Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Hui Cheng Environmental and Gao Neng Environment [4][8]. Core Insights - The Ministry of Ecology and Environment has issued guidelines to enhance environmental impact assessments for new pollutants, promoting green transformation in traditional manufacturing [11][20]. - The Ministry of Finance has allocated a budget of 13.56518 billion yuan for energy-saving and emission reduction subsidies in 2025, which will accelerate the development of the new energy vehicle industry [21][24]. - The environmental protection sector has shown strong performance, outperforming the broader market indices [28]. Summary by Sections Investment Views - The report highlights the issuance of guidelines by the Ministry of Ecology and Environment to strengthen environmental impact assessments for key industries, focusing on new pollutants [11]. - The budget for energy-saving and emission reduction subsidies has been set at 13.56518 billion yuan, with significant allocations for new energy vehicles and charging infrastructure [21][24]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [25]. Market Performance - The environmental protection sector outperformed major indices, with a weekly increase of 2.49%, surpassing the Shanghai Composite Index by 1.93% [28]. - Notable stock performances include Hanwei Technology, Fuchun Environmental, and Yuntou Ecology, which saw significant gains, while Guozhong Water and Shenwu Energy experienced declines [28]. Industry News - Recent developments include the issuance of guidelines for low-emission waste incineration in Zhejiang Province and measures to promote high-quality development in enterprises in Sichuan [39]. - The report also notes the implementation of methane emission control plans in Hunan Province, reflecting ongoing efforts to address environmental challenges [39]. Key Companies - Hui Cheng Environmental is recognized for its technological innovations and significant projects in hazardous waste management, with expectations for continued revenue growth [27]. - Gao Neng Environment aims to become a leading environmental system service provider, benefiting from increased orders related to soil pollution prevention and waste management [27]. - Hong Cheng Environment is highlighted for its stable growth and high dividend payouts, making it an attractive investment option [27].

Core Viewpoint - The steel industry, as a crucial pillar of the national economy, faces significant energy-saving and emission-reduction pressures while providing essential materials for infrastructure. Angang Lianzhong (Guangzhou) Stainless Steel Co., Ltd. is committed to green development and actively responds to the national "dual carbon" goals through various energy-saving and emission-reduction measures, achieving steady economic growth alongside considerable environmental benefits, aiming to become a benchmark for green transformation in the steel industry [1]. Group 1: Technological Innovations - Technological innovation is the core driver for Angang Lianzhong's energy-saving and emission-reduction efforts. The company has adopted a super filtration + secondary reverse osmosis process to replace traditional water treatment technologies, significantly improving water quality and reducing equipment failure rates, water resource waste, and energy consumption [3]. - Since the implementation of the new water treatment system in January 2024, the company has achieved a cumulative efficiency increase of over 4 million yuan, demonstrating the practical value of technological innovation in energy-saving and emission-reduction [3]. Group 2: Wastewater Management - Angang Lianzhong has optimized its wastewater treatment processes and upgraded equipment to effectively control sludge moisture content and maintain sludge treatment levels despite a 55,000-ton increase in steel production in 2024. This is attributed to refined management and technological innovations [4]. - The company has introduced advanced dehydration technologies and automated control systems, significantly reducing waste acid concentration and treatment volumes, thereby lowering pollutant emissions and treatment costs while enhancing economic benefits [4]. Group 3: Gas Emission Reduction - The company has optimized the cooling mode of reaction furnaces and upgraded combustion equipment to reduce liquefied petroleum gas (LPG) consumption. Technical modifications to the combustion system have improved energy efficiency and reduced pollution emissions while lowering production costs [5]. - In 2024, Angang Lianzhong achieved the best historical performance in LPG consumption per ton of steel, enhancing its market competitiveness [5]. Group 4: Water Resource Management - Angang Lianzhong has implemented a multi-dimensional water-saving and efficiency-enhancing system through the optimization of its circulating water management. The introduction of a "tiered water use" model prioritizes high-quality recycled water for processes with stringent water quality requirements [8]. - The company has switched its water sources for processes like steelmaking and cold rolling from tap water to recycled water, achieving a cumulative cost reduction of 2.276 million yuan and a 45% reduction in wastewater discharge since the system's operation began in July 2023 [8]. Group 5: Future Outlook - Angang Lianzhong will continue to uphold its green development philosophy, exploring advanced technologies such as waste heat recovery and hydrogen smelting to further reduce energy consumption. The company aims to enhance sludge reduction and treatment through process optimization and technological innovation [9]. - The company plans to deepen water resource utilization efficiency and increase management investments to promote recycling and reduce wastewater discharge, contributing to the "dual carbon" goals and providing replicable green development experiences for the industry [9].

