| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025-028 | | --- | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | | 江西洪城环境股份有限公司 董事、高级管理人员减持股份结果公告 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： 董事、高级管理人员持股的基本情况 本次减持股份计划实施前，江西洪城环境股份有限公司（以下简称"公司"） 董事、副总经理李秋平先生持有公司 355,000 股，占公司总股本的 0.0276%；董 事、副总经理程刚先生持有公司股份 300,000 股，占公司总股本的 0.0234%；财 务总监王剑玉女士持有公司股份 356,000 股，占公司总股本的 0.0277%。 因公司发行的"洪城转债"自 2021 年 5 月 26 日起可转换为公司股份，转股 期间为 2021 年 5 月 26 日至 2026 年 11 月 19 日。本公告所述总股本为截至 2025 年 5 月 21 日的公司总股本 1,284,15 ...

Summary of Key Points Core Viewpoint - The company, Hongcheng Environment (600461), has announced that several executives have reduced their shareholdings, indicating potential changes in insider sentiment towards the company's stock performance [1] Group 1: Shareholding Reduction Details - Executive Li Qiuping reduced his holdings by 88,700 shares, representing 0.0069% of the company's total share capital [1] - Executive Cheng Gang reduced his holdings by 75,000 shares, representing 0.0058% of the company's total share capital [1] - Financial Director Wang Jianyu reduced his holdings by 88,700 shares, also representing 0.0069% of the company's total share capital [1] Group 2: Share Reduction Prices and Amounts - The reduction price range for Li Qiuping was between 9.61 and 9.67 yuan per share, totaling 857,700 yuan [1] - The reduction price range for Cheng Gang was between 9.53 and 9.61 yuan per share, totaling 714,800 yuan [1] - The reduction price range for Wang Jianyu was between 9.60 and 9.61 yuan per share, totaling 851,500 yuan [1] Group 3: Current Shareholding Status - After the reductions, Li Qiuping holds 266,300 shares, which is 0.0207% of the total share capital [1] - Cheng Gang now holds 225,000 shares, representing 0.0175% of the total share capital [1] - Wang Jianyu holds 267,300 shares, accounting for 0.0208% of the total share capital [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental and Gao Neng Environment [4][24]. Core Insights - The report emphasizes the importance of digital and green transformation in the environmental industry, driven by new policies and regulations aimed at enhancing energy efficiency and promoting low-carbon technologies [10][20]. - It highlights the expected benefits for companies involved in energy-saving processes, low-carbon technology research, and circular economy innovations, particularly in high-energy-consuming sectors like power, metallurgy, and petrochemicals [20][21]. - The report suggests focusing on companies with leading advantages in green process research and industrial pollution control equipment, such as Longjing Environmental and Bihui Source [20][22]. Summary by Sections 1. Investment Views - The report discusses the issuance of the "2025 Digital and Green Collaborative Transformation Development Work Points" by multiple government departments, which outlines systematic requirements for low-carbon digitalization and traditional industry empowerment [10]. - It also mentions the "2025 Legislative Work Plan" from the State Council, which focuses on upgrading environmental legislation and enhancing regulatory frameworks for green development [21][22]. - The report notes that the current macroeconomic environment, characterized by historically low interest rates, presents a favorable backdrop for investing in high-dividend and growth-oriented assets [2][23]. 2. Market Performance - The environmental sector underperformed compared to the broader market, with the environmental index rising only 0.10% against a 0.76% increase in the Shanghai Composite Index [3][25]. - Specific sub-sectors showed varied performance, with monitoring up by 1.61% while water treatment and energy-saving sectors declined [3][25]. 3. Industry News - Recent policies in Henan Province aim to enhance resource recycling and promote the establishment of a comprehensive recycling system [38]. - The central government has issued guidelines to accelerate urban renewal actions, focusing on improving urban infrastructure and waste management systems [38]. - New regulations on ecological environment protection have been introduced, emphasizing the need for robust environmental oversight [38]. 4. Key Announcements - The report includes various corporate announcements, such as bond issuances and share transfers, which reflect ongoing activities within the environmental sector [39][40].

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025-027 | | --- | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | | 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP， 参与本次互动交流，活动时间为2025年5月21日（周三） 15:30-17:00。届时将 在线就公司2024年度业绩、公司治理、发展战略、经营状况、融资计划、股权激 励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资 者踊跃参与！ 特此公告。 江西洪城环境股份有限公司董事会 二〇二五年五月十六日 江西洪城环境股份有限公司 关于参加江西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，江西洪城环境股份有限公司(以下简称 "公司")将参加由江西省上市公司协会举办的"2025年江西辖区上市公司投资 者网上集体接待日活 ...

