基础化工行业深度报告：SAF助力航空减排，国内具备UCO特色优势

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Sustainable Aviation Fuel (SAF) is a crucial method for reducing carbon emissions in aviation, capable of reducing carbon emissions by up to 85% compared to traditional aviation fuels [2][20] - Policies in regions such as the EU, the US, and China are driving the development of SAF, creating significant market opportunities [2][39] - The SAF production landscape is diverse, with various technologies being developed, although there are differences in maturity and feasibility [2][11] - Used Cooking Oil (UCO) is a key raw material for SAF production, and China is the largest exporter of UCO, with an estimated annual collection capacity of about 8.1 million tons [2][5] - Investment recommendations include companies such as Jiaao Environmental Protection, Haineng Technology, and others involved in the SAF sector [2][6] Summary by Sections SAF as a Key Method for Carbon Reduction - SAF is a direct substitute for traditional aviation fuel, with high energy density and compatibility with existing aviation systems, requiring minimal infrastructure changes [20][22] - The SAF supply chain includes various raw materials, primarily waste cooking oils and agricultural residues, with significant potential for carbon reduction [22][23] Policy Driving SAF Development - The EU has set ambitious SAF blending targets of 6% by 2030, 34% by 2040, and 70% by 2050, while the US primarily uses subsidies to promote SAF production [2][39][44] - The global demand for SAF is expected to grow significantly, with projections indicating a need for 35 million tons by 2050 [38][39] Diverse SAF Production Routes - The report highlights multiple production technologies for SAF, with HEFA being the most commercially viable, but AtJ and GFT technologies showing long-term potential [2][29] - The cost of SAF remains high due to technological maturity, limited raw material supply, and an underdeveloped supply chain [23][24] UCO Resource Attributes - UCO is a critical feedstock for SAF production, and China's large population and developed catering industry contribute to a significant UCO supply [2][5] Related Companies - The report suggests monitoring companies such as Jiaao Environmental Protection, Haineng Technology, and others for investment opportunities in the SAF sector [2][6]