Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Group 1 - The stock price of China Tianying increased by 2.02% on September 15, reaching 5.04 CNY per share, with a trading volume of 236 million CNY and a turnover rate of 1.97%, resulting in a total market capitalization of 12.604 billion CNY [1] - Year-to-date, the stock price has risen by 4.22%, with a 5-day increase of 5.00%, a 20-day increase of 15.60%, and a 60-day increase of 19.54% [1] - The company reported a revenue of 2.577 billion CNY for the first half of 2025, a year-on-year decrease of 2.72%, and a net profit attributable to shareholders of 212 million CNY, down 41.25% year-on-year [2] Group 2 - China Tianying has a main business revenue composition of 50.98% from power supply and waste treatment services, 21.61% from other services, 19.85% from urban environmental services, and 7.56% from construction services [1] - As of June 30, 2025, the number of shareholders was 46,900, a decrease of 3.34% from the previous period, with an average of 51,726 circulating shares per person, an increase of 3.46% [2] - The company has distributed a total of 373 million CNY in dividends since its A-share listing, with 134 million CNY distributed over the past three years [3]

Core Viewpoint - The environmental governance sector experienced a slight decline of 0.27% on September 12, with China Tianyi leading the drop, while the Shanghai Composite Index rose by 0.22% and the Shenzhen Component Index increased by 0.13% [1]. Group 1: Market Performance - The environmental governance sector's stocks showed mixed performance, with notable gainers including: - Energy Conservation Guozhen (300388) up by 7.33% at a closing price of 9.23 [1] - Beijiete (300774) up by 6.21% at a closing price of 10.26 [1] - Xianglong Electric (600769) up by 6.20% at a closing price of 11.31 [1] - Conversely, China Tianfu (000035) led the declines, down by 4.22% at a closing price of 4.99 [2]. Group 2: Trading Volume and Capital Flow - The environmental governance sector saw a net outflow of 224 million yuan from institutional investors, while retail investors contributed a net inflow of 242 million yuan [2]. - The trading volume for key stocks included: - Energy Conservation Guozhen with a trading volume of 543,100 shares and a transaction value of 509 million yuan [1]. - Beijiete with a trading volume of 158,300 shares and a transaction value of 161 million yuan [1]. Group 3: Individual Stock Capital Flow - Key stocks' capital flow indicated: - Energy Conservation Guozhen had a net inflow of 31.93 million yuan from institutional investors, while retail investors saw a net outflow of 2.08 million yuan [3]. - Feinan Resources (301500) experienced a net inflow of 31.72 million yuan from institutional investors, with a net outflow of 41.59 million yuan from retail investors [3].

Market Performance - The environmental governance sector rose by 0.97% on September 11, with Fu Jie Environmental leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Gainers in Environmental Governance - Fu Jie Environmental (688335) closed at 17.47, with a significant increase of 19.99% and a trading volume of 133,100 shares, amounting to 222 million yuan [1] - China Tianrong (000035) saw a rise of 9.92%, closing at 5.21 with a trading volume of 1,044,400 shares, totaling 531 million yuan [1] - Zhenghe Ecology (605069) increased by 6.60%, closing at 11.46 with a trading volume of 285,400 shares, amounting to 331 million yuan [1] Decliners in Environmental Governance - Green Yin Ecology (002887) decreased by 2.49%, closing at 9.79 with a trading volume of 112,700 shares, totaling 110 million yuan [2] - Qiaoyin Co. (002973) fell by 2.40%, closing at 15.03 with a trading volume of 77,500 shares, amounting to 116 million yuan [2] - Feinan Resources (301500) dropped by 1.40%, closing at 17.65 with a trading volume of 162,300 shares, totaling 28.5 million yuan [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 397 million yuan from institutional investors, while retail investors saw a net inflow of 533 million yuan [2][3] - Major stocks like China Tianrong and Yuanda Environmental had mixed capital flows, with China Tianrong seeing a net inflow of 106 million yuan from institutional investors [3]

Group 1 - The company announced that its second extraordinary general meeting for 2025 was held on September 9, 2025 [2] - The meeting approved several resolutions, including the proposal to cancel part of the repurchased shares and reduce registered capital [2]

Core Points - China Tianying announced the cancellation of stock options due to unmet performance targets for 2024, resulting in the cancellation of 15.7755 million stock options, which accounts for approximately 0.63% of the company's total share capital [2] Group 1 - The company held its ninth board meeting and seventh supervisory board meeting on August 21, 2025, where it reviewed and approved the proposal regarding the stock option incentive plan [2] - The cancellation includes 14.755 million stock options that could not be exercised due to the failure to meet net profit and revenue targets [2] - An additional 1.02 million stock options were canceled due to the departure of certain incentive recipients, who no longer qualify for the incentive program [2]

