能源化工团队 | 作者： | 魏朝明 | | --- | --- | | 从业资格证号： | F3077171 | | 投资咨询证号： | Z0015738 | | 联系方式： | 010-68578971 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年01月08日星期四 期货研究院 方正中期玻璃纯碱产业链日度策略 FG&SA Futures Daily Report 更多精彩内容请关注方正中期官方微信 摘要 【玻璃】 现货方面，周三国内浮法玻璃价格稳中有涨，交投氛围显著改善。 华北市场价格走高，生产企业出厂价普涨1-2元/重量箱；华中区域 价格基本走稳；华南部分货源上调1-2元/重量箱得到落实，月初部 分下游提货较为积极，市场交投氛围相对较好，个别货源仍有涨价 计划；西南四川本周报价走高，后期有望进一步上调。 随着玻璃供应密集减量，高库存或难进一步构成价格上行的压力。 对产业来说，库存逐步从负担变成财富，这一观念转变或能与强有 力的环保政策及房地产预期形成共振，玻璃后市仍值得期待。 玻璃盘面走势企稳，05合约买入头寸继续持有。05合约下方支撑9 50-970，上方压力1250-13 ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Views of the Report - The steel market is in a state of oscillation, waiting for new driving forces. The black - sector needs new drivers and capital inflow. The iron and steel industry shows weak supply - demand, but iron - water production is stabilizing and rising, which weakens the negative impact on furnace materials. There is a de - stocking pressure in the plate market, but price support exists at low levels. Unilateral trading can adopt an oscillatory approach, and after January, it is more favorable for spot - futures positions [2]. - The sentiment of silicon - iron and manganese - silicon has turned positive, but the fundamentals are under pressure. The cost of silicon - iron is expected to rise due to differential electricity prices, but the impact is limited. Demand is poor and at a yearly low, while supply remains high, leading to a risk of price decline despite policy support [3][5]. - The coking coal and coke markets are oscillating. The spot market has a fifth - round price cut expectation, but the futures market rebounded after pricing in the cut. The market will continue to oscillate, and attention should be paid to the pre - festival restocking next week [9]. - The iron ore market is rising in resonance with other commodities. The price fluctuates greatly at high levels and should not be short - sold in the short term. The port inventory will continue to rise, and the price has an upper limit. Iron - water production is expected to stabilize and rise in January [9]. 3. Summary by Related Catalogs Futures Market - **Futures Prices and Changes**: On January 7th, the far - month contract closing prices and their changes were as follows: RB2610 was 3235 yuan/ton, up 93 yuan (2.96%); HC2610 was 3353 yuan/ton, up 90 yuan (2.76%); I2609 was 804.5 yuan/ton, up 30.5 yuan (3.94%); J2609 was 1851.5 yuan/ton, up 137 yuan (7.99%); JM2609 was 1246.5 yuan/ton, up 92 yuan (7.97%). The near - month contract closing prices and their changes were also provided, such as RB2605 at 3187 yuan/ton, up 89 yuan (2.87%) [1]. - **Spread and Ratio**: The cross - month spreads, such as RB2605 - 2610 at - 48 yuan/ton (down 3 yuan), and the spreads/ratios like the coil - rebar spread at 145 yuan/ton (down 7 yuan), were also presented [1]. Spot Market - **Steel Spot Prices**: On January 7th, the Shanghai rebar price was 3340 yuan/ton, up 70 yuan; the Tianjin rebar price was 3190 yuan/ton, up 60 yuan; the Guangzhou rebar price was 3540 yuan/ton, up 70 yuan; the Tangshan billet price was 2980 yuan/ton, up 30 yuan. The Shanghai hot - rolled coil price was 3320 yuan/ton, up 40 yuan; the Hangzhou hot - rolled coil price was 3370 yuan/ton, up 60 yuan; the Guangzhou hot - rolled coil price was 3310 yuan/ton, up 70 yuan [1]. - **Other Spot Prices**: The prices of other products such as coking coal, coke, and iron ore were also given, along with their price changes [1]. Market Analysis by Product Steel - The steel market is in an oscillatory state. Macroscopically, there is a lack of new drivers, and the black - sector needs new impetus. Industrially, the supply - demand of five major steel products is weak, but iron - water production is rising, weakening the negative impact on furnace materials. The plate market has de - stocking pressure, but price support exists at low levels [2]. Silicon - Iron and Manganese - Silicon - The sentiment has turned positive, but the fundamentals are under pressure. The cost of silicon - iron is expected to rise, but the impact is limited. Demand is poor, and supply remains high, leading to a risk of price decline despite policy support [3][5]. Coking Coal and Coke - The spot market has a fifth - round price cut expectation, and the futures market rebounded after pricing in the cut. The market will continue to oscillate, and attention should be paid to the pre - festival restocking next week [9]. Iron Ore - The iron ore market is rising in resonance with other commodities. The price fluctuates greatly at high levels and should not be short - sold in the short term. The port inventory will continue to rise, and the price has