Investment Rating - The report does not explicitly state an investment rating for the green methanol industry, but it highlights significant growth potential and investment opportunities in the sector. Core Insights - The global scale of green and low-carbon methanol projects is rapidly increasing, with a total planned capacity of 56.3 million tons by November 2025. GENA Solutions estimates that actual global green methanol capacity could reach between 6 to 13 million tons by 2030, with securing purchase agreements and financing for construction being the main challenges for project realization [5][14][25]. - Biomass methanol technology's gasification stage is critical, as its technical level and operational stability directly impact project feasibility and economics. Balancing costs and carbon utilization rates based on raw material characteristics is essential for project success. Electrolytic methanol technology is mature and synergizes well with renewable energy, but high costs of water electrolysis and complex system integration hinder large-scale promotion, making the reduction of electricity costs a priority [5][31][49]. - A complete core loop of resources, technology, and customers is essential for green methanol projects from planning to production. In the context of high costs for green methanol, finding end customers willing to pay a green premium and signing long-term purchase agreements to secure future cash flows is crucial for stable commercial operations [5][64]. Summary by Sections 1. Green Methanol Capacity Scale Steadily Increases - The production methods for methanol include natural gas (dominant globally), coal (high domestic share in China), and green methanol (biomass or electrolytic, lower carbon emissions but higher costs). The future trend focuses on "carbon neutrality," with renewable electricity and biomass routes accelerating towards mainstream production after cost reductions [8][19]. 2. Biomass Methanol: Gasification is Key, Cost Reduction and Efficiency Improvement are Directions - Gasification is the core process for biomass methanol production, involving four key steps: pretreatment, gasification, gas purification and adjustment, and methanol synthesis and purification. The efficiency of gasification directly affects project production efficiency and unit costs [31][74]. 3. Electrolytic Methanol: Cost Reduction is the Top Priority - Electrolytic methanol technology typically captures CO2 from biomass power plant emissions and combines it with hydrogen produced from renewable energy through electrolysis. While the technology is mature and synergizes well with renewable energy, high costs associated with hydrogen production and carbon capture present significant challenges for large-scale promotion [49][58]. 4. From Planning to Production: Resources, Technology, and Customers are Indispensable - The Northeast region of China is a key area for green methanol projects, supported by abundant biomass, wind, and water resources. Local government policies further accelerate industry clustering, creating a dual policy dividend of "national subsidies + local matching" [64][79]. 5. Investment Recommendations - Companies that have preemptively laid out green methanol manufacturing and have products certified (e.g., RED, ISCC) are highlighted as key investment targets, including JinFeng Technology, China Tianying, Jilin Electric Power, and others [5][64].

Group 1 - The core viewpoint of the article is that Jidian Co., Ltd. (stock code: 000875) has confirmed the use of PEM hydrogen production equipment in its Lishu Wind-Solar Coupled Green Hydrogen Biomass Green Methanol Project [1] Group 2 - The company responded to investor inquiries on an interactive platform regarding its project [1]

Group 1 - The company, Jilin Electric Power Co., Ltd., has received approval from the China Interbank Market Dealers Association to issue super short-term financing bonds with a registered amount of RMB 4 billion, valid for two years from the date of the notice [1] - The company completed the issuance of the third phase of super short-term financing bonds on December 18, 2025, with an issuance amount of RMB 600 million and a term of 270 days at a coupon rate of 1.77% [2] - The funds raised from this bond issuance, amounting to RMB 600 million, will be used to repay future maturing interest-bearing liabilities [2]

吉林电力股份有限公司 关于 2025 年度第三期超短期融资券 发行情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 根据中国银行间市场交易商协会核发的《接受注册通知书》（中 市协注〔2025〕SCP196 号），中国银行间市场交易商协会接受吉林电 力股份有限公司（以下简称"公司"）发行超短期融资券，注册金额 为人民币 40 亿元，注册额度自通知书落款之日起 2 年内有效，在注 册有效期内可分期发行。具体内容详见公司 2025 年 7 月 31 日刊载于 巨潮资讯网（www.cninfo.com.cn）、《中国证券报》《上海证券报》及 《证券时报》的《关于公司超短期融资券获得注册的公告》（2025-053）。 证券代码：000875 证券简称：吉电股份 公告编号：2025-103 资金将用于偿还未来到期的有息负债。 特此公告。 吉林电力股份有限公司董事会 二〇二五年十二月二十三日 2 公司于 2025 年 12 月 18 日完成了"吉林电力股份有限公司 2025 年度第三期超短期融资券"（以下简称"本期超短期融资券"）的发行。 本期超短期融资券的发行额 ...

