Group 1 - The company, Qingdao Danuo Environmental Protection Equipment Co., Ltd., focuses on sustainable development strategies in the ecological environment, specializing in energy-saving and environmental protection equipment [1] - The company is actively seizing market opportunities and driving quality development through technological innovation and digital empowerment [1] - The company has benefited from favorable policies such as accelerated investment in new thermal power and upgrades of existing units, leading to an increase in the delivery of energy-saving environmental treatment system products [1] Group 2 - The company is set to complete the delivery of a 120MW fish-solar complementary project in Jiaozi Town, Guozhou City, in the first quarter of 2025, which is expected to positively impact its operating performance [1] - Preliminary financial data for 2025 indicates that the company's operating situation is good, although these figures are unaudited and should not be used to predict the full-year performance [1]

证券代码：688501 证券简称： 青达环保 公告编号：2025-029 1 青岛达能环保设备股份有限公司董事会 2025 年 6 月 19 日 青岛达能环保设备股份有限公司（以下简称"公司"）始终以服务国家生态 环境可持续发展战略为宗旨，深耕于节能环保装备领域，致力于节能减排、环保 降碳、清洁能源消纳、新能源等高端装备的开发、设计、制造、销售、运维及服 务，为电力、热力、化工、冶金、垃圾处理、新能源等领域的客户提供节能环保 处理系统解决方案。公司积极抢抓市场机遇，锚定技术创新与数智赋能双轮驱动， 全方位、多举措推动公司各项经营建设工作提质增效，扎实推进公司高质量发展。 受益于国家新建火电投资加速及存量机组升级改造等一系列利好政策的影 响下，公司交付的节能环保处理系统产品增加；同时，公司建设的胶州市李哥庄 镇 120MW 渔光互补项目于 2025 年第一季度完成交付，对公司经营业绩产生积极 影响。截至目前，公司经营情况良好，据公司财务部门初步核算，公司 2025 年 1-6 月预计实现营业收入 90,000.00 万元到 125,000.00 万元，较上年同期增加 75.12%到 143.22%。 二、相关风 ...

Core Viewpoint - The company expects to achieve an operating revenue of 900 million to 1.25 billion yuan in the first half of 2025, representing an increase of 75.12% to 143.22% compared to the same period last year [1] Group 1 - The increase in revenue is attributed to the delivery of energy-saving and environmental protection treatment system products [1] - The completion of the 120MW fish-solar complementary project in Ligezhuang Town, Jiaozhou City, is expected to positively impact the company's operating performance in the first quarter of 2025 [1]

Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

证券代码：688501 证券简称：青达环保 公告编号：2025-028 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 5 日 （二） 股东大会召开的地点：山东省青岛市胶州市胶北办事处工业园达能路 3 号 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 青岛达能环保设备股份有限公司 2024年年度股东大会决议公告 | 1、出席会议的股东和代理人人数 | 135 | | --- | --- | | 普通股股东人数 | 135 | | 2、出席会议的股东所持有的表决权数量 | 39,839,667 | | 普通股股东所持有表决权数量 | 39,839,667 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 32.3712 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 32.3712 | 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 3、 董事 ...

北京海润天睿律师事务所 法律意见书 北京海润天睿律师事务所 关于青岛达能环保设备股份有限公司 2024 年年度股东大会的 法律意见书 中国·北京 北京市朝阳区建外大街甲 14 号北京广播大厦 5&9&10&13&17 层 电话：010-65219696；传真：010-88381869 二〇二五年六月 关于青岛达能环保设备股份有限公司 2024 年年度股东大会的法律意见书 4、本所及本所律师同意将本法律意见书作为公司本次股东大会的必备文 件予以公告，未经本所及本所律师事先书面同意，任何人不得将其用作其他任 何目的。 致：青岛达能环保设备股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受青岛达能环保设备股 份有限公司（以下简称"公司"）的委托，指派本所律师参加公司 2024 年年 度股东大会，并根据《中华人民共和国公司法》（以下简称"《公司法》"） 《上市公司股东会规则》（以下简称"《股东会规则》")《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》（以下简称"《自律监管 指引第 1 号》")等法律法规、规范性文件及《青岛达能环保设备股份有限公 司章程》（以下简称"《公司章程》")的有 ...

