近日 ， 国家能源局 组织召开绿色燃料产业发展专题座谈会，深入 研判 绿色燃料产业发展前 景，系统谋划未来产业发展相关举措。国家能源局党组书记、局长王宏志出席会议并讲话， 党组成员、副局长宋宏坤主持会议。 会议指出，要充分认识发展绿色燃料产业的重要意义。 发展 绿色燃料 产业有利于 替代石 油、保障能源安全， 有利于 降低碳排放、促进绿色发展，有利于促进新能源非电利用和消 纳、增强发展新动能，是能源领域新质生产力发展的重要方向。 国家发展改革委、国家能源 局认真贯彻落实党中央、国务院有关决策部署，已出台系列政策举措，引导相关企业开展了 有益探索。 相关院士专家和能源企业、咨询机构代表作了交流发言。国家发展改革委相关司局负责同 志，国家能源局总经济师、监管总监、总工程师和相关司负责同志参加会议。 会议强调，要因地制宜、统筹施策，推动绿色燃料产业健康有序发展。要 坚持系统谋划，加 强顶层设计和规划布局；坚持试点先行，探索形成产业 科学 发展模式；坚持创新引领，不断 提升产业发展竞争力；坚持优化环境，有力支撑产业规模化发展；坚持需求牵引，统筹国际 国内市场。 ...

（文章来源：第一财经） 中信证券研报表示，2月28日，云南省发布《云南省促进绿色电力消纳的若干措施》。其中提出对符合 条件的绿氢项目，给予最高13元/kg的补贴，同时政策还提出引导地方围绕炼化、化工降碳需求，布局 绿色氢氨醇SAF等一体化项目。我们认为该补贴力度空前，将显著改善当地绿氢及绿色燃料项目的盈利 能力。同时提升市场对全国性氢能支持政策的预期。建议关注绿氢氨醇项目投资运营商以及电解槽生产 商。 ...

证 券 研 究 报 告 双碳引领绿色转型，零碳园区试点先行 零碳系列报告一 证券分析师： 王璐 A0230516080007 莫龙庭 A0230523080005 傅浩玮 A0230522010001 朱赫 A0230524070002 2026.3.2 投资案件 www.swsresearch.com 证券研究报告 2 3 2. 体系构建：碳评价+碳市场 行政及市场两手抓 3. 落地路径：源头绿色转型 零碳工厂/园区先行 1. 2030年碳达峰在即，十五五启动进入碳双控，推动全面绿色转型 15 25 35 67 90 98 100 103 101 101 106 99 105 106 0% -28.5% -37.0% -40.7% -48.1%-48.4% -50.9%-51.5%-51.5% -54.0% -65% -70% -60% -50% -40% -30% -20% -10% 0% - 20 40 60 80 100 120 1980 1990 2000 2005 2010 2011 2012 2013 2015 2016 2019 2020 2021 2022 2023 2024 2030 碳排 ...

Core Viewpoint - The "15th Five-Year Plan" marks a significant starting point for energy development in China, emphasizing the importance of building a strong energy nation and establishing a new energy system to support national modernization efforts [1] Group 1: Energy Development Strategy - The "15th Five-Year Plan" outlines strategic tasks for building an energy powerhouse, focusing on high-quality development and technological self-reliance [2][3] - The plan aims to establish a new energy system by the end of the "15th Five-Year Plan" period, which is crucial for the overall development of the country [3] Group 2: Technological Innovation - The emphasis is placed on enhancing the overall effectiveness of the energy technology innovation system, integrating various innovation elements and organizations [5] - The plan highlights the need for original innovation and tackling key core technologies to support the construction of a new energy system [3][4] - The integration of technological and industrial innovation is crucial, with a focus on developing new industries such as artificial intelligence and hydrogen energy [4][5] Group 3: Implementation and Goals for 2026 - Key areas of focus for 2026 include strengthening the energy technology innovation system and advancing major technological equipment demonstrations [6] - The plan includes the implementation of national technology major projects and enhancing energy efficiency while promoting green development [5][6] - The cultivation of new industries and business models in the energy sector is prioritized, particularly in areas like artificial intelligence and new energy storage [6]

