Core Insights - The construction waste disposal platform "Xianyu Tai" has undergone a significant digital transformation with the launch of its 2.0 version, focusing on transaction security, resource aggregation, and user experience [1][4] - The platform aims to create a one-stop service hub for material recycling in the construction industry, enhancing the efficiency of resource utilization [4] Group 1: Platform Features - The upgraded platform introduces over 10 core functions, including real-time order status notifications and a "bidding assistance" module to facilitate user engagement [3] - A dedicated channel for institutional entry has been opened, targeting construction units, material suppliers, and recycling companies to diversify supply channels [3][4] - The platform has launched dual information channels for real-time updates on order progress and quality disposal service providers, enhancing user experience [3] Group 2: Market Potential and Goals - China generates over 2 billion tons of construction waste annually, with a resource utilization rate below 30%, indicating significant potential for resource recycling [4] - The platform aims to become the "circular economy brain" of the construction sector, improving resource allocation efficiency through digital means [4] - Future plans include the integration of blockchain technology for tracking carbon footprints and providing credible evidence for key materials, supporting the industry's carbon neutrality goals [4]

Core Viewpoint - The implementation of the EU Carbon Border Adjustment Mechanism (CBAM) on January 1, 2026, signifies a new era in global trade focused on low-carbon thresholds, driving demand for circular economy industries and presenting growth opportunities for companies like Dadi Ocean [1] Group 1: Industry Trends - The EU carbon price has surged to €90 per ton, compelling export companies to accelerate their low-carbon transformation and increasing the demand for circular economy solutions [1] - The CBAM will cover 180 downstream products, including steel, aluminum, cement, and electricity, requiring importers to bear the carbon costs associated with these goods, thus significantly boosting the demand for recycled materials [1] Group 2: Company Strategy - Dadi Ocean has developed a one-stop waste disposal service system that aligns with the core aspects of the circular economy, utilizing an internet recycling network and professional dismantling capabilities to create a closed-loop waste management process [2] - The company has established a carbon account for household waste recycling, allowing for the calculation of carbon reduction from waste recovery and providing traceable carbon footprint data to downstream enterprises, making it a key partner for exporters facing carbon tariffs [2] Group 3: Mergers and Acquisitions - The strategic acquisition of Zhejiang Huguo Waste Management Co., completed on August 15, 2025, has enhanced Dadi Ocean's industry chain advantages by expanding its operations into the broader market of household waste recycling [2] - Huguo's innovative model of direct collection and smart regulation has improved recycling efficiency and enabled full traceability of waste from source to end [2] Group 4: Synergies and Future Outlook - Post-acquisition, the collaboration between Dadi Ocean and Huguo is yielding synergies, with Huguo's network of nearly 2,500 communities providing a stable raw material supply, enhancing scale effects and optimizing cost structures [3] - The integration of technology and data management has allowed Dadi Ocean to establish a comprehensive traceable carbon footprint data system, meeting the verification needs of downstream companies regarding carbon tariffs [3] - With the acceleration of national "waste-free city" initiatives and the dual impact of EU carbon tariffs, the circular economy sector is experiencing a policy-driven growth phase, positioning Dadi Ocean to benefit from the rising demand for recycled materials [3]

[Table_ReportType] 行业点评报告 [Table_ReportDate] 2026 年 1 月 5 日 郭雪 环保公用行业联席首席分析师 [T事ab件le：_1Su月mm4ar日y]，国务院印发《固体废物综合治理行动计划》（以下简称《行 动计划》），旨在加强固体废物综合治理，推进美丽中国建设，加快经济社会 发展全面绿色转型。《行动计划》明确了到 2030 年的主要目标，并部署了 推动源头管控和减量、规范收集转运和贮存、提升资源化利用水平、增加无 害化治理能力、实施重点领域专项整治等方面主要任务。 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 行业研究 [Table_Title] 加强固体废物综合治理，提高资源节约集约利 用水平 点评： [Table_Author] [Table_Auth ...

