天眼查App显示，近日，深圳市建顺再生资源有限公司成立，法定代表人为黄更群，注册资本3万人民 币，经营范围为一般经营项目是：再生资源回收（除生产性废旧金属）；再生资源销售；旧货销售；再 生资源加工；二手日用百货销售；资源再生利用技术研发；固体废物治理；金属链条及其他金属制品销 售；塑料制品销售；橡胶制品销售；金属制品销售；电子产品销售；机械设备销售；电线、电缆经营； 普通货物仓储服务（不含危险化学品等需许可审批的项目）；日用玻璃制品销售。（除依法须经批准的 项目外，凭营业执照依法自主开展经营活动），许可经营项目是：无。 ...

Core Viewpoint - Recently, Luoyang Xiangfeng Recycling Resources Co., Ltd. was established with a registered capital of 100,000 RMB, indicating a growing interest in the recycling and resource recovery industry in China [1] Company Summary - The legal representative of Luoyang Xiangfeng Recycling Resources Co., Ltd. is Zhang Jiaxiang [1] - The company has a registered capital of 100,000 RMB [1] Business Scope - The business scope includes general projects such as recycling of renewable resources (excluding production waste metals), processing and sales of renewable resources, and rare earth metal smelting [1] - Additional activities include machinery equipment leasing, installation services for ordinary machinery, sales of building materials, and packaging services for cargo transportation [1] - The company is also involved in processing non-metallic minerals and products, as well as non-metallic waste and scrap [1] - The company is permitted to engage in road cargo transportation (excluding hazardous goods), subject to approval from relevant authorities [1]

Core Insights - Jiangxi Fusheng Recycling Resources Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The company is engaged in various activities including recycling of renewable resources, sales of non-ferrous metal alloys, and processing of metal waste [1] Company Overview - The legal representative of the company is Ren Peipei [1] - The business scope includes general projects such as recycling of renewable resources (excluding production waste metals), sales of renewable resources, and sales of high-performance non-ferrous metals and alloys [1] - Additional activities include wholesale of auto parts, processing of non-metal waste, solid waste management, and ordinary goods warehousing services [1]

Core Viewpoint - Recently, Guanyun Yuteng Recycling Resources Co., Ltd. was established with a registered capital of 200,000 RMB, focusing on various recycling and waste management services [1] Company Overview - The legal representative of Guanyun Yuteng Recycling Resources Co., Ltd. is Li Dan [1] - The company has a registered capital of 200,000 RMB [1] Business Scope - The company is involved in several licensed projects, including building demolition (excluding blasting operations), which requires approval from relevant authorities [1] - General projects include: - Sales of recycled resources - Recycling of recycled resources (excluding production waste metals) - Processing of recycled resources - Recovery of production waste metals - Solid waste management - Research and development of construction waste recycling technology - Installation services for general machinery and equipment - Research and development of resource recycling technology - Dismantling and recovery of scrapped agricultural machinery - Processing and handling of non-metal waste and debris - House demolition services - Towing, rescue, and clearing services for vehicles - Recovery and secondary utilization of used power batteries from new energy vehicles (excluding hazardous waste management) [1]

Core Viewpoint - A new company, Shiyan Zheng Chuan Zhi Recycling Resources Co., Ltd., has been established with a registered capital of 500,000 RMB, focusing on various recycling and sales activities related to non-metallic waste, metals, and new energy vehicle battery recovery [1] Group 1: Company Overview - The company is legally represented by Zheng Chuan Zhi [1] - The registered capital of the company is 500,000 RMB [1] Group 2: Business Scope - The company engages in the processing and treatment of non-metallic waste and debris [1] - It sells new metallic functional materials, metal ores, non-metallic minerals and products, and various metal products including chains and tools [1] - The company is involved in the recycling of renewable resources, including the recovery and secondary utilization of used power batteries from new energy vehicles, excluding hazardous waste operations [1] - Additional activities include the sale of construction materials, daily necessities, and various mechanical and chemical products [1]

Core Insights - Yichang Fanshi Recycling Resources Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The company is engaged in various activities including recycling of renewable resources, sales, processing, and leasing of machinery and storage services [1] Company Overview - The legal representative of the company is Zhang Fan [1] - The business scope includes general projects such as recycling of renewable resources (excluding production waste metals), sales of renewable resources, and processing of metal waste and scraps [1] - The company also offers machinery equipment leasing and ordinary goods warehousing services, excluding hazardous chemicals [1]

Core Insights - A new company, Jiangxi Chen Xianfeng Recycling Resources Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The company is engaged in various activities including international road cargo transportation, recycling and processing of renewable resources, and sales of metal products [1] Company Overview - The legal representative of the company is Chen Xianfeng [1] - The registered capital is set at 100,000 RMB [1] Business Scope - The company operates under several licensed and general projects, including: - International road cargo transportation (subject to approval) [1] - Recycling and processing of renewable resources [1] - Sales of renewable resources and metal products [1] - Equipment rental services [1] - Domestic cargo transportation agency [1] - Research and development of construction waste recycling technology [1]

