Report Summary 1. Industry Investment Rating - The report does not provide an industry investment rating. 2. Core Viewpoints - Industrial silicon is expected to mainly experience a moderately strong and volatile trend [1]. - For polysilicon, attention should be paid to the changes in the monthly spread [2]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Market**: For industrial silicon, the Si2601 closing price was 9,020 yuan/ton, with a change of 60 yuan compared to T - 1, -370 yuan compared to T - 5, and 55 yuan compared to T - 22. The Si2601 trading volume was 369,225 lots, and the open interest was 260,529 lots. For polysilicon, the PS2601 closing price was 55,895 yuan/ton, with a change of 1,165 yuan compared to T - 1 and 1,270 yuan compared to T - 5 [2]. - **Basis**: The industrial silicon spot premium (against East China Si5530) was +480 yuan/ton, and the polysilicon spot premium (against N - type re - investment) was -3,895 yuan/ton [2]. - **Price**: The price of Xinjiang 99 - silicon was 8,900 yuan/ton, and the price of polysilicon - N - type re - investment material was 52,250 yuan/ton [2]. - **Profit**: The profit of silicon plants (Xinjiang new standard 553) was -2,249.5 yuan/ton, and the profit of polysilicon enterprises was 7.7 yuan/kg [2]. - **Inventory**: The industrial silicon social inventory (including warehouse receipt inventory) was 548,000 tons, and the polysilicon manufacturer inventory was 271,000 tons [2]. - **Raw Material Cost**: The price of Xinjiang silicon ore was 320 yuan/ton, and the price of Xinjiang washed coking coal was 1,475 yuan/ton [2]. 3.2 Macro and Industry News - On November 22, the main structure of the first - phase waste heat power generation project of the Inner Mongolia Xingfa industrial silicon project, undertaken by the Fourth Branch, was successfully capped. This project adheres to the concept of "environmental protection first, energy - saving and high - efficiency" and uses innovative technologies to recycle high - temperature flue gas in the industrial silicon smelting process, realizing pollution control and improving energy utilization efficiency [3][4]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, and the trend intensity of polysilicon is 0. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [4].

Core Insights - Recently, Weixi Xingsheng Recycling Co., Ltd. was established with a registered capital of 300,000 RMB, focusing on recycling of renewable resources excluding production waste metals [1] Company Overview - The legal representative of Weixi Xingsheng Recycling Co., Ltd. is Li Shengbin [1] - The company is involved in various activities including the recycling of production waste metals, research and development of resource recycling technologies, and sales of renewable resources [1] Business Scope - The company’s licensed projects include recycling of renewable resources (excluding production waste metals) and various general projects such as: - Recycling of production waste metals - Research and development of resource recycling technologies - Sales and processing of renewable resources - Solid waste management - Processing of non-metallic waste and debris - Research and development of construction waste recycling technologies - Transportation of goods using ordinary freight vehicles with a total mass of 4.5 tons or less [1] Additional Services - The company also offers services such as: - Salvage services - Processing of metal waste and debris - Recycling of scrapped agricultural machinery - Comprehensive utilization of agricultural, forestry, animal husbandry, and fishery waste - Technical consulting for resource recycling services - Research and development of harmless utilization technologies for agricultural and forestry waste [1]

Core Insights - The 15th National Games in Shenzhen not only served as a sports event but also as an opportunity to enhance urban green governance [1] - The event has led to significant advancements in resource recycling, smart sanitation, and waste management systems in Guangzhou [1] Group 1: Smart Sanitation and Waste Management - Guangzhou has deployed over 70 GS1 autonomous cleaning vehicles across major venues, achieving over 900 hours of operation and cleaning an area of approximately 2.22 million square meters [2] - The city has installed 15 smart recycling bins within the Olympic Center, providing convenient recycling services within a 100-meter radius, significantly improving resource recycling levels [2] - All main waste collection vehicles used during the event are zero-emission, low-noise electric trucks, with over 280 new energy sanitation vehicles deployed citywide [2] Group 2: Long-term Environmental Impact - The event has catalyzed the deployment of over 280 new energy sanitation vehicles, creating a green and efficient waste collection system [3] - More than 500 sanitation vehicles have undergone a "Kapok" paint upgrade, and over 50 resource collection centers have been improved, enhancing urban environmental services [3] - The green facilities and governance experiences gained from the event are expected to provide ongoing momentum for the city's green and low-carbon transformation [3]

