公司另一控股子公司江西鑫科环保高新技术有限公司变革经营思路，同时结合生产工艺优化，提升稀贵 金属产量，降低生产成本，经营效益逐步释放。固废危废资源化利用板块的珠海新虹项目，已于2024年 12月顺利投产，2025年实现全年稳定生产，新增产能的逐步释放，扩充了整体生产能力的同时，效益随 之逐步释放体现。与此同时，公司固废危废资源化利用板块受益于金属价格持续上行，进一步增强产品 盈利能力。 高能环境是国内固废危废领域金属资源化利用的领军企业，核心业务契合《固体废物综合治理行动计 划》（以下简称《行动计划》）政策导向与"双碳"目标。 其中，高能环境控股子公司金昌高能环境技术有限公司在2024年铂族回收工艺全面拉通的基础上，2025 年逐步释放产能，高附加值的稀贵及铂族金属产量大幅增长，盈利能力显著增强。 数据显示，我国2024年大宗固废综合利用率达59%，再生铜、铝国内原料供应占比分别达58.4%、 84.4%。随着《行动计划》深入推进，固废资源化产业政策红利加速释放，政策强化循环利用支撑并突 出资源属性，开展"城市矿产"示范基地提质升级行动，挖掘重要矿产资源回收潜力，构建二次资源供应 体系。同时，政策支持进口海外 ...

Core Viewpoint - Ice Wheel Environmental Technology Co., Ltd. is focusing on advanced system solutions and lifecycle services in the energy and power sector, with a strong emphasis on data center liquid cooling systems, nuclear power products, HRSG products, and thermal management. Group 1: Main Business and Product Layout - Ice Wheel Environmental specializes in energy and power, offering advanced systems and lifecycle services, with core products including compressors and heat exchange devices that manage temperature control and energy efficiently across a range of applications [2] - The company's products serve various sectors, including commercial refrigeration, industrial cooling, comfort air conditioning, special industrial air conditioning, and energy recovery systems [2] - In the first three quarters of 2025, the low-temperature refrigeration segment saw a slight revenue decline, while the special air conditioning and thermal management segments experienced year-on-year growth [2] Group 2: Data Center Liquid Cooling Systems - The company provides liquid cooling systems for data centers through its subsidiaries, Dunham-Bush and Ice Wheel Heat Exchange Technology [3] - Dunham-Bush, with a 131-year history, offers advanced cooling solutions and has been involved in significant projects such as the National Supercomputing Center in Guangzhou and various data centers for major telecom companies [3] - The company is expanding its overseas manufacturing capacity to support global demand, particularly in North America, Australia, Southeast Asia, and the Middle East [4] Group 3: Nuclear Power Sector - Ice Wheel Environmental is focusing on nuclear island cooling and nuclear energy heating, with innovative technologies for cooling and heat recovery [5] - The company has secured contracts for cooling systems in various nuclear power plants and is involved in the development of small modular reactor projects [5] - A collaboration with Tsinghua University on nuclear heating technology has led to the successful implementation of a cross-city nuclear heating project [5] Group 4: HRSG Products and Thermal Management - The company’s joint venture, Yantai Modern Ice Wheel Heavy Industry, specializes in HRSG products, with a projected revenue exceeding 700 million yuan in 2024 [6] - The thermal management segment focuses on industrial heat pumps and is positioned as a key growth area, benefiting from urban renewal and energy efficiency policies [7] - The company’s technologies in heat recovery and high-temperature heat pumps are expected to become essential for high-energy-consuming enterprises as carbon neutrality policies advance [7] Group 5: Other Technical Applications - Ice Wheel Environmental is also involved in the liquefaction of aerospace fuels, with a patented high-efficiency helium screw compressor recognized as a significant technological advancement [8] - The company believes that traditional temperature cooling methods for chips are limited and that efficient cooling solutions remain the mainstream approach [8] - The lithium bromide absorption chiller developed by the company can utilize waste heat from gas turbines for combined power and cooling applications, enhancing energy efficiency [8]

Core Viewpoint - Zhejiang Hu-Hang-Yong Highway Co., Ltd. (referred to as "Hu-Hang-Yong Company") has signed a capital increase agreement with Zhejiang Jiaotong Zhongtan Environmental Technology Co., Ltd. (referred to as "Zhongtan Technology") to invest 226 million yuan for an 11.6733% equity stake, marking Hu-Hang-Yong Company's first investment in new energy and aligning with national "dual carbon" goals [1][2]. Group 1 - The partnership is a strategic move for Hu-Hang-Yong Company to optimize its business structure and cultivate new green low-carbon momentum [2]. - The integration of transportation and energy will lead to normalized energy consumption management, cost reduction, and enhanced service quality in highway network operations [2]. - Demonstration projects will help set industry standards and transition green energy from "one-time renovation" to "a set of methods," optimizing operational efficiency and creating replicable practices [2]. Group 2 - The collaboration will strengthen the company's green low-carbon attributes, enhancing recognition in the capital market and providing sustainable development momentum [2]. - Hu-Hang-Yong Company aims to deepen the integration of transportation and energy, expanding growth boundaries while solidifying its core transportation business [2].

