In the trillion hydrogen energy market, where is the critical point of the outbreak?—— Yunyue shares
This article is reprinted with permission from 36Carbon (ID: carbon_36kr)
Lucas Zhang, industry researcher at Yunyue Capital
New energy and intelligent vehicle track is the long-term focus of Yunyue Capital, we not only serve many well-known enterprises such as Energy Chain Group, Hengyi Energy, Runchengda, Hui Charging, Tianji Auto, Chengtai Technology, Gaoxing, Rayleigh Acoustics, Jianghai Technology, Aorui New Energy, Jianghai Technology, Nuochu Green Energy, Companion, Yilingjie and many other well-known enterprises.It has also conducted in-depth research in the field of new energy and intelligent vehicles.
New energy has always had a dispute over the two technical routes of electric energy and hydrogen energy, we believe that they all have their own applicable scenarios, in places that cannot be covered by the power grid, hydrogen energy has an absolute advantage, so we are optimistic about the development of hydrogen energy for a long time.
However, hydrogen energy is currently facing many problems, such as its safety is still criticized; production and storage and transportation costs are still relatively high; in the patent layout, Japan still occupies a large advantage, vigorously develop hydrogen energy, we are likely to be subject to people.
At the same time, we also believe that with the advancement of technology, safety and cost are expected to be improved; the increase in patents in hydrogen energy in China and changes in Sino-Japanese relations may change the future competitive situation, and the development potential of hydrogen energy is limitless. It deserves our long-term attention.
"Electricity should be used, hydrogen should be used by hydrogen", this sentence well summarizes the competition between electricity and hydrogen, and this article by Ms. Luo Xiaomeng, an evergreen investor, makes a profound interpretation of the hydrogen power dispute.
Reprinted text:
"Electricity is suitable for electricity, hydrogen for hydrogen" - this contains the greatest opportunity for hydrogen energy in the future, but also contains the biggest risk.
Text | Evergreen investor Luo Xiaomeng
Edit | Xue Xiaojian Su Jianxun
Recently, I have been studying hydrogen energy, and I have some new thinking, and I can talk about somatosensory from a personal point of view. I began to pay attention to hydrogen energy last year (editor's note: the author of this article has exclusively invested in the tens of millions of yuan angel wheel of Carbonk Technology, a hydrogen separator manufacturer of electrolyzed water to hydrogen on behalf of Qifeng Changqing), mainly because of its absorption capacity: I feel that wind and solar resources are unstable, and electrolyzed water hydrogen production has real-time response capabilities, and the production process is clean and pollution-free, so it can convert wind and solar into hydrogen energy for storage.
This logic still holds true this year. But the other side of the coin, which is now being mentioned more and more frequently in the industry, is called "suitable for electricity, suitable for hydrogen for hydrogen". Personally, I feel that this is a key sentence, which may contain the greatest opportunity for hydrogen energy in the future, and of course, it also contains the biggest risk.
Alternative or complementary, the "hydrogen power battle" under decarbonized energy
China's power technology is unique and the world's first, and the entire power supply system is not only cheap and stable, but each of us directly benefits from the dividends brought by this infrastructure. In addition, this year, China is likely to surpass Japan to become the world's largest auto exporter, of which the contribution of electric vehicles is also indispensable.
Therefore, from the perspective of ordinary Chinese, with the continuous improvement of the "photovoltaic + UHV + energy storage" cycle system in the future,Electricity will replace 100% of traditional fossil energy, which seems to be a matter of course.
From a global perspective, however, this may not be the case.
According to the National Bureau of Statistics, coal accounted for 56% of China's total energy consumption in 2021 – about half of which coal is used to generate electricity, so it can be roughly understood that coal power accounts for about 28% of our energy mix (for the convenience of calculation, the power generation conversion rate here is assumed to be 100%, which is certainly not achieved).
Coupled with 16.6% of other primary electricity (hydropower + wind power + photovoltaic + nuclear power), according to the author's calculation, as the country with the highest degree of electrification in the world today,At most, only 45% of total energy consumption is used to generate electricity.
Evergreen cartography. Source: National Bureau of Statistics
IF YOU ZOOM IN ON THE GLOBAL PERSPECTIVE – ACCORDING TO THE STATISTICS IN THE GLOBAL RENEWABLES OUTLOOK REPORT OF THE INTERNATIONAL RENEWABLE ENERGY AGENCY: AS OF 2020,Electricity accounts for about 20% of global energy.In other words, even if we have black technology magic, we can turn all the thermal power plants in the world into wind and solar power plants in an instant, and completely solve the volatility problem.At most, only 20% of carbon emissions have been solved.
