证券代码：601200 证券简称：上海环境 公告编号：临2026-001 上海环境集团股份有限公司 关于公司2025年度日常关联交易执行情况及2026年度预计日常关联交易的公告 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。 公司于同日召开第三届董事会审计委员会第十九次会议，审议通过了上述议案，认为公司与控股股东、 实际控制人等关联企业之间的关联交易确保了公司正常的生产经营需要，遵循了公开、公平、公正的原 则，不存在损害公司及中小股东利益的行为，不影响公司的市场独立地位。同意该议案所述事项，并同 意将该议案提交公司董事会予以审议。关联董事刘延平先生在审计委员会审议表决时予以了回避。 公司于2026年1月29日召开第三届董事会第二十二次会议，以3票同意、0票反对、0票弃权通过了上述议 案，本议案涉及关联交易事项，关联董事王瑟澜先生、王龙华先生、陈明吉先生、王锋先生、刘延平先 生、张欣先生回避表决。 上述议案尚须公司股东会审议，关联股东上海城投（集团）有限公司将对本议案回避表决。 （二）2025年度日常关联交易的预计和执行情况 公 ...

证券代码：601200 证券简称：上海环境 公告编号：临 2026-001 上海环境集团股份有限公司 关于公司 2025 年度日常关联交易执行情况及 2026 年度预计日常关联交易的公告 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。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 上海环境集团股份有限公司（以下简称"公司"）于 2026 年 1 月 29 日召开 第三届董事会独立董事第十三次专门会议，审议通过了《关于公司<2025 年度日 常关联交易情况及 2026 年度预计日常关联交易>的议案》，认为公司 2026 年度 日常关联交易是公司正常业务发展和经营管理活动需要，符合市场公平原则，不 会对公司独立性造成影响，不存在损害公司及股东利益的情况。同意该议案所述 事项，并同意将该议案提交公司董事会予以审议，关联独立董事张欣先生在独立 董事专门会议审议表决时予以了回避。 公司于同日召开第三届董事会审计委员会第十九次会议，审议通过了上述议 案，认为公司与控股股东、实际控制人等关联企业之间的关联交易确 ...

Investment Rating - The report maintains a rating of "Buy" for the environmental protection industry [1] Core Insights - The environmental protection industry, particularly in waste incineration, is poised for significant growth, especially in overseas markets such as Southeast Asia and Central Asia, driven by high processing fees and electricity prices [5][10] - The investment potential in the ASEAN countries and India for waste incineration is estimated at approximately 250 billion RMB, with a daily waste incineration capacity increase of about 500,000 tons [5][11] - The profitability of overseas projects, particularly in Indonesia, is enhanced by favorable policies and high revenue from electricity sales, with projected single-ton income significantly higher than domestic projects [19][20] Summary by Sections 1. Waste Incineration Growth and Overseas Market Potential - The ASEAN countries and India are expected to generate a daily waste production of 1.46 million tons by 2024, with a potential waste incineration market space of 248.5 billion RMB if the incineration penetration rate reaches 50% [5][11] - Several domestic waste incineration companies, such as Kangheng Environment and China Tianying, are expanding their operations in Southeast Asia and Central Asia, with significant project footprints established [15][16] 2. Indonesian Policy Driving Business Model Optimization - Indonesia's recent policy changes have shifted the revenue model from local government subsidies to direct agreements with the national electricity company, significantly increasing the electricity price to 0.20 USD per kWh [24][25] - The government plans to construct 33 waste incineration plants nationwide, with a total investment of approximately 5.6 billion USD, indicating a strong commitment to developing the waste-to-energy sector [24][25] 3. Economic Assessment of Indonesian Waste Incineration Projects - Economic assessments show that the single-ton income from Indonesian projects can reach 582 RMB, significantly higher than domestic projects, driven by high processing fees and electricity prices [19][20][31] - The report highlights the sensitivity of project profitability to cost management, with potential increases in return on equity (ROE) if investment and operational costs are optimized [27][28]

Core Viewpoint - The environmental governance sector experienced a rise of 0.86% on January 20, with significant gains from specific stocks, while the overall market indices showed slight declines [1]. Group 1: Stock Performance - The top-performing stock in the environmental governance sector was Mians, which closed at 79.52 with a gain of 13.80% and a trading volume of 63,700 shares, amounting to a transaction value of 499 million yuan [1]. - Baichuan Changyin followed with a closing price of 15.08, up 10.40%, with a trading volume of 174,200 shares and a transaction value of 256 million yuan [1]. - Shunkong Development also performed well, closing at 18.73, up 9.98%, with a trading volume of 125,800 shares and a transaction value of 231 million yuan [1]. Group 2: Market Trends - The Shanghai Composite Index closed at 4,113.65, down 0.01%, while the Shenzhen Component Index closed at 14,155.63, down 0.97% [1]. - The environmental governance sector saw a net outflow of 539 million yuan from institutional investors, while retail investors contributed a net inflow of 526 million yuan [2]. Group 3: Capital Flow Analysis - Shunkong Development had a net inflow of 112 million yuan from institutional investors, representing 48.51% of its total capital flow, while retail investors showed a net outflow of 53.25 million yuan [3]. - Guozhong Water had a net inflow of 104 million yuan from institutional investors, accounting for 47.16%, with retail investors experiencing a net outflow of 56.83 million yuan [3]. - Baichuan Changyin recorded a net inflow of 23.30 million yuan from institutional investors, which is 9.11% of its total capital flow, while retail investors had a net outflow of 12.63 million yuan [3].

