证券研究报告 | 2026年03月27日 热点追踪周报 由创新高个股看市场投资热点（第 236 期） 乘势而起：市场新高趋势追踪：截至 2026 年 3 月 27 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 6.43%、5.13%、6.01%、10.64%、9.51%、9.52%、 2.73%、16.40%。中信一级行业指数中电力及公用事业、电力设备及新 能源、煤炭、通信、石油石化行业指数距离 250 日新高较近，食品饮料、 商贸零售、综合金融、非银行金融、房地产行业指数距离 250 日新高较 远。概念指数中，锂矿、钠离子电池、电力公用事业、储能、光伏逆变 器、电气部件与设备、锂电池等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2026 年 3 月 27 日，共 961 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是电力设备及新能源、基础化工、机械行业，创新高个股数量占比最高的是 石油石化、煤炭、电力及公用事业行业。按照板块分布来看，本周周期、科 ...

Beijing GeoEnviron Engineering & Technology, Inc. 北京高能時代環境技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦不 發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、接 納並向北京高能時代環境技術股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例向香港公司註冊處處長註冊之前，本公司不會 向香港公眾提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司 註冊處處長登記的本公司招股章程作出投資決定；招股章程的文 ...

2025 年年度股东会 会议资料 二○二六年三月二十六日 北京高能时代环境技术股份有限公司 北京高能时代环境技术股份有限公司 现场股东大会：2026 年 4 月 2 日（星期四）下午 14：30，会期半天； 网络投票起止时间：自 2026 年 4 月 2 日至 2026 年 4 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 2. 会议地点： 2025 年年度股东会会议资料 目 录 | 一、会议议程 | | | 3 | | --- | --- | --- | --- | | 二、会议须知 | | | 4 | | 三、会议审议事项 | | | 6 | | 议案 | 1：《公司 2025 | 年年度报告（正文及摘要）》 | 6 | | 议案 | 2：《公司 2025 | 年度利润分配预案》 | 7 | | 议案 | 3：《公司 2025 | 年度董事会工作报告》 | 8 | | 议案 | 4：《公司 2025 ...

北京高能时代环境技术股份有限公司 关于为全资子公司及控股子公司提供担保的公告 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： 担保对象及基本情况 证券代码：603588 证券简称：高能环境 公告编号：2026-020 | 担保对象 | 被担保人名称 | 重庆耀辉环保有 | 湖北高能鹏富环保 | 濮阳高能生物能 | | --- | --- | --- | --- | --- | | | | 限公司（以下简称 | 科技有限公司（以 | 源有限公司（以下 | 累计担保情况 | 对外担保逾期的累计金额（万元） | | 0 | | --- | --- | --- | | 截至 2026 年 2 月 28 日上市公司 | | | | 及其控股子公司对外担保总额 | | 1,395,433.67 | | （万元） | | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | | 144.65 | | 特别风险提示（如有请勾选） | 对外担保总额超过最近一期经审计净资产 担保金额超过上市公司最近一期经审计净 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 光大环境 25 年业绩&分红大增；龙净环保 25 年业绩大增 34%还原减值影响增速更快 增持（维持） [投资要点 Table_Summary] 2026 年 03 月 23 日 证券分析师 袁理 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% 2025/3/24 2025/7/22 2025/11/19 2026/3/19 环保 沪深300 相关研究 《垃圾焚烧稀缺绿电，现金流&绿色 价值大增，SAF 级 UCO 价格持续抬 升》 2026-03-16 《2026 年政府工作报告学习：加快推 动全面绿色转型，构建新型电力系统 发展未来能源》 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 2026-03-10 东吴证券研究所 1/33 请务必阅读正文之后的免责声明部分 [Tabl ...

