Guosen Securities recently released a review of biodiesel industry, and analyzed that the domestic demand for biodiesel is expected to increase after the pilot application of biodiesel. The following is a summary of the research report: On April 2, 2024, the Comprehensive Department of the National Energy Administration publicized the pilot application of biodiesel in China.

Guosen Securities recently released a review of biodiesel industry, and analyzed that the domestic demand for biodiesel is expected to increase after the pilot application of biodiesel.

The following is a summary of the research report:

On April 2, 2024, the Comprehensive Department of National Energy Administration publicized the pilot project of domestic biodiesel promotion and application.

Guoxin Chemical’s viewpoint:

1) Promoting the application of biodiesel in China is helpful for recycling waste and accelerating the green and low-carbon energy transformation. Biodiesel is a kind of renewable energy produced from waste oil and other biomass, and it is an internationally recognized green and clean fuel. In September 2023, the National Energy Administration organized an on-site meeting on the pilot project of biodiesel promotion and application in Shanghai; In November 2023, the National Energy Administration issued the Notice of the National Energy Administration on Organizing the Pilot Demonstration of Biodiesel Popularization and Application, and organized the pilot application and review of biodiesel popularization and application; In April, 2024, the National Energy Administration announced 22 pilot projects for the popularization and application of biodiesel, including 19 cities/districts, as well as China Ship Fuel Co., Ltd., China Petrochemical Fuel Oil Sales Co., Ltd. and Shandong Expressway Group.

2) The content of the pilot demonstration is diverse, which accumulates experience for continuing to expand the popularization and application of biodiesel in China. Biodiesel pilot demonstration includes vehicle biodiesel, marine biodiesel and others. The pilot demonstration of vehicle biodiesel includes regional popularization and application, industry popularization and application, enterprise popularization and application, and expressway popularization and application; The pilot demonstration of marine biodiesel includes the promotion and application of bonded areas and free trade zones, and the promotion and application of rivers and lakes. Governments and enterprises at all levels have further expanded the application scenarios of biodiesel in China by carrying out pilot demonstrations on the promotion and application of various types of biodiesel, and accumulated experience for continuing to expand the promotion and application of green liquid fuels such as biodiesel.

3) In 2023, the EU initiated the review of biodiesel for many times. In 2023, domestic biodiesel production declined and exports were under pressure. In April 2023, ISCC initiated the review of biodiesel certification enterprises in China; In August, 2023, the European Commission launched an anti-circumvention investigation on biodiesel originating in Indonesia and exported to Europe via China and Britain. On December 20th, 2023, the European Commission initiated an anti-dumping investigation on biodiesel products originating in China, and it is expected that a preliminary ruling will be made 7-8 months after the case is filed. According to Zhuo Chuang Information, the domestic biodiesel production in 2023 was 857,000 tons, down 33.5% year-on-year; Exports were 1.95 million tons, up 8.7% year-on-year, of which 1.867 million tons were exported to European countries, accounting for 95.7%, but 775,000 tons were exported in the second half of the year, down 34.0% from the first half.

4) Domestic pilot application will help boost domestic demand for biodiesel, so we need to pay attention to the specific implementation of the government and enterprises in the future. From the government’s point of view, it is an effective way to help realize the goal of "double carbon" to carry out pilot demonstration of biodiesel popularization and application; From the enterprise’s point of view, it is imperative to actively expand the domestic demand for biodiesel in the current situation of weak export demand and price to the EU. From the price point of view, the current domestic biodiesel price is 6800-7000 yuan/ton, while the current market price of 0# diesel is 7700-7800 yuan/ton (including tax), so biodiesel is more cost-effective in the short term. However, according to the promotion and application of B5 biodiesel in Shanghai, in the fourth quarter of 2023, the Shanghai Development and Reform Commission arranged a subsidy fund of 41.86 million yuan for biodiesel production from kitchen waste oil. We expect that the subsidy amount per ton of biodiesel will be around 1000 yuan. Although the prices of biodiesel and diesel oil are upside down at present, the prices of refined oil are relatively high, and the profitability of biodiesel is limited. Therefore, it is still necessary to pay attention to the specific implementation of biodiesel promotion by the government and enterprises in the future.

