证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 海螺集团拟对海螺创业增持 10.61%；重视矿 山双碳；持续关注 UCO 端山高、朗坤 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 24 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -10% 0% 10% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 环保 沪深300 相关研究 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 2026-02-14 《矿业双碳：绿能、装备、资源&再生 资源！》 2026-02-13 东吴证券研究所 1 / 27 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：龙净环保，高能环境，赛恩斯，瀚蓝环境，绿色动力环保，绿色动力， 海螺创业， ...

Group 1 - The core viewpoint of the report emphasizes the recovery in the environmental protection industry, particularly in lithium battery recycling, with a noted decline in lithium and cobalt prices leading to improved profitability [1][7] - Key recommendations include companies such as Longjing Environmental (龙净环保), High Energy Environment (高能环境), and others, indicating a strong focus on firms with growth potential in the environmental sector [2] - The report highlights the performance of Jingjin Equipment (景津装备) as a leading filter press manufacturer, with a market share exceeding 40% and a projected dividend of 6.1 billion yuan for 2023-2024, reflecting a dividend yield of 4.5% [3] Group 2 - The 2026 strategy focuses on value and growth resonance, emphasizing the importance of market-oriented improvements and operational value reassessment in the solid waste sector [4] - The report identifies three main themes: value-driven growth, quality growth, and dual carbon initiatives, with specific recommendations for companies involved in renewable energy and waste management [5] - The sanitation equipment sector is projected to see significant growth, with a 150% increase in unmanned sanitation project bids and a 71% increase in sales of new energy sanitation vehicles [6][7]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the transition from energy consumption dual control to carbon dual control in China, with carbon emission intensity becoming a binding indicator and total emissions as a recommended indicator, benefiting green electricity and clean energy applications [2][3] Core Insights and Arguments - Local governments will implement carbon assessments through various means, including encouraging or mandating companies to purchase renewable energy, formulating local carbon reduction policies, and setting industry carbon emission standards [2][7] - The national carbon market currently focuses on the power industry, with plans to gradually include non-electric industries. The carbon intensity reduction rate in the power sector is expected to increase, with free quotas transitioning to paid allocations by 2027 [2][10] - The carbon market's price is expected to remain relatively stable in 2026 and 2027, provided there are no new transfer restrictions [2][14] - Industries such as paper and flat glass may be included in the carbon market in the next phase, followed by basic chemicals, coal chemicals, refining, and copper smelting [2][17] - The transition to a carbon-centric assessment system means that new projects will focus on carbon emissions rather than energy consumption metrics, favoring the use of renewable energy [5][10] Important but Overlooked Content - The construction of zero-carbon parks aims to demonstrate low-emission areas, with specific requirements for carbon intensity and renewable energy usage [21][22] - The economic viability of zero-carbon parks depends on the availability of renewable energy resources and the cost of direct green electricity connections [23] - The EU carbon tariff significantly impacts China's steel and aluminum exports, with potential expansion to other industries [29][31] - The gradual tightening of the EU's free quota policy will increase carbon costs, leading to a rise in carbon prices in the coming years [31] - The potential for future adjustments to the default values used for measuring carbon emissions from Chinese exports to the EU, which are currently considered unreasonably high [30] This summary encapsulates the critical aspects of the conference call, highlighting the industry's transition towards carbon control, the implications for various sectors, and the potential impacts of international policies.

