??@ (2025)

TrendBan<

?.3?a??s?eüa?i?nü 31

zn???sssay?ap>?eag. 38

?? seta?asi??ü. 4o

?? seF???t?ià???^ü. 48

TrendBank.com

TrendBan<

seFP?ej??u,. ss

TrendBank.com

@S23gü?@@%Ian@j1Jt@o? 32

@S24gü?@@%I?n@j_8?A???? 33

S27?IA*2050VAê ???SEBM*Dtf?G R?. 39

@ 282020—2050@Q SAF 40

@S30ASTMi,\iI8fi?)ü????z?j????j1?F@o? 43

ge31g? surz?ngj1?e°,üa?s. 4s

Iàc 32Aü SAFz?nIZI_a?￡ü?;,?s. 47

@c33gü?Ijü??4??zifi??(sF)?Jüjg?ts??. 48

ge34aasurz?ngj1?e°,üa?s. se

àls3saa surI?ngI_a?￡ü?. s3

@€36güZj??*?/??7?SFI?n@ 53

ge37aasurz?ng?,nj?ysug. ss

ge3s?r,r??ü?aasurz?ng???:e. se

TrendBank.com

TrendBan<

ac7èBsaR?NLaa1.^..

?g ?: ?B(TrendBank) IEA

#? 45.71%

73 TrendBank.com

?4!1@&€?t:@R1@@@1B?￠,!I!20254%@31%i!?LL9JB&I?￠%

282020-2050%# SAF m

40000

35000

30000

“20000

R15000

1000D

5000

0 —

2020 2025 2030 2035 2040 2045 2050

]g f:IATA.EIB(TrendBank)

4.2:§:IfiSAF?$@@&Iy*t$

70%

60%

50?

40BK

30W

20%

]OX

OX

SAF ]/?@@(TrendBank) TJ,&@@

üZ&BGZ@QsAFPMB&IA,LJ@91%i!??1&B#fi??^üf?e%B1

40 TrendBan

TrendBan<

2023?

2023?

2024?

2024?

6%,2050?üZf70%

?átoxìt?:/X2o26AuTnnaa:rouY?sfixrJl?xw??.

stüsAF??üag@?'@:e,

2024? —? @

2024?

2024?

4.2.2]§??^?

@C2024@12@, ?,*]ì?fü ??T (AmericanSocietyforTesting

42 TrendBank.com

(HEFA)

(AU) ?B??E?k?IüB9@0?Q?eIz(PtL)

1@a?t??B@O1é°.??,aa6@sAFSP@Ez?^?sA@SPzz.

D7566

D7566

FT

HEFA

SIP

sam 2009 50% 6-8 6-8

20D 50% 9 9

èé A4 FT-SPA

43

2035 50% 6-8 6-8

TrendBank.com

TrendBan<

AM r...-. e** °''°

D7566

AT]-SPK

2036

2038

50% 6-8 7-8

@?fiA5

ASTM

D7566

CH]

HC-HEFA-SPK

2020 50% 4-6 6

2020 10%

èé A8 AT]-SKA

ASTM

D1655

44

2023 50%

2020 5% 7-8 6-7

TrendBank.com

ASTM

D1655

HEFA.,t

2023

30%

]gI:IATA.SIB(TrendBank)

§?85%o

]gI:SightlineClimate SIB(Trendbank)III

45

HEFA

e—SAF

FischerTropschbio-SAF

g§$IJ

TrendBank.com

10

10 iIn

10

5 Li

@t%ISCCCORSIAi/ìIL

i III (@@37)

xTBAì:;f:€"%ti2AìDì#iWàl%AP29'ì'",Z?'"?*TiAìAìIG-4fDtlS0à

54 TrendBank.com

?P<7?*ńlg?tà?l?tf??fü41é??t,?9? seFèhü?B?^??ù'Mf?

EcofiningTM

1

H

1

'

(HEFA) D 50

?f+^T%?ń????fü?1?t9??=8ùTü/??b/?

Ecofining??iA

40Z?Pg,16%

796

eFining?A0?I4?,196

?I:zù?16??/?18.?k6fJk62at 6sF?nPt?^??,6ù?1%E€ N?rz^t?sT???1

'[?:n,?s?üliz2o24?rnésoeaJ ?E,

56 TrendBank.com

TrendBan*a

www.trendban

g?@.se1vice@trendbank.co:?

2025/4/20

2025/7/20

((AEM

@Q

?dì7l?í

￥

2025/7/20

èPEM3IJ@?'*-Mf??—V???@@))

2025/