Investment Rating - The report maintains a "Buy" rating for the green electricity sector and recommends focusing on undervalued green electricity stocks and wind power operators [8][9]. Core Viewpoints - In July, electricity generation increased by 3.1%, with accelerated growth in thermal, wind, and solar power, while hydropower saw a decline [2][13]. - The first mechanism electricity price bidding was initiated in Shandong, marking a significant step in the national electricity market [6][15]. - The total scale of mechanism electricity is set at 9.467 billion kilowatt-hours, with wind power accounting for 8.173 billion kilowatt-hours and solar power for 1.294 billion kilowatt-hours [7][15]. Summary by Sections Industry Overview - In July, the industrial electricity generation reached 926.7 billion kilowatt-hours, a year-on-year increase of 3.1%, with daily average generation at 29.89 billion kilowatt-hours [2][14]. - The growth rates for various power sources in July were as follows: thermal power increased by 4.3%, wind power by 5.5%, solar power by 28.7%, while hydropower decreased by 9.8% [2][14]. Mechanism Electricity Bidding - Shandong Province released the implementation details for the mechanism electricity price bidding, which includes bidding subjects, bidding electricity volume, bidding mechanisms, and procedures [6][15]. - The bidding process will occur annually in October, with the first bidding scheduled for August 2025 [6][14]. Key Investment Recommendations - The report suggests focusing on undervalued green electricity stocks, particularly in the Hong Kong market, and highlights specific companies such as New天绿色能源 (H), 中闽能源, and 福能股份 [8][9]. - It also recommends thermal power companies with resilient quarterly performance, including 华能国际, 华电国际, and 宝新能源 [8][9]. Market Performance - The Shanghai Composite Index closed at 3696.77 points, up 1.70%, while the CSI 300 Index closed at 4202.35 points, up 2.37% [67]. - The CITIC Power and Utilities Index fell by 0.10%, underperforming the CSI 300 Index by 2.47 percentage points [67]. Carbon Market Insights - The national carbon market saw a decrease in trading prices by 0.72%, with a total trading volume of 3.0317 million tons during the week [59][60].

Core Viewpoint - Shanxi Securities has issued a buy rating for Qingda Environmental Protection (688501.SH) based on its advanced technology and market demand for flexible transformation in thermal power generation [2] Group 1: Company Analysis - Qingda Environmental Protection's AI-powered slag transportation equipment has been recognized by the China Electricity Council as being at an international leading level [2] - The company is positioned to benefit from the strong growth in renewable energy, which is driving an accelerated demand for flexible transformation of existing thermal power installations [2] Group 2: Industry Context - The thermal power industry is experiencing a significant shift towards flexibility and modernization, driven by the increasing integration of renewable energy sources [2] - There is a robust market demand for the retrofitting of existing thermal power plants to enhance their operational flexibility [2]

Core Points - The internal reporting system for significant information is established to ensure timely, accurate, and complete disclosure of information that may significantly impact the company's stock price and protect investors' rights [1][2] - The system outlines the responsibilities of various personnel, including the general manager, department heads, and shareholders, to report significant internal information to the chairman and board secretary [1][2] - The scope of significant information includes board resolutions, major financial issues, legal investigations, and changes in operational conditions, among others [2][3][4] Group 1 - The internal reporting system aims to standardize the management of significant information and ensure compliance with relevant laws and regulations [1][2] - The securities department is designated as the management body for information disclosure, and all relevant personnel must report significant information to this department [2][5] - Confidentiality obligations are imposed on directors and senior management regarding undisclosed information [2][3] Group 2 - Specific events that require reporting include major resolutions, significant financial losses, and any legal or regulatory investigations [3][4] - Shareholders holding more than 5% of the company's shares must report any intended share transfers that could affect control of the company [4][5] - The reporting process requires written documentation to be submitted promptly after becoming aware of significant information [5][6] Group 3 - The securities department is responsible for analyzing reported information and drafting disclosure documents for board review [5][6] - After disclosure, the securities department must organize and securely store the disclosed information [5][6] - Violations of the reporting obligations may lead to accountability measures against responsible personnel [6]

