（文章来源：证券日报） 证券日报网讯 12月18日，维尔利在互动平台回答投资者提问时表示，公司依托多年餐厨垃圾处理业务 积累的项目资源，主要聚焦废弃油脂（UCO）业务，深耕生物航煤（SAF）上游原料端布局。 ...

Group 1 - The world's largest integrated green hydrogen, ammonia, and methanol project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced production, with a capacity to generate 450,000 tons of green hydrogen, 200,000 tons of green ammonia, and green methanol annually, significantly reducing crude oil consumption by 460,000 tons and cutting carbon emissions by 300,000 tons per year [1] - The integrated green hydrogen, ammonia, and methanol project model combines multiple processes, including wind and solar power generation, water electrolysis for hydrogen production, and the synthesis of green ammonia and methanol, driven by policy support, technological advancements, and market demand for renewable energy [1] - By the end of 2024, China's planned capacity for green ammonia projects is expected to reach approximately 1,780,000 tons per year, with around 1,900,000 tons per year currently under construction [1] Group 2 - According to Guangfa Securities, the industrial application prospects for green ammonia and green methanol are broad, with green ammonia expected to account for over 70% of domestic production by 2050, driven by dual carbon policies and decreasing green electricity costs [2] - Longjiang Securities emphasizes that the high-quality development of renewable energy during the 14th Five-Year Plan period requires breakthroughs in non-electric utilization, with significant application potential for green hydrogen, ammonia, and methanol in chemical, transportation, and metallurgy sectors [2] - As of December 17, 2023, 17 A-share stocks related to green hydrogen and methanol have been identified, with six stocks experiencing over 50% growth this year, including Fuzhijie Technology, Huaguang Huaneng, and Jinfeng Technology [2] Group 3 - In terms of trading activity, Jinfeng Technology recorded the highest average daily trading volume in December at 2.508 billion yuan, followed by China International Marine Containers and others with varying trading volumes [3] - Six green hydrogen and methanol concept stocks have been subject to over ten institutional surveys this year, with Xizi Clean Energy receiving the most attention, having been surveyed 30 times [3] - Xizi Clean Energy has indicated its involvement in the supply of equipment for the integrated wind-solar hydrogen, ammonia, and methanol model, continuously expanding its applications in the green ammonia and methanol industries [3]

2025 年 12 月 15 日 防线人行业电 相关研究 券研究培 证券分析师 莫龙庭 A0230523080005 molt@swsresearch.com 研究支持 莫龙庭 A0230523080005 molt@swsresearch.com 联系人 草龙庭 A0230523080005 molt@swsresearch.com 国 RED III 落地, 看好 HVC UCO 发展 本期投资后了 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 环保 事件: 12 月 11 日，德国内阁正式通过了基于欧盟《可再生能源指令》 (RED III) 转化 ○ 为本国法律的立法（以下简称法案），有望提振 HVO 及 UCO 需求。 欧盟 RED III 于 2023 年生效．要求成员国 2025 年转为本国法律，实际转换滞后。2023 ● 年９月，欧洲议会正式投票通过了 RED III，同时要求欧盟成员国须在 2025 年 5 月 21 日 前，将 REDIII 指令转化为本国的国内法律并开始实施。但由于牵涉面广、目标难度大， 多个欧盟成员国在转置过程中普遍存在滞后。 德国立法上调汽柴油温室 ...

证券日报网讯 12月15日，维尔利在互动平台回答投资者提问时表示，近年来，公司在持续深耕传统业 务的基础上，积极推进生物能源业务转型，重点布局生物天然气、生物燃料油等绿色能源领域。如此前 公司所回复，当前公司正联合有关院校开展基于生物燃气与绿氢的生物甲醇制备课题研究，未来将结合 自身业务发展探索相关领域。在生物天然气业务方面，公司拥有醇胺法等主流沼气提纯工艺以及项目运 营案例。从工艺技术角度，采用醇胺法工艺对生物天然气进行进一步提纯，可将甲烷纯度提高到 99.97%以上，并降低硫含量至0.1ppm以下，经深冷液化后可得到液态甲烷，可作为符合火箭燃料标准 的液氧甲烷的原料。目前公司的生物天然气主要利用方式为就近并入城镇燃气管网或生产CNG。在生 物燃料油方面，公司依托多年餐厨垃圾处理业务积累的项目资源，主要聚焦废弃油脂（UCO）业务， 深耕生物航煤（SAF）上游原料端布局。公司依托相关技术对废弃油脂进行预处理，生产的工业级UCO 符合行业标准，提供给有关下游企业，用于生产氢化植物油（HVO）、生物航煤（SAF）及低凝点柴油 等绿色能源产品。 （文章来源：证券日报） ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The German government has officially passed legislation to implement the EU's Renewable Energy Directive (RED III), which is expected to boost the demand for HVO (Hydrotreated Vegetable Oil) and UCO (Used Cooking Oil) [4]. - The RED III directive, effective from 2023, mandates EU member states to transpose it into national law by May 21, 2025, with Germany setting a higher greenhouse gas (GHG) reduction target of 19% for gasoline and diesel by 2030, compared to the EU's unified target of 14.5% [4][5]. - The cancellation of double counting for advanced biofuels is expected to convert "accounting quotas" into "physical volumes," significantly increasing the demand for HVO and UCO [4]. - The removal of POME (Palm Oil Mill Effluent) from compliance eligibility is set to take effect in 2027, although its impact is considered limited due to the declining share of palm oil in EU biodiesel feedstocks [4]. - The report suggests a positive outlook for biodiesel development across road transport, shipping, and aviation, with specific companies recommended for investment: Shandong Hi-Speed Energy, Hainan New Energy Technology, Longkun Technology, and Weili [4]. Summary by Sections Legislative Developments - The German cabinet's approval of the RED III legislation is a significant step towards enhancing HVO and UCO demand [4]. - The legislation aims to increase the GHG reduction target for the transportation sector, with a gradual rise to 59% by 2040 [4]. Market Implications - The cancellation of double counting is anticipated to enhance HVO profitability, indirectly raising SAF (Sustainable Aviation Fuel) prices due to reduced supply [4]. - The report highlights the importance of monitoring the legislative progress in other EU member states as they implement RED III [4]. Company Valuations - Key companies in the sector are evaluated with projected net profits and market capitalizations, indicating potential investment opportunities [6]. - For instance, Shandong Hi-Speed Energy is projected to have a net profit of 1.05 billion in 2025, with a PE ratio of 33 [6].

