Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in the waste incineration sector, particularly in overseas markets, with a projected investment scale of approximately 250 billion yuan for waste incineration in ASEAN countries and India [10][11] - The report highlights the significant increase in sales of new energy sanitation vehicles, with a year-on-year growth of 70.9% in 2025, indicating a strong trend towards electrification in the sanitation industry [20][30] - The report outlines a strategic focus for 2026, emphasizing value and growth resonance driven by dual carbon goals, with recommendations for companies that can leverage these trends [24][28] Industry Trends - **Waste Incineration Growth**: The report estimates a conservative increase of about 500,000 tons/day in waste incineration capacity in ASEAN and India, corresponding to an investment opportunity of around 250 billion yuan [10] - **Sanitation Equipment**: In 2025, the total amount for successful bids for unmanned sanitation equipment exceeded 12.6 billion yuan, with a year-on-year increase of 150% [17] - **Electric Vehicle Penetration**: The penetration rate of new energy sanitation vehicles reached 21.11% in 2025, up 7.67 percentage points year-on-year [30] Company Recommendations - **Key Recommendations**: The report recommends companies such as Longjing Environmental, Gao Neng Environment, and Sains for their strong growth potential in the waste incineration and sanitation sectors [4] - **Focus on Overseas Growth**: Companies like Weiming Environmental and Sanfeng Environment are highlighted for their potential to exceed expectations in overseas markets [15] - **Dividend and ROE Enhancement**: Companies such as Huanlan Environment and Green Power are noted for their strategies to enhance dividends and return on equity [15][24] Market Performance - **Sanitation Vehicle Sales**: The total sales of sanitation vehicles in 2025 reached 76,346 units, with a year-on-year increase of 8.82% [20] - **New Energy Vehicle Sales**: New energy sanitation vehicle sales reached 16,119 units, reflecting a significant increase of 70.9% year-on-year [20][30] - **Market Concentration**: The report notes that the market concentration for new energy sanitation vehicles is decreasing, with leading companies like Yingfeng Environment and Yutong Heavy Industry maintaining significant market shares [21][34]

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]

Group 1 - The core viewpoint of the article highlights that Dongwu Securities' research indicates that Green Power's acquisition of the Xinmi project has been approved, enhancing regional synergy and maintaining the logic of increasing dividends and ROE [1] - The acceleration of national subsidies recovery, along with a decrease in capital expenditures and financial costs, supports sustainable high dividends with potential for further increases [1] - The company is seen as a model for achieving higher dividends and ROE in the solid waste sector, with increasing free cash flow due to accelerated subsidy recovery and reduced capital expenditures [1] Group 2 - The company is actively expanding in heating and cost control, leading to improvements in both performance and ROE, while implementing equity incentives to ensure continued growth [1] - Profit forecasts for the company are maintained at 650 million, 718 million, and 760 million yuan for the years 2025-2027, corresponding to PE ratios of 10, 9, and 9 for Hong Kong stocks, and 15, 14, and 13 for A-shares [1] - The rating for the company remains "Buy" [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.92%, Green Power Environmental (01330) at 69.34%, and Kaisa Group Holdings (01108) at 67.61% [1][2] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Yingfu Fund (02800) with an increase of 4.041 billion, Hang Seng China Enterprises (02828) with 1.783 billion, and Alibaba - W (09988) with 1.455 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.395 billion, Innovent Biologics (01801) with 589 million, and UBTECH Robotics (09880) with 556 million [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.843 billion shares, representing 70.92% [2] - Green Power Environmental (01330) has a holding of 280 million shares, representing 69.34% [2] - Kaisa Group Holdings (01108) has a holding of 169 million shares, representing 67.61% [2] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 4.041 billion in holding amount, with a change of 14.9907 million shares [2] - Hang Seng China Enterprises (02828) increased by 1.783 billion, with a change of 1.8975 million shares [2] - Alibaba - W (09988) increased by 1.455 billion, with a change of 0.8637 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) experienced a decrease of 2.395 billion, with a change of -3.01224 million shares [3] - Innovent Biologics (01801) saw a decrease of 589 million, with a change of -0.70319 million shares [3] - UBTECH Robotics (09880) had a decrease of 556 million, with a change of -0.38639 million shares [3]

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.91%, Green Power Environmental (01330) at 69.45%, and Tianjin Chuangye Environmental (01065) at 67.62% [1][2] - The largest increases in holding amounts over the last five trading days were seen in Alibaba-W (09988) with an increase of 2.229 billion, SMIC (00981) with an increase of 1.693 billion, and Huahong Semiconductor (01347) with an increase of 1.379 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.613 billion, UBTECH (09880) with a decrease of 787 million, and Kuaishou-W (01024) with a decrease of 739 million [1][3] Group 2 - The latest holding ratio rankings for Hong Kong Stock Connect show that China Telecom holds 9.842 billion shares, Green Power Environmental holds 0.281 billion shares, and Tianjin Chuangye Environmental holds 0.230 billion shares [2] - The top ten companies with the largest increases in holdings over the last five trading days include Tencent Holdings (00700) with an increase of 917 million and China Construction Bank (00939) with an increase of 866 million [2] - The top ten companies with the largest decreases in holdings over the last five trading days also include Alibaba Health (00241) with a decrease of 665 million and China Hongqiao (01378) with a decrease of 647 million [3]

