振华股份 20260108 摘要 振华股份投资 30 亿元在重庆新建铬盐基地，旨在成为全球单体最大铬 盐厂，提升装置先进性和优化产品结构，资金来源包括政府补偿、搬迁 补贴及公司自由现金流。 新建基地硫酸项目通过液体硫磺制硫酸，副产热蒸汽，降低生产成本并 实现热电联产，提高经济效益，未来将成为余热利用核心，提高生产效 率。 维生素 K3 连产氧化铬绿工艺是振华股份独有技术，将重铬酸钠废料提 纯为高纯度氧化铬绿，用于冶炼金属铬，实现资源最大化利用，提升经 济效益，年产量预计 7.4 万吨。 公司氧化铬绿生产具备规模和技术先发优势，计划年产 7.4 万吨，可制 备约 4.3 万吨金属铬，实际产量将根据市场情况调整，目前正通过再融 资分享该项目。 公司主要产品价格随市场基本面变化及时调整，通常降价迅速，涨价较 慢。12 月大部分化合物价格已达预期，但金属铬因社会库存和低价订单 尚未完全达到预期水平。 维生素 K3 连产氧化铬绿工艺有哪些独特之处？ 维生素 K3 连产氧化铬绿工艺具有独特优势，一吨维生素 K3 大约消耗 10 吨重 铬酸钠，但这些重铬酸钠并不直接附着在维生素 K3 上，而是在反应过程中作 为氧化剂使用后 ...

丨2026年1月5日星期一丨 （文章来源：每日经济新闻） 1月4日，龙蟠科技公告称，公司控股子公司常州锂源拟与江苏省金坛华罗庚高新技术产业开发区管理委 员会签署合作协议，投资建设高性能锂电池正极材料项目，项目计划总投资不超过20亿元，拟由常州锂 源的全资子公司锂源（江苏）科技有限公司实施，分两期建设，其中一期计划建设12万吨磷酸铁锂产 能。项目实施可能存在项目审批、建设进度、投资金额等风险。 点评：本次扩产与头部电池客户长协订单相匹配，有助于提升交付能力、优化成本结构，巩固公司在高 性能磷酸铁锂领域的龙头地位。不过行业竞争加剧，项目也存在审批、建设节奏及需求波动等风险，需 持续关注产能利用率与价格走势。 NO.3 方大炭素：终止参与杉杉集团及其全资子公司实质合并重整 1月4日，方大炭素公告称，公司于2025年11月24日召开董事会会议，同意参与杉杉集团有限公司及其全 资子公司宁波朋泽贸易有限公司的实质合并重整投资人招募。然而，由于尽职调查时间短、不充分，无 法对标的资产做出合理价值判断。同时，结合公司在新材料、新能源领域的战略规划，公司决定终止参 与重整事项。这一决定不会对公司的生产经营及财务状况产生不利影响 ...

证券日报网12月30日讯，芳源股份在接受调研者提问时表示，公司已经把提升回收料在原材料结构中的 占比确立为经营战略目标之一，逐步加大对电池废料、含镍钴锂回收料的采购和使用。今年公司硫酸 钴、碳酸锂等产品已经主要使用回收料进行生产，公司也会根据不同种类原料的价格优势情况，平衡回 收料和矿料的使用比例。 ...

新华社北京12月26日电 题：13个重点领域294项国家标准发布 "两新"标准提升行动圆满收官 新华社记者赵文君 围绕废旧产品回收、拆解、再生利用等关键环节，组织制修订家电、家具、电子产品、光伏、风 电、动力电池等66项资源回收利用国家标准，引导产品设计时就考虑易回收、易再生，规范产品回收时 要科学拆解再利用，打通全链条循环畅通的堵点卡点。 例如，出台电子产品信息清除强制性国家标准，明确技术要求和各方责任，保障二手产品流通安全 与隐私保护。发布12项动力电池回收利用国家标准，构建涵盖拆解、余能检测、再生利用等环节的国家 标准体系，促进镍、钴、锂等战略资源高效回收利用。 中国轻工业联合会副会长刘江毅表示，在国家稳增长、促消费系列政策的协同支持下，标准的发布 实施，不仅为消费品以旧换新政策落地见效提供了坚实支撑，更有效驱动轻工行业实现转型升级。 刘江毅介绍，家用电器性能品质、创新品类等标准，有效支撑以旧换新政策落地。今年1至11月， 我国家电以旧换新超1.28亿台，带动相关商品销售额超2.5万亿元。家用电器回收服务等标准，规范回收 处置流程，提升废旧家电的回收效率和资源利用率。今年1至10月，我国规范拆解电视机、 ...

