中国企业自2023年起加速出海，凭借成本与工程能力优势在核心实现市占率加速提升。 高电价&处置费增厚盈利、关注运营及政策风险。 在统一规模（1000吨/日）的假设下测算，乐观情境下东南亚项 【广发环保】固废-东南亚出海视角：内生已稳，外延可期 千亿级市场需求亟待释放，格局重塑进行时 东南亚固废产生量持续扩张与末端处置能力不足（焚烧率 。 中国企业自2023年起加速出海，凭借成本与工程能力优势在核心实现市占率加速提升。 高电价&处置费增厚盈利、关注运营及政策风险。 【广发环保】固废-东南亚出海视角：内生已稳，外延可期 千亿级市场需求亟待释放，格局重塑进行时 东南亚固废产生量持续扩张与末端处置能力不足（焚烧率 。 同时，海外市场的高回报也隐含了更复杂的运营环境与政策博弈，对企业的属地化管理、风险对冲及综合运营能 力提出了更高要求。 #固废——现金流拐点确立，高分红与新曲线共振 1）【经营韧性】2025H1行业平均垃圾处置量、发电量、上网电量同比+8%、+7%、+8%； 2）【报表优化】：行业进入资本开支收缩期（在建产能占比降至10%以内），叠加债务优化带来财务费用下行， 现金流实质性改善。 3）【分红提升】充沛的 ...

作者：许弋航和君咨询生态环保事业部 2025年环保企业出海态势总览 2025年1月至8月，中国环保产业出海呈现高度活跃态势。据统计，环保领域平均每月产生超过3个"出海"合作事项，涵盖项目落地、考察交流、设备交付 及投资建厂等多种形式。从地理分布看，中亚与东南亚地区备受中国环保企业青睐，成为项目落地的重点区域。在投资规模上，已公开披露投资额的项目 累计金额已达上百亿元人民币，显示出出海业务巨大的经济总量与战略重要性。 图表1：2025年1-8月环保领域"出海"合作统计 | 时间 | 企业名称 | 项目名称 | | --- | --- | --- | | 1月 | 宇星科技 | 马来西亚废水处理工程项目 | | | 山东格润内泽姆环保 | 沙特阿美MGS-III 污水处理项目 | | | 中国能建中电工程广西院 | 肯尼亚内罗毕河流域生态修复项目 | | | 北京建工坦桑尼亚公司 | 达累斯拉姆姆布古鲁尼污水处理系统 | | | 中国能源中电工程国际公司 | 英国比林汉姆 | | | 西北院组成的联营体 康恒环境 | 10兆瓦垃圾发电项目EPC合同 伊拉克首个垃圾发电项目 | | | 东珠生态环保股份有限公司、河 ...

Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]

证券日报网讯1月29日，中国天楹（000035）在互动平台回答投资者提问时表示，有关公司具体业务及 收入构成情况，请关注公司在指定媒体披露的定期报告。 ...

记者丨林典驰 编辑丨骆一帆 视频 丨 杨浩凯 深圳罗湖一场大型城市疤痕修复工程，刷屏网络。 这处名为玉龙填埋场的地方，正在进行迄今为止全国体量最大、全量开挖的垃圾搬迁治理工程。这座已经封场20年的垃圾山，正在开启新的使 命。 玉龙填埋场建于1983年，1997年停用，2005年底封场，总堆填垃圾约250万立方米，可填满1000个国际竞赛泳池 。随着城市建设的快速推进， 它当初所在的城市边缘已变成城市中心区。该修复工程已于2024年开启全量开挖搬迁治理，预计在2026年9月底完成。 21世纪经济报道记者1月25日在现场看到，原来高达110米的垃圾山已被完全削平，填埋场已被巨大的防尘布覆盖。距离开挖现场四五百米的地 方，已建起了垃圾筛分车间，6条巨型传送带正在高速运转。据央视报道，周边居民既看不到裸露的垃圾，也闻不到明显异味。 这些被挖出来的陈年垃圾，在经过筛分精细分类后，部分回收和无害化利用，轻质物将送到生活垃圾焚烧厂进行焚烧发电。 传统的卫生填埋方式因占用大量土地资源、易产生二次污染（如渗滤液、甲烷气体排放）等问题，"垃圾围城"在上世纪90年代一度成为许多大 中城市的严峻挑战。 但谁也没有想到，一场技术革命悄 ...

