证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 增持（维持） [Table_Tag] [投资要点 Table_Summary] SAF 扩产+能源价值中枢上行，持续关注 UCO 端山高、朗坤，重视矿业双碳 ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2026 年 03 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 2025/3/3 2025/7/2 2025/10/31 2026/3/1 环保 沪深300 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 2026-02-14 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：龙净环保，高能环境，赛恩斯，瀚蓝环境，绿色动力环保， ...

环保行业跟踪周报 SAF 扩产+能源价值中枢上行，持续关注 UCO 端山高、朗坤，重视矿业双碳 证券研究报告·行业跟踪周报·环保 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2026 年 03 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 2025/3/3 2025/7/2 2025/10/31 2026/3/1 环保 沪深300 相关研究 《 海 螺 集 团 拟 对 海 螺 创 业 增 持 10.61%；重视矿山双碳；持续关注 UCO 端山高、朗坤》 2026-02-24 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 202 ...

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the metal products, machinery, and equipment repair industry, which increased by 69 to a total of 928 enterprises in 2025, representing a year-on-year growth of 8.03% [1] - The proportion of these enterprises in the total industrial enterprises is 0.18% [1] - The data indicates a shift in the threshold for large-scale industrial enterprises, which was raised from an annual main business income of 5 million to 20 million yuan starting from 2011 [1] Group 2 - The article references a report by Zhiyan Consulting titled "Market Operation Pattern and Prospect Strategic Analysis Report of China's Metal Products Industry from 2026 to 2032" [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to delivering comprehensive industry solutions to empower investment decisions through professional insights and quality services [1]

Investment 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]

Macro Strategy - The core viewpoint indicates that recent liquidity shocks in overseas markets, driven by concerns over the AI software bubble and subsequent momentum selling, have led to significant volatility in equities, commodities, and cryptocurrencies. It suggests that some assets may have been "wrongly killed" due to these liquidity shocks, as the macroeconomic fundamentals and broad liquidity environment have not changed significantly [1][13] - The report anticipates that the upcoming U.S. non-farm employment and CPI data for January may present upward risks, potentially reversing the slight increase in expectations for Federal Reserve rate cuts observed this week [1][13] Financial Products - The report highlights that overseas market liquidity shows signs of stabilization, which may improve market sentiment. It predicts a positive outlook for the A-share market in February, with a historical probability of 78.57% for an increase following a macro timing model score of 0 [1][16] - Fund allocation recommendations suggest a balanced ETF configuration due to expected short-term market fluctuations, with a focus on sectors like chemicals and electric grid equipment, which continue to see increasing fund sizes [1][16] Commodity Market - The report discusses the impact of liquidity shocks on commodity prices, noting that certain commodities, which rely on supply-demand improvements, have been "wrongly hurt" but may return to fundamental pricing logic as market conditions stabilize [2][17] - It emphasizes that the recent volatility in silver and other precious metals indicates a potential end to the liquidity shock, with silver becoming a key indicator of market sentiment [2][17] Environmental Industry - The report stresses the importance of advancing the national carbon market and outlines investment recommendations in clean energy, energy conservation, and recycling sectors. It highlights specific companies such as Longjing Environmental and others involved in renewable energy and waste management [6][10] Non-Banking Financial Sector - The report notes a recovery in the IPO and refinancing market, with significant year-on-year growth in both areas. It indicates that the capital market reforms and increased market activity are expected to benefit brokerage firms' investment banking revenues [9] AI Industry and Bond Financing - The report focuses on the AI industry, highlighting the need for a diversified financing system to support technology companies, particularly private firms with high growth potential. It reviews case studies of leading tech companies' bond financing paths to assess the feasibility of similar strategies in China [4]

Core Viewpoint - Yutong Heavy Industry has announced a stock option and restricted stock incentive plan for 2026 to attract and retain talent, aiming to enhance the motivation of its core team [1][2] Group 1: Incentive Plans - The stock option plan will grant up to 6.76 million options to no more than 136 individuals, with an exercise price of 10.45 CNY per share [1] - The restricted stock plan will grant 1.26 million shares to 20 individuals, including directors and senior management, at a price of 5.81 CNY per share [1] - The incentive plans are designed to cover a broader range of key talents across different levels, aiming to bind employee performance with company goals [1][3] Group 2: Performance Targets - The performance assessment period for the incentive plans is set for the fiscal years 2026 and 2027, with annual evaluations [2] - The company aims for a net profit growth rate of no less than 20% for 2026 and 15% for 2027, based on the average net profit excluding incentive costs from 2024 and 2025 [2][3] - The performance targets are structured to balance growth potential and achievability, aligning employee interests with company development [3] Group 3: Company Background - Yutong Heavy Industry specializes in the research, development, manufacturing, and sales of sanitation equipment, mining equipment, and construction machinery [2] - The company has implemented multiple equity incentive plans since 2021, with existing plans for 2024 and 2025 still in effect [2]

