Investment Highlights - The report highlights significant acceleration in national subsidies recovery for the environmental sector in July-August 2025, with Everbright receiving 2.064 billion yuan, surpassing the 1.534 billion yuan received in the same period of 2024 [1][4] - The solid waste sector has shown improvements in return on equity (ROE) and cash flow, with a 1% increase in revenue and an 8% increase in net profit for the first half of 2025 [5][6] - The report recommends several companies for investment, including Hanlan Environment, Green Power, and Everbright Environment, among others [2] Solid Waste Sector Insights - The solid waste sector's performance in the first half of 2025 includes a 9% increase in operating cash flow, reaching 6.9 billion yuan, and a 24% increase in free cash flow compared to the first half of 2024 [5][6] - The average waste incineration companies saw a 1.8% increase in tonnage output and a 1.2% increase in grid-connected output in the first half of 2025 [5][6] - Companies are expanding their operations and improving efficiency, with notable increases in heating supply rates for several firms [5][6] Water Sector Analysis - The water sector is expected to experience a cash flow turnaround, with a projected increase in free cash flow for companies like Xingrong and Shouchuang starting in 2026 [6] - Price reforms in water services are anticipated to enhance growth and valuation, with recent price adjustments in cities like Guangzhou and Shenzhen [6] Sanitation Sector Developments - The penetration rate of electric sanitation vehicles is accelerating, with a 77.6% increase in sales of new energy sanitation vehicles in the first seven months of 2025 [7][8] - The report notes a significant rise in the number of automated sanitation projects, indicating a growing trend towards automation in the sector [7][8] Industry Tracking - The report tracks the performance of various sectors, including the increase in sales of sanitation vehicles and the profitability of biodiesel production, with a notable rise in the price of used cooking oil [8] - Lithium battery recycling is also highlighted, with improvements in profitability due to changes in pricing for lithium and cobalt [8]

Core Viewpoint - The recent notification from the National Development and Reform Commission and the National Energy Administration aims to improve the pricing mechanism for nearby consumption of renewable energy, which is expected to create new opportunities for green electricity direct connection projects starting from October 1, 2025 [1][2][3]. Group 1: Policy and Mechanism - The notification clarifies the economic responsibilities between nearby consumption projects and the public grid, allowing renewable energy projects to pay for supply reliability based on their needs [3][4]. - The new pricing mechanism is designed to enhance the willingness of the grid to provide stable supply services, facilitating the implementation of projects like waste incineration and green electricity direct connections [4][5]. Group 2: Project Requirements - Projects must have a clear interface, with power sources, loads, and storage connected as a whole to the public grid, ensuring safety and responsibility [3][4]. - Projects are required to have a self-consumption ratio of at least 60% of total available generation and 30% of total consumption, with new projects starting from 2030 needing a minimum of 35% [4][5]. Group 3: Economic Advantages - The economic feasibility of projects increases with higher load rates and smaller capacities connected to the public grid, as projects not connected to the grid are exempt from certain fees [4][5]. - For example, in Guangdong Province, the average market transaction price in 2025 is projected to be 0.3910 yuan per kWh, while the costs associated with grid connection and operation total 0.2721 yuan per kWh, leading to a total of 0.6631 yuan per kWh. Direct supply from waste incineration can offer a price advantage of 0.05 to 0.08 yuan per kWh compared to using grid electricity [5]. Group 4: Recommended Companies - The notification is expected to benefit companies involved in green electricity direct supply projects, with specific recommendations including Huanlan Environment, Yongxing Co., Conch Venture, Green Power Environmental Protection, Junxin Co., and Weiming Environmental Protection, while also suggesting attention to Wangneng Environment [5].

Group 1 - Companies listed for dividend distribution include Minghui International, Lens Technology, and Caike New Energy [1] - New IPO activities include Jinfang Pharmaceutical-B and Hesai-W, while Saint Martin International and Nanshun (Hong Kong) are scheduled for earnings announcements [2] - Companies such as Dongrui Pharmaceutical, Miniso, and Li Ning are set for dividend distribution, with Hong Kong Exchanges also participating [3] Group 2 - China New Town and Kalian International Hotel are among the companies scheduled for dividend distribution, while Tiande Real Estate and Asia Comm Hold are listed for ex-dividend [4] - Huatai Ruilin is noted for a capital increase with an ex-rights date [4]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

