智通财经APP获悉，华安证券发布研报称，根据在手甲醇动力集装箱船订单，预计到2030年这些订单释 放后绿色甲醇需求量将在900万吨以上。我国亦积极推广绿色甲醇应用，港口加注业务配套加速。目前 绿色甲醇行业正处于从示范走向商业化的关键阶段。随着更多项目投产、绿电成本下降以及工艺优化， 绿色甲醇的经济性有望持续提升，从而刺激需求提升。国内产能投产后需获得ISCC等国际认证，当前 获得认证的企业并不多，拥有技术领先性、成本优势的企业有望在早期获得先发优势。 华安证券主要观点如下： 航运业碳减排迫在眉睫，绿色甲醇或将成为关键 绿色甲醇是一种低碳或零碳排放的液体燃料。绿色甲醇指生产时所需氢气和二氧化碳均来自可再生资源 的甲醇，除了拥有良好的燃烧特性和储运安全便捷的特点外，其全生命周期碳排放在理想情况下可接近 零甚至负值，因此是一种良好的绿色燃料。 航运业碳排放受到国际重视，IMO净零排放法案有望在10月获得通过，将推动绿色甲醇产业发展。国际 海事组织(IMO)在2025年4月通过净零排放框架草案，草案要求航运业2030年碳排放比2008年减少至少 20%，2050年左右实现净零排放，并可能对未达标船舶征收罚金，该方案有 ...

格隆汇9月30日丨佛燃能源(002911.SZ)在互动平台表示，公司与香港中华煤气计划通过自有资金投资、 贷款融资及引进战略投资者等方式实现100亿元人民币的投资额，通过股权收购或投资设立的方式，规 划打造合计产能为100万吨/年的绿色燃料及化工供应池。目前，公司与香港中华煤气共同合作收购的内 蒙古易高煤化科技有限公司已实现5万吨/年绿色甲醇产能并批量销售，后续将投入资金对现有甲醇生产 线进行改造，最终形成30万吨/年绿色甲醇产能。 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银年会： 2025势银氢燃年会（1月6-8日，宁波） 点此报名 添加文末微信，加 绿色燃料 群 9月，中国绿氨/绿色甲醇动态涵盖 开工、签约、备案、招/中标、认证 等全环节。从动态数量上 看，绿色甲醇领域尤为突出，共有10项重大进展。与此同时，氢氨醇一体化项目也展现出强劲势 头，共有8个动态，体现了"电-氢-醇-氨"协同发展的产业趋势。相对而言，纯绿氨项目数量较少， 为4项，但其中包含了由交通运输部牵头的供应链倡议，预示着绿氨作为未来船用燃料的巨大潜 力。 发展呈现三大特点： 一是投资规模巨大，多个项目投资超数十亿，年产能达十万吨级以上；二是 技术路线多元化与产业链协同深化，项目普遍采用"风光发电+电解水制氢+二氧化碳/生物质合 成"的技术组合，ALK与PEM电解槽技术均有应用。三是政策与市场双轮驱动，国家试点、国际认 证与长期采购合同共同推动产业落地。 9月21日，华电调兵山风电制氢耦合10万吨绿色甲醇示范项目开工。该项目总投资39.45亿元，项目 计划建设450MW风力发电;295MW电解水制氢（计划采用"华电氢能" 3 ...

Core Viewpoint - The article highlights the significant progress and investment in hydrogen energy projects in Liaoning, particularly the launch of the 100,000-ton green methanol demonstration project by China Huadian Corporation, which is a key initiative for local energy transformation and revitalization [3][5]. Group 1: Project Overview - The Huadian project involves a total investment of 3.945 billion yuan, which includes the construction of a 450 MW wind farm, a 295 MW hydrogen production and storage facility, an 80 MW/80 MWh energy storage station, and a 100,000-ton/year methanol synthesis plant [3]. - The project aims to produce 19,000 tons of green hydrogen and 100,000 tons of green methanol annually [3]. Group 2: Project Development Progress - Significant milestones for the project include the release of the hydrogen and methanol portion design service tender in January, the start of procurement negotiations in June, and the project's selection as a national pilot for green liquid fuel technology in August [6]. - The project has entered a critical construction phase with the announcement of the EPC general contracting tender in early September [6]. Group 3: Strategic Focus - The company emphasizes a development strategy of "promoting industry through projects," actively attracting equipment manufacturing enterprises related to hydrogen production to settle in Tieling, thereby supporting local energy transformation [5].

