Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

Core Viewpoint - Zhejiang Weiming Environmental Protection Co., Ltd. has triggered the conditional redemption clause for its "Wei 24 Convertible Bonds" due to the stock price exceeding 130% of the conversion price for fifteen trading days, leading to the board's decision to redeem the bonds early [2][7][8]. Group 1: Redemption Trigger and Decision - The stock price of Zhejiang Weiming Environmental Protection has been above 22.82 yuan per share (130% of the conversion price) for fifteen trading days from November 5 to November 26, 2025, triggering the conditional redemption clause [2][7]. - The board of directors convened on November 26, 2025, and unanimously approved the early redemption of "Wei 24 Convertible Bonds" at face value plus accrued interest [8]. Group 2: Bond Issuance Overview - The "Wei 24 Convertible Bonds" were issued on March 28, 2024, with a total of 2.85 million bonds, each with a face value of 100 yuan, amounting to a total of 28.5 million yuan [3]. - The bonds have a six-year term with a tiered interest rate starting from 0.20% in the first year to 2.00% in the sixth year [3]. Group 3: Conversion Price Adjustments - The initial conversion price was set at 18.28 yuan per share, which was adjusted to 18.03 yuan on June 24, 2024, and further adjusted to 17.55 yuan on June 6, 2025, due to profit distribution [3][4]. Group 4: Investor Options and Implications - Investors holding "Wei 24 Convertible Bonds" can either trade in the secondary market or convert at the adjusted price of 17.55 yuan per share, or face mandatory redemption at 100 yuan per bond plus accrued interest [2][11].

证券日报网讯 11月26日晚间，伟明环保发布公告称，公司已于2025年11月26日召开第七届董事会第二 十三次会议，审议通过了《关于提前赎回"伟24转债"的议案》，公司董事会决定行使"伟24转债"的提前 赎回权，按照债券面值加当期应计利息的价格对赎回登记日登记在册的"伟24转债"全部赎回。投资者所 持"伟24转债"除在规定时限内通过二级市场继续交易或按照17.55元/股的转股价格进行转股外，仅能选 择以100元/张的票面价格加当期应计利息被强制赎回。若被强制赎回，可能面临较大投资损失。 （文章来源：证券日报） ...

中信建投证券股份有限公司 关于浙江伟明环保股份有限公司 "伟 24 转债" 提前赎回的临时受托管理事务报告 经中国证券监督管理委员会证监许可[2024]267 号文同意注册，公司于 2024 年 3 月 28 日向不特定对象发行可转债 285.00 万张，每张面值 100 元，发行总额 28,500.00 万元。本次发行的可转债期限为发行之日起 6 年。本次发行的可转债 票面利率为：第一年 0.20%、第二年 0.40%、第三年 0.80%、第四年 1.50%、第 五年 1.80%、第六年 2.00%。 经上海证券交易所自律监管决定书[2024]46 号文同意，公司本次发行的 28,500.00 万元可转换公司债券于 2024 年 4 月 22 日起在上海证券交易所上市交 易，债券简称"伟 24 转债"，债券代码"113683"。 二、本次可转债的重大事项 债券受托管理人 二〇二五年十一月 1 中信建投证券股份有限公司（以下简称"中信建投证券"）作为浙江伟明环 保股份有限公司（以下简称"伟明环保"、"公司"或"发行人"）2024 年向不特 定对象发行可转换公司债券（债券简称：伟 24 转债，债券代码：1136 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2025-079 | | --- | --- | --- | --- | --- | | 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 关于提前赎回"伟 24 转债"的公告 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、"伟 24 转债"发行上市概况 经中国证券监督管理委员会证监许可[2024]267 号文同意注册，公司于 2024 浙江伟明环保股份有限公司（以下简称"公司"）股票自 2025 年 11 月 5 日至 2025 年 11 月 26 日，已有十五个交易日的收盘价格不低于"伟 24 转债"当期转股价格的 130%（即 22.82 元/股），根据《浙江伟明环 保股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下 简称"《募集说明书》"）的相关约定，已触发"伟 24 转债"的有条 件赎回条款 ...

