累积投票制实施细则 （经第十一届董事会2025年第5次临时会议审议，需提交股东大会审批） 第一章 总则 第一条 为进一步完善中山公用事业集团股份有限公司（以下简称"公司"）法人 治理结构，规范公司董事的选举，保证所有股东充分行使权利，维护中小股东利益， 根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第1号—— 主板上市公司规范运作》《公司章程》及其他有关规定，特制定本细则。 第二条 本细则所称累积投票制，是指公司股东会在选举两名以上董事时，出席 股东会的股东所拥有的投票权等于其所持有的股份总数乘以应选董事人数之积。出席 会议股东可以将其拥有的投票权全部投向一位董事候选人，也可以将其拥有的投票权 分散投向多位董事候选人，获选董事按应选董事人数依次以得票较高者确定。除只有 一名董事候选人的情形外，单一股东及其一致行动人拥有权益的股份比例在30％及以 上的，应当采用累积投票制。 第三条 本实施细则所称的"董事"包括独立董事和股东代表出任的非独立董事， 由职工代表担任的董事由公司职工民主选举产生或更换，不适用于本实施细则的相关 规定。 第二章 累积投票原则 第三章 累积投票当选原则 第九条 根据应选 ...

中山公用事业集团股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召 开了第十一届董事会 2025 年第 5 次临时会议，审议通过了《关于修订<公司章程>的 议案》《关于制定、修订公司部分治理制度的议案》，公司结合实际情况，拟修订《公 司章程》及制定、修订公司相关治理制度。具体情况如下： 证券代码：000685 证券简称：中山公用 公告编号：2025-063 中山公用事业集团股份有限公司 关于修订《公司章程》及制定、修订 公司部分治理制度的公告 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。 本次修订《公司章程》事项尚需提交公司股东大会审议。同时提请股东大会授权 公司管理层或其授权代表办理《公司章程》的工商变更登记备案等相关事项，修订后 《公司章程》最终以工商登记机关核准的内容为准。 一、《公司章程》修订情况 根据《中华人民共和国公司法》《关于新〈公司法〉配套制度规则实施相关过渡 期安排》《上市公司章程指引》《深圳证券交易所股票上市规则》等有关法律法规和 规范性文件的规定，公司监事会的职权转由董事会审计委员会承接并行使。鉴于上述 调整结合公司实 ...

中山公用事业集团股份有限公司 《公司章程》修订对照表 修订依据：《公司法》（2023 年修订）《上市公司章程指引》（2025 年 3 月）《深圳证券交易所股票上市规则》（2025 年修订） 特别说明：1.根据新《公司法》的相关规定，拟将本制度或规则中涉及"股东大会"的表述统一规范为"股东会"。 2.公司不再设监事会和监事，监事会的职权由董事会审计委员会行使。 3.本次修订后相关章节及条款的序号同步调整，如有相互引用的其条款序号相应变化。 | | 原条款 | | 新条款 | | --- | --- | --- | --- | | 条目 | 条款内容 | 条目 | 条款内容 | | | 为维护公司、股东和债权人的合法权益，规范公 | 第一条 | 为维护中山公用事业集团股份有限公司（以下简称"公 | | | 司的组织和行为，充分发挥中国共产党的组织在公司 | | 司"）、股东、职工和债权人的合法权益，规范公司的组织和 | | | 的政治核心作用，根据《中华人民共和国公司法》（以 | | 行为，充分发挥中国共产党的组织在公司的政治核心作用，根 | | 第一条 | 下简称《公司法》）、《中华人民共和国证券法》（以 | ...

证券代码：000685 证券简称：中山公用 公告编号：2025-064 中山公用事业集团股份有限公司 关于召开 2025 年第 3 次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1.股东大会届次：2025年第3次临时股东大会 2.股东大会的召集人：董事会 3.本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规 则》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法律、行 政法规、部门规章、规范性文件及《公司章程》的有关规定。 4.会议时间： （1）现场会议时间：2025年12月30日15:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为2025年12月 30日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具 体时间为2025年12月30日9:15至15:00的任意时间。 5.会议的召开方式：现场表决与网络投票相结合。 6.会议的股权登记日：2025年12月23日 （1）在股权登记日持有公 ...

