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 ...

Core Viewpoint - The announcement details the implementation of the 2024 annual profit distribution plan by Zhongshan Public Utilities Group Co., Ltd, which includes a cash dividend of 0.82 RMB per 10 shares for shareholders [2][6]. Summary by Sections Profit Distribution Plan - The total share capital of the company is 1,475,111,351 shares, with 7,380,221 shares in the stock repurchase account excluded from profit distribution, resulting in a distribution base of 1,467,731,130 shares [2][6]. - The total cash dividend to be distributed amounts to 120,353,952.66 RMB (including tax) [2][6]. Shareholder Meeting Approval - The profit distribution plan was approved at the annual shareholder meeting held on June 5, 2025, with no changes to the total share capital since the disclosure of the distribution plan [3][4]. Dividend Payment Dates - The key dates for the dividend distribution are as follows: - Record date: July 15, 2025 - Ex-dividend date: July 16, 2025 - Dividend payment date: July 16, 2025 [7]. Dividend Distribution Method - Cash dividends will be directly credited to shareholders' accounts by the China Securities Depository and Clearing Corporation Limited on the payment date [8]. - Specific tax treatments apply to different categories of shareholders, with detailed tax rates provided for various holding periods [6]. Calculation of Ex-Dividend Price - The ex-dividend price will be calculated based on the total share capital, including repurchased shares, with a per-share cash dividend of approximately 0.0815897 RMB [11].

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.82 RMB per 10 shares for shareholders, after excluding shares held in the company's repurchase account [1][2]. Summary by Sections Profit Distribution Plan - The company plans to distribute a total cash dividend of 120,353,952.66 RMB (including tax) based on a total share capital of 1,475,111,351 shares, excluding 7,380,221 shares held in the repurchase account [1][4]. - The cash dividend per share is calculated as 0.0815897 RMB, which will be deducted from the closing price on the record date for the ex-dividend price [1][5]. Dividend Payment Details - The cash dividend will be distributed to all shareholders holding shares as of the close of trading on July 15, 2025 [2][4]. - The distribution will be made directly to shareholders' accounts through their custodial securities companies [2]. Taxation Information - The cash dividend is subject to different tax rates based on the type of shares held by investors, with specific provisions for Hong Kong investors and domestic investors [2][4]. - The company will not withhold individual income tax at the time of distribution; instead, it will be calculated based on the holding period when the shares are sold [2][4].

证券代码：000685 证券简称：中山公用 公告编号：2025-042 中山公用事业集团股份有限公司 2024 年度权益分派实施公告 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.中山公用事业集团股份有限公司（以下简称"公司"）总股本为 1,475,111,351 股，其中公司股票回购专用证券账户中的股份 7,380,221 股不享有利润分配权，因而 剔除公司股票回购专用证券账户中的股份数量后，公司本次利润分配的基数为 1,467,731,130 股,以此向全体股东每 10 股派发现金红利 0.82 元（含税）。以此计算 合计拟派发现金红利 120,353,952.66 元 （含税）。 2.本次权益分派实施后，计算除权除息价格时，按公司总股本（含公司回购专户 已回购股份）折算的每股现金分红=现金分红总金额/总股本=120,353,952.66 元 /1,475,111,351 股=0.0815897 元/股（结果取小数点后七位，最后一位直接截取，不 四舍五入），2024 年年度权益分派实施后的除权除息价格=股权登记日收盘价 -0.0815897 ...

Core Viewpoint - Zhongshan Public Utility Group Co., Ltd. has successfully issued its first ultra-short-term financing bond for 2025, with a total issuance amount of 500 million RMB at an interest rate of 1.66% [2]. Group 1: Financing Bond Issuance - The company held board and shareholder meetings on September 23 and October 24, 2024, to approve the registration for issuing ultra-short-term financing bonds and medium-term notes, with a total registration amount not exceeding 2 billion RMB for ultra-short-term bonds and 3 billion RMB for medium-term notes [1]. - The company received approval for the registration of ultra-short-term financing bonds with a registered amount of 2 billion RMB, valid for two years from the date of the notice [1]. - The first ultra-short-term financing bond, named "25 Zhongshan Public SCP001," has a term of 270 days, with an interest start date of July 4, 2025, and a maturity date of March 31, 2026 [2]. Group 2: Subscription Details - The planned issuance amount for the bond was 500 million RMB, which was fully subscribed at the same amount [2]. - There were 19 compliant subscription applications totaling 2.28 billion RMB, with the highest subscription rate at 2.20% and the lowest at 1.55% [2]. - The lead underwriter for this bond issuance was China Merchants Bank Co., Ltd., with CITIC Bank Co., Ltd. as the co-lead underwriter [2].

