中信证券研报表示，欧洲SAF价格持续上涨，目前已突破2700美金/吨。欧洲提出高额补贴计划，强制 添加政策的执行力度或加强，预计SAF需求将爆发。在2025年上半年欧洲SAF-HVO价格倒挂，国内新 增供给和出口许可证审批进度不及预期，近期国内外主要SAF工厂密集检修等多因素共同作用下，SAF 供应紧张局面或将延续。在SAF的产业化趋势逐渐明确的背景下，建议关注行业内主要玩家。 ...

Core Insights - European SAF prices have risen significantly, surpassing $2,700 per ton, driven by high subsidy plans and stricter enforcement of mandatory blending policies [1] - A surge in SAF demand is anticipated due to these factors, with expectations of a supply tightness continuing due to various domestic and international challenges [1] - The industrialization trend of SAF is becoming clearer, suggesting a focus on major players within the industry [1] Industry Summary - The European SAF market is experiencing a price increase, with current prices exceeding $2,700 per ton [1] - The implementation of high subsidy plans and mandatory blending policies is expected to strengthen SAF demand [1] - Anticipated supply tightness is attributed to slower-than-expected domestic supply growth, delays in export license approvals, and maintenance activities at major SAF plants [1] - The SAF-HVO price inversion is expected in the first half of 2025, indicating potential market shifts [1] - The overall trend towards SAF industrialization highlights the importance of monitoring key industry players [1]