同壁财经讯，企查查数据显示，根据《红河县生活垃圾转运推行市场化运作项目中标公告》，中国天楹 股份有限公司于2026年1月26日公告中标红河县住房和城乡建设局采购项目，中标金额为221.85万元。 相关上市公司：中国天楹(000035.SZ) 2025年上半年公司营业收入为25.77亿元，营业收入增长率为-2.72%，归属母公司净利润为2.12亿元，归 属母公司净利润增长率为-41.25%。 目前公司属于工业行业，主要产品类型为半导体太阳能光伏、风电、环保机械、环卫服务、污水处理、 系统集成服务、有机化工原料、余热发电，2024年报主营构成为垃圾焚烧及售电:43.18%;其他:20.53%; 城市环境服务:18.46%;提供建造服务:17.83%。 目前公司属于工业行业，主要产品类型为半导体太阳能光伏、风电、环保机械、环卫服务、污水处理、 系统集成服务、有机化工原料、余热发电，2024年报主营构成为垃圾焚烧及售电:43.18%;其他:20.53%; 城市环境服务:18.46%;提供建造服务:17.83%。 同壁财经讯，企查查数据显示，根据《红河县生活垃圾转运推行市场化运作项目中标公告》，中国天楹 股份有限公司于 ...

Group 1: Stock Suspension and Resumption - Fenglong Co., Ltd. has suspended trading for stock price fluctuation investigation [1] - Jiamei Packaging has also suspended trading for stock price fluctuation investigation [1] - Hunan Gold expects a net profit of 1.27 billion to 1.61 billion yuan in 2025, representing a year-on-year increase of 50% to 90%, driven by rising sales prices of gold, antimony, and tungsten products. The company plans to acquire 100% equity of Golden Tianyue and Zhongnan Smelting, and will resume trading [1] - Longyun Co., Ltd. is planning to acquire 58% equity of Yuheng Film and has suspended trading [1] Group 2: Share Buybacks - Jinkai New Energy plans to repurchase company shares worth 500 million to 600 million yuan [2] - Zhongchong Co., Ltd. intends to repurchase company shares worth 100 million to 200 million yuan [2] Group 3: Mergers and Acquisitions - Yongjie New Materials plans to acquire 100% equity of Aokening Qinhuangdao and 95% equity of Aokening Kunshan, focusing on the production and sales of aluminum plates and strips [3] - Jingsheng Co., Ltd. intends to purchase 100% equity of Weizhun Intelligent for 857 million yuan [4] - Weixing New Materials plans to acquire 88.2557% equity of Songtian Cheng for 111 million yuan, specializing in the R&D, manufacturing, and sales of polyethylene valves for municipal pipelines [4] Group 4: External Investments and Daily Operations - China Tianying plans to achieve a production capacity of 200,000 tons of EU-standard methanol by 2026 [5] - Delijia intends to invest 5 billion yuan in a research and manufacturing project for wind turbine gearboxes over 10 megawatts [6] - Trina Solar will allocate the remaining 1.7 billion yuan of raised funds for a new project focused on distributed smart photovoltaic power station construction [7] - Jingzhida has signed a sales contract for semiconductor testing equipment worth 1.311 billion yuan [8] - Lens Technology has achieved bulk supply in the commercial aerospace sector and has developed ultra-thin photovoltaic glass modules for extreme space environments [9] - BAIC Blue Valley's subsidiary plans to invest 1.991 billion yuan in the construction of a high-end platform model industrialization and digital upgrade project for the Xiangjie Super Factory [9] Group 5: Performance Changes - XianDao Intelligent expects a net profit of 1.5 billion to 1.8 billion yuan in 2025, a year-on-year increase of 424.29% to 529.15%, driven by increased operating rates and order volumes from leading domestic battery companies [10] - Zhongwei Company anticipates a net profit of 2.08 billion to 2.18 billion yuan in 2025, a year-on-year increase of approximately 28.74% to 34.93% [11] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan in 2025, representing a year-on-year increase of 81.77% to 134.78% [11] - China Merchants Bank anticipates a net profit of 150.181 billion yuan in 2025, a year-on-year increase of 1.21% [12] - Juchip Technology expects a net profit of 204 million yuan, a year-on-year increase of 91.40% [12] - Lianchuang Optoelectronics expects a net profit of 435 million to 532 million yuan in 2025, a year-on-year increase of 80.36% to 120.57% [12] - Zhaojin Gold expects a net profit of 122 million to 182 million yuan in 2025, turning from loss to profit [12] - Zhongwei Semiconductor anticipates a net profit of approximately 284 million yuan in 2025, a year-on-year increase of about 107.55% [12] - Guocheng Mining expects a net profit of 1 billion to 1.12 billion yuan in 2025, compared to a profit of 453 million yuan in the previous year [12] - Shengkong Co., Ltd. expects a net profit of 90 million to 110 million yuan in 2025, a year-on-year increase of 118.71% to 167.31% [13] - Daoshi Technology anticipates a net profit of 480 million to 580 million yuan in 2025, a year-on-year increase of 206.01% to 269.76% [13]