Group 1 - The ecological environment code draft is China's second law named as a "code," focusing on judicial guarantees for ecological environment protection [1][2] - The draft emphasizes the responsibilities of the People's Court and People's Procuratorate in ecological environment protection, enhancing the compensation and public interest litigation systems [2] - The draft introduces a credit repair mechanism for enterprises correcting their dishonest behavior, allowing them to apply for credit restoration [2] Group 2 - The pollution prevention section has been improved to regulate the burning of straw and leaves, and to strengthen the supervision of solid waste transfer across provinces [3] - The draft includes provisions for controlled nuclear fusion radioactive pollution prevention, establishing a management system for fusion fuel and facilities [3][4] - In emergency situations causing damage to wildlife, the draft states that no legal responsibility will be incurred [4] Group 3 - The draft includes new regulations to promote agricultural water conservation and improve irrigation efficiency [5] - It emphasizes the importance of the "Three North" project for ecological protection and restoration [5] Group 4 - The draft aims to enhance the development and utilization of renewable energy, supporting both centralized and distributed energy sources [6][7] - It outlines the establishment of a green and low-carbon policy framework, promoting a circular economy and resource recycling [6] Group 5 - The draft adjusts legal responsibilities to ensure consistency across similar violations, enhancing penalties for radioactive pollution [9][10] - It proposes modifications to the ecological environment damage compensation litigation system, allowing only the People's Procuratorate to initiate lawsuits if the government fails to act [10]

"活多的时候，一天接二三十单，最晚做到凌晨一点。"卢林雨一边利索地拆绒一边说。夫妻俩从温 州泰顺来，靠家传手艺在杭州扎根近三十年，如今已是市场里的"明星店主"。 与想象中不同，改制并非简单缝合，背后是一道道精细的工序。 "最麻烦、最费时的就是拆绒，差不多要一个多小时。"陈小宝拿起一件旧羽绒服，用刀刮开内胆衬 布，如同吸尘器的原理，用一根管道将四散的羽绒收集到一起。拆出的羽绒并非直接使用。它们被送入 一台专业的消毒机器，经过20分钟紫外线杀菌，再过滤掉灰尘杂质，成为洁白蓬松的"原绒"。 "三件羽绒服，拆出的绒就够做一斤多的春秋款被子了。但冬被需要的羽绒服更多，平均需要七八 件，具体情况视衣服充绒量和顾客需求定。"陈小宝介绍，拆绒消杀后会称重，不够的话，店内也提供 羽绒购买。 充绒是另一个关键步骤，羽绒被套主要有42格和56格"豆腐块"的型号，他们会根据顾客要求的被子 尺寸和厚度，将这些"原绒"精准称重，再通过专用设备充入被壳中。 从拆解到成品，一床被子需耗费约三小时，包含被套在内的费用在400元左右。正在取货的林阿姨 算了一笔账：一床品牌羽绒被动辄上千元，而改制费才几百元，而且能够回收利用旧衣服，实在很值。 这 ...

Group 1 - The central government emphasizes the importance of standardized dismantling and resource recovery of waste electromechanical products and equipment, with over 90 dismantling enterprises supported by special funds, achieving an annual standardized dismantling capacity of approximately 180 million units [1] - In 2024, the standardized dismantling of waste "four machines and one brain" is expected to reach about 95 million units, with actual dismantling volume around half of the capacity, yielding nearly 2 million tons of recycled resources [1] - From January to October this year, approximately 86 million units were standardized for dismantling, resulting in about 1.9 million tons of recycled resources [1] Group 2 - There are over 1,900 qualified waste motor vehicle recycling and dismantling enterprises nationwide, with a projected recycling volume of 846,000 vehicles in 2024, representing a 64% year-on-year increase [2] - The recycling and utilization capacity for "new three types" of retired equipment, such as power batteries, photovoltaic panels, and wind turbine blades, has improved rapidly, but there are significant discrepancies in future predictions due to secondary market utilization [2] - By 2030, it is estimated that waste photovoltaic components will reach 1.5 to 2 million tons, waste wind turbine blades about 500,000 tons, and waste power batteries around 1 million tons, with recycling demand gradually increasing [2] Group 3 - The Ministry of Ecology and Environment plans to enhance environmental supervision and promote standardized recycling and dismantling of waste electromechanical products to prevent environmental pollution and encourage resource recovery [2] - The government is working on improving pollution control technology standards, including revising existing guidelines and developing new ones for various waste products [3] - There will be increased enforcement against environmental violations and a focus on integrating illegal dismantling activities into broader solid waste management initiatives [3]

