Group 1: Environmental Business Development - The company adheres to a "dual-driven" strategy of "environmental protection + new energy," focusing on three core businesses: waste incineration power generation, urban and rural sanitation services, and environmental equipment manufacturing [2][3] - The Hanoi project in Vietnam has expanded its capacity from 75MW to 90MW, marking it as the largest waste incineration power plant invested by a Chinese company overseas [3] - The company is actively expanding into Southeast Asia and Europe, leveraging its technological advantages to secure more BOT and EPC project orders [3][4] Group 2: International Expansion and Strategic Contracts - The company signed a €56 million contract for a waste incineration power project in Toulouse, France, enhancing its recognition in the European environmental market [3][4] - Collaboration with Suez Group strengthens the company's position in the core equipment sector of waste incineration power generation, supporting its transition to a comprehensive environmental service provider [4] Group 3: Hydrogen Energy Sector Outlook - The company is optimistic about the hydrogen energy sector, supported by strong policies, technology, and market demand [5][6] - It has received a total of ¥280 million in policy-based financial support for its Liao Yuan and An Da projects [5] - The company aims to produce green methanol with a CO2 conversion rate exceeding 98%, utilizing advanced technology and AI for energy management [6] Group 4: Project Plans and Production Capacity - The Liao Yuan project includes 514.8MW of grid-connected wind power and aims to achieve green methanol production capacity by the end of Q2 2026 [7][8] - The company plans to reach an annual production capacity of 200,000 tons of green methanol by 2026, with a long-term goal of increasing this to 1 million tons by 2030 [8]

每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ 截至发稿，中国天楹市值为137亿元。 每经AI快讯，中国天楹（SZ 000035，收盘价：5.72元）12月16日晚间发布公告称，截至本公告披露 日，公司担保皆系其为全资子公司、控股子公司向相关机构申请贷款而提供的担保，没有其他对外担 保，公司实际累计对子公司担保总额为122.82亿元，占公司最近一期经审计净资产的比例为112.34%。 2025年1至6月份，中国天楹的营业收入构成为：垃圾焚烧及售电占比50.98%，其他占比21.61%，城市 环境服务占比19.85%，提供建造服务占比7.56%。 （记者 曾健辉） ...

关于为子公司提供担保的公告 本公司及董事会全体成员保证本公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、公司内部担保额度调剂情况 中国天楹股份有限公司（以下简称"中国天楹"或"公司"）分别于 2025 年 4 月 27 日、2025 年 6 月 10 日召开第九届董事会第十一次会议和 2024 年年度 股东大会，审议并通过了《关于 2025 年度为子公司提供担保额度的议案》，同意 公司 2025 年度在现有担保总额的基础上，再提供不超过人民币 170.10 亿元的新 增担保额度，包括但不限于公司与控股子公司之间、各控股子公司之间及为参股 子公司提供的担保。 中国天楹股份有限公司 证券代码：000035 证券简称：中国天楹 公告编号：TY2025-52 | 公司 | 辽源天楹制氢 | 0 | 0 | 12,800.00 | 12,800.00 | | --- | --- | --- | --- | --- | --- | | | 扬州扬楹 | 0 | 0 | 2,000.00 | 2,000.00 | 上述担保额度调整系公司股东大会批准与授权范围内事项，已获得公司董事 长审批同意，无需再 ...

