Core Insights - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" aims to guide this pillar industry of the national economy to maintain reasonable growth while achieving high-quality development, focusing on "stabilizing growth, adjusting structure, and promoting innovation" [1][17][18] - The plan sets a target for an average annual growth of over 5% in industry value added from 2025 to 2026, while also pursuing improvements in economic efficiency and innovation capabilities [1][17] Industry Analysis Petrochemical Industry - The plan is expected to promote the elimination of outdated production capacity and lead to healthier industry development, optimizing the supply side of the chemical industry [2][18] - The plan emphasizes the need to strengthen the planning and layout of major petrochemical and modern coal chemical projects, strictly control new refining capacity, and reasonably determine the scale and pace of new ethylene and paraxylene capacity [2][18] Fertilizer Industry - The plan aims to strengthen raw material supply security and stabilize production foundations for the fertilizer industry, requiring long-term agreements with suppliers of coal, phosphate rock, and natural gas [19] - The plan also encourages the optimization of product structure and the development of new fertilizers [19] Chemical Products Pricing - As of September 28, 2025, the China Chemical Product Price Index (CCPI) was reported at 3969 points, down 8.4% from January 2, 2025 [20] - The manufacturing PMI slightly rose to 49.4%, indicating limited improvement in the economic environment, with the production index at 50.8% [20] Investment Recommendations Potash Fertilizer - The global potash fertilizer industry is characterized by oligopoly, with a tight supply-demand balance, and prices are expected to remain high [21] - The company "Yaqi International" is highlighted for its significant potash resources and ongoing capacity expansion, with a projected production capacity of 5 million tons by 2025 [21] Pesticides - The pesticide industry is expected to see a recovery in prices due to increased demand from South America and limited export growth from India and the US [22] - "Lier Chemical" is recommended as a leading company in the chlorinated pyridine herbicide and glyphosate sectors [22] Fluorochemicals - The fluorochemical sector is anticipated to benefit from the implementation of quota systems for refrigerants starting in 2024, with a focus on the long-term price increase of refrigerants [23] - Companies such as "Juhua Co., Ltd." and "Dongyue Group" are recommended for their strong market positions in refrigerants and fluorinated liquids [23] Sustainable Aviation Fuel (SAF) - The European Union's mandatory addition of 2% SAF in 2025 is expected to drive up prices for bio-jet fuel products, with "Zhuoyue New Energy" recommended for its competitive advantages in production capacity [24][9]

Group 1 - The core point of the article is that Zhuoyue New Energy (688196) has had its application for a private placement of shares approved and registered as effective [2] - The company plans to raise funds amounting to 300 million yuan through a simplified procedure aimed at specific investors [2] - The raised funds will be utilized for a project to produce 100,000 tons of hydrocarbon biodiesel annually [2] Group 2 - The underwriting institution for this issuance is Huafu Securities Co., Ltd [2]

智通财经APP讯，卓越新能(688196.SH)发布公告，公司于2025年9月29日收到中国证券监督管理委员会 出具的《关于龙岩卓越新能源股份有限公司向特定对象发行股票注册的批复》(证监许可[2025]2159 号)，同意公司向特定对象发行股票的注册申请。 ...

智通财经APP讯，卓越新能(688196.SH)发布公告，公司于2025年9月29日收到中国证券监督管理委员会 出具的《关于龙岩卓越新能源股份有限公司向特定对象发行股票注册的批复》(证监许可[2025]2159 号)，同意公司向特定对象发行股票的注册申请。 ...

证券代码：688196 证券简称：卓越新能 公告编号：2025-036 龙岩卓越新能源股份有限公司 关于以简易程序向特定对象发行股票申请 获得中国证监会注册批复的公告 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、准确性和完整性依法承担法律责任。 公司董事会将根据上述批复文件、相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向特定对象发行股票相关事宜。公司将根据该事 项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 公司（发行人）、保荐人（主承销商）的联系方式如下： 1、发行人：龙岩卓越新能源股份有限公司 联系部门：公司证券投资部 龙岩卓越新能源股份有限公司（以下简称"公司"或"卓越新能"）于 2025 年 9 月 29 日收到中国证券监督管理委员会出具的《关于龙岩卓越新能源 股份有限公司向特定对象发行股票注册的批复》（证监许可[2025]2159 号）， 主要内容如下： "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方 案实施。 三、你公司应当在本批复作出十个工 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The SAF (Sustainable Aviation Fuel) industry is experiencing a price increase due to reduced overseas supply and strong global demand, with EU and China SAF FOB prices rising by 46% and 33% respectively since the beginning of 2025 [5] - The domestic SAF market is expected to grow rapidly, driven by favorable demand and limited overseas supply, with the potential for Chinese SAF products to gain market share due to their low-carbon attributes [6] Summary by Sections SAF Price Trends - As of September 24, 2025, EU and China SAF FOB prices are $2,705 and $2,400 per ton respectively, marking increases of 46% and 33% since the start of 2025 [5] - The price of waste cooking oil (UCO) is 7,400 RMB per ton, reflecting a 15% increase since the beginning of 2025 [5] Supply and Demand Dynamics - Recent supply constraints include Shell's decision to halt the construction of a large biofuel plant and NESTE's scheduled maintenance for its facilities, which will reduce SAF supply [5] - Demand is bolstered by EU's financial support for SAF procurement and Singapore's plans to implement SAF tax incentives [5] Competitive Landscape - The EU's imposition of anti-dumping duties on US SAF products enhances the competitiveness of Chinese SAF products, as China has not yet established clear subsidy policies for its SAF industry [6] - The potential for more Chinese SAF companies to enter the export whitelist is anticipated, further strengthening the market position of domestic SAF products [6] Beneficiary Companies - Beneficiary companies identified include Jiaao Environmental Protection, Shanggou Environmental Energy, Zhuoyue New Energy, Haineng Science and Technology, and Pengyao Environmental Protection [7]

