erre
Source: : ARIEBISOR. MGT ES ee EI
Copyright © xincailiao.com
>A BRO ARAS RLS RA. MEERIHRARR, SRNR REA.
ACARREAR CRIAR, CMA EB tA Pee
SW. QUE, ARR BADER, REA, ES ARS SEALE,
AREA. MNRAS RSE SLRS.
RRA DUBEDES, PIS TE TR BERRI EVANS
exe
BALLARD Frame E fer RFUNAREIEIAENTAKW/L, EHEVOCHF
semana
PEAR 7 | pores AR, Ge SOBRE DETOAN, HIDE SOW, OCR
a Sennen Jr ES er
| SSARANGUE NOCHNEFENRIURENN. UDG UME, THR
= opie.
FRA ERERDNONIARATHRT POI, FAMA T SORA
oa Mars, point SAS mo REA AE FAX
ie eats
ppg SEER MINI EMMA SARA ARIS
MANS, EMA LOMME IK SIL
NOWOGEN STATIN BIER, MAMA (ADD €
a SR (M) | FAT ÉTÉ ES
ee
ne En Dana EME, %
A2 KW 397125 WIR AE.
exam ASE NO EMEA 0020 CIRO
MERS OKW/L, REGA 5-5 Ska AE,
presen TASAS, MARRON, He
5 ag SEES NT
ee A erre
Source: : ARIEBISOR. MGT ES ee EI
Copyright © xincailiao.com
HEM RRRRRORAES, DIZE. BERHEAREIHERERL, PREMIA. RRS EE
BE, MASTER, BARRERA, MINERS RRS A RA
PARE 350W/kgkF, RARRRRLRT UA,
IPB LR OLERA EBERLE
seen: | MEAR BR AA ro
alo Fuecel sen
AR ET TA
POB Hydrogen ARR pour CE. ENS. FM.
can Coponion us TEM" Autun, man. zum
MW CR mod. Te RAS tom. Re M
Zi BR UIC, PA og BAR BE D.
HENO) eit Panasonic. Doosan Lan nen HA. RAR. A,
FAGO <AFCEnegy Aroa men. UR, Sans
een (Ou
oe amare
Source: : (EHEM. PRERREDADE. FE, AUS
Copyright © xincailiao.com
DERBI BRASS
oc AREER asco | Rima | xO)
TOJBS/IOO 28033050 -30/.
Hydrogenics GOS3/198 29/28/27 10 ss >10000
USHybid Moor 270 MS 463569% 10000,
E23 so u 0 se 000
mer 10 \ ES on y
zen 313/6575 23072s0/502 0 SET À
al so \ a \
mame 321670010 237/301/400/ 15/30 12000150007
530/680 25000/30000
BIE 3O/AS/GO/IZO 27375 10/20/30 2m 10000
Haut 2662 \ “25-30 Ses 10000
DH 30/40745/60 \ \ 46.52% \
, REM
BE, MASTER, BARRERA, MINERS RRS A RA
PARE 350W/kgkF, RARRRRLRT UA,
IPB LR OLERA EBERLE
seen: | MEAR BR AA ro
alo Fuecel sen
AR ET TA
POB Hydrogen ARR pour CE. ENS. FM.
can Coponion us TEM" Autun, man. zum
MW CR mod. Te RAS tom. Re M
Zi BR UIC, PA og BAR BE D.
HENO) eit Panasonic. Doosan Lan nen HA. RAR. A,
FAGO <AFCEnegy Aroa men. UR, Sans
een (Ou
oe amare
Source: : (EHEM. PRERREDADE. FE, AUS
Copyright © xincailiao.com
DERBI BRASS
oc AREER asco | Rima | xO)
TOJBS/IOO 28033050 -30/.
Hydrogenics GOS3/198 29/28/27 10 ss >10000
USHybid Moor 270 MS 463569% 10000,
E23 so u 0 se 000
mer 10 \ ES on y
zen 313/6575 23072s0/502 0 SET À
al so \ a \
mame 321670010 237/301/400/ 15/30 12000150007
530/680 25000/30000
BIE 3O/AS/GO/IZO 27375 10/20/30 2m 10000
Haut 2662 \ “25-30 Ses 10000
DH 30/40745/60 \ \ 46.52% \
, REM
ERRE
>HEEdtechäié, 2012 SHE BIER A 167MW, 20205FtRRISIKE1319MW, HAIBICAGRA29.5%, KIRZ2020E
ERASE ENURIABI36.92(Z5E7C, WUT 2O26 FERNER ET NZ.
2012-2020 F LERNER AED E RUE EUR EN (CAT, MW
1400
1200
B
So
3 600
> ] | | -
20 2%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022€ 2023 2024 2025E 2026
SEAR TILT (12570) — RARE td BOSE (MW)
Source: Edtech, INEPAMSIE. IAE 74
Copyright © xincailiao.com
OE (MW)
>HEEdtechäié, 2012 SHE BIER A 167MW, 20205FtRRISIKE1319MW, HAIBICAGRA29.5%, KIRZ2020E
ERASE ENURIABI36.92(Z5E7C, WUT 2O26 FERNER ET NZ.
2012-2020 F LERNER AED E RUE EUR EN (CAT, MW
1400
1200
B
So
3 600
> ] | | -
20 2%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022€ 2023 2024 2025E 2026
SEAR TILT (12570) — RARE td BOSE (MW)
Source: Edtech, INEPAMSIE. IAE 74
Copyright © xincailiao.com
OE (MW)
HB TRASH
> EOS AMA, SERRA, HÉÉ202148A, 128 “3+2" RBI ETC, ASSES
BEF, 122A RR RAL ERS, SERB RGR 72.9MW, BILÉK118.6%, AFR.
> POSS AB EN ERAS, ESTIMADA, 212024 pS WA FB TE AIT
F1383MW, GGIIFRM20232F SANUISIA230(Z7L, 2019-20234FCAGRA46%, 2025tF THANE 700IZ7C..
