联合研究丨行业点评 [Table_Title] 氢能周度观察（9）：零碳工厂加速氢能产业化应 用 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2026 年 1 月中旬，工信部、国家发改委、生态环境部、国务院国资委、国家能源局五部委联合 印发《关于开展零碳工厂建设工作的指导意见》。在零碳工厂建设中，氢能被定位为重要的清洁 低碳燃料；文件鼓励工厂积极发展绿色氢氨醇等一体化项目，并推进工业副产氢、可再生能源 制氢等清洁低碳氢的应用，以此作为实现源头减碳的关键路径之一。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 6 %% %% %% %% research.95579.com 2 [Table_Title 氢能周度观察（2] 9） ...

（原标题：阿联酋钢铁集团推进工业脱碳） 阿通社12月25日消息，阿联酋钢铁集团（EMSTEEL）与阿联酋核能公司（ENEC）达成合作，通 过采购经I-REC认证的清洁核电，推动钢铁生产脱碳。目前EMSTEEL钢铁业务86%、水泥业务14%已使 用清洁电力，目标是2030年实现100%清洁用电。ENEC旗下巴拉卡核电站年发电约40TWh，可满足全国 25%用电并年减排2240万吨碳。 ...

Core Insights - The International Energy Agency (IEA) report highlights that the industrial sector accounts for 30% of global energy consumption, with low-temperature heat and steam demand representing 70% of this consumption, making electrification a cost-effective path for industrial decarbonization [1][14][29] - The report emphasizes the potential of electrification technologies such as industrial heat pumps, electric boilers, and thermal energy storage to significantly reduce emissions and enhance energy security [2][15][38] Group 1: Core Technologies and Application Potential - Industrial heat pumps can provide heat up to 150°C with a coefficient of performance (COP) around 3, while electric boilers can generate steam at 350°C and 70 bar pressure with efficiencies of 95%-98% [2][35] - The global potential for these technologies is substantial, with the EU able to reduce fossil fuel consumption by nearly 3,000 PJ and China by 9,000 PJ, corresponding to significant reductions in natural gas imports [2][41] - Thermal energy storage systems, using low-cost materials, can store energy at a cost of $15-20 per kWh, addressing the intermittency of renewable energy sources [2][36] Group 2: Regional Development Status and Differences - The EU is leading in electrification due to favorable policies and energy prices, with industrial heat pumps becoming cost-competitive in countries like Finland and Spain [3][39] - China is pushing for industrial electrification through its dual carbon goals, focusing on industrial parks and renewable energy integration, which can reduce steam costs significantly [3][41][44] - The ASEAN region faces challenges due to its reliance on coal, but has potential for solar energy integration in industrial parks, with ongoing financial reforms to lower barriers [3][45] Group 3: Key Barriers and Action Pathways - Major barriers to electrification include long grid connection times, unfair energy taxation, high upfront investment costs, and a shortage of skilled labor [4][46] - The report suggests six priority actions to accelerate electrification, including integrating heat electrification into national energy plans, reforming energy taxes, and enhancing workforce training [4][46][50]

中化新网讯 近日，荷兰天然气网络运营商Gasunie与德国同行Thyssengas签署合作协议，将共同开发两 国间的跨境氢气管网，标志着欧洲西北部氢能市场一体化进程迈出关键一步。 根据协议，双方通过改造现有天然气管道来建设跨境输氢网络，这将大幅降低建设成本并缩短工期。管 网将在格罗宁根的Oude Statenzijl和德伦特的Vlieghuis等关键节点实现连接，将荷兰的工业区及主要港 口与德国鲁尔工业区等重要消费中心连接起来，未来网络还可进一步延伸至丹麦。 此次合作不仅是基础设施的互联互通，更是欧洲构建统一氢能市场的又一重要里程碑。通过激活存量资 产、统一标准规划，该项目将为欧洲工业脱碳提供稳定可靠的绿色能源供应，并将显著重塑欧洲以氢能 为纽带的区域能源格局与产业地图。 此次合作具有重大战略意义。德国作为工业强国，其钢铁、化工等重工业的深度脱碳将使其成为未来主 要的氢能进口国。而荷兰凭借优越的港口条件和基础设施，有望成为欧洲重要的氢能进口枢纽和生产中 心。通过整合现有基础设施，该项目将高效连接供需两端，加速区域能源转型。这一进展与德国国家氢 能战略高度协同。 ...

