Core Viewpoint - Brazil's National Energy Policy Council (CNPE) decided to maintain the biodiesel blending ratio at 14% (B14), postponing the planned increase to 15% (B15) due to the need to balance energy security, environmental protection, and economic inflation [1] Group 1: Biodiesel Policy and Economic Impact - The adjustment of Brazil's biodiesel policy directly affects soybean oil prices and market demand, impacting soybean planting profitability [2] - The government aims to stabilize food prices as a priority, leading to a temporary halt of the B15 policy as a short-term measure to curb inflation [1][2] - The current inflation rate in Brazil is projected to reach 5.48% by early 2025, prompting the government to control food costs [1] Group 2: Supply Chain and Market Dynamics - Brazil's biodiesel policy is designed to ensure soybean oil demand, stimulating soybean planting and crushing industries, but it has led to a risk of 10 million tons of unsold soybeans due to reduced crushing volumes [2] - The domestic consumption of soybean oil is projected to reach 9.26 million tons, accounting for 77% of the expected production of 12 million tons in the 2024/25 season, creating a paradox of increased production without increased exports [6] - The reliance on a single market, such as India, increases export risks, and any fluctuations in India's domestic oil supply could reduce its import demand for Brazilian soybean oil [7] Group 3: Long-term Strategic Goals - Brazil's biodiesel industry has cumulatively reduced 240 million tons of CO2 over 20 years and aims to increase the blending ratio to 20% by 2030 under the Future Fuels Act [3] - The cost of biodiesel is 20%-30% higher than traditional diesel, with this premium ultimately borne by consumers, which could suppress consumption in an inflationary environment [3] - The government is encouraged to adopt a more flexible biodiesel blending policy that adjusts based on international soybean oil prices and domestic inflation rates [8] Group 4: Technological and Market Innovations - The industry is urged to accelerate the commercialization of second-generation biodiesel technologies, utilizing various waste oils and agricultural residues to reduce dependence on soybean oil [9] - Establishing a biodiesel technology innovation center through collaboration between academia and industry could enhance Brazil's competitiveness in the global biodiesel market [9] - The potential for biodiesel as a key raw material for sustainable aviation fuel (SAF) presents an opportunity for Brazil to reshape its position in the global bioenergy landscape [9]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The passage of the 45Z amendment bill by the US House of Representatives is expected to have a significant impact on the biodiesel and renewable diesel industries, potentially increasing the demand for North American vegetable oil raw materials and supporting the price of CBOT soybean oil [1][2][7] - The restrictions on tax credits for foreign entities may reduce trade volume and overseas raw material demand, while the small refinery exemption policy may have a complex impact on raw material demand in the short and long term [10][18][20] - The future RVO policy in the US is still being determined, and its implementation will affect the total demand for renewable energy, which is also an important factor affecting the price of US soybean oil [17] Summary by Relevant Catalogs 1. Passage of the 45Z Amendment Bill - On May 22, the US House of Representatives passed a reconciliation bill including provisions to update and extend the 45Z clean fuel production tax credit. The bill will now be considered by the Senate [1] 2. Specific Provisions and Their Impacts 2.1 Extension of 45Z Credit - The 45Z credit will be extended to the end of 2031, which is beneficial for the continuous development of the biodiesel and renewable diesel industries and the demand for vegetable oil raw materials [2] 2.2 Raw Material Source Requirement - Raw materials must be produced or grown in the US, Mexico, and Canada, which is expected to increase the demand for North American crops and reduce the import of non - North American raw materials. In 2024, vegetable oil raw materials were mainly from North America, while animal fats and yellow greases still had imports from other regions. The policy may increase the use of canola oil and soybean oil [3][4] 2.3 Adjustment of Greenhouse Gas Emissions Calculation - The adjustment of the life - cycle greenhouse gas emissions calculation to exclude indirect land - use change emissions is expected to lower the carbon emission coefficient of vegetable oils, allowing for more subsidies. For example, the