旺能环境：厚植固废处理行业，出海&数据中心协同带 来新生机 —旺能环境（002034.SZ）公司首次覆盖报告 2025 年 8 月 25 日 证券研究报告 公司研究 [公司首次覆盖报告 Table_ReportType] [Table_StockAndRank] 旺能环境(002034) 投资评级 买入 [Table_Chart] -20% 0% 20% 40% 60% 24/08 24/12 25/04 旺能环境 沪深300 资料来源：聚源，信达证券研发中心 邮 箱：wuboying@cindasc.com [Table_BaseData ] 公司主要数据 收盘价（元） 18.19 52 周内股价波动区间 (元) 20.44-13.15 最近一月涨跌幅(％) 4.72 总股本(亿股) 4.34 流通 A 股比例(％) 78.94 总市值(亿元) 45.26 资料来源：聚源，信达证券研发中心 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 [旺能环境：厚植固废处理行业，出海 Table_Title] &数据中心协同带 ...

中信建投（601066）证券发布研究报告称，DeepSeek V3.1发布标志国产大模型与芯片生态突破，其采 用的UE8M0FP8格式专为下一代国产芯片设计，解决了与英伟达FP8标准的兼容性问题，打破了对英伟 达FP8标准的依赖，推动国产算力生态自主化。叠加英伟达H20芯片停产，国内算力替代需求迫切。继 续推荐国产算力板块。 (2)多行业推进反内卷。多地快递行业协会发布反内卷声明，呼吁"反内卷"，推动行业从"低价换量"转 向"高质量发展"。中国航协发布自律公约反内卷公约要求各企业严格遵守价格法、反不正当竞争法等相 关法律规定，杜绝以排挤竞争对手为目的的恶意竞争行为。当前外卖补贴相对平稳。 行业配置观点： 重点关注：算力、稀土、香港证券、互联网等板块。 2025年8月21日，美欧双方发表联合声明，就一项贸易协定的框架达成一致。根据白宫公布的声明，美 国与欧盟的这项贸易协议的框架内容要点有19项，涵盖农产品、汽车、飞机等工业品、芯片半导体、能 源、欧盟对美投资、放宽环境保护法规限制、网络安全协议、数字贸易壁垒等多方面内容。全球贸易风 险缓和，海外算力需求有所释放，继续关注海外算力板块和稀土板块。 反内卷深化：供给 ...

退役电池正在"围城"，年超百万吨退役量已近在眼前。 数据显示，2018-2020年中国新能源汽车市场新增约400万台，根据动力电池普遍5至8年的使用寿命推算，这批电池将在2025年至2027年间集中 退役。 据预测，2025年动力电池退役量将超过百万吨，到2030-2032年，年退役规模更将达350万吨，对应市场规模超千亿元。 而头部企业布局多年的回收网络，正从投入期加速迈向见效期。 特斯拉全球副总裁陶琳近日透露，2024年其回收的电池材料已能造出2.1万辆Model Y电池，90%废料可直接重返生产； 比亚迪也在近期披露，通过自建的生产—回收—再生闭环，截至2024年底已回收超1万吨动力电池。 电池厂与专业回收商同样发力。宁德时代不久前启动"全球能源循环计划"，其副总经理蒋理透露，公司已建成全球最大电池回收网络，2024年回收 废旧电池约13万吨，产出锂盐1.7万吨，规模化效应初步显现； 格林美2024年以332亿元营收创下历史新高，当年回收拆解动力电池3.6万吨，同比激增31%，从黑粉中提取碳酸锂的回收率超90%，锂产量突破 4000吨，技术与效益同步提升。 规模化破局 能否重塑行业话语权？ 当前锂电回收 ...

格隆汇8月18日丨天奇股份(002009.SZ)公布，此前披露，公司全资子公司江西天奇金泰阁钴业有限公司 (简称"天奇金泰阁")拟以增资扩股的方式引入投资者青岛华铁新能创业投资基金合伙企业(有限合伙)(简 称"青岛华铁基金")。 根据天奇金泰阁整体战略规划及资本运作方案调整，结合现阶段全球锂电回收市场变化，经审慎考虑并 与青岛华铁基金进行了充分沟通及友好协商，决定终止本次交易事项。 ...

