Hydrogen energy concept stocks continued their recent upward trajectory. At the time of writing, JINGCHENG MAC (00187) rose 15.29% to HK$4.75; CIMC ENRIC (03899) gained 4.42% to HK$12.28; and SH ELECTRIC (02727) increased by 2.64% to HK$4.27. On the news front, the National Energy Administration held a press conference on January 30th. Guojin Securities pointed out that hydrogen energy was mentioned a cumulative 33 times by department-level officials, making it a core keyword. The press conference systematically summarized the "orderly breakthrough" of the hydrogen energy industry from planning to pilot projects and standard establishment during the "14th Five-Year Plan" period, and set the tone for the "15th Five-Year Plan": clearly defining hydrogen energy as "an important component of the future national energy system" and a "new economic growth point" that must be cultivated. Furthermore, the overseas hydrogen energy supply chain announced capacity expansions, with BE system's production capacity potentially being revised upwards beyond expectations. MTAR, a core supplier of BE's Hotbox, announced an expansion plan during its 2025 earnings call, with capacity set to increase to 12,000/20,000 units in 2026/2027, representing growth of 50%/150% compared to the 8,000-unit capacity (not yet at full capacity) in 2025. BE's earnings call guidance may exceed expectations, presenting opportunities across the industrial chain.