申万宏源主要观点如下： 申万宏源发布研报称，首次覆盖，给予中集安瑞科(03899)"买入"评级，中集安瑞科作为中集集团 （000039）旗下的清洁能源装备龙头，财务稳健、订单饱满。其核心清洁能源业务受益于天然气需求增 长、航运减碳驱动及氢能产业政策，装备与运营(焦炉气制氢、绿色甲醇)双轮驱动，成长动能强劲，公 司凭借行业领先地位与高分红，展现出稳健的盈利能力与长期发展潜力。 1)化工环境：罐箱全球市占率超50%，短期要受化工周期影响，短期承压。公司开拓罐箱后市场服务， 应对化工周期波动。2)液体食品：旗下包括Ziemann啤酒装备知名品牌等，受消费放缓影响，多元化策 略提升韧性。 公司为中集旗下的清洁能源装备平台，财务稳健 风险提示 公司主要从事天然气等运输、储存及加工装备，并提供工艺及投资运营等一体化服务，大股东中集集团 持股70%。公司2020-2024年归母净利润CAGR达17%，主要受益清洁能源装备业绩持续提升。25H1清洁 能源/化工环境/液态食品三大板块毛利润占比分别为71%、14%、15%。公司近4年ROE维持在10%以 上，现金资产充沛，近2年分红率维持50%以上。 需求与政策不及预期风险、汇 ...

Core Points - The "2025 (Fifth) Non-Grain Biomass High-Value Utilization Forum" will be held from November 27-29, 2025, in Hangzhou, Zhejiang, focusing on innovations and commercialization in the non-grain biomass sector [2] - The forum aims to promote large-scale applications of non-grain biomass utilization to support carbon neutrality goals [2] Event Details - The forum will feature nearly 50 presentations discussing key strategic areas such as green pretreatment of biomass, non-grain sugars, biomass-based chemicals and materials, and biomass energy including methanol, fuel ethanol, biogas, and sustainable aviation fuel (SAF) [2] - Registration and check-in will occur on November 27 from 12:00 to 20:00, with various activities scheduled throughout the event [4][9] Organizing Institutions - The forum is co-hosted by DT New Materials and the National Key Laboratory of Biomass Transportation Fuel Technology, with notable figures from various academic and research institutions involved [8][6] Agenda Highlights - The agenda includes a youth forum on non-grain biomass innovations, a SAF industry exchange meeting, and thematic forums on biomass chemicals, materials, and energy [9][30] - Keynote speakers include prominent researchers and industry leaders discussing advancements in biomass utilization and sustainable fuel technologies [23][30] Supporting Units - The event is supported by several academic institutions and associations, including Zhejiang University and various research laboratories focused on biomass materials and technologies [8][6]

Core Viewpoint - The "NFUCon 2025" forum will focus on innovations and commercialization in the non-grain biomass sector, aiming to promote large-scale applications of biomass and support carbon neutrality goals [2][11]. Group 1: Event Overview - The forum will take place from November 27-29, 2025, in Hangzhou, Zhejiang, and is co-hosted by DT New Materials and the National Key Laboratory of Bio-based Transportation Fuel Technology [2]. - The theme of the forum is "Gathering Talents from All Directions, Assisting Non-Grain Initiatives" [2]. Group 2: Organizing Institutions - The forum is organized by DT New Materials and the National Key Laboratory of Bio-based Transportation Fuel Technology, with prominent figures such as Zhu Jin and Li Zhenglong serving as co-chairs [3]. - Supporting institutions include Zhejiang University and various associations related to polymer science and bio-based materials [4]. Group 3: Featured Activities - The forum will feature a Non-Grain Biomass Youth Forum with over 20 cutting-edge reports highlighting innovations in non-grain biomass [6]. - A special session on sustainable aviation fuel (SAF) will invite over 20 industry representatives to discuss trends, technology routes, and sustainable certification [7]. Group 4: Keynote Speakers and Topics - Notable speakers include Ren Qilong from the Chinese Academy of Engineering and Xu Chunbao from Hong Kong City University, discussing topics related to biomass conversion and applications [8][9]. - The forum will also host thematic discussions on non-grain biomass chemicals, materials, and energy, featuring experts from various universities and research institutions [10]. Group 5: Innovation and Collaboration - The forum will include a technology showcase and matching session for 50 innovative projects in biomass utilization, promoting industry-academia collaboration [11]. - The National Key Laboratory of Bio-based Transportation Fuel Technology focuses on four core areas, including fiber ethanol technology and CO2-based polycarbonate technology [15].

