光伏组件回收迎来"退役潮"，新国标出台助力行业步入"正规化" 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 2 月 28 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 郭雪环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹环保行业分析师 执业编号：S1500524100001 邮箱：wuboying@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 光伏组件回收迎来"退役潮"，新国标出台助力行业 步入"正规化" 2026 年 2 月 28 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 上次评级 看好 [Table_Author] 化工行业： [Table_Summary ...

2026年春晚被人形机器人霸屏，人形机器人从武术表演到小品互动都大显身手。 不仅是春晚上的亮相，智能设备已经融入人们生活的方方面面。当你戴着智能手表跑步、用扫地机器人打扫房间、让智能音箱播音乐时，是否 想过这些设备废旧淘汰后，该如何料理"后半生"？ 最新修订的《废弃电器电子产品处理污染控制技术规范》(HJ527—2026，以下简称《技术规范》)将在3月1日起正式实施。2月27日，生态环境 部固体废物与化学品司有关负责人答记者问时介绍，《技术规范》将新型废电器纳入管控范围，例如服务器、服务终端类(如政务自助机、零 售自助结算机等)、智能消费设备类(如智能机器人、智能无人飞行器、可穿戴智能设备、智能车载设备等)、医疗服务设备类(植入、感染及放 射性设备除外)等。 该负责人表示，本次修订旨在贯彻《中华人民共和国环境保护法》《中华人民共和国固体废物污染环境防治法》等法律法规，落实国务院印发 的《推动大规模设备更新和消费品以旧换新行动方案》等政策要求，加强资源循环利用标准供给，拓展管理对象覆盖面，明确废电器回收处理 各环节的污染控制要求，推动更多废电器进入正规回收处理渠道，畅通资源循环利用，促进行业绿色低碳高质量发展。 ...

据柬媒2月26日报道，一家中国企业计划在茶胶省巴迪县投资建设塑料瓶回收加工厂，将废弃塑料瓶加工成各类日常用品。 威松南表示，省政府将全力支持该项目落地实施。他指出，茶胶省近年来在各领域持续发展，民众对现代生活材料的使用不断增加，塑料垃圾问题日益凸 显。在当地建设塑料瓶回收加工厂，有助于推动资源循环利用，改善生态环境，使省内环境更加整洁美观。 他还强调，项目建成后不仅有利于环境保护，还将为当地创造更多就业岗位，减少劳动力外流，提升居民家庭收入水平，促进地方经济发展。 2月25日，茶胶省省长威松南主持召开会议，审议该公司提交的投资申请。会上，公司代表介绍称，企业在中国拥有多年塑料瓶回收与再利用经验，积累了 稳定的合作伙伴资源，具备将塑料废弃物通过先进技术转化为日用品的能力，产品可供应国内外市场。根据规划，工厂每月预计采购约15吨塑料瓶作为生产 原料。 ...

长江商报消息 ●长江商报记者 黄聪 格林美"爆单"的场景延续到了2026年，2月22日，公司官方平台发文介绍，公司旗下荆门园区春节期 间"不停工、不停产"，重点工序保持24小时连续生产，初一到初五累计在岗人数14301人，初一到初五 制造产值超过4亿元，为公司冲刺一季度"开门红"奠定了坚实基础。 实际上，2025年的整体市场行情并不理想。 近日，华鑫证券报告指出，格林美镍钴自供能力强化，预测2025年—2027年收入持续增长，三元材料需 求结构化升级提供支撑。 2025年营收有望创新高 "爆单"之下，格林美（002340.SZ）荆门园区春节期间"不停工、不停产"，冲刺一季度"开门红。 2月22日，格林美官方平台发文介绍，公司旗下荆门园区春节期间"不停工、不停产"，重点工序保持24 小时连续生产，初一到初五累计在岗人数14301人，初一到初五制造产值超过4亿元。 20多年来，格林美聚焦创新，发展全球关键金属资源循环利用、退役动力锂电池循环利用与新能源电池 材料业务，攻克关键技术，循环再造行业核心产品，供应全球行业主流市场。 业绩方面，2025年，格林美预计实现归母净利润14.29亿元至17.35亿元，比上年同期 ...

