Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector has shown a significant increase, with the new materials index rising by 5.12%, although it underperformed compared to the ChiNext index by 0.57% [3]. - The report highlights the rapid growth in demand for sustainable aviation fuel (SAF) due to EU subsidies, which could significantly boost the market [6]. - The report suggests focusing on companies like Jiaao Environmental Protection, Zhuoyue New Energy, and Shanggou Environmental Energy, which are well-positioned to benefit from the increasing SAF demand [6]. Summary by Sections 1. Market Performance - The new materials sector has experienced a positive market performance, with various sub-sectors such as battery chemicals increasing by 9.13% and semiconductor materials by 4.09% over the past week [3][18]. - The overall market, including basic chemicals and new materials, has seen an increase, with the Shanghai Composite Index rising by 1.91% [14]. 2. Price Tracking - Prices for key materials such as PLA remain stable, with injection-grade PLA priced at 17,500 CNY/ton and film-grade PLA at 16,700 CNY/ton [4]. - Amino acids show slight price changes, with valine priced at 14,200 CNY/ton, reflecting a 0.35% increase [4]. 3. Investment Recommendations - The report recommends monitoring companies involved in SAF production and related technologies, as they are expected to benefit from EU subsidies aimed at increasing SAF procurement [6]. - Specific companies highlighted include Jiaao Environmental Protection, which has successfully produced bio-jet fuel, and Zhuoyue New Energy, which is advancing its bio-diesel project [6]. 4. Industry News - The report notes that the EU plans to invest 1.3 billion euros in subsidies for green aviation fuel, which is expected to significantly increase SAF demand [6]. - The report also mentions the ongoing price increases for SAF, with prices exceeding 2,200 USD/ton as of late June 2025 [6].

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 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]

Summary of Conference Call on UCO Industry and Company Insights Industry Overview - The UCO (Used Cooking Oil) market is driven by carbon attributes and green premiums, with prices currently around 7,700-7,800 RMB/ton, reflecting a 500-600 RMB increase since early June [2][5][25] - The market dynamics have shifted due to mandatory bio-jet fuel (SAF) blending policies in Europe and the commissioning of large domestic plants, enhancing the bargaining power of domestic producers [2][5] - The annual production of UCO from regulated kitchen waste treatment plants in China is approximately 800,000 to 900,000 tons, with slow capacity expansion due to strict project approvals [2][3][8] Company Positioning - The company specializes in kitchen organic waste treatment and UCO resource utilization, processing about 4,700-4,800 tons of waste daily with a design capacity of 5,400 tons, achieving an 88% utilization rate [3] - The company’s UCO production is around 90,000 tons annually, positioning it as a leader in the domestic UCO sector [3] Market Dynamics - UCO pricing has been influenced by the European SAF blending mandate, which requires a 2% addition by 2025, leading to increased domestic demand [5][17] - The company’s UCO sales have transitioned from international clients to domestic SAF producers, with major clients including Hai Xin Neng Ke and He Nan Jun Heng [11][12] Production and Supply Chain - UCO is categorized into several types based on quality, with the highest quality sourced from kitchen waste treatment plants, followed by mixed oils and lower-quality oils like gutter oil [9][10] - The company plans to expand its UCO production capacity to 200,000 tons annually through acquisitions and projects like "urban oil fields," targeting a daily processing capacity of 8,000 to 10,000 tons [4][15][16] Regulatory Environment - The UCO industry faces significant regulatory hurdles, with project approvals requiring local government consent and operational experience, limiting the emergence of new large-scale producers [8][9] Future Outlook - The demand for UCO is expected to grow, particularly with European policies mandating higher SAF blending ratios, which could lead to a supply shortage if domestic production does not keep pace [21][22] - The company anticipates a substantial improvement in performance in 2025, driven by cost reductions and increased oil extraction rates, with a focus on monitoring oil price fluctuations [25] Key Risks and Considerations - Oil price fluctuations significantly impact profitability, with a 1,000 RMB increase in oil prices affecting profits by approximately 90 million RMB [25] - The company is advised to keep an eye on UCO price trends and the prices of palm oil and rapeseed oil, as they are closely linked to UCO pricing [25]

证券代码：000803 证券简称：山高环能 公告编号：2025-031 山高环能集团股份有限公司 关于为下属公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别风险提示： 山高环能集团股份有限公司（以下简称"公司"或"山高环能"）及控股子公司 对外担保总额超过最近一期经审计净资产 100%，对资产负债率超过 70%的被担 保对象的担保金额超过公司最近一期经审计净资产 50%。敬请广大投资者充分关 注担保风险。 一、担保情况概述 公司下属公司山高十方环保能源集团有限公司（以下简称"山高十方"）为满 足流动资金需求等用途，决定与莱商银行股份有限公司济南龙奥支行（以下简称 "莱商银行"）进行合作，与其开展综合授信（流动资金贷款）业务，授信额度为 10,000万元，融资期限不超过12个月。公司为山高十方提供连带责任保证。 二、被担保方基本情况 公司名称：山高十方环保能源集团有限公司 2025 年 4 月 21 日、2025 年 5 月 14 日公司分别召开了第十一届董事会第二 十次会议与 2024 年年度股东大会，会议审议通过《关于 2025 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 10th and 22nd in terms of performance [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy Environmental for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

