Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Insights - The acceleration of unmanned sanitation bidding indicates rapid industry development and technological iteration [8] - Decrease in capital expenditure in waste incineration leads to increased dividends, while improvements in heating and IDC enhance ROE and valuation [9] - Water utility operations show steady growth and high dividends, with water price reforms reshaping growth and valuation [12] Summary by Sections Industry Trends - Unmanned sanitation bidding is accelerating, with a procurement project for 100 small autonomous cleaning vehicles announced, budgeted at 28.6 million yuan [8] - The waste incineration sector is seeing a decline in capital expenditure, leading to improved free cash flow and increased dividends [9] - The water utility sector is experiencing stable growth, with a projected revenue of 655 billion yuan in 2024, and a net profit of 112 billion yuan, reflecting a 27% increase [12] Key Recommendations - Recommended companies include: Huanlan Environment, Green Power, Yongxing Co., and others for their strong dividend performance and growth potential [4] - Focus on companies like Yuehai Investment and Xingrong Environment for their robust cash flow and dividend commitments [12] Equipment and Technology - The penetration rate of new energy sanitation vehicles increased by 6.14 percentage points to 14.55% in the first four months of 2025, with sales of 3,570 units, a 73% year-on-year increase [21][22] - The market for bio-diesel remains challenging, with prices stable and profits under pressure due to rising raw material costs [36] Financial Performance - Companies like Junxin Co. and Green Power are expected to increase their cash dividends significantly in 2024, with Junxin's cash dividend projected at 507 million yuan, a 37% increase [9] - The water utility sector is set to benefit from recent price reforms, with Guangzhou implementing significant price increases for residential water [13][14]

6月5日，报道《买卖二手手机，如何更安心》在本版刊发后，有读者关心：闲置的旧手机，如果不想卖 掉，有没有可靠的处置渠道？本报记者了解到，中国资源循环集团已逐步建立起手机安全回收处置体 系。成立仅仅半年多，这支主责为资源循环利用的"国家队"，开展了哪些工作？下一步还将怎么干？让 我们走近这家年轻的中央企业，一探究竟。 ——编者 连日来，中国资源循环集团（以下简称"中国资环集团"）动作不断： 4月22日，在江苏南京成立中国资环新能源科技公司；4月23日，在江苏无锡成立中国资环绿色纤维公 司；4月25日，华润环保科技有限公司宣布更名为中国资环集团绿色投资有限公司；4月27日，在浙江杭 州揭牌成立中国资环有色金属投资公司…… 为何新成立一家央企？ 重组整合再生资源等相关资产和业务 2024年10月18日，中国资环集团在天津正式挂牌成立，企业主责为资源循环利用。 一家新央企是如何成立的？ 信息显示，中国资环集团注册资本100亿元，由国务院国资委和中国宝武、中国石化、华润集团、中国 铝业、中国五矿等5家企业共同出资组建，国务院国资委代表国务院履行出资人职责。其中，国务院国 资委、中国宝武、中国石化、华润集团各占股20%， ...

近日，湖北省宜昌市生态环境局发布了《宜昌邦辉循环新能源有限公司年处理2万吨锂电池破碎回收系统项目》环境影响评价第一次公示，这一 消息引起了行业的广泛关注。 该项目总投资3500万元，地点位于湖北宜昌市五峰民族工业园，建设15000平方米厂房及电池破碎、极片水洗、隔膜水洗、铜铝分选及废旧动 力电池拆解、破碎、分选和金属回收自动化生产线，配套粉尘收集、废气净化及废水循环系统，实现年处理及综合利用废旧动力电池2万吨。 （ 来源：综合整理） | 往 | 期 回 顾 | | | --- | --- | --- | | 01 | ｜ | 宁德时代再成立四家公司！ | | 02 | ｜ | 容百科技韩国基地超高镍前驱体量产！ | | 03 | ｜ | 广汽旗下电池企业增资！ | | 04 | ｜ | 第五届起点两轮车换电大会及轻型动力电池技术高峰论坛7月11日无 | | | 锡举办 | | 点击阅读原文，即可报名参会！ ...

