绿醇、核聚变、固态电池、储能更新 20251009 摘要 四中全会及"十五"规划或利好光热、海上风电、特高压等领域，美联 储降息持续影响流动性，风电、电网、锂电、储能龙头企业仍是推荐方 向，关注边际变化带来的短期机会。 国内核聚变项目积极推进，多国加大投入。投资应关注国内招标进度、 关键技术突破（如高温超导材料）、海外项目进展，标的包括晶华永鼎、 夏克赛博英捷、合锻智能等。 绿醇销售价格约为灰色甲醇 3 倍，上市公司反馈绿醇生产成本约为 3,000-4,000 元/吨，利润可观。国家能源局支持新能源制新能源，金 风兴安盟绿醇项目完成工艺验证。 IMO 对航运业脱碳要求推动绿醇需求，预计 2030 年绿醇需求达 1,500- 3,000 万吨，增长空间巨大。当前绿醇售价 7,000 元/吨，成本 3,000- 4,000 元/吨，利润可观，相关公司市值潜力巨大。 欧盟碳价约为 80 欧元/吨，绿醇零碳排放带来溢价，若低硫重油售价在 3,000-4,000 元之间，则绿色甲醇价格可以达到 5,000 元，每吨利润可 达 1,000 元。 Q&A 请介绍一下当前电信板块的轮动情况以及投资者应关注的重点。 在 10 ...

①绿醇行业10月份有望迎来重要催化，这家公司50万吨示范项目成功投产，第二成长曲线逐步成型； ② 固态电池驱动铝塑膜迎来深刻变革，公司通过收购国内龙头一跃成为产业链核心受益标的，并有望借此实 现困境反转。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 前言 ...

Investment Rating - The report maintains a positive investment outlook across various sectors, particularly in hydrogen energy, wind power, and lithium batteries, indicating strong growth potential and investment opportunities [1][2][3][4][5][6][9][23]. Core Insights - The energy revolution is shifting focus towards decarbonization in non-electric sectors, with green hydrogen and methanol as key pathways, presenting multiple investment opportunities in production and equipment [1][5][6][7]. - The wind power sector is experiencing significant developments, with major projects in Italy and Thailand, indicating robust overseas expansion for leading companies [9][10][11][12]. - The lithium battery market is witnessing strong demand driven by the energy storage sector and the upcoming peak consumption season for electric vehicles, leading to price increases [23][24]. Summary by Sections Hydrogen and Fuel Cells - The market is recognizing the potential of green hydrogen and methanol, with significant growth expected in various applications such as transportation and chemicals [1][5][6][7]. - The demand for green methanol in shipping is projected to rise, with regulatory frameworks supporting its adoption [7]. Wind Power - Major investments in floating wind projects in Italy are set to commence, with expectations for significant contributions to the European offshore wind market [9][10]. - Companies like Mingyang and Goldwind are expanding their overseas operations, enhancing their competitive edge [11][12]. Lithium Batteries - The lithium battery sector is entering a strong demand phase, with significant procurement activity from end-users in both energy storage and electric vehicles [23][24]. - The market for lithium hexafluorophosphate (6F) is experiencing price increases due to tight supply conditions [23][24]. Electric Grid and Industrial Control - The export of major electrical equipment is on the rise, with significant growth in transformers and high-voltage switches, indicating a long-term positive outlook for overseas demand [26][27]. - Companies in the industrial control sector are launching new products aimed at enhancing efficiency and performance in robotics [28][29]. New Energy Vehicles - The domestic market for new energy vehicles is showing strong sales growth, with significant increases in both retail and wholesale volumes [30].

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请说明赫美集团在绿氢产业链的具体进展、落地计划 及如何保障中小股东权益？绿氢项目推进等具体措施以稳定市场信心？ 赫美集团（002356.SZ）9月22日在投资者互动平台表示，公司风光电制绿氢绿醇项目正在推进，其中， 公司控股子公司宁城氢美投资建设的风光制氢一体化项目（26.25万千瓦风电部分）已经获得行政审批 核准。项目相关进展请以公司在指定信息披露媒体《证券时报》、巨潮资讯网： http://www.cninfo.com.cn以及深圳证券交易所网站披露的公告为准。公司如有重大事项达到信息披露标 准，将及时履行信息披露义务，敬请关注公司公告。公司正在推进战略转型，努力提升经营业绩以提升 公司整体竞争力。 ...

