以下文章来源于日经中文网 ，作者日经中文网 日经中文网 . 编制日经指数的《日本经济新闻》的中文版。提供日本、中国、欧美财经金融信息、商务、企业、高科技报道、评论和专栏。 日本出身的自然科学领域诺贝尔奖得主（含外籍者）至此增至27人。这继大阪大学特任教授坂口志文获得2025年诺贝尔生理学或 医学奖之后，又一位日本科学家获奖。化学奖方面，这是继2019年旭化成名誉研究员吉野彰之后的第9位日本获奖者。 此次的获奖理由为"金属有机框架结构（MOF）的开发"。除北川进外，另外两位获奖者是澳大利亚墨尔本大学的理查德·罗布森 （Richard Robson，88岁）和美国加州大学伯克利分校的奥马尔·亚吉（Omar Yaghi，60岁）。 MOF是一种能够高效分离、回收和储存气体等物质的技术，目前全球研究进展迅速，产业应用也在扩大。该材料内部布满微孔， 每克的比表面积堪比一个足球场，可大量吸附特定分子。目前已在保持水果新鲜、半导体制造等领域实现实用化，而今后被寄予 厚望的是在脱碳领域的应用。 如果能利用MOF从工厂废气或空气中分离、回收二氧化碳，将大幅减少温室气体排放。然而，目前的分离方法成本较高，成为课 题。MOF不仅制 ...

Core Insights - The European Hydrogen Association's report indicates that by 2030, Europe will only be able to produce and import enough clean hydrogen to meet about 60% of regulatory requirements, resulting in a supply gap of approximately 1.1 million tons, which poses a threat to the region's decarbonization goals [1][2] Group 1: Hydrogen Demand and Supply - By 2030, the EU's hydrogen demand is projected to reach 2.8 million tons due to regulations such as the Renewable Energy Directive (III) and the EU Aviation and Maritime Fuel Directives [1] - The domestic electrolysis hydrogen production is expected to reach only 1.43 million tons, with an additional 250,000 tons expected from imports, leading to a total hydrogen supply of about 1.7 million tons by 2030 [1] Group 2: Project Development and Investment - The report highlights a significant slowdown in project development, with only 517 megawatts of electrolysis capacity expected to reach final investment decision between September 2024 and July 2025, compared to 730 megawatts in the third quarter of 2024 alone [2] - The EU has failed to meet its target of deploying 6 gigawatts of electrolysis capacity by 2024, with only 2.84 gigawatts currently under construction, representing just 26% of the capacity needed by 2030 [2] - Germany leads in hydrogen project development with 993 megawatts of capacity in progress, while 94% of planned hydrogen capacity in Europe is concentrated in eight countries, indicating an uneven distribution of hydrogen investment across the continent [2] Group 3: Regulatory and Economic Uncertainties - As of August 2025, only four out of the 27 EU member states have fully or partially implemented the Renewable Energy Directive (III), creating uncertainty regarding actual hydrogen demand and project economics [2] - The lack of clarity in implementation details and insufficient incentives for businesses have particularly impacted the industrial sector's hydrogen demand of 1.3 million tons per year [2]

摘要 下游绿色甲醇需求激增，主要由欧盟和 IMO 的脱碳规则驱动，船东为降 低合规成本，愿意支付"绿色溢价"，推动绿色甲醇市场发展。目前灰 色甲醇价格在 2,200-2,500 元/吨，而国际绿色甲醇价格已超 1,000 美 元/吨。 绿色甲醇主要有三种制备路线：生物质、生物质耦合绿氢、碳捕集与绿 氢结合。生物质路线成本在 3,000-3,500 元/吨，生物质耦合绿氢路线 成本略高，纯电制甲醇成本高达 5,000 元以上，经济性较差，灰色甲醇 成本仅 2000-2,500 元/吨。 欧盟将航运业纳入碳排放交易体系，并实施海运燃料条例，促使船运行 业采用替代燃料。目前已有 72 艘绿色甲醇动力船下水，在建订单超 340 艘，预计 2026 年底下水数量超 300 艘，对应需求接近 900 万吨。 国际海事组织禁磷框架规则将覆盖全球 97%的商船吨位，要求逐年降低 航运业碳排强度，不达标者需支付高额费用，进一步推动全球航运业采 用替代燃料，实现脱碳目标。 预计 2030 年绿色甲醇需求将达 2000 万吨，但当前全球产能较低， 2025 年底预计不超过 100 万吨，中国约 50 万吨。自 2024 下半年起， ...

