归属于公司所有者的综合溢利预期增长主要归因于2025年1月21日，公司完成以实物分派粤海置地控股 有限公司(粤海置地)股份的方式支付特别股息。自此，粤海置地不再为公司的附属公司及粤海置地的财 务业绩不会再并入公司的财务报表(2024年公司财务报表则需计入其全年亏损)；及于本回顾年度的持续 经营业务利润较2024年有所增长，主要是净财务费用及行政费用的节省。 粤海投资(00270)盈喜后涨近3%，截至发稿，涨2.1%，报7.28港元，成交1200.87万港元。 消息面上，1月28日，粤海投资发布公告，根据公司截至2025年12月31日止年度(本回顾年度)未经审核 综合管理帐目的初步评估，按2024年归属于公司所有者的经审核综合溢利约31.42亿港元计算，预期归 属于公司所有者的未经审核综合溢利将增长约43%。 ...

智通财经APP获悉，粤海投资(00270)盈喜后涨近3%，截至发稿，涨2.1%，报7.28港元，成交1200.87万 港元。 消息面上，1月28日，粤海投资发布公告，根据公司截至2025年12月31日止年度(本回顾年度)未经审核 综合管理帐目的初步评估，按2024年归属于公司所有者的经审核综合溢利约31.42亿港元计算，预期归 属于公司所有者的未经审核综合溢利将增长约43%。 归属于公司所有者的综合溢利预期增长主要归因于2025年1月21日，公司完成以实物分派粤海置地控股 有限公司(粤海置地)股份的方式支付特别股息。自此，粤海置地不再为公司的附属公司及粤海置地的财 务业绩不会再并入公司的财务报表(2024年公司财务报表则需计入其全年亏损)；及于本回顾年度的持续 经营业务利润较2024年有所增长，主要是净财务费用及行政费用的节省。 ...

归属于公司所有者的综合溢利预期增长主要归因于2025年1月21日，公司完成以实物分派粤海置地控股 有限公司(粤海置地)股份的方式支付特别股息。自此，粤海置地不再为公司的附属公司及粤海置地的财 务业绩不会再并入公司的财务报表(2024年公司财务报表则需计入其全年亏损);及于本回顾年度的持续经 营业务利润较2024年有所增长，主要是净财务费用及行政费用的节省。 粤海投资(00270)发布公告，根据公司截至2025年12月31日止年度(本回顾年度)未经审核综合管理帐目的 初步评估，按2024年归属于公司所有者的经审核综合溢利约31.42亿港元计算，预期归属于公司所有者 的未经审核综合溢利将增长约43%。 ...

归属于公司所有者的综合溢利预期增长主要归因于以下因素：(1)于2025年1月21日，公司完成以实物分 派粤海置地控股有限公司("粤海置地")股份的方式支付特别股息。自此，粤海置地不再为公司的附属公 司及粤海置地的财务业绩不会再并入公司的财务报表(2024年公司财务报表则需计入其全年亏损)；及(2) 于本回顾年度的持续经营业务利润较2024年有所增长，主要是净财务费用及行政费用的节省。 格隆汇1月28日丨粤海投资(00270.HK)发布公告，截至2025年12月31日止年度("本回顾年度")，按2024年 归属于公司所有者的经审核综合溢利约31.42亿港元计算，预期归属于公司所有者的未经审核综合溢利 将增长约43%。 ...

归属于公司所有者的综合溢利预期增长主要归因于2025年1月21日，公司完成以实物分派粤海置地控股 有限公司(粤海置地)股份的方式支付特别股息。自此，粤海置地不再为公司的附属公司及粤海置地的财 务业绩不会再并入公司的财务报表(2024年公司财务报表则需计入其全年亏损);及于本回顾年度的持续经 营业务利润较2024年有所增长，主要是净财务费用及行政费用的节省。 智通财经APP讯，粤海投资(00270)发布公告，根据公司截至2025年12月31日止年度(本回顾年度)未经审 核综合管理帐目的初步评估，按2024年归属于公司所有者的经审核综合溢利约31.42亿港元计算，预期 归属于公司所有者的未经审核综合溢利将增长约43%。 ...

