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The facile synthesis of highly active and stable bifunctional electrocatalysts to catalyze water splitting is attractive but challenging. Herein, we report the electrodeposition of Pt-decorated Ni(OH)2/CeO2 (PNC) hybrid as an efficient and robust bifunctional electrocatalyst. The graphite-supported PNC catalyst delivers superior hydrogen evolution reaction (HER) and oxygen evolution reaction (OER) activities over the benchmark Pt/C and RuO2, respectively. For overall water electrolysis, the PNC hybrid only requires a cell voltage of 1.4