5) Investment suggestion: It is suggested to pay attention to Zhuoyue Xinneng, the leader of domestic biodiesel industry. At present, the company’s biodiesel production capacity is 500,000 tons, and the bio-based materials production capacity is 90,000 tons.

Risk warning: the risk of a sharp drop in the price of biodiesel, the risk that the demand for biodiesel in the EU is less than expected, and the risk of changes in biodiesel policies in the EU and China. (Guosen Securities Yang Lin, Xue Cong)

[Editor: Xiao Jie]

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　　In recent years, "big data" has gradually moved from academic concept to industrial application, and has become the "window" for the Internet industry to compete for each other. However, although there are endless ideas, research and plans about big data in the industry, most companies have not actually enjoyed the change dividend brought by big data.

　　Nowadays, with the maturity of face recognition, artificial intelligence, cloud computing and other technologies, big data applications have also landed and begun to reshape existing business models.

　　Fashion can also be customized.

　　The favorite color of young people born after 1995 in China is "unsaturated black" with RGB value of 22/20/24. When buying clothes, the colors they most often match with black are "red, yellow and blue". The favorite clothing materials are cotton, wool and leather, and the favorite colors are printing, graffiti and letters … …

　　The above conclusions come from the "China Post-90s Fashion Color Report" jointly released by Tencent and e-commerce platform Vipshop. Relying on Tencent’s AI (artificial intelligence) face recognition and image processing technology, based on Tencent’s QQ space 2 trillion social media photos and Vipshop’s 100 million e-commerce users’ sales data, the two companies jointly "calculated" China’s "post-1995" dressing preferences.

　　It is not easy to extract the "fashion factor" from 2 trillion photos and 100 million e-commerce user data. According to Liang Zhu, vice president of Tencent Group and head of Youtu Lab, finding these popular colors needs to overcome many technical difficulties. For example, the photos uploaded by users in QQ space are mainly life photos, and the background and colors are very complicated. In order to achieve accurate color acquisition, its technical team uses many artificial intelligence algorithms, including human body detection and clothes segmentation, to separate the human body and clothes in the photos from the background, and its pixel segmentation accuracy reaches 95%.

　　It is understood that the two companies jointly invited designers to design fashion clothes based on the calculation results, and plan to sell them online on the Vipshop e-commerce platform this fall.

　　"Face recognition and image processing technology based on machine learning has always been a hot technology in the future, and its application range is very wide. At present, Tencent Youtu’s AI image recognition technology is very mature and can be applied in different scenarios. " Beam-column representation.

　　No longer "looking at the number and sighing"

　　In the past, big data applications were mostly confined to the marketing level. Its essence was to use the advantages of "big data" to analyze market factors such as user behavior by traditional computing methods, which was not a real big data application. In the face of massive and precious data, it is often impossible to really use it, and it can only be "sighing and sighing".

　　Nowadays, the application of big data has broken through the limitations of data capture and statistical methods in the past, and has begun to penetrate into all aspects of the industrial chain, becoming a "closed-loop ecology" that runs through big data.

　　In the retail field, following the concept of "new retail" put forward by Alibaba last year, at the beginning of the new year, Alibaba Group signed a comprehensive strategic cooperation agreement with Bailian Group, announcing the joint efforts to explore and develop a new retail model. According to Ali, based on big data and Internet technology, the two sides will cooperate in six areas: all-format integration and innovation, new retail technology research and development, supply chain integration, member system interoperability, payment financial interconnection and logistics system coordination.

　　"The new retail is to use the Internet and big data to ‘ People, goods and fields ’ And other traditional business elements, including the reconstruction of production processes, the reconstruction of the relationship between merchants and consumers, and the reconstruction of consumer experience. In the future, business will no longer be divided into online and offline, and there will be no difference between virtual entities. " Zhang Yong, CEO of Alibaba Group said.

　　In the field of household appliances, according to the newly released White Paper on Smart Air Conditioning Market in China in 2016, the domestic smart air conditioning industry has been improved in manufacturing, channels, services, resources and application level of new technologies in 2016, especially the introduction and resource sharing of cloud and big data technology, which has laid a solid foundation for resource sharing and service innovation in related industries.

　　Take Haier, a home appliance company, as an example. Relying on big data, the air conditioners produced by Haier not only built an intelligent energy-saving system, but also applied big data to the fields of heating and power supply. In Jiangsu, Haier’s air-conditioning cloud data has been effectively connected with the State Grid, so as to adjust the peak power load of residents, reduce the peak-valley difference of the grid by 18.47%, and greatly ease the operating pressure of the grid.

