On March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly released the "Notice on Carrying Out Pilot Projects for the Comprehensive Utilization of Hydrogen Energy." This marks a significant policy transition—shifting from merely incentivizing and subsidizing hydrogen-powered vehicles to promoting hydrogen applications across diverse sectors. Huatai Securities posits that, amid a wave of intensive policy support for green hydrogen in China, tighter carbon emission regulations in international transportation sectors, and intensified global energy price volatility due to Middle Eastern geopolitical tensions, 2026 may emerge as a pivotal year for the green hydrogen industry. This development is expected to benefit domestic operators of green hydrogen projects, suppliers of ammonia and methanol production equipment, and manufacturers of electrolyzer systems.