Core Viewpoint - The launch of casting aluminum alloy futures and options on the Shanghai Futures Exchange marks the first futures product for recycled metals in China, filling a gap in the domestic recycled metal derivatives market [1][2]. Group 1: Market Development - The trading of casting aluminum alloy futures was active on its first day, driven by the robust development of the spot market and increasing demand for price risk management [1]. - In 2024, China's production of casting aluminum alloy is expected to exceed 10 million tons, reflecting the industry's growth and the rising need for risk management tools [1][4]. Group 2: Pricing and Influence - The introduction of aluminum alloy futures is anticipated to enhance China's pricing power in the global market, as it will work in conjunction with existing aluminum and alumina futures [2][3]. - The listing is seen as a significant step towards improving the international influence of China's aluminum industry and establishing a comprehensive risk management system [2][4]. Group 3: Risk Management Tools - The new futures and options will provide more precise risk management tools for enterprises, allowing them to implement composite hedging strategies that include both electrolytic and recycled aluminum [3][6]. - Companies can now better manage price fluctuations and operational risks, with the potential to adjust production based on market conditions [3][6]. Group 4: Circular Economy and Resource Utilization - The launch of casting aluminum alloy futures is expected to promote the development of the circular economy, as it encourages resource recycling and utilization [4][5]. - The recycled non-ferrous metal industry is crucial for ensuring resource security and facilitating a green, low-carbon transition, with recycled aluminum production already surpassing 10 million tons [4][5]. Group 5: Demand and Supply Dynamics - The growth of the new energy industry is creating a "metal hunger," with significant demand for metals like copper and aluminum, while the supply from primary mining is lagging [5]. - The recycling rate of waste metals remains low, and the industry faces challenges such as low profitability and inadequate systems, which the new futures market could help address [5][6].

Core Insights - The conference focused on sharing the results and experiences of the Extended Producer Responsibility (EPR) pilot program in the automotive industry, promoting excellent cases, and exploring the development direction of EPR management to support the green transformation of the automotive industry [1][3]. Group 1: EPR Implementation and Industry Strategy - The development of a circular economy is a major national strategic decision, crucial for resource security and achieving carbon neutrality goals. Implementing EPR in the automotive sector is both a responsibility and a strategic opportunity to reshape industry competitiveness [3]. - The automotive industry will focus on EPR for new energy vehicles, enhancing government support, deepening policy research, and building collaborative platforms to explore a "Chinese solution" for EPR management [3][4]. Group 2: Pilot Program Achievements - Since the release of the EPR pilot implementation plan in June 2021, participating companies have made significant progress in areas such as recycled materials, remanufacturing, and recycling system construction, resulting in multiple replicable and exemplary cases [4]. - The "EPR Pilot Excellent Case Collection" was released, showcasing 16 typical cases that highlight innovative paths and significant achievements in EPR practice across various enterprises, providing valuable experience and guidance for the industry [4][6]. Group 3: Industry Reports and Research - An industry report titled "Reconstructing the Future: The Sustainable Development Path of Automotive Recycled Plastics" was released, providing a systematic study of the policy environment, technological research, recycling systems, market applications, and supply-demand analysis related to automotive recycled plastics [7][12]. Group 4: Action Plans and Standards - The "New Energy Vehicle EPR Capability Enhancement Action Plan" was launched, encouraging companies to explore EPR implementation paths and business models in a flexible manner, aiming to leverage EPR management for carbon reduction and cost efficiency [13]. - Progress on the EPR supporting standard system was discussed, including the development of guidelines and standards for the automotive industry, which will provide technical specifications and implementation guidance for EPR management [16]. Group 5: International Experience and Collaboration - Experts from Germany and Japan shared insights on EPR frameworks and sustainable development paths in the automotive industry, offering valuable lessons for China's efforts in green transformation and circular economy policy frameworks [17]. - The successful hosting of the conference facilitated information exchange and experience sharing among automotive industry stakeholders, promoting the dissemination and practice of EPR concepts [17].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 巴斯夫大中华区董事长兼总裁楼剑锋博士表示 ： "通过与国轩高科、中国燃气、巴斯夫杉杉的强强联合， 我们将进一步推动储能技术创新、清洁能源的广泛应用，同时创造协同效应，为共同的可持续目标注入强 劲动能。" 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ 会议详情 I C C S I N O 会议主办： 鑫椤资讯 会议时间： 2025年7月8-9日（8号报到） 本文来源：国轩高科 2025 年上海国际碳中和技术、产品与成果博览会（简称 "上海碳中和博览会"）期间，国轩高科与巴斯 夫、中国燃气控股有限公司（简称"中国燃气"）及 巴斯夫杉杉 电池材料有限公司（简称 "巴斯夫杉杉"） 达成四方战略合作。 本次合作将聚焦储能系统研发、新型电池材料应用、储能项目商业化推广及绿色能源解决方案，建立全面 战略合作关系，共同打造新能源产业链生态闭环。 同时四方将致力于推动储能技术创新、清洁能源规模化 应用及 "双碳"目标实现。 国轩高科执行总裁王启岁表示，国轩高科 ...

