Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The solid waste sector is expected to enhance dividends and return on equity (ROE), supported by decreasing capital expenditures and improving free cash flow as the industry matures [9][10] - The report emphasizes the importance of stable growth, price reforms, and increased dividends, suggesting a comprehensive allocation strategy focusing on domestic demand-driven assets [11][13] Summary by Sections Industry Trends - The solid waste sector is entering a mature phase, leading to improved free cash flow and higher dividends. The report highlights that the free cash flow turned positive in 2023 and is expected to continue increasing in 2024 [9] - The report tracks the performance of various companies, noting significant increases in dividends for firms like Junxin Co. and Green Power, with cash dividends of 5.07 billion CNY (+37%) and 4.18 billion CNY (+100%) respectively for 2024 [9][10] Company Tracking - Green Power reported a 33% increase in net profit for Q1 2025, driven by reduced costs and increased heating supply, with a significant rise in free cash flow [9] - Junxin Co. achieved a revenue of 24.31 billion CNY (+31%) for 2024, with a net profit of 5.36 billion CNY (+4%) [9] - The report also highlights the performance of other companies like Jingjin Equipment and Yongxing Co., noting their dividend plans and revenue growth [9] Policy Tracking - The Ministry of Finance allocated over 13.5 billion CNY for energy-saving and emission-reduction subsidies in 2025, indicating government support for the industry [9] - The report discusses the impact of new policies on the solid waste sector, including the push for garbage treatment fee measurement and the promotion of commercial models [9] Market Performance - The report notes a 51% year-on-year increase in sales of new energy sanitation vehicles in the first quarter of 2025, with a penetration rate of 14.36% [27] - The average price of biodiesel remained stable, while the price of waste cooking oil showed a slight increase, reflecting market dynamics [37] Investment Recommendations - The report recommends focusing on companies with strong dividend growth and stable cash flows, such as Huanlan Environment, Green Power, and Yongxing Co. [11][13] - It suggests monitoring companies involved in resource recycling and those benefiting from price reforms and domestic demand [11][13]

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-033 | | --- | --- | --- | --- | --- | | 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 | | | 浙江伟明环保股份有限公司 2025 年第一季度主要经营数据公告 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法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》，浙江伟明环保股份有限公司（以下简称"公司"）现将 2025 年第 一季度项目运营并发电业务主要经营数据公告如下： 据公司初步统计，2025 年第一季度，公司及下属相关控股子公司合计完成 发电量 112,634.46 万度，上网电量 93,176.62 万度，平均上网电价 0.563 元/度， 垃圾入库量 332.59 万吨（含生活、餐厨、污泥等垃圾，其中生活垃圾入库量 316.66 万吨）。2025 年公司及下属相关子公司合计 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-032 | | --- | --- | --- | --- | --- | | 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 | | | 浙江伟明环保股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会 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法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 12 日（星期一）09:30-11:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 4 月 30 日（星期三）至 5 月 9 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@cnweiming.com ...

