东吴证券近日发布环保行业点评报告：2025年9月12日，国家发展改革委、国家能源局 联合发布《关于完善价格机制促进新能源发电就近消纳的通知》。《通知》厘清了就近消纳 项目和公共电网之间的经济责任界面，通过差异化的付费设计，新能源项目可按照自身需求 为供电可靠性付费，自2025年10月1日起实施。 以下为研究报告摘要： 投资要点 事件：2025年9月12日，国家发展改革委、国家能源局联合发布《关于完善价格机制促 进新能源发电就近消纳的通知》。 完善新能源就近消纳价格机制，绿电直连迎发展新机遇。近年来，各方积极探索消纳利 用新能源的新模式，其中绿电直连、零碳园区、源网荷储一体化等就近消纳模式，可以有效 促进新能源消纳利用、满足企业绿色用能需求，并减轻电力系统调节压力。《通知》厘清了 就近消纳项目和公共电网之间的经济责任界面，通过差异化的付费设计，新能源项目可按照 自身需求为供电可靠性付费，自2025年10月1日起实施。1）项目要求：①界面清晰：项目的 电源、负荷、储能等应作为整体与公共电网连接，形成清晰的物理界面和安全责任界面，电 源应接入用户和公共电网产权分界点的用户侧；②计量准确；③以新能源发电为主。2）作 ...

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 重视银金比修复，内外共振铜铝普涨突破 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490522080001 SFC：BQT626 SFC：BUT918 SFC：BWM115 报告要点 [Table_Summary] 大非农延续弱势，衰退交易重归下重视贵金属补涨行情。本周，美国初请失业金人数大增，非 农就业数据疲软，经济预期进一步下修。而同时，美国 8 月消费者物价同比整体符合预期，强 滞胀担忧有所缓和。更弱的经济数据致使市场进一步押注 9 月 50BP 降息概率。学习效应下， 市场再度转向聚焦降息后的再通胀风险，银金比显著修复。当前再关注黄金降息交易的同时， 也应重视银金比修复下白银的弹性。基本金属：一方面，海外方面，弱就业、稳通胀数据下， 美联储降息预期进一步增强，催化大宗商品走强，另一方面，国内稳增长政策预期增强，也提 振内需展望。 分析师及联系人 [Table_A ...

证券日报网讯伟明环保9月9日在互动平台回答投资者提问时表示，经重整与资源整合，盛运环保成功实 现业务恢复与发展。公司垃圾处理项目运营效率不断提升，输送设备和环保设备业务得到恢复发展。 2025年上半年盛运环保实现归母净利润达6，828.37万元，创重整以来经营业绩新高。公司将持续深化 业务整合，加快产能释放与市场拓展，跟踪发展新质生产力，努力实现公司业绩长期稳定增长。公司还 将积极跟踪资本市场各项规则发展变化，追求盛运环保股东价值最大化。 （文章来源：证券日报） ...

证券日报网讯 伟明环保9月9日在互动平台回答投资者提问时表示，公司在温州龙湾的垃圾焚烧发电项 目年发绿电超3亿度，能很好地为智算中心提供绿色电力支持。该项目已启动建设前期工作，与中国移 动通信集团浙江有限公司温州分公司签订《战略合作协议》，探索垃圾焚烧发电项目协同建设智算中心 商业模式。垃圾焚烧发电项目产生的绿电可为区域智算基础设施提供优质可再生能源支持，具备环保效 益突出、能源供给稳定等特点。随着智算需求增长，该模式未来可以复制到公司其它类似项目。 （编辑 任世碧） ...

格隆汇9月9日丨伟明环保(603568.SH)在互动平台表示，公司下属伟明盛青规划建设年产20万吨三元正 极材料，一体化建设硫酸镍、高纯镍、三元前驱体、三元正极材料等产能。目前该项目已形成部分硫酸 镍、高纯镍的产能，三元前驱体部分产线也即将投用。采用高镍三元作为正极材料是当前固态电池发展 的重要技术路线之一。伟明盛青上半年完成高纯镍板销售3,526吨，还没有向固态电池厂家直接供货。 ...

Core Viewpoint - Zhejiang Weiming Environmental Protection Co., Ltd. has decided not to exercise the downward adjustment of the conversion price for the "Wei 22 Convertible Bond" despite triggering the conditions for such an adjustment due to stock price performance [2][8]. Group 1: Convertible Bond Details - The "Wei 22 Convertible Bond" was issued on July 22, 2022, with a total amount of 1,477,000 bonds, each with a face value of 100 yuan, totaling 1,477 million yuan [3]. - The bond has a term of 6 years with a tiered interest rate starting from 0.20% in the first year to 2.00% in the sixth year [3]. - The initial conversion price was set at 32.85 yuan per share, which has been adjusted multiple times, with the latest price being 27.27 yuan per share [3][5]. Group 2: Downward Adjustment Conditions - The downward adjustment clause is triggered when the stock price closes below 90% of the conversion price for at least 15 out of 30 consecutive trading days [6]. - The company’s board of directors has the authority to propose a downward adjustment, which requires a two-thirds majority approval from shareholders [6][7]. Group 3: Recent Board Decision - On September 2, 2025, the board held a meeting and unanimously decided not to adjust the conversion price downward, considering various factors including the company's fundamentals and market conditions [2][8]. - The decision was made with 6 votes in favor and no opposition, with certain related directors abstaining from the vote [8].

