Group 1 - General Water Technology's subsidiary, General Advanced Materials Technology (Xiamen) Co., Ltd., has established a strategic partnership with Xiamen Torch Group to enhance collaboration in technology research and development, industry incubation, and market expansion [1] - General Advanced Materials is a high-tech enterprise formed by General Water Technology, EnnoPure, and Qibei General Water Technology, focusing on water purification technology, modified carbon materials, and other advanced materials [1] - The agreement includes the establishment of a global research and manufacturing base in Torch High-tech Zone, leveraging four core innovative technologies to achieve a threefold function of purification, mineralization, and sterilization in filter elements [1] Group 2 - The company has innovatively developed a technology to convert coffee grounds into activated carbon for filtration materials, addressing the environmental impact of coffee waste [2] - Over 60 million tons of coffee grounds are produced globally each year, with 75% being landfilled, contributing significantly to greenhouse gas emissions [2] - The patented technology enhances the adsorption capacity for harmful substances like PFAS, achieving double the efficiency compared to traditional activated carbon, promoting a sustainable circular economy model [2]

吉林油田勘探开发研究院松南天然气研究所副所长周俊廷介绍说，EOR产出的伴生气中二氧化碳浓度比 注入的低70%，直接循环回注会影响混相驱替效果。通过EGR过程提纯的二氧化碳再回注提高驱替效 率，能起到碳库和EOR后期差异化注入的调峰作用。吉林油田利用现有资源，一方面通过共享技术成 果，减少不必要的研发成本；另一方面共享基础设施，共同使用一套完善的运输管网，避免重复建设和 资源浪费。 中化新网讯 近日，吉林油田在长岭气田开展的气藏提高采收率技术（CCUS—EGR）矿场试验的先导试 验项目进入现场实施阶段，拉开了二氧化碳驱油提高采收率技术（CCUS—EOR）与CCUS—EGR全链 条协同发展模式的序幕。 据悉，长岭气田是吉林油田天然气稳产上产的"压舱石"，当前气藏采收率偏低，虽然具备提高采收率的 空间，但是缺乏有效技术手段。按照"一碳两用三循环"理念，吉林油田以长岭气田在气源、场站、管网 等方面的优势条件和CCUS的成熟经验为基础，探索打通EOR、EGR的自循环和两者之间的循环，打造 CCUS-EOR与CCUS—EGR全链条协同发展模式。 今年年初开始，吉林油田在前期研究的基础上，启动致密气CCUS—EGR可行性研 ...

Core Viewpoint - The opening of the Zhengzhou-Luxembourg international cargo route by China Post marks a significant step in enhancing international logistics capabilities and expanding the air transport network between Zhengzhou and Europe [2][3]. Group 1: Route Significance - The Zhengzhou-Luxembourg route is the second intercontinental route opened by China Post, following the Nanjing-Luxembourg route, and is the first intercontinental route in Henan [2]. - This new air route will further strengthen the air corridor between Zhengzhou and Europe, transforming the "Air Silk Road" from a point-to-point connection to a more integrated network [2]. - The route is expected to provide more logistics support for Henan's goal of building a hub network that covers major global economies and serves as a key air node connecting Eurasia under the Belt and Road Initiative [2][3]. Group 2: Strategic Importance - China Post's opening of the Zhengzhou-Luxembourg route is a key step in building a self-sufficient international air network, enhancing its air transport capacity [3]. - Henan has been actively expanding its high-level opening-up efforts, aiming to strengthen its hub advantages and innovate its open system mechanisms [3]. - The establishment of this route signifies a new operational phase for the China Post Zhengzhou global aviation hub project, highlighting the potential of state-owned enterprises to support regional economic development [3]. Group 3: Regional Advantages - Zhengzhou's geographical location at the intersection of major transportation networks, including high-speed rail and freight rail, provides a composite transportation advantage for multi-modal logistics [4]. - The province has developed strong industries such as electronic information, equipment manufacturing, and biomedicine, which require efficient international delivery channels to support their growth [4]. - The cross-border e-commerce import and export volume in Henan has increased significantly, from over 76 billion yuan in 2016 to over 260 billion yuan in 2024, averaging an annual growth of over 24% [4]. Group 4: Future Prospects - The strategic layout of China Post in Henan is driven by multiple factors, including national strategic orientation, regional hub value, industrial demand, and corporate self-development [5]. - As the Zhengzhou-Luxembourg route becomes operational, the collaborative effects are expected to extend into finance, culture, and other areas, enhancing the overall strategic value of the layout [5].

