Core Viewpoint - Harbin Hato Investment Co., Ltd. has seen a stock price increase of 5.03%, reaching 7.94 CNY per share, with a total market capitalization of 16.52 billion CNY as of October 23 [1] Company Overview - Harbin Hato Investment Co., Ltd. was established on August 12, 1994, and listed on August 9, 1994. The company is located in Harbin, Heilongjiang Province, and its main business includes thermal power and securities services [1] - The revenue composition of the company is as follows: electricity and heating account for 95.20%, network connection fees 3.32%, cement and slag powder 1.02%, ultrafine mineral powder 0.25%, leasing 0.16%, and others 0.06% [1] Fund Holdings - According to data, one fund under China Europe Fund has a significant holding in Harbin Hato Investment Co., Ltd. The fund, China Europe National Index 2000 Enhanced A (018663), held 81,300 shares in the second quarter, representing 0.43% of the fund's net value, making it the seventh-largest holding [2] - The fund has a total size of 66.8481 million CNY and has achieved a year-to-date return of 27.83%, ranking 1713 out of 4218 in its category [2] Fund Manager Performance - The fund manager, Qian Yating, has been in position for 3 years and 356 days, managing assets totaling 3.46 billion CNY, with the best fund return during her tenure being 56.34% and the worst being -14.61% [3] - Co-manager Song Ting has been in position for 245 days, managing assets of 2.354 billion CNY, with the best return of 29.12% and the worst return of -0.05% during her tenure [3]

Market Overview - On October 20, the securities sector rose by 0.05% compared to the previous trading day, with Haitou Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Individual Stock Performance - Haitou Co., Ltd. (600864) closed at 7.61, with a gain of 4.25% and a trading volume of 1.0379 million shares, amounting to a transaction value of 786 million [1] - Other notable performers included: - Everbright Securities (601788) at 19.02, up 1.98% [1] - Huaxin Securities (600621) at 16.30, up 0.80% [1] - Shanxi Securities (002500) at 6.46, up 0.78% [1] - Founder Securities (601901) at 8.13, up 0.74% [1] Declining Stocks - Guangfa Securities (000776) saw a decline of 2.78%, closing at 22.72 with a trading volume of 1.2144 million shares, resulting in a transaction value of 2.791 billion [2] - Other declining stocks included: - Shouchuang Securities (601136) at 21.44, down 1.92% [2] - Dongfang Securities (600958) at 11.16, down 1.67% [2] Capital Flow Analysis - The securities sector experienced a net outflow of 1.185 billion from institutional investors, while retail investors saw a net inflow of 1.193 billion [2] - Notable capital flows included: - CITIC Securities (600030) with a net inflow of 17.4 million from institutional investors [3] - Everbright Securities (601788) with a net inflow of 88.17 million from institutional investors [3] - Haitou Co., Ltd. (600864) with a net inflow of 86.07 million from institutional investors [3]

Core Points - On October 20, Harbin Hato Investment Co., Ltd. (哈投股份) saw a stock price increase of 5.21%, reaching 7.68 CNY per share, with a trading volume of 350 million CNY and a turnover rate of 2.23%, resulting in a total market capitalization of 15.979 billion CNY [1] Company Overview - Harbin Hato Investment Co., Ltd. was established on August 12, 1994, and listed on August 9, 1994. The company is located at 277 Innovation 2nd Road, Songbei District, Harbin, Heilongjiang Province [1] - The main business activities include thermal power generation and securities services. The revenue composition is as follows: electricity and heating account for 95.20%, network connection fees 3.32%, cement and slag powder 1.02%, ultrafine mineral powder 0.25%, leasing 0.16%, and others 0.06% [1] Shareholder Information - Among the top ten circulating shareholders of Harbin Hato, a fund under Southern Fund ranks as a significant stakeholder. The Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders in the second quarter, holding 11.5172 million shares, which is 0.55% of the circulating shares. The estimated floating profit today is approximately 4.3765 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 64.953 billion CNY. Year-to-date returns are 21.99%, ranking 2052 out of 4218 in its category; over the past year, returns are 31.97%, ranking 1557 out of 3865; and since inception, returns are 7.95% [2]

Group 1 - The core point of the news is the initial surge in brokerage stocks, with notable increases in specific companies [1] - Xinda Securities and GF Securities both rose over 3% [1] - Other companies such as Huatai Securities, China Galaxy, Dongfang Securities, and Hatou Shares also experienced upward movement [1]

证券代码：600864 证券简称：哈投股份 公告编号：2025-035 哈尔滨哈投投资股份有限公司 关于为控股子公司提供担保的进展公告 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） 担保的进展情况 近期，公司与哈尔滨银行股份有限公司阿城支行签署了《保证合同》，为公 司控股子公司黑龙江岁宝热电有限公司（以下简称黑岁宝）银行贷款提供金额共 计 0.95 亿元担保；与兴业银行股份有限公司哈尔滨分行签署了《保证合同》, 为黑岁宝银行贷款提供金额 0.31 亿元担保。本次担保金额在已经审议的年度担 保额度范围内，无需再提交公司董事会或股东大会审议。本次担保后公司为黑岁 宝提供的担保总额（即已签订担保协议金额）6.42 亿元，其中担保余额（实际 放款金额）为 6.42 亿元，可用担保额度为 1.58 亿元。 担保对象及基本情况 | | 被担保人名称 本次担保金额 | | 黑龙江岁宝热电有限公司 万元 | | | --- | --- | --- | --- | --- | | 担保对象一 | | 12,600.00 ...

