Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving in tandem, which is expected to sustain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in nuclear energy [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. 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][25]. - The report suggests focusing on high-dividend hydropower stocks like Yangtze Power for their defensive attributes [4][25]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a reduction [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][24]. Key Company Predictions and Ratings - Companies such as Huadian International, Longyuan Power, and China Nuclear Power are highlighted with an "Outperform" rating, indicating strong future performance expectations [10][25]. - The report identifies significant investment opportunities in the environmental sector, particularly in waste management and renewable energy technologies [26][24].

去年来，中山公用环保水务、固废处理、新能源三大主业的生态协同效应显著释放。其中固废板块表现 亮眼，2024年该业务实现营业收入7.63亿元，同比增长达到32%。旗下焚烧厂处理生活垃圾138.25万 吨，发电量达5.69亿千瓦时，株洲垃圾焚烧项目移动供热业务成功落地，固废产业链进一步拓展，市场 竞争力进一步增强；中心城区"环卫一体化"入选市级改革案例，相关成果成功落地镇街。同时，中山公 用特别提出，在强化"固废+环卫"协同的基础上，未来将积极探索"固废处理+特色产业园"模式。 据了解，中山公用筹划扩大固废板块业务早有计划。2023年，中山公用已经与长青集团签订了《关于长 青环保能源(中山)有限公司、中山市长青环保热能有限公司股权并购框架协议》以及《关于长青环保能 源(中山)有限公司、中山市长青环保热能有限公司股权并购框架协议之补充协议》。鉴于交易双方在 《原协议》和《补充协议》有效期内未能就本次股权转让的关键问题达成一致意见。经友好协商，交易 双方不再另行签署延长有效期的协议，未来仍可能就相关事项进行接触。 中山公用表示，本次收购长青能源100%股权与长青热能100%股权的交易对价以评估结果为基础，经双 方协商 ...

证券代码：000685 证券简称：中山公用 公告编号：2025-047 中山公用事业集团股份有限公司 关于全资子公司受让长青环保能源（中山） 有限公司与中山市长青环保热能有限公司 100%股权的公告 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。 特别提示： 1.本次交易投资回报受宏观经济环境、监管政策、行业周期、投资标的经营管理 等多种因素影响，可能存在不能实现预期收益、标的资产估值等风险。 2.本次交易各方尚未正式签署协议，且后续尚需履行报中山市城市管理和综合执 法局的审批同意等程序，具体实施情况和进度上存在不确定性，公司将根据后续推进 情况及时披露进展，敬请广大投资者注意投资风险。 2025 年 7 月 25 日，中山公用事业集团股份有限公司（以下简称"公司"）召开 第十一届董事会 2025 年第 4 次临时会议，以 8 票同意，0 票反对，0 票弃权审议通过 了《关于全资子公司受让长青环保能源（中山）有限公司与中山市长青环保热能有限 公司 100%股权的议案》，公司下属全资子公司中山公用环保能源投资有限公司（以下 简称"公用环保能源"）与广东长青（集团） ...

证券代码：000685 证券简称：中山公用 公告编号：2025-046 中山公用事业集团股份有限公司 第十一届董事会 2025 年第 4 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 4 次临时会议于 2025 年 7 月 25 日（星期五）以现场结合通讯表决的方式召开，会 议通知及文件已于 2025 年 7 月 22 日以电子邮件、专人送达或电话通知等方式发出。 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 | 序号 | 授信银行 | 总体授信额度（亿元） | 用途 | | --- | --- | --- | --- | | 1 | 建设银行 | 11 | | 1 1.审议通过《关于向十三家银行申请授信额度的议案》 结合公司资金债务情况，为确保公司运营管理、项目建设和业务拓展等资金需求， ...

Group 1 - The company announced the resignation of its Vice President and Chief Financial Officer, Ms. Xu Bing, due to personal development reasons, effective immediately upon delivery of her resignation report to the board [2] - The board expressed gratitude for Ms. Xu's contributions during her tenure and confirmed that her departure would not impact the company's normal operations [2] - To ensure smooth financial management, the board appointed Ms. Zhou Feimei, the current board secretary, as the new Chief Financial Officer, who is familiar with the company's operations and possesses the necessary professional background [2][3] Group 2 - Ms. Zhou Feimei, born in February 1985, holds a Master's degree in Economics and has held various positions in investment and financial management, including roles at Zhongshan Transportation Development Group and Zhongshan Public Utilities [3] - Ms. Zhou does not hold any shares in the company and has no relationships with major shareholders or other board members, ensuring her independence in the new role [3] - She has not faced any regulatory sanctions or legal investigations, confirming her suitability for the position [3]

证券代码：000685 证券简称：中山公用 编号：2025-045 中山公用事业集团股份有限公司 关于变更高级管理人员的公告 本公司及董事会全体成员保证本公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、副总经理（财务负责人）辞职的情况 公司董事会于近日收到公司副总经理（财务负责人）许冰女士提交的书面辞职报 告。许冰女士由于个人发展原因申请辞去公司副总经理（财务负责人）职务。辞职后， 许冰女士将不再担任公司任何职务。 根据《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》 和《公司章程》的有关规定，许冰女士的辞职报告自送达公司董事会之日起生效，许 冰女士的离职不会对公司的正常运作产生影响。 许冰女士在公司任职期间，勤勉尽责、恪尽职守。截至公告披露日，许冰女士未 持有公司股份，公司及董事会对许冰女士在任期间为公司发展做出的贡献表示衷心的 感谢！ 二、董事会秘书兼任财务负责人的情况 董事会 二〇二五年七月二十三日 附件：个人简历 周飞媚，女，1985 年 2 月出生，中共党员，经济学硕士，高级经济师。曾任中山 市交通发展集团有限公司投资发展部副主任、投资运营部副主任（ ...