京都大学的北川进教授（2014年，头衔为当时） " 金属有机框架结构(MOF) " 是一种能够高效分离、回收和储存气体等物质的技术，目前全 球研究进展迅速，产业应用也在扩大。 今后被寄予厚望的是在脱碳领域的应用…… 此次的获奖理由为"金属有机框架结构（MOF）的开发"。除北川进外，另外两位获奖者是澳 大利亚墨尔本大学的理查德·罗布森（Richard Robson，88岁）和美国加州大学伯克利分校 的奥马尔·亚吉（Omar Yaghi，60岁）。 MOF是一种能够高效分离、回收和储存气体等物质的技术，目前全球研究进展迅速，产业应 用也在扩大。该材料内部布满微孔，每克的比表面积堪比一个足球场，可大量吸附特定分 子。目前已在保持水果新鲜、半导体制造等领域实现实用化，而今后被寄予厚望的是在脱碳 领域的应用。 瑞典皇家科学院于10月8日宣布，2025年诺贝尔化学奖授予日本京都大学特别教授北川进 （74岁）等3位科学家。评审委员会评价称，他们在"金属有机框架（MOF）"材料方面的研 究成果具有开创性，可将特定物质封装在结构内部，对脱碳、药物研发以及化学等多个产业 领域的发展作出了重要贡献。 日本出身的自然科学领域诺贝尔奖 ...

Core Viewpoint - Australian miner Fortescue is witnessing significant interest in its decarbonization-related offerings, as stated by Executive Chairman Andrew Forrest [1] Group 1: Company Insights - Fortescue is actively engaging in decarbonization initiatives, which are attracting strong market interest [1] - The company is positioning itself to challenge existing market leaders in the decarbonization space [1] Group 2: Industry Context - The growing focus on decarbonization reflects a broader industry trend towards sustainable practices and reducing carbon footprints [1] - Fortescue's efforts align with global demands for cleaner energy solutions and responsible mining practices [1]

ITT FY Conference Summary Company Overview - **Company**: ITT Inc. (NYSE: ITT) - **Date of Conference**: September 18, 2025 Key Points Industry and Market Position - ITT has experienced strong orders growth in Q2, indicating a positive trajectory for the company moving forward [3][4] - The automotive segment has seen a significant shift, with its contribution to EBIT decreasing from over 60% to approximately 30%, and projected to be around 20% by 2030 [4][5] - ITT aims for long-term targets of 5% organic growth, 10% total growth, and an operating margin of 23% or more [5] Financial Performance - ITT generated a free cash flow margin of 14% in Q2, which supports ongoing investments in R&D and M&A [3][6] - The company repurchased $500 million in shares this year, indicating a strong capital allocation strategy [18] Organic Growth Strategy - ITT has made significant investments in high-performance products across its segments, including automotive and industrial applications [9][10] - The automotive business has outperformed the market by approximately 700 basis points over the last decade, with market shares in Europe, China, and North America at 31%, 27%, and a healthy position respectively [10][11] - Major investments include a $50 million plant for high-performance vehicles, resulting in a 5% market share gain in that segment within 18 months [11][12] Inorganic Growth Strategy - ITT is actively pursuing M&A opportunities, focusing on high-margin businesses and establishing strong relationships with potential targets [14][15] - The company has a healthy M&A funnel and aims to deploy capital for acquisitions in the near future [15][16] Market Dynamics - The automotive market is expected to remain flat in production year-over-year, with China showing resilience while Europe and North America may decline [24][25] - ITT has maintained a strong market share in the automotive sector, with a focus on original equipment (OE) rather than aftermarket sales [23] Industrial Products (IP) Segment - The IP segment is experiencing moderate growth, particularly in spare parts, while the long-cycle business has seen a decline in the order funnel due to previous high order volumes [40][41] - The backlog for ITT stands at approximately $1.2 billion, with a significant portion expected to convert into revenue in 2025 and 2026 [47][48] Decarbonization Efforts - ITT is positioned to support customers in decarbonization efforts, particularly in oil and gas, with solutions that prevent flaring and enhance carbon capture [49][50] - The marine segment, particularly Svanehøj, is benefiting from a shift towards cleaner fuels like LNG and ammonia [50] Aerospace and Defense - The CCT segment, while smaller, has shown growth potential, particularly in defense applications [54][58] - ITT is negotiating new pricing terms with Boeing, aiming to adjust for increased material costs since previous contracts were set [56][57] Conclusion - ITT is strategically positioned for growth through a combination of organic and inorganic initiatives, with a strong focus on innovation, market share expansion, and capital allocation to enhance shareholder value [3][5][14]

