Group 1 - The State Council emphasizes the need for solid waste comprehensive governance to curb the growth of solid waste and enhance resource utilization levels [1][2] - The solid waste treatment sector in A-shares has shown remarkable performance this year, with a cumulative increase of 30.41% as of December 19, marking the best performance since 2018 [1] - The meeting highlighted the importance of adhering to the principle of "whoever pollutes, whoever governs" in solid waste management [2] Group 2 - As of October 2023, a total of 113,738 inspection points were identified nationwide, with 14,037 issues discovered, primarily related to construction waste, household waste, and general industrial solid waste [3] - The Ministry of Ecology and Environment plans to enhance special rectification efforts and monitor progress dynamically, ensuring effective remediation of identified issues [3]

Core Viewpoint - The State Council has made clear deployments for the comprehensive management of solid waste, emphasizing the need for a systematic approach to curb the growth of solid waste and promote resource utilization and harmless disposal [1][2][4]. Group 1: Policy Development - The concept of "comprehensive solid waste management action" was first introduced at the Central Economic Work Conference at the end of 2024, with a task set for 2025 to formulate an action plan [1]. - The pace of this initiative has accelerated since 2025, with the National Ecological Environment Protection Work Conference in January 2025 highlighting the action plan as a key annual task [1]. - The Ministry of Ecology and Environment has been actively involved in discussions and workshops to address key issues in solid waste management, indicating that the action plan is nearing completion and expected to be implemented next year [1][4]. Group 2: Implementation Strategy - The recent State Council meeting outlined a systematic and targeted approach to solid waste management, focusing on reduction, resource utilization, and harmless disposal [2]. - The meeting emphasized the need for a long-term mechanism for comprehensive management, advocating for infrastructure improvements in harmless storage, transportation, and disposal of solid waste [4]. - The strategy aligns with China's broader goals of developing a circular economy and improving resource utilization efficiency, as highlighted in the white paper on carbon peak and carbon neutrality [4]. Group 3: Economic Impact - The implementation of the solid waste management action plan is expected to support high-quality development by enhancing resource conservation and promoting green transformation in economic and social development [5].

循环经济是"无废城市"建设的核心引擎。江苏各地深刻践行"垃圾是放错位置的资源"这一理念，通过技 术创新和产业升级，将各类固体废物"吃干榨净"。在苏州工业园区，循环经济产业园内的企业将餐厨垃 圾转化为天然气和有机堆肥，把污泥制成循环燃料，实现资源的高效利用。徐州作为全国首批"无废城 市"建设试点城市，更是将循环经济贯穿于城市转型的始终，通过构建"2+3+X"固废资源化处置利用体 系，不仅消纳利用了大量煤矸石、建筑垃圾，还成功将采煤沉陷地修复为生态绿地，实现了生态效益与 经济效益的双赢。这些实践表明，循环经济不仅是解决固废污染的良方，更是推动城市绿色低碳转型的 强大动力。 然而，我们也应清醒地看到，"无废城市"建设仍面临一些挑战，如部分低值再生资源回收利用难、公众 意识有待进一步提升等。这需要我们持续加大投入，完善政策支持体系，加强技术创新和宣传教育，不 断推动循环经济向更高水平发展。 江苏在"无废城市"建设中，注重系统谋划与科技赋能，为循环经济的发展提供了坚实支撑。从省级层面 率先启动全域建设工作，到各地因地制宜制定方案，江苏构建了完善的顶层设计。同时，数字技术的广 泛应用，让固废管理更加智慧高效。无锡的"智慧 ...

证券日报网讯12月18日，军信股份（301109）在互动平台回答投资者提问时表示，公司投资建设的吉尔 吉斯共和国首都比什凯克垃圾科技处置发电项目于2025年12月投产；今年上半年，公司又相继与吉尔吉 斯共和国第二大城市奥什市、伊塞克湖州签订了垃圾科技处置项目框架协议；今年7月，公司与哈萨克 斯坦共和国政府部门签订了阿拉木图固体废物处置发电项目投资协议，目前相关工作正稳步推进。 ...

