证券日报网讯中山公用11月18日在互动平台回答投资者提问时表示，截至2025年11月10日，公司股东总 户数46666户。 （文章来源：证券日报） ...

证券研究报告 | 2025年11月17日 公用事业与环保行业 2026 年投资策略 优于大市 能源变革持续推进，清洁能源&环保兼具成长与公用事业属性 核电：市场化电价下降压制业绩，广东核电电价触底反弹，新型核电发展势 头强劲。2025 年前三季度，核电行业受市场化电价下降影响，盈利能力有所 下降。核电行业有序发展，发电量与装机容量同步提升；核准常态化，年内 核准 10 台机组。10 月 21 日，广东公布 2026 年电力交易关键机制和参数， 取消核电变动成本补偿机制，核电市场化电价触底反弹。核能利用三步走行 至中场，四代核电钠冷快堆商业堆完成初步设计，落地在即；核聚变关注度 提升，实现商业化确定性已浮现。 燃气：国内天然气供需偏宽松，全球天然气供给持续增加。年内天然气消费 需求相对疲弱，1-9 月天然气表观消费量 3177.5 亿立方米，同比下降 0.2%； 天然气供应整体充足，对外依存度下降。2025 年中美关税战导致 3 月起我国 停止进口美国 LNG，短期内暂无大规模恢复进口的迹象。展望 2026 年，国产 气供给继续增长，非常规气贡献边际增量；全球天然气市场进入供应扩张期， 海外气价有望进入下行通道 ...

证券研究报告 | 2025年11月17日 公用事业与环保行业 2026 年投资策略 优于大市 能源变革持续推进，清洁能源&环保兼具成长与公用事业属性 电力：统一电力市场加快构建，推动新能源高质量发展。统一电力市场基本 规则以《电力市场运行基本规则》为基础，电力中长期、现货、辅助服务规 则为主干，市场注册、计量结算、信息披露规则为支撑的"1+6"基础规则 体系基本建立，多品种、多功能电力市场体系初步形成，现货市场基本实现 全覆盖。市场决定的电力机制不断完善，推动新能源上网电价全面由市场交 易决定。2025 年 1 月 27 日，国家发改委、国家能源局发布《关于深化新能 源上网电价市场化改革 促进新能源高质量发展的通知》，明确推动新能源 上网电价全面由市场形成，建立健全支持新能源高质量发展的制度机制。 火电：加速转型调节电源，煤价上行有望支撑长协电价。随着能源结构转型， 新能源发电比例持续提高，电力负荷创新高，电网对调节性电源需求增加， 以及市场化交易水平提高，火电转型加速，调节性、保障性功能加强，容量 电价和辅助服务收入增加，盈利模式周期性减弱。2026 年煤电容量电价有望 进一步提升，促进煤电盈利趋稳。202 ...

证券研究报告 | 2025年11月17日 公用事业与环保行业 2026 年投资策略 优于大市 能源变革持续推进，清洁能源&环保兼具成长与公用事业属性 电力：统一电力市场加快构建，推动新能源高质量发展。统一电力市场基本 规则以《电力市场运行基本规则》为基础，电力中长期、现货、辅助服务规 则为主干，市场注册、计量结算、信息披露规则为支撑的"1+6"基础规则 体系基本建立，多品种、多功能电力市场体系初步形成，现货市场基本实现 全覆盖。市场决定的电力机制不断完善，推动新能源上网电价全面由市场交 易决定。2025 年 1 月 27 日，国家发改委、国家能源局发布《关于深化新能 源上网电价市场化改革 促进新能源高质量发展的通知》，明确推动新能源 上网电价全面由市场形成，建立健全支持新能源高质量发展的制度机制。 火电：加速转型调节电源，煤价上行有望支撑长协电价。随着能源结构转型， 新能源发电比例持续提高，电力负荷创新高，电网对调节性电源需求增加， 以及市场化交易水平提高，火电转型加速，调节性、保障性功能加强，容量 电价和辅助服务收入增加，盈利模式周期性减弱。2026 年煤电容量电价有望 进一步提升，促进煤电盈利趋稳。202 ...

