| 债券名称 | | | 2025 | | | 年面向专业投资者公 | | 成都市兴蓉环境股份有限公司 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 开发行科技创新公司债券（第一期） | | | | | | | | | 债券简称 | 兴蓉 25 K1 | | | | | | | | | 债券代码 | 524369 | | | | | | | | | 信用评级 | 主体 AAA，评级展望稳定，债项 | | | | | AAA | | | | 评级机构 | 联合资信评估股份有限公司 | | | | | | | | | 发行总额（亿元） | 6 | | | | | | | | | 债券期限 | 5 年 | | | | | | | | | 票面年利率（%） | 1.75 | | | | | | | | | 利率形式 | 固定利率 | | | | | | | | | 付息频率 | 每年付息一次 | | | | | | | | | 发行日 | 2025 年 7 月 22 日至 2025 年 7 | | | | 月 | 23 日 | | | | ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Core Viewpoint - Chengdu Xingrong Environment Co., Ltd. successfully issued a technology innovation corporate bond with a total scale of 600 million RMB, attracting significant interest from professional investors with a subscription multiple of 5.62 times [1][2]. Group 1: Bond Issuance Details - The bond issuance was registered with the China Securities Regulatory Commission under document number "Zheng Jian Xu Ke [2024] 1908" [1]. - The total issuance amount was capped at 600 million RMB, with a maturity of 5 years and a coupon rate of 1.75% [1]. - The issuance process concluded on July 23, 2025, and the bonds were priced at 100 RMB each, distributed through a non-public inquiry method to professional institutional investors [1]. Group 2: Investor Participation - No directors, supervisors, senior management, or shareholders holding more than 5% of shares participated in the bond subscription [2]. - The lead underwriter, Guotai Junan Securities Co., Ltd., did not participate in the subscription, while its affiliate, Shanghai Pudong Development Bank Co., Ltd., subscribed for 60 million RMB [2]. - All participating investors met the regulatory requirements set forth in various guidelines, ensuring compliance throughout the issuance process [2][3]. Group 3: Fairness and Compliance - The bond issuance process was conducted without any manipulation of pricing or unfair practices by the issuer or underwriter [3]. - The issuer confirmed that there were no actions taken to gain improper benefits or to disrupt market order during the bond issuance [3].

成都市兴蓉环境股份有限公司 2025 年面向专业投资者公开发行科技 创新公司债券（第一期）发行结果公告 证券代码：524369.SZ 证券简称：25 兴蓉 K1 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 成都市兴蓉环境股份有限公司（以下简称"发行人"）向专业投资者公开发 行面值不超过人民币 20 亿元（含 20 亿元）的公司债券已获得中国证券监督管理 委员会"证监许可【2024】1908 号"文注册。根据《成都市兴蓉环境股份有限 公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）发行公告》， 成都市兴蓉环境股份有限公司 2025 年面向专业投资者公开发行科技创新公司债 券（第一期）（以下简称"本期债券"）发行规模为不超过人民币 6 亿元（含 6 亿 元），债券期限为 5 年期。发行价格为每张 100 元，采取网下面向专业机构投资 者询价配售的方式。 本期债券发行工作已于 2025 年 7 月 23 日结束，最终实际发行规模为 6 亿元， 票面利率为 1.75%，认购倍数为 5.62 倍。 发行人的董事、监事、高级管理人员、持股比例超过 5%的 ...

2025 年 7 月 21 日，发行人和主承销商在网下向专业机构投资者进行了票面利 率询价，利率询价区间为 1.60%-2.60%。根据网下向专业机构投资者询价结果，经 发行人和主承销商充分协商和审慎判断，最终确定本期债券票面利率为 1.75%。 证券代码：524369.SZ 证券简称：25 兴蓉 K1 成都市兴蓉环境股份有限公司 2025 年面向专业投资者公开发行科技 创新公司债券（第一期）票面利率公告 成都市兴蓉环境股份有限公司（以下简称"发行人"）向专业投资者公开发 行面值不超过人民币 20 亿元（含 20 亿元）的公司债券已获得中国证券监督管理 委员会"证监许可【2024】1908 号"文注册。成都市兴蓉环境股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）（以下简称"本期债券"） 发行规模为不超过人民币 6 亿元（含 6 亿元），债券期限为 5 年期。 发行科技创新公司债券（第一期）票面利率公告》之盖章页） 发行人将按上述票面利率于 2025 年 7 月 22 日至 2025 年 7 月 23 日面向专业机 构投资者网下发行。具体认购方法请参考 2025 年 7 月 16 日 ...

