Core Viewpoint - The acquisition of Zhejiang Tiger Waste Management Co., Ltd. by Dadi Ocean marks a significant step in enhancing the environmental protection industry chain and advancing the "waste-free city" initiative [2] Group 1: Acquisition and Business Expansion - Dadi Ocean has completed the equity transfer registration for Tiger, which is a key milestone in its strategic layout [2] - The acquisition allows Dadi Ocean to extend its business from industrial waste treatment to residential waste recycling, forming a complete "recycling-disassembly-utilization" industry chain [4] Group 2: Tiger's Business Model and Performance - Tiger has been engaged in waste recycling for 10 years, integrating internet, IoT, and big data technologies into its operations, creating a comprehensive waste recycling system [2] - In 2024, Tiger achieved a revenue of 466 million yuan and a net profit of 54.31 million yuan, demonstrating strong development capabilities and promising profitability [2] Group 3: Environmental Impact and Community Engagement - Tiger's household waste recycling service has covered 2 provinces, 5 cities, and 7 districts, recycling nearly 200,000 tons of household waste annually, resulting in a carbon reduction of 80,000 tons and a resource utilization rate exceeding 95% [2] - The company has conducted over 1,600 green public classes, engaging 137,000 students and promoting ecological civilization awareness in the community [3]

1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - For the lead market, supply and demand are both increasing, there is no obvious contradiction, tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to be range - bound [1] - For the zinc market, macro "anti - involution" sentiment fluctuates, both zinc ore and zinc ingot supply increase, demand is in the off - season, inventory continues to accumulate, and overseas LME zinc inventory decline provides some support, with short - term zinc prices expected to be range - bound [1] 3. Summary According to Relevant Catalogs Lead Market Price and Market Indicators - The average price of SMM1 lead ingots was 16,700 yuan/ton, down 0.30% from the previous day; the closing price of the main Shanghai lead futures contract was 16,770 yuan/ton, down 0.95% [1] - The Shanghai lead basis was - 70 yuan/ton, an increase of 110 yuan/ton; the premium in Shanghai was - 30 yuan/ton, an increase of 5 yuan/ton [1] - The trading volume of the active lead futures contract was 45,616 lots, up 57.64%; the open interest was 51,370 lots, up 3.94%; the trading - to - open - interest ratio was 0.89, up 51.67% [1] - LME lead inventory was 261,675 tons, unchanged; Shanghai lead warehouse receipts inventory was 61,784 tons, down 1.20% [1] - The closing price of LME 3 - month lead futures (electronic trading) was 1,990 US dollars/ton, up 0.10%; the Shanghai - London lead price ratio was 8.43, down 1.04% [1] Industry News - The action plan for strengthening and extending the industrial chain of key advantageous industries in Guangxi's manufacturing industry aims to build a "recycling - disassembly - regeneration - utilization" industrial system and promote the recycling of lead batteries [1] - On August 13, the LME 0 - 3 lead was at a discount of 42.01 US dollars/ton, and the open interest was 153,848 lots, an increase of 1,928 lots [1] Fundamental Analysis - Lead concentrate imports have no expected increase, processing fees are likely to rise, but it has not affected smelter operations. Primary lead production is stable with a slight increase [1] - The price of waste lead batteries is likely to rise, some recyclers hoard goods, and some smelters cut production due to raw material shortages or cost inversion. However, as the inventory of electrolytic lead plants decreases, the acceptance of high - priced recycled lead improves, and the production of recycled lead is gradually recovering [1] - Due to high temperatures and weak demand, the operation rate of some battery enterprises decreased last week. After previous stockpiling by dealers, they are now consuming inventory. The peak - season demand is average, and downstream buyers are cautious when lead prices rise [1] Zinc Market Price and Market Indicators - The average price of SMM1 zinc ingots was 22,440 yuan/ton, down 0.22% from the previous day; the closing price of the main Shanghai zinc futures contract was 22,480 yuan/ton, down 0.53% [1] - The Shanghai zinc basis was - 40 yuan/ton, an increase of 70 yuan/ton; the premium in Shanghai was - 50 yuan/ton, an increase of 5 yuan/ton [1] - The trading volume of the active zinc futures contract was 78,030 lots, down 0.40%; the open interest was 80,798 lots, down 6.03%; the trading - to - open - interest ratio was 0.97, up 5.99% [1] - LME zinc inventory was 77,450 tons, unchanged; Shanghai zinc warehouse receipts inventory was 17,097 tons, up 5.59% [1] - The closing price of LME 3 - month zinc futures (electronic trading) was 2,842.50 US dollars/ton, up 1.10%; the Shanghai - London zinc price ratio was 7.91, down 1.62% [1] Industry News - According to 29Metals' Q2 report, its zinc concentrate production in Q2 was 12,300 metric tons, a 28% quarter - on - quarter decrease. The annual production guidance for 2025 is 60,000 - 70,000 metric tons [1] - On August 13, the LME 0 - 3 zinc was at a discount of 1.5 US dollars/ton, and the open interest was 194,301 lots, an increase of 1,359 lots [1] Fundamental Analysis - Zinc smelters have sufficient raw material stocks, zinc ore processing fees are rising. It is expected that the processing fees for zinc concentrates in August will continue to increase, weakening the cost support [1] - At the beginning of last week, when zinc prices were low, downstream buyers purchased more. As zinc prices rebounded, the restocking sentiment weakened [1] - Domestically, the supply of zinc ore and zinc ingots is increasing, demand is in the off - season, and inventory is accumulating. Overseas, the continuous decline in LME zinc inventory provides some support [1]

