Investment Rating - The report maintains a "Positive" investment rating for the environmental sector [2] Core Insights - The report highlights the ongoing reform of residential heating prices, which is expected to improve profitability for heating companies as price adjustments are anticipated in the future [4][5] - The environmental sector has shown resilience, with the sector index rising by 1.1%, outperforming the broader market [11][12] - The report emphasizes the significant differences in profitability among residential heating companies, driven by local pricing policies and cost control measures [18][29] Summary by Sections Market Performance - As of September 26, the environmental sector index increased by 1.1%, while the Shanghai Composite Index rose by 0.2% to 3828.11 [11] - The top-performing sub-sectors included water governance and waste management, with increases of 2.7% and 2.83% respectively [12] Industry Dynamics - The report discusses the improvement in national ecological quality, with PM2.5 concentrations decreasing to 29.3 micrograms per cubic meter in 2024, a 16.3% reduction from 2020 [37] - The report notes that the government is pushing for deeper reforms in urban heating price mechanisms, with several regions already implementing price adjustments [26][28] Heating Price Reform - The report analyzes the pricing structure for residential heating, which is determined by a government-regulated cost-plus model [22] - It highlights that fuel costs constitute a significant portion of total heating costs, with an example showing that fuel, purchase heat, and auxiliary material costs accounted for 58% of total costs for a leading company in 2024 [29] - The report anticipates a trend of increasing heating prices, which could lead to a recovery in profitability for heating companies [26][28] Investment Recommendations - The report suggests that the environmental sector, particularly in energy conservation and resource recycling, is likely to maintain a high level of prosperity [52] - Key recommendations include companies such as Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies like Wangneng Environment and Junxin Co. [53]

Group 1 - The core point of the news is that Huitian Thermal Power announced the resignation of its board secretary, Li Zhi, due to job changes, while she will continue to serve in other positions within the company [1] - The company has appointed Yang Hui, the vice president and financial director, to temporarily take over the duties of the board secretary until a new candidate is selected [1] Group 2 - Related news includes Reader Media appointing Qian Guanglv as the financial director [2] - CITIC Heavy Industries has appointed Li Naijun as the financial director [2] - Huyun Titanium Industry has appointed Luo Qin as the financial director [2]

Core Points - The board of directors of Shenyang Huitian Thermal Power Co., Ltd. held its 11th temporary meeting on September 25, 2025, to discuss key matters [1][2][5] - The meeting was attended by all 9 directors, and the decision-making process adhered to relevant laws and regulations [3][4][5] Group 1: Board Meeting Details - The meeting was convened via telecommunication and was chaired by Chairman Zheng Yun [4][5] - A resolution was passed to appoint the Vice General Manager and Chief Financial Officer, Yang Hui, to temporarily assume the duties of the board secretary following the resignation of the previous secretary [6][11] Group 2: Resignation of Board Secretary - The board received a resignation letter from Li Zhi, the board secretary, on September 22, 2025, due to job changes, effective immediately upon receipt [10] - Li Zhi will continue to work in another position within the company and did not hold any shares in the company at the time of her resignation [10][11] - The company expressed gratitude for Li Zhi's contributions during her tenure, particularly in areas such as investor relations and media relations [11] Group 3: Temporary Appointment - The company plans to complete the appointment of a new board secretary in accordance with relevant regulations [11] - Yang Hui's contact information was provided for any inquiries during the interim period [12]

Core Viewpoint - The company Huaitian Thermal Power (000692) announced that during the vacancy of the board secretary, the vice general manager and financial director Yang Hui will temporarily assume the responsibilities of the board secretary [1] Company Summary - Huaitian Thermal Power has appointed Yang Hui to fulfill the role of board secretary in the absence of a designated individual [1]

Company Updates - Shenyang Huitian Thermal Power Co., Ltd. announced the resignation of its board secretary, Ms. Li Zhi, due to job changes, effective September 22, 2025. She will continue to serve in other positions within the company [1]. Industry Insights - On the anniversary of "9·24", the total market capitalization of A-shares has surpassed 116 trillion yuan, indicating significant transformations reshaping the new ecology of China's capital market [1].

沈阳惠天热电股份有限公司 证券代码：000692 证券简称：惠天热电 公告编号：2025-66 关于董事会秘书辞职暨高管代行董事会秘书职责的公告 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。 一、董事会秘书辞职的情况 沈阳惠天热电股份有限公司（以下简称"公司"）董事会于2025年9月22日收到公 司董事会秘书李志女士的书面辞职报告，李志女士因工作变动申请辞去公司董事会秘书 的职务，辞去该职务后仍在公司其他岗位任职。截至目前，李志女士不持有公司股份， 不存在其应当履行而未履行的承诺事项。李志女士原定任期为2023年9月11日至2026年9 月10日，李志女士的辞职报告自送达公司董事会之日起生效。 杨辉先生的联系方式： 电话：024-22905512 邮箱：yhht047@126.com 通讯地址：沈阳市沈河区热闹路47号 特此公告。 沈阳惠天热电股份有限公司董事会 2025年9月26日 李志女士担任公司董事会秘书期间恪尽职守、勤勉尽责，在公司撤销退市风险警示、 三会运作、投资者关系、媒体关系等方面发挥了重要作用。公司及公司董事会对李志女 士在任职期间的勤勉工作及 ...

