Core Value of Rhodium Recovery - Rhodium is one of the rarest precious metals globally, with market prices exceeding 1445 RMB per gram by 2025, and its recovery value is significantly higher [1] - Companies like Hede Recycling Technology Co., Ltd. in Jiaozuo have improved rhodium recovery purity to over 99.95%, establishing a closed-loop economy model [1] - Leading companies such as Fuxin Precious Metals have adopted a full industry chain model of "recovery-refining-sales," increasing profit margins by 20% compared to single recovery models [1] Application Scenarios Driving Rhodium Recovery Demand - **Automotive Industry**: Each National VI standard vehicle requires 5-8 grams of rhodium for catalytic converters, with companies in Jiaozuo enhancing recovery rates by 2%-3% through vacuum drying methods [1] - **Chemical Industry**: A chemical company in Jiaozuo has achieved a stable recovery rate of 85%-90% for 5% palladium-carbon waste using innovative extraction techniques [3] - **New Energy Sector**: Rhodium-based catalysts in fuel cells show a 41% improvement in catalytic activity compared to traditional platinum-based materials, with a pilot production base being established in Jiaozuo [5] Technological Breakthroughs in Recovery Methods - **Physical Methods**: High-temperature melting at 1200-1500°C has improved recovery rates to 95%, with a processing capacity of 500 tons annually [6] - **Chemical Methods**: Advanced techniques have reduced processing costs by 30% for rhodium-iridium alloy waste [8] - **Biological Methods**: Innovative microbial metallurgy techniques have achieved over 99% recovery rates while reducing energy consumption by 60% [8] Policy Empowerment and Financial Innovations - **Fiscal Subsidies**: Companies recovering over 50 tons annually receive a 15% VAT rebate, increasing profits by 12% for compliant firms [9] - **Smart Platforms**: IoT-driven waste recovery platforms in Jiaozuo enhance response times by 50% and reduce logistics costs by 15% [10] - **Futures Hedging**: The Shanghai Futures Exchange plans to launch palladium-carbon futures contracts in 2025, allowing companies to hedge against price fluctuations [11] Future Trends in the Industry - **EU Carbon Certification**: Companies obtaining international sustainability certifications can access premium pricing, generating an additional 5000-8000 RMB per ton [14] - **Microbial Technology**: The integration of ultrasonic-assisted extraction with microbial metallurgy is expected to lead to fully automated production processes [14] - **Urban Mining**: The Jiaozuo model demonstrates that through technological innovation and policy collaboration, urban mining can unlock trillion-level resource values [14]

Group 1: Plastic Waste Management - China generates over 70 million tons of plastic waste annually, with a growth rate of 13%, but only about 30% is utilized, leading to significant environmental pollution [1] - The lack of efficient recycling technology for plastic waste has made its management a global environmental challenge, with the potential of waste plastics being likened to "solid crude oil" [2] - The market for recycled plastic utilization in China is estimated to be in the hundreds of billions, with conversion profits for high-end olefins being substantial [3] Group 2: Biomass Resource Utilization - The effective utilization of biomass resources is crucial for achieving carbon neutrality, with a focus on converting suitable resources into appropriate products [4] - The team has developed a rapid pyrolysis technology that produces high-purity humic acid from agricultural waste, establishing a large-scale production facility with an annual capacity of 200,000 tons [4] - Collaboration with agricultural machinery companies has led to the development of mobile pyrolysis units for on-site processing of crop residues, creating a closed-loop system for soil improvement [4] Group 3: Integration of Technology and Equipment - The core issue in waste resource utilization is the lack of integration between technology and equipment, which hinders the industrial application of laboratory technologies [5] - There is a need for government support in research and development of recycling technologies, as well as the establishment of industry standards [5] - Recommendations include allowing distributed, modular facilities to be built close to raw material sources to minimize risks associated with transportation and storage [6]

