Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Investment Rating - The report recommends a "Buy" rating for several companies in the environmental sector, including Lianmei Holdings, Shanggou Environmental, Longkun Technology, Weiming Environmental, Hanlan Environment, Dadi Ocean, Shanghai Industrial Holdings, and Conch Venture [1]. Core Insights - The transition from "energy consumption dual control" to "carbon emission dual control" is emphasized, with a focus on circular reduction and green energy industries. The year 2026 marks the first year of full transition to carbon emission dual control, with significant efforts expected in carbon reduction [1][11]. - The report highlights the impact of the EU carbon tariff, which will officially be implemented on January 1, 2026, significantly increasing the cost of exports from China to the EU. Current carbon prices in the EU are around 80-90 euros per ton, compared to approximately 81 yuan per ton in China [1][16]. - Companies involved in the circular economy, such as those in recycling and green energy, are recommended for investment due to their potential to reduce carbon emissions and adapt to new regulations [1][17]. Summary by Sections Section 1: Carbon Emission Dual Control Implementation - The "14th Five-Year Plan" shifts focus to carbon emission control, emphasizing the need for a new energy system and the integration of carbon reduction, pollution reduction, and green growth [11][12]. Section 2: Fund Holdings in Environmental Stocks - As of Q4 2025, the fund allocation for environmental stocks is only 0.23%, a decrease of 0.13 percentage points year-on-year, indicating a recovery trend since the lows of 2020 [21][26]. Section 3: Biodiesel Market Insights - The price of UCO (Used Cooking Oil), a key raw material for biodiesel, has increased by 7.6% to $1,060 per ton, while SAF (Sustainable Aviation Fuel) prices have decreased slightly but remain high at $2,150 per ton [31][35]. Section 4: Policy and Event Tracking in the Dual Carbon Field - Recent policies emphasize the construction of zero-carbon factories and the promotion of green development, with specific targets set for various industries by 2030 [39][40]. Section 5: Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for key companies, including earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE), indicating a generally positive outlook for the sector [4].

Core Viewpoint - The company has revised its external guarantee management system in accordance with regulatory requirements and its actual situation [1] Group 1 - The company's board of directors held the 35th meeting of the 11th board on January 23, 2026, where the proposal to amend the external guarantee management system was approved [1] - The revision is based on the "Regulatory Guidelines No. 8 for Listed Companies" and the "Shanghai Stock Exchange Listing Rules" [1] - The updated external guarantee management system is disclosed on the Shanghai Stock Exchange website [1]

瀚蓝环境股份有限公司 第二条 本制度所指对外担保，是指公司及公司控股子公司，以第三人的身份为债务人 所负的债务提供保证（一般保证、连带责任保证）、抵押和质押等的行为。公司的对外担 保包含以下情形：（1）公司及控股子公司对公司合并报表范围之内的主体提供的担保；（2） 公司及控股子公司对公司合并报表范围之外的主体提供的担保。公司控股子公司对公司提 供的担保、公司控股孙公司对该孙公司控股股东的担保，不计入"对外担保"范围。 公司及控股子公司在日常经营活动中，为履行投标、投资和采购合同而出具的保函或 保证，不适用本制度，按公司经营管理相关规定执行。 第三条 本制度所称"对外担保总额"，是指包括公司对控股子公司担保在内的公司对 外担保总额与公司控股子公司对外担保总额之和， 为已批准的担保额度内尚未使用额度与 担保实际发生余额之和。本制度所称的"总资产"、"净资产"以公司合并报表为统计口 径。 第四条 公司对外担保应当遵循平等、自愿、公平、诚信、互利的原则。任何单位和个 人不得强令公司为其提供担保，公司高级管理人员对强令其为他人提供担保的行为应予以 拒绝。 第五条 公司对子公司担保事项实行统一管理，未经公司有权决策机构批 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2026-004 债券简称：25 瀚蓝 01 债券代码：244045 根据《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要 求》《上海证券交易所股票上市规则》等法律法规、规范性文件的相关规定，结合 公司实际情况，公司修订了《对外担保管理制度》。 内容详见同日披露于上海证券交易所网站 www.sse.com.cn 的《对外担保管理 制度（2026 年 1 月修订）》。 特此公告。 瀚蓝环境股份有限公司董事会 2026 年 1 月 23 日 1 瀚蓝环境股份有限公司 关于修订《对外担保管理制度》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。 瀚蓝环境股份有限公司（以下简称"公司"）于 2026 年 1 月 23 日召开第十一 届董事会第三十五次会议，会议审议通过了《关于修订<对外担保管理制度>的议 案》。具体情况如下： ...

