Investment Rating - The report maintains a "Cautious Recommendation" rating for the biodiesel industry, indicating a potential increase in stock prices relative to the benchmark index within the next 12 months [5][30]. Core Insights - The price center for HVO and SAF continues to rise, with domestic Ucome prices slightly narrowing. The international SAF landed price is reported at $2065.90 per ton, a slight decrease of 2.90% from the previous week, while the HVO offshore price is at 2146.65 yuan per ton, down 4.01% [1]. - Domestic waste oil and gutter oil prices have increased, with average prices for waste oil at 6940 yuan per ton (up 130 yuan) and gutter oil at 6500 yuan per ton (up 80 yuan) [2]. - The international crude oil market has shown volatility, impacting biodiesel prices. Despite cost-driven increases in Ucome, the price rise is insufficient to cover raw material costs, leading to reduced enthusiasm among producers [3]. - Recent export data for May indicates a subdued performance, with Ucome export volumes around 60,000 tons, and a notable trend of re-importing Ucome from Hong Kong [3]. - Germany has introduced a draft law to revise biofuel targets, aiming to curb fraud in the sector, which may lead to significant price increases for biofuels and compliance certificates [3]. Summary by Sections Price Trends - The report highlights the upward movement in HVO and SAF prices, with domestic Ucome prices influenced by raw material costs. The price dynamics in Europe show a slight decrease in FAME prices, while the demand in the HVO/SAF market remains supportive [1][3]. Export Performance - The report notes that the export performance of biodiesel products has been lackluster, with specific attention to the role of Hong Kong as a key transit point for Ucome [3]. Regulatory Developments - The introduction of new regulations in Germany is aimed at enhancing the integrity of the biofuel market, which could lead to increased prices and stricter compliance requirements [3]. Investment Recommendations - The report suggests focusing on companies with significant biodiesel or raw material production capacity, such as Zhuoyue New Energy, Jiaao Environmental Protection, and others, as they are expected to benefit from increased demand and improved raw material supply [4].

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Shengquan Group, Hailide, and Zhuoyue New Energy [4]. Core Insights - The report emphasizes the importance of identifying companies with strong performance in the upcoming semi-annual reports, particularly those expected to exceed earnings forecasts in Q2 2025 [1]. - The phosphate fertilizer export window is opening, with high demand expected to persist, suggesting a focus on large phosphate chemical companies like Yuntianhua [2]. - The report highlights the potential for the pesticide industry to improve due to increased safety regulations following recent chemical accidents, which may lead to the elimination of non-compliant production capacities [3]. Summary by Sections Chemical Sector Overview - The chemical industry index closed at 3490.59 points, up 3.11% from the previous week, outperforming the CSI 300 index by 1.15% [10]. - Among 462 stocks in the chemical sector, 376 stocks rose (81%), while 79 stocks fell (17%) [16]. Key Chemical Sub-sectors - **Urea, Ketone, and Sulfuric Acid**: These products saw significant price increases, with urea prices rising by 18% to 430 CNY/ton [20]. - **Phosphate Fertilizers**: The report notes a phased approach to phosphate fertilizer exports, with the first batch expected between May and September 2025 [2]. Company Performance Forecasts - Shengquan Group is projected to have an EPS of 1.03 CNY in 2024, with a PE ratio of 27, while Hailide is expected to have an EPS of 0.35 CNY with a PE of 14 [4]. - Zhuoyue New Energy is forecasted to achieve an EPS of 1.24 CNY in 2024, with a PE ratio of 36, indicating strong growth potential [4]. Market Trends - The report indicates that the polyester filament market is experiencing price fluctuations, with average prices for POY, FDY, and DTY increasing slightly but facing downward pressure due to weak downstream demand [22][23]. - The tire industry shows mixed signals, with full steel tire production rates at 62.23% and half steel tire rates at 70.40%, indicating a slight increase in full steel production but a decrease in half steel production [32]. Price Movements - The report tracks significant price movements in various chemical products, with notable increases in urea and sulfuric acid, while other products like liquid chlorine and WTI crude oil saw declines [19][21].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The supply-demand relationship is expected to improve, with a recovery in the market for photoinitiators. China is the main producer of photoinitiators, and the industry is becoming increasingly concentrated among leading companies. The demand for photoinitiators is anticipated to rise due to the expansion of UV curing applications [5][29] - The price of sustainable aviation fuel (SAF) has been rising, indicating a potential phase of simultaneous volume and price increases. The recent increase in SAF prices is attributed to China's announcement of an export whitelist and quotas, leading to increased inquiries from European buyers [30][31] Summary by Sections 1. Core Viewpoints - The report highlights the expected improvement in the supply-demand dynamics for photoinitiators, with China being a key player in production and export [5][29] - The report suggests that the price of photoinitiators, which has been at historical lows, is likely to recover due to expanding applications in high-end sectors [5][29] - SAF prices have increased significantly, with European prices reaching 2230 USD/ton, reflecting a 9.85% weekly increase and a 25.14% monthly increase [30][31] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 3.1% during the week, outperforming the Shanghai Composite Index by 1.2% [16] - Year-to-date, the basic chemical industry index has risen by 6.4%, outperforming both the Shanghai Composite Index and the ChiNext Index [16] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 372 stocks rose, with the top performers including Dadongnan (+50%) and Taihe Technology (+48.1%) [25][27] - The report notes significant declines in stocks such as Ningxin New Materials (-18.6%) and Jinniu Chemical (-14.4%) [25][27] 4. Key News and Company Announcements - The report emphasizes the recovery potential for photoinitiators and the rising SAF prices as significant developments in the industry [29][30]

