上市企业：龙净环保（600388）,清新环境（002573）,菲达环保（600526）,雪浪环境（300385）,中电环 保（300172）,永清环保（300187） 相关报告：智研咨询发布的《2025-2031年中国大气污染防治设备行业市场供需态势及投资潜力研判报 告》 根据国家统计局数据显示：2025年9月中国大气污染防治设备产量为3万台(套)，同比下降4.5%；2025年 1-9月中国大气污染防治设备累计产量为23.7万台(套)，累计下降18.7%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-9月中国大气污染防治设备产量统计图 ...

公司跟踪：【龙净环保】紫金大幅增持，赋能龙净逻辑不变且持续深化，继续推荐。陈董事长任终身荣 誉董事长紫金核心团队稳定，新老交替不影响紫金优异稳健经营。紫金矿业即将选举出最新一届董事 会，龙净前任现任董事长均列于紫金新一届执行董事候选人名单，紫金对于龙净业务的赋能有望进一步 深化。【中国水务】FY26H1供水运营稳健增长，资本开支持续下降。FY26H1实现营收51.83亿港元， 同比-12.9%，主要系接驳及建造下滑，归母净利润5.71亿港元，同比-24.4%，剔除因康达要约收购导致 的公司股权摊薄损失（约0.64亿港元非现金损失）后的归母净利润约6.35亿港元，同比-15.9%。公司降 本增效，销售及行政费用同比-9.0%至4.37亿港元，财务费用同比-17.6%至3.52亿港元。FY26H1末资产 负债率较期初下降2.5pct至64.3%。FY26H1资本开支12.43亿港元，同比-31.8%，每股派息13港仙，同比 持平，股息率（ttm）4.8%。（估值日期：2025/11/28） 固废观点：25Q3业绩基本面强+国补回收加速，提质增效提ROE+现金流改善提分红持续兑现！1）运营 提质增效主导业绩增长&财 ...

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and Renewable Energy Key Points Contract and Order Status - Total environmental engineering contracts on hand amount to **19.74 billion yuan** with non-electric orders primarily from the steel metallurgy and chemical sectors [2][3] - New environmental engineering contracts added in the first three quarters reached **7.62 billion yuan**, with the electric power sector accounting for approximately **62%** and non-electric sectors for **38%** [3] Market Opportunities - The non-electric desulfurization and denitrification market has significant potential, with demand for ultra-low emissions transformation in steel, coking, and cement industries estimated at **300-400 billion yuan** [2][6] - Longking aims to capture over **10 billion yuan** in the existing transformation market and is actively expanding into emerging industries and mining desulfurization and denitrification [2][6] Fire Power Market - The company benefits from national plans for fire power construction, with a target of adding **80 million kilowatts** of capacity each year from 2023 to 2025 [4][5] - The operational maintenance market for fire power is projected to reach **20 billion yuan** annually, with significant growth expected following the acquisition of Jitai Intelligent [2][7] Renewable Energy Projects - The **200 MW** solar-storage project in Tibet has exceeded profit expectations, generating a net profit of **93 million yuan** in the first three quarters [2][11] - The company has a total green energy project scale nearing **1.2 GW**, primarily supplying Zijin Mining and its affiliates [2][15] Strategic Developments - Longking's acquisition of Jitai Intelligent has led to substantial growth in orders and performance, indicating a strong future in intelligent operations [2][7] - The company is focusing on developing microgrid and energy storage systems in Tibet, Africa, and South America, with expected capacities of several gigawatts [2][16] Financial Health and Investment Plans - Longking plans to invest approximately **5-6 billion yuan** over the next three years in major projects, including the **Mami Cuo** project in Tibet [22][23] - The company has around **4.5 billion yuan** in cash and financing capabilities to meet future investment needs [23] Dividend Policy - Longking has committed to a dividend payout ratio of over **40%**, achieving **42.8%** last year, but future increases will depend on funding needs for upcoming projects [24] Growth Prospects - The company is in a strong growth phase with stable main business orders and expanding green energy and storage operations [25] - Potential growth areas include electric mining trucks and sodium-ion battery technology [25] Risk Management - The company has addressed goodwill impairment risks, with a significant reduction in losses in hazardous waste disposal operations [8] - Management changes are not expected to impact operations significantly, with continuity in leadership roles [9][10] Conclusion - Longking Environmental is well-positioned for future growth with a robust order book, strategic acquisitions, and a focus on renewable energy projects, supported by strong financial health and a commitment to shareholder returns [25]