Core Viewpoint - The company is one of the earliest publicly listed firms in China to enter the hydrocarbon-based biodiesel and bio-jet fuel industry, with production capacity ranking among the top in the sector [1] Group 1: Company Positioning - The company has received certifications for its bio-jet fuel products from the Civil Aviation Administration of China and international certifications under ISCCCORSIA and ISCC-EU for HEFA [1] - The company has also obtained qualification for the SAF export whitelist, enhancing its market opportunities [1] Group 2: Future Strategy - The company is committed to focusing on the research and development, production, and market promotion of biodiesel and bio-jet fuel [1] - The company plans to continue deepening its core business in bioenergy, aiming to strengthen and optimize its core operational assets for high-quality development [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **Sustainable Aviation Alternative Fuels (SAAS)** and **biodiesel** industry, highlighting the potential for biodiesel (including first-generation and HVO) to become more popular than SAAS by 2026 due to economic conditions in Europe [2][3]. Core Insights and Arguments - **SAAS Demand and Economic Impact**: The overall volume of SAAS in 2026 may not meet expectations, with a 6% blending target achievable depending on the European economic situation [2][3]. - **Airline Industry Challenges**: Airlines face significant challenges due to high asset costs and poor profitability, with rising jet fuel prices potentially impacting internal competition [2][5]. - **Domestic Supply Issues**: There is insufficient supply of UCO (Used Cooking Oil) to meet SAAS demand, leading to a contraction in device authorizations by technology suppliers [2][6]. - **New Capacity Projections**: Domestic new capacity is expected to exceed 4 million tons in 2026, primarily concentrated in the southwestern region of China, but raw material supply remains a bottleneck [2][6]. - **Raw Material Quality**: Waste cooking oil is the primary raw material for SAAS, with kitchen waste oil being the highest quality. A shortage of waste oil could lead to price increases that affect the entire supply chain [2][7]. - **Price Stability**: The cancellation of large wave calculations may cause short-term price fluctuations in the UCO market, but overall prices should remain stable or slightly decrease in the long term due to strong demand and resource scarcity [2][8][10]. Additional Important Insights - **Production Costs**: The total processing cost for producing SAP (Synthetic Aviation Fuel) from UCO is approximately 11,000 RMB per ton, with raw material costs being a significant factor [4][12]. - **Market Dynamics**: The demand for UCO in the overseas market is significant, with high-quality UCO primarily being exported, which could impact domestic SAAS production if not retained [19]. - **Investment Trends**: There is a trend of overseas companies investing in biodiesel and astaxanthin products, driven by the oil content in waste oils and geopolitical risk considerations [20]. - **Biomass Char for Green Methanol**: The development of biomass char for green methanol production is facing challenges in China, with a need to shift towards pre-treatment methods to improve process efficiency [21]. Future Price Trends - **Market Price Fluctuations**: The UCO market is expected to follow a trend of stability in the first half of the year, with potential price increases in the second half due to stockpiling demands [23].

Group 1 - The core viewpoint of the news is that Shanggao Environmental Energy (SZ000803) experienced a trading halt with a price increase of 10.06%, reaching 9.3 yuan, driven by strong support from state-owned enterprises and a focus on the environmental industry [1][2]. Group 2 - The company announced that Shandong Highway Group and its affiliates fully subscribed to a private placement of shares worth 650 million yuan, with a lock-up period of 36 months, indicating strong confidence from the major shareholder in the company's development [2]. - The raised funds will be used to repay bank loans, which is expected to reduce the company's debt-to-asset ratio from 71.52% to approximately 65%, thereby optimizing the capital structure and lowering financial risks [2]. - Shanggao Environmental Energy's business in kitchen waste treatment and bio-aviation fuel aligns with the national "dual carbon" strategy, allowing the company to benefit from tax incentives and holding exclusive operating rights in 20 cities with a processing capacity of 5,160 tons per day, creating a regional competitive barrier [2]. - The recent market focus on the environmental industry, coupled with ongoing government support for environmental policies, has made this sector a hot topic, contributing to the active performance of related stocks, including Shanggao Environmental Energy [2]. - The company is undergoing a business transformation, with the proportion of self-produced oil fats increasing to over 50% and gross profit margin improving to 40.68%, indicating initial success in its business transition [2]. - For the period from January to September 2025, the company's net operating cash flow was 222 million yuan, showing significant improvement compared to 2022, which may attract investor interest [2]. - On the funding side, there was likely a net inflow of large orders on the day of the trading halt, contributing to the stock price increase; technical indicators may also show positive signals such as a short-term moving average crossover [2].

Investment Rating - The report maintains a "Buy" rating for the environmental industry, specifically focusing on sustainable aviation fuel (SAF) and its related sectors [1]. Core Insights - Sustainable Aviation Fuel (SAF) is identified as the only feasible solution for carbon reduction in the aviation sector, with potential carbon emission reductions of 80%-85% throughout its lifecycle [9][10]. - The demand for SAF is expected to surge due to regulatory mandates in the EU and UK starting in 2025, leading to a significant increase in prices and profitability for SAF producers [15][16]. - The supply of used cooking oil (UCO), a key raw material for SAF production, is projected to become increasingly scarce, driving up its value and creating investment opportunities in companies with access to these resources [4][19]. Summary by Sections 1. SAF as the Only Viable Solution - The aviation sector is a major source of greenhouse gas emissions, with liquid fuels being irreplaceable due to high energy density requirements [9]. - SAF can be blended with traditional jet fuel without requiring major modifications to existing aircraft [10]. 2. SAF: EU Regulations and Market Dynamics - The EU will enforce mandatory SAF blending ratios starting in 2025, with targets set for 2030, 2035, 2040, 2045, and 2050 [16][18]. - The projected SAF demand in the EU is expected to reach 3,662 million tons by 2050, with a compound annual growth rate of 15% from 2025 to 2050 [19][20]. 3. UCO Supply and Demand - China's annual UCO utilization is approximately 400 million tons, with significant potential for growth, but collection remains challenging [37]. - The demand for UCO is expected to rise sharply as SAF production increases, with long-term supply shortages anticipated [4][19]. 4. Investment Recommendations - Companies with scarce UCO resources, such as Shanhigh Environmental and Longkun Technology, are recommended for investment due to the increasing value of waste oil resources [4]. - The short-term supply constraints in SAF production are expected to lead to substantial profits for SAF manufacturers [4].