2016-2024, PRA BBR PUERRUMELE AZ, MW 2021E PDEA ECR IEDE-KW
1600 20 40,000
ian 70
1200 600 Sn
1000 500 En
200 2500
600 300 20,000
0 20 x, 15000
2 L Ll Ls
Ce lest
E IG ee eee . HI Phil
Es COROS
mba (ZT) ake SHS SKK SS HK SS SK
Source: GG, R= WASTE, LIEU. RIESE, TEMAS
Copyright © xincailiao.com
> EOS AMA, SERRA, HÉÉ202148A, 128 “3+2" RBI ETC, ASSES
BEF, 122A RR RAL ERS, SERB RGR 72.9MW, BILÉK118.6%, AFR.
> POSS AB EN ERAS, ESTIMADA, 212024 pS WA FB TE AIT
F1383MW, GGIIFRM20232F SANUISIA230(Z7L, 2019-20234FCAGRA46%, 2025tF THANE 700IZ7C..
2016-2024, PRA BBR PUERRUMELE AZ, MW 2021E PDEA ECR IEDE-KW
1600 20 40,000
ian 70
1200 600 Sn
1000 500 En
200 2500
600 300 20,000
0 20 x, 15000
2 L Ll Ls
Ce lest
E IG ee eee . HI Phil
Es COROS
mba (ZT) ake SHS SKK SS HK SS SK
Source: GG, R= WASTE, LIEU. RIESE, TEMAS
Copyright © xincailiao.com
ES ESA
RENE, AURA. MAIMELHRE, 1B2AENDFEHERTF40-70KWEIEEN MIRA
fa, BNERNRRTTARET, MAMORMNS THERE, CAN7ALFSARBWERRES; 8-12 BSH
BUERREE A,
2021 4E 1-12 FYB CREEL
. a
202101 2021.02 2021-03 2021-04 202105 2021-06 202107 2021-08 202109 202110 2021-11 2021-12
MAD (O-40KW) BEER PUN (40-7OKW) SR DE (7OKWELL) SUR
Source: TÉSRSSABE. REBAR MURS 76
Copyright © xincailiao.com
RENE, AURA. MAIMELHRE, 1B2AENDFEHERTF40-70KWEIEEN MIRA
fa, BNERNRRTTARET, MAMORMNS THERE, CAN7ALFSARBWERRES; 8-12 BSH
BUERREE A,
2021 4E 1-12 FYB CREEL
. a
202101 2021.02 2021-03 2021-04 202105 2021-06 202107 2021-08 202109 202110 2021-11 2021-12
MAD (O-40KW) BEER PUN (40-7OKW) SR DE (7OKWELL) SUR
Source: TÉSRSSABE. REBAR MURS 76
Copyright © xincailiao.com
FARR) Asche
> 2021S, 1 ERHEINER—, iKS4575.1kW, AbLIAI2%; MESA, 1426137kW, StL 15%; HSATÉ=,
1A416235kW, ALIAI%, AHZBESHTIRERS, MAZES LHASA A; BER) (FS) FE
SATTAERAD MARE ANCA; BSA (HA) RIK MERA REEASLRMTOME.
FA, 2021F REFORMAR EAS MATL, DERRIDA AENA
IFEMA. BP ECANACKARRM RUE, BWANA Sse, PEREA FA,
2021 PEARL RI TELE 20215 DEG EPA RECLINE AD | OREM E
E
IM.
© = 2
os ES 7 os Py uA BER es PRES OE
e
“à
e < E
nie seh LAE x oy
mA mA mr
Source: TIER. Gil, MASSE. RS
Copyright © xincailiao.com
> 2021S, 1 ERHEINER—, iKS4575.1kW, AbLIAI2%; MESA, 1426137kW, StL 15%; HSATÉ=,
1A416235kW, ALIAI%, AHZBESHTIRERS, MAZES LHASA A; BER) (FS) FE
SATTAERAD MARE ANCA; BSA (HA) RIK MERA REEASLRMTOME.
FA, 2021F REFORMAR EAS MATL, DERRIDA AENA
IFEMA. BP ECANACKARRM RUE, BWANA Sse, PEREA FA,
2021 PEARL RI TELE 20215 DEG EPA RECLINE AD | OREM E
E
IM.
© = 2
os ES 7 os Py uA BER es PRES OE
e
“à
e < E
nie seh LAE x oy
mA mA mr
Source: TIER. Gil, MASSE. RS
Copyright © xincailiao.com
2.5.3 RA BTR SSeS
FIT SBS SUBSE, IRTE HT NORDHUESNR, MAREA. RR BARE
REITs, HASBs GE,
BAVIERA SELLE
RELATA TORCER
ARME. AU, MATA, FANS, ARA AR
ze
man Meer. LER, Kram. man.
uns JE. AIRE, Zune
ame IEA, Sunz
neos
LME WAS. BING, MERK. NR, LID O, OM, E
HR. ME, RE
lime
i
Source: TIRE. HDIACRE. IBAS
Copyright © xincailiao.com
FIT SBS SUBSE, IRTE HT NORDHUESNR, MAREA. RR BARE
REITs, HASBs GE,
BAVIERA SELLE
RELATA TORCER
ARME. AU, MATA, FANS, ARA AR
ze
man Meer. LER, Kram. man.
uns JE. AIRE, Zune
ame IEA, Sunz
neos
LME WAS. BING, MERK. NR, LID O, OM, E
HR. ME, RE
lime
i
Source: TIRE. HDIACRE. IBAS
Copyright © xincailiao.com
SENKEN TENERRENEREH, RAS MARE, SIS, ER, FEINA ELS
BET, Ait aetaw42. 70H BES.
PESUSERGRUEGECEAHEGEEEES aga!
SÉPPÉPÉCEPEPO EC EPCE REICHEN
CF ÉCECEEEEPECTEEPET FILES
HAE
ÉEREFEECEF PEL FEFÉFE RESTE
+ PÉFÉP AE EEE EC asa
CT
amer vai (es
i ddiasosoipzdsnofaracasigidos
HHRESESSSSTSSHAGSPARTLESPES ESE
Ei lcd (RE 20214 128) ($89)
A s
EE ÉCELPELELET ES LECEEEPETEC ET:
il ë
i
LAN
IEA, DRE
#45
BOSSA,
Source:
Copyright © xincailiao.com
BET, Ait aetaw42. 70H BES.
PESUSERGRUEGECEAHEGEEEES aga!