Core Insights - The global shipping industry is experiencing a surge in demand for green fuels to meet the International Maritime Organization's (IMO) 2050 net-zero emissions target, but the supply capacity and scalability of biofuels and other green fuels are severely lacking, leading to a widening supply-demand gap that poses challenges to achieving net-zero emissions [1][2] - The CEO of the American Bureau of Shipping (ABS) emphasized that the ability of the shipping industry to achieve net-zero emissions by 2050 remains uncertain, highlighting the critical role of liquefied natural gas (LNG) and biofuels in this process [1] - A report titled "Vision and Reality" released by ABS indicates that the core issue with biofuel application is not technological but rather the limited and controversial supply of sustainable raw materials [1] Industry Challenges - The shipping industry's decarbonization faces a significant issue of "misalignment between targets and supply," where decarbonization goals are increasing while the production of green fuels is growing slowly [2] - Key signals affecting investment decisions, such as regulatory policies, fuel pricing, penalty mechanisms, supply stability, and scalability potential, are progressing at inconsistent paces, further constraining the development of the green fuel industry [2] Cost Analysis - From a cost perspective, biofuels are currently the cheapest option among all green fuels, with a price premium of approximately 1.5 to 3 times compared to very low sulfur fuel oil (VLSFO) [2] - Green methanol has a price premium of 2 to 4 times, while green ammonia and green hydrogen have even higher premiums ranging from 3 to 8 times [2]

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the acceleration of solid-state battery commercialization, driven by new model releases and the upcoming sales peak for new energy vehicles, with expectations for domestic sales to maintain high growth through 2025, boosting demand for batteries and materials [1] - In the photovoltaic sector, the report emphasizes a "anti-involution" strategy as the main investment theme, with rising prices for upstream materials such as silicon, wafers, and batteries, and a focus on the economic viability of photovoltaic power stations [1] - The report notes a high demand for energy storage, with a target of 180 million kilowatts of new energy storage capacity by 2027, suggesting a focus on large-scale integrated storage manufacturers [1] - In the hydrogen energy sector, the report mentions ongoing projects for green liquid fuel technology and the establishment of integrated hydrogen and ammonia projects, indicating potential premium pricing for green fuels in the early stages of development [1] Summary by Sections New Energy Vehicles - The report anticipates continued high growth in domestic new energy vehicle sales, driven by new model releases and seasonal sales peaks, which will increase demand for batteries and materials [1] Photovoltaic Industry - The report maintains that the photovoltaic investment theme is centered around "anti-involution," with rising prices for upstream materials and a focus on the economic aspects of photovoltaic power generation [1] - The report discusses the impact of new national standards on silicon and germanium energy consumption, which may lead to a contraction in upstream capacity [1] Energy Storage - The report outlines a clear target for new energy storage capacity to reach 180 million kilowatts by 2027, indicating sustained high demand in the sector [1] - It suggests focusing on large-scale integrated storage manufacturers due to the expected growth in storage needs [1] Hydrogen Energy - The report highlights the development of green liquid fuel technology and integrated hydrogen projects, indicating a potential for premium pricing in the early stages of the green fuel market [1]

Core Viewpoint - The company has signed a green methanol sales contract worth approximately 40 million USD per year, with potential to increase supply to a maximum of 120 million USD per year, enhancing its competitiveness in the green fuel sector [1] Group 1 - The contract was signed with a subsidiary of China Shipbuilding Industry Trading Co., Ltd. [1] - The agreement allows for an increase in supply based on customer demand, indicating flexibility in operations [1] - This contract supports the company's strategic shift from wind power to green fuel, creating an integrated "wind power + green fuel" industry chain [1]

