生态环境法典通过，我国生态环境治理进入新阶段 [Table_Industry] 环保 股票研究 /[Table_Date] 2026.03.17 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 邵潇(分析师) | 0755-23976520 | shaoxiao@gtht.com | S0880517070004 | 本报告导读： 生态环境法典是继民法典之后，我国第二部法典级立法，我国生态环境治理进入新 阶段。 投资要点： [事件： Table_Summary] 研 究 请务必阅读正文之后的免责条款部分 股 票 根据新华社，生态环境法典于 2026 年 3 月 12 日通过，将于 2026 年 8 月 15 日起施行。 点评： [Table_Report] 相关报告 环保《降碳减污协同推进，绿色转型全面提速》 2026.03.05 环保《中石化与中航油实施重 ...

向绿向新向智，迈向化工强国 —— "十五五"报告解读 分析师：王鹏、翟启迪、孙思源 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 行业深度报告 · 基础化工行业 向绿向新向智，迈向化工强国 —— "十五五"报告解读 2026 年 03 月 14 日 核心观点 基础化工行业 | | | 分析师 王鹏 ：zhaiqidi_yj@chinastock.com.cn 分析师登记编码：S0130524060004 孙思源 ：0755-23913136 ：sunsiyuan_yj@chinastock.com.cn 分析师登记编码：S0130523070004 相对沪深 300 表现图 2026 年 03 月 13 日 资料来源：中国银河证券研究院 ：010-80927713 ：wangpeng_yj@chinastock.com.cn 分析师登记编码：S0130525090001 翟启迪 ：010-80927677 -50% 0% 50% 100% 2025/3/14 2025/4/14 2025/5/14 2025/6/14 2025/7/14 202 ...

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 行业深度报告 · 基础化工行业 向绿向新向智，迈向化工强国 —— "十五五"报告解读 分析师：王鹏、翟启迪、孙思源 基础化工行业 | | | 分析师 向绿向新向智，迈向化工强国 —— "十五五"报告解读 2026 年 03 月 14 日 核心观点 王鹏 ：010-80927713 ：wangpeng_yj@chinastock.com.cn 分析师登记编码：S0130525090001 翟启迪 相关研究 1.【银河化工】行业点评_破卷向新，绿色低碳—— 2026 年政府工作报告解读_20260305 ：010-80927677 ：zhaiqidi_yj@chinastock.com.cn 分析师登记编码：S0130524060004 孙思源 ：0755-23913136 ：sunsiyuan_yj@chinastock.com.cn 分析师登记编码：S0130523070004 相对沪深 300 表现图 2026 年 03 月 13 日 -50% 0% 50% 100% 2025/3/14 2025 ...

行业研究丨深度报告丨公用事业 [Table_Title] UCO/SAF/生物柴油：短期边际变化与长期成长 逻辑再审视 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 全球范围内绿色低碳&生物燃料政策密集落地，为行业发展提供核心支撑，我国以废油脂为原 料，属于先进生物燃料，利于中国企业在国际贸易中获得先发优势。1）UCO：供给受限+下游 扩产旺盛，价格有望上行。2）生物柴油：反倾销冲击已基本触底，供给格局趋于集中，行业龙 头有望受益于行业复苏与格局优化。3）SAF/HVO：短期盈利性或呈现分化，关注具备先发优 势的龙头。 分析师及联系人 [Table_Author] 徐科 贾少波 李博文 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 盛意 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 20 %% %% [Table_Title UCO/SAF/生物柴油：短期边际变化与长期成长 2] 逻辑再审视 [Table_Sum ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The rapid increase in crude oil prices is enhancing the economic viability of biofuels, which is expected to sustain demand growth [3][4] - Prices of palm oil, soybean oil, and rapeseed oil are highly correlated with crude oil prices, indicating a direct relationship [3][4] - High oil prices are likely to accelerate the implementation of biofuel policies across various countries, boosting long-term demand for biofuels [15] - Indonesia's palm oil and oil chemical industry benefits from increased export taxes, favoring local palm oil chemical companies [16] Summary by Relevant Sections Industry Overview - Biofuels, produced from biomass, are being promoted globally to replace fossil fuels, driven by energy security, carbon neutrality, and environmental concerns [4] - The price gap between biodiesel and diesel has narrowed significantly due to rising crude oil prices, enhancing the attractiveness of biofuels [4] Price Trends - From February 28 to March 9, 2023, Brent crude oil prices increased by 36.5%, while palm oil, soybean oil, and rapeseed oil prices rose by 9.5%, 6.0%, and 8.1%, respectively [8][9] Policy Developments - Countries like the EU, the US, and Indonesia are implementing biofuel blending mandates, with the EU requiring a minimum of 2% sustainable aviation fuel (SAF) by 2025 [15][18] - Indonesia plans to increase the blending ratio of biodiesel to 40% by 2025, indicating a strong commitment to biofuel development [18] Investment Recommendations - Companies such as Zhuoyue New Energy and Zanyu Technology are highlighted as key players in the biofuel sector, with strong growth potential due to favorable market conditions and government policies [19][20] - Zhuoyue New Energy is positioned as a leading biodiesel producer with plans for expansion in Southeast Asia, while Zanyu Technology benefits from tax advantages in Indonesia [19][20] Financial Projections - Financial forecasts for Zhuoyue New Energy and Zanyu Technology indicate significant earnings growth, with projected EPS of 3.11 and 0.87 for 2026, respectively [21]