SÉPPÉPÉCEPEPO EC EPCE REICHEN
CF ÉCECEEEEPECTEEPET FILES
HAE
ÉEREFEECEF PEL FEFÉFE RESTE
+ PÉFÉP AE EEE EC asa
CT
amer vai (es
i ddiasosoipzdsnofaracasigidos
HHRESESSSSTSSHAGSPARTLESPES ESE
Ei lcd (RE 20214 128) ($89)
A s
EE ÉCELPELELET ES LECEEEPETEC ET:
il ë
i
LAN
IEA, DRE
#45
BOSSA,
Source:
Copyright © xincailiao.com
> PARR DEERE CAMINA ROA. PSB ERRE. FU. ABE. DUR,
RRE. AREA, UREA APRA ALLIS %,
> Mata, BEAR EC S A, ÉHÉHAIÉL36%, WRAL 23%, RFI 16%; METER
Bitt12%.
PREBLE. EFI, SAT MUR, DURBAN LOL ISR RNE ARI
RRE. AREA, UREA APRA ALLIS %,
> Mata, BEAR EC S A, ÉHÉHAIÉL36%, WRAL 23%, RFI 16%; METER
Bitt12%.
PREBLE. EFI, SAT MUR, DURBAN LOL ISR RNE ARI
2.5.4 FALE Tb INT
> REA BPRS Rem, TONER AMEN, 2021 PE FB RB KM 75 7MW,
BELÉK128%.
> EPT ESA, SEMI, FIR BRS KALE HE.
BREEATCHENH, STE REEL
#8 | Host CEST
Pit: LER 2071
a
IRABMEZ MOLIDA, MINA, BOO. ME, ZU. ROTAR, HER
1 ma Dam. ROMERO Fun, HERMAN AMEE, BE Re TREE OI FAIR
5 meg «DERBI, AMERO, MOL BATA
HORMONE. ITS
LCR AB IONE, sata 7
Ste net ae al ISA
EE WARE DR, AT REO Ka A RARA anne
4 Sure Ser 2 SAUBERE AMA AS
5 aa Sm. MICA eee uam LT LE
BAINEEREN. ÉANRERTARANENAMNPUE PRAT RULER, MER PNEU
6 zum SP, URRY UREA, HART FERNE EU. AU. MIRE MALER MARE,
RCE TREE RR
Source: FERETIEE Gl. PES. RISES, (A
ELLIE AT WERDER). PERES
81
Copyright © xincailiao.com
> REA BPRS Rem, TONER AMEN, 2021 PE FB RB KM 75 7MW,
BELÉK128%.
> EPT ESA, SEMI, FIR BRS KALE HE.
BREEATCHENH, STE REEL
#8 | Host CEST
Pit: LER 2071
a
IRABMEZ MOLIDA, MINA, BOO. ME, ZU. ROTAR, HER
1 ma Dam. ROMERO Fun, HERMAN AMEE, BE Re TREE OI FAIR
5 meg «DERBI, AMERO, MOL BATA
HORMONE. ITS
LCR AB IONE, sata 7
Ste net ae al ISA
EE WARE DR, AT REO Ka A RARA anne
4 Sure Ser 2 SAUBERE AMA AS
5 aa Sm. MICA eee uam LT LE
BAINEEREN. ÉANRERTARANENAMNPUE PRAT RULER, MER PNEU
6 zum SP, URRY UREA, HART FERNE EU. AU. MIRE MALER MARE,
RCE TREE RR
Source: FERETIEE Gl. PES. RISES, (A
ELLIE AT WERDER). PERES
81
Copyright © xincailiao.com
2.5.4 BEE EHER
> BARRE BBA STIER FREMD, FORA, ESA. IESE, ARE, RA, DER, RE
Km SUB, Alte THERETO RIBES, EMMDILARE. ft, EA. hydrogenics, Power Cell,
> PAPER ENEE, ESA ME, BASSET, FEIERN.
LONER ALCL TEATS
SEIS mw ENS mn OD mw SAE
m BAAS BIER wR
Source: TrendBank, HS. RGR
23355933533
2019-2021 FA EOE PIRE
TOP3A PA ---- TOPSRYA TOPIOR PA
= A
2019 2020 2021
Copyright © xincailiao.com
82
> BARRE BBA STIER FREMD, FORA, ESA. IESE, ARE, RA, DER, RE
Km SUB, Alte THERETO RIBES, EMMDILARE. ft, EA. hydrogenics, Power Cell,
> PAPER ENEE, ESA ME, BASSET, FEIERN.
LONER ALCL TEATS
SEIS mw ENS mn OD mw SAE
m BAAS BIER wR
Source: TrendBank, HS. RGR
23355933533
2019-2021 FA EOE PIRE
TOP3A PA ---- TOPSRYA TOPIOR PA
= A
2019 2020 2021
Copyright © xincailiao.com
82
PEE tea
> REM BESANT, ERA, BHAT, REREMRRAARQNEPH, AEREO.
(AR. RT. AER MEERANEAG, ER, AE. FESSER LAA)! 30-140kW,
TSBERUDANVLS II Pro BILGAEI165kW,
AS PERA EU BEL MERKEN
Pos 03d) = Mes HEE) FCB130 Clarity3B=ft VLSIIPro SFC-C9 al ST100X
FREE (KW) 15 22
445 BADR (kW) 140 128 130 165 150 84 118
ARABE (KW!) 2 5
— = - - SRE
AS (h) ed feats ad ER (°C) 28 30 = 3 35 = -30
er ENEE
BR (kg) ss 52 - se - = 52
RON (%) 055 06 —
asc SF
Am (no) = x00 40 nee ~ Fee Cary Fuel
Source: (RENE UZOERRÉARARRE) . ONL SS SANT) . ATA. HAS. SEE BEA 83
Copyright © xincaliao.com
> REM BESANT, ERA, BHAT, REREMRRAARQNEPH, AEREO.
