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Core Viewpoint - The electric desalination and dehydration equipment is a critical technology for oil extraction and refining processes, essential for deep dehydration and desalination of crude oil to meet transportation and refining standards [3][4][6]. Group 1: Product Overview - Electric desalination and dehydration equipment operates under high-voltage electric fields (10-35 kV) to separate water and salts from crude oil, reducing water content to below 0.5% for pipeline transport [3]. - The equipment is crucial in upstream oil fields, midstream gathering stations, offshore platforms, and downstream refining processes, ensuring quality control and energy efficiency [4][6]. Group 2: Industry Development Overview - The industry is characterized by a full lifecycle model involving equipment manufacturing, installation, maintenance, and service, with applications across upstream, midstream, and downstream sectors [6]. - The market is driven by new construction projects, upgrades of existing facilities, and long-term maintenance services, reflecting a combination of cyclical engineering demand and stable service revenue [6][7]. Group 3: Market Trends and Growth - The global market for electric desalination and dehydration equipment is projected to reach $3.594 billion by 2031, with a CAGR of 10.1% [10]. - The demand is shifting from new installations to upgrades of existing systems, particularly in regions like the Middle East and Asia-Pacific, driven by changes in crude oil composition and environmental regulations [7][8]. Group 4: Competitive Landscape - The market is dominated by major players such as SLB, Longjiang Energy, and CECO Environmental, with the top five companies holding approximately 63.36% of the market share [13]. - There is a noticeable trend towards domestic production in the mid-tier market, particularly in standard AC and AC+DC equipment, with Chinese suppliers increasing their market share from 20-25% to 30-35% [20][21]. Group 5: Service and Lifecycle Value - Service and spare parts revenue is expected to rise significantly, from 25-30% in 2020 to over 45% by 2031, as companies shift towards a model that emphasizes equipment, service, and digital solutions [22]. - New services such as digital diagnostics and online monitoring can reduce downtime and operational costs, enhancing the competitive edge of companies in the industry [22]. Group 6: China's Market Dynamics - China's market is growing at an average rate of 7-9% from 2020 to 2024, significantly outpacing the global average, with projections to maintain a 6-8% growth rate in the coming years [23]. - The increase in integrated refining projects and the rising water content in aging oil fields are driving demand for desalination and dehydration equipment in China [23]. Group 7: Technological Trends - The industry is evolving towards high-efficiency, low-energy, and intelligent systems, with multi-stage composite electric fields expected to gain significant market penetration [24]. - The focus is shifting from equipment-centric models to performance and lifecycle optimization, requiring suppliers to enhance their systemic capabilities [24][25].

12月22日，万丰奥威（维权）盘中上涨2.03%，截至11:14，报15.59元/股，成交2.67亿元，换手率 0.81%，总市值331.02亿元。 资金流向方面，主力资金净流入1970.07万元，特大单买入2859.28万元，占比10.70%，卖出1127.74万 元，占比4.22%；大单买入5270.46万元，占比19.73%，卖出5031.93万元，占比18.84%。 资料显示，浙江万丰奥威汽轮股份有限公司位于浙江省新昌县工业区，成立日期2001年9月30日，上市 日期2006年11月28日，公司主营业务涉及以"铝合金-镁合金-高强度钢"为主线的汽车金属部件轻量化业 务;集自主研发、设计、制造、销售服务等于一体的专业通用飞机制造业务。主营业务收入构成为：汽 车金属轻量化零部件80.82%，通航飞机制造19.18%。 万丰奥威所属申万行业为：汽车-汽车零部件-轮胎轮毂。所属概念板块包括：碳中和、节能环保、风 能、海上风电、飞行汽车等。 万丰奥威今年以来股价跌16.85%，近5个交易日涨2.10%，近20日涨0.13%，近60日跌10.61%。 