Guoxin Securities·2025-10-15 02:42Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The National Development and Reform Commission (NDRC) has introduced a policy that includes minimum consumption targets for renewable energy, marking a significant shift towards a multi-energy consumption model that includes green hydrogen and methanol [3][6][8] - The policy creates a mandatory assessment framework for renewable energy consumption, expanding the focus from solely electricity to include non-electric consumption, thereby enhancing market demand for green hydrogen and methanol [5][7] - The introduction of punitive measures for failing to meet renewable energy consumption targets significantly strengthens the policy's enforcement and provides a clear long-term signal to the market [7][8] Summary by Sections Policy Overview - On October 13, the NDRC released a draft policy outlining minimum consumption targets for renewable energy, which can be achieved through various methods for both electric and non-electric consumption [3][5] - The policy emphasizes the inclusion of green hydrogen and methanol as compliant pathways, indicating a strategic focus on these sectors [3][8] Market Implications - The new policy is expected to create a substantial institutional market demand for green hydrogen and methanol, enhancing the certainty and market expectations for the industry [3][9] - The strategic opportunity for the green hydrogen and methanol industry is highlighted, with recommendations to focus on companies such as Goldwind Technology, Yunda Co., SANY Heavy Energy, Hewei Electric, and Huadian Technology [3][9] Financial Projections - Financial forecasts for related companies indicate growth in net profits, with Goldwind Technology projected to achieve a net profit of 1.86 billion RMB in 2024, increasing to 3.67 billion RMB by 2026 [11]