证券日报网讯龙净环保（600388）11月14日在互动平台回答投资者提问时表示，公司目前已投运的电站 规模超1.1GW，在建项目超700MW，规划新增项目请关注公司后续相关公告。 ...

Core Viewpoint - Longking Environmental experienced a stock price decline of 2.15% on November 14, with a current price of 15.96 CNY per share and a market capitalization of 20.27 billion CNY [1] Company Performance - Longking Environmental's stock price has increased by 29.02% year-to-date, but has decreased by 6.39% over the last five trading days. The stock has seen a 5.63% increase over the past 20 days and a 28.50% increase over the past 60 days [2] - For the period from January to September 2025, Longking Environmental reported revenue of 7.858 billion CNY, representing a year-on-year growth of 18.09%. The net profit attributable to shareholders was 780 million CNY, reflecting a year-on-year increase of 20.53% [2] Business Segments - The company's main business segments include: - Environmental equipment manufacturing (64.93%) - New energy business (24.59%) - Project operation revenue (7.34%) - Other (2.27%) - Soil remediation (0.87%) [2] Shareholder Information - As of September 30, 2025, Longking Environmental had 44,400 shareholders, a slight increase of 0.04% from the previous period. The average circulating shares per person decreased by 0.04% to 28,630 shares [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] Institutional Holdings - As of September 30, 2025, the sixth largest circulating shareholder is GF Multi-Factor Mixed Fund, holding 28.47 million shares, a decrease of 11.75 million shares from the previous period. Hong Kong Central Clearing Limited is a new ninth largest shareholder with 10.85 million shares [3]

Market Overview - The environmental equipment sector experienced a decline of 1.1% on November 12, with Longjing Environmental leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the environmental equipment sector included: - Henghe Co., Ltd. (Code: 920145) with a closing price of 25.99, up 3.92% [1] - ST Xianhe (Code: 300137) with a closing price of 8.42, up 2.68% [1] - Xuedilong (Code: 002658) with a closing price of 9.80, up 2.62% [1] - Major decliners included: - Longjing Environmental (Code: 600388) with a closing price of 16.44, down 3.35% [2] - Jiuwu Gaoke (Code: 300631) with a closing price of 29.38, down 2.78% [2] - Guolin Technology (Code: 300786) with a closing price of 16.07, down 2.49% [2] Capital Flow - The environmental equipment sector saw a net outflow of 227 million yuan from institutional investors, while retail investors contributed a net inflow of 169 million yuan [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with notable figures for: - Chuangyuan Technology (Code: 000551) with a net inflow of 17.96 million yuan from institutional investors [3] - ST Xianhe (Code: 300137) with a net outflow of 13.79 million yuan from retail investors [3]

截至9月30日，龙净环保股东户数4.44万，较上期增加0.04%；人均流通股28630股，较上期减少0.04%。 2025年1月-9月，龙净环保实现营业收入78.58亿元，同比增长18.09%；归母净利润7.80亿元，同比增长 20.53%。 分红方面，龙净环保A股上市后累计派现31.84亿元。近三年，累计派现7.63亿元。 龙净环保今年以来股价涨34.52%，近5个交易日跌0.24%，近20日涨9.62%，近60日涨36.06%。 资料显示，福建龙净环保股份有限公司位于福建省龙岩市新罗区工业中路19号，成立日期1998年2月23 日，上市日期2000年12月29日，公司主营业务涉及除尘、脱硫、脱硝、物料输送、脱硫运营、电站工程 总包等。主营业务收入构成为：环保设备制造64.93%，新能源业务24.59%，项目运营收入7.34%，其他 (补充)2.27%，土壤修复0.87%。 龙净环保所属申万行业为：环保-环保设备Ⅱ-环保设备Ⅲ。所属概念板块包括：绿色电力、生态林业、 海上风电、风能、土壤修复等。 11月12日，龙净环保盘中下跌2.18%，截至13:14，报16.64元/股，成交1.27亿元，换手率0.59% ...

