据行业预测，该项目投产后将有效填补北美地区可持续航空燃料的产能缺口。其生产的SAF可直接替代 传统航空煤油，在不改变现有飞机发动机技术的前提下，实现最高80%的碳排放削减，对推动航空业绿 色转型具有重要示范意义。 中化新网讯近日，DG能源公司宣布与三星工程达成合作，携手推进美国路易斯安那州可持续航空燃料 (SAF)项目建设。此举标志着北美地区在航空领域绿色转型进程中迈出重要一步。 据悉，此次合作项目聚焦SAF的研发与规模化生产，依托路易斯安那州优越的地理位置、完善的能源基 础设施以及便捷的物流网络，有望打造区域领先的绿色航空燃料生产基地。三星工程作为全球知名的工 程建设企业，在能源化工项目设计、施工及运营方面拥有丰富经验和技术积累，其参与将为项目提供专 业的工程技术支持和高效的建设管理服务，保障项目按计划推进。DG能源公司则在可持续燃料技术研 发与市场布局上具备先发优势，双方的资源互补将为项目落地奠定坚实基础。 ...

证券研究报告 | 2026年01月04日 2026 年石化化工行业 1 月投资策略 优于大市 推荐炼油炼化、钾肥、磷化工、SAF 投资方向 石化化工行业 2026 年 1 月投资观点： 石化化工是周期性行业，现阶段石化化工行业"内卷式"竞争问题突出， 低质量、同质化的无序竞争导致企业普遍面临增产不增利困境，全行业 营业收入利润率从 2021 年的 8.03%持续降至 2024 年的 4.85%，2025 年 以来部分子行业率先复苏，前三季度行业归母净利润同比增长 10.56%， 行业盈利逐渐企稳复苏。 供给端：化学原料及化学制品制造业投资固定资产累计投资额于 2025 年 6 月开始转负，SW 基础化工行业及多个细分子行业的资本开支连续多 个季度转负，此轮行业扩产周期接近尾声；9 月"石化化工行业稳增长" 政策正式出台，旨在治理企业低价无序竞争、推动落后产能有序退出， 有机硅、己内酰胺、PTA 聚酯等子行业相继响应"反内卷"出台或正在 制定行业指导文件。我们认为，后续将会看到更多化工产品新产能审批 趋严、落后产能（如规模小、能耗高、污染大）将加速出清，石化化工 行业供给过剩问题将得到有效缓解。 需求端：传统需 ...

信达证券主要观点如下： 智通财经APP获悉，信达证券发布研报称，百川盈孚数据显示，截至2025年12月16日，欧洲SAFFOB价 格达2300-2320美元/吨，较年初涨幅约25%，国内FOB价格同步升至2100-2300美元/吨，较年初涨幅约 24%。海外需求旺盛与原料成本支撑共同主导了本轮SAF价格上行周期。当前全球SAF的生产量和消费 量将大幅提升，SAF产业带有显著的"政策驱动"属性。IATA预测，在适当的政府政策支持下，2025年 SAF产量将达到0.06亿吨(79亿升)，占总燃料需求的2%。 航空业脱碳驱动SAF需求快速增长，SAF价格持续上涨 2025年以来，SAF价格经历波动，上半年受需求落地滞后与产能待释放影响出现震荡回落，随后在伊以 地缘冲突带动原料油脂价格上涨、欧盟《ReFuelEUAviation》法案正式进入履约期及英国同步启动 2%SAF强制掺混政策的推动下，强势反弹，全球SAF需求迎来快速增长。需求激增直接推动价格大幅 攀升，百川盈孚数据显示，截至2025年12月16日，欧洲SAFFOB价格达2300-2320美元/吨，较年初涨幅 约25%，国内FOB价格同步升至2100-230 ...

