Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including 惠城环保 (Huicheng Environmental), 高能环境 (Gaoneng Environment), and 洪城环境 (Hongcheng Environment) [4]. Core Insights - The report highlights the release of multi-dimensional policy dividends that accelerate the expansion of solid waste recycling, benefiting leading companies in the energy-saving and environmental protection sectors [1]. - The introduction of the "Interim Measures for the Recycling and Comprehensive Utilization of Used Power Batteries for New Energy Vehicles" aims to enhance resource recycling efficiency and support the green, low-carbon development of the new energy vehicle industry [11]. - The "Hunan Province Zero Carbon Factory Construction Plan" focuses on low-carbon transformation across manufacturing processes, establishing a foundation for achieving carbon peak and carbon neutrality [17]. Summary by Sections Investment Views - The report emphasizes the favorable policies for solid waste management and the expected growth in demand for resource recycling, recommending attention to leading companies in solid waste management such as 格林美 (Greeenme) and environmental monitoring firms like 雪迪龙 (Xuedilong) [1][12]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend assets and growth-oriented companies [2][19]. Market Performance - The environmental sector underperformed, with a weekly decline of 1.74%, lagging behind the broader market indices [3][22]. - The report notes that the solid waste sub-sector showed a positive growth of 1.53%, while other sub-sectors like air quality and energy-saving experienced declines [3][22]. Key Announcements - The report outlines significant policy developments, including the launch of the "Industrial Internet Platform High-Quality Development Action Plan" and the "Comprehensive Green Manufacturing System Action Plan" in Sichuan Province, aimed at enhancing industrial sustainability [33][34]. - The report also mentions the carbon emissions trading market, with a total transaction volume of 8.7 billion tons and a cumulative transaction value of 582 billion yuan as of January 16, 2026 [2]. Focused Companies - 惠城环保 (Huicheng Environmental) is recognized for its strong growth potential, particularly in hazardous waste projects and the recycling of waste plastics, with a projected EPS growth from 0.22 yuan in 2024 to 4.05 yuan in 2027 [4]. - 高能环境 (Gaoneng Environment) aims to become a leading global environmental service provider, with a focus on hazardous waste resource utilization and environmental engineering [21]. - 洪城环境 (Hongcheng Environment) is highlighted for its consistent performance and high dividend yield, with a projected EPS of 1.03 yuan in 2026 [4].

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - Environmental companies are actively expanding into upstream mining sectors to create a second growth curve, leveraging synergies between resource control and environmental services [3][18]. - The integration of environmental and mining operations is expected to enhance resource security, optimize costs, and improve compliance with environmental regulations [18]. - The report highlights specific companies such as GaoNeng Environment, BeiJieTe, and LongJing Environment as key players in this strategic shift towards mining [19][20][25]. Market Performance - As of January 16, the environmental sector saw a 0.3% increase, outperforming the broader market, which declined by 0.45% [10]. - Sub-sectors within the environmental industry showed varied performance, with water treatment and environmental equipment sectors performing well, while air treatment and resource recovery sectors faced declines [13][16]. Industry Dynamics - Recent regulatory developments include the issuance of guidelines for the recycling and utilization of used batteries from electric vehicles, aimed at establishing a comprehensive management system [29]. - The report discusses the importance of industrial green microgrid construction as a means to promote low-carbon transitions in industrial energy use [30]. Company Announcements - GaoNeng Environment announced the acquisition of a 45.2% stake in three mining companies, gaining exploration rights to several gold mines with a total proven gold content of 4,474 kg [19]. - BeiJieTe has secured mining rights for copper and lithium in Xinjiang, aligning with national policies promoting ecological restoration and green development [20][21]. - LongJing Environment is focusing on green mining and new energy equipment, leveraging its relationship with Zijin Mining to enhance its project capabilities [25]. Investment Recommendations - The report suggests that the "14th Five-Year Plan" will sustain high demand for energy conservation and environmental protection, with water and waste incineration sectors expected to see stable profitability [53]. - Key recommendations include companies like HanLan Environment, XingRong Environment, and HongCheng Environment, with additional attention on companies such as WangNeng Environment and JinYuan Co [53].

证券代码：603588 证券简称：高能环境 公告编号：2026-005 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 | | 被担保人名称 | 湖北高能鹏富环 保科技有限公司 （以下简称"高能 鹏富"） | | 江西鑫科环保高新 技术有限公司（以 下 简 称 西 鑫 科"） | " 江 | | 金昌高能环境技 术有限公司（以下 简称"金昌高能"） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本次担保金额 | 10,000 | 万元 | 万元 | 27,000 | | 19,000 | 万元 | | 担保对象 | 实际为其提供 的担保余额 | 59,315 | 万元 | 182,327.41 万元 | | | 23,833.23 | 万元 | | | 是否在前期预 计额度内 | 是 □否 适用：_________ | □不 |  ...

1月15日，高能环境涨0.79%，成交额3.66亿元。两融数据显示，当日高能环境获融资买入额3678.84万 元，融资偿还6065.81万元，融资净买入-2386.97万元。截至1月15日，高能环境融资融券余额合计7.68 亿元。 融资方面，高能环境当日融资买入3678.84万元。当前融资余额7.66亿元，占流通市值的5.66%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，高能环境1月15日融券偿还200.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量18.25万股，融券余额162.24万元，超过近一年70%分位水平，处于较高位。 机构持仓方面，截止2025年9月30日，高能环境十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股4694.56万股，相比上期增加1781.69万股。 责任编辑：小浪快报 资料显示，北京高能时代环境技术股份有限公司位于北京市海淀区秋枫路36号院1号楼高能环境大厦， 成立日期1992年8月28日，上市日期2014年12月29日，公司主营业务涉及从事固体废物污染防治技术研 究和应用,在垃圾处理、矿山能源、煤化工、石油化工、水利生态 ...

