Core Viewpoint - The company,卓越新能, has received approval from the China Securities Regulatory Commission for its stock issuance to specific investors, indicating a significant step in its capital-raising efforts [1] Group 1 - The company announced that on September 29, 2025, it received the approval document from the China Securities Regulatory Commission regarding its stock issuance [1] - The approval is specifically for the registration of stock issuance to certain targeted investors, which may enhance the company's financial position and growth potential [1]

Core Viewpoint - The company,卓越新能, has received approval from the China Securities Regulatory Commission for its stock issuance to specific investors, indicating a significant step in its capital-raising efforts [1] Group 1 - The company announced that on September 29, 2025, it received the approval document from the China Securities Regulatory Commission regarding its stock issuance [1] - The approval is specifically for the registration of stock issuance to certain targeted investors, which may enhance the company's financial position and growth potential [1]

证券代码：688196 证券简称：卓越新能 公告编号：2025-036 龙岩卓越新能源股份有限公司 关于以简易程序向特定对象发行股票申请 获得中国证监会注册批复的公告 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、准确性和完整性依法承担法律责任。 公司董事会将根据上述批复文件、相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向特定对象发行股票相关事宜。公司将根据该事 项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 公司（发行人）、保荐人（主承销商）的联系方式如下： 1、发行人：龙岩卓越新能源股份有限公司 联系部门：公司证券投资部 龙岩卓越新能源股份有限公司（以下简称"公司"或"卓越新能"）于 2025 年 9 月 29 日收到中国证券监督管理委员会出具的《关于龙岩卓越新能源 股份有限公司向特定对象发行股票注册的批复》（证监许可[2025]2159 号）， 主要内容如下： "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方 案实施。 三、你公司应当在本批复作出十个工 ...

Core Insights - The report highlights the potential of small nucleic acid drugs in the weight loss market, focusing on two key targets: INHBE and ALK7, which are involved in fat metabolism regulation [5][11][12] - The UCO-SAF industry is experiencing tight supply and increasing prices due to high global demand and reduced overseas supply, with significant profit margins for SAF in China [6][17][18] - The company, Daotong Technology, is recognized as a global leader in digital repair, with strong growth prospects in its AI and robotics solutions, maintaining a "buy" rating [7][21][22] Industry Analysis - The small nucleic acid drug sector is positioned to address unmet clinical needs in weight management, with promising data from ongoing trials [12][13][14] - The SAF market is expected to grow rapidly due to increasing global demand and regulatory support, particularly in Europe and China, despite challenges in overseas supply [17][18] - The digital repair market is expanding, driven by regulatory requirements for TPMS installation and a growing vehicle population, with Daotong Technology poised to capitalize on this trend [21][24][25] Company Insights - Arrowhead and Wave are leading the development of small nucleic acid drugs, with upcoming trial data expected to provide insights into their efficacy and safety [12][14] - Frontline Bio is enhancing its competitive edge through a diversified pipeline that includes innovative drugs and high-end generics, with a focus on HIV treatment [8][27][28] - Daotong Technology's recent achievements in North America solidify its market leadership and open new opportunities in emerging markets [21][22][25]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The SAF (Sustainable Aviation Fuel) industry is experiencing a price increase due to reduced overseas supply and strong global demand, with EU and China SAF FOB prices rising by 46% and 33% respectively since the beginning of 2025 [5] - The domestic SAF market is expected to grow rapidly, driven by favorable demand and limited overseas supply, with the potential for Chinese SAF products to gain market share due to their low-carbon attributes [6] Summary by Sections SAF Price Trends - As of September 24, 2025, EU and China SAF FOB prices are $2,705 and $2,400 per ton respectively, marking increases of 46% and 33% since the start of 2025 [5] - The price of waste cooking oil (UCO) is 7,400 RMB per ton, reflecting a 15% increase since the beginning of 2025 [5] Supply and Demand Dynamics - Recent supply constraints include Shell's decision to halt the construction of a large biofuel plant and NESTE's scheduled maintenance for its facilities, which will reduce SAF supply [5] - Demand is bolstered by EU's financial support for SAF procurement and Singapore's plans to implement SAF tax incentives [5] Competitive Landscape - The EU's imposition of anti-dumping duties on US SAF products enhances the competitiveness of Chinese SAF products, as China has not yet established clear subsidy policies for its SAF industry [6] - The potential for more Chinese SAF companies to enter the export whitelist is anticipated, further strengthening the market position of domestic SAF products [6] Beneficiary Companies - Beneficiary companies identified include Jiaao Environmental Protection, Shanggou Environmental Energy, Zhuoyue New Energy, Haineng Science and Technology, and Pengyao Environmental Protection [7]