具体内容请见与本公告同日在《证券时报》《中国证券报》《证券日报》《上海 证券报》和巨潮资讯网（http://www.cninfo.com.cn/）披露的《关于变更高级管理 人员的公告》。 证券代码：000685 证券简称：中山公用 公告编号：2025-044 中山公用事业集团股份有限公司 第十一届董事会 2025 年第 3 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 3 次临时会议于 2025 年 7 月 23 日（星期三）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 3 次临时会议通知时间的意见。会议由 董事长郭敬谊先生主持，本次出席会议的董事应到 8 人，实到 8 人。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 审议通过《关于中山公用财务负责人岗位相关事宜的议案》 鉴于公司原副总经理（财务负责人）离职，为确保公司财务管理工 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Views - The report highlights the commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, focusing on power delivery and local consumption [1][15]. - The Gansu Provincial Development and Reform Commission has proposed a capacity price mechanism for power generation, setting a standard of 330 yuan per kilowatt per year starting January 1, 2026, for compliant coal power units and new energy storage [2][17]. - The report emphasizes the potential for stable profitability in coal-fired power generation due to synchronized declines in coal and electricity prices, recommending major coal power companies [3][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09%, while the public utility index fell by 1.37% and the environmental index by 0.49%, with relative returns of -2.46% and -1.58% respectively [1][14]. - In the electricity sector, coal-fired power decreased by 1.04%, hydropower by 2.13%, and new energy generation by 0.68%, while the gas sector saw a slight increase of 0.31% [1][25]. Important Policies and Events - The Yarlung Tsangpo River downstream hydropower project was officially launched on July 19, 2025, with a focus on five tiered power stations [1][15]. - The National Bureau of Statistics reported a 1.7% year-on-year increase in industrial power generation in June, with a total of 796.3 billion kilowatt-hours produced [1][16]. Investment Strategy - The report recommends several companies based on their sector performance: - Coal-fired power: Huadian International and Shanghai Electric [3][22]. - New energy: Longyuan Power and Three Gorges Energy, among others [3][22]. - Nuclear power: China Nuclear Power and China General Nuclear Power [3][22]. - Hydropower: Yangtze Power [3][22]. - Gas: China Resources Gas and Jiufeng Energy [3][22]. - Environmental: China Everbright Environment and Zhongshan Public Utilities [3][23]. Key Company Earnings Forecasts and Investment Ratings - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, all rated as "Outperform" [8]. For example, Huadian International has an EPS of 0.46 for 2024 and a PE of 11.7 [8]. Industry Key Data Overview - In June, the total industrial power generation reached 796.3 billion kilowatt-hours, with a year-on-year growth of 1.7% [1][48]. - The report notes that coal-fired power generation saw a 1.1% increase, while nuclear power generation grew by 10.3% [1][48]. Environmental Sector Insights - The report indicates that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and declining risk preferences among investors [3][23]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [3][23].

Group 1 - The company Zhongshan Public Utility Group Co., Ltd. will pay interest on its first phase of corporate bonds, named "23 Zhongshan K1," on July 14, 2025, with an interest rate of 2.95 yuan (including tax) per bond [1][2] - The interest payment for every 10 bonds will amount to 29.50 yuan (including tax), with the actual amount received by individual and investment fund bondholders being 23.60 yuan after tax deductions [2][3] - The record date for bondholders to receive the interest is July 11, 2025, and those who sell the bonds before this date will not be entitled to the interest payment [1][2] Group 2 - The bonds are rated AA+ and there is no specific debt rating for this bond issue [2] - The company will entrust China Securities Depository and Clearing Corporation Limited Shenzhen Branch to handle the interest payment process [2][3] - Tax regulations state that individual bondholders are subject to a 20% personal income tax on the interest earned, which will be withheld at the time of payment [3][4]

| 证券代码：000685 | 证券简称：中山公用 | | | 编号：2025-043 | | --- | --- | --- | --- | --- | | 债券代码：148375 | 债券简称：23 | 中山 | K1 | | 中山公用事业集团股份有限公司 2023 年面向专业投资者公开发行科技创新 公司债券(第一期)2025 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 2023 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：23 中山 K1，债券代码：148375，以下简称"本期债券"）将于 2025 年 7 月 14 日（因 2024 年 7 月 13 日为休息日，故顺延至其后的第一个工作日）支付 2024 年 7 月 13 日至 2025 年 7 月 12 日期间的利息 2.95 元(含税)/张。本次债券付息期的债权 登记日为 2025 年 7 月 11 日，凡在 2025 年 7 月 11 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；2025 年 7 月 ...