天眼查App显示，近日，河北万销资源循环有限公司成立，法定代表人为赵巍巍，注册资本300万人民 币，正和万汇资源循环（邯郸）有限公司、邯郸供销环境科技有限公司持股。 企业名称河北万销资源循环有限公司法定代表人赵巍巍注册资本300万人民币国标行业制造业>废弃资 源综合利用业>金属废料和碎屑加工处理地址河北省邯郸市邯山区中华南大街53号卓立商务大厦27层10 号企业类型其他有限责任公司营业期限2025-6-29至无固定期限登记机关邯山区市场监督管理局 来源：金融界 序号股东名称持股比例1正和万汇资源循环（邯郸）有限公司92%2邯郸供销环境科技有限公司8% 经营范围含再生资源回收（除生产性废旧金属）;再生资源加工;生产性废旧金属回收;资源再生利用技术 研发;建筑废弃物再生技术研发;能量回收系统研发;资源循环利用服务技术咨询;废旧沥青再生技术研发; 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;温室气体排放控制技术研发;新兴能 源技术研发;碳纤维再生利用技术研发;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）;水资源管理;污水处理及其再生利用;蓄电池租赁;电池销售;电子产品销售;生活垃圾处 ...

6月30日，万物新生（爱回收）集团发布《2024环境、社会及管治报告》（简称"ESG报告"）。这 是万物新生连续第五年发布相关报告，披露在ESG领域的举措与成果，并首度公布至2030年的碳减排目 标。 万物新生集团创始人、首席执行官陈雪峰表示："2025年我们将以科技驱动资源循环利用，让每一 件闲置产品成为低碳生活的绿色纽带，与各方携手共筑物尽其用的可持续未来。" 布局服务类别多元化，推动绿色服务普惠化 万物新生2024年持续推进"多品类回收"战略，并进一步优化服务机制，为用户带来更好的回收体 验。截至2024年末，爱回收线下门店达1861家，覆盖全国283个城市。其中，面积更大、多品类回收服 务能力更强的新一代门店占比达62%。此外，集团在2024年优化了奢侈品、鞋服等品类的远端鉴定与当 面放款机制，可实现"远程评估+当场放款"一体化处理，缩短交易时间、降低误差率。 2024年在国家支持消费品以旧换新的大背景下，万物新生与战略伙伴京东携手建设了行业领先的手 机电子产品以旧换新模式，支持用户获得更安全、更便捷和更实惠的消费体验。 与此同时，万物新生积极推动构建产业标准体系。2024年，万物新生参与了中国旧货业 ...

Group 1: Market Overview and Investment Direction - The market is focusing on investment directions for the third quarter, with expectations of a liquidity-driven market if the Federal Reserve lowers interest rates in July and the People's Bank of China follows suit [1] - The sectors of artificial intelligence and military industry are highlighted as key areas for structural opportunities in the third quarter [1] Group 2: Military Industry Insights - The military industry has shown strong performance, with the China Securities Military Index rising over 22% since its low on April 8 [1] - The leading military ETF (512680) has seen a net inflow of 1.458 billion yuan over the past seven weeks, reaching a total scale of over 5.4 billion yuan, making it the only ETF in its category with continuous inflows [1] - Analysts predict a dual recovery in fundamentals and valuations for the military industry, driven by geopolitical factors and a clear trend of order recovery [1] Group 3: Artificial Intelligence Sector Analysis - The AI ETF (588760) closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, with the top three sub-industries being semiconductors (50.7%), IT services (14.1%), and software development (9.1%) [2] - The AI index has shown a significant one-year increase of 65.7%, with a maximum drawdown of -25.4% and a Sharpe ratio of 1.78, outperforming other AI indices [2][3] - The investment in the AI ETF has been substantial, with continuous buying over the first four months of the year, totaling 12.36 million shares in February alone [2]

Group 1 - The fourth RCEP Regional (Shandong) Import Expo was successfully launched in Linyi, showcasing the city's vibrant international engagement [1][3] - The expo highlighted the deep trade relationship between RCEP countries and Shandong, contributing 38.5% of the province's foreign trade [3] - The event featured exhibitors from 66 countries and regions, with 247 foreign enterprises participating, enhancing the internationalization of the expo [3] Group 2 - New exhibition areas such as the "Smart Technology Zone" and "Multinational Company Zone" attracted attention, featuring 18 leading tech companies and 11 Fortune 500 firms [3] - A series of well-planned activities, including investment promotion events, aimed to transform exhibitors into investors and products into commodities [3] - The expo integrated various sectors, promoting a sustainable development model that combines exhibitions, industries, logistics, and digital solutions [3] Group 3 - Linyi International Communication Center utilized Linyi Unicom's international SDWAN services to ensure stable and high-quality live broadcasts during the expo [5] - The SDWAN service effectively addressed traditional cross-border network issues, ensuring smooth and real-time transmission of live signals [5] - A professional support team and emergency communication vehicle were deployed to enhance network coverage and capacity during the event [7]

