Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Huaneng International, Huadian International, Guodian Power, and Datang Power, among others [9]. Core Insights - The National Energy Administration has released detailed regulations for green certificate management, which is expected to reshape market rules and enhance the trading price of green certificates by 2026 [2][14]. - The new regulations clarify that independent energy storage discharge will no longer be eligible for green certificate issuance, which may lead to a reduction in the overall circulation of green certificates and an increase in their trading prices [2][14]. - The guidelines for industrial microgrid construction require that new renewable energy generation in industrial parks must have a self-consumption ratio of at least 60% annually, promoting local production and consumption of green electricity [6][16]. Summary by Sections Green Certificate Regulations - The new regulations maintain the core measurement standard of issuing one green certificate for every 1,000 kWh of renewable energy generated [2][14]. - Independent energy storage discharge will not receive green certificates, and projects must measure generation and storage separately [2][17]. - From January 1, 2026, the production year of the electricity must match the consumption year for green certificate cancellation, changing the previous practice of purchasing historical certificates [2][17]. Industrial Microgrid Guidelines - The guidelines aim to enhance the capacity for local production and consumption of green electricity in industrial sectors [6][16]. - New renewable energy projects in industrial parks must achieve a minimum self-consumption ratio of 60% [6][16]. - The guidelines introduce a requirement for integrating various systems, including renewable energy generation and energy management technologies [6][16]. Market Performance - The report notes that the Shanghai Composite Index rose by 3.82% during the week of January 5-9, with the power and utilities sector index increasing by 2.4%, underperforming the broader market [66][67]. - The report highlights that most listed companies in the power and utilities sector experienced stock price increases during this period [66].

从资金流向上来看，当日环保设备板块主力资金净流出4174.06万元，游资资金净流入1938.26万元，散户 资金净流入2235.8万元。环保设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002645 华宏科技 | | -4873.67万 | 8.52% | -962.83万 | -1.68% | -3910.84万 | -6.83% | | 300786 国林科技 | | 4117.03万 | 10.00% | 919.56万 | 2.23% | -5036.59万 | -12.23% | | 300137 先河环保 | | 3268.92万 | 9.41% | -3504.25万 | -10.09% | 235.33万 | 0.68% | | 300631 久吾高科 | | 1606.03万 | 8.02% | 99.57万 | 0.50% | -1705.59万 | -8.51% | ...

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

Meeting Summary - The third extraordinary general meeting of shareholders was held on December 26, 2025, at the company's location in Jiaozhou, Qingdao [2] - The meeting was convened by the board of directors and chaired by Chairman Wang Yong, utilizing a combination of on-site and online voting methods [2][3] - All procedures and voting methods complied with relevant laws and the company's articles of association [2][8] Resolutions Passed - The following resolutions were approved during the meeting: - Cancellation of the supervisory board and amendments to the company's articles of association [4] - Revisions to various corporate governance systems, including: - Shareholders' meeting rules - Board meeting rules - Independent director work system - Related party transaction management system - External investment management system - External guarantee management system - Fundraising management system - Cumulative voting implementation details - Management of funds with related parties - Rules for controlling shareholders and actual controllers [5][6] Shareholder Voting - All related shareholders abstained from voting on specific resolutions, ensuring compliance with regulations [6] - Resolutions requiring special approval received more than two-thirds of the valid voting rights from non-related shareholders and their proxies [6] Legal Verification - The meeting was witnessed by Beijing Hairun Tianrui Law Firm, confirming that all procedures and resolutions were in accordance with legal requirements [7][8] Board Changes - Director Li Shusheng submitted a resignation report due to governance structure adjustments, transitioning to a worker representative director role [10] - The worker representative assembly unanimously elected Li Shusheng as a worker representative director, effective immediately [10][12] - The board's composition remains compliant with legal requirements, ensuring no disruption to the board's operations [11][13]

Core Viewpoint - Qingda Environmental Protection (688501.SH) announced the resignation of director Li Shusheng due to the adjustment of the company's governance structure, with plans to establish a worker representative director position [1] Group 1 - The board of directors received a written resignation report from Li Shusheng, who will continue to work in the company as the deputy general manager after resigning from the fifth board of directors [1] - The company will hold a worker representative conference on December 26, 2025, where all attending worker representatives unanimously agreed to elect Li Shusheng as the worker representative director of the fifth board of directors [1] - Li Shusheng's term as the worker representative director will last from the approval date of the worker representative conference until the end of the fifth board of directors' term [1]

