Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

从中证1000公用事业指数持仓的市场板块来看，上海证券交易所占比56.02%、深圳证券交易所占比 43.98%。 从中证1000公用事业指数持仓样本的行业来看，电力及电网占比72.13%、燃气占比16.34%、水务占比 9.95%、供热及其他占比1.58%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。当中证1000指数调整样本时，中证1000行业 指数样本随之进行相应调整。在样本有特殊事件发生，导致其行业归属发生变更时，将对中证1000行业 指数样本进行相应调整。 金融界3月31日消息，上证指数下跌0.46%，中证1000公用事业指数 (1000公用，H30448)报3155.13点。 数据统计显示，中证1000公用事业指数近一个月上涨2.02%，近三个月下跌6.05%，年至今下跌3.55%。 据了解，中证1000指数行业指数系列从每个行业内选取流动性和市场代表性较好的证券作为指数样本， 形成10条中证1000行业指 ...

Group 1: Company Strategy and Vision - The company aims to become a leading provider of environmental and resource solutions in China, focusing on ecological optimization and resource efficiency [1] - The strategic framework is based on a dual-core and dual-wheel model, with a "311" strategic planning goal [1] - Revenue has doubled over the past two years, establishing a three-pronged business structure in water services, solid waste, and new energy [1] Group 2: Business Overview - The company operates in environmental water services, solid waste management, new energy, engineering construction, and other sectors [1] - The water services segment includes water pollution control, urban water supply, water quality monitoring, and drainage management, with a growing market share [2] - The solid waste segment has over 30% market share locally, focusing on waste-to-energy projects and expanding through acquisitions [2] - The new energy segment emphasizes distributed photovoltaic power station investments, leveraging partnerships for resource and capital interaction [2] Group 3: Financial Investments - The company holds a 10.55% stake in GF Securities and collaborates on various investment funds, transitioning from financial to industrial investments [3] - The focus is on integrating financial resources to enhance the company's main business ecosystem [3] Group 4: Future Development Plans - The company plans to expand its industrial wastewater treatment capabilities, leveraging its experience in domestic wastewater management [3] - Future initiatives will include developing a comprehensive energy service industry encompassing power trading, carbon trading, and new energy asset trading [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

证券代码：000685 证券简称：中山公用 公告编号：2025-022 中山公用事业集团股份有限公司 第十一届董事会 2025 年第 2 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 二、董事会会议审议情况 审议通过《关于 2025 年组织体系建设优化的议案》 基于战略规划及业务发展需求，为进一步加强公司各级功能定位，做优总部战略 引领、做强二级单位经营统筹、做实生产单元运营管理，实现管理和运营效率提升， 公司开展 2025 年组织体系建设优化。调整后的公司组织架构图详见附件。 审议结果：8 票同意，0 票反对，0 票弃权。 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 2 次临时会议于 2025 年 3 月 17 日（星期一）以通讯表决的方式召开，会议由董事 长郭敬谊先生主持。会议通知已于 2025 年 3 月 13 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 ...

Group 1: Market Value Management Strategies - The company has implemented a special dividend plan, distributing a cash dividend of 3.50 CNY per 10 shares, totaling 514 million CNY to enhance shareholder returns [1] - A "Quality and Return Improvement" initiative is in place, focusing on core business development, governance enhancement, and optimizing information disclosure to improve operational quality and shareholder returns [1] - The company has published a "Valuation Enhancement Plan" aimed at strengthening core business competitiveness, ensuring stable dividends, and improving investor relations [1] - An investor relations management mechanism has been established, utilizing various communication channels to enhance information disclosure and market value recognition [2] Group 2: New Energy Business Development - The company is leveraging investments and industry funds to develop its new energy business, focusing on distributed photovoltaic power station investments [3] - A "Zero Carbon Smart Energy Park Solution" has been successfully developed and implemented in multiple benchmark projects [3] - Future plans include expanding the new energy sector to encompass power trading, carbon trading, and new energy asset trading [3] Group 3: Business Layout and Synergy - The company has established a comprehensive business layout, including water services, solid waste management, and new energy, with a focus on collaborative development among these sectors [4] - The water supply and wastewater treatment operations have been expanded, with plans to enter the industrial wastewater treatment market [5] - The solid waste management sector aims to enhance urban environmental service competitiveness through market expansion and brand development [6] Group 4: Future Dividend Plans - The special dividend is part of the company's broader strategy to enhance market value and shareholder returns [6] - A three-year shareholder return plan (2025-2027) will be developed to ensure stable cash dividends, considering industry characteristics and investment needs [6]