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The prices of bio-jet fuel (SAF) and bio-diesel have increased, with SAF reaching $2230 per ton, up 9.85% week-on-week and 20.28% year-to-date [3][11] - Refrigerant prices remain strong, with R32 and R134a showing slight increases of 0.96% and 1.03% respectively [4][11] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][28] Summary by Sections 1. Sub-industry Tracking - Bio-jet fuel (SAF) and bio-diesel prices are on the rise, with SAF priced at $2230 per ton and bio-diesel at 8100 RMB per ton [3][11] - Refrigerant prices are stable, with R32 at 52500 RMB per ton and R134a at 49000 RMB per ton [4][11] - Prices for vitamins, multi-crystalline silicon, and other materials have declined [4][11] 2. Electronic Chemicals - The electronic chemicals sector focuses on materials for the electronics industry, including wet electronic chemicals and photolithography materials [13][16] - The market for semiconductor materials is projected to grow, with a significant increase in domestic production capabilities [20][23] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials benefiting from the low-altitude economy and robotics [28][30] - PEEK materials are gaining traction in humanoid robotics, with demand expected to grow significantly [33] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices showing a downward trend [36][39] - Sodium-ion battery materials are also gaining attention due to their cost advantages [39] 5. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials used in packaging [55][58] - Specialty engineering plastics are in demand across various industries, including automotive and aerospace [55][60] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the automotive and consumer electronics sectors [62][64] 7. Market Performance - The basic chemical index has shown a 4.15% increase, outperforming the overall market [66][67]

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Shengquan Group, Hailide, and Zhuoyue New Energy [4]. Core Insights - The report emphasizes the importance of identifying companies with strong performance in the upcoming semi-annual reports, particularly those expected to exceed earnings forecasts in Q2 2025 [1]. - The phosphatic fertilizer export window is opening, with high demand expected to persist, alleviating domestic overcapacity issues and supporting profitability for major phosphate chemical companies like Yuntianhua [2]. - Increased scrutiny on chemical safety following recent accidents is likely to elevate the overall demand for pesticides, as regulatory measures may lead to the exit of non-compliant production capacities [3]. Summary by Sections Chemical Industry Overview - The basic chemical industry index closed at 3385.44 points, down 2.49% from the previous week, underperforming the CSI 300 index by 2.04% [10]. - Key chemical products such as formaldehyde, Singapore diesel, NYMEX natural gas, and Brent crude oil saw significant price increases [18]. Key Chemical Sub-Industries - **Polyester Filament**: Prices have been fluctuating upwards, with average prices for POY, FDY, and DTY increasing by 167.86, 128.57, and 117.85 CNY/ton respectively [21]. - **Tires**: The industry saw a slight increase in operating rates, with full steel tire operating rates at 61.39% and semi-steel tire rates at 71.54% [32]. - **Refrigerants**: The R22 market remains stable with high prices, while R134a prices are also on the rise due to increased demand from the repair market and the electric vehicle sector [39][43]. Company Performance Forecasts - Shengquan Group is projected to have an EPS of 1.05 CNY in 2024, increasing to 2.14 CNY by 2026, with a PE ratio decreasing from 25 to 12 [4]. - Hailide's EPS is expected to rise from 0.35 CNY in 2024 to 0.41 CNY in 2026, with a PE ratio of 14 [4]. - Zhuoyue New Energy is forecasted to see significant growth in EPS from 1.24 CNY in 2024 to 4.80 CNY in 2026, with a PE ratio dropping from 35 to 9 [4].

