（文章来源：证券日报） 证券日报网12月10日讯中国天楹在12月10日回答调研者提问时表示，此前，国家发展改革委在新闻发布 会上宣布，将推出5000亿元的政策性金融工具，重点支持绿色低碳转型等具备战略意义的领域，以定向 资金支持推动产业升级与经济平稳健康发展。10月31日国家发展改革委正式披露，5000亿元资金已全部 精准投放至对应领域项目。其中，公司辽源、安达两大项目成功获得国家政策性金融工具2.8亿元资金 支持。这笔资金的注入，背后蕴含着远超资金本身的战略价值。这不仅是国家对项目技术可行性、环保 价值与行业引领性的权威背书，印证了项目在绿色低碳转型中的示范意义，更是对公司氢基能源一体化 布局与国家绿色贸易战略高度契合的直接肯定。这笔专项资金将定向用于辽源、安达项目的项目建设， 为项目按计划达产提供坚实保障，也为后续公司参与全球绿色燃料贸易筑牢产能根基。 ...

Core Viewpoint - The company has successfully expanded its waste-to-energy project in Hanoi, Vietnam, enhancing its position in the Southeast Asian environmental energy market [2] Group 1: Project Expansion - In August, the company's waste-to-energy project in Hanoi completed its capacity expansion, increasing total installed capacity from 75MW to 90MW and has fully entered commercial operation [2] - This project is noted as the largest waste-to-energy plant invested by a Chinese enterprise overseas, serving as a green landmark project [2] Group 2: Market Development - The company is steadily advancing new projects in provinces such as Quang Tri and Phu Tho in Vietnam, aiming to leverage the demonstration effect of flagship projects to further explore the Southeast Asian market [2] Group 3: Manufacturing and Services - The company's environmental equipment manufacturing and sanitation services are working in synergy to enhance the industrial ecosystem [2] - As a national-level manufacturing champion, the company possesses top-tier environmental equipment manufacturing capabilities, with core grate furnace technology maintaining high market recognition for several years [2] - Equipment exports cover multiple countries, including France, Singapore, and the Maldives [2] Group 4: Future Aspirations - With ongoing rapid business development, the company aims to become a globally competitive comprehensive service provider in the environmental and renewable energy sector [2]

Group 1: Environmental Business Growth - The company is focusing on new profit growth points in its environmental business through refined management and operational upgrades in waste-to-energy, urban sanitation services, and environmental equipment manufacturing [2][4] - New business models such as combined heat and power, collaborative disposal, and "waste-to-energy + IDC" partnerships are being explored to integrate environmental services with digital economy [2][4] Group 2: International Expansion and "Belt and Road" Initiative - The company is actively expanding its overseas business along the "Belt and Road" by leveraging its core technology in waste-to-energy and comprehensive service capabilities [4][5] - In 2025, the company aims to enhance its presence in high-quality solid waste disposal projects in "Belt and Road" countries, transitioning from a single project operator to a comprehensive environmental service provider [4][5] Group 3: Hydrogen Energy Development - The company is advancing into the hydrogen energy sector, investing in green methanol and methane projects, and establishing a complete industrial chain from wind and solar power to hydrogen production [6][7] - The Liao Yuan project includes a total installed capacity of 514.8 MW for grid-connected wind power and 443 MW for off-grid wind power, with a production capacity of 170,000 tons/year of methanol [6][7] Group 4: Green Methanol and Methane Production - The company plans to achieve a production capacity of 1 million tons of ISCC RFNBO standard methanol by 2030, supporting the shipping industry's carbon reduction goals [7][8] - The Liao Yuan integrated project aims to produce 100,000 tons of green methanol and 190,000 tons of green methane annually, with construction expected to be completed by Q2 2026 [7][8] Group 5: Policy Support and Financial Backing - The company has received 280 million yuan in policy financial support for its Liao Yuan and An Da projects, which is a significant endorsement of their technical feasibility and environmental value [9][10] - The national government has launched a 500 billion yuan financial tool to support green low-carbon transitions, with the company benefiting from this initiative [9][10]

