将海南自贸港政策、RCEP规则与国内设备更新行动相结合的新业态模式，正展现出巨大的发展潜力。 在全球贸易格局深刻变革、绿色循环经济方兴未艾的当下，如何依托国际规则与国内政策，培育外贸新 动能，已成为中国推进高水平对外开放的重要课题。 吗，根据官方部署，海南自贸港全岛封关运作将 于2025年12月18日正式启动，标志着这片改革开放试验田将迎来历史性一跃。 首先，海南自贸港提供了理想的政策与物理空间。在海南的综合保税区内，企业可以享受零关税或低关 税进口国外废旧或闲置的高价值零部件（如飞机发动机、重型机械变速箱等），利用先进的再制造技术 使其恢复甚至超越原有性能。同时，国内设备更新行动中产生的大量淘汰设备，也可以集中到海南进行 绿色循环利用。海南自贸港的企业所得税优惠（减按15%征收）、加工增值内销免关税等政策，为再制 造产业聚集提供了强有力的成本优势。 其次，RCEP规则为再制造产品打开了广阔的出口市场。RCEP引入了重要的"原产地累积规则"，即来 自RCEP任何成员国的价值成分都可以被累计计算。当一款在海南经过再制造的产品，其包含的RCEP 区域内价值成分累计超过40%，即可被视为RCEP原产货物，在出口至其 ...

新迅达（300518.SZ）11月21日在投资者互动平台表示，项目公司南宁盛鑫新能源有限公司"年产30万吨 硫酸绿色循环经济项目"正有序推进，公司未来将严格按照相关法律法规，及时履行信息披露义务，具 体进展请您留意公司公告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：8月份南宁日报报道，贵公司参与的30万吨硫酸绿色循 环经济项目正在建设。现在十一月中下旬了，请问主体建筑是否竣工？12月完成系统联调的目标有无变 化？ ...

近日，工商银行柳州分行成功落地金属类回收反向开票"回收云"业务，有效解决了废旧物资回收行业的 财税合规难题，帮助企业显著提升运营效率。 企业仅用操作一次即可通过平台完成线上客户货款支付、企业税款缴纳、增值税专用发票开具等整套财 务流程，实现财税处理的全线上化、自动化，显著提升运营效率、有效降低成本，获得了企业的高度认 可。自9月投产以来，该行已成功落地3个"回收云"项目，并开具了约1.2万元金额的专项发票。 随着资源再生行业的快速发展，企业在向自然人收购废旧物资时，常因对方无法提供增值税专用发票而 面临财税处理难题。根据国家税务总局公开的《关于资源回收企业向自然人报废产品出售者"反向开 票"有关事项的公告》，允许资源回收企业向自然人报废产品出售者"反向开票"，即发票的开具流程与 常规流程相反，由购买方（付款方）向销售方（收款方）开具发票。从而解决资源回收企业此前因难以 获取首张发票而导致的实质增加税负问题，不仅降低了企业成本，更有力提升了国民经济循环质效。 在现有反向开票模式下，回收企业需先行支付货款，整理账单并上传至税务系统，再依据适用税率将税 款缴纳至税务机关指定账户。完成上述流程后，企业还需手工开具增值 ...

从临港绿色石化到海上风电、从海洋牧场到海工装备，揭阳现代海洋产业聚合成势，大步向新向绿向强 而行。 炼化明珠 碧海蓝天间，罐塔林立、管道纵横。深入广东省面积最大的石化工业园区——揭阳大南海石化工业区， 置身于一眼望不到边的钢铁丛林，却闻不到传统化工园区常有的异味。 "大、新、绿，是我们项目的3个特色。"来到园区"超级链主"、总投资超702亿元的中石油广东石化炼化 一体化项目这里，广东石化有限责任公司企业文化部主任杨昕告诉记者，这个中石油一次性投资规模最 大的炼化项目，从2023年投产至今，已加工原油5000多万吨、销售产品4000多万吨。 如此大规模的炼厂，竟看不到车水马龙的生产场景。在中心控制室的炼油操作大厅，员工可对各种现场 装置进行监测和操作。杨昕介绍，目前炼厂员工有2100人，约为传统炼厂的十分之一。这个无信息孤岛 的云原生智能工厂，已入选国家智能制造示范工厂揭榜单位。在绿色循环理念指引下，项目还配备了全 国最大规模的污水处理厂，污水回用率超70%，氨氮等外排达标率100%，芳烃、乙烯及全流程能耗均 达到国内标杆水平。 来到南海之滨的广东揭阳，绵延的海岸线旁，从各地运来的劣质重油、废塑料变废为宝，转化 ...