Investment Rating - The report maintains a rating of "Buy" for the environmental protection industry [1] Core Insights - The environmental protection industry, particularly in waste incineration, is poised for significant growth, especially in overseas markets such as Southeast Asia and Central Asia, driven by high processing fees and electricity prices [5][10] - The investment potential in the ASEAN countries and India for waste incineration is estimated at approximately 250 billion RMB, with a daily waste incineration capacity increase of about 500,000 tons [5][11] - The profitability of overseas projects, particularly in Indonesia, is enhanced by favorable policies and high revenue from electricity sales, with projected single-ton income significantly higher than domestic projects [19][20] Summary by Sections 1. Waste Incineration Growth and Overseas Market Potential - The ASEAN countries and India are expected to generate a daily waste production of 1.46 million tons by 2024, with a potential waste incineration market space of 248.5 billion RMB if the incineration penetration rate reaches 50% [5][11] - Several domestic waste incineration companies, such as Kangheng Environment and China Tianying, are expanding their operations in Southeast Asia and Central Asia, with significant project footprints established [15][16] 2. Indonesian Policy Driving Business Model Optimization - Indonesia's recent policy changes have shifted the revenue model from local government subsidies to direct agreements with the national electricity company, significantly increasing the electricity price to 0.20 USD per kWh [24][25] - The government plans to construct 33 waste incineration plants nationwide, with a total investment of approximately 5.6 billion USD, indicating a strong commitment to developing the waste-to-energy sector [24][25] 3. Economic Assessment of Indonesian Waste Incineration Projects - Economic assessments show that the single-ton income from Indonesian projects can reach 582 RMB, significantly higher than domestic projects, driven by high processing fees and electricity prices [19][20][31] - The report highlights the sensitivity of project profitability to cost management, with potential increases in return on equity (ROE) if investment and operational costs are optimized [27][28]

Core Viewpoint - The stock price of Hanlan Environment has shown a slight increase of 2.06% since the beginning of the year, indicating a stable performance in the environmental sector [2]. Group 1: Stock Performance - As of January 20, Hanlan Environment's stock price rose by 2.03%, reaching 29.19 CNY per share, with a trading volume of 89.70 million CNY and a turnover rate of 0.38% [1]. - The stock has experienced a 3.14% increase over the last five trading days, a 0.27% increase over the last 20 days, and a 1.53% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Hanlan Environment achieved a revenue of 9.737 billion CNY, representing a year-on-year growth of 11.52%, while the net profit attributable to shareholders was 1.605 billion CNY, up by 15.85% [2]. - The company has distributed a total of 3.203 billion CNY in dividends since its A-share listing, with 1.427 billion CNY distributed over the last three years [3]. Group 3: Business Overview - Hanlan Environment, established on December 17, 1992, and listed on December 25, 2000, operates in various sectors including water supply, wastewater treatment, solid waste management, and gas supply [2]. - The revenue composition of the company includes solid waste business (37.71%), energy supply (32.36%), sanitation (9.14%), water supply (8.48%), drainage (5.11%), and income from PPP projects [2]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders in Hanlan Environment was 19,900, a decrease of 5.52% from the previous period, with an average of 40,980 circulating shares per shareholder, an increase of 5.84% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest with 12.8864 million shares, marking a new entry, while ICBC Dividend Preferred Mixed A (005833) is the eighth largest with 8.8278 million shares, an increase of 1.8244 million shares from the previous period [3].

Core Viewpoint - The company, Hanlan Environment Co., Ltd., has successfully issued its first short-term financing bond for the year 2026, indicating its ongoing efforts to secure funding for operations and projects [1] Group 1: Issuance Details - The company issued the first phase of its short-term financing bond for 2026 [1] - Relevant issuance documents are available on the China Money website and the Shanghai Clearing House website [1] - The announcement was made by the company's board of directors, ensuring the accuracy and completeness of the information provided [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

股票简称：瀚蓝环境 股票代码：600323 编号：临 2026-003 债券简称：25 瀚蓝 01 债券代码：244045 瀚蓝环境股份有限公司 2026 年度第一期超短期融资券发行结果公告 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。 瀚蓝环境股份有限公司董事会 2026 年 1 月 19 日 | 债券名称 | 瀚蓝环境股份有限公司2026年度第一期超短期融资券 | | | | --- | --- | --- | --- | | 债券简称 | 26瀚蓝SCP001 | 债券代码 | 012680144 | | 债券期限 | 255日 | 计息方式 | 固定利率，到期一次还本付息 | | 起息日 | 2026年1月16日 | 兑付日 | 2026年9月28日 | | 计划发行总额 | 3.5亿元 | 实际发行总额 | 3.5亿元 | | 发行利率 | 1.72% | 发行价格 | 100元 | | 主承销商 | 兴业银行股份有限公司 | | | | 联席主承销商 | 中国光大银行股份有限公司 | | | 本期融资券发行的有关 ...