Soochow Securities·2026-02-14 00:20Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The mining industry is entering a new investment cycle driven by rising metal prices and increasing capital expenditures (CAPEX), with a projected 50% growth in global mining CAPEX by 2030 [6][12] - The report highlights two main themes: 1) Green energy and equipment consumables, and 2) Resources and recycling [6] Summary by Sections Main Line 1: Green Energy and Equipment Consumables - Longjing Environmental Protection: Driven by rising metal prices, mining CAPEX is expected to increase, leading to a surge in demand for green electricity and new energy equipment in mining [6][14] - Sains: With Zijin Mining's support, there is significant potential in mining pollution prevention and chemical agents, as the company expands its offerings in customized solutions for heavy metal pollution [21][24] - Jingjin Equipment: As a leader in solid-liquid separation equipment, the company has a market share of over 40%. The report indicates a recovery in demand and highlights the company's high dividend yield as a safety margin [33][34] - Yutong Heavy Industry: The company is experiencing a doubling in sales of new energy mining vehicles, benefiting from the electrification trend. The mining equipment segment saw revenue of 641 million yuan in the first half of 2025, a year-on-year increase of 111% [6][14] Main Line 2: Resources and Recycling - High Energy Environment: The company is seeing significant growth in metal resource recycling, with a strategic move into mining. The performance of recycling projects is expected to improve with rising metal prices [6][19] - Sains: The price of rhenium, a strategic aerospace metal, continues to rise, and the company is positioned to benefit from this trend through its collaboration with Zijin Mining [6][23] - Weiming Environmental Protection: The tightening supply of nickel is driving price increases, and the company is focusing on overseas solid waste management opportunities, particularly in Indonesia [6][19]