Investment Rating - The report maintains an "Outperform" rating for the environmental protection industry [2] Core Insights - The environmental protection industry is entering a significant performance period, with expectations for intensified carbon reduction efforts [1] - The year 2026 marks the transition from energy consumption control to carbon emission control, with substantial progress anticipated in carbon reduction initiatives [5] - The report highlights the importance of companies focusing on performance and increased dividends, with 61 environmental companies expected to release their 2025 performance forecasts [5] Summary by Sections 2025 Performance Forecast - 61 environmental companies have released performance forecasts, with 14 companies expecting significant positive growth, 4 companies experiencing declines, 8 companies turning losses into profits, and 35 companies reporting losses [12] - Notable performers include: - Anhui Instrument Technology: Expected net profit of 42-62 million CNY, a year-on-year increase of 191.52%-330.34% [12] - GaoNeng Environment: Expected net profit of 750-900 million CNY, a year-on-year increase of 55.66%-86.79% [12] - Yuehai Investment: Expected net profit growth of 43%, reaching nearly 4.5 billion HKD [13] Biodiesel and UCO Market - The average export price of UCO is expected to reach 7,742 CNY/ton in 2025, a year-on-year increase of 21.6% [19] - UCO export volume remains high, with a total of 2.7558 million tons exported in 2025, despite a 17% decline in biodiesel exports [19] - The price of UCO has shown a consistent upward trend, with the latest price reaching 1,075 USD/ton, a 9.1% increase from early 2025 [29] Policy and Market Tracking - The report tracks significant developments in carbon reduction policies, including the establishment of a dual control system for carbon emissions and energy consumption [33] - The carbon trading market has seen a total transaction volume of 862,100 tons, with a closing price of 79.00 CNY/ton as of January 30, 2026 [36] - Recent policies emphasize energy efficiency and carbon reduction in public institutions, aligning with the "14th Five-Year Plan" goals [38]

Investment Rating - The report highlights a positive investment outlook for Keda Manufacturing and recommends Shengfeng Cement as a key stock for February [2][12]. Core Insights - Keda Manufacturing's acquisition of the remaining 51.55% stake in Tefu International is viewed positively, with projected revenues of 8.187 billion yuan and net profits of 1.474 billion yuan by 2025 [2]. - Shengfeng Cement is favored due to its resilient business model, low production costs, and significant investments in new economic projects exceeding 1.9 billion yuan [2]. - The report emphasizes the potential for price increases in traditional electronic fabrics and related materials, driven by AI demand and copper price fluctuations [3][15]. - The trend towards space photovoltaic energy is highlighted, with a focus on UTG and TCO glass as essential materials for future energy solutions [4][14]. Summary by Sections Weekly Discussion - Keda Manufacturing's stock resumption is positively received, and the acquisition strengthens its strategic partnerships [2]. - Shengfeng Cement is recommended for its stable core business and cash flow from new investments [2]. Market Performance - The construction materials index showed a mixed performance, with glass manufacturing and fiberglass sectors performing well, while cement manufacturing faced slight declines [19][21]. Price Changes in Construction Materials - National average cement price decreased to 345 yuan/ton, with a slight increase in sales rates [16]. - Float glass prices increased to 1,144.80 yuan/ton, reflecting a 0.53% rise, while inventory levels decreased slightly [16][39]. Important Changes - Several companies released performance forecasts, and Keda Manufacturing announced a capital increase plan for the acquisition of Tefu International [6].

研发团队介绍说，植物通过光合作用，巧妙地将结构简单的二氧化碳和水转化为复杂的养分分子，为人 类借助化学手段实现温室气体二氧化碳的资源化利用提供了自然范例。然而，人工模拟光合作用的过程 仍面临科学挑战，其关键瓶颈在于：光激发功能材料所产生的电子(用于还原二氧化碳)与空穴(用于氧化 水)寿命极短，难以实现二者反应的同步与持续进行。 在本项研究中，研发团队模拟植物暂存光生电子的生理机制，创新设计出一种电子存储路径，通过定向 设计、制备材料结构，使其能够在光照时储存电子，并在需要时精准释放，从而实现对二氧化碳与水反 应速率和程度的精确调控。 据悉，这项二氧化碳资源化利用取得重要突破性的进展，由中国科学院地球环境研究所获悉空气净化新 技术团队与合作者共同完成，相关论文近日在国际学术期刊《自然-通讯》上线发表。(完) 本项研究 电子存储方案通用性与实用潜力的验证结果。中国科学院地球环境研究所 供图 基于这一思路，研发团队成功构建出具有电子存储功能的银修饰三氧化钨材料，通过将其与催化活性组 分酞菁钴复合进行验证，测得二氧化碳转化效率较纯酞菁钴提升了近百倍。同时，新方案具备良好的通 用性与适用性，可根据实际需求构建多种结构适 ...