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: April 23, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Market Performance Futures Market - On April 22, the main contract 2509 of coke futures significantly declined, erasing the previous day's gains and approaching the previous low of 1517 yuan/ton set on April 9. The main contract 2509 of coking coal futures also significantly declined, hitting a new low of 924 yuan/ton for the September contract since October 2016 [5]. - The closing price of J2509 was 1530.5 yuan/ton, down 1.83%, with a trading volume of 23,584 lots and an open interest of 37,180 lots, an increase of 3,784 lots, and a capital inflow of 0.87 billion yuan. The closing price of JM2509 was 928.5 yuan/ton, down 2.42%, with a trading volume of 350,052 lots and an open interest of 360,046 lots, an increase of 19,667 lots, and a capital inflow of 1.05 billion yuan [5]. Spot Market - On April 22, the ex - warehouse price index of quasi - first - class metallurgical coke in Rizhao Port, Qingdao Port, and Tianjin Port was 1440 yuan/ton, with no change. The price in Tangshan was 1370 yuan/ton, also unchanged [8]. - The aggregated price of low - sulfur main coking coal in Tangshan was 1365 yuan/ton, unchanged; in Lvliang, it was 1240 yuan/ton, down 30 yuan/ton; in Linfen, it was 1330 yuan/ton, unchanged; in Handan, it was 1250 yuan/ton, unchanged; in Heze, it was 1320 yuan/ton, unchanged; and in Pingdingshan, it was 1460 yuan/ton, unchanged [8]. Technical Analysis - On April 22, the daily KDJ indicator of the coke 2509 contract changed from a golden cross to a death cross, and the daily KDJ indicator of the coking coal 2509 contract declined, with the J and K values turning down and the D value continuing to decline. The daily MACD green bars of both the coke and coking coal 2509 contracts enlarged [8]. Market Outlook Coke - Currently, downstream steel mills maintain high production, and coking plants have significantly increased production for five consecutive weeks. The obvious destocking of steel mills and coking plants is favorable, but the rising port inventory is unfavorable. Coke price rebound requires the recovery of the finished steel market. After the steel price rebounded from the low and then fluctuated weakly, it is expected that the coke market may improve following the finished steel before the end of April [9]. Coking Coal - Imports are at a high level and have increased. The domestic coal industry still emphasizes the principle of ensuring supply. Although the production and operating rate of coal washing plants are significantly lower than that in the fourth quarter of last year, the supply remains loose. The inventories of steel mills and ports have significantly decreased, but the recent active replenishment of coking plants will discount the later price rebound. Whether the decline of coking coal can stop depends on whether the coke market can truly recover [9]. Strategy - It is expected that the coke and coking coal markets will stabilize and rebound after a second bottom - finding in late April. One can try to sell put options at high prices during the price - stabilizing stage or try to buy the far - month 2509 contract for hedging or investment after the price stabilizes [9]. Industry News - The CPC Central Committee and the State Council issued the "Opinions on Implementing the Strategy of Upgrading Free Trade Pilot Zones", covering data flow, shipping, finance, and other aspects [10]. - The Ministry of Finance issued a notice on April 21, allocating over 13.5 billion yuan in the first batch of energy - saving and emission - reduction subsidy funds for 2025, including 2.91 billion yuan for pre - allocating the reward funds for the pilot project of filling and swapping facilities in counties in 2025 [10]. - Many companies released financial reports, including Yue Electric Power A, Yangmei Chemical Industry, TBEA, Wuchan Environmental Energy, and Shenhuo Co., Ltd., with varying revenue and profit performances [10][11] - Southern Power Grid's regional electricity consumption in the first quarter was 380.9 billion kWh, a year - on - year increase of 4% [11] - Shougang Co., Ltd. and Geely Group signed a strategic cooperation framework agreement [12] - From January to March, Shanxi's coalbed methane production reached 3.53 billion cubic meters, a year - on - year increase of 14.5% [12] - In March 2025, China's coking coal imports decreased for the fourth consecutive month, with an import volume of 8.588 million tons, a year - on - year decrease of 4.6% and a month - on - month decrease of 2.9% [12] - Coal India Ltd plans to build a 1600 - megawatt coal - fired power plant in Jharkhand [12] - The US announced new tariffs on solar products imported from Cambodia, Malaysia, Thailand, and Vietnam [13] Data Overview - The report provides various data charts, including the spot price index of metallurgical coke, the aggregated price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron production, and the inventories of coke and coking coal in ports, steel mills, and coking plants [14][15][16]

