Group 1 - Greenme's stock price dropped by 5.1% to 9.31 CNY per share, with a trading volume of 2.328 billion CNY and a turnover rate of 4.83%, resulting in a total market capitalization of 47.512 billion CNY [1] - Greenme, established on December 28, 2001, and listed on January 22, 2010, is based in Shenzhen, Guangdong, and specializes in the recycling of waste cobalt and nickel resources, electronic waste, and the production and sales of cobalt and nickel powder materials and plastic-wood profiles [1] - The main revenue composition of Greenme includes: ternary precursors (38.70%), nickel resources (15.73%), cobalt oxide (12.28%), trade and others (8.35%), cathode materials (7.26%), cobalt recovery (6.74%), tungsten resource recovery (6.01%), comprehensive utilization of power lithium batteries (3.06%), and comprehensive utilization of scrapped automobiles (1.87%) [1] Group 2 - Huatai-PineBridge Fund has one fund heavily invested in Greenme, with the Rare Earth ETF (516780) reducing its holdings by 674,000 shares in the fourth quarter, now holding 16.4929 million shares, which accounts for 5.31% of the fund's net value, ranking as the fourth largest holding [2] - The Rare Earth ETF (516780) was established on February 26, 2021, with a current size of 2.597 billion CNY, yielding 16.06% this year, ranking 301 out of 5548 in its category; over the past year, it achieved a return of 100.8%, ranking 101 out of 4285; and since inception, it has returned 104.82% [2]

上市公司：格林美（002340），惠城环保（300779），神雾节能（000820），法尔胜（000890），盈峰 环境（000967），楚环科技（001336）龙净环保（600388），菲达环保（600526），宇通重工 （600817），景津装备（603279） 2019年-2025年全国废弃资源综合利用业出口货值统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国废弃资源综合利用行业市场研究分析及投资机会研判报 告》 根据国家统计局数据可知：2025年12月全国废弃资源综合利用业出口货值为12.7亿元，同比增长 171.6%；2025年全国废弃资源综合利用业累计出口货值为88.8亿元，累计同比增长74.2%。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the issuance of guidance on zero-carbon factory construction by five departments, emphasizing a systematic approach to decarbonization in various industries, with a focus on innovation and technology [5][8] - The establishment of a new natural protection system in China, primarily based on national parks, effectively protects 90% of terrestrial ecosystem types and 74% of key protected wildlife species [18][20] - The report discusses the release of a new national standard for biodegradable plastic shopping bags, which raises the degradation rate requirement from 60% to 90%, aiming to enhance environmental performance [10][11] Policy Developments - The Ministry of Industry and Information Technology and other departments issued guidance on zero-carbon factory construction, outlining principles such as tailored strategies, systematic advancement, and continuous improvement [5][6] - A new national standard for biodegradable plastic shopping bags has been released, set to take effect in 2027, which includes improved product labeling and quality control requirements [10][11] Industry Trends - The first batch of beautiful rural pilot areas has been announced, showcasing effective environmental governance and sustainable agricultural practices [12][13] - The establishment of a new natural protection system in China is underway, integrating ecological protection with local community development [18][20] - The successful hosting of the Rural Revitalization and Sustainable Development Partners Conference highlights the importance of multi-stakeholder collaboration in achieving sustainable development goals [14][17] International Events - The World Economic Forum's Global Risks Report warns of increasing geopolitical and economic risks, emphasizing the need for global cooperation [21][22] - The EU has achieved a milestone where renewable energy sources, particularly wind and solar, now account for one-third of its total electricity generation, surpassing fossil fuels [21][22][23] - A UN University report indicates that the world has entered a state of global water resource bankruptcy, highlighting severe water scarcity issues affecting billions [23][24][25] Corporate Developments - Greenmei Group has achieved a significant milestone by issuing nearly 90,000 tons of carbon reduction credits from its vehicle recycling project, marking a breakthrough in carbon asset development [26][27] - Lin Qingxuan has become the first carbon-neutral cosmetics company in China, achieving full operational carbon neutrality through various low-carbon technologies [28][29]

格隆汇1月26日｜华鑫证券研报指出，格林美正极材料不断突破，镍钴自供能力强化。伴随eVOTL、人 形机器人、穿戴式AI设备的兴起与固态电池的产业化实践，全球高镍及超高镍三元前驱体出货量占比 提升，公司三元材料业务有望受益。随着镍钴自供比例提升，公司原料成本波动风险降低，在价格上行 周期中的盈利弹性增强，对业绩形成持续支撑。动力电池有望在2026年进入规模化报废阶段，2030年进 入爆发性报废阶段，锂镍钴关键矿产或将依靠循环大量补充，动力电池回收前景市场广阔。考虑到三元 材料需求结构化升级，公司镍钴自供能力增强，给予"买入"投资评级。 ...