Investment Rating - The report maintains a "Positive" investment rating for the sustainable aviation fuel (SAF) industry, consistent with the previous rating [2]. Core Insights - The demand for SAF is rapidly increasing, driven by strong EU regulations and rising prices. As of December 16, 2025, European SAF prices reached $2300-$2320 per ton, a 25% increase since the beginning of the year, while domestic prices rose to $2100-$2300 per ton, up 24% [4][8]. - The HEFA (Hydroprocessed Esters and Fatty Acids) process currently dominates the market, but other technologies like PtL (Power-to-Liquid) show significant long-term cost reduction potential. McKinsey predicts cost reductions of 22% for HEFA, 32% for ATJ (Alcohol-to-Jet), 24% for FT (Fischer-Tropsch), and 67% for PtL from 2020 to 2050 [4][24]. - Global SAF blending policies are accelerating, with significant increases in production and consumption expected. IATA forecasts that by 2025, SAF production will reach 0.06 million tons, accounting for 2% of total fuel demand, and by 2050, global demand could reach 350 million tons [4][32]. - China's SAF industry is rapidly expanding, with an expected total capacity exceeding 10.65 million tons per year by 2027, positioning the country as a major global exporter [4][5]. Summary by Sections 1. Aviation Industry Decarbonization Drives SAF Demand - SAF prices are driven by supply and demand dynamics, with expectations of maintaining high levels in the future due to geopolitical factors and regulatory frameworks [8][11]. - The aviation sector's carbon emissions are significant, with a need for low-carbon fuel alternatives to meet decarbonization goals [12][15]. 2. Global SAF Blending Policies Accelerate Production and Consumption - The SAF industry is heavily influenced by policy drivers, with various countries implementing specific blending targets and incentives to support SAF adoption [32][33]. - The EU's ReFuelEU Aviation regulation mandates increasing SAF blending ratios, aiming for 2% by 2025 and 70% by 2050 [33]. 3. Investment Recommendations - Companies with established HEFA processes and early capacity releases are expected to benefit from rising demand and prices. Key companies to watch include HaiXin Energy, PengYao Environmental, ShanGao Environmental, and LangKun Technology [4][5].

每经记者｜余洋 每经编辑｜唐元 12月26日，成都东部新区产业人才政策发布会暨2025年四季度"双招双引"投资促进会举行。本次活动以"聚才兴产 城就未来"为主题，重磅发布"产业人才政 策八条"，启动新区人才服务呼叫中心，并开展"双招双引"重点项目签约，推动人才链、产业链、资金链、创新链协同发力。 同时，政策以"1个主政策+多项配套细则"为框架，围绕可持续航空燃料（SAF）、生命健康、低空经济等新区主导产业量身定制专项政策，系统覆盖人才创 新创业、项目落地、安居生活、成长发展等关键环节。 活动汇聚中国科学院院士，清华大学、北京大学、四川大学等高校院所的专家学者，以及四川发展（控股）有限责任公司、四川省机场集团、四川省人才发 展集团等重点企业，金融机构和媒体代表共200余人，共同探讨新区产才融合发展的新路径。 图片来源：主办方提供 政策首发："产业人才政策八条"精准赋能产才融合 产业是人才集聚的重要载体，人才是产业发展的核心动能。 为加快建设具有全国影响力的创新人才集聚区，大会现场，成都东部新区正式发布《关于加快集聚产业人才助推高质量发展的八条措施》（简称"产业人才 政策八条"），并同步配套产业人才分类认定标准及 ...

