Core Viewpoint - Shanxi Huayang New Materials Co., Ltd. has faced significant market attention due to abnormal stock price fluctuations, with the company clarifying that its main business is not related to the rare earth permanent magnet sector [1][3]. Group 1: Company Overview - The core business of Huayang New Materials is precious metal recycling and processing, with an annual production capacity of 2,500 kg for platinum mesh products and a disposal capacity of 1,000 tons for precious metal-containing waste catalysts [3]. - The company reported a total revenue of 387 million yuan and a net loss attributable to shareholders of 186 million yuan [3]. Group 2: Stock Performance - The stock price of Huayang New Materials started at a low of 5 yuan per share on June 6 and saw a cumulative increase of over 66% by June 17, with multiple instances of hitting the daily limit [3]. - On June 16, the stock price dropped over 7% due to misinterpretation as a rare earth permanent magnet concept stock, followed by a rebound on June 17, where it reached a limit of 7.68 yuan [5]. Group 3: Financial Analysis - The company has experienced continuous net losses from 2021 to 2024, with a projected revenue growth of 43% in 2024 but only a marginal reduction in net loss by 13.5 million yuan [5]. - In Q1 2025, the company achieved a net profit of 98.81 million yuan through non-recurring gains from land use rights transfer, but the core business still reported a net loss of 26.56 million yuan [5]. Group 4: Market Sentiment and Regulatory Environment - Analysts indicate that the stock price volatility is primarily driven by market speculation surrounding the "rare earth permanent magnet" concept, with investors potentially facing significant risks if they continue trading based on incorrect expectations [6]. - Regulatory scrutiny has increased, with several companies facing inquiries due to stock price fluctuations caused by concept misinterpretation, highlighting the need for investors to be cautious amid market irrationality [6].

Group 1: Silver Price Trends - Silver prices have risen significantly, with Shanghai 1 silver ingot price reaching 8800 RMB/kg, a 15.9% increase since the beginning of the year, and the main futures contract closing at 8792 RMB/kg, reflecting a 14.5% increase [1] - The price of silver reached a high of 9075 RMB/kg on June 18, marking a new record since the contract's inception, while COMEX silver prices peaked at 37.405 USD/oz, the highest since 2012 [1] - Factors such as geopolitical tensions and high gold prices have opened a channel for silver price increases, benefiting mining companies [1][2] Group 2: Industrial and Financial Demand - Silver's dual nature as both a financial and industrial metal makes it attractive for investors seeking undervalued assets, especially as gold prices rise [2] - Industrial demand for silver exceeds 50%, making it more sensitive to economic cycles compared to gold, but its financial attributes resonate with global energy transitions, enhancing its investment value [2][3] - The recent expectations of a Federal Reserve interest rate cut and concerns over the dollar's credibility may further drive silver prices upward [3] Group 3: Mining and Recycling Companies - Mining companies are likely to benefit from rising silver prices, with companies like Shengda Resources reporting no issues with sales despite price increases [4] - Shengda Resources anticipates revenue growth in 2024 due to rising metal prices, with a projected silver ingot production of 25.32 tons and a silver concentrate output of 413.15 tons [4] - In contrast, silver recycling companies face varied impacts from price increases, with business models affecting their cash flow and profitability [5] Group 4: Recycling Business Models - The silver recycling industry is divided into "buyout" and "processing" models, where the buyout model faces increased costs due to rising silver prices, impacting cash flow [5] - Companies operating under the processing model are less affected by price fluctuations, as they do not hold ownership of the silver and only charge processing fees [5]

Overview of Share Buyback Plan - The company has approved a share buyback plan using its own funds and special loan funds, with a total amount between 100 million RMB and 200 million RMB, and a maximum buyback price of 9.93 RMB per share [1][2] - The buyback shares will be used for employee stock ownership plans and to reduce registered capital, with at least 50% of the repurchased shares for capital reduction [1] Adjustment of Buyback Price Cap - Following the annual profit distribution plan approved on May 19, 2025, the company will distribute a cash dividend of 0.66 RMB per 10 shares, with no stock bonus [2] - The buyback price cap has been adjusted from 9.93 RMB to 9.86 RMB per share due to the cash dividend distribution [4][5] Financial Implications - The total cash dividend will reduce the per-share cash dividend to approximately 0.0656731 RMB, affecting the calculation of the ex-dividend price [3] - As of the announcement date, the company has utilized 136,743,597 RMB for buybacks, leaving a remaining buyback fund of 63,256,403 RMB, which can repurchase approximately 6,415,456 shares [5]

