中国天楹（000035）(000035.SZ)公告，公司控股子公司河内天禹环保能源股份公司(简称"河内天禹")近 日收到越南社会主义共和国河内市人民委员会签发的《投资主张变更批文》，决定批准河内天禹投资扩 建河内市朔山垃圾发电厂项目第二期，扩建规模为1600吨/天。 ...

格隆汇2月24日丨中国天楹(000035.SZ)公布，控股子公司河内天禹环保能源股份公司（简称"河内天 禹"）近日收到越南社会主义共和国河内市人民委员会签发的《投资主张变更批文》（编号：775/QĐ- UBND），决定批准河内天禹投资扩建河内市朔山垃圾发电厂项目第二期，扩建规模为1,600吨/天。 ...

3、项目实施的地址：越南河内市中冶镇南山（朔山）垃圾处理区。 4、扩建项目投资额：5,830,000,000,000 越南盾（伍万捌仟叁佰亿越南盾）， 相当于 220,000,000 美元（贰亿贰仟万美元）。其中公司全资子公司 Firion Investments SL 和欧洲天楹有限公司出资 1,166,000,000,000 越南盾（壹万壹仟陆 佰陆拾亿越南盾），相当于 44,000,000 美元（肆仟肆佰万美元）；其余为项目融 资。 中国天楹股份有限公司（以下简称"公司"）控股子公司河内天禹环保能源 股份公司（以下简称"河内天禹"）近日收到越南社会主义共和国河内市人民委 员会签发的《投资主张变更批文》（编号：775/QĐ-UBND），决定批准河内天 禹投资扩建河内市朔山垃圾发电厂项目第二期，扩建规模为 1,600 吨/天，现将相 关情况公告如下： 一、投资项目主要内容： 1、投资项目名称：越南河内朔山垃圾发电厂项目第二期（扩建） 2、投资项目规模：在现有 4000 吨/天生活垃圾处理厂的基础上进行扩建， 扩建的生活垃圾处理能力为 1,600 吨/天；扩建的发电容量为 45MW。 证券代码：000035 ...

格隆汇2月24日丨中国天楹(000035.SZ)公布，控股子公司河内天禹环保能源股份公司（简称"河内天 禹"）近日收到越南社会主义共和国河内市人民委员会签发的《投资主张变更批文》（编号：775/QĐ- UBND），决定批准河内天禹投资扩建河内市朔山垃圾发电厂项目第二期，扩建规模为1,600吨/天。 ...

中国天楹公告，控股子公司河内天禹环保能源股份公司近日收到越南社会主义共和国河内市人民委员会 签发的《投资主张变更批文》，批准河内天禹投资扩建河内市朔山垃圾发电厂项目第二期，扩建规模为 1600吨/天，发电容量为45MW。项目总投资额为58300亿越南盾（约220,000,000美元），其中公司全资 子公司Firion Investments SL和欧洲天楹有限公司出资11660亿越南盾（约44,000,000美元），其余为项目 融资。 ...

三是创新"示范判决+类案调解"机制。这是人民法院在处理涉众型证券纠纷中，选取1件典型案件作示范判决，并以此案为 参照，对其余平行案件集中调解或快速裁判。广西高院运用示范判决引导平行案件调解，成功化解403件证券虚假陈述责任纠 纷，真正实现了"办理一案、化解一片"效果。 四是落实"追首恶"与"打帮凶"并重原则。2025年，证券虚假陈述责任纠纷在证券纠纷中占比高达96.3%，表明上市公司财 务造假等虚假陈述行为仍然是资本市场的顽瘴痼疾，必须依法严厉打击。今年上海金融法院审结全国首例上市公司董监高未履 行公开增持承诺引发的证券纠纷，厘清了违反公开承诺与虚假陈述行为之间的关系，为准确适用资本市场公开承诺制度提供了 司法实践样本。 本报记者 吴晓璐 2月24日，最高人民法院举办"人民法院商事审判服务保障经济社会高质量发展情况"新闻发布会，介绍2025年人民法院民 商事审判工作的总体情况、主要举措成效。 谈及人民法院在资本市场的法治化建设，最高人民法院民二庭副庭长王朝辉表示，资本市场高质量发展是建设金融强国的 重要内容，在此人民法院承担着重要责任。2025年，全国法院审结涉证券、期货、基金等资本市场案件2.5万件，同比增 ...

