本报记者 肖伟 9月23日，上海期货交易所沪金2510合约盘中突破850元/克大关，创出历史新高。现货市场千足金回收价同步飙升至800元/ 克上方。在世界黄金协会发布的《全球黄金需求趋势报告》中，一个隐秘而关键的黄金细分市场正浮出水面：今年二季度全球 回收金供应量超过330吨，占当季黄金总产量的37%，其产业价值正随着金价暴涨和政策红利迎来井喷式发展。 在河南豫光金铅股份有限公司的生产车间，自主研发的连续底吹炉技术正创造着行业奇迹。一套黄金回收系统使铅冶炼伴 生黄金的回收率大幅度提升。通过构建"采矿-选矿-冶炼-深加工"全链条回收体系，该公司实现了在冶炼环节对黄金等稀贵金属 的极致提取。株洲冶炼集团股份有限公司在伴生矿和阳极泥当中也顺利回收黄金。株洲冶炼集团股份有限公司董秘陈湘军向 《证券日报》记者表示："我公司去年黄金产能再上新台阶，而且公司的'火炬牌'黄金在上海期货交易所完成注册，大大提高回 收黄金产品的溢价能力。" 电子废弃物正在变身城市金矿。在湖北荆门的格林美股份有限公司循环产业园，每天有成吨废旧电路板经历"凤凰涅槃"。 这条全球领先的贵金属回收产线，能从手机主板、电脑芯片中提炼出20余种稀有金属。湖 ...

Core Insights - The article emphasizes the importance of trust barriers in the domestic consumption market, highlighting how companies like 转转 are leveraging this to establish themselves as leaders in the circular economy [1][18] - 转转 is transitioning from a C2C model to a CBC model to address key issues of information asymmetry and trust deficiency in the circular economy [1][18] - The circular economy is at a tipping point, with the global second-hand market projected to grow from $1.8 trillion in 2024 to $2.2 trillion by 2027, indicating significant growth potential for 转转 [2] Company Strategy - 转转's decision to shut down its C2C marketplace and focus on the CBC model aims to build a robust trust system through professional quality inspection, efficient fulfillment, and comprehensive service guarantees [1][18] - The company has established a unique quality inspection system and a customer service framework, enhancing user trust and transaction efficiency [14][15] - 转转's growth strategy includes expanding into various high-value categories, evidenced by significant increases in retail order volumes across multiple product lines during key sales events [18][19] Market Context - The article draws parallels between 转转 and successful consumption models in Hong Kong, suggesting that 转转 is replicating the success of the "消费四姐妹" by building differentiated advantages [2] - The changing consumer mindset towards sustainability and value is driving the demand for second-hand goods, with nearly 90% of users expressing willingness to purchase second-hand devices [7][6] - The circular economy is gaining traction globally, with China positioned to potentially create the world's first multi-category second-hand consumption giant due to its unique trust dynamics [16][20] Consumer Behavior - The shift in consumer behavior towards valuing sustainability and cost-effectiveness is reshaping the market, with a notable increase in high-spending female users on the 转转 platform [8][6] - The rise of the circular economy reflects a broader change in consumption patterns, moving from excess to a more sustainable approach [5][4] - The trust crisis in consumer goods is prompting a demand for reliable platforms, positioning 转转 as a key player in addressing these concerns [17][20]

