| 证券代码：000685 | 证券简称：中山公用 | | 编号：2026-008 | | --- | --- | --- | --- | | 债券代码：148605 | 债券简称：24 中山 | K1 | | 中山公用事业集团股份有限公司 2024 年面向专业投资者公开发行科技创新 公司债券（第一期）2026 年付息公告 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。 特别提示： 中山公用事业集团股份有限公司 2024 年面向专业投资者公开发行科技创新公司债券 (第一期)（债券简称：24 中山 K1，债券代码：148605，以下简称"本期债券"）将于 2026 年 2 月 26 日支付 2025 年 2 月 26 日至 2026 年 2 月 25 日期间的利息 2.63 元(含税)/张。 本次债券付息期的债权登记日为 2026 年 2 月 25 日，凡在 2026 年 2 月 25 日（含）前买入 并持有本期债券的投资者享有获得本次利息款的权利；2026 年 2 月 25 日(含）前卖出本期 债券的投资者不享有本次派发的利息。 一、债券基本情况 1.债券名称： ...

Investment Rating - The report maintains a positive outlook on the environmental industry, indicating an "Overweight" investment rating for the sector, suggesting it will outperform the overall market [2][11]. Core Insights - The environmental industry is experiencing a continuous differentiation in performance, with stable operational assets. The report anticipates steady growth in net profits for various segments in 2025, with specific companies showing significant year-on-year increases [2][3]. - Municipal water services are stable, benefiting from strategic expansions and water price adjustments, while the demand for sewage engineering is declining [2]. - The waste incineration sector is also stable, with operational improvements despite a slowdown in new projects and tenders. Different companies are experiencing varied profit growth due to factors like historical revenue recognition and depreciation [2][3]. - The sanitation market remains stable, with profit growth influenced by impairment and the introduction of automated sanitation orders [2]. - Equipment products are facing a widening performance gap due to varying impacts from downstream sectors, with some companies expected to see declines in net profit growth [2]. Summary by Segment Municipal Water Services - Overall operations are stable, with net profit growth expected to be steady in 2025. Key companies include: - Zhongshan Public Utilities: 2025 net profit expected to increase by 67% to 2,000 million [3]. - Jiangnan Water: 3% increase to 415 million [3]. - Xingrong Environment: 8% increase to 2,150 million [3]. - Hongcheng Environment: 1% increase to 1,200 million [3]. Waste Incineration - The sector is stable with operational improvements. Key companies include: - Green Power: 23% increase to 720 million [3]. - Hanlan Environment: 20% increase to 2,000 million [3]. - Junxin Co.: 49% increase to 800 million [3]. Sanitation - The market is stable, with profit growth influenced by impairment and automation. Key companies include: - Yingfeng Environment: 36% increase to 700 million [3]. - Yuhua Tian: 4% increase to 600 million [3]. Equipment Products - Performance varies significantly across companies. Key companies include: - Longjing Environmental: 32% increase to 1,100 million [3]. - Qinda Environmental: 88% increase to 175 million [3]. - Woton Technology: 26% increase to 250 million [3]. Investment Recommendations - Municipal Environmental: Stable profitability with improving cash flow and opportunities in environmental assets. Recommended companies include Zhongshan Public Utilities, Junxin Co., Hanlan Environment, and others [2]. - Automated Sanitation: Growth potential in the field of sanitation robots. Recommended companies include Yingfeng Environment and Yuhua Tian [2]. - Green Methanol and SAF: Benefiting from EU policies, with recommended companies including CIMC Anrui and others [2].

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].

Group 1 - The company successfully issued the second phase of ultra-short-term financing bonds for 2025 on August 7, 2025, with a total issuance amount of RMB 500 million and a maturity period of 180 days at a coupon rate of 1.69% [1] - The total amount of principal and interest paid on February 4, 2026, was RMB 504,167,123.29, which includes a principal repayment of RMB 500 million and interest of RMB 4,167,123.29 [1] - The payment was processed by the China Interbank Market Clearing House to the designated bank accounts of the bondholders [1] Group 2 - The announcement regarding the bond issuance and payment details can be found on the Shanghai Clearing House website and China Money website [2] - The board of directors of the company confirmed the authenticity and completeness of the announcement [1][3]

