证券研究报告 | 2026年03月23日 2026年03月24日 公用环保 202603 第 4 期 优于大市 辽宁建立核电可持续发展价格结算机制，2026 年 1-2 月份全社会用电量同比增 长 6.1% 市场回顾：本周沪深 300 指数下跌 2.19%，公用事业指数下跌 2.35%，环 保指数下跌 5.59%，周相对收益率分别为-0.17%和-3.41%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 4 和第 23 名。电力板 块子板块中，火电下跌 1.78%；水电下跌 0.85%，新能源发电下跌 1.39%； 水务板块下跌 3.70%；燃气板块下跌 1.42%。 重要事件：辽宁发改委印发《关于 2026 年辽宁省核电机组参与电力市场化 交易有关事项的通知》。辽宁发改委印发《关于 2026 年辽宁省核电机组 参与电力市场化交易有关事项的通知》，提出通过建立核电可持续发展 价格结算机制，推动核电机组平稳入市。具体而言，核电参与市场交易 后，在市场外建立差价结算机制，差价结算费用暂纳入系统运行费用， 专题研究：主要碳排放国家减排政策梳理。世界主流大国对碳减排的态度各 异，呈现出差异化发展态势。 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 中山公用事业集团股份有限公司（以下简称"公司"）分别于2024年9月23日、 2024年10月24日召开2024年第4次临时董事会会议和2024年第2次临时股东大会，审议 通过了《关于拟注册发行超短期融资券和中期票据的议案》，同意公司向中国银行间 市场交易商协会（以下简称"交易商协会"）申请注册发行总额度不超过人民币20亿 元（含20亿元）的超短期融资券和总额度不超过人民币30亿元（含30亿元）的中期票 据。具体内容详见公司于2024年9月24日在巨潮资讯网（http://www.cninfo.com.cn/） 披露的《关于拟注册发行超短期融资券和中期票据的公告》（公告编号：2024-037）。 2025年5月19日公司获得交易商协会签发的《接受注册通知书》（中市协注〔2025〕 SCP132号），决定接受公司超短期融资券注册，注册金额为20亿元，注册额度自通知 书落款之日起2年内有效。具体内容详见公司于2025年5月21日在巨潮资讯网 （http://www.cninfo.com.cn/）披露的《关于超短期融资券 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 光大环境 25 年业绩&分红大增；龙净环保 25 年业绩大增 34%还原减值影响增速更快 增持（维持） [投资要点 Table_Summary] 2026 年 03 月 23 日 证券分析师 袁理 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% 2025/3/24 2025/7/22 2025/11/19 2026/3/19 环保 沪深300 相关研究 《垃圾焚烧稀缺绿电，现金流&绿色 价值大增，SAF 级 UCO 价格持续抬 升》 2026-03-16 《2026 年政府工作报告学习：加快推 动全面绿色转型，构建新型电力系统 发展未来能源》 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 2026-03-10 东吴证券研究所 1/33 请务必阅读正文之后的免责声明部分 [Tabl ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][8]. Core Insights - The report highlights China's commitment to sustainable energy development through its participation in the "Triple Nuclear Energy Declaration," which aims to triple global nuclear energy capacity by 2050 [2][15]. - The "14th Five-Year Plan" outlines significant goals for the public utility and environmental sectors, including a 25% share of non-fossil energy consumption by 2030 and a reduction of carbon emissions per unit of GDP by 17% over five years [17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.19%, while the public utility index increased by 3.07% and the environmental index by 0.79%, with respective relative returns of 2.88% and 0.60% [1][14]. - Within the electricity sector, new energy generation surged by 10.84%, while thermal and hydroelectric power saw increases of 1.97% and 1.58%, respectively [1][25]. Important Events - China joined the "Triple Nuclear Energy Declaration" at the second Nuclear Energy Summit in Paris, emphasizing international cooperation for sustainable nuclear energy development [2][15]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy, due to supportive national policies for renewable energy [4][22]. - The report suggests focusing on stable dividend-paying hydropower stocks like Yangtze Power and companies involved in gas trading like Jiufeng Energy [4][22]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.8 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an EPS forecast of 0.75 for 2024 and a PE of 24.3 [8]. - Recommendations extend to environmental firms like China Everbright Environment and Shanghai Industrial Holdings, which are seen as stable investment opportunities [23].

