Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including 贝壳-W, 华润置地, 江苏金租, 杭州银行, 宁德时代, 奥普特, 菲利华, 思摩尔国际, 瀚蓝环境, and 广电计量 [47][50]. Core Insights - The macroeconomic environment shows a rebound in manufacturing PMI, indicating improved supply and demand, but price pressures continue to affect profitability [12][13]. - In the real estate sector, there is a focus on stable cash flow and high dividend yields amidst ongoing policy adjustments [14]. - Non-bank financial institutions are expected to benefit from policy optimizations that may lower funding costs [22]. - The banking sector is recommended for active public fund allocation, particularly favoring quality city commercial banks [24]. - The electric new energy sector is witnessing a bottoming out, with attention on new technological developments [28]. - The machinery sector is poised to benefit from AI applications, particularly in industrial inspection [30]. - The military industry is expected to see growth driven by the "14th Five-Year Plan" and changes in military trade dynamics [34]. - The light industry is focusing on new consumer trends and low valuation recovery [36]. - Environmental protection sectors are highlighted for investment opportunities in waste management and sanitation [41][43]. Summary by Sections Macro Analysis - Manufacturing PMI rose by 0.5 percentage points to 49.5%, driven by improved supply and demand dynamics [12]. - New export orders increased by 2.8 percentage points to 47.5%, indicating stronger export demand [12]. - Price indices for raw materials and factory outputs continue to decline, suggesting ongoing deflationary pressures [13]. Real Estate - The report emphasizes the need for stable cash flow and high dividend yields in real estate investments, particularly in low-valuation state-owned enterprises and quality property firms [14][15][20]. Non-Bank Financials - The report notes a targeted reserve requirement reduction for financial leasing companies, which is expected to lower funding costs and enhance liquidity [22][23]. Banking - City commercial banks are highlighted as key beneficiaries of institutional fund allocations, with expectations of market share gains [24][25][27]. Electric New Energy - The report identifies a bottoming out in the electric new energy sector, with a focus on solar, storage, and wind energy technologies [28][29]. Machinery - AI applications are expected to enhance industrial inspection processes, particularly in the 3C sector [30][32]. Military - The military sector is projected to grow due to the ongoing development of new equipment and military trade opportunities [34][35]. Light Industry - New consumer trends in light industry, particularly in tobacco and IP derivatives, are expected to drive growth [36][37][40]. Environmental Protection - Investment opportunities in waste management and sanitation are highlighted, with a focus on electric and intelligent equipment [41][43][45].

Summary of Conference Call on Waste Incineration Industry and Hanlan Environment Industry Overview - The waste incineration industry is experiencing significant changes, particularly with the recent updates to the green electricity policy by the National Development and Reform Commission, which is expected to have a major impact on the sector [5][52]. - The collaboration between waste incineration plants and data centers (IDC) is becoming increasingly relevant, with the potential for direct electricity supply from waste-to-energy plants to data centers [14][68]. Company Insights: Hanlan Environment - Hanlan Environment has successfully completed the acquisition of Yuefeng, marking a significant milestone for the company [1][135]. - The merger is expected to enhance Hanlan's market position, with a projected waste incineration capacity of 97,600 tons per day, making it the largest in the A-share market [146][147]. - The acquisition is anticipated to lead to a compound annual growth rate (CAGR) of approximately 15% over the next three years, with a focus on improving cash flow and return on equity (ROE) [25][26]. Key Points and Arguments 1. **Green Electricity Policy**: The updated policy allows for direct electricity supply from waste incineration plants to data centers, expanding the customer base beyond self-consumption [14][18][99]. 2. **Profitability Potential**: Projects utilizing self-consumption models are projected to have a profit elasticity of 15% to 50% [13][21]. 3. **Acquisition Benefits**: The merger with Yuefeng is expected to enhance Hanlan's cash flow and ROE, with a potential increase in net profit from 1.75 billion to 19 billion RMB in the current year [150][155]. 4. **Market Valuation**: Hanlan's valuation is currently at ten times earnings, with expectations to reach fifteen times as cash flow improves and dividend capabilities increase [50][56]. 5. **Operational Synergies**: The integration of Yuefeng is expected to yield operational efficiencies, including reduced financial costs and enhanced supply chain management [186][188]. 6. **Future Growth**: The company anticipates maintaining a growth rate of approximately 15% from 2025 to 2027, driven by both internal improvements and the benefits of the acquisition [226][230]. Additional Important Insights - The waste incineration sector is seen as a unique asset class within the A-share market, with a strong potential for dividend growth and ROE enhancement [54][56]. - The collaboration between waste incineration and data centers is expected to become a standard practice, driven by policy support and market demand [101][102]. - The financial metrics indicate that Hanlan's free cash flow could potentially exceed 40 billion RMB post-acquisition, supporting a dividend payout ratio above 100% [230][232]. - The overall sentiment is optimistic regarding the future of the waste incineration industry, with a focus on sustainable growth and profitability [236].

Core Viewpoint - Hanlan Environment has successfully completed the acquisition of Yuefeng Environmental, marking a significant milestone in its strategic development and aligning with national policies to enhance the merger and acquisition market [1][2]. Group 1: Acquisition Details - The acquisition of Yuefeng Environmental was finalized on May 31, and the company was delisted from the Hong Kong Stock Exchange on June 2 [1]. - This acquisition is part of Hanlan Environment's broader strategy to achieve its "14th Five-Year Plan" goals, which emphasizes strategic mergers and acquisitions as a key growth driver [1]. Group 2: Industry Context - In 2024, various policies from the State Council and the China Securities Regulatory Commission have been introduced to stimulate the merger and acquisition market, encouraging strategic mergers and resource integration [1]. - The solid waste treatment industry is currently in a phase of consolidation, and Hanlan Environment's acquisition aligns with national calls for industry integration [1]. Group 3: Operational Impact - Following the acquisition, Hanlan Environment's waste incineration capacity has reached 97,590 tons per day, ranking it among the top three in the domestic industry and the leading A-share listed company [2]. - The integration of Yuefeng Environmental's waste incineration business into Hanlan's operations is expected to enhance capacity and redefine the asset value model of environmental infrastructure through management standard output and shared technological innovation [2].

Core Viewpoint - The completion of the major asset restructuring by Hanlan Environment significantly enhances its market influence and comprehensive strength in the solid waste treatment industry, positioning it among the top players in the sector [1][2]. Group 1: Restructuring and Market Position - Hanlan Environment's acquisition of Yuefeng Environmental has been completed, marking a significant milestone in the solid waste treatment industry [1][2]. - The restructuring allows Hanlan Environment to maintain its leading position in the solid waste treatment sector, with a total waste processing capacity of 97,590 tons per day, ranking it among the top three in China and first in A-shares [3][4]. - The acquisition is expected to enhance the company's operational efficiency and environmental value, enabling it to leverage high-quality resources for innovative development [1][3]. Group 2: Financial Performance and Shareholder Returns - Following the merger, Hanlan Environment's revenue is projected to reach 13.1 billion yuan, with total assets exceeding 64 billion yuan, solidifying its financial strength [3][4]. - The company has committed to increasing shareholder returns, with a planned cash dividend of 6.52 billion yuan in 2024, a 68% increase year-on-year, and a target of at least 10% growth in cash dividends over the next two years [4][5]. Group 3: Synergy and Operational Efficiency - The merger is expected to create significant synergy effects, enhancing operational efficiency through the integration of existing resources and advanced management systems [5][6]. - Hanlan Environment aims to optimize its supply chain management and leverage technological innovations, such as AI, to improve waste-to-energy efficiency and reduce costs [6][7]. - The company plans to expand its heat supply business, capitalizing on the synergies from Yuefeng Environmental's projects, which will further enhance profitability [5][6]. Group 4: Industry Context and Future Outlook - The solid waste treatment industry is transitioning from an expansion phase to a consolidation phase, with leading companies accelerating resource integration [2][3]. - Hanlan Environment's successful acquisition serves as a valuable example for future consolidations in the environmental sector, providing a framework for high-quality development [2][7].

Summary of Key Points from Conference Call Records Industry Focus - The discussion centers around the waste management and renewable energy sectors, particularly focusing on waste-to-energy (WTE) technologies and the integration of green electricity with waste management practices [1][2]. Core Insights and Arguments - Recent policy developments from two ministries encourage the direct connection of green electricity, including biomass and waste incineration, promoting local consumption and increasing self-use ratios to at least 35% by 2030 [1][2]. - Waste incineration is highlighted as a unique renewable energy source with advantages such as: 1. Stable power generation with annual utilization hours exceeding 7000 [2]. 2. Proximity to urban areas, offering ample land at lower costs [2]. 3. Minimal barriers for direct connections, with high procurement costs from the grid [2]. - Companies in the sector are accelerating their collaborative layouts in data centers (IDC), with improvements in profitability, cash flow, and increased dividends expected to drive performance and valuation [2]. - The long-term goal of self-sufficiency in research and development for scientific instruments is emphasized, suggesting a focus on foundational industries rather than short-term policy fluctuations [2][3]. Additional Important Content - Domestic companies have been enhancing their R&D and production capabilities, with some firms expected to excel in high-end development amidst this trend [3]. - The automation of sanitation services is gaining traction, with major companies accelerating their investments in this area. The potential market size for unmanned sanitation services in China could reach 280 billion yuan by 2025, with significant opportunities in the sales of autonomous cleaning vehicles [4]. - The trend towards "sanitation automation" is seen as an optimization of business models within the industry, allowing waste management companies to reduce labor intensity and expedite the integration of waste-to-energy solutions [4]. Companies to Watch - Suggested companies for investment consideration include: - 盈峰环境 (Yingfeng Environment) - 聚光科技 (Juguang Technology) - 永兴股份 (Yongxing Co.) - 瀚蓝环境 (Hanlan Environment) - 海螺创业 (Conch Venture) [1][2].

Core Points - The company held its 29th meeting of the 11th Board of Directors on May 30, 2025, where all 9 directors attended, and the meeting was deemed legally valid [1][2]. - The board approved several resolutions, including the confirmation of conditions for a major asset restructuring project, adjustments to the organizational structure, and amendments to the company's articles of association [1][2][3]. - The board also approved revisions to certain governance systems and decided to submit specific proposals to the shareholders' meeting for further review [2][3]. Summary by Categories Major Asset Restructuring - The board confirmed that the transaction conditions for the major asset restructuring project have been met, with unanimous approval from all directors [1]. Organizational Structure - The board approved adjustments to the company's organizational structure, with all directors voting in favor [2]. Amendments to Articles of Association - The board approved revisions to the company's articles of association and its attachments, with unanimous support from the directors [2]. Governance Systems - The board approved revisions to several governance documents, including the implementation rules for various committees, all receiving unanimous approval [2]. - The board decided to submit the revised independent director work system, dividend management system, and other related documents to the shareholders' meeting for approval [2].

Core Viewpoint - The company has revised its Articles of Association to enhance corporate governance and comply with the latest legal requirements, including the abolition of the supervisory board, with its functions transferred to the audit committee of the board of directors [1][2]. Summary by Sections Company Governance - The company will no longer have a supervisory board, and its powers will be assumed by the audit committee of the board of directors [1]. - The revised Articles of Association will be submitted for approval at the shareholders' meeting, which will also authorize the management to handle the necessary registrations [1]. Articles of Association Changes - The first article emphasizes the protection of the rights of the company, shareholders, employees, and creditors, aligning with the latest laws and regulations [3]. - The eighth article states that the general manager serves as the legal representative of the company, and their resignation is considered a simultaneous resignation from this role [4]. - The ninth article introduces a provision that the company will bear civil liability for damages caused by the legal representative in the course of their duties [5]. - The revised articles clarify the rights and obligations of shareholders, ensuring equal rights for shareholders of the same class of shares [6][7]. - The company’s capital structure and the issuance of shares will adhere to principles of fairness and equality, with specific conditions for share issuance detailed [8][9]. Shareholder Rights and Responsibilities - Shareholders have the right to request information, participate in meetings, and supervise the company's operations [14][15]. - The revised articles outline the obligations of shareholders, including compliance with laws and regulations, and the prohibition of actions that harm the company or other shareholders [19][20]. Control and Management - The revised articles impose obligations on controlling shareholders and actual controllers to act in the best interest of the company and not to misuse their power [42][43]. - Specific provisions are included to maintain the independence of the company's operations, finances, and personnel from the controlling shareholders [46][47].

