浙江伟明环保股份有限公司 简式权益变动报告书 （修订稿） 上市公司名称：浙江伟明环保股份有限公司 股票简称：伟明环保 股票代码：603568 股票上市地点：上海证券交易所 1 信息披露义务人之六：朱善银 住所：浙江省温州市龙湾区 通讯地址：浙江省温州市龙湾区 信息披露义务人之七：章锦福 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之八：章小建 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之一：伟明集团有限公司 注册地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢 通讯地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢 信息披露义务人之二：项光明 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之三：温州市嘉伟实业有限公司 注册地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢四楼南首 通讯地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢四楼南首 信息披露义务人之四：王素勤 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之五：朱善玉 住所：浙江省温州市龙湾区 通讯地址：浙 ...

浙江伟明环保股份有限公司 关于延长公司2021年员工持股计划存续期的公告 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、准确性和完整性承担法律责任。 浙江伟明环保股份有限公司（以下简称"公司"）于2025年9月19日召开了 第七届董事会第十九次会议，审议通过了《关于延长公司2021年员工持股计划存 续期的议案》，关联董事回避表决。董事会同意将公司2021年员工持股计划存续 期再延长24个月，存续期延长至2027年12月5日。现将相关事项公告如下： 一、公司2021年员工持股计划基本情况 1、根据第六届董事会第十次会议和2021年第一次临时股东大会审议通过《关 于〈浙江伟明环保股份有限公司2021年员工持股计划（草案）〉及其摘要的议案》， 公司2021年员工持股计划的原存续期为24个月，自公司股东大会审议通过本计划 草案之日起计算，即2021年12月6日至2023年12月5日。 | 证券代码：603568 | 证券简称：伟明环保 | 公告编号：临2025-061 | | --- | --- | --- | | 转债代码：113652 | 转债简称：伟22转 ...

信息披露义务人之一：伟明集团有限公司 注册地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢 通讯地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢 浙江伟明环保股份有限公司 简式权益变动报告书 上市公司名称：浙江伟明环保股份有限公司 股票简称：伟明环保 股票代码：603568 股票上市地点：上海证券交易所 信息披露义务人之二：项光明 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之三：温州市嘉伟实业有限公司 注册地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢四楼南首 通讯地址：浙江省温州市瓯海区娄桥街道娄桥工业园中汇路81号B2幢四楼南首 信息披露义务人之四：王素勤 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之五：朱善玉 住所：浙江省温州市龙湾区 通讯地址：浙江省温州市龙湾区 信息披露义务人之六：朱善银 1 住所：浙江省温州市龙湾区 通讯地址：浙江省温州市龙湾区 信息披露义务人之七：章锦福 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿城区 信息披露义务人之八：章小建 住所：浙江省温州市鹿城区 通讯地址：浙江省温州市鹿 ...

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临 | 2025-060 | | --- | --- | --- | --- | --- | --- | | 证券代码：113652 | 证券简称：伟 | 22 | 转债 | | | | 证券代码：113683 | 证券简称：伟 | 24 | 转债 | | | 浙江伟明环保股份有限公司 关于大股东及一致行动人权益变动触及 5%刻度的 提示性公告 大股东伟明集团有限公司、项光明、温州市嘉伟实业有限公司及其一 致行动人朱善玉、朱善银等保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 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。 | 伟明集团有限公司 |  □ | 控股股东/实控人 控股股东/实控人的一致 | | | --- | --- | --- | --- | | | | | 91330304723622727G  | | | 行动人 | | □ 不适用 | | | □ | 其他直接持股股东 | | | 温州市嘉伟实业有限 | □ | 控股股东/实控人 | 913303047707 ...

Group 1 - The stock of Weiming Environmental experienced a decline of 2.57%, closing at 18.98 yuan, with two block trades totaling 1.5 million shares and a transaction amount of 26.445 million yuan [1] - The first block trade occurred at a price of 17.63 yuan for 500,000 shares, amounting to 8.815 million yuan, with a discount rate of -7.11% [1] - The second block trade also occurred at 17.63 yuan for 1 million shares, totaling 17.63 million yuan, with the same discount rate of -7.11% [1] Group 2 - Over the past three months, Weiming Environmental has recorded a total of four block trades, with a cumulative transaction amount of 93.6823 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 5.48%, with a net outflow of 48.0038 million yuan in principal funds [1]

