Investment Rating - The report maintains a positive outlook on the environmental industry, indicating an "Overweight" investment rating for the sector, suggesting it will outperform the overall market [2][11]. Core Insights - The environmental industry is experiencing a continuous differentiation in performance, with stable operational assets. The report anticipates steady growth in net profits for various segments in 2025, with specific companies showing significant year-on-year increases [2][3]. - Municipal water services are stable, benefiting from strategic expansions and water price adjustments, while the demand for sewage engineering is declining [2]. - The waste incineration sector is also stable, with operational improvements despite a slowdown in new projects and tenders. Different companies are experiencing varied profit growth due to factors like historical revenue recognition and depreciation [2][3]. - The sanitation market remains stable, with profit growth influenced by impairment and the introduction of automated sanitation orders [2]. - Equipment products are facing a widening performance gap due to varying impacts from downstream sectors, with some companies expected to see declines in net profit growth [2]. Summary by Segment Municipal Water Services - Overall operations are stable, with net profit growth expected to be steady in 2025. Key companies include: - Zhongshan Public Utilities: 2025 net profit expected to increase by 67% to 2,000 million [3]. - Jiangnan Water: 3% increase to 415 million [3]. - Xingrong Environment: 8% increase to 2,150 million [3]. - Hongcheng Environment: 1% increase to 1,200 million [3]. Waste Incineration - The sector is stable with operational improvements. Key companies include: - Green Power: 23% increase to 720 million [3]. - Hanlan Environment: 20% increase to 2,000 million [3]. - Junxin Co.: 49% increase to 800 million [3]. Sanitation - The market is stable, with profit growth influenced by impairment and automation. Key companies include: - Yingfeng Environment: 36% increase to 700 million [3]. - Yuhua Tian: 4% increase to 600 million [3]. Equipment Products - Performance varies significantly across companies. Key companies include: - Longjing Environmental: 32% increase to 1,100 million [3]. - Qinda Environmental: 88% increase to 175 million [3]. - Woton Technology: 26% increase to 250 million [3]. Investment Recommendations - Municipal Environmental: Stable profitability with improving cash flow and opportunities in environmental assets. Recommended companies include Zhongshan Public Utilities, Junxin Co., Hanlan Environment, and others [2]. - Automated Sanitation: Growth potential in the field of sanitation robots. Recommended companies include Yingfeng Environment and Yuhua Tian [2]. - Green Methanol and SAF: Benefiting from EU policies, with recommended companies including CIMC Anrui and others [2].

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].

证券之星消息，兴蓉环境(000598)02月05日在投资者关系平台上答复投资者关心的问题。 投资者提问：公司今年自由现金流大幅转正，主要在建项目也将在今年投运。就算再有新增项目，入场 开工也要三四季度了，对公司全年的现金流影响也很小。很多国企早就公告了未来三年的分红计划，为 什么投资者要了解今年的分红计划就这么难呢？ 兴蓉环境回复：尊敬的投资者，感谢您对公司的关注！公司重视股东回报，并将在综合考虑企业经营情 况和未来业务发展资金需求等因素的基础上，制定适宜的利润分配方案。若涉及重大事项，公司将按规 定履行信息披露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

2025 年氢燃料电池车产量同比增长 44%，零碳园区建设加快有望抬高 用氢需求 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 2 月 1 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮箱：wuboying@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 2025 年氢燃料电池车产量同比增长 44%，零碳园 区建设加快有望抬高用氢需求 2026 年 2 月 1 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [Table_Author] 请 ...

国泰海通证券股份有限公司 关于成都市兴蓉环境股份有限公司 董事长任职的临时受托管理报告 受托管理人 国泰海通证券股份有限公司 GUOTAI HAITONG SECURITIES CO., LTD. (住所: 中国（上海）自由贸易试验区商城路 618 号) 债券代码: 524369.SZ 债券简称: 25 兴蓉 K1 2026 年 1 月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《成都市兴蓉环境股份有限公司 2024 年面向专业投资者公开发行公司债 券之债券受托管理协议》等相关规定和约定、公开信息披露文件以及成都市兴蓉 环境股份有限公司（以下简称公司、"兴蓉环境"或发行人）出具的相关说明文 件以及提供的相关资料等,由受托管理人国泰海通证券股份有限公司(以下简称 国泰海通证券)编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断。 1 一、人员变动事项 近日发行人新任董事长任职,具体情况如下: (一) 原任职人员的基本情况 发行人已于 2026 年 1 月 8 日发布《成都市兴蓉环境股份有限公司关于公司 董事长辞职的公告》,国泰 ...

北京炜衡（成都）律师事务所 关于 成都市兴蓉环境股份有限公司 2026 年第一次临时股东会的 法 律 意 见 书 二〇二六年一月二十七日 Beijing W&H Law Firm, Chengdu Office 成都高新区天府大道北段 1777 号 7 栋 1 单元 38 层 3801 号、39 层 3901 号 邮编：610000 No. 3801, 38th Floor, Unit 1, Building 7, No. 1777, North Section of Tianfu Avenue, High-tech Zone,Chengdu 610000,China www.whlaw.cn 北京炜衡（成都）律师事务所 关于成都市兴蓉环境股份有限公司 2026 年第一次 临时股东会的法律意见书 北京炜衡（成都）律师事务所（以下简称"本所"或"我们"）接受贵公司的委托， 指派刘复梁、景洋律师（以下简称为"本所律师"）出席了贵公司 2026 年第一次临时 股东会（以下简称为"本次股东会"）。本所律师依据《中华人民共和国公司法》（以 下简称为"《公司法》"）、《中华人民共和国证券法》（以下简称为"《证券法》"）、 ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2026-05 成都市兴蓉环境股份有限公司 1、本次股东会未出现否决提案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开的情况 1、会议召开的时间 （1）现场会议时间：2026 年 1 月 27 日（星期二）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为 2026 年 1 月 27 日上午 9:15—9:25，9:30—11:30，下 午 13:00－15:00；通过互联网投票系统（http://wltp.cninfo.com.cn）投 票的具体时间为 2026 年 1 月 27 日上午 9:15 至下午 15:00 期间的任意 时间。 2、现场会议召开地点：成都市武侯区锦城大道 1000 号成都市兴 蓉环境股份有限公司。 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 通过现场和网络投票的股东及股东授权委托代表 317 人，代表股 份 1,785,484,510 ...

成都市兴蓉环境股份有限公司 证券代码：000598 证券简称：兴蓉环境 公告编号：2026-06 1 第十届董事会第三十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 成都市兴蓉环境股份有限公司（以下简称：公司）于2026年1月 22日以电子邮件、专人送达方式向全体董事发出召开第十届董事会第 三十五次会议的通知。在保障董事充分表达意见的前提下，会议于 2026年1月27日以通讯表决方式召开。本次会议应出席的董事9名，实 际出席会议的董事9名。会议的召集、召开及表决程序符合法律法规 及《公司章程》的相关规定。 与会董事对议案进行了审议，形成如下决议： 一、审议通过《关于选举公司第十届董事会董事长的议案》。 同意选举杨玉清女士（简历附后）为公司第十届董事会董事长， 任期自董事会审议通过之日起至本届董事会任期届满之日止。 表决结果：9票同意、0票反对、0票弃权。 该议案在提交董事会审议前已经董事会提名委员会审议通过。 二、审议通过《关于增补公司第十届董事会专门委员会委员的议 案》。 同意杨玉清女士担任公司第十届董事会战略委员会主任委员（召 集人）、 ...