Group 1 - The company is currently applying for the "white list" for bio-jet fuel (SAF) exports for the year 2026, which requires annual applications for export quotas [1] - The company has reserved sufficient storage tanks to store SAF products during the application phase [1] - The company has established export channels for low-congealing HVO and may adjust production based on specific circumstances [1] Group 2 - An investor raised concerns on the interactive platform regarding the lack of a white list and export quotas for SAF, questioning the company's ability to export SAF and whether it would only produce HVO in 2026 [3]

Core Viewpoint - The company is actively working on the application for the "white list" for bio-jet fuel exports for the year 2026, which requires annual applications under the current export quota system [1] Group 1: Company Operations - The company has reserved sufficient storage tanks to hold SAF products during the application phase for the "white list" [1] - The company is also equipped with export channels for low-freezing HVO and can adjust production based on specific circumstances [1]

Core Viewpoint - The company is actively pursuing the application for the "white list" for bio-jet fuel exports for the year 2026, which requires annual applications for export quotas [1] Group 1: Company Actions - The company is currently working on the application for the 2026 bio-jet fuel "white list" [1] - Sufficient storage tanks have been reserved by the company to store SAF products during the application phase [1] - The company has established export channels for low-freezing HVO and can adjust production based on specific circumstances [1]

Group 1 - The core viewpoint of the article highlights the growth and export performance of China's water production and supply industry, indicating a positive trend in the sector [1] - In November 2025, the export value of the water production and supply industry reached 470 million yuan, representing a year-on-year increase of 1.6% [1] - From January to November 2025, the cumulative export value of the industry was 5.19 billion yuan, with a year-on-year growth of 0.7% [1] Group 2 - The article references various listed companies in the water industry, including Ba'an Water (300262), Energy Conservation Guozhen (300388), and others, indicating a diverse market landscape [1] - A report by Zhiyan Consulting titled "2026-2032 China Drinking Water Industry Market Special Research and Investment Prospects" is mentioned, suggesting ongoing research and analysis in the sector [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored services to support investment decisions [1]

地址：上海市浦东新区银城中路 501 号上海中心大厦 9 楼、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于鹏鹞环保股份有限公司 2025 年第一次临时股东会的 法律意见书 2025 年第一次临时股东会的 法律意见书 致：鹏鹞环保股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受鹏鹞环保股份有限公司 （以下简称"公司"）委托，就公司召开 2025 年第一次临时股东会（以下简称 "本次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、法规、规章和其他规范性文件以及 《鹏鹞环保股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出 具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关 ...

证券代码：300664 证券简称：鹏鹞环保 公告编号：2025-044 鹏鹞环保股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决议案的情形。 2.本次股东会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1．会议时间： （1）现场会议召开时间：2025 年 12 月 31 日（星期三），14:30。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025年 12 月31 日上 午 9:15-9:25，9:30-11:30 和下午 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为 2025年 12 月31 日上午 9:15-下午 15:00。 2．现场会议地点：宜兴市高塍镇工业集中区赛特大道 25 号鹏鹞环保股份有限 公司会议室。 3．会议召开方式：现场表决与网络投票相结合。 4．会议召集人：公司董事会。 5．现场会议主持人：公司董事长王鹏鹞。 本次股东会会议召开符合有关法律、行政法规、部 ...

Group 1 - The A-share market closed in 2025 with the Shanghai Composite Index at 3968.84 points, marking an annual increase of 18.41% [1] - The top-performing stock of 2025 was Shangwei New Materials, achieving a remarkable increase of over 1800% [1] - The top ten stocks in terms of performance included Shangwei New Materials, Tiangpu Co., *ST Yushun, *ST Yazhen, Shenghong Technology, Feiwo Technology, Feiling'er, Dingtai High-tech, Hengbo Co., and Shunhao Co. [1] - Shangwei New Materials and Tiangpu Co. had cumulative increases of 1821.12% and 1662.49%, respectively, while *ST Yushun and *ST Yazhen saw increases of 719.38% and 636.7% [1] - The remaining top-performing stocks had annual cumulative increases ranging from 500% to 600% [1] Group 2 - The top ten underperforming stocks were dominated by "problem stocks," with the worst performer, Guangdao Tui, experiencing a cumulative decline of 94.18% [2]