证券代码：000685 证券简称：中山公用 公告编号：2026-007 中山公用事业集团股份有限公司 董事会 （http://www.cninfo.com.cn/）的《关于2025年度第二期超短期融资券发行情况公告》 （公告编号：2025-048）。 2026年2月4日，公司已完成本期融资券的兑付工作，本息兑付总额共计人民币 504,167,123.29元，其中兑付本金500,000,000.00元、兑付利息4,167,123.29元。由银行 间市场清算所股份有限公司代理划付至债券持有人指定的银行账户。 本期融资券的兑付公告详见上海清算所网站（www.shclearing.com）和中国货币网 （www.chinamoney.com.cn）。 特此公告。 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。 中山公用事业集团股份有限公司（以下简称"公司"）于2025年8月7日成功发行了2025 年度第二期超短期融资券（债券简称：25中山公用SCP002，债券代码：012581882，以下 简称"本期融资券"），发行总额为人民币5亿元，发行期限为180天，票面利 ...

Summary of Zhongshan Public Utilities Conference Call Company Overview - Zhongshan Public Utilities is set to release its first earnings forecast for 2025, indicating a significant growth potential due to prior investment strategies and a recent water price adjustment effective February 1, 2025 [2][3]. Key Points Financial Performance - The company anticipates a net profit attributable to shareholders between CNY 1.798 billion and CNY 2.158 billion for 2025, representing a year-on-year growth of 50% to 80% [3]. - The stock price has surpassed net asset value for the first time, marking a historic achievement [3]. - The new water pricing is expected to positively impact revenue, with a projected increase of 26% [6]. Investment Strategy - Zhongshan Public Utilities has a history of strategic investments, including early investments in Guangfa Securities and the establishment of industrial and renewable energy funds [2][3]. - The company has invested in 28 projects through its renewable energy fund, with plans to continue expanding over the next two years [11]. - The focus on financial returns from investments is emphasized, with exit strategies primarily through IPOs [4][5]. Water Supply and Waste Management - The company currently holds a 94% share of the city's water supply, expected to increase to 96% by the end of 2027, indicating a near-saturation point [6]. - The waste incineration segment is projected to contribute approximately CNY 180 million in profit in 2026, with the Changqing project contributing around CNY 50-60 million [7][8]. Dividends and Cash Flow - The company plans to maintain a 30% dividend payout ratio, considering profit performance and improvements in operating cash flow [14]. - Accounts receivable pressure is primarily concentrated in the drainage sector, while cash flow from the water supply business remains strong [15]. Engineering and Project Management - The engineering segment is expected to see a decline in revenue due to the completion of municipal projects, with a focus on maintaining its contribution to around 20% of total revenue [9][10]. - The net profit margin for the engineering segment is approximately 3%, which is higher than many state-owned enterprises [11]. Future Outlook - The company is committed to pursuing mergers and acquisitions in the solid waste sector, targeting a return on equity of over 10% [8]. - There are plans to enhance capital operations and mergers and acquisitions as part of the "14th Five-Year Plan" strategy, with a focus on public utilities, technology, and capital [11]. Regulatory and Market Considerations - The company is exploring the possibility of increasing residential wastewater treatment fees to improve cash flow, following successful models from other regions [16]. Additional Insights - The company is in a strong position to leverage its investments and operational efficiencies to drive future growth, with a clear focus on maintaining a balance between financial returns and strategic development in public utilities [2][11].

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Performance Forecast - The company expects a positive net profit for the year 2025, with an anticipated increase of over 50% compared to the previous year [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] Communication with Auditors - The performance forecast has not undergone preliminary auditing by the accounting firm, but initial discussions have taken place without any disagreements [1] Reasons for Performance Change - The company demonstrates strong resilience in a complex and competitive external environment by adjusting its industry and resource structure, implementing refined operational management, and leveraging forward-looking fund investments to enhance core business value and profit margins [1]

Group 1 - The company expects a positive net profit for the year 2025, with an increase of over 50% compared to the previous year [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The company has communicated with the accounting firm regarding the performance forecast, and there are no discrepancies between the two parties [1] Group 2 - The company attributes its performance growth to strong resilience in a complex and competitive external environment, along with strategic adjustments in industry and resource structure [1] - The implementation of refined operational management and forward-looking investment strategies has effectively enhanced profit margins [1]