Investment Rating - The report assigns an "Overweight" rating for the industry [2] Core Insights - The Ecological Environment Code, as the second codified legislation following the Civil Code, marks a new phase in China's ecological environment governance. It was passed on March 12, 2026, and will take effect on August 15, 2026. The code consists of 5 parts and 1242 articles, replacing 10 existing laws [4][5][7]. - The code aims to consolidate various existing regulations into a unified framework, reducing implementation costs and enhancing the predictability of law enforcement and governance capabilities. It emphasizes "moderate codification" to integrate existing environmental laws and improve rule consistency and enforcement coordination [7]. - Key changes include the establishment of a comprehensive framework covering general principles, pollution prevention, ecological protection, green low-carbon development, and legal responsibilities. The code highlights the importance of green transformation and climate change response [7]. Summary by Sections Legislative Framework - The Ecological Environment Code integrates existing environmental regulations, aiming to reduce fragmentation and improve governance efficiency [7]. - The code's structure includes provisions for planning, monitoring standards, environmental assessments, information disclosure, and emergency responses, facilitating standardized and data-driven regulation [7]. Industry Impact - Short-term adjustments will focus on compliance standards and institutional transitions, while medium-term implications include increased penalties for environmental damages and enhanced accountability mechanisms [7]. - The importance of compliance in environmental operations for enterprises is expected to rise significantly [7]. Investment Recommendations - The report suggests investment opportunities in various sectors: - Environmental Monitoring: Recommended companies include Xuedilong, with others like ZhuanGuang Technology and XianHe Environmental [7]. - Solid Waste Management: Recommended companies include Hanlan Environment, Guangda Environment, and others [7]. - Water and Water Environment: Recommended companies include Yuehai Investment and Beikong Water Group [7]. - Air Quality: Recommended companies include Longjing Environmental and Zhongzi Technology [7]. - Renewable Resources: Recommended companies include Gaon Environment and Huahong Technology [7]. - Hydrogen and Green Fuels: Recommended companies include China Tianying and Zhuoyue New Energy [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in performance driven by resource utilization, with a 74% increase in net profit for 2025. The company is also expanding into mining and pursuing international projects [1][7] - The revenue for 2025 reached 14.732 billion yuan, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 838.1 million yuan, reflecting a year-on-year growth of 73.94% [7] - The company is focusing on resource recycling, with a notable increase in gross profit and gross margin, indicating strong operational efficiency [7] Financial Summary - Total revenue forecast for 2024 is 14.5 billion yuan, with projections increasing to 28.027 billion yuan by 2028, reflecting a compound annual growth rate [8] - The net profit attributable to shareholders is expected to grow from 481.82 million yuan in 2024 to 1.700 billion yuan in 2028, with a significant increase in earnings per share from 0.32 yuan to 1.12 yuan over the same period [1][8] - The company’s gross margin is projected to be 18.96% in 2025, with a gradual decline expected in subsequent years, indicating a focus on maintaining profitability despite increasing revenue [8]

Macro Insights - The ongoing Middle East conflict has significantly impacted oil prices, with prices surpassing $100 per barrel, raising concerns about inflation and economic stability [2][25] - The U.S. economic indicators show a mixed picture, with a slight downgrade in GDP growth and a slowdown in private investment and consumption, while AI-related investments remain robust [2][3] - The liquidity situation is improving, with February's new social financing and RMB loans exceeding expectations, driven by fiscal efforts to boost corporate financing [4] Energy Sector - Rising energy prices are reinforcing inflation expectations, with international oil prices continuing to rise due to the Middle East conflict, affecting domestic energy and commodity prices [3][4] - The PPI decline has narrowed to 0.9%, indicating a potential turnaround in inflation trends by March or April [3] Stock Market Strategy - The A-share market is experiencing a cautious phase, with reduced risk appetite among investors due to geopolitical tensions and rising oil prices [5][11] - Investment strategies suggest focusing on defensive assets, particularly in the power sector and essential consumer goods, while maintaining a flexible approach to stock selection [5][11] Fixed Income Market - Recent changes in land supply policies are expected to impact the real estate sector, shifting from expansion to optimizing existing resources, which may reshape industry dynamics [14][19] - The bond market is currently characterized by volatility, with recommendations to focus on short to medium-term credit bonds while being cautious about high valuations in convertible bonds [15][19] Consumer Electronics - The 2026 AWE highlighted a shift in the home appliance industry towards AI integration, indicating a growing trend in product innovation and consumer engagement [17] - The focus on AI and robotics in consumer electronics is expected to create investment opportunities and drive valuation adjustments for leading companies in the sector [17] Private Credit Market - Concerns are rising regarding the U.S. private credit market amid geopolitical tensions and inflation risks, with the market currently in a "clearing phase" [26] - The potential for systemic financial risks remains, but the baseline scenario suggests a soft landing for the U.S. economy, indicating that risks may be more localized rather than widespread [26] Transportation Sector - The ongoing Middle East tensions are likely to reshape global transportation dynamics, with increased uncertainty in key shipping routes potentially leading to a reconfiguration of shipping capacities and pricing [35] - Recommendations include focusing on companies with low exposure to geopolitical risks and high dividend yields, as well as those positioned to benefit from rising transportation costs [35]

