Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

证券代码：301109 证券简称：军信股份 公告编号：2025-131 湖南军信环保股份有限公司 关于使用闲置自有资金进行现金管理到期赎回 并使用自有资金继续进行现金管理的公告 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。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的公告》（公 ...

（编辑 任世碧） 证券日报网讯 10月15日晚间，军信股份发布公告称，公司及其控股子公司未对合并报表外单位提供担 保，公司及其控股子公司无逾期债务对应的担保余额、涉及诉讼的担保金额及因担保被判决败诉而应承 担的担保金额。 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-130 湖南军信环保股份有限公司 关于为控股子公司提供担保的进展公告 4301042017000229、43010420170000230），贷款金额总计 25,000 万元，由公司控股股东湖 南军信环保集团有限公司（以下简称"军信集团"）对贷款本金的 80%及相应利息等费用提 供担保（浦湘生物除公司以外的其他股东对贷款本金的 20%及相应利息等费用提供担保）。 2025年8月6日分别在巨潮资讯网（www.cninfo.com.cn）披露的《关于2025年为子公司银行 借款提供担保计划的公告》（公告编号：2025-087）和《2025年第二次临时股东大会决议公 告》（公告编号：2025-099）。 1、本次担保的基本情况 湖南军信环保股份有限公司（以下简称"公司"）的控股子公司浦湘生物能源股份有限 公司（以下简称"浦湘生物"或"债务人"）于 2017 年 3 月 28 日与中国农业银行股份有限 公司湖南省分行营业部（以下简称"债权人"或"融资方"）签订了两份《中国农业银行股 份有限公司固定资产借款合同》（以下简称"《借款合同》"，编号分别为： 近 ...

Core Viewpoint - Junxin Co., Ltd. (301109.SZ) has decided not to apply for the high-tech enterprise qualification due to not meeting the revenue criteria, despite having obtained the high-tech enterprise certificate valid for three years [1] Group 1: High-Tech Enterprise Qualification - The company received the high-tech enterprise certificate from relevant authorities on October 18, 2022, which is valid for three years [1] - According to the regulations, a high-tech enterprise must have at least 60% of its revenue from high-tech products in the past year, which the company does not meet [1] - The decision to not apply for the high-tech enterprise qualification will not significantly impact the company's daily operations or overall performance [1] Group 2: Revenue Sources - The company's total revenue primarily comes from its controlling subsidiaries [1] - The company has not yet benefited from the tax incentives associated with high-tech enterprise status [1]

Core Viewpoint - Junxin Co., Ltd. (301109.SZ) has decided not to apply for the high-tech enterprise qualification due to not meeting the revenue criteria, despite having obtained the high-tech enterprise certificate valid for three years [1] Group 1: High-Tech Enterprise Qualification - The company received the high-tech enterprise certificate from relevant authorities on October 18, 2022, which is valid for three years [1] - According to the regulations, a high-tech enterprise must have at least 60% of its revenue from high-tech products in the past year, which the company does not meet [1] - The company will not apply for the high-tech enterprise qualification at this time [1] Group 2: Impact on Operations - The decision not to apply for the qualification will not significantly impact the company's daily operations or overall performance [1] - The main reason for this decision is that the company's total revenue primarily comes from its controlling subsidiaries [1] - The company has not yet benefited from the tax incentives associated with high-tech enterprise status [1]

证券代码：301109 证券简称：军信股份 公告编号：2025-129 湖南军信环保股份有限公司 关于暂不申请高新技术企业资格的公告 公司目前暂不申请高新技术企业资格，不会对日常生产经营及整体业绩产生重大影响， 主要原因是公司营业总收入主要来源于控股子公司，并且公司目前尚未享受高新技术企业的所 得税税收优惠政策。 特此公告。 企业名称：湖南军信环保股份有限公司 证书编号：GR202243001270 发证时间：2022年10月18日 有效期：三年 根据《高新技术企业认定管理办法》（国科发火〔2016〕32 号）第十一条高新技术企业 认定条件之第六款规定："近一年高新技术产品（服务）收入占企业同期总收入的比例不低 于60%"。结合公司实际情况，公司近一年高新技术产品（服务）收入占企业同期总收入的比 例不满足上述规定。因此，公司决定暂不申请高新技术企业资格。 二、暂不申请高新技术企业资格对公司的影响 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、高新技术企业资格基本情况 湖南军信环保股份有限公司(以下简称"公司")于2022年10月18日取得湖南省科学技术 ...