Core Viewpoint - The company has signed a green methanol sales contract worth approximately 40 million USD per year, with potential to increase supply to a maximum of 120 million USD per year, enhancing its competitiveness in the green fuel sector [1] Group 1 - The contract was signed with a subsidiary of China Shipbuilding Industry Trading Co., indicating a strategic partnership in the green fuel market [1] - The agreement allows for an increase in supply based on customer demand, showcasing flexibility in operations [1] - This move supports the company's transition from wind power to green fuel, aiming to create an integrated "wind power + green fuel" industry chain [1]

Core Viewpoint - The company,卓越新能, has transitioned its refinancing project status to "registered submission" as of September 15, indicating progress in its non-public stock issuance aimed at raising funds for green fuel production [2] Group 1: Fundraising Details - The company plans to issue 7,190,795 shares at a price of 41.72 yuan per share, aiming to raise a total of 300 million yuan [2] - The underwriting institution for this non-public offering is 华福证券 [2] Group 2: Project Objectives - The funds raised will be used for projects that can flexibly adjust the output of HVO (Hydrotreated Vegetable Oil) and SAF (Sustainable Aviation Fuel) based on market demand [2] - The production process will utilize waste oils and advanced biochemical technology to create green fuels, aligning with the company's strategy for sustainable development [2] Group 3: Strategic Implications - The implementation of this project is expected to enrich the company's product structure, expand its operational scale, and enhance profitability and overall competitiveness [2] - This initiative supports the company's long-term sustainable development goals and is consistent with its strategic development plan [2]

Core Viewpoint - The development of green methanol as a fuel for shipping is gaining momentum, with Shanghai positioning itself as a key hub for green fuel supply and infrastructure, aiming to meet international emissions reduction targets and enhance its role in global shipping [3][5][31]. Group 1: Green Methanol Development - The first methanol dual-fuel container ship, "COSCO Shipping Yangpu," has successfully refueled with 1,000 tons of domestically produced green methanol at Shanghai Yangshan Port, marking a significant step in establishing a complete domestic green methanol supply chain [1][6]. - The International Maritime Organization (IMO) has approved a framework for net-zero emissions in global shipping, requiring ships over 5,000 tons to reduce emissions in phases, aiming for net-zero by 2050 [3][4]. - Shanghai aims to establish a green fuel supply system by 2030, with plans for a green fuel refueling service center and a green fuel trading center [4][5]. Group 2: Infrastructure and Capacity - Shanghai Port has become one of the few ports globally capable of simultaneously providing green methanol and LNG refueling services, with a significant increase in methanol refueling operations in recent years [6][8]. - The port has received nine applications for methanol refueling from ocean-going vessels this year, with a total refueling volume exceeding 32,500 tons, a substantial increase from just over 500 tons last year [6][9]. - The domestic green methanol production capacity is projected to reach approximately 12 million tons by 2030, accounting for nearly 50% of the global market [9][12]. Group 3: Challenges and Solutions - The green fuel sector faces a "supply-demand dual challenge," where a lack of stable supply discourages investment from shipowners, while unclear demand prevents producers from expanding [10][19]. - The cost of green methanol production is currently high, with estimates suggesting a potential increase of 340% to 350% in fuel costs when transitioning from traditional low-sulfur fuel to green methanol [14][15]. - The industry is exploring solutions to reduce costs, such as optimizing production processes and establishing centralized biomass resource utilization [17][18]. Group 4: Collaborative Efforts and Future Outlook - Collaborative projects among state-owned enterprises and local companies are underway to build a comprehensive green methanol supply chain, covering production, transportation, and refueling [9][22]. - The establishment of green shipping corridors, such as the Shanghai-Los Angeles corridor, aims to facilitate the adoption of green fuels and reduce emissions along key trade routes [26][28]. - The growth of green fuel demand and the establishment of stable supply chains are expected to create new economic opportunities and reshape the energy landscape [31].