Market Overview - In July, the Shanghai and Shenzhen 300 Index increased by 3.54%, while the public utility index decreased by 0.77% and the environmental index increased by 2.10%. The relative returns for public utilities and environmental sectors were -4.32% and -1.94%, respectively [1][15][23]. - Among the sub-sectors, the environmental sector rose by 1.60%, with thermal power increasing by 1.21%, hydropower decreasing by 4.35%, and new energy generation rising by 0.80% [1][15][24]. Important Policies and Events - The Guangdong Provincial Development and Reform Commission announced adjustments to the capacity pricing for coal and gas power plants, effective from January 1, 2026, with coal power set at 165 yuan per kilowatt per year and gas power varying from 165 to 396 yuan depending on the type of gas used [2][16][17]. - The Ningxia Hui Autonomous Region proposed a market-oriented reform plan for new energy pricing, setting a benchmark price for coal-fired power at 0.2595 yuan per kilowatt-hour [2][17]. Sector Research - The National Development and Reform Commission and the National Energy Administration issued guidelines to improve the pricing mechanism for domestic natural gas pipeline transportation, aiming for a unified pricing model and a permitted return rate of approximately 5.7%, down from 8% [3][18][20]. - This new regulation is expected to lower transportation costs for natural gas, benefiting urban gas companies [3][20]. Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as coal and electricity prices are expected to decline [4][21]. - New Energy: Continued government support for new energy development is anticipated to stabilize profitability, with recommendations for leading companies such as Longyuan Power and Three Gorges Energy [4][21]. - Nuclear Power: Expected stable profitability due to growth in installed capacity and generation, with recommendations for China Nuclear Power and China General Nuclear Power [4][21]. - Hydropower: High-dividend hydropower stocks are highlighted for their defensive attributes, with Longjiang Power recommended [4][21]. - Gas: Recommendations include China Resources Gas and Jiufeng Energy, which have strong pricing power and strategic advantages [4][21]. Sector Performance - In July, the public utility sector ranked 30th among 31 sectors, while the environmental sector ranked 22nd [1][15][23]. - The performance of various sub-sectors showed mixed results, with water utilities and gas sectors generally performing better than thermal and hydropower sectors [1][15][24]. Key Company Earnings Forecasts - Huadian International (600027.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 11.5 [9]. - Longyuan Power (001289.SZ): EPS forecast for 2024A at 0.75 yuan, PE ratio at 21.8 [9]. - China Nuclear Power (601985.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 19.9 [9]. - Longjiang Power (600900.SH): EPS forecast for 2024A at 1.33 yuan, PE ratio at 21.0 [9].

Group 1 - The medical waste treatment sector saw an increase of 1.24% as of the market close on August 1, with a total capital inflow of 15.67 million [1] - A total of 25 stocks in the sector experienced gains, while 4 stocks declined [1] - The top-performing stocks included: Saili Medical (6.2%), Zhongshan Public Utilities (4.26%), Xuelang Environment (4.02%), Donghua Technology (4.0%), and Gangtong Medical (3.41%) [1] Group 2 - The stocks with the largest capital inflow were: Saili Medical with 3.49 million, Zhongshan Public Utilities with 6.48 million, and Xuelang Environment with 4.99 million [1] - The stocks that experienced the largest declines included Huakang Clean (−5.97%), Wanbangda (−0.64%), and Zhonggang International (−0.47%) [1] - The overall market sentiment in the medical waste treatment sector appears positive, with significant capital inflow into several key stocks [1]

证券之星消息，8月1日环境治理板块较上一交易日上涨0.82%，金科环境领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。环境治理板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688466 | 我的不错 | 21.63 | 11.27% | 4.93万 | | 1.06亿 | | 603686 | 福龙马 | 16.85 | 6.51% | 61.30万 | | 10.17亿 | | 688335 | 复洁坏保 | 14.14 | 4.90% | 4 3.86万 | | 5418.25万 | | 605069 | 正和生态 | 11.34 | 4.81% | 15.95万 | | 1.80亿 | | 000685 | 中山公用 | 9.78 | 4.26% | 24.52万 | | 2.37亿 | | 301259 | 文布鲁 | 41.64 | 4.26% | 6.54万 | | 2.70亿 | | ...