The reason is that the real big consumers of human energy come from logistics and transportation, industrial production and heating, etc., which are currently mainly supported by fossil energy, especially natural gas.And they are difficult to completely replace by electrification.
For example, limited by the energy density of chemical batteries, if the aircraft uses pure electricity as power, it is okay to run short and medium distances, but long-distance passenger transport is almost impossible to achieve; in the same way, electric freighters are not too competitive in endurance and cost, and similar scenarios include electric heavy trucks, electric engineering machinery and so on.
equally100% electrification of the industrial sector is also impossible.For example, the principle of electric heating is to first heat the air around the object, and then indirectly heat the object itself (similar to an electric oven), but for metallurgical steelmaking, which requires continuous high temperature, indirect heating cannot meet the demand at all. The chemical industry, for example, currently only burns fossil fuels, and cannot use electricity to synthesize chemical raw materials - essentially a physics problem, because we can't conjure molecules out of thin air from electric current.
In addition to terminal energy, another big problem is transportation.
Before systematically studying hydrogen energy,I have some prejudices about the matter of "hydrogen delivery":Logically, we must first convert wind photovoltaic energy into hydrogen, and then transport it to a certain place through pipelines or other methods, increasing losses out of thin air. Why not just pull a wire and directly use the high-voltage power transmission?
But as mentioned earlier, this is still a Chinese perspective.In fact, from a global point of view, long-distance transportation of electricity has always been a difficult thing.
For example, the European power grid has been handed down from the last century, and the whole is very old, with an average loss rate of 8% to 10%, so their strategy is to minimize transmission distances. For example, residential areas in Italy are only 25 kilometers away from the nearest power station on average, but they are more than 1,000 kilometers away from the nearest gas processing plant. In fact, in most countries,Pipeline losses are much lower than those on the grid.The reason why many people have the "illusion" that the power grid is more efficient is mainly because China's power technology is too strong.
In terms of operation and maintenance, we know that the grid needs to be trimmed every second, that is, the instantaneous power generation and electricity consumption are strictly equal, otherwise accidents will be caused. In the future, under the pattern of wind power and photovoltaics, the difficulty of grid trimming will increase exponentially.
And if the use of pipeline transportation is much simpler, in the case of the need to adjust, may "screw the valve to solve", and do not need a particularly complex electronic control technology, in the words of "Hydrogen Energy Revolution": "If the former is 'tightrope walking', the latter is as easy as 'walking in the garden'.”
In addition, Europe and the United States have basically built a relatively complete natural gas pipeline system, especially in Europe, which has been able to achieve 42% of households entering the household, and the quality standards of these pipelines are also very high, for example, last year the German Rheinland Group has tried to increase the level of natural gas hydrogen doping to 20%, providing 100 German households with stable energy supply for 6 months, without any problems in between, very safe. Therefore, at least for them, the overall cost and efficiency of hydrogen energy may not be as bad as we think.
In addition, China has a vast land area and rich scenery resources, but most developed countries do not have such superior natural conditions. If you don't produce scenery and want to use clean energy, you can only choose to import, but there are so many mountains, oceans, deserts and forests between countries,It is impossible to solve all scenarios by "pulling wires" alone,That's why Japan imports liquid hydrogen from Australia by ship. This operation may not seem understandable to us at first, but if you switch to their perspective, you will find that it may be the most economical and realistic option.
In the same way, once we can substitute the perspective of other countries, some "bizarre" projects become very reasonable. For example, in 2021, Siemens invested 120 million euros to launch a project called H2Mare for offshore wind power to produce hydrogen: they integrated electrolyzers into offshore wind turbines, produced green hydrogen directly offshore, and then transported it to land through pipelines, most of which will be used for industrial production, and the rest will be used as energy for hydrogen fuel trams.
Schematic diagram of the Siemens H2Mare project. Source: Official website of the German Federal Ministry of Education and Research
First of all, offshore hydrogen production can be kept away from the crowd, which solves the problem of safety; secondly, hydrogen is also a very high-quality reducing agent and has a wide range of uses in industry, especially in the iron and steel metallurgy industry.