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

财务顾问 二〇二五年五月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"本 财务顾问"）接受南昌水业集团有限责任公司（以下简称"水业集团"、"收购 方"）的委托，担任其收购江西洪城环境股份有限公司（以下简称"洪城环境"、 "上市公司"）的财务顾问。 2023 年 10 月 25 日，上市公司公告了《收购报告书》，水业集团于 2023 年 10 月 16 日与南昌市政投资集团有限公司（以下简称"市政投资"）签署《股份 转让协议》，水业集团以非公开协议方式现金收购市政投资持有的上市公司 39,473,385 股股份。 申万宏源证券承销保荐有限责任公司 关于江西洪城环境股份有限公司 收购报告书之 2025 年第一季度持续督导意见暨总结报告 2024 年 4 月 18 日，水业集团收到中国证券登记结算有限责任公司上海分公 司发来的《中国证券登记结算有限责任公司过户登记确认书》，本次协议转让股 份过户完成。 根据《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购 报告书至收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式， 关注上市公司的经营情况，结合被收购公司定期报告和 ...

Core Viewpoint - The announcement details the share reduction results of directors and senior management at Jiangxi Hongcheng Environment Co., Ltd, confirming the completion of their planned share reductions due to personal funding needs [2][3][4]. Summary by Sections 1. Basic Situation of Shareholding Before Reduction - Before the share reduction, the company's director Wan Feng held 525,000 shares, accounting for 0.0409% of the total share capital; Vice President and Director Cao Mingshuai held 355,000 shares, accounting for 0.0276%; and Vice President and Director Mao Yanping also held 355,000 shares, accounting for 0.0276% [2]. 2. Main Content of the Reduction Plan - The reduction plan was disclosed on January 14, 2025, with Wan Feng planning to reduce his holdings by up to 131,200 shares (0.0102% of total shares), while both Cao Mingshuai and Mao Yanping planned to reduce their holdings by up to 88,700 shares each (0.0069% of total shares). The reduction period was set for three months starting from 15 trading days after the announcement [3]. 3. Implementation Results of the Reduction Plan - As of May 12, 2025, Wan Feng successfully reduced his holdings by 131,200 shares (0.0102% of total shares), while Cao Mingshuai and Mao Yanping each reduced their holdings by 88,700 shares (0.0069% of total shares). After the reductions, Wan Feng held 393,800 shares (0.0307%), while both Cao Mingshuai and Mao Yanping held 266,300 shares each (0.0207%) [4][6]. 4. Confirmation of Reduction Plan Implementation - The actual reduction was consistent with the previously disclosed plan, and the reduction was completed within the specified timeframe without any early termination of the plan [7].

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025-026 | | --- | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | | 江西洪城环境股份有限公司 董事、高级管理人员减持股份结果公告 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： 董事、高级管理人员持股的基本情况 本次减持股份计划实施前，江西洪城环境股份有限公司（以下简称"公司"） 董事万锋先生持有公司 525,000 股，占公司总股本的 0.0409%；董事、副总经理 曹名帅先生持有公司股份 355,000 股，占公司总股本的 0.0276%；董事、副总经 理毛艳平先生持有公司股份 355,000 股，占公司总股本的 0.0276%。 因公司发行的"洪城转债"自 2021 年 5 月 26 日起可转换为公司股份，转股 期间为 2021 年 5 月 26 日至 2026 年 11 月 19 日。本公告所述总股本为截至 2025 年 5 月 9 日的公司总股本 1,284,154,9 ...

Core Viewpoint - The company Hongcheng Environment (600461) has completed the share reduction plan by its directors, indicating potential changes in insider sentiment and ownership structure [1] Summary by Relevant Sections Share Reduction Details - Director Wan Feng reduced his holdings by 131,200 shares, accounting for 0.0102% of the total share capital, with a reduction price range of 8.77-9.58 CNY per share, totaling 1.209 million CNY [1] - Director Cao Mingshuai reduced his holdings by 88,700 shares, representing 0.0069% of the total share capital, with a price range of 8.90-9.58 CNY per share, totaling 789,500 CNY [1] - Director Mao Yanping also reduced his holdings by 88,700 shares, equivalent to 0.0069% of the total share capital, with a price range of 9.53-9.64 CNY per share, totaling 849,100 CNY [1] Post-Reduction Shareholding - After the reductions, Wan Feng holds 393,800 shares, which is 0.0307% of the total share capital [1] - After the reductions, Cao Mingshuai holds 266,300 shares, which is 0.0207% of the total share capital [1] - After the reductions, Mao Yanping holds 266,300 shares, which is also 0.0207% of the total share capital [1]

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].