Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The delivery of the world's first methanol dual-fuel intelligent super-large oil tanker, designed and built in China, marks a significant step in the intelligent and green development of the shipbuilding industry, reinforcing China's competitive advantage in the global shipbuilding market [6] - A memorandum of cooperation was signed among CIMC Green Energy, a subsidiary of CIMC, and strategic partners to develop a green methanol industry chain project in Hainan Province [6] - The first large-scale biomass methanol project in China has commenced operation, utilizing advanced biomass gasification technology [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 18.64% compared to the CSI 300 index, with an absolute return of 36.05% [3] Green Methanol Overview - Green methanol is defined based on renewable sources for hydrogen and carbon dioxide, including biomass and electrochemical methods [6] - The advantages of biomass methanol production include high sustainability, carbon reduction efficiency, and mature technology, while challenges include gasification efficiency and cost [6] - The global demand for green methanol in the shipping sector is projected to reach 100 million tons by 2030, with a market size of 400 billion yuan [6] Investment Recommendations - Recommended companies in the green methanol supply chain include Goldwind Technology, CIMC, Fuke Technology, and China Tianying [7] - Midstream equipment companies to watch include Aerospace Engineering, Donghua Technology, and Taiyuan Heavy Industry [7]

Core Viewpoint - The company plans to establish a green methanol industry chain and address storage and export issues for green hydrogen-based energy products in Northeast China through a new subsidiary [1] Group 1: Company Actions - The company, through its subsidiary Guodian Investment Future Energy Development (Shanghai) Co., Ltd., will participate in the establishment of Dalian COSCO Shipping New Energy Storage and Logistics Co., Ltd. [1] - Guodian Investment Future will hold a 10% stake in the new company, with a subscribed capital contribution of 37.825 million yuan [1]

Core Viewpoint - The company plans to establish a green methanol industry chain and address storage and export issues for green hydrogen-based energy products in Northeast China through a new subsidiary [1] Group 1: Company Initiatives - The company will participate in the establishment of Dalian COSCO Shipping New Energy Storage and Logistics Co., Ltd. through its subsidiary, State Power Investment Future Energy Development (Shanghai) Co., Ltd. [1] - State Power Investment Future will hold a 10% stake in the new company, with a subscribed capital contribution of 37.825 million yuan [1]

吉电股份公告称，为建设绿色甲醇产业链，解决东北地区绿色氢基能源产品仓储及出海问题，其所属子 公司国电投未来拟参股新设大连中远海运新能源仓储物流有限公司，暂定注册资金3.78亿元。国电投未 来按持股比例10%，认缴出资3782.5万元，资金为自有资金。2025年11月13日，公司董事会已审议通过 该议案，投资不构成重大资产重组和关联交易。此次投资或面临合作方未同比例出资风险，公司已制定 应对措施。 ...

Core Viewpoint - The operation marks the first domestic green methanol fuel bunkering at Shanghai Yangshan Port, showcasing the port's capability to provide a full supply chain service for domestic green methanol [1][3] Group 1: Company Developments - The methanol bunkering vessel "Haigang Zhiyuan" is currently the largest operational methanol bunkering ship in China [3] - The vessel is set to pioneer the bunkering of green methanol fuel for international container ships at Chinese ports starting April 2024 [3] - The current bunkering operation involves approximately 2,900 tons of domestically produced green methanol, which can reduce greenhouse gas emissions by 70% [1][3] Group 2: Industry Impact - The operation is a significant step in promoting the construction of China's green methanol industry chain and provides a "Chinese solution" for the energy transition and sustainable development in the shipping industry [3] - The integrated management platform of the company facilitates seamless coordination across the entire methanol fuel supply chain, enhancing operational efficiency [3] - Future plans include deepening collaboration with upstream and downstream enterprises in the industry chain to establish Shanghai Port as a global "green refueling station" for shipping [3]