Market Overview - On August 13, the environmental equipment sector rose by 0.03% compared to the previous trading day, with Guolin Technology leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Stock Performance - Guolin Technology (300786) closed at 16.50, with a gain of 2.10% and a trading volume of 240,000 shares, amounting to a transaction value of 397 million yuan [1] - Other notable performers included: - Juguang Technology (300203) at 20.39, up 1.49% [1] - Suanyuan Co. (300210) at 11.06, up 1.10% [1] - Qinda Environmental (688501) at 30.91, up 0.75% [1] - Wanyi Technology (688600) at 24.16, up 0.71% [1] Fund Flow Analysis - The environmental equipment sector experienced a net outflow of 144 million yuan from institutional investors, while retail investors saw a net inflow of 152 million yuan [2] - The detailed fund flow for selected stocks showed: - Juguang Technology had a net outflow of 42.71 million yuan from institutional investors [3] - Qinda Environmental had a net inflow of 3.59 million yuan from institutional investors [3] - Guolin Technology had a net inflow of 3.07 million yuan from retail investors [3]

Core Points - Qingda Environmental Protection (688501.SH) announced the receipt of the Shanghai Stock Exchange's review opinion regarding its application for a specific issuance of A-shares for the year 2024 [1] - The total amount of funds to be raised from this issuance will not exceed 150 million yuan, which will be used entirely to supplement working capital after deducting issuance costs [1] - The issuance is directed towards Wang Yong, the controlling shareholder and actual controller of Qingda Environmental Protection, constituting a related party transaction [1] Summary by Sections - **Issuance Approval**: The Shanghai Stock Exchange confirmed that Qingda Environmental Protection's application for a specific issuance of shares meets the issuance conditions, listing conditions, and information disclosure requirements [1] - **Regulatory Approval**: The issuance is subject to approval from the China Securities Regulatory Commission (CSRC), and there is uncertainty regarding the timing and outcome of this approval [1] - **Pricing and Shares**: The pricing benchmark date for the issuance is the date of the announcement of the third meeting of the fifth board of directors, with a price set at 10.29 yuan per share, not lower than 80% of the average trading price over the previous 20 trading days [2] - **Share Quantity**: The number of shares to be issued will not exceed 14.577259 million shares, which is less than 30% of the total share capital prior to the issuance [2] - **Underwriter Information**: The lead underwriter for this issuance is Minsheng Securities Co., Ltd., now known as Guolian Minsheng Securities Co., Ltd., with designated representatives for the underwriting process [2]

证券代码：688501 证券简称： 青达环保 公告编号：2025-036 青岛达能环保设备股份有限公司 关于 2024 年度向特定对象发行 A 股股票申请 收到上海证券交易所审核意见通知的公告 "青岛达能环保设备股份有限公司向特定对象发行股票申请符合发行条件、 上市条件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注 册。" 公司本次向特定对象发行 A 股股票事项尚需获得中国证券监督管理委员会 （以下简称"中国证监会"）作出同意注册的决定后方可实施，最终能否通过中 国证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情 况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 青岛达能环保设备股份有限公司董事会 2025 年 8 月 12 日 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。 青岛达能环保设备股份有限公司（以下简称"公司"）于 2025 年 8 月 11 日收到上海证券交易所出具的《关于青岛达能环保设备股份有限公司向特定对象 发行股票的交易所审核意见》，具体意见如下： ...

Investment Rating - The report maintains an "Overweight" rating for the electricity and public utilities sector [3]. Core Views - The Zhejiang electricity spot market has officially transitioned to operation, and the foundational rules for the national unified electricity market, referred to as "1+6," have been initially established [3][10]. - The energy transition is accelerating, with a recommendation to focus on flexible thermal power companies and undervalued green electricity operators [3][10]. Summary by Sections Industry Overview - The Zhejiang electricity spot market has officially commenced operations, with seven regions already in formal operation as of August 8. The market began trial operations in May 2024 and is part of a broader initiative to establish a national unified electricity market by 2029 [6][10]. - The foundational "1+6" rule system for the national unified electricity market has been preliminarily constructed, with significant growth in market transactions and participants [10][13]. Market Performance - During the week of August 4-8, the Shanghai Composite Index closed at 3635.13 points, up 2.11%, while the CSI 300 Index rose 1.23%. The CITIC Electricity and Public Utilities Index increased by 1.61%, outperforming the CSI 300 by 0.38 percentage points [3][54]. Investment Recommendations - The report suggests focusing on the following companies: Huaneng International, Huadian International, Baoneng New Energy, Sheneng Co., Jingtou Energy, and Zhejiang Energy for their resilient quarterly performance in the thermal power sector. It also highlights Qingda Environmental Protection as a leader in thermal power flexibility transformation [3][10]. - It recommends prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and suggests companies like Xintian Green Energy (H), Zhongmin Energy, and Funiu Co. for investment [3][10]. Key Metrics - In 2024, the market-based electricity trading volume is projected to reach 6.18 trillion kilowatt-hours, accounting for approximately 63% of total electricity consumption. The trading volume of green certificates has surged by 364% year-on-year, with green electricity trading volume increasing by 235.2% [10][13].

