➢ 投资建议：重视生物航煤、生物船用燃料带来的全球生物柴油市场新增量， 叠加原材料出口增值税退税取消落地，生物柴油企业有望迎来需求增长、原材料 供应增多的双向推动，建议关注国内拥有较大生物柴油或原材料产能的上市公 司：卓越新能、嘉澳环保、山高环能、海新能科、朗坤环境。 ➢ 风险提示：产能释放不及预期，政策推行力度不及预期，贸易政策变动风险。 推荐 维持评级 [Table_Author] | 分析师 | 刘海荣 | | --- | --- | | 执业证书： S0100522050001 | | | 邮箱： | liuhairong@mszq.com | | 分析师 | 曾佳晨 | | 执业证书： S0100524040002 | | | 邮箱： | zengjiachen@mszq.com | 生物柴油行业周报（20250623-20250629） HVO&SAF 价格中枢继续上移，原材料端价格仍处高位 2025 年 06 月 30 日 ➢ 本周（20250623-20250629）国内 Ucome 价格小幅收窄。本周四，外盘 SAF 到岸价报 2065.90 美元/吨，环比上周小幅微跌 2.90%；外盘 H ...

[Table_Main] 证券研究报告 | 行业周报 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -18% -12% -6% 0% 6% 12% 18% 24% 31% 2024-06 2024-10 2025-02 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《关注钾肥板块投资机会》， 2025.6.22 2.《钾肥大合同落地，关注钾肥景 气！》，2025.6.16 3.《涨价主线！关注活性染料、生物 柴油等》，2025.6.16 4.《染料行业更新：供给端趋紧态势 延续，重视 H 酸与活性染料弹性》， 2025.6.10 5.《涨价主线！关注氯虫苯甲酰胺、 SAF 等》，2025.6.8 基础化工 2025 年 06 月 30 日 SAF 价格持续回升，光引发剂景气有 望修复 [Table_Summary] 投资要点： 本周基础化工板块表现好于大盘。根据 Wind，本周（6/20-6/27）上证综指涨跌幅 为+1.9%，创业板指数涨跌幅为+5.7%；申万基础化工行业指数涨跌幅为+3 ...

Group 1 - The stock of Haineng Technology (300072) closed at 3.71 yuan on June 23, 2025, with a daily increase of 20.06%, reaching a new high for the stage, and a trading volume of 6.02 billion yuan, with a turnover rate of 7.23% [1] - A large block trade occurred on the same day, with a transaction volume of 403,700 shares at a price of 3.09 yuan, representing a discount of 16.71% compared to the closing price, totaling 1.2474 million yuan [1] - Institutional investors net bought 8.6666 million yuan worth of Haineng Technology shares, ranking fourth in buying positions, while the Shenzhen Stock Connect saw a net purchase of 10.3053 million yuan, becoming the largest buying force [1] Group 2 - Market analysis suggests that the stock price fluctuation may be related to the company's recent industrial breakthroughs, including the launch of a 200,000 tons/year biodiesel isomerization project SAF (Sustainable Aviation Fuel) on June 20, marking it as the first local state-owned enterprise to obtain airworthiness certification from the Civil Aviation Administration [2] - The SAF market is experiencing a widening supply gap due to long capacity construction cycles and rapidly growing demand, with recent price increases for HVO/SAF [2] - The current dynamic price-to-earnings ratio of Haineng Technology is -43.67 times, with a total market value of 8.717 billion yuan and a price-to-book ratio of 1.47 times, indicating market divergence regarding its profit turnaround expectations and asset quality [2]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [2]. Core Insights - In May, the total industrial power generation was 737.8 billion kWh, showing a year-on-year increase of 0.5%. The growth was primarily driven by thermal and renewable energy sources, with wind power contributing the most to the increase [5][6]. - The report highlights that geopolitical conflicts have led to rising global gas prices, with significant increases observed in various markets, including a 16.75% rise in the Henry Hub spot price [21][24]. - The report suggests several investment opportunities across different sectors, including power generation, natural gas, and environmental services, emphasizing the importance of clean energy and integrated gas trading [2][45]. Summary by Sections 1. Power Generation - In May, the total industrial power generation was 7378 billion kWh, with thermal power generation at 4615 billion kWh (up 1.2% YoY) and renewable sources like wind and solar showing growth rates of 11.0% and 7.3% respectively [5][7]. - The contribution of renewable energy sources to the overall power generation continues to increase, with wind power contributing the highest increment compared to the previous year [6][7]. 2. Natural Gas - Geopolitical tensions have raised concerns about supply, leading to a sustained increase in global gas prices. As of June 19, the Henry Hub spot price reached $3.09/mmBtu, marking a 16.75% increase [21][24]. - The report notes that while the overall gas supply chain remains stable, any disruptions in key regions could further support price increases [21][28]. 3. Weekly Market Review - The report indicates that various sectors, including utilities and power, underperformed compared to the Shanghai and Shenzhen 300 index, while the gas sector outperformed [47]. 4. Company and Industry Dynamics - The report discusses significant project announcements, including a major offshore wind power project by China Power Construction with a contract value of approximately 10.77 billion yuan [54]. - It also highlights the ongoing developments in hydrogen energy and solid-state battery technologies, indicating a shift towards innovative energy solutions [56].

