Core Viewpoint - Green Power has shown a positive stock performance with a year-to-date increase of 5.05% and a recent uptick in trading activity, indicating investor interest in the company's operations and growth potential [2]. Financial Performance - For the period from January to September 2025, Green Power achieved a revenue of 2.582 billion yuan, reflecting a year-on-year growth of 1.49% [2]. - The company's net profit attributable to shareholders reached 626 million yuan, marking a significant year-on-year increase of 24.39% [2]. Stock Performance - As of January 19, Green Power's stock price rose by 2.02%, reaching 7.07 yuan per share, with a trading volume of 31.61 million yuan and a turnover rate of 0.45% [1]. - The stock has experienced a 1.73% increase over the last five trading days and a 4.12% increase over the last 20 days, while it has seen a decline of 1.94% over the past 60 days [2]. Shareholder Information - As of September 30, 2025, Green Power had 35,100 shareholders, a decrease of 3.50% from the previous period [2]. - The average circulating shares per shareholder remained at 0 shares, unchanged from the previous period [2]. Dividends - Since its A-share listing, Green Power has distributed a total of 1.584 billion yuan in dividends, with 934 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 5.209 million shares, a decrease of 5.412 million shares from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for several companies in the environmental sector, including Huanlan Environment, Sanfeng Environment, and others, indicating a positive outlook for their stock performance [5]. Core Insights - The environmental industry is entering a critical phase of carbon reduction, with a focus on recycling and waste incineration. The demand for green energy and recycling industries is expected to rise significantly as China transitions to a dual control system for carbon emissions starting in 2026 [4][17]. - The introduction of the EU carbon tariff in 2026 is anticipated to increase the cost of exports from China, prompting companies to adopt greener practices to mitigate carbon emissions [4][17]. - High dividend assets in the environmental sector are expected to remain attractive in 2026, with companies like Guangda Environment and Huanlan Environment showing significant stock price increases in 2025 [4][5]. - The bio-diesel sector is experiencing a rise in UCO prices, which are expected to benefit companies involved in waste oil processing and bio-fuel production [19][25]. Summary by Sections Section 1: Market Performance - The environmental sector has shown strong performance in 2026, with water treatment, energy-saving, and recycling sectors leading the gains. Companies are diversifying into secondary businesses to enhance growth [11][14]. Section 2: Policy and Regulatory Developments - The report highlights the implementation of the "Solid Waste Comprehensive Governance Action Plan" aimed at reducing industrial solid waste and enhancing recycling efforts [33]. - The introduction of the carbon trading market and the EU carbon tariff are significant regulatory changes that will impact the industry [17][31]. Section 3: Company Performance and Recommendations - Key companies recommended for investment include Huanlan Environment, Shanghai Industrial Holdings, and others, which are expected to benefit from favorable market conditions and policy support [4][5]. - The report notes that the environmental sector's valuation is currently at a historical low, suggesting potential for future growth [45][52]. Section 4: Financial Analysis - The financial metrics for key companies indicate a positive outlook, with projected earnings per share (EPS) and price-to-earnings (PE) ratios suggesting undervaluation relative to historical performance [5]. Section 5: Market Trends - The report tracks the performance of various sub-sectors within the environmental industry, noting that energy-saving manufacturing and recycling have shown the most significant growth [49]. Section 6: Export and Pricing Trends - UCO prices have remained strong, with recent data showing a 6.1% increase compared to early 2025, indicating robust demand for bio-diesel feedstock [19][23]. Section 7: Carbon Market Activity - The carbon market has seen significant trading volumes, with recent data indicating a closing price of 78.50 CNY per ton, reflecting ongoing market activity and interest [31]. Section 8: Company Announcements - Recent announcements from companies like Dongjiang Environmental and Zhongyuan Environmental indicate strategic acquisitions aimed at enhancing operational capabilities and market positioning [42].

Company Overview - Suzhou Green Power Co., Ltd. has been established with a registered capital of 9.8 million RMB [1] - The legal representative of the company is Li Zhu [1] - The company is located in Suzhou, Jiangsu Province, specifically in the Xiangcheng Economic and Technological Development Zone [1] Shareholding Structure - China Railway 20th Bureau Group Co., Ltd. holds a 60% stake in the company [1] - Shenzhen Lidinpeng Intelligent Technology Co., Ltd. holds a 40% stake [1] Business Scope - The company’s business includes battery manufacturing, sales, and production of battery accessories [1] - It also engages in the research and development of electronic materials and power electronic components [1] - Additional services include charging pile sales, energy storage technology services, and sales of new energy vehicle accessories [1] - The company is involved in various technical services such as consulting, development, and technology transfer [1]

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the importance of the SAF (Sustainable Aviation Fuel) expansion cycle and the value addition of waste oil resources, alongside significant funding for ecological restoration and pipeline construction in the Yangtze River protection initiative [1][12] - The 2026 strategy for the environmental sector focuses on a dual approach of value and growth resonance, driven by carbon neutrality goals [20] Summary by Sections Industry Trends - The SAF market is projected to see a significant increase in demand, with EU mandates requiring a gradual rise in SAF usage from 2% in 2025 to 70% by 2050, translating to a demand of 3.662 million tons by 2050 [12] - Domestic SAF production capacity is expected to reach 1.2 million tons per year by the end of 2025, with planned capacity of 4.4 million tons [12] - The report highlights a 50%+ increase in SAF prices compared to the beginning of the year, indicating a tightening supply situation [12] Investment Opportunities - The report suggests focusing on companies involved in waste oil resource utilization, such as Shanhigh Environmental and Longkun Technology, as the value of waste oil is expected to rise due to increased SAF demand [14] - Companies in the water treatment sector, such as BWS and Energy Conservation Guozhen, are recommended due to the ongoing construction of sewage pipelines and ecological restoration projects funded by over 100 billion yuan [19] Market Performance - The report notes a 64.01% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 18.6% [26] - The average price of biodiesel has decreased to 8,000 yuan per ton, with a corresponding drop in profitability [35] - Lithium battery recycling profitability is improving, with lithium carbonate prices rising by 18.1% week-on-week [36]

