基础化工：SAF企业有望迎来量价齐升阶段！

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report highlights a significant rebound in SAF (Sustainable Aviation Fuel) prices, with European SAF FOB prices reaching $1919.81 per ton as of June 3, 2025, marking a 7.44% increase from the previous week and a 9.90% increase from the historical low on May 14, 2025 [4] - The report emphasizes the potential for domestic SAF producers, particularly 嘉澳环保 (Jiaao Environmental Protection), to benefit from improved pricing and export opportunities following the approval of export licenses [7] Summary by Relevant Sections Market Performance - The report notes a market performance decline of 26% for the basic chemical sector compared to the Shanghai and Shenzhen 300 index [3] Price Trends - The report details the price trends for raw materials used in SAF production, indicating a rise in procurement prices for waste cooking oil and grease, which supports the upward price trend for SAF [7] Supply and Demand Dynamics - The report discusses the supply risks associated with SAF production, noting that less than 30% of SAF projects have reached final investment decisions, leading to potential supply shortages [7] Regulatory Environment - The report mentions the high compliance costs associated with international SAF regulations, which could provide a competitive advantage for domestic producers like 嘉澳环保 due to their cost-effectiveness [7] Company Focus - The report suggests monitoring specific companies such as 嘉澳环保, 海新能科 (Haineng Energy), and others as they are positioned to benefit from the evolving SAF market [6]