智通财经网·2026-02-26 23:27Core Insights - The report from Everbright Securities highlights that the next decade's focus will shift towards "non-electrification applications" of green electricity, such as green hydrogen, green ammonia, and green methanol, to address decarbonization challenges in industries like steel, chemicals, and shipping [1] Group 1: Energy Transition and Market Dynamics - The transition from "energy consumption dual control" to "carbon emission dual control" in China indicates that high carbon emissions will become the primary concern, creating a significant market for "green electricity conversion" [1] - The implementation of the EU Carbon Border Adjustment Mechanism (CBAM) will compel Chinese export-oriented manufacturers to seek decarbonization pathways beyond green electricity [1] Group 2: Green Hydrogen and Its Applications - Green hydrogen is identified as a core non-electrification application of green electricity, serving as a substitute for coal or natural gas in steel (hydrogen metallurgy) and chemical (green ammonia, green methanol) industries [3] - Green hydrogen can also function as an energy storage solution for green electricity, enabling long-term storage, cross-regional transport, and large-scale non-electrification applications [3] Group 3: Economic Viability and Market Opportunities - Considering downstream payment premium capabilities and alternative economic factors, non-electrification applications in shipping fuel (green methanol), hydrogen storage (green ammonia), and hydrogen metallurgy are expected to benefit [4] - The decreasing cost of renewable energy and advancements in electrolyzer technology are bringing green hydrogen closer to price parity with gray hydrogen, which will further drive down costs for green methanol and green ammonia applications [4] - Leading global shipping companies (e.g., Maersk) and high-end chemical giants (e.g., BASF) are showing strong demand for green methanol due to tightening EU ETS policies and their own carbon neutrality commitments [4]