Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

Core Points - Lianmei Holdings announced that its controlling shareholder, Lianzhong New Energy, holds approximately 1.199 billion shares, accounting for 52.98% of the total share capital [1] - The company received a notification regarding the pledge registration of about 130 million shares on November 25, 2025, and the release of approximately 163 million shares on November 26, 2025 [1] - After the completion of the pledge and release, Lianzhong New Energy has pledged a total of approximately 467 million shares, representing 38.94% of its holdings [1] Shareholding Structure - Lianzhong New Energy and its concerted party, Lianmei Group, collectively hold about 1.589 billion shares, which is 70.21% of the total issued shares [1] - The total number of pledged shares amounts to approximately 618 million, which is 27.31% of the company's total share capital and 38.9% of the shares held by Lianzhong New Energy and Lianmei Group [1] Revenue Composition - For the first half of 2025, Lianmei Holdings' revenue composition is as follows: clean energy accounts for 83.97%, advertising publishing for 15.42%, and other businesses for 0.61% [1]

证券代码：600167 证券简称：联美控股 公告编号：2025-048 联美量子股份有限公司 关于公司控股股东股份部分质押及解质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 联美量子股份有限公司（以下简称"公司"）控股股东联众新能 源有限公司（以下简称"联众新能源"）持有上市公司股份总数为 1,198,817,284 股，占公司总股本的 52.98%。本次部分质押股份为 129,680,000 股股份，本次质押后再解质押 162,680,000 股股份，上 述质押及解质押均在华泰证券股份有限公司办理。截至本次质押及解 质押完成后，联众新能源持有上市公司股份累计质押股份数为 466,780,000 股，占其持股数量比例 38.94%。 联众新能源及其一致行动人联美集团有限公司（以下简称"联美 集团"）共持有公司股份 1,588,777,742 股，占公司已发行总股份的 70.21%。截至本次质押及解质押完成，合计已质押的股份数量为 617,980,000 股，占公司总股本的 27.31%，占联众 ...

Core Viewpoint - Lianmei Quantum's controlling shareholder, Lianzhong New Energy, pledged 129,680,000 shares on November 25, 2025, for debt repayment and unpledged 162,680,000 shares on November 26, 2025, both through Huatai Securities [1] Summary by Relevant Sections - **Share Pledge Details** - Lianzhong New Energy has cumulatively pledged 466,780,000 shares, accounting for 38.94% of its holdings [1] - The total shares pledged by Lianzhong New Energy and its concerted party, Lianmei Group, amount to 617,980,000 shares, representing 27.31% of the total share capital and 38.90% of their combined holdings [1] - **Creditworthiness and Risk Management** - Lianzhong New Energy is noted to have good creditworthiness, indicating that the pledge risk is controllable [1]

Core Viewpoint - The electricity sector experienced a decline of 0.35% on the trading day, with Lianmei Holdings leading the losses, while the Shanghai Composite Index rose by 0.05% and the Shenzhen Component Index increased by 0.37% [1][2]. Group 1: Market Performance - The closing price of Lianmei Holdings was 8.16, down by 9.13%, with a trading volume of 456,800 shares and a transaction value of 379 million yuan [2]. - The top gainers in the electricity sector included: - Chenzhou International Electric Power, closing at 8.93, up by 4.69% [1]. - Huami Environmental Energy, closing at 16.82, up by 4.34% [1]. - Tianfu Energy, closing at 8.51, up by 4.03% [1]. - The overall trading volume in the electricity sector showed a net outflow of 928,000 yuan from main funds, while retail investors saw a net outflow of 264 million yuan [2][3]. Group 2: Fund Flow Analysis - Major net inflows were observed in: - Huaneng International with a net inflow of 66.58 million yuan, accounting for 13.90% of the total [3]. - Zhejiang Energy Power with a net inflow of 52.18 million yuan, representing 15.73% [3]. - Conversely, significant net outflows were noted in: - Retail investors in Huaneng Water Power, with a net outflow of 38.43 million yuan, which is 13.87% of the total [3]. - Tianfu Energy, with a net outflow of 36.28 million yuan, accounting for 8.34% [3].