Group 1: Investment Highlights - Key recommendations include companies such as Conch Venture, Hanlan Environment, Green Power, Yongxing Co., and others, indicating a strong focus on the environmental sector [2] - Suggested companies for attention include Green Power Environmental, Deyu Water, and others, highlighting potential investment opportunities in the environmental industry [2] Group 2: Policy Tracking - The first revision of pricing regulations in 27 years aims to promote market-oriented pricing, enhancing ROE and cash flow in sectors like water, waste, and energy [3] - Strengthened environmental inspections signal a more systematic and effective regulatory approach to environmental protection in China [3] Group 3: Industry Insights - The water operations sector is expected to experience a cash flow turning point, similar to the garbage incineration sector, with significant increases in free cash flow anticipated from 2026 [4] - Price reforms are expected to reshape growth and valuation in the water sector, with potential for 2-3 times valuation increases as the market matures [4] Group 4: Company-Specific Analysis - Xingrong Environment shows a current PB of 1.16, with a projected PE of 9.8 for 2025, indicating potential for dividend increases [5] - Yuehai Investment has a PB of 1.08 and a projected PE of 10.6 for 2025, with a dividend yield of 6.2%, suggesting strong market positioning [5] - Hongcheng Environment is committed to maintaining a dividend payout of no less than 50% from 2021 to 2026, with a projected PE of 9.6 for 2025 [5] Group 5: Market Trends - The environmental sanitation equipment sector saw a 7.24% increase in new energy penetration, with a total of 38,164 sanitation vehicles sold in the first half of 2025 [5] - The average price of biodiesel remained stable, with a net profit per ton showing a significant decline [5] - In lithium battery recycling, metal prices showed mixed trends, with lithium carbonate at 71,300 (down 2.2% week-on-week) and cobalt at 276,000 (up 11.3% week-on-week) [5]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The report highlights the collaboration between Jinko Environment and Kunheng International to issue RWA, enhancing the market value of quality assets [9] - Huanlan Environment's internal growth and acquisition performance exceeded expectations, with a significant increase in net profit [12] - The report emphasizes the decline in capital expenditure in waste incineration, leading to improved free cash flow and increased dividends, while also noting the efficiency improvements in heating and IDC that boost ROE and valuation [16] - The water service sector is positioned as the next growth area similar to waste incineration, with a focus on marketization and cash flow improvements [19] Summary by Sections Jinko Environment - Jinko Environment has reached a cooperation intention for RWA issuance with Kunheng International, aiming to enhance the market value of its quality assets through digital asset management [9][10] Huanlan Environment - Huanlan Environment reported a net profit of 9.67 billion yuan for H1 2025, a year-on-year increase of 9.00%, with a significant internal growth rate of 18% in Q2 2025 [12][14] - The integration of Yuefeng has contributed positively to the company's performance, with a monthly profit contribution exceeding previous levels [14][15] Waste Incineration - The report notes a decrease in capital expenditure in the waste incineration sector, leading to a substantial improvement in free cash flow and increased dividends for companies like Junxin and Green Power [16][17] - The sector is transitioning into a mature phase, with a focus on efficiency improvements and cost reductions to enhance ROE [16][18] Water Services - The water service sector is highlighted as a stable and low-valuation area with high dividend potential, with companies like Xingrong and Hongcheng Environment expected to see significant cash flow improvements [19][21] - The report anticipates a shift in water pricing policies that will support sustainable growth and valuation increases similar to trends observed in the US water industry [20][21] Environmental Equipment - The report indicates a 90.56% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 15.86% [28] - The overall sales of sanitation vehicles increased by 3.59%, indicating a positive trend in the environmental equipment sector [28][34] Biodiesel and Lithium Battery Recycling - Biodiesel prices remained stable, but profit margins have decreased, with the average profit per ton dropping to 130 yuan [42] - The lithium battery recycling sector is experiencing an upward trend in metal prices, leading to slight improvements in profitability [44]

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].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report emphasizes the collaboration between Junxin Co. and Changsha Digital Group to promote the integration of waste incineration and green computing, enhancing operational efficiency and revenue growth [8]. - It highlights the trend of decreasing capital expenditures in the waste incineration sector, leading to improved free cash flow and increased dividends [12]. - The report discusses the stable growth and high dividends in the water utility sector, driven by water price reforms that reshape growth and valuation [16]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a shift towards maturity, with capital expenditures declining and free cash flow turning positive in 2023, continuing to improve in 2024 [12][13]. - The report notes that the waste incineration sector is adopting new business models, including partnerships with data centers, which enhance profitability and return on equity (ROE) [14]. Key Recommendations - The report recommends several companies for investment, including Hai Luo Chuang Ye, Hanlan Environment, and Green Power, among others, based on their strong dividend potential and operational efficiency [4]. - It suggests focusing on companies with high dividend payout ratios and robust cash flow, such as Junxin Co. and Green Power, which are expected to maintain or increase their dividends significantly in 2024 [12][13]. Water Utility Sector - The water utility sector is projected to see stable growth, with a focus on water price reforms that enhance profitability and ensure reasonable returns on investment [18]. - The report highlights specific companies like Yuehai Investment and Xingrong Environment as key players benefiting from these reforms, with expected high dividend yields [18]. Environmental Equipment - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 73% and an increase in market penetration [26][27]. - It emphasizes the importance of transitioning to electric sanitation vehicles as part of the industry's modernization efforts [22]. Biofuel and Lithium Battery Recycling - The report indicates a recovery in the profitability of biodiesel, with prices increasing by 7.1% week-on-week, leading to positive margins [36]. - It also discusses the challenges in lithium battery recycling, with declining metal prices impacting profitability, but notes slight improvements in margins [39][40].

