Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

Key Points - Chengdu Xingrong Environment Co., Ltd. issued corporate bonds totaling 1.4 billion yuan with a fixed interest rate of 3.00% for a term of 5 years [1][2] - The bond is named "20 Xingrong 01" and has a bond code of 149193.SZ [1] - The interest payment dates are set for August 6 each year from 2021 to 2025, with the principal repayment date on August 6, 2025 [2][3] - The bond allows for an adjustment of the coupon rate at the end of the third year and includes an option for investors to sell back the bonds [1] - The bond's interest payment for every 10 bonds with a face value of 1,000 yuan is 1,030 yuan, which is subject to tax deductions [2] - The bond will be delisted on August 6, 2025, with the last trading day being August 5, 2025 [4][6] - The bond's interest income tax obligations are specified for individual and non-resident corporate investors, with a 20% tax rate for individuals [5]

Group 1 - The core viewpoint of the news is that Chengdu Xingrong Environment Co., Ltd. has shown positive financial performance in the first quarter of 2025, with significant year-on-year growth in revenue and net profit [1] - As of August 1, 2025, the company's stock price is 7.1 yuan, with a slight decline of 0.14% and a trading volume of 221,100 hands, amounting to 157 million yuan [1] - The company reported total operating revenue of 2.023 billion yuan, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 508 million yuan, up 11.19% year-on-year [1] Group 2 - Chengdu Xingrong Environment has made investments in 31 companies and participated in 1,096 bidding projects, indicating active engagement in the market [2] - The company holds 46 trademark registrations and 21 patents, showcasing its commitment to intellectual property [2] - Additionally, the company has obtained 18 administrative licenses, reflecting its compliance and operational capabilities [2]

| 证券代码：000598 | 证券简称：兴蓉环境 | 公告编号：2025-43 | | --- | --- | --- | | 债券代码：149193.SZ | 债券简称：20兴蓉01 | | 成都市兴蓉环境股份有限公司 2020 年面向合格投资者公开发行公司债券（第一期） 2025 年本息兑付暨摘牌公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 成都市兴蓉环境股份有限公司（以下简称：公司）2020年面向合 格投资者公开发行公司债券（第一期）（以下简称：本期债券）将于 2025年8月6日支付2024年8月6日至2025年8月5日期间的利息和本期 债券的本金，为确保付息兑付工作的顺利进行，现将有关事项公告如 下： 债券简称：20兴蓉01 债券代码：149193.SZ 债权登记日：2025年8月5日 最后交易日：2025年8月5日 本息兑付日：2025年8月6日 摘牌日：2025年8月6日 计息期间：2024年8月6日至2025年8月5日 一、本期债券的基本情况 （一）发行人：成都市兴蓉环境股份有限公司。 （二）债券名称：成都市兴蓉环境股份有限 ...