针对历史遗留问题，《行动计划》部署了专项整治行动。要求摸清全国大宗工业固废堆存场所底数，实施"一 场（矿）一策"隐患排查，计划到2030年完成60%以上的历史遗留堆存场所治理。同时，深入推进磷石膏综合治 理，要求云南、湖北、贵州、四川、安徽、重庆等地区在2027年前完成存量磷石膏库整治。 此外，《行动计划》还强调要强化科技创新支撑，加强固废循环利用及重金属污染治理关键技术研发，为治理 工作提供强有力的技术保障。 针对国务院此次发布的重磅文件，行业分析人士指出："这不仅是'无废城市'建设的深化，更是循环经济产业爆 发的新起点。《行动计划》的发布意味着固体废物治理从过去的'末端处置'转向了'全过程管理'，特别是强调了 资源化利用的优先地位。设定45亿吨的大宗固废综合利用量和5.1亿吨的再生资源循环利用量，这两个具体指标 背后是万亿级的潜在市场空间。" 【环球网财经综合报道】据中国政府网消息，国务院日前正式印发《固体废物综合治理行动计划》（以下简称 《行动计划》）。作为我国首个系统部署固体废物综合治理的政策文件，该计划是为构建"源头减量、过程管 控、末端利用"的全链条治理体系，标志着我国固体废物治理正式迈入系统治理 ...

Core Viewpoint - The company is committed to leveraging innovation and sustainable development in the fine chemical materials sector, focusing on lithium-ion battery materials, daily chemical materials, and specialty chemicals as core businesses [1][2]. Group 1: Strategic Goals - The company aims to achieve its "integrated + global" strategic objectives while adhering to the principles of "green chemistry, circular economy, and intelligent manufacturing" for high-quality sustainable development [1]. - By 2025, the company plans to achieve significant milestones in global supply chain layout through continuous R&D breakthroughs, reinforcing its foundational role in the national economy [1]. Group 2: Innovation and R&D - The company believes that the next five years will mark a new growth cycle for the lithium battery and energy storage industry, with high-level technological innovation being the core driver for seizing industry opportunities [2]. - The company will maintain high levels of R&D investment and deepen its integrated innovation model across "fields, products, and technologies" to accelerate the industrialization of cutting-edge technological achievements [2]. Group 3: Global Expansion - The company intends to expand its market share in key regions such as North America, Europe, and Southeast Asia, while establishing overseas R&D and production bases to achieve synergy between capacity deployment and localized services [2]. - The company aims to enhance its international competitiveness by integrating global high-quality innovation and industrial resources, thereby strengthening the global reputation of "Chinese materials" [2]. Group 4: Future Vision - The company is committed to deepening its core business, increasing technological innovation, and expanding its global industrial footprint while embracing the capital market [3]. - The company envisions empowering global industrial upgrades through material innovation and aims to create a new blueprint for high-quality development in the upcoming "14th Five-Year Plan" [3].

Core Viewpoint - The State Council has issued the "Solid Waste Comprehensive Management Action Plan," setting quantitative targets for solid waste utilization and emphasizing the responsibility of producers in recycling systems [1][2]. Group 1: Quantitative Targets and Goals - The Action Plan aims for a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycled resources by 2030 [1]. - China generates over 3 billion tons of industrial solid waste and over 2 billion tons of construction waste annually, with electronic waste and retired batteries reaching a peak [1]. Group 2: Producer Responsibility and Recycling - The plan mandates a shift for companies in the electronics, automotive, and battery sectors from merely selling products to managing their recycling [2]. - The expected cumulative retirement of power batteries in China will exceed 3 million tons by 2030, highlighting the need for standardized recycling to prevent resource waste and safety risks [2]. - Leading companies like BYD and CATL are establishing battery recycling networks, with BYD creating a closed-loop system for battery production and recycling [2]. Group 3: Circular Economy and Carbon Strategy - The Action Plan integrates circular economy principles with the "dual carbon" strategy, promoting product carbon footprint certification and encouraging the use of recycled materials [3]. - It aims to enhance national resource security through the resource utilization of solid waste and the establishment of urban mining demonstration bases [3]. - The plan also emphasizes the importance of domestic supply chains for secondary resources while managing the import of quality recycled resources [3].

