智通财经APP获悉，广发证券发布研报称，欧盟碳关税将在2026年1月1日正式开征，当前涉及水泥、铁 钢、铝、化肥、电力和氢气等行业，预计2027年审查后可能扩展至化工、塑料、陶瓷、造纸、有机基础 化学品等行业，此外有可能将碳税扩展至下游产品以及大宗商品，影响到汽车、家电等行业。高股息资 产26年依旧值得期待，重点关注固废、水务方向。 近期上市公司化债动作频发，地方化债进程正快速推进 在化债的背景下，近期创业环保(一次性回收应收账款20亿元，污水付费机制改革等)、蒙草生态等公司 陆续发布化债公告，地方政府通过一次性支付历史拖欠款、PPP项目提前终止及债务重组等方式，实现 了回款优化。众多环保企业应收体量大、相当比例部分来自PPP等政府付费项目，回款加速后相较市值 边际改善弹性突出。下述公司理论上应收账款优化下对于市值、利润修复弹性最大，可关注固废(城发 环境等，25H1应收账款/当前总市值54%)，水务(武汉控股、中原环保、首创环保、创业环保等)，环卫 (福龙马、侨银股份、玉禾田等)，生态修复(蒙草生态等)、水处理(碧水源、博世科、节能国祯等)领域个 股。 高股息资产26年依旧值得期待，重点关注固废、水务方向 ...

Core Viewpoint - The "Action Plan for Promoting the Application of Recycled Materials" is China's first dedicated policy document aimed at promoting the use of recycled materials, focusing on key sectors such as steel, non-ferrous metals, plastics, and paper, as well as industries like automotive, electronics, batteries, textiles, and packaging [1][2]. Group 1: Goals and Targets - By 2030, the recycling system for waste will be further improved, with annual recycling volumes of scrap steel and waste paper exceeding 300 million tons and 8 million tons, respectively. The annual production of recycled non-ferrous metals and plastics is expected to exceed 25 million tons and 19.5 million tons, respectively [1][2]. - The application of recycled materials in key sectors will steadily increase, enhancing their role in resource security and energy conservation [1]. Group 2: Tasks and Measures - Enhance the supply capacity of recycled materials by improving the quality of recycled steel, non-ferrous metals, plastics, and paper, and revising the "Recycling Management Measures" to support the expansion of recycled material applications [2][3]. - Increase the application of recycled materials in key products, particularly in automotive, electronics, batteries, textiles, and packaging industries, to foster market demand for recycled materials [2]. Group 3: Management and Policy Framework - Establish a management system for the use of recycled materials, including the development of standards and certification systems, and promote data traceability for recycled materials to ensure safety and reliability [3]. - Improve policies for promoting the application of recycled materials, including integrating projects into the national greenhouse gas voluntary reduction trading market and enhancing incentives for certified recycled material products in government procurement [3][4]. Group 4: Implementation and Coordination - The National Development and Reform Commission will coordinate efforts across various departments to ensure the effective implementation of the Action Plan, including tracking progress, quality management, and public awareness campaigns [4].

"《行动方案》明确将汽车、电器电子产品、电池、纺织、包装等作为再生材料应用推广的重点行业， 提出重点在哪些零部件中使用再生材料，以及不同产品重点使用哪些品类的再生材料。同时，鼓励有关 骨干企业制定实施再生材料应用推广计划，为高品质再生材料找到'用武之地'。"国家发展改革委宏观 院体改所循环经济研究室主任张德元表示，首次以专门文件对再生材料应用推广作出部署，对全面构建 覆盖全社会的资源循环利用体系具有重要意义，有助于推动形成原生资源与再生资源相互补充的新的资 源安全观。 近日，国家发展改革委等部门联合印发《再生材料应用推广行动方案》（以下简称《行动方案》），从 提升供给保障能力、加大应用力度、健全使用管理制度、完善应用推广政策等方面，制定了清晰的再生 材料应用推广路线图，为再生材料应用比例逐步提高奠定基础。 作为实现绿色低碳转型的重要路径之一，应用推广再生材料对于保障资源安全、推动实现碳达峰碳中和 等具有重要意义。经过多年发展，我国已经初步建立全球最大、覆盖品种最全的资源回收和再利用体 系，产业规模和水平位居世界前列。其中，废钢铁年加工能力达1.8亿吨，再生纸浆年产量突破6300万 吨，再生塑料年产量约1640 ...

