Core Insights - The aviation industry is responsible for approximately 99% of its carbon emissions from fuel consumption during flights, and the adoption of Sustainable Aviation Fuel (SAF) is seen as a key pathway to decarbonization, potentially reducing carbon emissions by 80% over its lifecycle [1][4][11] - The Chinese Civil Aviation Administration has initiated a pilot program for SAF, mandating a 1% blend of SAF in domestic flights from specific airports starting March 19, 2025 [1][8] - The global aviation industry aims for net-zero carbon emissions by 2050, with SAF expected to contribute significantly to this goal, accounting for 65% of the necessary reductions [2][4] Industry Developments - SAF is currently priced at about five times that of conventional aviation fuel, which poses a challenge for airlines in its adoption [4][6] - Airbus has been proactive in using SAF, consuming over 14 million liters in 2024, which accounted for 16% of its total fuel usage, thereby avoiding nearly 35 million tons of CO2 emissions [5] - The International Air Transport Association (IATA) projects that SAF will only represent 0.3% of commercial aviation fuel consumption in 2024, significantly lower than earlier estimates [4][6] Policy and Regulation - The European Union has set mandatory SAF blending targets, requiring 2% by 2025, 6% by 2030, and 70% by 2050, which has stimulated demand [6][7] - China's "14th Five-Year" green development plan aims for a SAF consumption of over 20,000 tons in 2025, which would represent about 0.2% of the annual aviation kerosene consumption [7][8] Market Potential in China - China has a diverse range of raw materials for SAF production, including waste oils and agricultural residues, with potential annual production capacity reaching 12 million tons by 2030 [11][12] - The country is the largest market for renewable energy, which can significantly reduce the energy costs associated with SAF production [11][12] - The strong manufacturing capabilities and engineering execution in China are expected to facilitate the rapid development of the SAF industry [12][13]

行业 铝日报 日期 2025 年 5 月 20 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 一、行情回顾与操作建议 图1：机构净持仓 图2：机构多空比 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铝观点： 19 日沪铝冲高回落，盘中最高冲至 20300，但随后转跌，尾盘小幅收跌 0.2%， 报收于 20110。指数总持仓减少 14465 至 521530 手。现货进口亏损维持在-1300 元/吨左右。氧化铝大幅上行，盘中各合约触及涨停，尾盘远月多合约涨停收盘， 主因上周几内亚采矿许可证撤销的矿区被下发停产通知，引发市场对铝土矿原料 供应担忧，但实质性影响暂有限，仍需跟踪评估，短期情绪 ...

钢铁、水泥和铝冶炼3个行业被纳入全国碳市场，三者都是高碳排产业，但排放源有所不同。钢铁和水 泥行业的碳排放主要来自生产制程（制造业中的一系列生产流程和环节），而铝冶炼行业的碳排放主要 来自电力使用。因此，铝冶炼的脱碳关键在于电力绿化，包括以绿电投资来推动绿电的开发和使用。 铝产业链的环节有铝矿开采、氧化铝生成、电解制铝、铝材加工等，其中电解环节的碳排放最多，约占 总量的70%。铝冶炼采用"冰晶石—氧化铝熔盐电解"工艺，涉及以氧化铝作为电解质，以碳素材料作为 电极。这个流程在直流电作用下发生电化学反应，氧化铝与碳阳极的还原反应产生二氧化碳，在阴极析 出铝液。以全球平均数来看，每吨铝阳极氧化过程产生的直接碳排放约为两吨CO2，其余则为电力相关 的间接碳排放。 我国电解铝的用电以传统煤电为主，各家厂商的电力碳排放虽会受到当地电网及其自备电力碳强度的影 响，但行业的平均电力相关碳强度约为12吨CO2 /吨铝，其中75%来自煤电排放。因此，煤电"换绿"是我 国电解铝脱碳的关键。 然而，绿电投资的资金金额大，回报周期长，收益不确定，开发风险高，民间资本的参与意愿不足。对 此，电解铝厂商可与电力产业共同探索可行投资模式，如 ...