点 击 蓝 字 关 注 我 们 1.印度汽车制造协会称2024年出口536万辆汽车 2.土耳其Tofas计划投资生产一款新轻型车 3.西门子斥资1.5亿美元布局加拿大电池研发 4.继与日产汽车合作后 Wayve进军日本市场 目录 国内新闻 1. 吉利醇氢电动商用车将在上海车展展出 2. DeepWay深向重卡完成申通快递首批36台交付 3. 重磅 上汽红岩即将全面复工复产 4. 江淮1卡3款新品重磅齐发 国外新闻 商用车 1 支持有条件的自由贸易试验区深化智能网联汽车道路测试 国内新闻 1.支持有条件的自由贸易试验区深化智能网联汽车道路测试 2.财政部下达2025年第一批节能减排补助资金预算 3.上汽通用别克与Momenta合作推城区辅助驾驶 4.吉利与雷诺集团推出电车改装混动方案 5.2026年悦达起亚计划推出3款产品 6.蔚来成立蔚乐萤汽车销售服务公司 7.比亚迪与沙特阿美宣布就新能源汽车技术开展合作 8.理想超充站突破2100座 2年覆盖31省份219城 本文全文共 4578 字，阅读全文约需 15 分钟 时间:2025.4.22 来源:财联社汽车早报 中共中央、国务院近日印发《关于实施自由贸易试验区提 ...

▼ 烟道不再"堵车"！ ECOLINE DPV-H 采用 圆形流线型流道 ，配套 菱形导流结构 ， 流阻减 少30% 。相比传统矩形流道的阀门， 能耗降低30% ， 在节能的同时，可减少维护频率 。 ▼ 无论特殊 尺寸 还是特殊 材料 ， ECOLINE DPV-H 均可根据用户需求进行 定制 ，并 快速交 付 产品。 通过手机APP，用户可以实现 远程调控 ，实时监控阀门状态，并自动报警。在高危场景下， ECOLINE DPV-H 能够实现 零人工干预 ，确保操作安全。 应用行业 集众多优势于一身的 ECOLINE DPV-H 采用 中腔压差式双阀座设计 ，配套 高强度密封材料 ，将 密封效果 提升 至传统单层阀座的 10倍以上 。 传统烟气阀的泄露率通常大于0.1%，而 ECOLINE DPV-H的泄露率低于0.01% ， 极大降低企 业的废气处理成本 。 在高温、高腐蚀性的严苛工业环境中， 选择一款可靠且高效的烟气阀是确保生产安全与 环保的关键 。 KSB阀业常州公司近期推出的 系列，凭借其卓越的性能 与稳定的品质，不仅 克服了传统烟气阀的众多挑战 ，更通过 智能化设计 和 创新技术 ，助力企业节能减排 ...

浙江力聚热能装备股份有限公司 Zhejiang Liju Thermal Equipment Co.,Ltd. （浙江省湖州市吴兴区埭溪镇上强工业园区茅坞路 9 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投 资者应当以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 浙江力聚热能装备股份有限公司 招股说明书（上会稿） 招股说明书(上会稿) 目 录 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法 发行后因发行人经营与收益变化或者股票价格变动引 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 上海维科精密模塑股份有限公司 Shanghai Vico Precision Mold &Plastics Co., Ltd. （上海市闵行区北横沙河路 598 号） 招股说明书 保荐人（主承销商） 首次公开发行股票并在创业板上市 （中国（上海）自由贸易试验区商城路 618 号） 上海维科精密模塑股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 上海维科精密模塑股份有限公司 Shanghai Vico Precision Mold &Plastics Co., Ltd. （上海市闵行区北横沙河路 598 号） 招股意向书 （中国（上海）自由贸易试验区商城路 618 号） 首次公开发行股票并在创业板上市 保荐人（主承销商） 上海维科精密模塑股份有限公司 首次公开发行股票并在创业板上市招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 上海维科精密模塑股份有限公司 Shanghai Vico Precision Mold &Plastics Co., Ltd. （上海市闵行区北横沙河路 598 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的 招股说明书作为投资决定的依据。 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 上海维科精密模塑股份有限公司 首次公开发行股票并在创业板上市招股说明书（注册稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质 ...

无锡锡南科技股份有限公司 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 Wuxi Xinan Technology Co., Ltd. （无锡市滨湖区旭天智慧园 10-501） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者 应当以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 无锡锡南科技股份有限公司 首次公开发行股票并在创业板上市招股说明书（注册稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈 ...