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].

Summary of Key Points from the Conference Call Industry Overview - The focus is on Sustainable Aviation Fuel (SAF) and its significant growth potential, with demand expected to rise from 1.05 million tons in 2023 to 36.62 million tons by 2050, indicating a vast market opportunity [1][2] - The demand for Used Cooking Oil (UCO), a key raw material in the SAF supply chain, is projected to reach 2.33 million tons by 2030 and nearly 20 million tons by 2050 [1][5] Core Insights and Arguments - The implementation of mandatory blending policies in the EU starting in 2025, increasing to 70% by 2050, alongside U.S. tax incentives, is expected to drive global demand for SAF [1][8] - Current SAF prices range from 15,000 to 17,000 RMB per ton, with projections suggesting UCO prices could rise to between 8,500 and 12,000 RMB per ton by 2030 due to increasing demand and limited supply [4][1] - China's current annual UCO utilization is about 4 million tons, supporting 250,000 to 300,000 tons of SAF production capacity, with a potential increase in demand for UCO as SAF production expands [3][14] Competitive Landscape - Companies like Shanhigh Environmental and Longkun Technology hold competitive advantages in the UCO sector due to their exclusive rights to urban kitchen waste projects, which are scarce and create barriers to entry [1][6] - Shanhigh Environmental is expected to double its production capacity in the next three years, with long-term profitability projected to exceed 400 million RMB even at conservative estimates [7][6] Policy and Market Dynamics - China has not yet implemented mandatory blending requirements but is piloting programs with plans to expand by 2025, indicating significant market potential [3][9] - The EU aims for a 6% SAF blending target by 2030, translating to a downstream demand of 3.14 million tons, while China has four companies certified for SAF production with a total export quota of 1.2 million tons [12][9] Price Trends and Supply-Demand Balance - Short-term supply may appear redundant due to a three-year production cycle, but overall supply-demand is expected to remain balanced [13] - Recent price spikes in SAF, with domestic prices reaching 2,450 USD/ton and EU prices between 2,600-2,900 USD/ton, reflect a year-on-year increase of 38% and 57%, respectively [13] Long-term Outlook - The transition from traditional biodiesel to higher-value SAF is expected to drive UCO price increases, with a significant shift in demand structure anticipated [15][5] - Companies with substantial UCO resources, such as Shanhigh Environmental and Longkun Technology, are positioned to capture more value in the supply chain as UCO prices rise [16][17]

Market Performance - The environmental governance sector increased by 0.36% compared to the previous trading day, with Tongyuan Environment leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Top Gainers in Environmental Governance Sector - Tongyuan Environment (688679) closed at 33.24, up 20.00% with a trading volume of 44,500 shares and a transaction value of 146 million [1] - Fuke Technology (688335) closed at 35.31, up 16.23% with a trading volume of 97,400 shares and a transaction value of 332 million [1] - Shangaohuan Energy (000803) closed at 9.01, up 10.01% with a trading volume of 352,800 shares and a transaction value of 316 million [1] - Other notable gainers include Zhongfu Technology (300692) at 9.42, up 9.41%, and Qingshuiyuan (300437) at 18.60, up 9.03% [1] Decliners in Environmental Governance Sector - Wuhan Tianyuan (301127) closed at 17.24, down 10.53% with a trading volume of 588,200 shares and a transaction value of 1.016 billion [2] - Donghu Gaoxin (600133) closed at 10.17, down 4.60% with a trading volume of 1,049,100 shares and a transaction value of 1.085 billion [2] - Other notable decliners include *ST Kaise (300899) at 34.43, down 3.93%, and Huicheng Environmental (300779) at 121.82, down 3.78% [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 808 million from institutional investors, while retail investors saw a net inflow of 555 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Shangaohuan Energy (000803) had a net inflow of 59.82 million from institutional investors, but a net outflow of 36.95 million from retail investors [3] - Qingshuiyuan (300437) saw a net inflow of 29.35 million from institutional investors, while retail investors had a net outflow of 32.39 million [3] - Tongyuan Environment (688679) experienced a net inflow of 18.71 million from institutional investors, with retail investors also showing a net outflow [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [7] Core Insights - The report highlights significant price increases for second and third-generation biodiesel (HVO and SAF) in 2025, with HVO reaching a peak of $2853.38 per ton and SAF at $2900.95 per ton, reflecting increases of 69.2% and 69.1% from their lowest points respectively [1][17] - The demand for SAF is driven by the EU's ReFuelEU Aviation Regulation, which mandates a gradual increase in SAF content in aviation fuel, leading to an estimated demand increase of approximately 1.4 million tons in 2025 [1][19] - The report emphasizes the scarcity of used cooking oil (UCO) as a raw material for HVO and SAF, suggesting that companies with waste oil resources and production capacity should be closely monitored [3][39] Summary by Sections 1. Special Research - The report discusses the upward trend in biodiesel prices due to downstream demand, particularly for SAF and HVO, with significant price increases observed in 2025 [1][17] - It notes that multiple countries are implementing policies to increase biodiesel blending ratios, with global biodiesel consumption expected to exceed 75.77 million tons by 2030 [2][25] - UCO is identified as a critical raw material with limited supply, highlighting the need to focus on companies that can efficiently utilize waste oil resources [3][39] 2. Market Review - The report provides a market performance overview, indicating that the Shanghai Composite Index rose by 4.06% from December 26 to January 9, with various sector performances detailed [4][42] 3. Industry Dynamics - The report outlines recent legislative progress in the EU regarding renewable energy, particularly the RED III directive, which aims to increase the share of renewable energy in the EU's energy consumption to 42.5% by 2030 [19][20] - It highlights the growing demand for advanced biofuels and the expected increase in biodiesel consumption in developing countries, which may take over as the main growth area for biofuels [2][23] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong capabilities in waste oil production and technology, such as Shanhigh Environmental, Longkun Technology, and Zhuoyue New Energy, due to the anticipated growth in SAF and HVO demand [3][39]

