SAF 行业&ST 嘉澳更新交流 20260302 摘要 SAF 价格受需求季节性回升、政策推动及油气价格波动三重因素驱动， 近期已上涨约 200 美元，达到约 2,350 美元。需求端主要受益于航空公 司备货，政策端则受欧洲 RED C 法案和 HVO 价格上涨影响。 欧洲 HVO 现货价格约为 2,750 美元，与 SAF 存在约 400 美元的倒挂， SAF 仍有上涨空间。油气价格作为欧洲现货定价基准，其上涨直接传导 至 SAF 价格，类似 2021 年俄乌冲突期间的生物燃料价格拉升效应。 预计 2026 年 SAF 最高价格与 2025 年大致相当，可能在 2,700-2,800 美元附近，但高位持续时间有望较 2025 年更长。短期波动受油气价格 影响，中期趋势由旺季需求和备货节奏主导，需求端回升提供稳定支撑。 UCO 采购已转为招标模式，近期价格回升至约 7,500-7,700 元/吨（约 1,100 美元），受 HVO 需求、RED C 影响及 SAF 开工回升驱动。未来 需关注油脂结构变化及油气价格在地缘政治下的演变。 2 月份集中检修影响一季度出货，但催化剂更新预计提升整体收率约 2 个百分 ...

中化新网讯 近日，印尼主权财富基金丹纳塔拉首席执行官罗桑·勒斯拉尼宣布，该基金启动总投资70亿 美元的6个自然资源加工项目，其中包括印尼国油公司的绿色能源炼油项目。其余项目涵盖氧化铝与铝 冶炼厂、乙醇工厂、棕榈油调和航空燃料厂及综合禽畜养殖设施。 这些项目是印尼政府今年规划的18个自然资源加工优先项目的一部分，该批项目总投资达618万亿印尼 盾。勒斯拉尼表示，印尼强调加快推进能直接惠及民生的下游产业项目。印尼国油公司称，该公司位于 中爪哇省芝拉扎的炼油厂以废食用油生产航空燃料，目前日产量3000桶，预计将提升至6000桶。该公司 还与国有种植企业合作，在东爪哇建设生物乙醇厂，年产能30000千升。 ...

Core Viewpoint - The article discusses the upcoming 2026 Bio-based Conference and Exhibition in Shanghai, focusing on the advancements in cellulosic bioethanol production using genetically engineered Zymomonas mobilis, highlighting its potential for sustainable energy and environmental benefits [1][2]. Group 1: Event Overview - The 2026 Bio-based Conference will take place from May 20-22 in Shanghai, featuring 11 thematic forums, 7 concurrent activities, 1000 new product displays, and an industry award ceremony aimed at promoting green transformation in the industry [1]. - The event will also host the 5th Bio-based Frontier Technology Young Scientist Forum, emphasizing visibility for young scientists with 80 presentations scheduled [1]. Group 2: Technological Advancements - Research led by Professor Yang Shihui and Professor Fei Qiang has successfully engineered Zymomonas mobilis to produce ethanol from agricultural waste, specifically corncob residues, demonstrating commercial viability and environmental benefits [2][5]. - The engineered strain ZET5 showed a 122% increase in ethanol yield compared to the control strain, with significant improvements in biomass and ethanol production rates [6][8]. Group 3: Process Validation - The study confirmed the stability of the enzymatic hydrolysis and fermentation processes across different scales (5 L, 50 L, and 30 m³), achieving consistent glucose concentrations and ethanol yields [9][10]. - The fermentation process using ZET5 in a 30 m³ pilot scale produced 1.29 tons of ethanol from 5.4 tons of dry corncob residues in just 16 hours, showcasing the efficiency and cost-effectiveness of the method [11]. Group 4: Economic and Environmental Analysis - A techno-economic analysis indicated that the minimum selling price of bioethanol could range from $0.58 to $0.79 per kg, making it competitive with fossil fuel ethanol priced at $1.08 per kg [14]. - Life Cycle Assessment (LCA) revealed a 57% reduction in greenhouse gas emissions compared to fossil gasoline, with potential carbon revenue enhancing economic competitiveness [16][17]. Group 5: Future Prospects - The ZET5 strain integrates energy-saving and protein stability strategies, proving its robustness in industrial fermentation settings, positioning Zymomonas mobilis as a viable platform for lignocellulosic biorefinery [20]. - The technology is applicable to other agro-industrial wastes, such as wheat straw and sugarcane bagasse, indicating its versatility across different regions and crops [21].

