赶紧预约！2月26号晚8点，《活性污泥法工艺控制》作者-张建丰坐客水圈高手直播间！分享：如何正确使用絮凝剂 当我们扒完2025环保行业的业绩底牌才发现，所谓的"行业寒冬"，不过是一部分人的困境。 过去一年，行业里总会发出这样的声音——有人说项目回款难如登天，有人叹同行内卷卷到亏本，还有人直言"坚守环保赛道，却快被现实逼退"，仿 佛"寒冬"成了行业代名词，"唱衰"成了话题中心。 但真相真的如此吗？ 据Wind数据显示（截至2月6日），A股132家节能环保类上市公司，已有74家公司披露2025年业绩预告。其中，31家公司预告2025年净利润为正，在已披 露公司中占比41.9%；45家公司预计净利润实现同比增长（含18家预计减亏公司），占比60.8%。 也就是说，近一半披露业绩的环保公司，都实现了"赚钱目标"；超过六成的公司，业绩同比正向增长。行业"寒冬"，更像是行业的一次"洗牌"——淘汰落 后产能、挤压泡沫水分，而真正踩中风口、做实内核的公司，反而迎来了爆发期。 我们继续深挖这74家公司的业绩细节，排除那些"靠补贴续命""偶发盈利"的个案，似乎摸到了一些环保公司的"搞钱密码"，就藏在三个关键词里：零碳、 固废以及 ...

Core Insights - The State Council has issued the "Solid Waste Comprehensive Management Action Plan," aiming for an annual comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of main recycled resources by 2030, providing a clear roadmap and timeline for solid waste resource utilization [1] - China's annual generation of various solid waste exceeds 11 billion tons, with historical industrial solid waste storage surpassing 33 billion tons, occupying over 3,500 square kilometers, highlighting the urgency of solid waste management and the potential for resource utilization [1] - Under the "dual carbon" goals, solid waste resource utilization is evolving beyond environmental management to become a key support for enhancing resource security in China [1] Group 1 - The Action Plan emphasizes resource conservation and efficient utilization, focusing on enhancing the comprehensive utilization of major solid waste, improving the recycling level of renewable resources, and promoting the application of recycled materials [1] - The plan requires the use of new technologies, processes, and methods to expand the depth and breadth of solid waste comprehensive utilization [2] - Specific tasks include efficient extraction and overall utilization of valuable components, promoting diversified utilization of coal gangue, and upgrading "urban mineral" demonstration bases [2] Group 2 - The initiative aims to create a dynamic balance between demand-driven supply and supply-creating demand, enhancing the level of solid waste resource utilization [2] - The comprehensive utilization of major solid wastes like coal gangue, red mud, phosphogypsum, and construction waste should adapt to market supply and demand fluctuations for sustainable development [2] - A cautious approach is recommended for solid wastes that are currently difficult to utilize economically, suggesting compliance with sanitary landfilling or ecological disposal methods until conditions for resource recycling are met [2]

近年来，省委、省政府高度重视固体废物治理工作，推动"无废城市"建设，取得显著成效。为进一步推 进固体废物综合治理，建议：一是系统推进源头管控和减量。依法依规淘汰落后产能，大力推行绿色设 计，推动重点行业、重点领域固废产消动态平衡。实行生活垃圾分类管理，构建贯穿规划、建设、运营 全过程的固废源头管控体系。减少农业投入品包装废弃物产生，大力发展循环型生态农业。二是着力提 升资源化利用水平。打造全链条固废资源化循环体系，推进规模化回收、精细化分选和高值化利用。构 建固废处置技术迭代升级体系，设立省级科技攻关项目，支持高校院所和骨干企业布局建设国家级固废 资源化利用技术创新中心，推动成熟技术规模化应用。三是不断完善全过程协同治理。持续开展非法倾 倒处置固废等专项整治。强化各类固废全生命周期信息化监管，建立分类分级管理制度。完善跨区域联 防联治体系，建立"重点行业—重点园区—重点企业"风险防范清单。四是切实加强全要素实施保障。加 快完善法律法规和标准体系，研究制定鼓励使用再生资源的政策。进一步加大固废治理投入，大力发展 绿色信贷、绿色债券。设立省级财政专项基金，为各地推进"无废城市"建设、实施"城市矿山合伙人"计 划提 ...

