探秘"科技迷宫"般的生态环境监测站、体验"垃圾变废为宝"之旅、追踪"一滴污水变清水"的过程…… 2025年以来，许多家长和青少年学生走近环保设施，"零距离"感受科技在减污降碳方面发挥的作用。 环保设施向公众开放，既是观察美丽中国建设成效的一扇窗口，也是强化生态环境保护治理的一个抓 手，更是构建和完善生态环境治理体系的务实举措。 目前，我省已有100家单位列入全国环保设施向公众开放名录，形成"老四类"（生态环境监测、城市污 水处理、城市生活垃圾处理、危废和废弃电器电子产品处理）+"新四类"（石化、电力、钢铁、建材） 的开放格局。从中，可以观察到生态环境保护的治理之道。 线上线下联动，打造沉浸式参与体验 在昆明市第二水质净化厂，一群大学生在专业讲解员的带领下，正兴致勃勃地观察着浑浊污水如何经过 多道工序"变身"为清澈尾水；与此同时，屏幕另一端，数万名网友通过"七彩云端"直播平台，与"云 游"中石油云南石化有限公司实时提问互动……这样"线上+线下"同步开展的环保设施开放场景，已成为 云南省推动公众参与生态环境保护的常态。 2025年以来，我省以"创新开放形式、拓展参与场景"为主线，持续推进环保设施向公众开放工作。通 ...

佳鑫国际资源是一家总部位于哈萨克斯坦的钨矿开发企业 核心资产为巴库塔钨矿项目，公司业务模式覆盖钨矿的勘探、开采、加工及销售全链条，主要产品为钨 精矿。2025年8月28日，公司于港交所主板上市，募集资金主要用于产能扩张、深加工布局及债务偿 还。2025年4月巴库塔钨矿已启动一期商业化生产，公司未来也计划在中亚地区探索更多投资有色金属 资源的机会。 稀缺资源为公司提供长期发展潜力 第一上海发布研报称，首次覆盖并给予佳鑫国际资源(03858)"买入"评级，目标价82.4港元。该行认为公 司正处在一个关键的价值释放拐点，且坐拥世界级核心资产，资源禀赋奠定长期增长基石。公司是市场 上稀缺的纯钨矿标的，当前股价具备极高的安全边际和吸引力。 第一上海主要观点如下： 项目进入投产期，产能快速爬坡 公司目前可处理42种危险废物，项目主要分为危废填埋、危废焚烧以及危废综合处置三种类型，主要分 布于危废产量丰富且集中的华东地区及山东地区，目前危废项目的IRR超过20%。公司的危废处置价格 介于每吨2000元至每吨17000元之间，2017年的危废处置平均价格为2732元/吨，同比增长13.4%。公司 的危废项目储备丰富，在建及筹 ...

格隆汇12月4日丨宁波能源(600982.SH)在投资者互动平台表示，公司参股公司宁波甬德环境发展有限公 司主要从事危废处置项目。 ...

长江商报消息 ●长江商报记者 沈右荣 十年前的偷税行为，如今被翻出，东江环保（002672.SZ）涉案子公司被罚。 11月24日晚，东江环保发布公告，近日，公司全资子公司厦门绿洲环保产业有限公司（简称"厦门绿 洲"）收到《税务行政处罚决定书》，其因十年前的偷税行为被罚款202.42万元。 东江环保成立于1999年，主营工业废物处理、市政废物处理等，是一家A+H上市公司。2016年，公司 易主给广东省广晟控股集团有限公司（以下简称"广晟控股"），广东省国资委成为其实际控制人。 东江环保深耕工业危险废物业务二十余年，危险废物经营资质总量、种类、处理能力位居行业前列，在 业内具备一定的市场竞争力。 长江商报记者注意到，近年来，东江环保业绩与财务方面均承压。 财报数据显示，2022年—2025年前三季度，东江环保持续亏损，累计亏损26.16亿元。其中，2025年前 三季度，公司归母净利润为亏损5.60亿元，同比下降57.96%，亏损进一步扩大。截至2025年9月底，公 司资产负债率67.36%。期末，公司货币资金8.97亿元、交易性金融资产2.10亿元，对应的有息负债56.57 亿元。 全资子公司因偷税被罚202.4 ...

