General Principles - The purpose of the document is to standardize the responsibilities of the Secretary of the Board of Directors of Beijing Shouchao Ecological Environmental Protection Group Co., Ltd. based on relevant laws and regulations [1][2] - The Secretary acts as a designated liaison between the company and the Shanghai Stock Exchange, responsible for fulfilling legal obligations and enjoying corresponding rights [1][2] Qualifications - The Secretary must possess good personal qualities, professional ethics, and necessary knowledge in finance, law, and management [2] - Individuals with certain disqualifying conditions, such as recent administrative penalties or public reprimands, are prohibited from serving as Secretary [2] Main Responsibilities - The Secretary assists in strengthening corporate governance and organizing board meetings, ensuring compliance with decision-making procedures [3][4] - Responsibilities include managing information disclosure, maintaining communication with regulatory bodies, and ensuring compliance with disclosure obligations [3][4] Investor Relations - The Secretary is responsible for managing investor relations, including communication, handling inquiries, and maintaining investor databases [4] - The role includes summarizing market dynamics and investor feedback for the board [4] Stock Management - The Secretary oversees stock and derivative management, including maintaining shareholder records and ensuring compliance with trading regulations [5] Capital Market Strategy - The Secretary assists in formulating capital market development strategies and supports refinancing or merger and acquisition activities [6] Training and Compliance - The Secretary is responsible for organizing training for board members and senior management on relevant laws and regulations [6][7] - The Secretary must report any violations of laws or regulations by board members to the relevant authorities [7] Appointment and Dismissal - The board must announce the appointment of the Secretary and provide necessary documentation to the Shanghai Stock Exchange [8][9] - The Secretary can be dismissed for significant errors or violations that cause major losses to the company [9] Performance Evaluation - The Secretary is required to participate in regular training and submit performance reports for evaluation [10] - Compensation and evaluation of the Secretary are determined by the board's remuneration and assessment committee [10]

环保行业资金流入榜 沪指7月17日上涨0.37%，申万所属行业中，今日上涨的有25个，涨幅居前的行业为国防军工、通信， 涨幅分别为2.74%、2.41%。跌幅居前的行业为银行、交通运输，跌幅分别为0.42%、0.39%。环保行业 位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流入116.62亿元，今日有15个行业主力资金净流入，计算机行业主力 资金净流入规模居首，该行业今日上涨1.33%，全天净流入资金52.02亿元，其次是电子行业，日涨幅为 2.18%，净流入资金为44.55亿元。 主力资金净流出的行业有16个，公用事业行业主力资金净流出规模居首，全天净流出资金12.48亿元， 其次是银行行业，净流出资金为8.86亿元，净流出资金较多的还有轻工制造、环保、房地产等行业。 环保行业今日下跌0.26%，全天主力资金净流出6.31亿元，该行业所属的个股共133只，今日上涨的有59 只；下跌的有67只。以资金流向数据进行统计，该行业资金净流入的个股有45只，其中，净流入资金超 千万元的有7只，净流入资金居首的是仕净科技，今日净流入资金3797.10万元，紧随其后的是上海洗 霸、兴蓉环境，净流入资金分别为358 ...

沪指7月17日上涨0.37%，申万所属行业中，今日上涨的有25个，涨幅居前的行业为国防军工、通信， 涨幅分别为2.74%、2.41%。通信行业位居今日涨幅榜第二。跌幅居前的行业为银行、交通运输，跌幅 分别为0.42%、0.39%。 资金面上看，两市主力资金全天净流入116.62亿元，今日有15个行业主力资金净流入，计算机行业主力 资金净流入规模居首，该行业今日上涨1.33%，全天净流入资金52.02亿元，其次是电子行业，日涨幅为 2.18%，净流入资金为44.55亿元。 主力资金净流出的行业有16个，公用事业行业主力资金净流出规模居首，全天净流出资金12.48亿元， 其次是银行行业，净流出资金为8.86亿元，净流出资金较多的还有轻工制造、环保、房地产等行业。 通信行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600050 | 中国联通 | -0.74 | 0.77 | -19312.64 | | 002017 | 东信和平 | -1.10 | 26.49 | -15948.04 ...