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的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） 內幕消息 正面盈利預告 本公司根據《上市規則》第 13.09(2)(a)條及《證券及期貨條例》第 XIVA 部項 下之內幕消息條文發出本公告。 董事會謹此通知本公司股東及潛在投資者，根據本公司截至 2025 年 12 月 31 日止年度未經審核綜合管理帳目的初步評估，按 2024 年歸屬於本公司所有者 的經審核綜合溢利約 31.42 億港元計算，預期歸屬於本公司所有者的未經審核 綜合溢利將增長約 43%。 本公司股東及潛在投資者於買賣本公司股份時，務請審慎行事。 1 歸屬於本公司所有者的綜合溢利預期增長主要歸因於以下因素： 本公告所載的資料僅根據董事會參考本公司截至 2025 年 12 月 31 日止年度的未 經審核綜合管理帳目及董事會現時可掌握之資料而作出之初步評估為基準，並 未經本公司核數師審閱。此外，本公告的資料並非基於董事會轄下審核委員會 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Investment Rating - The report maintains a "Buy" rating for several companies in the environmental sector, including Huanlan Environment, Sanfeng Environment, and others, indicating a positive outlook for their stock performance [5]. Core Insights - The environmental industry is entering a critical phase of carbon reduction, with a focus on recycling and waste incineration. The demand for green energy and recycling industries is expected to rise significantly as China transitions to a dual control system for carbon emissions starting in 2026 [4][17]. - The introduction of the EU carbon tariff in 2026 is anticipated to increase the cost of exports from China, prompting companies to adopt greener practices to mitigate carbon emissions [4][17]. - High dividend assets in the environmental sector are expected to remain attractive in 2026, with companies like Guangda Environment and Huanlan Environment showing significant stock price increases in 2025 [4][5]. - The bio-diesel sector is experiencing a rise in UCO prices, which are expected to benefit companies involved in waste oil processing and bio-fuel production [19][25]. Summary by Sections Section 1: Market Performance - The environmental sector has shown strong performance in 2026, with water treatment, energy-saving, and recycling sectors leading the gains. Companies are diversifying into secondary businesses to enhance growth [11][14]. Section 2: Policy and Regulatory Developments - The report highlights the implementation of the "Solid Waste Comprehensive Governance Action Plan" aimed at reducing industrial solid waste and enhancing recycling efforts [33]. - The introduction of the carbon trading market and the EU carbon tariff are significant regulatory changes that will impact the industry [17][31]. Section 3: Company Performance and Recommendations - Key companies recommended for investment include Huanlan Environment, Shanghai Industrial Holdings, and others, which are expected to benefit from favorable market conditions and policy support [4][5]. - The report notes that the environmental sector's valuation is currently at a historical low, suggesting potential for future growth [45][52]. Section 4: Financial Analysis - The financial metrics for key companies indicate a positive outlook, with projected earnings per share (EPS) and price-to-earnings (PE) ratios suggesting undervaluation relative to historical performance [5]. Section 5: Market Trends - The report tracks the performance of various sub-sectors within the environmental industry, noting that energy-saving manufacturing and recycling have shown the most significant growth [49]. Section 6: Export and Pricing Trends - UCO prices have remained strong, with recent data showing a 6.1% increase compared to early 2025, indicating robust demand for bio-diesel feedstock [19][23]. Section 7: Carbon Market Activity - The carbon market has seen significant trading volumes, with recent data indicating a closing price of 78.50 CNY per ton, reflecting ongoing market activity and interest [31]. Section 8: Company Announcements - Recent announcements from companies like Dongjiang Environmental and Zhongyuan Environmental indicate strategic acquisitions aimed at enhancing operational capabilities and market positioning [42].

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]