可持续航空燃料（三）：全球SAF政策梳理，2025年是多国SAF强制掺混元年-20250915

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - Multiple countries have set blending targets for Sustainable Aviation Fuel (SAF) and are promoting the SAF industry through tax credits and funding subsidies, indicating a shift from planning to implementation in SAF demand [2][10] - The industry is experiencing an upward trend in activity, with several companies in China producing qualified SAF and obtaining airworthiness certification [2][10] Summary by Sections Blending Ratios - 2025 marks the year when many countries will implement mandatory SAF blending ratios, with policies established in the EU, UK, Norway, Singapore, China, and the US [6][7][19] - The EU has set blending targets of 2% in 2025, increasing to 70% by 2050, while the UK aims for 2% in 2025 and 22% by 2040 [7][21] Subsidies - SAF costs are significantly higher than traditional jet fuel, with the latest prices showing SAF in China at 2,480 USD/ton, which is 3.2 times the price of traditional jet fuel [8][29] - Various countries are using tax credits and funding subsidies to support the SAF industry, with the US providing tax credits of 1.75 USD per gallon produced in 2025 [9][32] Investment Recommendations - The report suggests focusing on companies with mature technology and early capacity advantages in production, such as Zhuoyue New Energy, and on upstream raw material companies that supply used cooking oil (UCO) [10][35]