Core Insights - The lithium battery industry is experiencing a significant increase in production plans for December 2025 and 2026, driven by surging demand in both power and energy storage battery markets [1][2] - The industry is currently in a state of robust supply and demand, with many leading companies operating at full capacity and extending order schedules into 2026 [1][2] Production and Demand - According to data from Dazhong Times, the production capacity for China's battery manufacturers in December 2025 is projected to reach 195.3 GWh for power and energy storage batteries, with a total production of 220 GWh across all battery types, reflecting a month-on-month increase of 5.3% [1] - The energy storage battery market is identified as the core engine driving the current lithium battery industry boom, with a rapid shift from "overcapacity" to "cell shortages" [2][3] - Major companies like CATL and EVE Energy have reported full order books, with some energy storage cell production capacities reaching 100% utilization [2] Market Trends - The overall trend for the lithium battery sector is expected to improve in 2026, with global lithium battery demand anticipated to maintain growth [2][3] - The storage battery segment is projected to continue its high growth trajectory, while the power battery market may see renewed growth driven by new vehicle models and clearer consumer policies [3][4] Pricing and Production Capacity - The prices of key upstream materials such as battery-grade lithium carbonate and electrolyte have rebounded since the second half of 2025, contributing to increased production capacity utilization [4] - The production of storage batteries is expected to see double-digit month-on-month growth in December, indicating a thriving market despite seasonal trends [4][5] Export and Domestic Demand - The explosive growth in the global storage market, particularly in Europe and the U.S., is driving a surge in domestic energy storage cell export orders [5] - The peak of new energy power station grid connections in China has created rigid demand, with large-scale storage projects being launched since the fourth quarter of 2025 [5]