证券代码：688196 证券简称：卓越新能 公告编号：2025-023 龙岩卓越新能源股份有限公司 本公司董事会及全体董事保证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。 重要内容提示： ? 是否涉及差异化分红送转：否 ? 每股分配比例 每股现金红利0.50元 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 (1)对于持有公司无限售条件流通股的个人股东和证券投资基金,由公司根据 《关于上市公司股息红利差别化个人所得税有关问题的通知》(财税2015101 号) 的规定,上市公司暂不扣缴个人所得税,每股实际派发现金红利为 0.50 元。个人股 东及证券投资基金在股权登记日后转让股票时,将按照上述通知有关规定执行差 别化个人所得税,由中国结算上海分公司根据其持股期限计算实际应纳税额,超过 已扣缴税款的部分,由证券公司等股份托管机构从个人资金账户中扣收并划付中 国结算上海分公司,中国结算上海分公司于次月 5 个工作日内划付至公司,公司将 在收到税款当月的法定申报期内向主管税务机关申报缴纳。 具体实际税负为：持股期限在 1 个月以内(含 1 个月)的 ...

证券代码：688196 证券简称：卓越新能 公告编号：2025-023 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/26 | 2025/6/27 | 2025/6/27 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025年 5月 13 日的2024年年度股东大会审议通过。 二、 分配方案 龙岩卓越新能源股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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。 重要内容提示： 每股现金红利0.50元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/26 | 2025/6/27 | 2025/6/27 | 四、 分配实施办法 1. 实施办法 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股 权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定 交易的股东派发。已办理指定交易的投资者可于红 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Zhuoyue New Energy, including its stock price, market capitalization, and industry comparisons [1][2] - As of June 18, Zhuoyue New Energy's stock closed at 46.3 yuan, down 1.64%, with a rolling PE ratio of 30.64 times and a total market value of 5.556 billion yuan [1] - The company ranks 86th in the chemical products industry, which has an average PE ratio of 43.58 times and a median of 38.01 times [1][2] Group 2 - Zhuoyue New Energy's main business involves the production of biodiesel and the utilization of bio-based materials from waste oil resources, with key products including various grades of biodiesel and other chemical products [1] - The latest financial report for Q1 2025 shows the company achieved a revenue of 709 million yuan, a year-on-year decrease of 18.39%, while net profit reached 61.3122 million yuan, reflecting a year-on-year increase of 111.22%, with a sales gross margin of 8.67% [1] - As of Q1 2025, nine institutions hold shares in Zhuoyue New Energy, including five funds, two others, one insurance company, and one brokerage, with a total holding of 91.8902 million shares valued at 4.125 billion yuan [1]

证券代码：688196 证券简称：卓越新能 公告编号：2025-022 龙岩卓越新能源股份有限公司 关于开立募集资金理财产品专用结算账户的公告 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。 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 2024 年 10 月 28 日召开第五届董事会第六次会议及第五届监事会第四次会议， 审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》,同意在确 保不影响募集资金投资项目实施及募集资金安全的情况下，拟使用额度不超过 人民币 45,000.00 万元的部分暂时闲置募集资金进行现金管理，用于购买安全 性高、流动性好、有保本约定的投资产品（包括但不限于结构性存款、定期存 款、大额存单等）。本次现金管理决议的有效期限自 2024 年 11 月 30 日起 12 个月内有效。在上述额度和期限范围内，资金可以滚动使用。董事会授权董事 长行使该项决策权及签署相关法律文件，同时授权公司计划财务部在上述额度 范围内负责具体办理事宜。具体内容详见公司于 2024 年 10 月 2 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in overseas HVO/SAF prices, with European prices rising by 13.97% and 11.60% respectively since the lowest points in Q2 2025, driven by strong seasonal demand [5] - The EU is gradually implementing a 2% SAF blending policy, which is expected to enhance the demand for SAF and subsequently increase the price of UCO, benefiting the entire UCO-HVO/SAF industry chain [6] - The demand for UCO is anticipated to grow steadily due to the increasing SAF demand, with domestic UCO prices rising as a result of heightened procurement levels from SAF and biodiesel plants [7] Summary by Sections Industry Trends - The report indicates a positive outlook for the basic chemical industry, with a maintained investment rating [1] - A notable trend is the increase in UCO prices in China, with prices for gutter oil and waste oil rising by 3.31% and 2.31% respectively since Q2 2025 [5] Market Dynamics - The report discusses the EU's measures to support the SAF market, including subsidies for airlines purchasing sustainable aviation fuel, which is expected to drive up costs and demand [6] - The report notes that China's SAF production costs are lower due to abundant and cheaper UCO resources, positioning China to capture a significant market share in the EU [6] Company Insights - The report provides a table of companies involved in HVO/SAF production, highlighting their planned capacities and market valuations, with 嘉澳环保 leading with a planned capacity of 740,000 tons [10] - The report identifies key beneficiaries of the SAF demand increase, including 嘉澳环保, 海新能科, 卓越新能, and 鹏鹞环保 [6][10]