关于使用闲置自有资金进行现金管理到期赎回 并使用自有资金继续进行现金管理的公告 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。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的公告》（公告编号：2025-042）。 近日，公司及公司控股子公司浏阳市道吾山天湖旅游开发有限责任公司使用闲 ...

Investment Rating - The report rates the environmental protection industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - The municipal water sector shows stable operations, with some companies benefiting from strategic expansions and adjustments in sewage treatment prices. However, the engineering business is expected to decline due to decreased demand [3]. - The waste incineration sector remains stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies exhibit varied performance due to factors like historical revenue recognition and depreciation from new capacity [3]. - The sanitation market is stable, with an increase in orders for unmanned sanitation services, indicating a digital transformation in urban services [3]. - Equipment performance varies significantly across different sectors, with conventional equipment facing margin pressure due to intense competition, while power environmental equipment benefits from increased demand [3]. Summary by Category Municipal Water - Overall stable operations with some companies like Tianyuan Environmental and Zhongshan Public Utilities showing significant year-on-year net profit growth of 18% and 32% respectively for Q1-3 2025 [4]. Waste Incineration - The sector is experiencing steady operational improvements, with companies like Huanlan Environment and Green Power expected to see net profit growth of 16% and 15% respectively for Q1-3 2025 [4]. Sanitation - The sanitation market is stable, with companies like Yingfeng Environment and Yuhua Tian expected to see net profit growth of 3% and 5% respectively for Q1-3 2025 [4]. Equipment - Conventional equipment companies are expected to see a decline in net profit growth, with Jingjin Equipment projected to drop by 25% for Q1-3 2025. In contrast, Qingda Environmental is expected to see a significant increase of 255% [4]. Investment Recommendations - The report recommends investing in companies with stable profitability and improving cash flows in the municipal environmental sector, including Zhongshan Public Utilities, Junxin Co., and Huanlan Environment [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted as key players in the digital transformation of urban services [3]. - The report also suggests focusing on SAF suppliers and green methanol producers as EU policies begin to take effect, with companies like Haineng Energy and Pengyao Environmental being potential beneficiaries [3].

Investment Rating - The report rates the environmental protection industry as "Overweight" for the third quarter of 2025, indicating an expectation for the industry to outperform the overall market [2][9]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansions and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies are experiencing varied profit growth due to factors like historical electricity revenue recognition and depreciation from new capacity [3]. - The sanitation market remains stable, with an increase in orders for unmanned sanitation services, indicating a shift towards digital transformation in urban services [3]. - Equipment performance is diverging based on downstream influences, with conventional equipment facing margin pressure while power environmental equipment and water treatment equipment are expected to see significant profit growth [3]. Summary by Category Municipal Water Services - Overall operations are stable, with projected net profit growth for major companies: Tianyuan Environmental +18%, Xingrong Environment +5%, Hongcheng Environment +3%, and Zhongshan Public +32% for Q1-3 2025 [3][4]. Waste Incineration - The sector is expected to see varied profit growth among major companies: Hanlan Environment +16%, Green Power +15%, Junxin Co. +47%, Chengfa Environment +13%, and Yongxing Co. +8% for Q1-3 2025 [3][4]. Sanitation - Major companies are projected to have stable net profit growth: Yingfeng Environment +3% and Yuhua Tian +5% for Q1-3 2025 [3][4]. Equipment Products - Conventional equipment is expected to see a slight decline in net profit growth, with Jingjin Equipment projected at -25%. In contrast, power environmental equipment like Qingda Environmental is expected to grow by +255% [3][4]. Investment Recommendations - The report recommends focusing on municipal environmental companies such as Zhongshan Public, Junxin Co., Hanlan Environment, and others due to stable profitability and improving cash flow [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted for their potential in the digital transformation of urban services [3]. - The report also suggests monitoring suppliers of bio-aviation fuel and green methanol, as well as companies involved in reverse osmosis membrane technology due to ongoing market trends [3].