秋日里，萧太后河碧波轻漾，马家湾湿地绿意铺展，"滨水廊下分茶话 邻里檐前拾新秋"邻里文化节在 此悄然拉开帷幕。露天音乐大厅的幕布缓缓开启：波光为灯、草木为景，居民的笑脸与欢语化作灵动音 符，"运河桃源"的民生长卷伴着悠扬旋律徐徐展开，既藏着生态之美，更透着人文之暖，生动诠释着新 时代基层治理的活力与温度。 底色共鸣：运河桃源的青绿交响 "水脉" 则是这曲交响中跳动的灵魂，萧太后河穿境而过，水鸟不时掠过粼粼水面，游船划过，潺潺水 声入耳。闲暇时分，街坊邻里相约滨水廊下，手捧热茶话家常，阳光透过枝叶洒下斑驳光影，话题从柴 米油盐的琐碎，聊到社区日新月异的变迁。这样的日常里，"宜居" 二字不再抽象 —— 是推窗见绿的惬 意，是临岸观水的悠然，更是出门遇见熟邻的暖心问候。 若说豆各庄的宜居生活是一场恢弘交响，那 "运河桃源" 的生态底色，便是乐团奏响的第一组温润和 弦。这里的 "绿脉" 宛如灵动的弦乐，是居民心头最踏实的慰藉：水域面积 26 万平方米、景观面积达 71 万平方米的马家湾湿地，将水的静谧、湾的婉转融于一体；花园城市的宏观景致与花园社区的精致 细节相映成趣，"半城青翠半城景" 的盎然绿意，稳稳托住了人们 ...

Company Overview - North Chemical Industry Co., Ltd. is located in Luzhou, Sichuan Province, established on August 23, 2002, and listed on June 5, 2008. The company's main business involves the production and sales of nitrocellulose and industrial pumps [1][2]. Financial Performance - For the first half of 2025, North Chemical achieved operating revenue of 1.131 billion yuan, representing a year-on-year growth of 23.82%. The net profit attributable to shareholders was 107 million yuan, showing a significant increase of 207.91% [2]. - Since its A-share listing, North Chemical has distributed a total of 350 million yuan in dividends, with 76.86 million yuan distributed over the past three years [3]. Stock Performance - As of September 24, North Chemical's stock price increased by 2.13%, reaching 19.64 yuan per share, with a total market capitalization of 10.783 billion yuan. The stock has risen 94.26% year-to-date, with a 16.56% increase over the past five trading days [1]. - The company has appeared on the stock market's "龙虎榜" (top trading list) four times this year, with the most recent appearance on July 25 [1]. Shareholder Information - As of August 8, the number of shareholders for North Chemical was 60,000, an increase of 1.69% from the previous period. The average number of circulating shares per person decreased by 1.67% to 9,150 shares [2]. - Notable institutional holdings include Changcheng Jiujia Innovation Growth Mixed A and Guangfa Small Cap Growth Mixed A, both of which are new shareholders [3]. Business Segments - The main revenue sources for North Chemical are nitrocellulose-related products (37.70%), protective equipment (25.47%), industrial pumps (22.91%), and spare parts (8.00%). Other products contribute smaller percentages [1].

从天亮到天黑，广场上笑语盈盈，成了欢乐的海洋。小朋友们紧紧攥着刚拿到的小灯笼，蹦蹦跳跳 地向伙伴们展示，灯笼透出的暖微光晕映在稚嫩的脸上，将笑容衬得格外灿烂；大朋友们答对题目后， 接过小礼品时，纷纷点头称赞："既学了垃圾分类知识，又有小惊喜，这样的活动有趣又实用！" 活动现场，数十只环保竹编灯笼错落悬挂，细腻的竹篾纹理间透着自然清新的气息，微风拂过，灯 笼轻轻晃动，格外灵动。工作人员手持垃圾分类知识竞答题卡，耐心为居民讲解答题要点，遇到疑问时 及时解答，互动氛围十分热烈。 近日，余杭区中泰街道在横溪社区新时代文明实践站开展"迎中秋，垃圾分类齐参与，灯笼相伴乐 融融"为主题的宣传活动。 这场融传统中秋韵味与环保理念于一体的活动，不仅让居民轻松掌握了垃圾分类知识，更在互动中 拉近了邻里情谊。未来，中泰街道将继续依托辖区新时代文明实践站，紧扣节日节点，策划如端午 包"环保粽"、元宵猜"垃圾分类谜"等特色活动，让垃圾分类意识潜移默化根植于每一位居民心中。 ...

