Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Market Overview - On January 30, the environmental equipment sector rose by 0.09% compared to the previous trading day, with Hengyu Environmental leading the gains [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Hengying Environmental (688309) closed at 31.60, up 12.06% with a trading volume of 58,100 shares and a transaction value of 175 million yuan [1] - Other notable performers included Meiyu Technology (688376) with a closing price of 69.02, up 2.77%, and Lihua Technology (300800) at 12.69, up 2.59% [1] - The table of stock performance shows various companies in the environmental equipment sector with their respective closing prices, percentage changes, trading volumes, and transaction values [1] Capital Flow - The environmental equipment sector experienced a net outflow of 124 million yuan from institutional investors, while retail investors saw a net inflow of 151 million yuan [2] - The capital flow table indicates the net inflow and outflow for various stocks within the sector, highlighting the dynamics between institutional and retail investors [2][3] Individual Stock Analysis - Yinfeng Environment (000967) had a net inflow of 28.08 million yuan from institutional investors, while Hengying Environmental (688309) saw a net inflow of 18.60 million yuan [3] - Conversely, Huahong Technology (002645) faced a significant decline of 10.00%, with a trading volume of 323,900 shares and a transaction value of 507 million yuan [2][3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600388 证券简称：龙净环保 公告编号：2026-003 福建龙净环保股份有限公司 公司会同相关中介机构对《审核问询函》所列问题进行了认真研究和逐项落实，并按《审核问询函》要 求对有关问题进行了说明和论证分析，现根据要求对《审核问询函》回复进行公开披露，具体内容详见 同日在上海证券交易所网站（www.sse.com.cn）刊登的《关于福建龙净环保股份有限公司向特定对象发 行股票申请文件的审核问询函的回复报告》。 公司本次向特定对象发行A股股票事项尚需上交所审核通过，并获得中国证券监督管理委员会（以下简 称"中国证监会"）做出同意注册的决定后方可实施。最终能否通过上交所审核，并获得中国证监会同意 注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情况，严格按照有关法律法规的规定和 要求及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 福建龙净环保股份有限公司 董 事 会 2026年1月30日 MACD金叉信号形成，这些股涨势不错！ 关于向特定对象发行股票申请文件的审核问询函 回复的提示性公告 本公司董事会及全体董事保证本公告内容 ...

福建龙净环保股份有限公司（证券简称：龙净环保，证券代码：600388）近日发布了关于2025年度向特 定对象发行A股股票申请文件审核问询函的回复报告。公司拟通过定向增发募集不超过20亿元资金，全 部用于补充流动资金，控股股东紫金矿业将以现金方式全额认购。 紫金矿业全额认购 巩固控股地位并支持新能源战略 根据回复报告，本次定增的发行对象为公司控股股东紫金矿业，发行价格为11.91元/股，不低于定价基 准日前二十个交易日公司股票交易均价的80%。紫金矿业拟认购数量不超过167,926,112股，占发行前公 司总股本的30%。以20亿元募集资金总额计算，本次发行完成后，紫金矿业及其一致行动人持有公司股 份的比例将从25.00%提升至33.76%。 在应收账款方面，截至2025年9月30日，公司应收账款账面价值为407,275.03万元，占当期营业收入比例 为38.87%。公司表示，环保业务板块应收账款占比增加主要受下游钢铁、水泥等行业景气度下降影 响，新能源业务板块则主要受部分海外项目因外汇管制回款较慢影响。公司应收账款坏账准备计提比例 整体高于同行业可比公司，计提充分。 存货方面，截至2025年9月30日，公司存 ...

补 充 法 律 意 见 书 关于福建龙净环保股份有限公司 2025 年度向特定对象发行人民币普通股(A 股)股票并上市的 （之一） 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：www.zenithlawyer.com 福建至理律师事务所 在本补充法律意见书中，除非另有说明，所使用的简称、术语、定义与《法 7-3-1 律意见书》中使用的简称、术语和定义具有相同的含义，本所在《法律意见书》 中声明的事项适用于本补充法律意见书。 根据《中华人民共和国公司法》《中华人民共和国证券法》等相关法律、法 规的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，本所律师 现就本次发行事宜出具本补充法律意见书如下： 关于福建龙净环保股份有限公司 2025 年度向特定对象发行人民币普通股(A 股)股票并上市的 补充法律意见书(之一) 闽理非诉字〔2026〕第 2025226-2 号 致：福建龙净环保股份有限公司 根据福建龙净环保股份有限公司（以下简称发行人、公司、上市公司或龙净 环保）与福建至 ...

