行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - 2026 年 02 月 09 日 碳交易市场规模持续扩大 全球气价 回落 看好 —— 申万公用环保周报(26/2/02~26/2/06) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 电力：2025 年碳市场交易规模持续扩大。截至 2025 年 12 月 31 日，全国碳排放权交易市场配额 累计成交量 8.65 亿吨，累计成交额 576.63 亿元。2025 年全 ...

格隆汇2月6日丨光大环境(00257.HK)发布公告，公司已于2026年2月4日在中国完成发行2026年度第一期 中期票据("2026年度第一期中期票据")，本金额为人民币20亿元，票面利率为年利率2.15%。2026年度 第一期中期票据实际募集资金扣除承销费后，拟全部用于偿还公司中国境内中期票据。 ...

2026年度第一期中期票据实际募集资金扣除承销费后，拟全部用于偿还本公司中国境内中期票据。 光大环境(00257)发布公告，本公司已于2026年2月4日在中国完成发行2026年度第一期中期票据(2026年 度第一期中期票据)，本金额人民币20亿元，票面利率为年利率2.15%，期限为3+N(3)年(本公司依据发 行条款的约定赎回时到期)。 ...

2026年度第一期中期票据实际募集资金扣除承销费后，拟全部用于偿还本公司中国境内中期票据。 智通财经APP讯，光大环境(00257)发布公告，本公司已于2026年2月4日在中国完成发行2026年度第一期 中期票据(2026年度第一期中期票据)，本金额人民币20亿元，票面利率为年利率2.15%，期限为3+N(3) 年(本公司依据发行条款的约定赎回时到期)。 ...

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。 有關完成發行二零二六年度第一期 中期票據及承銷協議之自願性公告 完成發行二零二六年度第一期中期票據 茲提述(i)中國光大環境（集團）有限公司（「本公司」）日期為二零二五年十一月十八日的 公告，內容有關向交易商協會申請註冊及發行規模不超過人民幣150億元的債務融資工 具；及(ii)本公司日期為二零二六年一月八日的公告，內容有關交易商協會就債務融資工 具發出接受註冊通知書（統稱「該等公告」）。除文義另有界定者外，本公告所用詞彙具有 該等公告所界定的相同涵義。 期限： 3+N(3)年（本公司依據發行條款的約定贖回時到期） CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The Southeast Asian waste incineration market is poised for significant growth, with a projected demand for incineration capacity reaching 222,000 tons per day by 2030 and 491,000 tons per day by 2050, representing an investment opportunity exceeding 100 billion [6][15] - The domestic waste incineration market in China has entered a mature phase, with the operational capacity reaching 1.16 million tons per day by the end of 2024, reflecting an 8% year-on-year increase [16][20] - The profitability of waste incineration projects in Southeast Asia is expected to be significantly higher than domestic projects, with potential net profit margins exceeding 25% under optimistic scenarios [6][15] Summary by Sections Domestic Waste Market - The domestic incineration market is relatively saturated, with listed companies' capacity under construction accounting for less than 10% of total operational capacity [16][26] - The business model of waste incineration is resilient, characterized by stable profits and strong cash flow, with a 4.9% year-on-year increase in revenue for the waste incineration sector in Q1-Q3 2025 [28][31] Southeast Asian Waste Incineration Market - Population growth and urbanization are driving waste generation, making incineration the preferred solution for urban management in Southeast Asia [6][15] - The incineration rate in Southeast Asia is expected to accelerate, with significant investment opportunities available [6][15] Profitability and Operational Risks - High electricity prices and disposal fees are enhancing profitability, with revenue from Southeast Asian projects estimated to be 1.8 to 2.7 times that of domestic projects [6][15] - The operational environment in overseas markets presents complexities that require enhanced local management and risk mitigation strategies [6][15] Recommendations - Focus on operators using BOT/BOO models for overseas investments, such as Weiming Environmental, Junxin Co., and China Tianying [6][15] - Consider equipment and engineering firms like Sanfeng Environment that leverage their manufacturing capabilities to enter overseas markets [6][15]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國光大環境(集團)有限公司 (於香港註冊成立之有限公司) | | | 呈交日期: | 2026年2月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00257 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 6,142,975,292 0 6,142,975,292 增加 / 減少 (-) 0 0 本月底結存 6,142,975,292 0 6,142,975,292 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1 ...

国家知识产权局信息显示，光大环境科技（中国）有限公司、光大环保技术研究院（深圳）有限公司、 光大环保技术研究院（南京）有限公司取得一项名为"一种生物质上吸式固定床气化炉合成气产物分布 预测方法"的专利，授权公告号CN116525020B，申请日期为2023年3月。 天眼查资料显示，光大环境科技（中国）有限公司，成立于2016年，位于南京市，是一家以从事研究和 试验发展为主的企业。企业注册资本3770.1万美元。通过天眼查大数据分析，光大环境科技（中国）有 限公司共对外投资了5家企业，参与招投标项目1394次，专利信息1114条，此外企业还拥有行政许可17 个。 光大环保技术研究院（南京）有限公司，成立于2016年，位于南京市，是一家以从事研究和试验发展为 主的企业。企业注册资本2000万人民币。通过天眼查大数据分析，光大环保技术研究院（南京）有限公 司参与招投标项目21次，专利信息867条，此外企业还拥有行政许可9个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 光大环保技术研究院（深圳）有限公司，成立于2014年，位于深圳市， ...

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].