Core Viewpoint - Company Dadi Ocean (301068.SZ) is initiating a new acquisition plan to purchase 100% equity of Zhejiang Huguo Waste Management Co., Ltd. for 135 million yuan, marking a significant move to enhance its business in the waste recycling and resource utilization market [1][2][3] Group 1: Acquisition Details - The acquisition will be funded through the company's own or self-raised funds amounting to 135 million yuan, and upon completion, Zhejiang Huguo will become a wholly-owned subsidiary of Dadi Ocean [1][3] - This transaction is classified as a related party transaction, as the shareholders involved are actual controllers of Dadi Ocean [3][5] - The previous acquisition attempt in 2022 was unsuccessful, with the valuation of Zhejiang Huguo at that time being 910 million yuan, which has significantly decreased to 135 million yuan in the current transaction [6][5] Group 2: Financial Performance - In 2024, Zhejiang Huguo is projected to achieve a revenue of 466 million yuan and a net profit of 54.31 million yuan, while Dadi Ocean expects a net profit of 85.97 million yuan, reflecting a year-on-year growth of 54.99% [2][9] - The acquisition is expected to enhance Dadi Ocean's profitability and integrate its business resources, thereby improving its overall industry chain [8][9] - Dadi Ocean's revenue for 2024 is anticipated to be 947 million yuan, showing a slight increase of 0.99% year-on-year [9] Group 3: Strategic Importance - The acquisition allows Dadi Ocean to enter the rapidly growing residential waste recycling market, expanding its operational scope beyond industrial solid waste disposal [8] - This move is part of Dadi Ocean's strategy to build a "waste-free city" operational service framework, creating new profit growth points and facilitating brand synergy [8] - The integration of Zhejiang Huguo is seen as a crucial step in enhancing the company's long-term development strategy [8]

编者按 6月5日是世界环境日，今年的主题为"终结塑料污染"。我国在全世界减少塑料污染中扮演 着重要角色。多年来，我国从生产、使用、回收、处置、清理等各个环节持续推进塑料污染治理，塑料 废弃物的环境污染得到有效遏制。本报推出特别策划，讲述我国塑料污染治理的方法、经验，展示美丽 中国建设的成效与进展。 去超市买菜，尽量用自己带的布袋子，而不用塑料袋；喝奶茶等饮料，用纸吸管或不用塑料吸管； 在生活垃圾分类时，把矿泉水瓶等塑料制品单独分出，投放到"可回收"垃圾桶内……目前，我国公众为 减少使用一次性塑料制品，付出了很多努力和行动。 同济大学生态文明与循环经济研究所所长、中国合成树脂协会塑料循环利用协会会长杜欢政教授 说，在塑料污染治理领域，我国已形成"法律—政策—标准"三位一体的治理体系。近年来，我国先后出 台《关于进一步加强塑料污染治理的意见》《"十四五"塑料污染治理行动方案》等文件，并将塑料污染 治理范围从零售餐饮扩展至电商、外卖等新兴领域，建立全链条管理网络。 快递和外卖业是污染主要来源 塑料污染问题已逐渐成为仅次于气候变化的全球第二大焦点环境问题。 资料显示，全球每年约有800万吨塑料进入海洋，对海洋生物造成 ...

在贵金属回收的广阔版图中，三氯化钌凭借自身独特的价值属性与稀缺特质，已然成为众多投资者目光聚焦的核心所在。伴随着科技的持续迭代升级以及工 业领域的迅猛发展，三氯化钌的应用范畴不断拓展延伸，其回收价格也如同顺水行舟，呈现出稳步上扬的态势。在此背景下，一个备受关注的问题浮现出 来：2025年三氯化钌回收价格究竟能达到多少一斤？这看似简单的价格数字背后，又潜藏着怎样复杂的市场逻辑以及蕴含着哪些投资机遇呢？接下来，让我 们一同深入探寻。 一、2025年三氯化钌回收价格全景扫描 依据近期开展的市场调研数据，在2025年初这一时间节点上，三氯化钌的回收价格稳定维持在每公斤约3万元人民币的水平。。与上一年度相比，这一价格 实现了约5%的涨幅，这一数据直观地反映出市场对三氯化钌的强劲需求态势，同时也从侧面印证了其资源稀缺性正日益凸显。 （一）市场供需关系的深刻影响 三氯化钌作为稀有金属钌的化合物，其供应量受到诸多因素的制约。一方面，自然资源的开采量有限，原生矿的开采不仅难度大，而且成本高昂；另一方 面，回收效率也在一定程度上影响着其供应规模。近年来，电子、化工等行业呈现出蓬勃发展的态势，对钌的需求急剧增加。在这种供需失衡的情 ...

