证券研究报告 | 朝闻国盛 gszqdatemark 2026 01 27 年 月 日 朝闻国盛 ◼ 研究视点 【环保】政策驱动治理升级，环境监测潜能释放——20260126 【海外】京东集团-SW（09618.HK）-关注国补效果、外卖 UE 改善—— 20260126 春节错位效应开始影响高频数据同比——基本面高频数据跟踪 今日概览 ◼ 重磅研报 【电子】香农芯创（300475.SZ）-海普存储放量，企业级存储龙头扬帆 起航——20260126 【固定收益】春节错位效应开始影响高频数据同比——基本面高频数据 跟踪——20260126 【非银金融】行业周报|公募业绩基准正式稿落地，短期资金面扰动不改 长期向好趋势——20260126 【煤炭】力量发展（01277.HK）-立足蒙宁，掘金海外，"三高"赋能， 可有大为——20260126 执业证书编号：S0680519010002 邮箱：songjiaji@gszq.com | 行业表现前五名 | | | | | --- | --- | --- | --- | | 行业 | 1 月 | 3 月 | 1 年 | | 有色金属 | 24.5% | 37.5% | ...

Core Viewpoint - The company, Xuedilong, has provided insights into its subsidiary Orthodyne, which specializes in industrial chromatographs and analysis systems, indicating its applications in aerospace and nuclear fusion sectors [2] Group 1: Company Overview - Orthodyne produces industrial chromatographs, continuous analyzers, and industrial gas detectors, offering comprehensive process analysis solutions to clients [2] - The products are utilized in the aerospace sector for detecting impurities in liquid hydrogen rocket fuel, ensuring safety and reliability during usage [2] Group 2: Business Impact - The revenue generated from Orthodyne's operations in aerospace and nuclear fusion applications is relatively small, accounting for less than 0.5% of the company's total annual revenue [2] - The limited contribution of Orthodyne's revenue indicates that it does not have a significant impact on the overall performance of the company [2]

证券研究报告 | 行业周报 gszqdatemark 2026 01 26 年 月 日 环保 政策驱动治理升级，环境监测潜能释放 政策与需求双轮动，环境监测龙头持续受益。1、三部门联合发布《关于 做好污染地块环境修复与开发建设衔接的指导意见》，标志着我国污 染地块治理从"单一修修复 向"单修复与开发同" 转型，为土壤修复行 业带来多重发展机遇。土壤修复、环境咨询等细分领域迎来增量空间。 其内容与环境监测领域相符合，产生对应利好。推荐关注环境监测细 分领域标的，如聚光科技等。2、三部门发布《关于加强重点行业大气 环境绩效分级管理的指导意见》，通过"单分级策策、优罚劣" 的差异 化机制，为企业绿色转型指明方向并提供激励，也为大气污染治理、环 保监测等领域带来发展机遇。推荐关注环境监测，大气治理细分领域 龙头企业，如聚光科技，龙净环保。 当周碳交易行情：本周（1.19-1.23）全国碳市场综合价格行情为：最高价 81.00 元/吨，最低价 73.00 元/吨，收盘价较上周五上涨 3.18%。本周挂 牌同议交易成交量 29.52 万吨，成交额 2289.70 万元；大宗同议交易成交 量 213.00 万吨，成交额 1 ...

Group 1 - The company, Xuedilong, has a subsidiary named Orthodyne that primarily produces industrial chromatographs and analysis systems, continuous analyzers, and industrial gas detectors, providing complete process analysis solutions to clients [2] - Orthodyne's products are applied in the aerospace sector for detecting impurities in liquid hydrogen rocket fuel, ensuring safety and reliability during use [2] - The revenue from Orthodyne's business in aerospace and nuclear fusion is minimal, accounting for no more than 0.5% of the company's total annual revenue, thus having no significant impact on overall performance [2]

证券日报网讯1月23日，华测检测（300012）在互动平台回答投资者提问时表示，华测已经在林芝地区 为雅江项目建设了多个水质自动监测站，后续将继续积极争取，与相关单位共同参与雅江水电建设过程 的生态保护工作。 ...

