每经AI快讯，有投资者在投资者互动平台提问：成都自来水七厂三期项目完成试运行，进入商业运营 了没有？ 兴蓉环境（000598.SZ）10月21日在投资者互动平台表示，成都市自来水七厂（三期）项目总设计规模 为80万吨/日，其中40万吨/日已投运，剩余40万吨/日已进入试运行，计划2025年年底前投运。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The demand for waste incineration in Southeast Asia and Central Asia is urgent, driven by rapid urbanization and rising consumer spending, leading to a significant increase in municipal solid waste generation [6][17]. - Most Southeast Asian countries have a waste incineration treatment ratio below 10%, while Central Asia is even more lagging, with nearly 100% reliance on landfill disposal as of the end of 2024 [6][19]. - Chinese companies have established a competitive advantage in overseas waste incineration projects due to their technological strength and comprehensive solution capabilities, with over ten new contracts signed in 2023, totaling nearly 27,000 tons/day of capacity [7][28]. - The waste incineration sector is characterized by high certainty and steady growth, making it a premium absolute return sector [8][35]. Summary by Sections Waste Incineration Demand in "Belt and Road" Countries - The increase in waste generation is significant, with cities like Ho Chi Minh City producing about 9,700 tons of waste daily, of which only 33% is treated through incineration and composting [6][21]. - Indonesia faces severe waste management challenges, with over 35% of waste unprocessed and directly entering waterways, prompting government plans for incineration plants in 30 cities [6][21]. Economic Conditions Favoring Incineration Technology - By 2024, the GDP per capita in major Southeast Asian countries is projected to be between $4,000 and $10,000, indicating readiness for the adoption of incineration technology [6][24]. - Countries like Thailand and Malaysia have GDPs of $7,345 and approximately $11,867, respectively, which are comparable to China's GDP levels when it began promoting waste incineration [6][24]. Active Project Bidding and High Participation of Chinese Companies - The trend of regular and large-scale project bidding in Southeast Asia and Central Asia is evident, with Chinese companies dominating the competitive landscape [7][28]. - In 2023, Chinese firms signed contracts for waste incineration projects with a combined capacity of nearly 27,000 tons/day, primarily in Vietnam, Thailand, Indonesia, and Uzbekistan [7][28]. Growth Potential and Investment Strategy - Southeast Asia is expected to remain a core market, with project bidding continuing to increase, while Central Asia is in the early stages of development [8][35]. - The integration of waste incineration with new business models such as energy storage and digital capabilities is anticipated to create additional value-added services in overseas environmental projects [8][35]. Recommended Industry Leaders - Key industry leaders recommended include Huanlan Environment, China Everbright, Weiming Environmental, Yongxing Co., Green Power, Junxin Co., Sanfeng Environment, Xirong Environment, and Hongcheng Environment [8][36].

2025 年 10 月 20 日 版 行业 相关研究 寿研究报 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傳浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com VN FEENI 朱亦 (8621)23297818× zhuhe@swsresearch.com 风电核电增值税返还政策调整 口 LNG 综合价格创四年新低 电力：新疆甘肃公布机制电价竞价结果，新疆接近竞价上限。10 月 15 日，国网新能源云平台公示新疆机 制电价竞价结果，其中光伏出清结果为机制电量规模为 36 亿千瓦时、共 31 个项目，机制电价 0.235 元/ 千瓦时; 风电总规模为 185 亿千瓦时, 共 36 个项目, 机制电价 0.252 元/千瓦时。根据, 新疆机制电价 增量项目竞价区间均为 0.150 元/千瓦时~0.262 元/千瓦时，机制电价执行期限为 10 年，机制电量比例为 50%。新疆机制 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 公用事业 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 20 日 风电核电增值税返还政策调整 进 口 LNG 综合价格创四年新低 看好 ——申万公用环保周报(25/10/13~25/10/17) 本期投资提示： ⚫ 风险提示：1)政策节奏低于预期；2)煤炭、天然气价格波动；3)顺价执行不如预期。 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共15页 简单金融 成就梦想 本研究报告仅通 ...

证券日报网讯兴蓉环境（000598）10月17日在互动平台回答投资者提问时表示，成都市排水公司洗瓦堰 再生水厂项目主体工程于2025年上半年达到预定可使用状态，经主管部门验收，进入商业运行后，已达 到满负荷运营状态，但调蓄池、办公区域等暂未全部完工。目前，该项目正在加快推进收尾工作。 ...

据兴蓉环境发布的《2025年10月17日投资者关系活动记录表》显示，本次投资者活动关系类别为特定对 象调研。活动时间为2025年10月17日，地点在线上。上市公司接待人员包括董事、董事会秘书胡涵以及 证券事务部部长梁一谷 。 在业务发展规划方面，兴蓉环境立足水务环保主业，采取"内生增长和外延拓展"并重策略。一方面持续 推进供排净治一体化整合，拓展成都市及周边区域水务环保资源，加强川内合作并挖掘省外市场；另一 方面积极推动产业链延伸与多元化，探索水务环保新兴市场，如大力拓展再生水利用，切入直饮水、瓶 装饮用水领域，涉足餐厨垃圾处置、废弃油脂资源化及垃圾焚烧炉渣资源化利用等产业。未来，公司将 紧扣国家和省市"十五五"规划，服务成都市相关行动部署，深化战略布局，探索"第二增长曲线" 。 关于公司当前运营和在建项目情况，截至目前，运营及在建的供水项目规模约430万吨/日（在建规模约 40万吨/日）、污水处理项目规模逾480万吨/日（在建规模约30万吨/日）、垃圾焚烧发电项目规模为 12,000吨/日（在建规模为5,100吨/日）。 在应收账款方面，随着业务规模扩大，应收账款相应增加，公司正结合各地回款政策积极催收。 ...