Group 1 - The core viewpoint of the article highlights the complexities and uncertainties surrounding mergers and acquisitions (M&A) in the A-share market, where many companies have restructuring potential but few succeed due to negotiation difficulties and changing market conditions [1][2] - Companies may issue restructuring announcements to boost stock prices without genuine intentions to restructure, leading to speculative trading and increased market volatility [1][2] - Successful restructurings often result in significant stock price increases, but these gains may lack fundamental support, leading to rapid declines if the restructuring fails [1][2] Group 2 - The case of Shuangcheng Pharmaceutical illustrates the risks, as its stock price surged from 4 yuan to 40.98 yuan following a restructuring announcement, only to plummet back to around 8 yuan after the deal failed [2] - Another example involves a ST company that saw its stock rise from 1.5 yuan to 9.6 yuan due to bankruptcy restructuring news, but the lack of progress in the restructuring process led to a significant drop in stock price [2] - Statistics show that 13 companies terminated their M&A processes in May alone, indicating a trend of failed restructurings that negatively impact stock prices [3]

青岛达能环保设备股份有限公司 2024 年年度股东大会会议资料 证券代码：688501 证券简称：青达环保 青岛达能环保设备股份有限公司 2024 年年度股东大会会议资料 青岛达能环保设备股份有限公司 2024 年年度股东大会 会议资料 二零二五年六月 1 青岛达能环保设备股份有限公司 2024 年年度股东大会会议资料 青岛达能环保设备股份有限公司 2024 年年度股东大会会议资料目录 | 2024 | 年年度股东大会会议须知 | 3 | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | 5 | | 2024 | 年年度股东大会会议议案 | 7 | 2 青岛达能环保设备股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》、中 国证监会《上市公司股东会规则》以及《青岛达能环保设备股份有限公司章程》 《青岛达能环保设备股份有限公司股东大会议事规则》的相关规定，特制定青岛 达能环保设备股份有限公司（以下简称"公司"）2024 年年度股东大会会议须知： ...

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Investment Rating - The report maintains a "Buy" rating for key stocks in the power sector, including Huadian International, Huaneng International, Datang Power, and Jianou Energy, as well as leading fire power renovation equipment manufacturers like Qingda Environmental Protection [3][8]. Core Viewpoints - The Guangdong government has issued Document No. 136, focusing on incremental projects with a clear mechanism for a 90% electricity volume cap and long execution periods [3][12]. - Compared to Shandong's conservative approach to existing projects, Guangdong's plan emphasizes detailed competition for incremental projects, which is expected to enhance market-driven price formation [12][13]. - The report suggests paying attention to green power operators with a higher proportion of existing projects and short-term revenue certainty, as well as those with long-term cost reduction and efficiency advantages [3][12]. Summary by Sections Industry Overview - The report highlights the recent performance of the power sector, with the Shanghai Composite Index closing at 3367.46 points, up 0.76%, and the CSI 300 Index at 3889.09 points, up 1.12% [58]. - The CITIC Power and Utilities Index closed at 2912.72 points, up 0.29%, underperforming the CSI 300 Index by 0.82 percentage points [58]. Key Developments - The Guangdong Provincial Power Trading Center has released draft rules for the sustainable development price settlement mechanism for new energy incremental projects, emphasizing competitive bidding [3][12]. - The report notes a decline in coal prices to 629 RMB/ton, which may impact fire power profitability [15]. - Water inflow at the Three Gorges Dam has decreased by 26.09% year-on-year, while outflow has dropped by 25.14% [31]. Market Trends - The report indicates a drop in silicon material prices to 37 RMB/KG and a decrease in mainstream silicon wafer prices to 1.12 RMB/PC, suggesting potential improvements in photovoltaic project returns [41]. - The national carbon market saw a price increase of 0.80% this week, with a total trading volume of 3.67 million tons and a total transaction value of 266 million RMB [53]. Recommended Stocks - The report recommends focusing on undervalued green power stocks, particularly those listed in Hong Kong, as well as wind power operators like Xintian Green Energy and Longyuan Power [3][8].