公司总体订单饱满，截止25Q3，累计在手订单308亿元，其中清洁能源装备达273亿(水上200亿+陆上71 亿+氢能3亿)。1)陆上：天然气在能源转型中扮演重要角色，未来天然气价格有望下降，推动LNG基础 设施释放。公司LNG储运类产品全国领先，有望直接受益。2)水上：造船大周期+航运减碳驱动，LNG 凭借环保、减碳及经济性的显著优势，2030年LNG动力船有望翻倍，带动公司LNG加注船及燃料罐订 单高增。此外限硫令+航运减碳+价格优势推动船舶"油改气"市场有望高增，全球19%船舶面临整改要 求。3)氢能：公司核心产品贯穿氢能制储运加用全产业链，伴随十五五氢氨醇政策落地有望受益。 能源运营：焦炉气+绿醇放量，运营+装备共振 1)焦炉气：公司利用焦炉气生产蓝氢和LNG，首个项目鞍钢中集2024年投产，首年即盈利，目标到2027 年累计形成约20万吨氢气+100万吨LNG产能。2)绿色甲醇：航运减碳+新能源消纳驱动，绿色甲醇潜力 巨大，短期供给不足，公司5万吨生物质甲醇有望率先受益。 能源装备：造船订单饱满，燃气储运稳增，氢能潜力巨大 智通财经APP获悉，申万宏源发布研报称，首次覆盖，给予中集安瑞科(03899) ...

12月12日，中国远洋海运集团有限公司旗下上市公司中远海运能源运输股份有限公司发布公告称，该公司及附属公司与中远海运集团旗下中远海运重工有 限公司所属3家船厂共计签订19艘船舶的建造合同，含税合同船价总额为人民币78.8198亿元（连同建造期利息、监造费等资本化费用的总投资约为81.24亿 元）。就在12月8日，中远海运集团还与中国船舶集团有限公司旗下6家船厂签订了87艘新造船项目订单，金额超500亿元人民币。短短一周内，中远海运 集团及其旗下企业已下单订造106艘新船，这些船舶全部由中国船厂建造。 另据中国船舶工业股份有限公司12月9日发布的公告，中船集团与中远海运集团签订的87艘新造船项目涉及其下属江南造船（集团）有限责任公司、大连 船舶重工集团有限公司、武昌船舶重工集团有限公司、广船国际有限公司、中船澄西船舶修造有限公司、中国船舶集团青岛北海造船有限公司等6家子公 司，相关船型包括超大型集装箱船、超大型散货船、超大型油船、粮食运输船、多用途重吊船、MR型油船、客滚船、小型箱船等。 1. 凡《中国船舶报》官方微信原创内容，未经本报许可，任何单位及个人不得对文章的全部或部分内容进行修改、使用、转载、发表。已 ...

Core Viewpoint - The trend of decarbonization in the shipping industry is driving the continuous expansion of green methanol production capacity, while deep-sea economic policies are accelerating investments in offshore wind power [1] Group 1: Industry Trends - Breakthroughs in seawater hydrogen production technology have enabled the commercial model for producing green methanol from offshore wind power [1] - The new model for deep-sea scenarios is expected to demonstrate economic advantages by avoiding high investment costs associated with seabed cables [1] Group 2: Market Potential - The market space for marine green methanol engineering equipment during the 14th Five-Year Plan period is estimated to reach 24.2 billion yuan [1] - Companies involved in the industrialization process of marine engineering technology and core equipment suppliers for green hydrogen projects are recommended for investment [1] Group 3: Investment Opportunities - Conventional land project investors are also viewed positively, as they are likely to achieve high project returns in an environment of green methanol supply shortages [1]

