证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 增持（维持） [Table_Tag] [投资要点 Table_Summary] SAF 扩产+能源价值中枢上行，持续关注 UCO 端山高、朗坤，重视矿业双碳 ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2026 年 03 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 2025/3/3 2025/7/2 2025/10/31 2026/3/1 环保 沪深300 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 2026-02-14 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：龙净环保，高能环境，赛恩斯，瀚蓝环境，绿色动力环保， ...

环保行业跟踪周报 SAF 扩产+能源价值中枢上行，持续关注 UCO 端山高、朗坤，重视矿业双碳 证券研究报告·行业跟踪周报·环保 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2026 年 03 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 2025/3/3 2025/7/2 2025/10/31 2026/3/1 环保 沪深300 相关研究 《 海 螺 集 团 拟 对 海 螺 创 业 增 持 10.61%；重视矿山双碳；持续关注 UCO 端山高、朗坤》 2026-02-24 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 202 ...

Group 1: Macro Strategy and Market Outlook - The report highlights that the recent military actions by Israel and the US against Iran exceeded market expectations, leading to a temporary spike in gold and oil prices, followed by a market correction. It anticipates that the conflict will be controlled, with limited military actions expected to last 2-3 weeks, after which oil prices may stabilize between $60-70 and gold around $5200 [1][19]. - The geopolitical tensions are expected to drive a shift in investment strategies, with a focus on heavy assets and low obsolescence investments, particularly in sectors like energy and resources, which are deemed strategically significant for national economies [2][20]. Group 2: Impact on Major Asset Classes - The report indicates that the ongoing geopolitical risks are likely to sustain short-term risk aversion, leading to inflows into the US dollar and US Treasury markets, while the Chinese yuan may act as a safe haven [2][20]. - In the commodities market, the report suggests that short-term risk aversion will drive a simultaneous rise in gold and oil prices, while medium-term supply chain disruptions and inflation pressures could reshape the global economic landscape [2][21]. Group 3: Company-Specific Insights - Airo Energy's earnings forecast for 2025 has been adjusted downwards due to asset impairment, but projections for 2026 and 2027 have been increased, anticipating significant growth driven by the Australian storage market [9]. - Zhuhai Guanyu's profit forecast for 2025 has been revised down due to rising raw material costs and increased competition, yet it remains a strong player in the lithium battery sector with a "buy" rating maintained [10]. - Tian Nai Technology's profit estimates for 2025 have been lowered due to intensified competition, but the company is expected to see strong growth in its single-wall carbon tube segment in 2026 [12]. - Weichuang Electric's 2025 earnings report met expectations, with a focus on expanding its robotics business and maintaining growth in industrial automation [13].

报告期内，公司业绩增长主要原因为：依托先进的技术与装备能力，不断拓展海外销售市场，高端装备 (大型工业连续化热裂解装备)销售订单持续增长;公司运营项目稳中有升，持续稳健贡献收益。 恒誉环保(688309.SH)发布2025年度业绩快报，2025年度，公司实现营业总收入2.94亿元，同比增长 89.87%;实现归属于母公司所有者的净利润3593.25万元，同比增长106.25%。 ...

格隆汇2月24日丨恒誉环保(688309.SH)公布，2025年度，公司实现营业总收入2.94亿元，同比增长 89.87%；实现归属于母公司所有者的净利润3,593.25万元，同比增长106.25%；归属于母公司所有者的 扣除非经常性损益的净利润3,311.29万元，同比增长139.35%；报告期内，公司业绩增长主要原因为： 依托先进的技术与装备能力，不断拓展海外销售市场，高端装备（大型工业连续化热裂解装备）销售订 单持续增长；公司运营项目稳中有升，持续稳健贡献收益。 ...

恒誉环保发布业绩快报，2025年度实现营业总收入2.94亿元，同比增长89.87%；净利润3593.25万元， 同比增长106.25%。公司业绩增长主要原因为：依托先进的技术与装备能力，不断拓展海外销售市场， 高端装备（大型工业连续化热裂解装备）销售订单持续增长；公司运营项目稳中有升，持续稳健贡献收 益。 ...

