Core Viewpoints - In the first half of 2025, the profitability of thermal power companies improved due to a decrease in coal prices from 765 RMB/ton to 621 RMB/ton, leading to an 11% recovery in stock prices since late January [4] - The thermal power sector is expected to see positive factors in electricity volume, price, and costs in 2025, indicating growth potential [4] - Hydropower and nuclear power sectors remain stable with strong cash flows and high dividend yields, while the deepening of domestic electricity reforms is likely to create diverse investment opportunities [4] Thermal Power - The comprehensive electricity price for thermal power is expected to remain stable in 2025, with coal prices trending downward, leading to further profit recovery in the industry [7] - It is recommended to focus on thermal power companies with smaller declines in electricity prices and lower proportions of long-term coal contracts [7] - The implementation of capacity pricing and auxiliary service income is expected to stabilize thermal power profitability [61] Hydropower - High dividend yields attract incremental capital, with the dividend yield of Changjiang Electric Power remaining between 3.2% and 4.4% from 2017 to 2024 [80] - The hydropower sector is expected to see growth due to the commissioning of new projects, with over 25 million kW of hydropower capacity under construction [73] Nuclear Power - The approval of 11 new nuclear units in 2024 marks a significant acceleration in nuclear project approvals, indicating a stable growth trajectory for the sector [82] - By the end of 2024, China Nuclear Power and China General Nuclear Power have substantial capacities under construction, ensuring future growth [86] Renewable Energy - The installation of wind and solar power is expected to maintain high growth rates, with cumulative installed capacity reaching 1.41 billion kW by the end of 2024 [92] - The implementation of the 136 Document is expected to promote the full market entry of renewable energy, leading to a surge in installed capacity [99] Waste Incineration - The waste incineration sector is entering a mature phase, with operating cash flow and free cash flow both increasing by 18% year-on-year in 2024 [119] - Companies in this sector are expanding overseas, establishing a competitive advantage in countries along the Belt and Road Initiative [122]

Investment Rating - The investment rating for the industry is "Increase" which indicates a relative increase of more than 15% compared to the CSI 300 index [28] Core Insights - The Central Financial Committee's sixth meeting emphasized the high-quality development of the marine economy and the exploration of marine carbon sink accounting [8] - The first international standard for algal carbon footprint has been officially released, marking a breakthrough in carbon footprint standards [8] - The national carbon market is expanding beyond the power sector, increasing the demand for CCER (Voluntary Carbon Emission Reduction) [9] - New methodologies for CCER are expected to accelerate expansion, including projects related to low-concentration gas utilization in coal mines and energy-saving in highway tunnel lighting [10] Summary by Sections Weekly Investment Perspective - The meeting highlighted the need for top-level design in marine economic development and encouraged social capital participation [8] - The national carbon market will include cement, steel, and electrolytic aluminum industries, with a target to cover 7.5 billion tons of greenhouse gas emissions by 2027 [9] Environmental Sector Performance - The environmental sector saw a weekly increase of 0.81%, with notable stock performances including Xuedilong (+31.74%) and Sandetech (+26.25%) [13][16] - The weekly trading volume for national carbon market emissions was 2.47 million tons, with an average price of 72.64 yuan/ton, reflecting a 62% decrease from the previous week [14] Carbon Neutrality Tracking - The CCER trading volume reached 103,000 tons with an average price of 87.04 yuan/ton [14] - The Shanghai pilot carbon market achieved 100% compliance for twelve consecutive years, with a significant increase in green electricity consumption [18] Investment Recommendations - Recommendations include leading waste incineration companies such as Sanfeng Environment and Huanlan Environment, as well as companies in the recycling sector like Zhuoyue New Energy and Sanlian Hongpu [11]

Group 1 - The controlling shareholder of Sanfeng Environment, Chongqing Derun Environment Co., Ltd., has received a loan commitment from CITIC Bank Chongqing Branch to support the acquisition of additional shares, with a loan amount not exceeding 50 million yuan [1] - As of July 7, 2023, Derun Environment has cumulatively increased its stake in Sanfeng Environment by 12.65 million shares, accounting for approximately 0.76% of the company's total share capital [1] - In 2023, Chongqing Water Environment Holding Group, the indirect controlling shareholder of Sanfeng Environment, also increased its stake by 7.13 million shares, representing about 0.42% of the total share capital [2] Group 2 - Sanfeng Environment has maintained stable operating performance, achieving a revenue of 5.991 billion yuan in 2024, a year-on-year decrease of 0.59%, but a 0.30% increase when excluding one-time factors [3] - The net profit attributable to shareholders for 2024 was 1.168 billion yuan, reflecting a year-on-year growth of 0.2% [3] - The company has signed contracts for 9 incinerator and complete equipment supply projects in international markets, with a total contract value exceeding 800 million yuan [3] Group 3 - By the end of 2024, Sanfeng Environment has invested in 57 waste incineration power generation projects, with a designed waste processing capacity of 61,450 tons per day [2] - The company has achieved market application results in 260 projects and 419 incineration lines across multiple countries and regions, with a total designed processing capacity exceeding 230,000 tons per day [2] - In the first quarter of 2025, Sanfeng Environment reported a revenue of 1.555 billion yuan, a year-on-year increase of 0.16% [4]

