一是系统规划合作模式，紧密结合光大环境的绿色产业布局与中国再保的风险保障专长，针对创新技术应用与个性化风险需求，设计专业化合作方案；二是 高效推动业务对接，建立集团内部协同机制，充分整合双方资源，实现业务精准匹配。 光大环境旗下光大绿保朱福刚总、光环智创胡建总，以及中国再保集团战略客户部董克实总、华泰保险经纪、江苏分公司熊敏总等相关人员共同参会。 王思联介绍了中国光大环境（集团）有限公司（简称"光大环境"）的整体运行情况，作为中国光大集团下属大环保主要板块以及全球领先、国内最大的垃圾 发电投资运营商，未来将在科技化、国际化、生态型方面深化布局和发展。下一步，光大环境将与大地保险加强高层互动与业务合作，充分发挥各自资源与 专业优势，共同探索更新领域的合作。 雷建明对王思联一行的到访表示欢迎，并介绍了中国再保与大地保险背景和发展情况。他希望双方在原有良好的合作基础上，以本次会谈为契机，进一步深 化双方合作，同时提出两点建议： 江南时报讯 12月9日，大地保险江苏分公司邀请光大环境集团党委书记、董事会主席王思联一行前往集团拜访，集团副总裁大地保险党委书记，董事长 雷建明热情接待，双方围绕绿色产业发展合作、风险保障服 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, thermal power, nuclear power, green energy, and gas companies [11][13]. Core Insights - The mechanism electricity pricing results across multiple regions are approaching their upper limits, indicating strong demand and government support for renewable energy projects [4][7]. - Natural gas prices in Europe are declining, while U.S. gas prices have reached a new high for 2023, driven by increased heating demand due to cold weather [13][20]. - The report emphasizes the importance of operational efficiency in renewable energy projects, as profitability varies significantly across different regions [10][11]. Summary by Sections 1. Electricity Pricing - Recent mechanism electricity pricing results show that several regions, including Hebei and Ningxia, have prices close to the upper limits, reflecting strong demand and sufficient mechanism electricity indicators [4][8]. - The competitive pricing results indicate a disparity based on local consumption capacity and policy direction, with some provinces achieving significantly lower prices due to weaker demand [9][10]. 2. Natural Gas Market - U.S. Henry Hub spot prices reached $5.19/mmBtu, marking a 12.91% increase week-on-week, while European gas prices, such as the TTF, have seen a decline [13][20]. - The report notes a 1.3% year-on-year decrease in China's natural gas consumption in October, with expectations for growth in the upcoming winter months due to heating demand [30][32]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, with recommendations for companies like Yangtze Power and Guodian Power [11]. - Thermal Power: Companies with diversified income sources are recommended, including Guodian Power and Inner Mongolia Huadian [11]. - Nuclear Power: Continued growth expected with new approvals, suggesting a focus on China Nuclear Power and China General Nuclear Power [11]. - Green Energy: Increased stability in project returns with recommendations for companies like Xintian Green Energy and Longyuan Power [11]. - Gas Companies: Recommendations include Kunlun Energy and New Hope Energy, benefiting from cost reductions and improved profitability [32].

Core Viewpoint - The company, China Everbright Environment (00257.HK), has announced the acceptance of a registration notice for the issuance of asset-backed notes, with a total registered principal amount of RMB 4 billion, valid for two years from the date of the notice [1] Group 1 - The board of directors of China Everbright Environment has expressed approval for the issuance of asset-backed notes [1] - The registration notice was issued by the Interbank Market Dealers Association [1] - The total registered principal amount for the proposed issuance is RMB 4 billion [1]

光大环境(00257)公布，公司全资附属光大环保中国于近日接获银行间交易商协会发出有关建议发行资 产支持票据的接受注册通知书("接受注册通知书"，参考编号：中市协注〔2025〕ABN151号)。根据接 受注册通知书，建议发行资产支持票据的注册本金总额将为人民币40亿元，而该注册本金总额有效期为 接受注册通知书日期(即2025年11月28日)起计两年。 ...

