Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental and GaoNeng Environment [6]. Core Insights - The report emphasizes the integration of rural ecological environment governance with agricultural modernization, driven by the State Council's rural revitalization policy, which is expected to boost demand in wastewater treatment, waste disposal, and agricultural pollution prevention [10][12]. - The Guangdong province has issued a guiding announcement for hazardous waste utilization and disposal capacity construction for 2025, indicating a shift towards optimizing the structure of hazardous waste disposal, which will benefit companies focused on quality improvement in waste treatment [13][17]. - The environmental sector is currently experiencing low macroeconomic interest rates, making it an attractive investment opportunity, particularly for companies with strong cash flow and high dividend yields [2][18]. Summary by Sections Investment Views - The report highlights the release of the Central Committee and State Council's document on rural modernization, which aims to integrate ecological governance with agricultural development [10]. - The Guangdong announcement encourages investment in hazardous waste projects, focusing on resource utilization and high-end disposal [13]. - The environmental sector is positioned for a rebound as institutional holdings and valuations are at historical lows, suggesting a favorable investment environment [18]. Market Performance - The environmental sector outperformed the broader market, with a decline of only 0.18% compared to a 1.27% drop in the Shanghai Composite Index and a 3.28% drop in the ChiNext Index [23]. - Notable stock performances include Kairun Environment with a rise of 28.91% and Shuangliang Energy with an 18.22% increase, while Shenwu Energy saw a decline of 11.25% [23]. Key Companies - Huicheng Environmental is recommended for its strong position in hazardous waste projects and innovative technology in waste plastic recycling [20]. - GaoNeng Environment is highlighted for its comprehensive environmental system services and a robust pipeline of hazardous waste projects [20]. - Hongcheng Environment is noted for its consistent revenue growth and high dividend yield, making it an attractive investment option [18].

Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental and Gaoneng Environment [6][20]. Core Insights - The report emphasizes the integration of rural ecological environment governance with agricultural modernization, driven by the State Council's policy, which is expected to boost demand in rural wastewater treatment, waste disposal, and agricultural pollution prevention [10][12]. - The Guangdong Province has issued a guiding announcement for hazardous waste utilization and disposal capacity construction for 2025, indicating a shift towards optimizing the structure of hazardous waste disposal, which will benefit companies focused on solid waste treatment [13][17]. - The environmental sector is currently experiencing low macroeconomic interest rates, making it an attractive investment opportunity, particularly for companies with strong cash flow and high dividend yields [2][18]. Summary by Sections Investment Views - The report highlights the release of the Central Committee and State Council's document on rural revitalization, which aims to integrate ecological governance with agricultural modernization, thus providing a long-term trend for rural environmental services [10][12]. - The announcement from Guangdong regarding hazardous waste management encourages investment in projects that focus on resource utilization and high-end disposal, promoting a transition from scale expansion to quality improvement in the industry [13][17]. - The report notes that the environmental sector's valuation and institutional holdings are at historical lows, suggesting a potential for sustained rebounds in the sector [18]. Market Performance - The environmental sector outperformed the broader market, with a decline of only 0.18% compared to a 1.27% drop in the Shanghai Composite Index and a 3.28% drop in the ChiNext Index [23]. - Among the sub-sectors, energy-saving and air treatment segments showed positive growth, while solid waste management experienced a slight decline [23]. Key Companies - Huicheng Environmental is recognized for its strong technological capabilities and significant projects in hazardous waste management, with a focus on resource recovery from waste plastics [20]. - Gaoneng Environment is positioned as a leading player in hazardous waste resource utilization, with a robust project pipeline and a commitment to environmental system services [20]. - Hongcheng Environment is highlighted for its consistent revenue growth and high dividend yield, making it an attractive investment option in the current market [18].

Core Viewpoint - The report from Cinda Securities highlights that GaoNeng Environment is entering the mining sector and plans to list in Hong Kong, marking a significant step for the resource recycling leader [1] Group 1: Company Developments - The company announced plans to acquire 45.2% stakes in three mining companies, gaining exploration rights for four gold mines, which will extend its solid waste and hazardous waste resource utilization industry chain [1] - GaoNeng Environment is expected to deepen its involvement in the metal resource sector and create business synergies with upstream mining operations [1] Group 2: Business Growth and Profitability - The release of production capacity and the extension of the industry chain are anticipated to drive organic growth in the company's resource recycling business [1] - With the current upward trend in metal prices, the profit margins for the company's products are expected to improve significantly [1] Group 3: International Expansion - The company is planning an H-share listing to advance its internationalization strategy [1] - As the production capacity of its resource recycling subsidiaries is gradually being released, combined with rising metal prices, the profitability of the resource recycling business is likely to enhance further [1] Group 4: Investment Rating - The initial coverage of the company has been given a "Buy" investment rating [1]