an upper limit. Iron - water production is expected to stabilize and rise in January [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, at the beginning of the year, institutional allocation funds are expected to flow back into the market, and with policy support for the capital market remaining unchanged, the medium - to - long - term strategy is mainly to go long on dips [4]. - For treasury bonds, the improvement in economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The bond market is expected to be volatile and weak in the short term, mainly affected by the spring rally in the stock market, government bond supply, and interest - rate cut expectations [6]. - For precious metals, they may face short - term significant corrections in January 2026 due to the Fed's "holding steady", but this does not mean the end of the upward cycle. It is recommended to stay on the sidelines [8]. - For non - ferrous metals, most metal prices are expected to maintain high - level operation or wide - range fluctuations, affected by factors such as supply - demand relationships, policy expectations, and cost changes [11][13][16]. - For black building materials, the commodity market has a strong bullish sentiment, but the black series is still in the bottom - range oscillation stage. Attention should be paid to policy changes and marginal news [31]. - For energy chemicals, different products have different investment strategies. For example, rubber can be traded neutrally or on the sidelines; oil prices can be traded in a range, and short - term waiting is recommended [52][54]. - For agricultural products, the short - term price of live pigs may be strong, but the medium - term support logic may collapse; the price of eggs has limited upside and downside space; the prices of other agricultural products are affected by factors such as supply - demand and cost [77][79]. Summaries by Related Catalogs Stock Index - **Market Information**: The Ministry of Industry and Information Technology issued relevant policies to support the development of artificial intelligence and manufacturing. There was a large sell - order in the closing call auction of CITIC Securities, and the number of job vacancies in the US in November dropped to the lowest level in more than a year [2]. - **Basis Ratio**: The basis ratios of IF, IC, IM, and IH for different contract periods are provided [3]. - **Strategy**: Adopt a medium - to - long - term strategy of going long on dips [4]. Treasury Bonds - **Market Information**: The prices of TL, T, TF, and TS main contracts decreased. The central bank will conduct a 1.1 - trillion - yuan repurchase operation, and the foreign exchange reserve increased at the end of December 2025. The central bank had a net withdrawal of 5002 billion yuan on Wednesday [5]. - **Strategy**: The bond market may face pressure due to improved economic expectations, but the funds are expected to be stable. It is expected to be volatile and weak in the short term [6]. Precious Metals - **Market Information**: The prices of Shanghai gold and silver decreased. The US employment data was weaker than expected, but the increase in precious metal prices was limited. The market is concerned about the risk of a decline in silver prices [7]. - **Strategy**: Precious metals may face short - term corrections in January 2026, but this does not mean the end of the upward cycle. It is recommended to stay on the sidelines [8]. Non - Ferrous Metals Copper - **Market Information**: The price of copper oscillated and adjusted. The LME copper inventory decreased, and the domestic warehouse receipts increased. The spot was at a discount [10]. - **Strategy**: The short - term copper price is expected to oscillate and consolidate, supported by supply and policy expectations [11]. Aluminum - **Market Information**: The price of aluminum declined after rising. The inventory increased slightly, and the spot was at a discount [12]. - **Strategy**: The aluminum price is expected to remain at a high level, supported by low overseas inventory and supply disturbances [13]. Zinc - **Market Information**: The price of zinc increased slightly. The domestic and LME inventories and other data are provided [14][15]. - **Strategy**: The zinc price is expected to maintain wide - range oscillations in the medium term and be strong in the short term [16]. Lead - **Market Information**: The price of lead increased. The domestic social inventory increased, and other data are provided [17]. - **Strategy**: The high sentiment in the non - ferrous metal sector may drive the lead price to break through the upper limit of the oscillation range [17]. Nickel - **Market