　　Realize "personalized mass production"

　　In fact, the continuous application of big data is solving the contradiction between "personalization" and "mass production" in the past, which has brought about changes in business models.

　　In the past, mass-produced products could hardly meet the individual needs of customers. Even with massive data as the marketing basis, we could only subdivide the needs of users as much as possible, and then mass-produce in each subdivision. With the penetration of Internet, big data, cloud planning and other technologies, it is possible to meet personalized and customized needs, and personalized mass production is being tried and explored. According to Chen Feifei, senior director of Vipshop, it is a bold cross-border innovation to apply big data to the fashion industry and conduct e-commerce operation. "Let photo big data, sales big data, artificial intelligence collide with fashion trends, connect data with art, and provide more inspiration and possibilities for creation in the fashion field." Chen Feifei said.

　　This attempt has brought obvious changes to the production mode of fashion industry, that is, from the former designer-led mode to the user-centered personalized mass production mode. Consumption data will become the most valuable resource in the fashion industry ecological chain. Whoever has more accurate user data will have more market opportunities.

　　Similarly, in the field of household appliances, Haier air conditioning can simulate 30 body parts, 20 metabolic modes, 162 neuron sensors and 17 warm and cold environments through joint research and development of intelligent bionic human technology. At the same time, relying on bionic people, we have developed original technologies and products such as natural wind, self-cleaning and ion air supply to realize personalized energy saving for thousands of people and make every air conditioner produced in batches "different".

　　In the field of medical and health care, because of the different disease history and genetic composition of each person, the standardized treatment scheme for diseases in the past is more like a "stopgap measure" under technical restrictions. Nowadays, with the breakthrough of medical sensors, monitors and diagnostic technologies, patient data has become complete and detailed. On this basis, the artificial intelligence system can comb the medical records, genome sequences and other health behavior data of millions of patients, so as to match the personalized treatment plan.

　　Various trends show that this change in business model is rapidly infiltrating into various industries. The universal landing of "personalized mass production" will also be possible with the support of big data.

　　Xinhua News Agency, Washington, January 20th　(International observation) Biden’s "political achievements" in power for one year are hard to be recognized by the people.

　　Xinhua News Agency reporter Deng Xianlai

　　US President Biden celebrated the first anniversary of his administration on the 20th. Over the past year, the Biden administration’s achievements in preventing and controlling the epidemic, reviving the economy, easing social contradictions and diplomatic fields have been lackluster. The series of problems he promised to solve have not only improved little, but even got worse.

　　On January 19th, US President Biden held a press conference at the White House in Washington (video screenshot). (Xinhua News Agency)

　　Policy obstruction

　　When Biden came to power, he made scientific prevention and control of COVID-19 epidemic and returning to normal life as soon as possible as a policy priority. He invited Anthony Fauci, an infectious disease expert, to be the president’s chief medical adviser, and prompted Congress to pass a $1.9 trillion economic aid plan to rapidly promote vaccination. These measures were recognized by many voters. However, since then, in order to curb the epidemic rebound caused by COVID-19 mutant strains such as Delta and Omicron, the White House issued a compulsory vaccine order for employees of large private enterprises, which was strongly resisted by the Republican ruling state and some business groups. The US Supreme Court recently ruled that the injunction could not be implemented, which frustrated Biden’s government policy.

　　On January 13th, medical staff took samples from the examiners at a Covid-19 test site in Washington, DC. (Xinhua News Agency, photo by Shen Ting)

　　On the economic front, although Biden pushed Congress to pass a large-scale infrastructure construction bill, problems such as high inflation, supply chain bottlenecks and labor shortage continue to be difficult to solve, and the road to economic recovery in the United States is full of thorns. According to data from the US Department of Labor, the US consumer price index rose by 7% year-on-year in December last year, the largest year-on-year increase in nearly 40 years. In the same month, the number of new jobs in the non-agricultural sector was only 199,000, and the number of unemployed people due to the epidemic was still as high as 3.1 million. The employment situation is still grim.