Core Viewpoint - Guangzhou is actively promoting the construction of distributed photovoltaic projects, achieving an installed capacity of 3.6 million kilowatts, which is nearly six times the installed capacity at the beginning of the 14th Five-Year Plan [1] Group 1: Photovoltaic and Renewable Energy Initiatives - The city is implementing photovoltaic power generation facilities at key venues for the upcoming National Games, including the Olympic Center and Tianhe Sports Center, to embody the green and low-carbon philosophy [1] - Guangzhou has promoted over 1,200 hydrogen fuel cell vehicles in sectors such as construction waste transportation, sanitation, and logistics, leading the province in the demonstration application of fuel cell vehicles [1] - The installed capacity for biomass power generation in Guangzhou has reached 930,000 kilowatts [1] Group 2: Waste Management and Resource Recycling - Guangzhou has become the first mega-city in China to achieve "zero landfill" for original household waste by incinerating waste for power generation and processing biomass, thus ensuring resource recycling [1] - The city's waste treatment capacity has reached 32,000 tons per day, which can support waste management during the upcoming National Games [1] - There are approximately 3,100 recycling points in Guangzhou, meeting the requirement of one convenient recycling point for every 3,000 residents in urban areas and a "one village, one point" layout in rural areas [1]

成都世运会金牌效果图。成都世运会执委会供图 成都世运会金牌内部结构。记者 丛雨萌 摄 "竹光"的怀表造型 顶部醒目的"熊猫耳"设计不仅具有高辨识度，还巧妙融入太阳神鸟纹饰 "竹光"意蕴 "竹光"奖牌可开合的结构和可分离、易佩戴的磁吸徽章，赋予了奖牌互动性与社交属性。它不仅可 以作为一份珍贵的礼物，更是一张独特的城市名片，镌刻着成都的创新精神、环保理念与人文温度，随 着各国运动员走向世界 "竹光"密码 "竹光"的开合结构 用 "竹光"外观 赏 从侧面打开就可以看到"竹光"里的乾坤：成都市花芙蓉花图案位于中央，花心处是一枚双面金属徽 章。徽章一面为本届世运会吉祥物之一川金丝猴"锦仔"，另一面则是太阳神鸟环绕成都世运会会徽 这枚徽章并非固定装饰，运动员可以将其取出。"它采用了强磁铁设计，可以直接吸附在衣物上作 为胸针，也能与项链搭配，变成一件独特的个人饰品。"张清华说，这样的巧思不仅为运动员提供了分 享胜利喜悦的实物载体，更是那些在运动员背后默默付出、给予坚定支持的教练、家人、团队伙伴分享 胜利喜悦的实物载体。 此外，磁吸徽章的材质践行了环保理念。徽章使用的金属原料，全部来源于成都市龙泉驿区报废汽 车的回收材料。这 ...