Information**: The price of nickel increased significantly. The cost of nickel ore was stable, and the price of nickel iron increased [18]. - **Strategy**: The short - term bottom of the nickel price may have appeared, but it is recommended to stay on the sidelines [18]. Tin - **Market Information**: The price of tin increased. The supply was stable at a high level, and the demand was in the off - season. The inventory increased [19]. - **Strategy**: The short - term tin price is expected to fluctuate with market sentiment. It is recommended to stay on the sidelines [20]. Carbonate Lithium - **Market Information**: The price of carbonate lithium increased. The inventory of lithium carbonate increased, and the new energy vehicle sales data is provided [21]. - **Strategy**: The price of carbonate lithium is rising, but there is a risk of correction. It is recommended to stay on the sidelines or take a light position [21]. Alumina - **Market Information**: The price of alumina increased. The spot was at a discount, and the inventory remained unchanged [22][23]. - **Strategy**: It is recommended to stay on the sidelines. If there is no actual production cut, short positions can be established at high prices [24]. Stainless Steel - **Market Information**: The price of stainless steel increased. The spot price increased, and the inventory decreased [25]. - **Strategy**: The price of stainless steel is rising, but the spot trading is inactive. It is recommended to operate with caution [26]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy fluctuated. The inventory decreased slightly, and the trading volume was high [27]. - **Strategy**: The price is expected to remain at a high level, supported by cost and supply disturbances [28]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil increased. The inventory of rebar decreased, and the inventory of hot - rolled coil continued to decline [30]. - **Strategy**: The price of finished products increased driven by raw materials. The black series is in the bottom - range oscillation stage, and attention should be paid to policy changes [31]. Iron Ore - **Market Information**: The price of iron ore increased. The spot price and basis data are provided [32]. - **Strategy**: The iron ore price continued to rise. The supply decreased, the demand increased slightly, and the inventory increased. It is expected to oscillate, and caution is needed when chasing high prices [33]. Glass and Soda Ash - **Glass** - **Market Information**: The price of glass increased. The inventory decreased, and the number of long and short positions increased [34]. - **Strategy**: The glass price increased due to cost support and supply contraction expectations, but the demand is weak, and the upward space is limited [35]. - **Soda Ash** - **Market Information**: The price of soda ash increased significantly. The inventory decreased, and the number of long positions decreased while the number of short positions increased [36]. - **Strategy**: The soda ash price rose strongly driven by market sentiment, but the fundamentals are still under pressure. It is recommended to operate with caution [37]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon increased. The spot prices and basis data are provided [38]. - **Strategy**: The market sentiment is positive, but the supply - demand pattern of manganese silicon is not ideal, and the supply - demand of ferrosilicon is basically balanced. Pay attention to the influence of market sentiment and cost factors [41][42]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: The price of industrial silicon increased slightly. The inventory of the weighted contract increased, and the spot price remained unchanged [43]. - **Strategy**: The price of industrial silicon is affected by market sentiment, but the fundamentals are weak. It is expected to oscillate [44]. - **Polysilicon** - **Market Information**: The price of polysilicon decreased. The inventory of the weighted contract decreased, and the spot price remained unchanged [45]. - **Strategy**: The demand for polysilicon is weak, and the inventory is under pressure. The price is expected to oscillate. It is recommended to stay on the sidelines [47]. Energy Chemicals Rubber - **Market Information**: The rubber price showed a weakening trend. The bullish and bearish views are different, and the tire production rate decreased slightly [49][50][51]. - **Strategy**: Adopt a neutral strategy, trade short - term, or stay on the sidelines. Consider partial position - building for the strategy of buying NR main contract and shorting RU2609 [52]. Crude Oil - **Market Information**: The prices of INE crude oil and