Group 1 - The core viewpoint of the article emphasizes the integration of coal mining and renewable energy, advocating for the development of photovoltaic and wind power industries in mining areas [1] - The report highlights the importance of electrification transformation in key areas and encourages the construction of smart microgrids in mining regions [1] - It suggests orderly development of green electricity direct connection and aims to deeply explore the potential for green electricity consumption in the mining industry [1] Group 2 - The report indicates that the demand for new energy in mining is expected to expand from coal mining to other mining sectors [1] - It specifically recommends Longjing Environmental Protection (600388.SH) as a key investment opportunity [1] - Additionally, it suggests paying attention to high-quality green electricity operators such as Longyuan Power (00916) and Three Gorges Energy (600905.SH) [1]

Market Overview - The environmental equipment sector rose by 0.07% on November 10, with *ST Jieneng leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - *ST Jieneng (000820) closed at 3.36, with a gain of 5.00% and a trading volume of 151,700 shares, amounting to a transaction value of 50.44 million yuan [1] - Qingda Environmental (688501) closed at 27.28, up 4.16%, with a trading volume of 19,500 shares and a transaction value of 52.61 million yuan [1] - Zhongcai Energy (603126) saw a 3.20% increase, closing at 7.75 with a trading volume of 256,300 shares [1] - Xuedilong (002658) closed at 9.73, up 3.18%, with a significant trading volume of 1.1343 million shares, resulting in a transaction value of 1.133 billion yuan [1] Fund Flow Analysis - The environmental equipment sector experienced a net outflow of 98.88 million yuan from institutional funds, while retail investors saw a net inflow of 128 million yuan [2] - The main funds showed varied net inflows and outflows across different stocks, with Longjing Environmental (600388) receiving a net inflow of 28.38 million yuan [3] - *ST Jieneng had a net inflow of 7.46 million yuan from main funds, despite a net outflow from retail investors [3]

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Core Viewpoint - The National Energy Administration has issued guidelines to promote the integration of coal and renewable energy, aiming for significant achievements by the end of the 14th Five-Year Plan, with a focus on developing clean and low-carbon mining areas and enhancing the green development momentum of the coal industry [1][2]. Summary by Sections Investment Highlights - The guidelines establish a mechanism for the integration of coal and renewable energy, outlining seven key tasks to be accomplished [2]. - By the end of the 14th Five-Year Plan, the integration of coal and renewable energy is expected to show significant results, with mature development models for photovoltaic and wind power in coal mining areas [2]. Key Tasks 1. Accelerate the development of photovoltaic and wind power industries in mining areas, utilizing land resources effectively and promoting large-scale photovoltaic bases [2]. 2. Promote clean energy substitution in mining areas, including electrification of key production processes and the establishment of charging and hydrogen stations [2][3]. 3. Gradually advance renewable energy heating and cooling in mining areas, utilizing geothermal energy and distributed solar heating [3]. 4. Innovate methods for green energy development in mining areas, including the establishment of smart microgrids and increasing the use of green electricity [3]. 5. Encourage the extension of the coal industry chain and the collaborative development of renewable energy, supporting coal enterprises in diversifying into clean energy investments [4]. 6. Strengthen technological innovation and talent cultivation in the integration of coal and renewable energy [4]. 7. Enhance policy support for the integration of coal and renewable energy, incorporating it into relevant energy planning [4]. Investment Recommendations - The integration of coal and renewable energy presents opportunities in developing photovoltaic and wind power industries, promoting clean energy use, and encouraging the establishment of smart microgrids [4]. - Companies such as Longjing Environmental Protection and Huaneng Longyuan Power are highlighted as key players in the green electricity market [4].

Core Viewpoint - Longking Environmental Protection announced the election of Mr. Liao Boshou as the employee director of the 10th Board of Directors during the employee representative meeting scheduled for November 7, 2025 [2] Company Summary - Longking Environmental Protection will hold an employee representative meeting on November 7, 2025 [2] - Mr. Liao Boshou has been nominated for the position of employee director [2]

股票代码：600388 股票简称：龙净环保 福建龙净环保股份有限公司 收购报告书 上市公司名称：福建龙净环保股份有限公司 股票上市地点：上海证券交易所 股票简称：龙净环保 股票代码：600388.SH 收购人名称：紫金矿业集团股份有限公司 住所及通讯地址：福建省上杭县紫金大道 1 号 一致行动人一：紫金矿业投资（上海）有限公司 住所及通讯地址：上海市虹口区东大名路 501 号 4707 单元 一致行动人二：紫金矿业集团资本投资有限公司 住所：中国（福建）自由贸易试验区厦门片区翔云三路 128 号 602 室 通讯地址：福建省厦门市思明区环岛东路 1811 号中航紫金广场 B 塔 38 楼 签署日期：二〇二五年十一月 福建龙净环保股份有限公司 收购报告书 2 福建龙净环保股份有限公司 收购报告书 五、本次收购所涉及的向特定对象发行股票事项已经上市公司董事会及股 东会通过；并已获得有权的国家出资企业审批；尚需上交所审核通过、尚需取得 中国证券监督管理委员会同意注册的批复。 声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 ...