Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The successful grid connection of the second phase of the Guyana solar-storage project and the ongoing progress of overseas green electricity projects are key highlights [8] - The company is expected to benefit from the increasing demand for air pollution control equipment, with a projected net profit growth of 63.15% in 2024 and continued growth in subsequent years [8] - The company has a strong order backlog of 19.7 billion, which is expected to accelerate revenue recognition [8] Financial Projections - Total revenue is projected to decline by 7.64% in 2023, followed by a recovery with a growth of 20.74% in 2025 [8][9] - The net profit attributable to the parent company is forecasted to be 508.97 million in 2023, increasing to 1.23 billion by 2025, representing a growth of 48.33% [8][9] - The earnings per share (EPS) is expected to rise from 0.40 in 2023 to 0.97 in 2025 [8][9] Market Position - The company is positioned as the largest manufacturer of air pollution control equipment globally, benefiting from market demand driven by new construction and upgrades in the power and non-power sectors [8] - The company has successfully completed five international projects this year, enhancing its strategic layout in the mining equipment sector [8]

为进一步改善县域空气质量，强化移动源污染管控，有效遏制机动车尾气污染，近日，咸阳市生态环境 局乾县分局联合县公安交警大队、交通运输部门在乾县重点路段开展机动车尾气排放路查路检执法行 动，切实从源头上减少机动车污染物排放。 本次行动以重型载货车辆为重点检查对象，执法人员在主要交通干道设置临时检查点，采用"人工查验 +仪器检测"相结合的方式，对过往车辆的尾气排放状况进行逐一筛查。现场运用便携式尾气检测设 备，快速精准判定车辆尾气是否超标。同时，坚持"执法+宣传"并重原则，执法人员现场讲解尾气污染 对空气质量和人体健康的危害，引导车主自觉养成定期维护车辆、减少污染物排放的良好习惯。 据统计，本次执法行动共检查机动车30辆次，未发现超标车辆。下一步，乾县将加大重点路段、重点时 段的执法检查力度，建立机动车路检路查常态化工作机制，形成监管合力，对减少机动车尾气污染，推 动乾县空气质量改善进位。（周猛） 编辑：雪云 责编：马宁 审核：姚启明 ...

会上，市生态环境局、市发展改革委、市经信局、市建设局、市交通运输局分别对照承诺书，逐条汇报 了任务完成情况。随后，市人大常委会组成人员及人大代表进行询问。"南太湖新区嘉骏热电迁建工程 计划12月底前基本完成新厂区土建，目前仅完成土地平整，项目进展明显滞后的原因是什么？""《湖州 市深入打好污染防治攻坚战三年行动计划（2023—2025年）》要求：2024年完成全市所有4家垃圾焚烧 企业超低排放改造，但现实是2024年底4家垃圾焚烧企业均未如期完成，这又是为什么？"……一连串的 追问，让现场氛围一下子紧张起来，也让市级有关部门负责人感受到了前所未有的"压力"。部门应答结 束后，还进行了现场满意度测评。 孙贤龙指出，今年以来，在市委领导下，市政府按照"长短结合、标本兼治"的要求，狠抓大气源头治 理，做了大量富有成效的工作，特别是组织领导体系更加完善，排查整治攻坚更加聚焦，长效监督管理 更加有效，为抓好当前和明年治气工作打下了基础，积累了经验。 （来源：湖州日报） 转自：湖州日报 记者 胡熠烨 本报讯 昨天上午，市人大常委会召开"一气呵成督治气·两精准一提升"大气治理专题询问。市人大常委 会党组书记、主任孙贤龙出席 ...

Core Viewpoint - The Ministry of Ecology and Environment has initiated a new round of revisions to the "Ambient Air Quality Standards," tightening the emission limits for air pollutants such as PM2.5, PM10, sulfur dioxide, and nitrogen dioxide to improve air quality in China [1][4]. Group 1: Revised Standards - The annual average concentration limit for PM2.5 will be tightened from 35 micrograms per cubic meter to 25 micrograms per cubic meter [1] - The annual average concentration limit for PM10 will be reduced from 70 micrograms per cubic meter to 50 micrograms per cubic meter [1] - The annual average concentration limit for sulfur dioxide will be lowered from 60 micrograms per cubic meter to 20 micrograms per cubic meter [1] - The annual average concentration limit for nitrogen dioxide will be decreased from 40 micrograms per cubic meter to 30 micrograms per cubic meter [1] Group 2: Implementation Timeline - A transitional limit for PM2.5 will be set at 30 micrograms per cubic meter from 2026 to 2030, with full implementation of the revised limits starting in 2031 [6] Group 3: Current Air Quality Status - As of 2024, 74% of 339 cities have met the current standard of 35 micrograms per cubic meter for PM2.5, but about half of these cities still exceed the new standard of 25 micrograms per cubic meter [10] - Despite improvements, PM2.5 levels remain high, particularly in key regions affected by adverse weather conditions [10] Group 4: Health and Environmental Impact - PM2.5 is linked to major health issues such as hypertension and diabetes, making it a primary focus for the new revisions [4] - The revisions also consider the health impacts of sulfur dioxide and nitrogen oxides, which are precursors to PM2.5 [4] Group 5: Future Emission Reduction Goals - To achieve the goal of reducing the national average PM2.5 concentration to 25 micrograms per cubic meter by 2035, emissions of PM2.5, sulfur dioxide, nitrogen oxides, and volatile organic compounds need to be reduced by 23%, 21%, 28%, and 22% respectively compared to 2023 levels [14]