Group 1 - Shanghai Xiba plans to participate in the auction of lithium sulfide business assets from Yuyuan Rare Earth New Materials Co., indicating a strategic move into the new energy sector and solid-state battery technology [1] - The auctioned assets include intangible and fixed assets, with a focus on lithium sulfide production technology, which is solely owned by Yuyuan Rare Earth [1] - The transaction does not constitute a related party transaction or a major asset restructuring, suggesting manageable risk for Shanghai Xiba [1] Group 2 - Huayou Cobalt expects a net profit of 2.6 billion to 2.8 billion yuan for the first half of 2025, representing a year-on-year increase of 55.62% to 67.59% [2] - The profit increase is attributed to the continuous release of integrated operational advantages, rising cobalt prices, and ongoing management reforms and cost reduction efforts [2] - The company reported a net profit of 1.252 billion yuan in the first quarter, with the second quarter expected to yield a net profit of 1.348 billion to 1.548 billion yuan, indicating strong operational momentum [2] Group 3 - A lithium battery recycling plant in Spain experienced a fire that lasted for three days, injuring two individuals and raising safety concerns within the industry [3] - The fire, caused by several explosions, highlights potential operational stability issues for related companies and may prompt the industry to enhance safety standards [3] - The incident could negatively impact market confidence in the lithium battery recycling sector in the short term, despite potential long-term benefits for compliant enterprises [3]

Group 1 - ESG has become a necessary consideration for long-term investors, with nearly 5,100 institutions signing the UN PRI and managing over $100 trillion in assets as of June 30, 2025 [1] - ESG is an effective core standard for identifying companies with long-term sustainable development capabilities, as evidenced by JinJing New Energy winning the "Golden Award for Sustainable Development Excellence" [2] - JinJing New Energy's transformation from a construction-focused company to a leader in the global battery recycling sector highlights a significant industry change [4] Group 2 - JinJing New Energy's revenue surged by 92.3% to HKD 870 million, with reverse supply chain management and environmental services contributing 80% of the revenue, growing at 204% [4] - The company's adjusted EBITDA improved from a loss of HKD 40.1 million to a profit of HKD 44.8 million, demonstrating that green transformation can be a value creation engine [4] - The company has established a global recycling network covering 28 countries, with over 70 service nodes in key markets such as the US, Europe, and Southeast Asia [5] Group 3 - JinJing New Energy's innovative light-asset operational model, in collaboration with logistics giants, reduces carbon emissions during transportation [6] - The company's processing facility in Hong Kong is set to begin operations, aligning with national battery recycling management requirements and EU standards [7] - The potential for battery recycling in Hong Kong and other regions is significant, with a projected market size of HKD 10 billion emerging as the first wave of battery retirements occurs [7] Group 4 - JinJing New Energy's practices illustrate that ESG is not an additional cost but an accelerator for business growth, as the global retired battery volume is expected to exceed 4 million tons by 2028 [9] - The company’s efforts in integrating ESG solutions into its business model provide a competitive edge and transform regulatory constraints into business value [9]

Core Points - The implementation of the "reverse invoicing" policy has significantly alleviated the tax burden on resource recovery enterprises by allowing them to issue invoices to individual sellers, thus enabling VAT input deductions [1][2][3] - This policy addresses the long-standing issue of obtaining the "first invoice," enhancing compliance and operational efficiency for companies in the resource recovery sector [2][3] - The policy has been positively received by companies such as Nanjing Ninglun Tire Co., Ltd. and Nine Dragons Paper (Quanzhou) Co., Ltd., which report improved invoice processing and increased customer trust [3][4] Industry Impact - The "reverse invoicing" policy is a significant innovation in the circular economy sector, facilitating smoother transactions between individuals and recovery enterprises [2][3] - The policy has led to a more streamlined tax filing process for individual sellers, with many reporting quick refunds and simplified procedures for tax compliance [4][5] - The initiative promotes a culture of compliance among individual sellers, reinforcing the importance of fulfilling tax obligations while enhancing the overall trust between taxpayers and tax authorities [5]

