Core Viewpoint - The Ministry of Ecology and Environment of China has released the fifth batch of the national public open unit list for environmental facilities and urban sewage and waste treatment facilities, marking the first new list in nearly five years since 2020. Everbright Environment has successfully included 18 environmental projects, showcasing the company's commitment to green industry practices and corporate responsibility in line with the "Two Mountains" concept [1][3]. Group 1: Company Initiatives - Everbright Environment's 18 selected projects serve as benchmarks for the company's "open and share" philosophy and demonstrate the integration of technology in environmental protection [1][3]. - The company has opened 226 projects to the public since the second half of 2018, receiving approximately 220,000 visitors over three years, making it the earliest and largest enterprise in China to open environmental facilities to the public [3]. Group 2: Project Highlights - The Suzhou waste-to-energy project features China's first ecological exhibition hall within a waste incineration power plant, promoting environmental education [1]. - The Ninghai waste-to-energy project collaborates with other enterprises to enhance local tourism and environmental education [2]. - The Dongping waste-to-energy project successfully co-fires local agricultural waste with municipal waste, demonstrating practical environmental solutions [2]. - The Jiujiang waste-to-energy project has established an environmental education base, integrating education, science popularization, and industrial tourism [2]. - The Binhai sewage treatment project has innovated public engagement activities in collaboration with local government [2]. - The Rugao biomass direct combustion project has become a model for sustainable development and education in the Nantong area [2]. Group 3: Project List - The list of projects included in the fifth batch of national public open units features: 1. Tianjin Xiqing waste-to-energy project 2. Hebei Zhangjiakou waste-to-energy project 3. Heilongjiang Harbin waste-to-energy project 4. Jiangsu Yixing waste-to-energy project 5. Jiangsu Suzhou waste-to-energy project 6. Jiangsu Rugao biomass direct combustion project 7. Jiangsu Danyang waste-to-energy project 8. Zhejiang Ninghai waste-to-energy project 9. Zhejiang Shengzhou waste-to-energy project 10. Jiangxi Jiujiang waste-to-energy project 11. Shandong Zhucheng waste-to-energy project 12. Shandong Dongping waste-to-energy project 13. Shandong Binhai sewage treatment project 14. Henan Nanyang waste-to-energy project 15. Henan Xinyang waste-to-energy project 16. Henan Taikang waste-to-energy project 17. Hunan Xiangtan waste-to-energy project 18. Hunan Shaoyang waste-to-energy project [4][5].

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Core Viewpoint - CICC reports that Everbright Environment (00257) will experience a slowdown in new project expansion in 2025, potentially impacting revenue performance, but significant optimization of existing assets is expected to improve asset quality and cash flow [1] Group 1: Financial Performance - The company is projected to achieve single-digit growth in profit year-on-year in 2025, with a substantial improvement in cash flow [1] - Core profit is steadily increasing due to a focus on optimizing existing assets, despite ongoing operational pressures in hazardous waste business and potential impairment risks [2] - The company anticipates a foreign exchange loss due to the continuous appreciation of the RMB, which rose by 4.2% throughout the year, impacting profit growth [2] Group 2: Capital Expenditure and Cash Flow - Capital expenditure is expected to decline, with a focus on overseas and water projects, potentially controlling capital expenditure within 3 billion yuan in 2025 [3] - Accelerated recovery of renewable energy subsidies in the second half of 2025 is expected to enhance cash inflow, supporting the company's positive free cash flow and increasing dividend potential [3] Group 3: Profit Forecast and Valuation - The profit forecast for 2025/26 has been revised down by 16.2%/7.5% to 3.58 billion yuan and 4.08 billion yuan, with a new forecast for 2027 at 4.46 billion yuan [4] - The current stock price corresponds to a price-to-earnings ratio of 7.3x/6.7x for 2026/27, with an expected dividend yield of 6.0%/6.6%, indicating strong cash flow and high dividend characteristics [4]