证券代码：000685 证券简称：中山公用 公告编号：2025-041 中山公用事业集团股份有限公司 关于 2025 年度第一期超短期融资券 发行情况公告 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、2024 年10月24日召开2024年第4次临时董事会会议和2024年第2次临时股东大会，审议通过了 《关于拟注册发行超短期融资券和中期票据的议案》，同意公司向中国银行间市场交易商 协会（以下简称"交易商协会"）申请注册发行总额度不超过人民币20亿元（含20亿元） 的超短期融资券和总额度不超过人民币30亿元（含30亿元）的中期票据。具体内容详见公 司于2024年9月24日在巨潮资讯网（http://www.cninfo.com.cn/）披露的《关于拟注册发 行超短期融资券和中期票据的公告》（公告编号：2024-037）。 2025年5月19日公司获得交易商协会签发的《接受注册通知书》（中市协注〔2025〕 SCP132号），决定接受公司超短期融资券注册，注册金额为20亿元，注册额度自通知 ...

Market Overview - In June, the CSI 300 index rose by 2.50%, while the public utility index fell by 0.54% and the environmental index increased by 0.81%, with relative returns of -3.04% and -1.42% respectively [1][14] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 25th and 19th in terms of growth [1][14] - The environmental sector saw a rise of 1.08%, while within the electricity sector, thermal power decreased by 0.94%, hydropower fell by 1.76%, and renewable energy generation increased by 1.98% [1][26] Important Events - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, promoting orderly construction of offshore wind power [15] - National electricity load exceeded 1.465 billion kilowatts on July 4, marking a historical high, with a rise of approximately 200 million kilowatts since the end of June and an increase of nearly 150 million kilowatts year-on-year [15] Supply and Demand Analysis - The electricity industry has experienced three cycles of supply and demand changes since 2000, with future supply expected to increase significantly due to new thermal power units coming online and growth in renewable and nuclear power installations [2][22] - The demand side shows a decline in electricity consumption growth, particularly in high-energy-consuming industries, leading to a stabilization of overall electricity demand growth [2][23] Investment Strategy - Public Utilities: Recommendations include large 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][24] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability, with a recommendation for China Power Investment Corporation as a restructuring target [3][24] - In the water and waste incineration sectors, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted for their cash flow improvements [3][24] Key Company Profit Forecasts - Huadian International (600027.SH): Expected EPS of 0.46 in 2024, PE ratio of 12.2 [8] - Longyuan Power (001289.SZ): Expected EPS of 0.75 in 2024, PE ratio of 22.3 [8] - China Nuclear Power (601985.SH): Expected EPS of 0.46 in 2024, PE ratio of 20.5 [8] - China Everbright Environment (0257.HK): Expected EPS of 0.55 in 2024, PE ratio of 7.3 [8]

| | | 债券代码:148375.SZ | | --- | --- | --- | | | 债券代码:148605.SZ | | | 债券代码:148707.SZ | | 股票代码:000685.SZ | 股票简称:中山公用 债券简称:23 中山 K1 债券简称:24 中山 K1 债券简称:24 中山 K2 中山公用事业集团股份有限公司 公司债券受托管理事务报告 (2024 年度) 发行人: 中山公用事业集团股份有限公司 (住所:广东省中山市兴中道 18 号财兴大厦北座) 债券受托管理人: INYUAN PRESIDENT SECURIT 金圆统一证券有限公司 (住所:中国(福建)自由贸易试验区厦门片区象屿路 93 号厦门国 际航运中心 C 栋 4 层 431 单元 A 之九) 签署日期:2025年6月 重要声明 本报告依据《公司债券发行与交易管理办法》(以下简称《管理办法》)、 《公司债券受托管理人执业行为准则》(以下简称《执业行为准则》)、《公司 信用类债券信息披露管理办法》、证券交易所公司债券上市规则(以下简称"上 市规则")或证券交易所公司债券挂牌规则(以下简称"挂牌规则")、《中山 公用事业集团股 ...