中信建投：继续看多储能、锂电板块，关注绿醇长期应用趋势 银河证券研报称，海外方面，美国8月CPI数据虽有所回升，但整体符合市场预期，通胀仍在可控范围 内。同时，劳动力市场持续降温，上周初请失业金人数意外升至26.3万人，创近四年来新高。这一组合 信号进一步强化了市场对美联储年内开启降息周期的预期。未来美元大概率走弱，非美资产受益，推动 资金流向非美市场，尤其是新兴市场和高收益资产，从而提升全球风险偏好。目前，市场对美联储年内 可能采取50个基点降息行动的预期加大，推动亚洲股市表现强劲。国内方面，8月出口开始承压，物价 水平依旧处于筑底阶段。但从金融数据来看，居民存款搬家已初步显现，未来流动性改善有望持续支撑 风险资产表现，以及固收向"固收+"转移对A股市场形成增量资金。 华泰证券策略：维持较高仓位运行，适度回归性价比与景气度 华泰证券研报表示，上周，A股在短暂消化止盈的压力后转涨，创阶段性新高。交投活跃度是投资者关 注的焦点。华泰证券观察到，国内资金继续活跃，小盘向大盘切换的趋势减弱但没有逆转，聚焦产业趋 势的特征依然明显，但抱团有松动迹象。国内基本面中期趋势向上预期至少难以证伪，且交易活跃度偏 高，赚钱效应 ...

人民财讯9月15日电，中信建投（601066）研报称，储能方面，继续重点推荐储能板块。近期山东机制 电价折价明显，业主自发配储意愿提升；宁夏继甘肃之后推出容量电价，有助于业主投资积极性。锂电 方面，锂电板块已经兑现2025年市场需求超预期，当前核心矛盾为2026年需求预期是否继续上修，后续 持续关注储能招标及装机数据、2026年指引置信度、2026年车以旧换新等政策延续情况以及锂电排产信 息等。持续看多锂电、储能。氢能方面，北美电力需求缺口带来SOFC(固体氧化物燃料电池)的产业趋 势仍在被验证并加强，持续看好SOFC降本带来度电成本优势；绿醇长期应用趋势是船运脱碳的必然结 果，IMO规则正在加快平价进度、提升行业空间。 ...

Core Viewpoint - Inner Mongolia is transforming its energy economy by integrating traditional coal production with modern green energy initiatives, aiming to become a significant energy base in China [1][2][3]. Group 1: Energy Transition and Development - Inner Mongolia has established the largest and most comprehensive modern coal chemical industry cluster in China, with renewable energy installations reaching 145 million kilowatts, accounting for 52% of total installed capacity [1]. - The region has initiated cross-provincial ultra-high voltage green electricity trading, with cumulative electricity exports exceeding 740 billion kilowatt-hours, equivalent to the annual electricity consumption of 270 million households [1][6]. - The energy transition includes a focus on high-end, intelligent, and green development, with 180 green mines and 215 intelligent mines established, ensuring that large coal mines operate with minimal human presence [2][3]. Group 2: Renewable Energy Growth - Inner Mongolia's renewable energy generation has doubled in the past two years, with electricity production reaching 1,665 billion kilowatt-hours and 2,125 billion kilowatt-hours, maintaining a growth rate of over 25% [4]. - The region is developing a wind-solar-hydrogen storage manufacturing industry chain, with an expected output value of 270 billion yuan by 2024, representing 10% of total industrial output [4]. Group 3: Infrastructure and Electricity Export - The Xilin Gol League-Tai Zhou ultra-high voltage direct current project spans 1,620 kilometers, facilitating an average daily electricity export of over 100 million kilowatt-hours [5]. - Since the 14th Five-Year Plan, Inner Mongolia's electricity export capacity has increased from 70 billion kilowatt-hours to over 330 billion kilowatt-hours, with green electricity exports rising from 30 billion kilowatt-hours to 60 billion kilowatt-hours, and an expected 100 billion kilowatt-hours this year [6].

Group 1: Modern Energy Economy in Inner Mongolia - Inner Mongolia has established the largest and most comprehensive modern coal chemical industry cluster in China, with a total installed capacity of renewable energy reaching 145 million kilowatts, accounting for 52% of the total installed capacity [1][3] - The region has initiated cross-provincial ultra-high voltage green electricity trading, with cumulative external electricity delivery exceeding 740 billion kilowatt-hours, equivalent to the annual electricity consumption of 270 million households [1][6] Group 2: Green Transformation of Traditional Industries - The coal industry in Inner Mongolia is undergoing a transformation towards high-end, intelligent, and green development, with 180 green mines and 215 intelligent mines established, achieving "no human presence underground" in large coal mines [2][3] - The coal-to-chemical projects are utilizing green electricity to convert coal into polyethylene and polypropylene, achieving cost advantages compared to traditional petrochemical processes [2][3] Group 3: Renewable Energy Development - Inner Mongolia's renewable energy generation capacity has doubled in the past two years, with electricity generation from renewable sources reaching 1,665 billion kilowatt-hours and 2,125 billion kilowatt-hours, maintaining a growth rate of over 25% [4] - The region is accelerating the construction of a wind-solar-hydrogen storage manufacturing industry chain, with an expected output value of 270 billion yuan by 2024, accounting for 10% of the total industrial output value [4] Group 4: Electricity Transmission and Consumption - The electricity export scale from Inner Mongolia has increased from 70 billion kilowatt-hours to over 330 billion kilowatt-hours, with green electricity exports rising from 30 billion kilowatt-hours to 60 billion kilowatt-hours, and an expected green electricity export of 100 billion kilowatt-hours this year [6] - Inner Mongolia is actively promoting the development of green hydrogen, green ammonia, and green alcohol industries, with a current green hydrogen production capacity of 60,000 tons per year, nearly half of the national total [6]

