行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 2026 年 03 月 16 日 十五五新型能源体系建设出台 欧亚 气价小幅回落 看好 ——申万公用环保周报(26/03/09~26/03/13) 本期投资提示： 风险提示：天然气价格高波动风险、国内顺价机制落地情况不及预期风险、新能源发电业务环境价值兑 现风险、电价下降风险。 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 电力：十五五规划纲要新型能源体系建设，风光水核多能并举。新华社受权于 13 日全文播发《中华人 民共和国国民经济和社会发展第十五个五年规划纲要》。关于新型能源体系建设，十五五加力建设新型 能源基础设施。推进非化石能源安全可靠有序替代化石能源，坚持风光水核等多能 ...

行 业 研 究 / 行 业 点 评 行 业 及 产 业 公用事业 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 2026 年 03 月 16 日 十五五新型能源体系建设出台 欧亚 气价小幅回落 看好 ——申万公用环保周报(26/03/09~26/03/13) 本期投资提示： 风险提示：天然气价格高波动风险、国内顺价机制落地情况不及预期风险、新能源发电业务环境价值兑 现风险、电价下降风险。 ⚫ 电力：十五五规划纲要新型能源体系建设，风光水核多能并举。新华社受权于 13 日全文播发《中华人 民共和国国民经济和社会发展第十五个五年规划纲要》。关于新型能源体系建设，十五五加力建设新型 能源基础设施。推进非化石能源安全可靠有序替代化石能源，坚持风光水核等多能并举，实施非化石能 源十年倍增行动。对于核电、海 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides various investment recommendations for specific sectors and companies within the energy and environmental sectors. Core Insights - The "14th Five-Year Plan" emphasizes a dual control system for carbon emissions, focusing on low-carbon development and the promotion of non-fossil energy sources [5][8][9]. - The ongoing geopolitical tensions in the Middle East have led to a sharp increase in natural gas prices, particularly affecting Europe and Asia, with significant price fluctuations observed [13][22][36]. - The report outlines several investment opportunities across different energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [11][12][38]. Summary by Sections 1. Power Sector - The "14th Five-Year Plan" introduces a dual control system for carbon emissions, aiming for carbon peak and neutrality, and emphasizes the development of non-fossil energy sources [5][8][9]. - Key tasks include accelerating the transition to green energy, promoting low-carbon technologies, and enhancing resource management [10]. 2. Gas Sector - The Middle East tensions have caused a rapid increase in gas prices, with significant weekly changes noted in various markets, such as a 116.35% increase in Northeast Asia LNG prices [13][22][36]. - The report highlights that the current geopolitical situation has led to a more abrupt price increase compared to previous cycles, with a potential for shorter duration [36]. 3. Investment Recommendations - Thermal Power: Recommended companies include Datang Power A+H and JianTou Energy, particularly in regions with high computational demand [11][12]. - Hydropower: Companies like Guotou Power and Changjiang Power are favored due to expected improvements in financial metrics [12]. - Nuclear Power: Focus on China National Nuclear Power and China General Nuclear Power, with a projected increase in approved units [12]. - Green Energy: Companies such as Xintian Green Energy and Longyuan Power are recommended as new energy market rules enhance project stability [12]. - Natural Gas: Companies like Kunlun Energy and China Gas are highlighted for their potential in a favorable pricing environment [12][38].

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][46]. Core Insights - The "14th Five-Year Plan" emphasizes a dual control system for carbon emissions, focusing on low-carbon development and the promotion of non-fossil energy sources [10][11]. - The ongoing geopolitical tensions in the Middle East have led to a sharp increase in natural gas prices in Europe and Asia, with significant price fluctuations observed [15][24]. - The report identifies several investment opportunities across various energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [13][14][44]. Summary by Sections 1. Electricity: Implementation of Dual Control on Carbon Emissions - The "14th Five-Year Plan" outlines a comprehensive approach to achieving carbon neutrality, emphasizing the need for a robust incentive mechanism and specific tasks related to energy, industry, and lifestyle [10][11][12]. - Key tasks include accelerating the transition to renewable energy, promoting low-carbon technologies, and enhancing resource management [12]. 2. Natural Gas: Impact of Middle Eastern Conflicts on Prices - Natural gas prices have surged due to geopolitical tensions, with the Henry Hub spot price at $2.90/mmBtu and European prices experiencing significant increases [15][24]. - The report notes that the current supply constraints, particularly from Qatar, have led to a more pronounced price increase compared to previous cycles [42][44]. - Investment recommendations include focusing on LNG traders and unconventional gas resource companies that benefit from high price environments [44]. 3. Weekly Market Review - The public utility, electricity, and gas sectors have outperformed the Shanghai Composite Index, while the environmental sector has lagged [46]. 4. Company and Industry Dynamics - Recent regulatory updates include the implementation of new standards for ecological industrial parks and competitive pricing mechanisms for renewable energy projects in Zhejiang [56]. - Notable company announcements include significant investments in waste-to-energy projects and renewable energy initiatives [57].