Core Viewpoint - The establishment of a national standard verification point for "clean and efficient utilization of fuels and lubricants" by Sinopec and Chengdu Product Quality Inspection Research Institute marks a significant advancement in the petroleum products sector, enhancing the scientific and practical applicability of standards [1][2]. Group 1 - The national standard verification point is approved by the National Standardization Administration and aims to validate technical requirements, core indicators, testing, and inspection methods to improve the scientificity and rationality of standards [1]. - Sinopec's Petroleum and Chemical Research Institute has drafted over 400 national standards in the petroleum products field, including mandatory national standards such as "Automotive Gasoline," showcasing its strong foundation in standardization work and good industry reputation [1]. - The verification point will serve as a hub for connecting new technology research with standardization, aiming to meet the standardization needs of new processes, products, methods, and equipment in the petrochemical industry [2]. Group 2 - Future plans include establishing a scientific and reasonable verification technology system to form an industry chain cooperation alliance for standard verification and research across the entire industry chain [2]. - A network of laboratory clusters will be built to integrate resources from refining enterprises, oil sales companies, vehicle machinery industries, and regulatory agencies, creating a robust verification laboratory foundation [2]. - The development of a verification evaluation technology system for the entire lifecycle of standards in the petrochemical field will address the complexities of raw materials and diverse process routes [2].

Group 1 - A new company, Rudong Baquan Renewable Resources Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Wang Xiangbao [1] - The business scope includes various activities related to renewable resources, such as recycling, processing, and sales of renewable resources, as well as research and development in related technologies [1] Group 2 - The company is involved in the recycling of production waste metals and the processing of metal waste and scraps [1] - It also focuses on the research and development of technologies for wastewater treatment, recycling of old asphalt, and carbon fiber recycling [1] - Additional services include resource management, consulting on resource recycling services, and extraction and purification of marine biological active substances [1]

Group 1 - The core role of palladium-carbon in pharmaceutical manufacturing is to enhance reaction efficiency in the synthesis of drug intermediates through hydrogenation reactions [1][4] - Palladium, as a precious metal, exhibits excellent catalytic activity, reducing activation energy and enabling hydrogenation reactions to proceed under milder conditions [4] - The carbon support provides a stable attachment point for palladium particles, allowing for uniform dispersion and maximizing catalytic effectiveness [4] Group 2 - Used palladium-carbon eventually loses its activity and is discarded, but the residual palladium still holds significant value [5] - The value of one kilogram of palladium-carbon waste depends on the palladium content; current market price is approximately 261 yuan per gram [7] - Accurate analysis of palladium content in waste is crucial for cost accounting and resource management in pharmaceutical production [7] Group 3 - The rational use of palladium, a scarce precious metal, is essential for reducing resource consumption and production costs [9] - Even inactive palladium-carbon waste contains resource value, and the pharmaceutical industry must explore ways to fully utilize this value sustainably [9] - Environmental considerations are important in the disposal of palladium-carbon waste, ensuring compliance with environmental standards to prevent pollution [9] Group 4 - Overall, palladium-carbon plays a vital role in the synthesis of drug intermediates, and its residual palladium content provides value even in waste form [13] - Understanding the value composition and proper handling of this waste is crucial for cost control, effective resource utilization, and environmental protection [13]

测股息率为3.9%，军信股份（预测股息6%）、永兴股份（预测股息4.25%）、瀚蓝环境（预 测股息3.61%）、伟明环保（预测股息3%）值得关注。 信达证券近日发布环保周报：今年年内保险机构举牌上市公司已达21次，主要集中在银 行、能源、公用环保领域，其中环保领域三次举牌，分别为中国水务、江南水务、绿色动力 环保。环保运营类资产进入成熟发展期，盈利能力稳步提升，自由现金流已有明显改善，分 红水平不断提高，逐渐受到险资青睐。 行情回顾：截至8月8日收盘，本周环保板块上涨2.58%，表现优于大盘；上证综指上涨 2.11%到3635.13；涨跌幅前三的行业分别是国防军工（5.9%）、有色金属（5.8%）、机械设 备（5.4%），涨跌幅后三的行业分别是医药生物（-0.8%）、计算机（-0.4%）、商贸零售 （-0.4%）。环保行业中水治理板块上涨3.11%，水务板块上涨0.72%；大气治理板块上涨 2.87%；固废中环卫板块上涨3.75%，垃圾焚烧板块上涨0.65%，资源化板块上涨2.82%，固 废其他板块上涨6.35%；环保设备板块上涨10.03%，检测/监测/仪表板块上涨2.80%；环境修 复板块上涨1.19%。 ...