Core Viewpoint - The solid-state battery sector is experiencing a sudden surge, with significant stock price increases and optimistic projections for future market growth [2][6][8]. Group 1: Market Performance - On June 23, solid-state battery concept stocks saw a widespread surge, with Hai Xin Neng Ke and Tai He Ke Ji hitting the 20% daily limit, and other companies like Nord Shares and Xiangtan Electric achieving multiple consecutive limit-ups [2][6]. - The market is projected to see global solid-state battery shipments reach 614.1 GWh by 2030, with an estimated market size exceeding 250 billion yuan [8][16]. Group 2: Industry Developments - Several companies are making advancements in solid-state battery technology, with Ion Storage Systems in the U.S. beginning production and shipping test batteries to clients, including the U.S. Department of Defense [3][19]. - Companies like Winbond Technology and Guoxuan High-Tech are reporting progress in their solid-state battery production lines, with Guoxuan's pilot line now operational [11][12]. Group 3: Technological Advantages - Solid-state batteries are recognized for their high safety and energy density, with ongoing developments expected to accelerate their commercialization [4][9]. - Ion Storage Systems claims its solid-state batteries have a 50% higher energy density than traditional lithium-ion batteries and are designed to minimize fire risks [20][22]. Group 4: Future Projections - Analysts predict that the solid-state battery market will enter a rapid growth phase in China by 2027, with significant investments planned for production capacity [16]. - Major automotive companies, including SAIC and Changan, are planning to integrate solid-state batteries into their vehicles by 2027, with ambitious production targets set [13][14].

Market Overview - The Shanghai Composite Index closed at 3381.58 points, above the six-month moving average, with an increase of 0.65% [1] - The total trading volume of A-shares reached 1,146.922 billion yuan [1] Stocks Performance - A total of 377 A-shares have surpassed the six-month moving average today [1] - Stocks with significant deviation rates include: - Haixin Energy Technology (300072) with a deviation rate of 15.52% and a daily increase of 20.06% [1] - Tengyuan Cobalt (301219) with a deviation rate of 15.16% and a daily increase of 15.42% [1] - Liandi Information (839790) with a deviation rate of 11.67% and a daily increase of 14.76% [1] - Stocks with smaller deviation rates that just crossed the six-month line include: - JG Development (300323) with a deviation rate of 8.11% and a daily increase of 9.15% [1] - HST Electronics (600570) with a deviation rate of 6.13% and a daily increase of 6.35% [1]

证券时报·数据宝统计，截至今日下午13:59，上证综指3377.32点，收于半年线之上，涨跌幅0.52%，A 股总成交额为8871.47亿元。到目前为止，今日有335只A股价格突破了半年线，其中乖离率较大的个股 有海新能科、腾远钴业、航天发展等，乖离率分别为15.52%、14.25%、9.29%；济高发展、国晟科技、 江丰电子等个股乖离率较小，刚刚站上半年线。 6月23日突破半年线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 300072 | 海新能 科 | 20.06 | 7.04 | 3.21 | 3.71 | 15.52 | | 301219 | 腾远钴 业 | 14.50 | 15.34 | 47.76 | 54.57 | 14.25 | | 000547 | 航天发 展 | 9.94 | 6.84 | 7.28 | 7.96 | 9.29 | | 603578 | ...

