Core Viewpoint - The report highlights the successful completion of China's first ship-based green methanol refueling operation at Ningbo Zhoushan Port, marking a significant milestone in the development of green fuel capabilities in the region [3]. Market Review - In September, the CSI 300 Index rose by 3.20%, while the public utility index increased by 0.41% and the environmental index by 0.77%. The relative monthly returns for these indices were -2.80% and -2.43% respectively [2]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 13th and 11th in terms of growth. The environmental sector saw a 0.77% increase, while the electricity sector's thermal power rose by 2.34%, and hydropower fell by 3.08% [2]. Important Events - The successful refueling of the "COSCO Shipping Libra" with 230 tons of green methanol at Ningbo Zhoushan Port signifies the port's capability to handle LNG, biofuels, and methanol, enhancing its status as an international hub [3]. - This operation involved collaboration between China Ship Fuel, Zhejiang Port Group, and Ningbo Zhoushan Port Group, utilizing seven specialized methanol transport tankers and explosion-proof refueling equipment [3]. Investment Strategy - Public Utilities: Recommendations include Huadian International for thermal power, Longyuan Power and Three Gorges Energy for renewable energy, and China Nuclear Power for stable nuclear power operations [4][5]. - Environmental Sector: Focus on companies like China Everbright Environment and Zhongshan Public Utilities, as well as opportunities in the domestic waste oil recycling industry due to upcoming EU SAF policies [5].

Core Insights - The report maintains an "Outperform" rating for the public utilities and environmental sectors, highlighting the successful completion of China's first ship-based green methanol refueling operation in Zhejiang Province and the anticipated demand for fusion equipment in Q4 [1][2][3] Market Review - In September, the CSI 300 index rose by 3.20%, while the public utilities index increased by 0.41% and the environmental index by 0.77%. The relative performance of public utilities and environmental sectors ranked 13th and 11th among 31 first-level industry classifications [1][13][23] - The environmental sector saw a 0.77% increase, with the power sector's thermal power rising by 2.34%, while hydropower and new energy generation fell by 3.08% and 1.36%, respectively. The water sector increased by 1.27%, and the gas sector rose by 5.65% [1][26][32] Important Events - China Ship Fuel successfully completed the first ship-based green methanol refueling operation in Zhejiang Province, marking a significant milestone for the Ningbo-Zhoushan Port as a hub for LNG, biofuels, and methanol refueling capabilities [2][14] - The BEST fusion energy project achieved a key milestone with the successful installation of its first critical component, the Dewar base, indicating progress in the construction of fusion devices in China [3][15][16] Sector Analysis Public Utilities - Coal and electricity prices are declining simultaneously, allowing thermal power profitability to remain reasonable. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][21] - Continuous government support for renewable energy development is expected to stabilize profitability in the sector, with recommendations for leading companies like Longyuan Power and Three Gorges Energy [4][21] - Nuclear power companies are expected to maintain stable profitability due to growth in installed capacity and generation, with recommendations for China National Nuclear Power and China General Nuclear Power [4][21] Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. Recommendations include companies like China Everbright Environment and Zhongshan Public Utilities [22] - The domestic scientific instrument market, valued at over $9 billion, presents substantial opportunities for domestic replacements, with recommendations for companies like Focused Photonics [22] - The EU's SAF blending policy is expected to increase demand for raw materials, benefiting the domestic waste oil recycling industry, with recommendations for companies like Shanggou Environmental Energy [22] Investment Strategy - The report emphasizes the importance of integrating renewable energy with smart energy management, recommending investments across the renewable energy supply chain and companies involved in comprehensive energy management [21][22]

Group 1 - The company's stock (Zhongshan Public Utilities Group Co., Ltd., stock code: 000685) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from September 22 to September 24, 2025 [1][2] - The company's board of directors conducted an investigation into the abnormal trading and confirmed that there were no undisclosed significant matters or changes in the company's operational environment [1][2] - The board also stated that there were no recent media reports that could have significantly impacted the company's stock price, and that the information previously disclosed by the company does not require correction or supplementation [1][2] Group 2 - The board confirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules, nor any ongoing negotiations or agreements that could affect the stock price [2] - The company reassured investors that it has not violated any information disclosure regulations and emphasized that all information should be verified through designated media outlets [2]

Core Viewpoint - The company, Zhongshan Public Utilities (000685), experienced an abnormal stock price fluctuation with a cumulative increase of over 20% over three consecutive trading days from September 22 to 24, 2025 [1] Summary by Relevant Sections - **Stock Price Movement** - The stock price of Zhongshan Public Utilities showed a significant deviation, with a cumulative increase exceeding 20% over three trading days [1] - **Board and Shareholder Verification** - The company's board conducted a verification process and confirmed with the controlling shareholder and actual controller that there was no need to correct or supplement previously disclosed information [1] - No undisclosed significant information affecting the stock price was found in media reports [1] - **Operational Environment** - There have been no major changes in the company's recent operations or external environment [1] - During the period of abnormal fluctuation, the controlling shareholder and actual controller did not engage in any buying or selling of the company's stock [1] - **Disclosure Compliance** - The company confirmed that there are no violations of information disclosure regulations and reminded investors to rely on information from designated media sources [1]

