Group 1 - The three major indices experienced a rebound in early trading, with the Shanghai Composite Index turning positive and the ChiNext Index rising nearly 3% at one point [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.28 trillion, a decrease of 85.4 billion compared to the previous trading day [1] - The new energy sector saw a collective surge, particularly in green methanol concept stocks, with Jiaze New Energy achieving three consecutive trading limit increases and Donghua Technology achieving two [1] Group 2 - The energy storage concept stocks rebounded, with Tongrun Equipment achieving two trading limit increases in four days [3] - Solid-state battery concept stocks performed strongly, with Tianji Co. achieving two consecutive trading limit increases, and multiple stocks such as Wanrun New Energy and Molybdenum Flour reaching trading limits [3] - The securities sector strengthened during the trading session, with Guosheng Jinkong hitting a trading limit and reaching a new high [3] Group 3 - The solid-state battery, non-ferrous metals, and photovoltaic equipment sectors saw the largest gains, while the education, coal, and pork sectors experienced the largest declines [3] - By the end of the trading session, the Shanghai Composite Index rose by 0.13%, the Shenzhen Component Index increased by 1.11%, and the ChiNext Index climbed by 1.77% [3]

2025 年 09 月 28 日 环保及公用事业 IMO 净零法案即将提交，绿色甲醇有望迎 来快速发展 绿色甲醇需求驱动因素之二：清洁能源非电利用缓解消纳压力。除航 运业需求之外，在当前新能源装机快速增长背景下，加快清洁能源的 非电领域利用能够缓解消纳压力。近期国家能源局局长王宏志日前在 《学习时报》发表署名文章，重点强调拓展新能源非电利用途径，以 非电利用为突破，拓宽新能源利用途径。力推以绿电制氢氨醇为代表 的多能转换技术正加速探索与示范应用。2025 年 1-7 月，全国风电 利用率为 93.8%，同比下降 2.5%，全国光伏发电利用率为 94.7%，同 比下降 2.4%。目前，新能源非电利用规模占全国能源消费总量比重 不足 1%，随着技术突破、产业成本下降，新能源非电利用路径逐渐 清晰。 电制甲醇降本空间广阔，绿电成本是关键。成本方面，当前主流技术 路径下绿色甲醇单吨成本约为 4000 元，展望后续降本空间，不同技 术路线下具有差异，生物质制甲醇由于生物质原材料能量密度低、预 处理难度大等问题，降本目的可实施性不强。电制甲醇工艺具备良好 降本空间：按照当前绿电约 0.3 元 kWh 计算，制氢成本 1. ...

Core Viewpoint - The 2025 Liquid Sunshine Industry Development Forum highlighted the rapid development and scaling of the green methanol industry in China, emphasizing the transition from technology exploration to large-scale application [2][6]. Group 1: Forum Overview - The forum, hosted by DT New Energy, took place in Dalian from September 24-26, featuring over 50 experts and corporate leaders, with more than 200 representatives from various sectors [2]. - Key topics included macro trends in the green methanol industry, key technologies for large-scale production, biomass gasification, and the ecological construction and application of the green methanol industry [2]. Group 2: Key Presentations - Wang Jijie discussed the need for standards in renewable methanol that align with China's carbon neutrality goals, emphasizing the importance of a carbon trading system [12]. - Su Maohui presented the development of methanol-hydrogen electric vehicles, highlighting over 50,000 vehicles in operation and a total mileage exceeding 23 billion kilometers [15]. - Liu Ming shared Singapore's ambition to become a methanol supply hub, aiming for a million-ton scale by 2030 [18]. - Chang Fei outlined the current challenges in the commercialization of green methanol, including technological bottlenecks and infrastructure needs [21]. - Maersk's decarbonization goals were presented, focusing on the use of green methanol and innovative measures to achieve net-zero emissions [23]. Group 3: Technical Innovations - Lu Shijian discussed advancements in CO2 capture and resource utilization, showcasing applications in major energy companies [27]. - Liu Dianhua introduced a demonstration project for CO2 capture from coal-fired power plants, achieving a CO2 purity of 99.98% [30]. - Zhou Yunyun detailed Geely's comprehensive approach to green methanol production, including CO2 hydrogenation and biomass gasification technologies [32]. - Zhang Chenxi highlighted the importance of sustainable aviation fuel (SAF) in reducing carbon emissions in the aviation industry, with a pilot project already in place [34]. Group 4: Policy and Market Dynamics - He Yankang analyzed global shipping emission reduction policies and their impact on the green methanol market, emphasizing the shift from future vision to compliance necessity [58]. - The necessity and feasibility of methanol pipeline transportation were discussed, projecting a significant role for methanol in the future energy landscape [59]. - The report by Nie Chaofei focused on key technologies for low-cost transportation of green methanol [61]. Group 5: Industry Applications and Future Directions - The forum included a visit to the Dalian Port green methanol refueling center, providing insights into the practical applications of green methanol in the shipping sector [70]. - Various presentations covered the latest advancements in biomass gasification technology and the potential for renewable energy solutions [46][41].

