国际货运市场面临贸易政策变化、地缘政治紧张局势、关税波动及红海危机持续等多重挑战。虽然市况 严峻，KLN集团凭借跨行业的多元化产品组合及贸易航线，国际货运业务取得分部溢利增长22%。 集团正作好准备，以遵守香港联交所制定切合国际可持续准则理事会准则第S2号的新气候信息披露规 定。为提高透明度，集团正收集有关温室气体排放的详尽营运数据，识别对环境具重大影响的范畴。 KLN亦正探索替代燃料，例如可持续的船舶及航空燃料选项，以支持实现其净零排放目标。 KLN(00636)发布截至2025年6月30日止6个月业绩，该集团期内取得收入272.11亿港元，同比增加7%;核 心纯利6.81亿港元，同比增加12%;公司股东应占溢利6.48亿港元，同比增加9.87%;每股基本盈利0.36港 元;拟派发中期股息每股11港仙。 2025年上半年，KLN集团综合物流业务分部溢利增长5%。中国香港及中国内地两个主要市场仍然受全 球贸易紧张局势及消费模式转变影响。尽管两地市场的营商环境严峻，集团仍能借助亚洲其他市场的增 长及加强网络内的成本控制措施，抵销分部溢利下滑。 ...

智通财经APP讯，KLN(00636)发布截至2025年6月30日止6个月业绩，该集团期内取得收入272.11亿港 元，同比增加7%;核心纯利6.81亿港元，同比增加12%;公司股东应占溢利6.48亿港元，同比增加9.87%; 每股基本盈利0.36港元;拟派发中期股息每股11港仙。 2025年上半年，KLN集团综合物流业务分部溢利增长5%。中国香港及中国内地两个主要市场仍然受全 球贸易紧张局势及消费模式转变影响。尽管两地市场的营商环境严峻，集团仍能借助亚洲其他市场的增 长及加强网络内的成本控制措施，抵销分部溢利下滑。 国际货运市场面临贸易政策变化、地缘政治紧张局势、关税波动及红海危机持续等多重挑战。虽然市况 严峻，KLN集团凭借跨行业的多元化产品组合及贸易航线，国际货运业务取得分部溢利增长22%。 集团正作好准备，以遵守香港联交所制定切合国际可持续准则理事会准则第S2号的新气候信息披露规 定。为提高透明度，集团正收集有关温室气体排放的详尽营运数据，识别对环境具重大影响的范畴。 KLN亦正探索替代燃料，例如可持续的船舶及航空燃料选项，以支持实现其净零排放目标。 ...

6月，英国发布十年发展计划——英国现代产业战略。旨在依托开放、稳定、全球互联的经济体系，克服增长障碍，使英国成为全球 投资和发展的首选之地。 紧随其后，英国政府发布"清洁能源行业计划"，着力以雄心勃勃的清洁能源行业计划、世界级的创新能力和稳定的监管环境为支 撑，成为首个将净零排放纳入法律义务的主要经济体（目标为2050年前）。计划涵盖了清洁能源行业七个世界领先的前沿领域： 为什么选择英国发展清洁能源产业？ · 海上风电 · 陆上风电 · 核聚变 · 核裂变 · CCUS（碳捕集、利用与封存） · 氢能 · 热泵 英国现代产业战略 老师 | UK Government 探索英国 清洁能源 十年计划 新篇章 英国现代产业战略 到2035年每年投资 300亿英镑 英国现代产业战略 投资1亿英镑用于 英格兰的工程技能 全球气候投资中心 英国现代产业战略 依托英国制造风力涡轮 机开发沿海电力，引领 世界海上风电发展 英国现代产业战略 支持英国碳捕集、利用 和储存行业 2024年，英国吸引了23亿英镑的清洁技术风险投资。并计划到2035年，清洁能源产业投资将显著增加至每年超过300亿英镑。 提供催化性公共投资 政府通过大 ...

研究院 能源化工组 期货研究报告|能源专题报告 2025-08-25 研究员 潘翔 康远宁 0755-23991175 投资咨询业务资格： 证监许可【2011】1289 号 碳中和趋势下的船舶替代燃料前景展望 内容摘要 ■ 强制性法规重塑航运业，能源转型成必选项 在全球航运业从环保自觉转向强制合规的时代，国际海事组织（IMO）确立了 2050 年 前后净零排放的宏伟目标。基于"从油井到尾迹"（Well-to-Wake, WtW）的全生命周期 评估框架，传统化石燃料及作为过渡选项的 LNG 均难以满足最终的净零要求，这从根 本上推动了行业向绿色替代燃料的深刻变革。 ■ 甲醇领跑商业化应用 在众多替代方案中，甲醇因其常温常压下的液体形态、成熟的发动机技术及对现有基 础设施的兼容性，正迅速成为商业化应用的领跑者。而氨因其分子不含碳的零排放特 性，被视为远洋航运最具潜力的长期解决方案。但两者均面临绿色生产成本高昂、能 量密度低于传统燃料等关键制约。 ■ 生物燃料为现存船队提供过渡，氢与电聚焦短途市场 可再生柴油（HVO）等生物燃料凭借其"直接可用"的特性，为庞大的现有船队提供了满 足近期减排法规的关键过渡方案，但其发 ...