福建龙净环保股份有限公司 关于向特定对象发行股票申请文件的审核问询函 回复的提示性公告 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。 福建龙净环保股份有限公司（以下简称"公司"）收到上海证券交易所（以 下简称"上交所"）于 2026 年 1 月 16 日出具的《关于福建龙净环保股份有限公 司向特定对象发行股票申请文件的审核问询函》（上证上审（再融资）【2026】 20 号，以下简称《审核问询函》）。 公司会同相关中介机构对《审核问询函》所列问题进行了认真研究和逐项落 实，并按《审核问询函》要求对有关问题进行了说明和论证分析，现根据要求对 《审核问询函》回复进行公开披露，具体内容详见同日在上海证券交易所网站 （www.sse.com.cn）刊登的《关于福建龙净环保股份有限公司向特定对象发行股 票申请文件的审核问询函的回复报告》。 公司本次向特定对象发行 A 股股票事项尚需上交所审核通过，并获得中国 证券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后方可实 施。最终能否通过上交所审核，并获得中国证监会同意注册的决定 ...

关于福建龙净环保股份有限公司 向特定对象发行股票申请文件的审核问 询函有关财务会计问题的专项说明 容诚专字[2026]361Z0057号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn 容诚会计师事务所（特殊普通合伙） 关于福建龙净环保股份有限公司向特定对象 发行股票申请文件的审核问询函有关财务会计问题的专项说明 容诚专字[2026]361Z0057号 上海证券交易所： 福建龙净环保股份有限公司（以下简称"龙净环保""发行人"或"公 司"）于 2026 年 1 月 16 日收到上海证券交易所（以下简称"上交所"）出 具的《关于福建龙净环保股份有限公司向特定对象发行股票申请文件的审核问 询函》（上证上审（再融资）〔2026〕20 号）（以下简称"问询函"），容 诚会计师事务所（特殊普通合伙）（以下简称"申报会计师"或"本所"）作 为公司本次向特定对 ...

证券简称：龙净环保 证券代码：600388 （福建省龙岩市新罗区工业中路 19 号） 关于福建龙净环保股份有限公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复报告 保荐机构（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 上海证券交易所： 根据贵所于 2026 年 1 月 16 日出具的上证上审（再融资）〔2026〕20 号《关 于福建龙净环保股份有限公司向特定对象发行股票申请文件的审核问询函》（以 下简称"审核问询函"）的要求，福建龙净环保股份有限公司（以下简称"公司"、 "上市公司"、"龙净环保"或"发行人"）会同广发证券股份有限公司（以下 简称"广发证券"或"保荐机构"）、福建至理律师事务所（以下简称"发行人 律师"）、容诚会计师事务所（特殊普通合伙）（以下简称"申报会计师"）， 本着勤勉尽责、诚实守信的原则，就审核问询函所提问题逐项进行认真讨论、核 查与落实，现回复如下，请予以审核。 如无特别说明，本回复报告中使用的简称或名词释义与《福建龙净环保股份 有限公司 2025 年度向特定对象发行 A 股股票募集说明书（申报稿）》（以下简 称"募集说明书"） ...

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection Equipment, focusing on air pollution control in both power and non-power sectors - **Market Position**: Leading company with stable market share, primarily in the thermal power auxiliary equipment sector, accounting for 60%-70% of orders [2][3] Key Points and Arguments Business Performance - Longking Environmental's main business is air pollution control, with stable growth expected to maintain profits above 1 billion [3] - The company has a strong order backlog, with approved projects set to be operational by 2027, ensuring revenue certainty for the coming years [2][3] Green Energy Initiatives - Following the acquisition by Zijin Mining, Longking has introduced a green electricity direct connection business, becoming the only smart green electricity player in the market [2][4] - Zijin Mining aims to increase its green energy usage to over 50%, creating significant growth opportunities for Longking, with projected profits exceeding 1 billion and a market value of over 15 billion from current projects [6][4] Mining Card Business - The mining card business is in its early stages, with Zijin Mining requiring 500 units annually. Longking anticipates shipping 100 units by 2026, which could contribute 500 million in profits if demand is met [7] Historical Development and Export Growth - Longking was established in the 1970s, initially importing GE equipment and later achieving full domestic production by 1993, becoming the top brand in the industry [8] - The company has seen stable growth in orders and is entering a high-growth phase, with rapid expansion in export business driven by increasing demand for air pollution control in high-energy-consuming industries [9] Market Confidence and Investment Recommendations - Zijin's share purchase prices indicate market confidence, with significant support levels around 12-16 yuan [10] - Longking is viewed as a stable growth company with substantial potential, suggesting that long-term investors should consider buying during market corrections for better returns [10] Green Electricity Project Viability - Tibet is identified as the most suitable region for green electricity projects due to high electricity costs and weak grid infrastructure, making solar and storage projects economically viable [11] - Zijin Mining has several profitable green electricity projects in Tibet and the Democratic Republic of Congo, with high return rates [12] Future Outlook - Zijin Mining's future prospects are optimistic, with expectations that its new energy business profits will surpass traditional business profits by 2027 or 2029 [14] - The company anticipates a minimum market value of 25 billion, potentially reaching over 50 billion as green projects come online [15]