证券日报网讯12月18日，维尔利（300190）在互动平台回答投资者提问时表示，公司于2024年取得 了"用于生产航空生物燃油催化双段径向固定床反应器"及"一种用于生产生物柴油的新型催化加氢悬浮 床反应器"两项专利。上述两项专利主要服务于生物燃料油业务。目前，公司依托多年餐厨垃圾处理业 务积累的项目资源，主要聚焦废弃油脂(UCO)业务，深耕生物航煤(SAF)上游原料端布局。公司将持续 关注商业航天燃料行业相关政策动态，结合自身UCO业务布局，深化与下游企业的合作，把握行业发 展机遇。 ...

每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… （记者 王晓波） 每经AI快讯，中山公用（SZ 000685，收盘价：11.38元）12月18日晚间发布公告称，公司第十一届2025 年第6次董事会临时会议于2025年12月18日以通讯表决的方式召开。会议审议了《关于中山公用高级管 理人员薪酬执行方案的议案》等文件。 2025年1至6月份，中山公用的营业收入构成为：水务板块占比37.07%，工程收入占比34.53%，固废板 块占比18.79%，其他占比9.32%，新能源板块占比0.28%。 截至发稿，中山公用市值为168亿元。 ...

康恒环境深耕废弃物能源化领域十七载，通过技术创新与全球实践，探索出一条环保与能源协同发展的 创新路径。 随着全球城市化进程的加速推进与气候挑战加剧，固废处理的科学管理与能源转型日益成为制约可持续 发展的重要课题。作为中国环保出海企业中的佼佼者，康恒环境深耕废弃物能源化领域十七载，通过技 术创新与全球实践，探索出一条环保与能源协同发展的创新路径。 近两年，康恒环境在可持续发展要求的引领下，持续拓展全球布局行动。康恒环境已成为全球最大的垃 圾焚烧设备与技术提供者，全球前三的垃圾焚烧发电项目（低碳静脉产业园）投资运营商，为全球1亿 多人口提供环境与能源服务，用实践勾勒出环保与发展共赢的蓝图，展现出中国环保企业的责任担当与 创新活力。 创新技术体系：打造行业可持续发展新范式 康恒环境持续构建"技术创新、产业协同、数智驱动"三位一体的持续发展模式。 在技术创新层面，康恒环境结合属地需求持续耕耘。从炉排技术本土化改良到全厂技术落地，从炉排大 型化升级到高效发电技术水平的不断创新，更在近零排放与负碳技术领域取得突破。逐步形成覆盖设备 改良、能源升级、近零排放暨负碳技术方面的全套解决方案，推动废弃物处理向高效能、低碳排、超洁 ...

Macro Strategy - The core viewpoint indicates that the recent Federal Reserve interest rate cut and dovish signals from Powell have led to a decline in short-term U.S. Treasury yields, while concerns over AI investment bubbles have caused a downturn in U.S. stocks [1][15][16] - Analysts expect November non-farm employment to show a weak increase of 50,000 jobs, with a high standard deviation of 33,000, indicating significant market divergence [1][15][16] - The anticipated CPI for November is expected to be +3.1% year-on-year, with core CPI also at +3%, maintaining inflation around the 3% mark [1][15][16] Financial Products - The A-share market outlook suggests maintaining patience while waiting for stabilization in overseas markets, with a macro timing model score of -2 indicating a potential adjustment in the A-share index [2][17] - The report notes that the technology growth sector may regain attractiveness after adjustments in November, while the small and micro-cap sectors are viewed with caution [2][17] - Significant inflows into ETFs such as A500ETF and Sci-Tech 50ETF indicate some market optimism, despite ongoing concerns about AI investment bubbles [2][17] Industry Insights - The report highlights the PCB drilling process as a key beneficiary of high-end PCB development, recommending domestic leaders in drilling equipment and consumables [10] - The environmental industry is expected to benefit from the central economic work conference's focus on green transformation and energy independence, with investment opportunities in clean energy and recycling sectors [11][12] - The report emphasizes the importance of the "dual carbon" goals in driving the green transition, with specific recommendations for companies in clean energy and waste management sectors [12] Fixed Income - The fixed income report suggests that the bond market may not experience the same downward trend in interest rates as seen from 2022 to 2024, indicating a need for a more flexible approach to bond market operations [5][21] - The issuance of green bonds has increased significantly, with 29 new bonds issued in the week of December 8-12, totaling approximately 36.75 billion yuan, reflecting growing interest in sustainable finance [7] - The report also notes a substantial increase in secondary capital bonds, with a total transaction volume of approximately 329.2 billion yuan during the same period [8]

