Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The SAF (Sustainable Aviation Fuel) industry is experiencing a price increase due to reduced overseas supply and strong global demand, with EU and China SAF FOB prices rising by 46% and 33% respectively since the beginning of 2025 [5] - The domestic SAF market is expected to grow rapidly, driven by favorable demand and limited overseas supply, with the potential for Chinese SAF products to gain market share due to their low-carbon attributes [6] Summary by Sections SAF Price Trends - As of September 24, 2025, EU and China SAF FOB prices are $2,705 and $2,400 per ton respectively, marking increases of 46% and 33% since the start of 2025 [5] - The price of waste cooking oil (UCO) is 7,400 RMB per ton, reflecting a 15% increase since the beginning of 2025 [5] Supply and Demand Dynamics - Recent supply constraints include Shell's decision to halt the construction of a large biofuel plant and NESTE's scheduled maintenance for its facilities, which will reduce SAF supply [5] - Demand is bolstered by EU's financial support for SAF procurement and Singapore's plans to implement SAF tax incentives [5] Competitive Landscape - The EU's imposition of anti-dumping duties on US SAF products enhances the competitiveness of Chinese SAF products, as China has not yet established clear subsidy policies for its SAF industry [6] - The potential for more Chinese SAF companies to enter the export whitelist is anticipated, further strengthening the market position of domestic SAF products [6] Beneficiary Companies - Beneficiary companies identified include Jiaao Environmental Protection, Shanggou Environmental Energy, Zhuoyue New Energy, Haineng Science and Technology, and Pengyao Environmental Protection [7]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

Core Viewpoint - The company has approved a supplementary agreement regarding the acquisition of Zhengzhou Lvyuan Kitchen Waste Treatment Co., Ltd, which aims to enhance its strategic focus on organic waste treatment and resource utilization [4][12]. Group 1: Meeting and Decision - The company's 11th Board of Directors held its 23rd meeting on September 17, 2025, where all 7 attending directors unanimously approved the proposal regarding the acquisition [1][2]. - The meeting complied with the relevant regulations of the Company Law of the People's Republic of China and the company's articles of association [1]. Group 2: Transaction Background - The company previously approved the acquisition of 100% equity of Zhengzhou Lvyuan on November 28, 2024, with the cash purchase involving Zhengzhou Yutong Environmental Technology Co., Ltd holding 51% and Tsinghua Tongfang Co., Ltd holding 49% of the target company [4][5]. - The transfer of 49% equity was completed, and the transfer of the remaining 51% is expected to be finalized soon [5][6]. Group 3: Transaction Progress - The Zhengzhou Urban Management Bureau has approved the equity transfer, confirming that all conditions of the original transfer agreement have been met [7]. - A supplementary agreement has been proposed to address potential adjustments in service fee standards for kitchen waste treatment from 2025 to 2027, allowing both parties to share the risks and benefits of any changes [7][9]. Group 4: Payment Arrangements - The agreement outlines specific payment arrangements for adjustments in service fees, including a formula for calculating changes in the transfer price based on the impact of government audits on service fees [9][10]. - If the average daily disposal amount of kitchen waste is below 325 tons from 2025 to 2027, the transfer price will be calculated based on actual amounts [11]. Group 5: Impact on the Company - The supplementary agreement does not alter the terms of the original equity transfer agreement and is expected to facilitate the swift completion of the equity transfer and subsequent operations [12]. - The completion of this transaction is not anticipated to have a significant adverse effect on the company's main business, financial status, or operational results [12].

Group 1 - The company, Market Mountain High Environmental Group Co., Ltd., held its 23rd meeting of the 11th Board of Directors on September 18, 2025, with all 7 attending directors present [1] - The meeting was convened following a notification sent via email on September 13, 2025, and was conducted through communication on September 17, 2025 [1] - The board unanimously approved a proposal regarding the acquisition of Zhengzhou Luyuan Kitchen Waste Treatment Co., Ltd., with a voting result of 7 votes in favor, 0 against, and 0 abstentions [1]

