Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

证券代码：000803 证券简称：山高环能 公告编号：2025-030 山高环能集团股份有限公司 董 事 会 2025 年 6 月 13 日 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"）2024 年 7 月 3 日召开第十 一届董事会第十三次会议及第十一届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用部分闲置募集资金 人民币 3,315.00 万元暂时补充流动资金，用于主营业务相关的生产经营使用，使 用期限自董事会审议批准该议案之日起不超过 12 个月。具体详见公司于 2024 年 7 月 4 日在《中国证券报》《上海证券报》《证券时报》及巨潮资讯网 （www.cninfo.com.cn）披露的《关于使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：2024-047）。 根据上述决议，公司在使用部分闲置募集资金暂时补充流动资金期间，对资 金进行了合理的安排与使用，资金运用情况良好。 截至 2025 年 6 月 13 日，公司已将上述暂时补充流动资金的 3,3 ...

Core Insights - Nanchong City is focusing on an "industrial city" strategy, innovatively constructing a "3+2+3" modern industrial system to promote industrial agglomeration and development through a "chain leader system" and direct management by county (city, district) leaders [1][4][15] - The city is upgrading its traditional pillar industries, including automotive parts, chemical textiles, and food medicine, while also fostering high-growth industries like electronic information and high-end equipment manufacturing [1][4][16] - Nanchong is strategically positioning itself in emerging sectors such as low-altitude economy, hydrogen energy, and artificial intelligence, with 38 key projects signed in 2024 [1][4][16] Industry Overview - The concept of "new quality productive forces" was introduced by President Xi Jinping, emphasizing innovation as the main driving force for economic growth, characterized by high technology, efficiency, and quality [2][3][11] - This new productive force is seen as a crucial engine for high-quality economic development and a key support for building a modern industrial system [3][11] Economic Performance - Nanchong's GDP reached 286.17 billion yuan in 2024, with a year-on-year growth of 5.1%, surpassing the provincial average [4][5] - The industrial output value increased by 3.5% to 48.58 billion yuan, contributing 12.4% to GDP growth [7][9] Industrial Structure - The primary industry added value was 47.1 billion yuan (up 2.6%), the secondary industry 77.85 billion yuan (up 3.4%), and the tertiary industry 161.22 billion yuan (up 6.8%), indicating a more rational industrial structure [5][9] - The city has established eight industrial chain special classes to implement targeted strategies for traditional and emerging industries [7][9] Policy Framework - Nanchong has launched a series of policies to stabilize growth, including 13 measures for economic stability and 18 for manufacturing [4][11] - The city has received 2.77 billion yuan in project funding, ranking third in the province, to support key industrialization and technological transformation projects [7][11] Modern Industrial System - The "3+2+3" modern industrial system includes three pillar industries (automotive parts, chemical textiles, food medicine), two growth industries (electronic information, high-end equipment manufacturing), and three emerging sectors (low-altitude economy, hydrogen energy, artificial intelligence) [15][16] - Nanchong is focusing on high-end, green, and intelligent development directions for its pillar industries, with significant investments in projects like the 33 billion yuan Yongying New Materials project [15][16] Future Development Trends - Traditional industries will undergo intelligent upgrades, while emerging industries will expand in scale [26][28] - New sectors will be ecologically cultivated, with a focus on low-altitude economy, hydrogen energy, and artificial intelligence [29][30] - The city aims to promote a green, low-carbon circular economy, supporting the development of new energy commercial vehicles and hydrogen fuel cell vehicles [30]

Investment Rating - The report maintains a "Recommended" rating for companies with significant biodiesel or raw material production capacity, including Zhuoyue Xinneng, Jiaao Environmental Protection, Shanggao Huaneng, Haineng Kexin, and Langkun Environment [4][5]. Core Insights - The biodiesel market is expected to see increased demand and raw material supply due to the cancellation of export VAT refunds on raw materials, which will drive growth in the biodiesel sector [4]. - Recent agreements, such as the one between Cathay Pacific and Sinopec for SAF procurement, indicate a positive trend in the adoption of domestic SAF, enhancing the supply chain for biodiesel [3]. - The average prices for domestic waste cooking oil and gutter oil have increased, with waste cooking oil priced at 6640 CNY/ton and gutter oil at 6180 CNY/ton, reflecting a stable export outlook for UCO to Europe, the US, and Southeast Asia [2][4]. Summary by Sections Price Trends - The report notes a week-on-week increase in external HVO/SAF prices, with SAF at 1884.5 USD/ton (up 4.87%) and HVO at 1960.75 CNY/ton (up 3.46%) [1]. - Domestic price differences for biodiesel exports to Europe have reached 2539 CNY/ton, showing a weekly increase of 163 CNY/ton [1]. Export Expectations - The report anticipates a significant rise in China's HVO/SAF export volumes for May, with estimates nearing 40,000 tons, supported by rising external prices [3]. - The report highlights that the domestic HVO/SAF factories are maintaining strong procurement levels, indicating robust market demand [2]. Company Performance Forecast - The earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are projected, with Zhuoyue Xinneng expected to have an EPS of 3.16 CNY in 2025 and a PE of 14 [5].