subsidy for producing renewable diesel with soybean oil is estimated to increase from $0.23 per gallon to $0.52 per gallon, which is beneficial for supporting the price of CBOT soybean oil [7] 2.4 Restrictions on Foreign Entities for Tax Credits - Tax credits for specific foreign entities are restricted. If a taxpayer is a specific foreign entity, no credit will be allowed after the enactment date. For entities affected by foreign influence, no credit will be allowed two years after the enactment date. This may reduce the trade volume of US biodiesel and renewable diesel and affect the demand for overseas raw materials [10][11][13] 3. Demand Performance 3.1 Raw Material Demand in 2025 - From January - February 2025, the total consumption of US biodiesel raw materials decreased by 23.9% year - on - year. Among them, vegetable oil consumption decreased by 31.7%, soybean oil consumption decreased by 33.4%, canola oil consumption decreased by 57.6%, and corn oil consumption remained flat [5] 3.2 Trade Volume in 2025 - From January - March 2025, US biodiesel imports decreased by 90% year - on - year, and exports decreased by 46% year - on - year. From January - February 2025, the net import of US renewable diesel became a net export, mainly to European countries, and the import from Singapore decreased by 94% year - on - year [16] 4. Other Policies to Be Concerned 4.1 RVO Policy - The US 2026 and subsequent RVO policies are still being determined. The market's expected range for the biodiesel RVO varies widely, and the price of US soybean oil has been trading on RVO - related themes. The EPA submitted a proposed rule to the White House Office of Management and Budget on May 14, and subsequent policy implementation needs to be monitored [17] 4.2 Small Refinery Exemption Policy - The news of small refinery exemptions is uncertain. If implemented, it may reduce current demand but increase future demand. The 13.6 billion gallons of exemption volume, when allocated to biodiesel at a 30% - 50% ratio, is expected to result in a total raw material demand range of 148 - 246 million tons. If 100% is used for biodiesel - produced RIN substitution, the total raw material demand is 493 million tons [18][19][20]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The issuance of the "Ecological Environment Protection Supervision Work Regulations" by the Central Committee of the Communist Party of China and the State Council aims to comprehensively promote the construction of a beautiful China [8] - The solid waste sector is expected to see improved cash flow and increased dividends due to reduced capital expenditures and enhanced operational efficiency [9][12] - The water service sector is experiencing stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][14] Summary by Sections Solid Waste Management - Capital expenditures are decreasing, leading to significant improvements in free cash flow and increased dividends [9] - Key companies such as Junxin Co. are projected to distribute cash dividends of 507 million yuan in 2024, a 37% increase year-on-year, with a dividend yield of 4.4% [9] - The industry is entering a mature phase, with operational efficiency being enhanced through cost reduction and collaborations in heating and IDC [9][10] Water Services - The water service sector's revenue is projected at 65.5 billion yuan in 2024, with a net profit of 11.2 billion yuan, reflecting a 27% increase [12] - Water price reforms in cities like Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability and stability [13][14] - Companies such as Yuehai Investment are highlighted for their ability to frequently adjust prices, with an expected dividend yield of 6.9% in 2025 [14] Environmental Equipment - The penetration rate of new energy sanitation vehicles increased by 6.14 percentage points to 14.55% in the first four months of 2025, with sales of new energy sanitation vehicles rising by 73% [29] - The total sales of sanitation vehicles reached 24,542 units, with a slight year-on-year decrease of 0.2% [29] Biofuels - The prices of biodiesel and waste cooking oil have decreased, leading to negative profit margins [37][38] - The average price of biodiesel was 7,700 yuan per ton, down 5.5% week-on-week, while waste cooking oil averaged 6,018 yuan per ton, down 1.2% [37] Lithium Battery Recycling - The profitability of lithium battery recycling has slightly declined due to fluctuating metal prices and a decrease in discount coefficients [41][42] - The average unit gross profit for waste material is estimated at -0.71 million yuan per ton [41]

