本月初，在海关监管下，液化天然气加注船"海港未来"轮在洋山港一期码头为"达飞毛伊岛"轮加注 6559.6立方米保税液化天然气。这是上海港今年首次完成保税液化天然气加注作业。 近年来，上海海关持续支持"上海港绿色燃料加注中心"建设，推动液化天然气、甲醇等船用绿色燃料加 注常态化运营。上海海关有关负责人表示，海关将继续向"绿"而行、向"新"提质，围绕国际航行船舶燃 料加注需求，持续优化监管服务。(完) （文章来源：中国新闻网） 中新社上海1月19日电 (记者姜煜)据上海海关19日发布的统计数据，2025年，上海海关监管国际航行船 舶4.6万艘次，同比增长2.85%，创历史新高；监管船用保税燃料油加注量达455.4万吨，同比增长 9.5%，亦创历史新高。 此外，2025年上海海关监管船用保税液化天然气加注量达到71.2万立方米，同比大幅增长54%；监管船 用绿色甲醇加注量1万吨，实现零的突破。 上海海关所属虹口海关副关长陶黎介绍说，虹口海关履行关区船供物料归口管理职责，统筹资源配置， 优化管理模式，全力支持保税船供燃料油行业发展，助推上海航运中心建设。2025年从虹口海关关区出 库的船用保税燃料油达307.4万吨， ...

Core Insights - The report maintains an "Outperform" rating for the public utilities and environmental sectors, highlighting the successful completion of China's first ship-based green methanol refueling operation in Zhejiang Province and the anticipated demand for fusion equipment in Q4 [1][2][3] Market Review - In September, the CSI 300 index rose by 3.20%, while the public utilities index increased by 0.41% and the environmental index by 0.77%. The relative performance of public utilities and environmental sectors ranked 13th and 11th among 31 first-level industry classifications [1][13][23] - The environmental sector saw a 0.77% increase, with the power sector's thermal power rising by 2.34%, while hydropower and new energy generation fell by 3.08% and 1.36%, respectively. The water sector increased by 1.27%, and the gas sector rose by 5.65% [1][26][32] Important Events - China Ship Fuel successfully completed the first ship-based green methanol refueling operation in Zhejiang Province, marking a significant milestone for the Ningbo-Zhoushan Port as a hub for LNG, biofuels, and methanol refueling capabilities [2][14] - The BEST fusion energy project achieved a key milestone with the successful installation of its first critical component, the Dewar base, indicating progress in the construction of fusion devices in China [3][15][16] Sector Analysis Public Utilities - Coal and electricity prices are declining simultaneously, allowing thermal power profitability to remain reasonable. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][21] - Continuous government support for renewable energy development is expected to stabilize profitability in the sector, with recommendations for leading companies like Longyuan Power and Three Gorges Energy [4][21] - Nuclear power companies are expected to maintain stable profitability due to growth in installed capacity and generation, with recommendations for China National Nuclear Power and China General Nuclear Power [4][21] Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. Recommendations include companies like China Everbright Environment and Zhongshan Public Utilities [22] - The domestic scientific instrument market, valued at over $9 billion, presents substantial opportunities for domestic replacements, with recommendations for companies like Focused Photonics [22] - The EU's SAF blending policy is expected to increase demand for raw materials, benefiting the domestic waste oil recycling industry, with recommendations for companies like Shanggou Environmental Energy [22] Investment Strategy - The report emphasizes the importance of integrating renewable energy with smart energy management, recommending investments across the renewable energy supply chain and companies involved in comprehensive energy management [21][22]