在技术层面，欧盟就《一次性塑料指令》(SUPD)下对苯二甲酸乙二酯(PET)一次性饮料瓶再生成分相关 实施法案提交成员国表决，明确化学回收塑料在特定条件下可计入欧盟回收目标，与机械回收形成互 补，为该领域投资释放明确信号。同时，欧盟将重启并强化"欧盟塑料循环联盟"，搭建塑料产业链协作 平台。 为营造公平竞争环境，欧盟将为原生与再生塑料设立独立海关编码，助力监管机构执行相关法规;同时 加强对欧盟及全球市场的监测，为后续贸易措施制定提供依据，并于2026年评估相关举措成效。此外， 欧盟还将联合各国银行与欧洲投资银行，通过试点竞争力协调工具支持跨区域循环中心建设，推动循环 实践规模化发展。 欧盟联合研究中心测算，到2050年，循环解决方案有望为塑料行业削减45%的气候相关排放，实现能源 使用脱碳，并每年为行业增加180亿欧元贸易顺差。然而，欧盟塑料回收行业正遭遇多重困境，包括再 生材料市场碎片化、能源成本高企以及原生塑料价格波动，这些问题已导致回收企业产能利用率下降、 出现财务亏损，威胁欧盟循环经济目标与产业竞争力。 为打破市场碎片化，欧盟将依据《废弃物框架指令》制定塑料全欧盟统一"废弃物终止标准"实施法案， 明确 ...

Core Viewpoint - The "Action Plan for Promoting the Application of Recycled Materials" aims to increase the application ratio of recycled materials, accelerate the green and low-carbon transformation of key industries, ensure the safety of industrial and supply chains, and enhance the effectiveness of the circular economy [1][2]. Group 1: Goals and Objectives - By 2030, the recycling system for waste will be further improved, with annual recycling volumes of waste steel and waste paper exceeding 300 million tons and 8 million tons respectively, and production of recycled non-ferrous metals and recycled plastics reaching over 25 million tons and 19.5 million tons respectively [1][2]. - The application of recycled materials in sectors such as automotive, electronics, textiles, and packaging will steadily increase, enhancing their role in resource security and energy conservation [1][2]. Group 2: Supply and Demand Enhancements - The plan emphasizes enhancing the supply capacity of recycled steel, improving the supply level of recycled non-ferrous metals, and increasing the production capacity of high-quality recycled plastics [2]. - It encourages the application of more recycled materials in automotive manufacturing, electronics, and battery production, while promoting the use of recycled materials in textiles and packaging [2]. Group 3: Policy and Management Framework - The plan proposes to establish a standard certification system for the promotion and application of recycled materials, advance data traceability management, and improve market mechanisms for carbon reduction related to recycled materials [2]. - It aims to create incentive policies for promoting the application of recycled materials and facilitate the utilization of overseas recycled raw materials [2]. Group 4: Significance and Impact - The implementation of the "Action Plan" is seen as a significant step towards transforming resource utilization methods and improving resource efficiency, contributing to the green and low-carbon transformation of key industries and the stability of supply chains [3].

