证券日报网讯 1月26日，军信股份发布公告称，公司的下属公司军信环保（伊塞克湖）有限公司（以下 简称"下属公司"或"投资者"）于近日与吉尔吉斯共和国内阁签署了《吉尔吉斯共和国伊塞克湖州垃圾科 技处置项目投资协议》，双方明确了伊塞克湖州垃圾科技处置项目的投资相关事宜。 （编辑 楚丽君） ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

（文章来源：每日经济新闻） 每经AI快讯，1月26日，军信股份午间公告：公司下属公司军信环保（伊塞克湖）有限公司近日与吉尔 吉斯共和国内阁签署《吉尔吉斯共和国伊塞克湖州垃圾科技处置项目投资协议》，双方明确了伊塞克湖 州垃圾科技处置项目的投资相关事宜。该项目垃圾处理规模总体规划为2000吨/日，初期先由下属公司 在阿克苏区及巴雷克奇市分别建设一个处理规模为600吨/日的垃圾科技处置发电站，后期再根据垃圾量 以及国家机构要求新建处理线。项目包含两个垃圾科技处置发电项目（垃圾焚烧发电站）的建设，总投 资额不少于1.4亿美元。 ...

Core Viewpoint - The company has signed an investment agreement for a waste technology disposal project in Issyk-Kul, Kyrgyzstan, marking a significant achievement in its overseas market expansion and providing new growth opportunities amid a saturated domestic market [1][2]. Group 1: Project Details - The waste disposal project has a planned processing capacity of 2000 tons per day, with initial construction of two waste-to-energy plants, each with a capacity of 600 tons per day [2]. - The total investment for the project is no less than 140 million USD, and the company’s current cash flow is strong enough to support this investment without affecting its other daily operations [2]. Group 2: Strategic Importance - This project follows the successful acquisition of operating rights for a waste-to-energy project in Bishkek, Kyrgyzstan, and a framework agreement for a similar project in Osh, Kyrgyzstan, as well as an investment agreement in Almaty, Kazakhstan [1]. - The project is expected to enhance the company's profitability and core competitiveness by expanding its footprint in the overseas waste management and green energy sectors [1].

Core Viewpoint - The company has signed an investment agreement for a waste technology disposal project in Issyk-Kul, Kyrgyzstan, marking a significant achievement in its overseas market expansion and providing new growth opportunities amid a saturated domestic market [1][2]. Group 1: Project Details - The waste disposal project has a planned processing capacity of 2000 tons per day, with initial construction of two waste-to-energy plants, each with a capacity of 600 tons per day [2]. - The total investment for the project is no less than 140 million USD [2]. Group 2: Strategic Importance - Successful implementation of this project follows previous achievements, including a waste-to-energy project in Bishkek with a processing capacity of 3000 tons per day and a framework agreement for a project in Osh with a capacity of 2000 tons per day [1]. - The project is expected to enhance the company's profitability and core competitiveness by expanding its overseas waste management and green energy business [1].

该项目垃圾处理规模总体规划为2000吨/日，初期先由投资者在阿克苏区及巴雷克奇市分别建设一个处 理规模为600吨/日的垃圾科技处置发电站，后期再根据垃圾量以及国家机构要求新建处理线。项目包含 两个垃圾科技处置发电项目(垃圾焚烧发电站)的建设，总投资额不少于1.4亿美元。 智通财经APP讯，军信股份(301109.SZ)发布公告，公司下属公司军信环保(伊塞克湖)有限公司(以下简 称"下属公司"或"投资者")于近日与吉尔吉斯共和国内阁签署了《吉尔吉斯共和国伊塞克湖州垃圾科技 处置项目投资协议》，双方明确了伊塞克湖州垃圾科技处置项目(以下简称"垃圾科技处置项目")的投资 相关事宜。 ...

