2025Q1 环保行业基金持仓市值 80 亿，向垃圾焚烧和设备龙头公司集中 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 5 月 4 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 2025Q1 环保行业基金持仓市值 ...

资源困局下的技术突围 美国稀土产业的困境并非源于技术短板。无酸溶解回收技术已实现稀土元素99%的回收率，莱斯大学的 闪光焦耳加热技术更将单吨处理成本压缩至12美元。这些创新技术突破传统矿场模式，将火力发电厂每 年产生的1.4亿吨煤渣转化为稀土富矿，使美国实际可利用稀土储量激增6倍。 美国稀土困局的破局之道： 煤渣变废为宝背后的产业革命…… 全球稀土版图长久以来被中国主导，其4400万吨储量占据全球四成份额。与之形成鲜明对比的是，美国 官方公布的稀土储量仅为180万吨，不到世界总量的2%。但令人诧异的是，他们竟然在德克萨斯州电厂 煤渣中发现的1100万吨稀土储量。 那么，这意味着什么？ 这场资源革命的影响远超国界。全球现存火电厂每年产生约10亿吨煤渣，其中蕴含的稀土资源相当于30 个大型稀土矿。当资源获取从地质勘探转向工业废料再利用，稀土供应链的地缘属性正在弱化。日本 JOGMEC机构已着手研究燃煤灰烬提纯技术，欧盟则将煤渣列为关键原材料战略储备。 煤渣提纯技术的环保优势尤为突出。相较于传统矿山开采产生的放射性废料和酸性废水，新工艺通过物 理分离和生物提取技术，将污染排放量降低90%以上。这种环境友好型技术既规 ...

Core Viewpoint - The mining industry in China faces challenges in high-quality development due to fluctuating market prices and operational difficulties, necessitating a focus on risk management, resource recycling, and green transformation [1]. Group 1: Building a Mining Risk Early Warning System - Strengthening the resilience of the mining industry through technology integration (AI, green technology) and data-driven approaches to shift from passive risk response to proactive risk prediction [2]. - Vertical extension of the industrial chain to hedge against price volatility by moving from a traditional model of raw material extraction to high-value manufacturing, as exemplified by the Inner Mongolia Baotou Rare Earth Mine [2]. - Horizontal expansion of industrial collaboration to create a diversified income structure, reducing reliance on primary mineral resources, demonstrated by the Gansu Jinchang's integration of mining and new energy [2]. Group 2: Technological Innovation to Promote Resource Recycling - Utilizing new mining technologies to enhance the comprehensive utilization of associated resources, which is crucial for high-quality development [4]. - Resource recovery from tailings through advanced technologies like spectral imaging and AI data analysis, forming a closed-loop industry that improves circular economy benefits [5]. - Remanufacturing old mining equipment to extend service life and provide solutions to mining development challenges through a circular economy approach [5]. Group 3: Driving Green Transformation in Mining - Establishing a resource development compensation mechanism to alleviate funding pressures for transformation, integrating policy innovation and technological empowerment [6]. - Ecological restoration and landscape reconstruction of tailings ponds to convert ecological value into economic value, addressing environmental challenges [6]. - Reutilizing underground spaces in abandoned mining areas by integrating geological engineering and ecological restoration to create sustainable utilization models [6].

企业名称潍坊市白浪河资源循环科技有限公司法定代表人于立成注册资本10000万人民币国标行业水 利、环境和公共设施管理业>生态保护和环境治理业>环境治理业地址山东潍坊经济开发区月河路3177 号潍坊经济开发区高新技术产业园国家级孵化器1511-1房间（一址多照）企业类型有限责任公司（非自 然人投资或控股的法人独资）营业期限2025-4-28至无固定期限登记机关山东潍坊经济开发区市场监督 管理局 来源：金融界 序号股东名称持股比例1潍坊市国经产业发展集团有限公司100% 经营范围含固体废物治理；再生资源回收（除生产性废旧金属）；生产性废旧金属回收；再生资源销 售；再生资源加工；非金属废料和碎屑加工处理；新能源汽车废旧动力蓄电池回收及梯次利用（不含危 险废物经营）；蓄电池租赁；电池销售；水资源管理；土壤污染治理与修复服务；劳动保护用品生产； 劳动保护用品销售；生物质燃料加工；新兴能源技术研发；合同能源管理；温室气体排放控制技术研 发；人工智能行业应用系统集成服务；互联网销售（除销售需要许可的商品）；普通货物仓储服务（不 含危险化学品等需许可审批的项目）；创业空间服务；技术服务、技术开发、技术咨询、技术交流、技 术转 ...

