Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Core Viewpoint - The stock of Xingrong Environment has shown a modest increase in price and trading volume, indicating investor interest, while the company continues to demonstrate growth in revenue and profit [1][2]. Group 1: Stock Performance - On January 20, Xingrong Environment's stock rose by 2.10%, reaching 7.30 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 1.16%, resulting in a total market capitalization of 21.783 billion CNY [1]. - Year-to-date, the stock price has increased by 1.81%, with a 5-day increase of 2.96%, a 20-day increase of 1.11%, and a 60-day increase of 4.89% [1]. Group 2: Financial Performance - For the period from January to September 2025, Xingrong Environment reported a revenue of 6.548 billion CNY, reflecting a year-on-year growth of 5.39%, and a net profit attributable to shareholders of 1.764 billion CNY, which is an 8.49% increase compared to the previous year [2]. - The company has distributed a total of 3.472 billion CNY in dividends since its A-share listing, with 1.4 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Xingrong Environment reached 67,700, an increase of 11.62% from the previous period, while the average number of circulating shares per person decreased by 10.27% to 44,000 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 28.81 million shares, a decrease of 11.371 million shares from the previous period, while ICBC Dividend Preferred Mixed A has entered as a new shareholder with 24.091 million shares [3].

Group 1 - The water sector showed strong performance on January 20, with companies like Guozhong Water and Shunkong Development hitting the daily limit up [1] - Other companies in the sector, such as United Water, Jiangnan Water, and Xingrong Environment, also experienced significant gains [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

证券代码：000598 证券简称：兴蓉环境 公告编号：2026- 04 成都市兴蓉环境股份有限公司 关于控股股东增加临时提案暨 2026 年第一次 临时股东会补充通知的公告 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。 一、关于控股股东增加股东会临时提案的说明 成都市兴蓉环境股份有限公司（以下简称：公司）将于 2026 年 1 月 27 日召开 2026 年第一次临时股东会。公司于 2026 年 1 月 15 日收到控股股东成都环境投资集团有限公司（以下简称：成都环 境集团）《关于提名成都市兴蓉环境股份有限公司第十届董事会非 独立董事候选人暨增加股东会临时提案的函》。 根据《中华人民共和国公司法》《公司章程》的有关规定，单 独或者合计持有公司 1%以上股份的股东，可以在股东会召开 10 日 前提出临时提案并书面提交召集人。成都环境集团持有公司股份 1,259,605,494 股，占公司总股本的 42.21%，其提案人资格、提案 内容及提案程序均符合法律法规及《公司章程》等相关规定。 为此，成都环境集团本次提出的关于增补公司第十届董事会非 独立董事的临时提案将 ...

成都市兴蓉环境股份有限公司 2026 年第一次临时股东会 会议材料 $$\longrightarrow\bigcirc\longrightarrow\bigcirc\longrightarrow\bigcirc\bigcirc\bigcirc\bigcirc\bigcirc\bigcirc\bigcirc\bigcirc\longrightarrow\bigcirc\bigcirc$$ 会议基本情况 一、股东会届次：2026 年第一次临时股东会。 二、股东会的召集人：公司董事会。 三、本次会议的召集、召开符合《中华人民共和国公司法》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 四、会议时间 （一）现场会议时间：2026 年 1 月 27 日下午 14:30。 （二）网络投票时间：通过深圳证券交易所系统进行网络投票的 具体时间为 2026 年 1 月 27 日 9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统（http://wltp. ...

Group 1 - The core point of the article is that Xingrong Environment announced the postponement of its first extraordinary shareholders' meeting for 2026 [2] Group 2 - The decision was made during the 34th meeting of the 10th Board of Directors [2]

Group 1 - The company places a high emphasis on market value management by optimizing its business structure and enhancing profitability to ensure stable growth in company value [1][8] - The company will formulate a reasonable dividend policy based on its operational status and development needs to protect shareholder rights [1][8] - The company aims to deepen its strategic layout, expand its business scope, and enhance market competitiveness [1][8] Group 2 - The measures taken by the company in market value management and business development strategy are beneficial for enhancing its market competitiveness and creating greater value for shareholders [2][4][9]

Group 1: Market Value Management - The company emphasizes the importance of market value management, focusing on improving fundamentals and strategic layout to enhance operational quality and solidify intrinsic value [2] - The company actively listens to market feedback and continuously refines its market value management mechanisms, employing scientific and standardized measures [2] Group 2: Dividend Policy - The company considers various factors such as operational funding needs, profitability, and cash flow when determining its dividend policy [2] - There is a commitment to explore a scientific, stable, and sustainable profit distribution mechanism to enhance dividend levels and improve investor satisfaction [2] Group 3: Business Development Strategy - The company aims to integrate supply and drainage services while focusing on both organic growth and external acquisitions [3] - Plans include expanding into water resource management in Chengdu and surrounding areas, as well as exploring new markets outside the province [3] - The company is committed to developing "light asset" businesses and will carefully evaluate investment opportunities based on profitability, quality of returns, future prospects, and risk control [3] Group 4: Pricing Adjustment Mechanism - Water supply prices are adjusted based on national policies and specific agreements, requiring approval from government price authorities [4] - Adjustments to sewage treatment service fees are based on agreements with government entities, typically occurring every 2 to 3 years, with provisions for temporary adjustments in response to significant cost changes [5]