Group 1 - A new company, Hejian Linsheng Renewable Resources Co., Ltd., has been established with a registered capital of 300,000 RMB [1] - The legal representative of the company is Yang Yanlin [1] - The business scope includes general projects such as recycling of renewable resources (excluding production waste metals), processing of renewable resources, and sales of renewable resources [1] Group 2 - The company is also involved in the manufacturing and retail of automotive parts and accessories [1] - Additional activities include the sale of metal products, rubber products, and the operation of wires and cables [1] - The company is permitted to engage in road cargo transportation (excluding hazardous goods), subject to relevant approvals [1]

Core Viewpoint - A new company, Hejian Shengxuan Recycling Resources Co., Ltd., has been established with a registered capital of 100,000 RMB, focusing on various recycling and manufacturing activities [1] Company Summary - The legal representative of the company is Fang Yanqing [1] - The registered capital of the company is 100,000 RMB [1] - The company’s business scope includes general projects such as recycling of renewable resources (excluding production waste metals), processing and sales of renewable resources, and manufacturing of electronic components [1] Industry Summary - The company is involved in the recycling industry, specifically in the recovery and processing of renewable resources [1] - It also engages in the manufacturing and retail of automotive parts, hardware products, and various chemical products [1] - The company is permitted to conduct road cargo transportation (excluding hazardous goods) upon approval from relevant authorities [1]

Core Viewpoint - The company plans to establish a holding subsidiary, Tongshan Shenwu Low Carbon Material Technology Co., Ltd., to advance a 50,000-ton recycled copper circular economy project, enhancing its industry chain and capacity layout, thereby improving profitability and market competitiveness [2][9]. Investment Overview - The total investment for the project is estimated at 120 million RMB, with Shenwu Energy contributing approximately 61.2 million RMB, representing a 51% stake [3][9]. - The subsidiary will be co-established with Tongshan Tongtai Supply Chain Co., Ltd. and Hubei Zhongyi Copper Industry Co., Ltd., with respective contributions of 43.2 million RMB and 15.6 million RMB [3][5]. Financial Structure - The registered capital of the new subsidiary is set at 10 million RMB, with Shenwu Energy contributing 36% in cash and physical assets [2][3]. - Funding sources for the investment include cash and bank loans, with the company having secured bank credit [3][5]. Project Details - The project involves leasing and renovating a 30,000 square meter factory for production [5][9]. - The project company will operate as a limited liability company, with shareholders responsible for their subscribed capital [6][9]. Market and Industry Context - The recycled copper industry faces challenges such as low and volatile profit margins, influenced by global economic conditions and commodity cycles [9][10]. - The company acknowledges potential risks related to copper price fluctuations and market demand, which could significantly impact project returns [10]. Governance and Management - The governance structure includes a board of directors with representatives from each shareholder, and a supervisory board member appointed by one of the partners [7][8]. - Financial management will adhere to the accounting standards applicable to the company, with independent audits conducted by third-party firms [8]. Long-term Impact - The investment is not expected to adversely affect the company's financial status or operations in 2025, but its long-term impact will depend on the project's execution and market conditions [9]. - The establishment of the new subsidiary is seen as a strategic move to leverage resources and enhance sustainable development [9].

天眼查App显示，近日，临沧飞驰再生资源有限公司成立，法定代表人为杨映菊，注册资本200万人民 币，经营范围为许可项目：再生资源回收（除生产性废旧金属）；危险废物经营。（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项 目：再生资源销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，鑫瑞再生资源（邵阳）有限公司成立，法定代表人为邓天，注册资本50万人民 币，经营范围为一般项目：再生资源回收（除生产性废旧金属）;再生资源加工;再生资源销售;非食用植 物油加工;非食用植物油销售;回收食品无害化处理;专业保洁、清洗、消毒服务;金属废料和碎屑加工处 理;建筑物清洁服务;生物质燃料加工;生物质能技术服务;生物质成型燃料销售;生物质液体燃料生产装备 销售（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动）。 ...

Company Overview - Jiangxi Fengqixing Trading Co., Ltd. has recently been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Luo Xizhe [1] Business Scope - The company operates in various sectors including the sale and recycling of renewable resources, excluding production waste metals [1] - It is involved in the processing of renewable resources and the sale of high-performance non-ferrous metals and alloys [1] - The company also engages in the sale of metal waste and scrap processing, as well as the sale of construction materials and metal accessories [1]

Core Viewpoint - Nanjing Morong Recycling Resources Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on various recycling and resource utilization activities [1] Company Overview - The legal representative of Nanjing Morong Recycling Resources Co., Ltd. is Zhao Fenglou [1] - The company has a registered capital of 5 million RMB [1] Business Scope - The company is involved in several licensed and general projects, including: - Construction labor subcontracting (subject to approval) [1] - Recycling of renewable resources (excluding production waste metals) [1] - Processing and sales of renewable resources [1] - Research and development of resource recycling technology [1] - General warehousing services (excluding hazardous chemicals) [1] - Collection of production waste metals [1] - Sales of metal materials, high-quality special steel materials, and high-performance non-ferrous metals and alloys [1] - Sales of batteries, hardware products, electronic products, machinery, communication equipment, building materials, and chemical products (excluding licensed chemicals) [1] - Retail of automotive parts and sales of electrical wires, cables, integrated circuits, and power facility materials [1] - Leasing of machinery and construction equipment (excluding projects requiring approval) [1]