机构持仓方面，截止2025年9月30日，万丰奥威十大流通股东中 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, specifically for Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4][7]. Core Insights - The report emphasizes the dual drivers of policy and technology in promoting solid waste recycling and carbon reduction in the industrial sector. It highlights the recent State Council meeting's focus on establishing a comprehensive governance system for solid waste management, aiming for reduction, resource utilization, and harmless disposal [1][11]. - The "National Energy Conservation and Carbon Reduction Technology Equipment Recommendation Directory (2025 Edition)" aims to enhance carbon reduction effectiveness through the promotion of advanced technology across the industrial chain, directly driving down carbon emissions [12][16]. - The report suggests focusing on companies benefiting from carbon neutrality, particularly those with technological advantages and project implementation capabilities, such as Huicheng Environmental and Gaoneng Environment [1][16]. Summary by Sections Investment Outlook - The macroeconomic environment is characterized by historically low interest rates, making high-dividend assets and growth-oriented companies attractive. The report recommends focusing on companies with strong cash flow and low valuations, particularly in the resource recycling sector [2][17]. Industry News - Recent regulatory measures include the issuance of guidelines for urban construction waste management in Hunan Province and an action plan for air pollution control in Xi'an [3][31]. - The environmental sector's performance was mixed, with the sector underperforming the broader market but outperforming the ChiNext index. Notable stock movements included significant gains for Xianhe Environmental and Guozhong Water, while Zhongdong Public Utilities and Yishida saw substantial declines [20][31]. Key Companies - **Huicheng Environmental**: Focuses on hazardous waste resource utilization and has a strong project pipeline, including breakthroughs in waste plastic recycling technology [18][19]. - **Gaoneng Environment**: Aims to become a leading environmental service provider with a robust project portfolio in hazardous waste management [18]. - **Hongcheng Environment**: Demonstrates steady growth with a diversified business model covering water treatment and solid waste disposal, alongside a strong dividend payout [19]. Market Performance - The environmental sector's performance was generally weak, with a decline of 0.84% compared to the Shanghai Composite Index's slight increase of 0.03%. The solid waste sub-sector showed a positive trend with a 1.96% increase [20][31].

Core Viewpoint - The stock price of Yueyang Forest and Paper has shown fluctuations, with a recent increase of 2.12% but a year-to-date decline of 14.06%, indicating volatility in the market performance of the company [1][2]. Group 1: Stock Performance - As of December 22, the stock price reached 4.34 yuan per share, with a trading volume of 40.37 million yuan and a turnover rate of 0.54%, resulting in a total market capitalization of 7.628 billion yuan [1]. - The stock has experienced a 3.83% increase over the last five trading days, a slight 0.46% increase over the last 20 days, and a 5.24% decline over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 6.568 billion yuan, reflecting a year-on-year growth of 27.42%, while the net profit attributable to shareholders was 162 million yuan, marking a significant increase of 270.65% [3]. Group 3: Business Overview - Yueyang Forest and Paper, established on September 28, 2000, and listed on May 25, 2004, operates primarily in the forestry and paper industry, with a business model that integrates ecological services [2]. - The company's revenue composition includes printing paper (49.33%), commodity pulp (22.61%), packaging paper (14.55%), biomass power generation (3.82%), industrial paper (3.66%), municipal landscaping (2.64%), and other segments [2]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders stood at 56,300, with an average of 31,227 circulating shares per person, indicating a slight decrease in shareholder count [3]. - The company has distributed a total of 981 million yuan in dividends since its A-share listing, with 302 million yuan distributed over the past three years [4].

