Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [12] Core Insights - The environmental protection sector showed a significant increase in performance, with a 17.3% year-on-year growth in non-recurring net profit for Q3 2025, driven by stable operations and profit recovery in cyclical assets [6][40] - The overall revenue for the environmental sector reached 221.7 billion yuan in the first three quarters of 2025, marking a 3.12% increase year-on-year, while the net profit attributable to shareholders grew by 4.88% to 21.9 billion yuan [21][40] - The cash flow situation improved, with a cash collection ratio of 95.1% in Q3 2025, reflecting a 4.5 percentage point increase year-on-year, indicating a stable investment environment despite a downward trend in financing [8][40] Summary by Sections Performance Overview - In Q3 2025, the environmental sector achieved a revenue of 79.6 billion yuan, a 9.64% increase year-on-year, with a net profit of 8.2 billion yuan, up 11.8% [6][40] - The non-recurring net profit for Q3 2025 was 7.75 billion yuan, reflecting a 17.3% year-on-year increase, primarily driven by strong performances in waste incineration, biodiesel, and air quality sectors [6][40] Financial Statements - The overall asset-liability ratio for the environmental sector was 57.3% in Q3 2025, with a slight year-on-year increase of 0.35 percentage points, indicating a slowdown in the growth rate of liabilities [7] - The cash flow from operating activities showed a net inflow of 27.1 billion yuan, a 30.6% increase year-on-year, with improvements noted in waste management and water operations [8] Investment Strategy - The report suggests continued investment in waste incineration and water sectors, with a potential for valuation recovery as the industry transitions towards a more market-oriented model [9] - Recommended companies include Hanlan Environment, China Everbright International, and Weiming Environmental, among others, highlighting their potential for growth and dividend returns [9]

Core Viewpoint - The Shanghai Composite Index fell by 0.41% on November 4, with only five sectors gaining, led by banking and public utilities, while the environmental protection sector also saw a rise. The overall market experienced significant capital outflow, particularly in the power equipment and electronic sectors [1] Market Performance - The banking sector saw a net inflow of 30.54 billion yuan, while the steel sector had a net inflow of 1.30 billion yuan, and the environmental protection sector had a net inflow of 70.07 million yuan [1] - A total of 28 sectors experienced capital outflow, with the power equipment sector leading at 13.39 billion yuan, followed by the electronic sector at 10.65 billion yuan [1] Environmental Protection Sector - The environmental protection sector rose by 0.15% with a net inflow of 70.07 million yuan, comprising 133 stocks, of which 70 increased in value and 3 hit the daily limit [2] - The top three stocks with the highest net inflow were Fulongma (5.41 billion yuan), Haixia Environmental Protection (903.08 million yuan), and Huicheng Environmental Protection (639.28 million yuan) [2] - The sector also had 21 stocks with net outflows exceeding 10 million yuan, led by Zhejiang Fuhua (862.53 million yuan), Shanghai Washba (608.81 million yuan), and Hongcheng Environment (356.69 million yuan) [3]

Core Viewpoint - Jiangxi Hongcheng Environment Co., Ltd. is holding a third-quarter performance briefing on November 10, 2025, to enhance investor understanding of its operational performance and development strategy [3][4]. Group 1: Meeting Details - The performance briefing will take place on November 10, 2025, from 15:00 to 16:00 [4][5]. - The meeting will be conducted online via "Value Online" [4][5]. - Key participants include the Chairman, Vice General Manager, CFO, and an Independent Director [4]. Group 2: Investor Participation - Investors can submit questions before the meeting until November 10, 2025, through a specified URL or by scanning a QR code [2][6]. - The company will address commonly asked questions during the briefing within the limits of information disclosure [2][6]. Group 3: Contact Information - For inquiries, investors can contact the Board Office via phone or email [6].

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, highlighting potential growth opportunities in renewable energy and natural gas consumption [4][8]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading prices in Q3 compared to Q1. The total issuance of green power certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable [7][8]. - Global natural gas prices are fluctuating, with the U.S. Henry Hub spot price reaching a six-month high of $3.57/mmBtu, while European prices are showing mixed trends [9][11]. - The report anticipates an increase in natural gas consumption in Q4 2025 due to low base effects and expected higher heating demand from a potential La Niña phenomenon [30][31]. Summary by Sections Electricity - The average trading price of green certificates increased by 210% in Q3 compared to Q1. The issuance of green certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable, indicating a robust market growth [7][8]. - The report emphasizes the need for further development of the green certificate market and the introduction of regulations to enhance renewable energy consumption [4][7]. Natural Gas - As of October 31, 2025, the U.S. Henry Hub spot price was $3.57/mmBtu, marking an 11.16% increase week-on-week. In contrast, European gas prices showed a decline, with the TTF spot price at €30.35/MWh, down 5.42% [9][10]. - The report notes a decrease in China's apparent natural gas consumption in September 2025, but anticipates a rebound in Q4 2025 due to low base effects and increased heating demand [30][31]. - The LNG national ex-factory price in China rose to 4407 yuan/ton, reflecting a 3.11% increase week-on-week, driven by rising demand ahead of the heating season [28][30]. Investment Recommendations - The report recommends several companies based on their performance and market conditions: - Hydropower: Focus on Guotou Power, Chuan Investment Energy, and Yangtze Power due to favorable hydrological conditions [8]. - Green Power: Attention to New Energy, Funiu Co., Longyuan Power, and China Resources Power for their stable returns [8]. - Nuclear Power: Recommendations for China Nuclear Power and China General Nuclear Power due to ongoing approvals for new units [8]. - Thermal Power: Companies like Guodian Power and Huadian International are highlighted for improved profitability due to falling coal prices [8]. - Gas Power: Recommendations for Guangzhou Development and Shenzhen Energy based on expected stability in profitability [8].