证券代码：000685 证券简称：中山公用 公告编号：2026-010 中山公用事业集团股份有限公司 关于控股股东拟通过公开征集转让方式协议 转让公司部分股份的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 重要内容提示： 1.中山公用事业集团股份有限公司（以下简称"公司"或"中山公用"）控股股 东中山投资控股集团有限公司（以下简称"中山投控"）拟通过公开征集转让方式协 议转让其持有公司的 73,755,567 股，占目前公司总股本的 5%。 2.本次公开征集转让不会导致公司控股股东及实际控制人发生变更。 3.在完成公开征集转让程序前，本次公开征集转让的受让方存在不确定性。在本 次公开征集规定的期限内（自 2026 年 3 月 17 日至 2026 年 3 月 30 日止），是否能够 征集到符合条件的意向受让方存在不确定性。 4.本次公开征集转让确定受让方并签订股份转让协议后，须按照规定程序呈报相 关国有资产监督管理机构审核批准方可实施，能否获得相关国有资产监督管理机构的 批准及本次公开征集转让能否实施完成存在不确定性。 公司于 2026 年 3 月 12 ...

Investment Rating - The report maintains a positive outlook on the public utility and environmental protection sectors, indicating a favorable investment environment for these industries [1]. Core Insights - The report highlights the implementation of the "14th Five-Year Plan" focusing on the construction of a new energy system, emphasizing the integration of various energy sources such as wind, solar, hydro, and nuclear power [3][6]. - It notes the recent slight decline in global gas prices due to geopolitical tensions affecting LNG supply, particularly from Qatar, while also mentioning the stable domestic supply in the U.S. [14][20]. - The report provides specific investment recommendations across various sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, reflecting a diversified approach to energy investments [12][34]. Summary by Sections 1. Electricity - The "14th Five-Year Plan" emphasizes the construction of a new energy system, promoting non-fossil energy sources and setting ambitious installation targets for nuclear, offshore wind, and pumped storage by 2030 [3][7]. - The plan aims to enhance the efficiency and resilience of the power system, optimize energy flow, and accelerate the development of smart grids and new energy storage solutions [6][8]. 2. Gas - The report discusses the impact of ongoing Middle Eastern tensions on global gas prices, with specific price data indicating fluctuations in various markets, including a 10.27% increase in U.S. Henry Hub spot prices [14][15]. - It highlights the current state of LNG prices in Northeast Asia, which have decreased by 13.33% recently, while also noting the overall supply constraints due to geopolitical factors [28][32]. 3. Weekly Market Review - The public utility, electricity, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the reporting period, while the gas sector lagged behind [36]. 4. Company and Industry Dynamics - The report mentions recent developments in energy safety and the approval of new energy storage projects in Inner Mongolia, indicating ongoing investments in energy infrastructure [39][42]. - It also highlights significant projects such as the completion of the first unit of the "Hualong One" nuclear power plant in Zhejiang, marking a milestone in China's nuclear energy development [45][46].

Investment Rating - The report maintains a positive outlook on the energy sector, particularly in the context of the new energy system construction outlined in the 14th Five-Year Plan [3][7]. Core Insights - The 14th Five-Year Plan emphasizes the construction of a new energy system, promoting a multi-energy approach including wind, solar, hydro, and nuclear power, with specific capacity targets set for 2025 and 2030 [3][8]. - Natural gas prices have shown slight declines due to easing panic premiums and geopolitical tensions affecting supply, with various price metrics reflecting this trend [16][22]. - The report identifies several investment opportunities across different energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [13][36]. Summary by Sections 1. Electricity - The 14th Five-Year Plan outlines a comprehensive strategy for carbon emission control and the development of a new energy infrastructure, focusing on the integration of various energy sources [3][7]. - Specific targets for nuclear power, offshore wind, and pumped storage have been established, aiming for significant capacity increases by 2030 [8][9]. 2. Natural Gas - Ongoing geopolitical tensions have impacted LNG supply from Qatar, leading to fluctuations in global gas prices, with recent data showing a decrease in prices across various markets [16][22]. - The report highlights the importance of U.S. domestic supply and demand dynamics, noting that the U.S. has reached its LNG export capacity limit, which contributes to price stability [16][30]. 3. Weekly Market Review - The report indicates that the utility, electricity, and environmental sectors have outperformed the Shanghai and Shenzhen 300 index, while the gas sector has underperformed [39]. 4. Company and Industry Dynamics - Recent developments include the approval of new energy projects and the establishment of safety protocols in energy production, emphasizing the importance of safety in the energy sector [42][45]. - The report mentions significant projects in renewable energy, including the construction of large-scale wind and solar facilities, which are expected to contribute to the energy transition [46][48].

