有投资者在互动平台向 丛麟科技提问：想问一下公司投资的广西生物柴油项目进展如何？预计何时能 够投产？该项目后续是否有并表的考虑？ 丛麟科技回复称，公司广西生物柴油项目目前按计划稳步推 进。项目一阶段预计将于2025年年底进入试生产阶段，自2026年起全面投产运营。该项目是公司在深耕 危险废物处理主营业务的基础上，积极拓展资源回收再生利用领域的重要战略布局。结合生物柴油行业 发展趋势、项目实际经营情况及公司战略规划，公司未来不排除进一步加大对该生物柴油项目的投资， 或将其纳入合并范围的可能。后续如有 ...

Industry Overview - The carbon quota allocation mechanism is linked to production output without a total carbon emission cap, focusing on intensity-based dynamic adjustments [1][2] - The allocation mechanism is based on the experience of the power generation industry, implementing free quota distribution based on carbon emission intensity control, with total quotas dynamically associated with industry production levels [2] - New key emission units in the steel, cement, and aluminum smelting industries must complete the first quota clearance for 2024 by 2025 [1][2] Company Tracking - Longking Environmental has seen significant shareholding increases from Zijin Mining, with stable leadership transitions expected to enhance Longking's business [3] - China Water Affairs reported a revenue of HKD 5.183 billion for FY26H1, a decrease of 12.9% year-on-year, with a net profit of HKD 571 million, down 24.4% year-on-year, primarily due to a decline in connection and construction activities [3] - The company has reduced capital expenditures by 31.8% to HKD 1.243 billion in FY26H1, while maintaining a dividend of HKD 0.13 per share, resulting in a dividend yield of 4.8% [3] Solid Waste Sector Insights - The solid waste sector has shown strong fundamentals in Q3 2025, with a 12% increase in net profit and a 2.7 percentage point increase in gross margin [3] - Free cash flow in the solid waste sector reached RMB 13.3 billion in Q1-Q3 2025, a year-on-year increase of 28%, with capital expenditures down 12% [3] - The average waste incineration companies' output per ton increased by 1.8% year-on-year in H1 2025, indicating operational efficiency improvements [3] Water Sector Insights - The water sector is expected to experience a cash flow turnaround, with significant increases in free cash flow anticipated starting in 2026 [4] - Recent water price reforms in major cities like Guangzhou and Shenzhen are expected to enhance revenue and profitability for water companies [5] - Recommended companies in the water sector include Yuehai Investment and Xingrong Environment, with a focus on improving cash flow and dividend payouts [5] Industry Tracking - The sales of new energy sanitation vehicles increased by 61.32% year-on-year in the first ten months of 2025, with a penetration rate of 18.02% [6] - The average price of biodiesel remained stable, while net profits per ton have declined [6] - Lithium carbonate prices have risen, improving profitability in lithium battery recycling [6]

Core Viewpoint - The company,卓越新能, has provided updates on its fundraising projects related to the production of 100,000 tons of hydrocarbon-based biodiesel, indicating progress in both its IPO and private placement initiatives [1] Group 1: Project Updates - The project for the production line of 100,000 tons of hydrocarbon-based biodiesel from the IPO is expected to begin trial production in the first half of next year [1] - The private placement project for the same production capacity is currently in the preliminary stages of development [1] - The company will fulfill its information disclosure obligations in accordance with regulatory requirements regarding the specific progress of these projects [1]

创业集团控股(02221)发布公告，于2025年11月26日，买方(宜升(天津)环境技术有限公司，为公司间接 全资附属公司)拟向卖方(厦门诺鸿盛贸易有限公司)购买目标公司(广西融合生物能源科技有限公司)12% 股权，总代价为人民币2400万元。 目标公司主要从事工业用油、生物柴油及生物塑化剂的加工及销售。其主要产品包括第一代生物柴油 (UCOM)及船用生物燃料油(B24)。目标公司主要投资于南宁项目，该项目是一个位于中国南宁市隆安县 那桐镇的生物柴油生产设施。南宁项目包括一条年产能约20万吨的生产线，并配套有储罐区、公共工程 系统及生产辅助系统等附属基础设施。建设的第一阶段计划于2025年11月完成。 由于全球政策框架的支持，生物柴油和可持续航空燃料(SAF)的全球需求预计将上升。考虑到欧盟 《2020年可持续与智慧交通策略》设定到2050年运输相关温室气体排放减少90%的目标;及中国的利好 政策发展，包括取消对废食用油(UCO)的出口退税，而废食用油是生物柴油和可持续航空燃料的主要原 料，这鼓励国内加工并促进中国国内生物燃料行业的增长，全球对生物柴油的需求预计将快速扩大。 此外，董事会认为，收购事项符合集团 ...