Therefore, returning to the sentence at the beginning "it is appropriate to use electricity and hydrogen for hydrogen", I personally think it makes a lot of sense. Even if the power technology is as strong as China,It is also unrealistic and unnecessary to achieve 100% electrification in the future.
In the future, with the gradual withdrawal of fossil fuels, the gap in the middle must be filled with other decarbonization energy sources, and different people have different judgments on how much hydrogen will share. For example, the International Renewable Energy Agency predicts that by 2050, electricity will account for nearly 50% of the global energy mix, and in the remaining half,Hydrogen can account for 50%, or 25% of total energy——I think this estimate is optimistic, but even if it only accounts for 10%, it corresponds to the energy market, which is a huge increment of trillions.
Where is the tipping point for hydrogen explosion?
At present, the main factor restricting the development of hydrogen energy is, in the final analysis, one word: expensive.
To solve this problem, it mainly relies on three aspects:The first is the rapid decline in the cost of green electricity, such as heterojunction, perovskite instead of traditional crystalline silicon, the current trend has been very obvious.
The second is the rapid decline in the cost of hydrogen production equipment.Previously, China did not have a special hydrogen production industry chain, and many hydrogen production equipment was not specialized, but it was necessary to buy machines from other industries before they could be used. However, with the recent increase in the popularity of the hydrogen energy industry, a large number of start-ups and listed companies have entered the diaphragm and electrolyzer, and the cost of hydrogen production will also be significantly reduced after the standardization and mass production of related equipment in the future.
For example, in 2022, the three major energy research institutes of Tsinghua University jointly issued a blockbuster paper "Research on China's Future Hydrogen Production Cost Trend Based on Learning Curve", in which they used the levelized hydrogen production cost (LCOH) model to measure the future cost change trend of different hydrogen production technologies.
Through data fitting over the years, they calculated a technical learning curve of 14% for photovoltaics, 7% for wind power, and 18% for electrolyzers. According to this calculation, the cost of hydrogen production from photovoltaic + electrolysis of water in the future will decrease by 1740 yuan/kW from 12,000 yuan/kW in 2020.It will become the lowest cost hydrogen production method (including carbon emission costs) around 2050.
And among them,Only 33% of the cost reduction comes from the decline in the cost of photovoltaic electricity, and the contribution rate of electrolyzer cost reduction and service life increase is more than 57%.It can be seen that the improvement of hydrogen production equipment is of great significance to the development of the industry.
Technical learning rates of different hydrogen production systems.
Source: Three Energy Research Institutes, Tsinghua University, "Research on China's Future Hydrogen Production Cost Trend Based on Learning Curve"
The third is the feasibility of large-scale pipeline hydrogen transportation.
For pipeline hydrogen transportation, there is still a state of debate in China, worried that hydrogen atoms penetrate into carbon steel and hydrogen embrittlement problems. But as mentioned earlier, many countries such as Germany are now trying to transport hydrogen by pipeline, and have achieved good results. With our recent experience with a number of overseas companies, at least in Europe, we have basically reached a preliminary consensus:In the future, hydrogen energy in Europe will mainly rely on electrolysis of water to produce hydrogen in areas rich in wind and solar resources (such as North Africa and the Middle East), and then transported to Europe through pipelines over long distances + on a large scale.
For example, in 2020, 23 European gas infrastructure companies jointly launched a European Hydrogen Backbone (EHB) initiative, consisting of 5 articles"Hydrogen Corridor Construction Plan"It is planned to form an interconnected dedicated hydrogen transport infrastructure by around 2040 and gradually extend it to all regions of Europe. Among them, 69% is the modification of existing natural gas pipelines, and 31% is for new hydrogen pipelines, when more than 1,000 kilometers of hydrogen energy transportation, the average price can be reduced to 0.11-0.21 euros / kg, cheaper than sea freight.
Five hydrogen supply corridors planned by EHB. Image source: EHB initiative
Among them, the "Western Hydrogen Corridor" (Line B) has started construction in 2022, this pipeline from the Iberian Peninsula through France into the heart of Europe, is expected to transport 2 million tons of green hydrogen per year, accounting for about 10% of EU green hydrogen consumption. The Southern Hydrogen Corridor (Line A), which also started in May 2023, runs from North Africa, passes through Italy, and eventually enters Austria and Germany, which can transport 4 million tons of green hydrogen produced in the southern Mediterranean to Europe, meeting 40% of the EU's 2030 hydrogen import targetBoth pipelines are scheduled to be operational by 2030.