开栏的话 习近平总书记指出，推动高质量发展，最重要是加快高水平科技自立自强，积极发展新质生产力。党的二十届四中全会 通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》），明确了"十五五"时 期建设能源强国的战略任务。国家能源局能源节约和科技装备司将坚持以习近平新时代中国特色社会主义思想为指导， 深入贯彻党的二十届四中全会精神，全面落实全国能源工作会议部署，制定好"十五五"能源科技创新规划，研究谋划好 2026年能源科技创新工作，为能源强国建设提供强有力的科技支撑。 深入贯彻党的二十届四中全会精神，加快实施创新驱动发展战略 《建议》把推动高质量发展确定为"十五五"时期经济社会发展的主题，所提出的重要观点和重大举措，有三点特别需要 在"十五五"能源科技创新实际工作中准确把握、抓好落实：一是《建议》作出了建设能源强国的战略擘画，明确了"十 五五"初步建成新型能源体系的目标任务。这既是强国建设对能源领域的新要求，也是"十五五"夯实基础、全面发力的 底气所在。我们将着力提升能源科技创新体系整体效能，促进能源产业不断优化升级，新优势新动能加速培育。二是 《建议》突出科技创新引领作用，加强 ...

Core Viewpoint - The article emphasizes the importance of advancing energy technology innovation and establishing a new energy system during the "15th Five-Year Plan" period, aligning with China's modernization goals and the strategic tasks outlined by the Communist Party [3][4]. Group 1: Energy Technology Innovation - The "15th Five-Year Plan" aims to build a strong energy nation, with a focus on high-quality development and technological self-reliance [3][4]. - The National Energy Administration will develop an energy technology innovation plan for 2026, providing robust technological support for the construction of a strong energy nation [3][4]. - Key areas of focus include enhancing the overall effectiveness of the energy technology innovation system and promoting original and core technology breakthroughs [4][6]. Group 2: Strategic Goals and Implementation - The strategic goals include establishing a new energy system and enhancing energy security through technological advancements [4][5]. - The plan emphasizes the integration of technological innovation with industrial innovation, particularly in areas like artificial intelligence and new energy storage [4][6]. - Specific actions include the implementation of major national technology projects and the promotion of energy efficiency and green development [7][8]. Group 3: Challenges and Opportunities - The energy sector faces both opportunities and challenges, including the need for green and low-carbon technology innovations and the competition in emerging fields like hydrogen and nuclear fusion [6][9]. - The integration of artificial intelligence into the energy sector is seen as a transformative factor that can reshape global energy competition [6][9]. - The article highlights the necessity for a proactive approach to maintain control over energy technology development amid international competition [6][9].

Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]

Core Viewpoint - The article emphasizes the importance of integrated development in the renewable energy sector to support the construction of a strong energy nation, transitioning from rapid growth to high-quality development and creating diverse value [3][4]. Group 1: Strategic Role of Renewable Energy - The construction of a strong energy nation is crucial for national security, economic development, and global governance, with renewable energy serving as a strategic pillar [4]. - Since the 14th Five-Year Plan, over 80% of new power installations have come from renewable sources, positioning China as a global leader in installed capacity [4]. - Increasing renewable energy capacity is essential for reducing dependence on foreign energy and ensuring stable energy supply for a population of 1.4 billion [4]. Group 2: Economic Growth and High-Quality Development - The renewable energy sector is a key driver for economic growth, creating significant investment opportunities and jobs across various segments, including offshore wind, energy storage, and green fuels [5]. - The integration of renewable energy with digital economy initiatives is fostering new business models and enhancing the modern industrial system [5]. - Renewable energy plays a vital role in achieving carbon neutrality goals and enhancing China's influence in global energy governance [5]. Group 3: Integrated Development Approach - The current challenges in renewable energy development have shifted from grid integration to efficient consumption and system support, necessitating a transformation in development philosophy [6]. - The focus should shift from scale expansion to integrated development, promoting multi-energy integration and breaking down silos in energy production, transmission, and consumption [6][7]. - A multi-dimensional value recognition approach is needed, expanding beyond electricity provision to include green fuels, ecological restoration, and international cooperation [7]. Group 4: Policy and Market Reforms - Planning and guidance are essential for developing system-friendly renewable energy projects, with clear goals and evaluation metrics for system value [8]. - Market reforms should create a multi-tiered electricity market system that includes various market products and enhances demand-side response capabilities [9]. - Establishing a technology standard system for integrated development is crucial, focusing on optimizing multi-energy systems and enhancing smart energy capabilities [9][10]. Group 5: Pilot Projects and Industry Ecosystem - Pilot projects in key areas like the Shagou Desert and coastal wind farms should be developed to explore replicable business models for integrated renewable energy [10]. - Collaboration across industries such as transportation, construction, and energy is necessary to create a cohesive ecosystem that supports green energy initiatives [10].