Core Insights - On October 20, Huahong Technology experienced a decline of 0.53% with a trading volume of 450 million yuan, indicating a negative market sentiment towards the company [1] - The company reported a net financing outflow of 31.39 million yuan on the same day, with a total financing and securities balance of 392 million yuan, which is high compared to the past year [1] - Huahong Technology's main business segments include rare earth resource utilization (49.56% of revenue), magnetic materials sales (23.77%), and recycling equipment sales (10.45%) [1] Financing and Shareholder Information - As of June 30, the number of shareholders for Huahong Technology was 34,700, a decrease of 26.48% from the previous period, while the average circulating shares per person increased by 36.03% to 14,787 shares [2] - The company achieved a revenue of 3.159 billion yuan in the first half of 2025, representing a year-on-year growth of 17.17%, and a net profit attributable to shareholders of 79.63 million yuan, a significant increase of 3480.57% [2] Dividend Distribution - Since its A-share listing, Huahong Technology has distributed a total of 354 million yuan in dividends, with 116 million yuan distributed over the past three years [3]

Core Viewpoint - Baoding Yixin Recycling Resources Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various recycling and resource utilization activities [1] Company Summary - The legal representative of Baoding Yixin Recycling Resources Co., Ltd. is Xing Pengyuan [1] - The company has a registered capital of 1 million RMB [1] - The business scope includes general projects such as recycling of renewable resources (excluding production waste metals), processing and sales of renewable resources, and research and development of resource recycling technologies [1] Industry Summary - The company engages in the recycling of non-metal waste and scrap processing, sales of new metal functional materials, and sales of metal ores and alloys [1] - It also includes sales of high-performance non-ferrous metals and alloy materials, as well as sales of construction materials (excluding projects that require approval) [1]

Macro Strategy - The report discusses the potential benefits of monetary policy easing, such as interest rate cuts, on equity assets, emphasizing that investor expectations for future corporate profits may be more critical than discount rates in DCF models [1][9] - It highlights that if monetary easing coincides with improved profit expectations and economic recovery, equity markets may perform better despite a bearish bond market [1][9] - Defensive stocks are likely to benefit more from monetary easing compared to growth stocks, which require specific conditions to see direct benefits [1][9] Company Analysis High Energy Environment (603588) - The company reported a significant increase in non-recurring profit by 29% in Q3 2025, driven by rising metal prices and improved operational efficiency [3][13] - Revenue for the first three quarters of 2025 was 10.16 billion yuan, a decrease of 11.28% year-on-year, while net profit reached 646 million yuan, an increase of 15.18% [3][13] - The forecast for net profit from 2025 to 2027 is set at 800 million, 910 million, and 1.05 billion yuan, with corresponding PE ratios of 14.5, 12.8, and 11.1 [3][13] Fuan Energy (002911) - The company’s revenue for the first three quarters of 2025 was 23.501 billion yuan, a year-on-year increase of 5.38%, with net profit reaching 490 million yuan, up 6.07% [4][14] - The company plans to maintain a dividend payout ratio of no less than 65% from 2025 to 2027, ensuring shareholder returns [4][14] - The forecast for net profit from 2025 to 2027 is 872 million, 922 million, and 976 million yuan, with PE ratios of 19.3, 18.2, and 17.2 [4][14] Minshida (920394) - The company reported a 38% year-on-year increase in non-recurring profit for the first three quarters of 2025, with revenue of 343 million yuan, a 21.77% increase [5][16] - The sales gross margin improved to 40.37%, reflecting strong operational performance [5][16] - The forecast for net profit from 2025 to 2027 is 134 million, 171 million, and 216 million yuan, with PE ratios of 45, 35, and 28 [5][16] 361 Degrees (01361.HK) - The company experienced a 10% increase in offline sales for its main brand and children's clothing, with a 20% increase in e-commerce sales [7][18] - The forecast for net profit from 2025 to 2027 is 1.3 billion, 1.46 billion, and 1.62 billion yuan, with low PE ratios of 8 for all three years [7][18] Haiguang Information (688041) - The company reported a revenue of 9.49 billion yuan for the first three quarters of 2025, a year-on-year increase of 54.65%, with a net profit of 1.961 billion yuan, up 28.56% [8][19] - The company is positioned to benefit from the growing demand for AI applications and has a comprehensive product matrix in the GPU sector [8][19] - The forecast for net profit from 2025 to 2027 is adjusted to 3.116 billion, 4.617 billion, and 6.529 billion yuan [8][19]