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]

Group 1 - The report maintains a positive investment rating for the environmental sector, highlighting the potential for growth and the strengthening of dividend attributes in municipal environmental assets [1][2] - Municipal environmental assets exhibit regional monopolistic characteristics, anti-cyclical nature, and stable profitability, with typical companies showing dividend yields between 4% and 7% [4][5] - Insurance capital has steadily increased its holdings in environmental governance, reaching 0.2% by Q3 2025, and is expected to continue favoring dividend-yielding stocks [5][11] Group 2 - The report emphasizes the importance of free cash flow turning positive and the expectation of increased dividends as key drivers for stock price appreciation in the municipal environmental sector [23][39] - The performance of municipal environmental companies has shown significant growth in profitability, with garbage incineration enterprises experiencing high profit increases and improved cash flow due to capacity growth and reduced costs [12][18] - The report suggests focusing on companies with positive cash flow nearing stabilization, such as Xingrong Environment, and those with already positive cash flow and increasing dividends, like Guangda Environment and Hanlan Environment [5][23] Group 3 - The biofuel sector is expected to benefit from ongoing international carbon reduction policies, with prices for SAF and UCO anticipated to rise due to increased demand [5][18] - The report recommends focusing on scarce biofuel industry chain targets, particularly those transitioning to SAF or expanding overseas, such as Zhuoyue New Energy [5][18] - The demand for green methanol is projected to grow significantly starting in 2025, with companies like Jiazhe New Energy being highlighted for investment [5][18] Group 4 - The report outlines that the capital expenditure in the garbage incineration sector is entering a contraction phase, which is expected to enhance free cash flow and improve dividend capabilities [39][43] - The industry is transitioning to a phase of refined operations, focusing on internal growth and cautious external expansion, with significant potential for profit and cash flow improvement [48][49] - The report highlights the importance of regional characteristics and business models in determining the profitability and operational efficiency of garbage incineration companies [54][60]

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].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].