Core Viewpoint - The company, Shandong Huanyu Energy Group Co., Ltd., has submitted an application for a specific stock issuance to the Shenzhen Stock Exchange, which has been approved for review [1][2]. Group 1 - The application for the issuance of stocks to specific targets was approved by the Shenzhen Stock Exchange on December 24, 2025 [1]. - The company has updated and revised the prospectus and related application documents in accordance with its actual situation and relevant review requirements [1]. - The company will disclose further information regarding the stock issuance process and any updates as necessary [2]. Group 2 - The implementation of the stock issuance is contingent upon receiving approval from the China Securities Regulatory Commission (CSRC) [2]. - There is uncertainty regarding whether the CSRC will grant approval for the registration and the timing of such approval [2]. - The company emphasizes the importance of investors making cautious decisions and staying informed about investment risks [2].

证券代码：000803 证券简称：山高环能 公告编号：2025-091 山高环能集团股份有限公司（以下简称"公司"）向特定对象发行股票的申请 已于2025年12月24日获得深圳证券交易所上市审核中心审核通过，具体内容详见 公司于2025年12月25日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于 向特定对象发行股票申请获得深圳证券交易所上市审核中心审核通过的公告》 （公告编号：2025-090）。 根据公司实际情况及相关审核要求，公司会同相关中介机构对募集说明书等 申请文件内容进行了更新和修订。具体内容详见公司同日在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关文件。 公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会（以下 简称"中国证监会"）同意注册后方可实施，最终能否获得中国证监会同意注册的 批复及其时间尚存在不确定性。公司将根据该事项的进展情况及时履行信息披露 义务，敬请广大投资者审慎决策，关注投资风险。 特此公告。 山高环能集团股份有限公司 关于向特定对象发行股票提交募集说明书(注册稿)等 申请文件的提示性公告 本公司及董事会全体成 ...

证券简称：山高环能 证券代码：000803 山高环能集团股份有限公司 SHANDONG HIGH SPEED RENEWABLE ENERGY GROUP LIMITED 2025年度向特定对象发行A股股票 募集说明书 （注册稿） 保荐机构（主承销商） （北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101） 二零二五年十二月 （四川省南充市顺庆区潆华南路一段 9 号仁和春天花园 8 号楼 12 层 4 号） 山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书 声 明 1、本公司及董事会全体成员保证公告内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏，并对本募集说明书内容的真实性、准确性、 完整性承担个别和连带的法律责任。 2、本募集说明书按照《上市公司证券发行注册管理办法》《公开发行证券 的公司信息披露内容与格式准则第 61 号——上市公司向特定对象发行证券募集 说明书和发行情况报告书》等要求编制。 3、本次向特定对象发行股票完成后，公司经营与收益的变化由公司自行负 责；因本次向特定对象发行股票引致的投资风险由投资者自行负责。 4、本募集说明书是公司董 ...

中国银河证券股份有限公司 关于 山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票 之 发行保荐书 保荐机构（主承销商） 北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 二零二五年十二月 山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票之发行保荐书 声明 中国银河证券股份有限公司（以下简称"银河证券"或"保荐机构"）及本 项目保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行注册管理办 法》（以下简称"《注册管理办法》"）等有关法律、法规和中国证券监督管理委员 会的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业 规范和道德准则出具本发行保荐书，并保证所出具文件的真实性、准确性和完整 性。 本发行保荐书中如无特别说明，相关用语具有与《中国银河证券股份有限公 司关于山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票募集说明 书（注册稿）》中相同的含义。 3-1-1 中国银河证券接受山高环能委托，担任其向特定对象发行 A 股股票发行上 市的 ...

中国银河证券股份有限公司 关于 山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票 之 上市保荐书 保荐机构（主承销商） 北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 二零二五年十二月 山高环能集团股份有限公司 上市保荐书 声 明 中国银河证券股份有限公司（以下简称"银河证券"或"保荐人"）及本项 目保荐代表人已根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）、《上市公司证券发行注册管理办法》（以 下简称"《注册管理办法》"）《深圳证券交易所股票上市规则》（以下简称"《上市 规则》"）等法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及 深圳证券交易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责，严 格按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件 真实、准确、完整。 如无特别说明，本上市保荐书中所涉简称与《中国银河证券股份有限公司关 于山高环能集团股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书 （注册稿）》一致。 3-3-1 | | | 山高环能集团股份有限公司 ...