Core Viewpoint - The shipping decarbonization policies from IMO and the EU are becoming more frequent, marking the transition of shipping decarbonization into a practical phase, with low-carbon fuel materials entering a favorable market environment [1][2] Group 1: Policy Developments - The EU will include the shipping industry in its carbon market starting in 2024, imposing fines of 100 EURO/tCO2e for non-compliance, and requires a 2% reduction in carbon emissions by 2025 and an 80% reduction by 2050, with penalties of 642 EURO/tCO2e for violations [2] - The IMO has proposed a net-zero strategy by 2050 and approved a net-zero framework draft in April 2025, establishing a unified carbon price of $380 or $100/tCO2e to significantly promote shipping decarbonization [2] - China is initiating green fuel pilot projects and has set a target for zero net emissions (ZNZ) usage of 5-10% by 2030, with compliance costs expected to drive ZNZ demand [2] Group 2: Supply and Demand Analysis - According to DNV's statistics as of August 2025, the demand for biodiesel, LNG, and green methanol is projected to be approximately 200 million tons, 40 million tons, and 6 million tons respectively, while the supply of ship fuel is only 70,000 tons, 10,000 tons, and 10,000 tons, indicating a severe shortage of low-carbon fuel supply [2] - The compliance costs in the EU are higher than those under the IMO framework and are expected to increase annually, with projected costs for 2025, 2030, 2040, and 2050 being $741, $953, $1649, and $3014 per ton respectively, compared to $525, $583, and $1362 per ton under the IMO framework [2] Group 3: Sector-Specific Insights - Biodiesel is identified as a core decarbonization measure for existing vessels, with a significant increase in biodiesel refueling at Singapore ports since 2022, reflecting a growing demand [3] - The demand for renewable natural gas (RNG) is expected to surge, driven by the IMO's net-zero framework and the potential for green premiums, with historical RNG development being slow due to high costs [4] - The number of methanol ships is rapidly increasing, with current estimates of 406 ships corresponding to a demand of over 800,000 tons of methanol, while global green methanol production capacity is expected to be only 124,000 tons by the end of 2025 [5]

Investment Rating - The report indicates a positive investment outlook for the shipping decarbonization sector, emphasizing the importance of biofuels, RNG, and green methanol as key areas for investment opportunities [3]. Core Insights - The shipping industry is entering a critical phase of decarbonization, driven by frequent policies from the IMO and the EU. The global shipping fuel consumption is approximately 300 million tons, corresponding to carbon emissions exceeding 1 billion tons, with the EU accounting for about 18% of this [3][8]. - The demand for low-carbon fuels is expected to outstrip supply in the short term, with significant compliance costs driving the need for zero or near-zero emissions fuels (ZNZ) [3][36]. - Biofuels are identified as a core measure for existing vessels, with a notable increase in biofuel bunkering at ports like Singapore [3][36]. - The report highlights the potential for biogas, particularly RNG, to significantly reduce emissions and improve energy security, with ambitious production targets set for 2030 in both China and the EU [3][36]. - Green methanol is projected to see rapid growth in demand, with a current estimate of 406 methanol vessels corresponding to a demand exceeding 800,000 tons [3][36]. Summary by Sections 1. Decarbonization Policies - The report outlines the increasing frequency of decarbonization policies from the IMO and the EU, marking a significant acceleration in the implementation of these measures [3][11][18]. 2. Low-Carbon Fuel Demand - There is a broad demand space for low-carbon fuels, with a short-term supply shortage anticipated. The report notes that the compliance costs associated with EU regulations are higher than those of the IMO, which will further stimulate demand for low-carbon fuels [3][36]. 3. Biofuels - Biofuels are highlighted as a critical decarbonization measure for existing vessels, with a significant increase in biofuel bunkering observed at ports like Singapore. The global production of biodiesel is approximately 52 million tons, with expectations for increased usage in shipping as electric vehicles proliferate [3][36]. 4. Biogas - The report emphasizes the growing demand for LNG vessels and the potential for RNG to drive significant growth in the sector, supported by a green premium that could lead to an industry explosion [3][36]. 5. Green Methanol - The report notes a rapid increase in methanol vessels, with a projected demand of over 800,000 tons. However, the global production capacity for green methanol is expected to be only 1.24 million tons by the end of 2025, indicating a supply-demand imbalance [3][36]. 6. Investment Recommendations - The report suggests focusing on companies involved in biofuels, RNG, and green methanol production, including notable firms such as卓越新能, 山高环能, 维尔利, and 中国天楹, among others [3][36].