股票简称：瀚蓝环境 股票代码：600323 编号：临2026-002 债券简称：25瀚蓝01 债券代码：244045 瀚蓝环境股份有限公司 2025年度第二期超短期融资券兑付公告 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。 为保证瀚蓝环境股份有限公司2025年度第二期超短期融资券（债券简称：25瀚蓝SCP002，债券代码： 012582336）兑付工作的顺利进行，方便投资者及时领取兑付资金，现将有关事宜公告如下： 一、本期债券基本情况 联系方式：0757-86335158 2、主承销商：中信银行股份有限公司 联系人：袁善超 联系方式：010-66635929 3、托管机构：银行间市场清算所股份有限公司 联系人：谢晨燕、陈龚荣 托管在银行间市场清算所股份有限公司的债券，其兑付资金由银行间市场清算所股份有限公司划付至债 券持有人指定的银行账户。债券付息日或到期兑付日如遇法定节假日，则划付资金的时间相应顺延。债 券持有人资金汇划路径变更，应在兑付前将新的资金汇划路径及时通知银行间市场清算所股份有限公 司。因债券持有人资金汇划路径 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2026-002 债券简称：25 瀚蓝 01 债券代码：244045 托管在银行间市场清算所股份有限公司的债券，其兑付资金由银行间市场清算所股 份有限公司划付至债券持有人指定的银行账户。债券付息日或到期兑付日如遇法定节假 日，则划付资金的时间相应顺延。债券持有人资金汇划路径变更，应在兑付前将新的资 金汇划路径及时通知银行间市场清算所股份有限公司。因债券持有人资金汇划路径变更 未及时通知银行间市场清算所股份有限公司而不能及时收到资金的，发行人及银行间市 场清算所股份有限公司不承担由此产生的任何损失。 三、本次兑付相关机构 瀚蓝环境股份有限公司 2025 年度第二期超短期融资券兑付公告 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。 为保证瀚蓝环境股份有限公司 2025 年度第二期超短期融资券（债券简称：25 瀚蓝 SCP002，债券代码：012582336）兑付工作的顺利进行，方便投资者及时领取兑付资金， 现将有关事宜公告如下： 一、本期债券基本情况 二、兑付办法 1 1、发 ...

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the importance of the SAF (Sustainable Aviation Fuel) expansion cycle and the value addition of waste oil resources, alongside significant funding for ecological restoration and pipeline construction in the Yangtze River protection initiative [1][12] - The 2026 strategy for the environmental sector focuses on a dual approach of value and growth resonance, driven by carbon neutrality goals [20] Summary by Sections Industry Trends - The SAF market is projected to see a significant increase in demand, with EU mandates requiring a gradual rise in SAF usage from 2% in 2025 to 70% by 2050, translating to a demand of 3.662 million tons by 2050 [12] - Domestic SAF production capacity is expected to reach 1.2 million tons per year by the end of 2025, with planned capacity of 4.4 million tons [12] - The report highlights a 50%+ increase in SAF prices compared to the beginning of the year, indicating a tightening supply situation [12] Investment Opportunities - The report suggests focusing on companies involved in waste oil resource utilization, such as Shanhigh Environmental and Longkun Technology, as the value of waste oil is expected to rise due to increased SAF demand [14] - Companies in the water treatment sector, such as BWS and Energy Conservation Guozhen, are recommended due to the ongoing construction of sewage pipelines and ecological restoration projects funded by over 100 billion yuan [19] Market Performance - The report notes a 64.01% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 18.6% [26] - The average price of biodiesel has decreased to 8,000 yuan per ton, with a corresponding drop in profitability [35] - Lithium battery recycling profitability is improving, with lithium carbonate prices rising by 18.1% week-on-week [36]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [13]. Core Insights - The central government has set a target for 2026 to actively resolve local government debt risks, with a focus on replacing hidden debts amounting to 2 trillion yuan in 2025, which has been exceeded by 106.6% [2][6][19]. - The environmental protection sector is expected to benefit significantly from the debt replacement policies, improving cash flow and performance for various companies within the industry [7][23]. - The report highlights that several environmental companies have seen a notable improvement in their accounts receivable, indicating a positive trend in cash flow [9][40]. Summary by Sections Policy and Progress - The National People's Congress approved a resolution to increase local government debt limits for replacing hidden debts, with a structured approach of 6 trillion, 4 trillion, and 2 trillion yuan [6][19]. - As of September 2025, the issuance of special refinancing bonds reached 2.31 trillion yuan, with 2.13 trillion yuan specifically allocated for replacing hidden debts, indicating proactive measures by local governments to address existing debt issues [8][27]. Improvement in Accounts Receivable - Companies like Hanlan Environment and Chuangye Environmental have reported significant recoveries in accounts receivable, with Hanlan recovering approximately 1.53 billion yuan in the first three quarters of 2025 [9][39]. - The overall cash flow for the environmental sector has improved, with a year-on-year increase of 31% in operating cash flow net [9][41]. Investment Logic - The report suggests two investment strategies: focusing on sectors with large accounts receivable and low risk, such as waste incineration and water operations, and identifying leading companies in sectors with high government-related receivables [10][44]. - The report emphasizes the potential for cash flow improvement in the environmental sector due to the ongoing debt replacement policies, which are expected to enhance the repayment capabilities of local governments [42][44].

Core Viewpoint - The company has successfully issued its first tranche of medium-term notes for 2026, raising a total of 5 billion RMB with a maturity of 3 years and a coupon rate of 1.86% [1]. Group 1: Issuance Details - The company applied for the registration to issue medium-term notes not exceeding 20 billion RMB, which was approved by the China Interbank Market Dealers Association [1]. - The issuance was approved during the annual shareholders' meeting held on June 28, 2024, and the registration amount was confirmed at 20 billion RMB [1]. - The specific medium-term notes issued are referred to as "26瀚蓝MTN001" with the bond code "102680048" [1]. Group 2: Regulatory Compliance - The board of directors guarantees that the announcement contains no false records, misleading statements, or major omissions, and they assume legal responsibility for its authenticity, accuracy, and completeness [1]. - Relevant documents regarding the medium-term notes issuance can be accessed on the China Money website and the Shanghai Clearing House website [2]. Group 3: Company Governance - The announcement was made by the board of directors of the company on January 8, 2026 [4].

证券日报网讯1月8日，瀚蓝环境（600323）在互动平台回答投资者提问时表示，公司经营稳定，业绩持 续良性增长，不断夯实内在价值。公司管理层对公司潜力和未来发展充满信心，公司将继续努力为股东 创造良好回报，同时也将积极与投资人进行沟通和交流，传递公司价值。二级市场股价受多重因素影 响，请投资者注意投资风险。 ...

证券日报网讯1月8日，瀚蓝环境（600323）在互动平台回答投资者提问时表示，2025年6月，公司并购 粤丰环保正式完成，并自6月1日起实现并表，并购整合的有关工作正有序开展并初见成效。随着并购整 合的持续深入推进，预计协同效应将进一步释放。公司积极推进上游优质气源供应多元化和结构多样 化，结合短中长气源规划打造稳健的气源保障体系，取得积极进展；加强与供应商、客户及政府的沟 通，积极开拓新客户，并拓展燃气工程业务、非燃业务等，提升整体盈利水平。预计能源业务2025年度 将保持正常盈利水平。 ...