Core Viewpoint - On November 24, CATL signed a comprehensive strategic cooperation agreement with Xuyang Group to promote green and low-carbon transformation in the high-energy-consuming chemical industry through collaboration in renewable energy, new energy storage applications, electric transportation upgrades, charging infrastructure layout, and zero-carbon parks [1][2]. Group 1: Partnership Details - The agreement was signed by CATL's Vice President Meng Xiangfeng and Xuyang Group's Senior Vice President Zhang Yingwei, with key executives from both companies witnessing the signing [3]. - Xuyang Group is a leading enterprise in China's energy and chemical industry, with a diverse business portfolio including coke, chemicals, new energy, mining, new materials, technology, and digital sectors, and operates eleven production bases globally [3]. Group 2: Strategic Goals - The collaboration aims to combine CATL's advantages in new energy technology research and development, product innovation, and global market layout with Xuyang Group's extensive experience in modern green coking, basic chemicals, new energy, and park construction [2][3]. - The partnership will establish a regular collaboration system to systematically advance joint technology research, market expansion, and ecological development, facilitating the transition of the chemical industry from "high energy consumption" to "high quality" development [4].

Core Points - Brazil and the UK have launched a two-year "Industrial Decarbonization Incubator Initiative" aimed at promoting the decarbonization process in Brazilian industries [1] - The initial investment for the initiative is 8 million Brazilian Reais (approximately 1.49 million USD), funded by the UK government [1] - The initiative will focus on high decarbonization demand sectors such as steel, aluminum, cement, and paper in Brazil [1] - The goal is to select 10 promising projects for incubation, ultimately leading to the implementation of at least 2 demonstration projects [1]

Core Viewpoint - The German chemical industry is facing a critical survival challenge due to rising costs and increased competition, leading to significant job losses and potential economic decline in traditional industrial regions [1][3][10]. Cost Pressures - The reliance on cheap Russian natural gas, which previously accounted for 40% of energy consumption in chemical production, has been disrupted, causing energy costs to triple for some companies [3][5]. - The carbon trading system in the EU adds further financial strain, with companies like INEOS facing carbon offset costs that consume up to 80% of their net profits [5][12]. Job Losses - Major companies are announcing large-scale layoffs, with Evonik cutting 2,000 jobs globally, including 1,500 in Germany, and BASF reducing traditional production capacity by 20% [8][10]. - The German Chemical Association (VCI) reports that approximately 100,000 direct jobs are at risk, with potential knock-on effects leading to over 400,000 job losses in related sectors [9][10]. Policy and Industry Conflict - The conflict between climate policy and industrial survival is intensifying, with calls from opposition parties to relax carbon trading rules to support struggling companies [12][15]. - The North Rhine-Westphalia economy minister insists on maintaining the carbon trading system as essential for industrial modernization, despite the immediate challenges [14][15]. Transition Efforts - Companies are attempting to pivot towards greener alternatives, with Shell focusing on biofuels and BASF investing €5 billion in a green chemical park to reduce carbon emissions by 60% [17][19]. - The EU has approved €5 billion in industrial decarbonization subsidies for Germany, aiming to support the chemical and metallurgy sectors while developing a hydrogen supply network [19]. Competitive Landscape - German chemical firms are under pressure from competitors in Asia and the Middle East, where natural gas costs are significantly lower, allowing for more competitive pricing [5][7]. - Chinese chemical companies have rapidly gained market share, reaching 28% globally in 2023, further squeezing the market for German firms [5][17].

Core Viewpoint - The article discusses significant developments in the energy storage sector, highlighting collaborations between major companies to enhance clean energy systems and achieve decarbonization goals. Group 1: Fortescue Collaborations - Fortescue has formed a global alliance to establish a cost-effective, 24/7 clean energy system, aiming to accelerate global industrial decarbonization [2] - Fortescue has selected Envision Energy as a strategic partner in wind and energy storage, leveraging its expertise to support Fortescue's electrification and 2030 net-zero target [2] - Fortescue has signed agreements with BYD and LONGi Green Energy for energy storage solutions and solar technology, respectively, to support its decarbonization efforts in the Pilbara region [4] Group 2: Envision Energy Supply Agreement - Envision Energy has signed a supply agreement with Fortescue to provide 132MW turbines for a large wind project in Western Australia [4] - Fortescue plans to deploy 2-3GW of wind and solar power generation along with large-scale battery storage [5] Group 3: Rui Pu Lan Jun Developments - Rui Pu Lan Jun has signed a supply agreement with Energy Vault to deliver a 3GWh energy storage system by 2026, expanding their collaboration in Australia, the US, and Europe [6][7] - The cumulative supply scale of Rui Pu Lan Jun and Energy Vault has exceeded 1.5GWh, with successful projects delivered in California and Texas [7] - Rui Pu Lan Jun has secured four GWh-level storage orders in 2025, totaling 26.5GWh [8] Group 4: Summary of Collaborations - A summary table outlines various collaborations by Rui Pu Lan Jun, including agreements with Energy Vault, Japan's Sanwa Kogyo, and others, totaling over 26.5GWh in supply commitments [10]

