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].

打造"无废集团" 迈向"三零"目标 在烟台八角湾畔，万华化学工业园区的轮廓在晨雾中逐渐清晰。这里没有传统化工区的刺鼻气味，取而 代之的是海风与草木的自然气息——这一切都源于万华化学集团股份有限公司10年间构建的绿色治理体 系。 在环保观念深入人心、绿色发展成为主旋律的时代背景下，万华化学始终将可持续发展理念融入企业战 略，全力挖掘每一滴废液、每一缕废气、每一片固废背后蕴藏的巨大潜力，积极投身"无废集团"建设， 通过系统性创新和全产业链协同，在环境保护、资源循环利用和碳减排等领域取得了令人瞩目的成就， 为化工产业可持续发展探索全新范式。 打造全新水资源管理模式 在万华化学水处理中心控制室里，一条代表着水质变化的数据曲线在屏幕上平稳跃动，仿佛在讲述着一 个关于从城市污水到工业清泉的蜕变故事。 水资源短缺是全球面临的重大挑战之一，尤其对于化工这类高耗水行业而言，如何实现水资源的高效利 用至关重要。万华化学积极探索水资源创新利用的新路径，通过与地方政府和专业机构的深度合作，构 建了城市污水再生利用的全新模式。 在烟台市政府的支持下，万华化学与烟台市城市排水服务中心、烟台市套子湾污水处理有限公司共同投 资成立了烟台市再 ...

用于汽车驱动马达等的钕磁铁 日本的重稀土100%依赖中国。此次中国限制出口的镝和铽被用于提高磁铁的耐热性，据悉现 阶段"很难实现采购来源多样化"。为了摆脱对中国的依赖，日本的钕磁铁厂商除了确保稀土 库存之外，还采取了2大措施…… 名为钕磁铁的强力磁铁是纯电动汽车（EV）和混合动力汽车（HV）的驱动马达中不可缺少的 零部件。由稀土之一的钕、铁、硼等物质制成。 钕磁铁技术源自日本 通过削减原料和回收利用节约稀土 一个是削减原料。Proterial和信越化学通过将重稀土高效地使用在磁铁内等措施，即使少量 使用也能产生耐高温性和强磁力。据称在Proterial，重稀土的使用量与2000年前后相比减少 到10分之1。 大同特殊钢开发出不使用重稀土的磁铁，2016年起被本田的混动车等采用。混动车的驱动马 达使用不含重稀土的磁铁在世界上很罕见。 不过，在耐热性、磁力特性方面还比不上使用重稀土的磁铁。需要变更搭载的马达的形状和 冷却方法等，不含重稀土的磁铁要普及还存在课题。大同特殊钢表示，"也有客户从中长期角 度出发，考虑开发并提出咨询"。该公司将继续推进技术开发，包括在制造工艺下功夫，以及 进行有助于提高马达效率的结构变更 ...

Core Insights - The event "Lychee Fragrance Nanshan: A Global Perspective" was organized to promote cross-cultural connections and resource integration among foreign enterprises and expatriates in Nanshan District, Shenzhen [1][3][5] Group 1: Event Overview - The lychee picking event took place on June 21, featuring participation from local government officials and representatives from various foreign companies [1][3] - The event aimed to provide a relaxed social setting for foreign enterprises and expatriates to engage and network [3][5] Group 2: Internationalization of Nanshan - Nanshan is recognized as one of the most internationalized districts in Shenzhen, attracting a significant number of foreign residents and businesses [6][8] - As of February 2025, Nanshan is home to 14,500 expatriates from 156 countries, accounting for nearly 40% of the city's foreign population [6] - The district has over 23,900 foreign enterprises with a registered capital exceeding 1.16 trillion RMB, including more than 40 Fortune 500 companies [8] Group 3: Global Service Center - The Global Service Center, established in Nanshan, has facilitated connections for 176 service providers and 126 outbound demand enterprises within two months of operation [9][10] - The center offers a comprehensive range of services, including market research, legal compliance, and brand marketing, to support companies in their internationalization efforts [9][10] - It has successfully attracted international organizations and established partnerships with various global trade promotion agencies [10][11] Group 4: Economic Impact - The activities and services provided by the Global Service Center are contributing to the formation of a new economic landscape characterized by openness and connectivity [11][13] - Nanshan is positioning itself as a hub for international business opportunities and cultural exchange, showcasing a model of modernization in China [13]

