Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].

| 首次IPO备案(12月22日至28日) | | | --- | --- | | 1.鑫精合激光科技集团股份有限公司 | 13.悦芯科技股份有限公司 | | 2.巨力自动化设备(浙江)股份有限公司 | 14.上海合见工业软件集团股份有限公司 | | 3.禾润电子科技 (嘉兴) 股份有限公司 | 15.深圳星网信通科技股份有限公司* | | 4.杭州湘滨电子科技股份有限公司 | 16.苏州毫厘电子技术股份有限公司* | | 5.杭州云深处科技股份有限公司 | 17.滨沅国科(秦皇岛)智能科技股份有限公司* | | 6.上海隐冠半导体技术股份有限公司 | 18.浙江嘉泰激光科技股份有限公司* | | 7.深圳市道通智能航空技术股份有限公司 | 19.铁岭贵鑫环保科技股份有限公司* | | 8.无锡华立聚能装备股份有限公司 | 20.上海先普科技股份有限公司* | | 9.深圳市安仕新能源科技股份有限公司 | 21.马鞍山经纬回转支承股份有限公司* | | 10.江苏富兴电机技术股份有限公司 | 22.伏达半导体(合肥)股份有限公司* | | 11.朝阳浪马轮胎股份有限公司 | 23.江苏科麦特科技发展股份有限公 ...

经济观察网证监会网站显示，中国光大环境(集团)有限公司2025年12月26日向深圳证监局办理辅导备案 登记，辅导机构为中信证券股份有限公司。 ...

Core Viewpoint - Delixi Co., Ltd. plans to issue shares to Yiyuan Aviation for a maximum of 885 million yuan, leading to a change in control of the company [4][5][19]. Group 1: Share Issuance Details - The share issuance will involve up to 118 million shares at a price of 7.53 yuan per share, raising no more than 885 million yuan for working capital or bank loan repayment [5][9]. - The issuance will change the controlling shareholder from Shi Weidong to Yiyuan Aviation, with the actual controllers becoming Wang Tianzhong and Xu Qinghua [7][19]. Group 2: Business Strategy and Future Plans - Yiyuan Aviation aims to leverage its core technologies and resources in high-end equipment manufacturing to expand Delixi's business boundaries and enhance its operational capabilities [4][19]. - The company has been facing operational losses since 2022 and is seeking new opportunities through this change in control [15][16]. Group 3: Financial Implications - The issuance is expected to improve the company's capital strength, reduce the debt-to-asset ratio, and enhance its position in the industry [24]. - Following the issuance, the total assets and net assets of Delixi will increase, contributing to a stronger financial foundation [24].

图片来源：公司公告 12月23日晚，德力股份（002571）公告称，公司控股股东、实控人施卫东已与辽宁翼元航空科技有限公司（简称"翼元航空"）签署协议，公司拟向翼元航 空定向发行股票募集不超过8.85亿元。交易完成后，翼元航空将取得公司控股权，公司实控人将因此发生变更。 德力股份表示，翼元航空计划依托其实控人控制的辽宁华天航空科技股份有限公司（简称"华天股份"）等高端装备制造领域的核心技术、产业资源及项目 经验，以"业务拓展+资源整合+管理赋能"为核心路径，推动上市公司突破现有业务边界、布局高端制造赛道。 记者注意到，在此次易主公告发布前，德力股份近期股价走势一路上扬，颇为强劲。12月23日，公司股价在午后直线拉升，尾盘封住涨停板。 翼元航空拟8.85亿元入主 德力股份最新披露的2025年度向特定对象发行A股股票预案（修订稿）显示，公司发行对象已由新疆兵新建高新技术产业投资运营合伙企业（有限合伙） （简称"新疆兵新建合伙"）变更为翼元航空，发行数量不超过1.18亿股，发行价格为7.53元/股，募集资金不超过8.85亿元，用于补充流动资金或偿还银行 贷款。 图片来源：公司公告 同时，以本次发行成功为前提，施卫东 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

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 ...