当前，动力电池退役潮来袭，需政策、技术、市场形成合力，推动我国退役动力电池回收利用破局增 效。 加强废旧动力电池回收利用体系建设。在动力电池回收大规模产业化进程中，要解决好产业链"分段 式"布局与"全生命周期"管理要求之间的结构性矛盾，构建"生产—使用—回收—再生"的全链条闭环， 落实动力电池编码和数字身份证管理，明确动力电池企业、新能源汽车生产企业的回收责任，鼓励对废 旧动力电池进行资源综合利用，让新能源产业真正实现绿色可持续发展。 促进技术进步和商业模式创新。2025年我国新能源汽车废旧动力电池综合利用量超过40万吨，同比增长 32.9%，反映了市场需求和技术进步带来的产业活力。数字溯源技术的深度应用正在改变传统回收模 式，生产工艺的创新不断降低处理成本、提升回收效率。通过拆解再生，采用湿法冶金等工艺，可大幅 提升镍、钴、锰、锂等要素的回收率。要推动技术创新升级进一步转化为市场优势。 培育规范有序的动力电池回收利用市场。动力电池回收已超越产业范畴，成为全球战略资源竞争的一 个"战场"。要构建规范有序的市场环境，防止大量废旧电池流入"小作坊"等非正规回收渠道，助推废旧 动力电池回收利用蜕变为具有巨大商业价值 ...

Core Insights - The recycling and utilization of retired power batteries is crucial for reducing environmental pollution and promoting resource circulation [1][2] - By 2025, China's new energy vehicle production and sales are expected to grow by nearly 30%, leading to an increase in retired battery volume [1] - The retired battery volume in China is projected to exceed 4 million tons by 2028, with the industry value surpassing 280 billion yuan [1] Group 1: Policy and Regulatory Framework - In 2018, the Ministry of Industry and Information Technology introduced interim measures for the recycling and utilization of new energy vehicle batteries, establishing a battery coding traceability system [2] - The State Council approved an action plan in February 2025 to improve the recycling system, emphasizing the need for a standardized, safe, and efficient recycling process [2] - A new interim measure for the management of retired batteries will be implemented on April 1, aiming to create a full lifecycle regulatory system for battery recycling [2] Group 2: Market Dynamics and Opportunities - The recycling rate of retired power batteries in China is currently below 50%, indicating significant pressure for recycling and disposal, but also a substantial market opportunity [1][3] - By 2025, the comprehensive utilization of retired batteries is expected to exceed 400,000 tons, reflecting a year-on-year growth of 32.9% driven by market demand and technological advancements [3] - The application of digital traceability technology is transforming traditional recycling models, enhancing recovery efficiency and reducing processing costs [3] Group 3: Industry Structure and Innovation - There is a need to resolve structural contradictions between segmented industry layouts and full lifecycle management requirements, establishing a closed-loop system from production to recycling [3] - Encouraging resource comprehensive utilization of retired batteries is essential for achieving sustainable development in the new energy sector [3] - The competition for strategic resources in battery recycling has escalated, necessitating the creation of a regulated market environment to prevent informal recycling channels [3]

Investment Rating - The investment rating for the environmental industry is "Positive" [2] Core Insights - As of the end of 2025, the total market value of environmental industry funds held is 5.827 billion, showing a quarter-on-quarter increase [3][18] - The environmental sector outperformed the broader market, with a 0.6% increase compared to a 0.4% rise in the Shanghai Composite Index [10] - The top ten stocks in the environmental sector by market value include Weiming Environmental, Huanlan Environment, and Shanghai Xiba [18][20] Summary by Sections Market Performance - The environmental sector showed a 0.6% increase as of February 13, outperforming the Shanghai Composite Index which rose by 0.4% to 4082.07 [10] - The best-performing sub-sectors included air governance with a 14.19% increase, while the water sector saw a decline of 1.46% [13][14] Fund Holdings - The total market value of environmental stocks held by funds is 5.827 billion, accounting for 0.14% of total fund assets, a slight decrease in percentage from the previous quarter [18] - The top ten environmental stocks by fund holdings include Weiming Environmental, Huanlan Environment, and Shanghai Xiba, with Huanlan Environment having the highest number of funds holding its shares [19][20] Industry Dynamics - The Ministry of Ecology and Environment announced the allocation of carbon emission quotas for key industries by specific deadlines in 2026 [28] - The State Council issued antitrust guidelines for public utilities, covering sectors such as water supply and waste management [27] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on water and waste incineration sectors as stable profit generators [43] - Recommended stocks include Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co. [43]