Group 1 - The first import of remanufactured passenger car engines in China has been completed, marking a significant milestone for the remanufactured products market [1] - Remanufactured products are defined as original products that have lost their original design performance but possess recycling value, which are disassembled, repaired, and reassembled to restore or exceed original performance [1] - The remanufactured products are competitively priced compared to new products and comply with domestic quality, safety, and environmental standards [1] Group 2 - In June 2024, the Ministry of Commerce approved Tianjin's pilot implementation plan for the import of remanufactured products, making it the first local pilot scheme in the country [2] - The pilot scheme aims to support the import of remanufactured products in key industries, with Tianjin Customs developing a specific inspection and supervision plan for these imports [2] - Tianjin Customs has actively engaged with enterprises to explain policy requirements and ensure compliance, while also focusing on enhancing the integration of port, customs, and industry [2]

Core Viewpoint - The article emphasizes the importance of a people-centered development approach in China's economic policies, highlighting the need for economic growth to support and improve people's livelihoods, thereby creating a virtuous cycle between economic development and social welfare [1][2][4]. Economic Growth and Livelihood Improvement - Economic growth and livelihood improvement are interdependent, with the ultimate goal being the well-being of the people. The focus has shifted from merely measuring economic growth to evaluating the quality of life improvements [2][3]. - Since the 18th National Congress, significant progress has been made in areas such as education, social security, and healthcare, enhancing people's sense of gain, happiness, and security [2][4]. Investment in Livelihood Improvement - Livelihood improvement serves as a crucial driver for economic growth, with investments in housing, education, healthcare, and infrastructure directly contributing to economic activity. For instance, in 2024, China plans to construct and renovate 130,000 kilometers of rural roads and achieve a rural drinking water coverage rate of 94% [3][4]. - The enhancement of living conditions and education levels leads to an increase in human capital, which in turn boosts productivity and economic growth. In 2024, the labor productivity in China is projected to reach 174,000 yuan per person, with a real growth rate of 4.9% [3][4]. Policy Focus on Livelihood Improvement - The Chinese government has shifted its economic policy focus towards improving people's livelihoods, aiming to eliminate poverty and achieve common prosperity. Since the 18th National Congress, nearly 99.9 million rural poor have been lifted out of poverty [4][5]. - The current economic environment necessitates a more pronounced focus on the quality of human resources, addressing demographic changes such as aging and declining birth rates, and fostering high-quality development through innovation and talent [5][6]. Consumer Behavior and Economic Growth - As per international experience, once a country's GDP per capita exceeds $10,000, consumer spending becomes a significant driver of economic growth. In contrast, China's current consumer contribution to economic growth is relatively low, indicating a need for policies that enhance consumer confidence and spending [6][7]. - Improving living standards is essential for sustaining economic growth, with a focus on high-quality employment, education, healthcare, and social security systems to enhance overall consumer capacity [7][9]. Addressing Livelihood Shortcomings - There is a need to invest more resources in addressing livelihood shortcomings, particularly in employment, education, healthcare, and social security, to create a positive feedback loop between livelihood improvement and economic growth [8][9]. - Specific measures include enhancing employment support, improving educational quality, expanding healthcare access, and increasing social security benefits to foster a more equitable and prosperous society [9][10].

Fundraising Plan - The company plans to raise a total of up to 1.2 billion RMB through a private placement of A-shares, with the funds allocated to three construction projects and working capital [1] - The total investment for the projects is estimated at 1.37358 billion RMB, with 1.2 billion RMB sourced from the fundraising [1] Project Overview and Feasibility Analysis - The fundraising projects aim to support domestic economic circulation and ensure the security of national industrial chains, aligning with national development strategies [2][3] - The wet metallurgy project will produce key raw materials such as potassium fluotantalate and niobium oxide, essential for subsequent production processes in high-temperature alloys, semiconductors, and defense industries [2][3] - The projects are expected to optimize the product structure and upgrade the company's industrial capabilities, addressing the growing demand in the tantalum and niobium sector [2][3] Industry and Market Context - The projects are supported by national and local industrial policies that emphasize the development of rare metals and new materials, which are critical for various high-tech applications [5][6] - The company is positioned to meet the increasing market demand for high-value-added products in sectors like semiconductors and aerospace, enhancing its competitive edge [4][7] Financial Projections - The company anticipates a compound annual growth rate (CAGR) of 10% in revenue over the next three years, with projected revenues of approximately 1.41 billion RMB in 2025 and 1.70 billion RMB in 2027 [16][18] - The fundraising will also address the projected working capital gap of 232.66 million RMB from 2025 to 2027, ensuring sufficient liquidity for operations [19][20] Operational Impact - The fundraising projects are expected to enhance the company's operational capabilities, improve financial stability, and reduce financial risk by optimizing the capital structure [20][21] - The implementation of these projects will solidify the company's market position and support long-term sustainable growth [21]