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [3] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [3] Group 2: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful projects include major data centers for China Mobile, China Unicom, and various international projects in North America and Southeast Asia [4] Group 3: Nuclear Power Industry - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios like nuclear island cooling and heat recovery [6] - It has provided services to multiple nuclear power stations in China, enhancing safety and efficiency in energy utilization [6][7] Group 4: Heat Recovery Steam Generators (HRSG) - The company’s joint venture produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 due to strong market demand [8] Group 5: Thermal Management and Carbon Neutrality - The company is committed to carbon neutrality, offering a full range of industrial heat pump services and has been recognized as a national-level "little giant" enterprise [8] - Technologies developed include waste heat recovery and high-temperature heat pumps, which are essential for reducing energy consumption and carbon emissions in high-energy industries [9] Group 6: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project by the National Energy Administration [9] Group 7: Gas Turbine Waste Heat Cooling Technology - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines to provide cooling, enhancing energy efficiency [9]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with the decline rate narrowing each quarter; however, the special air conditioning and thermal management segments saw year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, while international collaborations span North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core scenarios such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient nuclear energy utilization [6] - Notable domestic projects include several nuclear power stations, with the company also winning bids for small modular reactor cooling projects [7] Group 5: Heat Recovery Steam Generators (HRSG) - The joint venture with Yantai Modern Ice Wheel Heavy Industry Co., Ltd. produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 [8] Group 6: Thermal Management and Carbon Neutrality - The company is committed to thermal management solutions, focusing on industrial heat pumps and has been recognized as a national-level specialized "little giant" enterprise [8] - The company’s technologies, including waste heat recovery and high-temperature heat pumps, are positioned to support energy-intensive industries in reducing consumption and carbon emissions [9] Group 7: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project in the energy sector [9] Group 8: Gas Turbine Waste Heat Cooling - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines for combined cooling and power generation, enhancing energy efficiency [9]

Core Viewpoint - The next decade will be a critical period for global restructuring and the transformation of old and new driving forces, marking a key stage for China's national rejuvenation. The solid waste industry will shift from "scale expansion" to "efficiency and value creation," with intensified K-shaped differentiation potentially leading to a "dumbbell-shaped" competitive landscape [1][2][15]. Industry Development Over the Past Fifteen Years - The past fifteen years can be divided into two phases: the "golden decade" during the 12th and 13th Five-Year Plans, characterized by scale expansion and project-driven growth, and the current phase of stock market consolidation, where the industry faces significant bottlenecks and must transition towards quality improvement and efficiency [5][19]. - The industry has entered a clearing process, with many companies struggling for survival, while some strong firms are undergoing internal adjustments, laying the groundwork for future development [5][19]. Company Strategy and Performance - Facing industry cycles, the company has strategically positioned itself by leveraging opportunities during the "golden decade" and establishing a nationwide presence through acquisitions, creating a diversified and integrated solid waste industry chain [6][19]. - The company has adopted a strategy focused on stock integration since 2021, enhancing organizational capabilities and operational efficiency, particularly during the challenges of the 14th Five-Year Plan [6][20]. - The company reported a net profit of 9.67 billion yuan for the first half of 2025, an increase of 8.99% year-on-year, marking a new high since its listing and positioning it among the most profitable environmental companies [7][21]. Future Industry Outlook - The next decade will witness a transformation driven by technological, policy, and industrial changes, with the solid waste industry needing to adapt to a new competitive landscape characterized by K-shaped differentiation [10][22]. - The industry will see a shift from scale expansion to efficiency and value creation, with a focus on innovative business models and the emergence of specialized enterprises at both ends of the "dumbbell" spectrum, while mid-tier companies may face significant survival pressures [11][23]. - Key themes for future development include "innovation-driven, green value, and ecological empowerment," emphasizing continuous innovation across various dimensions to enhance industry competitiveness [12][24]. Company Future Plans - The company plans to drive innovation through a dual business model of "core business" and "pan-green business," focusing on deepening existing operations while exploring new growth avenues [26]. - The company aims to leverage its strategic acquisitions to establish a solid foundation for future growth, positioning itself to capitalize on emerging opportunities in the solid waste sector [26].