Core Viewpoint - The Chinese chlorotoluene market is experiencing a significant shift due to domestic production capacity increases and technological advancements, leading to reduced import dependency and export challenges due to global economic slowdowns and trade barriers [1][13]. Industry Overview - Chlorotoluene is an organic compound with the formula C7H7Cl, characterized by its colorless liquid state and specific chemical properties [2]. - The industry has evolved through four main stages: initial reliance on imports, rapid domestic capacity expansion, high growth driven by downstream demand, and a current phase of optimization and competition [4][5][6]. Industry Development History - From 1970 to 2005, the industry was in its infancy, with limited domestic production and high reliance on imports [4]. - Between 2005 and 2010, domestic production capacity surged from 50,000 tons/year to 130,000 tons/year, making China the largest producer globally [5]. - The period from 2010 to 2015 saw continued growth, with consumption reaching 180,000 tons in 2013, driven by advancements in production technology and increased demand from agriculture and pharmaceuticals [5]. - Since 2015, the industry has entered a mature phase, focusing on technological upgrades and environmental sustainability [6]. Industry Chain - The upstream of the chlorotoluene industry includes raw materials like toluene and chlorine, while the downstream applications span pharmaceuticals, pesticides, and new materials [8]. Import and Export Situation - In the first four months of 2025, China imported 1 kg of chlorotoluene, with an import value of $13, a 72.92% decrease year-on-year [13]. - Exports during the same period totaled 75,800 kg, with a value of $78,216, reflecting a 76.52% decline in quantity and a 76.99% decline in value [13]. Key Companies' Performance - Wehua New Materials is a leading player in the chlorotoluene market, leveraging a complete supply chain and advanced technology to maintain a competitive edge [15]. - Anhui Haihua Technology holds a significant market share with over 50,000 tons/year production capacity, benefiting from integrated production processes [19]. - Jiangsu Changjiang Fine Chemical is recognized for its technological advancements and plans for capacity expansion [17]. Industry Development Trends 1. **Capacity Expansion and Technological Upgrades**: The industry is poised for growth driven by increased demand in agriculture, pharmaceuticals, and new materials, with companies like Anhui Haihua planning to enhance production capacity [20]. 2. **Structural Adjustment in Downstream Demand**: The demand for chlorotoluene is shifting towards high-end applications, particularly in pharmaceuticals and new materials, with significant growth potential in electric vehicle battery materials [22]. 3. **Green and Sustainable Development**: The industry is increasingly focusing on environmentally friendly production methods, with companies implementing waste reduction and energy efficiency measures [23].

联合国秘书长古特雷斯22日在安理会就美国打击伊朗核设施召开的紧急公开会上警告，局势可能进入循 环报复的"无底洞"。他敦促通过外交途径解决伊朗核问题。（新华社） ...

昆明市房地产开发与经纪协会常务副秘书长刘践在接受南博会组委会专访时表示，南博会期间，昆明房 协联合10家会员企业携29个精品房地产项目，在旅居云南馆设立昆明"好房子"楼盘推介展区，充分借助 南博会的广阔平台，全面展示了昆明的城市价值以及房地产行业的创新发展成果。通过搭建昆明优质楼 盘与置业者之间的高效沟通桥梁，精准对接市场需求，有效推动了高品质房地产项目的销售进程，促进 昆明房地产市场的稳健平稳发展，同时也进一步提升了昆明的城市居住品质与国际形象。 开屏新闻记者 张霞 唐浩博 杨德美 一审 钟国华 责任编辑 吕世成 陈洁 责任校对 杨飏 6月21日，由昆明市房地产开发与经纪协会精心筹备的"昆明城市价值解读暨'好房子'楼盘推介活动"， 在10号旅居云南馆"住在云南"展区成功举办。活动吸引了现场观众及众多业内人士的热情参与，行业主 管部门领导和媒体记者受邀参会。 昆明房地产开发与经纪协会房地产主播专委会副主任刘海风在昆明国际中心城市建设与房地产业协同发 展解读中指出，昆明凭借"一带一路"关键节点的战略地位，以及"中国春城、国家战略支点城市"定位， 通过"一枢纽、四中心"建设，依托中老、中泰等泛亚铁路建设推进，加速 ...