www.ccxi.com.cn 国际宏观资讯双周报 2 月 3 日–2 月 25 日 ➢ 2026 年第 4 期 本周资讯一览 热点评论 ➢ 韩日政府关注美关税裁决后续动向 对美投资或将照常推进 经济 财政 政治 国际收支 ESG 主权信用 ➢ 惠誉将巴林主权信用等级由 B+下调至 B 评级展望稳定 主权与国际评级部 | 杜凌轩 | | 010-66428877-279 | | --- | --- | --- | | | | lxdu@ccxi.com.cn | | 王家璐 | | 010-66428877-451 | | | | jlwang@ccxi.com.cn | | 于 | 嘉 | 010-66428877-242 | | | | jyu@ccxi.com.cn | | 张晶鑫 | | 010-66428877-243 | | | | jxzhang@ccxi.com.cn | | 易 | 成 | 010-66428877-246 | | | | chyi@ccxi.com.cn | | 方菏阳 | | 010-66428877-567 | | | | hyfang@ccxi.com.cn | | ...

Acwa和Neom都获得了沙特公共投资基金（PIF）的支持。 绿色氢气是一种利用可再生能源发电制成的清洁燃料。它为重工业和长途运输提供了一种低碳替代方 案。海湾地区拥有丰富的阳光和土地资源，可以发展廉价的可再生能源，现有的能源和出口基础设施也 为生产商提供了便利。然而，由于大多数市场目前缺乏足够的码头来接收燃料，因此签订长期合同一直 很复杂。 《阿拉伯海湾商业洞察》（AGBI）2月5日报道，沙特阿拉伯价值80亿美元的Neom绿色氢能综合体项目 即将完工，一项重要的氨出口协议谈判也已进入最后阶段。 Neom绿氢公司(NGHC)是美国上市工业气体供应商空气化工产品公司（Air Products & Chemicals）、沙 特阿拉伯上市可再生能源公司Acwa Power和Neom共同组建的合资企业，旨在建造全球最大的绿色氢气 工厂。 空气化工产品公司在第一季度收益报告中表示，Neom工厂的太阳能和风能基础设施已完成95%以上， 预计将于2027年中期开始投产。该公司还将与挪威雅苒国际公司（Yara International）达成协议，每年 销售来自Neom的至多120万吨绿色氨。 空气化工产品公司首席执行官兼董 ...

Group 1: Environmental Initiatives - The proposal to create the Miyun Reservoir National Park aims to enhance ecological advantages and promote local employment opportunities for farmers [4][5] - The Miyun water system is highlighted as a crucial part of the national water network, with significant contributions to flood control and water supply [4] - The average PM2.5 concentration in Miyun is projected to be 23.4 micrograms per cubic meter by 2025, the lowest in Beijing, indicating strong ecological health [4] Group 2: Hydrogen Energy Development - The hydrogen energy industry in Beijing has made significant progress, with the city being a national leader in hydrogen technology and infrastructure [5] - There is a call to include hydrogen energy in Beijing's future industrial plans, emphasizing the need for supportive policies to foster growth in this sector [5] - The development of hydrogen-powered vehicles and the establishment of hydrogen refueling stations are seen as critical steps for the future of the hydrogen industry in Beijing [5] Group 3: Waste Management and Energy Production - The current waste management strategy in Beijing has shifted from landfilling to incineration, generating nearly 14,000 tons of hazardous waste annually [6][8] - The potential to produce 48,000 tons of green hydrogen and recover 750,000 tons of liquid carbon dioxide from waste processing is highlighted, with an estimated economic benefit of around 20 billion yuan [8] - Advanced waste treatment technologies are recommended to maximize resource recovery and minimize environmental impact, transforming waste into green energy [6][8] Group 4: Urban Waterway Enhancement - The proposal includes enhancing the ecological corridors of rivers in urban areas, focusing on creating diverse and accessible waterfront spaces [9] - Suggestions for improving the green coverage along riverbanks and utilizing water features to activate urban spaces are presented [9] - The importance of balancing flood safety with the creation of recreational water spaces is emphasized, promoting a more integrated urban waterway system [9]