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： 青岛达能环保设备股份有限公司（以下简称"公司"）董事会于近日收到董 事李蜀生先生的书面辞任报告。因公司治理结构调整，拟设立职工代表董事，李 蜀生先生申请辞去公司第五届董事会董事职务。该辞任报告自送达公司董事会之 日起生效，辞去上述职务后仍继续在公司工作并担任副总经理职务。 公司于 2025 年 12 月 26 日召开职工代表大会，会议经出席本次会议的全体 职工代表表决，一致同意选举李蜀生先生为公司第五届董事会职工代表董事，任 期自本次职工代表大会审议通过之日起至公司第五届董事会任期届满之日止。 一、董事离任情况 (一) 提前离任的基本情况 | | | | | 原定任期 | | | 是否继续在上 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | | 到期日 | | 离任原因 | 市公司及其控 股子公司任职 | ...

证券代码：688501 证券简称：青达环保 公告编号：2025-054 青岛达能环保设备股份有限公司 2025年第三次临时股东大会决议公告 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 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 12 月 26 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： | 1、出席会议的股东和代理人人数 | 50 | | --- | --- | | 普通股股东人数 | 50 | | 2、出席会议的股东所持有的表决权数量 | 47,927,079 | | 普通股股东所持有表决权数量 | 47,927,079 | | 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 | 38.5805 | | 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（%） | 38.5805 | （四 ...

关于青岛达能环保设备股份有限公司 2025 年第三次临时股东大会的 北京海润天睿律师事务所 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 二〇二五年十二月 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 2025 年第三次临时股东大会的法律意见书 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 2025 年第 三次临时股东大会，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》")的有关规定，就公司本次股东大会的 召集、召开程序、出席会议的人员资格、召集人资格、表决方式、表决程序及 表决结果等事宜出具本法律意 ...

Core Viewpoint - The environmental equipment sector experienced a rise of 1.98% on December 25, with Chuangyuan Technology leading the gains, while the overall market indices also showed positive movement [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3959.62, up by 0.47% [1]. - The Shenzhen Component Index closed at 13531.41, up by 0.33% [1]. - The environmental equipment sector's individual stock performance is detailed in the provided table, highlighting significant gains for several companies [1]. Group 2: Individual Stock Performance - Chuangyuan Technology (000551) closed at 16.68, with a rise of 10.03% and a trading volume of 1.32 million shares, amounting to a transaction value of 2.166 billion yuan [1]. - Meiai Technology (688376) closed at 67.70, up by 6.08%, with a trading volume of 86,200 shares and a transaction value of 555 million yuan [1]. - Qingda Environmental (688501) closed at 27.56, increasing by 5.23%, with a trading volume of 30,300 shares and a transaction value of 81.9394 million yuan [1]. - Other notable performers include Yingfeng Environment (000967) with a 4.73% increase and a closing price of 7.30, and Shengjian Technology (603324) with a 2.60% increase [1]. Group 3: Capital Flow - The environmental equipment sector saw a net outflow of 478 million yuan from institutional investors, while retail investors contributed a net inflow of 372 million yuan [2]. - The detailed capital flow for individual stocks indicates varying levels of net inflow and outflow among different companies, with some experiencing significant retail interest [3].

Group 1 - Qingdao Daan Environmental Protection Co., Ltd. experienced a stock price increase of 5.19%, reaching 27.55 CNY per share, with a trading volume of 58.72 million CNY and a turnover rate of 1.76%, resulting in a total market capitalization of 3.422 billion CNY [1] - The company, established on October 9, 2006, and listed on July 16, 2021, specializes in the design, manufacturing, and sales of energy-saving and environmental protection equipment [1] - The main business revenue composition includes: photovoltaic projects (41.34%), dry slag removal systems (20.52%), low-temperature flue gas waste heat recovery systems (17.26%), full-load denitrification projects (10.62%), wet slag removal systems (8.12%), and others [1] Group 2 - Xingsheng Global Fund has a position among the top ten circulating shareholders of Qingdao Daan Environmental Protection, with the Xinchuan He Yuan Two-Year Holding Mixed A Fund (011338) newly entering the top ten in the third quarter, holding 1.6903 million shares, accounting for 1.36% of circulating shares [2] - The Xinchuan He Yuan Two-Year Holding Mixed A Fund was established on April 27, 2021, with a latest scale of 1.868 billion CNY, achieving a year-to-date return of 30.57% and a one-year return of 28.35% [2] - The fund manager, Wu Zhaohua, has been in position for 1 year and 261 days, with a total fund asset scale of 1.949 billion CNY, achieving the best fund return of 41.5% and the worst fund return of 40.05% during his tenure [2]