市场早盘 窄幅震荡，三大指数涨跌不一。沪深两市半日成交额6524亿，较上个交易日放量419亿。盘面 上热点快速轮动，个股跌多涨少，全市场超3400只个下跌。从板块来看， 核电股再度走强， 长城电工 等涨停。无人环卫车概念股集体大涨， 劲旅环境等多股涨停。 饮料制造概念股维持强势， 会稽山等涨 停。下跌方面， 宠物经济概念股展开调整， 天元宠物跌近10%。板块方面， 可控核聚变、饮料制造、 垃圾分类、 深海科技等板块涨幅居前， 电商、宠物经济、 CRO、 影视等板块跌幅居前。截至收盘， 沪指涨0.07%， 深成指跌0.04%， 创业板指涨0.02%。 ...

《苏州市生活垃圾分类管理条例》即将迎来实施五周年，昨天（5月26日），市人大常委会开展专 项执法检查，检验实施成效，查找问题不足。市人大常委会主任李亚平参加。 李亚平对近五年来市政府和相关部门认真贯彻实施《条例》，全面推进生活垃圾分类工作所取得的 成效给予肯定，并指出问题和不足。他强调，要认真学习领会习近平总书记重要指示批示精神，深刻认 识垃圾分类工作的重大现实意义和深远历史意义，坚决落实好市委部署要求和《条例》各项规定，以久 久为功的决心和定力，坚决打好生活垃圾分类"持久战"。要压紧压实责任，加强监督执法，发挥物业服 务企业作用，提升公共场所分类实效，大力推进源头减量，更好推进生活垃圾分类工作。要聚焦常态长 效，持续开展宣传引导，探索建立处理收费制度，强化回收体系建设，不断提升分类质效。要加强组织 领导，凝聚工作合力，助力生活垃圾分类工作走深走远，共同建设文明美丽苏州。 副市长施嘉泓参加。 执法检查组分为三组，分别赴姑苏区三元二村、白洋湾可回收物分拣中心，苏州高新区仁恒棠悦 湾；苏州工业园区青剑湖花园、万家邻里虹桥菜市场、唯亭生活垃圾转运站，相城区香城花园；吴中区 玫瑰天街、七子山餐厨垃圾处理厂，吴江区江陵 ...

Group 1 - The third National Urban Household Waste Classification Promotion Week has commenced, running until May 28, with the theme "Classification Participation, Low-Carbon New Fashion" [1] - Hangzhou is focusing on five key areas: promoting source reduction, emphasizing recycling, enhancing community outreach, deepening campus education, and increasing facility accessibility [1] - Various activities are being conducted, including thematic presentations, knowledge dissemination, and interactive games, to create a strong awareness of waste classification and promote a civilized, healthy, low-carbon lifestyle [1] Group 2 - The Hangzhou Municipal Comprehensive Administrative Law Enforcement Bureau is promoting waste classification through both online and offline channels, aiming to create a strong social atmosphere for public participation [2] - The initiative is part of a broader effort to embed the waste classification concept deeply within the community across the city [2]

此次"垃圾分类·净山行动"是闲林街道创新垃圾分类管理的一个生动实践。今年以来，闲林街道聚 焦垃圾分类"数字化+精细化"管理，为辖区居民按"户"建立垃圾分类积分档案，推动"一户一码"精准管 理全面覆盖，并通过刷卡积分兑换等方式全面提升数字化分类收集投放刷卡率，为生活垃圾的长效管理 奠定了坚实基础。同时，闲林街道在多个小区启动试点，通过建立物业、社区、街道部门"三级联动"巡 检机制，实现对生活垃圾数字投放收集点的全方位、常态化巡检。 下一步，闲林街道将以本次"垃圾分类·净山行动"为契机，进一步深化垃圾分类宣传教育，拓展环 保活动形式与覆盖范围，吸引更多居民加入环保行动。同时，依据居民反馈与实际成效持续调整管理策 略，提升垃圾分类工作质效，让绿色环保理念在闲林街道落地生根，共同绘就生态文明建设的美丽画 卷。 近日，余杭区闲林街道翡翠社区联合虎哥回收，在闲林水库周边山林举办了"垃圾分类·净山行 动"。此次活动通过"教育+实践"的双轨并行模式，不仅有效清理了山林垃圾，更将环保理念深植于参与 者心中，为生态文明建设注入新活力。 现场设置的"环保能量站"成为活动亮点之一。虎哥回收的环保专家利用废弃矿泉水瓶等物品制作互 动教 ...