Core Viewpoint - The approval of the biofuel oil blending export business in Zhoushan marks a significant reform achievement in China's green low-carbon shipping fuel sector and is a key step towards establishing Zhoushan as a major biofuel source in Northeast Asia [1][3]. Group 1: Policy and Economic Impact - The new policy allows Zhoushan to shift from relying on imported biofuel oil to achieving self-production and export, responding positively to national strategic goals [3][4]. - The local blending of biofuel oil is estimated to save approximately $80 per ton compared to imports, indicating significant economic benefits [3]. Group 2: Infrastructure and Development - A total investment of 1.7 billion yuan for a 400,000-ton biodiesel processing project has been established in Zhoushan, providing essential raw materials for blending [3]. - The implementation of the policy is expected to enhance the functionality of the Zhejiang Free Trade Zone's resource allocation hub, promoting the development of the biodiesel processing, storage logistics, and quality inspection industries [4]. Group 3: Future Projections - By 2025, the bonded fuel supply in Zhoushan is projected to reach 8.02 million tons, positioning it as the third-largest ship refueling port globally, which supports the construction of a million-ton bonded fuel supply center in Zhejiang [4]. - The local government aims to expedite the first pilot business by the end of February, optimizing processes and regulatory frameworks to facilitate the large-scale development of biofuel oil blending [4].

数据显示，法国2025年乘用车注册量为163万辆，汽油车及混合动力车占比达74%(2015年为41%)，柴油 车占比则从58%大幅降至6%。 不过，需适配灵活燃料汽车或改装套件的E85高乙醇汽油消费量在持续增长多年后，近两年略有回落， 2025年为8.6亿升。该组织称，2022年因油价飙升刺激了需求，而2025年燃料价格较低，节约成本的吸 引力减弱。 此外，欧盟与南方共同市场的贸易协定规定执行后将分五年逐步开放大量乙醇进口配额，法国生产商对 此表示担忧，认为需要更强劲的需求增长才能消化额外进口。 中化新网讯 2月3日，法国生物乙醇生产商组织表示，随着汽油车注册量上升，2025年法国车用乙醇消 费量同比增长15%，远高于汽油5.6%的消费增长率，达到19亿升，且这一趋势还将持续。 2025年消费的乙醇60%产自法国本地，原料主要为甜菜、小麦、玉米及作物残留物;其余大部分来自欧 盟其他地区。 ...

Core Viewpoint - BSR has signed multiple memorandums of cooperation with Chevron, Marquis Energy, and ADM to enhance oil supply security in Vietnam and explore collaboration in the biofuel sector [1] Group 1: Cooperation Agreements - The agreements focus on ensuring a stable crude oil supply for the Rong Gai refinery and researching potential imports of bioethanol and corn feedstock to support domestic biofuel production [1] - This initiative coincides with ongoing negotiations for a bilateral trade framework between the U.S. and Vietnam, with energy cooperation identified as a key pillar for enhancing Vietnam's energy security, expanding trade, and reducing trade deficits [1] Group 2: Financial Performance - BSR's international cooperation is backed by strong financial performance, with projected net income of 141.58 trillion VND in 2025, representing a year-on-year increase of approximately 15% [1] - The company's net profit is expected to surge nearly ninefold, reaching 5.19 trillion VND [1]

Core Insights - The report by IRENA and ILO indicates that while global renewable energy employment is projected to exceed 16 million in 2024, the growth rate has significantly slowed to 2%-3%, a stark contrast to previous years' double-digit growth rates [1][2][3] Employment Growth Trends - Global renewable energy employment is expected to reach 16.6 million in 2024, continuing to support the green economy and job stability [2] - The employment growth rate for 2024 is estimated at 2.3%-2.5%, marking one of the lowest levels in recent years, and is attributed to profound changes in industry development stages and structures [2][3] Sector Contributions - Solar photovoltaic (PV) remains the dominant sector, providing over 7.2 million jobs in 2024, accounting for more than 40% of total renewable energy employment [2] - The report highlights that the growth in employment is not due to reduced market demand but reflects changes in the industry structure and technological advancements [2][3] Regional Insights - China is identified as a key contributor to global renewable energy employment, with over 4.2 million jobs in solar PV, representing nearly 60% of global solar employment [4] - In 2024, China's renewable energy employment slightly decreased, primarily due to increased labor productivity and the effects of economies of scale [4] - China accounted for over 80% of new renewable energy capacity in Asia, significantly supporting global growth, while employment in the EU, Brazil, India, and the US showed limited growth [4] Challenges and Constraints - The slowdown in employment growth is influenced by factors such as increased automation, which reduces the need for human labor in manufacturing and operations [3][6] - Delays in grid infrastructure and lengthy project approval processes also hinder job creation in certain regions [3][6] Policy Recommendations - The report emphasizes the need for enhanced policy coordination and international cooperation to address employment challenges in the renewable energy sector [7] - It suggests that countries should align trade, industry, and labor policies to create a balanced development environment, focusing on investment in grid infrastructure and skill training [7]

