证券研究报告 | 2026年02月23日 2026年02月26日 2026年02月28日 公用环保 202602 第 2 期 优于大市 国办发布《关于完善全国统一电力市场体系的实施意见》，2026 年全国碳排放 权交易市场有关工作安排出炉 市场回顾：本周沪深 300 指数上涨 0.36%，公用事业指数下跌 1.25%，环 保指数上涨 0.63%，周相对收益率分别为-1.61%和 0.27%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 23 和第 15 名。电力板 块子板块中，火电下跌 0.23%；水电下跌 2.06%，新能源发电下跌 0.58%； 水务板块下跌 1.53%；燃气板块下跌 2.27%。 重要事件：国办《发布关于完善全国统一电力市场体系的实施意见》。2026 年 2 月 11 日，国务院办公厅发布关于完善全国统一电力市场体系的实施意 见。文件明确，到 2030 年，基本建成全国统一电力市场体系，各类型电源 和除保障性用户外的电力用户全部直接参与电力市场，市场化交易电量占全 社会用电量的 70%左右。跨省跨区和省内实现联合交易，现货市场全面转入 正式运行，市场基础规则和技术标准全面 ...

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。 从资金流向上来看，当日生物柴油板块主力资金净流入4185.96万元，游资资金净流入941.35万元，散户 资金净流出5127.31万元。生物柴油板块个股资金流向见下表： 证券之星消息，2月27日生物柴油板块较上一交易日上涨1.57%，山高环能领涨。当日上证指数报收于 4162.88，上涨0.39%。深证成指报收于14495.09，下跌0.06%。生物柴油板块个股涨跌见下表： ...

证券之星消息，2月24日山东国企改革板块较上一交易日上涨2.58%，山高环能领涨。当日上证指数报 收于4117.41，上涨0.87%。深证成指报收于14291.57，上涨1.36%。山东国企改革板块个股涨跌见下 表： 从资金流向上来看，当日山东国企改革板块主力资金净流入5.73亿元，游资资金净流入1.01亿元，散户 资金净流出6.74亿元。山东国企改革板块个股资金流向见下表： 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。 ...

2026年2月24日，山高环能（sz000803）触及涨停，涨停价9.19元，涨幅10.06%，总市值42.85亿元，流 通市值42.25亿元，截止发稿，总成交额1.06亿元。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，山高环能涨停原因可能如下，业务转型+国资支持+定向增发： 1、公司正进行业 务战略转型，油脂业务从外购贸易转向配合自有产能的战略调整成效显著，2024年外购油脂占比降至 40.9%，2025年进一步降至37.25%，毛利率显著提升，这对公司业绩提升有积极作用，是股价涨停的重 要因素。 2、山东高速集团作为控股股东提供资源支持，并全额认购定增股份，体现了国资股东的强力 支持。同时，公司拟 ...

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。 证券之星消息，2月13日生物柴油板块较上一交易日下跌1.28%，山高环能领跌。当日上证指数报收于 4082.07，下跌1.26%。深证成指报收于14100.19，下跌1.28%。生物柴油板块个股涨跌见下表： 从资金流向上来看，当日生物柴油板块主力资金净流出4073.19万元，游资资金净流入1425.93万元，散 户资金净流入2647.26万元。生物柴油板块个股资金流向见下表： ...

Core Viewpoint - The biodiesel sector experienced a decline of 1.1% on February 10, with Fengbei Bio leading the drop. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component Index increased by 0.02% [1]. Group 1: Market Performance - The closing price of Fengbei Bio was 56.75, reflecting a decrease of 3.21% [1]. - The biodiesel sector saw a net outflow of 56.84 million yuan from main funds, while retail investors contributed a net inflow of 46.01 million yuan [1]. - The trading volume for the biodiesel sector was significant, with stocks like Zhongliang Technology and Haixin Energy showing notable trading activity [1]. Group 2: Individual Stock Analysis - Zhongliang Technology closed at 6.43, down by 0.77%, with a trading volume of 217,100 shares [1]. - Fengbei Bio had a net outflow of 8.37 million yuan from main funds, while retail investors contributed a net inflow of 5.62 million yuan [2]. - The stock of Zhuoyue New Energy closed at 76.28, down by 1.56%, with a significant net outflow of 19.20 million yuan from main funds [2].