证券研究报告 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 联系人 宏观要闻：上海将实施八项金融开放举措，有助持续提升跨境贸易和投融资便利化 水平。2025 年 5 月消费持续改善，投资稳定增长。5 月社会消费品零售总额 4.1 万 亿元，同比增长 6.4%，增速环比加快 1.3pct。1-5 月全国固定资产投资（不含农户） 19.2 万亿元，同比增长 3.7%，增速较 1-4 月份放缓 0.3pct。美国联邦储备委员会 6 月 18 日结束为期两天的货币政策会议，宣布将联邦基金利率目标区间维持在 4.25% 至 4.50%之间不变，此次是美联储货币政策会议连续第四次决定维持利率不变。 中观高频数据：消费市场结构性回暖：乘用车市场延续高增长，截至 6 月 15 日当周 乘用车厂家日均零售/批发同比分别+22.7%/+38.0%；工业开工率分化明显：截至 6 月 19 日，当周沥青开工率同比+1.0pct，但纯碱、PVC 当周开工率同比回落；地产 链修复动能不足：截至 6 月 20 日，当周 30 城商品房合计成交面积同比-4.4%，但 成交套数同比+1 ...

△甘肃如佰金属科技有限公司2.6万吨综合回收贵金属二次资源项目的一期生产车间内 △项目生产车间内 谈及项目快速落地的关键，项目负责人谷超特别点赞了金昌市及经开区招商团队的专业高效："从精准的政策匹配、科学的选址落地，到高效的手续办理 直至现在的试产准备，政府提供了'全程式、管家式'服务，切实解决了企业的后顾之忧。"他表示，这种"重商、亲商、安商"的营商环境，是项目得以顺利 推进、企业安心发展的最大底气和信心来源。 6月10日，记者跟随金昌市招商引资重点项目全媒体采访活动走进甘肃如佰金属科技有限公司，其总投资5.16亿元的年产2.6万吨综合回收贵金属二次资源 项目一期工程已全面竣工，待相关部门核查后将启动试生产。 该公司自2021年落户金昌以来，致力于打造贵金属二次资源综合回收利用的标杆项目。项目占地约140亩，规划建设火法车间、湿法车间及配套辅助设 施，核心是年处理能力达2.6万吨的综合回收生产线。项目聚焦医药废物、石化废催化剂、焚烧渣、废旧汽车尾气催化剂等含贵金属危废物料，通过先进 技术从中高效提取铂族贵金属及冰铜等高价值产品。 项目负责人谷超介绍，全面投产后，预计每年可向国内市场稳定供应稀缺的铂族贵金属材 ...

| | 答：公司固废（危废）资源化利用项目中，涉及锡、铜、 | | --- | --- | | | 镍等多种金属产品，原材料和产品的定价均与同类大宗商品价 | | | 格相关；大宗商品价格波动将对原材料采购价格以及后端销售 | | | 的产品价格产生一定影响。对此，公司将扎实做好采购、生产、 | | | 销售计划，提高存货周转速度，加快经营周转速度，减少存货 | | | 积压，降低大宗商品价格波动造成的风险。 | | | 3、公司二噁英监测业务有所亏损原因是什么？ | | | 答：公司专注的二噁英监测行业作为环境监测领域的高端 | | | 细分赛道，兼具高门槛与强政策驱动属性。但受制于监测周期、 | | | 成本、回报周期、政策等多种因素，制约企业主动监测意愿， | | | 监测需求释放滞后。 | | | 4、公司是否有对外投资并购的计划，主要的投资方向有 | | | 哪些？ | | | 答：公司自上市以来一直通过异地复制（并购）模式来进 | | | 行外延式扩张。未来，公司将继续秉持"拓展循环经济，实现 | | | 持续发展"的经营理念，围绕主营业务展开相关项目投资。 | | | 5、公司的分红政策？ | ...

Core Viewpoint - The company has announced changes in the names and business scopes of several subsidiaries to enhance brand recognition and comply with regulatory requirements [1][4]. Group 1: Name Changes - The company has changed the names of several subsidiaries, including: - Heilongjiang Zhongzai Sheng Waste Household Appliances Dismantling Co., Ltd. to Zhongzai Sheng (Suihua) Electronic Waste Recycling Co., Ltd. - Ningxia Yinen Solid Waste Resource Development Co., Ltd. to Zhongzai Sheng (Ningxia) Electronic Waste Recycling Co., Ltd. - Hubei Qichun Xinfeng Waste Household Appliances Dismantling Co., Ltd. to Zhongzai Sheng (Huanggang) Solid Waste Disposal Co., Ltd. [1][4]. Group 2: Business Scope Changes - The subsidiaries have adjusted their business scopes to comply with regulatory requirements, including: - General projects such as recycling of renewable resources (excluding production waste metals), office services, and sales of metal materials. - New additions include the recycling and secondary utilization of used power batteries from new energy vehicles, and sales of photovoltaic equipment and components [2][3][4]. Group 3: Impact on the Company - The changes in names and business scopes are aimed at improving brand recognition and do not result in significant changes to the company's main business operations. The company anticipates no adverse effects on its future development [4].