Core Insights - The upcoming retirement of new energy equipment, including waste power batteries, solar panels, and wind turbine blades, is projected to create significant waste management challenges in China by 2030, with estimates of 1.5 to 2 million tons of waste solar panels, 500,000 tons of waste wind turbine blades, and 1 million tons of waste power batteries [1][2][3] Waste Management and Recycling Capacity - China's recycling capacity for waste solar panels and wind turbine blades is approximately 2 million tons and 1 million tons, respectively, which exceeds the projected retirement volumes, leading to a situation where recycling companies often face underutilization [2][3] - The Ministry of Ecology and Environment (MEE) has reported that there are 148 qualified companies for comprehensive utilization of waste power batteries, with a total recycling capacity of 2.5 million tons [2] Regulatory Framework and Support - Since the suspension of the "Four Machines and One Brain" fund on January 1, 2022, the Ministry of Finance has continued to allocate special funds to support compliant dismantling enterprises through a reward and subsidy mechanism [2][3] - The MEE is enhancing regulatory oversight of dismantling enterprises to prevent environmental pollution and promote resource recovery [5][8] New Pollutant Management Initiatives - The MEE is actively implementing the New Pollutant Governance Action Plan, which includes the establishment of a coordination mechanism among 15 national departments and the formation of an expert committee to address new pollutants [6][7] - As of 2022, the MEE has approved the registration of 802 new chemical substances and has proposed 1,365 environmental risk control measures to mitigate the generation of new pollutants [7][9] Future Directions - The MEE plans to strengthen environmental supervision and enhance the regulatory framework for new pollutants, including the establishment of a national monitoring network and a collaborative governance structure [8][9] - The ministry aims to improve the capacity for managing new pollutants and ensure the effective implementation of environmental risk assessments and control measures [9]

Core Insights - The Ministry of Ecology and Environment reported a rapid increase in the standardized recycling and processing of end-of-life vehicles, with over 1,900 qualified recycling enterprises in China and an expected recovery of 8.46 million vehicles in 2024, representing a 64% year-on-year growth [1][2] Group 1: Regulatory and Financial Support - The government has ensured the standardized dismantling of waste electrical and electronic products through financial support, with over 90 enterprises receiving subsidies, leading to an annual standardized dismantling capacity of approximately 180 million units [2] - In 2024, around 95 million units of waste electrical and electronic products are expected to be dismantled, producing nearly 2 million tons of recycled resources [2] Group 2: New Equipment Recycling Capabilities - The recycling capabilities for "new three types" of retired equipment, including waste photovoltaic components, wind turbine blades, and spent batteries, have improved significantly, with waste photovoltaic components and wind turbine blades having recycling capacities of approximately 2 million tons and 1 million tons, respectively [3] - The total recycling capacity for spent batteries among 148 qualified enterprises reaches 2.5 million tons, indicating that the recycling capacity often exceeds the actual retired volume [3] Group 3: Future Regulatory Measures - The Ministry of Ecology and Environment plans to enhance environmental supervision and promote standardized recycling and dismantling of end-of-life products, including the revision of pollution control technical specifications for various waste products [4] - Continuous enforcement against illegal dismantling practices will be prioritized, with a focus on integrating more retired equipment into legitimate recycling channels [4]

Core Insights - The zinc oxide industry in China is projected to grow significantly, with the market size expected to reach 15 billion yuan in 2024, reflecting a year-on-year increase of 25.0%, and further growing to 17 billion yuan in 2025, with a year-on-year increase of 13.3% [1][6][9] Industry Overview - Zinc oxide is a crucial inorganic compound with unique physical and chemical properties, widely used in various sectors including rubber, coatings, electronics, and pharmaceuticals [1][6] - The demand for zinc oxide in China is on the rise due to the development of downstream industries, leading to an increase in market size [1][6] Production Process - Zinc oxide is primarily produced through the refining and processing of zinc-containing waste materials, with common production methods including the rotary kiln high-temperature reduction volatilization method [4][5] - The production process involves mixing zinc-containing materials with reducing agents and subjecting them to high-temperature roasting in a rotary kiln [4][5] Industry Chain - The zinc oxide industry chain consists of upstream materials (zinc-containing waste, reducing agents), midstream production, and downstream applications (rubber products, coatings, ceramics, cosmetics, pharmaceuticals) [6] - Since the ban on solid waste imports in China in 2021, companies have been establishing overseas zinc oxide plants to source raw materials [6] Competitive Landscape - The zinc oxide industry is heavily reliant on resource availability, with major production concentrated in Henan and Hunan provinces, which are strategically located near raw material sources and markets [8] - Key players in the industry include Hunan Chixing Environmental Protection Technology Co., Ltd., Hengyang Baisai Chemical Industry Co., Ltd., and Hunan Ruixing Zinc Industry Co., Ltd. [8] Development Trends - The zinc oxide industry is expected to see steady demand growth across various sectors, driven by increasing needs in metallurgy, rubber, ceramics, and pharmaceuticals [9] - The industry is also focusing on environmental sustainability and technological advancements to reduce energy consumption and carbon emissions [9] - Companies are increasingly pursuing global expansion to tap into emerging markets and stabilize international supply chains [9]