Core Viewpoint - The "NFUCon 2025" forum will focus on innovations and commercialization in the non-grain biomass sector, aiming to promote large-scale applications of biomass and support carbon neutrality goals [2][3]. Group 1: Event Overview - The forum will take place from November 27-29, 2025, in Hangzhou, Zhejiang, and is co-hosted by DT New Materials and the National Key Laboratory of Bio-based Transportation Fuel Technology [2]. - The theme of the forum is "Gathering Talents from All Directions, Assisting Non-Grain Initiatives" [2]. Group 2: Organizing Institutions - The forum is organized by DT New Materials and the National Key Laboratory of Bio-based Transportation Fuel Technology, with key figures such as Zhu Jin and Li Zhenglong serving as co-chairs [3]. - Supporting institutions include Zhejiang University and various research and industry associations [4]. Group 3: Forum Agenda - The agenda includes presentations on innovative processes for producing bio-based chemicals and materials, as well as discussions on biomass energy applications [6][9]. - A special session will focus on sustainable aviation fuel (SAF), inviting over 20 industry representatives to discuss trends and technological routes [7][10]. Group 4: Technology and Innovation - The forum will showcase 50 innovative projects in biomass utilization with commercial potential, facilitating industry-academia collaboration [11]. - Key topics include the development of bio-based materials, clean and efficient biomass pretreatment technologies, and advancements in biofuel production [9][10]. Group 5: Industry Participation - Notable companies and organizations such as China National Aviation Corporation and Boeing (China) are expected to participate in discussions on SAF and its industrialization [7][10]. - The event aims to foster collaboration among government, academia, and industry to advance the bio-based economy [2][3].

Core Insights - The article discusses the upcoming "2025 Non-Grain Biomass High-Value Utilization Forum" scheduled for November 27-29, 2025, in Hangzhou, Zhejiang, focusing on the commercialization and technological advancements in non-grain biomass resources [2][3] - The forum aims to explore key areas such as biomass green pretreatment, non-grain sugars, biomass-based chemicals and materials, and biomass energy, contributing to the achievement of carbon neutrality goals [2][4] Forum Organization - The forum is organized by Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials) and the National Key Laboratory of Biomass Transport Fuel Technology, with prominent figures from academia leading the event [3][4] - Key figures include Zhu Jin, Li Zhenglong, and Zhang Xinghong, who are experts in biomass materials and biofuels [3][4] Forum Agenda - The forum will feature various specialized sessions, including topics on biomass green pretreatment, non-grain sugars, biomass-based chemicals, and biomass energy [5][6] - Specific sessions will cover technologies such as steam explosion, industrial fermentation strains, and the development of sustainable aviation fuel (SAF) [6][10] Special Activities - A special activity titled "Technology Achievement Display and Docking" will be held to promote the commercialization of innovative projects in the biomass utilization field, with 50 selected projects to be showcased [9][10] Industry Participation - The forum will attract a diverse range of participants, including biomass energy and chemical developers, academic researchers, and solution providers in biomass processing technologies [14][17] - The event aims to facilitate collaboration between industry, academia, and government organizations to advance the biomass sector [14][17]