Core Viewpoint - The stock of Xing Shuai Er has experienced fluctuations, with a year-to-date increase of 37.25% but a recent decline in the last five and twenty trading days [2][3]. Company Overview - Xing Shuai Er Electric Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on May 15, 2002, with its listing date on April 12, 2017 [2]. - The company specializes in the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminals, temperature controllers for small appliances, and small to medium-sized motors [2]. Business Performance - As of June 30, 2025, Xing Shuai Er reported a revenue of 1.132 billion yuan, representing a year-on-year growth of 8.59%, and a net profit attributable to shareholders of 122 million yuan, reflecting a growth of 31.79% [3]. - The company's main business revenue composition includes solar photovoltaic components (48.44%), refrigeration and small appliance components (34.62%), motors for food waste disposers, new energy vehicles, and clean water pumps (9.78%), and others (5.69%) [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.51% to 18,800, with an average of 18,561 circulating shares per person, an increase of 10.20% [3]. - The company has distributed a total of 225 million yuan in dividends since its A-share listing, with 96.91 million yuan distributed in the last three years [4]. Institutional Holdings - As of June 30, 2025, new institutional shareholders include Guotai Junan Eagle Growth Flexible Allocation Mixed Fund, Huafu Technology Momentum Mixed A, and Caitong Asset Management Advanced Manufacturing Mixed Fund, with holdings of 3.175 million shares, 3 million shares, and 2.4998 million shares respectively [4].

前不久，2025年中国国际服务贸易交易会（简称"服贸会"）在北京落下帷幕。自2022年首次设立环境服 务专题展以来，服贸会每年都有新的"绿色惊喜"带给观众，今年服贸会的"绿意"更浓。 无论是亮马河从"小河沟"变身为北京潮流经济带，还是"爱回收"为垃圾带来"新生"，抑或是一瓶瓶白桦 树汁实现生态保护与经济发展共赢，从中都可以看到，生态保护、绿色低碳与人们的生活联系越来越紧 密。 一条河串起绿色空间 走进环境服务专题展区，亮马河国际风情水岸展示区令人眼前一亮——桨板、躺椅、VR眼镜，当下午 的阳光透过展区玻璃洒下，观众仿若置身亮马河上，享受那份松弛与惬意。 全长9.3公里，亮马河是大运河文化带的重要组成部分。 AECOM中国区景观设计总监李彦军表示，亮马河的滨水空间，将周围商圈的消费带联通起来，激活了 经济的发展引擎。这种集休闲生活、国际交往、商业活力和自然生态于一体的绿色空间解决方案，正在 越来越多地方得到实践。 据《朝阳文史》记载：亮马河最初是一条大车道，因地势低洼，每年汛期雨水汇聚到这里，形成了一条 季节性河道。 不妨把目光投向北京温榆河公园。作为首都城区的重要"绿肺"，温榆河公园拥有18平方公里连片生态空 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The Ministry of Ecology and Environment held a press conference on "High-Quality Completion of the 14th Five-Year Plan," indicating ongoing progress in the "dual carbon" policy [1] - Solid waste management and water governance policies are expected to strengthen the fundamentals of hazardous waste and water-related companies [13] - The demand for environmental monitoring equipment is anticipated to continue growing due to the ongoing "dual carbon" policy [13] Summary by Sections Industry Trends - Since the beginning of the 14th Five-Year Plan, the capacity for hazardous waste utilization and disposal has increased by 58.8%, and the capacity for municipal solid waste incineration has increased by 72.4% compared to the end of the 13th Five-Year Plan [10] - Over 3000 solid waste management projects have been implemented across 113 cities, with an investment of approximately 560 billion yuan [10] Solid Waste Management - The solid waste sector has seen a significant improvement in cash flow and dividend payouts, with a focus on operational efficiency and cost reduction [14] - The average revenue growth for the solid waste sector was 1%, with net profit increasing by 8% in the first half of 2025 [14] Water Management - The water sector is expected to experience a cash flow turnaround similar to that of the waste incineration sector, with a projected increase in free cash flow starting in 2026 [18] - Water pricing reforms are being implemented in cities like Guangzhou and Shenzhen, which may lead to a new round of price adjustments [18] Sanitation Equipment - The penetration rate of electric sanitation vehicles increased by 6.53 percentage points to 16.71% in the first eight months of 2025, with sales of electric sanitation vehicles rising by 69.34% year-on-year [22] - The total sales of sanitation vehicles reached 49,577 units, reflecting a year-on-year increase of 3.2% [22] Bio-Diesel - The average price of waste cooking oil increased to 6,713 yuan per ton, while the average price of biodiesel remained stable at 8,400 yuan per ton, resulting in a decrease in profit margins [34] Lithium Battery Recycling - The prices of metals and discounts on ternary battery materials have increased, leading to improved profitability in lithium battery recycling [39]

Company Overview - Weili Environmental Technology Group Co., Ltd. is located at 156 Hanjing Road, Changzhou, Jiangsu Province, established on February 12, 2003, and listed on March 16, 2011 [1] - The company's main business includes leachate treatment, wastewater treatment, kitchen waste treatment, flue gas purification, energy-saving services, oil and gas recovery, and production and sales of other industrial VOC recovery equipment [1] Financial Performance - As of August 20, the number of shareholders for Weili is 19,200, a decrease of 1.03% from the previous period, with an average of 40,425 circulating shares per person, an increase of 1.04% [2] - For the first half of 2025, Weili achieved operating revenue of 795 million yuan, a year-on-year decrease of 20.84%, and a net profit attributable to the parent company of -36.84 million yuan, a year-on-year decrease of 187.28% [2] Stock Performance - On September 22, Weili's stock price increased by 2.03%, reaching 4.52 yuan per share, with a trading volume of 33.77 million yuan and a turnover rate of 0.97%, resulting in a total market capitalization of 3.56 billion yuan [1] - Year-to-date, Weili's stock price has risen by 28.77%, with a slight decline of 0.44% over the last five trading days, a 13.00% increase over the last 20 days, and a 29.51% increase over the last 60 days [1] Revenue Composition - The revenue composition of Weili's main business includes: BOT operation services (31.03%), operation services (27.58%), environmental equipment (20.31%), environmental engineering (17.69%), energy-saving services (1.76%), and others (1.63%) [1] Dividend Information - Since its A-share listing, Weili has distributed a total of 498 million yuan in dividends, with 46.04 million yuan distributed over the past three years [3]

