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。 ...

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 ...

Core Viewpoint - The company, Huanlan Environment, has successfully completed the acquisition of Yuefeng Environmental Protection, which will enhance its operational capabilities and profitability through synergies and integration efforts [1] Group 1: Acquisition and Integration - The acquisition of Yuefeng Environmental Protection was officially completed in June 2025, with consolidation starting from June 1 [1] - The integration work is progressing smoothly and has already shown initial results, with expectations for further synergy effects to be realized [1] Group 2: Business Development and Strategy - The company is actively promoting diversification and structural variety in upstream quality gas supply, aiming to establish a robust gas supply assurance system [1] - Efforts are being made to strengthen communication with suppliers, customers, and government entities, while also actively seeking new clients and expanding into gas engineering and non-gas businesses to enhance overall profitability [1] - The energy business is expected to maintain a normal profit level in the fiscal year 2025 [1]

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].

Core Viewpoint - The strategic partnership between Huanlan Energy Investment and Beijing Xin'ao New Energy Investment focuses on green and low-carbon/zero-carbon initiatives, emphasizing comprehensive energy utilization [1] Group 1: Partnership Details - Huanlan Energy Investment and Beijing Xin'ao New Energy Investment signed a cooperation agreement on January 5 [1] - The partnership aims to conduct in-depth collaboration in the field of comprehensive energy utilization [1] Group 2: Project Focus Areas - Key areas of focus include steam heating related to waste incineration power generation projects [1] - The partnership will also involve large-scale collection, purification, and sales of biogas [1] - Additionally, there will be efforts to expand green electricity sales and diversify comprehensive energy cooperation [1]