Core Viewpoint - The news highlights the progress and achievements in China's intellectual property (IP) development during the "14th Five-Year Plan" period, emphasizing the shift from being a major importer of IP to a creator of IP, with a focus on quality over quantity [1][2][4]. Group 1: Key Achievements in IP Development - The expected targets for IP development by 2025 include: the value added of patent-intensive industries accounting for 13% of GDP, copyright industry value added reaching 7.5% of GDP, and annual import-export total of IP usage fees reaching 350 billion yuan [1]. - The satisfaction rate for IP protection has improved from 80.05 in 2020 to 82.36 in 2024, surpassing the 2025 target of 82 [2]. - The value added of patent-intensive industries increased from 11.97% of GDP in 2020 to 13.04% in 2023, achieving the "14th Five-Year Plan" target ahead of schedule [2]. Group 2: Growth in Patent and Trademark Registrations - As of June 2023, the number of valid domestic invention patents reached 5.01 million, a year-on-year increase of 13.2%, with the number of high-value invention patents per 10,000 people reaching 15.3, exceeding the 2025 target [4]. - The number of valid registered trademarks in China reached 48.96 million, a year-on-year increase of 6.6%, indicating strong growth in trademark registrations [4]. Group 3: Focus on High-Value Core Patents - China is transitioning from being an IP-importing country to an IP-creating country, with a focus on high-value core patents in strategic emerging industries such as 5G, AI, and renewable energy [6]. - As of June 2023, the number of valid invention patents in strategic emerging industries reached 1.472 million, 2.2 times that at the end of the "13th Five-Year Plan," accounting for about 70% of high-value invention patents [6]. Group 4: Economic Impact of Patent-Intensive Industries - In 2023, the value added of patent-intensive industries reached 16.87 trillion yuan, accounting for 13.04% of GDP, contributing significantly to innovation and employment [9]. - R&D expenditure in patent-intensive industries reached 1.25 trillion yuan in 2023, representing 50% of the total R&D expenditure of large-scale enterprises [9]. - The employment in patent-intensive industries reached 50.81 million in 2023, an increase of 4.05 million since 2020, indicating strong job creation in this sector [10].

Core Viewpoint - The "Two Major" construction projects are accelerating, focusing on national strategic implementation and key areas of security capability enhancement [1][2]. Group 1: Infrastructure Investment - A series of landmark projects under the "Two Major" construction initiative are being actively advanced [2]. - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "Two Major" construction projects for 2025, completing the annual allocation of 800 billion yuan for these projects [8]. - In the first half of the year, infrastructure investment grew by 4.6%, outpacing overall investment growth by 1.8 percentage points, contributing to a 1 percentage point increase in total investment [15]. Group 2: Environmental and Pollution Management - There is an intensified effort to enhance ecological environment governance along the Yangtze River Economic Belt, focusing on urban sewage treatment, industrial park water pollution management, and pollution remediation in reclaimed land along the river [4]. - In Kunming, Yunnan, multiple comprehensive pollution management projects are underway, improving pollution control levels in key areas [4]. Group 3: Strategic Projects and Soft Measures - Under the "Two Major" construction framework, strategic railway corridors and port constructions are progressing steadily, supported by measures to facilitate customs clearance, reduce logistics costs, and implement tax refunds for land transport ports [7]. - The 2025 "Two Major" construction plan includes 800 billion yuan allocated for 1,459 projects, covering significant transportation infrastructure along the Yangtze River, the Western Land-Sea New Corridor, high-standard farmland, and major water conservancy projects [11]. - In terms of "soft construction," a series of reform and innovation measures are being introduced in key areas, such as optimizing railway financing models along the Yangtze River and exploring new models combining wind and solar energy with desertification control [13].