Group 1 - The core business of the company includes the production and sales of biodiesel, environmental materials, and specialty chemical products [1] - The company is recognized as a national high-tech enterprise and has received multiple honors for its technological innovations [1] - As of April 18, 2025, the company has 44,878 shareholders, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - The latest financial report for Q1 2025 shows a revenue of 241 million yuan, a year-on-year decrease of 53.69%, and a net profit loss of approximately 49.9 million yuan, a year-on-year increase of 57.60% [1] - The company's gross profit margin is reported at -6.65% [1] - The current market capitalization of the company is 7.049 billion yuan, with a price-to-earnings ratio (TTM) of -7.95 and a price-to-book ratio of 1.19 [2]

Core Viewpoint - The company,卓越新能, has postponed its "annual production of 100,000 tons of hydrocarbon-based biodiesel production line project" for the second time, now expected to be completed by December 2025, due to various challenges including market volatility and policy restrictions [3][5]. Group 1: Project Delays - The hydrocarbon project was initially planned for delivery in June 2023 but has been delayed twice, first to June 2025 and now to December 2025, due to issues with project construction plans and land supply [4][5]. - The project is part of卓越新能's fundraising initiatives from its 2019 IPO, which originally did not include this project but was added after exceeding fundraising targets [5]. Group 2: Market Dependency - The company heavily relies on the European market, with projected export sales of 3.196 billion yuan in 2024, accounting for nearly 90% of total revenue [3][6]. - The domestic biodiesel market is still developing, with limited mandatory policies for biodiesel blending, leading to a focus on exports for companies like卓越新能 [6][7]. Group 3: Regulatory Challenges - The company faces significant challenges due to the European Union's anti-dumping measures, which could impose tariffs ranging from 10.0% to 35.6% on Chinese biodiesel products, with卓越新能 facing a specific rate of 23.4% [9]. - The EU's policies have created a dual challenge for卓越新能, as it must navigate both domestic supply constraints and international regulatory hurdles [8][9]. Group 4: Industry Trends - The domestic biodiesel market is beginning to see policy support, with pilot projects and guidelines being introduced to promote biodiesel and other renewable fuels [7]. - The company is competing in a market where the supply of waste oils for biodiesel production is limited, with only about 300,000 tons of usable waste oils available annually [8].

卓越新能公告，公司于2025年5月13日召开董事会和监事会，审议通过了关于部分募集资金投资项目延 期的议案。公司将"年产10万吨烃基生物柴油生产线项目"达到预定可使用状态的时间延长至2025年12 月。该项目原预计达到可使用状态日期为2023年6月，第一次变更后预计达到可使用状态日期为2025年6 月。因公司对项目建设方案进行优化论证调整，整体建设进度有所延后。项目延期未改变募投项目的内 容、投资用途、投资总额和实施主体，无需提交股东大会审议。 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The report highlights the collaboration between Qiaoyin Co. and Guodi Center to advance humanoid robot applications in urban services, marking a significant development in the industry [9]. - It emphasizes the trend of decreasing capital expenditures in waste incineration, leading to improved free cash flow and increased dividends, while also noting the enhancement of ROE through efficiency improvements in heating and IDC collaborations [10][11]. - The water utility sector is experiencing stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][13]. Summary by Sections Humanoid Robot Development - Qiaoyin Co. has signed a cooperation agreement with Guodi Center to launch humanoid robots for urban services, with an initial order of 1,000 robots aimed at street sanitation applications [9]. Waste Incineration Sector - The report identifies two key factors for the solid waste sector: a decrease in capital expenditures leading to improved free cash flow and increased dividends, and a focus on efficiency improvements during the industry's maturity phase [10]. - Specific dividend forecasts for 2024 include: - Junxin Co.: cash dividend of 507 million yuan (+37%), dividend ratio of 94.59% (+22.78 percentage points), and a dividend yield of 4.4% - Green Power: cash dividend of 418 million yuan (+100%), dividend ratio of 71.45% (+38.23 percentage points), with A-share and Hong Kong dividend yields of 4.2% and 8.2% respectively - Hanlan Environment: proposed dividend of 652 million yuan (+67%), dividend ratio of 39.20% (+11.83 percentage points), and a dividend yield of 3.5% [10]. Water Utility Sector - The water utility sector is projected to see stable growth, with 2024 revenues of 65.5 billion yuan (-2%) and a net profit of 11.2 billion yuan (+27%), excluding one-time gains [12]. - Water price reforms in Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability and stability in the sector [13][14]. Environmental Equipment and Renewable Energy - The report notes a 51% increase in sales of new energy sanitation vehicles in early 2025, with a penetration rate of 14.36%, reflecting a growing trend towards electrification in the sanitation equipment sector [29]. - The average price of biodiesel has decreased slightly, with a narrowing price gap between biodiesel and waste oil, impacting profitability [36]. Lithium Battery Recycling - The report indicates a slight decline in profitability in lithium battery recycling due to fluctuating metal prices and a stable discount coefficient, with average unit profits showing a minor decrease [39].