Group 1 - The core viewpoint of the news highlights the rising importance of rare earth resources and the transition of the rare earth industry into a new era of high-quality development, driven by both supply constraints and increasing demand from emerging sectors such as electric vehicles and humanoid robots [1][2] - As of January 26, 2026, the China Securities Rare Earth Industry Index rose by 0.91%, with notable increases in stocks such as Zhongke Co. (up 9.39%) and Xiamen Tungsten (up 8.21%) [1] - A superconducting magnet vibration sample magnetometer, developed by Baotou Rare Earth Research Institute, has been put into operation, featuring a maximum magnetic field of 6T and a maximum measurement temperature of 800°C, which enhances measurement capabilities for permanent magnet materials [1] Group 2 - By December 31, 2025, the top ten weighted stocks in the China Securities Rare Earth Industry Index accounted for 60.4% of the index, including companies like Northern Rare Earth and Jin Feng Technology [2] - The rare earth ETF managed by Jiashi (516150) closely tracks the China Securities Rare Earth Industry Index, providing a convenient tool for investors to access the domestic rare earth industry chain [2] - The formation of a MACD golden cross signal indicates a positive trend in stock performance within the rare earth sector [2]

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the solar energy and commercial aerospace sectors, particularly focusing on the implications of Elon Musk's 200 GW solar plan, which includes 100 GW for space solar energy [1][2]. Company Insights Foster Company - Foster Company has a strong competitive position in the space photovoltaic packaging sector, with a market share of 60% in the photovoltaic encapsulation film segment. The company is expected to see significant demand, potentially capturing over 40% to nearly 50% of the market based on Musk's plan [1][4]. - The company is projected to ship 2.8 billion square meters of encapsulation film by 2025, translating to an estimated revenue of approximately 900 million RMB. Increased shipments to high-margin overseas regions in 2026 are expected to enhance profitability [4]. - Foster's long-term strategy includes a comprehensive product range covering flexible CPI, perovskite copper foil, PET substrates, and multilayer packaging solutions for stacked batteries. The company has established a dedicated team to explore these opportunities and has secured several domestic and international clients [3]. Mingyang Smart Energy - Mingyang Smart Energy is a leading player in the wind power sector and is expanding its offshore wind turbine business in Europe. The company is expected to benefit from a recovery in the domestic wind power industry by 2025 [5]. - The acquisition of Zhongshan Dehua enhances Mingyang's competitiveness in the space solar and satellite power sectors. Dehua holds a leading position in satellite power, with over 35% market share in epitaxial wafers and chips, and has received orders for 150 satellites [5]. Technological Developments Solid-State Batteries - Solid-state batteries are gaining attention for their lightweight and broad temperature range, particularly in space energy storage applications. NASA and JAXA have begun utilizing these batteries, with broader applications expected by 2028 [6][9]. - The solid-state battery project by NASA aims for an energy density of over 500 Wh/kg, utilizing porous graphene for a weight reduction of approximately 40% [9]. - Recommended companies in the solid-state battery space include Xianhui Technology and other firms involved in core supply chains and materials [10]. Market Trends - The PCB electronic copper foil sector is experiencing significant growth, with companies like Tongguan and Tongbo expected to see over 45% quarter-on-quarter growth due to price increases and higher shipment ratios of high-end electronic foils [11]. - The demand for battery and power control systems is anticipated to rise with the increase in the area of SpaceX's satellite solar wings, which exceed 100 square meters, indicating a substantial market opportunity for companies like Dehua [8]. Investment Recommendations - Investors are advised to focus on potential stocks in the electronic copper foil sector that may exceed market expectations, particularly in light of the anticipated growth in the PCB market [7].

Investment Rating - The report maintains a "Buy" rating for the non-ferrous metals sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The report highlights a bullish trend in precious metals, particularly silver, which has recently surpassed $100 per ounce, suggesting a continuation of the metal bull market [2]. - The report notes that macroeconomic factors, including geopolitical tensions and supply chain disruptions, are influencing metal prices, with a general upward trend observed across various metals [3][4][5][9]. Summary by Sections Precious Metals - Silver prices have surged, breaking the $100 mark, while gold is approaching $5000 per ounce, driven by increased market risk aversion due to geopolitical tensions [2]. - Key companies to watch include Xinyi Silver, Shengda Resources, and Zijin Mining [2]. Industrial Metals - Copper inventories have increased, with global copper stocks rising by 69,000 tons, indicating a potential supply-demand imbalance [3]. - The report mentions ongoing labor strikes affecting copper production in Chile, which could exacerbate market tensions [3]. - Suggested companies for investment include Zijin Mining and Western Mining [3]. Aluminum - The aluminum market is experiencing short-term price fluctuations due to macroeconomic policies and supply chain issues, with production capacity remaining stable [4]. - Companies to consider include China Hongqiao and Nanshan Aluminum [4]. Nickel - Nickel prices have risen by 4.7% to 148,010 yuan per ton, influenced by supply disruptions in Indonesia and macroeconomic liquidity [5]. - Recommended companies include Huayou Cobalt and Ganfeng Lithium [5][8]. Tin - Tin prices are supported by macroeconomic factors and supply chain bottlenecks, with demand from the electronics sector showing signs of recovery [8]. - Key companies include Hunan Tin and Yunnan Tin [8]. Lithium - Lithium prices continue to rise, with battery-grade lithium carbonate reaching 177,000 yuan per ton, driven by pre-holiday stockpiling and supply disruptions [9]. - Companies to watch include Ganfeng Lithium and Tianqi Lithium [9]. Cobalt - Cobalt prices have decreased by 3.7% to 437,000 yuan per ton, with supply disruptions easing but demand from downstream sectors weakening [10]. - Suggested companies include Huayou Cobalt and Tianqi Lithium [10].