数据显示，南方基金旗下1只基金位居节能环境十大流通股东。南方中证500ETF（510500）三季度减持 20.24万股，持有股数899.66万股，占流通股的比例为0.88%。根据测算，今日浮亏损失约341.87万元。 2月13日，节能环境跌5.08%，截至发稿，报7.10元/股，成交2.64亿元，换手率3.60%，总市值220.03亿 元。 资料显示，中节能环境保护股份有限公司位于北京市海淀区西直门北大街42号节能大厦，成立日期2001 年3月28日，上市日期2010年11月12日，公司主营业务涉及节能环保装备、电工专用装备、大气污染减 排、环境能效监控(智慧环境)与大数据服务。主营业务收入构成为：固废综合处理86.49%，电工装备板 块8.12%，建造服务3.26%，环保装备业务1.31%，其他(补充)0.81%。 从节能环境十大流通股东角度 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益12.89%，同类 排名576/5569；近一年收益44.3%，同类排名1205/4295；成立以来收益184.08%。 南方中证500ETF（510500）基金经理为 ...

Group 1 - The core point of the article is that Kailong High-Tech has achieved a four-day consecutive limit-up in stock price, indicating strong market interest and potential growth prospects [1] - The company plans to acquire 70% of Shenzhen Jinwangda Electromechanical Co., Ltd. to enhance its robotics industry chain [1] - Kailong High-Tech is a leading enterprise in the field of exhaust gas post-treatment equipment, with a complete industrial chain covering urea pumps, catalysts, and carriers, and is preparing for key technologies related to National Seven standards [1] Group 2 - Silicon carbide materials have been applied in automotive brake systems, with recrystallized silicon carbide carriers recognized by clients in Spain and Germany [1] - The company is focusing on lightweight solutions for new energy vehicles through aluminum silicon carbide brake discs [1] - The stock has seen a trading volume of 0.24 billion yuan and a turnover rate of 0.68% during the limit-up period [1]

Group 1 - The core point of the news is that 中节能环境保护股份有限公司 (China Energy Conservation Environmental Protection Co., Ltd.) experienced a decline in stock price by 5.08%, trading at 7.29 yuan per share, with a total market capitalization of 22.592 billion yuan [1] - The company, established on March 28, 2001, and listed on November 12, 2010, specializes in energy-saving and environmental protection equipment, with its main business revenue composition being 86.49% from solid waste comprehensive treatment, 8.12% from electrical equipment, 3.26% from construction services, 1.31% from environmental protection equipment, and 0.81% from other services [1] Group 2 - 华润元大量化优选混合A (China Resources Yuanda Quantitative Optimal Mixed A) fund holds 70,600 shares of 中节能环境, accounting for 2.45% of the fund's net value, making it the ninth largest holding [2] - The fund has a total scale of 19.1346 million yuan and has achieved a return of 13.38% year-to-date, ranking 567 out of 8,873 in its category, with a one-year return of 47.65%, ranking 2,107 out of 8,119 [2] Group 3 - The fund manager of 华润元大量化优选混合A is 李武群, who has been in the position for 9 years and 294 days, with the fund's total asset size being 17.2 million yuan [3] - During his tenure, the best fund return was 101.82%, while the worst return was -33.82% [3]

Core Viewpoint - Kailong High-Tech resumed trading on February 4, achieving a limit-up of 20.00%, closing at 23.82 yuan per share, following the announcement of a plan to acquire 70% of Jinwangda's equity and raise matching funds through a share issuance to its actual controller [1][1]. Group 1: Acquisition Details - The acquisition aims to enhance the company's robotics industry chain layout, which includes "core components + testing equipment + complete products + application scenarios" [1][1]. - By acquiring 70% of Jinwangda, Kailong High-Tech will quickly gain access to the technical system of precision transmission functional components, thereby expanding its existing business [1][1]. Group 2: Company Background - Kailong High-Tech is a leading enterprise in the engine exhaust after-treatment and environmental protection equipment sectors, focusing on the automotive and environmental equipment fields [1][1]. - The company has established a subsidiary, Wuxi Kaichi Intelligent Robotics Technology Co., Ltd., and launched the "Huilingjia" series of robots, collaborating with the Xigang Hu Machine Robotics Institute to develop intelligent robotic testing equipment [1][1]. Group 3: Jinwangda Overview - Jinwangda specializes in the research, production, and sales of precision transmission functional components, including ball linear guideways, ball screws, linear modules, and linear motors [1][1]. - Its products are widely used in industrial automation scenarios across various sectors, including 3C electronics, new energy lithium batteries, semiconductor equipment, medical devices, robotics, and automotive manufacturing equipment [1][1].