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].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **environmental public utility sector** and its strategies for 2026, emphasizing the dual carbon (双碳) drive and the impact of European carbon tariffs and domestic renewable energy assessments on the industry [1][2]. Core Insights and Arguments - **Investment Opportunities**: The environmental sector is expected to see significant investment opportunities due to the implementation of carbon tariffs in Europe and strengthened assessments of non-electric renewable energy in China, which will enhance the dual carbon drive [2]. - **Profitability in Waste-to-Energy**: The waste incineration industry is projected to improve profitability due to increased garbage treatment fees, with current ROE in domestic waste-to-energy companies around 10-15%, compared to 30% overseas [3]. - **Rising Slag Prices**: An increase in slag prices is identified as a new growth point, with a price increase of 50 RMB leading to over 10% profit elasticity [3]. - **Cash Flow Improvement**: The cash flow situation in the waste incineration sector has significantly improved, with companies like Guangda Environment receiving substantial national subsidies, indicating a trend towards faster reimbursement of subsidies [12]. Emerging Growth Opportunities - **New Policies**: The introduction of green electricity direct connection policies is expected to enhance power supply capabilities for data centers, while the solid waste sector has vast overseas expansion potential, particularly in ASEAN markets [5]. - **Hydrogen and Biofuels**: Strengthened dual carbon constraints are creating investment opportunities in hydrogen production via electrolysis, biofuels (SAF), and green alcohol, with a notable demand for second-generation biofuels and SAF [6]. - **Equipment Sector Growth**: Companies like Meier Technology and Dingjin Equipment are benefiting from capital expenditures in semiconductors and lithium batteries, indicating a positive outlook for the equipment sector [7][8]. Notable Companies and Their Performance - **Key Players**: Companies such as Huanlan Environment and Green Power are highlighted for their strong cash flow performance in the solid waste sector, while Longjing Environmental is noted for its growth in green electricity due to strategic partnerships [9]. - **International Expansion**: Chinese companies like Kangheng Environment and China Tianying are successfully expanding into international markets, particularly in Indonesia, where significant projects are underway [17]. Financial Metrics and Projections - **Dividend Potential**: The sector's dividend potential is projected to increase from 100%-120% to 140% due to reduced capital expenditures and improved subsidy reimbursement rates [4][12]. - **Future Cash Flow**: The expected increase in waste treatment fees and market-driven pricing mechanisms will enhance overall profitability and cash flow for companies in the sector [20][21]. Challenges and Risks - **Market Dynamics**: The dual carbon policy is a significant driver for industry development, but companies will face stricter carbon emission assessments as more industries are included in the national carbon market [32][33]. - **Supply Chain Issues**: The supply-demand imbalance in the CCER market and the impact of European carbon tariffs on export-oriented companies pose risks that need to be managed [34][35]. Conclusion - The environmental public utility sector is poised for growth driven by regulatory changes, market dynamics, and international expansion opportunities. Companies that adapt to these changes and leverage their strengths in technology and market positioning are likely to thrive in the evolving landscape.

Core Viewpoint - The China Securities 2000 ETF managed by Huaxia Fund has experienced a decline of 1.40% as of the midday close on December 16, with a trading volume of 11.59 million yuan [1] Group 1: Fund Performance - The China Securities 2000 ETF (562660) reported a return of 64.81% since its inception on September 6, 2023 [1] - The fund has experienced a negative return of 2.44% over the past month [1] Group 2: Major Holdings Performance - Tian'ao Electronics saw a decline of 2.87% [1] - Guoen Co. dropped by 1.86% [1] - Asia-Pacific Co. increased by 2.17% [1] - Baosheng Co. fell by 2.49% [1] - Green Power decreased by 0.58% [1] - Spring Autumn Electronics declined by 2.67% [1] - Optoelectronics Co. dropped by 5.02% [1] - Micron Technology fell by 2.09% [1] - Jepter Co. decreased by 3.36% [1] - Daon Co. declined by 2.68% [1]

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report initiates coverage with an "Accumulate" rating for Dynagreen Environmental Protection Group, targeting a price of HKD 6.05 based on a PE ratio of 10.4x for 2026 [3]. Core Insights - The company is expanding its overseas market presence and has commenced construction on the Guangyuan Phase II project, which is a key initiative in its growth strategy [3][4]. - The company has shown a significant increase in net profit, with a year-on-year growth of 24.41% in Q3 2025, attributed to cost reduction and efficiency improvements [4]. - The Guangyuan Phase II project, with a total investment of HKD 1.4 billion, aims to enhance the city's waste incineration capacity and is part of the city's "14th Five-Year Plan" [4]. Financial Performance and Forecast - The projected revenue for Dynagreen is expected to grow from HKD 3,399 million in 2024 to HKD 3,801 million in 2027, with a compound annual growth rate (CAGR) of approximately 4.2% [4]. - The net profit forecast for 2025-2027 is estimated at HKD 6.97 billion, HKD 7.35 billion, and HKD 7.79 billion respectively, reflecting a positive growth trajectory [3][4]. - The earnings per share (EPS) is projected to increase from HKD 0.42 in 2024 to HKD 0.56 in 2027, indicating a steady improvement in profitability [4]. Market Position and Strategy - Dynagreen is one of the earliest companies in China to engage in waste incineration power generation, with a broad market presence across 20 provinces and regions [8]. - The company is actively pursuing international projects, including a bid for a waste-to-energy project in Malaysia, which signifies its strategic intent to diversify and expand its operational footprint [4].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

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 董事長 成蘇寧 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） 海外監管公告 本公告乃由綠色動力環保集團股份有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條 作 出。 以下為本公司於上海證券交易所網站刊發之綠色動力環保集團股份有限公司 《關 於 為 子 公 司 提 供 擔 保 的 進 展 公 告》，僅 供 參 閱。 承董事會命 中 國，深 圳 二零二五年十二月十一日 於 本 公 告 日 期，執 行 董 事 為 成 蘇 寧 先 生 及 胡 聲 泳 先 生；非 執 行 董 事 為 趙 志 雄 先 生、 ...

| 证券代码：601330 | 证券简称：绿色动力 | 公告编号：临 2025-077 | | --- | --- | --- | | 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 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | 保 | 对 | 被担保人名称 本次新增担保金额 | 31,000 | 恩施绿色动力再生能源有限公司 万元 | | | --- | --- | --- | --- | --- | --- | | 担 | | | | | | | 象一 | | 实际已为其提供的担保余额 | 29,330.77 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担 保 | 对 | 被担保人名称 | | | 登封绿色动力再生能源有限公司 | | | | 本次新增担 ...