东吴证券近日发布环保行业跟踪周报：环卫装备：2025M1-10环卫新能源销量同增61.32%，渗透率同比 提升6.33pct至18.02%。25M1-10环卫车销量60675辆（同比+4.61%），其中新能源10931辆（同比 +63.32%））。锂电回收：碳酸锂价格上涨，盈利能力改善。截至2025/11/21，三元电池粉锂系数周环 比上涨，锂/钴/镍系数分别为73.8%/76.0%/76.0%。截至2025/11/21，碳酸锂9.24万（周环比+8.4%），金 属钴40.50万（周环比+2.0%），金属镍11.67万（周环比-2.7%）。 以下为研究报告摘要： 投资要点 个股跟踪：1）高能环境：战略布局金矿，资源化协同打开第二成长曲线。自有资金收购控股3家矿业公 司。拟收购三家公司估值1.4亿元（净资产1.54亿元），公司自有资金出资0.63亿元实现控股，探矿权延 续材料办理中，预计不低于现有条件或保留矿业权。金矿资源优质主要处于详查与普查阶段储量有望增 加。战略进军矿业资源化协同打开第二成长曲线。公司筹划发行H股股票，金矿推进，海外+资源拓展 值得持续期待；资源化技改：运营能力恢复；库存金铜涨价：弹性加速 ...

Core Insights - The article highlights the transformation of foreign investment in Jiangsu, moving from single-point investments to industrial clusters and from manufacturing to R&D headquarters, indicating a shift from "foreign R&D, Chinese manufacturing" to "Chinese innovation, global sales" [1][4]. Group 1: Foreign Investment Landscape - Jiangsu has attracted over 560 German enterprises with a cumulative investment exceeding $60 billion, with about 70% focusing on the automotive industry [2]. - The province has established 26 international cooperation parks, with manufacturing foreign investment accounting for $37.58 billion from 2021 to 2024, representing 36.2% of the total foreign investment in the province [3]. - Jiangsu's actual foreign investment usage accounts for approximately one-sixth of the national total, with 43,000 foreign enterprises currently operating in the province [4]. Group 2: R&D and Headquarters Development - Jiangsu has recognized 423 regional headquarters and functional institutions of multinational companies, with 128 new additions since the start of the 14th Five-Year Plan, ranking among the top in the country [4][5]. - The province has implemented a three-year action plan to encourage reinvestment of profits by foreign enterprises, creating a comprehensive support scheme [4]. Group 3: Innovation and Technology Transfer - Foreign enterprises are increasingly establishing R&D centers in Jiangsu, with companies like Mettler Toledo and Schaeffler leveraging local talent and resources to innovate and serve global markets [6][7]. - The shift in foreign enterprises' roles in China is evident, as they transition from merely producing to developing innovative solutions that are exported globally [6][7]. Group 4: Policy and Strategic Goals - Jiangsu's government emphasizes the dual approach of stabilizing and improving foreign trade and investment, aiming to contribute more significantly to national economic growth [8].

Core Insights - The article highlights the transformation of foreign investment in Jiangsu, China, from single-point investments to industrial clusters, emphasizing the shift from "foreign R&D, Chinese manufacturing" to "Chinese R&D, global sales" [1][4]. Group 1: Foreign Investment Landscape - Jiangsu has attracted over 560 German-funded enterprises with a cumulative investment exceeding $60 billion, particularly in the automotive industry, where about 70% of these enterprises focus on the automotive supply chain [2][3]. - The province has established 26 international cooperation parks, with foreign investment in the manufacturing sector reaching $37.58 billion from 2021 to 2024, accounting for 36.2% of the total foreign investment in the province [3]. Group 2: Innovation and R&D Focus - Foreign enterprises are increasingly establishing R&D centers and regional headquarters in Jiangsu, with 423 multinational company regional headquarters recognized, and 128 new ones added since the start of the 14th Five-Year Plan [4][5]. - Companies like Hawe Mechanical and Mettler Toledo have shifted from merely manufacturing to R&D, with Mettler Toledo investing 7% of its revenue in R&D and achieving global sales with its high-precision equipment [6][7]. Group 3: Economic Policies and Support - Jiangsu has implemented a three-year action plan to encourage foreign enterprises to reinvest their profits, creating a comprehensive support scheme that includes policy guidance and tax services [5]. - The province has recognized three foreign headquarters economic clusters, with foreign headquarters contributing an average tax of 160 million yuan, surpassing the average level of foreign enterprises [5]. Group 4: Global Integration and Market Position - Foreign companies are redefining their roles in the Chinese market, with many transferring core R&D functions to Jiangsu, viewing China not just as a market but as a source of innovation [6][7]. - Jiangsu is evolving from a "cost sink" for foreign investment to an "innovation highland," with foreign enterprises becoming "innovation partners" and "global nodes" in the supply chain [7][8].

