Core Viewpoint - The company, Huanlan Environment, has successfully completed the issuance of its first phase of medium-term notes for the year 2026, indicating a strategic move to raise funds through debt instruments [1] Group 1: Issuance Details - The total issuance scale of the medium-term notes is 500 million yuan [1] - The maturity period for the notes is set at 3 years [1] - The coupon rate for the issued notes is 1.86% [1]

Core Viewpoint - The company, Huanlan Environment, has successfully completed the issuance of its first phase of medium-term notes for the year 2026, indicating a strategic move to raise funds through debt instruments [1] Group 1: Issuance Details - The total issuance scale of the medium-term notes is 500 million yuan [1] - The maturity period for the notes is set at 3 years [1] - The coupon rate for the issued notes is 1.86% [1]

瀚蓝环境股份有限公司 2026 年度第一期中期票据发行情况公告 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2024年6月6日召开的第十一届董事 会第十三次会议审议通过了《关于申请注册发行中期票据的议案》，同意公司向中国银 行间市场交易商协会申请注册发行不超过人民币20亿元（含20亿元）的中期票据。 | 股票简称：瀚蓝环境 | | 股票代码：600323 | 编号：临 2026-001 | | --- | --- | --- | --- | | 债券简称：25 | 瀚蓝 01 | 债券代码：244045 | | 公司于近日完成了2026年度第一期中期票据发行（以下简称"本期中期票据"）， 债券简称：26瀚蓝MTN001，债券代码：102680048。本期中期票据发行规模为5亿元，期 限为3年，票面利率为1.86%。 公司本期中期票据发行的有关文件可登陆中国货币网（www.chinamoney.com.cn） 和上海清算所网站（www.shclearing.com）查询。 该事项经公 ...

格隆汇1月8日丨瀚蓝环境(600323.SH)在互动平台表示，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。 ...

Core Viewpoint - The next decade will be a critical period for global restructuring and the transformation of old and new driving forces, marking a key stage for China's national rejuvenation. The solid waste industry will shift from "scale expansion" to "efficiency and value creation," with intensified K-shaped differentiation potentially leading to a "dumbbell-shaped" competitive landscape [1][2][15]. Industry Development Over the Past Fifteen Years - The past fifteen years can be divided into two phases: the "golden decade" during the 12th and 13th Five-Year Plans, characterized by scale expansion and project-driven growth, and the current phase of stock market consolidation, where the industry faces significant bottlenecks and must transition towards quality improvement and efficiency [5][19]. - The industry has entered a clearing process, with many companies struggling for survival, while some strong firms are undergoing internal adjustments, laying the groundwork for future development [5][19]. Company Strategy and Performance - Facing industry cycles, the company has strategically positioned itself by leveraging opportunities during the "golden decade" and establishing a nationwide presence through acquisitions, creating a diversified and integrated solid waste industry chain [6][19]. - The company has adopted a strategy focused on stock integration since 2021, enhancing organizational capabilities and operational efficiency, particularly during the challenges of the 14th Five-Year Plan [6][20]. - The company reported a net profit of 9.67 billion yuan for the first half of 2025, an increase of 8.99% year-on-year, marking a new high since its listing and positioning it among the most profitable environmental companies [7][21]. Future Industry Outlook - The next decade will witness a transformation driven by technological, policy, and industrial changes, with the solid waste industry needing to adapt to a new competitive landscape characterized by K-shaped differentiation [10][22]. - The industry will see a shift from scale expansion to efficiency and value creation, with a focus on innovative business models and the emergence of specialized enterprises at both ends of the "dumbbell" spectrum, while mid-tier companies may face significant survival pressures [11][23]. - Key themes for future development include "innovation-driven, green value, and ecological empowerment," emphasizing continuous innovation across various dimensions to enhance industry competitiveness [12][24]. Company Future Plans - The company plans to drive innovation through a dual business model of "core business" and "pan-green business," focusing on deepening existing operations while exploring new growth avenues [26]. - The company aims to leverage its strategic acquisitions to establish a solid foundation for future growth, positioning itself to capitalize on emerging opportunities in the solid waste sector [26].

人民财讯1月6日电，据瀚蓝环境消息，1月5日，佛山市南海瀚蓝能源投资有限公司（简称"瀚蓝能投"） 与北京新奥新能能源投资有限公司签署合作协议，建立战略合作伙伴关系，双方将以绿色、低碳/零碳 领域为核心，聚焦综合能源梯级利用开展深度合作，主要包括围绕垃圾焚烧发电项目开展蒸汽供热，沼 气规模化收集、提纯与销售，绿电销售；积极拓展多元化综合能源合作。 转自：证券时报 ...