1月16日，上海环境跌0.24%，成交额6148.08万元。两融数据显示，当日上海环境获融资买入额871.40 万元，融资偿还1174.50万元，融资净买入-303.10万元。截至1月16日，上海环境融资融券余额合计3.00 亿元。 资料显示，上海环境集团股份有限公司位于上海市浦东新区浦东南路500号30层，成立日期2004年6月28 日，上市日期2017年3月31日，公司主营业务涉及以生活垃圾和市政污水为核心主业,同时聚焦危废医 废、土壤修复、市政污泥、固废资源化(餐厨垃圾和建筑垃圾)等4个新兴业务领域,从规划、设计、咨 询、研发、监测、监管、投资、建设、运营、工程总承包等全方位、全过程为城市管理者提供解决方 案。主营业务收入构成为：环保项目建造及运营74.49%，设计、工程承包及生态修复15.04%，建设及 运营咨询服务10.16%，租金业务0.30%。 截至9月30日，上海环境股东户数6.20万，较上期减少2.31%；人均流通股21715股，较上期增加2.37%。 2025年1月-9月，上海环境实现营业收入45.71亿元，同比增长6.80%；归母净利润5.21亿元，同比增长 3.86%。 分红方面，上海 ...

Group 1 - The core business of the company is focused on municipal solid waste and sewage treatment [2] - The company is also engaged in hazardous waste and medical waste management, soil remediation, municipal sludge treatment, and solid waste resource utilization [2]

Group 1 - The company emphasizes the importance of reasonable returns for shareholders and will consider industry conditions, development goals, and operational plans when formulating profit distribution schemes [1] - The company is committed to continuously improving its operational performance to create value for shareholders [1]

融券方面，上海环境1月6日融券偿还1.54万股，融券卖出700.00股，按当日收盘价计算，卖出金额 5691.00元；融券余量12.22万股，融券余额99.35万元，超过近一年90%分位水平，处于高位。 资料显示，上海环境集团股份有限公司位于上海市浦东新区浦东南路500号30层，成立日期2004年6月28 日，上市日期2017年3月31日，公司主营业务涉及以生活垃圾和市政污水为核心主业,同时聚焦危废医 废、土壤修复、市政污泥、固废资源化(餐厨垃圾和建筑垃圾)等4个新兴业务领域,从规划、设计、咨 询、研发、监测、监管、投资、建设、运营、工程总承包等全方位、全过程为城市管理者提供解决方 案。主营业务收入构成为：环保项目建造及运营74.49%，设计、工程承包及生态修复15.04%，建设及 运营咨询服务10.16%，租金业务0.30%。 1月6日，上海环境涨0.37%，成交额7093.45万元。两融数据显示，当日上海环境获融资买入额1213.15 万元，融资偿还1243.01万元，融资净买入-29.86万元。截至1月6日，上海环境融资融券余额合计2.91亿 元。 融资方面，上海环境当日融资买入1213.15万元。当前 ...

Group 1 - The Shanghai Environment and Energy Exchange has announced the trading market closure schedule for the national carbon emission rights market for the year 2026 [1] - The market will be closed from January 1 to January 3 for New Year's, reopening on January 5, with January 4 being a weekend closure [1] - For the Spring Festival, the market will be closed from February 15 to February 23, reopening on February 24, with additional weekend closures on February 14 and February 28 [1]

Core Viewpoint - Shanghai Environment Group held an investor communication event on December 23, 2025, aimed at enhancing communication with investors and promoting understanding of the company and industry [1][16]. Group 1: Event Details - The event took place on December 23, 2025, at Shanghai Youlian Zhuyuan First Wastewater Treatment Investment Development Co., Ltd. [1] - Participating institutions included various securities companies and individual investors [1]. Group 2: Company Overview - Shanghai Environment focuses on the "Environmental Governance+" strategic vision, achieving a cumulative operating income of 4.571 billion yuan, a year-on-year increase of 6.15%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 4.74% for the first three quarters of 2025 [3]. Group 3: Strategic Vision and Business Layout - The company centers its strategy on "Environmental Governance+" with core businesses in municipal solid waste and sewage treatment, while also focusing on hazardous waste, soil remediation, municipal sludge, and solid waste resource utilization [4]. Group 4: Quality Improvement and High-Quality Development - The company aims to enhance core competitiveness, activate internal growth, seize green development opportunities, and foster innovation through deep integration of industry and innovation chains [5]. Group 5: Green and Low-Carbon Transition - The company has integrated green development into its overall strategy, actively participating in green electricity and green certificate trading, and has developed several green benchmark projects [6]. Group 6: Technological Innovation and Industry Upgrading - The company emphasizes technological research and development in solid waste resource utilization and green low-carbon transition, advancing digital transformation initiatives [8]. Group 7: Cost Reduction and Efficiency Improvement - The company has implemented a management mechanism focused on refined operations, centralized procurement, and energy-saving measures to achieve cost reduction and efficiency improvement [8]. Group 8: Waste-Free City Initiatives - The company is actively involved in the construction of waste-free cities, enhancing resource utilization capabilities and providing technical support through its "FAST" technology [9]. Group 9: Market Value Management - The company prioritizes market value management, focusing on quality improvement, investor relations, and ESG initiatives to enhance overall corporate value [10]. Group 10: ESG Efforts and Achievements - The company has integrated ESG principles into its operations, receiving multiple awards for its sustainable development practices [11]. Group 11: Shareholder Returns - The company is committed to providing reasonable returns to investors, continuously focusing on improving operational performance [12]. Group 12: Accounts Receivable Management - The company actively manages accounts receivable to ensure risks are controllable and aims for sustainable high-quality development [13].