证券代码：688196 证券简称：卓越新能 公告编号：2025-052 龙岩卓越新能源股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 关于召开 2025 年第三季度业绩说明会的公告 会议召开时间：2025 年 11 月 21 日（星期五）11:00-12:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 14 日（星期五）至 11 月 20 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱 zyxnyir@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 龙岩卓越新能源股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司经 营成果、财务状况，公司计划于 2025 年 11 月 21 日（星期五）11:00-12 ...

证券时报·数据宝统计显示，泰和科技所属的基础化工行业，目前整体跌幅为0.55%，行业内，目前股价 上涨的有112只，涨幅居前的有三维装备、嘉澳环保、卓越新能等，涨幅分别为9.85%、9.46%、 9.42%。股价下跌的有311只，跌幅居前的有澄星股份、联盛化学、振华股份等，跌幅分别为10.00%、 8.87%、8.63%。 公司11月11日在交易所互动平台披露，截至最新（11月10日）股东户数为20675户，较上期（10月31 日）减少1076户，环比下降4.95%。 泰和科技股价创出历史新高，截至10:24，该股上涨7.84%，股价报34.78元，成交量1635.01万股，成交 金额5.42亿元，换手率11.98%，该股最新A股总市值达75.97亿元，该股A股流通市值47.47亿元。 公司发布的三季报数据显示，前三季度公司共实现营业收入21.19亿元，同比增长27.73%，实现净利润 8876.56万元，同比增长5.99%，基本每股收益为0.4123元，加权平均净资产收益率3.60%。（数据宝） （文章来源：证券时报网） ...

Core Insights - The biodiesel sector is experiencing a resurgence, with companies like Langkun Technology and Shango Environmental hitting their daily price limits, while Jiaao Environmental has reached a new historical high with an increase of nearly 8% [1] - The International Air Transport Association (IATA) predicts that by 2050, 65% of carbon reduction in the aviation industry will be achieved through the use of Sustainable Aviation Fuel (SAF) [1] - SAF is projected to reduce carbon emissions by 80% compared to traditional aviation fuels without requiring significant modifications to existing aircraft and aviation infrastructure [1] Company Performance - Langkun Technology and Shango Environmental have both reached their daily trading limits, indicating strong market interest and investor confidence [1] - Jiaao Environmental has achieved a new historical high, reflecting positive market sentiment and potential growth in the biodiesel sector [1] - Other companies such as Pengyao Environmental, Zhuoyue New Energy, and Haineng Technology are also experiencing upward movement in their stock prices, suggesting a broader trend in the industry [1] Industry Outlook - The aviation industry is increasingly focusing on carbon reduction strategies, with SAF playing a crucial role in achieving sustainability goals [1] - The forecast by IATA highlights the significant potential for SAF to transform the aviation fuel landscape, emphasizing the importance of innovation in fuel technology [1] - The anticipated 80% reduction in carbon emissions through SAF usage positions the biodiesel sector as a key player in the transition to greener aviation practices [1]

Group 1 - The core viewpoint of the report is that the chemical industry is approaching a cyclical turning point, with a slowdown in capital expenditure and the implementation of counter-cyclical policies expected to boost domestic demand recovery [1] - The report suggests focusing on sectors that will benefit from supply-side improvements and domestic demand, including polyurethane (Wanhua Chemical), coal chemical (Baofeng Energy, Hualu Hengsheng), petrochemicals (Satellite Chemical, Hengli Petrochemical, Rongsheng Petrochemical), polyester filament (Xinfengming, Tongkun Co.), phosphorus chemicals (Chuanheng Co.), fluorine chemicals (Juhua Co., Sanmei Co., Dongyue Group), silicon chemicals (Hesheng Silicon Industry), spandex (Huafeng Chemical), and pesticides (Jiangshan Co., Xingfa Group) [1] Group 2 - New materials remain a primary development direction for China's chemical industry, with key areas of focus including industrial new demands driven by humanoid robots and policy-driven new demands such as bio-aviation fuel [2] - The report highlights the importance of high shareholder returns as a means for quality enterprises to reshape investment value, with examples including CNOOC, PetroChina, Sinopec, and companies in the phosphorus chemical sector like Chuanheng Co. and Yuntianhua [2]