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025-050 | | --- | --- | --- | | 债券代码：110077 | 证券简称：洪城转债 | | 江西洪城环境股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开方式：网络互动方式 三、参加人员 董事长：邵涛 会议召开时间：2025 年 11 月 10 日（星期一）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 10 日 前 访 问 网 址 https://eseb.cn/1sNkIos0hgs 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍 关注的问题进行回答。 业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 二、说明会召开的时间、地点和召开方式 ...

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including High Energy Environment, Huicheng Environmental, and Hongcheng Environment [5][36]. Core Insights - The environmental remediation sector is expected to benefit significantly from new policies aimed at promoting green transformation and enhancing land value through soil remediation and capacity replacement [1][19]. - The Ministry of Industry and Information Technology has introduced new regulations for capacity replacement in the steel industry, which will directly benefit sub-sectors such as industrial solid waste treatment and environmental monitoring [1][19]. - The report highlights the strong performance of the environmental sector, which has outperformed the broader market indices, indicating a potential for continued growth [39]. Summary by Sections Investment Views - The Ministry of Ecology and Environment has issued a notice to standardize the "environmental remediation + development" model, which aims to enhance the technical threshold and project scale in the environmental remediation industry [10][18]. - The new steel industry capacity replacement regulations emphasize strict replacement ratios and comprehensive supervision, which are expected to drive quality improvements and green transformation in the industry [19][35]. - The current macroeconomic environment, characterized by historically low interest rates, favors investments in high-dividend and growth-oriented assets, particularly in the environmental sector [2][36]. Market Performance - The environmental sector has shown strong performance, with a weekly increase of 1.16%, outperforming both the Shanghai Composite Index and the ChiNext Index [39]. - Key sub-sectors within the environmental industry, such as air quality and solid waste management, have also demonstrated positive growth, with notable individual stock performances [39]. Industry News - Recent legislative changes, including amendments to the Environmental Protection Tax and new energy-saving regulations in Guangdong, are expected to further support the environmental sector's growth [47][48]. - The introduction of "Industrial Green Effect Loans" in Chongqing aims to facilitate the green transformation of the manufacturing sector, indicating a broader trend towards sustainable financing [48].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.738 billion yuan in Q3 2025, representing a year-on-year increase of 2.41%. The net profit attributable to shareholders was 324 million yuan, up 2.13% year-on-year, while the net profit excluding non-recurring items grew by 7.18% [2][6] - The decline in capital expenditure, which was 662 million yuan in the first three quarters of 2025 compared to 1.58 billion yuan in the same period last year, supports a high dividend payout ratio [2][13] - The ongoing market-oriented reforms in public utilities are expected to enhance the company's profitability and improve cash flow [13] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 5.426 billion yuan, a decrease of 3.85% year-on-year. The net profit attributable to shareholders was 933 million yuan, an increase of 1.18%, while the net profit excluding non-recurring items was 929 million yuan, up 2.60% [6] - In Q3 2025, the company’s revenue was 1.738 billion yuan, with a net profit of 324 million yuan, and a net profit excluding non-recurring items also at 324 million yuan, reflecting a growth of 7.18% [6] Cost Management - The gross margin for Q3 2025 was 38.1%, an increase of 0.21 percentage points year-on-year, primarily due to changes in accounting for pipeline depreciation [13] - The operating expense ratio for Q3 2025 was 12.3%, down 1.07 percentage points year-on-year, indicating effective cost control [13] Cash Flow and Capital Expenditure - The cash collection ratio for Q3 2025 was 87.8%, a decrease of 13.3 percentage points year-on-year, attributed to slower payment from local governments [13] - The net cash flow from operating activities for the first three quarters of 2025 was 981 million yuan, a decrease of 28.7% year-on-year, while capital expenditures were significantly reduced [13] Market Outlook - The company is expected to benefit from ongoing reforms in the public utility sector, which may enhance profitability and cash flow [13] - Forecasted net profits for 2025-2027 are 1.23 billion, 1.27 billion, and 1.30 billion yuan, respectively, with corresponding price-to-earnings ratios of 9.55, 9.20, and 8.99 [13]