——嘉华特水研究院"水泥特种兵" 建材青年突击队亮出成绩单 引言 2025年以来，中国建材集团团委围绕产业链建设方向共组建青年突击队158支，经集团党委同意，命名首批66支"创新型突击队"，集团各级青年聚焦国资 央企功能使命、锚定集团新主业新定位，积极承担科技创新、经营管理、两端发力、智转数改、国际拓展等方面重大项目、重点任务，各级青年突击队迎 难而上、攻坚啃硬，以顽强意志破解"卡脖子"、以创新突破打开新局面、以协同合作展现新作为，不断汇聚青年力量，在"材料强国"的主战场践行青春之 志、展现青春作为。 奋战科研一线 贡献青春力量 "青"力出击 挺膺担当 作为集团2025年首批命名的创新型青年突击队，赛马科进青年突击队在党总支带领和党员骨干的"传帮带"下，聚焦固废资源化利用与绿色低碳技术，取得 系列重大突破。团队不仅成功研发气化渣替代天然砂混凝土技术，年消纳固废5万吨、降本超百万元，还创新制备再生骨料透水混凝土，其28天抗压强度 最高达32.5MPa，透水系数12mm/s，性能指标达到行业领先水平。通过承担中央引导地方科技发展专项等重大科研项目，团队构建了"原地处理+本地应 用"的固废协同利用模式，年消纳固废总 ...

Core Viewpoint - Tianyuan Co., Ltd. announced that its wholly-owned subsidiary, Yibin Tianyuan Haifeng and Thai Co., Ltd., plans to construct a new project for an annual production capacity of 100,000 tons of titanium dioxide using the chloride method, with a total investment of 1.483 billion yuan and a construction period of 24 months [1] Group 1 - The project funding will be sourced from self-raised funds, with an investment payback period of 6.26 years (excluding the construction period) [1] - The construction of this project is expected to expand the overall production capacity of titanium dioxide for the company, enhancing its market competitiveness [1] - The project will further increase the proportion of new industries within the company and deepen its integrated circular industrial layout of "chlorine-titanium-phosphorus-iron-lithium" [1] Group 2 - The project is designed to effectively realize the resource utilization of solid waste, aligning with the green development concept and the company's development strategy [1]

Core Points - The company held its 31st meeting of the 10th Board of Directors on November 21, 2025, with all 9 directors present, ensuring compliance with legal and regulatory requirements [1][4] Group 1: Project Adjustments - The Board approved the adjustment of the waste incineration slag resource utilization project, terminating the original Jin Tang project and initiating the dissolution and liquidation of the related company [2][3] - A new joint venture will be established between the company's subsidiary and Chengdu Sino-French Ecological Park Investment Development Co., Ltd. to implement the adjusted project, with a registered capital of RMB 95 million, where the subsidiary holds an 80% stake [2][3] Group 2: Project Details - The new project will be located in Longquanyi District, with a processing capacity of 2,050 tons per day, primarily handling slag from the Wanxing Environmental Power Plant [3] - The total investment for the adjusted project is approximately RMB 317 million, which includes land acquisition and construction of facilities, increasing from the previous project that utilized leased land [3] Group 3: Strategic Impact - The new project location is closer to the power plant, significantly reducing transportation costs and enhancing economic benefits while minimizing environmental risks [3] - The implementation of the slag resource utilization project will strengthen the company's solid waste industry chain, improve waste reduction and resource utilization, and enhance market competitiveness and industry influence [3] Group 4: Water Supply Project - The Board also approved the establishment of a project company by Chengdu Water Co., Ltd. and Chengdu Xinjin Minjiang Ecological Environment Industry Development Group to expand the capacity of the Xinjin Huayuan Water Plant, with an estimated total investment of approximately RMB 1.003 billion [5] - The project aims to create a dual water source system for Chengdu, enhancing water supply security and increasing the company's market share and operational performance [5]