绿色消费蔚然成风，能源转型惠及民生。记者了解到，"十四五"以来，南方五省区电能替代电量突破 2400亿千瓦时，电能占终端能源消费比重达34%，较全国平均水平高出5个百分点。超10万个充电桩遍 布城乡，粤港澳大湾区更达成欧标充电桩县区全覆盖。2025年绿电绿证交易量达2500亿千瓦时，超此前 三年总和，港澳台绿证交易实现全覆盖，绿色电力从生产端直达消费端，为社会各界参与"双碳"实践搭 建起便捷桥梁。 "十四五"时期，中国南方电网有限责任公司（以下简称"南方电网"）锚定数字化、绿色化转型"双主 线"，争当能源革命"先锋队"，新型电力系统建设硕果满枝：世界最大规模交直流互联电网上线运 行，"西电东送"累计输送电量超9500亿千瓦时，绿色电能直达千里；数智赋能让粤港澳大湾区供电可靠 率跃居世界顶尖水平，充电桩实现乡镇无死角覆盖，广州、深圳、海口成功斩获国家级车网互动示范金 字招牌；电力交易市场主体突破22万家、占全国四分之一，市场化交易电量占比超七成，市场活力火力 全开；昆柳龙直流工程创下19项世界之最，特高压技术领跑全球赛道，尽显央企实干担当硬核底气。 日前，南方电网正式发布新型电力系统发展白皮书，以翔实数据、鲜活 ...

Core Viewpoint - The New Materials 50 ETF (159761) has risen over 1.5%, driven by both policy and demand, indicating a positive outlook for the sector [1] Group 1: Economic Outlook - In 2026, as the starting year of the "14th Five-Year Plan," China's economy is expected to maintain high-quality growth amid structural optimization [1] - Technological innovation will continue to lead the development of new productive forces [1] Group 2: Metal New Materials - The Federal Reserve's easing expectations and the issue of stagflation in the U.S. support the logic for precious metals, with a positive long-term outlook for gold prices, particularly silver due to its dual financial and industrial attributes [1] Group 3: Chemical Industry - The chemical industry is expected to remain at the bottom of the cycle in FY25, with a market style that combines investment in cyclical recovery and thematic trends [1] - Focus on undervalued leading companies and sectors with marginal improvements in supply and demand [1] Group 4: Construction & Non-metal New Materials - The concentration of leading companies in the construction and non-metal new materials sector is expected to further increase [1] Group 5: Environmental Industry - The environmental industry benefits from "dual carbon" leading policies, with advancements in new energy system construction and the improvement of green value mechanisms [1] - The investment logic is shifting towards a new phase of cash flow improvement, market-oriented reforms, and resonance with growth value [1] Group 6: New Materials Index - The New Materials 50 ETF tracks the New Materials Index (H30597), which focuses on the new materials industry by selecting representative listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials [1] - The index emphasizes high-growth and innovative enterprises across various sub-sectors, including chemicals, metals, and electronics [1]

纤纳光电全球首条百兆瓦钙钛矿生产线生产的光伏板，创下钙钛矿平米级商用组件效率世界纪录。 这些高效光伏板的技术提供者，正是杭州纤纳光电科技股份有限公司（以下简称"纤纳光电"）。这 家来自余杭的科技企业，凭借在钙钛矿光伏技术领域长达10年的默默耕耘，持续推进技术迭代升级，成 长为全球钙钛矿光伏技术领域的领航者。 当前，在"双碳"目标引领全球能源革命的时代浪潮中，中国新能源产业正经历从"跟跑"到"并跑"乃 至"领跑"的关键跃升。作为这场变革中重要的技术力量之一，钙钛矿光伏以其"轻、薄、柔、低"的特性 和逼近理论极限的转换效率，被公认为继晶硅之后的第三代光伏技术，更是新材料与绿色能源深度融合 的"明日之星"。 在"十五五"规划强调"强化新材料、新能源等战略性新兴产业引领"的背景下，纤纳光电所在赛道正 成为光电科技、新材料、绿色能源三大产业生态的交汇点，而当钙钛矿光伏走出实验室变为"产业实 景"的时候，其意义早已超越单一技术突破，成为杭州构建先进制造业体系的重要支点。 企业 "0.79平方米面积上的钙钛矿薄膜厚度波动小于3微米" 2025年5月，一篇重磅科研成果发表在《科学》杂志上，纤纳光电和高校创新团队联合研发的太阳 ...

周二期现价格窄幅波动,成交持平,现货体感清淡。宏观层面,新驱动和消息并不多,近期大宗商品表现不算差,汇率升值 可能会带来人民币资产的配置优势,观察商品结构性机会的延续,而在这种环境中,黑色板块需要等待新驱动的形成和资金 的入场。产业层面,五材结构表现维持供需两弱,但铁水产量边际上出现持稳回升,钢材产量回落对炉料造成的负面压力边 际上是弱化的;五材中板材去库压力比较突出,对价格上方区间构成压力,以及压制市场参与者的主动持货意愿,1月份之 后铁水产量回升的确定性增加,产业端会有一些适当补库的行为,来释放部分增量买盘,价格低位存在一些支撑。目前产业 矛盾不突出,宏观和市场风偏略好,策略上单边可以震荡思路对待,1月之后市场资金或更充裕,有利于期现头寸入场, 卷期现止套仍可滚动操作。 【硅铁锰硅】情绪转暖,双硅向上 | HE SECHEN | 国贸期货出品 TG国贸期货 | 2026/01/07 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...