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 ...

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: 2025年12月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 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 | 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 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 二零二五年第四季度 可轉債轉股結果暨股本變動的公告 茲提述綠色動力環保集團股份有限公司（以 下 簡 稱「本公司」）日期為二零二一 年 七 月 二 十 三 日 的 公 告、本 公 司 日 期 為 二 零 二 一 年 八 月 六 日 的 通 函、本 公 司 日 期為二零二一年八月二十四日的股東大會投票表決結果公告及本公司日期為 二 零 二 二 年 二 月 二 十 二 日 的 公 告，內 容 有 關 建 議 發 行A股可轉換公司債券（「A 股可轉債」），以 及 本 公 司 日 期 為 二 零 二 二 年 八 月 二 ...

| 证券代码：601330 | 证券简称：绿色动力 | 公告编号：临 2026-001 | | --- | --- | --- | | 转债代码：113054 | 转债简称：绿动转债 | | 重要内容提示： 一、可转债发行上市概况 累计转股情况：截至 2025 年 12 月 31 日，累计已有 139,000 元"绿动转债" 转换成公司 A 股普通股，累计转股数为 14,350 股，占可转换公司债券（以 下简称"可转债"）转股前公司已发行股份总额的 0.0010%。 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的可转债金额为 2,359,861,000 元，占可转债发行总量的 99.9941%。 本季度转股情况：自 2025 年 10 月 1 日至 2025 年 12 月 31 日，"绿动转债" 转股金额为 3,000 元，转股数为 329 股。 公司于 2025 年 12 月 23 日完成 A 股限制性股票激励计划首次及预留部分（第 一批）限制性股票授予登记，公司股本增加 3,713 万股，"绿动转债"转股 价格因此于 2025 年 12 月 26 日由 9.05 元/股调整为 8.8 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].