Core Points - The 2025 Fifth Liquid Sunshine Industry Development Forum will be held from September 24 to 26 at Dalian 1896 Garden Hotel, focusing on the development of green methanol [2][9] - The forum will include various sessions such as CO2 high-value utilization, key technologies for liquid sunshine methanol preparation, and biomass gasification coupled with green hydrogen production [14][16] Registration and Venue Information - Registration will take place on September 24 from 13:00 to 20:00 and on September 25 from 08:00 to 12:00 at designated locations [2][3] - The venue is Dalian 1896 Garden Hotel, located at No. 36, Guanghui Lane, Zhanbei Street, Xigang District, Dalian, Liaoning Province [2][9] Agenda Overview - The forum will feature a variety of sessions, including: - September 24: CO2 high-value utilization forum and closed-door discussions [14][18] - September 25: Opening ceremony, macro forum on liquid sunshine methanol, and various thematic discussions [16][17] - September 26: Sessions on ecological construction and applications of green methanol [17] Transportation and Accommodation - The hotel is approximately 3 km from Dalian Station (15 minutes by car), 18 km from Dalian North Station (30 minutes), and 11 km from Dalian Zhoushuizi International Airport (20 minutes) [11][11] - Special accommodation rates are available for forum attendees at Dalian 1896 Garden Hotel, priced at 350 RMB per room per night [9] Organizing Committee and Support - The forum is organized by DT New Energy, supported by the Green Methanol Ecological Alliance and other notable organizations [9]

探索绿色甲醇特色发展之路 2025（第五届）液态阳光产业发展论坛 9月24-26日 辽宁· 大连1896花园酒店 尊敬的各位报告嘉宾、参会代表： 您好！2025 第五届液态阳光产业发展论坛将于 9月24-26日在 大连1896花园酒店 举行（24日下午会议签到+二氧化碳高值化利用前沿论坛 +闭门研讨会；25、26日主题报告+参观大连港绿色甲醇加注中心） ，感谢您在百忙之中出席本次会议。为大家能够顺利地参与本次会议，组 委会准备了最全参会攻略，建议微信收藏，仔细阅读！ 注册签到 会议酒店： 大连1896花园酒店 酒店地址： 辽宁省大连市西岗区站北街道光辉巷36号 签到时间及地点 9月24日（周三） 13:00-20:00（酒店大堂 ） 9月25日（周四） 08:00-12:00 （ 1F多功能厅 ） 参会人员请到指定签到处签到，可领取参会证、餐饮券、会刊等会务资料。 会议规范 为保证此次论坛顺利召开，请大家全程佩戴胸卡，方便进出； 此次会务资料在会议签到时领取，每人一份； 本会场内禁止吸烟，为保持会场秩序和对发言代表的尊重，请大家将手机关闭或是调至震动。 会议期间天气 天气衣着（查询自9.18） 交通指南 会议 ...

Group 1 - Longi Green Energy and JinkoSolar have reached a joint statement to end all ongoing patent disputes globally and have agreed on cross-licensing arrangements for some core patents [2][3] - The patent disputes between Longi Green Energy and JinkoSolar began in the second half of last year and escalated in early this year, with multiple lawsuits filed in various jurisdictions [3] - The patent battles are seen as a commercial strategy to limit competitors' market competitiveness, particularly in foreign markets where litigation risks influence customer choices [3] Group 2 - JinkoSolar is a leader in TOPCon technology, with over 5,500 patent applications, 75% of which are invention patents, and expects to achieve 40-50 GW of high-power TOPCon capacity by the end of 2025 [4] - JinkoSolar's patent fees increased by nearly 50% year-on-year to 0.14 billion [4] - Longi Green Energy has over 3,500 authorized patents and 480 patents for BC battery modules, with a self-owned HPBC2.0 battery capacity of 24 GW as of June [4] - In terms of shipment volume, JinkoSolar led with 41.84 GW of solar module shipments in the first half of the year, surpassing Longi Green Energy's 39.57 GW [4] - JinkoSolar reported a loss of 2.909 billion, while Longi Green Energy's loss was 2.569 billion, making it the least loss-making among the top five module manufacturers, reducing losses by 2.661 billion year-on-year [4]