(AR. RT. AER MEERANEAG, ER, AE. FESSER LAA)! 30-140kW,
TSBERUDANVLS II Pro BILGAEI165kW,
AS PERA EU BEL MERKEN
Pos 03d) = Mes HEE) FCB130 Clarity3B=ft VLSIIPro SFC-C9 al ST100X
FREE (KW) 15 22
445 BADR (kW) 140 128 130 165 150 84 118
ARABE (KW!) 2 5
— = - - SRE
AS (h) ed feats ad ER (°C) 28 30 = 3 35 = -30
er ENEE
BR (kg) ss 52 - se - = 52
RON (%) 055 06 —
asc SF
Am (no) = x00 40 nee ~ Fee Cary Fuel
Source: (RENE UZOERRÉARARRE) . ONL SS SANT) . ATA. HAS. SEE BEA 83
Copyright © xincaliao.com
2.5.4 HERARE TER a SA SSB BEA
Son
ren
Source:
DR | CO Rex. menea
HORROR W/LLE, SUTWLRIIO- — TOYOTA. HONDA.HYUNDAL Ballard, — ¿SERBIO 2ORW/L, EEAO-IOKW. 28 DER, OAR, CE, PERS, ALLIE
{KW aE LW" BERET EAE 2SOONPOwerCel Doosan, Inligent Energy. DO RON, REEL OReNSSOOONAER LW. LRU LR Ha TE
UE BASEL Horizon O
a MAT Umicore, Tanaka, NISSHINBO. M PEN. WERDE. UF ONO, EL
ARTISAN. 015mg/em‘, EIEN AH Toyo. Johnson Matthey. Gore. BASE. HERLEEN.IG/KW. 0.Smg/c rs MR JOE MERO. SR. IE. DAA,
Tanaka
ieee eae REDEN, on a RENE 12. MEDAL AOS AN, RAM, ACM A, SS E
O3q/KW. MEME Au (+). MAMIE SO: Ee RS nn OR RES gate: Carnes. Dien.
ADSMTAEE RAS, WAH Dans Clings Grbene, vendsione, EERIE, REIN, MMM DA BBR Min. Lt MUR À
IXPH20.65/em, MBE 130MPa HONDA TOYOTA Kyus. POCO. AMLO OD. WE. RO. TAP. BO E
PAR, TELETNR, BER DNS SM Balard core ik Apia ABT Me GEAR) „ A NUIT MM. Aa, 0
E ESS. M Ca Dowupont Ac Kase on SAT AM EST Ya Mian, NM ed. ERA a
FER óms/cm role. LS DHE, MM, PREG. PAL
RUSTICAS, MLAINOOS Em. MW sald Tory, SL. Freudenberg Group. ASSET REGRETS (MMR EURE (ERAS). AO, Lae.
ASADO, REAM recta zen A E SAS LEA, Uren.
CHEF PEMECEER SDS TBAMED 202148, (SIME ELRERRAITURTENE? 20215, ANIME. TRS, BER 84
Copyright © xincaliao.com
Son
ren
Source:
DR | CO Rex. menea
HORROR W/LLE, SUTWLRIIO- — TOYOTA. HONDA.HYUNDAL Ballard, — ¿SERBIO 2ORW/L, EEAO-IOKW. 28 DER, OAR, CE, PERS, ALLIE
{KW aE LW" BERET EAE 2SOONPOwerCel Doosan, Inligent Energy. DO RON, REEL OReNSSOOONAER LW. LRU LR Ha TE
UE BASEL Horizon O
a MAT Umicore, Tanaka, NISSHINBO. M PEN. WERDE. UF ONO, EL
ARTISAN. 015mg/em‘, EIEN AH Toyo. Johnson Matthey. Gore. BASE. HERLEEN.IG/KW. 0.Smg/c rs MR JOE MERO. SR. IE. DAA,
Tanaka
ieee eae REDEN, on a RENE 12. MEDAL AOS AN, RAM, ACM A, SS E
O3q/KW. MEME Au (+). MAMIE SO: Ee RS nn OR RES gate: Carnes. Dien.
ADSMTAEE RAS, WAH Dans Clings Grbene, vendsione, EERIE, REIN, MMM DA BBR Min. Lt MUR À
IXPH20.65/em, MBE 130MPa HONDA TOYOTA Kyus. POCO. AMLO OD. WE. RO. TAP. BO E
PAR, TELETNR, BER DNS SM Balard core ik Apia ABT Me GEAR) „ A NUIT MM. Aa, 0
E ESS. M Ca Dowupont Ac Kase on SAT AM EST Ya Mian, NM ed. ERA a
FER óms/cm role. LS DHE, MM, PREG. PAL
RUSTICAS, MLAINOOS Em. MW sald Tory, SL. Freudenberg Group. ASSET REGRETS (MMR EURE (ERAS). AO, Lae.
ASADO, REAM recta zen A E SAS LEA, Uren.
CHEF PEMECEER SDS TBAMED 202148, (SIME ELRERRAITURTENE? 20215, ANIME. TRS, BER 84
Copyright © xincaliao.com
2.5.4 FRET AUS TAINl
> KERE, SSSR ER RM, ARRE MEER, SINO A, RRMA IA
Dé 100kW, AER IHABHESBIINTE7I20007C/KWLAR EES FER 5200kW/GHTUR, 2021425202544 384
SEE IE RAICAGR#103.48%, 2025EBUA5MZIT.
xincailiao.com
2021-202 5EE IVE BIT RON CTE
30
20
. | |
o re:
2021 202€ 2023€ 2024E
Source: Pt, TIRÉS PATIO (ORESIACIOS FRA 20) „ PONS (PRUEBAS WIE 2019) | DNA. SERRE PEA
85
Copyright © xincailiao.com
> KERE, SSSR ER RM, ARRE MEER, SINO A, RRMA IA
Dé 100kW, AER IHABHESBIINTE7I20007C/KWLAR EES FER 5200kW/GHTUR, 2021425202544 384
SEE IE RAICAGR#103.48%, 2025EBUA5MZIT.
xincailiao.com
2021-202 5EE IVE BIT RON CTE
30
20
. | |
o re:
2021 202€ 2023€ 2024E
Source: Pt, TIRÉS PATIO (ORESIACIOS FRA 20) „ PONS (PRUEBAS WIE 2019) | DNA. SERRE PEA
85
Copyright © xincailiao.com
2.5.5 ARABIA
> BERRA BIRT OER. GRABER (MEA) TIRA, EMEA eR, BERET AMA ERIE
E MALE BA.