证券代码：000803 证券简称：山高环能 公告编号：2025-030 山高环能集团股份有限公司 董 事 会 2025 年 6 月 13 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 山高环能集团股份有限公司（以下简称"公司"）2024 年 7 月 3 日召开第十 一届董事会第十三次会议及第十一届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用部分闲置募集资金 人民币 3,315.00 万元暂时补充流动资金，用于主营业务相关的生产经营使用，使 用期限自董事会审议批准该议案之日起不超过 12 个月。具体详见公司于 2024 年 7 月 4 日在《中国证券报》《上海证券报》《证券时报》及巨潮资讯网 （www.cninfo.com.cn）披露的《关于使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：2024-047）。 根据上述决议，公司在使用部分闲置募集资金暂时补充流动资金期间，对资 金进行了合理的安排与使用，资金运用情况良好。 截至 2025 年 6 月 13 日，公司已将上述暂时补充流动资金的 3,3 ...

Core Insights - Nanchong City is focusing on an "industrial city" strategy, innovatively constructing a "3+2+3" modern industrial system to promote industrial agglomeration and development through a "chain leader system" and direct management by county (city, district) leaders [1][4][15] - The city is upgrading its traditional pillar industries, including automotive parts, chemical textiles, and food medicine, while also fostering high-growth industries like electronic information and high-end equipment manufacturing [1][4][16] - Nanchong is strategically positioning itself in emerging sectors such as low-altitude economy, hydrogen energy, and artificial intelligence, with 38 key projects signed in 2024 [1][4][16] Industry Overview - The concept of "new quality productive forces" was introduced by President Xi Jinping, emphasizing innovation as the main driving force for economic growth, characterized by high technology, efficiency, and quality [2][3][11] - This new productive force is seen as a crucial engine for high-quality economic development and a key support for building a modern industrial system [3][11] Economic Performance - Nanchong's GDP reached 286.17 billion yuan in 2024, with a year-on-year growth of 5.1%, surpassing the provincial average [4][5] - The industrial output value increased by 3.5% to 48.58 billion yuan, contributing 12.4% to GDP growth [7][9] Industrial Structure - The primary industry added value was 47.1 billion yuan (up 2.6%), the secondary industry 77.85 billion yuan (up 3.4%), and the tertiary industry 161.22 billion yuan (up 6.8%), indicating a more rational industrial structure [5][9] - The city has established eight industrial chain special classes to implement targeted strategies for traditional and emerging industries [7][9] Policy Framework - Nanchong has launched a series of policies to stabilize growth, including 13 measures for economic stability and 18 for manufacturing [4][11] - The city has received 2.77 billion yuan in project funding, ranking third in the province, to support key industrialization and technological transformation projects [7][11] Modern Industrial System - The "3+2+3" modern industrial system includes three pillar industries (automotive parts, chemical textiles, food medicine), two growth industries (electronic information, high-end equipment manufacturing), and three emerging sectors (low-altitude economy, hydrogen energy, artificial intelligence) [15][16] - Nanchong is focusing on high-end, green, and intelligent development directions for its pillar industries, with significant investments in projects like the 33 billion yuan Yongying New Materials project [15][16] Future Development Trends - Traditional industries will undergo intelligent upgrades, while emerging industries will expand in scale [26][28] - New sectors will be ecologically cultivated, with a focus on low-altitude economy, hydrogen energy, and artificial intelligence [29][30] - The city aims to promote a green, low-carbon circular economy, supporting the development of new energy commercial vehicles and hydrogen fuel cell vehicles [30]

Investment Rating - The report maintains a "Recommended" rating for companies with significant biodiesel or raw material production capacity, including Zhuoyue Xinneng, Jiaao Environmental Protection, Shanggao Huaneng, Haineng Kexin, and Langkun Environment [4][5]. Core Insights - The biodiesel market is expected to see increased demand and raw material supply due to the cancellation of export VAT refunds on raw materials, which will drive growth in the biodiesel sector [4]. - Recent agreements, such as the one between Cathay Pacific and Sinopec for SAF procurement, indicate a positive trend in the adoption of domestic SAF, enhancing the supply chain for biodiesel [3]. - The average prices for domestic waste cooking oil and gutter oil have increased, with waste cooking oil priced at 6640 CNY/ton and gutter oil at 6180 CNY/ton, reflecting a stable export outlook for UCO to Europe, the US, and Southeast Asia [2][4]. Summary by Sections Price Trends - The report notes a week-on-week increase in external HVO/SAF prices, with SAF at 1884.5 USD/ton (up 4.87%) and HVO at 1960.75 CNY/ton (up 3.46%) [1]. - Domestic price differences for biodiesel exports to Europe have reached 2539 CNY/ton, showing a weekly increase of 163 CNY/ton [1]. Export Expectations - The report anticipates a significant rise in China's HVO/SAF export volumes for May, with estimates nearing 40,000 tons, supported by rising external prices [3]. - The report highlights that the domestic HVO/SAF factories are maintaining strong procurement levels, indicating robust market demand [2]. Company Performance Forecast - The earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are projected, with Zhuoyue Xinneng expected to have an EPS of 3.16 CNY in 2025 and a PE of 14 [5].