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report highlights the collaboration between Qiaoyin Co. and Guodi Center to advance humanoid robot applications in urban services, marking a significant development in the industry [9] - It emphasizes that the solid waste sector is experiencing a decrease in capital expenditure, leading to improved free cash flow and increased dividends, while also enhancing return on equity (ROE) through efficiency improvements in heating and IDC [10][12] - The water services sector is noted for its stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][14] Summary by Sections Humanoid Robot Development - Qiaoyin Co. has signed a cooperation agreement with Guodi Center to launch humanoid robots for urban services, with an initial order of 1,000 robots aimed at street cleaning and maintenance [9] Solid Waste Management - The report identifies two key trends: a reduction in capital expenditure leading to improved free cash flow and increased dividends, and a focus on efficiency improvements as the industry matures [10] - Specific dividend forecasts for 2024 include: - Junxin Co.: cash dividend of 507 million yuan (+37%), dividend ratio of 94.59% (+22.78 percentage points), and a dividend yield of 4.4% - Green Power: cash dividend of 418 million yuan (+100%), dividend ratio of 71.45% (+38.23 percentage points), with A-share and Hong Kong stock dividend yields of 4.2% and 8.2% respectively - Hanlan Environment: proposed dividend of 652 million yuan (+67%), dividend ratio of 39.20% (+11.83 percentage points), and a dividend yield of 3.5% [10] Water Services - The water services sector is projected to see stable growth, with 2024 revenues of 65.5 billion yuan (-2%) and net profits of 11.2 billion yuan (+27%), excluding one-time gains [12] - Water price reforms in Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability and stability [13][14] Industry Trends - The report notes a 51% increase in sales of new energy sanitation vehicles in the first quarter of 2025, with penetration rates rising to 14.36% [29] - The bio-diesel market is experiencing a decline in prices for both bio-diesel and waste oil, leading to a narrowing price gap [36] - The lithium battery recycling sector is facing slight declines in profitability due to fluctuating metal prices and discount coefficients [39]

金十数据整理：每日期货市场要闻速递（5月6日） 1. 据上海航运交易所数据，截至2025年5月5日，上海出口集装箱结算运价指数（欧洲航线）报1379.07 点，与上期相比跌3.5%。 4. 印尼能源部官员Edi Wibowo周一表示，截至4月24日，印尼今年生物柴油消费量为444万升。在1月至 3月期间，生物柴油消费量为320万升。印尼今年生物柴油的棕榈油强制掺混比例为40%，高于去年的 35%。 5. 据CONAB，截至5月3日，2024/25年度巴西大豆收割率为97.7%，上周为94.8%，去年同期为94.3%， 五年均值为96.3%。 6. 美国农业部（USDA）周二凌晨公布的每周作物生长报告显示，截至5月4日当周，美国大豆种植率为 30%，此前市场预期为31%，此前一周为18%，去年同期为24%，五年均值为23%；出苗率为7%，上年 同期为8%，五年均值为5%。 7. 印度矿业部表示，2024-25财年原铝产量从2023-24财年的41.6万吨增至42万吨；2024-25财年精炼铜产 量环比增长12.6%，从2023-24财年的50.9万吨增至57.3万吨。 2. 据Mysteel，2025年04月2 ...

Company Overview - Beijing Haineng Technology Co., Ltd. primarily engages in the production and sales of biodiesel, environmental materials, and specialty chemical products [1] - The company is recognized as a national high-tech enterprise and has received multiple honors, including the Science and Technology Progress Award and the Petrochemical Federation Patent Award [1] Financial Performance - For Q1 2025, the company reported revenue of 241 million yuan, a year-on-year decrease of 53.69% [1] - The net profit for the same period was -49,903,481.8 yuan, reflecting a year-on-year increase in losses of 57.60% [1] - The sales gross margin stood at -6.65% [1] Shareholder Information - As of April 18, 2025, the number of shareholders for Haineng Technology was 44,878, a decrease of 126 from the previous count [1] - The average market value of shares held by each shareholder is 352,800 yuan, with an average holding of 27,600 shares [1] Market Metrics - The company's latest closing price was 2.83 yuan, down 1.39%, with a price-to-earnings (PE) ratio of -7.50 and a price-to-book (PB) ratio of 1.12 [2] - The total market capitalization is 6.65 billion yuan [2]