Core Insights - The report indicates that the market is expected to experience an early "spring rally" due to easing external pressures and improving internal conditions [2][3] - The focus for December should be on growth sectors, particularly those aligned with the "14th Five-Year Plan" and new productive forces [3] Group 1: Market Environment - In November, market momentum was limited due to seasonal effects and external pressures, including tightening global liquidity and concerns over AI industry bubbles [1] - As of December, the pressure on the A-share market is gradually easing, with an 80% probability of a short-term interest rate cut by the Federal Reserve, creating a warmer overall atmosphere [2] - The sentiment around AI stocks has stabilized, reducing the emotional pressure on related A-share sectors [2] Group 2: Investment Recommendations - The report suggests focusing on two main directions for investment in December: the AI industry chain and sectors related to the "14th Five-Year Plan" [3] - Specific sectors to watch include chip design, semiconductor equipment, and platform companies with full-stack technical capabilities [4] - High-growth areas such as energy storage and innovative pharmaceuticals are highlighted as potential investment opportunities [4] Group 3: Top Stock Picks - The report lists ten recommended stocks, including: - BeiGene (688235.SH) in the pharmaceutical sector, with a projected EPS growth from 3.66 in 2026 to 6.73 in 2027 [5] - Haisco (002653.SZ), also in pharmaceuticals, with a projected EPS of 0.70 in 2026 and 0.81 in 2027 [5] - Longking (600388.SH) in environmental services, with a projected EPS of 1.20 in 2026 and 1.37 in 2027 [5] - Maiwei (300751.SZ) in machinery, with a projected EPS of 3.14 in 2026 and 3.93 in 2027 [5] - Yutong Bus (600066.SH) in the automotive sector, with a projected EPS of 2.67 in 2026 and 3.18 in 2027 [5] - Cambricon (688256.SH) in electronics, with a projected EPS of 11.64 in 2026 and 20.88 in 2027 [5] - CATL (300750.SZ) in new energy, with a projected EPS of 18.90 in 2026 and 23.35 in 2027 [5] - Alibaba (9988.HK) in media and internet, with a projected EPS of 4.33 in 2026 and 6.44 in 2027 [5] - Xianle Health (300791.SZ) in food and beverage, with a projected EPS of 1.37 in 2026 and 1.64 in 2027 [5] - Wanhua Chemical (600309.SH) in energy and chemicals, with a projected EPS of 5.13 in 2026 and 5.79 in 2027 [5] Group 4: Financial Data - The report provides financial forecasts for the top stock picks, indicating expected revenue and net profit growth across various sectors [62][63] - For example, BeiGene is projected to achieve a revenue of 370.27 billion in 2025, increasing to 462.80 billion in 2026 [63] - CATL is expected to see significant growth, with projected revenues of 4226.04 billion in 2025 and 5349.47 billion in 2026 [63]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes that the carbon quota for enterprises is linked to output without a total cap on emissions, indicating a dynamic adjustment mechanism based on production levels [9][10] - The report highlights the ongoing empowerment of Longjing Environmental Protection by Zijin Mining, with significant shareholding increases and stable management [13][14] - The report identifies a strong performance in the waste incineration sector, with capital expenditures decreasing and cash flow improving, leading to increased dividends [17][18] - The water service sector is seen as the next growth area, with marketization and cash flow improvements expected to drive performance [20][21] - The report notes a significant increase in sales of new energy sanitation vehicles, indicating a growing market penetration [22] Summary by Sections Industry News - The Ministry of Ecology and Environment has linked carbon quotas to enterprise output without setting an absolute cap on emissions, with a focus on performance ranking for 2025 [9] - Longjing Environmental Protection has seen significant shareholding increases from Zijin Mining, enhancing its operational capabilities [13][14] - The waste incineration sector is experiencing improved cash flow and dividend payouts due to reduced capital expenditures [17][18] - The water service sector is expected to benefit from market reforms and improved cash flow, positioning it for growth similar to the waste incineration sector [20][21] - Sales of new energy sanitation vehicles have increased by 61.32%, with market penetration rising to 18.02% [22] Company Tracking - Longjing Environmental Protection's new projects in green electricity and energy storage are expected to contribute significantly to its growth [14][15] - The report tracks the performance of various companies in the waste management sector, highlighting improved cash flow and dividend potential [17][18] - The water service companies are noted for their stable performance and high dividend payouts, with expectations for increased cash flow in the coming years [20][21] Market Performance - The report provides insights into the performance of the environmental protection sector, noting a positive trend in stock performance and market interest [3][4]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600388 | 龙净坏保 | 15.40 | -2.59% | 24.64万 | 3.82亿 | | 688501 | 青达环保 | 27.90 | -1.13% | 1.48万 | 4112.10万 | | 300203 | 聚光科技 | 15.36 | -1.09% | 4.75万 | 7285.79万 | | 000820 | *ST节能 | 3.47 | -0.29% | 1 9.45万 | 3294.73万 | | 688376 | 美埃科技 | 44.43 | 0.00% | 7515.62 | 3334.27万 | | 920145 | 恒合股份 | 23.57 | 0.04% | 4883.89 | 1142.46万 | | 301030 | 仕浄科技 | 14.11 | 0.07% | 2.41万 | 3382.77万 | | 002658 | 雪迪龙 | 8.37 | 0.12% | 10.91万 | 9107.62万 | | ...