Core Insights - A silent "retirement wave" of electric vehicle batteries is expected in China by the end of 2024, marking the beginning of a significant recycling phase for these batteries, which presents a multi-billion dollar opportunity for the industry [2] - Shanxi province is positioning itself to capitalize on this opportunity, viewing battery recycling as a crucial part of its green transformation strategy [2] Group 1: Industry Overview - The Ministry of Industry and Information Technology's 2016 regulations require that the "three electric" systems of new energy vehicles provide at least 8 years or 120,000 kilometers of warranty, indicating a shift from policy planning to practical implementation in battery recycling [2] - There are currently 172,000 companies in China related to battery recycling, with a continuous increase in registrations over the past decade [2] - Shanxi is accelerating the development of the retired battery processing industry chain, covering recycling, regeneration, and secondary utilization, as it transitions from a "coal and coke" economy to a "circular economy" [2] Group 2: Technological Challenges - The core of battery recycling lies in technological solutions, as demonstrated by the practices of companies like DinoSi, which maximize battery value through tiered utilization [3] - The process involves reconfiguring batteries for secondary use when their capacity drops below 80%, and extracting materials for recycling when capacity falls below 40% [3] - Challenges include accurately assessing battery health, controlling costs and pollution during disassembly, and ensuring the purity of recycled materials [3] Group 3: Policy Support - Policy is crucial for industry development, with the EU's 2023 Battery and Waste Battery Law imposing strict requirements on carbon footprints and recycled material ratios, while China strengthens lifecycle regulation through its action plan for battery recycling [4] - Shanxi has introduced several policies to promote large-scale equipment updates and a circular economy, exemplified by the collaboration between government and enterprises in the electric taxi sector [4] - A mixed model of "policy-driven + market-led" is shaping the unique path of Shanxi's battery recycling industry [4] Group 4: Future Outlook - The maturity of the battery recycling industry requires collaborative efforts across the supply chain, with Shanxi focusing on a "government-enterprise-research" linkage mechanism [4] - The future of the new energy industry is closely tied to the "second life" of batteries, as Shanxi aims to transition from a coal-dominated economy to a leader in circular economy practices, contributing to global carbon neutrality goals [4]

中化新网讯 日前，巴西布拉斯科公司（Braskem）宣布，其最新研发的甘蔗基乙烯-醋酸乙烯共聚物 （EVA）牌号"I'm green EVA 7870S"正式商业化量产。该产品采用100%甘蔗乙醇为原料，碳足迹较传统 石油基EVA降低65%，成为全球首个通过ISCC PLUS认证的光伏级生物基EVA材料。 据介绍，"I'm green EVA 7870S"生物基碳含量达70%，每吨产品可减少3吨二氧化碳排放，相当于种植 160棵成年树木的碳汇能力。在实现全生命周期的低碳转型的同时，该生物基EVA材料具备传统EVA的 优异光学性能和抗湿热老化性能，用其制造的光伏封装胶膜透光率>91.5%，可实现3000小时以上湿热 老化测试后功率衰减<0.5%。该产品不仅适配当前主流的单玻/双玻组件，更针对N型硅衬底的隧穿氧化 层钝化接触太阳能电池（N型TOPCon电池）开发了超薄结构（0.08mm），可提升组件功率增益1-3瓦。 该牌号已通过TüV莱茵零碳认证，并获得隆基、晶科等头部光伏企业的批量采购订单，预计2025年产能 将达10万吨，可满足20GW光伏组件的封装需求。 值得关注的是，该产品的产业链协同效应显著。其原料甘 ...