Core Viewpoint - The company is strategically transitioning to a "dual-wheel drive" model of "environmental protection + new energy," aiming to become a leading international operator in environmental and hydrogen-based energy products [2][4]. Group 1: Business Operations - The company's core business is built on three pillars: waste-to-energy incineration, urban and rural sanitation services, and environmental equipment manufacturing [2]. - The company has developed a full range of new high-efficiency waste incineration power generation equipment, maintaining a leading position in the national market [2]. Group 2: Energy Utilization and Growth - The company has explored an energy cascading utilization model, achieving a steam sales volume of 1.16 million tons from 10 domestic projects by mid-2025, representing a year-on-year increase of 59.6% [3]. - The traditional waste incineration business is viewed as an energy production process, facilitating the transition into the new energy sector [4]. Group 3: International Expansion - The company has expanded its waste incineration power project in Hanoi, Vietnam, increasing its total installed capacity from 75 MW to 90 MW, marking it as one of the largest overseas projects by a Chinese enterprise [5]. - The company has successfully exported waste incineration equipment to multiple countries, including Vietnam, Singapore, India, Maldives, and France [5]. Group 4: New Energy Market Position - The global hydrogen-based energy market is experiencing explosive growth, particularly in sectors like shipping, aviation, and steel, where decarbonization is challenging [6]. - The company plans to achieve an annual production capacity of 200,000 tons of EU-certified methanol by 2026, with a goal to increase this to 1 million tons by 2030 [6]. - The company has obtained ISCC EU certification, allowing its products to meet EU market entry standards, facilitating access to the European market [6].

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The central economic meeting emphasized the "dual carbon" strategy, indicating a strong push towards green energy development and comprehensive green transformation in the industry [13][15]. - The report highlights significant investment opportunities in waste management, recycling, and renewable energy sectors, particularly in waste incineration and carbon monitoring equipment [15][18]. - The report notes a trend of increasing dividend payouts among solid waste companies, with the average dividend payout ratio rising from 34.3% in 2019 to 48.5% in 2024, indicating a shift towards a "dividend investment strategy" in a mature market [15][19]. Summary by Sections Section 1: Dual Carbon and Green Transformation - The central economic meeting outlined key initiatives for promoting energy efficiency and carbon reduction across major industries, including the establishment of a national carbon trading market and comprehensive solid waste management actions [13][15]. - The report anticipates growth in the green economy, particularly in sectors like waste incineration and recycling, driven by government policies [15][18]. Section 2: Biodiesel Market Insights - The report discusses the biodiesel market, noting a slight decrease in SAF prices while UCO prices remain strong, with UCO prices reaching $1,065 per ton, an 8.1% increase since the beginning of the year [19][22]. - The report suggests that companies involved in waste oil processing and biodiesel production will benefit from these market dynamics, particularly those with integrated operations [28]. Section 3: Policy Tracking - The report tracks domestic and international developments related to carbon neutrality, including the establishment of a carbon trading market and the EU's commitment to significant emission reductions by 2040 [31][32]. - It highlights the importance of policy frameworks in driving the green transition and the role of financial support for green projects [38]. Section 4: Company Announcements and Market Trends - The report provides updates on key companies in the environmental sector, including investment agreements and project developments that enhance market competitiveness [41][43]. - It notes that the environmental sector's valuation is currently at historical lows, suggesting potential for future growth [41].

Investment Rating - The report maintains a "Positive" investment rating for the environmental sector, consistent with the previous rating [2]. Core Insights - The green liquid fuel market, particularly green ammonia and green methanol, is gaining traction due to supportive policies and market demand. The Ministry of Industry and Information Technology, along with other agencies, has emphasized the development of these fuels as part of the clean energy transition [18][19]. - As of the end of 2024, there are 119 green ammonia projects and 165 green methanol projects in China, with respective production capacities of 20.17 million tons/year and 52.57 million tons/year. Most projects are in early stages, indicating potential for capacity release [22][28]. - The report highlights the significant role of green ammonia in the energy system, particularly in coal power plant modifications, with a target of 10% co-firing by 2024 [19]. - The report suggests that the environmental sector will maintain high growth due to increasing demands for energy efficiency and resource recycling, with a focus on water and waste incineration sectors as stable revenue generators [53]. Summary by Sections Market Performance - The environmental sector underperformed the broader market, with a decline of 0.61% as of December 12, 2025, compared to a 0.34% drop in the Shanghai Composite Index [10][13]. Industry Dynamics - Recent policies include a notification from the Ministry of Industry and Information Technology and the People's Bank of China to support green factory construction through green finance [33]. - The ecological environment ministry is seeking public opinion on emergency control standards for water pollution, aiming to enhance environmental emergency response capabilities [35]. Investment Recommendations - The report recommends focusing on companies like Huanlan Environment, Xingrong Environment, and Hongcheng Environment, which are expected to benefit from the ongoing market reforms and stable cash flows [53].

