Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

格隆汇1月4日丨永兴股份(601033.SH)公布，近日，公司收到科学城投资集团告知函，科学城投资集团 自2025年12月8日至2025年12月31日期间内，通过集中竞价方式减持公司股份900万股，占公司总股本的 1.00%。截至本公告披露日，科学城投资集团本次减持计划已实施完毕。 ...

证券代码：601033 证券简称：永兴股份 公告编号：2026-001 广州环投永兴集团股份有限公司 关于股东提前终止减持计划暨减持股份结果公告 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： 股东持股的基本情况 本次减持计划实施前，广州环投永兴集团股份有限公司（以下简称"公司"） 股东科学城（广州）投资集团有限公司（以下简称"科学城投资集团"）持有公 司无限售条件流通股 37,500,000 股，占当时公司总股本的 4.17%，其股份来源为 公司首次公开发行前取得。 减持计划的实施结果情况 公司于 2025 年 11 月 15 日披露《广州环投永兴集团股份有限公司关于股东 减持股份计划的公告》（公告编号：2025-041），科学城投资集团拟自减持计划 公告披露之日起 15 个交易日后的 3 个月内，通过集中竞价方式减持所持有的部 分公司股票，减持数量不超过 9,000,000 股。 一、减持主体减持前基本情况 1 | | 其他：5%以下股东 | | --- | --- | | 持股数量 | 37,5 ...

南财智讯1月4日电，永兴股份公告，科学城（广州）投资集团有限公司在2025年12月8日至2025年12月 31日期间，通过集中竞价方式减持公司股份9,000,000股，占公司总股本的1.00%。本次减持计划已实施 完毕，减持后科学城投资集团持股比例由4.17%降至3.17%。减持价格区间为15.08元至15.27元/股，减持 总金额为1.36亿元。 ...

Core Insights - The technology developed by Yongxing Co., in collaboration with several research institutions, has been confirmed to be at an international leading level for efficient and clean co-firing of multiple sources of solid waste [1][2] - The company has signed a contract with the Guangzhou Municipal Administration for the excavation of 2.37 million tons of legacy landfill waste by 2025, with over 800,000 tons processed in the first half of 2025, surpassing the total for 2024 [1] - Yongxing Co. reported a revenue of 3.25 billion yuan for the first three quarters of 2025, a year-on-year increase of 16.3%, and a net profit of 746 million yuan, up 15% year-on-year [1] Group 1 - The technology focuses on optimizing the co-firing ratio of multiple solid waste sources, enhancing efficiency, and reducing pollutant generation [2] - The company is the sole investor and operator of Guangzhou's waste-to-energy projects, making the expansion of co-firing a crucial strategy for utilizing existing processing facilities [2] - The application of internationally leading technology is expected to improve processing efficiency and operational benefits, contributing to sustainable development and providing stable returns for investors [2]

Core Insights - The technology developed by Guangzhou Ring Investment Yongxing Group Co., Ltd. (Yongxing Co., 601033) for high-efficiency and clean co-firing of multiple sources of solid waste has been confirmed to be at an international leading level by an expert evaluation committee [1] - The co-firing of multiple sources of solid waste, including landfill waste, industrial solid waste, kitchen waste, and municipal sludge, enhances the capacity utilization and profitability of waste-to-energy projects [1] - Yongxing Co. has made significant progress in the co-firing of landfill waste, with over 80,000 tons of waste processed in the first half of 2025, surpassing the total amount processed in 2024 [1] Financial Performance - In the first three quarters of 2025, Yongxing Co. achieved an operating income of 3.25 billion yuan, representing a year-on-year increase of approximately 16% [2] - The net profit attributable to shareholders reached 746 million yuan, reflecting a year-on-year growth of about 15% [2] - The significant growth in waste processing volume is expected to contribute to the company's sustained operational performance and long-term investment returns for stakeholders [2]

投资评级：看好（维持） 证券研究报告|行业专题报告 环保 2025年12月30日 证券分析师： 刘晓宁 S1350523120003 查浩 S1350524060004 ----环保行业2026年策略报告 红利筑底，成长向上 请务必仔细阅读正文之后的评级说明和重要声明 蔡思 S1350524070005 ◼ 市政环保：红利属性持续强化，有望持续受益于保险资金扩散，建议从现金流/分红两个层面筛选标的 2 核心要点 • 基本面：市政环保类资产具有区域垄断性、抗周期性和盈利稳定性，低波红利属性突出，当前典型公司的股息率在4%-7%之间。在红利 属性之外，垃圾焚烧发电还处于估值整体提升阶段（稳健的成长性+商业模式从toG到toB的估值转换）。 • 资金面：2025年以来保险资金对于环境治理持仓稳步增加，2025Q3达到0.2%，预计未来保险资金继续增配红利特征明显的FVOCI股票， 市政环保资产有望充分受益于红利资金扩散。 • 行业演绎节奏及投资分析意见：复盘过去两年股价走势，可以看出驱动股价上涨因素主要有二：1）自由现金流转正/临近转正；2）分红 率预期提升/实际提升。建议关注：1）自由现金流临近转正，建议关注兴蓉 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].