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]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

法 律 意 见 书 地址：福建省龙岩市新罗区龙岩商务运营中心青年创业大厦 18 楼 邮政编码：364000 网址：http://www.fjlihan.com 电话：13959006999 传真：0597-2328998 转 805 电子邮箱:hayeke146100@163.com 1 龙净环保 2026 年第一次临时股东会 龙净环保 2026 年第一次临时股东会 福建龙净环保股份有限公司 2026 年第一次临时股东会 关于福建龙净环保股份有限公司 2026 年第一次临时股东会的法律意见书 致：福建龙净环保股份有限公司 福建力涵律师事务所(以下简称"本所")接受福建龙净环保股份有 限公司（以下简称"公司"）的委托，指派吴烈豪、蔡志评律师出席公 司 2026 年第一次临时股东会，根据《中华人民共和国公司法》(以下简 称《公司法》)《中华人民共和国证券法》(以下简称《证券法》)《上市 公司股东会规则》等法律、法规、规范性文件及《福建龙净环保股份有 限公司章程》(以下简称《公司章程》)的有关规定出具法律意见。 为出具本法律意见书，本所律师列席了本次股东会并审查了公司提 供的与本次股东会有关的文件资料，包括但不限于 ...

本次会议是否有否决议案：无 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 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： 一、会议召开和出席情况 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 310 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 443,676,130 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 34.9338 | （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、公司在任董事12人，出席12人； 2、董事会秘书出席本次会议 ...

龙净环保公告称，2026 年 1 月 12 日公司召开第一次临时股东会。本次会议由董事长谢雄辉主持，310 名股东和代理人出席，持有表决权的股份总数 443,676,130 股，占公司有表决权股份总数的 34.9338%。 会议审议了三项议案，《关于预计年度日常关联交易的议案》《关于为子公司提供综合授信担保的议 案》《董事和高级管理人员薪酬管理制度》均获通过。其中，控股股东紫金矿业及其子公司对第一项议 案回避表决。福建力涵律师事务所见证，会议决议合法有效。 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the importance of the SAF (Sustainable Aviation Fuel) expansion cycle and the value addition of waste oil resources, alongside significant funding for ecological restoration and pipeline construction in the Yangtze River protection initiative [1][12] - The 2026 strategy for the environmental sector focuses on a dual approach of value and growth resonance, driven by carbon neutrality goals [20] Summary by Sections Industry Trends - The SAF market is projected to see a significant increase in demand, with EU mandates requiring a gradual rise in SAF usage from 2% in 2025 to 70% by 2050, translating to a demand of 3.662 million tons by 2050 [12] - Domestic SAF production capacity is expected to reach 1.2 million tons per year by the end of 2025, with planned capacity of 4.4 million tons [12] - The report highlights a 50%+ increase in SAF prices compared to the beginning of the year, indicating a tightening supply situation [12] Investment Opportunities - The report suggests focusing on companies involved in waste oil resource utilization, such as Shanhigh Environmental and Longkun Technology, as the value of waste oil is expected to rise due to increased SAF demand [14] - Companies in the water treatment sector, such as BWS and Energy Conservation Guozhen, are recommended due to the ongoing construction of sewage pipelines and ecological restoration projects funded by over 100 billion yuan [19] Market Performance - The report notes a 64.01% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 18.6% [26] - The average price of biodiesel has decreased to 8,000 yuan per ton, with a corresponding drop in profitability [35] - Lithium battery recycling profitability is improving, with lithium carbonate prices rising by 18.1% week-on-week [36]

福建龙净环保股份有限公司 （福建省龙岩市新罗区工业中路 19 号） 2025 年度向特定对象发行 A 股股票 募集说明书 证券简称：龙净环保 证券代码：600388 （申报稿） 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 二零二五年十二月 龙净环保 2025 年度向特定对象发行股票 募集说明书 声 明 本公司及全体董事、高级管理人员承诺募集说明书及其他信息披露资料不 存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性 承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表 明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与收益变化或者证券 ...

证券代码：600388 证券简称：龙净环保 公告编号：2026-001 福建龙净环保股份有限公司 福建龙净环保股份有限公司（以下简称"公司"）于 2026 年 1 月 6 日收到 上海证券交易所（以下简称"上交所"）出具的《关于受理福建龙净环保股份有 限公司沪市主板上市公司发行证券申请的通知》（上证上审（再融资）【2026】 1 号）。 关于向特定对象发行A股股票申请获得 上海证券交易所受理的公告 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 董 事 会 2026 年 1 月 7 日 上交所依据相关规定对公司报送的沪市主板上市公司发行证券的募集说明 书及相关申请文件进行了核对，认为该项申请文件齐备，符合法定形式，决定予 以受理并依法进行审核。 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 ...

广发证券股份有限公司 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 之 发行保荐书 保荐机构（主承销商） 二零二五年十二月 福建龙净环保股份有限公司 发行保荐书 声明 广发证券股份有限公司（以下简称"广发证券"、"保荐人"或"保荐机 构"）及具体负责本次证券发行项目的保荐代表人已根据《公司法》《证券法》 等有关法律、法规和中国证监会的有关规定，诚实守信，勤勉尽责，严格按照依 法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证本发行 保荐书及其附件的真实、准确和完整。 如无特别说明，本发行保荐书中所有简称和释义，均与《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》一致。 3-1-1 | 声 | 明 1 | | --- | --- | | | 目录 2 | | 第一节 | 本次证券发行基本情况 3 | | | 一、本次证券发行的保荐机构 3 | | | 二、本次证券发行的保荐机构工作人员情况 3 | | | 三、发行人基本情况 4 | | | 四、本次证券发行的保荐机构与发行人的关联关系 7 | | | 五、保荐机构内部审核程序和内核意见 ...