绿电直连+设备降本，绿氢经济性逐步显现。国金证券以风电耦合制氢为例做新能源制氢项目经济性测 算，参考内蒙古政策，假设60%电量制氢，风电整机价格3.8元/kWh、储能价格0.85元/Wh、制氢设备价 格0.9元/W测算。从结果看，考虑到部分发电上网，新能源制氢项目整体运行具备经济性(IRR>6.5%)， 将使此前因收益率不足而停滞的众多绿氢项目具备启动条件。 智通财经APP获悉，国金证券发布研报称，25年氢能顶层关注度提升，国家层面政策频繁、定调高。氢 能在"十五五"对比"十四五"期间最大的区别在于政策的迫切性和基础建设的完备度更高，能源革命下半 场——非电领域脱碳，氢氨醇作为重要能源载体不可或缺，产业链整体迎来发展大机遇。行业尚处商业 化初期，主要受政策推动，重点布局国内外共振、需求确定性强、弹性大的方向。细分赛道上，建议关 注绿醇、制氢设备、燃料电池车以及SOFC(固体氧化物燃料电池)。 国金证券主要观点如下： 绿醇：全球需求共振，行业迎爆发和发展确定性 绿色甲醇以绿色航运为突破，国内外需求共振。欧盟碳税和IMO政策推动航运向绿色化转向，大趋势明 晰。短期从订单规模看，334艘甲醇动力船舶将陆续投运，带来 ...

Core Viewpoint - The report from CITIC Securities emphasizes a continued strong recommendation for the energy storage sector, highlighting recent developments in pricing and investment incentives in various regions [1] Energy Storage Sector - In Shandong, there has been a noticeable discount in the mechanism electricity price, leading to an increased willingness among owners to invest in energy storage [1] - Ningxia has introduced capacity pricing following Gansu, which is expected to enhance investment enthusiasm among owners [1] Lithium Battery Sector - The lithium battery sector has already realized an unexpected surge in market demand for 2025, with the current key concern being whether the demand forecast for 2026 will be revised upwards [1] - Continuous monitoring is advised for energy storage bidding and installation data, confidence in 2026 guidance, policies regarding vehicle trade-ins, and lithium battery production information [1] Hydrogen Energy Sector - The North American electricity demand gap is validating and strengthening the trend towards Solid Oxide Fuel Cells (SOFC), with a positive outlook on cost reduction leading to advantages in electricity generation costs [1] - The long-term application trend of green methanol is seen as an inevitable result of decarbonizing shipping, with IMO regulations accelerating the progress towards cost parity and expanding industry space [1]