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is a strategic move aimed at enhancing competitiveness and optimizing resource allocation in response to international competition and green transformation [1][2]. Group 1: Restructuring Overview - The restructuring is not merely a stock or asset adjustment but a strategic integration that emphasizes specialization and resource optimization [1]. - This move is seen as a significant step in deepening state-owned enterprise (SOE) reforms and is expected to create a synergistic effect, achieving greater efficiency through collaboration [1][2]. Group 2: Industry Context - China Aviation Oil is the largest aviation fuel service provider in Asia, serving 258 transportation airports and 454 general airports, while Sinopec is the largest supplier of refined oil and petrochemical products in China [2]. - The integration is expected to leverage the complementary strengths of both companies, enhancing aviation fuel supply capabilities and reducing reliance on international markets [3]. Group 3: Market Dynamics - Post-restructuring, the companies are anticipated to reduce homogeneous competition and create a "refining-aviation fuel" synergy, improving supply chain efficiency and cost control [3]. - The restructuring aims to position the combined entity to compete with global energy giants like Shell and BP, enhancing market share and pricing power [3]. Group 4: Industry Growth Potential - The aviation fuel market is projected to grow, with China Aviation Oil reporting a 4.8% increase in sales volume and a 4.6% increase in revenue during the 14th Five-Year Plan period [5]. - The demand for aviation fuel is expected to rise significantly, driven by an increase in passenger transport, with projections of 8.1 billion passenger trips by 2026 [6]. Group 5: Green Transition - The restructuring aligns with the green transition goals, as sustainable aviation fuel (SAF) is becoming a key focus for the aviation industry [7]. - Sinopec has been a pioneer in bio-jet fuel, with successful applications in domestic airlines, which will facilitate the acceleration of energy transition in the aviation sector post-restructuring [7].

Group 1 - The core viewpoint of the news is the restructuring of China Petroleum & Chemical Corporation (Sinopec) and China National Aviation Fuel Group Corporation (China Aviation Fuel), which is expected to enhance the resilience of the aviation fuel industry chain and ensure energy security for the aviation sector [1] - Sinopec is the world's largest refining company and the largest aviation fuel producer in China, while China Aviation Fuel is the largest integrated aviation fuel service provider in Asia [1] - The restructuring is predicted to leverage the integrated advantages of refining and reduce intermediate links, thereby lowering supply costs and providing strong support for energy security in China's aviation industry [1] Group 2 - During the 14th Five-Year Plan period, the demand for aviation fuel in China is expected to grow at an average annual rate of around 4%, reaching approximately 50 million tons by 2030 and about 75 million tons by 2040 [1] - The merger is anticipated to enhance the international competitiveness of China's aviation fuel industry, which currently has production, sales, and refueling operations spread across different companies [1] - The restructuring will facilitate the combination of strengths in sustainable aviation fuel technology, research and development, and international trade, contributing to carbon reduction in the aviation industry [2]

Core Viewpoint - The restructuring between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is approved by the State Council, aiming to enhance market competitiveness and achieve strategic synergies [1][4]. Group 1: Restructuring Details - The restructuring requires further procedures and approvals but is not expected to significantly impact the normal operations of the companies involved [4]. - China Aviation Oil Group is the largest aviation fuel service provider in Asia, serving 258 transport airports and 454 general airports, and has been listed in the Fortune Global 500 for 13 times since 2011 [4]. Group 2: Strategic Benefits - The merger is anticipated to create significant strategic complementarity and synergy, enhancing the overall market competitiveness of both companies [5]. - Sinopec can leverage China Aviation Oil Group's distribution network to expand its market share in aviation fuel and integrate production and sales [5]. - China Aviation Oil Group will gain more stable upstream resource supply, improving its bargaining power in the international aviation fuel market [5]. Group 3: Green Transition - The restructuring aligns with China's "dual carbon" goals, as the civil aviation sector is a key area for achieving these targets, with approximately 99% of carbon emissions from aviation coming from fuel consumption [5]. - Sinopec is focusing on the development of sustainable aviation fuel (SAF) as a critical path for emissions reduction, having made significant advancements in this area since 2014 [5][6]. - The collaboration is expected to reshape the competitive landscape of the traditional energy market and have a profound impact on the green transition of China's aviation industry [6].