> AGHA (CCM) BREEREPBOR VFABZREFER, AARASIE (Roll-to-Roll) ESMAERRES,
RERFTIEREBERTEE
—ft GDE MARINE ata
e mean RE TACA HR, MEAHAIAUE
AR MCRL, SAA TREE. BREITE: MARS
aan ama FRE, ERRE LN, NERA
Source: Sts. LARG. AIR
86
Copyright © xincailiao.com
> BERRA BIRT OER. GRABER (MEA) TIRA, EMEA eR, BERET AMA ERIE
E MALE BA.
> AGHA (CCM) BREEREPBOR VFABZREFER, AARASIE (Roll-to-Roll) ESMAERRES,
RERFTIEREBERTEE
—ft GDE MARINE ata
e mean RE TACA HR, MEAHAIAUE
AR MCRL, SAA TREE. BREITE: MARS
aan ama FRE, ERRE LN, NERA
Source: Sts. LARG. AIR
86
Copyright © xincailiao.com
2.5.5 REMESAS NT
A is E A E ESE
FRA LE FREE. EPSON. NUERA. EPR, ITE
IR RE EE RES SO SICA,
> HER, NS AS ER, EERE. MATE RB BR, SE). NRRSSA
BESTE IR, BARRRIRRCH, PSUR, RSS ARH BH ARA.
ARERR
m ms mest ECAR won
REM (W/cm?) 12-16 14 14 14 12
HERA (mg/cm) 02-04 025 03 02
‘RAB (h) >20000 >20000 >20000 - >10000
un CO) 40-90 30-95
FABUBIED (min) >200 >200
Source: AIBR. TrendBank, SFR LRU AGE
87
Copyright © xincailiao.com
A is E A E ESE
FRA LE FREE. EPSON. NUERA. EPR, ITE
IR RE EE RES SO SICA,
> HER, NS AS ER, EERE. MATE RB BR, SE). NRRSSA
BESTE IR, BARRRIRRCH, PSUR, RSS ARH BH ARA.
ARERR
m ms mest ECAR won
REM (W/cm?) 12-16 14 14 14 12
HERA (mg/cm) 02-04 025 03 02
‘RAB (h) >20000 >20000 >20000 - >10000
un CO) 40-90 30-95
FABUBIED (min) >200 >200
Source: AIBR. TrendBank, SFR LRU AGE
87
Copyright © xincailiao.com
ERAS HT
> ERRE: — ERE RRE. REAR EMER a, LEE, AB, BH
BARR, BETTI DAD TAR, SE SAR HATES, AENA GOe. Johnson Matthey, Toray
(Greenerity) FIR AATISHCIRE, Bak ENELABS, 2019 RGR Sak, ETA. she)
DSA RI, THERE,
ERE RLAUES ERB
E
=
=
3
305m’, 10005X
2 AMERO)
100 5H
2000 (100K)
HET:
DODEDEE TER ES
i
|
Source: Bits, ROG
88
Copyright © xincailiao.com
> ERRE: — ERE RRE. REAR EMER a, LEE, AB, BH
BARR, BETTI DAD TAR, SE SAR HATES, AENA GOe. Johnson Matthey, Toray
(Greenerity) FIR AATISHCIRE, Bak ENELABS, 2019 RGR Sak, ETA. she)
DSA RI, THERE,
ERE RLAUES ERB
E
=
=
3
305m’, 10005X
2 AMERO)
100 5H
2000 (100K)
HET:
DODEDEE TER ES
i
|
Source: Bits, ROG
88
Copyright © xincailiao.com
2.5.5 BRAT NT
> BFPO, REP AT. 2021 RARER. APRA
BR, TUSCAN INE D. HBR RAR RHO RAE, tE AS MT. 2020ER
FASSHRCIBEMEARSESA HE “984%” FAMED EEE 1.9970/W.
> EPR RRR, 2021 RRS RRA12 IHM, MILB 160%; ISRAIRE. RIGA, WEISE,
SPR, (CARURAB WM TOPSS, EMA RETO MSS ROA a, LURE ll
man HEH, ERR ARS A.
BUBBA FREE TW RDG CRERL ERE Im
14 140
12 120
; 100
80
os
so
“ . i
04 ae
Es o = i
a 20184 2019% 2020 2021#
2020 2021 2022ÑE 202MFE ZOAMEE 2025tpe me RA
Source: TrendBank, LEA. GG, EPA, PERERA. PA
89
Copyright © xincailiao.com
> BFPO, REP AT. 2021 RARER. APRA
BR, TUSCAN INE D. HBR RAR RHO RAE, tE AS MT. 2020ER
FASSHRCIBEMEARSESA HE “984%” FAMED EEE 1.9970/W.
> EPR RRR, 2021 RRS RRA12 IHM, MILB 160%; ISRAIRE. RIGA, WEISE,
SPR, (CARURAB WM TOPSS, EMA RETO MSS ROA a, LURE ll
man HEH, ERR ARS A.
BUBBA FREE TW RDG CRERL ERE Im
14 140
12 120
; 100
80
os
so
“ . i
04 ae
Es o = i
a 20184 2019% 2020 2021#
2020 2021 2022ÑE 202MFE ZOAMEE 2025tpe me RA
Source: TrendBank, LEA. GG, EPA, PERERA. PA
89
Copyright © xincailiao.com
earn
> KERE, ESSE EE, PASEAR MEER, ONHOSAR, RR2021É PANIER
HENAO, 2021-2025 FRÈRE HIRAI TAR RAICAGRA103.48%, 202544351230,
EFS URE DEERE LT
40
ES
»
2
20
15
10
| = E
5 m
2021 20228 2023€
Source: tO, TIERE, PETFETIERO (PRÉSAAÉNT ER 20) . PERMET (PERRIN MERLO) „ BUSES, SERRE. HO
90
Copyright © xincailiao.com
> KERE, ESSE EE, PASEAR MEER, ONHOSAR, RR2021É PANIER
HENAO, 2021-2025 FRÈRE HIRAI TAR RAICAGRA103.48%, 202544351230,
EFS URE DEERE LT
40
ES
»
2
20
15
10
| = E
5 m
2021 20228 2023€
Source: tO, TIERE, PETFETIERO (PRÉSAAÉNT ER 20) . PERMET (PERRIN MERLO) „ BUSES, SERRE. HO
90
Copyright © xincailiao.com
EFI: RKANKRES
> RFSURR ART SURIRN (PEMFC) ABOVE, ARTES, BRO IEA.
