Multiple favorable policies have promoted the hydrogen industry to become the preferred investment in the market. In 2019，hydrogen fuel cell related industries attracted a total investment plan of more than 200 billion yuan. Due to the delay of the state subsidy policy and the COVID-19 situation at the beginning of the year，the actual investment progress of relevant projects has slowed down slightly. However，since the second half of 2020，the policy situation has gradually become clear and the pace of industrial development is expected to accelerate again. From the perspective of industry，fuel cell system，power reactor and other core components are still the focus of financial attention. On the eve of the industrialization of hydrogen energy and fuel cells，industry participants are not only emerging leaders such as Sinosynergy，re-Fire，but also state-owned giants such as Sinopec and SPIC，which come from traditional energy and manufacturing fields. Driven by these giants with strong financial strength，rich industrial resources and the background of state-owned enterprises，the development of hydrogen industry is expected to accelerate. At the same time，thanks to the rapid industrial growth and the capital market boom in the first quarter of 2019，listed companies such as Meijin Energy and Sinohytec have also entered into the fuel cell industry and started to invest.