国信证券认为，金风科技作为全球风电整体解决方案龙头企业，成功携手马士基与赫伯特等航运企业促 进绿色能源转型。此次顺利投产绿色甲醇产能，为公司从风电解决方案向绿色能源解决方案的战略跃迁 奠定坚实基础。该行预期公司未来把握全球风电长期蓬勃发展的市场机遇，同时通过绿色甲醇打造第二 成长曲线，为公司参与全球绿色能源市场打开广阔空间。 金风科技（002202）(02208)早盘涨超5%，截至发稿，涨4.87%，报15.06港元，成交额1.02亿港元。 消息面上，据企业公众号报道，近日，金风绿能化工兴安盟绿氢制50万吨绿色甲醇项目气化炉一次投料 成功，顺利完成气化炉工艺现场验证，气化装置运行稳定，甲醇合成装置已经完成接气，目前该项目流 程已经全线贯通，并成功产出绿色甲醇。据了解，2025年9月国家能源局发布通知，公布了全国绿色液 体燃料技术攻关和产业化试点项目(第一批)名单。经争取，兴安盟金风科技绿氢制50万吨绿色甲醇(一期 25万吨/年)项目位列其中，成为全国首批绿色液体燃料技术攻关和产业化试点之一。 ...

事实上，一直以来，我国绿色燃料相对短缺。就航运业而言，在船舶能效指数（EEXI）与碳排放强度指数（CI I）的双重要求下，老 船绿色低碳改造、新船的技术创新虽不断取得进展，但绿色甲醇、绿氨等绿色燃料受技术不成熟、标准与认证体系不完善等因素影 响，产能和供应量远未达到商业规模。 江苏省可再生能源行业协会高级专家沈国民在接受《中国能源报》记者采访时指出，制约绿色液体燃料大规模推广的关键因素是尚未 建立绿色液体燃料市场体系。"新体系的建立需要漫长的过程，目前绿色液体燃料仍处在工业化示范阶段，还未形成商业化运行模式， 成本高于传统化石燃料成本。" 成本差距有多大？沈国民坦言，当前技术水平及原料价格水平下，绿色液体燃料成本大约是同类型传统化石燃料成本的2倍，想要具备 市场竞争力，要么对传统化石燃料征收碳税，要么绿色液体燃料得有绿色溢价。 "以可再生能源风光电制甲醇为例，成本与规模相关，以每年10万吨为例，加上固定资产（装置、建设、安装）折旧、公用工程、耗 材、人员费用等，可再生能源电制甲醇整体成本可以实现每吨2900元。但事实上，绿色甲醇即使以该成本进入传统甲醇市场，也没有 竞争优势，要想与传统甲醇持平、具备市场竞争力 ...

Core Viewpoint - The National Energy Administration of China has announced the first batch of pilot projects for green liquid fuel technology, with China Energy Construction (601868) selected for its integrated green hydrogen and ammonia project in Songyuan, which aims to promote the development of the green chemical industry and establish a replicable technology model for the hydrogen energy sector [1] Group 1 - The project by China Energy Construction is included in the first batch of national pilot projects for green liquid fuel technology [1] - The Songyuan hydrogen energy industrial park project will enable local consumption of green electricity and high-value conversion [1] - The initiative aims to facilitate the large-scale production of green hydrogen and ammonia, contributing to the standardization process of the domestic green hydrogen and ammonia industry [1]

Core Viewpoint - The document outlines various pilot projects focused on biofuels and green methanol, indicating a significant push towards sustainable energy solutions in the industry [2]. Group 1: Biofuel Projects - The National Investment Biofuel project aims to produce 30,000 tons per year of cellulose fuel ethanol [2]. Group 2: Green Methanol Projects - The Tuanan City wind power coupled biomass green methanol integrated project is highlighted [2]. - Jin Feng Technology's green hydrogen project plans to produce 500,000 tons of green methanol, with the first phase targeting 250,000 tons per year [2]. - The Andashi Tianying wind-solar-storage hydrogen methanol integrated project is also mentioned [2]. - Liaoning Huadian's 450,000 kW wind power hydrogen coupling green methanol integrated project is included [2]. - Lanzhou Dafeng Port's project aims for an annual production of 300,000 tons of green methanol [2]. Group 3: Green Ammonia Projects - The Envision Qincar Technology (Chifeng) Co., Ltd. is set to develop a zero-carbon ammonia project with a capacity of 1.52 million tons per year, with the first phase producing 300,000 tons per year of synthetic ammonia [2]. - The China Energy Construction Corporation's Songyuan hydrogen energy industrial park focuses on green hydrogen and ammonia integration [2]. - The Da'an wind-solar green hydrogen synthetic ammonia integrated project is also noted [2].