Group 1 - The core focus of the news is on the industrial pollution control efforts in Linyi City during the 14th Five-Year Plan period, highlighting the achievement of near-zero sulfur dioxide emissions from 51 operating shale brick enterprises [1] - Linyi City has implemented comprehensive ultra-low emission transformations in key high-pollution industries such as steel, coking, and cement, with 2 long-process steel companies and 10 cement companies completing provincial-level ultra-low emission transformation [1] - The city has strengthened process control and end-of-pipe treatment in the building materials industry, dismantling 268 illegal biomass boilers and shutting down 350 illegal small glue factories to enhance overall pollution control levels [1] Group 2 - Continuous efforts are being made to prevent summer ozone pollution by focusing on industries that emit volatile organic compounds (VOCs), with a strategy of "one enterprise, one policy" for regular inspections and improvements [2] - The establishment of a smart control system for VOC emissions in 600 key enterprises and the promotion of online monitoring for large gas stations are part of the ongoing technological support to reduce ozone generation potential [2] - A total of 6.07 billion yuan has been secured in central and provincial funding for air pollution control projects, supporting 72 industrial furnace renovations and VOC management initiatives, significantly enhancing the environmental performance of enterprises [3]

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Air Pollution Control Equipment Key Points Industry and Market Dynamics - The 2026 environmental special fund budget allocates 46% (CNY 24.4 billion) to air pollution prevention, a 19% increase from the 2025 budget, indicating heightened government focus on air pollution control [2][3][4] - The demand for air pollution control equipment is expected to grow due to the need for retrofitting existing coal power plants and ultra-low emission transformations in non-electric industries such as steel and cement [2][6][7] Company Performance - In the first three quarters of 2025, Longking Environmental secured new environmental orders worth CNY 7.626 billion, a year-on-year increase of 1.1%, with a quarterly growth of 12% [2][6] - The company has a backlog of orders amounting to CNY 19.7 billion, which supports stable revenue recognition and indicates a healthy order pipeline [2][6][9] Financial Health and Growth Prospects - Longking Environmental is the largest manufacturer of air pollution control equipment globally, with annual new orders nearing CNY 10 billion and a backlog close to CNY 20 billion, which is expected to sustain profits over the next three years [2][8][9] - The company is projected to achieve net profits of CNY 1.2 billion, CNY 1.5 billion, and CNY 1.7 billion for the years 2025 to 2027, with corresponding P/E ratios of 16x, 13x, and 11x, reflecting a growth rate exceeding 20% [12][13] Strategic Partnerships and Shareholder Confidence - Major shareholders, including Zijin Mining, have increased their stakes in Longking Environmental, with Zijin's holding rising above 30%, demonstrating confidence in the company's value and business synergy [2][10][11] - Longking Environmental is involved in projects that align with Zijin Mining's green energy needs, such as a 200 MW microgrid project expected to generate over CNY 100 million in annual profit [4][11] New Business Ventures - The company is diversifying into new areas such as high-altitude operation robots and new energy heavy trucks, with investments in JiTai Intelligent and Hunan Chuangyuan, which are anticipated to create a third growth curve for the company [4][12] Conclusion - Longking Environmental is well-positioned to benefit from increased government support and market demand for air pollution control solutions, with a solid order backlog and strategic partnerships enhancing its growth trajectory [2][10][11]