Core Viewpoint - High Energy Environment (603588.SH) is expected to achieve impressive financial results in 2025, with a projected net profit of 750 million to 900 million yuan, representing a year-on-year growth of 55.7% to 86.8% [4][5]. Group 1: Financial Performance - The company anticipates a significant increase in net profit, with a non-recurring net profit growth forecast of 131.6% to 178.0% [4]. - In the first half of 2025, the solid waste and hazardous waste resource utilization business generated revenue of 5.205 billion yuan, contributing nearly 80% of total revenue [6]. - The overall revenue for the first half of 2025 was approximately 6.7 billion yuan, with a gross profit margin of 18.21%, despite a year-on-year decrease of 11.20% [8]. Group 2: Business Model and Growth Drivers - High Energy Environment's main business involves the resource utilization of hazardous waste, focusing on the recovery of valuable metals such as copper, nickel, and precious metals [9][10]. - The company is positioned to benefit from the rising prices of metals, particularly copper, which is expected to maintain high levels due to supply-demand imbalances [13][15]. - The company has expanded its hazardous waste processing capacity to 96,035 tons per year, with new projects contributing to this growth [26]. Group 3: Market Conditions and Future Outlook - The copper market is projected to remain strong, with prices expected to exceed 12,000 USD/ton by the end of 2025, driven by increased demand from electric vehicles and AI data centers [15][16]. - High Energy Environment's resource utilization model, while less profitable than traditional mining, offers advantages in flexibility and expansion potential [24][25]. - The company is preparing for an IPO in Hong Kong to support its international expansion and alleviate debt pressures, with significant short-term borrowings reported [29].

Group 1 - The company, Beijing GaoNeng Times Environmental Technology Co., Ltd., has won the bid for the "Jinzhou Kitchen Waste Treatment Project" as the general contractor for the EPC project [1][2] - The project includes the construction of a kitchen waste treatment plant and a collection system for kitchen waste and waste oil [1] - The bid amount for the project is approximately 71.49 million yuan, with a construction period of 365 calendar days [7] Group 2 - The project is expected to have a positive impact on the company's future operating performance, although it will not affect the independence of the company's business operations [2]

Core Viewpoint - The company, GaoNeng Environment, has been awarded the contract for the "Jinzhou Kitchen Waste Treatment Project" with a bid amount of 714.8797652 million yuan [2] Group 1 - The company received a notice of winning the bid from the bidding agency, Liaoning Yufeng Project Management Co., Ltd. [2] - The winning bid was confirmed by the client, Jinzhou GaoNeng Beiwei Ecological Environment Technology Co., Ltd. [2] - The total contract amount for the project is approximately 714.88 million yuan [2]

证券代码：603588 证券简称：高能环境 公告编号：2026-004 北京高能时代环境技术股份有限公司 关于中标锦州市餐厨垃圾处理项目的公告 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。 二、中标项目对公司业绩影响 公司收到中标通知书后将与招标人洽谈签订上述项目合同事宜。上述项目预 计将对公司未来经营业绩产生积极的影响，但不影响公司业务、经营的独立性。 三、风险提示 1、上述项目的具体内容以公司与招标人签订的正式合同为准。 2、上述项目建设实施可能受极端天气或其他自然灾害影响，请投资者注意 投资风险。 今日，北京高能时代环境技术股份有限公司（以下简称"公司"）收到招标 代理机构辽宁昱丰项目管理有限责任公司发来的，经招标人锦州高能北威生态 环境科技有限公司确认的《中标通知书》，公司为"锦州市餐厨垃圾处理项目总 承包EPC"的中标人，详情如下： 一、中标基本情况 1、项目名称：辽宁省锦州市餐厨垃圾处理项目总承包 EPC 5、建设内容：包括餐厨垃圾处理厂区、餐厨垃圾及废油脂收运系统。 《中标通知书》。 特此公告。 北京高能时代环 ...

Core Viewpoint - The company has been awarded the contract for the "Jinzhou Kitchen Waste Treatment Project" with a bid amount of 71.488 million yuan [1] Group 1 - The company received a notice of winning the bid from the bidding agency Liaoning Yufeng Project Management Co., Ltd. [1] - The project is confirmed by the client Jinzhou Gaoneng Bewei Ecological Environment Technology Co., Ltd. [1] - The contract is for the total general contracting (EPC) of the kitchen waste treatment project [1]

证券代码：603588 证券简称：高能环境 公告编号：2026-004 北京高能时代环境技术股份有限公司 关于中标锦州市餐厨垃圾处理项目的公告 一、中标基本情况 1、项目名称：辽宁省锦州市餐厨垃圾处理项目总承包 EPC 5、建设内容：包括餐厨垃圾处理厂区、餐厨垃圾及废油脂收运系统。 二、中标项目对公司业绩影响 公司收到中标通知书后将与招标人洽谈签订上述项目合同事宜。上述项目预 计将对公司未来经营业绩产生积极的影响，但不影响公司业务、经营的独立性。 三、风险提示 1、上述项目的具体内容以公司与招标人签订的正式合同为准。 2、上述项目建设实施可能受极端天气或其他自然灾害影响，请投资者注意 投资风险。 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。 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 今日，北京高能时代环境技术股份有限公司（以下简称"公司"）收到招标 代理机构辽宁昱丰项目管理有限责任公司发来的，经招标人锦州高能北威生态 环境科技有限公司确认的《中标通知书》，公司为"锦州市餐厨垃圾处理项目 总承包EPC"的中标人，详情如下： 2、中标人名称：北京高能时代环境技术股份有限 ...