而今，放眼曾以"煤都"著称的山西省大同市，只见光伏板如蓝色波涛连绵涌动，数据中心里的指示灯似 璀璨星河不停闪烁，古城墙下传统文化与现代文明交相辉映。 面对资源型城市转型的时代考题，大同市以一场深刻的城市革命，书写着能源之城绿色蝶变、算力之城 筑基未来、文化之城脉动新生的优异答卷。 第一张答卷：能源之城绿色蝶变 "十四五"时期，大同以"一张蓝图绘到底"的韧劲，实现从单一依赖传统能源向构建多元互补、清洁高 效、安全可靠的新型能源体系转变。作为国家重要的能源基地，大同始终端稳能源饭碗，原煤年产量稳 定在1.5亿吨以上，2021—2024年累计生产原煤6.4亿吨，其中以长协价保供电煤4.3亿吨，为能源安全提 供坚实支撑。 在传统能源升级上，大同以智能化破局。中煤大同能源公司调度中心内，工作人员轻点鼠标便可洞察井 下500米深处的实时工况，实现"减人不减产、增效更安全"。目前，全市已建成14座智能化煤矿，先进 产能占比超85%，9家燃煤电厂完成超低排放改造，煤电清洁高效利用水平持续提升。 文化"破圈"的密码，深植于大同厚重的历史积淀。2000多年的建城史中，多民族文化的交融碰撞，塑造 了大同独特的城市气质。云冈石窟的万 ...

天眼查App显示，近日，江苏新晖活性炭有限公司成立，法定代表人为刘阚，注册资本1080万人民币， 经营范围为一般项目：煤炭及制品销售；煤制活性炭及其他煤炭加工；木炭、薪柴销售；环境保护专用 设备销售；固体废物治理；机械设备研发；机械设备销售；电气设备销售；机械电气设备销售；气体、 液体分离及纯净设备销售；生物质成型燃料销售；工程和技术研究和试验发展；包装服务；信息咨询服 务（不含许可类信息咨询服务）；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 石墨及碳素制品制造；石墨及碳素制品销售；专用化学产品销售（不含危险化学品）（除依法须经批准 的项目外，凭营业执照依法自主开展经营活动）。 ...

10月25日下午，河北青龙满族自治县凉水河乡清河沿村，一户村民正在自家院中打井，钻机轰鸣，黄色的泥浆顺着村道缓 缓流淌。 当地村民张浩翔告诉新京报记者，村里又多了一口"抽水吸金"的井。 地下水被抽上来，流经装有活性炭的铁桶，金子被"吸"附在炭上，废水排入河道。更换下来的活性炭经焙烧等工序处理 后，就能提炼出黄金。 当地村民将这一过程，称之为"抽水吸金"。 清河沿村及周边村庄多位村民向新京报记者确认，这一现象已持续多年。近年来，黄金价格一路上行。金价上涨的刺激传 导到村里，"吸金"的人越来越多。 记者调查发现，清河沿村里用于"抽水吸金"的深井，多数无取水许可证，抽水量巨大，每小时可达数十吨。为了"抽水吸 金"，有村民家月用电量高达1万多度，全年用电量9万多度，花费近8万元。由于大量抽取地下水，周围村庄村民家用于吃 水的浅井时有抽不出水的情况。 据清河沿村村民介绍，村里有一座已经停采多年的金矿。有专家认为，村民之所以能从地下水中提炼黄金，很可能与这座 金矿有关。 中国地质科学院地质研究所研究员苏德辰介绍，村民们现在能够"抽水吸金"，或与之前金矿的开采方式有关，"用高强度的 化学药物溶解金元素的时候，造成流失，它流 ...

Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - The current macro - level is in a relatively vacuous period, A - shares lack a clear upward main line, market trading volume remains low, and stock indices continue to fluctuate, accumulating momentum for the next upward movement. With policy support and abundant macro - liquidity, there is still strong support below the stock indices [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space [1] Summary by Industry Categories Macro - Finance - A - shares lack a clear upward main line, trading volume is low, and stock indices fluctuate while accumulating upward momentum. There is strong support below the stock indices due to policy and liquidity [1] - Asset shortage and weak economy are favorable for bond futures, but short - term interest - rate risks are a concern [1] National Debt - Asset shortage and weak economy are beneficial to bond futures, but short - term central bank warnings on interest - rate risks suppress the upward space [1] Non - Ferrous Metals - High copper prices inhibit downstream demand, but improved macro sentiment may lead to a stronger copper price [1] - Limited industrial drivers but improved macro market sentiment lead to a stronger aluminum price [1] - Domestic alumina production capacity is continuously released, with both production and inventory increasing, and the price fluctuates around the cost line [1] - There is still a risk of LME zinc squeeze, and the zinc price is expected to remain high. However, due to domestic oversupply, caution is needed when chasing high prices, and low - buying opportunities can be focused on [1] - The Indonesian government has restricted nickel - related smelting project approvals again, but approved projects are currently unaffected. In the fourth quarter, attention should be paid to the nickel ore quota approval in 2026. The nickel price may fluctuate in the short term, and high inventory pressure should be noted [1] - Stainless steel social inventory has slightly decreased, and steel mills' production schedules in November have declined. Attention should be paid to actual production [1] - The tin raw material end has not recovered, and there are good expectations for new - quality demand. Long - term, attention can be paid to low - buying opportunities [1] Precious Metals and New Energy - The short - term upward trend of precious metal prices may slow down. When the government shutdown ends and missing economic data is released, it may affect precious metal prices [1] - For industrial silicon, northwest production capacity is being restored, southwest start - up is weaker than usual, and the impact of the dry season is weakening [1] - For polysilicon, production schedules in November are decreasing, the anti - involution policy has not been implemented for a long time, and market sentiment has faded [1] - For lithium carbonate, the traditional peak season for new energy vehicles is approaching, energy - storage demand is strong, but hedging pressure is high [1] Black Metals - For rebar, there are concerns about potential weakening of industrial demand in the off - season. After the macro sentiment is realized, attention should be paid to upward pressure, and the virtual value accumulated put strategy can be appropriately participated in [1] - For hot - rolled coils, the off - season effect is not obvious, but the industrial structure is still loose. Attention should be paid to the upward price pressure after the macro sentiment is realized [1] - For iron ore, the near - month is restricted by production cuts, but the commodity sentiment is good, and the far - month still has upward opportunities [1] - For activated carbon, short - term production profit is poor, cost support is strengthening, direct demand is okay, but supply is high, and the price rebound is limited [1] - For coking coal, the price is in a dilemma near the previous high. It is necessary to repeatedly test the support. The coke futures price has factored in the expectation of five rounds of price increases, but downstream steel mill profits are being squeezed, and the steel - coke game is intense. The short - term strategy is to wait and see, and the long - term strategy is to buy at low prices. Industrial customers can consider selling hedging [1] - For coke, the logic is the same as that of coking coal. The futures price is at a premium, and industrial customers can consider selling hedging when the futures price rises [1] Agricultural Products - For soybean oil, China's commitment to purchase US soybeans has no substantial impact on soybean oil, and domestic inventory is decreasing. It is more resistant to decline among the three oils and can be over - allocated in arbitrage. Attention should be paid to the USDA supply - demand report [1] - For cotton, the domestic new crop has a strong harvest expectation, and the purchase price of seed cotton supports the cost of lint. Downstream start - up is low, but there is rigid restocking demand. The cotton market is currently in a situation of "support but no driver", and future policies and demand situations should be noted [1] - For sugar, the global sugar supply has shifted from shortage to surplus, and the domestic new - crop supply pressure has increased year - on - year. The Zhengzhou sugar price is expected to follow the decline of the raw - sugar price [1] - For corn, short - term farmers are reluctant to sell, and some purchasers have restocking demand for high - quality corn. The spot price is firm, and the futures price rebounds. However, before the supply pressure is fully released, the upward drive is weak, and attention should be paid to farmers' selling rhythm [1] - For soybeans, the near - month purchase and crushing profit of both Brazilian and US soybeans in China is poor. Before the USDA report is released, the futures price is expected to fluctuate and adjust [1] Energy - Chemicals - For crude oil, OPEC + plans to maintain a small increase in production in December, short - term geopolitical tensions have cooled down, and Sino - US trade tariff policies have been temporarily suspended, easing market sentiment [1] - For fuel oil, similar to crude oil, short - term geopolitical tensions have cooled down, and Sino - US trade tariff policies have been temporarily suspended, easing market sentiment [1] - For asphalt, short - term supply - demand contradictions are not prominent, the "14th Five - Year Plan" construction demand is likely to be false, and the supply of raw - material Ma Rui crude oil is sufficient, with high profits [1] - For BR rubber, the cost - end butadiene support is insufficient, the supply of synthetic rubber is loose, and the high - inventory situation has not been the main suppressing factor. The short - term price has stopped falling, and attention should be paid to the subsequent rebound [1] - For PTA, gasoline profit and low benzene price support PX. Overseas device failures and domestic device maintenance have led to a decline in PTA production [1] - For ethylene glycol, the decline in crude - oil price leads to a decline in ethylene - glycol price, while the increase in coal price strengthens the cost support. The "Golden September and Silver October" peak season for polyester is ending, and domestic demand has not significantly declined [1] - For short - fiber, gasoline profit and low benzene price support PX, the PTA price has rebounded, and the short - fiber basis has strengthened. The short - fiber price closely follows the cost [1] - For pure benzene, the Asian benzene price is weak, the US pure - benzene price has increased, and there are more benzene - ethylene maintenance projects [1] - For urea, export sentiment has eased, domestic demand is insufficient, and there is support from anti - involution policies and the cost end [1] - For PVC, new production capacity is being released, the intensity of maintenance has weakened, downstream demand has declined, and orders are poor [1] - For caustic soda, there is a risk of squeeze due to pre - delivery of Guangxi alumina, reduced subsequent maintenance concentration, inventory reduction, and limited near - month warehouse receipts [1] - For LPG, the international oil - gas fundamentals are continuously loose, the CP/FEI price has weakened, the futures price has been re - valued, and the domestic spot fundamentals are stable [1] Others - For the container shipping European line, the macro - positive sentiment has been digested, the peak - season price - increase expectation has been priced in advance, and the shipping capacity supply in November is relatively loose [1]