Core Points - The European Bank for Reconstruction and Development (EBRD) will provide a loan of €65 million to the Moroccan Credit Bank (CDM) under the Green Economy Financing Facility (GEFF+) [1][2] - The funding consists of two independent loans: €40 million from the MidGEFF and €25 million from the third phase of GEFF (GEFF III) [1] - The financing aims to support medium-sized private enterprises in renewable energy, energy efficiency, sustainable infrastructure, wastewater treatment, seawater desalination, and circular economy projects [1] Group 1 - The MidGEFF loan includes €32 million from Canada through the High Impact Climate Partnership (HIPCA) [1] - The GEFF III loan focuses on small and medium-sized enterprises, with funding directed towards small-scale renewable energy, energy efficiency, green buildings, circular economy, climate adaptation, digital innovation, and blue economy development [1][2] - EBRD will also provide technical assistance to enhance project assessment, implementation, and monitoring capabilities of the Moroccan Credit Bank, funded by the Green Climate Fund and the EU [1] Group 2 - The EU will offer incentive grants to enterprises meeting GEFF III financing conditions to encourage the adoption of low-carbon green technologies and services [2] - A special training program for women entrepreneurs will be established to provide professional guidance in green finance and sustainable technology for those obtaining GEFF III loans [2] - The collaboration between EBRD and the Moroccan Credit Bank aligns with the Green Partnership Agreement signed between Morocco and the EU, focusing on energy transition, decarbonization, and enhancing climate change resilience [2]

同时，施伦茨认为欧盟决策者需要采取"果敢行动"。她指出，当前部分立法及其实施并没有给化工行业 提供支持，特别是《碳边境调节机制》(CBAM)和《欧洲绿色新政》，现行CBAM机制对聚合物等复杂 价值链并不适用，违背了设计初衷。绿色新政的愿景虽好，但在实施路径规划上陷入了过度细节化的困 局。她特别指出，这是欧盟碳排放交易体系(EU ETS)的问题，该体系正在推动去工业化而非脱碳，如 果缺乏支持脱碳的基础条件，EU ETS就只是成本负担。 在同一场讨论中，阿科玛集团高级副总裁理查德·詹金斯强调，在监管目标方面，美国政府与行业的协 同性远高于欧盟，欧盟则需在"目标设定"和"实施路径"上达成共识。他同时指出，中国在可持续发展某 些领域已领先欧洲，比如在电气化方面更为先进，且拥有绿色能源盈余，欧洲实现脱碳仍需规模化推 进。 施伦茨称："目前的情况是大量进口产品涌入，我们的市场蛋糕正在缩小。"施伦茨指出，欧洲正在进行 化工厂合理化调整，但迄今宣布的产能削减规模相对于全球产能来说仍微不足道。"仅减少4%的乙烯产 能，这无法从根本上解决问题。"她强调，消费者需求复苏至关重要，人们已不再像从前那样大量购买 商品。化工行业需要快速 ...

Core Viewpoint - Jindal Steel International has made an offer to acquire the European steel assets of Thyssenkrupp AG, emphasizing a commitment to green steel production and decarbonization in Germany and Europe [1][2]. Group 1: Acquisition Proposal - Jindal Steel aims to preserve and grow Thyssenkrupp's 200-year industrial legacy, transforming it into Europe's largest integrated low-emission steelmaker [2]. - The company has presented a forward-looking plan that includes completing the DRI project in Duisburg and adding new electric arc furnace capacity, supported by a financial commitment exceeding €2 billion [3]. Group 2: Financial Performance - In 2024-25, Jindal Steel reported revenues of approximately €12 billion with an EBITDA margin of 22% [2]. - The investment capacity and global network of Jindal Steel are positioned to ensure a strong and competitive future for Thyssenkrupp Steel in Europe, facilitating participation in global growth and corporate synergies [3].

Core Viewpoint - Fortescue Metals Group is advancing a green iron project that utilizes green hydrogen to reduce iron ore into green iron, emphasizing its commitment to decarbonization and aiming for net-zero carbon emissions by 2040, which is 10 to 20 years ahead of its competitors [1][2]. Group 1: Decarbonization Goals - Fortescue aims to achieve net-zero carbon emissions in its "Scope 3" by 2040, significantly ahead of other major mining companies [1]. - The company plans to invest $6.2 billion from 2024 to 2028 for projects related to decarbonization [1]. - The green iron project is expected to produce its first batch of products by early 2026, with an annual capacity planned at 1,500 tons [1]. Group 2: Financial Performance - For the fiscal year 2025, Fortescue reported iron ore shipments of 19.84 million tons and a net profit of $3.4 billion [2]. - The company is making substantial progress towards its decarbonization goals, including the operation of a 100 MW solar power plant that meets about 25% of the power needs at its Iron Bridge project [2]. - Fortescue plans to allocate $900 million to $1.2 billion for decarbonization capital expenditures in fiscal year 2026, focusing on green low-carbon technologies [2]. Group 3: Market Outlook - Fortescue anticipates iron ore shipments between 19.5 million and 20.5 million tons for fiscal year 2026 [3]. - Goldman Sachs has raised short-term price expectations for iron ore but predicts a decline to $80 per ton by the end of 2026 [3]. - The company believes that the supply-demand balance in the iron ore market will remain dynamic, with stable demand from China [3].