Core Viewpoint - The company, Shangao Environmental Group Co., Ltd., has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, detailing its business and financial conditions. Business Overview - The main business includes the harmless treatment and resource utilization of kitchen organic solid waste and urban clean heating. The revenue for the reporting periods was 1,790.87 million, 2,101.41 million, 1,449.07 million, and 433.95 million yuan, with non-recurring net profits of 79.39 million, -27.51 million, 5.25 million, and 29.66 million yuan, indicating significant fluctuations in both revenue and profit [1]. - In the oil product processing and sales segment, revenue decreased by 42.46% in 2024 due to a strategic shift focusing on enhancing profitability through self-owned capacity. The revenue from energy-saving and environmental protection equipment and related engineering services was 24.77 million, 8.52 million, 0.58 million, and 0 million yuan during the reporting periods. The overseas sales revenue accounted for 45.99%, 59.04%, 46.20%, and 29.68%, with a 50.64% increase in overseas oil revenue in 2023 [2]. Financial Analysis - The company's accounts receivable showed an overall upward trend, while the accounts receivable turnover rate declined. As of March 31, 2025, the book value of other receivables was 44.63 million yuan, with some debts over one year old and involved in litigation, and only 20% bad debt provision was made. The intangible assets, primarily franchise rights, had a book value of 2,049.81 million yuan, while fixed assets were valued at 636.81 million, 593.25 million, 967.86 million, and 940.92 million yuan. The construction in progress had balances of 417.80 million, 610.90 million, 189.20 million, and 193.97 million yuan. In 2024, goodwill impairment losses of 18.97 million yuan were recognized. As of March 31, 2025, the total long and short-term borrowings amounted to 1.983 billion yuan, with long-term payables of 703 million yuan, indicating a consistently high asset-liability ratio [3]. Acquisition and Regulatory Issues - The company plans to acquire a 20% stake in Shandong Henghua Jiaye Environmental Technology Co., Ltd. at a price of 0 yuan, despite the company having negative net assets in 2024. There are several projects that have not yet obtained the necessary permits, and during the reporting period, the company and its subsidiaries faced 24 administrative penalties. There are also issues with incomplete ownership documents for self-owned properties and leased land. The acquisition of 100% equity in Zhengzhou Luyuan Kitchen Waste Treatment Co., Ltd. has seen 49% of the equity registered, while the remaining 51% is still pending [4].

Group 1 - The Shanghai United Property Exchange's Solid Waste Resource Trading Center aims to provide a comprehensive solution for industrial solid waste through information dissemination, transaction facilitation, and supporting services, promoting resource utilization and green development in Shanghai [1][2] - As of November 2024, 315 cities in China reported a total of 93.2 billion tons of solid waste, with general industrial solid waste accounting for 40.8% of this total, amounting to 38.0 billion tons [1] - Major types of general industrial solid waste include tailings, fly ash, coal gangue, smelting slag, and furnace slag, which together represent 62.5% of the total generated [1] Group 2 - The coal power industry generates over 600 million tons of solid waste annually, with fly ash production growing at a rate of 5% per year, and over 60% of this waste is utilized in the construction materials sector [2] - Policies supporting "waste-free city" initiatives, along with tax incentives and regional collaboration mechanisms, are driving companies to accelerate their resource transformation [2] - The establishment of the solid waste resource trading center is a practical step by the Shanghai Trading Group and Shanghai United Property Exchange to support the national "dual carbon" strategy [2][3] Group 3 - Since the trial operation began on May 15, 2023, the platform has facilitated the transaction of 359.8 million tons of solid waste, utilizing a dual-price bidding method [3] - An example of this bidding process includes the sale of gypsum by Huaneng Qinxin Power Co., which had a transfer base price of -16 yuan/ton and was ultimately sold at -6.89 yuan/ton, showcasing innovative market resource allocation [3]