Core Viewpoint - TotalEnergies is actively transforming from a traditional oil company to a comprehensive energy supplier, with a significant focus on expanding its electricity business, which has already surpassed 10% of its total revenue and aims to reach 20% by 2030 [2][3][8]. Revenue and Profitability - In 2024, TotalEnergies' electricity segment generated $24.475 billion in revenue, with an adjusted net profit of $2.173 billion, while the company's total revenue was $195.61 billion, with an adjusted net profit of $18.3 billion [3]. - The electricity segment's adjusted net profit grew by 17.3% year-on-year, contrasting with declines in other business segments [3]. Growth in Electricity Business - TotalEnergies' net electricity generation increased by 23% year-on-year in the first half of 2025, reaching 22.9 billion kilowatt-hours, with total installed electricity capacity growing by 26% to 30.2 GW [2][4]. - The electricity business's share of TotalEnergies' total revenue rose from 1% in 2020 to 12.5% by the end of 2024, with a target to increase this to 20% by 2030 [2][8]. Strategic Investments and Future Plans - TotalEnergies plans to invest $4.5 billion in low-carbon energy in 2025, representing 26.5% of its total investment plan, which is significantly higher than other international oil and gas companies [8]. - The company aims to achieve a total installed electricity capacity of 100 GW by 2030, positioning itself among the top five renewable electricity producers globally, excluding China [8][9]. Regional Distribution and Project Development - TotalEnergies has established a diverse portfolio of electricity projects globally, with significant capacities in North America and India, each exceeding 9 GW [6][8]. - The company is also developing various joint ventures in China, focusing on solar and wind energy projects, with plans to operate 1.5 GW of distributed solar assets [11][12]. Transition and Market Position - The transition to a low-carbon energy model is driven by the recognition of increasing electricity demand and the importance of low-carbon power in future energy systems [5][13]. - TotalEnergies is leveraging its extensive experience in the oil and gas sector to enhance its electricity business, aiming for a capital return rate of 12% by 2030 [15][17].

Core Viewpoint - The concept of "Lucid waters and lush mountains are invaluable assets" has been effectively implemented in China over the past 20 years, leading to a harmonious coexistence between humans and nature, with significant ecological and economic benefits [1][2]. Group 1: Achievements in Green Development - China has contributed to one-fourth of the global increase in greening area and has achieved zero growth in land degradation, with the largest grassland area in the world [1]. - The country generates one-third of its electricity from green sources, and its manufactured new energy vehicles are gaining global traction [1]. Group 2: Global Leadership in Renewable Energy - China leads globally in solar energy, wind energy, battery technology, and new energy vehicles, advancing the net-zero emissions agenda [2]. - The "Green Silk Road" initiative showcases China's commitment to improving ecological environments in collaboration with multiple countries, exemplified by projects like the Mombasa-Nairobi railway in Kenya and the world's largest single solar power station in the UAE [2]. Group 3: International Recognition and Cooperation - Former UN Deputy Secretary-General Erik Solheim praised China's green development as essential for global transformation, highlighting the importance of mangrove protection in climate change mitigation [1]. - Officials and experts from countries like the UAE and Kazakhstan recognize China as a role model in renewable energy, with its green solutions providing valuable experience and motivation for global sustainable development [2].

Domestic Policy Dynamics - The "Guiding Opinions on Financial Support for New Industrialization" was jointly issued by seven departments including the People's Bank of China, aiming to build a financial system that supports the high-end, intelligent, and green development of the manufacturing industry by 2027 [12] - The opinions emphasize the innovation of bond varieties and the application of diversified green financial tools such as green credit and green bonds in the low-carbon transition of the manufacturing sector [13] International Policy Dynamics - The Financial Stability Board (FSB) released a roadmap summarizing progress in addressing climate-related financial risks, focusing on disclosure, data, vulnerability analysis, and regulatory practices [4][9] - The International Sustainability Standards Board (ISSB) has established global benchmarks for sustainability disclosures, with a transition from the TCFD framework to ISSB standards underway [9] Industry Dynamics - As of August 13, 2025, the domestic market has 3,896 outstanding green bonds with a total issuance amount of 62,621.51 billion, and 2,061 social bonds totaling 87,833.49 billion [19] - From January 1 to August 13, 2025, 639 ESG bonds were issued, amounting to 8,690.98 billion, representing year-on-year growth of 38.01% and 71.72% respectively [19] ESG Practices - Recent events include the "Third China International Supply Chain Promotion Expo" and the "2025 Corporate Social Responsibility & ESG Practice Forum," highlighting the growing focus on ESG standards and practices in the supply chain [21] - Innovations in financial products such as "carbon footprint-linked loans" and sustainable development-linked loans are being introduced to support green transitions in various industries [21][22]

