Core Insights - The report emphasizes a focus on the technology sector for investment opportunities, particularly in growth stocks, as the market index has shown upward momentum [2][6]. - The report outlines a selection of ten key stocks, highlighting their respective industries, market capitalizations, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2026 and 2027 [2][68]. Group 1: Key Stock Recommendations - **Neway Valve (603699.SH)**: A leading global industrial valve manufacturer, benefiting from a surge in LNG and marine engineering sectors, with expected overseas order growth of over 50% year-on-year in the first half of 2025 [11][12]. - **Yongxing Environmental (601033.SH)**: The sole operator of waste incineration in Guangzhou, with a projected capacity utilization rate of 79% and a commitment to high dividends, expecting a 174% increase in free cash flow in 2024 [17][18]. - **Aerospace Electronics (600879.SH)**: Focused on aerospace electronics and unmanned systems, with anticipated high growth driven by the commercial space industry and demand for satellite communication technologies [26][27]. - **Miaokelando (600882.SH)**: Positioned for long-term growth in the dairy sector, with a focus on product innovation and cost management, expecting significant revenue growth in the upcoming quarters [31][32]. - **Laopu Gold (6181.HK)**: A high-end gold jewelry brand with strong revenue growth, projected to achieve 8.51 billion yuan in revenue in 2024, benefiting from the expanding market for traditional gold products [36][38]. - **Jingzhida (688627.SH)**: Engaged in the semiconductor testing equipment sector, with significant market potential and expected strong performance due to key customer orders [42][43]. - **Shensanda A (000032.SZ)**: Positioned to benefit from the increasing demand for AI infrastructure and applications, with a strong foothold in public data services [47][48]. - **Sanqi Interactive (002555.SZ)**: Anticipating strong performance from new game releases, particularly the upcoming "Douluo Dalu: Hunting Soul World," with high player interest [53][56]. - **CATL (300750.SZ)**: Expected to maintain strong profit growth, with projected net profits of 66.1 billion yuan in 2025, driven by increasing demand for electric vehicle batteries [59][60]. - **Borui Pharmaceutical (688166.SH)**: Forecasted to achieve net profits of 2.6 billion yuan in 2025, with significant potential in the Amylin pipeline, which has attracted substantial investment interest [63][64]. Group 2: Financial Data Overview - The report provides detailed financial forecasts for the ten key stocks, including projected revenues and net profits for 2025 to 2027, highlighting the growth potential across various sectors [68]. - For instance, Neway Valve is expected to generate 74.53 billion yuan in revenue in 2025, with a net profit of 14.49 billion yuan, reflecting strong operational performance [68]. - CATL's projected revenue for 2025 is 472.43 billion yuan, with a net profit forecast of 66.13 billion yuan, indicating robust growth in the electric vehicle battery market [68].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [2]. Core Insights - In May, the total industrial power generation was 737.8 billion kWh, showing a year-on-year increase of 0.5%. The growth was primarily driven by thermal and renewable energy sources, with wind power contributing the most to the increase [5][6]. - The report highlights that geopolitical conflicts have led to rising global gas prices, with significant increases observed in various markets, including a 16.75% rise in the Henry Hub spot price [21][24]. - The report suggests several investment opportunities across different sectors, including power generation, natural gas, and environmental services, emphasizing the importance of clean energy and integrated gas trading [2][45]. Summary by Sections 1. Power Generation - In May, the total industrial power generation was 7378 billion kWh, with thermal power generation at 4615 billion kWh (up 1.2% YoY) and renewable sources like wind and solar showing growth rates of 11.0% and 7.3% respectively [5][7]. - The contribution of renewable energy sources to the overall power generation continues to increase, with wind power contributing the highest increment compared to the previous year [6][7]. 2. Natural Gas - Geopolitical tensions have raised concerns about supply, leading to a sustained increase in global gas prices. As of June 19, the Henry Hub spot price reached $3.09/mmBtu, marking a 16.75% increase [21][24]. - The report notes that while the overall gas supply chain remains stable, any disruptions in key regions could further support price increases [21][28]. 3. Weekly Market Review - The report indicates that various sectors, including utilities and power, underperformed compared to the Shanghai and Shenzhen 300 index, while the gas sector outperformed [47]. 4. Company and Industry Dynamics - The report discusses significant project announcements, including a major offshore wind power project by China Power Construction with a contract value of approximately 10.77 billion yuan [54]. - It also highlights the ongoing developments in hydrogen energy and solid-state battery technologies, indicating a shift towards innovative energy solutions [56].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Insights - In May, electricity consumption growth was 4.4%, with significant contributions from the primary, secondary, and tertiary industries [4][13] - The report highlights the recovery of fire power generation, while water power generation saw an expanded decline [6][18] - The collaboration between waste incineration and IDC (Intelligent Data Center) is emerging as a significant trend in the environmental sector [22][23] Electricity Sector Summary - In May, the total electricity consumption reached a year-on-year growth of 4.4%, with the first, second, and third industries growing by 8.4%, 2.1%, and 9.4% respectively [4][13] - Cumulatively, from January to May, electricity consumption grew by 3.4%, with the first, second, and third industries growing by 9.6%, 2.2%, and 6.8% respectively [4][17] - The report notes a decline in electricity growth due to reduced demand from high-energy-consuming industries, but new industries like information transmission are driving stable growth [5][17] Power Generation Summary - In May, the industrial power generation was 737.8 billion kWh, a year-on-year increase of 0.5% [6][18] - Fire power generation turned positive with a growth of 1.2%, while water power generation declined by 14.3% [6][19] - The report anticipates that the collaboration between waste incineration and IDC will enhance cash flow and lead to a revaluation of companies in the sector [23][25] Environmental Sector Summary - The report emphasizes the importance of waste incineration and IDC collaboration, highlighting a strategic partnership between Junxin Co. and Changsha Digital Group [22][23] - The environmental sector is expected to benefit from stable profitability and improving cash flow due to reduced capital expenditures [26][27] - The report suggests that companies in the waste incineration and water service sectors are entering a phase of positive cash flow, with potential for increased dividends [26][27] Investment Recommendations - Key recommendations include focusing on four major hydropower companies: Guotou Power, Huaneng Hydropower, Yangtze Power, and Chuan Investment Energy [7][21] - In the environmental sector, companies like Everbright Environment and Tianjin Chuangye Environmental Protection are highlighted for their potential in dividend increases [38][39] - The report suggests that the Hong Kong utility sector may see a revaluation due to declining interest rates and external market conditions [35][38]