Core Viewpoint - The article discusses the "Action Plan for Promoting the Application of Recycled Materials," which aims to enhance the recycling system, promote circular economy development, and ensure resource security in China by increasing the application of recycled materials across various industries [3][4]. Group 1: Overall Requirements - The plan emphasizes the importance of recycled materials in enhancing supply chain resilience and achieving carbon neutrality goals, focusing on materials like recycled steel, non-ferrous metals, plastics, and paper [3][4]. - By 2030, the recycling system is expected to be further improved, with annual recycling volumes of scrap steel and paper exceeding 300 million tons and 8 million tons, respectively [4]. Group 2: Enhancing Supply Capacity of Recycled Materials - The plan encourages the establishment of large-scale scrap processing centers to improve the recycling and processing of scrap steel [6]. - It supports technological upgrades in non-ferrous metal recycling to enhance quality and recovery rates [6]. - The initiative aims to develop a high-value recycling system for waste plastics and improve the quality of recycled paper and glass [6][7]. Group 3: Increasing Application of Recycled Materials in Key Products - The automotive industry is encouraged to increase the use of recycled materials in components such as frames and body parts, aiming for a closed-loop supply system [7][8]. - The electronics sector is urged to enhance the use of recycled materials in non-critical components and packaging [8]. - Battery manufacturers are supported in establishing recycling systems and using recycled metals in production [8]. Group 4: Improving Management Systems for Recycled Materials - The plan calls for the establishment of quality standards and certification systems for recycled materials to ensure safety and environmental compliance [9]. - It promotes the development of a data traceability platform for recycled materials to enhance transparency and management [9]. Group 5: Policy Enhancements for Promoting Recycled Materials - The plan suggests integrating recycled materials into carbon reduction trading markets and improving international competitiveness through alignment with global standards [10]. - It encourages government procurement policies to favor products made from certified recycled materials [10]. Group 6: Strengthening Implementation and Oversight - The National Development and Reform Commission will coordinate efforts across various departments to monitor the progress of recycled materials application [10]. - Quality management measures will be enforced to combat counterfeit products and ensure compliance with safety standards [10].

方案指出，鼓励在电炉钢产能集中区域建设大型废钢加工配送中心，推动废钢铁回收、拆解、加工、配 送一体化发展，提高废钢铁分类分级水平，推动废钢铁资源高效回收利用。支持建设废纸分拣加工中 心，加强箱板纸、书本纸、新闻纸等主要品类废纸供应。支持动力电池、储能电池生产企业加快建立完 善废旧电池回收利用体系。 （文章来源：新华社） 应用推广再生材料是完善废弃物循环利用体系、大力发展循环经济的重要手段，对保障我国资源安全、 增强产业链供应链韧性、推动实现碳达峰碳中和具有重要意义。方案明确，到2030年，废钢铁、废纸年 回收利用量分别超过3亿吨、8000万吨，再生有色金属、再生塑料年产量分别超过2500万吨、1950万 吨，汽车、电器电子产品、纺织、包装等领域再生材料替代使用比例稳步提升，再生材料应用对保障资 源安全、促进节能降碳的作用进一步增强。 新华社北京12月31日电（记者魏玉坤）国家发展改革委等部门印发的《再生材料应用推广行动方案》12 月31日发布，明确到2030年，废弃物循环利用体系进一步健全，再生材料推广应用等标准和认证体系逐 步建立。 ...

Core Viewpoint - The National Development and Reform Commission, along with six other departments, has issued the "Action Plan for Promoting the Application of Recycled Materials," aiming to enhance the recycling system and increase the utilization of recycled materials by 2030 [1] Group 1: Recycling Goals - By 2030, the recycling of waste steel and waste paper is expected to exceed 300 million tons and 8 million tons annually, respectively [1] - Annual production of recycled non-ferrous metals and recycled plastics is projected to surpass 25 million tons and 19.5 million tons, respectively [1] - The application of recycled materials in sectors such as automotive, electronics, textiles, and packaging is expected to steadily increase, enhancing resource security and promoting energy conservation and carbon reduction [1] Group 2: Supply Assurance for Recycled Materials - The plan encourages the establishment of large-scale waste steel processing and distribution centers in regions with concentrated electric furnace steel production, promoting integrated development of waste steel recycling, dismantling, processing, and distribution [2] - It supports the upgrading of technology and equipment for recycled non-ferrous metal processing enterprises, aiming to improve the quality and recovery capabilities of recycled non-ferrous metals [2] - The initiative aims to enhance the production capacity of high-quality recycled plastics by establishing a comprehensive classification and supply system for recycled plastics [2] Group 3: Other Recycled Materials and Waste Management - Support is provided for the construction of waste paper sorting and processing centers, and the adoption of efficient de-inking technologies to improve the quality of recycled paper [3] - The plan encourages the establishment of regional waste glass sorting and processing centers, utilizing optical sorting technology to enhance the quality of recycled glass [3] - It emphasizes the need for a comprehensive waste recovery system, focusing on the classification and fine dismantling of end-of-life vehicles, electronic waste, and other materials to improve sorting precision and recycling efficiency [3]