Group 1: Company Overview - China Petroleum Group Capital Co., Ltd. is located at 22nd Floor, Jinya Guangda Building, Financial Street, Xicheng District, Beijing, and was established on October 11, 1996, with its listing date on October 22, 1996 [2] - The company engages in a comprehensive range of financial services, including finance companies, banking, financial leasing, trust, insurance, insurance brokerage, and securities [2] - The main revenue composition includes interest income (88.54%), earned premiums (4.48%), commission income (4.47%), and other businesses (2.51%) [2] Group 2: Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 682 million yuan, representing a year-on-year growth of 13.94%, while the net profit attributable to shareholders decreased by 7.95% to 3.997 billion yuan [2] - The company has distributed a total of 15.115 billion yuan in dividends since its A-share listing, with cumulative distributions of 4.437 billion yuan over the past three years [3] Group 3: Stock Performance and Market Activity - As of December 22, the stock price of China Petroleum Capital increased by 2.09% to 9.28 yuan per share, with a trading volume of 387 million yuan and a turnover rate of 0.33%, resulting in a total market capitalization of 117.318 billion yuan [1] - The stock has risen by 37.01% year-to-date, with a 3.69% increase over the last five trading days, a 2.32% increase over the last 20 days, and a 12.54% decline over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" eight times this year, with the most recent appearance on September 2, where it recorded a net buy of -184 million yuan [1] Group 4: Shareholder Structure - As of September 30, 2025, the number of shareholders reached 241,700, an increase of 15.66% from the previous period, while the average circulating shares per person decreased by 13.54% to 52,296 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 89.7806 million shares, and several ETFs, with some showing a decrease in holdings compared to the previous period [3]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the public utility and environmental protection sectors, particularly in the context of coal-fired power, renewable energy, and waste-to-energy industries [1][6][10]. Core Insights and Arguments Coal-Fired Power Sector - In 2025, the coal-fired power sector is expected to perform well with a growth rate of approximately 13.3%, primarily due to declining coal prices [2]. - The flexibility and scarcity value of coal-fired power are highlighted, especially in regions with a high proportion of renewable energy [2][3]. - By 2026, the power supply-demand relationship is anticipated to shift towards structural looseness, leading to pressure on coal-fired utilization hours and market prices [1][3]. - New coal-fired power units are projected to peak in 2025-2026, with an annual addition of about 70 GW, increasing revenue pressure due to rising renewable energy installations [3]. Investment Strategies - Investment strategies should focus on companies with controllable electricity price declines, new quality asset additions, or high dividend yields, such as Inner Mongolia Huadian and Huaneng International [1][3]. - Recommended stocks include national players like Huaneng International, Datang Power, and local companies like Inner Mongolia Haitan and Shaanxi Energy [3]. Renewable Energy Sector - The renewable energy sector is characterized by low valuations among Hong Kong-listed wind power operators, benefiting from reduced capital expenditure expectations and accelerated government subsidy recoveries [1][4]. - The cancellation of VAT refund policies in 2025 is expected to lead to more cautious capital expenditures among renewable energy operators [16]. - The sector is projected to see a significant increase in installed capacity, with annual additions expected to be between 150-200 GW over the next decade [16]. Waste-to-Energy and Biomass Diesel - The waste-to-energy sector is highlighted as a key emerging area for 2026, with significant growth potential and policy support [1][5]. - The industry has seen a substantial increase in the number of waste incineration facilities, with capacity rising from 25.59 million tons/day in 2016 to 115 million tons/day by 2024 [8]. - The sector's capital expenditure peaked in 2020 at 22.3 billion yuan, declining to 10.742 billion yuan by 2024, while free cash flow turned positive for the first time in 2024 [8]. Financial Performance and Market Dynamics - The public utility sector overall saw a 3.6% increase in 2025, outperforming the CSI 300 index by 12.8 percentage points, while the environmental sector rose by 16.1% [6]. - Concerns regarding subsidy delays and accounts receivable are gradually easing, with companies exploring new business models to enhance profitability [7][10]. Other Important Insights - The SAF (Sustainable Aviation Fuel) industry is entering a growth phase, with demand expected to rise significantly due to EU regulations [21][22]. - The supply of Yoko (waste cooking oil) is limited, but its price has stabilized, and demand is expected to increase, benefiting companies with expansion plans [23]. - The waste-to-energy sector is also exploring international opportunities, such as projects in Indonesia, which could provide significant growth avenues for Chinese companies [9]. Recommended Companies - Key companies to watch include: - Waste-to-energy: Weiming Environmental, Huaneng International, and Longyuan Power [10][24]. - Gas sector: Hong Kong gas companies like Towngas and integrated gas companies in A-shares [13][24]. - Biomass diesel: Companies with scarce Yoko resources like Shanhai Environmental and Jiaao Environmental [24].

