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 ...

行 业 及 产 业 证 券 研 究 报 告 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 行 业 研 究 / 行 业 点 相关研究 莫龙庭 A0230523080005 molt@swsresearch.com 2025 年 12 月 15 日 德国 RED III 落地，看好 HVO 及 UCO 发展 看好 ——生物柴油系列点评 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 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 ...

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The central economic meeting emphasized the "dual carbon" strategy, indicating a strong push towards green energy development and comprehensive green transformation in the industry [13][15]. - The report highlights significant investment opportunities in waste management, recycling, and renewable energy sectors, particularly in waste incineration and carbon monitoring equipment [15][18]. - The report notes a trend of increasing dividend payouts among solid waste companies, with the average dividend payout ratio rising from 34.3% in 2019 to 48.5% in 2024, indicating a shift towards a "dividend investment strategy" in a mature market [15][19]. Summary by Sections Section 1: Dual Carbon and Green Transformation - The central economic meeting outlined key initiatives for promoting energy efficiency and carbon reduction across major industries, including the establishment of a national carbon trading market and comprehensive solid waste management actions [13][15]. - The report anticipates growth in the green economy, particularly in sectors like waste incineration and recycling, driven by government policies [15][18]. Section 2: Biodiesel Market Insights - The report discusses the biodiesel market, noting a slight decrease in SAF prices while UCO prices remain strong, with UCO prices reaching $1,065 per ton, an 8.1% increase since the beginning of the year [19][22]. - The report suggests that companies involved in waste oil processing and biodiesel production will benefit from these market dynamics, particularly those with integrated operations [28]. Section 3: Policy Tracking - The report tracks domestic and international developments related to carbon neutrality, including the establishment of a carbon trading market and the EU's commitment to significant emission reductions by 2040 [31][32]. - It highlights the importance of policy frameworks in driving the green transition and the role of financial support for green projects [38]. Section 4: Company Announcements and Market Trends - The report provides updates on key companies in the environmental sector, including investment agreements and project developments that enhance market competitiveness [41][43]. - It notes that the environmental sector's valuation is currently at historical lows, suggesting potential for future growth [41].

证券日报网讯 12月12日，朗坤科技在互动平台回答投资者提问时表示，公司第四季度uco产能相关经营 数据请以公司正式公告或后续定期报告披露内容为准。 （文章来源：证券日报） ...

证券日报网讯12月12日，朗坤科技（301305）在互动平台回答投资者提问时表示，截至2025年12月10 日，公司股东户数为19068户。 ...

（文章来源：证券日报） 证券日报网讯 12月4日，朗坤科技在互动平台回答投资者提问时表示，公司股价受市场环境、行业周期 等因素影响，公司目前业绩稳步增长、经营稳健。公司股权激励授予价格严格遵循《上市公司股权激励 管理办法》等法律法规的相关要求。公司将持续深耕主业，以扎实业绩回馈投资者信任。 ...

Core Viewpoint - Longkun Technology (301305) will disclose its fourth-quarter operating conditions in the 2025 annual report [1] Group 1 - The company responded to investor inquiries on its interactive platform [1]

Group 1: Company Acquisitions - Company plans to acquire 51% stake in Shenzhen Betel Technology for 321 million yuan and 51% stake in Shanghai Tongtu for 357 million yuan [1] - Shanghai Tongtu specializes in IP technology licensing and chip design, with applications in various sectors including mobile, AR/VR, and automotive [1] Group 2: Investment Projects - Company announces an investment of 804 million yuan for the construction of a 200,000 kW/120,000 kWh grid-side independent energy storage demonstration project in Baotou [2] - The project aims to participate in the electricity spot market, buying electricity during low price periods and selling during peak times to generate profit [2] Group 3: International Expansion - Company intends to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance global customer service capabilities [3] Group 4: Technological Collaboration - Company signs a technical agreement with Weijing Intelligent for the processing of humanoid robot components, focusing on material selection and design [4] - The company aims to leverage its expertise in high-end aluminum alloy materials to expand its application in emerging industries like humanoid robotics [4] Group 5: Share Buybacks - Company announces a share buyback of 1.6225 million shares from November 27 to November 28, with a total expenditure of 247 million yuan [5] Group 6: Performance Metrics - BAIC Blue Valley reports a 112.71% year-on-year increase in new energy vehicle sales for November [6] - SAIC Group experiences a 3.75% year-on-year decline in total vehicle sales for November [6]

Core Viewpoint - The company has not yet established a supply cooperation with China National Petroleum Corporation (CNPC) regarding its sustainable aviation fuel (SAF) project, which aims to expand production by 100,000 tons per year [1] Group 1 - The company's largest client is China National Petroleum Corporation [1] - CNPC plans to expand its sustainable aviation fuel (SAF) project by 100,000 tons per year [1] - The company has not reached a supply agreement for the SAF project with CNPC [1]

Core Viewpoint - The company, Langkun Technology, is addressing investor concerns regarding project completion timelines, current sales of biodiesel, and its long-term vision to become a world-class bio-manufacturing enterprise [1] Group 1: Project and Sales Information - The company has been asked about the completion timeline for the Fangshan and Tongzhou projects, which are expected to be completed by 2026 [1] - Current sales figures for biodiesel were not disclosed, with the company indicating that specific details will be provided in future reports or announcements [1] Group 2: Long-term Vision and Strategic Response - Langkun Technology aims to focus on core technology research in bio-manufacturing, expand into high-value product areas, optimize production capacity and supply chain, and enhance talent development to improve market competitiveness [1] - In response to the Shenzhen government's plan for a 7 trillion yuan increase in market capitalization for listed companies by 2027, the company plans to actively engage in its main business, improve operational performance, and enhance communication with investors to align its value and market capitalization [1]