丨证券研究报告丨 行业研究丨专题报告丨环保 [Table_Title] 可持续航空燃料（四）：四大路线协同推进 SAF 产业规模化落地 报告要点 [Table_Summary] SAF 作为可直接与传统航空煤油混配使用、全生命周期碳排放较传统航煤降低 65%以上的替 代燃料，成为全球航空脱碳的核心抓手。四大路线协同推进 SAF 产业规模化落地，HEFA（酯 类和脂肪酸类加氢）依托废弃油脂等原料实现商业化突破，AtJ（醇喷合成）以生物醇为核心处 于示范阶段，FT（费托合成）工艺可依托多元原料实现规模化生产，PtL（电转液）则通过绿电 耦合 CO2 捕获实现极致减排。关注相关标的投资机会。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 徐科 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 环保 cjzqdt11111 [Table_Title 可持续航空燃料（四）：四大路线 ...

证券研究报告 公用事业 | 电力 非金融|公司深度报告 hyzqdatemark 2026 年 03 月 23 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 | 基本数据 | | | 年 | 2026 | 03 | | 日 | 19 | | | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 5.70 | | | | | | | | 一 内 低 | / | 最 | | | | 7.15/3.34 | | | 最 | 高 | | 年 | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | 16,602.78 | | | | | | | | 流通 ...

Investment Rating - The investment rating for the power equipment industry is optimistic (maintained) [1] Core Insights - Hydrogen energy is expected to become a pillar industry during the "14th Five-Year Plan" period, with 2026 being marked as the year of green fuels. The government aims to promote hydrogen as a new economic growth point and emphasizes the strategic significance of green fuels [5][17] - The global shipping industry's decarbonization is driving the demand for green methanol, with a projected demand of approximately 19 million tons by 2030. The compliance cost for traditional fuels is expected to create a significant premium for green methanol [6][8] - The supply of green methanol is currently limited, with actual production capacity expected to be less than 1 million tons by the end of 2024, while planned capacity exceeds 70 million tons. The majority of projects are still in the planning stage [7][8] Summary by Sections Hydrogen Energy - Hydrogen energy is recognized as a dual-purpose fuel and industrial raw material, with policies indicating its potential as a new pillar industry during the "14th Five-Year Plan" [17] - The transition from gray hydrogen to green hydrogen is seen as an inevitable trend, with green hydrogen produced from renewable sources having zero carbon emissions [24] - The downstream applications of hydrogen are diverse, but the maturity of green hydrogen consumption remains insufficient [36] Demand - The decarbonization of global shipping is a key driver for the green methanol market, with significant potential for over 10 million tons of demand [6][8] - Green methanol is identified as a critical low-carbon carrier and an important branch of green fuels, with its combustion process significantly reducing harmful emissions compared to traditional fuels [45] - The EU's carbon trading system (EU ETS) will require ships operating within the EU to fully comply with carbon emissions regulations starting in 2026, further driving the demand for green methanol [51] Supply - The actual production capacity of green methanol is currently low, with most projects still in the early planning stages. China holds nearly 80% of the planned capacity, but many projects are not yet operational [7][8] - The supply-side lag in green methanol development indicates a tight balance between supply and demand in the coming years, presenting a market window for early movers [7][8] Investment Recommendations - The report suggests focusing on leading companies that have established green methanol production capacity and secured green certification, as they are expected to benefit from the industry's growth [8]

