Investment Rating - The report maintains a positive outlook on the biodiesel industry, particularly highlighting the potential growth in demand for biojet fuel and marine biofuels, suggesting a focus on companies with significant biodiesel or raw material production capacity [4]. Core Insights - The report indicates a notable increase in HVO/SAF prices, with external SAF prices rising by 7.71% to $2127.65 per ton and HVO prices increasing by 8.69% to $2236.40 per ton [1]. - Domestic prices for waste cooking oil and gutter oil have also risen, with average prices reported at 6810 yuan per ton and 6420 yuan per ton, respectively [2]. - Significant industry news includes Singapore's record sales of bio-blended marine fuels and the U.S. EPA's proposed renewable fuel standards for 2026 and 2027, which are expected to increase biodiesel blending requirements significantly [3]. Summary by Sections Price Trends - External SAF and HVO prices have seen substantial increases, with SAF at $2127.65 per ton and HVO at $2236.40 per ton, reflecting a week-on-week increase of 7.71% and 8.69% respectively [1]. - European Ucome prices reached €1301.85 per ton, up 4.94%, while China's Ucome price was $1114.50 per ton, up 1.36% [1]. Domestic Market - Domestic waste cooking oil and gutter oil prices have increased, with waste cooking oil averaging 6810 yuan per ton and gutter oil at 6420 yuan per ton [2]. Industry Developments - Singapore's bio-blended VLSFO sales reached a new high of 95,800 tons, and the U.S. EPA's proposed rules aim to raise biodiesel blending to 5.61 billion gallons for 2026, a 67% increase from 2025 [3]. - The EU is launching a subsidy program to promote SAF usage, potentially increasing demand significantly [3]. Investment Recommendations - The report suggests focusing on companies with substantial biodiesel or raw material production capacity, such as Zhuoyue New Energy, Jiaao Environmental Protection, and others, due to expected demand growth and increased raw material supply [4].