Core Viewpoint - The VOCs emission from industrial sources remains high, but the governance logic is undergoing profound changes, shifting from "compliance with standards" to "pollution reduction and carbon reduction" [1] Industry Development - The VOCs governance industry in China is entering a new development stage characterized by refined management, systematic and intelligent governance, and low-carbon approaches [1] - The industry chain for VOCs governance has been continuously extended, with significant upgrades in upstream purification materials and enhanced manufacturing capabilities in midstream equipment [2] - The current market size for VOCs governance in China is approximately 115 billion yuan, with the main business types being governance engineering (65.2%) and third-party operation services (17.4%) [2] Green Island Model - The "Green Island" model, which focuses on centralized recovery and regeneration platforms for small and medium-sized pollution sources, is gaining traction as an effective governance approach [3] - This model addresses high costs and management difficulties associated with dispersed emissions from enterprises, becoming a key direction for regional air pollution collaborative governance [3] Regulatory Changes - The recent amendment to the Environmental Protection Tax Law expands the taxation scope for VOCs, marking a shift from passive compliance to proactive emission reduction [4] - Industries significantly impacted by VOCs emissions include petrochemicals, chemicals, industrial coatings, and oil storage and transportation [4] Tax Implications - The expected tax rate for VOCs is between 60,000 yuan/ton and 180,000 yuan/ton, which will accelerate the elimination of outdated production capacity and create market opportunities for compliant enterprises [5] Technological Innovation - The VOCs governance technology is evolving from traditional methods to new trends focusing on deep governance, material innovation, digital control, and equipment standardization [6] - Key technologies include solvent recovery through various processes, activated carbon fiber adsorption, and biological treatment methods that emphasize low energy consumption and no secondary pollution [6]

Group 1 - The company, Yuanli Co., has a complete range of activated carbon products [2] - These products are widely used in various industries including food, pharmaceuticals, chemicals, water treatment, air purification, metallurgy, and new energy carbon materials [2]

Core Viewpoint - Shanxi Huqing Environmental Protection Co., Ltd. announced that several shareholders have signed a share transfer agreement, involving 8.32% of the company's total equity, with two state-owned investment funds divesting their shares [1][3]. Group 1: Shareholder Changes - Datong Rural Industry Investment Fund and the Multiplication Fund plan to transfer all their shares in Huqing Environmental Protection to the controlling shareholder, Chang Yuqing [1][3]. - After the transfer, Chang Yuqing's shareholding will increase from 39.06% to 47.38%, maintaining his status as the actual controller of the company [3]. Group 2: Background of Shareholders - Datong Rural Industry Investment Fund is a government-guided fund established in 2019, focusing on rural revitalization and industrial upgrades [3]. - The Multiplication Fund was established in June 2022 to support the listing of enterprises in Shanxi Province [3]. Group 3: Listing Challenges - Huqing Environmental Protection has not yet achieved its goal of listing on the Beijing Stock Exchange by the end of 2024, which is tied to a previous agreement with investors [6]. - The company has not initiated the listing guidance process and is currently in the basic tier of the New Third Board [6]. Group 4: Financial Performance - In 2024, Huqing Environmental Protection reported a net profit of -1.56 million yuan, which is below the Beijing Stock Exchange's requirement of a minimum net profit of 15 million yuan over the past two years [6]. - For the first half of 2025, the company reported revenue of 81.07 million yuan, a year-on-year increase of 43.52%, and a net profit of 3.22 million yuan, indicating a turnaround [7].