Core Viewpoint - The article emphasizes the importance of green liquid fuels, particularly green methanol and ammonia, in the transition to sustainable energy, highlighting various pilot projects aimed at demonstrating the feasibility and economic viability of these technologies [3][4]. Group 1: Pilot Projects Overview - The National Energy Administration has announced the first batch of pilot projects for green liquid fuel technology, including 9 projects focused on green methanol and green ammonia [3]. - Key projects include: - Tumen City wind power coupled biomass green methanol integration project - Goldwind Technology's green hydrogen production of 500,000 tons of green methanol (Phase 1: 250,000 tons/year) [4]. - An integrated project in Andash City for wind and solar energy storage hydrogen methanol [4]. - Liaoning Huadian's 450,000 kW wind power hydrogen production coupled with green methanol [4]. - Lanzhou Dafeng Port's annual production of 300,000 tons of green methanol [4]. Group 2: Technological Integration and Market Implications - These projects aim to create a complete closed loop of "green electricity - green hydrogen - green fuel," addressing the high costs and limited application scenarios of green hydrogen [4]. - The diverse applications of methanol and ammonia range from transportation fuels to industrial raw materials, positioning them as dual pillars for future green liquid fuels [4]. - The successful implementation of these projects is expected to provide a commercial outlet for large-scale consumption of fluctuating renewable energy, thereby enhancing China's competitive edge in the global green shipping fuel and industrial decarbonization markets [4].

Core Viewpoint - The National Energy Administration has announced the first batch of pilot projects for green liquid fuel technology, focusing on sustainable aviation fuel (SAF), sustainable diesel, biofuel ethanol, green methanol, and green ammonia [2] Summary by Relevant Sections Pilot Projects Overview - A total of 9 pilot projects have been announced, covering fuel ethanol, green methanol, and green ammonia, distributed across five provinces: Heilongjiang, Jilin, Inner Mongolia, Liaoning, and Jiangsu [2] - Among these, there are 8 projects specifically focused on green ammonia [2] Specific Projects - The projects include: 1. **Fuel Ethanol**: National Investment Bio 30,000 tons/year cellulose fuel ethanol project [4] 2. **Green Methanol**: - Tumen City wind power coupled biomass green methanol integrated project [4] - Goldwind Technology green hydrogen production 500,000 tons green methanol project (Phase 1: 250,000 tons/year) [4] - And other projects in Heilongjiang, Liaoning, and Jiangsu [4][5] 3. **Green Ammonia**: - Envision Zero Carbon Technology (Chifeng) 1.52 million tons/year zero-carbon hydrogen ammonia project (Phase 1: 300,000 tons/year synthetic ammonia) [4] - Other projects in Jilin and Inner Mongolia [4][5] Forum Information - A forum is scheduled for September 24-26, 2025, in Dalian, Liaoning, focusing on green methanol and related technologies [6] - The forum will feature discussions on the economic viability and development trends of green methanol, including key technology advancements and applications [8][9] Key Participants and Topics - The forum will include participation from government planning units, leading international ports, shipping companies, and green methanol production enterprises [9] - Topics will cover CO2 utilization, biomass gasification, and sustainable aviation fuel preparation technologies [8][9][11]