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-034 | | --- | --- | --- | --- | --- | | 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 关于控股股东获得增持贷款支持的公告 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。 重庆三峰环境集团股份有限公司董事会 2025 年 7 月 7 日 公司收到控股股东德润环境公司《关于股东增持专项贷款相关事项告知函》。 根据《中国人民银行、金融监管总局、中国证监会关于设立股票回购增持再贷款 有关事宜的通知》精神，结合实际，德润环境取得了中信银行股份有限公司重庆 分行出具的《贷款承诺函》。中信银行股份有限公司重庆分行承诺为德润环境提 供增 ...

三峰环境（601827）公告，公司收到控股股东德润环境的《股东增持专项贷款相关事项告知函》。根据 相关通知精神，德润环境取得了中信银行股份有限公司重庆分行出具的《贷款承诺函》。中信银行承诺 为德润环境提供不超过人民币5000万元的增持贷款支持，专项用于德润环境增持公司A股股份，贷款期 限不超过3年。德润环境本轮增持计划的资金来源为其自有及自筹资金。 ...

Group 1 - Guizhou Moutai has repurchased a total of 3.3821 million shares as of June 30, 2025, accounting for 0.2692% of the total share capital, with a total expenditure of 5.202 billion yuan [2] - Luxshare Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global financing capabilities and governance transparency [2] - Huazhong Xinchuang has received a project notification from a leading domestic eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [3] Group 2 - Meinohua expects a net profit of 46 million to 52 million yuan for the first half of 2025, representing a year-on-year increase of 142.84% to 174.52% [4] - Jiangnan Water has received a report from shareholder Lianan Life Insurance indicating an increase in shareholding by 46.99 million shares, representing 5.03% of the total share capital [5] - Huasen Pharmaceutical has received approval for clinical trials of its CX001 sustained-release tablets, marking a milestone for its innovative drug development platform [6] Group 3 - Zongshen Power anticipates a net profit growth of 70% to 100% for the first half of the year [7] - Yutong Bus reported a sales volume of 5,919 units in June, a year-on-year increase of 24.79% [7] - Guangzhou Port expects a 7.0% year-on-year increase in container throughput for June 2025 [7] Group 4 - Data Port's shareholders plan to reduce their holdings by up to 1.74% and 0.26% of the company's shares [9] - Humanwell Healthcare's shareholder plans to increase its stake by 1% to 2% [9] - Nengte Technology plans to repurchase shares worth between 300 million to 500 million yuan [10]

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-033 | | --- | --- | --- | --- | --- | | 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 关于申请注册发行资产支持商业票据的公告 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。 为进一步拓宽公司融资渠道、探索使用新型金融工具、优化债务结构，重庆 三峰环境集团股份有限公司（以下简称"公司"或"三峰环境"）拟申请注册发 行资产支持商业票据（简称 ABCP）。具体如下： 2.基础资产 公司及子公司享有的未来特定期间的电费收费收益权。 3.发行方式 根据实际资金需求情况，公司在注册有效期内可以视情况选择一次发行或分 期发行，也可以选 ...

证券代码：601827 证券简称：三峰环境 重庆三峰环境集团股份有限公司 2025 年第二次临时股东会 会议资料 二〇二五年七月 目录 关于审议公司注册发行资产支持商业票据的议案 .........- 2 - - 1 - 2025 年第二次临时股东会 议案 关于审议公司注册发行资产支持商业票据 的议案 各位股东： 为进一步拓宽公司融资渠道、探索使用新型金融工具、优化 债务结构，重庆三峰环境集团股份有限公司（以下简称公司或三 峰环境）拟注册发行资产支持商业票据（简称 ABCP），具体如下： 一、本次拟注册发行资产支持票据的基本情况 （一）资产支持商业票据概述 公司拟将公司及子公司享有的未来特定期间的电费收费收益 权作为基础资产，由信托机构进行受让后，通过信托机构设立财 产权信托，信托以此向合格投资者发行资产支持商业票据的方式 募集资金，以募集资金作为购买基础资产的购买价款，信托期限 不超过 120 个月（含）。 （二）资产支持商业票据基本情况 1.发行规模 本次拟发行的 ABCP 规模不超过人民币 10 亿元（含）。具体 发行规模根据在银行间交易商协会最终注册的金额、公司资金需 求和市场情况确定。 2.基础资产 ...

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-032 | | --- | --- | --- | --- | --- | | 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 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 股东会召开日期：2025年7月18日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 召开的日期时间： ...

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-031 | | --- | --- | --- | --- | --- | | 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 第三届董事会第五次会议决议公告 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"）第三届董事会第五次 会议（以下简称"本次会议"）于 2025 年 7 月 2 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。本次会议出席董事 9 人。由公 司董事长廖高尚先生主持。公司高级管理人员列席了本次会议。本次会议的召开 程序符合《中华人民共和国公 ...