环保行业《大力实施可再生能源替代行动的指导意见》点评：生物航煤有望迎来加速发展

Investment Rating - The report gives an "Overweight" rating for the industry, indicating a positive outlook for investment in the sector [2]. Core Insights - The report highlights the acceleration of bio-jet fuel development, driven by government policies promoting renewable energy alternatives, including bio-natural gas, biodiesel, and bio-jet fuel [2]. - The report notes that the Civil Aviation Administration of China aims for a sustainable aviation fuel (SAF) consumption of over 20,000 tons in 2025, with a cumulative consumption of 50,000 tons during the 14th Five-Year Plan period [2]. - The European Union has set ambitious targets for SAF, requiring a blending ratio of 2% by 2025 and 70% by 2050, which is expected to significantly increase SAF demand [2]. - The report identifies several companies that are well-positioned to benefit from the growth in the SAF market, including Hai Xin Neng Ke, Peng Yao Environmental Protection, and Jia Ao Environmental Protection [2]. Summary by Sections Industry Overview - The report discusses the recent guidance from the National Development and Reform Commission on promoting renewable energy, which includes the development of biofuels [2]. - It mentions the acceleration of domestic pilot projects for biodiesel and bio-jet fuel, with specific initiatives outlined by the government [2]. Company Analysis - Hai Xin Neng Ke has announced a production capacity of 50,000 tons of bio-jet fuel components and plans to raise funds for quality upgrades in its bioenergy projects [2]. - Peng Yao Environmental Protection has completed upgrades to its biodiesel project and has begun producing qualified SAF [2]. - Jia Ao Environmental Protection is collaborating with BP to invest in a project aimed at producing 500,000 tons of renewable aviation fuel annually [2]. Market Dynamics - The report notes that while biodiesel faces temporary challenges due to anti-dumping duties in the EU, SAF remains unaffected by these measures [2]. - The projected SAF demand in the EU is expected to reach approximately 1.4 million tons by 2025 and around 49 million tons by 2050, based on pre-pandemic aviation fuel usage [2].