related refined oil products decreased. The gasoline and fuel oil inventories in the port decreased, while the diesel inventory increased [53]. - **Strategy**: Do not be overly bearish on oil prices in the short term. Adopt a range - trading strategy and wait for the verification of OPEC's export - supporting willingness [54]. Methanol - **Market Information**: The regional spot prices of methanol changed, and the main contract price decreased [55]. - **Strategy**: The valuation of methanol is low, and it has the feasibility of going long on dips [56]. Urea - **Market Information**: The regional spot prices of urea changed, and the main contract price increased [57]. - **Strategy**: The fundamental of urea is expected to be bearish. Take profit at high prices [58]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene increased. The basis and profit data are provided [59]. - **Strategy**: The non - integrated profit of styrene has room for upward repair. It is recommended to go long on the non - integrated profit of styrene before the first quarter of next year [60]. PVC - **Market Information**: The price of PVC increased. The cost, production rate, and inventory data are provided [61]. - **Strategy**: The fundamentals of PVC are poor, with strong supply and weak demand. It is recommended to short at high prices in the medium term [62]. Ethylene Glycol - **Market Information**: The price of ethylene glycol increased. The production rate, inventory, and profit data are provided [63]. - **Strategy**: The supply of ethylene glycol is high, and the inventory is expected to continue to accumulate. The valuation may be compressed in the medium term [65]. PTA - **Market Information**: The price of PTA remained unchanged. The production rate, inventory, and processing fee data are provided [66]. - **Strategy**: PTA is expected to enter the Spring Festival inventory - accumulation stage after short - term inventory reduction. Pay attention to the opportunity of going long at low prices in the medium term [67]. Para - Xylene - **Market Information**: The price of para - xylene decreased. The production rate, inventory, and valuation data are provided [68]. - **Strategy**: PX is expected to maintain a slight inventory - accumulation pattern before the maintenance season. Pay attention to the opportunity of going long at low prices in the medium term [69]. Polyethylene (PE) - **Market Information**: The price of PE increased. The production rate, inventory, and basis data are provided [70][71]. - **Strategy**: The price of PE may be supported. Consider going long on the LL5 - 9 spread at low prices [72]. Polypropylene (PP) - **Market Information**: The price of PP increased. The production rate, inventory, and basis data are provided [73]. - **Strategy**: The price of PP may bottom out in the first quarter of next year. There is no prominent short - term contradiction [74]. Agricultural Products Live Pigs - **Market Information**: The price of live pigs continued to rise, but the increase narrowed. The downstream procurement enthusiasm decreased [76]. - **Strategy**: The short - term price of live pigs is strong, but the medium - term support logic may collapse. Consider shorting on the rebound [77]. Eggs - **Market Information**: The price of eggs mostly increased. The supply was normal, and the market digestion speed was stable [78]. - **Strategy**: The price of eggs has limited upside and downside space. Consider shorting on the rebound [79]. Soybean and Rapeseed Meal - **Market Information**: The prices of soybean and rapeseed meal futures increased. The export and inventory data of soybeans are provided [80][81]. - **Strategy**: The prices of protein meals increased with the overall rise of commodity prices. The import cost has a bottom, and the inventory is large [81]. Oils and Fats - **Market Information**: The prices of oils and fats futures rebounded. The production and inventory data of palm oil are provided [82][83]. - **Strategy**: The current fundamentals of oils and fats are weak, but the price may be close to the bottom range. The long - term expectation is optimistic [83]. Sugar - **Market Information**: The price of sugar futures was strong. The production and sales data of sugar are provided [84][85]. - **Strategy**: The international sugar price may rebound after the northern hemisphere's harvest in February. The domestic sugar price has limited downward space [86]. Cotton - **Market Information**: The price of cotton futures increased. The export and inventory data of cotton are provided [87]. - **Strategy**: The supply - demand of cotton is balanced, and it is recommended to go long on dips [88].

