Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [1][5][7] Core Views - The report highlights the ongoing pilot projects for the new power system initiated by the National Energy Administration, focusing on innovative technologies and models [2][14] - It emphasizes the growth in exports of industrial-grade mixed oil (UCO) in April 2025, with a year-on-year increase of 7.46% in volume and a 21.01% increase in average price [3][15] - The report suggests that coal and electricity prices are declining simultaneously, which may help maintain reasonable profitability for thermal power [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the public utility index fell by 0.13% and the environmental index increased by 0.46% [1][19] - Within the electricity sector, thermal power decreased by 0.97%, hydropower by 1.47%, and new energy generation by 0.45% [1][19] Important Events - The National Energy Administration is conducting pilot projects for a new power system, focusing on advanced technologies and models [2][14] Special Research - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), with an average export price of $1,069.34 per ton [3][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 [3][18] - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [3][18] Key Company Earnings Forecasts and Investment Ratings - Several companies are rated "Outperform," including Huadian International, Shanghai Electric, Longyuan Power, and China Nuclear Power [7][18] Industry Dynamics - The report notes that the overall electricity generation in April 2025 was 711.1 billion kWh, with a year-on-year growth of 0.9% [45] - The total installed power generation capacity reached 3.49 billion kW, a year-on-year increase of 15.9% [76]

证券代码：000685 证券简称：中山公用 编号：2025-040 鉴于交易双方最终未能就本次交易事项达成一致意见。基于审慎考虑并经交易双 方友好协商，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。具体内容详见公司于 2024 年 5 月 30 日在《中国证券报》、《证券时报》、《证 券日报》和巨潮资讯网（http://www.cninfo.com.cn/）披露的《关于股权并购事项 的进展公告》（公告编号：2024-021） 中山公用事业集团股份有限公司 关于股权并购事项的进展公告 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： 本次股权并购事项暂处于协商谈判阶段，公司尚未与交易对方签署正式股权转让 协议，所涉及的具体事项包括交易金额等尚需双方另行签订正式的股权转让协议确定。 正式协议能否签订取决于后续的尽职调查及根据审计、评估结果进行的进一步协商谈 判，以及履行必要的决策和批准程序，因此该事项存在较大不确定性，敬请广大投资 者注意投资风险。 一、股权并购事项概况 2023 年 6 月 30 日，中山公用事业集团股份有限公司（ ...

证券代码：000685 证券简称：中山公用 公告编号：2025- 039 中山公用事业集团股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会不存在涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开的时间： （1）现场会议：2025 年 6 月 5 日（星期四）下午 15:00 开始； （2）网络投票：网络投票系统包括深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）。通过交易系统进行网络投票的时间为2025年6月5日 （星期四）9:15-9:25,9:30-11:30和13:00-15:00；通过互联网投票系统进行网络投票的 时间为2025年6月5日（星期四）上午9:15-下午15:00期间的任意时间。 2.会议召开的地点：中山市兴中道 18 号财兴大厦北座六楼会议室。 3.会议表决的方式：采用现场表决与网络投票相结合的方式。 1 出席本次股东大会现场会议及网络 ...

广东君信经纶君厚律师事务所 关于中山公用事业集团股份有限公司 2024 年年度股东大会 的 2025 年 6 月 法律意见书 法律意见书 地址：广东省广州市天河区珠江东路 6 号 周大福金融中心 42 层、65 层 电话：（8620）85608818 关于中山公用事业集团股份有限公司 2024 年年度股东大会的法律意见书 广东君信经纶君厚律师事务所（以下简称"本所"）接受中山公用事业集团股份有 限公司（以下简称"公司"）的委托，指派郑海珠律师、胡源律师（以下简称"本所律 师"）出席并见证了公司 2025 年 6 月 5 日召开的 2024 年年度股东大会（以下简称"本 次股东大会"），本所律师依据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东 会规则》（以下简称"《股东会规则》"）、《深圳证券交易所股票上市规则》等中国 现行法律、法规和其他规范性法律文件以及《中山公用事业集团股份有限公司章程》 （以下简称"《公司章程》"）和《中山公用事业集团股份有限公司股东大会议事规则》 （以下简称"《股东大会议事规则》"）的有关规定，就本次股东大会的 ...

Meeting Overview - The company will hold the 2024 Annual General Meeting (AGM) on June 5, 2025, at 15:00 [1] - The meeting will combine on-site voting and online voting through the Shenzhen Stock Exchange trading system and internet voting platform [2][3] Voting Process - Shareholders can vote online during specified time slots on June 5, 2025, from 9:15 to 15:00 [1][2] - All ordinary shareholders registered by the end of the registration date are entitled to attend and vote [2][3] Meeting Agenda - The agenda includes the review of the board's work report and the independent directors' work report, which have been approved by the board and supervisory committee [2][3] - Related shareholders must abstain from voting on certain proposals to ensure compliance with regulations [2] Registration Details - Shareholders can register for the meeting in person or via mail, email, or fax, providing necessary documentation [3][4] - Specific requirements for registration differ for corporate and individual shareholders [4] Online Voting Instructions - Detailed procedures for participating in online voting are provided, including the need for identity verification [5] - The voting process allows shareholders to express their opinions on various proposals, with specific rules for handling duplicate votes [5] Supporting Documents - Attachments include the detailed online voting process and the shareholder registration form [5][6]