Core Viewpoint - The launch of the Shanxi Datong 10 million-ton coal gangue comprehensive utilization project marks a significant step towards resource recycling and sustainable urban development, addressing environmental issues caused by coal gangue accumulation [1][2] Group 1: Project Overview - The project is the first of its kind in China, focusing on the comprehensive utilization of coal gangue, which has accumulated over 7 billion tons in the country, with an annual increase of 500 million tons and a utilization rate of less than 60% [1] - The project aims to transform traditional disposal methods and provide a replicable model for coal gangue management across the country [1] Group 2: Technological Innovations - The project features six innovative technologies, including the first application of belt roasting technology from the steel industry for large-scale production of ceramsite, significantly enhancing production efficiency [2] - AI-based optical sorting technology allows for precise separation of coal gangue components in milliseconds, far surpassing traditional manual sorting methods [2] - The project introduces a world-first "X-ray + electromagnetic wave" technology to effectively remove iron from kaolinite minerals, improving product purity [2] Group 3: Environmental and Economic Impact - The project promotes a complete resource recycling chain from industrial solid waste to new materials and green buildings, contributing to the achievement of carbon neutrality goals [2] - The seven types of products generated from the project span multiple industries, including construction, chemicals, and pharmaceuticals, facilitating the transition to greener and higher-value industries [2]

Group 1 - LG Energy Solution has decided to postpone or cancel the construction of a lithium battery recycling joint venture with Huayou Cobalt due to stagnation in electric vehicle demand [1] - The joint venture was initially planned to build pre-treatment and post-treatment plants in Jiangsu and Zhejiang, with operations expected to start in late 2023 and production by the end of 2024 [1] - The project aims to create a closed-loop system for recycling metals like nickel, cobalt, and lithium from used batteries, but is hindered by slowing global electric vehicle demand and uncertainties in U.S.-China policies [1] Group 2 - In 2024, Huayou Cobalt's net profit is expected to grow by 23.99% to 4.155 billion yuan, while operating revenue is projected to decline by 8.08% to 60.946 billion yuan, indicating structural contradictions in its core business [2] - The company faces significant debt pressure with total interest-bearing liabilities around 59 billion yuan, despite a notable year-on-year increase in net profit for Q1 2025 [2] - The decline in cobalt prices by over 20% in 2024, along with reduced production of low-end products, has led to a decrease in gross margins for lithium battery materials [2] Group 3 - Cobalt prices have dropped to a ten-year low, and nickel prices are under pressure due to increased production capacity in Indonesia, raising concerns about inventory depreciation risks [3] - The market share of Huayou Cobalt in the ternary materials segment is shrinking, and the postponement of the joint venture project exacerbates the risk of a single profit structure [3] - The company needs to balance global expansion in Europe and Southeast Asia, explore new markets in sodium-ion and solid-state batteries, and optimize its debt structure to mitigate multiple risks [3]

Core Viewpoint - The establishment of Juhai Cangtian (Hebei) Landscape Greening Co., Ltd. indicates a growing focus on environmental management and sustainable practices in the landscaping and agricultural sectors in China [1] Company Summary - Juhai Cangtian (Hebei) Landscape Greening Co., Ltd. was recently founded with a registered capital of 4 million RMB [1] - The legal representative of the company is Chen Wenli [1] - The company is jointly owned by two shareholders: - Liangcang Yiyuan Agricultural Cultural Tourism (Hebei) Co., Ltd. holds a 70% stake - Beijing Lvhai Tianceng Landscape Greening Co., Ltd. holds a 30% stake [1] Business Scope - The company’s business activities include: - Landscape greening engineering construction - Engineering management services - Research and development in agricultural waste resource utilization technology - Renewable resource utilization technology development - Energy management services including solar and wind power technology services - Soil pollution prevention and remediation services - Carbon reduction, conversion, capture, and storage technology research [1] - The company is classified under the national standard industry of water, environment, and public facility management, specifically in municipal facility management [1] Operational Details - The company is located in Langfang City, Hebei Province, with a business term set until April 27, 2025, and no fixed duration thereafter [1] - The registration authority is the Langfang City Wen'an Market Supervision Administration [1]