智通财经APP讯，创业集团控股(02221)发布公告，于2025年11月26日，买方(宜升(天津)环境技术有限公 司，为公司间接全资附属公司)拟向卖方(厦门诺鸿盛贸易有限公司)购买目标公司(广西融合生物能源科 技有限公司)12%股权，总代价为人民币2400万元。 此外，董事会认为，收购事项符合集团的发展策略，预计有助于巩固及提升集团在中国的市场份额、竞 争力及品牌形象，并把握可持续能源的长期需求。此举亦代表扩展集团生物柴油行业业务组合的机会， 并有助于目标公司及生物柴油行业的前景带来正面的收益贡献。 由于全球政策框架的支持，生物柴油和可持续航空燃料(SAF)的全球需求预计将上升。考虑到欧盟 《2020年可持续与智慧交通策略》设定到2050年运输相关温室气体排放减少90%的目标;及中国的利好 政策发展，包括取消对废食用油(UCO)的出口退税，而废食用油是生物柴油和可持续航空燃料的主要原 料，这鼓励国内加工并促进中国国内生物燃料行业的增长，全球对生物柴油的需求预计将快速扩大。 目标公司主要从事工业用油、生物柴油及生物塑化剂的加工及销售。其主要产品包括第一代生物柴油 (UCOM)及船用生物燃料油(B24)。目标公司 ...

Core Viewpoint - The company plans to transfer its natural fatty alcohol and hydrocarbon biodiesel business-related assets, liabilities, and personnel to its wholly-owned subsidiary, the technology subsidiary, based on the book net value as of October 31, 2025 [1] Group 1: Asset Transfer Details - The total assets to be transferred amount to 649.93 million yuan, while the liabilities are 553.40 million yuan, resulting in a net asset value of 96.52 million yuan [1] - Following the transfer, the technology branch will be deregistered [1] Group 2: Project Implementation Changes - The implementation subjects for three fundraising projects, including the "annual production of 100,000 tons of hydrocarbon biodiesel production line project," will be changed to the technology subsidiary or jointly implemented with the listed company [1] - This asset transfer is classified as an adjustment of asset ownership and does not constitute a major asset restructuring, nor does it change the purpose of the raised funds [1]

Core Viewpoint - The report highlights significant growth in the environmental protection industry, particularly in the sanitation equipment and lithium battery recycling sectors, driven by increasing demand for new energy vehicles and rising lithium prices [1][3][7]. Industry Overview - Sanitation Equipment: In the first ten months of 2025, sales of new energy sanitation vehicles increased by 61.32%, with a penetration rate rising by 6.33 percentage points to 18.02%. Total sanitation vehicle sales reached 60,675 units, a year-on-year increase of 4.61%, with 10,931 units being new energy vehicles, marking a 63.32% increase [1][7]. - Lithium Battery Recycling: The price of lithium carbonate has risen, improving profitability. As of November 21, 2025, the weekly price of lithium carbonate was 92,400 (up 8.4% week-on-week), with cobalt and nickel prices at 405,000 and 116,700 respectively [1][7]. Investment Recommendations - Key Recommendations: Companies such as Hanlan Environment, High Energy Environment, Green Power Environmental Protection, and others are highlighted as key investment opportunities [2][4][5]. - Suggested Focus: Attention is drawn to companies involved in carbon monitoring and CCER asset appreciation, as well as those engaged in plastic recycling and energy-saving projects [3][4]. Financial Performance - Solid Waste Sector: The sector showed a 12% increase in net profit for the first three quarters of 2025, with a gross margin improvement of 2.7 percentage points. Free cash flow reached 13.3 billion, up 28% year-on-year [5][6]. - Water Sector: The water sector is expected to see a significant improvement in free cash flow, with a projected increase in dividend payout ratios as cash flow stabilizes [6]. Market Trends - Carbon Emission Quotas: The Ministry of Ecology and Environment has implemented a carbon emission quota scheme for the steel, cement, and aluminum industries for 2024 and 2025, which is expected to enhance the demand for carbon monitoring equipment [3][4]. - Price Adjustments: Recent price adjustments in water services in major cities are anticipated to support revenue growth and improve investment returns [6].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603822 | 嘉澳环保 | 83.66 | 2.54% | 6.53万 | 5.29 Z | | 688196 | 卓越新能 | 52.50 | 1.70% | 1.42万 | 7368.79万 | | 000159 | 国际实业 | 5.79 | 1.58% | 26.30万 | 1.52亿 | | 300664 | 鹏鹞环保 | 5.69 | 1.25% | 19.03万 | 1.08亿 | | 000803 | 山高坏能 | 6.95 | -0.29% | 13.92万 | 9611.90万 | | 000930 | 中粮科技 | 5.88 | -0.51% | 20.84万 | 1.23亿 | | 603334 | 丰倍生物 | 43.44 | -0.73% | 2.73万 | 1.18亿 | | 300072 | 海新能科 | 4.57 | -3.59% | 109.34万 | 4.96亿 | 证券之星消息，11月24日生物柴油板块较 ...