Investment Rating - The report maintains a "Buy" rating for various companies in the energy sector, including hydroelectric, nuclear, and gas companies, indicating a positive outlook for their growth potential [3][41][44]. Core Insights - The report highlights the successful commissioning of the Hami-Chongqing ±800 kV UHVDC transmission project, which significantly enhances power supply capabilities in Chongqing, with over 360 billion kWh of electricity expected to be delivered annually, of which more than 50% will be clean energy [3]. - European gas prices have seen a slight increase due to geopolitical tensions in the Middle East, with the TTF spot price rising by 4.88% to €37.63/MWh as of June 13 [7][11]. - The report emphasizes the importance of the Hami-Chongqing project in improving the efficiency of green energy resource consumption and the long-term enhancement of Xinjiang's electricity export capacity [3]. Summary by Sections Natural Gas - Geopolitical conflicts have led to a tightening of supply in Eurasia, causing a rebound in gas prices. As of June 13, the Henry Hub spot price was $2.65/mmBtu, while the TTF spot price increased by 4.88% [7][11]. - The report notes that the LNG national ex-factory price was 4406 yuan/ton, reflecting a weekly decrease of 0.38% [7][25]. - The report suggests focusing on integrated gas trading companies and city gas companies, recommending firms like Kunlun Energy and New Hope Energy [27]. Weekly Market Review - The public utility, electricity, and gas sectors outperformed the CSI 300 index during the week of June 9 to June 13, while the environmental protection and power equipment sectors lagged [30]. Company and Industry Dynamics - In the first five months of the year, China imported 230 million tons of crude oil, a year-on-year increase of 0.3%, while natural gas imports decreased by 9.5% to 49.05 million tons [35]. - The report highlights the importance of enhancing the "power acquisition" service level to create a modern business environment for electricity [35][37]. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, with several companies rated as "Buy," indicating strong growth potential [41][44].

证券研究报告·行业深度报告·环保 环保行业深度报告 ◼ 投资建议：固废板块具备持续提分红潜力，供热&IDC 等提质增效促 ROE 和估值双升。1）现金流：资本开支下降自由现金流增厚，叠加居 民付费理顺商业模式，年报大幅提分红！ 24 年报分红提升兑现： 【绿 色动力】每股派息+100%，分红比例提至 71%；【瀚蓝环境】每股派息 +67%；【军信股份】派息总额+37%，分红比例提至 95%；【永兴股份】 【中科环保】【光大环境】【海螺创业】等积极提分红。2）提质增效：以 供热、IDC 为代表的 B 端拓展持续推进，对标海外市场化估值&ROE 存 翻倍以上空间。 ◼ 风险提示：新建项目收益率下降；国补退坡/到期风险；应收账款风险 2025 年 06 月 10 日 垃圾焚烧板块的提分红逻辑验证：从自由现 金流增厚看资产质量的改善 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 报告创新点——为什么我们要从现金流角度分析垃圾焚烧资产？资产 质量的改善，既体现在表观上自由现金流的增加，也会更进一步地体现 在 ROE 的提升。从企业绝对估值角度来看，现金流是资产定价的核心 环节，现金 ...