Meeting Information - The shareholder meeting is scheduled for June 27, 2025, at 14:30 [1] - The meeting will be held at the conference room on the 10th floor of Grand Blue Plaza, No. 23 Ronghe Road, Guicheng Street, Nanhai District, Foshan City, Guangdong Province [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system, either through the trading system or the internet voting platform [2][3] - Voting times for the online platform are from 9:15 to 15:00 on the day of the meeting [1] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [3] Meeting Attendance - Shareholders registered by the close of trading on June 19, 2025, are eligible to attend the meeting [4] - Attendance can be in person or through a written proxy, who does not need to be a shareholder [4] - Registration for attendance must be completed by June 20, 2025, with specific documentation required [5] Additional Information - The meeting will last half a day, and shareholders are responsible for their own travel and accommodation expenses [5] - Contact information for inquiries includes a phone number and email address [5]

General Provisions - The implementation rules for the Compensation and Assessment Committee of the Board aim to standardize operations and improve the governance structure of the company [1][2] - The committee is responsible to the Board and operates according to relevant laws and the company's articles of association [1] Composition of the Committee - The Compensation and Assessment Committee consists of three to five directors, with a majority being independent directors [2] - The committee members are nominated by the chairman or a majority of independent directors and elected by the Board [2] Responsibilities - The committee is tasked with establishing assessment standards for directors and senior management, reviewing compensation mechanisms, and making recommendations to the Board on various matters [4] - The Board has the authority to reject compensation plans that may harm shareholder interests [4] Meeting Rules - The committee must hold at least one meeting annually, with a quorum of two-thirds of members present [5][6] - Meetings can be conducted in person or via other means, ensuring all members can communicate effectively [5][6] Voting and Documentation - Each committee member has one vote, and decisions require a majority approval [6][7] - Meeting records must be kept, and members are bound by confidentiality regarding discussed matters [7] Supplementary Provisions - Any matters not covered by these rules will follow national laws and regulations [7] - The rules are subject to revision and interpretation by the Board and take effect upon approval [7]

瀚蓝环境股份有限公司 董事会战略委员会实施细则 （2025 年 5 月修订） 第一条 为规范董事会战略委员会的运作，适应公司战略发展需要，增强公司核 心竞争力，确定公司发展规划，完善公司治理结构，根据《中华人民共和国公司法》《上 市公司治理准则》《上市公司章程指引》《上市公司独立董事管理办法》等法律法规、规 范性文件以及《公司章程》及其他有关规定，制定本实施细则。 第二条 董事会战略委员会是董事会下设的专门委员会，对董事会负责，依照有 关法律法规及《公司章程》规定履职。 第二章 人员组成 第三条 战略委员会成员由三至七名董事组成，公司董事长应为战略委员会委员。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的三分 之一提名，并由董事会选举产生。 第五条 战略委员会设召集人一名，负责主持委员会工作；召集人由公司董事长 担任。 第六条 战略委员会任期与董事会任期一致，委员任期届满，可连选连任。期间 如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根据上述第三至第五 条规定补足委员人数。 第七条 证券部负责日常联络和会议组织等工作。 第一章 总则 1 第三章 职责权限 第八条 战略委员会 ...