Core Viewpoint - The environmental equipment sector experienced a slight increase of 0.36% on August 8, with Longyuan Technology leading the gains, while the overall market indices showed a decline [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3635.13, down 0.12%, and the Shenzhen Component Index closed at 11128.67, down 0.26% [1]. - Longyuan Technology's stock price rose by 2.07% to 7.90, with a trading volume of 176,800 shares and a transaction value of 139 million yuan [1]. - Other notable performers included Huahong Technology, which increased by 1.98% to 13.94, and Chuangyuan Technology, which rose by 1.97% to 11.91 [1]. Group 2: Stock Performance Summary - The environmental equipment sector saw mixed performances among individual stocks, with some stocks like ST Xianhe and Faer Sheng showing gains of 1.75% and 1.37%, respectively [1]. - Conversely, the sector also had underperformers, such as Guolin Technology, which fell by 4.89% to 15.96, and Meai Technology, which decreased by 2.54% to 46.47 [2]. Group 3: Capital Flow Analysis - The environmental equipment sector experienced a net outflow of 121 million yuan from main funds, while retail investors contributed a net inflow of 112 million yuan [2]. - The sector's capital flow indicates a divergence in investment behavior, with institutional investors pulling back while retail investors increased their participation [2].

Core Viewpoint - The announcement details the completion of the first vesting period for the 2023 restricted stock incentive plan of Qingdao Danuo Environmental Equipment Co., Ltd, with 1,155,000 shares set to be listed on August 8, 2025 [1][2][11]. Summary by Sections Stock Listing and Vesting Details - The total number of shares listed for circulation is 1,155,000 [2]. - The shares will be available for trading starting from August 8, 2025 [2]. - The decision-making process for the stock vesting was approved during the board meeting on October 31, 2023 [2][3]. Decision-Making Process - The board and supervisory committee approved the incentive plan and its related proposals during meetings held on October 31, 2023, and November 20, 2023 [3][6]. - The independent directors provided their consent for the proposals related to the incentive plan [3][6]. Vesting Conditions and Shareholder Approval - The plan was publicly disclosed, and no objections were raised during the internal announcement period [4]. - The shareholders approved the incentive plan during the extraordinary general meeting on November 16, 2023 [4]. Stock Source and Distribution - The shares for the incentive plan were issued as ordinary A-shares to the incentive recipients [7]. - A total of 45 individuals are included in the list of recipients for the stock vesting [7]. Impact on Share Capital and Financials - Following the vesting, the total share capital of the company increased from 123,071,000 shares to 124,226,000 shares [10]. - The newly vested shares represent approximately 0.94% of the total shares before the vesting, which is not expected to significantly impact the company's financial performance [12]. Verification and Registration - The company received a verification report confirming the completion of the share registration process for the incentive plan [11]. - The total funds received from the incentive recipients amounted to RMB 10,672,200, contributing to an increase in registered capital [10].

证券代码：688501 证券简称：青达环保 公告编号：2025-035 青岛达能环保设备股份有限公司 关于 2023 年限制性股票激励计划第一个归属期 归属结果暨股票上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 本次股票上市流通总数为1,155,000股。 ? 本次股票上市流通日期为2025 年 8 月 8 日。 <2023 年限制性股票激励计划实施考核管理办法>的议案》 《关于提请股东大会授权 董事会办理公司 2023 年限制性股票激励计划相关事宜的议案》等议案。公司独立 董事对相关议案发表了同意的独立意见。 同日，公司召开第四届监事会第十五次会议，审议通过了《关于公司<2023 年 限制性股票激励计划（草案）>及其摘要的议案》 《关于公司<2023 年限制性股票激 励计划实施考核管理办法>的议案》和《关于核实公司<2023 年限制性股票激励计 划激励对象名单>的议案》，公司监事会对本激励计划的相关事项进行核实并出具 了相关核 ...