联盟将围绕学科建设、学术研究、人才培养与产学研合作等方向深化交流合作，持续推进"碳经济"学科 自主知识体系建设，积极提升我国在全球气候治理与绿色低碳发展议题上的学术影响力和话语权。 记者从中国人民大学获悉，近日，"碳经济"学科自主知识体系联盟成立大会在中国人民大学举行，首批 24所相关院校参加联盟。 国家气候变化专家委员会、南方电网能源发展研究院等专业领域代表，全国高校部分"碳经济"学科校 （院）长、学术带头人与中青年学者参加会议。会议围绕构建"碳经济"自主知识体系、"碳经济"拔尖创 新人才自主培养体系、"碳经济"未来学科发展及"碳经济"学科自主知识体系联盟建设等问题展开讨论。 会上，"碳经济"学科自主知识体系联盟正式成立。 据主办方介绍，该联盟由中国人民大学应用经济学院牵头发起，全国首批24所相关院校共同组成，旨在 面向"双碳"目标引领的系统性经济社会转型需求，凝练"碳经济"学科核心范畴与研究范式，推动理论创 新与实践转化协同发力，为建设中国自主的"碳经济"学科贡献智慧和力量。 来源：光明日报 在"'碳经济'学科未来发展及联盟建设研讨"院长论坛上，来自中国人民大学、复旦大学、中央财经大 学、对外经济贸易大学 ...

宏观扰动走弱， 延续震荡格局 钢材周报 2026/01/31 0755-23375155 zhaoh3@wkqh.cn 陈张滢（黑色建材组） 从业资格号：F03098415 交易咨询号：Z0020771 赵航 （联系人） 从业资格号：F03133652 CONTENTS 目录 01 周度评估及策略推荐 04 成本端 02 期现市场 05 供给端 03 利润和库存 ◆ 需求：本周螺纹钢表观消费量为176.40万吨，环比-4.92%，同比+124.57%。从环比看，临近春节，终端施工活动持续走弱，需求季节性回 落特征较为明显；同比增幅偏大，主要受去年同期低基数影响，实际需求强度仍处于季节性偏弱区间。 热轧卷板方面，本周表观消费量为 311.41 万吨，环比 +0.47%，同比 +14.78%，需求表现相对平稳，制造业端对热卷仍形成一定支撑。 ◆ 库存：本周螺纹钢库存为475.53万吨，较去年同期减少177.60万吨，库存水平仍处于相对低位，但在产量高位、需求回落的背景下，库存 开始加速累积，去库动能明显减弱。 热轧卷板库存为355.58万吨，同比减少约33万吨（-8.50%）。尽管春节时间偏晚、制造业需求恢复节奏 ...

01 周度评估及策略推荐 04 供给及需求 02 期现市场 05 库存 03 利润及成本 短期仍延续震荡整理，以成本为底， 等待驱动并向上展望 0755-23375161 chenzy@wkqh.cn 从业资格号：F03098415 交易咨询号：Z0020771 陈张滢（黑色建材组） 锰硅周报 2026/01/31 CONTENTS 目录 产业链示意图 01 周度评估及策略推荐 行情回顾 资料来源：文华财经，五矿期货研究中心 上周，锰硅盘面价格延续震荡走势，周度环比上涨22元/吨或+0.38%（针对加权指数，下同）。技术形态角度，锰硅盘面价格仍无明显的趋 势，处于震荡整理阶段。后续建议关注盘面上方6000元/吨以及/6250元/吨处的压力情况，下方关注5800元/吨及5700元/吨附近支撑情况。 图1： 锰硅加权指数价格走势（元/吨，日线） 周度要点小结 ◆ 天津6517锰硅现货市场报价5780元/吨，环比+80元/吨；期货主力（SM605）收盘报5872元/吨，环比+16元/吨；基差98元/吨，环比+64元/吨， 基差率1.65%，处于历史统计值的相对中性水平。 ◆ 利润：锰硅测算即期利润（不含折旧等费用） ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The entry of technology and new energy giants into the nuclear power sector is creating a diversified new landscape, with companies like Alibaba and Geely participating in coastal nuclear power projects in China [3][4]. - The policy environment is supportive, with increasing participation of private capital in nuclear projects, projected to reach a 10% stake by 2024, and further support for private enterprises by 2026 [4]. - The integration of AI and nuclear energy is anticipated to deepen, with a focus on "computing power + nuclear energy" and the implementation of a "wind-solar-nuclear-storage integration" model in coastal bases [4]. Summary by Sections Industry Participation - Major technology companies are investing in nuclear power through equity stakes, focusing on stable energy to support computing needs, while new energy firms are providing storage solutions and core equipment manufacturing [3][4]. - The domestic nuclear equipment localization rate has reached 93.4%, establishing an ecosystem led by state-owned enterprises, empowered by private capital, and supported by technology [3]. Future Outlook - The demand for AI computing power is expected to drive the development of small modular reactors (SMR) as a key solution for energy needs, with significant interest from technology giants [5]. - Companies like Jingye Intelligent are advancing SMR technology, with plans to establish a subsidiary focused on powering AI data centers [6]. Recommended Companies - Jingye Intelligent: Plans to establish a subsidiary focused on SMR for AI data centers [6]. - Jiadian Co.: Leading position in the nuclear power sector with its helium fan products [6]. - Guoguang Electric: Key components for the ITER project [6]. - Lanshi Heavy Industry: Covers upstream nuclear fuel systems to downstream spent fuel processing [6]. - Kexin Electromechanical: Producing high-temperature gas-cooled reactor products [6]. - Hailu Heavy Industry: Services for various reactor types including third and fourth generation [6]. - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade valves in new nuclear projects [6].