Core Viewpoint - CICC reports that Everbright Environment (00257) is expected to experience a slowdown in new project expansion in 2025, which may impact revenue performance, but optimization of existing assets is showing significant results, leading to improved asset quality and cash flow [1] Group 1: Financial Performance - The company is projected to achieve single-digit growth in profit year-on-year for 2025, with a significant improvement in cash flow [1] - Core business indicators are continuously improving, although one-time factors may still disrupt profit performance in 2025 [2] - The company’s core profit is steadily increasing, with key metrics such as tonnage output and heating supply showing ongoing improvement [2] Group 2: Capital Expenditure and Cash Flow - Capital expenditure is expected to decline, with a focus on overseas and water projects, potentially controlling capital expenditure within 3 billion yuan in 2025 [3] - Accelerated recovery of renewable energy subsidies in the second half of 2025 is anticipated to enhance the company’s cash inflow [3] - The company is expected to maintain positive free cash flow and improve its cash capabilities, which will enhance dividend levels and shareholder returns [3] Group 3: Profit Forecast and Valuation - The company’s profit forecasts for 2025 and 2026 have been revised down by 16.2% and 7.5% to 3.58 billion yuan and 4.08 billion yuan, respectively, with a new forecast for 2027 at 4.46 billion yuan [4] - The current stock price corresponds to a price-to-earnings ratio of 7.3x for 2026 and 6.7x for 2027, with an expected dividend yield of 6.0% and 6.6% for the adjusted years [4]

于2026年1月8日，公司已取得来自交易商协会的申请批准及完成债务融资工具的注册。故此，公司可于 交易商协会的接受注册通知书日期(即2026年1月7日)起计为期两年内于适当时候分多批次发行多品种债 务融资工具。倘进行建议发行，接受注册通知书项下债务融资工具发行确切时间、期限及规模以及条款 将取决于发行时的现行市况，及债务融资工具票面利率将透过集中簿记建档方式厘定。于发行后，债务 融资工具将于全国银行间债券市场进行交易。 格隆汇1月8日丨光大环境(00257.HK)公告，内容有关公司向中国银行间市场交易商协会("交易商协会") 作出申请，以注册总金额不高于人民币150亿元的多品种债务融资工具("债务融资工具")。 ...

智通财经APP讯，光大环境(00257)发布公告，于2026年1月8日，公司已取得来自交易商协会的申请批准 及完成债务融资工具的注册。故此，公司可于交易商协会的接受注册通知书日期(即2026年1月7日)起计 为期两年内于适当时候分多批次发行多品种债务融资工具。 ...

Core Viewpoint - The company, Everbright Environment (00257), has received approval from the Association of Dealers for the registration of debt financing instruments, allowing it to issue various types of debt financing tools over a two-year period starting from January 7, 2026 [1] Group 1 - The company has completed the registration of debt financing tools as of January 8, 2026 [1] - The approval allows the company to issue multiple batches of debt financing instruments at appropriate times within the two-year period [1]

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就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。 自願性公告 中國銀行間市場交易商協會 批准多品種債務融資工具的註冊 本公告由中國光大環境（集團）有限公司（「本公司」）自願作出。 謹此提述本公司日期為二零二五年十一月十八日的公告，內容有關本公司向中國銀行間 市場交易商協會（「交易商協會」）作出申請（「申請」），以註冊總金額不高於人民幣150億 元的多品種債務融資工具（「債務融資工具」）。 本公司董事會（「董事會」）謹此宣佈，於二零二六年一月八日，本公司已取得來自交易商 協會的申請批准及完成債務融資工具的註冊。故此，本公司可於交易商協會的接受註冊 通知書日期（即二零二六年一月七日）起計為期兩年內於適當時候分多批次發行多品種 債務融資工具（「建議發行」）。 1 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） 本公 ...

Group 1 - The core viewpoint of the report is that Bank of America Securities maintains a "Buy" rating for China Everbright Environment (00257) due to expected significant growth in free cash flow (FCF) and increasing dividends [1] - The expected FCF for last year is projected to double to HKD 9 billion, supported by a decrease in capital expenditures during a down cycle [1] - The company is anticipated to see an average compound annual growth rate (CAGR) of 11% in earnings per share from 2024 to 2027, with a proposed A-share issuance potentially leading to a revaluation [1] Group 2 - The target price for the company has been raised from HKD 5.3 to HKD 6.2 based on discounted cash flow analysis, with the current price reflecting an attractive forecasted dividend yield of 5.7% [1] - The company received RMB 3.6 billion in renewable energy subsidies last year, significantly higher than the RMB 1.9 billion expected for 2024, contributing to the anticipated increase in FCF [1] - Operating profit is expected to grow steadily, with accounts receivable showing no deterioration [1] Group 3 - The company has demonstrated discipline in project bidding, opting not to bid on seven waste-to-energy projects in Indonesia due to failure to meet internal return tests [2] - Capital expenditure forecasts for 2025 to 2027 have been reduced to between HKD 500 million and HKD 700 million annually, reflecting the company's disciplined approach to new investments [2] - Earnings per share estimates for 2025 to 2027 have been lowered by 7% to 12% to account for reduced construction profits [2]