证券日报网讯1月20日，中山公用（000685）在互动平台回答投资者提问时表示，截至2026年1月9日， 公司股东总户数43817户。 ...

中山公用1月20日披露，截至2026年1月10日公司股东户数为43817户，较上期（2025年12月31日）减少 4032户，环比降幅为8.43%。 公司发布的三季报数据显示，前三季公司共实现营业收入31.43亿元，同比下降7.04%，实现净利润 12.11亿元，同比增长18.11%，基本每股收益为0.8300元，加权平均净资产收益率6.90%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计，截至发稿，中山公用收盘价为12.27元，下跌1.76%，本期筹码集中以来股价累 计上涨5.32%。具体到各交易日，5次上涨，7次下跌。 融资融券数据显示，该股最新（1月19日）两融余额为6.83亿元，其中，融资余额为6.82亿元，本期筹码 集中以来融资余额合计减少4401.27万元，降幅为6.06%。 ...

格隆汇1月20日丨中山公用(000685.SZ)在投资者互动平台表示，公司通过新能源产业基金间接投资了蓝 箭航天空间科技股份有限公司，具体信息请以其工商登记、招股说明书等公开披露的内容为准。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

关于公司董事、副总经理姓名变更的公告 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"）董事会近日收到公司董事、副总经理王磊女士的通 知，由于其个人原因提出的更名申请已获得登记机关审批通过并办理了新的居民身份证，原姓名"王 磊"变更为"王佳蕾"。 截至本公告披露日，王佳蕾女士未持有公司股份。上述事项变更对公司经营活动不构成影响。王佳蕾女 士任职情况不发生变化。 证券代码：000685 证券简称：中山公用 公告编号：2026-004 中山公用事业集团股份有限公司 特此公告。 中山公用事业集团股份有限公司 董事会 二〇二六年一月十九日 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Insights - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30% [3][17]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the renewable energy supply chain and integrated energy management [20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [1][13]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76% and renewable energy generation rose by 1.61% [1][22]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with wind power at 35.27 billion kWh and solar power at 60.49 billion kWh [2][14]. - The bidding submission rate for both wind and solar power is set at 120% [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [4][20]. - It also highlights the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Changjiang Power [4][20]. Special Research - The report discusses the challenges in adjusting water prices due to regulatory processes, with many water supply companies facing profitability issues [3][17]. - It notes that the average annual cost increase for the water supply industry is about 3%, leading to a situation where some companies operate under a "low price + loss + government subsidy" model [3][17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power [8][21].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

特此公告。 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"）董事会近日收到公司董事、 副总经理王磊女士的通知，由于其个人原因提出的更名申请已获得登记机关审批通过 并办理了新的居民身份证，原姓名"王磊"变更为"王佳蕾"。 截至本公告披露日，王佳蕾女士未持有公司股份。上述事项变更对公司经营活动 不构成影响。王佳蕾女士任职情况不发生变化。 证券代码：000685 证券简称：中山公用 公告编号：2026-004 中山公用事业集团股份有限公司 关于公司董事、副总经理姓名变更的公告 中山公用事业集团股份有限公司 董事会 二〇二六年一月十九日 1 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30%, driven by rising operational costs and the need for sustainable pricing mechanisms [3][17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [13][22]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76%, and renewable energy generation rose by 1.61% [13][23]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with a bidding upper limit of 0.32 CNY/kWh and a lower limit of 0.2 CNY/kWh, effective for 10 years [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that the nuclear power sector will maintain stable profitability, recommending companies like China Nuclear Power and China General Nuclear Power [4][20]. - In the environmental sector, it advises focusing on companies with strong cash flow in water and waste management, such as China Everbright Environment and Shanghai Industrial Holdings [21]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 10.1 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 CNY for 2024 and a PE ratio of 20.8 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 20.9 [8].

证券代码：000685 证券简称：中山公用 公告编号：2026-003 ■ 经通过"信用中国"网站（www.creditchina.gov.cn）核查，公司不属于失信责任主体。 本期超短期融资券发行的有关文件在中国货币网(www.chinamoney.com.cn)和上海清算所网站 （www.shclearing.com）公告。 特此公告。 中山公用事业集团股份有限公司 关于2026年度第一期中期票据（并购）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.co ...