罗通社10月22日报道，罗马尼亚智能能源协会（AEI）指出，欧洲正加快绿色氢能投资步伐，通过 建设枢纽与管道减少对化石燃料的依赖，而罗马尼亚仍处于起步阶段，其试点项目与规划多停留在纸面 上。在《2025—2030年国家氢能战略》出台背景下，罗马尼亚需加快落实相关措施。目前，罗每年生产 约20万吨氢气，均为灰色氢。其2030年目标为实现15.3万吨绿色氢气产能，但目前仅有三个小规模试点 项目。相比之下，其他欧洲国家行动迅速： 荷兰：在市场需求尚未形成前即建设氢气管网；德国：计划至2030年建立1200公里氢气网络，连接 港口与工业区，电解槽装机容量达10吉瓦；法国与西班牙：将港口转型为能源枢纽。法国新港建设20兆 瓦项目，每年产3000吨绿色氢气；西班牙瓦伦西亚拟建2吉瓦电解槽，吸引超3亿欧元投资；丹麦：投资 大型电解槽及通德管道，首批装置已投运，为工业直接供氢；挪威：利用水电生产清洁氢气，服务交通 与工业，包括岛屿渡轮。在欧盟层面，目标到2030年每年生产1000万吨绿色氢气，约100吉瓦装机容 量。然而据安永《Hyvolution 2025》报告，目前仅2%的项目进入建设阶段，其余仍处规划。成本仍是 主要挑 ...

Industry Insights - The National Development and Reform Commission (NDRC) is set to enhance support for emerging industries such as energy storage and hydrogen energy, aiming to create a favorable environment for their healthy development [1] - The NDRC plans to deepen electricity market reforms, encouraging energy storage projects to participate in energy markets and ancillary services to achieve reasonable returns [1] - There is a focus on coordinating the supply and demand of green hydrogen, ammonia, and methanol, promoting large-scale development in key areas while advancing infrastructure construction to reduce operational costs [1] - The green hydrogen and methanol industry in China is entering a dual-driven phase of "policy promotion + market traction," with rapid expansion in technology breakthroughs, investment, demonstration scenarios, and international cooperation [1][2] - China holds a 55% share of global green methanol project reserves, indicating a fast project advancement speed and potential for early large-scale supply [1] Company Developments - Foshan Energy is collaborating with China Gas to invest in a green methanol project located in the Guangdong-Hong Kong-Macao Greater Bay Area, which has abundant biomass resources for stable raw material supply [3] - The Greater Bay Area's developed port network provides ideal conditions for the refueling and export of green methanol, potentially impacting the Asian shipping fuel market [3] - Jiaze New Energy is entering the green methanol business in partnership with Ningxia Jiaze Group, with the establishment of a subsidiary expected to significantly enhance the company's growth potential [3]

Core Viewpoint - The articles highlight innovative green technologies emerging in Wuhan that transform waste into valuable resources, addressing urban environmental challenges and contributing to high-quality sustainable development [1][2]. Group 1: Waste Management Innovations - Wuhan University of Technology developed an anaerobic digestion system with an intelligent carbon measurement platform for kitchen waste, significantly improving waste management efficiency [1]. - The system can generate 60 million kilowatt-hours of electricity annually from biogas, reducing carbon emissions by 80,000 tons [1]. - The biogas produced is now considered a "carbon asset," allowing for measurable and tradable carbon reductions in the carbon market [1]. Group 2: Biofuel Production - Wuhan Ruijia Kang Biotechnology Co., Ltd. has developed a "super strain" of bacteria that rapidly decomposes corn husks and straw into biofuel ethanol, achieving domestic production capabilities [1]. - The company has successfully demonstrated the production of high-purity lactic acid and cellulose ethanol, with cellulose ethanol reducing carbon emissions by 57% compared to traditional gasoline [2]. - Bio-based lactic acid produced by the company can achieve up to 98% lower carbon emissions compared to conventional plastics [2]. Group 3: Soil and Energy Solutions - Wuhan Lando Biotechnology Co., Ltd. utilizes fast-growing "super reed" plants for soil remediation and the production of green hydrogen and methanol, offering new solutions for ecological restoration and energy transition [2]. - The emergence of these green technologies in Wuhan not only addresses environmental issues but also transforms waste into valuable resources and green energy [2].