智通财经APP讯，光大环境(00257)公布，公司全资附属光大环保中国于近日接获银行间交易商协会发出 有关建议发行资产支持票据的接受注册通知书("接受注册通知书"，参考编号：中市协注〔2025〕ABN 151 号)。根据接受注册通知书，建议发行资产支持票据的注册本金总额将为人民币40亿元，而该注册 本金总额有效期为接受注册通知书日期(即2025年11月28日)起计两年。 ...

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。 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 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。 本公司謹此強調，即使光大環保中國已就建議發行資產支持票據獲得接受註冊通知書， 但本公司股東及潛在投資者務必留意，建議發行資產支持票據不一定會進行。本公司股 東及潛在投資者在買賣本公司證券時務請謹慎行事。 承董事會命 中國光大環境（集團）有限公司 梁妍鈺 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 有關銀行間交易商協會就於中國建議發行資產支持票據 發出接受註冊通知書的自願性公告 茲提述中國光大環境（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（「該公告」） ...

公司跟踪：【龙净环保】紫金大幅增持，赋能龙净逻辑不变且持续深化，继续推荐。陈董事长任终身荣 誉董事长紫金核心团队稳定，新老交替不影响紫金优异稳健经营。紫金矿业即将选举出最新一届董事 会，龙净前任现任董事长均列于紫金新一届执行董事候选人名单，紫金对于龙净业务的赋能有望进一步 深化。【中国水务】FY26H1供水运营稳健增长，资本开支持续下降。FY26H1实现营收51.83亿港元， 同比-12.9%，主要系接驳及建造下滑，归母净利润5.71亿港元，同比-24.4%，剔除因康达要约收购导致 的公司股权摊薄损失（约0.64亿港元非现金损失）后的归母净利润约6.35亿港元，同比-15.9%。公司降 本增效，销售及行政费用同比-9.0%至4.37亿港元，财务费用同比-17.6%至3.52亿港元。FY26H1末资产 负债率较期初下降2.5pct至64.3%。FY26H1资本开支12.43亿港元，同比-31.8%，每股派息13港仙，同比 持平，股息率（ttm）4.8%。（估值日期：2025/11/28） 固废观点：25Q3业绩基本面强+国补回收加速，提质增效提ROE+现金流改善提分红持续兑现！1）运营 提质增效主导业绩增长&财 ...

FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | 第 2 頁 共 10 頁 v 1.1.1 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: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結 ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

公司此次回 A 上市计划中的增发比例为何设定为 11.5%？未来是否有可能超 过这一规模？ 公司的增发比例上限设定为 8 亿股，占发行后总股本的 11.5%。这一比例主要 根据投募项目及其总投资额决定。目前公司在国内外有多个项目，包括三亚五 期扩建项目、乌兹别克斯坦两个垃圾处理项目等，这些项目都将在投募列表中。 此外，公司还将继续在科研方面投入，并布局海外优质项目，特别是在东南亚、 中东等地区。 光大环境 20251126 摘要 公司计划回归 A 股上市，旨在利用 A 股较高的估值优势，通过发行不超 过总股本 11.5%的股份（上限 8 亿股）募集资金，用于国内外项目扩建、 科研投入及海外优质项目布局，尤其关注东南亚、中东地区的垃圾发电 及水务项目。 截至 2025 年 11 月底，公司上半年录得 20 亿自由现金流，得益于资本 开支严控，同比减少超过 10 亿。下半年国补回款显著改善，截至十月 份累计收到 32 至 33 亿国补，远超去年同期全年 19 亿的规模，有效支 持了现金流。 公司未来几年将重点推进国际化和科技化发展，国际化方面关注东南亚、 中东等地项目，预计 2026-2027 年资本性开支不超过 ...