前言 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ①这个"能源金属"仍处近五年周期底部，2026年供给端或迎明显收缩，这家公司已实现资源全链条布 局、在项目投资规模上形成明显壁垒；②签署8亿元绿色甲醇重大合同，这家公司布局多种绿色氢氨醇产 业设备、全链条供应能力得到验证，有望受益绿醇设备年均百亿市场空间。 ...

Investment Rating - The investment rating for the company is maintained at "Neutral" [2][15]. Core Insights - The company signed a significant contract worth 815 million yuan with its controlling shareholder, Huadian Group, to supply core equipment for a green methanol project in Liaoning, marking a new growth opportunity [3][7]. - The green methanol production capacity in China is expected to reach 10 million tons by 2030, with an average annual increase of 2 million tons [4][11]. - The market for green methanol equipment is projected to exceed 13 billion yuan annually, with the company positioned to benefit from this growth [4][9]. Summary by Sections Contract Details - The contract includes the supply of electrolyzers, CO2 compression and purification, methanol synthesis and processing, and storage tanks for the integrated demonstration project [3][7]. - The contract structure consists of three main components: hydrogen system equipment (649 million yuan), CO2 treatment and methanol system equipment (124 million yuan), and storage tank equipment (42 million yuan) [8]. Market Potential - The annual investment in green methanol equipment is estimated at 13 billion yuan, with specific allocations for CO2 treatment and methanol synthesis equipment (2.1 billion yuan), hydrogen and CO2 storage tanks (800 million yuan), and hydrogen system investments (10.1 billion yuan) [4][10]. - The company’s full-chain equipment for electro-methanol production is applicable to all green methanol projects, enhancing its market position [9]. Company Performance - In the first three quarters of 2025, the company reported a revenue of 6.534 billion yuan, a year-on-year increase of 32.6%, and a net profit of 120 million yuan, up 11.6% [6][14]. - The gross margin for the same period was 11.0%, reflecting a year-on-year increase of 1.8 percentage points [14]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 205 million yuan, 296 million yuan, and 326 million yuan respectively, reflecting growth rates of 78%, 44%, and 10% [15].

12月10日，深圳港集团与中国广核新能源控股有限公司（简称中广核新能源）举行合作签约仪式。深圳 港集团副总裁彭洪波与中广核新能源广东公司总经理潘天国代表双方签署协议。 根据协议，双方将按照"海上风电+综合能源+港产城"一体化发展模式开展深度合作，携手重点推进海 上风电基地、海上综合能源岛、风电运维母港及华南绿色船燃加注交易中心等一批标杆性项目建设，共 同打造集项目开发、专业运维、产业集聚与能源应用于一体的合作新范式。 签约仪式前，双方围绕海洋新能源非电利用、海上风电集约化无人化运维、绿色船舶燃料产供销一体化 平台建设等前沿领域进行了深入探讨。 深圳港集团党委书记、董事长胡朝阳谈到，深圳港集团已构建起"港口枢纽+物流通道+贸易网络"的现 代化服务体系，正全力推动港航智慧化、绿色化转型，将为双方合作发展海洋新质生产力提供坚实保 障。 深圳港集团与中广核新能源在推动绿色低碳发展与产业数字化方面目标高度一致，资源与能力优势互 补，具备构建可持续、共赢战略伙伴关系的坚实基础。 本次签约，双方将加快构建优势互补、互利共赢的长效合作机制，通过资源共享与技术协同，提升区域 海上风电运维保障能力，推动绿色能源产业高质量发展，为 ...