证券代码：601619 证券简称：嘉泽新能 公告编号：2026-031 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 关于公司持股 5%以上股东部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 ●截至 2026 年 3 月 18 日，GLP Renewable Energy Investment I Limited（以下简称 GLP Renewable Energy）持有嘉泽新能源股份有 限公司（以下简称公司或本公司）股份数量为 164,400,378 股，占公 司总股本 2,912,769,075 股（截至 2026 年 3 月 17 日）的 5.64%。 公司于 2026 年 3 月 18 日收到股东 GLP Renewable Energy 的通 知，GLP Renewable Energy 直接持有的本公司部分股份解除了质押。 具体事项如下： 董 事 会 二○二六年三月十九日 2 1 | 剩余被质押股份数量占其 | 82.28% | | --- | --- | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the demand for power equipment is expected to remain high due to the continuous deepening of electricity reforms [3] - The green electricity consumption assessment scope has been expanded, shaping a new ecosystem in the industry [11] - The supply of green certificates is stabilizing, and prices are expected to return to reflect the environmental value of green electricity [19] - New energy consumption new business models are anticipated to create a second growth curve for operators [5] Summary by Sections Renewable Energy Consumption Assessment Expansion - In July 2025, the National Development and Reform Commission issued a notice expanding the renewable energy consumption responsibility assessment to include industries such as steel, polysilicon, cement, and newly built data centers [11] - By 2026, the green electricity consumption ratio for these industries is expected to be 80% [11][12] Supply Stabilization and Green Certificate Pricing - The green certificate supply has stabilized following a supply shock in late 2024, with a total of 47.34 billion certificates issued in 2024, of which 31.58 billion were tradable [20] - The trading volume of green certificates is expected to improve, with a projected price of 5 yuan per certificate leading to an increase in operators' environmental value earnings by 1.0 yuan per megawatt-hour for every 20% increase in coverage [23] Investment Recommendations - The report suggests focusing on high-quality assets and stable profitability in new energy generation operators, with recommended stocks including Longyuan Power (H), Xintian Green Energy (H), and Datang New Energy (H) [26] - The anticipated growth in green certificate market activity is expected to benefit these operators significantly [5][26] Data Center Energy Consumption Growth - From 2019 to 2024, China's data center annual electricity consumption increased from 82.4 billion kilowatt-hours to 166 billion kilowatt-hours, with an average annual growth rate of 15.0% [15] - By 2030, the annual electricity consumption of data centers is projected to reach between 390 billion and 820 billion kilowatt-hours [15] Market Dynamics - The report indicates that the green certificate market is expected to gain vitality as major energy-consuming sectors face green electricity consumption assessments [5][23] - The anticipated return of green certificate prices to reflect their environmental value is expected to ensure reasonable profit levels for operators [19][23]

Core Insights - The report highlights the strengthening of mid-cap blue-chip stocks amid geopolitical tensions, emphasizing the importance of supply chain resilience and energy security [2][4][6] - It suggests that the market will continue to exhibit a slightly strong oscillating pattern, with a comparative advantage in China's asset risk evaluation [3][4] - The report identifies agricultural companies as having significant growth potential due to rising prices driven by geopolitical disturbances and opportunities for overseas expansion [5][6] Market Strategy - The geopolitical situation, particularly the escalation of the US-Iran conflict, is impacting global asset prices and risk preferences, leading to a rise in overall risk evaluation [3][4] - The report anticipates that the market will maintain a slightly strong oscillating pattern, with mid-cap blue-chip stocks gaining traction as a safer investment option [3][4] - Relevant ETFs include the CSI 500 ETF and cash flow-related ETFs, which are expected to perform well in this environment [3] Style Strategy - The report notes a shift in investment focus from cyclical price increases to broader themes of "safety" and "self-sufficiency" within mid-cap blue-chip stocks [4] - It highlights a rotation within the mid-cap blue-chip style, where agricultural sectors are becoming more attractive due to their lower valuations compared to previously high-performing cyclical sectors [4][6] Industry Strategy - The agricultural sector is expected to benefit from rising commodity prices, with a confirmed upward trend in grain prices and favorable conditions for planting and seed industries [5] - Domestic agricultural companies are poised to expand their growth potential through international markets, particularly in Southeast Asia and Africa, where demand for improved living standards is increasing [5][6] - Key agricultural stocks identified for investment include Longping High-Tech (000998), Muyuan Foods (002714), and Haida Group (002311) [5][6] Theme Strategy - The report forecasts robust growth in the renewable energy sector, with an expected average annual installed capacity of 200 GW from 2026 to 2035, and a significant share of new power installations coming from wind and solar energy [6] - It emphasizes that the transition from a growth to a cyclical investment logic in renewable energy is underway, while still highlighting growth opportunities in niche areas such as offshore wind and new technologies [6] - Relevant stocks in the renewable energy sector include Dongfang Cable (603606) and Jiazhe New Energy (601619) [6]

Investment Rating - The report maintains a rating of "Add" for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies such as Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for solid waste management overseas [16][17]. - The report highlights the growth potential in the environmental protection sector driven by policy support and economic validation, particularly in areas like waste incineration and electric sanitation vehicles [25][30]. Summary by Sections Government Policy Insights - The 2026 government work report outlines a shift from energy consumption control to carbon emission control, with specific targets for reducing carbon emissions per unit of GDP [9][10]. - The report also introduces a national low-carbon transition fund to foster new growth points in hydrogen and green fuels, marking a significant policy shift [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16][17]. - Wangneng Environmental has also secured a similar project in Indonesia, indicating a growing trend of Chinese companies expanding into international waste management markets [18][19]. Industry Trends - The report notes a significant increase in the sales of electric sanitation vehicles, with a year-on-year growth of 70.9% and a penetration rate of 21.11% in 2025 [30][31]. - The prices of biofuels, including biojet fuel and biodiesel, have remained stable, indicating a steady market environment for these products [41][42]. Investment Recommendations - The report recommends focusing on companies with strong growth potential in the environmental sector, such as Longjing Environmental, Green Power, and others involved in waste management and renewable energy [25][26].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].