Core Insights - A modern wind power equipment manufacturing hub is emerging in the western end of the Hexi Corridor, with Gansu Xujing New Materials Company playing a key role in the sapphire substrate manufacturing sector, contributing to low-carbon industries [3][4] Group 1: Company Overview - Gansu Xujing New Materials specializes in sapphire substrate manufacturing, filling a gap in high-end new materials in the region, with products widely used in renewable energy and consumer electronics [3] - The company has launched a four-inch substrate mass production project, which has significantly boosted the local "dual carbon" initiative [3] Group 2: Energy Management and Safety - The production processes for sapphire crystals require high stability and continuity of power supply, as high loads can lead to line overloads and equipment aging, affecting yield and efficiency [3] - The company has implemented a comprehensive electricity "check-up" for its distribution room, monitoring operational records, load status, and current voltage to establish a closed-loop management mechanism for power safety [3][4] Group 3: Energy Efficiency Initiatives - The company has adopted a "one enterprise, one policy" approach to provide tailored services for equipment manufacturing enterprises, optimizing production electricity plans and monitoring load [4] - Staff have utilized advanced technologies such as infrared thermography and drones for comprehensive inspections, ensuring equipment is in good condition and providing rectification recommendations [4] - The company promotes energy-saving policies and conducts efficiency analyses, leveraging big data to guide enterprises in optimizing their energy consumption and reducing costs [4] Group 4: Strategic Goals - The State Grid Jiuquan Power Supply Company aims to accelerate the transformation and upgrading of the power grid, innovating and deepening the "power supply + energy efficiency" service model to support the region's "dual carbon" goals and high-quality economic development [4] - The initiative is expected to help Jiuquan become a significant base for new energy and equipment manufacturing in China, contributing to the steady construction of a new energy system [4]

Core Viewpoint - The news emphasizes the importance of green development in Xinjiang as part of China's modernization efforts, highlighting the region's commitment to ecological civilization and sustainable development through various initiatives and policies aimed at pollution prevention and environmental protection [2][3][22]. Group 1: Green Transformation and Development Goals - Xinjiang aims to accelerate comprehensive green transformation in economic and social development, with a focus on building a beautiful Xinjiang by 2025 [2][3]. - The region's economic work priorities include promoting carbon reduction, pollution control, and green expansion, with specific targets set for energy system construction and green electricity application [2][20]. Group 2: Pollution Prevention and Environmental Quality Improvement - Xinjiang has made significant progress in pollution prevention, achieving high marks in national assessments and maintaining over 90% satisfaction in ecological environment quality among residents [4][5]. - The air quality in the Tianshan North Slope urban cluster improved, with a 91.0% rate of good air quality days in 2025, and a reduction in heavy pollution days [5]. - Water quality has also improved, with 97.3% of surface water meeting good quality standards, reflecting a 1.4% increase [5]. Group 3: Ecological Protection and Sustainable Practices - The region has implemented comprehensive measures for soil pollution prevention, ensuring 100% safety in the utilization of contaminated farmland [6]. - Xinjiang has established a robust system for solid waste management, with 77 hazardous waste disposal facilities capable of processing 13.99 million tons annually [6][11]. - The development of eco-friendly practices, such as desert aquaculture, is being promoted to address ecological challenges while enhancing economic growth [9]. Group 4: Carbon Market Participation and Low-Carbon Development - Xinjiang is actively participating in the national carbon market, focusing on key industries and ensuring compliance with carbon emission regulations [20][21]. - The region is enhancing its capacity for carbon data management and quality supervision, aiming to improve the overall effectiveness of carbon market participation [21]. Group 5: Systematic Approach to Ecological Civilization - The implementation of a comprehensive plan for ecological civilization construction includes 25 key tasks across various sectors, aiming for a coordinated approach to environmental management [9][10]. - Continuous monitoring and improvement of ecological conditions are being prioritized, with new monitoring stations established to enhance data collection and analysis [18].

Core Insights - The focus of the article is on urban management and service improvements in Xi'an, emphasizing a people-centered approach and the importance of digital transformation in city governance [1][2]. Group 1: Urban Management and Services - The provincial secretary, Zhao Yide, highlighted the need for effective urban management to enhance the convenience and comfort of citizens' lives [1]. - Zhao visited the 12345 citizen hotline service center to assess its operations and emphasized the importance of the hotline as a communication bridge and feedback mechanism [1]. - The article stresses the integration of online and offline services to address urban issues and improve governance efficiency [1]. Group 2: Environmental and Sustainability Initiatives - Zhao Yide inspected a waste-to-energy plant and underscored the importance of adhering to safety and environmental responsibilities while promoting green transformation in urban living [2]. - The article mentions the commitment to achieving "dual carbon" goals and advancing the construction of low-carbon and waste-free cities [2]. - Emphasis is placed on enhancing resource recycling and promoting a circular economy in urban operations to create a beautiful, green city [2]. Group 3: Community Engagement and Public Services - Zhao Yide visited local businesses and residential areas to evaluate service quality and community safety, indicating that effective urban governance hinges on addressing citizens' daily concerns [2]. - The article calls for a comprehensive approach to urban governance that includes resource allocation, technological support, and community participation [2]. - Current priorities include ensuring adequate heating and support for vulnerable populations during winter [2].

