Group 1 - The stock price of Dongzhu Ecology closed at 7.81 yuan on August 22, down 0.76% from the previous trading day [1] - The company operates in the environmental protection sector, focusing on ecological restoration and landscape greening [1] - Dongzhu Ecology is headquartered in Jiangsu and is involved in multiple concepts including new urbanization, carbon trading, and rural revitalization [1] Group 2 - On August 22, Dongzhu Ecology experienced a rapid rebound in the morning session, with a rise of over 2% within the first five minutes before 9:35 AM, achieving a transaction amount of 71.065 million yuan [1] - The net inflow of main funds on that day was 22.8121 million yuan, accounting for 0.65% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 6.8094 million yuan [1]

Market Overview - The national carbon market opened at a price of 70.33 yuan per ton, with a closing price of 70.30 yuan per ton, reflecting a decrease of 0.09% from the previous day [1][2]. Trading Volume and Revenue - The total trading volume for the day was 49,846 tons, with a total transaction value of 3,484,021.35 yuan [2]. - From January 1 to August 22, 2025, the total carbon emission allowance trading volume reached 59,360,410 tons, generating a total revenue of 4,383,310,141.32 yuan [3]. - As of August 22, 2025, the cumulative trading volume in the national carbon market was 689,629,074 tons, with a cumulative transaction value of 47,416,037,244.83 yuan [3]. Price Fluctuations - The highest price recorded for the day was 70.33 yuan per ton, while the lowest was 70.24 yuan per ton [1][2]. - The carbon emission allowances for the year 2022 closed at 70.30 yuan per ton, showing no change [3].

Report Title - EU Carbon Market Market Briefing (Issue No. 149, 2025) [1] Report Date - August 21, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - TTF price surge drives EUA futures prices to turn positive; strategy is to buy low and sell high within the range of €63 - 76 [2] Market Summary Primary Market - EUA auction price is 70.47 euros/ton (-1.26%), and the bid coverage ratio is 1.66 [2] Secondary Market - EUA futures settlement price is 71.29 euros/ton (0.18%), with a trading volume of 17,700 lots (-0.40) [2] Strategy - Adopt a high - sell and low - buy strategy within the price range of €63 - 76 [2] Core Logic Bullish Factors - No new bullish factors [2] Bearish Factors - The latest CoT report shows that investment funds' net long positions decreased by 8.65 million tons last week due to significant long - position liquidation; under the newly passed regulations, European gas storage facilities must reach 90% of their capacity between October and December, and the current capacity utilization is 73.91%, indicating a loose EU natural gas supply [2] Other Information - Russia stated on Wednesday that it must participate in any discussions regarding Ukraine's security guarantees, weakening hopes for a quick peace agreement [2][3] Data Tables EUA Auction Information - On August 20, 2025, the EUA auction price was 70.47 euros/ton, the CBAM certificate price was 71.17 euros/ton, the auction volume was 2.069 billion tons, the bid coverage ratio was 1.66, and the auction revenue was 145.8 million euros [4] - On August 19, 2025, the EUA auction price was 71.37 euros/ton, the CBAM certificate price was 71.17 euros/ton, the auction volume was 3.2455 billion tons, the bid coverage ratio was 1.59, and the auction revenue was 231.63 million euros [4] EUA Futures and Spot Information - On August 20, 2025, the futures settlement price was 71.29 euros/ton (0.18% increase), the trading volume was 17,700 lots (-0.40), and the open interest was 335,200 lots (no change); the spot settlement price was 70.73 euros/ton (0.20% increase), and the trading volume was 1,233 lots (-5,020) [5]

Core Viewpoint - The company is focusing on developing a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability while also engaging in carbon trading and energy storage projects [2][3]. Company Overview - Zhejiang Xinhonggang Thermal Power Co., Ltd. was established on October 17, 1997, and listed on July 7, 2021. The company primarily engages in the production and supply of thermal and electric power through cogeneration [7]. - The main revenue composition includes steam (71.77%), electricity (cogeneration) (16.60%), compressed air (6.89%), coal (2.48%), electricity (energy storage) (2.03%), and others (0.16%) [7]. Financial Performance - For the first quarter of 2025, the company reported operating revenue of 174 million yuan, a year-on-year decrease of 20.46%, and a net profit attributable to shareholders of 15.45 million yuan, down 39.20% year-on-year [8]. Market Activity - On August 21, the company's stock rose by 2.32%, with a trading volume of 199 million yuan and a turnover rate of 5.38%, bringing the total market capitalization to 3.713 billion yuan [1]. Investment Projects - The company plans to construct a "three-dimensional virtual power plant" system to monitor and analyze operational data, which will improve efficiency and safety [2]. - The company has also announced plans to invest in energy storage projects through its wholly-owned subsidiary, Zhejiang Yuesheng Energy Storage Technology Co., Ltd. [2]. Carbon Management - The company aims to become a regional comprehensive energy supply center and carbon neutrality center, focusing on improving efficiency and coupling reduction measures to lower carbon emissions [3]. - As of April 10, 2022, the company had a carbon emissions quota of 2.6483 million tons, with a surplus of 500,100 tons, representing a surplus ratio of 18.88% [2].