Group 1 - Yaxin Security plans to reduce its shareholding by up to 3%, totaling no more than 12 million shares, from August 8, 2025, to November 7, 2025 [1] - Shangwei Co. intends to issue up to 180 million shares to its controlling shareholder, raising no more than 1.144 billion yuan for digital upgrades and working capital [1][2] - Anker Innovations is exploring the possibility of overseas share issuance to enhance its global strategy and brand image, with no specific plan confirmed yet [3] Group 2 - AVIC Xi'an Aircraft Industry Group's chairman resigned due to work changes, effective immediately upon submission of the resignation [4] - Tianci Materials signed a procurement cooperation agreement to supply at least 550,000 tons of electrolyte products to Chuangneng New Energy from 2025 to 2030, enhancing market share and profitability [5][6] - Guangshentang's innovative drug GST-HG131 has been included in the list of breakthrough therapies, but this does not guarantee market approval or immediate financial impact [7][8] Group 3 - Chaozhuo Aerospace plans to reduce its shareholding by up to 3%, totaling no more than 896,000 shares, from August 7, 2025, to November 6, 2025 [9] - Taiji Group intends to repurchase shares worth between 80 million and 120 million yuan, with a maximum price of 28.03 yuan per share, to be used for cancellation [11][12] - Xibu Materials plans to invest 125 million yuan in a private placement by its subsidiary to raise 147 million yuan for working capital and loan repayment [13] Group 4 - Shantui Co. plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [14] - *ST Huawang intends to acquire 55.5% of Niwei Power for 666 million yuan, entering the new energy hybrid vehicle sector [15] - Tailin Bio's controlling shareholder plans to reduce its shareholding by up to 1.5%, totaling no more than 1.8195 million shares, for personal funding needs [17] Group 5 - Huicheng Vacuum plans to reduce its shareholding by up to 3%, totaling no more than 3 million shares, from August 7, 2025, to November 6, 2025 [18][19] - Kesi Co.'s actual controller plans to reduce its shareholding by up to 3%, totaling no more than 14.27 million shares, for personal funding needs [20][21] - Zhongchong Co.'s controlling shareholder plans to reduce its shareholding by up to 1.5%, totaling no more than 4.56 million shares, for funding needs [22][23] Group 6 - Shanhigh Environmental plans to raise no more than 718 million yuan through a private placement to supplement working capital and repay bank loans [24][25] - Zhongrong Electric plans to invest 114 million yuan in the construction of the Sinok New Energy Technology Park, expected to be completed by the end of 2027 [26] - Kaisen New Materials' shareholder plans to transfer 4.75% of its shares, totaling 20 million shares, for personal funding needs [27] Group 7 - Xinxin Standard's controlling shareholder plans to reduce its shareholding by up to 3%, totaling no more than 6.7792 million shares, for personal funding needs [28] - Chuhuan Technology plans to invest 9.99 million yuan in a partnership focused on high-end manufacturing, including semiconductors and new materials [29] - Shankai Intelligent's stock will resume trading after a share transfer agreement with Changjiang Aerospace, which will become the controlling shareholder [30]

Core Viewpoint - The participation experience of small shareholders in annual general meetings (AGMs) is increasingly problematic, with many facing barriers to entry and a lack of meaningful engagement during the meetings [1][2][3]. Group 1: Barriers to Participation - Small shareholders often encounter difficulties in registering for AGMs, with issues such as non-functional email addresses and lack of response from company representatives [2]. - Some companies have been reported to deny entry to shareholders based on unregistered attendance, which contradicts regulations that state all registered shareholders have the right to attend [2][3]. - The reluctance of small shareholders to participate is exacerbated by the additional obstacles set by companies, further diminishing their involvement in corporate governance [3]. Group 2: Meeting Procedures and Engagement - Many AGMs are criticized for being poorly organized, with key executives absent and minimal opportunities for shareholder interaction [4][5]. - The recent regulatory changes regarding the attendance of directors and executives at AGMs have not led to improved engagement, as many companies still treat these meetings as mere formalities [4][5]. - Some companies have been found to limit or completely avoid interactive sessions, opting instead for private meetings with shareholders, which undermines the purpose of the AGMs [6][10]. Group 3: Disclosure of Voting Results - There is a notable trend of companies failing to disclose voting results during the AGMs, instead directing shareholders to check announcements later, which violates existing regulations [7][8]. - The practice of not allowing shareholder representatives to participate in the counting and monitoring of votes raises concerns about the transparency and credibility of the voting process [8][9]. Group 4: Recommendations for Improvement - Companies are urged to eliminate barriers to participation and enhance the AGM process to ensure meaningful engagement with all shareholders [9][10]. - Regulatory bodies should enforce compliance with participation rules and address companies that consistently fail to engage small shareholders [9]. - Small shareholders are encouraged to actively exercise their rights and participate in AGMs to ensure their voices are heard [10].