科技赋能不仅解决了固废处理难题，更带来了显著的经济效益。今年前三季度，耘豪公司销售额达2530 万元，同比增长76%，全年销售额有望突破3500万元。公司在低碳环保上持续发力，将烧结砖生产中产 生的余热循环利用，制成热能产品供给周边企业，实现"固废利用—能源回收—产品输出"的循环模式， 彻底改变了煤矸石处理"高污染、低效益"的旧貌。 近日，科技日报记者走进黑龙江省耘豪新型建材有限公司(以下简称"耘豪公司")自动化车间看到，机械 臂精准抓取原料，双级真空制砖机高速运转，6.9米断面隧道窑有序作业，昔日堆积如山的煤矸石正源 源不断地转化为新型建筑材料。 作为典型的煤炭资源型城市，黑龙江省七台河市一直被煤矸石的"生态包袱"所困。截至2022年底，七台 河共有煤矸石山251处、矸石存量约4781.9万吨。"矸石围城"成为城市发展的瓶颈。如今，在政策引导 与科技驱动下，当地企业通过技术创新将废弃煤矸石转化为建筑材料、热能产品等资源，走出一条"变 废为宝"的绿色发展之路。 技术破冰，矸石变"金砖" "我们采用国内先进的自动化生产线，六轴机器人实现全程精准操控，从原料配比到成品下线全程数字 化管控。"耘豪公司生产组长孟德新 ...

Core Viewpoint - The company, Zhonghuan Environmental Protection, is strengthening its financial position through a private placement to raise up to 300 million yuan, primarily for working capital and debt repayment, with the actual controller, Liu Yang, fully subscribing to the offering [1][2]. Fundraising and Control - The private placement involves issuing shares at 6.85 yuan each, with a maximum of 43.8 million shares, representing 9.51% of the pre-issue total share capital, aiming to raise no more than 300 million yuan [1][3]. - Liu Yang's subscription will increase his control over the company from 15.32% to approximately 22.68% post-issuance, reinforcing his position as the actual controller [2][3]. Financial Necessity - The company has faced rising financial costs, with financial expenses increasing from 115 million yuan in 2022 to 130 million yuan in 2023, and 154 million yuan in 2024, necessitating the fundraising to enhance liquidity and reduce financial burdens [3][5]. - As of September 30, 2025, accounts receivable reached 1.125 billion yuan, indicating significant cash flow pressure that the new funds aim to alleviate [3]. Business Performance - The company has experienced declining profitability over the past three years, with net profits dropping from 171 million yuan in 2022 to 59.27 million yuan in 2024, but has shown signs of recovery in 2025 with a 2.99% increase in revenue and a 13.84% rise in net profit for the first three quarters [5]. - The company is leveraging Liu Yang's expertise in the biopharmaceutical sector to explore new growth opportunities while maintaining its core environmental services [5]. Corporate Name Change - The company plans to change its name to "Zhongfu Technology" and its English name to "Anhui Orivie Technology Co., Ltd." to better reflect its strategic direction and the recent change in control, while still focusing on its core environmental business [6].