Core Viewpoint - Jin Jing New Energy's latest financial report indicates significant progress in its transformation towards the green energy sector, showcasing a remarkable increase in revenue and a substantial reduction in losses [1][3][14]. Financial Performance - For the fiscal year 2025, Jin Jing New Energy reported revenue of approximately HKD 870 million, a year-on-year increase of 92.3%, while the loss attributable to shareholders was HKD 15.74 million, a significant reduction of 80% compared to the previous year's loss of HKD 78.86 million [1][4]. - The adjusted EBITDA for the fiscal year 2025 was HKD 44.76 million, a substantial improvement from a loss of HKD 40.06 million in 2024, indicating a turnaround in profitability [5][6]. Business Transformation - The company has successfully transitioned from traditional construction to focusing on green infrastructure, particularly in the recycling and utilization of power batteries, since its listing in 2018 [3][14]. - The revenue from reverse supply chain management and environmental services surged by 204.21% to HKD 696.19 million in 2025, accounting for nearly 80% of total revenue, highlighting the effectiveness of the company's strategic shift [4][3]. Market Trends - The global market for retired lithium batteries is expected to peak soon, driven by supportive policies from major countries, including China's new regulations on battery recycling [7][8]. - The anticipated retirement of approximately 300 GWh of batteries in China by 2030, along with similar trends in Europe and North America, presents a significant growth opportunity for Jin Jing New Energy [8][9]. Catalysts for Future Growth - The company is set to launch Hong Kong's first battery processing facility, which is expected to meet the battery processing needs outlined in Hong Kong's 2035 plan, with operations commencing in 2026 [9][10]. - Existing contracts with major clients, including leading electric vehicle manufacturers, are expected to contribute significantly to future revenue growth, with estimated disposal values exceeding HKD 30 billion [11][10]. - The establishment of a global lithium battery recycling network platform, in collaboration with other industry leaders, is anticipated to enhance the company's operational capabilities and market presence [12][13]. Market Recognition - The capital market has recognized the company's successful transformation, reflected in its stock price increase since 2022 and its inclusion in the MSCI index, indicating growing institutional interest [14].

Core Viewpoint - The implementation of the "reverse invoicing" policy for resource recovery enterprises selling scrapped products to individuals aims to streamline tax processes, enhance operational efficiency, and promote compliance within the industry [1][3]. Group 1: Policy Implementation - Starting from April 29, 2024, the "reverse invoicing" policy will be enforced, requiring individuals selling scrapped products to handle personal income tax filings by March 31 of the following year [1]. - In the 2025 tax filing period, over 170,000 taxpayers received timely tax refunds, and more than 30,000 individuals completed tax payments, achieving a compliance rate exceeding 99.5% [1]. Group 2: Industry Impact - The previous business model in the resource recovery industry often involved individuals selling without invoices, leading to increased operational costs for companies due to lack of valid input tax deduction certificates [1]. - The "reverse invoicing" policy has resolved issues related to inefficient invoicing processes, as noted by a company representative who highlighted improved workflow and efficiency [1]. Group 3: Taxpayer Support and Services - Tax authorities have established a "three rounds + classification" guidance system to assist individual sellers with tax filings, utilizing a comprehensive tracking system supported by big data [1][2]. - Taxpayers can complete their tax filings online or at local tax offices, with streamlined processes that require minimal documentation, allowing for quick refunds [2]. Group 4: Expert Opinions - Experts emphasize that the "reverse invoicing" mechanism not only reduces tax compliance costs through technology but also fosters a transparent and trust-based relationship between taxpayers and tax authorities [3]. - The policy is seen as beneficial for promoting compliant business practices and safeguarding taxpayer rights, ultimately contributing to high-quality economic development [3].

