每经AI快讯，维尔利（300190.SZ）12月15日在投资者互动平台表示，如公司前期所回复，公司依托多 年餐厨垃圾处理业务积累的项目资源，主要聚焦废弃油脂（UCO）业务，深耕生物航煤（SAF）上游原 料端布局。公司依托相关技术对废弃油脂进行预处理，生产的工业级UCO符合行业标准，提供给有关 下游企业，用于生产氢化植物油（HVO）、生物航煤（SAF）及低凝点柴油等绿色能源产品。目前，公 司在江苏南通合作设立的预处理工厂已投产，设计年处理能力约5万吨。未来公司还规划新增3至4座预 处理工厂，争取未来整体处理能力将提升至30万吨/年。公司将持续关注您提及的全球生物燃料行业相 关政策动态，结合自身UCO业务布局，深化与下游企业的合作，把握行业发展机遇。 （文章来源：每日经济新闻） ...

Core Viewpoint - The report from Kaiyuan Securities indicates that the demand for biodiesel is expected to increase due to the EU's enhanced carbon reduction targets and the upcoming verification of SAF (Sustainable Aviation Fuel) blending ratios by the end of the year, leading to a tightening supply-demand situation in the SAF market [2][3]. Price and Profitability - As of November 19, the FOB prices for SAF in the EU and China are $2,500 and $2,960 per ton, respectively, representing increases of 39% and 60% compared to early 2025. The profit margin for SAF in China exceeds 4,000 RMB per ton [1][2]. Regulatory Changes - The EU will gradually implement the Renewable Energy Directive III (RED III) starting in 2026, which raises carbon reduction targets and eliminates the double carbon reduction policy for biodiesel produced from used cooking oil (UCO). This is expected to significantly boost the demand for biodiesel and UCO [2][4]. Supply Chain Dynamics - Neste plans to conduct maintenance on its Rotterdam and Singapore SAF production facilities in late 2025, which may further tighten the supply of SAF. The UK is currently at a 1.6% SAF blending ratio, still short of the 2% target, which will be assessed at the year's end [3][4]. Future Demand Projections - By 2027, global SAF demand is projected to reach 3-4 million tons, driven by the CORSIA requirements for member countries to implement SAF blending ratios. The International Air Transport Association (IATA) anticipates that global SAF demand could reach 40 million tons by 2050 [3][4]. Beneficiary Companies - Companies likely to benefit from these trends include Jiaao Environmental Protection (603822.SH), Shanggou Environmental Energy (000803.SZ), Zhuoyue New Energy (688196.SH), Haineng Technology (300072.SZ), and Pengyao Environmental Protection (300664.SZ) [5].

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 report maintains an "Overweight" rating for the environmental protection industry [1] Core Views - The improvement of the near-consumption pricing mechanism for renewable energy will facilitate the direct connection of green electricity, benefiting waste-to-energy projects [9][10] - The price of Sustainable Aviation Fuel (SAF) has reached a new high in Europe, positively impacting UCO and SAF producers in China [11][12] - The solid waste sector has seen significant acceleration in national subsidies for recycling, leading to improved cash flow and dividend payouts [15][16] Summary by Sections Industry Trends - The environmental protection industry is experiencing a positive trend with the implementation of new pricing mechanisms for renewable energy, which will enhance the economic viability of waste-to-energy projects [9][10] - The SAF market in Europe is tightening, leading to increased prices and benefiting UCO and SAF producers in China [11][12] Solid Waste Sector - National subsidies for recycling have accelerated significantly, with a reported 2.064 billion yuan received in July-August 2025, surpassing the previous year's figures [15] - The solid waste sector is seeing improvements in return on equity (ROE) and cash flow, with a focus on operational efficiency and reduced financial costs [15][16] Water Sector - The water sector is poised for growth with expected improvements in cash flow and dividend payouts, similar to trends observed in the waste-to-energy sector [19][20] - Recent water price reforms in cities like Guangzhou and Shenzhen are anticipated to drive further growth in the sector [19] Sanitation Equipment - The sales of sanitation vehicles have increased, with a notable rise in the penetration rate of new energy sanitation vehicles, reaching 16.14% [22][23] - The market for electric sanitation vehicles is expanding rapidly, with sales growth of 77.55% in the first seven months of 2025 [22][23] Biofuel Sector - The average price of waste cooking oil has decreased, leading to an increase in profit margins for biofuel producers [32] - The biofuel market is expected to remain stable, with ongoing demand for waste oils and limited supply growth [32] Lithium Battery Recycling - The profitability of lithium battery recycling is improving as the prices of lithium carbonate and other materials decline [33][34]