Investment Rating - The report maintains a "Buy" rating for Longking Environmental [1] Core Views - The Ministry of Finance has accelerated the allocation of environmental special funds for 2026, with a significant increase in the proportion of funds for air pollution control, benefiting leading companies in the air pollution sector [8] - Longking Environmental is expected to benefit from the robust demand in the air pollution control market, driven by both fiscal support and ongoing needs for new and upgraded projects in the power and non-power sectors [8] - The report forecasts a substantial increase in net profit for Longking Environmental, with projected net profits of 1.23 billion, 1.53 billion, and 1.75 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Projections - Total revenue is projected to reach 12.1 billion yuan in 2025, 13.3 billion yuan in 2026, and 14.3 billion yuan in 2027, reflecting growth rates of 20.74%, 9.82%, and 7.64% respectively [1] - The report anticipates a significant recovery in net profit margins, with a forecasted net profit growth of 63.15% in 2024, followed by 48.33% in 2025, and continuing growth in subsequent years [1] - Earnings per share (EPS) are expected to increase from 0.65 yuan in 2024 to 1.37 yuan in 2027, indicating a strong upward trend in profitability [1]

Core Insights - Beijing's air quality has significantly improved in the first half of 2018, with PM2.5 average concentration dropping to 56 micrograms per cubic meter, a 15.2% year-on-year decrease, marking the lowest level for the same period in history [1][2][4] - The reduction in other major pollutants, including PM10, SO2, and NO2, was also notable, with respective decreases of 8.2%, 36.4%, and 12.5% [1][2] - The number of heavily polluted days in Beijing decreased to 8, down by 9 days compared to the previous year [1][2] Summary by Category Air Quality Improvement - In the Beijing-Tianjin-Hebei region, air quality has shown substantial improvement, with Tianjin's PM2.5 concentration decreasing by 21.1% and Hebei's cities also reporting significant reductions, such as Baoding's 30% drop [1][6][7] - The average number of good air quality days in the region reached 44.9%, an increase of 0.6 percentage points year-on-year [6] Regulatory Measures - Beijing's environmental authorities have intensified management efforts, including checking 1.039 million heavy diesel vehicles and imposing penalties on 152,000 of them, which is 2.6 times the total penalties from the previous year [4] - The city has also implemented stricter regulations on construction dust and has closed down 461 manufacturing enterprises, achieving over 90% of its annual target [4] Future Plans - The Beijing government plans to accelerate the implementation of a three-year action plan to combat air pollution, focusing on heavy diesel vehicle emissions, volatile organic compounds, and dust control [5] - By the end of 2018, the government aims to publish a plan for achieving air quality standards, with specific reduction targets for nitrogen oxides and volatile organic compounds by 2020 [4][5]

Core Points - The Xi'an Ecological Environment Bureau's Lianhu Branch has initiated a comprehensive action plan for winter air pollution control, utilizing mobile air quality monitoring vehicles to ensure the implementation of pollution control measures [1][2] - The monitoring vehicles are equipped to detect real-time concentrations of pollutants such as sulfur dioxide, nitrogen dioxide, ozone, and volatile organic compounds (VOCs), allowing for immediate response to pollution spikes [1] - The Lianhu Branch is focusing on both regulatory enforcement and support for enterprises, enhancing monitoring capabilities through technology while also establishing an environmental credit evaluation system for companies [2] Group 1 - The mobile monitoring vehicles act as "moving sentinels," enabling quick identification of pollution sources and improving enforcement efficiency [1] - The Lianhu Branch is committed to strengthening dust pollution control at construction sites through rigorous inspections and guidance for industrial enterprises [2] - Future plans include increased daily inspections and regulatory oversight to ensure compliance with pollution control measures, aiming for effective air quality management by 2025 [2]

Core Points - Huizhou Yongle New Energy Co., Ltd. has been fined 380,000 yuan for exceeding emissions standards, marking the second environmental violation penalty this year [1][4] - The company has ceased operations and is currently undergoing administrative review and litigation regarding the penalties [1][4] Company Overview - Huizhou Yongle New Energy was established on May 25, 2020, and is located in Huizhou, Guangdong Province [2] - The company specializes in the recycling of waste tires and synthetic leather, with a production process that includes thermal cracking [2] - It has pollution control facilities that have passed inspections and holds an environmental impact assessment approval and a pollutant discharge permit [2] Environmental Violations - An investigation initiated on July 16, 2025, revealed that the company's odor concentration at downwind monitoring points exceeded the standard limit by 22.4 times [2] - This follows a previous violation where the odor concentration was found to be 2.45 times over the limit [2] Regulatory Framework - The penalties were imposed under the Air Pollution Prevention and Control Law of the People's Republic of China, which allows for fines ranging from 100,000 to 1 million yuan for exceeding emissions standards [3] - The Huizhou Ecological Environment Bureau considered various factors in determining the penalty, including the severity of the violations and the company's history of similar offenses [4]