Core Points - The stock price of Longking Environmental Protection has decreased by 2.02% on November 28, trading at 15.49 CNY per share with a market capitalization of 19.673 billion CNY [1] - The company has seen a year-to-date stock price increase of 25.22%, with a recent 5-day increase of 1.18%, a 20-day decrease of 8.07%, and a 60-day increase of 24.42% [1] - Longking Environmental Protection's main business includes dust removal, desulfurization, denitrification, material transportation, desulfurization operation, and power plant engineering contracting [1] Financial Performance - For the period from January to September 2025, Longking Environmental Protection achieved operating revenue of 7.858 billion CNY, representing a year-on-year growth of 18.09%, and a net profit attributable to shareholders of 780 million CNY, up 20.53% year-on-year [2] - The company has distributed a total of 3.184 billion CNY in dividends since its A-share listing, with 763 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders of Longking Environmental Protection is 44,400, with an average of 28,630 circulating shares per person [2] - Notable changes in institutional holdings include a decrease of 11.7526 million shares held by Guangfa Multi-Factor Mixed Fund, while Hong Kong Central Clearing Limited has entered as a new major shareholder with 10.8506 million shares [3]

Core Viewpoint - The energy storage industry continues to experience high demand, with a significant increase in orders for energy storage cells, leading to a situation where supply cannot meet demand, indicating a transition from "scale expansion" to "quality and efficiency improvement" in the industry [1][2]. Group 1: Market Demand and Supply - The energy storage cell market is currently characterized by strong supply and demand, with leading companies extending order schedules into next year [1]. - Companies like Longjing Environmental Protection have reported full orders, with production schedules extending to June 2026, and are planning to increase capacity to meet the "one cell hard to find" demand [1]. - Huizhou EVE Energy has also confirmed full production status and has achieved mass production of large cells, maintaining a strong market share [1][2]. Group 2: Upstream Material Production - Upstream material companies are experiencing high production levels due to strong demand from downstream power and energy storage batteries [2]. - Companies such as Hunan YN Energy and Guizhou Anda Technology have reported being at full production capacity [2]. - The demand for phosphate cathode materials is expected to continue growing, driven by both power and energy storage batteries [2]. Group 3: Competitive Strategies - Companies are focusing on technological upgrades and innovative models to strengthen their competitive advantages [3]. - Longjing Environmental Protection plans to implement lean production and cost-reduction measures to cope with industry competition, with a reported gross margin of approximately 10% for energy storage cells [3]. - Strategic long-term partnerships are becoming crucial for stable supply chain development, as seen in the ten-year agreement between Haibo Sichuang and CATL [3]. Group 4: Industry Trends and Recommendations - The energy storage industry is advised to avoid falling into low-price competition by enhancing industry self-discipline and promoting procurement based on "optimal value" rather than "lowest price" [4]. - There is a need for differentiation in technology and products to improve the usable capacity and cost performance of energy storage systems [4]. - Accelerating international expansion and certification processes is essential for participating in global competition [4].

Industry News - The China Insurance Industry Association issued a risk warning regarding the "Anwo Stock Insurance" business, stating that it is not an approved insurance product and that stock investment losses are not insurable. The platform's activities may involve illegal financial operations [6]. - Beijing's Internet Information Office and the Beijing Financial Regulatory Bureau launched a three-month campaign to address six types of online financial misconduct, focusing on misleading public information and illegal financial services [7]. - The Ministry of Industry and Information Technology and five other departments released a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [7]. - The Ministry of Natural Resources announced breakthroughs in the efficient extraction of low-grade rare metals from coal, aluminum, copper, lead, and zinc ores, with significant improvements in recovery rates for various metals [7]. - The first hydrogen refueling station in China utilizing underground hydrogen storage technology has been operational for over 1500 days, supplying over 400 tons of hydrogen, marking a significant advancement in high-pressure underground hydrogen storage technology [8]. Company News - Dongwei Technology announced a significant increase in PCB plating equipment orders, driven by rapid growth in the PCB and memory sectors, with expected record-high order amounts this year [11]. - North University Pharmaceutical stated that related flu medications have not yet been produced or sold, and this will not impact the company's performance for a considerable time [12]. - *ST Dongtong disclosed that its annual reports from 2019 to 2022 contained false records and has received a notice of termination of listing [13]. - Debang Technology's largest shareholder, the National Big Fund, reduced its stake by 2% between September 11 and October 16, completing its reduction plan [13]. - Muxi Co., Ltd. plans to issue 40.1 million shares, with the initial strategic placement of 8.02 million shares, and the subscription date set for December 5, 2025 [15].