Government Initiatives - The State Council is accelerating the introduction of comprehensive management measures for the recycling of new energy vehicle power batteries, as part of the Solid Waste Comprehensive Management Action Plan [2] - Ten departments, including the State Administration for Market Regulation, have released the "Green Product Certification and Labeling Management Measures," defining green products based on their resource, energy, environmental, and quality attributes [2] Transportation and Data Integration - The Ministry of Transport is promoting the integration of transportation data with resources from public security, energy, tourism, satellite remote sensing, and other sectors to enhance public services and support traditional industry transformation [3] Technological Advancements - Beijing has published an updated directory of green low-carbon advanced technologies, which includes 168 technologies aimed at promoting their application [4] - Shanghai aims to cultivate and attract ten leading enterprises in eVTOL, industrial-grade drones, and new energy aviation by 2028, targeting a core industry scale of approximately 80 billion yuan [4] Energy Sector Developments - China's largest oil and gas field, Changqing Oilfield, has maintained a natural gas production of over 50 billion cubic meters for four consecutive years, with an expected annual output of 51.42 billion cubic meters in 2025 [7]

Core Viewpoint - The DaaS (Device as a Service) model is becoming mainstream in China, driven by cost reduction, efficiency improvement, and digital transformation, with significant growth potential in the market [1][2]. Market Penetration - As the leading DaaS provider in China, the company has established a comprehensive service system covering the entire lifecycle of IT devices, with a projected subscription volume of 6.176 million units by 2024 [2]. - The DaaS market in China is expected to grow rapidly, reaching a market size of 138.2 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 32% from 2021 to 2026 [2]. - The market penetration rate of DaaS in China is anticipated to increase from around 5% to 10% over the next five years, indicating a significant shift in consumer awareness and preferences towards DaaS services [2]. Demand Drivers - The continuous expansion of enterprises contributes to the fundamental demand for DaaS, supported by a stable regulatory environment following the implementation of the Private Economy Promotion Law in 2025 [3]. - Companies increasingly seek to reduce costs and adopt asset-light strategies, with DaaS enabling a shift from capital expenditure to controllable operational expenses [3]. - The DaaS model can reduce initial investment by 97.4% and lower operational costs by 10% to 30% within three years [3]. Business Fundamentals - The company has been in the DaaS industry for over 20 years, evolving from second-hand computer wholesale to becoming the largest enterprise-level DaaS provider in China [4]. - Revenue growth from 1.33 billion yuan in 2021 to 2.372 billion yuan in 2024 reflects a compound annual growth rate exceeding 20%, maintaining the top position in the industry [4]. - Key components of the company's business model include a closed-loop DaaS ecosystem, a robust recycling and refurbishment supply chain, and a leading intelligent risk control system [4]. Strategic Collaborations - Collaborations with strategic partners like JD.com and Tencent enhance customer acquisition and operational efficiency, contributing to a customer repurchase rate of over 90% [5]. - The company emphasizes quality growth over aggressive expansion, maintaining a balance around the breakeven point while investing in capital to acquire more devices [5]. Digital Transformation and Innovation - The company has been undergoing digital transformation since 2018, achieving seamless information flow across its operations and leveraging AI technology to enhance operational efficiency and customer service [6]. - The introduction of a smart "total warehouse + front warehouse" model in 2021 has improved product delivery and service responsiveness nationwide [6]. Environmental Contribution - The DaaS model inherently supports sustainability, with the company contributing a net carbon reduction of over 83,700 tons in 2024 through device recycling and refurbishment [7]. - Extending the lifespan of IT devices through remanufacturing significantly reduces the demand for new production, which is crucial for minimizing carbon emissions during the production phase [7]. - The company plans to continue investing in green technology and expanding DaaS services to create both commercial and social value, aligning ESG principles with its development strategy [7].