Core Insights - The European offshore wind power market is expected to quadruple in demand driven by "net zero emissions" and "energy independence" goals, with a projected cumulative installation of 126GW from 2025 to 2034, averaging over 12GW annually, which is more than four times the average installation from 2020 to 2024 [1][2][3] Group 1: Market Growth and Demand - The offshore wind power market in Europe is projected to grow significantly, with the underwater foundation market expected to double to 25 billion yuan in the next three years and exceed 40 billion yuan by 2030 [1][6] - The submarine cable market is anticipated to reach 30 billion yuan per year by 2030, representing an approximate 200% increase from 2025 [1][6] Group 2: Policy and Macro Environment - The macroeconomic environment is expected to improve from 2024, with significant policy support for offshore wind development, including increased auction price limits and extended contract durations [3][4] - The EU has set a roadmap to completely eliminate dependence on Russian gas imports by 2027, further emphasizing the need for offshore wind as a key component of energy transition [2][3] Group 3: Supply Chain Dynamics - There is a growing supply chain bottleneck in Europe for offshore wind equipment, with local manufacturers facing long delivery times, while Chinese companies are expanding capacity and can effectively fill this gap [4][5] - The UK shows the highest enthusiasm for offshore wind development, with significant policy support and a pressing need for imported equipment due to a lack of domestic production capacity [5][6]

Investment Rating - The report maintains a "Recommended" rating for the wind power equipment industry [1]. Core Insights - The report addresses key issues including the current development status of offshore wind power in Europe, the reasons for the three-year downturn, policy logic behind the development, and the inevitable market space for China's offshore wind industry to export to Europe [13]. - European offshore wind demand is expected to quadruple, driven by the goals of "net-zero emissions" and "energy independence" [27][32]. - The next decade is critical for Europe's energy transition and independence, with an expected cumulative addition of 126GW of offshore wind capacity from 2025 to 2034, which is over four times the average annual installation from 2020 to 2024 [32][36]. Summary by Sections 1. Offshore Wind Power Market Importance - Europe is the second-largest offshore wind market globally, with a cumulative installed capacity of 36.73GW as of the end of 2024, accounting for approximately 44% of the global total [14][22]. - The average annual installation from 2020 to 2024 was 3.03GW, showing significant acceleration [15][29]. 2. Supporting Energy Independence - The EU has set ambitious offshore wind development targets, aiming for over 160GW by 2030, with a focus on reducing reliance on natural gas imports [38]. - The dependency on natural gas imports is projected to be 51% in 2024, highlighting the urgency for offshore wind development [21]. 3. Recent Trends and Challenges - The offshore wind sector in Europe faced a downturn from 2022 to 2024 due to macroeconomic factors, leading to project delays and cancellations [20][36]. - However, improvements in the macro environment and policy support are expected to drive a resurgence in offshore wind development [36]. 4. Cost Reduction and Policy Synergy - The report indicates that macroeconomic factors are easing, and large-scale projects are helping to reduce costs, which will further accelerate offshore wind development in Europe [36][38]. 5. Supply Chain Bottlenecks and Opportunities for Chinese Manufacturers - European supply chain constraints are becoming apparent, with local manufacturers facing order backlogs, creating opportunities for Chinese companies to fill the gap [5][36]. - The report emphasizes the complementary advantages between China and Europe in the offshore wind supply chain [4][36]. 6. Key Companies and Profit Forecasts - The report highlights several key companies in the offshore wind sector, including 大金重工 (Dajin Heavy Industry), 东方电缆 (Oriental Cable), and 明阳智能 (Mingyang Smart Energy), among others, with varying investment ratings and profit forecasts [5][6].

Group 1 - The core viewpoint of the articles highlights the tension between the EU's energy security needs and its environmental commitments, particularly regarding LNG imports from Qatar and the US [1][2] - In the first half of this year, the EU's LNG imports reached a historical high, with Qatar supplying 12% to 14% of the EU's LNG needs since the reduction of Russian pipeline gas supplies in 2022 [1] - Qatar's energy minister has expressed strong opposition to the EU's Corporate Sustainability Due Diligence Directive (CSDDD), which mandates strict net-zero emissions plans for companies, warning that compliance could lead to a 5% revenue loss, prompting Qatar to consider exiting the European market [1][2] Group 2 - The EU has made adjustments to the CSDDD in response to Qatar's concerns, including simplifying reporting requirements and delaying the directive's implementation from 2027 to 2028, yet Qatar remains firm in its stance [2] - The EU faces a critical decision point, needing to balance its reliance on Qatari LNG against its commitment to net-zero emissions, with current leadership prioritizing the latter [2] - Over-reliance on US LNG could increase energy costs for the EU, exacerbating the industrial crisis, as the EU aims to reduce energy bills to prevent industrial collapse [2]