Core Viewpoint - Zhongshan Public Utilities (000685.SZ) has made an early investment in Muxi Co., which is expected to have a positive impact on the company and validate its strategic vision for forward-looking industrial investments [1] Group 1 - The company has invested in Muxi Co. through a new energy fund [1] - The specific shareholding ratio can be referenced in the prospectus of Muxi Integrated Circuit (Shanghai) Co., Ltd [1] - The IPO of Muxi Co. is anticipated to bring positive effects to Zhongshan Public Utilities [1]

Core Viewpoint - Zhongshan Public Utility has shown significant stock price appreciation this year, with a year-to-date increase of 49.43% and a recent surge of 17.31% over the past five trading days [1] Company Overview - Zhongshan Public Utility Group Co., Ltd. is located at No. 18, North Building, Caixing Mansion, Xingzhong Road, Zhongshan City, Guangdong Province, established on December 26, 1992, and listed on January 23, 1997 [1] - The company's main business areas include environmental water services, solid waste treatment, sanitation services, engineering construction, market operations, port passenger transport, financial services, and equity investment [1] - The revenue composition of the main business is as follows: water supply and sewage treatment 37.07%, engineering installation 34.53%, sanitation and waste-to-energy 18.79%, others (supplementary) 9.32%, and new energy sector 0.28% [1] Financial Performance - For the first half of 2025, Zhongshan Public Utility achieved operating revenue of 2.121 billion yuan, a year-on-year increase of 0.64%, and a net profit attributable to shareholders of 719 million yuan, a year-on-year increase of 29.57% [2] - The company has distributed a total of 4.529 billion yuan in dividends since its A-share listing, with 1.251 billion yuan distributed in the last three years [3] Shareholder Information - As of September 19, 2025, the number of shareholders of Zhongshan Public Utility was 32,200, an increase of 1.20% from the previous period, with an average of 38,963 circulating shares per person, a decrease of 1.19% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 16.0905 million shares (a decrease of 597,200 shares), and Silver Hua Prosperity Theme Mixed A (180012), which is a new shareholder holding 8 million shares [3]

Group 1 - Zhongshan Public Utility's stock price increased by 5.01% to 12.99 CNY per share, with a trading volume of 355 million CNY and a turnover rate of 2.21%, resulting in a total market capitalization of 19.162 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 10.35% during this period [1] - The company, established on December 26, 1992, and listed on January 23, 1997, operates in various sectors including environmental water services, solid waste treatment, sanitation services, engineering construction, market operations, port passenger transport, financial services, and equity investment [1] Group 2 - The main revenue composition of Zhongshan Public Utility includes: water supply and sewage treatment (37.07%), engineering installation (34.53%), sanitation and waste-to-energy (18.79%), other (supplementary) (9.32%), and new energy sector (0.28%) [1] - Among the top ten circulating shareholders, a fund under Southern Fund increased its holdings in Zhongshan Public Utility by 336,400 shares, bringing its total to 6.9535 million shares, which accounts for 0.55% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has achieved a year-to-date return of 28.58% and a one-year return of 34.04%, ranking 2093 out of 4221 and 1521 out of 3848 respectively [2]

10月9日，中山公用涨5.01%，截至发稿，报12.99元/股，成交3.54亿元，换手率2.20%，总市值191.62亿 元。中山公用股价已经连续3天上涨，区间累计涨幅10.35%。 资料显示，中山公用事业集团股份有限公司位于广东省中山市兴中道18号财兴大厦北座，成立日期1992 年12月26日，上市日期1997年1月23日，公司主营业务涉及环保水务、固废处理、环卫服务、工程建 设、市场运营、港口客运、金融服务与股权投资等领域。主营业务收入构成为：供水及污水处理 37.07%，工程安装34.53%，环卫及垃圾发电18.79%，其他(补充)9.32%，新能源板块0.28%。 从中山公用十大流通股东角度 银华富裕主题混合A（180012）基金经理为焦巍。 截至发稿，焦巍累计任职时间13年298天，现任基金资产总规模135.49亿元，任职期间最佳基金回报 94.17%， 任职期间最差基金回报-41.76%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数 ...