Core Insights - The article discusses a significant advancement in the production of green hydrogen and high-value chemicals through the electrolysis of water and glycerol conversion, achieved by researchers at the Chinese Academy of Sciences [1] Group 1: Technology and Innovation - Researchers have successfully addressed the issue of catalyst deactivation at high current densities by adding trace amounts of copper ions to the reaction solution [1] - The addition of copper ions allows the catalyst to maintain high catalytic activity by acting as a self-repairing "dynamic armor" [1] - For example, using cobalt oxide supported on nickel foam, the generation efficiency of formic acid increased from 62.2% to 99.3% at a current density of 800 mA/cm², outperforming previously reported catalysts [1] Group 2: Industrial Application and Scalability - The technology demonstrates good scalability and is applicable to other metal catalysts and various biomass feedstocks [1] - The research team successfully produced large-sized electrodes measuring 6x6 cm, which operated continuously and stably for over 100 hours, producing 13.2 grams of oxidized products per hour, indicating strong industrial application potential [1]

Core Viewpoint - AES Andes has applied to suspend the environmental approval process for its green hydrogen project until May 2026 due to concerns about potential light pollution affecting a nearby observatory [1] Group 1: Project Overview - The INNA project in the Antofagasta region plans to invest $10 billion to produce green hydrogen and green ammonia [1] - The project is currently in the environmental approval stage [1] Group 2: Concerns and Delays - Scientific community expresses concerns about light pollution from the green hydrogen project impacting the observatory [1] - The company needs to address numerous public and scientific inquiries and conduct additional in-depth studies, including modeling analyses on light pollution and vibration effects [1] - As a result, the company has requested to pause the approval process and will submit supplementary materials by May 2026 [1]

Core Insights - The Dubai "green hydrogen" project has produced over 100 tons of green hydrogen since its launch in May 2021, primarily for electricity generation, resulting in over 1.15 gigawatts of green power and a reduction of more than 515 tons of carbon emissions [1][1][1] Group 1: Project Overview - The project is the first in the Middle East and North Africa to produce hydrogen using solar energy, implemented by the Dubai Electricity and Water Authority in collaboration with the 2020 Dubai Expo and Siemens Energy [1][1] - The facility can produce approximately 20 kilograms of green hydrogen per hour, with storage capabilities for up to 12 hours of hydrogen production from solar energy [1][1] Group 2: Applications and Impact - About 11 tons of the produced hydrogen have been utilized in various sectors, including transportation, with hydrogen fuel provided for vehicles at the ENOC future service station in Dubai Expo City [1][1] - The project is designed to serve as a platform for future hydrogen applications and testing across power generation, transportation, and industrial sectors [1][1]

Core Insights - The narrative surrounding Plug Power has shifted from concerns about funding its growth to a focus on operational execution following a $1.66 billion conditional loan guarantee from the U.S. Department of Energy (DOE) [1][2][4] Funding and Financial Outlook - The DOE loan provides a clear financial runway for Plug Power to build a network of up to six green hydrogen production facilities across the U.S., addressing previous financing risks [2][4] - This loan is a cheaper funding source compared to issuing new stock, which can dilute existing shareholders' equity, thus protecting investor interests [4] - The loan is specifically allocated for expanding the production network, reducing reliance on third-party suppliers and providing a clear path to commercial scale [4] Operational Execution and Growth - Plug Power aims to control the entire hydrogen process, from production to manufacturing, which is crucial for improving gross margins [3] - Recent milestones indicate tangible progress in operational execution, with the company’s production capacity increasing to approximately 40 tons per day (TPD) following the commissioning of a new facility in Louisiana [10] Market Validation and Insider Confidence - The DOE's endorsement positions Plug Power as a strategic national asset, enhancing its credibility and attractiveness to future partners and customers [4] - Recent insider purchases by Plug Power's CFO, totaling 1,000,000 shares, signal strong executive confidence in the company's future [6] Stock Performance and Investment Outlook - The stock forecast indicates a potential upside of 25.68%, with a 12-month price target of $1.83, suggesting that the market may not have fully priced in the recent de-risking event [7] - Investors are encouraged to monitor key metrics such as gross margin improvements and new commercial contracts in the upcoming quarters [8]