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Core Viewpoint - The article discusses the development of green methanol as a sustainable energy source, highlighting its potential in various applications and the importance of industry collaboration in advancing technology and market adoption [2][28]. Event Overview - The 2025 Liquid Sunshine Industry Development Forum will take place from September 24 to 26 in Dalian, Liaoning, organized by DT New Energy and supported by various industry leaders [2][4]. - The forum will feature multiple sessions focusing on green methanol, including key technology advancements, industry strategies, and international collaboration [4][28]. Session Highlights - The opening ceremony will include discussions on the macro development of liquid sunshine (green methanol) and key technologies for its production [28][33]. - Notable sessions will cover topics such as carbon dioxide high-value utilization, biomass gasification coupled with green hydrogen production, and the ecological construction and application of green methanol [28][38]. Participant Engagement - Over 40 companies involved in green methanol projects are expected to attend, including major players like China Petroleum and Chemical Corporation and China National Offshore Oil Corporation [11][12]. - The event will also feature a welcome dinner and opportunities for networking among industry professionals [4][37]. Technical Presentations - Presentations will include insights on renewable methanol technology, carbon capture and resource utilization, and advancements in sustainable aviation fuel production [33][42]. - Experts from various institutions, including Tsinghua University and the Chinese Academy of Sciences, will share their research and developments in green methanol technologies [32][41].

Core Viewpoint - The article emphasizes the importance of exploring the unique development path of green methanol, highlighting its role in achieving carbon neutrality goals through liquid sunshine technology, which utilizes green hydrogen and carbon dioxide to synthesize green methanol [2][3]. Industry Overview - The National Energy Administration has issued notifications for green fuel technology breakthroughs and industrialization pilot projects, with provinces like Jiangsu and Zhejiang actively laying out plans for green methanol and other liquid fuels [2]. - The green methanol industry has made significant breakthroughs across its entire value chain, including the launch of the first large-scale green hydrogen coupled biomass green alcohol project and multiple companies signing international orders for green alcohol [2]. Challenges in the Industry - Despite advancements, the green methanol industry faces challenges such as excessive planning, limited implementation, difficulties in consumption, and a market that urgently needs breakthroughs [2]. Forum Details - The 2025 Liquid Sunshine Industry Development Forum will be held from September 24-26, 2025, in Dalian, Liaoning, focusing on macro trends in the green methanol industry, key technologies for large-scale preparation, and the ecological construction and application of the green methanol industry [3][4]. - The forum will feature discussions led by industry experts, government representatives, and companies from various sectors to promote collaboration and high-quality development in the green methanol industry [3]. Key Topics and Sessions - The forum will cover various topics, including renewable methanol technology, methanol as a marine fuel, and the current status and future prospects of the green methanol fuel industry [11][12]. - Specific sessions will address key technological advancements in the preparation of liquid sunshine methanol and biomass gasification coupled with green hydrogen [12][13]. Networking and Collaboration Opportunities - The forum aims to facilitate international cooperation and large-scale development of the green methanol industry by inviting leading ports, shipping companies, and green methanol producers to share insights and establish connections [27][31]. - Over 300 upstream and downstream enterprises are expected to participate, providing a platform for investment and collaboration [27]. Technological Innovations - The forum will showcase cutting-edge research and technological advancements in carbon dioxide high-value utilization and renewable fuel technologies, fostering a closed-loop approach to technology development and application [28][29].

2025年4月，国际海事组织(IMO)海洋环境保护委员会(MEPC)第83次会议通过了全球航运业首个法律约 束性净零排放框架，根据IMO程序，该法案将在2025年10月举行的特别会议上提交，一旦获得采纳，预 计将在2027年正式生效。 智通财经APP获悉，德邦证券发布研报称，2025年4月，国际海事组织(IMO)海洋环境保护委员会 (MEPC)第83次会议通过了全球航运业首个法律约束性净零排放框架，根据IMO程序，该法案将在2025 年10月举行的特别会议上提交，一旦获得采纳，预计将在2027年正式生效。远期IMO净零框架落地后， 绿色甲醇市场拓展空间极其可观。但从产能建设角度看，据华经产业研究院，全球绿色甲醇生产尚处在 起步阶段，2024年全球绿色甲醇产能仅为约70万吨，在全球绿色甲醇需求起量前夕，短期供需或难以匹 配。 德邦证券主要观点如下： 事件：2025年9月5日，国家能源局发布《关于开展绿色液体燃料技术攻关和产业化试点工作(第一批)的 通知》，原则同意9个项目开展绿色液体燃料技术攻关和产业化试点工作，其中5个项目为绿色甲醇，合 计规划产能约80万吨。 IMO净零法案将提交审核，船用绿色甲醇或为最优解 ...