证券代码：000803 证券简称：山高环能 公告编号：2026-003 山高环能集团股份有限公司 关于为下属公司提供担保的进展公告 山高环能集团股份有限公司（以下简称"公司"或"山高环能"）及控股子公司 对外担保总额超过最近一期经审计净资产 100%，对资产负债率超过 70%的被担 保对象的担保金额超过公司最近一期经审计净资产 50%。敬请广大投资者充分关 注担保风险。 一、担保情况概述 （一）对外担保事项 公司下属公司因业务发展需要及补充流动资金原因，拟与金融机构开展融资 业务，由公司为其提供连带责任保证担保，具体担保情况如下： 1.公司下属公司天津明瑞油脂有限公司（以下简称"天津明瑞"）向盛京银行 股份有限公司天津分行（以下简称"盛京银行"）申请综合授信，额度金额叁仟万 元整（敞口额度叁仟万元整），币种为人民币，业务种类为流动资金贷款、供应 商融资，授信期限为 12 个月，由山高环能提供保证担保。 2.公司下属公司天津奥能绿色能源有限公司（以下简称"天津奥能"）向上海 浦东发展银行股份有限公司天津分行（以下简称"浦发银行"）申请融资额度业务， 融资额度为人民币 3,000 万元，额度使用期限自 2026 ...

【广发环保 陈龙&郭鹏】# 业绩期即将到来，碳减排攻坚力度可期 # 建议关注 联美控股、山高环能、朗坤科技、 伟明环保、瀚蓝环境、大地海洋、上海实业控股、海螺创业 同时# 欧盟碳关税已于26年1月1日正式开征 ，加速全球碳市场接轨进程。 当前欧盟ETS碳价在80-90欧元/吨将显著增加我国向欧盟出口产品的成本，出口企业可以通过绿色能源、再生资源 等降低碳排放水平。 # 即将进入业绩期，聚焦业绩突出、分红提高的公司 截止本周五（2026年1月30日）共有61家环保公司发布2025年业绩预告：其中14家公司实现大幅业绩正增长，4家 公司业绩有所下滑，8家公司业绩扭亏为盈，35家企业亏损。 部分公司表现亮眼：1）#皖仪科技：预计25年归母净利润4200~6200万元（同比+191.52%~330.34%）；2）#高能 环境：预计25年归母净利润7.5~9亿元（同比+55.66%~86.79%）；3）#粤海投资：预计2025年归母净利润同比增长 43%，按照2024年31.42亿港元计算预计2025年归母净利润将达到接近45亿港元。 # 中国碳减排进入实质攻坚阶段，循环减排、绿能产业需求提振在即 2026年是从能耗双 ...

2026 年 02 月 01 日 基础化工 染料价格涨价兑现，关注 SAF 产业链变 化 事件： ①1 月 28 日，浙江龙盛宣布各类分散染料价格上调 1000-2000 元 /吨不等；据百川盈孚，1 月 29 日，大柴旦乐青科技有限公司年 产 1 万吨 H 酸装置停车检修、大柴旦和信科技有限公司年产 0.5 万吨 H 酸装置停车检修。同日 H 酸市场均价+0.63%（+250 元/吨） 至 4.03 万元/吨）；活性染料市场均价+4.55%（+1000 元/吨）至 2.30 万元/吨。②据百川盈孚，1 月 26 日，SAF 欧洲 FOB 高端价 +1.42%（+30 美元/吨）至 2140 美元/吨。 中间体供应屡遭不可抗力，分散+活性染料涨价兑现 活性染料生产必需 H 酸，环保及安全生产压力大。H 酸是生产活 性、酸性和直接染料的关键中间体原料之一，但由于 H 酸生产过 程中废水难以处理且涉及高危磺化、硝化反应，长期以来行业环 保及安全生产压力较大，较多中小型落后产能陆续淘汰。2025 年 以来，部分企业执行检修计划、H 酸大厂内蒙古乌海市亚东精细 化工厂发生火灾事故，叠加中央第二生态环境保护督察组督察内 ...

[Table_Page] 跟踪分析|环保 证券研究报告 [Table_Title] 环保行业深度跟踪 碳减排双控元年，重视再生、垃圾焚烧 [Table_Summary] 核心观点： ⚫ 建议关注：联美控股、山高环能、朗坤科技、伟明环保、瀚蓝环境、大 地海洋、上海实业控股、海螺创业 [Table_Pic 相对市场表现 2025Quote] "能耗双控"转向"碳排放双控"，循环减排、绿能产业需求提振在 即。根据央广网，2026 年是从能耗双控全面转向碳排放双控的第一年， 减排已从前期准备进入实质攻坚阶段。结合"十五五"规划建议将"以 碳达峰碳中和为牵引，协同推进降碳、减污、扩绿、增长""加快建设 新型能源体系"纳入总体部署，根据《加快构建碳排放双控制度体系工 作方案》，"十五五"开始实施以强度控制为主、总量控制为辅的碳排 放双控制度，今年起各地政府将首次面临正式的碳中和目标评价考核。 从全球视角来看，欧盟碳关税已于 26 年 1 月 1 日正式开征，将加速全 球碳市场接轨进程。当前欧盟 ETS 碳价在 80-90 欧元/吨，而我国最新 碳价仅 81 元人民币/吨左右，将显著增加我国向欧盟出口产品的成本， 出口企业 ...