Core Insights - The National Water Ecological Environment Smart Monitoring Business and Experimental Platform project has been initiated, with an investment of 233 million yuan and a construction area of approximately 17,000 square meters [2]. Group 1: Project Overview - The project plans to establish five core business laboratories, including a water ecological environment monitoring assessment laboratory and a water ecological value tracing and transmission laboratory, along with a national water ecological monitoring data platform and auxiliary public facilities [2]. - Upon completion, the project will create a synergistic effect with the existing "1+5" scientific facilities in the Huairou Science City East District, enhancing collaborative research in environmental ecology and promoting the development of related industries such as environmental monitoring equipment [2]. Group 2: Regional Development - The Huairou Science City spans Huairou and Miyun districts, with the Miyun section being part of the East District. Ongoing improvements in construction quality and efficiency are observed, with major projects accelerating [2]. - The "1+5" scientific facilities are continuously open for sharing, and significant achievements have been made, such as the recent release of a new generation air quality model from the Earth System Numerical Simulation Facility [2]. - Additional major projects, each with an investment scale exceeding 100 million yuan, have been successfully laid out, including the comprehensive construction of the first phase of the Peking University Huairou Medical Center and steady progress on the Peking University Dental Hospital National Medical Center project [2][3].

Core Viewpoint - The article highlights the release of a list of 16 qualified continuous monitoring systems for ammonia emissions from fixed pollution sources by the China National Environmental Monitoring Center, which will be valid until December 31, 2025. This list includes products from both international and domestic companies, showcasing the competitive landscape in ammonia monitoring technology [1][2][5]. Group 1: Monitoring Systems - A total of 16 ammonia emission monitoring systems have passed rigorous testing, meeting key indicators such as measurement range, response time, and anti-interference capability [2][3]. - The qualified systems include models from companies like ABB, Endress+Hauser, and domestic firms such as Shanghai Beifen and Zhetian Chunlai, indicating a blend of international and local technological strengths [5][6]. Group 2: Technological Advancements - The technology of ammonia monitoring equipment in China has significantly improved, featuring automation capabilities such as self-calibration, fault diagnosis, and remote operation, which reduce operational costs for enterprises [6]. - The adaptability of these devices has increased, allowing them to function effectively in complex environments characterized by high temperatures, dust, and humidity, thus catering to diverse industry needs [6]. Group 3: Market Growth - Ammonia is a critical precursor to PM2.5 and ozone, posing direct threats to ecosystems and human health, which makes its monitoring essential under China's dual carbon strategy [6]. - The fixed pollution source gas monitoring market is expected to experience a new growth phase, with the ammonia continuous monitoring system market projected to maintain a compound annual growth rate of over 15% in the next three years [6].

Core Viewpoint - Xuedilong (SZ002658) reached its daily limit on January 23, 2026, with a price of 10.74 yuan, marking a 10.04% increase and a total market capitalization of 6.828 billion yuan [1] Group 1: Company Performance - Xuedilong's Q3 report showed impressive performance, with a net profit attributable to shareholders reaching 53.396 million yuan, a year-on-year increase of 101.69%, indicating significant improvement in profitability [2] - The company improved its capital efficiency by utilizing 1.29 billion yuan of idle funds for cash management, and its operating cash flow improved to 155 million yuan, a year-on-year increase of 8.77%, enhancing its collection capability [2] Group 2: Business Focus and Growth Potential - Xuedilong focuses on environmental monitoring and carbon measurement, having acquired 14,273 square meters of industrial land in Beijing's Changping District for the construction of an innovation industrial base, aligning with the national "dual carbon" strategy and indicating substantial long-term growth potential [2] - The company's subsidiary products are used for helium purity and impurity analysis, with some nuclear fusion devices utilizing helium as a cooling medium, and the subsidiary has already achieved commercialization in this field [2] Group 3: Market Trends and Technical Analysis - The environmental protection sector has gained attention due to policy expectations and market interest, contributing to a positive performance in the sector [2] - Technical analysis suggests that the stock's daily limit may help it break through short-term resistance levels, attracting more investor interest [2]

Group 1 - The company, Xuedilong, announced the completion of its share reduction plan as of the announcement date [2] - The company has cumulatively reduced its repurchased shares by 4,885,645 shares, which accounts for 0.77% of the total share capital [2]

雪迪龙公告称，公司于2026年通过集中竞价交易方式首次减持回购股份381万股，占总股本0.60%，减 持所得资金3630.69万元，成交均价9.53元/股。公司曾于2024年以6051.27万元回购1124.32万股，占总股 本1.77%。2025年已减持635.75万股，占总股本1%。此次减持后，公司回购专用证券账户持有488.56万 股，占总股本0.77%。本次减持计划实施存在不确定风险。 ...