Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1] Core Insights - The report emphasizes the importance of Sustainable Aviation Fuel (SAF) as the only viable solution for aviation decarbonization, highlighting the scarcity and value of waste oil resources during the SAF expansion cycle [14][15] - The environmental protection sector is expected to experience significant growth driven by policy support and market dynamics, particularly in waste management and renewable energy [20][21] Industry Trends - The 2026 ecological and environmental work conference set the tone for the industry's upgrade, focusing on source governance and modern monitoring systems [10][11] - The SAF market is projected to see a substantial increase in demand, with the EU mandating a gradual increase in SAF blending ratios from 2% in 2025 to 70% by 2050 [15][16] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a projected growth rate of 70.9% in 2025 [26] Company Recommendations - Key companies recommended for investment include: - Hanlan Environment - Longjing Environmental Protection - Green Power - Everbright Environment - Weiming Environmental Protection - Yuhua Investment - Jinfeng Energy [4] - Companies to watch include: - Dayu Water Saving - Lian Tai Environmental Protection - Wangneng Environment [4] Market Dynamics - The report highlights the increasing value of waste oil resources, driven by the rising demand for SAF and the expansion of production capacity [18] - The report indicates that the price of SAF is expected to rise significantly due to supply constraints, with potential profitability for SAF producers [15][18] Strategic Focus - The report outlines three main strategic focuses for 2026: 1. Value and growth resonance driven by marketization and efficiency improvements in waste management [20] 2. Quality growth through second curve development and AI empowerment in sanitation [22] 3. Carbon neutrality initiatives, emphasizing the importance of renewable resources and waste resource utilization [24]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - Environmental companies are actively expanding into upstream mining sectors to create a second growth curve, leveraging synergies between resource control and environmental services [3][18]. - The integration of environmental and mining operations is expected to enhance resource security, optimize costs, and improve compliance with environmental regulations [18]. - The report highlights specific companies such as GaoNeng Environment, BeiJieTe, and LongJing Environment as key players in this strategic shift towards mining [19][20][25]. Market Performance - As of January 16, the environmental sector saw a 0.3% increase, outperforming the broader market, which declined by 0.45% [10]. - Sub-sectors within the environmental industry showed varied performance, with water treatment and environmental equipment sectors performing well, while air treatment and resource recovery sectors faced declines [13][16]. Industry Dynamics - Recent regulatory developments include the issuance of guidelines for the recycling and utilization of used batteries from electric vehicles, aimed at establishing a comprehensive management system [29]. - The report discusses the importance of industrial green microgrid construction as a means to promote low-carbon transitions in industrial energy use [30]. Company Announcements - GaoNeng Environment announced the acquisition of a 45.2% stake in three mining companies, gaining exploration rights to several gold mines with a total proven gold content of 4,474 kg [19]. - BeiJieTe has secured mining rights for copper and lithium in Xinjiang, aligning with national policies promoting ecological restoration and green development [20][21]. - LongJing Environment is focusing on green mining and new energy equipment, leveraging its relationship with Zijin Mining to enhance its project capabilities [25]. Investment Recommendations - The report suggests that the "14th Five-Year Plan" will sustain high demand for energy conservation and environmental protection, with water and waste incineration sectors expected to see stable profitability [53]. - Key recommendations include companies like HanLan Environment, XingRong Environment, and HongCheng Environment, with additional attention on companies such as WangNeng Environment and JinYuan Co [53].

Core Viewpoint - The report highlights a decline in the production of air pollution control equipment in China, indicating potential challenges for the industry in the coming years [1]. Industry Summary - According to the National Bureau of Statistics, the production of air pollution control equipment in China is projected to be 30,000 units in November 2025, representing a year-on-year decrease of 4.9% [1]. - Cumulatively, from January to November 2025, the total production of air pollution control equipment reached 294,000 units, marking a significant decline of 14.9% compared to the previous year [1]. Company Summary - Listed companies in the air pollution control sector include Longjing Environmental Protection (600388), Qingxin Environment (002573), Fida Environmental Protection (600526), Xuelang Environment (300385), China Electric Environmental Protection (300172), and Yongqing Environmental Protection (300187) [1]. - The report by Zhiyan Consulting provides insights into the market supply and demand dynamics of the air pollution control equipment industry in China from 2026 to 2032, highlighting investment potential [1].

Group 1 - The core point of the news is that Longking Environmental Protection Co., Ltd. has experienced a decline in stock price, dropping 1.52% to 15.56 CNY per share, with a total market value of 19.762 billion CNY and a cumulative decline of 6.1% over the past five days [1] - Longking Environmental Protection was established on February 23, 1998, and listed on December 29, 2000. The company specializes in dust removal, desulfurization, denitrification, material transportation, desulfurization operation, and power plant engineering contracting [1] - The revenue composition of Longking Environmental Protection includes 64.93% from environmental equipment manufacturing, 24.59% from new energy business, 7.34% from project operation income, 2.27% from other sources, and 0.87% from soil remediation [1] Group 2 - From the perspective of fund holdings, the Southern Fund has a significant position in Longking Environmental Protection, with the Southern CSI Yangtze River Protection Theme ETF holding 2.11% of its net value in the stock, ranking as the ninth largest holding [2] - The Southern CSI Yangtze River Protection Theme ETF has a current scale of 1.697 billion CNY and has reported a year-to-date return of 4.23%, ranking 2873 out of 5520 in its category [2] - The fund has experienced a floating loss of approximately 239.6 thousand CNY during the five-day decline period [2]

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].