证券代码：000692 证券简称：惠天热电 公告编号：2025-65 沈阳惠天热电股份有限公司 第十届董事会 2025 年第十一次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 1.会议通知于2025年9月23日以电话和网络传输方式发出。 4.会议由董事长郑运主持。 5.会议的召开符合《公司法》《股票上市规则》及《公司章程》的规定。 二、董事会会议审议情况 审议通过《关于指定副总经理兼财务总监代行董事会秘书职责的议案》（9票同意， 0票反对，0票弃权）。 内容详见公司2025年9月26日刊登在《中国证券报》《证券时报》《上海证券报》和 巨潮资讯网上的《关于董事会秘书辞职暨高管代行董事会秘书职责的公告》（公告编号： 2025-66）。 三、备查文件 第十届董事会2025年第十一次临时会议决议。 特此公告。 沈阳惠天热电股份有限公司董事会 2.会议于2025年9月25日以通讯表决方式召开。 3.会议应到董事9名，实到董事9名。 2025年9月26日 ...

Core Viewpoint - Huitian Thermal Power experienced a decline in stock price, with a current trading price of 3.44 CNY per share, reflecting a year-to-date decrease of 1.43% and a 7.53% drop over the last five trading days [1] Company Overview - Huitian Thermal Power, established on December 28, 1993, and listed on February 27, 1997, is located in Shenyang, Liaoning Province. The company primarily provides heating and heating engineering services to both residential and non-residential customers [1] - The company's revenue composition is as follows: heating and gas supply accounts for 96.35%, material sales 3.14%, and other services 0.50% [1] Financial Performance - For the first half of 2025, Huitian Thermal Power reported a revenue of 1.21 billion CNY, representing a year-on-year growth of 0.05%. However, the net profit attributable to shareholders was -144 million CNY, showing a significant increase in losses of 51.05% compared to the previous period [1] Stock Market Activity - As of September 23, the stock price of Huitian Thermal Power fell by 2.27%, with a trading volume of 18.37 million CNY and a turnover rate of 0.99%. The total market capitalization stands at 1.83 billion CNY [1] - The net inflow of main funds was 695,600 CNY, with large orders accounting for 24.62% of purchases and 20.83% of sales [1] Shareholder Information - As of June 30, the number of shareholders for Huitian Thermal Power was 26,100, a decrease of 5.71% from the previous period. The average number of circulating shares per person increased by 6.05% to 20,382 shares [1] Dividend Information - Since its A-share listing, Huitian Thermal Power has distributed a total of 87.80 million CNY in dividends, with no dividends paid in the last three years [2]

Group 1 - The company held its tenth temporary board meeting on September 19, 2025, where all nine directors were present and the meeting was chaired by the chairman Zheng Yun [2][3][4] - The board approved the proposal regarding the heat purchase related party transaction with a unanimous vote of 9 in favor [4][5] - The independent directors held a special meeting on the same day and unanimously approved the related party transaction proposal [6][22] Group 2 - The company plans to purchase heat from China Resources Power (Shenyang) Co., Ltd. for the 2025-2026 heating season, with a maximum purchase price of 48 yuan per gigajoule and an estimated total transaction amount not exceeding 500 million yuan [11][16] - This transaction constitutes a related party transaction, accounting for 272.46% of the company's latest audited net assets [11][12] - The independent directors believe that the pricing of the transaction is fair and reasonable, based on market prices and production costs [22] Group 3 - The company received a proposal from its controlling shareholder to add a temporary proposal regarding the heat purchase transaction to the upcoming sixth temporary shareholders' meeting scheduled for September 29, 2025 [28][33] - The controlling shareholder holds 29.99% of the company's total shares, qualifying them to propose the addition of the temporary proposal [29] - The board agreed to submit the proposal to the shareholders' meeting for approval [33] Group 4 - The company is involved in a new lawsuit where its subsidiary, Shenyang Second Heating Supply Co., Ltd., is the second defendant in a contract dispute, with the amount in question being 39.15 million yuan [59][60] - The court has accepted the case, and the hearing is scheduled for October 16, 2025 [62] - The lawsuit is not expected to have a significant impact on the company's current or future profits [61][67]

Core Viewpoint - The company, Huaitian Thermal Power, announced its plan to continue purchasing heat from China Resources Power (Shenyang) Co., Ltd. for the 2025-2026 heating season to ensure stable heating supply and operation of the Shenhail Heat Network [1] Group 1 - The company’s subsidiary, Shenyang Second Thermal Supply Co., Ltd., relies on the Shenhail Heat Network for its winter heating business, which is based on a combined heat and power (CHP) system [1] - The heat source for the heating period comes primarily from purchasing heat from the power plant, a practice that has been in place since the establishment of the CHP system [1] - The company plans to purchase heat at a price not exceeding 48 yuan per gigajoule, with an estimated procurement volume of approximately 9.5 million gigajoules, resulting in a transaction amount not exceeding 500 million yuan [1]