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

本报讯(记者张敏) 回溯双方合作历程，2021年，双方首次携手合作法国巴黎Valo'Marne垃圾焚烧发电厂项目，奠定合作基 石；2023年，合作再度升级，中国天楹与苏伊士旗下法国子公司签署总价3462万欧元的《Novasteam垃 圾焚烧发电厂焚烧炉及锅炉设备销售合同》。 在全球环保产业蓬勃发展的背景下，中国天楹的海外扩张步伐持续提速，海外布局精准契合全球环保产 业发展趋势。分析人士指出，未来欧洲垃圾焚烧发电行业迎来更新换代的关键期，随着此次订单的落 地，中国天楹在欧洲市场的业务有望实现跨越式突破。 除深耕欧洲市场外，公司在东南亚地区的布局亦取得显著成效。除了位于越南河内的日处理4000吨垃圾 焚烧发电项目外，公司在越南河内、富寿、清化以及新加坡大士等多个项目也在稳步推进中，逐步形成 区域协同效应。 作为中国环保产业"走出去"的领军企业，中国天楹正以技术输出、项目合作、标准共建的多元模式，深 度融入全球绿色发展格局。 展望未来，中国天楹表示，此次图卢兹项目的成功合作，为该公司与苏伊士集团创造了新的合作起点， 双方将以此为契机，充分发挥各自在技术研发、市场拓展等方面的互补优势，共同探索更多国际合作机 遇。 记 ...

Core Viewpoint - China Tianying is advancing its "environmental protection + new energy" dual-driven strategy, focusing on both traditional environmental services and emerging hydrogen energy sectors [1][4]. Group 1: Environmental Protection and International Expansion - China Tianying has over 20 years of experience in the environmental sector, with core businesses in waste incineration power generation, urban sanitation services, and environmental equipment manufacturing [2]. - The company is optimizing operational efficiency through refined management and smart operations, which lowers energy costs and enhances operational effectiveness [2]. - The international expansion strategy includes acquisitions like Urbaser in Spain, establishing a global waste management network, and focusing on countries along the Belt and Road Initiative [2][3]. - The company is transitioning from a single project operator to a comprehensive environmental service provider by extending its overseas business into sanitation services [2]. Group 2: Project Achievements and Innovations - In August, the Hanoi Shoushan waste incineration power project in Vietnam increased its total installed capacity from 75MW to 90MW, solidifying the company's leading position in the Vietnamese environmental energy market [3]. - China Tianying is integrating traditional environmental services with new business models, such as combined heat and power, collaborative disposal, and "waste incineration + IDC" [3]. Group 3: Hydrogen Energy Development - The company is accelerating its layout in the hydrogen energy sector, aligning with national strategies and benefiting from strong policy support [4]. - Major projects like the Liao Yuan and An Da are being developed, with Liao Yuan's first phase including 514.8 MW of grid-connected wind power and 443 MW of off-grid wind power [4]. - China Tianying has established a strategic partnership with China Shipbuilding Fuel Co., becoming a global green supply chain partner, and has received ISCC EU certification for its biomass supply chain [5]. Group 4: Future Outlook and Market Position - The company is positioned to benefit from the accelerating decarbonization process in international shipping, with expected explosive growth in demand for hydrogen-based green fuels [5]. - With a comprehensive industrial chain layout and core technological advantages, China Tianying aims to lead the commercialization of hydrogen energy and capture a significant share of the global green energy market [5].