分析人士指出，罗持续扩大油籽种植面积和增加产量，证明其在全球油籽及油脂贸易中的份额正在 稳步提升。随着能源绿色化、食品加工及持续增长的生物燃料市场对高品质油籽与油脂需求不断扩大， 罗有望继续巩固其在全球市场中油籽重要供应国地位。 近日，欧委会称2025年欧盟国家菜籽产量显著增长，欧盟对进口菜籽依赖有所下降。其中，罗马尼 亚稳居欧盟及全球油籽供应国前列，菜籽产量再创新高，远超过去五年平均水平，推动罗出口量大幅增 长。与此同时，罗菜籽油产量可观，预计2025年总产量将达近4亿美元规模，在全球市场位居前列。出 口数据显示，尽管罗国内部分单月油籽出口金额出现波动，年度累积出口量仍维持高位，体现出强劲的 国际竞争力，迎合了欧盟及国际市场对菜籽油不断增长需求。此外，得益于对非欧盟国家出口需求高增 长态势，康斯坦察港油籽出口价格持续走高。同期，罗葵花籽产量有所下降，出口节奏略显放缓。 （原标题：罗马尼亚稳居欧盟及全球油籽供应国前列，2025年菜籽油产量再创新高） ...

Summary of Conference Call on SAF and Biodiesel Market Industry Overview - The conference call focused on the Sustainable Aviation Fuel (SAF) and biodiesel market, particularly in Europe and China [1][2][3]. Key Points and Arguments 1. **Price Increase of SAF and HVO** - European FOB high-end price for aviation kerosene has risen to $2,860 per ton, marking a 51% increase year-to-date [1][2]. - The increase is attributed to rising HVO prices, which have led to a tighter SAF supply, and seasonal production adjustments in Europe [2]. 2. **Government Support for Biodiesel** - The Chinese Ministry of Commerce has proposed support for domestic biodiesel and marine fuel blending operations, which could significantly increase domestic biodiesel blending volumes if a 24% blending ratio is assumed [1][3]. - This policy is expected to create a substantial market increment for biodiesel in China [3]. 3. **EU Carbon Emission Regulations** - Starting January 1, 2024, the EU will include ship carbon emissions in its carbon market, with a full 100% carbon emission requirement for ships entering Europe from 2026 [1][4]. - This regulation is anticipated to further stimulate demand for biodiesel [4]. 4. **Market Demand and Supply Dynamics** - As of November 8, 2025, China has approved 11.06 million tons of biodiesel export licenses, with European SAF demand expected to rise to a 2% blending ratio, leading to a total demand nearing 1 million tons [1][5]. - The price gap between products and raw materials is widening, suggesting continued profitability for SaaS companies in Q4 [5]. 5. **Company Performance and Capacity Expansion** - 卓越新能 (Zhuoyue New Energy) has stable performance in the biodiesel sector, with production capacities of 200,000 tons in Singapore and 300,000 tons in Thailand, and plans to expand HVO capacity to 100,000 tons [1][6]. - 优蔻 (UCO) has seen a decline in export volume due to the cancellation of export tax rebates but remains competitive due to its high emission reduction efficiency [1][7]. - The export price for UCO has increased by 18.5% year-on-year, although this increase is less than that of downstream products [7]. Recommendations - The companies recommended for investment include 卓越新能 (Zhuoyue New Energy), 山高环能 (Shangao Environmental), and 嘉澳环保 (Jiaao Environmental), all of which have leading positions in their respective fields and significant growth potential [1][8].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - As of the week ending October 31, 2025, international oil prices experienced a slight decline due to market skepticism regarding the effectiveness of sanctions on Russia, OPEC+'s inclination to continue modest production increases in December, and increased Iraqi exports in September, leading to concerns about oversupply. However, positive EIA inventory data, optimistic news from US-China leadership talks, and a Federal Reserve interest rate cut contributed to a rebound in oil prices later in the week [2][9] - Brent crude oil futures settled at $64.77 per barrel, down $0.43 (-0.66%) from the previous week, while WTI crude oil futures settled at $60.98 per barrel, down $0.52 (-0.85%) [2][31] - The oil and petrochemical sector showed a slight increase of 0.05% during the same week, while the broader Shanghai and Shenzhen 300 index fell by 0.43% [10][13] Summary by Sections Oil Price Review - Brent crude oil price decreased by 0.66% and WTI crude oil price decreased by 0.85% as of October 31, 2025 [2][31] - The price of Russian Urals crude remained stable, while ESPO crude saw a decline of 1.71% [31] Offshore Drilling Services - As of October 27, 2025, the number of global offshore self-elevating drilling platforms was 369, a decrease of 1 from the previous week, while the number of floating drilling platforms was 130, down by 2 [37] US Oil Supply - As of October 24, 2025, US crude oil production was 13.644 million barrels per day, an increase of 15,000 barrels per day from the previous week. The number of active drilling rigs decreased by 6 to 414 [61][70] US Oil Demand - US refinery crude processing volume was 15.219 million barrels per day, down by 511,000 barrels per day, with a refinery utilization rate of 86.60%, a decrease of 2.0 percentage points [66][73] US Oil Inventory - As of October 24, 2025, total US crude oil inventory was 825 million barrels, a decrease of 6.325 million barrels (-0.76%). Strategic oil inventory increased by 533,000 barrels (+0.13%), while commercial crude oil inventory decreased by 6.858 million barrels (-1.62%) [82]