证 券 研 究 报 告 双碳引领绿色转型，零碳园区试点先行 零碳系列报告一 证券分析师： 王璐 A0230516080007 莫龙庭 A0230523080005 傅浩玮 A0230522010001 朱赫 A0230524070002 2026.3.2 投资案件 www.swsresearch.com 证券研究报告 2 3 2. 体系构建：碳评价+碳市场 行政及市场两手抓 3. 落地路径：源头绿色转型 零碳工厂/园区先行 1. 2030年碳达峰在即，十五五启动进入碳双控，推动全面绿色转型 15 25 35 67 90 98 100 103 101 101 106 99 105 106 0% -28.5% -37.0% -40.7% -48.1%-48.4% -50.9%-51.5%-51.5% -54.0% -65% -70% -60% -50% -40% -30% -20% -10% 0% - 20 40 60 80 100 120 1980 1990 2000 2005 2010 2011 2012 2013 2015 2016 2019 2020 2021 2022 2023 2024 2030 碳排 ...

企业名称保山腾冲每吉祥经贸有限公司法定代表人李永茂注册资本1000万人民币国标行业批发和零售业 >批发业>其他批发业地址云南省保山市腾冲市猴桥镇下街村庙坡企业类型有限责任公司(外商投资、非 独资)营业期限2026-2-12至无固定期限登记机关保山市市场监督管理局 来源：市场资讯 天眼查显示，近日，保山腾冲每吉祥经贸有限公司成立，法定代表人为李永茂，注册资本1000万人民 币，腾冲市每好贸易有限公司、吉祥贸易有限公司持股。 序号股东名称持股比例1腾冲市每好贸易有限公司70%2吉祥贸易有限公司30% 经营范围含许可项目：再生资源回收（除生产性废旧金属）；农药批发。（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）稀土功能材料销 售；再生资源销售；建筑材料销售；建筑装饰材料销售；金属材料销售；金属矿石销售；非金属矿及制 品销售；机械设备销售；五金产品批发；电子产品销售；肥料销售；农副产品销售；新鲜水果批发；橡 胶制品销售；进出口代理；国内贸易代理；国际货物运输代理；国内货物运输代理；货物进出口；技术 进出口；选矿（除稀土、放射性矿产、钨）；矿业权评估服务；地质勘 ...

Core Viewpoint - Yunnan Chuan Gen Mineral Products Trading Co., Ltd. has been established with a registered capital of 5 million RMB, indicating a new player in the mineral trading sector in Yunnan province [1] Company Summary - The legal representative of Yunnan Chuan Gen Mineral Products Trading Co., Ltd. is Song Wei [1] - The company has a registered capital of 5 million RMB [1] - The shareholders include Yunnan Duyin Economic and Trade Co., Ltd. (45%), Zhangjiakou Zinc Long Mining Co., Ltd. (45%), and Xu Lin (10%) [1] Business Scope - The business scope includes sales of metal ores, mineral processing (excluding rare earths, radioactive minerals, and tungsten), sales of metal materials, sales of non-ferrous metal alloys, sales of non-metallic minerals and products, sales of coal and its products, sales of machinery and equipment, and sales of chemical products (excluding licensed chemical products) [1] - Additional services include solid waste management, supply chain management, technical services, technical development, technical consulting, technical exchange, technical transfer, technical promotion, and general cargo warehousing services (excluding hazardous chemicals that require licensing) [1] - The company is also involved in the sales of renewable resources [1] Company Registration Details - The company is registered as a limited liability company with an operational period until February 12, 2026, with no fixed term thereafter [1] - The registration authority is the Panlong District Market Supervision Administration [1] - The company is located in Kunming City, Panlong District, Yunnan Province [1]

Core Viewpoint - Gansu Yuesha Recycling Resources Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Gansu Yuesha Technology Co., Ltd. [1] Company Overview - Company Name: Gansu Yuesha Recycling Resources Co., Ltd. [1] - Legal Representative: Lei Lili [1] - Registered Capital: 5 million RMB [1] - Company Type: Limited liability company (wholly owned by a natural person) [1] - Business Duration: Until February 9, 2026, with no fixed term [1] - Registration Authority: Lanzhou New Area Market Supervision Administration [1] Business Scope - The company’s business includes recycling of renewable resources (excluding production waste metals), sales and processing of renewable resources, solid waste management, and various sales related to construction materials [1] - Specific activities include sales of insulation materials, waterproofing materials, lightweight building materials, and various types of building ceramics and metal products [1] - Additional operations encompass sales of electrical equipment, machinery, electronic products, and software [1]

Core Insights - The article discusses the transformation of waste cooking oil into biodiesel in Chongqing, highlighting the city's efforts in building a "waste-free city" model focused on efficient waste disposal and resource recycling [1][2]. Group 1: Waste Management Initiatives - Chongqing has been a pilot city for the "waste-free city" initiative since 2019, promoting effective resource recycling and waste reduction [1]. - The "venous industry" concept is introduced, which focuses on the recycling and resource utilization of waste, addressing the issues of waste surplus and resource scarcity [2]. - The Chongqing Electric Power Resource Recycling Center has successfully processed over 7,000 transformers and 6,000 tons of cables, producing over 25,000 tons of high-quality recycled resources [3]. Group 2: Community Engagement and Technology - The "waste-free cells" initiative includes smart recycling devices in residential areas, making waste sorting more convenient for residents [4]. - The city has established a comprehensive waste management system that integrates waste disposal and recycling, enhancing operational efficiency [5]. Group 3: Cross-Provincial Collaboration - A cross-provincial cooperation mechanism for hazardous waste management has been established between Sichuan and Chongqing, streamlining the approval process for hazardous waste transfer [6]. - The partnership between companies in Sichuan and Chongqing has expanded business opportunities for hazardous waste processing, improving efficiency in waste disposal [7].

