摩根大通维持恒瑞医药增持评级，目标65港元

yun2026

摩根大通维持恒瑞医药增持评级，目标65港元

2026年9月，中国科学院化学研究所公布铜基二氧化碳电还原研究方法进展。该技术尝试利用电能把二氧化碳变成化工原料或燃料，但实际运行时，铜催化剂的组成、外形和微观结构会不断变化，导致实验开始前测得的材料状态，未必就是反应真正发生时的状态。这种变化给效率、产物选择和使用寿命的判断带来困难。

研究团队为此建立规范化实验流程，先识别催化剂在工作中的重构，再解释其形成机制，最后通过主动干预引导铜进入需要的活性状态。核心思路是把原先难以控制的材料变化，转化为可以利用的调节工具，而不是只追求催化剂始终保持初始形貌。该方案为不同实验结果之间的比较和反应过程分析提供了共同框架，也可启发其他动态电催化材料的研究。此次公布的重点是方法体系，并未意味着二氧化碳转化已经实现低成本大规模商业运行，工程放大仍需同时考虑能耗、稳定性和产品分离。

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