Core Viewpoint - China Tianying has established a comprehensive green circular economy route, integrating green hydrogen consumption, green chemical derivatives, and a unified source-network-load-storage system, aiming to support the shipping industry's carbon reduction goals by 2030 [1] Group 1: Business Strategy - The company has formed a full industrial chain for green circular economy, focusing on the consumption of green hydrogen and green electricity [1] - China Tianying collaborates with companies like Germany's Mabro Oil, COSCO, and China Shipbuilding Fuel to secure end-use application scenarios [1] Group 2: Market Development - The company is working towards obtaining EU ISCCEU green certification to facilitate international market entry for its products [1] - By 2030, China Tianying plans to achieve a supply capacity of 1 million tons of ISCCRFNBO standard electro-methanol, contributing to the shipping industry's lifecycle carbon reduction targets [1]

Core Viewpoint - The company is focusing on enhancing its environmental business through refined management and innovative business models, aiming to integrate digital economy with environmental services [2] Group 1: Environmental Business Strategy - The company relies on three main pillars: waste-to-energy, urban sanitation services, and environmental equipment manufacturing to drive its environmental business [2] - The company is implementing refined management upgrades in operational projects through smart operations and process optimization to achieve energy consumption optimization and efficiency improvement [2] - The company is exploring new business models such as combined heat and power, collaborative disposal, and "waste-to-energy + IDC" partnerships to foster growth [2] Group 2: Energy Transformation and New Opportunities - The company is seizing global energy transformation opportunities by integrating upstream and downstream resources [2] - The company is developing a comprehensive industrial cluster that includes wind and solar power generation, integrated energy storage, green hydrogen, green ammonia, green alcohol, and renewable natural gas (RNG) [2] - The company aims to create a full industrial chain layout from clean energy production to green chemical products [2]

Core Viewpoint - China Tianying's Liao Yuan Phase I Green Methane Project utilizes an innovative process of "green electricity electrolysis for hydrogen + green CO2 synthesis" to produce green methane, targeting the decarbonization market in Europe [2] Group 1: Project Overview - The Liao Yuan Phase I project includes a hydrogen production facility with a capacity of 104,000 Nm³/h, featuring 104 alkaline electrolyzers, each with a hydrogen output of 1,000 Nm³/h [2] - The project is designed to produce 180,000 tons of green methane annually, primarily for the land and maritime transportation sectors in Europe [2] - The overall Liao Yuan hydrogen-based energy integration project is a landmark initiative for Jilin Province's "green hydrogen+" industry, planning to build 20 hydrogen production plants and 365 wind turbines [2] Group 2: Production and Infrastructure - The project will also include 4 straw direct combustion systems, and upon completion, it is expected to produce 100,000 tons of green methanol and 190,000 tons of green methane annually [2] - The Liao Yuan Phase I project is scheduled to achieve green methanol production capability by the end of Q2 2026, with ongoing construction of 10 hydrogen production plants and 22 hydrogen storage tanks [2] - Installation of 56 electrolyzers has already commenced, indicating progress in the project's development [2]

（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，公司一体化项目构建了独具特色的 全产业链绿色循环经济路线。通过风光可再生能源发电、储能系统、氢能制备及化工合成的有机整合， 建立起多能源互补机制，实现能源利用率的最大化。在技术路线上，项目采用成熟的碱性电解水ALK 四拖一制氢工艺，融合柔性化工合成设计理念，耦合多元生物质制碳的绿醇绿烷工艺，同时匹配"荷随 源动"与"源随荷动"智慧能源管理系统。总体上兼顾工艺成熟度与技术创新性，确保新能源直供模式下 系统稳定运行，从源头保障氢基产品的绿色属性。这种"绿氢消纳绿电、绿色化工衍生物消纳绿氢、源 网荷储一体化"的发展模式，不仅将为区域带来显著的经济、社会与生态效益，更可为全球能源转型提 供可复制的实践范例。 ...

Core Viewpoint - The company is accelerating its entry into the hydrogen energy sector driven by the "dual carbon" goals and supportive policies for new energy systems [2] Group 1: Company Initiatives - The company is investing in green methanol and methane projects in Liao Yuan and An Da, aiming to build a complete industrial chain ecosystem covering "wind and solar power generation - energy storage - hydrogen production - hydrogen-based derivatives" [2] - The Liao Yuan project includes a first phase with 514.8 MW of grid-connected wind power, 443 MW of off-grid wind power, water electrolysis for hydrogen production, biomass waste heat utilization, and a 170,000 tons/year electro-methanol production facility, which is currently in the construction and installation phase [2] - The An Da project’s first phase encompasses 400 MW of grid-connected wind power, 400 MW of off-grid wind power, water electrolysis for hydrogen production, biomass waste heat utilization, and a 170,000 tons/year electro-methanol production facility, with all approvals completed and construction underway for both chemical and wind power components [2]

（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]