中国青年报客户端讯（中青报·中青网记者 王京辉）我国新能源汽车产销量已连续10年位居全球第一， 意味着动力电池也已进入规模化"退役"阶段。如何回收规模庞大的"退役"动力电池、如何降低电池生产 对原生矿产资源的依赖和碳排放，成为社会各界热议的话题。近日，中国电池巨头宁德时代与循环经济 倡导机构艾伦·麦克阿瑟基金会（EMF）携手，宣布"全球能源循环计划"愿景——推动电池循环经济全 面落地，同时助力新电池生产彻底摆脱对原生矿产资源的依赖。 据了解，"全球能源循环计划"是首个由中国企业推动的循环经济公益项目，同时也是首个覆盖新能源产 业全产业链、政府、学术机构等多方力量的协作网络。宁德时代副总经理、董事会秘书蒋理在活动现场 表示，未来20年内，全球将有50%的新电池生产告别矿产开采，以电池产业链为切口，带动能源体系向 高效、低碳、可持续方向系统转型。 随着动力电池相关企业数量的增长以及行业的发展，电池回收产业规模水涨船高。企查查今年5月发布 的数据显示，近十年我国电池回收相关企业注册量基本逐年增加。截至今年4月底，2025年我国已注册 1.46万家电池回收相关企业，相比2024年同期注册量增加13.9%。 "我们要让 ...

Core Viewpoint - The scrap vehicle recycling industry in China is experiencing significant growth driven by supportive policies and an increasing number of qualified enterprises, with a projected recovery volume of 7.872 million vehicles in 2024, a 70.7% year-on-year increase [1][19]. Industry Overview - Scrap vehicles are defined as those that meet national scrapping standards or are severely damaged and do not meet safety or emission standards [3]. - The recycling process involves extracting waste oil, dismantling reusable parts, and recycling materials such as tires, plastics, and electronic devices [3][7]. Industry Development History - Since 1980, China has gradually established vehicle recycling procedures, with significant policy improvements occurring after the implementation of State Council Order No. 715 in 2019, transitioning to a market-oriented model [9]. - The industry has shifted from a rough development model to a more ecological, resource-efficient, and circular economy approach, contributing positively to carbon reduction goals [9]. Development Drivers 1. **Policy Framework**: The government has introduced various policies to enhance the recycling system, emphasizing the importance of scrapping old vehicles and improving recycling channels [11][13]. 2. **Old-for-New Policy**: The implementation of the old-for-new vehicle policy has significantly boosted the recycling industry, with substantial subsidies for scrapping older vehicles [14][15]. 3. **Aging Vehicle Population**: The rapid growth of vehicle ownership since 2000 has led to a large number of vehicles entering the scrapping phase, indicating strong market potential [17]. Current Industry Status 1. **Recycling Volume**: The scrap vehicle recovery volume reached 7.872 million in 2024, with a 58.6% increase in the first quarter of 2025 [19]. 2. **Market Size**: The market for scrap vehicle recycling is estimated to be around 63.83 billion yuan in 2024, with a significant portion of vehicles entering illegal dismantling operations [23]. 3. **Enterprise Distribution**: The number of qualified recycling enterprises has surged from 755 in 2019 to over 1800 by mid-2025, with increasing competition and operational pressures [25]. Future Trends - The industry is expected to undergo rapid growth and restructuring, with a focus on diversified development, refined dismantling processes, and the integration of digital tracking and green technologies [27].

[Table_Summary] 1、固态电池利好政策频出，应用前景广阔。随着中试线陆续落地，头部企业在固态电池端的"落 子"有望吸引更多企业"入局"，产品技术迭代迎来持续向好。 2、①历史上港股与美股走势更相关，但 2020 年以来背离增多，而港股与 A 股联动明显增强。② 原因 1：过去港股外资占比高且港币与美元挂钩，流动性多受海外影响，当前外资占比下降、南 向流入，与内地流动性联动加深。③原因 2：随着内地优质企业赴港上市，优质资产或在港集聚， 中资股在港股市值/利润结构中举足轻重，港股基本面与内地联动更趋紧密。 3、科创板分层有利于优质半导体企业在资本市场脱颖而出，配合 AI 与自主可控相关的产业大趋 势，AI 有望实现与科创共振。 [汤蔚翔 Table_Authors] 国泰海通晨报 2025 年 06 月 26 日 国泰海通证券股份有限公司 研究所 行业跟踪报告：动力锂电《全固态电池正进入从 0 到 1》 2025-06-23 徐强（分析师）021-38676666、牟俊宇（分析师）021-38676666、李依雯（研究助理）021-38676666 投资建议：看好全固态电池产业化进程加速，建议关注 ...

