Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [5][36]. Core Insights - The report highlights the issuance of the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" by the Ministry of Ecology and Environment and other departments, aiming for a 40% completion rate by 2027 and significant improvements by 2030 and 2035 [10][11]. - The report emphasizes the importance of industrial park wastewater treatment standards and the need for differentiated management based on the type of industrial park [23][35]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [2][36]. Summary by Sections Investment Views - The report discusses the "Beautiful Rivers and Lakes Protection and Construction Action Plan," which aims to enhance water ecological governance and attract social capital for joint management [10][22]. - It also mentions the release of technical guidelines for wastewater discharge standards in industrial parks, focusing on a classification management approach [23][35]. - The report suggests focusing on companies involved in environmental monitoring and treatment, such as JuGuang Technology and HongCheng Environment [22][35]. Market Performance - The environmental sector underperformed compared to the broader market, with a decline of 1.47% against a 0.57% drop in the Shanghai Composite Index [38]. - Notable stock performances include Shenwu Energy (+27.51%), Huicheng Environmental (+13.77%), and Anche Detection (+11.05%) [38]. Key Announcements - The report includes various announcements related to environmental policies and performance ratings of key industries in response to pollution control measures [49][50].

证券代码：600461 证券简称：洪城环境 公告编号：临 2025-029 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 关于为控股孙公司提供担保的公告 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个别及连带责任。 重要内容提示 ●被担保人名称：温州宏泽热电股份有限公司（以下简称"宏泽热电"） ●本次担保金额及已实际为其提供的担保金额：宏泽热电本次担保金额为人民币 ●本次担保不存在反担保 ●对外担保逾期的累计数量：截至本公告披露日，无逾期对外担保。 一、担保情况概述 号），担保金额为人民币 1,400 万元整，承担连带责任保证。 二、被担保人基本情况 公司名称：温州宏泽热电股份有限公司 法定代表人：熊樑 成立日期：2010 年 8 月 9 日 注册资本：24,000 万元 公司类型：其他股份有限公司（非上市） 经营范围：电力、热力生产和销售；污泥处置；工业固废处置；废渣利用； 热力管网的建设和维护。 经 2025 年 4 月 14 日召开的江西洪城环境股份有限公司（以下简称"公司"） 第八届董事会第四次会议和 ...

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2025-029 | | --- | --- | --- | | 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 关于为控股孙公司提供担保的公告 经 2025 年 4 月 14 日召开的江西洪城环境股份有限公司（以下简称"公司"） 第八届董事会第四次会议和 2025 年 5 月 7 日召开的公司 2024 年年度股东大会审 议通过了《关于江西洪城环境股份有限公司 2025 年度向商业银行申请综合授信 额度并对子公司综合授信提供担保的议案》，同意公司为下属子公司宏泽热电向 商业银行申请额度为 36,000 万元人民币的授信额度提供连带责任担保，实际贷 款金额按资金需求放款。根据银行信贷工作需要，近日，公司就宏泽热电综合授 信事项按 80%股权比例为其提供担保，与平安银行股份有限公司温州分行（以下 简称"平安银行"）签订《最高额保证担保合同》（合同编号：平银温业二额保 字 20250507 第 007-1 号），担保金额为人民币 5,600 万元整，承担连带责任保证； 温州宏泽科技发展股份有限公司按 20%股权 ...

| 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].