Industry Overview - Combined Cooling, Heating and Power (CCHP) is an integrated energy system that utilizes a single fuel source to simultaneously generate electricity, heating, and cooling, achieving higher overall energy efficiency [1][2] - The CCHP market in China is projected to reach approximately 6.824 billion RMB in 2024, with a year-on-year growth of 9.34%, driven by government commitments to carbon peak and neutrality goals, as well as supportive policies [1][6] Market Dynamics - The growth of the CCHP industry is significantly supported by the Chinese government's policies, including the classification of CCHP as an encouraged project in the Industrial Structure Adjustment Guidance Catalog [1][6] - Cities like Beijing and Shanghai provide subsidies of 0.25 RMB per kilowatt-hour for CCHP projects, effectively reducing the economic burden on these projects [1][6] Industry Chain - The upstream of the CCHP industry includes power generation equipment such as gas turbines and micro gas turbines, as well as heat recovery devices and control systems [5] - The midstream involves system integration and engineering services, while the downstream applications are found in industrial parks, commercial complexes, hospitals, data centers, and residential buildings [5] Key Companies - New Hope Energy focuses on micro/small gas turbines and has achieved comprehensive efficiency exceeding 90% in projects like Changsha Huanghua Airport [7][8] - Lianmei Quantum emphasizes distributed CCHP using natural gas, integrating gas internal combustion engines with heat recovery systems [7][8] Development Trends - The integration of CCHP with smart microgrids is becoming a key path for energy transition, enhancing system flexibility and reliability through optimized energy allocation [9] - Regional integrated comprehensive energy services are emerging as a significant development direction, improving energy efficiency and reducing costs [10] - Cost reduction through technological breakthroughs and large-scale applications is a critical goal, with expectations for lower construction and operational costs [11][12]

Group 1 - The stock of Lianmei Holdings surged to the daily limit due to the news of Moer Thread's IPO application on the Sci-Tech Innovation Board, leading to a collective rise in related concept stocks [1] - Lianmei Holdings is a leading enterprise in the clean heating sector, focusing on clean heating and high-speed rail digital media, with significant operations in key regions such as Shenyang, Taizhou, and Heze [2] - The company has developed a low-carbon and efficient comprehensive energy service system using national-level demonstration technologies, achieving an 80% reduction in manpower requirements for its smart heating platform [2] Group 2 - Lianmei Holdings' high-speed rail media business, operated by its subsidiary Zhaoxun Media, covers 509 railway stations across 31 provincial-level administrative regions, with a network of 5,310 high-definition digital media [4] - The company is also strategically entering the hydrogen energy sector, planning to establish an independent hydrogen energy division focused on green hydrogen production and hydrogen station operations [4]

Group 1 - The stock of Lianmei Holdings, a leading company in the clean heating sector, reached its daily limit due to the news of Moer Thread's IPO application on the Sci-Tech Innovation Board [1] - Lianmei Holdings focuses on clean heating and high-speed rail digital media, utilizing national-level demonstration technologies to create an efficient energy service system [2] - The company has subsidiaries recognized as national high-tech enterprises, and its self-developed smart heating platform significantly reduces labor demand and enhances energy efficiency [2] Group 2 - Lianmei Holdings' high-speed rail media business operates under its subsidiary Zhaoxun Media, covering 509 railway stations across 31 provincial-level regions in China [4] - The company has established a nationwide outdoor communication network with 5,310 high-definition digital media displays [4] - Lianmei Holdings is also planning to develop an independent hydrogen energy division, starting with green hydrogen production and extending to hydrogen refueling station operations [4]

Core Viewpoint - The gas sector experienced significant gains on November 14, with several companies reaching their daily price limits due to anticipated increases in demand for gas and electricity as a cold wave is expected to impact much of China [1][2]. Group 1: Market Performance - The gas sector saw substantial increases, with companies such as Guo Xin Energy, Jingneng Thermal Power, Changchun Gas, and Lianmei Holdings hitting their daily price limits [1]. - Shengli Co. achieved a four-day consecutive rise, while Dazhong Public Utilities rose over 5% [1]. Group 2: Weather Impact - The Central Meteorological Administration reported that average temperatures in most parts of China have been 1-3°C higher than the same period in previous years, with some areas exceeding 4°C [1]. - A cold wave is expected to affect most regions of China from November 14 to 17, leading to a temperature drop of 6-10°C in northern and central eastern regions, with some areas experiencing drops of 12-14°C [1]. Group 3: Demand Outlook - The anticipated cold wave is expected to increase demand for gas and electricity, which could benefit related sectors [2].

重要内容提示： 本次结项的募投项目名称： 1、浑南热力办公楼升级改造项目 2、国惠环保新能源有限公司环保超低排放升级建设项目 证券代码：600167 证券简称：联美控股 公告编号：2025－047 联美量子股份有限公司关于部分募集资金投资项目结项的公告 2017 年 5 月 9 日，中喜会计师事务所（特殊普通合伙）对公司本 次非公开发行新股的资金到位情况进行了审验，并出具了"中喜验字 〔2017〕第 0101 号"《验资报告》。公司对募集资金采取了专户存储 管理。 （二） 募集资金投资项目先期投入及置换情况 2017 年 8 月 30 日，公司第六届董事会第二十七次会议审议通过 《关于拟用募集资金置换预先已投入募投项目自筹资金的议案》，根 据《上海证券交易所上市公司募集资金管理办法（ 2013 年修订）》 等相关规定，同意使用募集资金置换预先已投入上述募投项目自筹资 金人民币 18,102 万元。具体内容见《联美量子股份有限公司用募集 资金置换预先投入的自筹资金的公告》（公告编号 2017-038）。 （三） 募集资金使用和结余情况 截至 2025 年 9 月 30 日止，公司募集资金使用情况如下： 上述项目 ...