Group 1 - The stock of Weiming Environmental experienced a decline of 2.57%, closing at 18.98 yuan, with two block trades totaling 1.5 million shares and a transaction amount of 26.445 million yuan [1] - The first block trade occurred at a price of 17.63 yuan for 500,000 shares, amounting to 8.815 million yuan, with a discount rate of -7.11% [1] - The second block trade also occurred at 17.63 yuan for 1 million shares, totaling 17.63 million yuan, with the same discount rate of -7.11% [1] Group 2 - Over the past three months, Weiming Environmental has recorded a total of four block trades, with a cumulative transaction amount of 93.6823 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 5.48%, with a net outflow of 48.0038 million yuan in principal funds [1]

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].

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The report emphasizes the recovery of the silver-gold ratio and the simultaneous rise in copper and aluminum prices due to both domestic and international factors [5][6] - Weak employment data in the U.S. has led to increased expectations for a 50 basis point rate cut in September, which is expected to boost precious metals [5][6] - The report suggests that while gold remains a focus for investment, the recovery of the silver-gold ratio indicates potential for silver as well [5][6] Summary by Sections Precious Metals - The report highlights the weak performance of the U.S. labor market and its implications for precious metals, particularly gold and silver [5][6] - It suggests that gold stocks may experience a quarterly-level resonance in terms of price, valuation, and style due to anticipated rate cuts [5][6] - For silver, the report advises attention to its potential to converge with gold as inflation expectations rise [5][6] Industrial Metals - Industrial metals have seen a broad increase, with LME copper rising by 1.7% and aluminum by 3.8% [6][27] - The report notes that domestic policies aimed at stabilizing growth are expected to enhance demand outlook [6] - It indicates that while demand for copper and aluminum may decline in the second half of the year, supply constraints will limit the extent of this decline [6] Strategic and Minor Metals - The report discusses the strategic reassessment of rare earths and tungsten, with a focus on their long-term value due to government policies and market dynamics [7] - It highlights the upward price trend for cobalt and nickel, driven by supply constraints and increasing demand in the battery sector [7] - The report also mentions the bottoming out of lithium prices, with a cautious outlook on future price movements [7]

Core Viewpoint - Weiming Environmental has successfully restored and developed its business through restructuring and resource integration, achieving a new high in operating performance since its restructuring [2] Group 1: Business Performance - In the first half of 2025, Shengyun Environmental achieved a net profit attributable to shareholders of 68.2837 million yuan, marking a record high since the restructuring [2] - The company's waste treatment project operational efficiency continues to improve, and both transportation and environmental equipment businesses are recovering and developing [2] Group 2: Future Strategy - The company plans to deepen business integration, accelerate capacity release, and expand market reach [2] - There is a commitment to track the development of new productive forces and strive for long-term stable growth in company performance [2] - The company will actively monitor changes in capital market regulations to maximize shareholder value [2]

Core Viewpoint - The company, Weiming Environmental Protection, is developing a waste-to-energy project in Wenzhou Longwan that will generate over 300 million kilowatt-hours of green electricity annually, supporting the green energy needs of intelligent computing centers [1] Group 1 - The waste-to-energy project has initiated preliminary construction work and signed a strategic cooperation agreement with China Mobile Communications Group Zhejiang Co., Ltd. to explore a collaborative business model for the intelligent computing center [1] - The green electricity generated from the waste-to-energy project will provide high-quality renewable energy support for regional intelligent computing infrastructure, highlighting its environmental benefits and stable energy supply characteristics [1] - As the demand for intelligent computing grows, this business model has the potential to be replicated in other similar projects by the company [1]

Core Viewpoint - The company, Weiming Environmental Protection (603568.SH), is actively developing an integrated production capacity for nickel sulfate, high-purity nickel, ternary precursors, and ternary cathode materials, which are crucial for the advancement of solid-state battery technology [1] Group 1 - The subsidiary, Weiming Shengqing, is planning to construct an annual production capacity of 200,000 tons of ternary cathode materials [1] - The project has already established partial production capacity for nickel sulfate and high-purity nickel, with some production lines for ternary precursors set to be operational soon [1] - The use of high-nickel ternary materials as cathodes is identified as a significant technological route for the development of solid-state batteries [1] Group 2 - In the first half of the year, the company completed sales of 3,526 tons of high-purity nickel plates [1] - The company has not yet supplied directly to solid-state battery manufacturers [1]

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].