Core Insights - Agricultural waste, specifically straw, is being transformed into valuable resources through innovative research, particularly in the development of biodegradable agricultural films and renewable aviation fuel [1][2] Group 1: Biodegradable Agricultural Films - The biodegradable agricultural film made from straw is a promising renewable resource that can replace traditional polyethylene films, significantly reducing environmental pollution from plastic products [1] - The cost of straw-based biodegradable film is approximately 10,000 yuan per ton, which is 20% to 30% lower than the market price of conventional biodegradable films [1] - Current field demonstrations of this biodegradable film are taking place in provinces such as Yunnan, with a complete degradation time of about two months, although further adjustments are needed for different crops and environmental conditions before large-scale promotion [1] Group 2: Renewable Aviation Fuel - The research team is also exploring the production of renewable aviation fuel from straw, providing a zero-carbon alternative for the aviation industry [2] - The team has successfully reduced the number of operational units and energy requirements, significantly lowering fixed and operational costs while achieving high yields of renewable aviation fuel [2] - A pilot-scale facility has been designed and built, with all performance indicators meeting design requirements, and the next step is to accelerate the industrialization of this technology to replace fossil fuels in the aviation sector [2]

Investment Rating - The report maintains a rating of "Overweight" for the FDCA industry [7] Core Insights - FDCA is a high-value bio-based compound with a wide range of applications, particularly in the production of PEF, which has significant market potential [1][3][5] - The global FDCA market is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028, potentially reaching USD 873.28 million by 2028 [3] - PEF, derived from FDCA, exhibits superior properties compared to PET, making it a promising alternative in various applications [4][5] Summary by Sections FDCA Overview - FDCA is a bio-based aromatic monomer derived from biomass such as starch and cellulose, recognized as a suitable substitute for terephthalic acid [1][14] - The synthesis routes for FDCA include chemical and biological methods, with the HMF route being the most promising for industrialization [1][26][27] Domestic and International Development - Internationally, several companies have achieved FDCA production since 2004, while domestic efforts began around 2010 and are rapidly advancing [2][45][56] - Notable international players include Avantium, Corbion Purac, and DuPont, which have made significant strides in FDCA and PEF research and production [45][46][48] Market Potential and Applications - The FDCA market is projected to exceed USD 1.13 billion by 2031, driven by increasing demand for bio-based products [3] - PEF's applications span food packaging, films, and fibers, with its oxygen and carbon dioxide barrier properties significantly outperforming PET [4][18][19] Investment Recommendations - The report suggests focusing on companies involved in FDCA production, such as Tongkun Co., New Fengming, and Zhenhai Refining & Chemical [5][58][60]