Company Overview - Jiangsu Jiuwu Hi-Tech Co., Ltd. is located in Nanjing, Jiangsu Province, established on December 22, 1997, and listed on March 23, 2017 [2] - The company specializes in membrane separation technology, focusing on ceramic membranes and providing integrated solutions for process separation and specialty water treatment [2] - Revenue composition includes 65.68% from materials and accessories, 32.89% from integrated membrane technology solutions and equipment, and 1.43% from other sources [2] Financial Performance - For the first half of 2025, Jiuwu Hi-Tech achieved revenue of 270 million yuan, representing a year-on-year growth of 34.42% [2] - The net profit attributable to the parent company was 38.69 million yuan, showing a significant year-on-year increase of 226.53% [2] - Cumulative cash dividends since the A-share listing amount to 149 million yuan, with 53.6 million yuan distributed over the past three years [3] Stock Performance - As of September 19, Jiuwu Hi-Tech's stock price decreased by 2.02%, trading at 33.51 yuan per share, with a total market capitalization of 4.19 billion yuan [1] - Year-to-date, the stock price has increased by 60.18%, but it has seen a decline of 9.14% over the last five trading days and 4.18% over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent net purchase on July 18 amounting to 34.84 million yuan [1]

Group 1: Environmental Performance and Innovations - Hebei Wuan Steel Group has achieved ultra-low emissions across its production chain, with real-time monitoring from 1,766 environmental monitoring points [1] - The company was rated as an A-level enterprise for environmental performance by the end of 2023, indicating the highest level of environmental governance in the industry [2] - The city of Wuan has seen a transformation in its steel, coking, and cement industries, with 84% of key industry enterprises achieving A-level ratings [2] Group 2: Emission Reduction Efforts - Wuan has accelerated the elimination of inefficient production capacity, shutting down all small blast furnaces and converters [2] - The transition from long-process to low-carbon, energy-saving short-process steelmaking has resulted in a reduction of 1.6 tons of CO2 and 75% of pollutant emissions per ton of steel produced [2] - New technologies, such as carbon monoxide catalytic oxidation, have been implemented, leading to a daily reduction of approximately 51 tons of emissions [3] Group 3: Air Quality Improvements - In 2024, the average concentration of carbon monoxide in Wuan was 2.1 mg/m³, a decrease of 12.5% year-on-year [4] - PM2.5 concentration in Wuan dropped to 37.2 µg/m³ in the first half of 2025, marking a 31.27% decrease compared to the previous year [4] - The number of days with good air quality reached 133, an increase of 30 days year-on-year, achieving the best air quality levels recorded [4]

Company Overview - Jianlang Hardware is located in Dongguan, Guangdong Province, established on June 26, 2003, and listed on March 29, 2016. The company specializes in the research, production, and sales of mid-to-high-end building door and window hardware systems and related metal components [1][2]. Financial Performance - For the first half of 2025, Jianlang Hardware reported operating revenue of 2.755 billion yuan, a year-on-year decrease of 14.18%. The net profit attributable to the parent company was -30.4322 million yuan, a year-on-year decrease of 722.32% [2]. - Since its A-share listing, Jianlang Hardware has distributed a total of 621 million yuan in dividends, with 134 million yuan distributed over the past three years [3]. Stock Performance - As of September 18, Jianlang Hardware's stock price was 22.54 yuan per share, with a market capitalization of 7.977 billion yuan. The stock has seen a year-to-date price change of -0.01%, a decline of 0.35% over the last five trading days, and an increase of 6.27% over the last 60 days [1]. - The stock experienced a net outflow of 9.8521 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of August 29, the number of shareholders for Jianlang Hardware was 33,000, a decrease of 5.58% from the previous period. The average circulating shares per person increased by 5.90% to 5,800 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth-largest circulating shareholder, holding 2.451 million shares, a decrease of 798,200 shares from the previous period [3]. Business Segments - The main business revenue composition includes: door and window hardware systems (41.47%), other building hardware products (15.79%), home products (15.49%), door and window accessories (9.33%), point-supported glass curtain wall components (6.95%), door control hardware systems (5.76%), stainless steel railing components (4.01%), and others (1.19%) [1]. Industry Classification - Jianlang Hardware belongs to the building materials sector, specifically in the renovation materials and other building materials sub-sector. It is associated with concepts such as small-cap stocks, Beijing-Tianjin-Hebei region, waste classification, pension concepts, and security [2].