> LABIO. PUMPER, SRT IRR AE. MFRENBE, REDEE
CAB) ALIEN, HATCHER AREA IFR.
> SAHBRRFERANZRZEHFERHSNRTFRSHRE, BAA RASA, MEARS NTRA
DEAR, MÉRITE; RESALE, AMECA EA
TZ, MIERRIIIERREREREIE. RAR. RItISNSRRHRERHRRRRA.
lala
o | A TAMER EMF RRB | sen
RSC cam,
um OO ERM MERI, Herp bee EI FRERE EE]
MRS, (HR QUE, CIR DER, TORR, RNS A DRA, MDL. Pe
= A, IETHER ie PTS
, BIC,
ma en ee SE ae desparate IR
mem “MEN act RL bare ch Dasa ES oe se FER
Source: (BNE RERIERESHED2 0) , (UMPIRE KERR LDU (E) ). Ettech, EPR (2020) }, LEI, RIE RRO
9
Copyright © xincailiao.com
> RFSURR ART SURIRN (PEMFC) ABOVE, ARTES, BRO IEA.
> LABIO. PUMPER, SRT IRR AE. MFRENBE, REDEE
CAB) ALIEN, HATCHER AREA IFR.
> SAHBRRFERANZRZEHFERHSNRTFRSHRE, BAA RASA, MEARS NTRA
DEAR, MÉRITE; RESALE, AMECA EA
TZ, MIERRIIIERREREREIE. RAR. RItISNSRRHRERHRRRRA.
lala
o | A TAMER EMF RRB | sen
RSC cam,
um OO ERM MERI, Herp bee EI FRERE EE]
MRS, (HR QUE, CIR DER, TORR, RNS A DRA, MDL. Pe
= A, IETHER ie PTS
, BIC,
ma en ee SE ae desparate IR
mem “MEN act RL bare ch Dasa ES oe se FER
Source: (BNE RERIERESHED2 0) , (UMPIRE KERR LDU (E) ). Ettech, EPR (2020) }, LEI, RIE RRO
9
Copyright © xincailiao.com
2.5.5 BRE. ETS: SHER wa
> WONRFSURROWEEARR, MER. 3M, KR, Solvay, Asahi Glass, Asahi KASEI, AAMLARERÉE. ZE
FAR, Ar, RANURA ERRADA, SRA ARNO. Bank
ATRAE BOE reñISELECTRA). DupontffjNafion&7l, BallardéJBAMRSAIRE RTS URRR F 3X
RER.
> EOL, FEREEINEFFNHENE, BHR, FREE ARIEL,
UE FIRE
PTR FRUS RE (HE) EW wit
ne Nafiondit 25-250 1100-1200 PRES. UNAS, ENTER, ERTERERK, ATER
am Groe-select AR 812 100 RSL RIOT
ar 3M PAIR FIRE = == AGUERO TAR
AGC Flemiond} 50-120 1000 FAURE, MANO REM
Asahi KASEI ple 25-1000 1000-2000 FURR, tHe Nafontes
CC Xus-B2048 125 800 ARDE, AMELIA, WE
E) 200-1200 AE, ¡INTACTA
m Bez SRT 168 TB
ee a = = NECCMORG RARER T ERBEREHTGDETENE. HA: RAAT AM
ARE wrzun = — FRE ARERR
Source: (20217 PENEVERIEA (1080 ) SAONE, HARTER. ARE
92
Copyright © xincailiao.com
> WONRFSURROWEEARR, MER. 3M, KR, Solvay, Asahi Glass, Asahi KASEI, AAMLARERÉE. ZE
FAR, Ar, RANURA ERRADA, SRA ARNO. Bank
ATRAE BOE reñISELECTRA). DupontffjNafion&7l, BallardéJBAMRSAIRE RTS URRR F 3X
RER.
> EOL, FEREEINEFFNHENE, BHR, FREE ARIEL,
UE FIRE
PTR FRUS RE (HE) EW wit
ne Nafiondit 25-250 1100-1200 PRES. UNAS, ENTER, ERTERERK, ATER
am Groe-select AR 812 100 RSL RIOT
ar 3M PAIR FIRE = == AGUERO TAR
AGC Flemiond} 50-120 1000 FAURE, MANO REM
Asahi KASEI ple 25-1000 1000-2000 FURR, tHe Nafontes
CC Xus-B2048 125 800 ARDE, AMELIA, WE
E) 200-1200 AE, ¡INTACTA
m Bez SRT 168 TB
ee a = = NECCMORG RARER T ERBEREHTGDETENE. HA: RAAT AM
ARE wrzun = — FRE ARERR
Source: (20217 PENEVERIEA (1080 ) SAONE, HARTER. ARE
92
Copyright © xincailiao.com
2.5.5 REMATO TSI: TEN
> FABRE ERR PER, NEFFEN ERERFEEN, BUNT UR. HELIER
E A A E E MRM. HL RRS es
ATI, SN, KURRSFECHFERTFEN. REMMR TSI A AMAR, 20212 IM
ERE, SAA ARETE 90%) LAE FIT.
> MRREITRHHEN, TAREA, SRP DENN DEN,
FISURA (BREET)
zu re wur meme
RES WARE 15075 SOT ASE
Haut DE 50075 RRO UR ETE, SOO PARE RRMA, SEI ESOO
TRE Died _ CE]
men = 205m" RENE" 30) MERK RARE AT 20214125
eH) = 2m MEDICA OS EN MRRP SM, BLA
em — SO DIRAIT HERE RER “ESO PAT AMIRIME
zum = sort LUST TAAMREQT EAN “IBERIA. JO PTFE MURCIA
SR, DUR ISO RARE
Source: SARA. FORGE
93
Copyright © xincailiao.com
> FABRE ERR PER, NEFFEN ERERFEEN, BUNT UR. HELIER
E A A E E MRM. HL RRS es
ATI, SN, KURRSFECHFERTFEN. REMMR TSI A AMAR, 20212 IM
ERE, SAA ARETE 90%) LAE FIT.