2025 年 12 月 10 日 国泰海通证券股份有限公司 研究所 国泰海通晨报 [Table_Summary] 1、【非银行金融研究】投资银行业与经纪业：2025 年 11 月存量基金净流入。个人投资者风险偏 好略有好转，机构资金持续寻求收益增厚。绩效考核新规下发，行业更重投资者体验。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘欣琦(分析师) 021-38676647 liuxinqi@gtht.com S0880515050001 王思玥(分析师) 021-38031024 wangsiyue@gtht.com S0880525070022 推荐机构服务能力与投顾业务能力更强的券商，个股推荐中信证券、广发证券、华泰证券。 风险提示：权益市场大幅波动。 请务必阅读文章最后一页相关法律声明 1 of 11 行业跟踪报告：投资银行业与经纪业《绩效考核迎新规，行业 更重投资者体验》2025-12-09 2025 年 11 月 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Kingsoft Office, Jiuzhou Pharmaceutical, and Zhongding股份 [1][2] - Kingsoft Office received a target price increase of 42.77%, with a highest target price of 432.90 yuan, rated as "Strong Buy" by Huachuang Securities [2][3] - Jiuzhou Pharmaceutical's target price increased by 33.88%, with a highest target price of 24.50 yuan, rated as "Buy" by Tianfeng Securities [2][3] - Zhongding股份 saw a target price increase of 33.27%, with a highest target price of 29.00 yuan, rated as "Buy" by CITIC Securities [2][3] Group 2 - On December 9, a total of 10 listed companies received recommendations from securities firms, including China Tianying and Hars, each receiving one recommendation [2] - Four companies received initial coverage on December 9, including China Tianying rated "Increase" by Guotai Junan Securities, Hars rated "Buy" by Guosheng Securities, Jiuzhou Pharmaceutical rated "Buy" by Tianfeng Securities, and Igor rated "Buy" by Zheshang Securities [3][4] - The industries represented among the newly covered companies include environmental governance, household goods, medical services, and other electronics [4]

Market Overview - The environmental governance sector experienced a decline of 0.99% on December 9, with China Tianying leading the drop [1] - The Shanghai Composite Index closed at 3909.52, down 0.37%, while the Shenzhen Component Index closed at 13277.36, down 0.39% [1] Stock Performance - Notable gainers in the environmental governance sector included: - Zhongchuang Environmental (300056) with a closing price of 10.30, up 20.05% and a trading volume of 385,600 shares, totaling 388 million yuan [1] - Zhonghuan Environmental (300692) closed at 8.86, up 7.13% with a trading volume of 239,400 shares, totaling 207 million yuan [1] - Zhongdian Environmental (300172) closed at 5.95, up 5.12% with a trading volume of 905,900 shares, totaling 540 million yuan [1] - Major decliners included: - China Tianying (000035) closed at 5.71, down 7.75% with a trading volume of 850,600 shares, totaling 497 million yuan [2] - Jiarong Technology (301148) closed at 52.39, down 7.18% with a trading volume of 90,700 shares, totaling 483 million yuan [2] - Qingshuiyuan (300437) closed at 20.27, down 5.28% with a trading volume of 403,200 shares, totaling 831 million yuan [2] Capital Flow - The environmental governance sector saw a net outflow of 485 million yuan from institutional investors, while retail investors contributed a net inflow of 329 million yuan [2] - The sector's capital flow indicates a mixed sentiment, with retail investors showing interest despite the overall decline [2] Detailed Capital Flow Analysis - Zhongchuang Environmental (300056) had a net inflow of 134 million yuan from institutional investors, while retail investors showed a net outflow of 54 million yuan [3] - Zhongdian Environmental (300172) experienced a net inflow of 50 million yuan from institutional investors, with retail investors also showing a net outflow [3] - China Tianying (000035) had a net inflow of 14 million yuan from institutional investors, while retail investors had a net outflow of approximately 2.5 million yuan [3]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 7.39 CNY, while the current price is 6.19 CNY [5][17]. Core Insights - The company is accelerating its full-chain layout in the new energy sector while maintaining stable operations in its traditional business. It is focusing on gravity energy storage and has made significant progress in waste incineration projects and overseas markets [2][11]. - The company aims to achieve a production capacity of 200,000 tons of EU-certified methanol by 2026, with a projected revenue increase in the new energy sector driven by rising demand for green fuels [14][15]. - The waste incineration business is expected to grow slightly above the industry average due to ongoing operational improvements and expansion into overseas markets, particularly in Southeast Asia [14][11]. Financial Summary - Total revenue is projected to grow from 5,324 million CNY in 2023 to 7,609 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 7.3% [4][12]. - Net profit attributable to the parent company is expected to increase from 337 million CNY in 2023 to 529 million CNY in 2027, reflecting a significant growth trajectory [4][12]. - The earnings per share (EPS) is forecasted to rise from 0.14 CNY in 2023 to 0.22 CNY in 2027, indicating improving profitability [4][12]. Business Segments - **Waste Disposal and Incineration Power Generation**: Revenue is expected to grow from 2,447.15 million CNY in 2024 to 2,635.31 million CNY in 2027, with a stable gross margin around 48% [16]. - **New Energy Business**: Projected revenue of 1,080 million CNY in 2026 and 1,440 million CNY in 2027, with a gross margin of 30.6% [16]. - **Environmental Engineering**: Revenue is expected to decline slightly, maintaining a gross margin around 10% [15][16]. - **Urban Environmental Services**: Revenue is projected to grow steadily, with a gross margin of approximately 23.7% [15][16].