Core Viewpoint - The U.S. government's decision to delay the import biofuel subsidy reduction plan from 2026 to potentially 2027 or 2028 has caused significant market reactions, particularly affecting soybean farmers and the biofuel industry [1][3][34] Policy Reversal Impact - The Environmental Protection Agency (EPA) initially planned to halve the Renewable Identification Number (RIN) credits for imported biofuels starting January 2026, which would have reduced the competitive advantage of imported waste cooking oil, pushing refineries to buy more domestic soybean and canola oil [5][9] - The sudden policy change is primarily driven by concerns over rising fuel prices, as the biofuel industry heavily relies on imported raw materials [7][9] - The postponement of the subsidy reduction has led to a 2% drop in Chicago soybean oil futures, reflecting immediate market reactions [13][16] Market Reactions - The delay in policy implementation is expected to result in a reassessment of planting strategies among soybean farmers, as the attractiveness of soybeans compared to corn and cotton diminishes without policy support [15][22] - The U.S. biodiesel industry will continue to depend on imported waste oils and animal fats, easing competitive pressures on suppliers from the EU and Southeast Asia [16][22] Long-term Trends - The EPA's long-term goal remains to reduce import dependency and enhance domestic biofuel competitiveness, aligning with the "America First" energy policy [23][28] - Future biodiesel blending quotas are likely to increase, indicating a growing demand for biofuels despite the current policy delay [26][31] - The existing biodiesel production capacity significantly exceeds the proposed quotas, suggesting that large refineries may control output to stabilize RIN prices [31][33] Strategic Considerations - Investors should recognize that policy variables are critical in the oilseed market, often more influential than weather or inventory levels [28][30] - The interplay between energy transition, inflation pressures, and political maneuvering will continue to shape the market landscape for U.S. soybean farmers and related industries [34][36]

Core Viewpoint - The report highlights the increasing demand for biodiesel driven by terminal demand growth and regulatory changes, particularly in the context of the EU's RED III implementation and domestic initiatives in China [2][4]. Group 1: Biodiesel Price Trends - As of November 19, the FOB prices for China's first and second generation biodiesel are $1,165 and $1,900 per ton, reflecting increases of 11% and 24% respectively since the beginning of 2025 [2][3]. - The steady growth in biodiesel prices since 2025 is attributed to rising terminal demand [2]. Group 2: Domestic and International Demand Drivers - The first domestic B5 biodiesel injection for internal trade was completed, marking a significant step in the domestic biodiesel market [3]. - The implementation of the "IMO net-zero framework" is expected to increase the demand for biodiesel in both domestic and international shipping [3]. - In 2024, China's internal trade ship fuel consumption is projected to be 4.48 million tons, indicating substantial potential for biodiesel substitution in the future [3]. Group 3: EU Regulatory Impact - The RED III legislation, effective from 2026, raises the renewable energy consumption target from 32% to at least 42.5%, and the renewable energy target in the transport sector from 14% to 29% [4]. - The removal of the double carbon reduction policy for used cooking oil (UCO) is expected to significantly boost the demand for biodiesel and UCO, potentially doubling the demand [4]. - It is estimated that the demand for biodiesel produced from UCO in the EU will increase by at least 400,000 tons following the RED III implementation [4]. Group 4: Beneficiary Companies - Companies such as卓越新能, 海新能科, 嘉澳环保, and 山高环能 are identified as potential beneficiaries of the growing biodiesel market [5].