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].

龙岩卓越新能源股份有限公司 简式权益变动报告书 上市公司名称：龙岩卓越新能源股份有限公司 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券公 司信息披露内容与格式准则第 15 号—权益变动报告书》（以下简称"准则 15 号"）及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》、《收购办法》、准则 15 号的规定，本报告书已全面 披露了信息披露义务人在龙岩卓越新能源股份有限公司中拥有权益的股份变动 情况； 截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没 有通过任何其他方式增加或减少其在龙岩卓越新能源股份有限公司中拥有权益 的股份。 四、本次权益变动是根据本报告所载明的资料进行的。信息披露义务人没有 委托或者授权其它任何人提供未在本报告书列载的信息和对本报告书做出任何 解释或者说明。 五、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， ...

证券代码：688196 证券简称：卓越新能 公告编号：2026-004 龙岩卓越新能源股份有限公司 关于控股股东权益变动触及 1%、5%整数倍暨披露 简式权益变动报告书的提示性公告 信息披露义务人保证向本公司提供的信息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、准确性和完整性依法承担法律责 任。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人的 | 其他 5%以上大股东及其一致行动人 | | 身份 | 合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他（请注明） | 2、信息披露义务人信息 一、信息披露义务人及其一致行动人的基本情况 1、身份类别 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | 龙岩卓越投资有限公司 | 控股股东/实控人 | | | | 控股股东/实控人的一致 | ☑913508005729622133 | | | 行动人 | ...

Summary of Conference Call Notes Industry Overview - The focus is on the environmental protection and renewable energy sectors, particularly in the context of carbon reduction and rising energy prices due to geopolitical tensions [1][2]. Key Points and Arguments - The Chinese government has set a target to reduce carbon emissions per unit of GDP by 17% cumulatively by 2026, with a year-on-year reduction of approximately 3.8% [1]. - The introduction of formal carbon assessments for local governments starting this year marks a significant shift towards stricter carbon control measures [1]. - The EU's carbon tariff, effective from January 1, 2026, is expected to accelerate the integration of global carbon markets [1]. Investment Recommendations - Companies to watch include: - **Renewable Energy**: Dadi Ocean, Zhuoyue New Energy, Haicui Chuangye, Weiming Environmental Protection, Jingjin Equipment, Hanlan Environment, Shanghai Industrial Holdings, and Shanggao Environmental Energy [1]. - **Recycling and Resource Recovery**: Inke Recycling (recycled plastics), Longkun Technology, and others focusing on biofuels and green methanol [2]. - The rising prices of oil, driven by geopolitical tensions, are expected to benefit sectors like biodiesel and green methanol [2]. - Recent price data indicates that UCO prices reached $1,080 per ton in March 2026, a 9.6% increase from early 2025, while SAF prices rose to $2,343 per ton, an 11.5% increase from previous lows [2]. Additional Insights - The high oil prices are driving the demand for green alternatives, emphasizing the importance of raw materials in the renewable energy sector [3]. - The value of waste-to-energy assets is being reassessed in the context of the AI era, highlighting the stability and long-term cash flow potential of infrastructure assets like electricity, water supply, and solid waste management [4]. - Specific characteristics of waste incineration assets include: - Secured local supply through exclusive operating rights, providing monopolistic advantages [5]. - Stable demand for waste management as a basic necessity, ensuring predictable cash flows despite capital expenditure reductions [5]. - The maturity of waste processing methods, with limited potential for technological disruption, supports long-term revenue generation from 30-year operating rights [5]. - Companies to focus on in the waste incineration sector include Hanlan Environment, Haicui Chuangye, and others involved in green electricity and metal recovery [5].