Core Viewpoint - The event held on June 26 in Hangzhou aimed to showcase the development blueprint of the China Resource Recycling Group, emphasizing the importance of deepening collaboration between central and local governments to foster a resource recycling industry ecosystem and contribute to the "dual carbon" goals [1][2]. Group 1: Event Overview - The China Resource Recycling Group, established over eight months ago, presented its strategic plans and business layout at the Zhejiang session of the national resource recycling cooperation meeting [1]. - The meeting involved ten subsidiary companies engaging with local government departments and enterprises, focusing on four key areas: streamlining channels, building ecosystems, enhancing value, and expanding business [1]. Group 2: Company Initiatives - The China Resource Recycling Group's non-ferrous metal investment company aims to become a leading domestic and internationally recognized enterprise in the field of non-ferrous metal recycling through enhanced cooperation with local governments and enterprises [1]. - The company plans to establish a technology research institute in collaboration with universities and research institutions in Hangzhou, and to develop an intelligent online platform in partnership with companies specializing in artificial intelligence, blockchain, and big data [1]. Group 3: Technological Innovations - The company is exploring the use of AI and image recognition technology for rapid identification and classification of recycled resources, aiming to improve efficiency in the recycling industry [1]. - Hangzhou Tianyan Zhiliang Technology Co., a participant in the event, has developed an AI recognition system that can quickly identify waste materials and assess their value, currently serving thousands of enterprises in over 160 countries [1].

Core Viewpoint - The announcement by the Ministry of Ecology and Environment aims to regulate the import management of recycled black powder and recycled steel raw materials used in lithium-ion batteries, promoting the recycling of resources and ensuring compliance with specific guidelines [1] Summary by Relevant Categories Import Regulations - Recycled black powder for lithium-ion batteries is not classified as solid waste and can be imported freely, provided it is not mixed with other types of recycled materials [1] - Recycled black powder must not be imported in bulk and should be categorized separately during customs declaration [1] - Recycled steel raw materials are also not classified as solid waste and can be imported freely, with similar restrictions on mixing with other recycled materials [1] Customs Declaration - Different types of recycled black powder cannot be declared under the same customs declaration form [1] - For recycled steel, different categories can be declared under the same customs declaration form if they are independently packaged or physically separated [1] - Mixed loading of different categories of recycled steel is allowed if they can be distinguished during unloading [1]

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Viewpoints - The report tracks marginal changes in the carbon market since 2025, indicating a 60% expansion progress in the carbon market, with expectations for quota prices to rebound in the second half of the year [2][4] - The issuance of green certificates (绿证) is expected to achieve full coverage by the end of 2024, with a year-on-year increase in trading volume of 3.64 times, indicating an upward price trend [2][5] - The market activity of CCER (China Certified Emission Reduction) is anticipated to continue expanding due to methodological expansion [2][7] - The dual carbon strategy is accelerating, with sectors such as waste incineration, carbon monitoring, CCUS, hydrogen energy, electric sanitation vehicles, and recycling resources expected to benefit [2][8] Summary by Sections Quotas - After the compliance period, quota prices have declined, with a current market expansion progress of 60%. The price dropped from over 100 yuan per ton at the end of last year to 68.46 yuan per ton by May 30, 2025, primarily due to weak demand during the non-compliance period [4][22] - The carbon market's coverage of carbon dioxide emissions is expected to increase from about 40% to over 60% with the inclusion of the steel, cement, and aluminum industries [4][24] Green Certificates - The issuance of green certificates has accelerated since mid-2024, with a completion rate of 95% for centralized renewable energy projects by the end of 2024. A total of 4.677 billion green certificates were issued, with wind, conventional hydropower, solar power, and biomass power accounting for 40.77%, 33.73%, 17.18%, and 8.15% respectively [5][29] - The trading volume of green certificates in 2024 increased by 3.64 times year-on-year, with the manufacturing sector consuming nearly 70% of the total [5][35] CCER - Since October 2023, the progress of CCER has accelerated, with the release of new methodologies and the establishment of a basic institutional framework for voluntary emission reduction trading [7][45] - The price of CCER is expected to maintain a moderate upward trend as more industries are included in the carbon quota management [49] Investment Strategy - The dual carbon strategy is advancing rapidly, with the carbon market construction accelerating. The report highlights potential investment opportunities in waste incineration, carbon monitoring, CCUS, hydrogen energy, electric sanitation vehicles, and recycling resources [8][52] - Companies such as Huanlan Environment, Guangda Environment, and Weiming Environment are expected to benefit from the green certificate replacing national subsidies, improving cash flow [52][53]