在新能源汽车渗透率持续提升、储能产业加速扩张、5G/6G通信技术快速迭代的产业浪潮中，电解铜箔作为锂电池与印刷电路板的核心基础材料，市场需求 迎来快速增长。高性能电解铜箔的技术门槛与供应稳定性，已成为产业链上下游关注的核心焦点。 在此行业风口下，中国领先的电解铜箔解决方案提供商铜博科技，于1月28日正式向港交所主板递交上市申请，拟通过上市募资进一步巩固市场地位。这家 深耕行业近十年的企业，既手握技术与客户资源的核心优势，也面临着行业周期与财务结构的多重考验。 中国高性能锂电铜箔第二大生产商 招股书显示，铜博科技成立于2016年，公司是一家电解铜箔解决方案提供商，专注于高性能电解铜箔的设计、研发、生产和销售。根据弗若斯特沙利文的资 料，2024年按销量计，公司是中国第九大电解铜箔生产商，市场份额约为4%。按2024年销售量计算，公司亦是中国高性能锂电铜箔第二大生产商，市场份 额为13%。 | 排名 | 公司 | 銷量 (千噸) | | --- | --- | --- | | 1 | 公司D | 24.8 | | 2 | 本公司 | 22.6 | | 3 | 公司B | 19.3 | | 4 | 公司A | 17 ...

2026年1月，工业和信息化部、国家发展改革委、国务院国资委、市场监管总局、国家能源局等五部门 联合印发《工业绿色微电网建设与应用指南（2026—2030年）》（工信厅联节〔2025〕77号，以下简称 《指南》）。工业绿色微电网是以向工业用户提供绿色电力为主要目的，集成应用光伏、风电、高效热 泵、新型储能、氢能、余热余压余气、智慧能源管控等一体化系统，可融合工业生产过程、与电网友好 互动并实现协同自治的综合能源系统。 内容概况：2026年1月，工业和信息化部、国家发展改革委、国务院国资委、市场监管总局、国家能源 局等五部门联合印发《工业绿色微电网建设与应用指南（2026—2030年）》（工信厅联节〔2025〕77 号，以下简称《指南》）。目前，我国已有许多工业企业和园区积极探索开展工业绿色微电网建设，全 国已投入运行项目超过300个。《指南》的出台，标志着我国工业绿色微电网建设进入系统化推进阶 段，将引导市场主体参与实施项目建设与应用，再生能源发电、工业余能利用、清洁低碳氢制取与利用 等行业也将迎来重大发展机遇。未来，随着政策体系和市场机制不断完善，工业绿色微电网将从"节能 降碳工具"升级为"产业竞争力要素" ...

绿色发展是中国式现代化的鲜明底色。习近平总书记主持召开进一步推动长江经济带高质量发展座谈会 时强调，"坚持生态优先、绿色发展"。"十五五"规划建议提出的目标之一，是"绿色生产生活方式基本 形成"。 今天的湖北，绿色低碳转型发展正持续加快：200多万武汉市民已拥有个人碳账户，全省每年资源化处 置建筑垃圾约2100万吨，全省发电量半数来自可再生能源。荆楚大地上，生产生活方式是怎样"变 绿"的？绿色发展动能是怎样增强的？记者对此进行了探访。 ——编者 碳账户激励绿色生活 在湖北武汉市，骑共享自行车可以攒钱。 2023年6月，武汉市发布面向个人的低碳生活平台——"武碳江湖"小程序。注册用户骑共享自行车、坐 地铁、乘新能源网约车等多项行为，都可以积累碳减排量，用于兑换景区门票、生活用品、民宿打折券 等。 "每骑共享自行车1公里，就有90多克的碳减排量；每积攒1000克的碳减排量，可以折合1元钱。"武汉市 民白瑾萱说，作为"武碳江湖"小程序的第一批用户，自己已兑换多款商品。 上线之初，"武碳江湖"小程序的用户并不多。"当时，碳减排量只能在小程序内部积累和兑换，不够方 便和实用。"负责开发小程序的武汉碳普惠管理有限公司董事 ...