Q&A 请介绍一下中山公用 2025 年第三季度的财务和运营情况。 中山公用 20251111 摘要 中山公用通过并购株洲金利亚等项目，获得了长期稳定的现金流和利润 回报，新能源板块通过光伏资产布局和产业基金投资，预计在 2025 年 估值提升显著，增强了财务收益。 广发证券作为中山公用的重要资产，盈利能力持续提升，行业排名从 2023 年的第六名上升至 2024 年的第五名，预计 2025 年 ROE 将有较 大提升，公司将继续持有并可能战略性增持。 长青集团固废收购项目预计 11 月底完成并表，将增强公司在垃圾焚烧 领域的业务实力。公司团队已覆盖 85%的行业内潜在交易机会，未来将 有节奏地推进垃圾焚烧赛道的投资并购。 水价调整流程已完成，预计 12 月开始执行新价格，2026 年全年将按新 价格运行，这将提升水务板块的盈利能力和 ROE 水平。目前公司综合融 资成本约为 2.8%，正考虑优化评级以降低成本。 公司未来权益投资将围绕主业进行实业投资并购，特别是在垃圾焚烧赛 道，并通过基金投资于战略新兴产业和未来产业，如集成电路、机器人 等。 中山公用在 2025 年第三季度的表现总体良好。公司在 2021 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][9]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [1][15]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [11][27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71%, with respective relative returns of 1.60% and 1.89% [1][14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [1][30]. Important Events - The State Council announced the "Ecological Environment Monitoring Regulations," aimed at establishing a modern ecological monitoring system [1][15]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in the use of thorium-based molten salt reactors [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [3][27]. - The report suggests investing in leading renewable energy firms such as Longyuan Power and Three Gorges Energy, as well as companies involved in offshore wind energy [3][27]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes in a declining interest rate environment [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are recommended due to their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and a PE ratio of 10.3 [5][9]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and a PE ratio of 22.9 [9]. - Other recommended companies include Guangxi Energy, Funiu Co., and Zhongmin Energy, all rated "Outperform" [9][27].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [5][11]. Core Insights - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utilities and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector, particularly in companies like Longyuan Power and Three Gorges Energy, as well as in nuclear power and hydropower sectors [3][27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utilities index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The State Council announced the "Ecological Environment Monitoring Regulations," aimed at establishing a modern ecological monitoring system [15][17]. - A significant achievement in nuclear technology was reported with the successful conversion of thorium-uranium nuclear fuel at a molten salt reactor [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests focusing on companies in the renewable energy sector, including Longyuan Power and Three Gorges Energy, as well as nuclear power operators like China Nuclear Power and China General Nuclear Power [3][27]. - For the environmental sector, it recommends companies like China Tianying and Guangda Environment, which are positioned well in the mature water and waste incineration markets [27]. Fund Holdings Analysis - As of Q3 2025, the public utilities and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The total market value of holdings in the electricity sector was 42.276 billion yuan, down 30.82% from the previous quarter [17]. - The report identifies the top five companies with increased fund holdings in the electricity sector, including JinkoSolar and Longyuan Power [17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for key companies, including Huadian International with a projected EPS of 0.49 yuan for 2024 and a PE ratio of 10.3 [5]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated "Outperform" [9][5].

Core Viewpoint - Zhongshan Public Utilities aims to become a leading provider of environmental and resource solutions in China, focusing on dual-core development in environment and resources, and driven by capital and technology [1] Group 1: Business Focus - The company is engaged in businesses related to environmental water services, solid waste treatment, and green energy [1] - Zhongshan Public Utilities emphasizes the importance of capital and technology as dual drivers for its development strategy [1] Group 2: Strategic Goals - The company is committed to providing comprehensive solutions in the environmental and resource sectors [1]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][11]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The "Ecological Environment Monitoring Regulations" were signed into law, aiming to establish a modern ecological monitoring system [15][17]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in thorium-uranium fuel technology [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests investing in leading renewable energy firms like Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind power companies [3][27]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are highlighted for their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and 0.81 yuan for 2025 [9]. Fund Holdings Analysis - As of Q3 2025, the public utility and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The electricity sector accounted for 55 of these stocks, with a total market value of 42.276 billion yuan, down 30.82% from the previous quarter [17]. Environmental Sector Insights - The water and waste incineration industries are entering a mature phase, with improved free cash flow and declining risk-free rates [27]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [27].

公司发布的三季报数据显示，前三季公司共实现营业收入31.43亿元，同比下降7.04%，实现净利润 12.11亿元，同比增长18.11%，基本每股收益为0.8300元，加权平均净资产收益率6.90%。 证券时报·数据宝统计，截至发稿，中山公用收盘价为12.01元，上涨0.08%，本期筹码集中以来股价累 计下跌9.36%。具体到各交易日，5次上涨，10次下跌。 融资融券数据显示，该股最新（11月7日）两融余额为6.98亿元，其中，融资余额为6.97亿元，本期筹码 集中以来融资余额合计减少3892.61万元，降幅为5.29%。 中山公用11月10日披露，截至10月31日公司股东户数为49005户，较上期（10月20日）减少12593户，环 比降幅为20.44%。 机构评级来看，近一个月该股获1家机构买入评级。预计目标价最高的是中信建投，11月2日中信建投发 布的研报给予公司目标价15.00元。（数据宝） （文章来源：证券时报网） ...