Core Insights - The article highlights the innovative use of "tea fruit" in the production of camellia seed oil, which has become a valuable product in the tea industry of Yangzhou [1][3] - The local cooperative has successfully transformed a previously wasted resource into a profitable product, contributing to the economic growth of local farmers and the sustainability of the tea industry [1][9] Group 1: Product Development - The cooperative has developed camellia seed oil from tea fruit, which was previously overlooked during the tea harvesting season [1][3] - The market demand for camellia fruit has been increasing due to its high nutritional value and versatility, leading to a significant rise in its value chain [3][8] - The price of fresh camellia fruit is approximately 8-12 yuan per pound, while processed camellia oil can reach market prices of up to 200 yuan per pound [3][8] Group 2: Processing and Quality Control - The cooperative has implemented strict quality control measures by handpicking mature camellia fruit to ensure high oil yield and quality [5][6] - The processing involves multiple steps, including cleaning, drying, and pressing, without the addition of any chemicals, to preserve the natural nutrients [6][8] - The cooperative has faced challenges in finding suitable processing facilities but has successfully established a partnership with a local oil mill [6] Group 3: Economic Impact - The initiative has created additional income opportunities for local farmers by involving them in the harvesting of camellia fruit [8] - The byproduct of oil extraction, tea cake, is used as organic fertilizer, enhancing the quality of the tea plants and promoting a circular economy [8] - The cooperative aims to expand its operations by integrating tea production with fruit processing and developing a diverse range of products [9]

Core Insights - The successful case of "Zero Waste School Construction: Kitchen Waste" from Yinzhou Second Experimental Middle School has been recognized as an excellent case by the National Ecological Environment Ministry's Publicity and Education Center, marking a significant breakthrough in waste classification and resource utilization in the region [1] Group 1: Project Achievements - The project has developed a comprehensive campus resource recycling system, overcoming traditional waste classification limitations by integrating both front-end disposal and back-end processing [1] - Approximately 200 pounds of kitchen waste generated daily is processed alongside garden waste, achieving 100% on-site resource utilization of organic waste [1] - The initiative has created a green closed-loop system of "classification-collection-processing-utilization," providing a replicable and scalable solution for similar institutions in the region [1] Group 2: Educational Impact - The project elevates waste classification from a routine task to an engaging ecological education lesson, integrating it into the mandatory STEAM curriculum for first-year students [1] - This educational approach fosters a model where educating one child influences their family and engages the entire community, significantly enhancing public participation in waste classification efforts [1] Group 3: Community Expansion - The innovative model is extending its impact from schools to communities, with successful experiences being implemented in multiple neighborhoods through the establishment of community composting education stations [2] - This initiative effectively transforms the school's professional practices into actionable green skills for residents, revitalizing grassroots waste classification efforts [2]

Group 1 - The company, Hexing Packaging, stated that its waste paper rate and energy consumption in corrugated cardboard production are at industry-leading levels [1] - The company strictly adheres to national and industry standards for green production and resource recycling [1] - The company is continuously promoting energy conservation, carbon reduction, and process optimization [1]