Group 1: Macroeconomic Insights - The central government emphasizes "domestic demand as the main driver" for economic growth, aligning with the "14th Five-Year Plan" to promote a consumption-driven economic model[5] - The fiscal deficit rate for 2026 is expected to be around 4%, with new local special bonds projected to be issued at approximately 4.6 trillion yuan[6] - The focus on improving people's livelihoods remains high, with policies aimed at resolving overdue payments to businesses and wages for migrant workers[6] Group 2: Export Performance - In November 2025, dollar-denominated exports grew by 5.9% year-on-year, while imports increased by 1.9%[8] - The trade surplus rebounded, with exports in November showing a month-on-month growth of 8.2%, significantly higher than the 1.0% growth in October[8] - Exports to non-U.S. markets, particularly the EU and ASEAN, showed positive growth, with ASEAN exports up by 8.2% and Latin America by 14.9%[9] Group 3: Financial Market Trends - The average daily trading volume in the A-share market decreased to 1.7 trillion yuan, with the proportion of stocks rising falling to 42.66%[16] - New issuance of equity funds dropped to 12.16 billion yuan, indicating a slowdown in public fund activity[17] - Foreign capital saw a net outflow of 3.8 million USD, with the proportion of northbound trading declining to 29.0%[17] Group 4: Company Performance and Projections - China Tianying's revenue for the first three quarters of 2025 was 3.942 billion yuan, a year-on-year decrease of 8%[34] - Didi's adjusted EBITA for 2025 is projected at 46.0 billion yuan, with a target market value of 234.7 billion yuan based on a 15x EV/EBITA valuation[38] - COFCO Technology's net profit for the first three quarters of 2025 grew by 2.3%, with revenue reaching 1.72 billion yuan, a year-on-year increase of 28.8%[44]

（文章来源：证券日报） 证券日报网讯 12月5日，中国天楹在互动平台回答投资者提问时表示，有关公司经营业绩情况，请以公 司后续在指定媒体披露的定期报告为准。 ...

Group 1 - The company, China Tianying (000035), announced on December 5 that it will disclose the educational background of its employees in the annual report [1] - Investors are advised to pay attention to the relevant announcements that will be disclosed in designated media [1]