机构：华泰证券 研究员：王玮嘉/黄波/李雅琳/胡知 光大环境发布中期业绩，2025 年H1 实现营业收入143.04 亿港元，同比-8.4%；归母净利润22.07 亿港 元，同比-10.1%。归母净利润略低于我们预期（预期22.58 亿港元），主要原因包括：1）人民币升值致 人民币负债产生汇兑损失4.28 亿港元（1H24 汇兑收益2.31 亿港元）；2）若干危废及固废项目停运，确 认物业、厂房及设备耗损1.13 亿港元。公司派发中期股息9.21 亿港元，对应DPS 15 港仙（1H24 14 港 仙），分红比例41.8%（1H2435.0%）。我们认为，公司运营收入持续增长，自由现金流具备提升空 间，中期股息同比提升1 港仙释放积极信号，有望迎来价值重估。维持买入评级。 1H25 发电量/供热量同比增长9/32%，精细管理有效降本1H25 公司垃圾处理量近2900 万吨 维持盈利预测，目标价5.34 港元 根据在建工程情况，下调建造服务收入预测，预计2025-2027 年归母净利润为33.92、35.39、36.87 亿港 元，下调幅度3%、4%、2%，对应EPS 为0.55、0.58、0.60 港元。可比 ...

Core Viewpoint - Junxin Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand its operations in the solid waste treatment industry, where it is a leading player in Hunan Province and a national high-tech enterprise [1][4]. Financial Performance - In 2024, Junxin Co., Ltd. achieved significant revenue growth, surpassing 2.4 billion RMB, primarily due to increased construction service income from the Liuyang and Pingjiang projects, as well as the acquisition of Renhe [4]. - The company's revenue from 2022 to 2025 shows a consistent upward trend, with figures of approximately 1.548 billion RMB, 1.837 billion RMB, 2.411 billion RMB, and 697 million RMB for the respective years, while net profits were around 587 million RMB, 653 million RMB, 686 million RMB, and 236 million RMB [3]. - The gross profit margin has shown a downward trend from 55.9% in 2022 to 41.5% in 2024, with a slight recovery to 53.9% in the first quarter of 2025 [3]. Industry Position - Junxin Co., Ltd. ranks fourth nationally in terms of daily processing capacity for waste incineration power plants and third in the single project capacity for kitchen waste treatment, with the highest oil recovery rate in the country [5]. - The company operates in one of the largest environmental comprehensive parks in China, which includes various projects related to waste incineration and comprehensive waste treatment [5]. Market Trends - The global generation of municipal solid waste is projected to increase from 1,894.1 million tons in 2020 to 2,619.1 million tons by 2029, with China's municipal solid waste expected to grow from 235.1 million tons in 2020 to 260.6 million tons in 2024 [6]. - The incineration treatment volume in China is also on the rise, with a compound annual growth rate of 10.8% from 2020 to 2024, and a forecasted growth rate of 7.0% from 2025 to 2029 [6]. International Expansion - Junxin Co., Ltd. is actively expanding its business into Central Asia, having signed service concession agreements in Kyrgyzstan for green energy projects and plans to develop similar projects in Kazakhstan [8][9]. - The company has initiated four overseas expansion plans in Kyrgyzstan and Kazakhstan, targeting regions with inadequate waste collection and treatment infrastructure, where Chinese companies are well-positioned to fill the gap [9]. Future Funding - The upcoming IPO on the Hong Kong Stock Exchange aims to raise funds for future projects related to comprehensive waste treatment and resource utilization, ongoing research and innovation, and general corporate purposes [9].

Group 1 - The core role of palladium-carbon in pharmaceutical manufacturing is to enhance reaction efficiency in the synthesis of drug intermediates through hydrogenation reactions [1][4] - Palladium, as a precious metal, exhibits excellent catalytic activity, reducing activation energy and enabling hydrogenation reactions to proceed under milder conditions [4] - The carbon support provides a stable attachment point for palladium particles, allowing for uniform dispersion and maximizing catalytic effectiveness [4] Group 2 - Used palladium-carbon eventually loses its activity and is discarded, but the residual palladium still holds significant value [5] - The value of one kilogram of palladium-carbon waste depends on the palladium content; current market price is approximately 261 yuan per gram [7] - Accurate analysis of palladium content in waste is crucial for cost accounting and resource management in pharmaceutical production [7] Group 3 - The rational use of palladium, a scarce precious metal, is essential for reducing resource consumption and production costs [9] - Even inactive palladium-carbon waste contains resource value, and the pharmaceutical industry must explore ways to fully utilize this value sustainably [9] - Environmental considerations are important in the disposal of palladium-carbon waste, ensuring compliance with environmental standards to prevent pollution [9] Group 4 - Overall, palladium-carbon plays a vital role in the synthesis of drug intermediates, and its residual palladium content provides value even in waste form [13] - Understanding the value composition and proper handling of this waste is crucial for cost control, effective resource utilization, and environmental protection [13]