Key Points - The article highlights significant announcements from various companies, including investment projects, performance data, and share buybacks [1][2] Company Announcements - Anzheng Fashion's controlling company, Lishang Information, has not engaged in the production of maternal and infant products [1] - New Aluminum Era plans to invest in a project to produce 800,000 sets of lightweight, high-strength auto parts annually [1] - Wanlima is expected to win a procurement project from China Southern Airlines [1] - Guangzhou Port anticipates a cargo throughput of 50.233 million tons in July, reflecting a year-on-year increase of 3.1% [1] - Shenma Co. intends to acquire a 10.27% minority stake in Nylon Chemical [1] - Fuanna plans to repurchase shares worth between 55.85 million to 104 million yuan [1] - Zhengdan Co. reported a 120.35% year-on-year increase in net profit for the first half of the year and plans to distribute 3 yuan per 10 shares [1] - Jieya Co. and Heyuan Gas's major shareholders plan to reduce their stakes by up to 4.95% and 2%, respectively [1][2] - Changhua Chemical aims to raise no more than 230 million yuan through a simplified procedure for a carbon dioxide polyether project [1] - Aoshikang plans to issue convertible bonds to raise no more than 1 billion yuan for a high-end printed circuit board project [1] Performance Data - Zhengdan Co. expects a significant increase in net profit for the first half of the year, with a proposed dividend distribution [2] - Jiejia Weichuang anticipates a net profit increase of 38.65% to 59.85% for the half-year [2] - Sinopec forecasts a 39.5% to 43.7% decline in net profit for the first half of the year [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 成都市兴蓉环境股份有限公司（以下简称：公司）于2025年7月28日以电子邮件、专人送达方式向全体 董事发出召开第十届董事会第二十六次会议的通知。在保障董事充分表达意见的前提下，会议于2025年 7月31日以通讯表决方式召开。本次会议应出席的董事9名，实际出席会议的董事9名。会议的召集、召 开及表决程序符合法律法规及《公司章程》的相关规定。 与会董事对议案进行了审议，形成如下决议： 一、审议通过《关于子公司成都市排水有限责任公司与成都高新西区发展建设有限公司成立项目公司并 实施成都高新西区水质净化中心项目的议案》。 同意公司全资子公司成都市排水有限责任公司（以下简称：排水公司）与成都高新西区发展建设有限公 司（以下简称：西区公司）成立项目公司并投资、建设、运营成都高新西区水质净化中心项目，并签署 相关协议。本项目本次实施内容包括新建地下式污水处理厂一期工程（设计规模为10万吨/日），以及 替代湿地的深度处理设施（设计规模为5.99万吨/日），投资估算为136,554 ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-42 成都市兴蓉环境股份有限公司 本事项不会对公司经营业绩产生重大影响，未来公司将持续加强 主业市场拓展和资源布局。 表决结果：9票同意、0票反对、0票弃权。 同意公司全资子公司成都市排水有限责任公司（以下简称：排水 公司）与成都高新西区发展建设有限公司（以下简称：西区公司）成 立项目公司并投资、建设、运营成都高新西区水质净化中心项目，并 签署相关协议。本项目本次实施内容包括新建地下式污水处理厂一期 工程（设计规模为10万吨/日），以及替代湿地的深度处理设施（设计 规模为5.99万吨/日），投资估算为136,554.78万元。项目公司的注册 资本为41,000万元，排水公司出资比例为60%，西区公司出资比例为 实施本项目符合公司发展战略，有利于积累公司在污水处理领域 的项目经验，有利于公司增厚业绩，增强市场竞争力和行业影响力。 表决结果：9票同意、0票反对、0票弃权。 该议案在提交董事会审议前已经董事会战略委员会审议通过。 二、审议通过《关于注销深圳市兴蓉环境发展有限责任公司的议 案》。 公司全资子公司排水公司的控股子公司深圳市兴蓉环境发展有 限 ...

证券日报网讯 7月31日晚间，兴蓉环境发布公告称，公司第十届董事会第二十六次会议审议通过了《关 于子公司成都市排水有限责任公司与成都高新西区发展建设有限公司成立项目公司并实施成都高新西区 水质净化中心项目的议案》等。 （文章来源：证券日报） ...

Group 1 - The company announced the convening of its 26th meeting of the 10th board of directors on July 31, 2025, via communication voting [2] - The meeting reviewed the proposal for the cancellation of Shenzhen Xingrong Environmental Development Co., Ltd. [2] - For the year 2024, the company's revenue composition is as follows: wastewater treatment accounts for 40.24%, the water supply industry accounts for 37.0%, leachate treatment accounts for 17.27%, and other industries account for 5.48% [2]

格隆汇7月31日丨兴蓉环境(000598.SZ)公布，公司全资子公司成都市排水有限责任公司(简称：排水公 司)拟与成都高新西区发展建设有限公司(简称：西区公司)成立项目公司并投资、建设、运营成都高新西 区水质净化中心项目，并签署相关协议。本项目本次实施内容包括新建地下式污水处理厂一期工程(设 计规模为10万吨/日)，以及替代湿地的深度处理设施(设计规模为5.99万吨/日)，投资估算为13.655亿 元。项目公司的注册资本为4.1亿元，排水公司出资比例为60%，西区公司出资比例为40%。 ...