Core Insights - The environmental equipment sector experienced a decline of 0.46% on November 26, with Jiuwu Gaoke leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Environmental Equipment Sector Performance - Jiuwu Gaoke (300631) saw a significant drop of 3.74%, closing at 29.06 with a trading volume of 62,900 shares and a transaction value of 185 million [2] - Other notable declines included Guolin Technology (300786) down 3.59% and ST Qingyan (301288) down 2.64% [2] - The sector's main funds experienced a net outflow of 31.08 million, while retail investors saw a net outflow of 5.30 million [2][3] Fund Flow Analysis - Dragon Environmental (600388) had a net inflow of 23.66 million from main funds, but a net outflow of 26.78 million from retail investors [3] - The overall trend showed that while main funds were selectively investing, retail investors were withdrawing from several stocks in the sector [3] - The data indicates a mixed sentiment among different investor types, with main funds showing interest in specific stocks while retail investors were more cautious [3]

Core Viewpoint - Longi Environmental (600388.SH) has a full order book for energy storage cells, with production schedules extending to June 2026 [1] Group 1: Financial Performance - The gross margin for energy storage cells in the third quarter is approximately 10% [1] - The company plans to reduce production costs through lean manufacturing, increasing production quality, and technological cost reduction to address low-price competition in the industry [1] Group 2: Project Updates - The Suriname 25MW solar-storage project has been completed and is currently in the debugging phase [1] - The second phase of the Guyana 31.4MW solar-storage project is expected to achieve full capacity generation by December of this year [1] - Other ongoing overseas projects include the Kailangeng Hydropower 140MW + Solar 60MW project and the Ivory Coast 34MW solar-storage project [1]

龙净环保管理层在今日下午举行的业绩说明会上表示，公司当前储能电芯订单饱满，排产期已至2026年 6月。 ...

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and Renewable Energy Key Points Shareholder Dynamics - Zijin Mining fully subscribed to Longking Environmental's 2 billion yuan private placement, increasing its shareholding from 25% to nearly 34%, providing significant financial support and accelerating future funding capabilities [2][3] Green Energy Business Performance - In the first three quarters of 2025, Longking Environmental's green energy business net profit reached 170 million yuan, significantly higher than the previous year's total of 70-80 million yuan [2][8] - The Lagocuo Salt Lake photovoltaic project contributed notably, with expected unit profitability exceeding 500 million yuan per megawatt [9] - New projects, including the Mamito Salt Lake photovoltaic and the Congo hydropower station, are anticipated to drive future performance growth [2][9] Storage and Emerging Business Areas - Longking Environmental is actively recovering its storage business, achieving a turnaround in profitability in 2025, with total battery cell deliveries of 5.9 GWh from January to September [6][12] - The company is exploring new fields such as mining new energy, green electricity, and wall-climbing robots, providing certainty for growth over the next three years [6] Environmental Protection Sector - The environmental protection segment serves as a stabilizer for the company, contributing stable and predictable performance [10] - In 2025, new orders in this sector reached 7.6 billion yuan, with a year-on-year growth of 11%, and the backlog of orders stood at 19.7 billion yuan, sufficient to support two years of performance confirmation [15] Future Growth and Valuation - Zijin Mining aims to achieve a 30% self-supply rate of green electricity by 2030, with a demand for approximately 7 GW of green energy installations [11] - Longking Environmental's current valuation is not fully recognized by the market, particularly for specific projects like mining green electricity, which have higher profitability than average [7] - Overall profit for 2025 is expected to exceed 1.1 billion yuan, with projections for 2026 and 2027 reaching 1.0-1.5 billion yuan and 1.6-1.7 billion yuan, respectively [16] Equipment Business Developments - The equipment business includes mining heavy trucks, mining equipment, and wall-climbing robots, with successful deliveries already made [14] - Partnerships with companies like Hunan Chuangyuan and Jitai Intelligent are expected to become significant growth points in the future [14] Conclusion - Longking Environmental is positioned for strong growth in the green energy sector, supported by significant shareholder investment and a stable environmental protection business. The company is exploring new technologies and markets, which could enhance its profitability and market valuation in the coming years.