证券代码：301109 证券简称：军信股份 公告编号：2026-007 湖南军信环保股份有限公司 关于签订吉尔吉斯共和国伊塞克湖州垃圾科技处置项目 投资协议的公告 2、本项目若顺利实施，将是继 2024 年公司成功获得吉尔吉斯共和国比什凯克市垃圾科 技处置发电项目（规划垃圾处理规模 3000 吨/日）特许经营权、2025 年成功签署吉尔吉斯 共和国奥什市垃圾科技处置项目（垃圾处理规模 2000 吨/日）框架协议以及哈萨克斯坦共和 国阿拉木图市固废科技处置发电项目（垃圾处理规模 2000 吨/日）投资协议后，在海外市场 拓展方面取得的又一重大成果，有助于扩大公司海外固废处理及绿色能源业务版图，在国内 市场相对饱和、竞争激烈的市场环境中找到新的突破口，为公司提供新的业绩增长点，增强 公司的盈利能力和核心竞争力。 7、本投资协议为双方推进后续工作的前提和基础，项目具体实施过程中可能受到地缘 政治、项目实施地政府政策变化、国际环境变化以及其他不可抗力因素等影响，从而导致投 资损失或不达预期，对公司本年度及后续年度的财务状况和经营成果的影响存在一定的不确 定性。敬请广大投资者注意投资风险。 3、本项目垃圾处理规模总体规 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Group 1 - The core viewpoint of the news is that Junxin Co., Ltd. has shown significant financial performance and market activity, with a notable increase in revenue and net profit year-on-year [2][3] - On January 22, Junxin's stock price increased by 0.70%, with a trading volume of 135 million yuan, indicating active market participation [1] - The financing data shows that on January 22, Junxin had a financing buy amount of 15.25 million yuan and a net financing buy of -484,300 yuan, reflecting a high financing balance of 164 million yuan, which is 4.07% of its market capitalization [1] Group 2 - Junxin's main business includes waste incineration power generation, sludge disposal, leachate treatment, and landfill operations, with the largest revenue contributions coming from waste incineration and power generation at 26.68% [2] - As of September 30, the company reported a revenue of 2.163 billion yuan for the first nine months of 2025, representing a year-on-year growth of 23.21%, and a net profit of 605 million yuan, up 48.69% year-on-year [2] - The company has distributed a total of 1.349 billion yuan in dividends since its A-share listing, with 1.245 billion yuan distributed in the last three years [3]

Group 1 - The core viewpoint of the news is that Jun Cheng Technology's stock performance and financial metrics indicate a low financing balance and a stable revenue growth trend despite a slight decline in stock price [1][2]. Group 2 - On January 22, Jun Cheng Technology's stock price decreased by 0.63%, with a trading volume of 51.71 million yuan. The financing buy amount was 5.46 million yuan, while the financing repayment was 5.69 million yuan, resulting in a net financing buy of -0.24 million yuan [1]. - As of January 22, the total financing and securities lending balance for Jun Cheng Technology was 53.26 million yuan, which accounts for 1.56% of its circulating market value, indicating a low financing balance compared to the past year [1]. - The company has not engaged in securities lending activities on January 22, with no shares sold or repaid, and the securities lending balance remains at zero, which is at a high level compared to the past year [1]. - As of January 20, the number of shareholders for Jun Cheng Technology was 7,863, a decrease of 2.47%, while the average circulating shares per person increased by 2.53% to 12,986 shares [2]. - For the period from January to September 2025, Jun Cheng Technology achieved an operating income of 687 million yuan, representing a year-on-year growth of 13.89%, and a net profit attributable to the parent company of 78.80 million yuan, with a slight increase of 0.88% year-on-year [2]. - Since its A-share listing, Jun Cheng Technology has distributed a total of 135 million yuan in dividends, with 113 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, Bodao Growth Zhihang Stock A held 828,200 shares, an increase of 550,600 shares compared to the previous period, while Dacheng Zhongzheng 360 Internet+ Index A held 520,900 shares, an increase of 6,020 shares [3].