文 | 张冰冰 编辑 | 阿至 2023年8月开始生效的欧盟《新电池法案》规定，生产者要承担废电池回收责任，包括建立回收网络并支付处理费用。2031年底前钴、镍等关键金属的回 收率需达到95%，锂回收率需达80%。而目前国内头部电池回收企业普遍已经实现镍钴金属回收率95%以上，锂综合回收率90%以上。 林晓总结，与新能源汽车、电池等行业产品出口不同，电池回收企业出海本质上是服务出口，从而保障"新三样"的产品出口。 「博萃循环」LFP多组分回收线 36氪获悉，苏州博萃循环科技有限公司（以下简称「博萃循环」）近日宣布B轮融资新增数千万元投资，新增B轮投资方为太平科创基金，此前博萃循环 已完成近亿元B轮领投方的交割，截至目前B轮已累计完成过亿元融资。资金将用于产品研发，以及海外项目合作。 「博萃循环」成立于2019年5月，从预处理、金属提取、分离纯化、材料再生等环节，提供电池关键材料循环利用的全套解决方案。创始人林晓曾经为中 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、欧洲、北美、中东等十余个国家开展业务，为十余家能源领域的世界500强、国内外 ...

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Viewpoints - The national green electricity direct connection policy opens up cooperation space for waste incineration power generation and IDC [9][12] - The solid waste sector is expected to increase dividends and improve ROE through heat supply and IDC expansion [1][14] - The industry is entering a mature phase, leading to reduced capital expenditures and improved free cash flow, which enhances dividend payouts [14][17] Summary by Sections Industry Trends - The environmental protection sector is experiencing a decline in capital expenditures, leading to a significant improvement in free cash flow and increased dividends [14] - The waste incineration sector is seeing a trend towards cost reduction and efficiency improvements, which enhances ROE [14][15] Key Recommendations - Strongly recommended companies include: Huanlan Environment, Green Power, Yongxing Co., China Everbright Environment, Junxin Co., Yuehai Investment, and others [1] - Companies to watch include: Lian Tai Environmental Protection, Wangneng Environment, and Beikong Water Group [1] Policy Tracking - The green electricity direct connection policy requires new projects to have over 80% green electricity usage, which is expected to drive the integration of waste incineration power generation with data centers [12][13] - The policy aims to facilitate the supply of green electricity to high-energy-consuming industries, enhancing economic efficiency and stability [10][12] Financial Performance - The water service sector is projected to see stable growth and high dividends, with water price reforms expected to reshape growth and valuation [17][19] - The report highlights specific dividend payouts for companies like Junxin Co. (5.07 billion CNY), Green Power (4.18 billion CNY), and Huanlan Environment (6.52 billion CNY) for 2024 [14][17] Market Performance - The environmental protection and public utilities index rose by 3.53%, outperforming the broader market indices [50] - Notable stock performances include Yuhua Tian (up 55.7%) and Boschke (up 42.56%) [51]

此次集中签约项目涉及从锂电池拆解设备制造、废旧锂电池拆解及梯次利用等全生命周期循环体系。项目总投资达4.8亿元，建成后，预计将 形成年处理10万吨退役电池的产能，实现锂、铜、铝等资源高效循环利用，有效促进城西镇锂电池回收产业集聚发展，形成完整产业链条， 提升产业整体实力。 （ 来源： 赣榆区融媒体中心） | 往 | 期 | 回 顾 | | --- | --- | --- | | 01 | ｜ | 电芯厂一季度业绩PK！ | | 02 | ｜ | 孚能科技与同方股份签署战略合作协议 | | 03 | ｜ | 远景动力500+Ah储能电芯下线 | | 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 | 近日，江苏省连云港市赣榆区城西镇举行锂电池静脉产业园项目集中签约活动。连云港厚泽再生资源科技有限公司、原子锂电科技（连云港） 有限公司、铝云仓再生资源（连云港）有限公司等3家公司成功签约。 点击阅读原文，即可报名参会！ ...

