机构：国信证券 研究员：王蔚祺 事项： 据企业公众号报道，日前金风绿能化工兴安盟绿氢制50 万吨绿色甲醇项目气化炉一次投料成功，顺利 完成气化炉工艺现场验证，气化装置运行稳定，甲醇合成装置已经完成接气，目前该项目流程已经全线 贯通，并成功产出绿色甲醇。 投资建议： 维持盈利预测， 维持优于大市评级。我们预计公司2025-2027 年实现归母净利润 26.98/36.73/44.96 亿元，同比+45%/+36%/+22%，EPS 为0.64/0.87/1.06 元，动态PE 为23/17/14 倍。 风险提示：公司绿色甲醇生产与销售进展低于预期，风机需求低于预期。 评论： 2025 年9 月国家能源局发布通知，公布了全国绿色液体燃料技术攻关和产业化试点项目（第一批）名 单。 经争取，兴安盟金风科技绿氢制50 万吨绿色甲醇（一期25 万吨/年）项目位列其中，成为全国首批绿色 液体燃料技术攻关和产业化试点之一。 该项目被列为试点后，将优先纳入制造业中长期贷款、优先推荐纳入"两重""两新"等支持范围，项目技 术装备优先纳入能源领域首台（套）重大技术装备，享受相关支持政策。国家能源局将加强对绿色液体 燃料试点工作的指 ...

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， ...

储能概念股反弹，通润装备4天2板。 有色金属板块全天走高，兴业银锡首板涨停。 此外半导体产业链午后回暖，长川科技大涨续创历史新高。 下跌方面，教育股全天走弱，凯文教育、中国高科双双触及跌停。 市场全天震荡走强，三大指数集体上涨。截至收盘，沪指涨0.90%，深成指涨2.05%，创业板指涨2.74%。 盘面上，市场热点快速轮动，全市场超3500只个股上涨。 从板块来看，大金融板块集体爆发，国盛金控涨停创新高，广发证券、华泰证券双双涨停。 新能源板块走强，其中绿色甲醇概念股表现活跃，东华科技2连板，佛燃能源首板涨停。 沪深两市成交额2.16万亿，较上一个交易日放量146亿。 个股方面，东方财富成交额303亿元居首，中际旭创、中信证券、立讯精密、阳光电源等成交额靠前。 | | | | | 行情报价 增仓排名 资金流向 DDE决策 盈利预测 财务数据 综合排名 多股同列 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | . | 最新 | | ...

Market Overview - The A-share market showed strong performance today, with all three major indices rising collectively. The Shanghai Composite Index increased by 0.90%, the Shenzhen Component Index rose by 2.05%, and the ChiNext Index gained 2.74% [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 146 billion yuan compared to the previous trading day [1][7]. Sector Performance - The financial sector experienced significant gains, with major stocks like Guosheng Financial Holdings hitting the daily limit and achieving new highs. Both GF Securities and Huatai Securities also reached their daily limit [1]. - The new energy sector showed strength, particularly in green methanol stocks, with Donghua Technology achieving two consecutive limit-ups and Fuan Energy hitting the daily limit for the first time [1]. - The metals sector saw an overall increase, with Xingye Silver Tin hitting the daily limit [1]. - The semiconductor industry chain rebounded in the afternoon, with Changchuan Technology continuing to set historical highs [1]. - Conversely, the education sector struggled, with stocks like Kevin Education and China High-Tech hitting their daily limit down [1][2]. Market Statistics - A total of 3,576 stocks rose, while 1,658 stocks fell, with 201 stocks remaining unchanged. There were 66 stocks hitting the daily limit up and 15 stocks hitting the daily limit down [6]. - The market's heat index was recorded at 60, with a limit-up rate of 71% and a high opening rate of 57% [7].

Market Performance - The market experienced a strong upward trend with all three major indices rising collectively. The Shanghai Composite Index increased by 0.90%, the Shenzhen Component Index rose by 2.05%, and the ChiNext Index surged by 2.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion, an increase of 146 billion compared to the previous trading day [1] Sector Performance - The financial sector saw significant gains, with major stocks like Guosheng Financial Holdings hitting the daily limit and achieving a new high, while both GF Securities and Huatai Securities also reached their daily limit [1] - The new energy sector showed strength, particularly in green methanol concept stocks, with Donghua Technology achieving two consecutive limit-ups and Fuan Energy hitting the limit for the first time [1] - The energy storage concept stocks rebounded, with Tongrun Equipment achieving two limit-ups in four days [1] - The non-ferrous metals sector performed well, with Xingye Silver Tin hitting the limit for the first time [1] - The semiconductor industry chain saw a recovery in the afternoon, with Changchuan Technology continuing to rise and setting a new historical high [1] Declining Sectors - The education sector faced a downturn, with stocks like Kevin Education and China High-Tech both hitting the daily limit down [1]