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 一、市场调查数据 大功率整流器是一种专门用于将工业级交流电高效、稳定地转换为大直流电能的电力电子装置，其核心特点是处理功率高（通常从数十千瓦至数兆瓦不 等）、电流大（可达数万安培），并采用由可控半导体器件（如晶闸管/SCR）构成的多相桥式电路结构，通过精密控制的相位触发技术来调节输出电压， 同时为保障系统在严苛工业环境下的可靠运行，还集成了专用的控制板、保护电路、散热系统（如风冷、水冷或热管冷却）以及电抗器、变压器等无源元 件，最终为电解、电镀、轨道交通、直流传动、有色金属冶炼及高压直流输电等工业领域提供高质量、可调控的直流电源。根据中金企信数据显示，预计 2030年全球大功率整流器市场规模将达到5.89亿美元，未来几 ...

出口保持高位，在显著成本优势及市场多元化策略推动下，2025年钢材出口预计创历史新高。商务部、 海关总署已公布对部分钢铁产品实施出口许可证管理，自2026年1月1日起执行。此次管理范围涵盖钢坯 等低附加值产品及部分高端产品，但未包括线材、螺纹钢等建筑用钢。该政策旨在引导钢铁出口向高附 加值产品（如高端板材、特钢）集中，预计普通钢材出口将减少，而高端产品出口竞争力增强，有利于 优化出口结构。 近期，钢材价格在需求淡季和成本下行双重影响下呈先抑后扬走势。据报道，蒙古国政府于12月10日召 开会议，通过多项决议计划增加2026年煤炭出口。受蒙煤进口通关效率提升影响，焦煤、焦炭价格承 压，进而带动钢材价格震荡走弱。当前，环保限产导致供应收缩，叠加下游逐步启动补库，黑色系板块 有所反弹。 展望2026年，在制造业需求具备一定韧性的背景下，部分出口转内销仍面临压力，预计钢材价格重心将 维持低位运行。需关注"碳中和"带来的绿色溢价，以及"反内卷"政策对供应端的潜在影响。（作者单 位：国元期货） 宏观方面，美国已进入降息周期，但预计2026年降息节奏将相对温和；国内经济保持韧性，但生产恢复 速度仍快于需求复苏。政策层面聚焦" ...

——编者 难点在哪儿？张开国解释："碳中和的前提是测算该对象在一定时间内，直接或间接产生的温室气体排 放量和清除量之和，即明确碳足迹。工业企业借助成熟的生产信息系统，核算碳足迹相对轻松；但农业 生产流程大多非标准化，基本靠个人经验，碳足迹需要将农事行为和排放量事无巨细地记录。"张开国 坦言，这个记录工作十分繁琐，大多数种植户难以做到。 "十五五"规划建议提出，以碳达峰碳中和为牵引，协同推进降碳、减污、扩绿、增长，筑牢生态安全屏 障，增强绿色发展动能。 即日起，本版推出"美丽中国·身边的绿色故事"系列报道，近距离观察发生在我们身边的绿色实践，看 绿色发展理念如何深入普通人的生产生活方式之中。 一把晶莹剔透的大米捧在手心，一排盒装的"冉义贡米"码得整整齐齐。随着这批大米陆续发货，四川邛 崃市鑫磊耘耕家庭农场负责人黄鑫成就感满满。 回想起今年9月，"冉义贡米"收获时，黄鑫将稻谷烘干、加工，在田边组织了一场试吃会。10多个冒着 热气的电饭煲，装着不同品种大米。"评审团"有当地村民，也有专家学者，大家要经过试吃，盲选出口 味最佳的一款。低碳种植的"冉义贡米"入口绵柔，拿下冠军。 "冠军"大米可不普通。今年，"冉义贡米" ...