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》，发行人和簿记管理人定于 2025 年 7 月 21 日 15:00-18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档 结果确定本期债券的最终票面利率。 因簿记建档当日市场变化较为剧烈，经发行人、簿记管理人及其他簿记参与 方协商一致，现将簿记建档结束时间由 2025 年 7 月 21 日 18:00 延长至 2025 年 7 月 21 日 19:00。 关于延长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）簿记建档时间的公告 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。 资者公开发行科技创新公司债券（第一期）簿记建档时间的公告》之盖章页） 国泰海通证券股份有限公司 年 月 日 （本页无正文，为《关于延长成都市兴蓉环境股份有限公司 2025 年面向专业投 （本页无正文，为《关于延长成都市兴蓉 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

Group 1 - Minghe Investment recently conducted research on a listed company, Xingrong Environment, focusing on its new projects and ongoing construction progress [1] - Xingrong Environment has introduced several projects, including the Chengdu Xiwayan Reclaimed Water Plant and Chengdu Sludge Phase III Project, which are already operational [1] - The company is planning to launch the Chengdu Wanxing Environmental Power Plant (Phase III) project in 2026, with a gradual decrease in future capital expenditures and an emphasis on increasing dividend payouts [1] Group 2 - Minghe Investment, established in April 2010 with a registered capital of 10 million RMB, adheres to a "stable, long-term, and win-win" investment philosophy [2] - The company focuses on professional and standardized investment management services, supported by a robust research system and experienced management team [2] - Minghe Investment employs a partner management model, where core employees hold company shares and options, continuously improving incentive mechanisms [2]

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Viewpoints - The report highlights the ongoing promotion of a dual pricing system for heating, indicating that the reform of heating prices is continuously advancing. The centralized heating area in China has shown a growth trend, increasing from 8.309 billion square meters in 2017 to 11.549 billion square meters in 2023, with a compound annual growth rate of 5.6% [3][14] - The report emphasizes that the heating pricing mechanism is expected to be further streamlined with policy support, as local governments have initiated price adjustment policies in response to rising operational pressures on heating enterprises [3][24][25] Summary by Sections Market Performance - As of July 18, the environmental sector declined by 0.49%, underperforming the broader market, which saw the Shanghai Composite Index rise by 0.69% to 3534.48 [3][9] Industry Dynamics - The Central Urban Work Conference held on July 14-15 emphasized building green and low-carbon cities and improving urban biodiversity [29] - New national ecological standards for air quality monitoring were approved, set to be implemented on August 1, 2025 [31] Special Topic: Heating Price Reform - The report details the dual pricing system for heating, which combines a basic heating price and a metered heating price. The basic price can be set between 30%-60% of the total heating price, with encouragement for a 30% ratio in practice [22][24] - The total heating supply through hot water has increased from 2.765 billion gigajoules in 2014 to 3.63 billion gigajoules in 2023, with a compound annual growth rate of approximately 3.1% [17][19] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on quality operational assets in the water and waste incineration sectors. Key recommendations include companies like Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies such as Wangneng Environment and Junxin Co [3][46]

Group 1: Project Updates - The Chengdu Xiwayan Reclaimed Water Plant, Chengdu Sludge Phase III Project, and Qionglai Kitchen Waste Project have been put into operation in the first half of 2025 [2] - The Chengdu Water Supply Plant Phase III (remaining capacity of 40,000 tons/day) has entered trial operation, with other ongoing projects expected to be operational between 2025 and 2026 [2][3] Group 2: Pricing Mechanisms - The water supply pricing mechanism allows for adjustments based on national policies and agreements, requiring government approval after cost audits and hearings [3] - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 CNY/ton for the central urban area of Chengdu for the 2024-2026 period [3] Group 3: Waste-to-Energy Project - The Chengdu Wanxing Environmental Power Plant Phase III is under construction, with a waste processing capacity of 5,100 tons/day, sludge processing capacity of 800 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational by 2026 [3] Group 4: Accounts Receivable Management - The company has seen an increase in accounts receivable due to market expansion and is actively managing collections [4] Group 5: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding in Chengdu and surrounding areas while pursuing acquisitions to enhance resource integration and market presence [4] Group 6: Capital Expenditure and Dividends - Significant capital expenditures are expected due to multiple water supply and waste projects, with a gradual decrease anticipated as projects are completed and begin to generate returns [4] - The company is committed to increasing cash dividend ratios as major projects come online and capacity is released [4]