Core Viewpoint - The implementation of the "Interim Measures for the Recycling and Utilization of Waste Power Batteries for New Energy Vehicles in Sichuan Province" marks a significant step in regulating the recycling of power batteries, addressing the urgent need for a structured approach to handle the anticipated surge in retired batteries as the number of new energy vehicles increases [1][3]. Group 1: Current Situation and Challenges - As of the end of 2024, Sichuan Province is expected to have 1.402 million new energy vehicles, a year-on-year increase of 56.4%, leading to a potential first wave of retired power batteries in the next 2-3 years [1]. - The current recycling landscape is characterized by a lack of a high-value comprehensive utilization industry, with many batteries flowing into informal "small workshops," which undermines the operations of legitimate recycling enterprises [1][2]. - The total amount of retired power batteries in China exceeded 580,000 tons in 2023, with projections of 1.04 million tons by 2025 and 3.5 million tons by 2030, while the standardized recycling rate remains below 25% as of the end of 2023 [2]. Group 2: Policy and Regulatory Framework - The "Measures" provide institutional support for establishing a closed-loop recycling system for power batteries throughout their lifecycle, focusing on regional center construction, recycling norms, supportive measures, supervision, and legal responsibilities [2][3]. - The national-level "Action Plan for Improving the Recycling and Utilization System for New Energy Vehicle Power Batteries" and the revised "Industry Norms for the Comprehensive Utilization of Waste Power Batteries" aim to enhance the regulatory framework, but local adaptations are necessary for effective implementation [3]. Group 3: Future Directions and Opportunities - The government and industry should collaborate to seize the development opportunities in the retired battery recycling sector, establishing mandatory recycling mechanisms and providing incentives for compliant enterprises while cracking down on illegal activities [4]. - Companies are encouraged to innovate in recycling, disassembly, and remanufacturing processes to improve resource recovery rates and reduce energy consumption, positioning themselves as leaders in technology and standards within the industry [4]. - The true maturity of the new energy vehicle industry will be reflected not only in production and sales growth but also in the enhancement of lifecycle management, with Sichuan's regulatory innovations serving as a model for other regions [4].

Core Viewpoint - The government of Huanchuan County in Xinyang City has initiated a comprehensive investigation into the reported pollution of the Mud River, with preliminary findings indicating pollution in certain river sections and involvement of a local company in illegal discharge [1] Group 1: Investigation and Actions - Huanchuan County is conducting a thorough investigation and handling of the Mud River pollution issue following public complaints [1] - Preliminary investigations revealed that Bihai Lantian Recycling Resources Co., Ltd. is suspected of illegal discharge, leading to the company's production being halted by local authorities [1] - Relevant law enforcement agencies have initiated a formal investigation, and the company's responsible personnel have been detained [1] Group 2: Pollution Management - The local government is addressing issues related to broken pipelines and sewage overflow, with ongoing repairs and management of the situation [1] - A comprehensive assessment of upstream and downstream pollution sources is being conducted, including sampling and testing of water quality and affected soil at multiple locations [1] - Based on the results of the investigations and tests, a comprehensive remediation plan will be implemented [1]

△甘肃如佰金属科技有限公司2.6万吨综合回收贵金属二次资源项目的一期生产车间内 △项目生产车间内 谈及项目快速落地的关键，项目负责人谷超特别点赞了金昌市及经开区招商团队的专业高效："从精准的政策匹配、科学的选址落地，到高效的手续办理 直至现在的试产准备，政府提供了'全程式、管家式'服务，切实解决了企业的后顾之忧。"他表示，这种"重商、亲商、安商"的营商环境，是项目得以顺利 推进、企业安心发展的最大底气和信心来源。 6月10日，记者跟随金昌市招商引资重点项目全媒体采访活动走进甘肃如佰金属科技有限公司，其总投资5.16亿元的年产2.6万吨综合回收贵金属二次资源 项目一期工程已全面竣工，待相关部门核查后将启动试生产。 该公司自2021年落户金昌以来，致力于打造贵金属二次资源综合回收利用的标杆项目。项目占地约140亩，规划建设火法车间、湿法车间及配套辅助设 施，核心是年处理能力达2.6万吨的综合回收生产线。项目聚焦医药废物、石化废催化剂、焚烧渣、废旧汽车尾气催化剂等含贵金属危废物料，通过先进 技术从中高效提取铂族贵金属及冰铜等高价值产品。 项目负责人谷超介绍，全面投产后，预计每年可向国内市场稳定供应稀缺的铂族贵金属材 ...

Group 1 - On June 23, A-shares saw a collective increase in the three major indices, with the Shanghai Composite Index rising by 0.65% to 3381.58 points, the Shenzhen Component Index increasing by 0.43% to 10048.39 points, and the ChiNext Index up by 0.39% to 2017.63 points [1] - The digital currency, electronic ID, and power battery recycling sectors performed well, while the liquor, super brands, and air-source heat pump sectors experienced declines [1] - In the past 30 days, 368 fund managers have left their positions, indicating potential impacts on fund performance due to changes in management [1] Group 2 - On June 23, 18 funds announced manager departures, with reasons including job changes, personal reasons, product expiration, and resignations [1] - Notable fund managers include Zhang Ming from Anxin Fund, managing assets of 4.632 billion yuan, with a return of 126.38% over 8 years and 51 days on the Anxin Enterprise Value Selected Mixed A fund [1] - Chu Yanhui from Puyin Ansheng Fund manages assets of 707 million yuan, achieving a return of 172.90% over 2 years and 49 days on the Puyin Ansheng Environmental New Energy A fund [1] Group 3 - In the past month, Bosera Fund conducted research on 59 listed companies, the highest among peers, followed by Huaxia, Penghua, and Southern Funds with 58, 48, and 45 companies respectively [1] - The general equipment industry was the most researched sector with 203 inquiries, followed by the specialized equipment industry with 188 inquiries [1] - Lexin Technology received the most attention from public funds, with 69 funds participating in its research, followed by Zhongke Shuguang and Haiguang Information, each with 65 funds [1]