Group 1 - The company announced the resignation of Zhao Lu, the Vice General Manager and Financial Officer, due to work adjustments, effective upon delivery of the resignation report to the board [1][2] - The company appointed Song Xinglai as the new Vice General Manager and Financial Officer, with a term lasting until the end of the current board's tenure [1][2] - The personnel changes comply with the requirements of the Company Law and relevant regulations, and the necessary procedures have been completed [2] Group 2 - The personnel changes are considered normal operational matters and are not expected to have a significant adverse impact on the company's governance, operations, or debt repayment capabilities [2]

Group 1 - The report is about the change in the financial officer of Chengdu Xingrong Environment Co., Ltd, with the resignation of Zhao Lu and the appointment of Song Xinglai as the new financial officer [2][3] - Zhao Lu submitted her resignation due to work adjustments, effective upon delivery to the board of directors, and will no longer hold any position in the company [2] - Song Xinglai, a senior accountant with a background in accounting and previous experience as the deputy general manager of Chengdu Water Co., has been appointed as the new financial officer [3] Group 2 - The company has completed the necessary procedures for the personnel change in accordance with the Company Law and its articles of association [3] - The change in the financial officer is considered a normal occurrence in the company's operations and is not expected to adversely affect its daily management, production operations, or debt repayment capacity [3] - The trustee manager, CITIC Jianzhong Securities, will continue to monitor the company's bond interest payments and other significant matters affecting bondholders [4]

Core Points - Chengdu Xingrong Environment Co., Ltd. is extending the book-building time for its public issuance of technology innovation corporate bonds aimed at professional investors, originally scheduled for July 21, 2025 [1] - The total face value of the bonds to be issued is not more than RMB 2 billion, which has been registered with the China Securities Regulatory Commission [1] - The book-building end time has been extended from 18:00 to 19:00 on July 21, 2025, due to significant market fluctuations on the day of book-building [1] Summary by Sections - **Company Information** - Chengdu Xingrong Environment Co., Ltd. is issuing corporate bonds with a face value of up to RMB 2 billion [1] - The issuance has received regulatory approval from the China Securities Regulatory Commission [1] - **Bond Issuance Details** - The book-building process for the bonds will take place on July 21, 2025, from 15:00 to 19:00 [1] - The final coupon rate for the bonds will be determined based on the results of the book-building process [1] - **Market Conditions** - The decision to extend the book-building time was made due to significant market changes on the scheduled date [1]

（一）原任职人员变动的基本情况 近日，成都市兴蓉环境股份有限公司（以下简称"公司"）收到 公司副总经理（财务负责人）赵璐女士递交的书面辞职报告。因工作 调整，赵璐女士辞去公司副总经理（财务负责人）职务（原定任期至 第十届董事会任期届满之日止），辞职后将不再担任公司任何职务。 本次辞职报告自送达董事会时生效。 （二）新聘任人员的基本情况 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 关于财务负责人发生变动的公告 本公司全体董事或具有同等职责的人员保证本公告内容不存在 任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担相应的法律责任。 一、人员变动的基本情况 截至本公告出具之日，公司已按照《公司法》和公司章程相关规 定，完成工作交接等相关程序。 二、影响分析和应对措施 上述人员变动系公司经营过程中的正常事项，对公司的公司治理、 生产经营及偿债能力无重大不利影响，不会对董事会或其他内部有权 决策机构决策的有效性产生重大不利影响。 特此公告。 公司于 2025 年 7 月 17 日召开的第十届董事会第二十五次会议， 审议通过《关于聘任公司高级管理人员 ...

债券代码：149193.SZ 债券简称：20兴蓉01 关于成都市兴蓉环境股份有限公司 财务负责人发生变动的临时受托管理事务报告 债券简称：20 兴蓉 01 债券代码：149193.SZ 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二零二五年七月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》、成都市兴蓉环境股份有限公司（以下简称"发行人"或"公司"）就 存续公司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"） 及其它相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等， 由受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托 管理人"）编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资 料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 1 宋兴来，男，汉族，中共党员，1977 年生，会计专业，大学学历，高级会 计师。曾 ...