Core Viewpoint - The belt furnace plays a crucial role in the recycling and recovery of precious metals, showcasing significant advantages in energy efficiency, environmental safety, flexibility, and automation [1][3][4]. Group 1: Working Principle - The belt furnace is a continuous high-temperature furnace that processes precious metal materials through heating, melting, cooling, and solidification to achieve recovery and recycling [1]. - During the high-temperature melting process, precious metals are reduced and form molten metal droplets, which solidify into metal blocks or powders after cooling [1]. Group 2: Advantages in Precious Metal Recovery - Energy Efficiency: The continuous high-temperature melting technology enhances recovery rates and production efficiency while minimizing energy consumption [1][3]. - Environmental Safety: The furnace effectively controls emissions of waste gases and residues, reducing environmental pollution [3]. - Flexibility: The structure of the belt furnace can be customized and modified according to different process requirements, allowing it to handle various forms of precious metal materials [3]. - High Automation: The advanced control system enables automated monitoring and control, reducing manual intervention and operational difficulty [3]. Group 3: Specific Applications in Precious Metal Recovery - Electronic Waste Treatment: The furnace can recover precious metals from discarded electronic products such as circuit boards, mobile phones, and batteries through high-temperature melting [3]. - Catalyst Regeneration: In the petrochemical industry, the furnace can treat waste catalysts at high temperatures to restore their activity, lowering production costs and reducing waste [3]. - Other Applications: The furnace can also process other waste containing precious metals, such as old jewelry and dental materials, for recovery and reuse [3]. Group 4: Future Outlook - The belt furnace has broad application prospects and significant advantages in the field of precious metal recycling, with its importance expected to grow alongside technological advancements and increasing environmental awareness [4].

Core Insights - The introduction of smart recycling machines in Qingdao's Jiaozhou City allows residents to deposit recyclable materials and receive monetary rewards based on weight, promoting recycling behavior [1][3] Group 1: Smart Recycling Machines - Jiaozhou's Zhongyun Street is the first area to implement smart recycling machines, which operate 24/7 and allow residents to deposit various recyclable materials conveniently [3] - The current recycling price for deposited materials is 0.6 yuan per kilogram, with a minimum withdrawal amount of 1 yuan to be transferred to WeChat [3] Group 2: Operational Efficiency - The smart recycling machines utilize real-time data to manage collection logistics, ensuring timely removal of materials when the machines are nearly full [3] - Each recyclable item is tracked with a unique QR code throughout the collection and transportation process, enabling full traceability from source to sale [3] Group 3: Waste Reduction and Recycling Process - Recyclable materials are sorted at a central facility and sent to recycling plants for processing, transforming waste into new products such as umbrellas and T-shirts [4] - Separating recyclable materials from general waste can reduce overall waste by more than one-third, preventing valuable resources from being incinerated or landfilled [4]

理论上讲，退役动力电池回收处置并不难，但进入实际操作过程尤其是实现产业化价值却不容易。目 前，一些电池再利用技术尚处于试验阶段，暂时难以商业化。更大的难题还在回收环节。 转自：中国质量报 □ 胡立彪 今年前5个月，我国新能源汽车销量560.8万辆，同比增长44%，延续快速增长势头。随着销量增长，新 能源汽车保有量也迅速增长。截至2024年底，我国新能源汽车保有量达到3140万辆。巨大且持续增长的 保有量，让一个问题凸显出来：早期装车的动力电池逐渐达到质保期，叠加各项新能源汽车换新补贴政 策推动，动力电池将迎来集中退役高峰期。 按照国家规定，当新能源汽车的动力电池容量衰减至初始容量的80%以下时，就要退役。数据显示， 2023年，我国退役的动力电池总量为58万吨，预计今年将超过100万吨，2030年将达到350万吨。动力电 池退役潮推动形成一个可观的回收市场，据预测，我国动力电池回收市场在2030年有望突破1000亿元。 但是，退役动力电池怎么退？据了解，目前报废的动力电池通常有3种处置方法：一是重新制造，即替 换电池上的损坏零件，重新装配到电动汽车上；二是电池转型，即改变电池的调校数据，将其装配到低 速电动车 ...