Investment Rating - The report maintains a "Buy" rating for the companies involved in the environmental protection industry, particularly highlighting the strategic moves of specific firms like High Energy Environment and Longjing Environmental Protection [1][16][21]. Core Views - The report emphasizes the implementation of carbon emission quota schemes for the steel, cement, and aluminum industries, which is expected to enhance the demand for carbon monitoring and management solutions [6][12]. - It highlights the strategic acquisitions by High Energy Environment in the mining sector, which are anticipated to open new growth avenues through resource collaboration [13][16]. - Longjing Environmental Protection is noted for its capital increase from Zijin Mining, which is expected to accelerate its growth in green electricity and energy storage sectors [19][20]. Summary by Sections Industry News - The Ministry of Ecology and Environment has issued carbon emission quota plans for 2024 and 2025 for the steel, cement, and aluminum industries, establishing a comprehensive carbon quota system [8][9]. - The report discusses the significant increase in sales of new energy sanitation vehicles, with a year-on-year growth of 61.32% and a penetration rate of 18.02% [29]. Company Specifics - High Energy Environment is strategically advancing into the mining sector, acquiring stakes in three mining companies, which is expected to enhance its resource collaboration and open a second growth curve [13][16]. - Longjing Environmental Protection has received a cash injection from Zijin Mining through a private placement, which is expected to enhance its financial structure and support growth in its green energy and storage segments [19][20][21]. Financial Performance - The report indicates that the solid waste sector is experiencing improved cash flow and profitability, with a notable increase in free cash flow and dividend payouts expected [23][24]. - The water service sector is projected to see significant improvements in cash flow and dividend potential, with ongoing price reforms expected to enhance revenue stability [26][28]. Market Trends - The report notes a shift towards market-oriented operations in the water sector, with companies like Yuehai Investment and Hongcheng Environment expected to maintain high dividend payouts [26][28]. - The sanitation equipment market is witnessing a robust increase in new energy vehicle sales, indicating a growing trend towards sustainable practices in waste management [29].

智通财经APP讯，龙净环保(600388.SH)公告，截至2025年11月21日，龙岩国投通过集中竞价交易方式累 计增持公司A股股份745.42万股，占公司总股本的0.59%，对应增持金额1.2亿元(不含交易费用)。 ...

龙净环保（600388）(600388.SH)公告，截至2025年11月21日，龙岩国投通过集中竞价交易方式累计增 持公司A股股份745.42万股，占公司总股本的0.59%，对应增持金额1.2亿元(不含交易费用)。 ...

格隆汇11月21日丨龙净环保(600388.SH)公布，截至2025年11月21日，龙岩国投通过集中竞价交易方式 累计增持公司A股股份7,454,200股，占公司总股本的0.59%，对应增持金额12,009.86万元（不含交易费 用）。 ...

证券代码：600388 证券简称：龙净环保 公告编号：2025-081 福建龙净环保股份有限公司 关于持股 5%以上股东增持公司股份进展情况的公告 本公司董事会、全体董事及相关股东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： 增持计划：自 2025 年 6 月 10 日起 12 个月内，福建龙净环保股份有限公 司（以下简称"公司"）持股 5%以上股东龙岩市国有资产投资经营有限公司（以 下简称"龙岩国投"）及其一致行动人龙岩市华盛企业投资有限公司（以下简称 "华盛投资"）拟通过上海证券交易所交易系统以集中竞价交易方式增持公司 A 股股份，增持总金额不低于人民币 1.175 亿元，不超过人民币 2.35 亿元（以下简 称"本次增持计划"）。本次增持计划的有关情况详见公司于 2025 年 6 月 10 日 披露的《关于持股 5%以上股东及其一致行动人以专项贷款及自有资金增持公司 股份计划的公告》（公告编号：2025-045）。 增持计划的实施进展：截至 2025 年 11 月 21 日，龙岩国投通过集中竞价 交易方式累计增持公司 A 股 ...

龙净环保公告，截至2025年11月21日，持股5%以上股东龙岩国投已通过集中竞价累计增持A股745.42万 股，占总股本0.59%，增持金额1.2亿元。增持后龙岩国投持股1.08亿股，占8.49%；与一致行动人华盛 投资合计持股1.09亿股，占8.59%。此前二者计划于2025年6月10日至2026年6月9日增持金额人民币1.18 亿元至2.35亿元。 ...