在江苏，中德（太仓）产业合作示范区展厅里，一张布满星标的地图引人注目：数百家德资企业在此集 聚，形成汽车零部件产业链；扬州海沃机械数字化中心大屏上，设备运行数据实时变化，我国研发的环 卫解决方案正为世界多地提供服务；常州梅特勒托利多一家工厂里，精度达0.01毫克的电子天平行业领 先…… 一个个生动案例，描绘出外资在江苏发展的新图景：从单点投资走向产业集群，从生产制造迈向研发总 部，从"外国研发、中国制造"跃升为"中国研制、全球销售"。 2023年7月，习近平总书记在江苏考察时强调："不断创新吸引外资、扩大开放的新方式新举措，建设具 有世界聚合力的双向开放枢纽"。 深入贯彻落实习近平总书记重要指示精神，江苏着力塑造更高水平开放新优势，持续优化外商投资环 境，不断创新吸引外资的新方式新举措，进一步加大外企利润再投资支持力度，有效稳住外资基本盘； 大力引进外资总部和研发中心，鼓励优质外资更多投向先进制造业、现代服务业、高新技术产业等重点 领域，积极参与产业强链补链延链，为发展新质生产力注入新动能。 稳量与提质两手抓，利用外资从"单点落地"到"链式共生" "要造一辆汽车，七成零部件不出太仓就能配齐。"太仓市发展改革委 ...

在江苏，中德（太仓）产业合作示范区展厅里，一张布满星标的地图引人注目：数百家德资企业在此集 聚，形成汽车零部件产业链；扬州海沃机械数字化中心大屏上，设备运行数据实时变化，我国研发的环 卫解决方案正为世界多地提供服务；常州梅特勒托利多一家工厂里，精度达0.01毫克的电子天平行业领 先…… 一个个生动案例，描绘出外资在江苏发展的新图景：从单点投资走向产业集群，从生产制造迈向研发总 部，从"外国研发、中国制造"跃升为"中国研制、全球销售"。 2023年7月，习近平总书记在江苏考察时强调："不断创新吸引外资、扩大开放的新方式新举措，建设具 有世界聚合力的双向开放枢纽"。 深入贯彻落实习近平总书记重要指示精神，江苏着力塑造更高水平开放新优势，持续优化外商投资环 境，不断创新吸引外资的新方式新举措，进一步加大外企利润再投资支持力度，有效稳住外资基本盘； 大力引进外资总部和研发中心，鼓励优质外资更多投向先进制造业、现代服务业、高新技术产业等重点 领域，积极参与产业强链补链延链，为发展新质生产力注入新动能。 稳量与提质两手抓，利用外资从"单点落地"到"链式共生" "要造一辆汽车，七成零部件不出太仓就能配齐。"太仓市发展改革委 ...

截至9月30日，福龙马股东户数10.00万，较上期增加33.02%；人均流通股4156股，较上期减少24.82%。 2025年1月-9月，福龙马实现营业收入35.99亿元，同比减少5.07%；归母净利润1.13亿元，同比减少 1.83%。 分红方面，福龙马A股上市后累计派现9.33亿元。近三年，累计派现2.73亿元。 责任编辑：小浪快报 11月20日，福龙马涨4.47%，成交额30.09亿元。两融数据显示，当日福龙马获融资买入额2.81亿元，融 资偿还2.27亿元，融资净买入5473.41万元。截至11月20日，福龙马融资融券余额合计7.84亿元。 融资方面，福龙马当日融资买入2.81亿元。当前融资余额7.84亿元，占流通市值的6.79%。 融券方面，福龙马11月20日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，福龙马集团股份有限公司位于福建省龙岩市新罗区东肖镇东华社区龙腾南路42号，成立日期 2007年12月21日，上市日期2015年1月26日，公司主营业务涉及环卫清洁装备、垃圾收转装备、新能源 环卫装备等环卫装备的研发 ...