Market Overview - The Shanghai Composite Index rose by 0.37% on July 17, with 25 out of 28 sectors experiencing gains, led by defense and military industry (up 2.74%) and communication (up 2.41%) [2] - The banking and transportation sectors saw declines of 0.42% and 0.39%, respectively, with the environmental protection sector also among the top losers [2] Capital Flow Analysis - The net inflow of capital in the two markets reached 11.662 billion yuan, with 15 sectors experiencing net inflows [2] - The computer sector led with a net inflow of 5.202 billion yuan and a daily increase of 1.33%, followed by the electronics sector with a net inflow of 4.455 billion yuan and a daily increase of 2.18% [2] Environmental Protection Sector Performance - The environmental protection sector declined by 0.26%, with a net outflow of 631 million yuan, comprising 133 stocks, of which 59 rose and 67 fell [3] - Among the stocks with net inflows, Shijin Technology topped the list with a net inflow of 37.971 million yuan, followed by Shanghai Washba and Xingrong Environment with inflows of 35.862 million yuan and 23.160 million yuan, respectively [3] - The top stocks with net outflows included Huicheng Environmental (outflow of 218.1536 million yuan), Huahong Technology (outflow of 100.9985 million yuan), and Xuedilong (outflow of 63.9296 million yuan) [5] Environmental Protection Sector Capital Flow Rankings - **Top Inflow Stocks**: - Shijin Technology: +4.32%, 15.16% turnover, 37.971 million yuan inflow - Shanghai Washba: +4.93%, 7.20% turnover, 35.862 million yuan inflow - Xingrong Environment: -1.20%, 0.85% turnover, 23.160 million yuan inflow [4] - **Top Outflow Stocks**: - Huicheng Environmental: -1.75%, 3.59% turnover, -218.1536 million yuan outflow - Huahong Technology: -6.39%, 27.29% turnover, -100.9985 million yuan outflow - Xuedilong: -0.98%, 7.70% turnover, -63.9296 million yuan outflow [5]

证券代码：000598 证券简称：兴蓉环境 公告编号：2025-39 成都市兴蓉环境股份有限公司 关于高级管理人员变动的公告 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、高级管理人员变动情况 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。公司于2025年7月17日召开第十届 董事会第二十五次会议，审议通过了《关于聘任公司高级管理人员的 议案》，同意聘任宋兴来先生为公司副总经理（财务负责人），任期 自董事会审议通过之日起至第十届董事会任期届满之日止，具体详见 公 司 同 日 在 《 中 国 证 券 报 》 《 证 券 时 报 》 和 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《第十届董事会第二十五次会议决议公 告》（公告编号：2025-38）。本次高级管理人员变动系因工作调整， 目前已完成工作交接，本次变动不 ...

2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开的情况 1、会议召开的时间 证券代码：000598 证券简称：兴蓉环境 公告编号：2025-40 成都市兴蓉环境股份有限公司 2025 年第四次临时股东大会决议公告 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： 1、本次股东大会未出现否决提案的情形； （1）现场会议时间：2025 年 7 月 17 日（星期四）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为 2025 年 7 月 17 日上午 9:15—9:25，9:30—11:30，下 午 13:00－15:00；通过互联网投票系统（http://wltp.cninfo.com.cn）投 票的具体时间为 2025 年 7 月 17 日上午 9:15 至下午 15:00 期间的任意 时间。 2、现场会议召开地点：成都市武侯区锦城大道 1000 号成都市兴 蓉环境股份有限公司。 3、会议召开方式：现场投票和网络投票相结合的表决方式。 1 4、会议召集人：公司董事会 ...

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 14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 二十五次会议的通知。在保障董事充分表达意见的前提下，会议于 2025年7月17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： 证券代码：000598 证券简称：兴蓉环境 公告编号：2025-38 成都市兴蓉环境股份有限公司 第十届董事会第二十五次会议决议公告 因工作调整，赵璐女士辞去公司副总经理（财务负责人）职务， 经公司总经理提名，同意聘任宋兴来先生（简历附后）为公司副总经 理（财务负责人），任期自董事会审议通过之日起至本届董事会任期 届满之日止。 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公司董事会提名委员会和审计 委员会审议通过。 特此公告。 审议通过《关于聘任公司高级管理人员的议案》。 1 成都市兴蓉环境股份有限公司 董 ...

Group 1 - The company has decided to repurchase and cancel a total of 2,984,008,721 restricted stocks due to some incentive targets no longer qualifying for the incentive program [1] - The registered capital will be reduced correspondingly to 2,984,008,721 yuan following the stock repurchase and cancellation [1] - Creditors have the right to claim their debts or request corresponding guarantees within 30 days from receiving the notice, or 45 days from the announcement date if no notice is received [1] Group 2 - The announcement provides specific details for creditors on how to declare their claims, including the declaration location, time frame, and required materials [2] - The declaration period is set from July 18, 2025, to September 1, 2025, during working hours [2] - Required materials for claim declaration include original and photocopies of contracts, agreements, and relevant performance evidence [2]