Macro Strategy - Trump's intervention in the independence of the Federal Reserve is expected to occur through three main avenues: 1) appointing a Fed chair who is loyal to him, anticipated to be nominated in November and take office in May next year; 2) restructuring the Fed Board to eliminate dissenting members and install loyalists; 3) influencing the appointment of regional Fed presidents whose terms expire in February [1][20]. - With the new Fed chair's appointment, it is projected that the Fed will have a more significant influence on monetary policy, potentially leading to a greater than expected rate cut in 2026, with policy rates possibly falling below the neutral level of 3% [1][20]. Economic Data Analysis - In August, both domestic and external demand weakened, with supply adjustments lagging behind demand, reinforcing a short-term scenario of strong supply and weak demand. Specifically, investment has shown negative growth for two consecutive months, and retail sales growth has been declining since May [2][21]. - The divergence between supply and demand is expected to yield three outcomes: 1) GDP growth will align more closely with supply data, with Q3 GDP growth projected around 5%; 2) the current supply exceeding demand may increase price pressures, necessitating stronger policy support for price recovery; 3) if demand does not strengthen, supply will likely follow suit, leading to greater pressure on Q4 GDP compared to Q3 [2][21]. Industry Insights - The gaming industry in H1 2025 has shown strong performance, driven by innovative categories such as "micro-horror search and escape" and "overseas SLG," which have positively impacted the performance and valuation of corresponding companies [15]. - In the shipbuilding sector, new ship price indices remain high, and the merger of major shipbuilding companies is nearing completion, suggesting a favorable outlook for companies like China Shipbuilding [15]. - The environmental sector is seeing advancements in pricing mechanisms for renewable energy, particularly in waste-to-energy projects, which could enhance the economic viability of green electricity supply [17][18].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Nickel remains in an oversupply situation in the medium - to - long term, with demand mainly relying on battery - end increments and supply being affected by Indonesian policies and project commissioning speed [118]. - Macroeconomic factors such as the Fed's interest - rate cut rhythm and overseas tariff policies, along with the domestic "anti - involution" narrative, will influence nickel prices. The fundamental situation shows that the oversupply of primary nickel is hard to change, and nickel prices are hovering at the bottom [119]. 3. Summary According to the Table of Contents 3.1 Macro Aspects - The Fed's interest - rate cut probability in September is almost certain, but the subsequent interest - rate cut path is unclear. The market should focus on the Fed's September FOMC meeting, dot plot, economic forecasts, and Powell's statements [15]. - The US employment situation has deteriorated significantly, with the unemployment rate reaching a new high since October 2021, while inflation is rising steadily, increasing the market's expectation of the Fed's interest - rate cut amplitude [16]. - The US ISM manufacturing PMI is still below the boom - bust line, while the service PMI performs well [17]. - China's economy showed better - than - expected performance in the first half of 2025, but some macro data have weakened recently. The government's policy orientation focuses on five key areas, and the "anti - involution" policy has been intensified, which may have a phased impact on industrial product prices [20][25]. 3.2 Fundamental Analysis Supply Side - Philippine nickel ore shipments are at a peak, and port nickel ore inventories are seasonally increasing. In July 2025, nickel ore imports increased both month - on - month and year - on - year, and the port inventory increased by 50.1% compared to mid - year [32]. - Indonesian nickel ore premiums are at a high level, and imports from the Philippines are increasing. The RKAB approval policy needs attention, and the import volume of Philippine nickel ore by Indonesia is expected to reach 13 million wet tons in 2025, a year - on - year increase of 24.16% [39]. - Indonesian nickel - related policies have a significant impact on the industry. Policies such as export foreign - exchange control, adjustment of metal - mineral pricing methods, and shortening of RKAB quota approval years have increased the operating costs of Chinese - funded enterprises in Indonesia and affected the production and pricing of nickel products [43]. - China's nickel - iron production is generally declining, but prices have rebounded slightly recently. From January to August 2025, China's nickel - iron production decreased by 6.42% year - on - year, and prices rebounded from 900 yuan/nickel to around 955 yuan/nickel [52]. - Indonesian nickel - iron production continues to increase, and China's nickel - iron imports are rising, with Indonesia accounting for 97.5% of imports. From January to August 2025, Indonesian nickel - iron production increased by 24.81% year - on - year, and from January to July, China's nickel - iron imports increased by 16.3% year - on - year [60]. - The expansion of Indonesian NPI capacity has slowed down significantly, and attention should be paid to policy disturbances. The number of projects to be commissioned is decreasing, and profit conditions and policies will affect the commissioning progress [61]. - Indonesian nickel intermediate product supply continues to increase, with MHP production increasing significantly, ice - nickel production decreasing, and imports of both maintaining an upward trend. From January to August 2025, Indonesian MHP production increased by 58.76% year - on - year, and ice - nickel production decreased by 15.25% year - on - year [64]. - Indonesian nickel intermediate product capacity is still being commissioned. In 2025 - 2026, there are many MHP and ice - nickel projects to be commissioned, such as the Green Aiko and MMP projects [66]. - China's refined - nickel production has increased significantly, and global capacity is still in an expansion cycle. In 2025, China's estimated refined - nickel production is 440,000 tons, a year - on - year increase of 31.5%. Attention should be paid to the commissioning of domestic and Indonesian projects [72]. - In terms of imports and exports, China's refined - nickel imports are mainly from Russia and Indonesia, and exports are mainly to LME delivery warehouses. From January to July 2025, imports increased by 189.27% year - on - year, and exports increased by 78.18% year - on - year [73]. - In terms of valuation, the valuation of pure nickel is anchored to the integrated production cost of electrowinning nickel. The cost of integrated MHP production of electrowinning nickel is relatively low, around 111,000 - 116,000 yuan/ton as of August 2025 [83]. Demand Side - Stainless - steel production is increasing year by year, and steel mills maintain a relatively high production schedule. From January to August 2025, stainless - steel production increased by 5.54% year - on - year, and Indonesian stainless - steel production increased by 0.08% year - on - year [88]. - The "rush - to - export" effect still exists, and stainless - steel demand maintains a certain level of resilience. From January to July 2025, domestic stainless - steel apparent consumption increased by 3.5% year - on - year, and it is expected to maintain a 3% growth rate for the whole year [89]. - The MHP coefficient is strong, and nickel - sulfate production remains stable. From January to July 2025, China's nickel - sulfate production increased by 0.1% year - on - year [95]. - The proportion of ternary batteries in new - energy vehicles is low, and the growth rate of nickel demand from the new - energy sector has slowed down. From January to July 2025, the cumulative installed capacity of ternary batteries accounted for 18.7% of the total, with a year - on - year decrease of 9.7% [111]. Inventory - Overseas LME nickel inventory is expected to continue to increase. As of September 5, 2025, LME nickel inventory increased by 5.48% compared to mid - year [115]. - China's domestic social inventory has decreased overall this year but increased slightly in the second half of the year. As of September 5, 2025, it increased by 7.1% compared to mid - year [115]. 3.3 Viewpoint Summary - Global primary nickel supply continues to increase, while demand shows mixed trends. Stainless - steel demand maintains some resilience, but there is a risk of weakening downstream orders. The new - energy sector has limited incremental demand for nickel, and the long - term focus is on the demand from solid - state batteries [117]. - Nickel remains in an oversupply situation. In the medium - to - long term, demand growth depends on the battery sector, and supply is affected by Indonesian policies and project commissioning speed [118]. - Macroeconomic uncertainties and fundamental oversupply will keep nickel prices hovering at the bottom. In the fourth quarter, attention should be paid to mining - end news and macro changes, and the cost of integrated MHP production of electrowinning nickel can be used as a reference for the lower - end valuation of pure nickel [119].

