Core Viewpoint - The article highlights China's commitment to green development during the "14th Five-Year Plan" period, emphasizing the transition to a circular economy, the rise of clean energy, and the promotion of green consumption as essential components of achieving ecological sustainability and carbon neutrality goals [1][2][8]. Green Energy Development - During the "14th Five-Year Plan," China has made significant strides in green energy, with clean energy sources like wind and solar becoming major contributors to the energy mix, surpassing coal in installed capacity [2][3]. - The country has established the world's largest clean power generation system, with one-third of global power generation capacity, and aims to increase the share of green electricity further [2][3]. Circular Economy Initiatives - The construction of a circular economy system has accelerated, focusing on resource recycling in industrial sectors and urban "waste-free" initiatives, enhancing resource efficiency and injecting green momentum into economic development [4][5]. - Significant advancements in manufacturing green products have been noted, with steel and cement industries achieving world-leading energy consumption levels and substantial recycling of materials [4][5]. Green Consumption Trends - The "14th Five-Year Plan" has seen a rise in green lifestyles, with the number of new energy vehicles reaching 31.4 million by the end of 2024, a fivefold increase from the end of the "13th Five-Year Plan" [7]. - The second-hand market has flourished, with daily transactions of idle goods exceeding 1 billion yuan, indicating a shift towards circular consumption practices [7][8]. Policy and Institutional Support - Policies have been implemented to support recycling and green initiatives, such as guidelines for establishing recycling points and promoting waste sorting, which have led to high participation rates in waste management [5][6]. - The establishment of regulations, such as the "Waste-Free City Construction Regulations" in Shanghai, has encouraged public engagement in sustainable practices, achieving a stable waste sorting compliance rate of over 95% [6].

宣言呼吁，自由区管理机构、各国政府、国际组织、私营部门等相关方拥抱数字化，加速采用数字工具 与无纸化贸易系统，提升效率、透明度与竞争力；采纳前瞻性指标，制定并实施新的关键绩效指标，用 以衡量更广泛的经济、社会及环境影响，超越传统的投资与就业指标；促进多方利益相关者对话，通过 全球经济特区联盟等平台加强合作，分享最佳实践，应对共同挑战。 推进可持续发展目标。通过采纳循环经济原则、发展使用可再生能源、推行绿色建筑标准及强化气候韧 性措施，提升环境治理水平；通过确保工作条件、促进平等、以及开展针对性培训与技能提升项目以持 续投资人力资本，恪守社会可持续性的最高标准；通过战略合作伙伴关系、本地化内容发展与社区参与 计划，为当地社区创造持久共享价值。 成为创新与未来产业的催化剂。在包括氢能经济及其他可再生能源技术，电动汽车生产与先进电池制 造，人工智能与数字贸易所需的数据基础设施，医疗服务、旅游、粮食与能源安全领域的跨境倡议等方 面，打造成为关键领域创新的催化剂。 培育包容与融合的生态系统。为中小企业开辟进入全球价值链、实现规模化运营与全球市场覆盖的路 径；通过区内企业、学术机构与本地产业的合作，促进知识转移与溢出效应 ...

电路板撕碎机是一种专门用于电子废弃物回收处理的重型机械设备，主要用于对废弃印刷电路板（ PCB ）进行物理破碎处理。该设备采用高强度合金刀具和精 密传动系统，通过剪切、撕裂和冲击等多重作用力，将整块电路板分解为尺寸均匀的碎片（通常为 2-20mm ）。设备配备全封闭式破碎腔体和多级除尘系统， 可有效控制破碎过程中产生的粉尘和有害气体。同时，设备采用模块化设计，可根据处理量需求配置不同功率的驱动系统和筛网规格，适用于处理各类规格的 印刷电路板，包括刚性板、柔性板和多层复合板等。该设备是电子废弃物资源化回收生产线中的关键预处理设备，为后续的金属分选和非金属材料回收提供重 要基础。 全球电子废弃物产生量持续快速增长，每年超过 5000 万吨的电子垃圾中含有大量可回收的贵金属和稀有金属，这直接推动了电路板撕碎机市场的快速发展。随 着各国环保政策的不断加强和循环经济理念的深入推广，电子废弃物资源化处理需求显著提升。在技术层面，设备制造商不断优化刀具材料和改进破碎腔体结 构，致力于提高设备处理能力和使用寿命，同时降低能耗和维护成本。 根据 QYResearch 最新调研报告显示， 预计 2 03 1 年全球电路板撕碎机市 ...