So, where is the tipping point of hydrogen explosion?
The first node isIn 2030.
Or take Europe as an example, first look at the consumer side, the current average retail price of hydrogen refueling stations in Germany is 9.5 euros / kg, but the energy density of hydrogen energy is greater, 1 kg of hydrogen can probably meet the 100 km endurance needs of a family car. Compared with fuel vehicles, the current European gasoline price is 1.9 euros / liter, calculated according to 5 oils per 100 kilometers of ordinary fuel vehicles.In fact, the cost of hydrogen vehicles in Europe is already comparable to that of traditional fuel vehicles.
Looking at the supply side, in December 2021, S&P Global Platts released the world's first"Carbon neutral hydrogen"（Carbon Neutral Hydrogen，CNH）的价格指数。他们选取了美国加州、美国海湾地区（包括得克萨斯州和路易斯安那州）、荷兰（代表欧洲）、沙特阿拉伯（代表中东）、日本（代表远东）、澳大利亚西部（代表澳洲）共计6个地区，算出了各地"Carbon neutral hydrogen"的平均出厂价格，分别如下：
Platts carbon neutral hydrogen prices by region.
Evergreen cartography, Source: S&P Global Commodity Insights
比较有意思的是，此处的"Carbon neutral hydrogen"没有限定氢气制取的方式，而是限定了要使碳市场工具（如购买碳配额，CCS等）抵消掉制氢过程中的碳排放，以最终差值作为价格基准。可以看出，在6个地区中，欧洲的综合制氢成本是最高的，出厂价与零售价相差无几，扣除运费基本就是亏的，必须要依赖国家补贴。
而如果到2030年，"Hydrogen Corridor Construction Plan"可以初步建成，意味着欧洲能够以比现在低一半的价格使用北非和中东地区的绿氢，届时，绿氢就可以顺势承接掉欧洲灰氢和蓝氢的市场份额，整个体系就能在不依赖补贴的情况下先运转起来，This may be a turning point in the development of hydrogen energy in the future, and there may also be a wave of opportunities in the direction of going to sea.
The second node is$2/kg。
First of allThis is a price that can upend the existing energy mix.Because of fuel taxes and subsidies, hydrogen energy still has the power to fight in the transportation field, but it is completely insufficient in the industrial field. Taking iron and steel metallurgy as an example, the current cost of hydrogen energy in China is about 60-70 yuan / kg, and about 40 yuan after subsidies. If hydrogen wants to completely replace natural gas or coke oven gas in the metallurgical field, it must reach 13 yuan (about 2 US dollars) / kg. In this way, the gap between the two is very large.
But in other words, once the inflection point comes, the cost of hydrogen energy is less than $2,Large-scale replacement of fossil energy will also become very rapid.
Evergreen cartography.
Source: "Large-scale Preparation of Hydrogen and Its Application and Prospect in the Steel Industry", China Metallurgy, 2022
secondly$2/kg也是一个目力所及可以达到的价格。
Different agencies have different estimates of when it will reach $2. For example, the "China Hydrogen Energy and Fuel Cell Industry Development Report 2020" predicts that by 2030, the cost of green hydrogen in China will be less than $2 (about 15 yuan / kg), and according to the Tsinghua team, it will be after 2040. The above differences are mainly due to everyone's judgment of the technical learning rate.The core reason is that the initial installed capacity of hydrogen production equipment is too small, and it is difficult to make very accurate predictions based on historical data.
For example, for the prediction of the cost reduction of electrolyzers, the data selected by Tsinghua University is from 1956 to 2014, but it should be known that most countries did not even have hydrogen production at that time, and the entire electrolyzer industry was dependent on chlor-alkali production, in which case the learning curve could still reach 18%. Therefore, the team also mentioned in the paper that assuming that the learning rate is 50% faster than the expected benchmark learning rate, the cost of green hydrogen will be less than 15 yuan/kg around 2030.
in a wordThere is no disagreement between the scientific community and industry on the potential for the cost of green hydrogen, the difference is only in the speed.In fact, even if it is judged according to common sense, under such a small base, as long as the installed capacity is slightly increased, the comprehensive cost will drop a lot.