Summary of Conference Call on Waste Management Industry in Southeast Asia Industry Overview - The Southeast Asian waste management market is experiencing significant demand growth, with a restructuring of the market currently underway [1] - The region faces a continuous increase in waste generation coupled with insufficient end-processing capacity, particularly in incineration rates [1] Key Insights - Chinese companies have accelerated their overseas expansion starting in 2023, leveraging cost and engineering capabilities to rapidly increase market share in Southeast Asia [2] - High electricity prices and disposal fees are enhancing profitability, although operational and policy risks must be monitored [2] - Under the assumption of a unified scale of 1,000 tons per day, optimistic scenarios suggest that project revenues in Southeast Asia could be approximately 1.8 to 2.7 times that of domestic projects, with profits ranging from 2 to 5 times domestic levels, and net profit margins potentially exceeding 25% [2] Financial Performance and Outlook - As overseas projects come online, international business is expected to become a core engine for smoothing domestic cycles and enhancing company performance [3] - The high returns in overseas markets also imply a more complex operational environment and policy negotiations, necessitating improved local management, risk hedging, and comprehensive operational capabilities [3] - The industry is witnessing a cash flow turning point, with over 90% of companies increasing dividend payouts due to robust cash flow [3] - Average waste disposal volume, power generation, and grid-connected electricity are projected to grow by 8%, 7%, and 8% year-on-year, respectively, in the first half of 2025 [3] - The industry is entering a capital expenditure contraction phase, with the proportion of under-construction capacity dropping below 10%, leading to a decline in financial costs and substantial cash flow improvement [3] Strategic Recommendations - Recommended companies to watch include: 1. Operators: Weiming Environmental, Junxin Co., China Everbright Environment, Hanlan Environment, China Tianying, Zhongke Environmental, Wangneng Environment, Green Power, etc. [4] 2. Equipment/Engineering Output: Sanfeng Environment [4] - Short-term strategies include heat transformation and collaborative disposal to extract existing profits, while long-term strategies focus on overseas contributions to performance elasticity and exploring new green energy monetization paths such as zero-carbon parks and integrated electricity solutions [3]

Core Insights - The Chinese environmental industry has shown a highly active trend in overseas expansion from January to August 2025, with an average of over three "outbound" cooperation projects per month, including project implementation, exchanges, equipment delivery, and factory investments [1][12] - Central Asia and Southeast Asia are the primary regions favored by Chinese environmental companies for project implementation, indicating significant strategic importance and economic potential in these markets [1][12] Investment Overview - The total disclosed investment amount for outbound projects has reached over 100 billion RMB, highlighting the substantial economic scale and strategic significance of overseas operations [1][12] Company Strategies - **Kangheng Environment**: Focuses on technological innovation and regional deep cultivation, with a clear strategy of "easy to difficult, key breakthroughs," using Southeast Asia as a core springboard and targeting large projects in Central Asia [4][15] - **China Tianying**: Emphasizes strategic mergers and acquisitions, having transformed from a project contractor to a global environmental service operator through the acquisition of Urbaser in 2019 [5][16] - **Yingfeng Environment**: Adopts a differentiated approach of "overseas factories + customized products," achieving significant success in high-end equipment exports, with a 135% year-on-year increase in overseas orders in 2024 [5][16] Regional Market Analysis - **Southeast Asia**: This region is characterized by a relatively complete mechanism and clear demand, with a potential green economy estimated to create about $150 billion in annual revenue opportunities by 2030 [7][18] - **Thailand**: The country has a stable business environment and infrastructure, with government plans to become a regional hub for new energy vehicles and high-end manufacturing, creating demand for industrial VOCs governance and wastewater treatment [7][18] - **Malaysia**: The government aims to increase the share of renewable energy to 40% by 2030 and plans to build 18 waste-to-energy plants by 2040, presenting unique opportunities for distributed energy solutions [8][19] - **Philippines**: The country has significant infrastructure investment plans, with a focus on renewable energy and water treatment facilities, driven by high electricity prices and frequent outages [9][20] - **Central Asia**: This market, particularly Kazakhstan and Uzbekistan, presents high growth potential with nearly no existing waste incineration projects, supported by strong bilateral cooperation frameworks [10][21]

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。 ...