Group 1 - The core point of the article is that Haotong Technology announced the convening of its seventh board meeting to review documents related to the application for designated delivery warehouses for platinum and palladium futures at the Guangzhou Futures Exchange [1] - For the year 2024, Haotong Technology's revenue composition is as follows: trading accounts for 57.62%, precious metal recycling accounts for 41.34%, new materials account for 0.56%, and other businesses account for 0.47% [1] - As of the report, Haotong Technology has a market capitalization of 4.1 billion yuan [1]

Group 1 - The core viewpoint of the news is that Haotong Technology has shown significant trading activity, with a notable increase in financing buy-ins and a stable stock performance [1] - On October 9, Haotong Technology's stock rose by 4.78%, with a trading volume of 256 million yuan, and a net financing buy of 6.45 million yuan [1] - As of October 9, the total financing and securities lending balance for Haotong Technology is 154 million yuan, which is 3.15% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - As of June 30, Haotong Technology had 12,600 shareholders, an increase of 16.11% from the previous period, with an average of 8,857 circulating shares per shareholder, up by 20.15% [2] - For the first half of 2025, Haotong Technology reported a revenue of 1.347 billion yuan, a year-on-year decrease of 22.13%, while the net profit attributable to shareholders increased by 9.45% to 84.087 million yuan [2] - The company has distributed a total of 169 million yuan in dividends since its A-share listing, with 124 million yuan distributed in the last three years [3] Group 3 - Among the top ten circulating shareholders as of June 30, 2025, Guangfa Ruiyi Leading Mixed A is the third-largest shareholder with 2.8372 million shares, while Guangfa Jufu Mixed is the tenth-largest with 1.4779 million shares, both being new shareholders [3]

Group 1 - The majority of the world's gold comes from resource-rich countries such as South Africa, Russia, China, and Australia, while silver is primarily sourced from Latin American countries like Mexico, Peru, and Chile [2] - These countries' mines extract thousands of tons of ore annually, which is then refined into familiar gold bars and silver ingots [4] - An important alternative source of precious metals is recycling, which is often overlooked compared to mining [4] Group 2 - In China, companies like Pingze Precious Metals focus on extracting gold and silver from "urban mines," which include waste circuit boards, discarded mobile phones, and unused jewelry [6] - This recycling approach is environmentally friendly and sustainable, reducing the need for extensive resource extraction from the Earth [6]

Core Viewpoint - Huayang New Materials (600281) reported a decline in revenue for the first half of 2025, but achieved profitability due to the recovery in the precious metals market and gains from land use rights transfer [1][3]. Financial Performance - The company achieved a total revenue of 150 million yuan, a year-on-year decrease of 9.49% [1][2]. - Profit before tax reached 83.45 million yuan, and net profit attributable to shareholders was 82.13 million yuan, marking a turnaround from losses in the previous year [1]. Business Segment Analysis - The decline in revenue was primarily due to a decrease in sales of biodegradable materials and products, with production capacities for PBAT and modified materials operating at low loads [2]. - The precious metals segment benefited from a rising market, with platinum prices soaring by 47% and palladium prices increasing by 29% in the first half of 2025 [3]. Strategic Developments - The company received a total of 63.93 million yuan from land use rights transfer and compensation, contributing to the profit growth [3]. - The precious metals industry is experiencing increased demand driven by the automotive and electronics sectors, supported by government policies and tax incentives [3]. Risk Management - The company faces risks related to price volatility in the precious metals market, supply instability, and increased competition [4][5]. - The biodegradable materials market's sustainability is dependent on policy support, with current "plastic ban" policies not fully implemented, leading to underutilization of production capacity [5]. Future Outlook - The company plans to leverage the financial attributes of precious metals, explore risk hedging methods, and enhance innovation capabilities [5]. - Efforts will be made to expand the secondary resource recovery business and improve service quality to enhance market competitiveness [5].

Core Insights - The article highlights the competitive landscape of the industrial waste gas treatment equipment industry in China, focusing on companies specializing in precious metal incineration systems and their technological advancements. Company Summaries - **Zhibo Environmental Equipment Co., Ltd.**: Established in 2010 with a registered capital of 120 million yuan, the company specializes in industrial waste gas treatment equipment. Its core products include precious metal incinerators and VOCs treatment systems, achieving a processing efficiency of 99.99% and an annual production capacity exceeding 500 units. The company holds a national invention patent for its "dual-chamber pyrolysis incineration technology," which enhances precious metal recovery rates to over 98% [1] - **Yixing Xinjie Environmental Equipment Co., Ltd.**: Founded in 2008 with a registered capital of 80 million yuan, this company focuses on solid waste treatment and precious metal recovery equipment. Its incinerators have a processing capacity ranging from 50 kg/h to 500 kg/h, with an energy efficiency of over 85%. The company has an annual production capacity of 400 units and exports to over 20 countries [3] - **Yixing Ruixiang Environmental Technology Co., Ltd.**: Established in 2012 with a registered capital of 50 million yuan, the company specializes in hazardous waste disposal equipment. Its incinerators have a processing efficiency of 99.9% and a temperature range of 1100℃ to 1450℃. The company has developed a "dynamic temperature field optimization system" and holds six national patents [4] - **Jiangsu Huahong Environmental Equipment Co., Ltd.**: Founded in 2005 with a registered capital of 60 million yuan, the company focuses on solid waste incineration and resource recovery equipment. Its incinerators utilize fluidized bed combustion technology, achieving a thermal efficiency of 82% and an annual production capacity of 280 units [7] - **Suzhou Tianrui Environmental Technology Co., Ltd.**: Established in 2015 with a registered capital of 30 million yuan, the company specializes in industrial waste gas and hazardous waste treatment. Its incinerators achieve a processing efficiency of 99.8% and a thermal recovery rate of over 80%. The company has an annual production capacity of 200 units [8]