国信证券股份有限公司 关于吉林电力股份有限公司 2025 年持续督导定期现场检查报告 | 4.是否不存在未履行审议程序擅自变更募集资金用途、暂 | √ | | | --- | --- | --- | | 时补充流动资金、置换预先投入、改变实施地点等情形 | | | | 5.使用闲置募集资金暂时补充流动资金、将募集资金投向 | | | | 变更为永久性补充流动资金或者使用超募资金补充流动 | | √ | | 资金或者偿还银行贷款的，公司是否未在承诺期间进行高 | | | | 风险投资 | | | | 6.募集资金使用与已披露情况是否一致，项目进度、投资 | √ | | | 效益是否与招股说明书等相符 | | | | 7.募集资金项目实施过程中是否不存在重大风险 | √ | | | （六）业绩情况 | | | | 现场检查手段： | | | | （1）查阅公司定期报告等资料； | | | | （2）查阅同行业可比公司定期报告等信息披露文件、行业发展状况等资料； | | | | （3）访谈公司有关人员； | | | | （4）核查公司就有关事项出具的说明。 | | | | 1.业绩是否存在大幅波动的情况 | √ | ...

Core Viewpoint - In 2025, the number of A-share listed companies controlled by seven major state-owned enterprises in the power sector will increase to 37, with an average of more than five companies per enterprise, following the listings of Huadian New Energy and Southern Network Digital on the Shanghai and Shenzhen stock exchanges [1] Group 1: Company Listings - The number of A-share listed companies controlled by major state-owned enterprises will rise to 37, with State Grid and China Huadian having the most at 7 each [1] - Southern Power Grid's number of listed companies increased to 4 with the listings of Southern Network Technology and Southern Network Digital [1] Group 2: Management Changes - In 2025, there will be significant management changes among the listed companies controlled by the two networks and five major power generation companies, with 131 high-level personnel changes reported across 30 listed companies [1] - Specifically, there were 12 changes in chairpersons and 8 changes in general managers among the listed companies [1] Group 3: Individual Company Changes - State Grid: 36 personnel changes across 7 listed companies, including chairperson and general manager adjustments in four companies [5] - China Huadian: 34 personnel changes across 6 listed companies, with significant changes in chairpersons and general managers in three companies [58] - China Huaneng: 24 personnel changes across 4 listed companies, with new general managers appointed in three companies [38] - National Energy Group: 20 personnel changes across 5 listed companies, including chairperson and general manager changes in three companies [86]

证券日报网讯12月22日，吉电股份（000875）在互动平台回答投资者提问时表示，截至2025年12月19 日，公司股东户数156573户。 ...

债券简称：22 吉电 G1 债券代码：149848.SZ 债券简称：23 吉电 GCKV01 债券代码：148530.SZ 债券简称：25 吉电 K1 债券代码：524366.SZ 国泰海通证券股份有限公司 关于吉林电力股份有限公司涉及公司总经理变动的 临时受托管理事务报告 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十二月 契约锁 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《吉林电力股份有限公司公开发行绿色公司债券之债券受托管理协议》 《吉林电力股份有限公司公开发行科技创新公司债券之债券受托管理协议》（以 下简称《受托管理协议》）等相关规定和约定、公开信息披露文件以及吉林电力 股份有限公司（以下简称公司、吉电股份或发行人）出具的相关说明文件以及提 供的相关资料等，由受托管理人国泰海通证券股份有限公司（以下简称国泰海通 证券）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断。 根据发行人披露的《吉林电力股份有限公司关于聘任公司总经理的公告》， 本次聘任公司总经理事项已经发行人董事会会议审议 ...

吉电股份此次计划投资的广西邕宁那楼二期100MW风电项目，彰显了公司聚焦新能源赛道的坚定决 心。 长江商报消息●长江商报记者 江楚雅 作为国家电投集团旗下核心绿色能源平台，吉电股份（000875.SZ）正加速推进新能源产业布局。 12月16日，吉电股份公告，其全资子公司下属企业拟投资5.64亿元建设广西邕宁那楼二期100MW风电 项目，这是公司布局新能源后的又一重要举措。 截至2025年上半年，吉电股份清洁能源装机容量已达1135.09万千瓦，占总装机比重高达77.48%，朝着 2025年清洁能源占比超90%的战略目标稳步迈进。 与此同时，公司在绿色氢基能源领域的布局成效初显，"新能源+"和绿色氢基能源"双赛道"格局日益清 晰。 新能源布局持续深化 根据公告，该项目由公司全资子公司广西沃中投资有限公司所属的广西吉投智慧能源科技有限公司负责 建设，动态总投资5.64亿元，计划工期12个月。 从项目建设内容来看，此次规划兼具规模效应与产业链完整性。项目拟安装16台单机容量6.25MW的风 力发电机组，总建设容量达100MW，同时将扩建那楼风电场一期升压站，并配套建设4条35kV场内集 电线路及220kV外送线路。 ...

证券日报网讯 12月18日，吉电股份（000875）在互动平台回答投资者提问时表示，二级市场的股价受 多重因素影响，公司将继续坚持战略定位，努力提升公司的经营业绩和内在价值。 ...