中信建投证券股份有限公司 关于浙江伟明环保股份有限公司 提前赎回"伟 24 转债"的核查意见 中信建投证券股份有限公司（以下简称"保荐人"、"中信建投"）作为浙江 伟明环保股份有限公司（以下简称"伟明环保"、"公司"）2024 年向不特定对象 发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》《上海 证券交易所上市公司自律监管指引第 12 号——可转换公司债券》等相关法律、 法规及规范性文件的规定，对伟明环保提前赎回"伟 24 转债"相关事项进行了 审慎核查，并出具核查意见如下： 一、"伟 24 转债"发行上市概况 经上海证券交易所自律监管决定书[2024]46 号文同意，公司本次发行的 28,500.00 万元可转换公司债券于 2024 年 4 月 22 日起在上海证券交易所上市交 易，债券简称"伟 24 转债"，债券代码"113683"。 根据有关规定和《浙江伟明环保股份有限公司向不特定对象发行可转换公司 债券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行的"伟 24 转债"转股期自发行结束之日起满六个月后的第一个交易日起至可转债到期 日止，即 2024 年 10 月 8 日 ...

截至9月30日，伟明环保股东户数2.78万，较上期减少4.24%；人均流通股61281股，较上期增加4.62%。 2025年1月-9月，伟明环保实现营业收入58.80亿元，同比减少2.74%；归母净利润21.35亿元，同比增长 1.14%。 分红方面，伟明环保A股上市后累计派现29.69亿元。近三年，累计派现14.92亿元。 机构持仓方面，截止2025年9月30日，伟明环保十大流通股东中，睿远均衡价值三年持有混合A （008969）位居第七大流通股东，持股2700.00万股，相比上期减少100.00万股。香港中央结算有限公司 位居第八大流通股东，持股2429.68万股，相比上期增加192.41万股。 责任编辑：小浪快报 11月25日，伟明环保盘中上涨2.12%，截至09:54，报23.55元/股，成交3919.83万元，换手率0.10%，总 市值401.42亿元。 资金流向方面，主力资金净流入46.91万元，特大单买入145.19万元，占比3.70%，卖出0.00元，占比 0.00%；大单买入526.70万元，占比13.44%，卖出624.98万元，占比15.94%。 伟明环保今年以来股价涨11.33%，近5 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [13]. Core Insights - The Indonesian waste incineration market is set to begin construction in Q1 2026, with potential revenue recognition in the same year. The market is expected to generate annual operational revenue of approximately 29.4 to 36.5 billion yuan [2][58]. - The high calorific value of Indonesian waste, influenced by its composition, is projected to yield higher profitability and cash flow compared to domestic projects. The average electricity generation per ton of waste is estimated at 539 kWh, with revenue per ton of waste ranging from 612 to 758 yuan [2][9][51]. Summary by Sections Market Demand - Indonesia faces a pressing waste management crisis, with over 60% of waste improperly disposed of. In 2023, the country generated 56.63 million tons of waste, with only 39.01% managed properly, leading to significant environmental and public health concerns [6][18]. - The economic conditions in Indonesia, including a GDP per capita of approximately 4,925 USD in 2024, urbanization rate of 59.2%, and a population growth CAGR of 0.8% over the past five years, support the feasibility of widespread waste incineration [6][33]. Government Initiatives - The Indonesian presidential decree (2025 No. 109) was issued to streamline the waste incineration project process, with the first projects expected to start construction in Q1 2026. The decree outlines responsibilities for various stakeholders, including the sovereign investment fund and local governments [7][30][34]. Project Quality - The calorific value of Indonesian waste is significantly higher than that of domestic waste, with typical urban waste calorific values of 8.6 MJ/kg compared to 5.34 MJ/kg in China. This difference is attributed to the composition of waste, including a lower proportion of moisture-rich food waste and a higher proportion of combustible materials [8][38]. - The average electricity generation per ton of waste is estimated to be between 482 and 597 kWh, which is higher than the average in China [9][47]. Financial Projections - The revenue structure for Indonesian waste incineration projects will primarily consist of electricity sales, with a fixed price of 0.2 USD per kWh. This contrasts with domestic projects, which often include waste disposal fees that can delay cash flow [10][55]. - The projected annual operational revenue for the Indonesian waste incineration market could reach between 29.4 billion and 36.5 billion yuan, assuming an 85% penetration rate of waste incineration [51][58]. Investment Recommendations - The report recommends leading companies with established positions in the Indonesian market, such as Weiming Environmental, China Everbright International, and others, to capitalize on the emerging opportunities [11][58].