Group 1: Market Performance - The A-share new energy sector showed strong performance, with significant rebounds in energy storage stocks, solid-state battery stocks, and green methanol stocks [2][6] - Notable stocks include Tongrun Equipment (002150.SZ) with a 2-day increase, Sunshine Power (300274.SZ) rising over 7%, and multiple stocks in the solid-state battery sector hitting the daily limit [2] Group 2: Supply and Demand Dynamics - The energy storage market is experiencing a temporary "squeeze" due to unexpected demand, leading to a situation where "one chip is hard to find" [2] - Major battery manufacturers have reported monthly operating rates exceeding 90% since Q2, nearing full production capacity [2] - The global energy transition, mature business models, and enhanced economic viability of storage systems are driving unexpected growth in the energy storage market [3] Group 3: Cost and Economic Viability - The cost of energy storage systems has decreased by approximately 80% compared to three years ago, with some regions achieving electricity costs below 0.2 yuan per kilowatt-hour [3] - The commercial model for energy storage is becoming increasingly viable, with developed markets like Europe and Australia experiencing explosive growth [3] Group 4: Emerging Markets and Policy Support - Emerging markets, particularly in the Middle East, are driving demand for GWh-level new energy and supporting storage projects due to national energy strategies [4] - China's new policy aims for a new energy storage installation capacity of over 180 million kilowatts by 2027, requiring significant investment [5] Group 5: Technological Advancements - The solid-state battery sector is witnessing significant technological advancements, with a new polymer electrolyte developed that achieves an energy density of 604 Wh/kg [6] - The green methanol market is characterized by a severe supply-demand imbalance, with current prices ranging from $900 to $1,000 per ton, approximately three times the price of traditional gray methanol [6]

今日早盘，A股储能、固态电池、绿色甲醇等新能源赛道相关个股集体走强。 9月29日早盘，即国庆节前的倒数第二个交易日，A股新能源板块集体走强。 细分赛道来看，储能概念股反弹，通润装备（002150.SZ）4天2板，阳光电源（300274.SZ）涨超7%， 再创历史新高；固态电池概念股表现强势，天际股份（002759.SZ）2连板，万润新能（688275.SH）、 多氟多（002407.SZ）等多股涨停；绿色甲醇概念股快速拉升，嘉泽新能（601619.SH）3连板，东华 （002140SZ）3连板。 以储能板块为例。从产业端来看，储能市场近期因超预期需求带来的短暂"挤兑"，行业内出现"一芯难 求"的行情。据第一财经记者此前采访了解，今年二季度以来，多家头部电芯厂商月度开工率超过 90%，接近满产。 欣旺达（300207.SZ）9月份在投资者平台回复称，2025年7月至8月，公司储能电芯产能利用率较高，基 本实现满产满销。 此外，储能的商业模式正逐步跑通。据田庆军介绍，欧美、澳大利亚等发达市场依托于其成熟的电力市 场机制，实现了爆发式增长，而中国今年也告别"政策强配"，更关注如何参与电力交易创造收益。 据第一财经记 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 今天上午，新能源赛道走强，"老面孔"与"新面孔"联手大涨。"老面孔"是指固态电池、储能等板 块，"新面孔"指的是绿色甲醇。 绿色甲醇概念上午掀起涨停潮，龙头股东华科技开盘仅十几秒钟，就直线拉升涨停，迎来两连板。 宁德时代、阳光电源、亿纬锂能、华友钴业、赣锋锂业、天赐材料等龙头股均上涨。 | | 东华科技 100 | | | | --- | --- | --- | --- | | | 002140 融 深股通 L1 | | | | 13.50 | 13.50 市值 95.58亿 量比 间 | | 1.49 | | | 12.81 流涌 73.36亿 (EE 换 | | 3.29% | | 1.23 10.02% | 12.88 市盈 21.68 额 开 | | 2.37亿 | | 同在顺 博梯 | 异动解读:盐湖提锂+乙二醇+绿色甲醇+央... ●× | | | | 分时 | 日K 周Ｋ 月K 五日 更多, | | (0) | | 均价: 13.27 最新: 13.50 1.23 10.02% | | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今天上午，新能源赛道走强，"老面孔"与"新面孔"联手大涨。"老面孔"是指固态电池、储能等板 块，"新面孔"指的是绿色甲醇。 绿色甲醇概念上午掀起涨停潮，龙头股东华科技开盘仅十几秒钟，就直线拉升涨停，迎来两连板。宁德 时代、阳光电源、亿纬锂能（维权）、华友钴业、赣锋锂业、天赐材料等龙头股均上涨。 此外，证券、有色金属、人形机器人、消费电子、算力等板块上涨。 截至上午收盘，上证指数上涨0.13%，深证成指上涨1.11%，创业板指上涨1.77%。 绿色甲醇概念大涨 今天上午，绿色甲醇概念大涨，复洁环保"20CM"涨停，东华科技、嘉泽新能、佛燃能源等个股涨停。 这个概念为何爆发？分析人士表示，背后主要两大催化因素。 一是近期国家能源局发布《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。 二是国际海事组织（IMO）海上环境保护委员会第83届会议（MEPC 83）于2025年4月7日至4月11日在 英国伦敦召开，批准《国际防止船舶造成污染公约》附件 ...

今天上午，新能源赛道走强，"老面孔"与"新面孔"联手大涨。"老面孔"是指固态电池、储能等板块，"新面孔"指的是绿色甲醇。 绿色甲醇概念上午掀起涨停潮，龙头股东华科技（002140）开盘仅十几秒钟，就直线拉升涨停，迎来两连板。宁德时代（300750）、阳光电源 （300274）、亿纬锂能（300014）、华友钴业（603799）、赣锋锂业（002460）、天赐材料（002709）等龙头股均上涨。 | | | | | 东华科技 | | | --- | --- | --- | --- | --- | --- | | | | | | 002140 融 深股通 L1 | | | 代 | 12.81 流通 73.36亿 换 | | 3.29% | | | | 同在顺 | 异动解读：盐湖提锂＋乙二醇＋绿色甲醇＋央... ● × | | | | | | 日K 分时 | 更多。 周Ｋ 月K 五日 | | | | | | 均价: 13.27 最新: 13.50 1.23 10.02% | | | | | | | 13.50 | 10.02% 五档 明细 | | 成交 | | | | -12.27 -- | 大单 -- | | | ...