Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

Market Overview - The futures concept sector experienced a decline of 0.69% on August 1, with Nanhua Futures leading the drop [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Individual Stock Performance - Notable gainers in the futures concept sector included: - Hongqiang Securities (601236) with a closing price of 8.84, up 1.96% and a trading volume of 845,200 shares, totaling 755 million yuan [1] - Chuangyuan Technology (000551) closed at 11.06, up 0.91% with a trading volume of 68,500 shares, totaling 75.6 million yuan [1] - Conversely, significant decliners included: - Nanhua Futures (603093) which closed at 21.88, down 4.12% with a trading volume of 212,500 shares, totaling 472 million yuan [2] - Zhongke Jin Cai (002657) closed at 28.58, down 3.45% with a trading volume of 443,700 shares, totaling 1.273 billion yuan [2] Capital Flow Analysis - The futures concept sector saw a net outflow of 843 million yuan from main funds, while retail investors contributed a net inflow of 627 million yuan [2] - The capital flow for individual stocks showed: - Hongta Securities (601236) had a net inflow of 75.37 million yuan from main funds, while retail investors had a net outflow of 37.94 million yuan [3] - Dahan Technology (600288) experienced a net inflow of 14.14 million yuan from main funds, with retail investors showing a net outflow of 0.65 million yuan [3]

Group 1 - The board of directors of State Power Investment Corporation Yuanda Environmental Protection Co., Ltd. held its 29th temporary meeting on July 25, 2025, with all 10 directors present, and the meeting complied with relevant laws and regulations [1][2] - The board unanimously approved the proposal to establish a joint venture with China Coal Xi'an Design Engineering Co., Ltd., with a voting result of 10 in favor, 0 against, and 0 abstentions [1][2] - The board also recommended Mr. Yao Xiaoyan as a candidate for the board of directors to ensure compliance with the company's governance structure, with the same voting result of 10 in favor, 0 against, and 0 abstentions [2] Group 2 - Mr. Yao Xiaoyan, born in November 1971, holds a master's degree and is a senior engineer with extensive experience in various leadership roles within the State Power Investment Corporation [3] - His previous positions include Chairman of Wiling Power Co., Ltd., General Manager of State Power Investment Hunan Branch, and various leadership roles in hydropower and renewable energy sectors [3]

证券代码 ：600292 证券简称：远达环保 编号：临 2025－045 号 国家电投集团远达环保股份有限公司 关于公司参股与中煤西安设计工程有限公司设立合资公司 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 完整性承担法律责任。 重要内容提示： 设立公司名称：中煤西南环保科技有限公司（暂定，以 工商注册为准，以下简称"合资公司"） 投资金额：合资公司初始注册资本金为 500 万元，后续 根据项目投资进度，注册资本金增至 1.2 亿元。国家电投集团远 达环保股份有限公司（以下简称"远达环保"或"公司"）持股 比例 49%，出资额 5,880 万元（初始出资 245 万元）。股东按照 实缴出资比例行使表决权。本次投资的合资公司不纳入公司合并 报表范围。 根据《上海证券交易所股票上市规则》、《上市公司重 大资产重组管理办法》上述投资事项无须提交股东大会审议，也 不构成关联交易和重大资产重组。 一、对外投资概述 （一）公司第十届董事会第二十九次（临时）会议审议通过 《关于审议远达环保参股与中煤西安公司合作成立合资公司》， 实施中煤集团所属燃煤 ...

二、审议通过了《关于推荐姚小彦先生为公司董事会董事候选人 的议案》 证券代码：600292 证券简称：远达环保 编号：临 2025－044 号 国家电投集团远达环保股份有限公司 第十届董事会第二十九次（临时）会议决议公告 本公司董事会及全体董事保证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。 国家电投集团远达环保股份有限公司第十届董事会第二十九次 （临时）会议通知于 2025 年 7 月 18 日以邮件方式发出，会议于 2025 年 7 月 25 日 14:00 在公司 12 楼会议室召开，应到董事 10 人，实到 董事 10 人；监事会成员 2 人、高管人员 4 人列席了会议。会议的召 集、召开程序符合《中华人民共和国公司法》等法律法规、规章、规 范性文件和《公司章程》的有关规定。会议由公司董事长陈斌先生主 持，经董事认真审议及表决，全体与会董事一致通过了如下决议： 一、审议通过了《关于审议远达环保参股与中煤西安设计工程有 限公司设立合资公司实施方案的议案》 表决结果：赞成 10 票，反对 0 票，弃权 0 票，回避 0 票。 本议案在提交董事 ...

Group 1 - The core point of the article is that Yuanda Environmental (600292) has established a joint venture with China Coal Xi'an Design Engineering Co., Ltd. to focus on environmental technology related to coal-fired power plants and water services [1] - The initial registered capital of the joint venture is 5 million yuan, which will increase to 120 million yuan based on project investment progress [1] - Yuanda Environmental holds a 49% stake in the joint venture with an investment of 5.88 million yuan, while China Coal Xi'an holds a 51% stake with an investment of 6.12 million yuan [1] Group 2 - The joint venture aims to expand the business of flue gas treatment and water service concessions for China Coal Group, with plans to extend services beyond China Coal Group in the future [1]

