Group 1 - The core point of the article is that Ruji Environmental Protection (复洁环保) announced the completion of a share reduction plan by Junjie Investment, which sold approximately 2.81 million shares, accounting for 1.90% of the company's total share capital [1] - The share reduction took place between July 24 and September 11, 2025, through centralized bidding and block trading [1] - As of the report, Ruji Environmental Protection has a market capitalization of 3.2 billion yuan [1] Group 2 - For the fiscal year 2024, the revenue composition of Ruji Environmental Protection is as follows: 99.26% from the manufacturing of environmental protection equipment and 0.74% from other businesses [1]

证券代码：688335 证券简称：复洁环保 公告编号：2025-053 上海复洁科技股份有限公司 关于持股 5%以上股东减持股份结果的公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 持股 5%以上股东持股的基本情况 本次减持计划实施前，上海复洁科技股份有限公司（以下简称"公司"）持 股 5%以上非第一大股东德清隽洁企业管理合伙企业（有限合伙）（以下简称"隽 洁投资"）持有公司股份 13,458,900 股，占公司总股本的 9.09%。上述股份来源 为公司首次公开发行股票并在上海证券交易所科创板上市（以下简称"IPO"）前 取得的股份及通过公司 2022 年半年度、2023 年半年度权益分派资本公积金转增 股本取得的股份，且已于 2021 年 8 月 17 日起解除限售并上市流通。 减持计划的实施结果情况 公司于 2025 年 7 月 2 日在上海证券交易所网站（www.see.com.cn）披露了 《持股 5%以上股东减持股份计划公告》，因股东自身战略发展资金需求，隽洁投 资拟自公告披露之 ...

Summary of Key Points Core Viewpoint - Deqing Junjie Enterprise Management Partnership (Limited Partnership), a shareholder holding more than 5% of the shares in Fujie Environmental Protection, has reduced its holdings due to funding needs, executing a plan to sell a total of 2.8133 million shares, which represents 1.90% of the company's total share capital, lower than the originally planned maximum of 4.441 million shares (3.00%) [1] Group 1 - The reduction of shares was carried out through centralized bidding and block trading, with 1.4803 million shares sold via centralized bidding and 1.333 million shares sold through block trading [1] - The reduction plan was completed within the specified timeframe from July 24, 2025, to September 11, 2025 [1] - Following the reduction, Junjie Investment currently holds 10.6456 million shares, representing a 7.19% ownership stake in the company [1]

Investment Rating - The report indicates a positive investment outlook for the shipping decarbonization sector, emphasizing the importance of biofuels, RNG, and green methanol as key areas for investment opportunities [3]. Core Insights - The shipping industry is entering a critical phase of decarbonization, driven by frequent policies from the IMO and the EU. The global shipping fuel consumption is approximately 300 million tons, corresponding to carbon emissions exceeding 1 billion tons, with the EU accounting for about 18% of this [3][8]. - The demand for low-carbon fuels is expected to outstrip supply in the short term, with significant compliance costs driving the need for zero or near-zero emissions fuels (ZNZ) [3][36]. - Biofuels are identified as a core measure for existing vessels, with a notable increase in biofuel bunkering at ports like Singapore [3][36]. - The report highlights the potential for biogas, particularly RNG, to significantly reduce emissions and improve energy security, with ambitious production targets set for 2030 in both China and the EU [3][36]. - Green methanol is projected to see rapid growth in demand, with a current estimate of 406 methanol vessels corresponding to a demand exceeding 800,000 tons [3][36]. Summary by Sections 1. Decarbonization Policies - The report outlines the increasing frequency of decarbonization policies from the IMO and the EU, marking a significant acceleration in the implementation of these measures [3][11][18]. 2. Low-Carbon Fuel Demand - There is a broad demand space for low-carbon fuels, with a short-term supply shortage anticipated. The report notes that the compliance costs associated with EU regulations are higher than those of the IMO, which will further stimulate demand for low-carbon fuels [3][36]. 3. Biofuels - Biofuels are highlighted as a critical decarbonization measure for existing vessels, with a significant increase in biofuel bunkering observed at ports like Singapore. The global production of biodiesel is approximately 52 million tons, with expectations for increased usage in shipping as electric vehicles proliferate [3][36]. 4. Biogas - The report emphasizes the growing demand for LNG vessels and the potential for RNG to drive significant growth in the sector, supported by a green premium that could lead to an industry explosion [3][36]. 5. Green Methanol - The report notes a rapid increase in methanol vessels, with a projected demand of over 800,000 tons. However, the global production capacity for green methanol is expected to be only 1.24 million tons by the end of 2025, indicating a supply-demand imbalance [3][36]. 6. Investment Recommendations - The report suggests focusing on companies involved in biofuels, RNG, and green methanol production, including notable firms such as卓越新能, 山高环能, 维尔利, and 中国天楹, among others [3][36].

