“双碳”系列报告之生物柴油：SAF+船燃双向需求带动，国内产业链前景大好

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The report highlights multiple development opportunities for China's biodiesel industry under changing trade patterns, particularly focusing on sustainable aviation fuel (SAF) and biofuels for shipping as key growth drivers [4][8][36] - The European Union's advanced decarbonization policies are seen as a significant influence on the biodiesel market, with a projected global SAF demand of 15.5 million tons by 2030 and 196 million tons by 2050 [5][46] Summary by Sections 1. Opportunities in China's Biodiesel Industry - The EU's proactive decarbonization efforts, including the European Green Deal and various legislative measures, create a favorable environment for biodiesel development [15][17] - China's biodiesel production primarily utilizes waste oils, which offer significant carbon reduction advantages compared to traditional feedstocks [28] 2. Global Aviation Emission Reduction Goals - The global aviation industry aims for net-zero carbon emissions by 2050, with SAF expected to contribute approximately 65% of the carbon reduction [39] - Various countries are implementing supportive policies for SAF, with the EU setting ambitious blending targets [43][45] 3. Shipping Emission Reduction Policies - The International Maritime Organization (IMO) has established strict emission reduction targets, positioning biofuels as a critical transitional solution for the shipping industry [36] 4. Domestic Market Growth - China's biodiesel market is poised for growth due to supportive government policies and pilot projects aimed at promoting biodiesel use [38] - The National Development and Reform Commission has initiated trials for SAF, indicating a commitment to expanding the domestic market for sustainable fuels [38] 5. Investment Recommendations - The report suggests focusing on publicly listed companies with significant biodiesel production capacity, such as Zhuoyue New Energy and Jiaao Environmental Protection, as well as companies specializing in waste oil collection [8][36]