Investment Rating - The investment rating for the environmental industry is "Positive" [2] Core Viewpoints - The environmental industry has seen a surge in bond issuance in the first half of 2025, exceeding 30 billion yuan, primarily for cash replenishment and debt repayment [14][24] - The industry is characterized by a dual focus on "green" and "technological innovation" as reflected in the types of bonds issued [14] - The report highlights the ongoing market performance of the environmental sector, which has outperformed the broader market, with specific sub-sectors showing varied performance [3][6] Summary by Sections Market Performance - As of August 15, 2025, the environmental sector index rose by 1.72%, outperforming the Shanghai Composite Index, which increased by 1.70% [3][6] - The top-performing sub-sectors include solid waste management, which saw a 12.44% increase, while water governance experienced a decline of 0.96% [9][12] Industry Dynamics - Various provinces have issued and planned special bonds totaling 153.98 billion yuan to repay overdue corporate debts, showcasing proactive measures to address financial obligations [24] - The Ministry of Natural Resources released a report indicating that the existing seawater desalination projects in China will increase to 158, with a total capacity of 2.856 million tons per day, marking a 33,300 tons per day increase from 2023 [25] Company Announcements - Zhongke Environmental reported a revenue of 848.20 million yuan in the first half of 2025, a year-on-year increase of 4.48%, with a net profit of 196.26 million yuan, up 19.83% [37] - Chengfa Environment achieved a revenue of 3.216 billion yuan, with an environmental business revenue of 2.454 billion yuan, reflecting a 14.58% increase year-on-year [37] Investment Recommendations - The report suggests maintaining a positive outlook on the environmental sector, particularly in energy conservation and resource recycling, which are expected to sustain high growth [42] - Recommended companies include Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co., Ltd. [42]

Core Viewpoint - The company, Sanfeng Environmental Group, has made significant strides in green development through its waste incineration power generation projects, achieving substantial environmental benefits and technological advancements [2][3]. Group 1: Environmental Impact - Since its establishment in 1998, the company has processed over 124 million tons of waste, resulting in a reduction of approximately 43.36 million tons of carbon dioxide emissions and the planting of 1.48 billion trees [2]. - The company has provided a total of 44.5 billion kilowatt-hours of green electricity [2]. Group 2: Technological Advancements - The company has introduced advanced waste incineration technology and has been a pioneer in domesticating these technologies, contributing to the reduction, resource utilization, and harmless treatment of waste [2]. - It has developed a simulation system for waste incineration power generation operations and participated in the formulation of 21 national and industry standards [2]. Group 3: Pollution Control - The company employs advanced pollution prevention technologies and adheres to strict pollution control standards, positioning itself as one of the leading waste incineration power plants globally [3]. Group 4: Educational Initiatives - The company has established modern environmental education bases across various locations in China, engaging over 450,000 members of the public through educational initiatives [3]. Group 5: Growth and Expansion - As of the end of last year, the company has invested in 57 waste power generation projects across 16 provinces, with a designed waste processing capacity exceeding 61,000 tons per day [3]. - Its original technologies and equipment have been applied in 260 waste incineration projects and 419 incineration lines, with a total designed waste processing capacity of over 230,000 tons per day [3].

Group 1 - The core stock price of Sanfeng Environment (601827) closed at 8.73 yuan on August 8, 2025, reflecting a 2.34% increase from the previous week's closing price of 8.53 yuan [1] - The highest intraday price reached 8.75 yuan on August 5, 2025, while the lowest intraday price was 8.49 yuan on August 4, 2025 [1] - The current total market capitalization of Sanfeng Environment is 14.596 billion yuan, ranking 10th out of 105 in the environmental governance sector and 1199th out of 5151 in the A-share market [1] Group 2 - The company announced a cash dividend distribution of 0.245 yuan per share, totaling 409,623,658.50 yuan [2] - The record date for the dividend is August 8, 2025, with the ex-dividend date and payment date both set for August 11, 2025 [2] - The profit distribution plan is based on a total share capital of 1,671,933,300 shares, with no differential dividend distribution [2]

Market Performance - On August 5, the Chongqing state-owned enterprise reform sector rose by 1.15% compared to the previous trading day, with Shanghai Sanmao leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - Shanghai Sanmao (600689) closed at 13.04, up 6.02% with a trading volume of 114,200 shares and a turnover of 147 million yuan [1] - Qianli Technology (601777) closed at 8.65, up 3.10% with a trading volume of 826,100 shares and a turnover of 719 million yuan [1] - Other notable stocks include: - Dengkang Dental (001328) at 44.44, up 2.56% [1] - Yushansha A (000565) at 8.63, up 1.77% [1] - ST Huicheng (002168) at 3.87, up 1.04% [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 15.70 million yuan from main funds, while retail funds had a net inflow of 50.19 million yuan [2] - However, speculative funds experienced a net outflow of 65.90 million yuan [2] Individual Stock Capital Flow - Qianli Technology (601777) had a main fund net inflow of 29.63 million yuan, while speculative funds saw a net outflow of 42.24 million yuan [3] - Other stocks with significant capital flow include: - Jieling Pickled Vegetables (002507) with a main fund net inflow of 10.84 million yuan [3] - Sanfeng Environment (601827) with a main fund net inflow of 7.61 million yuan [3] - Notably, Chongqing Water (601158) had a main fund net inflow of 1.09 million yuan, while retail funds saw a net outflow of 3.13 million yuan [3]