证券代码：000685 证券简称：中山公用 公告编号：2025-062 中山公用事业集团股份有限公司 第十一届董事会 2025 年第 5 次临时会议 决议公告 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。 一、董事会会议召开情况 中山公用事业集团股份有限公司（以下简称"公司"）第十一届董事会 2025 年 第 5 次临时会议于 2025 年 12 月 12 日（星期五）以通讯表决的方式召开，全体董事 签署了关于同意豁免第十一届董事会 2025 年第 5 次临时会议通知时间的意见。本次 出席会议的董事应到 8 人，实到 8 人，会议由董事长郭敬谊先生主持。会议通知及召 开程序符合《中华人民共和国公司法》和《公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 1.审议通过《关于修订<公司章程>的议案》 根据《中华人民共和国公司法》《关于新〈公司法〉配套制度规则实施相关过渡 期安排》《上市公司章程指引》等有关法律法规和规范性文件的规定，公司拟结合实 际情况修订《公司章程》。公司董事会提请股东大会授权公司经营管理层或其授权代 表办理工商变更登记备案等相关事 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].

中山公用（000685.SZ）12月5日在投资者互动平台表示，尊敬的投资者您好！公司通过新能源产业基金 对沐曦股份进行了投资。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司是否持有沐曦股份？或者是否跟沐曦有相 关合作？ （文章来源：每日经济新闻） ...

Core Viewpoint - Zhongshan Public Utility experienced a decline in stock price by 2.12% on December 2, with a current price of 11.99 CNY per share and a total market capitalization of 17.687 billion CNY [1] Financial Performance - For the period from January to September 2025, Zhongshan Public Utility reported a revenue of 3.143 billion CNY, a year-on-year decrease of 4.37%, while the net profit attributable to shareholders increased by 18.54% to 1.211 billion CNY [2] - The company has distributed a total of 4.529 billion CNY in dividends since its A-share listing, with 1.251 billion CNY distributed over the last three years [3] Stock Market Activity - As of November 20, 2025, the number of shareholders increased to 47,700, with an average of 26,271 circulating shares per shareholder, a decrease of 2.23% [2] - The stock has seen a year-to-date increase of 36.25%, with a slight decline of 1.64% over the last five trading days and a 1.32% decline over the last 20 days [1] Shareholder Composition - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 13.9863 million shares, a decrease of 2.1042 million shares from the previous period [3] - Other notable shareholders include Yinhua Wealth Theme Mixed A and Southern CSI 1000 ETF, both of which also saw reductions in their holdings [3] Business Overview - Zhongshan Public Utility, established on December 26, 1992, and listed on January 23, 1997, operates in various sectors including environmental water services, solid waste treatment, sanitation services, engineering construction, market operations, port passenger transport, financial services, and equity investment [1] - The main revenue sources are water supply and sewage treatment (37.07%), engineering installation (34.53%), sanitation and waste-to-energy (18.79%), and other services (9.32%), with a minimal contribution from the new energy sector (0.28%) [1]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. 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 [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation [22]. - The report emphasizes the importance of the new retail pricing mechanism in Sichuan's electricity market, which is expected to enhance the integration of commercial storage resources by virtual power plants [18][20]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, while the public utility index dropped by 4.33% and the environmental index decreased by 6.02% [15][25]. - Within the electricity sector, thermal power declined by 4.68%, hydropower by 1.44%, and renewable energy generation by 5.67% [15][26]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests focusing on water and waste incineration sectors, which are entering maturity with improved free cash flow, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [23]. - The report also points out the potential in the domestic waste oil recycling industry due to the EU's SAF blending policy, recommending companies like Shangaohuaneng [23]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for those in the public utility and environmental sectors [8].