Summary of the Conference Call on Green Ethanol Industry & Jiaze New Energy Industry Overview - The conference focuses on the green ethanol industry and Jiaze New Energy's developments in cellulose ethanol production and green methanol (green alcohol) [1][2]. Key Points and Arguments Cost Reduction and Production Efficiency - The company has developed its own cellulose enzyme, reducing the enzyme consumption per ton of ethanol from 120 kg to 100 kg, leading to a cost reduction from 80,000 CNY/ton to over 30,000 CNY/ton, thus keeping the cost of cellulose ethanol below 8,000 CNY/ton [1][3]. - The "ethanol-methanol co-production" process gasifies waste from the ethanol segment to produce methanol, which significantly reduces raw material costs for methanol production [1][4]. - The first phase in Jixi plans to produce 80,000 tons of ethanol and 240,000 tons of green alcohol, with a total investment of approximately 3.5 billion CNY, expected to reach full production by mid-2028 [1][8]. Resource Management - The company has secured exclusive agreements with the government to lock in straw resources within a 150 km radius, with a current demand of 1.2 million tons against a potential supply of 8 million tons [1][9]. - The project is supported by 2.5 GW of wind power resources, creating a strong resource moat [1][9]. Market Demand and Future Projections - The demand side focuses on Sustainable Aviation Fuel (SAF) and shipping green alcohol, with expectations that the global blending ratio for SAF will reach 2%-3% by 2027, indicating a persistent supply-demand gap over the next five years [1][10]. - The conversion rate is approximately 1.6 tons of ethanol to 1 ton of SAF, with a cost of about 12,000-13,000 CNY per ton [1][11]. Cost Competitiveness - The current cost of cellulose ethanol is around 8,000 CNY/ton, while food-based ethanol costs about 5,000-6,000 CNY/ton. The company aims to bring cellulose ethanol costs down to 6,000-7,000 CNY/ton within 2-3 years to compete with food-based ethanol and waste oil routes [1][5][12]. - Methanol costs need to be in the range of 3,000-3,300 CNY/ton to be competitive with waste oil routes [1][12]. Production Timeline and Equipment - The timeline for equipment delivery is set for the end of 2026 for ethanol and the end of 2027 for methanol, with stable large-scale production expected by mid-2028 [1][10][13]. Certification and Regulatory Aspects - The ICC pre-certification has been completed, with formal certification pending the establishment of production lines and actual product output [1][14]. Team and Technical Barriers - The company has established a talent reserve by integrating key personnel from various teams specializing in cellulose ethanol, creating a strong technical barrier due to the complexity of enzyme production [1][15]. Future Expansion and Business Model - The company plans to replicate the 30,000-ton production model in regions with favorable government resources and aims to pursue multiple projects simultaneously [1][20]. - There is potential for the company to shift towards an external output of technology packages once market validation confirms lower costs for methanol and ethanol [1][21]. Wind Power and Renewable Energy - The current wind power capacity is 2.5 GW, with plans to gradually complete grid connection over the next three to four years, adding approximately 300,000 to 500,000 MW annually [1][22][23]. Market Trends and Policy Support - The trend towards new energy vessels in shipping is stabilizing, with significant investments from major shipping companies in green fuel technologies [1][25]. - There is an expectation of continued government support for biofuel production, driven by energy transition needs and geopolitical factors [1][31]. Additional Important Insights - The company emphasizes a safety margin and cost advantage in its operations, aiming for high gross margins in both existing and new businesses [1][32]. - The overall strategy is to maintain a competitive edge through continuous technological improvements and cost reductions while expanding production capacity [1][28].

证券代码：601619 证券简称：嘉泽新能 公告编号：2026-030 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 关于基础设施不动产投资信托基金（REITs） 项目申请获得受理的公告 公司将持续关注基础设施公募 REITs 项目的后续情况，并按照相 关法律法规的规定和要求，及时履行信息披露义务，敬请广大投资者 注意投资风险。 特此公告。 嘉泽新能源股份有限公司 董 事 会 二○二六年三月四日 2 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 嘉泽新能源股份有限公司（以下简称公司）获悉，基金管理人国 金基金管理有限公司于 2026 年 2 月 26 日向中国证券监督管理委员会 （以下简称中国证监会）和上海证券交易所（以下简称上交所）提交 了国金嘉泽新能源封闭式基础设施证券投资基金（REITs）项目（以 下简称基础设施公募 REITs，具体名称以中国证监会注册名称为准） 的申报材料，并于 2026 年 3 月 3 日收到中国证监会和上交所关于上 述事项的受理通知。基础设施公募 REITs 项目具体内容详 ...