Group 1 - The latest stock price of Yuanda Environmental is 12.05 yuan, which increased by 0.04 yuan compared to the previous trading day [1] - The stock opened at 11.97 yuan, reached a high of 12.05 yuan, and a low of 11.94 yuan, with a trading volume of 56,143 hands and a transaction amount of 0.67 billion yuan [1] - Yuanda Environmental operates in the environmental protection industry, with main business activities including environmental engineering, manufacturing of environmental equipment, and operation of environmental facilities [1] Group 2 - As a significant environmental enterprise in the Chongqing region, the company has participated in multiple environmental project constructions [1] - The net outflow of main funds for Yuanda Environmental on that day was 5.3961 million yuan, with a cumulative net outflow of 28.7172 million yuan over the past five trading days [1] - The current stock price is below the five-day moving average, indicating a shrinking market trading activity [1]

Core Viewpoint - The demand for plastic inspection wells is increasing due to urbanization and the need for efficient underground pipeline systems, as they offer advantages over traditional concrete wells such as ease of installation, low maintenance, and corrosion resistance [1][13]. Industry Overview - Plastic inspection wells, also known as plastic "manholes," are essential for drainage systems, facilitating regular inspection and maintenance [3]. - The market for plastic inspection wells in China is projected to reach 3.58 billion yuan in 2024, with an annual growth rate of 8.2% [1][13]. - The industry is characterized by a variety of applications, including rainwater and sewage drainage, and is increasingly favored in new residential and industrial developments [1][3]. Competitive Landscape - The plastic inspection well market has numerous participants but lacks dominant players, leading to price wars and reduced profit margins [15]. - Key companies in the industry include Xinjiang Tianye, Junzheng Group, and Beiyuan Group, among others [2][15]. Industry Chain - The upstream of the plastic inspection well industry includes raw material suppliers (PVC-U, PPB, PE) and equipment manufacturers (injection molding machines, extruders) [7]. - The midstream involves the production of plastic inspection wells, while the downstream encompasses applications in municipal engineering, industrial sectors, and construction [7]. Market Trends - The industry is witnessing a shift towards smart technology integration, with sensors and IoT devices being used for real-time monitoring of water levels and quality [20]. - Environmental regulations are pushing the industry towards more sustainable practices, including the use of recyclable materials and greener production processes [21]. - Advances in material science are expected to enhance the performance of plastic inspection wells, making them stronger, more corrosion-resistant, and lighter [22]. - The demand for plastic inspection wells is anticipated to grow due to the increasing need for urban resilience against extreme weather events and the ongoing construction of underground infrastructure [23].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Commodities mostly rose, and attention should be paid to the determination of policies. The yields of U.S. Treasury bonds declined, and the listing benchmark price of propylene futures was set at 6,350 yuan/ton. Coal futures showed significant gains [1]. - In the medium to long term, A - shares have high investment value. CSI 500 and CSI 1000 may bring higher returns due to policy support, while SSE 50 and SSE 300 have defensive value [2][12]. - The price of coking coal may continue to rise in the short term but is likely to peak after late August [3][25]. - Gold and silver are likely to continue their strong performance, but the risk of Trump's threat materializing needs to be watched [4][18]. Summary by Directory 1. Key News of the Day - **International News**: Fitch downgraded the outlook of 25% of U.S. industries in 2025 to "deteriorating" due to increased uncertainty, slow economic growth, and expected long - term high interest rates [5]. - **Domestic News**: China's July LPR remained unchanged for the second consecutive month, with the 1 - year variety at 3.0% and the over - 5 - year at 3.5%, which was in line with market expectations [6]. - **Industry News**: In June, China's total social electricity consumption was 867 billion kWh, a year - on - year increase of 5.4%. From January to June, the cumulative electricity consumption was 4,841.8 billion kWh, a year - on - year increase of 3.7% [7]. 2. Daily Returns of Overseas Markets - The S&P 500 rose 0.14%, the European STOXX 50 fell 0.33%, and the FTSE China A50 futures rose 0.26%. Gold and silver in London showed significant increases, while some agricultural products such as ICE 11 - sugar and CBOT soybeans declined [8]. 3. Morning Comments on Major Varieties Financial - **Stock Index**: The U.S. three major indexes mostly rose. The previous trading day's stock index also rose, with the building materials sector leading the gain and the banking sector leading the decline. The A - share market has high investment value in the medium to long term [2][12]. - **Treasury Bonds**: The long - end of Treasury bonds fell significantly. The central bank's open - market operations had a net withdrawal of funds. The short - term market risk appetite increased, and the price volatility of Treasury bond futures may increase [13]. Energy and Chemicals - **Crude Oil**: SC crude oil futures fell 1.2% at night. U.S. refined oil demand decreased year - on - year, and the OPEC predicted an improvement in the global economy in the second half of the year [14]. - **Methanol**: Methanol futures rose 0.79% at night. The domestic methanol plant operating rate decreased slightly, and the coastal inventory increased. Methanol is expected to be bullish in the short term [15]. - **Rubber**: Rubber prices rose. The supply side provided support, while the demand side was weak. The price is expected to rise slowly [16][17]. Metals - **Precious Metals**: Gold and silver strengthened again. The market's risk - aversion demand increased, and the weakening of the U.S. dollar and Treasury bond yields provided upward momentum [4][18]. - **Copper**: The copper price closed flat at night. The smelting output was under pressure, and the downstream demand was stable overall. The copper price may fluctuate within a range [19]. - **Zinc**: The zinc price closed lower at night. The concentrate processing fee increased, and the zinc price may fluctuate widely in the short term [20]. - **Lithium Carbonate**: The weekly output of lithium carbonate increased slightly. The demand was in the peak season, but the inventory also increased. The short - term price may be strong, but there is no basis for a medium - term reversal [21]. Black Metals - **Iron Ore**: The demand for iron ore was supported, and the global shipment decreased recently. The short - term macro - expectation was strong, and the iron ore price was expected to be strong [22][23]. - **Steel**: The supply pressure of steel gradually emerged, and the inventory continued to decline. The short - term steel price was expected to be strong [24]. - **Coking Coal and Coke**: The production of blast furnaces and coke improved, and the inventory of coking coal in steel mills and coking plants increased. The price may continue to rise in the short term but is likely to peak after late August [3][25]. Agricultural Products - **Soybean and Rapeseed Meal**: The U.S. and Indonesia reached a trade agreement, and the market's expectation of improved Sino - U.S. trade relations increased. The domestic supply was abundant, and the domestic soybean meal was expected to be strong in the short term [26]. - **Oils and Fats**: The oils and fats futures were weak at night. The MPOB report was neutral to bearish, but the demand for palm oil was strong. The overall oils and fats market was expected to fluctuate [27]. Shipping Index - **Container Shipping to Europe**: The EC contract weakened at the end of the session. The SCFIS European line index declined. The European line was in the seasonal peak season, and the freight rate was expected to rise in August. Attention should be paid to the announcement of shipping company freight rates in August [29].