Core Insights - The article highlights a significant multi-billion-dollar engine and services agreement between GE Aerospace and Qatar Airways, marking one of the largest commitments for widebody aircraft by GE Aerospace [1][2] - This agreement is expected to provide a substantial tailwind to GE Aerospace's operations, financial trajectory, and long-term value proposition for shareholders [2] Agreement Details - The deal includes an order for over 400 advanced jet engines, specifically 60 GE9X engines and 260 GEnx engines, along with options for additional units and a comprehensive inventory of spares [3] - The GE9X engine offers 10% better fuel efficiency than its predecessor, while the GEnx engine family has powered about two-thirds of all Boeing 787s in operation [4] Sustainability and Services - Both engine platforms are certified to run on 100% Sustainable Aviation Fuel (SAF) blends, aligning with aviation decarbonization goals [5] - The extensive Maintenance, Repair, and Overhaul (MRO) contracts associated with the agreement are expected to generate higher profit margins and provide recurring revenue for decades, enhancing earnings predictability for shareholders [6] Strategic Positioning - The success of this deal is attributed to GE Aerospace's strategic focus following the spin-offs of GE HealthCare and GE Vernova, allowing for more deliberate capital allocation [7] - In Q1 2025, GE Aerospace reported $12.3 billion in total orders (up 12% YoY) and a 60% increase in adjusted EPS to $1.49, indicating strong financial performance [8] Future Revenue and Growth - The Qatar Airways agreement adds significantly to GE's commercial engine backlog, with a Remaining Performance Obligation (RPO) of $153.8 billion in the Commercial Engines & Services segment [9] - The deal supports GE's 2025 outlook, which includes low-double-digit adjusted revenue growth and operating profit guidance between $7.8 billion and $8.2 billion [10] Competitive Advantage - Qatar Airways' choice of GE engines is seen as a strong endorsement of GE Aerospace's technological innovation and operational reliability, marking a competitive victory in the global market [11] - The fulfillment of this large order will require increased production rates, aligning with GE Aerospace's plans to invest nearly $1 billion in U.S. manufacturing facilities [12][13] Shareholder Value - The cash flow from the agreement supports GE's capital return program, including a $0.28 quarterly dividend and a $15 billion share repurchase program [16] - Mega-deals like this one tend to enhance analyst sentiment and market confidence, reducing uncertainty and highlighting the company's competitive edge [17]

Darling Ingredients (DAR) FY Conference May 14, 2025 11:00 AM ET Speaker0 All right. Darling has positioned itself as a global leader across rendering biofuels and food ingredients as strategic acquisitions, capacity expansions and its Diamond Green Diesel joint venture have transformed its business model over time. CEO Randy Stuewe has led Darling through that business transformation and the business could be poised to demonstrate its improved earnings potential moving forward given evolving biofuels polic ...

研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 行业 铝日报 日期 2025 年 5 月 14 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 每日报告 一、行情回顾与操作建议 图1：机构净持仓 图2：机构多空比 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铝观点： 伴随市场对中美贸易紧张氛围好转预期的逐步消化，日内有色板块多震荡运 行，受益于库存去化超预期铝价继续冲高并站上 2 万整数关，主力报收于 20005， 上涨 1.27%，指数总持仓减少 1891 至 547335 手。现货上，绝对价格上涨后升贴 水承压，日内华东贴-20；中原贴-30，华南贴-95。现货进口亏损在-1300 元/吨 左右。氧化铝高位窄幅 ...

切尼尔能源指出，在过去几年中，能源安全一直是各国和各地区优先考虑的问题，而各地区的地缘政治 冲突加速了这一进程。这些冲突凸显了维护多样化和安全可靠的能源组合的重要性。 天然气发电优势明显需要更多供应满足未来需求 切尼尔能源表示，天然气和LNG将在全球脱碳过程中发挥重要作用。相较于煤炭，使用天然气发电在 其生命周期内的温室气体排放量要低得多。同时，在整体能源结构中增加天然气和LNG的占比对于提 高能源安全、经济性和可持续性至关重要。 编者按：第29届世界燃气大会将于5月19日至23日在北京国家会议中心举行，这是大会自1931年创办以 来首次落户中国。围绕国内外天然气行业发展趋势，中国经济信息社推出系列报道，敬请关注。 新华财经北京5月13日电（薛尚文康旭龙）在第29届世界燃气大会（简称"WGC2025"）即将召开之际， 美国切尼尔能源（Cheniere）在接受新华财经采访时表示，未来几十年中，天然气和液化天然气 （LNG）在确保能源可靠性、经济性和脱碳方面将发挥关键作用。 全球天然气消费创下新高能源安全受到关注 "全球天然气消费量在2024年创下历史新高。LNG的能源安全性和可靠性优势比以往任何时候都更加明 显 ...

行业 铝日报 日期 2025 年 5 月 13 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 图1：机构净持仓 图2：机构多空比 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 二、行业要闻 【美国取消对英国钢铝 25%关税，并下调汽车税率从 27.5%至 10%】2025 年 5 月 8 日，美国总统特朗普与英国首相斯塔默宣布达成双边贸易协议，美国将 取消对英国钢铁和铝制品的 25%关税，并将英国汽车的进口税率从 27.5%降至 10%，该税率适用于每年首 10 万辆英国产汽车（去年英国对美出口汽车为 10.1 请阅读正文后的声明 - ...