Core Viewpoint - The report highlights the current premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Junda Co. leading in premium rates, while CATL, Hengrui Medicine, and China Merchants Bank are at the bottom of the list [1][2]. Premium Rate Rankings - Northeast Electric (00042) has a premium rate of 815.25%, followed by Zhejiang Shibao (01057) at 378.67% and Junda Co. (02865) at 342.63% [2]. - The lowest premium rates are recorded for CATL (03750) at -13.79%, Hengrui Medicine (01276) at -2.52%, and China Merchants Bank (03968) at -2.22% [1][2]. Deviation Values - Junda Co. (02865) has the highest deviation value at 104.89%, followed by Goldwind Technology (02208) at 23.62% and Guanghetong (00638) at 20.17% [1][2]. - The lowest deviation values are for Northeast Electric (00042) at -35.64%, Chenming Paper (01812) at -16.87%, and China Life (02628) at -15.34% [1][4]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3][4].

智通财经APP获悉，根据2026年1月20日披露数据，中国电信（00728）、绿色动力环保（01330）、天 津创业环保股份（01065）位居港股通持股比例前3位，分别为71.01%、69.50%、67.58%。此外，阿里 巴巴－W（09988）、腾讯控股（00700）、建设银行（00939）在最近有统计数据的5个交易日内，持股 额增幅最大，分别为+30.01亿元、+25.58亿元、+14.29亿元;中国移动（00941）、中国铝业（02600）、 紫金矿业（02899）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-27.58亿元、-8.63亿 元、-8.06亿元。 2、港股通最近5个交易日增持榜（前10名） 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.56亿股 | 71.01% | | 绿色动力环保(01330) | 2.81亿股 | 69.50% | | 天津创业环保股份(01065) | 2.30亿股 | 67.58% | | ...

Core Points - The company held its 19th meeting of the fifth board of directors on January 20, 2026, where several key resolutions were passed [1][2][3] Group 1: Acquisition and Internal Restructuring - The company approved the acquisition of 90% equity in Xinmi General New Energy Co., Ltd. for RMB 129.2785 million to strengthen its waste-to-energy business [1] - The company agreed to transfer 80% equity of Huludao Lvy Environmental Service Co., Ltd. to its wholly-owned subsidiary Huludao Lvdong Environmental Co., Ltd. without compensation to enhance operational efficiency [2] Group 2: Capital Changes and Corporate Governance - The company decided to change its registered capital and amend its articles of association based on the conversion of convertible bonds and the registration of restricted stock [3][6] - The company issued 23.6 million convertible bonds in February 2022, with a total amount of RMB 236 million, and has seen a conversion of RMB 10,000 worth of bonds into 1,092 shares by the end of 2025, increasing registered capital by RMB 1,092 [7][8] - The company completed the registration of 37.13 million shares under its A-share restricted stock incentive plan, increasing registered capital by RMB 37.13 million, resulting in total registered capital changing from RMB 1,393,453,258 to RMB 1,430,584,350 [9][10]

（於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司） 章 程 （2016年4月18日經公司2016年 第 一 次 臨 時 股 東 大 會 通 過，2017年12月22日經公 司2017年 第 二 次 臨 時 股 東 大 會 修 訂，2018年10月19日經公司2018年第二次臨時 股 東 大 會 修 訂，2020年5月22日經公司2019年 年 度 股 東 大 會 修 訂，2023年6月16日 經公司2022年 年 度 股 東 大 會 修 訂，2026年1月20日經公司第五屆董事會第十九 次 會 議 根 據 股 東 會 授 權 修 訂） – I – | 第一章 | 總 | | | | | | | | | | | 則 | | | | | 1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第二章 | | 經營宗旨及範圍 | | | | | | | | | | | | | | | 3 | | 第三章 | 股 份 ...

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依賴該等內容而引致的任何損失承擔任何責 任。 綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* 中 國，深 圳 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 海外監管公告 本公告乃由綠色動力環保集團股份有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條 作 出。 以下為本公司於上海證券交易所網站刊發之綠色動力環保集團股份有限公司 《第 五 屆 董 事 會 第 十 九 次 會 議 決 議 公 告》，僅 供 參 閱。 承董事會命 綠色動力環保集團股份有限公司 董事長 成蘇寧 二零二六年一月二十日 於 本 公 告 日 期，執 行 董 事 為 成 蘇 寧 先 生 及 胡 聲 泳 先 生；非 執 行 董 事 為 趙 志 雄 先 生 ...