绿色动力环保集团股份有限公司 2025 年第二次临时股东大会及 2025 年第一次 A 股类别股东大会 会议资料 2025 年 9 月 19 日 绿色动力环保集团股份有限公司 2025 年第二次临时股东大会及 2025 年第一次 A 股类别股东大会会议资料 目录 | 2025 | 年第二次临时股东大会及 2025 年第一次 | | A | 股类别股东大会会议须知 | | 3 | | --- | --- | --- | --- | --- | --- | --- | | 2025 | 年第二次临时股东大会及 2025 年第一次 | | A | 股类别股东大会会议议程 | | 5 | | 议案一 | 关于 年中期利润分配方案的议案 | 2025 | | | | 7 | | 议案二 | 关于修订《公司章程》的议案 | | | | | 8 | | 议案二附件 | 《公司章程》修订对照表 | | | | | 9 | | 议案三 | 关于修订《股东会议事规则》的议案 | | | | | 24 | | 议案三附件 | 《股东会议事规则》修订对照表 | | | | | 25 | | 议案四 | 关于修订《董事会议事规则》的议 ...

中期報告 2025 (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 1330.HK & 601330.SH 重要提示 擬以2025年半年度利潤分配股權登記日總股本為基數，向全體股東每股派發現金紅利人民幣0.1元（稅前）。本次利潤 分配不進行資本公積轉增股本、不送紅股。本利潤分配預案尚需提交公司股東大會審議。 本報告中所涉及的未來計劃、發展戰略等前瞻性陳述並不構成公司對投資者的實質承諾，請投資者注意投資風險。 八、 是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 九、 是否存在違反規定決策程序對外提供擔保的情況 否 十、 是否存在半數以上董事無法保證公司所披露半年度報告的真實性、準確性和完整性 否 十一、 重大風險提示 公司已在本報告中詳細描述存在若干風險，敬請查閱第三節「管理層討論與分析」中第五部分「其他披露事項」之「可能 面對的風險」相關內容。 公司2025年半年度財務報告按中國財政部頒佈的《企業會計準則》及相關規定（以下簡稱中國會計準則）編製，未經審 計，本半年度報告所用記賬本位幣均為人民幣。 本半年度報告的內容已符合《公開發行證券的公司信息披露內容與格式準則第3號－半年度報告的內容與格 ...

（文章来源：证券日报） 证券日报网讯 9月11日晚间，绿色动力发布公告称，近日，公司收到交易商协会出具的《接受注册通知 书》（中市注协﹝2025﹞MTN864号），交易商协会同意接受公司中期票据注册。 ...

格隆汇9月11日丨绿色动力环保(01330.HK)公告，绿色动力环保集团股份有限公司(以下简称"公司")于 2025年2月24日召开第五届董事会第六次会议，于2025年5月16日召开2025年第一次临时股东大会，审议 通过了《关于申请注册并发行中期票据的议案》，同意公司在中国银行间市场交易商协会(以下简称"交 易商协会")申请注册并发行额度为人民币10亿元的中期票据。 近日，公司收到交易商协会出具的《接受注册通知书》(中市注协﹝2025﹞MTN864号)，交易商协会同 意接受公司中期票据注册，并就有关事项明确如下： 一、本次中期票据注册金额为人民币10亿元，注册额度自通知书落款日起2年内有效，由招商银行股份 有限公司和北京银行股份有限公司联席主承销。 二、公司在注册有效期内可分期发行中期票据，接受注册后如需备案发行，应事前先向交易商协会备 案。公司应按照有权机构决议及相关管理要求，进行发行管理。发行完成后，应通过交易商协会认可的 途径披露发行结果。 ...

绿色动力（601330）环保(01330)发布公告，近日，公司收到交易商协会出具的《接受注册通知书》(中 市注协﹝2025﹞MTN864号)，交易商协会同意接受公司中期票据注册，并就有关事项明确如下： 二、公司在注册有效期内可分期发行中期票据，接受注册后如需备案发行，应事前先向交易商协会备 案。公司应按照有权机构决议及相关管理要求，进行发行管理。发行完成后，应通过交易商协会认可的 途径披露发行结果。 一、本次中期票据注册金额为人民币10亿元，注册额度自通知书落款之日起2年内有效，由招商银行股 份有限公司和北京银行股份有限公司联席主承销。 ...

智通财经APP讯，绿色动力环保(01330)发布公告，近日，公司收到交易商协会出具的《接受注册通知 书》(中市注协﹝2025﹞ MTN864号)，交易商协会同意接受公司中期票据注册，并就有关事项明确如 下： 二、公司在注册有效期内可分期发行中期票据，接受注册后如需备案发行，应事前先向交易商协会备 案。公司应按照有权机构决议及相关管理要求，进行发行管理。发行完成后，应通过交易商协会认可的 途径披露发行结果。 一、本次中期票据注册金额为人民币10亿元，注册额度自通知书落款之日起 2年内有效，由招商银行股 份有限公司和北京银行股份有限公司联席主承销。 ...