Core Viewpoint - The National Development and Reform Commission (NDRC) and six other departments have released the "Recycled Materials Application Promotion Action Plan," aiming to enhance the recycling system and promote the use of recycled materials by 2030, with specific targets for various materials and industries [1][2][4]. Group 1: Overall Requirements - The plan emphasizes the importance of recycled materials in ensuring resource security, enhancing supply chain resilience, and achieving carbon neutrality [4]. - By 2030, the recycling system is expected to be further improved, with annual recycling targets set at over 300 million tons for scrap steel, 8 million tons for waste paper, 25 million tons for recycled non-ferrous metals, and 19.5 million tons for recycled plastics [5]. Group 2: Enhancing Supply Capacity of Recycled Materials - The plan encourages the establishment of large-scale scrap steel processing and distribution centers to improve the recycling and processing of scrap steel [6]. - It supports the upgrading of technology and equipment for recycled non-ferrous metals to enhance their quality and recovery capabilities [6]. - The initiative aims to improve the production capacity of high-quality recycled plastics and establish a comprehensive recycling system for waste plastics [6]. Group 3: Increasing Application of Recycled Materials in Key Products - The automotive industry is encouraged to increase the use of recycled materials, particularly in components like frames and bodies, while ensuring compliance with safety and performance standards [7]. - The electronics sector is urged to enhance the application of recycled materials in non-critical components and packaging, promoting the use of recycled plastics and metals [7]. - The plan also advocates for the use of recycled materials in battery production, particularly in lead-acid batteries and energy storage systems [7]. Group 4: Improving Management Systems for Recycled Materials - The action plan calls for the establishment of a certification system for recycled materials to ensure quality and safety [8]. - It promotes the development of a data traceability management system for recycled materials to enhance transparency and accountability in the recycling process [8]. Group 5: Policy Enhancements for Recycled Materials Promotion - The plan suggests integrating recycled materials into the national greenhouse gas voluntary reduction trading market to enhance their marketability [8]. - It encourages the development of incentive policies to support the recycling industry and promote the use of certified recycled materials in government procurement [8]. Group 6: Strengthening Implementation and Oversight - The NDRC will coordinate with relevant departments to monitor the progress of recycled materials application promotion and ensure compliance with quality standards [9]. - The plan emphasizes the need for public education and awareness campaigns to promote the use of recycled materials and green consumption [9].

截至2025年11月，该集团旗下电子废弃物拆解企业已达15家，再生塑料年产能突破30万吨。 值得关注的是，这是格林美与河南循环集团一系列"双向交易"的最新环节，在此之前，格林美已陆续向 河南循环集团出售了多项资产。 河南循环集团是河南投资集团全资控股的循环产业平台，业务覆盖电子废弃物拆解、报废汽车回收和再 生资源交易等多个领域。 格林美在电子废弃物高值化利用、再生塑料改性等环节拥有37项核心专利，并拥有全球化市场网络。双 方在业务布局与能力结构上存在互补。 格林美选择进行这项4亿元投资的时间点，正值公司自身面临财务结构挑战之际。根据公司最新财报数 据，2025年第三季度格林美实现营业收入99.37亿元，同比增长31.89%。 尽管公司业绩呈现增长态势，但财务指标显示出一些值得关注的问题。毛利率持续承压，2025年中报毛 利率为12.48%，同比下降7.65个百分点；三季度毛利率为12.67%，同比仍下降6.56%。 同时，公司的有息负债规模和资产负债率仍处于高位。截至2025年三季度末，格林美有息负债达321.8 亿元，同比增长37.76%，远高于同期营收10.55%的增速，有息资产负债率达41.57%。 截 ...