证券代码：000685 证券简称：中山公用 公告编号：2025-038 中山公用事业集团股份有限公司 关于召开 2024 年年度股东大会的 提示性公告 1.股东大会届次：2024年年度股东大会。 2.股东大会的召集人：中山公用事业集团股份有限公司董事会，本次会议审议的 议案经第十一届董事会第二次会议、公司第十一届监事会第二次会议审议通过后提交， 程序合法，资料完备。 3．本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文件、 深交所业务规则和公司章程等的规定。 4．会议召开的日期、时间： （1）现场会议召开日期和时间：2025年6月5日（星期四）下午15:00 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5月13日在《中 国证券报》《证券时报》《证券日报》 《上海证券报》以及巨潮资讯网 （http://www.cninfo.com.cn/）披露了《关于召开2024年年度股东大会的通知》。 由于本次股东大会采取现场投票与网络投票相结合的方式，还将通过深圳证券交 易所交易系统和互联网向社会公 ...

Group 1 - Hongjing Technology signed a service contract for an intelligent computing project with a total amount of 597 million yuan, valid for 5 years [1] - Weifu High-Tech's subsidiary invested 220 million yuan to establish a joint venture with Shanghai Baolong Automotive Technology [2] - Zhongshan Public received approval for the registration of short-term financing bonds amounting to 2 billion yuan and medium-term notes of 3 billion yuan [3] Group 2 - Lianhua Technology established a venture capital fund with a total commitment of 200 million yuan, contributing 100 million yuan as a limited partner [4] - Changan Technology's shareholder signed an agreement to transfer 6.27% of the company's shares to Hefei State Capital Venture Investment [6] - Hangzhou Garden announced a cash dividend of 0.5 yuan per 10 shares, totaling 6.62 million yuan [8] Group 3 - Huamao Technology plans to acquire 100% equity of Fuchuang Youyue, leading to a temporary suspension of its stock [9] - Zhuojin Co. won a bid for a soil remediation project in Hefei with a contract value of 67.68 million yuan [10] - Shanghai Pharmaceuticals received FDA approval for two drugs, enhancing its product portfolio [10] Group 4 - Fuxing Pharmaceutical's senior vice president resigned for personal reasons [12] - Baolong Technology's subsidiary plans to invest 180 million yuan in a joint venture [13] - ST Zhongdi intends to utilize surplus funds from a project company, with a maximum of 106 million yuan [14] Group 5 - Nanchao Food reported a significant decline in net profit for April, down 82.14% year-on-year [16] - Changshan Pharmaceutical received a drug registration certificate in Belarus for a new product [18] - Nanshan Aluminum established a wholly-owned subsidiary for photovoltaic energy projects with an investment of 5 million yuan [20] Group 6 - Bozhong Precision announced the resignation of a director and deputy general manager [22] - Xinjiang Jiaojian won a bid for a highway construction project valued at 451 million yuan [23] - Guangzhou Restaurant declared a cash dividend of 0.48 yuan per share, totaling 273 million yuan [25] Group 7 - Weili Medical's subsidiary obtained a medical device operating license, allowing it to engage in wholesale activities [27] - New Australia Co. announced a cash dividend of 0.3 yuan per share, totaling 219 million yuan [28] - Lianhua Technology's subsidiary entered the new third board innovation layer [29] Group 8 - Huaxi Energy's chairman resigned due to personal reasons [31] - Yipin Hong plans to use up to 500 million yuan of idle funds for cash management [33] - Shouhua Gas intends to purchase bauxite resources through market means [34] Group 9 - Jincheng signed a service agreement for underground mining operations at the Komakau Copper Mine, valued at approximately 805 million USD [34] - Wanrun New Energy signed a supply contract with CATL for lithium iron phosphate products, with a total supply of about 1.32 million tons [35] - Weili plans to transfer 100% equity of a subsidiary to Chengfa Environment for 100 million yuan [36] Group 10 - Zhenlei Technology's subsidiary received government subsidies of 2.21 million yuan, positively impacting profits [38] - Weir shares plan to change their name to "Haowei Group" to reflect strategic direction [39] - YTO Express reported a revenue increase of 16.32% in April, totaling 5.755 billion yuan [39]

证券代码：000685 证券简称：中山公用 公告编号：2025-037 中山公用事业集团股份有限公司 公司在注册有效期内可分期发行超短期融资券，发行完成后，应通过交易商协会 认可的途径披露发行结果。 二、公司中期票据注册金额为30亿元，注册额度自《接受注册通知书》（中市协 注〔2025〕MTN478号）落款之日起2年内有效，由广发证券股份有限公司、招商银行 股份有限公司和中信银行股份有限公司联席主承销。 1 公司在注册有效期内可分期发行中期票据，接受注册后如需备案发行，应事前先 向交易商协会备案。发行完成后，应通过交易商协会认可的途径披露发行结果。 公司将按照《非金融企业债务融资工具注册发行规则》《非金融企业债务融资工 具注册工作规程》《非金融企业债务融资工具信息披露规则》及有关规则指引规定， 结合资金计划安排和银行间市场情况适时开展超短期融资券和中期票据的发行工作， 并及时履行信息披露义务。 关于超短期融资券和中期票据获准注册的公告 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"）分别于2024年9月23日、 2 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. 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 [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].