Core Viewpoint - The introduction of Qian Nian Zhou Blue Shield Marine Ecological Board addresses the issue of poor moisture resistance in multi-layer ecological boards, particularly in coastal and humid regions of China, providing a high-performance solution for such environments [2][16]. Product Features - The board meets the national standard GB/T 9846-2015 for plywood, achieving a moisture resistance level of Class I, suitable for outdoor use, and surpassing the bonding performance requirements of the British standard BS 1088 [5]. - It utilizes environmentally friendly MDI glue, free from harmful substances like formaldehyde and phenol, with formaldehyde emission levels meeting HENF grade standards, making it suitable for sensitive environments such as those for children and pregnant women [7]. - The board is made from premium-grade eucalyptus core materials and is produced using advanced industrial equipment, ensuring stable quality and superior physical performance compared to national standards [8]. Health and Safety Standards - The surface of the board incorporates a melamine paper finish with dual inorganic antibacterial agents (zinc ions and graphene), providing six protective functions including antibacterial, antiviral, and anti-mold capabilities, contributing to a comprehensive health protection system [11]. Aesthetic Appeal - The Qian Nian Zhou Blue Shield Marine Ecological Board features a variety of colors and styles, blending traditional culture with modern design, thus catering to diverse aesthetic preferences in home decor [14]. Market Positioning - As a leading brand in the board industry, Qian Nian Zhou aims to produce high-quality boards and has successfully overcome technical challenges related to moisture resistance in high-humidity environments, marking a strategic upgrade from indoor to outdoor applications [16].