Core Viewpoint - The securities sector experienced a notable upward trend on September 26, with several companies showing significant gains, indicating a positive market sentiment in this industry [2] Group 1: Company Performance - Xiangcai Co., Ltd. saw its stock price increase by over 5% [2] - Other companies that performed well include Guotou Capital, Guosheng Jin控, Hatou Co., Changjiang Securities, and Huatai Securities, all of which had notable gains [2]

Market Overview - On September 15, the securities sector declined by 0.26%, with Harbin Investment leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Top gainers included: - Tuguan Financial Holdings (002670) with a closing price of 20.04, up 3.46% and a trading volume of 1.0818 million shares, totaling 2.178 billion yuan [1] - Dongfang Fortune (300059) closed at 27.21, up 0.96% with a trading volume of 4.5386 million shares, totaling 12.394 billion yuan [1] - Notable decliners included: - Harbin Investment (600864) closed at 7.40, down 1.60% with a trading volume of 455,100 shares, totaling 339 million yuan [2] - Changjiang Securities (000783) closed at 8.25, down 1.32% with a trading volume of 743,200 shares, totaling 616 million yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 2.861 billion yuan from institutional investors, while retail investors saw a net inflow of 1.77 billion yuan [2] - Notable capital flows included: - Dongfang Fortune (300059) had a net inflow of 264 million yuan from institutional investors, but a net outflow of 681.12 million yuan from retail investors [3] - Guangfa Securities (000776) saw a net inflow of 185 million yuan from institutional investors, with a significant outflow of 1.04 billion yuan from retail investors [3]

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Insights - The report highlights the continuous growth of centralized heating area in China, with a total of 11.549 billion square meters in 2023, maintaining a compound annual growth rate (CAGR) of 7.8% from 2010 to 2023 [18] - The report emphasizes the ongoing reform of heating prices, which is expected to trend upwards, potentially improving profitability for heating companies [37] Summary by Sections Market Performance - As of September 12, the environmental sector increased by 1.00%, underperforming the broader market, which rose by 1.52% [4][11] - The water treatment sector saw a rise of 4.31%, while the solid waste management sector showed mixed results with some sub-sectors declining [12] Industry Dynamics - The report discusses the release of the "National Industrial Resource Comprehensive Utilization Advanced Applicable Process Technology Equipment Catalog (2025 Edition)" aimed at promoting industrial solid waste reduction and resource utilization [39] - It also mentions the implementation of policies to integrate artificial intelligence with energy development, focusing on clean energy [40][41] Centralized Heating Analysis - The report details that in 2023, residential heating accounted for 76% of the total heating area, with Shandong province being the largest heating area [18] - The main heating method is combined heat and power (CHP), which constitutes 45% of the heating sources, while coal remains the dominant fuel source [22][24] - The report indicates that heating prices are determined by government regulations, and recent reforms are expected to lead to price increases, enhancing the profitability of heating companies [33][37] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with specific recommendations for companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment [56]

证券代码：600864 证券简称：哈投股份 公告编号：临2025-034 哈尔滨哈投投资股份有限公司 关于召开2025年半年度业绩说明会的预告公告 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： 预征集投资者提问的相关安排：投资者可于 2025 年 9 月 12 日 12:00 前访 问 https://ir.p5w.net/zj/，进入本公司问题征集专题页面进行提问。公司将在说 明会上对投资者普遍关注的问题进行回答。 一、说明会类型 本次说明会为公司 2025 年半年度业绩说明会。公司将针对 2025 年半年度经营 成果及财务指标等情况与投资者进行互动交流和沟通，在信息披露允许的范围内就 投资者普遍关注的问题进行回答。 为提升交流的针对性，公司就本次活动提前向投资者公开征集问题。投资者可 于2025年9月12日12:00前访问https://ir.p5w.net/zj/，进入本公司问题征集专题 页面进行提问。公司将在会上对投资者普遍关注的问题进行回答。 二、会议召开时间、地点 （一）会议召开时间：2025 年 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [5] Core Insights - The company has experienced significant profit growth driven by its wholly-owned subsidiary, Jianghai Securities, which reported a total revenue of 726 million yuan, a year-on-year increase of 81.17%, and a net profit of 288 million yuan, a year-on-year increase of 1312% [2][21] - The company's revenue for the first half of 2025 reached 1.475 billion yuan, with a net profit of 380 million yuan, reflecting a year-on-year growth of 1.12% and 233.08% respectively [1][14] - The dual business model of thermal power and securities is expected to continue driving growth, with projections for revenue and net profit growth in the coming years [8][33] Summary by Sections 1. Financial Performance - In the first half of 2025, the company achieved total revenue of 1.475 billion yuan and a net profit of 380 million yuan, with respective year-on-year growth rates of 1.12% and 233.08% [1][14] - Jianghai Securities contributed significantly to the overall profit, with 65% of net profit coming from securities and 28% from the thermal power segment [3][20] 2. Business Segments - The thermal power segment generated revenue of 982 million yuan, a year-on-year decrease of 5.06%, while contributing a net profit of 123 million yuan [17][29] - Jianghai Securities reported total revenue of 726 million yuan, with a net profit of 288 million yuan, marking a substantial increase compared to the previous year [21][34] 3. Investment Strategy - The company is focusing on diversifying its investments through its subsidiary, Hato Jiaxin, which is involved in industry funds, carbon asset management, and optimizing financial equity [3][31] - The company aims to enhance its investment value creation capabilities to support sustainable development [31][34] 4. Future Projections - Revenue projections for 2025-2027 are estimated at 2.814 billion yuan, 2.882 billion yuan, and 2.916 billion yuan, with corresponding net profits of 466 million yuan, 494 million yuan, and 497 million yuan [8][33] - The report anticipates continued growth in the securities business, while the thermal power segment is expected to stabilize around historical averages [33][34]