> MRREITRHHEN, TAREA, SRP DENN DEN,
FISURA (BREET)
zu re wur meme
RES WARE 15075 SOT ASE
Haut DE 50075 RRO UR ETE, SOO PARE RRMA, SEI ESOO
TRE Died _ CE]
men = 205m" RENE" 30) MERK RARE AT 20214125
eH) = 2m MEDICA OS EN MRRP SM, BLA
em — SO DIRAIT HERE RER “ESO PAT AMIRIME
zum = sort LUST TAAMREQT EAN “IBERIA. JO PTFE MURCIA
SR, DUR ISO RARE
Source: SARA. FORGE
93
Copyright © xincailiao.com
EFI: PAISES
> AAA, ATRAS ARAS, 2120254, RENIRFASRER
ARALAR, ERA DIAL Z7, CAGREA 61%,
> Eh, MERA ANA Zr, H2035 XIE ACT, PEMERIR TIRA
HEART STRATA EAA NS AR Zr.
RF RELA FLEE AGN FTE CREED TER ESTARE AZAR AZ
u
æle itn 100
1m dd so
m
= = =
a pa “
= i me =
= u :
i a — 5 o = Bi
se oe a m me ae ae ae ee a eae un me
HONRADA PERS FR UALNLA ANAL PA RRA
ARR ERAEDE0I0, 2035 R BE: SALINA, 2035 R
Source: MISE, PHILA, PRT, HRN, PORTE, RELI. BRS
94
Copyright xincailiao.com
> AAA, ATRAS ARAS, 2120254, RENIRFASRER
ARALAR, ERA DIAL Z7, CAGREA 61%,
> Eh, MERA ANA Zr, H2035 XIE ACT, PEMERIR TIRA
HEART STRATA EAA NS AR Zr.
RF RELA FLEE AGN FTE CREED TER ESTARE AZAR AZ
u
æle itn 100
1m dd so
m
= = =
a pa “
= i me =
= u :
i a — 5 o = Bi
se oe a m me ae ae ae ee a eae un me
HONRADA PERS FR UALNLA ANAL PA RRA
ARR ERAEDE0I0, 2035 R BE: SALINA, 2035 R
Source: MISE, PHILA, PRT, HRN, PORTE, RELI. BRS
94
Copyright xincailiao.com
eit ai Re: RAI
> SUN RUE (GDL) BRBRARME, EEN, LORS BER USE. MA
m SORE PESAR, REISER, WET. (SSA ERIK (A) RHF.
> REA Meer eae, SRM EEE EAI, MEA ERAN =
RACE; EME PBR AB2 5-3.0A/cm, HARARE OMRAPSAE,
> UAT RENAKRRAA: OSA ARENA ME, DRAE ARIES: ORA “RAR
aR" Be TAUNTS" UA MODÉRER, LARRESES, SADEMKÉRNER.
DEAD ERENT, NASIR (Æ
shit aA | mr
zum (%) 787 7
O) 2218 1083
RR (%) 822 665
EH (1030 m) 217 588
BMA (em) 302 so
Source: (5)
> SUN RUE (GDL) BRBRARME, EEN, LORS BER USE. MA
m SORE PESAR, REISER, WET. (SSA ERIK (A) RHF.
> REA Meer eae, SRM EEE EAI, MEA ERAN =
RACE; EME PBR AB2 5-3.0A/cm, HARARE OMRAPSAE,
> UAT RENAKRRAA: OSA ARENA ME, DRAE ARIES: ORA “RAR
aR" Be TAUNTS" UA MODÉRER, LARRESES, SADEMKÉRNER.
DEAD ERENT, NASIR (Æ
shit aA | mr
zum (%) 787 7
O) 2218 1083
RR (%) 822 665
EH (1030 m) 217 588
BMA (em) 302 so
Source: (5)
2.5.5 ERES Re: SHES wa
> BSA NERVERSHEREOR, AAAToray, Mitsubishi, #EISGLÄNFeudenberg, SEAvCarb, HEINTGE
PRÈS.
> EAST META ROWAES, ERE EA AAA, HAMS BE BAS
SRASHAvcarh, AAR. BESCHERT ET, HrpAvcarb. BARR RAIN.
AY RROUER (TER)
7 aR ERA,
Toray ES TURE, QUE, HERA RIE
Mitsubishi ES CARES.
sou sem A
Feudenberg en FRAME GOL, SPPASBTEM, SE, LUST
Arcarb, E RR RE.
JNIG a RR REINE.
7073 + FAME RR, JUNE CI
Dd + UNREAL, PRA UKE,
01 + RAGE SERA BE. ME, RRA
Has + ERFAHRENE, ARATE,
xs + ABRA, SPAT RUBLE MET,
eae + ALPINO, MUTTER, 2024 PAN LADA,
ROR + EEE.
Source: RAR
96
Copyright © xincailiao.com
> BSA NERVERSHEREOR, AAAToray, Mitsubishi, #EISGLÄNFeudenberg, SEAvCarb, HEINTGE
PRÈS.
> EAST META ROWAES, ERE EA AAA, HAMS BE BAS
SRASHAvcarh, AAR. BESCHERT ET, HrpAvcarb. BARR RAIN.
AY RROUER (TER)
7 aR ERA,
Toray ES TURE, QUE, HERA RIE
Mitsubishi ES CARES.
sou sem A
Feudenberg en FRAME GOL, SPPASBTEM, SE, LUST
Arcarb, E RR RE.
JNIG a RR REINE.
7073 + FAME RR, JUNE CI
Dd + UNREAL, PRA UKE,
01 + RAGE SERA BE. ME, RRA
Has + ERFAHRENE, ARATE,
xs + ABRA, SPAT RUBLE MET,
eae + ALPINO, MUTTER, 2024 PAN LADA,
ROR + EEE.
Source: RAR
96
Copyright © xincailiao.com
Sai Me: hints
> SRA MESA MAME E. Toray, Mitsubishi, SGL, Feudenberg, AvCarb, JINTGE+NEJ BEARDS
ENANA. EAS MECN. AER PE. SAE TIE. SI
DA LARA TIAS. A. AEB, MIA,
> ESFERA, ETSRFRSHER. HARA DINOS, M2021 FRIA MEA O,
2021-2025 E REES AH UA ATE RAICAGRA 03.48%, 20254FiK6.5{270.