Group 1 - The event celebrating the fifth anniversary of the Suzhou Municipal Waste Classification Management Regulations attracted over 10,000 participants, showcasing various innovative technologies and integrating waste classification knowledge into fun games [1] - An intelligent beverage bottle recycling machine drew significant attention, allowing users to register via a mobile app and receive cash rewards for recycling, with 102 such machines installed across key locations in Suzhou [1] - A basketball game focused on waste classification engaged participants of all ages, testing their shooting skills and knowledge of proper waste sorting [1] Group 2 - The most popular attraction at the event was a claw machine filled with themed blind boxes related to waste classification, which participants could access by completing classification games [2] - The blind boxes, developed by Suzhou Daily and the Suzhou Urban Management Bureau, reflect elements of Suzhou's waste classification system, with distinct colors representing different waste categories [2] - Characters representing various waste types were designed to educate the public on waste classification, with each character embodying specific recyclable or harmful waste items [2]

此次合作是双方积极响应国家双碳战略及资源回收战略的重要举措。航发集团依托增量配电网核心资产、零碳园区场景及资源整合能力，携手 欣旺达充分发挥其在锂电产业链的技术与市场优势，重点围绕"锂电梯次与再生利用"板块开展深度合作，共同构建覆盖电池回收、梯次利 用、再生利用的产业链闭环体系。双方还将在"零碳园区建设""储能系统集成产线"等领域寻求合作，推动"源网荷储一体化"模式落地及储能 技术场景应用，为区域经济高质量发展注入绿色新动能。 近日，泸州航空发展投资集团有限公司与欣旺达电子股份有限公司在泸州市龙马潭区正式签署合作协议。 欣旺达电子股份有限公司是全球锂离子电池领军企业，业务涵盖消费类产品、动力科技、能源科技及智能硬件等领域，连续多年入选"中国民 营企业500强"及"全球新能源企业500强"。 （ 来源：泸州航发集团） | 往 | 期 | 回 顾 | | --- | --- | --- | | 01 | ｜ | 掘金韩国市场，瑞浦兰钧再下一城！ | | 02 | ｜ | 珠海冠宇再获重要定点！ | | 03 | ｜ | 宁德时代与甘肃兰州签署零碳城市战略合作 | | 04 | ｜ | 第五届起点两轮车换电大会及轻 ...

湖南金凯循环科技股份有限公司成立于2016年5月，专业从事废旧锂电池、动力电池、含锂废料及镍 钴废料的处置及回收利用，粗制锂盐提纯、锂化合物、镍化合物、钴化合物、锰化合物等锂电相关产品 研发、制造、销售。是国家高新技术企业，国家专精特新"小巨人"企业、工信部《新能源汽车废旧动 力蓄电池综合利用行业规范》白名单企业。 公司目前设立耒阳和长沙两个生产基地。耒阳拟投资30亿，占地300亩，年产碳酸锂25700吨、磷酸 铁127990吨，单水氢氧化锂6000吨、硫酸镍和氯化镍分别为9533吨和5000吨、硫酸钴和氯化钴分 别为5044吨和5500吨、硫酸锰和氯化锰分别为3749吨和1500吨。2022年9月公司于长沙铜官循环 经济产业园区设立全资子公司——长沙金凯循环科技有限公司。长沙基地占地300亩，拟投资50亿， 计划产能30000吨碳酸锂，并配套产出磷酸铁、硫酸镍、硫酸钴、硫酸锰等产品。 进固态电池群 ，加小编微信：13248122922 -广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：综合自 金凯循环、长沙晚报 长沙晚报消息，金凯循环项目一期生产 ...

Core Viewpoint - Guangdong province is accelerating the promotion of electric bicycle trade-in programs, achieving significant results in the number of bicycles exchanged and the amount of subsidies utilized [2][4]. Group 1: Trade-in Program Performance - As of May 26, Guangdong has sold 174,000 electric bicycles through the trade-in program, ranking first in the country, with the exchange volume approximately three times that of the previous year [2]. - The total subsidy amount utilized is 87.08 million yuan, which has stimulated over 400 million yuan in new electric bicycle consumption [2]. - The top five cities in terms of trade-in numbers are Guangzhou (38,000), Foshan (37,000), Huizhou (29,000), Shenzhen (18,000), and Dongguan (16,000), collectively accounting for about 80% of the province's total [2]. Group 2: Recycling and Environmental Management - Guangdong has established a comprehensive system for the recycling and management of waste lead-acid batteries, with 94 collection points and an annual collection capacity of 800,000 tons [3]. - The province has built five recycling lead enterprises with an annual processing capacity of 500,000 tons, fully meeting the recycling and processing needs [3]. - The management of old vehicles includes strict verification and monitoring processes to prevent old vehicles from re-entering the market, ensuring compliance with environmental regulations [4]. Group 3: Regulatory Oversight - Since 2025, the Guangdong market supervision system has conducted inspections involving 59,000 personnel, checking 43,000 electric bicycle production, sales, and repair units, leading to 993 legal cases and the seizure of over 2,300 related products [5]. - The total value of seized products reached 2.56 million yuan, with fines and confiscations amounting to 3.75 million yuan, creating a strong deterrent effect against violations [5].