新华社德国慕尼黑5月9日电 通讯｜在国际光伏展感受中国"太阳能经济"活力 新华社记者车云龙 黄燕 为期三天的2025年欧洲国际太阳能展9日在德国慕尼黑闭幕。在这一全球光伏产业具有风向标意义的重 要展会上，中国企业以创新产品和系统集成方面的强劲优势赢得业界瞩目。 本届展会吸引了来自50多个国家和地区的2700多家企业参展。其中，约850家来自中国，它们大多集中 位于核心展区，成为本次展会一大焦点。记者走访多家大型展台注意到，来自中国的展品涵盖高效光伏 组件、储能设备、充电基础设施及整套能源解决方案，全面展现了中国新能源产业链综合实力。一些国 际展商主动展示与中方企业合作标识，体现双方在技术研发与供应链方面的深度协作。 "中国对欧洲光伏市场的投入与贡献十分突出。"欧洲太阳能产业协会高级市场分析师克里斯托夫·利奇 在接受新华社记者采访时表示，中国不仅是全球最大的光伏应用市场，还通过向欧洲提供大量高质量产 品、在当地设立生产线、参与技术合作等方式，助力市场增长，推动中欧产业深度融合，实现多方共 赢。 欧洲太阳能产业协会在展会期间发布的《2025至2029年全球太阳能市场展望》报告指出，从全球脱碳的 视角来看，中国在太 ...

Financial Data and Key Metrics Changes - First quarter revenue was $682 million, up 13% year over year, with growth in both segments [23] - Adjusted EBITDA was $130 million, also up 13% year over year, driven by robust growth in government operations [23] - Adjusted earnings per share increased to $0.91, a 20% rise compared to $0.76 last year [24] - Free cash flow for the quarter was $17 million, with capital expenditures at $33 million, or 4.9% of sales [26] Business Line Data and Key Metrics Changes - Government operations revenue grew by 14%, with adjusted EBITDA reaching $117 million and a margin of 21.1% [27] - Commercial operations revenue was $128 million, up 10% year over year, with adjusted EBITDA of $14 million and a margin of 10.9% [28] - The backlog for commercial operations reached a record $1.3 billion, up 39% from the previous quarter and 78% year over year [17] Market Data and Key Metrics Changes - The U.S. government continues to prioritize naval nuclear fleet and nuclear modernization, creating opportunities for BWXT [7][12] - In Canada, significant investments are being made in nuclear generation capacity, with potential new builds expanding to nearly 20 gigawatts [18] Company Strategy and Development Direction - BWXT is focused on expanding its nuclear services portfolio and enhancing manufacturing capacity in North America [9] - The company is well-positioned to capitalize on long-term investments in clean nuclear power and energy security [6] - The acquisition of Connectrix and expansion of the Cambridge manufacturing plant are part of the strategy to meet growing customer demand [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather macroeconomic disruptions due to long-cycle contracts and a strong balance sheet [10] - The administration's focus on nuclear energy and shipbuilding is seen as a positive for future growth [46] - Management anticipates a modest growth outlook for government operations in 2025, with a revenue CAGR of 3% to 5% in the naval propulsion segment [12] Other Important Information - The company completed the acquisition of AOT and is actively pursuing opportunities in the special materials sector [14] - BWXT is involved in the Advanced Nuclear Power for Installations Program, which aims to provide energy security for U.S. military bases [15] Q&A Session Summary Question: Negative EACs impact on government operations - Management confirmed that negative EACs were split between commercial and government operations, with recovery expected in the second half of the year [35][36] Question: Funding opportunities from recent appropriations - Management indicated limited direct funding opportunities from the continuing resolution but expressed optimism about potential benefits from the reconciliation bill [39][40] Question: Updates on the reconciliation package and shipbuilding - Management noted funding for defense enrichment and nuclear reactors in the reconciliation bill, with a positive outlook for nuclear shipbuilding [44][46] Question: Impact of raw material costs on commercial operations - Management acknowledged that raw material cost issues would affect margins in the first half of the year but expected recovery in the second half [48][49] Question: Timeline for Moly approval and contracting - Management hopes for approval in 2025 but acknowledged potential delays into early 2026 [56][57] Question: Updates on the enrichment contract and pilot program - Management detailed the conceptual stage of the pilot plant and the complexities of using unobligated materials for enrichment [65][68] Question: BWXT's entry into SPR management - Management highlighted their experience and qualifications as key factors in winning the SPR management contract [99][100] Question: Progress on Actinium-225 production - Management confirmed they remain the largest commercial producer of Actinium-225 and are exploring multiple production modalities [102][104]