Core Insights - Hong Kong is recognized as a significant international shipping hub, with discussions at the 2025 World Shipping Conference focusing on challenges such as decarbonization, geopolitical impacts, and crew shortages, emphasizing the need for dialogue and cooperation in the shipping industry [1] Group 1: Hong Kong's Strategic Advantages - Hong Kong serves as a vital gateway for connecting domestic and international markets, leveraging its geographical proximity to mainland China, favorable investment environment, advanced technology, efficient legal system, and abundant talent pool [2] - The city has maintained its position as the fourth in the International Shipping Center Development Index for six consecutive years, hosting over 1,200 port and maritime-related companies [2] - Hong Kong's unique advantages under the "One Country, Two Systems" framework, including a common law system and low tax regime, attract global shipping enterprises [2] Group 2: Green Transition Initiatives - Hong Kong is actively pursuing a green transition in its port operations, having invested nearly 200,000 tons in green fuel and preparing to launch methanol bunkering [4] - The Hong Kong government has established a clear roadmap and objectives through the "Green Marine Fuel Bunkering Action Plan" to achieve the International Maritime Organization's target of net-zero emissions by 2050 [4] - Legislative changes have expanded the types of marine fuels to include liquefied natural gas and methanol, facilitating a legal framework for green fuel adoption [6] Group 3: Collaborative Efforts for Decarbonization - Industry representatives stress the importance of breaking down regional barriers and achieving global collaboration for the decarbonization of the shipping sector [7] - Hong Kong is building a cooperative network that includes partnerships with ports in mainland China and Chile, enhancing regional synergy and international cooperation [7] - The financial advantages of Hong Kong can support the production and financing of alternative fuels, creating a competitive edge that is difficult for other regions to replicate [2][7] Group 4: Role in Global Maritime Regulation - Hong Kong's pragmatic approach to rule-making considers the interests of various stakeholders, positioning it as a potential coordinator of maritime regulations amid global fragmentation [3] - The city is expected to facilitate participation from international organizations and multinational entities in global emission reduction efforts, contributing to a collaborative green shipping transition [8]

Macro - The Biden administration's enhanced healthcare plan has become a political tool for both parties, significantly impacting the capital market. Currently, only three departments have reached a budget agreement, accounting for 11% of the total budget, while the remaining nine departments' budgets are set to expire on January 30, 2026. The recent vote on healthcare proposals has led to a bleak outlook for resolution before the Christmas holiday [5] Financial Engineering - The A-share market has shown signs of recovery with increased trading confidence, as evidenced by the rising volatility in the CSI 300 and CSI 500 indices. The Central Economic Work Conference has further boosted market sentiment, suggesting a potential transition from a liquidity-driven market to one driven by fundamentals. The focus remains on a "dividend + technology" investment strategy for the medium to long term [5] Steel Industry - The capacity utilization rate of blast furnaces in December is expected to be lower than the same period last year. The Ministry of Industry and Information Technology has introduced new regulations aimed at phasing out outdated production capacity, which may lead to a recovery in steel sector profitability to historical average levels [7] Non-Ferrous Metals - Lithium prices have reached approximately 92,000 yuan per ton, with recommendations to focus on companies with cost advantages and resource expansion potential. Prices for cobalt and other related materials have increased, while tungsten prices remain at their highest levels since 2012. The price of neodymium oxide has reached a 19-month high [8] Petrochemical Industry - Sinopec Group is actively pursuing deep reforms and transformations, enhancing governance efficiency through world-class management benchmarks. The company is also improving its ESG performance and has established a clear path for carbon neutrality, attracting long-term capital investments [8] Electric New Energy and Environmental Protection - The Central Economic Work Conference has emphasized the application of green electricity and the promotion of a comprehensive green transition. Plans for 2026 include strengthening the national carbon emissions trading market and fostering new growth areas such as hydrogen energy and green fuels [8]