Core Viewpoint - The article highlights the innovative practices of Chaoyang Environment Group in urban waste management, emphasizing its leading position in the industry through advanced technologies and collaborative resource utilization [1][3]. Group 1: Company Overview - Chaoyang Environment is the only market-oriented enterprise in solid waste treatment and resource recycling in Beijing's Chaoyang District, recognized as a "National High-tech Enterprise" and a "Beijing Specialized and Innovative Enterprise" [1]. - The company has received multiple awards, including being a national model for circular economy education and a pilot for collaborative innovation in pollution reduction and carbon reduction [1]. Group 2: Innovative Practices - The chairman, Pi Meng, detailed the company's innovative practices in collaborative waste treatment, showcasing the operation of the Chaoyang Clean Incineration Center [3]. - The facility employs a model where various waste treatment processes are integrated, resulting in tiered energy utilization and resource recycling, providing renewable energy and recyclable resources to the city [3]. Group 3: Technological Advancements - The company has implemented the first AI intelligent incineration system in the country, achieving significant improvements: a 36% increase in main steam stability, a 1% increase in main steam volume, a 45% increase in power generation efficiency, and a 90% reduction in manual labor intensity [5]. - The Chaoyang Circular Economy Industrial Park processes 5,000 tons of crude oil annually, achieves a 100% reuse rate of reclaimed water, generates over 500 million kWh of green electricity per year, and maintains a resource conversion rate of over 85% [5].

所长 早读 国泰君安期货 2025-06-30 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 关注央行季度例会的变化，删除"择机降准降息" 观点分享： 6 月 27 日，央行发布 2025 年二季度货币政策委员会例会通稿，与一季度相比，通稿的 一些变化值得关注。在政策基调上，例会删去了"把实施扩大内需战略同深化供给侧结构性 改革有机结合起来"，并增加了"把做强国内大循环摆到更加突出的位置，统筹好总供给和 总需求的关系"这一表述。；在货币政策思路上，删去了"择机降准降息"，增加了"灵活 把握政策实施力度和节奏的表述"；汇率表述上，删去了"加强市场管理，坚决对市场顺周 期行为进行纠偏，坚决对扰乱市场秩序行为进行处置"的表述。 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | 铜 | ★★★★ | 铜：价格上涨，主要因微观和宏观形成阶段性共振。铜现货依然偏紧，国内库存低位，LME 库存快速回落，现货持续升水。海外逻辑对价格拉动作用更加明显，美国经济存在底部支 撑，且特朗普对铜存在加征关税的预期，推动 COMEX 铜价涨幅明显，与 LME 铜价差扩大 至 1400 美元/吨附 ...

本文字数：2337，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 今年二季度，受到美国关税政策变化的影响，制造业运行短期有所波动，但我国经济展现出了较强的 韧性，在短期放缓后迅速回稳。 国家统计局6月30日发布的6月份制造业采购经理指数（PMI）为49.7%，比上月上升0.2个百分点， 连续两个月回升，制造业景气水平继续改善。非制造业商务活动指数为50.5%，比上月上升0.2个百 分点。 中国物流与采购联合会特约分析师张立群表示，6月份PMI指数小幅回升，表明一系列增量政策的效 果继续显现。订单类指数回升反映扩大内需政策效果有所显现；生产指数、采购量指数上升反映企业 生产经营活动有回暖趋势。同时应注意到PMI指数仍处荣枯线下，生产经营活动预期指数仍在下降， 反映需求不足的企业占比仍在扩大，市场引导的需求收缩对制造业生产投资的制约仍然突出。 2025.06. 30 张立群强调，当前宏观经济政策逆周期调节与市场引导的需求收缩正处相互角力的关键阶段，必须坚 持不懈持续加大扩内需各项政策力度，特别要显著加强政府公共产品投资力度，扩大投资规模，有效 有力带动制造业企业订单显著增加，带动制造业生产投资持续活跃。 产需指 ...

