景津装备 (2)20260127 摘要 景津装备近期股价有所上涨。公司受行业周期性影响较大，尤其是宏观经济和 新能源行业的变化。前几年新能源行业爆发式增长，但最近两年出现产能过剩， 导致相关收入从高峰时占比 30%下降到现在的百分之十几。此外，公司主动下 调了一些产品价格以保证回款并抢订单，这在某些需求不佳的行业中保持了相 对稳定，如环保行业。矿山收入占比上半年为 30%，其中有色金属需求较好， 而煤炭需求一般。化工行业经历了两年的下滑，预计 2025 年可能会有所回升， 新疆地区化工投资可能在 2025、2026 年提供支撑。目前产品价格处于底部， 下降空间有限。 公司整体毛利率受到哪些因素影响？降价策略对毛利率有何影响？ 公司整体毛利率受到降价策略的显著影响。24 年开始降价，但仍有之前高价格 订单沉淀确认收入，因此 25 年毛利率进一步下降。预计 25 年三季度后基本都 是降价后的订单，具体回升时间难以预测，但可能在明年（2027 年）一季度 或二季度有所改善。目前降价幅度参考收入下降幅度，因为销量变化不大。 压滤机行业是否存在企业出清情况？景津装备作为市场龙头如何应对？ 压滤机行业确实存在一些小企业出 ...

2026年1月28日 1月27日标的指数成份股涨跌幅TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 600916.SH | 中国黄金 | 9.96 | 36.81 | 3.45 | | 2 | 688516.SH | 奥特维 | 9.81 | 120.95 | 2.31 | | 3 | 603279.SH | 景津装备 | 5.50 | 8.06 | 5.21 | | 4 | 300628.SZ | 亿联网络 | 5.36 | 6.34 | 4.99 | | 5 | 002478.SZ | 常宝股份 | 4.45 | 21.84 | 2.21 | | 6 | 600066.SH | 宇通客车 | 3.65 | -0.92 | 4.80 | | 7 | 603515.SH | 欧普照明 | 1.53 | 8.70 | 4.58 | | 8 | 603833.SH | 欧派 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

2026年1月26日 1月23日标的指数成份股涨跌幅TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 筒称 | 東日涨幅 | 年内涨幅 | 股息率 (近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月） (%) | | l | 688516°CH | 奥特维 | 20.00 | 98.87 | 2.80 | | 2 | 600916.SH 中国黄金 | | 10.02 | 13.13 | 4.18 | | 3 | 000338.SZ 潍柴动力 | | 5.10 | 36.63 | 3.14 | | 4 | 600219.SH | 南山铝业 | 4.47 | 26.02 | 6.01 | | 5 | 600750.SH | 江中药业 | 3.08 | 1.17 | 5.28 | | 6 | 605599.SH | 菜直股份 | 2.85 | 19.12 | 3.80 | | 7 | | 002532.SZ 天山铝业 | 2.51 | 18.67 | 2.12 | | 8 | 300628.SZ ...

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Group 1 - The company, Jingjin Equipment (603279), is a manufacturer of complete filtration equipment and does not currently produce products for robots [1]

Core Viewpoint - The company, Jingjin Equipment, emphasizes innovation-driven development while expanding its product offerings and enhancing its presence in overseas markets [2] Group 1: Business Development - The company has been focusing on the filter press market while cultivating new growth points, particularly in the supporting equipment business, which is experiencing rapid growth [2] - The first and second phases of the complete equipment industrialization project are gradually releasing capacity, with the third phase set to commence soon, further enriching the company's product variety [2] Group 2: Product Offerings - The complete equipment products include various types of filter presses, energy-saving plunger pumps, pre-assembled substations, high and low voltage complete switch control cabinets, mixers, thickeners, conveyors, automatic dosing machines, and more [2] - The company also manufactures a wide range of industrial tanks and pressure vessels for chemical, food, and pharmaceutical applications, including customized solutions [2] Group 3: International Expansion - The company is actively developing its overseas market by enhancing sales and after-sales service networks, participating in international exhibitions, and expanding global brand awareness [2]

Group 1 - The company, Jingjin Equipment (603279.SH), is a manufacturer of complete filtration equipment and does not currently produce products for robots [2] - An investor inquired about the company's involvement in robot-related products on an investor interaction platform [2] - The company confirmed its focus on filtration equipment manufacturing without any engagement in robotics [2]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 8, 2026 [1][5] - The stock with the highest daily increase is Aotewi (688516.SH) with a rise of 11.85% and a year-to-date increase of 29.25%, along with a dividend yield of 4.02% [1][5] - Guangri Co., Ltd. (600894.SH) and Su Yan Jingshen (603299.SH) follow with daily increases of 5.95% and 4.64%, respectively, and year-to-date increases of 5.95% and 6.14% [1][5] Group 2 - Other notable stocks include Zhongyuan Haineng (600026.SH) with a daily increase of 4.59% and a year-to-date increase of 7.36%, and Jiufeng Energy (605090.SH) with a daily increase of 4.55% and a year-to-date increase of 3.46% [1][5] - The dividend yields for these stocks vary, with Guangri Co., Ltd. offering the highest yield at 7.61%, followed by Jiufeng Energy at 2.65% [1][5] - The data is sourced from the Shanghai Stock Exchange and reflects the performance as of the market close on January 8, 2026 [1][5]

Group 1 - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 7, 2026 [1][5] - The top performer is Tuke Mining (600188.SH) with a daily increase of 3.61% and a year-to-date increase of 6.84%, along with a dividend yield of 5.31% [1][5] - Nanshan Aluminum (600219.SH) ranks second with a daily increase of 2.82% and a year-to-date increase of 8.36%, offering a dividend yield of 6.87% [1][5] Group 2 - Other notable stocks include Daimay Co. (603730.SH) with a daily increase of 1.72% and a year-to-date increase of 1.48%, and Tianshan Aluminum (002532.SZ) with a daily increase of 1.70% and a year-to-date increase of 14.52% [1][5] - The list also features companies like Midea Group (000333.SZ) and China Shenhua (601088.SH), which have year-to-date increases of 1.56% and 1.88%, respectively, with dividend yields of 5.09% and 7.95% [1][5] - The data is sourced from the Shanghai Stock Exchange and reflects the closing prices as of January 7, 2026, with dividend yields calculated up to January 6, 2026 [1][5]