11月9日至21日，第十五届全国运动会在广东、香港、澳门三地举办，这是全运会历史上首次由粤港澳 联合承办的赛事，也是首次提出"碳中和"目标的全国运动会。 值得一提的是，为保障全运会期间环卫作业的精准调度，所有赛事保障车辆均接入智能网联云控平台， 构建起"车辆—平台—调度"一体化管理体系。管理人员可对遍布各赛区的作业车辆进行全景监控，实时 掌握运行状态、能耗数据与作业进度，实现远程诊断与智能维保，大幅提升全运会环卫保障的统筹效率 与应急响应能力。 据悉，全运会结束后，赛事期间所应用的绿色技术与运营模式将继续服务于城市的可持续发展，新能源 环卫车也将继续穿梭于粤港澳大湾区的街道。 （文章来源：南方都市报） 在深圳坪山体育中心等赛事核心区域，从18吨纯电动洗扫车、高压清洗车、路面养护车及L4级自动驾 驶作业车等多种新能源环卫车辆，在赛事期间执行道路清扫、保洁与养护等任务。 据介绍，为应对赛事期间高频次的环卫需求，宇通18吨纯电动洗扫车搭载新一代高比能电池与高效电驱 桥，在相同作业条件下较同类产品省电16%以上，单次充电即可支持8小时连续作业，实现约80-100公 里的高效清洁里程，满足全运会场馆周边道路的深度保洁要 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8] Core Views - In the first three quarters of 2025, the company achieved operating revenue of 2.39 billion yuan, a year-on-year decline of 4.6%, while the net profit attributable to shareholders was 190 million yuan, an increase of 43.2% [2][6] - The sale of Aolande led to a slight decline in revenue, but the overall quality of vehicle operations improved year-on-year. The sanitation equipment industry is recovering, and the penetration rate of new energy continues to rise [2][14] - The company’s comprehensive gross margin slightly improved due to business structure adjustments, and cash flow continued to improve. The long-term outlook for the company remains positive, driven by its competitive advantages [2][14] Summary by Sections Financial Performance - In Q3 alone, the company achieved operating revenue of 730 million yuan, a year-on-year decrease of 28.6%, while the net profit attributable to shareholders was 70 million yuan, an increase of 44.2% [6] - Excluding the impact of Aolande and Zhengzhou Lvyuan, the company’s revenue for the first three quarters was 2.182 billion yuan, a year-on-year increase of 9.5%, with net profit attributable to shareholders approximately 111 million yuan, a year-on-year increase of 103.8% [14] Industry Insights - The sanitation equipment industry saw sales of 57,700 units in the first three quarters of 2025, a year-on-year increase of 10.0%. New energy sanitation equipment sales reached 10,300 units, a year-on-year increase of 68.6%, with a cumulative penetration rate of 17.8% [14] - The company sold 1,977 units in the first three quarters, a year-on-year increase of 3.4%, with new energy sales of 1,463 units, a year-on-year increase of 13.3% [14] Business Strategy - The company is focusing on the manufacturing sector of new energy sanitation equipment and new energy mining equipment, which are areas where it has competitive advantages. This strategy is expected to enhance cash flow further [14] - The company is one of the few in the industry with integrated manufacturing capabilities for chassis and superstructure, providing a cost advantage in production [14]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 9.54 billion yuan, a year-on-year increase of 2.9%, while the net profit attributable to the parent company was 470 million yuan, a year-on-year decrease of 21.9%. The stable revenue was impacted by the payment of corporate income tax [2][6]. - The sanitation equipment industry is recovering, with a continuous increase in the penetration rate of new energy. The company’s gross profit margin remains under pressure, and the expense ratio has slightly increased. The initial results of new business layouts are evident, with expectations for growth in overseas orders to open up long-term opportunities [2][12]. - The company’s gross profit margin for the first three quarters of 2025 was 23.0%, a decrease of 0.9 percentage points year-on-year. The expense ratio was 14.3%, an increase of 0.3 percentage points year-on-year [12]. Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 3.08 billion yuan, a year-on-year increase of 1.2%, while the net profit attributable to the parent company was 90 million yuan, a year-on-year decrease of 60.1% [6]. - The company paid 53 million yuan in corporate income tax and 5 million yuan in late fees, impacting the net profit by 58 million yuan. Excluding this impact, the net profit would have been 530 million yuan, a year-on-year decrease of 12.4% [12]. Industry Insights - The sanitation equipment industry saw sales of 57,700 units in the first three quarters of 2025, a year-on-year increase of 10.0%. New energy sanitation equipment sales reached 10,300 units, a year-on-year increase of 68.6%, with a cumulative penetration rate of 17.8% [12]. - The company sold 8,836 units in the first three quarters, a year-on-year increase of 4.2%, with new energy sales of 2,917 units, a year-on-year increase of 71.7% [12]. Future Outlook - The company is focusing on overseas market demand in the traditional fuel high machine sector, actively developing various overseas products, which is expected to enhance its global strategy [12]. - Profit forecasts for 2025-2027 are 590 million, 680 million, and 890 million yuan, corresponding to PE ratios of 38x, 33x, and 25x, respectively [12].