Core Insights - The conference in Inner Mongolia focused on building a new ecosystem for the "green hydrogen-based chemical" industry, highlighting innovative technologies in the hydrogen fuel and chemical industry chain [1] Group 1: Green Hydrogen Technology - Goldwind Technology's Director of Hydrogen Electric System Solutions, Yang Yutao, presented on innovations in power supply technology for green hydrogen production, covering six key areas including energy planning and simulation, grid technology, power conversion technology, smart energy management, and practical service solutions [1][2] - Goldwind's "power grid construction technology" adapts well to frequency and voltage changes in the grid, providing stable power supply. The green hydrogen IGBT power system offers advantages such as good grid adaptability, strong anti-interference capability, low output current ripple, and adjustable power factor. Compared to traditional thyristor power systems, the IGBT system improves power factor by over 5%, system efficiency by over 2%, and response time by over 10 times, providing a replicable path for cost reduction and efficiency enhancement in green hydrogen production [3] Group 2: Wind Power Hydrogen Production - Haide Hydrogen Energy's General Manager, Dr. Yao Changsheng, addressed the challenges of unstable wind power output in hydrogen production. He highlighted the limitations of traditional electrolyzer technology in fluctuating hydrogen production scenarios, such as low load operation difficulties and low gas production efficiency. Haide has developed the "Hydrogen Boat X series electrolyzer," which operates safely within a load fluctuation range of 10%-120% and achieves over 97% current efficiency, marking a breakthrough in electrolyzer technology for wind power hydrogen production [3] Group 3: Biomass Gasification Technology - Beijing Fupeng Technology's Chief Engineer, Guan Qingliang, introduced the "Fupeng Furnace Biomass Gasification Technology," characterized by high gasification pressure, large production capacity, high carbon conversion rate, and low wastewater discharge. This technology utilizes a high-pressure pure oxygen fluidized bed gasification process, achieving a gasification pressure of 3.0 MPa and a production capacity compatible with 250,000 tons/year of methanol. It has been applied on a large scale in Goldwind's green hydrogen project producing 500,000 tons of green methanol, providing an innovative solution for resource utilization and diversification of raw materials in the green hydrogen and ammonia industry [6] Group 4: Carbon Management Solutions - Endmu and Ran Consulting's partner, Wang Kun, focused on "biomass energy ISCC EU certification and comprehensive carbon management solutions." He emphasized that carbon certification and comprehensive carbon management are essential for market regulation and driving corporate green transformation. The best practices for green certification and comprehensive management require integrating digital carbon management, intelligent production operation systems, and measurement systems with business models [8] Group 5: Industry Collaboration and Innovation - The technology showcase featured four companies covering key areas such as green hydrogen power technology, fluctuating wind power hydrogen production, biomass gasification, and carbon certification management. This demonstrated the innovative vitality at the forefront of the industry. The deep integration of cutting-edge technology and practical applications not only provides diverse technological options for the development of the green hydrogen and ammonia industry in Inner Mongolia but also establishes a bridge for technical exchange and cooperation among enterprises, injecting strong innovative momentum into the industry ecosystem [9]

Group 1: Financial and Market Developments - The fourth China-Germany high-level financial dialogue welcomed qualified companies listed on the Shanghai and Shenzhen stock exchanges to issue Global Depositary Receipts (GDR) on the Frankfurt Stock Exchange, and vice versa for Frankfurt-listed companies to issue Chinese Depositary Receipts (CDR) [1][1] - In October 2025, the foreign exchange market in China maintained a basic balance in supply and demand, with net inflows from goods trade remaining high [1][1] - The Ministry of Finance reported that from January to October 2025, the national general public budget revenue was 186,490 billion yuan, a year-on-year increase of 0.8%, while expenditure was 225,825 billion yuan, a year-on-year increase of 2% [1][1] Group 2: Industry-Specific Developments - The seven departments, including the Ministry of Commerce, issued a notice to promote the "East Silk West Solid" initiative in the silk industry, aiming for a total output value of over 300 billion yuan by 2028 [1][1] - China National Chemical Corporation's subsidiary signed a sales contract for 2.66 GWh of energy storage products [3][3] - China Railway Construction Corporation recently won eight major projects with a total value of 496.29 billion yuan [3][3] Group 3: Corporate Announcements - Ningde Times announced a preliminary transfer price of 376.12 yuan per share for its inquiry transfer, with 45,632,363 shares fully subscribed by 16 institutional investors [3][3] - Yili Group committed to distributing at least 75% of its net profit as cash dividends from 2025 to 2027 [3][3] - China Eastern Airlines reported a 10.58% year-on-year increase in passenger turnover for October [3][3]