中信证券：欧洲生物航煤（SAF）价格持续上涨 看好下半年需求爆发

Core Viewpoint - The price of European Sustainable Aviation Fuel (SAF) has been continuously rising, currently exceeding $2,230 per ton, driven by high subsidy plans and potential strengthening of mandatory blending policies [1] Group 1: Price Trends - European SAF prices were low in the first half of 2025, but the supply increase did not meet expectations, leading to a significant supply-demand gap [1] - The strong support from raw material costs indicates a high price elasticity in the future [1] Group 2: Demand and Supply Dynamics - There is an anticipated explosion in demand due to the implementation of high subsidy plans and stricter blending policies [1]