Core Insights - The article discusses how food companies, particularly Landun Xumei Food Co., are integrating sustainable development into their operations, focusing on the entire potato supply chain from breeding to processing [1][2]. Group 1: Sustainable Development Strategy - The company has been committed to sustainable development for eight years, integrating this philosophy into all business operations, including breeding, planting, and processing [2]. - The company aims to achieve a "zero waste" model by fully utilizing potato by-products, such as producing plastic bags and paper from potato peels [2][5]. Group 2: Logistics and Carbon Emission Reduction - The company optimizes logistics by strategically locating potato planting bases closer to processing facilities, significantly reducing transportation distances and associated carbon emissions [3]. - Collaborations with fleets using new energy vehicles and smart systems for route planning have further enhanced logistics efficiency and reduced fuel consumption [3]. Group 3: ESG Integration and Performance - ESG indicators are incorporated into employee performance evaluations, linking energy efficiency, pesticide reduction, and waste recycling rates to individual and team performance [4]. - This approach fosters a proactive culture among employees, transforming the mindset from "I have to" to "I want to" regarding sustainability efforts [4]. Group 4: Waste Resource Utilization - The company processes approximately 25,000 tons of waste from potato production, collaborating with institutions like MIT and Shanghai University to develop new products from waste materials [5][6]. - A comprehensive ESG management system tracks the lifecycle of waste materials, allowing for precise measurement of carbon reduction achieved through resource utilization [7]. Group 5: Community Engagement and Economic Development - The company has established a "Rural Revitalization CEO" position to connect farmers with the business, enhancing local agricultural practices and increasing farmer incomes by over three times [8]. - The model of "leading enterprises + cooperatives + bases + farmers" ensures sustainable agricultural practices and provides skill training to local farmers [8]. Group 6: Future Goals and Challenges - The primary challenge faced by the company is cost control, particularly in the early stages of sustainable development, which requires significant investment and time [9]. - Future goals include achieving carbon balance and developing a zero-carbon park, with a focus on detailed research and implementation of related initiatives [9].

蔚来欧洲副总裁张晖说，中德两国在智能电动车、材料科技及循环利用领域合作潜力巨大，随着更 多创新项目进入测试与落地阶段，汽车产业循环利用与可持续发展前景广阔。 新华社德国杜塞尔多夫10月10日电（记者李函林）中德汽车产业代表9日在德国杜塞尔多夫举行研 讨会，围绕汽车回收与循环经济展开讨论，探索技术创新与跨国合作推动汽车产业绿色转型新路径。 此次研讨会在当地举办的一场国际性塑料与橡胶展期间举行。德国化工企业科思创公司副总裁约亨 ·哈尔特说，循环利用汽车零部件已成为全球汽车产业关注的前沿领域。汽车报废材料回收再利用不仅 要满足安全标准，还须在实践中证明其可规模化应用，为全球推广提供可行方案。为探索可持续发展路 径，公司已在中国与蔚来、大众等企业开展合作，共同推动材料循环利用和绿色创新。 大众汽车集团中国研发部可持续发展产品负责人西蒙·克雷默说，循环经济不仅是环保议题，更是 产业竞争力的重要组成部分。中国在再生材料应用、产业链协作及政策激励方面积累了丰富经验，欧洲 企业可借鉴相关模式，共同推动汽车行业脱碳与资源效率提升。 与会人员一致认为，从原材料创新到整车制造、从回收体系建设到认证标准完善，中国汽车产业在 塑料循环 ...