Core Viewpoint - The recent notification from the National Development and Reform Commission and the National Energy Administration aims to improve the pricing mechanism for nearby consumption of renewable energy, which is expected to create new opportunities for green electricity direct connection projects starting from October 1, 2025 [1][2][3]. Group 1: Policy and Mechanism - The notification clarifies the economic responsibilities between nearby consumption projects and the public grid, allowing renewable energy projects to pay for supply reliability based on their needs [3][4]. - The new pricing mechanism is designed to enhance the willingness of the grid to provide stable supply services, facilitating the implementation of projects like waste incineration and green electricity direct connections [4][5]. Group 2: Project Requirements - Projects must have a clear interface, with power sources, loads, and storage connected as a whole to the public grid, ensuring safety and responsibility [3][4]. - Projects are required to have a self-consumption ratio of at least 60% of total available generation and 30% of total consumption, with new projects starting from 2030 needing a minimum of 35% [4][5]. Group 3: Economic Advantages - The economic feasibility of projects increases with higher load rates and smaller capacities connected to the public grid, as projects not connected to the grid are exempt from certain fees [4][5]. - For example, in Guangdong Province, the average market transaction price in 2025 is projected to be 0.3910 yuan per kWh, while the costs associated with grid connection and operation total 0.2721 yuan per kWh, leading to a total of 0.6631 yuan per kWh. Direct supply from waste incineration can offer a price advantage of 0.05 to 0.08 yuan per kWh compared to using grid electricity [5]. Group 4: Recommended Companies - The notification is expected to benefit companies involved in green electricity direct supply projects, with specific recommendations including Huanlan Environment, Yongxing Co., Conch Venture, Green Power Environmental Protection, Junxin Co., and Weiming Environmental Protection, while also suggesting attention to Wangneng Environment [5].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Views - The improvement of the near-consumption pricing mechanism for renewable energy will facilitate the direct connection of green electricity, benefiting waste-to-energy projects [9][10] - The price of Sustainable Aviation Fuel (SAF) has reached a new high in Europe, positively impacting UCO and SAF producers in China [11][12] - The solid waste sector has seen significant acceleration in national subsidies for recycling, leading to improved cash flow and dividend payouts [15][16] Summary by Sections Industry Trends - The environmental protection industry is experiencing a positive trend with the implementation of new pricing mechanisms for renewable energy, which will enhance the economic viability of waste-to-energy projects [9][10] - The SAF market in Europe is tightening, leading to increased prices and benefiting UCO and SAF producers in China [11][12] Solid Waste Sector - National subsidies for recycling have accelerated significantly, with a reported 2.064 billion yuan received in July-August 2025, surpassing the previous year's figures [15] - The solid waste sector is seeing improvements in return on equity (ROE) and cash flow, with a focus on operational efficiency and reduced financial costs [15][16] Water Sector - The water sector is poised for growth with expected improvements in cash flow and dividend payouts, similar to trends observed in the waste-to-energy sector [19][20] - Recent water price reforms in cities like Guangzhou and Shenzhen are anticipated to drive further growth in the sector [19] Sanitation Equipment - The sales of sanitation vehicles have increased, with a notable rise in the penetration rate of new energy sanitation vehicles, reaching 16.14% [22][23] - The market for electric sanitation vehicles is expanding rapidly, with sales growth of 77.55% in the first seven months of 2025 [22][23] Biofuel Sector - The average price of waste cooking oil has decreased, leading to an increase in profit margins for biofuel producers [32] - The biofuel market is expected to remain stable, with ongoing demand for waste oils and limited supply growth [32] Lithium Battery Recycling - The profitability of lithium battery recycling is improving as the prices of lithium carbonate and other materials decline [33][34]