Core Viewpoint - The article emphasizes the importance of food security as a foundation for national security, highlighting the successful transformation of Binzhou City in Shandong Province into a national model for grain industry economic development through comprehensive efforts across the entire industry chain [1] Group 1: Agricultural Production and Innovation - Binzhou City achieved a historical high grain yield of 435.52 kg per mu in 2024, with per capita grain production nearly double the national average [1] - The city has cultivated 201 large-scale grain and oil processing enterprises, with an annual processing capacity exceeding 15 million tons, which is more than four times the total grain production [1] - The city has implemented advanced agricultural practices, achieving a 99% coverage rate of quality seeds and introducing high-yield wheat varieties with yields reaching 647.5 kg per mu [2][3] Group 2: Industry Chain Development - Binzhou has developed a clustered approach to grain processing, focusing on corn, wheat, soybeans, and sesame, with over 600 products derived from a single grain [3] - The city has established a comprehensive wheat industry chain, from seed breeding to deep processing, creating the longest and most complete chain in the country [3] - The integration of primary, secondary, and tertiary industries has strengthened the resilience of the grain industry, with significant contributions from leading enterprises [8] Group 3: Value Chain Optimization - The city has focused on high-value utilization, with several products leading the national market in terms of production capacity and market share [4] - A circular economy model has been adopted, enhancing the comprehensive utilization rate of raw materials and increasing efficiency [4] - Binzhou has developed a public brand for grain and oil products, significantly boosting brand value and market presence [4] Group 4: Supply Chain Efficiency - Infrastructure investments have improved storage and transportation capabilities, with the establishment of key logistics hubs and a grain emergency supply system [6] - The city has created a robust supply network to ensure food security, with emergency supply points established in every town and community [6] Group 5: Innovation and Collaboration - Binzhou has partnered with national research institutions to drive innovation in grain processing, achieving a comprehensive utilization rate of 98% [7] - The city promotes standardization and quality control in grain supply, with a low grain storage loss rate of approximately 0.4% [7] - The expansion of sales networks and e-commerce has enhanced product accessibility and market reach [7]

Core Insights - The article discusses the transformation of tailings from the Shilu Iron Mine in Hainan Province into valuable products, highlighting the efforts of Hainan Haigang Group and local enterprises in utilizing solid waste effectively [1][2][3] Group 1: Tailings Utilization - The Shilu Iron Mine has produced approximately 300 million tons of tailings, accounting for over 90% of Hainan's total tailings, which were previously underutilized due to technological limitations [1] - The processing of tailings has led to the production of five product forms: block ore, powder ore, crushed stone, manufactured sand, and tail mud, through various stages of crushing and separation [1][2] Group 2: Economic Impact - In 2024, the comprehensive processing of tailings in Changjiang County is expected to exceed 8 million tons, generating nearly 600 million yuan in revenue, with projections for 2025 reaching 10 million tons and nearly 700 million yuan [2] - The initiative is anticipated to create stable employment for over a thousand individuals, contributing to local economic development [2] Group 3: Environmental and Technological Innovations - The project aims to address the challenges of tail mud utilization, with a new project set to produce low-carbon cement and eco-friendly wall materials, utilizing innovative production techniques [3] - The establishment of a green circular industry park in Changjiang County is underway, focusing on sustainable practices and attracting multiple enterprises to enhance the recycling economy [3] Group 4: Policy and Strategic Goals - Changjiang County is a pilot for the national "waste-free city" initiative, emphasizing the importance of solid waste recycling and the development of a circular economy [2][3] - The efforts to convert tailings into valuable resources represent a strategic shift towards innovation-driven and environmentally sustainable industrial practices [3]

Core Viewpoint - In a volatile precious metals market and a restructured global supply chain, the company has effectively managed operational risks through deep utilization of futures tools, enhancing the risk resilience of the entire industry chain [1] Group 1: Risk Management Strategies - The company's journey into futures hedging began in 2009, driven by the financial crisis of 2008, which led to significant losses and prompted a shift from passive risk acceptance to active market risk management [2] - The company has implemented a comprehensive hedging strategy covering most precious metal raw materials, establishing strict exposure management systems to lock in costs and ensure profit margins [2][3] - The hedging practices have evolved from single-hedge approaches to a systematic capability, integrating hedging into the entire business process and utilizing a digital system for enhanced management [4] Group 2: Financial Performance and Disclosure - The company reported a 147.32% year-on-year increase in net profit for Q3 2022, partly attributed to effective hedging that mitigated cost increases [5] - Recommendations for financial disclosure include quantifying the financial impact of hedging in regular reports and providing risk alerts on interactive platforms to inform investors about the limitations of hedging [5][6] Group 3: Industry Position and Future Outlook - As a leading player in the precious metals industry, the company is actively involved in the silver futures market and is working towards international certification to enhance its global competitiveness [7] - The company advocates for the introduction of futures for platinum and palladium to reduce transaction costs and risks, thereby enhancing China's pricing power in the global precious metals market [8] - The company emphasizes the need for a differentiated margin system and improved delivery systems to alleviate financial pressures and promote sustainable practices in the precious metals industry [8][9]

