证券代码：000685 证券简称：中山公用 公告编号：2026-003 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。 | 发行利率 | | 2.14% | 发行价格 | 100 元/百元 | | --- | --- | --- | --- | --- | | | | 申购情况 | | | | 合规申购家数 | | 25 家 | 合规申购金额 | 24.30 亿元 | | 最高申购价位 | | 2.60% | 最低申购价位 | 1.98% | | 有效申购家数 | | 10 家 | 有效申购金额 | 5.10 亿元 | | 簿记管理人 | | | 广发证券股份有限公司 | | | 主承销商 | | | 广发证券股份有限公司 | | | 联席主承销商 | | | 中信银行股份有限公司 | | | 受托管理人（如有） | | | / | | | | | 主承销商自营资金获配情况 | | | | 承销商角色 | 承销商 | 自营资金获配规模（万元/万 | SDR) 模比例(%) | ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: 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 [3][22]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][8]. Core Insights - The report emphasizes the importance of the "environment + resource products" investment logic, highlighting that many environmental companies possess resource attributes and can extract valuable materials from waste [2][16]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with a focus on the implications for investment strategies in the sector [1][14]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.79%, while the public utility index increased by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, coal and electricity prices are expected to decline, but profitability for thermal power is anticipated to remain reasonable [22]. Important Events - From January to November 2025, the national photovoltaic and wind power generation utilization rates were 94.8% and 94.3%, respectively, showing a year-on-year decline [1][14]. - The report discusses the implementation of the "Renewable Energy Green Power Certificate Management Implementation Rules," which will affect the issuance of green certificates for renewable energy [15]. 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 [22]. - The report suggests focusing on environmental companies with stable cash flows and growth potential, such as China Everbright Environment and Shanghai Industrial Holdings [23]. Key Company Profit Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 10.2 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an expected EPS of 0.75 for 2024 and a PE ratio of 20.4 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 21.2 [8].

（文章来源：证券日报） 证券日报网讯 1月12日，中山公用在互动平台回答投资者提问时表示，截至2025年12月31日，公司股东 总户数47849户。 ...

（编辑 任世碧） 证券日报网讯 1月12日，中山公用在互动平台回答投资者提问时表示，公司通过新能源产业基金对沐曦 股份进行了投资。对于相关项目的投资情况，公司将严格依据上市规则，在达到披露标准时适时进行披 露。 ...

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Group 1 - The company Zhongshan Public Utility announced a change in the quality control review partner for its projects, appointing Qiu Yiwu to the position [2]

项目质量控制复核合伙人邱以武不存在违反《中国注册会计师职业道德守则》有 关独立性要求的情形，最近三年未受到刑事处罚、行政处罚、行政监管措施和自律处 分。 三、本次变更对公司的影响 证券代码：000685 证券简称：中山公用 公告编号：2026-002 中山公用事业集团股份有限公司 关于变更审计机构项目质量控制复核合伙人 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"）于2025年8月28日及2025 年12月30日分别召开了第十一届董事会第四次会议及2025年第3次临时股东大会，审 议通过了《关于续聘中审众环会计师事务所（特殊普通合伙）为公司2025年度财务审 计机构及内控审计机构的议案》，同意公司续聘中审众环会计师事务所（特殊普通合 伙）（以下简称"中审众环"）为公司2025年度财务审计机构及内控审计机构。具体 内容详见公司于巨潮资讯网（http://www.cninfo.com.cn/）披露的《第十一届董事 会第四次会议决议公告》（公告编号：2025-049）、《关于拟续聘会计师事务所的公 告》（公告编 ...

| 债券代码:148375.SZ | 债券简称:23 中山 K1 | | --- | --- | | 债券代码:148605.SZ | 债券简称:24 中山 K1 | | 债券代码:148707.SZ | 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修订《公司章程》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） 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 为淮则》《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,投资者应对相 ...