Company Overview - Jiangxi Ganfeng Lithium Co., Ltd. is the first A+H listed company in China's lithium industry, with A-share code 002460 and H-share code 01772. The company has developed industrial technologies for lithium extraction from brine, ore, and recycling, forming five major business segments: lithium resource development, lithium salt deep processing, lithium metal smelting, lithium battery manufacturing, and lithium battery recycling. It produces over 40 types of lithium compounds and lithium metal products, making it one of the most comprehensive manufacturers in the lithium product supply chain [1]. Green Transition Initiatives - In response to the critical background of green transformation, the company is enhancing its research and manufacturing capabilities for power battery technology, expanding advanced production capacity for high-nickel ternary and solid-state batteries in phases to meet electric vehicle market demand. The company is also accelerating the iteration of household energy storage products and strengthening commercial energy storage solutions, including the development and promotion of integrated solar-storage applications [2]. - The company is advancing battery recycling capacity construction and improving its vertical integration capabilities in the "retired battery-black powder lithium-recycled materials" process. Through technological innovation, it aims to enhance lithium recycling rates and actively align with domestic and international policies to build a policy-driven recycled lithium salt supply system, specifically enhancing the production capacity and technical standards for recycled materials [2]. Sustainable Projects - The company has launched green solutions, first applied to its own projects. For instance, in the Mariana project in Argentina, a photovoltaic power station with an installed capacity of 120 MW was built, equipped with a 288 MWh energy storage system using self-developed batteries, ensuring the project operates entirely on renewable energy with stable power supply for 24 hours. Additionally, the domestic transportation segment has been fully electrified, with external transport widely using electric vehicles, resulting in a reduction of approximately 1,265.85 tons of CO2 emissions at the Ma Hong ten-thousand-ton lithium salt factory through oil-to-electricity conversion [2]. - Internal transportation utilizes electric forklifts and loaders, with each electric forklift reducing emissions by approximately 53.39 tons annually and each electric loader by about 220.53 tons. All power batteries used are sourced from the company's own production, creating a "green closed-loop" value chain from raw materials to products [2]. Future Development Plans - In 2024, the lithium chemical segment plans to research brine extraction technology to replace traditional salt flat evaporation, significantly reducing the area required for salt flats and freshwater usage, while improving lithium recovery rates and saving costs. The lithium battery segment focuses on solid-state batteries and mobile energy storage, developing power batteries for various applications and entering the commercial energy storage market [3]. - The company is establishing a comprehensive value chain system that includes production technology optimization, waste raw material recycling, capacity construction, and industrial cluster development in the lithium circular economy. Through industry-academia-research cooperation, it is advancing "circular economy projects" to expand resource reserves and enhance utilization efficiency. These initiatives aim to reduce carbon footprints while solidifying market competitiveness and expanding shares in emerging markets, achieving a win-win in economic and environmental benefits [3].

Group 1 - The core viewpoint emphasizes the strategic importance of new materials in driving the green transformation of traditional industries and fostering new productive forces, with Lanzhou Lanshi Zhongke Nano Technology Co., Ltd. emerging as a notable player in this field [1] - The company has achieved a breakthrough in the continuous and large-scale preparation of nano materials at normal temperature and pressure, overcoming the limitations of traditional batch production methods in terms of efficiency, cost, and environmental impact [2] - Lanzhou Lanshi Zhongke has established multiple production lines, including an annual output of 4,000 tons of nano magnesium hydroxide, 4,000 tons of magnesium-aluminum hydrotalcite, 5,000 tons of nano zinc oxide, and 1,500 tons of nano lithium iron phosphate precursor materials, achieving industry-leading standards in particle size control, dispersion, and batch stability [2] Group 2 - The company aligns with national strategies and aims to list on the Sci-Tech Innovation Board, which has become a preferred platform for hard-tech enterprises, supported by recent policies that enhance inclusivity for technology companies [3] - Lanzhou Lanshi Zhongke plans to submit its IPO application by the end of 2027, leveraging capital market opportunities to accelerate technological iteration and expand production capacity [3] - The company occupies a unique position in the resource recycling and new materials intersection, providing irreplaceable value in promoting low-carbon transformation in traditional industries, with no direct competitors in the A-share market [4] Group 3 - The national focus on green technology and new materials under the "dual carbon" goals has led to increased support for companies like Lanzhou Lanshi Zhongke, which reduces production energy consumption and costs while aiding downstream enterprises in resource recycling [5] - Guotai Junan Securities is set to provide comprehensive capital services for the company’s upcoming issuance, ensuring strong support for its market entry [5] - The growth trajectory of Lanzhou Lanshi Zhongke reflects the transformation and upgrading of Chinese SMEs through technological innovation, positioning it as a benchmark enterprise in the new materials sector [8]