Group 1 - The core message emphasizes the success of Shanghai's waste classification efforts, highlighting significant increases in the daily average of recyclable and organic waste while reducing dry waste [1][6] - Shanghai's waste classification has become a new trend, with a survey indicating that 96% of citizens rated the initiative positively [1] - The city has implemented various technological solutions, such as smart waste bins, to enhance the waste disposal experience and encourage participation [3][4] Group 2 - The introduction of a "holiday waste disposal model" has shown positive results, with extended hours leading to a decrease in litter around disposal points [5] - Transparency in waste disposal processes has increased public trust, with the establishment of multiple waste treatment facilities to handle the city's waste effectively [6] - The city is actively promoting the value of waste classification as part of a broader circular economy initiative, aiming to reduce carbon emissions through resource recycling [7][8]

转自：北京日报客户端 记者从5月16日举行的"添彩城市文明 分享绿色生活——北京市生活垃圾分类五周年主题宣传活动"了解 到，全市近1.3万个居住小区已全面实施生活垃圾分类，居民垃圾分类参与率提高25.3%，垃圾资源化处 理能力显著提升，彻底扭转了以往"超负荷""紧平衡"运行态势。此外，全市组建的363支垃圾分类专业 志愿服务队伍已在全市16区及经开区全面铺开。 在活动现场，面向社会征集的北京市垃圾分类志愿服务总队logo也正式亮相。Logo整体呈散射状，四个 条形色块从色彩上分别以"绿色、灰色、蓝色、红色"代表"厨余垃圾、其他垃圾、可回收物以及有害垃 圾"，从形态上，代表四个水滴汇聚到一起。中心是图形化的志愿者人物形象，形态生动，辨识度高。 蓝绿色渐变象征自然、成长与可持续性，寓意垃圾分类新时尚，低碳环保，深入人心，充分诠释了志愿 服务的温暖内核与团队精神。 活动现场为北京市垃圾分类志愿服务队授旗 本次活动由市城市管理委、市委网信办、首都精神文明办、市委社会工作部、团市委联合举办。 记者从市城市管理委了解到，截至目前，全市近1.3万个居住小区、3000余个行政村、11.7万个垃圾分类 管理责任人和广大群众全面 ...

记者 陈玺撼 2024年，在全体市民的共同努力下，上海生活垃圾分类实效总体保持良好态势，小区（村）、单位 分类达标率稳定在95%以上。一种呼声随之响起：垃圾分类后，能否让扔垃圾变得方便些？ 日前上海绿化市容部门回应，倡议全市试行"节假日投放模式"，各小区根据自身实际情况尽可能延 长投放点位开放时间，具备条件的，24小时开放，或从早上开放到晚间。效果如何？ 不再"制造不方便" 好消息是，上海正在全力推进垃圾分类投放点的专项更新，智能化改造恰好是专项更新的主要方 向。仅徐汇区就在2024年推进了993个投放点的微更新，配置固定洗手池，以及通风除臭、遮阳防雨、 照明等功能装置；推进了269个垃圾箱房的专项更新，配建非接触式投放口、智能监测设备，实现了垃 圾桶满溢、垃圾落地实时预警。今年，该区计划再完成524个垃圾箱房的专项更新。黄丽娟告诉记者， 刚接到绿化市容部门的通知，徐虹路南丹路路口的垃圾箱房可以列入专项更新计划，相关更新资金可向 市、区两级绿化市容部门申请。 避免另一种"一刀切" "五一"假期，徐虹路南丹路路口垃圾箱房的开放时间，从每天7时至9时、18时至20时30分，改为24 小时开放。汇站居民区党总支书记 ...

Group 1 - The first "Classification New Fashion" themed restaurant in Hangzhou has officially opened, marking a new phase in the integration of waste sorting into the dining industry [2] - The restaurant features a 3-meter tall giant cup sleeve art installation and introduces an innovative public welfare project that creates surprise blind boxes from edible near-expiry ingredients, reducing food waste while enhancing consumer engagement [2] - The project will initially be piloted in five dining establishments in the Cuiyuan Street area, with an online service platform expected to launch in June via a WeChat mini-program [2] Group 2 - The restaurant serves as a model for public-private partnerships, aiming to reshape the environmental experience by integrating waste sorting knowledge into customer interactions [3] - The event included a "Everything Can Be Recycled" themed market with various interactive areas, such as smart recycling devices and fun waste sorting games, encouraging citizens to participate in resource recycling initiatives [2] - The Hangzhou Municipal Administration of Comprehensive Law Enforcement emphasizes the importance of the restaurant industry in promoting standardized and refined waste sorting practices to achieve the city's waste reduction and resource utilization goals [3]