Core Viewpoint - *ST Ningke is a significant player in the domestic long-chain dicarboxylic acid sector, facing challenges in revenue and profitability compared to industry peers [1][2][3]. Financial Performance - In Q3 2025, *ST Ningke reported revenue of 327 million yuan, ranking 70th among 79 companies in the industry, with the industry leader, Sinochem International, generating 35.716 billion yuan [2]. - The company's net profit for the same period was a loss of 282 million yuan, placing it 78th in the industry, while the top performer, Hangyang Co., reported a net profit of 850 million yuan [2]. Financial Ratios - As of Q3 2025, *ST Ningke's debt-to-asset ratio was 101.86%, significantly higher than the industry average of 34.74% [3]. - The company's gross margin was -25.18%, which is below the industry average of 19.93% [3]. Corporate Governance - The chairman, Fu Jie, and the general manager, Zhu Canti, received a total compensation of 301,000 yuan for the year 2024 [4]. - The controlling shareholder is Shanghai Zhongneng Enterprise Development (Group) Co., Ltd., with Yu Jianming as the actual controller [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.84% to 17,600, while the average number of circulating A-shares held per shareholder increased by 5.09% to 39,000 [5].

Core Viewpoint - Porous carbon materials effectively address the core issues of silicon-based anodes, aiding solid-state batteries in enhancing energy density and extending cycle life, thus accelerating the transition of silicon-based anodes from laboratory research to large-scale practical application [2] Market Demand - The global demand for silicon-carbon anode materials is expected to reach 22.8 billion yuan by 2028, with a significant increase in demand for high-performance porous carbon materials as a core raw material [3] - The demand for porous carbon is projected to reach 48,500 tons by 2030, with a market space exceeding 7 billion yuan, and a compound annual growth rate (CAGR) of 77.36% from 2024 to 2030 [4] Industry Events - The 9th International Carbon Materials Conference and Industry Exhibition will be held from December 9-11, 2025, in Shanghai, showcasing numerous representative companies in the porous carbon sector [5] Company Highlights - Haihua New Carbon Material Technology Co., Ltd. specializes in the production of carbon molecular sieves for PSA nitrogen production, recognized as a high-tech enterprise in Zhejiang Province [5][6] - Yuanli New Energy Carbon Materials (Nanping) Co., Ltd. is a leading company in the activated carbon industry, with over 100,000 tons of production capacity and a market share exceeding 40% [7] - Derui New Energy (Tongling) Technology Co., Ltd. focuses on high-end carbon materials and has a pilot production line with a capacity of 40 tons, aiming for a breakthrough of 400 tons by the end of the year [9] - Ba Zhong Carbon Atom New Material Technology Co., Ltd. has a production capacity of 50,000 tons for graphite anode powder and plans to establish a production line for silicon-carbon anode precursor materials by 2024 [14]

Core Viewpoint - The article discusses tax incentives aimed at promoting the development of rural specialty industries and the circular economy in agriculture, specifically through a VAT refund policy for certain resource utilization products made from agricultural by-products [2][7]. Summary by Sections Tax Incentives for Resource Utilization - A VAT refund of 90% is applicable for products made from specific agricultural by-products such as straw, corn cobs, and other residual materials [2]. - Eligible products include fiberboard, particleboard, biochar, activated carbon, and various sugars and alcohols derived from these materials [2]. Conditions for Enjoying Tax Benefits - Taxpayers must obtain VAT invoices from sellers when purchasing recycled resources domestically, or appropriate customs documentation when importing [3][4]. - A detailed record of recycled resource purchases must be maintained, including supplier information and transaction details [5]. - The products sold must not fall under categories deemed as eliminated or restricted by relevant regulatory bodies [5]. Compliance and Restrictions - Taxpayers must not have received administrative penalties for environmental violations or tax law violations in the six months prior to applying for the VAT refund [6]. - The raw materials used must consist of at least 95% of the specified resources to qualify for the tax incentives [7].