Core Viewpoint - The Sichuan Provincial Economic and Information Technology Department, along with nine other departments, has issued a work plan to establish regional centers for the recycling and utilization of power batteries from new energy vehicles, aiming to create a comprehensive and efficient recycling system for retired batteries [1][2]. Group 1: Policy and Regulatory Framework - The work plan aims to accelerate the construction of a standardized and efficient recycling system for retired power batteries, with a target of reaching 1.402 million new energy vehicles in Sichuan by the end of 2024 [1]. - The "Interim Measures for the Management of Recycling and Utilization of Retired Power Batteries from New Energy Vehicles" was released on April 23, marking the first provincial-level regulatory document in China for this sector [1]. - The State Council has recognized the importance of enhancing the recycling capacity of power batteries as they enter a phase of large-scale retirement [2]. Group 2: Market Potential and Challenges - The recycling of retired batteries can meet 24% of lithium, 31.2% of cobalt, and 16.8% of nickel demand annually, which is crucial for the sustainable development of the new energy vehicle industry [2]. - The market for power battery recycling is projected to exceed 100 billion yuan by 2030, but the current standardized recycling rate is below 25%, with many batteries ending up in unqualified small workshops [2]. - The Ministry of Industry and Information Technology has emphasized the need for comprehensive supervision across the entire battery lifecycle, from production to disposal [2]. Group 3: Industry Development and Opportunities - Sichuan, as a major lithium battery province, holds the richest lithium reserves in China and accounts for about 20% of the national power battery production [3]. - The province is working to establish a complete industrial chain from lithium resource development to battery recycling, which will promote technological innovation and create a sustainable industrial ecosystem [3].

太平科创基金相关负责人表示，投资博萃循环是基于其在电池回收领域的技术实力和市场潜力。博萃循环拥有独立的研发萃取体系，其新型共萃体系在降低 设备投资和能耗方面具有显著优势。此外，博萃循环的国际化布局和与头部企业的合作模式，也为其未来的持续发展奠定了坚实基础。 《商道创投网》创投生态圈·本轮投融观点是什么？ 商道创投网创始人王帥表示，随着全球新能源汽车市场的快速发展，动力电池回收产业迎来了巨大的发展机遇。政府相关部门也出台了多项政策支持电池回 收产业的发展，行业从业者积极响应，推动了技术的不断进步。博萃循环作为行业内的佼佼者，其技术创新能力和国际化布局值得肯定。对于创投机构而 言，投资博萃循环不仅是对其技术实力的认可，也是对其未来市场潜力的看好。希望博萃循环能够继续发挥自身优势，为全球电池回收产业的发展做出更大 贡献。 博萃循环成立于2019年5月，是一家专注于电池关键材料循环利用的国家级专精特新"小巨人"企业。公司从预处理、金属提取、分离纯化、材料再生等环 节，提供全套解决方案。其创始人林晓曾为中国科学院过程所研究成员，研究方向为关键金属分离和电池材料绿色制造等，并获国家技术发明奖。目前，博 萃循环已在亚太、欧 ...

Group 1 - Mexico is perceived as not being perfect but also not as bad as it seems, indicating a nuanced view of the country's situation [2] - In the Middle East, e-commerce has become the "new normal," but physical retail stores remain essential to daily life [3] - "博萃循环" has secured several million yuan in Series B financing, targeting the international battery recycling market and operating in over ten countries [4] Group 2 - Shanghai's foreign trade export value reached 629.02 billion yuan in the first four months of the year, showing a year-on-year growth of 13.8% [5] - NIO reported a total revenue of 12.0347 billion yuan (approximately 1.658 billion USD) for Q1, with a year-on-year increase of 21.5% and vehicle deliveries up by 40.1% [6] - Aishida plans to invest up to 150 million yuan in Vietnam for modern cookware, small appliances, and industrial robots, aiming to enhance its global presence [7] Group 3 - TSMC's chairman stated that the company will not establish a factory in the Middle East, despite rumors, and expects revenue growth of 24% to 26% this year [7] - Neuralink completed a $650 million Series E funding round, raising its valuation to $9 billion, with plans to accelerate clinical trials and product development [8]

Core Viewpoint - The acquisition of 100% equity in Zhejiang Huguo Waste Management Co., Ltd. by Dadi Ocean for 135 million yuan is a strategic move aligned with national policies on waste management and resource recycling, aiming to enhance the company's capabilities in the recycling industry [1] Group 1: Acquisition Details - The acquisition price is based on the net asset valuation, reflecting the major shareholder's commitment to the merger, with a valuation increase of 46.42 million yuan, representing a 52.39% appreciation [2] - Post-acquisition, Huguo will become a wholly-owned subsidiary, enhancing Dadi Ocean's profitability without negatively impacting its financial status [2] Group 2: Business Integration and Growth Potential - The integration of Huguo will allow Dadi Ocean to expand its business from industrial solid waste disposal to residential waste recycling, creating a closed-loop recycling industry chain [3] - Huguo has developed a standardized and replicable business model that combines technology with waste collection, projecting a revenue of 466 million yuan and a net profit of 54.31 million yuan in 2024 [3] Group 3: Synergy and Market Opportunities - Huguo's innovative waste collection model addresses low recycling rates and poor waste classification awareness, contributing to improved waste management recognized by the Ministry of Ecology and Environment [4] - The acquisition aligns with national policies promoting large-scale equipment updates and resource recycling, positioning Dadi Ocean for significant growth in the rapidly evolving recycling industry [4]