/DT 可持续航空燃料（SAF) 交流群/ 让专业的人聚在一起, SAF/工艺设备/终端产业同行❤️↓ 关键词 | 非粮生物质进展 | SAF、君恒生物 摘要 ： 累计交付30万吨，在建全球最大装置——君恒生物如何让"脏"地沟油变"净"航 煤？ 2050年前，全球航空业的碳排放量将超过每年20亿吨。国际航空运输协会（IATA）预测，若要实现2050年航空碳中和目标，可持续航空燃料（SAF） 技术将贡献65%的减排量。 更值得关注的是，这家2024年1月刚获得民航局适航批准的国内首家民营SAF企业， 通过技术创新破解了HEFA（油脂加氢）工艺产业化的核心难题 ——让成分复杂的地沟油直接进入加氢装置，省去传统技术中苛刻的预处理环节 。 李建平，河南省君恒集团生物科技有限公司 总工程师 01 HEFA工艺的产业化难题:地沟油里的"拦路虎" 可持续航空燃料并非新概念。国际上已认可八种SAF生产路线。 在这场关乎全球航空业绿色转型的竞赛中，中国企业正在加速追赶。 11月29日，在杭州举办的 第五届非粮生物质高值化利用论坛 上， 河南省君恒实业集团生物科技有限公司 总工程师 李建平 分享了一个令人振奋的数 据： 君恒生物 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 09 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com SAF 政策履约倒计时 未来半年价格易涨难跌 投资评级： 看好（维持） ——大能源行业 2025 年第 49 周周报（20251207） 投资要点： 证券分析师 环保：SAF 政策履约倒计时 未来半年价格易涨难跌 联系人 2025 年是欧洲国家开始强制要求添加 SAF 比例的首年，当年需求主要来源于欧盟 和英国。1）欧盟：根据欧盟《ReFuelEU Aviation》，2025 年开始，所有在欧盟机 场加注的航空燃料必须包含 2%的可持续航空燃料，2030 年可持续航空燃料加注量 提高至 6%，2050 年提高至 70%。若航空公司/供应商未达到 SAF 强制掺混比例， ...

Summary of the Conference Call on the Petrochemical and Chemical Industry Strategy for 2026 Industry Overview - The petrochemical and chemical industry is currently experiencing a bottoming phase due to excessive capital expenditure driven by surging demand for new energy, leading to a supply-demand mismatch. Capital expenditure has significantly contracted in 2024, limiting new capacity additions. With the global interest rate cut cycle and improved trade relations, demand is expected to recover, benefiting stock trading strategies [1][2]. Key Insights and Arguments - **Oil Price Forecast**: It is anticipated that the oil price will stabilize around $60 per barrel in 2026, supported by OPEC+ halting production increases and a reduction in U.S. shale oil output. The price may fluctuate between $60 and $65, with potential temporary dips below $50 [4]. - **Natural Gas Demand**: The demand for natural gas is expected to grow significantly due to its role as a transitional clean energy source, with a projected 50% increase in apparent consumption by 2040 compared to 2024 or 2025. This trend is favorable for upstream companies like PetroChina [4][7]. - **Potash and Phosphate Industry**: International potash prices are expected to remain high due to natural demand growth and oligopolistic market conditions. Domestic companies like Yara International may see increased volumes due to China's strong reliance on potash resources. In the phosphate sector, the value of phosphate rock is being reassessed due to its application in energy storage, with demand expected to rise [5][6][8]. - **Fluorochemical Industry**: The fluorochemical sector is projected to have a positive outlook in 2026, with rising prices for refrigerants and PVDF driven by battery demand. The domestic PVDF industry operates at only 50% capacity, but a tight balance is expected for lithium battery-grade PVDF in 2026 [9]. - **Sustainable Aviation Fuel (SAF)**: 2025 marked the beginning of SAF in Europe, with mandatory blending requirements. The demand and prices for SAF are expected to rise, with significant growth potential in regions like Singapore, South Korea, and Japan [10]. Additional Important Insights - **Investment Opportunities**: The report highlights investment opportunities in various segments, including potash, phosphate, fluorochemical, and sustainable aviation fuel. The overall growth rate in these sectors is expected to remain robust over the next couple of years, promising good investment returns [12]. - **Impact of Battery Technology**: The demand for phosphate rock in the battery sector is projected to grow rapidly, with phosphate rock usage in battery production nearing 20%. The declining quality of domestic phosphate rock will further increase consumption rates, driving price and value reassessment [8]. - **Performance of Major Companies**: PetroChina is expected to benefit from stable growth in its natural gas business, while Sinopec may see recovery in its refining segment, aided by low-cost advantages and expanded overseas price differentials [7]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the petrochemical and chemical industry's outlook for 2026, along with specific investment opportunities and company performances.