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company is transitioning into the mining sector and plans to list in Hong Kong, aiming to enhance its position as a leader in resource utilization [4][18]. - The company has a clear and robust strategic layout focusing on resource recycling, with significant growth expected in its metal resource recycling business [4][16]. - The company has achieved a deep integration of its upstream and downstream operations, which is expected to drive profitability as production capacity is released [16][27]. Summary by Sections Company Overview - The company originated from the Institute of High Energy Physics of the Chinese Academy of Sciences and is one of the earliest enterprises in China to engage in solid waste pollution prevention [18]. - It has expanded its business into hazardous waste management and resource recycling through acquisitions, including plans to acquire stakes in three mining companies to enhance its resource recycling capabilities [4][18]. Financial Performance - The company reported a total revenue of 145 billion yuan in 2024, a year-on-year increase of 37% [23]. - The net profit attributable to the parent company for 2025 is projected to be 823 million yuan, representing a 70.8% increase compared to the previous year [11]. - The gross profit margin for the resource recycling segment has improved from 8.3% in 2023 to 13.4% in the first half of 2025 [16]. Market Dynamics - The metal prices have shown significant increases, with gold rising by 43.1%, silver by 34.8%, and bismuth by 62.5% in 2025, which is expected to enhance the company's profit margins [17]. - The company is well-positioned to benefit from the government's push for circular economy initiatives, which aim to increase resource utilization rates significantly by 2025 [34][35]. Strategic Initiatives - The company is planning to list on the Hong Kong Stock Exchange to support its international expansion and enhance its capital structure [7][18]. - The acquisition of mining rights is expected to create synergies with its existing resource recycling operations, potentially unlocking new revenue streams [17][18].

—高能环境(603588)公司深度报告 进军矿业开采&赴港上市，资源化龙头扬帆起航 证券研究报告 公司研究 2026 年 2 月 4 日 [Table_CoverAuthor] 郭雪 环保公用联席首席分析师 吴柏莹 环保行业分析师 执业编号：S1500525030002 执业编号：S1500524100001 邮箱：guoxue@cindasc.com 邮箱：wuboying@cindasc.com [公司深度报告 Table_ReportType] [Table_StockAndRank] 高能环境(603588) 投资评级 买入 上次评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [高能Table_T 环境：itle]进军矿业开采&赴港上市，资源化龙头扬帆起 航 [Table_ReportDate] 2026 年 2 月 4 日 本期内容提要: [Table_S [Table_Summary ummary] ] ➢ 行情回顾：截至 5月 9日收盘，水治理板块上涨 3.75%，水务板块上 涨 1.79%；大气 ...

Core Viewpoint - The company, GaoNeng Environment, is focused on the resource utilization of solid and hazardous waste, having established a comprehensive industrial chain for metal refining, with advanced capabilities in the recovery of platinum group metals [1] Group 1: Company Overview - GaoNeng Environment has developed a full-scale recovery capability for all categories of platinum group metals, including gold, silver, platinum, palladium, bismuth, and antimony, with both recovery rates and product purity ranking among the industry leaders [1] - The company is actively engaged in the research and development of technologies for the purification of rare earth waste materials and is exploring collaborative efforts within the industrial chain, having accumulated relevant technological reserves [1] Group 2: Future Outlook - The company plans to leverage its technological advantages to deepen the comprehensive utilization of resources and steadily advance its business layout and development in the future [1]

Core Viewpoint - The company is addressing the rising procurement costs due to the surge in precious metal prices by optimizing its raw material sourcing and pricing strategies, which is expected to positively impact its profitability and performance [1] Group 1: Business Strategy - The company's solid waste and hazardous waste resource utilization business aligns raw material procurement with project capacity progress [1] - Long-term cooperation agreements and the use of futures tools are employed to mitigate price volatility [1] - The company is expanding domestic and international raw material channels while optimizing inventory structure [1] Group 2: Financial Impact - Despite rising costs, product sales prices are also increasing, which may lead to improved gross margins [1] - The appreciation of previously low-cost inventory and technological upgrades are expected to enhance recovery rates [1] - The ongoing rise in metal prices is anticipated to have a positive effect on the company's performance growth [1]

Group 1 - The core viewpoint of the article is that the company, GaoNeng Environment, is actively progressing with its H-share listing plans [2] Group 2 - The company responded to investor inquiries on an interactive platform regarding the status of its H-share listing [2]

Core Viewpoint - The company, GaoNeng Environment, announced that it will disclose its 2025 annual performance forecast on January 8, 2026, indicating a positive outlook for its operations in resource utilization of solid and hazardous waste [1] Group 1: Business Operations - The company is engaged in the resource utilization of solid and hazardous waste, producing metal products such as copper, gold, silver, tin, platinum, and palladium [1] - The company adjusts its production capacity based on market supply and demand dynamics, with a core focus on ensuring production continuity [1] Group 2: Future Reporting - Specific sales volume and inventory data for the products will be disclosed in the company's annual report, and stakeholders are encouraged to pay attention to related announcements [1]

证券代码：603588 证券简称：高能环境 公告编号：2026-007 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 | 担保对象 | 被担保人名称 本次担保金额 实际为其提供 的担保余额 | 珠海市新虹环保 开发有限公司（以 下简称"珠海新 虹"） 7,000 35,584.98 | 万元 万元 | 江西鑫科环保高新 技术有限公司（以 下 简 称 " 江 西 鑫 科"） 本次保理业务累计 使用 10,000 万元 额度，本次以占用 江西鑫科担保预计 额度计算 182,327.41 | 金昌高能环境技 术有限公司（以下 简称"金昌高能"） 万元 23,833.23 万元 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 6,000 □否 □否 | | | | 是否在前期预 | | | | | | | | 有反担保 | 适用：_________ ...