Core Viewpoint - The petrochemical industry is a key sector for carbon emission reduction, with a total CO2 emission of approximately 1.46 billion tons in 2022, and is encouraged to develop green hydrogen as a major raw material to significantly lower emissions [1][2]. Group 1: Industry Development - The development of green hydrogen-based chemicals is gaining momentum, with China's electrolytic water hydrogen production capacity reaching about 78,000 tons by the end of 2023, and green ammonia and green methanol capacities at 30,000 tons and 220,000 tons respectively [2]. - The green hydrogen chemical sector is transitioning from "concept verification" to "scale project construction and operation" internationally [2]. Group 2: Economic Factors - The cost of green ammonia and green methanol is currently about 90% higher than traditional methods without considering carbon reduction benefits. Achieving price parity for green ammonia requires a green electricity price of 0.15 yuan/kWh and a carbon price of 180 yuan/ton [3]. - As carbon prices rise and green electricity and hydrogen prices decrease, the competitiveness of green hydrogen routes will continue to improve, with expectations for green hydrogen to approach traditional coal chemical route costs by around 2030 [3]. Group 3: Policy Factors - Policy support is crucial for the economic advantages of green hydrogen to be realized, with international frameworks like the EU ETS creating new demand for green liquid fuels [4]. - Domestic policies promoting sustainable aviation fuel and coal-chemical coupling with green hydrogen are expected to drive demand growth in the green hydrogen chemical market [4]. Group 4: Technological Factors - The maturity of technology and associated cost issues are fundamental for the transition from gray or blue hydrogen to green hydrogen. Current hydrogen production costs are heavily influenced by electricity consumption, which accounts for over 70% of green hydrogen costs [5]. - Significant advancements in ammonia and methanol production processes are needed to enhance yield and purity, as well as to develop flexible synthesis technologies that can adapt to renewable energy fluctuations [6]. Group 5: Market Factors - Despite the large hydrogen demand in the ammonia and methanol sectors, the current high cost of green hydrogen and the incomplete transmission of carbon reduction pressures to enterprises limit the release of green hydrogen demand [7]. - Internationally, the demand for green ammonia and green methanol is growing, particularly in markets like Japan and South Korea, providing export opportunities for China's green hydrogen chemical products [7]. Group 6: Future Recommendations - A strategic plan for green hydrogen chemical development should be established, focusing on demand-driven production and infrastructure support in renewable energy-rich areas [8]. - A comprehensive green product standard system should be developed to facilitate the scaling of green hydrogen chemicals, including certification standards and lifecycle tracking systems [8]. - Policies and market mechanisms should be implemented to lower costs, including integrating the petrochemical industry into the national carbon trading market and providing financial support for demonstration projects [9].

Core Viewpoint - The article emphasizes the importance of green hydrogen as a zero-carbon energy carrier and highlights the need for advancements in storage and transportation technologies to overcome industry bottlenecks [2][3]. Group 1: Storage and Transportation - Current green hydrogen storage and transportation technologies include high-pressure gas storage, low-temperature liquid storage, solid-state storage, and organic liquid storage, each facing challenges related to cost and efficiency [3]. - High-pressure gas storage dominates the market due to its maturity, but it suffers from high equipment costs and energy consumption issues [3]. - Liquid hydrogen storage offers high transportation efficiency but is limited by high energy consumption and low-temperature operational difficulties [3]. - The industry faces a "disconnection" in the storage and transportation segment, leading to inefficiencies where hydrogen can be produced but not effectively transported or utilized [4]. Group 2: Hydrogen-based Energy - The hydrogen-based energy sector, including green ammonia, green methanol, and sustainable aviation fuel (SAF), is at a critical stage of technological breakthroughs and industrial validation [5]. - As of mid-2025, there are 83 green methanol projects in China, with 16.9% already under construction and 3.6% completed [5]. - Recent projects, such as the green hydrogen synthesis ammonia project and the green methanol project, have successfully validated the feasibility of large-scale renewable energy hydrogen production and application [5]. - The scale production of hydrogen-based energy can lead to significant procurement of core equipment, stimulating manufacturers to expand capacity and reduce costs, benefiting the entire industry [5]. Group 3: Upcoming Industry Conference - The 2025 TrendBank Green Hydrogen Industry Conference will be held on August 27-28, 2025, in Wuxi, Jiangsu, focusing on the challenges and solutions in green hydrogen storage and hydrogen-based energy [6][7]. - The conference will feature keynotes from industry leaders and discussions on technological advancements and market strategies [6][8].