Investment Rating - The report maintains a "Positive" investment rating for the sustainable aviation fuel (SAF) industry, consistent with the previous rating [2]. Core Insights - The demand for SAF is rapidly increasing, driven by strong EU regulations and rising prices. As of December 16, 2025, European SAF prices reached $2300-$2320 per ton, a 25% increase since the beginning of the year, while domestic prices rose to $2100-$2300 per ton, up 24% [4][8]. - The HEFA (Hydroprocessed Esters and Fatty Acids) process currently dominates the market, but other technologies like PtL (Power-to-Liquid) show significant long-term cost reduction potential. McKinsey predicts cost reductions of 22% for HEFA, 32% for ATJ (Alcohol-to-Jet), 24% for FT (Fischer-Tropsch), and 67% for PtL from 2020 to 2050 [4][24]. - Global SAF blending policies are accelerating, with significant increases in production and consumption expected. IATA forecasts that by 2025, SAF production will reach 0.06 million tons, accounting for 2% of total fuel demand, and by 2050, global demand could reach 350 million tons [4][32]. - China's SAF industry is rapidly expanding, with an expected total capacity exceeding 10.65 million tons per year by 2027, positioning the country as a major global exporter [4][5]. Summary by Sections 1. Aviation Industry Decarbonization Drives SAF Demand - SAF prices are driven by supply and demand dynamics, with expectations of maintaining high levels in the future due to geopolitical factors and regulatory frameworks [8][11]. - The aviation sector's carbon emissions are significant, with a need for low-carbon fuel alternatives to meet decarbonization goals [12][15]. 2. Global SAF Blending Policies Accelerate Production and Consumption - The SAF industry is heavily influenced by policy drivers, with various countries implementing specific blending targets and incentives to support SAF adoption [32][33]. - The EU's ReFuelEU Aviation regulation mandates increasing SAF blending ratios, aiming for 2% by 2025 and 70% by 2050 [33]. 3. Investment Recommendations - Companies with established HEFA processes and early capacity releases are expected to benefit from rising demand and prices. Key companies to watch include HaiXin Energy, PengYao Environmental, ShanGao Environmental, and LangKun Technology [4][5].

Core Viewpoint - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting both their development and corporate image [2] Group 1: Environmental Violations and Penalties - Pengyao Environmental received a fine of 500,000 yuan due to the abnormal operation of pollution prevention facilities [5][6] - Sileck Holdings was fined 300,000 yuan for failing to meet requirements for discharging industrial wastewater into centralized sewage treatment facilities [3][4] - Lanhua Kecai's subsidiary, Shanxi Lanhua Baisheng Coal Industry, was fined 280,000 yuan for exceeding wastewater discharge standards [3][4] Group 2: Regulatory Framework and Public Disclosure - The penalties were issued based on violations of the Water Pollution Prevention Law and the Air Pollution Prevention Law [6][4] - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles highlights the importance of companies' sustainable development capabilities [6] - The public's right to access environmental information and participate in environmental protection is supported by legal frameworks, ensuring transparency in environmental data [7]

Core Viewpoint - The article highlights the environmental risks faced by nine listed companies in China, emphasizing the increasing importance of environmental responsibility in corporate governance and investment decisions [6][9]. Group 1: Environmental Violations and Penalties - Nine listed companies have recently been exposed to environmental risks, with a total penalty amounting to 1.06 million yuan (approximately 0.15 million USD) [4][6]. - Sleck Holdings was fined 300,000 yuan for failing to meet requirements for discharging industrial wastewater into centralized treatment facilities [9][10]. - Pengyao Environmental Holdings was penalized 500,000 yuan due to the improper operation of pollution control facilities [11]. Group 2: Company Specifics - Sleck Holdings has a market capitalization of 10.2 billion yuan [4]. - Pengyao Environmental Holdings has a market capitalization of 4.1 billion yuan [4]. - Lanhua Kecai was fined 280,000 yuan for exceeding wastewater discharge standards [10]. Group 3: Regulatory Context - The article references the legal framework governing environmental protection, including the Water Pollution Prevention and Control Law and the Air Pollution Prevention and Control Law, which impose penalties for non-compliance [9][11]. - The increasing emphasis on ESG (Environmental, Social, and Governance) factors is noted, indicating a shift in investor focus towards sustainable development [11]. Group 4: Data Collection and Reporting - The "A-share Green Weekly Report" is a collaborative effort between Daily Economic News and the Public Environmental Research Center (IPE), collecting data from various government sources to enhance transparency in corporate environmental practices [6][12]. - The report aims to provide insights into the environmental responsibilities of listed companies, reflecting the growing demand for accountability in environmental performance [12].