Core Viewpoint - The company is focusing on developing a "three-dimensional virtual power plant" system to enhance operational efficiency and reliability while also engaging in carbon trading and energy storage projects [2][3]. Group 1: Company Developments - The company plans to construct a "three-dimensional virtual power plant" system that utilizes sensors, monitoring systems, and data analysis to visualize and analyze power plant operations [2]. - The company has a carbon emission quota of 2.6483 million tons for 2019 and 2020, with an actual emission of 2.1483 million tons, resulting in a surplus of 500,100 tons, which is 18.88% of the quota [2]. - The company aims to become a regional comprehensive energy supply and carbon neutrality center, focusing on improving efficiency and coupling carbon reduction through new unit expansions and technology upgrades [3]. Group 2: Financial Performance - As of March 31, the company reported a revenue of 174 million yuan for the first quarter of 2025, a year-on-year decrease of 20.46%, and a net profit of 15.4537 million yuan, down 39.20% year-on-year [8]. - The company has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [9]. Group 3: Market Activity - The stock price of the company increased by 0.22% on August 20, with a trading volume of 86.3974 million yuan and a turnover rate of 2.39%, bringing the total market capitalization to 3.629 billion yuan [1]. - The main capital inflow for the day was negative at 1.4395 million yuan, indicating a lack of clear trends in major capital movements [4][5].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The necessity for "anti-involution" in the cement industry remains, with a competitive landscape characterized by high concentration and state-owned enterprise dominance [1][12] - The cement industry is experiencing a significant oversupply, with a projected capacity utilization rate of only 53% in 2024, indicating a need for supply-side reforms to reduce actual capacity [3][22] - Short-term measures such as peak-shifting production will continue to support the industry, while medium-term strategies will focus on administrative measures to limit overproduction [4][30] Summary by Sections Supply Structure - The cement industry is primarily led by state-owned enterprises, with a concentration ratio (CR10) of 57% and an expected state-owned enterprise capacity share of around 45% in 2024 [1][12] - The top ten cement companies include four state-owned enterprises, which collectively hold about 71% of the capacity, facilitating coordinated efforts to stabilize prices and enhance efficiency [12][1] Industry Profitability - The industry is projected to achieve a total profit of 260 billion yuan in 2024, with a profit margin of approximately 4.1%, although this represents an 86% decline from the peak levels seen in previous years [16][20] - The worst period in early 2024 saw over 55% of companies reporting losses, but a recovery is anticipated in the fourth quarter, with profits expected to reach 150-160 billion yuan in the first half of 2025 [20][16] Supply and Demand Dynamics - The total cement supply has peaked at around 1.81 billion tons, but demand continues to decline, leading to a significant oversupply issue [22][3] - The expected demand bottom is estimated to be between 1.2 to 1.5 billion tons, indicating a potential decline of 18% to 34% from 2024 levels [22][3] Review of Previous Supply-Side Reforms - Previous reforms included a ban on new capacity and the promotion of peak-shifting production, which successfully reduced new clinker capacity additions from a billion-ton level to a few million tons [2][26] - The industry's profit recovery from 518 billion yuan in 2016 to a historical high of 1867 billion yuan in 2019 was largely due to these reforms [2][29] Future Anti-Involution Strategies - The future governance of "anti-involution" will involve a combination of market, administrative, and legal measures, with a strong emphasis on reducing excess capacity through administrative controls [4][30] - The carbon trading policy expected to be implemented by 2027 will further pressure high-emission capacities to exit the market, promoting a shift towards more efficient production methods [33][35]