Core Insights - RETO's stock price increased by 10.03% to $2.63 per share, with a total market capitalization of $20.15 million as of July 14 [1] - The company reported total revenue of $1.829 million for the year ending December 31, 2024, representing a significant year-over-year growth of 16,864.81%, while the net profit attributable to shareholders was -$8.3527 million, reflecting a 46.6% increase compared to the previous year [1] Financial Performance - Total revenue for 2024 is projected at $1.829 million, showing a dramatic increase of 16,864.81% year-over-year [1] - The net profit attributable to shareholders is forecasted at -$8.3527 million, which is a 46.6% increase compared to the previous year [1] Upcoming Events - RETO is scheduled to release its Q1 2025 financial report on August 14, with the actual disclosure date subject to company announcements [2] Business Focus - The company specializes in producing and selling eco-friendly building materials made from solid waste, as well as providing equipment for the production of these materials [2] - RETO offers consulting, design, and project implementation services for urban ecological environment construction, including sponge city projects [2] - The company’s products can replace over 70% of aggregates with fly ash or iron tailings, and they consume less energy compared to traditional building materials [2] Market Position - RETO's eco-friendly building materials are in high demand due to increasing government and public focus on environmental protection, with advantages in permeability and price competitiveness over traditional materials [2] - The company has established a global sales and service network, with clients in mainland China and exports to countries including Canada, the United States, Mongolia, the Middle East, India, South Asia, North Africa, and Brazil [2]

Core Viewpoint - The article highlights the dedication and impact of Zhang Jixiang, a prominent environmental volunteer in Hunan, who has significantly contributed to the improvement of the ecological environment along the Xiang River over the past decade [2][4][9]. Group 1: Environmental Efforts - Zhang Jixiang has been actively involved in environmental protection for over ten years, including cleaning riverbanks, monitoring water quality, and reporting pollution issues [2][4]. - She has logged over 20,000 hours of volunteer service and has been recognized as one of the "Top Ten Ecological Environment Volunteers" in 2025 [2]. - The establishment of a three-tiered response mechanism involving citizens, professional organizations, and government departments has reduced pollution response time from 72 hours to 4 hours [5][10]. Group 2: Community Engagement - Zhang has inspired a growing number of volunteers, leading to the formation of a "green team" of over 2,000 members, primarily composed of university students [10]. - She has conducted over 600 environmental education sessions in 47 schools, fostering a new generation of "young river guardians" [10]. - The increase in public awareness and participation in environmental protection efforts has been a notable outcome of her work [9][10]. Group 3: Personal Commitment - Zhang's unique approach to monitoring the river includes using her senses to detect pollution, demonstrating her deep commitment to environmental advocacy [5]. - Despite facing threats and challenges, she remains steadfast in her mission, viewing her work as a long-term commitment to environmental sustainability [5][11]. - Her personal experiences and dedication have not only improved the river's condition but also motivated others to join the cause [9][10].

RISC-V - The fifth RISC-V China Summit will be held from July 16 to 19, 2025, in Shanghai, featuring a main forum, nine vertical sub-forums, five workshops, and a 4,500 square meter technology exhibition area, expecting nearly 2,000 attendees [1] - RISC-V architecture is rapidly rising due to its open-source, flexible design, and low power consumption, with a projected compound annual growth rate of over 40% in product shipments by 2030 [1] Innovative Drugs - The National Healthcare Security Administration announced a plan for the adjustment of the 2025 National Basic Medical Insurance drug list and the commercial health insurance innovative drug list, which will be synchronized [2] - WuXi AppTec, a leading CXO company with a market value of 200 billion, expects a revenue of approximately 20.64% growth year-on-year for the first half of 2025 [2] - The innovative drug sector is experiencing a surge in outbound transactions, with optimistic expectations for pipeline value, leading to increased domestic new drug R&D demand [2] Industrial Intelligence - The Ministry of Industry and Information Technology released work points for the integration of information technology and industrialization in 2025, emphasizing the development of industrial intelligent systems and support for pilot projects [3] - The AI industry is at a critical turning point, with predictions that AI smartphones and PCs will capture over 50% and 80% market share in China by 2027, respectively [3] Environmental Protection - The world's first 200,000 tons/year mixed waste plastic deep cracking industrialization project has successfully begun trial production in Guangdong, utilizing innovative chemical recycling technology [4] - The waste plastic resource utilization market in China is expected to reach 120 billion by 2025 and exceed 400 billion by 2030, with a compound annual growth rate of over 10% [4] Hydrogen Energy - The Alcohol-Hydrogen Electric Ecosystem Alliance was established at the 2025 China Automotive Forum, aiming to enhance collaboration across the industry chain [5] - Alcohol-hydrogen technology is viewed as an optimal path for commercial vehicle electrification, addressing the limitations of pure electric and hydrogen fuel technologies [5] Insurance - The Ministry of Finance issued a notice to guide insurance funds towards long-term stable investments, enhancing the performance evaluation of state-owned commercial insurance companies [6] - The proportion of equity investments by insurance companies is expected to significantly increase, contributing to the long-term stability and health of the capital market [6] Macro and Industry News - The Shanghai Stock Exchange has implemented further reforms to the Sci-Tech Innovation Board, including new self-regulatory guidelines [7] - The China Securities Association released 28 measures to promote high-quality development in the securities industry [8]