Investment Rating - The report maintains an "Buy" rating for the environmental protection industry [2] Core Insights - The government work report for 2026 emphasizes the need for a 17% reduction in carbon emissions per unit of GDP and a 3.8% reduction in total carbon emissions, marking a shift towards dual control of carbon emissions [12][14] - The report highlights the increasing demand for green energy and biofuels, particularly biodiesel, driven by rising oil prices and geopolitical tensions [5][21] - The report suggests focusing on companies involved in the recycling and green energy sectors, such as biofuels and green methanol, as potential investment opportunities [5][13] Summary by Sections Government Work Report - The 2026 government work report sets higher targets for carbon emissions reduction and introduces a national low-carbon transition fund to support hydrogen and green fuel development [12][15] - The report indicates that 2026 will be the first year of formal carbon assessments for local governments [12][14] Biodiesel Market - The average export price of UCO (Used Cooking Oil) in 2025 was 7,742 CNY/ton, a year-on-year increase of 21.6% [21] - UCO export volume for 2025 was 2.7558 million tons, with a 6.6% decrease compared to the previous year [21] - The report notes that the price of UCO has been on an upward trend, reaching 8,125.54 CNY/ton by December 2025 [21] Carbon Market and Policies - The report tracks developments in the carbon market, noting a recent trading volume of 56.05 million tons and a closing price of 81.85 CNY/ton [36][39] - It highlights the establishment of a comprehensive recycling system for retired solar panels, aiming for a cumulative utilization of 250,000 tons by 2027 [34] Key Companies to Watch - The report recommends monitoring companies such as Langkun Technology, Shanhai Environment, and Huanxin Co., which are positioned to benefit from the growing demand for biofuels and recycling [5][33]

Investment Rating - The report suggests a focus on green fuel, green electricity, natural gas, CCUS, renewable resources, carbon monitoring, and zero-carbon parks as key investment opportunities [4][7][43]. Core Insights - The transition to a dual carbon control system is urgent, with the need to achieve carbon peak by 2030 and a 65% reduction in carbon intensity compared to 2005 levels by 2030 [4][11]. - The establishment of a comprehensive carbon management system is underway, integrating carbon evaluation and market mechanisms [4][21]. - The path to implementation emphasizes energy transition and efficiency improvements, with pilot projects for zero-carbon factories and parks leading the way [4][44]. Summary by Sections Policy Transition - The shift from energy consumption control to carbon emission control is highlighted, with a focus on dual carbon control [6][8]. - The government has outlined a comprehensive policy framework for carbon peak and neutrality, emphasizing the need for a robust carbon management system [12][14]. System Construction - A dual approach combining administrative measures and market mechanisms is being developed, including carbon evaluation and a national carbon market [21][24]. - The national carbon market has expanded to include key industries such as power generation, steel, cement, and aluminum smelting [24][30]. Implementation Path - The report outlines a clear path for energy transition, focusing on green energy supply, energy efficiency improvements, and the establishment of zero-carbon factories and parks [4][44]. - Key tasks include developing renewable energy sources, enhancing energy efficiency, and implementing carbon management systems [46][50].