Summary of Longking Environmental Conference Call Company and Industry Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and New Energy Key Points and Arguments 1. **Strategic Partnership**: Longking Environmental benefits from Zijin Mining's acquisition, establishing a "Environmental Protection + New Energy" dual-drive strategy with Zijin holding over 25% and the Longyan State-owned Assets Supervision and Administration Commission holding nearly 10% [2][5] 2. **Green Energy and Storage Development**: The company is focusing on green electricity and energy storage, with green energy projects aligned with Zijin's green mining transformation, and expected operational improvements in energy storage by 2025 [2][5] 3. **Non-Electric Sector Breakthroughs**: Longking has achieved significant advancements in non-electric sectors, including the world's first dry desulfurization technology applied to steel sintering machines, leading industry standards [2][6] 4. **Stable Order Volume**: Despite concerns over reduced orders in thermal power emissions control, the company maintains a stable order volume of around 10 billion annually, with unexecuted orders between 18-20 billion [2][10] 5. **Core Business and Competitive Advantage**: The core business includes flue gas treatment (desulfurization, denitrification, and dust removal), with a market share of nearly 50% in dust removal and about 20% in desulfurization [3][4] 6. **Financial Performance**: The company expects a net profit of 830 million yuan in 2024, impacted by losses in micro-fee businesses and goodwill impairment, with the environmental main business contributing approximately 920 million yuan [3][20] 7. **Future Growth in Green Energy**: Green energy is projected to contribute around 200 million yuan in 2025, with a focus on self-consumption and grid-connected power generation [12] 8. **Cash Flow and Debt Management**: The company has a strong cash flow and collection capability, with a high apparent debt ratio due to significant advance payments, reflecting its premium pricing ability [16][18] 9. **Employee Stability**: The implementation of a 10-year employee stock ownership plan has improved employee stability and morale [14][15] 10. **Market Expansion**: Longking is actively expanding into high-temperature industries such as steel, cement, and coking, which have substantial desulfurization and denitrification needs [4][7] Additional Important Information - **Board Structure**: The board consists of representatives from Zijin Mining, Longking Environmental, and the Longyan State-owned Assets Supervision and Administration Commission, facilitating smooth cooperation [8] - **Future Order Trends**: The company anticipates continued demand for emissions control due to ongoing regulatory requirements and the need for upgrades in existing facilities [9] - **Investment Focus**: Recent investments are primarily directed towards green energy projects, with clear funding purposes and avoidance of high-risk ventures [17] - **Robotics and Equipment Development**: The company is exploring robotics for flue gas treatment facility maintenance, although current contributions to earnings are limited [13] This summary encapsulates the essential insights from the conference call, highlighting Longking Environmental's strategic direction, financial outlook, and market positioning within the environmental protection and new energy sectors.

Core Viewpoint - The company is proceeding with a private placement of A-shares to specific investors, which is deemed compliant with relevant laws and regulations, and is expected to enhance its financial strength and optimize its capital structure [1][4]. Group 1: Compliance and Approval - The issuance of A-shares meets the qualifications and conditions set forth in the Company Law, Securities Law, and relevant regulatory documents [1][4]. - The pricing method for the issuance is fair and does not harm the interests of the company or minority shareholders [1][2]. - The decision-making process for the issuance is legal and compliant, ensuring no detriment to the company and its shareholders [4]. Group 2: Financial Impact - The funds raised from this issuance will strengthen the company's financial position, improve its risk resistance, and partially meet the funding needs for business development [2][4]. - The proposed use of the raised funds aligns with the company's actual situation and is deemed necessary and feasible [2]. Group 3: Related Party Transactions - The subscription of shares by Shandong High-speed Industrial Investment Co., Ltd. constitutes a related party transaction, which has been conducted in accordance with national laws and regulations [3]. - The agreement with Shandong High-speed Industrial Investment Co., Ltd. includes a commitment that shares acquired will not be transferred for 36 months post-issuance, complying with relevant regulations [3].

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [3][6]. Core Insights - The company is positioned to benefit from the launch of Sustainable Aviation Fuel (SAF) in 2025, with expectations of increased demand for Used Cooking Oil (UCO) as a key raw material [3][4]. - The European Union's regulations mandate a gradual increase in SAF blending ratios, which is expected to drive UCO demand significantly [3][4]. - The company is actively expanding its UCO processing capabilities through acquisitions and new projects, which will enhance its market position [4][6]. Market Performance - The company's stock closed at 7.13 yuan, with a yearly high of 7.36 yuan and a low of 3.05 yuan [2]. - The circulating market value is 32.78 billion yuan, while the total market value stands at 33.58 billion yuan [2]. Financial Projections - Revenue is projected to grow from 1.56 billion yuan in 2025 to 1.93 billion yuan in 2027, reflecting year-on-year growth rates of 7.6%, 11.4%, and 10.8% respectively [6]. - Net profit is expected to increase dramatically from 87 million yuan in 2025 to 219 million yuan in 2027, with growth rates of 569.8%, 63.6%, and 53.4% [6]. - Earnings per share (EPS) are forecasted to rise from 0.19 yuan in 2025 to 0.47 yuan in 2027 [6]. Industry Opportunities - The SAF market is anticipated to grow significantly, with European SAF demand projected to reach approximately 137,000 tons in 2025 and 411,000 tons by 2030 [3][4]. - The company is well-positioned to capitalize on the increasing UCO demand driven by SAF policies and market dynamics [4][6].