Group 1 - The company, High Energy Environment, expects a significant increase in net profit for 2025, projecting a range of 750 million to 900 million yuan, representing a year-on-year growth of 55.66% to 86.79% [2] - The anticipated growth in profit is attributed to the enhanced profitability of the solid waste and hazardous waste resource utilization sector, driven by technological upgrades, capacity optimization, and market opportunities [2] - The subsidiary, Jinchang High Energy Environment Technology Co., Ltd., is expected to significantly increase the production of high-value rare and platinum group metals in 2025, enhancing profitability [2] Group 2 - High Energy Environment is a leading enterprise in the domestic metal resource utilization sector for solid and hazardous waste, aligning with the recent policy direction of the State Council's "Comprehensive Solid Waste Management Action Plan" and the "dual carbon" goals [3] - In 2024, the comprehensive utilization rate of major solid waste in China is projected to reach 59%, with domestic raw material supply for recycled copper and aluminum accounting for 58.4% and 84.4%, respectively [3]

Core Viewpoint - The article highlights the strategic move of Guangwei Composites to enter the PEEK (Polyether Ether Ketone) material market, driven by the growing demand in aerospace, military, and nuclear power sectors, and the competitive landscape with various companies entering the PEEK and composite materials space [2][4][6]. Group 1: Guangwei Composites' Strategy - Guangwei Composites is preparing to establish an engineering production line for PEEK materials, indicating a necessary alignment with its business needs [2][4]. - The company has previously collaborated with EHang Intelligent to develop carbon fiber specifically for eVTOL applications, showcasing its commitment to innovative materials [6]. - The entry into PEEK materials may also serve to secure raw material supply for its military-focused operations [6] Group 2: Competitive Landscape - Numerous companies, including Fuchun Dyeing and Weaving, Ningbo Huaxiang, and others, are entering the PEEK industry, indicating a trend of cross-industry competition [3][8]. - Carbon fiber companies are actively forming partnerships to expand into PEEK and composite materials, as seen with Jinggong Technology's collaboration with Jilin University Special Plastics [9]. - Modified plastic companies are also entering the composite materials market, with significant players like Kingfa Technology and Weitong Co. making moves into thermoplastic composites [11]. Group 3: Market Potential and Future Outlook - PEEK and its composite materials, particularly carbon fiber reinforced PEEK, show significant potential for replacing traditional metals in various high-performance applications, with performance improvements noted in tensile strength [4]. - The article suggests that the growing interest in PEEK materials reflects a broader optimism about the industry's future, with expectations for emerging industries to drive demand and innovation [12].

Core Viewpoint - The company, GaoNeng Environment, is expected to significantly increase its net profit for 2025, driven by improvements in technology, capacity optimization, and market opportunities, particularly in the solid waste and hazardous waste resource utilization sector [1][2]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 750 million to 900 million yuan for 2025, representing an increase of 268 million to 418 million yuan year-on-year, which translates to a growth of 55.66% to 86.79% [1]. - The expected net profit after deducting non-recurring gains and losses is also projected to be between 750 million to 900 million yuan, with an increase of 426 million to 576 million yuan compared to the previous year, indicating a growth of 131.63% to 177.95% [1]. Group 2: Operational Developments - The company's subsidiary, Jinchang GaoNeng Environment Technology Co., Ltd., is set to release production capacity for high-value rare and platinum group metals in 2025, following the full implementation of its platinum group recovery process in 2024, which will enhance profitability [2]. - Another subsidiary, Jiangxi Xinke Environmental Protection High-tech Co., Ltd., is optimizing production processes to increase rare metal output and reduce production costs, gradually improving operational efficiency [2]. - The Zhuhai New Hong project in the solid waste and hazardous waste resource utilization sector commenced stable production in December 2024, contributing to overall production capacity and efficiency [2]. Group 3: Industry Context - In 2024, China's comprehensive utilization rate of bulk solid waste reached 59%, with domestic raw material supply for recycled copper and aluminum at 58.4% and 84.4%, respectively, indicating a solid industrial foundation [3]. - The implementation of the "Action Plan" for solid waste management is expected to accelerate policy benefits for the solid waste resource utilization industry, enhancing the recovery potential of important mineral resources and constructing a secondary resource supply system [3]. - The company is positioned as a leader in the metal resource utilization sector within the solid waste and hazardous waste field, aligning its core business with national policies and contributing to the dual carbon goals [2][3].