内容概况：稀土回收是指对废弃的稀土资源进行高效、环保地再利用的过程，通过一系列工艺，如冶 炼、分离和提纯等，将稀土元素从废弃物中分离出来，再转化为可用的稀土化合物。在政策规范与稀土 下游需求（新能源、军工等）持续释放的推动下，回收市场规模将继续增长。2024年我国稀土回收市场 规模达45.49亿元。 相关企业：华宏科技、中稀天马、银海新材料、步莱铽、包钢新利、稀土友力 关键词：稀土回收量 稀土回收市场规模 稀土回收企业 稀土回收产业链流程 稀土回收短期趋势 一、稀土回收产业概述 稀土是镧（La）、铈（Ce）、镨（Pr）、钕（Nd）、钷（Pm）、钐（Sm）、铕（Eu）、钆（Gd）、 铽（Tb）、镝（Dy）、钬（Ho）、铒（Er）、铥（Tm）、镱（Yb）、镥（Lu），钪（Sc）和钇（Y） 共17种元素的统称。稀土回收是指对废弃的稀土资源进行高效、环保地再利用的过程，通过一系列工 艺，如冶炼、分离和提纯等，将稀土元素从废弃物中分离出来，再转化为可用的稀土化合物。稀土回收 主要分为三类：工业生产废料回收，涵盖开采冶炼加工环节产生的各类废料；报废产品回收，针对含稀 土的废旧电子产品等终端产品；社会流通废料回收，聚焦流通 ...

Core Viewpoint - The successful delivery and operation of the oil and gas recovery device project by Weili Group's subsidiary marks a significant advancement in environmental protection and resource recovery in the petrochemical industry in Asia [1] Group 1: Project Details - The project was delivered on February 13, 2026, by Nanjing Dule Refrigeration Equipment Co., Ltd., a subsidiary of Weili Group [1] - The project is designed to support the loading capacity of Asia's super-large oil bonded warehouses, enabling large-scale and stable recovery of oil and gas under extreme conditions [1] Group 2: Environmental Impact - The project plays a crucial role in the environmental management and resource recovery of gasoline, naphtha, and aviation kerosene loading operations [1] - It assists the user in meeting national environmental emission standards, contributing to the green upgrade of the regional petrochemical industry [1] Group 3: Competitive Advantage - The project is seen as a benchmark for improving resource recycling efficiency, further solidifying Weili's core competitiveness in large-scale petrochemical environmental protection scenarios [1]

Core Viewpoint - Under the "dual carbon" goals, China Copper Corporation is leveraging the large-scale consumption of recycled copper as a key engine for its green transformation, establishing a sustainable development model of "resource recycling - energy conservation and carbon reduction - green production" [1] Group 1: Green Supply Chain - China Copper has implemented a "1+N" procurement system through its trading platform, Zhong Copper International Trade, forming a strong collaborative network with core suppliers [2] - The establishment of regional recycling centers in Yunnan, Hubei, and Henan has significantly reduced carbon emissions from raw material transportation [2] - The company is actively expanding channels for high-quality recycled copper resources that meet international environmental standards, leading to a notable decrease in unit transportation energy consumption [2] Group 2: Circular Economy and Production Innovation - A unique "customer old material closed-loop recycling" mechanism is in operation, allowing for the recycling of copper scrap from downstream customers, which has significantly reduced raw material costs and resource consumption [3] - Innovations in technology, such as the use of floating magnetic separation to extract valuable metals from smelting waste, are central to driving green circular processes [3] - Collaborative research with academic institutions is ongoing to tackle key technologies in recycled copper purification and dioxin prevention [3] Group 3: Value Addition and Product Development - Recycled copper is being transformed into high-end green products, such as electronic copper strips with low impurity content, which are supplied to leading consumer electronics companies [4] - High-performance alloy materials developed from recycled copper are being produced for use in emerging green industries like electric vehicle charging stations and photovoltaic components [4] - The quality of recycled cathode copper produced meets national standards and is applied in essential sectors like electricity and construction [4] Group 4: Integrated Green Development - The green transformation of China Copper is characterized by collaborative progress across the entire industry chain, optimizing procurement, enhancing smelting efficiency, and innovating product development [5] - Digitalization is injecting new momentum into the green industry chain, enabling real-time tracking of raw material sources, energy consumption, and carbon emissions [5] - Energy-saving measures in copper smelting and processing are expected to significantly reduce carbon emission intensity by 2025 [5] Group 5: Policy Support and Future Goals - The company is leveraging favorable policies, such as "reverse invoicing," to promote the large-scale and standardized development of the recycled copper industry [6] - The annual consumption target for recycled copper set during the 14th Five-Year Plan has been exceeded, leading to substantial savings in mineral resources and reductions in energy consumption and carbon emissions [6] - China Copper aims to continue its focus on green development, maximizing the potential of "urban mines" and contributing to the high-quality transformation of the non-ferrous metal industry [6]