Core Viewpoint - The article emphasizes the development of non-grain biomass resources for energy and bio-based materials, highlighting the upcoming NFUCon 2025 forum aimed at discussing commercialization paths and technological advancements in this sector [2]. Group 1: Forum Overview - The NFUCon 2025 will be held from November 27-29, 2025, in Hangzhou, Zhejiang, organized by DT New Materials and the National Key Laboratory of Bio-based Transportation Fuels [2][3]. - The forum will gather industry representatives and experts to explore key areas such as green pretreatment of biomass, non-grain sugars, bio-based chemicals and materials, and biomass energy [2][4]. Group 2: Forum Agenda - The forum will feature two main thematic discussions: - The first theme focuses on non-grain bio-based chemicals and materials, including sessions on biomass green pretreatment, non-grain sugars, and bio-based chemicals [6][9]. - The second theme addresses non-grain biomass energy, covering topics like biomass methanol, fuel ethanol, biogas, and sustainable aviation fuel (SAF) [9][10]. Group 3: Special Activities - A special activity titled "Technology Achievement Display and Docking" will be held to promote innovation and commercialization in the biomass sector, showcasing 50 innovative projects with commercial potential [9][10]. Group 4: Participating Entities - The forum will attract a diverse range of participants, including biomass energy and chemical developers, academic institutions, equipment solution providers, and government organizations [14].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the shipping industry, focusing on the impact of new environmental regulations such as the EU Emissions Trading System (EU ETS) and the FuelEU Maritime regulation on fuel costs and operational expenses for ships [1][2][3]. Core Insights and Arguments - **Regulatory Impact**: The EU ETS and FuelEU Maritime regulations significantly increase operational costs for shipping companies by imposing taxes on greenhouse gas emissions, including CO2, methane (CH4), and nitrous oxide (N2O) [1][2]. - **Cost Projections**: From 2028 to 2040, total operational costs for the shipping industry are expected to rise from $640 million to $1.59 billion, with GFI penalties being the largest contributor to this increase [2][17]. - **Green Fuel Transition**: The shipping industry is encouraged to transition to green alternative fuels, such as biomass methanol, to comply with regulations and reduce costs. Biomass methanol can meet GFI requirements and potentially lower operational costs compared to traditional fossil fuels [1][10][12]. - **Economic Viability of Green Fuels**: For biomass methanol to be competitive, its price needs to be reduced to $600-$800 per ton, considering the current market price of low-sulfur fuel oil (VLSFO) is around $400 per ton [18][19]. - **Compliance Strategies**: Shipping companies are advised to invest in energy efficiency technologies and optimize routes to reduce emissions and the need to purchase EUAs (Emissions Trading Allowances) [4][5]. Additional Important Content - **GFI Compliance**: The GFI (Greenhouse Gas Fuel Index) will assess compliance based on the fuel type and quantity used by ships, with penalties for exceeding set limits. The basic target for GFI in 2028 is set at 89.57, with compliance penalties for values above this threshold [9][10]. - **Long-term Fuel Strategy**: The shipping industry is expected to increasingly adopt alternative fuels, with LNG having a temporary compliance advantage until 2032, after which it will face higher penalties [11][14]. - **Future Regulations**: The IMO's net-zero framework is anticipated to be implemented in 2028, which will further push the industry towards sustainable practices and may increase operational costs due to stricter compliance requirements [8][20][21]. - **Market Dynamics**: The demand for green fuels will depend on regulatory compliance and economic factors, with a potential increase in the use of alternative fuels as their prices decrease and supply increases [24]. This summary encapsulates the critical points discussed in the conference call regarding the shipping industry's transition to greener fuels and the implications of new environmental regulations on operational costs and compliance strategies.

Core Viewpoint - The article emphasizes the development of non-grain biomass resources for energy and bio-based materials, highlighting the upcoming NFUCon 2025 forum aimed at discussing commercialization paths and technological advancements in this sector [2]. Group 1: Forum Overview - The NFUCon 2025 will be held from November 27-29, 2025, in Hangzhou, Zhejiang, organized by DT New Materials and the National Key Laboratory of Bio-based Transportation Fuels [2][3]. - The forum will gather industry representatives and experts to explore key areas such as green pretreatment of biomass, non-grain sugars, bio-based chemicals and materials, and biomass energy [2][4]. Group 2: Forum Agenda - The forum will feature a series of specialized sessions, including: - Session 1: Green pretreatment technologies [6]. - Session 2: Non-grain sugars development and industrial practices [10]. - Session 3: Bio-based chemicals and their industrial applications [10]. - Session 4: Non-grain bio-based materials [10]. - Session 5: Biomass energy, focusing on methanol, fuel ethanol, biogas, and sustainable aviation fuel (SAF) [9][10]. Group 3: Supporting Organizations - The forum is supported by various academic and research institutions, including Zhejiang University and its associated laboratories, which focus on bio-based materials and engineering [3][4]. - The event will also feature collaborations with media and organizations related to biodegradable materials and bioenergy [4]. Group 4: Innovation and Commercialization - The forum will include a special activity for showcasing and connecting 50 innovative projects in the biomass utilization field that have commercial potential [9]. - This initiative aims to promote the transformation of scientific achievements into practical applications within the industry [9].

Core Viewpoint - The article emphasizes the development of non-grain biomass resources for energy and bio-based materials, highlighting the upcoming NFUCon 2025 forum aimed at discussing commercialization paths, technological challenges, and opportunities in the biomass industry [2]. Group 1: Forum Overview - The NFUCon 2025 forum will be held from November 27-29, 2025, in Hangzhou, Zhejiang, organized by DT New Materials and the National Key Laboratory of Bio-based Transportation Fuels [2][3]. - The forum will gather industry representatives and experts to explore key areas such as biomass green pretreatment, non-grain sugars, bio-based chemicals and materials, and biomass energy [2][4]. Group 2: Forum Agenda - The forum will feature a series of specialized sessions, including: - Session 1: Biomass Green Pretreatment focusing on steam explosion technology and efficient pretreatment methods [6]. - Session 2: Non-grain sugars and their industrial applications [7]. - Session 3: Bio-based chemicals and their production processes [8]. - Session 4: Non-grain bio-based materials and their commercialization [8]. - The second theme of the forum will address biomass energy, including sessions on biomass methanol, fuel ethanol, biogas, and sustainable aviation fuel (SAF) [9]. Group 3: Supporting Activities - The forum will include a special activity for showcasing and connecting technological achievements, aiming to promote innovation and commercialization in the biomass sector [10]. - A total of 50 innovative projects in biomass utilization will be selected for display and networking opportunities during the forum [10]. Group 4: Industry Participation - The forum will attract various stakeholders, including: - Production companies involved in biomass energy and chemicals, cellulose materials, and green composite materials [14]. - Academic and research institutions focusing on biomass chemistry, advanced catalysis, and resource utilization [14]. - Equipment and solution providers for biomass processing and analysis [14].

Core Viewpoint - The article emphasizes the development of non-grain biomass resources for energy and bio-based materials, highlighting the upcoming NFUCon 2025 forum aimed at discussing commercialization paths and technological advancements in this sector [2]. Group 1: Forum Overview - The NFUCon 2025 will be held from November 27-29, 2025, in Hangzhou, Zhejiang, organized by DT New Materials and the National Key Laboratory of Bio-based Transportation Fuels [2][3]. - The forum will gather industry representatives and experts to explore key areas such as green pretreatment of biomass, non-grain sugars, bio-based chemicals and materials, and biomass energy [2][4]. Group 2: Forum Agenda - The forum will feature two main thematic forums: - The first focuses on non-grain bio-based chemicals and materials, including sessions on biomass green pretreatment and non-grain sugars [6][9]. - The second focuses on non-grain biomass energy, covering topics like biomass methanol, fuel ethanol, biogas, and sustainable aviation fuel (SAF) [9][10]. Group 3: Supporting Institutions - The forum is supported by various institutions, including Zhejiang University and its relevant departments, as well as editorial boards of related journals [4][5]. - The organizing committee includes prominent figures from Zhejiang University, enhancing the forum's academic and industry credibility [3]. Group 4: Special Activities - A special activity titled "Technology Achievement Display and Docking" will be held to promote the commercialization of innovative results in the biomass utilization field, showcasing 50 selected projects [9][10]. Group 5: Industry Participation - The forum will attract a diverse range of participants, including biomass energy and chemical developers, academic researchers, and solution providers in biomass processing technologies [14]. - It aims to facilitate collaboration among industry, academia, and government organizations to advance the biomass sector [14].