Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

中经记者封莉北京报道 中国光大银行股份有限公司首席风险官、光大金融研究院/博士后工作站院长马波。封莉/摄 《中国经营报》记者10月23日获悉，光大集团将在2025金融街论坛年会期间承办"绿色金融"主题平行论坛,并将在该论坛上 发布《绿色金融白皮书》。 据悉，该平行论坛主题为"以绿色金融高质量发展，助力碳达峰碳中和"。 10月23日，光大银行首席风险官马波在金融街论坛媒体见面会上表示，《绿色金融白皮书》梳理了国际绿色金融理论及我 国绿色金融政策，展示了我国绿色金融产品体系，介绍了光大集团如何发挥"综合金融+绿色产业"的特色优势、努力推动绿 色产融结合的创新实践，并对我国未来绿色金融的发展作出光大展望，提出光大倡议。 23日见面会的采访中，马波表示，在支持实现绿色、低碳、环保和碳达峰目标的过程中，金融服务是不可或缺的。光大集 团积极服务实现"双碳"目标，持续深耕绿色金融领域。依托"综合金融+环保实业"的战略定位和独特优势，光大集团构建 了"1+4+1+N"的产融协同综合服务体系，即由集团统筹引领，银行、证券、保险、资管四大金融板块协同实施，光大环境 绿色生态提供支撑，以多元金融组合产品为抓手，系统打造集团绿色协同 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The demand for waste incineration in Southeast Asia and Central Asia is urgent, driven by rapid urbanization and rising consumer spending, leading to a significant increase in municipal solid waste generation [6][17]. - Most Southeast Asian countries have a waste incineration treatment ratio below 10%, while Central Asia is even more lagging, with nearly 100% reliance on landfill disposal as of the end of 2024 [6][19]. - Chinese companies have established a competitive advantage in overseas waste incineration projects due to their technological strength and comprehensive solution capabilities, with over ten new contracts signed in 2023, totaling nearly 27,000 tons/day of capacity [7][28]. - The waste incineration sector is characterized by high certainty and steady growth, making it a premium absolute return sector [8][35]. Summary by Sections Waste Incineration Demand in "Belt and Road" Countries - The increase in waste generation is significant, with cities like Ho Chi Minh City producing about 9,700 tons of waste daily, of which only 33% is treated through incineration and composting [6][21]. - Indonesia faces severe waste management challenges, with over 35% of waste unprocessed and directly entering waterways, prompting government plans for incineration plants in 30 cities [6][21]. Economic Conditions Favoring Incineration Technology - By 2024, the GDP per capita in major Southeast Asian countries is projected to be between $4,000 and $10,000, indicating readiness for the adoption of incineration technology [6][24]. - Countries like Thailand and Malaysia have GDPs of $7,345 and approximately $11,867, respectively, which are comparable to China's GDP levels when it began promoting waste incineration [6][24]. Active Project Bidding and High Participation of Chinese Companies - The trend of regular and large-scale project bidding in Southeast Asia and Central Asia is evident, with Chinese companies dominating the competitive landscape [7][28]. - In 2023, Chinese firms signed contracts for waste incineration projects with a combined capacity of nearly 27,000 tons/day, primarily in Vietnam, Thailand, Indonesia, and Uzbekistan [7][28]. Growth Potential and Investment Strategy - Southeast Asia is expected to remain a core market, with project bidding continuing to increase, while Central Asia is in the early stages of development [8][35]. - The integration of waste incineration with new business models such as energy storage and digital capabilities is anticipated to create additional value-added services in overseas environmental projects [8][35]. Recommended Industry Leaders - Key industry leaders recommended include Huanlan Environment, China Everbright, Weiming Environmental, Yongxing Co., Green Power, Junxin Co., Sanfeng Environment, Xirong Environment, and Hongcheng Environment [8][36].

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

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].

Market Performance - A-shares experienced a significant decline in the afternoon, with the Shenzhen Component Index and ChiNext Index both dropping over 2% [1] - The Hang Seng Tech Index fell by 3%, while the Hang Seng Index decreased by nearly 2% [1] Individual Stock Movements - ZTE Corporation saw a sharp decline, dropping over 11% [1] - BYD Electronics experienced a decrease of over 6% [1] - SMIC (Semiconductor Manufacturing International Corporation) fell by more than 5% [1] Notable Stock Activity - Delixi Electric (德力股份) experienced a sudden surge, achieving a "天地天" market performance with a trading volume exceeding 700 million yuan and a turnover rate of over 26% [1] - The stock had previously reached its daily limit up the day before [1]

Core Points - The company announced the establishment of joint ventures in Uzbekistan for waste-to-energy projects, marking a strategic expansion in the renewable energy sector in Central Asia [1][2] - The registered capital for each project company (A and B) is set at $29.6 million, with the ownership structure being 88% for the company, 10% for Maxsus, and 2% for China Railway 17th Bureau Group [1] - This initiative aligns with the company's international strategy to develop renewable energy infrastructure in emerging markets and meet the growing demand for waste-to-energy solutions [2] Group 1 - The joint ventures will be located in the Fergana and Namangan regions of Uzbekistan [2] - The establishment of these joint ventures is expected to strengthen the company's market position and provide sustainable returns to shareholders [2] Group 2 - The company aims to capitalize on the increasing demand for waste-to-energy solutions in the international market [2]

Group 1 - The core viewpoint of the article is that Everbright Environment (00257) is expanding its renewable energy business in Central Asia by establishing joint ventures for waste-to-energy projects in Uzbekistan [1][2] - The joint ventures will consist of Project Company A and Project Company B, each with a registered capital of $29.6 million, funded by China Everbright International, Maxsus, and China Railway 17th Bureau Group [1][2] - After establishment, China Everbright International will hold 88% equity in both project companies, while Maxsus and China Railway 17th Bureau Group will hold 10% and 2% respectively [1][2] Group 2 - The projects will be located in the Fergana and Namangan regions of Uzbekistan, marking a strategic expansion for the group in the renewable energy sector [2] - This initiative aligns with the company's international strategy to develop renewable energy infrastructure in emerging markets and capitalize on the growing demand for waste-to-energy solutions [2] - The board believes that this expansion will strengthen the company's market position and is expected to provide sustainable returns to shareholders [2]

格隆汇10月16日丨光大环境(00257.HK)公告，于2025年10月16日，公司全资附属公司中国光大国际与 Maxsus及中铁十七局第二工程公司(均为独立第三方)就成立合营企业订立股东协议及其他相关成立文 件，据此，将分别成立项目公司A及项目公司B，以投资、设计、建设、运营及维护其各自于乌兹别克 斯坦境内的垃圾发电项目。 根据股东协议，成立项目公司A及项目公司B将分别于乌兹别克斯坦的费尔干纳地区及纳曼干地区进 行。成立合营企业标志着集团于中亚地区可再生能源业务组合的战略性拓展。此项举措符合集团于新兴 市场发展可再生能源基础设施及把握日益增长的垃圾发电解决方案需求国际化战略。董事会相信，是次 拓展有助巩固集团的市场地位，并预期将为股东带来可持续的回报。 ...