Core Viewpoint - Yutong Heavy Industry (600817.SH) announced a stock option incentive plan for 2026, which is independent of the existing incentive plans for 2024 and 2025 [1] Summary by Sections Incentive Plans Overview - The 2024 restricted stock incentive plan has granted 790,000 shares that remain under lock-up, while the 2025 plan has granted 2.7 million shares [1] - The proposed 2026 stock option plan aims to grant 1.26 million shares, along with 6.76 million stock options, totaling 11.51 million shares/options, which represents approximately 2.16% of the company's total share capital at the time of the announcement [1] Total Share Capital and Limits - The total shares involved in all active incentive plans do not exceed 10.00% of the company's total share capital at the time of the announcement [1] - Any individual participant in the incentive plans can receive a maximum of 1.00% of the company's total share capital through all active incentive plans [1] Independence of Plans - The 2026 stock option incentive plan is independent and does not have any correlation with the ongoing 2024 and 2025 restricted stock incentive plans [1]

证券代码：600817 证券简称：宇通重工 公告编号：2026-003 宇通重工股份有限公司 2026 年股票期权激励计划（草案）摘要公告 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。 重要内容提示： 股权激励方式 □第一类限制性股票 √股票期权 股份来源 √发行股份 □回购股份 □其他 本次股权激励计划有效期 36个月 本次股权激励计划拟授予的股票期权数量 676万份 本次股权激励计划拟授予的股票期权数量占公 司总股本比例 1.27% 本次股权激励计划是否有预留 □是 √否 本次股权激励计划拟首次授予的股票期权数量 676万份 激励对象数量 136人 激励对象数量占员工总数比例 6.94% 激励对象范围 □董事 □高级管理人员 √中层管理人员、核心业务、技 术、职能管理人员 □外籍员工 □其他 行权价格 10.45元/股 一、公司基本情况 （一）公司简介 | 公司名称 | 宇通重工股份有限公司（以下简称"公司"或"本 | | --- | --- | | | 公司"） | | 统一社会信用代码 | 9161013313220 ...

宇通重工股份有限公司 2026 年限制性股票激励计划激励对象名单 1 序号 姓名 职务 1 马颖 中高级管理人员 2 王文强 中高级管理人员 3 王磁 中高级管理人员 4 牛海燕 中高级管理人员 5 毛善彪 中高级管理人员 6 方鹏 中高级管理人员 7 申胜 中高级管理人员 8 刘向东 中高级管理人员 9 刘林 中高级管理人员 10 李杰 中高级管理人员 11 邱欢 中高级管理人员 12 张川 中高级管理人员 13 赵国建 中高级管理人员 14 胡文波 董事、副总经理、财务总监 15 秦善峰 中高级管理人员 16 陶景帅 中高级管理人员 17 董晓阳 中高级管理人员 18 楚义轩 董事、中高级管理人员 19 詹昌林 中高级管理人员 20 蔡永江 中高级管理人员 本名单按姓氏笔画排序 ...

证券代码：600817 证券简称：宇通重工 公告编号：2026-002 宇通重工股份有限公司 2026 年限制性股票激励计划（草案）摘要公告 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。 重要内容提示： 股权激励方式 √第一类限制性股票 □股票期权 股份来源 √发行股份 □回购股份 □其他 本次股权激励计划有效期 36个月 本次股权激励计划拟授予的限制性股票数量 126万股 本次股权激励计划拟授予的限制性股票数量占公司总股本 比例 0.24% 本次股权激励计划是否有预留 □是 √否 本次股权激励计划拟首次授予的限制性股票数量 126万股 激励对象数量 20人 激励对象数量占员工总数比例 1.02% 激励对象范围 √董事 √高级管理人员 √中高级管理人员 □外籍员工 □其他 授予价格 5.81元/股 一、公司基本情况 （一）公司简介 | 公司名称 | 宇通重工股份有限公司（以下简称"公司"或"本公司"） | | --- | --- | | 统一社会信用代码 | 91610133132207011Q | | 法定代表人 | 晁莉 ...