证券日报网讯12月15日，维尔利（300190）在互动平台回答投资者提问时表示，截至11月底公司股东人 数约为18400户。 ...

（文章来源：每日经济新闻） 每经AI快讯，维尔利（300190.SZ）12月15日在投资者互动平台表示，近年来，公司在持续深耕传统业 务的基础上，积极推进生物能源业务转型，重点布局生物天然气、生物燃料油等绿色能源领域。如之前 公司所回复，当前公司正联合有关院校开展基于生物燃气与绿氢的生物甲醇制备课题研究，未来将结合 自身业务发展探索相关领域。 在生物天然气业务方面，公司拥有醇胺法等主流沼气提纯工艺以及项目 运营案例。从工艺技术角度，采用醇胺法工艺对生物天然气进行进一步提纯，可将甲烷纯度提高到 99.97%以上，并降低硫含量至0.1ppm以下，经深冷液化后可得到液态甲烷，可作为符合火箭燃料标准 的液氧甲烷的原料。目前公司的生物天然气主要利用方式为就近并入城镇燃气管网或生产CNG。 在生 物燃料油方面，公司依托多年餐厨垃圾处理业务积累的项目资源，主要聚焦废弃油脂（UCO）业务， 深耕生物航煤（SAF）上游原料端布局。公司依托相关技术对废弃油脂进行预处理，生产的工业级 UCO 符合行业标准，提供给有关下游企业，用于生产氢化植物油（HVO）、生物航煤（SAF）及低凝 点柴油等绿色能源产品。 ...

每经AI快讯，维尔利（300190.SZ）12月15日在投资者互动平台表示，如公司前期所回复，公司依托多 年餐厨垃圾处理业务积累的项目资源，主要聚焦废弃油脂（UCO）业务，深耕生物航煤（SAF）上游原 料端布局。公司依托相关技术对废弃油脂进行预处理，生产的工业级UCO符合行业标准，提供给有关 下游企业，用于生产氢化植物油（HVO）、生物航煤（SAF）及低凝点柴油等绿色能源产品。目前，公 司在江苏南通合作设立的预处理工厂已投产，设计年处理能力约5万吨。未来公司还规划新增3至4座预 处理工厂，争取未来整体处理能力将提升至30万吨/年。公司将持续关注您提及的全球生物燃料行业相 关政策动态，结合自身UCO业务布局，深化与下游企业的合作，把握行业发展机遇。 （文章来源：每日经济新闻） ...

在複雜工業環境中推進智能營運及可持續發展解決方案新加坡, Dec. 13, 2025 (GLOBE NEWSWIRE) -- 中國領先的節能環保科技企業 WELLE Environmental Group Co., Ltd. (300190.SZ) (「WELLE」) 與提供科技驅動設施服務，總部設於新加坡的 Primech Holdings Ltd. (「Primech Holdings」) (Nasdaq: PMEC) 今天宣佈簽署《策略合作框架協議》，共同加快推動工業機械人、智能營運及可持續環保技術的創新發展。 根據協議，雙方將在新加坡成立合資企業，結合 WELLE 在環境管治及生物能源方面領先業界的能力，以及 Primech Holdings 的豐富營運經驗及其機械人子公司 Primech AI Pte. Ltd. (「Primech AI」)。 該合資企業將注重研發和部署專為高風險、複雜及受限工業環境設計的特種工業機械人，支持智能營運與維護系統的發展，並為實現全球減碳目標出一分力。 此合作標誌着在機械人技術、環境工程及智能設施管理的融合上邁出關鍵一步，利用雙方的互補強項，推展工業、環境及能源範疇的應 ...

Core Insights - The partnership between WELLE Environmental Group and Primech Holdings aims to innovate in industrial robotics and sustainable environmental technologies through a Joint Venture in Singapore [1][2][3] Group 1: Strategic Cooperation - WELLE and Primech Holdings will establish a Joint Venture to combine WELLE's environmental governance and bioenergy capabilities with Primech's operational experience and robotics expertise [2][3] - The Joint Venture will focus on developing specialized industrial robots for high-risk and complex environments, contributing to global carbon reduction goals [2][3] Group 2: Investment and Vision - WELLE has an option to invest in Primech AI until September 2026, highlighting a shared long-term vision for scaling robotics solutions across Asia [5] - Both organizations recognize the increasing global demand for intelligent automation in environmental and industrial operations, aiming to enhance safety, efficiency, and environmental performance [6] Group 3: Company Profiles - WELLE Environmental Group specializes in energy conservation and environmental protection, focusing on areas such as food waste utilization and biogas development [7] - Primech AI is dedicated to innovation in robotics, aiming to revolutionize the industry with impactful solutions [8] - Primech Holdings provides technology-driven facilities services, integrating eco-friendly practices and smart technology to enhance operational efficiency [10]