| 债券代码:148375.SZ | | --- | | 债券代码:148605.SZ | | 债券代码:148707.SZ | 债券简称：23 中山 K1 债券简称:24 中山 K1 债券简称:24 中山 K2 金圆统一证券有限公司 关于中山公用事业集团股份有限公司三分之一以上董事 发生变动情况的临时受托管理事务报告 受托管理人: 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3月 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《中山公用事业集团股份有限公司(作为"发行人")与金圆统一证券有 限公司(作为"受托管理人")关于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公司债券受托管理协议》(以下简称"受托管理协议")等相 关文件,以及中山公用事业集团股份有限公司(以下简称"发行人""中山公用") 提供的相关文件,由债券受托管理人金圆统一证券有限公司(以下简称"金圆统 一证券")编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见, ...

证券代码：000685 证券简称：中山公用 编号：2025-021 中山公用事业集团股份有限公司 关于公司董事辞职的公告 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"）董事会于近日收到公司董 事黄著文先生提交的书面辞职报告。黄著文先生由于个人原因，申请辞去公司第十一 届董事会董事及其在董事会战略委员会中担任的职务。辞职后黄著文先生将不再担任 公司任何职务。 黄著文先生在公司任职期间，恪尽职守、勤勉尽责、辛勤付出，从公司整体利益 出发，认真履行职责，在公司的投资拓展、经营发展、资本运作以及维护全体股东的 合法权益等方面做出了重大贡献。公司及公司董事会对黄著文先生任职期间为公司发 展所做出的贡献表示衷心感谢。 特此公告。 中山公用事业集团股份有限公司 董事会 二〇二五年三月七日 1 根据《公司法》《公司章程》等有关规定，黄著文先生的辞职未导致董事会成员 低于法定最低人数，不会影响公司董事会的正常运作，不会对公司的日常生产经营等 产生重大影响。黄著文先生的辞职报告自送达公司董事会之日起生效。截至本公告披 露日，黄著文先 ...

证券研究报告 | 2025年03月03日 中山公用（000685.SZ） 优于大市 攻守兼备的珠三角公用事业平台，长期破净估值有望修复 公司为珠三角区域综合公用事业平台。公司 2000 年借壳佛山兴华上市，2007 年换股吸收合并控股股东公用集团，实现二次重组进军水务行业。此后公司 依靠并购陆续进军固废、环卫等行业。公司目前拥有供水产能 276 万吨/日， 污水处理产能 75 万吨/日，分别占据中山市 80%和 36%的市场。此外公司还 是广发证券的第三大股东，持有广发证券 A+H 10.55%股权。 稳健经营+分红提供安全垫。中山市是全国仅有的 5 个不设区县的地级市， 人口和 GDP 的稳健增长为主营业务为中山市本地公用事业服务的中山公 用的发展提供了强力支撑。公司水务业务在中山市具有一定区域垄断 性，"供水一盘棋"计划有望进一步提升市占率。剔除投资收益后公司 主业 2023 年实现归母净利 2.45 亿元，5 年 CAGR 13%，此外公司连续 10 年分红比例维持在 30%左右，股息率稳定在 2-3%区间。 广发证券股权带来业绩/股价弹性。业绩弹性：投资收益占公司归母净利比 例较高，24Q4 A 股交 ...

证券代码：000685 证券简称：中山公用 公告编号：2025-020 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。 重要内容提示： 估值提升计划的触发情形及审议程序：自 2024 年 1 月 1 日至 2024 年 12 月 31 日，中山公用事业集团股份有限公司（以下简称"中山公用"或"公司"）股票已连 续 12 个月每个交易日收盘价均低于最近一个会计年度经审计的每股归属于上市公司 股东的净资产，根据《上市公司监管指引第 10 号——市值管理》的规定，属于应当制 定估值提升计划的情形。公司第十一届董事会 2025 年第 1 次临时会议审议通过了本 次估值提升计划。 中山公用估值提升计划拟通过聚焦主责主业，提升经营水平；重视股东回报， 共享发展成果；深化市场化机制改革，提升公司投资价值；完善信息披露，加强投资 者关系等方面增强投资者信心，促进公司高质量发展。 中山公用事业集团股份有限公司 估值提升计划 风险提示：本估值提升计划仅为公司行动计划，不代表公司对业绩、股价、重 大事件等任何指标或事项的承诺。公司业绩及二级市场表现受到宏观形势、行业政策、 市场情况等 ...