Core Viewpoint - The development of an efficient tantalum oxide recycling system is crucial for reducing production costs in industries reliant on rare metals, particularly in electronics and high-temperature alloys [1][2]. Group 1: Technology and Process - The tantalum oxide recycling system utilizes a tiered processing technique, starting with physical separation of non-metallic impurities followed by selective leaching using specific solvents [1]. - The system is designed to handle various sources of tantalum-containing waste, including discarded capacitors and semiconductor production waste, ensuring an environmentally friendly and economically viable process [1][2]. - Continuous technological innovation is central to the recycling system, with advancements in separation materials and multi-stage countercurrent leaching processes enhancing extraction efficiency [3]. Group 2: Cost Advantages - Establishing a comprehensive tantalum recycling system significantly reduces raw material procurement costs compared to traditional mining methods, with lower energy consumption and avoidance of environmental remediation costs [2]. - The modular design of the system allows for flexible adjustments based on processing volume, preventing idle capacity and enhancing operational efficiency [2]. Group 3: Quality Control - Quality control is integrated throughout the recycling process, starting from raw material classification to ensure optimal treatment methods for different waste sources [4]. - A detailed quality traceability system is established, allowing for thorough documentation of each batch's processing, ensuring product quality for high-end manufacturing applications [4]. Group 4: Environmental Benefits - The recycling system reduces the demand for primary mineral resources, thereby minimizing the ecological impact of mining activities [5]. - The energy consumption of the recycling process is significantly lower than that of primary metal production, contributing to carbon reduction goals [6]. Group 5: System Integration and Smart Control - The highly integrated design of the recycling system allows for precise control of critical parameters such as temperature and pressure through a central control system [6]. - The application of smart sorting technologies enhances the efficiency of raw material pre-treatment, facilitating the automatic separation of different types of tantalum waste [6]. Group 6: Future Prospects - The application scope of tantalum recycling systems is expanding due to technological advancements and increasing environmental regulations, with a growing supply of scrap from tantalum-containing electronic components [7]. - Future developments will focus on enhancing efficiency, environmental sustainability, and automation, further improving the economic viability of the recycling system [7].

Core Viewpoint - Greeenme's recycled tungsten resources account for 10% of China's original tungsten mining output, and the company supplies recycled tungsten products to leading global 3C consumer electronics companies [1] Group 1 - Greenme's recycled tungsten resources represent 10% of the original tungsten mining volume in China [1] - The company provides recycled tungsten products to major global 3C consumer electronics leaders [1]

Core Insights - The popularity of second-hand clothing from China in Africa is increasing, with significant interest in recycled school uniforms and other garments [1] - The domestic market for old clothing recycling is expanding, with over 1,500 related enterprises currently operating in China [1] Group 1: Company Statistics - As of November 13, there are 1,511 existing old clothing recycling enterprises in China, with over half (53.41%) established within the last 1-3 years [2] - The distribution of these enterprises shows a concentration in the Southwest (20.52%) and East China (20.45%) regions [3] Group 2: New Registrations - In 2024, a total of 240 new old clothing recycling enterprises are expected to be registered, with 156 already registered this year [4] - The majority of new registrations are occurring in lower-tier cities, particularly in five-tier cities, which account for 38.46% of new enterprises [4]

Core Viewpoint - The research institute has developed key technologies for the efficient extraction of strategic rare metals from complex zinc-based materials, addressing industry challenges related to low recovery rates, lengthy processes, and high costs [1] Group 1: Technology Development - The newly developed technologies include indium directional leaching-direct extraction, germanium material maturation leaching-hydrochloric acid regeneration, and gallium-germanium synergistic extraction-cyclone electrolysis [1] - These innovations enable the efficient and clean extraction of rare metals such as indium, germanium, and gallium [1] Group 2: Industry Impact - The technologies have been successfully applied in several enterprises, including Southern Nonferrous Metals Group, Yusheng Germanium Industry, and Danxia Smelting Plant, significantly improving the recovery rates of indium, germanium, and gallium [1] - The advancements contribute to resource recycling and enhance the value of the industrial chain [1] Group 3: Future Directions - The research team plans to continue strengthening core technology development to promote the transformation and upgrading of the nonferrous metal industry towards higher value and greener practices [1]