"这为我们开拓国际市场奠定了坚实基础。"蓝鲸生物能源(浙江)有限公司董事长周锦感慨道。近日，该 公司的1.26万吨烃基生物柴油搭载货轮从嘉兴港启航，驶向国际市场。这是浙江省首次以新增列名 的"烃基生物柴油"税则号申报出口的能源产品，标志着浙江绿色能源出口品类实现重要突破，也为我国 先进生物燃料规模化出海打通关键环节。 2025年，杭州海关所属嘉兴海关在税政调研中了解到企业的这一实际困难。随后，海关部门深入产业 链，详细论证为"烃基生物柴油"增列本国子目的必要性与可行性，并牵头起草调整建议。 经多轮推动，该建议获国务院关税税则委员会采纳，自2026年起，"烃基生物柴油"正式拥有独立的税则 号列2710.1925。此举不仅明确了产品的"绿色身份"，有助于产业统计与政策制定，更打通了企业享受 政策红利的"最后一公里"。 新政落地后，嘉兴海关迅速开展靶向服务：解读归类规则、辅导RCEP等协定关税优惠应用、培训通关 便利化措施，并推广"红船企航"助企服务平台，实现政策信息"一键直达"。全程服务确保了首票出口顺 利通关。 "从税号落地到通关指导，海关的全周期服务让我们少走了很多弯路。"作为首单出口企业的负责人，周 锦表示 ...

Summary of Gevo's Conference Call Company Overview - **Company Name**: Gevo, Inc. - **Ticker Symbol**: GEVO, traded on Nasdaq - **Business Focus**: Gevo specializes in converting renewable biomass-based carbon resources into fuels and chemicals that are compatible with existing fossil fuel infrastructure, aiming to reduce carbon footprints and promote sustainability [2][3] Core Business Segments 1. **Gevo Fuels**: - Operates an ethanol plant that processes corn into ethanol and co-products, including carbon dioxide [3] - Developing alcohol-to-jet technology to convert ethanol into lower carbon jet fuel, increasing overall jet fuel supply [3][4] 2. **Gevo RNG**: - Involves capturing methane from dairy cow manure to produce renewable natural gas (RNG) for pipeline injection [4] 3. **Verity**: - A software subsidiary focused on creating a cloud-based system for tracking and auditing the carbon footprint of agricultural products throughout the supply chain [5][6] 4. **Gevo Chem**: - Research and development efforts aimed at improving technologies for converting ethanol to jet fuel, with a focus on continuous improvement [8][9] Financial Performance and Projections - **EBITDA**: Reported $6.7 million for the last quarter, with a target of reaching $40 million annually by optimizing existing operations [16] - **Growth Potential**: Aiming for $110 million in EBITDA by fully utilizing carbon capture and optimizing production without significant capital investment [18][40] - **Production Capacity**: The North Dakota facility can produce 67 million gallons of ethanol annually, with potential for significant margin improvements through increased production [32] Strategic Initiatives - **Technology Differentiation**: Gevo's integrated approach to producing sustainable aviation fuel (SAF) from corn allows for lower operational costs compared to other methods [22][23] - **Market Demand**: The U.S. aviation sector is experiencing increasing demand for jet fuel, with Gevo's technology positioned to meet this need efficiently [19][20] - **Expansion Plans**: Plans to build a large-scale alcohol-to-jet plant in North Dakota with an estimated cost of $500 million, targeting a final investment decision (FID) in the second half of 2026 [28][29] Partnerships and Collaborations - **Bushel Partnership**: Collaboration with Bushel to integrate on-farm data with Verity's sustainability model, enhancing the tracking of agricultural products through the supply chain [35][36] Key Challenges and Considerations - **Capital Requirements**: The construction of the large-scale plant will require significant capital investment, with ongoing discussions for a $1.5 billion loan from the U.S. Department of Energy being adjusted to fit the North Dakota site [29][42] - **Market Competition**: Gevo operates in a nascent industry that is still optimizing processes for ethanol-to-jet conversion, facing competition from established fossil fuel industries [26] Conclusion - Gevo is positioned to capitalize on the growing demand for sustainable fuels through innovative technology and strategic partnerships, with a clear roadmap for growth and expansion in the renewable energy sector [40][44]

Core Viewpoint - CF Industries and POET have launched a pilot project in the U.S. to produce low-carbon ethanol using low-carbon fertilizers, aiming to reduce carbon intensity in corn farming and enhance sustainability in the biofuel industry [1] Group 1: Project Overview - The pilot project involves multiple agricultural cooperatives to create a low-carbon fertilizer supply chain from production to farmers [1] - The project covers states including Iowa, Minnesota, Missouri, and Nebraska [1] Group 2: Production Capacity and Goals - CF Industries' Donaldsonville plant can produce up to 1.9 million tons of low-carbon ammonia annually, sufficient for fertilizing 19 to 22 million acres of corn [1] - The first sales and application of low-carbon ammonia fertilizers are expected by fall 2025 [1] - POET plans to use corn grown with these low-carbon fertilizers to produce 5 to 6 million gallons of low-carbon intensity ethanol at its biofuel plants in Minnesota, Iowa, and Nebraska [1] Group 3: Strategic Implications - CF Industries' President Bert Frost highlighted that low-carbon fertilizers provide a quantifiable and certifiable path for decarbonizing bioethanol feedstock [1] - POET's President Christian McIlvain stated that this initiative opens new avenues for reducing ethanol carbon intensity, promising both environmental and economic benefits [1] - The collaboration signifies a deep partnership between agriculture and energy sectors in the low-carbon value chain, aiming to promote sustainable development in the biofuel industry [1]