签署《补充协议》的公告 山高环能集团股份有限公司 关于收购郑州绿源餐厨垃圾处理有限公司 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。 山高环能集团股份有限公司（以下简称"公司"）于 2025 年 9 月 17 日召开第 十一届董事会第二十三次会议，审议通过《关于收购郑州绿源餐厨垃圾处理有限 公司签署<补充协议>的议案》，具体内容如下： 一、交易背景 为聚焦餐厨有机废弃物处理及废弃食用油脂资源化利用业务整体战略发展 规划，公司于 2024 年 11 月 28 日召开第十一届董事会第十八次会议，审议通过 《关于收购郑州绿源餐厨垃圾处理有限公司 100%股权的议案》。同意下属公司 山高十方环保能源集团有限公司（以下简称"山高十方"）以现金方式收购郑州绿 源餐厨垃圾处理有限公司（以下简称"郑州绿源"或"目标公司"）100%股权，其中 郑州宇通环保科技有限公司（以下简称"郑州宇通"）持有目标公司 51%股权，启 迪环境科技发展股份有限公司（以下简称"启迪环境"）持有目标公司 49%股权。 具体内容详见公司于 2024 年 11 月 29 日在指定的信息披露媒体披露的《 ...

一、审议通过《关于收购郑州绿源餐厨垃圾处理有限公司签署<补充协议> 的议案》 具体内容详见与本公告同日披露的《关于收购郑州绿源餐厨垃圾处理有限公 司签署<补充协议>的公告》。 表决结果：7 票同意，0 票反对，0 票弃权。 特此公告。 山高环能集团股份有限公司 董 事 会 证券代码：000803 证券简称：山高环能 公告编号：2025-060 山高环能集团股份有限公司 第十一届董事会第二十三次会议决议公告 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。 山高环能集团股份有限公司（以下简称"公司"）第十一届董事会第二十三次 会议通知于 2025 年 9 月 13 日以邮件方式发出，会议于 2025 年 9 月 17 日以通讯 方式召开，应参会董事 7 人，实际参会董事 7 人，监事、高管列席了会议，会议 由董事长谢欣先生主持，会议的召开符合《中华人民共和国公司法》和《公司章 程》的有关规定。经与会董事审议，以投票表决方式，一致通过如下议案： 2025 年 9 月 18 日 ...

Group 1 - The company, Shangao Environmental, announced on September 18 that its 11th Board of Directors held a meeting on September 17, 2025, via telecommunication [1] - The meeting reviewed the proposal regarding the acquisition of Zhengzhou Luyuan Kitchen Waste Treatment Co., Ltd. [1]

Core Viewpoint - The company, Shandong High Energy Group Co., Ltd., is providing guarantees for its subsidiary, Yantai Shifang Environmental Energy Co., Ltd., in a financing lease agreement with Cinda Financial Leasing Co., Ltd. The total guarantee amount exceeds the company's audited net assets, raising concerns about potential risks associated with such high levels of guarantees [2][5][13]. Summary by Sections Guarantee Overview - The company has approved a total guarantee amount not exceeding RMB 2.655 billion for its subsidiaries within a 12-month period starting from the approval date of the annual shareholders' meeting [2][5]. - The company is providing a joint liability guarantee for Yantai Shifang's financing lease of RMB 85 million with a lease term of 8 years [2][5]. Financial Data - As of the announcement date, the total guarantees provided by the company to its subsidiaries amount to RMB 2.823 billion, which is 197.64% of the company's latest audited net assets [13]. - The guarantees from the controlling subsidiaries to the company total RMB 357.8 million, accounting for 25.04% of the company's latest audited net assets [13]. Subsidiary Information - Yantai Shifang Environmental Energy Co., Ltd. has a registered capital of RMB 50 million and is involved in waste management and environmental services [4][5]. - The company holds 100% equity in Yantai Shifang, which is engaged in the processing of kitchen waste and other environmental services [4][5]. Contractual Details - The financing lease contract includes provisions for the lessee to pay all rental fees, including any penalties or additional costs incurred [6][9]. - The guarantee period for the obligations under the lease is set to last until three years after the final payment due date [7][8]. Risk Considerations - The company has highlighted that the total amount of guarantees exceeds 100% of its audited net assets, indicating a significant risk exposure [2][13].

证券代码：000803 证券简称：山高环能 公告编号：2025-059 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。 （二）对外担保审批情况 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 年年度股东大会审议通过之日起 12 个月内，为 纳入合并报表范围内的下属公司（含新设立或收购的全资和控股下属公司）提供 担保、公司合并报表范围内的子公司之间相互提供担保及公司合并报表范围内的 子公司为公司提供担保新发生额度总计不超过人民币 265,500 万元。具体内容详 见公司于 2025 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].