Group 1 - The company is focusing on accelerating the construction and production of hydrogen-based energy integrated benchmark projects in Jilin Liaoyuan and Heilongjiang Anda as per the established plan [1] - The company plans to achieve an annual production capacity of 200,000 tons of electrochemical methanol that meets EU certification standards by 2026 [1]

Core Insights - The meeting of the Provincial Committee aims to promote high-quality development of the county economy and ensure a strong start for the "14th Five-Year Plan" [1] Group 1: Industrial Development - The focus is on leading industrial revitalization through technological innovation, establishing a modern industrial system centered on oil and gas chemicals, dairy and meat products, new energy, and logistics, supported by biomedicine, new materials, and machinery [1] - The goal is to develop a significant hydrogen energy industry base, new energy industry base, fine chemical industry base, deep processing of agricultural products base, raw material pharmaceutical intermediate production base, and modern logistics industry base [1] Group 2: Investment Attraction - Investment attraction is viewed as the lifeline of economic development, with a strategy based on precise targeting of investment directions, objects, and activities [2] - The aim is to sign contracts worth over 30 billion yuan and utilize 8 billion yuan of external funds throughout the year [1] Group 3: Investment Expansion - Effective investment expansion is emphasized as a key driver for high-quality development, with a focus on advancing major projects and achieving fixed asset investments exceeding 5.6 billion yuan [2] Group 4: Park Development - The development of industrial parks is prioritized as a main battlefield for economic growth, with efforts to establish a national-level zero-carbon park and reduce basic cost factors for enterprises [2] - The target is to achieve a production and sales value of over 30 billion yuan in the parks [2] Group 5: Business Environment - The business environment is considered a core competitive advantage for high-quality development, with initiatives to optimize the environment and improve administrative efficiency [2] - The goal is to elevate the city's credit ranking into the top 20 nationwide and create a strong "Investment Anda" brand [2]

Investment Rating - The report maintains a rating of "Buy" for the environmental protection industry [1] Core Insights - The environmental protection industry, particularly in waste incineration, is poised for significant growth, especially in overseas markets such as Southeast Asia and Central Asia, driven by high processing fees and electricity prices [5][10] - The investment potential in the ASEAN countries and India for waste incineration is estimated at approximately 250 billion RMB, with a daily waste incineration capacity increase of about 500,000 tons [5][11] - The profitability of overseas projects, particularly in Indonesia, is enhanced by favorable policies and high revenue from electricity sales, with projected single-ton income significantly higher than domestic projects [19][20] Summary by Sections 1. Waste Incineration Growth and Overseas Market Potential - The ASEAN countries and India are expected to generate a daily waste production of 1.46 million tons by 2024, with a potential waste incineration market space of 248.5 billion RMB if the incineration penetration rate reaches 50% [5][11] - Several domestic waste incineration companies, such as Kangheng Environment and China Tianying, are expanding their operations in Southeast Asia and Central Asia, with significant project footprints established [15][16] 2. Indonesian Policy Driving Business Model Optimization - Indonesia's recent policy changes have shifted the revenue model from local government subsidies to direct agreements with the national electricity company, significantly increasing the electricity price to 0.20 USD per kWh [24][25] - The government plans to construct 33 waste incineration plants nationwide, with a total investment of approximately 5.6 billion USD, indicating a strong commitment to developing the waste-to-energy sector [24][25] 3. Economic Assessment of Indonesian Waste Incineration Projects - Economic assessments show that the single-ton income from Indonesian projects can reach 582 RMB, significantly higher than domestic projects, driven by high processing fees and electricity prices [19][20][31] - The report highlights the sensitivity of project profitability to cost management, with potential increases in return on equity (ROE) if investment and operational costs are optimized [27][28]