内容概况：我国纯苯供给端虽通过炼化技改与新增装置提升产量，但受制于乙烯裂解原料轻质化导致的 副产率下降、环保约束加码以及中小装置开工波动，实际产量增速滞后于需求扩张速度，供需缺口倒逼 进口依赖度长期维持在14%以上，韩国、文莱等亚洲国家为主要进口来源。2024年我国纯苯产量约2005 万吨，表观需求量约2436万吨，供需差进一步扩大至430万吨级别。 关键词：纯苯产量 纯苯进出口 纯苯产能 纯苯企业 一、纯苯产业发展概述 纯苯指纯净的苯，中文别名有安息油、苯查儿、纯苯、精苯、净苯、困净苯、溶剂苯，是由原油通过催 化重整加工得到的石油苯或由炼焦煤加工生产得到的焦化苯提纯加工所得，是石油化工产业生产的基础 原材料之一，可用作溶剂及合成苯的衍生物、香料、染料、塑料、医药、炸药、橡胶等。在塑料及包装 领域，凭借轻质绝缘与耐冲击性优势，广泛满足电子产品外壳及食品级容器的精密需求；合成橡胶及轮 胎依赖高弹性与耐磨性，显著提升车辆行驶安全性与轮胎耐用度；合成纤维及纺织品通过高强度、耐腐 蚀特性，兼顾工业绳索与日常服装的功能性与舒适性；医药及农药中间体则依托化学稳定性与高效反应 效率，成为抗生素与疫苗生产的核心保障。其多场景 ...

Core Viewpoint - The launch of casting aluminum alloy futures and options on June 10 marks a significant step in supporting China's "dual carbon" strategy and promoting the green and low-carbon transformation of the aluminum industry [1][3]. Group 1: Market Development - Seven contracts for casting aluminum alloy futures were listed with a benchmark price of 18,365 yuan/ton [1]. - The demand for casting aluminum alloys is increasing due to the rapid development of industries such as new energy vehicles, necessitating better price risk management for related enterprises [1][2]. - The "Implementation Plan for High-Quality Development of the Aluminum Industry (2025-2027)" aims to enhance the resilience and safety of the supply chain, with a target of increasing domestic bauxite resources by 3%-5% and achieving a recycled aluminum output of over 15 million tons by 2027 [1]. Group 2: Industry Trends - The production of recycled aluminum is rising globally and in China, while domestic primary aluminum production is nearing a ceiling of 45 million tons, limiting growth potential [2]. - The demand for low-carbon materials in sectors like automotive, construction, and photovoltaics is driving the application ratio of recycled aluminum, particularly in high-performance areas such as new energy vehicles and rail transit [2]. - The futures market's price discovery function is expected to guide recycled resources towards high-efficiency and high-value-added sectors, promoting the standardization and scaling of the recycling system [2]. Group 3: Pricing Dynamics - The relationship between recycled aluminum and primary aluminum prices is characterized by a "cost anchoring" and "demand elasticity" dynamic, with primary aluminum currently serving as the pricing benchmark [3]. - As the circular economy deepens, recycled aluminum is anticipated to develop an independent pricing system centered around carbon value, moving away from being shadow-priced by primary aluminum [3]. - The launch of casting aluminum alloy futures and options fills a gap in the domestic recycled metal derivatives market, enhancing the transparency and efficiency of the pricing mechanism for casting aluminum alloys [3].

证券代码：001202 证券简称：炬申股份 炬申物流集团股份有限公司 投资者关系活动记录表 编号：2025-007 | | 特定对象调研 | ☐分析师会议 | | --- | --- | --- | | | ☐媒体采访 | ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 | ☐路演活动 | | | ☐现场参观 | | | | ☐其他（请文字说明其他活动内容） | | | | 中国银河证券研究院：罗江南 | | | | 广州私募基金协会：陈思广 | | | | 广东岭鑫私募基金管理有限公司：杨敏婷 | | | | 前海中船(深圳)私募股权基金管理有限公司：李苏 | | | | 广州九远私募基金管理股份有限公司：刘建宇、钟媚、罗 | | | | 美琳 | | | | 中大情私募基金管理（武汉）有限公司：刘剑荣 | | | 参与单位名称及人员姓 | 银河粤科私募基金管理有限公司：贺民 | | | 名 | 广州市摩星岭控股有限公司：温文俊、董琳 | | | | 深圳市前海泓涞资产管理有限公司：陈健豪 | | | | 广州点亮资本投资合伙企业（有限合伙）：张孟华 | | | | 广东鑫纪元私募基金管理有限 ...