| 证券代码：603568 | 证券简称：伟明环保 | | | 公告编号：临2025-030 | | --- | --- | --- | --- | --- | | 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 | | 浙江伟明环保股份有限公司 关于召开2024年年度股东大会的通知 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) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 5 月 16 日 14 点 00 分 股东大会召开日期：2025年5月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大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 召开地点：浙江省温州市市府路 525 号同人恒玖大厦 16 楼公司 1 号会议室 (五) 网 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-028 | | --- | --- | --- | --- | --- | | 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 | | | 二、监事会会议审议情况 经审议，本次监事会表决通过以下事项： 1、 审议通过《公司 2025 年第一季度报告》 我们认为：公司2025年第一季度报告的编制和审议程序符合法律、法规、公 司章程和公司内部管理制度的各项规定，报告的内容和格式符合中国证监会和上 海证券交易所的各项规定；公司2025年第一季度报告所包含的信息能充分反映报 告期内公司的财务状况和经营成果等事项。 具 体 内 容 详 见 公 司 于 2025 年 4 月 26 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《浙江伟明环保股份有限公司2025年第一季度报告》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 浙江伟明环保股份有限公司 第七届监事会第九次会议决议公告 本公司监事会及全体监事保证本 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [11]. Core Insights - The environmental sector's public fund holdings have slightly decreased, with a current allocation ratio of 0.23%, down by 0.02 percentage points from the previous quarter [6][18]. - The environmental industry is currently in a low allocation state, with a benchmark ratio of 1.04% [6][18]. - The report highlights a market shift towards high-performing stocks, particularly in waste incineration, which are favored by public funds due to their stable growth and strong performance [8][35]. Summary by Sections Fund Holdings Overview - As of Q1 2025, the total market value of the top ten holdings in the environmental sector is approximately 7.108 billion yuan, accounting for 0.23% of all disclosed fund products [2][6]. - A total of 316 fund products are heavily invested in 152 environmental companies, representing 4.18% of all disclosed fund products [6][18]. Key Companies and Performance - The leading companies by heavy fund holdings include: - Weiming Environmental: 1.313 billion yuan - Huace Testing: 1.015 billion yuan - Hanlan Environment: 950 million yuan - Longjing Environmental: 813 million yuan - Juguang Technology: 749 million yuan - Xingrong Environment: 456 million yuan [7][28]. - The companies with the highest proportion of fund holdings relative to their total market value include Juguang Technology (10.1%), Dadi Ocean (8.0%), Longjing Environmental (5.1%), Hanlan Environment (4.9%), and Huace Testing (4.7%) [30]. Investment Strategy - The report suggests a moderately optimistic outlook for 2025, particularly for waste incineration and water assets, emphasizing the importance of companies like Hanlan Environment, Xingrong Environment, Weiming Environmental, and others [8][35][36]. - The report identifies multiple catalysts for growth, including advancements in waste management, testing services, and renewable resources, recommending a focus on companies like Guodian Measurement and Zhuoyue New Energy [9][38][39].

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-027 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 转债 24 | | | | 浙江伟明环保股份有限公司 第七届董事会第十四次会议决议公告 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法律责任。 一、董事会会议召开情况 浙江伟明环保股份有限公司（以下简称"本公司"或"公司"）于2025年4 月20日以电子邮件的方式发出会议通知，并于2025年4月25日以现场结合通讯方 式召开第七届董事会第十四次会议。会议应到董事9名，实到董事9名，公司监事、 高级管理人员列席了会议。会议由董事长项光明先生主持。本次会议的召集、召 开和表决程序符合《中华人民共和国公司法》《公司章程》的规定，会议合法有 效。 二、董事会会议审议情况 经审议，本次董事会表决通过以下事项： 1、 审议通过《公司 2025 年第一季度报告》 本议案 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 2025-031 | | --- | --- | --- | --- | | 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 | | 浙江伟明环保股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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法律责任。 债权人可采取现场、邮寄、邮件等方式进行申报，债权申报联系方式如下： 1、申报地址：浙江省温州市市府路525号同人恒玖大厦16楼 2、申报时间：2025年4月26日起45日内（9:30-11:30；13:30-17:00。双休日 及法定节假日除外） 3、联系人：王菲、叶茂 一、通知债权人的原因 浙江伟明环保股份有限公司（以下简称"公司"）于2025年4月25日召开第 七届董事会第十四次会议和第七届监事会第九次会议，审议通过了《关于回购注 销部分限制性股票及调整回购价格的议案》，同意公司以自有资金回购注销2023 年限制性股票激励计 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-029 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | | | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 | | | | 浙江伟明环保股份有限公司 关于回购注销部分限制性股票及调整回购价格的公告 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法律责任。 浙江伟明环保股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 了第七届董事会第十四次会议及第七届监事会第九次会议，审议通过了《关于回 购注销部分限制性股票及调整回购价格的议案》。根据公司《2023 年限制性股 票激励计划（草案）》的规定，鉴于首次授予部分 1 名激励对象已离职，公司决 定对上述已获授但尚未解除限售的限制性股票共计 90,000 股进行回购注销，回 购价格为调整后的授予价格。现将有关事项说明如下： 一、2023 年限制性股票激励计划已履行的相 ...