证券研究报告 | 行业周报 gszqdatemark 2026 03 16 年 月 日 环保 相关研究 双碳入法促转型，循环经济迎价值重估 生态环境法典落地，低碳循环显著受益 1）《中华人民共和国生生态环境法 典》发布，法典将"双碳"目标从政策语言转化为法律义务，实施总量国 强度控制制度。并首次明确了新能源全生命周期的绿色管理责任，全面融 入循环经济理念。推荐关注致力于循环经济的标的惠城环保、格林美等。 2）《中海省城城更新新行实实施案》》发发，目标为到 2030 年基本建立可 持续的城更新新模式，显著提升民居环境品质，具体围绕"好房子、好小 区、好社区、好城区"建设展开。要求推进节能改造、管网升级与生态修 复等案面。政策利好环境修复板块，推荐关注高能环境等龙头标的。 当周碳交易行情：本周（3.09-3.13）全生碳更场综合价格行情为：最高价 82.80 元/吨，最低价 79.00 元/吨，收盘价较上周五下跌 0.02%。本周挂 牌协议交易成交量 5.8 万吨，成交额 473.0 万元；大宗协议交易成交量 211.5 万吨，成交额 16,556.0 万元；本周无单向竞价。本周全生碳排放配 额总成交量 217. ...

Investment Rating - The industry is rated as "Maintain Buy" [4] Core Insights - The release of the "Ecological Environment Code of the People's Republic of China" transforms the "dual carbon" goals into legal obligations, benefiting the low-carbon circular economy significantly. The code integrates the concept of circular economy and emphasizes the green management responsibilities throughout the lifecycle of new energy [10][14]. - The "New Urban Renewal Implementation Plan" aims to establish a sustainable urban renewal model by 2030, enhancing residential quality and focusing on energy-saving renovations, pipeline upgrades, and ecological restoration, which is favorable for the environmental restoration sector [17][25]. - The current macroeconomic environment features historically low interest rates, making high-dividend and growth-oriented assets attractive. The report recommends focusing on companies with strong technical capabilities and excellent cash flow, particularly in the hazardous waste sector [2][26]. Summary by Sections Investment Views - The "Ecological Environment Code" was passed on March 12, 2026, marking a significant step in ecological law enforcement [10]. - The urban renewal plan aims to improve living conditions and establish a sustainable model by 2030, focusing on energy efficiency and ecological restoration [25]. - The report highlights that the environmental sector's valuation is at historical lows, suggesting a potential rebound [26]. Market Performance Review - The environmental sector underperformed compared to the broader market, with a decline of 1.59% against a 0.70% drop in the Shanghai Composite Index [28]. - Notable stock performances included Aofu Environmental (+14.73%), Gao Neng Environment (+13.66%), and Xianhe Environmental (+10.26%) [28]. Industry News - The report discusses various initiatives, including water-saving management projects and energy efficiency measures, which are expected to enhance the sector's growth [40][41][42].