Group 1 - TikTok is accelerating its global growth and commercialization efforts, particularly in the U.S. and Latin America [2] - The Chinese express delivery company is reshaping the logistics industry in Latin America [3] - "Raytheon Technology" has completed a C round financing of hundreds of millions, with plans to increase R&D investment and expand overseas [4] Group 2 - Trump has extended the deadline for the "sell or ban" TikTok order by 90 days [5] - Baidu's autonomous taxi subsidiary, "Luo Bo Kuaipao," plans to enter the Southeast Asian market by the end of 2025 [5] - SoftBank's $20 billion investment in OpenAI may be at risk due to restructuring issues with Microsoft [5] Group 3 - SoftBank's Masayoshi Son seeks to collaborate with TSMC to build a $1 trillion AI center in Arizona [6] - Alibaba's AliExpress and Pop Mart topped the Australian download charts during the overseas 618 shopping festival [6] - The EU is investigating the corporate structure of Elon Musk's X company [6] Group 4 - Amazon's Zoox has opened its first mass production factory for autonomous taxis in California [7] - Li Xiaojia's "Drip Investment" has submitted a listing application to the Hong Kong Stock Exchange [7] - EHang and ANRA Technologies signed a MoU to collaborate on urban air mobility solutions [7] Group 5 - Jin Jing New Energy and Yiwei Lithium Energy have launched a global lithium battery recycling network platform [8] - China's Minister of Commerce discussed trade issues with the EU, including electric vehicle anti-subsidy cases [8] - China and Colombia signed a memorandum to enhance cooperation in AI and quantum technology [8] Group 6 - The Shanghai Stock Exchange held a training session on investment cooperation with Qatar [9] - CITIC Securities recommends that Hong Kong embrace the trend of integrating cryptocurrencies into the financial ecosystem [9] - Lazada and Momentum Ventures report that AI could bring a $131 billion market increment to Southeast Asian e-commerce by 2030 [9] Group 7 - The micro-short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing annual box office revenue for the first time [11] - The U.S. has made a final ruling on anti-dumping duties for low-speed passenger vehicles imported from China [11] - The Jia Yu Ningbo cross-border e-commerce fund has been established to support local enterprises in going global [11] Group 8 - Exports from Yuyao, Zhejiang to Central Asia increased by 72.5% in the first five months of the year, with water purification equipment in high demand [11]

Group 1: Regulatory and Industry News - The Financial Regulatory Bureau has issued a notice to the industry stating that the dividend levels of participating insurance must not engage in "involutionary" competition [3] - In the photovoltaic sector, a "production reduction order" is expected to be upgraded in the third quarter, with a 10% decrease in operating rates and low-price sales subject to audit [3] - A video conference was held by three departments to strengthen the safety management of new energy vehicles, emphasizing not to engage in "involutionary" competition and not to sacrifice product performance or quality for short-term cost reduction [3] Group 2: Company-Specific News - The Shenzhen Stock Exchange has included Heng Rui Pharmaceutical in the list of eligible securities for Hong Kong Stock Connect [3] - Sanhua Intelligent Control has set the offering price for its H-shares at HKD 22.53 per share [3] - Feifan Lingyue has acquired a total of 18.09 million shares of Li Ning [3] - Jin Jing New Energy has officially launched a global lithium battery recycling network platform in collaboration with Yiwei Lithium Energy [3] - Nanjing Panda Electronics is selling its ENC equity to optimize its asset structure [3] - HYPEBEAST reported an annual loss of HKD 21.031 million, transitioning from profit to loss year-on-year [3] - NIO is speculated to be seeking strategic investors for its chip business, although this remains unconfirmed [3] - OK Blockchain Chain expects its annual loss attributable to shareholders to be no more than HKD 20 million, narrowing year-on-year [3] - Huadian International Power has received approval from the China Securities Regulatory Commission for the registration of its infrastructure REIT [3] - Xunhe Group anticipates an annual net loss of approximately HKD 4 million to HKD 7 million, transitioning from profit to loss year-on-year [3] - Shandong Xinhua Pharmaceutical has completed the Phase II clinical trial for OAB-14, a treatment for mild to moderate Alzheimer's disease, with the first patient enrolled in China [3]