Core Viewpoint - The report highlights the successful completion of China's first ship-based green methanol refueling operation at Ningbo Zhoushan Port, marking a significant milestone in the development of green fuel capabilities in the region [3]. Market Review - In September, the CSI 300 Index rose by 3.20%, while the public utility index increased by 0.41% and the environmental index by 0.77%. The relative monthly returns for these indices were -2.80% and -2.43% respectively [2]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 13th and 11th in terms of growth. The environmental sector saw a 0.77% increase, while the electricity sector's thermal power rose by 2.34%, and hydropower fell by 3.08% [2]. Important Events - The successful refueling of the "COSCO Shipping Libra" with 230 tons of green methanol at Ningbo Zhoushan Port signifies the port's capability to handle LNG, biofuels, and methanol, enhancing its status as an international hub [3]. - This operation involved collaboration between China Ship Fuel, Zhejiang Port Group, and Ningbo Zhoushan Port Group, utilizing seven specialized methanol transport tankers and explosion-proof refueling equipment [3]. Investment Strategy - Public Utilities: Recommendations include Huadian International for thermal power, Longyuan Power and Three Gorges Energy for renewable energy, and China Nuclear Power for stable nuclear power operations [4][5]. - Environmental Sector: Focus on companies like China Everbright Environment and Zhongshan Public Utilities, as well as opportunities in the domestic waste oil recycling industry due to upcoming EU SAF policies [5].

证券研究报告 | 2025年10月08日 公用环保 2025 年 10 月投资策略 优于大市 中国船燃成功完成浙江省首单船用绿色甲醇加注业务，关注四季度聚 变装备招标需求释放 市场回顾：9 月沪深 300 指数上涨 3.20%，公用事业指数上涨 0.41%，环 保指数上涨 0.77%，月相对收益率分别为-2.80%和-2.43%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 13 和第 11 名。分板块 看，环保板块上涨 0.77%；电力板块子板块中，火电上涨 2.34%；水电 下跌 3.08%，新能源发电下跌 1.36%；水务板块上涨 1.27%；燃气板块上 涨 5.65%。 重要事件：中国船燃成功完成浙江省首单船用绿色甲醇加注业务。9 月 29 日，随着 7 台专业槽罐车通过防爆加注橇装设备将 230 吨绿色甲醇注 入停靠在宁波舟山港梅山港区 9 号泊位的"中远海运天秤座"轮，中国 船燃联合浙江省海港集团、宁波舟山港集团，在宁波梅山港区成功为"中 远海运天秤座"轮完成绿色甲醇加注，这标志着浙江省首单船用绿色甲 醇加注业务圆满落地。这一里程碑事件标志着宁波舟山港成为国内少数 同时具备 LNG ...

Group 1 - The company's stock (Zhongshan Public Utilities Group Co., Ltd., stock code: 000685) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from September 22 to September 24, 2025 [1][2] - The company's board of directors conducted an investigation into the abnormal trading and confirmed that there were no undisclosed significant matters or changes in the company's operational environment [1][2] - The board also stated that there were no recent media reports that could have significantly impacted the company's stock price, and that the information previously disclosed by the company does not require correction or supplementation [1][2] Group 2 - The board confirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules, nor any ongoing negotiations or agreements that could affect the stock price [2] - The company reassured investors that it has not violated any information disclosure regulations and emphasized that all information should be verified through designated media outlets [2]

Core Viewpoint - The company, Zhongshan Public Utilities (000685), experienced an abnormal stock price fluctuation with a cumulative increase of over 20% over three consecutive trading days from September 22 to 24, 2025 [1] Summary by Relevant Sections - **Stock Price Movement** - The stock price of Zhongshan Public Utilities showed a significant deviation, with a cumulative increase exceeding 20% over three trading days [1] - **Board and Shareholder Verification** - The company's board conducted a verification process and confirmed with the controlling shareholder and actual controller that there was no need to correct or supplement previously disclosed information [1] - No undisclosed significant information affecting the stock price was found in media reports [1] - **Operational Environment** - There have been no major changes in the company's recent operations or external environment [1] - During the period of abnormal fluctuation, the controlling shareholder and actual controller did not engage in any buying or selling of the company's stock [1] - **Disclosure Compliance** - The company confirmed that there are no violations of information disclosure regulations and reminded investors to rely on information from designated media sources [1]

Core Viewpoint - Zhongshan Public Utilities announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% over three consecutive trading days from September 22 to September 24, 2025 [1] Summary by Relevant Sections - Stock Price Movement - The company's stock price rose significantly, leading to a cumulative increase of over 20% during the specified trading days [1] - Company Disclosure - The company confirmed that there were no corrections or supplements needed for previously disclosed information [1] - No significant undisclosed major information was found that could have impacted the stock price [1] - Operational Status - The company reported that there have been no major changes in its operational situation or external business environment recently [1]

Core Viewpoint - Zhongshan Public (000685) announced that its stock price experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from September 22 to 24, 2025 [1] Company Operations - The company confirmed that its operational status is normal and no need for correction or supplementation of previously disclosed information was found [1] - There have been no significant changes recently, and no major undisclosed matters were identified [1] Shareholder Activity - During the period of abnormal fluctuation, the controlling shareholder and actual controller did not buy or sell the company's stock [1] Investor Advisory - The company reminded investors to pay attention to investment risks, stating that all information should be based on what is published in designated media [1]