Core Viewpoint - The article highlights the successful establishment of Quzhou Intelligent Manufacturing New City as a national-level green industrial park, focusing on its green circular development model and the integration of advanced industries to promote sustainable economic growth [1][9]. Group 1: Green Development Initiatives - Quzhou Intelligent Manufacturing New City has been recognized for its commitment to green development, focusing on industries such as new materials, renewable energy, integrated circuits, high-end equipment, and health [1]. - The city has implemented a comprehensive upgrade of production processes to reduce energy consumption and environmental pollution, exemplified by Yuanli Metal Products Co., which has invested over 2 billion yuan in technology upgrades and achieved a 42.3% reduction in major pollutant emissions by 2024 [2][6]. - The city has established a robust support system for enterprises undergoing green transformation, providing policy incentives and funding opportunities to encourage energy-saving and carbon-reduction projects [6][7]. Group 2: Economic Performance - In 2024, Quzhou Intelligent Manufacturing New City achieved an industrial output value of 162.88 billion yuan, with an industrial added value of 36.82 billion yuan, reflecting a growth of 12.1% [9]. - The city attracted 100 projects with a total investment of 89.91 billion yuan, showcasing its growing investment appeal and economic vitality [9]. Group 3: Circular Economy and Resource Utilization - The city has developed a circular economy model, where waste from upstream enterprises is repurposed as raw materials for downstream companies, enhancing resource efficiency [12][13]. - Quzhou Intelligent Manufacturing New City has constructed over 40 kilometers of pipelines connecting more than 100 enterprises, achieving a high degree of interconnectivity and resource sharing within the industrial ecosystem [13][14]. - The industrial solid waste utilization rate in the high-tech zone has reached 99%, demonstrating the effectiveness of the circular economy initiatives [13]. Group 4: Infrastructure and Environmental Safety - The city has invested over 20 million yuan in a water pollution emergency response system, enhancing environmental safety measures within the industrial park [16]. - Quzhou Intelligent Manufacturing New City has achieved a 100% coverage rate for industrial wastewater management, ensuring that all enterprises comply with environmental standards [16][17]. - The establishment of a comprehensive ecological safety network, including green belts and river management, contributes to the overall sustainability of the industrial park [17][18].

Core Viewpoint - The manufacturing PMI index in June shows a slight recovery, indicating the effectiveness of a series of incremental policies, despite ongoing challenges in demand and production activities [1][4][11]. Manufacturing Sector - The manufacturing PMI for June is reported at 49.7%, up 0.2 percentage points from the previous month, marking two consecutive months of improvement [1]. - The new orders index has returned to the expansion zone at 50.2%, increasing by 0.4 percentage points after two months below 50% [4]. - The production index stands at 51%, reflecting stable expansion in production activities, with a 0.3 percentage point increase from last month [5]. - The procurement volume index has also returned to the expansion zone at 50.2%, up 2.6 percentage points [5]. - Large enterprises show a PMI of 51.2%, indicating accelerated expansion, while medium and small enterprises remain below the critical point at 48.6% and 47.3%, respectively [7]. Price Trends - In June, both the purchasing price index and the factory price index have stabilized, with the purchasing price index at 48.4% and the factory price index at 46.2%, both up 1.5 percentage points from the previous month [6]. Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.5%, reflecting continued expansion, with a 0.2 percentage point increase [11]. - The construction industry shows a business activity index of 52.8%, up 1.8 percentage points, indicating a recovery in construction activities [12]. Future Outlook - The manufacturing sector is expected to maintain a steady growth trend in the second half of the year, supported by ongoing policy measures aimed at boosting domestic demand and stabilizing external trade [8].

Core Viewpoint - The annual performance report of Jin Jing New Energy for the year ending March 31, 2025, reveals significant growth, with a 92.3% increase in revenue to HKD 870 million, marking a historical high. The company's gross profit surged by 266.8% to HKD 103 million, and net loss narrowed from HKD 78.9 million to HKD 15.7 million, indicating a strong recovery towards breakeven [1][2]. Business Restructuring and Growth Drivers - The remarkable performance is attributed to a strategic transformation over three years, focusing on reverse supply chain management and environmental services, which contributed approximately HKD 696 million in revenue, a 204% increase. The green energy sector now constitutes 80% of total revenue [1][3]. - Key growth engines include vertical integration through acquisitions of local recycling firms, enhancing the battery recycling lifecycle, and horizontal collaborations, such as the strategic partnership with Guoxuan High-Tech, which aims to tap into a market worth HKD 22.8 billion for overseas retired battery disposal [4][6]. Policy Environment and Strategic Depth - Jin Jing New Energy has positioned itself advantageously within the industry, leveraging early entry into the battery recycling market. The recent government action plan emphasizes full-chain management and digital traceability, aligning with the company's existing framework [6][7]. - The anticipated surge in retired battery volumes, projected to reach 820,000 tons by 2025, presents a significant market opportunity, especially as current recovery rates remain below 25%. The company is well-placed to capture market share as the industry consolidates [7][8]. Capital Premium and Value Transformation - The capital market has responded positively to the company's growth, with a cumulative stock increase of 265.85% in 2024. As of June 27, 2025, the market capitalization reached HKD 10.96 billion, reflecting investor confidence in its business model [10][11]. - The company's unique position as the only overseas battery recycling entity in the Hong Kong market, combined with its extensive logistics network across 28 countries, creates a competitive moat. The upcoming battery processing facility in Hong Kong is expected to align with the market's growth trajectory [11][12]. Conclusion - Jin Jing New Energy's explosive growth is a result of strategic foresight and execution, establishing a robust competitive advantage in the global green circular economy. The company is transitioning from a dark horse to a standard in the industry, poised for significant value reassessment as battery recycling becomes a core focus [15].