Core Viewpoint -卓越新能 has shown a significant stock price increase of 49.50% year-to-date, indicating strong market performance despite recent fluctuations in the short term [1][2]. Company Overview -卓越新能, established on November 1, 2001, and listed on November 21, 2019, is located in Longyan City, Fujian Province. The company specializes in producing biodiesel and its deep-processed products using waste oil as raw material [1]. - The main revenue composition includes biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerol (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1]. Financial Performance - For the first half of 2025,卓越新能 reported a revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to shareholders increased by 16.01% to 117 million yuan [2]. - Since its A-share listing, the company has distributed a total of 601 million yuan in dividends, with 278 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for卓越新能 was 4,740, a decrease of 8.07% from the previous period, while the average circulating shares per person increased by 8.78% to 25,316 shares [2]. - Notable institutional holdings include: - 盈新兴产业混合A (001128) as the third-largest shareholder with 1.2642 million shares, an increase of 673,200 shares from the previous period - 富国周期精选三年持有期混合A (017630) as the sixth-largest shareholder, newly holding 636,200 shares - 宝盈发展新动能股票A (010128) as the seventh-largest shareholder, also a new entry with 411,700 shares - 富国天合稳健优选混合 (100026) as the ninth-largest shareholder, newly holding 310,200 shares [3].

Core Viewpoint - The stock of Zhuoyue New Energy has shown a significant increase of 49.20% year-to-date, despite a recent decline of 2.00% on September 22, 2023, indicating potential volatility in the market [1]. Company Overview - Zhuoyue New Energy Co., Ltd. is located in Longyan City, Fujian Province, and was established on November 1, 2001, with its listing date on November 21, 2019. The company specializes in producing biodiesel and its deep-processing products using waste oil as raw material [1]. - The main revenue sources for Zhuoyue New Energy include biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1]. Financial Performance - For the first half of 2025, Zhuoyue New Energy reported a revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to shareholders increased by 16.01% to 117 million yuan [2]. - The company has distributed a total of 601 million yuan in dividends since its A-share listing, with 278 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhuoyue New Energy was 4,740, a decrease of 8.07% from the previous period, while the average circulating shares per person increased by 8.78% to 25,316 shares [2]. - Notable institutional holdings include Baoying New Emerging Industries Mixed A, which is the third-largest shareholder with 1.2642 million shares, and several new institutional investors have entered the top ten shareholders list [3].

Market Overview - On September 19, the chemical products sector rose by 0.51% compared to the previous trading day, with Xin Kai Yuan leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Top Performers - Xin Kai Yuan (300109) closed at 19.24, up 12.32% with a trading volume of 413,400 shares and a transaction value of 762 million [1] - Hanwei Technology (836957) closed at 17.98, up 11.82% with a trading volume of 89,000 shares [1] - Huarsoft Technology (002453) closed at 6.66, up 10.08% with a trading volume of 621,000 shares and a transaction value of 404 million [1] - Kaimete Gas (002549) closed at 20.76, up 10.02% with a trading volume of 1,374,100 shares and a transaction value of 2.752 billion [1] - Guangdong Hongda (002683) closed at 44.87, up 7.76% with a trading volume of 302,100 shares [1] Underperformers - Jihua Group (603980) closed at 5.78, down 7.07% with a trading volume of 896,300 shares and a transaction value of 530 million [2] - Fuxian Technology (688350) closed at 23.28, down 5.06% with a trading volume of 56,500 shares [2] - Lushan New Materials (603051) closed at 23.76, down 4.00% with a trading volume of 107,100 shares [2] Capital Flow - The chemical products sector saw a net inflow of 426 million from main funds, while retail funds experienced a net outflow of 108 million [2] - Main funds showed significant net inflows in Kaimete Gas (5.86 billion) and Huarsoft Technology (1.72 billion) [3] - Retail funds had notable outflows in Huarsoft Technology (1.03 billion) and Kaimete Gas (2.55 billion) [3]

Group 1 - The core viewpoint of the news is the performance and business profile of Zhuoyue New Energy, which saw a stock price increase of 5.16% to 49.77 CNY per share, with a total market capitalization of 5.972 billion CNY [1] - Zhuoyue New Energy, established on November 1, 2001, and listed on November 21, 2019, specializes in producing biodiesel and its deep-processed products using waste oil as raw material [1] - The company's main revenue sources include biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1] Group 2 - From the perspective of fund holdings, Zhuoyue New Energy is a significant investment for the Rongtong New Trend Flexible Allocation Mixed Fund (002955), which held 12,700 shares, accounting for 2.19% of the fund's net value [2] - The Rongtong New Trend Flexible Allocation Mixed Fund has achieved a year-to-date return of 35.15% and a one-year return of 60.43%, ranking 2206 out of 8172 and 2295 out of 7980 respectively in its category [2] - The fund manager, He Tianxiang, has a tenure of 10 years and 333 days, with the fund's total asset size at 7.662 billion CNY [3]