企业介绍 蔚来公司于2014年11月成立，致力于提供高性能的智能电动汽车与极致用户体验，是全球首家在美国、 中国香港、新加坡三地上市的汽车企业，建立了由12个领域的技术栈构成的"蔚来技术全栈"。蔚来公司 是一家全球化的智能电动汽车公司，在上海、合肥、北京、圣何塞、慕尼黑、牛津、布达佩斯、新加 坡、阿布扎比等10余地设立了研发与生产机构，并在中国、欧洲、中东、大高加索等地的10个国家和地 区建立销售和服务体系，覆盖全球超350个城市的用户。公司旗下现有NIO蔚来、ONVO乐道、firefly萤 火虫三大品牌，其中，蔚来品牌有九款高端智能电动车型在售，乐道品牌有两款车型在售，firefly萤火 虫品牌有一款智能电动高端小车在售。截至目前，蔚来公司已累计交付新车80多万台。 文/华夏ESG观察联盟 为实现"车到车" 闭环回收全流程，蔚来Circular Car Lab在2024年自主设计开发了线上追溯系统，并交付 循环各级合作伙伴使用，全流程追溯2024年度报废车、废料、成品、零件情况，以保证"车到车" 回收 数据的追溯性、真实性、完整性。 2024年，依托Circular Car Lab，蔚来已完成"车到车" 级 ...

Core Insights - The article highlights the significant progress made in China's green transformation and the achievement of its "dual carbon" goals over the past five years, emphasizing the importance of renewable energy and energy efficiency in this process [1][2][3] Energy Transition - As of June 2023, China's renewable energy installed capacity exceeded 2.159 billion kilowatts, accounting for approximately 59.2% of total installed power generation capacity [1] - The proportion of non-fossil energy consumption increased from 15.9% in 2020 to an expected 19.8% by 2024, while coal consumption is projected to decrease from 56.8% in 2020 to 53.2% by 2024 [1] - Wind and solar power installed capacity reached 1.68 billion kilowatts, more than three times the capacity in 2020, achieving international commitments six years ahead of schedule [1] Industrial Decarbonization - The process of industrial decarbonization is accelerating, with over 150 million tons of outdated steel production capacity eliminated by 2024 [2] - By the end of 2024, 6,430 national-level green factories are expected to be cultivated, contributing to approximately 20% of the total output value of the manufacturing industry [2] - The "new economy" sectors, including new industries, new business formats, and new models, accounted for over 18% of GDP [2] Environmental Improvement - China's forest coverage is projected to exceed 25% by 2024, with a forest stock volume surpassing 20 billion cubic meters [3] - The annual carbon sink from forests and grasslands is expected to exceed 1.2 billion tons of CO2 equivalent, ranking first globally [3] - Over 90% of urban residential communities have implemented waste sorting, and more than 60% of consumers are opting for new energy vehicles [3] Global Climate Leadership - China has made significant contributions to global climate governance, actively participating in the Paris Agreement and providing 60% of global wind power equipment and 70% of solar photovoltaic components [3] - Since 2016, China has mobilized over 177 billion yuan in project funding to support developing countries in addressing climate change [3] Future Directions - The National Development and Reform Commission will continue to coordinate efforts towards achieving carbon peak and carbon neutrality goals, promoting a comprehensive green transformation of economic and social development [4]

Core Viewpoint - Greeenme (002340) has submitted an application for listing on the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Jianye International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greeenme is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - Greeenme recycles critical metal resources including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, ranking first in China for the recovery of nickel, cobalt, and tungsten based on 2024 recovery volume [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has built the world's largest high-pressure autoclave for red mud nickel ore, producing MHP of industry-leading quality [4]. - Greeenme has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally based on 2024 MHP equity output [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greeenme procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing some batteries for secondary use while others are processed to produce metal intermediates for battery manufacturing [5]. - The company has partnerships with over 1,000 automotive and battery manufacturers globally and has established six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist. It ranks first in the domestic market for third-party retired lithium-ion battery recycling based on 2024 recovery volume [5]. Group 4: New Energy Materials - Greeenme supplies products such as ternary precursors and cathode materials for lithium-ion batteries, and cobalt oxide for 3C batteries, having established stable long-term relationships with nine of the top ten lithium-ion battery companies globally [6]. - Based on 2024 shipment volume, Greeenme ranks second globally in the supply of ternary precursors and cobalt oxide, and has the capability to achieve self-sufficiency in key raw materials needed for new energy materials production [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, Greeenme reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively [6][7]. - The company's profits for the same periods were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].