Market Overview - The Shanghai Composite Index closed at 3365.07 points, above the six-month moving average, with a slight increase of 0.15% [1] - The total trading volume of A-shares reached 683.87 billion yuan [1] Stocks Performance - A total of 230 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Haixin Energy Technology (300072) with a deviation rate of 15.52% and a daily increase of 20.06% [1] - Tengyuan Cobalt Industry (301219) with a deviation rate of 14.14% and a daily increase of 14.39% [1] - Huacan Optoelectronics (300323) with a deviation rate of 10.66% and a daily increase of 11.75% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Furui Shares (002691) with a deviation rate of 4.23% and a daily increase of 10.05% [1] - Jiangnan Water (000421) with a deviation rate of 4.20% and a daily increase of 4.18% [1] - Baiyun Airport (600004) with a deviation rate of 4.04% and a daily increase of 4.38% [1]

Core Viewpoint - The sustainable aviation fuel (SAF) project by Haineng Energy Technology is positioned as a key driver for the green transformation of the aviation industry in China, leveraging technological innovation and industry collaboration to contribute to national decarbonization efforts [3][4]. Group 1: Project Overview - Haineng Energy Technology held a product launch for its 200,000 tons/year biodiesel isomerization project for sustainable aviation fuel in Beijing, attended by various industry leaders and partners [1][3]. - The project aims to convert waste oils into valuable SAF, marking a significant step towards the large-scale development and application of SAF in China [3][4]. - The project is expected to complete its mid-term delivery by the end of April 2025, with trial production commencing shortly thereafter, successfully producing qualified bio-jet fuel [3][4]. Group 2: Strategic Importance - The SAF initiative aligns with national policies, including the "14th Five-Year Plan" for green development in civil aviation, which targets a consumption of 50,000 tons of sustainable aviation fuel during this period [4]. - Haineng Energy Technology is supported by local government entities, emphasizing its commitment to green low-carbon development and the implementation of dual carbon strategies [4]. Group 3: Market Dynamics - The recent increase in HVO/SAF prices is attributed to a slowdown in SAF production growth, leading to potential supply risks [5]. - Current market analysis indicates that less than 30% of SAF projects have reached final investment decisions, highlighting a growing supply gap as production facilities typically require 3-5 years to achieve scale [5]. - The demand for HVO/SAF is expected to rise in Europe, Southeast Asia, and China, suggesting a long-term upward trend in the biodiesel industry [5].

转自：北京日报客户端 地沟油不仅能变身生物柴油，还能成为飞机使用的"绿色燃料"！ 在政策的牵引下，我国可持续航空燃料的需求将不断增长，为可持续航空燃料产业发展带来新的增长 点，北京海淀也在其中分了一杯羹。 6月20日，海淀国企北京海新能源科技股份有限公司发布消息，在原有40万吨每年生物能源项目基础 上，新建成投用20万吨每年生物柴油异构项目，每年将以废弃动植物油脂为原料生产20万吨可持续航空 燃料。 位于山东的可持续航空燃料生产线 "在海淀区的支持下，我们自2022年起就开始深耕绿色航空赛道，大力推进SAF产品研发生产，于2024 年获颁中国民航局可持续航空燃料适航审定证书，是国内首家获颁证书的地方性国企。"海淀区国有资 产投资集团有限公司党委书记、董事长兼海新能科董事长于志伟介绍，此次新建的20万吨每年生物柴油 异构装置及与其配套的相关系统，以废弃动植物油脂为原料，运用国内领先的生物柴油异构降凝技术， 能够满足航空燃料各项性能要求。 可持续航空燃料原料与成品展示 此前，海淀区与中国航油集团签署相关战略合作协议，将发挥区位优势共同构筑绿色生产体系，以安全 可靠、性能卓越的高质量产品，全力助推中国航空业低碳转型 ...