Group 1 - Xiongrong Environment announced that on October 17, 2025, it will accept investor research from Huabao Fund and others, with participation from the company's director and board secretary Hu Han [1] Group 2 - Lin Yuan responded firmly to market losses during the bull market, stating "I am still here!" and emphasized that he will continue to invest, maintaining that liquor is a "pleasure demand" and expressing concerns about technology stocks that keep him awake at night [1]

Group 1: Business Development Strategy - The company focuses on water and environmental protection, emphasizing "internal growth and external expansion" to enhance integrated supply and drainage services [2] - Plans to extend operations in Chengdu and surrounding areas while exploring markets outside the province [2] - Aims to diversify and extend the industrial chain, targeting emerging markets in water reuse and waste management [2][3] Group 2: Current Operations and Projects - As of now, the company operates and is constructing water supply projects with a total scale of approximately 4.3 million tons/day (with 400,000 tons/day under construction) [3] - Wastewater treatment projects exceed 4.8 million tons/day (with 300,000 tons/day under construction) [3] - The scale of waste incineration power generation projects is 12,000 tons/day (with 5,100 tons/day under construction) [3] Group 3: Financial Management and Accounts Receivable - The company has seen an increase in accounts receivable due to market expansion and growing business scale [3] - Actively pursuing collection of accounts receivable in line with local repayment policies [3] Group 4: Pricing and Dividend Considerations - Water supply pricing is subject to national policies and must go through a series of approval processes before adjustments [4] - Wastewater treatment service fees are adjusted based on agreements with government entities, typically reviewed annually [4] - The company is exploring a sustainable profit distribution mechanism to enhance dividend levels once capital expenditures decrease post-project completion [4]

| 投资者关系活动 | ★特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 | 长江养老-王昱文；东吴证券-陈孜文 | | 人员姓名 | | | 时间 | 年 月 日 2025 10 14 | | 地点 | 线上交流 | | 上市公司接待人 | 胡涵、梁一谷 | | 员姓名 | | | | 问题 1：公司业务拓展规划。 | | | 答：公司立足水务环保主业，秉持"内生增长和外延拓展"并 | | | 重的发展思路，持续推进供排净治一体化整合，大力拓展成都 | | 投资者关系活动 | 市及周边区域水务环保资源，加强川内合作，深挖省外市场， | | 主要内容介绍 | 发挥规模效应，创造增量业绩。同时，公司积极推动产业链的 | | | 延伸与多元化，探索水务环保战略性新兴市场：大力拓展再生 | | | 水利用，积极切入直饮水、瓶装饮用水等领域；积极进入餐厨 | | | 垃圾处置、废弃油脂资源化、垃圾焚烧炉渣资源化利用等产业 | | | 细分市场；发展"轻资产"业务 ...

Investment Rating - The report rates the environmental protection industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - The municipal water sector shows stable operations, with some companies benefiting from strategic expansions and adjustments in sewage treatment prices. However, the engineering business is expected to decline due to decreased demand [3]. - The waste incineration sector remains stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies exhibit varied performance due to factors like historical revenue recognition and depreciation from new capacity [3]. - The sanitation market is stable, with an increase in orders for unmanned sanitation services, indicating a digital transformation in urban services [3]. - Equipment performance varies significantly across different sectors, with conventional equipment facing margin pressure due to intense competition, while power environmental equipment benefits from increased demand [3]. Summary by Category Municipal Water - Overall stable operations with some companies like Tianyuan Environmental and Zhongshan Public Utilities showing significant year-on-year net profit growth of 18% and 32% respectively for Q1-3 2025 [4]. Waste Incineration - The sector is experiencing steady operational improvements, with companies like Huanlan Environment and Green Power expected to see net profit growth of 16% and 15% respectively for Q1-3 2025 [4]. Sanitation - The sanitation market is stable, with companies like Yingfeng Environment and Yuhua Tian expected to see net profit growth of 3% and 5% respectively for Q1-3 2025 [4]. Equipment - Conventional equipment companies are expected to see a decline in net profit growth, with Jingjin Equipment projected to drop by 25% for Q1-3 2025. In contrast, Qingda Environmental is expected to see a significant increase of 255% [4]. Investment Recommendations - The report recommends investing in companies with stable profitability and improving cash flows in the municipal environmental sector, including Zhongshan Public Utilities, Junxin Co., and Huanlan Environment [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted as key players in the digital transformation of urban services [3]. - The report also suggests focusing on SAF suppliers and green methanol producers as EU policies begin to take effect, with companies like Haineng Energy and Pengyao Environmental being potential beneficiaries [3].