Group 1: Chemical Industry Performance - The chemical raw materials index increased by 3.79%, and the chemical machinery index rose by 8.33% last week, while the chemical pharmaceuticals index decreased by 2.91% [1] - The pesticide and fertilizer index saw an increase of 4.32% [1] - In the oil sector, the oil processing index rose by 3.72%, the oil extraction index increased by 5.63%, and the oil trading index went up by 4.41% [1] Group 2: Oil Price Trends - International crude oil prices experienced slight fluctuations downward, with West Texas Intermediate crude oil futures settling at $59.75 per barrel, down 2.02% from October 31 [1] - Brent crude oil futures settled at $63.63 per barrel, down 2.21% from October 31 [1] Group 3: Chemical Product Price Changes - The top five chemical products with the highest price increases included folic acid up 20%, nitric acid up 10.43%, sulfur up 9.95%, industrial-grade lithium carbonate up 9.51%, and petroleum coke up 7.23% [1] - The top five chemical products with the largest price decreases included liquid chlorine down 34%, butadiene down 7.69%, trichloroethylene down 6%, styrene-butadiene-styrene copolymer (SBS) down 5.9%, and carbon black down 5.53% [1] Group 4: Capital Market Performance of Chemical Companies - The top five chemical companies in the capital market with the highest stock price increases were Qing Shui Yuan up 47.78%, Zhenhua Co. up 37.19%, Fuluo Technology up 33.38%, Unified Co. up 32.93%, and Zhuoyue New Energy up 26.38% [2] - The bottom five chemical companies with the largest stock price decreases were Huidet Technology down 24.78%, Yashichuang Energy down 19.09%, Kaimete Gas down 18.64%, Weike Technology down 8.98%, and Yokogawa Precision down 8.86% [2]

Core Insights - The total margin financing balance on the STAR Market decreased by 0.33 billion yuan, while the margin short selling balance increased by 11.064 million yuan as of November 10 [1][2] Financing Balance Summary - The total margin financing balance reached 260.063 billion yuan, with a decrease of 0.327 billion yuan from the previous trading day [1] - The highest margin financing balance was held by Cambrian (寒武纪) at 15.133 billion yuan, followed by SMIC (中芯国际) and Haiguang Information (海光信息) with balances of 13.768 billion yuan and 8.585 billion yuan respectively [1] - A total of 306 stocks saw an increase in margin financing balance, while 280 stocks experienced a decrease [1] - Notable increases in margin financing balance were observed in Fumiao Technology (富淼科技), Huasheng Lithium (华盛锂电), and Zhuoyue New Energy (卓越新能) with increases of 30.85%, 30.08%, and 29.26% respectively [1] - Significant decreases were noted in Zhongke Feimiao (中科飞测), Pinming Technology (品茗科技), and Hanghua Co. (杭华股份) with declines of 15.48%, 14.70%, and 13.69% respectively [1] Short Selling Balance Summary - The highest margin short selling balance was recorded for Haiguang Information at 4.3 million yuan, followed by Cambrian and SMIC with balances of 3.7 million yuan and 3.1 million yuan respectively [2] - A total of 147 stocks saw an increase in margin short selling balance, while 130 stocks experienced a decrease [2] - The largest increases in margin short selling balance were seen in Zhenlei Technology (臻镭科技), Kewell (科威尔), and Sitwei (思特威) with increases of 350.02%, 237.39%, and 212.93% respectively [2] - The most significant decreases were observed in Youkede (优刻得), Liyuanheng (利元亨), and Lante Optics (蓝特光学) with declines of 74.90%, 67.59%, and 64.52% respectively [2]