在牛奶盒回收环节，居民们纷纷拿出家中积攒的牛奶盒，有序排队投放至专门设置的回收箱内。不少家长带着孩子一同参与，身体力行地为孩子树立环保 榜样，小朋友们也格外积极，用实际行动践行环保理念，最后，根据每个人积攒的牛奶盒数量可以兑换到新的牛奶。据统计，活动当天共回收牛奶盒200 余个，数量颇为可观。 近日，一场垃圾分类牛奶盒回收活动在苏州市姑苏区沧浪街道桂花社区教育中心内热烈开展，吸引了众多居民与环保爱好者踊跃参与，为推动社区环保事 业注入新活力，旨在提升公众对垃圾分类的认知，强化牛奶盒等可回收物的有效回收利用。 除了回收与知识普及，活动还设有牛奶盒创意手工展示区。各类由回收牛奶盒制作而成的精美手工艺品琳琅满目，有造型别致的小书架、实用的收纳盒， 还有栩栩如生的动物摆件，让大家直观感受到废弃物"变废为宝"的神奇过程，激发了大家对环保创意的无限遐想。 活动现场，垃圾分类志愿者通过生动有趣的讲解，向参与者普及垃圾分类知识，尤其详细介绍了牛奶盒回收的重要性。牛奶盒看似普通，实则由纸、塑料 和铝箔等多种材料复合而成，若能合理回收，这些材料可被循环利用，转化为纸张、塑料颗粒等新产品，大大节约资源与能源。为了让大家更好地理解， ...

Summary of Yongxing Co., Ltd. Conference Call Company Overview - Yongxing Co., Ltd. operates in the waste incineration industry, primarily based in Guangzhou, with over 20 years of operational experience. The company controls 14 incineration projects with a total capacity of 32,000 tons per day and 4 biomass treatment projects with a designed capacity of 2,600 tons per day. In January 2025, the company plans to increase its stake in a solid waste treatment project to 50% to strengthen its industry position [4][8]. Core Business Logic - The core logic for Yongxing's sustained value growth and cash flow enhancement lies in its significant resource advantages and ample capital expenditure. The company's capacity utilization rate is approximately 70% in 2023, indicating substantial growth potential. The company does not rely on government subsidies but aims to enhance its valuation through improved asset quality, profitability, and cash flow. In 2023, free cash flow turned positive, with a commitment to a dividend payout ratio of no less than 60% [3][4]. Financial Performance - From 2019 to 2023, Yongxing achieved a compound annual growth rate (CAGR) of 25% in revenue and 55% in net profit. Although recent growth has slowed due to all projects entering the operational phase, long-term growth potential remains strong. The company expects to recognize over 100 million yuan in subsidy income once the Guangzhou Phase II project enters the national subsidy directory, indicating potential underestimation of profitability [4][9]. Revenue and Profitability - In 2023, Yongxing's revenue per ton was 417 yuan, and gross profit per ton was 190 yuan, both leading the industry. The weighted average return on equity (ROE) reached 9.3%. High profitability is attributed to elevated waste treatment fees and electricity income, along with efficient evaporation technology and Guangdong's benchmark coal-fired electricity price [4][15][16]. Capacity Utilization and Future Projections - The company anticipates an increase in capacity utilization from 71% in 2023 to 92% by 2026, with projected net profits of approximately 770 million, 910 million, and 1 billion yuan for 2024-2026, respectively. The company is expected to enjoy a higher price-to-earnings (PE) valuation due to its asset superiority [4][26]. Market Opportunities - Yongxing is actively engaging in the treatment of municipal and industrial waste, leveraging the substantial stock of municipal waste in Guangzhou (approximately 70 million tons) to fill capacity gaps. The company is also exploring partnerships with high-quality clients, such as data centers, to expand its energy supply and heating services [5][7][21]. Challenges and Risks - The company faces challenges such as depreciation pressure and potential impacts from changes in accounting policies. However, opportunities exist in expanding waste resources and enhancing heating services, which are expected to drive continued growth [10][11]. Cash Flow and Dividend Policy - Yongxing's cash flow structure is robust, with a healthy balance between waste treatment fees (36%), benchmark electricity prices (51%), and provincial subsidies (7%). The company has a low reliance on national subsidies compared to industry averages, enhancing cash flow security. The dividend payout ratio for 2023 was 64%, with a dividend yield exceeding 3% [12][19]. Geographic Advantages - Guangzhou's status as a population inflow area provides a stable and growing source of waste for Yongxing. The city's waste generation is projected to grow at a compound annual growth rate of approximately 7% from 2025 to 2035, which will support increased capacity utilization [14][20]. Future Growth Directions - Yongxing plans to focus on expanding its waste processing capacity and improving heating services. The company is also exploring opportunities in solid waste management in various regions and has outlined plans for emergency landfill projects [21][22]. Valuation and Market Position - Yongxing's asset superiority allows it to command a premium in valuation. The company is expected to see its price-to-book (PB) ratio increase as capacity utilization and ROE improve. The current overall PE level is around 14 times, higher than the industry average of 12 times, with potential for further upward movement [26][27].