丨证券研究报告丨 行业研究丨专题报告丨环保 [Table_Title] 双碳跟踪：CCER 方法学加速出台，累计单吨成 交均价约 86.4 元 报告要点 [Table_Summary] 2024 年以来，我国加快推动全国碳市场制度体系建设，全国碳市场构建起多层级法规制度体 系。其中，2023 年 10 月以来 CCER 进展加速，目前已发布四批方法学（含征求意见稿），且 出台速度明显提升；截至 2025 年 9 月底，CCER 累计成交量约 281.2 万吨，成交金额约 2.43 亿元，成交均价 86.41 元/吨。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 双碳跟踪：CCER 2] 方法学加速出台，累计单吨成 交均价约 ...

FF301 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國光大綠色環保有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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) | 01257 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 5,000,000,000 | USD | | 0.1 | USD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 5,000,000,000 | USD | | 0.1 | USD | | 500,000,000 ...

Core Viewpoint - China Everbright Green Environmental Protection's stock price increased by over 10% during trading, with a current price of HKD 1.06 and a trading volume of HKD 7.0611 million, following the announcement of receiving additional subsidy funds from the State Grid Corporation of China [1] Group 1 - The company announced that from July 1, 2025, to August 31, 2025, its 33 subsidiaries involved in biomass comprehensive utilization, photovoltaic power generation, and wind power projects have received a total of approximately RMB 2.064 billion in additional subsidy funds [1] - The recovery of these additional subsidy funds is expected to improve the company's cash flow, reduce liabilities, and positively impact the future operations of its biomass comprehensive utilization, photovoltaic power generation, and wind power projects [1] - The received additional subsidy funds have been recognized as revenue in the corresponding fiscal year upon electricity sales [1]

Core Viewpoint - China Everbright Greentech (01257) saw a significant stock increase of over 10%, closing at HKD 1.07 with a trading volume of HKD 6.1633 million, following the announcement of receiving additional subsidy funds from the State Grid Corporation of China totaling approximately RMB 2.064 billion [1] Group 1 - The company announced that from July 1, 2025, to August 31, 2025, its 33 subsidiaries involved in biomass utilization, photovoltaic power generation, and wind power projects have received a notification regarding the settlement of additional subsidy funds [1] - The recovery of these additional subsidy funds is expected to improve the company's cash flow, reduce liabilities, and positively impact the operations of its biomass utilization, photovoltaic power generation, and wind power projects [1] - The additional subsidy funds have been recognized as revenue in the corresponding fiscal year upon electricity sales [1] Group 2 - CICC noted that the company has established cogeneration as its primary development direction after the expiration of subsidies [1] - As of the end of the first half of 2025, the company's heating supply capacity reached 2.18 million tons per year, with an expected increase to 2.5 million tons by the end of 2025 [1] - The company is actively expanding its virtual power plant and zero-carbon park initiatives, with 136 signed manufacturers for the virtual power plant [1] - Given the company's heating business has achieved scalable profit contributions, there is optimism regarding the recovery of profitability in biomass power generation for the year [1]

Core Viewpoint - China Everbright Greentech (01257) saw a stock price increase of over 10%, reaching HKD 1.07, with a trading volume of HKD 6.1633 million, following the announcement of receiving additional subsidy funds from the State Grid Corporation of China totaling approximately RMB 2.064 billion [1][1][1] Group 1 - The company announced that from July 1, 2025, to August 31, 2025, its 33 subsidiaries involved in biomass utilization, photovoltaic power generation, and wind power projects have received a total of approximately RMB 2.064 billion in additional subsidy funds [1][1][1] - The recovery of these additional subsidy funds is expected to improve the company's cash flow, reduce liabilities, and positively impact the operations of its biomass utilization, photovoltaic power generation, and wind power projects [1][1][1] - The additional subsidy funds have been recognized as revenue in the corresponding fiscal year upon electricity sales [1][1][1] Group 2 - The company has established cogeneration as its primary development direction after the expiration of subsidies, with a heating supply scale reaching 2.18 million tons per year as of the end of the first half of 2025, and is expected to reach 2.5 million tons by the end of 2025 [1][1][1] - The company is actively expanding into virtual power plants and zero-carbon parks, with 136 signed manufacturers for virtual power plants [1][1][1] - Given that the company's heating business has achieved scalable profit contributions, there is optimism regarding the recovery of profitability in biomass power generation for the year [1][1][1]

Core Viewpoint - China Everbright Greentech (01257) has received a notification from the State Grid Corporation regarding the settlement of additional subsidy funds amounting to approximately RMB 2.064 billion, which will positively impact the company's cash flow and reduce liabilities [1] Group 1: Financial Impact - The total amount of additional subsidy funds received is approximately RMB 2.064 billion [1] - The company has confirmed the recognition of this subsidy in the corresponding annual electricity sales revenue [1] Group 2: Operational Impact - The recovery of additional subsidy funds will improve the cash flow of the company's biomass comprehensive utilization, photovoltaic power generation, and wind power projects [1] - The reduction in liabilities will have a positive effect on the future operations of the company's biomass comprehensive utilization, photovoltaic power generation, and wind power projects [1]

Group 1 - The core point of the article is that China Everbright Green Environmental Protection (01257.HK) has received a total of approximately RMB 2.064 billion in renewable energy price supplementary subsidy funds from the State Grid Corporation of China for its projects [1] Group 2 - The supplementary subsidy funds will improve the cash flow of the company's biomass comprehensive utilization, photovoltaic power generation, and wind power projects, and reduce the company's liabilities [1] - The receipt of these funds will have a positive impact on the future operations of the company's biomass comprehensive utilization, photovoltaic power generation, and wind power projects [1] - The supplementary subsidy funds have been recognized as revenue in the corresponding year's electricity sales [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的任何損失承擔任何責任。 CHINA EVERBRIGHT GREENTECH LIMITED 中 國 光 大 綠 色 環 保 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：1257） 本公告由中國光大綠色環保有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 根據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第13.09(2)條及《證券 及期貨條例》（香港法例第571章）第XIVA部項下內幕消息條文（定義見上市規則）而 作出。 本公司董事會（「董事會」）欣然宣佈以下可再生能源電價附加補助資金（「附加補助 資金」）回收情況： – 1 – 一、 回收補助資金的基本情況：自2025年7月1日至2025年8月31日，本集團下屬33間 公司，涉及生物質綜合利用、光伏發電及風電項目，已收到國家電網公司關於 附加補助資金結算通知（「該通知」）。根據該通知，附加補助資金結算金額總計 約 ...

CHINA EVERBRIGHT GREENTECH LIMITED 中國光大綠色環保有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：1257） NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(Note 1) , China Everbright Greentech Limited (the "Company") - Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.ebgreentech.com and the website of T ...

（於開曼群島註冊成立的有限公司） （Stock Code 股份代號：1257） NOTIFICATION LETTER 通知信函 CHINA EVERBRIGHT GREENTECH LIMITED 中國光大綠色環保有限公司 (Incorporated in the Cayman Islands with limited liability) Dear Registered Shareholder, 3 September 2025 China Everbright Greentech Limited (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.ebgreentech.com and the ...