Core Viewpoint - Zhongshan Public Utilities announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% over three consecutive trading days from September 22 to September 24, 2025 [1] Summary by Relevant Sections - Stock Price Movement - The company's stock price rose significantly, leading to a cumulative increase of over 20% during the specified trading days [1] - Company Disclosure - The company confirmed that there were no corrections or supplements needed for previously disclosed information [1] - No significant undisclosed major information was found that could have impacted the stock price [1] - Operational Status - The company reported that there have been no major changes in its operational situation or external business environment recently [1]

Core Viewpoint - Zhongshan Public (000685) announced that its stock price experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from September 22 to 24, 2025 [1] Company Operations - The company confirmed that its operational status is normal and no need for correction or supplementation of previously disclosed information was found [1] - There have been no significant changes recently, and no major undisclosed matters were identified [1] Shareholder Activity - During the period of abnormal fluctuation, the controlling shareholder and actual controller did not buy or sell the company's stock [1] Investor Advisory - The company reminded investors to pay attention to investment risks, stating that all information should be based on what is published in designated media [1]

Core Viewpoint - The company has not identified any undisclosed significant information that may have impacted its stock trading price due to recent media reports [1] Group 1 - The company's recent operational conditions and external business environment have not undergone significant changes [1] - There are no undisclosed significant matters or major events in the planning stage related to the company, its controlling shareholders, or actual controllers [1] - During the period of unusual stock fluctuations, the company's controlling shareholders and actual controllers did not engage in buying or selling the company's stock [1]

Core Viewpoint - Zhongshan Public (stock code: 000685) experienced an abnormal stock price fluctuation with a cumulative closing price deviation exceeding 20% over three consecutive trading days from September 22 to 24, 2025 [1] Summary by Relevant Sections - The company's board conducted a review and confirmed with the controlling shareholder and actual controller that there is no need to correct or supplement previously disclosed information [1] - No undisclosed significant information affecting the stock price was found in recent media reports, and there have been no major changes in the company's recent operations or external environment [1] - During the period of abnormal fluctuation, the controlling shareholder and actual controller did not buy or sell the company's stock, indicating no violations of information disclosure [1] - The company advises investors to rely on information from designated media and to invest rationally while being aware of risks [1]

证券代码：000685 证券简称：中山公用 编号：2025-056 中山公用事业集团股份有限公司 股票交易异常波动公告 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、股票交易异常波动的情况介绍 中山公用事业集团股份有限公司（以下简称"公司"）股票（证券简称：中山公 用；证券代码：000685）于 2025 年 9 月 22 日、9 月 23 日、9 月 24 日连续三个交易 日收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》的相关规定， 属于股票交易异常波动的情形。 二、公司关注并核实的情况 针对公司股票交易异常波动，公司董事会对有关事项进行了核查，并向控股股东 和实际控制人征询核实，现就有关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共传媒报道可能或已经对本公司股票交易价格产生较大影 响的未公开重大信息； 3.近期公司经营情况及内外部经营环境未发生重大变化； 4.公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重大事项 或处于筹划阶段的重大事项； 5.本次股票异常波动期间公司控股股 ...

Market Overview - On September 24, the environmental governance sector rose by 1.52% compared to the previous trading day, with Jia Rong Technology leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Top Gainers in Environmental Governance Sector - Jia Rong Technology (301148) closed at 30.06, with a significant increase of 20.00% and a trading volume of 74,000 shares, amounting to a transaction value of 208 million yuan [1] - Zhonglan Environmental Protection (300854) closed at 23.17, up 19.99%, with a trading volume of 124,300 shares and a transaction value of 270 million yuan [1] - Bei Jie Te (300774) closed at 11.06, increasing by 14.61%, with a trading volume of 488,200 shares and a transaction value of 541 million yuan [1] - Fu Jie Environmental Protection (688335) closed at 24.02, up 11.82%, with a trading volume of 101,000 shares and a transaction value of 232 million yuan [1] - Qi Di Environment (000826) closed at 2.49, increasing by 10.18%, with a trading volume of 811,200 shares and a transaction value of 202 million yuan [1] Top Losers in Environmental Governance Sector - Feima International (002210) closed at 4.01, down 6.53%, with a trading volume of 4,651,500 shares and a transaction value of 188.6 million yuan [2] - Shengyuan Environmental Protection (300867) closed at 18.45, down 3.35%, with a trading volume of 176,700 shares and a transaction value of 327 million yuan [2] - Fulongma (603686) closed at 27.10, down 3.11%, with a trading volume of 1,623,700 shares and a transaction value of 428.9 million yuan [2] Capital Flow Analysis - On the same day, the environmental governance sector experienced a net outflow of 296 million yuan from institutional investors, while retail investors saw a net inflow of 400 million yuan [2][3] - The capital flow for key stocks showed that Qi Di Environment had a net inflow of 127 million yuan from institutional investors, while it faced a net outflow of 63.09% from speculative funds [3] - Donghu Gaoxin (600133) had a net inflow of 112 million yuan from institutional investors, with a net outflow of 9.32% from speculative funds [3]