Core Insights - The European Union (EU) has committed to investing at least €3.3 billion over the next two years to support the decarbonization of the aviation and shipping industries, focusing on the development of renewable and low-carbon fuel production systems [1][3] - The demand for Sustainable Aviation Fuel (SAF) is primarily driven by policy, with a target of 2% SAF blending by 2025 and a long-term goal of 70% by 2050 [1][2] - The price of high-end SAF in China has increased by 47.22% from $1,800/ton at the beginning of the year to $2,650/ton as of November 10 [1][7] Industry Demand and Policy - The EU has established comprehensive SAF application targets and carbon reduction goals, with the ReFuelEU Aviation Regulation mandating a 2% SAF blending requirement starting in 2025 [2] - IATA projects that SAF demand will rise significantly from approximately 1 million tons in 2024 to 18 million tons by 2030, reaching 350 million tons by 2050 [2] - By 2035, the EU will require about 20 million tons of sustainable alternative fuels, necessitating an investment of approximately €100 billion to meet this demand [2] Investment and Market Confidence - The EU's Sustainable Transport Investment Plan aims to reduce carbon emissions from transportation by 90% by 2050, requiring an investment of around €100 billion, with 60% allocated to aviation fuels [3][4] - The plan includes various funding initiatives, such as €2 billion for developing sustainable alternative fuels and €300 million from the European Hydrogen Bank to support sustainable aviation and shipping fuels [3][4] Market Dynamics and Price Trends - The high cost of SAF compared to traditional jet fuel has led to a general reluctance among airlines to adopt SAF, with major airlines requesting more time to comply with SAF blending mandates [5][6] - As of November 10, the average price of used cooking oil (UCO) in China was 6,448 yuan/ton, reflecting a 17.24% increase from the beginning of the year, driven by the scarcity of SAF raw materials [7] - Neste, a leading renewable fuel company, reported a significant increase in its third-quarter revenue and production, with total renewable fuel production reaching 113.3 million tons and EBITDA growing over 150% year-on-year [8] Investment Recommendations - Companies such as Jiaao Environmental Protection and Zhuoyue New Energy are highlighted as key players in the SAF market, with Jiaao Environmental Protection being a leading domestic SAF producer with a capacity of 500,000 tons [9]

Investment Rating - The report maintains an "Outperform" rating for the sustainable aviation fuel (SAF) industry, indicating expected performance above the market average [2][29]. Core Insights - The European Union (EU) has launched a €3.3 billion investment plan to support the decarbonization of the aviation and shipping sectors, focusing on the development of renewable and low-carbon fuel production systems [3][10]. - The demand for SAF is primarily driven by policy initiatives, with the EU aiming for a 2% blending target by 2025 and a long-term goal of 70% by 2050. The International Air Transport Association (IATA) projects SAF demand to reach 358 million tons by 2050, indicating significant growth potential [4][6]. - The EU's ambitious decarbonization goals require an estimated €100 billion investment by 2035 to meet future SAF demand, with the recent investment plan signaling a commitment to stabilize investor confidence and expand the renewable fuel production and usage [4][10][14]. Summary by Sections Investment and Policy Framework - The EU's Sustainable Transport Investment Plan (STIP) outlines a roadmap for promoting the use of renewable and low-carbon fuels, aiming for a 90% reduction in transport-related carbon emissions by 2050 [10][14]. - The plan includes specific investment allocations, such as €2 billion for developing sustainable alternative fuels and €1.53 billion for synthetic aviation fuels [14][16]. Market Dynamics - SAF prices have surged due to high production costs compared to traditional jet fuel, with the price reaching $2,650 per ton as of November 10, 2023, a 47.22% increase from the beginning of the year [4][18]. - The scarcity of SAF raw materials, such as used cooking oil (UCO), is expected to sustain high market demand and prices [4][18]. Company Recommendations - The report recommends investing in companies like Jiaao Environmental and Zhuoyue New Energy, which are positioned as leaders in the SAF market with significant production capacities [5][23]. Jiaao Environmental has a SAF production capacity of 500,000 tons and has received export licenses, while Zhuoyue New Energy is expanding its biodiesel and SAF production capabilities [5][23].