Core Viewpoint - The article highlights the innovative research by a PhD graduate focused on recycling waste lithium batteries, emphasizing the potential for resource recovery and environmental benefits in the context of limited mineral resources and increasing demand for lithium in electric vehicle production [1][2]. Group 1: Research and Innovation - The researcher employs electrochemical techniques to process waste lithium batteries, allowing lithium to be reintroduced into the battery production chain [1]. - The innovative selective acid leaching process extracts lithium, nickel, cobalt, and manganese from mixed electrode materials, transforming them into high-quality battery materials [2]. - The technology has been recognized by the company, which sees it as a significant advancement in the recycling of waste lithium batteries, optimizing processes and reducing production costs [2]. Group 2: Industry Context - The article discusses the growing reliance on lithium batteries in electric vehicles and the challenges posed by the dependence on imported materials like cobalt and nickel [1]. - It emphasizes the importance of recycling electronic waste, which can be viewed as "urban mines," to alleviate resource shortages and environmental pressures [1]. - The rising prices of lithium carbonate in 2022 highlighted the urgency of developing technologies to recycle and recover lithium from waste sources [1].

Core Viewpoint - The Chinese photovoltaic industry is transitioning towards a model that balances "green manufacturing" and "manufacturing green" as it faces challenges in carbon emissions and resource consumption while expanding capacity [1][2]. Industry Overview - The photovoltaic industry in China is experiencing significant growth, with a cumulative installed capacity of over 1 billion kilowatts as of May 2023, surpassing thermal power for the first time [1]. - The industry is under pressure to enhance its green and low-carbon transformation, with 95% of surveyed companies setting climate goals and 87% disclosing carbon emissions data [1][2]. Carbon Emissions - The total carbon emissions from the 44 companies that disclosed their operational data reached 105 million tons of CO2 equivalent for 2024, with a notable increase from 45.23 million tons in 2022 to 70.57 million tons in 2024, marking a 46.6% rise from 2022 to 2023 and a 5.7% increase from 2023 to 2024 [2]. - The primary drivers of rising carbon emissions are production expansion and potential increases in energy consumption due to technological upgrades [2]. Policy and Regulation - The Ministry of Industry and Information Technology is set to release guidelines to promote high-quality development in the photovoltaic sector, focusing on resource utilization, energy management, and ESG disclosures [2]. - Regulatory guidance from stock exchanges emphasizes the need for companies to disclose 21 ESG-related topics, including emissions and biodiversity [2]. Product Carbon Footprint - The carbon footprint of photovoltaic products is becoming a critical factor in market competitiveness, with strict requirements in regions like France and South Korea [3]. - 25 companies have disclosed carbon footprint data for over 80 products, while 11 others are working on carbon footprint assessments without disclosing quantitative data [3]. Supply Chain Emissions - Scope 3 emissions from the supply chain account for over 90% of total greenhouse gas emissions for companies focused on photovoltaic components, and over 50% for those producing silicon materials [4]. - 20 companies have disclosed their Scope 3 emissions, with several integrating supplier emissions into their management practices [4][5]. Renewable Energy Utilization - 40 companies reported using renewable energy, totaling 57.1 million megawatt-hours in 2024, resulting in a reduction of over 32.55 million tons of CO2 equivalent [5]. - Companies like Sungrow Power Supply and Tongwei Co. have reported that renewable energy constitutes over 60% of their total energy consumption [5]. Water Resource Management - 80% of companies involved in the production of polysilicon, silicon wafers, and solar cells have disclosed water resource consumption data, with some taking targeted actions based on water resource assessments [6]. - The industry faces challenges in recycling retired photovoltaic components, with predictions of significant volumes of waste starting in 2025 [6][7]. Recycling Challenges - 16 out of 31 companies involved in component production have disclosed efforts in waste component recycling, but the lack of a mandatory recycling mechanism and high costs of recycling technologies pose significant challenges [7]. - The industry is encouraged to adopt a circular economy approach, integrating production, usage, and recycling processes [7].