Core Viewpoint - The report highlights significant developments in the utility sector, including the operational commencement of the Zhangzhou Nuclear Power Unit 2 and the establishment of green electricity direct connection projects in Shandong and Hubei, which are expected to enhance clean energy supply and reduce production costs in the hydrogen sector [2][4]. Electricity and Coal Prices - The national average grid purchase electricity price is projected to decrease by 8% year-on-year by January 2026 [3]. - As of January 9, 2026, the price of thermal coal at Qinhuangdao for 5500 kcal is 699 yuan per ton, reflecting a week-on-week increase of 17 yuan [3]. Power Generation and Consumption - Total electricity consumption from January to November 2025 reached 9.46 trillion kilowatt-hours, representing a year-on-year increase of 5.2% [3]. - Cumulative power generation during the same period was 8.86 trillion kilowatt-hours, showing a year-on-year growth of 2.4% [3]. - The breakdown of power generation by source indicates a decline in thermal power by 0.7%, while hydropower, nuclear power, wind power, and solar power saw increases of 2.7%, 8.1%, 9.6%, and 24.8% respectively [3]. New Projects and Developments - The Zhangzhou Nuclear Power Unit 2 commenced commercial operation on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kilowatt-hours of clean energy annually [2]. - The green electricity direct connection project in Shandong involves a new lithium battery manufacturing base with an annual electricity consumption of 500 million kilowatt-hours and a total scale of 345 MW of renewable energy facilities [2]. - In Hubei, a green hydrogen factory is set to utilize a photovoltaic system on abandoned slopes, aiming to reduce production costs and enhance competitiveness in hydrogen applications [2]. Investment Recommendations - The report suggests focusing on companies in the renewable energy sector, particularly those involved in green electricity and nuclear power, as the market conditions are becoming favorable for high-quality development [4]. - Key recommendations include Dragon Power (001289), Zhongmin Energy (600163), and China Nuclear Power (601985), among others, indicating a positive outlook for these companies based on their growth potential and market positioning [4].

2026年第一次临时股东会决议公告 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。 重要内容提示： 证券代码：600388 证券简称：龙净环保 公告编号：2026-002 福建龙净环保股份有限公司 1、公司在任董事12人，出席12人； (一)非累积投票议案 ■ （四）表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，公司董事长谢雄辉先生主持会议。会议采用现场投票和网络投票相结合的 表决方式。本次会议的召集、召开符合《公司法》和《公司章程》的有关规定。 （五）公司董事和董事会秘书的出席情况 1、议案名称：《关于预计年度日常关联交易的议案》 审议结果：通过 表决情况： ■ 议案回避情况：公司控股股东紫金矿业集团股份有限公司及其子公司紫金矿业集团资本投资有限公司、 紫金矿业投资（上海）有限公司回避表决。 2、议案名称：《关于为子公司提供综合授信担保的议案》 审议结果：通过 ● 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2026年1月12日 （二）股东会召开 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The commercial operation of the Zhangzhou Nuclear Power Unit 2 commenced on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kWh of clean electricity annually [4] - The first green electricity direct connection project in Shandong and Hubei has been approved, with a total scale of 345 MW of new energy facilities, including 75 MW of wind power and 270 MW of photovoltaic power [4] - The average national grid purchase price of electricity in January 2026 decreased by 8% year-on-year [4] - The price of thermal coal at Qinhuangdao port increased by 17 RMB per ton week-on-week, reaching 699 RMB per ton as of January 9, 2026, a year-on-year decrease of 8.98% [4][43] - The inflow and outflow of the Three Gorges Reservoir showed a decrease in inflow by 6.3% and an increase in outflow by 7.2% as of January 9, 2026 [4][50] Industry Data Tracking - Electricity Consumption: In the first eleven months of 2025, total electricity consumption reached 9.46 trillion kWh, a year-on-year increase of 5.2% [12] - Power Generation: Cumulative power generation in the first eleven months of 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [22] - Installed Capacity: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [44] - Hydropower: The cumulative installed capacity of hydropower reached 440 million kW, with a year-on-year increase of 3.0% [54]

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]

Group 1 - The company Longjing Environmental Protection announced the approval of several key proposals at its first extraordinary shareholders' meeting of 2026, including the expected annual routine related party transactions [2] - The company also approved a proposal to provide comprehensive credit guarantees for its subsidiaries [2] - Additionally, the board and senior management's compensation management system was reviewed and approved [2]