Core Points - Anhui Hwasu Co., Ltd. is issuing A-shares to specific investors, with a total of 87,336,244 shares to be issued at a price of 2.29 RMB per share, raising approximately 200 million RMB [1][7][9] - The shares will be subject to a lock-up period of 36 months for the investors, with specific restrictions for Huai Mining Group, the controlling shareholder [1][9] - The issuance will not change the control structure of the company, as Huai Mining Group remains the controlling shareholder [1][17] Issuance Details - The total number of shares issued is 87,336,244, which is 70% of the proposed issuance [7] - The total funds raised from this issuance amount to 199,999,998.76 RMB, with net proceeds after expenses being 196,924,966.30 RMB [9][10] - The issuance price is based on the average trading price of the company's shares over the 20 trading days prior to the pricing date [7][8] Shareholder Structure - Before the issuance, the total share capital of the company was 3,507,401,812 shares, with the top ten shareholders holding 82.22% of the shares [17] - After the issuance, Huai Mining Group will hold 2,958,139,670 shares, representing 82.29% of the total shares [17] - The issuance will add 87,336,244 shares as restricted shares, which will be released after the lock-up period [17] Financial Overview - As of March 31, 2025, the company reported total assets of 1,009,912.47 million RMB and total liabilities of 424,544.64 million RMB [18] - The company reported a net loss of 5,542.75 million RMB for the first quarter of 2025, with total revenue of 106,566.82 million RMB [18] - The company has been focusing on a circular economy and resource utilization, primarily producing PVC and caustic soda [5][18]

Group 1 - Two companies from Jiyuan entered the top 500 Chinese enterprises, four entered the top 500 manufacturing enterprises, and three entered the top 500 private enterprises, with six companies exceeding 10 billion in revenue [1] - The comprehensive technology innovation level index of the demonstration zone ranks fifth in the province, with R&D expenditure increasing by 63.4% year-on-year, accounting for 3.44% of GDP, ranking second in the province [1][3] - Jiyuan is transforming from a traditional industrial city to a modern industrial city, leveraging technological innovation to reshape its industrial structure [1][3] Group 2 - Jiyuan's industrial base is strong, with major industrial enterprises playing a crucial role in technological innovation, leading to significant economic growth [3] - The city has implemented the "332" industry cluster cultivation project, focusing on three advantageous industry clusters: non-ferrous metals, steel deep processing, and modern chemical industries, while also developing emerging industries [3][5] - Jiyuan has become the largest green lead-zinc smelting base and silver production base in the country, with industrial enterprises' revenue exceeding 220 billion [3][5] Group 3 - Jiyuan Steel Group has successfully transformed from construction steel to industrial steel, entering the first tier of special steel enterprises in China [5] - The demonstration zone has a high coverage rate of R&D activities among industrial enterprises and has seen a doubling of high-tech enterprises and technology-based SMEs over the past three years [6] - New research institutions and partnerships have been established to enhance innovation in materials and waste resource utilization [6] Group 4 - The circular economy in Jiyuan is thriving, with significant recycling and utilization of industrial waste, contributing to a total output value of over 746 billion in the circular economy sector [8] - The city is focusing on developing new industries while upgrading traditional industries, particularly in the nanomaterials sector, which has been recognized as a strategic emerging industry cluster [10] - Jiyuan is fostering a resilient ecosystem for small and medium enterprises, with numerous specialized and innovative companies emerging [10][11] Group 5 - The city emphasizes innovation as a key driver for high-quality economic development, aiming to build a modern industrial system [13] - Jiyuan is positioned to become a modern city with robust industrial capabilities and sustainable growth, integrating traditional industrial strengths with innovative dynamics [13]