证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 03 月 01 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 重视"双碳"考核 重点氢能项目总结 ——大能源行业 2026 年第 8 周周报（20260301） 投资要点： 电力：重视"双碳"考核及绿电消纳 "十五五"开局之年，计划与市场转型关键期，重申重视"双碳"考核。从考核看 投资方向，1）存量角度看配额机制，参考发电企业碳配额交易情况看，预计钢铁、 水泥、铝冶炼进入碳市场后，将进一步从"绿色"的角度加快供给侧出清，上述高 耗能企业承担"绿色"转型责任。2）增量角度看绿电需求，考虑到"十五五"期间 考核指标从能耗转为碳排放，有利于高耗能企业增强清洁能源的使用，其中绿证 ...

Group 1 - The core focus of the Shanxi provincial government work report is to promote energy transition and accelerate the construction of a new energy system, which has become a hot topic among representatives and committee members during the ongoing Two Sessions [1] - Shanxi aims to achieve 400 intelligent coal mines and increase the proportion of advanced coal production capacity to 84% during the 14th Five-Year Plan period, while also becoming a net exporter of natural gas with a cumulative output of 75 billion cubic meters [1] - In 2026, Shanxi plans to advance the large-scale and base-oriented development of new energy, including efficient utilization of geothermal energy, biomass energy, hydrogen energy, and green ammonia and green alcohol, in addition to wind and solar power [1] Group 2 - Shanxi proposes to develop an energy internet to promote the integrated development of coal, coal power, new energy, and energy storage, with suggestions to enhance the adaptability and acceptance of the power grid for high proportions of new energy [2] - The province aims to explore high-value utilization and strategic reserve paths for high-quality and rare coal types, while also establishing a leading domestic high-performance carbon fiber industry base [2] - Recommendations include gathering research resources to promote high-value utilization of coal and advancing technology in coal-based anode materials and carbon fiber, as well as enhancing the technological content and added value of resource conversion [2]

Group 1: Environmental Business Growth - The company is focusing on new profit growth points in its environmental business through refined management and operational upgrades in waste-to-energy, urban sanitation services, and environmental equipment manufacturing [2][4] - New business models such as combined heat and power, collaborative disposal, and "waste-to-energy + IDC" partnerships are being explored to integrate environmental services with digital economy [2][4] Group 2: International Expansion and "Belt and Road" Initiative - The company is actively expanding its overseas business along the "Belt and Road" by leveraging its core technology in waste-to-energy and comprehensive service capabilities [4][5] - In 2025, the company aims to enhance its presence in high-quality solid waste disposal projects in "Belt and Road" countries, transitioning from a single project operator to a comprehensive environmental service provider [4][5] Group 3: Hydrogen Energy Development - The company is advancing into the hydrogen energy sector, investing in green methanol and methane projects, and establishing a complete industrial chain from wind and solar power to hydrogen production [6][7] - The Liao Yuan project includes a total installed capacity of 514.8 MW for grid-connected wind power and 443 MW for off-grid wind power, with a production capacity of 170,000 tons/year of methanol [6][7] Group 4: Green Methanol and Methane Production - The company plans to achieve a production capacity of 1 million tons of ISCC RFNBO standard methanol by 2030, supporting the shipping industry's carbon reduction goals [7][8] - The Liao Yuan integrated project aims to produce 100,000 tons of green methanol and 190,000 tons of green methane annually, with construction expected to be completed by Q2 2026 [7][8] Group 5: Policy Support and Financial Backing - The company has received 280 million yuan in policy financial support for its Liao Yuan and An Da projects, which is a significant endorsement of their technical feasibility and environmental value [9][10] - The national government has launched a 500 billion yuan financial tool to support green low-carbon transitions, with the company benefiting from this initiative [9][10]

Group 1 - The "2025 Second Hydrogen Industry Conference (CHIF2nd)" was held on October 10 in Shanghai, aiming to gather global experts to discuss the latest trends, technological challenges, and solutions in the hydrogen industry, promoting high-quality development [1] - According to Guotai Junan, hydrogen energy is seen as a key tool for reducing carbon dioxide emissions in the industrial sector and will become crucial for energy transition, attracting capital market attention to the hydrogen sector [1] - The hydrogen industry chain includes upstream hydrogen production, midstream storage and transportation, and downstream applications, with nearly 100 hydrogen-related listed companies in the A-share market [1] Group 2 - Huayuan Securities indicates that with declining electricity prices, rising carbon prices, policy support, and increasing orders for green fuels, the construction rate of green hydrogen projects is expected to gradually increase [2] - The upstream electrolyzer industry is anticipated to move out of the "involution" phase, with a recommendation to focus on companies like Huadian Technology and Huaguang Huaneng [2] - As the cost of green hydrogen decreases, its penetration in transportation and industrial sectors is expected to improve, with recommendations to pay attention to fuel cell-related companies such as Guohong Hydrogen Energy, Guofu Hydrogen Energy, and Reformed Energy [2]

Group 1: High-end Development - The modern coal chemical industry needs to shed its label as a "low-end bulk commodity" and pursue high-end development [1] - Focus should be on products that are difficult to produce in petrochemicals, such as α-olefins, specialty oils, and functional materials, to extend the industrial chain towards high-end [1] - Achievements in key technologies like electronic-grade phosphoric acid production and process intensification have been made, emphasizing high-end, green, and intelligent development as the main theme [1] Group 2: Green Transition and Carbon Reduction - The modern coal chemical industry plays a crucial role in ensuring national energy security and promoting high-quality economic development, with a focus on green and digital transformation [3] - The importance of carbon dioxide by-product management and water resource conservation has been highlighted as urgent topics [3] - Green methanol, produced from carbon dioxide and green hydrogen, is emerging as a potential clean and low-carbon fuel and chemical raw material [3] Group 3: Technological Innovations - The development of low-energy, low-carbon pathways for the utilization of low-rank coal has been achieved, exploring key technologies for integrating low-rank coal utilization with new energy [4] - Enhancements in reaction control and energy efficiency in coal gasification processes are recommended, along with the development of high-efficiency low-carbon new processes [4] - Artificial intelligence (AI) is seen as a transformative technology for the modern coal chemical industry, improving efficiency in both research and production [5] Group 4: Industry Trends and Future Directions - The Ningdong base is developing a series of industrial chains, with the fine chemical industry expected to account for 13.9% of its output value by 2024 [2] - The conference served as a platform for discussing the development direction for the "15th Five-Year Plan," indicating ongoing exploration and innovation in the industry [5]