智通财经网·2025-11-21 06:19Core Viewpoint - The report from Kaiyuan Securities highlights the increasing demand for biodiesel in China and globally, driven by terminal demand growth and regulatory changes, particularly the implementation of the RED III directive in the EU starting in 2026 [1][4]. Domestic Market Developments - The first domestic B5 biodiesel injection for internal trade was completed on November 20, marking a significant step in the use of biodiesel in domestic shipping [2][3]. - The Ministry of Commerce's recent policy supports the blending of domestic biodiesel with marine fuel oil, which is expected to enhance the domestic biodiesel market [2]. International Market Trends - The "IMO net-zero framework" is anticipated to increase the demand for biodiesel, with projections indicating that Singapore's marine fuel injection could require millions of tons of biodiesel by 2030 [3]. - China's bonded marine fuel injection is expected to reach 1,988 million tons in 2024, with a potential increase of nearly 400 million tons in biodiesel demand if 20% biodiesel is blended [3]. Regulatory Changes in the EU - The RED III directive will raise the renewable energy consumption target in the EU from 32% to at least 42.5% by 2030, significantly increasing the demand for biodiesel, especially second-generation biodiesel [4]. - The removal of the double carbon reduction policy for used cooking oil (UCO) is expected to nearly double the demand for biodiesel and UCO in the EU [4]. Beneficiary Companies - Companies likely to benefit from these trends include Zhuoyue New Energy (688196.SH), Haineng Technology (300072.SZ), Jiaao Environmental Protection (603822.SZ), and Shanggou Environmental Energy (000803.SZ) [5].