Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The Southeast Asian waste incineration market is poised for significant growth, with a projected demand for incineration capacity reaching 222,000 tons per day by 2030 and 491,000 tons per day by 2050, representing an investment opportunity exceeding 100 billion [6][15] - The domestic waste incineration market in China has entered a mature phase, with the operational capacity reaching 1.16 million tons per day by the end of 2024, reflecting an 8% year-on-year increase [16][20] - The profitability of waste incineration projects in Southeast Asia is expected to be significantly higher than domestic projects, with potential net profit margins exceeding 25% under optimistic scenarios [6][15] Summary by Sections Domestic Waste Market - The domestic incineration market is relatively saturated, with listed companies' capacity under construction accounting for less than 10% of total operational capacity [16][26] - The business model of waste incineration is resilient, characterized by stable profits and strong cash flow, with a 4.9% year-on-year increase in revenue for the waste incineration sector in Q1-Q3 2025 [28][31] Southeast Asian Waste Incineration Market - Population growth and urbanization are driving waste generation, making incineration the preferred solution for urban management in Southeast Asia [6][15] - The incineration rate in Southeast Asia is expected to accelerate, with significant investment opportunities available [6][15] Profitability and Operational Risks - High electricity prices and disposal fees are enhancing profitability, with revenue from Southeast Asian projects estimated to be 1.8 to 2.7 times that of domestic projects [6][15] - The operational environment in overseas markets presents complexities that require enhanced local management and risk mitigation strategies [6][15] Recommendations - Focus on operators using BOT/BOO models for overseas investments, such as Weiming Environmental, Junxin Co., and China Tianying [6][15] - Consider equipment and engineering firms like Sanfeng Environment that leverage their manufacturing capabilities to enter overseas markets [6][15]

中国发展网讯 为贯彻落实国家"双碳"目标，推动区域能源结构优化升级， 助力建设高水平能源绿色低 碳转型示范区,华能日照电厂以"清洁低碳、安全高效"为导向，通过多能互补与集成创新，努力打造区 域绿色能源供给基地和产业转型样板，为日照经济社会高质量发展提供坚实可靠的绿色动力（601330） 支撑。 拓展工业用汽合作，构建能源循环利用新模式。以新建高效煤电机组和热熔盐储能系统为热源基础，整 合周边工业园区用汽需求，建设覆盖广泛、参数匹配的集中供汽管网，为化工、食品、纺织、医药等企 业提供稳定、经济、清洁的工业蒸汽，并替代分散小锅炉，实现能源集中高效转化与供应，大幅降低区 域综合能耗和散煤污染。 上述四项举措，并非孤立而是有机整体，可产生"1+1>2"的协同效应，系统价值凸显。"风电+储能"协 同，平滑出力，提升电能质量和可调度性；"煤电+供热"协同，提升机组综合能效和经济性，为储能供 热提供补充或备用；"煤电+储能"协同，联合调峰，增强系统应对新能源波动的能力，减少煤电机组频 繁启停或低负荷运行；整体系统协同，形成以海上风电为重要电源、高效煤电与热熔盐储能为调节核 心、工业供汽为效益延伸的"源-网-荷-储"互动体系 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 綠色動力環保集團股份有限公司（備註） 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01330 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 404,359,792 | RMB | | 1 RMB | | 404,359,792 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 404,359,792 | RMB | | 1 RMB | | 404,359,792 | 足夠公眾持股量的確認(註4) | 根據《 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 公司名稱: 綠色動力環保集團股份有限公司（備註） 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01330 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 404,359,792 | RMB | | 1 RMB | | 404,359,792 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 404,359,792 | RMB | | 1 RMB | ...

事件跟踪：上海老港生态环保基地绿色甲醇首发：复洁科技牵头，颠覆性技术实现100%碳利用&降本 30%。上海老港生态环保基地首批绿色甲醇发布，标志着全国首个"沼气全碳定向转化制绿色甲醇"千吨 级中试装置成功投运。该技术实现100%碳利用率，较传统工艺降本超30%，并将开启10 万吨级工程放 大，助力上海国际航运中心绿色燃料供给。建议关注【复洁科技】，绿色甲醇沼气高价值化利用标的， 具备上海老港基地沼气保障碳源。 2026 年策略：仓庚于飞，熠燿其羽：价值+成长共振，双碳驱动新生！ 主线1——红利价值：重视市场化+提质增效、优质运营价值重估。1）固废：国补加速强化分红能力， 25 年左右可再生能源补贴基金当年收支实现平衡，考虑资本开支下降+国补常态化回款，板块分红潜力 有望从114%提至141%；提吨发&改供热&炉渣涨价可带来业绩与ROE 双升，关注海外新成长。重点推 荐①红利价值：【瀚蓝环境】【绿色动力H+A】【上海实业控股】【海螺创业】【永兴股份】【光大 环境】【军信股份】；②出海成长：【伟明环保】【三峰环境】【光大环境】【军信股份】。2）水 务：价格市场化+现金流左侧，自由现金流改善带来分红和PE 估值提升 ...

公用事业 2026 年 02 月 02 日 时代人行业书 申万宏源研究微信服务号 量电价机制完善 天然气 - 申万公用环保周报(26/1/24~26/1/30) 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 苏研究说 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 电力：国家发展改革委、国家能源局联合印发《关于完善发电侧容量电价机制的通知》。各电源 o 精准定价，分类理顺调节性电源收益逻辑。对于电网侧独立新型储能,政策首次在国家层面明确 容量电价机制。对于抽水蓄能，政策采用 "新老划断" 的差异化策略。煤电明确 "通过容量电价 回收固定成本的比例不低于 50%" （折合每年每千瓦 165 元），直接增厚保供电源收益。对于气 电， ...

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].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601330 证券简称：绿色动力 公告编号：临2026-004 转债代码：113054 转债简称：绿动转债 绿色动力环保集团股份有限公司 2025年第四季度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第3号一一行业信息披露》，绿色动力环保集团股份有限 公司（以下简称"公司"）现将公司垃圾处理业务2025年第四季度主要经营数据公告如下： 据公司初步统计，2025年第四季度公司下属子公司合计垃圾进厂量为380.76万吨，发电量为137,336.32 万度，上网电量为115,299.32万度，供汽量为33.24万吨。2025年下属子公司累计垃圾进厂量为1,472.96 万吨，同比增长2.41%；累计发电量为524,008.60万度，同比增长1.80%；累计上网电量为435,928.29万 度，同比增长2.31%，累计供汽量为112.05万吨，同比增长98.81%。 主要经营数据分区域统计如下： ■■ 以上数据源自 ...

格隆汇1月30日丨绿色动力环保(01330.HK)公告，截至2025年12月31日止3个月第四季度集团下属子公司 合计垃圾进厂量为380.76万吨，发电量为137,336.32万度，上网电量为115,299.32万度，供汽量为33.24万 吨。2025年下属子公司累计垃圾进厂量为1,472.96万吨，同比增长2.41%；累计发电量为524,008.60万 度，同比增长1.80%；累计上网电量为435,928.29万度，同比增长2.31%，累计供汽量为112.05万吨，同 比增长98.81%。 ...

绿色动力（601330）环保(01330)公布，于2025年第四季度集团下属子公司合计垃圾进厂量为380.76万 吨，发电量为137,336.32万度，上网电量为115,299.32万度，供汽量为33.24万吨。2025年下属子公司累 计垃圾进厂量为1,472.96万吨，同比增长2.41%;累计发电量为约52.4亿度，同比增长1.80%;累计上网电量 为约43.59亿度，同比增长2.31%，累计供汽量为112.05万吨，同比增长98.81%。 ...