Core Viewpoint - The establishment of China Resource Recycling Group Nonferrous Metal Investment Co., Ltd. in Hangzhou marks a significant step in the development of nonferrous metal recycling and utilization, enhancing the resource recycling industry layout in China [1][2] Group 1: Company Establishment and Objectives - The new company aims to ensure the safety and stability of the national nonferrous metal strategic resource industry chain and supply chain, aligning with national policies [1] - The company will integrate with Zhejiang's green and innovative development advantages to enhance the scale and efficiency of recycled nonferrous resource recovery [1] - The company is set to create a national-level platform for recycled metal circular utilization, supporting the integrated development of the Yangtze River Delta [1] Group 2: Business Model and Strategy - The company is constructing a "1+2+N+X" collaborative business system for nonferrous metal recycling and utilization, focusing on technological innovation and digital transformation [1] - The foundational business will be based on copper and aluminum, while also exploring new avenues in precious metals and strategic metal reserves [1] - The company aims to establish a nationwide resource-intensive layout and regional synergy advantages through a collaborative network [1] Group 3: Innovation and Industry Transformation - The company will take on the primary responsibility for integrating the national nonferrous metal resource recycling industry, promoting technological, management, and business model innovations [2] - The focus will be on enhancing core competitiveness and streamlining the entire nonferrous metal industry chain towards high-end, intelligent, and green development [2] - The company plans to build a circular economy model that addresses resource shortages and industry fragmentation in China's nonferrous metal sector, aspiring to become a leading domestic and internationally recognized enterprise in nonferrous metal recycling [2]

N- 甲基吡咯烷酮（ NMP ）是一种具有高极性、高沸点、低粘度、低挥发性、高热稳定性和化学稳定性的非质子溶剂。作为高性能溶剂，其广 泛应用于锂离子电池制造、化工生产等多个领域。 NMP 原料来源可分为合成 NMP 与再生 NMP 两类。合成 NMP 指通过化学合成工艺制得的 NMP 产品，其工业生产路线以γ - 丁内酯（ GBL ）与 单甲基胺为原料经缩合反应生成。再生 NMP 则指对使用后的 NMP 废液进行回收提纯 NMP 废液特性： 高浓度 NMP ：废液中 NMP 含量较高，因 NMP 强溶解性可能混合多种有机物及无机物 低毒性但具刺激性：虽较其他有机溶剂毒性低，但高浓度接触仍对人体皮肤及眼睛产生刺激 处理难度大：因高沸点与强溶解性，单纯物理蒸发或自然挥发难以处理，需采用特定回收净化技术 委托加工模式：回收企业为客户提供闭环循环服务，直接回收客户废液并提纯后返还。该模式可降低客户处理成本，实现资源循环利用 购销模式：回收企业采购上游供应商的 NMP 废液，经处理提纯后销售给下游客户，通过购销差价盈利 内部循环模式：大型企业集团自建回收处理设施，实现废液中 NMP 的内部循环利用。例如三菱重工在国内外 ...

氟硅化工产业技术壁垒高，兼具资源与创新双轮驱动特性，是新材料领域的关键支柱，也是中国实现化 工高端化的重要赛道。 赛迪顾问日前发布《中国氟硅化工产业园区的发展现状、问题及建议》（以下简称《建议》）指出，我 国氟硅产业集群化趋势显著、产业链完整，为实现高端化发展打下坚实基础。 三大集群区域各具特色 《建议》指出，国内现已形成以江苏、浙江为代表的长三角区域，以四川、内蒙古为代表的中西部区 域，以山东、辽宁为代表的环渤海区域三大氟硅产业集群区域。 长三角区域以"技术研发+产业协同"为核心驱动力，聚焦高端氟聚合物、电子级化学品、特种硅材料等 高附加值领域，依托高校资源和长三角一体化产业链配套优势，形成"研发—中试—产业化"全链条创新 生态。 值得关注的是，《建议》提出，目前氟硅化工产业园区存在布局产品方向趋同的情况。氟化工的主要产 品集中在新能源材料，如聚偏氟乙烯和六氟磷酸锂以及半导体电子特气。有机硅领域则以高端橡胶和功 能性硅烷为主。整体来说，氟硅行业的研发投入多集中在中端产品的生产环节，高端产品的研发能力有 待提升。 氟硅化工产业园区对资源循环利用的重视程度相对较高。《建议》表示，目前，氟化工园区广泛构建 了"氯 ...