江西洪城环境股份有限公司 章 程 (2025年8月修订) $$\exists0\exists\exists\nexists\exists J\exists$$ | | | | 第一章 总 则 | 1 | | --- | --- | | 第二章 经营宗旨和范围 | 2 | | 第三章 股 份 | 3 | | 第四章 股东和股东会 | 8 | | 第五章 党的委员会 | 2 5 | | 第六章 董事会 | 2 7 | | 第七章 经理及其他高级管理人员 | 4 1 | | 第八章 财务会计制度、利润分配和审计 | 4 3 | | 第九章 通知和公告 | 4 9 | | 第十章 合并、分立、增资、减资、解散和清算 | 5 0 | | 第十一章 修改章程 | 5 3 | | 第十二章 附 则 | 5 4 | 第一章 总 则 第一条 为了规范江西洪城环境股份有限公司（以下简称"公司"）的组 织和行为，促进公司的发展，维护公司、股东、职工和债权人的合法权益，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》）、《中国共产党章程》、《上市公司治理准则》和其他 有关法律、法规 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - Recent guidance from the Ministry of Finance emphasizes the need for local governments to fulfill payment obligations for existing PPP projects, which is expected to improve cash flow for waste incineration and water services [4][14] - As of August 22, 2025, 95% of the 2 trillion yuan quota for replacing hidden debts has been implemented, accelerating the issuance of local government special bonds [5][19] - The National Development and Reform Commission has reiterated the importance of adjusting public utility prices, with water and waste disposal fees being gradually increased across various regions [30][29] Summary by Sections Government Payment Implementation - The recent guidance on existing PPP projects highlights the necessity for local governments to include related expenses in their budget management and ensure timely payments [4][14] - The funding sources for these projects can include local government special bonds, central transfer payments, and local self-owned funds, which may strengthen the repayment guarantees for future PPP projects [15][14] Debt Replacement and Special Bonds - The issuance of special refinancing bonds has significantly accelerated, with 1.91 trillion yuan issued from January to August 2025, primarily aimed at replacing hidden debts [5][19] - Local governments are actively addressing existing hidden debt issues, which is expected to enhance liquidity for affected parties [19][22] Public Utility Price Adjustments - The report notes that many regions have been slow to adjust water and waste disposal fees, leading to financial losses for water supply companies [30][29] - Recent adjustments in water prices have been observed in cities like Guangzhou and Shenzhen, with average increases of 15.8% for residential water rates [30][34] Investment Logic - The combination of government payment implementation, debt replacement, and price adjustments is expected to positively impact cash flow in the waste incineration and water sectors [36][38] - The industry is experiencing stable growth, with improved cash flow and increased dividends, driven by market reforms and a shift towards direct sales to industrial and commercial clients [38][39]

Group 1 - The core point of the news is that Hongcheng Environment (SH600461) has received preliminary approval for an environmental impact assessment for a new project to produce 40,000 tons of efficient water treatment agents, with a total investment of 30 million yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicated that eight listed companies have recently exposed environmental risks [1] Group 2 - Hongcheng Environment's main business segments include water production and supply (60.62% of revenue), gas production and supply (27.78%), solid waste treatment (9.46%), and other businesses [2] - The company's projected financials for 2023 and 2024 show operating revenue of 8.048 billion yuan and 8.227 billion yuan respectively, with a net profit of 1.083 billion yuan and 1.190 billion yuan [3] - The company has a market capitalization of 11.801 billion yuan and a net asset return rate of 14.39% for 2023 [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [6]. Core Insights - The report highlights the acceleration of ecological environment protection responsibility system construction and the rapid development of waste-free city initiatives, which directly benefit the environmental protection industry and green technology application sectors [1][20]. - The implementation of the "Waste-Free Island" initiative in Hainan Province aims to establish a comprehensive waste management system by 2030, significantly increasing demand in environmental governance, ecological restoration, and environmental monitoring industries [1][21]. Summary by Sections Investment Views - The issuance of the "Regulations on the Responsibility System for Ecological Environment Protection of Local Party and Government Leaders" is expected to enhance the integration of environmental protection into development planning, benefiting sectors such as ecological restoration and environmental monitoring [9][20]. - The "Waste-Free Island" initiative in Hainan outlines a comprehensive plan for solid waste management, including the construction of 105 new construction waste treatment facilities by 2030, which will boost demand in waste treatment services and high-precision environmental monitoring [21][23]. Market Performance - The environmental protection sector underperformed compared to the broader market, with a decline of 1.29% during the week, while the Shanghai Composite Index fell by 0.94% [3]. - Key stocks in the environmental sector showed varied performance, with Anchek Testing leading with a gain of 12.69%, while Huicheng Environmental faced a decline of 6.81% [3]. Industry News - The report notes significant developments in the waste management sector, including the establishment of a smart organic waste treatment system by ShenGao Environment and the central government's economic deployment for the second half of the year [2][3].