CITIC Securities: It is recommended to focus on integrated producers of green hydrogen and ammonia, as well as core equipment suppliers such as electrolyzers.

The research report of CITIC Securities stated that green liquid fuels, including green ethanol, green ammonia, and SAF, are one of the main approaches to decarbonization in sectors such as shipping, aviation, and chemicals. Benefiting from policies such as carbon taxes and continuous cost reduction, they are entering the fast lane of development and are expected to see nearly a tenfold growth in the next 5 years, with the long-term market space reaching trillions of yuan. Domestic manufacturers, leveraging abundant and inexpensive green electricity resources, complete equipment supply, and downstream supporting systems, are accelerating the improvement of the layout and business models of the green liquid fuel industry to achieve leapfrog development. It is recommended to focus on integrated producers of green hydrogen and ammonia and core equipment suppliers such as electrolyzers.