Core Insights - The industrial solid waste treatment industry in China is in its early development stage, with low industrialization and market concentration. The market size is projected to grow from 686.84 billion yuan in 2016 to 983.78 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5% [1][15] - By 2025, the market size is expected to reach approximately 1,089.92 billion yuan, driven by stricter environmental regulations, the implementation of circular economy strategies, and continuous innovation in treatment technologies [1][15] Industry Overview - Industrial solid waste treatment involves the systematic collection, professional transportation, and final disposal of solid and semi-solid waste generated during industrial production. The main goal is to achieve harmlessness, reduction, and resource recovery [2][4] - The industry includes various treatment methods such as physical, chemical, and biological processes, with applications in raw material utilization, incineration power generation, and pyrolysis gasification [2][6] Market Size and Growth - The market size of the industrial solid waste treatment industry in China is projected to grow from 686.84 billion yuan in 2016 to 983.78 billion yuan in 2024, with a CAGR of 5%. By 2025, it is expected to reach approximately 1,089.92 billion yuan [1][15] - The industrial solid waste treatment equipment and engineering market is also expanding, with a projected growth from 73.99 billion yuan in 2019 to 84.57 billion yuan in 2024, and an expected size of 86.86 billion yuan in 2025 [11] Policy Support - The Chinese government has implemented several policies to support the development of industrial solid waste treatment facilities, emphasizing the importance of harmless and resourceful treatment as essential infrastructure for urban development [7][8] - Key policies include the establishment of a waste recycling system by 2025 and the comprehensive management action plan for solid waste, which aims to enhance the management and tracking of industrial solid waste [7][8] Industry Chain - The industrial solid waste treatment industry chain includes upstream equipment manufacturing, midstream specialized collection and treatment, and downstream resource recovery and recycling [9][10] - Key equipment includes waste crushing, incineration, landfill, and recycling equipment, which are crucial for the effective treatment of industrial solid waste [9][11] Key Players - Major companies in the industrial solid waste treatment sector include Hanlan Environment, Greeenmei, Fuchun Environmental Protection, Weiming Environmental Protection, and others, which are competing based on technology integration, operational efficiency, and resource recovery depth [1][15][16] - Hanlan Environment has developed a comprehensive service capability for solid waste treatment, while Fuchun Environmental Protection has expanded its business model to include resource recovery and environmental monitoring [17][18] Challenges - The industry faces challenges such as insufficient treatment capacity, outdated technology, and non-standard management practices, which hinder effective waste treatment and increase environmental risks [19] - Many regions lack adequate treatment facilities, leading to an imbalance in treatment capacity across different areas [19] Future Trends - The industry is expected to evolve towards precision separation and high-value resource recovery, utilizing advanced technologies for better waste management [20][22] - There will be a shift from project-based operations to comprehensive lifecycle management and regional collaborative disposal, enhancing efficiency and reducing environmental risks [20][21] - The value proposition of industrial solid waste treatment companies will transform from being a cost center to creating measurable carbon reduction and sustainability solutions [22]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, supporting antimony prices, with average prices for antimony ingots at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant legislative changes in Vietnam impacting global supply [20] - Tin prices are supported by uncertainties in overseas supply, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound, significantly higher than historical lows [14][15] Summary by Sections Nickel and Cobalt Industry - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to remain tight, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry - Antimony prices are supported by long-term supply tightness, with domestic production facing seasonal disruptions [6][18] Lithium Industry - Lithium carbonate prices are expected to remain strong due to demand support and ongoing supply constraints, with significant price increases noted [8][19] Rare Earth Industry - Legislative changes in Vietnam are tightening global rare earth supply, with China maintaining a dominant position in the market [20] Tin Industry - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise further due to limited new supply [13][22] Uranium Industry - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

2026 年 01 月 25 日 正极材料不断突破，镍钴自供能力强化 —格林美（002340.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2026-0 1-2 3 | | --- | --- | | 当前股价（元） | 9.66 | | 总市值（亿元） | 493 | | 总股本（百万股） | 5103 | | 流通股本（百万股） | 5073 | | 52 周价格范围（元） | 5.85-9.66 | | 日均成交额（百万元） | 1094.59 | ▌ 三元材料受益于需求结构化升级，技术持续突破 伴随 eVOTL、人形机器人、穿戴式 AI 设备的兴起与固态电池 的产业化实践，全球高镍及超高镍三元前驱体出货量占比提 升，公司三元材料业务有望受益。2025 年前三季度，公司镍 钴前驱体出货 12 万余吨，正极材料实现出货 1.7 万余吨。公 司在高端前驱体方面持续突破，超致密高镍及超高镍前驱体 已通过量产认证并实现数十吨级出货，固态电池用富锂锰基 前驱体进入吨级验证阶段。2025 年 7 月，公司全球首款超高 ...