　　Politically, the struggle between the two parties in the United States and social tears have not eased, which has led Biden to fail to achieve policy goals such as easing racial conflicts, controlling the proliferation of guns, controlling border immigrants, and stopping violent law enforcement through congressional legislation. Recently, the two parties in Congress launched a fierce attack on two electoral reform bills proposed by Democrats to protect voters’ voting rights. The controversy over election reform may further deepen some conservative Republican voters’ doubts about Biden’s administration’s "ruling legitimacy."

　　On the diplomatic front, Biden promised to abolish a series of unilateralist policies during the Trump administration and prove to allies that "the United States is back." However, in diplomacy, he "broke more and established less" and lacked constructive policies. Some analysts believe that although Biden fulfilled his promise to withdraw troops from Afghanistan, the withdrawal plan was sloppy, the process was chaotic and the consequences were serious, which was widely criticized; He emphasized stability and predictability in relations with Russia, but ignored Russia’s security concerns on issues related to Russia’s core interests such as the Ukrainian crisis, which led to the continuous deterioration of US-Russia relations. He promised to let the United States return to the Iranian nuclear deal, but he did not show enough flexibility in the negotiations with Iran, so the prospect of reaching an agreement between the two sides is still unclear.

　　Difficult to be recognized

　　When Biden took office, he made many promises: to cure American "democracy", to defeat the COVID-19 epidemic, to solve deep-rooted racial and economic problems, and to restore America’s position in the world. However, one year later, his performance in preventing and controlling epidemic situation, curbing inflation, and policy legislation has not been recognized by the American people.

　　According to a poll released by Quinnipiac University recently, voters’ satisfaction with Biden’s administration has dropped to 33%. The American media pointed out that Biden broke the record of popular votes in the 2020 US presidential election, but now he has become one of the most unpopular US presidents.

　　Bill galston, a researcher at the Brookings Institution in the United States, said that Biden failed to meet the expectations of voters, and his anti-epidemic performance was particularly disappointing. At the same time, the chaos of Afghanistan’s withdrawal has also seriously damaged the image of Biden’s government.

　　This is a photo of local residents and Taliban in Kandahar, Afghanistan on August 31, 2021. Kenneth Mackenzie, commander of the US Central Command, announced on August 30, 2021 that the US military has completed the task of withdrawing from Afghanistan, and the US military operations in Afghanistan for nearly 20 years have officially ended. (Xinhua News Agency, photo by Sanaula)

　　Sarah Langweil, a Republican strategist in the United States, found through a one-year interview that Biden’s rating by voters continued to decline, and even "failed", and there were many democratic voters who were dissatisfied with Biden. Langweil believes that the survey results reflect people’s general dissatisfaction with the long-term persistence of the epidemic and rising inflation.

　　The Atlantic Monthly recently pointed out that compared with the consistent strong dissatisfaction of Republican voters with Biden, the rapid decline of Biden’s support rate among Democrats and independent voters deserves more attention. The internal differences and conflicts among the Democratic voters are becoming more and more obvious. Some voters think that the Democratic Party is not pushing the New Deal fast enough, while others disapprove of the ideas that the Democratic Party is pursuing at present.

　　Division remains the same

　　In recent years, the partisan struggle in the United States has become increasingly acute, and the opposition among the people has become increasingly fierce. The riots on Capitol Hill at the beginning of last year marked a new high in the top-down division of American society. One year after Biden took office, this polarization and tearing has not only not eased, but has further intensified.

　　Republicans totally deny Biden’s policy, American media are keen to play up opposing feelings, and former President Trump still has influence in the Republican Party, all of which are the reasons why the United States is deeply mired in opposition and tearing.

　　On January 6, US President Biden delivered a speech at the Capitol in Washington to commemorate the first anniversary of the riots on Capitol Hill. (Xinhua News Agency, Pool photo, photo by Michael Reynolds)

　　Rick Taylor, a Republican strategist, believes that Biden’s Democratic Party’s dominant position in Congress is extremely weak, and it is usually difficult to realize its policy proposition through legislation, and the presidential executive order he signed lacks overwhelming persuasion. This means that it is difficult for Biden to have the ability to unite the United States.

　　Analysts pointed out that over the past year, the division of the United States has been intensifying, Biden’s patience with Republicans has almost run out, and the two parties have been arguing over the reasons for the division. Some people even question whether it is necessary for the two parties to have a consensus. In this case, it seems destined to be an unreachable dream to bridge differences and unite the United States.