智通财经APP讯，光大环境(00257)公布，公司全资附属公司光大环保中国已于2025年12月16日完成发行 光大环保(中国)有限公司2025年度第一期绿色定向资产支持票据(碳中和债)。于2025年度第一期资产支 持票据项下发行的资产支持票据的总面值为人民币7.87亿元。所得款项将用作补充其流动资金、偿还其 金融机构借款及╱或其他符合国家有关产业政策和适用法律法规的用途。 在承销协议的框架下，光大环保中国也与光大证券股份有限公司、上海浦东发展银行股份有限公司、中 国民生银行股份有限公司及宁波银行股份有限公司就发行2025年度第一期资产支持票据订立承销协议， 据此，光大证券作为主承销商，浦发银行、民生银行及宁波银行作为联席主承销商负责按照承销协议的 条款发行2025年度第一期资产支持票据。 ...

格隆汇12月16日丨光大环境(00257.HK)公告，董事会欣然宣布，光大环保中国已于2025年12月16日完成 发行光大环保(中国)有限公司2025年度第一期绿色定向资产支持票据(碳中和债)。于2025年度第一期资 产支持票据项下发行的资产支持票据总面值为人民币7.87亿元。 ...

CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 有關完成發行二零二五年度第一期資產支持票據 及承銷協議之自願性公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考用途，並不構成收購、購買或認購證券之邀請或要約，亦不邀請任何該 等要約或邀請。尤其本公告並不構成亦並非在香港、美國或其他地方進行證券銷售或邀 請或招攬購買或認購證券之要約。 光大環保中國及其附屬公司將使用發行二零二五年度第一期資產支持票據所得款項作 補充其流動資金、償還其金融機構借款及╱或其他符合國家有關產業政策和適用法律法 規的用途。 2 完成發行二零二五年度第一期資產支持票據 茲提述(i)中國光大環境（集團）有限公司（「本公司」）日期為二零二五年十月十六日的公 告，內容有關本公司之全資附屬公司光大環保（中國）有限公司（「光大環保 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

光大环境(00257)逆市涨超5%，截至发稿，涨5.2%，报5.06港元，成交额1.78亿港元。 值得注意的是，光大环境近期启动回A上市。天风证券（601162）表示，公司在A股发行后，AH溢价率 可能非常之高，或存在带动公司H股估值进一步提升的可能。该行指出，考虑未来中亚、东南亚的一些 国家可能持续有垃圾焚烧需求，我们认为，本次发行可以为公司的后续出海提供更充足的资金储备。持 续看好中国垃圾焚烧产业出海。 消息面上，11月29日，乌兹别克斯坦纳曼干州垃圾焚烧发电项目正式启动，该项目由中国光大国际有限 公司负责实施。此前费尔干纳州的项目已经开工建设。根据项目规划，光大环境将在纳曼干州投资 1.415亿美元。该厂设计日处理垃圾达1500吨，年处理量达54.7万吨，每年生产2.275亿千瓦时电力，计 划于2027年投产。 ...

值得注意的是，光大环境近期启动回A上市。天风证券表示，公司在A股发行后，AH溢价率可能非常之 高，或存在带动公司H股估值进一步提升的可能。该行指出，考虑未来中亚、东南亚的一些国家可能持 续有垃圾焚烧需求，我们认为，本次发行可以为公司的后续出海提供更充足的资金储备。持续看好中国 垃圾焚烧产业出海。 消息面上，11月29日，乌兹别克斯坦纳曼干州垃圾焚烧发电项目正式启动，该项目由中国光大国际有限 公司负责实施。此前费尔干纳州的项目已经开工建设。根据项目规划，光大环境将在纳曼干州投资 1.415亿美元。该厂设计日处理垃圾达1500吨，年处理量达54.7万吨，每年生产2.275亿千瓦时电力，计 划于2027年投产。 智通财经APP获悉，光大环境(00257)逆市涨超5%，截至发稿，涨5.2%，报5.06港元，成交额1.78亿港 元。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The central economic meeting emphasized the "dual carbon" strategy, indicating a strong push towards green energy development and comprehensive green transformation in the industry [13][15]. - The report highlights significant investment opportunities in waste management, recycling, and renewable energy sectors, particularly in waste incineration and carbon monitoring equipment [15][18]. - The report notes a trend of increasing dividend payouts among solid waste companies, with the average dividend payout ratio rising from 34.3% in 2019 to 48.5% in 2024, indicating a shift towards a "dividend investment strategy" in a mature market [15][19]. Summary by Sections Section 1: Dual Carbon and Green Transformation - The central economic meeting outlined key initiatives for promoting energy efficiency and carbon reduction across major industries, including the establishment of a national carbon trading market and comprehensive solid waste management actions [13][15]. - The report anticipates growth in the green economy, particularly in sectors like waste incineration and recycling, driven by government policies [15][18]. Section 2: Biodiesel Market Insights - The report discusses the biodiesel market, noting a slight decrease in SAF prices while UCO prices remain strong, with UCO prices reaching $1,065 per ton, an 8.1% increase since the beginning of the year [19][22]. - The report suggests that companies involved in waste oil processing and biodiesel production will benefit from these market dynamics, particularly those with integrated operations [28]. Section 3: Policy Tracking - The report tracks domestic and international developments related to carbon neutrality, including the establishment of a carbon trading market and the EU's commitment to significant emission reductions by 2040 [31][32]. - It highlights the importance of policy frameworks in driving the green transition and the role of financial support for green projects [38]. Section 4: Company Announcements and Market Trends - The report provides updates on key companies in the environmental sector, including investment agreements and project developments that enhance market competitiveness [41][43]. - It notes that the environmental sector's valuation is currently at historical lows, suggesting potential for future growth [41].

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 重續現有(I)存款服務； (II)貸款服務； (III)僱員健康保障服務； (IV)承銷及諮詢服務；及 (V)物業管理服務的持續關連交易 現有持續關連交易之續期 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 茲提述本公司日期為二零二二年十二月十五日有關二零二二年總協議的公告。鑑於二 零二二年總協議將於二零二五年十二月三十一日屆滿，本公司與中國光大集團已於二 零二五年十二月十一日訂立二零二五年總協議，包括二零二五年存款服務總協議、二 零二五年貸款服務總協議、二零二五年僱員健康保障服務總協議、二零二五年承銷及 諮詢服務總協議及二零二五年物業管理服務總協議，以重續二零二二年總協議。 1 上市規則的涵義 於本公告日期，中國光大集團透過其全資附屬公司持有本公司約43. ...