Financial Data and Key Metrics Changes - In the first half of 2025, the company achieved a net profit of 30 million RMB, marking its first interim profitability and becoming the second EV startup to do so [6][9] - The gross profit margin reached a historical high of 14.1% in the first half of 2025, attributed to economies of scale, cost management, and product mix optimization [6][8] - Total income for the first half was 24.25 billion RMB, with operating net cash increasing to 2.86 billion RMB compared to 270 million RMB in the same period of 2024 [9][10] - Free cash flow improved to 860 million RMB from a negative 480 million RMB year-on-year [9] Business Line Data and Key Metrics Changes - Total sales in the first half of 2025 were 221,664 units, a 155.7% increase compared to the same period in 2024, making the company the top startup EV brand in China [10] - In July 2025, deliveries reached a new high of 50,129 units, maintaining the number one position for five consecutive months [10][11] Market Data and Key Metrics Changes - The company expanded its sales network to cover 286 cities, an increase of 88 cities from the previous year, with 806 sales outlets established [19][20] - In June 2025, the company's market share in Germany exceeded 1%, with over 4,000 orders placed by European users in July [25][26] Company Strategy and Development Direction - The company plans to continue investing in R&D, with a focus on smart driving technologies and expanding its product lineup [15][16] - The company aims to achieve localized production in Europe and Malaysia by 2026, enhancing its global market presence [27][71] - The strategy includes deepening market penetration in tier three to tier five cities in China, capitalizing on the growing demand for new energy vehicles [66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revised full-year sales guidance of 580,000 to 650,000 units, based on strong performance in the first half and positive outlook for the second half [33][34] - The company anticipates a slight increase in gross profit margin in the second half, aiming for around 15% as it scales operations [49][50] - Management noted that the impact of the removal of the new energy vehicle purchase tax would be minimal, similar to the previous year's experience with subsidy removal [90][92] Other Important Information - The company has received an MSCI ESG double A rating for its commitment to environmental protection and corporate governance [28] - The company is exploring capital collaboration opportunities to enhance industrial resource synergies [24] Q&A Session Summary Question: What is the sales outlook for August and September? - Management expects significant growth in sales for August and September, with Q3 sales projected to be between 170,000 to 180,000 units [33] Question: What is the outlook for gross profit margin in subsequent quarters? - Management believes the gross profit margin will improve in the second half compared to the first half, maintaining above 14% [34] Question: How does the company plan to handle pricing strategy amid regulatory changes? - The company supports government efforts to curb industry chaos and will not engage in excessive competition, maintaining a strong gross profit margin through cost control [40][41] Question: What is the guidance on expenses as sales grow? - Management indicated that while absolute expenses are rising, the expense ratio is dropping rapidly due to increased sales revenue [43] Question: What are the expectations for overseas sales and carbon credit purchases? - Management expects overseas sales to double next year, with Stellantis likely to continue purchasing carbon credits [44][47] Question: How will the removal of the purchase tax impact sales and profitability? - Management anticipates minimal impact on sales due to the removal of the purchase tax, similar to the previous year's experience with subsidy removal [90][92]

Group 1 - The core viewpoint of the article highlights the recent financing activities of Tielong Logistics, which saw a net financing inflow of 16.76 million yuan last week, ranking 478th in the market [1] - Tielong Logistics had a total financing purchase amount of 89.74 million yuan and repayment amount of 72.98 million yuan during the same period [1] - The company operates in various sectors including logistics, carbon trading, cold chain logistics, and is involved in initiatives like the Belt and Road [1] Group 2 - Over the past five days, Tielong Logistics experienced a main capital inflow of 15.55 million yuan with a price increase of 3.42% [1] - In the last ten days, the main capital inflow was 7.60 million yuan, with a price increase of 0.98% [1] - Tielong Logistics, established in 1993 and based in Dalian, focuses on multimodal transport and transportation agency services, with a registered capital of 1.31 billion yuan [1] Group 3 - The company has made investments in 33 enterprises and participated in 62 bidding projects [1] - Tielong Logistics holds 33 trademark registrations and 49 patent registrations, along with 15 administrative licenses [1] - The legal representative of the company is Li Fengyan [1]

Group 1 - The stock price of Yong'an Forestry closed at 6.87 yuan on August 15, 2025, remaining unchanged from the previous trading day, with a trading volume of 62,308 hands and a transaction amount of 0.43 billion yuan, showing a fluctuation of 1.46% [1] - Yong'an Forestry's main business includes artificial board manufacturing, forestry, and other operations, with artificial board manufacturing accounting for 88.97% of its business [1] - On the evening of August 15, Yong'an Forestry announced that its 10th Board of Directors held a meeting to review the proposal for establishing a wholly-owned subsidiary [1] Group 2 - On August 15, the net inflow of main funds into Yong'an Forestry was 7.81 million yuan, with a cumulative net inflow of 45.09 million yuan over the past five days [1]

【公司层面】卓越新能是国内第一家专业从事废油脂制取生物柴油技术研发生产的企业，也是国内酯基 生物柴油生产龙头企业。我们认为当下时点公司具备投资价值，主要有3 点原因：1）业绩表现长期行 业领先，并且在极端关税政策背景下仍保持盈利：基于公司优秀的成本管控能力、上游供应商管理和下 游销售渠道拓展能力，公司盈利能力和抗风险能力均优于同行，在2023-2024 年欧盟反倾销调查最为严 峻的时刻，公司仍然未出现亏损。且在产能扩张计划下，未来业绩增长潜力较大。2）海内外产能持续 扩张：目前公司拥有酯基产能近50 万吨，我们预计生物柴油能够扩产到近130 万吨（包括酯基国内近50 万吨+新加坡20 万吨+泰国30 万吨，烃基国内20 万吨+泰国10 万吨），为公司收入和利润增长带来显著 贡献。3）外部负面影响落地且逐步削弱：公司受欧盟反倾销税的负面影响好于预期，公司通过荷兰子 公司直销保障生物柴油销售量和价格稳定，且通过保税形式能较大程度规避负面影响。长期看，公司受 外部负面影响正在削弱，新加坡、泰国以及中东等海外生物柴油基地建设和国内生物航煤产线将为公司 提供更大基数的非税销售来源。 股价催化剂：海内外新产能投产；原料油 ...