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2024年度第一期中期票据（债券简称：24瀚蓝MTN001，债券代码： 102480116）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： 联系人：冯微 联系方式：0757-86335158 2、存续期管理机构：兴业银行股份有限公司 联系人：陈璐 一、本期债券基本情况 1、发行人：瀚蓝环境股份有限公司 2、债券名称：瀚蓝环境股份有限公司2024年度第一期中期票据 二、兑付办法 托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定时间之前划付至银行间市场 清算所股份有限公司指定的收款账户后，由银行间市场清算所股份有限公司在兑付日划付至债券持有人 指定的银行账户。债券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 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights the formal implementation of the EU carbon tariff in 2026, which is expected to boost demand for China's circular economy and green energy industries. The carbon price in the EU is currently 80-90 euros per ton, significantly higher than China's current carbon price, which will increase export costs for Chinese companies. Companies can reduce carbon emissions through green energy and recycled resources [7][11] - There is a notable acceleration in local government debt reduction efforts, with several companies in the environmental sector announcing debt recovery measures. This includes one-time payments for historical receivables and debt restructuring, which are expected to improve cash flow for many companies [7][30] - High dividend assets in the environmental sector remain attractive, with companies like Guangda Environment and Huanlan Environment showing significant stock price increases in 2025. The expectation of continued dividend growth is supported by reduced capital expenditure needs due to fewer new project orders [7][30] Summary by Sections 1. Receivables Recovery Announcements - Numerous announcements regarding receivables recovery from listed companies indicate a trend towards debt reduction in the industry. For instance, Chuangye Environmental has signed agreements to improve cash flow by adjusting payment cycles for wastewater treatment fees [15][16] - Mengcao Ecology has announced the termination and debt restructuring of four PPP projects, expecting to recover approximately 1 billion yuan in receivables, which will enhance cash flow and fund utilization efficiency [23][24] 2. Carbon Tariff Implementation - The EU carbon tariff will officially be implemented in 2026, impacting various industries including cement, steel, and electricity. This is expected to expand to additional sectors by 2027, influencing downstream products and commodities [7][11] 3. Policy Review and Trends - The report reviews policies aimed at resolving local government debts and emphasizes the importance of addressing overdue payments to enterprises. Recent policies have allocated special bond quotas to address these issues [27][28][29] 4. Company Performance and Recommendations - The report suggests focusing on companies with significant receivables from government projects, as they are likely to see improved market valuations and profit recovery. Key companies to watch include Chengfa Environment, Wuhan Holdings, and others in the solid waste and water treatment sectors [30]

Core Viewpoint - The article discusses the evolution of the environmental protection industry in China and its collaboration with local finance, using the case of Hanlan Environment as a key example of how mergers and acquisitions (M&A) serve as accelerators for industrial upgrades and resource integration in a financial powerhouse context [1][16]. Group 1: Historical Context and Development - In 2000, Hanlan Environment's predecessor had total assets of less than 1 billion yuan and a net profit of less than 50 million yuan, focusing on water supply in Guangdong [1][16]. - By 2025, Hanlan Environment had developed into a company with nearly 63 billion yuan in total assets, covering four major business segments: solid waste treatment, energy, water supply, and drainage [1][16]. - The evolution of Hanlan Environment exemplifies the microcosmic development of China's financial history and industrial transformation [1][16]. Group 2: M&A Strategy and Implementation - From 2004 to 2014, Hanlan Environment transitioned from a single water supply service to a comprehensive environmental service provider through strategic acquisitions [6][20]. - The acquisition of Chuangguan China in 2014 was a pivotal event for Hanlan, significantly expanding its national footprint and market share [7][22]. - The acquisition strategy involved a combination of cash and equity payments, which helped mitigate liquidity risks and attract strategic shareholders [7][21]. Group 3: Financialization and Internationalization - During the "13th Five-Year Plan" period (2016-2020), Hanlan's M&A logic shifted from scale expansion to ecological construction, entering new sectors such as agricultural waste treatment and hazardous waste management [9][23]. - The acquisition of Yuefeng Environmental in 2025 marked a significant cross-border strategic move, with a transaction size of approximately 11.1 billion HKD (about 10.2 billion yuan), fully funded in cash [10][23]. - Hanlan Environment is also focusing on international expansion, particularly in Southeast Asia, through partnerships and acquisitions to enhance its operational capabilities [12][25]. Group 4: Conclusion and Implications - The development trajectory of Hanlan Environment from 1999 to 2025 illustrates the synergy between the environmental industry and local finance, highlighting the importance of financial tools in driving industrial upgrades [13][26]. - The case of Hanlan Environment serves as a reference for the integration of finance and industry in China's public utility sector, demonstrating the effectiveness of capital market tools in addressing social needs and promoting sustainable growth [14][27].