Core Insights - On November 20, Weiming Environmental experienced a 0.94% increase in stock price, with a trading volume of 142 million yuan [1] - The company reported a financing buy-in amount of 9.31 million yuan and a net financing buy of 3.71 million yuan on the same day [1] - As of November 20, the total financing and securities lending balance for Weiming Environmental was 387 million yuan [1] Financing Summary - On November 20, Weiming Environmental had a financing buy-in of 9.31 million yuan, with a current financing balance of 374 million yuan, representing 0.93% of the circulating market value [1] - The financing balance is below the 10% percentile level over the past year, indicating a low position [1] Securities Lending Summary - On November 20, Weiming Environmental repaid 3,700 shares in securities lending and sold 11,000 shares, amounting to 261,100 yuan based on the closing price [1] - The remaining securities lending volume was 534,700 shares, with a balance of 12.69 million yuan, which is above the 90% percentile level over the past year, indicating a high position [1] Company Overview - Weiming Environmental, established on December 29, 2001, and listed on May 28, 2015, is located at 525 Shifu Road, Wenzhou, Zhejiang Province [1] - The company's main business involves urban household waste incineration power generation, with revenue composition as follows: equipment, EPC, and services at 55.72%, project operation at 43.82%, and others at 0.46% [1] Financial Performance - As of September 30, 2025, Weiming Environmental reported a total revenue of 5.88 billion yuan, a year-on-year decrease of 2.74%, while the net profit attributable to shareholders increased by 1.14% to 2.14 billion yuan [2] - The company has distributed a total of 2.97 billion yuan in dividends since its A-share listing, with 1.49 billion yuan distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Weiming Environmental was 27,800, a decrease of 4.24% from the previous period [2] - The average circulating shares per person increased by 4.62% to 61,281 shares [2] - Among the top ten circulating shareholders, Ruiyuan Balanced Value Three-Year Holding Mixed A (008969) held 27 million shares, a decrease of 1 million shares, while Hong Kong Central Clearing Limited increased its holdings by 1.92 million shares to 24.30 million shares [2]

Investment Rating - The report maintains an "Overweight" rating for the public utility and environmental sectors [5]. Core Insights - The environmental sector is expected to see improvements in financial statements due to ongoing debt reduction actions and increased government subsidy payments [1]. - The water utility sector is experiencing a decrease in accounts receivable turnover days, indicating improved cash flow [2]. - The waste incineration sector has seen unexpected increases in government subsidy payments, leading to a positive cash flow outlook [3]. - The sanitation sector is also witnessing a decline in accounts receivable turnover days, although it faces credit impairment pressures [4]. Summary by Sections Environmental Sector - The environmental sector is benefiting from a cumulative issuance of 4 trillion yuan in special bonds aimed at debt reduction, with significant government subsidy payments received by various companies [1]. - Recommended high-dividend stocks include Huanlan Environment, Weiming Environmental, Junxin Co., Green Power, and China Everbright Environment [1][8]. Water Utility Sector - The accounts receivable turnover days for the water utility sector have been decreasing since 2025, with a notable drop to 39 days in Q3 2025, down 45 days year-on-year [2]. - Cash flow indicators have improved across most quarters, with Q3 2025 showing a net cash ratio of 1.7 and operating cash flow to revenue ratio of 0.25, both increasing year-on-year [2]. Waste Incineration Sector - The accounts receivable turnover days for waste incineration have turned negative for the first time since 2023, indicating a decrease in receivables due to better-than-expected government subsidy payments [3]. - Cash flow metrics have also improved, with net cash ratios increasing in Q2 and Q3 2025 [3]. Sanitation Sector - The sanitation sector has seen a reduction in accounts receivable turnover days to 26 days in Q3 2025, down 12 days year-on-year [4]. - While cash flow has improved in Q3 2025, credit impairment remains a concern, particularly in the fourth quarter [4].