证券代码：000685 证券简称：中山公用 公告编号：2026-009 中山公用事业集团股份有限公司 关于控股股东拟通过公开征集转让方式 协议转让公司股份的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 主要内容提示： 1.中山公用事业集团股份有限公司（以下简称"公司"或"中山公用"）控股股 东中山投资控股集团有限公司（以下简称"中山投控"）拟通过公开征集转让方式协 议转让其持有公司的 73,755,567 股，占目前公司总股本的 5%。 2.本次公开征集转让不会导致公司控股股东及实际控制人发生变更。 截至本公告披露日，中山投控持有公司 718,878,206 股股份，占目前公司总股本 的 48.73%。本次转让完成后，公司控股股东和实际控制人不会发生变更。 本次公开征集转让尚需取得国有资产监督管理部门等相关机构审批通过方可实 施，能否获得国有资产监督管理部门的批准及批准时间具有不确定性；本次股份转让 事项需经国有资产监督管理部门审批通过后方可公开征集受让方，在完成公开征集受 让方程序前，本次公开征集转让的受让方存在不确定性。 公司将与中山投控保持密 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][7]. Core Insights - The 2026 government work report and the "14th Five-Year Plan" outline a push towards a clean, low-carbon, safe, and efficient energy system, aiming for a total energy production capacity of 5.8 billion tons of standard coal by 2026 [1][14]. - The report highlights the importance of integrating renewable energy sources and emphasizes the need for a comprehensive green transition [1][14]. - The eight major computing power hubs are identified as key areas for direct green electricity connections, driven by national policies [2][15]. Summary by Sections Investment Strategy - Coal and electricity prices are expected to decline simultaneously, maintaining reasonable profitability for thermal power companies, with recommendations for Huadian International and Shanghai Electric [3][24]. - Continuous government support for renewable energy is anticipated to stabilize profitability in the sector, recommending leading companies like Longyuan Power and Three Gorges Energy [3][24]. - Nuclear power companies are expected to maintain stable profitability, with recommendations for China National Nuclear Power and China General Nuclear Power [3][24]. - High-dividend hydropower stocks are highlighted for their defensive attributes, recommending Changjiang Power [3][24]. - The report suggests focusing on environmental protection opportunities in water and waste incineration sectors, recommending companies like China Everbright Environment and Shanghai Industrial Holdings [3][25]. Market Performance - The public utilities index increased by 3.42% while the environmental index decreased by 1.41%, with public utilities ranking 3rd among 31 industry sectors [1][26]. - In the electricity sector, thermal power rose by 3.41%, hydropower by 4.73%, and renewable energy by 3.36% [1][27]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.6 [7]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 in 2024 and a PE ratio of 23.5 [7]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 20.9 [7]. - Changjiang Power (600900.SH) is rated "Outperform" with an expected EPS of 1.33 in 2024 and a PE ratio of 20.5 [7].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides various investment recommendations for specific sectors and companies within the energy and environmental sectors. Core Insights - The "14th Five-Year Plan" emphasizes a dual control system for carbon emissions, focusing on low-carbon development and the promotion of non-fossil energy sources [5][8][9]. - The ongoing geopolitical tensions in the Middle East have led to a sharp increase in natural gas prices, particularly affecting Europe and Asia, with significant price fluctuations observed [13][22][36]. - The report outlines several investment opportunities across different energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [11][12][38]. Summary by Sections 1. Power Sector - The "14th Five-Year Plan" introduces a dual control system for carbon emissions, aiming for carbon peak and neutrality, and emphasizes the development of non-fossil energy sources [5][8][9]. - Key tasks include accelerating the transition to green energy, promoting low-carbon technologies, and enhancing resource management [10]. 2. Gas Sector - The Middle East tensions have caused a rapid increase in gas prices, with significant weekly changes noted in various markets, such as a 116.35% increase in Northeast Asia LNG prices [13][22][36]. - The report highlights that the current geopolitical situation has led to a more abrupt price increase compared to previous cycles, with a potential for shorter duration [36]. 3. Investment Recommendations - Thermal Power: Recommended companies include Datang Power A+H and JianTou Energy, particularly in regions with high computational demand [11][12]. - Hydropower: Companies like Guotou Power and Changjiang Power are favored due to expected improvements in financial metrics [12]. - Nuclear Power: Focus on China National Nuclear Power and China General Nuclear Power, with a projected increase in approved units [12]. - Green Energy: Companies such as Xintian Green Energy and Longyuan Power are recommended as new energy market rules enhance project stability [12]. - Natural Gas: Companies like Kunlun Energy and China Gas are highlighted for their potential in a favorable pricing environment [12][38].