龙岩卓越新能源股份有限公司 简式权益变动报告书 上市公司名称：龙岩卓越新能源股份有限公司 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券公 司信息披露内容与格式准则第 15 号—权益变动报告书》（以下简称"准则 15 号"）及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》、《收购办法》、准则 15 号的规定，本报告书已全面 披露了信息披露义务人在龙岩卓越新能源股份有限公司中拥有权益的股份变动 情况； 截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没 有通过任何其他方式增加或减少其在龙岩卓越新能源股份有限公司中拥有权益 的股份。 四、本次权益变动是根据本报告所载明的资料进行的。信息披露义务人没有 委托或者授权其它任何人提供未在本报告书列载的信息和对本报告书做出任何 解释或者说明。 五、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， ...

证券代码：688196 证券简称：卓越新能 公告编号：2026-004 龙岩卓越新能源股份有限公司 关于控股股东权益变动触及 1%、5%整数倍暨披露 简式权益变动报告书的提示性公告 信息披露义务人保证向本公司提供的信息内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责 任。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人的 | 其他 5%以上大股东及其一致行动人 | | 身份 | 合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他（请注明） | 2、信息披露义务人信息 一、信息披露义务人及其一致行动人的基本情况 1、身份类别 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | 龙岩卓越投资有限公司 | 控股股东/实控人 | | | | 控股股东/实控人的一致 | ☑913508005729622133 | | | 行动人 | ...

Summary of Conference Call Notes Industry Overview - The focus is on the environmental protection and renewable energy sectors, particularly in the context of carbon reduction and rising energy prices due to geopolitical tensions [1][2]. Key Points and Arguments - The Chinese government has set a target to reduce carbon emissions per unit of GDP by 17% cumulatively by 2026, with a year-on-year reduction of approximately 3.8% [1]. - The introduction of formal carbon assessments for local governments starting this year marks a significant shift towards stricter carbon control measures [1]. - The EU's carbon tariff, effective from January 1, 2026, is expected to accelerate the integration of global carbon markets [1]. Investment Recommendations - Companies to watch include: - **Renewable Energy**: Dadi Ocean, Zhuoyue New Energy, Haicui Chuangye, Weiming Environmental Protection, Jingjin Equipment, Hanlan Environment, Shanghai Industrial Holdings, and Shanggao Environmental Energy [1]. - **Recycling and Resource Recovery**: Inke Recycling (recycled plastics), Longkun Technology, and others focusing on biofuels and green methanol [2]. - The rising prices of oil, driven by geopolitical tensions, are expected to benefit sectors like biodiesel and green methanol [2]. - Recent price data indicates that UCO prices reached $1,080 per ton in March 2026, a 9.6% increase from early 2025, while SAF prices rose to $2,343 per ton, an 11.5% increase from previous lows [2]. Additional Insights - The high oil prices are driving the demand for green alternatives, emphasizing the importance of raw materials in the renewable energy sector [3]. - The value of waste-to-energy assets is being reassessed in the context of the AI era, highlighting the stability and long-term cash flow potential of infrastructure assets like electricity, water supply, and solid waste management [4]. - Specific characteristics of waste incineration assets include: - Secured local supply through exclusive operating rights, providing monopolistic advantages [5]. - Stable demand for waste management as a basic necessity, ensuring predictable cash flows despite capital expenditure reductions [5]. - The maturity of waste processing methods, with limited potential for technological disruption, supports long-term revenue generation from 30-year operating rights [5]. - Companies to focus on in the waste incineration sector include Hanlan Environment, Haicui Chuangye, and others involved in green electricity and metal recovery [5].

Investment Rating - The report maintains an "Buy" rating for the environmental protection industry [2] Core Insights - The government work report for 2026 emphasizes the need for a 17% reduction in carbon emissions per unit of GDP and a 3.8% reduction in total carbon emissions, marking a shift towards dual control of carbon emissions [12][14] - The report highlights the increasing demand for green energy and biofuels, particularly biodiesel, driven by rising oil prices and geopolitical tensions [5][21] - The report suggests focusing on companies involved in the recycling and green energy sectors, such as biofuels and green methanol, as potential investment opportunities [5][13] Summary by Sections Government Work Report - The 2026 government work report sets higher targets for carbon emissions reduction and introduces a national low-carbon transition fund to support hydrogen and green fuel development [12][15] - The report indicates that 2026 will be the first year of formal carbon assessments for local governments [12][14] Biodiesel Market - The average export price of UCO (Used Cooking Oil) in 2025 was 7,742 CNY/ton, a year-on-year increase of 21.6% [21] - UCO export volume for 2025 was 2.7558 million tons, with a 6.6% decrease compared to the previous year [21] - The report notes that the price of UCO has been on an upward trend, reaching 8,125.54 CNY/ton by December 2025 [21] Carbon Market and Policies - The report tracks developments in the carbon market, noting a recent trading volume of 56.05 million tons and a closing price of 81.85 CNY/ton [36][39] - It highlights the establishment of a comprehensive recycling system for retired solar panels, aiming for a cumulative utilization of 250,000 tons by 2027 [34] Key Companies to Watch - The report recommends monitoring companies such as Langkun Technology, Shanhai Environment, and Huanxin Co., which are positioned to benefit from the growing demand for biofuels and recycling [5][33]

Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The government work report for 2026 emphasizes a comprehensive green transition, focusing on the dual control of carbon emissions and intensity, alongside the expansion of carbon markets [3] - The report highlights a target of reducing carbon emissions per unit of GDP by approximately 3.8% this year, indicating a shift from single-point governance to a collaborative governance model under the dual carbon framework [6] - Key areas of focus include air quality improvement, water environment management, and solid waste governance, which are expected to benefit companies with regional delivery and operational capabilities [6] - The establishment of a national low-carbon transition fund is proposed to foster new growth points in hydrogen energy and green fuels, benefiting leading companies in these sectors [6] Summary by Sections Environmental Policy and Governance - The report outlines a comprehensive approach to environmental governance, including continuous air quality improvement plans and the management of new pollutants [6] - It emphasizes the need for a closed-loop system in solid waste management, which will favor compliant solid waste leaders [6] Investment Recommendations - The report suggests specific companies to invest in across various segments: - Solid Waste: Hanlan Environment, China Everbright Environment, Sanfeng Environment, Weiming Environmental, Wangneng Environment, Zhongke Environmental, Green Power [6] - Air Quality: Longjing Environmental, Zhongzi Technology [6] - Environmental Monitoring: Xuedilong, with related companies including Guangguang Technology, Xianhe Environmental, and Lihua Technology [6] - Water Services: Yuehai Investment, Beikong Water Group [6] - Hydrogen and Green Fuels: China Tianying, Zhuoyue New Energy, with related companies like Shangaohuan Energy and Langkun Technology [6] - Renewable Resources: Gaoneng Environment, Huahong Technology [6] Financial Projections - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a positive outlook for the sector with multiple companies rated as "Overweight" [7]

Investment Rating - The report indicates a cautious investment outlook for the environmental and hydrogen sectors, emphasizing the importance of government support and fiscal policies in driving growth [2][14]. Core Insights - The report highlights that various provinces are focusing on carbon neutrality and pollution reduction, with significant progress in carbon reduction efforts and wastewater management [2][10]. - The hydrogen sector is entering a full industrial chain development phase, with a focus on green hydrogen production and regional collaboration [2][10]. - The report suggests that the debt resolution efforts by local governments are expected to benefit environmental companies, particularly in terms of receivables from government contracts [7][30]. Summary by Sections Carbon Neutrality - Steady progress is being made in carbon reduction, with many regions emphasizing the construction of zero-carbon parks and participating in national carbon trading markets [10][11]. - The environmental benefits are primarily linked to the restructuring of the energy system and deep decarbonization in end-use sectors, positively impacting waste incineration and biomass industries [10][11]. Water Management - Continuous efforts are being made in wastewater treatment, with specific targets set by several provinces, particularly in rural water management [10][11]. - The integration of plant and network investments is expected to support higher earnings growth for wastewater treatment companies [10][11]. Solid Waste Management - The report discusses the promotion of "waste-free cities" and the enhancement of recycling efforts, with recommendations for leading waste incineration companies [10][11]. - Opportunities are identified in the circular economy, particularly in the recycling of waste metals and plastics [10][11]. Air Quality Management - The focus for 2026 is on reducing PM2.5 concentrations and improving air quality, with coordinated control of multiple pollutants [10][11]. Hydrogen Energy - The hydrogen sector is advancing rapidly, with a focus on green electricity for hydrogen production and comprehensive development across the industrial chain [10][11]. - The report notes that various projects and technologies in the hydrogen sector are expected to progress significantly in 2026 [10][11]. Financial Outlook - The report indicates that 2026 will be a year of deepening debt resolution efforts, with local governments maintaining a cautious approach to GDP growth targets [6][18]. - The cash flow situation for the environmental sector has shown improvement, with a notable increase in operating cash flow [7][30].