Group 1 - The financing conference in Xuchang showcased 223 key project financing needs totaling 101.96 billion yuan, highlighting the city's industrial development potential and investment value [1] - Xuchang has developed ten industrial clusters and sixteen industrial chains, forming a new industrial system led by future industries, supported by emerging industries, and based on traditional industries [3] - The city has become a significant production base for electric power equipment, automotive parts, tobacco, elevators, and artificial diamonds, among others, positioning itself as a key player in various sectors [3] Group 2 - Xuchang plans to implement 398 provincial and municipal key projects by 2025, with a total investment of 346.17 billion yuan and an annual planned investment of 136.31 billion yuan [4] - As of the end of April, 168 new projects have commenced construction, accounting for 64.4% of the annual target of 261 new projects [4]

尽管新能源汽车动力电池"退役潮"尚未到来，但废旧动力电池综合利用产业已挤满大量提前布局的企业。 当前行业面临双重压力：一是退役量预判与实际需求存在偏差，二是非正规回收渠道的冲击，导致市场呈现典 型的卖方特征和价格倒挂现象，整体盈利能力承压。 受访业内专家表示，预期在4—5年后到来的动力电池"退役潮"有助于缓解供需错配压力，但行业发展仍需加强 引导。当前，国家正在加紧修订《新能源汽车动力蓄电池回收利用管理暂行办法》，并将其升格为部门规章， 通过源头管控确保退役电池进入正规途径，并明确各行政单位、执法机构在推动行业规范发展中的分工，破 解"九龙治水而水不治"的难题，推动行业形成良币驱逐劣币的发展格局。 供需错配 行业寒冬延续 企查查数据显示，我国现存的17.2万家电池回收相关企业中，超六成企业于3年内成立。截至5月1日，2025年 我国新注册电池回收相关企业15202家。 然而，与产业扩张"热情"形成鲜明对比的是企业生产线的"冷清"。 《中国锂离子电池回收拆解与梯次利用行 业发展白皮书（2025年）》显示，截至2024年底，中国白名单锂离子电池的梯次利用和回收拆解产能为423.3 万吨/年，2024年中国废旧锂离 ...

市场对于动力电池"退役潮"预判的失真很大程度上引发行业产能供需错配，行业内卷加剧。根据工信部 2016年出台的规定，2024年后，新能源汽车动力电池陆续"脱保"，然而"脱保"并不代表用户会立刻报废 电池。 尽管新能源汽车动力电池"退役潮"尚未到来，但废旧动力电池综合利用产业已挤满大量提前布局的企 业。当前行业面临双重压力：一是退役量预判与实际需求存在偏差，二是非正规回收渠道的冲击，导致 市场呈现典型的卖方特征和价格倒挂现象，整体盈利能力承压。 受访业内专家表示，预期在4—5年后到来的动力电池"退役潮"有助于缓解供需错配压力，但行业发展仍 需加强引导。当前，国家正在加紧修订《新能源汽车动力蓄电池回收利用管理暂行办法》，并将其升格 为部门规章，通过源头管控确保退役电池进入正规途径，并明确各行政单位、执法机构在推动行业规范 发展中的分工，破解"九龙治水而水不治"的难题，推动行业形成良币驱逐劣币的发展格局。 供需错配行业寒冬延续 近些年，随着我国新能源汽车产业发展，动力电池综合利用产业快速成长。出于对新能源汽车产销规模 快速增长和动力电池"退役潮"的综合评判，社会资本普遍看好动力电池综合利用市场发展前景，大量企 业投 ...