Core Viewpoint - The National Energy Administration is promoting the development of new technologies, models, and industries in the green liquid fuel sector to ensure energy security and facilitate green transformation [1] Group 1: Project Support - The National Energy Administration plans to support nine projects, including a 30,000 tons/year cellulose fuel ethanol project by Guotou Bio [1] - The projects aim to advance green liquid fuel technology and industrialization [1] Group 2: Project Details - The first batch of pilot projects includes: 1. Guotou Bio's 30,000 tons/year cellulose fuel ethanol project [1] 2. Integrated wind power and biomass green methanol project in Tiaonan City by Shanghai Electric Green Source Technology [1] 3. Jin Feng Technology's green methanol project with a capacity of 500,000 tons (Phase 1: 250,000 tons/year) [1] 4. Integrated wind-solar-storage hydrogen ammonia methanol project in Anda City [1] 5. Liaoning Huadian's 450,000 kW wind power hydrogen coupling green methanol project [1] 6. Jiangsu Lanze's 300,000 tons/year green methanol project [1] 7. 1.52 million tons/year zero-carbon hydrogen ammonia project by Envision Zero Carbon Technology [1] 8. Green hydrogen ammonia methanol integrated project by China Energy Construction Group [1] 9. Green hydrogen synthesis ammonia integrated project by State Power Investment Corporation [1]

证券研究报告 | 金融工程 2025 年 08 月 08 日 国内绿金标准升级，海外气候金融热度不减 ——ESG 动态跟踪月报（2025 年 7 月） 本报告重点关注 ESG 领域的监管动态、市场趋势与产品发行情况，系统梳理过去 一个月的重要信息，供投资者参考。 定期报告 相关报告 1、《ESG 热点洞察系列报告之 一：宽基指数编制中的 ESG 整 合趋势》2025-07-21 2、《ESG 热点洞察系列报告之 二：国际气候倡议调整背景下 低碳投资策略的本土化探索》 2025-07-30 风险提示： ❑ 本报告基于公开资料整理，内容仅供参考，不构成任何投资建议。ESG 相关政 策仍在持续完善过程中，标准体系和市场反应具有不确定性，相关投资产品可 能面临估值波动、流动性不足、主题偏离等风险，投资者需保持审慎判断。 任瞳 S1090519080004 rentong@cmschina.com.cn 麦元勋 S1090519090003 maiyuanxun@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 2025 年 7 月，国内 ESG 政策密集出台，绿色金融支持目录、零碳园区、碳足 迹标识等新规不 ...

Core Viewpoint - The launch of the world's largest green hydrogen ammonia project by Envision Group marks a significant step towards the commercialization and scaling of the green hydrogen ammonia industry, contributing to local economic growth and energy transition strategies [1][2]. Group 1: Project Overview - Envision's green hydrogen ammonia project in Chifeng, Inner Mongolia, has a production capacity of 152,000 tons, with the first phase producing 32,000 tons [1]. - The project utilizes a zero-carbon industrial park model and full-stack green hydrogen technology to convert renewable energy into stable and transportable green ammonia [1][2]. - The project has been recognized at the 28th UN Climate Change Conference (COP28) and was awarded the Energy Transition Innovator Award, highlighting its role in global clean energy transformation [2]. Group 2: Technological Innovations - The project features an AI-driven, dynamic coupling of wind and solar energy with hydrogen ammonia production, ensuring 100% green electricity connection [2]. - Envision has developed the world's largest independent new power system to provide reliable green electricity for production [2]. - The EnOS intelligent IoT operating system optimizes the operation of each segment, maximizing the utilization of green electricity [2]. Group 3: Industry Impact - The green hydrogen ammonia project is expected to significantly contribute to decarbonization in industries such as chemicals, shipping, and steel [3]. - Envision aims to transform the Gobi Desert's abundant wind and solar resources into green fuels, positioning Chifeng as a new energy hub [3]. - The project exemplifies China's innovative technologies in renewable energy, promoting global prosperity and a zero-carbon future [3].

Group 1 - The core viewpoint of the articles highlights the long-term procurement agreement between Envision Energy and Marubeni Corporation, marking a significant step in the commercialization of green ammonia as a scalable clean energy solution [1][2] - This partnership aims to leverage Envision's technological advantages in integrated green hydrogen and ammonia solutions with Marubeni's expertise in global trade networks and energy transactions, facilitating the large-scale production and marketization of green ammonia [1][2] - The collaboration is expected to support the green transition of high-carbon industries such as chemicals and fertilizers, while also contributing to Japan's low-carbon energy structure [1][2] Group 2 - Envision Energy has invested in the world's largest million-ton green ammonia project in the Chifeng Yuanbaoshan Chemical Park, which is the first commercially operational green ammonia project globally [3] - The first phase of the project, producing 300,000 tons of green ammonia, is set to commence operations on March 14, 2024, utilizing breakthroughs in new power systems to couple wind, solar, and hydrogen production dynamically [3] - This collaboration serves as a model for multinational green ammonia partnerships, promoting the green energy transition in the Asia-Pacific region and showcasing the leadership of Chinese renewable energy companies in the global energy restructuring [3]