- The report discusses a **quantitative timing model based on volume signals**, which evaluates market sentiment and timing by analyzing volume trends. The model's construction involves assessing the volume levels of major indices (e.g., Shanghai Composite, CSI 300, etc.) and assigning a cautious view when volume signals are weak. As of February 27, 2026, all major indices showed a "cautious" volume timing signal[24][25] - A **momentum sentiment indicator** is introduced, which calculates the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns in N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is used to capture market sentiment, with higher values indicating optimism. As of February 27, 2026, the indicator was above 60%, reflecting high market sentiment[25][26][27] - A **momentum sentiment timing strategy** is applied by smoothing the momentum sentiment indicator using two moving averages (short-term and long-term). When the short-term average exceeds the long-term average, the model signals a bullish market view. Parameters used are N=230, N1=50, and N2=35. As of February 27, 2026, the short-term line was above the long-term line, maintaining a bullish outlook[27][29] - The report also introduces an **eight-moving-average sentiment indicator**, which evaluates the CSI 300 index's trend by comparing its closing price against eight moving averages (8, 13, 21, 34, 55, 89, 144, 233). The indicator assigns values based on the number of moving averages the index surpasses. If the index price exceeds more than five moving averages, the model signals a bullish view. As of February 27, 2026, the CSI 300 index was in a "sentiment prosperity zone," indicating positive sentiment[34][38] - **Cross-sectional volatility** is analyzed as a measure of alpha opportunities. The report highlights that cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 stocks increased week-over-week, indicating an improved short-term alpha environment. Over the past quarter, cross-sectional volatility for CSI 300 and CSI 1000 was in the upper-middle range of the past six months, while CSI 500 was in the middle range[39][40] - **Time-series volatility** is also examined, showing a week-over-week decline for CSI 300, CSI 500, and CSI 1000 stocks, suggesting a deteriorating short-term alpha environment. Over the past quarter, time-series volatility for CSI 300 and CSI 500 was in the middle range of the past six months, while CSI 1000 was in the upper-middle range[40][43]

Group 1 - The biodiesel sector increased by 5.69% compared to the previous trading day, with Zhuoyue New Energy leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4117.41, up 0.87%, while the Shenzhen Component Index closed at 14291.57, up 1.36% [1] - The net inflow of main funds in the biodiesel sector was 64.78 million yuan, while retail funds experienced a net outflow of 20.21 million yuan [1] Group 2 - The main funds showed a significant net inflow, indicating strong institutional interest in the biodiesel sector [1] - Retail investors, however, exhibited a net outflow, suggesting a cautious approach among individual investors [1] - The overall market performance reflected positive sentiment, with both major indices showing gains [1]

Core Viewpoint - The biodiesel sector experienced a decline of 1.1% on February 10, with Fengbei Bio leading the drop. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component Index increased by 0.02% [1]. Group 1: Market Performance - The closing price of Fengbei Bio was 56.75, reflecting a decrease of 3.21% [1]. - The biodiesel sector saw a net outflow of 56.84 million yuan from main funds, while retail investors contributed a net inflow of 46.01 million yuan [1]. - The trading volume for the biodiesel sector was significant, with stocks like Zhongliang Technology and Haixin Energy showing notable trading activity [1]. Group 2: Individual Stock Analysis - Zhongliang Technology closed at 6.43, down by 0.77%, with a trading volume of 217,100 shares [1]. - Fengbei Bio had a net outflow of 8.37 million yuan from main funds, while retail investors contributed a net inflow of 5.62 million yuan [2]. - The stock of Zhuoyue New Energy closed at 76.28, down by 1.56%, with a significant net outflow of 19.20 million yuan from main funds [2].

证券代码：688196 证券简称：卓越新能 公告编号：2026-003 龙岩卓越新能源股份有限公司 关于开立募集资金理财产品专用结算账户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 龙岩卓越新能源股份有限公司（以下简称"公司"或"卓越新能"）于 2025 年 10 月 30 日召开第五届董事会第十三次会议，审议通过了《关于使用部 分暂时闲置募集资金进行现金管理的议案》，同意在确保不影响募集资金投资 项目实施及募集资金安全的情况下，拟使用额度不超过人民币 47,000 万元的部 分暂时闲置募集资金进行现金管理。本次现金管理决议的有效期限自 2025 年 10 月 30 日起 12 个月内有效。在上述额度和期限范围内，资金可以滚动使用。 具 体 内 容 详 见 公 司 于 2025 年 10 月 31 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于使用部分闲置募集资金及自有资金进行现金 管理的公告》（公告编号：2025-048）。 公司于 2025 年 11 月 24 日召开 ...