What does Japan's rethinking hydrogen strategy teach to China?
In recent years, domestic hydrogen energy has just started, everyone's focus is still on fuel cells, because the battery can be installed on the road immediately, and you can make money immediately on the road, the entire industry is very similar to lithium batteries 10 years ago, and the whole is still in a relatively reckless period.
But on the other hand, Japanese companies have developed to the stage of almost "dismantling aircraft", that is, each subdivision of the industrial chain has achieved professional division of labor, as small as a nozzle of a hydrogen pump, each component has a group of professional companies, polishing and upgrading technology in their own fields. It can be said that in terms of hydrogen energy ecology, Japan is indeed ahead of us. However, in the final analysis, the technological gap between the two sides is only 5 to 10 years, which is equivalent to sitting on a time machine to see the scenario of China's hydrogen energy in 5 to 10 years, and there are many things that we can learn from.
Last year, many people spread that Toyota announced that it would stop developing hydrogen energy vehicles, and Japan has completely abandoned the hydrogen energy route. But in March this year, I went to Tokyo to participate in the International Hydrogen and Fuel Cell Exhibition (FC EXPO), and the situation on the scene is as follows:
Image source: Taken by the author
So there is no doubt that hydrogen energy is still very hot in Japan, and Japan's determination to develop hydrogen energy is also very firm. As for why Japan's hydrogen energy has not developed, there have been many analyses before, such as Japan's own small market, but it wants to "eat alone", and many technology patents are held in their hands and not shared with other countries. There is some truth in these analyses, but I want to provide a new perspective.
According to a document released by the Japan Renewable Energy Institute in September 2020, "Nippon の水素戦略の再検討", Japan itself reflected on the failure of its hydrogen energy strategy,It was because of the strategic confusion that led to the "lost 5 years".
Japan is a country with extremely poor oil resources, and the domestic crude oil self-sufficiency rate is only 0.3%. The two oil crises in the 1970s caused heavy losses to the Japanese economy, which was growing rapidly and dominated by heavy chemical industry, so from 1974, Japan launched the "New Energy Technology Development Plan" to vigorously develop new energy and put forward the four keywords of "safety, stability, long-term and efficient supply". So from the beginning,Japan's new energy strategy is aimed at reducing its dependence on oil imports, not decarbonization.
The first turning point came from the Kyoto Protocol in 1997. Japan, a major signatory at the time, pledged to cut greenhouse gas emissions by 6%. Against this background, Japan's focus on hydrogen energy began to gradually increase,Because hydrogen fuel cells do not need to carry out major transformation of the existing automotive industry chain, they can be used as long as the internal combustion engine system is slightly modified.This will help maintain and expand Japan's technological superiority in the automotive field.
Therefore, in 2003, Japan issued the First Energy Basic Plan, which proposed the concept of a "hydrogen energy society" for the first time, and "hydrogen energy" became a high-frequency word 20 times. However, during this period, the Japanese government's actual investment in hydrogen energy was not too much, mainly as a next-generation energy source to observe and cultivate, and key technology research and development were also precipitated in universities.
The second turning point soon came. In 2011, a major nuclear leakage accident occurred at the Fukushima nuclear power plant, and the public talked about nuclear color change, and Japan originally planned to get 50% of its energy from nuclear power, but under the pressure of huge public opinion, the government had to turn to other methods, and hydrogen energy ushered in a real outbreak.
In 2013, the Abe government proposed the "Japan Revitalization Strategy", which elevated the development of hydrogen energy as a national policy. In 2017, Japan issued the Basic Hydrogen Energy Strategy, officially proposing the construction of a "hydrogen energy society", requiring the promotion of hydrogen energy in all sectors to create the world's first "hydrogen energy society". But a little observation will also find that at this time, Japan chose to fully bet on hydrogen energy, but it was just following the trend,In essence, it is still to solve the energy shortage after the ebb of nuclear power, and it is still not to decarbonize.
Guided by this strategy,The Japanese government has spent a lot of resources on subsidizing downstream household storage and the popularization of hydrogen fuel cell vehicles.For example, in 2010, Japan's subsidies for the Ene-Farm system soared from 6.7 billion yen, soared to 17.5 billion yen in 2011 (the year of the Fukushima earthquake), and jumped to 35.1 billion yen in 2012. In the following years, subsidies were sharply reduced for fiscal reasons, but they remained at the level of billions of yen.