Core Viewpoint - The European Parliament has passed the "Clean Industry Agreement Resolution" and the "Grid Autonomy Initiative Report" to promote the decarbonization of the EU industry and enhance the flexibility of the energy system [1][7]. Summary of the "Clean Industry Agreement Resolution" - Focus on the green transformation of the industrial sector with measures including: - Reduction of energy costs through the "Affordable Energy Action Plan," aiming to increase the EU's electrification rate to 32% by 2030 and reduce dependence on imported fossil fuels [2]. - Localization of clean technology, targeting 40% domestic production of key components for clean technology by 2030, supported by a €100 billion special fund for industrial decarbonization [2]. - Promotion of a circular economy, with the implementation of the "Circular Economy Act" starting in 2026, requiring 24% material recycling by 2030 to reduce resource dependence [2]. Summary of the "Grid Autonomy Initiative Report" - Emphasis on enhancing grid autonomy and the integration of clean energy: - Smart grid construction to promote the application of digital and AI-driven grid technologies, optimizing renewable energy consumption efficiency [3]. - Encouragement of large-scale energy storage systems (such as lithium batteries and hydrogen storage) to balance grid fluctuations [4]. - Strengthening physical connections between member states' grids to improve energy allocation efficiency [5]. Impact on the Energy Storage Industry - The EU plans to add 100 GW of renewable energy capacity by 2030, significantly increasing the demand for energy storage systems. The report includes energy storage technology as part of grid flexibility solutions, with funding support through innovation funds and industrial decarbonization banks. Additionally, the EU will establish a "Critical Raw Materials Procurement Center" to ensure the supply of materials like lithium and nickel for energy storage, while regulating the low-carbon product market through the Carbon Border Adjustment Mechanism (CBAM) [6].

Core Viewpoint - The industrial sector is the primary area for energy consumption and carbon dioxide emissions in China, accounting for approximately 68% of the country's carbon emissions, making decarbonization in this sector crucial for achieving the "dual carbon" goals [1][2] Summary by Sections Industrial Decarbonization Importance - The industrial sector's decarbonization is vital for meeting China's carbon neutrality targets, with a potential reduction of carbon emissions to 450 million tons by 2060, representing a 95% decrease from 2025 levels [1][6] Challenges in Innovation and Commercialization - The report highlights that over 35% of technologies capable of contributing to climate goals have not yet been commercialized globally, indicating significant challenges in the industrial decarbonization process [1][2] - Key technologies such as raw material substitution, waste recycling, electrification, hydrogen substitution, and carbon capture and storage (CCUS) can collectively contribute nearly 80% of the industrial emission reduction potential [2][3] Need for Tailored Solutions - Experts emphasize the necessity of customized approaches for different industrial sectors, as high carbon-emitting industries like steel, cement, and petrochemicals have unique production processes and emission characteristics [4] - A balance between technological evolution and economic feasibility is essential for advancing low-carbon technologies [4] Pathway to Decarbonization - The timeline for industrial decarbonization is outlined, with significant advancements expected in low-carbon process technologies from 2025 to 2035, followed by disruptive technologies from 2035 to 2050, and deep application of carbon removal technologies like CCUS from 2050 to 2060 [6][7] Recommendations for Accelerating Technology Deployment - The report suggests four key areas for breakthroughs: 1. Accelerating the planning and deployment of major carbon neutrality projects in key industrial sectors [7] 2. Enhancing the role of carbon markets and carbon finance in incentivizing industrial decarbonization [7] 3. Establishing technology-specific initiatives to promote research and demonstration of common carbon neutrality technologies [7] 4. Creating a supportive fiscal and tax policy framework to stimulate market activity for carbon neutrality technologies [7]