Industry Overview - Flue gas purification equipment is essential for air pollution control, including dust removal, desulfurization, denitrification, and VOCs treatment, widely used in power, metallurgy, and chemical industries [1][2] - The market size of the flue gas purification industry reached 125.8 billion yuan in 2023, expected to grow to 140 billion yuan by 2025, with a compound annual growth rate of 6-8% [1][10] - The industry is undergoing significant transformation, with a shift towards high-efficiency technologies, full industry chain services, and a focus on non-electric sectors [1][10] Technological Development - Major technical routes in China's flue gas purification include electrostatic dust removal, wet desulfurization, SCR denitrification, and VOCs catalytic combustion, each with its advantages and limitations [4][5] - The industry is moving from single pollutant control to collaborative governance and intelligent operation, with innovations like low-temperature electrostatic dust removal and wet electrostatic dust removal being promoted [4][10] Policy Environment - The industry is benefiting from a series of government policies aimed at promoting high-quality development in environmental protection equipment manufacturing, setting clear energy-saving and emission reduction targets [6][7] - Policies include tax incentives, green credit support, and guidelines for equipment updates and technological transformations in key industrial sectors [6][7] Market Structure - The flue gas purification equipment industry has a complete supply chain, with upstream materials like steel and catalysts, midstream equipment manufacturing, and downstream applications primarily in the power sector [9][10] - The market exhibits a multi-tiered competitive landscape, with leading companies like Longking Environmental and Qingxin Environment dominating the mainstream market, while mid-sized and small companies focus on niche segments [14][16] Competitive Landscape - The industry is characterized by a "multi-level, differentiated" competition structure, with top-tier companies leveraging full industry chain layouts and technological advantages [14][16] - Longking Environmental leads the market with a comprehensive approach, while companies like Fida Environmental and Yuanda Environmental focus on specific segments through differentiated technologies [14][16] Future Trends - The industry is transitioning towards non-electric sectors and emerging markets, with steel, cement, and waste incineration becoming key growth areas [19][20] - Carbon capture technologies are accelerating commercialization, pushing the industry towards "zero carbon" transformation [20][21] - Integration of AI and 5G technologies is fostering "one-stop" governance solutions, enhancing operational efficiency and reducing costs [22]

2-1 独立财务顾问报告 文件名称 2-1-1 中国国际金融股份有限公司关于国家电投集团远达环保股份有限公司发行股份及支付现金购 买资产并募集配套资金暨关联交易之独立财务顾问报告（申报稿） 2-1-2 中信建投证券股份有限公司关于国家电投集团远达环保股份有限公司发行股份及支付现金购 买资产并募集配套资金暨关联交易之独立财务顾问报告（申报稿） 中国国际金融股份有限公司 国家电投集团远达环保股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告（申报稿） 独立财务顾问 二〇二五年六月 独立财务顾问声明和承诺 一、独立财务顾问声明 关于 （五）本独立财务顾问报告不构成对上市公司的任何投资建议或意见，对投资者 根据本独立财务顾问报告作出的任何投资决策可能产生的风险，本独立财务顾问不承 担任何责任； （六）本独立财务顾问未委托或授权其他任何机构和个人提供未在独立财务顾问 报告中列载的信息，以作为本独立财务顾问报告的补充和修改，或者对本独立财务顾 问报告作任何解释或说明。未经独立财务顾问书面同意，任何人不得在任何时间、为 任何目的、以任何形式复制、分发或者摘录独立财务顾问报告或其任何内容 ...

2-2 北京市中咨律师事务所关于国家电投集团远达环保股份 有限公司发行股份及支付现金购买资产并募集配套资金暨 关联交易之法律意见书 文件名称 2-2-1 北京市中咨律师事务所关于国家电投集团远达环保股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易之法律意见书 2-2-2 北京市中咨律师事务所关于国家电投集团远达环保股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易之补充法律意见书（一） 2-2-3 北京市中咨律师事务所关于国家电投集团远达环保股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易之补充法律意见书（二） 北京市中咨律师事务所 关于国家电投集团远达环保股份有限公司 发行股份及支付现金购买资产并募集配套 资金暨关联交易 之 二〇二五年四月 | 第一部分 律师声明事项 . | | --- | | 第二部分 释义 | | 第三部分 正文 | | 一、 本次交易的方案 . | | 二、 本次交易各方的主体资格 . | | 11 [ 本次交易不构成重组上市 | | 四、 本次交易的批准和授权 . | | 五、 本次交易的实质条件 | | 六、 本次交易签署的协议及合法 ...

证券代码：600292 证券简称：远达环保 编号：临 2025－042 号 国家电投集团远达环保股份有限公司 展情况，严格按照有关法律法规的规定和要求及时履行信息披露义务。 有关信息均以公司发布的公告为准，敬请广大投资者关注后续公告并 注意投资风险。 特此公告。 国家电投集团远达环保股份有限公司董事会 2025 年 6 月 26 日 本公司董事会及全体董事保证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。 国家电投集团远达环保股份有限公司（以下简称"公司"）拟通 过发行股份及支付现金的方式向中国电力国际发展有限公司购买其 持有五凌电力有限公司 63%股权、向湖南湘投国际投资有限公司购买 其持有五凌电力有限公司 37%股权以及向国家电投集团广西电力有 限公司购买其持有国家电投集团广西长洲水电开发有限公司 64.93% 股权，并拟向不超过 35 名符合条件的特定投资者发行股份募集配套 资金（以下简称"本次重组"）。本次重组构成重大资产重组，不会导 致公司控制权发生变更，不构成重组上市，但构成关联交易。 公司于 2025 年 6 月 25 日收到上海证 ...