天眼查商业履历信息显示，中山公用事业集团股份有限公司，成立于1992年，位于中山市，是一家以从 事水的生产和供应业为主的企业。企业注册资本147511.1351万人民币，实缴资本147511.1351万人民 币。公司法定代表人为郭敬谊。 中山公用最新一期业绩显示，截至2025一季报，公司营业总收入9.77亿元、同比增长8.25%，归属净利 润3.05亿元，同比增长62.19%，扣非净利润3.04亿元，同比增长92.11%，流动比率0.710、速动比率 0.691、资产负债率49.30%。 金融界消息 截至2025年7月31日收盘，中山公用（000685）报收于9.38元，下跌1.26%，换手率1.15%， 成交量14.41万手，成交金额1.35亿元。 资金流向方面，今日主力资金净流出1571.42万元，占比成交额11.6%。其中，超大单净流出328.99万 元、占成交额2.43%，大单净流出1242.43万元、占成交额9.17%，中单净流出流入1981.70万元、占成交 额14.63%，小单净流出410.28万元、占成交额3.03%。 通过天眼查大数据分析，中山公用事业集团股份有限公司共对外投资了34家企业， ...

Group 1 - The core viewpoint of the article is that Zhongshan Public Utility (SZ 000685) has provided insights into its revenue composition during an investor meeting held on July 30, 2025 [2] - The revenue breakdown for Zhongshan Public Utility for the year 2024 is as follows: engineering revenue accounts for 52.97%, water services account for 25.32%, solid waste management accounts for 13.43%, auxiliary services account for 8.09%, and renewable energy accounts for 0.18% [2]

Group 1: New Energy Development - The company is focusing on green development in the new energy sector, promoting projects like regional energy carbon management platforms and virtual power plants [3] - As of mid-2025, the company has expanded its operations to over 20 cities, with more than 80 distributed photovoltaic projects and a grid-connected installed capacity of 300 MW [3] Group 2: Water Supply Business - In 2024, the local water sales volume reached 450 million tons, marking a 7.5% year-on-year growth, driven by strategic layout benefits and an increase in market share to 94% [3] - The company has integrated coverage across 22 towns and two major functional areas, serving over 1.46 million households [3] Group 3: Waste Management Projects - The acquisition of the Central Group's waste treatment base is strategically valuable, benefiting from a favorable industry outlook and providing long-term stable revenue [4] - The design capacity of the acquired projects includes 1,050 tons/day for Changqing Energy and 1,200 tons/day for Changqing Thermal [3] Group 4: Business Integration and Collaboration - The company integrates its three main businesses: environmental water services, waste management, and new energy, creating a resource-sharing ecosystem [4] - In 2025, the company aims to optimize its financing structure, having established long-term partnerships with financial institutions, issuing a 500 million yuan short-term financing bond at a record low interest rate of 1.66% [4] Group 5: Strategic Partnerships - The company maintains a strong partnership with GF Securities, exploring deeper strategic collaborations in green finance and innovative business areas [5] - Future cooperation will focus on leveraging GF Securities' expertise in green finance and capital support for the company's main business development [5]

Core Viewpoint - Zhongshan Public Utility (000685.SZ) is strengthening its solid waste business through the acquisition of 100% equity in Changqing Environmental Energy and Changqing Thermal Energy for 494 million yuan, aiming to enhance its operational scale and synergy within its solid waste projects [1][2][3]. Acquisition Details - The acquisition process has been ongoing for two years, with a framework agreement signed in June 2023 and a supplementary agreement extending the negotiation period until May 2024 [2]. - The two target companies, Changqing Energy and Changqing Thermal, are involved in power generation, transmission, and solid waste management, with a designed waste incineration capacity of 2,250 tons per day [2][3]. Financial Performance - In 2024, the solid waste segment of Zhongshan Public Utility achieved revenue of 763 million yuan, a 32% increase year-on-year, contributing 13.43% to total revenue [1][5]. - The revenue from garbage power generation reached 364 million yuan, up 9%, while sanitation service revenue surged by 63.48% to 399 million yuan [5]. Business Development - Zhongshan Public Utility is focused on expanding its core business areas, including environmental water services, solid waste management, and renewable energy [4]. - The company has completed multiple acquisitions in 2024 to enhance its capabilities in solid waste and sanitation services [5]. Operational Efficiency - The company processed 138,250 tons of household waste in 2024, generating 569 million kilowatt-hours of electricity, with an increase in power generation efficiency [6]. - The sanitation service market share exceeds 40%, with operations extending to multiple regions, including five landfill management projects in Shenzhen [6]. Overall Financial Growth - In 2024, Zhongshan Public Utility reported total revenue of 5.678 billion yuan, a 9.22% increase, and a net profit of 1.199 billion yuan, up 24.02% [7]. - In the first quarter of 2025, the company achieved revenue of 977 million yuan, reflecting an 8.25% year-on-year growth, with net profit increasing significantly [7].

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） ...