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - Since 2024, some waste incineration and water service companies have announced reductions in loan interest rates and financial expenses, which are expected to contribute positively to their performance in a low-interest environment [2][16] - The report emphasizes the importance of focusing on companies with stable performance, increased dividends, valuation recovery, and declining borrowing costs in the waste incineration and water service sectors [6][40] Summary by Sections Debt Situation - Waste incineration and water service projects typically have a high debt financing ratio, often around 70%. These projects require significant upfront investment over 1-2 years, followed by a 20-30 year period to recover costs through operational income [4][17] - As of the end of 2024, the outstanding debt for major companies in the sector includes: - China Everbright International: 91.7 billion HKD - Conch Venture: 28.2 billion HKD - Hanlan Environment: 16.3 billion CNY - Beijing Enterprises Water Group: 75.5 billion CNY - Yuehai Investment: 23.9 billion HKD - Xingrong Environment: 14.8 billion CNY [4][17] Trends in Debt Ratios - The debt ratio for waste incineration companies has shown a declining trend over the past two years, while the increase in water service companies' debt ratios has slowed down [5][21] Impact of Borrowing Costs - Since 2018, interest rates have been on a downward trend, and as new project loan rates decrease, some companies are replacing high-interest loans. This could lead to further reductions in borrowing costs, positively impacting the performance of waste incineration and water service companies [6][31] - The report recommends focusing on companies in the waste incineration and water service sectors that exhibit stable performance and declining borrowing costs, highlighting companies such as Hanlan Environment, Xingrong Environment, China Everbright International, and others [6][40] Performance Sensitivity to Borrowing Costs - If the average borrowing cost decreases by 10, 30, or 50 basis points in 2025, the estimated profit elasticity for leading companies such as Beijing Enterprises Water Group, China Everbright International, and Green Power will be 3.62%, 10.86%, and 18.10% respectively [38] - If the average borrowing cost reaches 2.50% in 2025, the profit elasticity for top companies will be significantly higher, with estimates of 28.28% for Yuehai Investment and 20.57% for Beijing Enterprises Water Group [38] Industry Growth and Transformation - The waste incineration and water service sectors are experiencing steady growth, improved cash flow, and increased dividends. Recent market reforms are pushing the industry towards a transformation from government-oriented (To G) to business and consumer-oriented (To B, To C) models, which is expected to accelerate valuation recovery [6][40]

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Viewpoints - The report highlights the ongoing promotion of a dual pricing system for heating, indicating that the reform of heating prices is continuously advancing. The centralized heating area in China has shown a growth trend, increasing from 8.309 billion square meters in 2017 to 11.549 billion square meters in 2023, with a compound annual growth rate of 5.6% [3][14] - The report emphasizes that the heating pricing mechanism is expected to be further streamlined with policy support, as local governments have initiated price adjustment policies in response to rising operational pressures on heating enterprises [3][24][25] Summary by Sections Market Performance - As of July 18, the environmental sector declined by 0.49%, underperforming the broader market, which saw the Shanghai Composite Index rise by 0.69% to 3534.48 [3][9] Industry Dynamics - The Central Urban Work Conference held on July 14-15 emphasized building green and low-carbon cities and improving urban biodiversity [29] - New national ecological standards for air quality monitoring were approved, set to be implemented on August 1, 2025 [31] Special Topic: Heating Price Reform - The report details the dual pricing system for heating, which combines a basic heating price and a metered heating price. The basic price can be set between 30%-60% of the total heating price, with encouragement for a 30% ratio in practice [22][24] - The total heating supply through hot water has increased from 2.765 billion gigajoules in 2014 to 3.63 billion gigajoules in 2023, with a compound annual growth rate of approximately 3.1% [17][19] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on quality operational assets in the water and waste incineration sectors. Key recommendations include companies like Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies such as Wangneng Environment and Junxin Co [3][46]