公司研究丨深度报告丨永兴股份（601033.SH） [Table_Title] 深耕广州，垃圾焚烧资产质量优异+高比例分 红 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 永兴股份是广州市垃圾焚烧发电项目的唯一投资和运营主体，截至 2024 年底在运营垃圾焚烧 发电项目产能 32,090 吨/日，目前公司已经没有在建垃圾焚烧项目。公司项目所在区位优质， 国补比例较低+热值较高+单体项目大，现金流表现优异。项目所有权形式主要是政府采购服务， 类永续经营。广环投股东保证垃圾收运充裕，原生垃圾+陈腐垃圾拓渠道保障垃圾处理量仍有 一定增长。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SFC：BUV415 SFC：BUZ393 李博文 盛意 SAC：S0490524080004 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% research.95579.com 2 永兴股份（6010 ...

Investment Rating - The report maintains a "Positive" investment rating for the public utility and environmental sectors, indicating an expectation of outperformance compared to the overall market [3][4]. Core Insights - The report highlights the narrow fluctuations in global natural gas prices, with European prices rebounding due to supply-side influences. As of June 6, the Henry Hub spot price in the U.S. was $2.68/mmBtu, reflecting a weekly decline of 6.29%, while the Dutch TTF spot price increased by 7.59% to €35.88/MWh [4][7][13]. - The report emphasizes the acceleration of unmanned sanitation layouts driven by aging populations and advancements in AI technology, suggesting a significant growth potential in the sector [4][4]. - Investment recommendations include focusing on companies in the electricity sector such as hydroelectric and nuclear power, as well as natural gas and environmental sectors, with specific companies highlighted for their growth potential [4][4]. Summary by Sections 1. Natural Gas: Global Price Fluctuations and European Price Recovery - Global natural gas prices are experiencing narrow fluctuations, with European prices recovering due to supply-side factors. The report notes a significant increase in European gas prices, with the NBP spot price rising by 8.28% [7][13]. - The report indicates that U.S. natural gas inventories are rising rapidly, maintaining a loose overall market structure, but anticipates a divergence in price trends due to increased demand from rising temperatures in July [7][8][13]. 2. Weekly Market Review - The report states that the gas and power equipment sectors outperformed the CSI 300 index during the review period from May 30 to June 6, while the power and environmental sectors underperformed [30]. 3. Company and Industry Dynamics - The report discusses the State Energy Administration's initiatives to promote the construction of a new power system, focusing on innovative technologies and models [38]. - It also highlights the continuous improvement in ecological environment quality in China, as reported by the Ministry of Ecology and Environment [38]. 4. Key Company Valuation Table - The report provides a valuation table for key public utility companies, indicating various ratings such as "Buy" and "Hold" along with projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 [40][42].

截至2025年6月6日收盘，永兴股份（601033）报收于16.02元，较上周的16.85元下跌4.93%。本周，永 兴股份6月3日盘中最高价报17.12元。6月6日盘中最低价报15.93元。永兴股份当前最新总市值144.18亿 元，在环境治理板块市值排名11/105，在两市A股市值排名1080/5148。 本周关注点 问：公司完成了收购忻州市洁晋发电有限公司，会持续进行其他项目收购吗？答：公司将始终积极把握 行业发展机遇，通过专业团队持续推进包括项目收购在内的业务拓展。在项目筛选过程中，公司会将项 目质量、风险收益情况以及战略协同等作为评估要素，确保有关投资决策符合公司发展战略规划。 问：请介绍公司对供热业务发展的规划情况？答：供热业务是提升公司现有项目运营效益的重要战略抓 手，近几年取得了稳步发展。公司对外提供的蒸汽具有较为显著的成本优势与环保效益，能够为用热企 业实现降本增效，已得到各级政府的认可和支持。目前公司正全力推动供热业务发展，持续拓展用热客 户，加速供热管线的规划设计及建设工作。 问：公司今年焚烧处理填埋场存量垃圾的热值情况？答：从公司今年存量垃圾掺烧处理的情况看，填埋 场存量垃圾的热值情况基 ...

证 券 研 究 报 告 市政环保红利属性强化，人工智能引领板块成长 2025下半年环保行业投资策略 证券分析师： 王璐 A0230516080007 莫龙庭 A0230523080005 2025.06.05 投资分析意见 3 2. AI赋能驱动二次增长，市政环保焕发新成长动能 3. 重点公司估值表及风险提示 1 市政环保：稳健经营，高股息表现亮眼 | 2025/6/4 市政固废 | 000598.SZ | 兴蓉环境 | 表：环保行业高分红高股息公司汇总（亿元，%, A股为人民币，港股为港币） | 223 | 12 | 11 | 10 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 证券 | | 企业 | 市值 | | PE | | | 归母净利 | | | 分红率 | | | 股息率 | | | | | | | | 2023 | 2024 | 2025E | 2023 | 2024 | 2025E ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 06 月 03 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com | | | 板块表现： 绿电直连政策出台 关注绿电、垃圾焚烧发电 投资评级： 看好（维持） ——大能源行业 2025 年第 22 周周报（20250602） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 事件：国家发改委、能源局发布《关于有序推动绿电直连发展有关事项的通知》（以下简称《通知》）。 绿电直连有助于绿电经济性和环境价值体现。本次政策针对对单一用户的绿电供给模式，带来 2 个明显 的好处：（1）可以有 ...