Group 1 - The article highlights the growing importance of ruthenium oxide (RuO₂) in the recycling industry, particularly in Zibo, where overlooked industrial waste is becoming a new opportunity for precious metal recovery [1][2] - Ruthenium oxide is recognized for its high electrical conductivity and chemical stability, making it widely used in various industries such as electronic ceramics, titanium anode coatings, glass coloring agents, and military composite materials [4][5] - Zibo's industrial chain aligns well with the applications of ruthenium oxide, leading to significant amounts of ruthenium-containing waste entering recycling channels annually [5] Group 2 - Typical sources of ruthenium waste in Zibo include retired anode plates from electrode factories and residual materials from glass manufacturing and catalysts, with the metal value per ton often reaching tens of thousands of yuan [9] - The recovery process of ruthenium oxide involves precise analysis and specialized metallurgy techniques, including sample testing, chemical dissolution, reduction precipitation, and final product regeneration [9] - As of August 2025, the recovery prices for ruthenium oxide in Zibo vary based on the ruthenium content, with prices ranging from 80 to 150 yuan per gram depending on the material form and purity [9] Group 3 - Several industrial enterprises in Zibo are profiting from the ruthenium business, with examples including an electronic ceramics factory earning over 100,000 yuan quarterly from waste recovery and intermediaries making substantial profits by connecting electrode factories with recycling companies [10]

Group 1 - The core advantage of ruthenium-iridium-titanium mesh lies in its role as a dimensionally stable anode (DSA), making it indispensable in three key industries [2] - In the chlor-alkali industry, ruthenium-iridium-titanium mesh acts as the anode in electrolysis, converting brine into chlorine gas, hydrogen, and caustic soda, with a lifespan of 3-5 years under harsh conditions [4] - In the renewable energy sector, this mesh is crucial for hydrogen production through water electrolysis, significantly reducing energy consumption and contributing to carbon emission reductions [5] Group 2 - The ruthenium-iridium-titanium mesh has three layers of value when recycled: the precious metal coating, the titanium substrate, and environmental benefits from reduced mining impact [7] - The precious metal coating contains approximately 60%-70% iridium and 30%-40% ruthenium, with a market value of 3000 RMB per gram for iridium and 60 RMB per gram for ruthenium [8] - The titanium substrate, with a purity of over 99.5%, can be recycled and reused, with a recovery price of 50-80 RMB per kilogram [9] Group 3 - The pricing for recycling ruthenium-iridium-titanium mesh is determined by four key factors: coating residue, titanium weight and condition, market prices, and processing costs [10] - The coating residue is assessed using spectral detection, which directly influences the value of the old mesh [11] - Market fluctuations, particularly in iridium prices, can significantly impact the recycling price, with historical peaks affecting potential returns [12]

Core Viewpoint - The precious metal roasting furnace designed and manufactured by Yixing Zhibo Environmental Equipment Co., Ltd. is an advanced device that integrates efficient pyrolysis, automated control, environmental protection emissions, and energy utilization, widely applied in precious metal recovery, electronic waste treatment, and sulfide ore processing [5]. Group 1: Technology Features and Advantages - The furnace operates on the principle of pyrolysis and gasification under oxygen-deficient conditions, effectively decomposing organic materials and converting them into combustible components like CO and CH4, which are then burned in a secondary combustion chamber, achieving an outlet gas temperature of 1100℃±50℃ [3]. - The design minimizes dust generation during the roasting process, significantly reducing the risk of precious metals being carried away by dust, while the micro-negative pressure design further decreases the possibility of dust escape [3]. - The furnace is equipped with PLC or DCS control systems for centralized control, monitoring, and management automation, enhancing operational safety and reducing the need for manual intervention [3]. - The energy recovery system allows for effective heat recovery, such as hot water or steam, while the multi-stage purification process ensures harmful substances in the flue gas are efficiently removed, achieving over 99% removal efficiency for smoke, heavy metals, and dioxins [3][4]. - The furnace is adaptable to various waste shapes and sizes, typically requiring no pre-treatment, and features a drawer-type feeding design for convenient operation [3]. Group 2: Application Areas and Case Studies - The furnace is widely used in the recovery of electronic waste, precious metal catalysts, and sulfide ores containing precious metals [3]. - In electronic waste recovery, the furnace is utilized to remove organic materials and carbon from waste catalysts, enhancing precious metal recovery rates, with a design capacity of 1000 tons per year, operating 330 days a year, 24 hours a day [3]. - During the processing of sulfide ores containing gold and silver, the furnace reacts with lime materials to convert sulfides into calcium sulfate, facilitating efficient sulfur removal and precious metal recovery [3]. - In industrial waste utilization projects, the furnace processes solid waste containing precious metals, such as activated carbon and resin, through high-temperature roasting to remove organic components and recover precious metals [3]. Group 3: Compliance and Safety Standards - The operation of the furnace must comply with strict environmental and safety standards, utilizing the "3T+E" control principle (temperature, residence time, disturbance, and excess air coefficient) to ensure complete combustion of hazardous waste and reduce harmful gas emissions [4]. - The control system is required to have comprehensive alarm and safety interlock functions to ensure timely shutdown in abnormal situations, preventing safety incidents [4].