Group 1 - The biodiesel sector experienced a decline of 1.33% on February 5, with Shanghaiguan Energy leading the drop [1] - The Shanghai Composite Index closed at 4075.92, down 0.64%, while the Shenzhen Component Index closed at 13952.71, down 1.44% [1] - The net inflow of main funds in the biodiesel sector was 21.19 million yuan, while retail funds saw a net outflow of 3.68 million yuan [1] Group 2 - The main funds in the biodiesel sector had a net inflow of 21.19 million yuan, contrasting with a net outflow of 17.51 million yuan from speculative funds [1] - Retail investors contributed to a net outflow of 3.68 million yuan in the biodiesel sector [1]

Group 1 - The company, Shandong Hi-Speed Energy, indicated that its earnings per share (EPS) for 2024 will be below 0.05, which allows it to be exempt from performance forecasts according to relevant regulations from the Shenzhen Stock Exchange [2]

证券代码：000803 证券简称：山高环能 公告编号：2026-003 山高环能集团股份有限公司 关于为下属公司提供担保的进展公告 山高环能集团股份有限公司（以下简称"公司"或"山高环能"）及控股子公司 对外担保总额超过最近一期经审计净资产 100%，对资产负债率超过 70%的被担 保对象的担保金额超过公司最近一期经审计净资产 50%。敬请广大投资者充分关 注担保风险。 一、担保情况概述 （一）对外担保事项 公司下属公司因业务发展需要及补充流动资金原因，拟与金融机构开展融资 业务，由公司为其提供连带责任保证担保，具体担保情况如下： 1.公司下属公司天津明瑞油脂有限公司（以下简称"天津明瑞"）向盛京银行 股份有限公司天津分行（以下简称"盛京银行"）申请综合授信，额度金额叁仟万 元整（敞口额度叁仟万元整），币种为人民币，业务种类为流动资金贷款、供应 商融资，授信期限为 12 个月，由山高环能提供保证担保。 2.公司下属公司天津奥能绿色能源有限公司（以下简称"天津奥能"）向上海 浦东发展银行股份有限公司天津分行（以下简称"浦发银行"）申请融资额度业务， 融资额度为人民币 3,000 万元，额度使用期限自 2026 ...

Summary of Conference Call Notes Industry Overview - The focus is on the environmental protection industry, with a specific emphasis on carbon reduction efforts and upcoming earnings reports from various companies in the sector [1][2]. Key Points and Arguments - **Earnings Reports**: By January 30, 2026, 61 environmental companies have released their earnings forecasts for 2025. Among these: - 14 companies are expected to see significant positive growth in earnings - 4 companies are projected to experience a decline in earnings - 8 companies are anticipated to turn losses into profits - 35 companies are expected to report losses [1][2]. - **Notable Performers**: - **Wanyi Technology**: Expected net profit for 2025 is between 42 million to 62 million yuan, representing a year-on-year increase of 191.52% to 330.34% - **Gao Neng Environment**: Projected net profit for 2025 is between 750 million to 900 million yuan, reflecting a year-on-year growth of 55.66% to 86.79% - **Yuehai Investment**: Expected net profit growth of 43% for 2025, with an estimated profit close to 4.5 billion HKD based on 2024 figures [2]. - **Carbon Reduction Initiatives**: The year 2026 marks a significant shift towards stringent carbon emission controls, with local governments facing formal evaluations of carbon neutrality targets for the first time [2]. - **EU Carbon Tariff**: The EU has implemented a carbon tariff as of January 1, 2026, which is expected to increase the cost of exports from China to the EU. Exporting companies can mitigate these costs through the use of green energy and recycled resources [3]. Additional Important Insights - **Green Energy Demand**: The demand for green energy in global transportation is increasing, particularly with the EU's plan to mandate a rise in Sustainable Aviation Fuel (SAF) usage from 2% to a long-term target of 70% by 2025 [3]. - **UCO Pricing**: The price of Used Cooking Oil (UCO) has reached 1,075 USD per ton, marking a 9.1% increase since early 2025. This price increase is expected to enhance profit margins for companies involved in the processing of waste oils [3]. - **Companies to Watch**: - **Recycling and Resource Recovery**: Companies like Yingke Recycling, Langkun Technology, and Dadi Ocean are highlighted for their roles in the recycling sector - **Green Steam and Methanol**: Companies such as Huanlan Environment and China Tianying are noted for their contributions to green steam and methanol production [3].