Core Viewpoint - The establishment of a "circular economy industry red chain" joint meeting mechanism aims to promote coordinated cooperation among upstream and downstream industries, enhancing the integration of industrial and supply chains, and facilitating a green and low-carbon internal circulation [2] Group 1: Industry Development Initiatives - The initiative to develop the circular economy industry park in Fuyang is a key focus for the government in the second half of the year, accelerating the steps of "extending, supplementing, and strengthening" the industrial chain [2] - Fuyang has made significant efforts to transform the old mining area of Luzhu Town into a stronghold for circular economy, closing down polluting mines and promoting mountain restoration since 2005 [3] Group 2: Economic and Environmental Benefits - The circular economy industry park has attracted nine large-scale enterprises, creating a complete closed-loop system of "waste—energy—raw materials," where each company's output or waste can serve as raw materials for another [3] - From January to August this year, the industrial output value of the park reached 907 million yuan [4] Group 3: Integration of Party Building and Economic Growth - The Fuyang Energy Party branch has integrated party building with green development, leading to significant economic benefits and ecological improvements [5] - The company has implemented a work mechanism that involves party members leading projects, resulting in seven technological transformation projects and a substantial increase in economic efficiency [5] Group 4: Transformation of Local Communities - The transformation of the former mining area into a "green circular" demonstration zone has turned the village of Langwu from a wasteland into a popular tourist destination, attracting visitors and enhancing local prosperity [5][6] - The successful conversion of the traditional "NIMBY effect" of waste incineration into a welcomed "embracing effect" demonstrates the positive impact of party building on regional ecological value [6]

内容概要：废玻璃综合利用通过技术与管理创新，将各环节废弃玻璃转化为资源，实现绿色转型。其技 术路径涵盖机械法、热能法、化学法，推动资源高值化利用。国家高度重视，密集出台政策文件，构建 起完善的制度框架，为产业提供明确导向与坚实保障。中国作为全球最大平板玻璃生产国，产量稳步增 长，但受房地产市场需求收缩影响，2025年1-8月产量有所下降。废玻璃产量波动增长，2024年达 2346.6万吨，细分结构逐步优化。当前，废玻璃回收量波动上升，但回收率仍较低，2024年为46.88%， 尚未突破50%，回收潜力待释放。回收市场呈现价格分层与区域分化特征，2024年回收价值约60.5亿 元。未来，行业将在政策引导、技术创新与产业整合驱动下，迈向规范化、高值化与协同化发展新阶 段，智能分拣等技术加速落地，龙头企业全产业链布局，区域协同机制逐步形成，实现资源价值与环境 效益双提升。 上市企业：格林美（002340.SZ）、南玻A（000012.SZ）、金晶科技（600586.SH）、耀皮玻璃 （600819.SH）、福耀玻璃（600660.SH）、高能环境（603588.SH）、隆基绿能（601012.SH）、通威 股份（6 ...

Core Viewpoint - The company, Zhuanzhuan, is transitioning from a C2C model to a C2B2C model, marking the closure of its original C2C marketplace business as a strategic decision to focus on quality and trust in second-hand transactions [5][10][14]. Group 1: Business Transition - Zhuanzhuan officially announced the gradual shutdown of its C2C marketplace business starting September 22, 2025, as part of a broader business adjustment towards an "official verification" model [4][5]. - CEO Huang Wei described the decision to close the C2C business as a difficult yet necessary choice, emphasizing the need to focus on consumer trust and service quality [5][10]. - The C2C business had become marginal, contributing less than 3% to Zhuanzhuan's overall GMV, indicating that the shutdown would not significantly impact the company's operations [9]. Group 2: Quality and Trust - The shift to a C2B2C model aims to standardize non-standardized second-hand transactions, enhancing trust between buyers and sellers [6][12]. - Zhuanzhuan has invested heavily in quality assurance, establishing three quality inspection centers and training over 2,500 quality inspectors to ensure product authenticity and reliability [11][14]. - The company has expanded its service network, with nearly 3,000 on-site recovery engineers covering over 1,300 districts and cities, and more than 1,000 offline stores across over 300 cities [11][12]. Group 3: Market Positioning - The closure of the C2C model is seen as a strategic move to address industry challenges such as fraud and poor after-sales service, which have deterred users from engaging in second-hand transactions [10][11]. - Zhuanzhuan's ambition extends beyond electronics, aiming to establish a comprehensive second-hand marketplace that includes luxury goods and various consumer categories [13][14]. - The company is positioning itself to define the standards for "quality second-hand" goods, contributing to the development of a circular economy [14][15].

Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [1]. Core Insights - The company is a leader in the circular economy, focusing on the second-hand electronics market, particularly in mobile and 3C recycling, and is expected to continue increasing its market share as the industry grows [1][7]. - The company has established strategic cooperation with JD.com, enhancing its advantages in recycling, disposal, and sales [1][7]. - The report highlights the company's multi-category recycling efforts and community-focused high-frequency recycling initiatives, which are anticipated to further enhance its growth potential [1][7]. Summary by Sections Company Overview - The company is the leading player in the domestic second-hand 3C recycling market, with a compound annual growth rate (CAGR) of 33% in revenue over the past five years [7][19]. - The company operates four main business lines: Aihuaishou, Pai Jitang, Paipai, and overseas business AHS Device, achieving a total transaction volume of 35.3 million units in 2024 [13][19]. Financial Performance - The company’s revenue is projected to reach 12.966 billion in 2023, growing to 16.328 billion in 2024, with a CAGR of 31% [2]. - Non-GAAP net profit is expected to grow significantly, with projections of 401 million in 2025 and 622 million in 2026, reflecting a growth rate of 28% and 55% respectively [2][19]. - The company has shown a consistent improvement in profitability, with Non-GAAP net profit margin reaching 1.9% in 2024 [19]. Industry Overview - The second-hand electronics market is experiencing rapid growth, with the total transaction scale expected to reach approximately 645 billion in 2024, reflecting a year-on-year growth of 17.6% [30][37]. - The recycling penetration rate for second-hand electronics remains low, with projections indicating significant room for growth as consumer awareness increases [49][50]. Competitive Landscape - The second-hand electronics industry is characterized by low concentration, with the company and its competitor, Zhuanzhuan, holding market shares of 7.9% and 7.4% respectively in the recycling segment [7][54]. - The company employs a multi-channel approach, integrating C2B, B2B, and B2C models to optimize its operations and enhance customer satisfaction [7][54].

Core Insights - Longgang's development history reflects a journey of reform and innovation, transitioning from a fishing village to a city, particularly after its establishment as a city in 2019, marking significant urbanization milestones [1] - The city is addressing environmental infrastructure challenges by launching an integrated circular economy industrial park, aimed at transforming urban waste into renewable resources and promoting a "waste-free city" initiative [1] Group 1: Integrated Construction and Collaboration - The circular economy industrial park is designed to consolidate various environmental projects, enhancing efficiency and reducing pollution through shared infrastructure [2] - The park covers 253 acres and includes six core facilities such as a wastewater treatment plant and a kitchen waste processing plant, improving material transfer efficiency and increasing shared pipeline usage by 25% [2] Group 2: Waste Recycling and Resource Utilization - The industrial park has established a closed-loop system for wastewater, kitchen waste, and solid waste, with the kitchen waste processing plant operational since 2022, achieving a 100% harmless treatment rate and an 81% resource utilization rate [5] - The park is expected to process approximately 43.8 million tons of urban wastewater, 30,000 tons of solid waste annually, and generate 1,500 tons of recoverable oil and 200,000 tons of resource products [6] Group 3: Monitoring and Regulatory Framework - Longgang has implemented policies such as the "Construction Waste Management Measures" to support the long-term development of a green economy and promote the use of recycled materials in municipal infrastructure [7] - A comprehensive monitoring system has been established to ensure efficient waste management, integrating community supervision and advanced technologies like drones for effective enforcement against illegal dumping [7]