Core Viewpoint - During the "14th Five-Year Plan" period, China's low-carbon development strategy remains steadfast, with expectations for a comprehensive upgrade of the carbon reduction "toolbox" centered on carbon markets and green certificate markets, which will drive structural adjustments across multiple industries [2][3]. Group 1: Carbon Market Insights - The carbon market in China is set to undergo "capacity expansion + quota allocation" reforms, with an expected increase in carbon emissions coverage to 77% by 2030, leading to a long-term rise in carbon prices to 80-90 yuan per ton [4]. - The anticipated carbon market supply from CCER methodologies could reach 480-750 million tons by 2030, enhancing the market's overall supply [4]. - The carbon price increase is expected to facilitate the elimination of outdated production capacity in emission-intensive industries, providing competitive advantages to green enterprises [4]. Group 2: Green Certificate Market Dynamics - The green certificate market currently faces downward price pressure due to oversupply, but improvements in supply-demand dynamics are expected, with prices projected to rise to 6-6.5 yuan per certificate by 2026 [5]. - The transition from "certificate and electricity separation" to "certificate and electricity integration" is anticipated, driven by domestic demand for green electricity and international policies like CBAM [5]. - High green electricity consumption ratio enterprises will gain a first-mover advantage, particularly those located in regions with abundant renewable energy [5]. Group 3: Product Carbon Footprint Management - The concept of product carbon footprint management is emerging as a new paradigm in corporate carbon management, aimed at enhancing corporate "green competitiveness" [6]. - The establishment of carbon footprint accounting standards and certification systems is underway, which will benefit exporting companies and those in raw materials and long supply chains [6]. Group 4: Investment Opportunities - The upgrade of the carbon reduction toolbox is expected to create investment opportunities in green sectors, such as sustainable aviation fuel and green electricity direct connection industries [7]. - Low-carbon enterprises in high-emission sectors, such as steel, will have cost advantages and profit potential in the carbon market, while data centers and aluminum smelting companies with high green electricity consumption ratios will face lower transition risks [7]. - Companies with higher product carbon footprint management levels in long supply chains and exporting industries will exhibit greater resilience and "green competitiveness" [7].

Macro and Strategy - The macroeconomic review indicates a shift from "disconnection between stocks and bonds" to "stocks and bonds being sourced from the same origin," highlighting a year where stock performance outpaced bonds, with the Shanghai Composite Index rising from 3351 points at the end of the previous year to around 4000 points by the end of October 2025 [7] - The report discusses the AI wave, emphasizing that it is not a repeat of the 2000 internet bubble, as the current market is driven by profitable "cash cow" companies rather than speculative stocks [9][10] Industry and Company Insights - The sustainable aviation fuel (SAF) industry is receiving a boost from the EU's announcement of a €3.3 billion investment plan to support decarbonization in aviation and shipping, with a projected SAF demand of 358 million tons by 2050 [10][11] - The report highlights the strong performance of the consumer services sector, particularly in Hainan, where duty-free shopping saw a 35% year-on-year increase following the implementation of new policies [12] - New Industry (300832.SZ) reported a revenue increase of 0.39% year-on-year for the first three quarters of 2025, with a notable improvement in overseas business gross margins surpassing domestic levels [19][20] - Xiangyu Medical (688626.SH) showed a revenue growth of 6.00% year-on-year in the first three quarters of 2025, although net profit faced pressure due to increased R&D and marketing investments [23][24] - The report on Steady Medical (300888.SZ) indicates a 30.1% year-on-year revenue growth in the first three quarters of 2025, driven by a strong performance in both medical consumables and health consumer products [26][27] Financial Engineering - The financial engineering report notes that 5401 A-share companies disclosed their Q3 2025 financial results, with many analysts highlighting significant earnings surprises in their assessments [31]