As for the upstream, Japan took it"Diversified energy mix"Stratagem. In the 2016 edition of the "Hydrogen and Fuel Cell Strategic Roadmap", Japan divided the construction of a "hydrogen energy society" into three steps: the first stage is to promote fuel cells and promote the application of hydrogen energy, this stage mainly uses by-product hydrogen, or oil, natural gas and other fossil energy to produce hydrogen; the second stage mainly uses unused energy to produce hydrogen, transportation, storage and power generation; and the third stage will rely on renewable energy, combined with CCS technology, to achieve a zero-emission hydrogen supply system throughout the life cycle.
Simply put, in the face of the "blue-green dispute" of hydrogen energy, the Japanese government chose to ride the wall,There has been no distinction between blue hydrogen and green hydrogen, neither encouragement, nor suppression, or even the establishment of relevant emission standards.
Of course, Japan has its own helplessness. Japan is surrounded by the sea, the land area is small, the natural shortage of scenery resources, coupled with the high domestic electricity price, the development of electrolyzed water hydrogen production has natural disadvantages. As a result, Japan has focused on cheaper blue hydrogen from the outset – for example, mining lignite to produce hydrogen in places like Australia and Brunei, and then shipping it back to Japan via liquid hydrogen storage.
However, the process of coal hydrogen production will produce a lot of carbon emissions and environmental pollution - on average, for every ton of hydrogen produced, 6-8 tons of coal need to be consumed, and 15-20 tons of carbon dioxide will be emitted, and a lot of high-salt wastewater and industrial waste residue will also be produced. Although the cost of by-product hydrogen in the coal chemical industry is low, it will inevitably produce a large amount of carbon monoxide (about 30%-40% of coke oven gas), and eventually these carbon monoxides will be converted into carbon dioxide in various ways.
日本政府显然也发现了问题，在之后2019年版的《氢·燃料电池战略路线图》中，调整了"Diversified energy mix"规划，However, the roadmap for establishing a global hydrogen supply chain with a "green hydrogen" path that relies on renewable energy is still preserved.
Japan has repeatedly hovered between blue and green hydrogen, delaying too much time in the energy transition. After five years, the Japanese government found that the contribution of hydrogen energy to reducing carbon emissions was far lower than expected, whether it was economic or environmentally friendly, it had been dumped by lithium batteries for several streets, and finally lost its right to speak in the field of new energy.
As we areThe Breaking Logic of Hydrogen: Why Is Upstream Important?In the past 10 years, the cost of global photovoltaic power generation has been reduced by 90%, and in the future, with the wide application of perovskite, heterojunction and distributed photovoltaics, the cost of clean energy will be further reduced, while fossil energy such as coal and oil is basically impossible to reduce the price significantly.Therefore, similar to the logic of electric vehicles eventually replacing fuel vehicles, in the field of hydrogen energy, the green hydrogen route of wind and solar energy + electrolyzed water must represent the future.
Therefore, in this document in 2020, the Japanese Renewable Energy Agency also proposed amendments to the hydrogen energy strategy, saying that it is necessary to rebuild a supply system, whether it is imported hydrogen or domestic hydrogen, it must focus on green hydrogen, and at the same time improve the emission standards of gray hydrogen and blue hydrogen, and combine Japan's hydrogen energy strategy with carbon neutrality - which actually coincides with China's current hydrogen energy strategy.
Finally, to summarize:
1. The speed of hydrogen energy landing in the future depends on the breakthrough speed of core technologies in the above fields. SimplyThe faster the landing of some key technologies, the higher the learning rate, which means that the faster the cost of green hydrogen will fall.This means that green hydrogen may replace gray hydrogen as the mainstream hydrogen production method sooner it is possible.
2. At present, there is still debate in China about whether the midstream hydrogen energy transportation uses pipelines, but there is a consensus on the upstream and downstream: the downstream is mainly industrial, fuel cell and energy storage three directions; and the upstream is electrolyzed water, and the core of electrolyzed water is diaphragm and electrolyzer.
In terms of investment strategy, I personally summarize it into three points: the upstream is held high, the midstream remains optimistic, and the downstream is in line with the weather.
This article is from the WeChat public account"Yunyue Capital" (ID: cloudjoy2017), Author: Evergreen Luo Xiaomeng, 36Kr published with permission.