Investment Rating - The report indicates a positive investment outlook for the power sector, particularly in regions benefiting from rapid computational development [1]. Core Insights - The power supply in China is abundant, with a projected installed capacity of 389,134 MW by the end of 2025, reflecting a year-on-year growth of 16.1%. The share of coal power is 40%, while solar and wind power capacities have increased by 35.4% and 22.9% respectively, leading to a significant rise in the proportion of clean energy [4][5]. - The report highlights the importance of coal power as a stabilizing force in the energy system, providing reliable support for high-energy-consuming digital infrastructure, which is crucial for the development of AI and the digital economy [9]. - Natural gas prices are expected to rise in 2025, with the US Henry Hub spot price projected at $3.51 per million British thermal units, a 59.7% increase year-on-year. This increase is attributed to geopolitical factors, extreme weather, and changes in supply-demand fundamentals [35][36]. - The report emphasizes the potential for green hydrogen projects in Yunnan, with subsidies of up to 13 RMB/kg, which could accelerate the development of the hydrogen and methanol industry [1]. Summary by Sections Power Sector - The installed capacity in China is projected to reach 389,134 MW by the end of 2025, with a significant increase in clean energy sources [4]. - The contribution of coal power to electricity generation remains substantial, accounting for 65% of the total output despite its 40% share in installed capacity [4][5]. - The "East Data West Calculation" project aims to enhance the computational network across various regions, leading to higher electricity consumption growth in provinces like Guizhou and Zhejiang [6][9]. Natural Gas - Global natural gas prices are expected to rise, with the US Henry Hub price forecasted to increase significantly due to various geopolitical and supply-demand factors [35][36]. - The report notes that the LNG supply in Northeast Asia is currently stable, but geopolitical tensions could lead to price volatility [30][36]. Environmental and Renewable Energy - The report discusses the potential for green hydrogen development in Yunnan, supported by government subsidies, which could enhance the economic viability of hydrogen projects [1]. - The report recommends several companies in the renewable energy sector, including new energy operators and integrated gas traders, as potential investment opportunities [1][36].

Core Viewpoint - The company, Guangzhou HuanTou Yongxing Group Co., Ltd., has announced its expected daily related transactions for 2026, emphasizing that these transactions are necessary for its normal production and operations, adhering to principles of openness, fairness, and justice, and will not adversely affect the company's financial status or independence [2][15]. Group 1: Daily Related Transactions Overview - The company held a special meeting of independent directors on February 12, 2026, where the expected daily related transactions for 2026 were approved with a unanimous vote [3]. - The board of directors also approved the expected daily related transactions on the same day, with the related directors abstaining from voting [3][4]. - The expected transactions are based on the company's operational needs and are deemed reasonable, ensuring no dependency on related parties and no harm to the interests of shareholders, especially minority shareholders [3][4][15]. Group 2: Approval Process and Compliance - The company’s sponsor, CITIC Securities Co., Ltd., has issued a special verification opinion, confirming that the expected daily related transactions have been approved by the board and independent directors, complying with relevant regulations [4]. - The decision-making process for these transactions aligns with the Shanghai Stock Exchange listing rules and the company's articles of association [4]. Group 3: Expected Transactions for 2026 - The expected daily related transactions for 2026 are preliminary forecasts based on business development needs, with anticipated differences from 2025 due to expected growth and collaboration with related parties [6]. - The actual transaction amounts will be influenced by business progress and market conditions, and adjustments may occur among related parties under common control [6]. Group 4: Related Parties Overview - Guangzhou Environmental Investment Group Co., Ltd. is the controlling shareholder of the company, with total assets of 30.889 billion RMB and a net asset of 10.746 billion RMB as of December 31, 2025 [9]. - Guangzhou HuanTou Environmental Service Co., Ltd. and Guangzhou HuanTou Environmental Group Co., Ltd. are subsidiaries under the controlling shareholder, with their respective financial data indicating stable operations [11][12]. Group 5: Transaction Pricing Policy - The pricing for the expected daily related transactions will follow market principles, ensuring fairness and transparency, with specific guidelines for government pricing and local market references [14].

Group 1 - The company Yongxing Co., Ltd. announced that its second board meeting for 2026 was held on February 12, 2026, to discuss the expected daily related transactions for the year [1] - Notable investors Ge Weidong and Fang Wenyuan each invested 1 billion yuan in Jianghuai, leading to a significant increase in the company's stock price [1] - Historical analysis indicates that retail investors participating in private placements have experienced both gains and losses [1]

中信证券股份有限公司 关于 广州环投永兴集团股份有限公司 2026 年度日常关联交易预计的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为广州环 投永兴集团股份有限公司（以下简称"永兴股份"或"公司"）首次公开发行股 票并在主板上市的保荐人和持续督导机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》等有关规定，对永兴股份 2026 年度日常关联交易预计事项进行了审慎核 查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审批程序 公司于 2026 年 2 月 12 日召开 2026 年度独立董事专门会议第一次会议，以 3 票同意、0 票弃权、0 票反对审议通过了《关于 2026 年度日常关联交易预计的 议案》。独立董事专门会议认为：公司依据 2025 年日常交易情况及 2026 年生产 经营计划对 2026 年度日常关联交易进行了预计，关联交易均为公司及公司子公 司正常生产经营所需，具有合理性，交易遵循公开、公平、公正原则 ...