Hydrogen energy stocks rallied across the board. At the time of writing, REFIRE (02570) surged 32.3% to HK$158.5, GUOFUHEE (02582) rose 9.23% to HK$38.1, and SINOHYTEC (02402) gained 4.63% to HK$34.32. The uptick follows a series of seven policy documents issued at the national level in November, explicitly supporting the development of the green hydrogen-ammonia-methanol industry.

Guojin Securities noted that the consecutive release of strategically aligned policies at the national level is driving the sector toward maturity by clarifying its systemic role, development path, and institutional framework. The firm emphasized that solid oxide fuel cell (SOFC) demand remains robust, with clear industry trends unaffected by short-term volatility.

Meanwhile, BOCI Research highlighted that electrification could expand the demand for green hydrogen, with growing penetration of hydrogen-based energy applications downstream. The green power-green hydrogen-green fuel industrial chain is gradually being streamlined, and green fuels are expected to command a premium in the early stages of development. The report recommended focusing on hydrogen energy equipment and green fuel operations.