Hydrogen energy stocks recorded broad gains. At the time of writing, SINOHYTEC (02402) rose 6.89% to HK$25.76; REFIRE (02570) increased 5.24% to HK$51.4; JINGCHENG MAC (00187) advanced 4.8% to HK$4.8; and CIMC ENRIC (03899) climbed 2.66% to HK$12.75. The rally follows recent policy announcements from Yunnan Province, which introduced several measures to promote green electricity consumption. The policy includes subsidies of up to 13 yuan per kilogram for eligible green hydrogen projects. It also encourages local governments to support integrated projects involving green hydrogen, ammonia, and methanol-based sustainable aviation fuel (SAF) to meet decarbonization needs in refining and chemical sectors. In addition, Zhang Guoqiang, a National People's Congress deputy and Chairman of SINOHYTEC, proposed establishing hydrogen highway demonstration projects to accelerate the large-scale development of fuel cell vehicles. CITIC Securities noted that the subsidy level is unprecedented and should significantly improve the profitability of local green hydrogen and green fuel projects. It also raises market expectations for nationwide hydrogen support policies. The firm recommends focusing on investors and operators of green hydrogen-ammonia-methanol projects as well as electrolyzer manufacturers. Shenwan Hongyuan Group added that since green hydrogen represents a major cost component in green methanol production, the new subsidies are expected to enhance the economic viability of hydrogen-ammonia-methanol projects and accelerate industry growth.