Core Viewpoint - The article discusses the development of green liquid fuels in Zhejiang Province, highlighting the government's initiatives and the potential for sustainable fuel production in the region [2][12][14]. Summary by Sections Government Initiatives - Zhejiang Province's Energy Bureau has announced the organization of the first batch of green liquid fuel technology research and industrialization pilot projects, following a similar initiative by the National Energy Administration [2][3]. Types of Green Liquid Fuels - The pilot projects focus on several types of sustainable fuels, including: - Sustainable Aviation Fuel (SAF) produced from biomass and renewable energy [3]. - Sustainable Diesel derived from biomass and renewable hydrogen [3]. - Biofuel Ethanol from agricultural waste [4]. - Green Methanol from biomass and renewable hydrogen [4]. - Green Ammonia produced using renewable hydrogen and nitrogen [5]. Current Development Status - As of December 31, 2024, there are 45 SAF projects in China with a total processing capacity exceeding 8 million tons per year, of which 1.07 million tons per year are already built [7]. - There are 119 green ammonia projects in total, with 91 projects disclosing a combined capacity of approximately 2.017 million tons per year [10]. - The total planned capacity for green methanol projects in China is over 52.57 million tons per year [10][11]. Regional Advantages - Zhejiang Province has a rapidly developing offshore wind power capacity, projected to reach 10.41 million kilowatts by 2025, and a significant solar power installation, providing ample renewable energy for green hydrogen production [12]. - The province is home to leading chemical companies, such as Rongsheng Petrochemical and Juhua Group, which are well-positioned to support the green liquid fuel industry [12]. - Ningbo-Zhoushan Port has initiated biofuel refueling trials, marking a significant step in the maritime sector's transition to green fuels [13]. Challenges and Future Outlook - Despite the advantages, challenges such as limited support policies, high costs, and resource constraints need to be addressed for Zhejiang Province to establish a competitive edge in the green liquid fuel sector [14].

Investment Rating - The report maintains a positive investment outlook on the photovoltaic and energy storage sectors, highlighting key companies such as Sungrow Power and Canadian Solar for continued recommendation [2][5]. Core Insights - The photovoltaic industry is transitioning from a state of excess supply to a more balanced market, driven by both policy support and self-initiated industry adjustments. The easing of US-China trade tensions is seen as a significant benefit for large-scale energy storage [2][5]. - In the wind energy sector, major contracts and investments are being made, indicating a robust growth trajectory for leading turbine manufacturers [5][6]. - The report emphasizes the integration of artificial intelligence in the power grid, suggesting that companies involved in grid informatization will benefit from this trend [7][8]. Summary by Relevant Sections Photovoltaic & Energy Storage - The photovoltaic sector is showing signs of recovery, with government policies aimed at resolving structural issues. The focus is shifting from forced interventions to voluntary industry cooperation [2][5]. - Key developments include the issuance of manufacturing standards by the Ministry of Industry and Information Technology and the publication of a white paper on artificial intelligence in the power sector [5][8]. - Recommended companies include Sungrow Power, Canadian Solar, and others that are expected to benefit from the easing of trade tensions and new pricing policies [5][8]. Wind Energy - Major contracts, such as a €1 billion order from a European offshore wind project, highlight the growth potential in this sector. The report anticipates nearly 20 GW of offshore wind projects to be tendered between 2025 and 2026 [5][6]. - Companies like Goldwind and Envision are expected to see improved profitability as they expand their international presence [5][6]. Electric Grid - The National Grid's white paper on artificial intelligence outlines a comprehensive plan for integrating AI into power production, which is expected to enhance operational efficiency [7][8]. - The report notes that the upcoming high-voltage direct current projects are set to commence in December 2025, indicating a significant investment phase for related companies [7][8]. New Energy Vehicles & Lithium Batteries - The report indicates a slowdown in year-on-year growth for new energy vehicles, with a current growth rate of approximately 5%. However, a month-on-month increase of 30% suggests seasonal fluctuations are normal [3][9]. - The reduction of tariffs on lithium batteries is expected to boost exports to the US, with companies like BETTERRY and Guoxuan High-Tech launching new solid-state battery products [3][11]. Hydrogen and Fuel Cells - The development of green liquid fuels is gaining momentum, with pilot projects being initiated in Jiangsu province. This is expected to create new opportunities in the hydrogen sector [10][12]. - The report highlights the importance of hydrogen highways as a key application for hydrogen vehicles, with several provinces implementing toll exemptions to promote this initiative [10][12].