Core Viewpoint - The company, Zhuanzhuan, has announced the gradual shutdown of its C2C marketplace, shifting focus to an "official verification" business model, which raises questions about its competitive strategy and future growth potential in the second-hand market [2][6][10]. Market Context - The Chinese second-hand market is projected to exceed 3 trillion yuan, indicating a vast potential for growth [6]. - Zhuanzhuan has historically operated under the shadow of larger competitors like Xianyu and Aihuishou, lacking strong e-commerce backing [6][10]. Competitive Landscape - Zhuanzhuan's reliance on advertising to maintain its C2C presence has proven costly and ineffective compared to the community-driven approach of Xianyu, which benefits from Alibaba's ecosystem [6][9]. - Xianyu has over 600 million registered users, with a significant portion being active Gen Z users, highlighting its strong market position [9]. Business Model Challenges - The C2C segment has been financially burdensome for Zhuanzhuan, with CEO Huang Wei admitting to nearly 200 million yuan in subsidies to support this business line [7]. - Zhuanzhuan's previous attempts to pivot towards a C2B2C model included quality verification services, but recent controversies have undermined consumer trust [10][11]. Strategic Shifts - Zhuanzhuan has made several strategic pivots, including a recent acquisition of Hongbulin and a focus on the luxury second-hand market, which aims to address consumer demand for quality assurance [12][13]. - The launch of "Super Zhuanzhuan," a multi-category second-hand store, represents a significant shift towards offline retail, catering to consumer preferences for tangible product experiences [13]. Risks and Future Outlook - The decision to exit the C2C market may lead to user attrition as consumers migrate to platforms that still support peer-to-peer transactions [14]. - Zhuanzhuan's approach contrasts with competitors like Xianyu and Dewu, which continue to embrace C2C models, suggesting potential long-term implications for Zhuanzhuan's market relevance [14][15].

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - Since its establishment in 2001, the company has developed a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - The company recycles critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, leveraging its technological advantages [4]. - According to Frost & Sullivan, by 2024, Greenmei ranks first in China for the recycling volume of nickel, cobalt, and tungsten [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has created the world's largest high-pressure autoclave for nickel laterite ore, producing MHP of industry-leading quality [4]. - Greenmei has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally in terms of MHP equity output by 2024 [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing a tiered reuse approach for some batteries [5]. - The company has established partnerships with over 1,000 automotive companies and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist [5]. - By 2024, Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling [5]. Group 4: New Energy Materials - Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries, leveraging its advanced manufacturing technology and stable relationships with leading companies in the new energy materials sector [6]. - By 2024, Greenmei ranks second globally in terms of supply volume for ternary precursors and cobalt oxide [6]. - The company has the capability to achieve self-sufficiency in some key raw materials required for new energy materials production, thanks to its integrated capabilities in MHP production, critical metal resource recycling, and lithium-ion battery recycling [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of CNY 29.39 billion, CNY 30.53 billion, CNY 33.20 billion, and CNY 17.56 billion respectively [6][7]. - The corresponding profits for the same periods were approximately CNY 1.33 billion, CNY 1.16 billion, CNY 1.33 billion, and CNY 842.77 million [6][7].

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry. The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. - The company has established itself as a pioneer in the recovery of critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum. According to Frost & Sullivan, Greenmei ranks first in China for the recovery of nickel, cobalt, and tungsten resources based on projected recovery volumes for 2024 [4]. Group 2: Business Segments - In the lithium-ion battery and end-of-life vehicle recycling sector, Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from scrapped electric vehicles (EVs). The company has established partnerships with over 1,000 automotive and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all of which are included in the Ministry of Industry and Information Technology's whitelist. Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling based on projected recovery volumes for 2024 [5]. - In the new energy materials sector, Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries. The company has established long-term stable partnerships with nine of the top ten lithium-ion battery manufacturers globally. Based on projected shipment volumes for 2024, Greenmei ranks second in the global supply of ternary precursors and cobalt oxide [6]. Group 3: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively. The corresponding profits were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].