www.ccxi.com.cn 行业展望 | 贺文俊 027-87339288 | | | --- | --- | | wjhe@ccxi.com.cn | | | 余 璐 | 027-87339288 | 中诚信国际 中国环保运营行业 中国环保运营行业展望，2026 年 1 月 政策和市场双重驱动下，环保产业正迎来结构性变革与高质量发展的关 键转型期。垃圾焚烧发电行业虽面临区域供需失衡、盈利模式依赖政策 等挑战，但在存量整合、技术革新、国际化布局等多重因素推动下，正 加速向"市场驱动型"转型。危险废物处置行业仍处于"产能过剩、低 价竞争"的粗放阶段，技术突破和行业集中度提升仍有待关注，2026 年仍将处于深度调整期。再生资源回收利用行业在规模持续扩张的同 时，正经历结构升级与内部挑战并存的复杂局面，2026 年将加速转型。 2026 年 1 月 | 目录 | | --- | | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业财务表现 | 10 | | 结论 | 13 | | 附表 | 13 | 联络人 | 作者 | | --- | | 李转波 0 ...

Core Viewpoint - Fengxing Co., Ltd. plans to acquire 75% equity of Baiyin Huaxin Jiuhe Recycling Resources Co., Ltd. through a share issuance, marking a significant asset restructuring move towards the hazardous waste disposal sector [1][2][5] Group 1: Transaction Details - The transaction involves issuing shares to purchase 75% equity from Guangdong Huaxin, which is the parent company of Fengxing's controlling shareholder [2] - The company will also issue shares to no more than 35 specific investors to raise supporting funds for asset project construction, working capital, debt repayment, and intermediary fees related to the acquisition [2] - Baiyin Huaxin specializes in hazardous waste disposal and recycling, with a licensed disposal capacity of 75,500 tons per year [2] Group 2: Strategic Implications - Post-transaction, Baiyin Huaxin will become a subsidiary of Fengxing, enhancing the company's service offerings in the non-ferrous metal mining sector from upstream mining to downstream hazardous waste disposal [3] - This acquisition aims to leverage the company's existing customer base in the non-ferrous metal industry, creating new growth points and improving overall profitability [3] Group 3: Industry Outlook - The hazardous waste disposal industry is expected to maintain rapid growth and high demand due to increasing waste generation and stricter environmental regulations [4] - Recent policies and actions, such as the second national pollution source census and environmental inspections, are driving the legal disposal of hazardous waste, leading to a significant increase in demand for disposal services [4] - The industry is shifting towards resource recovery from hazardous waste, which aligns with national policy encouragement and presents a promising area for future growth [4]

Core Viewpoint - Fengxing Co., Ltd. plans to acquire 75% equity of Baiyin Huaxin Jiuhe Recycling Resources Co., Ltd. from Guangdong Huaxin through a share issuance, which is expected to constitute a major asset restructuring [1] Group 1: Transaction Details - The company intends to issue shares to raise matching funds from no more than 35 specific investors [1] - As of the signing date of the proposal, the auditing and evaluation of the target company have not been completed, and the valuation and transaction price of the target assets are yet to be determined [1] Group 2: Business Operations - The target company primarily engages in hazardous waste disposal and recycling of resources, covering hazardous waste collection, harmless disposal, and resource recovery [1] - The company has a certified disposal capacity of 755,000 tons per year, with hazardous waste sources including mining, smelting, and power generation industries [1] Group 3: Strategic Implications - Following the transaction, Baiyin Huaxin will become a subsidiary of the company, enhancing its service offerings to clients in the non-ferrous mining industry [1] - The acquisition aims to create new business growth points, strengthen business synergy, and improve overall profitability by integrating various production stages from mining to hazardous waste disposal [1]

Group 1 - The core viewpoint of the article is that Baichuan Changyin (300614.SZ) is actively engaged in the recycling and utilization of renewable resources through its wholly-owned subsidiary, Zhengzhou Baichuan Waste Treatment Co., Ltd [1] Group 2 - The subsidiary is responsible for the collection and processing of various types of waste, including garden waste, used plastics and paper products, used textiles, large furniture, and hazardous waste [1]