每经AI快讯，兴蓉环境（SZ 000598，收盘价：7.21元）发布公告称，2025年12月16日，兴蓉环境接受 方德投资调研，公司董事、董事会秘书胡涵，证券事务部部长梁一谷参与接待，并回答了投资者提出的 问题。 2025年1至6月份，兴蓉环境的营业收入构成为：污水处理占比44.64%，自来水行业占比34.04%，垃圾 渗滤液处理占比18.98%，其他行业占比2.34%。 截至发稿，兴蓉环境市值为215亿元。 （记者 曾健辉） 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？ ...

| 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 | 方德投资-田婉洲 | | 人员姓名 | | | 时间 2025 | 年 月 日 12 16 | | 地点 | 成都市兴蓉环境股份有限公司 | | 上市公司接待人 | 董事、董事会秘书 胡涵 | | 员姓名 | 证券事务部部长 梁一谷 | | | 一、主要交流内容： | | 问题 | 1：公司当前运营和在建的供排水及垃圾焚烧发电项目情况。 | | | 答：截至目前，公司运营及在建的供水项目规模约 430 万吨/日、 | | | 污水处理项目规模逾 万吨/日、垃圾焚烧发电项目规模为 480 | | 投资者关系活动 | 12,000 吨/日。 | | 主要内容介绍 问题 | 2：关于公司市场拓展情况。 | | | 答：公司立足水务环保主业，秉持"内生增长和外延并购"并重 | | | 的发展思路，持续推进供排净治一体化整合，大力拓展成都市及 | | | 周边区域水务环保资源，加强川内合 ...

| | TOURSULERS/J MERICES OF 国有企业 大股东 | | 60.00% | 24600万元 | 2025-10-30 2025-11-03 成都排水 | | --- | --- | --- | --- | --- | --- | | | 三级 成都市兴春环境股份有限公司 股东 | 100% | | 100000万元 | 2004-01-14 | | 2 | ■ 成都高新西区发展建设有限公司 ■ 建设 国有企业 | | 40.00% | 16400万元 | 2025-10-30 2025-11-03 | | | | 成都高新西成环水处理有限责任公司 | 第一下 | | 量应用 - | 企业中心 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 基本信息 30 | 法律诉讼 | 经营风险 | 经营信息 1 | 企业发展 | 知识产权 | | Area 历史信息 2 0 | | 工商信息 历史工同信息 | | | | 目 文字介绍 | G 工商官网快照 | ■ 台示 | 《作音音 | | 统一社会信用代码 | 91510100MA ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：现在垃圾发电厂为了提高收益在对外进行供热，请问 公下的几座垃圾发电厂有没有对外供热的计划（管道供热和移动供热）？ 兴蓉环境（000598.SZ）12月15日在投资者互动平台表示，目前公司尚未开展垃圾焚烧发电厂对外供热 业务，但公司积极关注相关市场机会。目前，公司万兴环保发电厂一期和二期均建有污泥掺烧生产线， 通过垃圾焚烧产生的蒸汽余热协同污泥干化处置，促进资源循环，并进一步提升公司盈利能力。 ...

格隆汇12月15日丨兴蓉环境(000598.SZ)在投资者互动平台表示，目前公司尚未开展垃圾焚烧发电厂对 外供热业务，但公司积极关注相关市场机会。目前，公司万兴环保发电厂一期和二期均建有污泥掺烧生 产线，通过垃圾焚烧产生的蒸汽余热协同污泥干化处置，促进资源循环，并进一步提升公司盈利能力。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

企查查APP信息显示，近日，成都高新西成环水处理有限责任公司成立，法定代表人为徐婧，注册资本 为4.1亿元，经营范围包含：污水处理及其再生利用；市政设施管理等。企查查股权穿透显示，该公司 由兴蓉环境全资子公司成都市排水有限责任公司、成都高新西区发展建设有限公司共同持股。（人民财 讯） ...

人民财讯12月15日电，企查查APP显示，近日，成都高新西成环水处理有限责任公司成立，法定代表人 为徐婧，注册资本为4.1亿元，经营范围包含：污水处理及其再生利用；市政设施管理等。企查查股权 穿透显示，该公司由兴蓉环境（000598）全资子公司成都市排水有限责任公司、成都高新西区发展建设 有限公司共同持股。 ...

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].