Core Insights - The company achieved a revenue of 5.373 billion yuan (+7.16%) and a net profit attributable to shareholders of 516 million yuan (+161.81%) in the first three quarters of 2025, with a basic EPS of 0.38 yuan [1] - The company is expanding its production capacity and has a strong order backlog for Q4 2025, driven by market expansion and operational efficiency improvements [1][4] - The establishment of new business units, such as the robot motor rotor R&D center and rubber soft magnetic division, indicates a strategic focus on innovation and product diversification [3][4] Financial Performance - The company's gross margin and net margin for the first three quarters of 2025 were 19.49% and 9.76%, respectively, showing significant year-on-year improvements [2] - In Q3 2025, the gross margin and net margin improved to 25.31% and 11.51%, respectively, primarily due to rising prices of light rare earth materials and effective cost management [2] Product and Market Development - Revenue from the new energy vehicle and auto parts sector reached 2.615 billion yuan, with a year-on-year sales volume increase of 23.46% [1] - The company has established a rubber soft magnetic division and is investing in an intelligent production line, enhancing its product offerings and sustainability efforts [3][4] Capacity Expansion and Future Outlook - The company aims to achieve an annual production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025, with ongoing investments in production lines for robot motor rotors [4] - Forecasts suggest that the company will achieve revenues of 7.57 billion yuan, 9.23 billion yuan, and 11.87 billion yuan in 2025, 2026, and 2027, respectively, with significant growth in net profit [4]

Core Insights - The company has implemented a flexible inventory management strategy to dynamically adjust its inventory based on market conditions and rare earth price forecasts, which is expected to enhance profit stability and sustainability [1] - The establishment of a rubber soft magnetic division is anticipated to create synergies with existing product lines, improving operational efficiency and profitability while adhering to green circular economy principles [2] - The company maintains a positive outlook on its earnings per share for 2025-2027, with a target price based on a 51 times price-to-earnings ratio for 2026 [3] Group 1: Inventory Management - The company reported a decrease in inventory balance from 30.93 billion yuan in Q2 2025 to 28.5 billion yuan in Q3 2025, indicating a proactive approach to inventory management [1] - The average price of praseodymium-neodymium oxide increased by 27.34% from 450,200 yuan per ton in Q2 2025 to 573,400 yuan per ton in Q3 2025, reflecting the company's ability to navigate price fluctuations [1] Group 2: Rubber Soft Magnetic Business - The company has launched a rubber soft magnetic division and is investing in an intelligent production line, which is expected to complement existing product offerings and enhance customer solutions [2] - The gross margin has improved to 19.49%, a 9.46 percentage point increase year-on-year, driven by steady capacity release and strong sales in the electric vehicle and energy-efficient air conditioning sectors [2] Group 3: Earnings Forecast and Valuation - The projected earnings per share for the company are 0.59 yuan, 0.82 yuan, and 1.02 yuan for the years 2025, 2026, and 2027 respectively [3] - The target price of 41.82 yuan is based on a valuation of 51 times the estimated earnings for 2026, supporting a buy rating for the company's stock [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company has implemented a flexible inventory management strategy to respond to fluctuations in rare earth material prices, which has positively impacted profit stability [9]. - The establishment of a rubber soft magnetic division is expected to create synergies and enhance operational efficiency [9]. - The gross profit margin has shown a steady increase, reaching 19.49% in the first three quarters of the year, with expectations for continued stability and potential further improvement [9]. Financial Performance Summary - Revenue projections for 2023A to 2027E are as follows: 6,688 million, 6,763 million, 9,511 million, 13,186 million, and 17,882 million, respectively, with growth rates of -6.7%, 1.1%, 40.6%, 38.6%, and 35.6% [4][11]. - Operating profit is forecasted to increase significantly from 619 million in 2023A to 1,508 million in 2027E, with growth rates of -19.5%, -48.5%, 173.8%, 38.3%, and 24.8% [4][11]. - Net profit attributable to the parent company is expected to rise from 564 million in 2023A to 1,397 million in 2027E, with growth rates of -19.8%, -48.4%, 178.8%, 38.0%, and 24.8% [4][11]. - Earnings per share are projected to grow from 0.41 yuan in 2023A to 1.02 yuan in 2027E [4][11]. Valuation Metrics - The report estimates a reasonable valuation level for the company at a 51x price-to-earnings ratio for 2026, corresponding to a target price of 41.82 yuan [3][5]. - The company's current price-to-earnings ratio is 97.7 for 2023A, decreasing to 39.4 by 2027E [4][11]. - The price-to-book ratio is projected to decline from 7.8 in 2023A to 5.8 in 2027E [4][11].