Core Viewpoint - The transformation of waste into resources, exemplified by the recycling of cooking oil into biodiesel, reflects Chongqing's efforts in building a "waste-free city" that emphasizes efficient waste disposal and resource recycling [2][3]. Group 1: Waste Management and Recycling Initiatives - Chongqing's "waste-free city" initiative focuses on safe and efficient waste disposal, resource recycling, and reducing waste generation, having been a pilot city since 2019 [2]. - The "venous industry" concept is introduced, likening waste recycling to the body's venous system, aiming to address waste surplus and resource scarcity [3]. - The Chongqing Electric Power Resource Recycling Center has successfully processed over 7,000 transformers and 6,000 tons of cables, producing over 25,000 tons of high-quality recycled resources [4]. Group 2: Community Engagement and Smart Recycling - The implementation of smart recycling devices in communities has made waste sorting more convenient, encouraging residents to participate actively in recycling efforts [5][6]. - The establishment of a comprehensive waste management system in Chongqing integrates waste disposal and recycling, enhancing the efficiency of waste processing [6]. Group 3: Cross-Provincial Collaboration on Hazardous Waste - A collaborative mechanism between Sichuan and Chongqing has been established for the cross-province transfer of hazardous waste, streamlining the approval process for companies [7][8]. - The partnership between companies in Sichuan and Chongqing has expanded business opportunities for hazardous waste processing, allowing for resource recovery from previously challenging waste types [8].

Equipment Update - The policy allows for one-time tax deductions for newly purchased equipment and tools valued at no more than 5 million yuan from January 1, 2024, to December 31, 2027, enabling companies to deduct these costs in the current period without annual depreciation calculations [2] - Investments in digital and intelligent upgrades of specialized equipment made during the same period can receive a tax credit of 10% on the portion not exceeding 50% of the original tax basis of the equipment [3] - The policies are based on announcements from the Ministry of Finance and the State Administration of Taxation regarding corporate income tax deductions for equipment and specialized equipment upgrades [4][7] Consumer Goods Trade-in - From January 1, 2026, to December 31, 2027, there will be a 50% reduction in vehicle purchase tax for new energy vehicles, with a maximum tax reduction of 15,000 yuan per vehicle [4] - Second-hand car dealers will benefit from a reduced VAT rate of 0.5% on the sale of purchased second-hand cars, down from the standard 3% [5] - The policies are part of a broader initiative to promote equipment updates and consumer goods trade-ins, leading to increased sales revenue in related industries [6] Recycling and Circular Economy - Starting April 29, 2024, resource recovery enterprises can issue "reverse invoices" to individuals selling scrapped products, provided the total sales do not exceed 5 million yuan within 12 months [8] - General VAT taxpayers engaged in recycling can choose a simplified tax calculation method at a rate of 3% or opt for the general method for VAT payments [8] - The policies are supported by announcements from the National Taxation Administration and the Ministry of Finance regarding resource recovery and VAT policies [8]

Core Viewpoint - A new individual business named Jintang County Xinliu Chuang Recycling Resource Management Department has been established, focusing on various recycling and sales activities in the resource recovery sector [1] Group 1: Company Overview - The business is registered with a capital of 10,000 RMB [1] - The legal representative of the company is Yang Liu [1] Group 2: Business Scope - The company’s operations include general projects such as recycling of renewable resources (excluding production waste metals) [1] - It also engages in the sales of renewable resources, home appliance parts, and various other products including sports equipment, plastic products, and chemical products [1] - Additional services offered include technology intermediary services, technical consulting, unloading and handling, and rental services (excluding licensed rental services) [1]

Core Viewpoint - A new company, Shangqiu Zhenhe New Materials Co., Ltd., has been established with a registered capital of 200,000 RMB, focusing on various sales and recycling activities related to synthetic materials and construction materials [1] Company Overview - The legal representative of the company is Ke Xiaorong [1] - The registered capital of the company is 200,000 RMB [1] Business Scope - The company engages in the sales of synthetic materials [1] - It is involved in the recycling of renewable resources, excluding production waste metals [1] - The company also processes and sells renewable resources [1] - It sells construction decoration materials, building materials, lightweight building materials, insulation materials, and anti-corrosion materials [1] - The company operates as a sales agent for various products, conducting business activities independently as per its business license [1]

Core Viewpoint - A new recycling business, Xiangrui Recycling Materials Store, has been established in Sanshui District, Foshan City, with a registered capital of 50,000 RMB, focusing on various recycling and sales activities [1] Group 1: Company Overview - The registered capital of Xiangrui Recycling Materials Store is 50,000 RMB [1] - The business operates in general projects including recycling of renewable resources (excluding production waste metals) [1] - The store's operations include sales of recycled resources, plastic products, rubber products, high-quality synthetic rubber, synthetic materials, metal products, hardware products, and various construction materials [1] Group 2: Business Activities - The company is involved in the sales of chemical products (excluding licensed chemical products) and machinery equipment [1] - It also provides housing rental, non-residential real estate leasing, park management services, urban greening management, and labor services (excluding labor dispatch) [1] - The business is authorized to conduct operations independently based on its business license, except for projects that require approval [1]