Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Core Viewpoint - Yongxing Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue technology innovation corporate bonds totaling up to 3 billion yuan to professional investors [1] Company Performance - As of January 30, 2026, Yongxing Co., Ltd. closed at 15.71 yuan, reflecting a 1.03% increase from the previous week's closing price of 15.55 yuan [1] - The stock reached a weekly high of 15.73 yuan on January 30 and a low of 15.31 yuan on January 27 [1] - The company's current total market capitalization is 14.139 billion yuan, ranking 16th out of 106 in the environmental governance sector and 1500th out of 5184 in the A-share market [1] Bond Issuance - The CSRC has granted approval for Yongxing Co., Ltd. to issue technology innovation corporate bonds with a total face value not exceeding 3 billion yuan [1] - The bond issuance must strictly adhere to the prospectus submitted to the Shanghai Stock Exchange [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in phases within this period [1]

Trading Information Summary - On January 28, 2026, Yongxing Co., Ltd. (601033) closed at 15.5 yuan, up 0.32%, with a turnover rate of 2.12%, trading volume of 50,900 shares, and a transaction amount of 78.8242 million yuan [1]. - On the same day, the net outflow of main funds was 3.2236 million yuan, accounting for 4.09% of the total transaction amount; the net outflow of speculative funds was 3.2343 million yuan, accounting for 4.1% of the total transaction amount; while retail investors had a net inflow of 6.4579 million yuan, accounting for 8.19% of the total transaction amount [1][3]. Company Announcement Summary - Yongxing Co., Ltd. received approval from the China Securities Regulatory Commission (CSRC) for the public issuance of technology innovation corporate bonds to professional investors, with a total face value not exceeding 3 billion yuan [1]. - The approval is valid for 24 months from the date of registration, and the company may issue the bonds in phases within this period [1][3].

Group 1 - The company Yongxing Co., Ltd. has received approval from the CSRC to publicly issue technology innovation corporate bonds with a total face value of up to 3 billion yuan, valid for 24 months [1] - The issuance of technology innovation bonds is expected to help the company reduce financial costs and enhance performance, as the interest rates for such bonds have been consistently low, around 2% [1] - The recent trend shows that the issuance rates for technology innovation bonds, such as those from Huqin Technology and Bihuiyuan, have dropped to as low as 1.98% [1] Group 2 - Yongxing Co., Ltd. is a leading enterprise in the solid waste treatment sector in Guangzhou, benefiting from its state-owned background and stable operational fundamentals [2] - The company is expected to lock in low financing rates, significantly reducing financial expenses by replacing high-interest existing debts, thus creating more room for performance enhancement [2] - The phased issuance of bonds allows for flexible matching with project construction and debt maturity schedules, optimizing the debt structure and reducing liquidity risks [2]

Group 1 - The core viewpoint is that technology innovation bonds have become a preferred financing option for quality enterprises due to their low interest rates, simplified processes, and favorable policies, aligning with national technology innovation strategies [1] - Since their introduction in 2025, technology innovation bonds have maintained a low coupon rate around 2%, with recent issuances like Huajin Technology's 3-year bond at 198 million and BWS's 5 million bond also at 1.98%, providing significant cost advantages for enterprises [1] Group 2 - The waste incineration power generation industry is currently benefiting from a favorable financing cost environment, with companies like Hanlan Environment issuing bonds at a low rate of 1.90% and a subscription multiple of 6.62 times [2] - Yongxing Co., a leading enterprise in solid waste treatment in Guangzhou, is expected to leverage low interest rates to replace high-interest debt, significantly reducing financial costs and enhancing performance [2] - The issuance of technology innovation bonds by Yongxing Co. is seen as a typical example of environmental companies capitalizing on policy benefits and market opportunities, translating into tangible growth and long-term value for investors [2][4] Group 3 - The China Securities Regulatory Commission has approved Yongxing Co. to publicly issue technology innovation corporate bonds with a total face value of up to 3 billion, valid for 24 months, which is expected to support the company in reducing financial costs and enhancing performance [4]

Core Viewpoint - Yongxing Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue technology innovation corporate bonds totaling up to 3 billion yuan, which is expected to enhance its capital structure and support future growth initiatives [1][2]. Group 1: Stock Performance - As of January 27, 2026, Yongxing Co., Ltd. closed at 15.45 yuan, down 0.77% from the previous trading day [1]. - The stock opened at 15.57 yuan, reached a high of 15.59 yuan, and a low of 15.31 yuan, with a trading volume of 64.72 million yuan and a turnover rate of 1.75% [1]. Group 2: Bond Issuance - The CSRC has approved Yongxing Co., Ltd. to issue technology innovation corporate bonds with a total face value not exceeding 3 billion yuan [1]. - The bond issuance must strictly follow the fundraising prospectus submitted to the Shanghai Stock Exchange [1]. - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches during this period [1].

三、本批复自同意注册之日起24个月内有效，公司在注册有效期内可以分 期发行科技创新公司债券。 四、自同意注册之日起至本次科技创新公司债券发行结束前，公司如发生 重大事项，应及时报告并按有关规定处理。 公司将严格按照有关法律法规和上述批复文件的要求及公司股东会的授权 办理本次发行科技创新公司债券相关事宜。 广州环投永兴集团股份有限公司 关于向专业投资者公开发行科技创新公司债券 获得中国证监会注册批复的公告 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法律责任。 广州环投永兴集团股份有限公司（以下简称"公司"）于近日收到中国证 券监督管理委员会《关于同意广州环投永兴集团股份有限公司向专业投资者公 开发行科技创新公司债券注册的批复》（证监许可〔2026〕127号）（以下简称 "批复"）。批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过30亿元科技创新公司 债券的注册申请。 二、本次发行科技创新公司债券应严格按照报送上海证券交易所的募集说 明书进行。 证券代码：601033 证券简称：永兴股份 公告编号：2026-003 1 特 ...

一、同意公司向专业投资者公开发行面值总额不超过30亿元科技创新公司债券的注册申请。二、本次发 行科技创新公司债券应严格按照报送上海证券交易所的募集说明书进行。三、本批复自同意注册之日起 24个月内有效，公司在注册有效期内可以分期发行科技创新公司债券。 格隆汇1月27日丨永兴股份(601033.SH)公布，公司于近日收到中国证券监督管理委员会《关于同意广州 环投永兴集团股份有限公司向专业投资者公开发行科技创新公司债券注册的批复》（证监许可〔2026〕 127号）（以下简称"批复"）。批复内容如下： ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

证券日报网讯1月23日，永兴股份（601033）在互动平台回答投资者提问时表示，上市公司质量是公司 投资价值的基础，公司将持续做好生产经营，努力推动经营水平和发展质量提升。同时，也将不断加强 投资者关系管理工作，增进投资者对公司价值的认同。后续如有回购计划，公司将严格按照相关法律法 规的要求履行信息披露义务。 ...