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report emphasizes the recovery of the silver-gold ratio and the simultaneous rise in copper and aluminum prices due to both domestic and international factors [5][6] - Weak employment data in the U.S. has led to increased expectations for a 50 basis point rate cut in September, which is expected to boost precious metals [5][6] - The report suggests that while gold remains a focus for investment, the recovery of the silver-gold ratio indicates potential for silver as well [5][6] Summary by Sections Precious Metals - The report highlights the weak performance of the U.S. labor market and its implications for precious metals, particularly gold and silver [5][6] - It suggests that gold stocks may experience a quarterly-level resonance in terms of price, valuation, and style due to anticipated rate cuts [5][6] - For silver, the report advises attention to its potential to converge with gold as inflation expectations rise [5][6] Industrial Metals - Industrial metals have seen a broad increase, with LME copper rising by 1.7% and aluminum by 3.8% [6][27] - The report notes that domestic policies aimed at stabilizing growth are expected to enhance demand outlook [6] - It indicates that while demand for copper and aluminum may decline in the second half of the year, supply constraints will limit the extent of this decline [6] Strategic and Minor Metals - The report discusses the strategic reassessment of rare earths and tungsten, with a focus on their long-term value due to government policies and market dynamics [7] - It highlights the upward price trend for cobalt and nickel, driven by supply constraints and increasing demand in the battery sector [7] - The report also mentions the bottoming out of lithium prices, with a cautious outlook on future price movements [7]