Core Viewpoint -卓越新能 has shown a significant stock price increase of 49.50% year-to-date, indicating strong market performance despite recent fluctuations in the short term [1][2]. Company Overview -卓越新能, established on November 1, 2001, and listed on November 21, 2019, is located in Longyan City, Fujian Province. The company specializes in producing biodiesel and its deep-processed products using waste oil as raw material [1]. - The main revenue composition includes biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerol (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1]. Financial Performance - For the first half of 2025,卓越新能 reported a revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to shareholders increased by 16.01% to 117 million yuan [2]. - Since its A-share listing, the company has distributed a total of 601 million yuan in dividends, with 278 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for卓越新能 was 4,740, a decrease of 8.07% from the previous period, while the average circulating shares per person increased by 8.78% to 25,316 shares [2]. - Notable institutional holdings include: - 盈新兴产业混合A (001128) as the third-largest shareholder with 1.2642 million shares, an increase of 673,200 shares from the previous period - 富国周期精选三年持有期混合A (017630) as the sixth-largest shareholder, newly holding 636,200 shares - 宝盈发展新动能股票A (010128) as the seventh-largest shareholder, also a new entry with 411,700 shares - 富国天合稳健优选混合 (100026) as the ninth-largest shareholder, newly holding 310,200 shares [3].

Report Industry Investment Rating - Not provided in the content Core Views of the Report - The development of biofuel industries in India, Malaysia, Thailand, and Singapore is driven by the need for energy transition, emission reduction, and enhanced energy security. Each country has distinct development models based on its resource endowment and policy orientation, with biofuels showing significant potential in replacing traditional fossil fuels, but also facing various challenges [3][4][5] Summary by Relevant Catalogs Biofuel Industry Development Background - The energy demand in South and Southeast Asia is rising due to population growth, economic development, and urbanization. To meet emission reduction targets and enhance energy autonomy, countries are turning to biofuels, with different development routes based on their resource endowments [9] Fuel Ethanol Industry Analysis India: E20 Target Achieved Ahead of Schedule, with Controversies and Opportunities - India has become a major global producer and consumer of fuel ethanol, achieving significant economic and environmental benefits. Policy is the core driver, with the E20 target advanced to 2025. However, challenges such as raw material supply and vehicle compatibility remain. The government is promoting raw material diversification and capacity expansion, but corn price increases may cause inflation, and raw material supply is subject to climate and food security risks [11][20][21] Thailand: Accelerated Development of Electric Vehicles, Fuel Ethanol to Gradually Yield - Thailand is a major producer and consumer of fuel ethanol in Southeast Asia, with development driven by policies. However, the rapid rise of electric vehicles is squeezing fuel ethanol demand. In the short term, fuel ethanol still plays a transitional role, but in the long term, the industry may need to explore exports or alternative uses. Raw material supply is affected by weather, and future capacity may need to be digested through new channels [30][31][33] Biodiesel Industry Analysis Malaysia: Blending Policy Implementation Encountered Hurdles, B20 Temporarily Implemented Locally - Malaysia's biodiesel industry, based on palm oil, has been steadily developing under policy promotion but faces challenges such as production fluctuations and shrinking export markets. The B20 and B30 plans have been delayed due to infrastructure and investment issues. The industry relies on domestic palm oil resources, and current production capacity is about 2.7 billion liters, with efforts being made to upgrade facilities and develop HVO [37][38][47] Singapore: Explosive Growth in Demand for Bio - Marine Fuels, Promising Future - Singapore, as the world's largest marine fuel bunkering port, has seen a rapid increase in demand for bio - marine fuels. Policy goals have created growth space for biofuel consumption, and market - driven demand has led to a significant increase in sales. An investment project is under construction to expand production capacity [48][49][52] Sustainable Aviation Fuel Industry Analysis SAF is in the Initial Stage with Great Development Potential - The development of SAF is crucial for the aviation industry to reduce carbon emissions. India, Thailand, Malaysia, and Singapore have all set SAF blending targets and are taking measures in policy, technology, and capacity building. However, challenges such as high investment and high prices need to be addressed [54][55][56] Impact of Biofuel Development on Petroleum Consumption - The development of biofuel industries in the four countries has effectively replaced traditional fossil fuel consumption. In the fuel ethanol sector, India has achieved significant substitution results, while Thailand's substitution effect may peak and then decline. In the biodiesel sector, Malaysia is steadily replacing traditional diesel, and Singapore's bio - marine fuel demand is growing rapidly. In the aviation sector, SAF is expected to replace a considerable amount of traditional aviation kerosene in the future [61] Summary and Outlook - Biofuels are becoming an important alternative to traditional fossil fuels. The four countries have different development models, with India excelling in fuel ethanol, Thailand facing challenges in ethanol development, Malaysia making progress in biodiesel with implementation bottlenecks, and Singapore having a bright future in bio - marine fuels. All four countries have potential in SAF. In the future, India's ethanol industry has prospects but needs to address challenges, Thailand's ethanol may yield to electric vehicles, Malaysia's biodiesel has potential but needs to solve problems, and bio - marine fuels and SAF will be more important, with Singapore leading in the bio - marine fuel market [67][68]