Core Insights - The waste-to-energy industry in China is facing unprecedented challenges and opportunities, including market saturation, tightening environmental standards, high accounts receivable, and intensified competition [1][2][6] - The industry is also experiencing a wave of digitalization, resource optimization, and globalization, which are injecting new momentum for development [1][2][6] - Cost reduction, efficiency enhancement, and finding a second growth curve have become essential tasks for companies in the sector [1][2][6] Industry Challenges - The market scale of the waste incineration industry has reached its peak, with growth rates declining from 27% in 2021 to an estimated 3% by 2025, and the number of treatment plants increasing at a slower rate from 54% to 8% [6][21] - Environmental policies are tightening, transitioning from national standards to stricter local regulations, particularly regarding fly ash resource utilization and zero landfill requirements [6][21] - The industry is plagued by a single revenue model reliant on "waste treatment fees + electricity sales," leading to low income elasticity and weak risk resistance [6][21] - By the end of 2024, accounts receivable in the industry are projected to reach 50-60 billion yuan, with national subsidies accounting for 35-40% and waste treatment fees for 45-55% [6][21] - The industry is experiencing severe internal competition, with price wars and market fragmentation reducing overall profitability and development space [6][21] Strategic Responses - The company is exploring a breakthrough path centered on "technology empowerment, diversification and cross-industry integration, and globalization" to overcome industry bottlenecks [9][24] - Digital transformation is being prioritized through the introduction of IoT, big data, and cloud computing to create a smart operation management platform, achieving significant improvements in operational metrics [9][24] - The company is also focusing on the research and development of fly ash resource utilization technologies in collaboration with research institutions [9][24] - Aiming for a comprehensive AI-driven project, the company predicts that AI implementation could enhance efficiency by 30-50%, reduce costs by 20-35%, and lower carbon emissions by 25-40% by 2030 [9][24] Diversification and Globalization - The company is actively expanding into areas such as heating supply, biogas utilization, sludge disposal, and kitchen waste treatment to maximize resource utilization and value [10][25] - Following a reduction in national subsidies, the company managed to recover profits through diversified operations, demonstrating the importance of this strategy in crisis management [10][25] - The company plans to collaborate with national green trading institutions to establish mechanisms for carbon reduction and explore opportunities in green electricity [10][25] - Global expansion efforts will focus on regions such as Hong Kong, Macau, Southeast Asia, and countries along the Belt and Road Initiative, utilizing its technological advantages to mitigate investment risks [10][25] Collaborative Approaches - The company advocates for industry collaboration, including project exchanges, capacity sharing, and the establishment of technology research alliances to enhance overall management levels [13][26] - It aims to create an integrated ecosystem for waste collection, transportation, and treatment, optimizing operational efficiency across the entire value chain [13][26] - The company emphasizes the importance of international market collaboration through joint ventures and market alliances to share resources and risks [13][26] Future Outlook - The company believes that digitalization is key to cost reduction and enhancing core competitiveness, while resource optimization is essential for sustainable development [14][27] - Globalization is viewed as a critical direction for overcoming development bottlenecks, with a focus on achieving a harmonious balance between technology and collaboration to foster differentiated competition [14][27]

Core Insights - The article discusses the challenges faced by electric vehicles (EVs) in extreme cold weather and highlights the advantages of methanol-hydrogen vehicles as a solution for cold regions [2] - Geely Holding Group showcased its methanol-hydrogen electric products at the 2026 Harbin International Ice and Snow Economy Expo, emphasizing their role in upgrading the ice and snow industry [2] Group 1: Methanol-Hydrogen Vehicle Advantages - Methanol-hydrogen vehicles have unique advantages over battery-powered EVs in terms of cold start, range, refueling speed, and adaptability, making them suitable for cold climates [2] - By the end of 2025, over 70 policy documents supporting the promotion of methanol vehicles will be issued by national ministries and local governments, indicating rapid development in the methanol industry [2] Group 2: Geely's Commitment and Achievements - Geely has been involved in the methanol industry chain for over 20 years, collaborating with upstream and downstream companies to create a comprehensive green production chain [2] - The company operates over 50,000 methanol-hydrogen electric vehicles, with a cumulative mileage exceeding 23 billion kilometers and holds over 400 core patents [2] Group 3: Product Showcase and Economic Impact - At the expo, Geely highlighted products like the methanol-hydrogen electric bus and snow removal vehicle, which can operate in temperatures as low as -40 degrees Celsius [4] - The methanol-hydrogen electric snow removal vehicle can reduce costs by over 30% compared to traditional fuel vehicles and achieve over 90% reduction in carbon emissions [4] - The growth of the ice and snow economy in regions like Northeast China and Xinjiang is driving the demand for stable, efficient, and sustainable energy and transportation solutions [4]

截至月份: 2025年12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1月7日 I. 法定/註冊股本變動 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 | 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 | | | | 本月底結存 | | | 404,359,792 | RMB | | 1 RMB | | 404,359,792 | | 2. 股份分類 | 普通股 | 股份類 ...