FIRE TAT RAZR CI
|
|
|
: a
=
2021 2022E 20238 2024€ 2025E
Source: PITO. LIEBE PETELIEIL CBR SIRO TELAS 20) . POSI (HOSIENDURP LI WEE HZO19) | BTE. PATA
Copyright © xincailiao.com
97
> SRA MESA MAME E. Toray, Mitsubishi, SGL, Feudenberg, AvCarb, JINTGE+NEJ BEARDS
ENANA. EAS MECN. AER PE. SAE TIE. SI
DA LARA TIAS. A. AEB, MIA,
> ESFERA, ETSRFRSHER. HARA DINOS, M2021 FRIA MEA O,
2021-2025 E REES AH UA ATE RAICAGRA 03.48%, 20254FiK6.5{270.
FIRE TAT RAZR CI
|
|
|
: a
=
2021 2022E 20238 2024€ 2025E
Source: PITO. LIEBE PETELIEIL CBR SIRO TELAS 20) . POSI (HOSIENDURP LI WEE HZO19) | BTE. PATA
Copyright © xincailiao.com
97
2.5.5 RARE EH): MAR eS BERL HSE
> BARRERA ARAS IRE. HASEFIBARVERAHR, MBE, RSA; JERE
(ARS RELEASE. OMEGA BAS. IRASSAE, ABE ARDEN
EXBARROARADARRERE STE, HHT BEAR 120077/ ARS,
> PALABRA AMES CESS. ACERA SMALE, Elk FP t/C
AEREO EZO.2m9/cm?, EA FO.Amg/emAkF, Alt, WERE, MATHS HARSHA.
727 277,772, 007274 BLIMA7/9
350
300
ET puc NA; CABRA, IBA, me en =
tt PEAR ARE, OURS: mete, a
Source: (USER ENIASIOR) | PRADA. TUTE
Copyright © xincailiao.com
98
> BARRERA ARAS IRE. HASEFIBARVERAHR, MBE, RSA; JERE
(ARS RELEASE. OMEGA BAS. IRASSAE, ABE ARDEN
EXBARROARADARRERE STE, HHT BEAR 120077/ ARS,
> PALABRA AMES CESS. ACERA SMALE, Elk FP t/C
AEREO EZO.2m9/cm?, EA FO.Amg/emAkF, Alt, WERE, MATHS HARSHA.
727 277,772, 007274 BLIMA7/9
350
300
ET puc NA; CABRA, IBA, me en =
tt PEAR ARE, OURS: mete, a
Source: (USER ENIASIOR) | PRADA. TUTE
Copyright © xincailiao.com
98
2.5.5 RENA etal: ARMA
HEAR ENEE A. RAAT, SB Pt RULERS, IEARELCAÍTESE, RENAN
FUERTE, REE:
ORR ARCHIE, IRRE, BR AER. KE AE, DURE CCHIT;
OS Bist, MINIS, DURAN aes, Marie;
DEF FHP AAR SRE ER RD EAB,
20979
Source: (Designing the next generation of proton-exchange membrane fuel cells) „ IIS, FMR
99
Copyright © xincailiao.com
HEAR ENEE A. RAAT, SB Pt RULERS, IEARELCAÍTESE, RENAN
FUERTE, REE:
ORR ARCHIE, IRRE, BR AER. KE AE, DURE CCHIT;
OS Bist, MINIS, DURAN aes, Marie;
DEF FHP AAR SRE ER RD EAB,
20979
Source: (Designing the next generation of proton-exchange membrane fuel cells) „ IIS, FMR
99
Copyright © xincailiao.com
> SHAH, DAPR. RES OMA LIRA REAGAN, TERROR LAUTER NIEREN,
Bla EXERI3M, Gore, E-TEK, BASF,
> BADASH, ARRIBA AIR, MENEAME HRA. ERE
AI HORAIRE), RA, RRB SAE STR HERR, RELA, DINA.
BEDI EE MALE EN IE
E] ARP RMR
zu ‘IBIS Johnson Matthery) PLURELS109.95%, PEREPUC, PIRU/CTS SARE RAT, ALERT, ORME AR. AIRE MAIS,
IPRA (Tanaka) PC, PBCo/C UTILE, PRESA, MATE,
ia ERA eae. qu RICHES, HARRIS, TARA.
am am Pue APARTAR, EPIA.
Ens (ka (Umicore) Puc PRO, BR, DORE.
EU mR, EJTE>2009, ILES TX.
ET ER: ROUX: AB: 299%: 26021.0n/9 MSNM EEE.
REST AHCHEMZ-Inm, MASA IO FX PUCEIP-HIL2008.
pee Reena gece em RPC IL eine ont ln SI05;
FR TIR Puc ECO, MICELI,
E73 PUC. PICOIC, PUC CE EME RTS,
Co) Puc, PICo/C, PtCUNi/CNT ENCERRAR; CASPA A, 20000 MESE FAO.
sets RA -
cat FRAME AE AT 2022266
100
Source: GC, BAHR, FIER, LITA. BRIE
Copyright © xincailiao.com
Bla EXERI3M, Gore, E-TEK, BASF,
> BADASH, ARRIBA AIR, MENEAME HRA. ERE
AI HORAIRE), RA, RRB SAE STR HERR, RELA, DINA.
BEDI EE MALE EN IE
E] ARP RMR
zu ‘IBIS Johnson Matthery) PLURELS109.95%, PEREPUC, PIRU/CTS SARE RAT, ALERT, ORME AR. AIRE MAIS,
IPRA (Tanaka) PC, PBCo/C UTILE, PRESA, MATE,
ia ERA eae. qu RICHES, HARRIS, TARA.
am am Pue APARTAR, EPIA.
Ens (ka (Umicore) Puc PRO, BR, DORE.
EU mR, EJTE>2009, ILES TX.
ET ER: ROUX: AB: 299%: 26021.0n/9 MSNM EEE.
REST AHCHEMZ-Inm, MASA IO FX PUCEIP-HIL2008.
pee Reena gece em RPC IL eine ont ln SI05;
FR TIR Puc ECO, MICELI,
E73 PUC. PICOIC, PUC CE EME RTS,
Co) Puc, PICo/C, PtCUNi/CNT ENCERRAR; CASPA A, 20000 MESE FAO.
sets RA -
cat FRAME AE AT 2022266
100
Source: GC, BAHR, FIER, LITA. BRIE
Copyright © xincailiao.com
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