Investment Rating - The report maintains an "Outperform" rating for the sustainable aviation fuel (SAF) industry, indicating expected performance above the market average [2][29]. Core Insights - The European Union (EU) has launched a €3.3 billion investment plan to support the decarbonization of the aviation and shipping sectors, focusing on the development of renewable and low-carbon fuel production systems [3][10]. - The demand for SAF is primarily driven by policy initiatives, with the EU aiming for a 2% blending target by 2025 and a long-term goal of 70% by 2050. The International Air Transport Association (IATA) projects SAF demand to reach 358 million tons by 2050, indicating significant growth potential [4][6]. - The EU's ambitious decarbonization goals require an estimated €100 billion investment by 2035 to meet future SAF demand, with the recent investment plan signaling a commitment to stabilize investor confidence and expand the renewable fuel production and usage [4][10][14]. Summary by Sections Investment Plan and Policy Framework - The EU's Sustainable Transport Investment Plan outlines a roadmap for promoting the use of renewable and low-carbon fuels, aiming for a 90% reduction in transport-related carbon emissions by 2050. The plan includes a target of 20% SAF blending by 2035 and requires approximately €100 billion in investments, with 60% allocated to aviation fuels [10][14]. - The plan also establishes a mechanism to stabilize returns for producers and reduce investment risks, enhancing international cooperation to boost global renewable fuel production [16] Market Dynamics and Pricing - SAF prices have surged due to high production costs compared to traditional jet fuel, with the price of high-end SAF in China reaching $2,650 per ton as of November 10, 2023, a 47.22% increase from the beginning of the year [4][18]. - The scarcity of SAF raw materials, such as used cooking oil (UCO), is expected to sustain high market demand and pricing, as the EU's mandatory blending targets remain unchanged [4][18]. Company Recommendations - The report recommends investing in 嘉澳环保 (Jiaao Environmental Protection) and 卓越新能 (Zhuoyue New Energy). Jiaao Environmental Protection is a leading domestic SAF producer with a capacity of 500,000 tons and has received export approval. Zhuoyue New Energy is a major biodiesel producer with plans to expand its SAF production capacity [5][23]. Financial Performance - Companies in the renewable fuel sector, such as Neste, have reported significant growth in their operations, with a notable increase in production and sales volumes, reflecting the rising demand and prices for renewable fuels [20].

Investment Rating - The report maintains an "Outperform" rating for the sustainable aviation fuel (SAF) industry, indicating expected performance above the market average [2][29]. Core Insights - The European Union (EU) has launched a €3.3 billion investment plan to support the decarbonization of the aviation and shipping sectors, focusing on the development of renewable and low-carbon fuel production systems [3][10]. - The demand for SAF is primarily driven by policy initiatives, with the EU aiming for a 2% blending target by 2025 and a long-term goal of 70% by 2050. The International Air Transport Association (IATA) projects SAF demand to reach 358 million tons by 2050, indicating significant growth potential [4][6]. - The EU's ambitious decarbonization goals necessitate an estimated €100 billion investment by 2035 to meet future SAF demand, with the recent investment plan signaling a commitment to stabilize investor confidence [4][10]. Summary by Sections Investment Plan and Policy Framework - The EU's Sustainable Transport Investment Plan (STIP) outlines a roadmap for promoting the use of renewable and low-carbon fuels, aiming for a 90% reduction in transport-related carbon emissions by 2050 [10][14]. - The plan includes specific investment allocations, such as €2 billion for developing sustainable alternative fuels and €1.53 billion for synthetic aviation fuels [14][16]. Market Dynamics and Pricing - SAF prices have surged due to high production costs compared to traditional jet fuel, with the price of high-end SAF in China reaching $2,650 per ton as of November 10, 2023, a 47.22% increase from the beginning of the year [4][18]. - The scarcity of SAF raw materials, such as used cooking oil (UCO), is expected to sustain high market demand and pricing [4][18]. Company Recommendations - The report recommends investing in companies like Jiaao Environmental and Excellent New Energy, which are positioned as leaders in the SAF market with significant production capacities [5][23]. - Jiaao Environmental has a SAF production capacity of 500,000 tons and has received export licenses, while Excellent New Energy is expanding its biodiesel and SAF production capabilities [5][23].