Core Viewpoint - The stock of Zhuoyue New Energy has shown a significant increase of 49.20% year-to-date, despite a recent decline of 2.00% on September 22, 2023, indicating potential volatility in the market [1]. Company Overview - Zhuoyue New Energy Co., Ltd. is located in Longyan City, Fujian Province, and was established on November 1, 2001, with its listing date on November 21, 2019. The company specializes in producing biodiesel and its deep-processing products using waste oil as raw material [1]. - The main revenue sources for Zhuoyue New Energy include biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1]. Financial Performance - For the first half of 2025, Zhuoyue New Energy reported a revenue of 1.312 billion yuan, a year-on-year decrease of 32.12%, while the net profit attributable to shareholders increased by 16.01% to 117 million yuan [2]. - The company has distributed a total of 601 million yuan in dividends since its A-share listing, with 278 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhuoyue New Energy was 4,740, a decrease of 8.07% from the previous period, while the average circulating shares per person increased by 8.78% to 25,316 shares [2]. - Notable institutional holdings include Baoying New Emerging Industries Mixed A, which is the third-largest shareholder with 1.2642 million shares, and several new institutional investors have entered the top ten shareholders list [3].

Market Overview - On September 19, the chemical products sector rose by 0.51% compared to the previous trading day, with Xin Kai Yuan leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Top Performers - Xin Kai Yuan (300109) closed at 19.24, up 12.32% with a trading volume of 413,400 shares and a transaction value of 762 million [1] - Hanwei Technology (836957) closed at 17.98, up 11.82% with a trading volume of 89,000 shares [1] - Huarsoft Technology (002453) closed at 6.66, up 10.08% with a trading volume of 621,000 shares and a transaction value of 404 million [1] - Kaimete Gas (002549) closed at 20.76, up 10.02% with a trading volume of 1,374,100 shares and a transaction value of 2.752 billion [1] - Guangdong Hongda (002683) closed at 44.87, up 7.76% with a trading volume of 302,100 shares [1] Underperformers - Jihua Group (603980) closed at 5.78, down 7.07% with a trading volume of 896,300 shares and a transaction value of 530 million [2] - Fuxian Technology (688350) closed at 23.28, down 5.06% with a trading volume of 56,500 shares [2] - Lushan New Materials (603051) closed at 23.76, down 4.00% with a trading volume of 107,100 shares [2] Capital Flow - The chemical products sector saw a net inflow of 426 million from main funds, while retail funds experienced a net outflow of 108 million [2] - Main funds showed significant net inflows in Kaimete Gas (5.86 billion) and Huarsoft Technology (1.72 billion) [3] - Retail funds had notable outflows in Huarsoft Technology (1.03 billion) and Kaimete Gas (2.55 billion) [3]

Group 1 - The core viewpoint of the news is the performance and business profile of Zhuoyue New Energy, which saw a stock price increase of 5.16% to 49.77 CNY per share, with a total market capitalization of 5.972 billion CNY [1] - Zhuoyue New Energy, established on November 1, 2001, and listed on November 21, 2019, specializes in producing biodiesel and its deep-processed products using waste oil as raw material [1] - The company's main revenue sources include biodiesel (81.33%), mixed fatty acids (8.86%), natural fatty alcohols (6.27%), eco-friendly alkyd resins (1.53%), industrial glycerin (1.37%), bioester plasticizers (0.32%), and other supplementary products (0.31%) [1] Group 2 - From the perspective of fund holdings, Zhuoyue New Energy is a significant investment for the Rongtong New Trend Flexible Allocation Mixed Fund (002955), which held 12,700 shares, accounting for 2.19% of the fund's net value [2] - The Rongtong New Trend Flexible Allocation Mixed Fund has achieved a year-to-date return of 35.15% and a one-year return of 60.43%, ranking 2206 out of 8172 and 2295 out of 7980 respectively in its category [2] - The fund manager, He Tianxiang, has a tenure of 10 years and 333 days, with the fund's total asset size at 7.662 billion CNY [3]