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [1][5][7] Core Views - The report highlights the ongoing pilot projects for the new power system initiated by the National Energy Administration, focusing on innovative technologies and models [2][14] - It emphasizes the growth in exports of industrial-grade mixed oil (UCO) in April 2025, with a year-on-year increase of 7.46% in volume and a 21.01% increase in average price [3][15] - The report suggests that coal and electricity prices are declining simultaneously, which may help maintain reasonable profitability for thermal power [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the public utility index fell by 0.13% and the environmental index increased by 0.46% [1][19] - Within the electricity sector, thermal power decreased by 0.97%, hydropower by 1.47%, and new energy generation by 0.45% [1][19] Important Events - The National Energy Administration is conducting pilot projects for a new power system, focusing on advanced technologies and models [2][14] Special Research - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), with an average export price of $1,069.34 per ton [3][15] Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][18] - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [3][18] Key Company Earnings Forecasts and Investment Ratings - Several companies are rated "Outperform," including Huadian International, Shanghai Electric, Longyuan Power, and China Nuclear Power [7][18] Industry Dynamics - The report notes that the overall electricity generation in April 2025 was 711.1 billion kWh, with a year-on-year growth of 0.9% [45] - The total installed power generation capacity reached 3.49 billion kW, a year-on-year increase of 15.9% [76]

证券代码：000803 证券简称：山高环能 公告编号：2025-029 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 （一）对外担保事项 公司下属公司因业务发展及补充流动资金需要，拟与金融机构开展综合授信 及融资租赁（售后回租）等业务，由公司为其提供连带责任保证担保，具体担保 情况如下： 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 ...

证券代码：000803 证券简称：山高环能 公告编号：2025-028 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 公司下属公司天津明瑞油脂有限公司（以下简称"天津明瑞"）为满足流动资 金需求等用途，拟与天津经开区商业保理有限公司（以下简称"天津经开保理"） 开展有追索权的商业保理业务。天津明瑞以对天津奥能绿色能源有限公司（以下 简称"天津奥能"）基础交易合同享有的应收账款为资产，保理融资额度 2,500 万 元，融资期限 12 个月，公司为天津奥能提供连带责任保证。 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 202 ...

Group 1 - The A-share solid waste management sector experienced a short-term surge, with Fulongma hitting the daily limit, indicating strong investor interest [1] - Jinjun Environment previously reached the daily limit, showcasing significant market activity in the sector [1] - Yuhua Tian saw an increase of over 10%, reflecting positive sentiment towards companies in the solid waste management industry [1] Group 2 - Other companies such as Shanggao Environmental, Xin'an Clean, Tongyuan Environment, Jinyuan Shares, and Huaxin Environmental also experienced gains, indicating a broader trend in the sector [1]

Group 1: Performance Growth - The significant growth in 2024 and Q1 2025 performance is attributed to refined management practices that increased oil yield and effectively reduced production costs. The processing volume of kitchen waste increased by 8.1% year-on-year, and oil yield rose by 7.1% in 2024 [2] - The unit production cash cost decreased by 7.1% year-on-year in 2024, while the unit collection cash cost dropped by 2.0%. In Q1 2025, the unit production cash cost further declined by 11.7% year-on-year and 10% quarter-on-quarter [2] - The UCO (Used Cooking Oil) price saw a significant increase due to additional demand, reflecting a strong market condition [2] Group 2: UCO Market Dynamics - The company primarily focuses on domestic sales of UCO, with some exports to Europe and Asia-Pacific. The cancellation of export tax rebates has led to a slight increase in export prices, but the overall impact on the company is minimal [2] - The demand for UCO has remained stable since the beginning of the year, with an estimated additional demand of approximately 1.8 million tons due to the EU and UK’s mandatory blending requirements starting in 2025 [3] Group 3: Operational Efficiency - The capacity utilization rate for kitchen waste projects reached 79.1% in 2024, an increase of 6.7% year-on-year. The company aims to further enhance collection efficiency and expects continued improvement in capacity utilization in 2025 [3] - The company’s internal oil extraction rate was approximately 4.5% in 2024, with plans to optimize processes to increase this rate further [3] Group 4: Future Development and Cost Management - The company plans to expand kitchen waste project capacity to 8,000-10,000 tons per day, focusing on identifying quality projects and enhancing operational efficiency [4] - Cost control measures will continue, including improving collection rates and optimizing project processes to reduce material and energy consumption [4] Group 5: Competitive Advantages - The company has established a "three-in-one" model to strengthen its competitive edge, including a strong regional advantage through its licensing model and a comprehensive collection network [4] - The digital platform for full-process intelligent control has been developed, allowing for precise tracking and management of resources from collection to product delivery [4] Group 6: Financial Outlook - The company reported an asset impairment loss of approximately 26 million in 2024, but the main business does not face significant impairment risks [4] - The company has not distributed dividends in recent years due to negative retained earnings but plans to consider dividends once profits turn positive [4]

山高环能集团股份有限公司（以下简称"公司"）2024 年 7 月 3 日召开第十 一届董事会第十三次会议及第十一届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用部分闲置募集资金 人民币 3,315.00 万元暂时补充流动资金，用于主营业务相关的生产经营使用，使 用期限自董事会审议批准该议案之日起不超过 12 个月。具体详见公司于 2024 年 7 月 4 日在《中国证券报》《上海证券报》《证券时报》及巨潮资讯网 （www.cninfo.com.cn）披露的《关于使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：2024-047）。 根据上述决议，公司在使用部分闲置募集资金暂时补充流动资金期间，对资 金进行了合理的安排与使用，资金运用情况良好。 前归还至募集资金专用账户。截至本公告披露日，公司已归还募集资金 2,250 万 元，并及时将上述募集资金的归还情况通知了保荐机构和保荐代表人，其余用于 临时补充流动资金的 1,065 万元募集资金将在到期日之前归还。 特此公告。 证券代码：000803 证券简称：山高环能 公告编号：2025-027 山高环能集团股 ...