Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].

Market Performance - The environmental governance sector increased by 0.16% compared to the previous trading day, with Beijete leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up by 0.1%, while the Shenzhen Component Index closed at 13603.89, up by 0.54% [1] Top Gainers - Beijete (300774) closed at 20.17, with a rise of 11.75% and a trading volume of 333,900 shares [1] - Sains (688480) closed at 54.40, up by 10.55% with a trading volume of 39,500 shares [1] - Fulongma (603686) closed at 28.57, increasing by 10.01% with a trading volume of 1,154,800 shares [1] - Qingshuiyuan (300437) closed at 18.26, up by 9.08% with a trading volume of 564,000 shares [1] Top Losers - Huicheng Environmental (300779) closed at 144.83, down by 3.39% with a trading volume of 45,200 shares [2] - Che Jin (688701) closed at 8.51, decreasing by 3.19% with a trading volume of 44,100 shares [2] - Qidi Environment (000826) closed at 2.23, down by 3.04% with a trading volume of 583,900 shares [2] Capital Flow - The environmental governance sector saw a net inflow of 552 million yuan from institutional investors, while retail investors experienced a net outflow of 212 million yuan [2] - The main capital inflow was concentrated in Fulongma, which had a net inflow of 942 million yuan, accounting for 29.39% of its trading volume [3] - Qingshuiyuan had a net inflow of 74.32 million yuan, representing 7.32% of its trading volume [3]

证券代码：688480 证券简称：赛恩斯 赛恩斯环保股份有限公司 2 赛恩斯环保股份有限公司 2026 年第一次临时股东会会议须知 为维护全体股东的合法权益，确保本次股东会的正常秩序和议事效率，保 证大会的顺利召开，根据《中华人民共和国公司法》《上市公司股东会规则》 《公司章程》和公司《股东会议事规则》等规定，特制定会议须知如下： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工 作人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、请出席大会的股东或其代理人或其他出席者在会议召开前 30 分钟到达 会场办理签到手续，并请按规定出示证券账户卡、身份证、法定代表人/执行事 务合伙人委派代表身份证明书、营业执照复印件（加盖公章）、授权委托书等 证明文件，经验证后方可出席会议。为保证本次大会的严肃性和正常秩序，切 实维护股东的合法权益，务必请出席大会的股东或其代理人或其他出席者准时 到达会场签到确认参会资格，在会议主持人宣布现场出席会议的股东和代理人 人数及所持有的表决权数量之前，会议登记应当终止。在此之后进场的股东或 股东代理人无权参与现场投票表决。 2026 年第一次临时股东会 ...

Core Viewpoint - The company will hold its first interim shareholders' meeting in 2026 to discuss two key proposals, including the reappointment of an auditing firm and the expected amount of related party transactions for 2026 [1] Group 1: Shareholders' Meeting Proposals - The first proposal is to reappoint Tianjian Accounting Firm as the auditing institution for the fiscal year 2025, with the fee yet to be determined [1] - The second proposal anticipates related party transactions for 2026 to amount to 620 million yuan, which includes sales of 550 million yuan to Zijin Mining and its controlled companies, and purchases of 50 million yuan [1] - The company has already conducted related party transactions totaling 153 million yuan from January to September 2025 [1] Group 2: Meeting Logistics - The shareholders' meeting is scheduled to take place in 2026 and will utilize a combination of on-site registered voting and online voting for decision-making [1]

Group 1 - The core point of the announcement is the expected daily related transactions for the year 2026, which are deemed necessary for the company's normal operations and will be submitted for shareholder approval [2][5][17] - The company plans to engage in related transactions with Zijin Mining Group Co., Ltd. and its controlled companies, with expected sales of goods or services amounting to no more than 55 million yuan and purchases not exceeding 5 million yuan [3][6] - The independent directors have reviewed and agreed that the expected related transactions are reasonable and will not adversely affect the company's independence or the interests of shareholders, especially minority shareholders [4][17] Group 2 - The expected related transactions are based on actual trading conditions and are priced fairly according to market standards, ensuring that the company's ongoing operations and independence are not compromised [4][17] - The company has established a good reputation with Zijin Mining, which will facilitate future business opportunities, and the transactions are expected to support the company's operational needs [6][7] - The company will sign specific contracts or agreements with related parties after the shareholder meeting approves the expected transaction amounts [15][16]

Group 1 - The core announcement is that Sains has recognized Mr. Zhou Jie as a core technical personnel of the company following the board's approval [2]

证券日报网讯 12月16日晚间，赛恩斯发布公告称，公司将于2026年1月5日召开2026年第一次临时股东 会。 （文章来源：证券日报） ...

Core Viewpoint - The company announced the appointment of Tianjian Accounting Firm (Special General Partnership) as its auditor for the fiscal year 2025, with the decision made during the 23rd meeting of the third board of directors scheduled for December 15, 2025 [1] Group 1 - The board of directors approved the proposal to reappoint the auditing firm for the year 2025 [1] - The term of the auditing firm is set for one year [1]

关于新增认定核心技术人员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 赛恩斯环保股份有限公司（以下简称"赛恩斯"或"公司"）为进一步提 升创新能力和技术水平，加强研发团队实力，现根据公司综合考虑相关人员教 育背景、工作履历、技术经验、科研成果以及其对公司科技战略实施、核心竞 争力构建与维持的重要性等相关因素，经公司董事会审议通过，新增认定周杰 先生为公司核心技术人员。 一、新增核心技术人员简历 周杰，男，1989年4月生，中国籍，无境外永久居留权，中国矿业大学矿业 工程硕士研究生学历（在读博士），高级工程师。2016年8月加入赛恩斯，历任 环保工程师、技术主管、技术一部副经理等职位。2025年9月起，担任山东龙立 化学有限公司副总经理。个人主要研究方向为绿色、环保、高效浮选药剂机理 研究及应用、矿山污染治理及资源化技术研究等，已授权发明专利7篇，发表论 文9篇，2021年获中国有色金属工业协会"有色金属工业科学技术一等奖"。在 岗期间获评公司"优秀员工"、"最美奋斗者"、岳麓产业园区以及长沙市 "优秀共产党员"等 ...

证券代码：688480 证券简称：赛恩斯 公告编号：2025-061 赛恩斯环保股份有限公司 关于续聘 2025 年审会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2011 年 7 18 组织形式 | 月 | 日 | | | 特殊普通合伙 | | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 128 | | | | 号 | | | | 首席合伙人 | 胡少先 上年末合伙人数量 | | | | | 241 | 人 | | 上年末执业人 | 注册会计师 | | | | | 2,356 | 人 | | 员数量 | 签署过证券服务业务审计报告的注册会计 | | | | | 904 | 人 | | | 师 | | | | | | ...