Shanxi Securities·2025-10-13 09:40Investment Rating - The report maintains an investment rating of "Buy-B" for the following stocks:昊华科技 (600378.SH), 中国旭阳集团 (01907.HK), 宝丰能源 (600989.SH), and "Buy-A" for 卓越新能 (688196.SH) [1] Core Insights - The green liquid fuel industry is entering a substantial industrialization phase, marking 2025 as the "first year of substantial industrialization" in China, with a shift in investment logic from thematic speculation to performance-driven [2][4][29] - The National Energy Administration has initiated the first batch of green liquid fuel industrialization pilot projects, focusing on green methanol, green ammonia, and cellulose ethanol, which are expected to be operational by the end of 2026 [2][9][10] - The future green fuel industry will be a comprehensive ecosystem driven by green electricity, utilizing green hydrogen as a bridge, and integrating biomass resources to serve transportation, shipping, and green chemicals [3][15] Summary by Sections 1. Green Liquid Fuel Industrialization - The first batch of pilot projects includes nine projects, such as the integration of wind power and biomass for methanol production, with a focus on creating a closed-loop system from production to application [2][9][10] - The projects require simultaneous technological breakthroughs and market validation, emphasizing the need for clear end-user applications [9][10] 2. Market Performance - The report highlights the weekly performance of the chemical market, with specific segments like phosphate fertilizers and titanium dioxide showing significant gains [20][21] - The manufacturing PMI for September 2025 is reported at 49.8, indicating a slight improvement, while the industrial PPI has decreased by 2.9% year-on-year [16] 3. Investment Recommendations - The report suggests focusing on full industry chain integrators, core equipment manufacturers, key materials and components suppliers, and fuel production and operation companies [4][29] - Recommended companies include昊华科技, 中国旭阳集团, 宝丰能源, and 卓越新能, which are positioned to benefit from the industrialization of green liquid fuels [4][29]