Core Points - Chongqing Sanfeng Environment Group Co., Ltd. announced a cash dividend of 0.245 CNY per share for its A-shares [1] - The dividend distribution plan was approved at the 2024 annual shareholders' meeting held on June 24, 2025 [1] - The ex-dividend date is set for August 11, 2025, with the record date on August 8, 2025, and the payment date also on August 11, 2025 [1] Dividend Distribution Details - The total share capital before the distribution is 1,671,933,300 shares [1] - The cash dividend will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [1] Taxation Information - For individual shareholders and securities investment funds, the company will not withhold personal income tax, resulting in a net cash dividend of 0.245 CNY per share [1] - The tax implications for individual shareholders depend on the holding period of the shares, with different tax rates applicable based on the duration [1] - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld on dividends [2]

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-037 | | --- | --- | --- | --- | --- | | 债券代码：240410 | 债券简称：GK | 三峰 | 01 | | | 债券代码：241970 | 债券简称：GK | 三峰 | R1 | | | 债券代码：242083 | 债券简称：GK | 三峰 | 02 | | | 债券代码：242610 | 债券简称：GK | 三峰 | 03 | | 重庆三峰环境集团股份有限公司 2024年年度权益分派实施公告 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/8 | － | 2025/8/11 | 2025/8/11 | 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： 每股分配比例 A 股每股现金红利0.245元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] - In the environmental industry, the average CFO salary is reported at 8.77 million yuan, with a notable distribution where 45% of CFOs earn between 300,000 to 650,000 yuan [1][10] - Deepwater Haina's CFO has the highest salary in the industry at 2.44 million yuan, despite concerns regarding the company's financial quality [3][4] Salary Distribution - The salary distribution in the environmental sector shows that 45% of CFOs earn between 300,000 to 650,000 yuan, while only 12% earn over 1 million yuan [1][10] - Companies like Jinyuan and Zhejiang Fu Holdings have CFOs with salaries exceeding 1 million yuan, but both have faced regulatory penalties due to financial quality issues [5][6] Regulatory Issues - Deepwater Haina has been flagged for several violations, including inadequate bad debt provisions and inaccurate revenue cost accounting, which do not comply with accounting standards [4] - Zhejiang Fu Holdings received a warning for failing to disclose related party transactions accurately, leading to regulatory scrutiny [6] - Jinyuan Holdings is under investigation for non-operating fund occupation, which constituted 8.36% of its audited net assets, highlighting serious compliance failures [7][9] Age and Education Distribution - In the environmental sector, 48% of CFOs are aged between 40 to 49 years, while 34% are between 50 to 59 years [10] - The educational background of CFOs shows that 59% hold a bachelor's degree, and 30% have a master's degree, with some CFOs having only an associate degree [12][14]

三峰环境（SH 601827，收盘价：8.66元）7月30日晚间发布公告称，公司第三届第六次董事会会议于 2025年7月30日在重庆市大渡口区建桥大道3号公司102会议室以现场及通讯结合方式召开。会议审议了 《关于三峰环境高管团队2024年度经营业绩考核结果的议案》等文件。 2024年1至12月份，三峰环境的营业收入构成为：电力生产占比64.1%，工程承包与设计占比32.01%， 环卫业务占比3.69%，其他业务占比0.19%。 （文章来源：每日经济新闻） ...

表决结果：同意 7 票，反对 0 票，弃权 0 票，表决结果为通过。董事长廖高 尚先生和副董事长、总经理司景忠先生回避表决。 | 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-036 | | --- | --- | --- | --- | --- | | 债券代码：240410 | 债券简称：GK | 三峰 | 01 | | | 债券代码：241970 | 债券简称：GK | 三峰 | R1 | | | 债券代码：242083 | 债券简称：GK | 三峰 | 02 | | | 债券代码：242610 | 债券简称：GK | 三峰 | 03 | | 该项议案已经公司第三届董事会薪酬与考核委员会 2025 年第二次会议审议 通过。 重庆三峰环境集团股份有限公司 第三届董事会第六次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 重庆三峰环境集团股份有限公司（以下简称"公司"）第三届董事会第六次 会议（以下简称"本次会议"）于 2025 年 7 月 30 ...