关于 2023 年股票期权激励计划部分股票期权 证券代码：000035 证券简称：中国天楹 公告编号：TY2025-42 中国天楹股份有限公司 注销完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 中国天楹股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开第 九届董事会第十二次会议和第九届监事会第七次会议，审议并通过了《关于公 司 2023 年股票期权激励计划第二个行权期行权条件未成就及注销股票期权的 议案》。由于公司 2024 年度净利润和营业收入均未达到触发值，未满足相应业 绩考核目标，所有激励对象所持有的第二个行权期已获授的股票期权均不得行 权，共计 1475.55 万份由公司注销；另有部分激励对象因个人原因离职，不再 具备激励对象资格，其已获授但尚未行权的全部股票期权不得行权，共计 102 万份。上述合计 1577.55 万份股票期权，约占公司目前总股本的 0.63%，将由 公司注销。具体内容详见 2025 年 8 月 22 日公司在《中国证券报》、《证券时 报》及巨潮资讯网披露的《关于 2023 年股票期权激励计划第二个行 ...

中国天楹股份有限公司 股东会议事规则 （经公司2025年第二次临时股东会审议批准） 第一章 总 则 第一条 为促进中国天楹股份有限公司（以下简称"公司"）规范运作，提 高股东会议事效率，保障股东合法权益，保证会议程序及决议内容的合法有效性， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》以及《中国 天楹股份有限公司章程》（以下简称"《公司章程》"）等有关规定，结合公司 实际情况，制订本规则。 第二章 股东会的一般规定 第二条 公司股东会由全体股东组成。股东会是公司的权力机构，依法行使 下列职权： （一）选举和更换董事，决定有关董事的报酬事项； （十）审议公司在一年内购买、出售重大资产超过公司最近一期经审计总资 产百分之三十的事项； （十一）审议批准变更募集资金用途事项； （十二）审议股权激励计划和员工持股计划； （十三）审议法律、行政法规、部门规章或者《公司章程》规定应当由股东 会决定的其他事项。 （二）审议批准董事会的报告； （三）审议批准公司的利润分配方案和弥补亏损方案； （四）对公司增加或者减少注册资本作出决议； （五 ...

第一条 为规范中国天楹股份有限公司（以下简称"公司"）的关联交易， 完善公司内部控制制度，维护公司、公司所有股东的合法权益，保证公司关联交 易决策行为的公允性，根据《中华人民共和国公司法》《中华人民共和国证券法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第7 号——交易与关联交易》等法律、法规、规范性文件及《中国天楹股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，特制定本制度。 第二条 公司关联交易应当遵循以下基本原则： （一）诚实信用、平等自愿的原则； 中国天楹股份有限公司 关联交易管理制度 （经公司2025年第二次临时股东会审议批准） 第一章 总则 （二）不损害公司及非关联股东合法权益的原则； （三）关联股东及董事回避原则； （四）关联交易遵循市场公平、公开、公允、等价有偿的原则，不得隐瞒关 联关系或者将关联交易非关联化。关联交易的价格或取费原则上不偏离市场独立 第三方的标准，对于难以比较市场价格或订价受到限制的关联交易，通过合同明 确有关成本和利润的标准； （五）签订书面协议的原则，明确交易双方的权利义务及法律责任。 第二章 关联人及关联交易 第三条 公司关联人包括 ...

中国天楹股份有限公司 对外担保管理办法 （经公司2025年第二次临时股东会审议批准） 第一条 为了规范中国天楹股份有限公司（以下简称"公司"）对外担保管 理，有效控制公司对外担保风险，保护公司财务安全和投资者的合法权益，根据 《中华人民共和国公司法》、《中华人民共和国民法典》、《深圳证券交易所上市公 司自律监管指引第 1 号—主板上市公司规范运作》、《上市公司监管指引第 8 号— 上市公司资金往来、对外担保的监管要求》等有关法律、法规及《中国天楹股份 有限公司章程》（以下简称"《公司章程》"）的规定，并结合公司实际情况，制 定本办法。 第二条 本办法所称对外担保，是指公司为他人提供的担保，包括公司对控 股子公司的担保。担保形式包括保证、抵押、质押及其他方式的担保。 第三条 公司下列对外担保行为，必须经股东会审议通过： （一）公司及公司控股子公司的对外担保总额，超过最近一期经审计净资产 的 50%以后提供的任何担保； （二）公司及公司控股子公司的对外担保总额，超过最近一期经审计总资产 的 30%以后提供的任何担保； （三）最近十二个月内向他人提供担保的金额累计计算超过最近一期经审计 总资产的 30%； （四）为 ...