Core Viewpoint - Phosphogypsum, a byproduct of phosphoric acid production, poses significant environmental challenges due to its high accumulation and low utilization rate, while companies like Changyao New Materials are innovating to convert this waste into valuable resources through advanced technologies [1][2][4][5]. Group 1: Industry Overview - Phosphorus, ranked 15th in the periodic table, is essential for life and modern industry, used in fertilizers, lithium batteries, flame retardants, and construction materials [1]. - The global stockpile of phosphogypsum has reached 6 billion tons, with an annual increase of approximately 15 million tons, and China's stockpile is 870 million tons, growing at about 8 million tons per year [2][3][4]. - Phosphogypsum is produced at a rate of 4 to 5 tons for every ton of phosphate fertilizer, leading to significant environmental burdens [1][3]. Group 2: Company Profile - Changyao New Materials, located in Yichang, Hubei, is recognized as a key player in the industry, supplying high-quality electric poles and developing innovative technologies for phosphogypsum utilization [1][5][6]. - The company has transitioned from a state-owned enterprise focused on electric poles to a leader in solid waste resource utilization, producing over 100 types of products across various sectors [15][16]. - Changyao New Materials has developed a new method for treating phosphogypsum, achieving a high utilization rate and creating eco-friendly construction materials [10][11]. Group 3: Technological Innovations - The company has pioneered a novel non-harmful treatment technology that neutralizes harmful components in phosphogypsum, allowing for its use in construction materials with over 80% phosphogypsum content [10][12]. - Changyao's innovations include the development of high-performance water-hardening cementitious materials and lightweight aggregates, which can replace traditional materials in construction [11][12][17]. - The company has established partnerships with top universities and research institutions to enhance its technological capabilities and has been recognized for its contributions to the industry [16][17]. Group 4: Environmental Impact and Future Goals - Changyao New Materials aims to address the environmental challenges posed by phosphogypsum by promoting its resource utilization, contributing to sustainable development in the chemical and construction industries [17]. - The company has successfully applied its materials in numerous infrastructure projects, demonstrating their effectiveness and gaining recognition from national authorities [13][17]. - The long-term vision includes fostering industry-wide collaboration to tackle the phosphogypsum issue, ensuring a sustainable future for the environment and the community [15][16].

Core Viewpoint - The "14th Five-Year Plan for Green Transportation" encourages the large-scale application of industrial solid waste in transportation construction, highlighting significant breakthroughs in the resource utilization of solid waste in the road transportation sector [1][5]. Group 1: Policy and Implementation - The Ministry of Transport has approved the completion of the pilot task for "Research and Industrial Application of Solid Waste Resource Utilization Technology," achieving all expected goals [1][2]. - The pilot project has established a comprehensive solution for the application of solid waste in road construction, effectively controlling environmental risks associated with solid waste [2][3]. Group 2: Achievements and Impact - Since the implementation of the pilot, a total of 493 million tons of various solid waste have been utilized across 102 kilometers of demonstration roads, resulting in a reduction of construction material costs by 500 million yuan and a decrease in carbon emissions by 61,000 tons [3]. - The pilot has successfully created a closed-loop system for solid waste resource utilization in road construction, covering the entire process from raw material selection to quality control [3]. Group 3: Technological Innovations - The research institute has developed innovative technologies for the resource utilization of phosphogypsum and electrolytic manganese slag, achieving significant breakthroughs in construction processes and establishing performance databases [4]. - Various special geotechnical treatment technologies have been developed and successfully applied in different climatic regions, addressing local solid waste material challenges [4]. Group 4: Local Initiatives - Jiangxi Province has pioneered the development of local standards for the use of lithium slag in roadbed engineering, resulting in cost savings exceeding 3 million yuan and a reduction in carbon emissions by 480 tons [5]. - Shanxi Province has effectively utilized over 200,000 tons of sandstone waste in road construction, significantly reducing costs and land occupation for waste storage [5].