Core Points - Zhongguancun Science and Technology Leasing (01601) announced a financing lease agreement with Jiangxi Jinbolan Resource Recycling Technology Co., Ltd. on September 24, 2025 [1] - The agreement involves the purchase of leasing asset II by the company for a transfer price of RMB 25 million [1] - The leasing asset II, which consists of hazardous waste disposal equipment, will be leased back to the tenant for a period of 60 months, with total lease payments amounting to approximately RMB 29.74215 million [1]

Core Viewpoint - The transaction involving Dechuang Environmental Protection (603177.SH) has raised market concerns due to the unstable performance of the target company, unclear details regarding soil pollution, and various doubts surrounding the historical pricing of equity and the involvement of related parties [1]. Company Performance - Huaxin Environmental Technology Co., Ltd. (华鑫环保), established in 2005, has shown unstable operational performance, with a net profit of 158,500 yuan in 2024, a loss of 3.15 million yuan in 2023, and a profit of 3.06 million yuan in 2022 [4]. - The company primarily handles medical and industrial hazardous waste, with an annual processing capacity of 30,000 tons of industrial hazardous waste and 9,800 tons of medical waste [4]. Industry Background - The hazardous waste disposal industry in Zhejiang Province has faced challenges, with disposal prices dropping significantly from 4,559.9 yuan per ton in 2022 to 1,752.54 yuan per ton in the first half of 2025, impacting Huaxin Environmental's revenue [5]. Transaction Details - The acquisition of 40% equity in Huaxin Environmental by Dechuang's subsidiary Ningbo Yongde Environmental Development Co., Ltd. from Zhejiang Mingyan Asset Management Co., Ltd. is valued at 67.64 million yuan, but lacks performance commitment clauses [6]. - The funding for this transaction will come from Dechuang's own funds and bank loans, despite the company having 246 million yuan in cash, of which 211 million yuan is not classified as cash and cash equivalents [6]. Potential Costs and Liabilities - Huaxin Environmental owns two industrial land parcels, with a total area of 50,569 square meters, but one parcel is currently idle due to soil pollution, and the costs for future soil remediation are uncertain [8]. - There are concerns that Dechuang may incur additional costs for soil remediation after acquiring the equity [9]. Related Party Transactions - The transaction is classified as a related party transaction due to previous financial interactions between Mingyan Asset and Dechuang's controlling shareholder [9]. - Mingyan Asset, which has no significant business operations and is in debt to Dechuang's controlling shareholder, may be selling the equity to repay its debts [12]. Historical Pricing and Valuation - The historical transaction price for the 40% equity in Huaxin Environmental is unclear, with the current transaction price suggesting a decline in the company's valuation over two years [13]. - Discrepancies exist between the book value of Huaxin Environmental reported by East Jiang Environmental and the valuation provided by the appraisal company [18].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [9]. Core Insights - The company is one of China's three major hydropower equipment manufacturers and the largest private clean energy equipment manufacturer, as well as the largest publicly listed hazardous waste treatment company in China [4][20]. - The company is expected to benefit from the increasing demand in the pumped storage and nuclear power sectors, with a projected revenue growth driven by the government's three-year action plan against illegal waste disposal [4][6]. - The company has shown a significant increase in R&D investment, with a forecasted R&D expenditure of 940 million yuan in 2024, up from 50 million yuan in 2019, supporting its equipment manufacturing capabilities [4][47]. Summary by Sections Company Overview - The company has evolved from a small hydropower equipment manufacturer to a comprehensive group involved in large hydropower, nuclear power equipment, and hazardous waste disposal [20]. - It has successfully delivered contracts for control rod drive mechanisms for 17 "Hualong One" nuclear reactors domestically and internationally [4][21]. Industry Outlook - The pumped storage and nuclear power industries are experiencing a sustained increase in demand, with the approval of 48 new pumped storage power stations in 2022, totaling 68.9 million kilowatts [4][5]. - The global nuclear power sector is recovering, with investments projected to reach 150 billion USD, indicating a strong future for nuclear energy as a clean baseload power source [4]. Financial Projections - Revenue forecasts for 2025-2027 are 21.61 billion, 22.37 billion, and 23.20 billion yuan, respectively, with net profits expected to grow at a CAGR of 25.7% over the same period [7][9]. - The company's earnings per share (EPS) are projected to be 0.24, 0.30, and 0.38 yuan for 2025, 2026, and 2027, respectively [7]. Business Segments - The hazardous waste treatment and resource recovery business is the main revenue driver, accounting for 94.6% of total revenue in 2024 [35]. - The gross profit margins for hazardous waste treatment and clean energy equipment are expected to be 10.4% and 40.1%, respectively, in 2024 [37]. R&D and Technological Advancements - The company has been increasing its R&D capabilities, with a focus on enhancing the technology of pumped storage and nuclear power equipment [48]. - Continuous upgrades in technology have led to a growing order book, with significant contracts awarded in the pumped storage sector from 2022 to 2024 [52].