证券代码：000803 证券简称：山高环能 公告编号：2026-002 山高环能集团股份有限公司 关于为下属公司提供担保的进展公告 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。 特别风险提示： 山高环能集团股份有限公司（以下简称"公司"或"山高环能"）及控股子公司 对外担保总额超过最近一期经审计净资产 100%，对资产负债率超过 70%的被担 保对象的担保金额超过公司最近一期经审计净资产 50%。敬请广大投资者充分关 注担保风险。 一、担保情况概述 公司下属控股公司北京新城热力有限公司（以下简称"新城热力"）为补充流 动资金等用途，决定与徽商银行股份有限公司北京通州支行（以下简称"徽商银 行"）开展流动资金借款业务。本次融资额度 5,000 万元，融资期限 12 个月，由 公司及北清热力有限责任公司（以下简称"北清热力"）提供保证担保。 2025 年 4 月 21 日、2025 年 5 月 14 日公司分别召开了第十一届董事会第二 十次会议与 2024 年年度股东大会，会议审议通过《关于 2025 年度对外担保额度 预计的议案》，同意自公司 2024 年年度 ...

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].

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].

Core Viewpoint - The company has disclosed significant guarantees provided to its subsidiaries, which raise concerns regarding its financial leverage and risk exposure [2] Group 1: Guarantee Balances - As of the announcement date, the total guarantees provided by the company to its consolidated subsidiaries amount to 313,647.38 million yuan, representing 219.52% of the company's most recent audited net assets attributable to the parent company [2] - The guarantees provided by the controlling subsidiaries to the company total 25,780.00 million yuan, accounting for 18.04% of the company's most recent audited net assets attributable to the parent company [2] - Guarantees among controlling subsidiaries amount to 27,000 million yuan, which is 18.90% of the company's most recent audited net assets attributable to the parent company [2] - The total guarantees amount to 366,427.38 million yuan, which is 256.46% of the company's most recent audited net assets attributable to the parent company [2] Group 2: Additional Information - The company and its controlling subsidiaries have not provided guarantees to entities outside the consolidated financial statements, and there are no overdue guarantees [2]

证券代码：000803 证券简称：山高环能 公告编号：2026-001 山高环能集团股份有限公司 关于向银行申请综合授信暨担保进展的公告 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。 特别风险提示： 山高环能集团股份有限公司（以下简称"公司"或"山高环能"）及控股子公司 对外担保总额超过最近一期经审计净资产 100%，对资产负债率超过 70%的被担 保对象的担保金额超过公司最近一期经审计净资产 50%。敬请广大投资者充分关 注担保风险。 一、担保情况概述 山高环能因经营发展需要，拟向中国民生银行股份有限公司巴中分行（以下 简称"民生银行"）申请 6,000 万元综合授信额度，借款期限三年，公司以位于成 都市武侯区佳灵路 53 号 3 楼房产提供抵押，并由公司全资子公司山高十方环保 能源集团有限公司（以下简称"山高十方"）提供连带责任保证担保。 2025 年 4 月 21 日、2025 年 5 月 14 日公司分别召开了第十一届董事会第二 十次会议与 2024 年年度股东大会，会议审议通过《关于 2025 年度对外担保额度 预计的议案》，同意自公司 2024 ...

Market Overview - The environmental governance sector increased by 1.08% on January 19, with Shangao Environmental leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Top Performers in Environmental Governance Sector - Shangao Environmental (000803) closed at 9.30, up 10.06% with a trading volume of 286,000 shares and a transaction value of 255 million [1] - Haitan Co., Ltd. (603759) closed at 12.79, up 9.32% with a trading volume of 423,500 shares and a transaction value of 519 million [1] - Baichuan Changyin (300614) closed at 13.66, up 7.22% with a trading volume of 88,700 shares and a transaction value of 12 million [1] Underperformers in Environmental Governance Sector - Donghu Gaoxin (600133) closed at 10.20, down 7.94% with a trading volume of 1,094,100 shares and a transaction value of 1.113 billion [2] - Shunkong Development (003039) closed at 17.03, down 4.81% with a trading volume of 173,500 shares and a transaction value of 298 million [2] - Xianglong Electric (600769) closed at 12.83, down 3.97% with a trading volume of 118,600 shares and a transaction value of 153 million [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 539 million from institutional investors, while retail investors saw a net inflow of 463 million [2] - Major stocks like Shangao Environmental and Qidi Environment had significant net inflows from retail investors, indicating strong retail interest despite overall institutional outflows [3]