在国家"双碳"目标的宏伟蓝图下，钢铁工业作为国民经济的重要支柱和碳排放的重点领域，其绿色低碳转型不仅是一道必答题，更是一场关乎未来生 存与发展的深刻革命。 在这场波澜壮阔的变革中，青岛特殊钢铁有限公司（以下简称青岛特钢）作为中信泰富特钢集团实施沿海战略的核心基地与山东省先进钢铁制造业领 军企业，以敢为人先的魄力与智慧，交出了一份以全链革新驱动极致能效、以绿色产品赋能新质生产力的"深绿答卷"，为中国钢铁工业的高质量发展 树立了崭新标杆。 系统谋局，精准施策：找到能效提升"最优解" 青岛特钢深刻认识到能效提升是企业实现绿色低碳发展的生命线，是一场需要系统规划、精准投入的全局性战役。当中国钢铁工业协会发起"能效标杆 三年行动"时，青岛特钢迅速响应，将之视为跨越式发展的战略机遇，率先启动了顶层设计。 青岛特钢通过引入外部顶尖专业团队，开展覆盖全流程、全环节的深度能效审计，从"管理、技术、结构"三大维度进行系统性诊断，最终梳理形成107 项详尽的提升措施。其中，既包括47项无需大量固定资产投资的管理优化措施，如优化操作规范、精细化管理流程；也涵盖了60项需要真金白银投入 的固定资产投资项目，如关键设备的节能改造、余热余 ...

Core Viewpoint - The Xinjiang Production and Construction Corps aims to build a modern coal chemical industry system and promote green chemical industries during the 14th Five-Year Plan period, focusing on resource conservation, environmental friendliness, and inherent safety [1] Group 1: Industry Growth and Performance - The green chemical industry, one of the seven leading industries of the Corps, saw a value-added growth of 21.7% year-on-year in the first three quarters of 2025, achieving double-digit growth for seven consecutive months [1] - The industrial value added of the 13th Division's Xinxing City increased by 16.6% year-on-year, ranking second among all divisions, with the coal chemical industry value added growing by 25.6%, becoming the main engine for industrial growth [1] Group 2: Technological Advancements - The Xinjiang Zhongneng Green Source Chemical Co., Ltd. project, with a total investment of 8.7 billion yuan, has begun trial production, utilizing advanced gasification technology to achieve a carbon conversion rate of 99% and effectively utilize coal resources [2] - The project employs fourth-generation aerospace pulverized coal pressurized gasification technology, enhancing gasification pressure by 2.0 MPa compared to traditional methods, leading to more complete combustion and conversion of coal [2] Group 3: Circular Economy and Resource Utilization - The 13th Division's Naomao Lake Economic and Technological Development Zone is focusing on multi-technology innovation and industrial chain collaboration to enhance resource utilization from "efficient conversion" to "value-added recycling" [3] - The Xinjiang Longjiang New Energy Co., Ltd. project aims to address the challenges of efficient conversion of low-grade coal through graded and quality-based utilization technology, contributing to the "coal-oil-gas-chemical" circular chain [3] Group 4: Policy and Financial Support - The 13th Division is establishing a 30 million yuan industry development support fund and implementing tax incentives to drive the transformation towards modern green chemical industries [4] - The combined contribution rate of the Xinxing Economic and Technological Development Zone and Naomao Lake Economic and Technological Development Zone to the industrial value added growth of the 13th Division exceeded 90% in the first three quarters of 2025, indicating a strong collaborative effort [4] Group 5: Future Development Plans - Future plans include focusing on green hydrogen coupling with coal chemical projects and carbon capture utilization, aiming for an industrial output value exceeding 100 billion yuan by the end of the 15th Five-Year Plan [5] - The two major economic and technological development zones of the 13th Division are leading the green transformation of the coal chemical industry, steadily advancing towards the goal of a 100 billion yuan industrial cluster [5]