Core Points - The company, Weiming Environmental Protection, announced that it will not exercise the right to lower the conversion price of the "Wei 22 Convertible Bonds" during the upcoming month from September 3, 2025, to October 2, 2025 [2] - If the conversion price adjustment clause is triggered again after October 3, 2025, the board will hold another meeting to decide whether to exercise the right to lower the conversion price [2] Summary by Sections - **Company Decision**: The board of Weiming Environmental Protection has decided not to lower the conversion price of the "Wei 22 Convertible Bonds" [2] - **Future Considerations**: The company will reassess the situation after October 3, 2025, if the conversion price adjustment clause is triggered again [2]

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临 | 2025-059 | | --- | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 | 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 | 24 | 转债 | | | 自 2025 年 8 月 13 日至 2025 年 9 月 2 日，浙江伟明环保股份有限公司 （简称"公司"）股票已出现任意连续三十个交易日中至少有十五个交 易日的收盘价低于当期"伟 22 转债"转股价格的 90%的情形，已触发"伟 22 转债"转股价格向下修正条款。 经公司第七届董事会第十八次会议审议通过，公司董事会决定本次不行 使"伟 22 转债"的转股价格向下修正的权利，且在未来一个月内（2025 年 9 月 3 日至 2025 年 10 月 2 日），如再次触发可转债的转股价格向下 修正条款，亦不提出向下修正方案。自 2025 年 10 月 3 日开始重新起算， 若再次触发"伟 22 转债"的转股价格向下修正条款，届时公司董事会 将再次召开会议决定是否行使"伟 22 转债 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [11]. Core Insights - The environmental protection sector showed a slight increase in net profit, with a year-on-year growth of 1.32% in the first half of 2025, despite a slight decline in revenue [6][22]. - The performance of waste incineration and water services remains stable, while the overall growth of the sector is hindered by declines in air quality and recycling resources [6][22]. - The industry is transitioning towards a ToB model, which is expected to accelerate valuation recovery [9]. Summary by Sections Performance Overview - In H1 2025, the environmental protection sector achieved revenue of 142.1 billion yuan, a decrease of 0.20% year-on-year, and a net profit of 13.7 billion yuan, an increase of 1.32% [6][22]. - The gross profit margin improved to 28.7%, up by 0.30 percentage points year-on-year [6][22]. Income Statement - The sector's net profit growth is primarily driven by stable performance in waste incineration and water operations, while the recycling and air quality segments experienced declines [22][24]. - Waste incineration saw revenue growth of 1.81% and net profit growth of 9.31% in H1 2025 [23]. - Water operations reported a slight revenue decline of 1.38% but a net profit increase of 1.79% [30]. Balance Sheet - The environmental protection sector's debt ratio was 57.7%, showing a slight increase of 0.27 percentage points year-on-year [7]. - Accounts receivable and related assets continue to rise, indicating potential cash flow challenges [7]. Cash Flow Statement - The cash collection ratio improved to 93.5%, up by 3.9 percentage points year-on-year, with net cash flow from operating activities reaching 10.44 billion yuan, an increase of 13.8% [8]. - Investment activities showed a net expenditure of 27.4 billion yuan, primarily directed towards waste incineration and water operations [8]. Investment Strategy - The report recommends continued investment in waste incineration and water services, highlighting that the sector can support a price-to-earnings ratio of 14x-16x, while many quality stocks are currently trading at 10x-12x [9]. - The report suggests potential growth opportunities in various segments, including testing services and energy conservation [9].

登录新浪财经APP 搜索【信披】查看更多考评等级 本届荣获金麒麟·金牌董秘称号的伟明环保董秘程鹏，正是这一群体中的杰出代表。该荣誉不仅体现了 其个人在资本沟通、合规治理与战略协同方面的卓越能力，也反映了市场和投资者对伟明环保治理水平 与价值成长的高度认可。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 9月1日，第十一届新浪财经金麒麟·金牌董秘榜单正式揭晓。在本次备受瞩目的评选中，伟明环保董事 会秘书程鹏凭借卓越的专业能力和出色的工作表现荣耀加冕，荣获第十一届金麒麟·金牌董秘十年成就 奖。 作为上市公司与资本市场之间的"关键纽带"，董秘在企业治理与发展中扮演着多重角色：他们既是公司 规范运作的"守门人"，也是资本战略的"参谋者"；既是信息披露的"发言人"，也是投资者关系的"架构 师"。秉持"寻找A股最佳资本品牌代言人"的初心，新浪财经金麒麟·金牌董秘评选已成功举办十一届， 累计评选出优秀金牌董秘900余人次，成为业内高度认可、影响力广泛的权威奖项之一。该评选不仅着 眼于信息披露质量、投资者沟通成效，更综合考量其在公司治理、ESG建设、资本运作等多维度的贡 献。 一位优秀的董秘，能在复杂的市场环境中 ...