Core Viewpoint - The company is actively engaging in the development of green shipping corridors and has initiated a strategic project to advance green methanol production, aligning with Shanghai's push for sustainable shipping practices [1] Group 1: Green Shipping Initiatives - The company has entered a normalized operational phase for green methanol, with a total injection volume of 7,013 tons [1] - Collaborations have been established with Barcelona Port and Antwerp-Bruges Port to create green roll-on/roll-off shipping corridors [1] Group 2: Strategic Partnerships and Research - A strategic contract has been signed with the Shanghai Municipal Science and Technology Commission, involving multiple institutions to research key technologies for green methanol production from biogas [1] - The project aims to provide localized fuel sources for green methanol bunkering at Shanghai Port, enhancing the sustainability of shipping operations [1] Group 3: Future Outlook - The company plans to leverage its core technological advantages to accelerate the pilot testing and industrialization of green fuels, supporting the construction of green shipping corridors [1]

Core Viewpoint - The company emphasizes its commitment to leveraging core technological advantages to accelerate the pilot testing and industrialization of green fuels, particularly in the context of the Shanghai International Shipping Center and green shipping development opportunities [1] Group 1: Strategic Initiatives - The company has signed a strategic project contract with the Shanghai Municipal Science and Technology Commission to lead a collaborative research project involving multiple institutions, including East China University of Science and Technology, Tongji University, and Shanghai Jiao Tong University [1] - The project focuses on the key technology and pilot testing of biogas carbon-directed conversion to green methanol, aiming to support the local fuel supply for green methanol refueling at the Shanghai Port [1] Group 2: Industry Impact - The company aims to contribute to the construction of a green shipping corridor by accelerating the development and industrialization of green fuel technologies [1]

New Stock Offerings - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - The latest announcements for various stocks include BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) on October 10, 2025[1] - Significant abnormal fluctuations were reported for Nanxin Pharmaceutical (688189) on October 10, 2025[1] Trading Alerts - A total of 30 stocks have trading alerts issued on October 20, 2025, including Anlikang (002940) and ST Baoying (002047)[1] - The trading alerts cover various sectors, indicating potential volatility in the market[1] - The latest announcements for stocks such as YD Holdings (000626) and ST Nanzhi (002305) were made on October 20, 2025[1]

Market Overview - The environmental governance sector increased by 0.26% on October 20, with Zhongchi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Environmental Governance Sector - Zhongchi Co., Ltd. (603903) closed at 14.98, up 5.34% with a trading volume of 256,000 shares and a turnover of 377 million yuan [1] - Deepwater Haina (300961) closed at 18.11, up 4.92% with a trading volume of 151,300 shares and a turnover of 267 million yuan [1] - Zhongshan Public Utilities (000685) closed at 13.25, up 4.33% with a trading volume of 1,331,100 shares and a turnover of 1.824 billion yuan [1] Top Losers in Environmental Governance Sector - Fuzhijie Environmental Protection (688335) closed at 22.15, down 12.14% with a trading volume of 171,100 shares and a turnover of 385 million yuan [2] - Energy Guozhen (300388) closed at 8.96, down 8.29% with a trading volume of 267,100 shares and a turnover of 245 million yuan [2] - Beijiete (300774) closed at 13.90, down 5.18% with a trading volume of 258,800 shares and a turnover of 367 million yuan [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 660 million yuan from institutional investors, while retail investors saw a net inflow of 695 million yuan [2][3] - Major stocks like Zhongchi Co., Ltd. and Weiming Environmental Protection saw varying levels of net inflow and outflow from different investor categories [3]

Core Insights - The stock of Shanghai Fuzhi Environmental Protection Co., Ltd. increased by 5.45% on October 16, reaching a price of 26.30 CNY per share, with a trading volume of 118 million CNY and a turnover rate of 3.17%, resulting in a total market capitalization of 3.893 billion CNY [1] Company Overview - Shanghai Fuzhi Environmental Protection Co., Ltd. was established on November 18, 2011, and went public on August 17, 2020. The company specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [1] - The company's main business revenue composition includes: 78.74% from high-end solid-liquid separation equipment, 12.12% from spare parts maintenance and others, 3.94% from waste gas purification technology equipment, 2.95% from operational services, 1.54% from dual-carbon comprehensive services, and 0.71% from energy-saving and carbon-reduction technology equipment sales and services [1] Fund Holdings - The Zhongjia Specialized and New Quantitative Stock Mixed Fund A (021990) holds a significant position in Fuzhi Environmental Protection, with 100,100 shares, accounting for 1.7% of the fund's net value, making it the seventh-largest holding. The estimated floating profit from this investment is approximately 136,100 CNY [2] - The fund was established on November 12, 2024, with a latest scale of 29.0192 million CNY and has achieved a return of 55.08% this year, ranking 561 out of 8161 in its category [2]

Core Viewpoint - On October 14, 2023, Fujie Environmental experienced a decline of 9.61% in stock price with a trading volume of 498 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On the same day, Fujie Environmental had a financing buy-in amount of 41.51 million yuan and a financing repayment of 43.78 million yuan, resulting in a net financing outflow of 2.27 million yuan [1] - As of October 14, the total financing and securities lending balance for Fujie Environmental was 80.81 million yuan, which represents 2.15% of its circulating market value, indicating a high level of financing activity compared to the past year [1] - The financing balance has exceeded the 90th percentile level over the past year, suggesting a heightened interest in leveraging among investors [1] Company Overview - Fujie Environmental, established on November 18, 2011, and listed on August 17, 2020, specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [2] - The company's revenue composition includes 78.74% from high-end solid-liquid separation equipment, 12.12% from spare parts and maintenance, 3.94% from waste gas purification technology, 2.95% from operational services, 1.54% from carbon neutrality services, and 0.71% from energy-saving and carbon reduction technology sales and services [2] - As of June 30, 2023, the number of shareholders increased by 6.47% to 4,311, while the average circulating shares per person decreased by 6.08% to 34,338 shares [2] Financial Performance - For the first half of 2023, Fujie Environmental reported a revenue of 140 million yuan, representing a year-on-year growth of 122.13%, and a net profit attributable to shareholders of 6.64 million yuan, which is a 148.43% increase compared to the previous year [2] Dividend Information - Since its A-share listing, Fujie Environmental has distributed a total of 162 million yuan in dividends, with 119 million yuan distributed over the past three years [3]