Core Viewpoint - China Everbright Green Environmental's 1H25 performance exceeded expectations, driven by effective cost control in the biomass power generation segment and reduced financial expenses [1][2]. Financial Performance - The company reported a revenue of HKD 3.4 billion in 1H25, a year-on-year decrease of 3%, while net profit attributable to shareholders reached HKD 190 million, up 33% year-on-year [1]. - The company declared a dividend of HKD 0.028 per share, a 50% increase year-on-year, with a payout ratio of 30%, up 10 percentage points year-on-year [1]. Biomass Utilization - The construction revenue from biomass utilization decreased to 1.8% of total revenue, with construction revenue falling 17% year-on-year to HKD 50 million [1]. - The biomass material disposal volume decreased by 4% year-on-year, while electricity generation increased by 3%, leading to operational revenue of HKD 2.5 billion, a 3% increase year-on-year [1]. - The cost of agricultural and forestry biomass fuel was effectively controlled, decreasing by 8% year-on-year, contributing to a net profit increase of 31% in the biomass utilization segment [1]. Hazardous Waste Disposal - The hazardous waste disposal segment faced continuous price pressure, resulting in a net loss of HKD 180 million, with average landfill and incineration prices down 17% and 4% year-on-year, respectively [2]. - The volume of harmless waste disposal decreased by 2% year-on-year, and electricity generation from this segment fell by 7% [2]. New Energy Sector - The new energy segment saw a 2% year-on-year decline in net profit, despite the commissioning of two solar projects, increasing total installed capacity to 250,000 kW from approximately 170,000 kW in the same period last year [2]. - Challenges in wind power consumption in Shanxi province affected overall electricity generation, which increased by only 1% year-on-year, while maintenance costs rose [2]. Development Trends - The company is expanding its diversified operations in heating and virtual power plants, with a focus on biomass business profitability recovery for the full year [2]. - As of the end of 1H25, the heating scale reached 2.18 million tons per year, with expectations to reach 2.5 million tons by the end of 2025 [2]. - The company has signed contracts with 136 manufacturers for virtual power plants, indicating a strategic shift towards combined heat and power generation as a primary development direction post-subsidy expiration [2]. Profit Forecast and Valuation - The company raised its annual dividend forecast to HKD 0.029 per share and adjusted the target price upward by 24% to HKD 1.05, indicating an 8% upside potential from the current stock price [3]. - The current stock price corresponds to a price-to-book ratio of 0.21x for 2025E/2026E, while the target price corresponds to a ratio of 0.23x for the same periods [3].

Core Viewpoint - The collaboration between Yixing Fuding Environmental Engineering Co., Jiangsu Huasheng Lithium Battery Materials Co., and Hubei Mengze State-owned Capital Investment Operation Group aims to establish a hazardous waste disposal center within the Yunmeng Salt Chemical Circular Economy Industrial Park, emphasizing green and sustainable development [2][3]. Group 1: Project Overview - The project, named Huafeng Green Energy, will occupy 120 acres with an investment of 360 million yuan, aiming for an annual processing capacity of 144,000 tons of hazardous waste [3]. - The project will be developed in three phases to ensure quality and maximize benefits [3]. Group 2: Technological Innovation - The project integrates advanced technologies such as AI intelligent combustion control, real-time pollutant monitoring, and automated material handling, aiming for precise control and ultra-low emissions in hazardous waste disposal [4]. - This initiative represents a significant technological innovation and intelligent upgrade in the hazardous waste disposal sector [4]. Group 3: Strategic Importance - The collaboration is seen as a strategic move to enhance the environmental protection system of the industrial park and boost regional green development [5]. - The local government has committed to optimizing the business environment to support the project's successful implementation [5][6]. Group 4: Future Prospects - The successful partnership is expected to significantly enhance the comprehensive competitiveness and sustainable development capabilities of Yixing Fuding [9]. - The project is positioned to become a model for hazardous waste resource utilization in Central China, contributing to the broader goals of circular economy development in the region [9].

Group 1 - The city aims to achieve the goal of "entering the top 100 and striving for 100 billion" through the "Project Investment Offensive Year" initiative, resulting in a steady growth of 40.7% in fixed asset investment in the first half of the year [1] - The city has implemented a full lifecycle management approach for projects, promoting mechanisms like "one case, two lists" and "red-yellow-green" to accelerate key project construction, with 76 basic construction projects starting on time [3] - The city has successfully planned and reserved over 100 projects in key areas such as disaster prevention, infrastructure, and social welfare, securing 3.1 billion yuan in funding from various national policies [5] Group 2 - The city has adopted a dual strategy of "attracting large and strong enterprises" and "inviting high-quality and innovative companies," successfully signing 22 major projects with a total contract value of 22.59 billion yuan [5] - The city is optimizing the business environment through a three-year action plan, addressing 129 operational challenges and enhancing the supply of essential resources like land, water, and energy [7] - Systematic implementation of the "four grabs and four improvements" measures has effectively expanded investment scale, optimized investment structure, and enhanced investment efficiency, contributing to high-quality economic and social development [8]